Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats



/ 

- 1 


No. 27,668 


Thursday September 21 4978 


tf&r 


** la 


15p 





Went-Axm 

ventilation 
unit for 
the home 



•CONTINPfTAL SBUHG • PWCESs AUSTRIA -Ml IS; WdCIUH Fr 25: DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANT DM 2.0: IT ALT L 5M; NETHERLANDS R 2.0; NORWAY Kr 3 Si PORTUGAL Esc 20; SPAIN Pta <0; SWEDEN Kr 3-25; SWITZERLAND Fr 2.0; EIRE ISp 


NEWS SUMMARY 


meral 


BUSINESS 


V 




rV 


Jmith’s 

roops 

trike 

it 



up 



better 




eAN? 


.. jdesian troops have Launched 
attack on nationalist guer- 

• 'a ■ bases across the Mozam- 
' : ue border, military head- 

' liters announced last night 

> t was the second raid over 
- border in less than two 
l . nths. A military communique 
■e no details about the latest 
■d.' It said- only: “The 

• odeslan. security forces are 


• EQUITIES improved on 
selective - investment 'interest 
directed at leading shares and 
the FT ordinary index dosed &9 
up at 529.1. 


.• GILTS were generally .firm, 
with small gains among: shorts, 
and the Government Securities 
index dosed 0.14 np at 7031. 


• STERLING rose LOS-eents to 
SL9790, and its trade-weighted 

index closed up at 6^(fi2J3h 
sently engaged in self The dollar’s depredation 
ence operations against Zanla widened Jo 9.3 per cent 1841). 


.rorist bases in Mozambique." 
ilh’s soldiers. Page 3 


• GOLD gained $1 to^2i3S in 
London; and in New York the 


f ban rejected 


'"•C director-general Hr..- Ian. 
Mhowan rejected a call by the 
ri-jNazi League for a ban on 
: . . •' tional Front election broad- 
»'.ts and coverage of the party’s 
7 t-constituency activities.. . 


jlier hunted 


‘ fforasliire police are hunting 
killer of a 13-year-old news- 
->er boy, shot in the head at 
..nt-blank range after dicturb- 
a gang of antique thieves at 
'arm on his round. 


ussfa accused 


: - st German scientist Dr. Heinz 
r. minski said that last weefc- 
-I's Iranian ..earthquake .-was 
■ sed by a Soviet underground 
dear test* . 



Cemex September 
price wits 2215-50 (8211 


• WALL STREET cl 
-down at 857.16. 


ir crew saved ; 

;_navy helicopter on a - flight ing”to’ raise'aboaVSBOm 
, in Scotland to its home base years ' on . the":.' Eure 


♦ IRAN’S state-owned 

tutaT Development Bank 




__ _ __ yfijirs 

- Portland naval . air. station. paee 25 
-rsel. crashed inio the "Iris* 1 •.•' ; ■■ 2 

~, 'i. The four srfhir were rescued # CROWN AGENTS 
” • RAf heiic»jpter- . ■ * issaed. and cbacoakw 

- uwn chairman - and/ auditors. 
lwift Anri rnicod . ' -comfort'’ letters intended, tej 

iviaena rareea . itolI e : - reifiters .in -the money 

tlewoods Pools ' is rtO Taisc the loartet nlmt £S7 ta of Joans to 
' We. chance pool first divid end prop^&Tsnnpanics with which 
it from £500,000 to £?w, ; 000 thc -Ageaits were linked, would 
"m September 30.- he repaid;' - tte* Crown Agents 

........ Tnhunal w^s Jold.'/Page 8 

ppeal r ejected 9 QV^ aviation Authority. 

' ,-pilal "Works’ Officers leaders which, eut its losses by.£28ro to 
feted -an appeal -by Social 3U6t - under £l6in- -in the year to 
.'-vices Secretary-- Mr., David March 31. has hinted that there 
nals to end their industrial might be cuts In European fares 
ion, which has disrupted next year. Page S 
pital services since Afo 
' 'e 14 ■ ‘ 

. ’ ... - ; .'‘.Engineering . co-operative on 

. ^ : Cf .T- t * i w| . Merseyside- is to ask the Govern- 

aspect I SOI area _ ment for an immediate grant of 
39-year-old Derbyshire' 'man, and the pledge of a further 
was on the Russian 'cruise £2.4m 4frequired_during the next 
Lltva, is in a Manchester two years. Page i . 
ation hospital with suspected h nnp nf West 

mi. Five et SU£to 

. operating a- scheme to. retain its 
‘ igkiiled. -workforce during reces- 

j - ‘ - ‘ sioh by. "lending " gWHed crafts- 

dte ill crash men to Other -industries experi- 

men died whM thei^ttlld- tmeing start*-.*. E«e 2 



blow to peace 


in Namibia move 



BY QUENTIN PEEL: - PRETORIA, Sept. 20 


MR. JOHN VORSTER. tic South 
African Prime -Minister, deli- 
vered a severe setback to hopes 
for a peaceful settlement in 
southern Africa today when, an- 
nouncing his resignation, be 
gave the go-ahead for an internal 
settlement in Namibia (South- 
West Africa). 

At an extraordinary news con- 
ference in the South .-African 
capital, called after persistent 
reports of his ill-health, he 
declared the intention of the 
South African Government to 
reject the United Nations plan 
for a ceasefire and elections in 
Namibia, and press ahead with 
elections before the ‘end of the 
year, regardless of the interna- 
tional reaction. 

He announced his decision to 
retire from the premiership 
after 12 years, but to stand for 
the vaean-t. largely ceremonial, 
office of President. 

He gave no clue about the 
cause of his ill-health, but said 
he had been persuaded to stay 
on in a less arduous post. 

His dramatic announcement on in 
Namibia could lead to a demand 



Mr. Vorster announcing bis decision. By Jits side one possible 
successor, Mr. ~ Pik * BOtba 


proposals for a settlement in He said- that his health no. 
Namibia. longer allowed him to fulfil the. 

The setback to the Namibia ** strenuous- duties" demanded; 
plan is also seen as likely to by the position be had held fori 
entrench further the positions of the past -12 years. Instead, and I 
the internal and external forces in response to appeals made to 


Rhodesia, who ought other- him, he had decided to stand for 
wise have been persuaded to the State ; Presidency, left vacant 
for rapid imposition of selective adopt a similar compromise. by the death last month of Dr. 
sanctions by the UN Security Certainly Mr. Vorster’s retire- Nico Diedenchs. 

Council, diplomats warned here ment could scarcely have come The decision on Namibia was 
tonight. - at a more crucial moment for agreed ‘afc a day-long Cabinet 

It appears to destroy the one South Africa, with great pressure meeting yesterday. It was 
hopeful sign for peaceful pro- for punitive sanctions likely tu annotra cad from Windhoek, the 
gress in the region-«-the Western build up at the UN. ' Continued on Baefe Page 

Editorial comment Page 18 ♦ Other reactions Page S * 


Earnings rise 14.2% during 
12 months of Phase. Three 


fondly. ■ •• -• • • 

’ .o#- KARKBY Manufacturing and 


ivious passengers 
ed typhoid cases. 


uerrilla jailed 


cradle crashed down the. side 9 ITALY’S unemployed rose by 
a unitti-storey office block In; another 200.000 between April 
J iff after a cable broke. Two an ^ j u j y this year to 1.658m. 
er men in the cradle were p^g e 2 

•iously injured. , T 

♦ COMPANY PROFITS fell 
back in the second quarter of 
1978 after the strong growth of 
jan guerrilla Corrado Alunni, the- previous year. Over the 
?ged leader of the Red same period, income from 
gade's gang that kidnapped employment rose sharply. Back 

ro. was jailed for 12 'years -in •. BAYBECK, the 
:an for illegal possession of retailers J®. 1 * 

'anus ’ made- a. fllJSm- bid for Bourne 

V . 1 ' and Hollingsworth, the Oxford 

, . Street, London, store’ group. The 
jropean SOCCBT . Bourne family, has accepted the 
the European- soccer, chim- hid. for its. 69 per cent holding, 
.nships. the Republic ot -Ir-er. Back Page 

d and Northern_IreUmd_ drew ■ iM<ynr P R HPYiyS insur- 
A in Dublin,. England beat • ; AJNOTJir.lt. t-LUi ,n 8 r„, 
nmark 4—3^ in Cnpenhagen aace broking -company— so far 
° Finland beat World Cup unnamed— has beep suspended, 
ilis-ts Hungary -2— 1--. iii 


lsinki. 


}o owner fined 


PROCON- .(Great Britain} 
expects to be awarded the main 
contract to build- a r75in refinery 
expansion for Amoco and Murphy 

PCA inspectors found o devil Oil a.Milforf H.Ven. P. S e 7 
nkey and animals living in 
jailing conditions at a zoo on 

CatherineVl5iand. Off Tenby. 

lies. The . owner admitted p re .‘ { ai 'p ro iits for the 24 weeks 
isms the annuals unnecessary f o Jime l7 were held to a 4 per 
Term? and fined £600 by cent ^ at £ 12.51m (£12ra) by 
mbr-oKe magistrates. .lower trading margins Turnover 

rose 23 per- cent to £2S1.9m. 
Page 20 and Lex 


COMPANIES ;• 

ROWNTREE MACKINTOSH 



rlefly . . . 

Mich - surgeons .transplanted 
• heart of a teenage car crush 
'tim into a 57-yearold man; 
iger P. J. Proby was charged 
r.h assaulting his. secretary at 
»ir Hertfordshire home: - 
York State Athletic Com- 


♦ RIO TINTO-ZINC . reports 
lower half-yea* earnings, and the; 
net profit, though slightly better 
than expected, fell to £40. Ira 
against £4&3m. Page 24 


„ LAPORTE INDUSTRIES first 

ssion granted boxing licences half profits felt from £7 .03m to 
three women. £4.72m. Page 23 


KIEF PRICE CIHUiaES YESTERDAY 


‘rices in pence unless otherwise - 
. indicated) . V- 


RISES 

mima - 34 

urne Holitngsunrlh 517. 
own and Jackson^.. 233 

-mparl ' — 133. 

lecu-ilig JOff 

ark (ftU MS 

epjier (Jas.) SO 

It a ml Duflfas - '-166. 

idbroke 183 

i|H»rtc • 127 

arier Estates . 43 

vjlhercare JB2, 

3 than fB. nodi) Vfif 


+ ; 5i 
+ 37 
+ 7 
-K51, 
.+-18 
+ 6- 
+ g - 
+ 6* 

+ $.' 
+. f .. 
.+ 4; 
+ 6 - 


Pearsdzi Longman 
Randalls ;.-. ......... 

Rolls-Royce . 
Stewart Plastics. 
Tarmac ; 

Thorn EUfecr. ... 
Victor Products 
BP 

■RTZ ■■ ; 


... 227 
... 106 
... H7 
... 147 
... 151 
... 3S8 
243 
... 912 
... 250 


5 

22 

7J 


8 

10 

6 

S 

4 


• r., FALLS _ ■ 

Rbsvntree Mackintosh 4^ — 23 

Spear Jackson 1SS — 6 

Tilbury Contracting— 310 - * 

:Siebei»'(UK}: 380 - 14 

;De Beers Dfd. 440. - S 

; Western .Hldgs. ...... fi*- " « 


. . . . 

FREUD 






than 


AVERAlfiE EARNINGS rose by of the rate of rttaU 

14J2 percent in Phase Three of tion,* which ' was 7.8 , «. .. 

the Government’s pay policy, the 12 months to July. Taking ;• The; 175,000 industrial civil 
which ented in July. This in- recent tax euls into -account, real 1 servants- ■ are the only major 
crea5e_wa& well above the 10 per personal- disposable incomes are' group not to .have settled: within 
cent Jimi^;- but close to recent estimated to have risen by aboilt the Phase Three period, but 


official expectations. 

. The Department of Employ- 
ment said yesterday that at the 
end of the vfage round 99 per 
cpnt of settlements by major 
groups bad been within the policy 
guidelines. 

About 10 per cent of employees 
in these groups were involved in 
sel^financing productivity deals, 
which, were permitted under the 


6 per cent over the last year! ; officials are confident this will 


The 14Ji per cent rise in the 
department’s' economy index. 


Council workers prepare for 
confrontation and BBC seeks 
special treatment Back Page 


not make a significant difference 
to the outcome.. oF the wage 
round. 

More people were waiting to 
settle at the same stage of Phase 
Two. although less money was 
involved. The late settlements 
in the two years are likely to 
balance each other out. 
Government ’ statisticians 


which- covers about 21m ein- 

polky. The deals .accounted for ployees, was close to' the 14 p^r nri V“' t ^ JiJ .h U P ! 1 5nflpv this 

1 ID 2 pa- cent of the increase in eenf predicted for tie pay round ^ 0 J ^ 0 iSaJSiraw 

This means .that the 11-roonih 


earnings across the economy. by Mr. Denis Healey, Chancellor 
The. remaining excess growth of the Exchequer, in July, V 
overi'thfr 10 -per cent limit was - The older - index, Covering 
attributed to wages drift and about 11m employees; mainly in 
breaches of the policy by the the production industries; rose 


■road - -. -haulage industry. Ford 
Rotors , ' -Vazachall Motors add 
other- companies. 

■-Theirate of increase in earn- 
ings is still running well ahead 


by I6j2 per cent over the round. 
The higher growth in earnings 
lends .to confirm impressions, that 
manufacturing workers "have 
taken better advantage Of the 


Increase to June was 13.8 - per 
cent, and not .143 per cent us 
first estimated. The Phase Two 
outcome was raised from 8.1 to 
8.5 per cent . 

The revision to the index, 
which is described as not sea- 
Continued on Back Page 


pour urged to freeze TV rentals 


rBYrDAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


THE Price Commision has called maintain or improve profit- 
Fer'V freeze on the television ability in the coming year, while 
rental -charges of four of the Granada and Rediffiision ex- 
Siaior;:. companies active in pected a decline. However; both 
rentals *4i nti I the end -of March Thorn and Visionhire subse- 
heit year. quently told the' Commission 

;.'-5fio'iour — Radio Rentals, that they felt their return .on 
Domestic Electric Rentals. Multi- capita) levels overstated thejr 

broadcast (all subsidiaries of position. , • . 

Thnim -Television Rentals) and Thorn said, last night that, companies may- be- necessury . if 
Visionhire (part of the Elec- while it generally weicoraed the television manufacturing in the 
tronic Rentals Group) — together report, it was surprised that the UK is to he. assured of survival 
account for about a third of the I ” ore . . successful companies and prosperity.” the report says, 
market; ■ should be singled out for special Television rentals in the l T K 

jvThey were singled ont by the fS“? 1 pri'ce T f^? t Sin ' ^ “<» lult «° me of the 

Commission yesterday . in Its sid e?Sfhv7^K o v H-attersl p v 2S ' 5 “ sets m-usft -But the reporr 
Second-, report on the industiy suggests that-fthe rental com- 


But the .report does criticise 
the rental companies for failing 
to give more financial and plan- 
ning support to. the television 
manufacturing industry, especi- 
ally for research and develop- 
ment. : 

. '*A more strongly supportive 
stance on the part of the rental 


companies it examined. panies than, its previous one m 

vae .retum on capital ealeu- October 1976. Then the Coramis- 
latetf on a current cost account- s i on -felt that charges, and profit- 
tne-basis, for the Thom group ability were too high and the 
f»a !ts last flnancial year was 14.1 major companies subsequently 


agreed ta a price freeze. 

This time, however, the Com- 


panies omy find* it difficult to 
maintain tbeir-50 per cent share. 
. This was due r to a number of 
factors, including . a possible 
switch by consumers to buying 
rather than renting. The Com- 
mission found-..tbat on a strict 
-financial comparison there was 
some advantage in buying rather 


per cent. For Visionhire the 

figure- was 13 per cent. lllls lllllC| uuwcvur, me v>um- ;r -tir,-. ;nV« iZ •»' ' 

Granada and Rediffusion, the mission is sympathetic to the , ? n j en Vu^!V a |*b ot,t 5b it acknow- 
Other major rental companies, ' h ° " 

achieved 9.7 per cent and 5.4 per 
cent respectively. 

|- '.Botit the Thorn companies and 
.Visionhire also expected to 


rental companies’ 'problems th - at peo P !e Preferred 


renting for -.-other non-price 


regarding future uncertainty in. 
the market arising - from techno- reasons. . . 

logical developments and a slow- News Analysis, Page 8 
down in demand. Lex;. Back. Page 


CONTENTS OF TODAY’S ISSUE 


European news »-•■ 2 

Overseas news 3-4 

American news 6 

..■Woifd trade news 6 

-Home news — general ... 7-8-9 
— labour 14 


Technical page H 

Marketing page 14-15 

Arts page 17 

Leader page 18 

UK Companies 20-22-24 

Mining 24 


Inti. Companies 25-26 

Euromarkets 25 

Money and Exchanges 28 

World markets 29 

Farming, raw materials ... 30 

UK stock market 31 


FEATURES 


Demolition problems of 

' nuclear reactors 18 Business and the Conrts: 

Economic Viewpoint: The Financial scandal 16 

monetary follies 19 . . 


Banking In a city 'of iawless- 

• ness 32 

Rhodesian farmers set for 
majority rule 3 



v. - Appstamcirti ......... 

32 

European Opts. .. — 

29 


1 Appointments Ad«u. 

34-41 

Jobs Column 

94 

- 


12 


U 


"Mmb Own. ...... 

U 

Le» 

44 


: 'Contracts .: 

92 

Lombard - 

lfc 



lfc 

Men and MaUera ... 

U 

- • 

"Scwwmk ' Indicator? 

12 

Radas 

lfc 


. Emcrtatomcirt GvMn 

U 

Sato re dot 



S&m InfornittiM ... 42-A3 
Tartu's Emus u 

TV and Rad la lfc 

Uatt Trusts 33 

matter « 


Eagle Star- lasor. . 

Earopeas Ferries ... 
M«tne ..Macklmb 

Ttosbte. Croup 


22 

23 

24 
31 


Base Leadlna Rates 


n 


. INTERIM STATEMENTS 
.British Vha Ce. ... . 23 


ANNUAL STATEMENTS 
Hartckesl. CoU M. 22 
Trustcs CpD. ..... a a 


For latest Share Index ’ plume HI-216 802G 


■ AUG SEP 


Renewed 


BY -MICHAEL B LAN DEN 


THE DOLLAR tume under 
renewed heavy pressure . in 
European foreign exchange 
markets yesterday. . It lost 
ground against all leading 
currencies in spite ol support 
h>- several retiiral hanks. 

The Swiss franc reached a 
new rerord fete! against the 
U.S. currency, and the pound 
at one stage vv:ts i*u by over 
two ccitLs. The dollar’s weak- 
ness was reflected by its fall in 
valne agains; a basket of 
currencies, calculated . by 
Morgan Guaranty at noon New 
York lime. This widened from 
8.9 per cent to 9.3 per cent. 

The market's nervousness 
appeared tu reflect second 
thoughts about the Camp 
David agreement on the Middle 
East. The uncertainty was 
increased by the Jordanian 
and Saudi Arabian reactions. 
These influences offset the 
apparently encouraging news 
of progress on the U-S. 
administration's energy pro- 
gramme. 

At. Its peak, the Swiss franc 
touched SwFr 1.5330 to the 
dollar, closing in London at 
SwFr 1.5380 compared with 
SwFr 1-57 the previous day. On 
the Morgan Guaranty calcula- 
tion’ the Swiss Trane's appreci- 
ation since the end of 1971 
increased to IfM.! per cent, 
compared with !f*L2 per cent 
the previous day. 

The West German currency 
was also strong, rising ro 
DM 1.9550 to the dollar at its 
best and endn?? the day at 
DM l.ttCto against DM 1.9745. 
The pressures on Ibe currency 
market brought strains on the 
European snake joint Boating 
arrangement. • The Dutch 
guilder and the Belgian franc 
both required official interven- 
tion at their floor levels 
against Ibe D-Mark. 

Tbe pound benefited from 
the dollar's weakness, though 
dealers reported that _ there 
was also evidenre of demand 
for sterling in its own right. 
The pound reached SI .9845 
before coming back to close at 
$1.9790 for a gain «r 1.65 cents. 
Sterling's trade-weighted Index 
touched 63.3 at noon, its best 
since last March, ending at 
63.2. This compared with 62.9 
the previous day. 


France takes 
control of 
steel industry 


BY DAVID CURRY 


PARIS, Sept. 20. 


THE FRENCH State is to take 
over effective financial control 
of the country's near bankrupt 
steel industry. The main State 
and bank creditors have agreed 
•to a five-year, moratorium on 
debt repayments and to the 
imposition of a new financial 
superstructure on the count ry’s 
three leading steel groups. 

However, the Government 
insists that the new measures do 
not amount to nationalisation — 
a step proposed by the Socialists 
and tbe Communists in the 
general election six months ago. 

Tbe move is the second large- 
scale State intervention in the 
industry in IS months. In the 
spring of last year, the Govern- 
ment agreed a plan with the 
industry to shed 16.000 jobs over 
two years and to close out-dated 
plants. 

M. Rene Monory, the French 
i Economics Minister, claimed 
today that the Government 
action was the only way to 
achieve a rapid reduction in the 
burden of debt repayments. Debt 
servicing of the three groups 
affected — Usinor. Sacilor and 
Cbiers-Chntillon — is running at 
more than 15 per cent of turn- 
over. 

The action. M. Monory said, 
was the only way to ensure a 
reasonable future for the 140.000 
employees in an industry operat- 
ing at only two-thirds of a poten- 
tial capacity of 33m tonnes a 
year. It would protect the 
savings of thousands of small 
investors. 

When restructuring is com- 
plete. the industry's creditors — 
including the State and Stale- 
owned institutions, will own 
about two-thirds of the capital 
of each of the three groups. This 
means that of all the leading 
EEC steel producers, only West 
Germany will retain a predomi- 
nantly privately-owned industry. 

The immediate problem in 
France is that of an industry 
which, as a- whole, at the end of 
hist year, was, carrying FFr 3Shn 
t£4.47bnl of medium- and long- 
lerra • debt for a turnover of 
FFr 34bn. . 

Over the last tfc..r years. 
Usinnr has lost-'. FFr 4.51m 
f£530m). Its outplit la-t year 
was R3ni tonnes and it employed 
37.000 people. Sacilor has losl 
FFr4.3bn over three years fur 
a production of fi.4ni tonnes last 
year and a workforce of ffi.Ofm. 
Cbiers-Ctutilion had a produc- 
tion Iasi year of 1.18m tonnes. 

The main principle of the 
rescue is that the Stale and the 
banks will each coo vert a .--mall 
part of their credit into holdings 
in three new financial .com- 
panies. collectively with FFr2hn 
in capital, each crowDiny one 
of tbe three industrial groups. 

Interest on the remaining 
amounts outstanding will be 
limited to a nominal 0.1 per cent 
a year for five years. Ey. this 
means it is hoped to reduce the 
burden of debt repayment to a 



M. Monory: “the only way” 


level closer to the German one 
of 5 per cent of turnover. 

In return for this sacrifice, 
the creditors will take control 
of about two-thirds of the three 
companies and will appoint new 
chairmen, although the Govern- 
ment emphasised that it would 
oot interfere in the industrial 
operation of the groups. 

A special fund, the Caisee 
d'Amortissement pour l’Acier, to 
be managed by tbe Stale-owned 
central deposit institution, the 
Caisse des Depots, will take 
over responsibility for the pay- 
ment of the FFrl4bn owed by 
the companies to the small 
investor via fixed interest loans 
raised on the market ft will 
also assist creditors who may 
face difficulties because of the 
virtual moratorium on debt 
repaymenL 

The FFr 3.1bn outstanding to 
the European Coal and Steel 
Community and European 
Investment Bank will be 
honoured. 

The commercial banks have 
FFr 9.4bn outstanding. They 
will convert FFr BOOra into 
capital to give them a 30 per 
cent stake in the three controll- 
ing companies. The remainder 
will receive the 0.1 per cent 
interest for five years and loans 
falling due will be systematic- 
ally rolled over. The Govern- 
ment will convert FFr3O0ra of-its 
FFr Bbn credits into capital ' 

Altogether, the state win hold 
15 per cent of the new controll- 
ing companies: State-controlled 
institutions, excluding the banks. 
40 per cent; the banks, 30 per 
cent; and the new fund. 15 per 
cent . ■ 

Editorial comment Page 18 


£ in New York 

_ i 

EU 

! ' Preciou* 

S|«l 

St.3810- 9820 

S]3cAM>eM 

1 month 


0.6WJ.WJ rfi* 

J m<intli° i 

t-36-L2r’ (Lis ; 

1.58-1 J2,i» ' 

1? month- 1 

fi.lW.06dL-. ■ 

4.904.50 iii. 




¥9 PUT TOGETHER 


THE PERFECT 
IESS MR HERSHIP 


A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

So there must be some powerful attractions. 



iVJaybe it's accessibility. With two major airports close by. 
And unrivalled shippingfacilities. 

F^ayhe ft's the financial and administrative assistance you 
get when you move to Irvine. Like possible rentfree periods and 
maximum government grants. , 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 1 
lovely sandy beaches right on your doorstep, Irvine is abeautiful 
place to make money. 

As Beech am, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

The team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 
faithaione. 

if you T re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 
Hell send you the nutsand bolts. IRVINE NEW TOWN O 


YOU CAN CONTACT MIKE ‘THOMSON AT PEBCETON HOUSE, IRVINE, AYRSHIRE KA1 1 2 ALTEl£PHONE: IRVINE (02941 74100 
OR 'PHONE JACK BECKETT OUR LONDON OFFICE DIRECTOR AT 01-930 2631. 



1 





2 


European news 


Financial Times Thursday September 21 1978 


TURKISH CENTRAL BANK SACKING 


Governor goes to court 


BY METTN MUNIR 

TURKEY'S Finance Minister, 

‘ Mr- Ziya Muezzin oglu, has finally 

• divested himself of Professor 
Tayyar Sadiklar. Governor of the 

’ Turkish Centra! Bank, and the 
•last of the top officials in Mr. 
’ Muerzinoglu's domain, appointed 

• by the previous Government, to 
have survived. 

' 'The professor, on the other 
hand, is apparently convinced 
that he has lost the battle but 
. not the war. He is taking the 

• Government to court 

Many neutral observers here 

• believe it regrettable that this 
. unpreeendenled wrangle be- 
tween the Central Bank and the 
Finance Ministry should have 

. taken place at this highly critical 
. phase nf the Turkish economy. 
." ...The rumpus was carried on in 
public, dominating the head- 
lines of Turkish newspapers for 
-the past two months, after fer- 
menting for nearly six. 

.. Mr. Muezzinoglu wanted to dis- 
miss Mr. Sadiklar because dur- 
ing his tenure the bank's 

• international prestige suffered 
. owing to circumstances arising 

from the foreign currency 
famine. 

' This was the time when, in 
i;ihe now-famous words of Mr. 
", Suleyman Demirel. the former 
Prime Minister. “Turkey cannot 
spare TO cents.” 

!’? Mr. Muezzinoglu told me in an 
'.interview: “I want the central 
bank to have a new image, new 
. blood. I W3nt to reinforce its 
credibility and the respect it 
commands.” 

,'7 He also wanted someone, he 
said, with whom he could work 
in closer collaboration in im- 
' piemen! ing the critical stand-by 
agreement with the International 
Monetary Fund and the stabilisa- 
"tion programme. 

-. Hints have been heard that 
/Mr. Sadiklar embraces the right- 
' wing views of Mr. Demirel 
rather than the Ecevit left-of- 
. Centre philosophy. This, in fact, 

. was the nub of the problem. 

Mr. Muezzinoglu wanted to dis- 
miss the governor not because 
they disagreed on financial mat- 
-.ters, but because Mr. Sadiklaris 
■ views were not in tune with his. 
'it is believed. 

; j Mr. Muezzinoglu asked Mr. 


Sadiklar to leave as soon as the 
Ecevit Government was formed 
eight months ago. He could 
become an ambassador, he was 
informed, or be transferred to 
an equally senior pos$ elsewhere. 

In one respect there was noth- 
ing unusual in this request. 
Turkish Governments are tradi- 
tionally in the habit of putting, 
•their own people,” in senior 
Civil Service positions — practice 


The Turkish Central Bank 
today readjusted for the second 
time in five weeks the. cross 
rates of the lira to 11 major 
International currencies, in- 
cluding the pound, which now 
fetches 48.17 lira, the highest 
since October 1976 when it hit 
an all-time low of 26.40 lira. 
With today’s decision, the 
Austrian schilling went up in 
value against the Turkish lira 
by 1.3 per cent; the Dentsche- 
mark 1-1 per ' cent; Belgian 
franc 1-9 per cent: Danish 
krone 3.1 per cent; Dutch florin 
3.1 per cent; Swedish krona 
0.9 per cent; Swiss franc 5 per 
cent: Italian lira by 1.4 per 
cent: Norwegian krone 3.2 per 
cent: nonnd sterling 1.6 per 
cent. The Canadian dollar lost 
value against the Turkish lira 
by 1.6 per cent. 


which creates a pool of inactive 
bureaucrats often of consider- 
able talen and experience. 

Mr. Sadiklar refused, and put 
up a tough resistance which 
many international bankers did 
not expect of this soft-spoken 
academician. 

“ According to law, the Central 
Bank independent and 

autonomous and should stay that 
way,” he told me. "The' Central 
Bank Governor should not 
change with governments. This 
practice must be established " 

Claiming with vehemence that 
he is ” apolitical.” Mr. Sadiklar 
maintained that his quest was not 
for personal gain hut far cement- 
ing the bank’s autonomous and 
independent stature. 

But perhaps it was unfortunate 
that Mr. Sadiklar chose to “go 


ANKARA, Sept 20. 

public" with his case — he gave 
Press conferences and Interviews, 
and published a lengthy discourse 
defending his cause. 

Several times, he attacked the 
Government’s economic policies. 
Mr. Muezzinoglu’s supporters 
maintained that his public 
utterances alone constituted 
grounds for his dismissal. 

Dismissal, -however, was not 
easy. Only two years of the 
Governor’s five-year contract had 
run out and the Central Bank 
law is written in a way to protect 
governors. 

But the Government eventually 
found “a case in which to fit the 
minaret.” as the Turkish expres- 
sion goes, and at the end of a 
“ labyrinthine legal maze.” the 
Governor was dismissed. Mr. 
Sadiklar. however, vehement iv 
denied the charges. 

Mr. Sadiklar will take bis case 
to Danistay. the supreme 
administrative court, for - stay- 
order and eventual reversal. 

The legal wrangle will continue 
with the Right-wing rallying 
around Mr. Sadiklar. But It is 
unlikely that the professor will 
return to his newly furbished 
office In the bank. 

Mr. Naci Tibet, a veteran 
bank official, has been designated 
acting Governor. It is expected 
that after attending th <£ annual 
assemblies Qf the IMF and the 
World Bank, Mr. Muezzinoglu 
will appoint a new man. 

International bankers believe 
that the rumpus will affect 
neither Turkisb-IMF relations nor 
the work on restructuring old 
debts and raising fresh money. 

The hank bureaucrats who 
have been heavily involved in 
these fields arc expected to slay 
on. 

The Central Bank is expected 
to keep a tight rein on money 
supply, credit and similar sensi- 
tive subjects as it did under Mr. 
Sadiklar after the deal was 
signed with the IMF. The 
transfer of power is thus 
expected to be smooth. 

Whoever replaces Mr. Sadiklar 
now should be aware of one 
reality — he stands at risk of 
being dismissed a.s soon as a 
new Government comes to power. 


w. German Italy’s unemployed queue 

presented swells by another 200,000 


By Adrian Dido 

BONN, Sept- 20. 

THE WEST GERMAN Govern- 
ment presented its record 
DM 200bn (about £50bn) budget 
Tor 1979 to the Bundestag today., 
together with the DM 12-25bn, 
(about £3bn) package of stimu- 
latory tax cuts it promised at the 
world economic summit meeting 
here in July, as its contribution, 
to international recovery. j 

Herr Hans Matthoefer, Finance, 
Minister, has run into opposi- 
tion criticism of the growth of 
the public deficit in recent years, 
but there appears tittle danger 
that the Government's proposals 
will fail to find a majority. 

Christian Democrat leaders 
may seek, either in the Bundes- 
tag or through their party’s 
majority io the Bundesrat. to 
embellish the coalition Govern- 
ment's summit undertakings and 
to extract from it a promise to 
set io motion a more Fundamental 
reform of the income tax system. 

The Opposition has let it be 
clearly known that it will not 
attempt to stand in the way 
either of individual proposals it 
dislikes, snch as the raising of 
Value Added Tax next year, or 
of Chancellor Helmut Schmidt’s 
pledge to his fellow-heads of 
Government at the Bonn summit 

The Government has also, at 
some cost to morale inside Herr 
Schmidt's Social Democratic 
Party, been able to quieten 
rebels in its own ranks who bad 
at one point threatened to vote 
against the package. 

Herr Matthoefer must still 
work out a formula which will 
make up to the states and local 
authorities the income they 
would have to forgo if lhc pay 
roll and turnover taxes disap- 
pear. while avoiding any 
infringement of West Germany's 
careful, decentralisation of 
power. 

Presenting the budget, the 
Minister was careful io stress 
that the planned DM SS.abn net 
increase in public deficits was a ■ 
Strictly temporary measure. I 


BY PAUL BETTS 

ITALIAN UNEMPLOYMENT, 
which is at an official annual 
rate of 7.5 per cent, shows no 
sign of abating. 

Between April and July this 
year 200.000 additional people 
were looking for jobs, bringing 
tile official unemployment total 
to 1,658,000, according to figures 
released today by the National 
Statistics Bureau. 

The figures only tell part of 
the story for . they do not take 
into account the excess of wor- 
kers employed in state sector 
industries and the large number 
on state-subsidised salaries. 

. One of the most dramatic 
aspects of the unemployment 
situation is the large proportion 
of people under 29 looking for 
jobs. Some 78 per cent of the 
latest total is made up of people 
in this age bracket Of these, 39 


per cent hold a high school 
diploma. 

The trade onion movement is 
pressing the Government to 
stimulate growth to generate 
more jobs, especially in the 
depressed South. The Govern- 
ment is proposing to create op to 
600,000 new jobs during the sect 
three years as part of a medium- 
term economic recovery plan. 

Discussions are taking place 
between the Government and the 
unions to reach broad agreement 
before the end of this month oh 
a series of fundamental measures 
to create a stable economic cli- 
mate to promote employment 

Slg. Vincenzo Sootti, the 
Labour Minister, continued talks 
today, with labour leaders over 
a widespread reform of Italy’s 
chaotic pension 'system. Some 
measure of agreement seems to 


ROSE, Sept 20. , 

have been reached on such con- 
troversial issues as ithe indexa- 
tion of pensions, on the creation 
of fixed pension ceilings and the 
gradual ratioraallsatiCHi of the 
pension agencies. - • 

The Government, which hopes 
to gain, parliamentary approval 
at the end of tins month on the 
proposed pension ( refo r m, ds zdso 
seeking to abolish the aeemnuia- 
.Mon of ' pensions on top of j 
earnings. 

Union leaders are to meet 
representatives of the national 
employers organisation, GcmfLn- 
dustrla tomorrow, tp examine i 
the employers’ . request, for 
moderation in forthcoming wage 
daims and -union demands for: 
greater security for . the em-| 
ployed and greater job opeadngs > 
for the unemployed. ■ ■ j 


Bremen shipworkers ‘on loan’ 


. BY GUY HAWTIN 

ONE OF West Germany's leading 
shipyards has hit on an imagina- 
tive way of retaining its skilled 
workforce during times of reces- 
sion. It “lends” them to other 
industries experiencing shortages 
of skilled craftsmen. 

AG “ Wcser," which Is based in 
Bremen and 86.4 per cent-owned 
by Krupp, has. signed a year’s 
contract with, the Daimler-Benz 
motor plant. In the same city, to 
supply’ them, with highly-trained 
craftsmen that the shipyard can 
ill-afford to lose. 

Men are also on “ loan *' io 
other industrial operations such 
as Kloeckner. 

The plan has been formulated 
in response to the shipbuilding 
recession, which many in the 
industry feel could continue until 
the mid-1980s. Orders for German 
shipyards have been falling 
heavily and redundancies and 
lay-offs in the industry have been 
widespread. 

Earlier recessions have taught 


German employers .that, once 

laid-off, skilled craftsmen; who 
have found other . jobs are 
reluctant to return to theft- 
original trades. Tbis'has created 
serious problems for employers 
when things start to pick up 
again. 

Although the West German 
German shipping industry is in 
recession, the motor industry- is 
stiil booming and car makers 
are having considerable prob- 
lems keeping pace with demand. 
Customers .for Daimler-Benz’s 
Mercedes models are having to 
wait up to four years for 
delivery. 

Gar manufacturers have- for 
months been complaining of a 
shortage of skilled craftsmen at 
a time when- imported cars are 
making inroads into the West 
German domestic market 


FRANKFURT, Sept 30. 

A. G. “ WeserV" contract with 
Daimler-Benz was inspired- by 
the man power exchange scheme 
which has been;:, successfully 
operating between. North. Ger- 
man shipyard groups for some 
time. Labour, has been, "lent” 
from yard to yard as orders and 
work-in-hand fluctuate. ' 

The Daimler-Benz- scheme is 
run on a volunteer basis. Under 
the contract, the craftsmen are 
kept on the' shipyard’s payroll 
and A. G. “ Weser ” continues to 
pay their wages. The motor con- 
cern re-im burses the shipping 
group with a lump-sum payment. 

The shipping group said 
today: “One should not make 
too much of the scheme. It only 
affects about 50 men. However, 
they are men that are extremely 
hard to replace* once they have 
left the industry.” 


Relief in 
Bonn after 
state poll 

By Jonathan Carr 

BONN, Sept. 20. 
THE THREAT of a dispute 
-which could have had serious 
consequences for the West Ger- 
man coalition. Government in 
Boon receded today w-ith the 
election of a new Prime Minister 
of North Rbine-Westphalia, the 
country’s most populous state. 

All 104 members of the Social 
Democrat (SPD) and Liberal 
Free Democrat (FDP) groups in 
the state parliament voted in 
favour of the SPD candidate. 
Herr Johannes Rau. who until 
now has been Education and 
Science Minister. The Christian 
Democrat (CDU) opposition can- 
didate gained 95 votes. 

The. election result had been 
tensely awaited since there has 
been squabbling between the 
SPD and FDP in the state, par- 
ticularly over tax reform plans* 
It was feared that because of 
this some FDP deputies might 
vote for the ' CDU candtdate- 
This would pot only have pre- 
saged the end of the SPD -FDP 
coalition in North Rhine- West- 
phalia; but would have spelled 
deep, trouble for the Bonn 
government, also an SPD -FDP 
aUianoe. 

Today's vote became necessary 
following the. derision of Herr 
Heinz Kuehn; aged 66, and 
state Prime Minister for 12 
years, to step down before his 
full’ term was up and give way 
to a younger man. 

The coalition solidarity shown 
here will encourage the SPD and 
FDP for their next major hurdle 
— the' election' in the state of 
Hesse on October 8. - The CDU 
is trying to displace an SPD-FDP 
coalition and come to power in 
Hesse for the first time. 


Doubts on Irish pay pact 




in an 



'.''fcfjyvV 

j - 

^ - ; V 

'■ 

- 



| London to: 

Depr 

Art* 

Fit No. 

Aircraft 

Frequency j 

1 NewYork 

1100 

1335 

PA101 

747 

Dp 

iiy ! 

New York 

1400 

1635 

PAG01 

747 

Da 


Detroit 

1030 

1610 

PA1Q7 

747 

Daily 

Honolulu 

1430 

0015] 

PA125 

747 

Daily 

Houston 

1400 

2100 

PA001 

747 

Daily 


1155 

1500 

PA121 

747 

| Da 


Mexico City 

1400 

2345 

PA00V51 

747 

Da 


San Francisco 

1430 

1730 

PA125 

747 

Wfe/Fi/Sti 

San Francisco 

1430 

2005 

PA125 

747 

Mo/Tu/Th/Sa 

Seattle 

1140 

1320 

PA123 

747 

We/Fr/Su 1 

Seattle 

1430 

1610 

; PA125 

! 747 


Washington 


PA107 

747 

Dai 

9R 

| 'ScheeJute'sffBCifw 290i October; 1S7BL 


v ■- : V *••••■.• 

" ~ .' 

V _ ■■ ■■■ ' V -vT 

? - X, ■" 

■ . V ...' •' 

*- .-t-v-rS* .-*• "• 

• . fry ’ :/ 

■ v 

'%*:'<:*“■ V'. : 


: : V. 


BY STUART DAISY 

IRELAND’S largest trade onion, 
the 160,000-member Irish Trans- 
port and General Workers 
Union (ITGWU) is having 
serious doubts about whether to 
enter into a new national wage 
agreement 

Some members of the union 
leadership feel that natio nal 
agreements tend to work against' 
the interest of lower-paid 
workers. Two delegate con-. 
Terences, one of them tfe^’wedk. 
are being organised by tfiem li!KK 
in advance of the Irish Congress 
of Trade Unions meeting on 
November 14. which marks the 
start of negotiations for a new 
national agreement 

At these meetings the ITGWU 
will decide whether to partici- 
pate in a new pact Should the 
ITGWU decide' against entering 


Austrian union 
call attacked 

By Paul-Lendva! 

VIENNA, Sept.. 20. 
THE AUSTRIAN unions demand 
for income and wage tax reduc- 
tions would go beyond what Dr. 
Harioes Androsch. the Finance 
Minister, last night called the 
** limit of. the permissible maxi- 
mum.’* ‘ 

The latest offer by the Govern- 
ment would already Involve 
Scb.4;5bn -(about £l60m> in 
reduced revenues. The 'unions- 
still insist on a oteeper increase 
in the so-called deductible allow- 
ances for wage and salary 
earners' .which- would add an 
extra Sch 1.2bn to Scb I-3bn to 
the costs. 

It is reckoned that the cuts 
would lead to a reduction of 
Sch 100-200 per month for the 
average taxpayer, depending on 
his family status. But with gen- 
eral elections due next autumn, 
the unions clearly want to prove 
that they treat a Socialist govern- 
ment as they would, a Conserva- 
tive one. 


DUBLIN. Sept 20. . 

a new agreement It could damage 
the Government’s attempt to 
keep the economy growing and 
reduce inflation, currently just 
over 8 per cent * 

The existing national agree- 
ment calls for increases Averag- 
ing 8 per cent,: with a. minimum 
increase of £3.50. 

The ITGWU feels that across- 
the-board increases tend to dis- 
criminate against the lower-paid 
worlds and would like to see 
>*“J*i\scales r and more specific 
fip.eume-rehrfed increases -applied. 

With a quarter of the 600.000 
workers affiliated to the 89 
unions in the Congress, any deci- 
sion made by the ITGWU would 
have a critical. hearing on what 
the congress decides and a. nega- 
tive decision could make the 
Government’s wage poilgy un- 
workable. -- V • • . ' 


Dutch budget 
reaction mixed 

The 'fSTS Dutch: budget Proposals- 
have bad; a mixed, reception from 
the. , political parties,-, the 
employers' and" the trade -unions, 
writes -Mtehael •• Van: ‘Os Ip 
Amsterdam. But the feeling in 
political circles In The. Hague' 
yesterday was . that 'ihe Govem- 
merit's austerity package, is likely 
to be'apprpved by Parliament next 
month' - without any drastic 
-altmatioris. ' ;j'- • 

:;rFhe .strongest .opposition .sofar 
has- come- from the. unions.- " The 
dominant union, the FNVrsaidJt 
was not prepared to co-operate 
with wage moderation plans.-. " 



Control your Company 
futf costs fay giving 
: your drivers the 



• The "Card for . 
PETROL, OIL. DERVoniy. 

$- fOfltf 6ARAGES* ADONWIDE 

■fi? CASH PUMP-PRICES 
^MAXIMUM CONTROL ARB - 
- SECURITY' * ■ ' Y : 

* ffO MORE CASH FLOATS 
*TAX AD.VARTAMS 
Caffv rfor a brochure or T 
mall ihScbupon to : . 

ALVSTAR FETR0L CARD LTD 
' AO/ Bon 59; London N19SNB 
T«Iaphona:01-2727Z44 . 


Danish poll 


The- Danish voting age wl]]- be 
reduced from 21 to 18 following 
the referendum on Tuesday which 
confirmed a Government decision 
to bring the voting, age into; line 
with most other European, 
countries, Hilary Barrigs rtgjoitri 
from Copenhagen. 


Not surprising, seeing we own die worlds largest fleet of them. 




j— * Every one of our flights to the USA 
is on a jumbo. 

And with good reason. 


with 

your 


\rrfs people to look after you, 
iey roll pass as quickly and as 
»ly as possible. 


Qf course there are plenty of other 
reasons for flying Ban Am. And all of 
them equally valid. 

Two great movies. Current or pre- 
release. Eight stereo channels. (A small 
charge has to be made for these to 
comply with international regulations.) 

A superb choice of main courses in 
Economy. And if youfe travelling First 


Class, we've an exclusive upstairs Dining 
Room that puts most eating houses to 
shame. 

If you're planning a trip to the States, 
get your nearest Travel Agent to book 
you on a PanAm 747. 

"KrnU find the world’s most 
experienced airline is also the world’s - 
most hospitable. 


Fan AniS People. Thdr caq^erienee makes the difference. 



«K| 



















































































Financial Times Thursday September 21 1978 


r rom now on , the city can operate on today s 
information . ; . . today. Not on yesterday s news. 

The reason: Data General Eclipse mini -computers 
have arrived on the scene. Computers that give you 
up-to-date information when you need it. No waiting 
for batched processed information. 

Among the first to take advantage is Butler Till — 
one of the city’s leading money brokers, handling ; 
deals ranging from hundreds of thousands to millions : 
of pounds. : 

The Eclipse system automatically updates all 2 

relevant information on the day's activities as they - 
proceed. “I 

Display monitors give the dealers the information ■'£ 
.they want — when they want it. -- 

Deals, statistics, rates and other information are }i 
typed directly into the system so that customer and 
market information is always up-to-date. ^ 

Dealers can forget routine administration and «« 

concentrate on the essential job of giving their clients .--IJ 
an accurate, highly efficient broking service. . 

A similar system for Butler Till s sister company, 

Guy Butler (International) Ltd. is being developed. '* 
“We decided how we wished to improve our • • -? 
services’ ’ commented Angus Crichton , Butlers 1 

Administration Manager. “We looked for a company^ 
with demonstrably proven mini -computers to assist us " 2 
in achieving our objectives. We felt that Data 
General s overall competence suited our requirements': .;^ 
best.” : -PJ 

Data General has installed more than 50,000 ’- -:z 

systems world -wide. Systems that provide excellent 
price/performance as well as superior reliability. AntfpS 
everything is supported world-wide. Send for ' ^ 

information — you too could operate on today's 
information not yesterday s news. 

1 To: Marketing Communications Data General Limited, 
j 3rd & 4th Floors, Hounslow House, 724-734 London Road. f 

j Hounslow, Middlesex TW 3 1 PD. Tel: 01 -572 745 5, Telex: 935364 j 
i □ Please send literature. j 

j O Please send literature and have a representative phone me. -1 

I W : 

J Position f 

1 Company ; • - *!' 


| EQ -IPSE v n iPpBiEred trademark i4 Dyda GuVml CurfxxzlVji. ,; :1 Daia Central Corpurjlion I 


‘iron man’ 


to give direction 


s W BY QUENTIN PEEL 

.. t 4E THTC K-SET figure of Mr. 

Vnrster has dominated 
'.•«t«th African politics since he 
~ 'is catapulted from a relatively 
..." iniw Minister of Police, to 
: ■ime Minister 12 years ago. 
-i« election victory last Xbveni- 
•t. with the tartest PurJiamen- 
vy. majority in South African 
story. set the seal on a career 
which he has feared for no 
vat. 

; Jlir. Vnrster won the Premier’s 
h on his record as an Iron 
an in the Pollee portfolio. In 
’.e wake of Sharpe.vllle. he- des- 
’ oyed the !u*t of “liberal-” 
'frican nationalism, and the elil- 
yonic urban terrorist cells 


which succeeded it. As a for- 
mer member of the. •extreme 
Afrikaner nationalist -and anti- 
war movement, the . -Ossewa 
Brandwag. who was interned for 
20 months from. 1942, he- was 
also seen as an upholder of pure 
Nationalist ideology: 1 

Jn the cnent. Mr. Vorster has 
been a pragmatic leader. His 
insistence that the 1976 riots in 
Soweto should be. brought undvr 
control “ at all costs has been 
Mamed for the- subsequent death 
toll. He has consistently main- 
lamed that law unit order is the 
highest priority, and will never 
negotiate under duress. But his 
abandonment of ttic pure tenets 
of white supremacy. Ills belief 


that petty discrimination could 
he abolished without affecting 
the structure or separate develop- 
ment. and his at tempts to 
negotiate detente with black 
Africa and engineer a modus 
vivendi with South Africa's 
neighbours, have all lost him his 
erstwhile reactionary supporters. 

The split in the National Party- 
under his leadership, when the 
Right-wing bmke away in 1970 to 
form the Hcrstiutc (purified) 
Nasionale P.-Jly. has dominated 
liis subsequent actions, making 
him ail ihe more determined to 
maintain future National Party- 
unity. The result is that, in spite 
of growing concern on the 
verligie (enlightened) wing of 


JOHANNESBURG, Sept. 20. 

the party at deteriorating race 
relations, Mr. Vorster has kept 
the pace of change much nearer 
to the pace of the most vurkramp 
(reactionary). 

But he has failed to give dear 
leadership and direction. His 
attempts at new policy departures 
have been notable failures: the 
relaxation of petty apartheid was 
met with the Soweto riots, 
detente with black Africa has 
brought no sign of lessening 
black hostility, his promotion of 
independence for black home- 
lands ha? produced universal 
derision. Mr. Vorster leaves his 
successors in a considerably 
weaker position than the one' be 
inherited. 


Four front-runners in the leadership stakes 


HE MOST senior politician in 
■ .,e contest is Mr. Pieier Willem 
. otiia, the Minister of Defence. 
’ s leader of the Cape Province. 
- the National Party he can call 

a wide measure of automatic 
r~~^^ipporr in an incurably parochial 
Q, id provincial organisation. But 

ilrfl jat misbt alsy lose hini the 
yj[&pport of the numerically 
^ j rongest Transvaal Province. 
ju|j|jBorn in 1916. he was a local 
!,*trty organiser at 20 and has won 
rail- considerable reputation as an 
ytbie administrator and a hard- 
me conservative at the Defence 
mftt’nistry. ' ' . 

"‘Wi However, lip was instrumental 
. ./i-i takinc South Africa info its 
^.'lorUve military venture in the 
- n'snlan civil war, which. 
:^-pnrlfdlv earned him the dis- 
- ’ jpruva! of Mr. Vnrster. -His 
iccess has been in building up 
- ; -in South African defence forces 
_^r..-'ter the imposition of the' 
’ "rhi&h arms embargo. ■; • : • 

_ Recently he has been the lead- 
fi'.ifMit? opponent of' the Western 
v-U&rrttlemem plans for Namibia 
^South-West .Africa), -and al- 
/ l.n^ough -once seen as a man - in 
1 U>' ,-e middle of. the party. has 

V . L : crf3«ingly identified with' tjie 
- ight-wina. * J. - 


Dr. Cornelius Petrus -< Connie! 
Mulder, until . this year was 
always seen as the heir apparent. 
He is leader of the. Transvaal 
province m the party,, and as the 
former Minister of Information 
(us well u$ of the Interior), he 
kept a high profile domestically 
and internationally. He is a man 
of enormous energy and 
ambition, which led to .the 
attempts . of the Information 
Department to become involved 
in secret international diplomacy, 
without the subtlety. or organisa- 
tion needed to buck i£.u{L <. 

In spile of that setback. Dr. 
Mulder. 52. is now iff. the most 
powerful and sensitive - ministry, 
the Department of PlurafTCelu- 
lions and Development," aMas 
African- Affairs. He hqs tackled 
the job with vigour and won him- 
self a fair amount of BfSiise for 
his apparent willingnessLto com- 
promise.' It is not'-dter*: just 
where Dr. Mulder lies jtetween 
the “ verligte ?.{enlighteaEd).and 
“verkrampte" . (reactionary! 
wings' of the National^. Party. 
Privately he says that “y3L have 
to - be, wrkramp to be 9 frtig " 
within the ruling pariyf ^.a 
fd'frodla 'similar to that 
by . Mr. Vorster. 


The dark' horse in the stakes 
and increasingly mentioned as 
the most likely victor is Mr. 
Stepban'uK Petrus (Fanie) Botha, 
Ihe Minister »/ Labour and 
Mines. He lacks the flamboy- 
ance of the other contenders, but 
has ini maculate party credentials, 
is very close to Mr. Vorster and 
resembles bim as the man most 
likely to maintain party unity. 

Born in Lusaka in 1922, be was 
educated in South Africa and 
took » degree in law and econo- 
mics at Stellenbosch University. 
Before entering Parliament he 
was financial adviser to the 
Rembrandt group and a farmer 
in northern Transvaal, where he 
is now- deputy leader of the 
National -Party. 

Neither of Mr. Botha's Cabinet 
portfolios has been particularly 
glamorous — Water Affairs and 
Forestry, and Mines and Labour. 
However, his latest job has 
pushed him into the political 
limclicht as he has attempted lo 
liberalise South Africa's dis- 
criminatory . labour laws. He 
has managed lo abolish most 
statutory job reservation without 
onlaaqriismg ihe- white trade 
iriobs^a' remarkably Skilful 

operation; 


The final contender probably 
has -the widest public support and 
international exposure but is not 
thought to have the necessary 
party hacking : Mr. Roc Jo/ /Pifc) 
Botha, the Minister or Foreign 
Affairs. .His command of the 
media and his public oratory 
have w’on him enthusiastic public 
backing. Perhaps more success- 
fully than any of his colleagues 
he has put across the need for 
whites to accommodate black 
aspirations. 

Pik Botha was brought from 
the South African embassy in 
Washington to become Foreign 
Minister as Mr. Vorster's per- 
sonal protege last year, and is 
widely thought to be the man 
Mr. Vorster would most like to 
have seen succeed him, iT he had 
bad more time to build up his 
own parly political base. At 46, 
he is thought loo -young for the 
job by many of his colleagues. 
Moreover, his emotional out- 
bursts have made him suspect in 
parliamentary eyes. 

-Internationally, he has been 
most identified -with the verltet* 
wing of Ihe party. But he still 
has • to persuade The National 
party's conservative wing that 
he is not a dangerous radical. 


.FOtT^ WEN are recognised contenders to succeed Mr. Vorster as Prime Minister. Even before confirmation or his retirement, 
'' intensive lobbying Tor eacti of them was going on within: the ranks of the ruling National Party caucus, which must elect a new 
- • leader, as well as a new state President, on September 28 


Z'.Cp*';'. 


“YOU .-ABE the front-line 
i soldiers',” Mr. lap Smith, the 
Rhodesian Prime Minister, told 
an audience of white farmers 
last week. “ Not only Ihe 
formers brut their wives and 
their children are front-line 
soldiers, .too.” His words brought 
a storm of applause. Yet the 
questions be faced in the 
Queen’s .Hall in Umtali — stilt 
pock-marked with shrapnel from 
a mortar uttai-k by nationalist 
guerrillas only days before — 
showed that Rhodesia's white 
farmers are beginning to feel 
the strain. 

A farmer's wife from the 
border district of Melsetter, 90 
miles to the south, made no 
bones about it: “The people 
there are desperate." she said. 
“The terrorists seem to have 
complete control of the district. 
The people are living in a virtual 
laager. They arc do or die." 

Two days before, an elderly 
couple froni the districr had 
been shat, and their farmhouse 
burned down around them. Their 
deaths brought to 30 the number 
of whites killed there since the 
war began, 20 or them in the 
past year, out of a total com- 
munity' Of barely 100 Families. 

“There have been land-mines, 
store robberies, countless inci- 
dents not reported in the Press.” 
Mr. Smith's questioner declared. 
“The time has come for more 
action. 'Is there not something 
which could he done without 
upsetting the internal settle- 
ment ?.? r’ 

Other questioners — still 
anxious «ther than angry, but 
close'' lo anger — touched on 
related ' themes: why was the 
array being held back? How 
could cattle rustling be stopped ? 
What should be done to prevent 
the abandonment of farms ? The 
tougher the question, the louder 
tbe applause. 

Mr. .Smith was not trying to 
give easy answers. The whole 
theme of his address was that his 
options had run out. The only 
course- left open to Rhodesia's 
whites was to try to make a suc- 
cess of the interna) settlement — 
the multi-racial transitional Gov- 
ernment- of Mr. Smith, Bishop 
Abel Jfluzorewu, the Rev. 
Ndabaningi Si thole and Chief 
Jeremiah Chiruu. 

If his political options were 
limited, so were the military 
options. “In the end, you all 
know what the answer is.” he 
said, “ Manpower. The tragedy 
is that relief for one area will 
have td.be taken from somewhere 
else. There are few places in 
Rhodesia where we don't need 
this’ sort of thin?." 

According to informed miliiary 
sources', ^somethin? approaching 
an astonishing 70 per cent of 
white farms :n the Thrasher 
operational area, along the 
eastern. horde r. have already been 
abandoned. They have taken the 
worst brunt or the war. but the 
pressure ha. * spread! “ There has 
been ajj escalation of the war in 
recent *■; nmnihs." Mr. Dennis 
fJormab; pre-ident- of the Rhode- 
sian National Farmers’ Union 
(R.NFU) .s-vd lust week. “The 


RHODESIA 


White farmers 
are ready to 
reap harvest 
of majority rule 

BY QUENTIN PEEL, RECENTLY IN UMTALI 


country, although the peripheral 
Farmer is taking the biggest 
knock." 

Tbe pressures the farmers 
face all stem from the deteriora- 
ting security, but their effects 
,are various. The biggest threat 
comes from a change in guerrilla 
tactics: instead of attacking white 
homesteads, they are going for 
the black farm workers’ com- 
pounds to frighten the workers 
away. 

“My heart sinks every time I 
pay my workers, wandering if 
they will return to work tomor- 
row," said a farmer from a 


combined with mandatory nine- 
year jail sentences for offenders, 
have helped curb it. Cattle 
ranching has also been hit by the 
collapse of veterinary services. 

Guerrillas have destroyed 
dipping tanks and terrorised 
fencing teams attempting to 
cordon off areas of foot and 
mouth outbreaks. The spread 
of tsetse fly. once more effec- 
tively controlled in Rhodesia 
than in any other part of 
Africa, is now said to be worse 
than at any Lime this century. 

Beef production has still not 
been too drastically affected. The 


War toll more than 6,000 
in six-year struggle 


RHODESIAN security forces 
have killed another 32 guer- 
rillas, military headquarters in 
Salisbury announced yesterday. 
A communique quoted by 
Reuter said ten guerrilla 
cof/aharalars had afso been 
killed and three black civilians 
died in cross-6 re. The guerrillas 


heavily infiltrated area. “With- 
out labour, our soil is barren." 

The call-up itself is a major 
constraint, taking men up to 
the age nf 38 into the military 
for up to six months, and men 
from 38 to fit) for two months a 
year. Those who can afford It 
hire guards to look after their 
farms. Otherwise they- may well 
be hit by cattle rustlers, or lose 
their workers before they 
return. If their farms are in a 
bad security area, they are 
effectively on active service all 
year round. 

Stock theft from cattle 
ranches has crippled the 
industry in some .areas. One 
farmer in Umtali told of losing 
350 head this year alone— instead 
of 400 calves, he- would have 100, 
he said. Farmers have now set 
up anti-stock theft posses which. 


had killed eight black civilians. 
The communique gave no de- 
tails of the circumstances in 
which the shooting took place. 

According lo Rhodesian 
Government figures, Ihe num- 
ber of guerrillas killed iu the 
six-year war is now 5.416, 
against 697 members of the 
security forces. 


hardest hit areas have been the 
tribal trust lands, which supply 
only about 3 per cent of the 
market, the cattle being kept for 
subsistence and as a store of 
wealth. Tribal agriculture has 
been worse hit by the war than 
European agriculture, with 
tribespeople- forced to , live in 
protected villages often too far 
away from their land to work 
on ‘ it. Consequently they are 
forced to buy food on the open 
market, or starve. 

In spite of all the pressures, 
Rhodesian agriculture has had an 
impressive record in the 13 
years since the unilateral declara- 
tion of independence (UDT). Out- 
put has increased from Rhodesian 
8174.3m in- 1965 to RS50£Um last 
year. Indeed, 1977 was the first 
year in which there was any set- 
back— a fall of some 2 per cent 


In volume — and farmers are 
predicting renewed growth of 
between 5 and 10 per cent this 

year. 

New crops, such as wheat, 
introduced since UDI. have been 
grown so successfully that 
Rhodesia is now self-sufficient for 
all its flour requirements and is 
exporting grain. 

Yet this year farmers are 
asking themselves whether it is 
worth planting for the coming 
season. “It is a question I get 
asked a lot." Mr. Norman said. 
“ Farmers have got to make .up 
their minds in the next three to 
four weeks whether they -are 
going to grow their crop or oot." 
Planting has to be done by early 
November. 

“A lot of farmers are hesi- 
tating, for viability reasons, Tor 
security reasons, and let’s face 
it. for" political reasons. Our 
crops are going lo be between 
one-third and one-half grown, 
and we could have a nvw govern- 
ment which may look favourably 
on white agriculture. Havtng 
planted my crops, will my labour 
be there to reap them? " 

If there were any significant 
reduction in the acreage planted 
this year, it would have drastic 
effects on an already a'Hng 
economy. Agriculture employs 
40 per cent or ihe country" 5 
labour force, provides 40 per 
cent of the raw material for 
industry, and earns some 50 per 
cent of all foreign exchange. 
*' We are the barometer which 
the country is watching, and 
watching very closely.” Mr. 
Norman says. 

So far. there is no obvious st"gn 
of farmers giving up fertiliser 
and seed sales are equal to. or 
even up on. last year's figures. 
But the RNFU calculates -that 
only 50 per cent of farmers have 
committed themselves so far— 
and they are the most viable 50 
per cent. The marginal farmers 
always leave their purchases to 
the last minute — indeed it Is pro- 
bably economic viability, ralher 
than the direct security threat, 
which decides whether or not a 
farmer quits. But probably one- 
third of the 6.000 white formers 
ore operating in economically 
marginal areas. 

One indicator of viability is 
the growing indebtedness of the 
sector: in March this year, short- 
term farm loans totalled RS153tn, 
18 per cent more than two years 
previously. Yet over the period, 
volume of output has shown 
little, if any. expansion. “We 
have got to hold the bottom third 
if at all possible.” Mr. Norman 
said. “For security reasons it is 
pretty essential.” 

White farmers represent the 
conservative heartland of white 
Rhodesia. Yet ironically, in the 
outraged backlash which has 
swept Rbndetia in the wake of 
the shooting down of Ihe Air 
Rhodesia Viscount by guerrillas, 
that community has been least 
outspoken. Tbe forecasts that 
Mr. Smith would face an angry 
audience in Umtali were wrong. 
It could also he that they will 
prove more sanguine than their 
urban counterparts in the - face 
or tfie inevitable handover to 
majority rule. 





Financial Times Thursday September 21 197S; 


ERSEAS NEWS 



Fokuda bid to reassure Moscow China and 
after Peking friendship treaty ^ l e e | 1 f ^ m 

JUT CHARLES SMITH TOKYO, Sept. 20. C t 1 A * 

ih'ians i_a l i - (h .4 t , .... ’ . ^ 


THE MIDDLE EAST 


Sadat plans to go ahead 


TOKYO, sept. 20. 


BY ROGER MATTHEWS 


CAIRO, Sept 20. 


By Darid Heuugo 


J&PAJTS interest la improving however, that Japan is anxious visit it did not formally accept « ANWA ? tktw 

itsielationa with Moscow follow- to dispel the impression of bias it. The ministry also claims that By Dand House** ^®° ds . w 

ifltfUsst month's simstup^ of the tow^rtls Chln& in its rolstionfi th a Sovlfit draft was not studied ' _ ^ MhiEv® 2Q ovcwll inodorfttE AfSb stfltss, . wiosfi ■_ *vuw of tuE u^litcope.. r unt 

“SSShTnT iS^Sr^f SJIre and viiththe hre cimraS State la TtSo uSurfreMhe RmSuS CHINA and . Vietnam are Middle East peace settlement, attitudes are vital to a success-, continues to walk.- - It is still 

friSd&lp xSSved SSSSm powe“ In ordw todo l£i had Sil?terallv SubEshef SI sapping up their rivalry for even without the active support ful peace process, had attempted- hoped that after the visit -to 

22rK P . SSSh deuSSTS JinboJIc action of Lme S£ S£ ,S nS Polished the jnfl in South-east Asia. . of Jordan and Saudi Arabia. “ I to shut the door on negotiations, Aiman, Mr. Cyrus Vance, the 


UtgUast month’s signature of the towards China In its relations the Soviet draft was not studied ___ SJrrf. % * 

Japan-China treaty of peace and with the two Communist State In Tokyo until after the Russians CH^JA V leh ?*f7_. 


stress in a speech delivered at symbolic action of some kind text last spring, 
today's opening session of the towards the Soviet Union would An alternative to the Soviet 
Diet by Prime Minister Taken seem necessary. proposal for a good neighbour 

Fukuda. Mr. Fukuda's statement CO- agreement would seem to be a 


With the Vietnamese Premier did not start this peace process 


em necessary. proposal for a good neighbour , ?_JS22 miSrfS dPEH would not interfere In any Arab ff™ 8 

Mr. Fukuda’s statement co- agreement would seem to be a State’s efforts to regain occupied tions - 


shut the door on negotiations.' Amman. Mr. Cyrus Vance, the 

Saudi Arabia’s promise that It v £- *■«■*“* °f n SJ* JS2* 
suld not interfere in any Arab a £ rBB to. take part in the negotia- 


understanding” was ao im- the nnai stages of the China the development of Siberian r 5 —EL vi a ~ total another classic example of Saudi to re-interpret the camp David 

portant task in the aftermath treaty negotiations. Another natural resources. This would ** 25“, 1 ?n thVSraSu? !n d fencwittlng whereby it seeks agreements once he is released 

of the China treaty negotiations, positive development from make good business sense from ^SEAN propreato for azone “J "SfSmiM ij with increasing difficulty to main- from persistent and -concentrated 
He spoke of closer economic. Moscow today was the statement Japan’s point of view since the «[*“*• and neutral,t > m the would be forming a new tain good station* with all the U-S. pressure, 
cultural and personal relations reported to have been made by reserves of coal, gas and ^ reshuffle in four mSrt Jand elements of the Arab world. ^ Begln’s statement that 

before adding the usual stlpula- Mr. Alexei Kosygin, the Soviet minerals which the Russians are once Vietnam "this surrogate tbe sixth major change in five In most quarters it was Israel would keep troops on the 

Uon that Japan wiU not sip Pnme Minister, to a Japanese anxious to develop ins.de Sibena once 'Vietnam thiS f Surro^te Saudl ***. West B ank of the Jordan well 


a peace treaty wirb Moscow visitor that Moscow would be would be useful to Japanese 8 J^ e d ^ 0 ^ et Umon" Sadat’s reported disappoint- mentnieixrtthat Egypt 

(putting a formal end to Second interested in seeing a Japanese industry. . - ment at toe critiSi reartSJn S aSured of oSnttoimd 

World War hostilities » until draft ?! /^i^ina^Sir^^Sra ft draw various South-east Sian Jordan, Saudi Arabia and aid. the single most vital factor to he obstructive to prospects 

the Russians return the four 1 Llntnhir. 8 t^TnSvlf' draft pact would be seen b> the ^ into the Russian orbit Kuwait to the Camp David in Cairo-’s relationship with of persuading King Hussein to 

ST •SET fSfJT"* TSF*l?E& dr=i, E7? iTcSS^S^St arrangements was mtrfsred by Riyad. , negations. 

Mr. Fukuda did not refer to was handed to Mr. Sunao friendship treaty is more doubt- extensive tour of the ASEAN » 

the Soviet suggestion that a Sonoda. Japan's Foreign Minis- ful. What appears certain is states in p attempt _ to wl ° -ar . w l a W. /«» - 

good neighbour agreement ter. during ministerial consulta- that the Soviet Union will not f? p P 0 ,rli? o , ®. pos „° 1 CM»ffcAl rAOATC OQllYlIV TA f*A Klltf \ 

should be negotiated between tions in Moscow last winter, concede Japan’s claims to the lls qu ®J reJ . w,t ^ China. Hejs |\r JiPI C, IS L . fa 111 1-1 \ ' '■ I IM “ 1 ClI HII . 

the two countries pending final The Japanese foreign ministry four northern islands as the also attempting t 0 forestall their -»■«* **^/* m . ^ * ummu J ■ ”^ .' 

agreement on the peace treaty, claims that although it received price for gaining parity with the 5? 1 a P s 5. „R,‘ 


could be beyond the- proposed five-year 
economic transition .period was. considered 


His statement did seem to imply, the draft during Mr. Sonoda’s Chinese. 


Russians warn UK visi 

India over BY COLiNA MACDOUGALL 

Chinese link chairman otaku 

China hopes to to 

By Our Own Correspondent and France next 
NEW DELHI. Sept. 20. announced at a dint 
MR A. B. VAJPAYEE, India’s Jacques Chirac. tb< 

Foreign Minister, returned to leader, in Peking on 


Pot’s regime in Cambodia could 
lead to the establishment of a 
puppet pro-Vietnam government. 
To' fhia 'end he pledged at a 


BY OUR OWN CORRESPONDENT 


JERUSALEM. Sept, 20. 


T JJT U T7 TTim T0 J ibis 'rad he pledged at a ISRAELI LEADERS reacted handing over two military air- Foreign Minister Mr. Motoe 

IJ IV VIMi Diannea DV nlla state- banq^t given for him in cooUy today to the rebuff handed fields, which until recently ware Dayan has been refusing to say 

w - Manila by^President Marcos that ou t by Jordan and Saudi Arabia bem S, described as crucial to how he will vote is the Knesset 

... .... ... — i j i ■' atMA Israels defence, • TI — *■ >— i»b iwiinMi „„ . « 


BY COLiNA MACDOUGALL Vietiiam would do its best to to the Camn Havid aereements. It Is ^ el ’ s defence, 1 But be has pointed out that a 

join other South-East Asian w me agreemema, « Israeli leaders showed no vote to keep the settlements 

CHAIRMAN HUA KUO-FENG of spring, and the impending nations “in their common efforts wldeI Y noted that neither concern about their chances of would be throwing . away the 

China hopes to visit Britain arrival of Huang Hua, China’s to form a zone of peace, inde- sp^n^ent ^ seemed to nave securing Knesset approval,- des- greatest chance of paaee in 30 

and France next year he Forel ffn Minister, on October 10. pendence, freedom and 0,8 . dQ °£ completely on p | te past emotional statements years. 

— - - 1 rir„ u . -sriStMSsrJS ssss^ ,t,ble and pros - sslsts&sl'Isjsz »sgt> £,&i& 

Jacques _ Chirac, the GaulUst case _ it ! wllU t0 be 3med Though South-East Asian would : ngn a separate M r. Menahem Begin, who earlier ' t nJ£v 5S. 


Delhi today from a 10-day trip 
to the Soviet Union and 
Afghanistan. During the visit. 


Althoucb it was known 


Tuesday. “S' natio^for vSSXStoA ^Jg^ement evra if no otoer t hU year w« raylngtoe^ 

town that Election. relief in this feuding between the countries jorned the negotiations settlers had invested too much 


... — — _ — ; — J nmivuKu auwu lajqa UCCUDO. relict *ii uua icuuiuk ueiwccu l aic: - — ... „ . — “ _ aciuna uau imtovtu iwvi mutu . L_; O. . 

>oviet Union and chairman Hua would be visit- The Chinese decire to cement Communist states they are more over toe West Bank and Gaza. sweat for Sinai to be abandoned, «iJS 

„r „ S h ^ d ," 0 ' "taUm, with WC 5 ( S ™ Europe worlrf.by thejowern, threat But tetoe tab i on tt. Sihai was V»M_ In tot Jeniaal^ ^He.thSlt.fSm^h! 


China in early November — the predecessors Mao Tse-Tung. 
first visit to be made by an It will be the first time Pei 
Indian Foreign Minister to has planned to send a set 
Peking since the Sino-Indian leader abroad without I 
conflict 16 years ago. receiving bis opposite num 

Trade and cultural exchanges at home, 
with China have recently been No British Prime Minister 


predecessors Mao Tse-Tung. increasingly difficult 

envoy arrives to seek Arab support. 


receiving his opposite number its modernisation pro- jn^^ 


with “China" have “recenUy "been " No British Prime Minister in Britain appears to have ns ■ . . - AMMAN, Sept 20. 

increasing as part of the thawing office has yet made a visit to gained the place it held in Jtjjj insurance MR. CYRUS VANCE, the U.S. bis mind for some weeks, pos- issued their more hostile reaction 

in relations between the two Peking. In 1976. the late Mr. Chinese thinking during the cttva c on t iq ' Secretary of State, arrived in sibly not until after his visit to until he arrived. 

The Chinese are said to have Anthony Croslahd. then British **riy 1970s. when under the Con- nnwiM inslinnr# Jordan today on a Middle East Washington next month. • 

told Dr. Subrahmaniam Swamy, Foreign Minister, went to China, servative Government it was 50^ forei^insurance tour to try w sell Camp Both Jordan and Saudi Arabia Keuter 

a prominent Janata member of Both the iate President strongly pro-Europe and econ- pa ° [ f < f„ haveiQuiKi toe .] u av i<l peace accords to key Arab have criticised the accords. ■ ■ - 

Parliament at present in Peking, Georges Pompidou and Premier omically fairly stable. „VL f0nnI °2 a states The Jordanian Cabinet, chaired _ • 

that they were ready for uegoti- Raymond Barre of France have It slipped tn Chinese eyes naoonai re-insucmce company. Mr Vance is expected to go by King Hussein, said on Thes- Baghdad 1 V order 
ations on the disputed border visited Peking. To this extent, when the energy crisis led In Amerasingne, me v.om- immediately into talks with King day that “Jordan ... is not ' . ... . v . 

Any reconciliation between Britain could be seen as particu- 1974 to the collapse of the Heath raissioner of insurance, said Hussein to seek his support for legally nor morally bound by A consortium ot three Japanese 

India and China should, how- larly favoured, since the Chinese Government, rapid inilation and today that the object was to agreements. He will also any obligations regarding Issues companies has won an Y&lbn - 

ever, be seen in the context of appear to be pressing the rela- increasing talk about Moscow- reduce the dram of foreign visit Saudi Arabia and Syria.. which it had not participated in (£2im) order from Iraq to 

continuing rivalry between the tionship to a new level. aligned “Reds under th ebed.” reserves caused by tbe outflow Reporters on Mr. Vance’s air- discussing, formulating or agree- build a colour television and 

two States and of India’s appre- The British Government has Peking's distrust of the Labour of re-insurance payments. now (cra f t were to j^ b e plans to put mg to." 

tensions about China’s more said that Chairman Rua was wel- Party’s leadership has given way totalling about FS55ra j prefisure on Ki n g Hussein and Mr. Vance told journalists he ° r ” m „ Ior 
active foreign policy. corned at any time, but hitherto slowly to greater confidence as (USS6.5m) annually. tell him that failure to join the- felt the Jordanian- Government toe Government; Renter 

Certainly, the Indian Govern- visits have involved lower-level toe Callaghan Government has “ It is meant to be a profitable peace process would also affect statement was carefully drafted reports from Tokyo. The com- 
ment sees the Soviet Union as figures such as tbe Foreign Trade avoided extreme policies and re- venture, run on commercial u.S.-Jordamaa relations. to leave King Hussein's options ponies axe Mitsubishi, Pacific 

an indispensable counter-balance 1 Minister last year, a succession stored a measure of economic lines” he said. ! The Secretary of State does open. But .he would have pro- Consultants International and 

tn Chinese power. of .Economics Ministers this stability. AP-DJ ‘not expect the king to make up ferred the- Saudis not to .have..-’ .Toshiba;,- ..... . ■_ 


MR. CYRUS VANCE, the U.S. bis mind for some weeks, pos- issued their more hostile reaction 
Secretary of State, arrived in sibly not until after his visit to until he arrived. j 


next month. 


Reuter 


Syrians 
play down 
Vance 
meeting 

‘ -By Our Foreign Staff 

THE MEETING of toe Arab 
states opposed to the Initiatives 
of President' Sadat of -Egypt 
towards Israel was due to open 
yesterday afternoon in Damascus. 
Mr. Cyrus Vance, the U.S- Secre- 
tary of State, whose arrival was 
postponed because of this meet- 
ing, is scheduled to arrive in 
Damascus after visits to Jordan 
and Saudi Arabia. 

The Syrian Press has com- 
pletely ignored the forthcoming 
visit One Syrian official said 
that “ the agreement of President 
Assad to meet Vance is nothing 
but a polite gesture towards 
President Jimmy Carter who 
requested this meeting and no 
significance should be attached 
to it” 

The fact that Mr. Assad is 
’prepared to receive the U.S. 
envoy suggests that Syria has not 
taken an irrevocable position yet, 
although the Syrian media has 
been accusing Mr. Sadat of 
treachery. Yesterday, os the 
leaders of Algeria, Libya, South 
Yemen and the Palestine Libera- 
tion Organisation (PLO) gathered 
for their conference, the Govern- 
ment daily newspaper, Tishrin, 
called on the members of the 
“ steadfastness front n to provide 
support to enable Syria “to con- 
front the Camp David agree- 
ments." It also called for “help 
and protection of the Jordanian 
King as he will be facing 
American promises and threats 
to join in the negotiations ” 

The meeting in Damascus is 
the front's third. The group's 
effectiveness has been hampered 
by the absence of Iraq, which is 
at ideological odds with Syria. 
According to officials in 
Damascus, the participants will 
concentrate on as- yet undefined 
actions to foil the Camp David 
agreements. 

On the Palestinian side, import- 
ance was being attached to the 
fact that Mr. Yassir Arafat, the 
PLO leader, was being accom- 
panied by Dr. George Habash, the 
leader of the radical Popular 
Front for the Liberation of 
Palestine. . 

Kuwait yesterday joined Saudi 
Arabia in its criticism of the 
Camp David agreements. A state- 
ment issued after a cabinet meet- 
ing said a just and permanent 
Middle East peace was possible 
only if Israel withdrew from all 
occupied Arab territories. Qatar 
added its views yesterday, 
describing the Camp David 
framework as an “ unsuitable 
basis for a just and comprehend 
sive peace.” 


i t 


This announcement appears as a matter qf record only. 


3 


August 1978 


w 

IMATRAN VOIMA 

O&A XBYH T I Q / 

Yen 10,000,000,000 

Japanese Yen Notes due 1993 

1MAIRM VOIMA OSAKEYHTIO 

HELSINKI 


This announcement appears as a mattBr of record only. 
August, 1978 • 



A 


u5 


AS DEL A 
C.E.5.A. 




guaranteed by 

THE REPUBLIC OF FINLAND 

managed by 

DAIWA SECURITIES CO. LTD. 

THE LONG-TERM CREDIT BANK OF JAPAN 

LIMITED 

THE YASUDA TRUST AND BANKING 

COMPANY, LIMITED 

THE DAI-ICHI KANGYO BANK 

LIMITED 

THE DAIWA BANK, LIMITED 

These nates have been privately 
placed in Japan vUb the following institutions 


U.S.$ 48,000,000 

Medium Term Loan 

partly guaranteed by the ' 

State of Spain 

Managed by ' 

Bayerische Landesbank Girozentrale 

Co-Managed by ' • 

Badische Kommunale Landesbank * Bank of Tokyo (Deutschland) 

International SA Akdengesellschaft 


The Yasada Trust and Banking Company 

Limited 


The Dahva Bank 

Limited 


The Norinchukin Bank 
TTie Bank of Okinawa, Ltd. 
The Bank of Kyoto, Ltd. 


Asahi Mutual life Insurance Company 


The Long-Term Credit Bank of Japan 

Limited 

The Bank of Bseda, Ltd* 


Bank Oppenheim Pierson 
International SA . 7 ; 

Kredietbank S.A. . 
Luxembourgeoise • 


- Hessische Landesbank • 4 
* ^Girozentrale- * . 

Westdeutschel^ndesbank 
■ Girozentrale 


The Dai-ichi Mutual life Insurance Company 


ace Company The Senshu Bank, Ltd. 

The Chiyoda Hre & Marine Insurance Co. Ltd. 


The Oriyoda Mutual Life Insurance Company The Dai-ichi Kangyo Bank The Mitsui Bank 

Limited 

Mitsui Mutual life Insurance Company Prefectural Personnel Mutual Aid Association The Tokyo Credit Association 


Ayabe Credit Association • me umio trust andRanking Company The Credit Association of Ueno 

The Dowa Fire & Marine Insurance Company Fukoku Mutual Life Insurance Company The Granna Rani- ^td 
The Hachyuni Bank, Ltd. The Joyo Bank, Ltd. The Jyonan Credit Association The gmW so go Bank, Ltd. 
The Kyod Mutual Hre & Marine Insurance Company xh c Kyowa Bank, Ltd 

The Nichido Fire and Marine Insurance Company The Nissan Mutual Life Insurance Co. 

The Nippon Credit Bank, Ltd. The Shizuoka Bank, Ltd The Taisei Fire and Marine Insurance Col, Ltd 
Tofao Mutual Life Insurance Company The Tokio Marine & Fire Insurance Co., Ltd. 


The Chuo Trust and RanVing Company 

Uroacd 


Provided by-. : ' '■ S . 

Bayerische Landesbank International SA BatflscheKomnwnaie Landrebank International SA 

The Bank of Tokyo (Luxembourg) SA " ■ Bar^Oppenh^ Plerson lnt^ 

Banque Continentale du Luxembourg SA KredfefcankSALUx^^ / WestLB Intoriational SA . 

Canadian Imperial Bank of Commerce Marine Midland Bank ‘ ' Mkfiand^nd International Banka Umitad 

Mitsubishi Bank (Europe) SA . . Thel&tipIsW Tm^ andBanking Corporation • ; 

SociStd Rnancifere Europeenne Finance Company N.V. SFE Group ‘ v The Tcyo-Trust and ^anl^ng rv>. t ftd 
The Sanwa Bank. Limited V vw» d^ Hoop, O^era eriZoon NY. 

Agent . 'j'-:' ; 

Bayerische Landesbank IriterpatKjnaJSA ; ; _ _ 

AUTOPi3T7ttiDSATLANTR3D<XksA^ *»*’*’ 
lias bean tt*feedinttonegdirip» bf . 

Banco dsS&M, Banco f&pano Americano and ManuiKaxwsHaiwwtWtotVBwwoPaetor ' 

IneocpefBitonwIft ffiefoSowfngfiftarBfiQWaec • • 

C^asdeAhCTTPBde Vigo. PontawdraySonCasod 8 Coc^Qgtala, B an co IntamagontidaCoropCto 




Firanciai -Times Thursday 


sur 







H 



1 V 









I;!: ■ ;••" t'^ :; ix:v5i:Kf :: 

V' (| 

••••'• *■- 


Ifyoure running a sound business right now 
you could ran away with the idea that raising money 
was no problem. 

Certainly expandingyouroverdraft shouldn’t 
be difficultNor should borrowingeven quite a sizeable 
sum to meet some short-tenn objective. 

But ifyoure thinking of takingyour company ; 
into abigger league and want to increase your working- 
capital 3 buld a Victory or renew plant, were the people 
you should talk to. 

Were ICFC and the difference between our 
money andJ|aost other peoples is that its long-term, 
money. (As iong-tejm as 20 years 3 ifyou like.) 

\ • ' •' v ■ 

.And that ifsprovided on a fixed-interest basis. 

Our eqperience shows that the proper use of 
such finance can contribute hugely to the success of a 


Not to mention the smaller businessman’s 
peace ofmind.i. 

And our experience includes lending over 
£550 million to more than 4500 companies over the 
past 33 years. ?- 

In factjwe wouldn't be surprised if you found 
our experience as valuable as our money. 


The smallerbusinessfc biggest source 
of long-term money. 















Ml 


• ■ . : ■ . . ■■ .... •■rir',*'." i <t*>\ 




V \ V} 


viDUSTRIAL AND COMMERCIAL DNANCECORPORATION LIMITED. ABERDEEN 0224 53028. BIRMINGHAM 021-236 953L BRIGHTON 0273 24391. BRISTOL 0272 292081 CAMBRIDGE 022 3 62126. CARDIFF 0222 3402L EDINBURGH 031-226 3885. GLASGOW 041-221 4456, 




















6 


AMERICAN NEWS 


Commonwealth urged to 
press case for more aid 


BY JUREK MARTIN 


MONTREAL, Sept. 20. 


SOMMON WEALTH Finance bmK- celled- foe bup- 


Ramohat regretted 


Senators 
alter tax 
Bill to help 
business 


Bjr John Wjrl« 

NEW YORK. Sept. Z0- 


^fp^ nrial Times > 


WORLD TRADE NEWS 


. *■. V. iVf *•_ 

■\rv-y: ■ j> *r-+c*±,' 



to step up 


more 



BY PAUL BfiTTS ^’V.'v." ROME, Sept 20. ' 

ITALY is about to intensify wden its export ba^Md iB this e»Hs for AUtalja to provid^com: 
attempts to promote • trade emtest 'has reorgarweij .satl.puter programs plw.^ecnfH^i 
exchances with China ia ihe wuonahsed the .acuities of its aod m^agerial ™ 

foreign trade ZMUtut< lCE^The Saudla. the Saudi Arabian 



S’ashin^nn 3041 ' Varld D4U,V 1,1 ifTneecToi' con'cessionar'assrst''- deplored ihe '■ peril of prole c- j ratL . oVpIaut and equipment 
Raniphal. Com- oooe." m JJSJ j n. now w «i.' V 

ninn wealth Secretary * General. The secretary-sencral deplored ^ 'deenest alarm ainon" ics tcrd a>. a « in line with 

presented a bmadly pessimistic lhe record of delay - in imple- Sveloofn" countries I meas “ r ,? s * Wch ha ' c 

survev of the economic position m entins the increase in the capa- ae p “ , < generally advocated io 

atH pr ospects of developing Lay 0 f ihe IMF to help develop- “"When » developed CDuntiy’ corporate investment 


significant 


while the Chinese Foreign Middie' East oil. producing count - ItaJeable. 

Minister. Mr. Huang Hua. is tries. : The contract is 

scheduled to visit Italy next • Alitalia will provide an ,Tp- because ir marks tne nrst oxnc 

been j month. formation syst era 10 Saudia. aliv Alitalia has . sold compuier sot> 

assist ! At the centre of talks between 3ine * to manage ■distributJon .of. wwe in a Middle East luarKeL 

and i Italian and Chinese officials i S ***** parts .for repairs and maun- Since 197 2- AUtaUa nas sow 


3ml pr OJ-l'r'.LS 111 tuv ui lin ■ I iu Uciy US * - . j ------ ~ — * -- ■ '.uiume usuvu»w >» < n nr 

miintrief. at rhe opening se«sion , n n nations- He noted that no invokes considerations or; industrial modernisation. But ! expected to be a package of deals l ™®’ nce ' Ar-wa reports 


several 


„r th. I«.*v moct.n! : nf c e m- „ re ™ ( „i kidyn bmn«M S“““L r «|5SIl , » h “, 'iKi, !l!'i “£jrs? J* 5 .a? ! involving some of Italy^s major R ™'- contract -is. Fan American 


from' information systems to 

foreign airlines, including KLM. 
- aod- British Air- 


Mnntreal 


for 


ninnwralth Finance Ministers in ^"either a new allocation of import of rubber shoes, when the what the committee will do on . private and stale companies. At . . ____ f . nTV . .. . 

• sneeial drawing righis or on the need for developing solar drying) t hc other proposal which, it is i lhe time. u, e discussions valued at more tI,ai * ^^-.u H ways. 

. . -—•——I’"''.— ,rt | claimed, will prove a tonic for are likeli . l0 focus on th* puggjjjie -• 

ciotncs- j business invest men |. That is 
com- 1 the reduction in the maxi mum 
««; rate on individual capital gains 

confidence and as-uraTicc wmen t £ e vy'ille'Cen supplementary structural change can naroiy fail . f ro m 49 per cent to 33 per cent, 
offiers need if ihe> are lo lake speC ial fimneing facility of about to grow." | which the House has approved. 

the hold steps that global i., obn h ., d i, een aBre e d but not In a report on progress j J Nazionale Idrocarburi, the ttalian japa>T 5 nine Tnaior-man-toiadeMixtured oolvster yam and South 

invests jiemtknd yel ac ,ivated. towards a new economic order] opposed hv the Admlmsiralipn , s(ale bytJro.arbOH group. Which nh r. ^nlWtre ^hric-fi. 

Mr 

enlargement 
nf the 



opening of credit lines 
! Italian ventures io Chino. 

| Among the possible loager- 
; term deals is collaboration m 
Chinese oil exploration by Ente 


Tokyo complaint on fibres 



TOKYO. Sept 3ft, 



agreempnt 
m^nl 

Agencyl'ihe 'soft loan arV of the tical realities.* 


Fed upward pressure on rates 


NEW YORK. Sept. 20. 


BY OUR OWN CORRESPONDENT 

THF. FEUER AL RESERVE today addition, the Fed’s discount rate. Ml measure was seen as point- 


make money available to cut 
capital gains taxes. 

Action to allow swifter 
depreciation was advocated by 
Mr. G. William Miller, chair- 
man of the Federal Reserve, 
earlier this month. The 
Senate Finance Committee has 
now raised from 30 per cent 


hydrocarbon group, which fibre manufacturers have satd ICdrean georgette fabrics. 

'*"“ •** '*-- -- - * ‘ Meanwhile, tbe - T »P8n Chemi- 

cal Fibres Association, said 
Japanese textile --.imports - m 
August exceeded exports, by 
S3l.8ni on a customs -clearance 
loan from a consortium of -Japar Imports of acrylic staple -have. i>asis. 

nese banks. risen sharply ip the past Tele' Ir was the first thpe. since 

The Turin-based Fiat group, months, mainly because of tte. March 1B74 that the monthly 
Italy’s largest private enterprise, yen's appreciation. Imports now 'textile import figure exceeded 
is also discussing with Peking constitute about 10 per cent- of' Jthat of exports; Imports in 
jthe possibility of selliBS farm domestic consumption . and are^ August totalled 5431.1 m while 
'machinery and eventually the about 25 per cent less expensive e?cports were S409.3m. 

: construction of a car manufactur- than domestic prices. -- • - >-• in yen terms, August imports. 
' ins plant in China. However, (be The Japanese manufactnrers.totatled YS2.425bn while exports 


confirmed mam expectations hy which is the charge on member mg m » mund credir . tis / lte "' 
, -lilting further upward pressure borrowings at the Fed. may ins this week, nul it is nnn^ 


to 30 per cent the mar-in bv Italian company said today that said they were also preparing: ^ totalled Y7S.!61bn. July, imports 
which businesses ma\ deviate venture was still at a complaint to the Finance Minisr were YS2.120 


from depreciation rales estab- j purely hypothetical stage. 

• “ now attempting 


nn <hori -term V S. intereM rates. WP |, bp ln jeopardy, .since the nuestioned »e » ( j55l h IIJ r ?ir l .' Hshed hy ihe Internal Revenue | ltal y JS 
Most observers had expected the differential between the ^3 per increases in tjw^funas^ rate j_ar^ Service. I 

These form the basis of the 


20bn and July exports 

tr>- against the alleged’ dumping'; -were YS9.902bn. 
to of Taiwanese polysLer staple amfiAP-DJ. 


Fi'd’.< open marker '-pnimitree. ccm discount rate and SI per cel have any impact on curbing; 
which sets interest rate strategy. L . eR | funds lends to weaken the excessive monetary snmtn. ann . 
tn decide at ns monthly monetary control force of the si* 0 whether l* is good for tne ; 
mpelinc yeslei ' 

its rc*-enl poll-. . . 

increasing the Fed funds rate, in . Qrten in lhc la , r , hrep fighter, 

a bid tn restrain the growth in A tb th factor s whlc h have But it is apparent 

com- Fed. in the absence or any 


at ns monthly monetary control force of the aw wneuiei i» 
rdav io continue latter bv encouraging more bor- Fed s crcdibihiy to appear a rc- ; 
ilicy nf modestly r0 win" frnm the Fed. luctant oppoaent of inflation- 

LVJ r.in. 4 j P-.IIB in " . finhter. ! 


the supply and lo put a ltd on 
the inflation rale. 

This' morning, the Feds open 


that the i 


SS&JS&S aiftfSgagi sasswgjso israwanau! -wsasses, 


asset depreciation range { 
system which was approted by j 
Congress in- 1971 and which j 
authorised the Treasury to ! 
publish ‘"useful -lives" for j 
various classes of assets, j 
Corporations were permitted 


Aid for Arab shipping company 


BY JAMES BUCHAN 


JEDDAH, Sept, 30. 


target from S3 per cent to SJ per *”***■ 
tt* _ j 1 the which 


cent. Federal funds are 
un com nn Sled reserves which 

c b n’." 1 ‘ ! „ IC ; d h'^ ?« e ™ ”n?n. he 3J B* W »• «« 
inierc=i rates attached tn other However, some 


I nis» iin>i niiitf. uir let. a ..|.e.., .. j n fl at .j„ n r yt c CO ptjnMin= policy from the v-aricr aumiuis-i on thcjje IIvps 

markei activities pointed to an about the' dollar, in- ’tration. is determined to balance i cainberM , me 

increase m the Fed funds rate >rinnPl . *„ n n!v the reauirements of monetary. mAtbnA t „ „ fcs 

against the poli- 


cireum* 


. m the money supply the requirements 
are repeatedly above Fed management . , «„„ 

targets, and a stronger than tfcal Storm which ' »n ‘g* asset was determined accord 

pxoeetert perfonnaBce by the eashed. if ii were held respons-- j |0 ••f acls 8nd 
1st quarter, tblc for plunging the 1--S. : -£ aees » 
economists economy into a recession. ; L , ndor lhe m 

forms or'tdinrMpnn credit. doubt whether raising the funds The Fed’s move halted a -stock businesses could 

ns c ho it -term interest rate* rale hy 1 per cent at 3 tune is market attempt to rally after six • assc t 5 a( a rate either 20 per 

a re now mnnin- ai rhoir highe«i as effective an approach as the consecutive sessions nf decline., cent lower or 20 per cent 

IrvcN fr-r Iliice \»»ai« 0^ more tactic frequently used in the past and brought on a wave nf sell-, higher than the asset fives de- 

- - nf lifting the rale by * percent ing in the bond market.: termined by the Treasurv. It is 


■- confirmation that the Ministers 

tiw? ™‘y 

metkod in whiei, the nseful lire | u» to subsidise the operetta* be’ J‘vUe3« bes?d oa^'Sd «”rdiS| to Ou|i^ °aeS?y 
and salvage value of each .expenses of the company in coiwoetitive orlnciDle8.' ,t - nptthd.r Sn.rii Arabia nnr Kuwait 


measure. 


^ .^£ : SftMiS r S£ 


prim#* ra tp«. Ahich ro*e lo 9j creases m the money supply. The as a J point, and sonic corporate 


per cent only la«i Friday, iri M.Tbn increase last week in the bonds by more. 


Carter ‘will not penalise labour’ 


business taxes by.§513ni next 
year and bv $3ba-'ra vear by 
1983. 


j proportion to their holding, tfie Company tankers should ’&tt are willing to subsidise the com- 
I company's genera! assembly available for charter by member pany’s losses through . taking 
' decided ln Tali yesterday. countries at competitive viates; liftings at other than competitive 

. After a meeting of Arab OJ1 Dr. TahersaitL- A MPTG has eight rates. Instead the operational, 
appreciate : Ministers, Dr. AbfitjJ Hadi Taher, crude tankers, four of which aih josses will he spread - across all { 
governor of the Saudi State ULCCs-iind one a YLCC. w'-’ nine members. , '•[ 

petroleum organisation Petromin. Tbe company is als» expected “Of course, the company can) 
■ said: "The company's consider- to take delivery of the first- of diversify its sources of revenue.*'- 

Oil Minister .said 

meeting. . “ But it would 

obliged us to reconsider the American Oilgram weekly, Saudi be better if it continued the 


• company's operations." 


Arabia was to be asked laatipu- operations for which ' it • was 


To prevent any further loss late that a portion of the IPG formed.* 


The reduction in corporate ; throu S h idle tonnage, tbe Mini' from Ras Tanitra be carried iri : The Kuwaiti Mini 
xablo income should, it is sters dcci ded that company- one * of • tbe ■ vessels. AMPTC sangump that world tai 


Minister was 


BY STEWART FUMING 


WASHINGTON; Sept 20. 


provide a mtKb needed tankers s^puld receive certain would ask Kuwait to charter would harden shortly and the ! •. 

us for capita] investment i ” Pnviiegea " in carrying oil and another LPG tanker. -.compady emerge from- its -present I Fill FIS WUl Irani rOfder 

u.._ hebtad | gas. from member countries but But there j was*. no immediate jeaandal difficulties. - ' “ 


PRESIDENT CARTER told > Earlier thi* week before the ministration ir obviously con- 

sfeelworkers’ convention to-day same audience Mr. George ceroed .about the poutica .impact • 

that hr would soob unveil “a Meany, tfei- president of the of su c fi a pobey particularly on, 
sirensihcnihg of our limited American Federation of Labour the labour movement, 
arsenal of weapons against in- and Congress of Industrial Thc President received a 
nation." Organisations 

With the knowledge that opposition to .. ... . . . . . . 

organised labour is firmly policy. The President's econo- a ' AUanltc City convent ion j benefi- will bp. President Cnrter , 

opposed lo voluntary wage con- mic advisers arc believed to be centre, clearly a response to his • t 0 ^ thi* United Steelworkers’ ! 


taxable 
- i argued 
stimulus 
which has been 

earlier levels Utrob^inost <K : I 
the current business fern ery. ■ 
Although . the jsenate Js* ; 
expected to'pass a tax Bill pro-' : 
vidins for larger Individual J 
and corporate redactions than !•] 


tanker rates. 


By Giles Merritt .-’ , : ’* 

. BBUSSELS; SriFL'20, 
THE MASSjfVB IocTOases^a 
EEC slecl-eipoi^ lo tiw^V 1 ^. 
which have provoked threats 
of retaliatory , curbs wok 
artificially inflated during 
July, Viscount KtieO»e-0avi^- 
nou, tbe EEC iridnotry Com- 
missioner, clalmed here t«iay C 
Commissioner jDavtgnoh' lodfT 
cated that thp. .7S. pe r . eefit; 
jump in Steel ^ shipments i 
'during that month 1 from. June - 
was an Isolated, phenomenon. 

- and that EEC. steel 'sales -there 
ban • since, reve rt&d jo the 
-average levels oF thc ftTst hail 
of .1978. ' • • 

-But although Caiumisshmer 
Davignon told a Press, dm fer- 
ence today that the' threat or 
a. rise in tbe minimum trigger, 
price had prompted VS. 
buyers- to increase Utcir steel 
purchases, U .5. sources' Jbete . 
have indicated "that this 
explanation has yet to he 
.accepted .as the .sole reason - 
by the U^. Admlnistratfon-- 
Tbere remain Tears lljat ,tfie 
.figures for August will shortly . 
show that the: new trend- has 

been sustained. • 

The trigger prices are due 
to. rise on October 1, hringlng^ 
the increase so far. this year 
to - around 10 per cent, and 
the UiS. industry is reportedly, 
concerned that EEC sales to 
the U.S. will have remained 
high throughout tbe third 
quarter of this year. iFor lhc 
first six mo mbs of 1978 EEC 
steel comprised an average 35 " 
- per ccm of U.S. steel imports, 
while, for July it jumped to 
42 per cent. •’ 

Should the U;S. figures for - 
August coofirm. this trend 
Ihere is 'believed 'to he; a* real 
danger of U.S; companies re- 
instituting their anti-dumping 
suits against EEC producers. 
Earlier. this month the British 
Steef Corporation urged other 
EEC steelmakers grouped in 
the. Eurofer “club ".to enrb 
sales to the U-S. before a new 

ronhd of retaliatory messnm 

was forced on the U^. 

Com mtssi oner Davlghon also - 
spoke of the 1 .progress of hia 
anti-crists plan for.- the Euro- 
pean steel industry, and an- 
nounced .-that. In October he 
.will be presenting his 197?.. 
programme for pricing 
rationalisation and restructur- 
ing. Tor approval by the 
Council of ’ Ministers. .Bert ’ 
although, he- was repeatedly 
pressed for a detaired analysis I 
of the present state of the. . 
Davignon Plan, .-foQowfhg iis : 
near collapse In June, he 
failed to do so. - 



A 

i 




TvC-- 


P-«r- 

■ a t - 


underlined bis warm and .enthusiastic welcome, in the House .version, it is not' 1 
a stricter wage from Ihe thousands of delegates; at all clear what the overall' 1 


trnls. the President promised pressing Mr. Carter to adopt succe ^ s convention in Atlantic City • 

that the new anti-inflation policy strong wage and price guide- David talks on the Middle hast., jodav that he expected a tax 1 
would not penalise labour. lines or standards, but the Ad- Mr. Carter gave no indication ycnt of RSfibn or more by fiscal j 


Brazil eyes 
Japanese 
‘bullet’ train -n 


Swiss head ‘fleet league’ 


BY GUY HA WON 


FRANKFURT. Sept. 20. 


nf the direction in which be is / 1930 which starts in October of 


China seeks tourism help 


BY OUR OWN CORRESPONDENT NEW YORK. SepL 20. 


THE CHINESE Government is 4110ns with Hilton International. 

making tentative approaches to a unit of Trans-World Airlines. . tl .. . . , . .. 

a number of U.S. companies hy and with Western Internationa] inflation policy seemed designed, 
way of seeking proposals to de- Hotels, a 'unit of UAL Inc. The primarily to rally support within I 
velop its tourist industry. link between these hotel com- j-he labour movement. He said; 

Mr. Henry Liu. a Chinese- panics and airlines is a signifi- hc t' e J ecte d the policies of tne . 
American arehitccr. has been cant one, in that Pan- Am and P as J * D . r bgnting inflation and 
anihorised io start preliminary others have recently filed pro- declared that, it was morally, 
investigations aimed at promot- posals with lhc Civil Aeronautics wrong to fight inflation by throw- 1 
in? tourism in general and hotel Board to start regular services mg millions of Americans out 0 r | 
construction In particular. Dis- to China- work. 

cusstons with Intercontinental The fate for the proposals de- He promised that the eventual 1 
Hotels, a Pan-\meric:»n World pends ultimately on an agree- strengthening of the anti-; 
Airways subsidiary, appear to meni between the U.S. and inflation policy would not i 
ha vr been lhc moM productive Chinese governments, but it is penalise labour or any other; 
sn Far. and a delegation from thought that the Chinese wilt group in society. But he said that ', 
the company may »q to Peking allow no big expansion of ser- the policy would be tough and ; 
ncM month. vices until it has hotter facilities appealed to the labour movement: 

Mr. Lju has aUo had discus- for tourists. in consider it with open minds. I 


SWITZERLAND npw has 24 ling 92.13& CRT and "11 ships 
ocean-going freighters, eompris- totalling ' 48,896 6BT respec- 
total of -228.966 «sro.ss 

B, Diana Smith ^ iSler,:d U p A ™', 

Rm nTuvLt, c ; l|B i 44 per tCpl f 5h J ppins t , on - in its merchant fleet 3 the 

... .... ..u^a, ,a C --» ■ »»,«. u . i bpI,, P. c -vSh T 0 ' I Ba£e °.™«* ^ world s past five years, in 1973 itV stood 

leaning on economic issues, in/ next year. • . bka^il a t katssfukt Ministry land-locked stales, according to at 55. vessels of a combined - 

deed, this could scarcely ha\T . iiiK >efI0US * considenng a S3-3-,the latest reports of lhe West 101.S96 GRT. ' 

heen expected since for the pa4t Co'prsnal nuarfor p -S se ,, Pr** . ldea__t |] e German Institute of Shipping Paraguay comes fifth in tihe 

two weeks, while the debate o/cr; ^€LOUU QUailci /^‘ , P. ese . bu § et J™ 1 . 1 ?* ® n Economics. league with 23 ships of an aggre- 

antt-inflation policy iotensl^ed.} /-iXTD i in rnn ■ Paul0 ’ Rj ° de Only eight of the world ? 26 gate 20,193 GRT. Zambia beats 

| Janeiro run. i.land-locked . .nations own sner- Uganda to the post for the sixth 

i v.nictf? * cb * m fleets., Czechoslovakia >s place. Each owns only one ship! 

) Minister Dirceu Nogueira, m a; set . ond in the league with H but Zambia's is 5.513 GRT while 


A Rnnish-Iraqi contractor's 
gronp has won a FM 67flm 
tSlfiTmV T>id to build six agrU. 
cultural . institutes in .'Iraq 
making the country. Finland's 
leading contracting export 
area In the Middle East AF-DJ 
reports Trom Helsinki/ The 
two Fi mnsh partners Vise and 
Lohja have a FM450m (SU2m» 
share in the contract 


I f ■ : i * ' j 

■"'I*. I. W *. 1 


he has been occupied with 1 the, 
Middle East. ■' j 

His careful remarks op anti-] 


GNP growth 
was 8.7% 


Africa 'phVjne "d6als 

Thooison-CSF, the French 
( tclccommuiflcatidns and clcr- \U, j ’ V f-,.3 
h Ironies ' cornpaHy,. has won -*«; 

I nrrters wnrlh nmn» ihaii fiJm ~ * « x 2 . 


WASHINGTON. Sept. 20. 


recent visit to Japan, became : a hlpj .with an aggregate 149 .049 the Ugandan vessel is 5^I0.GRT. 


repeated ( Hungary and Austria, both un together account for only 


states' -fleets 
one 


gross national product was! Although Brazilian industry | i!^L« a ,A n ? per . , re °?.'^ F tf,e 3 iobes fir0 ^ 

a’ouIh nnt he Uhl. to hniw »hl ! fourlh 19 freighters total- registered tonnage. 


U.S. light aircraft boost 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


Nicaragua 6 strafed border town 5 


BY HUGH O’SHAUGHNESSY 


AN INVESTIGATING commits- which has np army. Sr. Perez is expected tn fly tnj 

sion or ihe Organisation of The fighting between sup- New York to speak at ihe United, 

American Slates is reported lo porters aod opponents nf tbe Nations on tbe Nicaraguan: 

have found clear evidence of rule of Gen. Aoasiasio Soraoza question, on Monday. I 

strafins attacks by the Nicara- in Nicaragua is the subject of a With ccnsorsbip imposed on] 
guan air force un the Costa meeting of OAS foreign mini- Press reports from Nicaragua.] 

Rican frontier town of Penas siers. to be held in Washington tl is difficult lo get an accurate] 

Blancas. “Everything seems to today. assessment of the activity of anti-; 

indicate that there was a viola- President Carlos Andres Perez. Somozu groups. Journalists] 
tion of territory" said Sr. the Venezuelan President, and visiung tbe provincial town of; 
Kcmil Dipp. the Dominican head Gen. Omar Torrijos. the Pane- Chinandega. which has been j 
nf tbe OAS commission, quoted manian ruler, met on Monday recaptured by Somoza troops! 
by Inter-Press Service, in San to co-ordinate policy on Nicara- after insurgents held it for some j 
Jose, the Cosia Rican capital. gua. Both leaders have adopted days, report much damage aadj 
Colombia has now joined critical attitudes to the conduct killing. Reuter reports that a. 
Venezuela and Panama io send- of Gen. Somoza in putting down bulldozer was brought in to bury, 
mg military aid to Costa Rica, tbe present insurgency. bodies in a common grave. 


^ determined^ t^see^^reneated ;fiross registered .tonnes, while The land-locked 
REAL GROWTH in the U.S. joS home groSd^ repMtCd , Hungary, and Austria bo 
gross national product was > Although Brazilian industry ! lbe Danube, tome third 
revised upwards to a seasonally ! would not be able to build the 
adjusted annual rale of 8.7 per j special carriages or sophisticated ! 
rent In the second quarter computerised signalling and i 
from the previous revision of control systems, it would, the; 

8. per cent and the originally Transport Minister says, be able j 
reported 74 per cent, the Com- to join in the project up to t»te ' 
mercc Department said. ; point wbere the rails are laid, f 

But the department also I The decision on .whether or not j 
revised upwards its estimate of • to buy the jullei tra™ package i SALES world-wide of U.S.-built U.S.- -light aircraft .makers 
second-quarter inflation to a ;wiIJ only be made six months ( business and executive aircraft exported 2;434 aircraft in the 
seasonally adjusted 11 per jor a year from now. First a are how running at record levels, eight months, worth nearly 
cent annual rate, from the pre- ; feasibility study must fie made, ] according to tbe U.S. General S306m a rise Of about 34 per! 
riously reported 10.7 per cent, {the Transport Minister said te » Aviation MhoufBCturers’ Associa- cent by value, although the] 
In the first quarter, real (assess bow much it will cost si j tion. number of aircraft involved I 

gross national product declined I passenger to use tbe train and For the eight months lo the remained steady, 
at a 0.1 per cent annual rate, {make the investment worthwhile. . end of August, total business An analysis of sales by type 
following a 32 per coni rise at I A rough estimate indicates that ; and light aircraft sales of all or aircraft - showed that single- 
an annual rate in the fourth I the fare would be something in . kinds totalled 11.8S9 aircraft, engined aircraft remained tbe 
period of last year. ! the region of S2S one way — 60 j worth nearly Sl.3bn. These most popular, with total de- 

Agencics. j per cent of the present air j figures were up 1S.S per cent liveries of ‘9.206 in the first eight 

shuttle service fare. _ ] by value and up 6.S per cent by months, Jip : 7.1 per cent, with 


orders . worth more lhau £4.2 m 
(FFr 3$m) for. electronic and 
electro-mechanical exchanges 
frpm two African countries 
John Lloyd writes. 

The largest part of the order 
is’, for an ^electronic switching 
system for The Zaire domestic 
telephone network.. Thomson 
wifi supply Us AXE time- 
division exchange which has 
been developed by its subsi- 
diary, Thomson-Ericsswi. 

At the same time Niger, has 
siened a contract for the exten- 
sion of two changes wtih 
2.400 additional lines, and the 
setting up or three new CF 400 
crossbar exchanges. 


Tn?cb sales outlook 


n. , uv .* L , • . ■ ' At the moment Saa rauto and : number of aircraft 

Millington loins I Rio— Brazil’s mast heavily- ■ period a year ago. 

. , 9 ■ [populated cities tl2m and 10m 

Arab bank bid 


At the moment Saa Paulo and ; number of aircraft on the s»amc multi-engibed types accounting 
io— Brazil's mast heavily- j period a year ago. for 1.648- aircraft, up 13 per cent.; 

populated 


_ International Han'cstcr has 
said that contrary to earlier 
industry estimate* retail sales 

of heavy and medium trucks 
in the LLS. will conlinuc strong 
during the rest of this year and 
info early 1979 with total 1978 
sales topping last year's salw 
by about 10 per cent.. AP-DJ 
reports from Chicago.' - 


By Our Own Correspondent 
WASHINGTON. SepL 20 . 


Nova Scotia Liberals ousted 


BY OUR OWN CORRESPONDENT 


MONTREAL, Sept. 20. 


ANOTHER PROMINENT U-S. 
political figure, Mr. Stuart 
Symington, a former Missouri 
Senator, has been recruited lo 
play a role in the acquisition 
of Financial General Bank- 
shares by a group of Apih 
investors who own stoek in 
Bank of Commerce and Credit 

International (BCCIi. 

According to documents: filed 
with the Securities .;-.sjnd 
Exchange Commission, ' two 


j inhabitants respectively* are 
linked by an air sbuttie which 
departs every half hour (a 40 
I minute flight) and conventional 
i rail links involving a journey of 
j about six hours and a bus 
service. 

! The frequency and speed of 
! the air shuttle makes it a magnet 
I for commuting bufllneosmcn^r 
I and it is this sort of clientele 
; which the bullet trai? would 
• expect to attract. 

The Transport Mimrt« F has 
indicated -that Japanese banks 
are already keen to offev Brazil 
suppliers' credits fpr th* bullet 
train. 


Arabs who own almost 10 per 
IWTti 


cent of the Financial fieri* 


IN A surprise provincial election Mr Buchanan said his tlr*t this on ihe weaker unHook for] 
result. Hie Progressive Conserva- priority would he jubs. But. with the US economy and the shift! 

live Parly, led by Mr. John federal cuts ih social security towards a more restrictive posi-l 
Buchanan, has ended Hie eight- nrn „ Pamm( . s and „ 


stock have agreed «o givr; M r - 
__ ;o^cr 


programmes ana a depressed lion nn the fiscal and monetary ; 

i^T Premier ^Mr” 11 Gerald HaliTaY^Dartinoiith area', his ment." 

leu by lhc r rentier, wr ueraia fucV rnFmirinl , u 


Syminglon voting power 
Uiclr interest in the hank, V-i 
Mr. Bert Lance, a forpi? r 
U-S. budget direcior. is already 


Cheap Asia to 
Europe 


year tenure nf gnvernnteni m provincial economy, mainly in fronis by' lhe”uTta'\^ iToveVri.i - a Vtii»g ^ a con^ultani to B€UL 


Buchanan. 


Unemployment is expected te 


task will be formidable. 

The election wus fought Vidor Mackie writes from increase throughout 1978 and ! . 
economic uad lucal ® ,wwa ! A gloomy prediction 1979. ty reach a rale of about 


flic bank based in London and 
hearted by Mr. Ag a Hasan 
Ahedi. a Pakistani banker, ~ 
It is not clear huw . Mr. 
Symington, who sought ‘^he 


I By D. P. Rumar • : 

| NEW DELHI.. SepL 28. 

!a NEW AIRLINE. Free Shies 
i Airways, has been fortped tp pro* 

] vide lew budget air traaspfirt 
! between Asia and Ettrope. 

The Aslan repres^nUtive of the 



Cape Breton. next year- unless the Canadian holders' incomes, inflation has] 

Conservative provincial Government brings jn counter- reduced the real spending on 

governments now hold New- acting measures, such as tax consumer goods and weakened! 
(oundLund, Nova Scotia and New cuts, the agency said today. lhe climate ter investment spend-: • 
Brunswick. Recently, the Liberals While ii expects a 4 per cent ‘° K - i5aid thc board. 1 

kept control in Prince Edward growth in the Gross National For 1978. the consumer price 

Inland by only nne scat. ** ’ L - 

High prices of energy contri- 
buted >trongly te the defeat 
tlie Nova Scotia Liberals. 


the two Arab Investors shpsld 
want to place their stock in the 
hands of a U.S. voting trustee- 


U.S. COMPANY NEWS 



tU20 for a round trip Of Uh-ld4ta 
UK fer Instance. 

The airline, regjatered jn 
Luxembourg, baa been formed by 
five Aslans living abroad- The 
new airline will filre or have on 
lease a w-ide-hn died aircraft or 
between 
would 
— 1 Arab 

Emirates, 



. . . , 5 se 

flight any day - Stay between 7and ^ 


tali yfitff travel agent and ask abrirt new SqpBjv^pe^ fares to Amejitk^ ' 'il r 

• • *' This fa^eflacHvefsl Qclgher. -. .; ... .. 

•f inWf..v,.!>dlllcil passes** «^ 5 the AU.mTTr.lK.n j'wvdlMrlffciteA •: ?:\ 


TWA 


r mu. 


k 






Financial Times- Thursday Ssgtember ^l 1973 


^Vi„ 



N EM S 



ISe «1 P S Gulliver Will I Kirkby co-operative seeks Dunford 


%r ri: 


Ihr^ 

* ' f i i 


'I nr 

i f * 


control new another £500,000 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


company 


Elliott 
top post 
switch 


BY ANDREW TAYLOR - 


THE GOVERNMENT will bp Mr. Anthony Wedgwood Benn. The. factory’s main business is -at 

| asked today in make an imme- who as Industry’ Secretary, makin'g radiators. Stelrad would # _ 

idiate grant of £500,000 to the helped to found nearly four develop .that, alihough it would 

l Kirkby Manufacturing and years ago. and Mr. Eric want to make more than half the SvVIlL II 

Engineering co-operative. Mpr- Heifer. MP for Livrpunl. present-. -labour force of .700 vjff mfcvu 

seysidc, and to pledge another Walton, are involved. Bnih are redundant. 

■TC.4m to be drawn if required on the Labour Party national The co-operative has refused ANDREW TAYLOR 

during the next three ycac* executive and Mr. Benn is- on ihi? , hat - solution Stalemate has 
The money is needed to tide n?f,[pJ GDC 3h ° ~ If, l,e ° n cached because Metal Box r A MANAGEMENT reshuffle has 
!he co-operative over its latest n,mcc - "hich sifl.x proposed has refused U> become involved becn made at Dunford Elliott. 
! cash criSs But The enterprise win Vf’ 00 « , f w»«i co-operative unless it ! Jhe Sheffield steel group acquired 

I has received £4Sm in Stale A J r - AlJn ^ 1 1 liams. MirnMer nf c l | in a receiver. j b . v Lonrho. the international 

L Sir e ?h,' J2 feme t-™ State. for Industry is. he ref ore. ^ ,, th J trading and industrial group. 18 


Channel Tunnel 
‘could be 
ready by 1988’ 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


ompany . Gulliver- Foods. , t t 3 The new company's .ambitions i within the Labour Party for the inerting further funds. He. would not name the com- Derek Norton, formerly head of 

. ost of just under £|ni. The 49 ;i j. present appear to rest more [ co-operative to be saved. That is partly because Siclrad, panics involved but they are Lonrho’s Birmingham steel 

ier cent will he owned jointly in food-processing arid diatribu- Emergency resolutions arc a Metal Box subsidiary, is understood in he Sankey and interests and now chairman or 

iy Noble Grossart and tb? i, an . Mr. Gulliver said that it expected to be tabled for the thought tn be prepared 10 lake TriccatraJ, which are among the both Hadfield and Brown Bayley. 

.harterhouse t.roup. remained to be seen -whether Labour Party conference, in two over the Kirkby factory should co-operative’s main customers. Lonrho said yesterday that the 

Mr. Gulliver said yesterdav “ we will be keen to jump into weeks, calling for finance to be the co-operative go into receiver- Government support would, how- reshuffle had nothing to do with 

hat the new company -would The High Street and slug it out." made available. ship. ever, stQI be needed. U, e secret dossier it had eom- 


: iave initial cash funds of £lm. The company was looking at a ■ ~ piled about events surrounding 

* ,nd would look for investments number of concerns in process- _ the takeover. 

• _n specific areas of rood proem*- mg and distribution, "and he The group has been consider- 

•:>g and distribution. expected to announce at least -aw* Iima HAfiMniavT ing whether to take legal action 

He is still precluded from one acquisition before the end 1|| I B BSa flfi ■ lOlt over a profits forecast by the 

; 'nvesting in a mimlier nf food- of the year. IVVVH Ul UI1V ivl Jl VJLJUJIV<J- J JVU Dunford board at the time of the 

,,.,/elated areas by an agreement “We are looking' to- create a bid, which in the event proved 

rith RCA. which acquired Oriel medium-sized successful food BY KEVIN DONE, ENERGY CORRESPONDENT substantially too high. 

■ooda for film in Jft74. This group within the -next three nnrw _.„ . Lonrho jsaid that Mr. Ward, 

:. agreement run* oul at Hie end years. Jf we achieve' this, thenj PK °C0N (Great Britain). the will enable the companies tn js still to be approved by the who has been with Dunford for 

'if the year, allowing the new wc may look at the .-possibility process plant company, is ex- upgrade heavy oil products such Amoco main board in the UJ5. more than 25 years, resigned as 

nvestment company.’ tif which of floating it ofT to the' public." j Peeled to receive the main con- as Fuel oil into lighter products. A decision i* expected before managing director by mutual 

.“'Hr. Gulliver will be chairman. said Mr. Gulliver. ; tract to build a £75m refinery mainly petrol and naphtha. the nd pf th month. agreement but would remain 

-ii ore scope. Gulliver - Associates holds a|S xp “J) R ,„ a * Milford Haven, -Demand in Western Europe Procon built the original a director of both Dunford sub- 

Joining him on the board of M per cent Make in Alpine .Hold - 1 i0 “' h ’'ales. . fur lighter products has ox- I08.00fi-harrel-a-day Amoco re- sidiaries. 

-lie new company will be his ings. Mr. Gulliver 'said- that he j Amoco and Murphy. Oil, both panried for some years at the finery completed in 1973 at a The group would not comment ■ 

nog-standing dose assnrpjtpj. would continue as.’cbainnan'of |°’ arc building a joint expense of fuel oil. . cust nf-.£30in. on the reasons behind the man- 

; dr. Alistair Grant and Mr. David the company, of which Mr. Grant !*i a,al - vt ! t ' cracking unit at Procon is the British arm of Work on the cracking unit agement switch, but said that it 

: -Webster, who control a 291 per is managing drrector and Mr. f Al *J® co ^ refinery there. the U.S. process-plant con trap- should begin early next year . ! was “ in the best Interest ” of the 

• rent stake in Morgan Edwards. Webiler a director. !_ T1] c 32.000-barreI-a-day tracker tor. The award of the contract Completion is expected in 1981. I shareholders. 


Procon in line for refinery job 


BY KEVIN DONE, ENERGY CORRESPONDENT 


THE Channel Tunnel could be in 
business by 1988. Sir Peter 
Parker, British Rail chairman, 
said yesterday. 

Sir Peter, in his first public 
statement on the recently revived 
1 proj'ect. also suggested, that any 
{ideas for a more sophisticated 
I tunnel complex than the' single- 
| track, rail-onlv version proposed 
|bv British Rail would be wel- 
come. 

The £BOOm-£700ni scheme 
favoured by the railways was a 
1 practical initiative, but would 
not block more extensive develop- 
ments. 

It was vital, however, that 
action be taken quickly. 

" Let us sieze the opportunity 
this time. Let us not lose our- 
selves in debates for too long, 
resting exhausted finally in the 
familiar -eiderdowns of national 
indecision,' 1 he said. 

Mr. William Rodgers, the 
Transport Secretary, also made a 


rare public comment on .thft 
tunnel yesterday. ->-v 

He told an audience of Euro- 
pean railway timetable planners 
in Scotland that the Government 
would give “ urgent and careful 
consideration ’’ to the plair 
already partially revealed -by' 
British Rail and expected to:.bc 
approved soon by French R-aiir. 
ways. - 

He added later, however, .that- 
a decision on the tunnel was 
unlikely to be taken by .the 
present Parliament. 

Sir Peter has been freed to 
declare his enthusiasm for the 1 
tunnel by the Prime Minister's 
decision not to call a General 
Election. Before that announce- 
ment, British Rail had been: 
asked to keep its plans quiet.,-.'. 

Sir Peter told guests at an-. 
American Chamber of Commerce, 
lunch that the railways' plan 
could be executed for the price 
of 20 jumbo jets. - 


cracker tor. The award of the contract Completion te expected in 1981. ■ shareholders. 


Vehicle removal 

Police and local authorities are 
to raise charges for removing 
illegally parked, broken down or 
abandoned vehicles from roads 
and motorways by about. 10 per 
cent from October 12, the Depart- 
ment of Transport announced 
‘The Government policy is that 
the costs should be recovered 
from the owners of the vehicles, 
so that they shall not fail on 


charge raised J 

public funds,” said a statement 
The charge for removal from 
a motorway will go up from £22 
to £24. and for removal from 
roads in London, from £20 to £22. 
Removal costs from other roads 
will rise from £18 to £20, the daily 
charge for storage will be 
increased from £1.50 to £2, and ‘ 
the charge for disposal from £5 
tn £6. 


Blocked pipe threat 
to Dunlin oil flow 


• BY MAURICE SAMUELSON 

'RODUCTION a I She! I -Esso's 
. hinlin Field may be interrupted 
"y an obstruction id the pipe- 
” ne linking it with Sulinm Y.ne 
- n the Shetlands. The nb«Vriic- 
' ion was disenvered three weeks 
go 60 miles out in sea. 

■- The company said } ester day 
aat production at Dunlin, which 
egan last month, misht have 
5 be interrupted if repairs mol. 
mger than three weeks. 

If Ihe problem is not solved 
y about the middle of next, 
tonlh it would have tn shut 
own Dunlin’s production of 
0.000-50.00fl barrels a day. 

The company bad hoped that 
il from Dunlin would be the 
; rst to be pumped through the 
1 " i'.jpeime to the Shetlands' ter- 
. linal by mid-Ootober.. 

Dunlin is one of six platforms 
1 the Brent system installed by 
hell and Esso. 

: Production from Dunlin and 
rent’s A. B. and D platforms 
»tals about 200,000 harreN a 
ay: SbeJI/Essos production 


thev? 


peak in Brent will be 450,000 
barrels, compared with the pipe- 
line's capacity of lm -barrels. 

Since Shell-EssO's first Brent 
weil 5 began production nearly 
two years ago. oil has been 
loaded at sea from the separate 
Spar storage installation. Bui 
Spar cannot he used for oil from 
Dunlin, whose only tttftlef Is by 
pipe lo Sullom Voe. Vi, • 
Sullom Voe will also shortly 
receive oil through second 
36-inch pipeline, linking- it .'with 
Heather and Jlinian Fields. 

Shell-Esso says 1978 has -been 
their busiest year in the Js'orth 
Sea to dale. Capital expenditure 
for the year will be JSBSOm— 
more than £2.4m a day. J : V 
Produeuon started in June on 
Brent A. and also resumfedMast 
week on Brent B. after a second 
phase of. construction. 

To. comply with ‘ Government 
conservation rules barring the 
rianng of gas three of the Bre-it 
platforms have been equipped 
to re-mject gas into, the oil fields. 


Elizabethan spoons 
fetch £4,800 


SET of six Elizabethan paiveJ- 
ilt seal-top spoons, each with 
arily fluted Bnials. made around 
i60. sold for £4.S00 at Christie'^ 
jsterday. The pre-saje estimate 
- as £500-£700. Cnr.iparahlc to 
ie Tichhorno Ceiehritip.s nf .1592. 
ie spoons bear a maker*- 'mark 
T a bird's claw. They were 
aught by Koopman. tiie London 
•?al"er. ’• - 

. The sale, which reaiisd £57.(155. 
as devoted entirely to the Biggs 
- ollection of early spoon*. 

. iriued m the D.?. hy the late 
» nna Rupert Biggs Mrs. Biggs 
•as the daughter bf Charles 
upert. the author' -\*f "Apostle 
.- )oons. - ’ 

A French berry -top, spoon with 
:-shaped bowl, made in Rouen 
. . ;• rca 14ns. went ' lo a private 
■ erraan buyer at £3.S0P. The 
toon's maker. P. Honnuurc. had 
?en identified from a copper 
aque preserved, in the M usee 
. . -uny. Paris, on which in 54 OS 

I the marks of goldsmilhs 
orking in. Rouen had been 
'• amped. 

How of Edinburgh, tho London 
’ 'aler. paid £2.606 for » rare 
. rly J 6 Hi -century apostle spoon 
St. Philip holding three 
aves,- It U. Lhc. onJy recorded, 
'ample of the loaves harried 
* the-uprtght position. 


^^-ooprithc maker’s mark- proh- 
jly an-.; eus.le displayed, . jlso 
?nt ' to How at- . 

..iTbe-'Rihg-at Park raddocks, 
j5ewraarkcL • .where Tattersalls. 
g£c bldo'ttetoek auctioneers . holds 
sales, ' was Uie. venue yestcr- 
y -Jpf; : the .first sale in its 
jS«storji;. "of . furniture., art and 
tique^; TboJufted - liv Ph il lips 
by -- GarrbiT . Turner ,of 
1KM9 Awi‘ cH. ‘ " • v : 

W -v-v. 


:The highlight was a record 
price of £2.400 for an oil paint- 
ling by John Boultbee. “ A Bay 
Sfare in a Landscape.” signed 
and dated 5802. originally owned 
by Viscount Weymouth. 

The sale also featured some 
fine- furniture, including an 
early 19th-century mahogany 


SALEROOM 

BY ANTONY THORNCROFT 


four-pedestal hanqueling table, 
which sold for£2,Snfl to Bull, and 
a set of six late Georgian 
Windsor armchairs, which went 
for £1.760. to the same buyer. 

The sale totalled £61,502. A 
Chamberlain's Worcester dinner 
service of Kylin pattern sold for 
£2.200. and a Wedgwood fairy 
lustre vase and cover for £1.900. 

A 1920s . motor-car mascot, a 
glass racehorse head by Rene 
Lalique. sold for £380. an 
Edwardian rocking horse for 
£130, and a set of jockey scales 
of. the saiue period £240. 

At Glendining coins totalled 
£88,647. with a top' price of £6.000 
, by -BoTd T’for .a Victorian £5 Of 


was the .£1.050 from Spinks for an 
1S44 Victoria Crown in good con- 
ditinn. • ’• * f 

Sotheby's snld modern British 
pictures for £31.846. A typical 
reclining- nude in chalk by Sir 
WilMaiti Russell Flint sold for 
£1.100.. with the same price for 
■■ Chiidren Shrimping." by. 
Dorothea Sharp. A Russell Flint 
landscape, watercolour fetched 
£650. 



Kbur 1st copy 

from a new Canon NP70 

You can rely on a Canon NP70 to give 
copies that are hard to tell from the originals. 
Time after time after time. 

That’s because the NP70, like all our 
copiers, uses the unique Canon ‘New Process' 
that took 15 years to develop. A remarkable 
Cadmium Sulphide drum makes it50 times more 
light- sensitive than other systems commonly 
used. And the simple, well-designed mechanics 
make the NP70 a most reliable performer. 

Of course, there have been copiers that 


Hi war that never ends 

. We British are a peaceful people. When a war is 
overwe like tocdnsigrvItlpLbciustory books -and 
forgetitf 

"■ f v - . But for some lhc wars live on. Thedisablcd from 
• hoth World' Wars and from lesser cam puigns, now all 
too oas ily fn rgoilen ; the widow's, the orphans and the 
.children-- for them their war lives on, every day and 
all day. . - 

: In many cascs, of course, there, is help from a 
if. pension ; But therejs a limit to what any Government 
Department cun do. 

•' This is w here Army Benevolence steps in. With . 
understanding. With a sense of urgency . . . and with 
practical, lliiancial iielp. 

. To usd is a privilege to help these brave men -and 
women,, too. Please u /H you help us lo do more ? Wc 
must not let our Doidieirs down'.. 

TheArmyB^ 

forsoldters. ex-soldiersintftheir fantilics in distress 




Ybur 500,000th copy 

from a Canon NP70 

gave good reproduction before. But the hard- 
working NP70 offers low-volume users a sharp 
clear copier that’s ideal for everyday use. 

It can even reproduce the tonal gradations 
in photographs superbly. Copy in sizes up to 
11%" x 16%". And like all Canon copiers has our 
Total Guarantee Agreement behind it 

All things considered, you should take a 
closer look at the Canon NP70. 500,000 copies 
from now you'll be glad you did. 

For th.e name cteo-J' • x r Car or, Bus'n«^Uct'oeDeaV'.i.:,\jdi-'g&eifj«. a r,oGu«rr;«vph;n>! 01 -6505954. 


- To: Canon Business Machines (UK) Limited, Sunley House, Bedford Park, 
t-J U[ Croydon CRO 0XF. 

Please tell me more about: the NP70 O 

the rest of the Canon copier range □ 

Name 


Position 


C 


Address 


Fbstcode 


*= — Canon 

I The next step forward in copiers 

^ ^ . calculators and microfilm 

E-viil 02l.«l^ ii'jji. r,-.!'TCl 0i^i579:5.Gl>i. ju-Vi»jo'':6lu.' , .jH!i‘-'I£.t l u.'’4ii.5t-.U.«.M-CC t USI L.S. 1W .’ j; -cl -4w- : ”i:i w 


Dept.’FTj Dukeof Ycirk*sHO, London SW3 4SP- .. 





■Ffcancial Times Thursday Septaffl»r "21 


HOME NEWS 


Collapsing sewers worry North-West 


NEWS ANALYSIS— TELEVISION RENTALS 


BY RHYS DAVID, NORTHERN CORRESPONDENT 


Victims of 


MOTORISTS driving into the 
centre of Manchester have 
raced extra diversions for the 
past few months— all caused 
by the Great Manchester 
Sewer Collapse. 

Dcansgatc. one of the main 
city centre shopping streets. 
Great Ancoats Street, a main 
entry from the east, and 
Oxford Street, which carries 
traffic from the south, have 
all been affected by the 
sudden appearance of boles 
in the ground. 

Manchester is the first 

victim or this ominously 
expensive problem. Other 


towns with sewerage systems 
installed in the Victorian era 
arc likely to have - similar 
problems as their -services 
begin to wear ool 

Manchester’s sewerage 
system. I>he' those in other 
• part 1 : of the -North-West,- dates 
bach to the start of the indus- 
trial revolution. Wet weather 
in the past two years has put 
an extra strain on the systems. 

The North-West has 18.600 
miles of sewers under the 
streets. Of these. 3.000 are 
more than 'a century old and 
are reckoned to be at the end 
of their life. 


The problem, as ever, is the 
lack of funds to replace them 
as fast as they fall into dis- 
repair. . 

North West Water Authority 
officials say that an environ- 
mental crisis could be close- 

Already, one sower collapse 
occurs every day somewhere in 
the region, bringing the danger 
of flooding or eon lamination. 

Vehicles or individuals also 
Pace the risk of disappearing 
into the holes that emerge 
without warning after subsoil 
has been swept away because 
of ruptures in the sewers. 


The authority Is spending 
about £15m a year on repairs 
and renewal, hut a conservative 
estimate from a 1976 study 
claims at least £l00m a year 
should be spent for each of the 
next 20 years to modernise the 
system. 

At present, however, the 
authority is able to spend only 
about £L5m a year, increased 
expenditure would obviously 
place a very large extra burden 
on consumers. - 

The problem has been 
referred to the Government but 
requests to the Department of 


the Environment for special 
grant assistance have been 
unsu ccessful, so far. 

THE GOVERNMENT, faced 
with the need to hold down 
public spending clearly faces 
a dilemma. 

Risks, of a major accident in 
the North West arc bound to 
increase as the system gels 
older. 

The problem has surfaced in 
the Manchester area because it 
was one of the first parts of the 
country to lay down urban in- 
frastructures. 

Other areas are likely to 
have similar troubles 


111 


• A • 




BY DAVID . CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT- 


Aviation authority 
loss down £ 28 m 

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


Building orders 
at lowest 
since February 


WHEN Mr. Roy Hattersfcy. 
Prices Secretary. asRed". the 
Price Commission ■ last May to 
investigate the television rentals 
! industry it was inevitably felt 
to be for political rather than 
! economic reasons. - ■ 

* After all, Mr. Haltersley, with 
everyone else, probably assumed 
in autumn election and What 

: better way to help the cause 
i than to examine prices .in . such 
ia sensitive mass market as TV 

• rentals? About 11.7m subscribers 
| would watch the outcome with 
i considerable interest. . 

j This view was emphasised' by 
j the fact that the commission’s 
| latest report — published yester- 
day — was the second in two years 
to examine the television Tenuis 
! industry. The last, published in. 

I October 1976, had led. to an 
: across the board price" freeze . hr 
rental charges which expired 'itt- 
Juiy las; year, and was followed 
by.au average 10 per cent jnrfap 
in charges. 

Yesterday’s report singled, out 


THE CIVIL Aviation Authority loss, and make a small total Mr. Foulkes said that the BY MICHAEL CASSELL, BUILDING CORRESPONDENT j in charges. ' 

cut its losses by £2Sm— From profit on ail operations of Just the authority was seeking to I I Yesterday's report singled- out 

£44m to just under £16m after over niakg improvements. .. . ; two of the bia companies' -to- 

interest charges— in the year to By cutting internal costs and These Included cheaper air THE VALUE of building nidus- previous three months and \ vo i vec »— they control a third Of. 

March 31 raising Fees— especially for fares. The authority was sceptical try orders won by contractors in 19 per cent up on the same l[he market— and recommended 

Mr Nigel Foulkes. the chair- licences and landing charges at of the profitability of recent steep July fell to the lowest level period last year. ; a freez „ unti , ^ d . 

man. hints in the authority’s the -Highlands and Islands air- price-cutting on the North since February, according to pro- In i July, the level of new co& , ^0^ ve ars next jfa-jJ 

annual report, issued yesterday, fields— the authority had been Atlantic, even though the general visional figures published yester- tracts obtained id the private , compaaie ; are Thorn Revision 

that the pressures which brought able to cut the Government's trend ” towards a wider choice day. SL-ri"? “fall - Ngw orders in '■ K^tals-wnh its subsidiaries 

steep cuts in North Atlantic grar.Mn-aid from morn in for the customer is in line with The Department of the Environ- ■*** '° rdei g ; Radio Rentals. Domestic Elect?* 

fares this summer might affect 19/o-r6. to £44.om m 19<6-« i. and economic policies the authority ment calculates that the price P iSin “SnSf. foS? Rental-- and Multi broadcast-^ 

European fares next year. to ilfi.fim last year. has steadily tried to encourage vaJue of all work obtaill ed by °^--i?5.f n nl0 n I h 1 i ns four ■ Yisionhire. a subsidiary of thi 

Some progress might be made One example of the rise in The pressures on the North , th e industry in July totalled only n rd i« inthe nublic works Electronic Rentals Group. 
m reduce the high levels of fees was Tor helicopter landm 3 Atlantic might lead to simitar £72Sm against £784m in June. Soied a 3 Sr cent droo Both Thom and Vkionhife 

normal economy fares to some at Sum burgh, in the She [lands, reductions in Western Europe, Fvnr -„ Pf1 in nri „ p hS? J5J2, were r>eaali«*d for achfarin?£ 

authority had one of it*, best Further progress in reducing honanza for the consumer and - j e , d . r ‘ , , ?' der °. were 4 per cent ■ tow<.r '**-.• 

vears in 1977-7S. The loss had or eliminating the authority’!, a disaster for the operator." T* 16 department smd to at new than in February to April this 

been 5 on* only* two activities— -pro- deficit would depend on circum- The authority would also be ■" ** J* h ?, US '“ S r year ' P<? " ES 1 2? SS UWlbldlCU y ; : 

vldiog navigation and air traffic stances outside its control, such studying some of the more un- S2 4 Se^wn? m* on the dS ^ * p d o[ la£t Clearly the rental companies 
control services in UK air-space, as the Government achieving a pleasant side-effects of the B i -r.rrmorr.iai h»iiHina‘ fe lt that they might be the' 

and running the Scottish High- more realistic pricing oF air cheaper fares, such a« long cent hi-Ser San^uring 1 toe contracts wSf S Sr cent toiier vlcttras of a Political utoestS* 
lands and Islands airfields— navigation and traffic control queues outside Vicrorla Station. JJJ Srio? ■ eSfier* dJnSMavSulv tiSi tiTthecre- : tioa 60111 Thor ° and VtatoSR’ 
where they were obliged to services in IK airspace, to try to make improvements. same pen oa a year earner. subsequently told the enmmissatm' 


Atlantic graRMn-a^ from Mom in for the customer is m line with The Department of the Environ- t s J? w * d bl ? to : Radio Rentals. DomesticEtedrfc 

it affect 19/D-I6 to £44.om m 19 i6-m. and economic policies the authority ment calculates that the price pt * l l c “JJ? f* se £° r Rentals and Multibroadcast-and 
ar. to ilfi.fim last year. has steadily tried to encourage va j ue of all work obtairl ed by °^ M i?5.f n nlo Shi ns four ■ Yisionhire. a subsidiary of 

be made One example of the rise in The pressures on the North , ti, e industry in July totalled only SU o r de« S the public works Electronic Rentals Group. “ 
:vels of tees was, for helicopters landing Atlantic might lead to similar £72Sm against £784m in June. Both Thom and Visior»hiri> 

to some at Sum burgh, in the She [lands, reductions in Western Europe, „ , nri „ B sector showed a 3 per cent drop 

re these In the spring it was planned to perhaps a., earlv » next April 1. m constani price between May and July 

SS7.-HS". Ton Kpisr had no Z n 'lhrTL:$ T U%F™*' tiSSTiJS!? 3SJST& ™ d <h,f h & ESS'SSgi 

Kl?. Jf raise the landing Fee for an S-81 But "it is possible some cub " ot Mghec m 


lines without it dissolving into a sliI1 S per cent Uglier than in private mnustriai ouiiamg 
reducin; bonTnaa for {J.e tonsumer and Ihesame quarter last year. orders -ere 4 per cent Kwer 
utboriU-5 a disaster for the operator." P e department said tnat new than in February to April this 

) circum- The authority would also be orders m the public housing year, but 1 per cent on toe 


a year earlier. pames. Granada, Rcdiffusion, aird 

Private industrial building Rumbelovs. . j 

orders were 4 per cent tower* 

than in February to April this OCDrciai-Qvl ' 1 
year, but 1 per cent on the w Cl^lalcll . 


tside its control, such studying some 'of the more un- MayJuly quarter corresponding period of last Q ear j v th e ren r a i comoameV 

53i- MWy 3SX? tSSSS, :: ,„t e SuiMo!U 0 .nS , . , SE 'Private commercial building^ 

iisuc pricing ot air cneaper tares, sutn a« long hinh-r that, ri.„; n! i in ^ v| cQms of a political mvestuza- 


MIC psaawu B -WI GUIIU- uuuug uidj-uu 1 1 m LI ju uic l* ls ' cnhunnantlv fii , 

Private housing orders in the vious quarter but remained £ C SS panies of the British television size of the television market has 

latest quarterly period were per cent ■ higher than «*-«*«*. formation giv-en to thfroSnSE manufacturing industry. Bastcr Pfobably been enlarged by ren- 
8 per cent higher than in the taken a year before. si ™ on profiSbiUtv ov«S2ed a IN. rental companies are' profit- tal. and the absorption of tech- 

1 their position. Thorn 5 s Teturn tm able and the manufacturing com- nical changes eased. But it sug- 


lands and Islands airfields— navigation and traffic control queues outside Vicrorla Station. a “"r.*?* - tifu- thVn 

where they were obUged to services in UK airspace. to try to make imorovements. pe / lod 8 e f lier ; v s J®i J ? I AS aui 

charge well below the cost of the Much of the improvement in Bur he said the problem was lal e^ Va quarterly 8 ieriid ‘"were per cenP higher t 
u . . the authority’s financial position primarily one for the airlines L 31 ®?!. <2? hSee^S? in S Sen a year before 

The autnoritys other activities. In recent years had stemmed and the consumers to sort out — 8 per cen b'Shei than in uie tax a year e. 

including controlling air safety from rises in direct charses. Mr. the airlines by more careful ■ — 

and airworthiness, made ‘‘a Foulkes defended this, pointing advertising to make it clear what , . _ — ^ 

modest profit." out that the authority was “not was being offered, and the pas- Uw* J- ^ 

A Government grant-in-aid of in business to provide free sengers by deciding whether thev I Til IS \rlll IIV ilIH 
£16.6m enabled it ro cover the services, and people must pay for wanted to risk the discomfort VJiti'kJ, iJViii' ** J ^ 

air traffic control and airports the sen* ices they want." ultra-cheap fares might involve. 



trer orot 


£12.2m colliery 
link scheme 

TWO COLLIERIES arc fo he 
Jinked by tunnel in a £i2.2m 
investment scheme, the National 
Coal Board announced yesterday. 
Work is, to start this year on 


Anglo-French cable 
operations start 


Gifts sent by Stern 
to Crown Agents 
men, tribunal told 


sion on profitabilitv overstated al, y* rental companies are profit- taJ. and the absorption of tech- 
their position Thorn 5 s return cm able and the manufacturing com- nical changes eased. But it sug- 
' capital, calculated on. a currtht sanies are not •- gests that manufactnrers might 

;cost accounting basis to iakk" In some respects, this criticism have got as much benefit from a 
! account of inflation, showed reHec-is the wider terihs of tnora rapid turnover of sets in 
5 return of about 14 per cent for reference of the "Price Comm is- a. smaller market m tne .absence 
-this year, with broadly the. same sion under the 1977 AcL. of i? ntaJ - 

level expected For next year. • The report takes great pains .to 5? f “S2IS in h ^ E 

But Thorn told i he commission point out the close, relationship “J £S!!2«? 

that the CCA return should be between the rental and marm- f .^!hmL Se 7^ DS 4i,\, d 

recalculated tn take aecnnnc nf ,-nmnqnfpc in Thp greater reliability .and their 


inf six. bh this basis. WS&ZSA* ™ eajd-pmjqction sahadulibs. 
I pany's return on capital' for 1979 Ettectronics. • .‘r - . • ® u t-^anufaeturers' pnees 


FINANCIAL TIMES REPORTER 


. | would be 11 or 12 per cent. -Ahf.ut two-ihirds nf Tbom’s margins remains low and. says . 

WHILE THE Crown- Agents mudc without authorisation from Yisionhire also told the eohr-^i.^.r.^riHt ' tn rESv ♦be-Tepoit.^ ^ rente t-eompd Dies pro- 

were lending miliiooa of pounds the credit committee. mission that its original ,f n U?c reiited 'iiV.^the ^e.httte direct -support for the 

to the Stern Property'.Company, Mr. Gatehouse told the of a 13 per cent return on chain fnvgstrnent- and research -activi- 

Mr. Willian Stem was giving tribunal: "You will want t 0 on a CCA basis should 1 be - “’^ti^ of tiie rnimafacturers. _ 

Christinas gifts to top men inthe know bow Mr. Stern was intro- reduced by about 5 perTcenf to ."££?. elartioti sirin is ^ Impact. o£ the rentai com- 


nien and coal and will enable all j 
coal to be brought to the surface! 
at Benti-nck. ; onc< 



ir ... ' ntpnochrome sn&T&to |66 per 

lose is the relationship cent for cotoarir.;> %■ - 

the .EJectronh: Rentals'. But -the effect ‘-Off .the rising 
s. vision m re* and -.proportion of' colour.- .television 

*hd ’ Phtiips ■ Electrical- rented by. com^alSs^as-.inore 
'Philips has about a 30 renters switch friast ffibno'chrame 

' cfolco in' plo^trnnfrt- - • ..i *L£ l.LWIHbb 


and oUier Western 


.*’ ‘““i"- v ’ " •'■‘I w.x .UU4.U...J «‘;Crewn Agents credit commmee. Mr . Gatehouse said that when : commission, the report does, on k " :»„=V \ - * 7 ? ivi.o. rroip- a i- w . aivper.com ror 

will carry 4.200 messages at . . , . I ..He added that Mr. Stem sent the property bubble burst, it 1 the whole. Take a fairly .sym- bu ; siness *.- : ... nipnochrome and.,^L-‘to :66. per 

once. It runs 60 nautical miles The Anglo-Fiench cable is part l0 tbe ^ be n finance director, seamed to have been assumed bv 1 Pathetic view- of their- posirion. • {- ess . cl0 *® the relafconship eent. for colputr.^v^Y-. - 
from Eastbourne to Vslen-en- 3 fi ve ^ f p , ro ? ram ? , H;hIr. Alan Cballis: to Mr. Bernard t b ‘ finance department that thei Tt,e ! art report, in Octaiier I97fi. between the .Elect ronre Totals But -the effegf-Of- ,t.he rising 
Caux ' u P3 r s*de the UKs links witWwheailey, the agents’ former cro^n. Aaenls were expected to ; er, t seised \ be companies for their companies, yisionhire. and ^elflV.prnportioh oF colour: .television 

, * P3rrv nh , no ,. .. , , Continent. Future ink/ sterling money market manager, support the Stern Group Bui • hish level of profitability. 'wion. and ’Philips - Mrtsg.-gufed hy compflsfe^as.more 

mj! lii J; ?hc, j e ‘iu 1 ’' leex s 11 •mprovc coramumcatiojfe who has since died* to Mr. there was some doubt whether : This time, however, the com- Although 'Philips has about a ^.renters switchffiHftflKjnQchrame 

messages, data and other com- between the UN and Belgium, Norman Hewins, who worked in*the Bank of England had ever • mission’s line of approach is that cent, stake ,ih Electronic to colour — has be£tr to ^stabilise 
mumcations to and from France the Netherlands. Denmark ^nd tbe finance department to Mr, re q U ir»>d them to do this : ,he companies have “come Rentals, the company says it overall r'niai^t:,:saMLEC ■ Of 
and other yvestern European Spain. * a. J. Blundell, and to one other R . ti _ , h - ; through a time of considerable maintain* ari “arms length" rental at about .Sj^pei'cenCiSiiice 

• man. who had reported receiving ^eeny involved intheStlrn ‘ st i e ? 5i * *» lh enhancement or re^tibnsbip. * - , 190. • 

• the gift Groun-- because thev had lcnt efficiency, improved utilisation of Granada, has* no direct connec-- rental" i»mrahrefi v ;*incern 

lV>r:Vlr J Mr * Gatehouse said: "William the Groun ^in— that thev ^sources, and increased stand- lion with ^television set manu- js 1 ^ the potentiah^tpwth in 

IVIIIK DriCG riSG UrSfiO stern *** 3 well-known Chnat-J h j U"ht 3?at if“ thev allowed ardlsation “/, television set faclufers. Butit does havea tong- ibe reatdl '.niarket^p^XLibout 

Iiav UlgVU mas givef Because of hj 5 per- sS io smk thoy would not f^remenls. term contract with GEC-for the l percent Of homias-ctefei not 

L-. r T'rf-v*'«7 sonal wrcumatooce*. be felt have been able to meet their '^here the commission has supply of about half ite sets. Rie have a television how 

OV 1 OFV SDOkeSman unable to entertain business Qb Hrta.ionh lJ } a , dc ‘•’rlGcisms, albeit rather rest coming from Finland and f3r it can .encourage -.renters to 

v J associates in the normal way. He * oblique ones, is over the lack other UK sources. - . switch : from- 'roonocSirom* to 

saved it up and then banded out I su PP f,r t b > the rental com ' The report points out .that -the colour. ' J . .7 . , 

BY PHILIP RAWSTORNE a considerable amount of largesse LJ(|Uluailon p " ^ ■ ■ . . ■ . ... -~ 


wm 


Milk price rise urged 
by Tory spokesman 


lardisation 1 
! requirements 


europcar 

To rent a car in London, 
Bristol, Southampton;. 
Manchester. Glasgow, : 
Edinburgh, Birmingham, 
Gatwick, Heathrow, 
Brighton... 

01-848 3031 

Or your travel agent. . 

■. > •. - ' a C-* r i \2 -: ! 


BY PHILIP RAWSTORNE 

MR. JOHN PEYTON. Conserva- The Government should sup- 


nstaoces. be felt b av e been able 10 meet their ^ ere -.- he oorn 7 1 j' 55,on ^ as supply of about half its sets, the have a’ television iet— nod; how 
entertain business nb iirt at ions made criticisms, albeit rather rest coming from Finland and far il efin .encburasfe jfentws to 

the normal way. He *" nblique ones, is over the lack other UK sources. - *-’••. • switch - from" ' 'monoeJirooie to 

nd then banded out f _ c'f support by the rental tom ' The report points out .that -the colour. ' <; ' *' • -L'T-i'77*^ .f 


at Christmas.' 


They took the view in early, 


mn.. me tiovernmeni smmiq &up- At , rVirlstmac 107 *’ <mm phvp 1071 .u n . t n cinnnn 

tive sookesman on agriculture pitp i^.*« n «c . At Christmas btern gave 1974 that they had tn support 

V..1S S fnr f nrrS p ° rt 1116 , EEC c p m ® lss i° n * Challis a silver tea set worth over Stern. They poured a further; 
jesteroay caiiea tor an increase e ff 0rts t 0 adjust and phase out “ ***- =~ * I 


. in the price of milk. 

"It would be in ihe interests 


Challis did not return it £i6m into the companies in order 


monetary compensatory amounts but he did write lo Stern saying to keep them afloat. 


nf ihp industry if ^.nv nrlre which were P ivin 3 “an armchair! ’ Please don’t do it again. People “ it proved useless. The Stern 
increases were to take place by ride into our markets for food! in P« w,c se . rvice are 'n general companies are now in liquida- 


ibose rae s I iSuld nd no'/ SS to Cbe3P ' y f bad U °Mn‘ Gatehouse said that in one 

^ !oo « o? _ . . v , business relationships’.-’ case the Crown Agents lent an 


de l?; e p' Jl* s ?i d ' ti _ n c tnnD , c5»? I in ?^? 0 rt5 “i2 d Mr - Gatehouse said that Stern unsecured £5.5m to^Stem to huy 

-oh' SP o a u ^i na rt*^ t0 Jl. e " ,ncr e? se d by £lbn last year The a i so sent desk stationery to Mr. » valuable town centre site in 

g h ^? r r v CS r nrll ,3 d *“ *£ question which everyone has to Hewins . H e, too. asked Mr. Stern Epsom. Surrey. The money had 

British dairy maustrj had to be face is how far can it be in any- nfl , to rin ; t , 0 ain hpan inci 

able to compete on level terms body's interests to look for cheap n ® * It _ ’ be , mictaite raiher 

with Continental producers. The imports -if the cost is going to ftejn-owina than a " ross d ereHclion o fdu t> 

price .paid to Bnibh producers be measured in terms of lasting KOITOWing hut it do^ look on the face of 

Mr. Blundell received two gift^ it. that there was something 




jfeJr.- 




had risen a good deal less than damage to our own industries. 


oiMhe a P n C n e r.ce r ? l ?dex enerall ' V £L°Lt£L " worsenin S.[- a leather briefcase and a gold very careless in allowing a Joa? 


trade balance. 


TWA to 



pen and pencil. " He made no be unsecured in losing £5.5m." 

secret about it and he wrote two Mr . Gatehouse said that tbc 

thank-you letters," Mr. Gatehouse Crown Agents used “rom fort ” 
»dd ed - . letters to conceal their invol ve- 

in his case, there was no nient in property deveiopmeni 
suggestion of "don't do it again, at a time when it" was becoming 
it is embarrassing..' unfashionable and criticism had 

Only one man reported been made in the Press and 
receiving a gift to his head of Parliament about their activities, 
departnient. The letters were used to elicit 

Mr. Gatehouse said it,- was loans from the money markPt 
generally understood in the Civil for English and Continental 
Service that such gifts should be Properly Company. They were 
reported. intended to convey, assurance 

At the Crown Agents, someone that the Crown Agents would 
in a department was supposed to see that loans were repaid, 
report it to a department head. The letters were regarded as 
rr the gift was received by a binding morally, but not legally. 

department head, he would report Mr. Gatehouse said 171 let- 
it to the director, and if the tens were sent and their total 
director received a sift, he would value was £S7m. Their existence. 




; fell 




FI-** 


tell the Crown Agenl. 


he added, was concealed from Ihe 


Mr. Gatehouse said that Stern auditors, from Crown Agent* 
Companies he^an borrowing chairman. 'Sir Claud Hayes: and 


millions of pounds from- the from 
Crown Agents from June 1972. they 


Price Waterhouse v/hen | 
prepared . -a report onj 


Confirmed Reservations ■ Choose any 
scheduled flight • Stay between 7 and 
60 days • Book only 21 days ahead 

"(Jail your travel agent and ask about TWA’s new Super-Apex fares to America. 

This fare effective 1st October. 


rm 


Nat 


T iVA carrift n>-.ire 9itKiii-led ,icras- a !ho Atlantic Shan an-, olhcr .ifriine. 





Loans of millions of dollars -add English and Continental for the] 
pounds were unsecured and Stevenson ' Committee. . 

Midland Bank sets up 
new bureau de change 

BY MICHAEL BLANDEN 

THE MIDLAND BANK group central London. Guildford, 
has extended its bureaus' de Croydon. Kingston-upourThames. 
change operations by setting up ord , a ?!? Hy* 1 - and has 

■ cw,k ss 

travel group tn its Leicester channel porL^ 

Square, London, branch. The new office is the first lQ 

Cook, a Midland group sub- be set up as a self-contained unit 
sidiary. i s developing an cxtefi- in one of the bank branches. The 
sive network of bureaux, de bureau wilt open from 9.30 am 
change. U already operates in 19 pm six* days a week, ^nd 
major department stores in from 11 am lo 7 pm on Sundays. 



' , If yours is an expanding «-■ • 

business that wcJuid benefit^ 
from an injection of c^Ditaf*:/. ' . 
(no matter how large o^ sraaytl) ■ 
we’d like -to hear from- you..; v • ' 
Tlie Welsh I^evelopMTient i 
Agency has funds avatiablefDr f 
tompanies wishing - . 

or expand iri Wales. .* V.; .. v 

. Complete the coupon antf' 
well tell you what we-cafi d^$3T. ' 
you:;And we’li' tell you whar.4; • 
Wales has to offer; too.^ y v '; 7 . . 

■Welsh Develppwnefit • 
^reforest Industrial 
Pontypridd, Mid Gtank>rgaj^V . 
-GF375UX Telephone 



I* 


^ ?■ i. -: 

V» - t. 





- - . .. ■ ... 

To*. Investment Department, Welsh Devdopment 
Agency, Treiorcst Industrial Estate, Pontypridd, 

Mid Glamorgan CF37 5UT. . -1: 

My business is expandmg. Please &iYcihe. tfie fects 
about WDA finance . 

Namc_: : v. r\. 

PositionJ ■ ~ f 

Conipany.«_ -'-KZ ^ ' • ' 

Address I • . • ' 


Tel:. 


vXisd 


•;.S*-V^V 


cW- J j 









9 


t ■**. 





Cev 'S i0 


Financfal Times Thursday Sepiember 21 : 1978 

fr,t. ‘NmhhhmCHBRCI 





is major 


BY MAX WILKINSON 




FAILURE of UK com- 
nierf- to develop- competitive 
ral-purpose uiinL-compuiers 
v Jbeen .. a major . strategic 
take will* serious 'long-term 
'uences, says an independ- 
‘report from Sussex 
Diversity. . 

iThe report, from' the' Science 
liey • Research Unit, says 
.. firms haver been urged to. 
thdraw from mini-computer 
chines f hardware) . to eon- 
entrate on programming (soft- 
' btb>. 

Tite suggestion, it says, 
etmned from the view that 


c :/•* * 'te. - / 

______ 

£-i^^evdjopmenf of. software. 

1 The. argument for withdrawal 
? v ; 7rom hardware ' rests on ' the 
• Joprqveri assumption" that the 
Inardwarc element . is in. .fact 
?coming very insignificant in 
]fhe overall competitiveness in 
jrompiitjng”' the report says. J 



MINICOMPUTER MARKET 

SHARE 


WESTERN EUROPE TO 

. ; Installed Shipped 


Value 

Value 



% 

US. Soppliert: 

DEC 

T(fe2r 

22.0 

Hewlett-Packard ^ .. 

M 

5.8 

IBM ' V 

■. Sj6 

4.0 

• ■ Honeywell ■, 

:SS 

4.8 

-Data General 

■■■2S 

4.6 

Others - . - V'- - 

JSJ 

14.4 

Total US. 

sin 

55^ 

. European ShppKcrsi 

' . - 

10 ^ 

SEMS 

IftS 

Ferranti 

-« . 

7.8 

AEG-Telefunken - 

IT 

5.0 

Siemens 

■6A- 

- 5.4 

. Datasaab 

...X* 

3.0 

Others 

72.1 : 

72.4 

Total European 


44.4 

Soane: Science PnfJcf BcscO'cfi Unit 


No cause for panic 
over aerosol sprays, 
say manufacturers 


BY SUE CAMERON 


Computer Technology Limited. ! FEARS IN Sweden and the US. possible dangers nT high ullra- 
The General Electric Company j that the chloroUuorocu ebons u>»ed violet rndfat ion levels is that 
and Ferranti. in aerosol sprays may he destroy- they may encourage the develop 

“In terms of value of mini- 1 ing the ozone layer in the earth's ment of skin cancer, 
computer shipments in the UK, (atmosphere have no firm factual But. -the association's report 
•« opposed lo total s>slem ship- j foundations, according 10 a re- points out that there have always 

mow,,.- .v_ « ‘port published yesterday by the been substantial natural varia- 

Britisb Aerosol Manufacturers’ lions in the thickness of the 


menis. the indigenous UK firms 
account for no more than about 
one-fifth of the market.” 

The report is critical of the 


Association. 


way UK companies" have adopted ] chkfrotl uotocL-bin^ " propel Q *° a sphere cou 

short-term planning goals, in i ent5 i n aerosol spravs this increasngj Jt says that 
contrast with their U.S. competi- Umifmn anrt Sweden is afqn nlan- relationship between skin ca 


. com peu- autumn and Sweden is also plan 

i rung to limit their use. Members 

However, one reason for the 


UK weakness was that Ferranti 
and GEC were excluded for 
ihree years from competing in 
the business market for mini- 
computers. under the terms of 
the formation of ICL. They have 
therefore cowenjrate-d on private 
and military markets. 

The report says: “ Rather than 


commercial markets, planning, 
pricing and marketing policies 
ware developments W new. tcch- have evolved* around State 


irQinpuzing, me report says. , w.«b ueibwijiucub w . nm- cvoivcu arounu aiaie 

- £> { But it says, enormous benefits nology available IhrcfuSii' ■hard- market requirements. The need 
£^*lhave_ been reaped by companies ware.” for short-term survival, and the 

Sjg- {which "have, concentrated' on The report says. thejworld ntar- slowness of management tn the 
t ^jieconomies irihaxdware produc- ket for mini-computers ris w- past to analyse and prepare Tor 
c JfetJtion: at the same time, 'software peeled to reach aboulf 55bn by a market, act to prevent any. 
R gffl ffdeveioDment - ig rarely iodepen- 19S0 with 60 per pex^-.of «mes in effective shift from these areas 
ffiHt ffidpht:'.' of advanced in -machine Hie’ U.S. 1 t -say s: ’*The industry an d inhibit the change of] 
jgpL "technology. . ' - - . leaders world-wide' are- all U.S. strategy to one more appropriate ! 


ozone Ittyer. sod there is some 
that the amount of 
could be 
the 
cancer 

and ultra-viok-1 radiation has not 
and that 


-fV* - 


^ “Thus the withdrawal from multinational companies. With to the fastest growing market 
‘‘ardware - manufacture may the. exception of -these segment. 

-.^rove disastrous to. longrterm firms and their, diaries “ in the absence of clear goals 
^Vummpetittveness in tbocompntihg occupy the leading ptgtOdfrm ait anct strategies. UK companies’ 
■^Industry /or the UK.” - ■ . the national markets, -’r. planning has been less effective 

The report argues that the U.S. ft says the leaders; «j- *he UK than that of their U.S. competi- 
nd Japanese companies which market are Digital Equipment tors." 
dominate the ruinFcom purer Corporation. Data . General, Competition, technical change 
larket will be able to' offer. Honeywell . mid Univae (Inter- mid manpoicer planning m elec- 
ackages based o&n the Integration national Business Machines and ironic capital equipment: a study 
2of software and hardware.- . Hewlett Packard were .not in- of (he UK mini-computer in- 
'UK firms removed- from de- eluded in thesru dy),- tlustry Science Pot in/ Research 

A.- velopments in hardware w-Hl, - as. The British-owned companies Unij. Sussex University. Fainter. 
*■' 30 the case of components, he In the field apart from Inter- Brighton; price £3 or £3 io 
reduced to reacting through sofl- national Computers LjnHted, are academics. 


Power productivity record ‘enviable’ 


FINANCIAL TIMES REPORTER 


of the association claim that yc>l . **5",., 
both countries are allowing them- *U£JL ^idhiSri 

selves lo be panicked into action ln 2 th i nn Vi P a ?.t t - 
and that the risks involved in cause? .cancer l* highly ques- 

rny n ^V°w U a 1tiSrfaf U °h r o° C ?;: the U.S. and 

silts of further research are Sweden jre lakj^ action to res- 
neclMble t net -■ color ofluorocarbons. the 

* * theory sugeesi ing that their use 

The report, wrinen at the re- would cause a decrease in ozone 
quest of the Department »f the — an d indeed had already done 
Environment, stresses that at so _ is - f ar Trom proven.” the 
present there is no evidence fur aSsOC i a tion said vesterday. 
suggesong that the UK should “On the i-nnirarv, it appears 
ban the use of chlnrotluorocar- j *131 ozone layers in general are 
honsas aerosol spray propplients. increasing slowly. This trend can 
This echoes recommendations lje ^ eri j n ^ta collected 
made by the i.,ovemments cen- regHlarly since 1925 which shows 
fral unit on environmental pnl- steady = risc tlVer the years of 
lution and by a Royal hocieLy abflUt B per cent. There i s nr. 
repor * - reason- Xo believe this trend will 

The Atnencans and the Swedes not edhtxmtc. 
are afraid that the use of chloro- “The aerosol industry would 
fluorocarbons will reduce the need considerable time to de- 
amount of ozone in the strato- vetop products without chloro- 
spberc and that this in turn will tiuorocarbons which would be 
increase ultra-violet radiation on equally sans factory to tbc con- 
the earth's surfaep. One of the sumer.” 


Professor urges rethink 
on royal commissions 


BY MICHAEL BLANDEN 


ROYAL COMMISSIONS' proce- He describes his “five years’ 
dures need to be examined hard labouc.” and outlines the 
afresh. Professor Alan Prest. of work." ‘findings and reconunenda- 
the London School of Economics, tions of the commission. He 
argues in the latest issue of recounts difficulties the commis- 
Three Banks Review, journal sion faced, noting how be. an 
of the National and Commercial academic economist. met 
Banking Group. . obstacles in dealing with people 

Commissions may be oulmoded h ,“ .‘““"'T' 

os a method of inW. he sug- - Wtow p rest sees on 


to 


riests, ahhough he does nut f“ ch 

recommend that the system be ffSSS J 

“MlwiniNt tn Ihn Hnvlhin both jUStl > JOd admit Of 


; THE ELECTRICITY' supply requirements during the year we did 20 years ago, and at the 

• industry has an enviable proclac- had been fSOOm. •••___•• • same time have increased nur 

tivily record. Sir Francis Tombs “This . all adds up- toTa net sales of electricity by 170 per 

' chairman of the Eleetrieitv Conn-' return of 9 P« r cent on average cent Our manpower producti- 

net assets employedr which the viiy has increased to the extent 
-cii. said yestcrudj. shareholders of any .Ifrge com- that we need only 0£ of a man 

- Speaking in Exeter. ire merrial undertaking would con- Tor every million kilowatts of 
answered critics-of the industry!s sider to bp reasonable^. ... . electricity produced, compared 
f 130in profit last year by observ- Sir Frands said thatelectricity with 2.54 men 20 years ago.” 

•»ng that in the 30 years since customers, who were in a sense Sir Francis commented that 
nationalisation, the industry had the industry’s . . shareholders, the greatest contribution that the 

- always made profits except for ought to be proud -of its achieve- industry could make to energy — 

• rour years when the Government men ts .in the present 'gcimomic conservation would be to increase | Royal Commission on Civil and Well drafted, unlike those 

- bad restricted pnee increases. ' climate. • the reliability of its large modem Liability and Compensation for of the' Pearson Commission, and 

. In 1 977-78 the industry s tarn- “Our productivity record is generating sets and introduce ! Personal Injury, chaired by Lord there miqht be some benefit from 

over was' £4Bbn, and .its net enviable.” he said. - wernov. advanced nuclear • stations I Pearson, which reported last imposing .u-time limit such as 
assets mqre than £6.5int. Capital employ 27,000 fewer people than .quickly.. ■ ‘ March. two to ibree vears. 

T 


hich 

ouTffi 'thoueht "^''what'is f SS 

^dSTh/ JSs ^^e sSr,' o, tiSJSPjRS “J™, “J 

cost-benefit analysis of such Pjjjjj? 1 ®’ } n ..^ (flc n r ^ 
methods of inquiry. RjSuy pr0mises uf an 

Professor Prest draws on his Terms of reference, he says, 
experience as a member of the should be carefully thought out 



Notice of Rcdrm ption 


Transocean Gulf Oil Company 


9 % Guaranteed Debentures Due 1985 


NOTICE IS HEREBY GIVEN that, nutso ant lo llic pioi I- .ons of tlic Tndrnlure d»l<*d ri of Orlohnr 15. 
nr.der which the abovc-desicnaled Dcdemurcs arc ii'ueo. si.500.000 ntcrccalc principal amount or suen 
l>?ocnrur*> ol ihe IdUoulqh numut-rs hiu, been iilcciwl lor re Jempuon on Ociobt-r 15. 1&78 < nercin ■ 

m me lime i referred to u the redemption date i : 


91.00U Conpon Debenture* Ccarlnc the.PreUx ‘Letter >1 


C!» 

36 

■4U 

S2 


76 

R3 

136 

140 

172 


1271 23F-1 3290 4427 5026 6827 8019 

1277 2371 7.300 -M55 5732 6829 «023 

1287 2374 3321 4457 5743 6830 8034 

1Z»9 2377 3341.4463 5774 6897 8036 
1319 2319 3363 4475 5777 6901 8057 

1323 2389 3396 4478 5784 6905 8064 

1333 2391 3398 4494 5788 6920 8074 

1345 2393 3421 4509 5872 6931 8100 

1348 2393 3424 4511 5938 8933 8101 

1359 3403 3430 4519 5944 6S37 8136 

1371 3417 3438 4536 5958 6954 8190 

1379 2453 3445 4540 5967 6955 8225 

186 1428 2460 3463 4548 5968 6956 8242 

208 1429 2472 3469 4570 5977 7035 *305 

23S 1431 2478 348 1 4593 0007 7026 8306 

244 1475 2488 3504 4597 6017 7037 8309 

245 1492 2506 3528 4008 6037 7043 8314 

246 1503 2510 3552 4612 6039 7052 8315 

255 1512 2S21 3601 4619 6041 7062 8317 

264 1514 2535 3611 4643 6055 7065 8333 

286 1529 2548 3823 4655 6057 7089 8340 

275 1549 2560 3652 4672 6075 7094 8350 

281 1561 2588 3676 4677 6096 7106 8363 

293 1589 2584 3687 4681 6101 7109 8366 

299 1591 2586 3692 4891 6115 7113 8367 

300 1623 2627 3694 4694 6116 7138 8368 

324 3634 2648 3702 4706 6130 -VIM 8393 

1646 2663 3732 4744 6144 7191 8398 


9142 
9153 
9158 
9160 
9184 
9188 
HI 93 
9199 
9224 
9229 
9449 
9462 
9469 
9480 
9469 


1HJ57 12693 
1 1 lieu 12698 
lHUt!i 12705 
11090 1 2708 


11693 
II 70S 
11710 
11717 
1 J 725 

11727 

11728 
11745 
1I7C1 
11765 


1 3787 

13791 

13792 
13822 

12720 13891 
12732 13895 
12735 130m 
13742 13929 

12748 13930 
12759 13931 
32840 13936 
12863 13942 
13869 1S9S7 


16846 

16865 

18860 

16924 


1 7*106 1*1003 
17069 1 9096 


19134 

19135 
1V1 57 

19163 

19164 


14756 15699 16834 

14760 1S7U9 10836 

14777 15720 
14799 15728 
11810 15753 
14825 15757 

14839 15782 1692 

14840 15772 16941 

14853 15734 
14861 158D1 
14863 15826 
14871 15833 

. 14872 1 5873 

13870 13965 14873 15674 

11798 12873 13973 14913 35877 . ... 

9578 11810 12878 13974 14924 15676 17212 18087 10291 

9590 11MK IS 889 33993 J4925 35880 17233 3817+ 39297 

9607 11831 12894 14000 34932 15894 17236 18184 39298 

9627 11852 12895 14013 14034 15910 17238 3B19D 192B9 

9671 11853 12896 14027 34936 15912 17244 38192 19319 

31854 12698 14028 14041 15928 17251 38234 39341 

„ 9BI 15M2 17250 18251 19351 

14952 15949 

14953 15956 

14954 15973 


17*175 
17y89 
1795*9 
18021 
38030 

18033 19174 
17106 38043 19181 - 

17159 18044 19184. 
17166 18055 3 9192 

17160 18056 19193 
17192 18059 19247 
17195 380*15 1927B 
37197 18076 1928T 


9679 

9682 

9707 

9706 

9712 


11B9S 12906 34038 
1 1856 12918 14045 
1 1864 32927 34047 
11RRG 12936 14US4 


9757 linn 12937 14060 14956 16001 


17272 18298 19352 
17317 18301 18354 
17320 38302 19367 
17328 18309 19375 


327 

340 

342 

370 

083 

398 

401 

404 

417 

■418 

424 

428 

440 

468 

486 


3679 

1681 

1885 

1691 

1706 

1707 
1709 
1712 


2680 

2698 

2700 

2715 

2753 


3733 4757 6149 7195 8414 

3743 4759 6199 7204 B425 

3760 4791 6219 7208' 8436 

3773 4794 6230 7210 8442 

3779 4806 6250 7217 8458 

2757 3782 4B18 G259 7218 8482 

3773 3792 4820 6262 7220 8501 

2810 3805 4825 6268 7238 8510 

1716 2819 3809 4826 6272 7245 8512 

1732 2825 3813 4828 0273 7261 8531 

1756 2B43 3814 4833 6305 7262 8553 

1764 2864 3815 4855 6308 7278 8540 

1776 2B8D 3821 4883 6319 7292 8530 

3783 2892 3856 4800 6325 731G 8580 

487 1792 2393 3867 4898 6326 7313 8569 

496 1797 2896 38G8 4976 6327 7327 8581 

511 1798 2898 3072 4991 6334 7345 8991 

543 1806 2906 3885 5012 6354 7346 8810 

574 1828 2908 3907 W33 6370 734B 8010 


9880 

9968 

9009 

9991 

9997 

10113 

10123 


119(18 22944 14065 24965 16002 27335 28333 29385 
11921 12D5B 34075 34976 36005 17351 30316 29392 


ll'-CH 32962 34076 14983 16031 17352 18324 1941 L 
11923 12977 14077 15026 16064 17354 38329 39433 


11H38 32979 340TB 
11947 12983 14084 
llitSO 12993 3 4095 

10127 31992 13002 14115 

10128 11993 13006 34139 
10143 12022 13018 34145 
10161 12U2.1 3S027 14150 
1Q1C-J 32037 13043 3 4156 
10104 32040 13050 14174 
10166 12054 33074 14175 
10168 12062 13081 1417G 
30191 12094 330R6 14191 
1021 V) 32107 13091 
10202 12126 13107 


587 1830 2920 3923 

670 1H38 2934 3934 

683 1839 2941 3955 . 

699 2840 2952 3965 5088 6414 

748 1841 2973 3968 

*762 1844 2976 2998 

“TO 1855 2982 4008 


5039 6374 7351 6632 
5061 6390 7481 8652 
5084 6403 7484 8662 
I “’491 8569 

5091 6422 7499 8C70 
5127 6423 7513 8673 
5145 6438 7535 867S 


10203 

10263 

10288 

W2P7 


12] 23 
12154 
12159 
12U-0 


10322 12162 
10324 12186 


12195 

12243 

1221*1 


773 1867 2S63 4036 5146 6450 7549 . 8U81 

777 J869 2998 4038 5153 6463 7553 8691 

1881 3005 4055 5167 6471 7568 8703 

189C 3023 4066 5169 6509 7584 8704 10450 

812 1910 3033 4102 5179 6510 7586 8705 

821 1914 3051 4104 5184 851? 7587 8719 


782 

805 


5200 6532 7590 8727 
5219 6533 7G12 8738 


7614 8766 
7644 8780 
7653 8795 
7667 8821 
8836 


12365 

12402 


105U7 12-120 
10602 12439 


11122 2056 3180 
1046 2078 3185 
1054 2088 3170 
1112 2094 3171 
1129 2111 3185 


7736 8855 


769 




R80* 

8873 

8875 

8878 

8603 


10043 

10650 

10652 

10687 

107U1 


12452 

12460 

12486 

12488 

12493 


859 1938 3068 4113 

880 1966 3100 4114 

889 1975 3103 41 Id S254 6534 

897 1992 3117 4123 5356 6538 

919 2008 3118 4137 5258 6537 

923 2019 3129 4178 5262. 6538 

935 2034 3131 4181 5270 6549 

998 2039 3147 4203 5299 6553 7709 883D 

1016 2040 3150 4204 5315 6558 7728 8840 

1U17 2050 3156 4244 5317 8573 

4247 5340 ttXCS 7708 

4268 5352 860? 

4271 5376 6612 

4272 5407 6614 

4293 5414 6663 7782 

1131 2131 3186 4305 5439 666? 7805 8U2R 

1134 2132 3187 4306 5456 6671 7K10 8937 

1138 2135 3199 4311 5463 6713 7646 8U49 

1142 2173 3237 4318 5404 6714 7865 8964 

1175 2216 3244 4324 5500 0725 7883 9047 

1181 2223 3246 4332 5519 6726 7914 H052 

1195 2231 3247 4347 5533 672? 7934 0066 

1204 2255 3259 4364 554 D 6731 7042 9075 

1225 2268 3260 4370 5542 6739 7957 9076 11604 1261 

1226 2286 3265 4392 5550 6759 7970 9105 11605 12018 

1231 3306 3260 4396 5568 0779 7971 9106 

1238 2319 3267 4401 5574 0780 7978 9113 

1239 2337 3271 4406 5582 6782 7986 9125 

1258 2341 3279 4408 3593 6794 8016 9138 


13131 
13147 
33108 
13189 
13537 

13258 

13259 
13264 

13282 

122H7 13302 

12270 13365 1 4332 

12271 13380 14348 
122.M0 13392 14353 
12292 13407 14380 

10459 12321 13421 

10460 1 2346 13424 
12352 13438 
12359 13452 
123fi4 13454 


15041 16079 17362 38331 19434 

15004 10089 17364 1 8369 19452 

15088 16095 1741+ 1B386 19477 

15089 16097 17425 1 8425 19492 

15109 16102 17439 18426 19494 

15114 ISlOf 17462 1 8431 19496 

15130 1«171 17403 1N431 3P518 

15133 16176 17464 18487 19517 

15137 16178 17478 1B48R 19551 

15165 1621U 17498 18492 19564 

15188 16222 17508 18498 19610 

15209 16231 17601 1B503 19613 

14204 15219 1 6243 17623 18523 19638 

14218 15232 10261 17638 18547 10647 


10325 

10326 
10341 
10349 
10421 
104 20 
10432 


14220 

14221 
14223 

14237 

14238 
14277 
14293 
H315 
14323 
14327 


15240 ]82C 

15241 162CS 
15244 16291 
15248 16308 
1 5266 16313 
15270 16834 
15315 1 0343 
15317 IG348 
15357 16362 

15365 16882 

15366 18380 
15383 16389 
15391 16410 
15405 1643' 


17646 18576 19062 
17657 1 8577 18683 
17667 18570 39695 
17673 1858 1 19696 
17G79 18591 19699 

17680 1R624 7 97J3 

17681 1B642 18716 
1 769 1 18666 19719 
17KMJ 18671 19745 
1769? 18678 19766 
17702 18C98 19767 
17707 18700 19783 
17709 18731 19784 
1771G 18737 19B26 


rr . 


10463 

10468 

10474 

10491 

1049*1 


14420 
14429 
_ ... 14438 
13455 14441 

13493 14+47 

13494 74461 


14382 15406 15473 17727 18745 19835 
14385 16406 16476 17733 18760 10854 


134'.' 

13524 
13532 
13545 
13503 
135*13 
13509 
13601 
13000 

13617 

13618 
13838 
13040 
13*41 
13059 
13873 
13686 
13601 

13694 

11622 12622 13709 

11650 12630 13747 

11651 12655 13764 14741 
11G54 12692 13774 14747 


10730 12500 

10731 12502 
10745 12540 
10757 11*542 
1W777 12543 
10782 12584 
lOBun 12596 
10819 12599 
11*830 12001 
10852 12614 
110)3 12615 


14460 

1+474 

14483 

14489 

14504 

14511 

14514 

14543 

14547 

14561 

14577 

14598 

14005 

14608 

1404*1 

14655 

14659 

146C4 

14695 

14711 

14720 


15430- 164BD 
10434 16489 
15442 1 6SOO 
15450 16510 
15463 16513 
1549Z 16516 
15492 10526 
15498 1 6532 
15505 16533 
15508 16537 


17702 

17769 

17771 

27770 


1*543 
16550 
16552 
1 65U7 
16569 


1553(1 
15531 
155S9 
155*8 
15573 
I55HA 
15591 
15605 1662: 
15*22 16633 
15627 1C63P 
15634 1 6648 
15641 .ir-«97 
15044 16719 
15*55 10733 


17742 18766 19858 
17740 18767 10863 
18768 19*85 
18760 19879 
18765 19884 
18805 1B890 
17779 IBB 12 19891 
17791 18813 19899 
17796 1882G 19913 
17804 18833 19915 
17817 18860 19969 
17830 1 8881 19970 
17854 18873 19988 
17HRO 18B9U 19994 
17861 18894 19998 
16578 17869 1BU97 20000 
1’j412 17872 18906 
17*83 18086 
17890 189H7 
17695 1 8990 
17902 18999 
17910 19025 
17923 19*38 
17928 19039 


15661 16759 17933 1 9043 

15668 16760 17935 19044 

15669 16774 17938 19045 

15690 1 6823 17948 19049 

15691 16832 17952 10065 


The Debentures specified above are to be redeemed lor the Smkine Fund **1 at the WCG-Corporale Band 
Services Department of Citibank. N\A. i formerly Hru National city Bank*. Trailer under the Indenture 
referred to above. No. Ill Wall Street, in the Boronch of Manhattan, the City of New York, or <b> subject, to 
an* laws or refutations applicable thereto, at the main offices of Citibank. N.A. in Amsterdam. Frankfurt/ 
Main. London (Citibank House i. Milan. Pans. Zurich and Citibank <Belmumi S-V. and Kredteibank 3 A.. 
Uisemtouriicolse in Luxembourg.' Payments at the offices referred to in ib* above will be^made^-^a 


United States dollar check drawn on a bank in New York Cny or by a transfer to a United States dol. 
account maintained by the payee with a bank In New York City. Oil October 15. 1978. the date on which they 
;ha!l become due and payable, at the redemption price of 100 ]«rcent of the principal amount thereof, 
together with accrued interest to the date fined lor redemption. On and niter the redemption date, interest 


. . upon pr._ — — . .. 

with all coupons appertaining thereto maiunne utter the date fixed for redemption, payment will be made 
at the said redempt.-on price out of funds to be deposited with the Trustee. 

Coupons due October 15. 1978 should be detached and presented for payment lu tbc usual manner. 


September 14, 1978. 


Golf Oil Corporation 

By: CITIBANK, N.A., as Trustee 


-m 

S s? 3 

W 




kJ ^ } 


-• ,V 








The office of the fiiture has just arrived. 


The day it arrives, a Lexitron word processing 
system will probably hold up production for 
a bit. But after that, office production will never 
be the same. 

A Lexitron system combines a typing key- 
board, a TV- like screen that acts as “paper," 
a small computet and a high-speed printer. AH 
corrections— typing errors, additions and dele- 
tions, rearrangements— are made electronically 
on the screen before anything is committed to 
paper. Then, when everything is perfect, mate- 
rial is typed automatically at up to 660 words 
per minute. The information can be stored on 
tape or discs for permanent file, instant retrieval, 
or transmission over regular telephone lines 
for automatic reproduction at distant locations. 

The recent acquisition of Lexitron Corpo- 
ration gives Raytheon a firm position in this 
dynamic new field, and adds an innovative prod- 
uct line that is a natural extensioivof its estab- 


lished capability in data processing: intelligent 
data terminals, distributed processing systems, 
minicomputers, and telecommunications 
equipment. 

Raytheon's data systems business continues 
to grow at an impressi ve rate. Sales growth this 
year has more than kept pace with the 60% 
increase posted in 1977. Add Lexitron, and the 
growth is even more impressive for this segment 
of our electronics business. 

Electronics— one of five basic business 
areas at Raytheon. The others are energy ser- 
vices, major appliances, educational publishing, 
and heavy construction equipment. For copies 
of our latest financial reports, contact any of the 
off i ces or companies 1 isted below, or write: 
Raytheon Europe. 52 Route des Acacias, 

1227 Geneva. Switzerland, or worldwide head- 
quarters. Raytheon Company. 141 Spring Street, 
Lexington, Mass., U.S. A. 02173. 


4 


***i 







;*** > 
-"‘si 




FOR INFORMATION ON WORD PROCESSING AND DA3A PROCESSINGS Data Logic limited. Westway House. ?20 RuwH p Road East Greenford, 
Middlesex, .England. UB6 9BH. *44/1/5789111: Raytheon International Data Systems. Spaklenveg.53. Amsterdam. Netherlands, 31/20/424344; Raytheon 
International Data Systems, Frankfurter Alice 45-4^ 6236 Eacbbom /Ts. West Germany; 40- 6196/48829: Raytheon International Data Systems; Leonrod- 

51 ^ 80t ® Mmid* 19, Wst Germans 49/89/181077; Raytheon Imernauonal Data Systems, Hirschburgiwg 5, 4000 DusseJdorf 12, Wfest German# 

*1*^ • hI1/S8443I, 


OTHER RAYTHEON COMPANIES IN EUROPE: Electronics: Cossor Qectromcs Limited. Harlow. Essex. England • Raytheon HalHeiter G.m.RFT^N 


Mumdk West Germany • Raytheon Marine Limited. London. Bigland • Raytheon Copenhagen. Denmark ■ tAG Semiconductors Limited Zurich! 
Switzerland - Transistor Bai«xnd Vemiebsgesdlscbafl G.m.b.H, Karbruhe-Durlach, 'Vest Germany. IV/ft- W Coble; Electrical Installations Limited ^ 
London, England • Fil Dynamo. Lyon. France ■ Greenyate Cables Limited Manchester. England ■ Kissing G.m.h.H. & Cl\ IngolsUuJt, West Germany 
* Lacroix & Kress. Bramschg. Wat Germany • Sterling Cable Company Limi ted Aldemiasion. Berks hi a - . England. . - ^ ~ 

■■•V in 

a 


RAYTHEON OVERSEAS UNITED, EUROPEAN OFFICES: Bonn. Brussels, London, Madrid Riris. 









Financial Times Thursday September 21 1978, 


BUSINESS AND INVESTMENT OPPORTUNITIES 

■READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Commonwealth of The Bahamas 
Ministry of Tourism 

TOURISM DEVELOPMENT 
PROGRAMME & RELATED 
PRE-FEASIBILITY STUDIES 

The Bahamas Ministry of Tourism invites 
“EXPRESSIONS OF INTEREST" from companies 
able to carry out the necessary studies to prepare a 
Ten-year Tourism Development Programme for The 
Bahamas, together with associated investment pre- 
feasibility studies. 

It is proposed In finance the work with the 
assistance of the Inter-American Development Bank 
and companies replying to this notice should be on 
the consultants register of the Inter- American 
Development Bank (IDB). It is unlikely that any 
company will have the full range of skills available 
to cope with the tourism, hotel, public utility, 
economic, financial, engineering and legal aspects of 
the work. 

We expect that a consortium of firms will pre- 
pare tiie studies and the likely composition of 
consortia should be indicated. 

Replies, giving brief details of a company's 
capabilities and experience in the field of major 
tourism -related studies, should be sent by September 
30. 197S to the Director-General of Tourism, P.0 
Box N-3701. Nassau. Bahamas. 


INVESTMENT OPPORTUNITY 

PUBLISHING COMPANY 
in TAX FREE CAYMAN ISLANDS 

Established seven years producing 1 1 ) monthly 80 page colour 
glossy. <2) 300 page annual Businessman's Guide, and (3) 160 page 
annual official Tourist Guide. 

Growth potential to serve entire Caribbean. Other activities 
include — printing, photography, public relations, advertising 
agency and marketing. 

Present annual gross U5S700.0D. Equity participation or offers 
to purchase invited from serious principals seeking operation as 
vehicle or investment in Tax Free Binish Crown Colony 
Write via Qvrrj?aj Airmail (a; President. 

International Investment & Management Consultants. 

P.0. Box 1069, G r an4 Cayman. B.W I. 


FOR SALE 

SHOPS 

A group of profitable Berkshire-based 
shops m garment rental dry cleaning, 
wool and related sales. Long leases, 
st-on; asset situation and customer 
base, afio 2 flan. Turnover £100.000. 

FACTORY + 72 ACRES 

Owners of pre<ast concrete manufac- 
turing company in the London area, 
with recent turnover of £I.5m and 
•vide allied housing and construction 
projects in UK and Middle East, wishes 
to tell whole or part equity due to 
imminent retirement of rwa la-gc 
shareholders. Twelve acres land avail- 
able freehold with development and 
storage potential. 

Company has profitable trading record. 
Apply to Peter Barnett, 

PROVIDENCE HOUSE. 

Piver Street. Windsor, 

Bert shire SL4 fQT. Tel Windsor S7011 
Bame-t Keel 
Business Services 


The best 
franchise 
opportunities 
are in 

FRANCHISE 

WORLD 

Subscription form horn 
37 Nottingham Road 
London SW17 7EA Tel. 01 767 1371 


U.K. BASED 
COMPANY 

having spare capacity on non-food 
liquid Mllng Semi and automatic pro- 
duction line*, seeks contacts in contract 
packaging to assist with the filling of 
this capacity. The equipment is capable 
of S million units per annum on bottles 
and cans up to I litre capacity. 

Write Box G.2611. Financial Times, 
ffl. Cannon Street, EC4P 4flr. 


SMALL PUBLIC 
COMPANY 

Successful Businessman in- 
terested in acquiring controlling 
shareholding in smalt public 
company, with growth potential. 
All replies treated in strictest 
confidence. 

Write Bov G 2570, Financial Tunes, 
10. Cannon Street. EC4P 4BY. 


RESIDENTIAL 

Mortgages 

Up co £100.000 available per 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available. 

Write Box G.2582, 

_ Financial Times. 

10. Cannon Street. EC4P 4BY. 


PROFITABLE ELECTRONICS 
MARKETING COMPANY 

engaged, in the leisure industry T/O a 
million -over list 2 years. Excellent 
export .record with several major con- 
tracts i running into 1981. Stock *r 
valuation £150.000. Excellent growth 
"% ' pFMpCCCS. 

Principals anti reply tp Box £.2509, 
„ . Financial Times. 

10 Cannon Street. £C4P 4BY. 


UNITED COMPANIES 
Formed in UK & Worldwide 

- • •.. including 

ISLE OP MAN ll>] 

DALAWARE 5400 

PANAMA S870 

Contact: CCM Ltd., 3 Prospect Hill. 
Douglas, l.o. M. Tel: Douglas f 062-4 1 
23733. Telex: 627900 BAUOM G 


EX-PUBLIC CO. CHAIRMAN no* 

£200.000 Trust Fund for ■ evidential 
oro perry investment*. Quick decisions 
and settiemenfc. T. Fotlwcarv. 758. : 

High Road. London. S.W.16. Tel.: 769 1 
2066. 

■LOCK DISCOUNTING facilities required 
by progressive retail business on first ! 
class paper. £2 50. 0PO- £300.000 per 
annum Write Box G *S65. Financial 
Times. 1 0. Cannon Street. £C4P 4BY 

SUCCESSFUL MARINE TRADER seeks 
additional capital, minimum £5.000 
Fully secured ov quality craft. Long Or 
snort term. Excellent gelurn. ■ Proven 
result*. 01-95* 8131. 

START AN IMPORT EXPORT AGENCY. 
No capital rcouired- Established over 
30 years. Clients •" |Z countries Send 
large S.A.E.— Wade. Dept. F.. P-O. Box 
q Marlborough- wilts. 

OVER 40.000 SCHOOLS AND EDUCA- 
TION ESTABLISHMENTS can » reached 
»v dmuT T he Educational Addressing and ; 
Malting i 

Surrey" RHI SOM. Mersiham 222a, 


EEC 

BUYERS’ MISSION'S 
SPONSORED BY THE 
EUROPEAN COMMUNITIES 

—io Cus:a Rica Honduras. Nicaragua. 
Panama and El- Salvador 
*-22 ,\ov. )97> iFB Si>. OOU i 
—to India Pakistan 
II Nov .-3 Dee. 18TS (FB 67 DQrii 
IP YuU ARE INTERESTED TO 
EXTEND VO UR SUPPLV MARKETS. 
Ucase coniucv. 

CIGG - 

(The Common Market Importer*' 
Association) 

1v. Livingstone 26 J, B-UMO Brussels- 
Tel: 218 67 92 

Telex: 21395 CENTREGR05 B. 


GASH FLOW 
PROBLEMS 

RELEASE YOUR OWN CASH 
BY DISCOUNTING 
YO'JR INVOICES 
95% paid by return 
on approved accounts 
Phone Bolton (0204 ) 693321 
Telex 63415 
MRS. BENNETT 

Silverbum Finance (U.K.) Ltd. 


PAINT MANUFACTURE 

U.K. Subsidiary. at U.S. gnto multi- 
national company, fairly new to the 
U.K. decorative coating industry, 
wishes co acquire, or merge lu 
interests with, in established paint 
manufacturer with sufficient capacity to 
handle an extra £500.000 p.a. turnover 
without further major fixed asset 
expenditure. 

Please write, marking envelope 
“ confidential. ■“ 
to the Managing Director. 

Box G.2616. Financial Times, 

10. Cnnnon Street. £C4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. save up to 40 pc. - 
Lease 3 years from £3.70 weekly. 
Rent from £29 per month 

Phone: 01-641 2365 


BRITISH 

BUSINESSMAN 

with first class property background, 
highlit credential!. French. German. 
Italian spoken, offers on-the-spot 
representation in Hong Kong for any 
type of business transaction. 
Would be interested to receive serious 
enquiries. 

Write Box G.25B8. Financ'd! Times. 
10. Cannon Street. EC4P 4 BY. 


NEW BUSINESS CONTACTS 
TO THE CONTINENT 

S»i*s will be staying , n London on 
Wednesday. 2.7th September 1978. 
Please make pmpostions for s meeting 
ro: 

Miss Susanne Zubcr, 
Manor House, 32S Green Lancs. 
London, N.4. 


U.S.A. 


Assessment * Engineering of Coal 
Properties both Scrip 4 Deep, under- 
taken by well established mining 
engineering consultant! , n the Eastern 
coalfields. 

Write Bor G.ZdfJ. Financial rimes, 
10. Cannon Street, EC4P 4RY. 


MIDLANDS 

MANUFACTURERS 

and Accessories us constant 
demand by ElMir. U | wholesalers 
would consider amalfaamahOn w,|h 
wcii-csr.mil' heo 
Company having turnover of £'-m pj. 
and expanding. As a guide, orobab'e 
consideration would o e ud wards oi 
£250.000 Principals oni? pteasS 
Writ# Bov 0261 9. Financial Tf5S5,' 
tO. Cannon Street. leap agy 


!N VESTMENT IN PUBLISHING Tnrce- 
vear-oid i»*ta cover nocr guoiisncr 
requires h nance lor expansion Wr.te 
Box G.2609. Financial Times. 1 D. 
Cannon Street. ECap agy 
ISRAEL. GERMANY FRANCE and ail 
Euroee. cheap Bights, hotel reserva- 
tions. Alex Tours. 1 19 , award Street 
W.l. 01-4 ST 8723. ux,oro sweet. 

FREELANCE BUYER CONSULTANT seek! 
regular part-time engagement* j„ Or* 
EM London and Essex. Will also S,n- 
Srtfer clients on commission ftas ;. 

H aid brook Guns.. Ha-nauir Essex 
BRANDED TOILETRIES and cosmetics 
505734 * ,0 * * 5,PO ' 1 ' Telcnhone 0S52 



GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company 

Also a wide range 
oi banking services, including- 
Selective H nance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits - 
Teasing 

For further i nfomw tiori ’ • ; 
please telephone 01-606 64 7 4 or write 
to Barrington House, Gresham Street, 
LONDON EC2V THE.;. 

Groham Trust LivL, Barrinsinn Roui'. Croliana Sued, London £C2\ "HE 
Tel- UI-cLtob4’4 

Birmingham Office: Ldmund Mnu«e. Newtull Street, Rirminxlujii, b? -L’A* 
TdlCWV'li' - ' 


ASSOCIATED POSITION OFFERED 
NO CAPITAL REQUIRED— INCOME COULD BE IN EXCESS OF 
£15.000 PLUS FRINGE BENEFITS ‘ 

A leading international interior design company is Icksking for an 
associate wich good connections in the properry development and 
building trade. The company, which is already involved in successful 
projects in this country, is using a new concept of drawing. This gives 
a clienr instant visualisation of any design scheme and shows hew 
premises will look when renovations are complete. Occupation can 
be full or pan time. Please write personally co 

Box GJ2608. Financial Times. 10. Cannon Street. EC4P 4fiY 


Up to £500,000 

FINANCE AVAILABLE FOR INVESTMENT . 

in a joint venture in the residential or industrial development held. 

All propositions considered in confidence. 

Wntc Bo* G.2617. Financial Tones. 10, Cannon Street. EC4P 4BY 


SUCCESSFUL 

FOREIGN 

BASED 

COMPANY 

with annual turnover excess 
USS7.0M.000 

interested discuss off-ihorr invcitmem 
proposals with principals having 
minimum U557SD.000 available. Al‘ 
enquiries treated' in confidence. 

Write Sox G.26I5. Financial Timet, 
10. Cannon Street. EC4F 4Bf. 


OFFICE EQUIPMENT AND 
STATIONERY COMPANY 
WEST MIDLANDS 

Old established Company is 
looking For a new Chief 
Executive to expand its business 
throughout the Midlands. £5.000 
will purchase 20% of the Equity* 
Write in confidence to: 

Bo * G.2607, Financial Timet. • 

10. Cannon Street. EC4P 4RY. 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Arc you obtaining the best pn;e for 
/our low. mileage prestige motor-car? 
We urgently require.' Rolfs- P.oyce. 
Mercedes. Daimler. ' jaguar, Vinden 
Plat. BMW. Porsche. Ferrari, Mate 'in. 
Lamborghini. Jensen Convert ble. 
Rover Triumph and Volvo cart. 
Open 7 days a week 
Collection anywhere in Iff. Cash or 
Bankers' draft available. Telephone us 
for a firm price or our buyer win call 

ROMANS OF WOKfNG LTD. 
Brookwood ( 04867 )' <567 



ART BOOK 

PUBLISHING COMPANY 

Successfully established for 3 ycari. 
the Company has a long wm publish- 
ing programme Planned with over IDS 
tides concracnd. 

Further Investment . beyond the 
<300.000 introduced by (he. prefen: 
owners is necessary co continue the 
current prog-amme The company-- Is 
based in central London. ' 

Further particulars available from 
Box G.2430. Financial Times, 

10. Cannon Street. EC4P 4BY. 


LOOKING FOR SWITCH BANKERS 
OR TRADERS FCfl IMPORTS 
FROM ASIA. 

SCHULTE AUSSENHANDECSGMBH 
' IMPORT— EXPORT 
4460 NOROHORN (W-GERMAHY} 


KXPL'R JKNCED 
SOUTH AFRICAN 
PHARMACIST 

Wi-hl lllviKk'S' Aiallahli; til Lomlnn 
on 9ih Uih i hn olier .for inter dews 
Wn!i. But fi.-iCU * f m.aii. iai Tmieq. 
in iTantUili Sir.;--!. EUP «V. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
3fl City Road. ECI - . 
01-628 5434/5(7361, 1936 


INDEPENDENT 

CONSULTANT 

Current rescue ouvratnm Jravin; :o a 
tiulsfaciory cunclusion iivh* &n4:c m-w 
dialli;Mf:i' — turn muud or i>\DjnMun 
i ud market d,-i iToD.-n.-ni pn-k-rmL 

Wnie Box r.Th2fl. Financial Tnpua. 
10. r.innnn Sfrm>i. E.MP 4BY 


BUSIiNESSAl.W 

(51 yrs.j 

!■ latifu; founded hiuincss nhirh is v*>u 
, ■m.qiainim: 9>.vks gJscr ini" re mis 
I U'ljliflcd ‘ in ur^juiK- ch'-rrusirv and 
-*w n,-nc in other technol-iti. . Bum- 
i nest oxiilticik.-'- in O^rtiiaii}. Eniiztr- 
; land and USA. Pan iim. w .jccabicuJ 
.-onimissiouv cr»iMidrr?n. 

I Wniij Box fl.i'112 Fin. i ii- lu I Tmn.-.< 
10. i.snnnn S!n-i. KOSP 1ST. 


For further information contact: 

K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place. Hastings, 

E. Sussex. 

Tel: 0424-430824 


OLD ESTABLISHED 
SCOTTISH 

PRINTING 

COMPANY. 

With xubscamJal and reliable harness 
in nronunrion of books pn s'-ma good 
oppormaJu for either lutestmear or 
attiuisiUor). 

Wnir Box (I scs. nnirr.iai Timex. 
IB. Cannon Suvei. EriP rm*. . 


FRANCE 

Consultant in mergers, parti- 
cipations or associations 
between French and foreign 
companies. 

R.E.M.I. (Mrs. M- F. Sabuc) 
3, rue Jobhe-Duval— •• 
75015 PARIS 
- Tel. 250.77.59 - 


ROTHMANS 

WANTED URGENTLY 

50. 000 Cases mamhi, Poitimantif 
Marlboro — We buy as t"i.icipaJf. alto 
rrquirq 1QQ.Q0Q Mftqn: cinvun;..-.7-U9 
& Pepsi 100 container* Barley I0;000 
M/Tons French Origin. 

Tel: 061 (B32-3S 12 (oS93 TO: 0frfi49J 


WANTED 

INDUSTRIAL CHEMICALS 
FOR EXPORT • i' •' 

Write Box G.2634, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


MODERN JOINERY WORKS 

TO LET 

fully -.-giilpni-d >o nu.iuia.iure all 
ivpi-s of Joinery i>r»,|u<.i> Area 
jpprmimmcly •.uun stj ft. ,\l«g jddH 
liooxl adiatnmj r.p.n.’- up j.> tg.vQO 
-l. ft. *saildbl>: II lwiir.4, HcaHn- 
vliic rent cio be Di-su:ixi--j 
uppiy io Messrs. SUnmwc industrial 
Estates Ud.. Bnd^oorlli. Subiu. TeL 
Rrdqnnrth 3HI. 


LOOKING FOR 

TECHNOLOGY & INVESTMENT 
IN SOUTH WALES? 

Fast growing company. We have ample . ^ 
space to expand. We have dynamic manpower. 
We have capital and backing. 

BEARMACH (London) LIMITED 
Unit P Trecenyyd Indas trial F-state. 
Caerphilly. SHid-GLamorgan CFS 2RZ, V.K. .; 

Seeking high technology in Automotive Industry 
and Joint Venture particularly from 
JAPAN, USA & WEST GERMANY. 

Write in confidence to Managing Director, 

Box G.2601. Financial Times. 

. 10. Cannon Street, EC4P 4BY. 


YOUR BASE IN SAUDI ARABIA 

Professional firm, engaged in business development consultancy in- 
Saudi Arabia, offers office/ ex ecu rive accommodation facilities in. 
Riyadh and Jeddah. • 

Facilities . include expatriate/Arab secretarial services, telephone, 
telex and P.O. Bex No.: transport, flight reception and accom- 
modation for visiting executives as and when required. 

Suitable for company requiring own base, with considerable .cost: 
savings. Resident management. Additional project support service*, 
available including furnished accommodation for project personnel', 
if required. • 

For further details, please write in strictest confidence to: — 
Senior Partner, Btox G2600. Financial Times, 

10. Cannon Street. EC4P 4BT. • 



r - ■- company Brokers - licensed Deafer* ih Swuraiei ^ 

4 Marylebone High St f London W1M 3PA Tel:.Q148&5ffi1^ 


★ TELEX ROLLS AND TAPES 
+ Cash Register Rolls 
ic Adding/TaUy & Counter Rolls 

Established llar.ufacrurcrs have jddincrtal cagacirr cf ovi?r 1 million rolls 
of each quality. Computiittc and prompt delivery offered for 

Trade and Bull; u#rs 

All enquirr* io - Ea.v C 2*19. Financial Trots. 10. Cannon Srreet. ECtP iBY. 


Do you koow the advantages of having a company in 

Liechtenstein. Panama or Bermudas? 

- // you don't icrite to: 

Tlandels- u. Flnanzberatung GmbH 
Reichsstrasse 173, A-6800 Feidkireh. W. Germany 
We are specialised in founding Limited Companies, 
Establishments and Foundations 


OFFICE FURNITURE 

Brand of world repute, having own factory is looking 
for a DEALER with distribution n e t wor k" an (T exhi ui- 
liuu facilities: ■ ' ■ 

Please write to: 

INTERDIFFUSION MOBIL CEB S-A. - 
4, rue Eeole de Chimie CH-1205 GENEVE. 


leisure m an aoewent tm 

Formed under the umbrella of an established 'catering company 1 . 
Leisure Management is a consortium of . professional -expertise and 
administration: enabling us to find, develop, and operate pubs/ 
hotels /restaurants or betting shops for you. 

Our fee to be based e»n a share of your profits. 

This is a rare opportunity, for you- to become involved m a highly 
lucrative industry, but one in which it is foolish to. dabble without 
the advice of experts. _ • * . • . . . 

Why not own a pub and have it managed .for yod / . .. a redpe 
for a great deal of pleasure and plenty of profit. 

further Mormat>en: Ua Gfyn or joltn Lotmos 
S Princrt* HcKi . 

London MW) , . • - 

Telephone 01-794 7574 . “ ' • 


WANTED— 

MAIL ORDER COMPANY 

Group of companies. Is interested in- purchasing"inaH order / ; 
company with tax loss'. ’■ . , r ' . . . - ■ • ' 

Pleas'e write io ’■ ‘ 

" ‘ Box Cj2610 - ■’ ■* .- ' 

Financial Times, 10. Cannon Street. EG4P-46Y 


NEW; UNIQUE >. 

INSULATED BUILDING PANEL MANUF ACTU RERS 

. require a number ot iRcnta lb vanous seutstmhleil areas In :b» .C.fc, Consider 
fill) Iranchiit urraiuiemeDt& . Paovis are manu/acrured under American Ikwl» 
C aM siandards. Thu Panel has a.sreat fmure and NjO-revaluDoinise ibe Baildlug 
• induslrr- imeivsteti Parti**- apply : Inr rfpiaili’3- .... 

EMERALD. PROPERTIED LTIX, • 

I • S West Pler, Howth. Co- DuUIn, Ireland. . :- ^ , 


COASTLINE CARAVAN PARK 
CAISTER, NORFOLK 

60 PITCHES 
CENTRAL BUILDINGS 

FOR SALE BY TENDER 

CHARLES E. JONES & SON, 

T7, GATE STREET. LONDON WC2. 01-242.7823 


FURNITURE MANUFACTURING COMPANY 
with importing and exporting divisions. 

MARKET LEADERS FULL ORDER 8O0KS 
FIRST CLASS REPUTATION AND CONNECTION 
EXCELLENT PRORT RECORD ; 

Of Iniercst io Ur*;? oruaniaaiicos lookics for opponunlty . of acqjtfltto and 

espanaou 

Wrlie Box G J62I. Financial Tunes. 18. Cannon Street. ECtP 4BV. 


HOME IMPROVEMENTS 

Due to ill health this rapidly expanding Midlands based private 
limited company, last years turnover £400.000. net profit £66.000, 
forecasting £600.000 and £90,000 is available for a consideration 
of £250.000. 

Principals only reply to the company's auditors. 

Write Box G.2624. Financial Times. 10. Cannon Street. EC4P 4 BY. 


W\ \ [ i f> 

SMALL PI DUSUiNG 

and 'or 

FHIMiNGCOviPAM 


• Tumoyteipder ^0,0PP^:<; 
.^and very, smsiii gsset^sftiGTii i 
-Must have Aprifor 

Pfctise write to Box No. G 2 I < fy. ■” v* - ‘ ~ 

FJnanrialTiines. 1 U Cannon S/reeHjinifo'n kC 4 P 4 Bt 


ENGINEERING 

COMPANY 

SUBCONTRACT 

MACHINING 

HERTFORDSHIRE 

Skilled workforce and manage- 
ment team. Good plant. Modem 
factory. Established -and profir- 
able for many years. Turnover 
£225.000 -f- pa. Fiiil order book. 
For sale by parent company at 
£115.000. 

Principals only. 

Write Box G.2633. 
Financial Times, 

10. Cannon Street. EC4P 4BY. 


PERSONAL INVESTMENT 

(Guide £300.000— £3 SO ,000) 
Advertiser orcr 65 seeking retirement 
offars private high tan payer with 
capital, opportunity to purchase com- 
pact old established busineis m the 
south of England. Over ID', immediate 
return rising to IS?, ,r ee of all 
personal taxes on investad capital. 
Assets in land, buildings and stock. 
Small loyal technical staff available to 
accept dar to day responsibilities. No 
Agents — g enuine Principals only please. 

Write Bar G.Z632, Floorc/oJ Times. 

10. Cannon Street, EC4P 4BY. 


Situated ■ in good freehold 
premises in the North-West 
(excellent motorway access) a 

LIGHT PRECISION 
ENGINEERING COMPANY 

for sale as a going concern'' With a 
turnover approaching £250,000 p. a . 
end a complete professional manage! 
menr team, the company Is profitable, 
and with increased turnover could be 
* very attractive investment. 

This opportunity would appeal either 
to a similar company seeking expansion 
or to a large production umt requir- 
ing additional support facilities. 
Principals only please write: 

flo* G.2620. Financial. Times, 

■ 10. Cannon Street. EC4P 4BY. 


SMALL 
SPANISH 
COMPANY 
FOR SALE 

Incorporate'*] to br wholly-osmed bj- 
foreim Nationals. 

Wrne Bor G3ZS. KuuocUl Times. 
ID. Cannon Sureei. EC4P 4BV 


The electronics and wsfrunlerit -tfivisiou of a'sijb- 
sta^Sl; engineering group ,-§eeks to'furtiier ex^ancL 
its:iict|rities by acquiring a company with a- first-, 
class range, of electronic- prodiibts used b.v frjdiistfy; 
orf commerce. Funds^ iu v excess of £5; milSoh^arle' 
available. Write : in ; complete confidence to llie.- 
ma^aging director. Write Box G.2576, ' FftiapW 
Times; 10, Gannon Street, EC4P 4BY;: : 7 - 


: EX Ch”!mun E ° J :|“ f EC i , J^'l r i I * ""O'* I \ ■ U »“*ERS AMO MinulWSuni^ Jalncrt .«> j SQUASH »,CHT " ^CUI*. OvIorBfhlr- !gr ' 

1 (essianal * YiM actc w nr i^ 0 - ■ "" — - H J2L *un- f cn n i s,le - fXvwco, « Bank St.. Worcester, i 

^iSiqnmc n t-. MonnrHr^ lens Wr.in Ho, i s H ICC- toolino. oianis ar auen.rtvs. E.G. I Vi "gure taoiMj, riMUlred owners j Tr>: 0995 { 

^ 10 ‘ Cflnnon 1 I inq write Hex 0.2603 Financial T.m„ . ■ 

Steed. tC4P JBT. I ad. «nd. 0.6 Uu.vi 01-9BS 2061. JO. Cannon Street. EC4P 48V. 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 

lkVA-700kYA 

Buy whely Irons the manufacturers 
with full after-sale, sc-rh, 

CLARKE GROUP 
01-986 8231 
Telex: 897784 


Trustees to sell 
Precision Turned Parts 
MANUFACTURING 
BUSINESS 

Situated In Duvriopmrnr are? in the 
Wrsi Country with l>p.wo so. fL free- 
Dnld factory that could be purchased 
or leased. 

Apply to Stanley & Co~ 
CLartered Arcuuniauis, 
Lombard House. Great Charles SL. 
Birmingham Bn 3LY. 

ELECTRICAL CONTRACTING 
and 

LIFT SERVICING COMPANY 

operating >n the Greater London area 
from rented premises turnover 
C4QQ.QQQ now moving Into profits, ux 
losses already taken. Principals only. 

Write Bo* G .2603. FlncneJcJ Times, 
fO, Cannon Street. EC4P 4BY. 


West Country Leisure Complex 
with large- Country House, 
restaurant, bar, shop, entertain- 
ment rooms, residential mobile 
homes park, bungalows, holiday 
caravans, camping field, in all 160 
units. Valid, permission .for addi- 
tional 48. units and probability of 
further expansion. Profitable 
i ■ going concern £375,000. would 
i| separate. . 

| write Boa G.2S97, Financial Times, 

1 1 ■_ 10. Cannon Street , EC4-P 4BY. 

‘ 1 ■ ■■ — 1 1 ii , ■ ■ 

( Small Fully Recognised 
ADVERTISING AGENCY 
Lenden based with many years succra- 
■ fuf trading: profitable and efficiently 
managed will be interested in -hearing 
from possible Purchasers. Replies j 
direct trom Principal* pcrtlcularly ! 
appreciated. 

letters should be addressed to: j 

Be* G.7612, Financial Timet. 

10. Cannon Street, £C*P 4 BY. 


X NEDICIWL S TOILETRY MANUFACTURERS r ^ 

Substantia Jr company wishes ‘id "purchasb: Tor cash " medioro^-iftO; 
company, specialising, m the packaging of over-the-counter modirisal 
produce and toilet ry ; items such asa s pfrins . pa ra cetem ol.i 
spirit.' tfianpoos; bubble 'baths, standard aerosol product?'. - i. 
Existing: management welcome to remain.' zb assist ' wirh' -is&n&tf'. 

expansion 'or the company. • 

Write in- the firsc instance .gntlfjg pTeliminary details? 'Att co^eapo^ 
dence wtjl.be treacett in the. strictest confidence. 

W riie\ : far G.Z52T. Financial Times. 10, Cannon Street. EC^F^&Y.., 


FUSTICS INJECTION MOULDING * * 

• ' r.S REOUlftED-' •' . - > ■- _ 

Wiih 'utmexcr tn -excess of £500,000. ; «-T6 oz . Machines ^ 

BY SU^St^NTfAL WEST MIDLANDSiNGINEHftJNG GROUP. 

. . exfscing -Management Retained. > '■> 

r . „ • n /*»pry Jn itrtrtait conSarncc fprlnclfialt on/yf Io: 

The Mans ring Pirector. Box G.2604. flna^cW Times. 10. Cumon St.. EC4F 4BV.' 


' SMALL 
ENGINEERING COMPANY 

Successful? executive t intereitod in acquiring minimum 25% stake 

current turnover 

Write Box 6:2ti3< Financial Times, 10. tannon Street. EC4P 4BY. 


Steed. £C4 P J6Y. 


. ESTABLISHED 
PHARMACEUTICAL 
MANUrACTLWNG COMPANY 

Rsqurrod; b/.prl«l« Concern 
Cdniiderastea -.siViW’. “ eunqfactur.ng, 
companies .In' allied- fields. . Details 
please iii confidence . 

Bex G ,WH. Pifwneial Timei. 

T0. Cdimw* SttHU.CC*? 4BY. 


COMPANY REQUIRED 
DORSET AREA 

^oor'ietiS? il, ^J2 ,,,an ,’"*»h« to contact 


r'JZii ’ i 

stirs 



menf - or tor retire- 

■Snds' r?" “ Bc,,, ®"< ir, 9 shoriaw oi 
DIsMtetito? '"-Manufacturing. 

Renl.es ban .□ strict' usn- 
i a ° x JG.2BQ6 FitunciM 

Times. 1g. Cannon- Sireer. EC«P <«BV- 


r Jv=oj, 
















V Rn. 



v KBi®b<!fe 2 r Timesr Tbtsfsdaf Septum b^ ’2l T378 


'rr*r 



3HTED BY ARTNUB BENNETT AJVD TED SCHDETBBS 




PROCESSING 


furnace 

;aves 

bullion 


>C £ 




ri C ^ _• rv . 


'^«nted^ 

■* * - c rs COMpj; 


3LLTKECK. the Droitwich- 
ised thermal and metallurgical 
3 « 'ocess engineers, has completed 
ajildesign and supply contract for 
vBjpew form of cupeUation furnace 
•>«, fr Handy and Harman, of Attle- 
* i»ro. Massachusetts. U.S. 

Hfit is a smalt rilling furnace 
■ tended in provide . accelerated 
. -fining with a capacity uf up 
200 kgs of bullion per charge. 
Improved, high performance 
«•, 15 been achieved through a 
lique internal layout and very 
1 gh heat liberation per unit 
rfunie. 

O' The refiner is supplied , with 
. >rce natural gas burners and 
[t? combustion system is 
^signed in Factory' Mutual 
. andurds. A removeable hearth 
- an Integral part af the design. 

' bis results in a reduced lock-up 
1 precious metals in the refrac- 
•ry linings which can be easily 
■'-.i-cast and re-set. 

-j. The refiner. • whft-h is skf3- 
ounled. has been supplied with 
: combustion control system and 
cidatinn kmces, A. refractory 
sniper allows fine comrn) of 
imacc depression in ensure 
igh thermal efficiency and tn 
inimise precious metal L-arry- 
--s/erin exhaust gases. Ventilation 
(goods are attached above the 
^swing-away " cast iron ebarg- 
ig door and tapping spout. 
Talltreck Group, Priory House, 
...riar Street. Droitvicb, Worcs., 
JhrH9 SED. 09057 5661. 

>pray coats 
lave many 


'M THE . modern •gas turbine, 
ctensive use is made of sprayed 
etal or i-eramic coatings to 
: : rotect vital components operal- 
ig under extreme conditions, 
his gives an indication of Ihe 


status- accorded 'to metal spray- 
ing technology -today Vaod - is a 
tribute To. the high, quality and 
reliability of -its products. 

The traditional oxy-aretylenc 
flame pistol .continues' in full 
use. But new types v.of pistol 
have been developed that 
employ the' plasma . arc. the 
electric art- or- the -.detonation 
gun. which operate .at higher 
temperatures and particle velo- 
cities. The coatings are denser 
and in some cases more adherent 
so that they are : able, to with- 
stand more severe environments. 
The range of coating materials 
has also been greatly extended 
and . includes -pseudo-alloys and 
powder mixtures tailored to 
particular requirements. 

Full mechanisation of the pro- 
cess has come about and is 
adopted for coating: components 
in mass production "-such 
automobile piston rings, valves 
and gear hox parts, . steel light- 
ing columns and other .struc- 
tural steel shapes.. The latter 
are coated with- .vzitic or 
aluminium and can withstand 
atmospheric corrosion f(JT 10-20 
years or more. 

A typical application . in 
generaJ engineering : is the 
spindle of a grinding wheol; this 
must run in a tight bearing to 
prevent the slightest. -play, so it 
needs constant “ taking-up/* The 
application of a blended -coating 
of oxides of aluminium and 
titanium on an inexpensive steel 
base (used instead of a forging) 
led to the spindle remaining 
tight and has extended 'its life 
24 times. The forks- df fork-lift 
trucks on North Sea oH-rigs are 
coated with aluminium- bronze 
which resists scuffing .and cor- 
rosion and adds to' Safety by 
pre renting . dangerous sparking 
through scraping and impact 
with other metals. 

As materials get scarcer and 
the cost of components increases 
there is continued expansion In 
the application of sprayed. .coat- 
ings to reclaim worn or corroded 
items of every sort The savings 
are usually substantial - as- the 
cost of spare parts and of the 
lost production time, while they 
are otbained, is eliminated- and 
the tost of- subsequent main- 
tenance is reduced . because the 
sprayed part usually,, lasts 
longer in sendee. Reclamation 
also conserves materials and 
reduces overall energy, require- 


electrical wire&cabie? 


* NO MINIMUM 
OWES 


NO MiMMtJK 
- t£NGlij:'- > 


"Fhotsaendsof typesands!2esinsto^ delivery. - 

WBQm&bSBIi8M AB&tD£ENm$32355/? 
f&AMCtt£&7&ft 061-872 4915. / V U 

VtMEEBUQ^ CX&iGlS' GLADLY ACCEPTED li &} 

■L, . oMIZ.JSt; Bn. 4» ' '' 


ments, especially when very 
large components, such as a 
ship’s propel lor shaft or the 
necks of large roils, are treated. 

A symposium “The Cost 
Effectiveness or Sprayed Metal 
Coatings'’ at the Europa Hotel, 
London on October 5 provides 
an opportunity for .designers, 
managers, production engineers 
and maintenance engineers to 
hear of actual experience with 
sprayed metal coatings including 
details of the enst savings on 
specific components. 

Papers will ‘ cover aero gas 
turbine manufacture and main- 
tenance (Rolls Royce. Aero Divi- 
sion j railway locomotive engin- 
eering (British Rail Engineer- 
ing) and mining practice 
(National Coal Board). 

Metal spraying contractors 
will contribute costed case- 
histories on tbe protection of 
steel structures, process plant, 
paper making and converting 
and other engineering uses. 

The programme and enrol- 
ment forms are available from 
The Association of Metal 
Sprayers, Chamber of Commerce 
House. Ward Street, Walsall 
WSJ 2AJ; (09221 25671. 

• HANDLING 

Loading can 
be safer 

A PROBLEM that can arise with 
marine loading arms— the 
powered. articulated pipe 
devices used- at terminals to 
load/unload liquids such as 
hydrocarbons— concerns the pos- 
sible over-reach of the arm (be 
u for tidal, drift or operational 
reasons i and subsequent damage 
to the ship's manifold due to the 
application of an intolerable 
bending moment. 

An envelope -required to ser- 
vice ships using a particular 
installation is contractual 
between supplier and purchaser 
but it is not possible (states 
marine arm maker National 
Supply Company (UK)) to fol- 
low the boundaries of this 
envelope by the current method , 
of using limit switches. ; 

The company has. therefore, * 
designed a new system called 1 
Computalarm making use of an i 
analogue computer. Three < 
angle resovers are used to deter- •; 
mine the angle of inclination of * 
outboard and inboard arms and 
the angle of slew.. Using the sen- 1 
sor signals the computer con- I 
tinuously calculates the arm-end 1 
position and compares this with t 
built-in iiniits representing the c 
contractual envelope boundaries. c 

The bounderies are adjustable . 
and form the sides of a box a 
shape laid down in the contract. 
Three such envelopes can be pro- I 
vided in the computer memory ' 
and an electronic scanner will l 
sense in which of these the arm i 
end lies. In any case, if the- arm < 
end crosses any boundary an e 
alarm sounds. ... a 

National Supply Company is at 
C haadle Heath. Stockport. £ 
Cheshire. SK3 OSA (061-428 I 
0755). E 



m MAINTENANCE 


Cleans the engines 
as they run 


NEWLY set up m London by its 
Norwegian parent, ivar Rivenaes 
is to provide tbc equipment, 
chemicals and know-how 
required for the R-MC con- 
tinuous diesel and g3S-turbine 
cleaning system, of which it is 
(he sole supplier and patentee. 

Initially, all hardware and 
cleaning fluids will be supplied 
from Bergen; but in due course 
manufacturing plants will be set 
up in Britain, and the whole of 
West Europe i except Scandin- 
avia). including ail offshore oil 
rigs, will then be supplied from 
London. 

The Rivenaes Motor Cleaning 
System (R-MCSl removes carbon, 
vanadium oxide, sulphur salts 
and atmospheric impurities from 
the Internal surfaces of engines, 
without harm to engine materials 
or cylinder lubricants. 

The non-flammable and non- 
toxic fluid employed is a 
bio-degradable surface-active 
mixture of tertiary amines and 
high-boil ing-poini tar acids 
dispersed in highly purified 
water. When injected into an 
engine during normal running it 
forms a film over the inner 
surfaces of air-charging systems, 
compression chambers and 
exhausts. The active agents in 
the film break down any deposits, 
converting them into a fine 


• SOFTWARE 


powder which is swept out with 
exhaust gases. Corrosion inhibi- 
tors in the fluid then coat the 
clean metal, tbereby inhibiting 
the formation of fresh deposits. 

There are three sizes of R-MC 
apparatus which between them 
cover the whole range of diesels 
and gas-turbines currently pro- 
duced. Installation involves nu 
more than fitting the necessary 
injector nozzles — usually in the 
air-intake of a gas turbine, or in 
each turbo-charger of a diesel. 
The number of injection points 
and their siting also depends 
on the degree of cleanliness 
required and the location of 
deposit ■* black spots " in particu- 
lar engines. 

Frequency of injection varies. 
In operation, soiue engines need 
an injection every 48 hours, 
others only one a week. Benefits 
occur in two main areas: tbe 
removal of abrasive and Ham- 
mababie deposits prolongs the 
life of components and the 
periods between overhauls, while 
improved thermal efficiency pro- 
duces significant savings in fuel. 

Many operators have found 
that overall annual economies 
can exceed the cost of installing 
and running R-MC. so that tbe 
whole capital outlay can . be 
written off in one year. 

Ivar Rivenaes. e/o Norway 
Trade Centre. 20 Pall Mall. Lon- 
don SW1Y 5NE. 01-839 4607. 


Better network operation 


Diamond core drills have 
helped to solve a difficult prob- 
lem on Rotterdam's Koning- 
shaven bridge following an acci- 
dent involving a bulk carrier. 
The :56-yearold lift bridge had 
to be closed for repair, creating 
major traffic bottlenecks and 
prompt action had to be taken 
to repair two 250-tonne counter- 
weights made of reinforced con- 
crete which balance the bridge's 
centre section during raising 
and lowering. Suspension cable 
anchoring points projecting from 
the counterweights' upper faces 
were badly damaged and had to 
be replaced by new S8mm 
diameter tension bars fitted into 
diamond drilled holes. Sixteen 
of these, 120mm in diameter 
and 3.5 metres' in length were 
drilled using Diamant Boart 
DB300LN drill - rigs driven by 3 
bp electric motors one of which 


is illustrated. Speeds were 
betweeii' 400 and 900 rpm and 
average . penetration rate was 
4.38 metres per eight hour shift 
The penetration speed would 
have been much higher but for 
large sections of reinforcing 
metal which caused severe core 
barrel jamming. Adding to the 
problem was tiie fact that dril- 
ling had to be carried nut while 
the weights were positioned on 
hoisting __ platforms some 70 
metres ffigh. inside the bridge 
towers. Limited clearance made 
the setting up of the drill rigs 
and the extraction of the cores 
extremely difficult. Coolant 
supply. ■" was also complex. 
The core drills contained 
25/35 1 - _U.S. raesh natural 
diamond. Further from De Beers 
Industrial Diamond Division, 
Charters. Sunningbill, . Ascot, 
Berkshire. 0990 23456. 


A DATA coraraimicatioos plan- 
ning tool called MIND (modular 
interactive network designer) 
which will automatically create 
least-cost line layouts for cen- 
tralised networks is to become 
available in Europe following a 
marketing agreement between 
Nelwork Analysis Corporation 
of New York and PA Computers 
and Telecommunications (Pac- 
tell. 

The user, who accesses U.S.- 
based computers via Telenet, 
first establishes a data base on 
his existing or planned telecom- 
munications network by enter- 
ing the geographical locations 
(in latitude and longitude) of 
the computers, terminals, etc. — 
the node points — together with 
such factors as traffic between 
locations, tariffs, and the re- 
sponse times needed. 

A module of. MIND will then 
design the least cost network, 
that is the precise way in which 
the nodes should be linked, and 
store iL 

Apart from establishing the 
cost of a given network. BOND 
will also determine which ter- 


minals should be connected lo 
which concentrators or multi- 
plexers, and the cost of increas- 
ing (or decreasing! the line 
loading, traffic or number of ter- 
minals. 

As well as printing out the 
cost of each point-to-point or 
multipoint circuit, with totals 
that enable checks to be made 
against PIT bills, the system is 
also able to perform reliability 
analysis in terms of tbe reli- 
ability of its components and the 
manner in which they are con- 
nected. 

It then becomes possible lo 
predict lhe percentage of time 
that a device in tbe network will 
be able to communicate with a 
central site, nr where back-up 
might be needed to ensure 
adequate reliability. 

Another part of the software 
v.-jll analyse the effect of varying 
traffic patterns, line control pro- 
cedure and message length and 
will examine tbe network’s 
sensitivity to variations in load- 
ing. 

More from Pactel at 33 Grey- 
coat Street. London SW1P 2QF 
(01-828 6374). 


GENERATING SETS. 

For prime power, 
standby, and the 
construction industry. 

Data Electric of Great Britain Ltd.. 
Electricity Buildings, Filey. 
YoHks. Y0143PJ.UK. 

\Tel: 0723-51 4.141 Telex: 52163/ 


• COMPUTING 

Distributed 
System 34 

ENHANCEMENTS lo the System 
34 computer, including a com- 
munication support feature whicb 
improves the computer's versa- 
tility in distributed data process- 
ing have been announced by the 
General Systems Division of IBM 
United Kingdom. 

System Support Program Inter- 
active Communication Feature 
(SSPICF). provides the founda- 
tion Tor ;i nelwork of multiple 
System 34 computers to com- 
municate interactively with a 
host computer. 

Wirh SSPICF. a host computer 
can initiate programs in the 
System 34 and multiple users on 
a System 34 can share one com- 
munication link. 

Cbbol has been added to the 
three fully-sunportcd languages 
(RPG H. Fortran" IV and 
Assembler!. ” ' 

A magnetic stripe reader pro- 
vides computer system access, 
security and inventory controf on 
the manufacturing floor. Cards 
with magnetically encoded stripes 
arc inserted into the reader, 
which is attached to the IBM 
5251 and 5252 display stations. 

other facilities include the 
provision of a. multinational 
character set. an OCR A fount 
and improved software. IBM. 
101. Wigmorp Street, London 
W1H OAB. 01-935 6600. 


• AUTOMATION 

A mattress 
a minute 

A FULLY automatic spring 
assembly machine comprising 
six integral modules which, 
produce the assembled interior 
from coils of continuous springs, 
is said to turn nut up io 400 
mattress interiors in one eight- 
hour shift. 

A particular feature of the 
machine is the pre-delection of 
various potential faults through- 
out the manufacturing process, 
followed by automatic shut down 
and indication of fault location. 

Continuous operator attend- 
ance is unnecessary and reduc- 
tion in manufacturing costs is 
promised, says the maker. Mulli- 
hist ic. 547, Buxton Road, Great 
Moor. Stockport SK2 7HL. 




We 


What itb like to be a small company 






TODAY, we’re 1 Europe's leading' lift 
. truck m anufecrurers . But baefcin ;the 
1 940 s, we were .very small indeed. ;Sp we 
know die kind of problems small-' com- 
pames have "to face, because wtfsze lived 
through them ourselves. 

Arid one of die toughest of those prrob- 
-Jems is the choosing of new equiptn^nt. 

Tor cut-*price equipmcnt ran .end iip 

j ammin g' .your production. White.iir ihe 
Ofcr end'oF. tfifc price-scale, .votfii.be 
jyiijg up capitafyou probably nccdCAhd 


whatever you pay, if the equipment isn’t 
just right for its job, you could be in real 
trouble. 

' If iris a Hft truck you’re after j Lansing 
can help. Because we offer you not just a 
truck, but a total package. 

Moneywise, .you don't have to buy a 
new Lansing lift truck. You can rent’ or 
lease, or invest in a^guaranreed rebuild. 

• Truck-selection ? Lansing’s range is 
the largest, so you get just the righttruck. 
And with Lansing, you also get Britain's 


best product support,' the finest driver 
training- and usefti I free advice on mater- 
ials handling and on planning for future 
needs. . k 

So Yv'hen.vou compare Lansing with, 
some other truck .supplier, make sure 
you're comparing not just trucks, but 
our total package with theirs. 

To get tiie full, helpful story, phone 






lI&MfiiLiL CM!? 

We do more for you 



. bei'swlwtitwaslike to beasmall company. 


01-98-2000. I 

Mru onh: or-f*)} 4*?^ 1 
14 1* Rcdditch ; osz y 20773. 



12 



BOOKS 


SUnancial Times Thpr^y ^ 


BV C. P. SNOW 



— should be ki*p[ m prim, and if himself and If possible to sleep. 

Samuel Beckell bv Deirdre Bair. sn. ilio.’e minor irritations could He seems to have shown not 

■lonalhan Cape £8.50 736 pages he removed by a couple of hours much introspective insight into 

of editorial attention. his own state, and the people 

nr Onirri re Rair ha-, nmduced Berkett vra« born in a fairi* round him. including doctors. 
v.-hjt'u almost certain iS remain prospermi? Protestam family, were not. helpful. Anyone. who 


the ino*i 


thorough record of middle-class Anglo-Irish, father had kept his eyes open would 
J ]ifc. Beckett running the family firm. havp seen similar a mictions. It 


SjiuucI Becketts lire. Beckett rummi-i «>«-* '«"«»* «n». *“ « 

himself to'd her that he would Beckett s mother played a vio- is now obvious that he was seised 
vither help nor hinder. He wiil Ion My dominating part in his by a blend of schizoid withdrawal 

* ■ ,k lint! I L a . a 4 I ^ rtliii' OOVIAtlf TfttC iC 


This is 


pr*aimablv sav the -same lo existence until he was middle- plus depressive anxiety 
anyone who attempts Lhe job aged She was strong-willed, not uncommon, is wretched to 
a’ain In anv such future bio- sternly and obsessively loving, live with, and often leads lo 
"raphj there ire bound to be determined that Beckett, the something like total apathy. It 
some* corrections to Dr. Bairs, second sun and from childhood seems lo inspire protectiveness 
and a few addilioos. Not many, ihe star of the family, should in others, and Beckett for years, 
one would aucss. The factual also take his place respectably when he could not respond at 
substance of’ the life has been in the lamily firm. Some psychia- ail. was still admired and loved, 
carefully hidden: and. in an trisis have seen his fate deter- The affliction is not uncom- 
exiernal sense, n has not heen mined hv his mother’s pressure mon. What is uncommon, of 
h' hf,. specially rich in dramatic and this bitter conflict. IF one course, is for it to co-exist with 
events lakes a arimmer view, his nature a powerful if tormented creative 

Dr. Bair has lucked her way WllJ such that. ’without her. It impulse which, struggling among 
through d 11 ihe difficulties in lhe would have discovered fatality the inadequacies and the pain, 
lf.'t American tradition. She is iomewher*- else. wanted lo express some truth 

a hit of a lie ro- worshipper, but As a boy, he was reserved but about (he human condition, 
she needed to bv. Thte bunk is good- looking, attractive, gaining That truth had to he lhe inner 
it ip work of - cars or interviews, prestige ;■« school and university voice of someone near an 

ir.r.ei. following half-clues. dis- by his skill at games. He played extremity or our condition. Hence 
entangling mystifications. She cricket with success for the Beckett’s attempts, false starts, 
hax lived under ihe influence of univor«i> and has. as one of fugues of demented behaviour, 
an American reverence for the his plc.i*ing oddities, stayed literary rebuffs, abject poverty 
Parisian expatriate school of an. devoted so the game ever since, for so many years this family 
hut she has preserved some He nui«r have studied his W is den could have kept him comfortably 

literary independence “f her as a hoy. and frequently read, afloat, but his mother forbade it, 

(i 'ati She has good human jude- as ihe result of a first-class since she required him depen- 

ment. uneensorinus. frut also fixture, ihe knell-tike phrase dent upon herself). Occasionally 

unsentimental. She has a nice “ abandoned without o hall bclnc he had intermissions when the 

accurate much with trull social bowled" For too long a time, depression lifted — usually when 

gradations. that might have been one of he was in Paris free of his mother 

Deficiencies — she u nut so his own statements about his or had received some literary change of the two principals in from the 

accurate with English social own lire. understanding or when the war Endgame than any marriage through the 

usages, which since Beckett went Trinity I'nllegc Dublin wanted came and he did some courier known to man. None* of that was ness outside 
tn a Protestant school on the 10 keep him as a don. He has work in the first months of the a l the depth of his nature. There difference 

English pattern and m T C ]) always had a hish-c'ass academic Resistance. Before or since, any he wanted to express that man’s picture wasn’t so 

leads her into Mime gaffes, both intelligence, perhaps blinkered kind of political activity, or life is of necessity absurd. He was supposed to enjoy 

about his education ’ and later, but penetrating and scrupulous, external activity whatsoever, has toid us that from birth it is lighted halt. 

She writes vigorous!} but *omc- This has been pari of his seemed to him trivial and point- nothin, 

limec •.• iihruit precision. Ethna creative equipment, and has less against the ridiculous horrors usually 

Mac-Cart by — for whom Beckett given hint some of his strength., of the extremes of the human Strip 

had a young man’s adoration — However, as a ynunc man he condition as he knew them. But make 

“literal/;, flew in flic face of could not fit into the academic he is not all of a piece, and for tions. the comforts and blandish- most of the time- Lt provokes one. 

convention." on th e model of life. Ho could not fir into any- a couple of years in the ments of the ’ flesh, then the into a psychological argument.: 

Oladstoru* being, literal!} glued thine. He drank like an Irish- Resistance was both competent ultimate absurd loneliness is which would take too long here. 1 

tn the front bench for nine years, man— and continued to do so. and bravo. what we are left with. There is It is enough to say that though 

Similarly «h.» is not precise about Otherwise, he relapsed into His relations with women have nothing else. That is Beckett’s Beckett is often regarded as a 
money She cues dollar rqniva- hebetude. lie had a variety of been as dislocated as the resL honest vision. It is rather like disciple of James Joyrc. he. 
tents for sums in >»ld francs, on psychosomatic illnesses, and Occasional pickups, one or two the old Nordic picture of man’s became a writer different m kind ! 

quite different scales, most nf again those have continued, affairs, a marriage which seems life being like a bird flviiu above and. to me at least, much more- 

them wildly wrong. This hook He simply chose to retire into to have been more like the inter- the diners in a northern hall, interesting. 


BY CHRISTOPHER JOHNSON 


_ . wait Whitman, this is based Kosdratit; 

Christian names cvcle. although’, -he . : falls ^ 


The World Economy-- History Bestow is an optimist jSffe 


sacarsw Sr^T-Srl SSSS 3 

Z T- *«*} constraints, and iWOs were •an’tipswing.^ 


When Henry Ford ■ .said, natural resou*«. ten , a downswing, in- the Cycle. Thj 

■ history «s hunk; he could' pollution. an J American is followed by. a short and ui 

: hardiv have foreseen that a sions, is on P{?diciauie ** ^ 


, , . .. . . , tfrf-hiLhmwt lines, and satisfactory section.- on shbrte 

leading economic historian would liberal Establish®^ ^ gQrt of ^^ess cydes, . which ah 0l il 


take the rise of his Model T us does not even® wgtorical surely have been integrated hit 
a key factor in the history of questions ; “the reader’s the account of the, longer trends 

world economic growth. The material prompt* Then comes the economic hlstor 

emphasis on new products, tech- mind. -ronoiui^ growth of 20 important countries; wit 

□ological innovation, and leading Was the rapid e ^ a once- valuable statistics and charts, b u 


sectors is the hallmark of after Wor ld 
Rostow’s approach. It is. as 


° f JSS 1 ., abSiraJon from a longer rather scfappy marrative. 

!? e of slower growth. Rostov has drawn upon 


rf/iwui.u. Uv . _ , j 

: claims, a useful corrective to. hist °" C fhP whole "p'rocess been wealth of other sources for' hi 

□OS luc n If M.i|. jJImi 


the macitkeconomte ^ 


ih Keynesians and monetarists, ^Vniotorvehicles, steel and. m ents do’ duty for bis owt 
en though ne imermittenUy rodds. n>° l0 ;. erc some or the Although the book ‘« over «oj 
s in abandon n to capture sectors” of earlier pag es long, raujeh/spae* M take 1 

tas he rather too frequentiy puts n Ks of economic growth, what up by. the 275 tables, «7te to 
itMhc vastness of his subjecL: > Pj® 4 -® 3 0 heir equivalents in the and i 76 -page* of laqpj^nln 

ftr.dou- hofits a former .will De - i n advanced appendices, notes .aftdmar 


Rostow. a*; befits 
Snecuil Assistant to 


a former; 
the . Presi- neX . 


phase . 


_ . . |TC , ®.f resi ; societies, will a stage of stagna- The te3rt ig in facrioe ^bert f, 

dent of the L.S. on National SS r 0 ” decline Follow the stage -r os tow 10 be dblqrto^vc’ew 


• * . . ■ *. *r-' v 

' ..»» . . 

; ’ V * • v>‘ •: 


Security Affaire, is not coptent h he ra u s "high mass con- ^pect of his subject : defttiltt 
to t3ke an academic interesf. in g tion o •• • treatment -bteny* topics’’ Whii 

economic history for . Perhaps Roslow- is ultimately one might. Had in , 

saxe. He has been criticised -by - overwhelmed by the richness b ok 0 f ^biSSi. Tt»er are W 
some of nis less ambitious acade- variety of his material to covered; for-exampTe.-economi 
mu- colleagues for *^Fl n 8. t° impose upon it the. coherent history before -the, Jite. 18th rer- 
impose patterns on ^metimes rnt Slectual framework ttat tury . murtiaatiortal corperation; 
-dubious statistical senes., ralher wou ] ( j be needed to give confi m oney and. banking- 4 r:-; . f 
. Arnold Toynbee wasjakeii-to deat answers to The WOrhTErtScmi^ hy it. 

He has . really scope and . pretensions invite? . 


» ‘ia$k for bis Studn of History: 


Samuel Beckett: medium pace playwright 


jr- ivj —Mi. m; ■■ . u. has really — -- cpnna 

His earlier work on the stages -different books, reflecting five ' 

.of economic growth made much, different ways of writing econo- An j^uiro into t#W >*otore 'em 

of the by now overworked. Von- mte history, and added a post- r<aiiiu „ t +/,_ ... 

...M n C <> ♦..trojlff” OltOBar ! tha flltllTP f 


econo- comparison 'with: 'Adam Smith’ 


«ake-off”. and V.^ 5 . OgJ- « ^ W “‘* • 


.. . . cepi or laxe-on . ana suggest script about me luiure, uu «u n« ^ 

h .ilh^fn.n #hl r SSk ted a sometimes fruitful parallel he has already promised to write H? 

he light into the dark- ■ netween ^ ma j or Western a separate book anyway, 2SSrf2f^’’hSSKV-WiJ2? ’' 

f ,d ” f^! Q ‘,hI h countries in the first half of the Th e first two books cover S 

to be little connect- higSr living standards: and his 

k.iu'un mf ihanrc nf growth • nrices process 01 economic- growth that 


there seems 

■ l.«. .1 -,rl 




Enjoying 


the description of 


Tune 



JUKT 

To map 


BY REX WiNSBURY 


Fiction 


—— release from really 


iijto dccadejn whidi its maturity 1 1 


Soldiering on in Singapore 


■The Fifties by Peter. Leins. mythoTogv. ‘ " ’ he rald to have tnDy begun. 

. Heinemanh. £7.50. 256 pages The book has one weakness. Worthy of the timest Fleet Stree it 

.1 V, ,1,1. I, farliinalslu 


* 

- t-V. 


BY ISABEL QUiGLY 


Were the 1950s anything more 
than 2 consecutive set of fbur 


i Of UUUN —J — - ,7 - — -- - — : • • , -t, - 

" It tries to straddle the Atlantic, hack, .tills is fortunately na» }\ Sf 

2 nerbaps for marketing reasons, tmical of tte whole. - L 

i n an attempt to sell on both For like Proust’s bun. even tin ' 


i uian 2 consecutive ^ u* attempt to sell on born ror ince rroust s oun, even iai - 

digit numbers? Or a convenient .. of tbe ocean. But it means opening page of -pictures, frill 
book title? Probablv noc.m the le3rt j um B S uncomfort- petticoats revealed on a roller 1 ! ! 

■ nr niQtftrlMl 1 . . . _ ....... . .J on alnml* mnch»nnn»»» * 


r 


B W.!n n ?/W' fr« ram * committed to' of du^rrnd SSTtf period^ iSc^ih^ ~j MJJ& W 

- " 5 - Ifl “ pa "'- b n P /n C r UC tL a , ,c. f , o i HSS^uTli!! 1 i . nfo ^ ialion ^ at people, the charmless, arrogant everlastingly himself, is just as IJ^^Sck or judgement (one either side. Obviously, there was _ It wenr 


^ n .A?]\ with .,P are . nt ? fotall ¥ . Singapore Grip is a long war Singapore seems almost Besides, it means a loss of the • ably. to. and fro. never quite coaster # Md “ JSSf' 


Tiie 

¥ 

son 


c Singapore Grin b’. J <i p r,s3essior,i or the usual world- times there scarcely seems room British-abroad in that particular everlastingly no one: his reac- 
■'arrell? W®i(tenfeld and Nicol- ,.* vc , a r,c - lif - e '” r . , u for characters to breathe, part of the world, in those tions are neither those of his 

on. £4.5*3 558 ru-cs , , mean ' n ?- in wh j ch A « if he were writing history- particular circumstances, whom time nor those of any other t is 

— - . emblems play a part in everyday the author Dives a hiblinpranhv Mnnihim .inri in annthor u-a\* hfl ehoplrA/l at this 0 arfiitlnmwi 


The Master .Mariner (Book 


doin; 


every 


hardiv ever knows which) the 
book came out within four days 

everyday the author gives a bibliography Maugham and in another way he shocked at this? aceuslomed . ”T, 5 9 r ®.^f 
action has a of over- 50 books and acknow- Forster caught so well. to that?!. anna -na s 


either side. Obviously, there was "it went on oeauimjny ai 
much in common: but much that Woomera?) ; unlod«tne memory i A fjj : 
was different , bank— Teds and Dockers. fc>ahL ^ 

- ■ _ . \or can one easily forgive and Suez, ike and Nikt Dors and 

mg m London ^ crash of clicfies in u, e flna l Dean. Philby and Cnpps tanks- pVpJ ^S | 
s. Travolta-ied, sentence — “Thus. anxioUflly. in- Budapest and Tiarks in v.\v v vt 


auim .-.jiu cenience — lnus. aoxtopaiy. ««« ‘““w 

murh. !he . nos ;^ boora VS helplessly but stiU hopefully, the London.- - AH . in aU. a good 

lilU.ai , .— | Bnnn And TillS bOOk . , > At - a uollnw 



INDICATORS 


Aft _.„ nh « j-r “ nil slorc. usi- siivccvu uii^ iriuea m- action ana cpisoue. 

r,, r,?mnrn r " Z" "h* fflU RnV S In8 his sources in this way there’s a sense in whico fa ntas> taken as a straightforward I’ sort" "of" 'time - machine i 

Fiinatl find lire is highly ^suggests too studious an demands realism (the realistic adventure story, with Matthew . traveloene glossv urban- and 

novelist, too accidents to convince one of the at the centre or nn the fringe of : humorous in a colour supplement 


lUite MS -jonri ac \mi fee! * h J «Ti S w d pi« e » deliberale an allllude In re- fantastic substance). But gene r- creat events. Violence is’ laid I ^Vt aV v av * ft reads well So it 

lualmes should make it. mfrtiire^nf^h.. <oarc ' 1 * Every page is filled with ally, and at a stolid level like on with too much zest for mri should capture two markets at! 

how >t falls short of its anri m ,Sh a l , whl-n hir 5 cls and figures, opinions and Nicholas Monsarrafs.jio English taste:. Lhe horrors of P*rate ! ^ne po^SSe who Hike the i 

' - ' J — * v 1 1977 

2nd qtr. 
3rd qtr. 

tapers its material, discards, certainties are blurred, the world commercial, historical. who doesn't die. Spaniards they la> hands on. [ hav* bwn^like^if'thev had'^nly I **1978* 

™.irr;e;m““;h T !^..ir" D nd Si™hSSt i. T h ,u«»?“ r ™“Sif: i;r««h . d tta, ih. kudu-vS”***? ”2ss**n* -umfx «f , i« <,« 

temperamental. In the pub- she settles more or less into the JISSiSIh >nH«nni»ti£*c 2S? \ ( 

hsher’s handout ir is called old patterns— (hough not the SSilHSj a °^ a ^i i rJi me ‘,:- lh c 2 

“openij 
novels 

matter, but here things seem not hours, gossips 


industrial production, manu- 
facturing output-engineering orders, retail sales volume (19T0- 
100) ; retail sales value (l?n^lOT); .registered ^emplosment 
(excluding school leavers), and unfilled vacancies (000s). Ail 


ndon ( 

Math 


squeeze, almost as exactly tahty as a punishment for novel that has been highly [ studying Wittgenstein and" that j 2nd qtr.' 

im K «ith a cowardice in the face of the nraised by. among others. Philip* amourous Latin poet with the; April.. 


handout it is called old patterns— though not the strangely dreamlike air so Anna da. Matthew La we turns up. Roth, fts main character is a; long nose, as a logical prepara* J Mav 
y autobmcraphical. Some relisious comm Ument— knits t0 tallv at variance is their an eternaI j_ n each episode highoowered journalist tn the’xion for the swinging '60s): and ! June, 

have .shown this neean t lacej jeiseys with her neigh- absur ’ d wav of t h e —north west with Hudson, to the world nf journalism: but a maojibose who were not even alive j July’’ 

thin ?« seem not hours, gossipy and giggles. <ii saster a bout to sweep it a wav c ? ribbe a n witb Morgan’s pirates, sti’i able to respond to others in (then (or onlv justi and now have ” 

*7 - >:,s urbed. not quite, or not adapts asam. This home part is p Qr . cj n c.j. Dore , 0n t h‘e with fepys at the Admiralty, a direct and personal way. still' money to spend on fashionable 

Mi^h. transmuted into art the best, the family described f th Taoanese invasion At,an tic fishing in the early ISth a human being. Wiile consider- ’recreation of a decade that to 

S , i,nd se,f ' J 11 ! ' enderness - routines everyone te totaUv ute centur >’ and v °y aging with Cook ins a piece on death he meets an, them is just hlstoiy. Elvis died 

.^cimtene.v' that belong too perfect l jcoiyured life in the nrpn . rpf > * in the later. Nelsons right-hand 18-year-old girl dying of cancer, [opportunely— from "a commercial 


V BUJUJl 

IndL 

prod. 

vui 

Mfg. . 
output 

Eng. 
order ; 

Retail 

vql. : 

Retail Unem- 
value ployed 

Vacs. 

105j 

102 ^ 

106. 

l(tti 

22241 : 

1 430 

163 

1083 

103.4 

106 

io« 

2345 

1,41B 

151 

10 L0 


106 

-104.4 

239A 

1,031 

157 

187^ 

102i7 

‘ ’. 98 • 

106> 

246.0 

1.409 

188 

110 ^ 

104J". 


108.0 

. Z54L2 . L367 

213 

11 LI 

104.7 

: - 104. 

106.7 

250^ 

1,387 

204 

110.0 

103.1 

117 

198.4 

2533 ’ 1.366 

' 210 

. 111.4 

10SJL 

V • ■ 

108.7 

257-3 

1|365 

217 

111.6 

105.1 

i 

11 M 

lil^ 

206^ .1371 
‘ , 1,392 

211 

209 


cnou 
Tli 

lu° p r rreei ;- v L ' L,, i Jureu v '" e ’ n orepared " ' ““ !n later. Nelson’s right-hand 18-year-old girl dying of cancer. [opportunely— from a commercial 

. - ’’ fai:t ual lire. i'i the alien atmosphere of the Grange ^ ' man till Trafalgar — and there we and a loving, oon-sexual relation- point of view, a perfectly timed 

hved pj,i. ire nnt sloughed off seems less exactly, less feelingly J. G. Farrell won the Booker leave Book I (Book II js to bring ship springs up between them — 

entirely. Still it has its moments remembered, or at least set down Prize five years ago with another him up to modern times). There's a Int more in ttrsl 4 . * 

M startling light, uuth. insighi: with a twinge or whimsy, self- remarkably researched novel. Artistically, this doesn't work, extremely close-packed novel.! /V'l / 1VI 
3,1 d<?3lin t. WMh human consciousness, nr something that The Siege of Krishnapar. and Virginia Woolf’s 'Orlando is some of 'it moving: but fn me it Uv/v/f' If f 
relations, with the meeting or borders on both. The writing is clearly has the ability to pul one thing; an ordinarily- gives a feeling (though this mav 
*' r »ul s On rhe purely social .»r strong, delicate, and I think will himself not just inside other envisaged fellow who happens to be partly the idiom, the unfami- 
dnciiiuentary level it is less be memorable: moments stick in people’s skins but into the whole have a dark secret (he’s, would liar fashions) of soFt-centreriness 
sucreiM m. ihe mind, odd phrases are a ambience of another time and you believe it, *200 years old) a rather too easy, too glib use 

Penny i> a child of the Saha- delight. place than his own. Today pre- another, and quite absurd, of large themes. 


Africa 


BY RACHEL BILLINGTON 


Downbeat don 

Jake’s Thine hr Kin^k-v \mis P h >' s ' ca ^ defect. To put it more The only time* Jake manages 
Hutchinson. £4.95 ‘Isn pa-c, ' ^ v Ji ipa . l i) e ^ calIy '. he ls having to struggle out of his slough of 
1 difficulty in coining to terms with ennui is when he gets so drunk 


ferable virtue of a regard for 
women. 

— , . - - — gets so drunk Jake is left alone. He has not 

Jokes Thing turns our to have 3 feminine age in which the role that the following morning he bartered his principles ' of 
a serious purpose. This is just of male chauvinist is no longer can remember nothing of it. His superior intellect but his life is 
as well since the comedy, thnuch acceptable. The message is not hangover, on the other hand, more sterile than ever, 
always hnllidniij, observed, a funny one. dominates the book for quite Throughout the book the voice 

twitches the lips hut turns sour Sex has always been con- some time. of dissatisfaction with modern 

before it reaches the palafe. sidered a sate way to raise a As a serious book, Jake's England is heard loud and dear. 

•Take Ttebinsnn is an Oxford laugh and excite the reader. Thing is much more successful. There are the dreadful journeys 
rtnn. He is sufferin'! from a Unfortunately, the book is so In a neatly engineered climax across London: 
diminution nf his libido — not persistently told through Jake's (of a dramatic sort) during a “Every 6-7 minutes was how 

justified ihe ihink.si hv his 59 eyes that his “general loss of country weekend edition of his 
years and his fat wife. He begins drive" communicates itself all group therapy “ workshop ” Jake 
a course nf psychiatric treat- too well and finally atrophies passionately rejects all his 
ment which include-, having a the mind in a blanket non- psychiatric treatment: 

"nucturnal mc.isurjlnr ■' hung tilillation When Brenda, his “I don't want to hurt your. 

11 n bis i hi nc at nichi and a fai wife ivho has just lost five feelings unnecessarily or say 


public siiimiiatinn session with ounces with "Guzzlers Anony- 
erntic material However it im:ms’’i complains that he goes 
cradually becomes clear in him through their proscribed “ non- 
■ hat this is doing nn good and genital sensate focusing session” 
to us that hi> problems stem a* if he was “ grooming a horse ” 
ntero from his selfish, unloving or “pumping up a bicycle tyre” 
aitilude in women than any we share her disenchantment 


often 127s were .supposed In 
turn up at the stop ’ by the 
Orris Park WouVwurthS. so to 
be given the choice -of two 
after only io-j i was ■ rather 
grand and certainly welcome 
in the increasing’ rain and 
squirts of cold wind."* 



POLLO 


£di*etf by Denys Sutton 


world’s leading 
magazine of 
Arts and Antiques 


Published Mcnrhi/ price £2.00 Annual Subscription £25 00 i Inland). 
Overset; Subscription £28 00 U$A & Canada Air assisted S56. 
Apollo Magazine Bracken House. 10. Cannon Street. London. 


ECdP4B7. Tel 01 - 2-18 8000. 


anything I might regret so I’ll 
just tell you you’re a disgrace 

to the medical profession. There is the college meeting 
which admittedly is saying featuring “ the political scientist 
something. As practised by who ran a currem-a (fairs pro- 
you. sexual therapy doesn’t gramme on TV" and “The 
exist.” writer in residence, who had 

His true self, he asserts has often declared that he had done 
never been touched by his treat- no writing at all as yet and had 
Dtcnt. no plans for doing any while in 

It has. however, affected him residence.” In some ‘ways this when applied to Oxford, drink 1 



BY RICHARD HALL 


David Livingstone: the Dark 
Interior by Oliver Rans/ord. 
John Murray. £8.50. 311 pages 


Kingsley Amis: r*o joy for Jake 


in a way he hadn’t realised. His background material is more or the decline of the quality of 
*iL e . A 00 ? and a half stone vivid than the foreground,. Here life. In general, it seems a pity 


Ifghier) decides to leave him for-is the strong Kingsley Amis that Mr. Amis chose to tell ‘the 
a mutual friend who. though not voun. tragic tale of the declining male 

possessing an Oxford don’s Or perhaps Jakes -genera! with quite such an unsym- 
iniellect. has the infinitely pre- Joss of drive” is less dampening pathetic protagonist. 


Lost Suffolk 


words, a manic depressive. 

1 1 is a fair hypothesis. Any 
African traveller a century ago 
needed to be somewhat mad. the 
death-rate being so high; 
Livingstone trudged further and 

, for longer than any of his rivals. 

Men of Dumtich by Rowland development of tho lost Suffolk of the Exchequer among others. ! l,n ^ he ^ply keeled 


BY JOHN FALDING 


The challenge of Africa well 
matched the mid-Victorian mood. 
Having achieved much in a few 
decades to uplift its own poor. 
Britain feJt well able to lend a 
hand t 0 the heathen. David 
Livingstone, far more than any 
other man, had galvanised the 
i country for this task. Although 
[ other diverse influences came 
later, his original call to action 
in 1S57 is echoing still: “I go 
back to Africa to try to make an 
open path for commerce and 
Christianity,’ do you carry on the 
work which 1 have begun l ” 

The hagiograpbers of his time 
portrayed him as a saint. Cynics 
have since branded him as a 
hypocrite, fawning upon the 
cotton merchants of the Man- 
chester Chamber of Commerce. 
Assuming that the truth lies 
somewhere between, can there 
he much to add to the countless 
lives of the indefatigable Scot ? 
Dr. Oliver Ransford. whose 
earlier books prove him a 
diligent scholar of nineteenth- 
century Africa, now brings his 
medical skills to bear to present 
the great explorer-missionary in 
rather a new light He identifies 
Livingstone as a victim of 
hereditary cyclothymia — in other 


OUTPUT— By market seetor: conmmer goods investment goods, 
intermediate goods (materials and. fuels): engineering output, 
metal manufacture, textiles, leather and clothing (1970=100): 
bousing starts (000s, monthly average). . . . • • 


1977 
2nd qtr. 
3rd qtr. 
4th qtr. : 

1978 
1st qtr. 
2nd qtr. 
March • 
April ■ 
May 
June 
July 


Consumer InvsL' 
'■ goods goods 


In tmd. Eng. - 
goods ovitput 


Sfetal Textile Housg. 
mnfg, etc. starts* 


104.0 

m.i 

10L5 


9&2 

99.4 

98.3 


115.9 

118.7 

1145 


. 992- 
100.2 
99.1 


102.4 

108-0 

95.2 


lOO.S 

181.3 

100.1 


105.2 

106.3 

105.0 

107.0 
105 JJ 

107.0 

106.0 


100.7 

i00.6 

101.0 

100-0 

101.0 

101.0 

102.0 


1163 

12L3 

116.0 

122.0 

120.0 

1224) 

123.0 


10L5 

101.7 

102.0 

102.0 

10L0 

102.0 

1024) 


95.4 
109* 
100.0 
' 108.0 
107.0 
1144) 
1194) 


EXTERNAL TRADE — Ip dices of export and import' volume 
{ 1975=100): visible balance: current balance; oil ‘balance; terms 
of trade (1975=100): exchange reserves. 


1977 
2nd qtr. 
3rd qtr. 
4th qttt 
1976- 
lst qtf- 
2nd qtr, 
April-' 
May 
June 


Export import Visible Current Oil . Terms Resv. 
vofuine volume balance balance balance, trade tJgSbp* 


118.0 

1244 

117.6 


109.6 

106.6 
102.7 


^762- 
4-31 
- 5 


-297 — r 743 
4-574 —802 


+507 tt657 : 


1003 

101.0 

102.4' 


119J 
1232 
125.7 
119^ 
-'• 121.0 


July,.-., 

August 


127.0 

125.0 


1141 

109.6 

103.7 
1134$ 
111JK 
115^ 
111.4 


-r812 
-135 
+ 192 
-227 
-100 
-132 
+ 58 


-317 
+ 198 
+303 
-116 
+'11 
- 57 
+ 133 


-648 
-'420 
-149 
— 155 
-116' 
-229 
-107 


FINANCIAL — Money supply Ml and. sterling M3, bank advances -- - 
in sterling to the private sector (three months’ growth at annual v 
rate) f’ domestic credit expansion (£m): building societies' net y 
infltri&'-HP. nanv credit; ail- seasonally adjusted. Minimum : s 
lending rate (end period). . v. 




Ml'- 

M3 

Bank 

advances DCE 

BS 

HP 

MLR 

r ■ 

. % 

% 

% 

£tn 

inflow 

lending. 

*- 

1977 

2nd qtr. 

24^ 

149 

55 

+769 

1J290 

1.047 

8 

3rd qtr. 

28^ 

10.4 

3<U 

+365 

1,064 

U49 

.7.'. 

4tb qtr. 

23 2 

12.6 

8 JS 

+698 

1.W 

1.183 . 

7 

1978 

1st qtr: ■. 

24 3 

23^ 

17 JS 

+ 1,791 

1,049 

1.260 


2nd qtr. 

: 8.5 

15.7 

24.7 

+2,869 

694 

1^93 . 

10 . 

April 

' 18.7 

244* 

12.6 

+ 1,432 

335 

463 

: 7 . 

May 

13.1 

17JI 

18.3 

+1.128 

212 

471 

9 

June-'.. 

ts 

15.7 

24J 

+313 

147 

’ -459 

10 

July • 

94* 

9.5 

35.1 

+ 114 

200 

458 

10 

August 

; Si 

1^ 

15.9 

-276- 

'200 

10- 



ssjs ssr^-a $ an, 

We reach the fullest eader- England's meat preaperaua. Little .a 0 tSg 


nver. 

Only death stopped Itim walking. 

The author has followed 
Livingstone's tortuous trails, 
through Ihe forests and along 
rivers. In spite of being 


an 


standing of our past, and derive remains of it. the sea’s succes- ~~ " J l “ e ^ t , 
most enjoyment from it. when we sive ravages having taken their ^jf^ onshl P beUve f n . lawn and 

recognise that our ancestors, most exaettng ton in the middle ^ur ihe „ »"j uneven writer, he does 3ve"» 

whatever their circumstances, of 18th . ce ntury. Duiwicb '^.^ui^tnie fee, of the “ dark interior * 

'X, a " ,hat differe,,t fr ° m BffTUS AldShurTa'Sd ST " "K ; t " 5e h ,'/ ° ! *° - Jhw 

“ ^ sssasvM&wjsssar ^ HssfsS£.ft£S 


INFLATION— Indices of .earnings (Jan. 1970=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1970=100); retail prices and food prices (1974 =ioo)- FT 
commodity' index (July 1952=100); trade weighted value of 
sterling (D®C- 1971—1001. 


■ 'TjBarn* 

ings* 


Basic 

malls* 


1977 
2nd qtr. 
{3rd qtr. 


Wfassle. 
mnfg.* RPI« 


FT* 

Foods* comdty. S trig- 


historical reconstruction usefully 


lltS 
U6X 
119 J 


149.5 

146.4 

142J 


13841 

1424) 

145.8 


181^ 

184.7 

187^ 


18L1 

192.1 

193,3 


50.0 

239^ 

234-2 


1st qtr. 
2nd qtr. 
Feb. ; , 
March 


and amusingly demonstrate? that beneath ihe *4Ves. It is somewhat disconcerting [ now works as an anaesthetist te 

emotions, ambitions and intrigue As in his earlier, equally that, for the sake of chrotlu- 1 Rhodesia He ends his book 
encountered 600 years ago were exhaustive The Common Stream, logical neatness, the opening rather poi-nanttv. “Instead nf! April** 
remarkably s umiar lo our own. which chronicled the growth of chapters uf such a factually-! cursins the darkness of Africa iWay- 

Httman nature also repeats itself, village life, Mr. Parker builds on based hook should be so specula- Livinastone had lit in it manvi June 

it seems. the minutiae of official record — tire. But once the origins nf ihe candles nr hope which were r ” 1 *' 

Th. r " se i s 01,1 tn *i? ne i ! n Th . is lf ro« tile Patent Rolls' and town have been considered. Mr i shielded rnr nearly a centun- by 

the social and icographical Inquisitions and the Red Book Parkers talc takes flight. his country man’s conscience.’’ 


r 




\ 


July 
August 


M 
_ »J) 

mr 

1254) 
1275 
1 . 129J 

■'33&5 


1405 

140.3 

139.1 

142.0 

145.1- 

14641 

1474) 

145,7 

14441 


1432 

152.0 
149^ 

150.0 
150.9 
15L9 

152:7 

153^ 

154.5 


190.6 

195.8 

190.6 

191.8 

194.6 

195.7 
197.2 
198.1 
199.4 


197.3 

203^ 

197J 

19B.4 

201.6 

203^ 

206.7 

206.1 

2062 


238.61 

34227 

2244)6 

238.61 

238^4 

250.67 

24237 

237.05 

21&54 


* Not seasonally adjusted. 


- 





A 




f? 


5r 




■\.i 






fT-x- 


’i?: 


««kv> 5 ?A\ 




'.j!_S 2 S '.•■•■: aa?a 

s* ? /** 


i'd 




5 'Si:-*\ '••< 

6 1 

5: 

itf! jj&aiji 

i'll . , 








■- ^*1sk 

" ' : ^*[^ 




'' 


i;i 


efficient way erf* using EC.GD. services -you 
really should talk with us. After all, we’ve 


vviv 




& 


fc- 






•J k 


i r. 




4 "•* ''* 1 ! 


■'V' 


- '-'¥ >; 


V 




X*V. ••«>:• ’**'<* ** 


Sc 


' - ;". >- rf :. -.-. 


suss* vm 


4fc 




Ep ; 


^ ft 


si 1 l '■:»'! 

?•? f ;aj| «■$? 


v r '• v-^si .- • : aVE^Mg wsaw*!i?»l 


S - ,, . .. 




I 


• : 1 1 1 k 


%T~ 


The Financial Times 




, 'Jpmi 


w. 


•'M>l 


■V ; 




Sfl* 


ai j Itash'- 3 **^ 


• • *• W 

i*& 


A-'t 


Semml 






5P. «* 


<-* 3 ? 


3» 


3 R‘..> / :; 








l»k£ 


NwtrSnarW^Mrf&aUfeva 


Eurocurrency finance. Competitively 

To make sure your company finds 
the bestEuixxairrency terms, joureally 
should talk with us. 

Riraprompt answa; contact Geoige 
Barrett,CorporateFinan<reDired^teL 
London 6069944 tdex8884GLTESTUS. 


I I 


We deliver a complete 
range of international 
financial services. 

Quickly thoroughly 
ana competitively 
To make sure your 
company’s maxing the 
most of its international 
opportunities you really 
should talk with us. 
TESTUS. 


Midland Bank Limited, International Division, 60 Gracechurch Street, London EC3P 3BN. 







Vandal Times TK^ay 



LABOUR NEWS 



*'•'**'. • i ‘ . ' ■ 

Bock report may not settle Trawler 
detailed manning cuts action 

8Y OUR LABOUR STAFF agreed if 

jSHERE WEEB growing indica-- detailed manpower changes that they are prepared to loot . ^ g , 

Bdtu yesterday that, the joint would have emerged- at the overall question of man* f-ra A- n I 

, ■^mon-management committee Both sides would then be able power, but details of job cuts flrfiilvN I ZA 1 1 

'exam i nine wavs of fmnFnvin<j to present joint proposals tb Mr. should he loft to individual wwtailw 


* * 



;3HERE WEBE growing indica- -detailed manpower changes that they are prepared to look . _ t1 

Bdfls yesterday that, the joint would have emerged at the overall question of man* llrrt •S-nil 

, ■^mon-management committee Both sides would then be able power, but details of job cuts 12411 A. 

examining ways \of improving to present joint proposals tb Mr. should be left to individual Aft*-*"* 

the performance, of London’s William Rodgers, the -Transport unions and union sections. t>\Jr 

<XJ£per Docks will not produce Secretary. He agreed earlier this . This could be done only in By Our Aberdeen Correspondent 

kind of detailed consensus >’ car make £35m available to areas where individual unions SFFKiNfi 

od manning the employers were save the Royal Group of docks, agreed there was overmanning, arfrdffv tvawifrmEN nSsitfori • 

.Wing for. - provided there wa. ? in extensive Union officials have also made it Uifve voted S E?SE£ ‘ 

V B .. » ;■ j . . . cost-cutting operation clear that severance would he ’ fla * e v&ted ovdrwhelnuUbiy to carrier. 

The Port of London Authority Xhc pla has been talkins agreed o n v on a volunia™ hasis* toke ^ustrial action if talks to about to 

W XP a G rep S ort a^TdT e bo;h nnofflci.il>’ of cutting between I locai SS^S 

2E1 ITl 2.000 and 2.500 jobs from the agreement on manning reduc- men, members °i with a £2 


Advertising and 


B-Cal I A Campaign that rea 


raises 
stakes 
to £2m 


-.-i? 


HICHAELTHOMPSON-NOEL 




hoping for. ' provided mere wa.5 in extensive 

talking 

"Although it was recognised A Government-commissioned redevelopment to provide new I employment witb a guaranteed The budget reflects consider- weekly but has ^^S^they. plan lo.^uacb - a^oo^ 

that further talks would have to report on the ruture of the PLA jobs. new weekly wage. - able expansion .on BnLsh ! monthly and is expected to -Pusmess weekly 

he held on changed -working by accountants-Price Waterhouse The joint committee meeting L. ^ 1111100 ^ «t the end of Caledonian s previo^^endi- Campwgm.&tt toe remark^iay SUJT j ve None of which wiam the*tei 

practices and manning levels also suggests cutting 2.500 jobs, yesterday discussed relationsbios i Uie year *s. * deadline for de- tore of around £^,000 to nave sma more about ltsrrader-., _ that Caiuoaign itself disrupt GampaignVbtrtMav riin 

after that date, management Union officials on the com: between^ levels of F ®nd ft? 

hoped that some consensus on m.ttee have told management manning. ** Ei&g ££SVk taglT^bgS^ S/n" I ted price are stUB* 

iv A suike^dficismn will depend Caledonian's burst follows its junket .- denied by Mr. Andrews. H^-.maggin.es^jm^ says..-^, 

-Tftfllmom nla^f Arm “ * made ^d^sin^ Elch to ««ci to ^nuS^ad^lS 33 ^ 

- luuiruum l^mian piatiorm sssw mv* ^-^*£3 SRBhp* 

, a. . >» discussing a client other than accmmt or u,,,. It Tepm, X- ? ^. ^ ad,er ^“E genet 


SEEKING TO 

TRAWLERMEN position as a m 


WITH SOME insouciance,' even apple of ?dvertis° but the rivals? 

him, Dartd Abbott, .the^ndted lire with ^"^Sine’sABC J 

Lfn Lon f” copywriter,: told a mg rcveMe the magaimes ^ ^ and .lauSch S ^ - 

consolidate ■ its H2j~ '2* «M P** 


Toolroom 
men seek 
pledge by 
AUEW ■ 


By Arthur Smith, Midlands 
Correspondent 


-day: “The ballot does not mean De aascussmg a cueni ucucr ui*u , account or mat. it repons 
a -m immediate action but our mem- the Conservative Party— said appointments and sackings and 

Ci bars have given us per miss ion to yes^rday l ^ lfi 0 air ( ^?? about rifts and occasion^ly \ 

MSSaSoSSJ fr* fr*is fl ^ call action if neSwuy ? f i I w mei i? us displays an heroic determ i nation j, 

y>l/VPyt|£ftV “Talks would^ve to break had heavily extended their brand t0 reflect something or.-.-fhfr | 

* r ° ‘ down CMn^Sehr. U ai^he end advertisvng this year. _ -“gossip, rumour, and envy." 

BY OUR GLASGOW CORRESPONDENT «. f ^ year agreement has not J^ hor »?“£* txipfed^ts r h!cfa accordl ^?- to 

been reached , we will have to 11 ™ former managing director v.of 

THE TWO-WEEK strike of 850 Mr. Tom Brown, for the shop “5? ££ Sf^ofteawlSn ^rered Sit sheer weight really ^“Sbs'. 

construction workers on stewards, said the dispute had over ^pe^em nf Snse e^ works. B has taken a greatly | edbelQns o£ ^ advertising 
Chevrons Niruan Central plat- been over these conditions, and ployed in AbSdm had 5o£d. ,m f ,rov «‘l braI Jd sbare ’ J" j business, 

form ended yesterday. not about money. They would Those suppoSn? action were most of our JJSSU ' Ks readers are never qntie 

At a mass meeting in Glasgow still be pressing the Energy 671. “?S a v «y p ? 6 , 1 ^ v ® f sure whether to love it or loathe 

the men agreed to return 6n con- Secretary, Mr. Tony Benn, far “The employers havp said the “““Sets- A J ot ?{ i it, for advertising men can ^be 
"* ^ul«y into offshore condi* men dSnTSSf^Sa SatiSS ,*? «« n , t '■ & fickle as actok But they. 


THE PROSPECT of an all-out in S work are re-negotiated to 
strike by BL Cars' toolmakers hnprove the conditions on. eight 


dition that agreements covering an inquiry into offshore condi- me n don’t want decasualisation ? n recen i Hv pxistinl ' as fickle as actors. But they, 

offshore hook-up and commission- tions, which he described as but the ballot result shows that u JF re ? s ® tl s P endm S b y eilfitllls ■ read it My word, how they read 


generally deplorable." the mei 

With the ending of the strike Keenan. 


but the ballot result shows that clients’ 
the men do want- it,” said Mr. 


emerged -again yesterday- follow North Sea rigs and platforms. Chevron is beginning today a The union has been pressing rp 1 1 
mg a meeting of the unofficial A meeting In London is to be J! repare ,3 e ^\ioe ^ polic> . for five ^ j* ■ AhlpfAlip 

toolroom committee, under the held on November 14 between ^ c® n jfal manifold wants trawlermen to have all A Hr JL t J. vll w 

leadership of Mr. Roy Fraser. national officials of the four “J. 1 ".® 1 Shetland s Sullom rightsunderemploymentlegisla- 
In what' has become a cat-and- main unions involved, the Oil arrival SrS7?«!i^r tlon ' ^ u ^on and empioyers ^ Jl 

mouse confrontation with the and Chemical Plant Construe- this month wiu meet in Aberdeen on Sep- 

leadership of the Amalgamated tors Association, and the Scottish iri wi from Unocais tember 27; A. V r U- 

Union of Engineering Workers. J° in t industry ., board for the 6 .U.™ ^ . .. Mr. Bob Allan, chief executive 

the committee urged the unions electrical industry, which respec- w-u! ,2 J -h ^ 011 of the Aberdeen -Hshlns Vessel 1 A Tim fS 

national executive to support the * lv ely cover about 4,000 construe- !r?i V ? U Owners’ Association, said the STV A \\f 1 

case of the 32 toolmakers at SU ^0° and electrical craftsmen n lit film 3 ° ^ leU ■* , ffae employers would welcome “a U? lAUlvi. 

Fuel Systems whose strike over employed offshore by specialist Hnaihlr 'tn r£f „E,? e Il!! e » from P r °per scheme.", but both sides ** 

pay parity is now in its seventh sub-contractors. cotn ‘ would have to accept the obliga- 


5 a . dver ^ s | n 3- :Each- tion of sebling, He saad tins ■ resaereSp^fS; • 

awareness'Otadvertisinggenej. 

. As a . Sign .of, its raatnritsv tjii 
magazine: - last 1 .week: -irivitS 
Winston ■Pletaier, -minaeini 
director.: p£ . Fletehcr,.' Shelton 
Delaney, to help: :«rauate ^t. 

{ tenth anravexsary .lssu^bv^oB ' 
ducting a small poll tn disco ?e t 
what its readers thought were, its 
■vwes— axi acl-of bravery, approsj. 
raately, equivalent t6 entering \ 
lion’s Cage.-^nd towering It into 
a shark pool. .. 

Like. Mr. Abbot f.^Mr -netche? 
.enjoys a. joke.- -His research was 
carried out atnohg a. statistically 
■: Significant-sample of suikers. and 
- unearthed'- five- ;• - l grieipM 
grumbles; . (t> that - Campaign 
"incessanHy publishes scandat 

_ surprLse{L perha ^ So^,(2vthat if^eS 

estimate that can be ■ arrived^! ** rumour. “ As the weekly - “‘i P*?KM*. ‘3 > mt « 
is that Campaign is currehtl^ ne^paper of advertising, it does 

makings profit for the Haynum- not have a nval. - We have a ^ “^nrHessIy over-exposes 1 
ket Publishing Group of slightly good product and we intend to/smaif^oupo'fbiteintS arencv '- 
in excess of £lm. As that figure go on serving the advertbing eJf L-oSuSSla-^fS 
draws no denial from Haymarkef community in the way we are reflects - a “-shaltoW ■ triwfaifc-i ■ 
Publishing. I will say it .again serving It now — strongly.’’ -, view of admakihe." aus ^“ ' 


On strictly commercial 
| grounds. Campaign magazine 
i must be rated among Abe most 



j "^ e jf* n,ao S ^°P stewards are estimates tliere is some el«ht to 
In the absence of such a com-! demand| 3g that the two agree- 10 days’ work left on the main 
mitment, the committee has mer| ts negotiated through these line to Shetland, 
decided to recommend “indus- associations are brought together The dispute is unlikely to 
trial action." A resolution care- atld tightened up. so that they affect Shetland’s timetable for 
fully left open both the exact Provide better safety and work- production from the central plat- 
terms of any commitment and in S conditions and are less open form, which calls for drillin’ to 
the form of action that would “ misinterpretation by either begin .early next year with pro- 
be adopted. side. duction starting in mid-year. 

Mr. Fraser, who made dear * — 

he favours a total stoppage, also O • l » 

Sv,“ !w demands « ae Social workers set up 
s d s stnke committee 

todraakere for, improved difT^! BY PAULINE CLARK, LABOUR STAFF 

require teeir ^Lnvol vemSt f °in f 0 ^ 1 ^ WORKERS’ union ing industrial action. The union 
negotiations. leaders have set up a strike claims to represent some 20,000 

operations committee to co- social workers. 


ptete and SSJS £St“ctS?SE |[ 0 “ ld hjv V° thf ^ ^ “ CX ^ ° f ^ But il does have a rival." On the bther Wd. thought^ 

_r“ DUl L ? e . ?l on tions as well as the hpnpfits. res^ned the £500,000 Toblerone, T „ ■u l «fk*tinc wh^h -i< nnw : Ur 


ttons as we'l as the benefits. resigned the i tauu.wni lODierone, Ia some resp^tg, Campal^T* Marketing Week, which i$ now vMr. Fletehet; if Ir the raaaazina 
The end-of-year. target, he said, account, partiy on the grouds of | f(Jrtunes ^ hatched to those of into its 29th issue and is said to were as _nauehty as its detractors 
was unrealistic because the in- unprofitabiiity and partly j t jj e advertising world itself; be prospering. Marketing Week -claimed, it would heed to .publish 


BY PAUUNE CLARK, LABOUR STAFF 


Bank staff 
leaders 
object to 
Phase Pour 

By Our Labour Staff . 


Suspicions 


.operations committee to co. social workers. # . Chrisunas Grev Ad^rtisinEi^ eren bi ^r now." 

[ordinate moves to spread indus- i„3 e a return *2 T ?J‘ Pp^CY-MAKING com- has open ed an" office in Glasgow' Campaign is only one of 40 

ttiai action over regrading and but employers on the Association refected Phase Fmip I I s . s JP e, }tiing •_ 2L' 


marketing period ■ ■ ■ “ ^ ; paign does well. "'v non grata at Regent House, any other trade paper in' the land 

BiSttSe 2 ™ 000 DiW- 11 15 doin B vei T vi-etl at pre- Marketing Week describes itself to be bright, ffleW, readable. 
Leo Burnett, tne £7ou,uuo uream . Accordina to Graeme as Lho independent weekly-news - provocative and entertainin'* 

KrfrfvSS? JEVKom; 5SL«l IlS* ■'ttaSSSES . ot 1»fMlng." Th.t . Ld I'm not tot sarmg tor™ 

?rii A lL e ,^ Qg ; rt the v^?’ 0 °2 1 director in charge of Campaign, not quite theViame patch as its tiieir birthday,” ; • • 

™ **■■::***«;«*** : ; ™ 
to th Ti , ' 1 ? C oJ m °.'ti n c' W ^n« UCt ^ * Pl^to nSr^ f- " . ■■'.-■■ . ' == • 

Soocy i, NCK . liWA taj SiMUulj^r aw » ■" APPOINTMENTS 

spending £400.000 on its admired 1 55i« .. i. 1 ? J “5 KffSKS ” ^ 

Jbhnnie Walker Black Label j ...... . - ■ gjS 1 

Scotch ads between now and next i J "J? I.*™*™* 1 *®' V FPIIfiTPATirni eMTbPBDrMntb . I 


— » <u.uuu re-K-tauiuK ana r__, — it: — t . — ~ “ — r . . . Keaurusion is spending ua<ui«Act (juuiiucumii?. v.-uiku 

Toolmakers wanted assurances bargaining practices throughout nattond^oSt StSg°co?n- ^y°poHw JSSSS/S^SS J* g BM ** « ut “. ra ° l n ^ ude Computing, Engineering 

of a firm date for staged moves the county. C U insist on keeping legotia- and £ vis We" v • Dodson Pearce is spending jTo^iy. Accountancy Age Man- 

towards pay paritv. Such under- The National and Local tions national * B Mr S r« i» the same sum on behalf of: ageanent Today and Marketing, 

takings should be independent Government Officers’ Association New proposals by employers tlon’s BenwS 5cretaS saS tiat f^hejors’ Quick Custard, said ] All are said to show a profit, but 
of productivity, as the skilled I saI 2 yesterday that social for an interim examination of ^xt yfar’s oav increase torhank t0 be ^ he blggest brand 10 ^ ' in sb€er return. Cam- 

mencould not. themselves deter- gndtol structures among their «afi should be no lws SLi the £ onvenience market | paign is almost certainly the 

mine output levels. o and Brent were professional employees, includ- Sse ta the coVt of l“ log f“ SI 

The toolroom committee is ing some 700 strikinl coltoaSiS mg social workers, are unlikely 12 months to July, the clearing 
clearly keen to make known the £ TowIr Hamlek and SS l°J e ? ccepied hy ^e >imon as a banks’ settlement date, 
suspicions of skilled men about warkXndon and in NewSe ^ Witb a 5 per cent settlement, 

negotiations now umW u.^ . “ ’ rS^r“.* Jr* “ i “ t0 Industrial action. onlv suhstanriai tav wn ..M 


\ FRUSTRATED’ ENTREPRENEUR.; X 

probably currently working 'ii^rtfcniionent' agency arid. responsible 
for substantial. 'balings-— required, to operi^. buBd and; manage ■ 
and share ih the recruitment division of a. .small ^nd' successful 
South Wesc" London agency. T reme'ridods dpportonity for. a 
person who sees him/herself as a futy« partherin aji;expanding 
and profitable business. ' " -:;V ! • - 

Replies in-confidence to Box. A'.i87V, : frrfcnda/ Times. 

-. . fQ, Cannon Street. EC£&ft£-f^ \ . - - 


With a 5 per cent settlement, 
only substantial tax reliefs would 


between management and unions been Sung indlLtriaTaction for a Jecisian'of ttTigW^confcvnre pro ^^ e ^ hppe ^ at 
on pay reforms. more thaTa month !»"!!£ L rt JSL^ ^5532°! standards P f ^ association's 

acSS SUS* 0ther ~ outside London. iXffi^lh! 

the SU mSn iShfllS? « including Liverpool, Manchester, social workers believe that canm* dSt the SffiiuS 

for Mr Frase? knows S thSf°iI Stra thclyde and Mid-Glamorgan, would give greater recognition distortion of our carefullv 

mist Md S5efuui 1 we . re said 1° be near 10 t0 the extra aad eSuaSd satafy .STetuffmffi 

must tread carefully. exhausting procedures for a local bilities required in areas where ^eiSti'alTlhich S K 

Union leaders have made it settlement to their claims and social needs are most concen- P wv? Pf i h» W rpctnro^ aVe 0660 

clear that they cannot make a were likely soon to be consider- tratetL “Sft 

special case for the 32 toolmakers . 

X7t • 1 j -m - .m A f Opposition, and Mr. Jim Prior, 




nfTE^y|m^|ig^v 

a! & Space Tech;:z!ogy 



special case for the 32 toolmakers 
without provoking claims from 

; T "e T-Jf ,u Ennals meets hospital E= SrIS 

Birmingham today when they . 9 • a affiliated staff bodies that they 

expect to receive a report of the mnifThflC 111 fipopo hlfl '* would be consulted bv anv future 

executives opinion from Mr. Bill UXLUlfilo 111 I#Vm.%<V 11111 Conservative administration on 

SoSw: " U “ BV PAULINE CLARK SBC' “* 

IntotoieS'Y^to’meet P “plf. Sf S,erile a,pplieS d ' Part ' » rtttSpiBMrtffiS S 

SS Paris ErSEE-S ««• report Ujjjpj3f {SffiS ^Mr Eanals me. to union ftifiSS&JSSSSSg 
discuss the implication's of the> ^^-tion by hospital works officers leaders at the Department of „_i, several Don-TiTfVriffiliated 
?ompfny“ pro7o5e C d takl-over^f “ °» v «i Ennals Secretary Health to discuss thett rejection rmployee orinisations 

Crhysler's European operations. f or J s0 ? al Services, stepped in of a pay offer which they say * J • 

to tty to soive the dispute over would mean that some of their . , n 


RTS 

E 

m 

■JLL 

H 

bZH 

: 

rn 


§ 



i' v#v 

tfic 

■*^:i 






w^m 


the shadow employment spokes- 
man, - had promised hon-TUC- 
affiliated staff bodies that they 
would be consulted by any future 
Conservative administration on 
incomes and employment 
policies. 

The undertaking was given at 
a meeting with representatives of 
the Managerial, Professional and 




Commuter 
trains hit 

By Our Labour Correspondent 


VFUUiu uicau uiai auuie ui uicu , J « 

a differential claim. members would earn less money NnmVdrfl mlkd 

The 3.500 works officers rep re- than the craftsmen who work rj w uuhjj 

seated by five unions, including under them. ADMIRAL Sir Anthony Griffin, 

the Confederation of Health The offer of between £4,497 chairman of British Ship- 
Service Employees and STAMP, and £5,073 for bottom-grade builders, is to meet North-east 
the white-collar section of the supervisors, for instance, com- officials of the TUC today for 
Construction Union, are in the pared with £4,750 to £5,000 for talks on the future -of the 
middle management hospital top-grade craftsmen. Is based an region's shipyards. Unions are 
grades. They are responsible for a new salary structure tied to the concerned about a shortage of 
supervising laundry machine 1974 reorganisation of the Health orders for yards on the Wear, 
train ma * atenaIlce arid equipment in Service. Tyne and Tees. 






. MBS 

mmm 

■ *■ sisi :'’ -MM 


<!«¥■' ‘k 


■. •• . .w 

: *Cv * '•« • f!W.S s ~;-+ . w vy .•*:.! . . 


El-ECHRlCAL ; 
CQfViSTROCT^QS 

A.racr: ■Mjxi'xrici'litp.ric’b. . 



BY OUR LABOUR EDITOR 


SOUTHERN REGION train 

services into Victoria and _ .. 

London Bridge were seriously ~pr ~flT "■ ■ — ■' .._ 

tgiinaursjt Healey reply on low-paid 

Thousands of passengers were U A. %/ A 

delayed as about half of the day’s BY OUR LABOUR EDITOR 
normal total of services were 
cancelled. Many trains which did „ D nomc un.r 

run were delayed for long ™y denis HEALEY, the Chan- counter-inflation strategy, the The Chancellor adds: “Yon 
periods. cellor, yesterday defended the Chancellor said. - will see that there are none of 

Guards at seven deoots in the 2 0V ? rnme * t a g?<nst charges that A higher qualifying limit for your specific points to which I 

I ondon area stased P the strike «v, S i^j Cy ex , en,ptl0n for the low-paid would .have meant can subscribe. Most of them are 

tn nrnlest at senior railwayman L be owps ^ P a *d workers was so setting a national settlement based on misunderstandings- The IVlPl tTAW-Hi 1 1 icthc 

SaSS trails beclusro? 5 n * rT0 \ 93 10 betray a Iack of !imit nf lP = s tban 5 per cent - “ l Government’s c tSSESt to „ iYlClJraW-rUillStn€ 

m Mionir Lonccm. do not know whether your help the low-paid is dear and fl tntfll nf 

He published an exchange of executive council would have illustrated by the measures we * vy a. LU/bcu. Ui 


McGraw-Hill is thename. 


2^ VS™ 5 |T i S£iSl , He p “ hl }? h l d “ exchange of ex ecu tile ^cil woufd IZ ™ PUDllStl a total Ot 

wday - S* Pubtic 1 E^ D K !t bat wSiV a h ra av d e 0U ^ gT^S TSTAitnE thirty-five specialist 

laarfinn a • _ j.i . . . Ul« » h. . ■. . ° * . r ni 



of Public Employees, which is whether it would have been to support the charge <rf any . 

leading a campaign to defeat the generally acceptable." he writes, lack of sincerity." TnRJTnTITlPQ TTlPTT TDQpTi 

o per cent Stage Four limit for He said Treasury officials had Rejecting the idea of linking ■4 A “S“ LUCO ; IcdUl 

about l 3 m public service not been able to come “ any- miramum wages to average earn- Tnillinn voor?£sr*c? 

. . WQ ere near" NUPE’s figures mgs, he says: “in the Govern- UllUlUOn reaaerS 

NUPE complained to the suggesting that the £44.50 was too meot’s view, levels of pay and WOrlfl-WmP 
Chancelior last month that the to remove a family man from increases in them are bS lefi U A yvilic. 

qualifying limit for exemption among those dependent oo for settlement bv negotiation, Oil 3il COlfinTlPTYfct nTTT 

from tlie 5 per cent rule— earn- supplementary benefits. To be subject to the gm'delineHnthe V-flJ. cm. wXILLLWJilCo Out 

“** 6 VC 0 ■ week—' would better off on supplementary white Paper and reinforced by meiiaild WOHlGll 

not bring the low-paid out or benefit a wage-earner with two'-mistine atattifn™ ^dnne cu_lu. wuiiicn dl « gdUienilg 

noverlv and that ii- m - , 6 ... . , . y . . P Itrv . . — — — 



i 


;-iQfiA3n^iionto help you. Yoi 
_ v ^the decision-iqiatersiii: 
/business, industry, the ^ 


suggeste^by'^he Whfte Pape"! ^SthT^l^wJk ^he ^^SSSfiSSSf EUROPEAN 

SjffAW . He a-a- to Ptoe* PW jslm SSfe M 

a week increases for senior pubbe ser- cent will be oermitted for “fir 1 

Mr. Healey rejected NUPE’s wt*. which NUPE had claimed workers who would need more 34 Dover Street 
suggestion that the Government loiwered Government credibility than 5 per cent to brine Ihetu up London W1X3RA. 
should accept a minimum basic in the eyes of workers in those to >£44.50 a week. The Retire was Ifel: 01-493 145L 
W3£C oF two-thirds averaoe earn- indnstries. arrived at hv tik-inn rim rtrt 

SS 5, ™»hf Ul a Wefi -"' w,, i ch is 1 find lhat a ver> ‘ straoge basic rale 'urgeL°or h l§4 and GERMANY 
uie_puoi.: service unions’ neso- snecestion, since iL amounts to nHriino iho — 


That’s who we are. 
Andifyou’dliketo 
= know us better, call .• 
any one of our offices. 


EUROPEAN ADVERTISING SALES OFFICES 

ENGLAND FRANCE 

Keith Mantle, Ken Davev, 

34 Do\-er Street, 17 rue Geodes Bizet, 

Paris 75116 . 
let < 331 i 720 3342 


J*° P*w»nj problem until others are probably only those wtm failed 

help tb ? lowest solved’’ Top salaries had been to reach eamin^of £M a week i201al 

paid without upsetting the depressed for years, he said in 1874 would WfiL 


in 1874 would benefit 


ITALY 

Koberto Lauren, 
Via Baracchini L 
Milan 20123 . 
1 tf:i 392 jS 6906 l 7 


svmOTRiiANP. ; 

FnlraiB'dvaHn,.-- 
Aviatioa^Mt ' 
iSpfuxTWiholoS'T 
3 rueduT^pfeV . 
Genevas^; 
TehiSlSfflBK:-.”* ' 

Norbert Schtewcher, . 


BELGIUM 

; Bruno Hermann, . ‘ S. 

-2*3 GaJeriede laPbrtedeNaai** 
BrussdalOSO. - 
TeL (322 j 336-503 

Sweden: ■' .. ; . ' . . 

A. Kami#, r_v 


MixiemPlastTCs Interaational:. ; • . . Kungeholmagatax 10. . - ; 
60 Av&'deldCTare, . ' Stockholm. • ' V."' 

lOOSLatishhfifc: • .- 7 - * .-ffil: 51-58-70 ■ ■■■';.. . 

Sak (2D2&23- r 73- • A 


jUu 












JLHIl 


llaiio:; has it still got' [The Press | Yorkie and me and 


Jan. 

February 
March - 
April 
May 

Jun« 

Jsn.-Jun* 

July' 


liOkl 


t,' ’fi • ' . . 

■' if. L-:: 


BY MICHAEL THOMPSON -NOEL 


04IMERCIAL RADIO in Britain 

• ; slowly tii rowing off its bobby- 
. jver image. The network still 

eeds considerable expansion 
' cfore it can hope for the S to 
3 per cent of total UK advortis- 
ig revenue regarded by some 

• 5 its rightful due. There are still 
Plenty of marketing directors 

■ 4ia shy in horror at the thought 
.• f exposing the golden oldies of 

rand-land in the rnck-pop-phone- 

■ i landscape of radio pragma ru- 
.. ling. And in the view of at least 

ne doyen of the creative scene, 
.‘naiu's single most stubborn 
robiem remains its fnferionty 
implex vu n rfc the entrenched 

■ attalions of T\ r and Press. 

• But it is getting there. Gross 
. e venue of the 19 LLR companies 
.a the first six months of this 

ear was £13.1 m. a 27 per cent 
. aia on the same period in 1977, 
'il the same point last year, 
avenue was as much as- 65 per 
ent ahead of the first six months 
_ f 1976. but the rate of improve- 
. neni is obviously reducing as the 
nedium moves closer to selling 
11 its airtime. 

According to a report by TMD, 
he media specialists, both the 
pring and autumn of 1977 were 
'airly heavily demanded, .at 
east on the major stations, so 
hat revenue increases in the- 
icak months of this year have 
' ended, to reflert rate increases 
•afhertfaan higher volume. With 
. mother round of rate hikes, and 
!OQtinued firm demand across 
he autumn, the rate of reveuue 
. n crease over 1977 in the second 
lalf-year can he expected to con- 
inue at about the same rate as 
. n the first half. If this proves so, 
■otal gross revenue this year will 
5 e a hour £ 2 £bn. compared with 
’23.1m in 1977 and £14.7m in 
1976. 

All 19 have announced- rate 


REVENUES 

1978 < 

(£>_ j 

7,544.594 
1,949334 
2,446,080 ' : - 

x&im 

. 2,488,014 

2,433^42 

13,118 39* 

2309323 


Scarce.' AIRC 


iL kjt- a '" £ ^ 

V.. 






increases effective from this 
month or nest. They vary from 
less than 10 per cent in the case 
of Liverpool's Radio City to more 
than 50 per cent at Capital, 
Hallam and Trent, but ^across the 
network, and allowing, for off- 
peaks and packages as well as 
prime time, the average Is around 
30 per cent. = ' 

But let us shuffle. the' 1 .- figure- 
work hack into the in-tray for a 
moment, and ask a -ffcif creative 
souls their views oh radio's 
current performing power as an 
advertising medium. I::.: 

Rod Allen, creative dir eclair at 
Allen Brady and Marsh. an 
agency famed for livening up the 
comm erica I breaks on television 
with, a good old sboraCgofiff and 
dance, says the ABM principle Is 
approximately the same for radio 
as for TV: “ You’ve 'got to to very 
very noticeable. Radio is a lively 
medium. It's good for humour, 
though the worst thing you can 
do is attempt to be humorous and 
not succeed. It's good for making 
a jingle effectively known, 
though- that’s not a particularly 
imaginative use. Radio ads tnust 
be tailor made, for by it 
doesn't half run one £& oh trip of 
another. You've got to. stand 
out.” 

Gerry Fitch, creative director 
at Ted Bates: “ We use it very 
little. It doesn’t offer enough 
coverage for the sort of mass 


Jusi onc of 5 ' : 

rmrnis you exntld ckocae from 
at Hu patisserie Narmamt. 




n r: - - ‘MddiapfanHotalfy'devjse'cf 

’ In London via]DM -the latest . 

- independent overseas media : 
brokers in the UK. 


FMtcl*PE«Pariainw. ' ' 
■dWoMauAbMeutaidaifalfaauK . 


the woridwidemedia consultancy 

S-Wf.'etfvfcMeu.r, lxrjcrSf .7 2HG. 0I-5M KC. 


JPk-flj Qmw-naufanalaiitfw.'... . 

j&JBi ■ gQnwwatMBWlIb . 

5WTj,_; V P yan— Ib nrtW w T -y- 

Klf i-i- ■ ■ .dftjr. 

Vottumd* nthanmm [ 

krwji ‘ " ~ CbMirta##** -- * "'T' 


Gel yvur secretary fonts' 

Josef Lartscz HeBttU yhu the 
ntmtoflhgjcn/yoaxBskto 

CMKSBMU.. 

sssss’ss?'’ &jL&. 


consumer products we're into. 
We’re not convinced that radio is 
yet at the right creative stage, 
which may be our fault as much 
as their's." 

John Webtser, creative director 
at Boase M a sa i mu "For image- 
building it doesn't work as well 
as TV or Press, but of course it's 
such a good tactical weapon. I’ve 
got an open mind. It’s just as 
possible to produce great 
advertising for radio as for any 
other medium." 

And David Bernstein, whose 
Creative Business has produced a 
lot of radio work for clients like 
British Rail. EML 3M, Top Man 
and Debenhams: “ 1 get the 
impression that it's all about to 
happen in radio. Trouble is I've 
felt like that for far longer than 
I’ll have expected. It needs a few 
really big national advertisers: to 
start beating it like a national 
medium. The paradox is that 
radio is so good as a local 
medium. ... I 

“The ratio of national-to-local 
advertising is already very high, 
but somehow the national adver- 
tising does not appear to be 
audible. For some reason radio's 
image is lagging two years 
behind reality. It is a smashing 
creative challenge, but it has 
an inferiority complex. What 
is lacking is a good campaign 
on behalf of radio. It lacks good 
case histories. But they will 
come." 

What has already arrived is 
a further improvement in the 
ILR audience. Harking back to 
the AlRC’s network survey 
earlier this year. TMD reminds 
us that the network's total poten- 
tial adult audience ha£ not 
improved significantly over that 
of 1977— the proportion of the 
UK population within effective 
range of an ILR station remains 
at 65 per cent— but that within 
the potential audience^ the num- 
ber of those actually listening 
to ILR in an average week has 
indeed risen from just over 13m 
to just over 14m from 47 per 
cent to 50 per cent 

In terms of individual area 
penetration, the most successful 
stations are still those on the 
Celtic fringe, so that the stations 
doing best at present are Ply- 
mouth. Swansea, Clyde and 
Downtown, Belfast. 

In terms of what it disarmingly 
calls 49-spot Total Audience 
Packages. TMD reports that rates 
across the network now range 
from Plymouth's £368 per 49- 
Capital's £4,900 (+52 per cept). 
spot tap f +22 per cent) to 

TMD has also thoughtfully 
estimated the audience delivery 
and cost-per- 1,000 for two speci- 
men packages of airtime on each - 
stagpn .gad for. the network as -a ! 
whole. La- terms of the standard 
49-spot package as per rate card 
(costeA at the new 30-second 
rates- effective from this autymn) 
the healthiest performers per 
cost-per-fiOOO are reckoned to be 
Capital «lp). LBC (33p) and 
Downtowmand BRMB (36p). The 
network average is 37p. Radio 
Victory in ^Portsmouth costs an 
estimated 6 ?p-per-l, 000 . 


learns 
to live 
with TV 


Yorkie and me and Lion Bar andl 

' ; - . ... ^ 

Prize and Texan and Splicer . . . !J 


nrifh I \f THE SUCCESS of Yorkie. 

jj J| Ell J. y Rowntree Mackintosh’s chunky 

| chocolate bar, has already 
8 Y ALAN GARTH t attracted, much attention, end 

NEWSPAPERS ARE increas - 1 rightly so. It was launched at 
ingty turning to television adver- just the right time when Cad- 
tising in their search for readers! burr* had felt obliged by soaring 
and advertisers of their own, par- j cocoa prices to market thinner 
ticulariy in the UK. where TV ; a nd thinner bars of chocolate, 
spending by newspapers is now with, the result that Rowntree 
starting to match spending in [ quickly assumed 20 per cent of 
the U.S. lthe bar-market. What is more 

This was revealed at the eighth j interesting, however, for it offers 
European conference of the ! lessons for others, is Row n trees 
International Newspaper, Promo- 1 general approach to new product 
tion Association held in Brussels ■ development which in the past 
last week. i few years has led to Nutty. Texan 

Showing a selection of TV com- 1 and Prize as well as Yorkie. while 
mercials produced by British I Rowntree’s Lion Bar. Cabana and 
newspapers, Alwyn Robinson. Splicer- -are currently in rest 
managing director of the Daily market. and doing well. 

Mail, said it had taken a long Chocolate has been a notori- 
ume for the British newspaper 0 usl>% difficult market for new 
industry to come to terms with produets, . for the products 
TV, a major competitor both for a j rea< jy ■ on sale are of high 
news and advertising. quality.- In addition, it is 

However, from £1.6m in 1968, extremely competitive, v.-ith 
TV billings were now exceeding Rownttse, Cadbury and Mars 
£5m. The Sun, said Mr. Robinson, flgh ting 1 ". hard for every 1 per 
was the biggest spender. Spend- cent of ievery sector, while the 
mg by larger regional news- consumer hag proved fickle in 
papers was also _ increasing, accepting' new products on a 
accounting for £800,000 last year. lonj? 5 ^n basis. 

Mr. Robinson surprised his *r„rt v T „., n r, 

' S e tt7S Ul n™ft‘ l 5( YoTSe-Seen thou' scoted.3977 

Mm salesof 132m at RSP. and Yorkie 
S? ! T'SLri^ n !i n ^rnrh?r was not even nationally available 
rtSEhta ! an °£ —if it- had been its sales alone 

knickers naughty wou y baye reached an estimated 

There would be nothing quite l 

so risque in his selection of lnE h ?n 

recent UlS. commercials, said e ^ f ,i? a l i^Th ra 1 ^ 
INPA’s executive director, Ed JfS 

Linsmier, introducing his own L in 

selection of commercials from 5 “ 

acroKK the Atlantic become the largest chocolate/ 

Mr. Linsmier showed that the f h th p l ^ 
iop 15 spenders in the U.S. had the UK- As this development has 

upped their TV budgets from at , a particularly 

S4.1m in 1976 to $7Jm last year. ; 



At around £1.4bn, the confectionery market is both large and 
stable . But k offers scant room for growth , so that competition 
is vicious and new brands prosper only at the expense of rivals . 
PETER KRA USHAR describes Rowntree* s aggressively 
successful approach to new product development. 


Thi 1 mvvm* liaiiv thp Companies have complained at important. brands is not rushed, ideas is needed in order to tree had .been looking at the 

iaflv nS? on TV the lacJc.of new opportunities, it Tiowntree decided that its launch a few .worthwhile area solid bar market for years, as 

Dm y News, spept S1.5m on TV is tooJcing at what .one can S should be a *“ts each year. No one source U only had a small share In it 


in 1977. Its closest New York 
rival, the New York Times, spent 


C “ n S p?ac d to be it ina Aeri It . 

emnmitnjMt. SSS!W&. E~! *£*22** J5SE 


W bSI- TV advertisin'- did not At'SeenT^'the'Tsafe'Se SITS earitar’ Sel«d fnl to’jSuBtili Ttat “s' worth Si . art^des 

always produce circulation Rowntree Mackintosh Board enormously with the 1977 launch °fnr 

increases. The Chicago Daily decided ;. that new product of Yorkie. Too often companies 


UJVlCrf&ea. J.UB utuucu.. new Ifivuuvi vi j nine* nnt ha taL-nn litdnllv 

News, fourth largest TV adver- development came high on its change their development ““ must n< ? T Be taken uteraitj 
tiser in 1977, had now folded. So list of priorities. The company policies, personnel and organise- in pracuce. Rowntree i n; 
bad the New York Tribune, formally committed itself to a tion every five minutes. sought opportunities in many d 


and must not be taken literally, entering the bar market, each 
In practice, Rowntree has entailing product, name and 
sought opportunities in many dif- creative policy. 


which spent over S500.000 on TV sustained development 
in its final three months. gramme covering both mai 


ferent ways. Market research is 


different 


Once Rowntree’s long-term carr ied .out constantly to im- researched*- as -well- as different 


Trident’s high 
branded sales 


gramme covering both marketing commitment was agreed and the ,h 

D : 0n ™ a riveting necessary organisation estab- ^ arjous 
side .the .work was tackled by a tisbed. it took some time for v T ?'° *h 

rnnomlo Ttfiu* nrA/itiM riovolnri. ^ • . j u..* icacaiLll 


prove the company's feel of the pack designs. Variations'- in tex- 
various market sectors; the lure, colour, flavour and 4 ?hoco- 
researeb and development late type were all closely ex- 


enuntt' DMi' nrnrtiirt ripvplnrv. "”T — ' ----- — ---7 --- researen ano aeveiopmeni iaie type were an cjuneiy 

ment denartment ^ momentum to be generated, but d epar tm en t seeks ■ technical arained.- Perhaps the most drffi- 

Seconi lane-term commitoent. San Ja m™c 0 «m“ “^'XwS'SS £ U eea U se M, . S hrch C U °n°S r ^ck P ao“: 


sssk: errss 5SESSES fflSSvsMP 

— - .0 - s “ g - :hss» 

SKffMss: SrSSs 

braided goods ^esexreeds^ c q . consumer research annually in caught' even Rowntree by 

I 13 per cent snare or nouse- . ... Jr substantial enough to build nr 4 ,,. r .™, ^ m ■what vnwnin» 


*'■** if ___ j" OUUDWUUd ft CILUUnH WU11U 

holds. o- f teo by a wide margin. ^ e y not see new T uroducts must be 

*sss h?* c &U' . ! sssi wtaMtais ">«->»» •»»<». 


order to produce- tw_o. to three surprise.' .What Rowntree,,' is 
area test markets each year, defiria' in the .direction of new 
Yorkie was developed via market product development may not 


at 25.4 per cent According to text, but in a market such as nlS.c 0nCe 4 P™™ung ideas are formula which many other 

Trident, the research explodes chocolate, where the major £5“™* nAidnS ^ generated Rowntree s usual compaiues in all kinds of 

the myth that families in the brands have mostly been on <ke f’ an > meU ? od ls , to T duct srou Vl p i ls ' mar ^ ts wouId do weU t0 

North East and Yorkshire are market for around 40 years, fall ® d because they lacked this eussions to discover whether consider, 

less well off than families .in there Is a clear need to ensure quality? they are worth pursuing. Peter Kroushor is dwmnon of 

other areas. - that the launch of other Three, a large number of new In the case of Yorkie. Rown- Kraushttr Andrews and Eassie. 



-*^5$ -t; H $ 
-/• yi 9 



sold it 


There’s a problem sales 
reps.in large companies .. 
experience: too many •' 

V products to sell. So when a 
new product.is added-hes less 
than enthusiastic about 
selling it. ... 

Thenitbecomesyour . 
problem. But it’s one Air-time 
Productionscahsolve. ' 

Byputting your.message; 

' on video tape we rnakethe r v 


product moreirripbrtant, we 
give infoimation in an 
interesting, exdting, even 
amusing way. Iri fact, we sell 
your product tp your rep as he 
should sell it for you. 

From produdhg your -7 
sales message, yo.urscript or 
pure, to assisting'?!} the hire of 
video equipmeni;;Air-time * 
Productions havethe 


give you a professional 
production. 

Ring Air-time and ask about 
the multi-national companies 
we have worked for recently. 

Yqu may find their reps are 
already one up on yours. 

AIR-TIME PRODUCTIONS 


OUR READERS ARE EASIERTO SWITCH ON 

WeYe proud of our readers. They’re intelligent- open-minde4 
aware And they've got money to spend on products that 
reflect and enhance their very particular fife stye More and 
more advertisers are looking for an advertising environment 
that mirrors the style and the quality of the product they're 
selling. And theyYe finding it in The Sunday Times. Perhaps that’s 
why 44%* of all leisure equipment advertising in the quality 
press is in The Smday Times and The Sunday Times Magazine. 

It isn’t always easy to get in ... but can a product like yours 
afford to be anywhere dse? 

Talk to Nicholas Hill and his sales team on 01-837 1234, or drop 
a line to him at The Sunday Times, PO Box 7, 200 Gray's Inn Roa4 


Contact Johnny Fieldei; 
AtanagingDIreclor, . 

Air-time Productions, 

50 Fri th Street, London W1V 6PJ 
TdephoneGl-7349304 




THE 


THE SUNDAY TIMES 

Sunday times Piagi^ine 


■ a a- 
-y !? ST 


•• » 








' Am* 


16 


-^Financial Times’ Thundaf S 


LOMBARD 


Let bankers 


go home 


The 



..MW8 jP 

: em/ 




nmy 


ofi 1 


A SERIES of actions brought in boom to borrowers who over of the top management— influence in the Chinese; (iorh-. tween business 


and politics is, . Malayan 5 ^ 


t the Chinese; com-, tween business - -r^^ve shine Secnrities4mda,1aitfr fe /f : -' 

the High Court against the extended their own financial appears on first sight to be the munity as part of .the ^Soviet- of course, aoi Union, tile mill/ -v?*;, *C‘: *- 

‘ "“ 1 " “ ' ’ * “mbit in Strath-East: domain of the The HTsh ^art-. aofenSijiL' ■ 


BY MICHAEL BLANDEN 


London headquarters'of Moscow muscle. The Crbwn Agents lost villain of the piece. In the. Chinese- gambit in Strath-Easr domain of u ^ ar ^, rions .h U5 ting The. - ■HS|h^jai?-TaisifeS , jS/- V 

Narodny Bank and concerning in this way £236m. The UNB case of the Crown Agents, the Asa. as Chinese Press reports JBut while sancu *"■ ^ 


. „ — . . eports JBut while ' mtianies Daweand Eddie 

. I the operations of its Singapore , maintains ..that .the estimated late Mr. Bernard Wheatley, des- suggest ? Unfortunately. .-the- western oil 00 “^ Acents are ther throw - 

Se nnu» in the Twp- £400 rrr ^wiliHv: . p»aoeereted " crfbed as. a ‘•flamboyant High Court trials of. the actions ; money-losing y ; nn ,^ia C . acoaisition nfasronji^hf^i^ ^ 


jawasara SR-SwES; are st sms. s 


High court trials of. the actions .money-losing y innutries acqmsitian hf;a WUh3tf-t! 

brought against the MNBF a!re ^subject to , JW , “ J prompting tic batiks J&CaH&gK''- 



past few jears 
r. development 
-national operations 
t . business in the 
-.markets has continued 
..but they are 
, increasingly for 

-domestic markets .. — . __ . 

-countries. each compering in the other’s] Agents. 

t . At present, the most attractive home market... then the share-} . ' branch. 

., seems tn he the US... if only holders will be faced with a real i Both the Crown Agents and 
. because' the depression of the diminution in their choice of in- 
'jdollar.and of Wall Street makes vestments. ■ 
ihe purchase of banking husi- The second argument was put 
.. nesses there look cheap. National forward by an international 

ssss. S «Ti s **'**«*« w-^**?** 

stnntial acquisitions on ihe other heliuve that over the long run 


the M.\B. will recall PolonUis’ in addition to bad debts, there 
precept: “ Neither a borrower are also daimsfor damages 
nor a lender be; for loan oft lodged against the MN r B by its 
looses both itself 'and friend, customers Whose businesses coi- 


side of the Atlantic. And anions tfc e banks would have to look 
■ the tradirinnal UK overseas raa ijj|v outside their own markets 
; Hanks, geared rn operating relaij for re ‘ aI ?r nwth. In recent years, 
t branches abroad. Standard jj j S trug t jj e domestic operations 
(Chartered is also nlaiuiine a 0 f UK banks have suffered 


husbandry. 
Tlie M.VB. 


recalled Joans alleged to have 
.. been granted; as -part of Ioog- 

lO the . . Cj— ' ;_’i Cnnh 


wu, «uu ir;uon« iwauea oy wusuce. Kuropeau ^rr r ~ n ,m Authority* neither Mosbw rtk 

when opening ihe proceedings Crown Johnson carr- wcestgate West This is a P«T. ^ vnb ' were ' tk ' W^S , 110 

for the tribunal of inquiry the shortcomings of pubHc^even an enterprise Srocdy inroad; ‘ 

j_ : - ‘Sngap^re ’bratSTof tbe MNB Accordingly.;' tie •PemtiMiif 

’canrcach far t» nd wide - *® National ♦> Bank^^ufin m^ ,, 

following few facts Indicate. was acquired not' jabsber 

10 -n end 1975 the but JDawh;s:;tBd*"jbi 

19/0 and 1870. the nurchase was^ TMW 


BUSINESS AND THE COURTS 

BY A. H- HERMANN. Legal Correspondent 


The M>is. being in tne f erT j, fiilancing, operations- Surti 
mooey-l endmg _ b “ s “ e *®; W ‘*J claims, which aecordine to Hong ear ii er this week- But 
find it more diflBcult to abide by j^ on j Press reports amount to th a *i 


- Between ***”"*Y** purchase was noC financed h» - 

loans and advices made lytte ^ ; - 

Ci nfl .nnr^ brOOCh Of TB6 MINe th - ^ 


Singapore branch or tiw m»p the Pacific AtJahtac-Bante Tbl . . 
South-East Asia reached chairman jifrwtioK' e.u. — . 


in 


Wheatley was at the time 


major purchase in ihe States. {rom s j U g 5 ish loan demand and '.Agents. 


Not aJone 


this precept than the Crown ' s ' om e £ 2 ^mV rari^ e a claim of d e aS fa d ng trtal on 
I Agents, but both seem to have P =n m £ Thp H ieh 



from the cost pressures generated 
by the high level nf wage infla- 
Thp British hanks are not ti'on. Their international activi- 


or ".Aneaf 


; 5 lone in this develoonient. Lead- have contributed a growing 1 “, ■ 

hanks Trnm elsewhere in proportinn of earnings. ',°05e rein- another substantial, claim by Singapore and a key figure Tea's Russian boss left. ium a 1&1 lures. ««««« i *— the XLNSt v/itKdreW ^its;fi»an 

Europe are InnVing serimjriy at Thjs {rt . n d has nor been con-] Th _ r(> _ re a number or Araos Dawe, whose Sinsapore ^ t he meteoric expansion of its free hand to grant loans'-sa takeovers among its customers, aal support nf the - 

.the growl h nossibilities m the fined to this count rj’. The similarities between the M<1sben grou P is '.^ in;: wound lending. magnanimously because he^WaS including not only the already projett^ 

_as been i two financial - scandals ” into up ’ ■ \> >- Was Mr. Teo. also a dynamic mon Interested^ in “Iugh^4Iy r t jaentioned , - 

following the example of *heir |£ t S'eTr'own business has been: which judges will now enquire. In the case of both the Crown character, using the bank^ as ^- ^ssome sa*_i w L *"“ u /he -bldE^SSd ^whether; Ttawe wasfeft witf - 
'•'Ameriran rompHifnrs. which depr p flSPf t. an d they have there-: Both organisations lost money Agents and of 'the MXB a some say. for “ self-aggrandise- he was told to do so fronuM os- but also me oia-estaniisnea the... .Ame^eHn.;_ Jhor: pdtett 

— - 1 * " u,e - - — *»D.to.-bettBda:. Cocfcpir Hotel In Singapore;^ ^the M artHtrarily- ; and " - wiSi 

_ _ Yah ■ Swee Hong Company, reasottable notice” •- 

nvnfiif k _ ■ 1 ' "•*'* * a ■ . 

markets 


tt.S. and indopd in the UK itself- perienre of banks in all the lead „ . 

Anri all of *hese hanks are onlv j n , financial centres has been 1 two financial : scandals lato 
r following the example of *beir |hat f heir own business has been -which judges will now enquire. 

• American I'ompniitnrs. which depressed, and they have there-: Both organisations lost money a ..u «« me - - — - — - ~ . . ^ . 

lnn 2 since h:i w e moved bey on a fore looked increasingly outside' on. loans which they granted senior- member of the manage- ment.'’ or was the bank: using cow. as others seem. to. baietfo. 

"'inc S reon i remeh' their 'own \ n njain,ain their earnings ; during the 1968-1974 property ment team— but not a member him to make friends and gain The shadowy ,bqrdeiAana : 3bfi: 

Remezzo can profit from 
switching races at Ayr 


•• customers in foreign • iiiiirRe<> -j-^e pvpansion’nf international! 
- and started ,n eomnern cerinusly hankine has therefore been in- ! 
for the business of Bntl«h and sfjjred M . soinethjna inore than : 
rnntinental __ companies tn their ^ cfied to provide a 

* ov £ rh» m- hn-p service to custnmert who are 

diffire-u nni-K nf themselves increasingly involved; 
recently frr.m dn.r.ni n ■ ■ in export activities and npera-- 


view, raised with me fhe ques- 


tions abroad, and look in iheir 
their inter- 



CC — These tbMms accent esrtafn chutt 
1 cants or te le a hon r or tX the Box OOcm. 


, 'CLIVE BRITTAIN sidestepped His mount in. the handicap, and 'Ellidlaita. 

Has I TVinncirf* f.iin 'ivilh R p m i*-rrn TJia .(^inrifnrri Isnnfhor Rriltain All three 


might oblige. 


! OPERA & BALLET 

COUSCUM- CnWMt Caros- 01-240 S2SK 
Reservations ol-B3* 1161. 


•lion of whether all this lmer- ^ - 1 
■national growth is a good thing. *" J uaI 

-Tr is nor hard in whv it njiinnjl . spread. 

"apneals fn rhe bankers them- An important incentive 
'selves. Th 
been left 
‘competitors 
"into international 

resoonded in kitiu. , , , , . - »>. ■«>nvfcun#iu iuiuw-v, — nu.u ••>»« .uc .imh .• « u-i u — — — - — 

Thev in turn have heen development for the ! appeared to be raced out of his' bery. in which Pessu cannot be Stakes. cakpp<._ cc.,, jwi 

through rhe process' nf pursuing banks nf ihe Western *or!d to depth several times last season, overlooked in spite nf the Although stable jockey Brian t G " denchi !^ royal C omi 5®’? # ?^ 
growth through the mainly I .on- t .vS!f,i' maln Tk-™! bas proved himself a ^mart steadier of 9 stone 5 lb. Taylor gave Jellaby anything but. dcb ring 



|£Mfv>ii|i iiiivuaiii int * »*vi- . _ . , . . > HH3 K |,<a ^ u iiiiiwi.il a >’uun i “'vj m > u aiviic a iv. AdJlUJ {iavc vcitfvj uujuiiu^ j Df-S NlRfLONGfN 

don-based Euromarkets and are lending activities outside ineir| tj an d»eapper recently, and a!- Those who saw Sioux Blessed a smooth ride, that tremendously ! s r i. sw 22 . siestwed. sac sex. 30 

five-year-old made light of; GwttrMBWnB| <An » **»■ - 



'argued that a British bank may . 

'be able to add something in ihe rca * improvement in service, 
way of management and inter- ]\frj flhipptfnn 
'national experience to provide a vUlcLUUH 

soeeial honsr to an established There can' be no objection -to • 
but perhaps lethargic acquisi- competition for banking busi-] ' 

• tion abroad. ness: and ihe incursion of theli <haii ir 


in L«Tprrt 3 l J t Avr SAOLER'S WILLS THEATRE. Rosebertr 

in vesreroay s Ayr. Awtloei ijC .i. B 37 T672. chxfl sn. 
the Doonside Cup. e«p. 7 . 30 . sat. wwt. 2 . 3 d • - 


THEATRES * - 

KING'S ROAD THEATRE. 0I-332 -74U. 
Mm. to Thun. 9.00. Fri . S«. 7.30. -9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE fT. 


LYRIC THEATRE. 01-437 IfM. £n. 4LOO.' 

M.L Tgurjj 3-00. -SSL, 

plowbic ^l UME na hn, = av • 

hv Eduarao de Fililono 
Directed OY FRANCO ZEFFIRELLI. - 
"TOTAL TRIUMPH." E«. New*. “AN 
EVENT TO TREASURE." D. MIe. " MAY 
■IT FILL THE LYRIC FOR A HUNDRED 
YEARS.” Sunday Times. 


MAYFAIR. 629 3036. Evs. 8-00. SdL 5-30 

and 8.30. Wed. Mrtv XOO. 
WELSH NATIONAL THEATRE CD. . 
DYLAN THOMAS'S ■ 

UNDER MILK WOOD 
- A RECORD BREAKING SUCCESS -■ 


THEATRES 




tHtttSTll'S- - . T 






• WORLD'S 

M2ZLE DAZZLE. • 

AT-' "11 -DO- PITER GORDENO -• 


THEATRE UPSTAIRS. 730 2554-.. J.OCL 
.7. JOr. Pirate "Jenny -In EMIGRANTS hy 
- ■ Pttmr SherWiw. 


VAUD*yiLte. era cc.- e»v 


Ma*. To*! 2.45. Set. S. 00.# no -a JO - 
.OAnUi .SHERI DAN. JJafci.. CTAY • 


to oppose Chris Thornton’s So Jellaby. brought to the outside of ! f . ° co? C w ^>^£< 100 . 


RACING 

BY DOMINIC WIGAN 


Blessed filly innje seven fur- the field after being cut off at 

longs. Troon Stakes. However, rhe bend on the far end of the; sue Middle East, sept- 2 froct.-j .14 

Jimmy Bleasdale^s mourn has course, galloped on far too. Sadlia ^ > Weil% Woyal 8alt * t ~ - 

much more to do this time, and strongly for market rival Male 


THEATRES 



one whom I wcurd rather chance cite, with Taylor continuously adelpmi theatre. . cc. o]^sb. zwi- 
is rhe Habitat fifiyv.-Hnuse Maid, looking over his shoulder for- 

non-existent dangers. 


. . , _ - - requirements. ; Briavels. from the Newmarket 

.-shareholders in the banks. For Bui unless the major industrial j stable nf flavin Pritchard- 


...... . — - - Lester Piggott,;? absent from 

me dumnisnirig hand or small countries are. as some people . Gordon, is another who seems British racing for several days, 
private shareholders, who have fear, entering a period of iona-isure to be in the shake-up. first because of a-stomach upset. 
_lmle alternative, jt may he a term relative decline there must Earlier in the afternoon, then through commitments in 
good thing that their dividends at some siage be a sustained Remezzo s jockey. Edward Hide. France and Ireland; makes the 
will he able to reflect the inter- recovery of domestic demand. , seen at his best on stahlemate short trip from hhrj'tewmarket 
national growth or the Uh banks. The emphasis could ihen switch; Julio Mariner in the St Leger. home to Yarmouth ' thi> after- 
Fnr the big tnsiituUonal rhe other way, and the bankers might take a hand in the finish noon. There his motet ts include 


holders which represent .he who at present are anxiously * to the Shaw Memorial Handicap three stronglv fancied ruhners 
larger and growing part or the treading qn each others toes land the Harry Rosebery Chal- from Luca .‘ Cumani's stable, 
market, the advantages are 1es< may be glad to cnnfe home. lenge Trophy. Spring tn The Air. Do Be Daring 


AYR 

2.00 — Mrs. Trotter 
2.35 — Touch Boy 

3.05 — He mezzo 
3J35— North Page 

4.05— Hills Treble 
4^5 — House Maid • 

YARMOUTH 

2.15 — Spring In The Air*** 
3.j5— Top an* 

3.45 — Thorganby Balashka 

4.15— Do Be Dajing** 

4.45 — Eliidtana 


IRENE IRENE ' IRENE 

THE BEST MUSICAL' • • • 

Of 1976. 1977 and 19TB 
IRENE IRENE IRENE: 3 
CREDIT CARO BOOKINGS 836 7611. 


i ALBEXY. 836 3878. Credit card 
i 536 1071-3 trow. 8.30 am. Parr* . 
, Mon. Toes.. Wed. and W-‘ 7U5 pm. 

Thors- a Ed Sat, 4.30 and BOO. - 
> A THOUSAND TIMES WELCOME IS. 

J LIONEL BART'S . ■- 

I OLIVER “ „• 

• "MIRACULOUS MUSICAL." Ftn. TtmaA. 

; vnlt ROY HUOD and JOAN TURNtEL' 
i NOW BOOKING FOR CHRISTMAS AND. 

THROUGH 1979- 


OLD 


VIC. . . -. MB 7616; 

. PROSPECT AT THE OLDr VIC - : 
Marsaidt Caurtcna r . - Anthony QiurNe Hi 



and Weather for 


tlndicat»’s programme fn 
black and white 

BBC ! 


i excent London! 3.35 Play School. 11.45 News 
4.20 Pink Faniher irarioon). 4.40 Wales. 

RbntaghosL 5.05 John Cravens Scotland— 9^1-10.01 and 11.30- 

Acwsround. 5.10 Blue Peter. 1 1-50 ant For .Schools. 11. 50 Join 
5.40 News. , BBC-1 (Golf). 545-t20 pm 

a.oa Xattonwule lUndon and Reportina Scotland. 11.43 News 
South-Easi onl> 1. 


Courage.’* 

11-15 Whai thb Papers Sa.v. 


Crossroads. Mt» Report West. MS Repon 
Wains. L30 Happy Pars. TEO Olxrlie's 


ALDWYCH 336 6404. Info. 036 5332. 

• Fully air conditioned l J,, 

ROYAL SHAKESPEARE COMPANY i in 
reoortoire. - . . 

Too^r.1 7-30 CTomor. Sr« mant 7-BQl. 

Red. s»Hte a r oi ew -- D ayid Merx^r - ! 

COUSIN VLADIMIR < 

Student standby ET. 

Wist. SlUkessearS AS YOU LIKE 
nert serf 28 Seat). RSC «» at 

WAPEHOUSE (we under W, M r. Muayiei 

! Anaiany. • wondatfaf perfo rm ance 


MERMAID. 248 7656. Restaurant 288 
2835. Evenings 7-30 and 9.15. 


Evenings 7-30 jtnd 
EVERY GOOD BOY 

DESERVES FAVOUR 

A play lor actors and orchestra hy TOM 
STOPPARD AND ANDRE PREVIN,. Stats 
£4. £3 and £2. " NO ONE' WHO LOVES 
THE ENGLISH LANGUAGE AND THE 

HIGHEST COMIC-ART CAN POSSIBLY 

M15S THIS PLAY." S. TtaneK- Last -2 
weeks. MUST END SEPTEMBER 30. 
Sun. seat. 24 far One Night only at 7.3D 
JOAN TURNER 


_ A MURDER- JS ANNOUNCED 
The newes t efrodartt by, Agattia ChrlWe. - 
Re-enorr -Agattu ; ^CdrHfS^wHn-. anotner 
whodunit inu .Asatha ChrtMie is staritang - 
The West . End .-vet again; «rtfh andtMr. - 
ol -her . Een^ahty- .ingenHjus • murder - 
mysteries-T" FeW*. Barker. Evening News. - 
Yearis jW must end Sept. 30 . . 


NATIONAL THEATRE. • 9ZB 2252 
ouvier (open stage). Tomorrow -7.30 
(tow price . PrertaYfl. THE DOUBLE 
DEALER be WlRfam Congrece. 


LYTTELTON <pro«Jeh»Ufn m^reT^Nngt 


. & Tomorrow 7-45. THE 
by Bernard Shaw • . 

. COTTESLOE. (small autfiiorium). ' Pt-otn. 
Season Eves. 8 LARK RISE br Keith Dew- 
hunt from Flora Thompsons book> riont 
6 Lark Rise- Forpm. Ttcta. 2SpL • 

. Many excellent cheep seats Nf 3 lient w 

■eday of Pert. Car Hrfc Restumt H25 2033. 

-.Creoii Card booking* 928 3032. ' 


THE RIVALS:, 
ith Jam 


Sheridan s obmeily. wiuT._ _ . 
lOa frair. Kenneth Gilbert Carol 


. , :*a«® 

«• it .vrr ; 


«*•« a.w ^ joh;, jst » '^fszrss ui\ 

nf& b, Demcb -Hjjwj. “* 5 ,™^ to n v _ - 


6.40-7.55 am Open Cnivor-ity 
rt-Ura hich frequency onlvi. 9.2« 
For SrhooLs. Colleges. 10.45 i in 
the Move 11.110 For Sijtonis. 
Colleees. 1L20 Coif: Thp Hennespy 
Cognac Cup: Great Britain and 
Imland v. Europe 12.45 pm 
News. 1.00 Pebble Mill, t.4.1 blister 


6-20 Nationwide. 

6J55 Tomorrow’s World. 

7^0 Top of rhe Pops. 

R.00 The Good l.ifc. 
k-.O Mastermind. 

9.00 News. 

9JI5 .Most Wan led. 

10.15 Bi" Baud Special. 

11.05 Tonic he 
T1.45 Weather. Regional News. 


and Weather for Scotl.and. 

Northern Ireland— 11.50-11.50 
am For School's (Ulster in 
Focus). tIJaO Join BBC-1 (Golf). 
3.53-1.55 pm Northern Ireland 


•dberL HTV Cvmra(WaIe*-AS HTV Gyn^ral 

All IRA ' Regions as London except: ljfrus pm Psnawdau 

except at the following times:— >?™ion y Dprid -L2 b mid Maw. 


SLEUTH 
The Woria-Famews Thriller 
by ANTHONY SHdFFER 


4NGLIA 

125 pm ,\ruillx'>N'‘u^. 


2.0# WOtlWD 


.\11 Regions as BBC-1 except at Midlands Today (Birminghami: 

Men. 2.00 You and Me. 2.14 Fnr the following times: — Points West 1 Bristol): • South 

SchooL. Co!!ece>. 3.00 Gulf - Wales — 2J4-2J54 pni 1 \sgolion. Today (Southampton): Spotlight 

Hennessy Cognac Cup. 3JW Hwnt Ac- Yma: Sain il). 3-55-0.20 South-West (Plymouth). 

Regional News for England Wales Today. 6.53-7.20 Heddiw. 


4.354.45 WfliDcAai. 5.15-5J2B Cariooo- 
LHL4J5 V Dycfd. 6Jfr7.« Sports 
Ir^na. LLOS We've Alvars Done !t Ttiis 

Wjr iiaven'f We! U65-12JS am Get ■ apdllo. o»-43T 2663. 

Some In. : Mats. Thurs. 3.00. Sat. 5-pO and B OO. 

News. 5.55-8.20 Scene Around OnlyT 420 Lassi. * 4.45 Ttif*FUntston«L nT ^ 1 ■■ Actor of ^"yew.’^'EveniM standard. 

Six. IL45 News and Weather for 5JS EmnwrUale Farm. 6.00 Abbot Aiuclia. ff"** HeS1 Head ’ i 

Northern Ireland. at™-.- wjo Tiw culkoo \v*h. u.do 6a5 ' 6JD Soort WfSf - s ¥/unk°of R inland 

England — 5^3-6J» pm Look j' P >ing ° nl Ci“f *""* " Wickedly mnny.- Times. 

Ea-sl (Norwich): Look North ^ Leaclunan ' “ am ^ Uvu,R 
(Leed.s. Manchester. Newcastle): 


..-----at- . 0T -437 MM. 

MOP.-Thpr. 0.00: Frl. and Sat. 6.00. and 
8.40. - - ■ ■ ' • • 

"Seeing me pier again is in fact an; JBIUS CHRIST SUPERSTAR •" 

utan- ane total Joy.'r Punch. Seat Prices 1 6y Tun Rice and. Andrew Lfoyd-Webber. 
£340 in £5 GO. Dhmr and Too Price < . — — ^ 


£3.00 to £5 00. Dinner and Too Price j 

Seat £8-00 Inc. ; PALLADIUM. 01-437 7373. Book now. 

iTooT: Z5 .For -Ow e W eek Only 


LENA MARISl - Y.- 
MICHA6L BENT1NE. WAYNE KING 


SCOTTISH 


PALLADIUM. 01-437 7373. Book. -now. 
October 208 «r One Week Only. ' 

IN ONE GREAT SHOW ■■■ : 
LENA 2AVARONI 


ATV 


ARTS THEATRE. 01-836 2132. , 

TOM STOPPARD'S I 

1.25 pm News and Road Reran. 2J» .. U11 dirty linen 

Hilarious - 


‘ “^lasawaBr 1 ^ 


VAUDBV'LLE- m BWO; Prevs.-2. _3 Ort.' 
8.00. pot, : opera .4 Oct .. r.oo .pBi,;siibs.' 

B.DO POI. "" ... 

. AM EVENING. WITH . - 

-■ -••• -.DAVE 1 ALLEN. . ' ' -v 
LIMITED SEASON;- OCT., R-tO: DEC. 2.: 


VICTORIA PALACE, .ym 71 . 

: * 2 . B 47?S STRATroRb jOH*is:zm 7 ‘ 

.**’ : sh ^ a a^^:-: , 

r^rJSSS^riM^ ^ - 

SMASH 'HIT MUSICAL?-: O. Mad. . 

Company. Tout 7.00. Fir» niAt-prenitcre * 
Stephen -PoMakors SHOUT. ACROSS: THE 
RIVER. All ..Mats-" £140.' Ad», WHS. — 


Aldwych. Student standby- S3t : 
WHITEHALL. '. CC. 01^30 6692-776S. 


, ' . , : - 801 GREAT , MONTH'/ r - ■ _ ~ ; 

wwaMiu. nuab fcc- oi-HT'Sjii.-j- - • ■ 

; RAUHpRA^IOJiD ■ 


t aaps?'"! T i- ; 

sr year. 

W 


riCw* t.fard 
B JO am. Mon.- ; 


: VERSYjFUNNY.” — Evenlno New* 
.OTArtWr's wnash-hn comedy 


.RNry. 


A~;CATHDMC _ . , 

• e,p, “"- -School, Sfl 

MAKEfr-YOU fflAKE- WITH 
LAUGHTER T ' Guardian. 


YOUNG -VIC, 1 

only PETER' 

■ production of ' . . 

\Ro FiwcIlLtWrJj 


. For. t*o wtH 

_ .-.famous 
arx* - * Nre 


. nrw 
5. -AM seats £2 


F.T. CROSSWORD PUZZLE No. 3,776 



ACROSS 

i/Obscure area or development 

V.'.&Ml 

5- Old. man is the foreman cfii 
3 Ten per cent seen a.s 7 t3. 5) 

tO Hold back the sailor involved 
• .with- a Russian (6l 
Jtfj»uls into effect, shrewd in 
COsls (Si 

T 2 Struggle in Sussex ifii 


6 But Genhan river has a place 
in Wales (8) 

7 .lust a bit vulgar possibly (8) 

S Blood -coloured fruit suitable 

for Communist headwear by 
the sound of it (3. 5 1 
i:» Disruption popular with the 
schoolboy <S. 2 1 

13 Old Bob sei$ a puzzle for one 
who insist* on tnrtos (S) 


f4.;F oreosic address offers nppn- 16 Some indeed are no loader 
";\jient the first .shot of course W( th us (S) 
ri:^ 4 - 17 Silver set «n uold (4. 4) 

lrAo aonmron.'iU, wtigiwn w D i 5tu rb an ™ tor me — 
-'.tomes as a shock in ihr States us , 11,1 rcm ‘ ,am 

22 -^Heaven lay noi my irany 20 " 1 ^n'roborative 

cression to mv ' (King intended m cn^ ariustic veri- 

jobm i fit similitude (Gilbert) (6) 

23 Venomous principle in a card 21 Declares _ conditions in 
game (8) 

24 Author, finds 


abstainer in 
Scotland's chief herald (fit 

25 Gel plan G arranged for Ihe 
aubergine (3-5i 

26 At anchor in port of Yorkshire- 
(fit .. 

27 A job in beer fnr the twelve 
(81 

DOWN 

Jvthr medical practitioners 

' ■ 'about one are idlers (fit 

2, Make allusion about oriental 
jacket (6t 

5'In "rhe chamber he sustains a 
monkey (fi) 

4 How ip raise a mortgage at 
no cast to oneself (2 f 3, 5; 


America ffi'» 

Solution To Pu77| e No. 3,775 


IB 

•Si 

IQ 

— — - M 5 

HH!30E0!3EJE 
?\ 
3E 
H ■ S'- H 
BBSS'" 
>,-E ‘ 3 
SGB 
H S 

B 3 


BBC 2 


?■?? crossroads.. «0_ Scotland Todaf ; Saturday at 7. DO and 9.15. 

■30 .Ijrnod? ^37* 7*00 L^VPI lie 3Ild I ACT^ntA ' t ukA t th; " rr Charmn r rw» 

UQ pm ATV NcMYdeM-. 3 JO Comedy »»Ut. 7-30 The Rag Trade. lOJB Law J RSad. TSfaSlT Mmi-nunTf 
Break. 4.20 The Flimstones 4A5 Three Centre. 11 -3a Late Call. 1US Canadian Frl. and Sat 6.00 and 8.45 

for rhe Road. 6.M ATV Today. 7JM Colebruy Concerts— Panl Williams. ; ___ -1K , r S ,v ? e v*. D 

Emmerdaie Farm 7 JO Exwland Their 8EST M“*1 CAL-PP-THE.year 

Kneland. UJO, Gardening Today. 1 L 00 SOUTHERN 


EVENING STANDARD AWARD 


Film 


6.4(1-7.55 am Open Unirersity- 
11.00 Play School (As BBC-1 3.35 
pm).. 

2.00 and 3L55 pm Golf: The 
Henne.say Cosnac' Cup. 

4.35 Open University. 

7.00 News on 2 HeadJihc-v 
7.05 The British Connection? 

7J0 News on 2. 

725 Expert Opinion. 

8.00 When rhe Boat Comes In. 

8.50 Terence Judd plays music 

by Liszt. 

+9.00 Films of the 40s 
the Spur." .starring 
Redgrave and 
John. ' 

10-50 Golf; Hennessy Cognac Cup williams Show. 


Movie Premiere: “ Death Stalk.” starring 

Vince Edwards. Uq pm Southern News. 24» Women 

bnlv. L20 Lassie. 4.45 Beachcombers. 

D/1D riCD 5.15 Tlie Undersea Advemurrs of Captain 

DUKUr.K Nemo. 5J0 Crossroads. MB Day By 

fl.ZO pm Bonier News. a. 28 Thursday ? 3y - SorriraJ. 7JW Emmerdne 

" Revolt at Knn Laramie.” M8 EngUnd. Their England- ! comedy. 


! CAMBRIDGE. _CC. 836 605 jL Mon. to 


>.45 and B.30 


Thun. B.OO. Fri and Sat. 

(Pi TOMBI 
ExcKInO Black African Musical 
Seat prices £2 00-ts.Oo. 

*' Packed with variety." Daily Mirror. 

THIRD GREAT YEAR 
Dinner a ad top-prtce seats £8.75 (nci. 


RICKI LEE AND FAMILY 


PALLADIUM. 01-437 7373. 

pet. 20 for a Season - 
as Merry Widow Twankey In 
. ALADDIN . • 

ALFRED "MARKS as ' Apanaaar 
Dilys WATUNG. Brla DMA 

and WAYNE SLEEP . .. 

. BOX OFFICE NOW OPEN. 


YDUNrt VIC.- «VZB , 4363. From Ort, 
■ACTION ~MAN -/a . Skafcaw— »r* tnlupy 
RICHARD -III. HAMIET and 

. 0;. 'tiG'.IRffW' •' • . • 


reek* “T" « , 

Par's j !- _ 1 

URU I O Cl 

s ; 




PHOENIX. D1 -836 2294. EveniftBSat 8.15. 
Mats. .Wed. 3-00. Saturdays frU and bad 
"TIM BROOK E-TAYLQR, GRAEME 

isasi han - 




01-540 2578. ! 


1 WOULD 

WAV* JBJfiJO.-i - Sunwlay Time*. “ SHEER 
D £i ,< 3 rr i E **- Standard. •** GLORIOUS 
CONTINUOUS LAUGHTER.- Times. 


l.ooka round Thursday 7J» Eimuertale *#■*> The Electric Theatre Show. UJJO ! Eves. Moa.-Fri frOO. Sat 5 00 and B.so! 1 PICCADILLY, from 8.30 am. 437 4S0G. 
Farm. 7 JO Father Pear Fnrher. 18.30 B«ra. TUO Quincy. | f nw a n ^wdodwar D E r S ut c 02 , i a: 5. r °T1- Mon.-Thnrv 8.0 

■?i» Concyn: .Bourn am Wha. the Papers Say Speoal. J S " 

TYNE TEES 


(hooper Squad 

in ary. 


LLS5 Rord.-r Nnws Sum- 


CHANNEL 


4.25 am The Good word followed hy 
North Easi News Headlines. UO pm 


THE DARK HORSE 
by Rosemary Anne Sisson. 

” Excellent family entertainment. Anyone 1 
ot an> age is lively to eniov iL" S. Tcv 
''Damned good theatre."- Sunday Times. 


DonUnatmg with unfettered gusto and 

humour, the BROADWAY STAR." □. Exp. 
. SYLVIA MILES 

“ Towering pe rf ormance." Dally Malt. 
YIEUX CARRE 
by TENNESSEE WILLIAMS 



highlights. 

11.35 Late News on 2. 

11.50 Closed own (Reading). 


Mildred. 7JB ThH locredlhb. Rnlk. UL2B pJSMaKtg StmSmr 

Channel Late News. 10.33 The Afldy ™ K * , ™n ,sr Snooker. HAS Epilogue. 

LLOO Mm-ie Premiere: 


"The Deadly Tide.' 
Weather to French. 


12.45 am News and 


ULSTER 


CRrTERtOFL 9SO 32 16. CC. 836 1071-3. 

Eves. B.OO- 5aL 5.30. 8.30. Thurs. 3.00. 

NOW fN_ITS SECOND YEAR i PRINCE. EDWARD. CC-tForTOerty. Can fool. 


AUDACITY OF HIS 'HUMOUR — 
HYPNOTIC EFFECT.- D. MaiL 


LONDON 


L20 pm Lunchttme. All Lister New 
Hi'adllces. 4JH Take a Bow. 4A5 Lassie 
5.15 Conoon. 520 Crossraads. 6-00 j 
Reports. 


LESLIE PHILLIPS 
In SIX OF ONE 
. end > HALF DOZEN LAUGHS 
A MINUTE 

SECOND "HILARIOUS" YEAR I 
■' Very funny." Sun. -Tel. 


GRAMPIAN 5a« rTS ' ■rin S r POl ' Ce i ? X ' F Ha ^j DRURY LANE. 01-836 aiOH, MonT^o 

. „ EmmerdaJe Farm. 7JD : Sat. s. 00 . Matinees Wed. and Sat. 3 . 00 . 

42S am Flref Thing, ijo Dm Grampian Fmdand Their ErwJanrf. 18 JO Courtier - 1 .. . a chorus line 
X«* w Hi-adUnes. 420 Th- Little House un Point. lUK The Practice. 1125 Bedtime. I? r?u»- _««oni jh, np 

9J0 am Schools Procrammes. the Praule. 5.15 Gamhu. a.oo Oramplan stunner . s u n. Twnas. 3rd GREAT y ear. 

12.60 Little Blue. 12.10 pm -Step, 7X0 Riomc ivoinaa MJ8 WESTWARD : .% e - B24 4 . . TS urs ’ 

ping Slones. Ii50 Doctor: 1-00 *»>«?*» J£* - 1 . . - . . ._! ^ n ‘ K wicaJ!™? °° 


01-437 6877. Evenings. -ILOO. 
Matinee 1 Thur/and Sat. At 3.00- . 

• . , . . • EVITA • ' ' • . . 

by Tftn Rice and Andrew Uoyd-Weober. 
-Directed by Harold Prince. . ■ 


DUKE OF YORK'S. CC 01-B36 5122 
- FANTASTIC ■*■ 

GOOSPELL 


Nefl P, ^Cro?vn ^ h ' ^ KSSfSS&Si 

Mews. 14*0 Crown Courl. 4.00 Hnnsu an rhe Prairie. 5JJ Gambit. 620 

Afrer Noon. 2.2^ Racina from rDtiuim w-axward Diary. 7j» conncn and Mildred. 

Ayr. 3.50 Tlie Sullivans. 4-20 OK AINA DA . 7.M Th« tdtawllhk- Hulk. 1028 Westward 

Children's Pilm Matinee: " Sierra.” ' r „ J '' J t?'* Nev S 1 M , * n, ° w »iiam* 

= 45 V.J.- 120 pm This la Vour Rirti. 420 rode Show. cun Movie Premiere: ■■ The 

eflfl ThamBc at c B. SJ5 What'a Mew. 525 CrooBroads. p-’atflT Tide." Karri ns Steve Forrest. 

Thames at B. 6JW Granada Reports 6.30 Emmerdalp 12-45 am Faith for Life. 

fr3a Crossroads. Farm. 7J» Charlie's Annuls, m ra wtijt s 

7.90 .The Six Million Dollar n ". uao - What Uu- Pao-.-rs smr. U -20 

Han, Barnaby Jones. 

8.00 Georpe and Mildred. UT-t/ 120 pm Calendar News. A20 Jahbcrjaw. 

8.30 TV Eye. Ml\ 4.45 Ltufe House on the Prairie. 6.00 

9A)6 The Swee (lev. _ _ .... _ ■: Calendar lEmlrr Moot and Behnoat 

10 00 News Bepan wale' Ileadllni-i. 2.D0 vUHOtn edttinrai. 7JHJ EmmerdaJe Farm. ’720 

1 W.IIU news. „my. 420 Tahe a Bow 4.45 The Film- Father Donr Father 1030 The Love Boat. 

nistonya. 52a Jab-line NeUMleEk. 5-20 U-30 In CanQ'rt starrtne Cado B-;lle 


YORKSHIRE 


PRINCE OF WALES. CC. 01-930 8881. 
LAST 3 WEEKS. MUST END OCT. 7. 
Evgs. '8.00. Saturdays 520 and 8.45. 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
' LOVE MY WIPE 


CREDIT 


starring ROBIN ASX WITH >' 

T CARD BOOKINGS' 930 0846. 


r ^ - : ONEMAS . . 

ABC * * 2 SH AFTESaURY ■ AVt. 836 


8881 . 540. raffs. ALi- SEAT'S BKBtE. 
2001. A -Space. OMW . nij^-TO, 


.film WtL) * Sun.; 120. . 25^ 7.55. 
2, amw (AJ. WJl *- Sufl- 2.t». -520. 
820.- . ! •' ■* 


CAMDEN PLAZA (bp^CniWM^ Town Tobel 

me 7jiT l tmf - «nr nn an . FILM 


RENALDO -AND .CLARA (AAI .vdm.-Bob 
Dvfan and J«*an . 


= . terar. 1 4 . 4-track- STEREO 

Prods. 2 JO AWd 7-30 


CLASSIC 1, 2. »v.4. -0irford Streel ' f Of d. 

^Totteotaim - Court-- Rd- Tute). 636 0310. 


Rd- Tut 

U. and: A oroin ;ChHdr* 
TURNING FOII 


- J**"-- • ud< «*f ««*r „ 

f- THE TURNING POINT iA». - Full :i- 
srereoflhonic wand. ■ P rooa. . 1 S5. . 

6-00. B.30 .Urt* «f><«r.TCSA5 CHAIN 
SAW MASSACRE (X-Ctril >1 p re. - 
2; THE SILENT PARTNER -*Xl. .fiW 
12-45. 3 20. 5JS5. , ..8 23; Late- show ■ 

SiSpectoi Matinee Ah' Seats 
SILENT WITNESS J A). Ron. I'M 
12 00. 1 J30. ZOO. Steve McQoaee, AN . 
•ENEMY OF THE PEOPLE ilil 3.1S. . 

S 45. ,8.15, Late Show 10.55 P*^ 

4< HEAVEN CAN WAIT «At. PrOBL 140 
355. 8.1 S 8.35. 114)0 o.m. _ 


“'.'cinreT 37 ' 


CURZON. ... ._ 

YVES MONTANO. '' CATHERWE 
DENEUVE to U-SAUVAGMAl. JDfl*. 

sobtuiesi Prora Mt 2Jt (rtot Sun.). *JS. 

8.15 and 8.30. 


L£ICESTKR SOOAHE THEATRE 1950 5755 > 

. £J-S-T.“ (AJ- Sep. Nds.^SJJK. . 
1.00 4.30. 8.10. .8 10 part.' •boortbta-- - 
Von.^rt. Aft peris., hltfato. Sat. and Stff • • 


OOE9N. Haymarket- (930 2736-2771J. 

MIDNIGHT EXPRESS IX). 

Dly. al 2-30.. 5 JO. 8.30 am. ' AH 5M» 
boMaMe. •= . -> 


OUEEN*5.- Credit Cards. 05-734 1166. 


Eves. 8 00, Wed. 34)0.' Sat. S.DO. 8.3d: 

CE. _■ GEORGE - CHAR IRIS. 


ROY DOTRICE. ■ GEOR'__ 

RICHARD ' VERNON. JAMES . VILLItRS 
THE' PASSION OP DRAC1MLA 


"DAZZLING." E. Stan. -THRILL! NGLY 
" BURST! NG^ WITH' ENJOYMENT.” D. j | o? I 7 N*i X' 
TN. Prlcn 12 lO £5. hu mu £3 halt- | 5^5 A ^fnrmr» N ri eSJ r ? J SS5' n5?~ 
hour before show at Boa 0»ee. Mon.. • 

Thurt Fri. Mat. alt snti £2.50. Evgs. • 5',n»«o nS E 

B.15. Fn. and Sat S-30 and oJso. i SHOW IW TOWN. . Punch. 

Limited season. Must end September 30. 


1 0.30 "Tbr Red Bader 


PORTUNe. B36 223B. Evgs. 6. Thurs. 3. 
Saturday 5 and 8 . 

Muriel Pavfcnv as MISS' MARPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


RAYMOND REVNEBAR. CC.01-TS4 1593 

At 7 pm, 9 bbi. Ti Dm,. • open Sura. 
PAUL RAYMOND pr-mre« 

- TNE FESTIVAL OF EROTICA - ■ ■ 

• Fully alr-coodltfooed . v. " 

3 tit SENSATIONAL YEAR . . . 


GARRICK THEATRE. CC. 01-036 4601 . i °, T -^^ , „ fl8 l Z n5' 


RADIO I 


Ewos. 8.00. Wed. 3.00. Sat. 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

"BRILLIANT. A TAUT AND EXCEL. | 
innnrnnM •» n 1 


(5) SKremhenlc broadcast 
t Medium Wave 

5-00 am Ac Radia -■ 7.04 Dave l^e 

Travis 44)0 Si m tin Bales. 1121 Paul 
Rumen. 109 pm peter Powell. 4ja Kid 
Jonsun , 7.J8 cnanirp t;.luh tsi <jhUis 
Radio J.. 10.04 John- Pe«] <Sl. U.WK2.02 
am Ab Radio 2. 


LENTLT ACTED PRODUCTION." O. Tel 
"AN INEXHAUSTIBLY RICH WORK 


Evs. 8.30. Mats. Frl.. and Sw. 8.00. 
TAKE THE FAMILY nO 
THE CHEAT AMERICAN 
BACKSTAGE MUSICAL 
"■ A Httfe l««M " Fliunrial Times. 

“ Smart swell diw.". Daily Eswess.' 

“So reilovabto.'' Sunday ■Times;'"'' 
Lvrir* . haw more. el>aancr. . _ 
tt\*n tw»e tor EVITA, ' ' 

Mpsir more bite 

than ihjt lor ANNIE. -- S'M’dav Telegranh. 


ALAN AVCK BOURN'S New Cometfy 
■' TEN TIMES TABLE 


” Yhft must be the. happiest laughter. 


i, 730m. 28sm and vhf London Broadcast inc 

« Hrii-fmc 9.10 harm nut toimmutfl 


maker In London." D. Tal. "An IrresiVt 

___ . . to'y enloyaulr evening “ Sunday Times. 

206m and 94.9 V HF | haymarket. gso 9837 . e^l b oo’ 
wed. 2.30. S«. 4.30 and 8.00. 
PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IflENE HANDL In 
THE FAMILY 

A new plav bv RONALD HARWOOD 
„ , Directed bv CASPER WREDE 
An admirable play, richly Mtisfyiim— 
Paul SCDANd « hit best" 8. Levin, s. 
Times. Last 3 webs re we September 3 0. 
HAYMARKET 930 3832. Preus. from 
Oct. 4. Cmeniiw Oct 9 at 7.00. 
GERALDINE Me EWAN 


Evenings at. S.QO: Sato. 5.00 Md 8.50, 
■ NICOL WILLIAMSON 
" A vtriuoso iwrformance.” D. Tel. 

In JOHN- OSBORNE’S 
INADMISSIBLE. EVIDENCE 
•■This is one Of the tow. great Neva Of 
the. ttMury.” D. Mall. 


ROYALTY. ; Credit Cards. 01-405’ 8004. 
Mondav-Thursdav ■ evenmgi B.OO. Friday 
S.30 and 8A5. Saturdays 3.00 and 8.00. 


247m part 2.. L2JII Pm Lunohtinu- Pr«n. pari 1 Serendlptiv, SJS Wearh.-r: pro^ramnw 

■s*. UO News, uis Lunchtime Prom. news. 64U Nrwv tjo Top ol thu Form 

ran ? -S'. IJB LitUs Im- mailiBUl piano 7J0 Ntr.vs 7415 The Areh^re 7J0 Chw*. . Pll -^, YriTw uTcaiTn "K-"- 

Compititlen W7H ISI. 2J0 B..<rlUr Festival ixuni 7.45 A PilBrtmn Tale (Si. 8JB 1 — u * ^ > -- tl ' m>T1 ° BE WI &5ED ' Ttoira 

IKT COIICerl. Part I ij*i 3.30 Word" . . Th.> Fin* Senses. E.45 Analrsls' 4 Jo I GLOBE THEATRE. 01-437 159a. — - - .— 

■talk,. LM B*Tlln F. sflv.i! |977.- part I Knleldaimpe. 1.SS Weather 10.00 Tto> I FAUL^raniritjto'N^'iu^A ' C re<, ‘ t Bpo«Lnq» — Seats 

•si. 4J5 Handel's npus ( ,s i . 5 J 0 Yoinh World Tomcfti. 1030 A nr Vnwersr mo PAUt C BEN7AM?N'w J HiTROVv 1KEN2e ! r 9 y al court. _730 1745 . Air-cond- 

Orehesiras al the World >S.. js.45 Home- .1 Rook ai Bedijmi-. 124* Tbe Financial I ALAN av£K — 

nurd Raund tW» Xn,<. njj Hmnn- IVorld Tomahi. 1U0 Newn. 
ward Round •ronnnui'tl> 15.33 UfPhnoS' nov* r»-j- t 1 
Thr Wider World 7 JO Hash's. Musical "O'- KaulO London 

RADIO 2 l.M«.n »ml \-HF SS 2Mm and 94JI VHF 1 

S-M am Nch-s Surainarv. 5.02 Tony Hindemith piann reriial (S.. u*45 iYi-wb. 54» am As Radio 2. 6.38 Rush Hour 
Brandon iS 1 mcludliu 6.15 Patw for U .58- 11 .55 Tonlcht's Sdnihi-n soiig. «S» 5.00 London Livv. . niy pm Call In 2J0i 

Ttwwht. 7J2 Roy Moon; iSi including Ratio. 3- VHF only— wb-t.oo 4thi »«* Shm«?aBe. 4.05 Home Run. 6.10Loofc 
¥.77 Radii* BulleUB and 8.43 Pause lor 5.4S-7.3# npen Uiuiervny. Slop. Laicn. 7 JO Black Londoners &30 

Thoushi. MJJZ Jimmy Youiw «Si. n , nrn Soul TB. 10J» Late Sight London. 12Jjn. 

12.15 pm Wiwnenr Walt UJO P«-.- RADIO 4 Ciese: As Radio 2 . ' 

Murray's Open House tSi includitut 1.43 

Sports Desk. 2 JO David Ham Hi on iSi *144111, 

including Racing from Ayr and 2.43 and _ V™ PfP 'uv"* «*«•*■«•: eou pannum «im«uto?iinre 

3.43 Sports Desk. 4J0 WaasoDers' Waft. T&dLT- 6J0 Tudiy; Maaaiin^. U^luding “* iai * nn 5,1 

440 Sports Desk. 4,47 John Dnrni <Si 64i FYU'er (0r_ ihe Day. r.no and S.W non-sion nows. Informihon. travel, sport, 
iiiulwling S.43 Spons Desk and 8.02 Cross- TodW* JiewR. 7 3H and >.30 .N^ws Head' M-06 Brian Raj'es Show. MO pm LBC ! 

Channel .Moionac Iniormatiun i.*5 line*. • Thonrhi for th>- Day.-' IAS A Rojwns. 3JW George Cate's 3 crcim-t 1 
Sports Desk T.(C COBncrv Cl oh «Si. 9J2 WW* Wind Ip Jamau-a. 4JB 9XS Call. 4JS LBC Repons ‘WBlimiesi. ijo ' 

PoKsmrav i5>. 1JS Sponi Desk. 104)2 Thm-e^ V ou Harp l.ur.ri. mj® K«wf. Afrer Eljdn. 4J» NlfbUioe. MO am Nighr 
nK* 7R Stam UL30 Siar Sound Extra. 18JB From Our Dwti «'.arr»opf)Hdi-nL UJ® Exira. 

11,82 Brian Matthew Introduces Round Dallv Serrire ; .10.45 Mominp storT- U100 . 

Midnight. niriiKling I2.M Ncu*s. 241024)2 Seim. 114)5 Down Your Way iWls L3Ult3l KSulO ! 

— Tiptree. ESws. ll.os a caiittfif' C!ri- . 194m and 95 8 VHF : 

RADIO 3 WniiSlereo^VHF ihiltlhood I2.D8 Vm. 1 124n , omT»li afd 6.0fl am Grabain Dora's Breakfast Simw ■ Thaes. ¥2S' '■ ~ -:w 

^ J mv* Furry r hbS3t "ciw f ' , 9* M <S‘. c3» Dm* ' * -“- Thw 

•S' W-55 Weaih^r; pro-jramme. nei-n p' 1 ,' '■ Sl - MO am Rwwr Scon t®,. T4» i THE JWATCH WARM* 


OBCON. Leicester Sowe. W 30 '' 8 iHL- 
THE rni*e DETECTIVE fA». SWr omoL . 

Ply. Poore open 2.00. ims.-T.ms- ^ 


OOEOIU. Marble Arch W 2. (723 20 T 1 ■ 24 '. 

■ CLOSE ENCOUNTERS-. «F- TH*' THIRD 

KIND (A). Sen. press, doors oraj M« - 
.Frl. -2 OO. 7.30, 5«. 1.05^ i.VSi 7A5. 
Sun. 3 JO. 7 JO. Ail seals hoohaMg ■ 


PMHCI CHARLES, L>k. H. 

MEL SHOOK'S 
HIGH ANXIETY (A). 


437 81*1' 


Set^ rarTV- ptv. /IIK.. spn.i 2M. fri.5: 


. LAte 'sfcow .Fei. fr Sat. 11-45, Sw» 
bookabfe- Licensed Bar.- . ■ ■ ■ . ■ 


STUDIO S Ei- A, Oxford Ci-coi ,4S7_33O0. 

Ee A Fred Ztoiwmann - Film. ' 


JULIA (A*- 

?TOSA 1 : 05 ; 3 . 10 . SA5. B. 15 . UM W" 


S»t- 10.45. _ . ..... . , 

; payberglC. -Ahur Bates In ;?»“! 


. JIB . ... 

Msxnrekv's - an unmarried wo 

(XJ PTo«_ 1 4J5.. 3.30 6.00. 8 33- 

Stun* Sat. 10 50. ■ 


' CLASSIFIED 
ADVERTISEMENT 
RATES 


London- critics, vote BILLY DANIELS .til 
■ ’ BtmOLING BROWN SUGAR ■ 

IWB'MBStOH Of 1077 ' 

Tel. boQUnos arawtod. Maine, MtdH :. 
cards. . Restaurant reseev au ons ‘Ol -204 
2418. 


cy VE FRANCIS 


JIGBL STOCK 
PET1R PAUL 

BOWLS HARDWICK 

and FENELLA FIELDING In 
LOOK AFTER LULU 
by NOEL COWARD 
with GARY RAYMOND 


SAVOY. THEATRE. 01.838 8888. 

CredW eards 734 4772, Tom Conti In 
WHOSE LIFE IS IT ANYWAY 

" A MOVto^TOUS ■9LA^. H f B URGE YOU 
TO SEE IT." Guardian. 

Evbs. at A.M. Fri. and Sat- fi.as am) 8.45 


jHArnsjuinY. 
01 


CC.. 


Cptnmerrial tr indiMTfil 




4 .SB - 


(A 


01-436 8586-7. 

-B26- 4255. Eras. Jt 8.15. M»l4M5 Boteti'fr Travef^ 

Srt. .5,0? a-» ... • f toraVwJSS, ■ 


-■'ProoeriJ'- - -. 

Res idential Pr operty 

ApwHntmews - ._ , 

‘BbdEdess t Invosaaraf.- 

. Fw fttrtfier details write tor 
- Owwrnal PeK . Corporaflra . 

: ^toans, PnWnction • 

'Capacfty. EastBesKj ■■ > • 
FbrSale/watMed . 

Edncartoo. Motors. . 

. Coronets A Tenders. 

"Person#!. Gartcjdos 


1*46 


V-’ * 


5,35 . 


.TeRENns STAMP" In 
‘ 1CULA. 


. DRA 

with DEREK GODFREY . 

Tha most .'entertaining show. I- haw 
i.“ MAC halfjwiceiwan 


SHAW. 01:SM..IMJj.i.Natlraai^Y^ 


56J5 am Weather. 7.00 Xmu'3 7.05 ___ _ 

Oicnup. IS) 8.00 Sem. BJS ilorutea LOO Th.- VVorld Ar nn,.. 'L 30 Tlu* arriim I^rtl G^ortte-Brnn n rtnnii.it' rnm»l— *1^ j • Corned* of Wramnn'wKBra " >1 goes ! Theatre ^in JULlUS C_AES*R 'by 

Conran >5>. MO News 4.05 This Wwh's LAS Woman's Hour inclmtinn 2 ««.« *Si. U6 London Today -Si. 7.30 ; g®r£f* , , M ®E7 e# rQJr j. f „ ■ •- artktopeare. Evga. 7. Qq,- 

Composrrs: AUMUz and Granados «Si. News. 2.45 Listen With ' 3.00 Ltrsr's n«n Lire; t5i 1.00 \iefcv °ul5i' EST,,! ^ i ST?* N *- 01-836 •.•SHft; frmlW «.g0- 



Thun. s.00'~S>tr. : S 30 .and.BJO. 

NO SEX PLEASE-'-' 

WPI« BRITISH . . . 

LPNDON'S. t-QNgE*T . fcAUCH^-. ' ; / 
OVER. 3.000 m 


4.25 

tra 


1S.» 

Kt.flO-' 

T«r 


- PMiiltms anUabte 

• • ' (MiBinmni alee 40 coiumn cm# . 
Per single column cm oxtreT 


: .-ChLSSffieJ- ArtYprllmm en f . 

- .. . Manager, 

' Financial . TSmesv- 

Cannon Street EC4P «T 




TM 




II 


* iA 
-* 




'V 





■; j. - - K ■- 










Financial Times Thursday SeptemJjer 21 1978 

Record Review 


rrv 


'rv-r. 


Profit, politics and pain 

bv ANTONY T HO RNCROFT 


Pub theatre in the Ionian Sea 


— me for some months bow. Here with a really good Sayer song, I 

-." Grease: RSO 2001. we are up to date and more-- Stormy weather, and ending with t 

■ Power ba the Darkness: Toni one track, the most ominous, is the rather boring Paining in my * t first stance thae seemed 
Robinson Band: TC-EMC 3226 called Winter of '79. Tbm Robin- heart. Even the up tempo La > discrepancy between die title 
x>d Sayerr Leo Sayer: Cbryaalis is provocatively Booga Rooga. the Faii-weather- Zd i^enue 

' <a>Lll&8 but whereas a musical version Low classic, js about up tempo 5 th J^ernaHo«aiCoa- 

■ • 1- .1^, rs*. t inria Unn of Socialist Worker would be mama. But this is a verv addic- 

d Rg ludicrous his lyrics have a punch live album, probably Leo Sayefs *!**?. ^ 

... ^ stadt. Asylum K 5308 5 ahfl fln iminediacy which finest. There is hardly a weak Theatre ' 

’ TWi» rrmw nh*»nom»mnn demand respect- He writes of song, either from Sayer or by a “*P“*® of ~™ ek 

'* «hT5h ** disaffected young tin- such stalwarts as Jackson f Culture >and Science. was held 

SI? 55? ftS *S" , <S5 '“""W »«1 th. coming battles Browne and Bitty Nichols. 1. !.,*«■ •» ^ 

‘ -.National Product of many a 1 ...... 

. United Nation, already seems 


LISA WOOD 




} 


jarTs 




like lasr week's disposable news- 
- print, but the music will not go 
away quite so easily. Having 
'■■r spawned three hit singles, the 
. _ double album recording or the 

•'..'•-..‘■film is still bulldozing its way 
• i -. up the British charts; in the U.S. 
... it bas established squatters' 
..'■ - rights at the top. 

Like the equally successful 
■■■' Saturday Sight Fever from the 
'• ../same stud the rerord is a pale 
’ -.*... imitation of the film, which Was 
* x '- unnecessarily mauled by the 
’ more stiff-limbed of the cinema 
' . critics. The film’s strength was 
■ its naiveity. its comic book 
colours and cartnon cut-outs: the 
■■■■ album is. much more pretentious, 
' ‘ ;■ much more of a marketing 
- package. This is obvious in the 
: . sacrifice of the narrative line on 
’ the album, which presents all 
..../■.the goodies, hits past, present 
ana to come. on. side one. So the 
musical climax You’re the one 
that I trout iollows hard on the 
early boy meets girl romantic 
duet Summer Sights. No one in 
rhe classical department would 
: pfjtte dare suggest putting Mimi’s 
death, duet at Jhe. beginning oT 
sg^/ILa Boheme to hook (he -casual 
listener.- - 

■Then again the use nf 1930s 
. standards, perfectly parodied as 
always by Sha-Na-Na. arc strung 
"/*■' Y together on side three, creating 
' an element of over-kilL The best 
thing about Crease is the original 
music from the over-looked stage 
musical which was a success in 
the U.S. but flopped in London, 

■■ : ’ probably because there was not 
Y^l much fifties nostalgia around five 
years ago. Its creators. Jim 
Jacobs and Warren Casey, put 
--!?/■ together some subtle lyrics, and 
tunes which were much closer to 
;h:.: the simple melodic line of the 





Leo Sayer 


: on a southern Ionian asLand. 

.called Zakynlhos, most notable 
I in recent years lor a disaster oils 
! earthquake in 1953 which 
J destroyed most of its Venetian 
architectural heritage. The inland 
I appears remote from the more 
conspicuous international cul- 
Uural centres of Athens, Delphi 
| and Mycenae. 

European theatre companies, 
including two from England and 
I the Cuadra Theatre of Seville, 

(Spain, were performing before 
I what appeared to lie a ipredortri- 
Inantiy native audience, whose 
! chief sources of commercial 
i entertainment are two open air 
| cinemas, most renowned for their ■ 
t. Yi. and soft porn’ movies. 

* 7 ^. ay* et- 

i Certainly this was no 
1 Edinburgh Theatre Festival, with 
■ performers demonstrating their 
i skills before an international 
band of critics and theatre buffs. 

In Zakynlhos many of the per- 
formers were islanders — and the ■ 

event was primarily organised Incubus Theatre 

for the people of the island. 

0f Ministry of Culture, the Greek 
Tourist Board and private dona- 
i JL* 0 -! a ® roup .. ?veek tions^-have no plans to flood the 
intellectuals and writers visited isljmdW ith foreign tourists dur- 
‘ the island to study its particular in* the festival 
theatre form. The plays, called “ . . . . . 

omilies, were at that lime only Rather, the idea is to bring 

occasionally performed at nevv’Tdpas. through the perform- 
carnivals and had dftrd. as an ing otforeign productions, to the 
expression of fresh- ideas, some native oroilie and bring new live 
30 years earlier. The study £®?,£e t0 th ? Population of 

I group, in its first visits to the 0 , f . w ^ oin * li, l ll ' c 

island, instigated the extra per- in Isolated villages, physically 
formances for their own benefit and ' culturally isolated by the 
As one islander commented: “In mfuntameous terrain from 
order to help them think.” Zante, the main town. 

Today the omilies form the Zante itself is a fairly popular 
centrepiece of the highly original resort; with Greek holidaymakers 
annual festival which only suf- and its new-found prosperity is 
fered interruption during the based upon tourism. The island, 
time of the Colonels. The sitting in the Ionian Sea, is 

organisers — the 150-strong Asso- reached either by air or by a 



Incubus Theatre Company with the * De La Zouche Follies of 1376 * 


1950s than the later additions, with the Law and the National also good to have the lyrics ciatian of the International Con- seven hours boat and coach 
Look at Me, Pm Sandra Dec. Front. It is the first effective enclosed, and odd how words gress, part financed by the journey from Athens. The main 
effectively sung by the film Socialist musical propaganda, that look incoherent and banal 
“heavy" Stockard Channing, partly because it is so well on paper can be so emotively 

makes an impression on flat vinyl, played, partly because Tom transformed in music. ■ ; ■ 


_ -.~Y as does There Arc Worse Things Robinson is intelligibly coherent. * I 

: - f Could Do and It’s Raining on- a nd partly because the words Where Leo Sayer is all feeling. 

• From A i' l* 11,15 ® songs take have an insidious . sing-along Linda Ronstadr gets through 

Yv v atl affectionate look «t the period quality: it becomes very- easy with style. A strong voice and aj 
" while the added tracks, like the to chorus these revolutionary pretty face are her chief assets, i 
film itself, are. a 1978 gloss, a slogans. In fact, the whole thing plus an ability to gather interest- i 

•’ Tohicle for the superstar. John j s so wed done that there must ing material and top class ’West 

Travolta. It is sometimes difficult he a good business brain at work. Coast musicians. Lining in t he 
to distinguish his voice an record songs tike Up against; ike wall; USA is almost perversely 
from that of Olivia Newton-John, Too good to he true; and Long eclectic, moving from the Chuck 
v -~. *■ fltoJ 1 is hard to hot summer are too good to he Berrj- title song straight on to 

avoid him but harder to notice sacrificed for a cause. -.Y the Oscar Hammerstein - Sig- 


Everyman, Cheltenham 


Confidential Clerk 

by B. A. YOUNG 


harbour is breathtaking — a 
gentle curve of wharves, peopled 
by local fishermen and excited 
children awaiting the ferries. 

There is still much speculation 
about how the omilies started in 
Zakynlhos for the island has a 
curious cultural background. It 
was never under Ottoman rule 
and for 200 years was under 
Venetian domination: there was 
strong Italian influence during 
the time of the Renaissance. It 
was for centuries a haven for 
refugees, many of them artists 
and writers, and the omilies may 
have started some 400 years ago 
after the arrival of Cretan 
refugees. In the names and ways 
of playing there seems a distinct 
influence of Cretan theatre. 

The plays are masked, per^ 
formed only by men and there 
is little attempt at realism, the 
main emphasis being on the 
spoken word which on the island 
comes over as a' long high 
pitched drawl or whine. As in 
most traditional popular theatre, 
such as the Kabuki of Japan, the 
audience, knowing the set pieces 
well, feels free to roam and chat 
during the performance. The 
emphasis is on the event, rather 
than the quality of the produc- 
tion. 

Earlier this century there were 
several omilies performed 


throughout the island and new 
ones were still being written. 
But today there is little new 
writing. George Minotus. secre- 
tary of the association, an Athens 
architect at present designing a 
theatre on the mainland, said 
that the aim of the association 
in bringing foreign companies to 
the island was to try and re- 
create similar conditions as when 
the refugees came, bringing their 
plays and giving inspiration to 
the islanders. 

This admirable aim could 
appear self-conscious and the 
organisers admit that they could 
be seen as outsiders and inter- 
lopers. cashing in on a lost tradi- 
tion in a rather folksy way. 

But whatever the criticisms of 
the motives for the festivals they 
have been a success with the 
people of Zakynthos. One of the 
English companies. Incubus, a 
touring company of five actors, 
took its pub show, a ribald 
medieval comedy, to a small 
village in the mountains. They 
were met by rows of gawping 
ten year-olds, all keen to demon- 
strate their facility in carrying 
props. 

Few in the village spoke Eng- 
lish, even fewer had ever watched 
live theatre of this kind. In a 
small field at the foot of the 
church a rough stage had been 


erected by the villagers, and as 
the time of the performance 
drew near the audience arrived 
bringing Its own chairs. 

The language problem proved 
irrelevant. Howls of laughter 
erupted when the beggar biga- 
mist W3s harangued by his three 
grotesque wives and an English 
lord flashed his outsized end 
piece white rallying a peasant 
army for a crusade to the Holy 
Land. The internationalism of 
visual and situation humour pre- 
vailed. It was evident from- the 
response of the audience that 
they were grateful that a theatre 
company had come from England 
to perform. 

Incubus also gave the towns- 
folk of Zante something to 
remember when the same pub 
show, which included a highly 
irreligious performance by. a 
show biz pope, was played in a 
floodlit churchyard. But as one 
Greek said: “If people are 
shocked it gives them something 
new to discuss. It is the contact 
which is important 1 ' A handful 
leti during the performance. The 
rest jostled at the end t'o meet 
the cxotically clad actors. 

On the same stage was per- 
formed an omilie called “Faith- 
ful Daphne" which originated in 
the ISth century but was oply 
written down in 1956. Perforated 
by boys, one a little shy in -fiis 
feminine garb, from the secon- 
dary school in Zante, it told of. a 
mercenary father sending his 
only son away on businesss much 
to his daughter-in-law's despair. 
On the route the son is captured 
by robbers who demand a 
ransom. The father refuses to 
pay. But the wife, racked by 
grief, sells all her few possessions 
to rescue her husband. The 
couple then flee to a new home, 
sate from the influence of the 
old man. A simple tale, per- 
formed by amateurs, seen many 
times previously by the majority 
of the audience. ' but again 
applauded. 

The organisers are reticent to 
discuss the question: “What is 
popular theatre? “ George 
Minotus rhetorically replied: “Is 
it identified by large queues out- 
side a theatre? Is it that which 
is non-exciusive. accessible to the 
majority but not that which we 
are given in the so-called popular 
commercial theatre?” 

Next year the question will be 
posed at a series of discussions 
on the island during the festival. 
Minotus said that those who 
wished to do so could discuss the 
matter; what was important was 
that the plays were performed 
and the islanders enjoyed them. 
This year's festival needed no 
intellectual discussion to make it 
popular. 


mund Rombere When I mom too' Havin 6 business in Chelten- play it 

SB'S “IK fKi te - JS-fci JSLiHKS . 


as seriously as they can. 


eponymous clerk— we 


her. It is this odd mixture of * . mund Bombers When I grow too ! h :"™ g T S n * M r “ *14 ! TSSe ** ^ 

innocence and commercial acu- From the verv noiitical-to the old tn drmm which .is a hivarrelk d1 ^ Tuesday. I got myself The , eponjmous clerk— -we 
™en Which makes Grease both very .personal: there is, ah excel- idea that doe's not work. Other CmfftSnti'al 

an interesting film and almost ient new album from Leo Saver intemretatinne are mnro snnrA«. “■ Eliots The Confidential —is the young man Colby, a 
an interesting record. As a per- Fame and fortune in the tLSJ* do f«L especially Elvis Costello's which opened there last, deeply proper person as Mr.-Head 

manenr relic of one df the' biggest not seem to have madh Sayer Sof Sd J • D. South er’lwhte 5% « ™ “^« 0 o b n e d r 

money making '.ventures in much happier, judging, ?by this rtimm and blues. Linda Bon- s ' .5?^“ SEHffrf £„*?!■ rfmreh nJnkt sri? 

entertainment history it is a use- latest collection of songs which stadts is always intriguing. l v 

ful investment. ^ B «S5SS Uto to Ml I ^ k£t Sd^SSSS ff M 

There could hardly be a bigger ing bis way ouf.’of a deep superfiSality. You would have I . This . ““lit?*, th ? ,e ^5 r f® 1 ? i5%*55 , nIl5v’lw'S?iot5 r iiln2l 1 S P | 
musical contrast than Power in depression but that could just be to be v*ry broadminded to like i££ n I. ed ’. and ^ least poetical ,of mthi^pl a> by E I tot s ^andards. ) 


erh 


musical contrast thin Power in depression but that could just be 


Srv broadminded to likP formed, and the least poetical of in this, play by Eliot’s standards.) 
Vine 2SSS3S. ‘ViS Eliot's dramatic works, and the He i 5 succeeding a previous PA. 


‘ hammer fNonnan Henry) when power behind the scenes. 

CM*:-™!.-,™— he speaks of "accepting the But though it is Eggerson w:bo 

KSOraeil- 9CnOOip 9illl n§DOLirn0 terms that life imposes on you. finds an organist's vacancy for 

*. even to the point of accepting Colby when the problems of 

r ■ -w r - i rt i v* " make-believe." and it is illus- paternity have been cleared tip, 

I n A l\/I /^bT /V ri trated in a tale of three illegitl- it i s the mysterious Mrs. Guzaaiti 

A lie lvlabicr OI /AS llin Ol 6 male children and their fibres (Audrey Noble i. Colby's foster- 

X AU1U11U1 W to follow, or not follow, m their nrotber. who characteristlcaliy 

_ ' PJ Sti tS Ctaude eP ba>; a -bastard takes r t liar ^ e cf ^n'ono’s pro- 

W’ith commendable enterprise, strueted to give as many children production, attractively designed : daughter, Lucasta (Marian . b ^ s ^,1^ 


*■ 

The Master of Ashmore 


' J ' en ^ h and larfie cJ,orusas of Nuns and school hall. The choruses, which | Elizabeth (Peggy Thorpe-Bates) satisfied: l^dy Elizabeth’s 

for the occasion. 7Tie Master of -\v enc ^ es __ tiie girls are from contain much of the best music. 'also claims the son; and in a P™ vcs erodes junurr 

Ashmore, composed and ■ con- Highsted School — Burghers, are well rehearsed and sung I denouement with comic re- partner Kaghan, whom. a moment 

ducted by Leslie Olive, in charge Peasants and Schoolboys. Leslie with evident relish by the 100 or minders of Figaro he turns out before she had thought impos- 


ducted by Leslie Olive, in charge Peasants and Schoolboys. Leslie with evident relish by the 100 or minders of Figaro he turns out before she had thought impos- 
of the school’s music depart- Olive composes in a traditional sb young -persons involved. As! sibly vulgar, but for whom 

ment written -and produced by. idiom that would not have the Earl of Ashmore. Robert > Gregory Co& now drops his 

-. Jon Adams, head of drama at shocked anyone at the lime of Dainmere— an ex-pupil— makes! Rnnfc annear nn vuI S ar accent and instantly 

Borden, is set in Tudor England, the school’s foundation, but an authoritative heavy father. llcv,c " 3 appeal uu begins to speak in the middle- 

; but points a moral appropriate which is a slight sbock today. Michael Hampshire plays Pa&G 12 c ^ ass Elides© of the rest 

■ to the present festivities: that He uses easily recognisable Richard, the young schoolmaster, ° I can hardly believe -that Eliot 

Education is a Good Thing. musical themes for his main with humour and conviction. — — did not mean play to be a 

The school master at Ashmore characters and is sometimes Elizabeth Rainer is a sweet-voiced J li«ht cnmecLv Perimos when the 

■ h as died.- A youos -man. just over- emliusiastic in their Lad, .^ne. while Stephen Lang- “ t nn wav m laugh- ^e - S ®2y mSt - 

. down from Oxford, conveniently development, so that the texture don as Davey, the boy who is ' _ ls °° -the comedv wifi -be brought more 

IsHH ? r S3SS 

«?rme he co^ P Je1rhai n e ' ELIZABETH EOBBES > SffiSf^SSSKf 1 ^ i! 

whose wife died in giving birth been lightened by sparser, more 
to a son and heir — . ihe child austere scoring.- As it is the 
also perished — cannot abide orchestra sometimes swamps the 
.. the sight of boys, and closes voices. 

down the school, consigning his If the. composer is inclined to Festival Hall 
daughter tq a convent. During linger — the three acts last 3} :. 
the fracas, a boy 4s killed, the hours — the librettist employs .; 

noble lard relents and all ends short abrupt verses that only" -' 'a -g • , "fl 

happily. sound strained when they pay lip -m /-v -»-> T-f T /no y\ . 

Naturally the piece is con- service to period speech. The /-\ I 1 I I J I I I 1 V I LL/I Ihv ‘RONAID CRTfHTON 


They do m Qeveland. 

TheyTl give you the answers 
to questions you may not even 
know you should ask. You’ll be 
surprised how they can 
smooth out the red tape and 
get down to action. Fast. 

These could be some of the 
reasons why over £2.000m is being 
invested and 40 companies have set up 
in the county in the past year. 

If you are thinking of 
relocating or expanding, 
start by talking to John 

Gillisoroneothis 


Send me the basic 
i facts about Cleveland 




Ahronovitch 


by RONALD CRICHTON 



They have the experience 
and they understand your needs 
and your language. 
They’ll tell you all about 
Government grants, available 
land and factories, the county's 
pool of labour and its good 
record of industrial relations. 
All you need to know, in 
fact Not forgetting 
Cleveland’s beautiful 
countryside and coastline: 
Telephone, telex, or fill in 
■the coupon for a businesslike 
response. 


Post to John Gillis, Gurney House, Gurney Street 
Middlesbrough, Cleveland TSl 1GT 
Telephone 0842 248155. Telex 58439 (Ref. Plan) 


County off Cleveland 





Official user ratings of small business 
computers have indcatad that users of Basfc/Four 
systems ere most satisfied. 

Otherreptxtsinrfa^tatl^almosiaSour 
clients would prefer Basie/Four systems agari S they 
need new oraddffiona] computers. 

Large enterprises Eke AEG.Boehrfnger, 

Drescfner 'Sank, Nestle, Sandaz and Sanyo know by 
experience that His not orty the hardware that courts. 

It isso^ietkaledknbwtedgeand / 

defeated people above aB, Srrir 


Attest: MAI Eafopoarr Hf**¥«rters'- “ 
PnLJJifiBvfnctd3anS*ild3Ar AMSTELVSN- 
H0tiAND,-T^.CteW34SBB . 


Chaikovsky’s Francesca da 
. Rimini and Fourth Symphony 
played, by the London Symphony 
Orchestra under Yuri Ahrono- 
. vitch might be expected to bring 
in- the crowds even in September 
— uneasy month between summer 
music-making and winter season 
proper. That the hail was not 
fall on Tuesday was, one must 
suppose, due to the inclusion 
in the programme of one short 
unfamiliar work where normally 
the concerto would be. The in- 
truder was a duet for soprano 
ind tenor from Romeo and 
Juliet. “ For ~ would perhaps 
be more exact the scene was 
written in later life For an opera 
Chaikovsky began but 
abandoned, took up again - but 
■once more left unfinished. 

The Interesting thing about the 
piece, is that it uses material 
from' the familiar fantasy- 
overture on the same subject 
written some years earlier. Some 
of. the music, including the 
squeeze-box accompaniment 
figure and the big iove theme, is 
heard in new contexts and some- 
times new. but very Cbaikov- 
skyan scoring supplied by 
Taneiev. who after Chaikovsky’s 
death brought the fragment into 
performable state- Tuesday's 
singers, the American Marcia 
Liebman and Cuban Carlos Mod- 
<ane» went to it with a will 
though neither easily topped the 
orchestra and their timbres- were 
not well matched. 

There was no lack of suitable 
timbre from the LSO. Whatever 


one may think of other aspects 
of Mr. Ahronovitcb's conducting, 
be is a master of Chaikovskyan 
sound, of the art of blending 
distinct colours not by playing 
them down but playing them up 
and binding them into a firm 
rhythmic ensemble. The open- 
ing of Francesca was imme- 
diately arresting in the menac- 
ing colour conductor and 
orchestra brought to the high, 
boliow brass chords. All the 
opening section was gripping 
(played merely noisily the work 
easily turns melodramatic}. Later 
snme doubts crept in: the love 
music, section by section, was 
splendidly, phrased; yet the nar- 
rative thread seemed to have 
snapped and the full excitement 
of the opening never came again. 

Something of the kind hap- 
pened with the Fourth Symphony 


as well. The first movement was 
eloquent and impressive in spite 
of contrasting tempi emphasised 
to the utmost — what saved the 
movement 'from disintegration 
was the corfductor's strong 
rhythmic sense. Though he 
clearly has definite views about 
this symphony he expresses them 
first and foremast in physical 
terms. The timer movements 
were given greater relative 
weight than usual by means of 
pauses and empbasis on new 
rhythms for instance the oboe 
tune when the woodwind suc- 
ceed plucked ' strings in the 
seberzo. The price to be paid 
for too many thrills too soon 
was discovered in the finale, 
which made stnprisingly little 
impact considering the brilliance 
of the playing. All the same, 
nothing could have been less like 
a routine Chaikovsky concert. 


.. Opera for All in 30th season 


In its 30th season of touring, 
Opera for All. presented for the 
Arts Council by the London 
Opera' Centre, will perform 
Verdi’s La Traviuta. Auberis 
Fra Diavolo, and Rossini's The 
Barber of SeoiUe. There will be 
67 performances in 62 venues in 
England and Wales between 
October and March., 

The tour opens on October 4 
with a performance . oE- La 
Trabidut, directed by Tom 


Hawkes and designed by Steven 
Gregory, at the Town HalJ. 
Loughborough. Fra Diavolo, pro- 
duced by Brenda Stanley and 
designed by Mark Haddon, opens 
at the Southport Arts. Centre ozi 
October 11. 

Last season's production of 
The Barber :of Seville, produced 
by Wilfred Judd and designed 
by Mark Haddon, will join the 
tour on January 18 when it. will 
be presented at. Broxbounie, 
Hertfordshire. 


TWAto 
Los Angeles 
£229 return 


Confirmed Reservations • Choose any 
flight any day • Stay between 7 and 
60 days • Book only 21 days ahead 

Call your travel agent and ask about TVVA’s neiv Super-Apex fares to America. 
This fare effective 1st October. 


T1V-* carries more stlirriuM pa «i*nsw across the Atlantic I > urn any afW airline. 





No.l across the Atlantic. 





. y 


• v Financial 'Times 


irnes- Thursday, Septenriwr. 2r.ja^v; ; 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BT 
Telegrams: Flnantimo, London PS4. Telex: 336341/2. *83897 
Telephone: 01-24S 8000 



Thursday -September 21 1978 




Back into the 


BY DAVID FISHLOCK, Science Editor 




' , /.-r. 


N VIENNA earlier this power would be much more ex- lor to -be wholly dismantled so steel pressure vessel).40 tonnes within reactor?— a °bui WhS* zad^s^M-.V 


N Vienna earner this power would he much more ex- wr w w wnouy uuuoauuea au sieei pressure veswu. *u tonnes within reactor*— «. LT . r ” nuclear buildings and grifam-- 
week, in his annual report pensive. What worried the in* Elk JUyer Boiling of Stainless steel. 300 tonnes of to the Oouniva^ ove r long periods foUoWiJ^S^ 


laalLVl ‘ nuclear the nuclear ^m^SSST ^ .iWf-g ’ - 

SenCT's cenerS conferenS radl0 ' active “barrows"— menae- plants are being identified been removed .for reprocessing .plants, and rebuil ‘ |. h ' 

_ _se n eral_ conference. . conlun es which mi^ht be used to discover —and witn it all the- highly ^new reprocessing tasks, . * n E^pc *;*,**** nt 

SOUTH AFRICA'S decision to so a mere five months later. The bir John Hill. theGovernment s tQ CQ ^ e any prob lems oF complete dis- radio-active fission .products fetest at Dounreay. . now being fr-Estnnabdg ; '-■■ 

reject the UN plan for Namibia real reason for South Africa’s chief nuclear ad riser, disclosed idea arUjes front one mantling. West Germany has which cause alt the headach^Jecmnmissioned. involved wo* .warte. 

andtte simultaneous announce- decision has to be sought else- Bntrnn f h * s _ m S? is?h J view the UK AEA has held for picked out the 100 MWNieder- for reprocessors— most of the men entering a P laxrt ‘V*? • f ' 

ment of Mr. Vorsters retirement where. Enher the Government more than a decade about the aichbach demonstration pres- WAGRV activity will te’cone&’praceHed 12 tonnes oftnlen^iy ^ 

as Prime Minister are events has all along adopted a cynical irradiated Pieces ?(■ •° uc ^ ear disposal of obsolete nuclear sure tube reactor, shut down trated in its stainless steel parfe;. .radio-active fuel from the Doun- by the Nine, _■ 

with-the most serious and dis- approach to the Western initia- engineering to be found any- u This is simplv since 1974. But it operated for mainly in rhe cobalt and nickel-re ay fast reactor and had first six pqmte- V:* ' 

turbtng implications for South rive. ejecting it to collapse, or £J * ft Sat they ^.uid^e stripped only 13 days and if not very constituents:" . " ' ; Spired -SOm curie, .of 'clearly have a • 

Africa itself, for Namibia and else there nas been a swing down to 'the “nuclear island” radio-active. In Britain, the UK The toughest problem may; 6e activity. One of its chemical upon point .. ■ 

for the whole of Southern towards a much more hard- experimental reactor whose rh a t -portion 'contained within AEA is- studying both the 33 to cut through the- IO ft-thidreprcwessing cells has been razed Marsham ... : 

Africa. line position within the South huge pale-green sphere of • a mar poruon contained wiimn am is- smoyin? oom ui . “ ■ ■ . ; precessui B - _ ■ ^ that for the' fiitate'mudb- ihS?:? ' 

- — - "" «.A- h • .-*■«-■ :: r > ban be done at - 

. ' ‘ facilitate "de^ln^^nii^^-^^- 

A.y/? u * , s* Tt ic a nmhLinT.fkftt 


r„‘- H*riWin-» tn nress ahead African Cabinet in the past few containment on the north 
u ni lateraJl v °w i Lh el^ions in «eeks. produced at least in part coast of Scotland is one of the 

b, the succe^oa , a tUe. «•*<££«• 

ing its back on 18 months of Just how much South Africa nu jj ear T p0 * er - ''if 

the most painstaking diplomacy xs moving to the right will not ?\ r - ^ . a ^ ., r 5 


X: ! rr.W 


the most painstaking diplomacy is moving to the right will not 


It is a proWem-that . .- 

fusion designers >at Cuftam. arr 'f 


hv the U.S.. Britain. France, become clear until a successor publicised report of the .Wind- 
Caaada and West Germany, to Mr. Vorster has been elected scale Inquiry earlier this year, f- - ■; . *- ' 



XCr- 

y;:?/ r* 


of .bringing about an inter- not an enrnuraging sign; it is ^ 

national It acceptable settlement a curious end to Mr. .Vorster’s the nuclear energy industry s ^ 
in Namibia. They had narrowed terra of office, for in going so opponents to arouse public |g 
the once huge gulf between far with Namibia negotiations. fear s about its activities. How- §&! 
South Africa and Swann, the in his ill-fated efforts at eyer, their public ' statements 
mtionali«=r movement fishtinr a “detente - * with . black Africa since the report was published H 
war in Namibia, tn th* point and in his quiet pressure on in March give no cause for | j| 
v-hurp the UN wac preoarina to Bhodesia. the Prime Minister believing that their zest has M 
de«natch a npacekeeninq for^-e sought an-' accommodation lessened. But- they do give some ra 
to the t*»rrltm-v tn oversee pre- W jtb thr outride world. - reason for thinking that oppo- Kt 

independence elections. That he failed to achieve this nents .are earnestly seeking 9 

is due essentially to his domes- fresh targets to try to restore {& 
Repercussions tlc polices. Tn South African their influence. 9 

South Africa now seems to terms. Mr. torstep was a nrafi- For its part, the nuclear |Bj 

have wrecked what had been matist. Vet the suoerficial industry is trying to anticipate 9 

shaping up as a much-needed changes in the face of apartheid new angles from which it. might 9 
triumph for Western diplomacy were coupled with harsh poli- be attacked, and where oppo- 9 
in Africa Evidently, the South tical repression and he refused nents might arouse, enough .9 

Africans are blind to the reper- to budge from the central tenets public concern to cause delay 

cussions far beyond their own of Government nolicy. which while the charge is publicly , 

borders. Yesterday's announce- condemned blacks tn beine examined. The Windscale 
ment is bound to intensify citizens nf under - developed Inquiry held up the plans of 


• : Ar > "X' 


:*-■**"■ 


'.^ .w - m \ 



rJ 




y : m 


mm 
« n 





- ; -r . ' *• 

' « > rf 4 ***.. T . • - • 


(Left) Windscale Advanced Gas-Cooled Reactor with an art isfs impression of the strurtlpTere main ins — a 30 Tt concrete 
cylnder— once the- nan-radioactive parts of the 33 MW experimental power station are demolished. (Right) Dounreay Fast 

Reactor, shot down last year. i 


already examicing. They believe^-. *’ 
that,: so . intense wiH -fMe 
radiation lir a fusion " 

they -must : be^. ; prepared • 

remove . and replace 
tioris 'of •- rediation-damagfid ^ - ‘ 
structure during" the ■' WotMh^ : - ' 
life of the reactor. --If Is; •*>-. - 
a point- whicir. opponentti of 
plans for Britain's firetoommer-jv 
rial j .fast breeder, .-r -reactor . 

( CFR . 1 ) are . sure^‘ "hriug ;.4- - 
at the pubJic raqHiry.^ : Tb'e-p^ 
recently - - -removed . from, the 
Dounreay: Fast \Reaeter,:- rnow.rii: " ' 

being examined* wiU-yiridTmjch' ^- ■ 
moire- information . 

induced -by inrense and. prp.',.:;. - 
longed, radiation/: ; XT': " - r •/. \ ’-rr 
- Aqother'>ax: s bf -ameiiorating' 
the problem, su^ge$ts--^--v_ 
Marsham. > to design : jeqctV» .-j . - 
for a. longer working life. The 
Magnox reactors wera designed -X 
■ conservatively for, a iifijspair of 
20 years but may: well exceed -- ? 

it— the • earUest ' (and coolest) " 


nre«uri a^the UN fo^sanfr tri ^"backwaters. * " British Nuclear Fuels for about the thick concrete shield against MW Windscale Advanced Gas- biological shield,, the innermost, and rebuilt completely--not-by jjjjjwjj/i 

fioiff'apafnct South Africa. It is two years, allowing its French radiation— and then - lanscaped Cooled Reactor (WAGR), still 3 ft or so of which will /sdlf'rriiiotely contiDlFeif robots Bui Qififeysaiarr sums ^eing spent.-. -, 

litpiv tn increase Swaiio's low- Homelands counterpart. Cosema. to take by bulldozers into fertile knolls, in service, and the 15 MW Doun- be radio-active enough to need -by men protected by ‘space” by British - Nuclear Fuels on its - 

interisitv Kuerrilla warfare in had bpen made recentlv lead in commercial repro- The cost of so doing might be reay Fast Reactor. The Doun- special .protection for vthe^sulis with their own air supply. Gilder Hall reactors promise to 

NaSa and^SdSo^de a nfM? v ors S STeme^ora cess of nuclear fueL Where no more than the electricity reay reactor was shut down demolishes after two yews. 'The net result, says Dn Tom kwp . 

fresh theatre for Soviet and ^L? I ^n«rtitutvon -which would BIVFL once had ideas of .'build- supply- industry expeets to pay early foot year' after 17 years of Inside, the biggest components Marshani. managing director OF glly _ well jmo_tbe-Ifl^s.. A*; ' 

rnhan activiri' co . nstl ’ . . ing not just.one but two hig to • dismantle conventional operation: and some of the most are the four heat-exchangers, ;the UK AEA s • northern dirH -Sir John Hill, pomfs out; once 

Th? hone had been that a ha ? g ™ to new plants at Windscale to meet stationi because there would highly irradiated components 65 ft tall and 11 ft in diameter: «hra r .iso new reprocessing plant The UffiBos 

Namibia settlement would act p a rl,an,eat ^ o the world demand for reprocess- be no radio-activity.’ escaping anywhere in: the world have The tul» surface and gebmetiy /for the prototype fast realtor amoilised^they wlllbe^makihg-. 

L a general stabilisin'* force wh J*J‘ P e ? p ; °» tl !? U t , L e i c - miM 'ng. today it is the French who from the ‘‘biological' shield:” already been removed.^ ^ provid- oF the parts suggests difficulties :bt a cost of £4.5m., whereas otK.\-jvtv^_. ;aabstarJia]-,profits^r 
. ? -i 3 and to Asians. Bui this ^ould h«,. 0 -v, a i OG c norhiinc tha„ rtiA ».»i nf i„« civ tnhn fn r!f>rnntaminnt:nn thp naino -huilf frnm scratch woo Id have ‘.there .will -be olentv-jn tfieTdrTV . . 


Centra! Africa and would also 


throughout Southern and ano T0 , ^ have the orders and are pushing less, perhaps, than, the cost nf jna Britain. a s Sir John told in deconiamination. the pains* puill from scratch wooidjiavp -there plenty 4n kitty . .. 

Central' Africa and would also stil exclude Africans, whose ahead plans fof tWQ new dismantling a coal-fired station the IAEA this week, with “first- taking chemical washing used tp cost -between £10 and £20m. tapay to . keeb them: mijood^ C 
also iraorove the outlook Tor pollt,cal fulur , e , w0 ^ d h ? ve *?. plants.' which has used blue asbestos hand experience in decommit remove surface radio-activity. Other experience, of direct-worUmg prder.,-The. : rncwer/,- / . 

Rhodesia ' Now the belief or ,ie in their tribal horae,aads J One area, where the industry as insulation. rioninc. " The Central Electricity The UK AEA estimates , that relevance is still Being gained, advanced, gas-eoole* reactors -.- .'• 

manT black leaders that the “ and Mr Vorster has preyed expects trouble rrom its critics Even , 0 ^ nucIea : r , ndu<rrv Generating Board U studying to build the WAGR today would for example from the rri^sh- den^from xhe^AJ^Were . 

white South is not be misted and ahead steadily with impleraen- is the dismantling and eventual he'ieves that the idea of *uch the same problems for a typical C0£t about fiOra. (compared tng programme of ^British designed .for a^fl^ ar Ig^da, * : 

that warfare* is the nnlv effective «tion of the homelands pohev-. disposal of obsolete nuclear Docketed radS reactor. ' with the £flnr it cost orfein-^dear Fuels for its Magnum corrosion W-tfliise ? V 

... i. Thu Primn Minister mar have nl* n r if h. >> n .c nn aM n conspicuous pocxeis or laaio , T j .. rf _ tn +hi> ‘reormppsiin? nlanr at Windscale. for worrv -whether thu.ean be. 


Rhodesia. 1 * Now. the belief of He “ One area, where the industiy 

many black leaders that the “ “ d ? x PWts trouble from its critics 


with Lhe £9nr it cost origin- -Nuclear Fuels for its- Magnok-.hnt corrosion grve^ Some-'cause 


November. UN would have done constantly growing. 


the carter -Hall station near a total of about £9t». f These exploration inside reactors. But- anoth^SO j^^ajactiiSiy 


Windscale. will be 44 years old S .m h t! S nf ° n ? c J eaP reac * ors * Iu figures include no allowance Dr. Marsham, a litt^wryly. says inside -■* ^ reart0r>.,»iii: -hare 

— mm-*. th.m iuHfo it* rt»«i™ the P roblp ni of corapletelj di*.- experimental programme. fnr <f»rnr* i-ntsifa 1 Fur mm. that thp nmhloms of rilgmantlTfiP ISnnaviwt fa . imal^ v whi iM IhA 


Redeployment 
in steel 


ML “* «** «mo^s ,11 


lifespan. 


i p . ro ;^ a ? me ' for aQ . v scrap value.) For com- that the problems of dismantling IdecaygtT the : i : .' J 

tuef testbed. 1 3 parison the CEGB expects to reactors "seem solvable’ without ' problems, of demefitfih atre very •?>.. 
l within three or ... .> = >v. j r.. r >.u m.. - . tj -^..u 


Central 
Board s 
£10m a 
cost of 


awaiflhgyww 


MEN AND MAHERS 


IN FRANCE, as in the UK, the years, but there are doubts as brought charges that this was awareness (At Dounreay. how- job. In essence the task consists draw upon a Jot of native ex- 

crisis in steel has reached the to whether it is politically the first time it had thought ever. an obsolete reactor is used of razing an engineering struts perieuee of “heroic surgery” 

nnint where drastic action is feasib,e - of 0,6 Problem: that it was as a retrievable store for radio- Hire composed of about 1.400 on highly radio-active plant. It of techniques needed ' for to * guaijirpt^ 

V th mo An important element in the 100 Iate - ,hat if meant nuclear active waste.) The biggest reat> tonnes or mild steel (it bas a has repaired two major failures demolition. These propose' I ifespairit present r - .-' 5 

announced -n Paris ««1 p.an in the decision hr the V.. _ . ""1 

represent an attempt to tackle. Government, state-owned A liSil BilB ft TT FilP- . 

not just the consequences ol the institutions and other creditors H iBSi IwlfiA 1 |- 

world steel recession, but struc- to convert part of their loans 111 fcil™ ■TmI™ I lli ■ ■ ■ 

tural weaknesses which have into equity in three new finan- 

been apparent for some years, ciai companies which will **%**■»■ ' that And the word reyplu- Parent Families, told me out- barristers were involved. And 

Although productivity is not as effectively control the three A«er3WinS rOOfU tinn " has. subtly changed .its side the press conference, that who are paying? Again, the 

low as in Britain, too many main steel-making groups, meaning. Fielding an Ajtieri- they were simply not satisfied taxpayer, 

obsolete plants have been kept Usinor, Sacilor and Chiers- reVOIUXIOll& can’s question about electoral with the government’s failure -n,. * t q 

alive for social reasons and the ChatiUon. This has been Anthon y Wedgwood Benn. or reform, ' Benn described the to instract local authorities to fiasH HalT SE ml rhaT'p^n 

industry is over-manned. The criticised as a disguised form of Tony Be o n as he likes to be Brilish two-party system as fulfil their obligations. And one S; d*? far a OC^nd* floorer 

principal .companies are heavily nationalisation — precisely the has- undereone ’ some- allowing the “authentic revolu- of his colleagues wa 5 scathing w? 

burdened with debt .The step which the Socialist/ and Sfof a tran^Sn ri”ce ««" of getting rid of a-goy- about the goveroment’s rejec- of T Lv fe^^h s 

Governments programme pro- Communists were recommending the S heady days of Harold enunent lock, stock and barrel, tion of over half of the 230 re- wcmldindicite a monthW 

* fina r al restr S ctur - ,n * e,ec0 5 n ““P^gn six WSson To the^isappointment ™»- be »•*. is the “beauty commendations in the’ 1974 r o S e t SoavJr o? Lund 

TrP^r i TihV U I b f an ' ^ Ministers are 0 f both friend and foe bis image a ° d importance and strength” Finer Report. “If implemented im hS L T ! 

J n - he ,ab our insisting that the conversion ^ ^ wUd Man of British of system Proportional it would have radically trans- ^ ura ij y cu ! nc 7^L ^f k^nino 

K.rce and changes m manage- scheme m the only effective way Politics hAS steadily, faded representation by contrast formed the lives of 750,000 fa mi- eSDe lS? 




C:: " 


that And the word “ revolu- Parent Families, told me out- barristers were involved. And 

tinn" has subtly changed .its side the press conference that who aie paying? Again, the 

meaning. Fielding an Apieri- they were simply not satisfied taxpayer, 
can’s question about electoral with the government’s failure ^ Troasuw s» T 

rpFnrm: Renn rfps*«pihi»rt thp t n iveasury solicitor, l5IT 


' educ “ g *1 of debt under CaJlSianTTSte. ' Some would mean’ consensus politics lies and' allowed maii.v to“ begin bee ^diaSwioS" with 

“1% th ?y ha , ve how it was all summed up by ? r the oE ***• he said, to working and stop having to cnuLlontM^en^nt.nm 


Intervention 


* , „ now n was an sumroea up oy ™ YTU * I ' , ‘ , s <nu stop navmg ro counsel on this Hp nnintc out 

Si.«rK te ;?; n Tf5,I°“^* the rauted red tie ^ alraost l he --^ f -^ , ^. 0 -L^_" umbe L^ ^ supplementary benefits.” that ^ot a?i coiSisel Je on each 


Price controls have prevented The great disadvantage of Sittin, 


l at the Foreign 1 asked ]| ow he reconciled his parents could hold down proper H * l h inks - however, that it 
n. ■ own circumvention of such jobs and not have to rush home * ould be “remarkable” if the 

uncomfortable- ^ f'.f 30 10 P ick «P children he 


have been under political pres- the process of adaptation and and mining coal in the next T~ a study .on this. Its inclusions. Treasury **w charges! 

E^S a ' n n J °fL 1 in ar 5 u as fedePto-'^enL It is arguable miUenium. But there was little MmdmS babv - L- learnt . ,eavin & the Vot *;. 

which depend on steel as the that the right strategy for the 0 f the fire which used to enliven S Uduy ... Ministry, is the hardly surpris- This year the vote was for a 

main employer. The Govern- bulk steel producers is that British politics. - Putin 0 'the Regency solpndours ing Rndin S lhat "senices for totai -^m. It has to cover such 
? mlip n STisJi m hv t0 n«? ai inr the Th«« ed - by * f xam P |e > To the bemusement of my of Carlton House Terrace and F° u "S er children have been offices as those of the Attorney , 

™ Germany, foreign colleagues, the refer the Athenaeum behind meV I neglected and even curtailed.” Generaf and Director of Public 
ventinn and to put the industry which, while modernising its ences to the red flag have crossed the park to the more ' " — — Prosecutions, and the budget. I 

Sg sSSrSSBs SStS UnenthU8,ast,c . SfSSrS 

penod at least, a greater decree engineering. The growth in — ■ ecS oFleev^' A few yards up the road I found would the department react to 

of government involvement in demand for steel will Ka _ — TT .. case . . n ® socialism m -m.-ceif -* „ a funher f^rnori w*i va f tn ki ■ nn 1 ^ >_ 1 


money and. for a temporary in capital goods and mechanical 
period at least, a greater degree engineering. The growth in 
of government involvement in demand for steel will be modest 
the industry's affairs. But the nver the next few years and as 
ultimate goal is a viable, more of the developing co'un- 
private-sector industry capable tries create their own steel 
of standing on its own feet. industries, over-capacity mav 
Thus steel is a crucial test P^relst for a Inng time. In 
for the Barre Government's new- Jj 185 ® circumstances a big 
industrial policy, which is aimed vove.mment -commitment to 

at increasing competitiveness, s ^ p ®l _ i*takin5'ls lik'elv tn prove 
allowing market Forces to ey Pensive and -troublesome, 
operate and abandoning For the UK the French 
attempts to prop up declining announcement underline* ’ the 
sectors. The implication, as Mr. need -to race up to decisions 
Raymond Barre, the Prime which- have been, deferred -for 
Minister, has made clear, is that too long. While British. Steel is 
old-established industries like having some success fn rierofl- 
the production of bulk steel may aring closures of high^ost 
be allowed to contract and ro- p.lants, the financial structore 
sources transferred to other of the Corporation is fragile 
sectors, such as engineering, and ir remains doubtful whether 
which can compete in world the Government Ls prepared for 
markets. This approach marks a the kind oF contraction in the 


& 


theory to check on socialism in ™ yse,f Church House, so a further expensive - tribunal, on 
th* T>. . “L_, dropped into see how the Grown the Bingham Report? “Well.” 


nracrire- the Dfnarimnnt me ,,llu s«e nuw me tirowi "■*= neponf well. 

orodulv launching iu hnnw-Kto A A ents ,. Trifa V na l wa » doing. diSr Hall tells me. "we must wait and 


produlv launching its booklet to aomg ais- wnmust watt and j 

helo one-mrent^faJu^S entailing the losses of yester- see, From a _ purely admin^ 


help one-parent families find * “ ie ,Uh!,es 01 yesier- a purely atm 

housin 0 latnine.', ..find year. Climbing the stairs. I left l"«w viewpoint. . 

The problem is a hii« 'n» the ? eneral s y“od behind me, enthusiasm Is lacking.” 
?5m f children have* HajTl^d 1 found 'my- 

ixrtsr^^uB Futupistic <*** 


S . i ■ , - mui j iiqii, A ||Ci I Pirinn u uc 

li^the »Stf- , 'vlK. 1 S !S?SSr?_ ***** I ?.nl.v admire thi> prescience 


lies the Drioritv Whioh rho 7 Z . unjy aa mire uio prescience 

eromeV s now kefn ^ C ln ^ n f ,n ",. a ho ™ of ^fading of Collin Street Bakery oiit In 
3S thlv haA ™ ^ splendour and there were doors Corsicana. Texas. It*. tale* cir- 


sop / 

W'2Z & 


Would they back up their re- marked H^ * ^ , iran u a * Texas. Its. latest cir- 

dues, fere ehen S e ip upproaO 25,2^,^, 


with the tougher measurdi of LTJIu DU > -* ntJ vnRe— ine aeneacy- defivered 

sramtory directives? -W«V of eitherlS S'SSSj'SH SSL,- 


Tunring a blind eye to 


fundamental change from the industry which market ctradi- sanction hasting seems to have 

.f she met fauntu miv ronlllra . .. I . . 15 


dirigisme of the past twenty lions may require. 


become a habit.’* 


peon e over the hear!’* calls At***. ^ - f • “ «awn. oiwjis in Geneva, ftwitzer- 

Ernest ZZ, thc P ar h^ en S?y Th V ,and ’ t-uxe was awarded 

Under Secretary- oF State ih- stand wh? - gan t0 UDdef ’ Monde Selections Gold Medal 
volved. . r pavino i nn _. for- Excellence." 

Paul Lewis, deputy director of : rister wh°o told meto'aTno le£ Ylk 

the National Council for. One than 10 QCs aud lfi otoel-' • OuSerVer 


. V' r.u 1,1 j ui IIOILI 

the national Council for One than 


Observer 


r j«i- 



■iLa 







| & I gjL Financial Times Thursday Septant»er-2t l978 
Mr 41 all ' 


ECONOMIC VIEWPOINT 




A frosty house for the monetary follies 


- r ‘v 


• r 

• S* * jVfl/: 


- * ^ 


HAS been a bad year for 
yse in authority who believe 
.. it the trick of managing 
-.. ancrial markets is to engender 

* nfidence. This creed is held 
1 1 ' ' some highly' distinguished 
•• ■n. Chancellor Schmidt and. 

esident Giscard d’Estaing be- 
•: 've that fluctuating exchange 
: tes are bad for confidence, 
-,'d conclude that an elaborate 
' .w scheme for stabilising 
;-rities inside Europe will of 
. elf engender growth while 
*rering inflation. Tbe Governor 
the Bank of England and 

■ e Permanent Secretary, of the 
/ easury have both given public 
. dresses about how declared 
' metary targets engender 

ancial confidence. Accord- 
; i;Iy they have fixed more 
•)derate targets, and put tbe 
tole banking system in a 
i .-aitjacket to achieve them. 

■ vinetary growth is moderate, 
. metary union is -on the way. 

• Yet if this whole star cast had 
' raded in funny hats to sing 
{nppy Days Are Here Again.*' 

•' ey could hardly have had a 
jstier reception. The endless 
Mdruras in our own gilts mar- 
:s t have been discussed end- 
ssly. In Europe, though, atren- 
->n has been to riveted by 
e political and technical 
anouvres leading up to the 
■w production of ** Son of 
-lake*’ that no one seems to 
ve remarked on the lack of 
y noticeable market reaction. 
iere is plenty of advance pub- 
uty and gossip, but no one is 
..iying any tickets. 

..The trouble is that this is a 
- pbisti rated audience, and they 
■e pretty sure they have seen 
e show before. There are 
; inor novelties— the grid that 
oks like a basket if you put 
■i rose-coloured spectacles, and 


the promise of a team of mid- 
gets doing an impression of 
tlie IMP in action. However, 
these are no substitute for a 
new plot This is just another 
attempt to launch-the- show that 
had to be taken -off ia-1971 and 
1972 and 1976. 

To abandon the theatrical 
metaphor, this, is jnst another 
version of fixed but flexible 
exchange rates: and to. a cynical 
market, that sounds very like 
floating, only jerkier. We will be 
back, no .doubt, to speculation, 
especially since the 1 assembled 
powers announced .1 . that 
they will bind themselves con- 
tractually . to finance ‘ several 
billion dollars’ worth of hot 
money flows. The .airlines- can 
look forward to some, lucrative 
business with the central banks. 
Sooner or later, however, the 
fixed parties will be. proved 
flexible. To judge by the hints 
one central banker has given 
me. it will be sooner. The lesson 
of recent years, it seerai; is to 
move promptly, in response to 
or even ahead of market" pres- 
sures— -a tribute to the jrench 
achievement of catching all tbe 
dealers with their bathing 
trunks on ia 1969. 


Duke of York 

Even on a technical - level, 
this is an extraordinary potion. 
If there is one clear .lesson- of 
recent years, it is that- you can 
only take a market by surprise 
once or twice io the satire, way. 
Indeed, you can provoke a 
troublesome kind of counter- 
cynicism. Our own „ gilts 
market, for example, was 
persuaded to go through ’what 
has become the Duke of York 


manoeuvre in two spectacular 
bull markets, followed by sad 
relapses. This year it is un- 
responsive even to evidence 
that the real situation may be 
improving— especially to a fall 
in inflation which was generally 


profits in the currency markets, 
so the conspiracy theory can 
live bn).. Central bankers often 
have a hard time persuading 
their governments to yield to 
realities after long and heavy 
market pressure. To persuade 


a serious proposal, it is true 
that there are reports that some 
credulous European investors 
would ' be large buyers of 
British Government stock on 
news of 'a- British commitment 
to the new union; but since 


66 The trouble Is that this is a sophisticated audience, and they 
are pretty sure they have seen the show before. There are 
minor novelties — the grid that looks like a basket if yon put on 
rose-coloured spectacles, and the promise of a team of midgets 
doing an impression of the IMF in action. However, these are 
no substitute for a new plot 9 9 


thought quite impossible to 
achieve a year ago. Investors 
are obsessed with the fear that 
what they see is only tbe Duke 
of York in a new uniform. 

In tbe foreign exchange 
market it is no doubt possible, 
once or twice, tn move ahead 
of the market. It is -the sort 
of triumph which central 
bankers no doubt like to des- 
cribe to their grandchildren in 
later years. However, it is not 
and it never can be a policy. 

First, there is a lot of poli- 
tical will invested in the new 
scheme — indeed, if there. were 
not. the officials would long ago 
have scotched it. Politicians 
like to see themselves standing 
up to the faceless speculators. 
(Most of them are in fact per- 
fectly agreeable and prudent 
men in company treasuries, but 
at least one Communist central 
bank makes large and consistent 


them to devalue and provoke 
inflation, or revalue and com- 
press profit margins, on the 
strength of an educated guess 
at a market movement which 
has not yet begun, would take 
a banking Demosthenes. 

In any case, even if it were 
possible to persuade Ministers 
that out-smarting the market is 
fun, it would not work for 
long. If central banks are 
going to start guessing which 
way the market is likely to 
move, it will be a matter of 
jweeks before the market is 
trading on what it thinks central 
bankers are likely to guess. As 
Keynes pointed out more than 
40 years ago. speculators live 
not by assessing reality, but 
by assessing how the market 
is going to perceive reality: 
and those who survive become 
very good at it. 

Fixed but flexible rates are 
no longer, then, for the market. 


this would simply provide ex- 
pensive fin a n ce for a rise in 
the reserves, without helping 
to control the money supply, 
the London market secs little 
to celebrate. It would take 
time arid- new policies to cany 
conviction- 

The. most important new 
policies needed are first, a dear 
linkage between the monetary 
arrangeinents inside Europe 
and the domestic policies of the 
participating countries; and 
secondly, transitional arrange- 
ments for smooth rather than 
crisis-ridden adjustments while 
these policies have time to work 
—five years or more, the City 
estimates.. 

Fortunately the basic mone- 
tary ruldr-can be described in a 
sentence: "where intervention in 
the currency markets is built 
into the rules, monetary policy 
should be based on domestic 
credit expansion rather than on 


the growth of the money sup- 
ply. Since, with a few trimmings 
the scale of intervention mea- 
sures the difference between 
money growth and DCE. this 
means thar capital flows would 
deflate the money supply in 
weak -currency countries and in- 
flate it in strong ones. 

As long as intervention is 
simply between members of the 
union, the pluses and minuses 
cancel out, and a DCE rule 
results in exactly the same rate 
of monetary growth in Europe 
os a whole as an agreed 
monetary policy would do. It 
simply ensures that the pres- 
sures are brought to bear where 
they are needed. 

However, it is unlikely that 
strong currency countries wil . 1 
relax their own declared morn* 
i ary discipline. If the result was 
simply a monetary rule for 
strong countries and a DCE rule 
for weak ones, the net result 
would be deflationary in 
Europe as a whole whenever the 
markets were turbulent, because 
money growth in weak countries 
would be cut without rising any- 
where else — the result that 
British officials fear. In practice, 
the result is likely tc be milder. 
After all. German monetary 
policy under pressure has 
proved reasonably elastic. 


Adjustment 


As a long-run ideal, a system 
which was mildly deflationary 
under strain, bur broadly 
neutral at other times would 
probably help to preserve 
stability once it was achieved; 
but adjustments will be needed 
for some years, and little has 
been said about how they 'are 
to be managed. 

There are two basic alterna- 
tives, either of which might win 


some credence in the market. 
The first -is for the contracting 
governments to continue float- 
ing. while declaring that it is 
their central aim to achieve the 
conditions for monetary co- 
ordination or union. Britain 
would join only after we were 
floating stably alongside the 
existing snake. 

This would be practical, but 
it is far too unexciting politic- 
ally to appeal to Ministers. It 
sounds almost exactly like 
existing policy. Tbe one highly 
significant difference would be 
that the Government would in 
effect declare in public that it 
was no longer aiming simply 
for a competitive exchange rate. 
In fact Ministers already be- 
have as if policy had changed. 
Depreciation has proved too 
costly a form of adjustment, 
and a strong exchange rate is 
seen as an invaluable support 
for income policy. However an 
open declaration of this tacit 
belief, suported by appropriate 
plans for monetary growth, 
might really begin to carry 
some long-term credibility. 

Tbe alternative is to find some 
smooth adjustment mechanism 
inside a union. The crawling 
peg — a slow, steady monthly 
adjustment of central interven- 
tion points, co-ordinated with 
interest rate differentials — has 
appealed to theoreticians for 
years, but is little discussed 
among officials, and has been 
abandoned politically even by 
the Liberals. 

It might strongly appeal to 
the markets, however, according 
to a few soundings of my own. 
It would offer adjustment, which 
dealers see as inevitable, with 
much reduced uncertainty. It is 
quite impossible to say what 
level of interest rate would com- 


pensate a holder for a 5 per-- 
cent depreciation at some un-IS 
known time in the reasonably.^ 
near future. He will simply" 
engage in a game of chicken,' 
drawing his interest as long as 
be can. and try to jump just £ 
ahead of the train. On the other £ 
hand the interest rate needed £ 
to compensate for a depreda- “ 
tion of a i per cent a month 
over 10 months is known . ;; 
exactly; and if the rate of - 
adjustment looks adequate, .. 
there is no temptation to jump. ; 
Neither system will enable the 
authorities to achieve parities . .. 
which the market does not find .. 
credible; but while under tbe 
fixed-but-flexible rules all 
changes are disruptive, under a ... 
crawling system only inappro-. 
priale changes would cause ... 
trouble. 


Sceptical 


Logical solutions exist, then, 
but apparently they are not 
even being explored: the mar- 
ket waits sceptically for the' 
politicians to try to learn again 
from the same mistakes they 
have made before. Meanwhile 
it is equally sceptical about 
our domestic monetary pro- 
gress- The figures are good, 
but they are produced by heavy 
distortion. Here, fortunately,- 
official disillusion is almost on 
a par with that in the market: 
the corset suppresses hanking 
competition, and may revive un- 
controlled financial markets. We- 
may have to wait for an election.-' 
but the slow reappraisal has: 
already started: it may after : 
all be domestic - rather than . 
European policies that finally 
do restore confidence. 

Anthony Harris 


Letters to the Editor 


A nonnntino remuneration package. - The liona] Pensions Board to draw to slow down management basic principle which they have. 

/\.CLU actuaries’ task would then be lo up a code of good practices reaction time, and ultimately at heart, and with which Mr. 
r • achieve a smooth and equitable relating to the running of occupa- management productivity.. Only Cole evidently does not disagree. 

JOr pensions emergence • of benefit^’- to tionat pension schemes and their bureaucratic managers with gains acceptance and is given 

.* employees from the fond. -per- accountability, with particular relaxed accountabilities can the opportunity to show its paces 

rom Mr. T. S. Shucksmith haps by means of varied pension references to adequate and read- afford to wallow in an informa- over a wfder field than hitherto. 

- Sir. — P. Raymond Hinton's increases on fixed benefit for- able information and the variety tion bath filled by an informa- On tbe question whether, in tbe 

tide on accounting for pen- muIae - or by some other boaus of ways in which members can be tion czar or commissar. case of' employee shareholders, 

ons (September 13) made some system. involved in the running of their Centralised information banks shares should be “given" or have 

try important points. Firstly, T. S. Shncksmith. 'TV". schemes. The OPB has done a have a real danger of cultivating to be “bought " in the normal 

»st occupational pension 4 Roquebrune. . good deal of work on this already, “information for information’s way. there again can and need 

:hemes are large -financially in 139 Blackborouph Road, . i ' 1 believe that such a code from sake." There is something be no hard-and-fast answer. What 

unparison with their sponsoring Reiaale Surrey. £•>.. such an authoritative and Parkinsonian about the constant matters is that the right to hold, 

■tmpanies: tbe market value of respected source would greatly expansion of information gather- shares, and to participate in the 

;faeme assets may be more than t\ > r - assist trustees in fulfilling their ing to fill the time made in- resulting benefits, must in all 

ilf tbe stock market valuation JJ|ltl6S 01, .* >T i growing responsibilities. Far creasingly available for debating cases be earned by the workers 

> the company, and the scheme . V. better a flexible and voluntary and communicating management themselves, if only by their 


ons (September 13) made some system, 
fry important points. Firstly, T. S. Shncksmith. -v 

• nst occupational pennon 4. Roquebrune. 
ihemes are large -financially in 139. Blackborottgh Road, . *.• 
umparison with their sponsoring Reigate, Surrey. - 

-tmpanies: tbe market value of 
. ;beme assets may be more than 
ilf the stock market valuation UlltlCS 01 r = 

» the company, and the scheme . V 

tnlributions and Investment frilSlPP^ 

. v.come may severally exceed the : 14 UJI 'V Vfc? .-. . £ 

»ss cost of dividends. Secondly, From Mr. Paul Dean MP/’ 
tere is virtually no information - T • _ , 


’ .-J‘, »-* approach through the OPB than decisions. Theoretically there is agreeing to sacrifice some of 
t . : '.the imposition of compulsory no limit to the amount of in- tbeir hitherto vested interests, 
t',"' .■ control Ui rough the -Government formation and management time ^d so will not be at the expense 

and Whitehall- that can be used in the debate, of other shareholders (or, tn the 


GENERAL 

Strikers at Leyland Vehicles, 
Bathgate, meet to hear whether 
the Amalgamated Union of 
Engineering Workers’ executive 
will support claim for parity with 
Rover toolmakers. 

. Deputation- from KME. the 
Kirkby workers' co-operative in 
Liverpool, meets Mr. Alan Wil- 
liams, Minister at the Department 
of Industry, to seek further 
financial backing. 

Mr. Eric Varley, Industry Sec- 
retary. addresses TUC-organised 
local shop .stewards’ conference in 
Leicester on clothing, textile and 
footwear industries. 

National Farmers’ Union Coun- 
cil meeting. 

Church Commissioners and 
Church of England's Central 


Today’s Events 

Board of Finance report on 
Church finances. 

OFFICIAL STATISTICS 
Car and commercial vehicle pro- 
duction i August— fi nal). Capital 
expenditure by tbe manufactur- 
ing distributive and service in- 
dustries (second quarter — 
revised). Manufacturers’ and 
distributors’ stocks (second 
quarter— revised ). Finished steel 
consumption and stock changes 
(second quarter — final). 
COMPANY RESULTS 
Final dividends: Dowd ing and 
Mills. Rea brook Investment 
Trust. Interim dividends: Brown 
Boveri Kent. .A. F. Buigin and 
Co. City Hotels Group. Delta 


Metal. Gresham House Estate \“ 
Company. Hall Engineering 
(Holdings). Leyland Paint and . 
Wallpaper. London and Holyrood J, 
Trust. London and Provincial ^ 
Trust. Hugh Mackay and Co. •• 
Harold Perry Motors. Ransomes: 
Sims and Jefferies. Selection 
Trust. Stone-Ptart Industries, r ' 
United Newspapers. Ward White . . 
Group. Wilkinson Warburton. . , 
Winn Industries. Interim figures „• 
only: Ben tails. Francis Sumner 
(Holdings). “I 

COMPANY MEETINGS 
Magnet and Southerns, Midland 5 *- 1 
Hotel. Manchester. 12. Ratners ■ 
(Jewellers), Churchill Hotel. 30,, .. 
Portman Square. W. 12. Scottish, 
English and European Textiles, 
Caledonian Hotel, Edinburgh, 
12.30. 


ise of the asset backing and Pension .funds. SUtHnijd Has court * 1 

revision for current accrual of %Jfth? J «SnS?h , n?oMu f, auI Dean -j, 

emion expectations to he occasions that the growth of pen - House of Coinmons, SW1. 

utAK.pd sions funds and other institu- ' 


Jggccpj ..sions tunas aaq uuicr iusuiu- 

tional investors, has provided 
It is misleading, however, to him and bisr Committee with an 
iggest that tbe solution requires issue which" they intend to get ; XfAiiiavnpiifSvo 
iore frequent (or prompterj their teeth into. • -L.xv.Il CACLUllYC 

ie amortisation of deficiencies or „S” LSTe'fs about directors 

p™a” Vroster^S tb?neat way somefliing,"it is a safe bet that From the managing director. 

WtSASSlTSl te.-gjEa “ ■ssratfJK *=. "as?-*" . . . 


sontetb^ U is a safe bet that From she ™na*ng Sector. 


relate to strategic issues which, their own and the general good, 
lie In tbe future, and since the Indeed, such shareholding need 
future still contains a large not, as the writer of your Lex 
element of the unknown, there Column has just (September 18) 
is no information package that reminded us, be a "onfrway" 
can ensure perfect decision street- Given appropriate (Inland 
taking, no matter how long the Revenue-approved) stock divi- 
debate or information gestation dend schemes, enabling them to 
continues. reinvest their dividends in 

Managers who ’ carry -real additional stock at a suitable 
accountability for their per- discount, employee and other 
formance know, from experience, small shareholders could provide 




>- f : . ’ \ 


>W . w ’ vYf- 

m 



hanep in financial cfranuth of a IB f l91 » uuu appear to concur that there, is a aD,e package oi mionnsuou inai . — 

■ e^fonTuS^^^ shortage of oSJSuSrdire^ can take tbe place of *e £ 3 *™ 

nee between defirdenrie* op 1 can t* 113 * of nothing more tors _ j submit that on the con- manager's own probing and ? OCK !!‘ a ^ Kei v .„* “L*. w ' 1 ** on 
aroluses at adiacent valuations worr y pensipn scheme traxy --there is a- wealth of searching. Information needs to Committee, and Mr. Cole bim- 

^ not a meanln?f”uhScatw- of members, or to undennine tbe talented people available. be communicated as directly, as note ' 

rogress It £ iSu to ^tween members and Specifically I refer to the possible “-from the horse’s ^ Rood m 

eriving a companv’s^trading trustees, than pohtical control executive directors of successful mouth,” on a highly personalised 12 Arden R o 9 a > JV3 - 
rofit by valuing a company's W""; In my view they and selective basis always 






f g nd taking the difference" in net ¥en , tion : m ? de ^ ^Government torships of other companies that be encouraged to get out of their AAntriKllfinnc 

r, ssets It is more sensible to c0tt ^d be devastating to the are non-competitive to their own. chairs and seek out their own in- CUI11I iUlillUllS 

^ ionitor the nnwress of nenaion security of the savings of millions *Hiere should, of course, be a formation, and not allow them- From the Director Genera. 


Hi * V* ' fc 


ionitor the progress of pension security of tne savings or mui ions There should, of course, be a fonnation. and not allow them- From the Director General. 

chemes over time by thinking of families with a stake m pen- limitation to the non-executive selves to become imprisoned by The Economic League 

i cash flow terms and compar- ® ion scbemes ' directorships they may hold, e-g. a bureaucracy of functional com- Sir.— In your article (Sept, 

yhg the contribution surcharges How ‘ are we to avoid these not more than two which, with missars ^providing stereo^ped m about donations to the Con- 

irecessary to remove deficiencies dangers and anticipate construe- their own executive directorship, information on every subject, servative Party and so-called 

Aver a standard period of say 20 lively the likely recommendations would make a total of three, the until the final information *» right-wing Organisations " you 

7 ears. of the Wilson Committee? Those {W*! -limits tion that maintains reaches the inner sanctum, “You quote as your source the Labour 

1 Atwthw wav jrf amncciTia tha of us who are pension trustees in France. In this way they would are broke.’’ -. Research Department (LRD), 

*.25 Z have to recognise that Sir Harold ^den their own honrons help Corporate studies of manage- which you describe as “an 

: lbem« « ^ right when be says that pension other companies improve Jheir ment productivity both here and independent trade union re- 

■ ernes a ? shJps diming for the funds C0 uectively can exercise perfonnance and. of course, abroad reveal the same crucial search organisation.” 

Sfr great power in the economic life a g«Mter contribution to differences between the good and The LHD’s title is certainly 


a the future (when their last *"5,' flnVnrinc of British industry, 
lembers die). The ship as con- M- L Webb-Bowen. 

^ wl - 

I sa. 


bad performers— excessive build misleading and. even suggests to 
up of functional experts with no some people that it may be con- 
real accountabilities, spoon feed- nected with the Labour Party, 
ing line managers with tbe in- jm o1 on jy ^ the LRD not con- 
formation to address almost nected with the Labour Party, 
every kind of question except jt was for thirty years — until 
the job in hand— raising pro due- 1972 — on the party’s list of 
Wty-Vmseinent's prune task proscribed organisations. Any 
is to stimulate shop floor produc- significance in its removal from 
tivity, and to do this it needs t h e list was greatly reduced by 


“ J- -*« «WF « undennine SIS (lepTember U) S&TSEr^SLSTC l* f ? ct Sffi “ 

Present rallies of assels end However there ere problems ^StoeS^be^nsl^h^ve teen t ‘ iI ' en l ”““'1, ^e line ce“tun under the nmSol of the 

he techBieal; diBeil aeff-hf- dll: OJ® oy i, .V-. .. managen enhance their eredi- Hmm, 



Aspftotte House, 




?Sff^.SESSS InTOlved - . . . #h Vpvs ^aSuawTTe bu^c^tic o“r^^tion V/et ConStTUCtion 

cheme . . might fohnaUy. -offer Bat, by whose authority is the ■ * secretary oPSbem aU? out of his chalr aad throw away ^ m 

imi]ar ; benSaSt. expectations, the sleeping giant, stirring and to . .. ^ his Information crutch, but ctatltflPGL 

ichem®* eventual costs could be whom is be accountable; To the trvine not to feel too bit- managers in smaller and more MdUollVo 

ery different, because of differ- pension scheme member, ot vi . • \h e discovery that the accountable companies know From the Managing Director, 

□ces Hi -such matters as “ex course, under trustee law and ^_ ra „_ aDb f the arlic j e sub . only too well — the crutches are T7ie Economist Intelligence Unit 
jatia " pension increases or other legislation. But is this “£20 0W pair 1 ’ refers to 0D| y a hindrance. Sir.— Tbe report which The 

reatment _q£- early .leavers. For adequate in modem condi uons. ¥ ’ managing direc- David Cruicksbank. ' Economist Intelligence Unit pre- 

xample, a .scheme in the event Are trustees as accountable, say, . salcs executive and Senior Partner, pared earlier this year, “Public 

laying p&istan increases at 6 per as company directors. How good . nothing whatsoever to do Cruicksbank and McNab. Ownership in the Construction 

ent per- annum- higher, thqn in practice. are trustees at Keepr =irtth theme. 24. Buckingham Gate. SWI. Industries” has been referred to 

□other otherwise similarscheme ing * members ' informed • th Watso". in your correspondence columns. 

otild require hrftind aho ur 50 encoiongihg member Meteted Road. oc* most recentiy by Mr. Armitt of 

er cent, bigger wife acontribu- tion? Myexperience suggests that,gl_. Herts. W OlKclS dS CABIN (September 11) and Mr. 

on rate ahnte 5(1 per 'cent large and; growing pension- . Wood of UCATT (September 19). 

her.'.;..^ i- ;■ schemes 'can give good answepr. c - ' — SilSTGllOlOGrS Without wishing to enter the 

Tn Hao^-n HihtewM ang t° these questions. But are they . debate I would -like to make two 

how ^ Management From Mr ; W - G r^- • point*: clear. First our report 

^ y ' ipok . Pariiament ^ ^ , . - * ® - Sir.— If, as Mr. B. A. Cole was prepared independently of 

iride ftarsinTof uncertainty, f en«al pndUc when Sir Hjrom . |nf/)rTY)3tinD claims (September 19). “there is CABIN and its conclusions are 

cannot lSf^feHng .» committee iurosoa the Uil VI ilia II U U usually a ‘result’ which gives a those of the EiU and of no one 

ers would he more rads- as it - surely will? From Mr. Daoid CrutckshanJc • better measure of a woricer’s else. Second, the statistics which 


From Afr. W. Grey. 


Construction 

statistics 


Sir. — Tbe report which The 
Economist Intelligence Unit pre- 
pared earlier this year, “Public 
Ownership in the Construction 
Industries.” has been referred to 
in your correspondence columns, 
most recently by Mr. Armitt of 
CABIN (September 11) and Mr. 
Wood of UCATT (September 19). 
Without wishing to enter the 
debate I would -like to make two 
points clear. First, our report 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 

HERE, BUT NOT JUST HERE 


Sir,— If,- as Mr. B. A, Cole was prepared independently of 
claims (September 19), “there is CABIN and its conclusions are 
. . . usually a ‘result’ which gives a those of the EIU- and of no one 
better measure of a worker’s else. Second, the statistics which 


chemes Were roh on ' express for the Wilson report and the crotches, instead of an infonna- all levels more closely In their identified as such in the report 
with .profit” lines. - The -com* Government should set the bail tion system — and very expensive company's success, howsoever Michael J. West. 
ny’sTubllities would lie flx^wUing.. L would jike to seethe crutches they could, turn out to measured, will not quibble about Spencer House. 
monc^ tennkin the em^l(^ees T ’ Governpient request the Occupa- be, with their built-in tendency technical details as long as the 27, St. James s Place, SWI. 


: Clements Lane is the nerve centre of the Standard Chartered 
world, but to our customers it*s only one of 150Q Group addresses in 60 
countries around the world. 

This exceptional network could save you time and money for 
your business; if your bank can’t offer you the same, come and see us at 
Clements Lane or ring Keith Skinner on 01-625 7500. 

® Standard Chartered A 

IS Bank Limited 

helps year thrcaigiKJut the^ world 

t Head Office 10 Dementi Lane. London EC4N 7AB Assets exceed S.4W w»in.an 





20 


COMPANY NEWS 


HWHIS 




Lower margins hold Rowntree 
Mackintosh to £12.5m midway 


ALTHOUGH TURXO^R jumped 
23 per cent to CBl.ftm. lower 
trading margins held pre-tax 
profits or Rowntree .Mackintosh, 
maker of chocolate, sugar con- 
fectionery and grocery products, 
to only a 4 per cenr rise from 
£12m to H2.51m for the 24 weeks 
to June 17. 1978. 

Sir Donald Barron, (he chair- 
man, forecasts ’that although the 
full year’s profits, afier higher 
interest charges, will show fun her 
progress, it will be at a more 
modest rale than in recent years. 

The proportion of half->ear 
sales arising uiitside the UK was 
47 per cent, the same as in the 
previous year, although esporLs 
from the UK have been less 
buoyant, reports Sir Donald. 

Turnover growth was accom- 
panied by ralisfactary growth in 
volume and market shares, he 
says, which have been achieved 
in a particularly competitive 
trading wnironnienr. as was 
envisaged in the groups 1977 
annua! report. 

Then, when reporting on record 
£4t.49m pre-tax profits, the chair- 
man said that 11177 was a ye;w in 
which there were a number of 
favourable factors and less than 
the usual quota of unfavourable 
ones. 

In the nature of international 
business, tbe group should nut 
count on a repetition of the posi- 
tion in the year ahead, and the 
relative marker share position 
which had developed favourably 
for 


-rr-t** 



They therfnre regard these re- 
sults as promising. Hoskins, 
Trewhella and the Horton Build- 
ing Supply companies are well 
employed and it is expected that 
this prepress win continue m the 
second half. 

The net interim dividend is 
raised to l.fiSSp (1.5l3pi per 20p 
share. Last year a final of S.fioSp 

was paid from- depressed profit of 
DW7.4SS. 

Net surplus first half came nut 
at £I44.fi00 <1182.700) after tax of 
£172,000 (£189,800). 


Lex .'examines sltwer rate of growth at Rountree 

Mackintosh and the repercussions of the Price Commission's 
report on the television rental industry. Meanwhile profits from 
RTZ seem surprL«ingly good given the depressed state of the 

base .metals. industry, ^ na My Lex takes a look at Raybedds ' 

bid for Bourne and Hoillngsworth where peculators in B and H- - & MASSIVE ..underwriting Jobs in 
received a' hide shock last night when they learned what value "E?*?#*®' ef ._tfiiS’-year 

Raybeck put on the company. Elsewhere Dickenson Robinson’s JJJJSf! £3? 
interim report has an encouraging ring to it and Molins is ante ..declining to^Stotn :4ram 
beginning . tn' see the benefits of previous changes in its paper . £i 9.3m for. ■ the correspond 
and packaging division. Profits at Henries are riding- high period last -year. " 
thanks to a' buoyant retail division .and Laporfe is starting to A 22 per cenr n 
recover from, the profits slump of last year. Hestalr’s half tinie 
profits make, poor reading- while one of its past abortive bid 
victims. Spear, and Jackson, also reports lower profits. Finally 
Eagle Star has been hit by a trebled underwriting loss.. 


- financial Times Thursday September* 1978' 

£9m underwriting loss 
Eagle Star to £19in 



Sir Donald Barron ■ 
progress, but at slower rate. 

Harris & 
Sheldon up 
at halfway 


Burns 
Anderson 
well ahead 

AFTER A rise from £201,000 to 

further -E 537 - 000 at halfway. Borns 


Spear & Jackson 
on recovery path 


per cenr rise in investment 
income to'£23.1itt and'b 70 -per' 
cent Increase in the pliqfits' oF 
industrial holding company: subsi- 
diary Grose wood Securities., to 
£4.8m was not suffitfent tp Offset 
the underwriting Joss Which, retwo 
and a half times that of 1977, ,’lfc 
addition., the company paid.out an . 
extra £1 in for .ctfnfcributibb& tn ; 
sraff pension funds and «bi*> 
i terns. 

The company is the 1 ruost LTs - 
oriemsied of the major .cbrapositeV .) 
and thus the adverse experrenee in 7 1 
the UK has hit' the company more- 
severely than the others.- ■ Mospo.T 
this loss Came , from - the'- houSe- J . 
holder account, a feature .common-' 


RECOVERING some of the "round -recovery over the second hall of. to all com poshes.- a mf surprisingly; 
lost during the preceding six last year but even so they are. the motor accmfhL UndeniTitKiar 
months, when pre-tax profit fell still 13 per cent down on .the. losses, in the region ' of £Sm?£4ni' 
to £348,000; taxable profit of comparable period. In Canada, were - experienced on v 'boUi 
Speer and Jackson international, where S and J is selling tools to accounts. ' rry. _ 

agricultural, gardening and build- the timber industry, profits have The. company \vas affected,', by : 
ing tools manufacturer, amounted shot up from £83,000 .to over last winter’s severe -weather ' 

to £882,000 for the. first half year. £200,000, partly reflecting the t ions but offset most 'of Um-Aosi^' 
to July 1, 1978,, compared with expansion into -the 
£1.02m in 197?.’ 





.- .. . ^ ■’ 

-for'.ffle:>;Tsijc 



-- tEs&ii o-^oc? 

S' 


- assured 

totalled il.16gtt.___~,., 

* time,, with £ 

Increase ..frapp -ISC smeie * ® 

miums was- 51 -aetefCerit and ?e at 
premmms-83;pe^Eait 
Dlrec rocs V sajM tfe; Tnierea.se' : 
new ■* busibe^s^n^h^F’ reflea'i'. i 
tirtmenf-pensioirbuAie^'oti^, 
a - group ■ hhd ifn&yidual baa 

There has . a. mart 

increase -in nffW^mc2ry-bu. , Un<i 

both, fbr.^wi^wndjatts and ; > *V ■- 
policies pnjvid|Mg-:p0t«rtjon j ;Vi-£ 
benefits,’ /O r'.; r? -v-:‘ • • • . &£**** -V* 

‘ - xear -w £«■, 

. • > t _A.l.v /vj.-vfe£B 1 -' tm. ■'.* 

Frrnuun ftiagpgV ■' ^ a* IBM » 

CTnKtnrtOJL-Stynrtl^^j-A. ^ tg. jjj j 

Jpsoct ‘ 17. - ‘ t-". z.wUJ'j:-?. 95 ■ bj. 

. UwterW ritnse ! Jtwfr ’■ 9 j n' i, 

ShaxWiaw.rv _Uftr pnWv;. 1 tff jj 
•*. CmrtrOwilffiW.! tea pftBBjnrf? '• 

rwxfa . . etr,. ; .• >.;£■ 4,3 3 1 . -., 

SwrpUf keftv* . ‘-/lM ivs. * 

; - : a-fe^dadbte. ciie.- • • - - 


• comBi^n'gg-g'. . T 

iagle most Ui 

orientated of; t^copapoqirea,^ 

Sir Denis Mountain, chairman baturefly; been'; affech 

jr_„|p star- . , . bouse* hy the adverse 'trohUtions 
^ motor losses. IhsurtmO^^ctiunts"? 

holder and. motor losses. ar TunderM>itirtff Jp9a.neariy ^ 

'S5S£S^!2?S?Si .SES&wwwi? •» 


Anderson, the Manchester ha«=ed T? 10Ugh “W^Mtehlna the level consumer side- has experiences I . the householder' account ht nnderY Eaeie"staif r hf America, is caujdrit fai ^S^inddle"'on 

st ^£scri.ssu , sf£«?s:- ssssa 

“5 -_- r L c ... _L3?r./! a _ r _ ^15 P_ re . continues to be- satisfactory, says Profit here, are no better than suras insured and premiums,*^ , du «2 

Hr. S. M. de Bartolome. the ebair- Jhe second half of J977— about feels that once thw /syst«?m_' T; t hp rwrii- — 

£200,000— a gainst £448,000 for the becomes fully operative it fed f mi rSiasPsof hi»h yielding by- giving'fertfci^Here k“»!5 

per 23p share are comparably periodi Meanaroe, a lor- way to eliminating:.-^. JgJ^ ^ a d?S ; i V J 977. Thu s' i rmAse . Jn/e^^hich ^ , 


at ^ *5 attn^SableTactor to X 

--JS*. J^KSSSES’’ Efie . Jl0ll !? h0 ^ 3“°_ kirl _L J ?.. onder -. iirtlkrx. Eagle Star America, U caught ini^xhiddle . 0 R 


. . SUc 

insuredri'.dnd --tpremhuhs. c; 

The rise in investment- mcome September- i,:,1077r ,i t launched.^ 



it in several important 

markets would lead to severe com- REPORTING taxable earnings for ~ 

peiition. he warned. the first half of 1P78 higher at Jo P® r ll l p , 5?^ re - a , r a Turnover ... . 

Sir Donald now states thar the £].38ni. against £1.27m. the fi" 3 * dividend of l.*.19p net_ lifts Tradina proaV ""^.‘..'“ 

group's marketing imestmonr is directors .of Harris and Sheldon the total payment from Map to tmer g sr paya ble — 

being accompanied by heavy fixed Group say they expect a fulltime the maximum permitted 1.619p. r"," 1 "* *“ 

asset investment and this voar’< t*»tal of nut less than the record absorbing £79,JKW (£74.8191 — cover Nut ~ 

programme, amounting to some £3.4m achieved in 1977. is increased to 7.7 times. A one- uinomhw ' 

is progressing well. External' sales by the group for-one scrip issue is also pro- Attributable 

Both forms of investment are which has interests* in consumer posed, 
important for the long terra products and capita) goods in- Group liquidity improved by 
fumre *:»f the jroup. he adds. cludins lifts, office fuTniturc and £?8A.(W0 anrt ne\ a«#ts are shown 
TYading profits for the half year store fixtures, were up £2.58m at at fi2.4p i48.9p) per share. 
rose ft per cent to £l5.32m before £20. 7m. 

higher interest charges less The net interim dividend is 
investment income, amounting to raised to 1.57$p (1.413pl and costs 
£3m i£2j23m>. which showed an £4IS.0M 1 £374.0001— the final last 
incrca>e in line with the larger time wa* 1.339p. 
borrowings resulting from higher Tax took £71fi.tHK) fffi.i9.000 1 
levels nf capital expenditure and leaving net profit better at 
working capital. £lHiU.IMM) i£fi<)8J100). 

On capital increased hy the one 


tax profits ahead 43 per cent to a 
recnrd_ £020.920, compared with 

£4 T?.’r?nvfr t Earnings per' 23p share are comparable" period. Meantime, a lonj. ^ _ . 

n 3.97m to ns.) 6m. of which | h 4 “' ro are^'^owm'^twaiSe^of ^malSn au ^ raT j^ al r ^ ss ® s - ?Hp ' increase during tbe second have its mg^imUBX^napact dnrir! 

exports accounted for £498.000. “-Wl d "L £,Cnd 18 thf f«m P r a nd Tr ’ 0n the , L7v mDtD . r ac ^T t . haff of Lhc year is not likely to the first' feff of.^year. ^ 

There was a reduced tax charge of- a s ^re. in fwmer Md pjwr company has e vpeneneed^ risms g% f same order. The com- the cqmp&ny sh6uld get ti 

£7.823 against £32.035 and V s **3? Ji Sfc A^itf^taSlS* h« 2?“?^ ? f ^ la i m ? t S l ^ pa ny is investing more of Its POP- ;tiML- 7 jtf 

' “ - *- - - — TJOlicyholdfiTs - renB6^ their or 

tracts^ -The .loss'. bn: the mof<L 

, ._.-. WW u — - — account, attributed; to bs5> 

torn December” thev eoualleri £6.Sm lQ «e3 sh°uId be halDed 0™^^!. jrom a change In partem, to a verth^rjpvins hi^bt? l a ;.. 

siJ?- sb'areholiES ‘lundV ot second ' bal I ° r the rear. ^%ere more even distribution, \th pre- clafp^ ^ frequency^' Cik far 
‘is? W$S^ lr l3SD th7 prospective i' as - 8 modest e- oss oir. habMirr “nus years the bulk of profits than .btber majOf n»tor insurer V 
4,, .At .lwp. me prospective blIsmess , mainlr ” -employer’s f n the second haH. -so a hatt";.«oerleno«L:-. R»» . 



; -.tm 
an 

sag 

s»s 

4T4 

n 

3»3 

342 

41 

t« 


fnr-four rights issue in May. :he 
interim dividend per Slip share i«. 
lifted from 2.75p it* 4-ip nei, 
absorbing £2.4:tm — a fo:al of 13p 
for rhe current year h.-w been fore- 
cast in context with the issue. 

Afier a tax charge of £69-tm 
( £fi.2.im i including overseas 
amorinrins to £0.9m i£l.32mi. and 
minority profits £0 33m »£0.75mi. 
attributable surplus was ahead bv 


Hoskins & 
Horton slower 
but hopeful 


Park Bros, 
to close at 
end of March 

Park Bros, will discontinue 
business operations in some 

months’ time ar the end of March standing 60 per cem of thfr ’ ~ ' “agent, bookseller 

Construcnon orders taken In the 


*« .'5JT3 TSfa-^ffJS i ^ **2*eazm 

1? the 10.4 per cent yield, without d,VKlon made a pr0,if ’ 

On overseas 
overall loss was 

first half of 1077. There . itaere Last year a 
excellent results in South'. Africa*, on profits 
bur the experience in Australia additional 

deteriorated markedly. The-com- paid for 1977 . / shed.:2p.ta T47^;'for a prospective^;', :/ 

p any. is being very selective Salts In the life side ' new sums -yield -af-T pec cehfr 


re 

SM 

m 


any increase in the payout. 

Extraordinary debits ..-. 

Profit ; 

Dividends 

* Lost. 

The chairman ’say* the satis- 
factory profits to date continues, 
particularly, ip -the hand tools 
company and in Canada. 

The performance of the indus- 
trial company m Sheffield has 
been satisfactory . in the light tff 
the generally depressed level of 


Tilbury 

Contract. 

improves 



John Menzies climbs 


activity in the engineering and p R0 FITS before tax of Tilbnry 

?h« e rtQ d Hi m ^ii” Frant ’ e . an ^ J" Contracting Group improved from GROWTH 
- L h U w S , the trad,n " rP ^ ,,s hd ' e £892.000 to £939.000 in the first from & ' 

,lS .1 „♦ ha,f of l 9rs on turnover up 26 achieved 

six Dunne the hrst half. Jie out- per cent From £16.3In) to £20.63m. “US*). . r — 

agent, bookseller, and stationer, G. Lewis 
Jn the half year to July 29^ 3978. shares. 






has 


from £5m to £5 43m 
Sale^ and profits of overseas 
subsidiaries have been translated on 
into sterling at the respective half- 
year exchange rates. 

Extraordinary items will arise in 
The full year results, consisting 
principally nf adjustments 
translation of overseas net 
into sterlins: at June 
lhese would have amounted 
total credit of £2 im. * nH Ir „„- h ella 

aee Lex ?,>.*d year. 


A downturn in taxable earnings 
from £372.300 rn f.tlrt.fiOO is shown 
Hoskins and Horton budding 


and- contracting and engineering 
group, for the first half of JfTS 
ttimnvet ahead to £4. 38m. 
against £3.83m. 

The director*? state that the 
benfiLs from the changes inrro- 


1979. Australian subsidiary, ^near and _ . u %v v%u - 

During the period all new and Jackson Holdings, wa< ‘■old. The tisdf "ere significantly gales advanced more than GO® Oystalate (Holdings): 

existing orders will be processed amount realised was £753.000, giv- ni Snec than in the same period fsg.eSm. • - Group has disposed 

from available inventory and the ing a loss on sale of some , > / ear “*®P‘ te intensely com- -», e second haif^iire ordinary shares (7.4^ 

manufacture of such adri littoral £3M.OOO. whi^ has been charged dweetore also, expected to exceed 'the. 'cor- Hambro s in vestment Tnwl: A v'*" 

inventory as may be required, the os an extraordinatr Hem for the f«ponding period of ^:lftT7-78 subs of Hombros Limited, has , fo , r , 

company states-. fir « half - " ach.eved m ho U! ung development. ; when the fufl-yrar fdral Jumped a couired 178579 ordinary- shares. ^ 

groups .cash position has Earnings - per share are shown from £3m to a record £4.94m;-the As a result of ibis . pnr ph.n^ s -Aoet mtertth drvidctwt af 19832a 
the c ?_ ns Ll*r a ^ 1 : v ?L. “,' 3 ?P . .against 21.97p— the. directors state. ». .. ,v.- HaVnbros Limited jmtf 'Jts 4bbrice <L«6p),-,U , djp wtth - 


first half. 

The company will maintain an 1 . c 

ongoing business throughout **» improved considerably m the first at 


J | | Hi; 1 | — * paiiUI J-r mu V^li/(C -J’ mu. ■ * » - m * ITdlllL'l LjIUUICVI ^AIIU JU 3||Wb fl| C * * - - . '» 

run down period and will retain "£ ,r ye . ar ' m 113x1 as a resuit of interim dividend is again Up. Last .As always • performance is beneficially interested m 2552^24 ^WPlwemeo^y .p^r^ot in . re 

‘ ’ Dendent on the vitM^ ^ Christmas nrrimarv aharest.fLU -f>er ceiit: ' apeet of l8T7 efrftiKtffiSp. 


an organisation to fulfill the needs 
of its cuslomerx. 

Park Bros, is requesting its cus- 


this sa le 

• comment 


year's total ■ was 20.04079p from dependent on the vital Christmas ordinary shares. 8.44 "per cent 
pre-tax profats of £2.1 im. trading which they-. ray should . 

Profits in the UK for the F..it P™'"® successful in xbe : absence 



is having another nn it* products up to and after altitude 
the cessation of business. Interim 


of •’ wait 
profits are 


*nd. see.' 
showing a 



It takes a lot of know-how to find diamonds 
commercially. And few places in the world 
can be as demanding for prospectors as off 
the South West Coast of Africa. There, they 
are scraping the ocean floor to pick up 
diamonds that have been washed 
out to sea. 

To get lucky they have to move 
2.5 million kilos of seabed rubble 
to find 100 grams of diamonds. 

Surprisingly, the techno! ogv 
required to do the job comes 
from one of Europe's great 
chemicals and plastics 
groups — DS1VT. 

It was developed 
when DSM was 



the main coal producer for The Netherlands. ; 
The coal mines have gone now. The know- ; 
how remains. 

By inventing ways to get the best out of : :- 
the coal seams, DSM was able to develop its r 
processes for separating coal from ;i 
stone so that today, apart from. V 
diamonds, DSM is helping to -' - 
recover valuable scrap from I.. 

motor cars on a worldwide 
scale greater than ever'.l 
achieved before. It can even Vr 
]>erform more gentle tasks >>- 
like separating the husks 
from milled rice. 

A gem of an--.? 
idea, from DSM! 7 ' 


Fm 

-r 'L?.' . 'La ■ * 


f 






C 


DSM 15 chemicals and plastics 

To find out hew much more we do, write to the information Department, DSM PO Bex 65, Heerien, The Netherlands. 



— .. . -foUori 

]f»g change’lii lax raw, at a tuaj 
cost. of £40.713. _V . . I 
At this .tiiiie the • jilrecrors Sf>r 
they see do reason- why th?y 
should aqi be able^to recomrrwid 
a gross flhallfl. per 'cent hieter 

ssf 

«nSSs ismri s'-sm — - sponger SS7SIHE 

ST‘ Pf»*»r ’rd'v'ric.'^ntStncTf,^'! n.«JHER PROGRESS f.Cff wLST^ 

ir.78 acSnsf fiS^k Stop? Vo brt!?X writ SJr atTained h >' Leaden hall Sferiln*.^ -After tat -ofjaVUMin.f£i28.0() 

period In 5nrti £ S 2 ‘/ S S for the irUm SJJ" To » mSrvim subsidiary of British and Common, the. net balairre. came out It 

SSSL"^"* a ° r SlWW or m moreTr ««** Shipping Comp-my. In M.<pW tfIMW. 

acrcounis in respect of tile Algerian # net halance or 

associate. v £330090 ff40+,00ni. There were 

Thp firs! «■ , eTtr*ord*«xry credits time 

of ASS Se? of d lo r Si ra ti' e w a | 0f £114 * 000 (debil £190 ' 000) * 

received in the UK on August 18. 0 comment 

Half-time profits at Menries are 
up by a third thanks to a buoyant 
performance from the retailing 

^°^n7 maS. Art=T SSST, Tt^^reholders: 

operation d saw^^J|] l setb^S^n agreed ^“ 1 P r «c»P*e to disengage BurmaK Is planniag to sell oni 
pSfits^ SeSuse tMlmotijS to fr «® ^ eix merchant banking of . its Australian subsidiaries 
sunDUeaaraltiie low tevefn? ?ov2 ven ^ ure “ Singapore, Chartered Burmah Australia Exploration, tc 
price raCTMses The unruni fn Merchant Ban kere, and to operate a group beaded by the Bond Cor 

“r: , s 1 £SEs , 5™ , he A" ■ *** -™f ,h *** 

_ hart a matprial hnarino on ® Is lntenaeu tiuit tn® name of (£21m). . 

AS FORECAST in Anrti l^ger S ^ree? sites thoueh Chartered Merchant Bankers will The asset* held by this sub 

WcherinSr G^nn ‘“nrinS J*? 7 S?rt Lssomfldded bene^ of 10 Arbuthnot Utham s idiary are a 875 per cent interes 

and Kr££d P a ™ fSSScJ gSZh St IhlSTs rlirS ^ jr rith JI Mr ; JohD , Dick rhe inS a mos, a3Q.9per cent inleres! 

«ress to the second haH of the «? inrelatlon to the figures ASSS^ SlSff'uPS^fOIL" ThS tffi 

provide banking services, cor- companies are all engaged' In ol 

porate financial advice and port- and gas exploration and produc 

folio investment ' management tion Tn the Cooper Basia Soul! 


Record by 

Ferry 

Pickering 


g< 

it alone in Singapore 

Standard Chartered Bank and foUmribg. -questions on the dea 


— figures 

year to June 30. JL975, after a rise w,th sa,es area Probably littie 
in taxable earnings from £333,000 more t * ian 5 P cr cent higher than 
to £421,000 at midyear. The com- a J ear asn ■ For **** second half 
pany finished the 12 months with ! he outJonk for consumer spenri- 


recopd profit of BSSJV Tg.taS 1"* h. the important Chri S 7m« ***£** "fi£ Australia.. Together they contro 

£785.905, on sales up ri.08m at rio d looks encourauine though Mennwfllle rl “ Mone 

£5.76m. the wholesaling division could 


Meanwhile, the Monetary • per cem of the Cooper Basil 
wi „ Authority of - Singapore has joint venture. 

Cintnj _ . again be the laraard with Fnrrh'pr granted a merchant banking Gas production fronv this am 

bernS d per IOj ? sbarc Pressures on m^eins develonine Uce*”* tor Slandard Chartered to is supplied to Adelaide an« 
a fl f °£ % ? ' et iT1 the finaI ■mnJTS te estabiish a new wholly owned siib- Sydney^ 

/D . '• ^Proved to t h e | eve j 0 f pjeot street disrun. sid'ary t0 *»e called i.tandard Jt — * — 

dKideSd^ B, if SP I3B3lD a eff^riroh! Cions which is fbe imnortant Ch artered Merchant Bank Asia. 

-Ii „ .2 .. , Lw-Jlp eflectively f actor r or u-holesaJin? Fv^n J, The new merchant bank wfl? ha%e 
raises the total to 2.8431 p (2.54 6p>. ^.1 Tea?cS!il? produce profit a H issued share capital of 
The extraordinary credit around Mm pre-tax indicating a Singapore S20ra and will, coocen- 
reiated to a surplus of £16,022 prospective p.'e of 103 at 290p trate taitially on providing cor- 


f £134^19) arising from a lire in- and a yield of under 2 per cent" 
suranee craim. Last time there At that level the rating Is -solid 
i also a credit of £51,417 enmiEh. but not parriciilarlv 
rouowing overprovirion for tax inviting for potential buvers 
on property sale proceeds from 

the previous year and £31487 was SH S RF STAKFS 

smniMa 01 ^ ”-1* of Ppwrty . *- Paterson and Sons: Mr. W 
acquired during the period. Armstrong has sold 40,000 shares 


OIL AND GAS NEWS 


Shell Canada to build 
$4bn oilsands plant 


Tbe directors of Santos hav| • 
now held diRCusfflons with tm . 
Adelaide stork exchange dvei../- 
Burmah’s proposed sale of sharw 
in the company/ -l .- 

They said several aspects aboal -.' 

porate financial advice and - on the deal were unclear and 
Euro-currency business in the inquiries would continue tr;.-;. 
ASEAN region. The managing ensure that the interests of at " 

shareholders were protected. 

Under the rules of the Adelai*-. I 
stock exchange any shareholder 
selling control, of hts stock ndB'w. 
receive an undertaking from f|?| ..■ 
buyer that he will make a com- 
parable offer to all other share- 
holders. L 

-Santos directors said. that It did; 
not appear that Burmah had 
received any such .undertaking 
from Band Corporation. *• 

The proposed rale by Burmah However. Rurmafa said Jn tb« -J 
Oil of its Australian oil and gas .ITC last night that it was riot : 
exploration and production aware of anything rhat would; ... 
interests could run into difficulty affect the proposed deal 


director will be Mr. B. FitzGerald, 
currently managing director of 
Standard Chartered Australia. 

Burmah sale 
raises queries 
in Australia 


SHELL CANADA will .soon seek this activity wiB not be affected 
he permission of tbe Alberta by the new venture c ciea 

Government to build an oilsands Mr. Ouairoz exnlainorf 
plant in the province; Mr. William explore tion would take place 
Daniels, the president said in Fort designated areas, hut was 
McMurray. specific about exact locations 

The cost of the plant would be * * 

94.1 bn and have a capacity of * 

The Philippines 


-DIVIDENDS ANNOUNCED 


. Current 
. -r y . • payment 

Antony Gibbs — int 0.72 

Brlxtoa Estate 4nt 1.39 

Bunrs-Anderson ' 122 

w ChartUW..... UW 

Government Dickinson Robinson 


in 

not 


Date 

of 

payment 

IV ov. 17 
Nov. 4 
No v. 6 


Corine- Total 
spending for 


div, 

0. 72. 
1.25 

1. r 


year 


2.88 


L15JJ00 barrels a day. "Ibis out- 
put would be simtiar to that of 

the tarsands plant operated by newspaper ropons. based on in- Ferry Pickering 
Syncrude Canada. dusti-y sources, that the newly G. T. Japan Twt 

But the capital cost of the discovered Nido oilfield near the Hamilborne .. .. 

plant win be double that of island of Palawan would be Hairfa and SheM 

byncrude’s owing to -tbe effects fiwiausted In five years. ’ Hestalr 

of inflation and the devalued IVirio is expected to start pro- Hncldn* and Hori 

dollar. Mr. Daniels added. auction next year at 


a rate of J. Dickie 


” 1 f mnuwvi i i 

The field Lapoitc 


..int. 

2.31 

Nov. « 

2.55 

AiVU 

..int. 

3-35 

Jan. 12 

3 

__ 


1.50 

. Nov. 18 

1.42* 

2.84 


] 

— ■ 

"0.5 

2 

.int. 

•0.S 

Nov 10 

0.3* 


.int. 

1.58 

Nov. 9 

1.41 

• 

.ini; 

2.36T 

Jan. 2 

2.11 



.inL 

i;69 

Oct 31 

1^1 

■ ■ - 

.inL 

2.44(1 

— 

2.19 


JnL 

1.2877 

Jan. 8 

1.16* 


tint 

1.8 

Nov, lo 

1.65 

■ ' 

.inf. 

s.ost 

Nov. 27 

2.71 

• ' • 

.bit 

t.flfl 

Jan. 3 

1.66 


.int 

2.77 • 

— 

2.52 

_ 

.Int 

22 . 

Nov. 15 

2 

' _ 

int 

0.4 

Nov. 15 


— i 


Total . 
last 
year,.' : 

2.19'- 1 '■■■ 
1.BI ; '■* 

i.o« I 

1 iia*+ 

' 2.5af 

l 


five years to build. pines domestic needs. 

■*■*■.+ is operated by a _ oraH1 

The Angolan Government plans £ ea i od b F Philippines ’ Cities Lon^XSanT Aasm. ! 

joint venture with private sector Service. Moling ... 

companies, including Guff Oil ;o * •* * Plantation ...2nd 

911 exploration in- the North Broken HU! and Beach Rowntree Mackintosh :■ ML 45t 

« d - n ? l0 . Mr * Artur Petroleum have reached agree- R TZ ’ int. 

officii at the embassy ment with .0 contractor for the Spear and Jadkson . .mt. &i® 

a^.««Vi w i drilling of Colson No. l well )n Tate and Lyle . 2nd inL fiio 

lna«^ n , ad ®P* ed lau enabled OP 177, a block in the Simpson Tilbury Contracting ;lnt- r .6 

take aV pin- cent slake SY’coU T?S7orv° f wSriTlrill riart^aK diown pence per 'mare nR | exoepi where. otherwise stated.: 

son turn to be formed 5h wumSith. - * Equivalent,. scrip issue. tOn capita* 


,Jnn.. 4 
Jan. 2 . 
Jan. 3 
Nov. 7 
Oct- 19 


3.5 

3.58 

6-35 

8 


Mfe’ ■ 

63ft;' 

5.17:1- 

; 43T.;. .• 

us;**-. 

4l2f i 
677 r 

*•*•&■■■■• 

7 lay 

-a-iT 
9 5 
938' 

13 14 
29 IW 


V 


•Equivalent a Ker.;^ allowing for scrip issue 

Cabinda Gulf and otherTroups” “^Dn “‘co'mnletion of thn well i ncr ea fi ed by/ishti, and /or afiq uisition issues, tMaking' V.672P s?- 


i 







» ' *V3 V 


•*.v* ■ ■ ^ 

- >; rurr, 


r *.♦». "i 

•< -'--r -j 


@st 


*$$£ Pm&s ®g$|M 

*.»- ’ r * ^ . *' • ja-+ 


i ; s ^W.'“! ; r < ~v.'.- 
?• •;--' 

,M^v 

l«li 


■ ■ ji\ y/*\y- ■ 


. r-Vv.ii .- ■■■(>, ;., ■ 

- •>- 

' ' ,l '* w ' . * -■ 

>:••'•> ■•<•' ~. v- •*v;V*.v.:.;V -’V, ; 




*&*'%* t*: !./:•>': r.y ' : : : ;■ 

•>' : *».':V'v*'»'''-':' ; 'V*S'-‘' .;'.*• 4. •»■( 
••4H-J 4 •,.,•• •• •• •....- 

iffiS*.* C •%».-•>. ■«> '<••. y . ........ -.4- 

jVrk ...^iV.. •■' H*'; . '. -4±j 


feiliilililii 




J3PS; 










rv-- v- 

’J"::.-.!4.-'.'.':V':i' 




®ii 


A croup ul Morgans New York- anti London- bavpd pmitrl hriantr spreialists 
re\i».*\v new technique*. developed in mcctim* the- need*. of th*.* bank M-lieiiK 


Executives responsible for large projects value these 
skills. They also value The Morgan Bank’s up-to-the- 
minute knowledge of the sources of funds in the world's 
key money centres, and our experience in forming 
multisource lending groups for major projects. Our 
Project Finance specialists are able to match lenders 
to borrowers in a way that is most advantageous to a 
given project. 

For more information about how Morgan conducts 
project financing and how we might help you with a 
major project an where in the world, talk with the 
Morgan officer who calls on you. 


Morgan Guaranty Trust Company', 23 Wall Street, New York, N. Y. 10015 • 
In London: 33 Lombard Street EC3P3BH;. 31 Berkeley Square wix 6EA 

• Other Banking OFFICES: Paris, Brussels, Antwerp, Amsterdam (Bank 
Morgan Labouchere), Frankfurt, Diissejdorf, Munich, Zurich, Milan, Rome, 
Tokyo, Singapore, Hong Kong, Seoul, Nassau • Representative Offices: 
Madrid, Beirut. Sydney. Manila, Jakarta, Kuala Lumpur, Sao Paulo, 
Caracas • International Subsidiaries: San Francisco, Houston, Miami, 
Toronto (J. P. Morgan of Canada limited), Madrid (Morgan Guaranty, s.a.e.) 

• Incorporated with limited liability in the U.S.A. 





22 


Slow first quarter leaves 
DRG £2.9m down so far 


first-half result*— profits were 
Dfi&Dfi III C r T Iliirr well down from £24.9m to £ 11.1m 
DUnKU mctlinua —reflected continuing depression 

in -international trade and the 


AFTER A first quarter shortfall, 
pre-tax profit of Dickinson 
Robinson Group ended the first 

half of 1978 down from £l2.a5m to The ioUOjnag com Dantes nave oofincl 

OMm Mm nwnf UP from £»"■ *“* “2JSL" “T »“ •*£ «*■"!!» «* “ 1 "* a 


“»■£■* ^ Uf *-..^ Uncs , ** 2““* world sugar surplus. 


Mr. J. S. Caram, the chairman, dividends. ^Official' indlcaTkms arT'Itt a tota! dividend or 

the first Quarter downturn avaUahli- whuther dividends concerned are IS.14p WES paid and incItldCd & 

in nsn due to low levels of lnrfntni ■*»*!» and the sub-divisions 4p final. Pre-tax profits amounted 

i y as in p-rt due to tow ie\eis oi ^. D ***. ^ baaed m ]iSl « £ , Q53 ^ 

demand, particularly in packaging. y tJ r’s timetable. * LQ '“ ua ‘ jrn - 

and in part to industrial disputes- . today 


Profitability improved in the interims— Brown Baivn Kent. Ch<jr- 
second quarter however, when the S^MpiaL Gresham House Estate."^! 
disputes were over and uemano Eiutneonnc. upland Paint and Wall- 
inr-roa-ieri The improved trading paper. London and Holy rood Trust. London 

iZi in liart -in-- s hein- main- Jnd Provlnclal frost. Hum Jiarkar. 
let el in packayin, » Kin, mam- HarnM p,. m SIatori RanMnjeil Sl ms and 

tamed and there is a lirni order spbetton Trust, sta* Furniture, 

hook for both domestic and Office Sicny-Puit Industries. Lnilrd Newspapers, 
consumer goods. “'Jv, WHklns,ia Wartunon. win 

Although the line paper and Final*— bourtin* and Mills. Luuer, 
board mills are showing gradual *::iiay-:;.4n Tin. NoItpt>. Heabnw^ Invest 
improvement. thet art- still a long mem Trim. Roan consolidated Mines, 
way from achieving an acceptable future dates 

return on investment, he says. fBicrims— 

The engineering businesses con- . 

linue to trade salisracinrnj, ana (j^-Ad Rohes- . 
overseas results in the period were Hambro j .tfe .vssurauce ... 
considerably better. 


Charnos 
advances to 
£0.6 lm 


HiPons FWWnar 

Lane > Percy i 

There has been an encouraging Madelm «P and w.i 

recovery in Canada, w hile in VaMni * 


FOR 1977 pre-ta* profit "f the 
privatelv owned Charnos jumped 
from £227.346 to £607.476 on turn- 
. Sept. ** over ahead from £ 12.5m to 
' SSJ-SS £14.31 m. The group has besmn 
;;; IS; 5 the current year with first-half 
!" vun. " “4 sales .well ahead of those for 19««. 
.... net 2 Mr. R. Noskwlth. the chairman, 
SI says 1677 was a difficult year for 
' its Northern Ireland hosiery 


rramfi.> «> — — SnarrOH <G. W . Oct. 6 

South Africa there has been an ap Filials _ ' operations with depressed margins 

improvement in demand in most ch*n?rtaH S eBL 5l and delays in gaining the benefits 

operations which has resulted in p«siuiti*Pi[Hwr jr from reorganisation. There have, 

a higher level of .profitability, s.z^oll eroaa Invest, Tma... Sepr. J htmever sisnificant | mproiv . 

Progress continues in Australia m^nts fn 197s. 

and further improvement is . Substantial capital investment 

expected. The New Zealand opera- .lunp Gil. 167S. In yesterdays £s pi aane< } t n Northern Ireland 

nous recorded similar results to report this years figure was w -hich will al*»o spill over into the 

last year. incorrectly shown as 1.4p. 

The profit is subject to tax of 
£4.53m compared with £6.37ra pre- . 

viously and earnings per 2ap JajTlCS LIlCKlG 


from 


yam (exturising operations. Profit- 
ability is also expected to improve 
with- the Government decision to 
brinE electricity prices in LTster 
in line with the rest of the UK. • 
During 1677 the group closed 
its knitting operations at the 
Peteriee factory, which has now 
been taken over by Charuos 
Garments, a . company owned by 
Tn line with the projection made three directors of Charnos. 



Financia l Times Thursday September^ 197, ^ 

Stagnant trading cut§ * 
Laporte to £4. 



IfTFH THE. * stagnant tradjag 
conditions of the latter part, of 
1977 continuing into ,ihe early 
months of the current year, pre- 
tax profit of Laporte industries 
{Holdings!, specialist chejQ tails 
group, fell from £7.0Sm to : £4.72m 
for the six months 10 July 2, 1978. 

The situation .showed an 
Improvement towards the -gad of 
the half-year but general .trading 
conditions coupled with constantly 
moving exchange. fates ..make It 
difficult ro predict tbe results for 
the full year, says the chairman, 
Mr. R. St Rfnewald. 


_ profit, however, fell 

. T”i?99m P 10 £6-1201 and afrer 
froth from £3.89m to 

sssr-^s s-slst reduced 

^Marfef^ndinons for the sale 

have^ recently hardened and 
ffiflmprovemem has enhanced 
2 L “ venue and the realisable 
£Kf e of current stocks of 
titanium dhtfioe.. 


performed veS^n^tiw penaw 
business {InteriMr i & holdin^ 


business luuerMT i& holdin®. 
well in. spite of aetni nd not iL 
particularly- htwyant' ' - 


Half-year . 
ISIS 19~ 


awu 

S0.57 


two 

re.sos 


• comment;^ t ._. ; 

Laporte is. StnjmjV j 0 rec(J . 
from the £7 ib prMhx'profi] kIu- 

seen in the seep^. half & \- 

year . ' ft has^beter^lped 
relativdy wea^popM-in the £ 
quarter Of- i978,--. a nd hisi 
titanium dioxide .pj-jeeg 
began to filter ''through in 1 
second quarter^.-; 3-ijese hM 

nrif^W hsi'A T'MhhjdW P 


Directors are hopeful; however, 
thai the worst of tbe depression 
affecting the world-wide chemical 
industry- is now behind. them. : he 
adds ■ 

Earnings per 5Qp . share l-'aine 
shown down from 8.5fip. to- -4.G5p 
and the interim dividend is raised 

from 2.706p to 3.{E17p, Last 
year’s net total was S.76op a share 
paid on a pre-tax ..profit- of 
£lOJ24m. 

Sales in the half year rose from 
£74.86m to £80.5Sm including an 
increase in the attributable ebare 
of the principal Interox companies 
from £2-L53m to £27.05ra. . . - -. 


S3.J31 SL5M 
r tm 24 Ai 


Sales ■ • — " " ’ 

Laporte aw® " ’ “ 

Prlru-iwil *** ’■ •' 

TradlDj: DfODl * 4 ;- 

Lapono 

micros 

Ollier 

IntoiwH . - ^ 

ProK before tax 

Tax . 

NeJ profit 

Esiraorduiarr loss — ■ 

Pre/. dividend* 

AITriborablv .- 

onilnsry dividends.- 

Retained 

Trading conditions in phthauc 
: anhvdride have improved but the 
fluorspar business is suffering 
from world overcapacity. 

All other product- ■ groups 


6J20. 

1.485 

4.117 

SIS 

1.4*4 

-4*716 

’2.544 

C.1JT 

45 

Ifl 

£(11 

1US9 

712 


7S91 

SKI* 

4.0=0 

43S 

MS 

7.036 

3647 

3.3:0 

.17 

lfl 

JJ7L 

3.015 


Seconu- hW) 

prices have .resu^iifl- a- s g; 
reduction- ki,‘9toeiE>l<to^ wh 
last year totalfetfr£j;fm. ^ 
allowing for. these ‘ berTpr -nri, ■ 
and. margi really brighter p&spe 
for . tbe ciremira" industry, it 
still diflSeufi.- to jfibderstaBd ( 

■ 'marKet's.-.rtecWoDV to- push 1 
price 6p hIgher, to "l27p a i \ 
stage. .It hs Jikely' that Laport 
final figure wtH be mar-ina 
better than . the. recorfi 

last year but this >euld still ^ 
a prospective , p/e of ;lLa- v* 
is well above ine .Sector aven. 1 
of 8.7. But, . jQBxinn 

dividend inrireaffi Uie yield ai 
per cent is a. xeasbhabli* prop. 



FrtTldW :rfansrii-kl 


.chare are shown down 

The inierint" dividend 15 up From little changed 

2.532p pei w 2. SOSp. Last year a % 

Slnsai-sTm. |Mid pr ° 0l<i at six months 

riurinyThe half year there v\as 

a L/l’-im cash nut flow ; n ;, s | a st annual renort. ore-fax " -n, e linserlo division maintained 

m second quarter increase in in pr-ofi t> of James Dickie and Co. tts position in the year while in 


3Ir. David Hargreaves, chairman of Hestalr . . . sharp drop in 
first half earnings to £(l.4m. bat the future looks brighter 
(see Page 23) 


working capiul. 


Hail ~i>ar 
|07« 
roon 


Tiirro^ir ■ ■ 
SjV> 

Tr--4irJ oruBt 
l>- 

AV*v 

tn«- ru*!! o»sal>l» 

Profit before tax 
t r \a\ 

lax 

Net prftni .... . 

Minormc-s 

LeavKu: . . 


Molins jumps to 
£5.1m in first half 


in.*i+i 
h9« 
4.1HC 
31 4 
1 T-l 
1*71 

: /wmi 

j «;.i 

3. 1 --i 

4,aSl 


FOR THE first half of 19^ taxable 
profit-nf Brixton Estate declined 
from'£l.t7tn to £L12m. Last year's 
figures included a £147.000 dealing 
profit " "V. 

For the period bet 'rental 
income totalled £3_34m (12.56th) 
while other income was' £3^000 
(£2.060i. Under oiitEoings; -rent 
and interest of developed proper- 
ties was H.S5m (£1.10m) while 
other co -*ts were f 0.37m ilOJtia). 

Directors say gross’ hateresf.^jR 
current development^. which ^rdl 
be the subject of a transfer .l5T>m 
The capital reserve was £587.000 
against Fl.ISm last time. ht«rest 


C4&; 

12JOT 

j.yw 

1.170 

«.ir-» 

407 

5.771 


• comment 


(Drop Forgings! were little the knitwear operations, an im- 

joir chanced at £1.02.666 for the six provement in production has 

n»o months to April 30. 197S. com- coincided with a serious shortage 

=«•>« pared with £211.342 in-^t time. 0 f orders. 

UTten I’cportimr on Ifl>. Taxable The profit for the year came „r e* c and out^omEs on developments 

ii» profits of £396.onn l £403.000) the ot i t at 1367,088 (£1SS.5SI) after 1Tb paper and P*ck»S "2 halves of the ^ temporarfiv suspended hot 

2.4S5 dlrecrarc said that unless there tax of £231.388 (£38.765 1 and machinery operation* turning the two halves of uie year. mf .j, , rded j{J 

was a drastic reduction in demand earnings per 25p share are shown round from a £0.Sm loss Jo a \- e t profit came out at £2.5m cji/xm ('jklooo) in the heriotf 

as the year progressed, current ahead from S.tfip to 17 58p. The £0.6m profit and the tobacco (£i^ m t after UK tax of ££2m c> nce “the hal*-vear Sa the 

year results should be in line with dividend is held at 1.05625 p. machinery contribution up £i.im (fj gnJi and overseas tax of £0.4 m rnmoanv has made a deaihiEnniflt 

these fnr 1977. to £.».3m, taxable. profits o< .Molins (£o,2mi. Earnings per 25 d share rjiTOfi) * 

~' Am m f» f hou ’ n « M» *-7V fMh»W 

Sales lor the period oere £52.1m ^eTnrerim dirideod is up from ^sS| to |nmn) >,ld I«t ’tbS^ 

?S,. an<1 piCkas1ns at • comment ira^VK. derelopu^t-pon- 

Sir Harry Moore, the- chairman. Molins is beginning to see the 
says the tobacco machinery benefits of radical changes in its jndaStj ial estate, with bnffffings 


Ha ram il! Brick Esstry, had a 
better first half-year. A pro- 
gramme of reorganisation and 
capital expenditure is now nearly 
completed and the benefits are 
already being demonstrated.' -It is 
hoped that HammilJ Brick will, 
achieve record profits this year. 

The company is now controlled 
by Ferguson Securities. 

It was also announced yester- 
day that Mr. Graham Ferguson 
Lacev had resigned : from the 
Board of. Yorkshire aiid ^Lan- 
cashire Investment Trust The 
move follows the sale last month 
of 3 29.67 per cent stake in 
Yorkshire and Lancashire by 
Ham il bourne, the brick -manu- 
facturer in which Mr. Ferguson 
Lacey’s master company Ferguson 
Securities has a 51 per cent hold- 
ing. _ - ‘ 


takes £99,791 (£118,660) andeai 
ings per 25p share - are sho 
at 2.83p difuted a'hd^.OSp 1207 
undiluted. - Net assets per sfc 
are Bhown at 2r4jJ' {ie5pi f u 
converted. .. 

The final dividend of Ip doub 
the total to 2p. •-■■■■* 


Midway fall 
for Antony 
Gibbs 


1 

& 


i*- 1 - 


Half vearlv turnover rose from 
£t.67m to £2 02m and tradlnc pro- 
Qts improved from £167.642 to 
£185.412. but directors warn that 
this trend has not continued and 
URL's half-time fisures are very say it is difficult ro make ao.v firm 
closely in line with market ex- forecast for the second sit 
pectatwns but there is a more months. 

encouraging flavour about the Ln- In addiiion. mainly as a result 
rerim report. The overseas of the investment of the com 
divisions have come good with a pnnv's funds in the construction 
SO per cent nre 
and the axoup 
consumer products si 
increasing strength 
.second half. Packag 


W. G. Men 
in strong 


G.T. Japan 
Trust down 


position 

tun r says uie lunacco hihviiihti j wucau w noiizi cniinses iu ns 

im- .Although croup borrowings improvement came as a result of previously depressed paper and 

ion increased* by £442%0 toTs79.000 » h < consolidation of market packaging side. Last year the 2Sraf ok5 Wockx hje 

hue j . _ ro* w. Ioor{n7-chin in ottr* r rn 'ikin" *rmi in n m^r-7-rxy 1 *“ r. JJ UiiilX UHLK.KS ^ 



From total. income ahead from 
£640.157 to £969,527 pre-tax profit 
of G. T. Japan Investment Trust 
fell from £220,051 to £202,412 in 
the June 30. 197S year ; 

Management expenses ^nd 
interest payable were- well up 
from £420.106 to . £767,115. Tax 


Results of An toftr Gibbs - Hoi 
ings for. fhe .first hif 0 f istS jl 
below- those for theeorrespondlr 
period last year, the directo 
report. 

>• In. particular^ tie -Australia 
subsidiary co minuet 10 find irai 
itig difficult, in the pressed loo' 
market, although m improve 
.trend has deve]opd,..ir] recer 
months. . . ‘ 

The- directors hain declared a 
unchanged - interim dividend p 
an5p,per share, bt are unab! 
at -thi£,.stase _to- indiete what rhi 
final dividend will b. 

• Lait year^a total o£JMl5p w a - 
pmd:. The; group trees -as -a raer 
chant banker and timer product' 
maker. . 


covered from the in# wuris m ■* 1 -' 'w h*-' imu “*"<■'> meni. v*h»ii«.-»h»»»i» • wimmi.- «i»h-. "v »« w«ci fiwau. iicijj-j‘« overaji m i 

latp 1977 hut the nrend now seems £10° f c ll»897) leaving net Total borrowings only a mourn to says, particularly, in the hinue profits to climb 80 per cent in the 5- , . 

to he fiat and DRG. like Bowater n f W2-480 atsniui £101.445. 22 percent of shareholders funds lid packing machines. first half. This result should, of Jjffeih -e n Vnr^w,, ~ 

lieen The inierim payment i« raided of jT:.97m l £3 «3ml which have -' s anticipated the Indian sub- course, be seen against last year's r “ ,ie J* s . ^ J 1 ' T _? r ?r tur ^ 


in Avenue Louise 
virtually folly- let 


and 


Bemrose. 


has 



uveiy smart volume growtn m rj-i , O T 1 

sales can have a substantial effect I 3fP & I .VIP 

on profiN.'ir the fine paper and v 

maintains 


profits ir the fine paper 
paper cups divisions break even 
this year DRG's pre-rav profirs 
could be in the £24m 25m ran-.'e 
for 1978 as a trftole sgainst £21 3m 
Iasi year. At lflftn rhe shares yield 
a prospective 8fi per cenl on 


f«r the ci? QQm wpJI - leader and prospects for steady 

for the year of £fi.98m against ln papt . r anc } packaging, the expansion look impressive: The 


The JettinT of its sq ft 

office building in . .Melbourne 


second interim 


An unchanged second interim 



P e of around 9.4 assuming a 46 dividend of fi."5p per fl share is 
per cent tas charge. 


£ 6 , 000 . 

The 


chairman reports 


! trading profit ment parts are still a profitable £ nn » 1 iuefl 1 'n .«i» wtfi tne num 

against a loss last time. Sir area in more health-conscious ; er of te.hn 5 inquiries encourag 

... that Harry says the increased effort markets. Even so. paper and . 

declared by rhe directors of Tate higher borrowings resulted from in product development in both packaging probably hold the t np ^ ou P has adequate iijnrls 

and Lyle for 197*. The fi,n?( lower than anticipated production companies is beginning to show longer term key in the way of - P» n *b»4* suitable schemes for 

_ _ _ interim was increased from 2.79p at Tipton at a time of year that results. acquisitions: in the meantime T“ v e .f™ ent : a ™ . w extending 

F. & C. El'ROTRUST to -1-Ip- is normally a period of high out- He >ays the group i« well placed there is plenty of room for [- terms of evt^nne loan fneili- 

In their interim report, the put. which had an adverse effect <to match the forecast of an improving the return on current 1 .? 3TW rert,,r '.^ interest margins 
Nei earnings of F. and C. directors *.*nd that the policy of on casii flow. improvement on last year's £S.3m capital. At I4Sp the shares are on w ‘ ierever possible. 

Eurotnist rose from 1.04 p in l.l4p maintaining dividends remained Meeting. Dudley. Sepieraber 26. pre-tax profit. Directors expect a fully raxed prospective p e of 

per 2Jp share for the year ended unaltered. How ever, the poor noon. the result 10 reflect a more even 5.6 and a yield of S per cent 


Chairman's statement 



Hartebeestfonteiii Gold Mining Company Limited 


Incorporated in the Republic of South Africa 


Improved prices boost gold and uranium profits; acid plafit ahead of 

schedule — Mr B. E. Hersov 


With after-tax profit at R44 million (1977 — R23 million) despite a 21 per 
cent increase in unit working costs, the financial results for the year were 
very satisfactory. The principal reason for the R21 million increase was the 
higher price received for gold sold which averaged U.S. SI 76 pier ounce 
compared with U.S. SI 24 the previous year. Because of both improved 
prices and additional sales, profit from sales of uranium oxide also increased. 
Capital expenditure at R14,7 million was largely offset by a consumer loan 
of R11.6 million received under a long-term uranium contract concluded 
during the year. After transferring R8.5 million to general reserve for 
funding State loan levies, distributable earnings amounted to R32 million and 
dividends totalling 250 cents per share were paid (1977 — 135 cents per 
share). 


vi r. 


ol 

t- R 


The project to increase uranium plant capacity by about 20 per cent at an 
estimated cost of R5.5 million is now in progress. This will cater for ac- 
cumulated slimes and it is expected that production at the increased level 
will commence within two years. Satisfactory progress on the construction 
of the sulphuric acid plant, which will provide a permanent outlet for the 
mine's pyrite concentrates, is being made. Current indications ere that this 
plant will be operational during the first half of 1 979. some nine months 
ahead of schedule. The main source of profit arising from the production of 
acid lies in the recovery of gold and uranium from the calcines remaining 
after the roasting process and a modest additional source of income can 
Thus be expected. 


No major labour problems were experienced during the year and the number 
of men offering their services increased. -The mine's previous excessive 
dependence on foreign labour has diminished. The programme for im- 
proving living conditions and amenities continues. In order to improve 
communications, which is not an easy task with a labour force of some 
20 000 men of different races, a system of liaison committees has been 
instituted. The object is to afiow individual workers to bring their sugges- 
tions. queries and complaints direct to management through . elected 
representatives. Liaison committees complement the normal channels of 
communication in thg work situation and enable management to reply end 
explain its policies and decisions. The system is closely allied to that 
employed in general industry and progress so far has bean most encouraging. 

Details of the ore reserve are given in the technical advisers' report. At a 
joint pay limit based on a price of gold of R5 31 2 per kilogram (1 977 — 
R4 054 per kilogram; and on the estimated realisable price of uranium, the 
tonnage, values and sloping width of the total ore reserve were all virtually 
unchanged from The previous year. The graph above illustrates the effects 
on the total ore reserve of changes in pay limits that could be brought 
about by changes in the gold price without any changes in cost levels 
Capital expenditure for the current year was estimated in June at R1 6 million 
and included the completion of the sulphuric acid plant and initial ex- 
penditure on the extension to the uranium plant Other items included an 
emergency power generating plant, station layouts at No. 8 shaft, improved 
amenities for black employees and expenditure on housing for white 
employees- Since. June it hes become apparent that equipment for the 
plants refened to can be delivered earlier than expected and that marketing 
of the additional uranium to be produced can be arranged to suit earlier 
delivery dates. Changes in the metallurgical characteristics of the ore 
arising from the increasing proportions being drawn from the .western 
portion of the mine have led to a progressive loss in plant efficiencies. In 





_TO 

— 

s 



























15,0 


Dowty Group 
expands in 
Australia 


14.0 


GOLD PRICE CU.SA, S) PER OUNCE 


order to restore these to acceptable levels it will be necessery to increase 
filtering and clarification capacities at each of the existing gold and uranium 
plants and it has been decided that work in this direction should be under- 
taken as soon as possible. As a result the total expenditure' on capital 
account will increase, but pert of this could be financed by consumer loans 
attaching to additional uranium sales. 

In 1 979 it is planned to mill 2.9 million tons of ore, yielding 10,7 grams per 
ton. The amount of gold to be produced is therefore expected to be less than 
last year but, as members have been informed in the past, grade will 
decline as operations move progressively westwards. The gold price 
continues firm as da uranium prices, but thd cost inflationary spiral is still 
steep. This is particularly evident in the cost of black labour and electric 
power, which together with the general sales tax. will have an adverse effect 
on costs in the coming year. Efforts to improve productivity and contain 
costs continue, but under present circumstances are unlikely to offset the 
full effects of inflation. Results for the year therefore remain principally 
dependent on the level of the gold price which will have to be sufficient to 
cover both the higher capital expenditure and the expected escalation in 
running costs if the 1 978 results are to be matched. 


Basil E. Hersdv Chairman 


1 September 1 978 


- The annual general meeting of the company VjiH be held at Ang/ovaal House, 56 Main Street. Johannesburg on Wednesday. 18 October 1978 at IQhOO. 


As part of Dowt.v Group’s 
?roHlns business and* Industrial 
activity in Australia. Dowtv 
Equipment (Australia 1 Pty. a ’ 
IVollongons, New South Wales, 
has been re-named Dowty Tech- 
nical Sen-ices Pty. 

This company will provide 
technical services in Australia on 
behalf of all UK-based Dow rv 
Group companies and of their 
Australian agents, licencees and 
subsidiaries. In addition, it wifi 
provide consulting services 10 
existing and potential customers. 


U.S. Debenture 
Corporation 
at £1.45m 


Attributable profit of United 
States Debenture Corporation for 
the July 31. J97S half year was 
£1,448254. Gross income for the 
year »va ? £2.546,946 and j he 

attributable profit is after cor- 
poration tax of £158.560 and over- 
seas tax of £79,987. 

As previously reported the 
nterim dividend is unchanged ai 
!.15p. The net asset value per 
25p share is shown at 126-4p. For 
all last year net revenue totalled 
3.39m and a 2^7p final dividend 
was paid. 

Hair.-ear 
mrs 


Gross rerenoe 

FrarjictO investment income . 

T .nf ranked inva&unenr income 

Other incfrnc 

lw Inrrrvsv .. . ... . 

Erjiortirt 

Tat* 

C»rp<ir3ilin tax _ 

Overseas las 

Pref. dividend 

Net revenue 

Ord. dividend 


l.Ma.07: 
5* (os 
S3.fi3S 
•S.IIW 

ir*?.o«co 

T9.9S 
14.37. 
L«8 250 

TSI.t 


1--. •4IIIUXMU , IH jg j s>1 

♦ On debentnre and loan stuck. - on 
[ranked tsvesiment Income. 


Hamilborne 
down so far 


After slumping to £74.000 pre- 
tax lass in the second half of 
1977. earnings at Hamilborne for 
the first half of 1978 were £10412 
compared with £104.047 in the 
*ime period last year. 

Turnover of rhis brickmaker 
was £316267 (£244-126) and after 
tax of £5.400 (£33.823) net profit 
was £5.012 (£76.724). Earnings 
per share are Riven at O.lRp 
a?alnsl an adjusted 2.25p, and the 
>n*erint dividend is unchanged a j 
o.5p. An adjusted 0534S5p final 
w’3.4 paid last year. 

Directors say the profits do not 
include any of the profit amount- 
ing to approximately £19,000 since 
realised on the sale of the com- 
pany's shareholdings, and i n 
particular its substantial' holding 
in Yorkshire and Lancashire 
Investment Trust. 

The company's subsidiary. 



Half-year figures 


dividehd 


^ Tbe i3irectors,have declared an interim diiideritf for 1 7S of 
3.35p per sfaare ( 1977 3.0p per sharej. An additional arrort of , J 1 
0.0474p per share ( applicable to the final dividend for J $1 
will also be paid as a result oT the reduction in the rate of ; 
credit from 34/66ths to 33/67ths. . ... ' 7 ? • 


Estimated Half-Yearly Results > 

Premium income. Excluding life, has increased by. 20 pent 
Estirtiared and unaudited results for thesis months endec 
30th June 1978 together with comparable figures for the fi 
half year of 1977 and those for the full ye&r 1977 are show 
below. We have alw ays stressed that results at the half \ei 
cannot be taken as providing a reliable indication of ihost 
the full year. TbisAvill be particularly the case in the currct 
year as there is an improving trend in the U.K. 


j 


ifa I: 


Estimated six months to 
30th June 


(Hie 


3 Vi 


Premium income 
(excluding life) . . 

Investment income 
Groyewood Securities 
Share of associated 
companies' profits 
Underwriting 
Shareholders' life profits 


Less contributions to - 
pension funds etc. 

Surplus before taxation 
and minority interests 


3978 

£m 

~ 1.977 
£m 

j«r 

• 

‘ 195.1 

162.9 

JH 1 

23.1 

4.8 

JS.9 

.2.8 

38 • 

t ■ 

03 

(9.0) 

4.0 

• n.s 
(3.4) 
3.5- 

tit 

8 i 

_ - i 

23.2 

22.6 

. 50 :• 

• (43) 

aiy 

(6:1 

18.9 

195 : 

43,1 


Investments 

• Investment income at £23. lm shows ah iacreasc of . 7 t 
22 per cent. . J 

Grovewood Securities f 

Grovewood Securities continues to prosper: Its contribution 
to Group profits is £4.8m, an increase of .more than 70 per cent 
over the same period last year. In previous years the greater 
part of the year's profits arose during the second six months 
but the pattern has now changed to a more even distribution 
OYertbeyear. 


Underwriting 

As a large part of our business is in the U.K. ourresults are 
greatly affected by conditions in the home market. During the 
first quarter of 1 978 our experience, in common with that 
re ported "by other companies, was particularly bad. Tbisarosc 
in the main from the persistently severe weather conditions 
which affected most classes of business and particularly from 
damage attributable to two major storms in. Januaiy for 
u hichJJlnj was provided in last year’s account. Further kisses 
have been met in part out of internal reinsurance funds. 

Asa result of severe competition Marine and Aviation 
business continues to be very difficult. The 1975 underwriting 
account to be closed a 1 the end of this year is unprofitable 
although the strong provisions made in earlier years are not. 
fully required. ' 


•fa 


Life 


Nevrsums assured for. the fimonths totalled £1.1 59m. 

(£5 77m uf the same period for 197.7) qf which £98Im l£451m) 
arose;m the U.K. The corresponding increase in new.U.K. 
single premiums was 3 1 percent and yearly premiums 
63 percent. 


Eagle Star Insurance Co. Ltd., 

. . 1 Threadneedle Streei. LondonJECl 



Branehe|/c^^ 


: 







»din 

•d *i 


■X DIFFICULT first half year has 


per M)p share in the Appliances found consumer de- 


arofiis at £U27m against 12 52m. 
!\ 'However present Indications are 


£4. 13m. 

. In Malaysia crops of both "aim 
ail • and rubber were lower than 
?f late, due to unfavourable 


■past, the directors say. 


3 -v- 

BaS rear 


19IS 

1000 

IP" 

1DOO 


1^29 

2^.54 


CIO 

424 

Palm nil 

r.s 

1.N4U 

Lizhi one. hxs 

2K4 

n*a. 


4SH 

MK) 

Conramnr ,-iikl vl^vo .- ... 

aw 

34-J 

i.'ayttaJ l-ocis 


— 

Ttittm-si 

150 

■n 

Profit before (U 

- J Jn 

i523 

L'K lax; 

zc 

4W 

f>vcrw«H lax . 

514 

747 

Xil nrgtii 

523 

1.2M 

* After .-<■ rural artmbijwatmn 

r<isu. 


anticipated. 

Magnetic Components is holding 
its own in spite of severe 


ImhoT-Bedco Special Products 


has undertaken sub- 
reorua n isa lion wh icli 


■ order intake together with dc- * ntR* t7£SLfi£rTZE£i off!"' £ ou ' d noK b ?J=i n 10 , ha '? e *« L 

-a.ved customer scheduling affected The -m, «f Trend s n dm in«7 hC . remiund . e, l . of , J5 hT 

- the haLT-veur results to"cthex ‘ be arm ities of irena m uau engineering division, Irnhof- 

- me nau .»eai nauiis. lUnClficr . rnmmnmoa hnn< arn shoWUK! con- D — 1 ... 1 > n , . 


: Sth a loss in U.TBS eSK' Products found 

- o ri rX n boor% w Ad%s » tt&xftjs 

. srv neme . ic.iqiij correciea more favourable results m the Imhof-Bedcn Slides continues To 
Orders in the Lk companies second half, a shortfall in orders „, ake P rog r «K and the I F! Gerard 
are now running at an annual rate for early delivery . having operation in Prance is heme es- 
3 f over £Mm some 24 per cent affected the first half per- pinSeS " ra " ,S ^ ex 

"higher than for the same period formanre ' ic-i, 

. of last year. In tiie data communi- Bryans Southern Instruments the half vear on the propo-ial to 
cations ana video coramunico- had a record half year ftor its re- provide shareholders willi a direct 
Lions areas, the present outlook js cording instrument sales, with interest in the Malaysian opera- 
particularly buoyant. operations in France making a non 5 As w« indSed at the 

‘ Tol lowing the introduction of substantial contribution. time of the declaration of the 


9 further dividends restraint, the Townson and Mercer has yet to special dividend, certain aspects 

5 \ ' 4- _ special dividend of O.R7p show its potential' the. Board have yet to be cleared and the 

■4 \ j; £\9l p declared in duly will now have to slates. It Is proposed to use the outcome of a formal application 

‘ 1 *-UI2 hfte regarded as a Sr>t interim and valuable site acquired with This l0 ibe Inland Revenue is awaited 
J JJbecome part of the lota) dividend company to erect a new factory Discussions regarding the 
iiir.lflTR. complex to house both Bryans and approach to acquire Brook lands 

The directors have declared a Townson and Mercer. -.J " Rstate by an agency of the 

second interim of O.-MVip. This Television International has bad Selangor Stale Government arc at 
• .will maintain a reasonable a very successful half year with a very early stage, the directors 

• hah net* between The payment expanding demand for. ils services say. 

- comprising the special dividend hut Zoom Television experienced Shareholders are advised that 
With the second interim dividend intense competition in-.ifs com- the approaches which have been 
‘taken together and ihe final divi- merci.il and other non-broadcast received in respect of certain of 

• dend :o he declared In April and activities .• the estaie.s indicate that the 

• . paid m May next year. The pay- imhof's Retail has had- to con- realisable value is appreciably in 

ment last year u as a single 2.1 7S5p cede some margin in a competitive excess of that shown tn ihe last 

\ i ■ , m;er:m. market and Superswitch Electric baiaoce sheet 

**iuVu, 


Company plans 
100-jobs boost 
for Ebbw Vale 


ill f ir* 

‘ 1 -ity 




Hestair slumps to £0.4m 


ALTHOUGH TURNOVER iwe that the worst Is over. Export May that profits for the first 
' t-X4.52m to £M.67m taxable profit ordere have begun to flow again half were likely to be less than 


; , *V. III io.uii#k piv.il wiuvia uaic ui uw.n wi llrf jj Wfff JiMJiJ* LQ l/f ICOb 1(180 

‘■-M Hestair slumped from £1.8m in ami inquiries are al a high level. Iasi year. But while shareholders 

.. . *K2vt,0nn in the .Tidy 31. IH7S half He expects a significant recovery were forking out £3rn for the 


1 ^ f; 




*. • «•*. ** 
* 


p2S,0n« in the July 31. IH7S half He expects a significant rwovery were forking out £3rn Tor the 
year A lower first half profit was in the second half. - company to buy some property, 

predicted in the last chairman's Costs and demand are "back in they can hardly have realised 
statement. line in the farm- equipment that the fall would be from £1.8m 

Mr. David Hargreaves,- the division, and the first -new i 0 a mere £428,000. The trouble 
rhairnwn. says the downturn was products will he launched in De- has been simultaneous downturns 
the result of three principal ceniber. Positive measures, have in three out of the four divi- 
fartorc. *15° been taken to re solve the sionq. The wholesaling part of 

Firstly, the recession in farm problems at Hestair Toys. 1 ■ the toy division has been out- 

pquipmcnt seriously affected every Ho says the increase forth* !n - dated and requires surgery, the 
part of its farm equipment terim^ dividend from 2.1 12p net farm equipment side has suffered 
division. The recession show's JiTtle per 2Sp share to SJlSMp is an in- from a general downturn and 
sign of change in the short term, dication of his confidence of a special vehicles have found their 
he says. second half recovery. He expects Middle and Near Eastern markets 

The root harvester companies 10 keep to rhe May rights Issue Falling away. The Middle East 
acquired last year were particu- forecast of a total of 6.89p net for was the great strength of Hestair 

larly affected because their com- I*” 1 - vear ’ against last year‘s while tha’l area was free-spending 

nctitive position was nor strong. ®-2«1sp. . • and the rest of the world was 

Action has been taken to bring After tax of £220.00® ta3/.000> j n recession. But now that has 
production In .line with demand. 5,0,1 minority interests of £4.000 changed Ihe going is murh 

and product development has if, 1 ?’? 6 ? 1 came .-biH al rougher. The shares had already 

been stepped up. 1 £199.000 (£846,000). There- . were fallen some way this year before 

The vehicle division was »!*© extraordinary credits of £13<5.0fW rhe«« figures and only rei rested 
lepressed owing to a temporary-: I* 1 .®!.®® debit j and afteivthe in- another ip to Mn yesterday, sus- 
a II -off In exports' which it was . or J -. £ ^ 1 .- 000 rained by promise^ 0 f some 

jnable to replace, despite the' ls recovery and the yield of IL3- 

home market showing some int- f 3 ^- 000 f£*90.000 surplus). Earn- per cent. 

Droeetnonh - Piys per share are given al Up 

Hestair Toys suffered a further asainsl 6.1p last time. ; 

SSf’KSr * ,05S iM “ rrKi ror • comment ; Lambeth 

Mr. Hargreaves says, however. Hestair did warn shareholder* at rUi 1 O • a 
that the future looks brighter, and the time of the rights issue' in KlflCF NOClPlV 


Another jobs boosr for the 
Ebbw Vale area — bn by the BSC 
steel closure programme earlier 
this year — was announced by the 
Welsh Office yesterday. 

Holman and Beddoes is 10 take 
over a 25.000 sq ft Welsh Develop- 
ment Agency factory at 
Cwmtillery to prnduce steel 
fabrications for the mining 
industry and general engineering 
products. There are also plans 
for the design and fabrication of 
fairground equipment. 

The company’s plans will pro 
vide about 100 jabs after !2 
months, lr was encouraged to 
come to the area by a grant 
under the Government’s selective 
financial assistance scheme. 


New warehouse 
for Lesney 


Bldg. Society 


INTERIM REPORT FOR THE 6 MONTHS 
ENDED 30 J U NE 1978 . -JS 


Six' Months Ended 
• 30th Juiia 


Assets of the Lambeth Building 
Society, increased by 10 per cent 
to £90ittdn the half year to August 
1, 1978, With reserves represent- 
ing 5 percent of assets and liquid 
funds 19o»er cent. 

The reserves and liquid funds 
are' over iflouble the minimum* 
required ^ for trustee status, the 
directors' say. 


A NEW £lm warehouse was 
opened in Peterborough vesier- 
day by Lesney Products, the 
toy* manufacturers. 

The warehouse is part of a 
multi-million pound investment 
to be made this year by the 
Lesney group and wMI mean em 
ptoyment for a further 100 
people, over the next two years 

The 80.000 sq ft building, 
which was opened by Sir 
Christopher Higgins, chairman of 
the Peterborough Development 
Corporation, brings the com- 
pany's premises to 170.000 sq ft. 
neaniy four times the space they 
started with four years ago. The 
company said it needed the ware- 
house space to cope with rapid 
expansion of Us plastic model 
kit production. 


Group Turnover 


197& 

£000 

57.263 


1977 

rooo 

50,83ff 


Group Operating Profit 
(Unaudited) 

.Shipping Division «■ 

Harbour Operations Division. 
Financial Services and 
Property Division- . 


UDT cuts property 
lending portfolio 


Profit margins of the Shipping Division have been maintained 
despite a damaging industrial dispute in the Spring of 1 978. 

The Harbour Division has been operating at near capacity 
during the period aRd, as previously indicated, profit growth in 
this Division cannot be achieved until new capital 
investmentfrcome into operation in 1 979. 

The increase in profits from Property and Financial Services 
reflects the increased activity in this expanding Division. 

Apart from Advance Corporation Tax on dividends and a 
small amount of foreign taxation there will be no charge to 
taxation on the profit for the year ending 31st December 1 978. 

Art Interim Dividend in respect of iheyear ending 31 st 
December 1 978 of-1 .1 p (net) per Ordinary Share (1 977 - 1 Op) 
will be p3td on 2nd January 1 979 to Ordinary Shareholders on 
the register on 24th November 1973. 




AFTER BEING buff filed i a the 
secondary ban king crisis of 1674. 
United Dominions Trust, the 
finance, house group, has been re- 
covering and has now reduced its 
property lending portfolio to 
£50m net from an earlier peek of 
XI 60m. 

.. Mr. Len Mather, the chairman, 
tokt shareholders at the annual 
meeting yesterday that it was now 
the aim ro bold the total at 
around £S0m. This would be done 
by" making relatively short-term 
loans for housebuilding, but the 
group would not return to the 
longer-term property lending 
which contributed to losses in the 
mid-1970s. 

.UDT. whose main business is m 
consumer and industrial plant 
finance, expanded its properly 
loans' rapidly in tbe boom con- 
ditions earlier in the decade. But 
after the secondary banking 
crisis struck, substantial write- 
offs were needed; in 1974-75 there 
were provisions of £21 .dm against 
advances on UK property. 

■ Mr. Mather said yesterday the 
group still bad quite a lot of. 
vacant building plots but that 
these were now* moving rapidly. 
Houses being built were also sell- 
ing well, with completions al the 
rate of about 100 a week. Office 
property and other blocks which 
.It. , retained were moving . more 
slowly. 

Of future lending policy on the 
property front. Mr. Mather — a 
former vice-chairman of the Mid- 
land Bank who took over the 


UDT chair in 1974— explained. 
“We shall keep on assisting ex- 
perienced builders to a prudent 
extent for essential housebuild- 
ing.” 

The group, which made a net 
profit after extraordinary items of 
£6..">tn in the year to June 30. 
197R. has steadily reduced the 
amount of loans it has from the 
big banks’ lifeboat support group 
to some £2 00m, from about £460ra 
at the highest. The shares last 
ni-tii i closed 2p up at 48p. equal 
to their earlier 1978 high; their 
low this year was 32p. 


Fleming 
Property Unit 


Within the Jasr IS months the 
net value of the Fleming Property 
Unit Trust has doubled to £1 00,5m. 
Some £36m of the Increase reflects 
the influx of ndw money into the 
trust, which is designed for funds 
which are totally exempt from tax. 
However, the remainder comes 
from an increase in The value of 
its properties. At the- moment 
some 41 per cent- of its assets are 
invested in office property, 20 per 
cent in shops. .14 per cent in 
industrial properties and the 
remainder in farm land; and the 
proportion in shop and warehouse 
property is tending 10 rise. The 
next quarterly - offer of units in 
the trust will be at £1,348 per unit 


BRITISH VITA COMPANY LIMITED 

A WORLD LEADER IN POLYMERIC PRODUCTS & TECHNOLOGY 

. PROFIT &EFORE TAX UP 25% 
INTERIM DIVIDEND UP 23% 


GROUP INTERIM RESULTS (unaudited) 


Kleinwort Benson down 
slightly in half year 


6 months to 
30 June 
1978 197 


-Results of Kleinwort Benson and in view of the reduction in 
Lonsdale for the first half nf 1978 ACT. an additional dividend of 
are ' slightly below those for rhe 0(i37427p is to be paid id respect 
corresponding period of the pre- of 1977. The total last year, 
rious year, the directors report- amounted to 4.12&2p. 


44.042 

3,073 


Turnover 
Trading profit’ 

Share of profit of associated 
companies ’ 

Profit before tax:. . 

UniMd Kingdom 


24.126 

1,895 


balance sheet 

. June VI 


457 

2.068 

2.525 

1.366 

S.4o 

0.87p 








3.892 Profit available to sharehordere ' -. 2.128 1,366 

23. Ip Basic earnings per shiiieof25p ' - 13.0p • 8-4p 

1.78P Dividend pershare - ■. -•* . 1.07p 0.87p 

Having regard to tbh new regulations ttie Directors are 
confident that the results, for the full. year wifi enable total 
dividends for the year to exceed, the basic 10% permitted 
increase. . 

For that reason the Directors are applying the whole of the 
amount of the base;poraiittetf 10% increase for the year to 
theinterim Dividend. ’ . 


BdJHou- 

CertlMcaiBs of dcsuuit 
Money ir -short nortn.- . 

Ollier loans 

Crated iaverii. .of bfcy. 

Advances, etc. - 

Leasing assets - 

Pott [olio buest. 

AasodlK* ™ 

Fixed assets — • • 
Liability or customers: 
Total 


UK* 

rooo 

I77J33 

144.6GB 

190.4:4 

::j83 

44fi4rtO 

44.003 

Xt.St£* 

6.S0S 

20(1480 

1.541.317 


THOMSON 

DEALINGS 




J 


Copies of die Interim Report can be obtained from The Secretary. 
Brirish .Vha CornpanY. UmhcfL Middleton. Manchester M24-2D6 


•Share capital. 1 M®- 

ftfMw m 30.003 BJ.90S 

Lnaa capital — . ....... ic.si3 IR.^0 

DefeiMi 1U 56.155 K.135 

Cun cm. depoaii. etc- 

accotmtsS" ~~~~ 1^21-7® t.IM.SIS 

Accepunwsa 200 4» 198.1S8 

1.541.817 1 430.190 

‘ “Balances irith bankers, mnney at calk 
* With Mils (UfiCTmieri and ottier nurket- 
atde oWlsadnOfi- J For i««!S8re* 

% laclndtng accrued ornSu- provt-dons for 
Uz' and inner reserrea. I Ob behalf of 
customers. 


Dealings started in the share* 
of International 'Thomson 
yesterday. The common, shares 
opened at SOOp and in reasonably 
active trading they touched 3Q8p 
before easing back to close at 
3u5p. The convertible shares 
opened up at 232p and closed &p 
un at ‘240 p after a high point or 
2421 p, ! 


A ARONSON — 91.4% 


I - -The interim dividend is lifted 
from. I_65p tO -LSp p4r ^5p Bhare 


AaroRMm Bros, announces thai I 
91.4 per cent of the rights issue | 
has been taken up and che baiancr 
of 545^119 ordinary shares ha- 
been sold in the market. Thi 
net price of 2.5374p. per shan 
will be dtfltTibuied to entitled 
shareholders. 


y, 


■JkH 


. Financial Times Thursday September 21 1978 

Plantation down at £1.3m 
halftime-outlook brighter camrex drop 


A boardroom row has erupted 
at Camrex {Holdings), paint 
manufacturers, corrosion engineer 
and contractor. The splii romo- 
to the fore soon after a -.Jump in 
first-half profits from £1.2m Lo 
£31.004. 

Mr. Alexander Cameron, former 
chairman of the company is in 
conflict with most of the ciiher 
members of the Board. He states 
that the -split on the hoard i- 
primarily due to several claims 
against the company in recent 
years" which have, in his view, 
harmed its good name. A second 
reason for the split, he .says, is 
disagreement as to future policy. 

Air. Cameron was voted out of 
Ibe chair this summer while 
remaining nn ibe Board. At that 
time ho sought compensation for 
loss of office. He now states that 
compensation has been agreed 
although confirmation of this 
could not be obtained from ihe 
company. 

. Air. Cameron says that the 
Board needs strengthening by the 
appointment of three non- 
executive directors who have a 
proven track record. 

Mr. Cameron comes from the 
family which originally founded 
ibe company. 





T 






your 


banker? 


There's nothing quite like being 
a Very Important Person for 
W making sure that your company 
HH gets the best possible service 

■■■ from its bank. 

And there's one simple way of telling just how 
your bank rates you and your business. 

Do you deal direct with a senior manager? 

And is he really a senior manager, in fact, as 
Weil as in title? Can he, in short, take decisions 
fer you ? 

If so, good; if not, we’d life to invite you to 
find out what A P Bank can offer you. 

With A P Bank each account is a personal 
account. Yet you will enjoy the large resources of 
a major financial group; the benefit of decades of 
experience in the key areas of corporate finance, 
finance for imports and exports, and currency 
dealing, as well as a service that's efficient, speedy 
and inventive. 

To find out just how important a personal 
customer can be, call 01 -588 7575, and speak to 
Philip Moss or Sydney Lawson. 


m 


A P Bank Limited 

A member of the Norwich Union Insurance Group 


Norwich 

UNION 

tt3RMCl BKH>K5i 


2 1 Great Winchester Street, 

London EC2N 2HH. 

Telephone: 01-568 7575. Telex: £832 1 8. 


This announcement appears as a matter of record only 


INTERNATIONAL INVESTMENT BANK 


Moscow 


US $ 500.000.000 LOAN 
1978/1988 


Managed by 


Dresdner Bank AktiengeseHschaft 
Bank fur Gemelnwirtschaft AktiengeseHschaft 
Bayerfsche Hypotheken- und Wechset-Bank 
The Dai-lchi Kangyo Bank. Ltd. 

DG BANK Deutsche Genos&enschaftsbank 
V 1BJ International Limited 


Kredietfoank SJL Luxembourgeoise 
Lloyds Bank International Limited 
Moscow Narodny Bank Limited 
The Sumitomo Bank, limited . 


Co-managed by 


Amsterdam-Rotterdam Bank N.V. 
The Mitsui Bank, Limited 


Provided by 


Compagnie Luxembourgeoise de fa Dresdner Bank AG 

— Dresdner Bank International — 


BfG Luxemburg 

DG BANK INTERNATIONAL 

Socidte Anonyme 


The Industrial Bank of Japan, Limited 
Kredietbank SJK. Luxembourgeoise 
Amsterdam-Rotterdam Bank N.V. 


The DaMchi Kangyo Bank, Ltd. 
Hypobank International SA. 
Lloyds Bank International Limited 
Moscow Narodny Bank Limited 
The Sumitomo Bank, Limited 
The Mitsui Bank, Limited 


The Royal Bank of Canada Group 
The Taiyo Kobe Bank, Limited 

The Fuji Bank Limited 

Nippon Credit International (HK) Ltd. 

Landesbank Rheinland-Pfalz und Saar international SJL The 

Bang tie Europesnne de Tokyo 
Takugin International (Asia) Limited 


Bank fQr Handel und Industrie Aktiengesaltechaft 
Banqae Commercials pour 1'Europe du Nord (Eurobank) 
The National Bank of New Zealand Ltd. 

The Toyo Trust and Banking Company, Limited 


The Kyowa Bank, Ltd. 
Internationale Genoesensriiaftafaank AG 
Long-Term Credit Bank of Japan, Limited 
The Sarrwa Bank Limited 

• Bank fur Albeit und Wirtschaft 
AktiengeseHschaft 

The Bank of Yokohama Limited 
Banque Gen era I e du Luxembourg S.A. 

The Saitama Bank, Ltd. 
Zentralsparkasse der Gemeinde Wien 


Compagnie Luxembourgeoise de la Dresdner Bank AG 

— Dresdner Bank International — 


m 


MINING NEWS 







sees 

shortfall in 1978 



. Kaiser Is cori tinning Its r\eRO- 
uaUtj.ns ■ with Japanese customers 

on tbe price and escalation 
provisions for coking coal to 156 
effective on April i, last. Until 
agreement is reached Kaiser will 
continue to charge C$57-M n«r 
lone ton, for coal -delivered, the 
price effective at T March 31. 


BY KENNETH MARSTON, MINING EDITOR 


A$. INDICATED... .by the interim 
results already announced by. the 
group's major subsidiaries, toiver 
half-year earnings are reported 
by Rio Tintn-ZIne. But the net 
profit or X40.1m. equal to I5.9p 
per share, is at the belter end of 
estimates. it compares with 
£42.3 m for the first half of 1 977 
when the_ year's total reached 
£t>2.3m. 

The interim dividend is un- 
changed at 3.5p net. last year's 
total having been 9.5p. 

Looking to earnincs prospects 
for the full year the UK-based 
international minins and indus- 
trial group says that if there is no 
great chance in the exchange rate 
for .sterling and there is no 
further recovery in metal prices, 
net -profits are expected to be 
"somewhat lower" than for 1977. 


an increase of £32. Im to £972.5 m 
in group sales revenue. The big 
new mine should be operating 
at, or close to, its full annual 
rapacity of 3.000 tonnes of 
uranium oxide next year. RTZ 
shares rose 4p- to 250p after the 
results yesterday. 


pie ted over this area and certain 
specific features defined. An air- 
borne geophysical survey of these 
claims will commence on October 


Korea’s Pohang 
in U.S. venture 


l-'irii hair 


Group sale*: revenue . 

Ooeraims pi-iifli 

Shares >if a^-uciaie-. 
Dividend-, jnd Inicrcl . 
Xtaktnc 

tni»rp*| oa) ahk- 

Proru be/ ore tax 

Tav 

N't profit 

Slinnnofv 

.t»*rihutablc 

Dividends ... - 


ISIS 
tin 
R7J.O 
119 2 
14 fl 
14 4 
147 *i 

•23 n 

1Z2J> 
347 n 
«.4 
211.1 
■W i 
* rt 


19T7 
till 
Smi.4 
13!l :i 
12.3 


17.3 11 
VS 9 

l*.l 

R.l 
71 0 
31.7 
42.7. 
s A 


Eamluas per ?1 p Miai-e ... 15.90 tj lK.T9p 

Exchange rate fluctuations have 
a marked impact on revenue of an 
internationally iterating croup 
such as this. The weakness of 
the U.S. dollar, in which the 
group's .Australian Hantersley iron 
ore - contracts, for example, are 
priced has had a severely adverse 
impact. In fact, had exchange 
rates remained unaltered during 
the, respective periods RTZ's 
latest half-year profits would have 
been higher than th^se of a year 
ago. 

The major chances in the 
revenue nattern over the past 
year have heen the fall in 
earnings of Cnnrinc Rlofinfo of 
Australia (reflecting lower profits 
at 'AM and S and Hamersley) and 
a nse in profits of RTZ Borax in 
Vine with high production and 
consequent fall in operating costs: 
the latter situation is not expected 
to be repeated in the current 
half-year. 

It is en to ura cine to note that 


SOUTH KOREA’S State-run 
Pohang Iron and Steel is reported 
to have decided to invest S46m 
r£2.1.4m) during 1979-S4 in a coal 
mining project in Ihe Tanoraa 
area of Pennsylvania. 

A spokesman said that Pohang 
has been granted the right to 
mine in the UJ5. area under a 
lease signed with Barnes and 
Tucker for :i period for about 30 
years. He did not elaborate on 
the lease. 

He added that the planned 
investment "'ill bo mostly in 
mining facilities and that ail the 
production will be shipped to 
Korea for making coke to be used 
by Pohang. 

The Tanomn project Is expected 
to enter full operation in 1984, 
producing annually 000,000 tons 
or more to meet 10 per cent of 
its annual needs. 


Negotiations are well advanced 
with an unnamed major mining 
company whereby that company 
will reimburse Haoma and North 
West all costs to date and carry 
our further extensive evaluation 
or the claims. The major company 
will be required to spend ASS. 5m 
(II .47m > to earn a 33 per cent 
ini e rest in the block of claims. 

The total acreage in which 
Haoma /North West hold an in- 
terest in the West Kixnberleys is 
in exces of 200,000 acres. The 
group also bolds an interest in 
2.30,000 acres in the east Kim be r- 
le.vs and additional acreage in the 
Pilbara region. In London yester- 
day Haoma shares eased 2p ro 58p 
and North West were Ip off at 
42p. 


NOR AND A ’S GOLD 
PLAN IN QUEBEC 

Canada's Norantta Mines intends 
to resume work 'on its small 
Chadboume. Quebec, ore body in 
view of the strengthening of gold 

prices and a new and encouraging 

geological Interpretation of the 

orebody. ' 

However, work -on the site, 
suspended in. March, 197fi. will 
not .proceed until afl necessary 
permits have been obtained- ~ 
Chadboume : is estimated to 
contain l.t4m tons 6i ore grad”); 
0.1445 ounces gold per ton. Produc- 
tion si 20.000 tons per month is 
expected- to begin some four to 
six months following the issue of 
permits, and should continue for 
five years. 

Pre-production, costs are ex- 
pected to exceed CS3m fi'I.3mi 
The resumption of operations 
could mean the start of new 
mining activity for-ftoranda In 
north-western Quebec as the 
mining method and equipment 
can be adapted to other small 
properties known to be in the 
region. 


Texasgulf and 
Kaiser report 


‘Optimism’ 
on British 
forestry 


Haoma-NW peg 
more claims 


tbn group s trouhled Raising 
uranium mine in Namibia (Snu?h 


\V41f Africa) made a small profit 
during the period and the 
inclusion nf Os sales fnr rhe ilr<i 
time was largely resnnnsihle fnr 


AUSTRALIA'S Haoina Hold Mines 
and \orlh IVesf .Mining have 
jointly pegged an additional W3 
mineral claim'- for di.-unonds in 
the west Kimberleys, covering T2 
separate geological locations. 
These claims are in addition lo 
those subject to the Sf’/ditin 
Trust joint venture, reports Don 
Lip scorn he from Perth. 

The companies told the Stock 
Exchange of Perth that a one- 
Hdrd ir.teresi in the block of 
cleans has heen offered to 
Uranium Consolidated for ?. con- 
sideration or lm fully-paid vendor 
shares. If approved by Uranium 
rnnsolidaffd shareholders, the 
placement will give the North 
U'osl Mining "Haoma Group a con- 
trolling intersl in Uranium Con- 
solidated. 

Colour nh.irngranhv and i»Iw»n- 
inin'-nri-tnl'or. has hnen ■’mo 


LOWER PROFITS for the past 
half-year are reported by two of 
the transatlantic natural resource 
majors. America's Texasgulf and 
Canada's Raiser Resources. 
Despite increased sales, the 
former's consolidated net income 
for the period has come back to 
$22. 3m f£fl.4m), or 58 cents per 
share, from S27.6ra in the same 
period of 1977. 

Texasgulf sales rose 13 per 
cent in value io S274.1m during 
ihe half-year, mainly as a result of 
increased deliveries of soda ash, 
zinc, sulphur and phosphate 
fertilisers coupled with Improved 
prices for all these nrodurts with 
the evgeption of zinc. Sharply 
lower Trices were received for 
the company’s 2dnc and copper 
production 

At the same time costs moved 
ahead and this was also a factor 
in the 24 per cent fall reported 
in second quarter earnings of 
Kaiser Resour res which left the 
half-year total at CS25.fim 
(£Tl.lm) compared with C$30.7m 
a year ago. 

Kaiser comments on *‘A lower 
level of metallurgical coal ship- 
ments ana the inability of the 
comoany during the period of 
oricr n o gPtlatlnris in recover 
certain increased costs through 
pcro'vtinn nrovisinn® nf its 
.linsmeve «:»l«>s cnnrr-ict ” 


Qp Rowntree Mackintosh 


Interim Report for the 24 weeks to 17th June, 1978 


Mcrini Results 

Full Year 

Turnover 

11‘78 

€000 

231,900 

1977 
€ OOO 

138,100 

1977 

cooo 

469,212 

Trading Profit 

15,515 

14,237 

46,935 

Interest paid 

less Investment Income .-... 

3,001 

2,233 

5.442 

Profit before Taxation 

Taxation 

12,514 

6,550 

12,004 

6,250 

41,493 

21.680 

Profit after Taxatio n 

Minority Interests 

5,964 

530 

5,754 

750 

. 19,813 

1,623 

Profit attributable to 

Rowntree Mackintosh Ltd. 
before Extraordinary Items 

5,434 

5.004 

18,190 


Notes: 
■ 1 . 


The unaudited interim figures above should be read in conjunction with the Chairman's 
Statement below. 


2 . 


Sales and p/oliis of overseas subsidiary companies have been translated into sterling at . 
the respective half year and year end exchange rates. 


3, 


Pending publication of a Sratemenl of Standard Accounting Practice for deferred 
taxation. ta< has been provided at 52 ?j on UK profits; overseas tax amounts to £0.90m 
(1977 El. 52m). 


4. 


Extraordinary items will arise in the year consisting principally of adjustments 'bn. 
translation of overseas net assets into starling;- at 17th June, 197S these items would 
have amounted to a total credit of E2.1 m. 


Chairman's Statement 


Dividend 

The Board has declared an interim dividend of 4.50p per share (1977 2.75p per 
share). This will absorb £2,430.000 and will be payable on 4th January, 1979 to 
Ordinary Shareholders registered atthe dose of business on 6th December, 1 978. 
It is the Board's intention, subject to unforseen circumstances, to recommend the 
payment of a total dividend of 1 3p per share for the year. 


Trading Results 

Group sales turnover in the first half of 1 978 was £232m. 23% higher than in the 
first half of 1977. The proportion of sales turnover arising outside the UK was 
47%, the same as in the previous year, although Exports from the UK have been 
less buoyant. 

The growth of turnover was accompanied by satisfactory growth in volume and 
market shares. Trading profits at £1 5.515m were 9% higher than the first half of 
.1977, Interest charges showed an increase in line with .the larger borrowings 
resulting from the higher levels of capital expenditure and working capital. Profit 

before tax at £1 2.51 4m is 4% up on last year's first hah. 


Outlook 

The higher sales and market shares have been achieved in a particularly com- 
petitive trading environment, as was envisaged in the last annual report. Inevitably 
this means acceptance of somewhat lower trading margins. 

This marketing investment is being accompanied by heavy fixed asset investment 
and this year's programme, amounting to some £40m. is progressing well. Both 
forms of investment are important for the.long term future of the Group; 

The Board expects that against this background, and subject to present economic 
and industrial uncertainties, the year's profit, after higher interest charges, will 
show further progress though at a more modest rate than in recent years. 


Donald Barron, Chairmen 


.Confectionery. 


KIT KAr ■ OlRlirr STREET ■ StsaRTIES - PQL0 - BUCK MAGIC - GOOD NEWS - ROWKTREE'S PASTILLES 
AFTEH EIGHT - WEEK- END - AERO - RQLO - DAIRY BOX - TOW) - MATCHMAKERS • JELLYTOTS * WALNUT WHIPJj • Y0RKIE 

. . . Grocery 


BLUE RIBAND - BREAKAWAY - PAN YAN PICKLES • TABLE JELLIES - SUN PAT NUTS • PEANUT BUTTER 


By Our Commodities Staff 
MARKETING DIFFICULTIES 
experienced by British timber 
merchants in recent .'years are 
no more than temporary set- 
backs. Lord Peart, Lord ’ Privy 
Seal and former Minister of 
Agriculture, said In Cumbria 
■yes»erdav. 

T.nrd Peart, opening- the sernnri 
National Forestry -Machinery 
nn strati on on Lord F.nn«- 
fialc-'s I .further EsTate'in Pcnrirh 
said he looked forward *’ wi» v < 
come rinfimism “ to ii^riiri' in' 4 
prosperous future for Britain'* 
fnr#»rti-v industry..' 

“■We have, sepn a iteadv ex 
nansFnp in the establishment nT 
Forestry since the war and 
elthni^h there have been the 
nnrma! neats and troughs 
Rritish forestry f« now firmlv 
ectnhUshed he said.' 

Hitt he thnnoht British forestry 
eoulrf make a much bigger rnn- 
trihntion to the cnnntfvY timber 
needs. ‘Our own forests at pre 
spot contribute Jess than 10 per 
vent nf Mi- timber needs while 
our currenl Imnnrt bt.H.for wood 
god wood n-oducLs runs at over 
?2hn a roar.” 

Over iHe, next two .decades “we 

can expec' a significant increa«o 
>n the ( British 1 production of 
softwood Umber as large areas of 

nr!!rf C com * iMr > ih* 

prnducton phase. 

Softwood producton was fore 
rast to more r'-n double in that 
oerind. The eYnnn«ioa>in soft 
wood s'tpp’v will be soirapid a* 
to confront both the public and 
private sectors with a n*imr chgl- 
ien«e in the hnn'esfing and mar- 

S et i n8 j of the Umber.”:, he 

declared. 


Fixed palm oil 
duty sought 


KUALA LUMPUR. Sept. 20. 

M4LAVSUN PAL.1I nil refiners 
navp proposed the Government 
follow a fi-red dttlv svsiem to 
overcome nrevailin*' nncertainn- 
■iioirt rales of duty, reports 
Renter. 

Tn a memorandum on the new 
Hiideet in Tenskn Razaleigh 
Harnaah. Finance*. Afinisrer. rhe 
n slm O'l Rcfinept' Assnciatinp o f 
Malaysia suseested fbo basis of 
"xnom dntv enmnutation remain 
vat : d for five Years. . . 

The indiisfrv claims it is 
hamnered In its efforts to make 
long-term rUans and that refiners 
are enmnejjpd -f n snernl^tp 0 p 
evpectpd dure rates when making 
forward sales. 



sons' capacity -in 3 
metal’ 

:'tiobs ' cOverir^-^wdf v 

modular. 

\ netrocheinical -..' Mtt- 
industries- . 



v;r 


Guest Keen agrees £4m 
for hardware distributor 


. THORN -CmSF;.,. 

IN XOSTRAUANo 
TV MANCFACTORE 

Thorn EwBcir , 

per. cent stake, -ui : the .jointht :' 
*■- owned . A WA^TIioirr^^Cmiediner. - 
- . -- -Products, tKe'Austrafeptelfirrisbtx^. 

• \ jmanufactureri ; MitshbisM” 


• „„ Electric Corporator f«* £385.00®/-. 

Guest Keen and NettlefoJds has Departmnet of Commerce ta ther wa- cent of the snares This reduces Tbom^ , stake: in^'. 

made a Hm agreed cash offer hope that the skilled jobs- CouM September 19 (^u Wreseawg te j ev isioa: conrpafiyrtQ ftO.per " 
ror the public unlisted company be preserved. ^ ■ _ ,1' 40952 per cent of those in issue ^ now remwnBr -to- 

Stern Osraat. Terms of the offer Adamas Carbide becomes, .the- on August 4). , i,- seen whether It , wifi atteisu^ to ' 

are 120p in cash for each-ordinary L.S. company to Ktablish. , The offer will remam opepror . 0 ff-any ' 

share of Stern : Osmar -and 37p operations m • Ulster m Qie past acceptance f° r 14 d^ JHier ygaj. ITidra's^aiitfe W-' 

for each 42 per cent cumulative six months. ... written Dotlce a pvan to Kfinap frem' the.'Ai»ti^Mnrco rai :^ 

- -Si tb=l tta : Ar „m 

- close on October 9, 197o- . , . . . . 


preference -'share of £1. 

Stem Osmar. is a hardware 
distributor specialising in house- 
wares, gardening equipment, 
ironmonger}-: and -hand' tools. 
Baaed in Enfield ii also operates 


MIDLAND 

EDLiCATIONAL 


Following 'the . receipt of the - 


cash and carry centres, eight informal offer document, from ICFC FINANGES^, 


all. for those prpducts. These PentoK, the board of Midland ^ FURNACE CLEANtKo 


are based in the sourh of England. Educational advise ■ shareholders - 


Mitsubishi ' .already : j^-Rfrbng .-' " 
trading .links with^thfeicomomiy 
and since 1974 has.supplteff- AW A"; 
Thorn with eteeWcaI -,pnjdbets" 
Including colour telcyisioi^ 
audio systems, -rr The^Japanefie': 

-company says. 'that:;.lt : b««ht' the : - 


Guest Keen feels 'that the" pur- to take no action as they consider ek^,'^ tr p“ l rn0 ratlon has *provf^ -1 

chase will compliment its otvn the ordinary offer to * .f Co ^ 

r isLrihuTron eomnanv for bard- inadequate and unacceptable. The 8 .*65.000 fin an p<* „ an , 0 i-,- ^ 


«.au iuui'uii company for Sard- inaoequate ana unacceptnoie. hk ‘ h ,,„' Harvev ^n»»nriwr il* e 

ware fGKN' Distrihulorsl as well chairman of Midland will write to ^^.^tort ^sitbSdSjy COMBHN '3AS : : -■ 

as extend its regional network shareholders shortly with detailed 9*" 1 Group based in 53 . 7 % OF-^ORME- ' . r - 

In its last financial year (1977) reasons for their advice. V °L ** ^ex Oroup naseu in. . 


Stern Ocmat made taxable profits 
nf £447.000 compared with 
£423.000. on turnover of JT23m, 
<£22.om). Including deferred tax 
the group showed net assets of 

£4.2 m. 


WHhELOCK/HOGG^ , rtfVoakine Dit /uscd po ‘ ,K '-.‘° 

pnnrM^OM VfMTtTPt: ^ business oF soaxing pn tusea y^^ay mo ram g- had- reached . 
ROBINbON. VENTURE ^j . stee j rolling mills for heaHng gg ? pe r cent (9;770J311 ^th&rtSsK • 

WheelocK Maxden aud “ 


Newton Abbot. - COMBEN- GROUPS offer for.Orme i.rfil''** 

The new _ company, Bros Devefepments has gone uncondi- . iQ -- 1 
JFumace Services, will conttriP? t j ona | expected- Acceptances ,f ' 


It now: remams.TorYpievOcma 
directors to decide at- a; ■'board 


and furnace' deannuL 

The Stern Osmat directors have announces a Joint v-enture with'SJIStn,, ° U HevelODed USII ^^*arvey 

accepted the offer in respect of. tbe Hogg RoMomh. Group ' or!£!SSX and rfrant^achliiSftSJ 
their own holdings which amount London to develop their insurance under an ' exclusive 

to 89.5 per cent of the ordinary subsidiary. Mow TaJ Insu7^ic e ^ n ^ pnt Una T^ e ^^m^^ 
share capital and 72 per cent Company which will be renamed „nid' removalerf hardened °S!^. 

of tbe preference capital. ^ itSiSfbS ^ 

ADAMAS CARBIDE 44 ^ceSt o™ he 

GOES TO ULSTER ASSOCIATES :DEAIS: , j 

New Jersev. through its subsidiary uo eaoital of HKSam V Laurence Prust and Go. bought- now tfi'it it bax sqne uncobdi- . . 

company Duracarb. has acquired Both Wheetock Warden and’ 1200 Allied Breweries ordinary at tionaL Saint Jpintn might li^» to i,; 




iT 




the assets of Prodan. an Ulster HoB «, Robinson are confident thaf^iP on behalf of a discretionary keep its htfiding; eSpeciaUy lf.it;;-.'- 
engineertng concern which has with this combination, the Mow- i«vestnient client. .- ; : could keep a nominee’ on . the -- 


been in receivership for two Tai he better able'to make a -ffin Samuel and Co. sold DS.QOO board and therefore: be allowed tp- ", 
rears, Mr. Don Concannon, the contribution fn worldwid^ -Conrtaulds at llflp on behalf of equity account the- eammgsk.of - 
Northern Ireland Min isle r of i n cn ranee markets - - >s£ discretionary investment -client.- Orme. ' . . .v:- ' '.-V- 

State resnon-sible for industry. ■*»_ » q H ngg is appointed ' Fielding Newson-Sraith and -Co. But "the only - attracticra for t.V 

announced yesterday. deputT chairmarT'and Mr. G. 102.443 AIDed Breweries -Comben in sudt an mrangemeDt 

The operation will continue cpddes and Mr D G Home are'Tffdinary shares at .84 Jp on behalf, would- be .that-' less .of its shares , - 
under a new name. Duratool. A annoirited riii^eetors Jof a discretionary client of would be en the market' depress '. 

new range of carbide cutting tools .- ^Morgan Grenfell and Co,Whq are jng the- price. Combpn .is expected 

is fo be added to the present -v-ihe advisers to J- Lyons, wad Co. . .. to regard : th1s, ai ' a 1 short -term •' 

product range of machine Tools TFPCFV PYTFRIVAf ; consideration and fhorefdre reject' 
and Mr. Concannon said there JtKatr. HA 1 tnl'IAL. . adealaldh'glhi^ hnesV '-" 

were prospects for “a substantial Jersey External .Trust announces^ G. T. ROBINSON'' 4 '. •' 

increase " in the present labour (hat its offer for all the oatsta nd- V George T. Roblnsoni engineer ■ ■ . . . 

force of 35. ins Participating Redeemable and constructor, of Potters Bar; King .and Sbaxson: Britan me * 

Pmdan, which went Into Preference shares of lp each m purchased the assets , of Associated .Company has- sold ? 

receive>shlp in November, 1976, Ke.vsel ex Japan has been declared Dobbin Engineering, Stockton-ori- 500.000 ordinary shares and no 
has been kept going with financial unconditional. having be® -Tees. " longer: lave -ahy interest ih that - 


aid from the Northern Ireland accepted by the holders of 93.73/ - This acquisition enlarge* Robin- class of share;. 


Ferguson Industrial in 
talks with Randalls 


NORFOLK CAPITAL/ 


Ferguson Industrial Holdings in Ulster), produced sales' -of 
and Randalls Group announced £27.lm and a trading' profit of 
vesrerday that preliminary discus- f653.4J*y in the ypar to February: 
sinns were takinq place that could 2S. 197S. has been building. 'a 
ead to Ferguson making a hid slpke in Randalls for about a 
for the shares H does not already year. - _■ 

own in Randalls. H nou has in excess ot 10 per 

Randalls advisors. County Bank, cent of Randalls' ordinary shares 
stressed last night that discussions and is the second raruesi sbare- 
were at an early stase and that holder behind Ihe Throgmorton 4 
t hey could continue for some time. Trust which has roughly IS: per 
it said the announcement was cent of Randall's shares. Another, 
made at this stage m order to major shareholder is the imperial 
keep the market fully mfomned Group which had a fl per cem 
of developments. No request has ^ake at the end of December, 
been made for suspension of 1977 
share trading. 

In the past week. Randalls’ 
share price has risen from 76p to 
a peak yesterday of 106p. The 
price rises went in steps of lp Norfolk Capital Group has ptir- 
oo \\ ednesday and Thursday last chased the 100-bedroom Granby 
week and it held steady at 7Sp Hotel, Harrogaie The purchase 
until the opening of trading nn price was £130.000 and a further 
Tuesday. 1 1 rose fip to 84p by the £230.000 will be spent on rerur- 
•'.nd nf trading on that day and bishrnem and new facilities, 
yesterday it jumped 22p to loop- The hoiei stands on a mur-acre 
Randalls, a distributor of budd- site, overlooking The Stray, and 
fniwieerma and electrical includes a separate night club 
material* capitalised at £2 im, js a nd land with poiemial for resi- 
a . l _ nre - rnx tow dcnrial development. The- Granby 
*° win he the 17ib hotel In the 
December 01. 1977. Mr. C R. group. 

Rnndal). group chairman, pointed v - „ ~ ‘ * 

mit in the annual report, how- K No, ™t' rec r eT,f,y ?^ r ' 

ever, that the losses were Jargeiv fOased the freeholds of two of its 
due to a decision to quite trading Th ® Qncensway 

activitie* not dmectly related to and T he Nor ? on S and a^uired a 
the mwre profitable sectors of Jl e " '°tj? lease, on a third. The 
the company’s business. Ro >' al Court. In the currenl year 

Overall, the very adverse ! r t ‘ s l' Tna les capital spending on 
effects on our trading perform- l? 1 ? rovemg ^^ *** hotels at 
ance or restructuring is behind 

us, and I am hopeful that there 1 — 

»-,ll be further improvement in at7 fart enniUoM , Tnat: 



oT rf thT;er- i h n e , ^ secon<l ^ nua 

j&sSS: APtwin, sup- Sa 1 ”.*' 15001,0 
Phes division fexcludme acririties fs.333 fSir cent) 


stock 


' Comp njiy Announcement 

1978MP. NO. 494 TT : •; 

IN THE SUPREME COUKTOF HONG KONG 
MISCELLANEOUS KIOCEEDINGS ; _ 


.. In them 

and In the matter of the Companies Ordinance (Chapter 32) 

NOnCE 1 S HEREBY GIVEN that, bjdh OrdCr dated lhe Hth day of . . 4 
. September 1978 made in theabbve matters, the Coart has directed a meeting 
be convened of the holders of all of the sharesof SCLSOeach in the capital of - 
the above named SouthertvPacrfic Properties limited ( hereinafter called ribe 
Company"!, other than dioise which imt beheficiaflyrkvTurd IwTHaU Holding , . 
Corporation SA- BetefMunk andDaVidUamson Gilmour: for the purpusg of 
ironsidering and. if thought fiLa pp rqying twilhgfwithoqt modihcationl a. 4 - . . 
SchemeoF Arnrngementprbfto^tofiemKfebetwwmihe.Cdnipmyjndbl' 
tbe holders of all of its sharew)fSGL50 each, other thinvtha>e which ^kre 
briieficiallvowncd asaforesmd,andfn) the hoUersblitssharesolSOJOeach 
which are beneficially owned by Triad Holding Corporation S A and <riij the •• 
holders i>I iis shares of SB 50 eachWhidMfebeneficiaJly owned by'Peter ; 
Munk and David Harrison GUrnour and dpUsucb racetuig be helcf at Ihe . 

■ Kdblai K had R com, Aten darin Hotel, tonrraugfiLRoad.^Cenrral. Hong Kong 
'eat Friday, the 13 th dajTof October B78 at 12 ndonat which fdaceand lin»e all 
sbarehofdeK of the Cfompani other Qpn as aforesaid, are requested to attend- 
4 L4ny peribn entitled to adend ffie add meetidg can obtain a cbpy.of a 
roa«po^dcKd^nedtcoQlshfih^t&esaid$dwihebCAn , aa^ih>enl^»lan ..... 
E-splarialcBy Statement.- blether vathafonn dfprOx>';fram the registered , . 


office of the Company, 701 Shellr Hoose. Quetai’s Rond, erairal, Hong Kc 
from Qie-Registrarsbilhe Company, CenfralRegstration 1 


. . „ ._ HdngXpng- 

1st Floor, Garamon HoUst 12 Harcourt Road, Hong Kbr^and trorn the . 
undermentioned Sofidtprs at (headdress stated below d uringusiia) Susirtess^ 4 
hours oa amrday (q#er than 1 * Saturday aftenkxm orSuBdasJ'prior.rative day ■ 
appointed Tor-thebOKmegting: ' j\ r ./ ■- 

Thc sidstuirel.t^f ers mwrvote in person at the said Tueritiig dr Ihevmay 
appoint another person, whether a member of tl*e Company or nbt, a> their 
pro w to attendand vote in their stead. % 4 

'In the case of-joint holders ffilxcde ofthe«eri>or who fenderyarote 
whether in. person or by praiy, u-iRbe^ccepted tothe^diud^bllhe volefs) 


Company: -> •- 03 ■-3— j'' -jj -■ 

' rtisrequested that fbnns appointing Proxies be lodgedafthdte^tepair' . 
office of Company 701 Shell House, Queen's Rciad. eenhatHongKoog . 
hc-fnrc* tfu>- thw. Annnmtri fnr theKiid it uv U i w turf i f(nn i nnt* nnhnlrtilbBl - 


before the time appointed for thesaid mretlhg, but iffbhhs^ehtAtoltit^d 
be handed to the Gfutinnan at the hn meeting, b i 


theymev be handed totheGhainnan at the said meeting, b 

By thesaid Order the Court has appointed DeSnmhd WhfteSto^bi; 
feilinghim. Charles Wiiliam David Birchall ot faffing him, Roger GavedKirt^ 4 
to act as Chairman of the said meeting and has diregted-the Cbaiman to report, 
the results thereof to the Court . 4 ^ " 4 ”. J - 

The said Scheme of Arrangement will be subject |o. the stfijsequeid;- '-- 
approval of the Com± Dated me20th day of SeptetnberJ97B. . 


DEAC.GNS. •„ . 4 . 

6th Floor, -Ssidre House, CJiaferRoai^, Hong Kong! 

Solicitors for Southern Pacific Properties Limited. 


GOLD 

ULLK 

MNCII 


■ - - 


n ^ ^ r * - 


“I try to give some 
harassed parent a break 
on Saturdays. 


I find it gives me 
a break, too” 


Ron Emm is'an administrative officer 
with Baraardo's. But, as often as he can, 
he gives up his spare time to help at one of 
our Saturday Clubs ftpr mentally- 
handicapped children, temporarily 
relieving a parent of what can be a 
crushing burden. This is one tiny, but 

— l 1 r 


important, part of Barhardo’s work for 
children ' 


i in need. 

Volunteers .like Ron are essential to : 
Bamardo's. Also essential are the funds to 
enable us to continue. Caring for children 
demands a great deal of money. Will you 
help? 

Please give,yoiir caring isn’t enough. 

Send your cheque* PO, ijiade payable to Dr. Barnardo's, 

to; Bamardo's. PTE 

Freepost, Ilford. Essex IG6 1BR. 



Barnardos 







■'■-’1 7 — - 


« &,- 




Cnw. 






‘**v 


V- s 

v: 

i % ■ - 


Total assets at 31st M^1978: £65.0 million. 


We continue to live with great economic and poKti^il / \ rule, which.amounted to a tax on sales of overseas 
uncertainty. The prospect is that in a few moathsV- J mvestxnents other than those in loan accounts, was 
time the rate of inflation will start to rise and doiibts ' " abolished and the investment trusts' rate of t»t on 
about inflation, pay demands, exchange rates ■jfr'Xyf ' coital gains was raducedto 10 per cent. We warmly 
world- trade do not create a climate that encowr^#*! . ^WMobine th e»e. iipproy eme nts which ficflitrieriie 
expansion. '^iv manageraentoftiiecompany’smvestinenti. 

During the past year the 25 per cent, surrender- ~ A. O. Touche, Chalbxiaja 



— ' 4 -^.r 







r 


UXf& 







'• V ? 

- -**. 




:.;’. j,' Financial Times Thursday September 21. 1978 


'}r°M 


n 

)r 


• -4: 



> jjj- t ■ - . — — ... ■ ■ 

fVii^iyORTH AMERICAN NEWS 

Ford n rice 



Ford price moves may help Pinto 


BY JOHN WYLE5 

OHD Motor Company is 
S" ffoclivcJ> cutting prices on sumo 
979 models of ils controversy] 
■; >into small car In a hid to main- 
iis sales volume in the face uf. 
'. d verse publicity.' 

This emerged yesterday when 
.'ie company announced an aver- 
4.2 per cent increase on 
rices of its 1979 model range. 

. ; be overall price rise is broadly 
'■“• l line with pledges that Ford 
ave to the ' Carter. Adminislra- 
on to try to restrain Increases 
.'t or below the level attached to 
it J97S model range Iasi year. 

*■ Ford said that its 1979 prices 
. reflect a high deeree of modera- 
* }j,- on ’’ adding that the 4.2 per 
I'J ( >nt increase was “ substantially 
^elow the rate of cost increases 
- " je company has been 


experiencing." '- Some,.- analysts 

haie questioned . whether- Ford is 
making much, if any. profit, out 
of its U.S. car operations and 
the new price tacs are heavily 
weighted towards bigger 
increases on full-sized cars nn 
which the profit, margins are 
substantially better. 

Ford has close. to 30 per cent 
of. the market For full- sized arid 
luxury cars and among other 
things .its decision m raise prices 
in this segment. by around 8 per 
cent is aimed at offsetting falling 
rna rgins on smaller vehicles. 

The company admitted before 
a Congressional . committee 
recently that margins on the 
Pinto have : disappeared 
altogether and that Ford is sell- 
ing at a toss in ordp'r to' meet 
government fuel economy regu- 


lations, which require average 
fuel consumption of all cars sold 
!o be no less than 19 miles la life 
gallon in the 1979 model year. 

But Pinto sales have been 
badly bit by allocations that 
1971-76 models are prone to firvs . 
when involved in rear end colli- 
sions. The company was banded 
a criminal indictment -h> an 
Indiana Grand Jury last week in 
a case involving the deaths of 
three- teenage girls in an acci- 
dent involving a 1973 Pinto and. 
although the company has 
recalled 1.5m 1971 -7B models for 
fuel tank modifications, pub- 
licity from this and olher civil 
suit* is badly hurting sales 

Ford is unlikely to sell more 
than 1SO.OOO Pintos this year and 
says it needs Iq sell 190.000 in 


NEW YORK. Sept. 20. 

the 1979 model year tn meet fuel 
regulations. In a desperate bid 
Co make the ear mure attract lie, 
it has boosted The 1979 prices, of 
the cheapest model by only 1.9 
per cent. However, other modeU 
have been effectively reduced m 
price by making previously 
optional equipment standard 
without raising the basic price. 

It remains to he .seen how 
successful this Inss-tead pricing 
will be. For dealers currently 
have 7 S days' supply of the Proto 
in stock and 9S days* supply of 
its Mercury division twin, the 
Bobcat. These are higher slocks 
than are normally regarded as 
comfortable and compare with 
just 48 days’ supply of ihe 
Pinto’s General Motors rival, the 
Chevetle. 


So “" d f° T wth Citibank paper auction result 


in AT & T 
earnings 


BY STEWART FUSING 


NEW YORK, Sept. 20. 


vnptr & V «#» CITIBANK RECEIVED bids of three-month commercial paper corp move must be viewed as ex- 

!VL " lUKK, sept. _0. S93!; m f„ r lhe sioflrn irf -91-day in the market, and that lo some perimenta! and that it will take 

iMERICAjN Telephone and commercial paper whieh it put eTronl - therefore, the three- some weeks to see how success- 

'elegraph ha? turned "in sound . ninnth quote is nominal, ful the concept is. although the 

. ’ esults for the three months ou ‘ " r aucilon *■ In launching a regular auction general view of yesterday’s 

■nded August 31. Net earnines The auction was the »rst nme three month commercial auction was that it must be 
:'J- dvanced from a corresponding that, an attempt has been made paper, Citicorp seems to be aim- viewed as a success One invest- 

./’■•l.lSbn or S1.S2 a share id jn sell commercial papier in the ing tn try and lengthen the ment hank executive pointed 

’. -1.42bn or $2.09 a share — an In- g; through an' audio rr system maturity uf jts own commercial out that the Ciucnrp had floated 

• . rease of 20 per cent — on ’ | i..- us paper. The question which the paper at a rate close to the 

■' evenueB 13 per cent up from b ' ailiar to me one me. u.a. rnngjj1s l(J he determined \ s quote for three-uionth certificates 

9 15bn to $lfl.37bn. Treasury uses to w?Jl DlJiS. v/hPther there is a regular of deposit. At present, he 

Earnings for the T2 months The system by-passes the market for three-month cummer- pointed ouL there is a good 


Earnings for the T2 months The system by-passes the 
. o August improved by’. 13 per traditional dealer network for 
.. >ot, from $4J3bn or S8 72 a commercial paper, although 


vial paper waiting ;»bp tapped. secondary market in three 
Compared with the volume of month CDs, but not in coramer- 


hare, to $5.‘lho or S7.59 a share. Citicorp says tfiat' it. itju tradi- commercial paper oow outxtand- cial paper. 


m revenues up IS percent, from tionaiJy sold cwimierdal paper j n g tn 


35.12bn to $39.fi2bn. 


market, around Compared with treasury bills. 


^Bgure dealers. Rut dealers all said lhat they paper, Citicorp paid a substan- 

nr ii h m months period }f [t, u j u had sold the thought it could prove to he a tially higher rate. Thus three- 

equalled a 9.53 per cent return p ap p r at an average. . rate uf significant innovation. One siig- month Treasury bill rare* were 


directly itself and. not . Uu’ough *74bn. the Citicorp i«sue i* tiny. which are 


C.nvernmenl 


average total capital of about 8 643 ce j 1L having - received 


Mr. John D. Debutts, chair- to S K52 per cpnr. 


bids ranging frnm 8.61S per cent hroaden the short-term money cent 


might quoted today at around 7 95 per 


nan of A T and T. said it was 


Although 


market, it coufd be that. If in- A significant attraction of the 
rate ‘ .would irrest rate differentials were i&ue of commercial paper is that 


ncreasingty evident that IB7S appear to be higher than -the attractive, Citicorp might find it is Citicorp paper, that is issued 

vould be a notable year tn terms q UO te for three-month com- i i -e If attracting funds out of the hv the holding company Unlike 

of growth, service^ performance merrial -paoer in -the market. CD market, where it i« also an certificates of deposit which are 

md earnings Improvement. De- W hich is nearer the 8 40 mark for issuer, into the commercial issued by the bank, the commer- 

liana for .service remained }rv _ n nn <ap Mint oaoer scciinn rial nanpr will nm ho cuhiort tn 


■ -j, „ top quality oaper. dealers point paper section. — -«■ ™ 

•irong tnrougnout the past ul js very litrle Dealers suggeat that the Gilt- a reserve requirement, 

luarter with the volume of ■ 

justness up 10.7 per cent.- . . : 

r-. Commenting on an “unre- 

"E^STrtsS Careier to open merger talks 

. demand for ’ serviee. Bell . : . 

.System’s; operating expenses ' NEW YORK, Sept. 20. 

. *ere running considerably below United Technologies "Corpora- mn n stock issoabie upon conver- panics do merge. 

• uru- 1 . 3 ' ■ ■ tiou has started ' talks- with Car- s,nn **f Carrier’s $1 9fim cm- He also said he was optimisMc 

- While it would be unrealistic rnrrinr-.ticn avop '■ United's V( * rti, >J p ' Preferred stnek 3t 828 about the outlook for United 

:■ o expect growth to coalimie at ner Cqrporatton over Vtnteas pPf share and $5082 per Technologies Tor 1979. Order 

-.r he accelerated pace of flje_ past merger offer, announce- Hon- prP f err( . ri <. h!ire . f i nlted had su ffi. backlog amounts In ahout S7 4hn 
•eyeral quarters. Ur. Debutts -day. Mr.- Harry Gray, -Vni ted s rient f"iida for a lender offer, and most of the group's opera- 

sajd the Bell System was deter- chairman "and president. »n having more than SSnom cash in lions are Fully booked until the 

.mined to. sustain in the months revealing this today "said'.the Car- hand as well about $G50m of end of i&79. 

ahead the progress made in earn- rie’r Board has up to this point bank credir available. The company's automotive 

■ mgs as well as service hot said no to the offeri'r.'* Thg proposed -Garner mercer operations may experience a 
Performance. • Mr. "Cray derlared. tbaf il- c M-as would fl* into United's overall decline of fi to 7 per cent bui 

• The .Bell -System - companies Uhiied^Technblom'e^ pfiilowhbj najective that a company to he this will nm have a material 


cial paper wilt not he subject to 
a reserve requirement. 


Carrier to open merger talks 


performance. 


The . Bell -System - companies Whiled: TechnbJogie<- pfiiljjsibHb.' nijective that a company to he this will nm have a material 
handled - .3.8bn' long-distance' tfut tti make a tender* offer unites acquVred has sot to be ”a techno- effect on earnings since thp mar 
messages during June. July and .necessary. Nevertheless. “fn Moh- logical match" with trs own is to move mio higher priced 
August — an increase of 12.5 peri'day's announcement ofeif' desire operations, a market leader and auto lines. Research and develop- 
cent over the same period last to merge with Carrier-throuEh a a prnfitehie unit with a cnnfident ment spending this ypar will 

year. It added I.lm -telephones negotiated taxTree .^change of management. - total about 5*4O0m. up from 

. during the three-month, period... securities. United wade clear an Mr Gra> said that according $36£m in 1977. United expects 
This brings to 131.5m the number alternative tn negotiations. This to UniteAs genera! counsel there tn spend S2bn over the next five 
of Bell telephones in service — up would involve -a ;hash offer for 49 were nn *paris tif Carrier thal years on research and deveiop- 

from l26^m a year earlier. per cent oF the ^Utstanding Car would require dlvestituie for menu Mr. Gray added. 

Agencies * rief enmmon. steftk and the com- anti-trust reasons If the enm- Reuter 


SEC probe 
into Bache 
share 
dealings 

NEW YORK, Sept. 20. 
THE U.S. Sec-uriiieN and 
Exchange Commission <SEC> 
has quietly launched a full- 
scale investigation info two 
trades last June tn which tour 
large holders of Bache Group 
privately sold a lolal of 560,090 
Bache -shares hack to the 
securities firm holding com- 
pany for a Sl-2m premium over 
Lhe open market price. 

Thr-saJes camp shortly after 
a representative or one of the 
holders, according to Bachc. 
had Indicated to the firm that 
all four were - considering 
waging a proxy Ughl Tor control 
of I be company. Bache. as 
previously reported, has said it 
purchased the shares to avert 
a proxy fight and has asserted 
that It was within its legal 
rights -to pay the premium to 
avoid discord within the com- 
pany. .. 

According to sources familiar 
ullh the -SEC probe, the 
investigation seeks lo deter- 
mine whether any of the 
holders used illegal methods lo 
persuade Bache lo buy back 
the : stock at prices higher "than 
the gOhig rate on the New York 
Stoek. Exchange, the primary 
market for Bache shares. 

Moreover, ii seeks to deter- 
mine. whether the holders were 
Indeed acting as 'a single group 
and urhether they should have 
registered a* such with the 
SEC under Section 13 of the 
Securities Exchange. Act of 
1934: The section, among other 
things, requires registration 
by holders or more than 5 per 
cent W a publicly held com- 
pany's shares. 

The focus nf the probe u 
two blocs within the group of 
four holders. One consists of a 
pair of lou-a metals dealers — 
Mr. Ben Schwartz of Marshall- 
town and Mr. Fli Rosen man of 
Ottumwa — and the estate of 
a third, metals Healer — the 
late' ’ Mr. Harold Brady of 
Chicago- 

The -three owned a total of 
4SPJ300- Rachn shares, which 
they ;, .*rcnmiifafed for Invest* 
mcnf purposes in 1974 and 

I97S 

The other 79.700 shares were 
owned b> an unidentified client 
of !tlr Gerald Tsai Jr., a 
Wall Street money manager 
who is president of the big 
hoard member firm that hears 

his name. 

According to Bache, Mr. 
Tsai; .in a meeting with Bache 
offidals early last June, imnlied 
Hint he hart the support of the 
. Mtdwncieru groun and raised 
lh(>.iBn«lh|l|ti Utit the" M*d- , 
westerner-', would ro -one rate 
wi'h him in a takeover hid 
Mr. John ■!. Cun-an. chair- 
man of Rarh»\ nxcrpiSve rnm- 
m 1 1 tee and Hie company's sen- 
••r.xl l-iimHI. sail! «W Uaehe 
has nol been served with anv 
formal nn'ire of investigation 
i»v •h« SEC 
AP-DJ 


MEDIUM-TERM CREDITS 


Controversy likely over 

Iran Euromarket loan 


BY MARY CAMPBELL. EUROMARKETS EDITOR 


IN WHAT is likely to be a con- 
troversial loan. Iran's stale- 
owned Agricultural Development 
Bank is seeking to raise about 
880m for 10 years on the Euro- 
market on extremely competitive 
terms. 

Blyth Eastman Di-Mon. the U.S. 
investment bank, is involved in 
preliminary discussions with 
potuntia-l managers for tbe loan 
and will go ahead and arrange 
it tf it can find a sufficient 
number of banks interested. 

Blyib Eastman said yesterday 
that it already had “ two or three 
batiks ” prepared to take man- 
agement positions on the terms 
proposed. 

Although the loan would not 
he state guaranteed, and the 
Agricultural Development Bank 
is not as highly regarded as 
some of Iran's other state-owned 

EUROBONDS 


institutions, it is seeking tn raise 
the funds ai a margin over inter- 
bank raicj of i: per cent for the 
-first five years rising to l for 
the last five. These are tbe same 
terms as the list two big lokns 
for state-owned institutions — 
loans which were guaranteed by 
the Iranian government. 

It is believed that the terms 
offered by the consortium of 
banks competing f ir t"..s man- 
date 10 arrange Ihe loan in- 
volved a margin or J per cent 

There are two main reasons 
for the attempt to raise Ihe 
funds on these lurms at this 
time. One is that ii is important 
for Iran, following the riots and 
tbe imposition or martial law, 
to re-establish it* close to prime 
credit rating in the international 
markets. Some bankers have 
been arguing in recent weeks 
that the internal political prob- 


lems in Tran meant that an;/ 
increase would be needed in- 
order to tempt banks to 
scribe. -..V \ - 

The other reason is that tbe 
loan, if it materialises, would/ 
be the first big deal arrangedj>y;; 
Mr. Minos Zombunukis in.,his_, 
new position as head of Blylh." 
Eastman Dillon. The Agricul-r^. 
tural Development Bank was for 
a long time a customer of First 
Boston < Europe), which was 
headed by Mr. Zombanakis, be- 
fore he moved tn Blyth Eastman. 
Dillon. For him to take this, 
customer wilh him would. ob- 
viously be a enup. 

Some bankers said th3t if, ’ 
Blyth Eastman succeeds in get : .. 
ting the loan arranged at these 
competitive terms, then it would- 
be likely lo pul the company in 
line for further business from 
Iran in the future. 


Intershop issue oversubscribed 


BY NICHOLAS COLCHESTER 

THE RARE dollar-denominated 
Swiss convertible bond from 
Imershop was priced and offered 
vesterday afternoon. Subscrip- 
tion has been very heavy and. 
! managers of the issue apart, it is 
expected that applicants will 
i receive only around 5 per cent 
l of what they have asked for. The 
coupon was set at 5i per cent — 
half a point below tbe initial 
j indication. 

in the Eurobond secondary 
marked, volume remained light 
but there were some notable 
price movements. The dollar sec- 
tor remained weak, depressed by 
around 4 per rent by the con- 
tinuing rise in short-term interest 
rates and the weakness in tbe 
■foliar and in the vnnkea bond 
market Dealers cited tbe ris- 

DOMESTIC BONDS 


in? cost of financing positions. 
Some sta'f*! flatly that tbe mar- 
ket was now overvalued, but sus- 
pended by ibe lack of new issues 
and sellers that has charac- 
terised the market this summer. 
Nevertheless selling of Export- 
Finance caused tbe price of that 
-bond to drop by ali'^st a pnint. 

Benefiting from the weakness 
of the dollar sector, tbe price of 
Euroslerling bonds, which have 
been creeping upwards in recent 
weeks, firmed noticeably yesler- 
daj\ They were quoted at up to 
i higher and some of the interest 
may have been prompted by 
news of the Norsk -Hydro euro- 
sterling loan. 

The DM sector drifted down- 
wards by around one quarter nf 
a per cent, continuing the 


reaction to its recent strength. -- 
Volume was very light. r 

Inlershup is issuing SO-OW),. 
bonds, each of which will bd.'l' 
convertible Trom next April imn,, 
five bearer shares of Intersbop. _ 
priced yesterday at SwFr 349-- 
The issue price has been sei-at-..- 
$1,200 per bond, and at yester-: . 
day’s exchange rate of SwFr- 
1.537 to the dollar This impliw'- 
a conversion premium of 8 49 per/y 
cenl. In the initial announcement-^ 
of the bond lntershnp had under 1- * 
taken not to pitch this discount, 
at above 10 per cenl. The sharew - 
are currently close to their 1978'; 
high i effectively SwFr 344 ex 
div), compared with a low this 
year of Sw Fr 290. The issue 
has been managed by UB&,; 
(Securities). 


Keen activity in French market 


BY DAVID WHITE 

CONDITIONS ON the French 
domestic bond market are 
steadily becoming more attrac- 
tive to borrowers. As more 
Freacb companies begin to lap 
the stock market for fresh 
’■apital — tbe latest applicants 
being Lafarge and French RP-— 
activity in new hond issues is 
equally, brisk _ 

The trend towards easier 
interest rales and lunger 
maturities is rnnfirmed in two 
'YirihcfiminK public set for issue* 
The Paris Metro and bus opera- 
tor Regie Autonome Dp* Trans- 
-vtrts Pnnsipns ( R ATP I is 
Inaline a FFr 4rtnm fSlOBmi 
toan nett week, for Ifi v«»ar* 


Tsaued at par next Monday, the 
loan will carry a coupon of 10R 
per cent. 

The Catsse Naiinnale de* Autn- 
routes is also due to enme »n 
the market for a FFr 500m. 20 
year loan. . 

Two private horrowrrs are also 
due to float bond issues «n the 
next few days, — . Credit Ntul 
with a FFr 139m loan, pxpe.-ted 
at tbe beginning of next w-«k. 
and Snfii-am Banqu** •timi-ibi- 
elore de Credit with *-'Fc 129m. 

The next instalment of the 
Government's domesti'- borrow- 
ing plans is also expend hv 
e.ir|y next month, fntlinvmq 
tTanrhes nf FFr 3hn and t ’Fr 


PARIS, Sept. 20. ~ 

2.5hn issued in May and July. 

Financial circles believe the 
fnrthniming state loan mav he 
increased to FFr 4bn — 5bn 
from the FFr 2.5bn originally 
foreseen, in order to take advan- 
tage of the current cuod recep- 
tion uf new issues. Tbe loan, in 
help hridee Hie Government's 
budeei defieii. is expected to 
carry a lower coupon than the 
9 8 per cent attached to July’s 
15 year ofTenne Interest nn the 
Miv tranche was W per -eh 1. 

The short-term market has 
-hown more signs nf pressure, 
however, and overnight rates 
anpear in have stehilisod at or 
•slightly 3hnve 7 per rent. 




CAPABILITY: 

HI BILLION OF PUBLIC AND PRIVATE 
FINANCING IN THE FIRST HALF OF 1978. 






In the first six months of. this year, Goldman Sachs managed or 
co-managed $3.5 bittion of public offerings for domestic and 
international corporations and for government entities outside 
the U.S., as shown here r 

During the same period, we were a manager or an agent for 
S7.5 billion in oth er financings for.corporate and^vernmentaJ 
issuers. International transactions accounted fortnore than 
$2 billion of our $11 biHion totaL • 

We believe this performance in public and pnyate financing 
represents capability at work. The uncommon capability of 
Goldman Sachs in serving the financing and investing needs of' 
all our clients. . 


-S75.000.000 

The Continental Group, Inc. 

&S5* Snlcfof Fuad Debenture. dne May 1,2098 


ISO.OM Shares 

Iowa Public Service Comrlny 

i>,52 Class A Preferred Stock 


UT Credit Corporation 

- $75,000,000 _ . 

. . 8tSS% 5abi>t Fmd DAcuturt* &oc January 1, 2003' 
*25.000 000 ' 

9ta Snfcwllnrtil Fn4 Pebwaro ** hmnrt 1.7W3 


S125.000.p6o 

Province of Saskatchewan 

iCar^CM 

' 9tCX Dabentures Duo 2008 


879,789 Shares' 
BanCal Tri-State -Corporation 
. Common Stock 


$175,000,000 

ICI North America Inc 

M&uukihI FtoJ iHbcmuna dur J4U«T II 249! 

'Imperial Chemical Industries Limited' 


$50,000,000 


Ford Motor Credit Company 

- $150,000,000 

BH« Nolo due May 1, 1984 


$150,000,000 

SVM Notts due May i. 1988 

$50,000,000 

jersey Central Power & Light 
Company 

Fi:<l Morlgagr Bonds, 9 % Seim due JOuB 
1,500,000 SL&rea 


$200,000,000 

Monsanto 

COMPANY 


MS Smldnf Fuad D dnulu m dqe May 15. 2008 


KINGDOM OF NORWAY 

US $ 250,000,000 
7%K US-Dollar Bearer Notes of 1978/1983 


American. Credit Corporation Tiger International, Inc 



8 VS, Senior Nolai due January 15. 1 985 


$ 45,000,000 

Pennsylvania Electric: Company 

flnt Mortgage Bamda.StiH Serin due 2WW 


$1 00.000 J)00 


* - Common Stock 


3125,000,000 

Kingdom of Norway 

&*S Mtwas Pua January *5. T983 


$50,000,000 




U.S. BANCORP 

B.GO 1 * Notea Dud April 15, 198B 


CONTINENTAL ILUNOIS CORPORATION 

Note* doe November 1, 1985 


750,000 Star 


S 100,000,000 Montana-Dakota Utilities Co. 

yew Jersey Bell Telephone Company _ , 

Common Stock 

Iw tMnJlm: Or Aw /. 


400,000 Share* 

Northwestern Public Service Company 

Camum Stock 


$35,000,000 

First Federal Savings and Loan 
Association of Wisconsin 

i : A Bonk, Sow A. Dw Aaywtf U U13 


US. $40,000,000 

Baker International Finance N.Y 

&*% Convertible Suborumatto Dsbenttk* Die l»M 

r>>iM U rhv«*L hMu. (W,*! IllHU hr 

Baker International Corporation 


$100,000,000 

Household Finance Corporation 

8'i*o Ddbcateet, Seria SB, dec May 15,1983 


$300,000,000 

The Pacific Telephone and Telegraph 
Company 

Forty liwK MmIkih Ikf Jmhuj 15,20/8 


SoaCut Nationalc des Che mins de Ter Fran^ais 

S4 1,000,000 

Cuuanierd N«o due 14R4 1 

C me 1 imi 1 U h* 

The Republic of France 



$40,000,000 

Tahnan Federal Savings and Loan 
Association of Chicago 


l*.“k CNMa4»UW>IumI I nk. : 


> A. Dm April IS. IMS 


*40,000,000 

Th«> Connecricnt light ami Power Company 

Fits *«4 RiAiodmc 9^^ Bondi. Stria Mi 

Due I, KIDS' 


$ 100.000,000 


$200,009,000 

Pacific Gas and Electric Company 

Flier imi Rin 'riw Musn-.tne Rww 
fJJU»j( 7 s 4 . 9 ii-,.Li| fc FwittMaV I. 2 II 1 - 


' $30,000,000 


8.500.000 Shares 

Middle South Utilities, 
Inc. 

Common Slock 


i,500,000SAcrrra ’ 

Ohio Poicer Company 

S2—7 Cumulafnr I’refenrd Stock 


575.000,000 

Louisiana Power & Light 
Company 

Filtt Mirtgjfle :-«n*s .3^- Ja-. ty 1. 1996 


□ 

Ito-Yokado Co, Ltd. 

I A Japama C tt nya ny ■ 

850.D00.000 

5K3> Caar m ^ M. Dckoitaia Ku cut 31. 1993 

$20,000,000 

SWh Note d« AofoH 31. 1983 


SIOO.OOO.OOO 

Republic of Finland 

SfcS Ekterml Lewi Notes Due 1863 


3,500,000 Shares 


Continental Illinois Corporation 


Com mo n Stock 


Georgia Power Company j F,rsl NaBo,,aI &te 


Frrtt Vn rtffaw Amfa 
Svrit* due May 1.200* 


Hitachi Zosen 

Una. ■*< 

VS.S3DJBOQ.aaO 

8 ,p«rc«n« Ca*r*nn*dN<*!s 3 ti* L 9 ® 


. .$75,000,000 - 

Nrirges Kommunalban^. 
V'.rti frtijr»,iltcl flonJ' Uuc l1 h, X. 

..Kingdom of Norway;. 



$150,000,000 

Kingdom of Norway 


Note* Dw July 1. J*Wi 


B»« Nates due April X, 1388 


. $100,029,343.56 

Moftgage^Backed Certificates, First Series 
Variable Pass-Through Rate 

Inilidl anttafi* D dii-^rui>ityo Rji» voc*. 

• *"0 >1tfl'ass cir«IHe 0" "*• Xm <U f 

di *«n mqnm tKtuHK'*'u Apr-iTS. Wl 

O'-jrfwtpr ana £anne«n 

Home Savings and Loan Association 



Goldman Sachs International Corp- 
London Tokyo 
Goldman Sachs AG 
Zurich 

Goldman, Sachs & Co. 

New York Boston Chicago Dallas 
Detroit Houston Los Angeles Memphis 
Philadelphia St Louis San Francisco 


Uncommon Capability 




















26 


Financial Tunes Thursday September 2?.^ - , 


INTERNATIONAL FINANCIAL AND COMPANY N I US 


Crinavis debt suspension 

tanker hopes 



bV ROBERT GRAHAM MADRID, SepL 20. 

SPANISH ATTEMPTS to break (some SoSm* against assets of siderable effort has been put into 
into the high technology field of Pta 5.1bn. Roughly half the com- developing indigenous tech- 
liquefied natural gas (LNG) pany’s creditors are in the public no logy but all orders have 
tanker construction have sector, but there are also a fallen through, 
received a serious setback, Crina- number of the commercial The .principal hope was for 
vis, atari vate company formed in banks, as well as several engi- Crinavis to play a major part in 
1972 ‘with strong Government neering companies, in particular the huge Kalingas project brlng- 



irapodtant 

tanked construction, has been standing payments frozen. The supported Export Credit Guaran- 
obliged to suspend all outstand- main creditor is the official tee Organisation for an invest- 
ing payments. construction credit institution, meat in this project. Crinavis 

This is a move, approved by Banco de Credito a la Construe- was understood to have been 
the courts, whereby, with the cion, which is owed Pta 1.9bn. seeking export credit guarantee 
company's accumulated debts Crinavis was formed largely for some Pta 23bn. Because of 
exceeding a Riven percentage of on the initiative of the engineer- financing difficulties and also as 
assets, all payments are ..tern: ..ing concern Sener. run by the a result cf a major reappraisal 
porariiy frozen pending finan- Sendagorta family, who along of LNG export policy, the 
cial restructuring or winding up. with Banesto and Bankuoion Iranians decided to put the 
In the case of Crinavis it seems took up over S*> per cent of the Kalingas protect in abeyance 
almost certain that both tbe pta 1.1 bn. The aim was to some 18 months ago. Since then 
private shareholders and the capitalise on the expanding Crinavis has been unsuccessfully 
Government will be interested in worldwide demand for LNG and looking round for business, 
keeping the company alive, given on Spain's own particular Discussions are now under- 
iK potential importance, and tbe dependence upon imported stood to be going on on how to 
extent of existing investment. energy, and a yard was estab- maintain the company. Accord- 

According to documents sub- lished near Algeciras. It was ing to press reports, some 
mitted to a Madrid court earlier a !so hoped to move into gas Pta 5.6bn has so far been invested 
this month, Crinavis has total liquefaction plant technology. in it — a high investment to 
outstanding debts OF Pta 4.3bn In the past four years, con- waste. 

Sharp setback for Jacobs AG 


BY JOHN WICKS 


ZURICH, SepL 20. 


EUROPE'S biggest coffee roaster, share in tbe federal republic year will depend on the further 
the Jacobs AG company of has been made up for and is at development of the raw coffee 
Zurich, suffered a net loss of present running at a record level, price, the company says. 

SwFr 96.2m ($61 ,3m) last year while German coffee consump- The Improvement this year has 
and is to omit payment of a divi- tlon as a whole has shown a sub- meant a return to profitability 
dend. The loss, attributed to a stantial increase. Jacobs has also for Jacobs AG. whose overall 
fall in consumption and — been working towards an expan- cash drain had been nf 
particularly on the important sion of market share in other SwFr 76.4m In 1977. For 1978 
West German market — a sharp countries. as a whole, a “good result” Is 

drop In sales prices, is the first Group turnover had risen anticipated, Mr. Kalus J. Jacobs, 
in the group's SO-vear history. sharply in calendar 1977, from company president stated in 

This is termed a “ serious set- SwFr 1.73bn to SwFr 2J24bn Zurich, whereby the raw coffee 
hack" after a series of successes (S1.43bn». though this was due price is seen as remaining stable 
since the Jacobs concern moved to the rise in raw coffee prices at least. The group hopes to 
its headquarters tn Switzerland and the full consolidation of attain, or even surpass, the 1976 
in 1974. In 1976. the parent former joint-venture affiliates' result and return next year to 
undertaking had booked profits sales. Actual sales volume payment of a SwFr 8 dividend, 
of SwFr 51.2m and distributed actually dropped over the year. Nevertheless, the group is to 
a dividend of SwFr S per share. In the first eight months of 1978, enter a period of consolidation 
Last year, the group's position group turnover totalled SwFr “for financial and organisational 
was made more difficult by the l.32bn and Was thus 20 per cent reasons," it is stated in the 
integration of two acquisitions, down on the corresponding annual report. This will follow 
the Cafes Jacques Vabre com- period of last year. Sales volume, years of marked expansion and 
party of France and the Danish however, was 20 per cent up. internationalisation. With a view 
roaster. Ali Kaffe. the turnover drop being a result to this end. short-term liabilities 

After the unsatisfactory deve- of the fall in the price for coffee have been converted into long- 
lopments in 1977, business has at the same time as the rise in term 103 ns to provide Ihe firm 
progressed favourably this year the Swiss franc exchange rate, with tbe necessary financial 
so far. Jacobs' loss of market Business during the rest of this support. 


Norwegians plan 
for Volvo 
stake criticised 

By John Walker 

STOCKHOLM. SepL 20. 
THERE has been considerable 
criticism in Norway over the 
preliminary agreement of the 
Norwegian Government to take a 
40 per cent stake in tbe Swedish 
Volvo car concern. Since the 


Bi-Lo lifts Ahold profits 

BY MICHAEL. VAN OS AMSTERDAM, Sept. 20. 

AHOLD, HOLLAND'S largest slashing campaign in early 1977. 
supermarket chain — now also Bi-Lo’s sales in the half year were 
active in the U.S.— expects this about 15 per cent up in dollars 
year's net profits to be "consider- on the same period of the year 
ably” up on the 1978 figure of before. 

FI 36.8m. the board said in its .. ... . t . 

half-year statement, published in Ahold's operating result was up 
Zaandam today. by *1 S 3 - 5 ® <U.S.811m> and up 

Tbe company said that since by *1 7m Bi-Lo excluded. The 
the results from the operations U.S. company’s trading result 
of the Bi-Lo retail group in the has developed •’favourably, the 
announcement earlier this year. (U.S. have been included in the board said. Ahold added that its 
there have been many foreign results from August 22, 1977. the operating result as a percentage 
industrial companies considering figures for the earlier part of of sales was up to 1.78 per cent 
the question of agreements with 1978 are not strictly comparable wits; year (1.55 per cent). 
Norway nf a similar nature. with the previous year. It there- Ahold s net profit m the flret 
- • — - ''fore published sales and net half year amounted to FI 24.9m 

profits including and excluding (FI 20.3m excluding Bi-Lo). com- 
jjj.Lc pared with FI 17.1m in the same 

Sales to third parties were 33 1977 period. Net profit as a per- 
per cent up on last year in the centage of sales was up to 0.94 
half year. Excluding Bi-Lo. the per cent (0.86 per cent). In the 
increase was only 6.7 per cent, past year, Ahold's total sales 
The latter small increase was amounted to FI 4.14bn (SL9bn), 
attributed partly to lower infla- and to FI 3.8bn excluding Bi-Lo. 
tion than in previous years and The net profit excluding Bl-Lo 
to the impact of the p rice- amounted to FI 34 .2m in 1977. 

Argentina repays $lbn loan 

BY ROBERT UNDLEY BUENOS AIRES, SepL 20. 

ARGENTINA HAS completely took the plane here for Washing- 
repaid, to a consortium of U.S„ ton to attend the annual joint 
Canadian, European and meeting of the International 
Japanese banks, the $lbn loan Monetary Fund and the World 
contracted after the March. 1976, Bank. The loan, he said, was 
coup d ’etat when the country cancelled two years ahead of 
was on the brink of default time, inasmuch as it was a four- 
The announcement was made year loan, which showed bow 
by Economy Minister Dr Jose solid Argentina's development 
Alfredo Martinez de Hoz as be had been. 


The Norwegian Ministry of 
Industry is interested in new 
proposals which may promote 
economic development. and 
which will assist the employment 
situation in Norway. Although 
there have been no parallel nego- 
tiations as yet the 36 companies 
which applied for blocks in the 
last offshore concessionary round 
are now being approached by the 
Norwegian authorities with the 
view of establishing what can be 
offered in return for concessions 
in the North Sea. 

The main complication in the 
Norwegian-Swedish deaL and one 
that is being fully discussed by 
Norway’s Prime Minister. Mr. 
Odvar Nordli during bis current 
visit to Stockholm is the question 
of arrangement, whereby the 
profit on the Norwegian 40 per 
cent stake in Volvo will be taxed 
In Norway. 


Foreign 

investors 

buy 

Italian 

By Our Own Correspondent 
ROME, Sept. 20- 
FIAT shares rose sharply 
the Milan bourse today, in 3 
market once again charac- 
terised by . heavy trading 
volume and nervous price 
movements. Since -the start 
of September, this long- 
stagnant market has under- 
gone a veritable explosion, 
and much of the .Impetus Is 
understood to hare come from 
heavy buying of Italian shares 
from abroad. . 

Fiat is just one of Italy's 
bine chips to . -have shown 
startling gains .In recent 
weeks. Other leading indus- 
trial shares have also bounded 
ahead. including Olivetti. 
Pirelli, Montedison, Snia 
Ylscosa and Soeieta Generate 
Immohlllane. Since, the start 
of September the Mediobanca 
share index has risen by 22 
per cenL One of the main 
factors in this strong recovery* 
of Italian stock prices is under- 
stood to be heavy- share pur- 
chases by foreign investors, 
mainly from Swiss and West 
German banks. - 
According to bankers here, 
foreign Investors are taking 
advantage of low Italian prices 
following the Lira's decline 
against other European cur- 
rencies. Italtarr shares have 
become increasingly attractive 
as prospects for an industrial 
and financial recovery here 
improve. 

A series of financial develop- 
ments tn the past few weeks 
have helped to encourage a 
new ware of optimism on the 
Milan bourse, from the un- 
expected success of Olivetti's 
recent L40bn rights Issue to 
reports of Arab Investment in 
Montedison and rumours of a 
spectacular oil strike by the 
ailing chemicals group off- 
shore of Sicily. 

Fiat gave a 'fillip to the 
market earlier tills month 
when it announced that the 
breakdown value of Its shares 
had more than (lobbied since 
the start of 1978. This was 
the result of an Increase in 
the book value of. its assets 
brought, to light by the 
planned^’ detachment .•Hof its 
car operations : and the 
creation of a separate auto- 
mobile snhsidiary;.^ 

As oF January 1, .1979. the 
breakdown value of the Fiat 
share is estimated at L9,479. 
more than four times (he 
shares' bourse price at the 
start of this month. Since 
then. Flat’s share price has 
risen hy more than 50 uer 
cent, closing todav at 1.3.130 
against L2.040 on September 1. 

Amro Bank riebis 

The shares of ' Amsferdam- 
Rotterdam Bank closed at 
F1 83.80 on the Amsterdam 
bourse to-day following news 
that the bank plans a one-for- 
ten rights Issue of 2.15m shares 
at FI 87 a share to raise around 
FI 140m, our financial staff 
writes. 

The new shares will rank for 
the final dividend for 1978. Tbe 
Interim dividend was FI 2.40 
per FI 30 nominal share or 
FI 1.20 in cash and FI 0-50 in 
shares from the share premium 
reserve. 

Meneba higher 

Meneba, the Dutch flour 'and 
foodstuffs producer, ended the 
first half of this year with a 
net profit of FI 800,000 In the 
same period of' last year, the 
loss had amounted to FI film, 
writes Michael van Os . from 
Amsterdam. The company, 
which is still rationalising Its 
activities, said the improve- 
ment in Us pre-tax results bad 
been more pronounced In the 
first ball of 1978. Us overall 
loss amounted to FI 8.6th in 
1977. 


AUSTRIAN NATIONALISED INDUSTRIES 





BY TAUL LENDYA1 IN VIENNA 


AUSTRIA'S powerful nations- recorded period were up by 7.7 Voest-Aiplne Ig* ?nd *aa Austria iSast^^aSK 1 ^/ 


industries are finding it per cent, export by 10 per cent, a loss” of over Sch Hmafod vinces (Laender) ajod each ration 
increasingly difficult to base and the order book by ; .7 Austrian commentator estotfteg 
Ihelr long-term investments on per cent, while labour forte that' without ‘ window statM TOe£ flatteries.- j!S--- 

the assumption' of continued remained ■ virtually . unchanged^ balance sheet fljJUtfaiHto ^ ; 

self -financing. « 115.000 .Voest-Alpine. al mcIud Xdi^ 

Floating a SchoOOm (S35ra) Even these figures .cannot srociaL . '23r by. a socialist tpvmmSrSSS: 

bond issue for the financing of ,t he . PhsiUoo < VereJ nigte Ede ^ a hflVG suffered ever. Chancellor Kreis^y spoke r- 

investments in the steel industry, bolds mtiieimljin^.Cbemie Linz would havesuje favour of more^eo^ra. • 

the Director General of OIAG. alised industries in the Austrian a: -net loss m the f . n re ^° ri iui tion between the- • 

the bolding company for the erono my. TJe compames directly- Scb-3bn. In a ? y n 5! wetor and" foreign 

nationalised sector. Mr. Oskar nationalised accounted la# year, * dend income of OIAG tanmjr. ^novation and new : pri>dort^ ; • 

Gruenwald, issued a public for example, for 22.4 per cent or was. . Sch 247m as against ™ fetf'CwSnunSti 

1 *■* ee ‘f-Wrfs.'ans 

■' — facilities^ • “SpectficaHsv the - 


A record budget deficit and a difficult sales situation under- 
lines the need forruthless rationalisation as well as new 
technologies and growth uraxkets for Austria's nationalised 
sector. Radical redeployment of. capacity and labour, however,, 
is difficnlt because of regional aspects 


Chantoltor^menrioaed the' ‘joint 
venture of Steyr-Dainiler-Pach 
and the ‘West German BMW com- 
pany in the motor lndbistry. Sta^ r 
is not a nationalised company, 

but is controlled ; . by the 7 
Credltanstalt-Bankvereln which. 


_ „ ■ _ - . - _ p. j- T kiicuiuuioum'iMuxiwTcicui w mrn .- 

fully feat without help by tb®jb^eral • however, is coxrtrolied in' turn by 
■year ijsrate, the financial resources ; of- federal state • •*' • 


Tbe point is that the cash-flow 
of the OLAG subsidiaries should 
provide about 75 per cent of 
investments, which in tbe next 
five years are put at Sch40bn. 

However, in case of continued 
depression on tbe steel markets, 
the flagship of tbe entire sector, 
namely the Voest-Alplne steel ^ 
concern, would not be able to ■ 
attain the requisite percentage. Austrian companies are 
Announcing this, the Director- state-owned. Turnover last year: state, tbe financial the federal state. 

General added that OIAG will of OIAG as a whole reached toe: , steel holding company All state owned Pompaides are' 
provide Voest-Alplne with Sch. lOObn, up 3.2 per cent on would have been exhausted. „ ; with a new- situation ; In,- 

Schlbn this year, in order to the previous year. - Exports..;- Austrian Chancellor Dr. Bruno -vjew of the difficult sales' 
help the financing of the accounted for 36.3 per cent of tbe 'Rxeisky gave much needed situation and a record deficit in ' 
medium-term steel investment sales total, down by 1 per cetrt. political backing for Mr. tbe Austrian' ^budget, the. 
programme. Despite a 12 per Cash flow was down by 17 -.per Gruenwald who only recently nationalised toctor isTawd wi th- 
ee nt rise in turnover during the cent from Sch 6J5bn to Sch 5.4bn... took over as .the chief of the need-Eor ruthless totionalisa-' 
January-June period, tbe earn- jj j S against this background, holding company. . Dr. Rreisky tion a- seareh tor new technologies' 7 
ings situation is still unsatisfac- that the current debates about - Warned that, in the long run, the and growth markets. - As Chan- " 
tory, particularly in the special *h e future shape oE the nation- nationalised industry cannot cellor Kreisky pmit last weOk at 
steel sector. . alised industries must be seen. 'operate with losses, and. that it a conference over the future of 

Tbe report on performance of The steel industry, non-ferrous : would be better to invest m the tjjg nationalised industries: it is', 
the entire nationalised sector in metals and parts of the chemicals- future-oriented growth sector not possible to award major 
the first half of 1978 compared sectors are in serious difficulties: than to pump money into plants orders “in' a graiid style” and 
with the same period last year By contrasL oil. machinery and .with structural deficits- • - yet at the same time also to give 

indicates that tbe overall picture engineering as well as the eleo-'“- A radical redeployment of subsidies - for the ailing steel 
is mixed. Sales during the trieal branches are doing well -^-apacity and labour is difficult industry, 


Malaysia seeks 
new partner 
for oil field 


BY jAMES FORTH 


By Wong Sulong 
KUALA LUMPUR, SepL 20. 

THE MALAYSIAN Government i AUSTRALLVS 


Elder Smith earnings up 
despite lower wool clip 


SYDNEY, September 20. 


LARGEST pas- much of the continent and the 
is seeking a new partnership i toral house. Elder Smith Gidds-' improved livestock and wool 
with a foreign oil company, to | b rough Mart, raised its earnings . prices should assist the trading 
develop an oil field, in place of -almost 12 per cent, from AS 9.1m results of the pastoral business 
that given up recently by the jto AS 10.2m (US$ lL9m) in the' this year, 
consortium formed by Con- year to June 30. The improve- -. p-Ifitc from the mm-rural 
tineotal Oil Company, of the I ment is still well below the peak .JJn w ere ft aratSS 

U.S.. and Broken Hill Pro- 1 earnings of AS 11.16m in 1973*3,, Srefovll 
prietary. of Australia. . and came from activities dther-gS le jS "SLfflStiff 

Malaysia's Deputy Prime than the pastoral side. ” K-'-mffii, hankw nnH— ntho^ 
Minister, Dr. Mahathir, who The directors said that ptoflis 
leaves tomorrow as leader of an from the nastora! house business 

investment promotion mission to; were almost steady, with However, the board said that no 

proved livestock commissions off- „ ^ 

set by lower returns from. woot ??* *^ ected fr0m 
broking and slightly hijtfier costs 0usmess - . v . rl" 

despite Improved efficiency.- The dividend is-held at T4 cents 

Higher sheep and cattle prices » share— and is covered by eariy- 
and an increase in the number offings of 29 cents, compared: with 


the U.S., plans to meet oil execu- 
tives in Houston to discuss, 
among other matters, the possi- 
bility of their participation in 
developing the oil field. 

The Conoco-BHP consortium 


struck oil in Malaysian waters | cattle sold resulted in improved ?fi cents in the previous yeari 



gSe 



in 


Luxembourg 

We are the wholly-owned subsidiary in Luxembourg of 
Badische Kommunale Landesbank, a leading German 
bank headquartered in Mannheim. Our Eurabanking 
services include dealing in the 

Money Market 
and Foreign Exchange 

. Our Euro-spedalists have we bade in fixed-interest 
. the proven ability lo deal securities. 

, successfully in the money To find out more about our 
; markets bolh on an inter- Eurobanking services just 
: bank and institutional basis contact: 


— and the skill to provide 
effective foreign exchange 
cover for c/isnls active in 
international trade. 
Complementing ourmoney 
markels and foreign ex- 
change operations, we 
manage or participate in 
fixed-interest or roll-over 


• Dr. K. Kiappe - Managing 
Direrioi; 

Syndicated Euroloans; 

• L Ottavian? - 

Money market and Foreign 
exchange dealing; 

‘ DcH Braun — 


syndicated Euroloans; and Security trading 

BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL SA 

25c Bd. Royal • RO, Box 626 - Luxembourg-Vilie ‘Tel: 475144 
Telephone: 4753 15 {Deslersl 
Telex; 1 791. 1792 (Dealers}, 1793 (Credilo) 


CUVE INVESTMENTS LIMITED 
1 Rdyal Exchange Ave., London EC3V. 3LU. Tel: 01-283 110L 
Guide as at September 12, 1978 (Base 100 at 14.f.77) 

. Jive Fixed Interest Capital 129.57 

(fllive Fixed Interest Income 11459 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cwuhlll, London EC3V 3PB. Tel: 01-623 6314 

* Index Guide as at September 14, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 


Kloeckner Werke reports 
all-round improvement 

BY GUY HAWT1N FRANKFURT. SepL 20.. 

KLOECKNER Werke, West Ger- on September 30, crude "steel 
many’s third largest steel pro- production — which has stagnated 
ducer, has reported a major im- throughout German industry— 
provement in production, earn- was expected to show a 10 per 
ings, and the inflow of orders cent increase on the previous 
during the past 12 months. This business year’s performance to 
is despite the fact that the Ger- reach 4m tonnes, 
man steel industry, like all of The company also said that 
its European counterparts, has its wholly-owned and partly- 
been going through the worst owned subsidiaries outside, the 
recession since the end of the steel sector will finish the finan- 
war. cial year with positive retolts. 

Eisenwerk Geseiischaft Maxi- 
A statement from the group milianshuette has now achieved 
to-day said that during the past profitability, Kloeckner said, 
few months, output, bookings adding it will take up the re- 
and results had all been well maining 49 per cent stake in 
above the level of 1977. For the Maxhuette ft does not bold on 
business year 1977-78, which ends January 1, 1979. 


livestock earnings. But profits.. Croup sales rose by 15 .per 
From wool broking were lower .cent toA$l-39bn fU.S^IJ 6 bn). 
because of the smaller wool dip, Bte ri^lt/was' j aided'by-:a.Hlroi> 
reflecting dry conditions 'foe to toe tax provision from A$5.47m 
much of the year. .reflecting a tax sav- 

The directors added that the ing of AS i. 08m from-the, trading 
better seasonal conditions over stock, vgaluation adjastihent ' 

Debenture below 10% 

BY OUR OWN CORRESPONDENT SYDljEY, Sept 20. 

Commonwealth Industrial Gases for six years and 10.4 per dent 
has become the first industrial for eight years. , . 

company since 1973 to seek fixed Industrial Interest rates have 
interest funds at less than 10 per been falling since late last year 

— .c® 11 *- directors today in line, with the decline, in the 

Malaysia ~ was" alrea dy a "net" oil ' announced an ASlOm placement yield on fee Government long: 
exporter I of debentures offering 9.9 per term bond:rate^-fee interest rate 

Moreover, most of the oil j cent tor five-year maturities. 10 benchmark.; Tbe long-term cor- 
revenue was being invested over- j per cent for seven-year and 102 porate rate has fallen' in -that 

F ■> Inne naet fnv t9-vo*ar fiwiM nee 4 a. TO nah 'rant 


in tbe South China Sea in 1972. 
but gave up its concession in 
August when it failed to reach a 
production sharing agreement 
with Petronas, the Malaysian 
national oil company. 

The consortium had demanded 
belters terms than those given 
to other foreign oil companies, 
claiming that its field was a 
marginal one. but this was 
rejected by Petronas. 

The consortiym claimed that 
the field had 20 m barrels of 
recoverable oil, while Petronas 
believed it to have more than 
50m barrels. 

Dr. Mahathir said that the 
Government was in no hurry to 
develop the Conoco-BHP field, as 


seas, for fear of fuelling inflation 
in the local economy. 

Tan Chong Motors 

Tan Chong Motors, the assembler 
and distributor of Datsun cars in 
Malaysia and Singapore reports a 
31 per cent rise in half-year pre- 
tax profits to lOihn ringgits 
(U.S.S 4.7m), writes Wong Sulong 
from Kuala Lumpur. 

Group sales for the first-half 
rose by 59 per cent to 137m 
ringgits, with sales from both 
Malaysia and Singapore con- 
tributing solidly to this record. 

Some 63 per cent of the profits 
came from the Malaysian opera- 
tions, and tbe rest from 
Singapore. Profit margins were 
reduced by the sharp apprecia- 
tion of the yen, tbe company savs. 

Tan Chong expects profits for 
the wbole year to “show a satis- 
factory improvement" over its 
record pre-tax profit of 21 m 
ringgits achieved last year. 


per cent for 12 -year. time from r dose to 12 per cent 

While CIG is a prime borrower, to around 102S-10.50 per cent 
it would rank in the category of Wife- the /inflation rate still 
CSR, which is currently seeking coming dawn, and forecast to 
up to A$30m with a cash and con- reach around 5 per cent Tjy mid- 
version issue offering 10.2 per 1979, fee ; ootlook is' for continued 
cent for (our years, 10.3 per cent steady reduction in interest rates. 


Growth at Israel Discount Bank 

BY L. DANIEL TEL AVIV, Sept 21 ). 

THE ISRAEL DISCOUNT Bank Israeli pound in fee period. - 
— the country’s third largest— The _ .J)aik*s capita! and 
reports feat its consolidated reserves, including capital notes 
balance sheet which covers Bar- and minority rights, reached 
clays Discount the Mercantile I£2J.7bn, to . show a gain of 86L5 
Bank and other local subsidiaries, per cent daring the 12. mouths, 
as well as its overseas ones, more However^ since June 30 a 
than doubled in the year to June further IfSOOm has been raised 
30, 1978, to reach l£94fim by fee recent combined flotation 

(S5.4m). This is a rate of growth of fee .bank and fee Israel. Dis- 
exc ceding both fee rate of in- count Btoi&bolding Corporation, 
flation and the devaluation of the Deposits. rase by 125 per cent, 


Advance at 
General Tire 
South Africa 

By Richard Rpife . 

' JOHANNESBURG, Sept 20 . 
GENERAL 7 THUS and. Rubber, fee 
South ; African, associate of 
General -Tire .of fee UA, has 
reported improved profits for the 
six months to' June 25, flowing 
largely from - the increased 
volume of new. automobile sales 
over fee period.' Wife turnover 
up from R218m to R35^m 
'(S40&23>, pre-tax profits rose 
from R2-2m to R3.7m CS4Jm). 
Allowing for . tax ; and outside 
shareholders; the net attributable 1 
figure was up from RL7m to R2nu 
.Earnings: -per share for the 
half-year picked up from 56c to 
67c, and the Interim .dividend:' 
has been boosted .from 15c to 20c. 
Tbe outcome . for the full year, 
however, is expected to be little 
different from- fee 191c earnings 
achieved in. fee year to end- 
Becember. iThe rise in. the in- 
terim dividend*, which does not 
appear thfeave been to even out 
fee ' " difference . - between fee- 
interim ^and final, payments, sug- 
gests-that tbe.total for fee year 
could bedhead of. the 35c paid 
in 1977. At 650c, fee shares, 
which have come up 'from their. 
255c IowiLyield 5.4 per cent andj 
have been .one -of fee star per- 
formers to fee^ 'local; xnarket v 

The group's indastrial: rubber: 
division, Pigott ,'Maskew.. faari 
been fee. weak spot in the overall*, 
profit performaheej^and operated 
at a loss for parf of fee half-year. : 
Hence the tyre': division has been- 
lnstru mental in its.. contribution! 
to fee latest flgures>. Tbe rise .In: 
the gold : • price „ .and ensuing: 
stimulus', to gold production Is; 
expected’ to. benefit Pigott- 
Maskew’s- current performance. I 

Abercom contract 

The engineering group, Abercom,- 
has_ announced that. Its subsidiary- 
L. and*' F. . Metier has been,’ 
awarded an . R22m contract for; 
fee constrnction of a jumbo jet; 
service hangar complex at Jan,; 
Smuts Airport frr Johannesburg.' 
writes Richard Rolfe from Joban-I 
rdesburg. The contract was won! 
against competition which bas.;. 
included tenders from Taiwan.' 
The project, scheduled tor .com--. 
pletion ip 1982, will accommo-I 
date' six Boeing. 747s : and will! 
probably be the. largest of its; 
kind to fee world. . . . ;■ 

The contract provides substan- '* 
tial .work for Abercom, whose 7 
turnover last yea r to June M was; ' 
just under RIOOnt ' ‘ 


The Taiyo Kobe Bank Ltd 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
- Series A — Maturity date , 

22 September 1980 


In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
month interest period from 21 September 197S to 
21 jVIarch 1979 the Certificates will carry an Interest 
Rate of 9 5 /4% per annum. 

Agent Bank * 

The Chase Manhattan Bank, N.A., 
London 


STRAIGHTS 

Mean Australia 3%pc 1988 979 

AMEV Sue 1887 MS 

Australia Si pc 1993 94 

Australian M. & S. 9ioc "82 98J 

Barclays Bank Bine ISM .. 95i 

Bowaier Pipe 199S 98i 

Can. X. Railway BSpc 1988 95i 

Credit NatMual Si pc isss... m 

Denmark Si pc 19S4 971 

ECS 9 pc 1993 9H 

ECS Stpc 1997 

RIB 81 pc 1993 - - 

EMI 9}pc 1989 


984 

97 
98* 

98 

im» 

97* 

95* 

102* 

97* 

971 


Ericsson s»pc 1899 

Esso Spc 1986 Nov 

Ct Lakes Paper 9{pc 19M 
Hamersley 94pc l99i .... 

Hydro Quebec 9pc 1992 ... 

Id 81 pc 1SS7 — 

1SE Canada Bipc 1988 

Macmillan BloeOel 9 pc 1992 
Massey Fenmaon »*pc 1991 

MIchellQ 91pc 1988 99} 

Midland inL Fin. sine V2 97* 
National Coal Bd. Spc 1987 94 

National Wsnzmstr. flpc Ttfl 99* 
Natl, wsanttarr. toe 'Sfl 'S’ ion 
Newfound land 9pc 1988 ... 99* 

Nordic Inv, Bank sjpc 199S 97* 

Nonces Kom. Bk. SJpc 1992 95] 

N'orplpe 63pc 19S9 96* 

Norsk Hydro Slw l»: ... W 

Oslo toe 19SS 9W 

Pons Autonomies 9 pc 1991 nsj 
Pror. Quebec 9 pc IWo .. . 0T* 

Prov. Saskatchwo, SJpc 'fW 93 
Reed Internatlcmal toe 1887 M 

RH« 9pc UK 941 

Selection Trust Blue 1SW... fit] 
Shell loti. Ffn. Stpc 1990... 93 

Stand. Enshllda fipc 1991— 99 

SKF 9pc 1887 si* 

Sweden tK'doral 8* pc 1867 93* 

United Biscuits fipc 1989 „ 871 

Volvo Spc 1987 March {Cl 

NOTES 

Australia 7jpc 19S4 at 

Beil Canada 7* pc 1987 flai 

Br, Columbia Hyd. 7Jpc 'S3 83* 

Can. Pac, Sipc 1984 • 87* 

Dow Cbemieal Spc tsstt .. m* 

ECS 7*pc 198Z 93 

ECS 8*PC 1989 mj 

EEC 7ipc ITS! 93 

EEC 71pc 19S4 94 

Enso CmselT SI pc 19S4 951 

Goiaverken 7Spe 1982 <0* 

K odeums Spc 1M3 oci 

Mlrhclin 81 pc 19SB 98 

Montreal Urban Pipe 19S1 osj 
New Brunswick Spc 19«4 . M* 
New Bruns. Prov. Sipc 'S3 9M* 

New Zealand Sipr luge .. w* 
Nordic -Im-. Bt. 7>pc 1984 94 

XonK Hydro 7ipc 1353 ...... mj 


Offer 

98% 

95* 

942 

m 

Mi 

89 

98* 

99 

98* 

10G1 

901 

.97* 

99* 

971 

99i 

98* 

10U 

98 

96 
IDS 

981 

98* 

xm 

98* 

Ml 

100* 

192* 

100 

98 

PO* 

97 
931 

IM* 

99* 

98 
S3! 
96 
954 

sy 

re* 

991 

92* 

. 9fi* 
981 
844 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


m 

w* 

94 

98 

95* 

$51 

S3 

Mi 

94! 

90i 

» 

F4 

98} 

99* 

97 

99* 

90* 

94J 

96* 


Bid 

Norway 7Jt»e 1982 94* 

Ontario Hydro Spc 1997 ._ SS* 

Singer Slpc 1983 .. 99 

S. of Scot. Elec. Sipc IBS1 98 
Sweden iK’dom) 7 »dc ires ss* 

Swedish State Co. 7!pc "SZ B53 

Tebnea 9*pc 1994 98] 

Tenneco 7]pc 1887 May ... 91f 

Volkswaaen 7*pe 1997 93* 

STERLING BONDS 

Allied Breweries lOjpc *90 90} 

Citicorp lOpc 1993 921 

Coartaulds SJpc 1989 89* 

ECS Slpc 19S8 S3 

E1B 92pc 1OT9 971 

Ere 97PC 1992 94 

Finance for IthL b:pc 1987 914 

Finance for tod. iflpc i$sa 94* 

Flson3 181 pc 1887 97* 

Cestemer line 19S8 93* 

INA IBpc 1988 ... 8*1 

Howntree IOIdc 1BS8 92* 

Scars IOIpc 19SS 92* 

Total Oil 9*iic 19S4 90* 

PM BONDS 

Aslan Der. Bank Sine 19SS re* 

BNDE fllpc 18$fi -J7* 

Canada 4Jpc 1083 9fl 

Deo Norslee Ind. Bk. Bpc Vfl 99* 
DeUtacbe Bank 4[pc 19S3 ... .9S 

ECS Sjpc IBM 82* 

EI3 31pc 1998 92*. 

Elf Aquitaine 51 pc lSSS ._ M} 

Ears tom S!pc 1887 97* 

Finland 33pc 1950 97} 

Forsmarks 5|pc 1930 97 

Mexico floe 1985 97* 

Norcem Slpc 1989 S3 

Nonray 43oc 1933 9S* 

Norway 4bc 1SS3 87 

PK Banken 5*PC 1998 SC* 

Prov Quebec Bpc 1990 97 

Rautartmklrl Slpc 1988 95 

Spain Bpc 1938 . Sfif 

Trondheim 5ipc 1088 96 

Tvr ppwar Co' bpc t98*.. st 

Venezuela Bpc 1988 .. _ 9» 

World Bank Stpc 1990 87 

FLOATING RATE NOTES 
Bank of Tokyo 1994 n'pc ... 99 

BFCE 1994 9?»DC ' 99* 

BNP 1K3 fiSupc 991 

B0E Worms 1965 fipc ...... 98 

CCF 19R5 S?pc .8S* 

Cbaae Vanhttn. V3 95tfpc> 98 * 

Crcdltanaalr 1984 Sine ..... 99 

Df! Bank 1982 9pc - 991 , 

GZB IBM Slpc ... m 

inti. Westminster iQg* gpc - 99* 


Offer 

re 

W* 

9SJ 

982 

9G 

06* 

09* 

934 

M 

91* 

93! 

864 

94 

9M 

05 

re* 

95* 

981 

944 

92? 

93* 

93! 

81! 

964 

OSi 

08 

106* 

89 

031 

®3 

954 

984 

984 


90 

00 * 

98 

97* 

98 

H 

m 

IT 

93 

97i 


»4 

091 

100 * 

9Si 

99 

W* 

994 

100* 

100V 

991 


Bid 

Lloyds 1983 815j£pc — B9f 

LTCB t res «« « pc H9i 

Midland tot FS S7 89jaPC 9S* 

Midland Inr^FS *93 97| 6 pc 98* 

Nat. wsDpinstr- *90 9S| 6 pc 9s| 

OKB 1983 MPC ' — J . 90* . 

SNCF . 1993 SSffiPO 981 ' 

Sid. and CbOG. •84-BSigpc ■ 39f . 
SonrcoT Wfctte Webl Securities. 

CONVERTIBLES 
American BzprtiS.4)pc *87 

Babcock *■ Wflcnx 7pc -92 
Beatrice roods‘4iPC I9« 

Beatrice' Foods 41 dc 199l„. 

Beedum Stpc 1982 — 

Borden 5pe 199* 

Bools Mne IBM 
Broadway Hale 4IDC 1987.^ 

Carnation 4pe 1987 . — — 

Chevron Spc W® - 

Dan 4*DC W7 


Gillette 4Jpc 1987 

- .' GnV and Western 6pc 1889 

. Earrls Spc . 1992 

.Honeywell Spc. 1888 
Offer JCI Slpc 199* 

iwa qm i»7 : 

tocbcane Sfpe 1993 


100* 

9W 

m 

» 

99* 

190 

69} 

9H 


ITT 4fpc TSgJ i 

Joseo BPC 1993 ... 

Komatsu 71 pc 1990 

A Ray McDermott «!pc , 87 154 

MarsnSUta Bloc 1990 ' 

llitwl few- 19» 1„ 

J. T». Morgan 4»pc 1987 ._ . 100 101* 

Nabisco 5*pc l938 : WJ 1941 

- Owens ntlnolB 4Jpc 1W -... 117* 119 

- J. C. Tenney 44pc 1387 ... 7SJ » 

Revlon 4Jpc 1987 tsS 13% 

Reynolds Metals fipc 1988... «7| -» 

SandrOt Sine 1988 110 119 

Sperry Hand 4ioc 1997 ..... 97 " 9S* 

Scmbb u pc iasr „. - -t 'at 'Ml 

Texaco 4 5 pc 1983 ...' 7T 7S4 

Texas Ini. Air. 7* PC 13BS - 98 » 

Toshiba Slpc 1992 1 133- IM 

Ty CO. Spc 1994 73 - TBS. 

XT Co. SttJC 1988 1BU iMi 

Uokm Cart Ider 4f pc -1983 .. . J 89* 
Warner Lambert 4fpc 1997 87 

Warner Lambert 41 pc 19SS . 78* 

Xerox Spc XSW ' 79. . 


Bid 

offer : 

78*. 

79 : 

37* 

SS i- 

225 

227 ■ - 

33* 

w :• 

98 

99 

981-' 

m 

114 

US* 

7» 

SO r 

144 

lti 

149 

i«i : - 

154 

IM i 

199 - 

191 : 

134 

133 .• 


Eastman Kodak 4*pc_ tore 
Economic. .Law. .4fpc l9S7 
Firestone 5pt.l9S8. 

Ford Spe-1989 
nenera! Ekctrtc:'4fpc i9S7 


82 

130* 

,I0W 

1164 

119* 

97 
1B2* 

74* 

77J' 

131* 
83 . 
87 
sw 
TO* 

84- 

98 


131* 

wa- 

lls 

116* 

103* 

76 

79 

153 

Mi 
88* 
« . 
78 
854 
STi. 


pBl 


Li 


H3ANTC 


rcr.s.NTO 


C^TQiv 

* 'J.t 


■ ; V. 


Source: Kidder, Peabbdy Securities. 


■ ’ : - Weekly net asset valuer 
n bn r September 18th, 1978 . ; 

T^cyo Pacific Holdings PO.V, 

$70.19 - 


™*r,; 






^fqkyo Pacific Holdings (Seaboard) N.V. ;; 

: -OnS. $5lLt4 

, :ijsted-on ths AmstertiarTr Stock 'Exchange . f 

.iwtormretftmr Fionwi. HeW Ptentn N.V. Ham«ndM: 214. Amsterdam ‘ 




Hi. 


Siv-.. 


raict irtpec. 

DM 


VONtOBEL EUROBOND INDICES 
7 143.7*^Ifl0g£ 

V • te:9.7fl 1 2.9.7TL ’ AVERAGE YIELD - 
jffS.B?. \IOS.7g' ..DM' B«wb ’ 


19.9,-78 ; 119.78 

DM HoMl • .L •!“>»*. ..un DOtlOS . i ,415 . A- 40* 1 

HFL S'ri-Noy 102:59.., 102.9§ HFL Bonds • nW 7.8*9 

\JX S sin. Bwyte ■ 99, 99.M . JfS. 8 Strt. Bonds 9.913 S:9J5 

Can.-DaJfaf.8w**. / 98.25 9>.*Q. Can. -Dollar Bonds •. • -9.691- '9*28“ 




ii 








27 


,fc ' . 


THIS ANNOmezaOSNT iiPTEARS AS A MATTER OF RECOBS ONX.X 


up 


l) 

v’tnerai], 


v>ut!i 


• ■ - Nj 


V" 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 



PRIVREDNA BANKA SARAJEVO 
UDRUZENA BANKA 

U.S. $39,000,000 

' EURODOLLAR LOAN 

• ".^MANAGED BY 

CITICORP INTERNATIONAL GROUP 
B ANKAMERICA . INTERNATIONAL GROUP 
CANADIAN AJVEERI CAN BANK S. A. 
MANUFACTURERS HANOVER LIMITED 
TORONTO DOMINION BANK 
WELLS FARGO LIMITED 

- ’ ..-PROVIDED BY 

CITIBANK, N.A. BANK OF AMERICA NT & SA 

CANADIAN AMERICAN BANK S: A. . 

TORONTO' DOMINION BANK • 


MANUFACTURERS HANOVER TRUST 
COMPANY .. 


WELLS FARGO BANK, N.A. 


. CiTICORP INTERNATIONAL BANK LIMITED 

. ‘ '• ’ : . . .' i- ^GENT" . ; ‘ 






\ 

l 


AUGUST 19, 197t 


-NI 


RUDNICI I INDUSTRIJA ZA NIKEL, CELIK I 
ANTIMON, FENI, KAVADARCI 

U.S. $50,000,000 

EURODOLLAR LOAN 

GUARANTEED BY 

JUGOBANKA OSNOVNA BANKA SKOPJE 

AND 

STOPANSKA BANKA-ZDRUZENA BANKA SKOPJE 


MANAGED BY 

CHASE MANHATTAN LIMITED . 

CITICORP INTERNATIONAL GROUP 
MORGAN GUARANTY TRUST COMPANY OF NEW YORK 


PROVIDED BY 

THE CHASE MANHATTAN BANK N.A. CITIBANK; N.A. 


MORGAN GUARANTY TRUST COMPANY 
OF NEW YORK 

BANK OF AMERICA N.T. & S.A. 


THE BANK OF NOVA SCOTIA 
CHANNEL ISLANDS LIMITED 

MITSUI BANK LIMITED 


CITICORP INTERNATIONAL BANK LIMITED 


AGENT 


AUGUST 10, 1970 


C' 


. V 


t. *- 



.. V 


v 


H !S ‘ 


- v C ■** 




. - THIS ANNOUNCEMENT APPEARS AS A MATTER. OF RECORD ONLY 



.. » 
<C- 

^ c 


HELLENIC AEROSPACE 
INDUSTRY LTD. 


U.S. $8Q;Q00,000 

EURODOLLAR LOAN 

GUARAl^TEED.BY 

THE GREEK STATE 


. MANAGED BY 

CITICORP INTERNATIONAL GROUP - 
BANKERS TRUST INTERNATIONAL LIMITED 
CONTINENTAL ILLINOIS LIMITED 
UNION DE BANGUES ARABES ET FRANCAISES - U.B. A,F. 


_ ! • CO-MANAGED BY 

ASSOCIATED JAPANESE BANK (INTERNATIONAL) LIMITED 
- ATLANTIC INTERNATIONAL BANK IilMITED 
MIDLAND BANK-LIMITED 


CITIBANK, N. A. . 
B.T. ASIA. X23MOTED 


ATLANTIC INTERNATIONAL BANK LIMITED 
UNION DE.BANOUES ARABES ET 
FRANCAISES - U.SAJ. . .. 

GULP INTERNATIONAL BANK E.S.C. 

JAPAN INTERNATIONAL BANK LIMITED 

THE TOKAl BANK, LIMITED 
UBAE B ANK LUKOTED 


PROt^DtDjBY 

• "CONTINENTAL ILLINOIS NATIONAL BANK 
- AND TRUST COMPANY OF CHICAGO 
ASSOCIATED JAPANESE BANK 
. ^^INTERNATIONAL) LIMITED 
'7 MIDLAND BANK LIMITED 

THE BANK OF NOVA SCOTIA • ■ 


THE NIPPON CREDIT BANK, LTD. 
PROVINCIAL BANK OF CANADA 
-.(INTERNATIONAL) LIMITED 
UBAF ARAB AMERICAN BANK 
UB AN- ARAB JAPANESE FINANCE LIMITED 


CITICORP INTERNATIONAL BANK LIMITED 

• AGENT 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


THE CENTRAL BANK OF 
THE DEMOCRATIC 
REPUBLIC OF MADAGASCAR 

U.S. $29,600,000 

MEDIUM TERM LOAN 


MANAGED BY 

CITICORP INTERNATIONAL GROUP 
AMEX BANK LIMITED 
SEATTLE-FIRST NATIONAL BANK 
CHASE MANHATTAN LIMITED 
SOCIETE CENTRALE DE BANQUE 


CO -MANAGED BY 

BANKERS TRUST INTERNATIONAL LIMITED 
THE MERCANTILE BANK OF CANADA * 


PROVIDED BY 

CITIBANK, N.A. 

SEATTLE-FIRST NATIONAL BANK THE CHASE MANHATTAN BANK, N.A. 

THE MERCANTILE BANK OF CANADA BANKERS TRUST COMPANY 

AMEX BANK LIMITED 


PIERSON. HELDRING & PIERSON 
CHONG KONG) LIMITED 


AMERICAN SECURITY BANK INTERNATIONAL 
LIMITED 

SOCIETE CENTRALE DE BANQ.UE 



SEPTEMBER 


*. 197$ 


CITICORP INTERNATIONAL BANK LIMITED 

AGENT 


,* • -r. - »*" “ 

7- • ' ■ \ • 


i 


AUGUST 197* 




28 





doesn’t involve Cana 



It will probably come as no surprise 
to you that the Royal is Canada's largest 
bank. But, with assets exceeding $35 
billion, were also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— we’re involved in bank- 
ing in more than a hundred different 
countries. 

Now size, we grant you, isn’t ail it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments 


But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import/ export deals 
and the entire spectrum of international 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal B&hk. 
At (01 ) 606-6633 in London, 266-90-30 r in 
Paris or (0600) 726 051 in Frankfurt, Even 
if your international business doesn’t : . 
involve Canada. And especially if it does. 



TH E ROYAL BAN K O F CANADA 

One of the world’s great banks. 


COMPANY NOTICES 


ART GALLERIES 


PERSONAL 


CHILEAN EXTERNAL LONG TERM DEBT . 
LAW NO. 5982 


SPANISH 4-., EXTERNAL LOAN 
(1974) ISSUE 


— The coupons due 1st October. 1978. ' 

CHILEAN ji.i' loan ihm may be presented tor payment at Banco 

CHILEAN 41. . LOAN 1895 EspaAol .«n Londros S.A.. SO. London I 

_ NOTICE IS HEREBY GIVEN that a Wall. London ECJP JJB. between the ; 

Drawing of Bonds of the above loan hours of 10.00 a.m. and 2.00 p./n. i 

took place on 12th September. 1978., BANCO E5PANOL EN LONDRE5. S A. 
attended by Mr. Keith Francis Croft Baker l London. I 

of the Arm or John Venn A Sons. Notary • 2lst September. 1978. 

Public, when the following bonds were 
drawn for redemption at oar on 1 st ' 

October. 197B. from which date all 
Interest thereon will cease. — I 


talent. 


SIDRO 

Societe Anonvme 
Registered Office- 
38. R ue dt- Naples. Brussels 

3 BONDS OF £1.000 NOMINAL 'Commercial Register ol Brussels No. 1846 
CAPITAL EACH 

NOTICE IS HEREBY GIVEN that the 

Annual General Meeting ol the Company 

will be held at the Company's offices at 1 ' 

SB. Rue de Naples. Brussels S. on. Tue*- . j.p.l. 


CRANE KALMAN GALLERY. T7B. 
Brampton Road. S.W.3. Outstanding 
British works of art. Barbara Hcpworth, [ 
L. S. Lowry. Henry Moore. Ben Nichol 
son. Graham Sutherland. William Scott. ; 
Matthew Smith, etc. ALSO works by t 
European and American artists. Mon.-Fn. i 
10-6. SaL 10-4. 01*584 7S66. CRANE J 
ARTS. 321 . Kings Road. 5.W.3. 01-352 
5857. Native Art Irony T8tfi-20th cent. 
Also young artists of unusual vision and j 


Numbers: 


219 


408 


723 


1 BOND OF £500 NOMINAL CAPITAL 
Number: 1084 


FINE ART SOCIETY. 14B. New Bond St. I 
W.1 01-629 5116. CHARLES RENNIE i 

MACKINTOSH. Also Scottish Painting ! 
1 9th- 20th Century. I 


36 BONDS OF Efoo NOMINAL CAPITAL 


assi 

1US 

EACH 

3058 

3?l? 

soap 

3101 

3108 

3247 

3217 

3239 

3259 

3151 

4200 

4359 

4701 

5311 

5598 

7201 

5735 

5943 

570C 

7975 

5473 

5952 

5701 

8793 

9393 

39 Bondi amounting to 

£7.000 

Witnon: 

K. F 

capital. 

C. Baker. 

Notary 

Each 

o< me 

above bonds wh 


p.m. 


1077 

3209 

3778 

5192 

9286 

8S75 

9492 


day. 10th October. 197B. at 2.30 
lor the following purposes: — • 

AGENDA 1 

I.To receive Reports of the Directors I 
and Auditors on the transactions of the , 
Company lor the period up la and ' emi , 
„ mcludlng 30th June. 1978 i ®FrwSh 


FINE ARTS. 24. DaviCS Street. 
W.l. 01-493 2630. JULIAN COOPER 
recent watercolours. Sent. 12 -Oct. 6. 
Mon.-Frl. 10-6, 


HAMPERS 


OF GOOD. FOOD & WINES 


Britain's leading packers supply* 
mg the groat scores of the world 
and leadervof industry. 


THE HAMPER PEOPLE LTD, 
Strumpshaw. Norwich. 

Tel: 713937 

Telex: 975353 Hampers 
Colour brochure on request. 


•MW"- 


Fine British and | KENSINGTON. WJ. Small roam to .let 

2 */£c.ount British , R MAR fTIM^' PICTURE? 

*° the POTlotf ended 42 . Albemarle Street. Piccadilly. 'W.l. 


30th June. .1978 
3. To appropriate tfte balance or the 
Probt and Loss Account. 


cind.nuiun, m jrn.ni luum id in 

fn large family flat week days. Bed A 
breakfast. Write Box A. 6484. Financial 
Times. 10. Cannon Street; EC4P 4BY. 


- pre- ; auditors. 

the office of N..M. Rothschild 5. Statutory appointments. 

6 Sons Limited lor redemption muit bca> - In order to attend this meeting, or to 
the coupon dated 1st April. 1979. and . be represented at the Meeting, share- 
all subsequent coupons, otherwise the 1 holders are required 10 conform to Article 
jnjount .of the . missing coupons will be . 30 and 51 of the Company’s Articles. 


ducted from the principal ro be repaid. 


The usual interval of four clear days 
will be required lor examination. 


|Jew Court. 


Swlthln'% Lane. 
London EC4P 4 DU 


zm September. 1978 . 


HITACHI LIMITED 
CKA5U5HIKI KA5ISHA HITACHI 
SELSAXUSHOl 


SLffi. CONVERTIBLE UNSECURED 


LOAN STOCK 197- 

- IF BEARER 


NOTICE TO BEARER Ol 

DEPOSITARY RECEIPTS 
'STOCK BOR'Si 

CITIBANK N.A. LONDON as Depositary 
Oivk notice that Coupon No za from 
Stock BDR'i 


Bearer Shares may be deposited up to 
and including the 4ih October. 1978. 
[ during opening hours at the counten 
l allotted to receive them: at the head 

■ office of the Company (entrance 25. rue 

■ Oe Champ de Marsl and: — 

I In London: 

• Bairaue Beige Limited. 

I 16. SL Helens Place. EC3A EBT. 

Midland Bank Ltd.. 

I International Division. 

1 60. GraccchilTh Street. EC3P 3BN. 

Baring Brothers & Co. Ltd.. 

) 88. Leadenball Street. EC3R 3DT. 

| J. Henry Schroder Wagg A Co. Ltd.. 

1 2D. Cheapslde. EC2V 6DS. - 

■ PROXIES pf shareholders wishing to be 
represented must be received at the Head 

I Office by 6th October. 1978. at the 
1 latest. 

, By Order of the Board. 


mav now be presented lor 


ding JCKh September 1978 at any ol 
the (allowing offices: 

CITIBANK N.A. 

Friars House 

39-41 New Broad Street 
London 

BANQUE INTERNATIONAL A 
LUXEMBOURG S.A. 

Luxembpur 


LEGAL NOTICES 


In 


No otijyn of 197* 

ihe HIGH COURT i>F JUSTICE 


I '-Juiu-crF Division ramiMnu!* Conn- Ui 
Ibr Mutter Of TII>TRROI-D & SALT 


.. SALTER 

[ RECRUITMENT LIMITED and ill the 
New York 19005. Manor of Thi: CompaoiL-S Ad. 194S. 

The net amount payable „oer us S1D0 ' NOTICE IS HEREBY" GIVEN. That a 
utSd"?* s,oct 8DR 1 “ I Petition for die windins-iip of ihn ahoeo 

<Sr5?* interest (or hall vear ) named Company bv ihe Blph Coon or 

at G-as** P-a. -> USS3.I25 Justice u-j6. on lb,- nib nay of September 

Less Japanese withholding I 197?. present c<l in the said Court by 


applicable 


— U 510.31 25 


US12.8125 

F resen tatk« la Uiaemboarg and New York 


dedoctod wnere presentation Is made 
Luxembourg and New York. 

Presentation In London 
Presentation in London w.|| only be 
accepted fram authorised Depositaries in 1 hniory of .the .art Company desirous 
accordance with, conditions printed on the | lu support or optmki- the taakiDii of ao 


THE COMMISSIONERS OF CUSTOMS 
AND EXCISE or Klns'i Beam H onsc . 
39-41. Mark Lane. London -EC3R THE. 
and that the «Jd Petition Is directed 
In bn beard before iho Court sin inn at 
the Royal Conn* nf Justice. Strand. 
London WCUA 2LL on the 23rd day ol 
October 1979. and any creditor or contn- 


f^'cHjhSnk nT ,n London I 0rdtr on *»W Petition may appear 

Unless an acceptable affidavit accompanies j Mn, { ! J'^rinK in persno or br 


coupons presented >n London. United King- tab Counsel for lhal purpose and 3 copy 
dam Income tax at Ihe rate or 23" ol the Pi-Nllon will h>- Tarnished by the 
«m“ta e deSC«ed res? I »« »"* wr^d.ior or camrlbo- 

ot Japanese withholding tut. The sum 1 ’ 017 ttUf 501,1 Cumpuny requiring Rich 
ol these taxes deducted in this situation , pwnwtu or the re^ulai'-d charge 



"Financial Times Thursday 


Currency, Money and 



to weaken 



Possible problems oyer the D-mark, compared 'with DM 1272d 
Middle East peace agreement con- previously. . Trading was fairiy 
turned to depress the dollar in hectic throughout., the -. fixing 
the foreign exchange market yes- session, while the rise of ihe D-. 
terday. The Swiss franc was very mark ccrapied with speculation 
firm, with its . trade-weighted ahead of the European monetary] 
appreciation, on Morgan Guaranty system unveiling .put further 
figures, rising to a record 104J pressure on the Dutch gadder' and 
per cent from 101^ per cent The the Belgian franc,' which hovered 
dollar’s depreciation, on the same around its lower intervention, 
basis, widened to 9J3 per cent from point of D M 8.343. ' 

8J per cent. Several European AMSTERDAM— The . ; Dutdi 
central banks probably intervened authorities- gave an estimated 
to help the dollar, and one or two dm isOm. support to the guilder, 
members of the European Cur- which touched its lowest pe rmitted 
rency snake also required help. level against the D-mark witidn j 


KS. I a . 
.Guilder 

Rglgiim F. ] 
Danish E. 1 
B- Marie j 
Pint. Sbc. 

span. F». 1 
llxx i 

Xrwsa. X- I 
French Ft- | 
ywedJih Kn 
Tea ! 

•Austria S<*1 

tiirln Ft. 




4.isi-<ja 

68.fiMl.S5 

10.61- 

M.7VM.10, 

144.60-1«^6 

10.21-1BJ# 

8.6MA8A 

8.6544.7*1 

370-576 
27.06-23.® 
S. OB-3. 03 


4J1HJS 

llL6G.I0.6fl 
, £88-3,08 

fMMfl-146JB 

T.BSBfelAMA 

UL28felOJ7i 


8.714-6.72! 
87s -576 
28.10-28. T& 
3.04-3 JIG 


Belgian OU » fr “ C> ’ 
B toiS id Crane a.fMS-8®- . 


sssaai^BasBps 

2ig.1l9C.p5j 
26-16 c.pm 
UarecSi 


SlgilBpf. 
60-190 a did 
60-160 eAli 
Hire, 

2 S 1-H W*.pn«j 
8fe2ic.p«o 
54- U ore pm 
5.40-3. !Q jTan] 
17-7 Rropm 



8144U e-JHO -i IMA.’ 




Sb-snath 

I2-momh 4JHK8?c‘ pen. * 

- • . ' Y -I- 


THE DOLLAR'S POT 


September 2° 


Day's 

spread 


Chue 


as a consequence of the D-mark s 
overall strength. The Dutch 
guilder and Belgian franc both 
tonched their floor against the 
German currency. 


the European currency snake. 
Over the past three, days central 
bank D-mark sales are estimated 
at over DM 370m. The dotiar fell 
to FI 2.1275 against - the guilder 


The dollar fell to DM 1-9550 from pi 2.1430 on Tuesday - 
against the D-mark, before BRUSSELS — There was nn 
closing DM LSfils, compared with official intervention by the central 
DM 1-9745 previously, while the STas T S5SS 


0 

-2S 

-c 

-Si 

-K 

10' 

-IZi 

1 

— 

c 

5m 

r 

m 

tot 

■Gra 

amt 

-1 

lV_ 


















X 


u 

J 










<r 




“ 


f 

1 





Y 



- DQLL1R > 

SXHHuaal*^ 1 

■ 1 l 1 1 1 1 » = 


k 

ONDJ F M A M J J A S- 
1977 1978 


franc was fixed at its lowest inter- 
vention point against the lynjark 
within the -terms of the 'European 
joint float agreement. It was offi- 
cially priced at BFr 15.765 against 
rhe German currency, in anticipa- 
tion of a general realignment of. 
exchange rates, if a new European 
monetary system is to be estab- 
lished. At the fixing the dollar 
fell to BFr 30.S750 from BFr 51.080 
previously, and the French franc 
was fixed at BFr 7.0680, against 
BFr 7.0950 on Monday. ; 

PARIS— The dollar fen >to 
FFr 43660 against the French 
franc at the fixing, compared with 
FFr 4.3S40 on Tuesday. The-D- 
mark was fixed at FFr 22300. 
compared - with FFr 22225 
previously. • : - 

MILAN— ' The Swiss franc 
touched a record high, against , the 



Special 

European 


Drawing 

Unit or 


Riaus 

Account 


U.S. currency touched a record lira at L537.95 compared with ibb 
low of SwFr 1.5330 in terms of previous day's fixing " level of 

rtis <«-ice Fro nr* STtii finichorl at 1 $40 c • 


the Swiss franc, and finished at L528.64 The dollar continued 
SwFr 1.5380, compared with Tuesday's downward trend,.' and 
SwFr 15700 on Tuesday. - was fixed at LS26-70 yesterday; 

Sterling was generally firm, with compared with L830.70 previous};, 
its index rising to 63-3 at noon, on The Bank of Italy sold most of 
Bank of England figures, before the S20-Im traded at the flvftig , 
finishing- at GS2. compared with helping to push the U.S. currency 
62.9 on Tuesday. The pound close to its low for the. year, 
opened at 3L9640-1.9650 and TOKYO — The dollar eased 
touched a high point of $1.9840- against the Japanese yen . in 
L985Q at noon, before closing at moderate trading, finishing. . at 
$1.9785-1 .9795. a rise of 1.65 cents Y1 90.02?. compared with Y190.87}' 
on the day and the best finishing on Tuesday. After opening- ai 
level fo r ove r a month. Y390, the U.S. currency touched 

FRANKFURT— The Bundesbank a low point of Y1S9.65, but ^re- 
did not intervene as the dollar covered slightly towards . the 
was fixed at DA! 1.9582 against the close. 


Canid’nS* 
Guilder 
Belgian Fr 
H ama h JvT 
D-Mark 
Pork Esc 
.Lira 

Krwgo. Kr 
Preach Fr 
Swedish Kr 
Yen 

Austria Sch 

Swi33 Fr 


Z1308-2J336 

3Bj85^0-K 

53MO-5.4053 

1.W154.W0 

S26.7M2BJB 

5OS35-5J960 

SJMB-SJinS 

4.400S-4AWS 

18EJSB-im.4S 

14JS-H2IS0 

13350-L5SS0 


8&4MSJS 

203M-213U 

3MM0.W 

1.%L54.%3B 

45304S4B 

826.7B-82TJO 

5JSW-5J9fl» 

-43US4J30D 

X88J8-IS8.7Q 

14J&1U9 

U3SOU370 


U.S. cents per Canadians. 


FORWARD. AGAINSX 4 


One mouth 


P-a. 


Tto^ttstoaog 


h- - . 


BJMJBciSb ■. 

WWfcW :»UWli » -■ 

JWspnr .-UZ'tttcggi.: . -jft - 
L2WJ5grt A» - ' 

2M4SctlIs - -J2SJ -wl . 

230-2JWlr««f -3M -MMJSBiwtt* .5; 
8J5-8. Here in* -USiX2S.LiSw*Vh' ' 

L274U2CIHB ... 44a.MK.A3Ccgm%^. ' 

t454J15]MRn «A2. X22-3J»-»^ 5’- 

3.7sa.7SBT9i«i -is 5 umBSV^- ' 

UHJBt RHi «I5 X3M3ICJW,™ ’ 


CURRENCY RATCS 


Sterling — 

U.S. dollar .... 

Canadian do'^r . 
Austrian sehmin* 
Belgian franc .... 
Danish krone 


_ 1-222U. 
1,48883 

... im 
— MJg 
L9UZ7 


L29«5 

U177V 

1LSX61 


Deutsche Hark *-5W59 

Guilder — 

French franc SSJJ12 

Lira 1KS7-22 

Norwegian kwne ~. 

Peseta — — — 93-WB 

Swedish krona — S«6» 

Swiss franc : — 2.D0W8 


7.B5884 

255921 

2.782X6 

sums* 

187MZ 

246A77 

eotm 

955225 

5.73512 

Z2B9« 


CURRENGYMOVEMENT5 


SewtcmberH 


■MkoT 'MareaB.i- 
Eoalud-GnartBir ' 
■index 'ttmamz. 


Sterline i 
US. dollar 
Canadian dollar S05* 
Austrian scfcffflsv ._' -14(rA8 
Belgian franc — — . HL30 
Danish krone w....--:uM5- 
Deutsche' Mark ___ 14287 
Swiss Crane 
Cttllder 



French fi-*nc ‘- *L5S V -. JL7 

Lira 56.80 . -47 J| 

Ven- -158.19 «ajr 

■ Based on trade weigbzed cfeaasa* Awt' 

I waslilngton agreement ^ December, - Mr 
(Bank, qf ,E?ri«Iantl Index sioff*:':- ’ 


.22 


OTHER MARKETS 


Sept. 20 


J. - ..- . 


„■£ . 

v2¥ole^itwj,“ 


Arieurina Pew { .1, 60X1.691 .1862^5-654^7 Wrta ^ 2Z5a83.50 ' 

Australia DoUar^.. 1.7103-1.7160 0666741.6668 Belgium 62.60-63. 60^ : .- 


Finlanil UBrVka~.- 

Brtail L'ru»iw>.._.. 
Citew Drachma ... 
Hong Kong Dollar. 

Iran Dial — 

Kuwait Dinar fKD) 
lioserabijurjt Franc 
Ualaysia Dollar 
New Zealand Dollar 
Saudi Arabia Rtjal 
Stags pore Dollar... 
SouTb African Band 


8.02-8.0? 
37.S0-S8.50 l 
71.677-73.429 
P.389-40 
135-141. 
0.532-0.542 
61.20-6130 
4J: 

1^635- 
6.50-6-60 
4.42-4i431g 
1.7087-1. 


4^635-4.0665 Denmadf J0.60-10.76 

18.96-19.46 IFtnnce-..^-.-.... 8^0-S7.G^ . 
36.22-37.10 (Germany 3.84-3.94= 

4.74-4.75 [Italy ' 160aW5ff '< 

.-69.22-7 L25 jjapad- — ■ \ ~ 370380--'. 
880.2739 LNetherianda 4.154^5 


3033^30.96 iNcmvay------- -I' IQ ^ 0 - 10 JO-., 

12960^^980 88104 


144-14- 
1 -3X03.10- 


8^460-2X460 jUilted St*ti».;...4l J97P0-ZX8CK1 - 
' IrugoalSTia ; ' 38,00-4 LOG 


[0.8634-03766 I 


Rale siren tor Argentina la free rata. 


EXCHANGE CROSS RATES 


Sept. SO 


lYiuud Sterling 
r.S. Dollar 


neuiEche Marl, 
-lapnnefee Ven 1.000 


French Franc 10 
Swiss Franc 


Dui<m Guilder 
Italian Lin 1,000 


Canadian Dollar 
Belgian Franc 100 


Poun.i s-ieriio^ U.Y. Do'lar Deat&ibeAIarii: JapaoeeeTea;' French Franc- . dwiaa Frano 

DobtaXhxUdec 

ItattuvEdnt ' 

i Canada Dollar 

] Seigiu.rcui - 

1. 1.979 3.885 J70-.0 ' 8.64S 6.046 

0.5C5 1. 1.963 1 283.0 .1 4.068 1.539 ‘ 

4.223 

-.-'-'•2.134' . , 

1636. • 

2.51C - 

L 1 T 0 . 

b'jtt- 

0.257 0^09 1. 96J37 ' 2^26 .0.784 - 

2.674 5^91 10.39 1000. 23.11 B.14Jf 

■ IJX'I ■> 

• ll^B ’ 

421.1 - 
4374. --, 

0.596 
-. 6.189 

I.’ ■, 16:77.- ~ 

-:'.'183L8,- • 

1.157 2.289 4.494 - 432.6 . i 20. 3^22 "j 

0.328 0.650 1.276 188A j , 2.839 .' 1. ] 

4.884 

: . UMO -'. 

(: -.-1892. 

" '.837 Jl . 

' ' 2.677 
0.760- - 

70.88 1.- 
- 20 . 11 * ‘ 

0.237 0.469 0.920 88.57 . f . 2.047 J 0.721 

0.611 1.210 2.375 228.6 x, ■■ 5^84 4 L.8B1 .. 

• 1 .' " 

'.v; 2.581. •' 

387:4,. : 

: loao; 

04M8' 

1:418 


0.432 0^55 1.679 161.6 '. t 3.735 ' i. - . 1.316 

1.633 3J31 6.343 610.6 J .14.11 ■ ' 4.971 ,| 

• 1A24 : 

6..B94- 

Toojfe 

: 2871..,. i 

"-I. . 

, .-- 3.772 ..r 1 

iajirS 

-loo. i- 


EURO-CURRENCY INTEREST RATES 


<rpt. 20 


Sterling 


U.S. De ar 


Canadian 
tie- »r 


i Dutch Gn.lner Swiw Franc 


V 


We»t German 
Mart 


French Pram) 


»>h«..rl tenn.:... - 
i dae’s notice 

Month 

Dirw monrbs-. 
^ti month*....- 
One tear 


14*i-15!4 
IIAi-IBU 
llui-12i« 
H7i 12ia 
1215 1212 
12U 125a 


85»S*3 

■fls-en 
&■; 8% 
BIe ri° 
9*4 \ 

a.V 9 ^ 


ait-9!, 

4Jt -5 . 

P» r1 < 

'!'• d*i -dJv,: '•] 


8H-9U 

4it 5 

par U 

314-35, r 

75b-7«i . 1 

e; 3 -t» ; 

5i. 5 la 

iVi 

. ; SrVdik 

aja^H *r 

»v9V 

6': 61* 
ti: 7 

F..-1IT 

: -I3jS 

834 9 - j-, 

938-95* ;.-■ 

9-.V-9-5 

*M-7 

j-l.a 


984-10 f- 

London dcUar 

certificates 

cf deposit: 

One'modtii R78-S.S8 per cenu .tbrro m 



per cent: one rear 9.15-9 “o per cent. . 

Long-term Eurodollar depoens: two ?car? -9:-9j per cent: *hree years H-?: per cent: four war s BMfr per cent; flve. years M-W per east uomlnil <3D*tn» rate. 
Short-term rate*, are call for aurUns. U.S. dollars aad Canadian daflars; rao days' notice for guilders and Swiss francs. Aslan rates ast ctoaSag-rwoaln SingatXKe, _ 


. . - . .-..n 


INTERNATIONAL MONEY MARKET 


Fed signals tighter policy 


"Cfk&4 tflue m kerwe, 

tokote 


I * 


will thus be 33“,. 

DATED list September 197B. 


I for 


N.V. ENGELSCH-HOLbANDSCHB 

BE LEGGINGS TRUST 
(Eaglisli and Dutch investment Trust) 
Established in Amsterdam 


5% FIH5T CUMUMjTl^E PREFERENCE 

S”i SECOND PREFERENCE SHARES 
NOTICE IS HEREBY GIVEN that PAY- 


llv same. 

G. F. CLOAK. 

Kinr'e Ki-am House, 

39-41. Murk Lane. 

Tendon EG1R THE. 

Soiicifor to the Peiuiunors- 
I NOTF. — Any person who inicnds to 
I apDL-ar on the htirini o! the said PeuUon 
ntost serve oil. or s.-nd hy posl lo. the 
j ahorc-nhmud notice in wntuis of hit 
i intuiitinn «> to do- The ttoUcv musr stale 
| Ihe nudjc and atidr<::,s of the person, or. 
if a linn, the ham.- and address of ihe 


MENT or the loliowlng DIVIDENDS hav- • firm, and man h* siam-d by the person 
ing been duly authorised. «hc relative ■ 0 . «■_ _ r u:» or th ' .j, nn VT 

couooni mav be presented at the offices at : or or ." ,s r '" ur Solicitor Ur anyi. 


couconi mav be presented at the offices of 
HOLLANDSE KOOPMANS&ANK N.V.. I 
S«rfR>atistraat 14A. Amsterdam, for gar- 
ment on or after 2nd October. 1978. [ 

5 per cent First Cumulative Preference I 
Shares: I 

Coupon Nr. 99 at the rate of MS — 

S per cent Second Preference Shares ; i 

Couoon Nr 99 at the rate of 1.25.—- 
2S®i Dutch Dividend Ta* will be : 

Residents of the United Kingdom and | 
other* countries with which The Nether- j 
lands' have concluded a Ta» agreement. I 
art advlaed w consult their bankers u> I 
order to ohUin Iheir dividends free o» J 
partly free ol Dutch Dividend Tan. 

Coupon forwarded from the United : 
Kingdom will only bo accepted If tor-: 
warded by Authorised DeP0Srt»nc4 and I 
iccam earned bv the usual declarations i 
required In accordance with Ihg rcgula- . 

Mans in lore# in Holland. < 

By Order of the Board | 

HOLLANDSE KOOPMANS8ANK N.V. I 
Managmem- I 


and must be wrrtMJ or. it posica. unist 
be senL b) post m auffleient lime to 
reach the abovu-ndmed nor laior than 
four o'clock m Lhc afternoon of. the 
20ih day of October 197S, 


Sarphatlsfraat 14A. 
Amsterdam. 

2 Jar Seotmnhgr, 197*. 


■HARROGATE. 

©IJlBuian iatsi 


BRUADTS Jfosr DISTIHGDISKSD 
CO* FEHSBCE KOTKL 
AA Conleicnce Secretary D . _ 
M 7e1 HAHROGATE M4Q51 
IBRnn ^Ojb ■*: J a, nn Sortll 
Ptoary CMlimef 3« * a p, ilt[I , 75 
BiaquH DImag 3 U * Bad|M OMtalim 
3 R«raffi«ti * )i ,. n . „ ii,.,,.- 

V TELEX 57923 OL&SWAN HAROGAT m 
One Of Britain 'a Pftes TIGE HO TELS 4 


When one has known a certain war of life, and rising 
costs look like taking it ail away, who is there for people 
like us to turn to ? 

There is the Distressed Gentlefolk’s jAid Association. 

The DGAA is' run by people who iindtrsland. They 
know that we .want to stay in our own homes, surrounded 
hy our possessions, and close to the friends of a lifetime. 
So, they help us with allowances and with clothing parceb- 
Only when we" can no longer enpe do the DGAA see if- 
they can offer us a place in one of their 1 5 Residential arid 
Nursing Homes. 

The mure you can help the DGAA, the more the 
DGAA can do ro bdp othecs. Donations arc needed 
urgently. And please, do remember the DGAA when 
making out vour WilL 


DISTRESSED GENTLEFOLKS 
AID ASSOCIATION 


VICARAGE GATE HOUSE ■ VICARAGE GATE 
KENSINGTON LONDON W8 4AQ 




The New York Federal Reserve per cent against 8.40 per cent changed at : 7ffc-7ft per cent and 
Bank signalled an apparent for 60 -days. The 90-day rate was 7ft-7 £ per cent respectiveiy, ; as 
Lightening in monetary policy yes- also firmer at 8-50 per cent from was six-month money at 7+i-7<HS 
terd ay when it entered foe market 8.45 per cent as was the 120-day per-cent.. One-year money showed 
by making overnight reverse rate at 8.55 per cent compared a slightly firmer trend at S&-&& 
repurchase orders. This action with 8.50 per cent 150-day was P« r cent against 8f8| per cent. , 

was intended lo drain funds from quoted at S.60 per cent from 8.55 T _.— 

the system and Federal funds per cent and ISO-day at S.B5 p£ 

were trading at 84-8* per cent cent against 8.80 per cent SSffi ^^So^ey^afSIfDerSw 
compared with s& per cent on High grade commercial paper was unchznge™ from TuSi£^ whSe 
_ • „ unchanged throughout one-month rase to 5H1 Per cent 1 

Treasury bdis were generally BRUSSELS — Deposit rates for . Per ««. The three 


GOLD 


Further 


rise 


higher with 13-week Whr at 7.99 month rite was ^ofirme^ atOpT 

per cent compared with 7.92 per CM ^ cUl 1 comm era all os cb A.- 


per cem compared wtui 7*2 per werelener^ finnff vM; ^ P^r cent compared with per 
cent in early dealings on Tuesday m one- cent and one-year money rose to 


and 7« per cent later on. % « •£ *£*£2?*™* 7?"t 5 ^r-‘ "ST^TpS 

week bilb were also firmH: at 8.07 c f" L - 1 3^ r !S' month centi:.- 

per cent from 8.01 per cent early ^ 

on Tuesday and 8.02 per — * per cent ^tiiousrh th*» FRAr 


towards the dose' One v^r bflb six -moirth rate rose to 7£-7> ri per (slightly easier at 3.45^.50 per cent 
10 war as uie dose , .one yiwr bins cent froin 73,71 ^ cenL 0ne . in the interbank ^market, com- 


r 4-7J per cent although the FRAhTKFlJRT-~Cail money was 


8 '°rtl per S ; 02 year deposits were also firmer at pared with 8.45-3.55 per cent on 

JT-Sir TA-W per cent nST-J Tuesd^_ Longer tern rates were 


au^ed. 


while the two-month rate rose to nreviuusiy. uau money was . . „ ... 

8.65 per cent from8.60 per cent. easier at 4.30 pep cent JQ&Q KONG— Conditions m 

Thre^month cScItes were Jn- ^ om 485 ^ Mttt 00 Tuesday. 

Ch B2k?rs at 8 5eSSnS nL Offered t money rose slightly Snt -against 6j per cent on^fes- 

per cent for 30-days and 8.45 three-month rates were un- cent. 


UK MONEY MARKET 


Large assistance 


Minimum termed as large. Discount houses fn the interbank market over- 
landing Kate 30 Per cent were paying up to 9 per cent for night loans opened at 8 ±-St per 

T since Jone s, i»7S) secured call loans ar one point cent and eased to S-SJ per cent 

Day to day credit was in short before dosing balances were before the forecast of a sizeable 
supply in the London money taken at around 7-7J per cent shortage' pushed rates up to 8!-9 
market yesterday and discount The market was faced with a per cant, Rates stayed above Si 
H u 1 ^ 5 !P erie j some difficulty sizeable excess of revenue trans- per cent-untO late afternoon, when 
in obtaining funds before- the fers to the Exchequer over funds were oh offer daws to 1 per 
authorities gave assistance by Government disbursements and cenL Period rates saw little 
buying a large amount of .banka brought forward balances activity 7 -" ' and were 'largely 

2v!!^L5 ,ls i"i? a nu ? ber slj ? htI y .below target On the unchanged. ' ' ' . 

of corporation bills, all direct from other hand, there was a slight fall Rates, in . the table below are 

the nausea. Total assistance was in the note calculation, nominal 'th some cases. 


LONDON MONEY RATES 


6 apt. SO 
W: 


- aurltng 
; Cwtifteaie 
I otHeDotH 


OTomijrhr I 

1 ilavs net ice.. I 
/ da vi or 


lalntauk 


Local 

Authority 

deposit* 


U-9 


— I _ 


1 — r 


Louai AnibJ 
neffQtia&W 
oonriv 


87 B -9I 8 


Fiaanoe 

Uouae 

DepcMiu 


! Dluoniu.- T. ' - _ 
Company' market | 

“Wm* 1 ilepncit- 1 


bltgibte t 


9«a 


7-9 


iay< notiee.. 
One nrtnbb 


1 wo monttr-...' 

llirua rtuiatb. ,| 

1 * nentba....l 

.Vine ■nunrtiH.,1 

ijiw vear 

v ! 


a* 

9*-9& 

3S 

9*4-9 rk 


83 t -9 

B-Mlg 

ISIS 


9-9 lg 
87 8 -9 


9Ib-91« 

919-913 


fila-BTg 

lCA»-lOfS 


914-918 

eia -913 

9-9ia 
BM VI* 

9fa-B7 S 
9^4 .10 


919-914 

91g-96a 

S14-9J4 

928-078 

9T9-iOI B 

10U 

103fl 


93b 

9k 

95a 


! 8s 4 -T|-.- 

[ 9 " .' 


mug* 


Hurt 


1-613 


- Sj.** 
9&-9SB 




FlneTraita 

Billaf 


. Gold rose 51 to 1 $218{-23^j as. 
the dollar' continued to weaken 
yesterday. The - metal was fixed 1 
at *213^0 (£107^891 in die, 

morning, and at 8215.69 (£T07^J . 
in the afternoon. ■ It- touched : 'a 
high point of .$213£-214} twice. - 
during the day, first after the ' 
moming fixing and also following. 
the afternoon fixing.- Trading - 
was generally busy. . "%•••' ■; 

In Pans the - 124-kifd gold bar-- 
was fixed at FFr29,800 -per kho s - 
($21229 per ' ounce) in the 
afternoon, compared., with. •- 
FFr29,650 CK10-90) - in - the .. 

morning, and FFr 29,430 ($208.93) J 
Tuesday afternoon. In Frankfun; * 
the 12 |-kllo- . bar was fixed -JH. 
DM13,460 per kilo ($213^2. per 
oinice) compared with Ditf l3J430. 
($211:83) previously. -. 1- 


&9JK20 ; | *44.1$' 


GcrM- Bullion (* flnf« 
ounce) ! 

Clone. ; :«ST3feM4i 

Opening _^...|S!T5.aifl! 

N-orwi? ;. i - Cng .ly*!? HH- 

: :t£IWJ38) 

Afternoon fixln*.... 1S213. 80 

1C£ 107.035) 

Bold Cotas- j 

ttamestwally 

Krugerrand :S22U-S2Bf 


iSZIEfeSia 

1IIVU4V 

(Winw-iS 

I(£tfl7-au£ 

19211^8 

par.ni Wfl 



:s$aatLv 


How BoTereugn« 1 ._j88_l4-.B± 




ll-Ml.r 


f(SSru-a£bjL 


>£31-39) 

OM Sovereigna...„.!SBU-8Si 

. (£31-52) 

Gold Cotas •" i 

mternaUtmally- r ■— 

Krugenaod S 21 SJ» 2 Z« . : ' 

!(£H)-1)8. j(£11M10t: 
New Sover«ljros_... : $B75-583 JS68J-8W 
!l£28i^0i) 

Old 8ovareicna^.„.>S8H-OT4 SBltWi -J 

^ ■- 

S20 Eagle*. $312*4141- $411-81* J. : *. 

520 Bogle. :.. SlBiTl5Ci Jsi85-16S ^, 

S& Bagiev 'SIISi-TIEi >{■ ;-. 


HOMEY BATES 

NEW YORK 


Prime Rule 1JS 

Fed PmHfa M8S 

TYeasary Bills (13-wwkV — 7.»; 
Treasarr Bills (26rweelu M7. -J 


.9ij . 
9lg 

L 1 * 


r n nr A ”™ e . a * ^ Ui °g [i r ai^3 for onMnnnth Treasury tails sn-ifi-s: per eom: and two-month 8^ii oer «r«f tftroe-oKmtll Stitfi par 
SS* far one-month- bank halls 9i» per cent; tiro month 91 1 * per «nc 8«* thr oo ma nta' ftsaa per. 

cent. One-month trade tails « per ceOK rwo-momh M per cent: and also threo!Si«tth 

finan °c boifiro seven dare' notice, others seren dais’ fixed. * LoBBW-wn** tocal 'anthority nwrtsase 
,earG per <*oti four- years Ui per cant: five rears 12-12T percent. #'S*DR UD rates- In table 

are swing rates for prune paper. Boring rates for foojvmotith batft bUis BSi* per sent; .tow.-SMWb-’j?*# wp*‘.K..per'-¥8iit.. 

**““ 'PobliBbt-d by the Finance Houses' Association < in per wn r fwn - Snjieinljer V. 18T8. - Ckaring 
Tn»aLifl5 p »nt.? a 5 0S r,or &ma . u at seven, days' n«J«' fi.7 per cent- Clear tag Bank Bast Raw fot- leading 10 per ..cent, 
i raaaury Bills. Average tender rates of discount 3.8470. , ' 


GERMANY 


Discodtu Rate £ ..... ^ 

Oveniight sj*® 

Otic numth s.fc 

.Three months 3J2S 

5ix months 4 jbs 


FRANCE 


Dtepounr Rata 

OvenUshi 

One month 
Three months 
Biz months 


pu|. a bigg« was 


7J5 

.7,15 -5 


JAPAN 


Disrotrat Rata yj 

-Call .(Gpconditionaii-. 4A2S 

BUis Dtsconot RiB-vi— ~..u 44flS 




rMu, 









4 


















■••it. 




Further widespread declines on Wall St. 


i^fuiiuw Tuu^picau ucuiiicd uj 

V IN VESTMENT DOLLAR The market was also put nfT 10 ami Prime Motor Inns 2 J Chcmiral Engineering and Con- of a tiiree-for-four share issue to figures revealed around A$233xn 

'■-V rREMIIJW by .President Carters promise uf to SMj. struct ion Y110 to YUM, General raise FFr' 290m. of hitherto secret reserves, and 

S 2 . 6 G to £1—96*% (83i%) a tough new- anti-inflation plan Allied Artists tupped ibe actives Sckivu Y102 to Y999 Kaken 

' Effective $13790 44J% (45;%) and his remark that he believes list and added 3 at Sal. Chemical Y00 to Y2.760. Ono Phar- 

, ’ >\iFT£R AN initial technical rally. the Administrate wlU "“reer in- maceutieal Y» to YI.170 and 

< 7 .r.u LveAjm* .-ii. mmn tsv Mite jif mn r » than SZ«>nri nn ven vi 7 =a 


Indices 

NEW YORK -DOW JOSTES 


\ MpH Street succumbed to further come tar cuts of more than.$25hri 
viunips about rising interest rates by the year-end. Analyst* said 
i-Skd closed broadly lower on investors had developed *, con- 


Canada 


maeeuticaJ YSO to YI.170 and 
Arabian OH Y60 to Y1.750. 


raise FFr29 Dm. 

Germany 

Stocks remained 


of hitherto secret reserves, and 
traders are reasoning, that if the 
CBC, established as recently as 
. l'J 12 . bould amass ihm quantity of 
mostly In hidden reserves, then the older 


’.■■uul cioseo oreuaty lower on aao NuniMous wimmI itfruh 

'jalance following active trading, census that Slabn io SISbn of vesicrdav in moTh^r fairlv arim! 
:*■ The Dow Jones Industrial cut* .were sufficient and more 


In marked contrast. Prim a Meat easier mood in fairly quiet con- Banks, like BXS Wales, 
resh P “rf* prs Rained Y17 to Y4K9 and ditions. the Cnmmerzh.mk index hshed in 1817 must have 
stive >?*'! Y “*- slipping; 3.7 more to S33.7. ur lour times as much. 

tk’lltin h Q f n L II PH I flit II CT M oc 1 i*n _ L* a. - — MO rl I Pit nn m • _ . • J ... . _ . 


;.-\rerage, having retreated 46 would only add fuel to the 
‘ joints o ver the past six business inflationary lire, 
lays from its 1078 high, recovered Signs that Hie Camp David Mid- 


tmde. with the Toronto Composite wl J® . J m ‘ S°®5” P^'ttPanis said the 


Index receding 
1.250.7. Oils am 
a further 1741 t 


. o R70.30 yesterday before falling East peace “ agreements were and Mlneralsi i«s .« iqs 7 b RinkL 

^-ST^&ra SB S2SSS . dSmaMn a f M ?■» p - c «*■"« mSut 1 -he- c£ 

Common Index finished 52 cents Rarada Inns continued its place Golds^ orovided ^? lim'^nr Eiectricals were Jed lower by 5? -- 12 cents to AS2.Bi 

.dinner at $-»i-32. after an early at the end of th eactivcs Iwi. jn°{- at P i cag ? d .„ uIh!**' ° r ’ UP Market closed mixed hut with Siemens, .down DM 170 whHe 11 T en l } L, : ® A53.02, and 

'hsJly to SS7.M. While declines slipping 11 more to 312. Other Oo^ c Ml -• a continuing softer bia*. v, ith rhe Banksand Chemnilsbbthr- cem * to AS2J0 - 

1 Mall/ led gams by 1.138 to 332. Gaming shares continued to be [fU-w JS weakening of the franc and the canted losses extend in £ to _ There 5tron S spots in STAJHDABD ASD POORS 

t:>- : ’JVrding volume expanded to hard hit Caesars World sank \v b™ , £S? P rP increase in day to day money or DM1 .30. In Steels. Tbvssln re- Transports. Braveries. Pastoral, 

”v , 1022 m shares from Tuesday's jOf to 536;.. Bally. Mannfactuirng |n stmert s! ’Arfe? i io 71 per cent artiu±: as adverse ceded DM 1.90, while 'Engineer- ad Properties, while Stores had : tem. • se*. te 

*!»# of 31.66m. « to $47 and Drt E. Webb Si to i” d ‘ C $12 t*® b « jk « round f « tops - ing concern Linde lost DM3 and WMOwMtb 4 cents firmer at . so , is 1 - u 

-Va-.ssJ:. The Federal Reser^'e brought $234. aB “,' L - S1£ ’ 105,1 LS1 Metals sustained fresh falls near BMW io Motors, shed DM 3 10. A51 - 70 and G. J. Coles, on news 

upward pressure on key Federal Active Kcnnccott . Copper rV„u „ M( lr „ the end of the session on con- Stores were mixed ‘ with of Government approval for the 

'■J-r.‘<. J ip d r ?l5 K , by , mak,n R matched climbed l{ to S2M. American rjjj. JTiehi ll ^w,W.c hfi firmation of the French Govern- Kanfhof- managing a rise ef K-Mart deal, 3 cents harder at 

- ! ., ;: . ;; ales with funds trading at 8 J per Telephone, also active, frere un- SK’r'ed^ C$3 75 rorBSfSStoiS? nwnt>s p,aD 10 teke arealer cor - DM 1.00 but Karstadt dedinina A5225. 

-;;^nt hid. the presumed Fed target changed at S60J — on Tuesday, it L * J ‘ each Rembrandt 0 ; F rance * s s ieei industry. DM 2 30. Minings retained an easier tend- 

• ■???*■ dealers said the Fed was reported a sharp rise in profits * Steel shares were marked down Domestic Bonds were again eney. with Uraniums, reflecting 

' V,’ • .awing - , tne target rate to at least for the three months ended t* ■ on the day by 5 per cent on irregular.- registering gains of up the threat of further delays to 

> ‘l per cent- thereby tightening August -It. I OKJ-O average. The Government said to 20 pfennigs and some small the Ranger agreement, mainly 

i^reait. Tne . Fed has recently General Motors shed * to 2621. After a firmer start, market re- that owners of Steel companies losses. The Regulating Authorities losing ground- Peko-Waltsesd 

"J'srd I henr^et .several UmM m l|to s j£? • 'mnuishetl further ground on “will become minority share- sold DM lASni nominal of paper declined 6 cents to AS&40. Queens- p.j; ji -llo BM0 

' ,S «55! C . WfclWSli fwh profit-taking and other sell- holders "-amove s€en in industry (DM 8 Jhn). Mark Foreign Loans land Mines 10 cents to AS3.75 and i 

■ ■ means ot supporting the dollar, to 562, and Polaroid 4i. to $48i. ing. The Nikkei -Dow Jones circles as disguised naoonaJisa- were very quieL with a slightly Pancontinental 50 cents to Law Uov. uomi \k+i ; -b. 5 o 

h Brokers saJd investors are while Xerox, which haH agreed tn Average was finally 3O.S0 lower tion. easier tendency. AS 14.30 : 

'-^’mprehertsive that steadily rising buj- its headquarters. complex for at 5.622.11 and the Tokyo SE index Constructions, howevrr. However in Coals. White Indus- h v s v art mviirm 

'SSS^n'VnThS %TT* THEas^X^^ Value SS? wf SS JiftSu TSZ mwlnghhead WE^FFr xSsffi Milan nSSSicrt dtt”JS ' 

■>5T5S. wssr-'s: toassar fe, i ass Tues ^ s isr d “* » — jssr^ssst ^ HrLSsSflS 

. eccnt stock market decline. . Resorts International "A” came Nippon Oil fell Y1S to YOU. Foods also mainly performed before late P'or^onhwi^nedb cents al i ^ 


-edlnc 10,1 more to Yai'a^FHfli^TnSS . due to c “ n ‘ next month, soared to ASS.34 

ils and Gas came back JdS.I2jr unumg wnsohdation moves, bur before ending a net SO cents 
1741 to ].W7ji. Metals vi , --iri 42 ° d K 1 professional trader* said many higher at ASS^O. ,V\Z closed 18 

ils usm i nsm fL-ink. Bj,nk ,D ' 1 - 73(1 - investors were pulling out due to cenis slronBe r at AS4.07. afier 


Common Index finished 52 cents Rarada Inns continued its place Quids nwwSedu «m» SSr 
ouer at ST7A2. after an early a t the end of th eaetives list, provided a firm sector, up 


:' V- tptal of 3166m. fif to $47 and DriE. WAb Sj to ani , C5l background factors. inc concern Linde lost DM 3 and Woolworth 4 cents firmer at 

The Federal Reserve brought $234. . - apwee ’ CS1 Metals sustained fresh falls near BMW, io Motors, shed DM 3.10. ^-JO and C. J- Coles, on news 

.upward pressure on key Federal Active Kcnnecott . Copper R pi! br ,. ri . ... . . „ the end of the session on con- stores were mixed with of Government approval for the ■ w J , l ^ 

‘4 'r:<P? d r ? l * s , making matched climbed Ig to S265- American rjjj. JTiehi ll ^in^i ^w,W.c hfi firmation of the French Govern- Kanfhof-- managing a rise ef K-Mart deal, 3 cents harder at $u»npc«ne 

■: ^SSfJSSSSSJS PM .14? »« *«5«« *»*. 



f«s«. • dew- • Sepc. ’ ‘ 6 * 1 *. -'rpt. 

20 , la • l- ie> ; J4 is Hull 


| m.E5 U5.EE U*JE| l\b. 6 » UEAt IW.jI IH-U 

’ IB 1.75 102.55 10321 104.12' I05.T0. 10B.34 I0t 7 .ii- 

, ! 1 UJ-’. 


IM.V* . »■» 
Il.-l.jJi 

, 4.40 

■ I I J -.* Ad » ll " J'Jl 


hid. the presumed Fed tarset changed at $ 60 ?— on Tuesday, it ”JT eraa ror each Kemorandt ^ 
S;ate. Dealers said the Fed was reported a sharp rise in profits Sti 

v” aising- the target rate to at least for the three months ended T , on 

--:V' per cent, thereby Gghtenirtg August 31. I OK VO aw 

li'redit. The Fed has recently General Motors shed { to 2622. After a firmer start market re- th: 

-aiscd ihe larget .several times in Du Pont 13 to SI20. Exxon J to linquisbed further ground on 

is fighr against inflation and as S49i. IBM 25 to «2S4?, Kodak 1J fresh profit-taking and other sell- ho 

-,5pg,. i means of supporting the dollar, to 5 S2J and Polaroid H. to $48 i. ing. The Nikkei -Dow Jones cii 


In4 it iv. npl «1 ? 


t —Hi uj. i«|.|m-s.i 


Rises an* •■a is 

'mu ro hi *i . 19 Sepi. IS 


... — - ,, , "tt ^ , . . . iiuumaj t-vminuinK aoivj pioranon nopes. eaineo b cents a l — >*■>,... 

; -n^ pp f" l ‘„ otKls . ***£. Performed demand, before late profit-taking AS3.70, while Sugars provided a 57 - M S6 - 2 * W - 61 *»■« J **■»' i n.-n-.n -e.i . 

i Malsiislma Electric Y0 to Y7l 6, w elf. tilth Generak* Occidentalc brought some issues back sharply- brieht soot in Bnndaberg 15 Mia'i- 

Toyo Brewery Y32 to ^^580. Green rising 15 to FFr 273. The Banca Com me male ItaJfaim fl “ nnoaner B' j3 Av« 


,lanks have recently rawed the back a further 24J lo$I27J ond Malsnltita Electric Y9 to Y716, well, tilth Generak; Occidentalc brought Bonn 

flume *■'«■ further Io 94 from the B were lower, at 8210. Toy** Brewery Y32 to YoSO. Green rising 15 io FFr 273. The Banca < 

•i per cent and economists fore- Nortefc lost 2; to S HZ, Golden Cross Y70 lo Y2.2S0, Pioneer In Oils. BP Fnracaise weakened index, hove 

-ast further rises. .Nugget 4; to SSi. Showboat 2; Elertrouic Y30 to Y1.600. Chlyoda by 4.27 per cent following news im missive 2. 


NEW YORK 


>t>hr>n l*f* 4312 

■ .<MnM»wrar‘b" ! Z 6 *i 

■ etn« Lire 4 C*ji OQ4* 
ur ptvirttiM*- . .... 28lj 
. k-»nA lumiuinra 

.k-i« 443 b 

-lies'. I •odium. . • ISi; 

^.lieghear P |rw rr 18 
.lllnl ( Urtnlcm. 36 
lilprf SiorH-. .... j 2SSg 
Cb*Jniet> . . 33^a 

HAS. ; 4612 

.meradi Hcu.. 28 tn 


The Banca Commemale ItaJiana up a t A83^5. 
index,' however, was still an ^ 

impressive 2.13 higher on the day n 

i at 82.27, a new 1978 peak. XlOU g JtVOIlg 

( As on the previous day. the 


; . . .wr. Airlines... 16 16 

~ >r . mit. Unniti.. £0 SO 

. ,'crr.Knivlmi.. 56^ ■ 67 

•int-t. Can 38?j . 3B 

• '. , .nw?r. t’v*u» mv ■ $81* 1 29 

mvr. Dtm. Tei.. 29 ' 29 

' j . .miT. Ri**4.Pow aZ^« aa 
mer. Kiipiw.. 5415 .- 34 
'.nier.Ri'nofPnV 2SL 50 
- -. .niw. .Ut«iKsl . 28>c 38 

. ,. m-T.Mf.i-n--.. el6 b 

— _ ‘1111 nn 44l 5 . 44 

._ _ uier. >iaB>fatn< . 46»s 46 

.mnr. ;uw 4712 . 37 

, mvr, Tei. .v T«-‘. bOl| 60 

35l« 36 

MK .. 18>i I 19 

UP 34*2 ■ 35 

mpes 161 * | 16 

Hm-aiua. 30 30 

1 nhriiMrr Buwtf. irSIfl 25- 

' - — -^.mun Su»] 20 s*. 21 

: .s.l 283s • a7 

-sin era Oil ... . 19I a , 19 


rt? 1 " i ConUngGl***... 581* 

1 L'PGlntYn'tlanan oil; 

T-. ! fi»n« - ; 32’ » 

Lmcken 262e 

® Crown ZfclkTtjBch 33 
Cnnnotiwi Kneine- 38 
305* l4Kni1TnsM— ' lBi« 

441 j Dana [ 30la- 

19 ‘ Uan Inc urine* 45a* 

181 * !>«„_._ ■ asig 

551* Pm .Monte. ■ 58 

26' 8 tJeitona ; i 2 i» 

34is I Dentrply Inter. 19i* 
45*v i Detroit Ritiaon. ... Io 
3016 1 Ihamonds-bftmrV 264* 

., | Dwiapbooe 17 

j lM B li*lKtprip... . i 49i„ 
“2, * LManep -TVaM I ■ *4 1 

Itui 4712 

3B*r ! lV>w Chemical -- 1 28 

1 bra to 293b 

;I>re»»r HA l £ 


50 ; John* JUnc-llic .. Sli H 

31*2 . iJehnUB Jvhowii! 831* 
35 { Jolunon Contnu.; i 6 i'. 

29 . j J ryllMniacri/r nj 34i; 

3312 . K. iUi Ct*%K .. . -, 26- 4 
38>« (*snerASnnitnl‘nil 35 
164* KaWer tiHusirv^i VI* 
K*=*r Steel 27»ic 

W* Km — - .1 15 

Kmuhhl ■ 26-'* 

K«t Me<Me>. .. ' 485 b 
38;« Kblde Wwier.. . . ;3i< 

JmU Kimiicrty CleA..! 46'i 
Knppnv..... ■ 214* 

K«IW. • 481* 

I?v 5 ' 

il'* Lauuylnaa....! a 6 >< 

49 s * I^ri atmua i 24?* 

41as MkhrO*. 27i* 


»l>t | N-l, . 

>! Ucvk • I 2 b ; IB 

Her IM. { 321* 1 33 

HevnoMa Mein I*. I 36 U | 351« 
Km-nniib It. J. .. j 61 ig I 611* 
IlicbVon HenvllJ 28 j 291* 
Rm-baeli Inter . ‘ *41* 1 341* 
llabmlRu,.. . J 351* ] 35lg 

I tom 1 Duiefa ■ C25* ’ o2'» 

8 TK 14u I 14Ai 

KuKM'JiH-r J 12 <* '. It 5* 

Kftfcr rusliTn . . - 25^* / 2 fii« 
anfemiv ! 43 | 43 

-it. Joe Jflnenir- 27 . 275* 

*> 1 . Heel* Paper...; 31>q ' 31i* 


. MUM THT.n. 


'*ni . ; aein. 1 c«u . I Sent. 
30 » • - Yc 15 


WrcHwonb i 20'* i 207* 

Wvlv : 61 * ; 61 * 

Xeimr i 54 55 1* 

5nrM* ! Its* I 151* 

3enhJi Itmlio 165* | lbs* 

r’.S.lressA-iaa. t94.* ! t94 ■ 
U5TrtaiAiS75/f.-i t« 1 >* ' -»81» 4 
CjS-StWarbills... 8.072i7.94{ 


25S.8 . .256.8 255.6 258.5 
2702 ! 271.0 ■ 571.0 1 271.1 


• nhv , 15 

■' ahland Oil 1 44 S* 

* II. tPehfieW_..s 3 Ii« 
TT'aito One Pm. ..1 30J* 

• , • VC 1 15a* 

- - ,nv 29Ja 

Avon Pirnlurl*.... 561* 
Khel.. 26i a 
- --taak America ....J 28<« 
1 — -tankers X». X.V.j 37 
■ tarter CM 1 26H 


522 I Dupont j 180 

r? 3 ’ ( Dynv* lodurinet 301* 
££.. 1 tej-w Vii«h.’r„_ 1 Zl&a 

iSSlahihh*....: 13 

. . 1 Svtnn linU„; >-3i» 
39-a 

*2J« ;k.G.*G 28 

§?* ! 8l Itan All. Gu- 16 4 * 

Klu*-..- 435 * 

f Emerson ETecsriL-: abS* 

? ; SmnyAirFr'l~hi • 2515 
Eiutarl ' 415* 

jEngeltenL J 235* 

Umart, : 27‘ 4 

,gi Purciilhi (.feraei*! o5!a 
££ [ Fed. Uept. Sum: ctu 
51 2 [FimarmeTyre... lots 
ll* j VM. \M. ttMOT.! 301* 

Ptexl V'»a ! 205, 

I Plinth rrfn. i 305* 

tej, { Ptetida ltaw»r....! aX 
uAb i - 395s 


SS .B 


Utmn Indial.- >3', 
Ux-t hml Arrcr’l) 28ij 
“ 5 * - UmebtarttHliuii. *47® 
fg. 1 tamie trtamt Urf. itfi K 
*f‘ a LmupoMa tanrt. *ai* 

S? 8 Lolrtte....'. ' 44 

09 4 Lucky acaics 1 1 > 

U&e T'unjpi'wn. 10 s, 

fT* Ma-.-Millan IDS, 

‘i Urcj B. H 41*. 

,,1 Alrts. Uumver... 38'* 

j UarMbonUtl • SO** 

t2 ; Marine Mlri t»ni.. Ibi* 

2 |^ j ManbaU Ftert. . 21* 

fa ;r< 

5SS. McDenma*. an 

tZi? SIclXraeU Umu- - 2 
tf?* Bctiuiw B1U... .; 2s>* 

HI? Menww ....... oi 

|9J| Mwek^..- 1 ei>, 

aOtel ««"Wl 3 »ch-.. 20 * 


Ibi* 1 16 * 


* p.* SamafRlwlB...: 35* 

teul Inran .! -7 

rft 4 Ittasoolnds ' 7* 

44i» SchUw Brewdu;. 1 13* 
* *- Sublumterner... . ' 655, 

._ st-M 20 * 

”, ^knn tttper. 15:*, 

47* acjn ji 21 l 5 

bctaltfer LHkj.L*] j c I* 


j -*a CnnuiiM.b. 

I Seagram 

-•carte .. 
?cart- Uoeliuek....- 

■SKIH.Xl 

?h«. OH 

9faeii1ranB|<i.ri.. 

fbina 

IH.-nprlHt ■ - 
■sinudinty pl*|„. 

sutler 

‘smirb. Kline.. 

j -nnir>-n 

I iixnhilow 11 


CANADA 

AltiLibl Paper.... 1 


Pre 1 ima , IH IB 
vl'tia ' Hlsh - L w 


St u 31 

Minn Min** . \lu- 
Mohii tiwp_. . .. 


• -eats America...., am, . I P.M.L' X7i ft 275. 

‘ -tankers T». X.V.j 37 • 371® ryoiU AIotnr.....,_ 44* * 44* Stnnsanto- 

, - tarter Oil ' 265* . 27 l y««un.e,T Mrf " - 2 J|J 211 , ! Uvi^aa J?f 

ITtaxti-r TiaTMier.- ' 45 J 43* ! Ku*ix«v) ■ abl- ' 36 ^? J lliiliwa.L’,.., 

“*j!2r«5S2bJ - T-'Sv- s flH«Srf*lnr.. f-^-9^-*- IO - ■ f Uurpl»!*-Ota.^r. 


tak-tooDiokeaxmi 381* 
lell A Hnrrell : 21 - 


S9i 2 I 601* 
C9 : 691* 

471* , S?I* 
48 48 

46 • 471* 

-40* - 49*3 


FTwpeet StiMia:[ 
Pmeimol 1 




iensoet Con* *B’ 43* : «*a 

'■ — "Tetnlehcni ntnlJ- 235* ; 23* 
ii*ck 4 Ueefcer.J 19 1 * > 19U 

■ 62* 641* 

l-'lco Cascade ..... 1 3Qlg I 29* 

. .. W>iTtan j 291* 29* 

- ; lnr«VFanwv 315* . 31<a 

i-snW lat IS^* : lfi's 

ln»W ‘V...^... 13*6 \ 141* 

•- IrL-ivl iljrre.... ; 345* | 36 

' "J I’M A Onl R....I 181* • 18- 
knr»-k*ay Claee..; 32 31* 

- -Irummik 161* HP* 

•ui-yrn* Krte . . 1 181* 1 18^2 

’■"■luiunOitrh.... 1 Ba* • 91 b' 
"•'- kirlinguii Mini. 43/* ' 43 

tuiTWgb^ ' 77* i. 79 

•■e^^ariipbeUsiniisi. .. a 6 lQ • 36 
si mdian Pacltiv. 19 if ■ 20 U 
*n*i Kanairf|>b.., Ill* ‘ 111 * 

■Jmeck u 311* , 31* 

. 'amei a. UeoeiaV, 12 ; 12* 

) >ru-i Hawley 1 BI* . 185* 

MerpllUu-TrarH; S9la ■ fc05* 

- 571* ■ 37* 

1 “iane»e tjurpn ..j 437* . 43l£ 

. . pen onl rai A a.W. ,i fo ' Ibl* 

f !] ikcnaunml. ’ 21 * 1 20 * 

111 l“*una Ain-wit...; 44* | 45 
h*w Mknbni tan 331 5 ■ -33* 
IwimcaJ Uk.S Y-; 41 i 415* 
bewhigb Poud.) 24i* I 24*- 
taceeivnyimm... 301* 1 -305* 
tr m*nBnii/!e.,. S55* ! 551* 

jit, hryaitr Hi* , 11 * 

'nt.-. Vila. run....' 33'*.. 335 * 


63.F. 13 

tianneu.. 47 i* 

l>«ii_lmer. Ini... 11 

BA. I A ! 30* 

1 lien. Lab*. 16* 


Gou. Jnectncs—- 

aitig 

09=0 

! Gen. howls...'— .. r 

a3i, 

Jal 4 

General Miih. — : 

£ 0 i B 

olta 

: General Motors.., 

oBta- 

52/0 

| Ueu. Pqlc UuJ...) 

lol. 

ltosg 

1 Ueu. cigns .1 1 

ai 

all. 

1 Geo. Jei.Hec/ .... 

30 

3u 

j Gob. Tyre.—.,— 

Z 8 J a 

29 

1 liroaiu : 

530 

ota 

[ Genre 1 * I'scitiu.-: 

29 is 

30 

ibtertv bin • 

38ie 

37s* 

jGiiiexte • 

alta • 

olta 


-V«Jt<u»co.. _.- JBtl', 5 2n* 

.Salt, ■ LTinmn-aui 28* I',. 285* 

AbIhUbi 18la i '195a 

.... -1 

Aata Dm 1 1 lew...-, a 1 * 21 >5 

#h.»ovi>« Ion.. 15»a , 16* 
-SaUooai Sines.... 30 <b 40», 

>ai.wraw ' 46* ' 471* 

NWf. 62l" : baii 

\v|rtuae Imp... . 26* ; 2 b*, 


[ -wtliernCai. fc.,.: cc * 

southern Cu.... 1 ; I-/ 

sthn. Not. Be.... . 35* 
taMihem IVitii.' 31* 
Soux brmJtai • wa> . 54 

SpuuiIbbii ai* 

3*<a‘i ttaDklmiM. 48 

Si«-r> 215* 

>peirv ItauH ' s5s* 

•Hiuii. al*, 

Slaiatand tfranH. 28 * 
il'i.Uiim.iimnlB.. 4a* 
»in. tMl liidiaui,. 336 b 
H i. C*il Vhki.... 38 
Sfaul) -fbenncaJ S43s 

Sterimu Urua. . 17 

MiKletnker. 82 

aim to. 44 * 

■Muvsimml.. 4 85] 

■>.‘oie» : a3 

revhmnilor. . . . 1 15*1 

(ekinAiU.. ..- **65^ 

felowne 101 * 

!<*.» 7* 

! 1'eub.n 31>* 


35* A*nieo BaipOw.., f* 1 »* 

7 * Aknn Liumioimn' 25* 1 353* 

7* .Vigomabteei 1 k37* ! 24 

14 tmen.v i 4 6 s* > 4t3* 

88 * Bankol Muntnai' 235* ; 23^« 

21 * (tank Atm acotla. 2 i* • 213* 

16* teak- ItHswivri.. — * 4.00 

32 Hell Telephone.. 1 61 ; el 

61 * Bow Valley lari.. 1 41* 42* 

ggl, BP L’arart* 101 * ' 18* 

" Ura!tcao._ In* ; lb* 

14 iirlnOK to* ' :B 

■ £ t, ca>^nt> Power.. 39* 39* 

43 ;. Camltow Unw...' 16*; i 6 * 

5 , anada Leuicai... 1 ,* ! ll 

451 I Caiixtfl AW |jm.! 10* ’■ 107* 

a 6 * ‘-Mn.loip hi C*>m ; 29ia 1 297a 

ItanaOa IndllM... -3 [ MB 

121 , iab. Pailrtc ‘ 223 * 233s 

v 6 1 , Can. PaciBc lnv.i >5'* 24 * 

92J* |ttan.Su**t VI’— I 61 ! * 2 * 

LarlinaO'Keeie..] 4.51 j 4.45J 
no uacuar AUOlOr.i 9* ' 10* 

2*5* ,'ht-n»in_.„ «C* 1 27 

1 :* icifiiiiKv ; Snag ■ 3iS» 

35 Coom. JtaihurM.. 34* 33* 

3154 UnmBKliar.... 185* • 19 

541* Uweka l.’e-euiee- ; 0-4 . 6 

all.- Otatam. «... la* • 13* 

UtJ ItanUnn. 1 12 12 

21 * Utaiaw Mram,_.' 79 I t79'« 

46 * thmic timer- lud | lul* 

a 2 * Oeme Owhidi' BO* ; 92* 

2 Bir Onmunou Bral* cb* be* 

4 a* Onnrtar^. ' 2 l ' 22 

bSie ■ Ovp** 13 ' *5 

•" tbii-un’iie Nickei.- 28* 5® 


• , e . P r ® v,ous day- the With UK-based institutions pro- . • 

sessiou " ste d about two hours viding buying support, the market' industrial aw.9S : szu.bs ai 

longer than usual because of took a decisive turn for the better UwmMnmi 21*54 211 . 93 ? 

feverish, activity. after its recent sethack. The Hane 1 - — - — 

Donald was again focused on 5? np SdSreSveiSd ™8I^I gggg ^ 12M - 7 ; ,MDa 11 

Flat, 148 higher at L3.130. and 642.57. jahannkshumi* { ~ 

0,510 stronger at Hongkong Bank rose SO cents Guii refl.8 25fl.s 2 ! 

n, in . , . -0 1 -r. J 10 HK$2030. Jardiae Matbeson 50 Indunttai , 9702 • 27!.o ■ 5 

P^IB roro 14910 ^lodand c ents to HKS17.70. Hong Kong 
FlnsMer b.a to 122* but Snta *,50 50 cents to WCS12.50 

fin , ,sbed Sa.D down at and Pacific - A - 40 cents to 

L 1.074.5 and Montedison 22 off at HK 81048 
L235. Hong K ong Wharf recovered AiuKraua-^ 

. • HK81 to HK£32J>G, while Chenng Belginm it’ 99.56 100.36- iji. Id I SC.J3 

Australia Kong advanced HK$1.10 to HK$13 ; 

Industrials were predominantiy ^ China Light 90 cents to Denmark i", »9t 8M1 . gg. w .00 

firmer, "bat were overshadowed by Franee itt* 75 .t : 73.7 1 \«Lr 47 . p 

fresh sharp gains in the Banks ri • . , , _ l i3«i it.f* 

sector in response to greatly im- Switzerland Germany »tr E33.7 . S 1.4 ; &feui 7W.4 

pro T5^ _ res “ lt s. top 1 . Common- Bourse prices declined further Holland rttv 89.9 soy; j ai.l' ■' VS 1 

wealth Bank, the first Bank to moderately active trading. : ill.-w i»,4i 


293.95 2D5.88 207.171 10:.£1 zll.» >11 a, 
21134; 211.95 ?M.a2 V16.W *17.71 .11 ^ 


1290.7: 1280.8 IMS.?; 1277.9 Mbe* il.-.^i 


274.UtU -1 
211.1 ilbr>> 


Ini.sli 1 In ll 
1/U.82 ia0Ci 


185.0 i»4| 


‘“J- 1- Scam IUJ 5».W lJi/^J lie. i.- ; SIM 

'Ho', | *17, a. 

Wl.lel 90.43 g weden 0 £7 jJ . me# S13./4 

WIOI ■ U3tt< l4w5) ; w ,j, 

Switieri'd'7 -4*0.4 *o.» xs.i \ mu 

(14AM ■ ib.Xl . . (l*.y. 1 r.O». 

buiK uec. iihu. |( AiiMitctil^in (uflustrial 


Germany »1T E33.7 . 837.4 ' 8*JS 759.4 J«*» It fiana Sens Han# 11^7,64 lin Hanra 
I 1 (11/9) I (1 l.n* Cnmnwraaie tialuria 1W2. >1 Tarra 


■jrj 0 SB 4/1 /SS DSrntu HmM 1 W 4 . 

,4 4 i r Clnsea i Marino SK vuum ■'Sinrtr- 
►/ 44 k»k" lorniatnal 1/1/9.. • Wf#p Ran# 


report under new disclosure reflecting the new record lows of Bang Ban ^ * 

! arrangements. tbe UjS. dollar and German mark n a * &•» 07 aj 1 * . ««; l »*’ao ■■ 

The Commonwealth Bank’s against the Swiss franc. ItaV 8J,W 1 


dill ESL27 80.1* 


8227 i ££.40 

. (10,11 


Japan ta>; ■ 4 ^. 06 : SbM ■ ^ WEDNESDAY 1 ? 1 ACTIVE STOCKS^ 

RUrESs-Oaerseu nncea tnotfa below and/or senp me. a Per mars. >nan «n«nnm 1 «7 F? ' -(Kfl 73 ! iuw ' u&'i'. ® Slocks Closing on 

>*ck*3» J oreouum. Relataa ombkh a Grooo aiv. %. Assumod divldenl after SSagKpm '•» 19 «H30 ir!idi . d h da> . 

arr afirr wbMvitainR ter. • senp raf'or nstnr tsrae. # After meal — ' 11 Ttaniada Inns . l.iw:.4(>o i-> -11 

* DU 50 -deoom. ooless after wH r sated, taxes, m % tax free. ■ Prince i™*»nn- bunco uuo djk o«iea mu «u, .«■« Pan-.vm Aim-ays . 8M.50U si - } 

rtaMs bawl «n net nt w M c n ar otaa tax. Unilac div. v Nora, a Share wilt, a Dtv wo excom NYSE AH Oonmon - 3 " Bath Mfg.' 166 . 21 x 1 - 17 ; - 82 

tf Pta 58o tuwoTn. oolen otterwtac stated, and yield exdnde toedal oayniaoL tlntl srandana and Moor* — n onrt rornnte W estern Air Lines 


24 * A OKr loo don»un ontasc otterwiM Rated, rated mv. 0 DnoWctal trad out. •* 
62 M bSwKr Mb deiwm. and Baara- Uutm bokJer* ontv- o Meraer pending 
4.45c onkM otherwise stated. I van tenon. 1 RnL * Traded, t Seller, zl 
10* ijiilea* otherwise sated Z Price »t mne w rlehts. xr- B* dMdesd. 


tnom Mta— Woo. me last named b aa ed nn i*ni. Caesar's World 
Ataced- ■ Kxctnflms bowta. t«a IntesmaU Del E. Webb 

Hated * *88 Industrials. 40 utilities, « Kina ace Boeing 

sc Ss and to Transport. 1 Srdna# All iintinarv Polaroid 


b Schffltm scrip Kane. oBt iB. a Interna since I ■> ReKtan SB n/UM ** Oapentncen SB Am. Tt-I & Tel 


* Ottwieeii after nefHttna rtshls increased 


Kcnnecott Copper 



Chansc 

Slocks 

Closing 

on 

1 rad vd 

price 

day 

1.047.400 

17 

-11 

•>39.5011 

M 

-1 

166.7011 

47; 

-oi 

35.-i.700 

Hi 

-i 

754.900 

36? 

- 10 ; 

350.50® 

7:i> 

—5! 

3U9.100 

62J 

— J» 

7W.7W) 

45? 

-41 

750. G0H 

mi; 


7IS,i0n 

70. 

+T* 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 



wo* . H I 96 

101* 1 1033) 


.\e« KrtKiaoU W. 2?-* ; i 

Am hiitfa.NlTei- 33* 34 i 

Viacax* Uotau-G l^* W* ' " 

Nwsani^tmre.... ll • 11* J exa^ (I. ...... 

L fn- liter •(». - 2i* * 81« ST ’ . 


j (iuodiiub B. F...-1 19* 
. lioudy (*t Tire- . ‘ IV* 

{Uouid.. — ' 30* 

i (.trace W.K ! 28* 

I U rUAUao Pta’lte < * 
OrU Nnrvb lroo..‘ BV 

lixej-bnuod 13* 

'•IUI4 ITMCtfl..' 14 ?b 

[ttuirou. : B5* 

Usitbattoo ■ VO 

Hanna Mining. . . 37* 

Hanlinfbifyisr. .... tXUz 
■ iktiialomn..,.. - 6/* 

Heinz H. JT. ! 41 • 

HmUwib a 719 


di,.«rv Boos 

itierbemi-e— 53 An 
ilv Inveuint;... ' 16* 
eiani* Cliff-..' l Wr' 

■wlim ; 43 * 

(•uritePaim WUj 

- ••'.■in- Altman.., 11* 

- ■'.amrxy Lra» 88 

• -, iiuinm Pm. . ■ 205g 
-■in. In- (.'•■,'* Am- laig 
• ■ui'uihiuo L>i|!.' 39* 

th ... 43* 

.'in will K-li-uti . 106 *. 

m w'Uii.iii Hei. 4 * 

' ••mill, tel erlilv. 40* 

. •vii| nier heiuiiLv 13a« 
»nn Lite In,.. .. 39* 

■jlirmf • 

••« EriiM-n \ Y.. ' 

PoaU 24* 
mii-ii' >iii Ha*. . . 38* 
'■•iiiuinrr P,>uer; 23* 
mu menu i i»T-. a. * 
.■diimeutA/ ».lii..‘ 28* 


26* ' 26?b Hewie hekani...; 87* 

53ta ' 52in Uolidav Inna. ; e4* 

16* • lb* j HtTOtsteke £6* 

3<y, 30 1 Hon«y*oU- ‘ 65* 

43* *»2* ! H'«wr , 12* 

XOls ' ffia i Uorp-torp. A inn 305s 
II So Ulo I HooHOfl .XalvUa . feb* 
„ ' • i HunuPh..MCbm; 14* 

Sc iV 2 { Huiiuu IK.P.I T9 Jp 

20* . 21o» Lf. indo»tne#..< £8* 

In* . l0Sg I | > \ ^ 45 g 

??i a : ?*!• J ImpTM/H Hand.- ' 60* 
416 *. 26 * Iww. lb 


al* \ SnrVuVAWuAesn. kb* - aooe 
■3u - li>ni: Aii.iio... 1 36* . 36as 

29 | Mlm.Sute- Pwri 25* : ^6* 
n* I MIihm Airline* eO* 31* 

30 | Mb«t4 bsnctHT> 27* 1 tv* 
8809 | .\urun aiuMi... 18* ! 18* 
37* j lA-uiit-diH Peirvi! wj* : 2 u* 

al* Ugii»» Maine/ ... : 23* * 23^4 
so * i.>Bk> eiiivhi — 1 /* ; 1 > ss 

7 ,* Ulin ‘ . ; »o» 

30* Overeat tell*... 1 25 , 25* 

I JZ 1 32U 

>* Unen* litiiBits..... 2** [ 22* 

jv Itacliutiaa 1 23* f 43* 

13* Paeilic LiRimnit. j 20 - 20* 

1J* tePni.iU*. 21* Si* 

»*H ttanAm Horn Ajt ; 8* Bog 

Yl* Parker Hanmfui-. 26* I 27* 

»V* PeaUilv loti ' Kb .. 26-* 

2T Pen.Pv.AL 1 21* i 24* 

56** I Pcnm J. C r 37* ! abas 

41* : Pennrfil.. ..>....•, 3uki ’ 30* 
b7* Peep.,-* Driu.... ] 13*- 1 10 S 3 

tuj, M I'eojlltefise W f 04 ' 0450 

IV|4lhM.— as* , 30 

66ta ( Perkin Kl mer ; 25* 1 24* 

ia* :..»«•« 1 *hm 

atli I PlLrer -.34*. j 04* 

t&lf I Ptani* Oc<?r— ■ 14* ■ *3* 
14^4 1 Pbiiarieiputs E*.'. r l«Sg ; l <aa 

. fcO'.ft Pbtnp M.ims , V07a j Vo* 

29fin Puiini* PWmm.}- <4* I 03 
**4*8 hltlaii} .. — .....J -42* ; 43 * 

gn* Pnnev H»««» *- kfi*-' • aa*- 

a67 . IhUMon -i Br* : zn t 

ia* r«iMA DdAPU, «S6 b ; 


1 811 

Itni, Plavnuo..... 
Int". Hu verier... 


low. Mini Ctieni' 38* .- 39 
Inti. UaKUoortr.. 203, . 20* 

loon 46* - 16* 

loti. Puller ■ 44* 45* 

ll*K r.— a7 . a7* 

lm. Ueutitier... - 13* ; 13* 

Int. Tea; A tel.... I 31* 32* 

k>*a Pen — ' a7* 1 '38 

It- InermiHiaal-- 1> * I 12* 


£84.27 266.3 
4-3* ’ «a* 
41* , 41* 


-juLiiieiilAl T, , i«! 15* '■ ' 452 * 


-■nlr-M LMLa .... 
■■HiW Inriu,... . 


83* | Inti. UaKUoodr.. 

24* linen 

38* j loti. |*|«r 

23* l in 

3^i* } Int. Ueuntirr... - 


49 1 ; ‘ Jim WmtiM 32* 


Pntannil " 1 48* 625 b 

l‘i*cin«- Kin-—.. .<4* • liSg 
PPG l•l•1ll>ltl•> > « 2S1« . 29* 
Pud or Gamble. •- • 87* -J h7* 
Puli ter Elers....' .a.* * 2a* 

Piilijutu ' 44* j 434* 

P'Ji« I T8* . la* 

Wu-uer imis .1 .Via 2a* 

ItapM Ainenmihi IS* isa 4 

Itattheun : 481; 1 49* 

i 11C.\ ' 29* 29* 

Result'll «' MUri-t. fa* - 2o5a 
KetvH-l* Inn....: : 127* -.152 


11 U lexa>guil.. : -Jn . 22 * 

2 »* 1«aae basiern . 38 .- 38* 

3--!.. liW’in . 8 ». ! t 6 * 

"ieaa» i.U. 4 Gat- 29* 29* 

leruo Lilntie, .• «U* cAl* 

V , 7® IS mo- In- 46* • 464» 

ftpftUlrnw aa* \ a3* 

T«.- rimheu &U* . SU* 

™ 8 Irane 43* : 42* 

liaumirnca 16* 16 

If* . £ 8 * 

*'r" itenr t (ihmi ' a7* ■ 576a 

lrax>HiH> lolr'n.. V3* • 23* 

U 5 * Iran* Worn All . 2S* ; 2b 

32* lra*-«w ! 37* j a7* 

22 * InCtsitlnenis:..' 19 ‘ 19* 

ImoaiMi a t.M 6 * | 6 * 

“J 8 i HW . — ! 37* 374, 

•if* 1 axb CestntT P/o 1 *5 | aa>, 

L.A.L.. — I 37* l 39 

51 '« I'AllCO <** l aa* 

Uil * »■ an * 

“i 3 * Uoiieier ' 44k, } a4* 

4«f8 l-Diterer M' 587 6 I 68 * 

30* I nkai Hancwv >6 j rb 

*5*® L'Qum Caitihie.... 39* , 39* 

* 45 # 1 niiKi Corauien-e' 10 Uh, 

L uioti Un Caul . 53* ■ 64 

LuK.n Ftacilic .2* ‘ AS 

UnirrAA V* 7* 

TJ/ baited Bratvl-.. Hi, l£ 5 a 

* 3 * tMtane»»|«b ; a 2 oj* 

1 .* L» lividilD , 29* 29* 

Vo 2 t-aabr* <7* 

aa L* Mwl kb* 26* 

aziA } 1-g Tertidwqpe».- 43 43* 

‘ L \ ludueir’er..... 2 v* 20 * 

22 U v 'n:'»“ K m.... 1 -* I-* 

S 3 I! «alji(Oiu„ 29 28* 

^ ilamer-bomnin . 4t* ■ 4B* 

to, XV truer • Lanilanli 27 /, «.7v« 

UaaUe Man'meui i7ii. SB* 

29 1 ® Uwat-barai 2950 29* 

b7ta •* t^iern Itancnr, . Hi .42. 


r'om Mraor Onr.j t?8 { t/7 

l Genrtar aa* • 33* 

] GtaolYei'skiibe.. 15 1 14* 

• Guu Wf baua-la.! 32* , a2* 
Hair kerati. fan.; n», ■ c a 4 

• 40* I 41 

Home l>il -A*.... . 4U * 40* 

I Hudson Be v M nt 20* • 2v* 

■ Hu-lsoo Bay j 2'* ! BSTb 

: Hudson OU 4 Gat I -2* '.43 

al5 » 1 1 j\.b’. 19* | 19* 

lU* j Imaieo • 30*. 3b". 

■ mpena On 22 * , k 2 ke 


A«T 64-70—0.5 - - AaablCtaM.^ ! 334 |+3 

AlUaia Vtriieh.. 506 !-10 3L2>3.1 Oanoo ' 446 

PMW P27 -3.1:88.12 6.2 Casio • 810 

HASP 138.T— L3 IB. ft! 6^ Cfainon 1 -*05 

Uu-er 141J.-1J18J5; 6 a» Dai Nippon Prim 557 ; 

Sner-Hypo... . 9&U«;-I.3 ,a8.12[ 4.9 Paji Photo I 569 -6 

dk\er KeSmtiJ 537 i*2 18 I 2.7 Httti-bt 21B -5 

b’ihainbN'ed.wn-' »39 -1 ' — i — Honda Mown. — ' 520 [+1 

Com u ml an l> 2z7 —1.2 26.M>jll.7 House Foori 'L160 ; 

Lcmiibuiomi • 74.fci— 0.0 ' — — C. I lob M ^_.! 850 +1 

iromler 32S.s;-l.B 28.IS 4.3 llo-Yofcado L79J i-20 

L«r«imi it67 -li 17 1 3.2 Jan--....™. 7o5 ' 

Liema*...._ Io4.5 12 I 3_3 J.A _.i8.8rfO 1 — IO 

Hem Kite Hank...' 302.2 -0.3 128.1S 4.7 Kanml Bett.Pw.,L25 J ]+T0 

Uradner Huik_..: 248 ,-l {28. 1L 1 5.b Komatsn 316 I— 4 

LKi-kertMff Zemi.i 1«7.5'— 2^ j 9^5bl 2.5 ki.om, gBl • 

u uteludlnurue 217 — 1 lit < 2.7 Kyoio-Cerarnk:... 5,7l0 

rlaisiK Do.vl , J15 JS — 2.5 ;14jl4; 6.1 Mataomtaua Imi-. 716 —9 

tidrjiene' 159.7 — 0.3 *16.76110.5 Mmntnhi Bank.! 2ni - 

H-ietdfti jaa2— l.0T8L/a|-6.8 illtaucnshi Heavy I 121 !-l 

Hoercb. 4a.3_... — — MrtsuMabi UotpL- 4*»3 —l 

Unnen 179.0 9.36, 2.6 Mitsui & Go .1 dll .,+2 

K .11 ium M 12 .... 152.5— 1.0 148*' 4.6 littsukobi 5b7 „ 

*4i*ia,H 32o.6 — 2.0 '43.4*' 6.B Jlippuo Deaso '1,490 1+10 


334 i+3 
446 


UKiai. ; 15* ( 15* 

Inland Nat. Gas..' 11* 1 libs 

Int'pk®’ P' 1 * Ihih: 17 i 17 * 

r*6* Waiter Jteu.iureir- 15 ] Zb* 

Laun V 10 . Cixp... t t* 

SU J? Lutaaw bom. -8'.: 4.10 4.16 

Ml, Mi-niii'n HIihsIi...' 22* > 22ag 

Id .Uasrei KerxuKm| 12 as : 12 * 

v. 2 i« Uolntj 2 b* 1 - 6 * 

Uonte torpn.-* dS, 3 337 B 

V 3 ij Uounuunbuieih: 3 L 80 

2n .Vmuj'la Mmne_ a2/s 35* 

37 J. Nureeo UnerKV— 15* .In* 

191. -■'Hin. TnanD...I 37* 38* 

: NumscUil A (.;*>: 28* 28* 

bit Oakmood Petri'nji t.60 4.5 J 

37* huiic Copper 11.) 1.90 L78 

30 J * Pkciiicl'etrrHeunii 40 i 40* 

. aU Pso. Can. Pei'm.i c3* 34* 

2u* — lkl a : 

44 *. Ptoplo* Dept. S .. 1 "-* ; 5* 

68 ta Flat* Can. *On.; 1.85 1.85 

( PiactTlkTOiopmi' t5* ] kb* 

39* Power Curpi eat 'u! 19* 1 In* 

u* l Tut j .18 lo 

M (Juel«r piiuismnj 20* ‘ 2 20 

aj 1 KaofierOii : 3 .I 3 17* 

j Itenri bloiluAMC-.i 11* i Ulj 

V* f ibu.lMin....... 3bi, 36* 

125a • Kraal B-..«(tan.' .“ 6 », 3 bB 0 

33 * 1 tfra-ai ’inwi i 19* . 19* 

Z9ij 

<7* -xjeplre K’-s-aitT*’*' V* 7* 

ie6* teiqjram* 295 b- . 3u* 

43* -bel> banaila 1 *4», . J4i, 

20 * jherrmu. Miner: I 6 * 

1 - * sWjfia ll. G I 36* 3t>* 

28* ^uuptco 6 s» b* 

4Bt s aieoiol Lanai U. 1 £6* Be* 

<•1-8 itwplltrt Iron. 3.c0 , 3.3<j 

88* rexauobaoikia^. • 46* , 46* 

29* lnnmwbuni.Uk.: 21 211* 

42 l'mnabao PipeLo! 17* • 17* 

a6* Train Mount Opt; 6* I bi, 

19* in.tec 15* 1 15* 

21* LiuuaUiu r 1 1 30 j* 11* 

•z 7 i« l(U- 4 i-<»te Mints! B t* 

WOker Himin- * 6 * « 36* 
.3 g 'VrW Craw Iranr: la* , lc* 

y.i™ WaWiliio- : 19* j 19* 


itMeie >. .\ mei . ; 6 
| W ester u t-moo.. ■ 18* 
I '1 etbiocli at Ei« 1 al* 

, iVesvmm ■ • 6* 

| IVe.i eiltaeinrt- ... 29* 

I Woir.pioi *5 

1 •Voile Cun. In.i... ki* 

•Viiitsm t_f, k0* 

1 " i-um^iii Km-l BfcS* 


14 
12 
85 
80 

IB 

-6 J 16 

-3 1 12 


2.1 ACUIL (2b cental I 

1_3 Acrow Australia 

LB AVATIL61 

2.5 Amppl kzpiotation ! 

Lo Ampol Petroleum.. 

L3 Anra Minerals 

2.8 Assoc- Pulp Paper SI ■ 

L7 Assoc- Con. Industrie*. 

1-5 AutT. Foundation InreaT— 


0.t4 -a.U4J.12lZ.7S 

TO. 90 4 •/. 2 JaiKu .m Bikj-.i... • 1.7a • 

T2.20 -n.na Iteoco Itau PN .. 1.4U j.oV.Zb.aj 

tl.38 -41.02 ttaiao MuvnniT'l- 1, 13 ,.Ut,i7.07 

’O- 7 U-a, .bluer.. bU*,, - 3.54 —0.04 ..A. ;5.64 

• Petmhm. pp a.al -0.14 ,.lc 3.62 


ia i m 


159 '—1 — I — Hcoria Motors— . 520 +1 < IB L7 Assoc- Con. Industrie*. 

227 — 1.2 26.66ill.7 House Food 'L160 ; —| 85 ! 1.5 Aust-Foundatlonlnrmt... 

74.fcr-ao' -H - C. ltob-.;^..4 .! 850 +1 ! 12 1 2.4 A_V.I 

329.5;-L5 88.1S 4.3 llo-YcAaito L79J i-2D i 3«J j D.B Aortiroro. 

*67 -1.5 17 1 3.2 7o5 ' 13 0.8 Aun. Oil A &a* 

I o 4 . 5 ; U I3J -. 2 . 8*0 1 — 10 ■ — 1 — damtwo Creek Gold 

302.2 —0.3 I28.1S] 4.7 Kanml Bect.Pw.,L25 J ]+l0 U> . 4.0 Bine Metal I ndL • 

248 1-1 {38. IS.' 5.b Komst so _....: 316 1-4 I IB | 2.8 Boogalorille Coj^er 

W7.S-2.3 j 9 . 3 b 2.6 Kubota.. 281 ■ IS 1 2.7 BmraMes Industries 

217 —1 . Ut ! 2.7 KyouyCenmic ... 5,7b0 JL, 35 : 0^ “ 5 k *"® 11 Pwortatan ... , 

J15J5— 2.5 14J14; n.l Uatsnsbita UM-. 716 -9 20 • L4 W se*M> 

159.7 — 0-3 ''1B.7BI1U.5 Mitsubishi Haaii.! 2 a x • 10 . LB Carttco United Uiewet p.... 

138.2- Z.0T8J3 6.8 Mttautnshi Hesiyl 121 I 12 , 49 CoHifcli 


2.31 -0.14 ,,U 3.62 

>•. 4 PlMIlOP- 1.31 J.ltHll.tt 

+J.W >««« bru, OP.. 2.68 4-0.14 j.Zi. 8.20 
> L*VI , 2 Jfc 1 -“ -V ‘ ?- c6 -4c 1.26 

• 4—,. 5; Vale «»• lio, v PI 1.1b -0!or%f^ 1 6,55 


— , — I MrtsuMsfai Corp-- 4 n 3 —l 


IS 1 2.7 BtnmMes Industries 

35 ■ 0.5 Broken Hill Pmorietan-.- , 

20 • L4 south. • 

10 . Lb Gartton United Brewer?-..-' 

12 < 4.9 CoHibli 

13 1 x.a Coektsun Ceraenr.^_ 


t 0.70 +0.04 St 

^0.30 .. I 

tl.iT4 -DlOI 
1 1.48d -0.CS OSLO 

. 


Tuniiwcr Cr. l^9.m». -Volume 7A»m. 
Source: Rto de Jancun SE. 


/■'i i e vi 

.hi-ne- _ 


dll ,+ £. J 14 i 2A ConMiG.J.i — 

SK9 • Vll I a I (jtfli. IfAMliAMa A Mb 


Kauibof 238.5 + 1.0 18./2 3.M -Vtppwi 5bto(an_ : ' 766 9 12 -03 

.»iocfcne» LilliOC'.* 92.2—1.8; — — Nissan Motors 780 ' T 7 lb: l.U 

i»HD Ic2 -2 18.K| 5.1 Pi. ewer l.bOJ 1-50 48 t.b 

»ntPta , 10B ; t 1 • — J- sniyo Ciectnc... B48 | 14 lb 

( 3 role. — ... ■ 273 —3 1 2a 1 4.5 textual Pieiab-..‘ w30 ‘ + 4 1 3u : l.b 

lA-wentesL' 10 L..I LnB tea [7.8 Stuseeio 1.18J .—10 ! 20 „.B 

Loii than -a _..• 103.2 —0 3 9^6] 4.5 teoy_ 1.520 [—10 > 4u [ 1.3 

MAN 2o6 -«.a , U 1 2.9 Itaisho -Marine — * 230 ;-2 ) 11 1 2.4 

.UauiieMnanii-...> li2.6-L0 D.lt; 5.0 lake** Chemical.- 405 —l : la • LB 

lletsilce* Sal O.a 10 2.0 - AHO I — 10 ' 30 > 0.7 

Muncheuer KueaJ 630 S ; IB > 1.4 Uojn I 118 • 1 1j i 42 

Neeterraann..^;.. 1 68 !-1.7; — ' — Cokyo Marine — : 484 ... : 11 I Ll 

PreueMut Uil UX la2 0-» 1 — — toayobiectPuw'i 1,100 —10 ' 8 1 3.6 

Itfiein Weu. h'lw. 103.5 + u.3 I 26 | 6.8 fokyosanyou j 320 .+2 ! 12 I L9 

>c/ienug . Z712 +U.3 'Z8.l2i 0.2 I'otn.v ...1 1*»2 ■ 1- I 3.5 

MCUIf*tlfl • . . - 296.8—1.7 . 2a I 4.2 Co-hlba Corp_ ,. 131 '-5 ! 10 j 33 

tu>i ZucKei 267 — 2.5 :26JM; 5.0 rontu Mnror- 877 '■ — 1 ! 2 ; Ll 

1'ujfcen 116.1-1J l/.lb 7.4 "J ' 

Vans 188.0— L5 l/.lb 4.5 Sonroe WikMi teennnea. roRyo 

v’bbA — 1 la US— 14 a.3e 3.6 


AJ 630 S ; 18 11.4 Lwjn I 118 • 1 

-168 : — 1.7 ; — ' — tokyo Marine — [ 484 

C K la2 !— 0.t>i — — lofeyobiectPuw'i 1,100 ,—10 1 

«. l83.5-i-u.3l 26 | 6.8 fokyosonyo..— j 320 .+2 [ 

... 271.8 +U.3 '28.12) 0.2 l«a.v Ih2 ■ 

896.8— 1.7 . 2a | 4.2 Grhlba Corp_ ' 131 -5 ! 

267 -2.5 -2L84; 5-0 loyota Mnror^....! 877 — 1 1 


Cuys^n A.G.^_| 116.1— 1.9 l/.lb 7.4 _ “ 

t'ai-u ~..| 188^-1.5 l/.lb 4.5 Sonroe WikMi deennnea. rteyo 

VKbA — \ U13-14 a.3e 3.6 

V’emovx Wsaatta; 294 , ■ 18 1 3.1 

Vdikswgwi { 237 1 — 2 25 : 6^ BSUSSELS/LUXEMBOURG 


AMSTERDAM 


_ ii*.t»« —..2 490 ,—10 I — 

or .Div. .1 hi. tisrksrt ”b”. .._i2.5uO i-raO 116 


5b7 20 L8 Cou*. Goidtioide Aust. 

'1,490 1 + 10 15 | 0.5 Container ibl) 

J 766 ; — 9 12 - OR Cxixipc Kioriniu ’ 

780 't 7 lb: l.u Crauin Aiiittaiia. ; 

1.60J !— 50 48 l.b Liuniop KuMei 1 SI 1 

248 | 12 2J3 B5CUK 

‘ t»30 '+4 1 3u ! l.b KldH--aniith.... 

1.18J .—10 ! 20 : v.B HdUMr H rsoptras 

L520 UlO i 4u , 1.3 K.2. Indu-tno. 

; 230 2 ) 11 I 2.4 Gan. Property T>im 

405 '-1 : la! L9 Haxnera*y..._ . 

,2,110 1—10 ! 3U ■ 0.7 Hooker i 

l 118 • 1 lu l 4.2 ICI Australia. 

: 484 : 11 I Ll lnt«r-Copper_ 

1,100 ; — 10 I « 1 3.6 Jrtmujjik Industries^., 1 

j 320 .+2 { 12 1 L9 4 one*. (Hand) | 

, 131 —5 . 10 j 33 Uaw* Bipio«uija___..! 

■ 877 : — 1 ',2 ; Ll Mill Holdings 

. _ llyer Kcaporium ; 

~ News i 

Nicholas Intenauteoai I 

Vortb Broken H'-tines&Ji ’I 

OatbraiRe ; 

Jil aearoti 

• ■ . ^ r - ' j otter Kxpioraiion 1 

I P*w® I + or ■ Fro. Tfiii, I Puaiew Cmutete. i 

! ^ i 4 I ttoi'kiu & l'oinuui..M 

. 1 a - t -: 


t 3.6B '-0.0/ teiuen Mmk .. 

1 1.3-4 ... . dorrevaanl 

t2.36 rd.'.S 1 Credit hank 

... I hornit* 

t 2.86 I Attelitksiueii. . 

13.70 <s -j. 6 
tl.oa ' .... 


nei>-en Bank .. .. i lu5 *2 » 

Borrrsrasnt 1 75 —5 — 

^rertittenv 11 + ii 

K'cwmc* ' 337.5 —2.5 2U 

ivrwuliiuatii.. .. ll 2,0 + o.a IJ 

NurokHv.irr.krrt ' 237.75'— 4.2& 12 
aioretimnd 100.0. '7 


12.60 -sfl.Oi 
•0.37 -d.DI 

<3-u5 JOHANNESBURG 

SiSmiJui HE*”'* „ 

tQ.e 2 _n u 1 -J*?® 0 Amencan Corpn .. 
12.33 +i.u3 i hflr ^T CoitaolWaivd . ... 

fO.la I fSI. Drirfoniera 

T 1- 1 3 .--0 AS | Harmony 

li-il I 1 Kinross 

10.38 ‘+u.ui KJoof 

t0.-t3 1- 1 Kusienhurs Plaonum ... 

r2.i6 +0.04 SL Helena • 

: l.bO Somiivaal 

1 A .03 ; Gold Fields SA 

rO.°3 > Union Corporation 

• 1.40 '+J..KC Beers Deterred 

rl.t.5 -i.-is Blyvooruiuichi 

,0.13 Easl Ran d Piy 

Tii.aS 1 .. i I ^*7^ Stale Geduld 1 

,1 to i.t * : Prenidem Braud 

ta'ej 1 £w*W*m Sieyn 1 

» t /n " i SilHoniein 

-ix ' " • ' VhS ' Drtcfonicin 1 

:,of ; ■; i ; W^tern lluidlncs t 

itiaS i ‘ u - 6 ! Western Deep ... 

1 1!“2 i;, v _. INDUSTRIALS 

11.70 ,r-0J4 j , . - . - 


-etn. 20 : K'-. — ■ * ■' % J.B.K. Cement '1»3 eO 

l 1 Jocaenli .. 478 

lboid 1 F 1 . -vi : 115.8 — JJ2 , s28 , 4.8 kbBo 2.3X3 

Vvu. 1 1 Pi. iv, 3L5 — . .6 . — !— Wectrcoei. -O.B10 


-euthiaml Mini rut ' 

*»*/»■* fc'KpHinmoo 


J.B.K. Cement -/l^sO ‘—18 ;itXi ; 8.J u«ig ,s. . . ! 

. ^rritoidli OH Q : j* . I ir... _ 


13.0 — JJ! , sZB 1 HM bD BO 4.3X3 , + a 1177 /.7 

32^— ..6! - ■- Ktectrooeu .O.B10 —50 U 30 0.3 

bi/ceroBalt'l-i.lOuj 387 -3.5 >AlUb! 7.3 Psbrtque Xai. 2.946 !— 10OX7v» [ 6R 

\MtV 1 F 1 . IC:» — ; 92. am — l.u I So .0.4 Gjx Jrmo-Mm :«.a76 '+5 *50 ; 6.3 

I Ainro>ank iFi.HH' k 3.8 —0.6^286 0.4 Uevsert .1,478 —22 ( 8b | a J3 

di miikvrr 99.9 — -.5 : 2b 1 O.c CBLfBrux L> i.b3t> '+1U |l64i||0 0 


— IVeitvOn. 

/.7 tVeuern Minloe icO -eras’ ! 

0.3 M',o nrtnbr -j 

6.8 — ' 

6^ PARIS 


8 and 

+cr- 

0.40 

+0.10 

J4.I3 

-0.M 

14.70 

+ 0.20 

7.05 


7.10 

— 0.03 

7.75 

+ 0.D3 

10.50 


1.73 


117.00 


10.80 

+ 0.10 

24.00 


S..uzd 

-0 05 

0.H5 

—0.05 

6.2U 

+ 0.10 

i+> 

-ru.05 

t.'KaO 

-U.30 

IS. 110 

+ 0.15 

t 17.00 

+ H.73 

5.40 

-0.14 

a "> 


143 7.7 

+ 0.50 

«:.7.ihi 

-T 0.5(1 

li.«l 



BotaWe.-iDi F.lUi. 132.0 —2.2 j 88+ f>2 Hoboken 2. 7-0 —oO (17U ( n.2 -teW.SO Kr*. - Fro. 

Uubrm leiletpte.: 74.7 + t.A 1 2b | 6.9 internum L800 L..~_i 142 I 7.9 . -i . 

Biwvier V 297 -7 ;27Ai.A8 fadaraak JJ22J — bO [29 j I 4.0 ■ tBJL * Vrr 1 :'.-! 7 ?.? 1 6,1 '» 4l: 


♦•0X4 j 

— ' Anilo-AmiT. ludusmal 

. Barlow Hand 

| CNA Investments 

1 .’ Vi.'i, j Currie -Kinano- 

■s. - * | Brers industrial .. 


tSnuinVV. Beam ! l45.0xd -x.5 ! 37^ 5. 1 La I- .- ... 

r.u.tvroHt.F’.'Ui! ow .* — r^J M2t 6.0 Pkn HiwUatf. A.9? 1 J+20. (SLtti *. 

ut bM i[ «] -♦J- 1 : — •-.* 4.9 Perroflna 3.825 —43 |18o 4. 

Henekeii <►>.»>! 104.3 —2 I 14.3.3 -oc. Gen. Itaaqut -3.170 't-10 'doS I 6 - 

Uu»«vvenr'P‘JOr| 37^.— 0.7 ' — I — soc Geo BetetuuHJ.015 !— 5 - 14u j 7 . 

Mumer u^hi.«: l | tHA’ la . 4.9 ted os 3.225 1—20 1216 6. 

K.L.M. *F.. llSft..] 162 J— e.5 : 8:4.9 autaay Je.6O0 j+o A2H 8. 

UH. iluiier . -40.6-1. .2! 19 7.B Uatan Ktecc. — ;2.b6J U 35 110 a 
\xaruen .I - '. W>..| 30.0— J., U.e 4.1 OC'b IL180 !+30- — — 

v.i V-.iln.flFl MK IlC b_ , nn fa l , „ 1 I n. u.. . . .i/v AxxM 1 s . > c.. e . 


■-.* I A? i 4.8 j Petroflna >3.825 

104.3 — 2 1 14 . 3.3 . - 0 c. Gen. Uaaque'3.170 


rasisEzi?, tssssfe ™ery 


* RU. 4 A«Rea- - I 
n Nss any 


19* | 19* 
• tTabeiL 


37A-0.7 




'—43 |18o 4.7 

e ' 10 2U& ' 6 4 

5 :i4w ; 7.0 q'SFT sr;" "'" .'Sf 
80 1216 6.7 “‘“---I rj£i 

8 : 4.9 sulrey Jo.BOO i+o |A2K 8.4 J^72 our — U 5i” 

£-8 L|5 170 0.6 

48 ; 4.1 Un ki. Kxio , 860 — lo 6u 6.8 5SSSE5S5* ! 44? 

21 j 7.1 VM.te Yoote etel^l^TO )_ SSREks?' TA 


“ . T.P I » 'f Skill 

Q 1 4.9 suivay Jtf.600 +o L VdKl 8-4 1 V'.T 


EUROPEAN OPTIONS EXCHANGE 


UiH.. - 
V<*|. i last 


Jan. 

Vfii. i Last 


BASE LENDING RATES 

A.B^/. Bank 10 % ■Harabros Bank 10 % 

-' Allied Irish Banks Ltd. 10 % *Hil] Samuel 510 % 


.Nat.Nalln.iKi.iU), ,116.B*;-0.9 , 48 ; 4.1 
.NolCredBkiFl^. 58.71—1.4! 21 ! 7.1 
.\<ri UiilDLuMOtOjI 210.6— 0.2 . 22 i OR 
'Joe fKiJro. ... _..;.r 175.7'— 1.8 ; 36 . 4.1 

Oaera. — .1 32^1-0.6; 23 7.1 

Vau Omroertn;. j’ 148 A.+ 0 . 3 . — I — 

PakJuasiiKJalLLij 42.6- I — i - 

Philips iK'. KL... 28.1-— j.4 | 17 \ 6.1 

Ujoachle.lH.lOO 76.i;+2.B> — — 

rtUte-o (Fi-Jj— .. 176.5 ! — 1.0 |A2Bt 7.3 
Uuiioco iK/^vj 143.6'— LO! — ' — 


I Pnoe + ui li.\.'Vi.i. Lurrie-Kinincw . 

.■'em. 20 j Fro. - Pro. a | De Brers lodusmsi .. 

: Ed Bars Consolidated Inr 

lieuieSi 1719 0 —6.1' 4ij- 0.7 | Bdsars Stores : 

AxnqueOueid't’e.l 419 i -1 '21.15! 5.0 E*¥ rR *“ d f t 

AirUqoMe. ... ; 3^6 1U. -*.8 v »lk''H'lf«i!lilU... 

AquiiaiOe 622 -10 Jb-ib 5.0 1 S?^» e s,orfS •••• 

»iC ■ 507 * 15 'll*; 2.7 ! SjKff " 0 AOTroocc ,SA ' 

d,flrcc”V- ; iea -9 . 42 . a.4 1 

SEk=t-v 81 ~ 

dob [is 3».b 0.8 lOKftiir,'; 

mJ.L AKsite....... L099 *8 G2 1 Premier Millinc 

LAebanoaue. 1 420 +a Id 1 it.* Pretoria Omeni 

Uiul* Uislitet ; 44 1 *6 11.2b. «.6 Protea Hnidincs 


H.SS +0.i 

] 0 .:ui -n.l 

I’ll -0. 
2.DH -0.! 

0. 0u 
vU.jO 

1. T’jd 

ToS.Zasd +0 . 
rt.05 : +0,1 


42 , S.41 
40.fcl 7.8 I 


Cieitancatre. j 420 

b'lul' Uielitsf • 441 


Cttaiu bom. Kr*er' lal.Oj-r.7 12 9.9 ] Rand Mmrs Properties 


7,1 SWITZERLAND • 


Cteiuot Lone ! 9 .0 — i.4 — . - Rcrabraodi Group . 

u**uie* ..j 650 *8 UJ-. 3.8 R«co . 

Pr.PeuMn. 1 l«7.c— .3 14.K ll.o San*- Boldines — 

lien. Oecioentaiej 278 +JS . 82 : 3.0 SAPPI 

DuvThJ. tmetal ...» 00.9 + 0.2 5.7- OR 5; 5tn*Ui Shear 

% % Jacques Hotel I 170 6.16 5 - I - S A Breweries . 

! $au!o + IS.8 I9.r«j 7.6 Smsee° d,S Nat 

ft an f* 0r ** J . 1 738 I— 13 .16Jil cJi 

10 3 2 --“ -iMgj “>6 aajbi *. Securities Ri 

2 SJ ffiST.^K3cS3 i!, :£s 5:5 cw«»p»i 

S5 I t'2 * ,t ** Henneaaej-.] b 44 1—2 ’ I4.t; 2.a 

i ft “« lUn v» 1 13 2 . 0 ;— 0.4 : 3 1 2.2 - — “ 

! f- 6 176.2— 2.3 l.Jt;il.3i 

*\H ,7r: /-’i SPAIN » 


Price l + or j Otv.'lTid. tmetal 

Fra. — 5 1 * JauauPfl Borei 


Rcrabraodi Group 


SA Breweries 


tu.\ 

F.340 

5 

51^50 t 



.. 

ib.N 

T.360- 

IO 

29 , 

• 1 

34 

\KV. 

F.30 1 


• * - 1 

6 

4.60 

Ah7, 

F. 38.50- 

__ 

• 

26 

2.00 

A K'/. 

P.55: 


■ 

15 

1.90 

ABB 

F.70> 

12 

'W.BO : 




\UK 

P.85 



47 

■ 5 


150 2 

*60 1 
*70 - 

F37.SQ -- 
V.40 

F.48, ■ - 

5280 6 

5300; 27 

F. 123:50: 

F.lSCi. . 1 
F. 152.40. 8 

F.16L90' 
F.ITO; 13 
K 171.40 2 

F.1B1- 8 

F. 190.30: fi 

F^09.50, . — 

1 .98 JR , 

F. 10650' 10 

F.URflO; — 
F. 25 ; 34 

r. Z7.S0, 157 
FJOi HO 
*50 ! — 

>F.13,i 25 

F. 140' 50 

F. 1201 10 

F. 13b! 

F5Q; 5 
SBbj 2 


TOT a 1 . roM.SK lx (.om baits 


13 -. 3.50 
2 \ 330 
B ■ 1.40 
5 | 0,30 

10 - | 7,70 


14 14.50 
14 Al^Q 
1 110.10 
18 ■; 7.80 
3 .: a;»j 


— - I — 1 

~. f — • 

— _ ’F.za .20 

6i 4 .; 

« 2J0 ■ ... 

.2 . 9*;S52* 

_ i _ r.133^0 

is j 4^0 - „„ 

— . — F. 125^0 


I - American Express Bk. 10 % 

\ • Amro Bank 10 % 

I - a A P Bank Ltd 10 % 

f ..Henry Anshacher 10 % 

1 ’ *■ Banco de Bilbao 10 % 

I . Bank of Credit & Cmce. 10 % 

1 :• Bank of Cyprus 10 % 

iBank of N^.W 10 % 

1 ■ Banque Beige Ltd. ... 10 % 

' “ Banque du Rhone 101% 

• Barclays Bank 10 % 

■ Barnett Christie Ltd.... 11 % 
} v-. Bremar Holdings Ltd. 11 % 
■’ Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

-Canada Perm’! Trust 10 % 
CapitolX & C Fin. Ltd. 10 % 
Cayzer Ltd 10 % 

.. -Cedar Holdings lOi% 

■ Charterhouke Japbet... 10 % 

, Cboiilartons 10 % 

C. E. Coates 10 % 

.Consolidated Credits... 10 % 

Co-operative Bank *10 ■% 

Corinthian Securities 10 % 

. Credit Lyonnais 10 % 

i The Cyprus Popular Bk. 10 % 

] -‘ Suncsn Lawrie 10 % 

I EagirTrust’ 10 % 

\ English Transcont. ... 11 % 
Ffrsi Nat. Fin. Corp.... 11*% 
\ ' • • -Firsl Nat. Secs, Lid. ... 11 % 

j ^ Antony Gibbs io % 

[ " Greyhound Guaranty... 10 % 

j Grindlays Bank .'. :tlO % 

j • (iuhmess Mahon 10 % 


10 % C. Hoare & Co. flO % 

10 % Julian S. Hodge 11 % 

10 % Hongkong & Shanghai 10 % 
10 % Industrial Bk. of Scot. 10 % 

10 % Keyser Ullmann 10 % 

10 % Knowsley & Co. Ltd. ... 12 % 

10 % Lloyds Bank 10 % 

10 % London Mercantile ... 10 % 
10 % Edward Manson & Co. 112% 
10*% Midland Bank 10 % 

10 % ■ Samuel Montagu 10 % 

11 % ■ Morgan Grenfell 10 % 

11 % National Westminster 10 % 
10 % Norwich Genera] Trust 10 % 
10 % P- S. Refson & Co. 10 % 

10 % Rossminster 10 % 

10 % Royal Bk. Canada Trust 10 % 
10 % Scblesinger Limited ... 10 % 

101% E. S. Schwab Ui% 

10 % Security Trust Co. Ltd. 31 % 

10 % Shenley Trust 11 % 

10 % Standard Chartered ... 10 % 

10 % Trade Dev. Bank 10 % 

10 ■% Trustee Savings Bank 10 % ] 
10 % Twentieth Century Bk. ll % ! 
10 % United Bank of Kuwait 10 % : 
10 % Whiteaway Laidiaw ... 10}% i 
10 % Williams 4 Glyn's ... 10 % j 

10 % Yorkshire Bank 10 % . 

1] % ■ Members Bf ihr Accenting Boosts I 
i j i tr Coouiiuec. 

•4 ~ ir “ ’-‘las deposits 7r„. 1-mornh deposits ! 

10 % T 1-day deposits an suras Of fiD.OW : 
in Cr md under «*e. up to E23.noe n? i. 
,n r? and over CSA» ti-3. 

J Call drttesns over SUOO 
10 *5 t Dcmawj tepwfta 7H* 


^ I .VnzmmlQAi _.__1.050 


terenro I MJ 124 £ = *£. SR BBC j 

Ooyni Ihnch'F©.. U24W +0.3 I3a.ft j 8.1 ihttaGerevPr.lCM toSO 


awvenuin, • 
Iterto Grp (F\RD. 
Irwyo Pac. H Wfci . 
Unilever rFiJJCa...' 
t IICIIIR "IIAT 
Werfi.rit.HrphLI 


257.5 -2.6 WO 7,8 
116.0—0.6 *‘H 4.7 


I* Gory Fv.IQCj nSO 
Do. fiitCert.1 710 
Uo. Keg. .. bt-8 


146.5-0.5 SjUl Credit nutare. 1 2^23 

USS'-CaiWli 6.8 Ktehmiitt IL87J 


+IS.8 I8.r«j 7.6 uS^e 0i<,S NaU Ml8 ' 

738 |— IS 16J/I cJi. u “ L1S 

’SSS !“i 6 i B Securities Rand SU.S.n.76i ‘‘ 
,33s I* 15 t-l (Discount of 33.7%) V- 


awcuT«fln w ..^.ij,qiij h-w iu > aa.c e&jbintv uun+i , • t*i i *> : 

“ 1?‘£ '*?*? i }'i rtichar rGeoTK^H S0O *-10 a rfenio<tkic*i5Tl 269 0 0 5 l!a 

410.3 -4.7 33 3.9 UoHnnu, PiCen^'64 6u0 ^-500 !tiu! X./ ^6 IM*! Js 

[ Uo. [finraJM 6.350 j ,Xlu L7 Pnciaiu....— [ 210.1—3.9' — ■ — | 


COPENHAGEN * 


A nrieWnu v*’'i.. . | 142 _| 4 

Ltaih+e Bsuk — .., t28 —I 

bM AstalKT b‘u...{ 16Ui’— 3 

PtzraDafaeniten > ; 1X05, -! 

drywsrner J 356* — 1 

For. tefsr .. 1 68 i — ] 


Uofiman PiUerfs.'64 5u0 |— 500-.11M, 1.7 tteugeot .Citroen.'.) 464 —6" l/.P ! a.3 September 20 

Uo. 6.350 j ,llu : L7 Pnviaiu,..— ) 210.1' 3.9' — * — Asland 

Inwnocd B. 3.850 1—25 | 20 j 2.b UailK- Tecbnkju«.i 4n9.u + 8.5 ' 27 ,' 0.5 Banco Bilbao 

Jelmou CFr.lCO>_' L495 [+5 ; Zl , L4 IteOoule 624 i 1 ou 4.e Panto A Ha mica n.000 

NtauefKr. KBi._3.B4o ,—50 <ita.:i 2.7 UlsiAie Poulenc ...i H4i 1.3 9 l l.b Banco Central .. . 

Uo. llo>„ .„.. 2 .fcla «db./| 3.9 ouGmsilii lia.S-O., ll.-jt' 9.3 Bunco Exterior . .. . 

tv. -'Ybi. «taniLun8>P^9Vi 2.655 1—10 I lb i 1.4 saro Kcwuro->i .... 1.755 +o" ' a9 I 2. « ® anc ® General 

% ■% Piro.u-*l PiP.wai; 296 '-3 la i S.l sue* ■ 286J_5.Q Zail 8.9 Bunco Granada il.nno 

— ' tendetf /Ft. 2cOj.. 3,475 j-4S ! 86 { 1.9 iternwinque....! 829 • 2a. b! a. KW®. 

Uw. Part b«rte-, 387 |-11 . 2b . a.4 1 llwoisori Brandi 2a2.5_4.0 lb.ll\ 6.1 S Si* 

- adiiodterUFllAl 876. ,-S j 18 | 4.4 1 Impn, . ; 2*.0-0.6 !- p£$£ m * ,ra ' 


■ 11 '7.8 sdilnriitu- Lt Fa*| 275 
' 12 i 9.4 miIxct Cc (Fr.lOUi; 3o5 


i 132S, 1 -* 
.A 356 *— in 
-J 88 i— ll, 


M) » ».*» JUim Vrifc 4 FT.IUW | AT | T.C 

12 7.6 a«YiM%lr tFr. &&Ql 790 f— 6 f lJ > 4.4 CTOnCHOfM 

15 9.8 awtas Bn a (Kr.lOt £6/ —7 j 1U 2.7 


Haonclrfsink j 148*,'— * 

G.Stli-OH.iKtHCj 29 v*|+i 4 

Sort Kab* ' 18134 —214 __ 

Oiletabnb [ 116 -2 | — 

terrettank. — — l 133 l—* I — 

Provratteok j 140 * 1—14 I 11 


12 5.3 6wh«(KeifFr4bb)4.S26 + 26 ! 14 ) 2.0 

— ' — baton Hank ..'5,140 —45 j 2u . 3.2 

12 [ 8.6 Zurich Ins {18,000 —160 44 I in 


Pn oa l * oi ; Uiv. Ki.i 
K rone { — [ Kr. I % 


KtLAN 



-oi*. Bereosen—J 408*1+ 
i snpertos— 174 L- . 


VIENNA 

j Ptaa? . -e wi , UiOX-x 

20 [ % \ \ 

^re iiuiisixii 342 u) j E.g 

I'm i ii oos c r 272. - y* 3.5 

etert* J 627 ‘-a* 38 [ 7.6 

empern B4 ' .... -i- 

•ievr Ltaioi'et— J 224 a, ■ 3.6 

Veit UuDHfii. 234 -1 1 . 4.5 


for Uiv.' XI i. 
— Lire) % 


AS 1C 

Hasrori 1 661 33 f — j - HncsKm'b~<Kn0>| 134 

Ftat 5.130 + 146| 1 00 4^ S»tne -2" 6ul 

Uh-Pnv — klbO J.^ IS*, b.9 PknRvia^ lUu 

pin*ider.._...,..! 225 +8.5 — ! — Gniw uw) 58 

Havromern {23.510 n-SjilOj 8U0; 2.6 8an<lie*buifcen... S' 9 

lm»l.ler ; 460 ;+l ; — - Uumbou* 115 

UntKM.ure..„„..:4l.500i-~300;L7BOi 2-9 Mo Uen Uom*U>..l 68 
llunteriienn..^... 255 .—22 | — 1 — -M&luiJt >8’ hits J 2 8 

U.IF8U4 Prir >1.516 Z55J — i - .K.F.-B' Kr- ! 70 


Aga An (Ki-00)...} 
Alta lavsBlKxfaU) 

A8K.\ (Kr^O) I 

AUasoCopoo(Kr8h{ 

Uilieruri 

0Qton,. 

(Judo. 

Ceiiu Iras 

Kteet'iuc'H'tKrbC 

Kncsvon’k'lKreCi 


901 +3 
1+4 +1 
68 +1 

184 

68.0 


ivi^' c", t Banco Ind. Cai il.nno ■ 
lb.l.;b.l| E lnd 

_ • | Bancu Pupular 

I Ban™ Santander c3.">0> 
| Banco Urnuixc il.oooi... 

Banco Vizcaya 

Div. xm. Banco Zaranozano ■ . 

Kr. I i BanRnmon 

Ban us Andalucla 

6.8 . 2.7 Bahcock Wilcox 

O 3.5 — 

a ft 7 Draeados 

ft ; 4 e lomohantl 

4 J s’a e - '• Aragnneaaa 

Ji ! T* Espanola Zinc 


114 _4 ■ < c^aanoia ^inc 

hi Fr a ^ Bstsar. 


242 — 2 I 

1+3 XC*. — 1 i 
134 | ! 

j-2 , 


1 Fenoxa <!.0M> 
. i H GaL Preriadas 


Per cent 
127 - 1 

302 — ' 

237 — 

310 — 

271 — * '• 

276 — 

ltt — 

2S6 — 

187 +2 

200 -3 

252 — 

US _ 

2M , 

240 — 

2W a- 

ISO - 1 - • 

m jd 

29 — • 

82 . 
280 . —.2 .. 

70 - 2 - 

SO -"OSO 

101 — 

64 -5“ 

66 JS —OJS 

64 SO - BSD 

75 — 


,.J V* 3.5 UuvatU Pric : 1.5 16 {— 255J — i - 

ifi 38 f 7.6 Pirelli k Uo. [1 150 1+ 149 13 J b.1 

' - i - Pirelli apa.OTMOT X.118 f+2B.d BOj 7.2 

,..{ a, ! 3.| j anta Vlwote 11,074.6—66^ — J - 


3kao<i Ka-klldH..! 
ton iNik * Bi K rtOI 

Uddeboiin I 

I Volvo (Kr. aO). .. 


68 + 1 
2 8 + 1 
70 +0 
171 —2 

66 +1 
64 

82 ‘-I 


0 4.7 1 r;nioo Velazquez /4A0< 16 s 

9.0 I 4.2 ! HlOrot-i 75uSO - ois. 

4 i 4.1. 1 Itierouero « 84.S +-0 2S • 

♦ •i.a — . - .rilarra ins w. * 

+ 3 to 4.C ' Papali-ras Reunidjs .. 47 + a ■ •• 

-5 6 7.0 Peirolihvf 121 

+ 1 • _ ■ _ ; Petrol*®* 144 ^4 4 ’ 

+ 1 : 3.7a U.cjSarrio Papalora 31 -. 4 , , 

—2 B 4 7 $°8clwa 127 _ 

* 1 5 ; 7I0 1 JeWonira 74.75 + i_2s 

*x o 1.0 j Terra*. Hoctcnch . . as — • 

"1 "ft T A i Tu,>3r ** 37 _ 

_5_l~ Union Elec. 70 aj —,j. 












30 


I ARMING AN D RAW MATERIALS 



Change in 
iron ore 
sales urged 

-CANBERRA. Sept 20. 
THE AUSTRALIAN Government 
has asked domestic iron ore pro- 


marketing arrangements, accord- 
ing to industry sources, reports 
Reuter. 

They said Mr. Doug Anthony, 
Trade and Resources Minister, 
met producer representatives 


Brazil coffee 
estimate cut 

• BY RICHARD MOONEY 

THE U.S. Department of Agricul- Over 50 per cent of the trees . , 

tore has reduced its estimates of in Parana, the main coffee Slate, I dufiws . to ^reorganise ^ their 
the 1979 Brazil coffee crop follow- were affected and the state's 
ing last month’s frost- The 1979 coffee harvest is now esti- 
Bepartruent now puts tin? crop at mated at between 3.5m and 4.5m 
between 18m and 21 ra bags (60 bags, down from the 6m to 7m 
kilos each), compared with a estimated by the Attache before 
pre-frost forecast of 22m bags, the freeze. 

. Shortly after the frost the i n Montreuv meanwhile Sr. | this week and told them the 
Department said the damage Camilio CaJazans, president of : Government did not approve of 
amounted to only lflm bags and the 1BC, said he was pessimistic! the way iron ore is marketed, 
predicted that the crop would a b 0U t the likely outcome of the! This referred to the way the 
stilt exceed 20m hags. This con- international Coffee Organisation Japanese steel industry! 
trusted sharply with an estimate negotiations In London starting negotiates iron ore prices as a 
by the Brazilian Coffee Institute next Monday. , single bloc, while Australian pro- 

tlBCj which said the crop had Sr calazans, who was attend* ; ducers negotiate separately and 
been cut by S-in bags to lb.ira ing a S yniposium sponsored by ! in competition with each other. 

• 5L, ttcda Climate Coffee . f nteraational magazine, j Australian iron ore producers 

assumes that^favourab'e weather said , he importing | had t0 take price cuts for some 

TnnS um 1 1 M a rch \pri 1 countnei not ** wa, £ ,. earl £ j of their 187S Japanese export 
will continue until aijrcn -^p ru agreement because they believed ecntraclB and accent lnwor nrlcc^ 
next year, borne Brazilian traders ..^ rlfl D r ia *s were loo hi"h contracts ana accept lower prices 

said yesterday they thought an „ f- ““ *!L jrn th ^ ? l0 “ p “f. by the Ja P ajaese 

ISm bags crop was possible given . Mr. t.vorge Ford. TLO execu- mi!ls foP Brazilian ore. 
these conditions but others t,ve boaid chairman, told the ]n r . Anthony has told Parlia- 
doubted that the crop would llontreux meeting that world J meat that he regarded the prices 
exceed 16m bags. Brazilian coffee stocks, including those in j a s neither fair nor reasonable, 
sources were virtually unanimous households, were abnormally 1 although he did approve them 
that the 21m bags forecast was ]ow. j under his export control powers, 

too. high. *h„c .i H being assumed the 

Government wanted producers 


Move to tackle 
EEC milk glut 



BY CHRISTOPHER PARXE5 
HAS THE time arrived for -the a War over 


Facial Times Thursday September ^ 


save our bac^f J 

be Briefly ' inspire^- 'W 's 

Fortescue’s . atug^sUfibV ;. w 1 * 


bacon would 


British Government to flout Coin- worth the ““““if’' ultimate aim Newton-Clare' comn^ied aciW * - 


BY GUY DE JONQUIERES 


BRUSSELS, Sept. 20. 

It favours instead the introduc- 



THE European Commission to- 
day approved 
gramme intended’ 

framework for' . . ... 

problem of chronic and persis- ducts when production 
tent dairy surpluses above a specified threshold. 

Th* .ronnrt ...Mnl, ,.-m he would be similar to the 

submitted to the Council of uiTabout thr&^vSrs ^eo 

mpphno^rn wee If An alternative would be to! lunch given by the Bacon and' 2S suy u .eek , s # " Council of run a negative nft&mfe, rguiir- 

SmtaUre I f 1 puf I JSff^ Q ri ni 1 t r7 1 end-- reinforce the co-responsibility I Meat Manufacturers’. Assqckk 2jS_ torS meeting in Brussels, ing massive . debt .-ydnS?.. t»V- . 

levy-a taxon milk output paid; tion. ■ 5& that Mr. finance Its p_laaned.,fet3^S " 

tions ana nas been i.areiuiiy . r *».* i«rp) • tt 0 +h«* n.... » e 15 .. ^ *— * — — -*• 


| Council fFDIC). and guest at. be discussed at 


The industry JriiL'Cojttitjiue" to . 


The "latest U.S. report created » e *"?. ”**£!? -* 

considerable confusion in the potentially unstable position in 
market as it closely followed a the world coffee economy that 
report that warm rainy weather needed lo be closely watched, 
in Brazil had repaired most of "Disappearance" in exporting 

the recent frost damage; But the countries should ’be 52m bags ! producers but declined to give 
Department later said that this j n jgyg compared with 45m in details of the talks. However, be 


to co-ordinate future negotia- 
tions. 

A spokesman for Mr. Anthony 
confirmed he had met the 


1977 and 55m in 1976. 


report was incorrect. 

The USDA said an important 

observation made during a Prices tended lower in quiet- Go^ent 

v-irl I n ci nn thp T nnrlftn nr\ffao 1 


j said meetings are to continue 
; between producers and they will 


special field survey by the U.S. trading on the London coffee! 

Agricultural Attache in Brazilia futu „ s market vesterdav. The; 

StedV“r s y 3 r- s 'fro S t ,r ^ s ^ o ^ be , r „ sli i 5p ' d 1> t ,°: Wool sales 

fckely to recover to full produc- -El .-4S*4r a tonne at one stage but j 
tive capacity after the 1979 recovered to close^ at £l,a02.5,: Q0n|np 


harvest. 


down £15 on the day. 


intervention stores for dairy j death, perhaps . Mr. John Stlkin. to undertake earlier investment and fo nress 

goods, although such a system Minister of Agriculture. • reductions in the mbneferr conD'- ; - 

- should be encouraged. to take, the y pensatory amount: import sub- 


production under control. 

The Commission's central con- ^ considered to have administra- 
clusion is that uncontrolled tive drawbacks, 
increases in EEC- prices in the t 0 discourages further expan- 
past are at the root of the s j on 0 f da 2,y farming, the Corn- 
surpluses. It states firmly that mission suggests that a complete 
it will be essential to pursue a ban on EEC and national aids to 
tough price policy during the new investment in the sector beij^ VQ1L 
coming years if over-prcduction studied. ! Rut 

is J° be curbe ^-. A proposal to this sally may have no worries. about a new 

The paper, which cODlains no made to the farm council in.] afFmntin? the Comm uni tv -.'her 
formal proposals foe action by 1976. but was rejected. ; partly 
the Council, falls short of calling because several Governments 
for a freeze on EEC prices for objected to the numerous exemp- 
dairy products. But jt leaves no tions it contained, 
doubt that the Commission While other parts of the Com-: 
intends to seek- severe restraint mission report are likely to be 
when it makes Its recomnicnda- welcomed by the UK. this 
tions for the next price-fisin? in specific recommendation seems 
about two months. " certain - to be resisted by Mr. 

The Commission recommends John Silkm, Agriculture 
that a number of additional Minister, on the grounds that it 
direct measures to contain pro- is against the Government s 
duction should be considered, policy of encouraging domesoc 
though it rejects the idea of im- food production, especially^ in The 
posing quotas on milk producers, dairy sector. 


law into his own hands. ... . . .. un sidies which give, the Dane&and 

Indeed, he offered if the bacon and host at the V Dutch such an advanta^S.^ • 

industry were willing to start a airing his now familiar gnev uk mar k e t. 

.campaign, the FDlC. , *wouEd'be ances about the impact of subsi- The ^irve\- ; showcd th^ n,;I “ 
j pi^Tpared to go cut on a Umh-dis^ EEC oompenban op the 

^ zsmmm - ' 


Mr Newton-Ctare'i: object -was 


affronting the Community ^ he London Business School 

is already facing legal action without changes, in EEC policy — 

over his measures to protect most of the British market iOr J® fiSSStJ??*®: 

British fisheries and potato iheat products would be con- a topne.on baam 

growers — be still has to wn- trolled by overseas suppliers m —reduced- by ,at. least per. 

Uke'iy' to W be j v * Ilce his Cabinet colleagues that a few years. ceot - 


Rift in Community 


Congress asked to 
reject sugar Bill 

BY JOHN EDWARDS. COMMODITIES EDITOR 

FEARS THAT U.S. ratification He claimed the 0.5 cents would 
of the International Sugar Agree- cost consumers an extra S150m 
meat could be delaoyed until a year, and urged Congress to 

yerterda> ar following Whfte ^ 

House plea to Congressmen to n 8 f 1 f«L per ^"I 

oppose the domestic sugar 

’ The Bill sets a minimum sup- The U.S. Departcvent of Agri- ( iJ4C , c „„ D _ MIJM t , vllu . BV „ lc 
port price Tor U.S. sugar growers culture calculates the average Geelong and Newcastle auctions 
of 15 cents a pound. But Mr. su ?**r production in the vesterdnv but at the Albany sale 

Barry Bosworth. chairman of the U.S. at 14.0o cents a lb. j fl eecew obi values were barely 

Council on_ Wage and Price The International Sugar Coun- j maintained and the Australian 
Stability, said in a letter to Con- cil meeting next week is virtu- 
gress that any move to raise the ally certain to postpone the 
support price above the 14.5 introduction of the stock financ- 
cents. proposed by the Adniinis- ing scheme for a further three 
(ration, would be "unnecessarily months, awaiting U.S. ratifica- 
in flationary.” tion. 


SYDNEY, Sept. 20. 
SALES OF Australian wool at the ; 
auctions dropped to 174,849 bales 
in the first two months of the 
197S-79 season, from 227.236 
bales . In the -previous -July/ 
August period, according to the 
National Council of Wool Selling 
Brokers, reports Reuter. 

Total proceeds, however, were 
only slightly lower at 8A55.27m 
against SA62-21m. reflecting a 
rise in average price per kilo 
greasy to 194.39 cents from 
173.76 and an increase in average 
bale weights to 162.64 kilos from 
157.55. 

A feature at the first auctions 
was the depth of Japanese 
demand and the remarkably con- 


Big Soviet purchase 
of soya forecast 


BY CHRISTOPHER PARKES 


sistent buying of Eastern Europe, i sufficiency. 


CHICAGO, Sept. 20. 

THE SOVIET UNION will fairly Tom Foley, House agriculture 
soon enter the soyabean market committee chairman told the 
in . a big way -due to expanding American Farm Bureau con- 

livestock production and shortage ference in Chicago. , . . . 

of feed proteins. Mr. K. Bader, Mr. Foley was commenting on 1 will be re-formed next monpL 
the American Soyabean As so- the forthcoming meeting between TT “ T “ 

ciation chief executive, forecast, U.S. and Soviet o ffi ci a ls on the 
reports Reuter. third of the five year grain 

He told the American Farm agreement 
Bureau Federation ' grain con- He will urge Mr. Berg land to 
ference here that the USSR will make the broadest possible com- 
never reach protein seif- mitment. although he thought 


notably Poland. 

There was a firm trend -at the 


consultations on purchases 
still continue at some 


Wool Corporation took 30 per 
cent of the 20,461 bales offered. 

At the first Auckland wool 
sale of the 1978-79 season in New 
Zealand prices were fully firm in 
! sellers' favour. 


He predicted a steady rise in should 
U.S. soyabean exports, with the levcL 
Middle East and South East Asia Mr. Foley said the U.S. 1979 
the main growth r'areas. He corn and feedgrain setaside 
noted a U.S. c a rryover of 150m should be around 20 per cent and 
bushels means that a Brazilian be announced earlier than re- 


THE UK wholesale fruit and obliged to accept compromises by. January -each .yean 
vegetable trade is to break 4 its which diluted the views of this The pattern of trade allows for . 
formal links with the Brussels- federation.” easy access for fruit from- New - 

based Eurooean Wholesalers’ Last vear the British . federa- Zealand,. Australia -and else-'. 
Union because of conflicts of -tion spent £8,000 on subscrip- where. But the French, who caa 
interest and the rising cost -bE tions and travelling expenses to keep their apples in-store until- 
membership. fullfil European obligations. In April and May, are seeking to 

The National Federation- ■ of 1979 the cost is expected to rise' obstruct traditional supplies it> 
Fruit and Vegetable Trades to around £12,000. make room for their, produce, 

announced yesterday that it wilt The European union- has the 'Q Italy and. France have . blocked 
pull out of the EEC organise ear of the EEC Commission in a . decision to reduce tariffs on 
tloa at the end of the year.~C ; Brussels in that it ia the 'officially imports into the European Com: 

In future it will attempt .16 recognised mouthpiece for the munity of citrus fniit f ro*| , . 
make its voice beard in Common' trade. But it is heavily influ- Israel and some other coun tries 
Market affairs through its lobby enced by French and. Italian in the' eastern 'Mediterranean 
at the Ministry of Agriculture, interests whose views conflict on area, AP-DJ reported from. . 
Fisheries and Food and -through many issues with those of Brussels.' 
its awn EEC Committee which British wholesalers. The EEC- Commission had pro-. 

11 be re-formed next month,'! Continental interests, broadly, posed to. a meeting of Foreign 
Mr. Henry Jamison, presidisht oppose the British view- that Ministers 'that the. tariff prefer- - 
of the federation* said that siqce imports of fruit and vegetables ences on citrus fruit from the: 
Britain has now completed traa- from non-Community countries producing ebantries of the area 
si tion to full EEC membership, should be allowed. Into Europe be raised. to 80 per cent from ~ 
the time seemed right for a with fewer obstacles than; at the current 60 per cent. . ^ 
review of the existing system df present. Italy and France objected to 

representation. And the British, trade .finds such, a move -which 1 is- strongly 

The EEC body had been the itself unable to approve some of supported by Britain, a spokes-- 
main channel through which the policies promoted by whole- man- reported, 
the UK’s trade views were tcans- salers on the Continent for deal- France wonld- have been ready 
mitted. “This served us well ing with the new applicants for to accept a 65 per cent tariff on . 
during the initial period while Community membership. - . > condition that it should be the - 
ws were familiarising ourselves Spain, Portugal and. Greece, last made on citrus fruit before 
procedures," are all major producers of fresh enlargement of the Community t 


with the various . _ . . 

crop below 12m tonnes could quired by law. i Mr. Jamison said. . -. ; fruits and' vegetables. : \ . . But such, a condition was not 

keep soyabean prices- bigb. He noted the 10 per cent set j “ At the same time, there There /has also been conflict acceptable**) other EEC members 

Mr. Bob Bergtan'd, the XI.S. aside this year, and diversion : were occasions when to permit over the French-based attack on the Commission, officials said. 
Agriculture Secretiiy. should payments for 10 per cent of acre- i the Union du Commerce <the - Imports M southern, hemisphere The Subject .will be pursued at 
tell the Soviet Union-it can have age had resulted in a record [EEC organisation! to submit apples into the UK. -The British, lower -level before coming up at 
all the American grdin it wants, crop, up 7 percent i joint recommendations we were apple- crop, Is virtually -finished a ministerial-- meetingragain. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


a* i'rao. 2T.5. thr« inon'Jis £T50. 19. 4S.5. consWeraUons before trade burins: caused tberealccr fluctuated around H.500 bass rest oil «si.sc re« nxl>: FLOUR LEVIES: Catne flawn <!-• per cent- Bctrase 6T.T2p 
4L 4r. W. 43.3. 43. 43..:. Cathodes, three a Hit to £7.000. Hedjze selling from the November and dosed £13 to £!fl lower Wheat or mated wheat and nre— 126.01 Sheep ton:- 5U per cent. 


ITOCE CHANGES- 




ntomlv, £746, 4fiJ. Afieroona: Wb^!wr«, Turnover 1.2S3 tonnes. 

ihr-*e montbs £749.5. IS. 47.5. 47, 4S.3. Morning: Standard, cash £7,165. SD. 

Carbide*, cash £& ». tlw<>> months £73S,5. three months fB.W0. 45. 50. 55. JO. 65. 


COPPER— Weaker on Uic London Rletal 
Exchange in the absence of physical 
business and as a cowijuenee of die 

rutnwer oound and stop-loss sclhrw. Aft.-r _ . .... . _ . _ - — — - — — — 

moving between £749 and £532. forward Ki:rb: Wlrebara. three months £74 S.j. 4S. High Grade: three months £8.080. Kerb: 
Tell to £745 berore mceUiw baying sup- Cathodes, three montbs £733. Standard, three months £8573. SO. S5. 

port. .4 steady Comes opening helped TIN— UtUe changed on balance after Afternoon: Standard, three montbs *7.000, 
ihc price 10 £749.5 and a dose on the *n uneventful day. The East was slistatlr £6.993. Kerb: Standard, three montbs 
Kerb of £74s. Turnover 18.050 tonnes. easier overnight and forward metal in £6.995. £7,060. £6.995, 97, 90. 

Amalgamated Metal Trading reported London drilled from £0.900 to £0.940 on . LEAD— Steadied after forward mel 
that In the morning caih ivirebars traded the- ueakness of otlwr metals and currency «Ad fallen from X36SJO £359, partly as 

— . _ . reaction to the. stranger pound and weaker 

Hh °r _ p.m. + or dollar. 


a.m. + or p.m. t+r-r 
lOPPBK' Oflieia] — I Cnom,rial - 


TI.Y 


a-m. -f- or p.m. 
Official i . — Unofficial 


L«l 


-12 730.5-1 

rll-Zi 74B-.5 

L. | 2 : _ 


Wlrebara 

i_'ash 727.5.8 

5 months | 745-6 
Scttl'm'iitj 728 
Cathodes i ’ 

lash...-.... 1 716.5-8-H.5! 720-5 
Smont lis ..I 755-6 j-11.2! 73S-.5 

rtitfm'nt- 718 — 1 1 I — 

U.tf. .Smr.! 625 j I 65-66 


-9 
;— 9 


_ _ ■£ i-£ : £ £ 

i 717tV80 I -57.517190-200!+ ID 

3 moDths.‘6970-80 [—60 > 7010-25 j— 2.6 

sktrlem'tJ 7180 70 i — 

Standard 1 [ ! 

Cash | 7170-80 i-52.5i 719O-E0O,-f 10 


Once the selling had dried np. 
small burins in a thin market lifted the 
price, bo that it dosed on thp Kerb at 
the day's high of £383.5. Turnover -L323 
tonnes. 


on balance. 

COFFEE 

Yesterday's [ 

Close + or : Business 

£ per tonne * J 

September- 
November... 
January 

1695-99 1 — On. 5] 1600-1 580 
1601-04 -15.0:1538-1484 
1405-07 — 17.611488-1586 
1381-30 -2Z.O! 1336-08. 
1380-05 —24 .Oil 300- 1271 
1268-55 -24.0:1865-60 
122&40 . — 12.0 1340-26 

May 

July- 

September .. 


SOYABEAN MEAL 


esat. average 665p (+K4U. ■ . 

CO VENT GARDEN (prices fax sterling 
per package .except where otherwise 
The market opened slightly lower and staled) — Imported Predate: Lemons — 
eased farther on steady sterling. But Ita l i an : lOO-lSOs new crop 5.5M.B8; 

on reports of adverse weather conditions Spaaim Trays iSft Bases 4.606.M: S. ' 

Chicago opened very steady and London African: 7.50-5.50. Oranges — S. African: 
gained nearly £1.30 from the lows to Valencia Late -M0-SL30: Br azilian- Vales- . 

— •*— a steady dik Late 3-^6-358. Grapefran— Dombncan: ■ - - - 


per Price- In tonnes unless -otharwlse stated. 


(dent. EOj -for 


_6.5 3 mnnth»-j 6965-70 -46.5 6995-70011 + 2.5 r «*h 
-7.25 S«.lem-tJ .7180 {—50 - J 


Snails E.J $91905 |-6 
>'e«r York 1 624 


I.G. Index Limited 01-351 3466. Three-month Copper 744I-751& 
29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


' — | 

1 a-m. - r+>“wi 

p.m. 


LEAD | 

Official '.j — 1 

1 Cnnffioialj 



£ 1 £ j 

: - £ 


Cash 

354-. 5 !-3 

357-8 

-.5 

3 monOm.. 

359^-60-2 

362.5-3 

-.576 

Sett' ment : 

354.5 |-8 

— 


I'A Spor.l 

352.5 1 

331.33 



Sales: 2.433 14.143' lots of 5 Tonnes. £perfmnei j 

ICO Indlonr prices for Sept. IB tU.S. j i 1 

cents per pound): Colombian MDd October 11850-14.2' 4-0 JO'115,50. 15.00 

mw 1 1S2.00): unwashed Dew-ml^r 11B.40-1B.6;-OJ5 116.70-I5J0 

,^2° f3Mae». « he r mud February ^118.10-18.5! -I- 0.40 118JO-17JO 

«M W u 5 JS^ru7 3Bv^ J Rabu22?ma IMS £ priI rl lBre-19.9i + 0.851 Ifl J0-1B.G9 

lmo 14i JZa < 147.50'. Robusas ILA 1BH JnjK-.... |12D 00 21 0 'j-Q 90 

a 5£ST“” iStSS3;w| - 

Octnb«% ! ..._.|l20.|U)-a2.0, + 0.60, — 

Sales: ris ffisj lots of 5 " tonnes. 

RUBBER 


lb Golden. Ddidous 0.07. Pea r s— F rench: ?** h 
Williams 4.00, Alexandrines 2J». Pack- *“5®*“ ** “N 
hams's Triumph 3.60: per lb Italian: Qv'M— Troy o«J 
Williams 0.17-0.191 Peaches— Italian: Bate 
li trays 1LSO-3JH. other varieties 5-T0- 5 months.— 

2.50: French: 1.50. Grapes— Per lb Ntotof 


SUGAR 


tbe London lOMDOM daily pairc / , . Spanish: Yellow 6/14 1.6IKLSQ. Ti 

thre»«*out Guernsey: LS0-2JW. . Jersey: 1.70-180. 


Cypriot: Alphonse LavaHee 0.19. Thump- Pxee3Urt»t{cff)(lr') 
son 0^2. Jtasald 0^0 Sultana 0-25: French: 

Alphonse Lavsilee 0.19: per 5 kilos Italian: 

Hegtna LE9£0fl. Cardinal 3.00. Bananas— 

Jamaican: Per lb 045. Avocados— Kenya: PteStennitroy oe.. 
Fuerte 14/24S 3-W-3^0: S. African: FBene ftua Matfcaj—.-. 
S.60-3_SO • Capstanns— Untch Per 5 kilos QtricfcnUvw (TStb.1 
3.30. Oaten*— Spanish: 3JW-3J&- Dutch: silrcrlmv 
1905.40. PfcMers TO kilos Melons— & 

On Cash; 



Moutti 
o«o • 


U.S. Markets 


£680 


S0.6 
|£7«.26 
£741,8 
£7562 
9200275 
£536 26 
£359.75 

,81-79 

— —t j-sa. 


EUROCHARTS COMMODITY REPORTS 

Do charts help to pave YOUR way? 

Send for a FREETRIALto our weekly 
METALS and SOFT commodity Fteports. 

EUROCHARTS iNFORMATJON SERVICE 
194/200 BISHOPSGATE LONDON EC2M 4Nn.Tak0tr283 2298Tetex: 887954 



APPOINTMENTS 


FUTURES TRADER to £7,000 

House Trader (Softs & Metals) to execute orders In developing 
London office of European Commission House. Age 25. 30. Bonus 
scheme operational. 

PHYSICALS TRADER £6,000 

Established agricultural Trading Companu seeks active 
Oilseeds: Pulses Trader. Age 2S< 35. Basic salary T profit share. 

L.M.E. METALS £6,000 + 

L.M.E. Agent seeks Clienr Liaison Trader for Hedge Si Spec 
operations through the brokers- Age 25 ’30. Excellent commission 
scheme over basic 

SENIOR EXECUTOR to £6,500 

International Trading Company requires Contracts Executor in 
Gram. Coffee & Cocoa 10 head new Depanmen!. Age 25-40. 

Please contact ROBERT KIMBELL lo arrange a 
confidential discussion. 


Executive, professional, skilled and 
trainee recruitment for the Metals & 
Commodity Business Community 

Charterhouse Appointments 
40 Bow Lane London EC4 

01-2361221 



"Xo. 1 |Yestettl* 5 > Pterion* 
fi-S.6. .Close i Cfn«$ - 


Business 
• Dane 


Morning: ca.*h £354^5, three mouths 
£359, 50 J. 60. W.3. 58. SB.5. Kerb: Three 

mouths £359.3, 60. Afternoon: .Three STEADIER opening on 

months 061, 80.5. 83, glA 62., 62.5, 63, physical market. Fir lmeresr nonivi rnsiAn , M r . ~ - ^ 

Kerb: Three months. £383, fflj, the day. dosing on an easier role. Lewis EeSkb Predocw Potatoes— Per 23 kites 

83.71. and Peat reponed a MalaysUn godorro ^ pri0B 0.«J-L2tL Lettuce-Per 12 round 0.60, Cos jy. 

ZfMC— Slightly easier on balance after price ot 253 'SS?» cents •buyer r OcLL Thr 3 ** ■ „ . 0.90. Webbs LOO. *• — “ 

a routine day when prices moved In a — 

narrow range- Forward mel a! held 
between £331 and £3335 in Jlle monring 
and between £SC and £334.5 In the after- 
noon, closing on the Kerb at £334. Turn- ; j ' 

over 1.425 to nues. Oct 1 60.7D-fll.1S fi0.40-B0.B«l 61 JO-6 1.25 reporis -C. CsaniBnw.' 

•+ or, p.m. it-H>r x °* I S1.20-GT.6Q. 61.56.61.8v — Sugarl 1 “ 

— CnofficWi- — Ocr-n«| 61.1MI.B0; 61.45-81.79. 82 . 45-61.80 lYeweMayV Preriooi 

. ; Jan-Mar, 65.86-85.90, 64DILMJ» r B4.7M3.M toms./” : f^vKOM 

£ I i' £ ! £ Apr- Joes Bfl-25-W.w! B6.2MB.W 67.10-8B.2a Con, ’ 

Cub .1 381-.5 I-2J6. 323.5-4 1—1 Jp-depCj 88. 10-68 JO GB.10J3.MJ 62.80-68.10 i, 

3 months.., 331.5 '-2^5 .333-4 -1 AG Oct- D«s 70.00-70.05 69. 90-70.10;. 70.80-78.60 r 

S’mem. ...; 321 
Prim.westi — 

■Cents per pound. tUU per riai 
tOn urevtouK unofficial <9os*. 


—0.55 

— OJ 


beif| 


ZI.VC 


*-in. 

Official 


The weakness of the dollar produced ^ *«"**•—- 

iM e ™ta« 0 ^iSl vr S e ?K P, ? CCS O rere f® me fer ft ^.BL^Apptes-Per a gSsi^ i 

!»7 «■»>«■ »».«*• u.s.JBnt 0.8MJ0. vZ. Olte - 

“S I S“ lfc HQ y ,d * ll S 2* J the cover y BM-O.OS. Tydeman-S 0.04-0.0S. Wot- Cb£oui(Pbin 

a ' «*W lows of the day. ceaier Peannain 0.04-0.06. Kusscts 0.05-0.06. Q~™imrL 


£130 
£135.251 
Sl£2 271 
285.05 
£92: 15pj 
£7.195 

|£6997.B|+£J5 
*141.06 
3140 44 
£325.75 
£333.5 
$625 


j£124-5 
f-OJ6kl36A6 


4I26/4U 

27a9 

a 286.6 
85.7B7A 
E6.707A 
9134.24 
9157 41 
£321|| 
£328.76 
*6 BO 


Close 


Business 

Done 


O.OSMUO. Plums— Per lb Brah 0 08. Per- Kj-Tw . Ira,, 
0.07, Mariorle's Seetding tUi. Dam- Mataymi- 


-r 


shore 

sous— Per lb 0J6-0£0. Tomatoos— Per lMb 

English L40-L60. Cabbages— Per craic 0 

0.70. Celery— Per bead 6.08. CanJHloumrs 5°^°* 

-- —Per 12 Uncoin 1MM-50. Runner Boans— pom Ehflll 

21.5 [-2A1 - | JanJiar. 71J5-71.W, 71.7B-72J0j.7U6Jl.98 . Per lb Slick 0.tf8. Beetreat-Per 28-lb ivyabma.^n 

— 29.31 I Anr-Joe. 75.65-73.7D> 79.36-73.86, 79-ffi :10S.OO-OB.lll.lO3 ^0413- 68.105 4HWW.IW 0 . 60 . Carrots— Per 2SHb 0^0-0.70. Capsi- 

_ MiBd “tlM Mf-Bta,! I 1 7! Ofc..-.~jl04.90-U4.M]105.8B4I5Afll07.7B-04.ffi am»s--Per lb 0A0. Couraettcs— Per lb 0.08. c_t__ 

pound. ner nicnL — March Jill. 15-IOAOllWAO-lO^n 19.76-10.06 On ion s P er bag L60, PitJdara 2.48. Swedes 

,ftr 0, ^ 1 ° *? Bnes * (ll2J9l-15.0il115.8B-15.46j114.B8-12.8fl —Per 28 -Ib OAO. Uartcy K BO-.- , 

Phyrical^ Cl osing prices flmws) ww: Ang iire^-l£G0|l1SA8-16-«n7AB-16.80 * ^Horoo-FuUuw--. 

Oci. 60— eP ‘60.41; Ori. |11Bm2O-OffllZO.l&-2JlJ0|iai.Ba.19Jfl LIVERPOOL COTTON— Spot and ship- 

Dec. ..... 1 1 85.60-83 Jflj 125. 75-24J>flil26 JO-24. 10 mem sales amounted to SW tonnes, brin& w ™» Bo. 3 Aim, 


Morning: Three mouths £332.5. 33. 33.5, . 

33. 33.5. 32, 3JJ. Kerb: Three mouths spot S8Ap fsamei: 
£331-5. 32. AfternfKm; Three months £332, Nor. 6L25 d tsame 1 . 
32A 33. 34. Kerb: Three months £334, 

*“■ . GRAINS 

SILVER 


LONDON FUTURES fGAFTAJ— The (same; a tonne for home trade 
Silver was fired O^p an ounce lower ‘1 JLWSZ fiff.O O tli ajjli - for export. 


Sales: 3,302’ f2^6ii lots of 59 tonnes. J* **“ 

Tate and Lyle ex-refinery price for }<TOK^repora F. W. TattersalL Broaden- 

baas “gar was EK4A5 ?• ,.**>$* 


and 


PUBLIC NOTICES I CLUBS 


SEYEN0AK5 OISTRICT COUNCIL j EV£. 189. Rnient Street. 734 0S37. A la 
£400.000 Bllli olfercil 13.9.78 tor ogv- j cmo or Aii.in Menu. 7hr«e Spectacular 
IK 16.9.7B . JW. 1» ■ 'f- 78 at w ® ,J A?hS; L'P? r . 12.45 Ind iSsaftd 


Apnl nuibon tow lied £4 4m . 
Bilii outstanding- 


music ot johnny Hawkeswortb & Prlendu. 


” VALE OF GLAMORGAN BOROUGH 

£500,000 Bibs iJSUCd 21.9.78 at | 
s s%-&4te mature 20. 12-78. touIappIJ' 
cimhc «rere El.OQO.flOB. TqUI outstand- 
ln» ESOO.OOO- . I 


CAR< lSrXi E iTo . - n?^ a . n r 5 tr 5UL London. W.1 
floorshow 

THfl GREAT BRITISH STRIP 
„ Sbow at Midriight ^nd 1 a.m. 
Mon.-Prl. Cloied Saturdays. 01-437 G455 


■ freer vu-u.^, auw—uu U umuuv , ■ 

centred on North and South American l "' <xvw,i ■ 

for spot deUrery In the London bullion S?. A ^ er f „l!? ,Ua ' "SSL. ^ ' siBa^Am^emew WS. iroalities - 

tsssttspjjp-js sr sssrsJ 2 tsSC£ 

roaino^oommerriat support^. .seen 

WOOL FUTURES 

• LONDO N— Hie -maxtast was dun and 
foa turcica, Eache reports. 

• Henre joi <Ho» 


|S'S 0D ?„ on the dips to dose Sp^Wp tewer. 

Li- mo mn Mfc.4c. Up Uc. Tne apparent ieK rc-DOrtS 

discrepancy was caused by the poor — — : ■ — 

performance of the dollar. The metal WHEAT \ 'BARLEY 

opened at 284JS-Z&5.SP f561 -563i cl and 
dosed at 2S5-2S6p {564-5G5cC). 


New Brazilian 
cotton strain 


Fntore 

Loffeefntore— — 

Nor. 

Cotton ‘A’ I ndex .... 

Uubtxc tllo— - 

Suqst tawj..— — 

Wool Co p« Sla Uilo_.|273p 



Sharp rally 
in metals, 
sugar eases 

. RBW^YORK. 5ept 
PRECIOUS METALS rallied &arply fol* 
■lowing •. Arab dlren e b »"i"w°t with the . 
jSgyptiaja-Israeli agreement white, copper 
rallied strongly on trade arbitrage toying 
and speculative short -cover to &. Sugar 
eased, on . speculative HauWation _on_ coo- 
fsaten lOwardsrOie domestie poutuau out-, 
look, virile cocoa rattled tm light, trade 
arbitrage buying. Coffea rinsed mlmu in 
light- trading. Baebe reports. 

Cocos — Sept. 172.88 071.68). Dtc. JB9.5C 
068.60), March X«SA5. May 15t». Jols 
164.73, SepL 10.45. Dec. JK.65, Sales; 


Sisteir 

for the 


SILVER Bullion i+ or L.M.E. |+ or * 
per | R-ring • — ( clow , 
troy or. ■ price I |. | 


|Yest«rdA.y's, + or Yesterday’*) + or 
M’mhj rinse | — ( v ioa» — 

1 — " "■ — : — r~ 


Spot 285.05p f-0.55j 285.8Sp,-0^ mTv 

l months.; 292. lBp Ufl.3 292.9p l-O.BS - 
6 months j 299.7p L-f.4. — | 

i2monlhs.i314.7p i— 0.5, — 


SepL I 

85.70 

i-O.lO 

78.78 r-°-M 

Nov. | 

87.45 

0.10 

80.30 [ — OJJS 

Jan. < 

90.25 

l—0. 10 

83.16 1-0. 10 

Mar. | 

92.65 

; — 0 . 10 1 

85.60 — 0.15 

^ 1 

95.30 

_!■ : 

88.15 -0.05 


■usiness dene: Wheat— So pL 86.80-85.90, 
«OV. 87.70-S7.40, Jan. 90.a5" ■*" 

9S.90-32A5. May 95.25-96.26. 


ozs. Morning: Three- montbs 291-5, 2.1, 88.10-87.95. Sates: 197. 

Kerb: Three months 292. 2.1, 1A. IMPORTED— Wheat: rives. Kn. 1. 13', 


Australian 

frioBsyWool, 

l'eaterdy 0 -f- or| Business 
. Clw* — ■ j Done 

October 

December — 
March ......_ 

May 

JM-9-M-0 | | 

MBJM1JI ! ! 

July 

Oatnter 
December ... 
Match 

239.843.0 »....| — 

238JML0 .* — 3.U; _ 

239JMS.0 | — 3.0l — 

Sales: Ntt 

f 2 i ins of ij» kilos. 


INDICES 



RIO DE JANEIRO. ScpL 20. ntJaSSSnsu nJviy-SziK**' q Stoc^Oci. 

THE BRAZILIAN Ministry of S toSteJ&wteS 07 ' xPee wa -\ 

Agriculture farm research body, 

Embrapa, ■ has developed a new 
strain of cotton, principally 
aimed at Improving yields in the 
north east of the country, reports 
Reuter-. Embrapa said the north- 
easters states of - Brazil account 
for about 60 per .cent of the 


produce up to 40 per cent of the 


COCOA 


I Winter onfinary~Oet. £81.50. Nnv. S:July 386.5-368.fL Ocr. STQ.O-SiaoT in 2 system. 

9, transhiproent East Coast- sdler*. 370-3. 4: Dec. 373.0-375.0. 373.5. 6: Karch It IS Claimed the new Strain 


Bard 

QS.56, uu — - . 

EEC miffing SopL 07.30, OCL ®*-50 3T5.W7B.0. nlL. nil. Total sales: SO. urtll enablp enrton from nm-lT 

International CoCM Orsaniratian fU.S. hUMed. East Coast. NEW ZEALAND CNOSSKRED5~Clo»: JJl 

cents per pound > — Daily price SbdL 19: Mibc: UA-Trench SepL and Do. Dec. lSa.0-LS7.il tall umradtidi. March east Brazil to compete in export 

170.71 1173.041. Indicaior prices Sept 30: £1«L50. Nov. £M. 50. Dec. £i«J, trauahlp- J®-W8S4). Uaj- 18&5-IS8.a July ISIL8- markets, Wfaerea£- Until DOW it 

li-day average 167 JS <10.421; 22 -day ment East Coast, sellers. S. Africsin 19L0. Oct. 1S9.0.1S2.0. Dec. 1S8.0-1B3JI, has nOt been of a hieh ■ ennutrh 

average 16191 fim.Oji. White SepL-Oct. £S1.00. ciasgpv. setter. March 190.0-194.0. Sales: NIL j DBeo a 111511 enou S“- 

S. African Yellow SepL-Ort. £61.00, . StanoaTCL 

Glasgow, veder. 

Sord in i: U.S. /Argentine Sept. £10# 

euotM. U9fisUpm«it East Coast. SMITHFIELD f pence per pomd)-BH* 

^G^teatta. ex-farm spot pric** 

otte nnuns jriMMnoB.. HimSi todJSnJnS^^! 


COCOA 


(I'esterday's! + or j .Ensm»a 


Ck«e — 


Nou6Cou£r l t 

Sepi. 1 1965.0-75.0 

Dec..™.. 19B7.8-689 

March— ^..0004411 J 

May Jl996.0-8flQ1 

July 1972-0-73 Jl 

ttept „-19M.0j5JI 

Dei — 11905.048.0 


1 — 6.0 

+ 7.0 


Done 


MEAT/VEGETABLES 


Rail chairman 
in U.S. hearing 


1571 Jl- 46.0 
. 1996JW3.0 

+ 14 A 2006.0-1970 Feed wheat— Shropshire isn.40. Eaacg jaremM tef?^g T tii l N>a ‘"wK‘ wnnuS 

twsss fsi .a* a r-i'ttjFtaaS mj™ 

+ is aI ikojwo.o -n» UK monetary coefficient ' tar • the l> es.o. mediu^ste tTlafi SSv So °£ Bntifih Railways, flies to the 

+81.75- 18P8.0-75. o 39 »J: •»: Scottish medium 544^7 kTa! UB. tomorrow to give evidence 

thro«bont *a day ® S EcnSiLY and J^p owofl tmea: m to the Congressional sub-conte 

sales: 4.893 (8-sssi lota or 10 tom»s. E5? 1 ? CB - oniase: youdb. Sir Peter vrili appear before 


FWAHCUU, TIMES 

oept. ^ «pL t9}M&atb Bgal f««r ago - 


253.92 1354-04 1 247.91 . 

| 246.64 

(StOK-HOr i 1952= UO) 

REUTERS 

UepL20 

sept, IS Month sgo 

ie«r ago, 

1475,9 

1476,4 1458.6 

1601.2 


(Bare: - September re. 1931=188) 

DOW JONES 


bow 

Joan, 

ao 

6«PL 

. 19 

Month 

0)01 

TST 

MRtt 

dpofl — 
futmres 

158L11 

I3T7.14 

380.12j364.S3i370.55 

378-93|3S9.04l333.S9 


MOODY'S 


Moody'* 


apja Oomml 


00L. 

SO 


HootEJSST 
aao am 


959^9:933.3 [82a. 4 


rPacambar lB3i=Hi> 


robust as opened lower 
Tuesday's revised estimate 
Inflicted by frost ro the 
crop. Dresei Burnham Lambert 


previous in bra ckets, an best teaehl i&q.q to ' 'lSfl'ofttftrW^ the sulHMmmittee at a nuhlip ' - 

rArrrr V» “dts ot account per tonnes Common Young 'each! mil to -San a f“ e SUfWmminiTOB at a pUDlie 

COFFEE wheat— as.69. rest mi ih.gb, 0.54. 0.64. mbat coMteisaoHJ^^a-. he arm g in Washington on rBllK1 , v . C(ei . _ . .. 

, „ u nltt: Owum wheat— 125. SB. 0.32, OJfi. ail prices at rcpr^m»th,v ^afflret^^oa September . 37 to speak OH the 
lower following uttj.ss. rest mE>: Rye— rest nil sen. 20: Gi cai^ «•«„ 1 ?? -y ucBiand aooti. Prices at ship's side fult 

«e « damage fS«.fl3. rest- nil 1: Bartey-«^ 0.61. 0.6L 7-0.601. UK sb”oo «*PCnence of operating Britain S tjwajfll pa> rtone Shrif cod. fe» 

1975-79 Brtjanao o.si (S5.BS. B.Bi. o.8i. o.#n: Oa»-7iJ3. d^w. i-3J>. cb bim fS* State-owned, railways.. He will 2™- ec ™S UM S s law badfiw* 

Jmbert rcpons. ron nil. <n.S8. rest nm: Mate 7+fl.ii. England ^de then head a British Rail team g;XS’ : . flj" 


CotHTacL Values t*V12, r«t wi>: Crain sorstuim— S0-K. «nt, averaso oS ip ' ,+oS>T7 


price making an informal presentation medium £4jv-£5.w r best amaS rttfl-e-ini: 
, to the -Senate commerce > f? n6d doeflsh retto. m«uup}r£7^i: 

Sc-JiJS: committee. lar ^- ^ 


' rocfcfisb ELSO-EJ.at. 


c " Contract: Sept. I3U» == =- 

153.73 flfidJS.l,- Dec. 1-BJIH4S.J5 <147J3. 

March 137.75, May 131.75, July .127.00 
127J5, sept. 134.09- 13&S6; Dec. 1SI-W ■ 
Sales: 5ffi. 

OWPOwSflUL 85.60 <fl«5», CkS. 

(64.751, Nov. 66^5, Dec. 55J0, JaiL 
March 88.23, May 85.15, July ■ T9.0D.- Sep* ' 
70.80, Dec. n.«l. Jan. K.IO. March 338 
Mur 73.43. July 74J.0. Sales: 4»3«. . . . 

Cotton — No. 2: Oct. 6LS0 f6L97L Doc 
W.C-B4.1S 1 54471, March fi6.43r Mm 
J uly 87.15-6750. OCL 65.35^5.35. Dec. to 41 
March 86.06 bid. Sales: 3JS0. ' 

*G old— Sept. 215-50 (210501^ Octj'216.|N • 
reilJB), Nov. 317.80, Dec. 219.M. Feo 
222.90. . April 22830, Jane 2W.JB. Aig 
233.70 1 Oct. S37JW. D«. 24 LOO. Tcb. S4L68 - . 
April- 24S.38. June 252-00. Sates:. 2-WJW- 
tLard— Chicago loose 25.00 ( samel. JO 
prime • steam 2830- traded i282o traded'. 

SaWalws— SepL 2 12-3 1U 12132). Dec. 2SH ^ 
2231 (2312V March 232S-233. May 2S9-23S2 
July 3422-242*. Sept. 2431-244. 

SPtetinum — OqL 256^0-26720 (W4.*['-.. 

Jan. 270.00-270^0 (2S7301. April -27338 ■ • 

July 576.00. Oct 279. BO-2 7SJD. JatL ^-w 
282.70, AprQ 2S330-2S5.70. Sales: -913. 

SHIver-SepL 566.40 VSSSJMI), OCL. 567Ji ~ - 

(555.10), Nov. 57130,. Dec. 573.40, Jan • 
570.40, March 387.90, May J® 3 

603270, Sept. 614.00. Dec. ffiSJIO. J» .. 
633£0, March 643.50. May 633J0, ini’ 

663.00. Sates: 0.000. Handy and Hanna: 
spot 362.00 1360.70). 

Swrabem*— Sexrt. 68S-0W (655jL' Tter- 
€80-579 (6SO\ Jan. 686-03. March 6321 
893, May 536J-6B7. July 6961-697. AOS 
690. - 

Soyabean OB — Sept. 27.09 127.43); Oct 
37.25--27.28- 126.301. Dec. 28L-PKS6j0f Jan 
25-S5-75-B5. March 2533, May 2S.W3J-IB 
July 24.70-24.70, Aug. 24.35 btfl- , ' 
IlSoyabean Meal — Sept. 

(1713)1. QcL 176.00-375.90 (I72.4BL ,!>« 

179.50- 119.00, Jan. 179 . 58 - 130 . 00 . *f«rri 

151.50- 182. 00, May 3S2JO-183.BIL Jtdy-W4JW. 

Alia. 1S3JSQ. 

Snga*-— No. ll: OcL 8.03-8.04 '3.030. 

SJM.55 (5^0), March ^.6M.M. May 
3.84. TuIy-O.OfflJS. SepLT 122. OK:’S», 

933. JatL 5JM.85. Sates: 4.480. ^ , 

Thl — StMOSSM 110 m (WS-OtfASaa ; 

aami. L 

"Wheat— Sept 34IWO I837D. DW-SJ 
338 i'328J 1 , March 335-33J*. May 331. Job • », ' . 
2291-321,. SepL 324 Dom. .. - ’ , 

WIPTSTPEC. ScpL 20. ttRye^-OCL ■ - 

Md-reSJHM.'Nov. 93.50 aj*utfVM:M aJwjH 
Doc. 9250, May 96ja atJwtL July W 8 *- 

,-tTOgtS-OcL .74.40 bid (7430). Dec. W- 
admd i7SJO asked), March 7X50 ass' 

{.May 73.88 asked, July- 73A0 asked. 

ttBnrtey-OcL 06.90 bid (70.001, P« 

«J» (72-10), March 7350, Hay 7410 W* 

Jiriy 74 Jfl adusL - .As., 

. SfFtexreed— Gut. 553.10 t355J» 

Mov. 338.00 asked f2S3J0 Mdi. Dec. . ... 
bid,. May 259.40 asked. July 23S.OO Nd ; ; 

ISWteat-SCWRS 13.5 per cent ' PC** i , 
csontan ctf St Lawrence. 171 .» 

Ail cents , per pound cs-vrareM??^ 
unless otherwise slated, -- * Ss -per traf ^ 
bonce— lOmwnce tots. J.T Chuiigo 'Tdp^ .' : 

Is per 100 D»“Dept Of. Ag. pch»B pnf t , - 
vtous day. ■ Prime steam fob ;XY W. 
tank cars, i Cents per SSJb bwbel ‘ "v 
worehoose. oUty-bushel lots. ias..nri , -?i i 
troy ounce for 5&oz.-umts ol.flOJB-M-s 1 " 
cent purity -delivered icy. - ra-jtewji ' 
troy'oooce 'ex-wnri-honab. |j Kew- - 1 ’ . * 

contract w _ ss .a ' short ton; for -buutnMr - ' 

of gbart torn r'dcavered - fab -ta(l‘ v 
Chicago; Toledo. Sl Wuis 'ami Alton ,. 

V*. Cents per '38-lb - bush'd in- •.store 1 ;'- ’ 
tt Cents per 24-lb .bushel: tt Cents -pci 
48-lb . -bushel .es-wanjttouse. M Crms pei', --i.. 
5640- .bushel ex-waretumse. • LiKO-bu-b** 1 ■ . 

kjra. *? oC per loom-.- 



i 


v J 





i'v -• 



r» 4 s v- * 

'MijjK ■ ■- • ••••; ' : • • •'./•• • 

£-§1 Financial Times Thursday September 




EXCHANGE REPORT 



restores confidence to markets 

Equities and Gilt-edged securities improve marginally 



-Account Dealing Dates _ 

Option after tfce recent good run’np. ANZ 

•First Declare- Last Account easing 6 to 342p and. Commensal 
dealings tions Dealings Day Australia S to 247p. 


tep- •* a«p. h aep- « aep- ~ . 

iep. 18 Sep. 28 Sep. 22 Oct. 10 $P el . 0T were ^ and irregular 
.J. £ ££ " It. L. Eagle Star closed Z cheaper at 


let.. 2 Oct 12 Oct 13 Oct 24 
■* " Hew Um» “ daellng* may nice place 
<mit * jo ui, two Mna dam aaVtat. 


_ Star 
147p after the - half-yearly 


i per 
fijTU 


tralian issues' turned reactionary to 342p, but fresh offerings clipped of the interim statement caused Ultramar- — held a sain of -I tn 23Sp. 
' * J “ 3 more from Berec at lliSp. _ a rise hf 4j to 73lp in Bodycote. Lack of -interest and a Tew peders 

. Quietly dull at the start of trad- Hcstair reacted to’ 88p following clipped: .14 ITom speculative 

„ - . . . “C. Engineerint* majors gradually the sharp fall in the interim pro- counter Sie*Hrn 5 UK ai 3Sl)p. 

<ep. 4 Sep. 14 Sep. 15 Sep. 26 Movements m^the Insurance picked up and dosed a shade fits. but. helped by the encourag- Investment Trusts spent another 
" ~ ~ _ _ “ ‘ -- dearer on balance. John Brown ing statement on second-half quiet session. New Throgmorton 

ended 2 at 484p. after 4S0p. trading, rallied to close only a Capital row 4 to i.tsn for a t" o- 

— . gures . Among secondary issues. Chcm- penny lower on balance at 93p. day gain' of 1.1. while GT Japan 

Press comment on the industry's ring featured with a fresh rise of Buyers showed interest in closed 3 hotter a\ i*6n rollowone 

Yesterdav’s xtrenvrh in w*.r-lin* fatied to generate much 18 to U)Sp in an extremely thin Bcnlima, which advanced 3j to the nrelaniharv ligure^ Overseas 

jjainsf the ^olta^Mco" raged !*§ "^sljn Di^^telie^lljch ^ 34 p. and B. and I. Nathan. 7 10 the ground with RoS 

. letter feeling, but little expansion eas - 
,'n stock market trade. Equ 
uarkets began slightly easier 

^SSSS^S'&SSSS on r «iy*a; speaasttve ^ demarnl left Johwon Clennerp 4 premium - and dosing at 4tip 

- * nitUdC Pf- V - ** fo ? Leading Building descriptions Record 4 \o H& P white & Srker P t2?%hffim 5 

.mprowng on a sele^ve mvest- closed narrowly nutefl after a How-ilen Group responded to Press British Rail that the proposed 

itenr interest directed at the quiet trade THbury ContraeUng mention with a rise of 2* to Stijp. channel Tunncl coulri onen in 

d ° lh S °° d QDallty 8 at 3t0p following the In contrast. ML Holdings ran back ^ m 

^ interim results, but Y. 3. Lovell 20 10 220p after the recent good SnSl Snd 3 higher 

lo 109p for a gain improvement while in Ship- {ffE Li™.' V™.T Yn 
builders. 1 arrow-, also a rising 
market of late, reacted 5 to 330p. 




Gilt-edged securities also shared added 3 more 
n the upturn and. although busi- of 10 since ' weekend Press 
less remained static at the longer comment. Further speculative 
nd of the market, the shorter demand lifted Brown and Jackson 
nat urines noticed some improve- another 7 to 335 p, while in thin 
aent in business as recent con- markets. Wettero Brothers. 82p. 
ern about the course of UJ?- and Blocklevs. 83p. Improved 3 
hte rest rates receded. Final, gains apiece a dull market lately. 
,-ere not large but the general Tarmac picked up 8 t& lSlp; the 
■ :rmne<w was fully maintained interim results due next Monday, 
fter the official dose of dealings. Com ben added a penny to 32p 
E vents were otherwise sparse following the announcement Jhat 
ut situation stocks attracted the company had received j3.73 
peculatire inquiries and among per cent acceptances from Ontie 
he few top-name companies Development holders: the 1 latter 
• eponing trading news Rowntree held at 57p. Lafarge SA advanced 
lackintbsh registered acute dis- 1? points to £36J following the 
ppointment with interim profits proposed rights isftie.' " . 

veil below market expectations: id touched R96p before rallying 
own to -4 1 Gfp soon alter the to close 4 up on balaner at 40JP- 
nnouncment. the price rallied on Laporte cleaned support from the 
■ear-closing to end a net 23 lower encouraging statement" - tea 1 
t 422p accompanied the slightly better- 

The FT Industrial Ordinary than-expected interim .results and 
hare index fairly quickly firmed 6 to 127p, wnile Stevrart 
e gained an early loss of about a Plastics improved / to J47p a ‘ > te ,^ 
ioint and thereafter improved to recent dullness on the second-nan 
lose 3.0 higher av the day s best Profits setback. Buyers came in 


Few - siRnificant movements 
were recorded m shippings, but 
open in .Milford Docks rose 3 lo U7p 

Textiles had contrasting move- 


leading issues 
light trading. 


ments in Lister, 3 better at 80p 
in front of today’s preliminary 
figures, and the Italian-based 


2Q0|Pence 



MAY Jtra JUL AUG SEP 


Campari issues continued firmly Sola Vfiawa. which reflected local 
ahead of nest week's annual weakness with a fall of 9} to 
results, the ordinary put on a lo 94}p. 

133p and the B 4 to ,122p. Among Bubbers. Plantation 

Rolls-Royce claimed the lime- Holdings, eased > to 72p on the 
light in Motors and Distributors, substantially reduced first-half 
improving 7j to a 1P78 peak of profits. Teas were idle and feature. 
117p in belated response to less. 

Monday’s interim figures: turn- 
over was active. Lex Service Golds Uncertain 

t&LrZL* 1 The resignaLon of Mr. John 

^ork Trailer. 49p. and laicas Vorsetr. j as bouth African Prime 


Minister .caused some uncertainty 
among.-'... South African . Golds. 
Buyers 1 were reliant, and., trade, 
was at modest level. However, 
the steadiness of the bullion price.- 


lndustries. 330p. put on 3 and 5 
respectively. 

International Thomson Organi- 
sation, resulting from Thomson 
Organisation Scheme of Arrange- 

pnmmnn^ tha riK^'mlon 1 1 * XOOn- **ilich dOSed 51 higher 3t*Stf&875 
common shares opened at 300p n , m ^» after the US Treqstrrv 

and traded between extremes of Jiffi.urf. 

29Sp and 308p before settling at M n S, rant P 5 lb 
30op. The convertible preference sierUng prices were hit by the 

lower investment dollar premium 


traded similarly and dosed at 
Rowntree Mackintosh became 24 Op after opening at 23 2 p and 

, i _. . _ _ an outstanding dull feature at touching 243 ip. 

i/sIflT ThiiTcontrasted^ iriih°the tor Bernard Wardle which -ffsioed 422p. down 23. after 410p, on dis- , Down IS on Tuesday foliow- 
.roader picture mirrored hv falls 2 10 32P for 8 two day rise of 3). appointment with the interim in C the defeat of the S. Pearson 
ctaininz their maioriiv over nux » figures which were well below ex- offer for the outstanding 36 per 

n an FT-quoted I D di«rial« B B & HoliillgSlVOrth lip pecrations Elsewhere. Foods «cnt mmoriry. Pearson Longman 

'tsss'ZL ^ : ZZ SisiswfflR z&Tszs na 

•ready moving easier through interest centred mainly <m secon- "*» gJJJ? ptckSne" 

be effects of sterling brought darv issues where Bourne and z l *» * JO/S Pea* of a&Jp. .Still rerrj tncKermg aoaefl 3 to .»p 
rates fir iSSSwiem S HoUm^oAh jumW^tJ 317 P reflecting .pecula^-c interest, « > the higher annual I prof, ts.^andj 
Insrituiionat Knurres ™i iS t-a i ir nf» imminent Morgan Edwards hardened 2 to DRG a penny 


and falls were common. Western 
Holdings closed $ off at £21, West 
Dries lost i to £251 and Buffets 
shed 17 to 933p. The Gold Mines 
Index was down tL9 at IS1.3. 

The uncertainty spread into 
premium Financials, clipping a 
Tew pence from prices. De Beers, 
influenced by the lower premium 
and subject to concern about the 
future of Namibia f South’ West 
Africa) finished 8 lower at 44Gp. 

London Financials were domi- 
nated by Rio Tinto-Zinc. . The 
interim figures were better than 
most expected and scattered buy- 
ing allowed the shares, to advance 
4 io 280p. Activity in the shares 
of the other houses was very 
limited. Selection Trust eased 2 
more to 4S4p in front of today’s 
half-yearly figures. 

The underlying tone among 
Australians remained firm and 
roost interest was again centred on 
the diamond stocks with limited 
II.S. buying in late trading. How- 
ever. the premium’s fall held back 
the market, leaving Magnet Metals 
I softer at 3flp. Western Queen also 

1 down at 2Sp and Leonard Oil 
unchanged at 35p. 

There was little reaction to the 
claim pegging announcement of 
Uaoma aud North West Mining 
and the shares .closed respectively 

2 down at 58p and 1 lower at 42p. 

Peko-Wallscnd.. S lower at 54Sp 

and EZ industries. 5 easier at 270p. 
continued to suffer • from un- 
certainty about the go-ahead for 
the Ranger uranium project. 

Tins were genera ly easier on 
premium considerations. Among 
the domestic issues Saint Ptran 
were 2 off at 63p following the 
latest Ormc-Connbcn developments. 




FINANCIAL TIMES STOCK INDICES; 


Sept. 

30 


TT 


Srpt- 

18 


s r''r^ 


Oo>tnuupi See*. _ ... J 

Fixed In t egrt 

Industrial ...; 

Gold Uiim 

*»rd. Ill r. Yield 

Birninp. Y - ld%(Tollj(*. 

H R Riitir- nwiii*ti 

LMInp marked 

bquil.r lnmnver £m.... 

BquitT lotnl . 


70.7 1 1 70.37, 
78.17’ 78-10' 


380-1' 
181. £ 
s.io' 
14.45. 
9.16 1 
8.164’ 

“ i 


323.2' 
162.2- 
’ 3.14 
14.67! 
9.09, 
6,563 
72.12 


70.68| 7D.6BJ 70.97! 7.0.73' 
72.14 72.12, 78.16 71.96j 

630.8' 350.4' S35.6r- 534.S- 

161.9 188.6 187 .ai 182.3j 

S.09| 5.09; 6-04| 

14.43 14.54! 14.40! 

9.18! 9.09' ' 9.18' 

5.474 6.257 6.05 1' 


. 5.06 
14.6 1| 
9.09' 
6.8 19, 


84.48 X 14 .80 1 125.98' 105.20! 
__ ) 16.925' 19.423' 22.478.24.284 21.470; 

15 an =C4j. li am 555 TCoon ST7.3 . 1 pm ES.S. 

2 pm 55SC. 3 pm S29.3. 

Index 01-246 8026. 

” Besrj on SC per cent corporauon tax. t XI1=P W. 

Basia 1M Cow. Seen. 15/1548. Fuu*d Ini. IKS. Ind. Ord. 1< jS. 
Mines 12 9 55. SE -Utlriiy July-Dcc. i<«2. 



-C-l 


.ic 

Goinc 


HIGHS AND LOWS 


S.E. ACTIVITY*". 


1974 


|s>lnce Compilation ; 



Hi*h 

Low 

1 H«h 

lx.tr 

1 1 

20 

19 : rr. 

liovL Sfca... 

78.58 

68.79 

1 127.4 

49. IB 

—DMIJ 

141.0 

159:7 


ii 1. 

rSffll 

■ (9)1 -56) 

(5.‘l,i3i 

loituMrie* ... 

195.4 

213.2 


BI.27 

70.73 

• 15U.4 

Su.53 

ipnsl-alice .. 

32.5 

53A., 


tH. 1, 


-,a;.I».«u 

li, 1. ibj 

r.iiHi- 

117.5 

186.6 

Ind. Otd 

535.5 

435.4 

! 549.2 ; 

49.4 

>-la.r\vi?r*CT> 


133.9:. 


1 l-J/9, 

lU/ij 

14.-9IH1 : 

(1# t: JOi 


219.7. 

231-1 , 

G»hl Him. 

206.6 

130.3. 

. 442.3 

43.5 

-.pevulMivt ...; 

40.0, 

45.1,: 


ll*.r. 

th'l » 

.,22 .ni’iS- iJ6,lu'ili 

T-ilai* 

129.7 

•t 


OPTIONS 

DEALING DATES in UDT, London and Northeri^ 

First Last Last For Counauids, Talbex. Pearson 

Deal- Deal- Dcvlara- Settle- Longman. Bentinia, Dae] an. Catr- 

ings Ings Hon ment bury Schweppes, Wilson Walton, 

Sep. 12 Sep. 25 Dec. 7 Dec. 19 Lonrho, Kuuick, Samuel Proper 
Sep. 2fi Oct, 9 Dec. 28 Jan. 9 ties and' FI* A Construction. -A 
Ocl. 10 OcL 23 Jan. 11 Jan. 23 put was done - in Bourne ad^ : 
For .rale indications see end of Hollingsworth, while doubles - 
Shore' /n/onnutifin Service were arranged in ^pilJeraj 
Money was given for the call Bumiah Oil and British Land. 

LONDON TRADED OPTIONS 


be 

jwer 


-.enry. Institutional sources were and ted to talk of in imminent fcawaros naroeneo s to " 

min active but muCh of yester- statement on the bid discussions. f w > two-day improvement l "‘" wo d / 

'. ay's offering represented neU of the offer from Raybeck *- o J- Sainsbury were supported Cn>PP pr de ‘ 

rbifrape business against activi- came well after market hours. a ' up , 3 ;. bu f fu CM ler con ; up _^i 

‘im in Smith ifrimn fintd chmc o. tn : attract • s, d p r'aLion of the interim report Pro 


to l3Gp follow- 
results. James 
dealt in at 80p, 


ips in South African Gold shares. Bambecs 
^1\e premium, after falling, to 
Ter cent, rallied late to close 
et 3 points off at 90} per cent 


report Properties made selective pro- 



• •• “.r m i'»- vpuvu j. nciLuo improved j- u< aw, •» .... 

• ...iirket yesterday: total contracts response to the interim - state- 

mounted to 653 compared with ment. 4 ‘ ' „ • u . , , 

'.32 on Tuesday. Marks and Thorn Electrical were finally 10 Investmeots 

-Tpencer were the most active, better at 388p. after 376p. despite De[,cr a ‘ " f - p 

-nth 93 deals, but there was a the recommendation by the Price 

ofaceable slackenmg of interest Com miss ion that three ‘of its “HfiQaiiS Jump lalC 

. -'i I CL which, recorded - only 48 televisfon rental subsidiaries Randalls Group became 

contracts. should freeze their pricey. .until strong late feature at lOfip, 


. in front of today's interim consideration of the interim, 
results, while small- buying left report. Law Land finned a penny 


W 


al . 43p. Buyers came in . for 
Control Securities. 2 up at 35p. 
while continued .speculative 
interest lifted Warier Estates 4 io 
4Sp and Bellway Holdings 2 to 
Tip. 


Bank leaders recovered from a April 1 next year: TTioni issued 22. on news ibat preliminary dis- pp j f 
-lightly easier trend, Barclays a statement late yesterday stating missions are taking place with Dr U P 

. . losing without alteration at 356p. its intention ta. approach the Ferguson Industrial Holdings Shehtly easier at the outset In 
-fler 352p. Still reflecting dis- Prices Minister about the -recoin- which may lead to an offer being the light of the Bingham Report. 

" -•ppointment with the half-ye.vly mendations. Gains of around ft made for Randalls. Elsewhere leading OiJs rallied to overnight 

; e suits, Bank of Scotland eased 2 were recorded in GEC. 3S8n.-and in the Industrial section, Burns levels by mid-morning and closed 

tirther to 2S0p for a two-day loss Petbow. 138p. while small buying .Anderson responded lo the good firmly. British Petroleum touched 

-•f2S. Antony Gibbs also recorded in a restricted market left 'Louis results and proposed one-for-one 900p but finished a net S up at 

faff of 2 to 56p following the Newmark 10 lo the good artftffp. scrip issue with a rise of 31 Jo 912p. while Shell ended a penny! 

- . - -airerira profits statement A us- Ratal Electronic^ were-'ralsed<»6 ftTj*; while- further - cons id eration to tile good at 5 “ftp. after ftfiSp.. 


NEW HIGHS AND LOWS FOR 1978 


NEW HIGHS (86) 


COMMONWEALTH 


AFRICAN LOANS 


a 

hi 

New ZeataxS *ne *76-7c 

BANKS 14* 

ArduIhiKil Limjm hir^l Net 
Gibbs (A. . Do. wrnts. 7S-B3 

' BUILDINGS (fit 
BeKtmsod - I D C. 

Blcxlclevs ' Ll. 'Y J < 

Brown A JscKsoa Travis & Amald 

CHEMICAL5 111 

Wartfle (8.) - 

STORES (S' 

Eiccutex -. S. & U. Store* 

Fostir (.ros. Do. 25PCPF. 

Meozies (JO 

-. .ELECTRICALS (61 
Dreamland ■ Rrsilti^cr 

GSC Tclefuslui - 

Petbow. Do. 4 N-V 

. 7 . -ENGINEERING 112) 

Birmingham. Mini Metalrxv 

Bsn!:^Wm.i MAtM.i 

>Mirli«'. ! Jncerson Aavser. 

Eaora Turrlll 

Firrsitlrr . . Uxd. Spr-ec 

Ho-wden V/allums & Jame* - 

FOODS 12) • 

Tosco 

HOTELS (S) 

Mount (MrlOR* 


• • MOTORS (II 

Ralls-Rovce • . 

NEWSPAPERS 111 
Thornton lint.) 

PAPER <2) 

Bern rove Ferrv pKlce-ing 

PROPERTY (G> 

Countv & Diviriet Lon. Shoo Proa. 

Ecu. Pros Inv. MEPC 

Land Sp;v. Marl^r Est*. 

SHIPPING (1) 

Mlllord Dock; 

TEXTILES 14) 

Beales (J.) Lister 

Levei Notts- Manu*. 

TRUSTS U) 

Brveourt Eizewell 

F. & C. Euro trust London 4 European 

OVERSEAS TR AUERS |1) 

Gill A DuNus 

RUBBERS (1) 

London Sumatra 
_ MINES Cll 

Tank* Con 

NEW LOWS (1) : 

OILS (1) 

Aran £imgy 


Mcrgsn Edyoird 


odda inti.; 

Ci tv Hcteli 

. INDUSTRIALS (221 
ie«nr Co*.. M*dar)a-iF 

Bentlma 
Berwick Ttmxo 
Burn* Andenon 
Denbyware . 

Dundcnpa. 

Fogarty C.» 

Ham- Ihoaroe 
Hunt inn Aikx 
H* mi ■ I. A J.» 

i«ter-C i tv. ' 

. LEISURE Ml 
Birr 4 W.A.T, A' 


RISES AND FALLS 
YESTERDAY 


Man. 5hlD Canal 
Natnan (». & I.: 
Randall* 

Pelvcn PBWS 
R karoo ■ 

Rowan 4 Boden 
Silhouette 
Siir.'l-^t service* 
U"Mlev 
WnRe-roN 


British Fond* 

CirpiL, Oem. and 

Foreign Bonds 

Industrials . . 

Financial and Prop. . 

Oik 

Plantations 

Mine* 

Recent Issues _ 

Totals 


Up Down Santa 


71 


— 5 

1 53 

330 430 

115 244 

10 18 
B U 
U 42 
11 13. 


5M 53b 1.373 


v~ 

mwmmm 

OrtuLwr 

jHimiri 

'1-* 

1 


1 .l-.s 1(1-1- 

I l*|-tl'itl ‘ j-rus’ 

'. ikvihgI 
•hTPI ' 

V.n. 

l.'lllralll: 

\«.l. 

1 iiriiny 
.ifTi'i 

V..i. 

E-iuirr 

•-!■■»* 

ur 

800 

116 



140 

_ 

152 

1 

909 P 

nr 

850 

66 

. . 

97 


118 • 

5 

„ 

ur 

950 

13 i 

3 

36 

10 

58 

5 


• ••in. 1 tii--ii 

140 

16 ' 1 

_ . 

22 

7 

£5 

5 

153p 

Ci-m. I'ninn' 

160 

2'i 

6 

101* 

20 

131; 

20 


1* II-. 1 mill 

200 

313 ; 


10 

6 

16 

.. 

186p 

>. i"irlniiliW 

1X0 

lOte > 

— 

141; 

4 

20 

-* 

117p 

i.nuruul|)« 

120 

5, : 

— 

8i; 

-• 

131s 

5- 


liHL 1 

Hot) 

59 

2 

. 69 

— 

78 

4 

357p 

Uhl. i 

300 

69 ; 

1 

51 


1 64 

- 


(illL 

550 

16 

3 

52 


44 


.. 

ItH 

560 

5 1 


19 

3 

31 

37 

„ 

Grand Met. 

100 

19<s 

10 

• 25 


eiis 

— 

117p 

oi*ii.i w.-i. 

11 . 

ioi 2 

1 

16 

15 

18 

— 

lt 

0 ian-1 Met 

lzo 

4 

10 

91- 

. 

.21 j 

— 


in 

50l) 

48 


. 59 

— 

67 

5 

401p 

in 

AO't 

22 

15 

38 


46 

— 

,, 

ILI 

420 

6 

— 

. 22 

21 

28 . 

7 


Lanrt ; 

220 

28 

_ 

33's 

5 

41 . 

_ . 

. 246p 

rainil r-r<i. • 

240 

12 - 

25 

: 20 

... 

£7 

— 


Land .Stva. 

260 

5 

48 

1C 


16:; 

-- 


Maras k rip. 

70 

22 

b 

25 

20 . 

28 

— 

SBp 

vi»rk« A ^| . 

00 

13 ' • 

— 

17 

30 

20 

-- 

M ' 

Itirlc* .1 'i .- 

90 

5‘* ; 

2 

12 

3 

) 31; • 

6 

.. 

Mnrv,* 4 frii. 1 

too 

■z } 

4 

5 

15 

. sw 

7 


-*1.- 11 

500 

85 1 


92 

5 

. 108 

-- 

573p 

-t.. II 

350 

39 

5 

56 

2 

70 

— 


'►1. 11 1 

600 

13 is 

49 

27 

1 

42 

— 


Till id 1 


; 

190 


167 

' 

107 


1 


X- ireml H-r 

K-'iriien 

M«v 


Hiu >nU. i 

8.- 

2 ! 


31{ 

55 

5 

5 

76p.i 

IL « -1 « ' 

24 • 

6 : 

22 

14 


19 

— 

220). 

B-./ti ' 

260 

2 i 


7 

3 

• 12 

— 


nn ] 

lc-O 

20 

10 

2b 

4 

l 

1 

169p 

km 1 . ; 

180 

9 ! 

10 

15 

5 

20 



1 ni|<eruil 6 

90 

2iS : 

15 

6 

6 

71; 

— 

84,, 

in/. ■ ! 

240 . 

23 

a 

28 

10 

56 

10 

25 Op 

K r/. | 

260 

9 

6 

18 

3 

25 



K 1 / I 

2 BO , 

3 . • 

10 

9 

— 

13 

28 


i--i*i* 

- 


81 


64 


44 



si.; - 


>ii; 

In niti* 

susart 


I loxide 




Statement of unaudited results 
for the half year to 30 June 1978 


Half Year 
io 30 June 
1977 


HalfYear 
to 31 Dec- 
1977 


Half Year 
io 30 June 
1978 


i m 


12.35 

fi:74) 

10.61 


£rrt • 

61.31 

3.31 


0.85 
ro. 72) 

0.13 




. 6.03 

0.25 

- 

.. 0.05 

4.56 

{0.18) 

0.29 

• ■ 0.18 

4.27 

(0.S6) 

- • 

1.54 

4.27 

1.18 


External Sales 

Tioxidc & Subsidiaries • "■■ ■ ’. - 

Associated Companies - attributable share 

Profit /(loss)before Taxation 
Tioxide& Subsidiaries • j; ■ •' 

Assodatcd Companies 

Taxation 

Tio.xide & Subsidiaries ' ’ - 

Associated Companies 
Profit/ (loss) after Tax a tion "i / • 

Minority Interests 

Extraordinary Items 
Attributable to Shareholders* '' 


3.6R ' 
(1 run 
2. 58 

1.70 

fl.03 

0.S3 

0.13 

0.70 

0.70 


The value of goods exponed from the U.K. including infra-group sales was.£12.79 
million. . 

been 


ie and expenditure of overseas subsidiary and associated companies have b 
rted into sterling at the rates of exchange ruling at the end of each period. 


Income 

converted v 

Changes in the sterling values of the Holding Company's interest in overseas 
companies, arising from exchange fluctuations, have been excluded from profits. 

For the first half of 1978 the taxation charge consists of XO .47-million U.K. 
Corporation Tax (calculated at 52_%> and f 1.23 million OverseasTax. The overall 
taxation charge for the Group is distorted by reason of unrelieved .losses in an . . 
associated company. These losses are available Tor' relief against its future profits. 

Trading conditions continued to be difficult during the first toff of . 1978. Prices have 
shown some improvement recently, but cost reduction is the main contributor io the 
improved results compared with July- December 1977. It is not expected that ibis 
factor will play so significant a pare in the results for the second half year, when sales 
are also normally at a lower rate. The task of achieving prices to give satisfactory 
margins remains a major priority. y:- 

TIOXIDE-GROUP LIMITED • 10 STRATTON ST ‘.LONDON W1 A 4XP 
Producing companies in Britain ■ Australia • Canada • France- S. Africa • Spain 
INTERNATIONAL MANUFACTURERS OF TltANlUM PIGMENTS 


LEADERS AND LAGGARDS 


TN Wtrarfd* table thorn the pmmiu* 

□Icy KOloiw of tin FT Artoaria* Start totflcw 

C«M Minos FT - - 

. Etuineerins Cwtncurt — . — — 

Net ban I cal EasloetHoa — . 

Electrical* - - — 

Minina Finance — 

Tejrs and Caines — — 

Capita) Goods Croon — — 

CiotracUos and CanstroctWA 

omce EouliMoent - ....... — 

M«wtpap»rs and Fobflskln9 -. 

Overseas Troders 

Electronics, Radi* and TV — - 

Fackanlos and Papor — 

Wines and Spirit* - 

Chemicals — — . 

Building Materials ... - 

roMomtr r.cods < Dora We* Croup 

Motors and Olwlhwars 

tndosma) Crosp ■' »..U 

MotaJ and Metal Formioa t . 

Investment Trtats 

lUdOt ‘ — — 

other GrsuM .. 

T oh Betas ... v ..,..:,„:.. w .w, a ‘.;. ani 


wbfcfe MN taken place Ace December 30. 1*77. 

K aba cental ni tbe CsM Mines Index. 


In (he principal 


+34.7* 

+28-77 

... +25.5* 

+25^1 

,....• +2U3 
,. - +22.42 
... +«UB 
+2U* 
... +1*03 

... +1730 
... +14*6 

.... +ita 

.... +15.** 

+u» 

... +1544 
_. +1SJ2 
.... *■ +14.30 
. . +1334 

.. +U35 
+12.7* 
.. . +I2j« 
... +12J4 

+an 

... . +OLA . 


All -a 0 a re Index +M34 

pharmaceutical Products ..... +• 4.16 

" Consumer Goods -CNw-boraOl.'i Grou® . + *-4S 

Food Mamrfacturtas .. + *.*? 

Food Rett I (ten - .U..^ — ; .. + B.TB 

S*oro - 

OKs — — + 6-88 

entertainment' and Catering' .. . — — . + 6D6 

Herchaiu Bank* ... «... * + 5-65 

Insurance Bmkers .... + 4.36 

Household Goods + 3.4* 

Inssranc* (L9e3 +237 

Breweries — +233 

Financial Croup • + 332 

Saaks .... .... — .. .. “ 0J>2 

.Mire Purchase - 141 

Discount Homo* ... .. ... .. ... .. — 384 

insurance (Composite} - .. ....... . — 3.75 

StfpnJns . • . . - 633 

* Percentage changes Based no Tuesday. September 19. 
1979, indices. ' - - 


ACTIVE STOCKS 

\ r 0. 


Denomina- 

of • 

Closing 

Change 

197R 

1978 

Stnpk 

tion 

marks price (p> 

on day 

hi+h 

inw 

ia 

XI 

J-> 

401 

4 

421 

3ZS 

RATs Deld 

■2ftp 

11 • 

27.1 

- 3 

384 

227 

BP; : v : 

XI 

ri* 

r 912 

- 8 

. 028 

720 

r.5EC . .: 

2Sp 

u 

' . ftSR 

- 3. 

3-jS 

233 

Beecham 

Up 

A 

73ft 

— ft 

743 

SS3 

D& Beers Defd. ... 

• R0.05 

s. 

440 

- 8 

4S8 

■28ft 

Murks & Spencer 

23p 

8 . 

83 

4- 1 

. 94 

674 

Thorn Elect 

2ftp 

' 'S : :, 

3.8R 

- 10 

400 

388 

Turner & Newell 

XI . 

R 

• 1»4-. 

- 4 

209 

16fi 

Boulton (Wm.) ... 

lQp 

7 

20 - - 

^ 14 

20 

• 15 

Cons. Gold Fields 

25p 

. ..7.. 

— ISO 

- 2 

204 

IBS 

GKN 

XI 

7 

29 ft 

- 2 

2 PS 

248 

Northern Eng. ... 

25p 

7 

139 

- 2 

142 

84 

Rolls-Royce 

iip 

7 

117 

- ~i 

117 

63 J • 

Shell Transport... 

2op 

•7 

.17.1 

- 1 • 

602 

484 . 


RECENT ISSUES 


EQUITIES 


]- iS m 

l*nee J i-- 1 

r,- — 


trifi 


Blffh : I/vt 


SlOrit ^ ii 


S5 F. P. i 51/81 ?■ 7 ' 71 .Cnm'en buperinodii. 

c « ; F.P. — . 123, . 4 jEmm.v. 

* r - - ! — ,lntl. Thomson. . 


35 .M 2.41. 3.1 4.3: 7.6 
10 i 


. ••• , -- - . — iinti. juomnon. . . . - ■— _ ' _ 

115 : F.P. < 8ft ; 136 Jones (K.1 (Jew 160 j— 2 ' r5.5 2.1 5. 1-15.9 

w . r : .1 F.P. ; — ; 36 , 36 ! Manor Sat Gvp. lliai- 56 42.14 1.3 8.9 1 Z. 5 


FIXED INTEREST STOCKS 


137? 


HtRh | Iaw ■ 


: •* 

i t + 


10p - 

£«i,| FJ*. 
£100 £50 


99i> nU 
£100 F.P. 

« I- F.P. 
£99 l c i F.l*. 

£100 i F.P. 
$1Mp ; F.P. 
£99i,i F.P. 
£991,' F.p. 


113/10; 16p < 

■ - ! lOLi I 
15/12' filled 
; - ' iasw r 

29/9 3ljfunl 
! 8/12' 1013*; 

; - -i 2421*. 

: ®3el 

' 5/11,- .81 j. 

^1 


l - J 


101 p 

Ml* 


lop Audkxrwnic 12%Conr. Prf -14riu— 1» 

BBiclStraden V*r. Rate Ked. 1963 _____ , 9gi„ . 

WJ*; Do. 12^ked. 1 SHt'tU 

lM4p,rorai Den root Itri-L.;.: ■ lQ6p + I 

2pmiHlU X SniiUt 14% lal Drl>£0fiU5 3ir-m + U 

tul IHrmsid iWyniibam 1i\ t n*. lai. B6-91 .JlOlV , 

SSO :lntl. Thommn Ci»n\..li*-i Sp 240 1 

S9lt'Kesnaf{t<Mi and Chulvn far. Rare 1953 ....' 99 ' 

76 iTolham Jainea P^Cmii. Pnd..'. 801 b 1 — lg 

SSI, i.NnrUMmpton V*r. Ilrtr Htsi. 1383-.'. : 99J*- 

- 9*ii PlUnan lOJfc l.'uni. Pm*i. . 991- u' 

SSlj 'Stratbri yde f*r. Uaie l«(3. gain' 

99lxlWandawi>rtliV*rlBhle 19o5 1 ggij 


RIGHTS” OFFERS 


I knur 

Praraj 
Pi j 

If! 

66 

; f.p.* 

285 

. Ml ■ 

S28 

. Ml 1 

390r 

mi ; 

50 , 

F.P. , 

44 

' Xil •• 

lie 

l*F.P. ; 

Ft'llO 

.Nil 

965 

. Sil 

65 

; NU ; 

IDO - 

- \>i > 

rur . 

-, 65p 1 

75 

1 Ml : 

65 

‘ Nil : 

74 

. N"U ! 

10 

: Nil - 

70 


, 77 

; |M*. . 

85 

. Nil • 

04" 

F.P. ; 

40 

Nil 

4 

Ml . 

200 

Nil 


Ulwi 
j ilenuuc. 
Hate 


* 1978 ! 

SkvL j 

: HlRb : Lo* ■ 



Hive 1 — 
I'i 


25. 

100 


.Nil 

F.P. 


1919 2*7/10; 73 1 TO \*mn»on Bro» 

22;9 27i 10 ; tjfipm; 48pm'B.TJ£ ■ 

1 — I — I 40 ; 32 iBanl of UontnaL [ 

22/9.13/10 B7inn , S«|iiniH*rio«- KanL 

30,-8 24/il| 74 ,-67 /BSariinn.*l Hivice 

29.9 10/1 1 Uptn,7i?i<uj^HrUivli Printlnj; -..._ ..I 

21)9. 5/lH 142 . 1.W ;f.1juljh ! 

— — ' Wpnt ZupmVte. Fr. Pet ruler . 

— 4uiiin- J 6 pnj.l>Blatay ■ 

229 13/IO^Biiuii 0[,ni|H<Mn<ln - 

— 1 — ; lO/iiii ' 7 |idi Putny UiL’tiisnrii- I'.^^Cnv. La 96-03’ 

— — 1 SllpmUInlie aiid Ph.«-r>w • 

29/9'Z3/l0f lOjim; 'Hill tt Knilllt - 

-- — . 21 ]i)n, 19[ini Htinlcii iir'ni|i— .-. .1 

25/9'27) lO.lKjjHn . Je/nu Initial ServUv • 

— ‘ '• — * 2|nn ls/mi rtKuitt-B 

10iB 21,9 *6 • 79 LrirhlWni 

11/9 27.-10s*ipnrt5;(inj. , LAv Sen in- 

— — . . 21 pm' 1 7|.tn' l-r.n- X 3ll»ll*‘n«l I »»■■: 

. 21, '8 4,'10 111 i. I« :pMir-l.V Pi»Tmn--*iip*.._ „i 

299 27 10" 4)j|nn' erpni Jin >'3eK pile* ..: 

-* - »pul 4pm 1 /elUuiv Kuil near. - 

2St9 a.ll I7?|.iu ai 1 . 1 u.KjiMl 1 .Kt 4 : 

a 10 6 /ii 14 ■ u w«ar««N 

25 8 22.9.126 }|u .WUiiau.a J , rii’«K'.- J .s^.Cit.'i.ilfcll1 


70 

46pm 

55- 

26pm;—! 

69 

11pm. .. 
142 .+| 

20i.ni' .. 

40pm: .. 
15pm -l 
7 1 — 

i,pm + 

6pm + 

21 pnr * 

IBiepiu t 

1 *l* ni ) ■ 
. 94 • ,. 


iOplll T 

IK)- 
-58pm .. 
• 4pnr. .. 
1 12jmi-f 

15 l - 
123 — 


Nrnuuunikin dale usually last aay for OeaUnc rree M stamp duty a hiaurp> 
nsseti an oniswatu rauniale. u Astamed dtstoeiwi arm WI4. * Forecast dim neon 
«*ej oasrti ou prevtoiu .ears rsrain/u. t Oindcim vieM dnaen on armqintu. 
m Olhei official esiutiatw lui 1K9 oGm«. i Ntsurrs **wnned 2 Over allow* 
ipt 1 nnrerainn at Mari'* nm nnw rsukutn tor dritond nr ranhhs only tor i««inrnM 
aivJdrnds I Plinn, pne* !« dudIk. pi Pence unless otherwise ttuliruecL ■» Iswett 
t»Y lrmlri. ii tifferetl M Imiitnv at enmury AirM ns a ■’ runt,." *• Issurtt 
H> waj of I'aolieiiSBTfpn. n Wiiumain leiHfer prw 45 Rntmpnaurwit jf ivuwi m 
cwmcciton wP* wnantanao merger nr iske-nrer. DU Kurort actum ' (snow] 

fp farmer prefemnee hnklera. ■ Allotment krtem (or fails-osM), • PWrisunsJ 
or puibf-aaiiS afiotment lotwct. * witt ws rants. 


FT-ACTUARIES SHARE INDICES 

Tbwc ludket *re the Jrirt emfOatim «f fee Flaudil Hbm, tbe IutRate of Actaaries 

sad fee Rki1(j ef Actuaries 


EQUITY GROUPS 
GHWF8 ft SUBJECTIONS 

tinnii hi po r ao t hasan show nuaibar « 
stocks per section 


11 

12 

13 

li 

21 

22 

23 

24 
23 

as 

32 

33 

34 

35 

36 
33 

41 

42 

43 

44 

45 
4fi 


CAPITAL GOODS 071) 

Building Materials (27) 

Contracting. Construction (28) 
Hectrical*(14)., 


Engineering Contractors (14)- 
Mechanical EngiiweringTIZ)... 
Metals and Me^al Porming( 18 ). 
CONSDMKB GOODS 
(DUSABLEXSS) 


48 


51 


70 


LT.KIeetronica, Radio TV a® 

HonsebOld Goods (12) -1_ 

Motors andDistribotors (3S)..._ 
CONSUMER GOODS 

CNON-MJSABLCH173) 

Breweries a4)_ 


Wines and Spirits QB). 


Food MamilactixringOO). 
Food Retailing (15)_ 


Newspapers. Publishing (12) 

Packaging and Paper (lfi)_ 

Stores (40)— 

Textiles (25) — 

Tobaccos (3). 


Toy* and Games tS)' 

.oraEK GROUPS 09- 
Chemicals(19). 


Pharmaceutical Products CO 

Office Equipment (g) 

Shipping (10) ^____ 

M3ace!laneons(5gj. 


INDUSTRIAL GROUP W5K 


Oils CO. 


5M SHARE INDEX. 


FINANCIAL CaOUPdSM . 
BanbS). 


Discount Houses Clt»- 

Bire Purchase (5). 

Insurance (Life) (10) 

Insurance (Composite) (7). 

Insurance Brokers (10) 

Merchant Banka (14)— 

Property (31) __1_. 

Mlscwllaneoos (7) 


Investment Trusts (50) . 

Mining Finance (4) 

Overseas Traders 08)- 


98.1 AIX-8HAXE INDKX(873) 


Wed, Sept. S*, 1978 

P3 

Moo., 

FrL, 

Sept 

IS 

Tbor, 

SepL 

J4 

■ Year '. 

■e® _ 

rupjivU 

Index 

No. 

Dart 

Change 

%. • 

EaL 

ftnfcus 

Yield* 

(Maxj 

Corn. 

-tea* 

Grona 

Or. 

Yield % 
(ACT 
at 33%) 

OL 

P/E 

Ratio 

(Net) 

Tai3tt» 

Index 

No. 

.Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

ZS5A1 

+8.4 

1538 

438 

9.05 

25405 

25566 

254.44 

»,9a 

215X4 

19X41 

22X79 

+0.4 

15.90 

5.06 

8.67 

220.91 

22195 

22160 

226.00 

<19X6 

+0.1 

17X8 

331 

8.48 

41231 

<1465 

41106 

41951 

33565 

57X70 

+X8 

1253 

3X0 

1X04 

57234 

57732 

57001 

57308 

45236 

380X2 

-06 

17.47 

5.73 

7.76 

38191 

38453 

371X4 

380.90 

31235- 

28X21 

+01 

16X8 

539 

732 

8.19 

939 

28X09 

ULZ3 


20241 

18X68 

204.75 

11039 

17X50 

UXOi; 

18X73 

+83 

14.76 

18X91 

223X7 

273.61 

+0.9 

+11 

1564 

1361 

4.74 

3.72 

8.91 

10X2 

22177 

27032 

224.46 

275.93 

22338 

27435 

226J7 

278.77 

20X88 ' 
244X6 

38834 

-8.4 

15.93 

6.01 

. 8.66 

189.02 

19009 

183.94 

WO-17 

un 17 

134.46 

+8.9 

18.78 

634 

739 

133X0 

134.42 

13403 

135.09 

12421' 

223M 

236JB 

+05 

+8.7 

14.91 

146* 

531 

5.93 

9.95 

936 

22X63 

23521 

22452 

23850 

224.66 

238.95 

22SX3 

240.43 

20140 - 
21183 • 

296.32 

+X2 

1458 

<35 

1038 

29X47 

29754 

299 JO 

30124 

248X1 

279.76 

+8.9 

1451 

6X1 

10.06 

27737 

28138 

273.99 

28153 

25X10 

217J7 

23532 

-05 

+86 

1738 

1X91 

5.14 

'457 

7.62 

20.74 

2U.93 

253.97 

220.71 

235.94 

22033 

23450 

223.85 

237.92 

2006 
21857 ’ 

408.44 

+85 

1931 

539 

738 

436.44 

41400 

413.78 

42175 

34119 •. 

15X93 

+0J 

17.09 

730 

7.71 

150.75 

15218 

153.17 

155.65 

139.96 

21X69 

+13 

1032 

4X9 

1437 

209.46 

213.02 

23X98 

217.95 

190.76 - 

18938 

+0.1 

1730 

751 

732 

154X4 

18603 

10462 

10439 

17500 p 

25X11 

12354 

-06 

+81 

2X92 

*835 

7.47 

537 

5.40 

637 

25X61 

12339 

25489 
124 87 

254.93 

12408 

259.41 

125X1 

22695 

11190 

21836 

384.78 

+0.7 

+0.9 

1427 

14.93 

551 

6X0 

9.04 

8.73 

216X0 

30X19 

23939 

305.77 

220.47 

33X22 

223X4 

335XS 

29508- 

2SL78 

28769 

+0.7 

10.06 

■ 357 

12X3 

285.76 

2*514 

26733 

29123 

DOT 

I47JL7 

— 

2651 

5-16 

7X2 

14737 

MS-90 

147 J6 

14908 

13508 

448X7 

+03 

1432 

6.92 

9.0S 

439.99 

44034 

44498 

©3.73 

52914 

232X6 

+03 

1537 

536 

8.36 

Z39A9 

23357 

233.39 

23655 

28975 


+05 

1417 

5X9 

9.03 

235.39 

2385* 

23X42 

24143 

213X4 

5*3-34! +03 l 1362 l 3.« 1 7.97 1 SULtt l S3A.93 ! 5U54 1 5269) 

53356 


+05 

1469 

5.C9 

fi-BS 

25939 

26186 

26197 


239/5 

17442 

—03 

— 

557 



174X6 

176.10 

17551 

177.77 

16677 

195.15 

-0.4 

23.95 

.6.91 

6X6 

196.00 

198.71 

19X72 

208.93 

.177X* 

21838 

36430 

+06 

1435 

7.92 

5.02 

S.68 

218 JO 
163.05 

21X49 

165X5 

21756 

16X74 

21X14 

16535 

2232 

17674 

143X8 

-03 

— 

6.48 

— 

14356 

14549 

14464 

246X9 

13551 

13X14 

— 

— 

651 

— 

13213 

13333 

13X77 

135.03 

33956 

34731 

-06 

13.60 

460 

1051 

399.49 

35X28 

35130 

35448 

36654 

86X9 

—03 

— • 

561 

— 

87.02 

87.07 

G7.45 

87.02 

8158 

266.98 

+03 - 

3X2 

234 

53-81 

265.64 

26479 

26X74 

26X83 

228.06 

11401 

— 

2237 

753 

534 

134X2 

13494 

12534 

226.71 

10X19 

233.45 

-8.1 

X?9 

4.43 

33.44 

233.74 

23652 

235.39 

£3777 

199X8 

UXM 

+0.9 

1539 

6.41 

7.66 

130.09 

11X71 

112X5 

21481 

18012 

33833 

+05 

2435 

656 

8.44 

32X62 

35033 

33101 

33473 

9m « 

23811 

+0.4 

— 

5X1 

— 

23735 

3957 

239.45 

24X30 

219X2 


FIXED INTEREST PRICK INDICES 


British Government 


Under 5 ye 
5-15 Tears. 


Over 15 peas. 
Bmdnwnihlei. 


Wed., 

"sr- 


U5-Z1 

11173 

IZLtt 

12LM 

USAS 




+9.04 

+412 

+0J4 

-HL« 

+U2 


al adj. 
Tn-das 


zd ad). 

1978 
te date 


UO 

7J0 

Ut 

M2 

7M 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gstm Red 


how 5 swan.... 

Coupons 15 years— 

25 years... 


Median) 5 yean.... 
Conpons 15 yean... 

25 


Hick 5 yean... 

Conpons 15 yean... 

25 ye&n... 


Irredeemables 


Wed_ 

Sept. 

30 


U9 

1934 

1U9 


1157 

12jQ& 

32.97 


1158 

1259 

1X77 


UAL 


Tub*., 

Sept. 

is 


U2 

10.94 

lies 


21.71 

1X03 

1253 


1LM 

121& 

127*i 


1X54 


Year; 
a*e ; 
(approO 

1 


6 JO 
170 

IO AO. 


9J3; 

10.9K 

U32 


952 

H98 

3X0*. 


1051 


W«-1. S’n'i . :*i> 

IV 111 


Imii-x 

X«. 


I 'u-^. J_ M. u ' itiitav 
trc)>l. 1 hi-|it. 

■ In. . 1.- 1c 


rii..>;. tint, t 

Si-t,|. • ^■■r1t. I 

11 • i„ L 


i<u- '!•». 1 

■M-l-t. a. »t. . 

1^1 - - • U i t 


ia 

JU-yi. heil. Deb « Luniia (18/ 

57.54 

*12.90 

57.55 j 57.55 

57.57 

57.57 

57.921 67.85 

57.81 j 

57:1*3- 

16 

invebtmeui rrusl i'rufa. (16) 

51.87 

13.41 

51.87 j 51.87 

51.12 

51.12 

51.58 ' 51.38 

51.38 ; 


17 

Coml. and Indi. Frefs. (2uj 

71.37 

12.85 

71.21 i 71.21 

1 

71.41 

71.20 

7U97- 70.94 

70.74 ] 

1 

■74,29- 


hjsnca. A list rf tM cvnttniHits Is aval 
Lend Pit, EMP esr. price 13a, by post 22p- 


Publishers, the Financial Times. Bracken House, Carman *5^3; 





32 

Kathy Bishtawi reports on an uninsurable activity 

Banking in a city 

EABLIEK this year a foreign that day- embark on their 
banker in Beirut suddenly hazardous journey home. 

found himself in the middle of " K* ™ ^ eriG ^ling driving 
--nOJonti,. your car down a deserted strept 
a- hold-up. He confident^ ; . „ 4h _, . ... 

. , , . , knowing that a sniper might 

pressed the alarm button to haw hls eyt nn you « rema rked 

curnmon forth the local police a British banker stoically. Some* 

but to his horror no one came, of the American bankers get 40 

The gunmen, armed with sub- per rent more on their salaries 

‘ ^,, ne mane off with a allowances for working in 

marine gui is. made off with a fhou?h tactfu|ly if |S nnt 

sizeable hoard of c - e re f err ed jo as danger money, 

sat helpless at his desk. when Before the war. the banking 
it was all over, he went down to sector in Lehannn was 
the police station to ask why. dominated by the Christians, 
help had nm arrived. The res- but in Hi the heavy shelling. of 

M,,, was more or loss in the ">"f »7“. h 5' s -™ an fflrc0 J 
™ ”* , , Li centiy Few are able to make it 

vein of are you kiddm*. t0 u . nrh pach riav -What is 

Banking in Remit nnwad-i r s more irritating." said one 
calls to mind images of the manager. " is that one sniper in 
American Wild West — cxcepi in a siralrmc. crossing point ran 
Lebanon's case, there is no close this whole town down.’’ 
sturdy Mat Dillon to call on. 

The two-year civil war has left CL , p|pf'rin ctsiff 
the country with a divided and OJVtlCUIH M4U 

weakened police force and a Many of the hanks have 
government with no instrument reacted to the dc f arm partition 
of power. On a good day the opening up branches on the 
death toll is under the fen mark, Christian side. But those which 
and not even the local Press have not frequently found fhem- 
bother to report the cnuntless 5e jven operating with a s* de- 
kidnappings. rapes, and mug- ton siaff. One American bank 
gangs which take place daily. which previously had 125 em- 
The Bonn Avenue iu down- plnyees was making do with six 
town Beirut, onrp the hnh *»F — "thp ones I have. I am teach- 



he 


limits are made on how much sessions at the central bank 
can be transferred at one time, (when it is open) have now 
and it is unlikely that the policy declined to two a week; ■for' 
would cover hold-ups. only frequently the Bank of Lebanon 
break-ins, which are rare. Some" is unable to function at- -ait, 
insurance companies are also owing to the shortage of «h- 
excluding a fidelity guarantee, ployees able to come to work 
where the loyalty of the messen- The insurance problem causes 
ger is insured; for many difficulties, in even day-to-day 
bankers are acquiring the feel- banking. For no letter of credit 
ing that the numerous cash can foe opened without iL. j Door- 
hijacks are inside jobs. Some to-door Insurance ’cover. :f or 
hankers have been asked- For cargoes moving around within 
as much as £13.Qflfl a year in Lebanon evaporated some 
premiums to cover azainst hank months ago. 
robberies — more than what is 
generally moved in any one .>•■«.« 
transfer. “It is a polite way of ]V1 lilt IBS 

saying that you are nninsur- • . 

ahte.*' said nne local insurance ”^5 banker said 

broker would ask his clients a nnlfcoii 

_ ' . . . „ questions before opening a LG." 

One American hanker who Such factors ^ *- hich ^ and 

hari^ no insurance cover re- t j, e importer’s relations with the 
marked: “ what s the point of vanou5 niihtias which control 
crying over what you cant ^ areas through which thie 
change ? " He had recently tried shipment would pass, would be 
to fix up an alarm cable to the vitaJ lo frnnw. -'Even after all 
local police station through the *hat. it is SO per cent likely that 
■good offices of the Interior j would nnt do he gajd How . 
^ Minister. Nothing had happened ever< gome of the local hanks 
F° r BPVera ^ months about his proving more amenable to" 
request, and he didn’t feel it LCs. particularly for cargoes 

diplomatic bothering the coming through the airport. 

Minister when the fighting in Beirut port is completely out 
the pastern sector was so heavy. •« ^ has become too much '"of 

Security of assets is another mare. Une foreign hanker and "He. has enough nn his plate as political pawn," commented one 
the Arab hankinc world, finds ina all fields of ha nkrngm that headache. One American banker his chief cashier recently it is." he remarked. banker. 

itself uncomfortably one block at Irani 1 can run a -semblance estimated that there hart been resorted to carrying a transfer In ^ mes nf heavy fighting. j n the meantime. the 

a wav from thp hottest spot in of a complete service." he a* many as spven robberies to the central bank m shop each haTlk has j ts pW n esrape American banker explained, the 

the ‘city: Hie Fine which divides remarked. since the beginning of This year, boxes: others organise Heels of forniula Many keep emergency priority was to look after, tfie 

Beirut info the Christian east °n the had days, manaeers Thp unlucky r.hemical Bank has cars with armed mewn?en!. n g} ces usually second floor needs of existing customers:" 

and predominantly Muslim have he--n known tn he the only been hit twire. Even the.sp tactics provide little offices tucked away m the back don't want any new clients. And 

west By mid day taxis dis- emplnyep to turn up. and more With no pn|ir P force to call security in a city where one n f buildings. Duplication of as fnr any new loans, at /the 

appear from the street and the than no* foreign banker Has on. the hanks have become nr- P erpnn In 30 is armed records and their daily up- moment. I wouldn't finance -. 

few Christian eniplnypp?, if they found lnmwdf writing out trans- tually uninsurable. and cash Even if a bank r= able to dating has become a routine hoie in the ground in - ‘.this] 

have made it t« their offices fers himself. transfers have become a night- secure insurance cnvpr. strict affair for most banks. Clearing country." 



Financial Times Thursday 

APPOINTMENTS 




■ . ~' p ■ ■V’’ 

;V- " mmk A\..Z' y 



Chief executive 
post for 

Frame at 



ei.;:— ,-.-j i «■ . 

A deserted, looted and burned street in Beirut. 


SAVILLS and the well-a4jiL ,^ed cubic foot 



! '- v • 

When landlords or tenants talk to vpru^- 

SaviHs about offices, we pay close attention ‘ 

- - - - - - ■ .• '*■?' •' . sii-i ftiv- 


to all the elements which make up total 
accommodation costs. 

Square-footage chargee for rent and 
rates axe only part of the story. We also 
take into account those costs which depend 
as much on the volume as on the area - air 
conditioning, heating, lighting, cleaning, 
maintenance, decorations and the rest. 

Whether you're a landlord or a tenant 
it's important to bring all these into the 
right balance from the start. 


> r-r;.- *- , 

SAVULiIiS service to tenants 
SavUls have office space available now in 
The City, The West Ibid and in Victoria. 

We advise clients of suitable properties 
taking special account of total 
accommodation costs. 

Our service doesn't end there. 


At rent review time, we advise again and 
any dealings with the Landlords. 

BAVILLS service to landlords 

We also, of course, act as agents for 
landlords, providing an experienced 
advisory service on lettings, rent reviews, 
lease renewals and general management 
strategy. 

■ For tenants and landlords alike, Savills 
have for many years helped to put things on 
a proper footing-cubic footing. The partners 
responsible are Peter Oswald and Robert Dean. 


SAVILLS 


The complete proper service. 

20 Grosveiiar HSll, Berkeley Square, London W1X OHCL 

, TeL 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris & Amsterdam 

Associates in S<»tland. Bapresented in Guernsey. - 


i 


.'n 


V- 

f/ 


iiuteir Ffawe has . beejI 
r - . A i taint deputy chainran 
ffuSve of the. RIO- 

SKSfr S3l WW", fe 

rebins his present resrwnsitHliUee ft 

*J£2gT8?TEFS*i* 

ht¥o™i?p after B>w> 

S, rh° m"cle»r w«r Mt»^ 




IS Kingdom Atomic Energy 
Authority-, . . appointed 


In 1070 ho was . 
lectin iraJ re-ordinatnr 


of RT7. 


v xte n ^ mM 

Sponsible for the management 
o?V Channel Tunnel project 
until it? abandonment by the 
Government. j it — 

Mr. Frame wax made a director 
of RTZ in .September be- 

came technical director « f the 
RTZ Group in 19 o. ann was. 

appointed deputy chief executive r-. - s g* 

Of RTZ in January 1977- - . ■ Mr. ABstOT fta^:^ .;^ -■ 

* , , _ ari ' international ' fendihg^ ri 

Mr . Rny riressweil has- been for. Eorepe, who ds : aTpresen^ - 
inninici] technical director- of iiu hanbv. [^niinn jiiniia' : - 





c 


V 


,*n* 


vr* 




appointed technical director of the bank’s London office? -JmCfE .. 

WEIR FOITVDRJES from October chase has : bees-: prnnjotetfi- * 

2. The company co-orduiates the sen i Dr international, officer aiit i, J ~- 
operalinn? of I he el r Groups Mr.- . Artf n Cbaribair « 

steel foundry companies in Leeds, international-office^ j . •• • 

Sheffield. Sunderland and Alston. _. ■/, 

, * • . - ernBANK : mates ■ ffiati+jj - - J - 

Mr. ft. !■ Merelie ■ has been fpflmv tbg; executives ' tft CJtfcni^ IP .. 
appointed tn the mam ^ard of consumer. - service#..- grduh- ' h * 
WATSON' NORfE GROUP as. been •appointed-..'L , ice : pr«Ssi!m?^''r . - • 

finance director. Mr. J. Bremnrr r j| r . John . A;r Anens, Mr. -Eddte 
nppratmn*; director, has become a ppgaerls. Mr. Pat-.- J. : RflvfniT^3 . •.■if ' 

director of Watson None Interna- Mr. Paul A. Cohen. Thv first thrwir ’ 
tional. > are- bmwrf jtf. the' London " “ 

* quarters .of the group’s Europe^ 1 S‘- 

' Mr. Fai-mond F. Miller, general .tfLvtSKm. :. Mr. Cohen a directtiS 5< ‘ ' ' 

manager of tbe London branch bank ■ Trusty the" 

of R.ANKF.RS TRUST COMPANY! consume? finance- . operatBlb ^ - fit K -S 
*mce and a director of -the UK.'--. • ~~r. ■£■ 

Bankers Trust Internationa}, has ’-v : ~ //i : 'J? 

been promoted to senior vice Mr. Samiifl-'lriftait - anrf- ijff! 

- LL~ . V • ■ . - v " ; r $ . Anthony Harrfe . .have - heconiw'.- ; . - - 
J assistant- : ." editors * ■?: "■ of /“ 
FINANCIAL TIMES. ! V. . ; " / ; • 

'• rr y*. - -r- : ' 

Mr/ Michael R- Treeret- -ls ' t3 7\ 
become . managing . director M 
SATIIA MOTORS, 'the "Sole -DR ■ * 

concesnonauney. for -r Lada car^f! 




: the parent ■ . bafra ..industrial vsj ?- 
Corporation'- - in the j-EWeftf jr - 

. Germa n _ . __Repu blip. and . Wetry. : 

Berlin.- Mr. Heerex'-jfrined SatM’-T’ 

. Motnrs - -in. 3Iay.' .iJiiRteJyear-' -.jtfr *« ■ : . 

managing d irec to rilesign W e aTftft 
many ypnrs.in the mani^achirhig , 
and,; rptait. sectorR of ffie .motfif . ' . 

mtlustry. He wa it "• ' ' ■— - • 

Mecca as executive director of tf.r - 

number . Qf subsidiaries 'indy die! ^ 

Pointer Motor Cnm pa n>-^ ' l ■■■* • • 

. joining Mecca. Mr. . Heerev wax - 
replace Mir. G.. Edward 
.Volkswagen CGBj;- .r--:. -.rr'- ■•' - - 

.-• - • 

AMERON.-fty. has appointed: a 
thfee-man inahagement Board to-'..- 
j replace M?, ' Q. Edward SeMel^ 

Jir. Raymond pitHer- • ; . managing dfrector. who retires Ml, 
prevdent «f : the Bankets Truet tho ftid of- this month. It cnn?istic:i 
Cptopany ,^nd continues^ JLi l^% n l ei L '• 


_ . ptoirig- dWniom -- : V. - - -yju 

joined Ih^Boari ^ A l ShapbmL 

CORPORATION, of ..ULA •- ™ 32 ^^ airec *^ 


ot t»..UA m n FJM.ArK\vohn nnnrf -iSrai-' 

E?, ce ™W- kIm 

□a. reoreq. • ■ director: but cop lirrues. as. tdiahj-'-i 

w . man. Mr. Oiarira jU Fwgnson, ®, . 

Mr. Norman J. \\ atenuanr-has director of the .ctmtpgny.-Kfcv'hadf - 
bpon elected to the Rnarfl nf _ • 

FABERGE INC., following, .his 
appointment as ’ president .of 
Faberge International, Inc. He 
cnntiniies as managing director of 
Faberge U.K. 




-i * 


Mr. Steven H. Schaeffer has 
been appointed a director of 
RELIANCE FIN.\NCJAL - AND 
CONSULTING GROUP, a 'sub- 
sidiary of the Reliance Group -in 
the U.S. He has also been named 


a vice-president of the Reliance • 



! 

* <s 


iv V 


Insurance Company qn the U.S. 
and Pilot Insurance Company -in 
Canada. ■ 

. * ■ ./• 

AUDITS OF GREAT BRITAIN 
has appointed Mr. Graham Pile; 
formerly associate dirertor. to. 
full director responsible for TCA 
Production. 

+ 

Mr. Nigel Bailey has been- 
appointed financial director of 
MUNSTER AUTOMATION. 

Mr- Peter IVwJsh hac heen 
appointed, tn the Board of 

GEORGE T. ROBINSON. ^ _ 

* been with the group since IW&l! 3*‘ : 

Mr. -Robert C. Driengeleakl, Mr. takes over as group managing^;:/ 

Papkra Megerian and Mr. Brian director:. Mr. FeTgusbn lias aW; 7 ^ 

Simbltst have been appointed been made . chairman of' 
assistant vice-presidents in the BlacIvH.ivjd Hodge and Corajwnji - 
international department of the in’ place- of. Mr. Shaplah'd.' ;MC '■ - 
FIDELITY BANK. Mr. Dziengeleski Arthur • C - Richards, .n*anagfea£' 

»s an internaHonal lending officer director of United - JD brain ionsr 
in the Africa/Middip East Gronp, Trust/ • has hecome a nttt# 

Mr. Megerian fs head of opera- executive director- of Blaekwooo . 
hons for the bank’s International- Hedge and Mr. Ree* P." Jones' jjf'ti r '- 

Department, and Mr. Simbhst Is now finance director. - “'if 5 

”* ’ 


* «» :«i 

Mr. CharJes Ferguson : ^ 4 ' »‘? 


-Sr,; 




CONTRACTS 

Scottish firemen on call 

MULTITONE ELECTRIC . has a systems for the Royal Navy V 
contract worth almost £30f>.ono to 1670.000. The. larger of" the 
^quip the .Grampian Fire Brigade orders is for Rationalised Itrt* 
in Scotland, .ninth the ^Muttitnn^ , Conununicatidns . - Frfluipw „ 
Fireman's Personal Radio System." - 1 RICE) Mark TL designed to Tnee§ 



-i* - 



-- e 

■ J fr r. 


Individual officers or firemen can Voice - International . GbmmuBkfiT-.,, ,l 

be paged -when away from their timt* Equipment for : Submarine® :jy-.y 
vehicle radio, on fire prevention or rviCES) rnr a new SSNlS-ona. Wf 
other- duties.. fits for Revenge. Swffrsnre " artt*^ : 

* . . ChurclulH-ail nuclear. .jpchyS^ ’ ,, » ; 

STMPSON fltcLAJRElV is mod«?rnis. -submarines. ' 
ing -.128 - houses at Burnbrae, ; ‘ # - " ' 

.Uexandna, for £700,000. . Design and co'nstniction- of . »V. ‘ ■ 

* 38,000 sq rft factory complex 4 ‘ 

BORDER ENGINEERING CON--Beeston Rtmia Indratrial Estate.: ■' v - 
TRACTORS I? to build 38 houses 7 Gelderd Road, Leeds. for-BaQS^L '*■»" 
at Beck Greek, EgremonL Cum- TnmsmissfDns, including . : L 

bria; valued at f61SJS00; and the a 7.000, sq ft two storey- oifi60i- ‘kvi’' 
superstrtfeture at Water. Treat- block, is to .be undertaken, ^ /i:. 

merit Works at Stodday,_Nr. Lah- S. W. CLARKE (CONTRACTOl^^ 
caster, for. XISO.MO. . . imder a contract wortb-more tl^ 'i 

Electrical, vwrk .bo 
laboratory. - at. the 

Refinery of . ..Texaco - is ». ^ — ■,—■ 

handJea by the Bristol branch "df acquired from Leeds-. City Coning 
BADElV YOUNG. Tlie ■ £S0, 900 .'the lease on a 2.o iiay aito'"wit» ; ;i j? , • : 
contract . has - been, awarded an option on a further 2 acres at J. 5? . 
by ’ IDC,.' Stristfiird-tipon-Avou. the Boeston . Boyds Industrial'!; L- ./ : 
designer^' ahd.-.biulders of jthd'Eistate, Geiderd. Road. . -ii t 4 ii 

laboratory.; ^'/ . . .' ..y::: ~ 7 -'i tft*, 1- ' v - •-* 1 

• >*' CARRIER-ROSS ENGiNEERWt«V™il , 

PLESSEY .COMMUNICA’npriS. has an order valned:^ ^28,000||.V ' *.\rj. 
AND DATA STSTEMS, Bfeeyton, from British Gypsum, :for.* hexc/Vi;*.^ * 
Notts, has won- Ministry of Defence recovery plant to b*L installed -I 

orders for combatco mp aunj ca t ions- East Leake, 





taer .vain ea; "at aaiwnmiL \ *.vn*-*. 
ish Gypsum, fdr:i heas^t.JS*^ 
Jant to be- installed .at • *lR ■ . 

1, -hear Lohshbarouglui / v. ^VVf* t- 








e\e 

for A , 

at 




e «t| 

% 
*T i 


fffaanrial Times- Thursday September 21‘ 1278 



33. 




If. 


AUTHORISED UNIT TRUSTS 


bey Volt Tst, 'Mgr*. Ud. <u 
ROtMlHtHM. AyleabUIT ' 00909041 
KvCcmlDi (36 7 3401 ... I 4.01 

a;.. 

75 


OFFSHORE AND 
OVERSEAS FUNDS 


393 

«n JVeg. Tsi JtI.9 


ityuen.TM. 



Prajnllngton Unit Mgt U*. >> 

J-7' Ireland -Yard EC4B3DH -- -01-248'wm 


.tnrflm. _* .. . 
Capitol T« . _. 

Incametn 
Ini Growth Fd 

Do A cram. _ . . 



118 
3 21 

AOS 

1 % 

196 


Jed Hambro Groan* la) ig) 

sHia- Roitoti. Breaiimod. Eurx. 
2831 or Brcmftreod iffimi 211439 



4*00*- g. 

:£2^WamL.~~fe|l 


ritdSfl 


& 4 ||p£ 

&.f ~ 

■*- n co.^Ptt^ma 
^co'BFa._5oo 
.JWJ8K» — -L 1026 

ilBo, 4 catj. - 4*4 
fExrnSsa. 62.8 
1 -Coi-IS BU 




.Friends' Provdt- Unit Tr. Mgrs.*. 

PriLhajnKtHl, Dor kmc (BMMffl) 

Friends Pm VI*. (47 J 58 SI -0*1 

-Do. Aretim (Ml 44 3( -0-7 

G.T. Unit Managers Ltd.* 

JA PtUsbaryCiiru* FCSM TDD ill-0288131 


CT. Cop Inc. 

Do acc 

O.T I nr Fd Va . . 
U T.l'S 4 G«n 
(■ T Japan * lire . 
•Gt PhlEiJU . 
1 « T. Inf 'l Fund 


453 
1153 
1733 
148b 
3633 
1433 
. MS 7 


G T. Four YdaFd .B9.J 


fU 

1MM 

-.AH 

-u4 


330 

330 

810 

£10 

030 

380 

1.40 

700 


fOSTTl 22730nj 

»a 1 « 


012833531 


; <jBethmi Unit Trait Managers Ltd. - 

‘V/FMsbtnth SL EOMfiAA. 623 9231 jSft pKSSVd.' “ 

A |WWU.T.._..(5A5 6871 ....( 3M 3o!SK&.' 



G. & Trust (a) tg» 

0. Rapid gb Rd. Brentwood 

U.& A |HJ 

Gartxaore JPnnd Mwagrrt * 
2. Sj Hair AxerECSABBP: 

uiAjncriean-Tsr Q0 3 

BriluATO-iAcr.j.- 618 
Cooainodity Share 1728 
Extra Income Tn.-. 26J -. 
iziPferEatt Treat . 403 
nigh TnecreeTsL 61.7 
eo j 

sr 

3SJ 



ljfciebe* Unit Mgmt. Co. Ltd. Glbbe (Anion?) Unit TsL Mgs. Ud. 

MaBC.ECSL'I.IA. 014236378. 3. Froderiek'11 PI . Old Jewrr. EC2. 014884111 

Monthly Fond I17B.B UOJW) .. • 9.02 -a>A C. TtKOfnc-.. . 4 «8f — | 

" Trr - ' 1 tat A-G-Growthtr — HI 7 44® l..I 

toiA.G- Far Ease. (271 m3 —4 
Deal Ins *Tikb. It Wei ■ 


fNsfluwt .Secttrttteg 1 ML (age) 

Aho St. London EC4R1BY. 01-2885281 


730 

420 

0.40 


fetacoeieFd.... U0B 

hi nc. Fund 43.B 

KiutL'mui ~.MB 
t WdrnL Util 57.8 
lerroee F unri_ . 24J 
hl Unite) — . 37.8 

ltalFund- 28.7 

■modify Fond -651 

mm Doitei 838 

bWdral.u 1 .. 57.1 

AFrep-Fd. 2*5 

■rtxFtmd 02 

Hm Unite) 484 

Mh Fund .... 37 2 

m 11 nits 1 ... 44 6 
liter Co's Fd .... 2V 5 
tern & lntl. Fd . 28.3 

Wdrwl Ute 1 ZLfe 

rip Fd. - .. ..174 
Liner. 6 Inf. Ptt(32J 


1182] *0 21 1050 

ID 
AD 

1252 
12.52 


463 
646 

61.7 
Z63 -0 2| 

48.7 -0.1 
225 
701 -Od 
1001 -0.9 

6L4 -a 3 
189n 
44 4 -01 
521 -0.1, 
401 +£LU 
48c +ai 
513 
315b *81 

« +M 
Ml -8.6] 


478 
4.7B 
478 
2 81 
246 
2.46 
238 
238 
3 85 
127 
127 

HS 


elt way Unit Tat. Mg*. Ltd.* r«Kc) 
High Hdhom.WClV 7JO. 01-8318033 

.tan; Fund |9X.4 972] .. .4 3 30 

Ices at Sepi. 14. Nett mb. daj Sept. 2|. 


Gov el t (John)* 

77, London Wall. Ej'J . . '01568 582D| 

S-hJr Sept* 11517 mf- .-l 167 

Do. AcCun. Unit .1282 4 1923 . -I 167 

N«l dr allot day Se pt taut er 32 

Grlcvcaes Management Co. Lid. 

SOGresbaroSL, FC2P2DS. ' ' 01*004034 

KarrtnSlonScpi JO 12286 
lAccow Unttsi__ [251.2 
. Bine H YdSeutlA JlM 0 
(Accrual Ual(5>. . _ (2232 
Endesv.Sem.19- 0366 

f AccnnL I'OIDl (285 0 

GlMhOlS- S«L 16-D83.7 

a team. Units). ..(107 7 
-ftBrals. Sept. 39. [74.7 
tAtcius L-nlui (78 5 

Guardian Hoyal Ex- Unit Mgnt Ltd; 
Roys] Exchange. EC3P3DN. 
laciGuardhiUTn (989 1023] ... J «0 

Henderson Adminuitrattn* <a)(cXj0 



^ •* 




-r- 


relays Unlearn Ltd. (aXgrtHc) ai«d«ml. Em 

Km Ha 232 Henrfnrd Rd. £7 01-5345544 vJL M< 

. corn America.. (34.5 J7J-1.B 138 - ■ ' 

Atut-Acc. BIS 884 -0 9 169 

■ Amt. Inc..—. 64.4 -B 3 1M 

Capital 713 771 b -03 417 

KxahptTti. .„ U9.6 1243 -0 3 5 77 

• &tra Income _ StJ SI .. . 757 

1 . Financial »3 76* -01 A t* 

500 KLO 87.6c 5.45 

\ General 34.0 368a -01 5.66 

Growth Acc.. ..HA ■ 48.4 -SI 5a 

Income TH 9L4 985 -01 5 61 

' - . Prt A'u. Tat... JjAS 1 152^ 

m at AoiuttSf. Nest nb. day Scomber i,5Sn^f«uu“ 


Prcader I T Admin, 3 Rayleigh (toad. UnttonJ 
0277-217 Ei’-S 



Becwcn— 

TrnAeeFnnd.. 

ndwtdaTR.^.. 

Un.Fdinc. 

(Una.—— . 

4ag Brothers 6 Co. Ltd.* (*Kx) 

■madeahanSt.K.CA 01-5882830 _ . _ 

K'.r.r^j SiS mn samaei umr T«t: 

Next sab. day September 27. *(5BeeebSC l EC2F2LX " 

fcepagafe Pmgmtin Mgmt. Ccl* JS Srmiufif JZT^2 < 

..UbopagaULSCi 01J5B8621D ^ 10pna»rTri^.„&.l 

ddV^SepLU. (282.8 . w??] ....J 90S 


Cabin Recovery . I — 

Cap Growth lac. . m 5 
Cap. Growth Arc, . {588 
Income 6 Assets. [362 
High Income Ftioda 

High Income . ... (668 

Cabot Extra Inc. .._|611 
Sector Fonda 
Financial 6 JTL'_ J27J 

OH 6 NaL Res -IS 4 

laterajrtieBaf 
Cabot : '. N33 

WW-WldC EopL 13 .“jin 9 
O ieta e a a Fuad* 

Auflunlun 82 9 

Enrnpean 46.4 

FarEnT-. — 85* 

Japan Exempt 1004 

NAtn. .7_ cj 

NAm. Expt 137.2 

CsbatAmer^OLCa. EM J 





Provincial Ufe Vnv. Co. 

Bi*t|uffrc;«)r, ECS 


Cti'lific L'nii - 

MiXh I neon ty- 


ro 0 
.lUBJ 


99 

137 


MSI 


PradL Portfolio Mngrx. Lid.* (aHbJ(e) "bTndi’8 

Ilulhnm Har* WIN "Nil U14VT.BC22 s co« E* VIA":*: 

FrndentlaU . . 1139 0 147 51 . _| 4 07 * 


Minstrr Fund Managers Lid. 1 

‘■I Hitler Hwe . Arthur Si . EC4 lll-KTl 10Jn 

Minaor .Scpi Id ipso ' 4L9I I 5 03 

E»«nm-Au#uti:u..|l00 7 )M 7] J . 5J3 

MLA l l nlt.Tra6t Mgrronl. Lid. 

old ijiiecn Si reel . SW| H BIG. 0 1 -R30 7113 

MLA 1'nils |498 57 4( . I 3 43 

Murray Johnstone U.T. Mgnt.*iai 

Ida IfoTh-Str’-vi. fiJaasou- r l>2£l'H 04l-=£l 45£T 

MJ r.iimpi-an . . (M2 89 71 .| J 85 

Di-alina Day Friday 

Mutual Unit Trust Managers* t&Mg) 

IS. Copthall Are.. LfZJl 7BV. 

Mutual bee Plus. . BJ 4 .57 

Mutual inr.Tui- . .(M.i . n 

Mmual Blue Chin . 45 4 49 

Mutual High Xlo J6S2 69 

National ud.Cnmnrrcul 
31. St. Andrew Square, f allnbu r»th 031-550 PJM 
Income Sept 20. - |U8 6 174 B +5.6) 538 

■ Accurl l ‘nits 1 [230.6 239«a7.H 9 38 

Uqa-S6p(.a).._ .0360 14UH -2-M 3.79 

1 Arc mn Unit*' (1664 17iH -3 M 379 

National Provident Inv. Mngn. Ltd.* R<*h*chIM Asset Management igt 

AS r- r. " r.tfohfiMtpRd AftlKhurv 


fid.* Sure & Prosper continued 

L-47SS3J Scotbits Securities Ltd.* 


296 
6 73 


beMbiu — 

Sc My. fid 

ScouhanM - . 


Quilter Management To. Ltd.* i«l S ouib Suw4. Etork, nR . 

TfceStk. EBchanue. W2K 1HI- <>14004177 Am. Ejmuil - —123 5 

Ouadranl lint FU .1115 8 12071... | 470 Am. Growth 1.^ ,790 

quadrant Income ll3i 6 137 S . . 7.66 Ktempi KighVId. IM6 

■ tAenipl Mkt Jd«-']?8 2 

Reliance Unit Mgrs. Ud.* ' 

Orliaaro Hw. Tunbrldje WnJN Kl U8fc;22Z7i 
_ | 479 


672 
i£ 

. . 7.04 

sub. day Kept. 2 

Scblesinger Tru« Mngrs. Ltd. ta) tfl T^in-s^ 
- " ‘ 10208(88441 

295 


Target Tst. Mgra. (Scotland) (BMb) 

IF.Alholl-rcBrest.Edin 3. ® 1-228 8821 "2 

1 argil .=uocr.E«5leJ28.7 M * -1 Of 1 67 
Tarcet-Thutle . - Ml • 47 lj . \ 521 

Extra Income Fd - (61 1 66 7et -0.7] 980 


■ Knees a) 5*|* 


DupurlUnliy Fd -.1752 
SeWnrdeT «.«v f. I«2 
SoktordeT. Inc |46 9 


51 51 ...J 5 00 
59 2) ... 5 00 

RidgcOeld Management Ltd. 

3S-4U. Kemmdy St., tlanclwaur b012R6K>2l 
flirtROtiHri Im. i-T |1050 1120] .... | 2.53 


(or Tit 5} s 

hirmnuDift JJ2 

In.- IOSL Wdnrl 312 

iniiU.6niw!t: : ! ' . 

Ini Tm. roto'- 128 2 


Ridgefield Income I 


1041 


904 



4a.Graccclturrh Sl. EC3F3HH 
N P.l CUi Un Tat- |49.4 52 

jAccum. I'oltar .. .{603 64.: 

NF1 U Eou.Trual. -R3S2 343 
Aceum. units)**. . 1 1453 153. 

•■Prices on dept 20 New dci.„ 

('nee* on Sept 6 New dealing 
NDiooal WestmlnsterOtai 
in. chespautc. £V 2 v an/, ui-oos omo. 
t HpUaliAcrum 1. 69 8 75.01 -1-01 4.06 

Extra Inc .. .. 71.6 769 -01 73S 

r 1 ri uncial .... »3 39.0 _B 7 5 17 

.ronnhlnv 917 966 -13 530 

l .JL C0 ?'F - ■■ *67 4 It. _B2 fc.17 

Fonfoliotnv Flrt. 74 8 79.9 -0 3 5 20 

L mvcrul Fd-ull [MB 64.3-3 6 217 


■2-80. cm riwmicHd. Aylesbury KSflaWl ta.Cheapalde.ECr 


I'apnal 5ent JR— - 

iAccum.1 -..J — 

Income Sept- 30 — 

1 Arc am. I'oiCBi.- 
GcnendEcpt- 20. . 

1 Aceum UaitB) 

Europe Sept 7. — 

1 Aceum l' ‘ 


Martini Leaders - « 5 
■Mi yield;-..-. . - U9 6 
Pref A Gilt Tiuat.. [22 6 


J. Renry Schrader Wagg& Co. Ltd.* 



Trades Union Trill Tot. Managers* 

100. Weed Street E 1 2 0I-8S8 801 

|5l 7 5510].. f 3D 

Transatlantic and Gen. Secs. Co.* 

Bl -SB -New London Nil Chelmsford 02JS 5 IS) I 


N. C. Equity Fund.. 181.9 
N.C Eney RevTst. U62 
N C. Income Fund.. 165 0 
NX. lntl Fd. dnc. 91 7 
SC Tall Fd. 1 Acc. 1 92 9 
N C. Smllr Com F41M 8 



1141 
1380 
3Mb 
3069 
921 
U5B 
32 6 
360 
— . 177 7 
2... 2B7 0 


2153 


Rothschild fle Lowndes Mgmt. (a) 

5l.9uilhtitaLaae.Uln .RfA 01-6284358 'PnAC 

New ft Brcmpt... (033 8 141 Onf [ 3 45 ~Spe cEx 

Prices un September 16 Next dealing tieibber R ecw«y — . 

18 ■For U* erempt fund* onb- 

R*w»i 1-wii Tm^t Moot i iri w>-v Scottish Eqallable FntL Mgrs. LDL* 
Rowan Lntl Trust Magt. lAd.*iirt rast AiutmiwSo.. Edinburgh oai sssoiot 
t ItyGaieHae . Finsbury Sq.. ET2 Q1O0SI0W income Units— . 153 4 


118 2 
ID 8 
214 Ji 
3180 
959 -J 3l 
119 7 -2 a 
346 
382 
ID In 
2958 
22183 


2.28 

ilS 

6M 

ID 

3D 

23* 


g/s 


Barbican Sept H. 

1 Ar nun Units.) 
Barb.FxM AuHL 30 B94 
HiK-fcm sept 14 . . KJ 8 
1 Aceum Umiai ... 1086 
ColemoScpt. 19 . 137 4 
I Aceum Uoluo... . 1701 
■'umbld. ScptiUO . 558- 
1 Aecum Unltsi .. .. 6L2 
Glen. Sept. 16.. .591 

lAHtmL'nilti ...759 
Marlboro Sept. Ip... 563 
lArrum L'dIKi . Mb 
Van Gwtta bept.19.. M 3 

1 Aceum L'niU) 675 

V onHySept IB. -. 765 
Vaafi. Tee Sept 20 <67 
1 Aceum Cmtsi _ _ 48.8 
Wick'rSopt 14 . 661 

1 Actum unltsi. . 79 4 
Wick Di Sopt. !5 733 

Do Aceum (83.7 




8731 
135 41 . . 
920 . . 
925 .. . 
1145 
ID 2 
1791 
593 

806 
59.0 
671 
572 
711 
806 
49.2n 
514 
699 
09 
771 
89? 


512 


[Alexander Fond 

me Noire Dame, Lux»mbr<irg. 

Alexander Fund | Sl s?47 l— 0 *0| — 
Nut asset value September 13. 

Allen Harvey & Ross Inv. M£t. (C.U 
I (.'haring Croiw Sl Heiicr. Jn <" I. (BS4-7SW1 
HK Gill Edg^-d... .118 00 10.02] ..^. I 1235 

Axbuttanot Securities IC.I.I Limited 
PO Box 284 . Sl Heller. Jrrscr 115347S!77 
V3P Tsl 1 Jersey 1 [1188 122.0). I 410 

Nexi dealing, dale Sepn-mber 28 


Key se I ex Mngu Jersey Ltd. 

113 Bex 9U. Sr ' Hel icc. (cWf. J KO8.01 -006 SGOfe, 
Fun-1«. .... ^ 


Kopdaelex . . . .... F IK 11110 

Kcy*eJex fni'l . 1728 
KiyicliA Europe.. £3 68 - 

-- limn £1632 - - 

03673 


Kcyaelex Japan 
Cenr AasetsUop 


5 42 Gm 't Sees. Tn 1100 


400 

4M 

434 

497 

497 


102] 


Next dealt: 

Ean&lnt)TM<ri , . 

Next dealing dale September 


12.80 


nadale September — > 
[•11220 _129 03r. I 2 90 
CPlemMir 28. 


Tyndall Managers Ltd.* 
425 18. Cjnynge Rood. Bristol. 


7 2a Australian Selection Fond NV 
7-24 Market Opportunities, c/d Irish YrAPfi 6 
4. 07 outhuailc. 127. Kern Su. Sydney. 

?87 utiMSharea J SUK162 [ I — 

2-59 x« asaeL value September. 8- 

103 Bank of America International SA. 

7.72 35 Boalevard Royal. Luxembourg CD. 

|.g VOdmvefiUnconie .|Jl : 51D» 1»32J I 748 

5^ prices at Sept 34. Next vub. date SepL 20. 

4.54 

739 Banque Bruxelles Lambert 

7-59 2. Rue Do la Regenev B 1000 Brasaelx 

Renla Fund LP 1 1.924 1.984] 4-1] 771 


King & Sbaxson Mgrs. 

1 1'haririE Crass. St Hetler. Jerwy 

Valley Hie. 51 Pucr Port. Gran". lOURi 24700 
I TbomasStrecL Douglas. LlXK. , iffS24i485®- 
Uilt Fund UerwyJ .(£913 9.16J . H 328J 

r.tlt Trust (I o U i .1183 7 186§ - 12,0*. 
Gilt Fad. Currnscy|£955 9-571 .... j 12.08 - 
IbQ Govl Sees. Tbl 

First Sterling U38.12 18J« L — . 

First lntl - fsTrofJI 118 5/1 .1 -s-t-i 


Klein won Benson Limited 

20. Fenchnrch Sf . Et 3 

Eurlniwn. Lnx F 1 1,149 . 

Guernsey Inc... 73* 

Do. Aceum [85.1 90A[ 

KB For East Fd - .[ SDSM32 
KBlnlt- Fund... .. _ 


KBJaptn Fund.— 
ICE. L.S. Cwth. Fd 
Signet Bermuda.. . 
"I'aifMidsiDMj - 


il'SU.92 
SL’ 539.70 
5V51315 
, SUSS 33 . 

1970 20.701 


:Pal 


01-8238000 
43*L' 

lS r ' 

1.78 
OhV 
0.60 

-OJfl bS 


344 

389 


N'RL Trust Managers Ltd.* iWgl 

Sliiinu Court, Dorking. Surrey. - 5911 

NelMnr. ... 1663 MU +011 413 

Ni-LsinrUighlnc .,[52 8 54zj -0.3j 7.17 

Norwich Union Insurance Group (b) _ . - . . „ . , 

PO Box 4. Norwich, NR13NG. 000322200 Can. _Fd. MgTS. Ltd. 


American Sept 14 
SecurttinnSept 19 
High Vld Sept 15. 
i Actum: Unit*) 
Merlin Stm. 20 .- 
(Aceum. InilM 


[760 

790 


I96 0 

1990a 


59 2 

622 


834 

W6 


874 

970 

-04 

207.9 

1136 

-1 2 


CD 

3.75 


4 83 


Income Sept- 20. 
'Aceum. Uni!*' .. 
Capital Sept 30 . . 
■ Arc tun Unit*-. 
Exempt Sept 20 . . 
i Aceum L'niU ■ 
fm Earn. -Sopt. 30 . 
i Aceum. Units 
Pret Sopt. 20 


1872 
196 2 
<1378 
MSI 
1110 
1662 
2668 
. 2970 


•""ESS 


Group Tw Fd. ..{384.2 404 4) +0.9| 485 

Pearl Trust Managers Ltd. taXgXzi 
Hifih Hnlborn. WL'IV 7EB' 01-405 8441 
Pond Growth Fd... (K.7 . 27.71 *0.1( 436 

Aceum Units. .. .385 32.W -.Q.l 436 

Prarllne.. . 3S3 37 S *C 1 674 

Pearl Unit Ts* .365 41 S\ . 4 64 

i Aceum Units) ... \HA S3l 2J -0 ll 4.64 

Pelican Units Admin. Ltd. ieHx) 

81 FounlainSl.. Manchester 001 2385885 

Pelican l'nits [93.8 IMS) +5 J| 4.62 

Perpetual Unit Trust MaggaL.* la) 

48 Hon SI Henley on Thome* 049U8E88 
I'PetuolGp Gth. . |44.6 Dg ... .] 3.12 
Piccadilly Unit Trust fa)fb) 

Antony GIMM Unit Tnm MmWK Ltd 

?.i nwn - 0W ,ewT >'- BCW BHD. 

UI-3o8 41 1 ! 

§ 1 33.1(8 . : 940 

1 4aa -0.J 4 JO 

4 SL0 -fll 3.98 

9 54.9 -0J 

413)3 -0 2 
70 -05 _ __ 

73.5) -0.5 LflO 

3iS -o.i a.«?g 

.124 8 zn] -sM ISO 


54. Jermyu Street, S*'l 
Capllal Fd. ... .1743 78 4d . . l 332 

Income Fd. W2 78 S . .( 728 

Prices at Sept. IS. Next dealing Sept. 28. 


Aecum Units : . ■ (6« 5 65 sj 

. OeaRds day w«dne>day rn™. 

7 io Sefaag Uuft Tst. Managen LUL* Ui lAceum Unltsi 

3 31 PO Box 5H.Pck)bry H.sc.EC4 01236 5000 24. Cattle St, Edubanh 

331 J32 9 3% 311 « 

Security. Selection Ltd. ‘Aceum. Lniiai . I178.8 


Barclays Unicorn Ini. tCh. Is.) Ltd. 

11.6|«d4f 25 j. Charing CrOM.St. Heller. Jrty 053473741 

t'n Ocerwias Income - M7 5 SI0 . . I 11 98 
L'pidollnr Trust ... KTSU.77 12(«*0 OlJ 3 58* 

7« UDlhondTru« . Isi'SUlll ICgfl . j 8.M 
749 * Subject to fee and withholding lanes 

465 

4 65 Barclays Unicorn InL \I. O. Ma&l Ltd. 

O.K. 08244858 


-2 it, 
-fS-S 
*L2] 


2»i -3~g 

312.0 -3 0 

1376 +ilo 12a |l Thomas Su. Douglas 


KB act as London paying agents only; 

Lloyds Bk. IC.I.i LVT Mgrs. :;L 

PI) Bcm I90.SI Helier. Jerser 053427581 
Lloyds Tst O'srax.,.163 1 66 M | 0 65, 

Next dealing date October 16. 


.182 

157 

187 


217 
2 17 


Extra lnemne 

Small Co'« Fd 

foplui Fund 

tm ErnA & Assets.. 

Private Fund- 

Accumltr Fund 

Technology Fand...|67A 

FnrEoM Fd- 


American Ftmrf 


Save & Prosper Group 
A Great SI. Helens. London Erjp 3FP 
08-73 (toeri) Kl. Edinburgh EH2 4NX 
DeoJInga Im 01^354 8S89 or 031-228 735: 
Save ft Prosper Securities Lid.* 
Internal lanal Fa mb 
Ca^HtaL . ' . ... Mt 

L'idv Gnmh .r — |W4 
Ibereaatngt lactm Fund 

High- Yield f5a.S 

High lncmne Frida 

High Return 1712 

Income. )*IJ 

UJL Foods 

HEEcnity . . (468 

Owaea FandMxi 


01 «S8 8^2 J5 . , 9 [.rajoin-, inn Fieim. ttV2 

l av I Gth TM AM .. .125 5 27 tr. 

U nil Gth TA Inc. 1222 23 7| 

Stewart Unit Tst. Managers Ltd. (a) 

45.1/harlottcSd- Edrahurgh. 0312283271 
tStevtart Anarican Tnnd 
Mandnidl'niU— . |71l 765] .. ..( 130 

Aecum Units ... [774 B2 

Withdrawal Unite |$7J 61 


__ „ Wail Group 

018318936-9 Capital Growth 


41* -0 


-Stcrnut Bridik Capital Fond 
Standard.—:.:..- 11439 




62 fi| hO 3( 676 


D 7 a:°- 3 J 

56 3] I 


3.70 Europe (ft 9 

iSo il Tr:-: — fi # 


ni:?- 


Sector Fonda 
Commodity 182 3 

Practical Invest. Co. Ltd.* (yj(c) FTnoaeini Seen... V (b 7 
44. Bloomsbury Sq. JVC 1A2RA 01-823 0BS3 RiBb-9Hniman> Fnads 

PraruuolScpL 20-067.6 177.61 *0M 3.94 Select IntenMI 12198 

Aceum uniei 069 2Slj40«| 3 94 ISSlSSSe .7 ®3 

I 



,, r , - 1563[ ._..J 4 03 

Accum. UnKr.- .. [1674 ULd 1 4.03 

Msllng >Fn -Wed- 
Sun Alliance Fund MngL LltL 

Sun Aillsnceftsr . HorVumi 0W3MJ41 

Ti . WMWPW 

a 71 Target Tat Mngrs. Ltd.* (aMg) 

31. Gresham St-EC2 
4 7 a Target Commodity. 

74 Target Financial. .. 

, Target Equltyi 

21? Target Ex. SraL 20. 

oDo.Acc.cBk-... 

Target Gilt Fbbd .. 

Target Onmth 
Target lntL—- - .. 

Do Reinv. Gotta — 

2.93 Targmlnv.— . 

Tgt. Pr.Sopt aO.. 

Tgl. Inc 


Do Accnm . 

Extra Inc Growth. [415 

Do Accum. 

Financial Pi'rty . 

Do. Accum . . .. 

High Inc Priority 
International .. . 

Special Sits. 

TSB Unit Trust* (y> 

2L Chantry Way. Andover. Hants 


1868 

92 81 

-01 

905 

971 

-01 

415 

446 

-0 A 

482 

51.1 

*04 

17 a 

Ul 

*01 

211 

225j 

*0J 

689 


+52 

316 

331 

-0.6 

35.8 

m 



naoiCnKorn Aus Exl. 

#nas neajj^ AosL Mja 

Do-Gnr Pacific - 
Do lnlL income . 

.Do I of Man Tst . . . 
027212241 [Do. Manx Mutual __(Z75 

552 


Hi ca IIH 

5*1.41 8 37 
« -0 J 5 18 
3-c4 5-10 



Lloyds International MgmnL S.A. 

7 Rue du Rhone. PD Box 17P. 1211 GenesaAL- 
LUwds Int Growth |SF32S5 M85|-24 5| 160 

Lloyd* InL Income |SF2958 307 0| -3.t)| 65ft>' 

M.ft G Group i. 

Three Qua;!. Touer Hill EC3R PBQ 01-816 4588' ' 
Atlantic Sept 18 ' |IUS321 1DJ .,,.[ - 1 ' 


..I'SMT 

. IP'SUSI 

Island .. U«1 

1 Acciun l niiai—... -|201 0 


Au*t Ex Sept. 20 
Old Exact Sep JO 


JOfl-Ofl! - . 

UW-0 01 - 

151 g -0 « 93.11, 
213-3 -0.71 f3 U 


5 If Bishopsgate Commodity Ser. Ltd. 

9.13 P.0 Box 42. Douglas.! o.M WB4-2391I 

52 ARMAC-Sept-4 . .BVS3J6 H5S . ...I - 
4.73 CA-VRRO”&pt_4. [h.865 L3M I — 
734 COUNT— Sew 4. H2.482 2S4D . 1 123 

2 39 Originally issued at *510 and **£1.00. 

4.B5 


Bridge Management Ltd. 

028102188 p -0- aoe - Grand Uaiman. ',’ayman Is 


Samuel Montagu Ldn. Agts. • -r. 

1 14. Did Brand Sl ,E.Ci 01-588 6484 

Apollo Fd. Sept. 13 
J opt a*l Sept. U _ 

1 1/GrpSepL 6 .. 

117 Jersey SeptB... 
lITJersj’O'iAug.ld 


SF4&40 

5<LM . 

HKQ3M 

1447 +001 

SL'SllM 

127J .. 

£5 67 

620 .. 

01.75 

1236 


380 

088. 

Jft- 


Dealing* 


JbfTSB General 
■ b' Do. Accam .- 
ibi TSB Income. - 
ibi Do Aceum- . 

TSB Scottish 

1 hi Do. Aecum. 


to 0284 83432-3 


485 

623 

648 

676 

903 

968 


111 

667 

7?i 

961 

103.1 


-02 
-0 3 
-0J 
-02 
- 1.1 
-12 


789 


Dealings: 02885841 L'lster Bank* ta) 


40.1 

43.3 

-0 

*27 


-0J 

407 

431 

+03 

227 8 


3094 

3H3 


U70 

122.7 

+01 

30.2 

325a 

-0J 

Z79 

30 On 

-0.4 

31.0 

333 

-0.6 

Ml 

37 7 

-0.1 

167 0 

175 8 

323 

34 J 

-o.i 

136 

144 


21.6 

232a 

-0-2 


3.47 

VS, 

630 

630 

330 

432 

243 

2.43 

333 

395 

744 

1182 

473 


War) o« Street Balfaw. 

I b)U later Growth ]403 


Unit Trust Account & Mgmt. Ltd. 


DTbashi Sept. 1 ) Yn.021 J — 

1 *4 |G.P O. Box 580. Hope Kane 
3 M jNippinFd. Sept. l3 [lCsaj4 ZL2C] .. ..J 0.78 
6.80 . 

680 [Bribmnia Tst. Mngmt. (Cl) Ltd. 

30 Bath SLSL Helier. Jersey. 0534 73 1 M 


200 

100 

ISO 

LOO 

1200 


Sterttn* DenowdiiaiH Fd*. 

( Growth Inven — . — [38.4 

SSX&ssn r* 17 - 1 

High iDLStlgTH R97 



King William Sl. EC4B8AR 
Friora Use. Fund. J171.8 
Wirier Grth. Fad. .JliB 
Do. Accum [385 

Wider Growth Fund 
King William Sl EC4R BAX 
Income L'nita... . [326 
Accum l'nita. ... 1385 


183. 

34. 


Ej 


890 


■as 


ui 

mm [399.4 223j[ ...:.:| l3 

« nob. «r ■October 3. •’■Septmaber 2& 


(bl Financial Trust fit. 1 
A>UncnneTma_ [29 2 
lb) Security Trust.. (558 
hYud 


014288011, 

& 



dge Fund MunagenffaMc) 

& RagU Bow. King. Wifi iom^ SL. EU4K 
rricaa AG«n4-fZ7.7 

Sfiocfiz;:! «;? 

Acc.t 44.9- 

U «KT- 152.0 

12/13/14. 

iaunik Trust Management (a) (g) 

Wall BiiOdim London Wall. 


UlWBMl 



Ibi High Yield TBL- 

IateL* (aMg) . 

lS.ChnXtopherSCTeLE.Ci. 
lntri-loe. Fbitd— (938 . 

HJ Key Pawdf Managers Ltd. (akg) - 

2Q. Milk St,BC3 V 8JE . " ' _ 

Key Energy hi-Fd.- W2 

Key Equity 6 Cen. .. 75.9 

gS^SsarSB' w 

Kny Fixed Xnt Fd.. 59.1 - Ul 
Key Small Ctfa Fdljn* * LZLT 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 

1 -3 Sl. Paula Churchyard. EC4. 01-30181 U 

Equity Fund DM 

Equity Acc MJ - 

Properly Fd 150.8 

[Property Acc. U7.8 

’Selective Fond 960 

Convertible Pond.. 1326 

•Money Fund. 1233 

•Prop. Fd. Scr. -1-. 1248 
•Mon. Fd. Scr. 4 — 148.7 


VEqu^Fd. Ser. 4 . [381 


na il LS u «. COM 31 ' 01d Buriingioo Sl. W L 
• - ? W WEqultyFd Acc_ 

IfFteea Im. acc ... 

FdAt 
.cm, 


BOTl is 


donECtlfSQL 

Si&zE: 

ass==: 


~ ^Groi iiii ::: 

LGmrth 



537 
-C3J-981 
.-3 1269 
-031, ^535 

K fain for t Benson Unit Managtrt** 

20. ^(twlmrehSt, EC J. . . 0142360001 


01-838 M7BD47B KB. Unit Fd. Inc 


naliFdAe— 

KB. Fd.Inv.TsLa. _ 
K-B.Frt ia.ThLAcc _ 


[93.9 

182.1 

— 

1168 

129.1 

.... 

58 5 

63M 


S9 J 

MJ 


Si 

52$ 


48.0 1 

5u 

L.. 

480 . 

' 5L1 



5 02 

m 




j* L.A C Unit Trust Management Ltd.*. 

25* The Stock Behan**. EC*N 1KP <n'-588 3800 

33J LACIoeFd. [145.8 1495JV. I 

66T. IAClntl 6 Gen Fd.|llU 112^ 1 


213 


854 

131 


3» Lamdd Sees. Lid. ffajpl 



■ Blehlnt.. 

/i**ne._ 

^MtrShmea . : 

ooEhazi'gcJ'Z." 

(Energy -i. 

; British Life Office Ltd.* fa) 

-mice Hoe. Tunbridge WoOa, KUMSa 22271 

— J46.7 49.* .. .J 8» 

dvpL J8L' Next dealing Sept. 4L.- 


58 On 
65.1 

7L6 

S. 7 -151 
7L2n 


01-236 528 1[ 
623 

in 

050 

050 

uS 

U23 


<*n Shipley ft Co. LUL* 

t9u Founder* CL, EC2 01-8008320 

mxg£3tui BKU is 

■UlTOatatm 



3 


33-3» -ta.l 
23.7k -flJ 

2*1 -oa 
• 2l< r<>-4 
683 -03 
241 -Ol 
6*5 


4J8 

5T2 

4.92 


37. Quaro’i Loudon EC4B1BT 

ISMSdjV 

*&tnrthFund— ...[60 S ' " 

*1 Accum. Unto)- -.1663 
ttGiU and WnmaLMU 
tAmerleon Fd. .-i-PJB 

4lAcf-mnUlut*J [258 - 

»*Hlgh Held K60 

—lAcaun. Unite) — [Mr.D . . _ . 

final. Dim. Ton*. rrWocl *Thnra. ~Fri. 

Legal ft General Tyndall Fund* 

1 & Canyuge Road, Bristol. 027232241] 

SSafci-B 81: :. "I IS 

.... Norn ash day Oclober 11. 

Leonine Administratiaa Ltd. 

2. Duke St- London WlMBJP. 01-4685901 

LeonteL.- MS B7S -0.4f 452 

Lao Accum—. (91.0 953 -Oil 4-13 

Lloyds Bk. Unit Tut. Mngrs. Ltd.* (a) 
BaglstrcFa Dept.. Goong-ty-Sca. 


iE"‘ Wonhlng. WestSuam 

- PiiuttBohrcdj—w WL5 

Da [AcctunJ 763 

Second (Cb|*J 502 

DatAccum.1— 733 
.ThMilncnmoU— . B9.9 

■faisssfcS 1 

DatAecunU ,[744 


01-023 1! 


3.41 

425- 

387 

*21 

600 

455 



422 

412 

2.02 

202 

558 

558 

7241 

724 


m 

A 


iad a. LBe Unit TbL Mngrs. LUL* 
i)fh st ynK^r . Bar_ Hcrta F. Bar 51122 Lloyd's Life Unit Tst. MogrS- Ltd. 

OeoDist. -(05 D.6J -OJI *20 72«. Gatehouse Rd .'Aylcabnry. 02005841 

Sea-Accum— J512 Bj J Kqulty Accum. (1742 1B3.4( -Lbl 367 


rioDtat. 


bCAcrom — 

_ et pnnwa) MngL LUL* 

iv'.i V-- -TWDroad flfc,ac8NiM'_ 

= ^ BP f Do. S*pL ao. Nvxt - 


~n 

toil t5t M ft G Group* (yXcg*) 

. three Quay*. Tower PUL EC3R 8BQ. 01826 <588 
See Jdao Slack ExehaneeDyali ns*. ' 

01-5880010 Americas - ISIS S5 7uf-ld 186 

;;..J 5^. lAccmtUoltm. _|5J» ■ 57* -15 

-J - iff Aatrelaeian — — 1590 62 8b)-*A 

VOd. * t AcccSTU nite)- — »03 —DA 

IBd Unit Fd. Mgrs. Ltd.* (8(c)- SS^jnSw"^ ! ^.2 

1-!°*- — B*3 ».g-r2a ■*« -Cwmauton Hm..-TfoL9 7A6m -02 

-1898 W-5I-10H 3M- Dividend— J. p MajS -0.4 

m {Accum- Dflitm.i- Us* 2664-0 91 

-, -m European. — - - 
' -/u (Accum Delta) 


f'-w'-S^vSr Dniu _ (8*8 . 90. 

ft VtahL. _ (464 48 

! Vjt .^•’iccgyL l]^ta r -g7.7 68. 


-bJ[*j1! 

Next dealing date October 4- 
rlties Official Invest. Fd* 
mdoq Wall. EC2N IDS. 01-588 1815 

r |.-J« 

tauth- Oniy available to Rug. Chnriucf. 


W4 


Extra Yield ■ — Kl 

[Acciun- Unite), (126 3 

FarBaeteni 

(Accum CalU..: — ■ 
.Fund et Ittc.TMa— 


Chariertmuae Japfaet ace James Finley. 


{Accuhl Dnitat 045 

General — M68 

1 Accum. Unitei »U 

HIch rncanSC — ._. 112.6 

eftatn Treat Manager* Ud.*(aKg> — JSK 

.tw St. ECZH 4TP. OU28820B2. cjgSta^imZr- UM 

rieaa (223* 2S* -0 61 159- jdagmun 229 l* 

lnaane.--.~WS . j *52 (Accum DniteJ 2B9.6 

national TsL 92)268 28^ -g -|J 2.B Midland-, — I9Z2 

; Scarce. T at. (2*1 _ 305*4 -0Jf 54? JAectUtt Uultet XU2 


. Growth Ttt... 

Federation Funds Uffc Ltd.* (a) 


Recovery.....— 
(Accum Ututei- 
SecoadGcU 


aucery Latte. WCZA IKE 01-2420282 bSS 


rth Fbnd (47.6 


58.01 ..._J 352 


merpoUtau Fund Managers. 

« Street, Louden SW1X8EJ. 01-2858523. 
xmohi.GULFd.T29 4 2L|[ .....J _*41 


52.5 


18.95 


■*on»F«L_....H93 

• 9 .-»fl fill *«* Unit Tst aigro Ud. <aXg) 
j J } II . :vt09.Cres,Ed]nbiirgh8.-- 031-ZB«31 
l)\K **-* • Aamr-Fd £6? 2R9I-0-4 



■Accum Unite) |Z325 

flqrrliHsKl FmMta 

Trustee ^ M0.9 

r Aecum. Uwtw- [31*9 . 
Qiaribuud Spt-18 - 1105 
Chartld. Septlfli— |l60.6 ] 

(Accum Unite) 

FCTS.EX-SCpL.18.- 

MmnUf f Managejnmt Ltd. 
SL Geers s’ *Way. Stevenage. 
GrowihUelt* (591 62 K . 



,...| 

1.97 Mayflower MfUUgcmal Co. Ltd. 


1 50X01 


J4)78Greaham SL. EC2V 7AU. 


L t. 01-0008090, 


arthmary- Unit Fund Managers !»„*,- st»Li».._. 

OodJcJd SL.EC2U 7AL 010384489 GtnrrulsSpL 12- 

. ue.Scpt.lS p9SJ 28801 1 *42 irtterootLSepL 12.. 

. Wiacbester Fund Magt Ltd. MereuiyFtaid Managers Ltd. 

ewty.aa B10OW10T ai.Gr«»ha , ilSt..BC 

.t Winchester-- [19 1 28» , J 4 66 Metr.^en. SepL 20. 

lodi’er O aeaapO.4 22.7| -fi d 3.92 


tato 

226 fad 


■ y 

2991 



gj 



2434a 



295.6 



. Acc. Ute Sept. SO 
_• Merc Lnt Sept. 3) . 

ion ft Dudley T«L Hngnmt. Ltd. .£Sc^jESaS::^7 2«m 3 rd 

rilugtn St.S.W.1. 0J-4BB7S5I AeS!cteJuh-S4...J2s:8 1 

m Dudley .TH--I73.7. 77 Si _. | 33T 

Far Eqattas Securities LI(L- 
' am Abbey Unit Trust Mngrs. 

Sheffield. Sl 3RD. 

tty ft Ijwe Un. Tr. SL* t«HbHc)U> Com modlb ' * Can. ■ PS | 

rahamBd., High Wycombe. 049433377 

ty ft Low — — .. (720 76t[ -0-2| 386 Do. Accum. Ig| 

mi Finlay Unit Treat Mngf- Ltd. PfcAccum..- ffl.4 

, WCK NUe SbtseLGIasgoar, 041204 1321 

tlaj Internal 1. BSO 27 -Id 

avnlli.— .Mi S.H -1.9[ 


OI0DOD55 
351 
381 
229 
229 
432 
*32 


Midland Bank Grmrp 
Unit Treat Managers LUL* ta) 
Gourrappod Ho®m Silver Street. Head ___ 
_ Tel. 0942 79643 


Incoroe - 


1 Income — (35.8 
ihreEurobFui- QSJl 

m r. la 1325 

iUwFdJnJTuJa2 
JUUtUU -..^.[396 
rices Sept. 20. 


flat dealiag &&. 



,,, Do. Accum — (64.7 
£.13. Intertothmal..... _|478 
JH aii 




IM 


Kquby Exempt'.. — Uftl 

Pn'App nf — • nm .. . n - . 

■ Prices at Any. Sl Nest deallud Sept- 28. 


81 

*L4 

4*4 

314 

345 

594 

69< 

5L7 

555 

715 

762 

114J 

1141 


-0 4 
-0*4 
-0A 
-0J 
-04 
-0 4 


=a 

■+01 


1*72 

*72 

2.73 

2.73 

297 

297 

40 

603 

2.23 

223 

749 

7*9 

IIS 


CORAL INDEX: CloSfc 539*334 


; INSURANCE RASE RATES 

t Property Growth. — -r...... 10 J x% 

: t Vanbrugh Guayan teed . : 82S%. 

tAddreM Shown nnder-inottraace iptd Pr upej ty . Bond Table.. . • 


‘d. Ser. * ..0132 

money FA Scr. *_|lll2 

I Prices at Sept 10. "" 


— Eagle Star InsoWMldland Araur. 


01-0234851 L'^| r Jl 0 JT> ;r D ^ lB ^S^ , U F ‘ I * S« 

*2 inx-HighluLTst — .(5US8 9B LILd 
4J9 

*3* Value Sept. 15. Nett dealing September 25. 

010234051 Brawn Shipley Tst. Co. (Jersey) Lid. 
4*q P.O.Box 583. Sl. Helier. Jersey 053474777.. 
439 Sterling Bond Fd..(£M 04 lflJMWM.OJI U.7D 

Butterfield Management Co. Ltd. 

PO. Bax 106. Hamilton. Bermuda. 

Buttress Equity. |SU5253 248 | 148 

Buttress Income — IsUSZ-K JM . . . I 734 

Prices at Sept. 11 Next sub. day OcL B. 

Capital Intenutloual SLA. 

37 rue Natre-Dome, Luxemboaig. 

SUS19.2Z [ — 4 — 


Cnuader Insurance Co. Ltd. London Indemnity ft GnL tm.Co.Ud. ^ & Prosper Group* 

T”5il L ‘ Ea « « 12£2iEE£"' 5 ® 5 i?_ n - * ^si X Lndn.. ZC3P SEP. Di-mew | Capital int. Fund — I 

Gth. Frop. Sept. 5 [726 .0 M[ J- “^SSS^-TlBn 8J ^3 = Bjdjte* W ..-W 1Q| -8.71 - 

Fixed lntmflL &4.0 367| ....1 - gi?^ J !»] 

LTIttcaditeedleSt-ECZ. 01-5881212 The LtmdOB ft Manchester Ass. Gp.* Cn£mPMaFSt~— 2J3S M^n -L3 

Etqtleniid. Units- -1567 58-81 ... | 5JB WinsUde Path. Exeter. 0302-52155 Kqoi^PaitaFti (M64 20*4 

Cru. Growth And . 

Equity ft Law Life Aas. Soc. Ltd.* 

Amersham Road. High Wycombe M9433377 eExpL ter. TsCFd 


~ Equity Fd. . 


11235 


Valuation normally Tucs. Property Fd...... 1085 

Fixed Interest F 1182 

Gld Droosh Fd .- 180.3 

01-437 58G2 MUedFST. 114.9 


Albany Lite Assurance C*. Ltd. 


OFrop.Fd.Aer 

Wpielnc. Afc — 
EqnuyPtn.FdAru. 
Fixedl JVn.Acc_ .. 
G7iLMon.Pen.Ace. . 
Inrl-MnJTiFdAco .. 
Pnni-PetLArc- — _.. 
If pic Inv J-on Afc_ 


0032 

213.9 


14L9 

1494 


115.6 

121.6 


115.7 

mi 

*. 

110.1 

115.9 


17*0 

183.1 

2555j 


lgfl.7 

1902 



tm 0 

. ... 

lit X 

129.4 


125.5 
]215 1 

22M 




2458 


1419 


94.4 


1634 


1232 


150 b 

it.... 

845 


100.6 

«J!. 


— General Portfolio Life Ins. C. Ltd.* 
— 1 OOBoxtiMhunewCt.. Waltham Cross. WX31B71 

“• Portfolio Fn ad | M7.6 | . J — 

“ Portfolio Cap! lal |423 44.4j _ 

— Gresham Life Ass. Soc. Ltd. 


„ 2 Prim e o! Wales Rd., B 1 mouth 0202 787856 1 mere alnl. Bccul— 


Flexible Fund-. — 

Inv. Trust FtmiB. 

Property Fund i 

Gld. Deposit Fd ... 

M ft G Gnrdp* 

Thm«^\l^mrHill EC3R6BQ. 

Pori J'enaloiri*?— . 

Couv. Deposit*^ 

Equity Bond*" - 

Family TMD** _..... 

Family 81-88** — 

Gill Bond-".-., 


PropLPcnaFd* .031-3 24*2 

GW Pens. Fd [W3 100* 

Dc poi. Pens. Fd.t - - (100.5 105. a 

•Prices on Sratember 
fWeeUydeaHniCx. 


3 


Cha rt erhouse Japhet 

1. Paternoster Row. EC 4. 

Arflropfl-.... ... 

Adi verba.— ... 

Foe dak 

Poodia — |DK2L7t 

Emperor Fund 

Utspanu, — 



snsi.cl 

5CMLM 


01-2483980 


280 


Murray, Johnstone (Inv. Adviser) f - 
l fi3. Hope Sl. Glasgow, cz 0410215502- 

- Hope St. Fd .. | 5U54091 | - «| — r , 

- Num»y Fund . I 5l'517J9 I J — ■ 

■Nav September IS. _ 

Negit S.A. f 

10* Boulevard Royal. Luxembaurg *1 

XAV Sept- 15 [ SL5I223 J J — i 

Negit Ltd. 

Bank at Bermuda' Bldga- H ami lion. Bnodo. " 
NAVScpt-15 .. . - |L682 - 1+828) — 

Phoenix International 

P0 Box 77. Sl Peter Port, Guernsey. 
Juter-Doilor Fund.. |S250 2.70) .. ..} — • 

Quest Fond Mngmnt, (Jersey! Ltd. 

PO. Box 184 . Sl Helier. Jersey 053427441 
Quest SUfi-FxdluL M.I 97^ -321 - 

Oucsl IntL Secs. pl'STU 1M3 -LM — 

Quest lull. Bd — . JsiiSW.4 icq -lit — 
Price at Sept. 20. Next dealing SepL 27. 

Richmond Life Ass. Ltd. 

48. Athol 5treeLDouKla>. LON. 0824 23814 
lx )Tbe Silver Trust- 1107 9 21031 -0.2 - 

Richmond Bond 07. llBOJ 189.61 ... .1 10.71 
Da Platinum Bd .. (1262 13Z« -0 7| — 

Do. Cold Bd p*3 120 a -mil - 

Do Ea. 87)02 Bd-.. |16t7 1753 . A UJI 

Rothflchild Asset Management (C.I.) 

P.O-Box 58. SL Julians CL Guernsey. 0481 2tD31 

261 


Schroder Life Group* 

Enterprise Haase. Pomumulh ■ 


Clive Investments (Jersey) Ltd. 


Equity 1- 


AMEV Life Assurance Ltd.* 

Alma Rsc, Alina ftd.IMiate Rcoeatr4C10L 
AMEV Managed.. ■ [1470 
AMEV-Mgd B'..... 120.6 
AifE Vkfonpy Fd - 1061 
AMEV Bnaiiv Fd. . 1385 
AMECfrMtfW-- 92.0 
AMEV Proof'd ... 98.1 
AMEVMsdlyn.Fd 1032 
AMEV MgdPerv B 103.6 
Flexlplsn- .i . fWl-1 

fflssan 

Income, ,, 

lot. Growth -.3 

Far Arroufu oaunnee sec 
Pr evidence C^pl life Assurance 

Barclays Life Ap . Co. Lid. 

352 heatord Rd., SL?! 


Glu Cosh Ruud- - 
G L. Equite Fund. 

G.h GUI Fund 

G L. trill. Fund . 
GJ. P(X>. Fund 



Managed Bd* 1 ^... 

Property Bd** 

Ex. Yield FdBd' 
Becwery FdBd* 
American Fd. Bd' 
Japan Fd Bd* _ 


U94 
1526 
174 8 
203 4 
1070 
1141 

1511 

1602 

890 

714 

!5J 

602 


2593 


Price* OB “SepL 2D. **Sept 1* -~Sept 



2503_ 


Equity 4- 257.1 24*7 *02 

Fixed tut. 4 13*5 K6S +0.1 

Managed 4 138.9 1463 +0.1 

Money 4 10*7 13*5 +0.2 

Orenees*- - 10*6 1 105.9 +0 .4 

Property 4. X569 167.4 +o.l 

EOSGnt Sers.4 12L6 12*1 *02 

B& Pen Cap. B 1229 12*1 +5j 

BS. Pen. Acc. 8 1346 1415 *03 

Mngd.Pea.Cap B- 2UB 2213 +05 

MuKdPea. Ace.B_ 2515 26*1 403 

F. Int Pen. cap B 97J 1025 +02 

F. lot. Pep Acc. B 9*6 2033 +02 

Money Pea Cap. B. 966 1U.7 .. . 

Money Pep Acc. B.. 975 103.3 +o j 

Prop. Pern Cap B... 962 2024 .... 

Prop Pen. Acc. B.—I920 1026( 


P.O, Box 320. St Heller, Jersey . 
070597733 Clive Gilt FdlC.Li.MLB3 91 

— ' ‘ y.l.(*80 9J 


O.CEq.Fr. Aug. 31..B7.4 
O.C.lnc-FdSepc L 1615 

oriud-Fdt sue 

OC SmCoFdAngSI. 154.0 
O.C. Commodity* ._ 145.8 
* ' J2771 


OSMX7XI. OgvDW^ui^.- 



_ CUveGmFdUv-l 


11.00 

11.00 


Prices on SepL 14 Next dealing SepL 3 


t Price* on 


1-28 

3J» 

*16 

0.68 


September 7 Non' dealing 
September 9L 


Growth ft Sec. Life Am. Sec. Ltd* 

Weir Bank, Brey-on-Thamea. Berks. OC28-543SM Merchant Investors Assurance* 
S£SKSPSS“*.:I H 233 High SuCroydon. 0)0869171 

LaadbaukSeo. Act 
G AS. Super Fd 


CornhiH Ins. (Guernsey) Ltd. 

P.O. Bac 157. SL Peter Port. Guernsey 
land. Hop Fd P775 193.H _...J — 

Delta Group 

P.O. Box 3012 Nassau. Bahamas 
Doha inv. Sopt. 22.. ISIISUI Z4Bf — ._[ — 

Deatscher Investanent-Trnst 
Pnafoeh 3885 BtabergaaaePlOBOOO Fran Mu rL 

Concentn (0X931 2218-OJDj - 

InL BentenfondsTZ|DSUU . SS] . ...J — ■ 

DroyfUs tatercaaHhitntel lav. Fd. 

P.O Boot N3712 Nniu*u: Bohfcft»». 





Finpette 



Uoon. 

ManFanaArcuzn. 

Do. XoKial 


Prot^ny. 

Property Pena. 

amity... - — 

Equity Prax 

Guardian Royal Exchange MmSrMEj&ni. ; 

Royal ExchuoKe. E.CJ 01-3887107 D+posii 

Property Bonds |1«46 1923J „....| — Deposit Pens. 

. Managed — . . 

Hambro Life Assurance Limited* 

01-5^45544 7 Old Part loan. London, W1 01-4880031 loll. Managed. 1 

Fixed 2m. Dep,—.... [1265 133J] [ — . 

equity [1963 206 7j J — NEL P enn ons Ltd. 

uSSeSciplIZpni ?M I ~ Mihou Court. Dorteng, Sumy. 

Managed Acc 


1563 


1639 


63.7 


184.6 


142.9 


1852 


B8 1 


M2.B 


1105 


1«.0 


U1I 


■ 107.8 



Scottish Widows' Group 

TO Box B02, Edinburgh EH105BU. 031-853 OOOOjNAV Set* 33 ..[KJK17Jr,-. .T-..4 

InvJJjrAwlwI. — [115.1 X15.ll 
ta» PIT. Snriea 2 _._hfla6 114* 


~ Emm ft Dudley Ts^|gt.JnyJLtd.' 

P-O. Box 73. SL Hell or. Jersey.^ 053420501 
EJU.C.T. (1314 13*9[ _...J 3*0 

Eurobond Holdings If.*. 

HenAJsWrlp 24. WinpmsraH CuTSCAO 

lOtiaOyPlace London E.CJN8TT. 0L2422805 tmfts iftatt ilu^lS OuMoBa St, EC* 
Solar Managed S-^(133.7 M|0l|- 5US2000. 


Juv. Cash Sept. 15 _.J99 J 1S4.4I 

ExUtAcc SepL Q — 0468 152.U 

ExUUncScpt.fi g«Z.D UU 

Mgd Pen. Sept U_)28U 2S7J] 

Solar Life Assunnee Limited 


Rothschild Asset MngL (Bermuda) 
PO Box 084, Bt of Bermuda Bid, Bermuda. 
Reserve Aiaets 2M.I SUS100 J — 
Initial suhscripuan price until Sept 2* 

Royal Trust (CT) Fd. Mgt Ltd. 

P O Be* 186 Royal Tst. Use- Jersey. 1553427441 

RT.lnfLFd JSOSMJ 16« J 180 

R.T.lntX (Jey.l Fd.fiSJI 9*0[ 1 3 21 

Prices at Sept. IB. Next dealing SepL 2* 

Save ft Prosper International 

57 Bn»<ISL.SL Helier. Jersey 0534-20S81 
VJS> DoUar-denamUiatad Fund* 
Dlr.FxdtaL-t.... 

InternaL Gr.*t_ 

Far Eastern *J. 

• North American*2 . 

Sppro«» 


1-0 011 


7.27 


Gi2tEd|PmxAcc- 

D n. TnlHaL- • 

Money Pent. Acc. ..I102.X 

Pn. Initial '. «8J . . , 

•Current unit value September 20 

Beehive Life Assur. Co. Ltd.* 

71; Lombard St-ECL 01023)288 

BflcHorse- Sepc 1 . | 13425 | ..( — 

Canada Ufa Assurance Co. 

2-8 High Sl.- P otters Bor. Hens. P.Bar 51122 
EqtjiiClhPtf Sopt.4..| 63.4 

Room: Fed imo 7 1 1261 

Cannon Assurance Ltd.* 


CUi Edged - 

American Arc..-. 
Pnh-F.LDep.Cap— 
PBh-F.2J>Sa«-. 

Pep Prop Cap 

Pen. Prop Arc. 

Pen.Mon.Cap 

Pen. Man .Ace 

Fen.GUtEdc.Cap - 
Pen. Gill Edit Acc 

Pen. B-S.Cflp. 

Pea. BA Acc..— ... 
Pea. DAP. Cap ... 
Pea. D.A.F. Are. — 


— Hearts of Oak Benefit Society 


if 

2067 

1742 



157.6 

1595 


3*7.8 

1977 


132.7 

X39.7 


1260 

132.7 


1885 

U4J 


1290 

135.8 


1517 

159.1 


2872 



269A 

2B3J 


220.9 

2862 

232.6 
38 Ll 


123.7 



1312 

1382 


725.4 

132.1 


MM 

1514 


7100 


1052 



Kdex Eq. Cap — W9 
Nelex Eq. Aecum - 325.9 
• Nclex Money Cap.- U7 
Nelex Mon. Arc. 673 
N el ex Gth Inc Cop-. 53.9 
Nelex Gth Inc Acc.. 55.5 
Nd Mxd Fd Cap.— Bl 
Nal Mxd. Fd. Acc — 40.1 


5811 


Solar Property S_ 133.6 

Solar JSqnlty S. 177.5 

Solar FxdtaL $..._ 117.S 

Solar CaabS 1BL6 

Solar IdLLS 103.1 


935 , 

1323 -L2j - 
65.4 

70.6 
567 
564 

50.6 
5L6 


Next Sub. day September 25 


lar Managed P _ 133JJ 

auler Property P U33 

Solar Faulty P 177.0 

Solar FuUnt-F ... 117.4 

Solar Coat] P 1014 

Solar tail P 103.0 


119.6 ,,, 
2869 +0JJ 
12*1 +03 
107.1 +oi 
IBM -ll 
1483 -0.3 

uu __Jz 

1864 +4UJ — 

223 X +6.3 — 

107.6 +03 — 
1B93 -ifl 


9i 

*L ** 

2.89 57.1 

11 4.4 

5.59 1704|-«J3| — 

F«nd» 

2 2666 -L9 

6 167. D -06 

139.1 | - 

« 1003 J 025 

1 123.61 .... ( 11.43 

^Sept. 20. ”*SepL 14. 


236 

465 


F. ft C. Mgmt. Ltd. Inv. Advisers 

l-S. Laureate PountncyHIll.ECdR OB A. 

01-833 4080 

Cent.Fd.SepL 13_ | SUE675 I .... 4 - 


Channel Capitol*-. 

Channel Islands^ 

Commod**^ 

SL Dep osit— 

SLFtaod— ». 

•Price* on SepL 

{Weekly Dealing*. 


ScUeslnger International Mngt. Ltd. 

41. La Matte SL. St. Haller. Jeraey. 0SM 73388. 


Sun Alliance Fund M sngmL Ltd. 

Sun Alliance Honae. Harsbata 
K^ij^SgitlS J0572 ..163J( 


M46 i - 


PUellty M g m t. ft Km (Bda.) Ltd. 

P.O. Box 87* Hamilton. Bermuda. 

Fidelity Am. Am- _| SL-S29L09 |-1M — 

iad r 


-T 


*33 
4.59 
32-06 

- yl1 
1-0 081 - 
271 


-n 


iVW Pensions Management Ltd. 

48.GracectiurchSL, EC3P3HH. 010234200 Sun Alliance Linked Life Ins. i-M 

“"TSKp.-.pgg.dJsaciL'i- g^s3 , “ c ^Mu M “ 

New Zealand Ins. Co. (U.K.) Ltd.* ftSSwFtaS? "SlS 
Maitland House. Souhaad SSI 2JS 070282055 InterneiiuaalF<L;'j|lB82 


Kiwi Key tav. Plan 


15-17. Tarihock Ptaee. WC1H0SM 01-3875800 Small Co's Fd. 


1. Olympic W^--, WemblcyHAfiONB 01-0028878 HaartaofOak P7J 39.3J ( — ' Teclu mkqQ; Fd ... 


3574 


ta. 0857 

him. — no29 

Pro|>’fein^Se?7 SIS 

ssa®5K±g f 

EquHy Accum 194 

fttweatyAcoim.... E13.01 

Mngd Acwm L6B2 

101.7 
1062 
1010 
- 97* 

90 



■i American 9*7- 

2ndEq. Peu*; Arc.. 1053 
SndPraPeoa/Ace .. 130.6 
ZadMed- Penal Acc 105a 
2nd D-ercPeoa/Acc. 1088 
■■ C nTp+aa/Acc 91 ii 



107.6 -13| 
112.4 

3061 — D 41 — 
1035 
96* +0 


117.3 

iii3 

47S 

1067 


33 

+oi| 

*8.1 

—4.4] 

-0 3 


Mmuged Series C.. 1005 

Money Unite. 122.0 

Money Series A...— 983 
Fired JnL Scr. A 93 6 


2nd 

XndAm-PenaJAee. T3IO.0 

L6RS1LF Mt5 

L6SSJJP.2... WJ . 

Currm* value September 18 

Capital Life Assurance* ' 

CoUhton Home. Chapel Ash Wtaa 000228511 
KertarcaLFtt.. i«7.w j .... | - 

PacanmkerfmrFd .| 114 76 J J — 

Charterhouse Magna Gp.*. 


. , Berio* A |9*6 

Pwl Haaoired Cagv [U7.1 
Td3 Sanuad Arc. [1563 
PnE-Gteed Cap.. ... 
Pna.Gteed.Ace_. 113.1 
PcPta&qtdtyCap- 1065 

Pens. Equity Acc 107 1 

PnLFxZtaLCap .. .. 945 
PuAdJiitAH.- - W.9 


Pens Prop-Cnp__-- 

Pttas. Prop. Ace.— 


W.2 


Extra I nc "Fd . ~ 1OX0 
Hid Samuel Life Assnr. Ltd.* FvEuFd 1 . 12OA 
NLA Twr . Addlscnmbr Rd. Crw 010804355 £«» ftkadFd . — Q0^6 

fFttXBsxzffl a 

Managed Unite. _ [176.0 laSJj 
Munoeed Series A -[I55.3 

128J+fl|j _ 

10*3 ^OH _ 


— 0-sj ~ 
z 

M ~ 


1269 

1102 

1028 


•vOJj 


pepoaitFUnd WU 

Managed Fund |il4J2 


Fidelity Mgmt Besearch (Jersey) Ltd. 

Waterloo Hae, Don SL. St Halter. Jersey. 

,0534 37581 

040384141 1 Serin A ttataLl-...) £459 

Serifs BiPactfici...( £180.9 
Series D tAm-Amll E196S 



,4 =■ 


First Viking Commodity Treats 
c„ u*, 

S3. Fall M a ll . 


Sun Life of Canada (XIJ.) Ltd. , vikrmTx, mi xim i 
S.3.*CockapurSUSWlY3BH D108O54«)jyS:vtDb L oiTtt-fM9 73 0[ . J 


SV173JHr 01-080 70b# 1 130. Choapmde. E.C-2. 


Maple LL Grth- I 

MopJoU. Maned-.. 
Maple U .B ob.. ... 
reran L Pn. Fd. 


219J 

13*2 

1368 

21*8 


250 

410 


SAXL 82 

S-AOL J.» 0 

Gitt Fd. 22* 22J 

Inti. Fd. Jersor 122 1 

IntnLFdLxmbrg. — ICSHH ' V 

•Far East Fund.... [l02 3 l_ 

•Next aub. day September 20. 


Schroder Life Group 

Enterprise Booae. PorumoaUi. 010527733 

Interna |J rand Fauds 

EKqulty 1119 7 127^ -3 W — 

SEquity 1455 15*7 -l.M — ' 

CFVxedtateresl 1M3 1497 *Q3l — 

5 Fixed Interest .1068 113.1 +0.4j — 

^Managed — 132.7 1411 -1 R — 

3 Managed (125.8 UO.aj -Oj| — 

J. Henry Schroder Wagg ft Co. Ltd. 

01-9884000 


Cera. Deposit F<L ..[97.7 

Norwich Union Insurance Group* 

000322200 Target Life Assurance Co. Ltd. 

Turret House. Gatehouse Rd, Aylesbury, 


PO Box * Norwich NB13NG. 

Managed Fund — 122* 0 235>B| +0 

Equity Fund- ...OTS.6 395J -ri) 

Property Fund . .0363 139.: 

Fired tm. Fund -|15*C 162.7 +0 

Deposit Fund —QflkS 112.4 . . 

♦Mor.UnuSpt IS .( 2260 .. 


- I Fleming Japan Fund (LA. 

_ ] 37. roe Notre- Dame, Luxembourg 

Fleming Sept. IB— | | J 


CbtmSSepLlB.-. SL'51259 -0.11 

Trofalgur Aug. 31 ._ il)Sl«JZ5 
Asian Fd Sept. is.. SUS22JI O 
DariinrtritdGeinU. 5A2.I7 22H+0O2 

Japan Fit Sot>L 7.... Sl'SIW 


£41 

*60 

044 


Imperial Life Ass. Co. of Canada 

Imperial House. Guildford. 

GrL Fd SepL IS — [792 K.1J 
P«MJUSepL15 [73.8 nij 
unit United Portfalu} 

■eSM- c “”- ssifa ESSfcfi d 

Equity Fund |U60 1064j 


Bucko. 

Mon. Fund I nr.. pM9 187 Jf 

Man. Fund Ace. ... 12*8 1SUI 

Prop. Fd. Ine 1163 „ 116 1] 

Prop.Fd.Aec. 142.0 

Prop, Fd I ur 1090 

Fixed tut Fd Ine. 1025 

010260878 Dep.Fd.Iuc. 962 

Bet Plan Ar Pen. _ 762 
1teH.PtanCap.Pen_ 63 .S 
Man Fcra-FdAce. — 135.0 
JrfanPen -Fd Cap _ 123.9 

Prop. Equity ft Life Ass. Co.* GtaFteLFdAcc— 

lift Crawford Street. W1H 2AS. 

B- Silk Proa Bd .[ 3*5.6 

™ StSsSJL S& 


Phoenix Assurance Co. Ltd. 
4-6 Klug William SL.BC4P 4HR. 
Wealth Aju. - 
EbV.Ph.Ass. 

Eb'r. PhJEq E 


.r»a^ = 


OI*|B8l»57 pn!jjXjjn8« a 




^rth*e.-M»njired 

ffirnM:.: 


m 11 


57.4 SS 


1345 | 


. 151.1 



City of W. 

Atagsteed Hauae. 6 Wbitehme Road. 

,&^5taCR02JA. 01-63*086* 




+0 7[ — 


+fl.fl — 


Pro pertj- Fund — 
Property Fund tAi. 
AgriniUunl Fund 
Axric FuadiAi . — 
Abbey NaL Fund 
Abbey Not. Fd 

01-038 S353 Ineeamenl Fund— 
SM Investment Fd (Al. 
Equity Fuad. 
Equity Fund >A> 
Honey Fund . . 
Money FundiA> 
Actuarial Fund 

King ft Shaxsoa Ltd. cib-^etd Fd.° uT 

av rnmhin t-ra 0I-8QM33 CHetire Annul i>. ... 

Bend Fd. Exempt -J202.44 lO3.81(a«07| — Olmned. AnnT>. .. 


■Prope rty Growth Assur. Co. Ltd.* 
LeooHoui<e- Ciaydetj. CBS 1LU 010800000 


Frop.PbiLFd.Cap 1512 

Guar Pen.FcLAec.. . 950 
Guar.Pen.Fd.Cap. 95 0 
D-A-PenJFtLAce. 95 0 
□JLPenJ'dCap.. |95.0 


. . Free World Fond Ltd. 

' Qa ! Cl 3041 1 Buderfleld Bldg, Hamlltoo. Bermuda 
NAVAflg.31 1 SDSM4.9* ( -1 




1075 

1015 

825 

685 

142.1 

138l4 

1361 

1302 

159.5 

1592 

1060 

lOOt 

2060 

1000 


3$ 


+oa 


G.T. management Ltd. 

2*nrt Ha. 10 Ftaabny Ctretu. Loedoa ECS. 
Tel- 01-038 SUL TLX; 888100 
London Agents for 


Aadtor SCdtalte — aua It l 
Anchor Gilt Edge.. E9W 9. 

Anchor lot Pd IPSJJI 5 

Aneh«2a.Jre.Tat. JL2 33 
Berry Pk- Fd SU554JX 

s^Mjzzfisa "sa 

G.T. Ante Sterling- 3.720 uM 
G.T. Bond Fdnd — *11816.75^ 

G.T. DoUar F«L 5US601 

G.TJPaelErFd SUS1640 J-027 


1J9 

12-80 

1.89 

2-«e 

0.73 

056 

L29 

LOT 


Sentry Assurance International Lid. 
P.O. Box 330, Hamilton 6 Bermuda 
Managed Fund 51' S* 2051 .. -4 — 

Singer ft Frledlander Ldn. Agents 

Z0.CimnoaSL.EC4 O1-248B040 

DeJtefond* ID3I2672 TSTOf-O 7M 603 

Tokyo Tit. Sept. I .[ SH .5.40.00 | .. . 1 155 

Stronghold management Limited 

P.0 Box315.SL Heller. Jersey 0531-71400 

Commodity Trust -(9021 94.961 1 — 


Suriuvest (Jersey) Ltd. (x) 

Queens Hae. Don. Rd. SL Heller. Jay. 0534 27348 
American tad. Tb._ (£7 95 6121-0.141 — 

042 CopperTruet kugl 1L«( 0 iS _ 

693 Jap. Index T*L_ .. [£11.46 11 70j-0 14f — 


Irish Life Assurance Co. Ltd. 

11. Flncbury Square. EC6 
Bine Chp. So»s 16 , [835 S7‘ 

ManosedFuod [241 9 25*1 

Exempt. Man. F<L .JUDO 115.1 

PropTuod-ScT*. L.BRl 19LC 

Prop Mod. Gth. P99.9 



: Next dealing dale Sept- 26 


Prop. Gnu 
All wTher 


Ar l - Ui 


VA11 Weadter C ap. [129 0 l^tl 

1482 


to new investment. 

)i:- -l 2164 I .1 

City of Weatminster Assur. Soc. Ltd. 

^ - 01-084 9984 

gtm nnOa [1253 13151 .... J - 

Pw gaa U XtaHa..— 154 0 567] — 

Union Group 

St Helen's. LUndernliall.ECa. DI 2837800 

KWsS r s S"l US I I = 

Confederatfen Life Insurance Co. 

WChoneefy Lone. WC2A 1UE. VI-3420382 

PanoL Pen Mngd. . 771 SLfa 

aaaadjinrd A 77 j nil 

Group MiieS. Pen- .. - 1962 

FlxedlntPen... - .2966 

EMltyFUtlap. - 2505 

Property PWwfon- 1405 

Ctahm insurance Co. Ltd. 

asc-coroiiiiL ilcjl . . 

Cap. Feb. Aug. 15-11365 

Credit ft Commerce Insurance 
126 Kcjfent S l. London U1R5FE 01-4307081 
CftOMoad-Fd I122B 132.01. I — 

Crown Life Assurance Ca Ltd.* 

CronfB nieH»-Wolrinc.GlJ21 LXW 048825083 
Rang'd Fund AM-- UA9 9 U56j 

dFd, In cm. _ 1OT9 115 M 

MfntfdFdtaU.— 1B&S 

E^ufij-Fd Acc — 1835 

equity Fd.laau — lfl3.9. 

Equity FdtalL 1031 

ftvpretyFd.Ac*-.... 968 

(Property Fd. tscn.-|W4 


Langhana Life Assurance Co. Ltd. vim- Fd Gis. 

L+n Cb«m Hs. Hahnbrook Dr. NW* 01-2035211 Pension FdL'Jt - 
Langhnm 'A' Plan-. >674 7L« 

v Prop- Bond- [1444 15Z.| 


M- 


LL, 


Wisp iSPj Man Fd 

Legal ft General (Unit Assur.) Ltd. 
KlagsKood Rouse. Xlngsmwd, Tadwunh. 
Surrey KTSOfiEU. 

Caxhlnlttnl — 

Do. Accum. - - - 

Equity Initial 0363 

Un tuna . — .1136.0 

F i\erf Initial 

Do. Acctlm .... 

JmL Initial 

Da Accum . . 

Managed Initial. .. 

Dfl tri-urn 

Property Initial 

Do Accum 


tegal it General it 

_ Exempt Lash Init 

Do Aecum - .. . 

_ Exempt Eqty Inn 

Du Aceum . .— . 
Exempt Fixed Inil. 
Do Aecum. -- 

Ol-iEfiMlO Exempt Mngd Init 
Do-Accum 
Exempt Prop tail 


W3 J "j ~ 


Do. Accum 199.6 



Conv. Pens. Fit 
Car. Pn* Can 
Mon. Pens Fd .. 
Man. Pens Cap. l'L| 
Prop. Pent I'd — I 
Prop Pen*. Cap l-te. 
Soc. Pen It 
e. Soc Cap l’t- 


it 

7715 

.1368 

1566 

720 

71.7 

ML5 

1168 

1242 

12*2 

1864 

3475 


Grmrth Paarima 6 Ammlllr* Ud. 


3385 


■5S3 

1344 

154J 

1406 

1464 

134.7 

J5?9 

IZLg 


Tranainternatianal Life In*. Co. Ltd. G * rt ® or * Ia , ve «- ***• A &*- 

SreSSJS” 8 1MM6W S.SLMmyAxe.Umdtm.ECa D.0833531 


- Tnlip Invest, fd.... 

= 


|1533 

1614 


12L4 

127.7 



1 

132.6 



1372 



1463 


103 7 

109.1 

.... 

|ZM3 

1OT? 



v G«rta>ere Pud MngL (Fm- Bull Lid. 
- lsoasntchUon aSTir - -- 


— Maned Inv FdtaU. 

— MngdJDv.FdAce— 

— Trident Life Assurance Col Ltd.* 

~ Itenalade House, Gloucester 


HKftPae.U.Tm.-., 

- Japan Fd.... 

— N. American Tst — 
UuL Bond Fund — 


Bed .. 


Providence Capita) Life .*55. Co. Ltd. 

30. Uxbrid£c Road. WU8PG 01-7480111 


wnu^-z 

lYopem _ 

Efluig.'Americj- _ 
iTK- Squi'y Fend— 

GlfEdged.l 

Money 

luteraatlanal 

Ft seal-.;-- — 

Growth Cap. . . _ 
Growth Acc.— ... 

Pun* Mngd. Cep... 

Pena Mngd Ace.. . 
Pen&Gld-Dep Cap . 
POns.Gld.DepAcc.. 

fa (Bar--® 4 

TrtlL Bend. 

•Trdt.G.l. Bond - 

•Cosh value 


[12921 

1497 
1515 
86 2 
1192 
1432 

123.7 
1243 
U95 
1306 
1308 
135 5 

119.7 
1254 
1034 
10641 


12ft 9 

r _- \SI . 7 


— 

1565 +05 
1U2 
945 -15 
1262 +0.4 
1516 +05 
1318 +64 
1369 +05 
1165 -0 9 
U63 +0.£ 
1385 +12 
1435 +1.3 
1267 

132.1 

109 6 

1143 .. .. 

122-2 

1261 

39.7 

968 

for £100 premium. 


045238541 

-541 


P.O Box 32. DoustanloM. 
Gartmore IntL Inc .03 6 
Gartuwre lntl Grth(77-2 



TSB Unit Trust Managers (C-i.) Ltd. 

Bagatelle Rd.SL Saviour, Jersey 0934734M' 

JerteyFnnd- 151 5 542) .. .[ 441 

Guenuwy Fund — 1515 5*a 4.43 

Pricei on Sept- 20 Next sub. day Sepa 27. 


Lid. 

000423011 

75 IJ 

| -0 J| 1030 

■«3l 

1 . 1 2.20 


Hambro Pacific Fund Mgmt. Ltd 

'2110. Connoochi Centre. Uoog Kong 

asR a-f-BB ^ 57 i - 

Haabm Bank (Gomney) UdJ 
Hambros Fd Sign. <CL) Ltd 

P.O Box BA. Guernsey 0481-28521 

CJL Fund .J157.0 

K Bond SUS 10681 
qulty SUS 12.17 
InL 5rt>. 'A' JUS 186 

InL Svea S' JUS 1-22 

Pri«* no Sep* 28. Next dealing Sepi 


557 Trtcyo Pacific Holdings N.V. 
Iniimli Management Co K.Y.. Curocan 
NAV per share Sept 18 SUE 70 IS 


Tokyo Pacific Hldg6 (Seaboard N.V. 
] minus Management Co. N.V. Curacao 
NAV per share Sep*. 18 SU.S 51.14 

Tyndall Group 

P O. Bex 1258 Hand hen 6 BWnmubL 2-27B0 


KSUS 

5115282 

SUS2J7 


3.70 

650 

210 


27 


0534 


Sri. Min. Fd Cap - 
Sri Mia. Fd. Sid - . 
Pterion Equity 
Pension Fxd In' 
Deposit Fd. Can .. 

— Deposit Fd Arc 

~ Equity Fd Cap - 

— Equity Fd Arr - 

— Fxd InL Cap - - 
Fxd Ini Aer 

— Intnl.Cap 

— tatnl Acc . 

— Managed F<1 Cap 

— Managed Fd Are 

— Property Fd Cap.. 

— Property Fd Ae<i . 


Ml 

963 


108.7 

.11*8 


1M1 

144.4 


U*4 

1231] 


474 

50.0 


47 4 

S§§ 


474 

50i 


47.4 

MS 


474 

508 


474 

500 


<74 

50 G 


#74 

500 


474 

HI 


47.4 

50.0 


<74 

50.0 


1974 

. 5*1 



— Tyndall Assurance/PeiuioBS* 

_ 16 Caarnge Road, Bristol 


3 Waj-Sept 14 
Euuiiy SepL 14.. - 
Bond Sept. 14 . .... 
J YD perty Sept 14 ... 
Draordt SepL 14 
3-way Pera. Sctu 1 
Oseaslnv. Sepi. 14 
Mn-Pn.3-WSepi 1 
IHt Equity SefM 1 
Do. Bond Sepl 1 .. 
Do. Prop Sept. 1... 


1288 
1834 
167 6 
107.7 
1292 
1766 
864 
174 2 
2718 
uoo 
870 


0272 32341 


Provincial Life Assurance Co- Lld.- 
222. Blshepggatc. E.C2. 01-3(78333 

Pror. Manaerd Fd lgj 13341 . 

Legal ft General Prep. Fd. Mgrs. Ltd gSfSSjh/ - 1197 I26.0J io.5| 

01-3481)078 Property Fund . 1M6 106 Ol . 

I EquipfTipd j ~g\9 U7.3-0.2l 

' Fxd InL Fund . - .[96.7 lQLSf 


1 1. Queen Victoria St . EC4N4TP 
LiGPrp Fd Sept 497.1, 101 7] 

Next nib. day Oct 2. 




Fd Acc. — 109.9 
Fdtan*- 1OT9 

. Fd (nil Ml 

J«W«e. 99.4 
-- _taL FtLIncm . 99.4 
faWT'L Fd Are-.— 1200 
taict'i.Fdtam... KB.B 

“on vsFdftxx. 969 . 

TWWhw:. 969 

'IN.FdJnlnn. 1092 

(Yowa fin. lav,‘A~ 167-2 



* . , Prudential PhxsIcbs Usaledfi 

Life ASKur. Co- re rCBnsyiv«ua Hnlburn Bars.tVlN2NH 01-4059222 

2342 New Bond St , w 17 ORQ. 01-493 E0« Equft. Fd SW 20-K2750 

LACOP Unite. [990 U40| .. | _ F?d Jut SepL IM -E1446 » 

1 Prop Fd. Sept 20 -(5608 27. 

Lloyds Bk. Unit Tst. Mngrs. Ud. RglhiBCc Mutual 

1.4 


Vanbru^t Life Assurance 
4 1 -43 Hdddax SL, Ldn. W1RBLA 01-4804823! 
Managed Fd {1533 161 3 - 

SEaafc--.BR ri: i-61- 

n rod Intern Fd. _|U95 178 J 1 

Propwty Fd. 1449 152J1 +0 1 

CMnFund. 11202 12661 

Vanbrugh Pensitms Limited 

41-43 Maddox St— Ldn. WIKBt-A OI-4904B23! 

Managed. — fUZB 1074} | - 

Equtn- „ 1 112.1 llBll -Oil — 

Fis« Interest M6.6 lftSfll ♦C.I — 

Property.- k» 10*11 ♦o.l| - 

Guaranteed see ’Inf. Bate Rhm' table. 


Henderson Baring Fuad Mgrs. Ltd. 
805. Gammon Bouse Hong Kona 
Japan FdSept. 13-ISGS215I mxO ... [ - 
Baring Bred Bond Pd Sew. J5 It'S 10 446 
•Exclunve of any preum charges. 

HIK-Samuei ft Co. (Guernsey) Lid. 

8 LeFebvre St. Pwer Port Guenuer. «’ I 
Guernsey TsL |2654 177.01 -0 II 337 

Hill Samuel Overseas Fund S.A. 

37, Rue Notre-Dame. Uixembears 

IHSaUt ZL09f-0 181 - 

International Pacific Tuv. Mngt. Ltd. 

PO Bo* R237. 96, Pin St. Sydae*. AusL 
Javelin Equity Tst 1SA256 2 a71 . ..I — 

JJELT. Managers (Jersey) Ltd. 

PO Box 18* Royal Tst. Hoe, JerseyOSH 27441 
!Jer*eyBttrnlTd..[197.0 209.01 — 


O'eneaaScfiL \3 
■Accum. Unltsi.. 

3-Waytat.Aug.17 

2 New SL.5L Halter, 

TOFSLSePL 14..._ 

1 Accum Shares) 

American Sept 14 

■Accum sharMi 

Jersey Fd Sept 13. 
iNon-J. Acc. L t»i ... 

Giit Fund Sept. 13 -[1064 tag 
(Accum. Shores) ... [141 2 143.: 

Vlctety HnaartOmuta* Isle ef Mara. 00*4 
Managed AUg. 17- P35.4 10261 



ran: 

600 


683 

ll07 

24111. 


Utd. Intel. Mngmnt. iC.I.j Ud. 

14. Mulcasler Street. Sl Hehcr. Jersey. 

U IB Fund . . &ISU2S7 U4J5| | 7 72 

United States Tat. IntL Adv. Co. 

14. Rue Atari nger, Lu«cm hours 
U.S Tat Inv.Fnd. I 5US1119 {-009( 0 89 
Net assets SepL 18 


S. G. Warburg ft Co. Ltd. 
30. Gresbont Street, EC2 
Conv. Bd. Sepi- IP— J IUS9.74 


Eng. InL ! 
GrTBLI 


^ SFd. Aug 31 . | 61 

MetrEbdFdSept20.ln.iSB 


010004555 

AL* J =8 i= 

* B «i*0 0310.2*96 


As at August 31. Next mb. day 

Jardine Fleming ft Co. Ltd. 

40th Floor. U» naught Cattre. Hong Kong 
J online Erin. Tsl. ’ 
lardiiteJ'rBi-Fd 


f 203 J 


Lf«yds Life Assurance 
». Clifton Sr.. EC2A 4MX, 
Mltt.GIh Seel -6 . . . 138468 

Opt B ATrSepI 1*. 139 7 147.1 

OptyA B«Sept l4 MS 4 153.1 

OpHTA'Htiw'fc.14. 1590 1674 

UplEA'ManSoplH. 1595 167 9 

OptB A-DptSepU*. UZJ 12^2 


Hel Prop Bd' 

Rothschild Asset Management 


Welfare insurance Co. Ltd.* 

080222271 WinsladcPariL ExMer 0382-52t5S| 

MoncvTnaker Fd _ [ 1162 _J .. J - 


JardinaJ sra.Fa.-. 

Jonlipc5.EJL._ 

j xrdtoe Fi wn. l M . 
I nqPee-SeciuInc. 1. 

Do (Accumi 

NAV Sepi 14 


JUSZ0.46 

HBX12A2 


Equivalent S 


Next sub. Oct K 


1 90 
890 
140 


jsatft. 


Warburg Invert. Mngt. Jray. Ltd. 

I. Charing Crooo. St. Hebcr.Jay Cl 0534 73741 
CMFLld.AUg.31 pVSDJJ 1UH... — 

CMTUd.Aug.3I . CU.S2 l*lS . _ 

Metals Ta Aue 17- 02JZ2 .. .. _ 

TKTSem.1* Si -sue ilS . , _ 

TMT Ud sept 14 - [m_j9 LUrij . . _ 

World Wide Growth Management^ 
10s. Boulerard Royal. Uixemboarx 
Worldwide Gth Fd| SUS1674 ]-02$| ~ 


For other funds, pieate refer to The London lr 
MancbeUer Group. 


NOTES 


>>*1 Sub. day Sent am h 5 26.^ Rojel Albert Hie.. Sheet Si. Windsor 

Life Em. Plane .[ 

Kera] insurance Group FurureAasdGttasn 

g**! 1 *® 1 , Sa U nSS2^ ise*.® 1 ? 74432 

Royal Shield Fd-— |M7.0 255.9J .....4 — Flex. tav. Growth - j 


76.4 72 61 


22 DO 


MM 

„ £24.40 . 


1WJ m 




4 * 


Financial Times Thursday September 21 1978 


THE JOBS COLUMN 


Spectre of a nation of ‘note jugglers’ 


NEWLY- 


BY MICHAEL DIXON 

TVHO do you think wrote this?: 

•*I would not say that a man 
in hu.cmtiiSs need* to know 
nothing at all .about finance, but 
he is belief** off knowing -too 
little than too much, for if he 
becomes too expert he will get 
into the way of thinking that lit* 
can borrow money instead of 
earning it and then he will bor- 
row more money to pay back 
.what he has borrowed, and in- 
stead of being a businessman he 
will be a note juggler, trying to 
keep in the air a regular flock 
of bonds and notes.” 

The author was the original 
Henry Ford. And if he was 
right, a sadly questioning eye- 
brow migh the raised at the 
prospects for British business. 

For as the table alongside 
shows, financial work is by far 
the must popular occupation 
among people leaving UK 
universities and polytechnics 
with bachelor-level degrees. 

The table ranks the different 
broad categories of UK employ- 
ment according to the number 
of recruits they are known to 
have gained from the 1977 crop 
oF new degree-winners, ex- 
cluding university medical 
graduates. Doubtless the 
number assigned to each of the 
14 categories of work, as distinct 
from full-time further education 
or training, was in reality 
swelled by other graduates who 
appear in the table under 
" whereabouts unknown.” 

These enigmas, by the way: 
are the leavers who have dodged 
the efforts of the university and 
polytechnic careers advisers to 


NATIONAL MANPOWER ACCOUNTS FOR LAST YEAR'S NEW GRADUATES 


. s 


Ranking 

1 

2 

3 

4 

5 

6 

7 

8 
9 

10 

IT 

12 

13 

14 


Destination 
Financial work 
Temporary jobs 

Research, design and development 

Personnel and welfare 

Management of general kind 

Production 

Management services 

Buying, marketing and selling 

Environmental planning 

Miscellaneous 

Teaching 

Routine scientific work 
Legal work 
Information work 


science 

&tcch. 

972 

981 

3,091 

1.122 

639 

1.499 

T,380 

512 

1.132 

194 

146 

847 

28 

119 


Polys, 
science 
& tech- 
60 
192 
515 
31 
81 
433 
246 
75 
395 
29 
11 
185 
1 

13 


Unhrs. 

other 

subjects 

2,748 

1.912 

66 

1311 

1364 

256 

328 

1,142 

125 

816 

589 

19 

952 

575 


Polys. 

other 

subjects 

453 

741 

29 

599 

285 

165 

88 

305 

278 

510 

560 

6 

68 

174 


Total at 
badieiov 
level 
4333 
3326 
3.701 
3,063 
2369 
2353 
2342 
2,034 
1330 
1349 
1306 
1357 
1349 
881 


Univs.’ 

output 

% 

6.7 
53 
5.6 
4.4 
33 
3.1 
3.1 
33 
23 

1.8 
13 
13 
13 
13 


Men at 
bachelor 
level 

% . 

7 A . 

53 

7.1 

23 

3.4 

43 

33 

33 

43 

13 

13 

13 

1.6 

03 


Women at 
. bachelor 
level " 
. % 

3.7 
- 6.4 
‘ 23 
73 
33 1 
03 
23 
23 
03 
33 
33 
13 
13 
23 ' 


Total known to have entered UK employment 

Believed unemployed at December 31. 1977 
Research and further academic study 
Vocational training for teaching, law, etc. 
Overseas graduates returned home. Britons 
entered employment abroad, etc. 
Whereabouts unknown at December 31. 1977 

Total graduates 


trace ihem. Nearly 8*500. repre- 
senting roughly £126m of public 
investment, were thus lost to 
the national manpower accounts 
last year. As a whole, the 
universities proved fairly suc- 
cessful in keeping track or their 
expensive products, less than 
10 per cent having gone beyond 
ken. Bui ihe polytechnics, who 
mislaid more than one in five 
of iheir far smaller tola! out- 
put. clearly need to invest more 
care and money .in their careers 


and appointments operations. 

I feel sure that Henry Ford 
would say “ Bunk i ” if not some- 
thing stronger, were he to look 
at my figures and see that of 
the total known to have entered 
employment in the UK, about 
one in every seven and a half 
had taken up financial work. 
That compares with one in 
every 13J gone into production 
jabs, and rather less than one 
in every 15 occupied in buying, 
marketing and selling. 


Since the bulk of the recruit- 
ment of "note jugclers” — 
which shows a considerable bias 
against polytechnics and against 
women — doubtless went into 
accountancy - training, these 
latest figures reinforce the Jobs 
Column’s warning on July 18 
that before the next decade is 
out, accountancy is highly likely 
to become a much overcrowded 
profession. 

Considering the other entry' 
route for school leavers at the 


Advanced-level of the General 
Certificate of Education, we now 
seem firmly on course for an 
accountancy profession which in 
the mid-1980s will have between 
two-thirds and three-quarters of 
its qualified members aged 
under 45. 

Feasting on the current 
wealth of job opportunities, 
accountants — like Belshazzar — 

will scarcely welcome . my 
writing on their wall. But I 
nonetheless feel it must be 


done. So: Mene, mene, tekdl, 
upharsln! 

Unless recruitment policies 
are adjusted soon to forestall 
tbe evidently impending squeeze 
on promotion prospects, and 
especially so in the big England 
and Wales chartered firms, the 
younger end of the profession 
may well find before long that, 
to move out into more general 
management, they will need to 
be not only jugglers, but also 
Houdinls. 


NEWLY 

QUALIFIED 


ACCOUNTANCY APPOINTMENTS 



Spicer and Pegler 
ban start your career 
advancement moving 
in the right direction. 



f, 


_ _*• v - <• »• *2* ' * 

***•" • ' . 

r*. nh-. 


j 




31 


rnaa#«sKS& .*;• mir- 

'iptptiBtbt 


2yv< *AV> 

' ■ --v. 


James Capel & Co 


CHIEF ACCOUNTANT’S DEPARTMENT 


We have a vacancy for a newly qualified Chartered 
Accountant to assist with internal audit and with the 
preparation of periodic financial accounts and statutory 
returns. 

Remuneration for the successful applicant will be fully 
commensurate with ability and initiative. 

Please apply in writing to : 

D. Schultea, James Capei and Co., 
Winchester House, 100 Old Broad Street, 
London, EC2N 1BQ. 





Neville Russell & Co. 



offers Ihe opportunity to join a nofionai firm of accountants 
large enough lo have a wide range of clienfs, bul small enough fo have 
ihe friendliness and excitemeni of a growing practice. 

We welcome newly quolifieds piepcn ed to lake responsibility and to 
exercise initiative for which we offer good rewards both in 
salary ond fob satisfaction. 

Immediate vocancies exist in London and Manchester. 

For further information contact;— 


David Walker 
01-377 9733 

30 Artillery Lane, Bishopsgate, 
London El 7LT. 








On qualifying 
there will be many 
professional options 
opentoyou 


We can offer 
them all 

HaskinsSelfs 

J. A. Wechsler. Deloitte Haskins & Sells. 128 Queen Victoria Street London EC4P 4JX. 

London Belfast Birmingham Bradford BjtticH Cardrff Edinburgh Glasgow Gtoucesrar 
Liverpool n/lancheatar Nevwca-nta Nowporl Natrmgharti Sout hamp ton Swansea Dublin 


IN TAXATION 

The Opportunity 

To start your career in tax with a mix 
of corporate and individual clients. 

The Financial Reward 

£6,000-£6,300 p.a. 

The Work 

Varied, interesting and technical. 

The Prospects 

Rapid advancement to Manager; and 
subsequently Partner. 

The Training 

An average of 19 days a year of 
personal, corporate arid i. iternational 
tax training. 

1 t's vyorth finding out more by writing 
to or telephoning: 

Richard Jones, Dudley Harrop, 

1 Surrey Street . 9 Charlotte Street. 

London, WC2R .2PS Manchester, Ml 4EU 

01-8361200 061-2282121 


Michael Stanley; 

10 Newhall Street ; 
Birmingham, B3.3NP 
021-2332101 


Arthur Andersen & Co. 



YOUNG 

ACCOUNTANT 

London W1 c. £6,000 p.a. 

The THOMSON ORGANISATION LIMITED is an international 
group with an annual turnover of £330 million and consists of 
five principal operating' groups. Its interests range from pub- 
lishing and the leisure industry to North Sea oiL 

Restructuring and expansion of the organ isataon has resulted 
in the creation of this new position for a young accountant, 
ideally a : newly-qualified ACA (or PE II finalist) with 
experience of consolidation to work with a small financial 
team in the group headquarters. 

Reporting to the group accountant tbe accountant will assist 
with the preparation and consolidation of the annuai budget, 
monthly management Information and statutory financial 
statements. * There may also be involvement In ad hoc 
exercises, e-g. potential acquisitions and disposals, reporting 
system appraisals and assessing the impact of exposure drafts 
and accounting standards on the group. 

Good promotion prospects exist within the group for candidates 
With potential. 

Salary c. £6.000 p.a„ jusual fringe benefits including five weeks’ 
holiday. Assistance with relocation expenses will be given 
where appropriate. t 

Please telephone or write for an application form to: 

Miss Susan G. Shaw 
" Personnel Executive - 
THE THOMSON ORGANISATION LIMITED 
' 4, Stratford Place 
London "Wl A 4YG 
Telephone: 01-492 0321 


INTERNAL 


London 


up to £7,230 


If you area newly qualified Accountant, command work for. 
-British Gas as an Auditor m our Headquarters Audit and 
Investigations Department in High Holbom. 

As well as carryi ng . out: reviews of internal / controls, the 
Department pluys an. active role- in tbe audit of major 
construction "and_ pipeline cont r acts and takes part in joint' 
venture audits.. - • • : - 


towards relocation expenses where.appropriate. . 

Salary, .depending on qualifications and experience, will be 
wirhin die range .£5,709 — £7,230. . 

Applications, quoting reference F/005 giving full 
details of experience and qualifications to Senior 
Jtersonnd Officer, British Gas, 59 Brvjmston . 

Street, London WlAHAZby 5 October 197S. 


BRITISH GAS 


FINANCIAL 

ACCOUNTANT 

CENTRAL LONDON .. 


.ACA or FINALIST 

" up to £6300 


To take charge of ^financial reporting of a food 
marketing group; Turnover £25 million plus. Salary 
depending on experience or. qualification. Write with 
c.y. to Mr: K. R. Bramley, Macphersnn Train, and 
Company Ltd M 69-85 Old; Street, London ECIV-9JD. 








‘Financial Times Thursday September 21:1978 


IEWLY 
UALIFIED 


„y.- . » „ 


ACCOUNTANCY APPOINTMENTS 



35 




! n 

r> 


\ jrs 


S *“ -tjl 



Ri 


QUALIFIED 


W* %ilW; «* 



- j The T ow ®r of Ha riof' often seen as a 
■ ^VCnddren's tov is a corriD I ex. mathematical 


ForWri'ately. it tent going to happen for 
. several mHItonsof years. Because .that's-how ; 


:■&) iz 


' ! '<4 

• ' -U* 



A 244 


DNOC is deeply revolved in explorotion 
ond prcxjuctKXi projects on the UK. 
conunentof shelf. As a result of rapid 


expansion we hove severol vacancies in 
our Project and Joint Ventures audit 
deportments based in London. 


. , . — place . 

. .w P * 3 r ger disc on a smaller one. It's not as easy 
as it looks. 

V;. - - Legend has it that in the temple of. : prospects. 

^;Senares, themonks are transferring 64 - solid - \ v- ;• ■ We are an intefriattohal^ • 


>•» &! 


■r •: ; ”'4 

>\ " vl' 



» ; ? v rj r\ 


Project Auditors are required, where 
DNOC is the operator to conduct ' ■ 
operonona! ond some fihcnciol audits • 
within o copitol construction project . 
Approximately 70% of the auditors' time, 
will be spent Investigating major 
construction sices, including offshore 
platforms. Throughout the UK ond Europe. 
The audit emphasis is preventative and is 
mainly concerned with the eorfy 
identification and correction of inefficiencies 


in support activities '.eg. site and contract 
administration procurement activities and 
materials movemenu so thoc construction 
sch tedules ond cost budgets will not be 
exceeded. 

There are 3 vacancies -1 Prqect Auditor 
Vrfhio will be o newly or recently qualified 
accountant, preferobly with a degree, aged 
23-00 and 2 Assistant Prqect Auditors who 
will be part-qualrffed accountants, aged 


Joint Venture Audit 


Joint Venture Auditors are required. to.- 
conduct audits of DNOC s joint venture 
interests, mainly concerned with offshore 
exploration, development and production 
interests where DNOC is a licensee but does 
not oa as operaror Members erf the • 
department will be required to represent the 
Corporation on joint audit committees, which 


The Corporation's continuing 
development coupled with its progressive 
.onirude co scoff development, offers 
exceptional career opportunities in addition 
to the highly competitive salaries and 
employee benefits, including relocation 
assistance. ' 


will involve working with reprpsenroriv/ps 
tionri International 6il Companies. There is a 
limited amount of travel outside London. 

There are 3 vacancies for fully-qualified 
accountants, with oc least two years' posr- 
qualificotion experience olrhough recently 
qualified accountants with relevant 
experience are invited to apply 

If you would like to take advantage of 
these opportunities, write for an application 
form quoting Reference (FT2109J to: 

The Group Recruitment Manager. 

THE BRITISH NATIONAL OIL CORPORATION, 
150 5l Vincent Street Glasgow G2 5U 

These positions are open to male and 
female candidates. 



The British NatioiMdOilCoiiMmi^ 


\ { u ‘ \r 

i. ' -Vj 

7 ■/ 1 j \*T i 

’■ ' i - * i±\ 


Promises, 




International isn’t synonymous with 
impersonal 


Of course you 71 receive wide ranging 

experience 

If you do weB you should progress 

rapidly 


Fuels* 


Talk to the people who know us. You'll soon discover 
what it means to work with an International firm that 
believes in identifying and encouraging your 
individual contribution. 

Just consider our client portfolio. You'll find every 
facet of industry^ nd commerce and every type of 
business and business structure represented. 

Whatever status tides you are used to, the facts are 
we are looking for evidence of supervisory and 
managerial potential as soon as you join us. And 
we'cfexpect you to achieve this kind of responsibility 
within two years of qualifying. 

If you would like to find out more facts about us, we promise you won't be disappointed. 

Contact Nicholas Land in London 
Turquands Barton Mayhew & Co. 

Lynton House. Tavistock Square, 

London, WC1H9LS. 



CONDON . BRISTOL ■ PDWBUPGH ■ EXFTP 1 ■ G 1 X 5 GOV/ LPCrfiTF 0 LUTON UftNCnl 5 TH» ■ NO" Wli? tf SHE* «^L 0 ■ GUCHN 5 EY ■ & NSf/ 

. AUSTRALIA ■ BILGI'JV FRANCE. '.iHMANy ITAiV NtlMEHLflNDS '■iJBUJii.H ■ gnur* SWII ARLAND Th| , ip E«SI . A-Jt> UajQft WORlDWOE LOCATIONS. 


(NEWLY QUALIFIED ACA) 

£6,500 + car 

WATFORD, HERTS. 

V-fe are a major UK organisation anil as a result of a slnlscit realignment of companies and asse ) z within the group 
• • v.enoA'Kj^ibaopoiritairtr.vivniialifiedQiarteredAcco'jntant. 

The raraonati'ii&esw^irduoarne production or {lie.wmual budget and plans, -lash HowsLitemeriis. management 
3M tinarip.sl aci cunfc <••«! ad hoc t.>T?3tJga‘icr.r The peunriatty requirements are jhoa <v an autgOKg njtijie 
^iid ill# d&ilib.'to.comrn.uri'ca'eeHer'i-.eiv AtthrtllBaEuesfrori-. older disoiofine:. 

This' is Lbs first step cn a career path with aaditiona! att:aci-/e oenefils jnducifif, pension scheme, medical health scheme 
- ' and ion; weeks holiday 

• Interested candidates should apiift. Id our Conwlbnio: 


AccoiintaDcy Appointments 

115417 Can i:on Sfreci: London-ECAN oA-X/Teleplionc 01-623 9111 

: l;;( )N:0(i)X VOKIl J C 1 A (T J 1 ' ' 


-uGA 


NEWLY-QUALIFIED 
CHARTERED ACCOUNTANT 

r.her advertisements bn this- page may offer post- 
al ify in g experience with large practices or 
ustry. but have you considered joining a rapidly 
pending, four partner City practice, with a 
ew to eventual partnership? The successful . 

^ ndidate must have a good examination record 
id be hard working, a good mixer, able. to take 
sponsibUity and financially ambitious. We are 
ering a good salary, bonus, four weeks holiday as 
'll as good all-round experience. If you think 
:-\u can accept the challenge , writejto 

non N oa kes, Beavis Walker &. Co'., . 

. • New Broad Street, London; :EC2M I LR 


Contact; . 

■Michael Fowle, Staff Partner,' Peat Marwick MitcheHS Co. 
1 Puddle Dock, Blackfriars, London EC 4 V 3 PEL A ' • 
TEL' D1-23B 8iXX> :7 


■r. 

' Vi* 

a .. *■>::** i ■'? 



Age 24 


to £8,000 + benefits 


A famous international institution, offering a complete banking 
service ro commerce and industry, is currently seeking several 
young qualified accountants to' embark upon a career within the 
group. 

. initial assignments would He probably within the influential and 
sophisticated audit department (although outstanding candidates 
with particularly relevant experience could be of interest to the 
Corporate. Finance Department) and progression from that point 
will depend entirely on merit. 

Nigel Halsey 
Chichester House - 
ChichestPr Rems - 
vyCZA. 1EG 
TeL Qt-242 577S 


C 



p 


The newly qualified accountant’s 
dilemma: one firm looks so much like 
another — from the outside — that it is almost 
impossible to tell them apart. 

The right choice can place you in an 
environment where you can develop and 
have the chance to specialise, and where you 
will -receive encouragement to progress. 

The solution? 

A firm like Coopers & Ly brand, that 
appreciates the effort it takes to qualify and 
values the practical experience you gained 
-on the way. 

A firm which allows you to consolidate 
that experience on major and small client 
assignments, as a leading member of a close- 
knit audit team. A firm that will involve you 
with people and their business. 

A firm which concentrates on individual 


development, and has a real interest in post- 
qualification training. A firm which operates 
a career-counselling service based on de- 
tailed regular reports, and offers more 
responsibility as soon as you are ready for it. 

A firm which is realistic enough to 
appreciate that you may be undecided about 
your longer term ambitions, wishing initially 
to develop your experience and to extend the 
range of options available. 

A firm which can offer you overseas 
contracts if and when you want them. 

We would like to meet you to dis- 
cuss your requirements and how we can 
satisfy them. Please write to: Jeremy 
Spurling, Abacus House. Gutter Lane, 
Cheapside, London EC2V 8AH. 



Is 


l/mtkai 

Btcffi'M 

Binninghitr 

HrisLol 


Cardiff 

toipRhy 

Jrdir.burgh 

GLifguw 


Lerfi" 

Li\ eipwrf 
Manchester 


Midrife«hrpugh 
.V* ensile iipi.li Tyne 
NV.rtharnpiKi 
Vitrinpham 


P**3din^ 

Sheffield 

St-uihamphw 

Wellingborough 



1 






7 Financial Times Thursday 


NEWLY 

QUALIFIED 



FINANCIAL CONTROLLER 
DESIGNATE 


Salary from £7000 depending on age and experience 


Our client is one of the largest and most 
prestigious public companies specialising in 
Lloyd's a n d International insurance broking and 
a l lied finnriHirl BSTvioes-HBy now wish to 
strengthen their financial management team by 
appointing a deputy to the Financial Controller 

responsible ior the subsidiaries of the UK 
operating company. 

The task is two -told. It consists iirstly of 
servicing the UK subsidiary companies, preparing 
management and financial accounts, acting as 
Secretary far statutory matters, dealing with 
auditors and giving financial advice to directors. 

Secondly it involves carrying out fincncicri 
analyses on behalf of the Group's security 
committees to evaluate the standing of the many 
companies world -wide with which the group 
has business. 


You will bean AC A either newly qualified or 
already war long to financial services, ideally in 
insurance. 

Demonstrated success in the post is very likely 
to lead to you succeeding the present Financial 
Controller The Group's sine and standing ensure 
excellent opportunities for progression thereof tec 
Your name will not go forward until you 
have had a hill briefing and given your consent 
Please send a summary of your employment 
history, achievements, current remuneration, 
age and a day time telephone number to: 

R.H. COOKE 

Business Development Consultants Tfccruilroaal 
(International) Limited itcoiuwd m iht UK. 

26 Dorset Street, 

London WIM3FU 


MerdmntBank 



Accountants 


a£7000 


Hill Samuel & Co. Limited is one of the City's principal Accepting Houses 
employing some 4,000 staff in the Group with subsidiaries in Australia, 
Germany, Hong Kong, South. Africaand Switzerland. 

In extending the role of our Internal Audit Department to encompass all 
parts of the Group worldwide, a number of new appointments are to be 
made. We are seeking to fill t hese with recently q ualified Accountants, 
who are probably- stiff in the Profession and who are capable of making an 
early contribution to the quality and effectiveness of our financial control 
systems. Essential qualities include the ability to deal effectively with 
management at all levels and to be capable of working independently in 
planning and carrying out operational internal auditing. Some travel to 
overseas parts of the Group is involved and a working 1 knowledge of 
German would be an advantage. 

This is an excellent opportunity offering a view of the Group from the 
centre which, depending on achievement, will provide the scope for career * 
development within other areas of a major Banking and Insurance 
organisation. Salary will be negul iable around £7000 per annum and 
outstanding company benefits include subsidised mortgage and luncheon 
facilities, non-contributory pension scheme, free life assurance and BLIP A 
membership. 

Candidates should apply in writing with brief details of their personal 
history, qualifications and experience to: — 


P. G. S. Coulson, 

Senior Personnel Officer. 
Hill Samuel & Co. limited 
100, Wood Street, 

LONDON, EC2P2AJ. 


Jlfeu/ftj QuaMied ? 



A few facts you won't find in the books 


T) those accountants who br-Iieve that 
government work fc "just badkioom. book-keeping or. a 
grand scale’' the fact*, could come as a surprise. For 
example, asnlnbuling n front-line policy decision:, 
along with adniuminators, other professional:-, 
industrial and public leaders, is a typical activity And 
the ha that govern inenl accountants, corner iiea 
principal!;- with current issuer of national mere.: and 
importance, hoi's mere 10 da with factories and 
Phantoms, oil and consumei puces titan with rliv 
columns of figure-. 

Anotlier surprising element i- tin? w«de 
acers-seaion of viarV expet iericeci ky govemmen) 
accountants who could be mvak.-ed in high-level 
contrad negotiation, investigative accountancy. rl-.? 
development ot management accountancy syiteir- 
Tlteit advice and recommendations tairy cons,CRt<-jt;ie 
weight at the higl esl level:.. 

Wl rat all tl v? facts add up la. is a p-ogret a 
career where professional talents are developed and 
fully utilised and where business judgement and 


e 1 pp' ‘fines, as well cs accounting e rperiis* are in 
constant demand fcv poiic/mat-.ea oaoss llie entire 
tang? cf government odivity. 

mere are oppartanrlies in the headquarters 
cffioss of departments ir, Loitaon tor whch application 
i'.ht. be mack: at any rime laaddition. ih^vearear 
present wxonoesin Basingstoke, Bootks, Bristol 
Cardiff. Owif-rnii. /Vlondestei and Southampton \ \t 
si ; a closing dare for applications is oth Ocrober 

1 978 . 

Storm -g viiar b?M*en £ 4.385 and Co ISO 
ta:o 3 rdi-.g to lerohon rige node ■■penerv.ej and 
pf'MViOiion prospects to £ 9,000 and a bo--? 
Appcntmenisai e pen snnab la andean be permanent 
o« lc« o lived period. 

If \ ou a>e eligible for admi:«icn as a Chari*? ed, 
'.unified. Cost and Management or Public Fnvjn:e 
Accountant, write to Judy Waghton. 

Civi I Sen , ke Commission. Alencoi i link Basingstoke, 
Hauls FG 2 | f JB or telephone Iter an Basingstoke 
t 025 bj 29222 e»t 483 . Please quale GQ 59 QT 1 . 


Wtk RECENTLY QUALIFIED 
+J ACCOUNTANT 

with Line Management potential 

Maidenhead . c.£7,500 

As a result rf manufacturing high quality products, aggressive’ marketing 
and the development ol financial awareness throughout the management ’ 
structure, our client , Black & Deckerhas achieved a continuous and impressive 
growth rate over a long period and is determined lo continue this trend. 

As a member of l he Management Investigation and Audit Function, the 
successful candidate will join a department which reviews operations over a 
broad spectrum and demonstrates a high degree of originality in its approach, 
both m the UJC. and overseas. 

Candidates, probably in their mid-twenties, will be qualified accountants 
who possess both strong personal presence and the seU motivation which will 
enable them to identify with the company's dynamic management style. 
Tec hnicall y strong, it is essential they can Communicate effectively at all levels 
and bring a creative approach to the function. 

Success in this appointment will lead to a senior finance or general 
management position. 

If yon believe you possess the qualities to meet this challenging 
appointment contact Nigel V. Smith, A.C.A.. quoting reference 2227. 

^Douglas Uambias Associates Ltd. 

I ™^ ulimen ' Consultants, 

f *i 10. Strand, London Wc 2 FiONS Tel. 0I-83i5O5gi 

■ 2 * 51 Vincent Street. Glasgow G 2 SHW. Tel: 04 1 -226 3101 
Coates Place. Edinburgh EH 3 7 AA. Tel; 031-225 7744 


International 

Management 

Auditors 

c £7,500 + expenses 

British American Tobacco is the free world's largest tobacco 
company with operation* in over 50 countries and a turn- 
over in excess of £ 0.000 million. 

IFyou are single- a Chartered Accountant and aged up to 26 
then we can offer you a career with this British owned 
company, ha > n match in life style and interest. 

Most of your tim<? will be spent overseas with all first class 
travel and livin’-' expenses paid. The work nor only offers 
experience in management accountancy procedures and 
techniques,' but also opportunities to become involved in 
line management and a variety of special assignments. 

Career prospect* excellent since this is our primary 
Mjurce of Chartered Accountants into the company for pro- 
gression to senior accounting/finance functions both in the 
U-K. and oversea? - 

Pleage reply giving brief career details to : 

A. West, Esq. 

BritishAmericnn Tobacco 


likeall good things we deserve a closer look. 


jr 


LONDON SWIPJJG. 




BAT 


Ambition 

A much abused word, but it has 
importance. Importance to us and for 
you'. Probably you think of yourself as 
bright, capable, keen tu get on — 
AMBITIOUS. But can you fulfil our 
requirements? Something like — 

• • a good academic record that led 
to qualification? 

: • the drive and enthusiasm to put 
lhat knowledge into practice? 

• the intelligence and commonsense 
to appreciate clients* difficulties? 
.. • the flexibility and initiative to 
tackle problems as they arise in 
a top firm? 

- • personality — how do you com- 
, . niunicate with colleagues and 
clients? 

0 can you inspire and motivate 
your fellow staff? 

If you think you can, then talk to us 
about it. .lust write or ring to tell us 
briefly about yourself and your abilities. 
-It's quite easy. 

Hie address is: 



’V 


V 




(M 

km 


1 g 


- M 

' / /<&■ 


wjisc "I'-t / ; 

e-jen er-d every midi victa-si. 

-A n d ; h e i r ; } e r j c ? i v n o f r, e w 
’■* ideas arc exyeri jrice .u:',c arneiuai 
\W- ro the devefop.'T.eni o' every 
| .j. accounrd.Tt wMojOirscs 
p-A -S *"0 r a Cioser 'ock - 2: cur 

■£B§ ! approach srd !he opportcr.ines we 
offer write co John Crioin'ieiey rn 
London for a copy of ber .'eoruilneot 

br ch u S gjn^gr Hamlyn, 

s . St. Bride Sireei. London. EC4A 4 DA. 



JovolyneLayton-BainettiScCo, 

Metirpolis House, 

38/45 Tottenham Court Koad, 
London WiP OIL, 

Or Telephone 01-636 7777 


If you have passedyourPBI orhaverecentfyqualffted, arid 


«:-.lnn-n si |[;I;[| 1 1 1 I *1 Vi' r • lM * t fz*A *?- liT* Jii*l»TSiS iTP: 


and wide variety of r^pondUjitihes*^ youshouJd phaieone >'• . . ’• : : 
of the partners listeefbacwL : : '7 c, • . . - 

' : XI 


NEWLY QUALIFIED 
ACCOUNTANT 


Hall-Thermotank International Limited, a member of the APV 
group of companies and one of the leading organisations in 
the Refrigeration and Air-Conditioning Industry, have, as a 
result of expansion, a vacancy in the Financial Administration 
Department for a young qualified accountant to work in their 
office at Dartford. . 

The position offers the right person a chance to progress into 
a business career. Responsibilities will include the develop- 
ment of internal auditing centrally and support to a regional 
audit throughout the United Kingdom; specific financial tasks 
such us price applications to the Prices and Incomes Board; 
the maintenance and improvement of standards of clerical/ 
administrative financial instruction for 28 profit centres will 
also be an integral part of the job function. 

Applicants should .possess good communication skills, both 
written and verbal, together with the initiative. Interest and 
acceptability to develop the creditability of this new .central 
role. Salary will be commensurate with a position of this 
standing and will not. act as a barrier to the right person. 
Benefits will be those associated with a large and successful , 
organisation. 

If you are interested this position and would like us lo 
send you an Application Form please write or telephone: 

The Personuei Officer. 

Uail-TherzDOtank International Limited, 
Dartford, Kent. 

Telephone: Dartford 27222. 

B Hall-Thermotank 
International Limited 


London 

015883504 

Chelmsford 
54402 : . 

Redhllt 

65451 

Wertford 

48134 

Frinton 

2740 


Paul James 
Tom Griffin.. 

Peter Lodge ; 
Harold Artseil 

George Martin 
Jeff Hollis 

Fred Parslow'.- 
Terry Malone" 

JoeCawdiy/ 


CheJmsfarf 


L±ondori-V 7 ’ - ' 7 

Si/ . A- 



RUSski jTtT.T M kR HiEK. - •. RedhIIl/ 

ChwieredAcamntfnits, ■ ■’ 

2 Broad StreetTbco, Kiffllmiy Qrq^ LandosrEdZM 7E3P. ■; 


% 


Who are we ? 

We are a nine-partner West End practice; and 
pay ABOVE-AVERAGE SALARIES; because we 
insist on the HIGHEST STANDARDS. 

Fur career ndvancemant, contact the Staff Partner. 

GOODMAN JONES & CO; 

61 PortTaiiti Place, London WIN 3AJ 
Tel: 01-580 0083 


ABLE QUALIFIED 
■ASSISTANT 

Required by two-partner firm 
of Chartered Accountants near 
Chancery Lane underground. 
Goad variety of medium-sized 
work available. 

Salary Y6.000-C7.000. 

Piecjf reply la Se> 4, 

Financial Timet, 
ffl Carmen Sire?*, £Cap iRf 


BARCLAYS 

executive appointments 

We have a number of U.IC and 
Overseas opportunities for 
newly qualified Accountants. 

Far tfif immediate and tenddential 
appointment contort at:-— 
D*vMt*Wre street, W|. 
Tciophona 01,935 3115 


-y: a 


\/f 

; *J 1 

f mi 





Me 


you 












financial Times Thursday September 2T-197S 



ACCOUNTANCY APPOINTMENTS 


NEWLY 

QUALIFIED 


Vfe^ekxsJdngfbr 
newly qualifiedaccountants 
who are antt^r way up. 

Passing was the first hurdle..- 
-• Building your career is the sec«Jd 
That's where wc come ia 

Because we can offer you a Balanced progressive 

. career in a firm that has grown dramatically over die past few 
years, fc has grown through qualify: the qualify ol our services, 
the quality of the people prodding Them and Lhe quality of our 
training. And because we care about euer> ? individual. 

With us, your efforts will.be welLrewarded. your skills will 
be developed, your initiative and achievement will lead to 
greater responsibility'. And you can reach the top. 

So, if your basic training and^ttperience arc good you 
could get on the right ladderncnw -^talking to us. 

Contact- • 

Dick tlsam, 55 Mew Oxford Street, London V.-ClA 1BX. 
tOI-836 5600). 





Mann Judd 

Chartered Accountants- 

Birmingham • Bristol • Burnley' ‘Cardiff • Dartford ■ Glasgow • London ■ Manchester 
Newcastle ■ Newport ■ Plymouth ■ Swansea • Wolverhampton 


sn. _ <v 








* 




. -y. ->• ; ■’ 


Stevenage or Bristol \ 

The confidence customers have in cu/4<lvanced technology \ 
products is reflected in the contracts \\c continue to win -especially fri 
overseas markets. • ’ \ 

This means secure and rewarding employment within our 
Stevenage Bristol Division with excellent long-term carcerprc^pccls arid 
opportunities to work overseas. ' 

Wc can now offer newly-qualified young men and women the 
lol lowing positions. Commencing salaries arc open to negotiation but 
will not be less than £4.000 p.a. 

Internal Auditors 
Systems Accountants 
Management Accountants 
Financial Accountants 

.. Join usand contribute to our continuing suclx-ss. Tofindout where 
you fit in, contact- ' 


David Baines (Ref: C589) 
Personnel Officer, 
British Aerospace 
Dynamics Group, 

Site *A‘, Six Hills Wav. - 
Stevenage. Herts, SGI 2D A. 
Tel: Stevenage (0438) 2422 
Ext. 3280 . 


Michael Cross f Ref 106/M WAC), 
Pcrsonncl.Offieer, 

British Aerospace 
DynamicsGroup, 

Filton. Bristol, 

BS99 7AR. 

Tel: Bristol (0272) 693831 
Ext. 778 



-j£> : v ■ 


- c .‘t- .= 7V- rf, 

: • >V • 3 ' /x 



- n.ita 








accountants 

your career starts now 


Wc arelookitjgfomewlyqiiaHficd chartered accountants who want 
to broaden their experience and believe they have potential to reach 
the top. Please note that wfc place a high value on thctjld fashioned 
virtues of integrity, hard work and competence. But; those apart, . 
there is nothing old -fashioned about us, otherwise vye would not he 
one of the leading accountancy-firms with 20 offices throughout the 
United Kingdom. Through McLiritock Main Lalrcrit 2 ,our , 

international lifm>whichhas offices in countries all over the world, 
weareable.to serve our international clients. 

We emplpy our own full time training staff wh o organise a 
comprehensive training programme "which can provide you with 
good past qualifying education and management training. 

If yon are recently qualifiedand feel equal to the h igh standards wc 
set ourselves, bat are stifled byy our current, possibly limited 
horizon, please write to, dr telephone, in the first i n stance and tor 
.my location, Jackie Mundy. _• 


Thomson McL»ntock& d6. 7QBnsbury Pavement, London EC 2AlSXTei 01-6383777 





Financial 

Training 


TUTORS 


LONDON 


£ 8,000 


Financial Training is larger than it*- next two competitors put together, yet the 
number of people wishing to employ our services is increasing all the time. No 
matter whether they are concerned with accountancy, stockbroking. banking, 
insurance or the law. whether the/ are from large businesses or small, students 
or senior executives (including the partner* in the leading chartered accountancy 
firms) they call on Financial Training to help them pass their exams or to keep 
them up-to-date in a quickly-changing world. 

They insist on us because we are* the best. In London 16 out of the top 25 
accountancy firms insist that their students come ro us for their Professional exams. 
They know the success-rates of their students with us — they know that Financial 
Training students have been placed first in the last 4 PEII exams, and in 3 out of 
the last 5 in the PEI — they know that our students have won a total of 75 prizes 
out of the 117 awarded by the PEI and II ever the last 2 years. 

Our problem is that we cannot accept ah who call on us. We have been at the 
top of our business for 10 years and we know we can only stay there by expanding 
in line with the capability of our skilled tutorial team. We are not prepared tc 
endanger the service provided to existing clients through reckless expansion. 

To enable us to cope with extra business in 12 months time, we are now looking 
for talented men and women to jo(n this exciting company. If you are a qualified 
accountant who prefers dealing with people rather than with figures, if you are 
quick-thinking and ambitious, if you are prepared to work hard and are under 30 
(our students demand tutors who still remember what it is like to study for exams) 
we would like to hear from you. 

If you come to us with no previous tutorial experience our immediate offer is a 
salary of £B,000 with bi-annual reviews. BUPA cover on the highest scale. 28 working 
days holiday, the opportunity to improve your technical knowledge beyond your 
wildest expectations and the chance of testing yourself against the highest calibre 
students and tutors in the country. If you are good enough to be with us 2 years 
later, you will be rewarded with a five-figure salary, a £5.000 company car and a 
non-contributory pension scheme. If you are already trained as a tutor, the starting 
salary is commensurately greater. ■ 

Our limiting factor is not demand — it is tutors. If you can help us solve our 
problem, please ring Bill Kemp on 01-960 4421 or write to him at 136-142 E ram Icy 
Road. London WIO 6SR. He will, of course, treat all replies in strictest confidence. 

LONDON - MANCHESTER -LEEDS - JERSEY - BUXTON - SHEFFIELD 
BIRMINGHAM - NEWCASTLE-UPON-TYNE - DUBLIN 


CENTRAL FINANCE DIVISION 

Accountant 

£6,060-£6,513 Ref.: 1829 

The Central Finance Directorate is seeking a 
young qualified accountanc for 2 post I which 
arises following the promotion of the previous 
holder > invoking a wide range of financial work. 
The position would suit an ambitious, strongly 
motivated person who wishes to develop his/her 
experience in a dynamic and challenging 
atmosphere m one of Britain's premier Hew 
Towns. 

Previous public sector experience is no: essential 
but the possession of a degree could be an 
advantage. The appointment will be within the 
salary scale quoted above and the salary offered 
will depend on the attributes of the applicant. 
Further details of the post can be obtained by 
telephoning Milton Keynes |090B) 74000 and 
asking for Mr Parsons on extension 321. 

The Corporation's Conditions of Service include 
removal and legal expenses, settling-in and 
separation allowances, a minimum of 21'. days 
annual holidays plus 2? days Corporation holiday, 
free life assurance and choice of superannuation 
schemes. 

Full/ detailed applications, quoring the job title 
and reference number should be sent to the 
Personnel Manager by not later chan 4 October 

1978. 



Milton Keynes 


Development Corporation | 

Wavwidon Tower Wavendon 
Milton Keynes MK17 8LX 




■.*' • %*:■ vSfeij* . •• -V 

i • r- <--4‘ 4* - ■ 


twelve „ 




• •••■ •- ,\> /* -v ... ‘ * • v: 1 *s *. 


Early Responsibility 


m an 


Hurdman and Cranstoun is a Ion" slanding 
international firm. Our European structure, 
with offices in London. Geneva and Brussels, 
promotes a genuine interchange of thinking, 
ideas, philosophies and manpower. 

We require ambitious youny Chattered 
Accountants for our London office, who are 
prepared to travel in the UK and Europe, to 
carry out audits in compliance with United 
.States auditing standards and accounting 
principles, as well as those established in the 
UK and other European countries. 

Our training programme ensures that staff 
members arc fully aware of all international 
accounting and auditing developments and . the 
opportunity exists to transfer for a year Ir- 
on e of our United Stales offices. 


We will pay above average salaries 
attractive benefits for the right people. 


Write in confidence or telephone 
Trevor Pescud on 01-24*2 20Sfi 
HURD?.! AN AND CRANSTOUN 
.Chartered Accountants 
4445 Chanec-rv Lane. London WC2A 1JB 



with 


Opportunities 

—Nationwide— 



Associated Firms 

Dubai -Audit Seniors 

W* rtoulri two audit union to work with our Middla Ean — oei- 
mm bawd In Dubai, Initially for a two vaar tour, although ma con- 
tract could ba ajrtandad by mutual acraamit if datirad. Arabic It 
not necatnry t> moat of tha work o conducud in Engltth, Tha 
work wfl I involve general advice and caneultancy, and e«p«ritiwe 
aim >da tha field of our* auditing would' ba utaful. Tn* joignmemf 
are to nan at ioon aa poaible. and banefht will indude an mrac- 
trve tax-free salary offering good laving potential. Ire* lurnltnad 
accommodation. ■ ear allowance and annual UK holiday) wftt air 
fares paid. Candidotas, pra I trebly unmarried, rvfll have ihi ooper- 
tunlty to enjoy an active social Hie. 


Computer Audit 

London -Manager £7,50Oupwflrds 

Our National Computer Audit Department haua an Interesting 
opportunity In London tor an ACA, You should have gond pan- 
oualiflcallon experience of auditing small to medlumeiteo com- 
panies. preferebly wl|h a larger firm. Computer Auditing e»paH*nca 
a not essential, as full training wdl be green. You will lecture at 
internal coursas. and. wdr have the opportunity to iraiel mdaly 
throughout tha UK. 


Training Department 

Bradenham/London - 
Training Officers £6a500'£6s500 

We neid two training officers lor the training deportment. They 
should be qisalifiad to ACA level, age 34*. with al least one year's 
quelHIad n parte nee m audit and aceounrs. ReutOnsibllitiBS include 
lecturing and instructing on 'In^iousa* coursei ar Braden hem Manor 
and ocasrenaMy at regional can i ret. research and preparation o! 
course materiel, course planning: assisting with development of tha 
firm's training programme and with some areas Of the department's 
general administration. There are opportunities lor research work 
in the field ol technical development. Training win be given ,n 
public speaking. 


We have other career 
opportunities in our 
offices throughout 
the United Kingdom ! 


How to apply 

To apply for any of these appointments or to receive 
a copy of our informative booklet A Ctrear lor Qualified 
Accountants and Specialists .write or telephone to: 

Peter Hubbard, Secretary (Staff ) 
yi i • Fairfax House, Ful wood Place, 

I London WC1V6DW Telephone: 01-405 8422 

(j []J Build your future with Thornton Baker 


TkcnfanEwMr 1 


"•I ’ '■ ACmt-nr 
I ' OjaroccAeDauttaafa 
: i find Srttuateta 

l ‘ 


Your recent success will start paying off immediately 
as a Company Accountant in beautiful 
Buckinghamshire. As a company enjoying continuing 
success in the design and manufacture of medical 
instruments, our client exports 85% of their products 
to an established international market. Consequently, 
they require a recenily-qualified accountant, ideally 
with practical commercial experience gained in a 
manufacturing industry to supervise and develop 
their financial and management accounting function. 
A manual accounts system is in use at present and 
you should have a knowledge of management 
account^, monthly and annual accounts, cash flow, 
profit forecasts and budgets. Of course, this will all be 
very much fresh in your mind and your qualifications 
will have spurred on the energy and enthusiasm we 
expect in this position, which has direct responsibility 
to the directors. 

In addition to a salary, negotiable, of at least £6,000 
p.a. for the right man or woman, benefits include a 
contributory pension scheme and relocation 
expenses, where applicable. For details, please 
telephone or write to: 

Jonathan Baume, 

PER, 105 St. Aldgates, Oxford. 
Tel: Oxford (0865) 723216. 

^pphcaiions are welcome Iromboih i 
ana women. 



Professional. 
& Executive 
Recruitment 



A Medium Sized Firm 

OUR OBJECTIVE: To offer our clients, both 
large and small, a personal service to the 
highest standards. 

OUR APPROACH: To involve our staff at aH 
levels with our clients’ problems and to 
encourage the early acceptance of i esponsibility. 
We remain a firm V here partners and staff are 
all known to each other and personnel managers 
with rule books do not intervene. 

OUR OFFICES: In London we are 100 strong 
and have specialists in Personal and Corporate 
Tax, Computers and Insolvency. We also have, 
offices in Birmingham. Guildford. Harrogate. 
Leamington- Spa, Trowbridge, Warwick and 
Yeovil. 

CONTACT: John Cox 

Howard. Tilly & Co. 
Commonwealth House 
1 New Oxford Street 
London WC1A 1PF 

TELEPHONE: 01-404 5541 ' -“l‘ - ‘ ’ ■ ' 







NEWLY 

QUALIFIED 


ACCOUNTANCY 


v ~ " Financial Times Thursday 

GENERAL 
APPOINT M ENTS 









profession— 1 

EUROPE . to £11,000 
Major ' infffnitionil liruis 
urgently require new CA$ 
for their offices in MILAN. 
HAMBURG. ROME. HAGUE 
and BRU55ELL5. 


PROFESSION-2 

UK (Provinces) to £6 ' Wa 

National, international and sizeable 
practices, require seniors in SCOTLAND. WEST 
COUNTRY. ANGLIA. N. WEST. MIDLANDS. 
WALES AND N. EAST. 

PROFESSION-3 

COMPUTERS/TAX/INVESTIGATION 
Large internationals offer first-class Training 
and experience in ail specialist disciplines, 
together wirh outstanding career prospects. 
For details of all professional opportunities 
contact R. N. Griffiths. 




•BLUE CHIP* GROUP 

H.O. ACCOUNTING 

London £7,250 

Ambitious young accountants, with this i4Q0m 
group (part of an international quoted group) 
will use sophisticated reporting systems in 
the preparation and interpretation of manage- 
ment information. Occasional UK travel is 
involved and the career prospects are excellent. 
Concact Miss M. Williams. 

‘BLUE CHIP’ AUDIT 
QUALIFIED/FINALIST 

London SWT to £6,000 -i- Car 

free lunches 4- benefits 

This £ 1.500m quoted group has H.O. vacancies 
for an internal auditor. There will be some 
overseas work and the sryie is one of appraisal 
— not * treking It is company policy to 
promote from within and the career prospects 
really are good. Contact I. T. Williamson. 



Reginald Welsh & Partners Limited. 

o 

.Aceounfancv £■ Executive Recruitment Consultants 
1-3/4 Newgate Street. London ECIA 7AA Tel. 01-600 SSS'< 


a- rfrr.: : . »■' v . ;.■> , •» -r.:^ 


AUDITORS 

TO £6,000 

Want variety and quick pro- 
motion? Can you communicate 
at all levels? Do you have an 
accounts background and want 
to join an expanding firm of 
Chartered Accountants working 
from a base in the West End. 
Don't hesitate, make that 
decisive phone call now! Ring 
Roy jessep on 01-828 8055. 
Churchill Personnel Consultants 


• NEWLY QUALIFIED 
ACCOUNTANT 

An eieabiifbcd timber company has in 
exciting opportunity lor ismsone 
inwosred in 4 permanent position. 
Excellent laJiry. pension. BUPA and 
Mssibility of directorship in near 
future. Write, stating qualification!, m 
first instance, to: 

Boa A.64B3. Financial T unri. 

JO. Cannon Street. ECdP 4B*. 



TTirrp year* hard work and dedication hare brought their rewards: a 
Sniid PE II and a iti<tillabk st-nsr of atlii«?ven;caL But success 
has brought iv'w prnblvms-you now know ,-nough about account - 
aiuy t** realise ln»w much more there is to k.-irn. how many different 
paths there are to follow. 

So where do yiwt go from h*-re? 

As a first step, consider it move to Knbsuit Rhodes. We am .1 niediuni- 
sin-d firm and. as such, can oiler the ambiriiius young account. tnl a 
rich variety of clit-ni involvement but in addition Ute uppurt unity Ln 
participate in a proff-v-innal development programme which offers 
scope fur specialist »-xp»rience. external secondment and overseas 
emplnymeril. fully supported by our excellent in-house training 
programmes and lechnical publications. 

Abn\e all. we will lake a genuine in teres l in the development of ynur 
Career and will help you to select a path best suited In your 
personality. talent* and ambitions. 

U >nii would like to know- more about u>. write to the Staff Partner 
at ffjh L icy K< tad. London EC IV 2»\ L- with dr t ails of your career to dal c. 


rftefaen dR/wdcj 

Offices in London, rhe Midlands and V.,-n Yuri: «J lire and - 
Dunwondj. Rob =op.. M. Gkidrvy :ir.d Puller. - in most ol the world'.- J 
11 wj -r trading cent r- • a. V 

_ 


\ 

Newly Qualified Accountants 

YOUR CHOICE | 
IN LONDON j 

GENERAL PRACTICE. Audits of small, medium and large I 
private and public companies at senior-in-charge level after j 
initial training. ■ 1 

TAXATION. Own allocation with mixed personal and 
corporate cases, supported by internal courses and ATT! 
study facilities. 

INVESTIGATIONS. Opportunity to specialise in analysis and 
report writing for acquisitions, mergers, financial reports for 
banks, viability studies, etc. 

CONSULTANCY. Opportunity to train for assignments 
advising clients on organisation, accounting, control and 
management information systems, computing and decision 
making. 

COMPUTER AUDIT. Opportunity for twelve-month second- 
ment to systems review and implementation of newly 
revised computer control questionnaires on wide range of 
applications, leading to audit or consultancy. 

Please write with career details or telephone David Fowler 
on 486 5888. 


Stoy Hayward & Co., 
Chartered Accountants, 

54 Baker St. f London W1JVI 1DJ 


Get the 
right partners 


For a successful career in accountancy 
having the right rapport with your firm's partners 
is essential. 

Dearden Farrow partners have the experience 
to guide and instruct; a valuable advantage to 
be considered by both students and qualified 
staff.We also have a planned training programme 
with progressive pre- and post-qualification 
experience. 

Prospective staff considering a move in our 
direction should get in touch with Geotge Bunney, 
our Staff Partner. 


=] Guardian 
5 Royal Exchange 
sl Assurance 

’Qualified 

Accountants 

Interested in a progressive career 
appointment with a Major International 
Assurance Group ? 

Developments within the Oraanisabon have created 
further vacancies tor Qualified Accountants in the 
Group s Finance Division. 

. Appointment would be initially to the Internal 
Audit Department which would provide a. 
-comprehensive introduction to the Group's 
■accounting svstems. Whilst on audit, the 
appointment would be London based with some 
travel, lor "hich suitable allowances w ould be paid. 
After J pproxinu tcly 2 years a transfer to other 
account in? departments, which arc mainly 
- established in Ipswich, is likely. 

The need is for Qualified Accountants up to age 55 
with initiative and the qualities of leadership who 
would be required to manage teams conducting 
internal audits in the Group’s offices at various 
location* in the British Isles. We would be prepared 
in consider recently qua lifted accountants seeking 
their first post-qualification appointment. 

: The commencing salary would be around f 6.500 
per annum, dependent on age, qualifications and 
experience, plus the Ravel expenses mentioned 
above. There are cxcellcnr conditions of sen ice and 
other generous stud' benefits. 

Applications arc invited from candidates of sound 
accounting and auditing experience, with leading 
firms oi 'practicing Accountants, ro whom wc can. 
offer a fti'iisfj ing career opportunity. 

Applies' ions in writing with full details to: 

Air. E. A. Noyce, Recruitment Officer, 

Guardian Royal Exchange Assurance, 

Royal Exchange, London EC 3 V 3 LS. 


CHESHIRE 

CHARTERED ACCOUNTANTS ; 

■•quire recently qualified chirte-ed Knunnna (certified it public 
crun-Mf) or possibly PE II finally. .. ... 

Applicants must be cupcr-enefd in modern audit techniques « mo’i-d 
to. small lomoinic'., t )v> prcpirauon of atcoutti tro-n incompic:: ■f'-o-rts 
and up-to-date company and business taxaoon. They must also be caPio'c of 
mpcmiiinjj the performance of work and of presenoBji epmpicrci/ 
documented work to a manage- or partner. 

TV Macclesfield office, where *h: successful applicanu~*ili *o-l. his 
50 pa-sonnei and wo-km^ cond't on* are excellent. 

Please write or telephone for a staff application form, eo: ' .•••• 

JOSOLYNE LAYTON-BENNETT & COj , 

Silk Home. Park Green, 

Macclesfield. Cheshire SK11 7QW. 

Tel: Macclesfield 28011 



PEOPLE . . . 


Qualified or Not — What Next ? 

EITHER WAY career planning and progression 
is important 

Wff offer a highly personal and confidential' service to help 
you find Ute right firm for >mir advancement 

PHONE NOW — MRS. BETTY LEES 
01-236 0042 or 01-63.S 375S/0 
OR CALL IN 

KEYRIflHT PERSONNEL CONS 1 I JT A NTS 

30/31. QUEEN ST., LONDON EC4. 


1 U DITAX 
I CCOUNTANCY 

Appointments 

f£ /TUUNlj 
nr /tNIHUilAiTlC. 
it COMPETENT 

HE / NEWLT QUALIFIED 
/ POST QUALIFIED 
1 P.E. II 

THEN LET'S GET TOGETHER I 
01-213 9863 

3. LIVERPOOL STREET. EC2. 


'L-i'.'Aiyf 


Now you are qualified 
the opportunities 
available 

can be confusing. 
Ensure your continued 
success with our 
guidance and expertise 

Accountancy Task . . . 
Force Ltd. 

21 Copthall Avenue. 

London EC2R 7BN. 

Tel: 01-628 7931 



c £6.000 
QUAL. AUDIT SNR— EC2 

c £6,000 

PA. TO PTNR. — EC4 

Audit; la*/Cl‘©nT Contact. 

£ NEG. 

QUAL ACA— W 1 

ludit/Accounts— young expand, nj firm 

•jaod_ opporiunities far p*-: Cut'-. 
ACA/ACC* £ lunio.-s m Cent'4- 
London areas. 

LONDON S leading C*'i ki-fs •« 
ijui-.h w,th us. to it's in racr iate*es; 
ro do she same! 

PHONE MI 55 PRYCE 50 N 
148 6071 

FOR IMMEDIATE ATTENTION 
ACCOUNTANCY ENGAGEMENTS ACT 


YuUKG ACCUUNTS 
PROFESSIONALS 

To £5.700 -r Benefits 

P-cstigioji fi-ns at 'nte'nat.qnai 
'-liji-ti-fd accauntanu offers * 
b-ighc l.jttt't to voung .sew'y qua'ifivd 
A l.t- s with good acadfT.ii and c*- 
scr.cncr records. Th s eoihoany n 'arje 
jnouah to Bur you who-e vou want :o 
a.-,d also ofle' free iniu-anee. fou- 
w«irj Jca*e. qxcrhenr r er - C j : , aaj i 
‘»:-Ut>cs *nd i very good onns'on 
•chemc. I suggest you call lames De 
now on ? 2 B *1*55 

Churchill Personnel Consul rants 


GENERAL APPOINTMENTS 





23 Dearden Farrow 

•• ; e m .3z .-■n ,• ; r *. " _ j rw, 

-.L: v '-s-iZ .C*r.rw% 5 :a^y- Vc’-.'nr. 


ALFRED T00KE & COMPANY 

Y 

We are an .expanding Mayfair firm .ol si* parrners and excellent 
offictS. Our clientele is varied and requires a high standard of 
wbrk. We need young people capable of accepting responsibly 
wfic will expect ro be well rewarded. The prospects are unlimited. 
Apphcaiiafli to:-— 

The Staff Partner. 

ALFRED TOOKE AND CO.. 

8. Upper Grmvehor SCrect, London V/.7 
or 0M93 3621 


W 

director 


A loading L1K manufacturing company with a tumowr or approximately 
£15m, and located on the SE coast, is to make a Board appointment. 

Rcportingto the Executive Chairman, the individual appointed will 
participate fully in the decision-taking of the Board. The major 

responsibility will be the planning and monitoring of the Company's 
activities, with particular reference to the quantitative impact of the 
decisions taken and the initiation and operation of the relevant control 
procedures. 

High professional qualifications a T r expected’, : although the precise 
discipline is not a major consideration. Suitable candidates might have a 
legal, secretarial, financial, business or economic background. 

The successful candidate is unlikely lo he undec 40 years of age. An 
attractive five-figure salary with a Company car and pension is offered. 
Applications including a typed CV should be addressed to: Mr. I. D. John 
Interlink Advertising limited, 63/66 St. Martins Lane, 

London WC2N4JX. 


MERCHANT BANKING 


£7,M0-£ 10,000 

0>j>- cl ^nc. » mcnbrr of the Atccpcing Houie Cam nut to. lrn |, 

Chartcrrd Accountants ind Conunorciai Lswyon with 1-3 , j.'.duwc 

.■tpcn.nci in U» Ptofcss.on ttnowleOgc at at i?«t one Europ!-i" «An*u»e-. 

r«:s„ b :,K , °" r r m "‘ ma ~ ,a ■ ...»»«»- 

Picnic write; .Bercsforrf AhocicTci Ltrf.. Bn* A httj; 

Financial Tima, fO. Connon Strert. £C<P <Rr " 


EXCHANGE 

CONTROLLER 

INTERNATIONAL BANK R60UIRL5 
8 OF E RECOGNISED PERSON. 
* 2 »d JO x 10 fee h n d of fttnlcini; Arcs. 
•Doe /Credits experience. 

Salary nesotUble. 

0 s. CONSULTANTS 
•21 M2B 


*n 'operates its 'extensive and diversified business worWw^ftom^ 
- established posidon in the free enterpr.se sector- of ; the; UK 8 
ecohonw. -Within the broad field of meals and engtn^h^-Ebe 

employs some - 80.000 people and manufactures and supj)I^ Y^e-; 

i^nge of produces to industry and direct: co the conspn^ 

aims co rhaincatn its reputation as a decentralised organisation St/q^g m 
financial and technical resources, responsible in its employment ^pplici^^ 
and mindful of its obligations 10 the-community, ... .-.L' 

T 1 are seekir® a man or woman to develop and direct the.pyb|K relsHons 
policy of the Group. Based in London, the person appoiritfi^vy^.repq^^ 
to the Deputy Chairman who is also a Managing Director oFtte Groi^j; 
and will have -efose contact with the Chairman and the other Grcnip.: 
Managing Director. He/she will head a small professional teatn and-wfil: 
support DWsi 6 oal Chief Executives in promoting i^ir n^rls^ihg.ptais 
as wdl a^ihe P^sonnel function in employee commdnication. • 

Any applicant te’-the position must be convinced of the ■effiwcy^aiid^ihfe' 
importance' of. the free enterprise system. - 

Likely candidates will have already attained success, in their. ChOsied 
careers and . this- degree of maturity required ind icates a pirosofi-aged' 
between 40 a^f 50 . PR experience in a large industrj^ orgjnlsatkitT jS:; 
desirable. : y.A>U .X A-- 

Agreement off' an attractive compensation package. ^ 
problern to the'fight person. -,.T ? : : ^ 

Please send yoaf. written applications in stria confidence, ^quoff/ig reference. 
FT/PR to: \ - 

TheDe^uty Chairman, Tube Investments . 
^Bridgewater House, Cleveland RoW,; . . ^ > 

' St. James’s, London SW I A IDG .; i t ' : 




The Instituteof Chartered Accountanfe-LoRdon 

. ■ ft' ‘ ■ v ’- - 

TheTechniral-Directprate of theIn^i^JteofCharle?Ed Accountants in ' 
Engfandahd Wfeles wishes 10 mej^se^rahimportant apjsbthtrrieh&affslng ‘ 
from prcmiotion arkfexpansion.AppliMntsfmaleoWemate) must be 4 - 
qua lifted accountants and pre/drably graduates: Expdriedde in. 3 n»]dr /. . . 

professional firm would be aw advantage, buttreadth of experience wid 
outlook are equafiyimponantThe Directorate employs^ ^3bout2pt|ualifiedV. ' 
staff who are in regular comad with teadmg members of the preifessranand 
has an enviable international reputation f pfits contrifautioh.td the 
advancement of accouhtipgand auditing^Thd roles demand sourtf ' 
technical.knowlsdge. clanty of tfioughtand presep^omar^the abil^ to 


Committee Secretar y around moo 

The successful candidate vvlll-heada'smairquaR^fedteamserYicihg the. 
Parliamentarv and Law Committee which, in conjunction wifri the olhdr-.-f -j-v 
major accounting bodies, represents the profession's viewpoirrtpn technical- 
matters to Government andother organisations, ahdsaeks to efisure dwt/ - 
relsvam legislation and regulations are useful and reasonable. AbilitytO ' / 

manage people and projects is essential. Applicants should be intheir'earfy 
to mid -30 5 . . Ref: 476/FT : r • . . .. j ; T / _ 

Under Secretariesto £10000 

Several vacancies exist for persons, probably in theirfate 20' s. ta work as • 

members of small support teams servicing the Auditrrig Practices Committee, 
Parliamentary and Law Committee and Technical Advisory Committee. . 
Ref: 477, FT • ^ ; . 

Apply to R. P. CAR PENtER; FC A, F.C;MA. A.C.1.S. 3 De WardenCouFL 
85 New Cavendish Sueet, London W1 M 7RA. Tel: 01- 6360761. ' ' - ' ’ 


mi 


WZIftA 


to £14,000 + car 


iedit 



uur Clienta well estahlishetfmajprengineeringLcompai y with, wide : - 
interests in the energy indiistry, ft markets products_ajvd aervnees which 
may amount to several millioh pounds for a single installation. Mainly • 
concerned with equipment required for power generation and heat 
recovery, the technology available provides^: wide range of products “ ' 

and nmrket.opponunities. . 'o ■ -.-v 

The position is that of Sales Manager, who will lead and motivate a ream, of 
Sales Engineers organised oria" product group basis, whilebemcr' 




Private sectors. 

Candidates must have fundamental engineering knowledge and 
background, plus sales management experience, in' a related industry 
involving heavy capital equqjBtenL A keen, commercial sense is essential 
while appreciation of financing large contracts is desirable. 

Location is London and reJocatign.exp^ises will be available; if required. 
Fringe benefits, including apart are unusually generous. Prospects 
excellent. /-• . . 

Applicants, male or female, wifo should be Chartered Engineers, are - 
asked to write fully, and in confidence; quoting Ref: 855, to Charles KebI" ' 
B.ScCEng)., C.Eng., M.LChem.E.,Bamert Keel Ltd>,.Providence House;.' 
River Street, Windsor, Be'rlcsSL4 1QT. Tel: Windsor S7011. Telex: 849323*, 




MANAQEMfiNT SEARCH 









Financial Tunes .Thursday September ?} 1978 




Bosimss 

i. Developrenf 
,Q f* Executive 


c. £5,500 - Car 


Griffin Factors— a subsidiary of Midland Banb—re one ©f 
the country's leading factoring houses, providing services 
to commerce and industry. 

Continued growth has created the need for additional 
members of the Development Team, whose job it is to 
promote and sell the Company's financial services id 
expanding industrial and commercial concerns. 

After comprehensive training at Griffin's headquarters in 
Worthing, the Executive will be working largely on his/her. 
own initiative. He/She will be responsible For generating 
new business within a given area and this will require the 
ability to grasp th e salient details . of differing lines of 
business and negotiate successfully at top level. 

Experience in factoring is not necessary but the successful 
candidate will already have an impressive record in sales 
and a good educational background with preferably * 
degree or some banking or financial qualification. 

The career offered is a challenging one with excellent 
prospects for promotion an proven success. As a member 
of the Midland Bank Group the Company offers first class 
conditions of service'. Assistance with relocation will be 
■given. . v . 

Applicants aged, between 25 and 32 are invited to write, 
giving details of age and career to date to:— 

Mrs. ]. Marshal U Personnel Manager, 

GRIFFIN FACTORS LIMITED, 

21 Famcombe Road, Worthing, Sussex. 

Tett Worthing (STD 0903) 205181, Extn. 281 . 






GriffinFactors 

Limited 

<* < ju6SUiiAPV of MlL'LANUB*J<K ilMHED 


a 


v\ * 


.wee ton 


• -. ? • ) r- ; 

L i ii » : 


BBC RADIO NEWS 

needs another 

FINANCIAL 

JOURNALIST 

Energy and expertise are what we want. Someone, 
who can turn financial jargon quickly into crisp 
broadcasting. This financial expert will range widely 
—in the commodity, tanker or money markets, and. 
will have an eye for the next takeover. 

The job is in our Financial Unit broadcasting to 
Britain and the world, mainly through Financial.' 
Report for The Six O’CIock News on Radio 4 and 1 . 
« nightly wrap-up for the BBC’s World Service. The 
Unit provides other reports and advice for our 
national newsrooms; in television as' well as' radio; ' 
for those in the Regions and for local .radio. 

Salary about £6,400 pa. Based in London. 

Please telephone or write immediately, enclosing; r 
addressed envelope, for application form quoting 
reference 72.G.1613. FT to Appointments Depart- 
ment, BBC, London, W1A 1AA. Tel: 01-580. 4468 
Ext. 4619. 



■ > 'fv jin I 
: ; / iJl 


•^33^ 


— :<£3 


Credit Officer 


We are currently seeking to recruit for our City Office an 
experienced. Credit Officer to join a team of four providing 
support to the Assistant Managers in the completion of 
detailed crecfit analysis and reviews. 

The selected candidate will have acquired a background 
in general banking practices, complemented by a sound 
understanding of lending principles and some eighteen 
months to two years' practical experience of corporate 
credit analysis, with risk emphasis in Europe and/or 
Scandinavia. Self-confidence and the ability to communi- 
cate effectively are considered important 'additional 
attributes. 

Salary is negotiable according to experience c.£ 6.450 
and will be suitably supported by the usual banking benefits. 
Please apply to Peter Conroy, A. f.B., . 

Personnel Officer, on 01-283 OOI J. 


the Toronto -Dominion bank 

62 Comhill, London, EC3V 3PL. 



9 u VJ 




v> .r-s» 




~ TC* 




Stockbrokers 9 Persona] Assistant 

required 1 to work with small group of Associated 
' Members within. medium-sized- London Member 

' * firm. Some experience of handling a general 

^, 7 ‘Tp^lP 1 range of mainly private client business neces- 
f - u M * sary. Good prospects for the right person. 
Salary by negotiation. 

Please write in confidence to Box A. 6475, 
Financial Times, ‘10,- Cannon Street, EC4P 4BY. 


MARKETING/SALES DIRECTOR 

"equired for the electrical division of a rnedium-sized 
mblic company to be responsible to the managing 
lirector for the expansion arid development of the 
narketing and sales function. Experience in depth 
if.these functions at executive level is essential. The 
>ost offers a good level of remuneration and benefits, 
ogether with adequate scope for advancement. 

Apply in confidence i eith full curriculum vitae to: 

. JTaoqglng Director. Box A646S 
Financial Times, 10 Canndp Street, EC4P 4BY 



Assistant U.K, Representative 

FOR FRENCH BANK 

•V© geek as assistdpt to the head 'of our UK Office- in the City, 
rbe successful candidate will ■ have.' current UK banking 
:xpeyience and be in the late twenties. A working knowledge 
if French would be useful. 

Replies m confidence to: ■ ■- 

Bax A64 7?i Financial tQ-Gaanoii Street.- HU4P ■fSV 


INVESTMENT MANAGER 

LEADING LIFE ASSURANCE COMPANY 


Our client is the UK arm of one of th» 
world's largest and most prestigious 
international Life Assurance groupe- 

The company continues to develop both 
its Lite and Pensions business and also its 
unit-linked Life Assurance products, 
off arin g aavera and investor s a wide choice 

Sn experienced Investment Manage r , is 

required to play the leading role in 
formulating ana implementing the UK 
investment st r ategy. 

This is a key position in the profitable 
development of the Company. It demands 
flair, tempered by conservatism, and highly 
developedpersonal and intellectual 
qualities. Experience of matching 
investment and actuarial objectives would 


be a derided advantage. The successful 
candidate, male or female, should already 
hold a well established position in the 
investment community. 

Your name will not be.released until you 
have been fully briefed and ha-re given your 
consent. Please send a summary covering 
employment history, achievements, present 
remuneration and age, stating how you 
meet these requirements tex ■ 

R.H. COOKE 

Business Development Consultants 
(International ) Limited 
28 Dorset Street 
London W1M 3FU 




One Year To Your Credit 

^ In An American Bank? 


* Credit Analyst needed by a 
major American Bank to join its 
young department in the city. 
s * : One year's credit analysis 
experience preferably with an 
American or another International 
Bank is essential following your 
degree. 

* Commodities Knowledge 
would be a distinct advan tage but 
is not essential. 

; i ; Exciting Prospects and 
challenge await the nght person 
for whom this is a real career 
opportunity. 


Cripps, Sears 



# Many Benefits are provided by 
this lively forward looking concern 
including cheap mortgage and 
loan schemes, annual bonus, 
excellent pension plan etc. 

$ Upto £6,000 could beyour salary- 
if you really are a top calibre, high 
flying young analyst. 

# Phone or write for an 
application form to Mrs. A. Jones. 
Cripps, Sears and Associates, 
Personnel Consultants^. : 

Burne House. 88/39 High'HoIborn, 
London. WC1V6LH. 

Telephone 01-404 5701. 




MILITARY/COMMERCIAL VEHICLE 
AND OMNIBUS BODY BUILDING 

Senior Executive 

required to take aver 
progressively full responsibility 
for the design , development , 
manufacture , marketing 
, and cost of all products in the 

Division, and to progress to 
Divisional Managing Director. 

Write to the Managing Director 1 
Marshall of Cambridge (Engineering) Limited : 
Airport Works , Newmarket Road, 
CAMBRIDGE CB5 8RX 



London c.£10,000 

.-Part of a leading international corporation involved in the energy industry, Vetco 
Overseas Construction Services Group provides assurance of quality of contract 
specifications for the petrochemical industry worldwide Continuing growth has 
now created an opportunity for a professionallyqualified Chartered Accountant or 
equivalent with at least five years industrial experience. 

Initial responsibilities will be to carry out an internal audit of the Group’s operations 
■ and -a review of the current project costing system, implementing this across the 
Group. The person appointed will also establish a complete internal control 
/ procedure together with a managefnent information system and ensure compliance 
with Corporate/Group policies. On a continuing basis, the job involves full 
responsibility for budget and financial analysis, including internal.- external 
reporting, and assisting in the preparation of bids and future finance planning. 
Although location will be at our Group Headquarters in Hayes, Middlesex, some 
overseas travel will be involved - chiefly in the Middle East. 

Salary is negotiable around £1 0,000 with benefits appropriate to this level of 
appointment. Career prospects within the Group - both at Headquarters and at our 
overseas locations- arevery good. 

Please write with brief career details to A. McKinnon, Group 
. Personnel Manager, Vetco Overseas Limited. Construction 
Services Group. Ventura House, 72-74 Station Road, Hayes, 

. Middlesex UB3 4D P. Jel : 01 -573 7733. 


As the acknowledged authority on the recruitment of senior 
foreign exchange personnel, our current portfolio includes these 
urgent assignments: 

Chief Dealer - Bahrain £Neg - tax free 

This major international bank requires a senior F/X dealer in his early/mid 
30's to establish and develop its O.B.U. dealing operations. 

F/X Manager -N. York $Neg 

This is a challenging position calling fora senior dealer, probably mid 30‘s, to 
assume responsibility for the development of the foreign exchange activity 
of an expanding europea n bank. 

Chief Dealer - Cairo $Neg 

A very substantial Middle East based consortium bank seeks a chief dealer, 
late 20 s/ early 30's, with a minimum of 5 years' active dealing experience 
in both f/x and deposits. 

F/X Dealer c£8,5 00 

A senior exchange dealer, aged mid/late 20's, is required to join the highly 
professional dealing room of this prime international bank.. 

Deposit Dealer c£7,000 

A prominent and expanding City-based consortium bank currently seeks 
a positive young dealer, ideally 2 4- 2 6, with a minimum of 2 years' experience 
of active currency deposit dealing. 

Contact Norman Philpot in confidence 
on 01-248 3812 


e -1 ondcr- EC2 •" F eitphu ~c . 01 ^4BM3L2 : 3'4'5''' * 


I 



Auditor 


$16,000 



American Express require an Auditor to join a professional 
internal audit department. 

The position requires experience in the internal audit 
department c*f a large commercial organisation, or in a 
professional practice on the audit of the accounts of multi- 
national clients. Candidates should be Certified or Chartered 
Accountants, or Certified Internal Auditors i by examination ), 
preferably with a University degree. 

The Company offers competitive salaries and first class Fringe 
benefits. The position is based in the U.K. but applicants must 
be prepared to spend up to SO*’,', of their lime on audits 
throughout Europe. Middle Easl and Africa. 

Applicants-, ideally aged between 25 and 35, should write giving 
details of career to date ti» 

Mr P. Langston. Director- Central Personnel Services, 
American Express Amcx House, Edward Street, - 
Brighton, BN22LF. • ■ r . / . . r 


GENERAL MANAGER 

AUCKLAND REGIONAL AUTHORITY 

Due to retirement, the above position will be available 
?arlvinl979. 

The successful applicant will be directly responsible to the 
Authority for general overall direction and administration of New 
Zealand's largest local body and the position calls for the outlook 
of a business person with executive experience, ability, tact and 
capacity to handle a large staff. 

Salary will be up to a present maximum of $NZ 2S.310 per 
annum I currently under review), and the commencing salary will 
be fixed at a figure commensurate with the experience and ability 
of the successful applicant. 

Conditions of Appointment may be obtained from the N.Z. 
High Commissioner, New Zealand frouse, Haymarket, London 
S.W.1Y 4TQ, England. 

Applications endorsed “ Position of General Manager " will 
be received at the Chairman's Office 

AUCKLAND REGIONAL AUTHORITY 
PRIVATE BAG 
AUCKLAND 1 

NEW ZEALAND 

Up to 16 October 197$. 


*WEKD 


INTERNATIONAL BANKING 


INVESTMENT MANAGEMENT to £10.000 

International Merchant bank seeks a No. 2 for * very active Dept., with 
responsibility for the management of Funds invested in international capital 
markets. This demands comprehensive experience of these markets i especially 
Fixed Interest), together with substantial research capability. 

ACCOUNTS MANAGER c. £9.000 

■ Fundamental responsibility is the management and motivation or an expanding 
Accounts Dept., calling for a mature tc. 35). enthusiastic Accountant qualified 
more importantly by experience — ideally in banking— than academically.. 

CREDIT OFFICER c. £8,000 

Major Merchant bank seeks a young banker whose Credit training and 
personal qualities combine to suggest the potential to develop into a 
management role in the very short term. 

EUROCURRENCY LOAN£ ADMIN. lo £5,000 

The essential requirement common to all 4 of our clients is sound experience 
of Euro, loans administration; additional elements sought are some knowledge 
of balance-sheet analysis and/or basic ability In German. - • v . , 

For further informatidn on these particular opportunities— or fo discuss 
your own career objectives in more general' terms. In confidence of course— 
-please telephone either- John Chive r ton. A.i-B., or Trevor Williams. 


JOHN 

CfflVERTON 

Associates Ltd. 


Jl, SOUTH \MFTON ROW. 
LosdovW.C.I. 
0I-242-5S4L 


Jonathan Wren • Banking Appointments 

^ riic personnel con^ultaucs dealing cvrlu^iwlv uviili the bank in-.: protcssion 


The following are among our more urgent current 
assignments 

MARKETING OFFICER 

(Internationa! Corporate Lending) to £12,000 

CORPORATE FINANCE 

Cash Management Advisors £7,000/£1 0,000 

CREDIT ANALYST to £5,500 

LOAN ADMINISTRATION ...to £5,000 

EUROBOND SALES £8,000+ 

EUROBOND TRADERS £8,000+ 

EUROBOND SETTLEMENTS 
(junior and senior) £5,000- £9,000 

AUDITOR (50% travel -London based) to £8,000 

CHIEF ACCOUNTANT (A.C.A.) to £8,000 

-ACCOUNTS (international banking) ... £4,000/£5,00Q 

FX INSTRUCTIONS/SETTLEMENTS c. £3,500 

COMPUTER PROGRAMMER (RPG 2) to £6,500 

For further details, please contact ; 

DA VID GROVE or ROY WEBB 


170 Bishop I .orulon h( 2M 41 X 01-624 1 266/7AS'^ 










RECRUITMENT ADVERTISING 

35 f\lew Broad Street, London EECBIVl 1NH 
Tel: 01*588 35SS orOV5SS357S -j0r 
Telex No.887374 . 


Opportunity to use creative financial skills— seppe to reach Senior Management and develop career in a fast growing Group 

FINANCIAL RISK ANALYSIS 


LONDON 


£8,000^10,000 


A MAJOR INTERNATIONAL LLOYD’S INSURANCE BROKER 

Our Client seeks a creative, clear-thinking financially orientated young executive to further the development of its 
Financial/ Risk Analysis Services. Therefore, applications are invited from candidates with an economics/math's degree, 
MBA or possibly an accountancy qualification, ideally 25-35. with at least 3-5 years’ experience in financial analysis/ corporate 
planning in an industrial/commercial .environment. The responsibilities will include conducting special studies into the evaluation 
of the risk financing needs of large Corporate clients; identifying, researching arid promoting opportunities -for new 
financial /funding schemes: assisting the practical application of financial analysis techniques to insure/risk problems; train.ng 
and developing non-frnancial colleagues. Candidates should be able to prove success in innovation, be highly numerate ?nd 
exhibit strong skills in personal and written presentation. Initial remuneration £8.000^10,000. contributory pension, free 
Life Assurance, assistance with removal expenses if necessary. Applications in strict confidence under refeftmee FRAJ0588/FT 
will be forwarded unopened to our Client, unless you list companies to which they should not be sent in a covering letter 
marked for the attention of the Security Manager 


Opportunity to gain a wide insight into the Company, for those who have the potential to advance to a more' senior 

appointment within the department or elsewhere in the Group 

amis SENIOR ECONOMIC 
w ANALYST OIL INDUSTRY 

LO N DO N £7,50Os£9 1 K0 

A MAJOR INTERNATIONAL OIL COMPANY 

We invite applications from graduates or equivalent, aged 27-32. who have at least 3 years' successful experience in the c« 
industry in an economic analytical capacity. The selected candidate, who will report to the Departmental Manager. v.:!l 
assist in co-ordinating the Company's short and long term plans, evaluating investments for capital projects, assisting m 
reviewing prices for fuels and controlling other ad hoc projects and investigations. Essential qualities must include the 
ability to liaise and communicate at all levels, plus the enthusiasm and drive required to work under pressure. Initial 
salary negotiable £7.500-£9,000. contributory pension, free life assurance, assistance with removal expenses if necessiry. 
Applications in strict confidence under reference 5EA 10602/FT will be forwarded unopened to our Client, unless you list 
companies to which they should not be sent in a covering letter marked for the attention of the Security Manager: 


Times T trnmzy 



- . - . •• r M K construction services 

Two senior financial vacancies have arisen- in- the Head-Qffice of a ma or u.i>. - - - • -y 

overseas interests. Each position reportsto the Group financial Controller. ^ 


Group 




c. £9*000 + car 




• statutory accounts and penodic noancaHcontroJ -. ^ nd, °f*% w ^ re | ev ^t ex^nendj obtanfetf >;/2/ 
statements, and generally control central financial accountants, wim re . • w? eommenaafr ~ ■ 

' accounting (30 plus staff). The basic systems are largely;, either in the 

computerised. There will be dose Involvement in systems environment Ker- cii ( ■ . V 


* '• . c. £7,500 + car ■- ^ 

The two main routine functions will be the presentatiari-of • representing PjrJj 3 ? 5 - 

accounting information to enable management to . successful candidate wril wprk 
determine profitability of the group as a whole and erf. such as revue of costing systems, ;; ■ . . < 

' individual divisions and operations, and the financial " management information 
control of some trading units that do not presently, faflimp twen ties, ACM A. with The. abdrnr- to ^^rnman^ * ;■ y;> 

the main divisions, in addition, - effectively at all levels. 1 /cer. 21 149/ [I r." 

In this instance all interviews will be conducted by;. the client. Applicants^ should send cbniprchgK^^^^ detaHs, 
quoting the reference number on the envelope. Repiiesi"yvhich should not refer to ^Prewou's corre^JpitdWpe^m Ho^gett. 
Bowers, will be forwarded direct, unopened and in confidence to the client unless addressed to Wo/^iy 

companies to which they may not be sent. :* - :« - ' . ' A' ' '•% 

Male or female cartdT^tes should apply immediately. to: V'^ - r - 

LONDON: 01 -734 6852, Suiheflbad House, 5J6 Argyll. Street, WIE 6EZ. . • 


The two main routine functions wifi be the presenratiari-iaf 
accounting information to enable management to 
determine profitability of the group as a whole and erf. 
' individual divisions and operations, and the financial 
control of some trading units that do not presently. fall- into 

the main divisions, in addition. 


r *gr 3 



CITY 


CREDIT OFFICER 


INTERNATIONAL CONSORTIUM BANK 


£6,000 — £8,0C0 


We* invite applications from candidates, male or female, aged 23-27. who have acquired between 2 and 4 years' experience 
i.i Credir work and documentation associated with Eurocurrency credits. The successful candidate will be responsible r.->r 
regular credit review cn existing medium-term loans, as well as new proposed facilities, etc. A personable manner, pi c 
a Flexible yet commercial outlook sufficient to warrant furrher promotion is important, initial salary negotiable £6.000-£8,000 - 
house-loan facility, personal lean factlicy, non-contributory pension, free life assurance, free family 6UPA. AppUcaE 
in strict confidence under reference C01 0563/FT will be forwarded unopened to our Client, unless you iisc companies 
which they should not be sent in a covering letter marked for the attention of the Security Manager: . . 


CAMPBELL-jOHNSTON RECRUITMENT ADVERTISING UMITED. 35 NEW BROAD STREET. LONDON EC2M 1NH 


Management Accounta 


London 


up to £8,000 


Shell are looking for a young graduate accountant to join their U.K. operations as a 
member of a small team responsible for project evaluations, appraisal of results antjl 
management reporting. This work covers the whole range of activities in die U.K. and 
North Sea and will provide a challenging entry to the oil industry. 

Ideally, vou should be aged 25-30 with a good degree followed by an accounting 
qualification. Experience in evaluation, appraisal or management reporting work since 
qualifying, while an advantage, is not essential providing vou have die sort uf 
personality which can project itself successfully in a commercial environment. 

We offer a salary of up to £S,ooo, according to age and experience, .which indudes a 
London Allowance of £585 p.a.; togeiher -aiih other benefits. Your subsequent career 
development could lead ro a series- n| positions in financial management each entailing 
progressively greater responsibilities. Please write, with a full resume of \ our career, or 
telephone fur an application form ro: 

.Shell U.K. Limited, Recruitment Division (IT) PNEL/ai, Shell Centre, London 
SEi 7NA. i elephouc: ot-yj4 4O2O. 


*&&**&< 


Finance Specialist 
to Monitor and Influence 

European Subsidiaries 

c. £9,000 + car 

1 Jb® com Pany, one of our largest and best-known consumer 
durable operations, has an established presence on the continent. 

Jt gives its European subsidiaries considerable autonomy, but 
obviously their performance needs scrutiny and control from the - 
parent s Birmingham-based headquarters. European accounting 
procedures, financial reports and financial performance are 
monitored by a Regional Finance Manager who serves as the 
c«? *?■ . between parent and subsidiary line managements. To 

fill this job, we are looking for a first class accountant, an astute 
business analyst, a persuasive and thorough communicator and a 
convinced pan-European. No. not four different people! We realise 
there are not many around who measure up to this specification, 
but each lactor is essential. The right candidate will be mature 
enough to be credible in Europe but young enough to take 
advantage of the considerable career prospects the parent company 
can offer. Please write with full career details to Malcolm Green. 

... Applications, which may be from male or female candidates, 
TlQllMCG m amvU§e and should quote reference 

BROOK STREET EXECUTIVE RESOURCES LIMITED 

47 Davies Street, LondonVt-lY 2LN. Telephone 01-499 7582 


ASSISTANT VICE-PRESIDENTS FOR RIYADH 

The General Manager of a recently established bank in Saudi Arabia is 
interested to interview experienced bankers for marketing and business 
development on a two-year contract. Salary will be negotiable and accom- 
modation will be provided. All travel and consular arrangements will be 

made by the bank. 

LJ.C. BANKING APPOINTMENTS 01-283 9958 





Hertfordshire, c. £10,000 + car 




This senior position In 2 newiv created sub-group of a mailers including insurances, debteolfecrioh,;- ’ 
public company affords an exceptional opportunity-for conveyancing, conlracts. pensroTis^legislationgener^ 
a legally qualified and relevant) v experienced candidate employment legislation In. par titular, and property^ £ 
to join a grow th organisation $s a viral member rifciis administration. Cand i dates will he; 30 ^ I Us, ! irave' 
senior management. In addition to basic statutoiy duties relevant degree andlde.il! y be qualifietlprdfesslonal 
there will be responsibility for all commercial l^al The fringe benefits are excellent, , v.’r, "• .. 

J. A. T. Bowers, Ref: 2! N6/ FT. ? 

Male or female candidates should, telephone in confidence. for 3 Personal HistoryvForrh to> '. ; V' - , 
LONDON: 01-734 6852, Sutherland House , 5/6 Argyll Street, .WIE 6EZ. . 


employment legislation In particular, and propertyf f 
adminis tration. Candidates vvi li'he 30 ^ I UsJ >»iave V 
relevant degree an dldeall v be q u alified professional l^i 
The fringe benefits are excellent, ; 


Aged 28-32? Reading, up tol5K+ car 


and development now dictate the need for added board solving skills.' ere ali vi ty . ftejc-ibiijtv andasenseof humour, 
level management material. The candidate should be able The rewards will beequaLto the very rekl chajleriget'.' 

■Mrs. Indira Brov.n/ Ref: J9l26lFT. - VS, 

Male or female candidates should telephone in confidence for a Pe rspriaf H istory Fpim . 

LONDON: 01-734 6852, Sutherland House, -5/6 Argyll Street^WltSEZ.^-. : V f : ? %; 


Executive Setec&n C^ristitea^^ 

BIRMINGHAM. CARDIFF. GLASGOW. Lfetbs. LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD 



BANKING . APPOINTMENTS. FX I ret rue- I 
t<cns Clerk c. LA. 000 '*4.500 + p^rks. 
Mic 20s. Rend, bv leading rerrehan: . 
tMnven. Position has excellent mos- 
ocets end Is a relJtl»rtr senior IcreJ. I 
R>ne 282. 6022 lor appointment. VPN ‘ 
Employment. ! 


BLGGK/SPECIAL 

mgeum arbitrage 

6MS9WOR 

The London office of a leading NYSE member 
firm requires a senior person who is thoroughly 
familiar with the dealings on the New York ana 
regional stock exchanges to co-ordinate block 
trading. Knowledge of arbitrage and European 
trading practices essential. 

The successful candidate must be a Registered 
Representative — NYSE with a minimum of 
seven years practical experience in a North 
American environment. A university back- 
ground with emphasis on economics would be 
advantageous. 

Salary is circa £14.000 per annum with usual 
fringe benefits. If you feel you can handle this, 
please write, in strictest confidence, enclosing 
curriculum vitae to Box AG478, Financial Times, 
10 Cannon Street, EC4P 4BY. 


INTERNAL. AUDITOR.;; 

An International Banfc requires a mature banker wbo has a cotnprebe^ive . 
knowjedge of all aspects of pinking and at least three years' ^rpertence^f iiitCTiRd 
auditing. Overseas service with an international bank would be 7 an ‘asset. Agfe:- 
over 40. Salary: up to £9,500 plus L/V7 ' 

Also international auditor required, aged around 25- with A.I3.; or Amivererty 
degree and four or five years’ banking experience. Musi- be .Willing to undertake 
a great deal of overseas travel.: •. • • . ' - .. • =■--■• 

Confirming Executive . Foreign- Exchange 

Required by medium-sized city finan- • : - 1 • 

cial institution. The successful caiidi- Two openinjgs. have occurred with well 
date will be fully conversant with : known- International banks. fo£ young 
documentary credits, bills, for collec- • ' ■ , •' ; . 

tion. ECGD. and will posibly have . people ^eneoce M foreign 

worked in an export finance house. exchange iristriictidns, settlements^ re* 

be°M le asseL 0f Nl8erian markete wouId - conciliations- dr posiUons. The ldeal 
Age: 25-55. Salary: around £6.500. applicants' wiU be aged 22-28.. Salary,: 

Up- to" £4^00. • '• . r - • 


ilfpq l 1 


These pqsitionsare open. to male or female-applicants 



131-155. Cannon Stmt. Londm EC4N5AX Tekp&oiie Qi-623 731? & 01-623 9161 ~ . 

.. Recruitment Consultants. -" . . ... .. " ’’ % r '-:£5SSw 



-■ — 


JUNIOR DEALER 

A small internationaj trading company seeks a 
Junior Dealer for their City Office. Ideal applicant 
will have a basic knowledge of the securities market. 

A knowledge of settlement procedure would also 
be an advantage. Salary £4,000 to £5,000 per annum 
plus bonus, according to age and experience. 

Applications in writing, giving full details, in 
confidence, to: 

Box A6476, Financial Times 
10 Cannon Street, EC4P 4BY 


A BRANCH OF A MAJOR PUBLIC COMPANY 

wish to interview at Director and Senior Executive level to fill 
two vacancies lhat have become available for businessmen 
with a successful track record. AU successful members of our 
team enjoy earnings within a five-figure bracket Write, 
enclosing c.v^ to Box A.64S0. Financial Times. 10, Cannon 
Street, EC4p 4BY. (These opportunities are open to both men 
and women.) 


Internal Audito-r -Europe j) 

Londmba^e.:^;A0c^ , 'c£JOjOW.*mf f Ei \ : 


A j? ad i n | US Corporation seeks a young intemalauditor who IsfTuentm 
Z| knghsh, French, dad German. This is a new appointment liased m 
JL JL London. t ' 

Jhe new man or woman will be required to spend up to five months in.tfie ; 
United States before travelling extensively, in Europe on ; infernal audit 
assipments. In additdonheorghe will be mwlvedinsomeat»uisitionancltax 
work as well as special projerts. . .' " . • ■ 

TWs appointment will suit qualified chartered accountants aged 23 to So. &' 
mlingual know! edjje of EngltsKFrench and German is essentiai. Those who : 
nave audi ted US subsidiaries in UK and Europe will have an advantage. 

The remunera tion package »fo lie based upon a UK;sal;irj ; Of around £10.(KX) 
and a car vail he piT»vided.'Ca»didates>«ill be expected to demonstrate pTiriy 
promotion potentiaL ... . ’ • -\ •. 

Candidates, mafoor foniaie. shotfidwiite ’’ T'Y ' V" 

in confidence for a perspn'al hi^oiy form ' ' V ' 

quoting reference MCS/aOMtoRoIand- Orr, • ■! X1CC ;■ 'ic. 
Executive Selection Di\T£ion, ScnithWark , • 

Towers, 32 London BrldgeStre^L : - . • •' \f *■' Cl 1 lUUSjjGv 

London SEl RSY. . ; . . . . . . T T Associates . ■- T- 










^Financial: Times'~Tfiursday Septeziifer’21. 197S 



Memorex Europe Limited 

Disc drives, tape drives, add-on memories, terminals 
communications controllers, computer media. 

The continued expansion, of our markets and product 
lines requires 3 positions of 




JaSfcara 

kmi:- 



to be filled rapidly in our new London European Headquarters, 
program Managers are responsible for the European 
Marketing strategy of a defined product line. Included in this 
responsibility are: 

it Marketing goals BSales support 

BForcasting H Product introduction 

■Pricing B Training 

Candidates should possess a good business skill and a sound 
knowledge of computer technology, 
please send resume, current salary and salary requirements to 
; A. Cummings, Director of Industrial Relations, 

. Memorex Europe Ltd 
i.: 730 London Road 

HOUNSLOW TW3 1 PH 







Corporate 

Finance 

Merchant Banking 


■ This is a senior position in our Corporate 
Finance Department and calls for at least four 
years’ experience in corporatefinencegained 
in a merchant hank or major stockbroker. ; , 

You should preferably be a graduate* 
28-33, with a professional qualification in 
accountancy or law, or with a business school 
degree. Initiative is essential, becauseyouwiK 
have a high measure of personal autonomy. 

The total remuneration package, which 
Includes mortgage assistance, is extremely ; 
attractive. 

Please apply in writing, with full career 
details, to: 


Grindlay 

Brandts 


Mr. R. J. E. Barker, Manager, 
Recruitment, 36 Fen church Street, 
London EC3P3A&, . 


* 


^ J ?r', z £ 
£ % l +s ■ 


i h iU* 


Financial Contrdler/ 
Company Secretary 

Our client is a medium sized Hoy eft broker currently undergoing a 
phase of expansion. 

The man or woman appointed will have responsibility to the 
Managing Director for all financial matters and for systems 
development and general administration. Several years* experience 
of financial management in insurance broking is essential. Some 
EDP knowledge will be necessazy as a new computer system is 
envisaged. 

Candidates should be chartered accountants and must have the 
maturity and confidence to assist a highly professional team to 
develop their business. 

The 5 figure salary and benefits package will be attractive to 
candidates of the highest calibre. . ' 

Pleasetelephone (01-629 1844 at any time) or write - in confidence - 
in the first instance for a personal history form. Mrs. C. Gorst 
ref. B.1031. ; .=-. c 

■r United Kingdom Australia Belgium Canada ' 

France Germany HoHand Ireland -Italy 
New Zealand South Africa South America A 
Sweden S wit zer la nd USA. 

International Management Conmftntg l ; ✓ 

*s ManagementSelection Limited < 

\ i 17 Stratton Street London W1X6DSJ 




Applications are invited for this appointment^ created 
by n promoiwn, in a well csahGshe^prcgrcsavnGty 
stockbrokers. 

The person appdnied 3 nj^orftniaIe,tBK wade dosrfy 
with the Office Mgnag g y and, in tD pwEnnsl 

accovmting and technical responabijitlfis, will deputise 
for him in all aspects of office ra*ningwi v»m J ine fr rH jp g 
the use of Cenoufii& A young accountant, seeking to 
develop a career in. stockbroking or an elder person 
with extensive experience seeking a change will find 
this as appropriate appointment. An attra c tive so tting 
salary will be negotiated plus bozms and there is an up 
to date pension /life insurance scheme. 

Please send adequate particulars in confidence to 
Diana M Ashman Personnel Services Division nf> 


Spicer and TVgVr MjHiagpqifp f fVq ttiifo i i ty 

3j*4-B«is Marks 
London EC3A 7HL 



! zi 


King- Wilkinson is a multi-discipline organisation of 
Consulting Engineers and Project Managers serving tha 
Oi.inon?. petroleum and chemical industries. We require a 
protesRionot marketer to promote the ennre range of services 
w? provide, with an emphasis on the offshore side of our 
occrations. 

You mu .it be able to formulate a viable sales strategy and to 
create, develop and maintain markets through direct efienr 
liaison. The technical expertise necessary to keep up to date 
wuh advancing technology in the industry Is, of course, 
essential. 

The position is based In London and will involve travel. The 
successful candidate, male or female, will be offered a 
corn pan nva salary and fringe benefits normally associated 
with an international company. 

Please write, giving full dei&Us of your earner to dote, to : 

, Stella K. Uttlewood, 
rjffibfaMM Personnel Co-ordfnator, 

King -Wilkinson Ltd, 
hB T 142/144 New King's Road, 

L r Fu/ham, London SW6 4LZ. 


International Career 

Our client is a successful industrial Group with world wide - ■ 
interests - consolidated sales exceed $1.5 billion. 

They have decided to recruit a talented and commercially minded 
qualified accountant who has already shown his growth potential. 

The initial assignment based in Paris in an internal audit 
department and requiring considerable mobility within Europe 
. should lead within a few years to a position as controller in 
Foreign operations. 

Candidates should have at least 2 years* post qualifying 
experience, preferably gained in an international environment. 

A working knowledge of French will be required and this will be 
rapidly developed to fluency level. 

Excellent prospects for personal and career development exist 
within the Group. 

Initial salary will be negotiable and competitive. Send full details 
- in confidence - (in French) to A. Leclercq, MSL, 73 Boulevard 
Hans sm a n n, Paris. Ref. B.8101. 

x -2z United Kingdom Australia Belgium Canada 
KGUS5MBBH * France Germany Holland Ireland Italy 

New Zealand South Africa SouthAmerica 
BbSHBI Sweden Switzerland U.SA 

International Management Consultants 
Management Selection Limited 


Jv=uJ, **-*> l-LLf6 


Legal Auditor 

£15,000 to £20,000 negotiable 

ARC, a member of the Gold Fields Group; has extensive and 
growi nginternational interests concerned mainlywiththesupply 
and distribution of construction materials. 

This very senior functional vacancy has been newly created at 
the Group Head Office in London and requires the maintenance 
of contacts at the highest levels including, if necessary, direct 
access to the chairman of the parent company, its purpose will 
be to co-ordinate and monitor the business of a number of 
decentralized operations in order to ensure compliance with 
Company and statutory requirements inthefieldsof commercial, 
financial and employment practice. 

The man or woman appointed must have a legal qualification; 
extensive commercial and administrative experience at high 
levels, plus the readiness to undertake considerable amounts of 
travel in the UK and overseas. It is unlikely that those under the 
aga of 40 will have the necessary depth of background that this 
Job requires. 

Please apply with full Curriculum Vitae to: 

M.E.Da!mahoy 

Group Management Development Administrator 
Amey Roadstone Corporation Limited 
15, Stanhope Gate, London W1Y 6AB. 


aim: | Amcy Itoadstonc 


A.-*rC«« * «V Gcte iWt Cm*. 


European 




•*,* "-.‘V 

For a US company, turnover in excess of $60m. , marketing : 
highly rerhnical capital equipment throughout the world. It 
sells to a wide variety of industries and therefore has a strong 
basis for growth and continuing profitability, 

The European Treasurer will assist the European Director of 
Finance in planning and implementing the company’s 
financial programme covering cash, debt and foreign 
exchange management as well as tax and customer leasing. 

Candidates, ideally in their thirties, must be qualified 
accountants with several years’ directly relevant experience 
in an international environment, preferably with 
US .companies. ■.*$ggfr v *r? ■ - 1 . 

Salary negotiable up to £14,000 plus car. Attractive 
promotion prospects. Home Counties location. 

Please send brief details - in confidence - to David Bennell 
ref. B. 43535. ... 

'Tkaappoatmatis open tomes and drawn. - - - 

• ■ “ *'V.‘ United Kingdom Australia Belgium Canada. 

France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.S.A. 

International Management Consultants 
ManagementSelection Limited 
17 Stratton Street London W1 X 6DB 


Chaseis expanding 
its International Private 
Banking in Asia 

-Chase Manhattan is expanding its international private banking operations 
in Asia. We are therefore seeking an experienced professional for the position of 
Senior Asia-Pacific Private Banking Co-ordinator. 

With at least five years r experience in investment management and personal 
financial counsel ling, you should have a thorough knowledge of the major financial 
markets, international tends and equities, and foreign exchange. 

Strong marketing skills are essentia? and you should have some previous 
business experience in Asia.You will be based in Hong Kong and the position will 
entail some travel. 

V/e offer a highly competitive salary plus the full range of benefits usually 
associated with a major international bank. Please write with career 
details Jn strict confidence.to Mr. Keith Stoneman, Assistant General 
Manager, Human Resources.The Chase Manhattan Bank NA, 

Woolgate House, Coleman Street, London EC2. Tel: 01-600 6141. 



re experienei counts 


I'ai'if 


?. - . .*■ 
* A k .*\V- 


IHPESTIYIENI 

4IMLYST 

Age: 23-32 

Lai., a major international bank, requires «ri-®qperfenced 
Investment Analyst wfth knowledge of non-UK. bond and 
stock markets and the ability to engage in a fijH range 
of economic/irivestment studies, Knowledge srnatar foreign 
language Is desfrablft though not oorontiaJ. ' . 

A conpeiitiw? satety Is offered plus benefit^ which Snofuds a 
norKwntributay pereJca schema and mortgage ^nd loan 
-feciffifes. 

Please telephone or write for an application form to Jeffrey 
Biezier,01’248S822 r ExL33& 

_ V* LLOYDS BANK 
INTERNATIONAL 

Queen VtctorioSreat London K4P4&. 

, AiwanberofimJowkBank&OTO 


Investment Research 

The scale of our business makes us the biggest institutional 
investor in the country and we need a large professional staff to 
research into and manage our portfolio of investments. . . 
We hav&a few vacancies in London for Investment Analysts iathe 
teams responsible for our U.K. equity portfolios. Ideally candidates 
.will have a degree in Economics with a mathematical flavour, but 
other graduates will be considered according to aptitude. 

Initial remuneration will be up to £5,000 depending on 
qualifications and experience. Benefits irictude consideration for 
a low-cost mortgage, non-contributory pension scheme, flextime, 
subsidised restaurant, sports and social clubs. 

Please write with full details of education and career history to : 

. Mrs, J. Fowler, Prudential Assurance Co. Ltd., 142 Holborn Bars, 
London EC1 N 2NH. Tel : 01 -405 9222 Ext. 6691 . 

Prudential 


Financial Director Designate 

£!0,000+CAR 

The Archbold Group is a medium sized privately owned company well 
established in the road haulage business and expanding rapidly in this and 
other related activities which include a Continental truck franchise. Present 
expansion plans offer an excellent opportunity to someone wishing to 
significantly influence the future policy and direction of the group as a 
whole, and appointment to the board would be envisaged within 6 to 12 
months. 

Based in Leeds and reporting to the managing director, he/she would have 
responsibility for accounting, budgetary control, production and interpreta- 
tion of management accounts, recommendation of data processing equipment 
and implementation, investment appraisal and cash flow forecasting. He or 
she must be flexible enough both to develop corporate policy at board level 
and enter into detail accounting or other areas when visiting subsidiary 
activities^ — — ■— - — - . 7 ; ~ 

Ideally the candidate will be aged 30 to 45. have a professional qualification 
in accounting and have had 5 to 10 years in industry or commerce, preferably 
with a truck sales franchise. 

Write in confidence to: • 

The Managing Director 
ARCHBOLD HOLDINGS LTD. 

Albert Road, Morley 
Leeds LS27 8TT 













































































































































































- »1- ^ 




2073 


** ’• V. 1 . 


^ IVDUSTRI.4I^~CmiUn l i6^ 

•• ;-STL 


INSURANCE — Cblitiassd 


reOPEBTY— CoBtiaued 


INV- TRUSTS— Continued 



43 


Stack 


itice 


i-Jt 

■ U 


22 

61 

S 

| 

3>2 

U 

P« 


7; «. 

•< b 


<: • 




• 


£ i 


5 k 




s'*,.. 3 


'ty 


?2 


) 

i 1 

■ : rfe 


■> * 


■S » 


>73 


bamnds-ffip-ll 

f^fevfeSZ! 

bdar^UySn j| 
Junes (JohsLa 


88 

, 3 
"a 

76 
'32 
3*2 

&2B 

38 

43 

nil 

.76 

98 

15 

til 

24 

34 

52 

„60 

IS 

86 

m 

(105 
10 
15 
55 
, 73 
1% 
17 

4 

£86b 

1120 

20 

, 10 
1263 

77 
36 
£100 

1106 

34 

29 

12 

55 

« 

46 

4 

65 

W 

2Pj 

|£91 


UBS*®*— .■ 

jjite4n4am5l 

Unwww n*»7| .1 

{Johnson Khf.El 
pmcEfUtop. 
[KoiwraaolOju. 

r • r • ■■ 


KesEettySu. Wp 
Eerriawf4.iSp, . 
ffl6et-E-2flffidesu. 

LC-P.HUs 

LK. IwJ'L lav*-_ 
L5LC InL lOp. 
Lawler. 


Leadlods 56p 

IrefcrialiStont. 

fessi? 

(Ldstiints-Sp _ 
tLcuBrecsr-lOp. 
IfepGmpMp.- 
foswy Prod&ap 

iLetrasei IOp. 

(Liars ;rp 

jLi Tatar ft n ms 

Lisdintrus 

Un6!«3.aji_| 
Long Hmbly. IOp. 
ILonpanTfijs. 
fficttafel'annl. 

LUnjfc g0EE75Dp 

KV D an lOa- 
pbeHuelda-IOp 


: i 


t r 




c » 


5 - 


P* 


* 


:? 

-.1 

,}■ 
ro 5 




: r 




u 

: ! 


;• t 


- 4 




*•; Jz 


■JH 


- 1 


82 

19 

, 36 
[101 
IH» 
32 
16 
69 
£125 
58 
M 

E 

^50 

£ 

|M9 

17 

fc4 

23 

7b 


10 


R 




+i 


H'rtttaPh.aOp 
Msfiarlaa-- 


(McBride Rhtlito 
McCieery L'A.. . 
MnclcIUniP l V 
itociuiersoTp'DV 
StagwiaOcwHL 
ttenSOipCantn 
Marine but Hte. 

KariaL'n.-Vl. 

Uonhsil't umv_ 

MKtra-Hacfc 

Hlafleara Tfanc. 
Maynards 25p 
Ksibm osier rip 
U£HQoar?5p _ 
MUalEcx £'...„ 
JfeLal C3 osotbs— 

Vr«o» . 

5Tw3to5pel&€_ 
Uociusem tto.. 
Morgan Creeblt 
Wcrraii r.\be?)_ 
,y»s , 'Robf.j6p> 

jKwitei I Op 

MjSdGb lflp — 
Wash 0. P.iSeci 
JNbIIub CB.il)... 
LVu.Crb'uclOp 
wcii«ara- 

NncBlh&ZzEard 
CfeJiSp'nealflp 1 
(New Equip i0p4- 

Ncttk SwsTiCp 
Mi+SwiitSp-J- 
QMRjiaaeeCV. 
ilffieeiEect— 
0trex2Jp 


jf>VF!13K'TC UPjc 
iPJIA ftioldnjsi 
Paris/ Kaali -A' 
Pauls* KWes_ 

IPteraw IBn 

\PmiDcflbp 

FVmtn-.lCp- 

Do me, Lb!»| 
Petiwon Q*2p_- 
Philips Potato . 
IPboto-tieSnp.. _ 
fftlkiflztra tfr.£t 
(Piln'T Bowes 1 a. 
tHrstaCena-lGn.. 
[PolTniaAIOpl 
Portals 


]PmreDDufi.50p 
gressi'Wm.iSp-— 
IPresti^a Group, 
^tttehaid5^.5p 
b4tv.Laffub.ita. 
RJJXGnmpap 


mTDGTOmJOp 
matotio;^ 


i Bandall* ^ 
teant Orean 

SES;I 

Esst 

ESEtE 

[gqtwickGcgnp,| 



S 


JXl'A'H-' . 

{Seari&SmfaaJ 
|Da , A’N-V — H 
Ware 30p 


QinrvMiiCVA' 


70 gmpsoalSJ’AV 

43 fioHcIaw30p_ 

2W 2 Sam; 

1175 krertr.'PJ.^- 
, 98 lSsonowKl.9l.tHta 

195 KperAW.). r 

1132 (Sttfls Poto 

£270 i DoJBf^OniJL 


a 


9 


La 




, 42 
^05 


StefMlBt 

jSWsfunttare— 

fitphn 4»itf T 


2B Steha “arf. HKJl 
23 SWibilndsJbpJ 
57 - sweHake -ZZ. 
8 b fitmphlll ai dE 

Ub Snarer (FHODl 

’ J 70 Swire Pacific 80c 
93 Sjiloce 


ftlbo£p 

TubbittitoHi 

UtOTialStnd— 
HiTures Vo. Sp, 
rhirri yile lnv._ 
TSUingT.S&p 

36b Tore 

H17 finblsarH. 


£3i rrana.Un.1' . 

63 mwportDev. 
rranwoo<IGpi5Q 
!tooer4New.£l_.i 
runw Oat » 

OSDlnU 

OoawntodBrfiJ. 

Uni3ex iOp 

Unilever. 

caob un'rte.mfi-. 
53 UtA-Gsmere Wp 
49 United Gas Inds.. 
l<b U-OiaraDtee Sp- 
ill* Undehnane 

52 VaIcr-_ 

18 VisenlOp- 

49U rtntenCffp 20p_ 
63 ‘WJtibboaJlOp- 


& 


WjdePotrr. IOp, 
Walker Hmr 5p, 
WstwfordSp— 

Walshain's 

WstsonRX»p*J 
Wedgwood—— 
WeJtn. Board Uta 

WsOmn-iClyP 

. 2Bb 'WToct , 

(214 WbrfmnBAnMJ 
. 74 White ChlHSSn 
105 WJiitnmfc. . 
28b Wicttl*y RSAW. 4 

£7*2 WiliestJ.) 1 

35 WifldasWtchafl. 
ffjft’gTLMVh tU 

DalOpcCnr. • 

TOnaasQ). 

ESSSt! 

Wicntads-aOp!? 
WtterfThonKO- 
Wood&SonsSp. 
WoodiAxihnriSp 
jWoodHaa 


Q 


30 

»2 


1-2 


+3 


1+2 


-3 


+7 


+1 


R 


+i 


+1 - i r- l - 


te- 


rn 


+1 


60 


-3 


\-h 


14.02 

h5J5 


8b 


uu./* 

'A 


8.93 

556 


700 

t$2B 

2.84 

3L19 

ML67 

tt91 

{5.40 



ANCE, LAND— Continued 


2.1 


fm ^ 

Bgfi Ur l 


Stack 


1104 

IQS 

14 

36 

145 


motors, aircraft tradss 

■ • • Mo tor s aad Cycles 


185 Sre^Mv 
57 Lote Ur 10a— 

|Sa- 

[Sl 2 EaOfraareltrs., 
[762 Volvo £50 


22 • 


.... 



235 


Q34c 

17 

50 

-1 

_ 



V* 



_L- 

117 • 

+7*2 

MS 24 

2 .< 

£X3*« 


Q12%| 

Zb 


87 HSUsdHKSS- 
1280 IflByPropcns— 
25 lotonitopeaoUp' 

32*> JfTnyn Invest 

. 34 Undlnvest 
1190 UndSwf.:. 
£145 Du.5tBcCa».„ 
£125 Do.AfcCom.'ffi. 
£225 DoUPjToov.W 
37 LswUiDdSOp — 
Lend leaf* &.. 
UnPiwShpIOp 
Lon. S»o Prop- 
L^tonBdea.Jajj 

Harter e5m«_ 
Mdoerwy 10p_ 
He Ksy Secs IOp 
33*2 HJltaOTtWhlfcaJ 
53 Mmuitviewfe — 
MuclkwiA.lT) 
Noltoa- 
ffcaebey. 


. *1 
1280 
127 
3 
8 
74 
59 
89 
72 
97 



Cammercial Vebl 


69l| KB.F-t!Sdg:i_ 


TcAB&*Xpi~M 

Peak invests. Ift* 


Z1\ 7 




351 


■to 

33 

. - - 50b 
7.7 5.7 126 

zij — *118 

43 7.3 *135 
3.8 33f9.4)l« , 
35 7-3 3.7 £235 

_ , a !p| 2 

102 ? %s- 



^?l£24*4kl4 


IVotlkBlerlOp 

Ccm^aoests 

AiAqpi^ndi 
Aitftnr Stream - 
AiBBt-nvEO-iap 
Aaoc.arfg — 
Antoaathe— . 

BMDelBna — 

Brawn Bros Kp, 

DonaCcrpSl — 


39 
53 

3.5 , 

4.0 9.6 95 
6 1 63 21 
f9.C — 135 
10.5 B.b *138 
19.4 45W 
L613.4 44i., 
2.7 117 95 , 
tO - 4?b 
8.3 7^ 26 
7-3 82113 
5J.10.1 44 
7J 51 47b 
U 8.1102 1 
4.9 9.4*80 
55 65 54 


sMknatoi^4 

LacffifiKbltTZl 
Supra GraupiCp-l 
I TTmcotareetfeo. 
VaoTfiseadfJj— 
ZmitliW5P?~ 


Garages and DisMbaton 


a.-: 

Is&t 

bl&»60p 

cdmorelnre— . 

IcateKF.GJ 


.Adams CtWwn . 
.AleaardenSp— 


teianfieWUwT- 
fEaigerfcvs. Up. 
|EamHH(rxy_ 

fenj^20p.- I 

iKemcHk&p-- 
j Bo.«lKto.-| 



TatBrf lewtf -L. 
W3dhamSaMp 

Ptoteretot-^ 1 



PropifliUAlw. 
Prop-hn'ship— 
Pro £ Rev. w! 
Prop Set InrSCta-l 
Rsgbn Prep 5p. 

Renal inn 

Regwofll fYop_ 

i Qa'A' . 

Raih £ Toopkissj 

Saaagl Praps 

Scot MctrepaOp 
33*2 Swart CitylOp- 

100 Stanch Ests 

£140 DalOT^miT-80 
216 Stuck OMuersn_ 
|170 Sanlej-IBilnv— 
31*2 Swire Properties 
5o Town Centre — 
11*2 Town & City) Op, 
82 rnCtudrtrk— 
D.£ Property — 
l td . Real Prop— 
WerserERtotr— 
Wamlortlnv.SlB.. 
WnnnderP2ft>. 
ffinetoaEas — . 


Hawthorn L50p. 
Swan Hunter £1. 

Vdspsr 

Yarrow 60p 


(RrilAComSita' 


RSSfWs 

HHHfmtf ftlhim fl 

31*2 lasobsO.Li20p_ 
25 Loo-0'5ea&P7tlS_ 
hfl7 I^Je Shipping— 
POO Mon. Liners jIPm 
13*2 UBKJ’Dk. t^mls 
66 KliodOwksa 

|1M OreniTranasprt 
83*2 KtatmTl- 

58 3enntaiK<R»p 
29 IM'A'SOp 

65 Prirrfenan iW ) 


16*2 [AOehne KM._ 
52 fSarthantiTi.— 
|Foccr3?arlrrvs.._ 

Ganur-Srotblair 

hkadta-SiasSp- 

IffiKonsSOp ...... 

iKStccs. 


Price 


MS 


[cwISJips 


An.A<rfiL. 

ah Assets^. 
Bnt asp. Sees to. 
fcjtlBtt &Gen_ 

3rftlme«. 

swdstoMiata' 
Brener bn- 

Caledtnua lavs. 
Caledonian In ... 

OaT- 

(SabnaaaiuiGen. 
Caadtulnn lQp 
CtoAForeiziL, 
C*plUl& ritt.— 
iVx "IT - — . 

QrdtMiDfd 

Carltfim, 
Cedarlnc_ 

Chant U. Inc. £1. 

3ty£Cofs.Inc._ 

Da Can. ill; 

48*2 City * For kv 

85 city t Intern tl_ 
a ISWBfOstanl - 
76b Cb«rjMa«50p. 
CtScntsKslOp, 
‘-jdaletav— 

__ *B" 

CUg(dal5ea.Lfd. 
Cootoeal'lilnd 
Ctatmenll DnJan 
>g*ntJapan30p. 

Croscfriors 

CtaBBiuslir-. 

38*9 Dana* flat) fSQp) 
3b* Da(UwiOp._ 
56 pUKrtnni Corp- 
[200 


7*a 

.« 

83 

12 

122 

172 

165 

103 

129 

72 

267 

87 

84*, 

. 90 
4 300 
118 
136 
132 
116 
124 
71 
160 
630 
61 

1OT 


DertjTSUre.£i 
Da Cap. 50? 


SHIPBUILDERS, REPAIRERS 


Scrawl Era. SpJ 135 


{DofflinMa AGen. 
(Dcaytoe Cornel _ 

Do- Cons 

Da FarEoitem 

Da Premier 

pEdrestiucSOp 
rST Capitol £i._ 
DudeeALon—i 
BdahDrch.ta.Td. 
Elfin, lav. Dl£i_ 
QEcaalnt.TsL. 
Hect-6Geu___ 
aaftlmernatL 
Eng.6N.Y.?rnst_ 
Eue.ASirot.int_ 
" Cow'ili 
rf'dsop— , 
Jac,ajp_ 

. Duties 

jRAC.Eurrtust 
SiBBb'inT. Tst_ 
J'lBtSeot.Am.- 
|]aSsi4CoL— 
37 ff.C.GlTjT»25i 
35b ptefinvtst loc _ 
49 I Da Cap 

98*2 |GJ. Japan 

H20 (Gen. ACmnc'cL 
JGra Cmsolcid. . 
General Panda_ 
Do. Coat !0p— 
Gen.L'iwj'.jrs-. 

77*2 Gen-Sroctah 

72*2 OeaSt bldr Uji 
84 Sfc®D» 6:'nldn_ 
71 BBMk«»nlii\_ 
6fl Da'B' 



SHOES AND LEATHER 


I^raaertKi.2flaJ 

*Jssrt»M£EcriV3 

MivertGi'A 

PiCtinf Grp. 
SteadoSna'A'- 
Stronci Fisher. 

Stylo Sh»s . 

ISb ?arner il’i E lCp 1| 
66*2 Ward Whitt. ^ 
24 Wears lOp- 



10? 


446 


tm 9‘- 

+i 

t4.57 

-l 

tl.73 


497 

■ci 

t?3l) 


♦327 


2M 


fL9 


♦zm 


716 

42 

t4 30 

-1 

2 / S 


nil ]R 


M4.02 

— 

tI33 


201 5JJ.UW 
3.4 ll3 3 . Eh. 




41 6.7 4.9*02 

7.4 4.4 47 TOJl 
2J 72 9.2 

S£ 4.4 53 ,§2 

2.5 10 D 

3.0 7.3 6S^ 

2.7 4.9115 

42 8 3 4.3 |2, 

1.7 7312.2,1*'* 
2.4 9.7 6.6 7/5 
32 3.7 12.9 

3i| 4.4 9.1 M 


meaDiu/Tj- 

Do'ETCrd 
Globe In--, 
tkwett E-x-tV-, 
Spang? :rojt _ 
GkNotth’slT... 
GreeaL-.a-Ini.-, 

Vp^haTn m* 


6.3176 




SOUTH AFRICANS 


AberwsnaLaL- 
AneloAm.In.Rl 
Anc.TrtIuri.59e 
Gold Fids. P.Sje 

Cytmnj'A’afc- 


fOSgaamrs50c_ 

Priaro&elOets.- 


SjL Brews 20c_ 

Tiger (Ms HI 

Unisec——. 


112 

—3 

917c 

* 

91 

r 



24 

f 

65 

8.4 

72 

. 


1 

4,? 

175.. 

fT 


4 

71 

105 


S5ju 

f 

139 

429 



U 

8J 

67xd 


|Knra-f 

Qi 

t 

179 



to 

101 

81 

-1 

Qllf* 

| 

8.1 

680 

6M 



3.9 

14 

si 


93*2 

182 

150 

200 

263 

53 

51 

Bk 


aeshsmln-. 

40 Group Imertors.. 
69*a GreraaiiKlK- 
78 Bambroa _ 

Ilk) ®3 -Philip 

69 Hsme KJrts. 'A - . 

I M*2&*5<Si' 

421. l&iri’i&Gct 
65*2 JntenvKl lir.- . _ 
107 InvinSuroesi— 
62*2 Inrestr,-. i^p „ 

103 Jirdire Jaron 

70*2 ttdineSec.KKSU 
103 Jersey Eit flip 
228 Jerwy'.^s.*] — 

41*2' JasHokines. 

H • tore lm\ Inc. IOp 
4 Do. Cap Ip 

,i apsasst* 

38 Unc.AUn.Inr. 
87*2 LMrDebeottire- 




85, 


Inv.Inc.20p 

&SE3tei 

[Lob. Atlantic 

EaftSSbSd 

[> a notynxyi^ 
(LoaftLennot 


TEXTILES 


NEWSPAPERS, PUBLISHERS 

+2 " 


k 

46 

55 
70 

65 

|l22 tpodD.tai 

Pearr-oa Luugmaii. 

SaipelWlfli ffldgs.. 
hwm»*iW-5c. 

Iftd Newspapers 
23*2 [Websters Puh 5p 
35*2 [Wilson Bros. SOp. 


Aa.BMkP.20p- 

BPMKfe'A- 

Bam Brothers _ 

Bkck(A.AC)_ 
Brianl PiM 

. Cofitns WiDiam_ 

.Da-A" 

Daily Hail WfJkJ 
E.ttd.AIfied»[ 
GatotGOth- 
Home Counties- 


'Pi' 


***** 


+s 


l+b 


3.9 4.6 85 
75 24 M 
24 7.6 7.1 

2.9 5.2 9.9 

3.1 6J 7.8 

2.1 75 95 
,2.9 4.7 83 
Z9 4.7 82 
g 53(204 


4.6 


Allied Textile _ 

Atkins tos 

Beales UJ20p— 
Bedcmon A. lDp. 
Blackwocdllcrt 
BoodSUtah.Mp 
Bright flohn) — 

_ BSS£: 

12 C»iidfl*andee)_ 




[ ^taw*wioa 

67 Casa Patous 

, ,29*2 Corah 

PC9 Coartaolds 

,[£715. DaWDebBOT 
31 Crmrtberg.) — 



PAPER, PRINTING 
ADVERTISING 


82 


55 ... 

5.6 55 
7.8 

15 285k „ 
7 2 55|jnf 

0^10.2(387) 




f4S» 


» 

32 
: * 

) 

£' 

5 

•3 

78 

3 

I 

•8 

5 

■s- 

.1 

t 

1 

2 


INSURANCE 

tsatfeis 


I&dlajuik5p 


1-1 


^,|^FtolKJOpJ . 22 
SB gnnloUKBMnt J £128 

144 EqoiSfc.LawSpl 1 

196 Gen-Amdec — j 
204 GJLK- 
fe63 Hainfcr 
037 Heath (CEJ20p_{ 

p7 KmAJWp-! 

14? Legal RGes.!M-[ 

86 Les.fcMwn.3p 

128 Loc*Han.5p_l 


isi sksm 

.47 ^iraniasBp. 1 

^ iPrS^ta'A"— . 
ha- Ilia “S’ — w 


TH 


jn 

7822 

m 

4.90 

626 

till 

-556 

4d454 

w 

m 

12.78 
1 10.51 


271 3.1 121 
4.4 20 16J 
53 3.6 120 
3-k 45 12 _ 
2Z| 68jlfl2 63*? 

234 

28 * 10*2 
431 21 7.7 260 
29 7.4 42 23 
2.0] 9i| 6J 32 

** H i 7 f, 

2A 8.6 7J 141 
J3A HO .S — 192 
3i BO 67 775 
*2 53 15*2 
13.2 43 48 . 
26 0.4 6.4 080 
15 9.6 11.7 116 
42 5.4 &8 60 
87 30 55 102 
20 8i 1A 91 
90 
56 
@60 
16*2 

533 .3 7.4 1 
5.7 7.9 ^ 

? ? 38 
■77 ” ^ 
ft - 29 
M — 109 
120 

„_.iS 


Assoc Paper- 
DaBt®cConv..l 
Anllfchihorg— .{ 
Betnrere— 

3rit. PnnSrng-—. 
BmnningGrp — . 
Do Restnc vig_ 

BmdPui? 

CapsealsSp 

Caustan'SirJ.)— 

GhapmsSaiata- 

Oaf(Rlchanli_ 
CoitmD’sofiiop 
Colter Guard — 
DeijTj20p- 


fw.vJt293l4.4l 


1+1-'! 


mnn 


d356 


d35b 


4.95 

51.93 


3.98 

SSf 7 , 

202 


DBG..— 

East Lancs Ppr_ | 


R fix 
_ 331 

-... 451 


■tejcainite 

FatyPIck I0p._ 


FlnUs Holdings. 
Ge^s Gross 10p- 
EairisooaSosi. 

abSjJPGlOCti 

64*fa8reskGn>5te_ 
LfcP. Poster 50p 
ItCoryucfitlcU— . 
Mdodyililb — - 
Sflllsi AOenSOp 
SfcwOTetr. IOp 

WBttSs 

Oxiey Print Cn*— 
S^ateU&Sanicm- 
S milh iThid'i 20p . 
SnnrijliJeffen.)- 
TrangKrem Ppr. 

48 rtidant Croup-, 

49 ‘ Ddsr Walker 10p_ 
30 Wace Group 20p- 

[386 WaddingroniJ.i- 
72*2 Waarennhs.— 
11 9yatfWte»i5pJ 


1+3 


R 


+7- 


,R 


R 


as 


m 

1 EieidBrosSp— 

HidiaaB ____ , 
BcAlasGrp5p— . 

Bfffflfrav 

Hl’gwHThRSOp. 

Da‘A'3Jn 

Ingram (HllOp- 
Jerome iHIdg&l. 
Leeds Dyer 
Usghidlls 

UvotSp.— 

Us ter 


Isle s(S.)30p.__ 
SflcteyBngli 
jjaciiintHi ScctO 

SLatiiKAjaap 

Miller (F.nOju- 
Sfantfort 


VI fe 


\UA 72 
106 7J 
921LT) 
33 85 

65 65 
4.4 B2 

3.9 52 
5.7 8.8 
20123 
75120 
55 28 
36105 
8J 7.2 
5.6102 
10.5 9.4 
59 242 

6.9 65 
55 95 
7.5129 
5.6 Ol 


(Notts. Mmrfg 
gfoyaJerseylBp- 

(PicHes(W.)&Ca 

DalA'NVHJp- 

HHT-lftpv- 

Hadkyyashwaj 
EeiianeeKflil20pJ 
Richards IOp— ? 
RhinrtonBeed- 

szSrata — 

Scott Robertson. 
SeterolM-lOp_ i 
StewCarpen JftpJ 

Stril nh Spinwrs. 

Suaawlnds50p- 
Sirdnr 


Small tlWams- 
27*2 SattSMsaLUBJ 
19*4 DaPrit.mU- 
37 Spencer (Geo.)— 

26 aDdSTd-A' 

23 SOncdRBejDi'd- 
23 renrfanaLda- 
ia retfrdJrsj. ap. 
46 TtaiinsTOiJ — . 
44*2 Tootal, 


ill 




83|- 




3to6i|^ 


iUm- 


SrU 

30 


AirdUodonlOp 
[AIhi2tt London _ 
pnuJgsaralsaw. 
ptpcs.F7Mis.lito' 




60 


76 




PROPERTY 

SB? 


59 

79 [Belmont Props. 
47- BreseriCJ-JUto- 
47*2 BenwarHtogs— 
81 Bwteler HacKira- 

1151 BHwnirerey)— 

15*2 BriLi_— J 
28 Brni^Land- 
£118 Da lSpcOw 2602 
89 Brinton Estate — 
45*7 Cap. 4 Counties. 
“ Ceningiunlm'.Sflp 

Cnttovinciaiato 
Do Cap 20p — 
— 

Chester. ie!<* 

CHowaSecs-- — 

Chorchb'iyEst— 

47*2 CityUSKes—— 
S2 dart* Nicliolls- 
.22*2 Control Sees. IOp 

75 Cntyfc^ljto- 

80 DaejanjEW^- 
11J* Bares Sates Ito- 
46 pomBtfonlOp— 


r-i 


Dotfjpeto — [ 
DaftKto- 
tets.&Ageney— j 
fcis.iGejL30p- 

lEas.ftop.lnr_] 

ffironsLaas. 


CTnaar e&I 

tewfc! 


(OWDdljlOp— 

]G reggtM5p ~ 
Hhuw«TSDn A .* 
HrfeyMTS-WP 

>272 |2U laasfeOMl*- 


241 4.4(342 


221 2924.4 








4^. 4.06 | 2rf 27j40.0 


H-? 




+2 


1-2 


D.46 

102 , 

dL32 

& 771 


48.69 

h295 




'9H3Sts=‘ 

ZJ Tranore Laijeta 
48 rriroriflelfip — 
41 Vita-Teat Ste — 
34 Yorks. Fine W.20P- 
31 - Tongiial 


162 


+3 292 


246 




?]S 

0.76 

3.06 

456 

d3.17 

150 

150 

131 

b2S2 

hl.53 

129 


+2 


■R 


+1 


tt-v* 


R 



Hants 



b 


05 

151105 9.7] 
0.9 10.9 15-6 
5.4 55 
45 5.4 
35 4.9 
22 73 8 M 
5J 35 73 
05 56 483 
6.6 6.7 13 


- - 1- - 


21 9.4 7k 
35 7.7 59 
33 10.9 4jP 
33 315 351 
35 95 A71 
25 85 5.4) 
90 3.9 43 
25 RBisIa 

22 65 9k 
13 55 19k 
13 9512k 


1810.1] 75] 

l.i fi U 

511 35 65 
4 2 4,6 7i 
13 8.912.8 
25 85 6.4 

10| 20 50.4 


Um.AUv. lOp 

fc IvmrniH 

. 4: Montrose. 

_ lagsd 

Lon.&S’dyde_ 

LoaUlDcd 

Lowland Inv„. 
UaGDmllnc.lOp: 

Da Cap 4p 

Uin.fclietRta.biv. 
Ueldrtun Inv. — 
Vertsntilelnf.. 

SgsSfa 

mi* rus iflrwt 
Mont. Boston IOp 
Da Writs. £L_ 


3.S 


tilt* 


no.N»ffm».. 
NY.fcGatwre, 

IlSSMwresI 

, ..AdanScSee 
iNiluuAmerkaD- 
r^rtbernSers— 
rr.liAmnc.lnv_ 
rcitwieb tor- 
PonfinndlBV. _ 
Froz Stt te. Staj 
ftoriueialQties 

R. i?bura_ 

-.eatrooktar..-. 
Pjchtsilss-Cap 
Rii-erfcMere. 

ff-HateDeL 
Roh«O(Bt)Fl50, 

. LkiSuhai-sFlS: 
RoIincONVFlM. 

jF.tffffSSm 5 ' 

A t>aaiP ' 

F^ijsritfid laap-j 
S:fegtmrdlnd__ 
?l Andrew Tst._, 
Ft* Am tot SOp J 
Scot. Ofles‘A'_ 
StctEasLlav^ 
Srot-Birppewt- 

I Sc.xoahlnv. 

SMtiort-iTM; 
X,A National-. 
fAHrtnJ 
, S-rctOaaiio. 

S, ot.Utd.lnv.— 

ikK . Western 

S.Dt.'Wefla TT— 
S-.- AUtmeaTa—l 
Sec. Great Nam.. 

Lti.’V— 

St-mrttiesT.St- 
SciKtffia&RH.'S. 

SmreslEv.SOp— 

Sirevrell Mp__ 

Scherelnv 

SPUTInaWp— 
aTJTCBpi®- 
SLrolwpeGea._ 
Sterling 

ioc^dailav.J 

__ Tertcnologji 

I Bit, Tf stole Bar. 

Throe Growth 

Do Cap £1 


- [ 7.1J - 




4.9 

35S57 
1 65 19.7 
10,01051] 

■ 6.0 Hf 

35 3231 
4.9 215 
4JJ Ml 


TOBACCOS 


267 BATlada. 

227 DaDeM. 

330 DanfaSCAJlOpu 

71*2 Imperial 

45*2 ftoriffitans 12*2p_ 
55 aeanenBaMp-l 


\iun\ix* 63} 5.6 


85 
8.1 


18102 


m h 

urn 

3.4 375 


TRUSTS, FINANCE, LAND 

Investment Trusts 


60. 


45 2?9 
4.0 205 
35(72® 
17 320 
14 


Aberdeen Ins. -| 
Aberdeen Oust. J 

i Atom 

Alliance Inr- 
AHianceTnut_ 
AWinBii Inc. 50p. | 

DaCapttalSOp- 

Amtajselnv.Iat. 
DaCap- 


+1 


R 




3.BHB 
4.5 3FT 
7.9H9j 

U73 mk 
Mu V 

■is nlSTI 
7.4 27.61 ■ 

"2.0 IH 

mm 


.AmericanlriKt. 

American TSL’B' 

Anglo Asl Secs- 

Anglo-loL Div. _ 
Da Asset Sbs_ 

DaOp-I 

[Arcolav.f 


i+i - l-l-l _ 


3.6355 
21 31®j 
54 9.9 


Atlanta Bab. IRn. 

AHautic. Assets- 

> Allas Sect- — 

Aust-fciBuatoJ. 

Eanien'bn.. 

! BenjTrnst- 




13«1| 
4.0 fflisj 
1926JI 


5S! 


26 


. BtotetSta-lDp 
j BrazO Fund Crjf 
Braallnv tol- 
SresalS 


1-1 


R 


t!37 UJ 4.4J3L4 


JM 3 


.- .ft + 1 * - 


QU 1 ^ 

t4.10 

051 

0.41 

L93 

?Q2 

259 

to.es 


14 5.9 24.9 
" 5.1 275 

, 6J Z3B 
1« 4.0 37.0 
10| 45 322 




10.7fU.7j 


89 


[■o-ff^Uiaa— 

Tw hwestlDC-. 

Do r» n 

rriniOcwnic— 
rrihoBB invest— 
Trpie»«Ulcap- 
' DatoitaJ£Lj 
Trust Unkm— _ 

. iHErttSecs.^ 
IMCtapilab 

USDehCum. 

UifcGsssraTSlJ 

IgTkff gTMg j 

wcZiteaiMa 

Waeswlsr.EuL 1 
WintetottcBj_ 

WIImTh t. 

Da-B*. 

Yeoman hre. 

Yorks fcLzKs. , . 
For Voricgreen see 
I 69 |Y«ingCoSnr£L| 


26 


a 

»2 


86 

53 

265 

211 

126 

194 

81 

30 

44*2 

# 
218 
156 
2C7 
138 
158 
46 
203 
61 ' 
229 
69 
138 
245 
126 

P 

81 

85 

112 

153 

224 

as 

54 

102ri 

103 

188 

55 
38 
66 

186 

152 

91 

190 

150 

115 

ST-2 

125 

.110 

105*2 


79 

76 

128 

67 

84 

109 

102 

69 

70 
87 

ICR 

193 

54 

82 

770 


175 

89 

175 

12S 

at 


-1 


-5 


-2 


-5 


-1 


+1 


+*2 


+*? 


+1 


-1 




+1 


-h 


+1 


-Ja 




-*2 


73*2 

84*2 

103 
W*. 

202*2 

93*2 

90*e 

202*2 

420 

138 

86 

125 
160 

65*2 

1 15 

190 
1QS 
109 
IttTwl 

25*2 

104 
82 

£129 

120al 

126 
77 
61*2 

158 

116 
351 
321 
338 

19 

100 

202 

810 

W 

313 

216 

100 

97 

191 

ft 

89 


-1 


-1 


+*2 


tL67 

126 

St 

4.92 

♦5.23 

T3.60 

2.53 

1.93 

56 

tLSb 


3.55 

2.03 

3.65 

96 


t3.96 

391 

t254 

Q15.0 


12.18 

tl-B5 


+4.13 

335 

3.86 


+L70 


822 

650 

3.55 


372 

0J1 

3.15 


thi.44^ 

T13.63; 


7.87 

4.57 

4.77 

0.91 

6.80 

4.18 


tZ33 

102 

6.35 

5.08 

157 

3.86 
t30 
249 

6.87 

U9 

iblD.05 1 

hL8S 

10 

t45 

259 

t3.83 

n 


2.02 

5.91 

♦3.83 

4.77 


4 06 
3.40 
2.3 
t?.44 
1.86 


1.73 


5.08 
133 
tZB 
t3.93 
147 
2.03 

1.9 
274 
3.21 
8.02 
t4.6 


. .49 
17B 

St 

1X67 
0 3a 
tQ47c 


0135, 

♦52.08 

3.55 


5.10 


3.88 

t452 

Qlle 

156 


-Sb 


+1 


+1 


2 


-45 


hi 




630 

2.01 


619 

B 1 

152 

3.35 

1933 


3.11 

t5.38 

1239 

ZM 

h4.62 

L91 


445 , 

"HI 

037 
5.03 
hi 32 
4.46 


3.45 
4.92 
3.91 

4.46 
0.95 
t337 
♦6.03 
QlOc 
112 
0.76 
10.57 
♦4.67 
233 
0.07 
7.70 

nance. Land 


I fMl 


u 


12] 5.7 252 

4.7 362 
7 6172 

, 4.7 293 
43 35.9 
4 7 32.4 
53 26.4 
29 410 
4 0 305 
19 255 

3247.7 


lfl 


1JH 


12J 

* 


10] 




IK 


12J 


ro 


55180 
_ , 63 23.9| 
131112 12.4 








14 










a 

bl3| 




5.9 242 
ID 303' 
46 28.2 
5D| « 


53 28.7 
4.7 28 J 

5.4 25.9 

9.4 


5Jte2 
10.0114.9 


5.7 243 
67 21.9 
63 233 


3.0(46.9 


46(28.4 

4.6131-7 

4 %1 

IS3I3 

10.3129 


5.126.7 

9.3(183 


37 25.6 
4 9 25.9 
45 28 6 
30 43.6 
5.0 283 
10214.6 


5.0 283 
L2 902 
42 34.6 

6.0 233 
23 455 
6.22231 
5.5 3031 
4.4 34.7 
92162 
56 2521 
6.7 203 
32414 


z u 


66 
42 343 
3.0 4961 
5.9 U.O 
96 156 


55 2^.7 
6.2 22.0 
3.8 39.9 


5.3 24.6 
5.5 272 
11 4 

3.3 37.2 

2.3 * 


33^ 


5«22 2 
43 25.3 
38357 

5.4 25.5 
22 573 

4.4 173 

4.0 33.8 
4.7 30.8 
5.3 233 

6.0 250 
8.2 « 


Lfll 

4^30.9 
4.K27J 
29559 
2.049.1 
0!r|l7B9 
43|Z19 


10] 


472 


61^4 
36i 40.0 1 
6^g.6 


10.6(130 


O^Sb 

4. d34.8 
42^363 
33)352] 

jlgj 

4:23ii 

am 

532t>A\ 

5. asS.O 

9.2(133 


9.2(163 
Z 253 


85 

230 

21 

125 

42 

42 

95 

23 

* 

234 

138 

80 

74 


J 5 

&47 

16 

80 

25 

25 

fl 

9 

73 

104 

38 

44 


£32*3)923 


71 

20 

420 

14 

40 

247 

141 2 

131 

£51 

69 

12*4 

£54 

£12 

28 


[KalstmkS- — 

WellocklOp- 


42 

14 

200 

9*j 


Jft 

"?0 
. 90 

K i 

7*« 

£27*4 

900 

24 

68 


Stack 


i&mtbBros. 


TH 

Or Gr s PfE 


66 

fl 




230 

21 


44.0 
ril Oft 

2 2 
* 

17 

76 

125 

42 



4> 

ii 

42 


tox 

— 

LB 

88 

-2 

1.02 

19 « 

J 1 

22 

+1 

L84 

4> 

17 5 

17 


03 

D 4 

77 

36 

+1 

♦0.51 

4./ 

2.1 


+2 

167 

4.1 

IS 

138 


351 

3 7 

3 P 

79 

_ . 

4069 

2.4 

13 

50 


is.98 

U 

4 

£107„ 

58 

18 

-** 

QSU6 

— 

54 


L43 

L6| 

U.9 

420 




— 

— 

12 








39 


tL02 

36 

39 

Z38 

+1 

t8.25 

31! 

S? 

13*2 


0.49 

lfl 

64 

102 

+1 

3X7 

L7 

4.5 

£.51 at 


l£W* 

— 

85 


...... 

4.99 


115 

£47^ 

£U^ 

-1 


L6 

6.0 

26 

+1 

2.13 

L2 

17? 

55 af 


154 

* 

4.: 

16 






_ 

82 

— 

L41 

3Xj 

ZB 


3.6 


.74 lj 
13.4 

17.1 
10 0 

46.1 
76 


8.6 

97 

272 


5.5 


10 7 
4> 


9.6 


OILS 


125 

% 

168 

926 

76*2 

89 

£624| 

ST* 

63 

30 

£26*2' 

450 

144 

94 

36 

190 

nwh 

415 

45 

306 

19 

*% 

£49 

620 

602 

69 


£64 

190 

2B4 

161 

192 

190 

82 


100 

66 

134 

720 

65 

, 42 
£51 
750 
30 
49 
21 

£12*4 

350 

1114 

33 

24 

134 

l£97 

'284 

13 

178 

1713 

1*4 , 

.£3p5a 

*J57 

226 

£55 

130 

1£2 

120 

86 

% 

57 


HtAranEnOQ£l- 
AttOckOOp-- — 

Brit Borneo IOp. 
BriL ParoFm.il 
Da8SPL£l — 
Bunnah£l— 
Do®,LrL9LV6. 
{riCCP Nth Sea£l.. 
(ttCaoriera 3es_ 

rharttrhal?^>Z 


lot Ft. Penates E_ 



NEW jAPAN SECURITIES 

Tokyo, Japan 

•New Japan. Securities Europe Limited 

1, r.*,K>:g.it*. LjUil-i'i 6C? K $JH ”C* 6D6-678*.'S 


■ Frank (nr: Oilier T?i 5*p320 




MINES— Continued 


B«k t*w 

1155 
15 


210 

24 

80 

41 

17*2 


Stock 


'Falcon Rh SV ... 
Rhod nt'orp 16* jp 
BoajConyrH. 
.ffankieCol R*i 1 -.. 
]Zao.Cpr 5BD0JJ3_ 


mm 

Price 

tv 
+ or 

ro-iv 

Dh. 

Net 

CVr 

173 «f 
17 

+3 

Q60C 

0.57 

*1 

70 




— 

35 


f37*2C 

L4 

15*2 



— 


TM 

Gris 


2L0 

5.0 


183 


hUTullOilli 
(h^vde Petrol £1 
HuntinsPemiL- 

jECA. 

ILA6M0— 
USS014HIB51-83 
LASSlD“Ops IOp- 
Magnet Metals lfc. 

0)1 ExpL IOp . 

Prenuer Coos. M 

RanpcrCHl 

Revnoldslav. Ic. 
R,L Dutch FL20_ 

ScentreBes. 

SmU Trans. Reg. 

Da7m£l , 

rtfebfinsfDiia] 

ro2co4V%to. 

Trirentna: 

Ultramar 

Do TpcCnv.O — 
Weeks NatlOcts. 
Do PfilW Mc_ 
WoodsideASOe.. 


^5 

250 

61 

£100 

73 

72 


(224 

60 

96 

45 

25*2 

8312 

95 

£49 

3?5 

of. 
L35Q 
21 
9 
55 
<0*2 
(208 
, 63 

*g 

4*, 
4) 
1275 
. 40 

*8 

41 


African Lakes... 

AESt-Amc.SOr- 

iBendortl.S.lkV »- 

EcrtirRckiTtasihta 

Boustead ilDpi _. 
FinlanjEffies 1 — 

Gill L Dull us 

Gt Ntim £J9 — . 
h~r.jru.Cttn.fi 
Ra£faimgi&i 
lcehcapell — 

LlacfcWm 

JJamajrt Sugar.. 

Lonrho 

lancheUCotts.- 
Kieeri2nEiec.£l 
(.■ceaa W1SOS.2DP, 

p3-sia.2nch.Mip 4 

Zto'A'NWJOt. .„ 
SanEer.Jx.ilOp 

Sena Sugar 5Dp.. 

iSure Darb>- )0d 
SleelBros. — " 

Tcrer Kerns. 30p. 

Da flpe ton. 
lU.toMerc.Uto. 

Do, UlpcLii. I$] 



AUSIBAUAN 

13 
129 
129 
370 
516 
25 
57 
55 


Acmes 2Se 

Fou^uaull^SOToeJ 

BH South Me 

Central PSciTw 

Cmane taritfc Wc .| 

QniuviiurSOc 

GiiV KaJjwrlieSL 
Kactna wld N.L_ 

S t Areas 5t* _ 
El 5flc — 
HUtt HldfS-Mv- 
Moi:iitU-eU25c — 
Newneu! !*r — 
N'orU, a Hitl5i,*c — . 
Nih-KalEur:. — 
Nth. Wes iSnmt— 
CiakhndceSAI — 

Pacific Copper 

Panconl'l -5c ... „ 
Perinea Midi 5?.. 
leko-waOjend Me. 
Southeni Rncific .. 
WestaMima?iilc. 
Whim Creek IDc 


33 

253 


122 

14*2 

42 

158 


£12*4 

23 

548 

215 

159 

45 


+1 


-1 


-1 


tQPc 


4Q10c 


13.55 


Q9c 


QSc 


tQllc 


ftlSc 


®c 


L4| 3.9 


22 


2.0) 4 2 


14 




2 .r 


43. 


4.4 


1.7 


.AmaLSiperia 
Ayer Hitani SMI — 
iBeraltTin 


TINS 

26ui 
365 


Berjuntai SMJ 

Gecrar 


OVERSEAS TRADERS 


Gold & Base 12ia>.. 

JCopengCons. 

Hongkong 

.ldnsinp 

Pantarl"*2P 

Kamun &pc SM050 . 
W*:ili»")i nlY 

UiJjr Dredging JMi 4 

APabtn; _ 


RUBBERS AND SISALS 


ins 

Hish Lew 


101 

127 

17 


I 


52 

12k 

400 


89 

59*2 

187 

83 

63 

81 

93 


65 

56*2 

«■ 

69 

36 


Sleek 


75 Undo-Indanes'n — 
65 Bertma Cool 10p._ 

11*2 BuriiAfrka) 

31 Bredw*niOp 

165 Castlefield IOp 

26 Chersonese l(5a_ 
23% Cons. Plants 10p_ 

■ 8*2 Grand Central 10p- 

m GothrieU 

BanisssHb'.QLnp- 

Highisnda IBOc — . 

Kuala Kepong MSI. 

ttKnlim 3150c 

LdaSumatialDp- 

VslakDffMJl 

30*2 Mi/bt Riser Up 

55 PlanhiiM Hldgs IOp 
37. ISungei Krian IOp... 


Price 

♦ « 

96 


llOid 

-1 

17 


62 

-1 

288 

-5 

52 

-1 

45*2 


n 

+' 7 

360 

-i 

115ni 

-2 



47 

— 

1B7 

+'i 

§ 

-1 

72 

-2 

90 

+i 



Unlaaa WlwrajK ladloMt, prices cat nc dlrMmti aw Is 
pence and dctwn c tmutoca are *Sp. Eattamted prtectowmlapi 
retiM and covers are based oa latest waaBBl reparn and accMUtc 
aad. where panJWe. ere npdated on balT^emiy Hgnrca P/Ka ne 
ralrwlawd os Ibe basis of act tMtaffoo; bracketed ttjtares 
ladlcw t c 18 per cent, or an dlHcrmce If wlcnldri ew "w0* 
dlMrilmtien. Caver* are baaed aa -amlxun m" dt li l hnliw . 
ftlaldi are baud oa roUdlr prleee, are xreaa, adjusted to ACT of 
p* per cm. and aBaw far voice af declared dtatributian aad 
ri flits. Securities with depoirlnaflona atber Ibn gtcrllag am 
qaatad lucfnatrc af the lareatmeDt dollar preadnaL 


. TEAS 

India and Bangladesh 


6.0 243 
43 25.7 
5j6 295 
|4J 32.31 
23 5S.A 


5.7 2531 
6.722.3 

o,6 ms 

115 126 


175 


253 


, 4-965 1 

eBO 

.Assam Frontier El.. 

312 


h!5M 

m 

A%aalnvs.il.--. 



/.ll 


SSnpire Plants 3 pp- 

28 


♦2.01 

180 


328 


bib 


240 

+3 

n.7 

355 

UfflBDtL 

355 


1531 

22 

SiniSoHldRltta- 

27*2 


♦FL/b 

181 

ffarrea Plants..... 

■244 

.. .. 

14.89 

U38 


167sl 

+2 

1Z5 


Sri Lasha 


iua 225 1 123 [LuD*na£l- 


1.51149 
57 25a‘ 

4.1 33l 3; 
3.9i37.5 
4.01314 
53 6 
3.7 34.9, 

4. « 30.4 
63 213 
83 * 

4.2 32.3 

«® J !442 

56 21 ogO 
6.0 23.4; f42 

5.218.4 178 

UjlMl 

2 i 

4JH34.9' 106 


-l 225 | 15.53 I 151 3.7 


1 * 11 . 2 ( 11 *, 37 

4.8(212' 
7X120.6.444 
75 


73 


«.«317 w - 


|-ig-5'865- 
33138.7: w 


83\ 


29.8] f6X{ 

* 


10.^ 

0.7 


Africa 


610 

175 


5076 f 112-4 
13 20 2.4(113 


MINES 
CENTRAL RAND 



410 

537 

£39*a 

125 


+1 

+2 


bbUe 


50 Penrka.'en lip 

6 1 * PeiSingSMI — — 

SarntFffzn 

Scmthrtoftt 
So-af. KirAa 
Slhr.i^l^uPiiTI - 
SuwBtsiSa — 
gupreneCa.T.JMl 
tTacpaglf?.- . . 
ffijugino Kriir.SMl 
ITrijnohvall 


50 

265 

150 

10 

330 

225 

90 

8 

76 

640 

450 

6S 

75 

260 

69 
60 

215 

315 

215 

70 
M 




2=9 


+1 


-2 


-10 

-2 


2-82 

9P 

BP 


1523 


*120 


4.19 

,Q70c 

hoi3Ut 

Q45c 

ZGJlOe 

.6*0 

Zii&c 




s a 5.o 


0.9 


iM 


L 


16-2 


8.9 


7.0 


35 

202 

45 

13.! 

71 

5.0 
10.4 

7.0 

9.0 
65 

3.1 
10.9 




|MesiiM KO50. 


COPPER 


73 1-2 |^30C| I* t 


HKKSUiANSODS 


Ba^-mut 

Burma Miner ITJ-ji. 
Con:- Murrlv lOc— 

NKlimateCSl 

RTZ.. 


[Sabina Inds. Gil— 

fTaraErotn SI , 

fTehrtj ifinerais IOp _| 
1 Yukon Cons. C5l._ 


6: 

13 

2^5 

3=5 

250 

52 

fif.5 

74 

147 


-4 


-S 

44 

-2 

-10 


+2 


$Q30e 


9 5 


9135 

Q7c 


24 




u 


.t 


S3 


23 


NOTES 


EASTERN RAND 


30.4 1 


365 




:ios 


73*2 


57*2 

, M 

1235 

76 

*£ 

52 

37 

4 


1288 


4.U375' 

3.342.4 
4 5] 333 
4.2343 

29(525 445 w __ 
33U95 01*4^64 

-T— 108 ' — 

4.6(35.4 401 
32)46.1 
— 280 
45132X153 

3.0 - £16 
93 15.9 657 
25 46.4 652 

4.0 35.0 602 
9.4118.9 330 

— £27?b 

4.0 25.0 289 
4 2 34 ..trgfc 
3 A 52.S 241 
3.6 «L5 970 

7.1 20.0 268 
0.9^11214.4, 


Bracken 90c_ 
EaaDasoRl 

tnooThso 

Grcottle)3Dc 

Kinross R1 

Leslie 65c 

MarievaleffiL25_ 
S African Ld.ac_ 
nakfon^mflOc — 
Winteltaak ffi) 

IffiL Nisei Se 


84nJ 

+1 

Q44c 

* 

26 

-1 

17 

383 

-15 



113 

+1 

fOl9c 

ii 

388s! 

-12 


9 

. 64ri 


QZLc 

4> 

76 

-lb 

t*246c 

U 

69*2 

+1 



51 


Wi5c 

o;4 

718al 

-13 

C129r 

4> 

59 

-2 

— 



1851 

85 


MX 


293 

10-7 


FAR WEST SAND 


BlyvoorS 

Euffels 

71*2 DeettraalMa) 
[714 nnorjilnplw'-n K1 _ 

EastDneR! 

E3aznfcmndGld.20c,.| 

EsfaurgRl— 

HanxbeesfRl — 

Kloof Gold R1 

UbanraRJ- 

Soutln-aslSOc 

SttlfonteinaOc 

VaaJRceftHJc-— 

VertETspoetRl 

.06*8 W.Drieftl- 

|152 Western Areas R1 . 
Western Deep R2_ 
ZudpaaRl 


589 

v2 

890 

m 

432 

419 

206 

£11 

123 


BC9 

KfiJ 



[The following is a selection of London Quotations of shares 


152 


OJF.S. 


A MO 
* £20%, 


35J 


121 


445 


456 


1081 W O g. 


4.4(32.1 g 

P»t 

5.to27.5 
45(30,1 

LB] 710 755 
i^^3 378 , 
53261 £2Dt 
53^5.9 950 
351415 172 

6.0(24.4 ^ 
60(25.2 £20*4 

LOj 8.21252 Hit* 
235 


75 Free State Dev. 50c 
01*2 F5.Geduld50c — 
59 F5.Saai pleas Rl _. 

flarmonySOc 

UiraineKI 

Pres. Brand 50e 

Pres. Steyn 50c — 
(St. Hetena Ri 
Unise! 


(279 

1166 

750 

582 

703 

144 

1901 


FWeLkoaaOc— 

O3*i(W£(MnBB50c — 


100 

£19*4 


403 
104 
£10*« 
962 
916 ni 
242 
326 
£21 



♦Q35C 

mBc 


2.01 7.2 1 
2.7] 7.4 


4.7 85 

U 3A 

9.5 1.L 
* 12.4 


L« 6.4, 
lil 7.9 


FINANCE 


Finance, Land, etc. 


dm 


4.9 305 
95 15.4 ilo 

45 2M q|. 


4J90J 
13 673 
05 * 

42 333 

tiif* ^ 

L7 85.4 g 2 


4.9 305 ] 
3.4 393 1 
43 4.1 
3.8 263 
95 10 J 


216 

10 

54 


63 

£23*2 


208 |Akn9d5retbn 
5 Anwar Ta. IOp,. 

26*2 Auihnmyl*r.2ltaJ 
14*2 BsUDHUflAnwr. 

|103 ChailengCStoSl 
56 nurtshwaeGp 
£10*u C<smmnXkLlp. 

2L9 DaJgctyQ 
27*2 ' 

24 n 

11 Edia IbJL IS*. 

50 3CralfiaiB£iteJ 
36 SrskiLeH8CS8_ 

12 Sa Lands IOp 

22 Expiiin£ioEU).SB _ 

[00 [Fttlu<n&Gen.5p4 228 

For Finance 1c IntL 
9*, FiUirelBrest— “ 

25 |HainbroTrn5t_ 

732 


44 

24 

12 

62 

39 

14 

26 


23 

Svi 


+1 


+1 


17.0 


« 


t3.41 

W25 

Pj608 

tU>2 


dLOO 

1.92 

L2 

050 

5X1 


property 


2X3 


SM 


571 


t£ 

2.6 

3.6 

63 

L2 


1181 B 


5^ 9 
61118 


2.J 

ll3 

2.| 


6.9 


4.6 

6.6' 

14 

8.4 

20.9 


♦ [wj ta 


43 

207 

158 

£1212 

58 
518 
237 

59 
189 

90 

05 

278 

340 

73 


424 
246 
£14*, 
621 
(11? 
1163 
, 17 
]£14 
,00*4 

H 

,1§ 

I860 

B 

1122 
, 78 

^40 


.Aug. Am Caul 50c- 
Anglo .Aner. 10c — 
Aag.Am.Goid Rl_ 

Aug- Yaal 60c. 

Charter Cons 

tone. Gold Fields _ 
Ean Rand Con. IOp 
Gen. Mining R2-~ 
GdldFSbSASc-] 
JoturgCon; R2 — 
Middle Wit Sc — 

Ifincorp i3*g> 

M5wrw5SDL«_ 

New W)i50c 

P^moNVFls5— 
Rand London 15c— 
Sdectirei Trust — 

Semmst Wr 

SilrenunesSzp-. 

Tanks Con. 50p 

Do.Pref.80p 

TvaalConsIXJl. 

D.C.inverfH! 

UnioB Corpn. 6X5c. 
h'tcats^c 



DIAMOND AND PLATINUM 


£49 

114 

488 

■78 

107 


£30 

64 

285 

54 

70 


Anglo- Am.Inr.50c- 
Ss&psgateRt Uc_ 
DeBemWto — . 
Da40pcP£ B5 — 

I'denborg 12*2C — 

HaL Be 


"H* 

-u 

Q600c 

09 

Lli 

to 

440s) 

£11 

-X 


k 

68 
* 99 

-1 

-1 


1.0 

L4| 


7.9 

55 

7.1 

10.9 

t 

t\ 


Abbreviations- d <nc dividend; a ex scrip issue; a* ax right*; a at 
all: a cx capital dlsinbuuon. 


•* Recent Issues ** and ** EligSits ** Page 31 


[This service is svailaWe to every Compsuy dealt tn oa ■ 
[Stack Rrchr.nges throcgfcca: :hs Uaii-tf Hiogdcta for a 
fee of £433 per itcntuD for ecch bsecrity 


BEGimMj m&EEM® 


reviously listed pnig In reponai rnarkeL", 7ric«_of Irish 


ssuk. most of which are not nffidnjy listed in London, 
are as quoted on the Irish exchange. 


Albany 3 nv.20p 
Ash Spinning ... 

Berta a. 

Bcig'wtr EsLoOp 
Clover Croft. ... 
Craic U Rose £1 
Dy.ior. iK. A.) A : 
Ell Is A McHdj'.. 
Evcred- 


Fife Forge.. 


Finlnj Pkg. 5p_| 
GrviicShlp.£3.. 
HigsensBrew.. 
LO.tlStm.El.... 
HoltfJcs.iShp .. 
NUhn. Goldsmith! 
Pearce »C. R).... 

Peel Mill: 

Sheffield Brick 


25 


48 


20 


322 

+14 

26 


520 


39 


66 




52 


21 


125 


77 




263 


70 


193 




44 



Shelf. Deirshmi . 
Slndali ; T A’a.i.... 


63 

ICS 


raiFH 


Cenv. 9*680(32. 
AJlicr.cs Gas.. _ 

Arnett — . 

•\,nvll iPJj 

Clondalkin 

Concrete Prods . 
Heitor. i Hid ns. i 

Ins. Carp 

IrishRopes — 

Jacob 

S D7i be its 

T.filG.. 

Uaidare— .. 


£91* 

4K> 

l:s 

93 


Gi 

175 

139 

671; 

11 

2E5 

no 


+33 

-2 


OPTIGJSS 
S-saoatls CdS Rates 


laductrials 
A. Brew _ ... 

A. P.Cemeni. 

B. SR. . 

Babcock 

Barclays Bank, 
beef ha in .. . 
Boots Drug .... 

Bowalcra 1 

B.AT 

British Oxygen 

Brown • J » 

Burton -A" ... 

Cadburys 

GcuruuJds — 
Debentuuss.. 
Dl&liUcn 

Dunlop 

Eagle S*4r. — . 

ELMJ ;•■■-— 

Con. Accident 
Gen. Electric.. 

Glaxo 

Grand Mel 

G.US. 

Guardian ...... 

G.KN 

Hawker Sldd . 
House of IVaaer 


LCL. ... 
“laips".. 


ISFszzl, 

fnvorssk 

KCA 

L^id broke 

Legal & Geo.. 
Lex Service.. . 
Lloyds Bank. . 

“Lofs" 

London Brick. 
Lonrho .. . ..... 

Lucas Inds. 

14'OHS'J 

-Dl2ms- 

Mrks * Spner 
iMldJand Bank 

N EJ 

NsLWeji Bank. 
Do. Warmntji 

PfcODfd 

Flessey 

R.K.M 

Rjr.k Orr. ‘A’ 
Med lnthl.... 

Spilftre... 

Testa 

Thorn 

Trust Houses. 


Tube Invert. ... 

Ucileio: 

l.'fd Cn-apery. 1 

Vickers 

Woul worths ....' 


3Q 

35 

2f 

5 . 


Property 
Bni. 1+ind. .. . 
Can Counties 

S. F. 

IntrcuTopcan 
Land Secs. ..... 

T. EPC ' 

Feacbey.. 
Samuel Props.. 
Town & City_.| 


(Mb 


BriLftsrttemo. 

Dunneh01L„. 

Chartechal!^. 



iTitnunar.-^. 


Charier Cons.. 
CourG^id ..... 


15 IRia?.3>iw«I( 


A aelection of Options traded is given qq - - 
. London Stock Exchange Report pn SB 


c- ’1 : 


A : 


Sterling denominated McuritiM which include investment 
dollar premium. 

■Tap" Stock. 

Highs and low* marked thus hare been adjusted to 0 liner 
for rights lames for cash- 
interim since Increased or resumed. 

Interim since reduced, passed or deferred. ' 

£? Tax-free to non-residents on application. 

|ta Figure* or report availed. 

rt Unlisted security. 

jt Price at time of suspension. 

indicated dividend after pending scrip and/or rights iasuee 
cover relates to previous dividends or forecaals. 

Merger bid or reorganisation in progress. 

Not comparable. 

Same interim: reduced final and/or reduced earnlnjgs • 
Indicated. • 

Forecast dividend; cover on earnings updated by latest 
interim statement. 

Cbver allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

Cover does not allow for shores which may also rank for 
dividend at a future date. No P/E ratio usually provided. 
Excluding a (foal dividend declaration. * 

Regional price. 

No par value: 

a Tax tree, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate pc!d or payable on part 
of capital; cover based on dividend on full capital, 
k r.cdcmpttan yield, f Plat yield, g Assumed dividend and 
yield, fa Assumed dividend and yield after scrip tame. 

J Payment from capital sources, k Kenya, m Interim higher 
than previous tetal. n Rights tsrne pending «; Earnings 
[based on preliminary figures, s Dividend ana yield exclude a 
special payment. 1 Indicated dividend: cover relates ta 
previous dividend. F.'E ratio hued on Latest annual 
cumins a Forecast dividend coivr based on previous year's 
earnings, v Ta:. free up u> 3>p ic the £. w Yield allows far 
currency clause, y Dividend and yield cn-jcd on morgerterao. 
e Dividend and yield include* special payment: Cover does not 
apply in special payment. A Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue * 
pnec F Dividend and yield based on prospectus W other 
official estimates lor 13TC-K> G \sramed dividend and yield 
alter pending scrip and. ‘or ngku isuc. B Dividend and yield 
twed on prospectus or other official estimates for 
IfTO-fl). S Figures based on prospectus or other official 
estimates for TP78 K Dividend end yield baited oa prospectus * 
or other official estimates fur IKS N Dividend and yield 
besed on prospeetns nr other cdficial erttmrtre for 19TO. P 
Figures based oa prospectus or other official estimates for 
1F7F-TO. Q Gross. T Figures n a s uic td. 7. Dividend total to 
dsic. rt Yield bared on aasniepilbn Treasury Bill Rate stays 
unchanged until maturity of stock. 


( 






44 




Quicker 
than . 
you * 

think Ren 



Thursday September 21 1978 


1WGU/1 

' Reservations: Norwich C0B(J33 4T1D38 



BINGHAM REPORT PROVOKES UNION REACTION 

Demand for tougher sanctions 


BY- RICHARD EYANS AND KEYIN DONE 


PRESSURE GREW sharply with- 
in the Labour Party and the 
trade union movement yesterday 
for much tougher sanctions 
against Rhodesia and, if neces- 
sary. South Africa. 

There were also signs that Mr. 
James Callaghan will have do 
option at today’s Cabinet meet- 
ing but to institute some form 
of exhaustive inquiry into sanc- 
tions breaking, and the role 
which the Bingham Report says 
Labour and Conservative admin- 
istrations played in allowing it 
tq continue for so many years. 

British Petroleum yesterday 
joined Shell in welcoming the 
report as the “ first fair and 
objective analysis” of the oil 
companies’ involvement in sanc- 
tions breaking. 

It admitted that there had 
been errors of judgment and 
procedure in the last 13 years, 
but added that companies and 
employees had been placed in 
an acutely difficult position 
because of the conflicting laws, 
policies and attitudes of the UK 
and South African Governments. 

Today's Cabinet meeting will 
Mart to consider how the Gov- 
ernment cao best cope with the 
international implications of the 
Bingham Report, but further 
meetings of Ministers are likely 


conclusion is 


before a 

announced. 

Following earlier pressure for 
a further inquiry from the Con- 
servative and Liberal Parties, 
and from Labour backbenchers, 
the Anti-Apartheid Movement 
yesterday made detailed 
demands for a full inquiry into 
the role of Ministers and civil 
servants In . implementing oil 
sanctions. 

The group also called for a 
much tougher sanctions policy. 

At a meeting with the group. 
Dr. David Owen, Foreign Secre- 
tary, that the Government 
intended H to face up to the 
implications of the Bingham 
Report in the light of the most 
recent developments in the 
region.” 

Ministers have some time to 
make up their minds about 
Bingham, largely because Parlia- 
ment is not sitting and political 
pressure is less intense. But a 
storm can be expected when MPs 
return on October 24, unless the 
Government has taken a very 
firm line on implementing some 
form of public inquiry. 

A decision will probably be 
made before the Labour Party 
holds its annual conference at 


Blackpool at the end of the 
month. 

There is already considerable 
pressure for a national executive 
statement on the report, and its 
implications. 

BP said yesterday that the 
report showed that while Smith 
Africa and Mozambique did not 
apply oil sanctions against 
Rhodesia, oil would continue to 
reach Rhodesia. 

The only certain way of pre- 
venting this was to embargo oil 
entering South Africa and at do 
time was this Government policy. 
“All of this was explained from 
the beginning of sanctions.” 

On the crucial question of the 
swap arrangements with Total- 
intended to remove Shell Mozam- 
bique from any role in handling 
oiL for Rhodesia— BP said these 
were not questioned by succes- 
sive governments. 

“ The fact that the . arrange- 
ments had been changed ' in 
South Africa was not known to 
BP in London. ' 

“When it was discovered in 
19T4, information on the new 
situation (that Shell Mozambique 
was again supplying Rhodesia 
direct! was not effectively com- 
municated to top management in 
Shell, as managers , and BP,, as 


shareholders.” - 
Top management in London 
remained ignorant of the facts, 
said BP. The company executive 
who discovered the position took 
steps to end it and mistakenly 
believed he had. been successful 
BP admitted .that-* 4 in the event, 
the situation was not brought to 
the attention the British 
British Government” 

Mr. John Davies, Tory spokes- 
man on foreign -affairs, said in a 
television interview yesterday 
that, as a Cabinet member in 
the 1970-74 Heath Government, 
he knew nothing of the Total oil 
swap arrangement 

A group of Influential trade 
union leaders ' sent Dr. Owen a 
letter under the imprint of the 
Anti-Apartheid Movement urging 
Ministers to seek a categorical 
assurance from the South 
African Government that it 
would stop all supplies of oil to 
Rhodesia. 

■ Failing - that. United Nations 
sanctions should be extended to 
cover South Africa, it said. 

Signatories included Mr. Jack 
Jones, Mr. Moss Evans. Mr. Alan 
Fisher, Mr. Lawrence Daly. Mr. 
Ray Buckton. Mr; Alan Sapper, 
Mr. Bill Keys and Mr. Terry 
Parry. • 


Company 
profits 
slip 
back 


Raybeck 
bids £llm 
cash for 
store group 

By Andrew Taylor 

RAYBECK, the women's and 
menswear retailer* and manu- 
facturers, last night announced 
a £11. :1m cash hid for Bourne 
and Hollingsworth, the Oxford 
Street. London, store group. 

Several major suitors are 
known lo have approached B 
and II but Ray beck’s offer 
proved the most attractive to 
the Bourne family which has 
agreed lo accept the 2,‘{5p a 
share bid in respect of its 59 
per cent holding. 

Mr. A. Simons, deputy chair- 
man of Raybeck, said that the 
deal would make the group the 
largest trader In the West End. 
Last year Raybeck acquired the 
John Stephen retail chain, 
which operates three stores in 
Oxford Street for £750,000. 

Raybeck also operates a 
: number uf other stores in the 
West End including its Lord 
Jobn. Fifth Avenue, and 
Berkerlex stores. 

The offer price or 235p a 
share is substantially below 
Bourne and Hollingsworth's 
recent stock market price. 
Last night B and H shares 
closed ar 3l7p, having risen 
37 p yesterday' — but this was 
before the bid announcement. 

The terms are supported by 
B and H's merchant hank 
advisors Morgan Grenfell. 

Ill recent years Raybeck has 
been increasing its retailing 
interests so that manufactur- 
ing is now thought to account 
Tor only just over a third of 
group pre-tax profits. 

Mr. Ben Raven, chairman 
of the group, said this week 
that Raybeck sales in the 
current year are expected 
comfortably to exceed £100m. 
In the year to April 29. the 
group earned pre-tax profits of 
£6 41m on sales of £76m. 

Bourne and Hollingsworth, 
in addition to its Oxford Street 
store— which Raybeck says is 
on a prime site In an area of 
maior development — also owns 
a hostel and a multi-storey 
car park nearby. 

The properties are in the 
books at around £5m but at 
the peak of the property 
market in 1973 were valued 
a i Ray beck's offer price of 
£H.3tn. 

In the year to February 13. 
1978, B and H incurred a 
£27,000 pre-tax loss. 


Council workers prepare 
for confrontation on pay 


BY ALAN PIKE, LABOUR CORRESPONDENT 


. LEADERS OF more than lm 
i local-authority manual workers 

decided yesterday to confront 
! employers with a pay and condi- 
tions claim equivalent to a total 
rise of about 60 per cent. 

On pay alone the claim dis- 
regards the Government’s 5 per 
cent guideline for the coming 
year. It seeks to raise the mini- 
mum weekly rate from £42.40 
[to £60. with proportionate in- 
creases for other grades. More- 
over, the unions are seeking a 
35-hour working week, a fourth 
week’s holiday and other im- 
provements. 

The claim is endorsed by the 
three unions involved: the 
Transport and General. Public 
Employees and Genera! and 
.Municipal. After agreeing yes- 
terday, leaders emphasised that 
; the Government's guidelines 
‘would not be a governing fac- 
tor. They pointed instead to the 
poor pay of many of their mem- 
bers. which will be central in 
{their presentation of the claim. 

“The employers have to be pre- 
pared to seek a bit more elbow 
room from the Government or 
recognise that they are in for a 
spot of bother this winter." Mr. 


Charles Donuet, secretary of the 
trade union negotiators, said. 

The unions appear ready to 
attack the 5 per cent policy head- 
on. The National Union of Public 
Employees has instructed its area 
committees in councils and hos- 
pitals, to prepare for industrial 
action. 

NUPE is campaigning to raise 
low pay this year. Mr. Alan 
Fisher, its general secretary, has 
criticised the £44.50 earnings 
maximum in the Government’s 
pay policy White Paper below 
which claims are exempted from 
the 5 per cent limit. However, 
in an exchange of letters pub- 
lished yesterday, Mr. Denis 
Healey, the Chancellor, rejected 
the suggestion that the Govern- 
ment should accept a basic mini- 
mum wage of two-thirds of 
average earnings. 

Construction workers employed 
by councils have also submitted 
a claim for substantial increases. 

A claim for increases of £27 
and a 35-hour working week was 
submitted to BL Cars yesterday 
on - behalf of 6.500 production 
workers at Cowley. The company 
will obviously be expected to 
respect pay guidelines. 


Ford management will this 
morning reply to the pace-setting 
demand for 25: per cent and a 
shorter week- submitted last 
mouth on behalf-, of its 57.000 
manual workers! - . 

John Elliott- writes: The Con- 
federation of British Industry is 
to urge the -Government next 
month to change ■ pa> clauses 
inserted in public-sector con- 
tracts since February. 

it would involve the Govern- 
ment's extending contract 
periods and awarding financial 
compensation whin companies 
are held up by strfoes over pay- 
policy. It would also provide 
for recovery of certain costs if 
the Government terminated .the 
contract of a company that 
exceeded pay limits. 

The confederation's council 
was told yesterday at its monthly j 
meeting that its pay data bank 
has been given details of 30 
phase four pay claims for rises 
of 20 to 30 per cent covering 
500.000 employees It also has 
reports of 25 settlements at { 
about 5 per cent covering 30,000 1 
employees. - 

Toolroom men serfs pledge; 
Healey on low paid Page 14 


BY DAVID FREUD 

COMPANY PROFITS fell in the 
second quarter of 197S after the 
strong growth of the previous 
year. On a longer-term com 
parison, profits in the first half 
were little changed from the 
level of the previous six months 

Provisional estimates for the 
Gross Domestic Product, released 
yesterday by the Central 
Statistical Office, show that while 
real profits dropped back between 
the first two quarters of this year 
GDP as measured by output rose 
by about 1.9 per cent 

Over the same period income 
from employment rose sharply, 
by 4.7 per cent to a level about 
13 per cent higher than in the 
second quarter of 19 <j. 

The gross trading profits of 
companies in the April-June 
period was £3bn, seasonally 
adjusted and with the cost of 
financing increased stock values 
I deducted. This was 4 per cent 
below the £3.2bn for the first 
I quarter. 

In the first half of the year 
the underlying' level of profits 
was only 5.5 per cent above the 
previous six months, and this 
increase- does not take inflation 
into account The rise between 
the two halves of I9i< was 20 
per cent. 

The figures suggest that stag 
nating company profitability 
reflects raoid growth in employ- 
ment income. This rose from 
£22.9bn in January-March to 
£2*0b7i in April-June. 

The short-term rise in econ 
omic activity is shown by the 
output estimate of Gross 
Domestic Product, which rose 1-9 
per cent be f ween the two 
quarters of 197S. The average 
estimate, based on income 
expenditure and output mea^res 
showed a 1,6 per cent increase. 

The average estimate of Gross 
Domestic Product showed an :r. 
crease of 1 5 per cent between 
the last ha'f of 19*« and 
half of 197S. Economic activity 
on the same measure in January 
June was 2^ oer *-ent above the 
same period in 1977 

Consumers' expenditure in rea 
terms increased by more than 5 
per cent between the first halves 
of 1977 and 1978. while the 
volume of imports and exports 
increased by about 3 per cenL 


Continued from Page 1 

Earnings 


BBC wants special treatment 


BY CHRISTIAN TYLER, LABOUR EDITOR 


THE GOVERNMENT is about to 
receive one of the first claims 
for special treatment in the new 
5 per tent wage round. It comes 
from the top management of the 
BBC, w:.*ch will argue that pay 
problems caused by incomes 
policies are driving away skilled 
staff at a rale which threatens 
its operation. 

Despite an official instruction 
to observe ibe 5 per cent limit, 
the BBC will shortly submit its 
case to the Home Office, quoting 
those paragraphs of the Stage 
Four White Paper -that describe 
the special cases of the last pay 
round and suggest that “a small 
number of groups'’ may be 
eligible in this one after “very 
critical " examination. 

Whitehall has acknowledged 
for some time that the BBC is 
under exceptional pay pressure. 
It began in 1975 when weekly- 
paid workers escaped the pay 
policy net but monthly-paid staff 


were caught. Since jetben, the 
BBC -said yesterday/ ‘anomalies 
had continued to build up. A 
recent award by the Central 
Arbitration Committee giving 
per cent extra to management 
and production staff and 7i per 
cent to technicians had narrowed 
the gap between ttie BBC and 
ITV for those grades, but had 
also intensified some of the 
internal stresses. 

The claim- wit! be on behalf 
of all. 25.000 employees. The 
unions have made no pay claims 
yet for this year, even tbougb 
the weekly-paid were due for a 
rise from early August, and the 
monthly-paid fall due in ten 
days. 

The only other possible appli- 
cants for special treatment 
known about so far are uni- 
versity and health service tech- 
nicians belonging to the 
Association of "cientific, Tech- 


nical and Managerial Staffs. 

Arthur Sandies writes: The 
BBC has now made its request! 
for a £30 colour television 
licence fee <£12 for -black and 
white). After weeks of well-aired 
hints Sir Michael Swann, the 
BBC chairman, has written to 
Mr. Meriyn Rees, the Home 
Secretary, formally seeking the 
increases from the present £21 
and £9 respectively. 

Mr. Ian Trethowap; director- 
general of the BBC. has said that 
such an increase would last for 
three years, given that inflation 
does not substantially worsen. 

“By. next March we shall be 
approaching the limit of our 
borrowing powers." Mr. ! 
Trethowan says in . the latest ! 
issue of the BBC Staff magazine. 
Ariel. “We are already in the 
red, and the further we get into 
deficit, the bigger -the licence 
increase has to be to allow us to \ 
pay off our debts." 


Percentage increases over 
1 previous 72 months 


Retail 

Prices 



1976 


1977 


1978 


sonaliy adjusted, is the result of 
statisticians abandoning on 
attempt at partial seasons 
adjustment which had not been 
previously announced. The 
adjustment attempted to com- 
pensate for the effect of part 
time employees in schools who 
work only in term-time. Their 
absence from the reckoning in 
the summer artificially boosts 
the index. 

Basic weekly wage rates rose 
0.3 per cent between July and 
August to 265-3 (July 1972 = 
100, seasonally adjusted) For an 
increase of 15.9 per cent in the 
past year. This index covers only 
nationally negotiated basic rates 
for manual workers. 



UK TODAY 

MOSTLY dry, sunny spells, some 
rain in extreme N. 

London, all S. England, E. 
Anglia, midlands, Channel Isles, 
Wales 

Dry, sunny periods. Max 17G 
(fflF). 

12., N.W. and Cent. N. England 
Dry. cloudy, sunny intervals. 
Max 16-17C (61-63F). 


BUSINESS CENTRES 


'"day f 
niMdav) 
*C -H 
U ;i5| 
'15 7 §- 
!H 9a 

2i5 7» 
23 $2* 
in ci‘ 
r; 12 
r 12 3 
F IS 
F 15 59 
S- 13 -39) 

y ii ,s« 
s 17 m 

S .12 W 
S." 19 M 
S !i 7» 
C. IS . 

]■■ 12 5 
r i 
c nr m 

C 12 5-f, 

s tit ml 
p l.i sol 
r 7 Ii- 
r 3ti .«« 
>*■ ‘.Vi TV 
F 26 71 


London 

Luiembr:. 

Madrid 

Manchsir. 

M-’hmimi. 

Mpsitg C. 

Montreal 

Moscow 

Newcastle 

Siw York 

Oslo 

Parts 

Perm 

Prawn* 

Peril a i ifc 

Bio di-J'o 

Sin23porc 

Stockholm 

Sirastjrs. 

Sydney 

Tehran 

TH.'nv 

Tokfo 

Toronto 

Vienna 

Warsaw 

Zurich 


YVtjy 
mid-dae 
L C ‘P 
S IS H 
C II 32 
S 29 M 
C 13 39 
S ’fl 'll 
S 21 70 
S IS GI 
R 9 -ip 
C - 14 37 
S 19 HI 
11 


Lakes, I. of Han, N J3. England, 
Borders, SAV. Scotland 
Dry, cloudy, sunny intervals. 
Max 15-16C (59-61F). 

Edinburgh. Dundee, Glasgow 
Dry, sunny periods. Max 15-16C 
(W41F).' 

Aberdeen, Moray, IV. E. Scotland. 
Orkney, Shetland 
Cloudy, rain at times. Max. 
13-14C (55-57F). 

Cent Highlands. Argyll, N.W. 

Scotland, N. Ireland 
Dry, sunny periods. Max. 15- 
16C (59-61F). 

Outlook: Sunny periods, some 
rain. 


HOLIDAY RESORTS 


S iri 
S 25 
C 


15 .50 

a a 

9 13 

9 to 
27 SJ 
29 W 

10 JiO 
14 S7 
17 m 


27 SI 
IS HI 
IS 55 
IT 52 

J3 33 


Ajaccio 

Algiers 

Biarritz 

Bind: pool 

BorOwamc . 

BooIojic 

Casamnca. 

Capo Town 

Cur/u 

Dubrornik 

Karo 

Funchal 

C-ibralisr 

Guernsey 

i ansi) ruck 

lim.-riu’w 

c— Cloudy. 


'"May 
- mid-day 
-C °k 
S 2-1 73 
5 23 S2 
S St 70 
C 15 39 
S 21 70 
V 13 39 
S 29 SI 
S 17 K 
S 23 77 
ft 14 37 
l-‘ 2li <m 
K 23 Si 

jj ”i 'l 

s 7* «t 
s in si 

■n 13 S3 

S— Sunny 


T. or Man 1 
Istanbul 
(Jersey 
Las Pima. 
Lovartm 
Majorca. 
Malaga 
Malta 
Vairohl 
Nice 
I'lporto 

I Rhodes 
ialzbura 
’anslcr 
(Teiit-nfc 

Valen-i.1 

, P— Fjir. 


Vday 

mid-day 
*C "P 
16 61 
32 TZ 
17 63 
28 32 
13 55 
23 77 
21 75 


C 
S 

s 
s 
s 
s 
s 

V 

s 

5 
c 

S 23 77 

V Ii S4 
S 28 82 
S 3D 86 
S 27 31 
R— Rain. 


2j 73 
K H 


Continued from. Page 1 


Vorster quits with blow to peace 


Namibian capital, tonight that 
the election, for a 50-member 
national asembly, would be from 
November 30 to. 34. 

Mr. Vorster said that in spite 
of “the most strenuous efforts” 
by Mr. Pife Botha, South African 
Foreign Minister, and represen- 
tatives oF the five Western mem- 
bers of the UN Security Council, 
Britain, the U.S., Canada and 
France and West Germany, It 
had been impossible to overcome 
the differences between South 
Africa and Dr. Kurt Waldheini, 
the UN Secretary-General on the 
proposals for a ceasefire and free 
elections in the territory. 

'The principal stumbling blocks, 
he said, were the UN proposals 
to instai a peacekeeping- force of 
7,500 men, while South Africa 
would accept a maximum of only 
2,000; to delay elections for about 
seven months, rather than before 
the proposed independence date 
of December 31; and to set up a 
police force of 360 men. 

He insisted that South Africa 
was not closing the door on fur- 
ther discussions. But observers 
here believe there is very little 
room left for tbeiVVestern Powers 
to re-start negotiations. * 


Mr. Botha admitted that it 
might not be possible to meet 
the proposed independence date 
of December 3L even If elections 
were held in November. 

It would be up to the Namibian 
National Assembly elected then 
to decide whether it wanted to 
draw up a constitution, imple- 
ment the Western proposals, or 
implement the UN proposals. 

-Only two political parties in 
Namibia, the cthnically-based 
Democratic Tumhalle Alliance 
and the even more conservative 
and pro-South African Aktur. 
which includes the former ruling 
National Party, have agreed to 
run in elections without UN 
supervision. 

Mr. Vorster's successor will 
have to to be chosen at a meet- 
ing of the ruling National Party 
Parliamentary caucus, already 
called to elect a President on 
September 28. 

Four names are under con- 
sideration: Mr, P. w. Botha, the 
most senior member of the 
Cabinet and Minister of Defence; 
Dr. Connie Mulder, Minister of 
Plural Relations {African 
Affairs) ‘and leader of the Trans- 
vaal Province of the party; Mr. 


S. P. Fanie Botha. Minister of 
Labour and Mines, who might be 
a possible compromise candi- 
date; and Mr. Pik Botha, the 
Foreign Minister, who un- 
doubtedly has considerable 

popular support. 

Our Foreign Staff writes: 
Following an emergency meeting 
of representatives of the five 
Western Powers in New York, 
the Foreign Office issued a state- 
ment declaring the South African 
move “ a major setback to the 
prospects of bringing peace to 
southern Africa." 

Despite this, the five Powers 
intended to go to the Security 
Council and recommend accept- 
ance or Dr. Waldheim's report on 
Namibia. They would call on all 
concerned to cooperate and 
would affirm that the report was 
in line with their proposals. 

Dr. Waldheim issued a mildly 
worded statement saying he still 
hoped for agreement on a basis 
allowing UN involvement in the 
territory, in Lusaka officials 
of SWAPO. tiie Namibian 
nationalist movement, said South 
Africa's move left them with 
“ very Tittle option but to step up 
the war." 


1HE LEX COLUMN 










A T . BtbstOf/RTZts^SiS^^ 

indet rose 3.9 to 529.1 

the last accaunts frpm Bowntxee inac * ' results 

Mackintosh, but the news of- a 
half time rise from £12m/io 



£ 12.5m. pre-tax , still left t&e- 
shares 23p lower at 422p yester- 
day. Sales are 23 pep-eept^, 
higher, but tough -eompetitidn 
is squeezing trading margins ..at 
home and on the Continent, >. 

In the UK, <?adbnry is now 
hitting back at - ’ Rowntree’s 
Yorfcie bar which, as discussed 
on Page 15, has grabbed- 
a fifth of its market sector 
in next to no time; jApd 
Rowntree has -lost most-' iji ' 
the significant cost advantage 
which it had over the competi- 
tion last year as a result . 
forward cover in cocoa. The 
retail price war is also quicken- 
ing the pace of competition.' 



90 


rcumvETo 
F.T-AETUAKIES 
ALL-SHARE MDEX 

111 u -1 


1978 


■ it was 

tinued . pres^iu^Qj} 
pri ces had faferfSt iJtS'jfiBgj! 
has .beeh7 a"snJ^sSBIaF4 
GRAAs 

. suffering’ from I 

"the Japanese 
Australian 

be i ng hi t by. laweiileadaBd *&■*;■ ■' ; ' 
prices. BotX Japgaiavifle^i;? -r 
Palabora 

set. the- - impact *' 

prices, by in ereairag 
- put . and unlike " 

competitors they .afg. afti-tef T . - 
ing a profit. ;. " 

RemarkabLv;~RoasIng ftS g n f ' 
made a small profit, 

. period- However,* tiie-- 
u RTZ's jperformance^ ^ba^^^; ■ . 

: . . the bdraa ' bprf-athra;^!^^' *. 


Overall. Rowntree V investmeht „ ■ 

in UK marketing tblsyearcoold their performance in the most 


niAunni Terms ... demand ahead nf:a:-3hrea( 

jump from £llm to £14mj . glowing icrms. -Y; 

... n . . ifc other remarkable, feature UJS. dock striKe^-Tlns side . 

the depth and 

share with Mars/; ; and ishdrt «al information which -it : pr^ 

terra returns are Viiemg^ ^ sents for the main com P^ 1 ^ s '' sol u- ew « iat - arffitoS 

•iiberately restricted.;,:^. Thorn, it seems, is expecting a "grj” 

In- addition, t he group cash flow defieit jm rjj rental ■. r anaiysts ' 

vesting nearly £40m .in^fixfid- side this ygqr but hopes to 

assets this year and its wortanj? maintain its returns on ^unA SOn * 

capital requirements. -> #uikl. and capita! employed: ~. -Visidot 7b fasTJea?^ 
also approach that fignrte^fr hire expects higher profits, ip .jg. irMthenr ^ - 

result i ? that intCTestjros^vm 3fl79. but thinks ^ ^ ^ Jebfc ; 


be higher 
issue. 


despite the -jri&its 


may peak 
Rediffusion, 


^^^^^j -lariy bright snd^m tbe.abaeb' 
which .. forecast 0 j a substantial ' 


This adds up to P^t&growa hTgher”UK 'profits in its ^ent 

? f report ’ a PP arenti y toId tiie.&mr coiild contihn?^ a plated 

- dull snort term outlook; for its rental - 


the shares which yield a pros- 


iree remains a very suci&sfnl 
business oirrently engagea.in a 
major investment in the future. 


mission tnat its rental profits This may explain why. RTZ^ft 
ntl . H - 0 would fall in 1979.' Afid the not JncreasaS its interim fiv ^ ci y “ 

f! n ll P , Commission has its oum-breezy dend and., is saying not hit- - 

thoughts, such as the suggestion about; the final. - At^250p, ft 
that Visionbire’s (presumably yield: fe. 5.7. per cent: ... 
confidential) . spetittihg- plans f . - i : - : - -■ .-tf 
•• could put pressure . on.. its,- Qxfopg Street '■ - v - 
already high gening. ^ . 

This is prip^-sensitive- jnfor- ’ Speculative buying rlwd pushi . 

mation. and^U 7 was flOt made. tiie price of sharps, in.. Bourt.. 

vailaWe vesterdav. and Hollxngswpiih up fit-33r 
of the report were yesterday: before Raybeck^a 


TV Rental 


Tlie Price Commission's 
report on the television rental 
industry is a eharade/jThe pub- generally 
lished accounts from : Electi^fiic Few cop 


Rentals. Vision hi re’s parent, circulated, and brokers were nT:; 

tate ipecificaily that the group running around in circles in tl - - 

.as no intention of putting ;ufr their attempts to discover its. we wf’’ r 

rates to existing subscrih^rs. contents. This must qualify for on ' 

Similarly Thorn had qo planff.tp &■ meril ; award from . the^ E ^- 

Put up rates in the^ foreseeable Worshipful Company of Insider _ jngs C0lue intp ■•>" r 

r-_ ♦«-" Dealers. • . .y .. . B- and H ; lost money last yq? ’ . 

D T7 - Net' assets at thc end of lg- 

K lit .. •' ■ • Were- compared with 8^- ' 

Rio" Tinto-Ztnc’s ^ttributabie O.ffer 'Lpf. 
profits at the half way stage' are ae^n tos reffec^a booX j f! attac k 
just £3. lm Jo we r it £40.im— and ^ pr B P«p« 


future. So much for the 
“freeze" which is solemnly 
recommended by the Commis- 
sion to last until next April. 

The only possible impact is on 
rates to new subscribers, which 


, 7 z Admmetuy. tne tax cnarge js “* v-S.- V 

short a period will barely be dowh 6y /3 J nercentage- points bi^ miestion vy^wHal^^ddi., _ 

noticed in financial terms. No due to more favourable treat- shoultLpay tor those ^ropemr .. 

wonder the industry was hugg- jhent of . Rio Algom's profits today. ... .. . • ■ 

ing itself last night Far from (worth maybe £4m), but tiys The movement inlh^an^:. . 

posing any threat to these should! hot be allowed -to dia- : share price raises ’t^hdestio’..- ?: . 

efficient and profitable com- guise a surprising ly good per-- whether-' ; the shares 

panies, the report acknowledges formance. I been suspeDded-fbrX^^ J^-^Sicc f 71 n 




iWve iii 



Ri BisiL-red ar rni- Post uukft- Pimued n* SL'-Cfimimi's Pna 
b:- fmaadjl Times Ltd..* UradCea. 8 ouk, Cannon Street.. 
(S -■ • " . O TlKf .Mnani 


■ PTVDIM n* SL ■ CtL'DH.'oi's 'Pn»s- lor -aad.mdtUshnt --:-r-' v '-rHl 7 • 
Eradu-'a. House. Caitnon Street.. Lotuion. - Kritp 4*«v . ’Vi ■ ’ *>-S* 

* ^ Titov LW.; T 8;s. "V.." ' '' *' ‘