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C m2 ±. 

4 > '!»' 


0 die 
jet 
ts 

mes 


1 140 people were 

virliarr crashed on to 
. * '.n San Diego, California, 
a mid-air collision 
ighl aircraft. 

e worst disaster in L'.S. 
" lu sty O', a Bueln? 727 
r; tie Suuthwest Airlines 
•s'." wu-ii j Cessna ai It.'JUU 
' il jpproaenel San Dicgu 

'*"• -.*9 passengers plus <even 
■ eri abuard [lie 727, Lvvu 
died in the Cessna and 
->re were killed on Uie 


: ton papers: 

: ;e see man 

' jave interviewed a msn 
ie allegeil theft of papers 
-'he toudon home of 
. Newton, jailed two years 
firearms charges after 
. a dog belonging to 
Seott. The papers 
••'y relate to the case in 
' eremy Thorpe is accused 
emeni and conspiracy to 
.• Scott. 

^agreement 

fisheries Ministers have 
to increase quotas for 
trawlers fishing in 
pity waters. At first, the 
ohn Silkin had vetoed a 
r agreement catling it 
:ed anarchy," but he 
_d a three-month arrangc- 


BOSiNESS 


Equities 
down 9.2; 
Gilts 


ease 


• EQUITIES sustained a 
further widespread setback on 
rievelopmenis in (he Ford 
pay d/spirte. The FT. 30*s hare 
Index finished 9.2 down at 509.4 
Tor a two-day fall at 16.3. 

• ‘JILTS gave further ground, 
influenced by the upward move- 
ment in L’.S. interest rates. The 
Government Securities Index 
closed 0.31 dow n at 70.24. 

• GERMANY’S Commerzbank 
index rose 3.9 to 841.9, Its 
highest level since January 
1970. 

• GOLD continued to improve 
and finished at a record closing 

2«0 dpgr Imeaime. . 

! London m J 
™rGold Price IMF 


Shutdown at Ford 
almost complete as 
more join strike 

BY ALAN PIKE, LABOUR CORRESPONDENT 

The shutdown of Ford operations throughout the country was almost com- 
plete last night as meetings of manual workers voted to strike against the 
company's 5 per cent pay offer. 

By th»- end of yesterday’s day continue talks round the table A very prolonged strike would 


HISS FRftWCS PER S 


By th*- end of yesterday’s day continue talks round the table A very prolonged strike would 
shifts, 4S.000 of the company's when the issue cried out Tor calm eventually hit the company’s 
57.000 manual workers had counsel, said Sir Terence, was a European operations — Britain is 
begun strike action. The matter of “grave concern.” the sole .source of some com- 
decision of iho remainder, who Mr . j ocl Barnett. Chief Secre- P° nen i? this „ p ?j"LJ s 

were nm meeting until late last tarv to the Treasury, stressed in itought *° ,e a considerable 
nieht or today, is a formality. . a BBC radio interview yesterday distance «waj 

The Govern men l has no im- that the Government was deter- S »°P 
mediate plans to intervene in m | n ed to continue its efforts to ceeded in .y 0 ®*"'-*' B n*‘ s « 
what h.^ become a dramatic keep Inflation under control. “I factories, jvill^ liirn *^ ir . ^en- 
direct challenge to its 5 per cent can assure you, the Ford workers J|J» n ° P r.f 

policy ai the very outset of the and everybody else that there is through wu.n ports, ° f tord 
annual ■ negotiating round, no question about il. The Gov- outitni c.unjpe. . 

Minister,, take the view that the . ** union reaction 

riiv.ni . ip i c ,his chi., wnintv — — to the request by the Ford nego- 

one? between the company and Editorial comment. Page 22 tiating oMWtit.ee for the stoke 

“ s ““‘O" 5 - For,rs *«* 11 ™™. e frSf <h. Ha AmJSma.^ 

The extent to which the 5 per — — — Union of Engineering Workers 


o question about it. The Go 

Editorial comment. Page 22 
Ford's dilemma. Page II 


* Y 

. £ ; £ S 


■■ 

^ -bl r.- ‘ . • . . - 

T-. - ,y 


Taj.-' ■ 


desia raids 

un military headquarters 
at seven hitherto unpub- 
” raids into Mozambique 
... . smbta had been made 
uly. (Joe member of the 
1 forces had been killed 
Jerri 11a casualties were 
•* hundreds.” 

Jioid case 

-d member nf a recent 
■xpedition to Portugal has 
I. Maurice Durham, an 
: it scoutmaster, is in Ham 

. .hospital, near Bristol. 

;• ,i Mil co mli, 70. the Blr- 
m widow who contacted 
• jx from her daughter, has 
ured and allowed home. 

iter deadlock 

"•A’o days before the South 
a National Party caueas 
. to elect a new Prime 
—^*r. there is still no clear 
te among the three candi- 
-■ seeking to succeed John 

*, who retires on Thursday. 

_|TI(«en ‘ignored* 

► Opportunities Com- 

. .J sa>s the Government has 
■ a’;!]'}! totally ignored increasing 
ds by women for higher 
..ion. It wants fundamental 
- s to make courses more 

. :' : ive and accessible for 

ty Concorde 

..-’de 002, the first UK pre- 
:tion model, is going rusty 
e Science Musera wants to 
200.000 to put a roof over 
ie Yeoviiton Fleet Air Arm 
in, Somerset. 

*ut clashes 

• and rifle fire echoed 
:h Christian areas of Beirut 
^.-.-.‘resh dashes between 
... .jese militias and the Syrian 
' ; keeping force. ' 

-V;.- -fly * - -■ 

Council -wants to almost 
‘-■■££•*3 its Government grant for 
'O to £27.2m. 


\ HAH APR HAY JUfl JBl J 

level or $2192. a rise oT $5 an 
ounce from Friday. The New 
York Comex September settle- 
ment price was $21840 
($219.10). Industrial gold users’ 
reaction Page 26 . . 

• DOLLAR continued, ' to 
decline, touching an aU-Unie low 
against the Swiss franc •’■of 
SwFr 1.4850 before closing at 
SwFr 1.4910 (SwFr 1^225). Its 
trade-weighted avenge depre- 
ciation widened to 9.4 (9.3) per 
cent. 

• STERLING improved on 
dollar weakness to .close 40 
points up from Friday at 
$1.9755. Its. • trade-weighted 
index remained at 62.8. 

• CANADIAN dollar slipped 
85 U.S. cents in Toronto for the 
first time since the 1930s 
depression. U.S. banks quoted 
it at 84.98 cents. 

• tf ALL STREET closed U.Q9 
down at 86235. 

• EMI is suing U.S. General 
Electric for alleged infringement 
of its patents on the EMi- 
Scanner, a new technique for 
diagnosing disease which har- 
nesses mini-computer power to 
X-ray investigations. Back Page 

NEB wins fight 
over secrets 

• INMOS, the NEB’s micro- 
electronics subsidiary, has won 
Us legal battle over trade secrets 
with Mustek, a rival company in 
Dallas, Texas. Back Page 

• WEST GERMANY'S trade 
surplus rose in August from 
DM l.Tbn <£44I.5mj in July -to 
DM 3.1bo (£805.1m) bringing the 
cumulative surplus for the first 
eight months of 197S to 
DM 23£ba. against DM 22.6bn for 
the same period last year. Back 
Page 

• EEC Commission has 
launched a formal investigation 
to determine whether secret 
agreements on. market sharing 
exist between the major Euw 
pean steelmakers grouped in the 
Eurofer “club.” Back Page 

COMPANIES 


cent suiddmes are on trial was erniuC rU intend to stand firm executive, which meets today, 
acknowledged yesterday by Sir because wc believe it is right." Beyond- this neither the eom- 

u-iencc Beckett, chairman of in another Government slate- panv nor unions seem able to 
* orti, who said tbai the strike ment Mr. David Eonals. the predict at this earlv stage the 
had been made Imo a politica Soc j a i Services Secretary. h}5 eiy mo ve to break the 
rattier than an industrial issue. ’ emphasised the Government’s deadlock. '-' 

Deferring to the proposal for determination to stand by its pay Ford- could make an attempt to 
talks on a productivity deal with policy in its role _as an employer QTer ^ h ea( j s 0 f UR u} n 
which i lie company accompanied and said ihat ’if workers in the neeo n a wrK and try to sell its 
its 5 per cent offer last week. Sir public services sett e for sensible proposals to em- 

Terence said that Ford had met pay rises, it would be totally P | oy ees directly or possible 
a “ imint-hlank refusal even to unfair for the private sector to Q gr er on a ' pay settlement 
examine h«.w more money could run riot . lasting more than 12 months 

be made available to employees." Some of ^ Jnt paaMnalmg to contain i TO forward commitments. 

The existing contract, follow U 10 Ford one win be on . tUD7ear agreement even- 
negoiiaied under the very free behalf of local authority and (ual j_ rt^ved the last big ford 
collective bargaining which the health manual workers S/1971. At this point 

unions now sought, still had four The strike at Fords there, is no si n n that the comoanv 
weeks to run. but a “no strike" factories will cost the company “ewi^si 0 ntta^ ine company 
Clause m il had been totally dis- production of about 2.500 vehicles Jsprepaimg tor an im eoiate 
recarded a day with a showroom value of “Q*®- - „ . „ 

For the unions to refuse to £10m. Contfooed on Back Page 

Japan shipyards losing 
market share as yen rises 


BY lAN HARGREAVES, SHIPPING CORRESPONDENT 


WORLD shipbuilding orders 
slowed to a trickle last month 
and Japanese shipyards, their 
competitiveness destroyed by the 
appreciating yen, lost their tra- 
ditional command of the market. 

According to monthly figures 
from Fairpiay International 
Records and Statistics. ' Japan 
slipped behind the U.S. in terms 
of deadweight tonnage booked 
last month and also fell behind 
West Europe as a whole. 

Figures for the comparable 
period last year showed a world 
total of almost 5m dwt. At that 
time, Japan was booking 68 per 
cent of available work by ton- 
nage and West Europe only 20 
per. cent 

The comparisons between West 
Europe and Japan are important 
because they have formed the 
basis of many long and some- 
times lough negotiations within 
the framework of the Organisa- 
tion for Economic Co-operation 
and Development about which 
countries arc contributing most 
to prolonging the slump by pro- 


ducing ships surplus to the 
world’s requlrem ents. 

Some European governments 
and EEC officials fear that the 
Japanese will exploit the latest 
trends when the OECD's ship- 
building working party meets 
again next month. It is even 
suggested by some that Japan’s 
recent decision to allow ship ex- 
port prices to rise sharply in 
line with the yen is part of a 
policy designed to make restruc- 
turing and job losses more 
acceptable to trade unions 

A mere 51 ships totalling 
492,267 dwt were ordered last 
month and of these. 130,480 (26 
per cent) went to the U.S. with 
Japan taking 25 per cent and the 
13 members of the Association 
of West European Shipbuilders 
37.5 per cent. 

Although it would be unwise 
to read too mucb into one 
month’s figures, especially a 
month affected by holidays, the 
three month totals from Fairpiay 
also reflect a shift in the balance 


of the orderbook away from 
Japan. 

Between June and August, 231 
ships of 2.3bn dwt were ordered, 
with a 38 per cent share for 
Japan and 31 per cent for the 
West Europeans. 

The OECD meeting will also 
receive details of three important 
studies of world ship demand, 
one of which from the Western 
Europe shipbuilders association 
will be published shortly. 

This forecast, for the period 
up to 1985, is expected to sbow 
a slightly gloomier picture than 
the last review, which spoke of 


registered tons by 19S0— about 
one-third the level of output in 
1975. The other assessments of 
demand, from Japan and West 
Germany, are also likely to 
deepen rather than alleviate the 
gloom. 

Shipbuilders’ mess ion to China, 
Page 6 

Foundations of EEC shipping 
policies, Fage 31 


Italy raises two bank loans 




ian couple and two teenage 
vere fined a total of £1,000 
oplifting in London. 
f Rooney arrived in London 
his eighth wife to make a 

?rs are offering £500 reward 
information about cattle 
rs in Hampshire. 

1 who posed as an El AI 
to get cheap air fares was 
.•ted of fraud in Cape Town. 


• CORAL LEISURE Group Is 
set . to make the first major 
foreign investment in casino 
gambling in the U.S. through a 
joint venture with Hardwicke 
companies. Back Page 

• THOMAS Nationwide Trans- 
port profit, dipped 1.5 per cent 
from AS 14.4 m to A$14.2m 
<U.S.$16.5ni) despite a second- 
half recovery. Turnover in- 
creased from AS44Sm to A$43m 
($53&n). Page 30 


.fY FRANCIS GHU.es 

TWO. LOANS for Italian state 
borrowers confirm the renewed 
confidence international banks 
now have in Italy. 

.-.The country’s state bolding 
company. IR1 (Istituto per la 
Hicostructione Industrial?) is 
arranging a 5500m loan with a 
group of banks led by Compagnie 
Financiere de la Deutsche Bank, 
the Luxembourg subsidiary of 
Deutsche Bank. 

■ Italy's state oil and gas com- 
pany ENI (Ente Nazionale 
Idrocarburi) is through its 
fully owned West Indies sub- 
sidiary Hydrocarbons Bank, rais- 
ing a SlOOm loan from a group 
of banks led by Lloyds Bank 
International and S. G. Warburg/ 
Improved sentiment towards 
Italy has been in evidence for 
some time as a siring of syndi- 


cated credits and bonds for 
Italian borrowers, some of them 
subsidiaries of 1R1, has 
demonstrated. 

1R1 will pay a margin over 
the London interbank rate of 
i per cent The maturity will 
be seven years. No repayments 
to the banks will have to be 
made for four and a-balf years. 

Apart from the lead manager, 
this loan will havo seven other 
managers — among them Midland 
Bank, Manufacturers Hanover 
Trust, and Banque Nationale de 
Paris. The other four are 
believed to include one Swiss, 
one Japanese and one Dutch 
name. 

The terms of the ENI loan are 
as yet unconSrmed. On a $2 00m 
loan raised through a group of 


Japanese banks last August ENI 
paid a split margin over the 
interbank rate rising from \ per 
cent to 11 per cent for a 12-year 
maturity. 

Italian borrowers raised 
Si.l3bn worth of loans in the 
syndicated credit markets during 
the first eight months of this 
year, more than double the 
amount in the equivalent period 
last year. 


£ in New York 


Sept. 26 Prertous 


Spm l simssesos SLS 72 M 7 SS 
1 month J 0.SW.® di* O.Tb-O.So riia 
3 month* I l.TS-LTQdta l.To-l.fin riw 
12 month*- i 5-76-W5 dn 5.66-6.46 rlU 


CONTENTS OF TODAY'S ISSUE 


EF PRICE CHARGES YESTERDAY 


-JSS in pence unless otherwise 
indicated) 


Sol Secs. 


?Sc5\MtS' 


3S + 3 
42a + 6 

(G. F.) -'.58 +• S 

S/and Hassell . ... SI +. 4 

Z^vjark (L.) - 255 + 15 

>‘-"tson Foods 14S + JO 

' fO 154 + 6 

cduld ...JCT93 + i 

Fields SA £141 + 5 

FALLS 

. 34pc *52 .-.....£106} - ft 

ergers 79 ~ 6 ' 

i'-CJ.) 245- - IQ 

iJCircle ...... 283 - 10 

Land ....: 41* - 34 

fJ.I 464 - 30 

-Neill 86 -5 

Photo 127 — 5 


s Fisa ns 362 

GEC ..; : 32C 

Gen. Accident .' 206 

Gill and Duffus 156 

Glaxo ./... 61S 

Hawker Siddeley ... 240 

Heron Motor ■ 116 

.Lovell (Y. J.) 112 

Martin (A.) 03 

Midland Bank 350 

P&rry (if.) 317 

Plessey 114 

Racal Elect. 322 

Bang Org 2G8 

Standard Chartered... 414 

Tate of Leeds 73 

Vickers Itf6 

BP BOO.- 10 

Beriuntoi ...'. 2.=i5 

-Minorco ififi 

Feko-Wallsend 508 

Rustcnburg PlaL ... 86 
Tronoh 235 



. 2-3 

Technical page 

14 

Inti. Companies 

28-30 

.. 5 


13 


.... 28 

.. 4 


21 


32 

.. 6 


22 


36 

i-S-10 

UK Companies 

2427 

Farming, raw materials 

... 37 

,. 11 

Mining 

26 

UK stock market 

.... 38 


UK-U.S. "broker linkup pro- 
posed -22 

;A new approach to Fleet 
: Street manning problems 23 


Appointments — 

Appefenmoms Advi*. 
Base Lending Rales 
Pas mess Oppts. ... 

Contracts 

Crossword ...... 

- Entmalnmeat GuMe 
£ar»4pilpu — . 


FEATURES 

The foundations of EEC 

shipping policies 31 

Swiss go-ahead for a new 

Canton formation 3 

Nicaragua: Economic reper- 
cussions 5 


Ethiopian economy: Less 
food for more mouths ... 4 

FT SURVEY 

Opencast coal mining ... 15-20 


35 

FT-Aclttrie* Indian 

U 

Today** Evans 

23 

Mouirax (Hidgs.) ... 

M 

3* 

Letters - 

23 

TV and Radio 

12 

Hamid Porn Maters 

26 

35 


n 


3V 



» 

Lambird ..... 

u 

W*ath«r 

a. 


7 

Hen and H awtn ... 

22 

World Valeo a# £ .. 

12 

KBOfcn Ho DmsIjs 

26 

12 

Racing 

12 

IMTERIM STATEMENTS 

Hannwos tads. 

26 

12 

Saletwn 

8 

C. D. BrsflUtll _.. 

6 

Harrow Grtd 

35 

36 

Share infor»nsrtlB« ... 

•0-0 

Cammlm Engine ... 

SI 

PUco H1du_ 

Z7 


$ against 
Swiss 
l I Franc 


» i ! i i » i i i i i ■ ii 

1 1977 1978 . j 

Gold at 
new high; 
$ falls 

BY MICHAEL BLANDEN 


THE DOLLAR fell again 
under continued selling pres- 
sure yesterday, with the unrest 
in foreign exchange markets 
reflected in a sbarp jump in 
the gold price to a record 
leveJ- 

Gold reached a high point of 
$2204 an ounce in Loudon 
trading, and dosed at S219J, 
up by S5 from last Friday’s 
level and $4 above its previous 
dosing peak on Thursday. 

The weakness of the dollar 
took il to a new low point 
against the Swiss franc, falling 
below SwFr 1.50 for the first 
time, and helped a recovery in 
the pound. Early in the day 
sterling had been bit. tugether 
with the slock market, by con- 
cern about the Ford strike. 

Tbe stock market failed to 
recover from the worries about 
the Ford situation and tbe 
implications for the Govern- 
ment's pay policy. The Finan- 
dal Times ordinary share 
index ended the day with a fall 
of 9.2 points at 509.4. 

Gilt-edged prices also suf- 
fered. with falls of op to 2 in 
long-dated stocks and ft at the 
short end of the market. The 
Financial Times Government 
securities index lost 0.31 at 
70-24. 

The pound slipped to $1.9640 
In early trading, and its trade- 
weighted index as calcnlated 
by the Bank or England Tell In 
623. It picked UP later, how- 
ever, possibly with some official 
help, to close 40 points up on 
the dollar at Sl-9755, with the 
index unchanged from Friday 
at 62.8. 

Tbe value of the dollar mea- 
sured by the trade-weighted 
figure against a basket or 
currencies calcnlated by Mor- 
gan Guaranty at noon in New 
York, fell from a depreciation 
of 9.3 per cent to 9-4 per cent. 

Tbe weakness- of the dollar 
appeared to be unaffected by 
the further upturn in V.S. 
interest rates. Against the 
Swiss franc, it touched a new 
low of SwFr 1.4S50, ending at 
SwFrlA910 against SwFrL5225 
on Friday. The West German 
D-Mark Improved from 
DM 135.10 to the dollar to 
DM 1-9422*. 

Money markets Page 32 


Ministers are 
confident of 
U.S. $ policy 

BY JUREK MARTIN AND PETER RIDDELL 

WASHINGTON. Sept. 25. 


THE WORLD'S Finance Minis- 
ters agreed today that the Carter 
Administration should be given 
a period of grace to implement 
policies aimed at restoring con- 
fidence in the U.S. dollar. 

Echoing the views presented 
yesterday bv the Organisation 
for Economic Cooperation and 
Development, both M. Jacques de 
Larosiere. the new managing 
director nf tbe international 
Monetary Fund and Herr Olmar 
Eiuuiinger. head cif ihe West 
German Bundesbank, agreed Ihat 
past exchange rate changes 
should bring about a substantial 
improvement in the pattern of 
current account balances among 
the industrial countries. 

Many of the Finance Ministers 
here believe that the expected 
major improvement in the U.S. 
current account deficit, over the 
next year will, of itself, lead to 
a stronger dollar. 

But both M. do Larosiere, in 
his maiden speech tn.the annual 
meeting of the IMF and the 
World Bank, and Herr Emmin- 
ger emphasised that a pre- 
condition of a stronger dollar 
was that adequate internal 
measures be taken by tbe U.S. 
to combat inflation, curb energy 
imports and enhance American 
competitiveness in overseas mar- 
kets. 

M. de Larosiere said that 


countries with current account 
surpluses must engage in greater 
domestic stimulation. He also 
argued that those nations whose 
currencies have fallen — such as 
the U.S. — should be ready to 
counteract the resulting expan- 
sionary effects. 

informal discussions be- 
tween Finance Ministers and 
central bankers in Washing- 
ton show that supporters of 
the proposed Eurorer- mone- 
tary system now seem to re- 
cognise that any scheme will 
have to be flexible enough to 
permit occasional changes in 
exchange rates by countries 
with higher than average 
rates of inflation. Tbis would 
make it casirr ro r the UK 
to join the scheme. Back Page; 
World Bank Page 5; Jenkins 
speech Page 7 

In an address this afternoon. 
President Garter acknowledged 
that the U.S. had “a major 
responsibility ’* to play in ensur- 
ing global economic health and 
would fulfill commitments made 
at the Bonn economic summit. 

Without breaking any new 
ground, the President outlined 
tbe four areas in which action 
Continued on Back Page 


Two U.S. banks raise 
prime rates to 9|% 


BY STEWART FLEMING 

FIRST National Bank of 
Chicago, the ninth largest of the 
U.S. commercial hanks, today 
raised its prime lending rale to 
921 per cent, a move likely to 
lead to a general rise in the 
prime rale from the -current- 91 

g er cent. Tbe First Pennsylvania 
ank of Philadelphia later 
followed suit. 

Shortly afterwards. New York 
money market analysts claimed 
that intervention by the Federal 
Reserve Board in the federal 
funds market to withdraw 
reserves indicated that the Fed 
could well he taking a further 
step to try to rein in monetary 
growth. 

This morning the Fed carried 
out three day matched sales of 
securities with federal funds 
trading at S U-16th per cent. 
This action puts upward pres- 
sure on short term interest rates 
by withdrawing funds from the 
money markets. 

This move by the Fed (follow- 
ing last week's increase In the 


NEW YORK. Sept. 25. 


US PRIME RATES 


I 1975 1976 1977 1978 1 

Fed's average weekly target for 
Fed fund rales from 8? to S> per 
cent and the increase in Us dis- 
count rate lo S per cent on 
Friday I is being interpreted as 
an indication that the policy of 
Mr. William Miner. Fed chair- 
man nf gradually easing rates 
higher. 


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.1 - 


EUROPEAN NEWS 




i Y: 


Financial Times Tuesday September 26 197S 




Greater optimism among 
West German business 





Schleyer’s 

successor 

elected 


BY ADRIAN DICKS 


BONN, Sept. 25. 


WEST GERMAN manufacturing 
industry is once again in a dis- 
' tinctly optimistic frame of mind. 
The monthly survey of business 
-.*• opinion carried out by the JFO 
. _ institute of Munich shows that 
- during August there was a 
- further improvement in coin- 
panies’ assessment of the situa- 
. tion and in their expectations for 
the next six months. 


: ' The IFO test, widely regarded 
.!■ as one of the most accurate of 
all measures of the West German 
.•economy, has shown a steadily 
• . improving trend in new orders 
.. and production since the spring. 
; though the assessment of overall 
> : confidence has been slower to 
register a change for the hettec. 


In its commentary on the re- 
sults of the 1 3 test survey, carried 
out soon after the Bonn Govern- 
ment's package of tax cuts was 
announced, the IFG institute 
stresses its previous findings in 
contrast to the impression of a 
sudden improvement in the short- 
term outlook which has been 
caused by the revision of the 
Government's own orders and 
production statistics. 


West German police yesterday 
announced the capture of Frau 
Angelika Speitel (28). on the 
list of those most wanted in 
connection with terrorist 
activities, writes Jonathan Carr 
in Bonn. She and Herr Michael 
Knoll (2?) were injured in a 
shoot-out in a wood near 
Dortmund. One policeman was 
killed and another Injured. 
Frau Speitel Is the second key 
suspect traced this month in 
connection with the murders of 
three leading public figures 
last year. The first suspect. 
Herr Willy Peter Stoll died in 
a Cologne hospital after a gun 
battle- It is believed that 
documents found on turn gave 
police a lead on others wanted. 


oil refiners all expected gains 
soon. 


Producers of most capital 
goods generally expected higher 
sales, including those abroad. 
Electrical engineering and com- 
mercial vehicle concerns took in 
higher orders, while office and 
data processing manufacturers, 
as well as mechanical engineer- 
ing companies, recorded more 
modest progress- Most industries 
producing consumer durables 
continued to expect a high rate 
of sales in' the months ahead. 


in slocks, which were regarded 
3s too high in many sectors. 


The survey makes clear that 
while the climate has improved, 
many companies and industries 
have still to see any change for 
the better. One-third of respon- 
dents still complained of Insuffi- 
cient order books, while a 
majority reported little reduction 


However. most companies 
appear to be preparing for an 
increase in production daring 
the next few months, while the 
prospects for exports were re- 
ported to have unproved 
markedly, albeit from a very low 
estimate in refient months. 


Among the sectors on which 
TFO reports in detail, manufac- 
turers of building materials re- 
ported booming business, while 
the foundry Industry, the non- 
ferrous metals industry, the 
chemicals manufacturers and the 


Meanwhile, the Kiel Institute 
for International Economics, in 
its autumn forecast for the West 
German economy, draws a 
similarly optimistic conclusion. 
It expects real gross national 
product to rise about 3 per cent 
this year, closely in line with 
what the Bundesbank predicted 
in its monthly report last week. 

The main risk that the Kiel 
forecast sees is of further 
external weakness coinciding 
with a renewal of what it calls 
a “ confrontation course ” in 
West German wage negotiations. 
It calls on the two sides of 
industry to reach a growth pact 
on medium-term wage increases, 
with contracts that would last 
long enough for employers to be 
able to calculate costs and profit 
margins with much greater 
certainty. 


By Jonathan Carr 

BONN. Sept. 25. 
DR. ROLF RODENSTOCK. head 
of the Munich-bused optica Is 
concern which bears bis name, 
was today elected new president 
of the Federation of (West) 
German Industry (BDIi. 

He faces a big task in restor- 
ing a sense of direction and 
confidence to an organisation 
which has had a series of blows 
over the last year. 

Dr. Hanns-Martin Schleyer, 
who had combined the job both 
of BDI president and head of 
the West German employers 
organisation, was murdered by 
terrorists last October. His 
successor. Dr. Nikolaus Fasoit, 
announced he was stepping down 
because he wanted to devote him- 
self wholly to bis ceramics 
business. 

Dr. Rodenstock. aged 61, bad 
been approached alter Dr: 
Scbleyer’s death for the BDI post 
— but at first turned it down 
since he wished to have more 
time to prepare to hand over his 
business to his son. 

• Worker-participation is not 
the answer to West Germany's 
industrial problems, the manag- 
ing director of the German Con- 
federation of Employers Associa- 
tions. Herr Helmut Ronnenberg 
said in London yesterday writes 
Colleen Toomey. 

Strikes are on the increase, he 
said, and will become more pre- 
valent in the next decade while 
wage bargaining and manage- 
ment decisions will be increas- 
ingly difficult to resolve. 


French seek UK gesture 


in Airbus controversy 


U- 


BY ROBERT MAUTHNER 


FRANCE HAS proposed a final 
ministerial meeting with Britain 
before me end-of-September 
deadline for a decision on 
whether the UK will rejoin the 
European Airbus consortium. 

Despite denials in London, the 
French now Feel that it is up to 
Britain to make a gesture which 
will make a compromise possible. 

It has now been tacitly 
accepted here that British Air- 
ways can probably not be 
persuaded to buy the Airbus 
either in its old or new version 
for the time being, but the 
French are still expecting a 
firmer long-term commitment by 
the UK to European civil airliner 
projects than has been made so 
far. 

The door is still ajar, it is 
emphasised here, but time is 
getting desperately short While 
almost daily contacts on the sub- 
ject are taking place between 
French and British officials, the 
French have proposed that a 
meeting between M. Joel Le 
Theule, the French Transport 
Minister and Mr. Eric Varley, the 
British Industry Secretary, 

should be arranged before the 
deadline for a decision expires. 

It is emphasised in Paris that 
French and German differences 
over the -terms on which the UK 
should be allowed to join the 
airbus consortium were ironed 
out at last week’s meeting in 
Bonn between M. Le Tbeule and 
his West German opposite 
number. Tbough French officials 
are keeping their -lips sealed on 


what was agreed in Birm it 
appears that, however 
reluctantly,.' France might.be pre- 
pared to drop its original demand 
for an immediate British Airways 
order if the UK offers a meaning- 
ful “ quid pro quo.” 


PARIS. Sept 25. 


Several possible compromises 
Paris, it 


are being envisaged in 
is understood. Though they have 
not yet been formulated in any 
detail, their general tenor is 
understood to be as follows: 

• The British Government could 
be asked to make a declaration 
of intention spelling ont its firm 
long-term commitment -to joint 
European civil aircraft, projects, 
including a clear undertaking 
not to participate in any future 
deals with the U.S., aircraft 
industry which would compete 
with European projects. 

• Given the fact that British 
Airways has refused for the time 
being to buy the Airbus, the 
U.K. could be asked for a higher 
entry price into the European 
consortium than it is at present 
prepared to offer. The sum of 
£50m which British Aerospace is 
currently proposing to contribute 
towards developing the new 
A-310 version of the wide-bodied 


airliner has been described by 
French officials as “ derisory.” 


1 



• British Aerospace could be 
asked to drop its demand for a 
blocking minority in the Airbus 
consortium which would give it a 
veto over future joint European 
projects. France feats that the 
U.K, might use such, a veto to 
scuttle any projects which might 


compete with the latter's own 
joint ventures with the UJS. air- 
craft industry. 

Lynton McLain adds: There 
has been no change in British 
Government policy towards 
European co-operation In aero- 
space and no deviation from the 
Government Insistence that 
British Airways be permitted to 
buy aircraft for its own commer- 
cial reasons. 

The Government remains com- 
mitted to Joining the Airbus pro- 
ject as a 20 per cent shareholder 
from January 1 next year. Mr. 
Eric Varley, Industry Secretary, 
who gave the go-ahead last 
month, said Britain's top priority 
was to get into the Airbus pro- 
gramme. He also said that 
Britain would not collaborate 
with another airframe maker on 
an airframe that competed with 
the new version of the -Airbus, 
the A310. 

Adrian Dicks adds from Bonn: 
The West German and French 
governments are understood to 
have moved considerably closer 
towards a' joint response to 
Britain’s suggested terms of 
re-entry. A detailed set of pro- 
posals is- believed to. have been 
sent from the Bonn Chancellory 
to the Elysee immediately after 
Herr Helmut Schmidt’s meeting 
with President Giscard <TEstring 
at Aachen 10 days ago. West 
German officials are understood 
to feel they are sufficiently close 
to French views to make it worth 
bolding farther .tails. ..with 
Britain. 


Poll setback for Barre policies 


BY OUR OWN CORRESPONDENT 


PARIS, Sept 25. 


I THE CRUSHING defeat suffered 
by M. Jean -Jacques Servan- 
Schreiber. leader of the pro- 
Government Radical Party, in 
{yesterday's by-election in Nancy, 
is being interpreted as a severe 
setback for the Government 

While many reasons can be 
found for arguing that Nancy 
was a special case because of 
M. Servan-Schreibers controver- 
sial personality, and because it 
Is the capital of the depressed 
steel industry, yesterday's result 
confirms a marked anti-Govern- 
ment trend since the general 
election last March. 

In all four by-elections which 
have been held since, the left- 
wing opposition candidate has 
emerged as clear winner. The 
Socialist Party has won in three 
constituencies, while a Com- 
munist candidate won the fourth 
seat. 

rn another by-election in 
the 14 th district of Paris 


M. Christian de la Malene, 
leader of the Gaullist. group in 
the European Parliament, and 
chief deputy to M. Jacques 
Chirac, the Gaullist leader, in 
M. Chirac’s capacity as Mayor of 
Paris, is in danger of defeat in 
the final ballot next Sunday, 

In Nancy, which M. Servian- 
Schreiber has held since 1970, 
the Socialist candidate, ML Yvon 
Tondon, won by 9,000 votes 
(more than 58 per cent of votes 
cast). He lost to H. Servan- 
Sehreiber in the general election 
by four votes, a result which was 
invalidated by the Constitutional 
Council. 

There can be little doubt that 
ML Raymond Barre’s economic 
policies are at the root of the 
swing against the Government 
M. Barre has made the fight 
against inflation one of his main 
priorities and has asked the 
French people to accept a record 
level of unemployment 


Not only has the number of 
jobless risen constantly during 


the past few months to nearly 

icn 


1.2m in August but prices, whicl 


have increased by 6.3 per cent 
since the start of the year, have 
obstinately resisted M. Barre’s 
cure. 


Discontent was reflected today 
in a one-day strike "by Lorraine 
against the Government's latest 
steel rescue plan and by the 
stoning in Southern France of 
the car of M. Jean Lecanuet 
leader of the CSscardian UDF 
party, by striking ship-repair 
workers from the Terrtn yard in 
Marseilles. 


Beater adds: - The two main 
roil nwinnq announced they 
would hold a four-day national 
strike beginning on Sunday, in 
support, of higher pay, better 
working conditions and an end 
to “ the dismantling of the rail 
service.” ' 


Holland’s bank Dutch paym&its iii deficit 
rate raised 


BY CHARLES BATCHELOR 


AMSTERDAM. Sept 25. 


By Our Own Correspondent 


We ve got the connections. 


Our network can reach aJI four comers. 

Our name may imply were Belgian .but our 
network says were international. 

Ii says wc have the ability' lo service clients not 
just through 10HQ branches in Belgium, but also 
through our subsidiaries, affiliated and associated 
banks. As well ns through representative offices in 
major business ccuters.stretching from Kioto Tokyo. 

Why we sometimes open our ears instead 
of another office. 


We think that sometimes it can be just as 
efficient lo rely on our local coircspondents. 

We also have other ears ai work for you 
through our membership in SFEund Associated 
Banks c»f Europe (ABECOR). 

This is what gives us the local touch around 
the world. So we cm give you the insiders edge 
wherever vou do business'. 


"Were the International bank with the 
face-to-face philosophy. 

We try to know u client as a person, not just as 
a signature. We try to leant his business as well as our 
own .Taking time to learn his language, instead ol 
expecting him tospeak^bunkeser Ami taking time lo 
tailor specific answers to his specific financial 
problems. 

Because we ihink that an individual approach 
to each client - to his business, lo his needs - is what 
really makes a bank big. XoL simply its big 
international network. 




AMSTERDAM, Sept. 25. 
HOLLAND is raising bank rate 
tomorrow from 4f per cent to 5£ 
per cent, following sales by the 
the Central Bank nr more than 
DM lbn over the past week to 
support tbe guilder against the 
D-mark in the European currency 
snake. 

The Bank's other official rates 
will also be raised by one point, 
bringing secured loans to 6 per 
cent and promissory notes to 6} 
per cent Interest rates were 
last raised by the Bank by half 
a per cent on July 26. partly to 
couater the rise in the D-mark 
against the guilder. 

Today's announcement said 
ihe increases had been decided 
upon in view of the rise of 
inlerest rates -in Holland and 
abroad following developments 
on the foreign exchange markets. 


HOLLAND continued to run a. 
large deficit on its balance of 
payments current account in the. 
second Tjuarter of 197®. The 
figures tend to confirm a recent 
gloomy forecast by the Central. 
Planning Office which said that 
the worsening of the balance i.f 
payments appeared~to be becom- 
ing permanent 

The second quarter current 
account deficit was FI 810m 
(£192m), according to seasonally 
adjusted Finance Ministry 
figures. That is slightly less Than 
the revised deficit of FI 915m in 
the first quarter but higher than 
the FI 475m deficit in the second 
three months of last year. 

-The unadjusted figures show a 
deficit -of FI 457m in the second 
quarter compared with deficits 
of FI 473m aud FI 246m in the 
first quarter of this year and the 
second quarter of 1977. * 


That was due to a' further rise 
in the deficit otrvisibie trade to 
FI- 950m from FI 720m in the pre- 
ceding quarter. Against this, 
invisible trade moved back into 
a surplus, of FI 140m. compared 
with a deficit of FI f95m in the 
first quarter: 

One- reason for the, decline in 
visible exports was the lower 
level of gas sales 'abroad. Hol- 
land has renegotiated Its gas 
export contracts allowing foreign 
customers to take ’ delivery qver 
a longer period, -The change, in 
the invisible, trade - position^ waB 
due soley to higher eafnings 
from service industries. 

Net capital exports : rose to 
nearly El J_8bu after - being 
nearly in balance in the first 
quarter. Direct investment; by 
Dutch companies abroad -rose by 
nearly FI lbn: while- foreign 
direct investment in Holland fell 
slightly. 


Warsaw 

Pact 

summit 

denial 


• h 




ft 


By Paul Lendvai 

BUDAPEST, Sept. 

UNOFFICIAL reports that 
Warsaw Pact summit uteeur.. . . 
has been scheduled to take place ... . 
in Budapest early In Oclobe* r • 
have been denied by serno ; , 

officials in the Hungarian capu*»«-- 
The last Warsaw Pact summit \ 
took place in Bucharest neari.» i1r 
two years ago and a top [5 V ". » -- 7 ' . 
meeting of Pact ”\5. rn r bcr ;; 
including the various Chiefs 
State, Party First Secretaries.;:.. ■; 
Foreign Ministers and military-*-, 
chiefs of staff is now overdue. . 

While the military' build-ups,, 
and modernisation of Warsaw^- 
pact farces bas continued, tl 
diplomatic context has change ,{■* 
considerably in the meantinu-^; 
because of the active “anti- 
begemouist ” foreign policy now. , " ' 
being pursued by China. NAT'.'i 
also agreed to step up ■. ■ 
military spending in the face o£J (_■' 
what is perceived as a growinsgf” 
threat from the Warsaw Fact.,:** 
build-up. _ .1 j.- . 

Traditionally. Warsaw Pact:;, 
meetings take place with " vcry-J 
little advance notice and Western | - 
diplomats believe that the timing 
of. the next one will probably &0 
dictated by progress in the... 
current SALT round. t 


Meanwhile; President Leonid <‘-l 
Brezhnev, . who last visiter! --1 


jsreznnev. . wno last visueiu-s 
Hungary in 1962. is now expected 


to visit the country in November - * 
or December following the official 
visit to France in mid-November ,,i 
of Hungarian Party leader Jaunc. - . 
Radar. Mr. Brezhnev’s visit could .--jy - 
well be timed to coincide with a 
Warsaw Pact summit 


Foreign fears 


y:- r 

i 

•,-h 


on Statfjord 
oil platform 


By Fay Gjester 


OSLO, Sept. 25. " 

FOREIGN construction workers^; 1 . 
in Norway’s sector of the North -j-- 
Sea are worried about their-. • 
job prospects, following recent ' 
Norwegian Government slate- ; 
ments presaging a drive to 
“ Norwegianize M the labour force 
on its continental shelf. ' 


Fear of layoffs and distrust of 
the multinational contracting 
companies employing them led 
more than H)0 Mexican. Spanish 
and Portuguese workers on the 
Statfjord A platform to go on 
strike yesterday. -. 

The men said they would not 
leave the platform until the}- had 
Tieeh assured” that ' they wouid 
receive various benefits: said to 
have. been including’ 


‘redundancy payments • for those 


who will novr .be laid of 


The outcome of the -dispute 
not yet clear,' but: contractor 


Brown and Root have temporarily. 

.Spanish} 


-:h 


stopped sending MexScah.'Spanisf-} 
and Portuguese ; workers out fo 
the platform. . - ' r ' 

Meanwhile, the Norwegian l> 
Directorate . . announced tl( 
Norway’s oil output in the 
eight months of this year reacht*. 
86.6m barrels:- compared v.iiV 
63.1in barrels. in :tfae same period 
of last year. Total production of 
oil and gas in : the ■ .first eight 
months of this year- .was,.l9.l9m 
tons of oil equivalent compared 
with 8.37m tons of. oil equivalent 
during the same period last year. 


; X 
: t 

. -» 


' !1 


n 




FMUK3AL TIMEX pnMUfiect dally trc c pi Sun- 
rfar* and BoWey*; tf-S. sdnaidUons 12'iViAt 
Mr frpMblt SJS9.00 lair mall I oor annum, 
dan postase raid ac New Y«rk. N.Y. 


Ml 


Investment call to Spain’s CBI 


BY ROBERT GRAHAM 


MADRID, Sept. 25/ 


THE SPANISH businessmen’s 
association (CEOE), whose 
members employ 60 per cent of 
the country's workers, was urged 
today by its newly elected 
president Sr Carlos Ferrer, to 
make a major commitment to in- 
vestment. 


^ Banque Bruxelles Lambert 

banking, a matter of people 


In the past three years invest- 
ment has declined and this is the 
first lime that a leading indus- 
trialist bas called publicly for a 
return of investment confidence. 


Wc are the ABECOR bank in Belgium. Mamixlaan 24, 1050 Brussel. Tel. 02/513.81.81. Telex 26392 BBUX 






■ •• •• ' ■ -.-'j •• ■ 

' • .. .< is/; '..=■■ - 

■ j ' •' '. . . 




The CEOE Is the Spanish 
equivalent of Britain's CBI, 
although CEOE membership 
covers both commerce and the 
service sectors. The organisation 
was formed last year, after the 
legalisation of trades unions, to 
represent business interests. 

Sr Ferrer, aged 47. a Catalan 


banker with his own pbarma-' To proyide. the necessary legal 
ceutical business, has been framework for relations between 
interim president df the organ!? management apd labour. . But" 
sation from the start and was . -hew' lows, such as -.the Bill-. now 
elected president .today, . .under: discussion, would- be; no 
Addressing 400 -delegates, he- ^ shop-floor relations were 
said businessmen must-place the conditioned by violent pickets 

utmost confidence . in - the and disruptive minority groups, 
country and in Spaniards. “We -Sr. Ferrer said CEOE members • 
must invest, acting -as impres- hoped the Government .wouldl 
sarios, in other words create jobs adopt' adore liberal labour laws.' 
and generate wealth.**- But he refrained from -a: direct 

The main cause of lack of ^caii for a repeal of the rigid 
business confidence in the governing hire and fire, 

vote sector has been a: com bin a- which bis members want 
tion of political uncertainty and Observers believe the offer’ of- 
m is trust of trade union power, increased . investment - is condi- 
Sr Ferrer commented “We can-.tionalon greater flexibility being 
not hide the fact that labour and allowed to employers. Sr„ Fewer* 
union problems have been the said be expected reform of thef 
Prime concern among business-- labour, laws to take upj moist of- 
m «*-” the CEQE*s time In the - coming 

it was op .to the Government- year. 





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FftaaeiarTites Tfresday Septeraljer 26 1978 



Reykjavik’s new cabinet puts NATO issue on ice 




i.'i 


AND'S new left-win™ of Soviet naval and air activity return to neutrality for Iceland, Mr. Otafur Johannesson, who 
nment will not. after all, in the area (activity . Halted la The Progressives have wavered, said in an interview last week 
the NATO boat. At the their strategic base at Murmansk After the June 25 election, nego- that it would act rather like an 
nine of this month, the on the Kola peninsula) has nations dragged on for more international affairs institute. 

parties which formed a enhanced the value of the Iceland than two months before the The People's Alliance, on the 
ion nhe left wing People's base to NATO. More recently three could settle on a pro- other hand, sees the committee 
ice. On.- Social Democrats tension has been growing gramme, in effect, they have now as a way to rc-npen the national 
the Progressives! signalled between the Soviet Union and aj reed to “ freeze " Icelandic debate over NATO membership 
they proposed to make no Norway over demarcation limits foreign policy for the time and as an instrument for rnodi- 
re in pnlicy towards the in the Barents Sea,. fisheries con- being. fyins Ireland’s foreign policy, 

ase at KcMavik operated by trot and the administration of The statement on foreign The Alliance has also sue- 
-U S. Navy ami this week the Svalbard (Spitsbergen j policy in the -Government pro reeded in having the committee 
lew E-HA aircraft, equipped islands. gramme implies n significant made responsible lo the Prime 

the latest long-range and This has revived Oslo's interest modification by the People’s Minister, not lo the Foreign 
•vel olecirnnie listening in NATO's capacity lo reinforce Alliance of its former stand in Minister, who normally deals 
ment. are scheduled tn l!y swiftly Norway's defences, a two . previous coalitions its with such issues 
the base Trom the United The favourite for the chair- 
s' manshlp of the committee is Mr. 

aircraft will be the first _ . „ Einar AUgustsson (Progressive), 

>e new Airborne Warning tft thf> T T C VtQCO in who held the Foreign Affairs 

Control System (AWACSi Jr* Jr '- , ^* *•*'“'**■ bllC U.J. Ud.oC 111 portfolio in both the previous 

to be stationed outride the Tit- - + « «« administrations. The first, in 


) Di.‘ stationed aumde the ■* 1 * ■ i « admitusirations. i ne nrsi, in 

Their arrival underlines iCeianCi IS ’ eXamUied bv William which hu > ? artJ ' partnered the 
rmnance of the teetandjc J People's Alliance, had the elimi- 

n and' reflects 'the confi- Dullforce, Nordic correspondent 


GREENLAND^ 



SA KENTS 
5 E A 


.«l|a»p 4*3 





This is long-term speculation, 
however. Of more immediate 
Interest to NATO is the 
instability of the present 
domestir political situation. 

The June election produced 
the mnst radical changes in party 
strengths since independence. Of 
the two governing parties, the 
Independents lost 10 seats, 
emerging with only 22 MPs in 
the 60-member Althing. 

The Progressives, whose 
strength is in the rural areas and 
in the co-operative movement 
and who have been Iceland's 
second largest party since 1916, 
were reduced to being the 
smallest party. However, because 
of the rivalry between the two 
winning parties (the Social 
Democrats and the People's 
Alliance) the Progressive Leader. 


People's Alliance, had the elimi- w ■'= *<»/ - ' ■■■ » Mr. Johannesson, occupied the 

nation of the NATO base on its Premier's office, 

programme, but fell without The average age of the 

achieving it. During the second The Alliance is. in effect, an they have never had any armed Cabinet has never been lower, 

administration in which the Pro- nmbrellaior a collection of Left- forces. Of the nine Ministers only Mr. 

gresslves were allied with the ■ rtMU Tis ran^inc from Com- Anti-NATO feeling breeds sn Johannesson has experience of 

Independents, Mr. Augusisson ^ this historical background. It Government. The real election 

• tbrnnch t ommetc ,„h . — — — — ts. the Young Turiss of the 

[-Democrat party, are dis- 

. — - , - . r ed both with the shape of 

'aches to the north Atlantic cerncd about' a potential placent’, however, because, as The People’s Alliance — alone 13 branches and has new Committee on National the Government and with its 

gh Icclantl-Greenland and domestic political threat to the part of the compromise on among the four Icelandic parties a voting system which guarantees Security could help to switch the programme. 

• Itl-Faroe Isles gaps. The ba.se in Ireland and the Nor- foreign policy, the Government —consistently opposes NATO minority representation on its argument into a more-reasoned The coalition was more or less 
CS aircraft will be joining wegian Labour Party helped to is to set up an all-party Parlia- and the base. Its stance is vary- t°P cquncus. assessment of Iceland's strategic press-ganged into service by the 

uadron of Orions (often finance the successful electoral ment.iry committee to reexamine ingly described as " Communist " A unifying factor in this interests. threat of economic collapse on 

. cmemed by British Ximrods campaign, which has returned national security. nr" “ Marxist ” and its chairman, ideological diversity is opposition Some members of the pro- September 1, the threshold for a 

ither NATO aircraft! which the Icelandic Social democrats Idc;is about the role of this Mr. Ludvik Josefson (well known to the- NATO base. In Iceland NATO Independence Party, still new general pay rise. It faces a 


now felt in \V»shin;4ion 
>ther NATO capitals ar the 
dc of the island republic's 
Government. 

>m the Kefla 
icans control 
•me radar the 



tor all surface vessels and id shared power. 


committee differ and there has in Britain as the aggressive this opposition is not so much Iceland's biggest despite its 55 per cent inflation rate and an 


v policies 


k 


urines passing through the Of the three coalition -parties, been considerable in-fighting Fisheries Minister of ihe second anti-American as an expression election defeat, have begun to internal crisis over fish prices j 

The U.S. Navy Phantom the Social Democrats firmly about its status and function, "cod war”) was a member of of rugged nationalism. Icelanders think along these lines and there which has to be settled on 

iron at the base is under- advocate continued NATO mem- The Social Democrats insist that the old Icelandic Communist have been independent only Is even a suspicion that one or October 1. There is also a new 

to have a very high success bcrship for Iceland and the main- the Cummittec is not a polio- Party, now disbanded. OF the since 1944 but they proclaimed two leaders of the People's pay threshold looming on 

at Intercepting Soviet tensnee of the base. The People's making body, a view which 14 Alliance MPs in the Althing "perpetual neutrality " in 1918 Alliance would like lo break December 1'. NATO and the base 

ary aircraft. Alliance has fought for years for appears to be shared by the Pro- (Parliament) only one other has when they became a sovereign their isolation on the NATO are no longer therefore such 

p increase in recent years the closing of the base and a gressive Party Prime Minister, this distinction. state hi union with Denmark and question. pressing issues. 

Swiss referendum gives go-ahead to formation of new canton 


BY JOHN WICKS IN ZURICH 

"WEEKEND, an overwhelm- World War. and at one time the t3nt/Calholic spilt in the canton This never gained much ground, slice of federal support 

fj[U majority of the Swiss Bernese Jura was coming to be has played a major role in the however, particularly as canton But all- is not yet sweetness 

irate voted in favour of a regarded by the Swiss as "our disaffection of (he north. In the Berne cleared the way for a self- and light. Anti -separatists were 

1 itutional amendment accepi- Northern Ireland.” past few decades, though, determination plebiscite in 197D responsible for at least one 


aim . . . 

<Jj(;ie “ canton ci republique du Despite its name, the new secessionary feelings have been and the northern districts gained incident in the area on Sunday, 
as fbe first addition to the canton consists of only three aggravated much more by the their future autonomy at the white the t call “let us continue 

i'-.af confederated stales for administrative districts in the language. Ever since a French- same time subject to last week- Ibe fight” was heard from the 

ears. Nor is the republican western' Swiss Jura range. " The speaking Jurassian was turned end's referendum. The poli- ultra-separatist side in Delemont 
of the future canton a mere region runs along the French down by the Bernese cantonal ticianc, primarily from the on the same evening. 

fiction, since cantonal border, almost all of its eastern council for an important govern- Christian Democrat, Liberal and The- question of the future 

eignity within Switzerland face fronting canton Berne — of ment post in 1947, the area has Social Democrat parties, who will be whether the new canton 

- -y much of a reality. which it has been a part since had a cause celebre for what it will runs the new cantons, feel fs prepared to accept the decision 

3 referendum was certainly the earlv 19th century— and feels is linguistic discrimination, the latest vote has proved the 0 f the southern districts to stay 

•_ more than rubber-stamping Sclotbum". A majority of the “Jura libre" became very much value of the Swiss way of life. Bernese^ The politicians speak 

.•'pine local government act. 67,000-odd inhabitants 1 of the the same sort of call as “Quebec The result of the vote means with mare than one voice here. 

■gh the setting in the Delemont. Porrentry and libre”— indeed, Quebec was that dismay In the country at M- Francois 7-achat, head of the 

:■ nated capital town of Franches-Montagnes districts among the first names on the targe due to the sporadic dashes provisional government, specifi- 

- nont on Sunday evening was voted for secession ' from 'Berne congratulations list on Sunday j n me Jura in recent years has cally rejects any form of force — 

c — fireworks were let off in in 1974. Two parishes of the evening. The Jura itself began faded. Not a single existing can- but at the same lime sees 1974 


N 


jfc&jtitimuv. 


boisterous youth groups on both 
sides, the separatist “rams " and 
the anti-separatist "boars" and of 
the Jura, activist M. Roland 
Bcguelin.. who will refrain from 
taking up any political post io 
the cantonal administration. 

Two other questions are also 
pnsed by the Jura vote: First, 
what is to happen to the Laufcn 
Valley, now separated from 
canton Berne. The second, 
which could lead to a further 
change in the federal constitu- 
tion, concerns the position of full 
and semi-cantons. Jura will be a 
canton, with two state coun- 
cillors (senators) and a full 

. ... ._ ... _ .. „ vole in constitutional roferen- 

-streets, closing time was Delemont district, which will to indulge in discriminatory ton, no matter what its religion as having led to the “splitting in the area, whether by the dums. Urban and rural Basle, 

•ded and schoolchildren therefore not belong to" canton speeches aimed against “ immi- or language, showed a majority up of the Jura” and views the separatists trying to force the each semi-cantons, have only one 

given Monday off — the Jura Jura, as well as the French- grant" Swiss-German s who were against the proposal to create a weekend's vote as a “decisive | SSue in the south or the pro- state councillor and a half-vote 

em has been one of the few speaking areas of the southern not considered true Jurassians. 23rd canton. Over 82 per cent of step towards solving the situa- Bernese southerners attacking eacb * even tbou S h the >' are rauch 

of internal strife in Bernese Jura and the. German- In connection with the the admittedly small turn-out lion.” „ nrnn Z. fooro populous and important 

■erland for many years, language Laufental Valley to the strongly pronounced ethnic ques- voted for the Jura, even though Neither the federal govern- u,e new canton ana 11 propo- Hum little Jura. This is expected 

e has been violence in the north voted against • tion, there- were signs of a “back- this will be a relatively poor ment of the electorate would nents. It remains 10 be seen to come up in parliament again 

since the end of the Second In the past century, the Erotes; to-mother-France " movement canton and need a corresponding countenance any further violence what the future will be for the soon. 



Portuguese 
politicians 
prepare for 
hustings 

By Our Own Correspondent 
LISBON, SepL 25 
PORTUGUESE POLITICIANS 
seem well on their way to the 
hostings before the elections 
have even been announced 
formally, judging by the latest 
round of party declarations 
during (he harassed Govern- 
ment’s upucuval. 

Last Friday President An- 
tonio Ramatho Eanrs gave the 
country his analysis of tbc 
situation following the parlia- 
mentary rejection of the 
Cabinet of independent Prime 
Minister. Sr. Afredo Nobrc da 
Costa, and offered four possible 
solutions. 

He was heavily critical of the 
behaviour of politicians be felt 
were playing party poliUcs to 
the detriment of a country 
facing an economic crisis. 

Ail tbc parlies except the 
Socialists, the country’s largest, 
approved of the solutions put 
forward. The Socialists seemed 
more intent on renewing their 
recent attacks on General 
Eanes, accusing him of arbi- 
trating instead of acting in 
consultation with the parlies. 

Next, the major opposition 
party, (he Centre-Right Social 
Democrats, declared it would 
not enter any agreement with 
the Socialists and (he Christian 
Democrats — CDS — to produce a 
majority governing alliance 
in parliament. It thus ruled out 
the first alternative offered by 
the President in his speech. 

This was followed by a clear 
electioneering pitch from the 
CDS which declared itself and 
not its closest challengers the 
Social Democrats to be the 
party of the “popular right,” 
while at the same time turning 
again to the coarse anti- 
communist (heme it has been 
sounding in recent weeks. 

Meanwhile, the President, 
the principal figure In the 
drama and a man who drew a 
6L per cent ballot in the last 
presidential election, is moving 
slowly centre stage. More and 
more he seems the only person 
able to guarantee the survival 
or Portugal's fonr-ycar-old 
democracy. Some circles are 
openly pondering the appear- 
ance of another De Gaulte on 
the European scene. 

Reuter adds: The Bank of 
Portugal said the country Is 
well on the way to fulfilling 
the terms or the International 
Monetary Fund agreement. The 
Bank, in a statement after the 
latest trade deficit figures, said 
there is no need for new 
restrictive measures outside 
the terms agreed with the IMF. 



His banker must be the same* 


of Chemical Bank's Paris office. 
O'Neal has made it his business to 
understand the business of Elf 
Aquitaine. Working closely with the 
head of Chemical's Petroleum and 
Minerals group- Europe, he has been 
able to deliver the kind of financial 
help Elf needs - wherever Elf needs it. 

"Chemical Bankers know what we 
mean when we say 200.000 barrels a 
day." Mr. Gester says. "And they know 
that a balance sheet cant show 
reserves. But their engineers can 
evaluate those reserves. O’Neal and 
the Chemical Bankteam can instantly 
see where our future lies’.' 

Nowthat Elf Aquitaine has moved 
into big ventures m the North Sea oil 
and gas fields, O'Neal together with 
his team of experts, is there with 


realistic and tlmeiyf inanciaf solu- 
tions. Andre Gester sums it up well- 
"We need a lot of money. And we can 
get a lot of money. But the important 
thing is that we get fast decisions!’ 

Rapid, professional solutions are 
what Andre Gester has come to 
depend upon. He knows he has bank- 
ers with financial expertise who are 
farsighted and responsive to his 
company's needs. 

While theirs is a professional rela- 
tionship. Andre Gester and Ed O'Neal 
will tell you that it is also personal 
and rewarding.That's what usually 
happens when corporate officers get 
together with Chemical Bankers. 

And what results is bottom line 
benefits for both the company and the 
bank. 


The difference in money is people. 


CieMIGAL 



Cht mgaIBaiT)i Hou se. ISO Strand, LandonVyC2R 1FTW: 379.7474 Representative Offices: Scotty Provident House, 

Main office New'tarkNY 

Ab idjan. Ba hrain. Beirut Birmingham. Bogota Brussels. Buenos Aires, Cairo. Caracas. Channel Islands. Chicaeo. Dubai 
Edinburgh. ftanMurt.Honghong. Houston tafnnarei. ,Jatarta.Undon.Madnd. Manila. MexxaQty Milan. Monrovia. Nassau Parte. 
Riode Janeiro. Rome. San Francisco. Sao Pamo. Seoul, Singapore, Sydney TaipciJ«van,Tohyo.Toroma Vancouver; ^ Vitsina Zuri£ 


J 











NEWS 


ISRAEL DEBATES CAMP DAVID ACCORDS 



approval expected 


BY DAYID LENNON 


JERUSALEM, ScpL 25. 


S. African 
leadership 
stakes 
unclear 


claims 
ig the n 





ISRAEL'S PARLIAMENT todav v.*ith the Palestine Liberation agreements, he said. If the Israeli villages in Sinai and toe I •aaiv^AVCI.A 
be-’an its debate on the Camp urcanNatlon (PLOj. , summit had broken down, Israel freeze on settlement in the. . 

-ir-fiird-s vhieh Mr M*>na- ne said that Israel would would have been totally isolated Mtest Bank. Police blocked tne ( B\ QLENTIN PELL 

JLW'ltt Jututua nmui Dt n _ , A i i„., NU.J t I h-xnlnrc 


BY OUR FOREIGN ST/ 




lions from the 
was calmer tha 
almost certain 
accords when 
resumed on W 


'PRESIDENT Julius Xyere3 has- false" picture had been Siyenjof on *°£KSSfc 
szid that Locrho was exilied. its activities in Africa, hut the turns - 

: from Tanzania becaus* it Tanzanians went ahead and took -Mr. Tiny Rovfla®t Lonrho. 

: allegedly supported 1- the . over the companies earlier uus C foi e f executive; is terclosef frier* 
Rhodesian Government fehile month without any compensation of both P resident * Ram fia j 
; trying to disrupt the Piiotic being agreed. - Zambia ana Mr. Joshua Nkoni 

.Front guerrilla organisatin \ spokesman for Lonrho, com- tbe co-leader of the* Patriot .. 

. T .. mentinn on the Presidents p r0nl guerrilla alliance; and- 

1^ sDeech said that Lonrho was "the believed to have -pfayed a sn- 


Irt a >;sPeech.said ( 


° _ only foreign company of J* n i' stantial role behiaritHe. seem 
10 size left in Tanzania, apart from } n organising twd, 'Importai 


Size ten m x — — w ws«uyai Uft -. uupona 

k Shell and BP. and Lonrho re- meetings on Rhodesia involvif. 

been ; futes aI1 t he charges made by t hese men. One was. iii Septe* 
President Nyerere." her last year: : when 1 : ‘Mr.;, fa 

President Nyerere’s latest Smith, the Rhodesian Prior 


EffiJ- remarks' suggest. that the Tan- 


KS STS, Sertlers .Hy» other or jSd 5SS 2g3H!" T “““ S3 

Sf7« a £n"» aim s>Ap- zsffi; w ss. sss,"." Sr. 1 , ?$ TSfflr? : r s ;f±;i! e s :&?;• gre&g&g 

a ~ — — s .^,vsxs srasFE VS2SJZ S 3 , SSLZT* iSSST “ '£&&& 


circumstances; and negotiation 


ties to of sanctions. Observers noted meeting that is known, to hav 
3t of that Lonrho has been working infuriated President -Nyere); 
bg and with the Zarahian Government who felt that this meeting rattf 
tfriean in the legal suits both are pur lead to a split in.. the Patriof 
[totally suin'* aaainst major international Front. 


Hanoi wields olive branch against Peking 


;n economy 


BY RiCHARD NATIONS 


BANGKOK. Sept. 25. 


Less food for more mouths 


A PARADOX lies behind the 
current diplomatic tour of Snutn- 
Eavt Asia by the Vietnamese 
Premier. Pham Van Dong, liie 
leader of the area's dominant 


Sr JAMES BUXTON, RECENTLY IN ADDIS ABABA 


— — — - ... — » ■ ■ — — the senior Cabinet Minister next meddling in southern jLfriean in the legal suits both are pur* lead to a split in . me Patriof 

- to Mr. John Vorster, who retires Lonrho said a #to tally, suing against major international Front. . 

Qlwn.^nVIPT RIVALRY ** Prime Minister on Thursday. - — ■ j — — — : : . • ^ . . - . > 

blNU-bUVltl nlVALn T He is credited with overwhelming Tue PTUIADliw ri^rvMrtMV 

m — _ 0 _ _ m # support in his own province, and “fc fcTrIIOr*I»IM ECONUMY 

Hanoi wields olive branch against Peking %2gSgr| Less food for more mouths I 

BY RiCHARD NATIONS BANGKOK. Sept. 25. by the candidacy of Mr. Pi k j 1 ' . :\f; • 

Botha, the relatively junior > BY JAMES BUXTON, RECENTLY IN ADDIS ABABA - ^ 

A PARADOX lies behind the its southern borders. The worsen- Party of Thailand "directly cr Peking's influence both over the : Foreign Minister. His pebliei *-•:■ 

l-irrent dipiomatu- tour of South- in; between Peking and indirectly he has avoided the Communist-inspired insurgencies J standing is second to none; onei FOOD SHORTAGES' haA taken no lon-pr has to pav any rent, deteriorate, with too man .„*::!■ 

Eavt Asia by the Vietnamese Hanoi is viewed by many Asians contentious issues of .American and over the 14m overseas i op nion poll published :n .he ; the p ; ace of -,- dr as maih and taxes are the same as before people and bad fanning methodi’- ; [i ^ * 
Premier. Pham Van Dong, liie as a cemonst ration of what bases and cooUiciing claims over Chinese; plus its enormous] Johannesburg Sunday Times ♦ajkiag point in Etbiopifi towns the revolution. He therefore so that when the rains failed IBe 1 * r 

leader of the area s dominant instruments Peking can deploy the Sprately Islands in talks economic potenual- represent; the weekend credited him with t3djy . rne war in the lortherii Wds to sell less to cover his were hit by famine. It w»‘ ,1, 

Communist military power. The against any local power which with President Marcos of the tjj® most serious threat toimore ^ian S3 per cent support province of Eritrea rage* on, but outgoings, and he is not usually famine in the provinces' £:».!• 

vary urgency of Hanoi's efforts tu t.ireaten* Chinas strategic Phi Hppines; anu he has reassured regional stability. ,for the premiership among . there is little offlcial n3s shoot tempted by the higher price Yl/ollo and Tigr.e .aMv-BaiF* -. 

convince rhe leaders of the interests. In Bangkok. Peking s President Suharto of Indonesia Thailand offers the clearest t SouCh African whites. Insplteof.it: the - food shortages ate ever- which his grain commands Selassie's reluctance to do" inne '' - “ " 
five non-t^ommunist states of the charge that Vietnam has become that Hanoi now fully understands example of why many ASEAN , , his lack of experience in the present, and everyonef exoeri- feither officJaHv or on the free about it that set off The probes - 

Asiociaiion of South-East Asian a Soviet satellite is not taken at Jakarta s position over Timor. nations fail to identify wita | National Party and in Govern- • enees them. I market! because there Is virtu- leading to bis downfall.. : 

Nations. ASEAN, that Vietnam face value. On the contrary, ] n the joint communiques Hano j t . m lts R u an*el with Peking | nj e °L having been appointed by it s# unlikely that ajbone jb ally nothing For him to buy with Now jn’ost of the mbder 

only wants to live in “ peace. Hanoi's sin is seen as too much signed by each one of the three ?”«■ , !* tu L® F e ^ n ! c T £ bm . eSe i . Forster only last year, there ; actually starving in Adtfs Ababa the money. Many farmers have sector has been nationalised int 

independence. freedom and independence. heads of state. Mr. Dong struck a <? LmmUi w - Premier, | is said to be considerable con- ! itself, but many people Ive hand decided io eat well them selves state farms,' some of them we! 

neutrality" is a symptom of the With 20.000 troops securing a compromise formula to bring . Cnamonand-i stituency pressure on members to mouth, and there #re long and produce little more than will run, others inefficiently. 

increasing international rivalry swathe of border inside China's Hanoi closer in line with n “ r ,T 1 ^“ ■ vlslt l0 », P !ir m3 ’ i u lIie . Parliamentary caucus ro queues at shops for brefccL cook- cover their own needs. has taken its- toll on the infr, 

which poses the greatest threat ally. Cambodia, and with the ASEAN’s charter concept of a **££" 1 ? J. 1 ? have reached an (back him. ; fag oii ar.d other necessities. It is The merchants who used to structure- and- many Ufchte 

tu the regional stability which mere option of offering the zone of peace, freedom and SJJ kiUSSSb W2 i? C fla,n P an | .possible :o pay well iver 100 pjav a key role in trade between Ethiopians have gone into exil 

Mr. Don? claims tu be promoting. Russians military facilities, neutrality— a concept long fully «■ as hmen premises ■ « , c __*. e • . ; c-Lhiopian Birr iSSOjf for a town and country are not popular or have been imprisoned a 

He was determined 10 make his Vietnam has "crossed the line, - ’ endorsed by Peking and Phnom i. .l*™ uT^ ese influence ; Octlgal ScCKS li1GUStr\ ; nuints. 0 : the staple gram, ,te If- figures in the eyes of the socialist killed. .... 

lour early to pull the rug from in the word? of one Western Penh. He hopes 10 reach similar ‘ E t "?~ l ° “Ss® ts a s Kanaiial Bhattacharjee. »he official prica is about qove.ru men t. and their lorry But the Govern meni has set it 


only wants to live in “peace. Hanoi's sin is seen as too much 
independence. freedom and independence. 


ally nothing 


neutrality" is a symptom of the 


Mr. Dong claims tu be promoting. Russians miliu 
He was determined 10" make his Vietnam has "cri 
tour early to pull The rug from in the words oi 
under Chinese Vice-Premier Teng observer, -and P 
Hs;au-P:ng‘s ASEAN tour rub tlieir nose in 
planned for November. little to remind ] 

T!ie lenglii 10 which Hanoi has charee in the nei: 
been willing lo go to clean ils . Hanoi, on the 


’king wants to agreements with the leaders of Stonrieme nt* «£ ih^!IS ! o ini5t f r i ndusn ^' in WettjEB-SO Food supply Has . bepn fl ee i has been run down by the face flrmlv towards correctia 
the diri just a Sanganore and Maylasia later m p ek j t lements willch beaten 1 Bengal, which is run by aj e s.eadLy cetenoralmg ; over the needs of war. They still operate the imbalances of the pax 
ianoi who's in The month. cu,.' „ Communist Party of . India 1 P. ast . f '*? r y ea -\ of ^volution, an a reduced scale, out. they Imnortant first steos have he*. " 


httie to remind Hanoi who's in The month. V^‘ .. Communist Party of 

charee in the neighbourhood “ Hanoi gesturts have been think pSto^ wiC ionuSue lo!^ 1 ^, 511 ^^ 5 a * , * ,ea,ed 
Hanoi, on the other hand, is well received by ASEAN leaders. Sve the Thai rlm!?r ’ Cent r aI Government tc 


b n en Wil-ing lo go to dean iLs nanwi. on vne ouier nanu. ;s wen receive a oy a&c, a i\ leaaers. oi V e the Thai fommunictc ?,«»* . ■ — ! 

slate with ASEAN is only one desperate to break out of what it particularly the disowning of fiough aidto j£m7hemout of , 52i I !2J! OI,a i*/ n . d - ^h^ 3 ’ 5 ^ -S-V 

Doubts on China build-up report tS i 

Peking; and now growing A REPORT in the Vietnamese Nhan Dan says that the aim here are the prime movers be- ijv-hed ? n sl refonn which be' 

diplomatic rivalry between the army newspaper. Nhan Dan. of ihe alleged Chinese hind Thai capitalism, with a ' dPte'riorAn^ in -total area under c 

opposing Commumsl blo»:« to said today that -whole mobilisation is “to encourage strong incentive to preserve ' p mn , nvm p n / I J i " . tb f® conoraic aTla ' about the sanie i 

secure the loyalties of ASEAN, didsior.s of infantry eijaipprd bad elements among the Boa Ta lr er 4^ an sn bvert the ruling i v ' ■ i 1974-75. the firs: 

an organisation whose strongest "ilb thousands of artillery (Chluesc) and reactionaries order. The Sino-Thais act as an 1 c_„ j; l,. j I revolution. Outpu 

bond is the common antipathy pieces, hundreds of tanks and engaged in underground acts excellent bridge between Bang- ‘ 3dU ° l 0 “0gei aiu i same too. though 

in Communism itself shared hv arraonred cars, and hundreds of sabotage in Vietnam." koh a ^d Peking to ensure often ‘A decline in oil exports and. in 1975-76 and 19i 


Vietnam and Cambodia; open 
hostilities between Hanoi and 
Peking; and now growing 
diplomatic rivalry between the 
opposing Communist bloc* to 
secure the loyalties of ASEAN, 
an organisation whose strongest 
bond is the common anlipalhy 
rn Communi-un itself shared by 
iis members— Thailand. Malay- 
sia. Singapore. Indonesia and 
the Philippines. 

The cold war between the 
Soviet Union and China is being 
waged without the oid rules 
about mutually recognised 
spheres of influence and neutral 
buffer zones. Even in the 19ih 
century outside interference in 
Smilh-East Asia followed a re- 
cognisable etiquette; Thailand 
remained neutral and indepen- 
dent throughum the colonial 
period basically because Paris 
and London had acreetl that a 


me uanuh oi u» Kussians andf t0 se t up units in the star* ’ ba =* called ti 
be^retf’ threat n0 te Cn R?n%nl°i 0ur Xeu DeIhi Correspondent l “ frizbten-g." 


^ _ .v. p . • — " — - ~ ■ ■ uuiu au iuc luint .vujanC^, nun; 

and SU3ar ’ or r plal i v e luxuries have the potential to becotn 
c ?LJ£ hke radl0S and blr > cles - vehicles for-seU-help projects i 

e prooiem This is niainly the result of education. reaffnrestaUpn an- 


di\tsions of infantry eijaipprd 
with thousands of imiiicry 
pieces, hundreds of tanks and 
armoured cars, and hundreds 
of fighter planes are poised in 
the two Chinese military 
regions bordering Vietnam." 
Richard Nations reports from 
Bangkok. 

But Western diplomatic 
sources said there was no 
c» idence of a Chinese military 
build-up and suggested that (he 
(one of the reports might be 
linked to the deterioration of 
the current round of lalks iu 
Hanoi over the status or ethnic 
Chinese in Vietnam. 


capitalism, with a H P t«»rinMtmn 
ntive .to preserve 'emSSeat 
snbvert the rulingi p ’ eaL 


order. The Sino-Thais act as an ! revolution. Output ivasaboilt the Ports— Massawa. in Eritrea, and In the Towns the' iirhai 

excellent bridge between Bang-|^ auf ^ OUGget aid (same too though "it Snt higher Djibouti— were cut off from their dwellers’ assnaarions,; mougL-v.- - ' - 

kok and Peking to ensure often ‘A decline in oil exports ar.d-in 1975-76 and leTS-TT^accoidiris binierland by war. Massawa' is until recently The scene .frir? t.-ji « 


unspoken understandings. An! a growing bill for high-cost i to Goverrunenr figures; B still cut off and the Djibouti- bloody political feuds, are' sradjT 

Sources in Bangkok consider example iof n sueh an -understand- 1 industrial imports, has led Sand: : Bu- the Donulalion; ' has Addis Ababa railway, destroyed ally doing a useful job in spreat 
that the likelihood of major J n ® the Pham Van Dong visit! Arabia to transfer 3.2bn rivals '* increased, bv uo to 2.» per »nt a .- v spmaii guerillas last year, in? kindergarten, educatron, pit 
military clashes between the t0 Bangkok The Thais avoided j (S970m) in the last two weeks ! -.-ear and mav now stahd at 32m. ’ s 9 ni >' now getting into action, dyeing btHne-made clothes ah>' 
two armies in the near future f. n .y 01 lateral treaties or poten- from state reserves to : The number’ of people depend- again: .ennsumer goods imports adminislering .food distribuTior 

iu vmsill- ThPH cuv thp miin tiailv anti -Chinese aM<nrrle u-liiah cimnlnmaitr L.. j 1 ... * ■ c i -k ■ i npiYWHnlW tnL-a eannn/( nU, n hu-alnnnnnl AnnnM -h«. Kxirtr- 


w small. They say the mam anti-Chinese apeords which supplement this year's budget, ent on the food market has also °e«$sanly take second place to. Development finance has bee: 

units of the Chinese army FJ*****? 1 ?® to transgress the Reuter reports from Jeddah. Toe! increased, because of the raifing ' arms imports. ' directed into rural road buildin 


hulU up on the Vietnamese 
side, in what they regard as a 
measured hut limited show of 
force* 


I,. ■■ . ■> wiwii vuiicvuuu Msiem ; « «“«o wuauic ui u«e. « . . -. > • 

atho i* 6h , 0Dc is ; being built in the eastern 'southern provinces of Bale and A .growing population 
a J Jp*Tr t0 out J QUd * ,n °st ; province. f Sidatno several hundred thousand ’and the economic ' 


_ a CPA V _ — — — • — — utuiui «rv* uiuusdiiu Mil np Pl*A7l/lfniO : «ju , wiucuiij; i. . . • r • 

>f Z r * f l r * sava 3e i r _ ; people whose farms a ad villages j: T he intentions are good, bd 

K=fe -Ls %S5!Ss?’«2au-wjrs!^ . \ ■ s,a,5«s 


and., resettlement schemes fo- 
badly tun-down, areas. : The Gov 
eminent has. tadkled the mos 
recent Wollo famine decisive!; 
and efficiently. . , 

The intentions are good, bii 
there .is no coherent plan,- am 
in practice not much is happen- 
ing to the rural areas- Sevea^ 


| Sbe S 1 Ltfi!? r |f! Ottos' faiid is having to be 
,s ! diverted io tlie Wollo area. 


power has boldly 
the other's si rate: 
Chairman Hua 


div "moved into wnimon interest in containins iny he will not help subversion less subversive statecraft jdl 

ategic hackvard. Soviet influence in Asia. This in Thailand and the Philippines. what ASEAN leaders fear l w 

ta Kuo-FengV ,ias lent tl,e urgency to Hanoi’s If that is so. then there is only most is the threat that Sino- :al 


j dispute between i 

fearl w0rkers and 
g jno _ authorities which has 


develonment in * ” M “Y. .“VI"' ' Lion T and .are onLy ;now ctKoini 

(tween P newspaper -*TO miles conn of Addis Without consumer goods there undBr ^>permnent cbntrbi itgain 1 

id the Pakistani ! ^ oaths la^have' ‘tinned ‘th “ '* ““I* Gove ^ment can use * a , ^ areas potitic^ tor- 
v-hich has gone on ; ***** exhortation to oU the Mence has resulted ur a^icul- 


August tour of Romania and current double diplomatic off en- one party left now," Premier Soviet conflict will snill over into ( for several months. 


between newspaper ! « Without consumer goods there “ nder ^^rmnent control, again : 

anri tho »*.iAc,wL , I Aobos, where poor rains up to a s Iitt u th _ T.iZ In the safer areas noHtical htr- 


balance between 
and famine in a 
overpopulated. 


ohrrn l 11 wheels of the food market but J 11 ™! extension workers bem? 
overcrazed ix ^ pressing on with its system ^Prisoned or even .rnurdM [ for 


“““ " “ j ' ~ • j it is pressing on with its svstpm ua prisonea or even aauraerea ror 

defwrSted Md erode^mfrt^of of ' toed P ric « and attempting belonging to the wwig : faction. - 
weas spot m KUHsias security oepenuence on me soviet onion, »s «*« n»i vivc- i n;z states to tak* sides While rhiha Twi*Wn v-nm-n kv * the rn-intry nm*ide ihe tm«ie t0 ^a^e them stick in the com- , s ^ me reset tlemenf schemes 

alliances on us western borders, second, convince the non- Premier Teng Hsiao-Hng when welcoming the sieht of Vi etna Japan's tSrd VimeM uanscei^r i a total cf at ioDle are in ^. season by buying up more implemented by • the Goteniinent 

.Similarly. Vietnam's joining rnmmunist states of South-East he visits Thailand to declare mpse revolutionaries beartoe maker ta* ^been°fSspJJde?from ' suffirtog fnodshorta-es P grain -tonne di a rely after harvest- Jave been badly^planped-and 

Cumecon in June secured a Asia that The real threat to ‘/the same friendly. non- oH ve branches some ASeXn £nk ttfn^ions aad fares ' Bm wh le demand is greater The inevitable hoarders and have : 

Soviet hold in Indochina, deep regional stability conies from interfering position.* leaders are ware that the Dong bankruptcy proceedings wlfh less food is reaching the market P ro i teCT * grimly threatened. the extenmnatiqn of 

^ h,n p h ' n ^ s historical tribu- Peking, not Hanoi. But the ASEAN leaders are deleeation may prove a source debts of about Y2.5bn f!?13.5m). I from those traditional surplus In jhe meanlimegralnis havingJ® c<, ? t - s ^ n J ls -? xl ^®e ^* as * 

Vn lirl k, c otnarM ,i ?. ursi * 01 * he second aim. exceptionally wary of being of unexpected tendons. But at j a corporate credit inquiry agency ; food producing areas which are £ b L lm P I 0, J ed ’ some of.it,paijfl “SS? *2, *JfW 

w-Mh -! emerged Phan Van Dong has been willing drawn into the Communist power least the - five nations bein-lsaid. AP-DJ reports from Tokyo, .not affected by war and drought f? r :° y a,d don ° rs ' SQme the ffi' 

with j stion^ central government to offer treaties of frienash:p conflicts in the region. While visitPd on the Done tour caolThe main reason for the com- Generally the effect of land re-* t,ove !! mnent - A recent report J»ea va Is to Addis Abate have |ed. 

ine question is exactly how much and cooperation. He has pro- fully conscious of China's sheer pffnrrf to sit hark and assess the pany's financial problems is a: form has been to give the P l >t shortfall of grain during 10 frequent changes of ■personnel 
independence and neutrality mised the Thais that Vietnam mass, none of them fully situation carefully; it is the steep decline in its exports to the ‘ farmer securin' of tenure r, V r. r f be coming 12 months at 250.000 made civir servants relne- - 
t eking is prepared to tolerate on will not support the Commumt accepts Hanoi’s accusation that other side, that Ls in a rush. ! U.S. a plot of up to 10 hectares He tonnes. tan t to take decisions, wfeHe, 4, 

— — f Elhiopia’ is going to find it shortage of finance affects akndfit.flCr’ ,*-• d- 

I increasingly difficult to pay for everything. - :Cj3 ,J> - - 


WeVe up to our eats in water technology. 


To mankind, water is probably the 
most important of nature’s elements. 
Without it nothing grows and people 
suffer. Unfortunately, we can not always 
rely on Mother Nature to put the water 
where it’s needed most, and that is what 
water supply systems are all about. At 
Kubota, our experience is yours to use. 

Since 1890, Kubota has developed a 
vast knowledge of water supply systems, 
and has helped in the building of many 
in Japan. 

Kubota has won 
acclaim the world 
over for the products . VS 


it produces for water supply and is today: ( been a leader in the field of anti-corrosion 


helping supply many of the world markets 
with the highest quality Pipe, Pumps and 
Valves. Kubota is a leading maker of 
ductile iron pipe in the world, and at the 
present time we have also built the largest 
diameter ductile iron pipe in the world, 
2,600mm, using our centrifugal casting . 
method. Kubota we are proud to say has 


research and development for pipe. 

And our technology is available the world 
over to Water Supply Consultants and 
Engineers, if the need be Pipe, Pumps 
and Valves or helping to select the best 
route, even the actual laying of the pipe. 
Kubota also manufactures a variety of 
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water you need, Kubota will help you 
get it where you want it. 


imported food which aid donors toss development aidihis. 

do nof provide because of. the ^ een absorbed - than' ha's 4#een to 
worsening balance, of payments, available. The GovernmenttU^jH 4-^ 
Conwrvative econtnnic policies Iu ctont to agree tcr.jprojeejis'.fia::!! [ £ ; 1 
in the past and reliance on a ance d by Western governments, 
small but effective modern especially the U.S^ Which :is still- 
agricultural sector whose main °“ering considerable asstsTahee, “■ 
crop / is ' coffee used to give y® 1 there is^ ^ no sign 6f aiiy eoih : ; . 
Ethiopia a . reasonable trade bal- Parable aid effp rti by the eastern- 
a nee and high reserves. But the bl0 . c countries whose help ^ ' 
trade Rip has widened from maply military and'poHticalyRe-- ■ 

EB 4fiSm (S22.4mt in 1974 to 1,ef food comes onlyrfrom.ftte^: .: 

EB JEW.Sm fSl62.5m) last year. nali0Q al organisations ^and-'uto . 

Foreiito. . * exchange reserves; w ^- _ . . . 'Tfe*''" 

which, reach^ a peak of S3 56.2m - T “, e Ethiopian Government has. • 
in June 1977. were down to “0^17 agreed with tte.U>S. <» ■: 

9- J .i2in in Ntvrch this y-ar. and a §6^ resettlement scheme th« ' 
are i»i*w believed to hp vptv could .be the p Ion eer pf .others, - 
chamjv : lower h«rau«p P r thp to relieve' pressure on , .. 

I na pd to start navino-TTip Roviet a f® a3< some -S35n> ;wpTtlr 

L r n»nn anif Gpfrhonv for the"' j* held -up Th^pai^'"- 

a-rns and.mftftarv pnuinrnpnt'nro. been- no<. progress ; •. 

vt«fpil over the nant vpfjr or p.q, n 9 Sotiatmg relatively^-p-.®rW“ - 

I which totals well over sih n . ° f compensation Jorv-; - .. 


according to outride esHniptpv' nationalised Ameri<^h‘ , - ! 





Whatever air-pTnpnf u roac.hpfi ?hu ^ust • 

°n payment. F.ihtopia miwt meet ^ a L ftw " ' • 

ite ciroimitnipnts our of itv 


export ^ rninos whU haS Ethiopia mWrtiaU» 

the Worto ^toV. 


averaged to vp rh,n R^nom a yea r tt , ; 

| in the oast fmtr years. ^ . - 

Sn war and revolution have , n f ® J25 111 *? 0 ? JTOST V' 

waakenert the 'R t hfon«an ecnnnrov l!!l L en vir . onra - ent ?^ ' dt ^?fa^. .;■ 


■'i: 












’'•j • 1 - : 




?nnd -.baric" CnTnmiiFti^fltinns 
xvstem- a small but efficient mm- 
mercial farming sector and a 


ceotrate on the ecpnonty^bjiV * c -. 
needs to reach a" "pofitiraP ,: coTf- v ... • 
sensus first. Concerned^ibservei?';-'- ^ r - 
hope that L't.-Col. MengiStu’B 










!5Sr ^ 


i?SiSr5KXKiitifrs*# i-'C 


' ' ■ w visatlon of agriculture TWbietr r JS 

- Thevy also took over an anathema to the • Indepeodeof ■ 

. rwnonuc syeipin wtorh t e ft the Elhiopian farmerr and the d«* 7 • . 

' ' ” n,k - ^ the pooti totmn , n velopmcnt of heavy - industry ^ 

dp^nerate ptwertv and i^noranre (when the priority seems td W "- 
and which< b? . pay,ne t0 ° »!«*« light industry v are fwlWcaT.'.vlo- ; «. 








Rhodesia’s martial law disfricts 




• - PiflJWtf* Writfl' Klthnta ItH ( r,nrfnnnfflM> -il i lu&n. ir.*- 






. , Pease wrne: Kubo,a..LW ^ - 

Lmice. 2 C. 23th of October Streei Ftiothei Athena. Greec^ F^ftDne^®5B4%;.6aac^:^fex; 2f82Si kBT’GR 








- HHODBSIA'. ; has given details of Ghmemora area -bordertro 

the first areas where modified bury's northern suburbs Betw*»: '■*7 : r ' ' 

y*iir. ■ m J** w been imposed, our -a quarter, and a third.of Jtfce *opp?Z V- ‘ ; 

Salisbury; correspondent reports. ;-try « now thought to be SiAlect-i " 

Seven groups Of areas arc covered, ^o manial tew - /*? : ! - . 

' ? lm J osrt tribal trust. The regutetiims provide- ferr thf : , ' ; ; : - 

lands. The Urongwe tribal area-^ establishment of spedal courf* V . '** . . 

i-M'-te. ne ar Lake .Kanba. where a Via^atartral which will be aWe.-to •W'.’?: • 

count airitoer vas 'Shot- down. : any person broaght before ihefli . /*t . - . 
three weeks' -tfg<Chy Nkomo gueisc On charges 'of te'rrorisai er pubifc • ' - . 

= nlias, is’ -inototed as is the- violence. - 'a* * *; 




rh°M 


^fom 





Jveii ^ 


cial Times Tuesday September 26 1978 


\Mlv 



EWS 


LD BANK AND IMF MEETING 


I JO MANN REPORTS ON THE NICARAGUAN ECONOMY 


fcNamara calls for more Nation in rebellion ‘is 

, w wA jjjJLxJr JU. THE NICARAGUAN economy, in stand dawn- Even the Roman “ This Government is broke.” a 

A th.i firln of o ciurl rnhnllmn mil falhftlii- ChUICll. often n nun- lnuflin" hfrnkpr tnlrl “Even 


JREK MARTIN 


WASHINGTON, Sept. 25. 


THE NICARAGUAN economy, in stand dawn- Even the Roman “ This Government is broke.” a as salaries for the National 
tb»? srip »f a civil rebellion and Catholic Church, often a con- leading hanker told me. “Even Guard, it will simply begin 
a month-lung general ‘•trike, is in servative. force in Laun America, if Somoza left tomorrow it would printing more. "Willi exchange 


OBEKT JTc.VAi!AR.\, In any ca*>e. he said, more jobs more competitive and productive rn^mnnihs 
. of ihe World Bank, were created by sales to the less sector.” niontns. 

/SL-d lie industrialised developed countries than lost as As *as to be expected, Mr. Most bnsir 
to expand mere a result of exports from them. McNamara also complained dosed as pai 

and to resist the uri^- Mr. McNamara criticised the about ihc inadequate flows of called again: 

trade protectionism. induhtrialised nations for having assistance from the wealthy to Somoza’s bo 1 
formal address to the failed to adjust to the growing the poor nations. 35. are m 

- meeting of the World losses. Wi 


deep trouble and shows little has made a plea for Somoza's be months before the economy controls in effect f»«r an indefinite 
chance of recovering in the nest resignation. cutild begin to recover.” period and a capital ilight that 

few months. The Dr inci Pa l aim of all ouDosi- Probes such as budget deficits, began even before the violence 

'.sS 


nd the International 
f Fund here this morn- 
McXamara argued that 
protectionism was nor 
nfair but also self- 

e developing countries 
mport even more from 
■loped countries — and 
it to — they must be 
to export mure, so chat 
n e.<rn the -foreign 
S necessary -to pay for 


ported Mr Most businesses and industries, tion fbrees is lo force Gen. J™ £rdnta 

complained closed as part of a general strike Sotuoza out. Yet the President, S2!?n said a 

p flows of called against General Anaslasio still supported by the S.000- the current crisis. ‘ f . . i . 

wealthy to Somoza's government on August strong National Guard, refuses to Bankers put last years inflation The ^reat hop* for both the 
35, are rapidly accumulating quit or discuss the sharing of r,ite aI a ^ most 13 P cr cent- Government and the banking 

losses. Workers are mostly JoJer His presence is an invila- .No one know.. how the current **«« . “ 


BONN, Sept 25. 
THE WEST German Govern- 
ment plans to write off 
DML3bn (Ilbn ) or debts owed 
by developing countries from 
January 1 next, Herr Rainer 
Offvrgeld, Development- Aid 
Minister, said to-day,. Renter 
reports from Bonn. 

A group of 30 countries will 
benefit from the scheme, which 
will he worked out in detail 


Offergt-id added. Bangladesh. 
•Sudan. Tanzania and Afghanis- 
tan will be ihe main countries 
to profit. 

The debt cancellations, 
which wD! cost West Germany 
DMgOni (20m) a year np to 
2028. will be worked oat on a 
counin -by-country basis. 

Negotiation of Individual 
se moments would take up to a 
year, but ail agreements would 
be offer Live from January 1. 



. . . . over the nest few weeks. Herr he effertive from January 1. prospect of commercial clients 

iinijineu that the ex- falling behind or defaulting on 

ihc developing countries loans, 

hi.ed only a minimal and nece>»ary interdependence But during discussions here ar, pr mnrL . .i ian rmir decades 
Mu employment id the oi world trade. over the last few days. Ihe World llf undt-itbe 

V anted economies. since "Ton often, the effort is Bank pr.-sident has been able somozi familv this ceolraJ 
:... developed cuuntries sup- merely in keep weak, inefficient: to clean -amic satisfaction from ,v m pricin remihlic is now 
” der 2 per cent of the industries jIivc, rather than t be ci.innutmenr in principle sub- ‘ criencin" a popular and 
Hired ^uuds consumed designing tiler live incentives Tor slantialiy to increase the capital hJ ?. nt)v r „ h J\y mn th„ n r 

idustrialised nations. laiiour and capital to shift to of the W-rld Bank itself. JJS? KTmS SST In 


gentine officers attack 
lurch’s Chilean stand 


the World Bank and the Interna- 
tion.-il Mi -notary Fund, meeting 


35, are rapidly accumulating quit or discuss the sharing of rate aI a ^ most 13 P cr ccnL Government and the banking Ocean - ' 

losses Workers are inostty oower Hie presence is an invita- No one knows how the current system is the cotton prop, now COSTI fflfiTV > ****? 

getting by on grants of fold or SEto SSS 'SZSl* situation will affect the Govern- Account** biggest cash earner 

partial salaries, those not Despiarthe general strike, the “J® 1 *. ahl,It 5J“ ** pay , fo « ls “ ""“W 

receiving grants ure finding it second of its kind this year, the obligations, pie Central Bank S“t o£ *o a alow sl-rt and P«s a mu.es an , i 

difficult to feed their families. - reported total public sector debt JrebesinnjDg to damage cotton U ' 

The Somoza Government is ■ ■ at SS23m m June, about half of fields. . 

urgent lv in need or funds lo pay _ which is owed to international So far agricultural workers in fighting win go on,” a. 

its own bills and recently The Nicaraguan eCG- financiJl1 a sencies. the provinces have nut struck Nicaraguan bank executive com- 

ini posed exchange controls to nnmv ic in dppn trnnhlA Bankers in Managua said that against the Government as urban m ented. “He’s stubborn and 
staunch the rapid outflow of i? y ", . P irwuuic. ^ Government’s application for workers have done. Preliminary he >n fight unril the end. What 

capital. Most DUSlIiesses are a standby credit or 840m special estimates by the Banco de he leaves behind will be ashes." 

The hanking system is reeling rapidly accumulating .rotate Hm"™” vnnW nhui'n"^-^ . Francis Chiles eddn: Nicaragr.a 

from ihe caniial flight which Josses. the banking the administration's cash prob- export prices than last \ ear even w expected to make a presen ta- 
began in August, and faces the . r pp,i: njT ftnf i lems and put off foreign bankers though the 3rea uf cultivation pon to bankers . 

prospect Df commercial dienLs system IS reeling, ana counts international Mone- was much smaller. IMF meeting in Washington, 

falling behind or defaulting on |lj e SoUlOZa Government tary Fund backing for new Gov- “ People around hero talk toda y 10 the hope of reinstalling 
IoaDS - itcplf ic nrapnllv in nppfl austerity measures. (By about the cotton crop as if it *° m ® confidence about the 

After more Ilian four decades uascmiy in uceu ordering a package of new taxes, were the second coming of the country s economy, 

of government under the of funds tO pay its OWH the Somoza Government ex- ’Messiah.” said one economist. Meanwhile, the S20m five-year 

Somoza family, this central hilfc peeled to increase revenue this But Nicarjgiia needs something loan which Libra Bank and 

American republic is now year by the equivalent or over like a miracle to make the Royal Bank of Canada had been 

experiencing a popular and ■ S71m. a figure which will prob- economy resume at a reasonable mandated to raise by INFONAC, 

bloody rebellion, the oulcume of ably prove extremely optimistic.) pace. a State-owned development bank 

which is far from certain. In Nicaraguan economy has man- The Government recently was Confidence m the economy is in Nicaragua, has been pulled, at' 

the past month left-wing aged to linip along. cleared for pavnient of over at an all-time !uw. Economic the request of 1NF0NAC. 

guerrillas mounted successful Most petrol stations, under siOm in foreign aid from the growth this year.. •.■-hu-h averaged 


the past month 
guerrillas mounted 


successful 


last ivceVi-ud produced a eonsen- can 'paigns agamsi me oomow mreai oi reuiiiauon lroiu ino u.b. tiovermuent, to tne ebagnn an annual 5 ner cent for the 

j,us in favour or doublmc the Government while rebellious Government, have stayed open, of Somoza opponents. But these past two decades. «-ill surely be 

hank's capital from its present crowd s challenged the army and while public transport — usually funds should be' closely moni- neeative. The poor and the 


hank’s capital 
&4fllin lewd. 


control of a half-dozen owned by Snmoza family tored and ostensibly will be used workers have lit lie more to look 

" The prneess nf pulling this into cil ‘ L,s - assort atesr-is still functioning, only for health and education forward iu than hunger, higher 

effect is likely in be lengthy but. At the same lime, a non-vli ilent The international airport in programmes. unemployment (now at about 16 

in the ijew of World 'Bank coalition embracing opposition Managua, hotels, and some In addition, economic analysts per cent) and more violence, 

to officials h-xe, represents the sort parties, labour and businessmen chemists and food stores remain here are worried that when the Some cities are running low on 


OBERT UNDLEY 

nilitary committee 1 


BUENOS AIRES, Sept 25. 
of the negotiations designed 


; iny officer.- uf the three avoid hostilities between Argcn- of break! iirough that was badly called a nationwide strike in an open. But the outlook is uncer- Government runs low on cordo- food. 


mes pay 


'orees — which nnri here tina and Chile. Last year, an m-cried 

day to consider the pos- international arbitration epurtr 

af war with Chile over ruled that islands and waters in 
jile Channel boundary- the Atlantic Ocean at the 
-voiced displeasure at southern up of Suuth America 
.necuni; on Thursday at hplonged lo Chile The award 
taipmcnis by Argentine was ratified by Bntain and tuu- 
Cailioiic Church leaders laterally declared null and void 
■ossibiiity of armed con- by Argentina. 

Both Chilean and Argentinian 
uiy spokesman .-aid his Church leaders have been organ- 
iiuiersiood that was the ising prayer sessions for a . peace- 
: mission lo wurk for a fui settlement of the conflict. 

.settlement of the All Arsentine Catboiic Churches 
y dispute, hut he added: declared yesterday as a day 
• Churchmen intervene “dedicated to praying for peace 
at wall Ihey do when the between two sister nations, his- 
the fire?" (orically linked by sisterly ties 

flier 2 is the last day of and common ideals.” 


Quebec would 
seek monetary 
union-Levesque 

AN INDEPENDENT Quebec 
would try negotiate a common 
currency wJlh Canada. Mr. Re'ne 
Levesque. Premier of Quebec, 
said today. 

Mr. Levesque confirmed the 
position during a meeting of Ihe 
Parti Quebecois National Council 
after a Cabinet aide disclosed that 
the Cabinet hud reached a con- 
sensus on monetary union with 
Canada. 

In the past, party officials have 
spoken of a customs union or 
free trade zone, but have said 
that a common currency was not 
necessary. 

Reuter 

Teachers freed 

BRIDGEPORT, Sept. 25. 

A 19-DAY teachers’ strike in 
Bridgeport, Connecticut. in 
which 2S0 teachers were, jailed 
for refusing lo go back lo work, 
has ended. 

The teachers agreed to return 
to work after approving a new 
working agreement with the 
Bridgeport Cilv Board of Educa- 
tion. The detained teachers were 
freed. Reuter 


effort to force Gen. Somoza lo tain. 


bas for paying its mvn bills, such “As long as Somozn .stays, the 


U.S. COMPANY NEWS 
Olinkraft gets $5I0m 
counter bid from Johns- 
Manville: Carrier says No to 
United Technologies Slbn 
offer; Syntex amends Den- 
Tal-Ez terms — Page 28. 



NowTWAp 

Hare 



s 


VANCOUVER. Sept. 25. 
.TAR Mines has said 
-inns to reach a new 
contract with its workers 
■n broken off. 

- /nmpany locked out its 
es, members of the 
n Association nf Indus- 
-iechanjcal and Allied 
' : on May 26 because of a 
. dispute, reports AP-D.T. 

. tar, which is about 71 
nt owned by Placer 
raent of Vancouver, said 
cs broke off over the 
refusal to take its latest 
a membership vote, 
ompanv said 3 mediation 
vho arranged a resump- 
negotiations on Septem- 
et two conditions for the 
ion including un im- 
■ompany wage offer being 
id a membership vote on 
•>r. 

r said its new offer met 
uesis of the union and 
' ?n officer. 

erlheless. union nego- 
ivnuld not aqree to take 
iosal iu employees 
fficials were not available 
ment. 



rs 



iF 


bythemselw 

Announcing Full Fare Coach 



ress strike talks 
lift to Washington 


FIRST CLASS 


FULL FARE COACH 


ECONOMY 


IOHN WYLE5 

out-of-work journalists 
ting gloomily that the 
<rk newspaper strike may 
i> January. Ihe publishers 
Pressmen's union today 
their negotiations to 
gton at the insistence of 
. ral mediator. 

up lo the weekend, 
existed ns to whether the 
ers would agree to the 
ir's proposal lo move to 
gton to avoid the ** dis- 
•s and disturbances” of 
>rk. , 

.uper+ Murdoch, chairman 
Publishers Association, 
ptical about the value of 
• ig negotiations anywhere 
. e Pressmen indicated that 
ere ready to make con- 
s. Significantly, Mr. 
b was still in New York 
irning when the Washing- 
■ Jts got under way. 

.onger the strike has gone 
jioves into its eighth week 
inesday — the more visible 
jntroversial has ■ become 
trdoeb’s role, 
ame matters. New York 
as parochial as any small 
nd Mr. Murdoch's leader- 
the publishers has been 
;d by many of the printing 
as lacking in a "feel” 
at traditions. 

- ?ver. there is no indication 
e rivals of Mr. Murdoch's 
ork Post, the New York 
and the Daily News, dis- 

. vith his conduct in general 
attempt in particular to 
wedge between the unions 

- s ago. 

came after the last bout 
itiatious ended in deadlock 
ten the nine other printing 
belonging to the Allied 
ig Trades Council were 
i’g signs of rcstiveness over 
ik of progress io settling 
pute. 

printing council appointed 
:ed lawyer-mediator, Mr. 
ire Khecl, as an adviser 
as to sit in on ihe talks 
port back oa whether pub- 
and Pressmen were 
ping in good faith. 


NEW YORK. SepL 25. 

Speculation exists that the 
publishers took the view that Mr. 
Kheel’s appointment and the 
apparent lack of warmth between 
him and the Pressmen's leader, 
Mr. William Kennedy, offered the 
opportunity of driving a wedge 
between the unions. 

Mr. Murdoch appeared to invite 
the other unions to consider 
returning to work without the 
Pressmen— that is. to cross picket 
lines. 

But this was frostily rejected 
by the Printing Council which is. 
however, maintaining pressure on 
the Pressmen by insisting on Mr. 
Kheel’s presence at the Washing- 
ton talks. 

But Mr. Kheel and the 
mediator. Mr. Kenneth Moffett. ; 
have indicated that neither side 
has really begun to negotiate Uie 
basic issues in the strike which 
concern the publishers’ desire to 
reduce manning levels on their .. 
printing machines. 

The Pressmen have so far 
shown little interest in agreeing . 
to any reduction of employment 
among its 1,450 members, while 
the publishers, too. have been 
accused of lacking the spirit of 
compromise. 

The forecasts of a strike 
through until January reflect , ihe 
innate pessimism which is often 
found among, under-employed 
journalists. - 

More than 700 have been made 
idle by the strike and few more .. 
than 10 per cenr have found 
work on the three surrogate 
newspapers which are being 
published to fill the gap. 

In comparison with the 
absentee publications, however, 
they are a poor substitute, lack- 
ing flair, wit and the ability to 
generate stories 

Many journalists are eagerly 
scratching around for freelance 
work and some photographers 
have been accepting assignments 
as far afield as California in 
order to maintain some ipcome. ; 

Other reporters are said to be 
completing book contracts which 
have been gathering dust in their 
files- 


^assen^ra-sth^ ^ L ^' REG0ACH ^ 

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Therefore, to make life easier for everyone, 
we are introducing a new exclusive service for our 
full fare passengers who travel in Economy. 

The service is called 
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I m- As a full fare passenger 

jBfe “Full Fare Coach” service by 
IMW simply telling your travel agent 
to book yon TWA. 




•it:-'*' — ■ 

aettvlr 




:■ .UK'- • W 




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rV- *. *. • VV : ^. J 


As a Full Fare Coach 
isengeryou don’t 
ave to beat the crowds 
he airport to get the 
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~ can give you, or your 
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both outward and 
return trips np to 
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lust ask for them 
when you make your 
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Yon get priority service 
on the plane. Full Fare 
Wf? Coach passengers wfll 
p -he served drinks and 
L beverages first and 
will also be offered a 
* i. a & wider choice of meals. 


($1*1 Ji l i f 


- x$ Full Fare Coach passengers set the l 
advantage of exclusive check-in / 

counters at Heathrow Airport and at =- ; 
all die gateway cities we fly to in America, f : 


■Full Fare Coach service is subject to Government approval 
TWA carries more scheduled passengers across the Atlantic 
t han any nlhar airline. ■ 







No.l across the Atlantic. 










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Social welfare is a subject of serious 
consideration in most modern societies. Man 
in the twentieth century accepts his 
responsibility to bequeath to the next 
generation a society better than his own. 
Daiwa Bank is not unique in accepting this 
responsibility, but Daiwa is unique in making 
acceptance of this role in society an integral 
part of their banking service. 

Daiwa is the only Japanese city bank to 
combine banking and trust business. Daiwa is 
thus a fully integrated banking institution, 
comprising banking, international financing, 
trust, pansion trust, and real estate business. 
This integration is part of our effort to fulfil our 
social responsibility consistent with society's 
needs in a contemporary environment. 


a fully integrated banking service 



Head Office: Osaka, japan 

London Branch: Winchester House, 77 London Wall, London 
EC2N 1BD 

Frankfurt; Branch: Eschorsheimcr Landstrasse H 6000 Frankfurt 

am Main 1, F.R. Germany 

New York and Los Angeles Agencies 

Singapore, Sydney. Sao Paulo, Hong Kong and Houston 

Representative Ofiices 

Subsidiary: Daiwa Bank Trust Company, New York 
Joint Venture Banks: P.T. Bank Perdar.ia, Jakarta, 
international Credit Alliance, Ltd., Hong Kong 


i : Financial Times Tuesday September 26.1978 


WORLD TRADE NEWS 


« • , {Japanese attack U.S. 

mission to r „ 

China soon mOYeS tO Collect 1 V ClUtl 


By Ian Hargreaves, Shipping 
Correspondent 


BY CHARLES SMITH 


TOKYO. Seet. 


j THE ' B 
idustry 
mission 


v 

fl? 

tm 

- mgA 


Carter ohBgefbf 
dilute exports p|| 


BY DAVID BUCHAN 

nnremfVT CARTER is to UD- Of new governments regulatiota. 

nnSSl? programme For instance. : the^emkal ** 


I chairman of British Ship- decided to start collecting anti- Japanese exporters claim that Tax Formula to exports 
builders, will lead the party, dumping duties in Japanese the procedure chosen by the after June 1573, the amc 

which will include senior execu- colour TV sets exported up to U.S. is built for figures in a way anti-dumping tax finally 

lives from the UK marine equip- mid-1973. which has made it possible to collection could reach ^ 

ment industrv and from A and P T ' . „ prove a spurious dumping case. There have been hints, h 

A p pled ore. the shipbuilding con- 7omethSfi ^ Commodity Tax Formula that the Treasury migh 

sultant i cti0 \ 3 r «■ °E e 5iS was denounced by the Prendect a different formula in 

British Shipbuilders said last fj 0 !®,,!? * of of Matsushita Electric as being ment of exports made aiiar 

night that Se invitation to the are Clearly contrary- to the stale 1373. ^ ] 

mfssion, which resulted from the Jered^roi^varimr channels GATT * In a P re P ared state ‘ .. ^ . Trcasur >' ^ 
'recent visit to China by Mr. IJiS.TiS.T various thauneis m ^ Matsushita added that it its decision to collect th 

Edmund Dell. Trade Secretary. intended to protest formally and In duties in Man* 1* 

was “ a most important oppor- would not l “ e P* ace - demand a withdrawal oi the t-.S. after which discussiorf 

tunitv” The findings on Japanese com- decision as soon as it had been place at various levels fet 


n s-. 


■ -But officials say uu negs abroad^' r • • ? ■■7." 

constraints, Phnosophicai sw ^ A(Jm iniijraUoa Ji atin 


by some White ® involvement opposed to tax '"breaks, given to 

SSLff 

desire not to u D Ge™J“ GAW 


opposition in toe Gen^GA™ 

talks agaiMt othw cotrattieS' to defer the payment ^uSi -tai 


talks against ™ — to defer the payment^U& ta 
port subsidies have “ on t&eir expbrt earaings. wbich 

whittle down the export protein channelled into -thesd DISCS. 


year. tj 0 n oroposai 
took by the US. 
ment in July. 


was ** a most important oppor- 1 — demand a withdrawal oi tne u-.a. alter wnicn aiscos^oMr 

tunitv." The findings on Japanese com- decision as soon as it had been place at various levels fct 

Possibilities existed for co- panics’ TV sales in Ihe U.S. officially notified of the Treasury Japanese and 15. aflr 

operation in shipbuilding tech- j market in the early 1970s is decision to start collecting the compromise .ormulae g 

nology. offshore development. ; based on a post assessment tax^ could lessen the otew 

research and marine equipment. ! formula known as the Com- The amount of tax due (on Tv importers. g. 

China has been rapidly ex- 1 modity Tax Formula *Ahich has sets exported by ten Japanese ® «, «meniou »■ --■■i — ^ . . outiueuen k 1 wKnuame 

panding its merchant fleet in the j been consistently disputed on makers during the tvvo y^ars up ® v S5 specifically earmarks %1SOm. m has n0 alternative tex incenUves 

last vear, mainly through j Japanese side. This involves to June 1373) has been estimated agenda o. Jie Summit tJfcs held es i s ting resources of P e -to propose for expohere thoueh 
acquisition of more than 100 making an 8 per cent deduction by the Treasury at S46m The “.the eany Summer fs tween s n Business Administration commerce Department- offices 

second-hand dry-cargo ships. °° the U.S. . retail price of money is payaole. not by the mne Minister ruKuife and _ _ more government .... »kin> an. *»-' ^i. 

The republic ‘is thought to be Japanese TV sets as part or the Japanese companies themselves. President Carter, 

keen to increase the Bow of new calculation of the basic produc- but by U5. importers of Japanese After Die 

tonnage into its fleet during a 2KL “?„«?■ 4™»P«8 TV *«. Japanese stde got rise t 


l ment in July. US. treasury about SlJbu a yeaj 

“■po.;® The new programme proposes ^ foregone . revenue each year 
if whichl extTa $500m for the Export- ^ which the, AdmhustraUon 
°J W .) Import Bank, which provides ,*13^3,3 are not cost effective ’in 
,• credit to finance exports , by a^y case. \ -."'v.' 

American companies. It also But the new mqmrt programme 


oeriod when the world’s order- ' barges are assessed. The 8 per These are in some cases wholly or claims to have ha 
hungry shipyards are prepared cent deduction is intended as a owned subsidiaries of Japanese pression. that the u 

jo offeree most advantageous colacTSfes so thaT 

Japan has been keenly wooing Th 0 £2^ _J _ 1 

?n e d u ,!;M k s , pn r s ti .nd e Boeing signs 767 deal 

Greece hope for orders. 


amau ucimmuicul- omciais 

to provide more government ^ are looking at other 

guarantees on export, loans to jd ea s_ But U&'Tude'-^iegiitia-itftl f * 
smaller exporting companies. tor. Mr. Robe^-^traiiss* has in.|[t|l*' 

. . Anlr nn)PP tint fltA .nAW »* 


“ whitewash ” the de 
collect taxes so that 
have little actual hnpa 
Japanese electrical 
lurers claim to see the 
tioii of the Treasury d 
a clear sign that th 


smaller exporting companies. tor. Mr. Robert-Strauss* has^ -ta-j 
Apart from this, the only other sisted that new p rbgraram e 
major item in the programme is include nothing - that could be 
an official recognition that the construed by other countries as 


an official recognition mat me construed oy otner countries as 
trade impact and the export con- subsidies, which theALS. is trying^ £ % 
sequences will be fully taken to get banned in the eurrentiilisa^ 
account in the formulation GATT talks. ’ : 1 


[into account in the 


EEC team 
opens talks 


By John Hoffmann 

PEKING. Sept. ‘Jo- 


SEATTLE. Sept. 25. a clear sign that ti 
BOEING said it- had signed a Under term? of the contract, tionist lobby has gain 

contract here with a Japanese the consortium becomes a " risk- in Coogress since 

consortium that will help finanre sharing major na rt iei d? nt “ m Summer. The Treas 
and build Boeing’s new 767 air- development and production of cocid a:so‘ be "reiat 
liner. the aircraft, Boeing said. failure of recent 

Financial terms were nor di.«=- jananese enmnaniee involved Jfr- Robert 

closed, but aviation sources { i. e nrofecr indude Mitsubishi President Carter’s spe 

have suggested that the Japanese geK SSSSS ^gotiator, and Mr. 

were expected to contribute 15 iJSSSSf’ the Japanese Minister 



UlUTC l 

to” fife i 


nor dis- Jaoanese comnaciec involved between :,£r - Robert f Strauss, 

s n ou n r 5ff in the project indude ^ Mitsubishi Mr SPi? « ?*** 

dpanese H eavj . Industries. Kawasaki ° e &o jator > “d Mr. ^fekagawa. 
Heavy Industries, and Fuji Uw Jsproe Minater P 


Detroit makes inroads 
into W. German car sales 

BY GUY HAWT2N • FRANKFURT, Sept '^5; 


Chiang. 

The mission. led by Mr. 
Wilhelm Haferkamp, vice- 
president of the EEC Commis- 
sion, arrived in Peking yesterday. 
As well as official delegates from 
the nine member countries, the 
party includes businessmen from 
the industrial, trade and banking 
sectors. 


| component suppliers. It will with Aeritalia, the Italian aero- regulated by an Orderly Market- 
build part of the 767's wings space company, for the 767. rr.g Agreement betwe* the two 
: and fuselage. .. Reuler countries since Julv of-lasr vA*r 


Call for ‘dynamic’ textile industry 


BY RHYS DAVID, TEXTILES CORRESPONDENT 


Council for the Promotion 0 f needed to compete in world 
International Trade, the Ministry I "!. ark t t4i de&evered yester- 


riJSnanHe MinSter 'VEST GERMANY’S motor maiio- of these change* All. that can be 

®S^-^»ri^s^Sf5S2t facturers have seen the first signs said with certainty is that once 
tiire. .n ..nr . n M.. Straiffs nnsac- Qf serious u.S. competition in again the German motot industry 

their home market Indeed, there finds itself oti the threshold r pf . 
-.nrf fi.hpr concern that European car 'meeting structural changes to- 

Ti-S 35‘ makers could face a two-pronged the pattern of competition. 

Jap^n sexports of .coloured assault from th e U.S. and Japan The -ability, of the industry tc 

rPT-.?«-"Li k hT> » in their domestic markets. . ’. beat off. the challenge can be in 

_ a . c , .Market- The annual report" of the ' pait assessed by: the strengtS ol 

beUeau the two Verband der Automobilindustrie its sales. In 1378, the VDA 
couximes since Julj or last year. (VDA), the Federal Republic’s estimates the industry’s turoova 

* motor industry association, des- will, for the first time, esceec 

cribes the growing sales of DM 100bn. ,*•- 

lndiic^Kft Detroit-made cars here as “a new : Domestic -car registrations, tin 
If I ll US l.r y :•* dimension " to competition in the VDA estimates, will for the yeai 

v .. European market There could as a whole, remain at about. ihi 

also be competition from the same level as last year, . aftei 

■ r . Americans in what were until increasing by 3.6 per cent-durinf 

its textile industry •• "7 .- now exclusively’ European export the first half of 1978,' enmparet 

M. Davignon. who was javing markets- , ' - - with the same period of 1S77. 

the kevaote speech st the con- i For European manufacturers The foreign car makers’ shan 
ferer.ee said Eurfipe* must i the situation is exacerbated by. of. the, domestic . market i: 


Kuropean^* ?« S ”fo^ “^for Z 

-Umistn oi water conservanc> r n ,* us t rv . . years of Ihe total elimination 


and Power. 

Trade with China until now has 


Industry. - • . 

M. Davlgnin. who w as speak- 


of Israeli customs duty oc EEC 
goods. L. Daniel writes from 


portfon°of d the^ EEC’s ° exteroaJ ; °^ § IntenSSB Federation munftvF'dotos^and^^^Te j chan 3“ ta ^S plare -vrithm the Gennan":motor .'^^acturertk |: 

trade However. China’s rapidly- Cotlon and Allied Textile Slto^SSlSe^rill not te ,as ar iTiportantparL ^Psan market itself althongh abroad and impqrted to.Wesfl^^lj I, 

developing moderSsation plalls | SKSSnJS?" agatost S a ' ,s ceoao ”r : Providing^ & '*»"»« differ over the nature Germanyv 


petition and of nro^-iding-manv I step up their drive for large new, be an increase in the number 
secure jobs over a ipng periodL | markels -. care sold in the Federal Republit 


He pointed aut that the Com- • ,_ There , fF e 


structural which are manufactured by Wes,/ 


eight months of this year were up policy' could nof be based in the SSST bSSS »t &d doS 

Srifutinig77ta^?Utimehl?l! [ on e* terra on “J' form of pro- of the world should not base links with such other important 

penod in 19<f to an all-time high, tection their strategy for the future on branches of the' economy as the 

according to news agency reports He also made clear, however, the assumption that the EEC chemical and engineerings 

from Peking. that the European Commission would be prepared to abandon industries. 81 nn * ! 



C. D. Bramall Ltd. 


Ford Main Dealers 


Strong franc hits Swiss exporters 


. INTERIM REPORT . .. 
■forthe Half Year to 30th |une l978 
V TURNOVa UP 30% - - 

PRE-TAX PROFITS UP 2*% 


BY JOHN WICKS IN ZURICH 


AT FIRST glance it is hard to 
see what Swiss exporters are 
grousing about. In the first 
eight months of this year, 
foreign sales were higher by 3.2 
per cent than for the correspond- 
ing period of 1977, with the trade 
gap narrowing very substantially 
to SwFr 946m. 

In August alone exports rose 
by 5.7 per cent — while imports 
fell off at a rate of 8.7 per cent 
Figures for the first half of 1978 
for at least one major industry, 
the machine-building sector, 
show an increase in new-order 
volume. And production in 
most export-oriented industries 
grew rather than decreased in 
the past quarter. 

Nevertheless, the Swiss Asso- 
ciation of Commerce and In- 
dustry says in its annual report — 
that the considerable shifts in- 
exchange rates have ted to 
serious difficulties for the coun- 
try's economy. Similar state- 
ments are constantly being made 
by individual industries and by 
the representatives of tourism, 
while the Minister for Economic 
Affairs. Herr Fritz Honegger, 
has said that numerous com- 
panies are in jeopardy. 

Foreign-trade statistics . are 
no longer any real guide to how 
the Swiss are coping with the 
high franc rate, accompanied as 
this is with tighter world mar- 
kets for many of their major pro- 
ducts. First of all, current export 
figures mirror in part invoicing 
for orders placed long ago. 

Secondly, the relationship 
between export and import 
values has been distorted by the 
currency situation; actually, real- 
term imports have risen faster 
than exports this year so far. 
Thirdly, and most important the 
export values do not indicate 
bow much profit if any. is 

earned on the deals in question. 
Particularly in the capital goods 
field, many contracts have been 

accepted at or below cost price 
in order to retain, markets and 

jobs. 

The upswing in the Swiss 
franc has been so abrupt in the 
past year that little could be 
done to cushion it. The dollar, 
for instance. was worth 
SwFr 2.65 in March last year and 
below SwFr 1.55 at its lowest 
point last month. The mark, as 
currency of Switzerland’s most 
important trading partner and 
world-market competitor, fell 
from SwFr 1.07 -last March to ■ 
last Friday’s new nadir of 80 
centimes. 

Sterling was down no less . 
spectacularly over the same 
neriod from SwFr 4.38 to under 
SwFr 3.00. Competitive ability 
can in most cases be retained 
only at the cost of earnings. 
More and more, Swiss exporters 
are having to give up their tradi- 
tional practice oE invoicing in 
Swiss francs — or to make major 
price concessions instead. Can- 
cellations of orders appear to be 


mounting where suppliers are 
unwilling or unable to do one or 
the other. 

For the coming months, the 
Government’s Commission for 
Economic Studies sees a fail-off 
in demand for Swiss products at 
home and abroad, together with 
an increase in the share of 
“ uneconomic " contracts. This 
is expected to have its effect on 
output and employment Profit 
levels are continuing to Call in 
just about all sectors of industry, 
quite apart from a tourist 
industry which has been trying 
to keep custom by leaving prices 
unchanged. Already, machine- 
builders. watchmakers. the 
chemical industry and the textile 
trades are anticipating insuffi- 
cient earnings for 197S as a 
whole. 


Advantages 


Admittedly. Switzerland has a 
number of advantages .’which 


cushion the net loss from the 
soaring currency rale. One of 
them is an annual inflation rate 
of little more than 1 per cent, 
meaning that Swiss franc prices 
hard-ly need increasing in any 
case. Low (inflation has long 
ceased to compensate for 
revaluation, however. Also, the 
high level of sophistication pf 
typical Swiss export products 
makes prices more elastic than 
would otherwise be the case. 

Here, though, sluggish interna- 
tional investment levels and 
growing competition mean that 
the sky is by no means the limit. 
There are substantial savings on 


Switzerland’s large-scale pur- 
chases of raw and intermediate 
materials, too. bur these come 
nowhere near covering income 
fosses on final sales. 

Despite the massive foreign- 
exchange market interventions 
and the various other monetary 
measures to dampen the franc, 
trade-weighted parity is today 
about 130 per cent higher than 
at the time of the Smithsonian 
agreement. Honegger, speaking 
in Berne last Friday, expressed 
the Government's serious con- 
cern and heralded new, but not 
“ spectacular ” steps to control 
the currency. 

• These will doubtless include 
further support measures for 
crisis-hit industries and Herr 
Honegger also said the Admini- 
stration would “act forcefully ” 
in the monetary sector. There 
will, however, be no splitting of 
the Swiss Franc and nothing pro- 
tectionist enough to create 
retaliation from trading 
partners. 

There could be a strengthen- 
ing of the export risk guarantee 
scheme. Already 1S.9 per cent 
of tota-l invoicing U covered by 
this insurance. Plans such as 
those granting forward foreign- 
exchange facilities to various 
sectors of the economy and to 
boost economically endangered 
areas like the watchmaking dis- 
tricts of the Jura will doubtless 
continue, while fiscal and depre- 
ciation-easing moves could also 
be introduced. 

The banking system, as Alfred 
Sarasin — president of the Swiss 
Bankers' Association — has 
stressed, is in favour of keeping 


up and lo some extent expanding 
c 'ich help as it gives to industries 
affected by tbe rocketing franc. 
Such aid must, however, be 
commercially justifiable and 
without “ subsidy character.” 

The association is considering 
cutting interest rates on export 
letters of credit by a narrowing 
of hanks' margins. This would, 
in fact, follow a long series of 
reductions in capital and monev- 
market rates over the past weeks 
and months, -the latest of which 
is a cut in the banks’ private dis- 
count rate to only 3 per cent 
which took effect on Monday. 


Group Turnover . . . 

Group Profit Before Tax ; 
Corporation Tax 
Group Profit After Tax . 
Extraordinary Item 
Profit After Extraordinary Item 


HaifYearstu 
30th June ' 
1978 197T 

(Unaudited) 
£000*5 £DOQV 
11,595 8,944 

745 590 

265 190 

480 400- 

■ . ‘ 89 • — 

: 391 400 


. Year to 
i 31st 
December 
1977 , 
(Audited) 
flOTs. 
17,658 
1,124 
; 146 
: -978: 


Investments 


Whatever the case, the present 
situation is bound to lead to a 
sharp increase in Swiss direct 
investments abroad, estimated 
last year as something like 
SwFr 50bn. Although earnings 
from foreign subsidiaries are to- 
day losing considerably when 
translated into tbe Swiss francs 
in which company accounts are 1 
kept, local-market ’sales are rising 
— in part sharply— on ra.my | 
national markets in which 
Switzerland has a big stake. 

Also, of course, foreign acquisi- 
tions and investments are cheap 
in terms of Swiss francs. Speak- 
ing in Zurich recently. Hoffmann- 
La Roche managing director Dr. 
Alfred Hartmann said in the 
chemical industry — which has a 
lion's share of the country's 
direct investments abroad — orilv 
products with a "high degree of 
innovation and processing will in 
future be able to be exported 
from Switzerland. • 


The results for the first six months of the current year show 
pre-tax profits up by 26% and turnover up by 30% compared 

with tbe corresponding period last year 5 

With the exception of the Agricultural Division all companies 
within the Group increased their performance over preceding 
corresponding -periods. •.'•••- '• 

The, Agricultural Division is encountering a depressed market 
for its prod ucts; However, with, .the new premises completed 
in late. 1977, 1 feel sure we are in a position to take, advantage ' 
©Fanyvplfft in the market. : ■ 

FUTURE PROSPECTS: 

Looking forward into the second half .of the year, the Dealer- 
ships hold a record number of orders for New'Ford Cars. Vans' 
and Trucks; however deliveries from the Manufacturer are 
not as rapid as, we would like and therefore much depends : 
on their production capabilities between now and' tbe ind of. 
the year. The Contract Hire. -Leasing and Finance Companies:, 
now make a very valuable contribution to Group profits and. 

I am confident that they will have a record year. 

The Group is constantly searching for expansion of its business' 
bbth through present members of the Group. and also through , 
the acquisition of companies within or allied to th'e Mbtor. 
Trade chat will fit into present structure and which v»e feel • . 
we can bring to a satisfactory level of profit. 

DIVIDENDS: ' ? 

Your Directors at a. meeting held on 25th September 1978 : 
declared an interim dividend of. 1J8 pence per share . net of. 
associated tax credits at the rate of 33% for payment 
13th November 1978 to .shareholders on the Register -is 'at 
I6th October 1978. This dividend is. in tine with the forecast ' 
at the time of the flotation in May 1978. f : .- ~ 5 - : 


fans W'o 

Ampler \ 


“ ' - p e W • A . | 


D. C. A. Bramad, Chairman, 25th September, 1978 
146/148 TONG STREET, BRADFORD BD4 9PR : 







, to con 


Wvi 


Oyer 1300 companies have already found what they Wi 
looking tor in Scotland' s New Towns. 


were 


A plentiful supply of Liboiu; both industrial and clerical. " 
■Excellent industrial relations. 

First class conmumicitiofis, both internal an- 1 
international. 

A wide variety of premises and sires. 


RIGHT BY 
TRAFALGAR SQUARE 


financial incentives that are unsurpassed anywhere hi Britain: 

Find your wSy.to the Scottish Netv Towns office at 4 v .: : j q " 
19 CockspurStteet (just round the corner from T rafi^ atff p 
Square), andxve think you’ll find what your company's^ ^ v • - 
looking foc'tbo. - : ; : : V 

Contact Jack Beckett, oia: resident Director, for OUT 
new coiourbtdchurc. 


■ry erst 
^ l^ustr 




T.. .*• • . ■ 


- ti- 
S 


THE SCOTTISH NEW TOWNS f 

19 Cock spur Street, London. SW1Y 5BL Teh 01-930:2631 -‘ 




/ !h ... I-.. ; 










WWUM 


Cartp 




Utt 


financial Times Tuesday September 26 197S 


HOME NEWS 




f-U*a 


'ILK. ‘must join new 
nonetary system’ 


British Gas looks 
for Morecambe 
Field terminal 


DAVID. FREUD 


The Left-wing . . Right-wing . . middle-roaders 

British youngsters show 
contradictions of a survey 


JK would be able lo cany currency negotiations, said that het,-«> the currency system BY KEVIN DONE. ENERGY CORRESPONDENT VUIl^l MUlVilVUJ VA ^ T VJ 

' cessary structural reforms the European Monetary System would give a better assurance 
eranuinv if «r joined the ‘ l£ ' u,<J bp if*ttblhhd effectively of economic and monetary BRITISH GAS is considering early stages of deciding on a 

arv «vstcn bcin- devo. European Council jn liability. This would allow .steady | our « iIC , nn the North-West suitable site for the 300-acre BY MAURICE SAMUELSON 

‘ wit]* in 'the EEC Sir. Rue December. ‘ ... .. funu.ng fur projects in particular coast of England For building a terminal, ft is holding discus- 

- : ■ rv 7 ,( CoL^ XhQ Com ; ^ "mMs?” lSTSUk as tV ^‘in’The past the UK had not i?[ s h‘ Sea Mn'recimbf ^ Sm* SSumeid “^UUe ‘ ^lSS ™ UNG PEOPLE are far more year? ago the respective percent- Among those working only 118 
:. . - hiarket Lomn;i«u>n. said on ly EEC member nut to accept had the neei-wary period ot| tL 1? as ?5SL S lafcin. “SoosiUon to its plans. ]lhen } than a decade ago on ages .on these issues were 55 and per ■ cen L were Uade unionist* 


accept had the necessary period of] The Gas Corporation is taking opposition to its plans. 


sir -"rr-.vr sraareKse jaw «r.-=?si 


compared 


national 


Planning conference in Mr. Jenkins «aid that Ihe Euro- “ A rainnion reserve nf curren- brou«M 0 n Vtreani7mi.i VhrmM Kiita" 'has bren"held ”A’more! P°“« c a» « nd economic issues. iaea tnat coloured immigrants oaiance.iney in oucm : unions nan 

n that it would be Wpoan m 5H£ System muI -|«. a^Si^ Slh some ifife ° n !,lream fw,n llic n,W - FurmaT^ emerges from a survey, should be . sent borne, 

“ ppor, J UR!, -' : " associated central reserve mecha- iral -tisciplinus. should permit The four sites under in vesiiga- local authorities begins next | f*? 8 * ?"?*"?* ? . b> , N ' . 0pi 11,100 Pl Sowe? v ^ner Veni ShSu“ ht 
UK did not join in the new n i, n , would allow measures n. iJuvcmnents and enterprise to lion are the south-east of the month.:. t i 1 ?,*V£L ?r!!n! b £ r ?-!. Political views are evenly th^neoDlewerc nvl nrerared 

icy arrangements. uccelerate the flow . of public curry through necessary struc- Lunc Estuary near C.lassori and The field has estimated | ^- baI * u1ced — H P L ' r Cl ‘ nt in to’ work hard enough P P 

Jenkins. who. with finance and make a bettor (ural reforms without the fear Cockerhiim: Dcoside. near recoverable reserves of 2.000bn- “ P voting age group sa. they would lo " urN UdrQ 

ellor Helmut Schmidt of regional distribution of wealth that iileir best-lain plans are Shotton. North Wales: the south ::.00flbn. ; cubic feet of gas, on a M v‘ **> Wbiienouse. . vote Labour and 42 per cent Cnn- 
- Germany and President and work. “udd* :ily going to be trumped bank of the Kibble Estuary near par with medium-sized dis-1 L' Mrvalive. On balance, young Q.. r nrisillt* 


A roiiiiiion reserve nf curren- brought on stream from the niiii- Pilling, has been held. A more 


political and economic issues, idea that coloured immigrants balance they thought unions had 


Mrs. Mary Whiieheuse. . vote Labour and 42 per cent Cnn- 

. Nationalisation of banks and gervalive. On balance, young 


Germany and President and work. “udd* :ily going In be trumped bank of the Kibble Estuary near par with medium-sized dis-l s- !Lnco!iL 3 « servalive. On balance, young Q„ rn risina 

■d d’Eslding of Trance Long-term structural trans- by inflation or balance of pay- Soul hpurt; and the Preesall- covcrtes in the southern sector z"° In«J 3 people are satisfied with Mr. *~ ,U1 r o 

cd the present round of formations could be undertaken men!-- tfilfiruJ lies," he said. I Pi J ling area near Fleet winnI. of the North Sea such as West) Tz Callahan and dissatisfied with 


the Sole and Vikin; 


• 4 ) [ ? n-j 


difficulties trim number of new Du Pont takes award for 
rugs coming on to the market t0 P chemical company 




SUE CAMERON chemical company ot me 

iiy the magazine t-lu 

NUMBER of new drug manufacturing companies. Nearly all drug companies in the Insight for outstanding r 

uniting on to the market Mr. Bell claims that contrail- UK (■•■Jong U> the association, manee within the industry. 


British Gas still in ’ the Sole and Viking Fields. whMo nSmhm’Sdnlr Mrs ‘ Thatcher, says the survey. A surprising 26 per cent gave 

- - while significant numbers think out for jhe Jimmy Young taxation as a leading national 

— . trade unions have too much programme on BBC Radio 2. problem— after unemployment, 

power and that the country as a N0P interviewed nearlv 2 000 inflation, industrial relations, 
whole does not work hard people between the ages y of 15 race and booLiganism. .Hardly 
I 111 Print to LrPQ QWQ rH TAP 3b ' and 21 last month. The idea fuiy-of those quesuoDeUtn Scot- 

X-^ll JL U11L Aj/f U. XvPl. that students are predominantly land rated devolution as a 

v • -m Toucher Left-wingers conflicts with the serious issue. 

TArv AhPTnlOOl AAirm^nV survey which found that 53 per In spite of the big number 

Ivlf/ v-lIClUlt-ill Ll/IUUAllT v w __ t cent of those in full-time educ.i- opposing repatriation of imnu- 

. lion would vote Conservative and grants. 10 per cent thought the 

DU PONT has been named but on what Chemical Insight and 64 per cent want hanging 33 P er 110111 Labour. policies on^mmioratfon^nd ri^e 

cliejnical company of the year calls -quality of performance." introduced for all murders. Four-fifths mentioned uncm- wiih ner 

by the magazine Gheiuical A total of 25 yardstick are used. Legalisation of drug taking is ployment as a major concern ," s : h pi! n ^_ rV n 1 i V n« lir ner 
Insight for outstanding perfor- including added value, assets backed by 70 pee cent, while 80 confronting young people. This 1 r >* . 3 ' ' ^ Q . 

mance within the industry. per employee, debt to equity per cent think marriage is not was not surprising because 18 \h* r ihPMk W 

Du Pont came tnp of a per- ralius. the ratio of current out of date; 71 per cent also per cent were out of work when lor ,ce 
formance league table drawn up assets to current liabilities refuse to condemn extra-marital interviewed and a third of the Aiming 15-17 year-olds 13 per 


‘Oil ropped dramaticallv over im> out testing could have a which has about 150 members- Du Pont came tnp or a per- ratios, the ratio of current out of date; 71 per cent also per cent were out of work when * UI ,uc 

ast three vears, becaus** of " >r>niliCunt elfect" on the It is ihought that aliout 25 of formance league table drawn up assets to current liabilities refuse to condemn extra-marital interviewed and a third of the Among la-17 year-olds 13 per 

: r develoniuent costs and number of new dru«s coming uu these rank as major pharma- by the magazine. The table is and rises or falls in sales and sex and 61 per cent favour equal rest had difficulty finding the cent thought the National Front 

jiflicullius of ineeiin'* 10- to the market ceulic.il companies. based not just on sales or profits profits over the year. treatment for homosexuals— ten right job. had the best policy. 


-,ngly stringent safety tests. Mr. Bell and Dr. David-Ingram, 
ding to the directors of a another director of the newly 
J p ha r mate uuca l research launched company, say many 
■. . acting company. pharmaceutical concerns have 

• Peter Eell. director of difficulty m finding " enough 
: n— Pharmaceutical Human doctors to carry out clinical trials 
\nimai Research .Methods — and in hiring an experienced 
that three years ago there person to administer the trials. 

'about 300 new drugs under- They add that pri(»s charged 
i rials in the UK whereas by contract companies can be 
' there are only 30. He lower than in-house costs. 

. s that one of the reasons The Association of British 
'his is that many drug com- Pharmaceutical Industry said 
.--'-■s *■ cannot «.ope M with the yesterday that some smaller drug 

• led. long-term clinical trials fompaoies might well find 
are required before □ pro- research contractors - useful, 
licence can he granted. although ibe bigger phanna- 

•‘arm is one of a number of ceutical concerns all had large 
-'janics Lhai undertakes clini- medical departments of Iheir own 
_ -xials .and ‘other research for for carrying out clinical trials. 


fyne and Wear has 
:6.5m industry plan 


w 

% ; V 


■ -fNANCIAL TIMES REPORTER 

E AND WEAR County 
hWpdl will consider a plan to 
id JE6.5m on boosting its 
-. .... mniy iD ihe next three years 
‘ i meeting of its economic 
flopment committee on 
: ti u"“ rsday. 

. :L-- approved the scheme should 
e into operation in April. 
: -LV n thp county council’s finan- 
year starts. 

nem ployment in the area is 
roxirnalely 10 per cent, enn- 

• rably above Uie national 
/'"age. ’ 

; It hough Newcastle-upon-Tyne 
■■-nit seriously hit hecausc of 
large number of service 
/ istcies in tiie city, there are 
’• s of the county such as 
- derland which have some of 
•- worst structural unemploy- 

* it in England. 

yne and Wear, created by 


tlie local government reorganisa- 
tion of 1974 to administer the 
area round the two great North- 
Eastern rivers as one unit, has 
powers under an Act of Parlia- 
ment which it sponsored itself to 
spend money specifically on 
industrial development. 

Much of the money will be 
spent in the three years on 
acquiring and developing sites 
for nursery factories, the small 
plants, from 2,500 sq. fL to 
10,500 sq. ft., considered ideal for 
stimulation of small businesses. 

The county intends to develop 
as many sites as possible at key 
points on the " metro railway 
system being builL 

Considerable success has been 
achieved with the development of 
nursery factories. In the last two 
years the council has built 62 of 
these. Only about three remain 
unleL 


irans World plan for 
ampler Atlantic fares 


BY LYNTON McLAIN 

- VES TO transform and 
plify air fares across the 

- ‘Lh Atlantic accelerated yes- 
lay when Trans World Air- 

-. :s launched a revised three- 
e Mruclure and a scheme for 
eding airport check-ins. 

'he airline is one of seven 

. h applications before Britain's 
il Aviation Authority and the 
Civil Aeronautics Board. 

1 ’he new fares, if accepted, 
u Id come into operation on 
North Atlantic . from 
v ember 1. 

The authority is expected to 
aounce a decision on the fare 
>Ucations in the near future, 
is likely that there will be 
.le to choose between airlines' 
es in spite of the collapse this 


summer of rate fixing by the 
International Air Transport 
Association. 

Trans World wants to sell 
seals in three price ranges: firsl 
class, full-fare coach class* and 
an economy coach class. The 
full fare would replace the exist- 
ing economy fare, and the oeiv 
economy fare would embrace a 
reduced number of discount 
fares. 

The return fares between New 
York and London are likely to be 
1763 first class. £357 full-fare 
coach class, and £149 discount 

The scheme is similar to a pro- 
posals already announced by 
British Airways and British 
Caledonian. Full details of thci 
BA plan are to be announced.! 
next week. 


BA to convert Jumbos 



IT1SH AIRWAYS is to convert 
first-class 1 bunges . on two 
leing 747 Jumbo jets to take 
to 30 discount-fare passengers. 
_Tie airline has already con- 
ned the first-class lounge -of 


one Jumbo flying between' 
Britain and Canada, The two 
additional conversions will be 
used to carry passengers on 
dense routes between the... two. 
countries. 


Lawyers take more jobs 
Jn industry, says agency 


f/r awybr 


|Jf BY COLLEEN TOOMEY 

AWYERS ARE turning more lawyers employed in finance, com- 

, indusirv for careers as job metre and industry. Chambers 
i industry tor careers as joo C0DCjufled in the yeur to July 

respects become more difficult Dwyers in industry increased 

nd the economy remains strong. t j,eir aslaries by 12-9 per cpnt, 

Thev are given a higher status 'compared with 3.8 per cent in 

. ating by both industry and the 1976-77 and 9.3 per cent in 

>ya! profession, according to 1975-76. • 

lhambers & Partners, a recruit- The largest salary increase, 

ng agency for lawyers in 22.3 per cent, wpnt to legal 

ndustry which publishes annu- advisers aged 35 lo 39. 

Ily'a salary survey of solicitor ■ a main reason for the- bigger 

nd barristers in industry. salary increases was changing 

In a country-wide survey from jobs. One solicitor doubled his 

In a country-wide survey com- salary last year on doing so, 

fj^d. info rmation by 155 -Chambers said. 


BARCLAYS BANK 
HELPS INDONESIA 
(AND PYE TVT AND MARCONI) 
DEVELOP A 3000 MILE 
TV NETWORK 


. . i 

Barclays Bank International 
provided finance for the Indonesian 
Government to expand its Regional 
television services into a National 
satellite linked network. Major 
contracts were awarded to the British 
companies Marconi Communication 
Systems and Pye TVT, who are world 
leaders in the design and installation 
of television systems. 

Barclays in Jakarta was involved 


in setting up a loan to Indonesia in 
support of the contracts which 
brought national television to Java, 
Sumatra and Kalimantan. 

We could help because we have 
our own people and our own offices 
world wide where they are needed for 
international business. J 

Vffe can help you in New 'ibrk, ■ € 
Paris and Moscow. In Hong Kong 
and Sydney. 


And in Tokyo, Frankfurt and 
Abu Dhabi . . . 

The Barclays International 
group is in more than 75 countries. \ 
In all five continents. We have more 
branches in more countries than any 
other bank in the world. 

We help most of the world’s 
successful international companies 
Somewhere there is a market where we 
can help you. 


‘ 


mgsmmm s 


J/> v 4 .®’. ,. 



International 








financial Times Tuesday September ^ 




directors’ 


sentences cut 


Scrap-and-build shi] 

scheme faces critics 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


JAIL SENTENCES For cor- guilty to 17 corruption counts. 


ST IAN HARGREAVES^ SKIPPING CORRESPONDENT 


iany. C. Bryant and Son LtiL, people, many holding. important ibaildiog industries oi 
, as redoced .to £255.000— E15.00& positions with local authorities, prolonged slumps wDI i 


already done 
Standards At 


■■ sssfrz srsasrsassi smbtss sus aasvss at 

„ JsSSs - S?SSS s H MiOfftk SfeS&s sSfiFaST-fS s££~ “z 

" „ .. . . ' _ I'!: *^;! ra .J5ff rtl b> t . u,e ® uth ° rJt > ccepl - was reduced to £255.000— £15,000 positions with local authorities, prolonged slumps wDI 3 dis- in addition, shipowners would offers the possibility of work fci 

This was announced : .e^rd 3 , ■n - j-v a nere the advertiser He said he wished to leave legal an each of 17 charges. who were to receive gifts from ■ cussed m London todav. T receive a sum of money to offset their depleted order hooks, 

by Mr. Roy Haitersley, Pnc« flouted its code clarifications of advertising Lard. Justice Krton said there • the company. ' < But initial indications a| that the difference between the scrap- Somewhere between- the tw 

Secretary. m h>s first major 1 ° j^lF Use ^ le!lls , t0 “S mora ^ 10 tiie judgment of the was a disparity between the The judge said that it was “ a * the plan, produced by thcEater- price of their vessels and the positions are the banks.- ft ». 

speech on advertising policy e t di. ^ decent, nonest, and authority. “But where reason 1 directors' sentences and the two sad fact” that in the last 20 to ; national Maritime- Tmlstries price if sold for further, trad- to this i source that proponents o 

VP™ i?,:,. cf ^ and Persuasion fails, the law and a-half year sente cce passed 30 years corruption had crept 1 Forum, will be given afrough ing. This accounts for most of the the scheme willlook today. 

State just ov«.r two years j 5 i- . ; ' wrsley hopes that the must enforce their opinion.” on Birmingham City architect, into English life. It had involved ’ ride by gbgu* 6Q represeSa lives estimated S240m cost of the For the. forum itaslf, - fonnef 
air. Hatterslcy told the annual »mm Str !v° ^ reaction g ut fap re i ec trd the EEC’s oro- Alan Maudsley, a - greedy and business and professional men., of the world’s leading shivards, scheme. three years- ag o.ia Vhat wa* 

conference of the National Co- .‘f 0 ™ ^ advertising - a J uniform Eurooean ra P acious ” man who accepted the police, local government and : shipping companies, bails and The most vocal critics atto- regarded as a hrealrthrougfi ii 

Operative Drapery and Fashion n ^ r - form of firm "J i£ ga “ control HeSd sUts frora Brants. the Civil Service. oil companies. T ' day’s meeting will be the ship- se^help wlthin the shipping ^ 

Managers’ .Association in Bourne- ^ W1 » be tempered was fn issue best left to Former Bryont manuring “The courts have been Sooded A forum committee j under owners. There have already been shipouildmg Industrie* the issue 

mouth yesterday that the Time tewon l ° J eave the ^vernments and was direclor M»«nw Thomas Bar- with c ase after case of corrup- the chairmanship of $ Otto strong indications that some of is an important test of credi 

lo extend controls over font nl of to* ! tougher powers ^t SpproS for EEC JS ^k.52, of Henley-in- Arden, had tio n- not at lav levels. Some- ; Norland, a senior execSve of the national shipowners; associa- biiity. If it fads, tae organic 

it television adver- ,j nc Advertising Standards r nar h, s five-year sentence reduced to thine has gone wrong.- Harabro* Bank, has beeTwoi*- -tions. including the L-mon of tion -could well be wound ui>: 

primed advenislog. Autbori*!. which » a creation _ . two and a-half years. "All this court can do is make -fog oa details of the tfrooosal Greek Shipowners and Ae No decision is expected todav 

backing fnr the v.-ork oi the industry itseli. As well as giving the authority A four-year sentence on clear through its sentences that since las' sprt3“ jf General Council of British but backers of the scheme hope 

ne by the Advertising The authority was set up in a statutory power for enforce- Raymond Peter Samuels 51. of the state and the. public will not ' Today’s draft’ su^edfe thkt Shipping, will fight the plan, that with some redrafting, it w ir 

Authority will enable 1974 v.na an independent chair- went. Mr. Hattersley also made Solihull, was reduced to 12 tolerate this kind of corruption.” shipowners, who agree » scran which they see as slowing down be possible to put proposal* 


vno agree ) 
its, should IS 
incentives \ 
of similar j 


^ General Council of British but backers of the scheme hop? 
thin Shipping, will fight the plan, that with some reklraftuig, it 
scran which they see as slowing down be possible to put proposal* 
the restoration of balance and before the end of the year tr 


He emphasised that one of the aR aaverusement touna io oe ' u “ U1 usings xoaay. holidays in Ireland, trips to : existing credit -gnidel in greed 

new powers he believed the 2i fault rarely appeared again, enect on the economy. j The sentences were imposed London c!nb=. gambling outings wllhia the Organisawn for 

authority should have would in- “ Bu .* tne ernng advertisement is e The Advertising Association, j by Mr. Justice Melford Stevenson in the Birmingham area and 250 Economic Co-operatiw and 

dude “the ability to instruct an rareiy. n ever. correLled," he which represents the industry, at the Old Bailey in April after bottles of champagne when his Development, under which 

offending advertiser to exhibit an added. said i as t night that it was broadly Barwick pleaded, guilty to one daughter was married. • credit is limited to 70 cent 

advertisement which corrects his . He «aid it was in the advertis- in favour of giving the authority count of conspiracy to corrupt In the light of that sentence i of the shin DurcheSff price 

previous deception.” Such an ing industry's interests »o co- statutory powers. But it argued and 11 counts of corruption, the public might think -lha! extended over a maximum <*f 

advertisement should be of enual operate '-;uh the authority. “The that the proposal for advertising Samuels to four count? of corrup- something had gone wrong .with seven years 2 1 an interest rate 


i irirpn the restoration oi oaiancc ana oerore me ena oi me year tc 
i order supply in shipping markets. the OECD and to national govern 
But shipbuilders including mentis which would have to ad 
-British Shipbuilders and the minister the plan. 

! frirtn 


advertisement should be of enual operate v-ith the authority. “The that the proposal for advertising Samuels to four count 1 * ot corrup- somemmg naa gone wrong wim seven rears -at an interest rat 
size and displayed with «?r|uai industry has much to gain from corrections was likely to -prove Tion and Hubball to 13 counts of justice if the directors’ sentences not below- S per cent £ . 

prominence at the advertiser's a statutory long-stop which unworkable. corruption. The company pleaded were not reduced. Under the scrap an^ hitili 


Crown Agents ‘slack 
on exchange control’ 




gSHSHSt 














,-v • ' J v n • ■/.* • -'v, . y<A'vO. •' • 2 

ypu-g^;tno^than;; ; .;Cc.: ;./ / . v ( v 0 1 

■ ■■ • :‘ v •. : • « 

^ ■ ■; ,. 
, V 'y ^ > • ' */• ''•-vc; /-; 

. .■,i. • .... 

fou&wy- -.^v . 

munic^.-'r . "• ' J. ‘ : 'V 

IV V’j,: ^ ■ r- ; . ' 



THE CROWN AGENTS had at sterling balances totalling 24 per 
best a “haphazard " attitude to- cent of the country's entire offi- 
vrards compliance with exchange cial reserves, 
control regulations, a tribunal “if e vpr a public body with 
was told yesterday. such a heavy responsibility" ought 

At worst, said Mr. Peter Scott, to -have ensured it had -a proper 
a counsel for the tribunal: system for exchange control, it 
“Their attitude was one which was the Crown Agents,” .<aid 
involved an element of duplicity Mr. Scott. “Unfortunately, it 
so far as the Bank of England appears; Crown Agents did not.” 
was concerned." ’ One of the roost worrying 

Mr. iscott was continuing his features was the relationship 
opening remarks to the tribunal between the Crown Agents and 
which was set up to find out who ^ of England 
was responsible for the £200m- 


" It is not one of openness and 


plus losses sustained by the fran Voess ^in the oarT 

33" A ” en,s be,w « n 1967 C^Tsena.. ■ 

He aid there was no evidence £j‘ ^«nwn£f atenr* 
that, in spite of the very con- abou4 wa f the 

siderable breaches of the reeu- were complying 

la tions — “some of which cost the w ? U L l ^ 1 5 ir in respect 

country's official reserves mil- ?[ “Change control and about 
lions of dollars r — any individual *“ eir ma bility to extract from 
in the Crown Agents or indeed Crown Agents a Jull des- 
outside benefited 'personally as cription and accountf. of their 
a resuit of the infringements. operations.” 

Mr. Scott said the agents car- The second part of the 
ried oa business in two. cate- Agents* business was earned out 
gories. the first acting on behalf by accepting deposits from 
of principals such as foreign principals who might better be 
governments and foreign Institu- called '''customers’' or 


“depositors” and using that 


w of iSi? to***®® 88 on money for investment as the 

Crown Agents chose. Their 





b 2"*; customerTSrerlg^n ^rinartlj 

bJ>na« i« iw/Soi wd ers!si?! emm ““ 3nd wreisn 


over a period declined, he said. 
By December 1974 they were 
managing a total of CTlSm. 


institutions. 

Mr. Scott detailed an .American 
investment that, he said, led to 


These sums were only part of hreachiug of the Exchange Con- 
those handled by the Agents trol Act “Hie whole operation, 
which came within exchange which went on for years, 
control regulations and Mr. Scott amounted lo a series of con- 
said that at one stage the Crown tinning infringements, of the 
Agents were, the" custodians of serious, kind, of the Act” 




- - • y.y'--. 


Pictures at Phillips 

seH for £227,400 


r ’■ ; >i. : '.&*&** ' '• 

.> ■■ ■■■■ . ** - .»■: '.tf ; ■ ■ ** ■ . 


PHILLIPS bad one of its best 
picture sales yesterday, bringing 
in £227,400. The top price was 
£9,000 by Platt for a painting of 
fishing boats by the Dutch artist 
Jan Hermanus Koekkoek, signed 
and dated 1337. 

Green paid £8,500 for “Load- 
ing the Timber Wain" by 
Frederick Herring Snr, and an 
interior scene by the Scottish 
artist Sir David Wilkie went to 
Reid for £6.500. The same sura, 
more than twice the forecast, 
secured a scene of cats playing 
in a paint box bv the German 
artist Henriette Konner-Knit. ' 

Christie's sold Wedgwood and 
English potterv yesterday for a 
total of £68,1S29. The collection 
of Job'n Tulk, sold on behalf of 
the Governors of the Sir 
William Perkins Educational 
Foundation, brought £24,873 and 
included'tbe top prices. 

NewboiL the London dealer, 
naid £7,500, plus the 10 per cent 
buyer's premium, for a pair of 
Wedgwood and Bentley blue and 
white iasoer rectaneular plaques , 
Tnnrfelledliv John Flaxman about , 
1'iS. and £3 000 for a set of five ; 
Wedgwood blue and white jasper 
rival medallions of th*> House of i 
rt-anee around 17R5. O. F l 


an elaborate brooch by Georges 
Fouquet A vase by Jean 
Dun and set an auction -record 
for the maker of £19,412. An- 
other record was £16,470 for a 
lamp paid by Daum. 

Christie's - South Kensington 
had -a busy day yesterday with 
four sales in London plus a house 
sale at Wateringbury Place, 
Kent, which continues today. 

Silver sold for £10.865 with a 
top price of £020 for a three*piece 
tea set. Staffordshire figures did 
well in another auction, which 
totalled '£8,700 and had a best 
price of £2001 for a pair of 
equestrian . figures of Lord 
Wellington - and Abraham 
Lincoln, and the same sum was 
paid for a pair of two cavaliers. 

English watercolours realised . 
£6.835. with a best of £600 for a 


SALEROOM 

BY ANTONY THORN CROFT 


.. *; n^.mee -of around 17R5. O. F. 

■ *\ Wilson, nf London, gave £1,000 

: ; .v£v'v'. ! for a blue and white plaque. 

Sotheby’s Parke Bernet sold 
'• «. ;- ‘ -'rv'.: l .V . - \ the stamp collection of Beniamin 

y -.\: ; - i * V « , ' Hom an at Monte Carlo on Friday 

V 7 and brought in £215,042. The top 

pri . ce w !* t S 6 S’ for a -of 

■ unissued 18 1 1 French. A set of 

; : ten .five-franc Madagascar 

rin Sunday Sotheby’s held an 
’VV-i.-' . art deco auction in Monte Carlo 

Vi :*'■$« ; which produced a record total 

: ;v'-''-v : v. 5 ;:v'v> 5- V ! for an art deco sale of £379.058. 

* • ** : . ' L--;- . ■ The highest price was £23,529 for 


collection of 60 designs for Coal- 
port porcelain by Stephen 
Lawrence in the 1820s. 

Stanley Gibbons' auction of 
paper money in London yester- 
day made £35,567. The highest, 
price was £1.000 for a Collection - 
of German Notgeld notes. 

A smaller collection of South 
American banknotes of various 
periods and countries fetched 
£400. Among the most popular 
items were British, banknotes. 
The most expensive single itw 1 
was a Bank of Scotland £1 note 
dated April 9 1879 which fetched 
£500. 

An early 19th-century £1 

Jersey banknote sold for £390. 
and a printer's proof of the York 
Bank of about 1820 fetched £130- 






OBITUARY 

Mr. Bennis G. Mitchell 






. a MITCHELL, head office in Nassau in 1963. 
who died 1 yesterday after a long -r« M ... . . tn 

illness, 1 -reached, his position of Ma ?’ i 9 ?'* he 7 etur * ie *«_? 
vice-chairman and chief exeeu- J*™ 00 t0 u £ ^ appoint- 
tive of Lloyds Bank Internationa] as , ass ( stant , direct0 Li^ a 
after a career in its predecessor, - Jn . 

Bank of London and South -SSSSS'y^S,^" 1 ®“ CIltI ^ 
America fBMsal. director.-In 1971, witii the fonua- 

Mr. KitehelL 55, was also .££} °£,^ oy 5? “ d 'W 
chairman of Bolsa and deoutv ^_ a _^ ona l as a result of thf 


• ■< r . ‘ JV V *• * * Uiujtu uiwn UBiuvium OJU 2 ui • ■ 

. v--/; v ^ Lloyds Jatexhational in Sydney* . ' At the end of 1973. the com- 

... ’ .. .y After "war "service in the P ai ?y became a 'whollv-owhed 

' z< \ ■ ;i merchant navi’ he . joined . Bolsa su hsidiarj’ of Lloyds Bank and 
. . \ in 1946. Bis, career took him to l he n changed its name to Lloytte 

"’ v Chile, . Nicaragua, Peru . and Banit international. 

Ecuador,, and he eventually. Mr. Mitchen was mjl rHwL with 
' -i ■ breame generaimanager of Bank a son and^a^btSTS hl» 

— — *■— s-waS of London and, Montreal at ite marrietL ' 







SHOPS. 


Milton Keynes lies mid- 
way between London and 
Birmingham on the major 
transport links between the 
South East and the Midlands. 

That single fact has been 
of overwhelming importance 
in its development. And this shows in the shops. 

The biggest covered shopping area in the country, 
serving the new city and the region, will open next year in 
Central Milton Keynes. 

While a stone’s throw away in Stony Stratford (now 

part of the new city) many of the shops date back to the 
ney day of the coaching era. 

Shops only appear where people have money to spend. 

, People only have money to spend where there is work. 

The position of Milton Keynes has made it a natural 
- focus for industrial growth. 

And has done ever since the Romans started work on 
Watling Street, today’s A5. 

So if you re looking for a new home for your business, 
Milton Keynes should certainly be on your shopping list. 

Ypu will be in excellent company here. 





FOR FURTHER INFORMATION CONTACT: COMMERCIAL DIRECTOR, MILTON KEYNES DEVELOPMENT 
CORPORATION WAVENDON TOWER, MILTON KEYNES MK178LX, TEL: MILTON KEYNES (0908) 74000. 








i 


10 


Financial Times Tuesday September 26^; 



HOME NEWS 


Marking asks £2|m a year 


this cheerful young 
man was a tense 
defensive child” 


Ian and Margaret McMillan became 
foster parents to a Barnardo child back in 
1974. “Just look at him today" says 
Margaret. ‘Fostering is imm ensely 
satisfying. You feel such a sense of 
achievement when you finally get through 
to an unhappy child.' 

Fostering is a vital pare of Barnardo’s 
work, and we need funds to enable us 
to continue. Caring for children demands a 
great deal of money. Will you help? 

Please give,your caring isn’t enough. 

Send your cheque 1 PO. made payable to Or. Barnardo's, 

to: Barnardo's. FTM 

Freepost, Ilford. Kssex IG6 I BR. 



more to promote tourism 


by James McDonald 


s>% 




THE BRITISH Tourist Authority, 
which is given a £10m a year 
Government grant to promote 
tourism in Britain, is asking the 
Government Tor another £2|ra 
a year from 1979-80. Sir Henry 
Marking, chairman of the 
authority, said yesterday. 

Presenting the authority's 
annual report for the year to the 
end of last March, Sir Henry said 
that. although 1977 — Jubilee 
Year— had been a remarkable 
year for British tourism, there 
were signs of a slight falling off 
so far this year. 

Up to June overseas visitors 
had declined by about 2 per cent 
compared with the same months 
of last year. Partly this bad been 
a result of the lack of attraction 
of a Jubilee Year, but more im- 
portant, he believed, had been 
the strengthening of the pound. 

Britain was no longer the 
“cheap country” of Europe. 

Competition front other Euro- 
pean countries was increasing. 

The drop in tourist arrivals. 

Sir Henry added, had been 
mainly from Europe where 

Britain had been regarded as a . : — 

cheap bargain counter. By 

contrast arrivals from North reflect value for money. British Isles owing their jobsi 

America had risen but. as a The money spent hv overseas directly or indirectly to tourism- j 


sffiEF? 








*5 


house prices 

to rise 




BY MICHAEL CASSELL, BUILDING CORRESPONDENT -r . ? . 

H° USE PRIC ^ SthTdespSe housT^rices * up ri&Sw 
tO rise ID recent montns. f . c Knu<Dri ant averaee nntv inwo^. 

Restraints on 

lending.and 


, .... r. showed an average pru* increase 
bujldiDo society Q , j USt una er 4 per cent during 
a further sub- three months to .the. eud of 
latantial upsurge" is expected August. Average price: rises of 
I after the current unsettled nea rly 5i per cent were recorded 
ineriod according to the Incor- j R the f 12, 500-£2a.TO0 7 rasge while 
'do rated Society of Valuers and properties in excessjofr £35.000 
Auctioneers. ' ' showed average ^isewes.o* 4\ 

latest Quarterly survey per cent. v : 

by the society con- (> A society official cpmraented: 


The 

[ conducted 


tri^inai. nnrr"-*«es "The overall feelitig »-that the 
eludes mat although nwrtta B e sifuation ^ merely, -contained 


difficult to 




\ uui.uu. tut - . ■ tj me of any future com 

ingLv inexorable climb m house thefe ^ be 


j prices " has rises at least on a par Vifii the 

rises, it says .ajjjough ‘ of the eariy 19701 The- lack of 

previous standaros, are smi suo funds was , for the- time being. .. 
stannal and any retuni to un- «. t-M"™ iho iM’™* 


consumer 
i>e 


Stantial ana auy »ciu.u «■« “““ m _ r _i v 
restricted building society lend- 
ling would encourage prices to 


keeping the lid on^* the 


“ take off “ yet again. 


Some agents responding to the 


Inquiry, describe , the -mortgage: - 


Lord JRedmayne ilgft). chairman of Harrods. talking to Sir Henry M ark i ng, a member 
' infrastructure committee of the Tkrifisb,' Tourist Authority. * 


the 


member of the London Tourist visitors within Britain exceeded Spendin 2 on footwear and tex- ! 

Rn -i t-H r-n mmpntpH Iqtor mnef tU. .mm... 1 til.. .Un. L... n . n >j 1 


Colour t|^ 


" For the first time since the shortage as the worst in their, 
society began its regular surveys experience- with “ridiculously. 
In 1975, it reports an increase in long'" waiting lists involving a 
the private sector housing stock three or four months wail for 
available for sale. For the past offers. As a result, many, sales 
three vears there has been a are falling through and many 
stead v "decline in' the number of would-be vendors are extending 
homes on the market but the or modernising property with the 
latest survey shows a 12 per cent “ unlimited building^ , .'society 
rise over the previous quarterly finance available for this pur- 
period. . pose.” 


r 


e 


Board commented later, most the amount spent by British tiles alone by tourists amounted j 



fall in Jul 


American tourists were no people travelling abroad by to about £25 Dm — almost one- 
longer “big spenders." nearly Il.lbn, the report says. quarter of all British footwear 

Sir Henry said, that last year lt ia open to bastion says t he and textile exports. 

11.5m overseas visitors— about reoort. whether the importance • The first battle in a campaign 
500.000 less than expected — of earnings from tourism rathe to overcome the problems of 
spent £~.<5nn wiUun Britain and economic structure of the coach parking in Westminster 
on fares with UK air and ship- country is yet sufficient!} recog- has been won by Westminster . 

ping lines. This was 14 per cent nised. Chamber of Commerce. Afte r COLOUR television set de&vertes 

more people than in the previous "Tourism has become a major pressure from the chamber's , to British distributors iajulj 
year_ and their spending rose by factor in the economy and it is traffic and transport group, the UK manufactured and imported 


Financial Times Repo. 



□early 30 per cent over the year, here to stay,” the report declares. Ministry of Defence has opened 1 — fell to 124.000 sets from%L44.00Q 
He stressed, however, that The report addis that in addi- a 24-hour coach park for 30 ir. June, according to IhCBrftish 
there was no room for self- tion to its foreign currency earn- coaches al Wellington Barracks. ; Radio Fnjiinmenr'ManuFaMiirAr^ 


foreign currency earn- coaches at Wellington Barracks. - Radio EquinmenFManufinirers' 

satisfaction. with the pound mg power, tourism is a labour- The chamber is pressing, for a ; Association! <> 

becoming stronger, prices and intensive industry with about long-term solution -to the coach;’ 
standards must continue to 1.5m people throughout the parking problem. ! 


T y *i *** f y **i — *"» _ 




'Advertisement' 1 



mffi3!EBBE!ssx. 


ECONOMIC JOURNAL 


September 1978: Vol.7 No. 9 


Propensity to consume in 
Japan may increase owing 
to recent price stability 


In the recent trend of the 
Japanese economy, business is 
starting a gradual recovery 
mainly on the strength of public 
demand factors, in contrast, 
private demands, such as 
personal consumption ex- 
penditure and plant-eciuipmem 
investments, have continued 
sluggish. 

The delayed recovery of 
personal consumption ex- 
penditure. which accounts for a 
good part of gross national 
product. particularly is 
providing a brake to the 
rallying tempo of business. 

As a slowdown of export trade 
is expected inevitable in the 
future, specific importance is 
attached to the early recovery 
of personal consumer .spending. 


the outlay for service charges. 

All in all. the recent trend of 
consumer spending is 
aseribable to a large extent to 
the part of consumers. Under 
the circumstances, the trend of 
the consumer consciousness is 
likely to offer an important 
yardstick 1o gauge the future 
transition uf personal con- 
sumption. although the trends 
of personal income and prices 
also are equally cardinal. 


It thus is noted that all such 
factors combined to afreet the 
propensity to consume. What 
deserves special attention in 
this connection was the dif- 
ferent pattern of concern over 
the price advance between 1975 
and the second and third 
quarters of 1977. 

The real rale of price increase 
in these two periods was almost 


Shunto in 1978 amounted to 5.9 
per cent over the previous year, 
and the gain of the summer 
honus 2.2 per cent': The in- 
_ creases were jou in 6qth cases. 

In view- of the recent move of 
enterprises to diminish the 
scale of management, no 
sizable increase of seasonal 
bonuses can be expected in the 
future. The same is the case 
with overtime. 

Also considering the volume 
of surplus labor force held by 
enterprises, any sizable in- 
crease of the number of em- 
ployees is considered unlikely in 
the future. Against this negative 
backdrop', the growth of 
disposable income of .wage 
earners in fiscal 1978 is bound to 
stay below the fiscal 1977 


favorably, according to the 
consumption trend survey by 
the Economic* Planning Agency. 

However, whether the current 
trend will continue long into the 
future poses a problem. 

Assuming that the trend of 
consumer prices will continue 
stable to weaken concern over 
the future price upswing, the 
grow th of real monetary assets 
is likely to heighten to offer a 
plus factor to the trend of 
propensity to consume. 

The deflationary effect of the 
yen exchange upsurge and the 
dwindling effect of business 
propping .measures feared in 
the second half of the current 
fiscal year are major deterrents 
in prospect for domestic 
business. In this connection. 


This gave a seven-month total, 
however, of 903.000 sets^-Sl per 
cent British made— cam pared 
with 836.000 in the same period, 
of 19fl. -r- 

July deliveries of monochrome 
TV sets, at 86.000 unitsL gavje: a 
seven-month total of 617,000 


Bow Group 
inner city cures 



BY OUR BUILDING CORRESPONDENT ‘ 


PRIVATE ENTERPRISE could and industrial de-rating should 
solve inner city problems, accord- be reintroduced, 
nig to a pamphlet published i n addition.' loans should be 
today by the Conservative Party’s made - available " through local 
Bow Group. authorities for developers seek- 

Compiled by six members of j n g funds to build small worfc- 
the group, the pamphlet claims stops.. Any publicly, owned land 
that "massive State intervention” or buildings held, vacant for over 
has almost totally failed to solve a year should, unless, there are 
inner urban problems such as proposals for its use,' he offered" 

units compared with 593.000 in fSSovSS! 8, ^ f0r sa,e by au£llon * • ' ■ 
the .ante period nf 1977, -. .'Tn ^nv Inner areas - local Our Ctties-Free Enter - 


Imports accounted for 19 per authoritie/controlled over 91 per SEl'V? 
cent of colour delrvenes and cent of housing, and the absence Gro “P ; 

an nor nf mnnnnhrmnA TV - _ ■ . - , . . m m.. v...v 


prise « the Inner Arens. . Bmr 


40 per cent of monochrome TT i 0 f a m arket~ in homes had • The housing bast yardstick to 

ae.ivenes :n the first seven ; encouraged many young and which. local authorities wishing 

monlns. according to the associa- j enterprising people to move away to attract subsidies • .for new 

tinn - =- 1 to the suburbs. . ‘ hbuse-bailding work must adhere - ^ * * 

"Similarly, employment policies has been amended for 4be tiiird - *10 j * \ \ J 

in inner areas have failed to time this year.. : - 1 :■ 1’ ' •.*--' s- * 

encourage business activity, and The D^artmen't of. the Envir- 
employirient legislation is a onment- said. -yesterday that the 
positive discouragement to taking new yardstick .. would -represent 
on staff. High taxation and rates an. increase of 9 per cent over - * . 

are an added burden, particularly the level set-in ; March;. which \\ f{ 5^ % 1 f 
-to small firms." - was subseqneotlyTaised.hy 3 per , u * . ■ p -.1 \ 

Lid ust rial development- certi- dent in June. ' : A11 sehemes ia 


Licence fee 
rises ‘should 
be debated’ 


-v..r 

T 


llii'f) 

Ml .tU 


MR. MERLVN REES, the Home , 5cates . and office development tenders^accepted-hf authorities 


Secretary, areed yesterday’ not ™ be re- onor afterSeptember 22 qualify 

cram the TV licence fee in-.' ll,l!reii ,n defined stress areas for the mcre^we.- 
creases sought by the BBC at . 


Year-to-Y ear Percentage Changes in GNP and Personal 
Consumption and Trends in Propensity to Consume 


Personal consumption 

During the high growth period 
after the war. personal con- 
sumption expenditure, in the 
process of the rise of the con- 
sumption level and a 
heightening of the standard of 
the consumption structure, 
contributed greatly to the high 
expansion of the national 
economy in its demand phase. 

Personal consumption ex- 
penditure also continued a 
sound growth on the strength of 
the high public propensity to 
consume without being par- 
ticularly atfecied by business 
fluctuations. It thus played a 
strong role to underprop 
business during the recession 
period. 

Under the impact of the latest 
recession, however, personal 
consumption expenditure has 
begun to follow a different 
course, continuing to stay 
stagnant for more than four 
years after a sharp slump in 
fiscal 197-1. 

Considered mainly respon- 
sible for the protracted 
stagnation of consumer spen- 
ding were three major 
deterrents during the period 
immediately after the oil crisis: 
I) The soaring of prices and the 
standstill of reai income worked 
strongly to restrict con- 
sumption: 2» Compensation of 
employees began to mark time 
due to the corporate business 
slump: Consumers generally 
became defensive in living from 
fear of the future business 
outlook. 

The pattern of personal 
consumption also made a 
negative change because of the 
exit of the explosive buying 
move of expensive consumer 
durables along wiLh the near 
affluence ol the consumption 
level and the rising weight of 


ProperiMi v in consume 

Propensity i.i consume 'the 
r.iliu of consumption ex- 
penditure in disposable income • 
mj far has had the following two 
features — the continuously 
declining I rend since 1953 and 
the move in inverse proportion 
to the growth of income. 

The conspicuous retreat of the 
propensity to consume is 
particularly noteworthy in the 
process oi the current 
recession. This trend is in- 
dicative of a certain change that 
has taken place in the phase of 
consumer cunsciousness or 
consumption behavior. 

Generally believed to sway 
the course of propensity to 
consume are the factors, such 
as the trend of consumer prices, 
the employment situation, the 
future income outlook, the 
business trend and the size of 
monetary assets. 

However, it is hardly con- 
ceivable that consumers in 
daily living are making con- 
sumption behavior by 
strengthening or weakening the 
mood of future unrest by con- 
cretely taking stock of the 
growth of income, the future 
upswing of prices and the 
prospective trend of unem- 
ployment. 

ft is more imaginable that 
they decide behavior by taking 
into account ihe future direction 
of related factors, such as the 
•■prospective upsurge of prices” 
or the “expected slowdown of 
the* income growth.” 

The uncertain outlook of the 
household budget has been 
weakening since the turn into 
1977 presumably on the strength 
of business propping measures 
in the financial and fiscal 
phases. However, the concern 
about the future price advance 
heightened in the second and 
third quarters of 1977 con- 
ceivably as consumers became 
increasingly guarded against 
the lingering impact of the price 
snaring during the period from 
late L97fi through the middle of 
1977. As a result, the propensity 
to consume remained bearishly 
unchanged in the interim. 


■Personal consumption (real) 


GNP heal} 


i85 


Average prop ensity to consume 
{right scale) 



FYB4 


u u u u 

66 67 -B&- 69 .70 7.1 72 .73 74 75 76 77 


the same. However, the rising 
tempo of - prices was on the 
downgrade in - the former 
period, while that in the latter 
period was on the upgrade, 
accounting for the' different 
degree of concern in these two 
periods. 

This trend signifies that the 
propensity to consume is prone 
to recede in case prices, ac- 
tually headed for stabilization, 
still show signs of rising. 


performance. ^ > 

Turning to the trend - of 
propensity to consume, the 
weight of concern over the 
future income outlook appears 
to be waning. The recent 
calming down of prices also is 
working to diminish the concern 
over the future upswing of 
prices and to influence the 
growth of real monetary assets 


proper countermeasures by the 
Government in economic 
management- operations are 
highly desirable. 

If the effect of such un- 
favorable factors can be suc- 
cessfully- averted, the pro-- 
pensilv to ennsume may 
start a moderate upswing as 
the recent price stability is 
likely to offer a good support. 


Current consumption trend 
Reference may be made to 
the trends of income and 
propensity to consume as the 
two. determining factors of 
personal consumer spending in 
order to follow the current trend 
of consumption. 

In the income phase, the trend 
of compensation of employees, 
which accounts for more than 69 
per cent of personal income, 
deserves specific attention. 
Compensation of employees 
generally is determined by the 
rate of wage raises through 
Shunto < the annual spring labor 
struggle for higher paysi, 
overtime, seasonal bonuses and 
the number of employees. 

According to the Ministry of 
Labor, the wage raise through 


The international bank 


ill 


mmw 


at heart. 




We have your interest* at heart. 

DAI-ICHI KAMGYO BANK 


London Brendi: F.tih Floor, p g, Q BIdg., 1?3-i 3S Leaclrnhair Sirpv-, 

London EC3V 4PA. Entfaw Tel. (01 1-28*0979 

HHdOffka: 6-2. Marunguehi l -therm, Cmvoflfl-Hi. Tokyo IDO. Jjoon Brmtitmi 
Aflondoai: New v^rk, Loi Angsts, Dwwldo'f. Ta '0*‘. Seoul. Singapmv RopreSHfUTHa • 
Ofrcof *i- Cnnago, Horjtan, Toronto, S3o Paulo. Mexico City, Caracal. Frankfurt, Porn. 
Bwnit. Jjkoffa. Svdniry SubUdufiss W Chicago, Afibwdatn, Zurich, London. Hong Kong 
AKriuiad and AjMKiatad Companies in Rio « Janeiro. London, Lu wnujurg, Hong Kong, 
fljnqiok, Smipoaro, Kuala Lumpur, Jakarta, Manila, Melbourne, Svdnev. 


leas- mull Parliament has had 
time to debate and vote on them. 
The piea came from Mr. Gwiiym 
Roberts, Labour MP for Can- 
nock. in a letter to Mr. Rees. 

The increases senaht are from 
Efl to £12 for black and white 
and from £21 to £30 for colour, j 

Mr. Roberts said : “ These are 
of the order of 33 per cent, are! 
well above the rate of inflation,: 
and seem totally unacceptable.; 


State-owned building 
industry ‘rejected’ 


BY OUR BUILDING CORRESPONDENT 


There should be no question cf;THE PUBLIC believes national!- February of this year to 32 per 
allowing these substantial in- Ration of the construction indus- cent now> At -the sam e time, 
creases which have national ; try would lead to lower efficiency opposition to the sefceine bad 
repercussions until Parliament j and decreased profitability, also risen, from 70- per cent to 
has positively expressed its j according . to an opinion poll 72 per cenL 


approval. 


conducted on behalf of 
the Campaign Against Build- \ ,?“ e Je su lts 
Log Industry Nationalisation. taKen as an 
The poll, carried out during the success of its . recent 
August among more than 1,000 Publicity campaign, aimed at 

people by Market and Opinion telling . the public- what the 

Research International also Labour Party had in store for 

shows that people. - have “ ie building sector. • • - 
become much more aware of the The campaign - would, now 
Labour Party's nationalisation concentrate .'on providing a 

P T JJPPsals. . more detailed explanation- of" 

PICTURES OF Leonard Parkin; ™ campaign said awareness Labour's proposals and their, 

reading the news “live" were °f ti 1 ® na tiq n aIisatioo plans had anticipated effects * on ' the 

transmitted instantaneously via risen from 13 per cent in industry, 
satellite into the ITV network . ■ ' \ . 


Satellite link 
helps ITV 
liven news 


.• were_^-beihg .;^;.i . ' » 

indication of kiiil] V. jn Sf 

f ■ • ifff MMint * 1 ** 


last night when the Independent 
Broadcasting Authority demon- 
strated the first European trans- 
portable earth station for news 
and current affairs. 

Parkin read the news at the 
Internationa) Broadcasting Cnn- 


Education call ignored 


BY COLLEEN TOOMEY 


THE GOVERNMENT has almost sible to women. 


S5Lf-KfS JKS JS 


AT?- 


the new Eurnnean Orbital Test} "T™ J,T "J*"" s L ai,su * s ° n hi ? her education. 
Satellite (OTS) aboVe Gabon ^ uca ^ o lt : sa ys the Equal showed that only one-fifth'- of 
West Africa It was bounced to 0p ^? rttaD I lties 00 fission. . employees in England and Wales 

the Post Office's Goonhilly Dowis I C i^? 1 *gh?nL Pr , DP, ^K C P. m ™ ,s " 0X1 day-release courses were 
* “ sion thinks worth considering women. Most of them came froin 


"ian 


•Uveia 


V li i 


r;’d 


irrto the TTV network — a round 
trip oF about 50.000 miles— in 
less than a nuarter of a second. 

The experimental earth station 
can transmit both recorded and 
“ live ” programmes via the OTS 
from anvwhere in Europe and 
North Africa. It opens the w a v 
for the use of satellites for 
instant electronic news gathering 
at distances too great or too 
difficult for the conventional 
microwave link-up. 


seriously in the Government public administration-- aiid 
discussion paper. Higher Educa- defence sectors, whereas tnsle. 
tion in .the ISSIs, is one to pro- students were drawn ‘ fro® 
vide- . more edneation resources electrical and mechanical 
for people already in employ- engineering sectors. : . 

m , ,, The food, drink and tobacco . 

Women- make up only a snjall industries, which employ large 
percentage of employees on day numbers of women; sent less 
courses, and the Commission than. 0 a e- third of its female 
in * report published employees on higher education 
yesterday, that fundamental courses 

■“■S!* ^ 1 made to The biggest gap in training for 

higher education to make courses women has been for workers 


more attractive and more-acces- under IS- 


Tory plan for taxed benefits 


■%v 




• ^Dt 


BY RUPERT CORNWELL, LOBBY STAFF 




rk 


?“* party pblicy-makei* have spend his money as he wished: 


sidering short- been cautiOiis over how it should reiuceraiea -tne nany* 

creasing incentives and cutting 01* - rf h f/ a ? y * Str Keith 

the weight of direct taxes on 1 was ^ nown 111311 any such measures .wW^. 

earned income W ° a that the Labour Government had hit pensioners, the 'sick * 

_ been considering isimilar action the disabled. -- 

deariast night on untaxed- Benefits. "We think According to the Gonsfcrv^es' 
Manchester by Sir Keith we have way to catch short- campaign guide when the. - 

0pi ??i 10n - Induslr y ter ^ benefits without an National Insurance scheme **5. 

spokesman. Addressing a con- enormous, increase in the first introduced' In 194S. both in- 
ference of Conservative women, number of dvil servants.” employment M a • ' sidauess 

sir Keith said that the difference He said .that the switch to a, ^enefits were taxed, - hut were j 


; $ti 


,.N re 

, - — -•—»». ue miu lint uic awm-Q to a, ««p umea,' oat wt> “ , 

SjSj? an ,f ,u U1 ' 132 credit scheme would benefit “^uJe non^axabie heau« *”-< 5?*j 

11121 very ’poor. Tax would Qn»~*?<rf the diffieuttv of a prfy ing- the .. 
t *s a miracle that so many on lv ‘affect those with incomeit 1 . PAYE svstem. . •• . & titj 


only affect those with income PAYE system. 

mlliions of people go out to work in addition to unemployment . Under a tax credk scheme this- 

every day. ^ benefit; -obstacle would- be - remove^- 

• s P e ? c h reflects the endur- Sir Keith”, the party's leading. Short-term benefits -would he 
mg Tory interest m a- switch to spokesman vfor‘ the intellectual taxed and thus put ou Jthe sagie'v: ’• 
5? thus doing tight, agjtin plfidfied that a Con- footing, as retirement pension^ - • 

MV with thp hioh v pnmnlim,^ — i- Tn,:..- ! 


•' J «rr 

,v :t * 

“eh 


a 2L a ^ vlllE the highly complicated servative Government would cut This‘.would increare coveremeht^ -.V. v ‘ ■ « ' 
structure of separate social direct taxes, thus- Increasing the •t'evenue; say .the Tonies 1 
security and welfare benefits, freedom; of the 'individual £300m. a year. ' '- 


* 


L ^ 




A 


k. 


1 


II-JI'W 





*7 * 

*+■9 


iZSbf 

















to 


Blacklisted company 
now faces strike 


mu 



BY OUR LABOUR CORRESPONDENT 

BMJ Be! tost ifMilc engineer- The employees considered the normal commercial guarantees 
" company which .was black- offer inadequate — partly, they *hieh enable it to continue with 
:lcd bit year for breaking >ay. because compared with the order, the cancellation of 
:u-se Three nu.dc lines, i? skilled engineering workers in the arrangement is thought to 
. rt-niened by industrial action other companies in the province have slowed work on the contract 
.ini employees who have they are underpaid, even though an,{ caused other obstacles, 
ji-i-ied a 5 per cent increase Iasi year they received a 22 per The company, established in 
itch has already been paid. cent increase. l v 74 and still run by members 

A non i l'.ijuO Aorkers ax James They maintain that a skilled ,lf the Maekie family, keeps its 
icKie. an olo-esiablished tnginroring worker at Muckir is a flairs closely guarded. It does 
ivate concern marine textile averaging 165-70 a week, whereas nr,i give cither turnover or profit 
tenmery, met yesterday and counterpart in Short Bros, fi-ures and firmly declines lo 
ciQCa to reject the j per cent company would he earn- di cuss company policy, 

y otter. They threatened in- Jns n03rc r to £90 per week. If is not known, therefore, 

slnal action in the absenie or whether last year's Government 

belter offer, but any sinkp Last year, the company, v hicli miasures influenced iho corn- 
uld be delayed at least two has a total of 4,900 employees. p ^„ v> bu{ lt JS bought that the 1 
inths because or a company cave the 22 per .cent increase thi .-at of renewed sanctions has 
reemem v*hich allows a aQ d brought Government actum i Cl | l j ie ccompany to toe the 
nlmg-off period. against itselr in the form of a Government line. 

The company paid a 5 per ceni J? ss i* n Although industrial rda lions 

:rcase in lust month's pay Guarantee Department at the company are generally 

ckets. even liiough the six arrangement tor an import. int considered to be good its 
tons concerned had previously export order to Vietnam. in-.olvement with Third World 

.-missed the offer. Jl came The Maekie group's part of the export markets and the 'difficulty 
jerher wiih a small produc- order «u put unofficially .it of arranging guarantees for such ! 
iiy deal which would have 115m and. although' the. company msirkets leaves it vulnerable to) 
Nint another 22p a week. was thought finally to have found lie eminent goodwill. 

BL Cars will seek 7,000 
volunteers for redundancy 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 

-GABS will call for about 7.000 The decision in the. Cars Divi- coupled with those already made 
lunieers lor redundancy after sion to seek voluntary redundan- and the 3.000 jobs shed at Speke, 
irkers return from the autumn cies had been expected for m*v- should take the manpower reduc- 



Both dilemma’s hon 
unhealthy for Ford 


BOTH HORN'S of the dilemma 
on which Knrd now seems likely _ 

in be impaled are eminently un- I 

desirable from the company’s 
point of vie*".-. ( 

Ford has done more than any 
other automotive group to ime- 31131 
grate production in Europe. So 
if it stands firm behind the that 
Government s pay policy and the 
UK plants are bailed for any p a j 
length of time, the whole of its “ 
European operations will suffer 
a creeping paralysis. 

However, if it had not decided 
lo help the Government fight this ; i!l? nc,a 


kenmeth 

GOODING 
analyses the events 
that have led to the 
paralysis of Ford 


built-up vehicles lo compeosaie 
fur. at least some of the lost.pro- 
duciion in Britain. 

All Capris and GranadasTare 
currently assembled in WjPst 
Germany. Ford h rough! in 27,600 
Capris and 20.000 Granndas ip -the 
first eight months of 197S. 

And UK production of Gorlinas 
and Escorts, respectively '4he 
bcsi-sellmg and second-best- 
selling models in the UK, have 
hern supplemented by imports. 

In the January lo August 


However, if it had not decided . period. Ford imported 2b.l)00 

to help the Government fight this ;i!l? nc,a l , ri Spain and the cortinas from Belgium and Irc- 

particular battle there loomed J-bOOt-c and I.fiUflcc types are | ant j nut' of 92,000 registered in 

iho threat uf sand inns which, completed at Dagenham. the UK and 11.000 out of 77.000 

according to Ford, might have Body panels fur the car are Escorts arrived from West Gcr- 


manenity aamagms impact in me German v * nd Va enria The In all. Ford expects about one- 
V y r c x , ; , , 1 1 , SSSi wS?l.u™T» mnj ll third of fi. total vehicles sales 

•• F ,mn P ,ni . '' d iK SJ L, Dagenham. Valencia. Saarloms *hw r**r to be imports compared 
Europeanise ns operations it and Bnrt}eaux if1 France . with 25 per cent last year and 9 

-a JL1 ? Mnoc°l , n ‘'»hn Vl mMillnH.Sn' In addition, oilier important per cent in 1976. 

d relations in the motor induslr\ component;5 originate at Enlield. Ford will obviously he enn- 

arS? l£S?Sf r'JL™ i m Sf7 Leamington ami Treforesi in sidering whether any attempt to 

reit and likely to remain that Br j l;im Belfast in Northern increase the import content of 

wav for many yeaTs to rome. Ireland and Fologne and Totnl sales would be acceptable 
...... „ ... So the changes it made were Wulfralh in West Germs nv. either 10 the UK Government or 

- Vi v.--'.?’- . * * - designed to give it flexibility some cuinponem-. for the U.S. the unions. One wrong move 

Pickets ask a lorrv driver not to na« th.-ir line inm ih.. Topri when fn «* d wtih disputes. Many version of the Fiesta arc supplied might stimulate a complete ban 

nc iheiSJv ai ItowJEI j£2J lht * components, subassemblies, and from , he Slates. on the handling of Ford imports 

* 1 oagennam, ♦ven com plot e cars can be cither Although Ford has led the in- bv the dock workers. 

dual-sourced or substituted by dustry in' dual sourcing of emu- Faced with all this aggravation. 

' similar Products made elsewhere, nonents. noi all iho components Ford must have carefully calcu- 

imi ou pled with At uck piles and for the Fiesia are dual-sourced, laieil the problems it would 


Strike echoes 1971 
national shutdown 


stocks in transit. Ford's ability The; benefits of th.- economies of encounter if it stepped outside 
to switch the sources of its scale have tempted Ford to the Government's pay guidelines, 
supply, .should enable it to with- single source a number of com- It supplies around 25,000 


Irdjy on Monday. 

r»«« redundancies are Siade^clr'ar ‘to | THE LAST major national Ford Heath, then Prime Minister, on gwji by transport after among toe 'most imiortanL 11 * 10 " * Sphere would the 

v.lai to achieve productive J ioh« wmdd These si i mining-down exercises strike— in 1971— was too longest his programme He predicted a depute Government find other UK 

,rsafl^^jS5?TK5 «sss issrizr* 10 ss.'syswtfss ^ rempanrs in ' J,,s P b M , “ t t L ,or ^«J E -;s sw*™ ^ 

cards parity of earnings be- P Th? rr HSnS^i fnr ih,* enlist scheme. Negotiations Like the present dispute, it SSEve % period of %du*tn!3 s ? ecia1 p " ca,, 1 ! ons ” al toe cost Vthcn prodiirimn nr the Fiesia a " vs that n oi? than the 
l ' Cn PJanlS ‘ v elr °w a s° Si 9 000 STff ft! al ^ with The trade began while V existing wage £? !nd nKJllfy. 0 ' " so 7 e SSSp^ISE SliS- ftSJS 

At Ley I and Vehicles, formerly i inunar> - esutcVsuggest perform- ^^"hnSSi* drassed on lonscr Rli » had a month to That strike coded after secret pn n P ms and toll an average of h. t ree'en v edacity to profile w " uia »-c at risk. A number of 

£ nd bu . s . division, the ^ce may bc wt .„ be]ow lhat Hl hoped. run after unofficial walkouts by talks between the company and g 5 dav .. sup p lv a, , s if theJ items was ‘hrou-ht on ,ucal ■ulhorlue* and other 

■npanv has l0 J«J Ihe uoions i m i e more than 750.000. The- proposed deal may yield men in some pans of the Mr. Huch Scanlon and Jack ^ ‘ in tr P n SJt arc , la kJ n into stream in Spain organisations would follow. the 

it more than 1,000 jons may BL ii lik-lv tu l'iko an aesres- of up to £15 a week, country. Nine weeks passed Jones, leader? uf the engineering accou nt Ford has been nerfectlv aware Government’s lead, and would 

*2-Sf T 1 STS’JSSS! 1 * s,ve «»a«Vnd aim Tor a Target dl 'P>' ndtnt un output before there was a settlement and tranipart unions. They This compar „ wjth Ford's for some lime (hat it might face Perhaps even b e put under some 
£ “ 0in m ,hc next u months. next year of inore thaj| performance. Stnkc action started after the emerged from their conclave noni)al s;ocb | eve , of 20 dayi lahour p ,. 0 j,j eil1K in lhc . UK pressure io do so. 

Discussions have started on Finding volunteers for Any rapid increase in produc- H n L° nS ^ ? pay off ^l ? f !!' _ 1 whfch *£ v f and was designed to provide a because of the pay policy and we once a competitor has 

t redundancies at the AEC redundanev should not be tiviiv. given the stable produc- “ etween and J ust nver W in increases averaging more than cushion in the event nf major must assume it has taken steps established himself with a 
rks at Southall, Middlesex, difficult. There has already been linn targets, might cuuse further res P° nse to a claim fnr increases ■« per cent over the period of disruptions lo production in to build up stocks, an expensive customer he became difficult to 
mageinenl is studying other a net loss of about 6.000 jnh 5 this jobless. This could be achieved £ « iv * P ar,t >' wlth lhe ‘a ?w5, ni c r L r „ Britain. husiness hut a worthwhile pre- dislodge. Ford insists it would 

ias where labour navuigs can year from natural wastage. bv naiural wastage ana a rrdup. highest-paid car workers in the A nairot ni me rord workforce gut even these elaborate pro- caution, one would have thought * u »? r a permanent loss of some 


months. 


Michael tion for the year to more than 


j • 1 1 a stand icnglhy disputes. ponents, not only for the Fiesia vehicles (cars, trucks and trac- 

f| O THH ATI <1 1 ^ rill I fl (\WTY\ (.ountcr Information Services, Vivvt for all its F.uropean models, torsi a year directly to Govcrn- 

11m. LJ. vf Jil MlUlUUYVll ,r> n »-4~i ami -i? re?0rt fK n F < ord ‘ ,f is csfiinatod that lf> com- moot departments, which repre- 

T 1 suggested. “Even the long ponents for the Fiesta are pro- sent* a useful chunk of busings. 

supply chain.-, may he an asset, duccd entirely in the UK. The unions would argue, how- 

BY ALAN PIKE. LABOUR CORRESPONDENT stretching across Europe, the Counter Information Services cver . ,| uan hardlv be worth 

*" in™ '£*** lists carburettors from Belfast r , sk ina output of 1 51000 vehicles 

n “ r, "j u- diP i tP i and 1 ^ cn . re * and radiators from Basildon ;i week to protect 

THE LAST major national Ford Heath, then Prime Minister, on v ac j- ™ sh transport 2fter among the most important. In any case, where would the 

strike— in 1971— was the longest his programme. He predicted a i, su-'-ctorf oi c n- o .• Govermnent find other UK 

in toe company s history in this bright future for Ford in Britain w jJere ^ ^ toat FoS**has taken Suppliers suppliers to fill the gap left by 


ions— at the cost When prndiiMmn nf the Fiesia 


a ban on Ford vehicles? 


several millions nf dollars— first started. Dacvnham was the s ‘ l ' s 'hat more than the 


J , - 

^ < • ? 

i ' . t 


f i *. t " 

j; i - - “ 


I-i j • • j ! ( • m increases of between £12 and 

Foot Visa | Ships’ officers win ‘Krzxf'sn 

h/lirP/l Mr. Moss Evans who now. as 

bv dilute 16% in Phase Three SSSS2S 

UlfcSjpui.V' Ford as the first test of his 

uk-haft foot iMdornf' BY NICK GARNETT. LABOUR STAFF philosophy that unions should be 

^ JiM.nAEL i* out. leader of free to oegotiate settlements out-. 

i, V * s Upstpouea a, UNION NEGOTIATORS reached ment , in June, held back in the side the constraints of a tight 
i ^ because agreement yesterday with ship- hope of sell ling at a higher Government incomes policy. 

Ur ?nm u!! Tn I ^ ner5 Dn a 10 cent Phase figure. .. Two attempts bv the company 

n ? rw £»>■ offer, for Merchant They Eventually accepted a to improve its offer after the 
leer wnri-e^ - 1Sav - v officers and cadets In the phase Two deal, to run from theftoird and fifth weeks of the 1971 

Senate Sj iui f 42-0Q0-slroTis Merchant Navy and end of June, and a 12* per cent Jittc failed to resolve the 
C productivity deal to operate from 


panics. This would have involved exactly- nin»- weeks after *he ciritable moment when supplies reluctant to give any hint about As fur availability. Ford's fore- 

, increases of between £12 and slr ‘“ e , h;,rl *'? rted - a " d dry up. how long it will he before its castors— a pretty accuraie hunch 

l £18 per week. protluclion toss of IJb.OOO jhe Fiesta provides perhaps Continental operations will feel in the past— say that sales of all 

The union negotiators during ve “ l £*? s ' . . , . the best example of the way the effects of a widespread types of vehicles in the UK will 

the 1971 stoppage were led by Although toe .settlement did Ford puts together the pieces dispute in the U.K. “The first decline next year after a particu- 

Mr. Moss Evans who now. as n , ot . P r ? L ' i5cly m . e ^ lhe .original „f ib European production jig- people to hear will be lhe cm- Jarly huoyant 1978. 

newly-elected general secretary J. r cnmplple parity with saw. ployees at the plants in Europe Probably lhe main reason why 


philosophy that unions should be 
free to negotiate settlements out- 


ment considerable concern. 


assembly of the I.OOOcc and lar question is whether Ford will its image 
l.IOOcc engines is completed at feel able in increase imports of citizen." 


•und week. 


because their last deal fell under 


.Lft.fftr rSi*- I VmiimI : "FVflMSC CMCJA UOl Uk’Ui *VI| UiJUL'J 

no Riancnestfor cii> Council j pu. - G rp wu 

?'i. Shipowners said they were 


groups. 

The deal, stilt to he ratified by 
toe executives of the four unions 


Smith will lead 
tailors’ union 


Tough line 
on hospital 
pay claims 


MaiGtoek 


By Pauline Clark. Labour Staff 


an 1 menl said that it would still hare vil1 bc Ia lks on changing leave QV| h()Cn|fQ I 

•ding cercmunv. i ro judge whether any deal for arrangements, medical, severance VF1A AAvFopAl-Ctl. 

~i ~ ■ ... . . I the officers this year should be sn ^ redundancy payments. . • 

imith will lead hy „ r pay claims 

l-o lira irvn Afier yesterday's talks Mr. 3«nior engineers and fourth 

laliUlS Ulll(/f] Eric Nevin. general secretarj’ of officers to £10,490 for masters. By Pauline Clark. Labour Staff 

I. A LEG SMITH, aged 4S. will the Merchant Navy and Airline . The employers are due to 

'ome the new general seerp- Officers" Association, said it was reply next month To a claim for . tv-high warning if-ai net 

,v nf lh! 120,000 * strong "highly doubtful" that the. -sabstaniiar rises from toe 5 lf S n : b S2S! 

iinnal Union of Tailors and Department would uMeet phonal Union of Seamen, whose lQ breacb Government oav 

rment Workers when Mr. Jack Last year the officer-?, who 44,000 members arc due lo seltle auf^iujes was given bv Mr 

egougan mures in April. were due for a Phase Two settle- tinder Phase Four . David Ennai Secretary for 

Mr. Smith, the only candidate. Social Services, last night, on the 

s proposed, by 79 union Tfc J rnI ,n 14- „ T !11 «^ n *irl ev,> °f ta!ks aimed at ending 

inches. He has been assistant KPIJOIu S3YS It Will St3HQ industrial action by 3.500 hospital 
icrol secretary since 1974. a^viiwau ^ *■' ^ * works officers. 

Among the boards and commit- t -pp j j • ' His warning that the Govern- 

un which he serves is the y « Pnpr^IlOn 32X061116111 went would stand firm in imple- 
nhmg Economic Development i VUV1 awyil tt b Al/VIUVU menUng the 5 per rent policy 

mrainee. He is a likely succes- labour STAFF ' a,so coraK union leaders for 

* fo , M , r - Sbeamwan a* a mem- bt our wbour ■ . 250,000 hospital ancillary workers 


rment Workers when Mr. Jack 
egougan retires in April. 

VIr. Smith, the only candidate, 
s proposed . "by 79 union 
niches. He has been assistant 
icral secretary since 1974. 
Among lhc board* and commit- 
■>" un which he serves is the 
Jibing Economic Development 
( -mrainee. He is a likely sucecs- 
f* to Mr. Ma egougan as’ a mem- 


Renold says it will stand 
by Federation agreement 


, ■ ftY olJ - LABOUR STAFF a,i ’ c, ramra " s union icaoers lor 

to Mr. Macgougan as a mem-l BY OUR LABOUR 5TA ■ . 250,000 hospital ancillary workers 

-- ,:i‘ *?'r of the TUG General Council. ’THE RENOLD power trans- induslrial relations record, is slarl preparing a 40 per cent or 

j missions company will stick to among a majority of toe EEF 5 inorc pay i-i ai m j n ii ne with the 

A cion cnos>ia1ict ,he national engmeermg 6.000 members faced wito special aim of inoro , han , m , 0t . al 
rVMdfl SJJUtltillSl employers' agreement in spile or difficulties in wage negotiations ap ihorily manual worker? 
f f the special difficulties it raises this year because of r he Govern- ... .. 

lor local radio in reaching a pav settlement with, menl's Insistence that an earn- uninnsrcproscnlinglhcancil- 
• r aDei. 1.000 striking workers in ings agreement reached last 'ary workers have already fore- 

IE BBC has appointed its first |^ n . April must be costed against ,,J *' disruption of hosp:!al 

-mber of staff to have special: V . „ . . phase Four pav offers. services ir the Government tries 

sponsibihlv fnr training Mr. C.nc Murphin. cnmpnny . leaders in the Amal- to impose its pay policy. 

. migrant broadcasters on its ! secretary. ^ said ycstert-W tjrat ated Union of Engineering The hospital works officers 

I work nf 2fi local radio | JJw no ICf^'SLlSLSSS Workers in Coventry point out have also given warning of pro- 

dinns - He is Mr. \ernon to«l wito ihal this has resulted in an offer longed a^uon if pay polity is 

jrea. 51, former business I Employers Federal ion. The of onlv 315 per cent in response applied to their claim for a 

tnager of the Sri Lanka Broad- 1 company had yet io decWe : rts (D a c j aim - D p f ahoiJt 10 per P CC nt. correction to differentials anoraa- 

<ting Corporation and more, next move -in the diepulet The linjnn> w hicb is committed hes m a proposed salary 
ct-ntly presenter nf BBC Radio «s workers over the Govern- rc turn this year to free col- structure. 

■ndon Asian programmes. ments5 per cent pay policy. . hargaining. is expected to Mr. Ennals said in his state- 

Me- Corea- who speaks Hindi [ The company, which until now make the week-old Renold strike men t last night: "No Govern- 



d_ Urdu, will give specialist j bas a relatively peaceful official this week, 

vice and backing to broadcasts 


ned at ethnic minorities. 


ment can avoid its direct respon- 
sibility Tor settlements in the 

— __ _ - public sector whore the Govern- 

■actory workers Pit closures forecast 

47 -p ; MASSIVE PIT Closures were in Britain on a pit closure pro- T . r . n „ D „ n , n „. 

f'PPTlt OtTPr 1 forecast vesterday bv Mr. Arthur gramme on a large scale. But uou to nnt 

UIIt-1; I RcaraiH, ’the Yorkshire mlners*:the union will not gecept closures, ^ C «r° r ». W i ,S -7 lo 

SEVEN-WEEK-LONG strike. at [leader : unless on proven seam exhaus- torou^lr the roof, but it would 

} Kiddonninstor Wore*., en | fio <said after n inei:«inc of his lion." totally unfair for the 


? lory in a dispute over pay r was lo persuade them to accept three Yorkshire pits — Rocking- . L , adn "" 

VC flcrepled :» new manacc-)i be closures. ham. Stubbins and WenrworJh t v7£i r -. re . Str,c ' 

?nl offer, details of which have; ** We fee] that the Board Is Silk Etone — which are being run Jl°" s on J^Pf ,rs 10 hospital ser- 

t been relNWd. i about ta emb.rV w certa.n areas down. hSld ST5Srt«i® 

* 1 ‘ ■' Hospitals in many, parts of the 

a -a • A • a 'a a rountrj- are admitting only 

Steel recruiting targets met cm " ,iency ” sK - 


BY OUR LABOUR STAFF 

{ECRUITMEVT TARGETS for 
-ouns people in the sled 
ndnstry in general are being 
naintaioed, in <pite of - the 
sorld-wide stcei recession 
vhich has led to sbort4imc 
forking and de*mannlug. the 
.ron and Steel In dustry Traili- 
ng Board says in its annual 

eporl. 

The total" number of young 
people recruited into the 
n dustry In 197' 7-78, The period 
)f the report, was 4350, com' 


pared with the last available; 
figures or -4,657 for 1975-76- 
Tralniug standards in the 
industry have continued to 
improve, the report says. **111 
Spite of persistent economic 
difficulties. ” By the end of the 
period covered, 68 per cent of 
steel industry establishments, 
covering '86 per cent of the 
workforce, were expected to be 
exempt from levy payment 
based on the average number 
of employees.- • 

The Board has a target of 90 


Button workers 

per cent of establishments to • rn j. 

have reached toe standards of win i57o extra 

training required for exemp- 
tion from the levy by March AN INCREASE of more than 
31, 1980. 25 per cent on the minimum rate 

for the 3.000 workers in the birt- 
The report admits that the ton manufacturing industry has 
plans for closure or intense been agreed by the industry’s 
de-manning being faced by wages council. ' 
steel plants in both the public The present minimum of £30 
and the private sectors bare has been raised lu £3S. The 
had a “significant " effect on unions had claimed 144.50, 
morale in the industry. The £44.50. in line with the low pay 
steel recession bad made sound threshold in lhe Government's 
manpower forecasting difficult Phase Four incomes policy. 


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1 


12 

C0MBARO 

mu 

<pne way to keep 
MPs busy 

Wi COLIN JONES 

ALL THB POLITICAL specula- Held. One possibility here. 

tiou since the Prime Minister which would give the Govern- 

tnMiM that there would not he mpnt the r ' Bht ““aS® and which 
t^.d..;US that there would not he nw send ^ opposition 

ap.-stutumn election has centred partles i nt0 the “No" lobby 
on the question of whether 4, ould be a strengthening of com- 
the Government will be able to petition policy. Many might say 
s M r ? ,ve J **¥ ! ?ruc j. al division at ti, at t h e climate is already com- 
trfe end of the Queens Speech petitive enough. In any case, 
dtfme in November. Much less with the exception of tlie U.S 
attention has been paid to what and possibly West German v, 
the -speech will contain. It is ini- Britain already has the mostcom- 
partant to consider this, too. for prehensivc set of fair trading 
thjejaew session could go on For laws in the western world. But, 
some time, possibly even until if industry is to compete success- 
next, summer. The Scottish and fuiiv abroad, it must be fully 
Welsh Nationalists will presutn- competitive at home; and there 
afiiC-' want to keep the Govern- are a number of weaknesses in 
dfdtfr alive until the devolution the existing rules which could 
refferendums have been held, usefully be remedied. 

Even then. neither the 
Ngfianalists cor the Liberals Rlz>cciflO' 

(■whatever they may be saving DlCoMUg 

gSSSlSnMf l U.e r opln"n vgZL&JSTSfiS? 

P0M| SO on runniDE agaiist them. g,'|?" 0 p r „w erS u il»» 
Tirhamentary arithmetic will registered restricttire agree* 
pet ermine some of the contents meats. No one who believes in a 
of the speech. Orders will have liberal trading system can 
to -he passed to activate the possibly object to that A snrpris- 
wvolution criteria, and there j ng number of such agreements 
well;, probably be o Bill to in- have been coming to light 'and, 
SS 4 * 5 ®,. e number of Ulster w ith the extension of the restrio- 
j It Jtouli be nice if Minis- ti ve practices legislation to com- 
' te S?^ decided to leave it at that mercial services, there could be 
fiEL - e a moratorium on new more in the future, 
legislation but that would be Secondly, there has long been 
too!#iuch to expect. The list will a case for prohibiting certain 
nave to be padded out with other uncompetitive practices by 
measures which ideally— from dominant firms which the 
the. ■Government’s point of view Monopolies Commission has 
-'rare not expected to arouse consistently found undesirable 
pou&cal controversy but which in rhe cases it has investigated. 
V?,. useful and create an air nf They are not many in number 
jiifrapsive government, and which but "they include such practices 
will keep a hung Parliament as restricting the sale of com- 
su it ably occupied without offer- petitors' goods, tying the supply 
urgifhostages to fortune should oE one product to the supply of 
tt«.*0p position repeat the guer- another, and forcing a dealer 
rilta tactics they used to such, to carry a full line of products 
powerful effect against the Attlee if he is to retain the supplier’s 
Government in the winter of business. Making justifiable in 
191HM51. a court of law actions which 

‘Ul- . are presently subject, to 

Wnrflimocr administrative procedures would 

YY urimness make competition policy more 

‘ .. . ... predictable — and be in keeping 

■ * *^5? criteria are pretty limit- with the way the policy (has been 
mg.. They rule out a lot oF things evolved over the years, 
which cry out for attention. Next, the definition of a 
uvjgnauling the Official Secrets monopoly situation needs to be 
on ® exam P' e - , If the extended so as to include 
*SF rnnient w *P l abeat * Wl th Hs certain kinds of oligopoiic 
proposals it would be un- market structures. Finally. 

1 v!- rl ^ b * kind of greater weight needs to be 

publicity. Reforming the archaic attached to the detriment of 
and economically debilitating reduced competition in the 
- u . 8 “ n ance Ls an- scrutiny of mergers. Admittedly. 

Ministers have, already f b j s m j g ht make it harder for 
I tbat, .. a . nd a, [ e preparing Ministers to override the 
_»ke a tenants charter mergers panel when they see 
s*J?L ain i> 0 " er ? n " ; 111 V? e b °. us ’ short-term employment con- 
^ i? rin ®'Ii? * 0I i r l « Censi " , I siderations at stake. Some of 
^° day s so® 1 * 1 ! the other changes would make 
** *i s years sl ° c ® the Price Commission more 
Err ° 11 C ^ mittee J reported ob viously superfluous. But the 
M n ° s t ov ™t n * t h haS been Government cannot say it is 
g upset the non-con- unready t0 legislate. These 
f0 Y nist vote - ideas have all been advocated 

To find the right combination for years. Most of them received 
of*dullness and worthiness, one the Government's own blessing 


JlnaBdal\Times Jaesdax Sggtemfreg 28" 



The intricacies of growers’ champagne 


WHEN WE in this country to pass the 20m figure, and by or sends elsewhere for the the co-operatives are less res-' typical French “one-upmanship" champagnes form ah important 
think of champagne producers, 1971 they were distributing second fermeatiou In bottle, tricted, as they may draw from b£ those who like to display to part of the total sales, in fact 
the names we commonly call to 32. 5m bottles. Of course in the Today the 35 co-operatives who members over a fairly wide friend^ their expertise as well most of the growers still sell 
mind are those of the Grandes rising boom period the motions make champagne— out of a area. The Union Champagne at »s their economy in having grapes to the maisovs. In the 
Marques— the select company were expanding rapidly too, total of 125 in the region — Avize on the COtc des Blancs /ferreted out ’un femmisseur/ new six-year contract starting 
of a Couple of dozen houses, and by 1971 their sales were either sell tinder their own receives grapes or still wine j ' Fortunately for the mer- with this year’s vintage, 80 per 
nearly all long-established and aver 82m bottles. The l3test label or to merchants or return from ten local co-operatives, in-i growers' champagne ex- of the 17 .000 growers have 

with world-wide reputations and figures, for 1977, were 116.rm to the members for thenr direct eluding those at Ambonnay and>p 0rts are limited by their agreed to sell their grapes, 

distribution. They form the bottles for them and 53.4m (32 sole to consumers. The co- Cumteres that are &asicall ytresources. The co-operatives amounting to 4S per cent of the 

commercial wine aristocracy per cent) for the growers and operatives sell 12m bottles a black-grape villages, as well as handle most of them, half going vintage. 

based on Rheims and Epernay, co-operatives. year, and return a further 14m from their own Cdte de Blancs to Switzerland and Ttei ghtm Also, although their wines are 

and are responsible for the pro- Nevertheless these statistics to members, who number about members. It is their excellent For onl a handful of indepen- 1 ®ss expensive than the mer- 

duction and sale of two-thirds do not present the whole story, half the 17,000 growers in c * fro sec champagne that is dent Ucoitants can afford chants*, it should not be implied 
of the total output. Between for the growers are weak in the Champagne. The balance of imported here by Marks and travellers to visit hotels and that the latter are over-priced 
them they certainly make the export market, but important growers' champagne is made by Spencer. Nevertheless a good restaurants. For the others at source — although the same 
finest champagne, which is not within France, where they hold the rgcoltants themselves A deai of ^ co-operative cham- ^ busioess side of the mail- cannot be said of retailers and 
to say that all Grande Marque 42 per cent of champagne sales few of these are large selling pa 8ne “ sold to the merchants onJ ' transactions is done by restaurants in some countries, 
champagne is better than or — 52.2m bottles last year. On up to 150,000 bottles a year but who sell it under their own labeL ^ JErower » s wife in the back not here in Britain, 

even as good as tiie products of the other hand the merchants 0 f the 5.000 riooltants ’two- The lattesr have the advantage kitchen. where mark-ups are usually 

less prestigious firms, some of are responsible for 97 per cent _ -j.,.** -tact** moderate. Obviously it costs 

whom make first-rate cham- c f the export trade. 1 ” " more to run a commercial organ- 

naono . .. more than one very agreeable 

pa |P e - . , . The reasons for the growth 

There is also, however, an- amJ success ^ ^ ^ 

other sector of producers, and ^ 

now a very substantial one: the . Th Pr ° fit - . - 

growers rather clumsily known n f 3 ™ buying from a grower, and only 

as rdcoitonta-inonipulants, who blS *J aat th«n i.- then. after an informed recom- 

make and sell champagne under J? a cbam P a S Iie rather than thirds sell less than five of being able to make up their mendation. Sdme years ago I 
their own label, and, allied thousand bottles annually, and a blends from as many different drank several times such a 


WINE 

BY EDMUND PENNING- ROWSELL 


Swe^diSipaSe, tai isatio Jf* e ^. OM 

reader with V^idence ii MtST l 

France would be advised to try ^ Si Sv J 
— r family-worked vineyard and 


In this coming vintage, the 
top. 100 per cent price for 
grapes will exceed' FFr 9 a kilo 
—over 1 franc more than last 


with them, the co-operatives, t0 S 5 H ™ ore cheaply than further 1,000 between five and sources as the Scotch whisky champagne, imported here by a 

Thirty years ago when the ,, ... ten thousand bottles. blenders can take from the dis- friend m sufficient quantities to _ . ^ takes 14 kilos 

•‘moisons.'' as the merchant- th Thls n ^° d ti r * ally n with . pro l tilleries . Accordingly growers’ cconomicaUy worth while J £ ^pes for e^ch bittle of 

houses are called, were selling tbe co-operatives, which started dueers are restricted to the wine phamna«nc \ikJ\v Vn he lec-s tbe heavy freight charge . — ^ 

27-5m bottles, the growere inde- ^ rr^orL^e ri made *°*5*y from their own weU-balanced and in a proper- aJ ^ rays paid by .. th ® Cl ^ dne f the grapes alone will cost the 
pendently or through the co- the hard-pressed growers. The vineyards which in 1 line with Hon nf rases nn dnnbt less well wherever domiciled. Though , t 

ope ™ 1 j v ^’ were disposing of a « ^at MaiUy di s in bu ^ ta 0 {“ ^ made. Sold direct, hJweverT^ J jeeptaWe .3 [usually found It on the^fSe 

mere lw 5m bottles. on av its region, are pre- consumers on a mail-order basis. ^ § reen ' aad “ d ®- . are bound to rise and, stemming 

Then in the fifties their pro- “day for its dominantly black; though it is it is about two-thirds of the price Of course, those driving from my recent" -visit to the 

duction started to rise sharply, champagne. Others began in the the reverse on the C6te des of a Grande Marque or otter through Champagne can always Marne, the best tin is to lay in 

and by 1960 they had topped ? lup>p yea r? o£ 1116 Blancs, which runs south from leading merchants’ champagne, stop at a vente-direcie-mExked some anticipatory stock for cele- 

the 10m bottle mark for the including the ooe I visited Epernay, and is the principal and this is a great attraction to cellar and put a case or two in bration thereafter. In any case 

first time, compared with the recently at Cunueres in the source of the prized white Char- many hundreds of thousands of the car boot, but some prior a good champagne will always 

merchants 40m. It only took Marne Valley. This makes only donnay. While the individual private clients throughout recommendation is desirable. benefit from additional bottle- 

the growers another six years still wine, which it sells as such growers are limited in this way, France. Moreover, it satisfies the 


Although these rgcotUmts’ 


benefit from additional bottle- 
age. 


Levy Board raises accident 
benefits for stable staff 

SIR DESMOND PLUMMER. The death benefit for both Wolverhampton, 
chairman of the Horserace staff and apprentices is raised On the second of these Nicely 
Betting Levy Board, will from £7.300 to £9,500. Naughty found only the smart 

announce today increased acci- The increased benefits follow Bias too good for her in a mile 
dent benefits for stable staff and th e new minimum wage agree- maiden stakes on the Midlands 
apprentices under the boards meat for stable staff negotiated track. Any improvement on that 
~ icing Industry Benefit Scheme, by the National Joint Council effort should see her safely 
The board’s payments are for Stable Staff, and are back- in the opener, the furlong si 
linked to industrial injury bene- dated to July 31. Findon Stakes, 

fits, which are topped up to the Lingfield Park, which has re- A second filly likely to be t 
level of an injured person’s pre- placed a couple of its two-day by the fast ground is the 


limits. 


The maximum weekly early next month with four one- a grey daughter of Kalamoun 

day meetings, stages the first of This Ryan Jarvis trained three 

these today. The last will be year-old opened her accoi 
on Tuesday. November 7— a day vincingly at Salisbury a f( 
after the jumping season opens aso when she defeated 
here. Fiddle by four lengths 

Many trainers have greeted l^mnner Fleet Maiden Stakes, 
the news that today's ground will 


RACING 

BY DOMINIC WIGAN 


ha^ to look at the economic in a green paper it issued in May. '£10 respectively. 


almost certainly be officially hard 
injurv benefit pavabte bv the with mass withdrawals. It leaves 
board" is raised frpm £14 to £22. a total of 35 runners for six 
Disablement benefit is also races, 
raised, and stable staff and One man unlikely to be put 
apprentices over 18 vears can out by the state of the ground 
now receive a maximum of £21.50 is Mr. Guy Harwood from nearby 
week. For those under 18, the Pulhorough. Young Generation's 
maximum benefit. is £13. The handler saddles the Calpurnius 
previous maximum disablement filly Nicely Naughty, who ought 
benefit payable was £16.50 and to relish the ground judgin': from 

her recent runs at Salisbury and 


LINGFIELD 

2-10 — Nicely Naughty*** 

3.00— Flying Empress 

3.30— Goblin* 

4.00 — Swinging Trio 

4.30 — Kamala** 

5.00 — Amber Town 
LEICESTER 

2.45— Habit 
3.15 — Demi Fen 

3.45 — Wild Goose Chase 




I [cates programme 
Mack and while 


lay ! 

1.20 


BBC I 


i-7.55 aun Open University 
High Frequency only), 
’or Schools. Colleges. 13.45 
Jews.' 1.00 Pebble MilL 1.45 
id Breakfast'. 2.00 You and 
7*34 For Schools, Colleges. 
f^Gawl A Chan. 3.53 Regional 
News for England (except Lon- 


11.00 am). 4.20 L>nny Linn and 
his Friends. 435 Ask Aspel. 5.00 
John Craven's Newsround. 5.10 
The Story Beneath the Sands. 

5.40 News. 

3.55 Nationwide (London and tile following times: 

con ^ 0l i th ' Ea ^ only) - Wales — 10.00-10.20 am I Yscp- 

6-20 Nationwide. Iion 3JW.20 Wales Today. 05 

6-55 Star Trek. Heddiw. 7 JO-7-40 Glas Y Dorian. 

7.40 Happy Ever After. 12.00 Weather. 12.01 Welsh 

8.10 Dallas. Snooker Cup Tournament 12.11 

9.00 News. am News and Weather for Wales. 


925 Off to Philadelphia in the After Noon. 2*3 Bora and Bred. 


Morning. 

1025 India— One Man's Truth. 
11.20 Tonight. 

12.00 Weather-'Resional News. 
All Regions as BBC- 1 except at 


HTV 

UD pin Report West Headlines. 


At. CROSSWORD PUZZLE No. 3,780 


Scotland — 928-928 am For 
[Schools. ^55-620 Reporting Scot- 
land. 12.00 News and Weather for 
Scotland. 


SuHivans rl 420 Got^It Together pra K *M ini wrer Headlines, jua 

4 45 Magpif 5.15 I Em^rd“ , “ ‘* ?p0 " Wales Hcsdllncs, ZM Hobart, 

Report Wales. 6-30 Survival. 7JM 
Definition. 

HTV Cjrmni/Walet— As HTV General 
Service except: 1.2P4J2S pm Pcnaiydau 
Ncwyrfdlon y DydcL 4 ZB Mirt Mawr 
seren - Wlb. &0O-U5 Y Dydd 
1830- 12 I S am “ Cam Y Tad Moure* 

■ real are film dubbed Into Walsh with 
En gli s h sub-titles 

HTV Wert— As HTV General Service 
except: 1J3B-UD pin Report West Head- 
lines. 6J54JQ Report We&L 



Farm. 

5.45 News 
6.00 Thames at 6. 

625 Crossroads. 

720 Father Dear Father. 

720 Star Games. 

8.15 Selwyn. 

8.45 Disraeli. 

10.00 News. 

1020 Who Zat Kid? 

12.00 Lou Grant. 

12.55 Close: The landscape of 

Finland with music by 
Sibeljus. 

Northern Ireland— 323-3.55 pm ^?/\v,o e fJn nS 35 ? jOD ^ on foi£r k ' 63? 'ft^rs^voar 80 Problem! 

Northern Ireland News. 525-620 e * cep t a * following times: 

Scene Around Six. 1220 News and 
Weather for Northern Ireland. ANGLIA 

6-00 About AtuUa. 


SCOTTISH 

125 pm News and Road Report. 


5.15 


7-00 Em me rd ale Farm. 12JM Lale Call. 
1105 am Tbe Bis Break. 


L2S pm Anglia News 

(Norwich); Look North. (Leeds. i?°y; amTi^Beliew? 
Manchester, Newcastle); Midlands 
Today (Binning ham): Points West 
(Bristol); South Today (Southamp- 
ton); -Spotlight South West iPly- 
mouth). 


E nglan d— 525-62 0 pm Jxki k Ea st 7 00 SurTlva ,_ 12.00 p 0 i„. c sonuon. 


ATV 


■ ^ ACROSS 

1 Better machine for the only 
'hoodlum with gun (3-5, 6} 

10 Demand made out of statute 
*5) 

11 A different rate sadly drawn 
into error (3, 6) 

12 Notice male blushing when 
stuck (7) 

13 Key vote one chap is pressing 
(7) 


6 He attacks fool with indisposi- 
tion over worker (9) 

7 Lament eastern network turn- 
ing up (5) 

8 Test patience of good man 
Edward arranged to meet (7) 

9 Month a member had to fly . . 
(6) 

15 . . . before offer was made to 
claimant (9) 

17 Complete cast noted for 
delivery without bounce (4.5) 


BBC 2 

• 6.40-725 am Open University. 
1L00 Play School. 

425 pm Open University. 

7.00 News on 2 Headlines. 

7.05 Digame. 

720 News on 2. 

725 Expert Opinion. 

8.00 One Afore Time. 

820 Roots of England. 

9.00 Roots. 

1025 Floodlit Rugby League. 
11.15 Late News on 2. 

1120 The Old Grey Whistle Test 

LONDON 

920 am Schools Programmes. 
1220 Charlton and the Wheelies. 
12.10 pm Hickory House. 1220 
I Home-Made for the Home. 120 
News plus FT index. 120 Thames 


.SOUTHERN 

U0 pm' Southern Nevis. 2D0 House- 
party. 5.15 The Undersea Adventures 
or Capra ib Nemo. 5J0 Crossroads. 6.00 
Dsr by Day including Sotrtiupart. 740 
EmrnerdaJc Farm. 12LOO Southern News 
UO pm ATV Newsdesk. 345 The Elec- Extra. ’ 
tnc Theatre Show. SJS tljmhiL 640 

ATV Today. 7.00 Emmerdole Fann. 1240 xvMr tccc 

Somctbjne Differcut J.XINH lcco 

9.25 am The Good Word followed by 
North East News Headlines. UO pm 
Nortb East News and Look around. 5J5 
*U0 pm Border Sens. ZOO HouaepartT. Tell Mi. 1 Why. 6.00 Northern LHc. 740 
5JL5 Juuny Quest. 64B Lookarnund Tues- Emmerdale Farm. 2240 Epilogue, 
day. 7.00 Emmcrdale Farm 1240 Ski-Inn 
uni! Gma. 1240 am Border News 
Simunarr. 


BORDER 


ULSTER 


CHANNEL 


143 pm Channel l.unehiimc News. 
125 Wesi at 1.30. 5.15 T7n. Praclkv. 
6.00 Report ai Sis. 7.00 SurvivaL 1028 
Channel Lalo Neits. 1240 Fro Celebrliv 
Snooker 1243 am Com menu ires et Pru- 
viswus MeiourolosmuL-s. 


120 pm L until time. 4.18 Ulster News 
Headlines. 5J5 Cartoon. 520 Cross- 
roads. 640 Reports. 6-35 The Mary 
Tyler Moore Show. 7 00 Entmordale 
Farm. 12.00 Bedtime. 


WESTWARD 

1227 pm Gus Hooeybun's Birthdays. 
120 Westward News Headlines. 125 
West at Lffl. 5.15 The Practice. 6-00 
925 am First Thine. 120 pm Grampian Westward Diary. 740 Survival U2S 
News Headlines. 5.15 Th.; Flimstones. Westward Late News. 1240 Pit* Cele- 
6.00 Grampian Today. 6.10 Treasures In bht; Snoker. 1240 am Faith for Life. 
Store. 1240 Reflections. 1245 am Gram- 

“* ! YORKSHIRE 

120 pm Calendar News. 320 Calendar 
Tuesday. 5J5 You’re Only Young 
120 pm This Is Your Rtshi 5Jfl What’s Tonce. 640 Calendar fEmley Moor 
Now. 505 Crossroad,. 6-00 Gamhit. and Belmont editions). 740 Emmerdale 
Reports. 640 EnirrkTddle farm. 740 Farm. 1040 Travels with a Donkey. 


GRAMPIAN 


GRANADA 


News. 130 Crown Court 2.00 U Elver. it y Challenge. u.M Kodiak- 1140 "The Bub Newhart Show. 


14 ft " 5 r dly ' bBing WBl1 1 ® Record merited honour ^ 
filled out (a) able to confound ... (9) 

16 Leaving st>le of writing to ^9 _ _ . grass misrepresented by 
editor without ceremony (9) a poster (7) 

19 Component by a student of 21 This must be taken as a whole 

tile powers of nature (9j jg) 

20 Sense there’s one day to 23 What can be heard in tbe 

return note (5) Channel (5) 

22 Have sheriff’s men go on 24 Jeer about food (5) 

Hoard (7) 26 Fruit (second grade) is never- 

25 Father’s determined and 
leaves suddenly (4, 3) 


pawr : Schubert IS*. 940 Camcrata Lysy News. 345 The Lady or the Camellias IS 
coawn. pan I «S>. W.ai imerva! Read- *40 Xem. *05 Gardeners’ Question Time. 
Ins. 10.40 Cauccrt. part 2. n m Bristol 445 Story Time. 540 PM Re Oorts, 540 
University Summer Music Festival iS>. Serendipity 1 S 1 . 545 Weather: programme 
12Jb urn Cardiff Itiddjy Pmra p H rt 1 rS>. news. 640 News 640 I’m Sorry. I Haven’t 
LOO News. LOS The Arts Worldwide. 120 A Clue IS'. 7.08 News. 745 The Archers. 
Cardiff Midday Prom, pan 2 (St. 240 720 Time for Vcrae. 740 Sounds Natural. 
Music ai st. Cuorse’s Lrsiot iS). 340 840 A Schumann Concert iS) iAs Radio 
Leeds International Piano Competition 3>. 9-59 Weather. 1040 The World Tonight. 
IBIS IS ■. -10 Symphonies irom the North M40 The News QuU <S». 1140 A Boof 
• S>. 545 Jazz Today on records i5t. t5-*5 at Bedtime. 1145 The Financial World 
Homeward Bound. 16.05 News. tb40 Borne- Tonight. Ua4 News, 
ward Bound t continued!. 16 J 0 LlfcUnes : 


RADIO 1 

<5) Stereophonic broadcast 
tMcdiirm Wave only 
540 am As Radio L 742 Dare Lee 
Travis. 040 Simon Bates. 1141 Paul 
BurnelL 2.00 pm Peter Powell. 441 Kid 
Jensen. 740 On The Third Beat iS» 1 Jains 
Radio 2». 840 As VHF. 1042 John Peel 
Si. 17.00-3 H? am As Radio 2. 

VHP Radios 1 and 2—540 am With 
Radio L Including L55 pm Good Llsterv 

BBC Radio London 

recital 1 S 1 . 8.09 A Schumann 


27 Completes tour of inspection 
abroad (6, 3) 

28 Seizure et Lake Success when 
in poor shape (5) 

29 Honour comes as a rule from 
West-country town (5, 2, 3, 4) 

DOWN 

2 Without water a borne could 
become a cowshed (9) 

3 Spring holiday without initial 
capital is a bloomer (5) 

4 Clumsy of mum to join the 
French right (9) 

5 Trick party over direct grant 
education initially (5) 


theless 23 (5) 

SOLUTION TO PUZZLE 
No. 3,779 


aHSSQS 
a n - n n h 
bees nasnas 
um Q B B 
EQQQ HQBOQQ 
3 E B 0 D □ 
QBQ HEaHQS 
U-U hub 
BQE3 

H E 13 H B 

nnasns HnaHasHB 

R 

n, 

H 

asBaan ■* •hhqbehhhI 


Your Souvenir* 1 S 1 . ijs Spans Dvik. 
1040 With Radio L 1240242 am With 
Radio — 

RADIO 2 IrSOOm and VHF 

540 am News Summary. 542 Tonv 
B randan 1 S 1 inctudine 8.15 Pause for 
Thought. 742 Trrry Wogan tS> Including 
34T Racing Bulletin and 5.45 Pause for 
Thou^nt. 1042 Jimmy Yuuns «£■ 1245 
pm WaRGoners' WaOc. 1240 Pete Hurray’s 
open House rs> indudius i.-u Sports 
Desk. 240 David Hamilton i5> mcludiu 
J.45 and 3.45 Sports Deslc. 440 Waasoncrs’ 
Waif:. 445 Sports Desk. 4.47 John Dunn 

■ s i including 5.45 Sports Desk. 645 Sports 
Desk 7.02 Folk 7S presents The Spinners 
in Concert <Si. 740 On The Third Beat 

■ S> 8.02 Konlrtm Festival 77 iS> icon- 
tinaed on VHF and Radio !• 8.30 In:,<r- 
tutional Binuns Special. U42 Genhtnn: 
Arthur Schwaru remmlscw about ih.-; 
rnan and his innate. 11 . 02 Brian >Ia!th-.«- 
introduces Round MMuight. Including 12.00 
>‘-ws. 2.002.02 am News Summary. 

RADIO 3 434m* Stereo & VHF 

C6J5 nm Weather. 7J» News. 745 over- 
ture (S' *40 News 845 Morning Corin.-n 


. - ... — . . Concert. 

part I iS*. 8.45 That Last Cross Buttock 
Dish’d Me i Tall; by Stanley Wells). 9-05 
A Schumann Concert, part 2 ■ s > 040 
Still Point : Portrait of Raiald ClivRor 
Smith iSi. 10. 2 5 A M..-g Bohemian ■ 

Music by Zelvnka on record iSi. «4S 
linaccom panted CcUu (Si. u.15 News. 

11 50 - 11 SS Tomghf i Si.-hub.n Soil. . , _ , 

Radio 3 VHF only — 6.00-748 am and LOndOU BrOaC^ "2StlIlg 

T“ Un:lV ” i:> 261m and 972 VHF 

>vA UIU *4 540 am Momlns Music. 640 A.M. s 

434m. 330nt. gS-lm and VHF Non-stop news, mrormation. travel, aport 
6.00 am New, Brief.ng 640 “roZ ^ JW Br ““- H - a ’« Sh ^’ “• «■ ' 
Ttgljy Maiannv. inchid'ns 
B.ii Prayer for the Day :.n u aa( ) s.ofl 
Todays N-ws. 7.Jti and s.-,i xc*-s Head- 

Sua^P.-Sy^Kro.w ££ Capital Radio 

Tuesday Call. 1048 Newt. Ifl.u night 1941,1 and 95JS ' rwF 

k Fantasy 10-30 Dally Servu-c. 1045 6.08 am Peter Young's Breakfast Show 

MoramgStory. U.P3 New?. U.05 Thirty- iSi. 9-00 MlchueJ Aspel iSi. 12.00 Dave 
.tinute Theatre. 11.35 nrlamr U.DO Nl-hts. Csah iSi. 340 pm Roper Scott igi. 749 
1242 pm lwi and Sours u.Tt Desert London Today iSi. 743 Adrian Love’s 
fjl.inds Ois-.s 12-55 Wi.-jth--r: preyramme f'pen Line iS» 0-80 Nicky Horne’s Yonr 
news LM The World j: One 140 The Mother Wouldn’t Like It iffi. U.M Tony 
Ar-.-her'. L45 vwinia.i ? Hear inciudir; 2.0<t- Hyatt’s Late Show i S ■. 240 am Duncan 


206m and 94 J VHF 
5.00 am As Radio — 640 Rush Hour. 
9.00 London Live. 1243 pm Call In. 243 
306 Sboivcase. 443 Homo Run. 640 Look. 
Stop. Listen. 748 Black Londoners. 848 
All That Jazz. 1043 Late Night London. 
1240 -CImo : As Radio ~ 


1040 Brian Hates Show. 140 pm LBC 
Re porta. 343 George Gale’s 3 O ’clock CaJL 
440 LBC Reports fcoDUmies*. 840 After 
Bight. 940 NtKhtlUw. 140 am Night Extra. 


i:\ ri : rtai n m i:n i g u i df; 


CC — Thaso theatres accept certP'n credit 
cards bv teicehone or at the Box Office. 

OPERA & BALLET 

COLISEUM. Credit cards 01-240 521 
Reservations 01-B3E 3161 
ENGLISH NATIONAL OPfcRA 
Ton’r. & Thur. at 740 The Seraolia. 
Tom or. & Sat. at 7-30 The Royal Hunt 
ot tne Son. Frl. at 7.30 lost pert. Suren 
Deadly Sins ‘‘...a brilliant END produc- 
tion " Sun, Tmc. with Oonnl Sch radii. 

wats avail, tot all ports. Irom 


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(Gardmchirne- Credit Cards 636 6903.1 
THE ROYAL OPERA 

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SADLER'S WELLS THEATRE, Rosebery 
Ave-. E.C.1 . 837 1672 

SADLER'S WELLS 

ROYAL BALLET 

Tilt., WacL. Thur. 7.30 Ln Patlneurs. The 
Rake's Progress. New MacMillan- ballet 
called 6.6.78. Frl. and SaL 7-30 Lei 
Sylph Ides. The Outsider. La Bouthwe tan- 
tasque. SaL 2.30 Lea Svfphldes. Let 
Patineurs. La Boutique lantasaue. 

THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 
LAST 3 WEEK5. MUST END OCT. 14. 
Evgs. 7.30. Mats. Thurs. 3.00. Sat. 4.00. 
IRENE IRENE IRENE 

THE 8 ESI MUSICAL 

OF 1976. 1677 and 1970 

IRENE IRENE IRENE 

CREDIT CARD BOOKINGS 636 7611. 

ALBERT. 636 3878. CrM>t card bfcoi. 
636 1071-3 tram 8.30 am Party rates 
Mon. Tues.. Wed. and Frt. 7-45 pm. 

Thurs. and SaL 4.30 and B.OO. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S 

OLIVER 

“MIRACULOUS MUSICAL.” F». Times, 
with ROY HUDD and JOAN TURNER. 
NOW BOOKING FOR CHIUSTMAS AND 
THROUGH 1979T 

ALDWYCH. 838 6404. Into 836 5332. 
Fully air-conditioned. ROYAL SHAKE- 
SPEARE COMPANY In repertoire. To- 
night 7.30. Tomor. 240 A 7-30 premiere 
David Mercer's COUSIN VLADIMIR “A 
thoughtful provocative plav ’* □. Tel. 

fstudent standby £1.06). Wittir AS YOU 
LIKE IT (next perl. Sept. 2M. RSC also 
at THE WAREHOUSE Bee wider Wi. 

AMBASSADORS. CC. 01-835 1171. 

Nightly at 840. Mat-Tues. 2-45. 

Sat. 5.D0 and 840. 

TONY ANHOLT. PETER CARTWRIGHT 
SLEUTH 

The World-Famous Thriller 
by ANHONY SHAFFER 
" Seeing the plav again >s in fact an 
utter and toal lor." Punch. S*at Brices 
Sat £8.00 Inc 

APOLLO. 01-437 7.663. Evenings 840. 
Mate. Thurs 3.00. S3L 5.00 and 840. 
DONALD SIN DEN 

“Actor of the vear.” Evening Standard. 
“ 15 SUPERB." N.O.W. 

SHUT YOUR EYES ANO 

THINK OF ENGLAND 
“ Wickedly funny." Times, 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARD’5 

DIRTY LINEN 

" Hilarious . • see It." Sunday Times. 
Monday to Thursday 8.30. Fn. and 
Saturday at 7.00 and 9.1 5. 

ASTORIA THEATRE. CC Charing Crocs 
Road. 734 4291. Mon^ThliTO. 8 rim. 
Frl. and Sat. 6.00 and 8.4S- 
BEST MUSICAL OF THE YEAR 

ELVIS 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. 836 6056. Mon. to 
Thurs. 8.00. Fri. and Sat 5.45 and 8.30. 

IPI TOMB! 

Exciting Black African Musical 

Seat prices £24Q-£540. 

" Packed with variety." Dally Mirror. 
THIRD GREAT YEAR 
□Inner and lop-price seats BB.75 loci. 

COMEDY. 01-540 2578. 

Eves. Mon. -Frl. B.OO. Sat. 5-00 and 8.30. 
MaL Thurs. 3.00. 

COWARD WOODWARD 

BARBARA JEFFORO In. 

THE DARK HORSE 
by Rosemary Anne Sisson. 
Excellent family entertainment. Anyone 
of anv age is liketv to enjov It.” 5. Tel. 

’’ Damned good theatre." Sunday Timet. 

“ Americans will love it.'* Gdc. " A laugh 
a minute." □. Tel. " ODPortnnltles bril- 
liantly seined by fcrst -class east A most 
attractive and entertaining evening.” E.N. 
INSTANT CONFIRMED CREDIT CARD. 

TELEPHONE BOOKINGS -ACCEPTED. 
Eras. 8-00. Sat. 540. 830. Thurs. 3.00. 

CRITERION. 930 3216. CC. 836 10713. 
NOW IN ITS SECOND 'EAR 

LESUE PHILLIPS 
m MX OF ONE 

... and a HALF DOZEN LAUGHS 

A MINUTE. 

SECOND "HILARIOUS" YEAR. 

Very tunny." Sim. Tel. 

BUCHERS. 836 6243. Mon. to Thun. 
Evcnmcs B.OO. Fri- Sat. 6.15 and 9.00. 
OH 1 CALCUTTA T 

The nudity Is stunning." Dally Mall. 
9th Sensational Year. 

DUKE OF YORK'S. CC. 01-336 5122. 

" FANTASTIC ,T 

" BURSTING WITH ENJOYMENT " O. 
TeJ. Prices £2 to £5. Best seats £3 hath 
hour befora show at Box Office. Mon.. 
Th-.rs. JFri. Mat. in seats £240. Eras. 

S.30 and 8.30. 

LAST WEEK. MUST END SAT. 

FORTUNE. 836 2238. Eras. 8. Thurs. 3. 

„ . .Saturday 5 and 0 . 

Muriel Pavtow as MISS MARPLE la 
MURDER AT THE VICARAGE 

FOURTH GREAT YEAR 

GARRICK THEATRE. CC. 01-836 4601. 

MICHAEL KITCHEN 

In HAROLD PINTER S . 

_ THE OMECOMING 
■-NOT TO BE MISSED,*’ The Times. 
LAST 4 WEEKS. SEA50N MUST END 
OCTOBER 21st. 


THEATRES 

KING’S ROAD THEATRE. 01-352 7488. 
Mon. to Thurs. a.OO. Fru SaL 7 30. 9.30 
THE ROCKY HORROR SHOW 
DON’T DREAM IT. . SEE IT. 


LYRIC THEATRE. 01 -437 3686.. Evs. 8 OO 
Mat. Thurs. 5.00. SOL 540 and 8.30 
JOAN FRANK 

. PLOWRIGHT FINLAY 

F1LUMENA 

.Directed bv FRANCO ZEFFEREUI 
by Eduardo de Rlllppo 
YTOTAL TRIUMPH.' 1 E. News. “AN 
EVENT TO TREASURE.” D. Mir. “MAY 
IT FILLS THE LYRIC FOR A HUNDRED 
YEARS." Sun cfey Times. 


MAYFAIR. 629 5036. En. 840. SaL 540 
and B-30. Wed. Macs. 3.00 
WELSH NATIONAL THEATRE CO 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 248 7658. Restaurant 248 
2835. Even I nos 7 JO and 9.15. 
EVERY GOOD. BOY 

DESERVES FAVOUR 
A plav lor acton and orchestra by TOM 

STOPPARD & ANDRE PREVIN. Seats £4, 

£3 and £2. "NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY,” S. Tins. Last week 


NATIONAL THEATRE 928 2252 

OLIVIER (open stage]: Tonight 730 (low 
price d review] Tomorrow at 7 looeoHm) 
THE DOUBLE DEALER by William Con 

E reve. 

Y7TELTON (prascentimi stage r. Tonight 
dr Tomorrow, 7.45 PLENTY new play by 
David Hare. . - 

COTFESLOE (small audltortumtr J -Prom 
Season until Sat. Eve*. -8 LARK RISE by 
Keith ■ Dewhurst mom Flora Thompson’s 
book. - r’ 

Many excellent cheap- seats all 3 t treaties 
day of nerf. Car perk. Restaurant 92-s 
2033. Credit card bookings 928 .3052 


OL ° ^PROSPECT AT . THE ;oU»*OTI^*f 8 
James Ar 


roJ , <fflS . .. 

Martin;-.. Trevor ■- MacHo. -.Qhris 
Neeme. f‘The,Junnte« -Mr*,. Matei 
have 'seen ” The^G«rardtBn. . li Mr. Qua 1 
Sir Anthony. — a vraadertaf performer 
The Time;: Today at 7.30. : Retut 


.Mi 

iStonMr 
., teprop' i 
'Mr. QuayWa 
jnce 

_ - ------- — Retutmthg 

Oct 2 (rum irtumuhant UK. tooe — 
TWELFTH NIGHT. -.TW .LADY'S- NOT 
FOR BURNING, .IVANOV. 


PALACt • - Ct : ' 41 -437 ES34 

Mon. -Thur*. 8,04, frl, and Set 6.Qfl Odd 

jesus christ Superstar 
hr Tim Rice .-and Andrew Ue/M-' Webber. 


GLOBE THEATRE. 01-437 1S92. 

E»y. 8.15. Wed. 3.00. Sat. 6.D0, B-4Q. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN S New Comedy 
. _ TEN TIMES TABLE . 

TTUb mint be the napprast laughter- 
maker in Londoo." D. Tel. “An irrwilK- 
My enlnvable eveninp." Suncnry Times. 


HAYMARKET. 


540. 


, a. SO and 

. PAUC SCOFIELD 
HARRY ANDREWS 

BBSS' 


ELANQR 

BRON 

and IRENE HANDL In 
. THE FAMILY 

now 


PALLADIUM, 01-2137 -7373. Ton*. Thor. 
£ Frt. 8.00. Wed. & SaL 6.15 5 845. 
„ • LENA MARTELL 
MICHAEL BENT1NE. WAYNE Kii^G 


PAL LADIU M 01-437. 7373. Book- now 
October. 2nd Tor One Week Only. 

' In -ONE- GREAT SHOW . 

. EENA ZAVARDNI . 
and Her SfnQeiB and Brian Ropers- Dancers 
. ROBIN IE DUKES AND 
RICK! LEE: AND FAMILY - 


PALLADIUM.- ,■ m-437 7373. 

OneotOfl. Dec.- 20 lor • Season 
’ DANNY LA RUE 
as “Merry Widow TwanJwy" fn 
ALADDIN. . . 

ALFRED MARKS as Abanaxar 
DHya WAILING. Brian MAR5HALL 
And WAYNE SLEEP 
BOX OFFICE NOW OPEN 


Man. Wed. 3.00. Saturdays 6.00 and 840 
“TIM BROOKE-TAYLOR. GRAEME 
GARDEN make us laugh." Daily Mall. 
THE UNVARNISHED TRUTH 
The Hit Comedy by Row* Rvton • 

■’ LAUGH.' WHY 1 THOUGHT I WOULD 
HAVE DIED." Sunday Timas. “SHEER 
DELIGHT," Era: -Standard- “GLOHIDUS 
CONTINUOUS LAUGHTER 1 /' times. 


PICCADILLY. From 8.30 am. 437 4506 
Credra Cards 836 1071. Mou^ Thurs. 8.00 
Frdsy and Saturday 5.00. 8.15.. Aln-cond. 
'■ Dominating with unfettered gma and 
humour, the BROADWAY STAR. 1 ’ D. P-- 
SYLVIA MiLES 
■' Towering pernwmanse.” Daily MilL 
VIEUX CARRE 

by TENNESSEE WILLIAMS _ 
“Work* Hke magic." .Ftoanciai times. 
*' There has hardly been a non satisfying 
evening in the West End - - . the BEST 
COMIC WRITING IN LONDON. Ohs. 
" Sex ninnkig like an ele ctr ic current." 
Rn. Times. "DIVINE INSPIRATION- 
AUDACITY . OF HIS HUMOUR — 
HYPNOTIC EFFECT." D. MalL 


PRINCE EDWARD. CC. (Formerly Casino). 
01-437 '6877. Eveidnss 840. 
Matinees Thur .and Sat at 3.00 
HYITA 

by Tim Rice and Andrew Lloyd-Webber 
Directed by Harold Prince. 


PRINCE OF WALES. CC 01-930 8681. 
LAST 2 WEEKS. MUST END OCT. 7. 
Eras. a.OO. Saturday* 5.30 and BAS. 
THE HILARIOUS 
BROADWAY MUSICAL 
. I LOVE MY WIFE 
starring ROBIN ASK WITH 
CREDIT CARO BOOKINGS 930 084 E. 


RICHARD. VERNON,. JAMES’ V ILL MW5 
THE PASSION OF JHtACULA 
" DAZZLING" E. Star. “HIDEOUSLY 
ENJOYABLE AND GENUINE TERROR." 
S. times. P GOOD CLEAN GORY FUN.” 
S. Mlr. ‘‘ MOST SCEN ICAA.LY SPECTA- 
CULAR SHOW IN TOWN." Punch. 


At 7 am. 9 «n. J 1 pm. ■ Open Suns. 
PAUL RAYMOND presents 
THE FESTIVAL OF - EROTICA 
• - Fully aJr-wndlfcloned 

. 21st SENSATIONAL YEAH 


tEGSIIT rOgcford ClreusL 01-63? 9862-3. 
Evas. 8.30. Mats. Frt. snd Sat. 640. 
TAKE THE FAMILY TO - - 
- -THE GREAT- AMERICAN 
PACKET AGE MUSICAL. . 

.. J’A llttfe Flnawiat Tjmas. . 

“Smart n«Ml WUSW." Daily Exorcas. 

“ So ntlorable." Sunday Times. 
Lvrln hate «wi eteganea 
than those tor SVTTA. . 

Music more bite . 
than that of ANNIES' Sunday TNpgraob. 
Credit Card BoBklras — Seats from £2. 


IOYAL COURT, -730 1745. -Alrraond. 
Evenlnos at 8-00.- ' Sat*'. B OO and 8.30. 

NICOb WILLIAMSON 

“A virtuoso nerfortnance.’* O.'Tel. 
la JOHN OSBORNE'S • 

INADMISSfBLS EYIDENCr 

This Is one or. the lew - nreie olays- of 
the century." n. MatL 


ROYALTY. Credit Cam. 01-405 B004. 
Monday -Thursday evenings 8.00. -Friday 
5.10 and B.4S. Saturdays 3.00 amd 8.00. 
‘ London rCrttka Ynta^i - 
BURBLING BROWN SUGAR 

Tel. boofriacs M accS Ueii?; 1 Major. cred>r 
card*. Restaurant roserratfoiu 0T-405 


THEATRES 

SAVOY THEATRE. - -01-836 8688. 

Credit Caros 734 4772. Tom Conti In 
WHOSE LIFE U IT ANYWAY 
With JANG ASHER . 

“A MOMENTOUS PLAY. I URGE YOU 
„ TO SEE IT." Guard ten. 

Eras, at 8.00. Fri. and SaL 5.45 and 8-45 


SHAFTESBURY. CC. 01-836 8596-7. 
01-836 4235. Eras, at 8.15. Matinees 
Thursday 340, Sab' 540. 840. 
TERENCfe STAMP In 

□RACULA ■ 

With DEREK GODFREY 
The most entertaining . show I 
ewer, ever seen," NJLC. 


SHAW. 01-388 

Theatre In J_ 

Shakespeare. Eras. 7.00. 


US' 


.11 lam 
WEEK. 


STRAND. 0.1-636 2660. Evenings 840. 
Mat Thun. 3.00. Sats- 5.30 and 8,30. 
NO SEX PLEASE— 

WE'RE BRITISH 

LONDON’S LONGEST LAUGH — . 
OVER 3.000 PERFORMANCES. 


ST- MARTIN'S. CC 01-835 1443. 
Eras. 8.00. Matinees Ttta. 245. Sate. 5.00 
and B.OO. ■ ... . . 
AGATHA C HRIST IE'S 
_ THE MOUSETRAP 
WORLD'S LONGtST-EVER RUN 
2 0th YEAR. 


TALK OF THE TOWN. CC 01-734 5051. 
ATr-condltioned. From 840 Dining, 
Danch 

AT 


THEATRE UPSTAIRS. .730 2S54. Eras. 
7JO.. PJrata jenny In emigrants by 
Peter Stertdao. Until SaL - 


VAUDEVILLE. B36 9988. CC. Last site 
-Bn. 8.00. Mat Tdy. T.^5. Sat. 5.00. 8.00 
. Dtnah SHERIDAN, JKdd* GRAV- 
’ ' A MURDER IS 'ANNOUNCED 
'Tbe newest w hod anil by Agatha Christie. 
.“Re-enter Agatbe Christie wKh another 
. Miotfunit WL Agatha Christie Is stalking 
:tte West End vet- egaHi *»lih another or 
Mr bendteUy Imwnloas mhrder mysarriesr 



JpCYtLLE. -BSG SSBS: * OCti: • 

*40 pnv Oodas A Oetr-740 _wn. Sob*. 

-'"'AN E?>NING^WTTH 
DAVE. ALLEN- 

LIMfTEP SEASON: -OCT. -2 . TO -DEC 2. 


VICTORIA PALACE . 
828 47J5-6. 


STRATFORD JOHNS 54 151 
SHEILA HANCOCK- ’ .- 


1317.- 


_ .. ANNIE 

Eras. 7M. MMs. WU/.and Sat. 2,45. 
• - BLOCK-SUSxING 1 — . 

SMASH HIT MUSICAL^ D. Mail. , 


Gerdeo. 836 6808; Royri.- Shakespeare 
__ 640 . -Stephen 
ft, “*5*5* ACROSS THE RIVER 

M, . IM tt . ET.80. Adv. bkgg. Aldwych. 
Student -standby « . _ “Rimtiogiy- per- 
. termed, tale." F.-. Timas.- ' 


TWTO^LL. CC. ' 01-830 6692-7765. 

IIS' ’ * nt, - s *fc 840... 

Part -Rermbnd .prewntu Hje Sensational ■ 
Sex Revue of the Century. - 
deep THROAT 
Wth GREAT MONW - 


WINDMILL THEATRE: CC 01-437 6312. 
T"** Nlghtijr 840 and 10.00 
-.Sunday 640 and 840 
PAUL RAYMOND llttantf 

THE EROTIC EXP^WNCE OF THE 
MODE RN ERA ' 

'™«s to unprecedented llmfts vrfaat Is 
Mrmifsltjre- on- oor stage.” Ev. Mnw 
THIRD GREAT* 1 YEAR* 


. Cnsah Card. 

im ’F? 1 from ®' 30 ■*"- Mon.- 
Thur. 8-tW. Frl. . and Sat. 5.15 and sja. 
ENORMOUSLY RICH 
VEHY^.FpNNY.’ 1 Bvertbig News. 
OMalhw-s smash-hit comedy 

M ; , CATHOLIC 

s ®r»» comedy on lex and reunion.- 




’MAKES YOU 

laughter: 


hake. WITH 


irdlan. 


* Aa a. J ?g sf. 


*221 SN T, &*g“. s ^£ SL V- 


ABC 1 


CINEMAS 

* SHAFTESBURY AVE. 


Z£ , ssr l '£;jr? i *=f at'ea 


4 - &#6k 


fsaiN? u S5 , M !? w s?. ce - 


y TH * TURNING POINT (A). FUR 

8STW 1 ° Bnd ' Prtas - 3 ’ M ’ 

Lb« 2 days I THE SILENT Partner 

pLi6f?- , w^S 3 |®m 


OF THE PEOPLE Oil. 3.15. 545, 
Progs. 


ENEMY 


C street. W.t. 4B» 3737. 

240 [not Son). 445. 


AU°narfL Mon --FrtI 

warts, bfcfale. Srt. a Son. Last 2 days. 


OOEON. HaymarkeC 

MIDNIGHT EXPRESS 

£*&..£ 2 -3°- 540; 830 pm. 


30 -273B-Z771.1 
Sep. progs. 
All saets 


L«fe«ef Souaro. __tB30 GUI.) 
5JS CNEAP DETECTIVt DO ■ Sep. Proas. 
Dally. Doors open 2 .Q 0 4 AS: 7.d&T^ 


W- . Martfle Arri l. W2.-1723 2019-2). 
SVSS 8 , JNCQU NTms OF the third 
~ J - J*?- progur doors open Mon. 
Frl. 2.00. 730.-. 501.1.05. 4.1Si 7.4S; 
Sun.. 540 , 7,50; Aff iea» bookaM e. 
PRINCE CHARLES. Late. Sq. 437 8181? 
MEL BROOKS 

, . HIGH ANXIETY JA\ 

“l 1 *' «"*r SoB-V 2.45. 6.15. 
9.00. Late .show Frl. -and SaL 11.45. 
Seats .bookable Licensed bar. 


STUDIO 5 & A. Oxford Clrews. 43 v 3300 
Si A FudBrnemann Film JULIA «ai. 
Progs. ■ 1.0B> 3.10; ,SA5.- 8.1 S. Late 
show Sat 10.45- 

4t -JIR Ctayfaurgh. Aten Bates In Paul 
Mnmky't AN . UNMARRIED WOMAN 

S3."Bt i , AV 3 - 3a 6 ^ o a - 3S - ^ 


iSSSA srtt 


Timrs. Last week. 


Must e nd Sat. 

— - A 930 9832. Preti. from 

NIGEL STOCK _ 

PETER PAUL 

BOWLS __ HARDWICK 

and FEN ELLA FIELDING In 
LOOK AFTER LULU 
bv NOEL COWARD 
with GARY RAYM OND 

CC. 


HER MAJESTY’S. 


E**. 3.00. Matinee?, Thun. 'and' 

STANT ENCHANTMENT." Obee 


( 5 >. 9 JW News. 9 J 5 THIS Week's Com- S IC Sews. US Listen Wiii Motin-r. JJO Johnson’s Kigbt FUglu ISI. 


6606. 
3.00 

, THE MATCHMAKER ..''"“""v!' 

A Comedy bv Thornton Wilder. “ It goes 
down With a deserved roar o I deUsnt." 
D. Tel. For a iimitnd season until Oct. id. 
"Hello pofiy so met to nave yon bach," 
Daily Mail. “ A Masmnmsce,” Tlm«. 
* The man who wantea a glass of babblv 
and a tourin’ show mutt have had lust 
this In irtnd." D. TeL 


INVEST IN 50,000 BETTER TOMORROWS ! 

50,000 people in> the United Kingdom, suffer from progressively 
paralysing. MULTIPLE SC LER OSIS-- — the cause find- cure of 
which are -. still : unknown — HELP; US BRING THEM RELIEF 
AND HOPE. . ... - . 

We need your donation -'to . enable us to- continue our work 
for the' CARE and. WELFARE DF MULTIPLE SCLEROSIS 
sufferers and. to continue our commitment' to find the cause 
■and $iiw\ of MUL'nPLE . SCLEROSIS through, , MEDICAL 

RESEARCH. . ■- 

Please^.bwIp-^-SeBd a' donation today to: 

Room F«L 

The Multiple Seierosifi. Society .of G-B, and NX 
4 Tacbhrook StrteL.i- ' 

London SW 1 -JSJ - 





A. 


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Financial Times Tuesday September, 26 197fi 


•xvr- 1 . 




The. ATanageijient Page 



13,- 








:• -...'■' *TAI!¥ has suffered from u Institute of Enmnniie anil 
: . lage of skilled workers Tor Sncia! Research.. While he dues 
,"iy years. Bui ihc nature of not deny that ever Ihe past ten 
problem ta changing. For years the gap has. been closing. 
. -ir -..given level of employment he maintains that there is no 
there are more vaeauries evidence, lo show that thp 
... --,-1'-^ or ten years a*u. The narrowing has been conrcn- 
; efui mismatch of workers (rated in. periods Of flat-rate 

■ .' \..V J 01 * seems to be getting incomes policy. 

. Tlnniyli differentials have 
s ‘ ,Drla = e - s e:,n anr * do been dosma ‘since they reached 
. s £\ f*??} region III region amj pca ]; Jn 19^7. f or most skilled 

. .1 skill to skiII. ror example. 

■ ...V current shortage ‘ of skilled 

• > ismen is much mnro severe l;<i'.' r ..i,i-- 

. . ie South East and the West 

.. and> than in tiie industrial 
nf Norrhorn England, 
in ihc South East (here arc 


Allocating blame for the 
skilled worker shortage 


learned unite skills and men at ICI’s modern chemicals com* 
learned managerial and lech- plex at Wilton. Because of a 
nical skill.;. Only 12.000 people countryside shortage of instru- 
werc on .HSij-spr; nson.fi courses ment artificers — the key men at 
in factories, with ,m extra 5.01)0 the centre of a high-technology 
learning truck driving. The chemicals plant — many Id 
rest — some 2 . 1.000 — passed trained artificers have been 


The second of three articles by Richard Cowper 

have seen the gap close con- 

particularly in the mp s n that thp prospects for ad- requirements discriminate workers are leaving fur reasons smaller operations which find it 

engine .'ving industry. Accurd- v ;mcpment are extremely poor, against those who live outside of pay. oppnrt uni lies and condi- easier 10 get round pay restraint, 

ma tn a survey into differen- f ,n P toolmaker who left to local boundaries, and once a lions then this is hardly i-alcu- These are problems or which 

t:a!s published by the Naininal '“-come the manager in a fish household is part of this .sector, latod to briny m an influx of both government and industry 

Office ?' ,f i trhip restaurant said: "l was further movement is usually bright younj school-leavers. have been aware for some lime. 

schemes organised 
The Manpower 

.. manpower plan* Services Commission (set up in 

r o ii whv'cnmnVniM »nri point for the past 6(1 wa - nut company policy to pm- shortage of skilled workers has n ing sums right. An NEDC 1973 as a result of the Eniploy- 

rnmeiit bodies uni iheir 3 ea!ji * This has been one of the ™ IJ p ^’ om the shop floor to its roots m the quality nf school report on the engineering indus- ment and Training Act » and the 

-Dower sums wrone his hern underlying grievances of BL's ^Pryisory positions." education— especially m English try* 4 found t ha i i lie number of Industrial Training Boards have 

- > dionintive or lhn toolmakers*. - -He whole process or match- and mathematics— w'hich is why people completing apprentice- been intended to assist industry 

' " «nZnnn.r “Today a skilled man nfien workers tn jobs, and bring- many industrialists have ship traininy has declined from in planning for future man- 

~ - ' - ' n £ the untrained young, questioned the efficacy of the an average of lo.Oorj a year in power objectives. 

because nf pay and conditions. been complicated by the extra £iOUm promised this year the early I97us. and is expected The most recent example of a 

A lot of skilled engineering ” r employment proteo 


through A ISC Skillcentres, blit 
N'day these are far from full: a 
fifth of the Ifi.uno Skillcenlre 
places are currently unfilled. , 
Miircovor 
tainly rln 


lured to more lucrative jobs 
in [he North Sea and tbe Middle 
East, nr to jobs on Teesside 
which arc often less skilled btit 
Skiiiccntros ccr- better paid, 
urn guarantee a And Ferranti, which has Tn 


« minv nr i r i « E.-imomir Development Office f'm emp restaurant «aid: "f was further movement is usually bright young school-leavers. have been aware fc 
V forVki led *wkmlui!p«i (XEDOl. ihe earnings of skilled ‘‘“terly disappointed on apply- only possible by direct But most of ml. industry and and training sc-heir 

• unemn'ovefi engineering workers compared ^ for the vacant toolroom exchange. the relevant government bodies or financed by rh 

10 most significant under- wilb labourer* are at their _.„ rWMa . ns JD ° lQ be tete lbat One of the many causes nf the niust get tliL-ir manpower plan* Services Commissi; 


has been particularly diffi- { ,rP -' crs w do an unskilled job 
during recessions for the 
ler company, which can less 


v. "--d in earn- -ware labmirlhan workers have left to- do tolally tion P oli,, - v . which was mainly 
; ■f*to?X2 n Mtton b aVm? unrelated jobs—some of them J. re fP onsp ** ftovemment to 
• - A *. Mr - st even takin" Dbuto^Taolis and U,B demands of trade unions. 

Bedworth, training officer a ;r, 3 “II! . a ™ A.-cording to David Cleave 


selling ice-cream on the beach.' 


■ „ Wilkins and Mitchell', a 

’ turn-sized engineering firm _ p c '^ wn 5 tb - 

. West Midlands, puts it: 


Examples of skilled 


I®- 


.. V?V-v^ 


and Derek Palmer, two re- 
men KPari 'bcrs at the Centre for 
;.,v H-'a hr cornin'’ <M[f-emnloved nr Environmental Studies, the Rc- 

,van cost us anything up to |aJsi “ , ^ |np .S^jobs arc dun ' ,anp - v ^yment s Act (7965) 

legion. 

to 1 ;» a decline in the level nf jnh 
makes acquiring a skill lets J ' ,rn, ' v * r and thereby actively 

attractive to the' . school-leaver. | 'f t m " bl,, 7; thn J lRh 
A« one redundant machine tool hf, * v , ^. ere mlroduced In reduce 


>100 in tram a skillpd man. 
what small eninpany is 
3 to plan to invest, say 
.(KH) whi*n ihe market is «o 
t.vsed and when there is 
foreseeable Jionc of a 


secure unskilled jobs are .r* ^ 

Bui thi.slo.ss of differen* ‘ h Q (, „ En ?P ln - vcp P r " t 1 PCt j°" 
t.onlv makes it. difficult ; Ut i 19 ! 5 * haT£ ! Pf° hab, >; e ? 


"Britain’s archaic and expensive craft 
apprenticeship system desperately needs 
overhauling. There is also an urgent need 
for much more training to broaden skills or 
to retrain in new ones’ — Sir David Orr, 
chairman of Unilever, in a speech last week. 


\ "pastor upturn ? Over four year*. lv nn * J * . hardship. 

’■ edidd have become, with ! >r ’ !* f r Ff '‘‘ lhe employee. 

~^‘ion. over £ 200 . 000 . ami if ' vhal . « tberr , f " r mbs now involved (h 


changing 


major interventioa has been the 
programme of counter-cyclical 
training measures introduced by 
the MSC in 1975 to offset the 
effects of recession on training. 

Incentive grants have heen 
offered (o employers, mainly 
thrnugh the lTBs. to encourage 
them to maintain training 
levels and so far between 1975 
and 1978 nearly £184m has been 
made available. 

"hie particular measures 
taken to help industries in- 
volved in offshore development, 
for example, have demonstrated 


• ... ' ? J- ‘ S iJhiml f »o J,,bf! now involves the risk of tn schools and colleges by the to faU lo an average of only l n h r X'S ““.h? 1 

on’t need all the men ai the . -H" .2ST L hwlns financial benefits and Callaghan Government to 10.500 in the next few years. So nnnnJlXZ?, 1 !** \ Hi™ 

u »f their apprenticeship, who legal rishts if he is subsequently encourage youngsters to slay today companies are suffering 

the dole as a result of the reouced intake 



four years ago. the time it takes 
complaint from niost apprentices to complete 

that the irainiflfl. 

Oue of the reasons for this 


janies are at r'* . 

vantage over their bigger iSirUClUrC 
.’jjren m the competition for 

workers. nay' mn^iuimV and oppor- government departments to for- 3iTr 


teaching is 


Opportunities Scheme iTOPS) 
and more particularly the Skill- 
centres can make if their re- 
sources are properly harnessed. 

There is now some evidence 
to show that in the early 39SUs 


trainee a jul» when he comes recent years shifted more'ahd- 
mil: a re.-ent survey in two mnre from hardware and oom- 
centrcs showed that 3b per cent para lively simple assembly line 
never look up a .tub in the skill wor k to custom-designed soft- 
f nr which they bad been trained. warc> requiring a high level -of 
One problem here has been sknJs has also 5U ff e red from 
the attitude of snuie unions. lhp skiIls drain _ 
winch li3s made it difficult or Although the primary need is 
sometimes impossible for com- f or j n dusir>' and training bodies 
panics it i empltty workers who { 0 foresee future requirements 
have bypassed the traditionol u - e jj j n advance, a more flexible 
lunqer-s'iM-.'ing apprenticeship attitude is needed to retraining - , 
schemes. At Id's Wilton And apprenticeship schemes 

works, for example, craftsmen nepd t0 be better designed to 
who have completed four-year attract the brighter youngster to 
apprenticeships have refused to mj t he more sophisticated jobs 
work alongside men who have j b at are arising out of advances 
boon reltaini/d at local Skill- technology- .* 

centres Engineering Industry 

It should be pointed out. Training Board is currently 
however., lhat ihe hiring of attempting to introduce., a 
" dilutees '■ has also met nppo- st .h en ie in which the length .of 
sition from Mime managements training will be determined by 
who have traditionally seen the learning pace of the trainee 
apprentices a.s a source of cheap an d the nature of the skills 
labour. taught, rather than the tradi- 

tional concept of the tinfe- 
served apprenticeship. This 
would not only prove attractive 
This lack nf flexibility has t0 bright school-leavers wanting- 
h p en a spnnu; cause for con- become qualified as fast as 
corn, especially m those high- possible, but would also allow: 
tech mil tig i cal growth industries companies 1° respond much 
such as chemicals and elcc- more quickly to new demands 
ironies where n«.--.v plants and ^ or P an i c ular skills. , 

processes brine new skill ' Incomes Policies and Differ-- 

needs. As the MSC’s report eniials by A. .1. H. Dear. 


Vulnerable 


:• .^'T-aint over the past three sick leave, holidays, aiid physical rf,V Pn * legislation is in housin 


cmntlv or payins heavily for oftcn so had lha , t . orapa nics faU - fJ0 ™ nearly 20.000 in ol “ Lasi vSr fur 

changes in it. The answer. arc forced tD pr0Vldc rL . medi .,| 1971 to Mow 13.000 in 1973 ^ ihcFn-ineerin- Indus" 

But perhaps jusi important as Aching. For many blue- * d(i ” ^ fnT«ini!l ? Butdcreatedan 

.pp rentl « 5 . ,uch as ej« nm d,pr«,ed s u,c t „f 4.000 npprenU^hip places 

on intake as much as pus- 1,1 i,s own ^ning centres. -lo 
though this left them in hri,, » U P the ‘"dustrs-'s total lo 
extremely vulnerable posi- ) hc _ ex P« cled reQUiremenJ of 
for an upturn in the -4-500- 

school, but better leaching in “Momy. li is this short- , Bu * Jp anv Government-rn- 

i though understand- spired schemes have come in for 



•<n Training for Skills)' points 
out: “ The ’.ntreduction of new 
technologies, with their assn- 
dated i raining and retraining 
needs, can impose sudden and 
severe strains on existing train- 
ing and education systems. And 
where lechnnlngical advance 
occurs rapidly on a wide front 
those companies which train to 


Rational Institute Economic Re- 
view. August 78. London. 

v - i Engineering Craftsmen;'. 
Shortages and Related Prob- 
lems. RED /MSC. 1977 NEDC , 
London. 

* Training for Skills: a Pro- 
gramme for Action; MSC/TSA , 
1977. London. 

The first article in this series 


crucial subjects 


early 


sighted 


conditions than the unskilled While the nwner-occupicr scc_ ve a rs~ ** " able) manpower planning v.im-h 

-i e view that flat-rate pay man working tn the service see- ‘*l r - „ ,ch . I|0W ?;* 55 pcr ce ” t ' Manv also helieve that sr-hnois js part) - v sponsible for fhe 

:.-_ 'ies have increased rhe tor. And many young people of . . a,, t households, permits M aL ® b * = r !^ \ f present shortage. 

- -• — .rpn of differentials has. realise that rhe Jack of an ade- ^iDtively easy movement d « ' * „h L th i! t But if small and medium 

';ver, been questioned by quate career structure for J 1 * fount r>'. a ccor d ’ life d t^'i 1 hi sized companies are nor to 

■ Na ".,J n; “ ^ ! " ed [5 n |JJ S'- -o re v 0M U U n,ll/ geared 

tionally housed the more mobile courses, pariicularly for those g“® e | d financial im-entiMm 
worker._ parlicuiarlj' U. youpg. PM. . -Jo e = intle 

p " grammes. And those many. 




- tJS. 


• -»( ~r 

1 . r. 


THE NOBLE GRAPE. 

T RVEYORS OF FINE W INES 
SINCE 10A.M. LAS! Tl ESDAY. 


— ; C,\B>-E STREET : — . 


-:>sCa 


, c. ’ "j - V • v, 

' t '■ - 

i A ..-itA-V* - _ - — -J- . z- 




Vhe Noble Grapes Selection. 
- icre.in Stepney, this Iricndiy 
-\y business sell over 140 
: -cnt wines by ihc ease. 

Atd by our sound knowledge 
.':xpaiencc in the wine trade. 

' Am you to be sure ot" our 
A vines so we oiler... 

. rce Wine lasting. - 
-.Ark the car outside, come in 
”OU can taste most ol ihe 
■. wc sell before you buy. 

. advjm age ot this Jimimc 
' esc 'I lie Noble Grjpe is 


' days a week, including 2 
, evenings. 

lon.Tucs.Wcd in.im-fcpni - 
. burs & Fri HJjin-Spni 
iatuid.iv ltt.im-r.pm 

’ undav li.«u-.ipm 

rcc bottle of Dotn Marfm 
eh table wine, 
vith any case of wine pur- 
jcL " c will give you a 1 1 cc .. 
col Dom Martin but lor 


a limited period only 

Write or phone for our ex- 
tensive price list which includes 
die following wines: 
PiesporrerGoldtropIdien Q.B.A. 
1977 71 cl. £18.00 

Chateau Cantcnac-Brown I q 75 • 
AC £53^0 

Due Dc Grammoirc Vrcndi 
while sparkling Brut . £17.90 
Rjoia Fateniuu 'i’into N.V. 12" 
7Dd. £15 D 0 

Chateau Le Pin 1975 Bordeaux 
SuperieurA.C £22 J5 

Alni.adcn Califoniian Cibemct ' 
b.iuvignon iy7375cll22> 1 ' £30.90 

A delivery st-p.'icc is available. 

All prices quoted arc percase 
.nid collect ion from our ware- 
house arid are inclusive «'i VAT - 
at !?"•.. All olfcis arc subject tn 
aval labil it v oi stoc ks, duties an d 
(uarkeiilucttuiions. 

Vic accept Baicl.ijT.ml. Access 
and cheques with bankers cards. 


The Noble Grape 


a good deal of criticism, the 
most common complaint being 
that much of the training ha6 
been geared just tu keeping 
people. particularly school 
leavers, out of the dole queue 
rather than to meeting the real 
needs of industry. 

The MSC financed the train- 
ing of 99,000 workers under its 


nicer their own needs are likely Jr,w published yesterday. To-. 
to he more than usually vuiner- Tnorn ? M:s concluding article. 
able to p,.arhins: " examines further reasons for the . 

n-L, . u , i- high wastage rale " of skilled 

This has certainly heen true icorfters. ... 


has declined since the Rent Act Merest 

i? ^f. e ^^ aCC0m ™^ a ’ y stho °l 1 have com inued to take on in 1977 at a cost of £195m. com- 


10 ™ eet the There is ,ittle dou,)t 0131 if apprentices at limes of reces-' pared with 15.000 in 1971, hut 
neeas ot potential movers. industry wants lo attract the sion, need to feel that when the the major element In this 


Nett" van «l « _ mvii, iv ecu ura uuu wiivh uiir me tuajut ciciucut . in mu 

voffiictl !>a "hoiising Sea polri^' S calibre of apprentice it is economy gets moving again scheme consisted of paying for 


S fnoKrf.K, 8 £oing t0 have lo hnprove its they; wUl not simply Jose their courses at colleges of further 

wage mobility, ihe residence own image. If existing skilled trainees to poaching from those education. where women 



Messages can be delivered lasterT 

and cheaper wiih CASE ^ 

comnumcauons systems. To »md tT 
out how the CASE "Electronic ' 

MartCon" can help your company 
contact CASE today. 



CXX^JTBF) Af JD ^-■pTtMs 

a.* 


I »<a V.:*j.k-- ■ rtmr H.iH.irriMi 
L J R«.<Mq«C> 5i T > ifi fmljrcl 

». + irL.pp.*,-th 

Cas m i-K*. *rv 



EMI chiefs 
thoughts on 
innovation 

By Christopher Lorenz I 


IMPOKIUtSu. lUftltUB OF FLM U. JNL 
HE HIGHW'AX LONDON E.t. TELEPHONE: 01-488 4788/9. 


Yoor biggest 



knows 
fsorbosiiiess 


Any thriving compfiirivia bu-sin ess 
Tic-eds * thoronrih knovjledq^ of the 
competiuon. With speed arid accuracy 
Jordans can supply you with the 
following: 

General Reports "on Company Files 
Full Company_Report 3 
Co pies oi Specific Do^gurn e n Is ' 

Latest Filed Report and Accounts 
New Company Information 

So why r.ol join the competition - • 
ccnlect Bruce Hannah on Ul -253 3030 . 



iet the facts 


'joTOAHnoKr wujuwcnucE . 

Sfl»IXn. v XlStt1XUn«ffi,W^XrjO)tUX:UKBO 


SHOWING NO regrets at his 
commitment to the (currently 
lossmaking) EMI Scanner— 
probably the best-known British 
product innovation of this 
decade— Dr. John -Powell. EMTs 
managing director, has just 
enumerated what he considers 
ore -the six most important 
factors for a coriipany in the 
successful exploitation of an 
Innovation. 

Speaking at Management 
Centre Europe's Top Manage- 
ment Forum in Copenhagen 
last- week. Dr. Powell admitted 
that the last 12 months had 
been* ‘'traumatic" for the 
scanner because of intense 
competition and the market 
decline. “ We, like most of our 
competitors, have experienced 
heavy financial lasses." 

But “ during the next two 
years, the market wiU have 
bottomed out, and will be grow- 
ing again.*' he forecast. Amoog 
many changes, “the long- 
delayed and considerable in- 
come from royalties will start 
to flow, particularly to EMI," he 
said, emphasising that the cur- 
rent situation is only an interim 
phase in the story of the 
scanner. 

Dr. Powell’s six key factors 
for a company exploiting an 
innovation were: 

.flt An environment which en- 
couraged new ideas. 

• Early potential user involve- 
ment; "and, if possible, get the 
user to do the selling" — a 
reference to EMI's choice of key 
TLS. institutions with estab- 
lished reputations in neuro- 
radiology as -initial selling 
targets. 

tp identification and assessment 
nf market opportunity. 

• The involvement and commit- 
ment of top management at an 
early stage of development. 
“Don't expect the guy down the 
line to slick his neck out if 
you’re not prepared to stick 
yours out just as far." 

An understanding of the in- 
novation process and associated 
financial risk, “and, above all, 
don’t rely on patents to protect 
your position." 

Speaking at the same confer- 
ence. Mr. Anders Wall, Presi- 
dent and Chief Executive of the 
Swedish conglomerate Beijerin- 
vesl, advised companies to fight 
"The profitability squeeze" both 
wtthih the company framework, 
and. by participating. in the gen- 
eral economic debate. 

A company’s,, technology 
almost always represented a 
profit potential which had not 
been fully exploited, he said. 




. ■ Sadi# air ftidtght is all too often a case 
of broken proiiiises, broken packages- 
. and even broken telephones, y 

.Yet, if you came to Emery in die first 
' '. place, freighting would never be a nerve 
radking experience. 

. - . . We air freight more goods worldwide. 
J than anyoheelse. And, to be honest* we 
think it shows; 

• . . r Because w#ye developed a system . 
that is fast, enuH&it, totally safe and . 

. ; surprisingly .economical. 


; upi document, ship.on theftrst available 
.- flight, clear customs and deliver. 

' We even have a unique freight 
: tracking system to tefl us the precise 
location of y our package. At any dm^j 
day or night;. 

' And we have more than J40 offices 


in the world’s major commercial and' 
industrial centres. 

/ . In'each one is a. team' of Emeiy . '. v ;- f 

specialists ready to h elp you. • ' ■ ■ 

So,.n.ext time the idea of airi 
makes you nervous, call Emeryi 
. But first,call the Post Office abdutS. 
that broken phone, . . - ; ?■ A v .,. 

Londt>n(Ashford-Middx) 69-45921 
Birinngham 021-7.06^6491 • . - v< 

Lfeedis 0532-562526 . . , -.- V-'SMIk: 

Manchester 061-437-6123 • • ; 

Prestwick 0292- 70511 '• : ,fP‘ 

: EMERST'WM 


Everything^ urgent to us 




^ t .. 













EDITED BY ARTHUR BENNETT AND TED SCHOETERS 










. .'.'"".if" 


■* “ -I-.* 


V* iV firm' ii[fin~iTfiift t 7 in- rr* i ' ■'! 


The Siegtimie-Marie under lull sail during recent trials. 


-Sncial' Times 


f imes 




,,, ' . ■» ■ ■■ ' ■• ' 1 '- .T - ” • 7. ' ^ 

f . ^ ■ -" v :tr. ■ • : ' kV.!T . ;.• ^ 

• SHIPPING h ’ : "5SSI 

: Barnacles at bay ■##^1'’ A | . ,0 ■ j ; ' 

I ro PROVE that copper-nickel between steel and alloy can be ■' ~. ./ •" : " '-Jr? ... ;: .pj ." :.j i '. : r J, ~ V : .1 

1 zan be used effectively as a made uniform- j. . ■: ■ : y -v V > V • • - : \ .viyvV j. ' 'if U'V • ^ >• *;'• >' :V ■ ' 

| marine hull material, never re- In the U.S.. one experimental ; ; \ • !■■. • v I a. .. /.i.'ll...*: 1; . . ■ .7$ 

j quiring paint or scraping below vessel has been in operation : *. - ajp-v.-. v- ;■■; •• : '■ ••;”'■ . 

| the waterline, the Copper since 1971 and in waters known ; ■r’..;*.,-.'* . \ 'r€s?\ V* if . ". \3- : '7 ^ vVy-'-v/j 

[ Development Association has to build up fouling to a very : “ -.-.S *' . -. v:..V: „ -v .. ” . 5, . - " ' •_•;>: / 

built and is testing a ketch- great degree; it showed no sign * - ■*...? ■■.' -^iy &:■ 3. ■ :?» •• --Sv-/-- 1 

rigged motor yacht of 65 tons, 0 f marine growths after four : 3 V. '... '..: v3. v-!^ -v" ■' f ^ ; /•; • ; - V;$? 

the null of which is made en- vears continuous service. Con- ■ *-. ?* . -'.'V ' ... y 

tirely of i-inch 90/10 copper- Ventional sister ships with ■ . . '•» ■ iri ' % <v « .. t. ■ '"-V. : . 

nickel alloy plate. painted steel hulls had to be 3.' ; $ \ ...' • • :;:^v - -J- ' " r ^ 

It. is the first copper-nickel dry- docked and scraped and re- • ■ ^ s - r - r ••-• .. • 5 : - ' • i 

vessel to be classed by Lloyd's painted at .east four times in 1 

and while the rules of Lloyd’s that period. ; .. ;• •• >e . "■ • . ''..v'- . -.. .-b v4"--.T‘ ' '■■•■■■■■ 'I 

Register do not cover hull con- Another significant factor, so 1/ . ' - ■. -- .-. 5 

struction in this material, the far as the shipowner is con- . . ......j .. . /• uiQSfr . \ ' ^ 

design consultancy prepared cerned, is that with the passage j- '*■ ■ •' ;■ \ ? ' i -•.* *- .1 

structural drawings for approval 0 f time, the alloy appears to : . C : .^ .b : v,' - .'-j: v •' -.'..r 2 ,.- 

by the Yacht and Small Craft become even smoother than . *\%. ' ' '.?$:* ■ ^ i'-.V . ■ “ 'b' 

Department at Southampton when it is first assembled. This ^ ! ' . / •• r >' • • 

which adapted the existing rules is in contrast with the common ' v - {'■ \-y ' : . v ’-.A . * ?l- 1 

for steel vessels to the material, experience with standard hulls ‘ . v 'N- ;'r.v: . -V" • .. - f . •*•/' i : '-i ’ r: -• > -i '' 'V ‘ V .-''.bi 

taking into account its properties. w hich corrode and roughen. ; s .'. \ ■ .v,’ ! v 'Vi 

Lloyd’s also checked and British Ship Research Associa- : -r N . : - ' .. : r '* 3 '> 

procedures and carried out indicate that fuel bills increase Xb'".' - H .v if ! •* ' V, j 

classification tests for the by —o per cent for each -u - . ! . ■■ ■ • -L »■ ‘M'i' .M 

welders. tho usan dth oi an inch of surface : . v. -V .bvT' ' *■ ■■ b/i '- • -V ; 3 ^ r.!' 

typicaUy around 3 ram. How man> - may not be worth sending 

the platmg will be built up is 5^.3 again. On those that are, The SiegTinde-Mane under full sail during recent trail, 

not. yet determined, various owners will have a heavy foul- 
methods are under consideration j^g and corrosion bill to meel 
in a research programme the an( j jf ^ pU { down to experi- 

foundations of which were laid encef lt is 15lce iy l0 plav in favour — — 

as long as 10 years ago. of hul! materials that do not 

One method is explosive weld- corrode or foul, 
ihg which would clad the steel CDA, Orchard House, Mutton 

plate by plare. It is an attractive Lane. Potters Bar. Herts ^ Cl PrTDAMirCS volition, has launched an auto- The database thus created can. 

method provided the adhesion EN 6 3 AP. Potters Bar 5071 L • tfctumwniva routing and data capture pack- be processed to produce other 

a' cm 1 ditv . a S© as yet another carrot to in- manufacturing information in 

9 StvllKl I T ■ lUPGr OF) ternational recognition. . the form of numerical control 

t j • j V^^l' U1I The system, known as Questar, for phptoplotting. drilling, 

I ^rpn^-m m UlIlP'P'PrG . provides a complete layout de- milling, testing and component 

IFF !■" UlUggV'l 3 OVTtArf .sign service from circuit sche- insertlon - 

A DUTCH company has seconds later. During an alarm. CA|iUI l UAed tend The autoroute facflity of the 

developed a taxi alarm unit, a damage to or removal of the „ ISSSh* ^ rm^ U h!^ 0 m^n t «f!i7 ^ e M ^ anuaJ i?, y ‘ 

small unobtrusive device which microphone has no effect on the circuit board maflufac- out effort to a minimom while 

can be used in combination with transmission of the identification FImIJL ture ‘ allowing the layout de- 

all current radio phones. code or the alarm signal. A As such, it simplified the pro- Sl f“® r t0 V 1 ” 5 ™Y“? g 

The electronic circuits are pro- relay unit can be supplied for SOME OF the secrets of sue- cess of peb design to layout and soiiraon with his shall and judg- 

tected by a watertight housing, acoustic or optical signals in the cess * n a sma ^ company include its data capture technique can me °** « performs the automaoc 

consisting of an impact-proof die- taxi. specialised sales marketing, the reduce the time spent at the routing bf the circuit, 

cast aluminium box. The alarm Since the unit is fitted not only ability to procure and utilise digitising stage by up to 70 per In addition to the connection 

is activated by a contact fe.g. a with a five-tone code transmitter special talents, and to believe cent data and the layout, the user 

foot-operated switch) and can but also with a five-tone code tb at nearly everybody employed pac k aRe a u 0W s data to be ma y specify power rails in the 

only be silenced by removing a receiver, it can also be used for therein is a highly skilled per- entered at th e circuit diagram fOTm of “forced routes,” preset 

battery terminal. As soon as selective calls. This enables the ron. sra*e and will then main- areaa . special restricted areas 

the alarm is activated the control centre to call each So says Quest Automation oF t a jn circuit connective!? ®^8 e connector areas, 

radiophone is automatically vehicle individually. Femdown. Dorset, whose pro- through gate allocation, compo-. It is available to oresent users 

transmits in^nl!. 051 ^ 1551 *? . In °T der t0 P crrait identifies- ducts have put the company on nen t layout, routing, whether of the companv’s automated 

uon e m ®rgency calls at the 5^f t „?i iropean .!? a P’ aBd .^ on automatic or manual, and subse- draughting equipment and will 
identification code, an alarm control centre certain equipment commercial accreditation status quent editing This is said to feature In a series of new aro- 

ppntrpi-* anri a -fiP sniniri« C in«i?i ( ? uch . ^ 3 UQir) mus t in Moscow by the USSR. provide a powerful check on the ducts which are to be launched i 

JKSJh and ‘ l11 sounds inside a,so . be tnstalled there and this The company feels it has been integrity of the final- artwork at Internepcon. Brighton, next 1 
“l”"- ■ ■ n .. f „ equipment can also be supplied, working on a moving ball for which is then used as the basis month. ' ’ ' j 

KpJonJ- !c ♦ ? r rj Telecommumcatie B.V^ some time now and, striving to of the peb manufacturing pro* More from Femdown (0202 ; 

seconds and is repeated 15 Postbus to, Zeist, Holland. keep pace with its self-motivated cess 891010). ' . j 


HANDLING 


FntratfonfrBeparafidn 


New approach to waste 


A PLANT rader construction a -the tipping . 

Aylesford in Kent will set nev -restored to sgricuit _ jw-overv 
standards in economic handlini At the heart ‘ . Encin- 

and disposal of solid waste from system, designed » Spr _ 

a mixed industrial environment eerrng and -^tura 

say s the Reed Group, New Hythi vices, is a c ° 131 Sctor-d rawn 

House. Aylesford, Maidstona served by the site s wa 
Rent 3U20 7PB (Maidstoif hydrauHc baler. 

77777). * A Lindemann B ni^ciul enrtine 


says the Reed Group, New Hyt 
House. Aylesford, Maidstoi 
Rent ME20 7PJB (Maidsto: 
77777). 


FRAMtNDUSTRSAL 

LlantrisaniPonlyciaV'- 

WdGfenm(OM312230ca 


COMPONENTS 


landfill 
site dir 


acre industrial complex the& mg ansingsJ£orn ^ ^ 

has been able to introduce mt plastic moulding- sa J^ts)and AvllOUCf 

only an efficient level of pajfr and P«P«r 'board CXIlHllSl 


which has been licensed on 
company’s property, 
improved tip management n 
possible with regular wired fc 
is expected to double the lif 


A NOVEL solution to 
problem of allocating cost 
particular telephones W 
organisations has appeared 
the mar ket. Called Telcas, ; 
available from Pcudolan I 
national, Kingsley Park Ta 
Northampton (0604 718406)., 
A purpose-built cai 


• ELECTRONICS 

Quest on 
the export 
trail 


volition, has launched an auto- The database thus created can 
routing and data capture pack- be processed to produce other 
age as yet another carrot to in- manufacturing information in 
ternational recognition. the form of numerical control 

The system, known as Questar, ^Pes for .photoplotting, drilling, 
provides a complete layout de- pulling, testing and component 
sign service from circuit sche- insertion. 
malic diagram to finished board The autoroute facflity of the 
layout and production of data for system reduces the manual lay- 
printed circuit board manufac- out effort to a minimum while 
ture. still allowing the layout de- 

As such, it simplified the pro- signer to influence the routing 


recovery fromthedaiiy ari#s also for selected paper ana ooaxu •>;; v ;v ■ 

of 20 tonnes of mixed lndust*j fed to a hopper from oaDer - 

and domestic waste, but alsolo belt and desuoed for me paper CJOC . -*-V 

introduce baling of indus^l mills on site which t use -wuj 

waste I 300.000 tonnes of waste paper j ' 

The latter inn ovation proloBRs each year. . . _ COAXIAL design is n feature of 

the life of a new landfill fcte At uresent. all this waste a heat recuperator WTth which 
Jriiich^has been licensed^n foe aptrt from same ^^jvere^loose energy saving 
company's property. _fcd paper-goes to landfifl w ith wn 35 per cent can adhered, 
improved tip management hide fidential waste, wei-streutiu Recovering -thetpn^r.CTergy 

possible with regular wired bales paper and unusable panels oems jjqqj £b e exhaust: -Cases from 
Is expected to double the lifCof incinerated. engines and gas. turbines? fs done. 

I by transmitting * it; -to the com--; 

* J bustion air. The rise' in thi" 

• COMMUNICATIONS S’ESH ff 

Pin-points fhone costs 

A NOVEL solution to'fthe to a Telcas bureau for P r0 .^^ o£ a heat transfer; ^yStera-con- ; 
problem of allocating cosffl to mg and analysis, or in a iai| sjst i n g 0 f a lai^e number of unita 
particular telephones of 

SSauisatians has appearel^n^f^^^^ g 

the market. Called Telcas. Jt is- In addition to cost allocation in ™g aT c jggfT 3. J 85 

available from Pendoten »er* solidtors and acrountants offices twr0 pipe g |J she d Stomach bther 
national, Kingsley Park Tsjace, far example, the service can also ^o^ipes pusoBu 
Northampton (0604 71S406LT be used as a rep la cement for an ana an . . 

A purpose-built casfette patch meters on large PABXs. J^ £o ff. ’’ 

recorder placed under thefiele- <»st accounting on small switch- f the 
phone instrument register# the boards, in payphone applications it ^ £ °^ ced ri do ^^ a ^ d ?J^ we ^ :a 
date period and the nianbei .and in monitoring private wires, the inner and outer maes.-.- At ; 
called and if desired addtifonal . Equipment is fully approved the same time .the hotfexhaua 
data concerning each call c$> be- by the Post Office with line con- gas from toe turbine fe -fasaed 
added using a keypad. section via standard plug and upwards, both thraugh fbe luaei 

The cassettes can then b^sent' socket. pipe, and along toe fiasT.te/ffie - 

? ■ outside of toe outer pipe. 1 

J By making ure of"- ithe - hot ' 

* IM TUC AtTirJ exhaust ga£«s from ; the- turbine 

111 * Ilt wrriv ? . in. this way the quantity^ of fuel 

. 1 j needed to bring the cmjfcu^ion 

Copies are cool and dry inlet temperature is ijeducetL 

USING flash fusing, a new'plain strati ve and operational require- The fins on the outside iof- the . 

paper reduction .copier *' from xnents. , outer pipe- increase : the ^rface 

Agfa Gevaert, to be shown^at the Power supply is from an area of that pipe, so tfoatjjt can 
-London Business Equbiment ordinary 13 amp plug. - absorb more heat.--.' Ateother~ 

Exhibition in October, has been The company classes this new feature of the regenerator Us the 

given the coding Gevafax X-22, machine with the X-21 in the use oF coils in toe inner^l^e and 

It a nb. ten whirl, win medium to large volume betweeb 1 the inner and footer 

, r a ,?n a » n P 5 categorv. both having ability to pipes. ■ These increase ti?e, Speed 

a ®^ e ^i-,}‘P IfL -rSSJf turn out 15 copies a minute. The of the outgoing gases’ mnftoe : 

? tatter machine has been operat- incoming air,- giving iriqntoved' = 
ing in some installations con- heat transfer, .-. • . 

^taS^ It S 1 coqv°^A 4 “sternly at 1,000 copies a day. A patent appticatioir'bas tteen . 

^ M Agfa-Gevaert, 27, Great West filed. -. - - 

ongmais size-for-srze. .. Roa ^ BreQtfordf Middx. 01-560 B.V. Machinefabriek Bieda 

Flash fusing means that toe 2131. Postbus 3260. Breda. Holi3adt 

crisp black copies emerge flati — — — ; . . ■ .. ■ . — r--i 

and cold to the touch in a system — m - ■ m • • • 1 

introduced last year Mfith.-the CMiT a tfHhy , f 9r f^OnmV ~ i 
Gevafax X-21 universal plain C#lCwU lieCll WIIC(Ay€llRB^" | 
paper copier. - ■ 3 NO minimum 

This means that copies are ORDER 

easier to handle and distribute 
when the operation is completed;' 

X-22 reduction mo del U offer° f conh Trxjusancteoftypesarxisizesristockfm^ l 

5^St.?r e r«S3;Sthi f r Xw ' LONDON Of-561 St13 ABEmSEN&^a^Sm '■ 

da raising reports and other dpcu- 4 -a*** »»' ■; . 

inents -where information . ■ MANCHESTER 061-672 

recorded on large originals -must . _ TR answer caul charges GtAOir,.ACC£PTO . 

be incorporated, to meet admini- 1 . . ehergenct number. ot^53,7- assy: Exa’j-WL: .. 


)ld 


tOCCi 


• IN THE OFFICE 


I /■« 

13 

iLU-3 




Copies are cool and dry 


3 NO MINIMUM 
ORDER 




TnousarxteoftypesandsizeshStockfbrimmedzitBctel^ . | 

LONDON 01-561 am ABBN3EEN(fM32^M [ 

7 : - MANCHESTER m$7y4&3 -'- 7 ^ = ’ 

TRANSFER CALL CHARGES GCAPir A ULtfim '.‘v 
.24 HR. EMERGENpf NUKSEIt 0T-S37- 3SS7: Exc' ^W. . ' . E . ■ 






/ 


GEOBANKING 

The Manufacturers Ifenorer 
of Wald wide Banking 


f 1 . Geobanking. 

rijw. A massive copper mine in Mexico. 

. A nuclear plant for the world’s largest power 

- / company. 

- : i v * A shipment of grain for Eastern Europe. 

_ t ... Geobanking. 

It is money moving and working around the 
world 

It is the Manufacturers Hanover way of 
worldwide banking. 

Unlike most major international banks, 

Manufacturers Hanover does not enter a region 
ora country with a rigid operational philosophy. 

Instead; it adopts a.way of banking that woiits 
best for a particular place at a particular time. ;•> 






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Geobanking. 

in some countries, it dictates the opening 
of full-service banking offices, such as the 
Manufacturers Hanover branch in Frankfurt 

In others, it calls for the setting up *of a 
specialized subsidiary, such as Manufacturers 
Hanover Asia, Ltd., the Hong Kong ' ' 
merchant bank. 

And elsewhere, it may mean reliance 
on representative offices working with ILff 
indigenous banking systems to form one 
of the most extensive correspondent 
networks of any (IS. bank. 


f.1 V 

0 




Geobanking. r . 

ft is.wboily responsiyersince itfine-timdi ;♦ * 
banking to national anefregionat needs;" a .h 

Itjs flexible, adritorig swftacyiistmentftr l 
chfflig^ ihprevailing c§jidfffohs^^ ! 


orgariizafiorr. x. 


The ^ bahidhg source.WDridwide. 


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c/v°-U, 


ftoflffc&f TfiSSS Tuesday Sep£e&fer26 107g 


FINANCIAL TIMES SURVEY 


Tuesday September 26 1978 






CijsTv 


Opencast coal mining is the only sector of the National Coal Board’s 
operations whose output has risen steadily over the past few years. This is 
in spite of growing protest’s from local councils and environmentalists, 
which have increased the difficulty in finding suitable new sites. 


Old 

Process, 

tew 

teas 


f ’■ »■ t ■ 


John Lloyd 


: 2NCAST MINING is a means 
which coal seams are ex- 
• * :,ted by earthmoving and dig- 
# . ’“equipment on sites where 
seams run close enough to 
. ’"v surface to obviate the heed 
•link shafts and dig tunnels. 

_ • topsoil and “overburden" 

. 7 arth, clay and rock strata 
■ T . . - _ veen the topsoil and the 
-n — i s scraped off to reveal 
. « ' . seam, which is then dug 

.. 7 . 7 “ — — 7s a process, it is as old as 

\ 1 ■ use of coal itself. However, • 

rapid and continuing ex- 
ilrCal VVilC&ion in recent years owes 
*. to the development^ of, 

vy-duiy, large-capacity 

lijkels. dragtin'es— powered . 

'""‘Ks attached to" a crane-like 

. . f - -m— and. . . large^apadty . 

. ‘ ' „*$■ It is further , gaining 

; _ ; ;-v. ' v A^^aiffan^' -.-hecausqr-^of 


steeply rising costs of exploit- 
ing deep coal seams. 

in the three major coal pro- 
ducing countries of- the world, 
the USSR, the UJS, and China, 
-opencast mining production 
now accounts for between onn 
third and o&e half of Total pro-. 
Auction. Much of the new 
capacity coming on .stream in 
other coal-producing boun tries 
is how opencast. 

In the UK, opencast produc- 
tion accounts for a relatively 
small (around 11 per cent) 
proportion of the total annual 
production of around 12m 
tonnes, though its proportion is 
growing. UK opencast sites 
produce about half of the total 
anthracite output of the 
country, and a significant pro- 
portion of the high quality 
coking coals used in sleei- 
making. 

Overburden 

The economics of opencast 
production depend on the ratio 
between the amount of over- 
burden that has to be taken out 
to get one ton of coal. In the 
early days of opencast mining 
In the UK, the ratio \vaa about 
four to one — still a common re- 
lationship in the UJS. However, 
present-day UK ratios' are now 
more often around 1.6:1.- Where 
the coal . is . particularly 
valuable — anthracite,' for ex- 
ample — ratios -of 3D and 40:1 
will be economically rworked. 

This in turn means that the 
average depth of opencast sites 
has tended to increase.. :^!h ere 
ah average strip mine, qt. the 
‘ dr the centuryThigirt. 



A Hijmac Demag Hill Hill face shovel in operation by Fairclougk Parkinson Mining on the NCB’s Anglers 

site near Wakefield. 


■ i ,f U n 


have been 40 feet deep, they 
are now typically between 100 
and 200 feet deep, while the 
Westfield site in- Fife goes down 
to over 600 feet. 

The system by which open- 
cast sites are worked varies 
from country to country. In the 
centrally planned economies of 
the USSR and China,' it is a 
division of the slate mining 
••rganisaiions. In the U.S., open- 
cast mines are typically owned 
or" 7unsod ; by private companies,’ 


which often contract with 
public utilities for the long- 
term supply of coal, in some 
cases, the utilities will them- 
selves own and operate the 
sites. 

In the UK. the mines are 
owned and supervised by the 
National Coal Board, but the 
exploitation of the seams is con- 
tracted out to private com- 
panies. The company accepts 
the NCB’s estimation of 
reserves on the site." together 


with its estimation of the time 
taken to work it out. It then 
delivers the coal to the Board 
in return for an agreed profit, 
and then undertakes to restore 
the site to agricultural use 
according to standards laid 
down by the Board. 

In: the early 1070s, high in- 
flation coupled with fixed con- 
tracts^ severely depressed the 
profitability of the opencast 
contractors. However, in the 
past' two years, the industry has' 


generally returned to profit- 
ability, with some six large con- 
tractors accounting for the bulk 
of the output, and a further 20 
smaller companies operating 
two or three sites each. 

The major contractors are 
Costain. Crouch. Murphy, Shand. 
Shepherd Hill and Taylor 
Woodrow. These companies are 
typically civil engineering com- 
panies with substantial experi- 
ence in earthmoving which have 
set up opencast mining divisions 


as a way to use their machinery 
efficiently. However, in part 
because of the difficulty of min- 
ing the often thin seams in the 
UK and in part because of the 
stringent safety and environ- 
mental standards laid down by 
the NCB, opencast mining has 
evolved into a highly specialised 
process requiring techniques 
unique to itself. 

Many of these major com- 
panies are now seeking expan- 
sion abroad, and are seeking to 
acquire opencast sites especially 
in the U.S., Australia and Spain. 
Derek Crouch, the Peter- 
borough-based company recently 
acquired a 20,000-acre site in 
Pennsylvania with reserves of 
20m tonnes for the sum of £9m. 
Murphy, Taylor Woodrow and 
Shand are also at advanced 
stages of acquisition of strip 
mine interests in the U.S. 

Attractive 

The UK contractors are 
attractive to overseas govern- 
ments because of their experi- 
ence in land reclamation after 
the site has been worked out. 
The U.S. has recently brought 
in tough new legislation on 
opencast mine reclamation 
standards, causing some disrup- 
tion in an industry which had 
previously paid little attention 
to environmental standards. A 
number of small U.S. mine 
companies have been forced to 
close because they could not 
bear the expense of reclama- 
tion. 

However, the UK’s adoption 
of high standards has not 
defused increasingly strong 


pressure from environmental', 
and local resident groups ;-to" •• 
contest the opening of new - ' 
Local and regional councils -are 
now also becoming increasingly- 
reluctant to tolerate further: 
opencast working, and several- 
have indicated that they will, 
strongly contest further appti.-f' 
cations for planning perm iss ion. 
They have said that they m<iy:. 
wish to contest the present p re--, 
cess, where the final decision 
on an opencast site is tflken-by- 
the Energy Secretary, claiming - 
that his judgment cannot, by its - 
nature, be impartial. - 

Further, the protestors are" 
increasingly disposed to cfifU-" 
lenge the NCB not just 'on. 
environmental grounds. butV.oiT 
the root and branch jssue^bf: 
whether or not the coal' ' 1$ 
required at all. In this content; 
they have the unintentional sup?., 
port of. among others, 'the. 
Central Electricity Generating 
Board and the South of Scotian^ 
Elect ricity Board, both of whiclf 
have made it clear that they ’ 
disagree with the NCB’s and the:. 
Government's optimistic asses&r 
ment on coal burn in power 1 
stations over the next 10 yearS; 

For the moment, however^ 
these pressures are being cop- . 
tained. albeit at the cost Vof 
lengthy delays resulting from 
public inquiries and delibera- 
tions of inspectors who recom-': 
mend to the Energy Secretary 
whether or not he should allfiW 
mining to proceed. The valiie 
of the type of coal dug frdift: 
opencast mines, and the ease: 
with which it is dug means that . 
it is unlikely to suffer a decline, 
in the near future. 





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OUR HOnOURS LIST 




Ruston-Bucyrus is proud to present 
this list of illustrious names of 
195-B mining shovel owners. Most of 
these highly successful companies are 
repeat buyers, one owning as many as six 
of these British-built excavators. 





BUCYRUS-ERIE 


RUSTON-BUCYRUS 


Ruston-Bucyrus Ltd 
Lincoln, England LN6 7DJ 

Telephone : Lincoln 25261 (STD code 0522) 
Telegrams ; Bucyruston Lincoln Telex : 561 91 






















You cant 


million tons 


In well over a quarter of a century 
of opencast mining', the men of Derek 
Crouch have been winning coal from 
the flatlands of North-easrern England, 
the steep strata of South Wales, and, 
more recently, the undulating 
countryside of Pennsylvania in the 
United States. 


They have moved more than 
1.000 million tons of overburden, and 
brought out nearly 28 million tons of 
coal, sometimes from seams only four 
inches thick. They have produced an 
internationally important energy 
source, and left a legacy of productive 
farmland and valuable country parks. 


PETERBOROUGH. PE6 7UW. ENGLAND. 
Telephone Peterborough (0733) 222341. Telex 32129 


THE DEREK CROUCH COMPANIES 


Derek Crouch Ltd. 

Derek Crouch Construction Co. Ltd. 
Derek Crouch (Scotland) Ltd. 


Derek Crouch (Sales) Ltd. 
Amblewick Property Co. Ltd. 
Sokenwick Ltd. 


Derek Crouch Incorporated (USA). 
Derek Crouch Sales Belgium BV. 
Derek Crouch (Australia) Pty. Ltd. 


What do you expect the best 

WhlkingD: 



If you were given a free hand, what would ypu want most from your Walking Dragline? & 
Constant reliability? Or high productivity? Minimum downtime, perhaps? Or fust low . ' $ 

operating costs? Or maybe all this and more. 

But then, you think, there has to be a limit. / 

If that s your conclusion, we at Ransomes & Rapier would disagree. Because, you see, iwr-;* 
by anyw» etee^ 84 W * con#ider to ^ uite best walking dragline ever builtByUB, or v 

Based on 40 years of walking dragline experience, it indudes all those features : 
mentioned above- and more. 

Lst s get down todetails and we’ll show you what we mean. 






Static Control 

RAPIER'S static control 
system gives the driver 
total control - a feature 
proved to maintain peak 
production each shift 



Automatic 

Lubrication 

Standard equipment on 
afl RAPIER Walking 
Draglines, heavy-duty 
pumps provide highly 
reliable, automatic 
forced lubrication. 


Gas filled Boom Chords and 
‘A’ Frame Rear Legs . 



Fast Erection onSite . 

. ta : Wori«trialerec^'o1nia^ 

1 prk^ to shipment to custorn«siqtfwrt4es 
erection time onsfte. • *: ' 

Ergoncmiically-designed 
Cab ' 


Matched Gear Ratios 




:.'^ For optimum safety, boom chords and ‘A’ 
,^frame rear legs are pressurised with Inert , 
211-fl as- Any pressure drop is instantly 
^--mortloredrn the house and locating the 
1 1‘^oak enables cracks to be repaired swiftly. 

^^Synchronised Independent 
•■^Walking Gear 


After 4p yeks in welkins dratf&ie 
manufacture, Ransomesi Rapier is able 
' to match precisely gear ratios to boom/ 
bucket combinations and ensure 
• maximum output for each configuration. 

-.' Rope Suspended Boom 


, TheaJr-corktittoned 
cab gives the 
operator faB 270 . 
degree visicm. The . 
seat desigri-reduces 
fatigue and controls 
are portioned tor - 
maximum ease of ■ . 
operation. High kitensity^disSJe" 
Gghtingmakea fttiasy to distinguish 
between overburden and pay mineral 
during night operation. 




: : &4j 


Mi 



Walking eccentrics 
incorporate a live 
rtiig of rollers for 
smooth, minimum- 



stress walking. Setsyn control unitsreduce 
stress further by synchronising the 
operation of individual motor drive units 


. /u 

The boom and mast o* RAPIER Walking 
Draglines are engineered in high tensile 
steel tor maximum strength and weight 
saving. The combination of Steel beam 
and bridge strand suspension permits fast 
cycle operation, maximum bucket toads - ! ’ 
and ensures high output 


Spares and Service . 

.. Maiorshafts; gears and. othervrtal spares ••••- i 

■ are stocked in the coonfeyofop^ratioa A. : v£y| 

wortdwkte network of canaiuSy^ppdimed 


So that’s our Walking DragBno. ft's the 

sum O# what you ‘d expect from the best 
Waacfrig Dragline on earth. ' * 

For the fuff story just send usypur 
tetterbead, and we'll belnfoucb soon. 


OPENCAST CO 


financial Times Tuesday 40,^* ; 


Machin 


new 


FOR THE FIRST TIME since 
the war makers of the heavy « 

'plant and equipment used in 
(opencast coal mining have the 
confidence to plan for a future 
that stretches well into the next 
! century. This is already begin- 
ning to show itself In new 
designs and techniques that are 
aiding exports as well as 
making operations here more 
( economical 

The turning point, of course, 
was the 1974 oil crisis. In the 
1960s and into the 1970s there _;-• *> v - 
was a steady decline in opencast 
coal mining, with tonnages ‘ 

shading to about half the 
current I4m tons annu a) output 
This is very close to the I5m 
tons annual rate planned for in 
1980, which looks to be com- 
fortably attainable, running into 
figures nearer 18m-20m tons 
during the next decade. 

The turn-round has been 
good news for the industry as 
a whole. For one thing it' has 
brought back into production 
Ransomes and Rapier, the only 
all-British designers and maker 
of the walking draglines on 
which the whole technology of 
opencast mining is founded. 

When the assembly line was 
closed in 1964, 50 machines 
were working around the world. 

The next decade was a lean one 
for all dragline makers and 
those supplying shovels, trucks 
and o ther equipment, since 
quarrying demands, with which 



A DJB Engineering 55D articulated dumptruck being loaded by Caterpillar 245 qi 
Gunbro's neuo opencast site near Rotherham. . ... ... 


i, — o wtvu wuivu „ r — 

toe industry js linked, were also these are now exceptionaliand in favour of such techniques is doing so without pau&e three. 
® ,mng i a w styi beItnv * average she life is four years the provision of more sophisti- shifts a day, seven dSys i week, 
]™ s - . lth °P enca5 ‘ which may be followed by as cated explosives used to shatter year in, year .out; tended by a 
declining in three many years spent in restoring the strata. Haring to blast, team looking after the safety, 
ATriSoHa “t . of America, the land to fertility. To get a which is unavoidable on some maintenance and control- of the 
nr«SL and the UK dragline 45 ca yd machine on to site and sites, is a nuisance to the con- operation.-. Working alongside 
!!uUiv °i among the three L.S. erected takes 6-9 months, since tractors as well as to those who them: are face shovels -to get at 
tn from doubl ? touch of it has to be welded- live in the surrounding area. It the coal and load the dumpers^ 

Ranior Kans ?™ es and together when it reaches its is one of the contradictions of In the past two our three yea re 

p as me only otner destination. - ' the job that, while everyone — or face shovels; have tended to 


| independent maker of world 
1 status. 


With site life coming down to nearly everyone— agrees on the, increase in size; y WfaeHW *he 


Hiatus 


a own to - *■■*•*- — - — — - . **.«**.&,.- 

around fou** veers smaller Iogic of ex P !oitin 3 surface sites Opencast Executive : -had only. 

led f 0 r. from which coal can be mined six face shovels, above: -seven 


machines are hein* called for from wbicft coaI 0311 ” e nunea six face shovels above: -seven 
with capacities of 9-17 cn yds! lU 316313 , of g0 ^ s underground tons capacity, thpra arena* 39. 
denendin-? on the length ns tbi moles - and as the need to Similarly the dump teitiss to 


Nevertheless, tbe hiatus has depending on the length of the — ", - — — -- - — " oiiiuiariy uie uuinp xtbcks-io 

extend to well cxpIo,t c ? aI su PPj ie ® a j 0,1 cart away either the overburden 
.i ■ , ■ reserves become depleted, uo i.P.«Ani- i.;;. 


i Uf 60 ase 4 to good advantage by boom (which can extend to- well — f— - -- -■ - u*ui away-euner ure-.oyeniizriaen 

the Opencast Executive of the over 100 vards tn the larger become depleted, uo or-coal' iiave been growing tip 

T'.i.n a =r__ one loves them if they are near to Amerind 


National Coal Board, in conjunc- draglines), 
tion with manufacturers to re- techniques. 


Using AmeriSm °“ e Iov f tb * m are nea / to American ,siandardfi thanfa 

these .g niaiit» r where the> live. The arguments to subsidiary eompaniesNiike 
for and asainst are very much. 


. -taiques. these smaller ^ J - V 5 ^ T0 subsidiary companies 

(appraise requirements over the machines can be fastened for s nd agarnst are very’ ™uch_ Caterpillar ^ EucHd and Terex, 

ither in 2.000 man hours, ?° lfie lines of those. produced. tfc e General JBIbtora offishbot in 


longer term. The result has together in 2.000 


technology by selling into ability Verect and take dowh ^^l 

Amenca, while Ruston Bucyrus, to much more quieklv is a major f ause .ff* V~fation in loosen- ...... — . 

tile British subsidiary of R Sn SSStaSJSSSr"- ’ ^ ^3!^ rA 

Erie, has borrowed American Smaller rrachineT a ™ P iso J* 1 ®' ^ of bl 8S er btrfidozers, CO!HWUtlV€ - 
engineering knowhow to build abl”to oneStfnm freelv on h S? ^? Se now faecorain S avai5 ' .... 

machines that can be nut a ‘JJ? ab ? e from Caterpillar, Allis -Although ;tbe - cost of major 

together end taken down in a ukTtheir iow ^'reSmraS Chaimers and chers. can in the items nlttB.eqagneM is high 
fraction of the time taken on r, § ht circumstances - - avoid — totr a 45 cubic yards 

more conventional SSnes a sub-SaSo? to' 1 reduce the es P Iosives - *** this obviously is gPjdg. ' dragUne,.. perh^K 

The method is also beinTtatS ™imge “d often toe onlv a S“L\ h T c ™ diti<m ! t 

dueed by Ransomes and Rapier, other i son™ Ls noen- P 6 ™* *e strata to be rjpped overall^mst of. opencast; coal is 


duced by Ransomes and Rapier other mvrer son™ is J™ per!mt the strata to be ripped overall cost-of.openeast coai is 
Walking draglines are some mlftc ^nipment to the park- these huge machines. There competitive «»raiwMe 


of the heaviest pieces of indu‘d torbi^S'^d 'automatic lubri- is 110 ° bvious ®«?lotiou' to .any as a supplement to-tieep uuned 
trial equipment made. A 70 cu yd cation svstem. The tendenev °P e ^ ast operation, it J s-a coaL There is no doubt, that- the 
machine weighs around 3,000 now is fo'r smaller machines to que 5° n / ch ? 0im S L .th e ^ new long-tenu confidepa. fiat 


machine weighs around 3,000 now is for smaller machines to t l ues “ on choosing the right n 

tons, although its “tread* is be accompanied by diesll com . bin *tion of machines arid has been genera ted. wiilteadto 
only 14 lbs/sa inch. Thprp. stp wnprainrc i-o onahio thom * n e P UI P m e n t if the most econo- n 


only 14 lbs/sq inch. There are «eneratorT*to enable' them^n equi P ment if tiie most econo- increased emphasis on phurt and 
machines if more ti^ 2M ^tap« from over° T mical resul,s .f e '? be achieved, equipment ; detatapmeota.. vrth 

cu yds capacity, the King Kongs head electricity supplies. n a . n / ° f - J U £ ir ® 

of the business, but the tend- ‘ Hydraulic excavators are also ^ d r^ h that - € ? 0SeIy tail °red ^ the/prohlems 

ency is for capacities to be hJ™? ,! whlle ^ °P« r ations are on a that are posed by the. rations 

ItotedtoaroSSMcu yLta m^ overburden Tmore^ f 311 " ^ ™ In Ms . ^the Itotoat Coal 

this country for environmental although their use in the UK is* ^ t 0 ? 181 Boa T rd ’ w6lch ; ^ enviable 

and practical reasons. Even the limited by the much tougher Jianv^rSt^r ' y orId JJ epiltatl0 “ * r ^ 
smaller machines, completely geological conditions. But in , y ■? reat / r .^} ere ar e very is playing an mtegrat part, for 

dwarf their human operators Europe there are a number of eU t> s ^ e5> ^ r . ^ stance, as big_ the Board, and npt tiie contract, 

who in the larger ones have manufacturers like Poclain as Butte F weU North East, tors, is the purcbaser.tif the most 
control rooms nearly th e *l£ 3 LeTbhen^ma- and in S’ ** coa, l“S Programme expensive ,-machines; ‘audi as 

a house. Their span of Uf^ith wSSl^SSISm To opTrl ^ ^ ^ 

perhaps one rebuild, is 20 years lions on the Continent where. to h use thf to A the c ° nt ^ ctors - • 

lor more. . Tor instance, getting the soft Inch as h |ia^ a hn^ And . ^ e Oittwa*. Wertwrt 

The primary function of .drag- hrowp coal in Germany is a dif- dr^sljS that ta£lOO-ton hitl* ct>D ! mito ! en t ■» the may 

lines is to remove the over- ferent proposition to opencast ® 5 ■Pf ri “P s ** summed -u^hy^ ^potins 

burden to allow other machines mining over here, it ' seems £ Sv ^ 120 geologists are con- 

to get at the coal, overburden -doubtful whether they will ton na«re? or nTCrhSSS hi««' ^ J inuo . usl y engaged ;0 n 00-70 drill- 
generally accounting for 17 tons replace draglines. This, how- ^ i rigs mappSBg out future sites- . 

for every ton of coal unearthed, ever, js a more debatable area n Uts a ^5 ' L ?* year. £4m ..was spent '.ai.-alte 

There are one or two sites of . operations. <- f d f «P lDr atf° n - Thi s year it .v?iil be 

where the -coding programme Possibly one of the develop. olotSss^ dJUtoes wb?k CT “ more - i -, 

extends over <-l~ years, but meats that may swing demand remarkably .quickly— and . go on . - Peter Cartwright 



■V 


’ ; '* ■ — r /' ■ 









:.r- 


s' 


'■tVdei 


■ ■’< * 






Walking Draglines 


THE MAJOR coal producing 
countries in the world are now 
—in probable order— the USSR, 
the U.S.i China, Poland, the UK, 
India, Australia,- West Germany 
and South Africa. At the top 
end of the scale, the Soviet 
Union produces well over 700m 
tonnes of coal a year: at the 
bottom of the “major league," 

1 South Africa, produces around 
1 80m tonnes. 

In each of these countries— 
with the exception of the UK- 
opencast mining, makes up a 
very large proportion of the 
total production capacity. The 
UK’s low proportion— at 13.3m 
tonnes in 1977-78, -it stands at 
11,2 per cent of total produc- 
tion— is due to a variety of 
factors!, worth considering 
briefly before going on to the 
international scene. 

First the British mine- 
workers have had an historically 
central role to play in the 
country’s political system, pro- 
viding the first working class 
MPs in the 1870s and con- 
tinuing to produce a high pro- 
portion of the luminaries of the 


Growth of Energy Consumption . 1973- 1990 U S 

(as uniting an aoet-wu price of 57 per Jgiriel..tf nlU .. ;’ : -. 


Petroleum 

Natural gas 
Coal 

HfdragnUimiai 

Nuclear 

Total 

Petroleum hnptrtg 


1973 1917 «^^>-W^IvaiQnty 

woe wc woe wc woe wc woe itib 


W .£5 = w i u,0ttt eomenraUan. 

WC — with conservation. 
Source: United Nations. 


^ -42 ^ J-*™ UM 1.7tt W7B 1.960 1.701 

s s 3 s ss.'s a s ■ 

M«a^E“ 0 W 0 ,,HS,a 7 T 5 e 0 

U S « 47 « a 56 66 

, a a M 7 M 7 . m . an 

2 S? 2,788 2.670 3 .B 20 2&tt OfiO 3 .MJ 3 CT ; 

— - M JB M M 3 SM M 


" It (opepcasting) be^nJji 1942 
as an attempt to find a.quSck 
way- qf bolstering coal^roduo- 
tioh which was -, -.desperately 
needed .to meet , the war effort, 
and from ".that tim e ifeople 
Tended- to regard as_ a tem- 
porary, almost unnatural ' 

Activity, that would be Vivien up 
as soon., as possible with; a- 
retiirn. to. “ legitimate milling 
- V , . flyer the.. more ‘than 30 
years it bias teen in existence " 
in the : UK there have been 
M .- number of attempts to.flv a date 
for 1ft final performance . . . ." 



^ j;__t i *** muoi utsixunziance . < 

moveme ? ts * improved infefficiency.. By- that VSrilo . soine-.of'- these con- 
thS5LSr,w We 5 haS time * in- the UK, the Natibnal strairits -to* applied in soine 
to Coal Boerip^hieh had taken 2^ ‘ tP other rciuiS* 

theLr^nterests large OoeS T QV minewoEkers ^^ J 87 ! • been -so 

mining carrvin^ rather * an t ^ e mineowners) The U.S. is perhaps a 

■23S ‘SSTfo Editions, in control of * ffliistTating^ae' 

fSbds has alwavx hn™ i H V - e ’' mir ^8: 'it- could hardly be o£ ; P» British mOdeh 

rouraged by irnderCTouD^mi^l* Wed to .be, favourable to %%*> ■&*.. haif-of the 

workers ^ opencasting '* (though it did - tonoe s produced 

^ .*-««« sr*:* r*r - - 

in opencast productivity have - . -- .. - boosted by tile- prolonged strike 

only became possible and *• » former managing direc- by- the Union of MtofwoSs 
obvious in the . past three [° r * the Opencast ; Executive, eariierv this' yea^Then the 
decades, as the excavation ^ D - J - Davison; observed — UMW, . largely based :' -in the 
machinery and haulage trucks 


CONTINUED ON." NEXT PAGE 



r ^ 


r:<3^3 


A 











BOWMAKER 


H: Leverton & Co. Ltd: Windsor, Leeds, Wigan, Spalding, Newcastle,- London, Halstead, Gt Yarmouth, Ashford. 
Bowifiaker (plant) Lidt Cannock, Cardiff, Clay Cross, Highbridge, Milford Haven, Lopcombe Corner, St Austell, Winsford. 
Caledonian Tractor & Equipment Co. Ltd: Glasgow, Caldercmix, Airdrie, Perth, Aberdeen, Fraserburgh, Muir-of-Ord, Shetlands. 


r ^ rest 

• v *• 


From a background of over 20 years 
of selective breeding this British built 
Cat D8K is in a class of its own. 

It easily out performs early D9’s and 
shows a considerable dozing advantage over 
the 270 hp D8H. No other machine 
in its class quite equals the boost a 
Cat D8K gives to open-cast output. 


Operator appeal 

The ergonomically designed operator 
compartment has heater/pressuriser 
and sound suppression as standard. 


Production protection 
In open-cast mining, profit depends on 
production... and production depends 
on reliable equipment fully supported 
by rapidly available support services. 
We call it Cat Plus and you can depend 
on it throughout the UK. 




Financial' Times Tuesday September 26 197S 


OPENCAST COAL MINING 






Management system works well 


„ OPENCAST coal mine is 
'aaged jointly, the responsi- 
. ty being shared between a 
■dent overseer from ihc 
ionai Coal Board and a site 
ineer appointed by the con- 
*tor. It sounds like a recipe 
constant delay, haggling 
r demarcation lines and com- 
ing technical skills. 

■ hat does happen, hut for the 
* V =;■ part .the system works 
/■ ' . vjdnably well. That is partly 

V’-f* 4 , '£use the NCB has taken a 
J . ,-£4*. Isinn to steer clear of the 
■ ■ . . -to-day running of the opera- 

\, and only involve itself in 
v. ^ overall exploitation levels 
, - . he site, together with safety 

environmental standards 
£4.flcli arc exacting). 


V ^tt??Lrorld-wide. the ways in 
ch opencast sites are ex- 
' ,. v \ 4 ^ '•?* -ted vary enormously. Yet 

-A "C are certain common 
ures, dictated largely by the 
_____ J . _A ss of mining itself; which 

recognised in the document 
of Contract <Tnter- 
^H^^onal) for works of Civil 
/jH^tineering Construction, 
•'?*•?}• i. a gjfo h is modified, to suit the 
drrurastances. of a 
Sgtaee mining contract. 

„f .* i basic terms the owner of 
mine— in Britain's case the 
/:«' through the NCB — must 
' define the coal seams and 
.raise the project: (b) pro- 
‘ "i the coal for sale (though 
• is sometimes done by the 
• - ' tractor; and (c) seek markets 
the product and negotiate 
s contracts. 

hese functions are in turn 
•: ted back to the need for 
' . itself, which depends upon 
individual country's energy 
' : cy. Many, countries— the 

■ Australia, Poland, Russia, 
... ia and Britain are the out- 
.. ding examples — are placing 
.. increasing reliance on coal 

an energy source, and 
... rase of the growing prob* 
-_ s with deep-mined coal are 
: ng more and more of an 
rest in opencast. 

. hus the “top management** 
. - :erned with the overall 
■tegy, the environmental. 

■ - »ur and safety standards, the 
keting of the product and 

- sites to be exploited will 
v-1 to he handled by a 

-istry or State organisation, 
— le the on-site management 
- -uncerned with getting and 

- vering the goods. 

..he contractor is very often 
;JJy insulated from the mar-. 

place, since his profit 


derives from the mining opera- 
tion itself rather than the price 
of coal In the marketplace. He 
has thus a strong incentive to 
maximise efficiency, for in that 
way he can increase profit. He. 
will want to push up output 
and keep labour and machinery 
costs down. 

The management of an open- 
cast site requires, to a substan- 
tial degree, skills similar to 
those developed by management 
of . civil engineering projects, 
specifically in the use . or labour 
and machinery. So- it. is that 
many opencast mining con- 
tractors are d visions of civil 
engineering companies, or sub- 
sidiaries of these. /companies, 
though in the case of the larger 
contractors the mining, division 
w'ill often be a highly specialist 
one with decades of experience. 

The drawbacks in.ftvis system 
ar etwo-fold. First, the cun- 
tractor is a profit earner who 
has chosen to earn; bi£ profit 
in working cuaL His primary 
responsibility is not— > like the 
nationalised coal company — to 
function within -an official 
energy policy but !to increase 
his profit. The argument is 
thus deployed that exploitation 
of coal sites by contractors will 
result in careless and over- 
rapid working, with little regard 
to planning or quality control, 
that the equipment will be run 
down too quickly, and that the 
environmental considerations 
will be evaded or ignored. 


Largest 


Secondly, the mincowners — 
typically, the Statn — will 
generally employ the largest 
fund of expen labour and min- 
ing management, which will 
have an institutional and pro- 
fessional reluctance to pass over 
the opencast function to a 
variety of contractors who, it 
may be felt, lack the profes- 
sional skills required and the 
sense of responsibility -to wider 
considerations which the State 
concern possesses- 
There is certainly '-evidence 
to justify this view. Opencast 
operators have typically had 
little concern for environmental 
and safety factors, and where 
regulations have been absent, 
inadequate or inadequately 
applied, the urge for' profit 
maximisation has led to 
blighted landscapes and shoddy 
exploitation. A tour' round the 
South Wales coalfield, .where 


many old opencast sites still 
he exposed like black scars, 
i ells its own tale. Where regu- 
lations are lax. as they are still 
in many parts of the U.S., the 

me holds true. 

Regulations, it would seem, 
is the key. Where the con- 
tractor is faced wltb strictly 
d> fined limits on the scope of 
his operation, yet can still make 
what he regards as a reasonable 
profit, then the result appears 
to be satisfactory to both the 
owners and the operators. 

The system which has evolved 
in Britain actually gives con- 
siderable scope — and respon- 
sibility — to on- and oil-site 
management. The experience 
of Murphy Brothers, a medium- 
tn-large opencast contractor, 
gives a good example of the 
problems and profits inherent 
in the business. 

Murphy is a subsidiary of 
British Electric Traction Group 
(BET), the industrial holding 
company with an annual turn- 
over of around £450m. Murphy 
contributed around £20.5m of 
that turnover in 1977, film of 
it coming from its opencast 
operations- Murphy also has a 
civil engineering subsidiary— 
Wrekln Construction— and bulk 
transport, warehousing and oil 
storage distribution divisions. 

The company had a bard time 
in i he mid-seventies, resulting, 
according to its chairman, Mr. 
Paul Rudder, from the combina- 
tion of fixed price contracting 
and high inflation, a familiar 
enough cause of lament How- 
ever. last year the group 
turned round from a £356,000 
luss to a £563,000 profit, as con- 
tracts got more generous and 
inflation declined. It is opti- 
mistic about its prospects, 
especially overseas. 

The company has won some 
12m tonnes of coal from 34 
sites, and currently produces 
around 1.1m tonnes of coal a 
year, nearly one-temh of total 
opencast output It is presently 
working eight sites, mainly jn 
Scotland and Wales, of which 
the largest is Westerton, near 
Cowdenbeath in Fife, where 
711.000 tonnes are espected, and 
the smallest is Great Mountain 
in Dyfed where a mere 97,000 
tonnes is hoped for. The prob- 
lems vary widely. At Westerton, 
a stream had to be diverted 
before work began; at Great 
Mountain the coal seam was on 
a steep 1:2 gradient 


Rhos Colliery, near Amman- 
ford, is one of the company's 
medium to larger sites, from 
which around 467,000 tonnes 
are expected over the next 
three years. The site is large, 
covering 100 hectares and going 
down to a depth of 460 feet 
The big spoil tips dominate the 
little village nearby. 

The site manager, Mr. Peter 
Monaghan, clearly enjoys his 
job. He cheerfully admits to 
have bad no formal mining or 
engineering education Though 
he has been trained by Murphy 
and is an experienced civil 
engineer. He has eighty men 
working for him. all directly 
employed by his company. 

His task is to meet the pro- 
duction target— and surpass it 


if possible — within the agreed 
time and price (making a profit 
within that price) while holding 
to NCB standards and keeping 
the nearby townspeople — who 
are understandably unenthusi- 
astic about the site — if not 
happy, then at least reasonably 
content 

Monaghan believes that in 
certain respects, opencast 
mining now can improve the 
environment — because of what 
the contractor is required to do 
after exploitation is complete. A 
nearby site at Ty Cross, also 
run by Murphy, was before coal 
was worked from it, a bog where 
two young children had nearly 
drowned. Now it has been 
drained and flattened, and will 
soon be agricultural land. At 


Rhos a brand new well-lit road 
has been built round the site. 

Mucb of the skill of managers 
like Monaghan is virtually an 
architectural one; designing and 
terracing the spoil tips so that 
they are both safe and — as far 
as possible — discreet The tip is 
designed to take up as small an 
area as possible, so that it will 
not interfere with the working 
or with the landcape. 


Locally 


Tbe Rhos labour force is 
mostly recruited locally. Tbe 
work is noisy, monotonous and 
relatively well paid; tbe men 
are organised into two eight- 
and-a-half hour shifts. 

The basic functions which 
Monaghan oversees are scraping 


off the topsail and overburden, 
tipping it, and digging the coal 
once the seam is exposed. The 
work is entirely mechanised. 
The big multiscrapers fill the 
50-tonne dump trucks with three 
or four shovels at a time, 
requiring a never-ending chain 
of trucks grinding up and down 
the roadways to and from the 
tips. 

The environmental and 
Ministry of Agriculture require- 
ments are such that the topsoil 
and the overburden must be 
replaced as near as possible as 
it came off; so tipping is vital. 
The topsoil is in one tip, the 
overburden in another. In 
theory, all that will be missing 
in the end is the coal. 

Finally, there is the need for 


constant production — hencff*toe 
17-hour day. The machinery is 
costly and wears out rapidly^— a 
dump truck in as little as fpur 
years. The production schedules 
are constructed with that ;in 
mind. The aim on this sitRVis 
to get between 2,500 and 3)000 
tonnes a day. 

While the site is successful, 
and tbe production target looks 
like being met. the problems are 
constant and unpredictable. 
Opencast mining comes down in 
the end to wrestling with 
nature, a tricky opponent ;/ If 
Monaghan is a typical repre- 
sentative of opencast mining 
management, it is equal to. toe 
task. ~:Z 


John Lloyd 


Worldwide 


CONTINUED FROM PREVIOUS PAGE 


Eastern deep-mines, found their 
action undercut by the extra 
production from the Western 
opencast or strip mines. The 
lesson to many of the new- 
comers to coal production (like 
the oil companies) was clear — 
though it was probably one they 
had learned long since. Profit- 
able mining is opencast: labour 
problems there are — at present 
— rare. 

The enormous production and 
productivity which can be 
expected from U.S. strip mines 
is well illustrated by the case 
of the Centralia strip mine in 
the State of Washington on the 
U.S. west coast, owned and 
operated by tbe Washington 
Irrigation and Development 
Company. 

By UK standards, Centralia is 
enormous. The site covers 
22,000 acres, lying midway be- 
tween Portland and Seattle. 
There are not one but three 
seams, toe smallest of them — 
called Little Seam — around five 
feet thick. The largest of them 
— naturally called the Big Seam 
—is 40 feet thick. Two giant 
Bucyrus-Erie draglines, with 
56-cubic yard buckets and 310 
feet booms, scrape off the over- 
burden and dig the coal. The 
draglines work round the clock 
every day of the year: the trucks 
are loaded and the coal pre- 


pared five days a week, round 
the clock. In the 35-year lifespan 
of the mine — beginning in 1971, 
9.400 acres of toe 22.000 acre 
site, will be mined. Tbe coal 
goes exclusively to the nearby 
Centralia power station. 

The project is distinguished 
first for its size — though some 
U.S. atrip mines have seams up 
to 100 feet thick — and, second, 
for its commitment to environ- 
mental standards, by no means 
uniform among U.S. strip mine- 
owners — though the much stric- 
ter provisions of the 1977 Sur- 
face Mining Control and Re- 
clamation Act are beginning to 
bitel 

The U.S. has no “Plan for 
Coal,” with more or less precise 
output targets and investment 
levels, as has the UK. But 
included in President Carter's 
energy package is toe general 
commitment to an output of lbn 
tonnes of coal a year by the 
mid-1980s, from a present level 
of around 650m tonnes. Most 
think the “ target ” far too 
ambitious: but indicative, never- 
theless, of a general recognition 
that coal output will be greatly 
increased. Tbe increase will 
largely come from the big. easy- 
to-worfc, mainly un-unionised 
strijS toines of toe west. 

Wbye there have been pro- 
test* from American environ- 


mentalists over strip mining 
operations, they are not nearly 
as unpopular as nuclear power 
plants, and hence tend to win 
by default In any case, many 
strip mines — like Centralia — 
are situated in empty country- 
side, in this case in boggy 
ground unsuitable for habita- 
tion. In general terms, 
American strip mining has not 
yet run into toe environmental 
problems which more and more 
beset British opencast opera- 
tions. 

In West Germany, while coal 
ou'nu 1 as a whole is slowly con- 
tracting, strip raining in the 
brown coal, or lignite, areas is 
growing. Lacking the wide 
spaces which give American 
mineowners room to manoeuvre, 
the Germans still seem able 
to u persuade ” communities 
affected by opencasting not 
only to put up with the opera- 
tions, but even to leave their 
villages and allow them to be 
destroyed in the interests of 
coal recovery. Over the past 30 
years since the war, during the 
advance of brown coal strip 
mining in the Rhenish district 
between Aachen and .Cologne. 
2t (»no pronto have been moved 
and 51 villages destroyed. 

Brown coal is regarded by 
manv poa» producers as not 
really proper coal at aH, and 
West Germany’s production of 


126m tonnes last year sometimes 
does not figure in the coal pro- 
duction statistics, which con- 
centrate on toe hard coal pro- 
duction of around 95m tonnes. 
Yet it provides power for many 
of the country's power stations, 
and is obviously considered to 
be worth destroying villages for. 

Advantages 

Australia, now growing 
rapidly into the ranks of toe 
major coal producers, illus- 
trates dramatically the advan- 
tages of opencasting. In the 
state of Queensland, where 
around half of the country’s 
coal reserves are situated, 
there are 43 mines, 20 of which 
are deep mines, 23 opencast. 
More than 2,000 miners work in 
the deep mines, while just 
under 4,000 work in the open- 
casts. Yet the 4,000 men pro- 
duce 22.5m tonnes of coal last 
year, against toe 3.3m tonnes 
produced by the 2,000. When 
toe fact that Japan took over 
14m tonnes of the Queensland 
output is added, it is easy to 
see bow crucial toe strip mines 
are to Australia’s export effort. 

The Soviet Union, like toe 
U.S.. is planning greatly to 
expand its opencasting opera-, 
tions. At present, they supply 


over 40 per cent of .-'the 
country’s coal: as coal becomes 
more important to a country 
acutely aware of possible; ;.pti 
shortages, so the opegegst 
operations will be stepped ^ip. 
The Soviet Union, too, hg£ a 
great need for gains in .pro- 
ductivity. TT 

Worldwide, then, opencast 
coal mining slightly resembles 
that more popular form of min- 
ing. gold-digging. Everyone 
seems keen to get into it. both 
states (because of its easerhf 
working and its ability quickly 
to replace imported oil) antftcon- 
tractors, because of the jiigh 
profits which can. at times^-be 
made. The danger, naturally is 
that it will disappoint, orrtltat 
over-hasty exploitation nvill 
leave a legacy of waste fimd 
despoliation. 

The UK, alone, is relatively 
unmoved by toe rush for black 
gold. While opencasting groprs 
inexorably, it is measured; apd 
planned, A “natural" ceilingMrf 
15m tonnes has been arnundrfor 
years (and is not yet achieved): 
some think it will not be , sur- 
passed. for fear that ihe 
National Union of Minewor&ers 
will regard it as a threat to^its 
members jobs— a quite cogrect 
perception, if it were to grow 
greatly. ^-1 

J.L. 










} Financial limes Tnesday Septemlier 26 ‘1973- 



opencast policy on sheer econo- 
mic ^rounds. The Board has 
always argued that opencast 
coal Is the cheapest coal avail- 
able. Opencast Mining Intelli- 
gence is challenging that basic 
premise with carefully reasoned 
points based upon NCB figures. 

However. the Opencast 
Executive has refused to be 
shaken. Mr. George Lindley, 
managing director of the 
Executive, says opencast coal is 
still being won and marketed 
ar a profit of between £6 and 
£7 a tonne compared with the 
NCB’s net loss on every tonne 
of deep-mined coal produced. 

Although 300,000 or more 
acres will have been dug for 
coal and reinstated by the end 
of the century, on the Board’s 
present policies only about a 
tenth of that acreage is being 
worked at any one time. The 
Opencast Mining Intelligence 
Group complains that the blight 


OPENCAST COAL MINING IV 


Protecting the environment 


can, however, * he long-term 
and severe in some areas. Most 
new applications, the group 
point out, tend to be for sites 
tn mature countryside surround- 
ing industrial conurbations 
where rural landscape Is at a 
premium. 

From that it follows that a 
site can b£ worked for perhaps 
10 years and then activity can 
move on to another site nearby. 
“An area can be dominated by 
a creeping swathe of devasta- 
tion for over 45 years which 
forever destroys the beauty and 
character of the British country- 
side ” according to Malcolm 
Brocklesby of the Group. 

Acutely aware of the pres- 
sures from the anti-opencast 
lobby, the Opencast Executive 
believes nevertheless it Is on 
strong ground -because of its 
environmental record and it is 
prepared to defend Itself pub- 
licly from the attacks. 

The problem for the 
Executive . is the calls upon 
time and manpower now that so 
many opencast site applications 
go to public inquiry. There are 
some 60 sites operating round 
Britain at present. The number 
is expected to rise to between 
70 and SO in order to achieve 
the 15m tonnes a year target. 
Thus the Opencast Executive is 
having to pursue a very active 
policy to secure new sites. The 
executive is not expecting to be 
drawn into a test case on any- 
thing approaching the scale or 
length of a Windscale inquiry. 
But it does anticipate spirited 


hearings at a number of future —Certain techniques parti cn- 
inquiries. laxly suitable to the British land- 

Meanwhile the length of tinie * ca Pe *n d the scale of coal open- 
between initially discussing a cas * operations m the country 
potential opencast site with a *>®ra. been developed over the 
local authority and actually Past 35 years during ther estora- 
startrng to scrape away the top- two of some 120,000 acres, 
soil to reach the coal is steadily From the start it; has been 
lengthening. It is now of the the' practice to remove topsoil 
order of 5 years. . completely from farmland so 

The Executive is now re- that after the extraction of the 
garded as a world leader in the cdal -and replacement of the 
practice of opencast mining and underlying ground — called the 
the sensitive restoration of land: overburden — the topsoil can. be 
Ita claim is that the land is replaced. The Executive and the 
usually better, than it was be— Ministry of Agriculture have 
fore the work was carried out. worked ever more closely during 
That claim is particularly true the past five years to' see that 
in the many opencast, areas the topsoil replace meat and the 
where previously there was in- subsequent cultivation is 
dus trial . dereliction and .such carried out in a manner to make 
hidden dangers as old mine -the' land productive. - 
shafts. Opencast mining . can The pattern now is that site 
clear such areas and restore restoration is planned well 
them to good agricultural or before, work starts and .all earth 
future Industrial use., ‘ V 'shifted has an . eventual place 

The Executive also restores in the restoration scheme, 
forest land, replanting it -with Quite apart from making, the 

trees. It has It own tree nur- land good again the Executive 
sery which enables a. stock of a^d its contractors have had to 
young trees to be kept ready fpr Pay much more attention in 
re-planting on sites. Id recent years to the pollution 

Recently the active involve- caused by actual opencast activl- 
ment of the Executive with the ties — dirt, dust, noise, disrup- 
use of land after opencast tion to a rural life-style and 
operations has been carried a allied problems, 
stage further. An experimental It is now standard practice, 
farm owned by the Executive therefore, for the earth removed 
has been opened at Brangwyn to he contained in mounds of 
in west South Wales to demon- specific shapes and sizes to 
strate good farming practice on screen the site from lh<? outside 
reclaimed land. It is paylngits world and to act as giant bailies 
way and there are plans for to the nnise within. ■ • 
similar farms in the Midlands The noise is also being tackled 
and North on reclaimed land. at source by the use of highly 


efficient silencers on diesei 

equipment to cut down engine 

roar. ! 

. 1 

The dost and dirt problem ij 
being handled by keeping work 
ixig roads moist and by makins 
sure that movement of the 
trucks and machinery take: 
place as far as possible withii 
the site. -There is much mor< 
emphasis -on the modern site: 


on purpose-built site roads ti 
avoid journeys along nearbj 
country roads. j 

Frequently the official ordei 
from the Government giving 
permission to work a site now 
includes strict conditions about 
the hours of the day and nigh| 
during which, machinery can b* 
operated. I 

To monitor and support thos$ 
measures it is also standard 
practice for the Executive and 
the contractors to take part in 
a liaison committee with local 
people .which meets regularly td 
discuss problems during the 
working -and restoration of tbej 
site. 


When the site is being- 
restored, hedges and trees 
planted and new fences and! 
walls built, it is now usual to; 
embark on a five-year period of : 
land rehabilitation with the * 
emphasis on reestablishing a ; 
good soli structure. This part \ 
of the work is being carried out £ 
to asrreed schedules between i 
the NCB and the Ministry of i 
Agriculture. ; 


Roy Hodson \ 


Contractors’ expertise 


proves useful abroad 


■SiBS 


IlSSSil 




Open-cut mining engineers talking about: 


digging coal, 

winning minerals ( earthmown 
loading and transporting. 

Open-cut mining needs O&K. M 

The giant excavators proven in operation VV |E|fl Jk 

all ovar the world: hunkp.t wheel exrava- ™ w»'(P in » 


Open-cut mining needs O&K. hASSa 

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all over the world: bucket wheel excava- ™ 
tors with outputs from 250 to 20 000 bank Please ask tor further 

mVh with service weights. of. up to 13 500 1 information. 
'Allhydraulic bucket-wheel excavators with. 

' outputs from 250 to 1 4 OOfl bank m J /h. ' O&K Orenst 

Beltwagons and spreaders. But also- Aktiengesell 


O&K Orensiein & Koppel 
Aktiengesellschait 


bucket chain excavators, CONFLOW ship Wferk Luebeck 


In-UK apply to-- 
O&K Orensiein & Koppel Ltd. 
Watford. Northampton NN6 7XN 
Telephone 0044-32 72 5621 
Telex 0051-311436. 


unloaders and floating dredgers from Einsiedelstrasse 6 
O&KThe hydraulic mobile and crawler D-2400 Luebeckl 
-excavators from O^ttv to 10.0 m 3 ,'wheel - Telephone (4 51)45011^ 
loaders from 0.4 to '4.0'm 3 bucket capacity. Telex 26823 
In addition dumpers and graders, Cables orenkop, luebeck 

mobile cranes and fork lift trucks. 

The complete know how for open-cut 
mining and earthmoving from O&K. 





nmauunofui. 

BONING SHOW 


THE NATURE of the opencast 
coal-mining problem in Britain 
is that some 16 tonnes of earth 
and rock has to be shifted for 
each tonne of coal won, each 
site has lo be protected for 
future reinstatement as good 
farm or industrial land, and the 
whole operation h?s to be car- 
ried out with the minimum of 
offence to local people. 

The Opencast Executive of 
the NCB took a policy decision 
early in its career that the 
massive rolling operation of 
working up to 30,000 acres in 
this way at any one time would 
best be carried out by private 
sector specialists working 
closely to the Board's remit. 

So the system of approved 
coniractors capable of under- 
taking major site contracts over 
periods of many years was 
developed. It has proved some- 
thing of a model for opencast 
operations in other parts of the 
world, judging by the regular 
flow of foreign specialists com- 
ing to look and learn. 

At the present time there are 
some 25 major contractors on 
the Executive's approved list 
and most of them are actually 
working sites up and down the 
country. Some are handling a 
single operation while others 
have several in hand. 

The sites themselves vary in 
size from potential coal outputs 
of 40,000 tonnes up to millions 
of tonnes. The biggest is Butter- 
well In Northumberland, which 
is being worked by contractors 
Taylor Woodrow and will pro- 
vide more than 12m tonnes .of 
coal. The Butterwell contract, 
awarded two years ago, is the 


biggest ever put out by the 
Executive and is valued at more 
than £130m. 

During a period of about 10 
years the contractor is to extract 
the coal from the site near Mor- 
peth by stripping away- the 
ground to a depth of 450 feet 
in places. The overburden will 
then be replaced and the area 
reinstated and ■ landscaped. 
There were two public inquiries 
before the 2,000-acre project was 
allowed to go ahead. 

As the Executive is gradually 
and sometimes painfully ex- 
panding Its operations towards 
the coal industry target of 15ra 
tonnes a year (compared with 
13.3m tonnes last year) the 
volume of business for the con- 
tractors is growing. There will 
be upwards of 80 sites in use 
in the early 1980s. 

'With such an assured busi- 
ness expansion the approved 
contractors are showing them- 
selves willing to invest in the 
necessary capital plant to handle 
future sites. With a growth of 
some 20 per cent upon the cur- 
rent level of site activity ex- 
pected within five years the 
business is on a firmly expan- 
sionist course. 

That situation contracts with 
just a few years ago when the 
revival of opencast coalmining 
first got under way as a result 
of the oil ' price crisis and the 
new Plan for Coal. Then the 
contractors were uncertain 
about the stability of the open- 
cast business and often unwill- 
ing to commit themselves to big 
outlays upon the necessary 
equipment 


The Executive realised that 
hesitation could damage the 
prospects of opencast growth 
because at that time there was 
a- lead .time of several years 
between the ordering . and the 
delivery of the' big - drag-line 
excavators needed to work open- 
cast sites efficiently. So the 
Executive took the initiative 
with Government approval and 
itself ordered major equipment 
in advance for use on sites as 
they wer e opened up. The 
equipment — mostly drag-lines 


and dump fa-ucks — was then 
sold at cost to the chosen con- 
tractors. 

- That system served its pur- 
pose well but is no longer neces- 
sary. Lead times for delivery 
have shortened add the growth 
of opencast coalmining is no 
longer in doubt 
Thus the approved contrac- 
tors are tending to make their 
own' equipment arrangements 
at the best prices they can get. 
Two British-based manufac- 
turers, Ransome and Rapier and 


CONTINUED ON NEXT PAGE 


CONTRACT FENCING (WAflWiGio LTD. 

(A Member of the Turriff Group) 


BUDBROOKE ROAD, WARWICK. 


TEL. WARWICK 43400. 


Contractors to National Coal Board (Opencast 
Executive)- For the Supply and Erection of 
Fencing, Walling , Drainage, Water Supply, etc. 
to Restored Opencast Coal Sites. 


WE EXHIBIT 



B“V. f 













10 r 



FSnawcfa! Times TnesSav Sfepfemfer- 26 1978 

OPENCAST COAL MINING V 






4 


cive-U 











afl&SBV 










. ^ ^ r r ca’c’^ r in opera t i(j)i CSG Groii)> /rliicli recently acqtii red Lomoun t Const ruction. CSC 

is the jj laid hire division uf the SGB Group. 

Plan’s targets look 
over-ambitious 




THIS SEASON 

crops have been harvested from 
land where once a valuable 
harvest of coal had 
been gathered by opencast mining. 

For a few seasons the 
land yielded a harvest of 
millions of tonnes of coal 
to generate our power, conserve 
precious oil and gas 
reserves and make our mining 
industry more profitable. 

But now the bulldozers and scrapers have gone, 
forever, and the farmers can again 
gather in their traditional harvests. 
Opencast coal mining is essential 
to the country in terms of 
energy and economy and it has the great 
advantage of taking land 
out of its previous use for only 
a very limited period of time. 


THERE ARE 

OTHER BENEFITS, TOO: 

*Land which is of poor agricultural quality 
can be converted to recreational use. 
*DereIict land can be 
restored to agriculture or other 
useful purpose. 

*Good agricultural land can be restored to 
specifically requested farming contours. 

*And all this is done under the 

supervision of the Ministry of Agriculture. 

Careful restoration planning by the 

NCB's Opencast Executive, local authorities, 

agriculturalists and other 

interested bodies is always undertaken before 

mining takes place. 




i ] NATIONAL Coal Board s ral faulting in many o{ the older a number of advantages. It is because it is seen as a much) 

for coal was drawn up in pits l especially in South Wales usually of high quality and is more volatile business than the) 

fc Jas a response to the oil and Scotland) has meant that often needed for blending with ponderous matter of deep 

nr IP 1 3. It called for the scheme could not operate — poorer deep-mined coals to help mining, able to expand quickly 


— — JL ' r " - " y j 


r —.~; fBHCKnTdWPICK? 


— Forthefirst t imp in Indeed * the e reat difficulties essential anthracite needs and halved from an output of 14.3m 

m « encountered by the NCB in much of our need for pr.nte lu onf ot 7.6m tonnes. Open- 

• c s popUJar raising productivity and output quality coking coal which cannot cast miuing has been regarded 

investment required was 1x35 siven ris * lo SCB P ticism - « h erwisc be met. It is cheap to 3 s dispensable, because it has 
* esoecUUv a7 q the down P° lmedly ^pressed by the Cen- produce, and helps towards the no pt , wer fuJ interest to protect 

treri d'had mea n ^tJut^here ™ ESS* - * U 

en t° ri m U> Ia r-^scale^^ew px,ra oul P u * «*« be achieved at Fur these reasons— and especi- . r "J tead | U “ d ‘f bnth 
-5 l ,!!! all. The C£GB further argues ally the two contained in the last h * Ibe ®fners and by the com- 

nv 1 that even if it were to be sentence above-the Plan for ^mUesamons which it is 

dimmed nits S of achieved, it. as the NCB’s Coal called for a 50 per cent «'’ lsed d ocument 

- mSial hives^ent now hl ^ c&t customer, would not expansion of production to 15m p°ai for the Future, recognised 

£ a Ie^I cS lol4bn need U anyway. It believes that tonnes a year by the early 1980s. the second of these problems 

l onlv nav oiT if the lare ** will only bum between' £5m It has made good progress to- “■“*» / be 

- and iflsol^o that and 75m lonnes in the mid- wards that gnai-though- delay tripartite meeting (which drew 

trend i Ilt 19S ° 5 . against an NCB/ Govern- in opening new sites lias meant u P j Plan f ° r Coal and the 

• npS . HmLnw.rrt nil , ment target of SOm tonnes. that the 15m tonnes target will updated version: that is. mem- 
. ned a downward one, until ta v-« .1 ... heTs ni ih* ncr i>ip mimpp 




.A ?. 

yf 





^ Mansfield;. 

cvy 1*7 . ' ■ y ■ TV." -! ami Ji ’? ■ 


ftion. However, labour had to play. 

;m>, together with geologi- It noted: "Opencast coal has 


Output consumption and stocks 
. (m. tons) 
Output 


v^s increased productivity! ». SK* .SET ^ up. * 

1 had also tended to fall But the NCB does have une good . lPn . Q % H ilV' - 11 fJ® h- TOa f Cn , 

:• 1970s. The NCB. after a card in its hand: its Opencast ^*1 « ^ J^3m t onn es only be produced where nature ; 

- start, successfully intro- Executive. There it can point th J At the same has placed .t Where it is found ; 

-.1 an incentive bonus to a steadily rising trend. »v. P 7 haS t0 cen ? es 1 of populatlon or 

'.e towards the end of last The updated version of Plan ^ ead ‘ Iy faUen - In th ® past > ear ’ »» are » s ° r . country- 

which has marginally in- for Coal— •■Coal for the Future” eontnbu- side there is often a conflict ■ 

^^d productivity in most — recognised the particular con- nn . lt . 111 311 0VB 5 a between the country s need for ; 

and seems to have helped tribution which opencast mining J..1L w s up y a ^°* v °oal and the legitimate desire ; 
it ion. However, labour had to play. HJO.VOO tonnes— on the previous of those concerned to preserve 

;ms, together with geologi- It noted: "Opencast coal has year - tbe local environment from dis- 

Over the past year, the tu riba nee. This conflict is very ■ 
— Executive brought 17 new sites difficult to resolve since it . 

Output, consumption and stocks • ( J P ^ aUon - ® nd ceased work in '? lve f ** reconciliation of ; 

H H on eight, a net gain of nine national and regional needs ; 

'■9*8 . (m. tons) sites. It applied for 14 further with the immediate interests of 

0«tpm new sites for the future. It has the locality which is affected. ; 

NCB Licensed established a relatively high “The board will continue to ■ 

mines Opencast and other Total reputation with the contrac- weigh these conflicting consider- 

; ^ 1977 ^ors with whom it works and ations with the greatest care. 

-|gS\, 5 ‘ 5 2 g 19 s! 2 on ’ y '^ loni depends (the They will continue to minimise ! : 

6 ‘ 4 19->^ dependence Is a mutual one) the environmental effect of ; 

j-.'j fi ; g l' g 18 2.8 and has managed to convince opencast operations by ensur- * 

g‘ 7 i‘~ 173.0 thgm that investment in open- < n S fhat opencast sites cover the 

... cast mining is worth making, tniniraum area necessary for 

lfi , - fi7 ,4 i- 0B Indeed, a place on the Execu- their efficient working: close : 

lfiO 6 -tive list of approved npencast attention to the layout and work- .- 
Ton's eg 11 147*4 contractors — now some 25 com- ' n " methods of individual sites : 

133 3 7 9 ijl 1424 panies long — is presently hotly haison with the local com- = 

IngJ sis ll UVA contested. « nd the ^est f 

However, while it is obviously restoration after j 

127 0 9.9 1.3 - 138.3 a success story, it continues to wt> ,£i5i. ns ; . . . . ' 

97.I 8.9 1.1 107.1 have a rather ambiguous rela- The stress which the Plan lays p- 

115)0 9.1 LI 325.2 tioniship with its parent body, ® nv ir r>n ^i!’ ta L 

112.6 10JJ 1.0 123.8 the NCB. This is only in part 

106.7 31.2 3.0 118.9 because it does no mining ^t^nc ninr^nn tfc ^ 

104.6 13.3 LI 119.0 itself, contracting the work ‘>o t ? a ma^s t ^an Qn the need f«£ 

ource: National Coal Board. rundamentallv 01111 !? 11 ^ the eoa1 ' However - this extreme 

• - »we fundamentally, it is u,-. j 


NCB 

mines 

Opencast 

Licensed 
and other 

Total 

188.5 

6.5 

2.6 

^197.7 

387J 

5.5 

2.6 

195J2 

183.7 

6.4 

2.4 

192.5 

174.3 

6.8 

1.9 

182.8 

164.6 

6.7 

1.7 

173.0 

162.7 

6.7 

1.4 

370.9 

353.U 

6.3 

1.3 

160.6 

139.8 

6.2 

1.4 

147.4 

133.3 

7.9 

1.2 

142.4 

109J 

9.9 

1.2 

120.4 

127.6 

9.9 

3.3 

138.3 

97. 1 

8.9 

14 

107.1 

1 15.1) 

9.1 

LI 

325.2 

112.6 

10.2 

1.0 

123.8 

106.7 

31.2 

3.0 

118.9 

104.6 

33.3 

14 

119.0 


ource: National Coal Board. 


Contractors 


CONTINUED FROM PREVIOUS PACE 


n Bucyrus. are supplying 
.. ; ;'3iant drag-lines lo the 
sixes — some 35 cubic 
load capacity, 
se giant drag-lines 
' ^.:iate sites — a . single 
-“•■'tor in an air-conditioned 
'•n handle 4.000 hp of earth- 
j.’."’ .g equipment. 

wever. some experts now 
e ihe trend in opencast 
.\'nining in Britain will be 
■**'* .tandardise on smaller 
nes of some 15 cubic yards 
v"J\ capacity which will have 
' .. •; d vantage of being easily 
\ • ntled and transferred 
V' n sites. In the past it has 
quite an operation to 
' r.' ge for a giant drag-line to 
* ; " across country from one 
3 another. 

’ ing on a contract for an 
ast site involves a dose 
.continuing responsibility to 
# ^iVe the fine print in the 
n ikive’s tightly drawn 
y|s The reputation of open- 
coal mining— and with it 
. ecessary goodwill for per- 
for more new sites — 

. ‘:ds on the contractor^ The 
■ • 's of the executive monitor 


and advise closely but the role 
of the contractor and his team 
is crucial. 

The level of new work being 
awarded to contarctors is be- 
tween £100m sod £150m a year 
and growing both with inflation 
and the expansion of opencast 
activity. 

Skill in tendering by con- 
tractors is all important A site 
such as Butterfield, with its. 30- 
year work time and its high 
total value, could make or break 
a contractor depending upon, 
the accuracy nf his estimates. 

That skill is also being widely 
appreciated overseas. British 
opencast contractors have been 
picking up useful contracts for 
operations involving large-scale 
earth-moving which also require 
careful reinstatement of the land 
latex. The landscaping and re- 
planting policies pioneered by 
the NCB Opencast Executive, 
its contractors and the Ministry 
nf Agriculture are now proving 
a most saleable commodity over- 
seas. 

Opencast mining does rep- 
resent a major disturbance in 
the areas where it is practised 


—of that there can be no doubt 
Its long-term value to the 
nation — long after the coal has 
been burned, that is — lies in. 
-the upgrading of many run- 
down parts of the British coun- 
tryside. In particular those 
areas which have been despoiled 
by earlier industrial ventures 
benefit from the cosmetic treat- 
ment of opencast workings and 
Uie later reinstated and land- 
scaping. 

: The contractors are now quite 
used to capping old mine shafts, 
to making ski slopes from re- 
claimed land, to creating leisure 
parks and lake out of the nibble 
of old industry. At Shipley in 
Derbyshire, for Insance. the res- 
toration of a 1,000-acre scenic, 
area including a lake was part 
of the contract. The new facili- 
ties include water sports, eamp-. 
ing, a goU course and a wild- 
fowl reserve. It is the ability 
to handle that kind of compre- 
hensive land development work ■ 
which makes experience on 
British opencast sites of such 
unique value. 


Roy Hodson 


care appears to hare produced 
the result that UK npencast 
mining is among the best regu- 
lated in the world, and expertise 1 
in its operation now contributes 
both to the Board’s and the 
private contractors’ export 
efforts. 

On the future for opencast 
production, the Plan and Coal 
for. the Future are studiously 
vague. It assumes- 35m tonnes 
of annual production by the 
year 1985. and appears to 
assume this will rise only mar- 
ginally, if at all. to the end of 
the centyry. In a tbrow-away 
line. Coal for the Future puts 
an upper limit of 20m tonnes 
on opencast working when it 
says, ‘‘lo equip, itself for an 
annual output of some I70m 
tonnes by the year 2000 (of 
which at least 350ra tonnes 
would have ‘to be deep-mined) 
the industry, arter allnwing.for 
e'xhausions, would have to 
install, some 60m tonnes of new 
deep-mined capacity beyond 
that provided under Plan for 
Coal...” 

There is no overt reason given 
why 150m tonnes “ would; have 
to.be deep-mined.'* merely the 
assumption that 15-20m tonnes 
of strip-rained production is as 
much as the traffic will bear. 
For the moment, a' limit not yet 
reached is not a problem. But 
when the Executive docs 
achieve its target, and perhaps 
wishes to expand further, then 
a conflict may arise within the 
NCB itself. 










mm 




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rsm ■ 

■~#V 

•v. • 


* ' t -* .* ■ •' ■ ■ J - 

■ '' 

-t .<■ . - 


• m0mmm 


\:M '-i 

-Tfr-o- iAi . 




'-*2, 











i ",.y.T ■ -fV 


20 


r. 

l1< : 
i 1 


! I 


and OpencastCoal 


ft 


PRODUCTION 

Proveiai of Site Tran^xirt 

PREPARATION 


Operation of Coal 
Preparation Rant 

DISTRIBUTION 

By Road and Canal 

Transport 


m 


HARGREAVES 

Contracting & Plant Hire 



H4RGRE 4VES GROUP 


BowcliffeHall, 
BramhamWetherby, 
Wfest Yorkshire. LS23 6LP 
Tel: Boston Spa 843535 


McGregor 


OPENCAST MINING DIVISION 





THE OPENCAST EXECUTIVE 
OF THE N.C.B. HAS BEEN 
MINING OPENCAST COAL 
CONTINUOUSLY FOR OVER 
30 YEARS 


SO HAVE WE 


mcgregor group of companies 


Chaddock Lane 
Boochstown, Worsley 
Manchester M28 4DJ 
ENGLAND 

Telephone: Q61-790 041 l 


Turnoaks Lane, Birdhoime 
Chesterfield S40 2HB 
ENGLAND 
Telephone: 0246 7697} 
Telex: 547467 


s*Si„h : 





A Rapier W2000 icalking dragline operated by C & K Coal Company 


Big with a Delicate TOof 



For surface mining experience : eoveiihg V 
initial investigations, prospecting, evaluation,;. 

feasibility studies, mine desigivand. ;" - 
pia lining, excavation, transportation/ mperaf 
treatment, product marketing; 
land reclamation and rehabilitatibn:,-^; .f! 




ALL THE major coal -producing from the 1973 level of 59 per expensive as the construction still in research stage, ojfenca&t 
countries, with the exception of cent share nf tola! energy needs of a deep mine. emerges as the clear and 

West Germany, have plans to to 50 per cent in, .1985 (mainly The i on oest deiav in bringing Present favourite. 

£S!l!!?,SJ ir a - C !‘iL!!f 0 3 l, 2!; a r a r r ,U of tfee de 7 Iopmen ; an open cut mine into operation Thus, while the OPEC price 
into the 1980s and bejond, some 0 f nuclear power and natural j s *jj ar between giving notice of rise has been something of an 

Sas and North Sea oil) ' an intention to work a site and overt blessing for the cbalin- 

5“* 2 What part will opencast pro- receiving final permission 

r* . _ rt . i oft ; i-r.„t.-n Auction play in the increased proceed. Although environ- has only been a temporary -one 

'.f -JL it. 4* importance of coal in the years mental and cleanliness stan- for the deep-mining part of the 

attempt to increase tts map i ahead? Most obviously, it will dards hare been greatly im- industry, which will certainly 

Sfl-ffr sonm tnnnp^ ex P and as overall production proved in recent years, the lose oat compared to its fdes- 

n 1^) an enormouTexpansion grows : but il is »lso certain abjections to opencast working pised) strip mine partner. The 
m 1980. an enormous expansion. th>t ^ rate of opencast mln . have increased also, and can USSR, the U.S. and China will 

The assumption behind this j n ^* s expansion will be more frequently account for delays of all have between a third and. a 
expansion rests upon the com- rapid than that of overall expan- two years or more. Objectors hair of their production taken 
mon denominator of the need Sl011( amj i n most countries will have also tended to become from opencast pits by the.hdd- 
to develop alternative, if pos- tend to be much more rapid than more sophisticated- arguing ISSOs: the same is true, of Aus- 
sible ^ indigenous, resources to expansion in deep-mined output, against sites not only on en- tralia and Sonth Africa. Spain, 

~ * The rate Qf ;;rQwt t 1 , A . n] vironmental but also on energy which is seeking ?o expand its 

mrmniKlv frnm'*. Annntm* POllCJ glTJU-ldS* 


oil following the quadrupling of 
oil prices by the OPEC coun- 


tries Coal, which was tending enormously country to 


output, will do so Largely, by 
_ Mr. D. J. Davison, former the opencast route. It is clear 

anp „ in rhp 7Q«is esnecnllv In "««*s'and policies, onTits' export managing director of the Open- that the miner of the future wiH 
ance .n the ih«is. esoec nii> in . j fast ir-roeutfcp niofnllv as often oe maniDulanne the 


to decline in relative import- count ^ amnUl « «» !«* 


Ut7 West immediate y became trad< ' (wllere signifieentj and cast Executive. ruefully often oe mmupnlating the 
attractive S ai t ^orice 1 •» ..«■ sltsmative energy obwrved: “We are in fact fated controls of wailons .dragltoeg 


attractive again as its price fell 
below’ that of oil (although in 
the European coal-producin 


supplies. But there are two com- with the philosophical concept as tunnelling underground for 
mon reasons why all the major °f .fhe pile of bricks — how many his living. . ±*. 


SutmiT, , ; now in" practice coal Pf^cerr^nding to brieks ^ I «move ,nd stUl be 


slightly more expensive again 1. "P their opencast capacity: ** a pile? Opencast coal 


Further it has become ao- ^ese 316 “ flexibility and pro- Production in the UK is a mix- 
nU^nnot ductivity. ture of large and small sites, 

cepted bj many that oil cannot k.jt Total thpv ara numerous 

continue to be exploited at its To deal with the lesser reason wilil nredominance being 
present rate beyond the end of first: flexiblity of production small site? ft d SerefSt 
the century, so it was seen to be capacity is important to most re Iativelv easv to ar^ue that a 
prudent to build up productive producers, and arguably more particular brick in a “pile is not 
capacity — which have long or important to energy producers vitallv necessary to the overall 
lengthening lead times— to meet than most because of the sharp operation but the same ar°u- 
the expected sharp upturn in and unforeseeable variations in men t can' be anplied to practic- 
demand in 20 or 30 years time- demand. al ly every other brick, and we 

Nevertheless, although coal Deep mining is extremely can easily end up in the position 
has become more attractive, and inflexible: 0 nce the decision tu of having no bricks at all . . . 
its production will certainly a deep mine is taken, that The fact remains, however, 
increase in absolute terms, l.ts decision ties up tens nr that it is much easier to bring 
share of the energy market will frequently hundreds of millions in (and phase out) opencast 

55*1 tD . , 55 ,5on e rf 1 of pounds in an operation which mines than deep mines— as the 
term throughout the 1980s. For pro duce over a long period Opencast Executive found to its 
e ’ We f te . ra Europe. 0 f time. The lead time for a cost in the 1980s. when the NCB 
the share of coal m the total new dee p m j ne pr0 ject can now halved its output as cuts hit it 
energy supply market fell con- b e as long as ten years from more quickly and more heavily 
tinually from 86 per cent of the ser j ous prospecting to first (in relative terns) than the 
otoU ‘ n . f? per cent : In output> greaQy ]engthened iD 

19 1 2. At the same time the recent years because of the 

need for extensive consultations 

energy demands rose from 20 
per cent to 65 per cent 


more sensitive deep 


much 
mines. 

Productivity js, however, the 
bedrock reason. It remains 
persistent problem in deep 
mines in most countries. In the 
U.S., production has actually 
fallen by around 5 per cent over 
the past ten years. In the UK, 
the incentive bonus scheme in- 


with miners and with local 

SSSS.“J‘.T KSjagSiS 

The new, post-1973 situation 

means that, while the share of “f™ some Un,e t0 lnsuL NCB „„ 

coal in Western Europe's energy Opencast tomes, in contrast, temwrt toJmwd 
needs is sUll expected to fall are relatively simple to prospect a reversed we downward 
from around 26 per cent in 1974. (since the coal is closer to the 
to 20 per cent in 1980, that surface) and much more quickly 
decline will be much smaller constructed. The contractor 
than the pre-1973 assumption, working- the site can get out 

which was that coal's share the coal shortly after beginning ^ .. . 

would be around 12-13 per cent work. While - site architecture M ^r^evpn 

by 1985. The EEC estimates is a skilled task, it is not as le ? r Is »«L or 1555 

that its members' dependence difficult, nor as hazardous, nor nu “. ore y 
on imported oil will fall back as time consuming, • nor as acnievea 


trend, but output per manshift 
is rising only marginally so 
far, nine months after the 
scheme's introduction. 

In contrast, the capita! inten- 


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of times those 
below ground — 
although of course, in bald 
terms, the comparison is an 
unfair one. Yet, in countries 
hard pressed to make cost 
savings in energy, opencast 
working appears increasingly 
attractive. For it is no longer 
desirable, or often even pos- 
sible, to get more coal by 
hiring more miners. A recent 
United Nations study on Coal 
<** Coal, 1985 and Beyond, 1 
Pergamon 197S) remarked that: 
“Under European conditions, 
pre-requisites (for a labour bias 
in favour of mining) are not 
likely to be fulfilled: internal 
mobility is very limited; migra 
tion seems subject to increas- 
ingly restricted policy, even in 
boom periods; the recruitment 
of young labour may pose in 
some countries problems due to 
demographic factors, increased 
length of education and the 
growing role of “distant” coal 
fields. It is therefore not sur- 
prising that European govern- 
ments generally expect no 
growth in. employment in the 
coal industry ... in view of the 
poor prospects for employment 
growth, most European coal- 
producing countries have to 
raise labour productivity to 
raise production.” 

The UN report goes on to 
say that the chief measure 
seen as a productivity raising 
one is “ a switch to less selec- 
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mining techniques— opencast, 
gasification, hydraulic and 
chemical, mining.” Since the 
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vi 



pTriaft'eral ‘TTmes'Tuesflay September' 26“ 197SP 

‘Tate Gallery /Aberdeen Art Gallery 




Public galleries, private collections 


Festival Hall 


Mahler’s Sixth 


by WILLIAM PACKER 


MAX LOPPERT 





> 


m the nature o ? the ).««!- naturally, arc* well represen led. f~ 
la 1 v.i*. who venue ntj.juS from Dvcl* (Titian's First 
ua! a ru. s-fcfiiiid- he drawn Rs-ay in Orjjoun and -Spanish ■ 
iccmraie :«•! h:u ex«lu- Phil tin. iJivhardsiiu, Bi'ssie 
up»m On* u*m:u,r:iry and MuNicnl. Innes and Feryussiin 
Mr c'Uui >it ion. j.nd bulduin in Outvie and Lillies: but the 
U-iif in cnosider the voViertion is nut oppressively f 
[ierniaueni. idllrcliim rv;: ion.il. and such uood ibiu^s as J; 
often surround:; it. We Hie decadent M dials fBriKlil 
os may km»-.v and love Eium. thy Sickerts, Nasties, 
ill*.- treasures of Miil- SfK- suers .md Nicholsons, are mil 7 
Trafalgar there on suffer nnuc. Inevitably - 
and Kensington, but it ihere are weak spots . and £ 
»t nfteri oeeur in us !u •jiiiL-»>iiir:s; the work of the fifties j- 
•%, * J 1 ' m3 ‘ riMiurk a' notable and sixties is generally sliphl 'j: v 
V;'.-*r ; ,*tnm or reuret the colour and disappointing. but even here t } 
car pots, Vial otherwise the large, early, black. Pope bv L*- 
Cy ' ^ only to I n e iau-il. special F r j n cj *> Baton is- quite maisiu- 
■’* Hctni. That, however, it has had : V 


i mm 

t ■ Mfei 

i m 


K * # 0* 

I mm . : 


"V ‘ 


- . a** ;Trs 




a 

uj|y . .,?? 


Hirr** j s. v \ 


».:/ Rlir J^nnon a m j * no estimable; and. by 'the'.mctisf. 

j’.-' c-C Art. and it is ami to Lmiduriors the- most „ t . ’jit 
'> impose the same exi,i*.i*i a- advantageous. nf t rooks thy £s*'r' —i 
nws the entire country, latest conspicuous example is 2 k 

; fnr most peotde. really isuw it f he enjoyed at the Tate Eva?' 4® rffifc F 
r lo reach than Aberdeen, t until lUtnher 291 hofore being Kki'* K 




tfr ’ A 




^rf»U.'-y* 


■^»«w *r u is still the special Taken to its permanent 'home in 
**■ >di.u dra y ns in these Orkney. Patrick Heron is right 
oiitpcrts h: cniiure, 10 pujnt out. in his catalogue 
than the outs*. andim essay, the truly creative nature 
■har arc ajirays there nf inspired collecting, that-closes 
alw.iy* p*grei fine rh:,t the the ryrk* i be artist begins, and. 

the* Festival lea v.'s mr* in the strangest of ways, actually 
!e limy in dn justice t» enrich the works thus brought 
iiisite N'auomS Cial.Vry m my ether. In these levelling times 
. 1 %-h. I'mi I .ihould mu In* the mere act of private acquisi- 
fi<r John Ml Mires to be tion arouses general- suspicion: 

- ni'? to thy Walker fiallcrv bin art feeds upon the personal 
. ‘rnimj. <b.u I loo seiduin res pun -ii*. and who i< lo respond 
self in Biriyi'n .*ii:iMi. Man- in she tiisl place to the work of 
.• l.f a r'l* “r \nwc:i'lle w nh- the articls Imi the informed and 
s'riMii job to do and a s\mp.ilh"lir private individual" 

• cai .It. Someone must buy that "dial* 

■ (•■ p;vj* a civil- An lending and pvrhaiw rather 
:ind I7 u-vis,i? v.ithoor mysienou^ly incmnprchcnsihic 
-I'ld-; i, an ev'-yllenl rule, object, available to any comer 
toly in Ahyrdeuti. and Vlu* for £ 20 ." and il is unlikely to he. 
/ . in pi- must >!and for them indeed probably undesirable 
iwo ii:i veiling tha) it should be. the State. 

i'lioJo^rajihy. both of Elm si seniiuienss. no duubt: hut 
■"* r.<- good, ini ip no mi liiily Art is pjitisi if nothing else, and 

in i he -aiiery that the the fruili of i rue disrriniioalinn 
« inly Jiad been well taker! are not lightly to he broken up. 
.. good deal of the cnilcc- In making hers the foundation 
'[.ike so man;, of ihese i-oi lection of the Pier 'Arts 
•nis to Vivtorian eivji* Coni re Trust. Margaret Mardiner 


I The Festival Hall 197S-79 sca- 
I son has started the way it means 
to go on. and that meaning is 
very clear : Mahler. Mahler, and 
! yet more .Mahler. Haitink's Third 
; Symphony with the LPG on 
| Thursday and Sunday afternoon. 
[Solti's First with the visitors 
i from Chicago on Friday. Dorati 
! and. tbe Royal. Philharmonic with 
■ the Sixth (and the Waufaring 
\ld ad song cycle) on Sunday even- 
ing. and a complete review of 
J the syra phonies troia Moazel and 
i the .Philharmonic in prospect . . . 
[even <the- most avid Mahlerian (in 
I which- category I .place myself) 
‘mu^t be 'beginning to have uiis- 
i givings over the possibility of 
f satiety- . The power of Mahler’s 
.-music -to pull in large audiences 
< is tbe justification of the pheno- 
• menon most frequently invoked 
! by the orchestras, themselves; yet 
; the Sunday evening RPO con- 
jeert. though very decently 
: altended. was not quite full 
‘ enough to substantiate this 
l justification. 

j Dorati is a veteran Mahler 
conductor of honourable standing 
and long practice in London. He 


conducted the four long, incident- 
packed movements of the A 
minor Symphony without a scare, 
and with a lucid sense of their 
symphonic orderliness and tight- 
ness of argument Thai bore fruit 
in the nice feeling for the. basic 
tempo of each uiuvemcnt. (The 
familiar Mahler 6 beliac. of rush- 
ing into the fir.si-niuvement inarch 
at too fast a lick, was quite 
avoided here — Dorati chose a 
true Allegro energico. mo now 
troppo. and sustained it with 
absolute firmness, i it was re- 
freshing to encounier a musician 
apparently concerned as much 
with Mahler’s musicality as with 
his wrenching emotional drama. 

But the Sixth Symphony, 
though it should always be laid 
out with the kind of steadiness 
and patience that distinguished 
this reading, has a more vividly 
detailed, brilliantly >-olnured sur- 
face than ihc playing of the 
Royal Philharmonic always 
allowed. The liverish, sometimes 
furious, almost always agonised 
A minor sections of first and last 
movements needed a fuller 
weight of string tone, and a 
swifter flick or the lash at the 
Weill-like irenrhanev in the 


melodies. For the swayjgg; 
Holstian triads lhai suggest tig; 
" alternative. ~ in the first tnov®; 
ment. the sound lacked pinpoinj; 
clarity and lightness. (Not enough; 
of the offstage mountain beds! 
reached my seat in row B of IBS! 
terrace, l One could go <®J 
adducing detail; the feeling le£t; 
by the whole was not quite; 
passionate, quite “ special‘s* 
enough to awaken the fitft! 
dramatic power of which tbf&! 
mighty work is capable. WhWj; 
was the third hammer blow'.' 

Dorati’s soloist in the Lieder' 
einer fahrenden Cescllen was .a! 
baritone. Even in sober evening 1 , 
dress. Benjamin Luxnri radiates; 
an air of lion-maned, ruddy good; 
health somewhat difficult fo; 
associate with the morhidly senst! 
live young lover pictured in ibA! 
poems. More ro the point, these; 
was loo little variety of temper; 
and colour in his singing Up ffi; 
»»/. the sound was often heauti-! 
ful. in a warm and manly way:; 
but the spirit behind it was; 
insufficiently nimble, and at the; 
loudest dynamic levels a stringi-; 
ness entered the tone alongside! 
Mr. Luxon’s tendency to thump; 
ouL separate loud notes. ;;; 


Festival Hall 





W. 




Imogen Cooper 


ML 

't{$ 


Jim 

V/fi 


DOMINIC GILL 


James Cowie's “ In the Classroom " at Aberdeen Art Gallery 


I'rrint the start she was close, extraordinarily judicious, and the 


3/AVsVr:*.- - 


it r.; Imuai'd in i most i h d>»ing m> less than ihose' Vic- as friend and practical supporter, .small carving of two heads by 

v u* auil M'uciou* iiutUlmgi. Ten an cunuoissuvirs before her. tu the small English avani garde Barbara Hepwwth is one of the 

?ry stror.g <m the Vic* whuse la sic and judgment still of I he 193t)s. particularly to Ben very finest examples of her work. 

• and Edv.urduO'?; bui it infurms the collections add gal- Nicholson and Barbara Hep worth. Most of the works are sun all. 

. ,'ti ratiier imaginatively lories they endowed, though, we anil then to the succeeding most of them remarkable. 


nrxxx 

: -U3r~ ' . 


-i 1 


'.V 


- A rt •he last 100 ourselves lu furget that Jt Is the . accession of crucial works': its derivation, but looking also 

'-.w-rjj. so. Scottish artists, there. . - her Nicholsons in particular are to native and primitive art, im- 

■ * ■ : ..... • • " ' v, . -' ' 

; (>et>* Hall Wembley Pool 

-iilyrd and Britten f : ; 10 C.C. 


^ fc V VUegri Quartet and the 
■>>- a Bird Choir under Gavin 

'A w '* a wave n joiat coneert un 

±7- Zi T-.f * Y evening. Ihatrumental 

w r*;. \ 4 ‘ music ind unacciim- 

- V4 *3- choral nmleis set one 

■■■■,: . 3 . off and may crus-,. 

• h 1 : m ' ihv enibitaiaslic bm nm 

t J -V; i t anerous .^par.-iie 1 ‘iibius 

^ ei "S r £■. ul the supresne foruix of 

fe B, I-" y. -■ V. D^voivo-. tend to 

B^I ^ 'si te. Nowadays they start 

1 > ,,|;n = ci.*necrt-go»*r bc- 
S* ’***- 4 * , still as a mouse during 

w _ rv rrr»Cl*?d jlleVCS. VC US rCAtlCSsly 

during Bmten's Third 
a? ; yj:.:~*- , . v 7 '' ■*' :, r .J There is aJio 

SA ZM?^3r-4J4i-.*o i Km i.f vanety. A whole 

i ■»( unaccompanied 
jjvquii-es much eunecniia- 
r _ r \ s* arum perfurmers and 

.. . «« -- ri .-ia.. y.-: >. t *!. Would choral singers 
• ' T * -■ ’O ; a i s day have been called 

27 . t /- j . '• ! G’ *' make sn much music in 

*^5: J '*& ' hc»r» time? 

r conjunction of Britten 

r -f yrd proved ex peeled ly 

£ 4'^' ■>’ ^ The former’s fnelmg for 

# *y 5 in the wider sense w?s 

>; ” * •' ;• •• } that similar kinship 

R ^ ^ ^ ^ * j don hi have come from 

£ *VQS ^ ^ wish most of the major 

.'among. Byrd's enntom- 
i Vet uClun- on Saturday 
, o- struck hy a likeness 

j- ‘ ^ v ' - " * ■!! the vein of English 

f-'” > , : ,.^ :l,, ly and indeed deep sad- 

? * ■€> .•? a 1M ‘- a? v liii'ii nimi'iisej-.s between 

-• iaA * * ln«*>s r-»r imnbinistvely 

f, d f.mta.iy and between 

** } irvellmis abibiy (not of 

; . - ■ ; ' enionsiralcd in Brilleu’s 


agery as -direct :k it is decora- 
tive. Nicholson, of course, has 
combined the two throughout his 
life: and in the work here we 
run the gamut or sophistication 
from Nicholson himself, and 
Hep worth, to Alfred Wallis and 
back again, to Roger Hilton and 
Terry Frost. Keith Vaughan. 
John Wells, Patrick Heron and 
Peter Lanyon "anucmg many 
others. 

The several Wallisses are 
splendid, ennfidrnt in their com- 
position,., instinctively right in 
their handling, the work .of a 
true artist for all the quaint and 
incidental mm etc of their 
imagery. And it is the privilege 
of private ratiier than academic 
judgment to pul a man like 
Wallis so surely among his peers. 
Scotland is indeed most fortunate 
jn her 'benefactress. 


Since she won the BBC Mozart 
Prize nine, years ago at the age 
of 20. Imogen Cooper has 
i established herself with ndinir- 
i able steadiness and resolve in the 
[front rank of the post-war gener- 
lation of British pianists. She is 
j an artist of substantial gifts: and 
j her recital on Sunday afternoon, 
divided neatly between Classical 
I and ear ly-Rom antic, showed 
jihem off to very satisfying 
[advantage. 

■ Most satisfying of ail. perhaps, 
’in her first. Classical half 1 — and 
’especially in Mozart's F major 
! sonata K533/494. marvellously 
:fimi and lluent. bright-toned and 
beautifully articulated, full of 
.fine dynamic grading. Once or 
twice in tbe first movement her 
dynamic shading was even fine 
'to the edge of preciousness (and 
1 a regular diminuendo towards 
| the ends of phrases was over- 
worked. nearly to the point of 
mannerism). Nearly, but not 
quite: for Miss Cooper's unfail- 
ing sense of proportion never 
allowed one single expressive 
device to predominate. Her 
andante was delivered with such 
perfect simplicity and poise that 
we longed to hear the composer's 
repeats. The finale is rertainly 
susceptible to more pungent aDd 
forthright treatment: but her 
leading too. delicate and reti- 
cent, correctly taken at an easy 
andante, was wholly convincing. 

After the Mozart, she gave a 


clear, clean and eloquent per- 
formance of Beethoven's op. 110 
— unbalanced only very slightly 
at times by a reticcm left hand. 
The effect, in the opening pages, 
and later in the fugue, and in 
the last climax, was not so much 
of top-noting as of right-handing. 
Perhaps it is a style she favours? 
Few pianists, and Miss Cooper 
was not here one of them, really 
come lo grips satisfactorily with 
(he contrast between tbe first 
statement of the arioso and its 
later, tragic, faltering echo, 
perdendn le force, dolentc — 
though the contrast, when it is 
brought off. is one of the most 
powerfully affecting things in the 
sonata. 

She began her second half of 
Liszt and Weber with a thought- 
ful account of ihe Pensee des 
morts from the Harmonies poe- 
lique.t et religieuses, solidly 
wrought and expertly paced, 
lacking only a certain Lisztian 
frisson of grand .sensuousness 
and manic gloom. Whatever the 
shortcomings of Weber's A fiat 
piano sonata, its chier virtue is 
that it is tremendous fun to hear 
and play- Miss Cooper gave it 
correctly, and with spirit: but all 
the same the performance 
could have done with a little 
less of dependability (which is 
not to underrate that valuable 
quality, but only to wish it 
tempered) and more of flam- 
boyance— a pinch • or two of 


Cherkasskian naughtiness in; 
some of the more effervescent' 
throw-away lines, particularly in 
the menuetto, would have gone, 
down a treat. ! 

Education post i 
at Arts Council-; 

The Arls Council has appoin- 
ted an education liaison officer, 
Ms Irene Macdonald. to 
encourage co-operation between 
organisations or individuals 
working in the arts and educa- 
tion bodies. — ; 

Ms Macdonald will take up; 
her duties in the autumn. She; 
is at present literature officer at> 
the Eastern Arts Association.: 
She has wide experience of arts-: 
education collaboration. ; 

■ 

Schubert Week i 
on BBC-2 i 

In November, to mark thel 
150th anniversary of Franz! 
Schubert's Death. BBC-2 will be; 
presenting a 12-program me; 
Schubert Week. Each weekday* 
evening there will he two pro-! 
grammes devoted to oer-J 
formances of his work (one early: 
evening, one late evening). There; 
will also be a “Schubertiad "« 
staged in the organ room at* 
Glyndeboume . ! 


r - performers an 

. . r'- - : f l . "c •!. Would choral singet 

■■ .?* ** ,? * I i'S day have been c-alle 

27 . c- Z ! & *' make sn much music i 

TiS; J v *2* r * vv hor» time? 


Vs* 


rti 

w » 

is** o-^- 


quartet) for setting words- natur- 
ally. - j bv ANTONY THORN CROFT 

As it happened- all (he Byrd J v 1 1 

pieces had Larin text*. During n was obvious really that a rounded themselves, with good 
tneir hrst group tne.- eponymous. i arge sJice of the audience fnr backing musicians, including two 
choir sang by Jbeir usual j j ock in - the early days nr the drummers, and packaged a nicely 
standard a linJp coldly and j 1950s Ivas going to slick-. with the produced live show, 
stiffly as 1 f they would have music as it matured into morl- . 1n • 

been happier in English. Tho! sage hood rather lhan be seduced h J h * .“Sf 1- ,” " ,in * 
sopranos, in particular, gave l bv lh'D easv lislenine sounds nf - yt?l ,,fr 10 an e . ru - our ®** n Z 
little sign of the exc-el Inn 1 fonn [janie-i Last Thi/ was first * ,art with the best selling single 
they reached later: .farming- up realised in Cal.Tornia where *“ ** 
started with “Ave verum of the most successful 

corpus and .*‘0 niagnum , groups, such as Fleetwood' Mac. P e , r \ n,ltri ? n h “ ndd } a ^ ai . ni1 ? 
uiysiemini ’- * ' and continued ; .ala)'"ai the affluent 30-vear-old h:,c kdrop. of a Jamaican beach 
apsce after the intrrval-lheSpiE who likJTreassurin-- Kit wl,ere • Su ' warl and Gouldman 

bpk-ndiil Mass for Four Voices w fth his dry Marlini. ** ^ an afford to spend a lot of tune, 

would unfreeze any well-trained . . ... ' , But special effeeb* were well von- 

ihroats /injne UK. bands like ELO and trolled- in the act. and as Jong 

The final Byrd group included }” ar ' ! . easll i' packing a s the band can concenu-ate on 
further splendours such w,t !l y0UI ¥ marn ® d, « the music and not be deflected 

" Beati mundo corde," m which p r “Vt.os togethers, whose musical by ambition and pretension it 
the sopranos showed lhat they J“{® “ for meticulously planned will prosper greatly. 

were equally secure at a height ^^ rhvthmS^nd Entered w?ih 11 ih 1101 in tiieir characters to 
seldom required of them else- covered with . ^ as jj performers, which 

where in this selection, and jSwLk end^fwax 10 ertffara n,eans 50me du,lness on sla S e * 
“lusiorum animae/ Such Lg 1 “■ but rarely can the sound have 

works -i,; -these are small but it cven,De been so perfect, so intricately 

priceless master pieces. a nrt it is tne » maue or lt - l0 °- blended, at Wembley. There is 

becoming more and more the jo cc. was the siudm-.- band nom in the double drumming: 

task of small expert choirs and which produced successful if., imagination in the two key- 
tJieir supporters tn keep them j rather' plastic albuinOnd carely .'boards: and Stewart also dashed 
before the public. The Allegri [exposed itself tq the exhihi- aff some fine guitar in Feel the 
Quartet gave a most ^ensitive|tidni>in of touring. Its future Benefit. Soule of ihi? older songs 
reading of Britten' 1 ; lovable and] seemed in doubt when the two are loo .synthetic: some of the 
searching Third, equally happy j most portentous members. Kevin newer ton trite: hut when 10 cc 
in the solo passage*, (first violin God ley . and Lnl Creme, left tn manages to gel a melody and 
and viola, especially) and in experiment with new musical words to match ii.s musicianship 
delicately-shaded. sharply forms,- bin now the other two. it is virtually unrivalled as bapk- 

poinicd ensemble. originals. Eric Stewart and ground sound for suburban 

-RONALD CRICHTON Graham Goiildmun, have sur- supper parties. 


As Newark’s oldest bank, 
we financed the trade 
of our young nation. 


Now almost 200 years later, 
we are financiers to 
the wide world. 


f 


Arts news in brief 


Authors T.imchenn enpie*; of his 1 looks in Liberty's ing^ommiUee on the Export uf Any public collection inleres- 
hrld in ihe Restaurant honk department between 3 I'JH- Wprks of Art that a licence to ted in making an offer to buy 
v. This .'ear the 'jimst and 4 p.m. «*xport a portrait or James it as Ihe item can obtain further 

< a : u 7?* n r * Duke; of York should he with- information from the Expert 

Wiuei br.jidi-.t-.iei and held until December 14 lo give Adviser The Director National 

1 pciMinaluy Fran.. Lurri Donaldson, Minister for public cnllcrlions in the United 

the Arte, has accepted the Kingdom, the opportunity to Portrait uailery. London, \«L_H 
liioi-h Mr. Muir will sign re» omnifiidalion of the review- purchase' it. 0HE. 


sfrSViiN 

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imniponitcd with limited liability in die Stale ui ’New York. U.S.A. 


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©1378 THE BANK OF NEW YORK 




FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON ECU* 4BY 
Telegrams: FinanUmo, Undos PS4. Telex: S86341 fa SS3897 
Telephone; 01-24S MGS 


New U.S. attemp 


[ Financial Times Tuesday Sept 


•vVsfA 



. ■if' • _ i-.f. ■ 






Tuesday September 26 1978 


the door at 



I 

s 




A political 
strike 


BY DAVID LASCELLES in New York 




LTHOUGH tantalisingly deal, along with a similar initia- latory authorities on both sides three weeks ago, New. Yor^J 


A LTHOUGH tantansragiy aeai, aiong wiin a simiiar lnma- 
few details of the pro- tive by another, leading U.S. 
’posed link-up between Broker, Frank £. HalL 


of the Atlantic, he expected its up an insurance free trade 
novelty would throw up a welter where large or unusual 


iysS' 




Marsh and McLennan and C T The ^ ^ Bowring of u* ^ SSJEL 


Bowring were available in New another attempt by II and M to 
York, its purpose and the con* strengthen its presence at 
text into which it fits are Lloyd’s, but in a way which it 


would have to be sorted out For complex and burdensome ten- * 
this reason, its conclusion is still lations which characterise in- 3? 
a long way off. ’Hie deal might snrance in the U.S. gj 


clear. (The shortage of infer- hopes will prove more accept- j^o ^to U ' S ' aD £‘ tr !? ***" This innovation, along 


WHEN FORD presented its It is just conceivable that mation was due less to M and a bf e l0 the Committee. ficulties because of its ® ze * parallel proposal to set §> a ■ 

initial offer last week of a a Ford could produce such an M’s reticence than to the U.S. Mr _ Jack Regan, M and M’s Mr. Began said that any new Lloyd’wtyie reinsurance* ex-, .$ 

per cent wage increase together attractive productivity deal, and legal requirement for publicly chairman and an articulate arrangement with Bowring need change in New York ,*ies± 

with unspecified payments for sell it so effectively to the quoted companies to disclose figure on the U.S. insurance not mean the end of M and 5Ts spring, was aimed mai^ at y 

higher productivity, the manage- employees, that the unions negotiations of this kind scene, stressed in an interview relations with other London repatriating much o* j ■ i 

ment presumably hoped that its would he forced to negotiate on immediately). with the Financial Times that brokers, principally Sedgwick insurance business whictr curr 

proposals would" be accepted as it. Bu*. the more generous the in common with the rest of the proposed link-up was not Forbes and Bland Fayne rentiy-goes overseas, for wmen 

a basis for discussion. There proposals are, the more likely ^ u.S. insurance brokerage aimed at circumventing Lloyd's through whom it currentlychan- read Lloyd s. . • ; 

were, after all, four weeks to go they are to be phoney— and Ford bus Jn ess m ant i m js e n a aaed but at accommodating the legiti- a c0 °f3' 2 M and M’s decision % go "3$ 
before the existing agreement is not the sort of company a ^ v f “ UiteroTof i^iyone con- J*™* ahead with a Lloyd’s i£k-cp. 4' 

was due to expire, providing whicn gees in for phoney pro- a Srdad dnve . to in rn cerne( j_ desired it and despite these innovationFwas : 

ample time in which the details duciivity deals. The manage- tionalise its operations, particu- C ipa r i y however the pro- seen in some quarters asi slap 

nf thp nroduetivitv payments ment will be extremelv reluctant Iarlv in. London which is still * ,..„i to be placed with these houses, ; n *ha f Q Vow ynrtr'siianii:. ! 


ha; 
J a ' 
ex-. 



:eat 


seen in some quarters as & slap > 
in the face to New York's wans;- 
which are said to have fener- -V 
ated considerable interest! (For V 
instance American International \yr. 
Group, a major insurance con- 1,1 


when the company's fir* offer ment of restrictive practices. business is generated in the was trying to do in the Wigham “* ?o° ceru, reported several hufidred • 

amounted to an increase of Whether the employees would PnlanH ™ vviguam panies would try to do every- inqujries ia the zone'# first 

about 8-10 per cent in basic be prepared to accept such ?' M unA ^ „ 1hi * I ma ease. • thing themselves. Z ■' 

rates and the final figure came changes in working arrange- h h _ oi _ on' fnr somp Because tolks are sti ^ at a ” The immediate reaction in Howeve r Mr Regan dbnied 
out at around 12 per cent, out- merits and a basic pay rise of *** been E01 "f. on for . ®J“ e earJ y M*- H«san could New York, where the announce- ****}*:* “ r - JSJS : ' 

side the Government’s 10 per n0 more than 5 per cent is n^[np Ult ?ar^ ^ pre ® sely elation- men t came as a complete sur- S? ^ = 

cont guideline but not so far highlv questionable s coa }P an y owning large ship he envisaged with Bowring. pr ise (one broker destnbed it 

outside it as to he regarded by t. ' * ‘ ^ at foreign interests, including a But he spoke of the two com- as the industry’s best-kept P ]a ?. to suc^ed, tot in. ' i; 

the Ministers as a great disaster. f nr^n^ A "I^nn/nn one-third stake in major Dutch panies, with strong bases in secret) was broadly favourable. f 

that it i* prepared to put up and French concerns. - North America and Fiirooe o»h«r hmkerape houses which L*°yds. The amount os'busij =— ...... ■ , 

Unofficial wilh . a , 5r '” s iu l ° M and M has, however, been pooling their business and **see^ have been pursuing the same Be ** done in New York be - Left: John M. Regmi Jr, rtainnan of ^ 

Unofficial establish a principle which it thwarted in the past four years ing ourselves as one '* trail of internationalisation °“-- 7 j , a iraction of that -at' flanked by Robert J- Newhouse Jr, preside^, -yy 


Unofficial 


with a long strike in order to i 


workforce or at least the ability circumstances in ^ which^ an opposition and the recent objective of formin? a real because it will clear the way advocate of U.S. insurance law as brokers 4 . D r jn m «ni. n . 

or militant shop stewards to LJovd’s rule limiting foreign international brokerage ipabd- for them to get closer to Uoyd’s reform, added that New York's advanced western countries arc R^nawa^^J^iAn&e 1^4 

exploit the expectations which ducLu«> in the Bnttsh plants ownershi p t0 20 pe r cent Nego- itv” too innovations in no way weakened doing. __ . . !?? 1 e T Clj t a ^’ ’ • 

• • « L . ft . - C _ — . f — . . ./.nnn nlACOt* t tnflf rtf tlC Art 1 ” ” ° _ n n • t .1 • a. . • . . 


other argued that rthe ^ew *: &k 


place at a number of plants and willing to shut the plants inde- 

theso promptly received the finitely until the unions gave ~m JBT 

blessing of Mr. Moss Evans, way. Bi't these are not the . Im /■ a 

general secretary of the Trans- around.- nf the present dispute. | m 1 I fl 1| I 

pon and General Workers The strike has become political. Y M if I ^ 

Union. Mr. Evans thereby as Sir Terence Beckett, chair- 

demonstrated. not only his man nf the company, pointed 

indifference to the principle of 11,11 yesterday, and there is very 

sticking to agreements, but also little that Ford can do to bring 

his determination to make him- about an accommodation -Tr-p the deai between the 
seif a hero of the labour move* between tr.e Labour Government I world's largest insurance 
menr by breaking the Govern- and the trade unions. JL broker. Marsh and 

mem’s 5 per cent policy. . McLennan of the U.S., and 

Neither he nor his fellow nego- AnarchtC C. T. Bowring comes off the two 

tiators seem interested in what The be5t that can b hoped broking groups will be pooling 
the company has to offer in the f or nn-.v that the unions afrer combined broking incomes of 
way of productivity payments b i 0¥ .i., n of f s i eam f or a few davs ar °tmd $550m. Small wonder 
and all <ides are digging in for ^ wwks can ^ > Z rsuaded L that there were many Lon- 
what could be a lengthy dispute. resU21e t ’ he negotiations which d ° n insuraQ ce brokers talking of 
We have argued that the were broken off at the end of “ e P ro P osed arrangement with 
Government made a serious mis- last week and that a formula sonie awe yesterd 3y. 
take in treating the 5 per cent which is not too blatant a After the Initial shock of - 
as a rigid maximum, rather than breach of the 5 oer cent rule exactly what the deal could 
as an average around which (which would then become the represent in monev terms many * 
negotiators could bargain norm for loss-making state brokers welcomed the move. ** It 


In° a wry comment on his Lloyd’s broker? should' be 
experiences’ with Lloyd s, he allowed to becotne zoeU*ers tf-‘ 
added: “But we have always they want” .- / " .ar • 


More transatlantic 


BY JOHN MOORE in London 


Two parent companies, which are equal partners 


I F the deal between the * — — — — S. James, Alexander and Leslie and Godwin. siiri ■ 

world’s largest insurance ^ . -Uexander. Frank B. Hall, and it was the budget day an- -’V^r 

broker, . Marsh and Possible Scheme for the C.T. Bo Wring-Marsh and WIDcok Baringer-HSome of the nouncement earlier this year of exchanged. - jrom ^ * 

McLennan of the U.S., and «■_. i- . i-h n ii n ;| adah largest brokers in the the Frank B. Hall bid for Leslie [he insuran«:v ; ln^^W&, are 

C. T. Bowring comes off the two McLennan link based on the Unilever Structure wom- vesterday was that and Godwin which marked the being 

broking groups be pooling # p - im -- n ^.n-, -Wrr--iT-r «hw is aStag » bfs iMUr » Ph»» « aggressneness 6t an d 

combined broking incomes of ^ w . nnhparal and realienmentbf tiie the Americans in London, ^ro^ps- . : • 

around $550m. Small wonder • Boa ^ d5 ° f . Wlth cre, » re P resentat,oa tnked ** *8™*" Around the same time. Marsh This ^c^^^£waHy;I^et .. . 

then that there were many Lon- wh,ch . . . . ance broking re!ationstaps.^The and aicLennan bid for Wigham with the C ommitte d .... 

don insurance brokers talking of • tarmn# of both companies based on a fonwuta . ^ orox^ reianonsmps. e poljm<L Both Wds were bIocSed approval m pribctobee^iL . . 

the proposed arrangement with . and shifting larae amounts of its by the Committee of Lloyd’s parent camjKUite «^-a _ 

some awe yesterday. 0 the Uoyd’s broking interests of C T. Bowring will have to be business away from Sedgwick Which ruled that insurance similar P ” 1 ' •.. 

After the initial shock of . controlled by the UK operations of C T. Bowring. Forbes and Bland Payne and interests outside its markets Jcver-s 

exactly what the deal could other London Brokers 2s soon as could not normally hold more theo Bownn g - 4 8 

represent in money terms many J - it can, and place ir- with than 20 per cent of a Lloyd’s separate - meat it^to a. .control . 

brokers welcomed the move. “ It . . , . Bowring where clearly the pro* broker. Qver Us • 

...iTT k. _r i. But althoueh the long-term played a passive role in the rv ^. ■ =T ?L__ .. . . onaratfons. ■ r . - " ■ 


# equalise earnings of both companies based on a formula 

• and 

• the Uoyd’s broking interests of C T. Bowring will have to be 
controlled by flu UK operations of C T. Bowring. 




fiegoiiaiors coum oargain norm for loss-making state brokers welcomed the move. “ It ^ ^ ' ' , , . , . Bowring where clearly the pro- broker. . «« ■*« ’ 

according to tbt particular cir- industries) will eventually be will be a way of keeping , long-term played a pasave role in the A-siim. tioy d 's was that it OP®? 60 " 5 - 

cumslances of the employer, arrived at. But in the meantime premiums in the London implications are thought to be securing of Uiat busmese, he rjo T tj' S hnirin£is wiU not be u ammi L^S/enotrnl nf o The a rrangeiMll!|r.-is, tatdy to 

Ford which is short of lahoor a great deal of damage will have market." was one poputo? view benedcial-heeause the Ameri. still claims part of the ansiag ,. n r ,Jj L,» n „ ^ ^ deM ^ rSlta tntlw **" a iea< ? “ toanv 

would probably have offered been dune, partly because of the from a large broker. A repre- <* ns .*•«« a ? tncentlve to coramiaamn. completed. hanS trffliwe with a“ na ajire orok 5 i J: .. ¥° s ' 

more ,han a per cent, though anarchic behaviour of British seotadve view from a medium- *= ee P ttie,r 1 l > us, " ess v j“ ** However, tbe Americans have However other brokers in of ttn market FraS anx,ous t0 Bowfing:.. 

rt °!i rnU h^ rn0re ' •»t C ?'7 Wn D n ! lra<Je S n,ons (wWch can on, y sized broker was that “ We must London market— the short-tem needed the specialist underwrit- London were savins optimistic- B Hall abandoned its original example - ■ •' 

policy had permitted it. Bur cause Ford to snitch more of its remember Uiat we are middle inj P !lcatjon « viewed with ing that the Llovd’s market pro- fl! iS “J® 0 5JSLS^?!2!h -^^can brokeftiarcteeB to 

Minister* are now stuck with car operations to the Continent), men who are only prwidTa some concern - ^es and have IstabBsbed wS ^ 1/^?* ^ d but not its discussions with becbme m0 re fetenwflOMl Ip 

the □ per cent and, as a result, and partly because of the un- I service, °and’ not^thV’comme’ AH major lamdon insunmee U.«h?£i wTmany ofU^ft ^ ?** «° 

r,; trtou^ ;i’mcX. comp,n> are ."nVr 0 rl8 “ ,l,yof ‘ h,Goven ,' «“ un r; At r : a ao , bmkeT brokere hare unks w,th ,he spjz c»“ ssg^ggSs? 

has jet learnt how to run American market The Ameri- continue their relationships of Lloyd’s. Although Hall went ••Sf Am pS 

• m -m 3 Service business cans need to deal with approved J*®“ a with C. T. Bowring once it has ahead with its planned, bid foe EfKM i improatloral'insa^ - 

l AnA properly.- Lloyds of London tonninco aeat „ 5 ,““ ™ : ,w ‘ lh formed such a close association Leslie and Godwin, it is^ ^ hot *£ e ^iFh -SfSSXvS.v 

| vlilaiill S I Of! O The Marsh-Bowring deal, brokers if they are to place 25SL? Snti 6 %itjb a competitor. holding more than 25 percent anxUTUS t0 - 

VJ which will co-ordinate and com- business at Uoyd’s. An Ameri- P!?S5 What brokers in London were in the Lloyd’s broking interests b ro fcers wWckhad' ffitabh^td'' - 

, 4=7 bine both groups- insurance con broker may drum up the agreed on was that the Marsh- and a compUcated corporate SatiSdUnfe?^^ ‘ 

ittnimlt interests without either group initial business for Lloyd’s but s Bowring link-up is likely to have structure is being created to Whatovtf r lfe' " 

Bll/I ri*n losing its separate identity, it still has to be passed through C. T. Bowring has trading a greater impact on the London satisfy the Uoyd’s ruling. Marith-J-nn 

MlStl wJta. has some way to go before it a Lloyd’s broker. Although the links with many of Marsh and market than the merger of U.S. Under the Marsh - Bowring Bowring link" ntis ndt ^^fe ~ 

, . . becomes a reality. Lloyd’s broker may have only McLennan’s competitors: Fred broker Frank B. Hall with arrangement takeover . neither cif nTra Wttem iwi 1 !*, 

ltih rKJjL)LJ\T eiinhnna fhp thmuoli uihinh rM*m nnrmA ^ ^ ^ ^ — - " " - •* |,,, S- 


China’s long 
march 


becomes a reality. 


THE PRESENT euphoria at the through which China passed 1 - ■ — j ■ ■ 

prospect of the Chinese placing after the death of Chairman an anna m n M VK 

massive orders abroad for the Mao Tse-tung and which was Hfl Bn kH If il 

purchase of capital equipment compounded by the massive BlflC.IW MW II 
is bound to give way to a good damage of the earthquake in ■■■■■■ 11 
deal of disappointment- Within the north two years ago The «, 
the last week there have been bureaucracy is already over- Keeping Up 
reports from Peking that the stretched— as are hotels in ... . 

Slno-Japanese trade agreement Peking and the provinces— by With JOneS 

signed in February for two-way the dramatic increase in work intri'med hv Jack Jones’ 

trade of S2()bn over the next as delegations nour in from mtn?uea Dy _ Ja ® K J0 ”5 S . 

... . . 5, 3 P'^ ul iroiu aonf'amnt'p nn SnnAav nmirisl 


MEN AND MATTERS 


inside toe country and IroS ISTSToTtSSS ^ 


extended until 19P0 and = e oSs who have ^ 'TX °L'g d ? 1 ** 
increased in value to SSO-lOOJin. seen i 0 o many ’ changes oE ?» nd ° f ? wMy? 1 tra yf ,Ied t0 
The Germans have announced leadership for their likine ara To see how one 

tint they have enucluded a pre- ,* 2 de^ aioi “IV'S mi8 . h,y ° t , U,e la ? d ^ 
liminary agreement worth $4bn. i n such a massive dpi-einnment ?, ett -* ed 1ITt0 rotiTemenL His 
tn develop five Chinese coal pru'ram^e the e ale i^se ?\ Qday speech had beeu on 
mines and to help the Chinese problems of co-ordinatiS? and K*? th ® pe " siotiers ^ 1 
improve their mining equipment there are problems in fin!!ncin° hardly passed f th ® p *? k and 
industry. Britain secured in the local coats of rhp ni-jn anri red rases and en t er ed his one- 
August during the visit of Mr of fiiding the necessary foreign 



Edmund Deli, the Secretary of exchanet Ak" before he was eloquently plead- 

™sa S»«» A ^«»S ia3 * e 


undertakings on British partici- Sli t h ar th e y aj j hana f Qae fh er When he retired as Genera! 
patinn in the designing and eon- or fall apart. * ° Secretary of the TGWU he had 

struct inn nf new mines that i„ this situation Western firms his £10 ’°W testimonial, 

vould result in vei? larae eauip- and bmks are bound , ™ untouched, to his fund for the 

lYiont nrrlMrc But as the deals - _ uuu *■’ luu J — »r_ _ ... 


Collins Communications of I would rather be in Oxford 
Bromley, who designed and than in Basingstoke.”- 
built this cunning device, tells That, Knight reminded me, is 
me this last requirement caused where Macmillans print, while 
some eleventh-hour headaches Longmans is based in unbeauti- 
because of confusion about just ful Harlow. As for Hodder and 
how many calls were expected. Stoughton, this, she tells me. is 
At first it was thought that the “ out in the depths of Kent” 


• •• 


in 


faithful visiting the complex’s 

200 shops would expect four, — 

but -in fact five daily calls is the 

rule. Any problems can. how- Border CUStODlS 
ever, be ironed out by the 

resident muezzin, whose What is the appropriate a tti- J 


Northampton is on the Ml, halfway between London; efitf ■ 

. Birmingham and is directly served from junctions tfiahd,lSL . ' . 
fifty per cent of the UK industrial output is within lOOswtes ■: 
radius. It has the foliowing outstanding selection of offices, : ' 
factories and sites. 


mosque, built into the complex, tude to adopt towards public 
will be wired up to the system servants? Should the law-abid- 


commercial 


' 0 n r H 1 ^ e ” Cy v meSSaSe5 r in 2 citizen greet them roufi-l 
and who, at times of power cuts . t „ . 

can, presumably, still call the d ® ntl> aS ., an ei » ua17 0r * s a cer " 


Office Buildings Immediately available iniown 
centre ... , 


faithful from the minaret. 


ment orders ******** dea,s a great many delays and frustra- pensioners. Now with a deter- 
roll nut. so inevitably does Uons In Britain’s case there is mined I h» v e anything to 
scepticism grow as to how large a lot t0 be sajd “ do with it” he assures visitors 

o nrnm-ammn nf mnnqtnaliqatTnii . . 1LJ & Ul j . 1 . ^ 


“If God doesn’t provide 
perhaps the N.EJ1. will?” 


Booking out 

After 100 years . in 


tain servility in order? A reader 
just back from his holidays tells 
me he gained some guidance 
from the leaflets issued at 
French and British customs. The 


Groyfriars House 200 000 sq ft of offices above tbe hewtius'-v 
'station . -y.v'V - 


Befgrave House 73 000 sq ft forming part of Grosvanaf Cerfta 

Anglia House 27 000 sq ft m prime position 

Other properties from 500 sq ft to .10 OOOsq ft . z- ’ : . ^ 


snropMmmp nf .nri,KtriaTisatin« a lot to be said for toting to 11 “ vwtDn After 100 years . in London, French one is illustrated with 

China can manage and how fa-rt ^P unt the tJrpe nf coordinated ° f t .• n o nln see , t ^ 1 ® directed into Parliament' As Cambridge University Press is a picture of a yonng man driv- 

China manage how fart, effort ,one 8 o,ia,e with the f “ r „ ? or f er tta latest publisher to retreat mg a car and looking entirely 

Impatience Sj5L.“niSta^i?ES SjSSSiSrS.'iVSS Goverament TT ^ ^e British egui«,J 

The Chinese leadership's awn ing operations. The Chinese 00 Tory council has yet helped «x t reacted to the barrage of C-U - p - s London managing ent also shows a man driving a 

assessment of how rapidly it can for their part would certainly pensioners obtain their “right” criticism which came from the d^** 01 ** tolls me a. £5m com- car, bnt he by contrast, looks 

move will only show up in ihe like to deal with a more unified subsidised traveL C3j an{ j me di a even be f 0re the P le x is being built in Cambridge older, . smaller, and distinctly 

fletual signing of contracts. At EEC—and will no doubt raise But if pensioners are the report was written.” to house everything, including worried, teased up over hi* 

the moment it would seem that this during the present visit to present prime target of the 65- His walls were lined with the onntln° works “If vqu steering «rh«»l I nut thic 
ih(w Chinese are being more Peking nf the EF.r. dPiP^ntinn vear-old ar<-hir*rr nf tho Snnioi wl-„ P o worKs. u. you sieenn^ wneei. l put this point 


Office Sites / mmetfia tely available Jn to wn centre, ^ 
district centre and campus locations ' vr ■' 0 

Town centre site of 3.5 acres For up to30Q000sqftfdrcanr V;- r - ' 
be sub-divided to a mkiimum.of 100 000 sq ft) ^ ; v' 

Tovm centre sites Two for 30 00t) sq.ft . . • •’ " 

District centre sites For up to 100 000 sq ft atWestorr Faveli /■[' 
Centre ■ ‘ . ' 

Campus sites 60 acres available at Moulton Park V- .V---.. 0-;V : 


have told both British and Ger- 
man officials, for instance, that Expectations 


before setting off to 


the need to expand the Job board a bug for EusTnn' “* Did he Wa !, Deiore le lephones and |?«rairoUy Chastened, I took on | 
Release schemes so that more miss the union ctf? x Q x *t § ^dern communications ” says the atntudes of the British 

. vox. at rtii Alim “W« m3v fls wpII sin hark driver and asked nn morn 


industrial 


they intend to pay cash for their B Chin jobs ca n be made available to came the answer from a man S? 1 * “ We “ W * U «° *»* driV * r and asbed no more ’ 

purchases this year. But there 1t n unpredictable tbe y 0un g t preventing a new who abviouslv has « - * -tinn ^ ome flow* One spends a lot of 

is no doubting the impatience . {hro U g h fire^r cIass of un etoPloyables from of simply fafing awaV 5™® ij a l ellin ^ backWards 311(1 

of the leaderahip for fast results '*****>*" developing. Selective import * 3 ay ’ - torwards.” 

or their determination to L h - d A c ° n f 1 ?. er ® ble ^ntrols are one solution he From he eod of next month MdrOOIlGd 


of the leadership for fast results " developing. Selective import ^ ^ - 

or their determination to Vfi dul^SnS wnt rol* ■« obb solution he 

achieve these through a rapid drive in tho a . l97Q , advocates to prevent current - , 

Programme ^ dangers of delays and tenures Automated piety 


From the end of next month MafOOned 
just five of the 200 staff will be , . , » . . 

left to hold the fort in Euston l he ^! ,e P ho “ e el,ch§ about s e a 
Road. u They’ll be lonely." com- luie - lrue y i ster ' 


S255. TwSd r be u ? dD , ub H te r dly ^ re Sff An ^ ^ u* 

over 70 clearly sees this as his , lt 1 . wl L u3d b ' foollsh for in ^ us iTSh «; % stem has ™ been built in manager oE Oxford University T^f- Telephone engineers 

? C e / Ilh ’ r,p transform China lnallsed nwwn ’ to exacerbate Wilson, he told me, was an Britain for a new shopping Press whose London base is below decks t0 bale 

rtHinofn f h i/rfwn V^on The this "Sk-with the possibility tcademician and [politician who centre on the Gulf oice etoser to tofbright tightest he out what the office describes 

according to his own vision. TTie D00ular t | i «. annfti ; h ,^ nf ;new nothing about the trades L. . UD< : e coser 10 “ e onsfit ngnts of the M ^ . thp „ hloc „. ” " 


offices, toilets ■, gas flred warm air headngand^t i/ - : ^ 
mams services 

Remaining Units now avaCabl*pn Phas«3 - !"-'j C’T - 

5000 sq ft 12 500 sq ft; ; 

RwsfVBtkms nowbeing takenfor Phase 4 CbnyjrisinflS ; 
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combinations 


Phase S to be devdopetf shortiy Compridhg l4unteofl J; --^1 h, _ , 

5 OHHq ft and 2 unite of 12 500.sq ft: , l **a£] 


Industrial Sites Chdose from the wide rangey 
; avMsble on four employ men t eteas : - 


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standards that seem- to lie at the Chinese more than they car 
end of Teng’s plans. handle. Restraint is called to* 

The obstacles, however, are both by suppliers of eqnipmen' 
formidable. The attempt at as ir is by the Chinese in re 
ranid growth is being made in framing from drawing up exce? 
the wake of the deep recession sively ambitious plans. 


^rliamemajy Labour part,- was 1.000 fire nZZ. of hnu eiu NaSSau “Mart ?£ge e ™ a ' ** ££ 

2^^225722- “i ™ "f. 1 "*- publishers SV C °™ S 


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fSsrESS srs*“¥ o£B “— • 

100,000 shop stewards ” are recorded calls to prayer. 1 ,ape ‘ K Inrttaa'iSSaS'thS Observer 


For further iirforniationwift^or phon^ 
t. AusftvQrowe BScF«lCS^<>«er'&jaie Survey jar j 
Norrtwrnpton peveiopment Cqiporatiori 
2-3 Market Square, Northampton NN1 2EN ■' --agSM 
Tele phone (0604) 34734 ,• . . , , JEXm 


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Financial Times Tuesday September 26 197S 

E STATE OF FLEET STREET 




MAX WILKINSON 


A new approach to manning 


g# 


M4- 


• entirely fitting that the 

hero of The drama of 
Street should be a corn- 
outsider who made his 
A us tii the construction 

rV>- 

^ Mainly. Mr. Victor 
^j ; ews. the chairman of £x- 
Newspapers, has ehallen- 
V’. Jinnsr every canon of ac- 
Jk i wisdom in [he .Struct 
the 16 months sim-i 1 
sy^^trijsar House took over the 
E.lL^£^j3averhrook empire. 
Jp&&.ead of closing .national 
ra&&M>aper5 he has talked irre- 
about open mu new 
wS^^l;Plans For a new London 
and an extra -Sunday 
&fo?y ffi:>aper have, successfully 
across his desk. Then, 
te-av -looking at figures, he 
-i&s? Ipalsr settled on the idea of a 
nLxr ©3| j bright and cheerful tab- 


^ ri Shl and cheerful tab- 
Hr ' Northern readers. Ho 
3 it Jn record time. 

iaprared the unions, and now 
it to be trundling on to 
". stands early next 



SK'S&jfr * &-% -v'^pgWSPAPERS’ INDUSTRIAL 

JANUARY TO AUGUST 
Dailies 

COOO’s) . . 


mm 


5PAPERT INDUSTRIAL 
JANUARY TO AUGUST 
Duties 




(OOfl’i) 


-- - r • §E 
*“ 3 *-=sfrV*? 

. ^f>ph 


ian 

iaf Times 
ig Life 
te 


Dailies (8 months) 
Sundays 
(000*1) 


6J29 

74X05 

4X06 

3,035 

13,163 

3.713 

757 

581 

1.031 

LS98 

110>98 


of the World 
s 


rer 

-r^;, 5 aph 

? 7 ;; Sundays (8 months) 

■' ~ c* w ’%\&S ,0I *« 5undays and 
*>'-■ V? tO0]|ifs 


121,295 


Sourer: UK Prril Garni te 


It is ton early to say whether 
Mr. Matthews will prove to be a 
saviour of Express Newspapers, 
but certainly he has reversed 
the bleak phase of withdrawal 
from the North of Engtand. and 
he is forcing parts of Fleet 
Street generally to adopt a more 
cxpaDMOiiist approach. 

The idea of the hew paper — 
in be called the Daily Star— 
is so »i:iiplc that, as Mr. 
Matthews says, be is surprised 
nobody thought of it before him. 
The hade problem, which he 
found when he took over the 
Express was overmanning. Most 
proprietors have ' long since 
learned to live with over- 
manning. however much they 
deplore it. It has been Quanti- 
fied by independent studies 
described in a Royal -Commis- 
sion Report and even attacked 
in Parliament. ' 

Overmanning, coupled with 
the very High wages (up i» 
£12,000 a year and more for 
some printers) nipke Fleet 
Street newspapers yery. : expen- 
sive lu produce. However, must 
attempts to reduce these .costs 
have met with si rung resistance 
from the- chapels (union office 
branches) which have manning 
agreement.-; of great length and 
antiquity. • • •/+ 

As an alternative to' reducing 
manning on existing plant, all 
newspapers have thought of 
starting again with new .com- 
puter-based machinery "which 
requires fewer and less skilled 
operators. However, only the 
Mirror Group and Times News- 
papers have so far gone ahead 
with such plans, although the 
Guardian has. quietly. -installed 
some semi-automatic machinery. 

The Mirror’s computer type- 
setting equipment is still not 
fully operational. The Times has 
installed computer equipment 
in its Grays Inn Road building, 
but has nor been able to reach 
agreement with the unions on 
its operation. Indeed, the. level 


««f disruption has been such 
that The Times manage- 
ment i?. threatening complete 
cl.isurc u( all iLs publications 
from November 30 unless the 
chapels will guarantee produc- 
tion and to abide by established 
procedures. 

A i the Express Group, Mr. 
Man hews discovered that iti. 
newspapers were carrying over- 
heads, mainly in the form of 
wages. about 40 per cent higher 
ths ri the management con- 
sidered desirable. 

His first year was therefore 
spent in the traditional Fleet 
Street occupation of trying to 
prune manning levels. This 
effort largely failed, though sig- 
iiiflcuiit concessions were agreed 
with Journal ists in exchange (or 
a “productivity" pay rise. 

“We had very tough talks. 
But if chapels have got man- 
ning agreements going back 
many 3*ear<. how on earth can 
you “i?l them to accept half that 
number? Talks have been going 
the right way." Air. Matthews 
said. 

However, even while he was 
exploring the limited possibili- 
ties of cutting back on manning. 
Mr. Matthews announced he 
was looking at another line of 
approach, " The problem of 
Fleet Street." he declared. “ is 
not so much that it is over- 
manned but that it is under- 
worked.” 

AH the ideas for new news- 
papers were aimed al mopping 
up spare .capacity on the Daily 
Express's comparatively new 
presses and. in Mr. Matthews’ 
often repealed phrase, to get 
his employees to do "a fair 
day's work for a fair day’s pay." 

In the event, the launching of 
a new paper based on the Fleet 
Street presses proved problem- 
atic. Almost certainly the 
record of industrial disruption 
in Fleet Street weighed against 
the projects. 

However, Mr. Matthews found* 


some unexpected allies for his 
tough-minded approach among 
the. printers in his Manchester 
plant. Only four weeks after he 
took over at the Expres* he 
entered the Aldusirial relations 
ring m a i rial of strength with 
members of the- Amalgamated 



Victor Matthews: 
tough-minded approach 


Union or Engineering Workers. 
Instead of giving way. he sacked 
the engineers and faced nut a 
shutdown of the Fleet SIreel 
plant. 

But the Manchester workers, 
who have a good working 
record in spite of being paid 
less than their Fleet Struct 
colleagues, were prepared lo 
print extra copies to make up 
roost of the deficiency. Their 
co operation undoubtedly helped 
Mr. Matthews to get the 
London engineers to return to 
work. • 


It hardly sc-ems an accident, 
therefore, tha: plans for the 
new Daily Star should centre on 
the Manchester priming plant. 
Journalists and printers in 
Manchester whose jobs have 
been under a general cloud of 
uncertainty for some years, 
were generally eager to co- 
operate in an expansionist plan. 

However, it is an indication of 
the bad state of industrial rela- 
tions in the industry that the 
project was doubtful until lale 
last week, even after advertisers 
had been can\u>sod for. their 
support. 

As late as Iasi Thursday. Mr. 
Matthews was aaviny: “I haven't 
decided to go ahead with the 
new paper, and I wilt not do it 
until we" get agreement from 
the unions. In Trafalgar House 
we are iised in looking carefully 
at the figures, then if we decide 
on a project we just go ahead 
and do ,iL But Fleet Street is 
different - - -" 

But the unions now appear to 
have agreed to the terms. 
These were basically that the 
new paper should be produced 
on existing machinery with a 
minimum of extra staff. 

The strategy is simply to lift 
the combined circulations of 
the DaHy Star and the Express 
back to. the -»m copies a day 
which the Expra.-s enjoyed in 
the halcyon days of the 1960s. 
Indeed -part oi the overmanning 
problem stenu directly from 
the fact thar The present labour 
force, including journalists, 
was built up te produce a very 
much larger paper. And num- 
bers have Hoi shrunk in step 
with the declining circulation. 

The Star aims to attack the 
Daily Mirror and more particu- 
larly the Sun with the well-tried 
formula of unclad pretty girls, 
bright brash news and plenty 
of sport. 

The Sun proved, after its re- 
launch by Rupert Murdoch's 
News' '-.'International, thar such 


a paper could he highly success- 
ful with comparatively a very 
small editorial staff. Its rapid 
rise continues to surprise Fleet 
Street pundits and io discom- 
fort the Mirror. Both papers 
are now neck and neck with 
circulations of just over 4m 
copies a day. 

However, the slim mod-down 
Sun and Mr. Murdoch's News 
of the World are much more 
profitable than the Daily Mirror 
and Sunday Mirror. The News 
International Group made an 
operating profit of nearly £12m 
on a turnover of £90m Iasi year 
compared with the Mirror 
Group's profit of only £9m on 
a turnover of £145m. One of the 
reasons is that the News Inter- 
national Group employs 4.01)0 
people compared with the 
Mirror Group's 3.000. 


Flair 


The potential market for the 
new Star is therefore very 
large. The Express Group 
believes it will be able to attack 
the Sun where it is weakest — in 
the North — particularly as the 
Sun is already running out of 
capacity at its old Bouvene 
Street plant off Fleet Street and 
has suffered continual disrup- 
tion. 

The Star's editor-in-chief will 
be Mr. Derek Jameson, the pre- 
sent Express editor and an 
ex -.Mirror man. who is generally 
thought to have a great flair for 
the popular tabloid style. Since 
he joined the Express he has 
transformed it into a much 
bolder competitor for the upper 
section of the Daily .Mirror 
market. 

He is now expected lo use the 
Star as the other half of a pincer 
to squeeze the Mirror from the 
lower end as well. The Sun, 
meanwhile, is treating the pros- 
pect of a new competitor with 
a healthy respect. Mr. Peter 
Stephens, deputy editor, says: 


“We will treat the competition 
very seriously indeed. We do 
not intend to make the same 
mistake that the Mirror made 
when the Sun was launched. At 
that lime many people said the 
Sun did not have a chance." 

Mr. Stephens, a former editor 
of the Newcastle Journal, says 
he doesn't go along with the 
view- that northern readers have 
basically different tastes to 
I hose of a popular newspaper 
produced in London. 

"If you live in Wigan, you are 
still interested in what is hap- 
pening in London and Holly- 
wood. The local newspapers are 
there to provide the local news.” 
The philosophy behind the Star, 
on the other hand, appears to be 
based on the view that northern 
taste* are in some ways very 
different lu those in the south. 
Air. Jameson, as a highly success- 
ful former northern editor of 
the Afirrtir. is already experi- 
enced in competing with the 
Sun from a Manchester base. 

Such editorial sparring is the 
spice of Fleet Street, and makc-s 
fur healthy and vigorous com- 
petition. Unfortunately there 
has keen a great deal of indus- 
trial strife. Hardly any paper 
has escaped the disruption 
which has cost the industry the 
loss of more than 100m copies 
in the first eight months of the 
year. 

Losses on til is scale pose a 
threat which more than counter- 
balances the excitement of new 
titles. 

Mr. Matthews himself has 
repeatedly slated that he will 
close his papers if union 
obstruction were in make it 
necessary for him to do so. 
As ye I he has not even begun 
the struggle to iniroduce com- 
puter typesetting, which most 
people believe will be essential 
in the long run. And Express 
Newspapers’ profits— expected 
to be about £3.3m this year on 
a turnover of 1 100m — repre- 


UPS AND DOWNS IN 
CIRCULATIONS 
NATIONAL 
MORNINGS 




% change 


Jan.-Jone 

on 


1978 

jan.-]une 


(000s) 

1977 

Express 

2,401 

-1J 

Mail 

1.933 

-4-5.7 

Mirror 

3,778 

-1.7 

Telegraph 

1.345 

+ 2.7 

Fin. Times 

181 

+ 2.3 

Guardian 

273 

-6.3 

Sun 

3.931 

+5J> 

Times 

294 

-4.0 _ 


” 14.135 

+ 1.6 . 

NATIONAL 



SUNDAYS 



News of the 



World 

4,935 

Equal 

Observer 

688 

+4.9 

Express 

3.243 

— 1.4 

Mirror 

3,832 

-3.4 

People 

3,854 

-2.2 

Telegraph 

845 

+ 6.1 

Times 

1.409 

+ 2.6 


18.806 

-0.8 

LONDON 



EVENINGS 



News 



(Mon.-Fri.) 

548 

— IR 

Standard 



(Mon.-Fri.) 

398 

-3.2_ 


946 

— 1.9 

News (Sat.)” 

489 

-8 3 ~ 


Source: Audi! Bureau of Circulation 


sent only a small step towards 
the 10 per cent return on turn- 
over which he is pledged to 
achieve. 

In the end it will prove that 
it is nnt so much good ideas 
as good management which will 
be the key to success or failure 
in Fleet Street. And proprietors 
have I he gloomy example of 
New York before them, which 
had 10 morning newspapers in 
1923. ' 

Many of them were killed 
off as a direcl consequence of 
industrial trouble, and the three 
remaining dailies are all on 
strike because of a costly and 
bitter dispute about manning 
levels. 


Letters to the Editor 


uclear 

wer 


. Mr. G. Morgan-Grenville 
. . —I refer Vo your article 
»ic surgery of stripping 
■it reactors." by David 
... ck on September 21. 

. John Hill and bis col- 
• :;s in the Atomic Energy 
*. rity. while offering bland 
ranees to an uneasy public. 
• • ’ been singularly stow to 
• that objections to nuclear 
do not spring solely from 
•el about the technologies 
yed. and for this reason 
-, constant efforts to pre-empt 
“opponents” are fre- 
-. ; y wide of the mark. 


and d ^counting is - rife.” 
Admittedly some dealers, are 
having a difficult year, particu- 
larly those in arable and potato 
areas. But that has to be taken 
in the context of the last five 
years’ results. At the other end 
of the scale a lot of dealers 
report sales up on last year by 
20 per cent and soinetimcs-more. 
Discounting does take place loo 
—but marketing tacLics fir our 
trade are not new. 

On the question of the advan- 
tages of stock appreciation relief. 
I think it is wrong to imply that 
farmers have only become. aware 
of this in recent limes. .Surely 
they have been aware of the 
advantages all the lime? 

K. S. Axford, / 

Church Street. 

Rickmansicorth. Herts. 




lough there are massive 
; about the safety of 

ir technology — doubts 
are shared by many 
ir physicists — the main 
ents are directed against 
-nf restructure needed to 
rt a state reliant, upon 
- ir technology. Such a 
. presupposes an elite tech- 
ry beyond the reach of 
observation and the pub- 
'• ceptance of their supreme 
teoce. a loss of civil 
tes consequent upon the 
^ *to maintain a substantial 
— — — police force to help safe- 
fissionable material, a 
that some way will be 
i* to contain nuclear wastes 

V* » . and that the risks itn- 

A t-*- in nuclear proliferation 

i > ? ceptablc. 

rial silence about many 
e s -at Incidents, continuing 
^ to render true accounts 
industry whose develop- 
’ ^ costs have been . heavily 

41 ised by the military 

., t. the incestuous nuclear 
•chy, police repression in 
any of nuclear objectors, 
naccounled losses of fission- 
material internationally 
little encouragemeat for 
ism. 

1 J optative of such conditions 
„ en to many people. The 

-.T*. ; of nuclear power is too 

Neither does it seem th3t 
EA appreciates the strength 
Unary gut reaction against 
tivity which has the power 
laminate nature totally and 
has already demonstrated 
• wer to do so. 


Ministry of 
Transport 


nuclear industry Has many 
ents worldwide, and their 
er is increasing. Recently 
ces representing the 
al environmental interest 
been forming all. over 
ie. This. week, for the first 
in European history, there 
■e a meeting in Switzerland 
•se ■’green” interests from 
European country in order 
miner out 3 common mani- 
There arc many new 
y by which nuclear power 
jc rendered yet more un« 
mic. After the charade of 
scale, public inquiries will 
ic one of them. The real 
• has not yet begun. 


From the Director-General 
The Chartered Institute of 
Transport 

Sir,— I believe that on balance 
the case put forward again 
(September 22) by the secretary 
of the British Transport Officers 
Guild for a National Transport 
Development Committee does not 
rest on entirely sound precepts. 
One can, of course, argue Ihe 
ease and there are those, includ- 
ing members of my institute, who 
would agree with Mr. Rogers — 
himself a firm supporter and 
respected fellow of the institute. 

■ Even were such a committee to 
be served by a well-qualified and 
independent staff, able to pro- 
duce authoritative reports on 
medium and long term transport 
problems aud policies, one must 
surely question whin it would 
achieve in practical terms. The 
danger would be that being a 
discussion forum lacking the 
power and authority of Govern- 
ment it would only give rise to 
further delays in ' the decision- 
making process. I submit. Sir, 
that it must be for Government 
to decide ihe major transport 
issues on its own assessments and 
to add a fifth wheel to '.he coach 
w nu id arid nothing to effective: 
ness and would be wrong in 
principle. 

May I suggest that She interests 
of transport and its contribution 
to the economic health of the 
pal ion would be far better served 
. — and in this view my institute 
has been consistent— in pressing 
for a unified transport responsi- 
bility within the macJtinery of 
govern to ent by bringing air 
transport and coastal shipping 
under the authority of an all- 
embracing Ministry, of Transport 
D. N. Locke. 

SO. Portland Place . . VI. 


inn the probable benefits which 
would accrue by the exchange of 
information and ideas? Or is it 
that those companies who re- 
quire nonexecutive directors 
with that background are fear- 
ful or admitting new members 
to the “ club,’’ who may seek to 
change the rules? Whatever the 
reason, there does now seem to 
be. fortunately, a realisation by 
the more thoughtful and respon- 
sible advisers whom prudent 
Boards call in to assist in the 
recruitment of non-executive 
directors that ihe rich source 
mentioned: by your correspon- 
dent is waiting to be tapped. . , 

1 hope that when the proposed 
changes in company law come to 
he considered in Parliament, 
opportunity will be taken to in- 
sert a provision requiring, as the 
CB1 also suggested in 1973. that 
the report of tfie directors should 
include information as to the. 
qualifications and other interests 
of all the directors, both execu- 
tive and non-executive. 

E. H. Dodson. 

Dennis House. 

Hlarxden Street. 

Manchester. 


a fair return on a capital devel- 
opment programme, the economy 
of the country needs a fair 
return on the human resources 
employed. Public borrowing 
requirements must be financed 
from commercial and industrial 
profits afld an adequate margin 
is necessary to provide a worth- 
while incentive for investors. At 
present this margin is negligible. 
How you rate these considera- 
tions to n particular enterprise! 
is the crux of the problem. The I 
general public, however, does' 
need a simple criterion to judge 
the claims by a specific group 
of workers such as the employees 
at Ford Motor Co. 

F. K. C. Pike. 

50 The Shires. Luton, Beds. 


GENERAL 

Mr. Denis Healey, Chancellor of 
the Exchequer, addresses World 
Bank /IMF annual meeting. 

Department of Employment 
issues :provi>ional figures for 
September unemployment and 
unfilled vacancies. 

President Jimmy Carter 
announces ihe Administration's 
export policy for the U.S. One 
objective will be Vo try to support 
U,S. export efforts. 

Hospital management and 
unions meet to discuss hospital 
works' officers’ pay deadlock and 
resulting industrial action. 

Amalgamated Union of Engi- 
neering -Workers’ executive meets 

Price Commission quarterly 
‘index. 


Today’s Events 


Union discussions concerning 
opening of Liverpool’s M3ra Royal 
Hospital— scheduled to take place 
next Monday. 

Central Arbitration Committee 
to hear claim by production 
workers al Chrysler's Dunstable 
and Luton plants for pay parity 
with the company’s Coventry 
factories. 

EEC trade delegation on 10-day 
tour in China. 

First Laker Skytrain flight from 
Gatwick to Los Angeles. 

Archbishop of Canterbury — 
statement on Lambeth Report (to 
be published on Friday). 


Prince Charles gives opening 
address to International Atlantic 
Salmon Symposium at Edinburgh 
University. 

London Chamber or Commerce 
receives Enugu Chamber of Com- 
merce (from Nigeria). 

Statement from Sir John Read, 
EMI chairman, on medical 
electronics. 

Astrid Proll appears on remand 
at Bow Street Magistraies' CourL 

Mailing Efficiency Exhibition 
opens at Bloomsbury Centre 
Hotel, London I for tuo days). 
COMPANY RESULTS 

Final dividends: A.B. Electronic 


Products Group. Size well Euro- 
pean Investment Trust. Interim 
dividends: Norman Hay. IDC 
Group. Newman Industries. Office 
and Electronic Machines. Rose- 
diamond Investment TrusL Sun- 
light Service Group. Tomatin 
Distillers Co. Unicorn Industries. 
Wiitmougbs (Holdings), interim 
figures only: Hanger Investments. 


COMPANY MELTINGS 

Davy International. Cavendish 
Conference Centre, New Caven- 
dish Steel. W, 12. London and 
Gartmore Investment Trust, 2. St. 
Mary Axe, EC, 3. 


SPORT 

Boxing: John Conteh v. 

Leonardo Rogers, light heavy- 
weight. Wembley. 


Telephone 

manners 


The best pay 
is cash 


Non-executive 

directors 


.--■'isi* 


r. Morgan-Grenville. 
ireen Alliance, 

..jnpslcod Square. N.W.3. 


rm machinery 
ying 


. i the P'resident. 
sb Agricultural and 
en Machinery Association 


Your Agricultural Corre- 
. dent Mr. John Cherrington 
what overstates the case in 
triiclc on farm machinery, 
y .. buying has collapsed ” 

. • fember 22). 

stales that “ agents’ 
; |ises are packed with stocks 


From Mr. E. Dodson 
Sir, — The suggestion made by 
Mr. _M. 1. Webb-Bowen f Septem- 
ber 21) that suitable noo-execu- 
ttve directors may be found 
among those holding responsible 
executive appointments in other 
companies., is not new. For 
example, it was canvassed as long 
ago as 1973 in the very thought- 
ful and valuable report ‘'The 
responsibilities of the British 
public company,” produced by 
ihe CBI. More recently the same 
point was made in the White 
Paper “-The conduct of company 
directors.” as well as by contribu- 
tors and- correspondents to 
periodicals and newspapers.- 
Up to now. however, t have 
seen little evidence of such 
appointments- N this because 
of ihe reluctance .of compamas 
lo release their Full time execu: 
lives, in the mistaken belief that 
they cannot be spared and.igDor- 


From Mr. B. Cole 
' Sir, — Mr. W. Grey (September 
-21) is clearly still convinced that 
worker shareholders are a “ good 
thing. ’’ While lam pleased that 
h$ does not subscribe to the 
fashionable view that shares 
should be given free to em- 
ployees, I am sure that he still 
overestimates the value of 
worker shareholdings. 

-His original letter suggested 
:tbat the dividend payable to 
employee shareholders would be 
a useful incentive to their better 
performance. I believe 1 showed 
tha’t this is incorrect Now he 
suggests that small shareholders 
who reinvest dividends can be a 
useful source of new equity 
capital, and help limit the exces- 
sive power of the institutions. 
-The point may be correct 
-fthough in my view exag - 
gerated), hut it has nothing to 
do with worker shareholders. 

I sec no reason to depart from 
the view that an employee is best 
paid in cash: only our stupid tax 
system makes it desirable to 
Replace some cash with “ perks " 
of various kinds. Any payment 
by results scheme is likely to be 
most effective if it pays out cash 
-bonuses. Investors on the other 
band must he wooed by prospects 
of good and/or safe returns, and 
there is no merit in using an 
employment relationship to try 
lo persuade or pressurise workers 
to invest in shares' which they 
would not otherwise buy. . . 
. Whichever company I work 
•for. it is probable that I can find 
a better share to invest in. if 1 
want to buy shares.. Wh\ distort 
economic realities? 

B. A. Cole. 

'“■Drake Wood" ' 

Devonshire Avenue. 

Amersham. Buckinghamshire. 


From Mr*. S. Allen 

Sir.— 1 feel sure I am not the 
only secretary to feci insulted 
by Mr. Gooding's criticism (Sep- 
tember 20> that telephonists/ 
secretaries arc over-inquisitive 
when dealing with telephone 
calls. 1 have always understood 
that common politeness was the 
reason for asking a caller’s name 
and company in order that these 
simple details can be passed to 
the person receiving the call. 

In the Nottingham area phone 
book there are 21 subscribers 
with the name “ Gooding,” each 
one of whom could have business 
with our organisation. For each 
Sir. Gooding to expect immedi- 
ate attention after announcing 
himself as "Mr. Gooding of 
Nottingham ” would surely be 
an impertinence. 

Perhaps Mr. Goodma would 
give his opinion of his own 
secretary if she were to an- 
nounce lo him that “Mrs. Allen 
iff Nottinghamshire ” wished to 
speak to him? 1 doubt that he 
would condone her action. 

Mrs. S. J. Allen, 

(Secretary to Managing 
Director). 

Hercules Hydraulic, 

Giltway. Giltbrook. 

Nottingham. 


‘ Free advice on office 

location? There must be 
a catch in it somewhere!’ 


Letter of 
the Jaw 


Growth, wages 
and profits 


From Mr. F. Pike. 

Sir.— The letter from Mr. G. 
Smith (Sept. *22) seems to over- 
look two important considera- 
■ tlons in the relationship between 
growth, wages and profit*. These 
are the. general public concern 
about unemployment and the 
high level of the public sector 
borrowing requirements. 

. These two considerations need 
to . be incorporated in any 
criterion which determines 
.whether wage negotiations of 
any sort . are justified. White 
employer^ and shareholders need 


From Mr. A. L. Kayes 

_ Sic - — 1 on» most surprised that 
Councillor W. F. Shepherd (Sep- 
tember 14) whn describes him- 
self as .a Jaw lecturer and writer, 
wants HMSl) to update copies of 
Acts to allow for subsequent 
legislation aad calls the present 
system “deceitful and idiotic.” 

Surely, he must realise that 
when certain events occur, they 
must be judged in accordance 
with the law- as it stands al the 
time and hot with the law as sub- 
sequently amended. Just think 
of the chaos that could occur if. 
for example, an offence is 
alleged, to have occurred in, sav, 
1971, but no copy Of the legisla- 
tion existing at that date is avail- 
able from HMSO because they 
have amended the original Acts. 
1 am- thinking especially of taxa- 
tion problems where the law 
changes every year in some 
respecL If copies of the original 
Income and Corporation Act of 
1970 were no longer available 
■from HMSO. taxation cases io 
the High Court would probablv 
cume to a standstill. 

What could be more practic- 
able, is for all copies of Acts sold 
by HMSO to incorporate a memo- 
randum giving a note about sub- 
sequent Acts affecting the 
original. 

A. L. Kayos, 

2/6. Bust Lone. 

Wembley. Middx. 



Nowadays, e!qterr advice is somet hing that 
many of ns expcctio pay for. And it's amazing whit 
we’ll pul up with while gathering all those cosily 
opinions. Like increased overheads, rising rents, 

I raving tempers and ultimately, decreased 
efficiency. 

The price of success perhaps? 

We think nor. Which is why the Location of 
Offices Bit reauhas published a new guide to help 
your organisation cope with change before j t 
1 lappet is. 

We call it a Location Audit 

The idea, rather like a financial audit, is based 
on a yearly assessment of your organisation's 
presentoiid future office needs, with cost-effecth*eness 
i n mind And ifyou do consider moving offices or 
re-locating one or more of your departments, LOB 
can gi ve you all the facts you need to make t he 
xiglu decision -absolutely iree. 


To: The Locution of Offices Btuvtiu. 27 ChiOuny Low 
London l I'C?. 7i K 292 1. Telex: 21 .W. 


Flease send me a free copy ol your Location Audit guide 
Name 


Company. 
Address 


CfeH 




VS* 5 ®** 

'&Z. -i.iv 


ir' v\ - X-?~ >*.*• 


L 1 


J 













<— *T' 


•■-■- ' *• *•*' 

. >:;i- - 


£3.4m first half advance at Fisons 


WITH A drop in aaroehemica! 
profits offset by growth in other 
industrial acti\ ities— par lieu Jar S> 
fcnthier.-' and nctenirt*: equip- 
ment-— faxabtc protit of Fisons for 
the first half of 197S jumped from 
£S.5lm to £ll.S5m. Sales lor the 
period were up from n.'J'S.'Joni to 
II 65.3m. 

The associate' cuniribution V.;.., 
ahead from £?-’3.0iH) In JKSMMU 
and directors. point nut that if the 
fiallcnkamp Group had been cop- 


Com pan/ 
Adwes' Group 


ISOEX TO COMPANY HIGHLIGHTS 

Company 


Page 

27 


CoL 

I 


Land Securities 


P*EL 

26 


improvement, enabling a 20 per 

. cent rise. 

Directors say the trends estab- 
Col- Jishfd in the firsr half show signs 
of continuing- end if sustained 


would ha'.p been sonic 
higher. These 'results tone bt-i is 
consolidated only since July 1. 
1977. 




A^r'ich^imcai* 

V-n.tacr* •• - 
Ph^Riirid.'ini'.'il* 

5-‘ iv n: iii'. 

Unnicu'.iore 

>:crohyni:nr 

Tui.nc prefli- 

Nt rni-Jji-nscals 

ptiyrii'.dv'>-uiii a;s . 

«• i-Rl:Si* ••fliiipijK-nt. 
Horui.-whwri- . 

M'-p-fUD'IIU . . 

Ifjiv-srminr low 
Dehorn ur.-. lujn ml. .. 

Profit before tax 

Tys . 

To mmon’i'-s , .' ... 

Virihuittii 

Incluil. s i-nuriiiv 
fSt! >>(111 i £722 ,m«u . . 


;IjU- 

f 

£«V|.I 


Baird ‘ VVilliariT) 

26 

5 

Martin (Albert! 

24 

Bids and Deals 

27 

1 

Metal rax 

24 

Slack Arraw 

24 

6 

Mining Mew* 

26 

Bramall (C.D.) 

25 

5 

Morgan Edwards 

25 

Cannock 

25 

3 

Oil and aGs News 

25 

Clia.r.bc.-s and Fergus 

24 

8 

Parker Knoll 

24 

Cray Ei-?c:rcnics 

26 

4 

Regional Properties 

26 

Christie -7 ,’Ser 

25 

] 

Tarmac 

24 

Douglas i^ofar.) 

25 

1 

Trident Life 

24 

Durford and Elliart 

26 

S 

Utd. Capitals 

25 


last j ear's record £21j25m. 

The extent- of. the increase will 


of Berlins. 


, The result is subject to tax of 
_ £2.33m (£JjS7mj and earnings per 


i*.2- : 

:l' vm. 

it ilii 
; 'll 

li 


rssons 

Hilliard? 


24 

25 


Walthamstow Stadium 
Wilson Walton 


25 

25 


It shore arc shown at 25.7p 

against 'dO.np last Uine. 

The interim dividend is up from 
5.3 p to tip net. Last year a 7.3-±6p 
final dividend wai-paid. 

Sec Lex 




pc*' 


Upsurge for 
Adwest in 
second half 


i *i-r 
1I.95J 
a»i 


, tr.v 
! Air-.* 


■.'ininhui ■ i <:i i-: 


kco in per cent fall ecu Li cals came from new forms of 

• 77.*- Jnclu •.trial chemical treatment for seasonal illnesses 

. \v.->s satisfactory in which do not prevail in. the latter 

; . d hi expo-t markets. part of ihc year, directors say. 

**::iKn. r* ihe improve- The EEC. Japan and Scandinavia 
.m uii- siemmefi parti- were the most noteworthy of the THE PROFIT increase hoped for 

r mi-.ci.se> and also group's expanding markets. This by the directors of Adwest Group 

or,.;- • onve tn reduce costs division is now benefiting from the turns out to be one of over Dm 

.i- .. . Market hare in both investment in its overseas net- for the year ended June 50. 1978. 

■I f. • ami .sjr.neli' miruscn work. In the second half the group 

• *- * ~ s Iiiciean-fir With the easing of restrictions «^ 4m * 3 S ^ n ‘ M 

some relief to the on pubUc spending in the UK the S 

The croup, which has interests 
in the automotive, agricultural. 



{jaaMal Times MJto 

i Tarmac 

£6.3m 






ZT Ml 



- ::-4 



t s -■ 


FOR THE 


1 ntercst charge* ' *^>£2,33^ 

(£2 5ml- • '' ii- 


ahle profit ofTarnmc ten • The £2:ft7m. surpliK^aff-jhr.^tel'. 

- £9.97m SaM?*- ?f * m 


" half turnout 


the second H/fii ~ ^ not jpeiudod • 

peeled to be similar » «« - ^ The mienm dmdend ts-Lf^. 

the forecaal °* ' nc .~r . r««n s.n?a. C£L-D£r afin-sbam-K.' 


Mta m« Inim 

the je jr naa n a^Sfip, and an additional ■ OJBtij; 


profits for 
revised. 

Turnover for 

ah e?d fro- P** 

"* Mn * both UK and 


, « no rind was & 1® be ittld'fbr'lS&UC^fM a- 
P* «« 6.234P final «fit imri : 

profits 


man, says 


inter- 


See 'lies' 


national oon.irnotion. «Hn«. 




S“^noinic_oji ra a i ic. 


& Fargus 




b Trading in ^ ol £5e < Sny d, ?it 
stops was .e while the bnHrt- 

a . nd 

SSpe'S? -iTiaio™ S l.o'«d ,m- 
proved profits. crushing 

Mr. Marlin mjs tje "'* , P one hetter than. . expe^ed. .Mflarghte,.-. 
now facing the company _i_ . m Vunn*; hot 

of Jmnrnv'P- the f 
areas where turnm 
not heen matenod 

JffScMon 1 ’ 1 “Son ‘^hd s£o|MI ”The-»yo 
aefiviries. 


VA r l *!!rS I*yff -I lv= : 

WITH - THE edib>e ?«i : ' 


Freddie .viuiU&U 

Sir George Barton; chairman of Fisons ' • 


meer difficult l&adipiS ewndiiioiuir 1 

cTivuiPs. . h h 1F year’s and prtuUicrion , oF7»y4;>njtbm^ * 

The R - ur ^. f mN reIa in- to at the Lime ,Stee«te*trartiOit- 

vrlnfies amount 1 ' r la =■ «•« ciivruihilhfT M Ills' 


uiiwii.i'i. aiiiniiisiia problem was, scientific division's sales improved. 
cuiL.ri-v :..li.iv»rng Ihc nMiccoiia- However, the increase was in.suffi- 


DIVIDENDS ANNOUNCED 


tin agrochemicals, they say that 
i’onunued growth of its \oriri.«n 
and Fieam products eontributi-d 
in the lit per cent sale.- iin.*ruu>v. 
However, further research and 
development expenditure — up 
33 per cent to Il.SSni — and mvv.-V- 
ment in setting up orgunisaimns 
in Europe and North America 
rnupled with the effect of the 
stronger pound on oversea' vain- 


vi ;h, gas pr.c; between the cienl to offset a decline in manrins ^^3, electrical and enaineer-* 

U-. l-!i Lurporhtion .md the in European and export markets, mj? industries pushed up its 

mj.'ui L !' .-nunuiiia producer. But and nn a comparable basis prohts turnovor k v rrm md 

C.s C.IVU MS to be available to were some 19 per cent down ‘ EarniJss & 

•»r.v f-.r’.l - r prwlinor ul a price although sales were 12 per cent c i u dina prior vear 


hot 1 

in 1 r: <: 

41I..W 

ri-.-- 

compciiT 


Adwest Group 

25p ^ha^e 1 ex- G D. Bra mall 

_ . - - ... prior year adjunments Cannock 

i it :rd of iha I pertaining higher. .are shown at 37.9p {3fi.:ip> -md Chambers & Fargns 

ne'er of Cic EEC or tn the horticulture division the at 32 .3p f29.4p) fully di/ui^rf The Fisons 

1 — 1 ------- a General & Com mere" 

'sed -Albert -Martin 

of .Metal rax 


oncer .11 i.ic r.tsi, or in me nonuunure aivision me at S2 .Sp f29 4p) fully diluted T 
o;ii»r l\: prodwwrv sale of amateur garden products fina i dividend is Bap net Tor 
r:>e to ..-nn-nderablc in the UK was disappointing, but tota | oF 10p on capita) mcrc.'is 
distorlion. ihey sa>. sales to the professional market jjy the one-for-siy right < issue 


,•*:*. 1 


tu;-. •: -I. :iai .-iur; V»1 »ln* IS per continued lo crow and the French a " ycaP aso . which Ttas Treasury Parker Knoll 




Date 

■ Corre- 

Total 

Current 

of • 

soon ding 

for 

payment 

payment 

div. 

year 


6.5 

Xov. 10 

525 

10 

.iliL 

1.7F 

Xov. 13 

— ■ 

_ 


nil 

- — 

0J9S 

0.49 


0.49 

-■ — 

0J4 

0.49 

.int; 

6 

.lac. ? 

3.0 

. ' 

in’_ 

2.6£ 

OK. SO 

O 

_ 

int. 

L.57 

Jar..- 4 

Ca 

— 

.int 

0.45 

— 

0.4“ 

— - 


December 31. 1S " " Ul op'd-ating his^s had/tbd.iprodnci - 

•-•J ." adeauatc. , r , hP p?ir . tioh of so.va priileias cimthiued. 

•T . ^Ttieanon in resoect 01 m p Turnover - : caw f' to/- JaLClm.: *. 

of rr !L" ,l3 Drak ” Jir Scull acalnst £«.32«r ip, tj» " 

Thtal Cubjtts rmm week period. This year. I5433T 

1351 B S m=S roRt vvaV struck after is transtered to detoEe^Aay, / - —. 

Mention Of A wm f£7.S2ml Earning; far^Mie^^v 

775 ' S re a riP °m if £3 3m f£3-lKm> shown a f I.ITp. 'tdintfered-. wifty 
. . and after tax of 107p . and ' the/vdividecd « “ 


__ and after 
j'kfi- 1 .:and minority 

j; rnss.oaoi 
came ou 




m pharma- subsidiary .showed a significant sanction. For 1976-77, total pay- 

menl was 7.7479p. 


2.f*3 


Parker KsioM £ 0 . 5 m lower but 
expects rec© v ary this year 


AFTER CH-XRGIN'G 
expenditure of I2U.iNirt re'.iiii'.t l.»t Lv:- ; ^r 
reorganisation of the production 
control systems in the furniture 
division, taxable pmiii of Darker 
Knnll fell from I2.27m n» i'1.7.'jni 1 ' 
in the July 31. 1H7S. jeai*. 

At half-time, prut;', w;,s dwv.n 
from £l.f(Am to ftt.iirini anti 
ailhoueh a higher sci.-nmJ-hi.if 
profit •*»> -forecast the group v.ws 
not expected to make up the 
shortfall. 

After tax wf £X99AKl» t£i.Umj 
earn ini's per share are shov n at 
,18.3p compared with 23 6p. ’J't.e 
final dividend v»C a.ttiT takes the 
. total from 
25p share 
ints.oou 

Mr. Martin Jourdun. ihc chair- 
man. say- ihe trading prulii in i.hr . ’-.n.--;r. 
furniture dtvi.-iun fell during lit:- ! '" •' 
year owing to a drop in dcm.ind 
boih for relaii and conirae; vnicn.f! 
markeis in ihe lirsi half, nidtix 
in. both markets incrca-efi during 
the second half and sales v er» 
running at record levels tn the 
last quarter as the division began 
to take advantage of llie i m pro-, e- 
raent in production and selling 
systems. 

The division had a record uttier mure 
hook at the Mart of the current 
year and is currently 
rapacUy. he says. 


ho:>lv <fv 

m. -••i improving in the 

I.ULvr ;'.i 

r: ihir vear. Exports 

■•a »i-r 

ouoyanr ihar. in 

•!.inu; tr; 

leu lari* in Europe. 

IHF : h*.‘ 

-.n the value of tlic 

> ‘ s. 

>..tni:(iue-' lo have u 

ui-.-jc* ir 

; '- ‘-v; nn :hi American 

Irl.ii - • t ■ 

•• . • :*.*M rtm lu .-.tri-nvlhen- 

in.- >• 

• • •: r-i range* of curtain 

;mij nr.:. 

>• i lUtfii.-naK. :» new 

iin-’ ir: •. 

is expected to 

■:n.T'.-.. • 

T:r.o'.?r in tins market 

dd'-v.j i:i 

Th.- performance 

-<r .' i--.-. ; 

.U-j'.t's improved 

sii.rir.v 

• ■ -.■■■inti iu!f oT ihe year 

a*' a n-’j 

.• o: ;nanavi'rnoni action 


two voting and *’A” non- 


Tumovnr 
Tradinc Profit 
lntcn-si 
Profit before 
T»s 

Prior roar debit 
Minority imprests . 

Attnhuiablr 

^straorvL credits 
To capnal reserves 
Pividr-nd 


R110 Estates int. 2 

Tarmac .’ ......mb .7:97 

19T __.; , sr n.— Wilson Walton 2.19 

fdon 
4S».:Ai 


Nov. 3 
Oct. 27 
Nor. 26 


2.33 


3.fi 


-3.33 

2J9 


1ZS5 . 
5.S2 
3.69 
L03* 
3.23 
is : 


attributable profit increased ftom ^ASp' To - 

at £2. 74m (£4.6ru). net per Sp share. .,. ' - ; u 


3.19 


3.22 


£ ™L Dividends shown pence per share net except where otherwise stated/ 
e Equivalent after allowing for scrip issue. - 


Metakax jumps to 
so far and sees more 




-aqmvauf.,1 a.ccr aaowu:- A .«t u» M «. v On capSS. A. 56 per cent jump in pre-tA' .gj ££ 

P»T.:.::.:::ZZ: r. W* increased by rights and or acquisition issue?.' ‘ To reduce disparity, profit to £0.92ni is reported by ® J e H3f.»ai , d «» Jfetd 

store ux fc.m 5.*09 (Includes additional 0.994p now oayablc. 'Shares introduced May Metalrax iHoldings) for the first oi u-i per cent- . . •. 

JA* 7*74 1978. six months of 1978. Turnover for • * . • ->£• ;• 


10 

fit 

S.nW 

f\ 

"1 


MM 

*S 




cim 

s*n 

MM 


held. ‘ * Crw3lt - 

Given the current level of T h p report and account^ w ill be 
profitability the directors expect Posted on October 'll Tor the 
to at least maintain the level of annual meeting to be held at the 


Six month setback 
at Albert Martin 


comment 


her 3 at noon. 

• comment 


A n ’ n pprtw Knoll** profits downturn A strong second half has left hav; 
, . /t' . .>1™™ of a tenih. in the second half. Adwest comfortably in excess of - o2 ‘ 

V l ',. 1 ' :ifter a 46 per cent drop in the the mid-term projections. The ta-y i r 

_ inii»rn\eu ri|l >i Factor etrnmr rjotnm.4 Fah 


FIRST HALF I97S profits of change losses of .153,0011 and sigfii- 
Albert .Martin Holdings, clothing Sct-nUi iouer ourems. 

manufacturer and distributor. However, the smaller manufac- ^oup came to f442]s$6“ !£»£■»? savVrtgs^ pIfliCttVwK5y^3£ 

e fallen by ,U.,000 to -ur.r*’ d%v.s.on*. notably Hoag Thp interim dividend i.c ahead Plan. This new' niah 'b.-/.- hi*<n 


the half year was ahead from 
£4.6 Rm to 18.13m. 

Mr John Wardle, the chairman, 
is confident the second half will 
also show' an improvement, 
although he says it would be un- 
realistic to expect the increase to 
malch that of the first half. The 
company's financial position 

remains strong. _ ___ 

After tax c*f £480.000 (£307.0001, b er of the Sehiesinker Cjcnyp-. byg 
net profit of the_ eoaincering launched, a ric\v regplar fremiu^i 


New saying 
plan from- 
Trident Life 


a 


Trident Life Assurance; a taem- 


£524.000. 


_ — .... - . . — - Interest charges have 

first . six months, reflects the factor was the strong demand for duced by £62.000. but 


- , ... The interim dividend if ahead Plan, This new plan .‘feas been 
r.nrg. cave expenencedT better r mm an adjusted 0.4n to 0 . 45 d desicned as a ! h rehfv -. 1 ■ flev i hl». 


Christie 


production 


TZZuZ \ nK iii r ni a T*ron~f>r - vear resu,tM include a small motor vemcies. parucuiarly m the curred on forwart 

n 3-- *>p i m J.MLp net ' . J.. u ifnii- contrihuN v °lume K ai n. so Parker Knoll has last quarter of 19/I-7& The light following the pan 

feid* iuuiV den<i ' S Jb>,,n ' wl -/hi- un. 'rc^ fared bet,er Ihan most other engineering operations, in line export orders. 

", . ;! .j Llni J"d niannracmrers durin ? tte furni- j;lTh th. «et>r nmndly. .njoyed Despite [hp pro 


The full Panied the jump in demand for exchange losses of £53 
small m° lor vehicles, particularly in the curred on forward sale 

cancellation 



to 


are rather difficult. Mawdsley, in par- ITrfpnr 
ticular, failed to live u~ •* Ji — o aent 


i- *. Ion 

-V. I ..•! 

ucunotr 


. lure slump. Excluding 

•i tin? luture. he reorganisation expenses in 
■-■roup is we«l furniture division, profits 
• i. piMusi? on ;i market 14, per cent lower. 

/■.I'.iyan! than a year .sumer 
•.i? ujt'.ujk for 1979 .sharply. .. 

/•■ the ;i respect of p year arc much brighter . .... 

.turn . nd ponfixting order book is more than a fifth 5.1 per cent. The results in 
uidicr '-irs. there are higher and the new 


^ or. himd for ’Sorin'* next -rear <£1 ' 553K link h'^ witch- - 

the buoyant trading conditions but The ...iii^nvA l /JT v.*hich are considerably" '.h^h'er, a comment ing facilities _benveen?u/ids^ For 

the electrical division found conditions 'V LS^Jii^ -L k^.h £ e !S? ^an at this time in 1977. ' . * COmmeni - investors irT M^er ^ T^-at OpIyt.., 

of consolidation, ihe boavd is cor.- Taxable profits at SetalniY, dis- pot pent " (ussEf&¥ : is 

l n • CGiTl meflt / counting firs? time contributions invested in fscwn .' 


that i l«t investment 


cent lower. Now that con- ticular. failed to live up to direc- U w PCiTimeni / counting Erst time contributions «»esieu *». . WF* ***&* 

spending hw picked up tor.' expectation.,- 1 “tte eh,™ Sf C “eu r e P faS -co/i, “te A £M».TO) xhtfrlhij to arf «llta?.™n. Hae nmnoo frem 
.-.prospects for the current unchanged at 30tip gives a fuiiy " JIarlin’s trading profits clip ued75. Bac f ,, and Jn,;e P h Fray, are .^er ,s - s - 

jro^muchjbrtKh'er. Ije di uted p:e of 95 ™t'j._*U of pl ? h ‘- jnterim dividend is stepped off. the tat'Mtt to SOp. 5e " er - ™ s ' 


St St 

- furmiure BunSSr and b So£* the fowneJ ,oial " as 3 ' 696p paid Ir0m profitE -* d ■ 10 ■ ne3r sevcral - advcrse S2 SS?*.. 


The interim dividend is stepped off t ^ e shares yesterday »« . #w 4 », _ . . 

' out the second half, promises m-imara.-. 


the group’s * steady 


year 

I-c:- 


i result- for the current control system should 
' c.ceeti ’hose of Ia>t mure capacity in -the 


of n.BSm. 


o.-d.r :o hri ig the capital weakness of the dollar will hold tures Steering gears. U is likely to 
m iin'- v. i : h the assets down exports -to the IAS. and this lrft Ad west's turnover by around. 


a 


he current emp-oj-d and to in main- will have, an adverse imjMct on £23m and pre-tax profits by about Turmw-.-r 

working in T:<;r:r.'. an advqu.ite m.irket in the the fabrics, businesses. Overall, a £750.000 in l97Sr79.- While* longer ini»r*.*i 

coiiM'-fti i. aliaru- :he uiructnr* arc record £3m should be possible this term the aim is to restore S i0 £ a, £V ln, T es 

The textile division experience' I mending ar. is.xiie of one ”A" year. The shares, at JL24p. yield Burraan's trading raargins-to S per i » r "" 

similar trading pattern with n-.o-.i-lin^ nrdinar; - share for 4.4 per cent while the p e is 6.6. cent. n“ pruSi 


riw> 

3.KVI 

S3 

■V. 

SH 

K 




the continuation of ca F itaJ units, are*, tobverted rarp;: . 
ra«orrsimu^nebuk^iarks year’s buoyant second half, aocumulalioir '&&&:. fZ t : v ^ 

^ 1 n a ^,•r Spencer, taking 4a per cent of " ,th many larger engineering After 10 years, tee investor has. • 

i« 7 i in? sales, took a hard line on its companies in the doldrums ut a variety of options avaflableHn . 

iihAi suppliers' marriins particularly in Bexibility. is the key to- him regarding;-4fe. etmt ract AHev 

6.5<u Jbe first quarter. A new factory success. Metalrex has a wide can cash in the: jwocccdii.Tor.^ :- •. " 

117 acquired at ;be tail-end of 1077 spread of interests most of which tax-free sum, or he;^B fake.a mt‘ - • ^ 

66i was only working at a third or !? em to be firinr * 
mic capacity and if will be 1979 before Future growth 

, , its fuii potential' is realised, outlets for the }. .... 

Aewaivd. ^ FI nail v. ;he French market n a i though ironically these are policies to f aejlttatt .the eutasbv . . 

Commenting on the results, litUe short of disastrcais. — *“ a ~* “ **-' — ■"*" * ** * u “ ■*““ * *•»*—- 

Mr. Reg Martin, the chairman. French election upset demand 

stales the higher turn-over re- cancellation of orders mi 

fleets the continued expansion of exchange losses on Martin’s for pressivork side could show a guaranteed deatfiZ benefit 1 • but'-, 
the group during a period when ward currency deals. Anj-way better return, for example. Orders there are stiff penalties: on^earJv.i/ . 

net returns have been adversely M and S buying has picked up and are currently at a healthy level cash-in. varying £rom I5 per cent/- . 

margins are improving on the but the second six months are of units allocdfbd/afleri two jeark?:\ ' 

fashion goods if not underwear. likely ro. return to a more normal to 70 per cent- sifter, jive : ycftrsl : \ 

while sales in France are on a srowth pattern. Full year' profils and to 100 per cent 'at .ihe . end V . 

firmer fooling and quoted in of at least £2m now look possiN'e of 10. rf-. - V=-// r . ' ' 

sterling. With the usual seasonal f~~~~ — i- “ 


'KL'l uwiiwuij IIUTMV dn; 

is. The difficult tn find at the moment, ment of the contract p* the ;takntsr ; ; 

land and Meanwhile there is still some ° r income. - - ^-v'/ 

meant organic growth to come— the The plan " has al liigh' fewl . tg A v '. 

in'j (n, nrocvivnrk cirlo xnnM ohm.? t n i. j.iA'’- L»»- ' 


affected in certain areas. 

Profits in the largest manufac- 
turing subsidiary have been parti- 
cularly affected by pressure on 
margins and the impact of higher 
costs connected with the expan- 
sion of productive capacity and 
diversification into new product 
lines. 

Export business, which in recent 
years he ; been exceptional, has 
suffered for a number of reasons. 
In particular, knitwear exports to 
France were affected by the un- 
certainty created in that coun- 
try prior to the ejections in 
'March. A consequent reduction 
of .some 30 per cent in confirmed 
orders resulted in foreign ex- 


bias profits could be in the area 
of £L4m this year indicating a p e 
of 5 (on a 17 per cent tax charge l 
and the yield is 6.6 per cent. If 
the compears ' ambitions to 
acquire another company outside 
the M and S supplier area come 
to fruition there might be scope 
to improve the yield: on these 
figures the cover is 41 times. Yet 
with forecasts or £lm debt against 
£7m of assets by the year-end a 
purchase might be for cash rather 
than pa'per. 


26% rise for Bramall 
at interim stage 


WITH THE exception of the agri- 
cultural division, all companies in 
the C. D. RramaH group increased 
their performance in the first half 
of 197S. Turnover rose 30 per cent 
to £11. 59m and profits before tax 
were up 26 per cent at £745.000. 

The interim dividend is I.78p 
net per 25 p share, which is -in 
line with the forecast made with 
ihe Stock Exchange flotation in 
May. A final of 2.75p was Tore- 
shadowed. The interim absorbs 
£61.274. after £29,506 waived by 
the chairman. 


will fit into the present structure 
and which can be brought to a 
satisfactory level oi profit. 


Black Arrow 
sees useful 
increase 


Flnsi half 



UJTS. 

J977 

. ■ ■ 

/ww 

inim 

Tumovrr .. 

.. 1I.59S 

s.sw 

Profit before .(as .... 

„ 74S 

590 

Fora. dcffWrships .... 

554 

459 

ConirMl hire. . ere.- ... 

.. 4 ■ ' 13^ 

lira 

Hire pi irrh 

34 

•M 

Cnrporniioo las- 

.nss 

. ISO 

Nwt urofli 

4S0 

4lM 

Esiriordlnary ituhll 

... ■•i<9 

— 


" No provision ' is itmUh rpr isx rU’foiv.’d 
f»>vdUsL’ .ol -apnal spending- in- the con- 
-intct tinv da isloa. ’ ' Imuji'prc of sunk 
re In -f mar-', n'dnii. 1 rurUR-c ibc ■•(Tcvtivi; 
chara? for ihc far * cost of Uiiro- 
duciian id Ok- Stork Exchanaa. , * 


Mr. D. 'Bril mail, chairman, says 
the agricultural d (vision ' is ^.en- 
counterina "a depresscfl, -market 
for iL«t products. However, with 
the new premises 'com pitied in 
late I9 m,- he- feels. sure Ihe com- 
pany is in a position to take 
advantage of any uplift in the 
market- 

Looking forward' into the second 
half, the dealerships hold a 
record number of orders for new 
Ford cars, vans and trucks: how- 
ever. deliveries from the . manu- 
facturer are not as rapid as he 
would like and therefore much 
depends on their production capa- 
bilities between now and the end 
of Ihe year. The contract hire, 
leasing and finance companies now 
make a very valuable contribution 
tn profits and he is confident that 
they will have a record year. 

The group is constantly search- 
ing for expansion through present 
members and also through the 
acquisition of companies within 
or allied to the motor trade, which 


At the annual meeting of 
Black Arrow Group the chairman. 
.Mr. .Arnold Edward, said the pro 
cress reFerred to in the annual 
statement had been maintained 
and profits Tor the half-year to the 
end of September would show a 
useful increase, on the correspond 
ing period of last year. 

In regard to. the resolution that 
approval be given to the sale to 
Edhan Properties la company con- 
trolled by two of the -company's 
.directors!' of premises at Ark- 
wright Road Reading, the chair- 
man reported that he held proxies 
overwhelmingly in support of the 
resolution. 

However, since the - circular 
letter encinWMj with the accounts 
was sent ro' shareholders, if. had 
been suggested that the prnncctv 
could possibly realise a higher 
figure than that refprred to in the 
document 'Accordingly. the 
directors had unanimously derided 
that the proncr course would be 
for arrangements to he made tn 
sell the company’s interest in thr* 
pronerfr at public' auction and 
this th°v nrfir>ose \ 0 dp, at a date 
to he fixed. 

A furibPr.iinnnunrrment will hp 
mart* -after thp aitorinn. In those 
circfimsrancpg j, e did not put the 
resolution to the meeting. 


BROWN BROS. 


Brown Bros, has a board meet- 
ing arranged for Thursday, Sep- 
tember . 2S to consider a final 
dividend, 'in Ihc. Week’s Financial 
Diary published on '.Monday, an 
incorrect date was shown under 
interim dividends. 





INDUSTRIES LIMITED: 




Engineering and'manufacturing : Industrial Cleartfifigt- 
. Maintenance and Allied Services i-'; - M 


Profit inereased-furtfier scrip issue 


Results at a glance 


Turnover 

Profit before Taxation 
Dividends per 5p 
-Ordinary Share 
Earnings per 
Ordinary Share 


• 1978 

11,734,841 1 o! 532^611: 

61 4,1 94 '565;7.49: 


0.762p 

2.33p 


■ G.682p 
- 2:14p' 


Extracts from the statement by 
T. Hampson Silk, Chairman:- 


Turnover and Profit again increased in.spite.af ; 
trading difficulties. • • • ‘ . 


Spme of dur companies had a veiy rpdgfriifei® 
this year; if they return to their former- - 
profitability# the Group profitability will 
much improved. . - ' ' ' 



■ ttesa 


fetrali 


Dividend? maximum permitted; payaBfe pn- : .^^ 
the capital as increased by the one-for-.ten 
scrip issue last September. Further scrip V 'S; 
issue of one ordinary share for every tentiefd^. 

Thefirstthree months ofthecunint?^^ 3 
year showa satisfactory situation . -7we ^ 

are hopeful that our excel lent progress 5 ^ 
will continue. ■ - ' 



□ Copies of ihe Annusi Report gnd A ccourils '• ' . - 
_ can be obtained from the Secretary; - r ; • • i L'. • 


Brandon Way. West BromvsicK,: 

BBUPOfCmiRWC -West Midlands B70 9P.G^ 


' .y-T- 




r l 


rzoct 


. - v . . 











L Financial Times Tuesday September 26 1978. 

,1,,'?. M. Douglas maintains Asda cautiously 




ts forward workload 





' tobert M. Douglas Holdings 

'• inry R. M. Dougins Con- 
on* has increased its tender- 
lumc and has maintained Us 
•d work toad :<t approx mutely 
rue level us it wns a year 
' ir. -I. R. Dousias, the chair- 
.tays. 

in the ciiih,i ruction division 
It stab operations overseas 
ipandma and encouraging, 
.ujiiarly in Egypt where a new 
Tconipany has been formed. 

uccialist contracting R. M. 
V Lis Roofing is enjoying an 
[jed forward work load and 
‘cls arc encouraging. The 
n has continuing oppor- 
,n ,he reconstruction and 
ins or motorways, as well 
-lintnined demand for its 
asphalt, Mr. Douglas says 
'J annual hliiiement. 

las Environmental Engineer- 
suffering from generally 
- d demand in the C'K but 
■en successful in its opera- 
n Dubai. It looks to further 
: ion in the United Arab 
r< and Saudi Arabia, 
the formwork, scaffolding 
<|iiipincm supply division 
' Metal Developments has 
;eri exports to the Middle 
activities in the Republic 
■eland have shown an 
ement and increased turn- 
has been experienced in 
months. 

'iriher depot ix expected to 
ned in northern France, and 
' is Plant is espected to show 
r performance with reduced 
ads in the future, in light 
gained demand for faired 


BOARD MEETINGS 

Till- following i-ompanlca have fMlflrd 
daic-s of Board jwrilnss to tho siotk 
£ Ti tian,-. > sui t mn-Umis an.* dmuIiv 
hrie lor the norpcne of u>B3Kh-rinit 
dividends, onicmi iialk-atum «t not 
uui-nnu or Una Is and I he oob-duisionB 
shown tvlow arc bated mainly oa last 
i nur e timetable. 

TODAY 

Interims — f*ercy luhon. Hannan Hay. 
I DC, x-.-wman lmhuuin. offle* and 
Utecirncii: Machines. nosrdimond Invest- 
meni Trust. SuoUght Services, Unworn 
lutinfnvs, Waunoufihs. 

Finals — A.t Electron ka Product*. A an- 
ti runs Eqtupnhnt, BaiTatl DewJMMlIi-nts. 
SlftrwcJJ pnroprao IntTSlment Trusi. 
Tmaann Disillk-rs. 

FUTURE DATES 

Interims 

Anchor Chendral Sent. 58 


Bowthorpc 

Flrmin 

Gi-nenl Investors and Trosteta 
Jon- Invi-snnntt. Trust . 

Lillrv iPJ.C.* . 

Midland Mews Association 

Sears HoMtoks ..... 

tVaicrford Glass 

Flaatfr— 

Bt-jam 

Brown Broiiicrs . 

J.ylcs is.» 

Makm ij. and J.i 
Muti-low i A. and J.t 


Oct. 10 

Oct. g 
Sept 2B 
5eW. 37 
. Oct. 10 
Scpl 50 
. Oct. s 
. Oct. ID 


Oil. 5 

tScW. 2s 

0«. S 

Seal. 50 
Sept, in 


New Central Witwatersraod Areas Sew. » 

Wanfcic Colliery ... .; Sew. 29 

Woodrow Wyair . SeM. M 

* Amended. 


wpsifi 


i materials supply, new 
uent to utilise the corn- 
era vcl bearing land should 
and in 1079. 

previously reported pre-tax 
for the March 31, 1978 yudr 
from £3J2m to £L9m. 

\ [ilfiing, Birmingham. October 
“ " non. 




crease for 
?neral & 
immercial 


nljl,; ernings of General and 
‘"web! Investment ' Trust 
•j -Din £166,664 to £197.196 in 
rifinir year ended August 3L. 
1 -qual to 3.69p per 23p share, 
red with 3.l2p. 


Trill; 


Earnings were arrived at after 
deducting corporation tax £30.813 
(£38.989) and tax credits imputed 
to franked income £88.835 
l £73,281-, J. 

To reduce disparity, the 
interim dividend is raised from 
2p to 2.6p net. Por the year ended 
February 2S, 1978, a total of 5.82p 
V3£ paid from act revenue of 

£330,000. 

At August 31 net asset value 
per share was 1 M Jp, against 
)G4.9p a year earlier. 

Hillards sales 
rising 

satisfactorily 

At (he annual meeting of 
Hillards, Mr. Gordon Hunter, 
chairman, said although the end 
of the so-called High Street price 
war was not yet in sight, sales for 
the first 21 week* of the current 
year had shown a satisfactory 
increase over the corresponding 
period last year. 

The company has recently 
obtained planning consent to 
build a new large store at Selby. 


The three large developments In 
Mickleovcr, Batley and Hudders- 
field were all proceeding. 

Mr. Hunter remained confident 
that the company would continue 
to progress successfully both in 
tnc current year and the years 
ahead. 

U was the intention of the 
Board to declare an increased 
interim dividend in January in 
order to reduce the disparity with 
the final. 

Cannock’s 
full year 
deficit 

DESPITE jw increase in turnover 
from 15.92m to £7.I3m Cannock 
and Co* departmental store 
operator, incurred a £176,000 pre- 
tax loss for the year to January 
28 . 1978 compared with a profit 
of £3116,000 for the corresponding 
period. 

At the interim stage when a 
down) urn from a profit of £35 ,000 
tn a deficit oF £00,000 was 
reported, the directors said that 
difficult trading conditions and 
rising costs had continued in the 
second half and they were not 
optimistic that trading over 
Christmas would be sufficient to 
achieve a satisfactory out-turn 
for the year. 

They now say that the delay 
in making preliminary announce- 
ment of the results is due to the 
fact that a claim for loss of 
profits, following the fire in the 
company’s warehouse in Novem- 
ber, 1976, has not yet been agreed 
with the assessors and insurers. 

The claim if accepted in full 
will result in a net loss before 
tax for the year of some £100,000 
and it is not expected that the 
final figure will vary materially 
from £100,000. 

For the vear there was a tax 
credit of £77-000 (debit £140.000). 
Lad time there was an extra- 
ordinary dobit of £6,000 and a 
trander to capital reserve of 
£34,001). 

There Is no final dividend, 
leaving the interim payment of 
0.49p net per 5p share to stand 
against last year's totaj of l,4625p. 

The decrease in rerained profits 
was £119,000 against an increase 
of £66,000 last time. 


DIRECTORS . OF Asaorfaled 
Dairies are cautiously optimistic 
about the future. Mr. A. N. 
stockdalc. the chairman, says in 
his annual statement. 

There is already a perceptible 
increase' In spending, wage, settle- 
ments arc 'now considerably-, in 
excess, of the inflation rate, be 
says, and .together with the tunall 
decreases in tax “ one cun foresee 
an Increase in momentum in con- 
sumer upending during the 
present financial year.” 

He says the dairy division has 
now almost completed its -heavy 
spending an plant and buildings 
and this puls the group in a 
position to take advantage Of 
future developments in the 
market In the year just ended 
on April 29, milk sales Increased, 
but directors would have liked a 
more stable market for butter and 
cheese. 

The, abbatoir at its Lofthouse 
works has now been rebuilt and 
conforms with EEC standards. 
The slaughtering capacity has 
been more than doubled from 
1,200 to 3,000 pigs per week. Last 
year the volume of meat through 
Asda’s stores Increased by 19 per 
cent. Cooked meat and despatch 
buildings at Lofthouse should be 
completed by May next. 

With Its superstores. Mr. 
Stockdalc says planning permis- 
sions have lien granted to ensure 
a number of store openings 
similar to last year's nix. both m 
the current year and in J97&-S0. 

The newly-acquired Wades 
Departmental Stores will be open- 
ing two centres adjacent to Asda 
stores this year. 

An previously reported pre-tax 
profit for the 1D77-7S rose from 
£23. 94m to £26.2m after an almost 
static second halt. 


The balance-sheet show; fixed 
assets at £69.ftim t£51.69mj and 
current assets at £64.68m 
(£46.270)). including short-term 
deposits and in vestments ahead 
from £t7.tm to £23ySm. Current 
liabilities are shown ahead from 
£ 43.47m to £6l2(im. 

Wilson 
Walton 
at£0.88m 

IN LINE with the July manage- 
ment account tigures taxable 
profit of Wilson Walton Engineer- 
ing increased from £771246 to 
£883272 in 1977. T»»*^over rose 
from £l0J39m to £15.4510. 

After tax of £405,434 (£394.727) 
earnings per lfjp share are shown 
at S.4p against S.Sp last time. The 
final dividend of 2.l&5p net takes 
the total to 3-1 R5 p aqainst 3.21S6p. 

Directors say the profit takes 
account of the current status of 
negotiations on two major con- 
tracts. whose total value is esti- 
mated at £10.5 ri. of which £S2m 
has already been settled. The 
auditors' report will of necessity 
reflect the materiality or these 
contracts. 

The Gna) sotUumcm or the 
contracts: may have a material 
bearing on the 1977 figures and 
lead to adjustment in the future. 
The directors have taken account 
of the present stage of negotia- 
tion when arriving at the profit 
and turnover fuures ami the 
dividend 'recommendation. 


Sales boost Morgan 
Edwards liquidity 


"hristie-Tyler makes profitable 
tart to current year 




• new trading year at 
c - Tyler has started 
bly with sales much above 
.me period last year, Mr. 
iVilliams, the chairman, says 
annual statement, 
ays results for the first half 
much better than they 
-n the abnormally difficult 
.'able period last year, 
fb with trade remaining 
litive, the group still find 
ty in achieving adequate 
is. 

re has m recent months 
nuch talk of a consumer 
and while I do not per- 
expect this to come about 
.suegested level I think our 
'will continue to be busy 
n now and December.” 
ays it is always impossible 
■cast far ahead, but subject 
umstances beyond control, 
ects the current year to be 
more profitable tiian last 
lat the group will again 
:e its share of the market, 
Williams says he is cou- 
th at the group policy of 
profit responsible units is 
ht one for its circumstances 
ndustry. The experience 
in the past two difficult 
has much strengthened 
management and will lead 
itiy improved results when 
las its next upturn, he says, 
reviously a reported taxable 
[for. the April 30, 1978 year 
|M» £2.5Sm to £ 1.81m. On a 


current cost basis this would have 
been reduced by additional depre- 
ciation of £300,000 and cost of 
sales of £58,000, offset by a £72,000 
gearing adjustment . ; 

At balance date fixed assets 
were £2.44ra (£2.46m), current 
assets £12. 52m {£10. 34m) and cur- 
rent liabilities £S.89m {£7 2m). 

The group has secured a-10-year 
loan of £lm at a fixed Interest rate 
of 11.75 per cent With the 
Industrial and Commercial 
Finance Corporation w part of a 
review of the group's medium- 
term plans for financing future 
growth. As at August 22, ICFC 
held 30 per cent of the group's 
capital. 

• Meeting, Cardiff, October 18 at 
noon. 

Walthamstow 
Stadium better 

A small rise in taxable profits' 
from £222,651 to £237,904 is re- 
ported by. WBlUuunstow Stadium 
for the year to November 30, 1977 
on turnover of £1.03m against 
£1.43qL 

On reporting last year’s results 
the directors said that it was : 
hoped That proGts for the 1976-77 

year would not be significantly ' INITIAL SERYICFS 

different from those of W5-7B. 11 * * w ll#CJ 

Tax for the year took. nsSAW 
compared, with '£1314178 leaying 
net profit slightly lower at £89.048 


against £91,373. But, after an 
extraordinary credit of £249,088 
(£23,708 debit), the available bal- 
ance came out higher at £338,136 
(£68,665). 

. The extraordinary credit for 
the year comprised of £241,585 
(£33.624) released from prior 
year's provision against a drop In 
value of investments, and £7,503 
profit (£56,332 loss) on sale of 
investments sold during the year. 

The dividend is lifted to ' 22p 
(lfl.Sp) per share with a final pay- 
ment of 2p, the total for the year 
absorbing £70,200 (£71,280). 

Pre-tax figure was struck after 
directors' emoluments £44,045 

(£53: 671), depreciation £35,854 

(£36,336), auditors' fees £4,500 
(£4,790), bank interest £3JLW 
(£11,673) and pension to ex-direc- 
tors" widow nil (£100). And it 
included investment income 

£22,522 (£25,358) and rents receiv- 
able less outgoings, £489 debit 
(£1,237). 


The liquid position of Morcan 
Edwards was benefiting signi- 
cantiy from the cash realisation 
of the assets held for disposal, 
the acting chairman Mr. 1L A. 
Grant told the annual meeting. 

At April 1, 1978, these amounted 
to £569,000 book value and to date 
sales have been completed or 
offers received for £331,000 of 
these assets at sums in excess of 
book value. 

Further assets surplus to 
operating requirements with a 
book value of £55,000 not classified 
as assets held' for disposal at the 
year’s end have also been sold 
since the year end for a total sum 
in excess of their book value. 

Mr. Grant added that manage- 
ment was working to improve the 
trading position of the ongoing 
operations and that the plan of 
action was proceeding satisfac- 
torily. 

He confirmed that by the end of 
the year the company would be in 
a position to pursue opportunities 
for internal growth and for 
acquisition. 


Despite the extreme competi- 
tiveness, of the food retail distri- 
bution sectors, he believed ■ that 

the effective regional company 
with a well defined trading policy, 
short lines of communication and 
good controls could operate very 
satisfactory. 


Utd. Capitals 
lower midway 

Gross revenue of United 
Capitals Investment Trust for the 
first six months of 1978 was 
£32,741 compared with £35,357 
previously. 

A steady 0.4123p interim divi- 
dend Is to be paid and directors 
expect the second half result will 
enable the final dividend to be at 
least maintained at last year's 
Q.525p net per 25p share level. 
For all last year, pre-tax revenue 
was £51.000 from gross revenue 
of £80,000. 




Edited by Denys Sutton 

The world’s 
magazine of 

Arts and Antiques 


Published Monthly price £2.00 

Overseas Subscription £28.00 
Annual Subscription £25 50 (inland) 
USA & Canada Air Assisted 556 

Apollo Magazine, Bracken House, 

TO, Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. 


An amount of £103.523 went to 
capital reserves this time. After 
dividends the balance retained 
was £155,411 against a £2,615 Toss 
and £290,075 (£134.664) was 

carried forward. 


■ Initial Services rights issue has 
been taken up by shareholders 
as to 96.2 per cent. 


IL AND GAS NEWS 


] 


Ifi:"*'' 


ortescue find should boost 
Australia’s oil reserves 


.MSS STRAIT oil find by the 
UP consortium, announced 
lursday. could add one to* 
sars supply to Australia's 
. oil reserves, according to 
evin Neuman, Australian 
:r for National Develop- 

discovery. off the east 
if Victoria has been named 
ctescue field. Mr. Newman 
would probably be neces- 
drill additional wells before 
conclusions could be 
d on the size of the field, 
while the find was exciting, 
to be kept in perspective. 


It would provide only a brief 
respite against the decline in 
Australia's production ' of liquid 
fuels. It was therefore still im- 
perative to pursue energy con- 
servation and alternative forms 
of energy. 

* * ★ 

Traces of oil have been found 
in a deep drill in central Israel 
in the area south east of Ashdod, 
60 miles south of Tel Aviv, reports 
L. Daniel from Tel Aviv. 

The site, known as Gan Yavne, 

was first drilled unsuccessfully ia 

the 1950s. The current well Is 


Fixed Deposits 
with Lombard 


you have £5,000 or more to invest for a fixed 
eriod of 3 months or longer, telephone our 
reasury Department on 01-623 4111 or 
1-623 6744 for up-to-lhe-minute competitive 
iterest rates. Interest is paid without 
eduction of tax at source. 

Lombard 

North Central ; 

— r Limited i 

. . Bankers 

easury DepL, 31 Lombard SL, London EC3V9B0. Telex: 88*935/. 


much deeper going down to 25 
km. It is not yet known whether 
the oil find is in commercial 
quantities but this information 
should become available shortly. 

If it is worth exploiting this 
will be the first oil strike inside 
Israel's borders in two decades, 
it would be particularly welcome 
now that Israel is about to give 
up the offshore well at A-Tur on 
the Gulf of Suez as part of the 
evacuation of Sinai. 

* * * 

'..The Malaysian Government is 
looking for an oil company to 
develop the field in the South 
China Sea off Pahang State given 
up by a consortium comprising 
Continental OH (Conoco) of the 
U.S. and Australia's Broken Hill 
Proprietary. 

Madaysian Deputy Prime Minis- 
ter Mahathir Mohamed, who i6 in 
the United States, will be meet- 
ing oil company representatives 
in Houston to discuss the possi- 
bility of American oil companies 
developing the field under a pro- 
duction sharing agreement with 
the government-owned National 
PetroleiHn Corporation (Pet- 
ronas). 

■ Conoeo-BHP struck oil in the 
area' in 1972 but gave up the area 
after failing to reach agreement 
with Petronas on how much oH 
would be given to them under 
the production sharing agreement 
r-Tbe consortium wanted better 
terms than those given to Exxon 
and Shell because their strike 
was a marginal one and In deeper 
waters:' Bui Petronas rejected 
This saying that if it gave in to 
Coaoco-BHP, Exxon and Shell 
would press for improved terms. 

The consortium clai/ned the 

field bad- 20m barrels of oiL while 
Petronas believed it contained 
more than 50m barrels. 




For The Complete Picture! a brochure 
describing g 11 our property sendees, 
write to - C. N. G. Arding A.R I.C.S. 
Richard Ellis, 64 Cornhill, 
London EC3V 3PS. Tel: 01-283 3090 


Richard Ellis 


Chartered Surveyors 









26 

CONTRACTS 


Gas turbines 
cost £3m. 


BUTTON GAS TURBINES h35 in the Leman Field and the other 
u-on. against international com- four will so to a platform operated 
petition, ?.n order worth over £3m by Amoco in the Indefatigable 
for seven 5.000 fip turbine? field, 
driving 3.4 MW alternators. The * 

contract has been placed by EKX POWER CABLES has rc- 
Brown and Root-Wimpey Highland ceived a repeat order for 33 kV 
Fabricators on behalf of Mesa feeder Cftmui? to a second elec- 
Eastern Incorporated. The seven trie are furnace at Duport steel 
packaged generating sets wili be v.orks. Llanelli, expected to be in 
installed on the Beatrice platform operation late this year, Value 
to be located 12 miles offshore in of this and an earlier order is 
the Moray Firth. shout £Tu.OOO. 

Power from the generators will * 

drive electric down hole pumps to PETTER MARINE'S new 3S bhp 
Kft the oil from the reservoir to lightweight diesel shown at the 
the platform and then transfer Southampton Boat Show, has 
the oil by undersea pipeline to collected orders totalling £50,000. 
the shore terminal at Ms? Bay. ★ 

47 miies away. Electrical power An ice cream plant, now under 
from the gas turbine generator construction for Abdnl Rah min E 
sets will also supply the platform G«ladarr m Dubai, will be served 
services. by refri’eration equipment de- 

Exhaust heat from the gas sictied and made by Gram Refrig- 
turbines will be used -everai era t ion IGB). Orpington. Kent, 
ways, including heating oil from Worth altogether £55.000, the 
the wells before it is pumped equipment will provide cooling 
ashore. for a choc ice freezing tunnel 

Delivery of the first turbine is anil for ulate heat exchangers 
scheduled for June 1973 and com- used jo pre-cool the ice cream 
pletion of the seven units by mix. 

September 1979. + 

* For the Department of Industry 

A £750.000 order for eight gas at Lamberhc-ad. Wigan, a contract 
turbine air filtration and silencing worth about £105.000, which in- 
systems has been won by eludes sit-.* development works*. 
ENVIRONMENTAL ELEMENTS, has been awarded to ALLEN 
Maidenhead. Berks. Ordered by BROS. (CONTRACTORS). Wigan. 
Cooper-Bessemer UK. Merseyside, for a Jfl.flOU sq. ft factory. 

Che systems will be u-ed on in- ■* 

dustrial RR-2I1 engines on ofT- A contract worth about £220.000. 
shore platforms in the North Sea. which includes site development 
This is the first time such systems works, ha- been awarded to 
have been used on industrial NEW DALE CONSTRirCTFON. 
RB-2I1 engines, which in turn are WnrHnstor;. for two factories 
being used in the North Sea Tor fl'i.OWJ and a.OAfl sq. ft. » for the 
the first time. Four will be used Department of Industry at Solway 
on platforms operated by Shell Estate. Marypart. 


American Can settles 


Regional Properties sees 
continuing growth trend 


I Financial Times Tuesday September^- (O 7 ? 


THE underlying strength ■ of short-term bank loan* will have stock, 19S5; £100,485 of 10 per 
Regional Properties’ existing port- been repaid. cent con verb We unsecured loan 

folio enables Mr. Neville S. During the year borrowings stock, 1990-R5. The issued capital 
Conrad, chairman, to forecast were again reduced and at March is now £103444,674. divided into 
increased income in tbe current 31 stood at £1 1.99m. The Company, 206,239,34$ ordinary 50p shares, 
and near future years. The com- also held cash and quoted invest- The Following amounts of con 
pany is now in a liquid position, ments of £L9nj, vertible stocks remain outstand 

and this together wiUi constant As reported on August 17, the ingr £10,257.325 of 5j per cent 

mnanv recovered crroriMv in the stock. X2fl.74i.974. nf rho «■ n*r 


vigilance on the portfolio, should company recovered strongly in the stock, £29,741,974 of the fi; per 
produce increasingly satisfactory year to March 31, 1978. reporting cent stock, and £20,992,385 of the 
results over a period of time. a pre-tax profit upsurge from iq per cent stock. 

It is the company's policy to £6,626 lo SLMm. The total divi- 
keep the portfolio under review dend is lifted to l.lp net. 
with .the principal objective of Meeting Mayfair Hotel, W, on 

ensuring a mix of balance, growth October 19 at noon. lVlT. W fllTf' 16SVCS 

and yield. With these criteria in 
view and taking advantage of a 
buoyant market the holdings at 
Cumberland Avenue, Brixton 
Market and 6-3. Clements Lane a. 
were sold during last year. These 51 1 i,r3V 
together with certain smaller « 

properties produced total com- 
mercial sales of £4.41m- 

successful totalling £2.59m but . ^ forward ^er book at 


Outlook 


Dunford & 
Elliott 


Electronics 


... Folio wing his decision to resign 
as managing director of Dunford 
and Elliott’s two main operating 
subsidiaries Mr. Denis R. Ward 
has left the main Board of the 


successful LOMiung iiasra dui rw- KiM-tmiriM tfawrfc r fi 7m “ 4,a >clL "«* 
while demand for units continues an^mo.^of'Thp "units 5teeJ S^up. which was taken over 

it should not be assumed this are wSi£ by Lonrho last year. 

Sal “ SUEtataEd Mr W R. R. HSei 


to remain 
a director of the two subsidiaries 
— Dunford Hadfidd and Brown 


Mr. Derek Norton, formerly 
head of Lonrho's Birmingham 
steel division and chairman of 


take over Mr. Ward's duties as 
managing director. 


Wm. Baird 


Wm. Baird issued the following 
statement last night: 

“The attention of Baird hss 


IREENWICH, Sept. 25. 


AMTTRTCAN CAN ha.« agreed tn menr would settle actions 
pay $15 4m to settle a vn*« brought aaair.st it on behalf of 
civil clas* action suits brought various purchasers of folding 
saamst it and 24 other maker* cartons and represent an esti 
of Folding canons for alleged niaied P5 per cent of the 
price fixing. defendants' aggregate sales of 

The company said it does nnt 5UC h cartons. 

admit liabilir. hui agreed *o the ... , . 

settlement to •■educe potential ” n,? i, 5 s V n ;L ecr to 

exoense and uncertainty of hli- V. ^ Federal District 

t.ourt in '.n:cago and other con- 

American Can said 22 of the ditions. 

24 companies were indicted ,n The suit? are the only anti- 
1976 by a Federal Grand Jury :n mist class actions pending 
Chicago. against American Can. it said. 

American Can said the agree- Reuter. 


annually "*.«■ «- Haines, 

£7m a S a 1V ia 5m abSre 1 h d o]k ^Mr^l^toe^duction in 
Slue 33 b ner cent* capaciIy 11141 w &s being imple- 

Income etWbnleble ip /full £"r ( ™^ ‘of 

to properties sold amounted to LSla see a pe 

£290.000. A 3 measure «r «*,o im nrove- Hadfield and Brown Bay ley. i s tu 

Equally within these criteria the a i J n ^S^^LP ,e .'JiP r °h« *•>«'“ ««**»• *,?«* -- 

company- made two purchases. Zi * - tb ,“«h» 

both bein^ modern income^ been achieved, the adaed value 

producing properties™ Tte com- has increased by 

ES 3C a Ui leasehold "SIS 'Ss > e “W vootimies to 
unexpired) office and commercial eiamn// of 

building built in 1972 and com- ltS i 3 noL2r^h 

nristn^ in total 78 000 cn Ft tha ture with the jSational Res63rch 

second nureSU wtw Bristol I5 h and Development Corporation. 

V7e«t Hou^e Richmond Hill Tr| a*on» t0 design a new concept been drawn to a Press reference 

Bournemouth.' This is an office L n th / driUIng of printed circuit to the effect that its chairman, 

and shop property in central boards - and "'bich is progressing Mr. Stanley Field, was party to 

Bournemouth built in 1R53 lea«=e- M ' e!l - -Another is the contract to the merger negotiations Dawson 

hold for an unexpired term of provide executive project manage- had been having since July with 

179 vears The aggregate cost of ment for 1,16 Provbreirient of ^ worsted specialist Joiin H2ggas. 

these properties was £1 71m. ~ Royal Navy's nbw saturation div- - Mr. Fieid. as a non-executive 
. .. . , ing system to be fitted in its new director of Dawson, was no 

aD e . s P ace seabed operations vessel. involved in the negoDations with 

r iof,«i Por -rSi° r ? mai f ls a£ For the year to April 30. 19IR. Haggas. He was first informed of 
cant area fe" thTt or a Hnn^’nr as reported on September 9. pre- the merger proposals on Thurs- 

Smp m ft i? ih? tax profits advanced from day. September 14, and at a Board 

House Min ories ^cumntiv ^441.706 to £605,711. The dividend meeting of Dawson on Monday. 

-T- . ° _ I- j ^ X ^L u jl d " total is stepped up from 1.32p to September IS, was asked to 

at an early net ascertain the views of Baird as a 

Meeting. 116, Pall Mall, S.W, on substantial shareholder of 
— o, Dawson.” 


modernisation and 
slaze of marketing. 

At the end of fast year the com- "S', SSL 

pany raised a substantial long- UctDber ^ at ^P 0 * 
term fixed interest loan with the 
issue to Friend's Provident Life 
Office of £Sm 8J per cent 
Convertible Debenture Stock 
19S7-90. At the same time Friend's 
Provident purchased some 29 per 
cent of the voting capital of the 
company. 


Land Securities 


conversions 


CHANNEL ISLANDS 
& INTL. TRUST 


Laud Securities Investment . , Gro . ss revenue of Channel 


Trust announces that notices of and International Invest- 


In addition a five year loan of conversions have been received ™ ei iL Trust increased from 


year, with the exception of one stock, 19S3; £641S;710 of 6J per f£12.6S7'l net profit came out at 
loan of approximately £lm, all cent convertible unsecured loan £77.006 (£50,745). 



Wester® Areas 

into uranium 




BY RICHARD ROLFE IN JOHANNESBURG 


. the shares ever, conditional on tin -price 

THE LOW-GRADE sold producer. In London yesterday remaining fairly stabte~tatt*ri 

Western Areas, which has were 1»5?P- ' - ' 

reported encouraging uranium 


values in driiiin? carried out aver _ ¥X7 . T)CAl 

the past year, has taken stem. to FINANLll^U 
ftsi-olnn isronstim notentiai a vnr\ riOT 


* .FOR DUD-EAST 

In an announcement yestenfay. ^jd-East If this is implemented Souths 

the board indicated tha i it :had Toronto exploration craipany. KjQte w - u find - t difficult t0 kee 


they have been very Arm— and o 
there being no major increase.) 
operating costs. 

In the latter case, there, 
concern about a proposal for 
^ substantial rise in electricity cost 


— : — — »uuimu _ „ ivJULtt wm uuu u min i m i 

requested Nuclear Fuels Corpora- reache d asrsement vnth a W«t down present lwe is. 

tion, the uramum-marketing-arm German concern which could ^ CQm also wins m It 

of the South African Chamner of .rgsuj^ in CS3m being J chorus of critieism against tt 
Mines, to endeavour to secure a ahlp for exploration at its uranium 


mIS? of ore reserves oi£ t£ Mining Corporation e! 

mine's Mddle which b« g'?** ceSS 1 a taST“e erfetihs to, 

■ W togSSrio SS »bicli >«”w o? .x®* 1 ?"- «»t iris 

le Slsburg the owner of the Mid-East disincentive to “Testment at 


Elf bur? reef horizon, 
examine in detail how 
exploit them. The Aliddle 


series lies about 1,000 ft below Kalins' The partners would be national productib 

the V pper Els'ourg series- now Mid-East 


become the 

The partners wouio oc 
and 1MC. has been slippuag. 

being mined for goid. “mcTwlIl sell debentures secured 

The treatment of uranium- on the partnership's assets, but ^ut^rn Ktata had net profits* 

bearing ore would be at a rate oF Qn ] y jn \Vest Germany and other (£9i HLaoO ) and F»“M« 

shout £0,000 tons per month, and European countries. Should Mid- dividends of 87 cents, in Londo 
would con stitute replacement shareholders accept tbe yesterday the snares were -lap 

tonnage far the mine's North arrangement, the first funds — 

Shaft area, w here reserves are CS270!000 — will be available by the 
running down. end of next month for diamond 

A -life o: about 20 years would drilling and the balance by. the 

be likely at this rate, according ent i the year. . 

:o sources ™ Johannesburg Can- 


ine -- con- 


nut a 


RAND LONDON TO 
RAISE CASH 

Rand London, the small Soul 
_ ~ _ TTU rnv vtWT* Afrieap group, is tn make a rigtf 
SOUTHERN Kvlnl 1 A issue shortly on undisclosed tenr 
„ A , nc rrrr-irvv tQ reduce debt and provide fr 

HOLDS SILAUl the future expansion of tir 
. ‘ business. 

- - _ - An increase m production Wirtl the shares at 98 cent 

i consumer finance during the rest of the financial ^>it-,n g m g the company at R7i 
ae re]®P^? en *' year should emble Southern on pas ting 7 m shares in issui 


soli dated Investment, 
trolling house. 

"Western Areas, as a marginal 
sold mine whose costs in the last 
quarter were equivalent to SL54. 
for each ounce of gold produced, 
hones to obtain 
towards costs o 


around R30m (£175m). klnta Consolidated,; the Mafaysian ^ nghts is expected t 

urstuum ae liveries could _ be tin producer to bnng profits for ^ m abm g t a further R2i 
rpectec to begin, about tnree the 12 months to March into line tb—-. 


expected to Begin aoout tnree the i- monnis iu mdicu uuc ,b_., 

years after a sales contract k „ith those for,19//-7S. Rand London's profiu bar 

. nan - This prediction Ls made in the improved markedly in recet 

eoojl o-0 ions o. u.anium per annual statement published years, with a figure of R2.1m fc ' 
se ? 1rt <> today, of Diche Abdul G ha far the year to June 30 against RO-Tr- 1 ' 

the chairman. "for the previous 18-month perioc 

dri^in- on Middle EiSura Output over the first ' five The improvement has b«n !ai^ 
£ies but ureniun extraction will months of the year was BSl/tormes d ue to the company Kem^Ui - 
averege a tiird of this amount. oF tin conccntrates^ghOy down. <*kms “gfg-. 

The ere will ije treated for cold on the 724 tormes produced in the at a level of 30,000 tons -pe 
as weiL but values are very low same period last year, but all month. This has cost about R4 ji 
’ at about one gramme per ton. three dredges in Malaysia are to date, the bulk financed tJirotig 

"compared with 5.6 grammes per soon expected to move into better borrowings. 

ton milted in Western Areas gold grade ground. The shares were orp in Londo 

section last quarter. ' The profits prediction is, how- yesterday. 




• . ^ % 

:-;uu 


“Conscious of the strength we derive from our 
diversified interests, we look forward to meeting the 
challenges of the current year and those to follow.” 


— John Douglas 

Chairman of Robert M. Douglas Holdings Ltd. 



Stainless Melting and Continuous Casting Plant, British Steel Corporation, 
BSC Stainless. Tinsley Park Works, Sheffield 

Consulting Engineers: White Young & Partners 
Main Contractor R. M. Douglas Construction Limited- 
Photograph by Air Views Limited, Manchester Airport 


T*~ 

' • ■ iVf 7- ». 



London - South Wales Motorway M4 Stormy Down to Groes, Stage 2 

for the Secretary of State for Wales 

Engineers : Mid-Glamorgan County Council 

Main Contractor: R. M. Douglas Construction Limited 


The Annual General Meeting will be held on 18th October 1378, 
in Birmingham. The foUowing are highlights from the resuits 
for the year ended 31st March 1978:— 

•In a period of almost unprecedented difficulty for the Brrtish 
construction industries generally. Group tumoverfell by 7% to 
£66 million, with a lower trading surplus. Continued investment 
resulted in reduced tax charges, and the profit attributable to members 
rose from £1 .69 million to £1 .74 million. 

_ The final dividend of 2.5803p per share, together with the interim 
dividend of 0.88Q5p, totals 3.4608p per share payable on the increased 
share capital— the maximum permitted. 

The Group has continued its policy of renewing its holding of 
construction and allied plant, buildings and other facilities and during 
the year a total of £3.24 million was invested, mainly in the United 
Kingdom. The land and buildings in the UK and Eire, with the exception 
of certain short leasehold properties, were revalued on an existing use 
basis at 31st March 1978, resulting in a surplus of £1.15 million over 
book value. 

. Despite the current shortage of work in the UK, particularly in civil 
engineering, which has led to a reduction of margins, the Construction 
division maintained its forward workload in the UK at approximately the- 
same level. Many projects were completed successfully to schedule and 
R. M. Douglas Construction was the main civil engineering and building 
contractor for BSC's Stainless Melting and Continuous Casting plantar 
Sheffield. In the Middle East our companies are tendering consistently 
for an increasing volume of work and the Civil Aviation Department 
Headquarters in Jeddah is expected to be completed successfully. " 
British Lift Slab suffered a small lossin the year under review; but has a 
bigger UK workload than for several years. Its overseas activities are 
expanding most encouragingly^ 

Companies in the Specialist Contracting division enjoyed an 
expanded forward workload and prospects are encouraging. 

R. M. Douglas Roofing is engaged in many contracts Including the 
roofing and cladding of major projects for Ford and British Leyland. 

The Formwork Scaffolding and Equipment Supply division 
encountered strong competition during the year'under review but has 
since increased its turnover in the UK and abroad. 

New larger plant in the Material Supply division has facilitated 
profitable utilisation of its basic resources and the division plans further 
expansion in 1979-80. 


Harmony warns about effects 
of gold price rise 





• : JQ ■. 



PROGRESS OF THE GROUP DURING THE PAST FIVE YEARS 


1974 

1975 

1976 

1977 

1978 


£.000 

£.000 

£,000 

£.000 

£.000 

Group turnover 

45,783 

65,436 

75^40 

70,648 

65,965 

Profit before taxation 

2,357 

2,657 

2,674 

3,201 

2.896 

Profit retained 

895 

.891 

1,571 

1,425 

1A48 

Depreciation 

806 

955 

1,180 

1,388 

1321 

Capital employed 

8,089 

10228 

11,775 

13^60 

16206 

Asset value per share* IDIp 127p • 145p 

•Calculated on Number of shares m issue at end of each year. 

164p 

16Qp 


THERE WILL be a technical re- 
action from the industrial users 
of gold, and particularly the 
jewellery trade, if tbe bullion 
price continues to increase, Mr. 
D. T. Watt the chairman of 
Harmony Gold Mining, the South 
African producer, warns 'in his 
annual statement published today. 

His warning comes as the bul- 
lion irice presses towards S220 
an ounce, dosing yesterday- in 
London at S2I9.ST5. 

The present stale o£ the market 
is hazardous. ** The market for 
gold v.iii became very volatile and 
subject !c major fluctuations rf 
the price increases on a wave of 
speculation over the short term 
to leveis muca.ir. excess of $220 
per o-mce. " lilr. Wait says. 

Harmony, of course, has zained 
from tie recent firmness of the • 
bullion price, but Mr. Watt s re- 
marks reSect tee industry's desire 
for a zraduai appreciation of the 
price rather teas a sharp but 
weakly based jump in the value. 

Mr. Watt points out that Har- 
mony's ability to maintain the 
dividend a* tee current level — 
the total for I97T-TS was 55 cents 
and an interim for 197S-79 of .17 
cents t22.1 pi v.as declared Ln the 
middle of this month— depends on 
the price of gold rising at a rale 
sufficient to offset working cost 
increases. 

Harmony is a low grade mine, 
is sensitive to cost increases and 
Mr. Watt is especially concerned 
about tee effects of inflation on 
profits if the gold price should 
go under $20n an ounce. 

If the increase in the cold 
price is not sustained the indus- 
try in general and the low grade 
producers in particular "cannot 
continue to accommodate cost 
increases of the order recently 
experienced without prejudicing 
profit," Mr. Watt states. 

He expects that Harmony will 
enter a period of consolidation 
after the commissioning of a new 
uranium plant However, capital 
expenditure independent of this 
will be Rlfim «£9 2m1 for the 
year to next June and RIflm in 
succeeding years. The shares 
yesterday were 395p. 


trolled by Placer Development, dispute collapsed, according t 
have broken down. A contract the company, when the unio 
dispute led to. the management refused to . submit a paymer 
locking out employees last May. offer to . a vote of the membe: 
The la test attempt to resolve .the ship. 


-submarine far France 


SY DAVID CURRY 


PARIS. Sept. 25. 


FRANCE IS to construct a sixth 
nuclear powered submarine 
equipped with strategic tbermo- 
jiu clear missiles. Work will begin 
next year and its entry into 
service in 1985 is timed to co- 
incide with the availability Of a 
new advanced weapons system. 

, The original nuclear sub- 
marine programme embraced six 
vessels but in 1975 construction 
t-f the final one was stopped. The 
Government denied that this- was 
simply to save money - and 
claimed that it would resurrect 
the sixth submarine eventually 
as part of a new generation of 
vessels to replace the existing 
fleet 

This did not satisfy the 
Gauilists v.-ho saw in the move a 
weakening of the Government’s 
commitment to national 


independence and they disrupte 
passage .of the defence estimate 
for two years in a row. 

The Government indignantl 
rejected these charges pointiii 
to its regular increases- in tfa 
military - budget and th 
initiation of an expensiv 
retequipment programme rangih 
from' the Mirage 2000 figfite 
bomber to a new' automat! 
rifle in which every last nut aa 
bolt would, be French. 

In the event the net 
submarine which will cos 
FFrs 2bii will be something ef : 
halfway house between the exist 
ing and the new. Tbe vesse 
itself follows the design of tb< 
existing nuclear submarine flee 
but the weapons system, accord 
ing to M. Yvon Bourgea, thi 
Defence Minister, will put it inti 
a class apart. 


ROUND-UP 


U'asbin Industrial of South 
Korea has bought Thai Zinc from 
the Gulf and Western group, but 
no terms were disclosed in an 
announcement made in New York. 

* * ★ 
Negotiations to reach a new- 
labour contract at Gibraltar 
Mines, the British Columbia 
copper producer which is con- 


Metalrax 

(Holdings)Limited 





An integrated networiccif engineering 
companies in England and Wales 


Record interim results 


r 


.Turnover 


1978 

6 months to 
June 3D 
£ 

8,730,707 


1 


1977 

6 months to 12 months to 


-■ June 30- 

£ 


-■.X 


Group profit 
before taxation 


Group profit 
after taxation 


922.886 

442.886 


k 


4.663,290 

589.883 

282.883 


Dec 31- , 
11.041.75Ml 


1,465.748 

SO 


862.553 ^0!^ 


. T 

Ardath Road, Kings Norton, Birmingham B38 9PN 021-458 fS7l ^ 


Sand well District General Hospital for West Midlands Regional Health Authority 

Commissioned Architects: Leonard Mutton a John Keeling 

Main Contractor R. M. Douglas Construction Limited 

Mapfe strip flooring and staircase treatment: Marshall Davis & Company Limited 


DOUGLAS 


Cbpjte Of the Report and Accounts may be obtained from the Secretary. 

Robert M. Douglas Holdings Limited, Birmingham B237RZ 



»7Uf 


ic.tr 




ahu mm 


Ford Main Dealers/ 


INTERIM RESULTS 
1978 



' 6 months to 1 
30th June 1978 

rooo 

Incrsaee 
% ■ 

Binoritte&?l 
30th Jure 

Group - Sates 

' 48.997 

•39 - 


Profit before Tbx 

. 2,185 

47 

-1,49? =>l. 

Retained Earnings 

;• 908 

55 

.. 

Earnings per share 

li fe 


7.7^vf 


- -vfin 

' l 

•JwJe 


r ‘v&, 


— act 


hfahJavd 


: t pf substantial profit growth 
‘ ^ Interim Dividend increased 

::-.by^.6% .'' : . ; V 

-.Gtffesaf dm full Interim Report can bd obtained from 
-JfmSetietary, 279Sa0ardsLane.JVorth finchtey.L oridariNT?**^ ' 



■tr-iiMWfcM* 













**»#**■.{ -i* ' JS 1 '*'*- 


nancial- Times Tuesday September 26 1978 

S AND DEALS - ~ 

IAIBL sells all parent 
>ldings for £20m 




St. Piran sells 
Comben stake 




and International 
IAIBL). the lontorrium 
..tei day announced vhal 
-Id all Jls jJwr* 1 * in its 
inks fur somethin:; in 
V n of £20m. The bank 
■ ■■ .« ir.ed why n had refused 
V t on Friday the correct 
'it it had sold its shares 
’ .. of tiiu parent banks, 
. and Chartered Bunk and 
, ■-‘.lank. 

did nut won! the sale of 
.cs In be known because 
"■ :.A about to wll further 
•‘lose i» ibo other two 
ailk.s Torocto-Dorninion 
.■ i the Commercial Bank 
: iliu. MA1RL was con- 
tar the pnee obtained 
adverse!;/ affected if file 
. ivuhed KUcs-Ncd that the 
■ . stakes were about to be 

sold its holding in 
' Dominion Bank on 
id during the weekend, 
the Commercial Bank of 
■slake yesterday mom- 
p„ the Melbourne stock 
r, ’.'fThe lota! consideration 
ii.. our sales is believed to 
n i|l|;eAS of £20m. boina the 
.-.i ilue of the -hares at the 
••he latest balance sheet 
. Vfarch 31. 1078. 

. Mes were "a stratehi- 
tidvinc up operation " 

. A. C. Sfnrfcv, a general 
. of MAIBL > e-terday. So 
remained for holding 
ii-s v bn h hail heei: 
ni the mri'pf.Mn of the 
" ft&t for eii'ii.vnqc mniroj 
‘ . • reason? Tlu* proceed*' 

. dcfi|*i;- eri m the no Ioni c* 


sheet in the normal way; there 
was no major Item of capital 
expenditure envisaged, said Mr. 
Storky. 

Ripolin expands 
DIY side 

In » £1 3m agreed cash bid 
UfpoUn, the paint concent, is to 
acquire the Butted Stores ** Do-ll- 
Yourself” chain of shops. 

RipoLn me deal will 

increase i:» reud trtding area by 
■JG per cen: it :s to buy 2! stores 
operetta,; *n thp North and the 
Midland--. Further new stores are 
in the pipeline. 

Mr. Philip Jeffrey, chairman of 
ftipolm. ;;.nd I hul wliiic Hipolin 
bad traded “ mo ;; profitably ” in 
Siores or Ic- ihiin i.ftOO square 
reel. Budget had been trading suc- 
ccssfuii.1 .n stores three times this 
size. The deal would give the 
~roup a foot in both camps, he 

said. ' ' 


ALLIED/LYONS 

The Board ol Allied Breweries 
announces tha: ar an extra- 
ordinary meet tin: of the holders 
of the 3- I *>ous warrants, an 
c vi ram diii ary resolution .was 
passed efTeelinii the cancellation 
of sht* l.von.-. v. arrant-. 

Iasiinu has been granted for 
the tivv Allied ordinary shares to 
be i-.stied and the warrant pro- 
pnsul has therefore become 
clfective. 


Dealings in tho new Allied ordi- 
nary shares to be Issued to 
warrant-holders will commence 
today. 

On September 23. acceptances 
for the oilers for the preference 
share > und preferred ordinary 
shares of Lyons had been received 
as follows; for the first pref- 
ence, acceptances in respect of 
51,058 shares (representing 
92.7 per cent of such shares in 
issue i: for the second preference, 
acceptances in respect of 610,883 
(reprcjontint*. 77.8 per cent): for 
the third preference, acceptances 
in respert of 88,692 ( rrpre.Mjntlng 
!WS pet cent); for the preferred 
ordinary, acceptance* in respect 
of 28.879 (representing 85.2 per 
eenlL 

Except for acceptances under 
the* preference otters, no further 
s-uch shares have been acquired 
by Allied. The offers for the 
preference and the preferred 
ordinary arc each declared un- 
ronditional and will remain open 
for acceptance until further 
notice. The first closing date for 
the offer for the 7 per cent con- 
vcrliblr cumulative redeemable 
preferences shares is October 13. 


ASSOCIATES DEALS 

Ca/cnme and Co. on Friday 
biiuvlil on behalf of associates of 
Dawson International 7,500 Daw- 
son :il (dip ami -I-’.olMi at 193p. 

X M. Rothschild and Sons has 
bniu’hi 2UO.OOO Allied Breweries 
at sn;p un behalf of a discre- 
tionary investment client. 


ialon Plastics negotiating 
bstantial purchase 


*.». \3 
' * 4* 


'- nf Kn.-iltin Pkisties were has pun-based 83.723 -hares and 
1 a: fi.7p yesterday — A. .? Pushi has purchased 4,373 
;en iti ju*>t over two shares. 

i ding — on news that the Stanley Gihbons International— 

v .”»• ,hmi>um.*nt i iu.uny ma> l«- S. Andrews and E. A. Edwatda 

- ' i ’ iiJHlij? KiaJor acquisition. of the firm of Hcehetr, Fadley 

* VLup-my %.««! 1 ten'll was an dJimnson. as trustees of cm- 

havutd folks - Hit share- lain settlements. have sold 409.240 

f private cur. puny. Ii ordinary shares leaving the ba»- 

r. , : .n amuiMiiin *o..M be he d by such trustees at 

7 i 'c* * ,i m rcixrikiii to Enalnn M.14 per cent). R. A. 

* i ^ 4.. n i )v . «. lu-ji, Hamilton-bmith. a non-cxeculivc 

n^h Vi e hvi dirccior. has sold 40.760 ordinary 

P n .inn .r-^he Oh -7^ shares. Tbc 150.000 Shares s»ld 

• .-/liTvS? ,r,s^r ^i b a.;i ken ■* by 

•" "* f i» n teri h U?r n ESS: Vortehire -Fine Woollen 
. in ^h.irt url^. En.i n»i spinners — Aldermanbury Trust 
iL-jr. a fur.-icr 9p _n mst h!Wl . sr ,, (J llteir remainin'; holding 
jurs t.adin„ yesterdai, of inaon o ordinary shares. These 

-»rno *u»pensipn. arc also shares m .vluch Mr G. 

>u -'Pens ion ;ir:ce ' t.i’f fd>m Green wood a director of 'Yftrk- 
iscd at -round 1415.000. ?hjre Flllc wballen had an 
. nr. t>', irifirtb iateiest. 

.' - I 1 ■ i 1 ;ui « Jit Rijac CTik'K Oyfey Prnitiog Group— Mr. M. 

3lAk.Lo Lewis, chairman, has informednhe 

: Merchant Seiiirltles— company that lu.s write. Mrs G. 
ijbv lias disposed cf Lewis, has sold Xi.OUu urtlinary 
vrrimary shares to Ihe shares. Mr. G Noakes. a aireetor. 
■ ’ 'iii.undatinn. flo is now has' sold 20.ixift ordinary shares. 

. I in 3ft.HSS.fi53 ordinary cUITurds Dairies— Mr. A. 5mith. 

c director holds 64.000 ordinary 
Consolidated Rubber shares and .3714.00(1 "A" non-vnting 
—Arising from the ordinary shares. Mr. W.'. Smith, a 

nm l he eslafo of the late director, -holds 46.500 ordinary 

ad-Smuh the bi-nern-i::! shares and 160.000 -.V non-voting 
.of .Mr. !•!. 1-. Row man. urd Inary shares. Mr. A. G- W. 

has increased to 44. Scott, a director, holds 20.000 “A" 
non -voL ny ordinary shares. 

: I Securities— Labnf'.uW Cuinin Dv (.root— Mr. E. A. De 

tran^errinu rti'it.omi Grout and Mr. L Williams, dlrec- 
shares heitiq part ul ihc lnrs, have sold 30.397 and 15,012 
holding to In; lick a ordinaiy shrres s -lively. 

■n NV. Canadian and i-c/eign Invent- 

. w E*.tntes — fdOntfon nnd incut Tnisi — Standard Life Assur- 
er .Vsiuranrc has sold ante iuis purchased a further 
nrp.< :eduring their hold- 12.otKi ordinary shares bringing 
ITu.Gw'i f!U0 pc- centt. total holding to 432,500 (6.3 per 
• - id ii'.ihlin;;? — Mr. P. J. cenii. 

diretior c-f thou- Au-tni- Gresham Iorcslment Trasl — 
. sidiary. Siodduixl foicr- Sir. M, L. Carr, director, reports 
(Australia) Piy.. has dis- following change in family 
T 7.00(1 "A" nnn-vuUng interests on September 21 — sold 
shares. 33.UOO shares. 

C. Black iFuhiisliers) — Sanderson .Murray and Elder 
Investniciiis now bolus (Holding) — Tyndall Jersey Fund 

-rdinary shares ilft.4 per has acquired a further 15.000 

ordinary ■-hares making its total 

„ _ V . ell— A .Nadir. .■« direr tor. interest 115.000 (6.05 per cent). 


rJ N. ■?* V 


: r v CLIVE INVESTMENTS LIMITED 

• ; Exchange Ave., London EC3V 3LU. Tel- 01-283 1101. 

- : . ; i ijji.ivV-x Guide as at September 12, 1978 (Base 100 at 14.1.77) 

' livp FivpH lntc.ro<l C.miln) V>0 S7 


,.live Fixed Interest Capita) 129.57 

■'•vh Fixed Interest Income 114.59 


V HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
_ vmhill, London SC3V 3PB. Tel: 01-623 6314 

■ Index Guide as at. September 21, 1978 

apilal Fixed Interest Portfolio 100.00 

^g^iconie Fixed Interest Portfolio 100.00 


United Guarantee (Holdings)— 
StCL-phill has acquired a further 
£2,(100 stock, bringing total hold- 
ing hi fttf.sftfi (24.33 |x-r cent). 

Marks and Spencer— Reports 
sale of 15.000 ordinary shares in 
which Sir Marcus Joseph Sieff 
and Mr. M. M. Sachcr. directors, 
were interested as trustees. 

Rights and Issues Investment 
Trust — Archimedes Investment 
Trust now holds 155.000 income 
shares and 100,000 capital shares 
representing 6 per cent of each 
class. 

Ley's Foundries and Engineer- 
ing — M r . i f. Ley, director, sold 
■50.000 ordinary shares. 

Moorgatc Mercantile Holdings — 
Mr G. D. Myers, director, sold 

48.000 shares at 13p on September 
29. 

Vosper— As at September 19. 
David Brown Holdings held 
2,378.337 shares, and Sir David 
Brown held 2,458.881 shares. 

Lchnev Products— ITC Pension 
Trust, jointly with ITC Pension 
investments now. hold 120,000 
shares (6 per cent). 

Derby Trust— Mr. N. L. Bren- 
ninkmeyer. director, purchased 

60.000 capital shares al I56p on 
September 21. 

Capper Neill — Prudential Assur- 
ance now holds 1225.000 ordinary 
shares (5JJ0 per cent). 

F. Austin (Leyton)— Kcyser 
Ullman Investment Management 
has disposed of 60.000 shares 
leaving a balance of 800,000 ( 6.6 
per cent). 

' Town and City Properties— Mr. 
P. H. Glmson and Mr. R. D. Mart, 
directors, granted share options 
for . 62.500 and 42,500 shares 
respectively. 

Debenture Corporation — Stan- 
dard Life Assurance has 
purchased a further 100.000 
ordinary shares, bringing total 
holding to 2.490.666 (CJt per cent). 


J. E. Crowther 
improvement 

For the year to March 31. 1078 
John "• Edward Crowther (Hold- 
ings),. the woollen manufacturer 
and- spinner which is controlled 
by L.A.D. Investment Company, 
reports an increase in pre-tax 
profits from 1404.733 to £508,069. 

Tax for U»p period look £242.280 
compared With £202,358 leaving 
the ' net balance ahead from 
£201,875 to £265,789. 


Saint Piran sold its slake in 
Comben Group yesterday at 
30fi:p per share. The stake had 
been acquired as part uf the con- 
sideration for accepting 
Comben’s successful bid for 
Orme Developments. 

Saint Piran built up a 2S.2 per 
cent slake in Ormo beginning in 
July. It was granted three 
nominees on the Board. Saint 
Piran strenuously resisted 
Comben’s bid for Orme but the 
offer went unconditional earlier 
this month. Saint Piran still had 
hopes of being allowed to retain 
u nominee on the Board which 
would enable it to consolidate 
the profits of Orme in Saint 
Piran’s accounts. But this idea 
was not agreeable to Comben. 

Saint Piran therefore accepted 
the Comben offer and has non 
completely left the stage by sell- 
ing the Comben shares which it 
received in part ronsideration. 
The price it received was 
equivalent to the 57p per share 
rash offer for Orme made b> 
Comben. ■ 

Saint Piran is believed to have 
come nut of the Orme debacle 
with neither a profit nor loss of 
any consequence. Earlier this 
year it sold a stake in A. Monk 
to Davy International for a sub- 
stantial profit. 

BLACK' AND 
EDGINGTON 

Camping and leisurewear group. 
Black and Edging inn has acquired 
the outstanding 25 pur cent of 
Maghutl Caravan it did not 
already own in a deal worth just 
more 'than £26.000. To meet the 
cost B & E has issued 25,000 
ordinary shares. 

UBM DEAL WITH 
HODGE GROUP 

Four new Ford dealerships are 
to join the UBM stable in a deal 
worth £2.Um. 

UBM has agreed lu acquire from 
the Hodge Group its shareholdings 
in Godfrey Motor, Jeremy’s 
Garages, Temple Meads Motor- 
and its subsidiary Earle of 
Chippenham. The cost is to he 
mul by the issue of 4.2m UBM 
shares. 


The four Ford dealerships 
operating In Cardiff. Haverford- 
west, Cardiff and Bristol, generated 
sales of £342m and pre-tax profits 
of £459,000 in the year to February 
23. 1978. 

The group said tbar the deal 
would establish UBM as one of the 
principal Ford car and truck 
distributors in the UK. 

Rockware has 
over 50% 
of Alida 

Rockware Group appears to 
have quickly succeeded .m its 
£4. 6m bid for Alida Packaging 
Group. 

Rockware bought iTS.lftft Alida 
shares yesterday at 145p which 
together with 545.000 shares 
purchased before ond 873,819 
shares irrevocably committed to 
.iccept, make just over 50 per cent 
of the capital 

Alida manufactures polythene 
bags and flexible wrappings and 
has interests in plastic waste 
reclamation. 


Bank of England 
gives Girobank 
listed status 


SCOTT BADER 
BUYS STRAND 
glassfibre 

Scott Bader Company, the prin- 
cipal UK . manufacturer of 
unsaturated polyester resins, has 
acquired Strand Giasstibre. a 
private company and the largest 
UK distributor' of glassfibre. un- 
sP ura ted ' polyester resin and 
associated ancillary products. 

Strand win continue to operate 
as an autonomous unit, the only 
change being the appointment as 
chairman of Mr. Ralph Woolf, 
managing director of Scott Bader 
Company. . 

Scotr Bader, a common owner- 
ship com|jany. has a turnover of 
approximately £2om and claims an 
estimated 25 per cent of the UK 
unsaturated polyester resin 
market. 

Strand has a turnover of £7m 
and claims some ?»n per cent of 
the UK glass reinforced plastics 
distributor market. 


BY MICHAEL BLANDEN 

THE NATIONAL GIROBANK, 
the banking- arm of the Post 
Office, Is taking a further step 
towards acceptance as a full 
member of the banking com- 
munity by being given listed 
bnnk status by the Bank of 
England. 

The more is a! present of 
largely technical significance, 
though it could have implications 
for the Girobank as its recently 
introduced deposit account 
business expands. 

It is regarded, however, as a 
stage towards development as a 
full bank. This could include at 
some point joining the London 
clearing organisation and 
eventually recognition as a full 
bank. The futnre of the Giro 
could also be affected by recent 
debate over the possibility of 
merger with the savings bank. 

The new step means that the 
Girobank will come fully under 
Bank of England monetary 
controls, including the l’Ji per 
cent minimum reserve asset ratio 
applied to tbe banks, the pay- 
ment of special deposits and 


when required the corset 
controls. 

The Girobank has so far been 
treated by the authorities as a 
bank for the purposes of collect- 
ing the monthly banking statis- 
tics. It has also observed the 
reserve asset ratio voluntarily. 

From tbc cod of this month, it 
will be formally required to meet 
the reserve asset ratio. It is ex- 
pected that the Giro will also 
be required to pay special 
deposits like other banks after 
the mid-October banking make-up 
day. 

At present, the special deposits 
applied to banks are 2 per cent 
of their deposits, but this is due 
to rise to 3 per cent today with 
a recall of the deposits released 
earlier this year. 

Tbe coTset will not for the 
time being, apply to the Giro- 
bank because its interest-bearing 
deposits are too small in rela- 
tion to the £10m lower limit. 
But it is likely that, as the 
deposit accounts grow, it will 
come under the corset restraint 
within the next year or so if it 
is still in force. 


Tax test case resumes 


MARINE MIDLAND Bank of 
New York has completed giving 
its evidence in a test tax case 
in London which affects several 
City consortium and merchant 
banks. 

Marine Midland is appealing 
against an Inland Revenue ta\ 
assessment of £L25m based on 
the notional profils arising from 
an increase in the sterling value 
uf foreign, investments. 

The Revenue claims this profit 
is taxable as a current item, 
while the corresponding notional 
loss from the translation nf 
foreign currency borrowings inio 


sterling is a capital item and 
therefore not allowable against 
tax. 

The hearing before tbe lay 
panel of the General Commis- 
sioners of Income for the City 
of London was resumed yester- 
day. It had been adjourned in 
Mav after three days. 

Yesterday Marine Midland 
completed its evidence and the 
Inland Revenue began its 
evidence. 

The case is likely to end 
tomorrow, after which the com- 
missioners are expected to take 
about two months to reach a 
verdict. 


Two Civil 
Guards die 
in Basque 
country 

SAN SEBASTIAN. Sept. 25. 
TWO CIVIL Guards were shot 
dead in this volatile Basque city 
today, bringing to seven tbe num- 
ber of Spanish policemen killed 
in suspected guerrilla attacks in 
tbe past month. 

There was no immediate claim 
of responsibility for the latest 
killings but police said they 
bore the hallmarks oF ETA- the 
Basque separatist organisation, 
which has been held responsible 
for most such attacks in the 
Basque region this year. 

Eyewitnesses reported that 
three or four young men shot the 
two victims, both cooks at a local 
Civil Guard barracks, in a busy 
fruit market and then escaped in 
a hijacked taxi after their geta- 
way car would not start. 

Meanwhile, mourners shouted 
** Ie6s words, more action ’’ at a 
funeral in the Basque town of 
Vitoria for a police bomb dis- 
posal expert killed in a booby 
trap explosion on Saturday. Four 
other policemen were injured. 

The three latest killings in 
northern Spain's Basque country 
appeared certain to arouse fresh 
anger with the Civil Guard, one 
, of the mainstays of the late Get). 
Franco's regime. 

The latest deaths came before 
the opening later in the day of 
a Senate debate on the country's 
new democratic constitution. 

Speculation about the latest 
upsurge in killings has blamed 
a possible alliance of the 
Marxist ETA with the GRAFO 
Left-wing guerrilla organisation. 
Speculation also centred around 
the fact that Wednesday is the 
third anniversary of the execu- 
tion of five Spanish urban 
guerrillas. 

ETA is blamed for most of the 
34 attacks cm police and the para- 
military Civil Guards in the 
Basque country this year. A 
total nf li pniicemen have died, 
with 39 injured. 

Reuter 


International 

businessmen 

knowlAL 


IAL provides aviation and communications technical 
services equipment and systems worldwide. ■ 

Almost every airtrip you take with an international . 
airline will demonstrate some positive aspect of IAL expertise 
and professionalism in aviation technical services whether in 
airport management security or aspects of flight operation. . 

In communications IAL can claim an equally impres- 
sive capability It provides telecommunication services for 


developing countries, keeps oil companies in touch with 
exploration and production sites, serves construction com- 
panies in major projects in the Middle East and elsewhere. 

In data communications IAL is a world leader in the 
provision of computer network management systems. 

It numbers among its clients the larger proportion of British ' 
clearing banks, several international banks, and numerous 
major commercial organisations in the UK Europe and 
throughout the world. 

An IAL computer-based communications system 
provides vehicle fleet control. It is used in the United Kingdom, 
in Canada and the United States covering the field of police 
and emergency services command and control; and taxi and 
"dial-a-ride" bus dispatch. 

Aviation, industry commerce, banking finance, 
transport, public utilities, government and defence ministries, ^ 
IAL serves them all - and more; reliably, dependably brilliantly 

DIAL IAL For further information of IAL products and 
services telephone 01-574 2411 or write IAL,Aeradio House, 
Hayes Road, Southall, Middlesex, England UB2 5NJ. 

Telex: 24114. Cables: INTAEBIQ Southall. 





5*7- ' 




■"* •<>*** 
' . ' . A 




IN BRIEF 



THIRD MILE INVESTMEKT5 — Tlim- 
nver £05, SIR I £479. "Ptii fur halX-VNr 10 
June 30. 1B7S, PtnBl £23.1.15 ' TIC, 330* 
a/lw'nll chnrscv including lax nf iiSJQ'i 

■ t22.738«. BnmiPSh per 35p vhare O.B&n 

■ 1.41pi. Interim O-SflJJp net <d «5pi 
During past Inur months there hat hern 
a notice able met-ase m ihc pK-snurc mt 
prolft. margins Id the paper industry- 
iIIrpcfuM state. 

i CAPITAL AHD NATIONAL TRUST— 

Results to July SI, 1915 airmidy reported 
—listed UK InvobtiueDts JSJ&m (tB.Wml. 
overseas £3.36m <Cl.l3rni. tinlinted iD.Cotn 
iS>.7£m>_ At valuation — I'K £1B.5Sm 
<ns.48tm. oTcrwae Ci.&sm rir^gmi, utv 
IMied £i.25m (Il.OSmi. Cum.nl «wu 
KLSTm (£0,«7m<. furn-ni liabilities {0.7am 
lacmi. Mmiinc. Ki. Cannon Street. 
EC, Oct 17. at 11.15- att. 


CII criticise 

telephone 

system 

DUBLIN. Sept. 25. 

THE CONFEDERATION of Irish 
Industry CCID. reflecting the 
growing concern among business- 
men at, the state of the Irish 
telephone service, has said that 
it believes that tbe civil service 
structure is incapable of ma nag- 
ing a technological industry 
where operating efficiency is 
crucial. 

In its submission to a Post 
Office review group studying, the 
telephone service, the CII sug- 
gests fr number of options in- 
cluding a proposal that inter- 
national telecommunications com- 
panies should submit plans for 
the development and operation 
of the Irish system. An alterna- 
tive, the CII says, would be to 
transform the telecommunica- 
tions business into a semi-state 
company along the lines of the 
airline Aer Lingus or the trans- 
port company. C1E, 






2S 


i 

t 


k , 

I 1 

d- ' 


. ! 
J- I 




IFERNATIONAL FINANCIAL AND COMPANY NEWS 


' • ’ ■ | Financial Times Tuesday Septemb er. ^ j | 

I vjhK 



AMERICAN NEWS 


Olinkraft gets $510m counterbid 


BY 5TEWART FLEMING 


NEW YORK, Sept. 25. 


JOHNS- MA XV I LLE, a leading 
supplier of building materials 
and insulation, to-day burst into 
the merger plans of oil group 
Texas Eastern, announcing that 
it was preparing a SolOm coun- 
ter hid for, Olinkraft the paper 
company. 

In July. Texas Eastern, a corh- 
PaDy with annual sales running 
"around the S2bn mark and net 
income ox 9142m last year, an- 
nounced that It had reached 
agreement with Olinkraft on a 
friend::- merger worth about Sol 
a shore to Olinkraft shareholders 
and valuing Olinkraft at 9455m. 

Olinkraft is a diversified kraft 

per. paperboard, packaging 
and wood building materials 
enterprise with some 591,000 
acre* of limberlaad in its con- 
trol. Although some share 
analysis are sceptical about its 
growth potential since it is 
heavily committed to what they 
predict will he one of the more 
jhsgsish sectors of the paper 
industry, others point out’ that 


since it was spun off by Olin 
Corporation in 1974, Olinkraft 
has had a satisfactory earnings 
record With net income hitting 
S34.0m last year on sales reve- 
nues of 3381m. 

There was speculation at the 
time of the announcement that 
one of (be attractions to Olinkraft 
of a deal with Texas Eastern was 
that, since the oil and gas con- 
cern bad no expertise in the 
forest products industry Olin- 
kraft's management could expect 
to continue to run the company. 

From Texas Eastern's point of 
view, toe diversification fits into 
the continuing trend within the 
oil industry, of investment 
through acquisition in other raw 
materials and minerals sectors. 
The forest products sector has 
always been a prime candidate 
for such oil industry diversifica- 
tion. partly because of the rising 
asset value of timberland. 

Shortly after Texas Eastern 
announced its deal with Olin- 
kraft, Occidental Petroleum also 


announced that it was going to 
try and take over Mead, another 
leading company in the paper 
industry, for 8750m. But Mead 
is fighting the bid. 

The intervention of Johns- 
Manville into the Texas Eastern- 
Olinkraft arrangement will be 
seen as a bold play by a com- 
pany that does not have the oil 
companies' cash flow, from such 
operations as Texas Eastern's 
North Sea oil business, to play 
with. 

Jobo's-ManviUe, however, is a 
company which has been drama- 
tically improving its perform- 
ance. particularly since Mr. 
Richard Goodwin resigned as 
president and chief executive in 
1976. At one time, the company 
seemed to be better known for 
its spectacular headquarters in 
the Rockies near Denver than 
for its performance. 

Since 1975, however, net profit 
has risen from 838.5m to S102.6m 
on sales revenues which have 
increased from $l.lbn to Sl.Kra. 


The company dominates the 
fibreglass insulation market 
along with OwenfrCorning Fiber- 
gtas and Certainteed. Some 
analysts suggest that this product 
could soon account f° r almost 
half the company's net income, 
and future growth is expected 
to continue in the industry’ as 
high energy prices spur invest- 
ment in insulation. 

John's-Manrille is also one of 
the world's largest asbestos pro- 
ducers with a large mine in 
Quebec, Canada, and a leading 
producer of asbestos-cement and 
pvc pipe and roofing materials. 

OMnkraft's shares, which bad 
been trading around S4S* on the 
New York - Stock Exchange, 
buoyed up in part by anticipation 
of a counter-bid, were expected 
to trade as high as S55 following 
the announcement. Dealers were 
awaiting a reaction from either 
the company or Texas Eastern 
and some were anticipating an 
auction for control of the 
company. 


Syntex 

adjusts 

Den-Tal-Ez 


MEDIUM TERM CREDITS 

• • 






vie r 


.in 


terms 


Latin American 





PALO ALTO Sept. 25- 


Greyhound 


meat closures 


Carrier says no to $lbn offer 


to cost S26m 


BY OLm OWN CORRESPONDENT 


NEW YORK Sept. 25. 


PHOENIX. Sept. 25. 
GREYHOUND CORPORATION 
•.-.-il cl 02 “ certain slaughter 
houses cud related meat process- 
ing plsr.lv of its Armour Com- 
pany subsidiary. 

The company said it has pro- 
vided a pre-tax charge to 
current year income of about 
853m in connection with the 
ciosure*. This translates to an 
estimated net nfter-tax cost of 
about 923m. 

Anu-ng the units to be closed 
are the Sr Paul Minnferotor 
plant. v.hii-h involve* hog 
slaughter, canned meat and dry 
sausage manufacture — the hog 
•daughter opera t inn at Sioux 
Cil>. Iowa. 3.nd the Gaffney S.C. 
facility v.-nic is engaged in" beef 
and veal siauhgter. 

The clings are planned for 
April 1 1H79. with the exception 
h: Gaffney which will close as 
soon :i? practicable. Some 2.300 
employ *■*' will be affected by 
the ciosmgs. 

Armour .-aid that the closings 
are being effected in order io 
i"wer co*ts and bring into better 
oalance the tmmpan’s slaughter 
oce.-ations and its processing 
capacities, it is not expected 
that either Armour's produet 
volume or dollar volume will be 
significantly affected by the con- 
solidation moves, .since the pro- 
duction involved will he handled 
in iarse measure by other com- 
pany unit.?. 

AP-DJ 


CARRIER corporation, tire lead- 
ing U.S. air conditioning manu- 
facturer. to-day firmly rejected 
the $Ibn takeover offer for the 
company announced last week by 
United Technologies, the giant 
aerospace and capital goods pro- 
ducer. 

The Carrier decision to reject 
the 82S a share bid for 49 per 
cent of its slock and then negoti- 
ate a merger agreement taking 
in the additional 51 per cent, pre- 
sents United Technologies chair- 
man. Mr. Harry Gray, with the 
prospect of yet another contested 
takeover bailie. 

Last year United Technologies 
pressed ahead with a 9500m offer 
fur Babcock and Wilcox, the 
power generating equipment 


manufacturer, only to see its 
offer topped by J. Ray 
McDermott. 

Carrier said today that its 
board had unanimously rejected 
the United Technologies offer, 
adding that the bid raised 
“ extremely serious questions ** 
under the federal anti-trust and 
securities laws an daccordingly 
Carrier has started a lawsuit 
aaginst United Technologies in 
the U.S. District Court for the 
northern district oF New York 
where Carrier has its head- 
quarters. 

The company added that it 
believed the offer also violated 
New York and Delaware take- 
over laws. The group wilf 
request the New York Attorney- 
General to schedule a public 
hearing or conduct an investiga- 


tion for the inopose of deter- 
Jiianc< 


mining compliance with the 
provisions of New York law, and 
it will file a lawsuit in the State 
of Delaware. 


The Carrier moves seem to 
indicate that the company is 
ready to mount a fierce defence 
along- lines which are now the 
traditional moves to fend of an 
unwanted suitor. 

United Technologies faced 
similar legal actions in the Bab- 
cocks and Wilcox case, moves 
which among other things gave 
that company time to look 
around for a rival bid. 
Previously, when it tried to 
acquire Otis' Elevator. United 
also found its way blocked by 
lawsuits, but on that occasion it 
pressed ahead and won control 
of the company.' 


SYNTEX CORPORATION and 
Den-Tal-Ex said that their res- 
pective Boards have approved 
the merger of the two com- 
panies on adjusted terms. 

Under the revised merger 
terms, each share of Den-Tal-Ez 
common stock will be ex- 
changed for either $22-50 cash, 
or a combination of one share 
of Syntex convertible pre- 
ferred stock with a redemption 
value of S1L25 and a 75 cent 
annual dividend, plus one share 
of a non-convertible Syntex 
preferred stock with a redemp- 
tion value of SI 1-25 and a $1.60 
annual dividend. 

The convertible preferred 
shares will be convertible into 
Syntex common stock at a rate 
based on 115 per cent of the 
average market price of Syntex 
common during a specified 
period prior to the merger. 

Cash will not be paid for 
more than 49 per eent of the 
Den-Tal-Ez shares outstanding 
at the time of the merger. 
As of September 22, there were 
about 1.4m common shares of 
Den-Tal-Ez outstanding. 

The original agreement in 
principle lu April had proxided 
for a price per Den-Tal-Ez 
share of either $25 cash or a 
combination of Syntex conver- 
tible and non-convertible 
preferred shares with an 
aggregate redemption value of 
S25 and the same aggregate 
S1.75 annual dividend as under 
the revised terms. 

Consummation of the merger 
remains subject to certain 
conditions including, among 
others, mutually satisfactory 
completion and execution of a 
definitive merger agreement 
which is expected shortly, 
cetrain Board of Director and 
shareholder approvals, SEC 
clearance and receipt of certain 
tax rulings. AP-DJ 


BY FRANCS GtfUiS 

i. ■^sa«s,*sfs “ saaa*. 


American borrowers m . .the file "$50m ^Sf^enT'wJiidi it group of hanks :fed brlfe . • 
SSS^JS arranged with Coramer* deuteche LandertaBlst SB's 


uuivstcM ******* ■■ • — ■ rr ~ ~ j 

BSPof^tea imderstw?w one takes into for 12 years with anratcresfot 

have given a mandate to £ieid- account the continuing faH in 0f7| wiH.fc ; 



me jc^ia : i a u s w *•; -wtii QIjeratdQU. AW.. ■ — *■— rf — - — — — - — -- — , ■ : ■_ ~- —— 

for the remainder. The manage- management fees, J- per cent in be triggered off hi South Korea 
men* fee is expected to be * per ■th e. case of the current operation various banks have subnar* 
cent. 7-“ " « against the l per cent it would proposals -for a; lHa&Jar.;, 

Such terms would mark . a have to pay op a larger country's Export Import Ba 
share reduction in the price .at operation. • • amount would.be «2Mm_ 

which Chile can raise money: Finally Permex has got the lead ten years and ibe spread sj#fi 
last soring the Central Batik of manager to agree -that it repays. I per cent. .over-JUbor for jj* 
Chile 'borrowed S210m for seven-tne loan in one lump sum at first two years rising; . to L .pe 
vears -on a spread of 15 par cent tire end of the period rather .cent. . ~ \ 

The management fee on that than -In stages as- is . the. current Two . loans for JTsailancI haw 
loan was i per cent- practice in this market-.-. This just been, signed to, -T okyo: Vmt. 

Another majo»- Latin American Joan is the latest in a string of for 57.5in for ten years 
borrower, the Mexican state oil small ones, of between $25m and spread of I- -per cent; the otbe 
company. Pens ex, has in recent S50m, which Pem ex has raised for Yllfibn, in two .tranche 
months resorted to a differentia recent months (altogether The first tranche is- Y?bn fdr'fei 
strategy when raising money in amounting to .SSIKhn),.': The only years with an interest - rat e/ti 



sprint it has given preference thev often find another bank and tire- second tranche. j[ 
to -smaller operations, bat on doing exactly tire same t&ing. for ^Y-lShn for' 15; yeare-. -with 
terms much 'more favourable the same borrower at. the same interest rate of -7.7 pOr-ceid 
tha-n those for the jumbo time. • \ ; . . jagalti r above the. -.loag tern 

borrower. Venezuela is raising fixed interest rate in Japan. 


EUROBONDS 


Dollar sector remains weak 


BY NICHOLAS COLCHESTER 


itt plans to B F Goodrich prices suit 


buy Quine 


SAN FRANCISCO, Sept. 25. 


Boards approve 
food merger 


NEW YORK, Sept. 25. 
INTERNATIONAL Telephone 
and Telegraph Corporation said 
it reached an agreement in 
principle to acquire Qume Cor- 
poration for stock. 

Under terras of the agreement, 
approximately 4.7m ITT shares 
will be issued in exchange for 
the Qume shares on a one-for- 
one exchange. ITT said. 

Qume U a Hayward. Californ- 
ian manufacturer of printers 
and other peripheral equipment. 


B. F. GOODRICH, of Akron, 
Ohio, was accused by the State of 
California in a Federal Court suit 
here with conspiring to fix prices 
on its replacement auto tyres sold 
in California from 1972 to the 
present. 

The suit was filed not only on 
behalf of the State but also its 
governmental entities and 
California residents, who may 
have bought the tyres during that 
period. 

The action follows by six weeks 


a Justice Department antitrust 
price fixing civil suit against the 
tyre maker. 

California's complaint asks for 
undetermined triple damages and 
also that the -company be 
required to make “ complete 
restitution with interest" to all 
of the plaintiffs. .. 

Goodrich, according to the 
suit, sold 314m: of passenger 
tyres in California in 1976. alone, 
and nationally it.-sold $340m of 
tyres the same -year, . AP-DJ 


WINSTON-SALEM, Sept 25. 
CONSOLIDATED Food Corp- 
oration and Hanes Corporation 
said their Boards have 
approved and signed a defini- 
tive merger agreement. 

Under the agreement, Con- 
solidated will acquire all 
Hanes outstanding common 
shares frr S61 in cash or $61 
principal amount of Consoli- 
dated Foods 8 per cent re- 
stricted convertible subordi- 
nated notes due 1205, 1989. 
1994 and 2004. Reuter 


THE secondary market in 
dolar denominated bonds was 
weak again yesterday as more 
news of rising interest rates in 
the U.S. roiled in. 

U.S. banks began to put their 
prime rates up by j per cent 
to per cent. The Federal 
funds rate rose to $£. Euro- 
dollar rates responded, with the 
three month rate rising from 9i 
per cent to 9} per cent, making 
current dollar bond yields look 
still more precarious. 

Dealers said that volume 
remained light, although .some 
suggested that the investor, was 
starting to send sell orders into 
a market dominated, till now, by 
trading between the profes- 
sionals. The market - opened 
mixed, but falling prices became 
prominent in the afternoon as 
news of some qnite sharp 
declines in the U.S. bond market 
filtered through. 

The issue for I tel, the U:S. 


leasing company, traded for the 
first time yesterday. It opened 


at 9S; and dosed 08}. The. float- 
ing rate note for Gesterrefchische 
Kontrol Bank traded at" 3 shade 
over 99 without much change in 
price over the day. \ 

In the D-Mark sector. -prices 
were steady but the volume of 
transactions was below the levels 
reached most days last week. ... 

The. German. . Government 
tender on the domestic' bond 
market surprised some' dealers: 
the authorities decided to take 
up DM 2.1bn of the DM 2.7b n 
offered by the market Usually 
the authorities only -take ' up 
about half of what Is offered. The 
encouraging side of this move by 
the authorities is ' that govern- 
ment’s needs have now been 
covered to a greater extent than, 
forecast: only about DM. Sira now 
needs to be raised before .the . 
year is out. . 

The terms of the tender. Were 
in line with market expectations: 
the maturity of the bonds is four 
years and the coupon 5-j per cent. 
The bonds were priced at 99.7 


per ;cent to yield 5.5Sper cent 
. In the Kuwaiti dinarstxdor^ 
.KD 7m bond for the Developineol 
Bank of the Philippines- wa 
priced at 99 J per cent with bfi. 
ditions otherwise Unchanged, b 
the lead manager. K1IC. A net 
bond to this sector is the KD titf- 
bond for Electrobras of Bras. . 
which matures ia 19S5-1990. Tj* 
indicated coupon on this boh. 
is -84 per cent and the lea 
manager is KnC. ' • 


HammenmU Paper i 

Ham merhill Paper announce dhe . 
earnings for the tb ird . quarter' p 
34-fim or fifr cents a share agalas 
S3 An or 42 : cents a share lai- 
time, AP-DJ reports from Net 
York. . Sales were $204m con 
pared with S 177.6m. For the nin 
months, total.net was 515-6tn o 
S2.01 a share compared wit 
$ 12.9m or SI .66" a share, add. sale 
were S6 13.4m .compared w hi 
S531.9m.' - . — 


r.J; 


This announcement appears as a mailer of recurd only- 



GULF AVIATION CO, 


US$40,000,000 
Medium Term Loan 


Managed by: 

Gulf International Bank B.S.G 


and 


Kuwait International Investment Co. SAJL 
Abu Dhabi Investment Company 
Bahrain Investment Company B.S.CL 

B.A.LL (Middle East) Inc. 

National Bank of Abu Dhabi 
Union de Banques Arabes et Frangaises UJB.AJI 

Provided by: 

Abu Dhabi Investment Co. - Algemene BankNededandN.V. • A1 RanHi Banque 
American Express Memational Banking Corporation • Arab African Bank- Cairo 

—Bahrain— 

Bahrain Investment CO.B.S.G. - BAIL (Middle East] Inc. • Bm^anBankSAK- Kuwait 


Gulf International Bank B.S.C. - Memational Mexican BankUmited 

— INTERMEX— 

Kuwait Iatematioiiallavestment Co.SAK • Manufacturers Hanover Ttust Co. 

— Bahrain Branrh — 

National Bank of Abu Dhabi - National Westminster BankLimited 


Qatar National Bank S AQ. • Saudi Memational Bank ■ Scandinavian Bank limited 

— AlBank AI Saudi Al Aland Limited— —Bahrain Branch— 

Societe Generate ■ The National Commercial Bank • UBAF BankLimited 

—Bah r ai n Branch - —Saudi Arabia— 

Union de Banques Arabes et Frangaises - UBAF. 

— Bahrain Branch- 


Agent 




Kuwait International Investment Cte. SAK 





This announcement appears as a nixitt® of record only:" ' 



BANQUE NATIONALE DALGERIE 


U.S. $120,000,000 

MediumTermLoan 


Managed by:- ; ’ : ‘ 

Gulf International Bank B.S.G. 

Arab African. International Bank- Cairn . Arab Monetayy Fund (AMF| 
Bankers This t International Limited • Burgan Bank S AjEC-Kuwait 
Compagnie Lnxembourgeoise de la Dresdner Bank AG - 
— Dresdner Bank Internati onal — 

European Arab Bank • National Bank ofAbuDhabi 

SanwaBank [Underwriters) Limited - Wardley Middle East Limited 

(The Hongkong Bank Group) 
Kuwait Foreign Trading Contracting & Investment Co. (SAJC) - 
The National Bank of Kuwait SAJcC • TTnimi M6diterran6 mme de Banques 


BA] 


and 


Bank of Credit and Commerce International 
Banque Canadienne Nationale (London B ranch) 
Security Pacific B ank [H ahram Br anrTi} 


5 « Uhab 

Arab 


Providedbys . 

Alahli BankofKuwait (K.S.C.J • ADgemeine Deutsche CredU-^felaff*AIIiedAr^Bffi*Liin2ed-AlSanifiBa^^ ' 

Arab AfricanhtienialicmalBaiik--C^M ^ MpnetaryFcmd (AMF) 
Aaen-Pazifik-Bank AG • Australia and New Zealand Banking GroirolLiriifted’Badi^BKQmmiim^ SA. 

Banco Arabe EqnflnkS A.(Aresbank] • Bank of Bahrain and Kuwrif BS.C. • BankofCredif ^ComineiMMmiretional 
Bank of Oman Ba h rein. ffnri KtmwtSA.0. - Bank nf Ynknhw^ r^ ad< HHnkBroTmst 
Banque Canadienne Nationale [London Branch] -Banque Europ6enire|mrIeAfoven Orient "Banqae InlBm hntmOTihJp Arah ^ 
Banque Libanaise pour le Commerce (France) • Barclays Banklnteiiifllmnai Limited ■ BnrganBanfcSAX-Kuwail 


; x# c 


Mi 


v.osxigH 

'vailfi 


Commercial Bank of Australia Lfinif ed • Compagnie Lmshbo ingeoisfr de la Dresdner Bank AG 

-Df^dnH*Bank Intemationai- 


The Development Bank of Singapore Limited- European Arab Bank-HrstN^inhaiBaiikinDa^ ■ Iir^Pfetlonal Bank of Oregon 
GuIfIntenmtionaIBaiikB5.C. • International CommerdalBankljmiled-KiiwahFqc^ Conte|ing&]rivestaientCa[SAjC) 
Kuwait htiernahonal Finance Co. - Midland and lnterrmKfttw'i Ranfeg T.fafifad - N atimial Bank nf Ah» ffhaM- ' ' - 

. ThsNationriBenkofKmvaftSAJ^-NairanalBankofNb^ii^nfii^'T^.Norfhamiii^ " 

Okobank j^stn^ankkim Keskn^j^^ Oy • Piereoil Heitog & Pierson (Jiang Kong) Limited 
Friv n t h a uke n In te rnati onal {ttenmaik} SA. ■ ProvidentNa ti o n alBank ■ The SanvraBank Limited * Securi^ Pacific Bahk-BahrahiBrfinch 
State Bank of India. Bahrain • The TovuTrustand Banking rfr .'ripAF Arab Am tmntm Rn^lc .tirar 


* rv:, 


"VTtt 




Union M^diterraneenncdg Banques Middle. Bast Limited - 

(TheHongkmg Bank Group): 




Agent:",- 

Gulf international BaoA&S.G 





r- — 4 








r 




,2 / 








inanclal Times Tuesday September 26 1978 


INTERNATJOm 




_ . J 


29 

NANCIAL and 

i ( OMI'ANV NEWS 




ive banks 
*ree 

scue plan 
r Sarrio 


Norinvest failure averted 
by $l3m fund injection 


BY FAY G JESTER 


OSLO, Sept. 115. 


■_ obert Graham 


NORWEGIAN UANKS and in- pruvide .substantial amounts of adequate economic and legal cx- 
\r ATiRtn q..nt . "“ranee cum panics have agreed th,. fresh capital which Norin- pertiso — have not managed to get 

Ilip «F fivn Sft'.n Vh^nU' fo lRJWl Gtjn, « Nlvr67-5ai (SI 3m) vi-^r s0 urgcuUy needed. together and stop a development 

^ed in nnariflc an «!v f . S[lb& , rdH i? lf! 'i <=*»«■ Recrimination among the which seems to have gone in only 

■Snt£toSSc?J ihP h U-aubted Swnro panics t„ it, „ agreement appears «°e direction : towards stcadilj 

robiSIs nf 9 the ^countrv? ! -VW 5 '‘'iuch^wa^ threatcncd to lltf c0nlinul ^ however; The greater losses.” 
largest paper and pulp kniptcy. mainly as a jiordun insurance group, which • The Salen shipping group is 

0 Sarrio. The operation 1 ,t,5se£ on “* shipping h-ts a 15 per <*ent stake in Norsk to form Sallcch (Salen Tccvhno- 

; ' round some Pta 2Sbn i su " >,aur >’- Kausjon, is critical of the logies AB), a technical consult- 

1 of credit to meet im-J Andresens Bank, which owns deuh.ioa to let thu latter tako full ing and project management 

e cash needs plus rcstruc - ’ 10 - 5 per cent of the company, is guarantee responsibly. It wants whose facilities will be available 
of longer term debt. How- i putrinq up one of thi* largest to withdraw from its partnership for both marine and land based 
idditional funds mav be : single aiiitmnfe. NKr 15.5m. in Kausjon. industries. John Walker writes 

i Moreover, guarantee response Norsk Kausjon's managing from Stockholm. The formation 
banks involved ;n the bility for tne cv-mpany's loans direct ur. Mr. Paal Thyboldt, has of a special company stems from 
package— central Ewer-; has been shouldered solely by publicly expressed his company's the growing accumulation of 

spano-Ainerlcano Popular : Norsk Kausjon. an insurance regret at the Norden croup's technical expertise from work 

rquijD — are the companv’s concern in which Andresens is “varjing and inconsistent atti- and assignments within Salen 

reditors. and Central and! a 45 per cent shareholder: Hides " and (he group's attempt and for governments and inter- 

0 are its principal institu-1 j n the negotiations among Uic- avoid guarantee responsibility. naUonal corporations, 
shareholders. Although i manV lnu-nktei) parties which Leading articles in several In addition to the existing 
Uative has been taken by J nrcceded the settlement three ‘I s !u newspapers have described staff, technicians are being trans- 
■ -anks. the Ministry of ' ,,»her insurance comoanies that ,he “ ff «T as a scandal. The Nor* ferred _ from Salen and 



This 


that the shareholders — 16 banks development of ships, offshore 
w«s in return for an and l- insurance companies, who installations and marine equip- 
*nr by their backers to should ait have possessed ment. 


OEMV lifts dividend by 25% 


BY PAUL LENDVAI 


VIENNA, Sept. 25. 


.. » re. 


company confirmed in-, 
renorts that Sarrio’s difG-; 

stemmed from over-| * , « rctnicnt 
nent. Investments had 1 
rogra mined against projee- j 
.if more dynamic domestic 
temational growth of the j 
products sen nr. in j 
ilar, the company invested ! 

in j new tissue pi. ini in ! 

■a. But with low prices j 
a Spain and Europe as a | 

' plus sluggish domestic | OEMV. tne Austrian Slate on semi-conductors in Austria. It is However, the management of 
d, the company's ca*h Howl concern is raising its dividend hoped that the talks will bo con- OEMV resists the demands made 
□ has been ' put under! by a quarter jiom 9 per rent in eluded in a positive fashion by the trade unions and the 
re. In addition decline of! 12 per cent for 1977. and reports within the next few months, Mr. Chamber of Labour to reduce the 
exchange values and low a ri-o in ca«h How from Bauer said.- price of heating oil as a result of 

Turnover have virtually ! Sch 2.£i»n (about S177m) io Earlier this year OEMV failed the constant fail in the exchange 
an i in pur Lint source of , Sch 3.49bn. However, the belter in its take-over bid for Opty], a rate of the dollar against the 
‘a led funds. i than expected financial perform- producer of frames for spectacles Austria schilling, 

main concern has been- ante was due largely to balance which ultimately was acquired by nl arguing against a price cut, 
;ure the viability of a j sheet and reserves adjustments, the West German Bauer publish- the board referred to rising costs 
ly sound company, eapiia-;and Ludwig Bauer, the director ing concern. The attempt to and to the adverse consequences 
jt Pta 3.SSbn and with a ; general, cautioned that earnings diversify the company's opera- of the price policy practised in 
vr of Pu ISShn. of which , are likely to fall Ihis year. lions will be obviously continued, the past. Nevertheless, informed 
cent is accounted for by I Turnover last year, excluding The new statutes approved last observers expect a slight reduc- 
;. The banks' commitment j mineral oil tax receipts, rose by we^-k explicitly authorise OEMV tlon of the price of heating oil 
gned to ensure this— hut ; 7.3 percent io Sch 24.4bn. After to carry on every kind of following yet another round of 
ire still unresolved details i Sch 2-Rbn last year, the company industrial activity in future. talks with the Ministry of Trade, 
rantccs and the type of | will invest this year about 
certain suppliers will J Sch 3bn which brings total in- 

vesimenU m the three-year •»•*«• , p _ . i, 

period i97^ru tt> sch i3Shn jbe t iat forecasts positive result 

refinery will armunt for half of r 


Record 
operating 
profit at 
Aer Lingus 

By Our Own Correspondent 

DUBLIN. Sept. 25. 
THE - Irish stale airline Aer 
Lingus made a recurd operat- 
ing profit or over £Sm in the 
year to last March. After 
Interest and other charges, the 
net surplus will be more than 
£4.5m. 

In 1976-77, the airline muted 
narrowly back into the black 
with a net prufir of £12(1.000. 
compared to a loss of £5J2m. 

The figures show that an 
Increase In tourism from the 
continent helped boost the air- 
line's figures with a 30 per 
cent growth in tin? numbers 
Hying to Ireland. But a major 
share of the airline’s profits 
came from other activities, 
such as-mainii-nuDvp for other 
airlines, hotels, catering ser- 
vices and leisure centres. 

The airline nuw has plans (o 
spend over £2 (Mm on new air- 
craft over the next decade, and 
four additional Boeing 737’s 
will be bought over the next 
three years. 

The airline's chief execu- 
tive, Mr. David Kennedy, is 
expected at (he annual meet- 
ing on Wednesday lo ask for 
the government to increase its 
stake of almost 17m, which 
the airline feels Is out of line 
with its total borrowings or 
over £50m. 

The profits arc all the more 
remarkable because or the 
54-day strike of clerical 
workers, which it is estimated 
cost the airline £3 ra , and Is a 
tribute to Mr. Kennedy's 
rationalisation plans, which he 
introduced after losses of over 
flOm. in 1975 and 1976. 


Daf Trucks sees 
increase in 
sales next year 


BY OUR OWN CORRESPONDENT 


TURIN, Sept. 25. 

conditions, 
investment 


'-. offer for Tarex ; the caPitoi investment this year. 

Saudi-Arabiun company j OEMV's refinery lasf year . ... . . . 

— hich belongs to the Akram f covere/; 77 per cent of domestic today forecast positive general business 

finance group, has offered) demand fur refined products. The resulis for 197S, but waved a Particularly for 

“tm of SwFr22m for the corpora lion's output of crude oil warning finger in the direction eoods. 

V-.machine-tool manufacturer , Jast year was 1.44m tonnes and of union leaders preparing „ B “ T tbe company warned that 

SA, Geneva, writes John' that of natural gas reached 1.5hn demand* for a new three vear 5 le . F “ ture would depend on the 

from Zurich. This has i cubic metre*, thus accounting for “ e ' Tunas a new wren year decisions taken by the gnvem- 

nnounced in a letter to the j S0.7 per cent of domestic oil out- * 3 ” nur contract in the metals ment and unions affecting the 

-. irs of Tarex. which is in i put and 62 per cent of natural gas an d engineering sector. economy in the next Few months. 

**— * production. Imported natural gas Operations so far this year The government is currently 
from the Soviet Union totalled have been in line with last year, preparing a three-year economic 
2.4 bn cubic metres. Refinery when Fiat made a net profit of plan for Italy, while metal 
output lust year was down by LKJbn (around S7fim>. Fiat's workers are preparing a 

6 per cent to R.8m tonnes; financial position has improved negotiating platform for contract 

Meanwhile OEMV is currently sharply this year, while group renewal talks which is expected 

conducting negotiations with the sales in the first half rose 8.1 per to be the first major lest of 
U.S. concern Fairchild Camera cent Favourable results have union leadership calls 


al difficulties, by the 
of trustees looking after 
mpany*s interests. If the 
> accepted, major creditors 
ing two big banks and the 
i of Geneva would 
ice part of their claims. 
. specialises in automatic 
for the export market 


about 


■'airchild Camera cent Favourable results have union 
the joint production of been achieved in spite of poor moderation In wage claims. 


for 


Cobepa acquisition 

Compagnie Beige de Partici- 
pation Pari has (Cobepa), an 
affiliate of the French Paribas 
group, has acquired an 11.5 per 
cent interest in the Josi group, 
a privately controlled con- 
glomerate whose activities 
centre on the insurance 
business, AP-DJ reports from 
Brussels. With animal 
premium revenue of about 
BFr 4J»bn. (lie Josi group's 
insurance business ranks fifth 
in Belgium. Cobepa obtained 
Its 115 per cent interest In 
Josi by acquiring ball or a 
BFr 200m stock increase from 
Compagnie (Jem rale d'Assur- 
ances 1909 (Group Josi 1909), 
the hugest of three insurance 
companies linked in the group. 
Cobepa ranks among the major 
holding companies in Belgium, 
with diversified Interests in 
utilities, glass, steel, metals and 
electrical companies, as well as 
in hanking and properly. 


BY CHARLES BATCHELOR 

DAF TRUCKS, the Dutch com- 
mercial vehicle maker, expects 
to sell 15.000 vehicles in 1979 
compared with under 13,000 this 
year. The company will then 
aim for deliveries of 20.000 
vehicles by the mid-1980s, Mr. 
David Mansell. The company's 
new sales director, said. 

Sales will be lower this year 
than the nearly 13.000 in 1977 
due to a strike in Daf Trucks' 
Belgian plant, a flu epidemic and 
the introduction of new pro- 
cedures which slowed production. 

The hisher sales and produc- 
tion figures Forecast for the next 
few years mean that it makes 
increasing sense for Daf Trucks 
to develop and manufacture the 
most imnortant components it- 
self. This will allow it to remain 
flexible and independent in the 
extremely competitive truck 
market. Mr. Mansell said. 

Daf Trucks — which is owned 
as to 42 per cent by Van 
Dnorne's Auloxnobiel Fabriken. 
25 per cent by DSM. with 
the remaining 33 per cent held 
by International Harvester— mu 
bp more aggressive in the sale 
of components, the most profit- 
able side of the vehicle business. 
Instead of merely producing 
parts not supplied by the inde- 
pendent manufacturers, it must 
seek to pain a part of this lucra- 
tive market for itself, he said. 

The company must also further 
develop its spares service. It 
must keep engines, axles, gear 
boxes and fuel pumps ready for 
immediate delivery to dealers. 
These would be exchanged for 


AMSTERDAM. Sept. 25. 

the defective part which could 
be returned to the factory for 
repair. This would cut down 
the time customers' vehicles were 
off the road, Mr. Mansell said. 

He also revealed further de- 
tails of Daf Trucks' plan to 
strengthen its operations outside 
Europe. Broad outlines of the 
company’s five-year plaD were 
announced earlier this year. 
Assembly in Nigeria. Iran and 
possibly also Egypt is the only 
way to get round import restric- 
tions, be said. Ip May Daf 
Trucks announced that it bad 
begun assembly in Ghana. 

Daf Trucks also aims to 
strengthen its position in Saudi 
Arabia, and has plane for offices 
in Scandinavia, the Middle East 
and West Africa manned by its 
own staff. 

Revolutionary developments in 
truck design cannot be expected 
in the next 10 years, and im- 
provements will he concentrated 
on noise and exhaust emissions, 
safety, driver comfort, and fuel 
consumption. Gear boxes will 
he improved and automatic sear 
boxes will make their 
appearance. 

There are good prospects In 
the engine marker. Diesel eneine 
manufacturers will not always 
be able to meet demand, and 
Daf Trucks, with its production 
facilities, must be alert for 
opportunities here, according to 
Mr. Mansell. 

Daf Trucks’ order hook is very 
healthy and the Mock position 
is better than planned, he said. 


Wessanen expects bright 
future for U.S. purchase 

BY OUR OWN CORRESPONDENT AMSTERDAM, Sept. 25. 


WESSANEN, the second largest 
foods group in Holland after 
Unilever, expects the medium 
term performance of Marigold 
Inc. of the U.S.. which it is buy- 
ing for 820m cash from Ward 
Foods, to be positive. 

Marigold has annual sales of 
around SlOOm of a wide range 
of dairy products, including 
cheese, yoghurt, ice cream, but- 
ter and cream, fruit drinks, dips 
and novelties. The company has 
a “’leading position" in the U.S. 
mid-west, Wessanen said. It has 
four factories in Minnesota and 
Wisconsin and has 18 distribu- 
tion centres in these two states 
and Iowa. 

The company's results in the 
past few years have been satis- 
factory. The takeover is part of 


Wessanen's policy of expanding 
and spreading risks in the main- 
stream foodstuffs sectors. 

Wessanen has made a private 
placement of Fl 1.5m In con- 
vertible certificates of registered 
ordinary shares ranking for divi- 
dend from 197S. The placement 
of the certificates will raise about 
Fl 5.5m. The company recenUy 
became the first industrial com- 
pany in Holland to top the 
capital market for more than 12 
months. 

The 15-year loan was priced 
at 100! per cent and carried a 
coupon of 8§ per cent The aim of 
the issue was to fund the take- 
over the KSR group’s wheat acti- 
tlvities in Holland, to finance 
foodstuffs activities and to con- 
solidate short-term debt. 


Dutch bank 
raising $47m 
in bond 
market 

By Our Financial Staff 

THE third capiial market opera- 
tion by a Dutch bank in little 
more than a month was an- 
nounced yesterday by Bank Mees 
and Hope which is to raise 
Fl 100m (847m) by an issue w 
10 year bonds. They will carry 
a coupon of S per cent and 
pricing takes place tomorrow or 
on Thursday morning at the 
latest. 

The funding follows new issues 
of FI 150m apiece by ABN and 
Amro Bank, and emerges at a 
difficult time for the Amsterdam 
market which W3S calmer yester- 
day in contrast to last week's 
sharp falls in the wake of Tues- 
day's tough budget statement. 
Un average, bond prices are 
currently between 1* and 2 
points lower than they were at 
the start of last week. 

The bond market was prepared 
for an uncompromising budget, 
but the sheer size of the increase 
in the Government's funding 
programme left many dealers 
breathless. Early arithmetic is 
necessarily hazy, but it begins 
to look as though official 
demands on the public bond 
market next year will rise by 
well over half from an expected 
Fl 2bn in 1978 as the overall 
public sector deficit heads 
towards a record Fl ldJJbn. 

This harsh news was com- 
pounded by a sharp downwards 
revision for the balance of pay- 
ments surplus this year and the 
revelation— a day later— that 
the deficit for July had leapt 
dramatically. So far, and thanks 
partly to support from the Dutch 
central bank, the adverse foreign 
exchange movements in the 
guilder have not been too 
ominous. But clearly these are 
tricky days for bond market new 
issue managers. 

The market is presently 
digesting a smallish offering 
from the mortgage bank, 
Westland-Utrecht Hypotheek- 
bank. This Fl 50m issue runs 
for 20 years and carries a coupon 
of Sj per cent It is subordinated 
and is priced at 100.5. 

Over in Rome, the Istituto 
Bancario San Paolo di Torino is 
to launch a L35bn seven year 
bond, partially convertible Into 
shares of the state-controlled 
telecommunications firm Itai- 
cable SPA. The bonds will be 
priced at 95 per cent and carry 
a coupon of 12 pec cent They 
will go on sale from next 
Monday. 


Thebe Moles having been sold, Ibis announcement appeal s as a mallet a( record only, 

ftSIjioU^Jui 



sonatrach 


|Ui hr 

LJ - 


SONATRACH 

Societe Nationale pour la Recherche, la Production, le Transport, 
la Transformation etia Commercialisation des Hydrocarbures 

Guaranteed by 

BANQUE EXTERIEURE D’ALGERIE 

BAHRAINI DINARS 8,000,000 

• 

8/i per cent. Guaranteed Notes 1978/1988 

. (Redeemable at Noteholders’ option in 1983) 


Gulf International Bank B.S.C. 

Abu Dhabi Investment Company - Al Saudi Banque, Bahrain 

Arab Petroleum Investments Corporation (APICORP) 

Banque de Tlndochine et de Suez 

The Chartered Bank (Offshore Banking Unit -Bahrain) 

Compagnie Luxembourgeoise de la Dresdner Bank AG 
- Dresdner Bank international - 

Kuwait Foreign Trading Contracting & Investment Co. (S.A.KJ 

Scandinavian Bank limited 


Banque IntercontinentaleAra be •. Bank of Bahrain and Kuwait B.S.C. 
American Express Middle East Development Company, SAJL 


Bahrain Investment Company BB.C. • AlahJi Bank of Kuwait (K.S.CJ 

Banque de Paris et des Pay s-B as • DGBANK 

(Bahrain Offshore Branch) Deutsche Genossenschaftsbank 

The Gulf Bank K.S.C. • UBAN- Arab Japanese Finance Ltd 


1 st August, 1978 





jAlltfaJalljiLUd 



THE BAHRAIN NATIONAL OIL COMPANY 

US $60,000,000 
7 Year Project-Linked Loan 

Guaranteed by: 

THE STATE OF BAHRAIN 


Managed by: 

Gulf International Bank B.S.C. 
Chase Manhattan Limif od 
Citicorp International Group 


Lloyds Bank International 
Limited, Bahrain Branch 


Arab Petroleum Investments 
Corporation 

Chemical Bank International 
Limited 

Grindlays Bank Ltd. 

Scandinavian Bank Limited, 
Bahrain Branch 


Provided by: 

■ ' Algemene Bank Nederland N.V. • Arab Petroleum Investments Corporation 
BanqueNationale de Paris • Canadian Imperial Bank of Commerce 

- Bahrain Branch - 

The Chartered Bank ■ The Chase Manhattan Bank,NA • Chemical Bank 

Offshore Banking Unit-Bahrain. 

Citibank, N.A. ■ Continental Bank Ltd. ■ European Arab Bank 
Grindlays Bank Ltd. * GuK International Bank BB.C.- Gulf RiyadBankE.C. 

-Bahrsua- 

Lloyds BankXnteniatioiial Limited * MidbrndB ankT.imit pH -National Bank of Bahrain 

— Bahrain Branch - 

National^ Westminster Bank Ltd* Scandinavian Bank Limited* Soddte Generate 

-Bahrain Branch.- -Bahrain Branch- 

State Bank of India * Union de Banques Arabes et Francaises~UB AP. 

-Bahrain- -Bahrain Branch- 


AgenL- 

Gulf International Bank B.S.C. 








30 


This announcement appear as a matter cf record only. 
*<■**!?*** 



Republic of Panama 


US$300,000,000 


Medium Term Loan 


Managed by: 


Bank of America NT & SA 
The Bank of Tokyo, Ltd. 

Grindlays Bank (Jersey) Limited 
The Royal Bank of Canada 
The Fuji Bank Limited 
The T okai Bank, Limited 
Bank of London and Montreal Limited, Nassau 
Standard Chartered Bank Limited 
The Mitsui Bank, Limited 
Trade Development Bank Overseas fnc. 
Bankers Trust Company 
First Pennsylvania Bank NA 
Banco de Santandery Panama SA 
Banque Nationale de' Paris 
The Mitsubishi Trust and Banking Corporation 
The Sanwa Bank, Limited 
Compagnie Luxembourgeoise de ia Dresdner 
Bank AG — Dresdner Bank International 
The First Pacific Bank of Chicago 
The Hokkaido Takushoku Bank, Limited 
Tokai Bank Nederland N.V. 

Union Bank of Switzerland (Panama) Inc. 
Banque Continental du Luxembourg SA 
The Dai-lchi Kangyo Bank, Limited 
The Nikko (Luxembourg) SA 


Citibank, N.A. 

The Bank of Nova Scotia International Limited 
The Industrial Bank of Japan, Limited 
Chemical Bank 

Toronto Dominion Bank de Panama SA 
The Kyowa Bank, Ltd 
Security Pacific Bank 

Associated Japanese Bank (International) Limited 
Republic National Bank of New York 
Bank of London and South America Limited 

Panama Branch 

The Sumitomo Bank Limited 
The Bank of Yokohama, Ltd. 

Marine Midland Bank 

The Saitama Bank, Ltd 

The Taiyo Kobe Bank Ltd 

Banque Canadienne Nationale (Bahamas) Limited 

European Brazilian Bank Limited— EUROBRAZ 

Fuji Bank (Schweiz) AG 

Partnership Pacific Bank N.V. 

The Toyo Trust and Banking Co., Ltd. 

Bank of Scotland 

Banque Franqaise du Commerce ExtSrieur (BFCE) 

Midland Bank Limited 

The Sumitomo Trust and Banking Co., Ltd 


Agent 

BANKOF AMERJCA" 














^ The Bank 

that puts 
productivity i 

first I 


Productivity is the motivating force 
of economic life in Baden-Wurttem- 
berg. one of West Germany's most 
dynamic and prosperous states and 
the headquarters of some of the 
world's most prestigeous names in 
business and industry. 

Productivity is also the cornerstone 
of our banking philosophy at Landes- 
bank Stuttgart, one of southern Ger- 
many's leading banks, with assets of 
DM 18.7 billion and headquartered in 
Stuttgart, hub of Germany's industrial 
Southwest. 

Landesbank Stuttgart is a govern- 
ment-backed regional bank and is 


part of the vast nationwide network 
of sayings banks. Wfe offer a compre- 
hensive range of commercial and 
investment services including foreign 
trade financing, security dealing, un- 
derwriting operations and project fi- 
nancing. For refinancing purposes we 
are authorized to issue ourown bonds. 

For a banking partner whose first 
priority is productivity, just contact us 
at Lautenschlagersirasss 2, D-7000 
Stuttgart, Tel.: (0711) 2049-1, Telex; 
7-22701, or our Representative Office 
in London at Portland House, 72-73 
■ BasinghaJI Street, Tel.: 01-6060052, 
Telex: 8814275 LBS LON. 


Landesbank 
Stuttgart W 








Financial Times Tnesday September 2$;39% 



' NEWS 


AUSTRALIAN COMPANIES 


Associates ; Second-half 

boost __ twt 

McH wraith ThODlSS iN 3 


recovery at 


results i BY JAM* FORTH /. ■ 

. . _ Thr jSoru 1 ■ Atlantic • sjussig 

B, On Own C-rrepontart ;TBE IXTEIMATIOXAI, tBte- operation. Trips fteigW ffl 

.... ; pert gronp, Thomas -Vanonjride PP=s taSrred a loss oi ASUm fe 


results 


„ __j nrncr ess in incurred * 

SYDNEY. Sept 2o. Tracspon, made a .ste&pg adiary mad e go od jg gj* ^ vear . The Eurppe^l^ 
NSTVE NATURE Of recovery in earnings m .the the second pan, reroveniig « onpratiort .a/wS 


THE DEFENSIVE NATURE of recovery in earnings m * the the seconc 
the one-for-two scrip issue I second half of 1977-78, but it was targe part 
announced recently by the 'still not quite enough to prevent and aiding 
shipping and investment group, i the first downturn in profit fine* a loss fo: 
Mcllwraith McEacharn was joining the stock exchange, listy AS500. 000. 
emphasised today when the . ia 1S6L Group profit dipped 15 Losses i 


iup, , the first downturn m pront Since a loss iv» * — — - new erotm in which TNThas.** 

was joining the stock exchange, lists AS500.000. “" S West" - 

them 1S6L Group profit dipped 15 Losses . in the 


Citicorp international Group 

BankAmerica International Group 

The Bank of Tokyo, Ltd. 

Co-Managed by: 


The Bank of Nova Scotia Group 

The Industrial Bank of Japan, Limited 

Chemical Bank International Limited 

Lloyds Bank international Limited 

The T okai Bank, Limited 

Toronto Dominion Bank de Panama SA 

Grindlay Brandts Limited 

The Royal Bank'of Canada 

The Fuji Bank, Limited 

Republic National Bank of New York/ 

Trade Development Bank Overseas Inc. ; 

Banco Nacional de Panama 

Provided by: 



to AS4.65m (UJ3.S5.4m). (U.S.S53Sm>. ^ been treated as an extraordinary 

The directors of Mcllwraith are- group, however, made item. , _ nf 5£ 


contesting 
offer for 
Industrial 
posed a it 


least AS1 a share, and possibly results from the group's Europe- rose from AeSLIm to g.4m, wmch was in toe , boote d 
AS2 a share. IEL, which has Nigeria shipping operations and Canada from AS2.Gm to AS25m. AS7.65m.__ has vim ~ 8Wr.^ 
offered A§3 a share for 50 per a poor result from the /New Brazil from ASlAm to ASl-am. Atlan tic Kicrmela for A$2S2£;. 

cent of remaining holdings, ■. __ L ■ r L. : 1 

cl aim s that McDwraifh shares are .... ' :.-••• 

worth ASAS5 and that this could __ 9 . ' m - - - .. - «- 4* . -r-^. 

Earning increase at Fairfax 5 

the EEL figures are too high and - 

have valued the shares at not less BY OUR OWN CORRBPONDENT SYDNEY, Septjft ■: 

^The^ofiL now announced in.: JOHN FAIRFAX the : major issue. The result equals earning profits was the group* decreaa 
dude Mcnwraith's emiitv in re- newspaper, broadcasting and of 19.6 cents a share. ■ ing reliance on the' highly mA 

tttod eunriro S of associated publishing group, raised its, earn- • Amalgamated Wireless perttive colour .televfsioa 


BY OUR OWN CORRKPONDENT 


SYDNEY, Sept' 25 - ' 


tained earnings of associated ? u 


The equity contribution from ~ e amount of the deficit of the- James Forth. Profits of Aiutra- entertainment area, r.-; ;- 3* 
associated companies rose from Sydney papers, but sai d that H. jia’s largest locally-owned elec* The anhuafWviflend is rate® 
AS2.Sm to AS3J5m. ' A-as smaller than in the previous tronics group rose 21.7! per cent frri _ 10 - ^ ■ 

The latesTresuU equal* steady year. Group sales rose M&B£.from ASS.SSm to AS6.81m 
earnings per share of 39.7 cents. from ASlS2m to A3238m^ ^ fUSS7.S7m). ' - ■ °7 

which would equal 265 cents on ttS.32o3m). . _. L‘ . The figures reflected n - solid earnings of cents a snare cm 

capital after the scrip issue. This ! The dividend for the year has gain of 33 per cent in the second pared with 35 cents, in 1976-71 
would provide ample cover for been set at 10 cents a share, half whea profit rose to AS4m. The scrip issue. Is the first sine* 
the 75 cents a share dividend which is an effective increase on Moreover, the directors said- that 1070 and -the Board! said ft wa 
paid again this year, and which the 105 cents rate of 1976-77, as results had . improved - further expected to maintain the highe 
the directors said would be.it v.il! be paid on capital In- since the balance date. . dividend rate.. oE the increase? 
maintained on the higher capital ; creased by a oae-for-four scrip A major influence on the yearis capitaL ’ - . 


Profit rise 
foreseen 


Union seeks aid for shipbuildei 


by Pro tea ! by yoko shibata ....... Sept 

* . -AN APPEAL for Government It went bankrupt three months . small regional bank oh the islarii 

By Richard Rolfe 'assistance to be given to Usuki after the Shipbuilding . and of Kyushu, where UndcT-i' 

JOHANNESBURG. SepL 25. ’ Ir 03 Works, the medhim-sSzed Machinery Workers Union, had located, and the parent compasc 

THE conglomerate, pfrotea Hold- Japanese shipbuilder which rejected a rationalisation plan refusecf to lend it further moodj- 

ings — which ha«; about SO recently entered bankruptcy re- calling for the .closing of the Under a recommendation, ft 

operating subsidiaries, active . organisation, has been made by larger of the tCMBpan^s -^two -fa QnmeU pf-RatfiinaHsattoaV 
mainly in chemicals, electronics, tos seft-wicg All-Japan Ship- yards, that at Saiko, which is- .nil - ii; 

instrumentation, medical suo- building and Machinery Workers dominated by the union. . and ShiiAmUding hi 

plies and engineering— forecasts ‘ Union and the secretary-general other yard, at Usiiki.. is oigaa- dustnes, an advisory body to ihf 
earnings of at least 32c ner sha.-e : a? the Genera: Conncil Trade ised by the more conservative 'Transport. Minister, UsufiS -ltOi 
for its current year to' June 30. Uivons of Japan fSohyo).. union, the Japan Confederation Works.hasr to reduce Sts facilitte ' 


. - TOKYO, .Sept 25. 


152c, which puts them on a pros* . organisations, and also in the criticism . and determined rejec- the ; closure of one of the lw 
pective yield of 10.5 per cent, i placing of new ^upbuilding tion by the Shipbuilding and slips: : • It Is J doubted whetfte. 

The shares touched a low of: orders by the Government Machinery t Workers Union, the rehabilitation is possible wit! 
55c at one time in 1977, reflecting organisations. company dropped the proposed one building slip- Tu this respect 

fears of a dividend cut and! Usuki Iron Works — 55 per cent closing of the Saeki works. Mr. Mtsuo Temizuka* secretary 
general disillusion with the con- owned ay Ishikawajima-Harima Instead it proposed the volun- general .of Sohyo, has asked Mr' 
glomerate concept In the event Heavy Industries — applied for tary retirement of 550 workers, Fuknwaga to ; consider the laboni 
the dividend was held and the : reconstruction under the Cor- which was accepted by tbe union, unionists, appeal before catryiof 
shares have proved a strong per- porate Rehabilitation law in late However, the company declared out the: rationalisation jplan .far- 
former over the past year but are : July. bankruptcy after Oita Bank,, a Japan's shipbuilding capadty. . 

still rated more lowly than the! . = . . r : • • : ' r . '' . •’C ' -, 


industrial index average yield of ' 
7.8 per cent In the current year, i 
the proportion of tbe dividend' 
paid at the interim stage is to be ■ 
increased to 5c from 35c last 1 
year. r 

A major financial objective has ' 


Bid for SPP below asset value 


BY ANTHONY ROWLEY 


• HONG 1 KONG, Sept 25.' 


/i w-Jif v « r oi- ■ vestments is prepared to pay in a Hong Kong subsidiary of the 

debt With a cash flo-^of R4.om| its HKS121m <USS25m» bid for Bankers Trust group, which to ■-»W 

last year, this objective v, asjthe 70.9 per cent of Southern advising SPP on the offer, says ^d that they will reinvest. 

l0 °S-jerm debt; p ac ja c Properties it does not it believes that the company's the -proceeds of the offer for theai. 

ceS P at the reared? SiScfthe? ?7 ady rt , OW ^rrS substontiaHy realisable asset value is “signifi- total holding of 13,000 SPP dufim 

? fisher S of J® °T J*™*'?* “■?* cantlyless” than the atate^net in acquiring- a znindrity interest 

debeSm-es w?S an^verage'Yife f™ai°offPr^oMm?eS nS t0 0,6 35561 vaIu e r but “greater" than m Monex. a Liechtenstein writ 

of 17° years S u“o5r Snt hal « ffer hy Barrick. • •-./. pany formed to manage ^Barrick' ‘ 

been S As part of .the proposals.lt has Ultimately, Moneiand.Triadwffl-- 

raised. fo^nt 5 ^ 11111 ^ “StonE been ^ ttat ^ ™ 50 per cent of Barrid, 

ITT TT rprlonmc pyramids Oasis tourism project • -■ 


KLK redeems 
debentures 

By Wong Sulong 


! tho tbe offer by Barrick. pany formed to manage ^Barrick' 

IpS.! ^ Part of .the proposals Jt has Ultimately, Monex and.Triadwffl-' 
vol^mSt ^ the Abortive be?n agreed that tW0 toctbr5 each own SO per cent of Banrii*. 


j In Egypt, against which SPP, the 
hotel group has provided 
HKS21.5m. SPP says that it can- 
not yet assess the outcome of any 
possible legal claims in connec- 


HK Land in flats deal 


Byron Richardson 


HONG KONG, Sept -Sfi; :• ’ 


KUALA LUMPUR, Sept 25. lion . with toe cancelled Egj-pUan HONG KONG LAND COMPANY a total sale ^alue of more than - 
KUALA LUMPUR-KEPONG. the Project. . has won a Contract to build. eight HK$110m . (UJS523m) _ on the / 

fourth largest Malaysian planta- jHarrick investments is a blocks of 16-storey fiats, under development. - - 

tion group, is to redeem another ^“Olly subsidiary of the the Government’s recently intro- - Hong Kong Lan d has undei- 

6m ringgits of its debentures by entrepreneur, Mr. duced home-ownership scheme, taken to manage the p reject 'for 

public ballot ^namKhashoggi s Luxembourg- Tbe project calls for the" con- at least five years 'after - 

Tbe company issued 24m f , . ase ° Triad Holding Corpora- strucoon.-of 1,000 fiats ranging completion, 
debentures of one-ringgit each u on. and is making the offer for from 430 -aq ft to 579 sq ft at The publicly listed developer, - . 
in 1973 to raise funds to enable spp b 7 way of a legal scheme of Tuen.' Mun, in the New Great Eagle Company, ' tortipgfc 
it to develop a major project, ar S^ 6I IL“h T ^ Territories. subsidiaiy, has -also - b era 1 

involving the planting of 22.000 Holders o. 47 per cent of SPP*s Under tbe terms of the home- awarded a contract under- the 
acres of oil palm in Johore State, snares, maud ing Peninsular and ownership scheme, private con- home ownershrp scheme. It 'iS- 
The debentures bear an annual oriental steam Navigation Com- tractors submit proposals and a to build 506 flats in "ninfr blocks 
interest of 10.5 per cent. pan.L Trust Houses Forte and tender premium for construction In. 'Kowloon. The sale value of ’’ 

KLK feels the interest on its; J- G- Boswell Company, have of residential blocks to Govern- the flats is about HK$54ml V Z: ' 
debentures is now too high, and agreed to accept the. SO cents a men t specification on land 'pro- The homeevraershlp scheme' 
now that the group has regained share offer, which is equal to 21 Tided by the Government. 1 The was introduced by the Goverfl- ■ 
its liquidity because the Johor’s times expected earnings for this contractor retains the revenue' ment at l the beginning ■■■-of-IWS 
project is earning, the group has year. from sale of the flats. The sale to assist families with ; iUfion£es 

sought to redeem a large volume It is also 54 per cent above the price of the Tuen Mun flats will of less than HKS3 500 a 'numth . 
of its debentures. stock market price of SPP shares average HK$220 per sq ft, putting to acquire their own hOmes, :rfi . 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


s* 

--’in 


STRAIGHTS 

Alcan Australia S3 pc 13S8 _ 

AUBV Bpc 1987 

Australia 91 pc 1993 

Anstralian M. * S «ipc *93 
Barclays Bank sjpc 1992 .. 

Bawarer Sine 1B03 

Can. N Railway SCdc 19SS 
Credit National sipc 1988 .. 

Denmark 81 pc 1W4 ...... 

ECS 9pc 1999 - 

ECS Slue 1997 

EEB 8*pc 1992 

EMI SiDC 1989 ...... 

Ericsson 84pc X939 ......... 

Esso 8pc 1996 Nov. 

GL Lakes Papor Mpc 

Hamersky Bipc 199! 

Hydro Quebec 9pc 1K2 .. 

ICI BJpc 1987 

I5E Canada Mdc 19SG 

Macmillan Bloedel 8 pc 1992 
Massey Ferguson 9ipc *91 
Mkbelin Sipc 1988 ... mm .. 
Midland lot. Fin. Sipc *92 
National Coal Bd. Spc 1987 
NatL Westminster 9pc 1S88 
NaU. Wstnxnstr. Bpc ‘Sfl *B’ 
Newfoundland 9pr 1989 .. . 
Nordic lire. Bank 83pc 1998 
Norses Korn. Bk. 8)pc 1993 

Norplpe 8Jpc 1989 

Monde Hydro Sipc 1993 

Oslo Spc 1938 

Ports Autonomes 9pc 1991 

Prtre. Quebec 9pc 1995 

Prtre. Saskatdnra. Sine *86 
Reed lutemabonal 9pc 1987 

RHM 8 PC 1992 - 

Selection Trust Sipc 1989 
Shell IiuL Fin. Sh>c 1999 
SkandL Rnskilda Opc 1991. _ 

5KF Spc 1987 _ 

Sweden rK’domt Sine TSS7 
United BbKutts Spc 1969 ... 
Volvo Sac B37 March ...... 


NOTES 

Australia 73 pc 1SS4 

BeU Canada 71pc 1987 

Br. Columbia Hyd. 7Jpc ’S3 

Can. Pac. Sipc 19S4 

Dow Chemical Spc ifiSti ... 

ECS fipc 19S2 

ECS Sipe 1939 

EEC 73pc 1982 

EEC 71 pc 1S84 

Enso Gutzeit Sine 1884 

CoLarerfcon 7ipc 1982 

Kocknms spc 1933 

Mtcbclin Sjpe 1983 . 

Montreal Urban Sloe 1981 
New Brunswick Soc 1984 
New Bruns. Prov. S3 pc -S3 
New Zealand Sipc 19S6 
Nordic Inv. Bk. 7ipc IPM... 
Norsk Hydro 7lPC 1BS2 
Norway 7iue 19S2 .. 
Ontario Hydra Spc J9S7 [. 

Singer Sipc 1982 

S. of Scol Elet Sjpe 1381 
Sweden nt'dom) 7Jpc 1832 
Swedish State Co, 7jpc *82 

Telmex Sipc 3984 

Termeco 73pc IP87 May ... 
Volkswagen 7Jpc 1987 


DM BONDS - 

Asian Dev.. Bank «pe 1988 

BNDE SIPC 49W 

Canada 4Snc 1683 

Den Norske DM. Bk. Spc -VS 
Deutsche' Barit 4Jpc 1983 ... 

ECS wpc-1998 : 

ETB 5fpc IBM— i. 

ETf AUBdiame Sipc 1988 
Enrarom Sloe 1987 — 

Finland JBpc IMS — — 

Forsmarftt' Spc, . 1996 ...... 

Mexico 8ne 1899 

Noroam 5} pc' 19W 

Norway 4tpe 1983 

Nor way 4(pc 1383 

PK Bsnkpn Hpc 1988 . — 
Prop. Qpeboc.spc 1999 — 
Rautamdtki Sipc ^688 ~ — 
Spain Spc 1 988- ■■ — 

Trandbetm 5|pc.rass — 
Tvo Power Co. «PC 1688.. 
Venezuela: SPC -168S 
World B4nk Sipc 1699 —~ 


FLOATING -RATS NOTES 

Bank of TakJrcr 1984 Sipc ... 
BFCE T984. PTjppC. .... 


STERLING BONDS 
Allied Breweries lOipc 1999 

Citicorp Upc 1993 

Counaulds 9Jpc TOB 

ECS 9Jpc im 

Ere Pipe 1938 

EIB 9jpe 1992 ... 

Finance for fod. Pipe 1987 
Finance for lnd. I9pc 1383 
Fisans I0ipc 1987 

Cestetiier 11 pc 1988 

INA l»Pc 1988 

Rowmrre jajpc 13S8 

Soars Wipe 19S8 

Xwal Oil Sipc .1984 


BNP 1983.S9upC 

BQE Worm* 3® 9ptt 

CCF 1983 Bter.W 
Chase urnihtm. VJ 95tfpc 
Credhanaalt 1994 Hpc 
DC Bank 1987 9pc 
GZB 1981 MPV— — 
intL wesonflnter -»84 8pc 
UoydS-,1983. SffttPC 
LTCB 1983 91»pe 

MMittf inL're.w'sm 

Mldiaad ZaL FB'Vs W^pc 

Nit. Wesnnfofitt-'’W4»»tB : 

okb 1983 ;. 

RNCF UBS' BS&PC 


COHVHmBLES 
American Express «dc *87 
. m Babcock & Wilcox 7pc *91 
99 Beatrice Foods 4*pc M92_; 
lflftj- Beatrice Foods 4ioc 1992... 
39 Beecham 6ipc IS E 
93 J Boots sine 1905 

935 Borden 5pc 1992 — 

. . 95i Broadway Hale 4tl)c l8S7.„ 
68} Carnatfon 4 pc 1987 
98i Chevron ape i68S ; — 

96 Dart 43pc 1987 

8a Eastman Kodak 4}pc 19W 

. 90 Economic Lata. 4|pc 1SS7 
e» Firestone Spc'1988 

88 Ford 3 dc 1988 

97} GebcraT Electrte. 4toe 1987 

. ga . Gillette -4Jpc W8r,..>.L. 

• 95 ' Ctflf and Wesfern 5pc l988 
-97i : Harris 5 pc 1993 

97 -Honeywell Spc 1988 - T.. 

» Kir 8{pe 1*92 -. - 

: mr-gNA «« 1997 

99 lDcbcape Gipc 1992 

;ITT 4fpc 1987 . 

,-^usco ape '1993 

„ Kcnratsn ' Jjpc 1990 ... » 3 

-mJ. Ray MeDwtnofr «PC W 
'• m - MaiflUflWta Hpc JB90 ........ 

jS* -iMItwl J9pe 1990 • 

■ {U" J. P. Mprgan. dipt! 1987 ... 
S3 .. Nabtscn »pe 19«-1™.-U 
SJ'.'.Ownns Illinois -lipc 1987 ... . 
i Mf: J. c. Penney 4ipc HW7_,.. 
IM Bevfon. 4|pc 1987 
-loot' B«mo Mauls spc lags ... 
ju -Sandelk Alpc 1988 ; — 

16«i- Snerry Hand 41 oc 1887 „. “ 
^ SdUlbb 1987: ^4— ' 
gaj- Texaco «PC. 1988 


BU '. offer -. 

a ■ . m ■ '■ 


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W X. 

8K 

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87 

m *9 

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78 

■S4 . 

83* 

as- 

87 


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gj .Tam* tot. Airlines 3i0t *93 • 
m& Toshiba. Bine iW 


Toshiba Sipc U92' j, 

Ty C0..5pc.tflaf^_^~T- 

ScmrceV Klddec.-PeAbody 


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V "-^oessi 









*utu 


inancial Times Tuesday September 26 1978 


*w. 


aying the foundations of 
EEC shipping policies 


cMi-t -W-* 


CHANGES IN THE EEC 


MiUwn Cioss Reqaieied Tom 


BY IAN HARGREAVES, Shipping Correspondent 


10 a raw snipping 
qj, e European Comi 

dl Tfll? 10 tD e:f P Ioro in 

* Ijjfimghi apply the 
4ic constructively 


lUfi 


{a** 

tUi 


.E." BRITISH shipowner extent. Denmark, are easily 

V. " 5 at this month's Brussels listed. They start with the 

nee on EEC shipping basic proposition that liner 
'-was brutally frank about shipping and. maybe even areas 

• j ... . . . . ‘ olives for" attendance, of bulk shipping, are bound la 

* .. . • ^ ■ '1. an’t afford not to take an be subject lu increasing govern- 

. : t because that would mental control from adminis- 

letting the bureaucrats [rations in developing countries, 

■ 7 .;>n an industry which is which control most of the raw 

them.'* he said. materials and which are 

’ Vill the participants at the ambitious to increase their 
: le conference took either shipping. The list roads: — 

- < ... iefensive or cynical view. # The EEC must take a common 

• ~ ' unon to most was a sense position on the United.' Nations 

: rise that the EEC is only liner code, which proposes 

• ‘ .siting to frame a policy sharing cargo in the proportions 

iping. une of the world's 40 : 40 : 20 between the ship- 

; industries. ping lines of the exporting 

precisely, having estab- country, importing country and 
through the courts in third countries (cross trades). 
■- at it has both. a right and Acceptance by the EEC 
fVA g* t > to draw shipping into its would trigger the operation 

**Vi £i qi e European Commission of the code and head off 

Aj jinlsun to explore in detail more dangerous and extreme 

,r idfnughi apply the Treaty unilateral or bilateral policies 

tic constructively rather for reserving cargo far the 

jrfunctorily to an indns- exporting countries' ships; 
ich. along with aviation, * The EEC must be seen to 
' 'ar been neglected. possess a common resolve on 

• ' . 7 : : lis stage, the Commission shipping matters in order 

: • > grand shipping policy effectively to frighteh and. if 

' ‘res. But in seeking to necessary, legislate against the 
'"-•he Community’s competi- growing* encroachment of Ihe 
: : ' Johcy to shipping, in Eastern bloc in its shipping 

. ig a common European trades. 

t0 . Eastern blocs other items could be added, 

~ Q ns into Western snip- f>Ht these would not command , 
^-reserves and in edging suc h W j£j C support- Cases in 
5 EEC compromise on p 0 j n j would be a collective and 
. i liner shipping code, the morc effective control on polln 
-^•ssion is probably laying tom ^y ships and straight 
. mda lions of just such a forward protectionist devices. 

But for the moment, the l T N 
' tuallv. the policy will cot j c ^ ar t j, e tt . n ( re 0 f the 
•-* address even more com- 5 t a g e . second Commission 
ind important matters, compromise will be considered 
s the differing national foy transport ministers' in 
4 r t the rights of outsiders November and Britain w*ill be 

' / ji m - j i? i|T coastal trade and the under enormous pressure to 
M | f sfif chicly complex question of c j ve W ay so that the code can 
*-vi jjjjnislng shipping taxation become effective before' the 
ff- United Nations Conference on 

Trade and Development meets 

„ ■ ercapacity in the mid<Uc 

‘ ill also have to decide B ™ Lsh opposition to the code 
. r it can. in conjunction is based upon thc tenet ll,at ,l 

- Community policy for the is cumbersome, badly worded 
. "■ tiding industry, do any- a « d ^ates a dangerous in ter- 
. -about the gross over- Phonal precedent of political 

- - -y which is prolonging rather than commercial alloca 

• - pping crisis and whether tlon of car SJ )es - f ntJ5b bb,p 

■ Community acUon ^ owners would prefer to go on 

" -riate in relieving directly d « !in S with the threat of uni 

. directly the financial | atera] * nd b ‘ ,atera * P» p “» 

i of EEC shipowners fl V n . lbe dev ®taW n R 

- hv the ci-jcic world as they have done so Tar. 

Even the Commission's ant} the 

' v it^fll iSvfto^Sess 0Tber states ’ a S reemenl thwfr'ihe 

- -Ij. it will nave to assess TOde no , be appUed laintra 

• -r in a * hippi " 8 EEC and if possible, intra 

subject to regula- 0ECD sbippillg do ^ s 

: _id protectionism from the comf^ the British.- who say 
_ aing countries and from tho Qade mean costjipr, j ess 
•. r. s „ the EEC should efficient shipping and. naturally, 

' : a i- n bl ° C /' lth a smaller cargo share for 

-ectiomst fence of its own. Britain's ships. 
ou l d * nvo L i ; e surcharges ^ Germans, with strong 
• - in-EEC shipping lines backing from France and Bel 

- — ; the Community. gium. say that ratification of 

'or the moment, the Com- the code would not only pre^ 

$ * I .1 CZi? * s proceeding with vent more serious unilateral 

/JVp- "Modest and prag- cargo reservation policies, but 
| were the adjectives would provide the shipping 

to describe the approach world with an internationally 
". Richard Burke, the agreed document which accepts 

- Transport Commissioner, the role of shipping conferences 
he gave Jiis first major for fixing rates and for pooling 

on shipping matters to the resources of different opera 
- ' inference. Given that tors. It is also true that the 
-ijority of his shipowner pm-endists stand to lose less 

• .'e shudders equally at f rnni the 40:40:20 formula than 
. J dogma and bureau- dne5 Britain, which is, like 

.intrusion, this was not. a Greece, Sweden and Norway, 

ittempt at an Irish heavily dependent upon cross 

le * trading. 

' owners outside the EEC 
: that the path towards a T . . 

ed community shipping JntTlC3ClCS 
.i ,y may be a short one. . 

- J ^ ti-ftof Sweden,- for example, The intricacies of the argu 

[ l L j -1 fii i^-eady given e-s its reason ments for and against the code 

• j ijk'-* 4Ck : veloping a UK base the are manifold and indeed the 

. - , o have a point of registry needle of the conference 

. • *' . the EEC to prevent its seemed sometimes 1o be stuck 

■ on in the event of tariff in these grooves. This is an 

■s or restrictions on the especially important shortennj 
of non-EEC shipowners ing when it is realised that on 
ain trades. most matters of international 

; un the Community, shipping policy, Britain and 

• are divided both about West Germany, for example 
jsirability and likelihood are the best of allies. 

- ft progress. Sotne^ like But the question of the code 
Eferi-Heinz Soger, deputy has now built itself to a level of 

- an of the German ship- psychological importance in 
company Hapag Lloyd, European shipping. This prob- 
m doubt what is at stake, ably means that without agree- 
d: “In the absence of any ment. the momentum of the 
iriate shipping policy or general shipping policy initia 
■ve legislation, liner ship- live would be seriously under- 
in Western Europe is mined. 

sued in its very An aroused spectator of this 
ice." As the graphs show, drama is the Eastern bloc, 
EC’s fleet is steadily de- whose liner tonnage now 
in world significance, almost equals that of the EEC 
reasons for the Sager and whose predatory rate-cut- 
,n * which is broadly ting has won Its shipping lines 
1 by the governments of up to one third shares in some 
-• C’* ^ ‘ EEC. members except trades in a space of a few years 

- =* w - , : n and, to a slightly less or even months. 


In seeking to rehuff thc 
Russian maritime bear, the 
EEC has made itself look 
foolish. It tried to keep lis 
anti-Soviet manouvros cunii* 
deniial. but of course every- 
thing leaked, and when the 
Commission finally got in the 
lioint of proposing a modest 
action programme (counting 
the nuraher of Suviet ships in 
Ms ports), it found the French 
insisting on the same treat- 
ment for flag of convenience 
ships. Tho initiative is now 
moving, hut slowly, and Mr. 
Igor Averin, head nr foreign 
relations with the Soviet 
Ministry of Merchant Marine, 
looked far from being the most 
worried shipping man in 
at the conference. If the 
tougher anti-Soviet measures 
talked about in thc EEC, such 
as port surcharges on Russian 
ships or even outright bans, 
come to pass. Mr. Averin says 
the Soviet Union will simply 
retaliate in other areas of trade 
where his country is in deficit 
wuh Western Europe. 

These subject 6 show every 
sign of dominating the EEC 
shipping debate in the next 
year as they have in the last 12 
months, but it is rather curious 
That this should do so at a time 


when the industry is passing 
through whut must shipping 
men regard as the worst slump 
in the industry's history. 
Where, it may be asked, is 
shipping's Viscount Davignon, 
ready with a declaration of 
manifest crisis and a protective 
package to go wiib it? 

Some shipowners, but still a 
minority, answer: where 

indeed? The majority still fear 
ra tiier than covet thc idea of 
government financial support, 
which they believe would he 
the fir?>t step towards sub- 
stantial nationalisation. 

Whether this attitude changes 
will depend upon thc length and 
course of thc recession. 
Britain's owners, traditionally 
among thc most conservative 
and most strongly opposed to 
state intervention, have this 
year swallowed their pride and 
accepted one of Europe's few 
government - backed shipping 
debt moratorium schemes. 

Certainly, shipping has all thc 
hallmarks of thc other vrisis- 
striken industries which the 
EEC has assisted, such as steel 
and textiles.. II .suffers from 
gross overcapacity which only 
a recovery in the world 
economy can cure. European 
companies have relatively high 


costs compared with com- 
petitors in the Third World; 
and it la a key industry for 
the future in terms of both 
general economic strategy, in- 
visible earnings and employment 
(there are now 300,000 seafarers 
in the EEC). 

Having said this, it is going 
to be a difficult industry to 
protect and revive, even if the 
will for protectionism emerges. 


Overland 


There is the problem of 
administering any tariff 
measure for the hundreds of 
firms involved, many of them 
single-ship companies, and at 
thc end of the day there is the 
risk of diverting transport to 
less efficient routes — perhaps 
part of them overland — and of 
retaliation. 

One area where shipowners 
would unanimously applaud 
strong EEC action would be 
in curbing the desire of Euro- 
pean governments to bargain 
for the survival nf their ship- 
yards by subsidising their 
prices. Here, after what, for 
shipowners looked a promising 
start with talks of a 35 per 
cent reduction in capacity, the 
Commission is after one year 


of rebuffs back at square one 
and looking for a more detailed 
and less obtrusive means of 
regulating the industry. 

If the Commission could come 
up with a programme to wean 
European shipyards back 
towards market conditions, it 
might have an opportunity for 
bolder policy initiatives, such 
as a “scrap now and build 
later" effort to destroy some 
of the shipping industry's excess 
capacity. 

Global solutions — Mr. Burke 
is right — are a long way off. 
Apart from grappling with the 
code, the Commission's energies 
are now going into drafting a 
directive to apply the competi- 
tion rules of the Treaty of 
Rome to shipping. Mr. Burke 
is adamant that this will be a 
benign directive, guaranteeing 
the status of shipping confer- 
ences (cartels in any other in- 
dustry), but it will certainly 
produce new. if not onerous, 
forms of external supervision 
for the industry. This may help 
Europe in its search for a com- 
promise with the U.S. on inter- 
national shipping regulations 
later this year by giving the 
Europeans a half way house be- 
tween their present self-policing 
liberalism and American con- 


Total World Fleet 


World Son - Bulk F Icet ' 


Total EEC Fleet 


o+9l 

-*3j: 


"EEC -Pteseal 9nunnbcisll)rallyaars 
"Non -Bolli Heel includes goneral catgo 
and passeiujif/nrss vessataml same 

■msEEHanmus classifies! wh. 


I EEC Kon-Bulk Fleet** 

12-5< ! U_1 1 1 1 1 

1970 ’71 72 73 74 75 76 77 

^ Sanrct Lh^ Retail nl Stuffing CTtTTaCannatn 


trol based un anti-trust prin- 
ciples. 

Whatever happens. wilh 
Greek entry into the Community, 
the importance of EEC shipping 
is certain to grow in the short 
term from its present level of 
about 20 per cent nf the world 
fleet tn about 30 per cent. One 


of the Greek anxieties ex- 
pressed last week was that the 
new shipping policy will be 
formed in advance of the arrival 
of the community's biggest ship- 
owner. Such optimism about 
the pace of policy formation in 
the EEC could only be held by 
an outsider. 


% a * 


i l \\ 


. -k jp w - 


»- A. * -a. . * 

1 !f V 


CUMMINS ENGINE COMPANY LIMITED 

INTERIM STATEMENT 

The unaudited sales and net profit of the Company 
for the six months ended 2nd July, 1 978 as compared with, 
the sales and net profit for thc six months ended 3rd. July* 
1977 are as foBows: 


Six Months 
Ended 


Six Months 
Ended 


2nd July 1978 3rd July 1 977 
£48,207,000 £46,853,000 


Profit before taxation 
Provision for taxation. 

Net profit 


£1,391,000 

580,000 


£4,812,000 

2,359,000 


£81 J, 000 £2,453,000 


note. 

Corporation tax has been charged on the taxable 
profits for the period at the rate of 52 

Registered office and U.K. Maricetirig Headquarters; 
Coontbe House, St George’s Square, New Malden* Surrey. 


Possibility, 

proof 
Columbus 


NEC 


Many clever people in 1492 
entertained the possibility that 
the world might be round. But 
Columbus took the first 
important steps to prove it. 

And on October 10th, 1977, 
NEC provided dramatic proof 
before engineers, scientists and 
communication specialists from over 80 nations of what they all knew 
was possible. At INTELCOM 11' in. Atlanta, U.S. A., NEC was the first 
to actually send color TV images, voice, data and facsimiles across the 
ocean via a single phone cable and INTELSAT s Pacific Ocean Satellite. 

The experts were impressed that NEC activated its Tokyo computer 

from Atlanta, had Atlanta inputs 
processed in Tokyo with the results 
printed out in Atlanta. And NEC made 
all its own hardware — computers, 
phone switching systems, facsimiles, V 
and Telephone Video Systems. 

There's more. 

NEC even makes every level of communication facilities, 
including vital parts of the world's earth stations and international Njjj 
satellite networks. Yes, on October 10th, 1977, suddenly it was 
clear, no other company in the world today has proven 
such fourfold international communications 
capability, proven that the technology, of 

tomorrow can be 


'<ub ad- 


here much sooner 


than some people might think. 


Spreading the word to the world. 


Nippon Electric Co.. Ltd. 
For further information write : 
P.0, Box i, Tafcanavva, Tokyo, Japan 
Telex: MECTOK A J2263S 






. ._ .. Jaifiil 

.bU- 




:ommumcat:on cxccst 


Main Fields: ! excommunications / Radio Systems / information Processing & Industrial Systems / Electron Devices / Home Electronics 




• F— 


32 


: ; Financial Times Tuesday 



Currency, Money and 



Dollar remains 
under pressure 


THE POUND SPOT 


tank' 

hr ft. initn. this's 

5> .Spr*»l 


Ckc* 


FORWARD AGAINST £ 


Cap mouth % Tbrwmvniu- : t f-*. 


r>. s 

'.'jnaritsn S. 
UiiiUid 
■UrtK 1 *'! **■ : 
Danish K. ; 

1 1- Mark 
Port. Kw. I 


8 1. 640.1.7775 .1. 57»- l.b78Q‘il. 65-6^5. . nil. 

-)lj'2.J0W-LiZ7a ti2S-2 i».tt-ll.7ai.-.f.ni. 
51; 4.15a-4.1B 4-l7,-4.1*l '* >-.|>rtl ' 

6 - 80.50 cD.6S 'dO.4J bO.5d J 25 15 «-.|in 

8 10.54^ 

3 . 6 


3.B4 ,UM.85iM i" 

«. W ^2.05-1. Sx-.p'i' 3 *J* 
B.4B v. ;«■ 5*5 

3j7 si:S r. wn 3.97 
54i- lu.blj lO.iOi-lU.s l.j ; j«i- 2 "re ill* ‘—1.15 3*41., reni- *1.** 

L 2 4-b&-’. '3.63.1-3. 4 a jM3^5g p; jmi 9.76 -Slg b j.i | >ti< S.M_ 


18 ' 88.68-8.-.60 st.00 8s.5j i ;0-Ii0 .-«1i* 
8 US.75 I43.a- 143.23-142.3 ■ 25-125 r..lii 
10*2 I,hl9,- l.biflj l.c^S-LaiO ! 1-3 livills 
Ifl.lS- IU.17 | 31 1; i*rp pm 
- .fS-o.Ei j i, ■«•} i..|irii 
8.63.-:. (O'. . 4 3 rav ihii 
aiO-372 
27.811 27.M 
2.s4 2.95 


/ 

9*2 

Eli 

glj 

4*2 

1 


IU.14-1U.19 

B.58A-:.67 

■4&WJ5 
27 70Z7.9J 
2-951 2.99 


The US dollar continued io and compared with Friday's close ; *v.. 

decline m yesterday* foreign at $5.27;.. ; K 

exchange market and dropped. \ew \ ork— President Carter's! }trfll .|, >•,. 
sharply towards the close of statement to the IMF meeting in t -nrHmii K> 
business. Trading was not par- V.'ashincion that he uas deter- |Vm 
ticujarly Heavy, hut with confid- mined w maintain a sound dollar ; 
ence in .’the dollar at rock bottom helped the U.S. .currency to’ some j rr ‘ 

and a general scarcity of buyers, recovery here during the day.; — . - - : 

thTO seemed to be liLtle to stop However, dealers say that j Bcbun mu.- b for cmu-rubic iraocs. 

the dollar's fall. Against I he Swiss uncertainly suH rules the market ; ""’Sid he sw-asr 

franc, it touched an all-time low and t hal the trend still appears; Ra * ,or 5lB, ‘ " ' nouia ne ' M,3Sj " 

of SwFr 1.4S50 durina the day downward. Closing prices against ; 

before closing at SwFr 1 .45*10 com- jhe Vest German mark were THE DOLLAR SPOT 

pared with SwFr 1.5225 on D.M 1 .04 13. against the Swiss franc 
The West German mark’s Sv.Fr 1.4950, against 


. - 13.44 {UMbti I-. ■ l e -«*■*» 


-8JS liy-iM 

-1.47 7J-Sa .In -l»- 
2.57 iSi 0i ,. r f 4 * 11 * 
4,50 H 7i r. -.in 
4.16, .m- v ,ri 

j.55 4.25 T-i-m Tft.BI .'j.JrO-S.20 \ |<n 
17-7 ani pm x(7 i40^U »r<> I"' 1 
3*2-2 >2 r.pai ILK - .- i>m 


-bJfe* 

s.tra 

2.96 

4.52 

5.D5 

10.03 

9X3 

I1.E3 


Sis-mutiih forward dollar C.^a-^-lSc pm 
li month 5.33*5.430 pm. 


Friday. The West German marks Sv.Fr 1.4350, against ihe yen; 
appreciation was less marked but Y1S7.75 and against sterling SI, OS. September as 
it snowed a substantial gam at FRANKFURT — The dollar w as . carud'n i- 

DM 10422’. against DM 1.0530 fixed at D.M 1.9490 against , umidcr 

B reviouslv. "with a day’s high of D.M 1.9373 on Friday. Now*, jwawpjr 
if 1.9393. or a US! IKbn West Ger- “ a "’ 8 r h k Kr 

Using Morgan Guaranty figures man trade surplus for August ’ p^. Esc 
at noon in New York, the dollar’* appeared to have little effect at ura 
trade weighted average deprecia- ihe time or its announcement ; Mrar^n. Kr 
tion widened to 9.4 per cent from although Jatcr on the l: -^- : Kr 

9.3 per cent on Friday. On a currenev eased further to'y oa 
similar basis, the Swiss franc’s DM 1.94S0. The Swiss franc con- [ A ^, a seb 
appreciation rose to a record 10S.fi firmed to firm to another record Swiss Kr _ 
nr-r nanr n'Fiinet 105 S nor PPnl. .namji tho nonterha \Tarb rtf’ ’U.S. 


Day’s 

spread 


Close 


J1.T7-SS.2i 

2.U32-2J210 

3054-30.73 

5.368K.17BO 

I. Ml 0-1. 9513 

45-1MS.4Q 

S23JB-KUJS 

5052S-SOM5 

4.3875-U345 

4J49S4.«|» 

U7.W4SL30 

14.M3-U.12 

1.4T7D-U887 


85. 01-85- M 
2.US-2J17D 

3054-30 SI 

s.sm-ssrs 

1.931B-J.M20 

49J0-45JM 

S2S.7S-t2i.2S 

5 J58S- 5-1595 

4.35TOA3850 

fl.4M6-1.4070 

117. SO- 137X0 

M.MJ-14^71 

1-4879-14900 


per cent against 105.S per cent, asainst the Deutsche Mark of 
The continued rise in U.S. interest dm 1.3015 compared with 
rates appeared to have little effect d.M 1-775 on Friday. Elsewhere) 


cents per Canadian s. 


FORWARD AGAINST $ 


One month m, Three msnihs * 

CU24lX4c pm MZ - HK&SSMCmE Ut 

dST-asac pm 3J6 134-1. 29c pm 2.46 

2*ic pm 058 7-Scpm O- 78 

2.00-2. Store dh —54)2 43>7.2Sqrc dis — 5JC 
1.02-0.97 of pm 4J4 2.92-23TBf 9 m 5JJ 
25-X4Sc dls -2238 99-tOBc dls 21.62 

4 35-4.751 h-ed is —533 lOi-ili lire dw -4.92 
0 JMBtrc dls —U2* LaMJJScrc dis -U6 
0-S5-835C pm 1.70 B36430C pm 039 
0.40-8-Bv* pm 032 JJM.95wc pm Q.9S 
USt-LUy pm 731 33D-3 JOr B m *■** 
5JS-435yrp pm .4.04 U364.00prv pm 2.90 
U4-I JUc pm 931 3L3D-3Jttcpm *36 


on trading and the market is now t tie Belgian ft^nc rose to DM 6.35 ! 
awaiting tomorrow 's U.i>. trade per BFr 109. 
figures. 


CURRENCY RATES 


Against 22 other currencies th® i September 25 

Sterling recovered somewhat Bundesbank trade weighted mark j 

from iLs lower levels after open- revaluation index ro>t? to 14o-S| srcrlinp 

mg at *1.9723 againsr the dollar, from !4!>.4. a rise of 3 per -cent | i-.s. dollar .... . . 

Early dealings cw a little selling from the bog nnmg of the year. ; dotiar 

of Sterling and it fell to $1 9fi40 Towards the ^close the dollar stood £££“" fr ^ ll,aK 
before improving on dollar weak- at DM l*9 , Wf_ and continued t( >.D anis tj trono 
ne*»s to *1 9765-1 9775 its best level weaken in fairly active trading. Deutsche Mark 
for the day. It closed slightly off BRUSSELS— The Belgian franc ttnildcr 

the 

40 

ha - . . . i 

during the day from the Bank of European “snake." s and was r.-sria 


Special 

Drawing 

Rights 


European 

Bank cf Morsan 

Unu of 

Scptamtjcr 2S EoglacHj Guaranty 

Account 

. Index chanoes** 


it top at’ 3 1 .0730-1 .9760, a rise of moved ahove its lowest permitted.}'^ 11 frane 

l points from Friday and may level aaainsl the_West German y,.,, . ... zyiMS 

ive received some assistance mark of BFr 15.765 within the . vmweian krnpc — 


England. Using the Bank’s figures, quoted at BFr 15.749. The slightly swrc,,,,h krona 


the pound's trade weighted index 
remained at 62.S. having stood at 
62.7 at noon and B2.5 in early 
dealings. 

The improvement in the spot 
rate largely reflected the dismal 


firmer trend was seen in very- 
early trading after the Belgian 
authorities decision to raise 
interest rates on the one-, tw el- 
and three-month Treasury certifi- 
cates. The dollar was fixed at 


• Swiss franc 


43.0*80 

5.6)521 

1.92X9 


95.0051 

5.75906 

l.WWW 


CURRENCY MOVEMENTS 


.. .. 0.8WS88 

0.463324 

Stvrlinc 

62.79 

—41.0 


1.30733 



- 9j4 

utm? 

1.S342L 

i^nadixn dollar ..._ 

74.74 

-X7.5 

.. 18.0474 

1&A401 

Aomrlaa RvfuUtns ... 

ULJ5 

+17.0 

.... 38.2404 

40.1344 

Belidan franc 

111 .41 

+ 13J 

4-87U37 

7.02550 

Danish krone 

114.77 

+ 4.7 

2.44246 

154794 

JVmsclip Mark ■ 

143.93 

+37.6 

2.70422 

2.77000 

Swiss franc 

2X9.46 

+ 108.6 

5.4J2B3 

5.739X3 

rtULldpr 

120.75 

+ 17.7 

... 1636.32 

1074.96 

French franc _i 

47.64 

- 6.6 

234A55 

245.925 

Lira - 

55A2 

-47.2 

— 

4 75388 

Yen 

154.94 

+52.9 


Bawd on trade vmijJjtert r-fiansrs Imm 
Wiosiilnzton aaiwnwir Dw-mbcr. 1971 
i Ranh nt England fiutex = l«0' 


OTHER MARKETS 


performance by the dollar but for- BFr -in 70 down from BFr 30^4625 
v.ard rates tended to widen in the a t Friday's fixing, 
light of industrial unrest at Ford TOKYO — The 'dollar closed at 
and the possible implications for VJS7S2.1 against the ven. eom- 


: i 




i! 


,\.n« i;« if- 


ni t. The three-month Tradin' 1 wns "enerallv light and ; i» r *w DmcUnw 7t.aoa 74.165 ae.i5a7.05 |tienii«iiv 

igainst the dollar recent 'action by the t-.S/Federal ! |‘ , J" 1 a 1 . h H ;: nE: Un,l " r M ^h’el 0 V*' v » — “*’*i 

l.iflc from 153 per a „.hnritie^ in inrrp.-i.sin- inJerrs! i » .. i*2 '■ 


the Gnvemment’sjjrojected 5 per pared with YIST.fiO on Friday. • Wnwii Cni«H 
cenr pay limit 
discount a 

widened to 1.70c rrom 1.03 per authoritiO' in increasing interest 
cent while the 12-month rale was rn « C5 SCO med to-- have III tie effect - 
weaker at -■».50c compared with The U.S. currency opened at 
5.40 per coni. 

The Canadian dollar maintained 
its downward trend and was 

rjunted ar S3.02J l.:.S. cents, having while combined forward and swap 
touched a record 84.97 ILS. cents dealings accounted for *355m 


A. cent m* I.o90 1.694 o 0.50-83 7. ::Q ;Vu>cn* - ■ g7 .ad-2a.5U 

\uvtiaiu Ut'Uar...^ 1.70X7-1. iOB7 0-Bt*15- .bo30 'oe'aTum 62.9005.00 

r-ini.iivf llntU.... 7.9427 7.9580 '4.02c0-4.0500 ^D^nniarU 1U.55 10.70 


J /.30-6O.30 : lo.8S19.-HJ jKinin-e. 


KmwmiI Dinar i Kfli 
biwnlrtin: Fra in 

IV. ...... 11 . 11 - 



.0.^7 183. Net liL-fanr)* 

. 3c.58-aO.6I 

3.282 -^.24.5 ‘Fniiiicni 


S.eU-8.70 
3.50-3.90 
lo-u-iooO 
3 70-350 
4.19.4^5 
lu.15 It .25 
89 104 
143-148 
2.96 5.05 
1.97.1.93 
38.0 41.0 


Rate given far Argentina ts free rate. 


EXCHANGE CROSS RATES 

<. . IJ'.'IVI JViiviip 1 |m>6'4«|wiIi;ii loi ripiK-li frail. < HI*. Frail. | Uuirn Inu-nn | itintn Urn [•. <nt,l« OnU- 1 H-*. •mi F «m- 


'.n. ’ 

I'muipi .— i <- r ■ ni- 

< . . IF. 1 

r.. iii-l 7i»*i me 

1. 

Lb 76 

1 j;. li-.-rat 

O.bi 6 

1. 

ll..Ml"l-|l“ VU'k 

U.f 60 

0.M4 

.1 «, f 

2.t95 

3 325 

Fr»-I II FmiI.' Ifj. ’ 

1.1X5 

2.282 

'«!'■ Frin*- 

0.£4 O 

0.1*71 

1 Iiiii.-i?i 

0.2:9 

U.+75 

li » i«ii i.m 

0.614 

1.212 

1 VI ■■ll«l* |l. 11 

U4'0 

.e-0 

F- r i • 

1. 54 

s.>6B 


o.c 40 

3/1.0 

o.C 55 

2.945 

4.178 i 

1?30 

2.323 

eO.45 

1 5 44 

187.8 

4..- 81 

1.491 ! 

2. j 15 . 

U24.9 ! 

1. . 76 

5U.60 

1. 

' do.61 

2.c 54 

Q./67 1 

1.088 

424,3 

605 

la. .4 

1035 

IOUl/. 

25 33 , 

7 938 1 

i 

11.26 

4; 92. 1 

6.261 ; 

162.9 

4.437 

-28.7 

1 

a.403 

4.827 

1603. 

2.684 

69.84 

1.304 

1/6.0 

c.939 

■- 

1.419 

353.3 

0.789 • 

2u.S3 

0.519 

OK 81 

2.u72 

o. »05 ; 

1 

o90.1 

U.a56 i 

14 47 

2.357 - 

227.7 

3311 

1.807 j 

2.S64 | 

lOwO 1 

1.426- 

37. 10 

l.fc53 

*59.7 

a.. 26 ’ 

1.268 - 

1.79 > 

701.5 

1 ' • • 

26.02 

52 

5.7 

• •>» 32 

* 872 

’WI 

2 96. 

5.e43 • 

IO 


EURO-CURRENCY INTEREST RATES' 


• . ’ r 

*>l<*r' »»:• 

t.i. Jh.iui- 

•.■■uauiHii 

I 

. H 

1 

iwi Imiii 

"■?•* Geiiimii 
Hut 

F'n-Iict] Fran. 

llniiaii I^rx 

■ Axis 11 S' 

| 

fsosne dm 

l-M'll Ultl. 

12-i - IS 1 1 

a-. 5, 

a -a . 

4;r-5:, 

-'..-.fc 

3ij 13 

*• »»« 

19 28 

• 


i -:v »i..i>. . 

l3l; 4 

8:7 B ij 

8 -9 • | 

4Ir-5'i 

i'J 

1 z 

7 3s <S8 

17-19>» 

; 8J4 8 . 8 

u i% 


i5 5 '« ' 

9fc 9 s 4 

8'i-g i • 

6.. -6 : 

.1-4 

3.,- .. 

7T, 

1514 16 U 

• 81* 9: s 

Ti 

12Va 13>. ' 

9f 95-, 


t .: .. 

1 « 

3 lj. Si 

7j»-8 

14-16 

: 913-945 

2U 2 < 5 

>1 '«l «.M 

13i' I A 

95;-9., 

9V,9| 

■ •; < '* 

.. 1 

3=b •» 

9U- «i 

14-16 

| 938 9*4 


III.* \*sr 

l**i 13i* ' 

9sj-9*j 

9.-6 9^4 

/:, 

1.. I,. 

3,. 

91. 1..U 

14i s 15» s 

958-951 

3f e -3:. 

Thi- fnl'.v.i ini 
O.fi-7 v.1 D.r 

naaiir.al rales vi+c aun:<ri 
«i<* v**ar ft vi-o.'iG 

{•ir London dollar 

i-criifi' ales of dtpo'::- one 

month SW-9.00 per cent: three months 

9J04.3O ju-r 

cvni: six months 


l.ivia-i-.-m E.irnd'r'iar ilvpn,itx T-.m vi-ars a-'r —nr. ihrr« v,.ir« p.>r .-•■nr" tnur j-pjrs 91-91 prr erm: ftw- years OMi; p»>r itri nominal ckra.-tc ran?. 

Shor:-:.-rtti rat-s ar -ail for si'rl:ns. f S. dollars and Onadian tio.iarv: two days' call fur guilders and Swiss Ira no. Asian rat.«s arc closing ran j id Smgapurc. 


INTERNATIONAL MONEY MARKET 


Europe & U.S. rates firmer 


Holland raised its bank rate tn 
5J per cent Trom 41 per cent, and 
Belgian shoM-term "Treasury ccrii- 
ficate rales were raised yesterday. 
These were seen as moves to 
defend the Dutch guilder and 
Belgian franc. which have 
suffered pressure ag3inst the 
D-mark under the terms of the 
European currency snake. 

The rate on Belgian oncjQianth 
certificates was increased ner 
cent from 6J per cent, wfrife the 
rate on twcmonlh was raised to 
7J per cent from 7 per cent, ar.d 
three-month ro 7! per cent from 
7.15 per cent. The Belgian Franc 
was slighlly firmer at the 
Brussels fixing yesterday, after 
being fixed at its floor against the 
D-mark on three consecutive days 
at -he end of last week. 

Pressure has increased within 
the joint float agreement, other- 
wise known as the snake, since 
asreemenl was reached by most 
Common Market members on the 
planned European Monetary 
System last week. 

Firmer interest r3tes in the U 'S.. 
with the rise lo S per cent in the 
Federal Reserve discount rate last 
Friday, may also have influenced 
the Duich and Belgian moves. The 
guilder and Belgian franc both 


required official support last week. 

Deposit rales for the Belgian 
franc (commercial! increased to 
71 per cent From 7, , s -7 1 ; s per cent 
yesterday, hut longer term rates 
were slightly easier, with three- 
month al "Me percent, compdretl 
with 71-7J Per cent on Friday: six- 
month at 7J-7; per cent, against 
7J-7j£ per cent, and 12-month at 
7^-8 per cent, against 7J..-S per 
cent. 

AMSTERDAM — Longer term 
rates were firmer, but short-term 
■rates showed no change. Call 
money was unchanged at 5-31 per 
cent, with one-monili unchanged 
at 8J-8J per cent. Three-month 
funds rose to 7-71 per cent from 
6J-7 per ccm. and six-month 
increased lo 7;-7l per cent from 
7-7{ per cent. 

•NFAV YORK — Further rises in 
prime rates are expected, follow- 
ing the move started by First 
National Bank of Chicago, which 
was quickly followed by First 
Pennsylvania. Both banks raised 
prime rotes to nj per cent from 
91 per cent. Early Treasury bill 
rates were firmer, with 13-week 
bills rising to 8.16 per cent, from 
8.07 per cent late Friday: 26-week 
bills lo S-28 per cent from S.I6 
per cent: and one-year bills lo 


8.19 per cent from S.14 per cent. 
Federal lunds quickly cose to 
S5-8I5 from S.’i per cent, while the 
Federal Rtserve entered ihe 
market to inject liquidity by way 
of three-day repurchase orders. 

SINGAPORE — Several banks 
have raised their prime lending 
rate, although Barclays Bank 
International reduced its prime 
rate by j per cent to Si per cent. 
Other banks lifted prime rales by 
J per cent or J per cent to 7i per 
cent, including Ban Hft Lee Bank. 
Bank of Nova j*0tia, and 
Chemican Bank, while’ Continental 
Illinois, and First's National Bank 
of Dallas ■ raised their Singapore 
prime rates by 1 per cent to 7J 
per cent Marine Midland is also 
now 7J per cent, compared with 
7! per ccm previously. 

FRANKFURT — One-inanlh and 
12-month rales were unchanged at 
3.3-3.35 per cent, and. 4.15-4.25 per 
cent respectively, while thrce T 
month money was quoted at 

3.70- 3.80 per cent, compared with 

3.70- 3.73 per cent previously, and 
six-month at 5.90-4,10 per cent, 
against 4.00-4.10 per cent. 

PARIS — Money market rates 
were unchanged from day-to-day 
at 7 per cent, to 12-month at S2-81 
per cent. 


UK MONEY MARKET 


Small assistance 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 


Paymcnj nf 1 per cent special 
deposits to the Bank of England is 
expected to cause a shortage of 
day-to-day credit in the London 

money market today, but this 
should be somewhat relieved by 
surplus balances brought forward 
by the banks. Yesterday's identi- 


fiable factors were all in tbe 
market's favour, and this should 
lead to a surplus carried forward, 
since the Bank of England also 
bought a smalt amount 'of 
Treasury bills and local authority 
bills from the discount houses. 

There was a sizeable excess of 
Government disbursements over 
revenue payments to the Ex- 
chequer. a slight Tall in the note 
circulation, and ihe market was 
also helped by small surplus 


balances carried over by the banks 
from Friday. 

Discount bouses paid up to SJ 
per cent for secured call loans, 
and closing balances were taken at 
64-Si per cent, with most money 
found at around 7! per cent. 

In the interbank market over- 
night loans opened at SI-9 per 
cent, and traded around 81-85 per 
cent until late lunch when rates 
fell to 7!-S per cent, before closing 
at 7J-9J per cent 


GOLD 


Record 

level 


Gold continued to improve in 
yesterday's London bullion markei 
and finished al a record closing 
level of S213J-2201. a rise of So an 
ounce from Friday. The melal 
was fixed at S21G.63 during the 
morning after opening at .$217- 
82172- The afternoon fixing 


■'(■vi. S6 ' . . n?i>i 1-2 


lni .l UlliihKl (■ dll' 
■•uiK-ei 

Cltwr 

i'[»?nina .... 

Unmiru Hxilig 


*.*7 : I.j *»I4;-4 i& 
>!E.B5 % S*l4^S> 

: 'Xl S ss«' 1X118. 0/. 

Aherar«>n H*inu. . S*.8 40 -|S214J6 

'XHu-sw. nxiw.esfl! 


Gold Onns 

KnuirnAnii ..... 


Nvw tioverviKU*, 


Uhl wnwiam.... 


(•Mill t mile v \. 

uiivnml lnnnllv 
hniserraml .... 


-v: 61 -is 8* .3252;- 54i 
■XI 4. 5; (£■'!£, M 13.- 

=M2; :4i SSli-tfi; 
'U-A-ts*. i£31-&7k 
‘‘--tV li •Sfclj-t«i 
'XAi;. s <li 'i£it-32i 


.\eiv SuvereiipL'.. 
Old Sovereign*... 


SjG 

S1U 

S5 Kif.'e* 


. CI-4J 15- ti.iiii-l.Ci 

.^ 8 60. [*o/a-a;i 

ui; .2ii i pa 

Se.Jr.j rrtU-tJi 
Ei.;*.; Jiai-ai: 

>4 2;. -- 5* !SelS>4-(134 
-1*7 .70 ISlih-ltS 
S 1 17 !2D 'SllB-lia 


LONDON MONEY RATES 


>pi4. 55 

N/ 

1 vl lilt 

i ertiHciH» 

Intenxiib 

U^at- 

AulllKllt-. 

ler»isir» 

Lisaii Auili. 
iiecraunj v 
hmvi' 

F inan>v 
UnutP 
llpjtolt* 

t-omp&iH 

LWprr*»t- 

Ol9 -Hint 
ourket 
•ei«slf 

freasurv 
Bill to 

ti'igiiHe 
Bank 
Kin* i6 

Fin* ir* 

Orcruicni 

— 

7l2-9i* 

- 

— 

_ 

»'s-9U 

6*2-65* 




2>lsh-i notice.. 

— 


8Tg-9 

— 




— 

_ 



7 tor - it 

— 

“ 


— 

‘ - 

9l S 





__ 

7 toe nnLicp.,i 

- 


8rj.9ia 

— 

9'8-9}b 



— 





line montsi— i 

9l< 9i B 

9»r U 

big : ig 

9U-9S B 

y-si 4 

9s b 

+34-878 

8c-S7 a 

9U 

B>2 

To m.’utl:- .. 


-U 5fl 


9ln“i s 



8ifl- 




Ibiw »n.*nrh .1 

9 : 

vi9 * la 

■91a-9'4 

Ss« rtf. 

96a 10 



8JtE-9 

9.;-*-5b 

85g 

>i* Ri«nin —.j 


fl:-;- - :7. 

Ir 48-963 

9' 1 Sj 

95s 1 Sa 




t/ij 

9*8 

A ne niiiiiUi 

•s^-9-w 

9;; - .. 


SS.-IOL 

96s- 10 1? 






1 III*. > Mil 

io*i;» 

9,: IO,’,. 

* s i * i : 

l l E 

9:Mv6b 



— 

— 

— 

1 -»r .. . 







- 

— 

- 

* - 


j.im»jI auihnritv and finance hnu«« ^v. ; n dav<;' nonce- where seven days’ fixed. ■ Lonser-rerm local onrtinniy mnneaae 
ram n»inmallv Hircc year, Hi-lli w?r cen:: fmir yeii> 1 1.-12 percent: five years 15-121 per «o». a Bank bill rates id table 
arc Suyinfi rales for prime paper. Buying raiox rnr fmir-mnnihe han(c bilk 9 Si«-S7k pen ran; rnur-munih irade nil la bj per 

Lel ''\pnrn«mrain .-clhrut rates for unc-mnnih Trea>m-y bills S--: per renc and pfiMiionUi S-^.c-SI per ccm: mree-ruonth 
fl.v • per Ifnr. Apnnixmiate Ncllmn rale Tnr .ine-mnnili bank bills 32-9' o per eem: inn-nmnlh 9 ‘j.s- 95| B per cenr: and ihrp>- 
moniti 3 ':-9l Per cent. Onc-monlh ira«Ie bil!a 9. per cent: lurp-mnnih Bj per cent® and also thrre-nn»nlh 91 per ecni. 

Plnance House Base Rales ■ published by the Flnanre tinns, ; s A v-ncislmn i 10 per cent from Sepiemher i. Clearing 

Bank Doposu. Raws ■ fnr small snm> ai seven days miticei 6.7 per cent. Clearln® Bank Base Rates tor lending io per cent. 
Treasury Bill*: Avcrase tender rales of discount S.jwi. 


showed a further rise to $218.40 
and at one point it touched an 
aJI-time high of $2I0;-22Oj. The 
rise was again mainly a reflection 
of the weaker tendency of the 
U.S. dollar and gold continued to 
be in demand in the light of 
continuing currency uncertainty. 

In Paris the 12t-kg bar was 
fixed at a record of FFrs 30,000 
per kg (3212.59 per ounce) com- 
pared with FFrs 251.990 ($213.45) 
in the. morning and FFrs 29JB00 
(321122) on Friday afternoon. 

In Frankfurt the 121-kc bar was 
fixed al DM I3.3U0 per kg ($216 !M 

?«i,°*o" Ce3 gainst DJf 13.495 
(8214.38) previously. 


MONEY RATES 


NEW YORK 


Prime Bale 

Fed Fonda 

Treasury Bills ilivcekl 
Treasury Bills (26-w W k« 


9S1.7S 

EASTS 

s. u 
68 


Germany 


P 13 C 00 DI Rate 

Overui^hl 

Gn* month . .. 
Three months 
Six monlbs ... . 


3 

U 

352S 

3.75 

400 


FRANCE 


nisi.'ounr Rate 
Ovemrahi 
fun? month 
Tbr L f mom bn 
Sia momhy .. 


45 

7 

7.S12S 

7.4575 

7.8125 


JAPAN 


Dl.voiinl Ralr .. 
r -*ll < UncondtWnnalt 
Bids Dl«oam Rate 


X5 

A2X 

4,15 


. -. -:••• 1 * 


i .. r.'iO 





World VaMof the Pound 


t2. . 


The table below gives xae 
latest available rates of exchange 
For tbe pound against various 
currencies on September 25. 197S. 
In some cases rates axe nominai- 
Market rales are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


to 


these of foreign currencies 
which they are lied. . : / 

Exchange in the UK and nwist 
of rite countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 


Abbreviations: (Si member of 


lie sterling area other thaa 
r-tc’ (nc.l non-co ntinercsal rale. 

available: (A) approxi- 
mate W no direct quotation 

available: W ^min^ 

S 5 exchange ceriiScate rate; 


lP) based orUA doJlae pinife 
and going sterTmg 'dollar 
(Bk) bankers’ rateMBftsJ i 
rate; (cm) ^aumaeitW^ --'SJ? 
(en), convertible ;, rate;’: 
financial rate, v:: - ; 

Sharp fiuctiutM hxi^ 

seen . lately te y 
exchange U, 

tabic below are aofla gfl 
dosing rates mt ihe 



Place and Local Bait 


Valse cf 

£ Sorting 


Place sad Local Unit 


Value' or 
SStettine 


Afghanistan Au;nimi 

Xitonu UA 

Alsnia Ukmi 

• Ffecch Ftw 
.Vn> 1 m* , 

Ancoia....-- ... K«ana 

Anllsu* i8l... t*r!iw*n *= 

injeniin Ar. Pft" Free Bit 

Auitraite (Si . Auuiaihli & 

Austria-. seaming 

Aiore. ftjmw. Kwido 

Rahinnj^ (S) Hi. UoHir 
HuislwletliUh Tati 

da h rain m. Dinar 
UiiearK- I*le- 5 pi. Fraeti 
(Jji., tSartiJi'h StT 


73X0 
ia.C»5 
7.857a 
8. ESI? 

1«-T3 

njt. 

6-5583 

1.692 


■ Ecuador 


tg;. rl EsjTlar £ 

.1.. ;.)■ ... .. trtteijmn Km 

i‘;': (riiis«i Fereu 




1 (I 48-S7 
■ 

• OA.R&6' 
T.idlb 
(Pi 4.9959 
. J45.2S 


1.70S2 

27.55 

83JES 

1.S763 

29.42 

0.759 

145-23 

3.S3 


I Falkland is. 

:S- 

1 Fasyla 

! t ra 

[ f'Xuiiu ... 
: cr. Hr-. !•-... 


la. i ' 


Uasi^li krjD? 
FU S 
Mar- -a 
V read ■ Fran* 
t .M. Irajv* 


Iax» rrair- 
1. -F.H. Franc 


in 

-a.6i - 

L6I9S 

7.BM5 

6.6312 

432*4 

6.651a 

157JSfi 


Ueljinm.— B. Franc 

Heine B S 

Uenm C.F_\. Franc 

HernnHi !>•- IMa. S 

Uliutin Irviuin Kur^e 

Bnlirra Bnls« ian Pdr 


■ ■ r 1 63.45 
'■■Im 5S^0 
a -Sal 
02 : 1 

1.9735 
15.6789 33 

S2JE-* 


Gabos 

1 f .raai"l< ■S 1 ;.— 
I Gcrmsst 


t-.F.A Franc 

liaii 


lS>r.rars 


Pun 

Urtrn 4. rtiratm : : 

UrVnninltfi 
tlnmei ($».. - Bninci * 
Hulcnrn !*er 


1.55535 
£7. an 

1.9753 

4-555 

1.7158 


Hurra Krai 


12.251 


UuniiHli Bunin.li Franc 175.515 


Caaero'nBp c.F.i. Franc 

Lnnuii timi.'mii 8 

Canarv Iwe... «jjuutii Pntu 


<52:, 

2.5233 

143.23 


r»er.r«Bi 
Nittut if 

> hi 

L<i.!«rt 1--.. 

ii.tt,e 

*»rteci»rT»... 
( J ra '> . 
t.i urjiKt.nr. 
• nan- 

| 6i»itii: p .i.. 

; ’•ti-'iwi lie; 

I (j 

j (iui i::t -■- 

; Haiti- 

• H-:i *•««• Cl* 
! n-'iaK'.-sj -i- 


4 

ImuiiC 1 n*o 


452H 

&S95S 

£64 


6X4 


(>;l 

7. il-iiltil £ 
tu-«. U».. «r 

Urat.-ira 

liic---i Kr.-*r»i 
h. Ciiril Aa 5 
1'raTV 

l?> 

IJnrz^aj . * 

I?-.; 1 . 


( ■ ri- anp*r> 8 

('•»;. -site 

H.n. X 


; rtua^ar. - rp-ist 


L45 --j 

I.Ott - 

1J062 

72,2816 

W.61 -• 

3438* 

B.66>b ' 

li755 

U755 

36.433 . 

®JS4 

5.057 
£877 . 

£66 

m- TcJH 
T>.wri«^5 


Place Unit 


I Value Of 

: £ Sterling 



. Hrra-i : 

F.v-tiC ffhKUOi 
M(. Frail 1 -' 
KoHciui 

lluwl 1 

, Mai Kill j 
Milt Franc 1 

Mninrae £ 
l/.-ai Fi*/a- 
ijiuiuva ? ! 

.11. Hni-ee ! 

•I cm an f>-n i 

L.F..V. Fran>- I 

Pum-ii F rac’ 1 

I'upn* 

K. Oirrl^nS . 

I'lrlinni '• 

Mm. Kiinin 1 


10.077 

83.25 

432’s 

I. 6241 
4.497S 
7.7657 
66512 
0.7430 

8.63'n 

86.3693 

II. 9362 
44.75 
432n 
8.6512 


Place and Local tfaut '[f 



."4\, 

lli -mania - If” ■ ' . - - 

Kirara*, Roaflda.nine. ] • 

St. ChriaTo- - r*’. 


Ol/i lait; 


5.55B3 

7.94 

66.096 


I 


ffaurn I*-- 

Sn»i 

, .solipan ** 
| Neil-- 
\co He'-— •(* 
.N.Xnhn 1 •’ 

M ii a." 1* ... 

Ui- . . 
Al-jeri« ir- . 
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•--rrja» 



GAME 


Sponsored by 
the Frnancial Times, 


The institute of Chartered Accountants in England and Wales; 
International Computers Limited 
in association with . . . ,^- 

the Institute of Directors and the Confederation of British-lndustry v 


Keeping a business mind sharp and supple 
means regular work-outs. In the past nine years 
45,000 people in the UK have found that the ' 
National Management Game has the enjoyment, 
the fascination and the competitive thrills of other 
intellectual games, and then more. 

More mind bending and stretching. 
Training more effectively the faculties that give 
mastery of business strategy. For the 
Management Game throws the participating 
teams into complex, boardroom situations in 
which marketing and production decisions have to 
be mactev which are then evaluated by a 
computer. The highest net profit is the target. 


• Prizes amount to over £3,000 in value. 

The first prize will be £2,000 plus admission to the 
European Management Game Final in Paris in ; 
September, 1979. There wiH also be, forthe first ' 
time, cash prizes for the second, third and f ourth 
places, and silver "Armada Dishes' 1 for all 
finalists. The presentation will be in London iri 
July 1979. Free travel - and accommodation will be 
arrangerffor teams in both British and European-' 
finals. •_ •••• 

For full details, telephone the National vT> ■ 
Management Game Administrator,. Jack Layzdil, : 
on 01 242 7806, or complete the coupon below. 
Entries must be received by November 6, 1978. 



-• . I.' - '/ . - 


r 


National Management Game. 1979 


Mi 





Prizes worth over 

£5000 


To the - V 

National Management Game Administrator; 
International Computers Ltd., - 
Victoria House, .Southampton Row/ ; 

London WC1B'4EJ: . 

- Telephone: 01-242 7806; 

I enclose thfren try fee of£60 jrj 





inci.VAT 


Including cash prizes 
for all finalists. 


Please senifan entry form and 


details of the 1979 NMG 
Please tick boxes as appropriate 


N 


\ 


\ 


\ 


Name 

' • ; 





Address 

. 






• v 



- . ••• - - 

V"-. • '.;i ' 




• - , 


'.r 



Vr 










'.I •* 4r*u..j 

- ‘ ...*•<? 1 

■ • • 1 ’ ; 

' ’V*-/ : i‘ ' : to 

-V.'. 


I- 





T~ 


v~ 


of th e 


'inancial Tunes Tuesday September 26 1978 



33 






USINESS INVESTMENT OPPORTUNITIES! BUSINESSES FOR SALE 



Howcana 

nerchantbank 
a private 

company? 

Do yo u need to increase you r ov&rd raft . 
;houla you look for an increase in capital? 
How are you planning for the future ? 

‘ GRESHAM TRUST can help. Solving 
. -blems like this is our business. 

We are a long established rnerchaht bank 
d specialise in financing private companies. 

•' T hat's why we’ll al way s listen - whatever 
ir requirements. So don't be afraid to write 
ing one of our Directors. 

Why don't you do so today? 



Greshamlrust 

Where the successful private 
company feels at home. 

Trust L* 1 , Ewi :i:igicr> Hou^e, Street. •• c , .;r. EC 2 V 7 HEJ 

T ei:0i&0d6^7-t 

1am Cr'i-:-?: t jrnu.’d House. Newrva 1 : Street. Si: -r ;ri£;um BS SEW 

!&:(£■ -256 7277 


■ SHORTFALL SOLUTION 

<rivate companies with high liquidity and risk 
reed distributions at high tax rates. Fully 
ved and totally secure method. No risk. 

write your name on company letterheading and 
us today for details. The facility is limited, 
egret no telephone enquiries can be accepted.) 

Managing Director 

Ackrill, Carr & Partners Limited 

Tricorn House. Hagley Road. Birmingham B16 8TP - 


* TELEX ROLLS AND TAPES 
it Cash Register Rolls 
ir Adding/Tally & Counter Rolls 


noted- Manufacturers have ad d iti on al capacity of wer-1 million rolls. 
Ji quality, comptritive prices and prompt delivery offered fur 
Trade and Bulk users . 

juries to: Box GJS14, Financial Times, 10, C annon Street. EC4P <BV. 



IAN ASSEMBLE AND PACKYOOR PRODUCTS 

ily competenc team of 150 assemblers and. packers is at 
isposal NOW for all classes of goods-^-food. pharmaceuticals, 
ial products, etc. Highly competitive prices. ' immediate 
ion. Brochure on request, 
contact our Sales Representatives: 

PETER J. GARRINI & ASSOCIATES LIMITED. 

130a Burnt Oak Broadway, Edgw*r«, Middlesex. 

Tel: 01-9S2 6624 - Telex: 923598 


IANGE FOR 
E SMALLER 


rtherinforroation contact: 
K. Dean, 

THNOT FACTORS LTD., 
,!eds Place, Hastings, 

!.:• E. Sussex. 

Tef:0424~430824 


,K. BASED 
OMPANY 

pare upuiry on nofl-food 
; inj semi and automatic pro- 
nn, seeks con races in coruricr 
to assist with the filling of 
ity. The equipment is capable 
on units per annum on bottles 
' up to I litre capacity. 

wr G-2A U. Financial Timet, 
on non St r ret. EC4P 4B Y. 


ART BOOK 

PUBLISHING COMPANY 

Successfully established lor 3 years, 
the' Company has a iorr| term publish, 
ing programme planned With over 100 
titles contracted. 

Further Investment beyond the 
£300.000 introduced by the pretent 
owners is necessary to continue the 
current programme. The company i* 
based in central London. 

Further particulars available from: 
Box G. 2630. Financial Times. 

10. Cannon Street. EC4P 4BT. 


SMALL PUBLIC 
COMPANY 

Successful Businessman in- 
terested in acquiring controlling 
shareholding in small public 
company, with growth potential. 
All replies treated in strictest 
confidence. 

Write Box GJS10, Financial Times. 
10, C««no« Street. EC4P 48Y. 


WANTED 

S EToporry Company wilh 
substantial lasses 

i £200.000 to £500,000 
or over 

\i> paid parUcnJorlr if any 
srantl inc by Company. Write 
•■new to actual purchaser. 
ml C-5632. Financial Times. 
innim Street. EC4P -5BY- 


A tm&fj 
?.f? I W 


I ELECTRIC 
’EWRiTERS 

■econditioned and guaranteed 
t yean Iron £3.70 weekly, 
f. Buy. *a*e up » 40 pc. 

■t from £17 Per month. 

•hone: 01-MI 2365 


PROFITABLE ELECTRONICS 
MARKETING COMPANY 

engaged in the leisure industry T/Q 1 
million over last 2 years. Exxellant 
export recent with several major con- 
tracts running into 1981. Stock a* 
valuation £150.000. Excellent growth 
prospects 

Principals only reply to Box G.2S 99. 
FI none! el Times, 10, Cannon Surat. 
EC4P 4BY. 


LIMITED COMPANIES 
Formed in UK & Worldwide 

■n* (tiding 

ISLE OF MAN _ £133 

• DELAWARE *400 

BAHAMA S870 

Contact; CCM Ltd.. 3 Prospect Hill. 
Douglas. l.o.M. Tel: Dougin 1 0624) 
21733. Telex: 62790 0 BALIOM G, 


TREPRENEUR 

to £i million for minority/ 
• investment in profitable 
cal enimeenns company. 
» C.2«a. Financial Tunes. 

.r.im n Street, ECU’ 4B¥. 


SALS AGENTS 

Hiring salesmen la expensive. Hiring 
excellent salesmen is almost Impos- 
sible. Don’t try. Use our experts, on 
commission ana contribution to ex. 
perms only. Our speciality it building 
and Joinery trade but ether fields con- 
sidered. Contact ut now to dlsens it 
SINGER BROOKS ASSOCIATES LTD. 
01-346 5002 

(tfwr House,' 90 Church St.. Enfield 


TOILETRIES and cosmetics 
lor fcsuott. Telephone 0552 

IK For «3 address or pneoc 
.. Combined rates + telex 
l a week. Prestige offices near 
change- Message* Minders intw- 
01 .62fl 0090. Telex B8I17Z5. 
000 SCHOOLS AMD EDUCA- 
■TABLlSHMENTS can be reached 
The Educational Addressing end 
Service Derby House- Retfittll. 
RH1 3DM. Mcretham 2223. . 


" Are you a Storting Area resi- 
dent worried about the prospec- 
tive Internationa/ value of your 
sterling? - 

Write, stating the amount yoa wish 
to protect (at reasonable cost), to 
Box GJ652, Financial -Time*.- 
10. Cannon Street, EC4P 4BT. 


WANTED FOR RESIDENTIAL PROPOSI- 
TIONS, institutional Mage* g*‘ K I « i JK 
L/ALewe and Guarantee*. Rent* mo 
Director. Ht».G26M, P^gX 1 * 1 T,m 
10, Cannon Street, IC4P 48V, . . 


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 Treeen yyd Industrial Estate 
Caerphilly, Mid-Glamorgan CF8 2RZ. VK 

Seeking high technology in Automotive Industry 
and Joint Venture particularly from 
JAPAN, USA & WEST GERMANY 

Write in confidence to Managing Director 



Can we help? 

350 efficient, well managed workers, highly 
successful in their seasonal business, seek 
out-of -season activities October-March, 
especially pre-Christmas, at very low prices, e.g. 

* Light assembly work * Packing 
4 Sorting/collating * Mail-outs 

F3 Dill Ernest Shehton 
I jrll Photo Trade Processing Ltd, 

Argyle Way, Stevenage, Herts, SGI 2AR 
Telephone: Stevenage (0438) 4461 Telex: 928427 


FOR SALE 


RETAIL COMPANY 
OPERATING A CHAIN 
OF FOOD/NON-FOOD STORES 
IN THE MIDLANDS 
AND NORTH 
WHICH GENERATE 
A PRE-TAX NET PROFIT 
IN EXCESS OF: 



YOUR BASE IN SAUDI ARABIA 

ProCcMionil Ann. engaged in business development consultancy in 
Saudi Arabia, offer! office/executive accommodation facilities in 
Riyadh and Jeddah. 

Facilities include expatriate/Arab secretarial services, telephone, 
telex and P.O. Box No.; transport, flight reception and accom- 
modation for visiting executives as an when required. 

Suitable for company requiring own base, with considerable cost 
savings. Resident management. Additional project supporr services 
available including furnished accommodation for project personnel 
if required. 

For further details, please write in strictest confidence to:—- 
Senior Partner, Box G.2600. Financial Times, 

10. Cannon Street. EC4P 4BY. 


I enclose a cancelled company letterhead 
Please RUSH me details concerning 
SETTING UP A TAX FREE INTERNAL 
COMPANY ACCOUNTANT FOR THE BENEFIT 
OF DIRECTORS 

To:_Ashdene Associates 
" ■ Arndale House South, Bolton Road 


.Walkden, Manchester M28 5AZ 


I 


Names of enquirers 
not revealed without consent. 


Write, please, in first instance to the retained Surveyors at Box G2642, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


-NEW UNIQUE 

INSULATED BUILDING PANEL MANUFACTURERS 

reqairOa number of wots m various guncrapbical areas. u> Use U.K. Consider 
tag franchise arrange tarn is. Panels an- manufactured under American licence 
and mandardfi. The Panel has 3 Croat future and will revolutionise the Building 
Industry, "interested Parties apply for details to: 

• • EMERALD PROPERTIES LTD. 

■r” • . g West Pier, Howth, Co. Dublin. Ireland 


ESTABLISH 
UtTHE U.S.A. 

To assist UK/European Mfrs.. 
;etoi to establish in America 
4 complete service Is offered. 

• Market Evaluation 

• - Location & Evaluation of: 

' Company Acquisitions, 

Distribution &Manufaetg. 

. facilities, etc. 

Sot brochure, etc. contact: 
iNDtiSTKON CONSULTING 
., 270 Madison Avenue 

.New York, NY 10016 
■ Telex: r?T.42S067 


- business 

OPPORTUNITIES 
' NIGERIA 

A MlsarU Comoanv Director resident 
In the U.K. with Cumpmuy hi laoo* 

and good contact li prewired W repre- 

Mut any Company or Indhildual In 

Also secVs exclusive director- 


Nlocrla 
*bfp or 


’ iji^ product. 


34. Malpu* Road London 
teieonone: 01-691 OBO*. 

Or’5rttB°to: Mllpak International Ltd.. 

■ fifi. IkOTbOu Read. MBs, It K«u. P-O. 

Bpx IIS, Lagos. Nigeria- Telephone: 
54333*34898. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
. . READY MADE £83 
. COMPANY SEARCHES 

EXP&&5S CD. RCGlSTRATiONS UD. 
30 City Road. EC1. 

. 07*620 3434/5/ 7361. 9934. 


' RNANCE 

We , arrange ali types of basinets 
finance for suitable projects including 
proper/ _ morejjages. equity fiiunce. 
venture cap! ial. company merger*, 
licensing and royalty transactions, the 
introduction of new products, inter, 
national trading etc.. Phone or write 
tor Clinton Financial Consultants. 24. 
Cttrx6n.5treei, London W1Y 7AE. To*: 
01-499 7722. Telex 2992B7. 


SEEK ENTREPRENEUR 
, .with engineering and/or . 
instiwnwrtJrtion management 
. background' 

Mod err investment for equity parrici- 
pa lion. Must he capable to mtiaftc 
Continental manufacturing plant. 

Write Box G 1.641. FinancM Times. 
tO, Cannon Street, EC4P -4SV. . 


HOW TO SUBSCRIBE 

to 

THE WALL STREET 
JOURNAL 

Katas tor U.K. t> Cantinenial Europe 

1 1 Bo 1 Tear 

3100 6 Mon I hi 

J 3D 3 Months 

Pavaoic in dollars or aouivaienr m 

local currency 

Delivery by jet Air Freigni irons 
New York everv Dullness dav. 
lO'iwr area raies on reo-iew.* 

Sow) order w<tb daymen I to 

THE WAUL 5TRt El JOURNAL 
Imernaticmai Press Lenire 
7E Shoe Lane. London. £ C*a. England 
Attn. Mr. K. Share 
A 190 available at maier news stands 
throughout Europe. 
ASK FOR IT 


ACQUISITION 
OR PARTNERSHIP 

Marketing oriented business graduate 
with several years European business 
experience would like to hear from 
principals or agena/cotuulancs in view 
to purchase major interest in smallrr 
manufacturing company, with potential 
scope for markobng and export 
development. Full time parrici pa non 
and up to C30.000~-in vestment offered. 

Write Box G.2647, Financial Times. 
10, Cannon Street.. EC4P 4BT. 


U.S.A. 


Assessment & Engineering of Coil 
Properties both Scrip & Deep, under- 
taken by well established mining 
engineering consultants In the Easurn 
coalfields. 

Write Box G-2613, Financial Times. 
10. Cannon Street. EC4P 4BY. 


FOR SALE — SUNRISE BAY CARAVAN PARK 
LLANSTEPHAN, CARMARTHEN, DYFED 
Tel: 026 783 394 South West Wain 

Unique opportunity. Permanent planning permission for 50 static holiday vans 
and 8 tourers, - Select site in delightful seaside country village. Coos* rra won 
area. Sandy beach 150 yards. Attractive terraced development. All services. 
Maim drainage. 

5ALE INCLUDES: 25 modem vans each with w.c., fridge, folly equipped for 
letting (remaining 25 privately owned). Proprietor’s 3-bedroom, centrally 
heated cedar bungalow- Recreation room with shop, 2 toilet blocks,, laundry, 
workshop, trailer, mowers, etc. Produce* excellent annually increasing income 
with increasing capital value. £120.000. 


FINANCE 

REQUIRED 


Medium sist-d proljiabln Consultancy 
m Buildinc Servuvs siUub-d iu Soauii 
Eaai requires rito.Deo n. a Iq^ii ^iui.ot 
i-qulur ur ivnulil uouridtr a ni>-rxi.T. 
wmc Bo*. G "Mj, Fmanci.il Tim*-*, 
10. Cannon f.ircvi. EL4P .JBY, 


CARPET MANUFACTURING CO. 

FOR SALE AS A GOING CONCERN 

A MEDIUM-SIZED, WELL-EQUIPPED 
CARPET COMPANY 
Replies, Principals only, to the Chairman 
Bos G2644, Financial Tirnea, 10 Cannon Street, EC4P 4BY 


HOME IMPROVEMENTS 

Due ro iff health this rapidly expanding Midlands based private 
limited company, last year’* turnover £400.000, net profit £66,000, 
forecasting £600.000 and £90,000 is available for a consideration 
Principals only reply to the company's auditors. 

Write Box G.2624. Financial Times, 10. Cannon Street, EC4P 4BY. 
of £250.000. 


BUSINESSES WANTED 


WANTED 

SMALL PUBLISHING 

and'br 

PRINTING COMPANY 


Turnover under £50,000 
and very small asset position. 
Muk have April or May year end. 

Pirate write 10 Box No. G2190. 

Financial Times, U) Cannon Street. London EC4P4BY. 


LARGS O.t.V. WCTRIBUTOK ,S 

handle rewlutioojrv new oreduct for 
preserving oalnt. Dotty and mastic duri"Jl 
storage. Enormous optenttat 
llshed distributor. Write Box G-2646. 
Financial Tunes. 10. Cannon Street. 
EC4P 4BY. 

BANKS. Specialist American h«n can offer 
exceptional bane buys «>efi6 the U S. 
Write Box G.26SQ. Financial Times. 10. 
Ganoon Stroot. EC4P 4BY. 

DISCUSSIONS SOUGHT wltb «Mkbrokare 
. eoncorwno .unit mist tvse orumunqn 
ipr inrgreatlotMl mo»lu iwodiwlipn. write 
• .Bor tl26S1 Financial Tmrn. 10. Can- 
. non Street. EC4P 4BY. 

COMPANIES required witn capital hwse*. 

prtiether raained. unreallfHl, agrood. or 
- Mt agregfl. Tel.i - 0SS5 53679. 


. OMIYIfi 

IRRIGATION 

The Oitunc Manufa "luring Co., lieu- 
mark is stekurn iniponiT.dwiribuiur 
tar ibeir mobile urUariDii oquipDKiit. 
KnqulnuS in: 

R. Brtdgemau. 

C.A.S. LTD. 

Mhiater House, Western Way. 
Bury St. Edmunds. Suffolk. 

Tel. Bury SL Edmonds (0384} 6U31 


HOTELS AND 
LICENSED PREMISES 


HOTEL 

WANTED 

40-100 rooms. Will consider 
leasehold or freehold in or 
around London. Cash available. 
Write -Bo* G.2636. Financial Times, 
10, Cannon Street. EC4P 4BY. 


AUTOMOTIVE COMPONENT 
MANUFACTURER 

U.S.-based Company with international interests 
seeking purchase of or joint venture with European 
company or division with own automotive industry 
related products. Particularly interested in products 
with large U.S. market potential. Existing products 
mainly supplied to OEM’s and engine rebuilders. 

Write Box G.2656, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


MANUFACTURING JEWELLERS TO BE 
PURCHASED FOR CASH 

A well established private company, is interested in the 
purchase of a manufacturing jewellers, preferably one engaged 
in the business of car-rings, necklaces and bracelets in die 
medium price range. Although the present size of the company 
is less important than its potential, it is unlikely that one with 
a turnover pf less than £250.000 would be of interest, but fnjl 
consideration will be given to any company. Present manage- 
ment could be retained in cither -a fully participating or 

advisory capacity. . 

Write Box C264U. Financial Times, W Cannon SL, BV4P 4BY 


VENDING 

Maier group wiihei to expand in 
vending inwrwt* by 'acquiring vending 
operating bunneuea- Please reply m 
sjrir icti confidence to: 

Bo* <1.2637, Financial Tiarn. 

10. Caiman Street, EOF 4BY. 


GARAGE BUSINESS 
REQUIRED 

Adequate funds available, quick par. 
chair. Carafe pmuisra. UidlaiUs 
arej. wtlh- Jicw Vehicle frandUBe. 
Preferably with adequate space fttr 
used vehicle sales. Willing to take 
over . ailing business. 

Wmc Box GJKSi Financial Times. 
10. Cannon Street. ECO* 4BY. 


MAIN FORD CAR/VAN AND TRUCK 
SPECIALIST DEALER SHIP 

A group of companies wishes to dispose oF its interests in the 
retail motor trade and offers are invited for this medium-sized 
profitable business. 

Apply in confidence to Box G.2641. Financial- Times. 

10. Cannon Street. EC4P 4BY. 


ENGINEERING 

COMPANY 

SUB-CONTRACT 

MACHINING 

HERTFORDSHIRE 

Skilled workforce and manage- 
ment team. Good plant. Modem 
factory. Established and profit- 
able for many years. Turnover 
£225,000+ pa. Full order book. 
For sale by parent company at 
£115,000. 

Principals only. 

Write Box GJ633, 
Financial Times, 

10, Can non Street, EC4P 4BY. 


MOTOR OARAGES 

IN YORKSHIRE TOWNS 

Very well located. First-class 
properties. Top quality fran- 
chises, fully staffed, profitable, 
management and budgetary 
figures available. Turnover vary- 
ng from 1.25 million to 1.75 
nillion per outlet. Very fine 
apportunlty for motor trade 
n vestment. Managing Director 
las sound personal reasons for 
disposal. 

For full particulari in firit Instance 
writ* Box G.2639. Financial Timas. 
10, Cannon Street. EC4P 4BY. 


Situated in good freehold 
premises in the North-West 
(excellent motorway access) a 
LIGHT PRECISION 
ENGINEERING COMPANY 

Tor sale as a going concern. With a 
turnover approaching 6250.000 p.a. 
and a complete professional manage- 
mens team, the company Is profitable, 
and with increased turnover could be 
a very attractive Investment. 

This opportunity would appeal either 
to a similar company seeking expansion 
or to a large production unis requir- 
ing add i dona I support facilities. 

Principals only please write: 

Box G.2620, Financial Times, 

10. Cannon Street. EC4P 4 BY. 


OLD ESTABLISHED 

PATTERN MAKERS 
AND EN6IHEERS 

Located in the North of England with 
a turnover of £|m p.a. Well equipped 
Freehold Property. Principals only 
apply to: 

Box G.2643. Financial Times, 

10. Cannon Street. EC4P 4BY. ■ 


ELECTRICAL CONTRACTING 
and 

UFT SERVICING COMPANY 

operating in tno Greater London area 
from rented premises turnover 
£400,000 new menring into profits, tax 
losses already taken. Principals only. 

Write Box G.2603. Financial Times. 
10. Connon Street, EC4P 4BY. 


OVERALL MANUFACTURER 
&US1NESS FOR SALE. 
MANCHESTER AREA 
Write Box G.2638. 
Financial Times. 

10, Cannon Street, EC4P 4BY.‘ 


FOR SALE 
OR LEASE 

Owners would cither sell or lease so 
first class international hotel operators 
one of the most beautiful luxury hotels, 
near the Cotta Esmeralda in Sardinia. 
Ideally situated on the beach, superb 
views, live yeire old. profitable, con- 
nected to one of the largest apart- 
ments and houses development in 
Sardinia, with possible expansion. 

Principals only, please reply in full 
confidence to Box £.2590. Financial. 
Thnes. 10, Can non Street, EC4P 4BY. 


SQUASH; NIGHT CLUB. Oxfordshire tar 
sale. Divereo. 4 Bank St. Worcester, 
Tel: 9905 22303. 

OLD ESTABLISHED HAULAGE Company 
Business tor tale, to include fleet of 
vehicles. Showing good nroftUMftty, 
amole room ter expansion. Available 
freehold or leasehold or em fees. 
Principals only, Aptt* Bex G.2535, 
Financial Timex, id. Cannon Street, 
EC4P 4BY. 

















THE JOBS COLUMN 


Management with a smile— or so they say 


BY MICHAEL DIXON 

. . what prices to set on its pro- 

“ TREMENDOUS FUX. Learned look up. let alone to talk to a to London. Then I saw it. If team-members- in making busi* ducts in the various markets. In 

a lor from it ton “ 1 wish I had re pur: or. you arranged for the game to be ness-type decisions against the every plariug group, there is a 

a tenner far '•very manager They fortunately relented played by post, you could per- pressure of time and competi- ••home” ' lerritorv for each 

who has told me "that. The during the lunch break, when fectly well organise it on a tion. Over the past few years team, in which it 'alone has the 

. . . . _ ii- n:rned .nut rhat nm' nar- national basis. The Financial -Darticularlv. imwocino numbers n f in U »* jicfriwinn 


Financial Times ^ay 


Financial ^ 

international . 

_ inrtHnn Branch of a major ^S R^aaTrsat^ 1 
The position 0 f AecouTttent Iaflpn-fl5gl|. 

see H,«nn of Represent incumbent. 

: ^ - : 7;:,v m- 


especially interesting bit of tute of Chartered Accountants ing merits their putting in personated by Jack Layzeil’s 

. gossip when one or the in England and Wales soon multiple entries of up to about administrators.' often advertises 

Like tneir predecessors. tne> o r n an i=ers of the exercise inter- agreed to become joint sponsors. 30 teams as part of rheir man- a 5 U jk order for which ary team 

were wikmg about the PU p le(} us j,y banging the table agement development pro- ma y decide to tender. 

computer- based in cma iiona i nd reading out an obvinusly Toda>% (he sixth European gramme. . WTien this set of decisions ha? 

Ih?mni«nVw Sr run s - ooof , n ?T' 5papcr ' report abnu , t management championship has been made, it is posted to NHC 

=nrm-;ii. - ,n ut i„,c L- Fur. ■ a 5,rnbaole nse ln lhc Bank just been won by France in Once the total entry has been headquarters where the returns 
nean natum* and others more Ra '°‘ Stockholm, and the organising split up into “playing groups " for all teams in a particular 

distant a< well as in the nrig:- bodies in the various countries of three, four, or five teams, the playing group are fed together 

' counirv the United The reading finished, I turned have begun registering entries side's will each be sent a set of into the computer.. 

Kingdom back n> my cnnipanions to wn- for their 1979 national contests, accounts and a market report . 

° ' tinue ;iic conversation. But In the UK. our chief adminis- representing identically placed There the decisions are inter- 

. their eyes had all gone glassy- trator Jack Layzell (NMG, companies. =-■ woven with an economic model 

" t>o X believe. I replied, a* «• j- n: « .rry. We shall have tn Victoria House. Southampton in the program, which can 

always. But n wax nui fun mat st(ip " ;i*e leader of the team Row. London WC1B 4EJ — tele- Precisely what nrnducls these he changed variously and devi- 
was primarily in nijntl when «he 5aid «:nme along gentlemen.'' phone 01-242 7806) is assent- companies manufacture develop ously at the whim of the 
idea iif running a national ^ n d they got u p and left the bling the starters for what will and Market is not known But administrators so as to simulate 
management same first occui red rmirn . So did all the other be the originating country's »h ev behave in rh<» market like the effect of strikes, booms and 
10 me on a Irani iMwnn , Mmk . tenth annual championship. connjmer-dut^hles “nd he other ricissitudes. The- result is 

Jin .TJSSS oToSter^oraatmnahout a PHt.of PHnwnts. “> 

tion. Vc». 'coinmiinieni. u iui „ I: ™ a startiins experience. To mark the occasion _ the them which I have been able to “htch is returaed to fte appr^ 

h- M . jr La | ■ . Manager? under training whom sponsors, who-have since been work out so far is that more P naTe Team l ? S “° H . wndL ll r~ 

I had met previously at confer- joined by the Confederation of than 1.000 will'fit on a lorry. happened to its business as a 
once.*, seminars, courses and the British Industry and the Instl- Nevertheless,' whether to result of That particular _ piaj . 
In Man vires lor lha<. daj I jjj. e ;, PC j q U ;t e often proved tute of Directors, are doubling produce more of them and if so and To serve as t_nc oasis lor .;S 
haii iiot-ii ou.'onmg leui.i.. m , nTt . rt> } t *d enough in what was the first pri 2 e to £2.000. In addi- how much of accumulated or next set of decisions. 
iiia.ia^v.'r? uii-ii-iii turn- going on to shun distraction dur- tion there are unprecedented borrowed cash to allocate to 

pa/i.c; in uic lUiucr a.w r n _. the sessions. But I felt sure pri 2 e* of £750. £500. and £250 expanding as well as running After five or six plays— in 
-%c-.<aii ,»..up. taking pari m t ; ia t non-? of them would have for those what take the lower the factory, continually occupy the middle of which the sides 
thu rtiiokX cxi.'cui>i'e-i.au]ing suddenly and voluntarily cut places in the four-team final the players' attention. So do are for once supplied with the 
cxcrciou ue vised oy iiitvnie- s hort tiic precious lunch break, which will be played “face-to- the questions of how much to “annual accounts'* of Lheir com- 
Uunai t.mupuier.s. .-\nv.mg Hrm could anything that was face” in London next summer, allocate to marketin’ Hictribu- petitors in the group— comes 
uurmg me Lionmig scjamn. i -only a came ** establish, within The entrance fee will be £60. tinn ai T . , the end of the round. The com- 

wa a ui^app'iiiiicii iu luiu mi a couple o? hours, so remarkable non and research and de\e«op- pany which has accumulated 

ijute t.j unnerve, 'mere were a hold over everyone taking if nast evneriencp hold*; pond ment ' ““ whether in lure the biggest profit, or sometimes 

offices, edc.-i i-un^jn.iig nau-a- nar t ■» , ** exterience noiu^ goon, ni anu factunng or sales con- th e smallest loss, goes forward 

dozen me- bin me/ seemed h^nt^ ^^nts or even ao industrial o the next round. And so on. 

lar inn hu-v won t -i.n. of th e starters will be entered 

papers ana ii.deiuui in' wa» Yet 51 har} pearly done so. mainly, not for the prizes, but spy - 

bciuru the caicuiaiur a '-i t u AncJ ?af ‘ r kc P : returning in for the training experience of To some readers, this son or 

1 mind as I was travelling back co-operating with tlieir fellow Each team also has to decide goings-on might seem to offer 


no fun at all But having played | 
once in a demonstration game.' 
I assure them that it can *be. ’ 
The first print-out came hack ; 
showing my company in - a j 
hideously unexpected position . 
and from that point on,. l'.yns\ 
hooked. Perhaps winning is f 
habit-forming, too, but I have no i 
experience of that. « 


To temper the pain in case; 
of losing, the administrators > 
allow any entrant to compete ; 
entirely under pseudonym, and-! 
most usually hide their proper . 
identities until at least, the-: 
quarter-finaL Thereafter the j. 
real names of competing; com- j 
parties and. their players are] 
almost always revealed-r-per- ! 
haps because it is not unknown! 
for success in the game to be ■ 
followed fairly soon by pre- 
motion. v- 

So perhaps it is not “ only j 
a game" after all. Certainly; 
it has tempted some people who \ 
qualify as UK nationals and j 
would he prepared to return to ! 
London for the final, to spend,' 
considerable sums in competing ' 
from as far away as Japan. I 
hope that some exiles will dpi 
so again next year because' I ; 
would like the tenth National . 
to attract, for the first time, .an \ 
entry of 2.000. Aad I look for- ! 
ward to meeting whoever. wins; 
in Paris next autumn, when they > 
represent the UK in the 1979: 
European championship. j 


•nnss^ss at least three years’ expenenc& in aal 
'tsoerts of bank accounting* ^ 
scraps and foreign exchange ^ , 

have the stature to train staff and: 

the Chief Accountant when -necessary. : > ^ 

Cnmoensalion is unlikely to be. a 
rSf 6 applicant: all the usual 


available. 

Written anlications should be sent JO;Brnr-A;6^^‘ 
Financial Times. 10, Cannon Street, 





A sales career with Hail ’ 

earnings potential. : : r .' 

The contracts you would be offering axe .amon^the most- 
attractive in the induslr>' and you wouH recelve^a . 
thorough initial aad on-going training to giyeifbu iivety ; . 
opportunity to succeed. . il l'- 

Opportunities now exist for 3 people' at a narTVest-t 
End office- .-.'.ill.-’.'/ 

]f you are- aged between 22 and.^4. are sales cneatated 
and have a proven record of Success in your previous 
career, telephone David Hall oh 01-7M 4542 or- write <o . 
him at Hiil Samupl Unit Life Services Ltd^ 35 Soho 
Square, London AVIV 5DG. ■ i. v -- :vi-; 


“ RECRUITMENT CONSULTANTS 

35 IVew Broad Street^ London ECSIV 1 INK 
l: ' * - v :Tel:ai -588 3588 orDV 5 a 8 3576 


This important appointment will carry with it a Directorship of a major subsidiary company with clear potential to 

advance to the main board in the future. 


CJA 


MHHUHOIUUL MMCmfSIHG CONIBOUER 


LONDON BASED £14,000— £18,500 

MAJOR INTERNATIONAL TRADING AND MANUFACTURING GROUP T/O IN EXCBS OF £1,000 MILLION 

This appointment arises a s a result of the Group's expansion of manufacturing activities across the world. Applications are 
invited Ircm qualified engineers, aged 35-43. whe have had profit responsibility, for one or more medium or light engineering 
operations outside Europe. The successful candidate will be responsible for co-ordinating diverse manufacturing, and monitoring 
existing activities worldwide, recommending development strategies for each area: identify and evaluate new ventures and 
plan the implsmentaticn of agreed projects. Technical competence, tact, numeracy and the ability to communicate with 
senior cclk-agues. members of government, civil servants and people of various nationalities is important. Up ro 50 r ^ 
overseas travel is envisaged initially reducing to 30% thereafter. Initial salary negotiable £ 1 4.000-£ 1 8.5C0 t car, non-contributory 
pension. sua:idised house mortgage facility, free family E.U.P.A.. assistance with removal expenses if necessary. A p pi icaticns 
in strict confidence under reference IMC33S0. FT. to the Managing Director:— ■ 

CAMPBELL-JOHNSTON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED 
35 HEW BROAD STREET. LONDON EC2M 1NH - TELEPHONE: 01-588 3588 or 01-588 3576 - TELEX: 887374 - 


Banking/Rnancid 
— Executives — n 

Our client is an Internationally respected, well-established 
firm serving many finanaai institutions and has a 
reputation for innovation, leadership and the high calibre 
of its slaff . In pursuing an aggressive policy of expansion 
in West Germany, the firm is seeking exceptional, well- 
educated financial professionals wno are interested in a 
challenging career opportunity and possess the ability 
and ambition to rise to partnership level within the 
business. 

Candidates must possess the following attributes: 

Age: 28-34 

Education: Excellent academic record, university and 
M.B.A. or equivalent from internationally recognised 
business school. 

Languages: Fluent German and English. 

Experience: 3-5 years either with a domestic or , 

international bank, the treasury function in a multi- 
national corporation, or as an accountant specialising 
in bank audit work. 

Thorough familiarity with banking terminology. . 

Superior analytical skills. 

Strong numerate and literate abilities. 

Willingness to undertake periodic travel from 1 

Frankfurt base. 

All replies will be treated in strict confidence and ; 

interested individuals are asked to send their ! 

curriculum vitae to: i 


Box 2 1 6 1 , Gould & Portmans Limited, Caroline House, 
55/ 57 High Holbom, London WC1 , England. 


LEGAL APPOINTMENTS 


COMPANY SECRETARY 

A small but dispersed private company, providing 
technical services to racing and other 'sports, here 
and abroad, seeks a qualified Chartered Secretarv or 
Accountant aged 30 to 40 to replace the present 
Secretary who is leaving on promotion. 

As well as servicing the Board, the job entails 
financial planning and control, legal, insurance, 
safety, personnel, purchasing, equipment, manage- 
ment, sales and industrial relations aspects. 

Applicants with energy, a good standard of general 
education, appropriate professional qualifications, the 
ability to work cheerfully in a busy team, a proven 
record of success in the majority of the above fields 
and. preferably, an interest in racing are invited to 
apply by telephone or letter for an application form 
to:— 

Frank Dixon, AC!S, 

RACECOURSE TECHNICAL SERVICES LIMITED. 
SS Bushev Road, Raynes Park. London SW20 OJH. 
Telephone: 01-947 3333. 


ASTLEY & PEARCE 

LIMITED 

Vacancies exist for the following: 

(a) Foreign Exchange personnel with two. or 
more years’ experience. 

(b) Trainee personnel for Foreign Exchange 
and Eurocurrency Deposits. 

Please reply in confidence to: 

The Director, 

Foreign Exchange, 

20, St. Swithin’s Lane, 

London, EC4N SEN. 


Company Accountant 


c. £8,000 + car 


Richmond 


A senior accountant, preferably with some commercial 
experience, is required to join the small management te-ira 
of a highly successful company actively involved in the export 
and import of provisions (dairy products) within the EEC, and 
generating substantial turnover. 

Reporting directly to the Managing Director, the person 
appointed will take full responsibility for ail aspects of 
financial management .and will be involved in the investigation 
of significant expansion and diversificaUon plans for tbe 
company. 

This is an excellent opportunity to succeed with a progressive 
company. A- salary of not less than £S.0Q0. company car-and 
the usual fringe henefits will be offered to the right candidate. 

Please telephone or write to: 

Mr. Alan McKay 
DMK LIMITED 

12 The Green, Richmond, Surrey 
Telephone: 01-940 4014 


ENGLISH NATIONAL OPERA 
PERSONNEL MANAGER 

ENO wishes to appoint a manager to work with the Personnel 
Director and his Assistant. The successful candidate will be involved 
in dealing with personnel and industrial relations matters. A know- 
ledge of current employment legislation is essential and experience 
of theatrical administration and the working of the Technical 
Departments of the theatre an advantage. 

Applications including a c.v. and present salary should be' made to: 
Leon Fontaine. Personnel Director, 

LONDON COLISEUM 
SL Martin’s Lane, London WC2 


ACCOUNTANT 

66.SQ0-f8.500 

If' you are experienced, self- 
motivated. between 28 and AS. 
you would gain job satisfaction 
with this small blit expanding 
property development group. 

Please phone: Mrs. Betiy Lees on 
01.236 0642 or 01428 8428 
KEYRIGHT PERSONNEL 
CONSULTANTS. 

31. Qum Street, London EC 4. 


APPOINTMENTS 

WANTED 


ASSIGNMENT 3-6 MONTHS 

Bnwh Chartered Accountant- 30. 
nuiti-Jingual. D.»orsinod experience 
curopc/Arnca /Australasia in manage- 
■nenc. financial control, administration 
and ay stems development. Multi- 
national and others. 

AVAILABLE IMMEDIATELY 
FOR ASSIGNMENT 

Financial Timei 
IC Cannon Street. EOIP 48 X 


BUSINESS 

EXECUTIVE 

| Interesting opportunity for right 
.person. London based business 
i representative for Swiss trading 
company with international 
interests. Should have back- - 
1 ground experience in commerce 
and marketing, with emphasis 
on food. Age 30-35. Knowledge 
of . some European languages 
essential. Salary, plus ccmmiv 
sicn. negotiable. 

Write to: 

PHILROY INTERNATIONAL 
(UR) LIMITED. 

40 Curzon Street, London W.7. 


FINANCE 

Institutional Investor seeks an 
intelligent. hard - working, 
dynamic individual to sell 
advertising space. Applicants 
should have some knowledge of 
finance, be willing' to . crave! cn 
a. limited basis and a working 
knowledge of French. An ex- 
cellent career opporcunky. 
Salary up to £7.000 plus bonus. 

For information contact: 

DENISE C. COLEMAN 
EUROPEAN ADVERTISING 
MANAGER 
Tel: 242 9598 


UNIVERSITY 

APPOINTMENTS 


UNIVERSITY OF THE 
WEST INDIES 
JAMAICA 

Applications are muted for the 
CHAIR IN MANAGEMENT STUDIES. 
ADDllcants should hive considerable 
tcicniao experience at the unper- 
Dradoatc and or graduate levels as 
well as a record of publications in 
Uic Held. Salary in the range — 
JS17.1S6-21.2S2 BA. <£1 Sterling = 
jrS.IDJ. Unfurnished accommodation 
will be let bv the University at a 
rental Of 10?i of salary or a housing 
allowance of 20 % or salary will be 
oiid. P.S.S.U. Study and Travel Grant. 
Uo to five hill passages iaf approved 
rates) on appointment and on termina- 
tion. Detailed duplications 'two copies) 
with curriculum vitae and naming tnr*e 
referee* should be sent direct as sooit 
as possible to the Registrar. Univer- 
sity ol the West moles. Mona. King- 
ston 7. Jamaica. West Indies. Aooti- 
canti resident in tfe UK should also 
send one -copy to Inter-University 
Council. 90 91 Tottenham Court Road. 
London W1P ODT.- Further details 
inav be oh’atnee from either address. 


CONTRACTS 
AND TENDERS 


THE FIFE REGIONAL 
COUNCIL 

5EWERAGE SCHEME 
BOWHOUSE TREATMENT 
WORKS 

fire REGIONAL COUNCIL Will 
^ P:'Parod to receive 
TENDERS tor ibc construction of a 
sewerage scheme which includes the 
fallowing <v Jr Iu : 

Modification of Existing Works: Con. 
versions ol existing rectangular settle- 
mcnc tank* to storm water hofdinj 
tanks at each of three works at 
Auchtermuehty. Falkland and Ladybank. 
the construction pf measuring flumes, 
detritus channels, pumping clumbers 
and landscaping work. 

Piping; Supplying, layinj and feinting 
“"f kBi_ of 200 mm and 5.8 km 
of 150 mm diameter Ductile Iron pipes 
including sluice yaJrcs, xir valves and 
special fittings. 

Treatment Works: The construction of 
a treatment works at Sow how Farm 
including an oxidation ditch, sludge 
holding tanks, settlement tank, ctari- 
ner. screw pumps, measuring flume and 
1 1 * rwe «* ether * it * 1 Hilary works. 

The Conditions 0 * Contract will be the 
I "institution of Civil Engineers Condi- 
'1 tions of Contract f fifth edition >*’ h M t 
modified to exclude variation of pric* 
ol libour and materials apart from the 
provisions of Cli'isex 6 1 * fT« Fluctua- 
tionsl and 70 (Value Added Tax} of 
the Conditions. 

Contractors who wish to bo included 
in a IHt from which tenderer? will bo 
chosen for this work should submit 
tht-r names to H. MnfM. Esg.. 
Regional Drainage Engineer, The Fife 
Regional Council. Factory Q10C- 
Fieminpan Road. GtAiretbcs. KYT SOS 
on or before Tuesday*- 5th October 
1978. 


Chief Amnmiant v 

(Designate) v - ^ 

NWLondbn Age c25 J : \ 


poods, partof a leading British Ejigineoring GiouiLseefcsayotuigCKier - j 
-A- ^“-Accountant for one of lheir companies based in North. West, London. ;. :i T. V 
This appointment allows for expansion arid the retdrement oLtte- present- ; 'r v - 
Chief Accountant early in 197?. ••*"!* 7.1 s v... "*>> 

Reporting to the Group Financial Controller and the Qsnnneccial Birectar ■ 
the new man or womun is to be responsible for tbe.managerpent af flje. 
accounting departmem and the -wider duties of Cdri^ariy ^crirtaay: The - i 
duties include the prepare t ion of budgets and the anniiaf acqouncs as wtil as ; ; 
forward financial planning and the provision of prompt aumagetneiit . 
information. The open man.’ cement style of the company will arvpWe the . . 

new Chief Accountant in a widevariety of commercia] aisapfines. ‘ 1 . ; ' 

This appointment will suit young enei^etic Chartered Ai^untants (perhaps .. ’ 
recently qualified) or Management Accountants who seek tteir first pwition. 
in charge of their own department. Those with' ^ ltnowteigeTof overseas 
Currency transactions and rea list ic credit control may fihye hiri advantage.' - '' '• 

Salary around £7.000. Frospects depend upon performance ia afast moviD^ , - 
ccmmercial environment. :7-' 

Candidates, male or fraiale. should write |[ 1' ; , : 

in confidence for a personal history form 

quoting reference MCS.-oOlfTto Roland Orr, _ Xl_*Vv - f ... . 

Executive Select ion Division, Southwark V ^ MprtllTl icprv !'• > 

Twrert 32 London Bridge Street, V \/- ' f 4 IVU5&Z ;• ,.| 

London SEi SSY. ▼ T Associates • -v 




PLANNIXC; ASSIST \\T. 


An assistant is required for the Planning Department of .thC*V 
Bank in its Head Office in Edinburgh. The work Win be • ; -4 
concerned with various aspects of planning systems antf jfi > ;; 
particular, with research studies of a strategic, nature. 4 A 

Candidates should havea good honours degree in . Business 
Studies /Economics and have well-developed numerate skiU&. : „ 
Previous experience in banking or some other financial A; 
institution would be arr advantage but is not essential. The.. A 

preferred age range is frorn 24 to 30. • . ; r ) 

This post carries a competitive salary and a number of. • 

attractive fringe benefits. . -1 • - •. - - - ^ 

Apply in writing givingTulf career details to:-' • 

The Staff Manager . ; - 

The Royal Bank of Scotland Limited . ^ : r - 

PO Box 31 ■ . . . " . 

42 St Andrew Square : . - 

EDINBURGH EH 2 2YE ■ 

w ' 


You’ttget on better yidiiius. 


OPERATIONS MANAGER 


Age 26-35 


BANKING 


£ substantial 


£ ut ^ 0r i sed and' rapidly expanding'. "branch' "of a‘ major 
imernauonai sank seeks to. appoint a dynamic and ambitious- person 
riYJIU? * ro ?u '"‘ de Plh . knowledge oF Banking operations. ReportiD? 
curectiy to the General Manager, the successful c^didate will assume 
control and direction of the -entire running of the biinhh, induding, 
Ait- j . ou . f. tesst, the personnel and: administrative functions. 
Allied to a high degree of technical skill,, especially, in' the . areas of 
Accounting and Foreign -Exchange, the appointee will demonstrate' 
personal qualities of drive ahd.tenacity, whuch wlHihe giveh fiill vent 

Salary, will be in five figures.-and will not prove a bar tothe right 
person. Benefits are competitive for an appointment of thrs rmportajicc. 

To discuss this position, in- complete, confidence.- pleoa^^ephdrie<i 

Mark.Sievens ■ • - -V. — - v : 


^ BANKING PERSC 

*11/42 London .Wall - London EG2*Tefephpne: 

< R EC R U I TME filTCO N SULTA^ TS t ” 






I VI 


VCCo, V 

Financial Times Tuesday September 26 1978 


HNvr3; 


% 


i 


GAL NOTICES 


APPOINTMENTS 


So. UU£479 of 187S I Ni. w&ffl of WPS 

high ov jitsticE In ’ *hf nu;H court nr jus-nos 

D'M'ion C-jjiioaru,-.-. Caur. 1 i. 1 CJuaifr, Dtrmnn Companlrs Court. 

>-r of Cll-TOKX LIMITED and ‘iter lUUt.-r of JlAl-FCLEN LIMITED and 
Mer Ct TttK DjMPAMES ACT , hi tt-r Matt, r uf TUB COMPANIES ACT 
i 134 h. 

c IS HER Kit V fllVEJf. that a | NOTICE IS 1ILRJSHY WIVES Cut a 
or i hi" y> irjimj ui« ol On? abutc- , Vet n ion tnr flic wt relink un of ifao abqv 
ftami-d Canquny by »bi* Httb Coon of 
Jumti-f njt ua Uie 2 Mb day of Stfotk-mb^r 
ITS pt-z^sied to «ir utd Conn Ins 
HKJESS * COMPANY LIMITED whoa 
rei;:Mi'r<--d ufcrv i* s'TUatp at SS. SI- Mary 
ai ibii. Loudon. EOP 3AJ. and iSm ib.- 
• aid Pern ion u Ui reeled to bo »'wl 
fh-fur^ tbe Coart sitting or the Royal 

Courr. oi Just it:’. Strand. London ¥TRa 

•or or ■.omr.hororj ol tlw yaid ' -'LL. on ife- 20ib day of October lino. 
dcsSroas lo ■aspor: or 09 j and asv cr'dlior or coomtuHOrY ut Un. 
" ' " sopport 


' nmtuny by i*ir inch coon of 
•raj on Hie T:n da; cr! August 
+*utr4 10 ‘.hv saaS Court by 
ftL’TH Hi»Oi; ,4 I’ll R, Hamilton 
Load on, V -Jiji j,,. 

. lion rs d:r«x!.-d (u b.- h»rfrd 

■ * Cau.-: %.i:.o_ j. the Royjl 

Jumi- v. Strand. London. WC2A 

■ ic Wrd day of Oii'Ai-.-r l»r« .in. I 



OK of an Onf.T «n ihr said 
may anv-ar a: the tunc of 
1 prrwn or by h:i creaiSi-T. far 
w: and a cow of the fcr.uun 
jrmsh -d be ihr uad. r&naied 10 
■or dr knoiribuior) of ibr said 
rrquirnc soib kojjy .hi pay mcnl 
sulJirtl c-fcarx..- lor the unu 
JJ. PRIOR a CO., 
mm.’ Bar House, 

T». H.-T Sir. if. 

'ndon. ECIY l.U. 

Iicnon for 15c- IN.-iii.onrr. 

Any n-'rrsHi asho --licnds to 
du- hfiraiv of I hr said Pi’ rump 
■■-w " r *eid hi noc :o ib.- 
> d. turn.-* in wtiiiuk of bio 

'*“* *° 'I«- Tho ntun.i- mu,! 

urn..- and ad.lrrjc of thi- prrvon. 
ilm. the nim.’ xnl ss nl 
arnl may b- 


• ’nr ■ i r “ *>■■• suin-J h\ tb,. I 

-C/'fli/l/ .UJ- 2 T h ~. rhc,|r wl it If or | 
I,* nav and mini be v-rr.ig or if 
f * r' « I N- ■HI" by oar. in kuiRtietst l 
» . 7 / 1 f 1 ,* . , ! 1 ” »l»» , n- , iasn.’d nm lati-r 1 


fbi#‘ in 1 hr afrernoon of tbr 
October ITS 



No OO-TOal uf IT 4 
HIGH not.-RT UK JI- STICK 
■ Division Conmani-t Crmr: In 
i/.*r of SHAWNRity LIMITSD 
Manor of The Corr.oaau-* 


IS HEREBY r,iVE.V. mat a 
it nit Windup u a of ihr abovr- 


■ ! f* -■? Court of 



on itm 12-11 .Jay of ci ;i:ktat>er 
•PLtSS? ,J, o tjid court by 

■ "'OIL Or THE EOROUriH OF 
f Ci tic I’mifc. Piwi... Porset. 

■ .. and that rfir naid Priition 
-■;l 10 br h,-anl t.-far. thv Conn 
ihr Royal i^jnns of .incur,, 
■pinion WTSA 2LL on th- 
"I’roftrr ITS. and any rrcJnor 
huiofj uf rhr <aai CtRnnany 
J siCVMri or (Jppw- the .•natiijc 
“h ‘H*' m:< 1 P -iv.oa mav 

■ IBP HfiM- nf baan.1t: n p.-rson 
LounK-l. fnr ihj. Durpnw: ant j 
dii- Pi-Siimn veil; b • furtjstu'l 

nderslyn-it >n any ,-n-dnor or 
■v of :.i. mu* Cosibnnv r*m>r> 

. stow un payment of ib.,- r-au’a'jpJ 

■ • the name 

AH PE l*H!TCK.\kD U CO . 

' K/nusvj;-. 
ndoi. w r 2 . 
enit fur: 

K. T>. ANDREWS. J!ji . 

■m f>uir.. Pan!.-. 
k dors f iw ibe Priitio.-rrr. 

Anv re phm v ho iiicuds to 
Du bean a- of ih.- sairf Pi-.lDon 
f on. or send by pos: lo. the 
'•■d none" in utiLuu: of his 
in tin. The nonce imu siate 
and address -jf the p- rson. or, 
Ihr name and address of ihr 
nu« he socnod hr ihr person 


said ComiMU d.^ irons ... 

uapaw ib. niakJau at an . Order OB Ihr 
said Pc! u ion mgr appear at rbk- lJinr of 
he arms in person or by bis Counsel for 
ttu purpoae : and a vow of the Peuuon 
will nr funusbed hr flu- tmdrrslBnHl 10 
any errdnor or comnbuiory of 1& e raid 
Coro nan; reoutnns mrb cow cm paymem 
a! ihr r-’KUlai.j charp.- for (be wnu? 
COWARD CHA-NCK. 

B&TUC HOIMO, 

A'drnaanhorv Suuarft. 

I.ondun KCZV 7LD. ' • 

Solwuiors for ibe PrUSOtw. 

VOTE — Any tw-rson who intends 
appear va tbe h.’ar.ni: of the said Pnmon 
musi u-nv on ur Bend bf post 10 'hi- 
abuw-Hoaiivd. n»tw-c in vfiUiBS of bis 
intention ko is do. The notice- must 
Mate Dir name and addr.-ss of I hi- person, 
or. if a firm, the name and addot.-s of 
the first, and muv be aiuned by the 
P*-rvm 1 it fir i/i. or hi* or tht-tr soiiclior 
• \t any. iud taint be served or. if 
pci*>**d most br vrlll h» post in snlfirieni 
limn lo roith the above- named 001 lelrr 
rhnn four o riork m ihr afternoon of the 
2Tih day uf uctober UK'S. 


Vo. WEST of Wi 

In tbr IUC.H COURT OF JUSTICE. 
Chuwnr Dirmon Cumpanin Court- In the 
Master Of m-DSfiX 'HOTEL SBSVICESi 
LIMITED and 111 Iht Matter of The 
Co.imj.iMt Art. 2R-II*. 

NOTICE IS HEREBY GIVES. *ai a 
TVtillon for I be Wiralmw up of tbc abovr- 
nanwsj Company by tb< Hi Eh Court ol 
JtiuLre hh* an Die 11 rh day •Mv 
WSL PTneMed la Hu- utd Court by 
STREETS ADVEETIRING UMITEO WbOk-’ 
D'RlSSHTd MRrr » tut uale- at IS. Red 
Linn r.nurt London. E.r.,4. and tfcat tlu- 
kjid Petition is direeird to be heart 
N. lor-- Hi.- Court Munc at the lloyal 
i>MV at JtBfirr. S: rand. London WC2A 
2LL. no Ihr »th day of Ociobrr 1D7S. 
and any iwlltor i>r ronfrtbm ofy ot flu- 
«a:d Compat.y vlrsttuot to support oi 
<K»pas" Die oukinK of an Order 00 lh> 
satd Ponton may appt-ar at I M tim e 
of bcaraiK In jv-rson or by IBS counsel, 
for rliat purpos**- and a roof of ilu- 
PelitiOB will br furnished by lb* PiKW- 
sianed 10 any creditor or couirtbuiory 
nf the vii-1 Company p-autnna sflcb copy 
ob pjrnuai uf Hie n-nlited dkorse for 
thr sairi- 

MM. y. PHIDR A- CO., ■ 

T-ittp!.- Bar House. 

ITS KIrfT Sirwi. 

London. F C.«. 
solidinrs for Die Peiitloner. 

X^TE. — Any pvnni who intends to 
appear 01 Ihr facarloK of the said EetltlOo 
must v rve oa. or send by post to. tbe 
above -nj mod not tee in wrluns Of bis 
ilW-tiliiHi SO in do. The notice WW Stale 
lh>- iiaui* and address of I he person, or. 
;f a firm ibi- namr and address of the 
firm and must be sinned br tbe person 


I rr niijifj 


r hi* of their solicitor (if any! ior firm, or bis nr their solicitor i if anyi 


be serri.d. or. jf thiSL-d. mira 
» otil t.i iuflu’trnt thn» xo 
abnve-named no: later fhan 
•'k ■» the aftrraiNiR of the 
i October 1975. 


and must be nerved, or. If posted, most 
be sent by port la sufficient (Une to 
reaca He aSmvi-iumed not later Uun 
four o'clock ic ihe afternoon of thr 
fitb dar of October 1978. 


iSONAL 


ART GALLERIES 


HE FASTEST 
AME IN TOWN ” 

have e*er considered playing 
at game in town for profit or 
against inflation, then this n 
c you luve to read. 

FASTEST CAME IN TOWN '* 
lony M. Reinach tl an easy. 
, comD'«hrnii«e guide «t> rfe 
rs. advantages and drawbacks 


-ig and telHng^ommoditje*. 


— are treated Tn detail. 37 
.ooj and S7 charts. 

. id'-d by: Wail Street Journal. 

Tribune. St. LouU Globe 
' it & Fimncul Book Digest 
. FASTEST fin POST 
N TOWN M *»I U PAID 
• Available direct from 

HILL (BULLION) LTD. 

'.hill House, Templar Place 
■S. YORKSHIRE. ENGLAHD 
-532 40S7I. 7 ole* 5S7853. 


■ CHANDE GALLERY, 6. Cork St, W.l. 
I 01-734 4626- Recant Paintings aoo 
> Sculptures by W. P. ZAG. 2fi S«>L- 
Z1 Oct. Mon.-Fn. T P-S-5Q. Sats. 1Q-T. 

FINE ARY SOCIETY . 14B. New Bond SL. 
W.l. 01-629 5116. CHARLES RENME 
MACKINTOSH. Also Scottish ~ ' 
i9th-zoth Century. 


Painting 


n. 


AMPERS 


OOO FOOD & WINES 


in..- 

i-.'VJs leading packers sopply- 
^ i, great stores of the world 



ders of industry. 
-SAMPER PEOPLE LTD, 
umpsham, Norwich. 

Tel: 713937 
X: 975353 Hampers 
r brochure ori_ request. 


J.P.U FINE ARTS. 24. Davies Street. 


W.l. 01-493 2630. J^UUAN" COOPER 


recent wBiercolcmrS. 
Mon -Frl. 10-6. 


and 


and 

Modern British MARITIME PICTURES. 
42. Albemarle Street. Piccadilly. W-1- 


THE PARKER GALLERY. 2. Albemarle 
street. Ptcrxfllly. Vf.1. Exhibition <of ’Old 
marine, military and sporting and- tom- 
prjphical prtnts and paintings and ships 
models. 


Changes at Spirax-Sarco 


Mr. Allan R melon has been 
aptioinlcd nianiKlnz director of 

SPIRAX-SARCO, I bo operating 
company or Spirax-Sarco Enqin- 
feriiiK, which will be responsible 
fur ihe company’s steam speciality 
business in the IJK. and two now 
«pera t infl subsidiaries have been 
formed. Spirax-Sureo Europe will 
»<■ responsible for the company’s 
-i* earn speciality business on the 
continent. Mr. Keith Watson has 
been appointed ntanauinu direc- 
tor. Spirux-Sarco International 
■'ill . handle similar business 
world-wide, except in the UK. 
com menial Europe. Argentina and 
BraziL Mr. Shnon Gorr has been 
appointed managing director. 

On October L Mr. Ray Hard ins, 
who has been rzuunagin? director 
of Spirax-Sarco since 19t>iL re- 
linquishes his executive rc-snonsi- 
buiries in anticipation of hit 
nnpendinc retirement at the end 
of this year. 

Mr. Timothy Fortune, Mr. 
Rod per Smith. Mr. Marcus Steel 
and Or. Richard Woods have been 
made directors of Spirax-Sarco. 
■Mr. Simon Harris becomes secre- 
tary of Spirax-Sarco Engineering 
and :t director and secretary of 
Spirax-Sarco Europe, and Mr. 
Derek Law a director of Spirax- 
Sarco International. 

+ 

Mr. Michael CadKpp will join 
the headquarters staff of the 
THOMSON ORGANISATION, the 
newspaper, publishing, travel and 
oil j*Toup. at director of informa- 
tion from the New Year. He will 
be responsible for implementing 
the group'}! internal and external 
communication policies and will 
be closely involved in their formu- 
lation. 

Mr. Cudlipn, who has been 
direclor or Information of the 
National Enterprise Board since 
On niter J»75. held a number of 
senior executive positions on the 
Sunday Times and The Times 
from IASS to 1973. He became 
rb-nuiv edilor of The Times in 
Tf»7I. Before ioinina the Sunday 
Timns he worked for the Kemsiev 
firm i ii evening newspapers in 
Ci il iff and Manchester. 

Mr. |>. H. G. Rose will also join 
the headouarters staff or the 
nr»v;inisation as eroup personnel 
director, on December 1. 

★ 

Back with ITT. after seven 
'"*.trs with Rdline and Lee. is 
Mr. Cary KihMewhMe — novf 
anoninied director or marketing 
for lTT-Cannon. Europe. 


Sanborn. HI, vice presldent- 
Invcslor relations and Mr. Evelyn 
Mack Truitt vice president- 
corporate services. 

★ 

Mr. Alien Hinsdale, director of 
research of the BRITISH CERA- 
MIC RESEARCH ASSOCIATION 
retires on September 3U. Dr. 
David W. F. James, until recently 
director of the Polytechnic of 
Wales, succeeds Mr. Hinsdale. 

* 

CONTOUR PACKAGING has 
unpointed a sales director, Mr. 
Michael Cox. who joins the Board 
from a position or UK and over- 
seas sales manager. Mr. John 
Burtenshaw becomes works direc- 
tor. 

* 

The comnanv srcrel ary nr 
ASSftClATED LEISURE. Mr. E. H. 
Rawlincs. retires on November ]. 
and will be relinquishing his full 
rime duties towards the end of 
October. He will be succeeded 
bv Mr. D. Hour who has been com- 
pany 8oereinrv of Charrim/tons 
Indiisr^al Holdings since Janu- 
ary 1078. 


Leisure Sales with effect from | 
Octobers. 

* 


To improve service to customers 
of Phonographic Hire in the 
south east of England, a new 
company. PHONOGRAPHIC HIRE 
< SOUTH EAST) has been created. 
The new company's offices will be 
in the Tunbridge 'Veils. ’Seven oak* 
area sad Mr. K. McLean, at pre- 
sent assistant managing director 
of Phonographic Hire, has been 
appointed mana-ring director 
designate. Mr. P. Cotton has been 
promoted managing director 
PHONOGRAPHIC HIRE (NORTH 
WALES). 


Mr. Barry Eagles and Mr 
Leslie Stringer join the Board of 
THE BIRMINGHAM MINT on 
October L Mr. Eagle is managing 
director.ftf two of the Mini’s sub- 
sidiaries. Mint Components, and 
J. R. Gaunt and Son. Mr. Strineer 
is manaeine director of another 
subsidiary. The Birmingham Mint 
Collection. 


Mr. B. Vail has resigned as 
assistant managing director or 
ASSOCIATED LEISURE SALES to 
concentrate on personal interest*. 
He will be succeeded by Mr. N. C 
Booth, currently ioinf managing 
direclor or London Coin 
Machines. Mr. B. D. Cole, cur- 
rently financial and administra- 
tive controller of Associated 
Leisure Sales, has been .mnninted 
finance director from October 2. 
* 

Because of the increasing im- 
portance of technical and manu- 
facturing matters within the 
amusement machine division. Mr. 
D. R. Wllrtw. managing rtiwtnr 
of ASSOCIATED LEISURE 
GAMES, has been appointed to 
the new post of lerhnical director 
of Associated Leisure f Amuse- 
ment Machines). He ha* resigned 
from the Board nf Associated 


Mr. Montague Jones and Mr. 
James Maefarlane have joined I 
PLT TMRT .EV 'ENDICOTT AND 

ASSOCIATES, executive search 
consultants in the London office. 
Mr. Jones w-as previously con- 
troller, eomorate finance depart- 
ment of ICFC. and then director of 
corporate planning with a division 
nf the Overseas Chinese Backing 
Corporation In Singapore. Mr. 
Maefarlanc. a former Spencer 
Stuart -search consultant, has 
spent periods in sales and mar- 
keting director nosts with J. 
Lyons and Allied Bakeries. Sub- 
seauently, he became marketing 
and advertisement director with 
Times Newsnaoers before return- 
ing to consultancy. 


Mr. .Odin Twaite ha* been 
appointed managing director of 
STERLING HEALTH, a division of 
the Sterling AVinlhrop Group. He 
was formerly director and general 
manager of Sterling Health. 


ST. REGIS PAPER COMPANY. 
New York, has appointed Mr. T. L. 
Robinson genera! manager of the 
nnn'ing and packaging papers 
division. 

+ 

M* 1 . A. W. G. Cheekier has ro- 
tir,.ji from ihr Bo»rH of BIDDLE 
HOI.niNGS and Mr. H. A. Edwards 
has been appoin^d a director. 

* 

Mr. A. L. Davidson has been 
ponninred assistant m :i *i'i " ' n » 
rfirenor of N^otH EASTERN 
EVENING GAZETTE. MlddJes- 
broueh (Thomson Regional News- 
papers). 

* 

PROPERTY SECURITY IN- 
VESTMENT TRUST has appointed 
Mr. G. IL Caines, a director. 

* 

THE SIGNAL COMPANIES. 
INC- has elected , Mr. Waller D. 


COMPANY NOTICES 



WESTERN AREAS GOLD MINING COMPANY LIMITED 

(Incorporated In the Republic af Smtk Africa) 


COMPANY ANNOUNCEMENT 

The board of Western Arcai hu requnced tbq Made/r Fuel! Corporation of 
South Africa (Proprietary) Limited to endeavour to obtain i long-term uranium 
talcs contract an behalf ol the company. It bu also decided to expedite the 
development of ore rewrvn on the uranium -bearing Middle Eliburg fieef 
Horizon and to examine in detail how best to exploit further the company'! 
uranium potential «f at succeed! in obtaining a suitable contrail. 

By order of the Board 

JOHANNESBURG CONSOLIDATED INVESTMENT COMPANY. LIMITED 

Secretaries 
per: M. J. Meyer 

Johannesburg 
25th September. 1978 


PUBLIC NOTICES 


GREATER LONDON BILLS 
Notice issued 20.9.78 about £25i- 
Bilts Issued 14.9 78 should hjye rear 
" maturing 14.12.78.? 


CLASSIFIED 

ADVERTISEMENT 

RATES 


Comoiemat ft radwtnal. 

Property 

I RexMcrdal Property 
l AppDlmxnteti 
Business ft Jovcxmieirt - 




. Resent Street. 7S4 0SS7. A la 
All-In Menu. Three Spectacular 
.-■<*« 10.45, 12.45 and 1.45 and 
■ ' Jotimtv HavrLoswortn & -Friends. 


E. 69. Dean Street, LoMOn. W.l. 


Striptease floorshow 

E GREAT UntSH-SniF 
*r at Midinght and 1 a.m. 

- Closed Saturdays. 01-437 64S5 


, Loans. Production 
Capacity. BnsWeswS- 
For Saif Wanted 
Educai ion. Moiors., . 

Cnotmcw b TWelric, - 
Personal. Cjrdeolng 
Holds ft Travel 
Book PuUiaWi* 

Prenalmn perttluos ovaUabto 
(Minimum siae 40 column cm* 
£L5D per single column on extra) 
For further detail* imtt lo: 
Classified Advertisement 


Per 

pinole 

vabitm 

tme 

rni. 

£ 

£ 

- 4.SB 

14.00 


890 

.,4.30 

14.08 

Ion 

. 

.. 5.2S 

M-OO 

4.» 

1-1.00 

2.73 

10.00 

— • 

7-88 


Manager, 

Financial Times. 

10, Cannon Street. EC4P 4BY 


ANT AND MACHINERY 


SALE BY AUCTION 
LONDON, NW3 



BROOK. EVANS & McKENZiE are instructed by the Joint 
ators, C. J. P. Benbow, Esq., and P. Granville White. Esq.. 
_L BY AUCTION the plant and equipment of PRESS & POST 
rcITY (HOLBORN) LTD.. (In Liquidation), at ERSKINE 
KS. 6 ERSKINE ROAD. LONDON. NW3. on. WEDNESDAY. 
CTOBER, 1978. at t pm, the valuable . 

RD SLEEVE MAKING, LITHOGRAPHIC, FLEXOGRAPHIC 
fTERPRESS PRINTING, FINISHING PLANT & MACHINERY, 
OFFICE EQUIPMENT & STOCK 
Mi TYPE 80200 ROTARY RECORD SLEEVE MAKING MACHINE by 
Jr ft Dunnebrer. No. 8502: RVO 2gln. x 40ln. “RQTASPEED HEIDEL- 
?.if FOUR COLOUR AUTO OFFSET LITHO PRESS, No. 400762 : "SOI N A 
* «■" * JSiii. Sheet Size. FOUR COLOUR AUTO OFFSET LITHO Mg. 
ISO: •‘SOLNA 225” I Bln. x 25in. Sheet Siz». TWO COLOUR AUTO 
l LITHO PRESS: KORD I8in. x 2-4-tita. "ORIGINAL HEIDELBERG 
OFFSET/LETTERSET PRESS. No. 321928: 37in. WEB FED PERFECTIKC 
^GRAPHIC PRINTING MACHINE br Strachon 8 Hcnthaw, No. 4604/1; 
1- x 301m. ’‘Original Heidelberg" Auto Letcerprew Cylinder. No. 21244; 
‘ Machine: 47ln. * 37m. “ FAG- 


PROGRAMMATIC GUILLOTINE. 

No, 3933: K72/4KUL 
FOLDER. No- B7B4; W2 
308: Model 3 SO Foolieap 

. . Pamphlet Folder; Mk II "CAMCO" AUTOSTITCHER. 

■" !,’67: &8S/6I "Cefmor-Brehmer" Reel Wire Stitcher. No. 298: Two 18in. 
e ' n” Mobile Auto Rotary Perforator*: "Twin Rack" Power Waite p ‘P er 
Paper Trim Extraction Plant: 20MR •‘Havrtrtos" Ridu-Oo T.ltlna 
Forte Life Truck; BTSV10B ’•Rolatruc”, Pedectrian Operand Electric 
ilt Truck; Three Hydraulic Pallet Truck*. Three Air Gomprewor Unit*; 

. i Equipment; OFFICE FURNITURE ft MACHINERY; STOOC; Fixture*. 
, etc. 

ON VIEW JVi© Day* Prior and Morning, of Solo 
CATALOGUE from the AUCTlOM&RSi 


ILEBROOK, EVANS & McKENZiE 

'ALITY COURT, CHANCERY LANE. LONDON, WC2A 1HP. 
Tel: 01-242 1362/9 



•NERATORS 


ver 400 secs in stock 
‘ lkVA-700kVA 
My from the manufacturer* 
th". Ml aftur-wles Mrakn - 
CLARKE GROUP 
' ' 01-986 8231 
Telex: 897784 


fork lift TRUCK SALS, stock or a ret 
TOO ifHd Fort Lift Trucks ready ter 
immediate delivery, at negotiable Price*. 
Capacities from 2.000 lbs to 60,000 lbs. 
List sent on re ques t, trade and. export 
enquiries welcomed, deliveries arnnoed 
worldwide, larqu - ruouetton on bulk 
turdtun, finance arranaud. Blrtnlng- 
ham Fork LKt Track Ltd-. Hams Road. 
Saltlev. BUmlnutum BB 1DU. Tolz : 
-021027 5944 or OZ 1-328 1705. Tetax: 
337052. ’ 


Some people may regard most 
newspaper supplements as little 
more thanameans of increasing 


revenue. 


We know difFerendy.Judging 
by tbe amount of requests we get to 
produce an FT Survey on various 
industries and countries, we know 
our survey sare taken seriouslyby 
readers - and advertisers - around 
tbe world. 


An FT Survey offers a once-a- 
yearoccasion when we can stand 
back from the pressures of day-to-day 
news, and present an in-depth 


analysis of all that is happening 
within a particular subject * 

'Which explains whyFT Surveys 
are highly regarded as an essential 
source of facts, figures and 
authoritative opinion. 

Why they’re so widely read, 
and often kept long after they ’ye 
appeared in the paper. 

And why an increasingnumber 
of advertisers find diem such good 
value for money. 


FENANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


kit? 


P 






L 


c WuJ A ** 



35 



Harmony Gold Mining 
Company Limited 


(Incorporated in the Republic of South Africa) 

A Member of the Barlow Rand Group 


FROM THE STATEMENT BY THE CHAIRMAN. STS. D. T. WATT 


It is of particular interest to note that 
during the year ended 30th June 1978. your 
company’s mine became capable of mining 
and milling 7.44 million tons of ore per 
annum. This capability was acquired when 
the last of the major projects designed to 
increase production was completed, thereby 
converting to physical reality the plans which 
were conceived at the time of the merger in 
1973 of the Harmony. Merriespruit and 
Virginia companies. 

Another notable achievement during the 
year was the successful negotiation of a 
contract for the sale of uranium from a new 
plant to be erected at Merriespruit. This 
contract includes an interest free loan of 
R33 million to be provided by the purchaser 
of the uranium, which will be used to fund 
the expenditure incurred in establishing the 
new uranium plant Details of the loan are 
more fully dealt with in the directors’ report. 
Construction of the new plant commenced 
towards the end of the financial year with 
commissioning planned to take place during 
the quarter ending 30th June, 1980. When 
it is in full operation the mine’s uranium 
oxide production is expected to Increase by 
about 15 000 kilograms per month. During 
the first few years, however, production will 
be somewhat higher than this while certain 
high grade surface accumulations of slime 
are being processed. 

Until such time as the new uranium plant 
is commissioned, the ore milled at Merrie- 
spniit will continue to be treated for the 
recovery of its gold content only and the 
residue will be accumulated for possible 
future treatment for the recovery of its 
uranium oxide content. 

It is envisaged thai Ihe mine will enter 
a period of consolidation after the coramis- 
siumng of the new uranium plant when 
facilities will exist to treat ali the ore nulled 
for the recovery of both gold and uranium 
oxide. 


Operating Results 

The attention of members is drawn to the 
report of the directors, which describes in 
detail the results of operations at your com- 
pany's mine for the financial year ended 
30th June, 197S- 

The accompanying summary of results 
reveals that for the year under review the 
profit, after taxation and State’s share of 
profit, was R30.2S3 million as compared with 


R 3 1.304 million in the previous year. During 


the year just completed an additional 
386 000 tons of ore were milled, but gold 
production decreased by 1941 kilograms to 
30410 kilograms because of the decline in 
the gold yield per ton milled from 5.25 grains 
lo 4.64 ’grams. The uranium oxide yield 
decreased marginally from 0.118 to 0.110 
kilogram per ton of pulp treated. The lower 
gold yield is according to the mining plan 
and results from the progressively increasing 
amount of ore being obtained from raining 
operations in the lower grade Merriespruit 
area. This is reflected in the following com- 
parison of the distribution by source of the 
total ore milled during the last two financial 
years. 


Percentage of total 



ore milled 

1977/78 

1976/77 

Harmony 

43.4 

463 

Merriespruit 

29.8 

24.5 

Virginia ; 

26.S 

29.2 


The drop in uranium oxide yield followed 
the transfer of reclamation operations to 
No. 3 slimes dam after the depletion during 
the year of the two higher grade Nos. 1 
and 2 dams. 

There was a substantial increase of R30.492 
million in revenue arising from the sales of 
gold, silver, and osmiridium. This increase 
was mainly attributable to the higher gold 
price received during the year. The change 
in the method of payment by the South 
African Reserve Bank for gold gave rise 
to a non-recurring residual payment of 
approximately R3B million to Harmony 
during the quarter ended 30th June. 1978. 

Tbe lower revenue derived from uranium, 
pyrite and sulphuric acid arose mainly as a 
result of the variation in the volume of sales 
and the different conditions inherent in the 
various sales contracts. 

Total working costs for the financial year 
ended 30th June 1978 were R 147.280 million 
which represents an increase of R27.080 
million on tbe previous year. The effect of 
the higher rate of production was insufficient 
to counter the inflation in working costs and 
consequently, the unit cost increased by 
R2.99 per tOD milled, which is equivalent to 
15.3 per cent. This increase is somewhat less 
than the average increase of 18.3 per cent 
sustained by the industry as a whole over 
this period. The continued increase in work- 
ing costs, especially in respect of stores and 
materials, and the cost of, electric power and 
water, is a matter of great concern for low 
grade producers such as the Harmony 
complex. 

The year just ended represents the first 
complete year during which the ll-shift fort- 
night has been in continuous operation and 
the results obtained have confirmed that this 
arrangement has led to a decrease of 
approximately 6 per cent in productivity. 
Corrective measures to maintain production 
in spite of this arrangement have bad an 
inflationary effect on mine costs, especially 
in respect of sloping operations. 


Gold Market 

The Articles of Agreement of the Inter- 
national Monetary Fund were amended with 
effect from 1st April, 1978. effectively 
eliminating an official price of gold and 
allowing Central Banks of member States 
of the IMF to trade in gold for their own 
account. The Honourable the Minister of 
Finance subsequently announced that the 
republic's gold reserves would be revalued 
and that new payment arrangements for gold 
producers were to be introduced from 11th 
April, 1978. The delay experienced under 
the old system of payment no longer occurs 
as the company now receives full revenue 
immediately following delivery of its gold 
by the Rand Refinery Limited to the South 
African Reserve Bank and the price received 
is the average of the last two official London 
gold price fixings immediately preceding the 
date of delivery of such gold to the Reserve 
Bank. In changing over from the old system 
to the new arrangements, a non-recurring 
residual payment was made to all gold 
producers, including your company as 
detailed earlier in this statement. 

The amendment to the Articles of Agree- 
ment of the International Monetary Fund, 
continued concern about the state of the 
economy in the United States of America 
and the failure of the major Western powers 
to resolve the ongoing world energy problem 
have led to an' increase in the price of gold. 
Over the year just completed, the gold price 
increased from U.S. $142.80 per fine ounce 
on 1st July 1977. to U.S. $183.13 per fine 
ounce on 30th June 1078. However, since 
your company's year end. the gold price In 
US. Dollars has increased dramatically and 
almost exclusively because of the apprehen- 
kifm a b^nt the strength of the U.S. Dollar. 
While (be increase has been good for your 


company, members should lake particular 
note of the fact that ic is concern about 
currency that has been the prime deter- 
minant in the recent spectacular increase 
in the gold price. The market for gold will 
become very volatile and subject io major 
fluctuations if the price increases on a wave 
of speculation over the short term, to levels 
much in excess of U.S. $220 per ounce. 
While forecasting becomes very uncertain 
under these conditions, it is nevertheless 
clear that any concerted action on the part 
of the United States Authorities to rectify 
the problems in their economy could have a 
sharp and depressing effect on ihe price of 
gold. Furthermore, a continued increase in 
the price of gold will undoubtedly motivate 
a technical reaction from industrial con- 
sumers of the metal and particularly the 
jewellery sector. In spite of these factors 
1 am convinced that gold will remain an 
acceptable store of wealth and notwithstand- 
ing short term fluctuations, the price of the 
metal will continue to show an upward 
trend. 


Uranium Outlook 

While there are at present certain very 
real problems confronting the nuclear power 
industry, the outlook for uranium is still 
considered to be sound. In the long term, the 
world’s energy requirements can only be 
satisfied under economically acceptable con- 
ditions if nuclear power generation is fully 
exploited. It Is believed that future nuclear 
power plants will be one of the cleanest 
sources of energy and that the anti-nuclear 
posture of the true environmentalists will 
become more accommodating. However, the 
more intransigent sector of the anti-nuclear 
lobby is motivated by considerations other 
than the preservation of the environment, 
and opposition from this sector is the 
immediate problem facing the nuclear 
industry, especially in the United Slates of 
America. There are reputable experts who 
argue, with much conviction, that the risk 
of plutonium falling into irresponsible hands, 
can be satisfactorily countered by closing 
the plutonium cycle and using it as a fuel, 
preferably for fast reactors, it is to be hoped 
that these and other related questions will 
be resolved by the countries participating 
in the International Nuclear Fuel Cycle 
Evaluation fINFCE). The decision taken by 
the Australian Government to allow uranium 
production in their country to be increased, 
and the Canadian Government’s relaxation 
on the embargo on uranium exports, have 
contributed to the softening of the market 
and prices over the past year have tended 
to stagnate. It is nevertheless expected -that 
your company's uninlum output which is -ns 
yet uncommitted will be disposed of without 
any great difficulty and at prices which wilt 
yield acceptable profits. 

I have previously commented on the 
decision to erect a new uranium plant at 
Merriespruit which will significantly increase 
the mine's uranium production capability. 
In future years, especially after the existing 
low price contracts have been filled, uranium 
production will make an important contri- 
bution to the company’s profits. 

Capital expenditure will remain high dur- 
ing the next two years while the new 
Merriespruit uranium plant is under con- 
struction. Fortunately, expediture on this 
project will be almost completely funded by 
the consumer loan negotiated in terms of 
the uranium sales contract referred to 
earlier. A further major item of capital 
expenditure, scheduled for completion during 
the financial year ending June. 1979, is the 
new Merriespruit No. 2A ventilation shaft 

Capital expenditure on projects other than 
the Merriespruit uranium plant, and which 
is to be financed internally by your com- 
pany, is estimated at approximately R16 
million for the year ending 30th June. 1979. 
In the following years it is expected that 
capital expenditure will reduce somewhat 
but will remain in excess of RIO million 


per annum. 


Employment Policy 


The company now employs a total labour 
force of some 30 000 men and women. The 
company's labour philosophy is based on 
the acceptance of the fundamental principle 
that the ke/ to its future success is repre- 
sented by its employees. It is accepted that 
all employees should have equal opportunity 
for advancement according io their in- 
dividual skills. The company adheres io the 
principle of appointing the best people to 
match job requirements. Our philosophy also 
requires that the best use be made of all 
employees and that the necessary training 
and development facilities be provided to 
enable all employees to progress to the limit 
of their potential capabilities. We are com- 
mitted to the responsibility of improving the 
quality' of life of all employees especially 
those in semi-skilled and unskilled occupa- 
tions. Remuneration, housing, feeding, 
recreation and leisure facilities, medical 
services and retirement benefits are matters 
which have been under constant review and 
will continue to be so reviewed and improved 
where required. 

The acceptability of employment in the 
gold mining industry in South Africa was 
once again demonstrated during the year by 
the return to the mines of many men who 
reside in countries other than South Africa. 
The company was especially pleased to 
welcome back many ex-employees from such 
foreign countries. These men are experienced 
workers and are in most instances faighly 
motivated and dedicated to their particular 
occupations. 

At the present time, the flow of unskilled 
labour is very strong, and apart from some 
limited shortages over the Christmas period, 
the company does not expect to encounter 
any supply problems during the coming 
year. 


Future Prospects 

On 14 Lh September, 1978, a dividend of 37 
cents per share was declared. This increased 
distribution incorporates the benefits of the 
higher gold price received by Harm on \ since 
its financial year end. Future dividend pros- 
pects will depend to a large extent on the 
trend in the price of gold. There will he a 
significant contribution to profits from 
uranium production, but the ability to main- 
tain the dividend at the current level will 
ultimately depend on the price uf gold in- 
creasing at a rate sufficient to offset the 
escalation in working costs. Your mine is 
a low grade proposition and its profitability 
is therefore very sensitive to cost increases. 
I must therefore, repeat my deep concern 
about the effect on working costs of the 
inflation in the South African economy, and 
in particular, under the circumstances which 
will prevail if the gold price is sustained in 
excess of U.S. $200 per ounce. Alternatively, 
if the recent improvement In the gold price 
is not sustained, it is clear that the gold 
mining industry as a whole, and more 
especially the low grade producers such as 
your company's mine, cannot continue to 
accommodate cost increases of the order 
recently experienced without prejudicing 
profit. 


The twenty-eighth Annual General Meeting of Harmony Gold Mining Company Limited will 
be held in Johannesburg on 20 th October. 1978. 

Copies of ihe Annual Report and Accounts can be obtained from the office of ihe London 
Secretaries. Charter Consolidated Ltd., 40 Hoi bom Viaduct. London EC1P It J or from 
the Share Transfer Office of the London Secretaries. P.O. Box 102, Charter House, Park Street. 
Ashford, Kent TN24 8EQ. 





Financial Times Tuesday 



WORLD STOCK MARKETS 


Wall St. dips and rallies in quieter trade 


ces 


INVESTMENT DOLLAR 
PREMIUM 

, n /ss»* % several months.' ' contract to build a new guided Shares prices 'gained The strongest sains occurred :n JelmoH receded 30 10 SwFr 1,430 

Fffprtive Brokers said that helping later missile destroyer. further ground in live fv irt din £t on the Toods. Electricals and and %eslle Bearer 119 to 

Effective raa4-nH-i.nl yontiment was some hope that the j 0 hns-ManviIIc lost Ho S3li. It ^th domestic and forcisn buying Chemicals sectors, out MelaH s«Fr 3.050. HlupB ®‘ 

REFLECTING PRESSURE from consumer Price Index report. ^ pIannin „ to tender far 49 per orders. The Commerzbank index remained generally weak. Domestic and Foreign Bonds, 

rising interest rates and a sharply due today, would show only it JL5 nfinkrart Common stock rose 39 more 10 S41 9, its highest although Creusot-Loire picked up ~ . ere QU ;etiy stead® 

ttJrSJZT&'Z STL5 «? .“K£ &£&£» .. .1 


expects more credit lightening Litton industries gained SI to rinmuinv 

hill "IIiJWPjI a mat IH9V Anma in C*)i i ll hac rpppivprl 3 SSSSm V 


several months. contract to build 

Brokers said that helping later missile destroyer. 


remained at the root of the slock index retreated « 
market upsurge. fresh 19 »S .ow o. JiO-. 

The strongest gains occurred :n Jeimoh receded SO to 


52 more to ‘ a 


In 

NEW YORK D0WJ0!ras . 

— + '• '. " - 

rfT . ; -t,'- 


Jelmoh receded 30 io SwFr 1,430 
and Nestle Bearer 119 ■•-to 


H'iupB’b'"* 


however, were ouietiy steady.- 


MB hi.*. »*»*.«*. 
ms.n «.n '“-* 1 »■*: * ” 


partially recovered later on sas price Bill. Lack of a clear i n „ r ^ K D f n 
renewed bargain hunting. v s en ergy policy has been cited n> ’ su ls 01 a 
although overall trading was the as a factor in the dollars Gold shares i 
slowest since early July. weakness. the Gold price 

The Dow Jones Industrial Carrier jumped’ fii to S26J after THE AMERICA! 
Average declined to 856.20 before trading was resumed for the first Index was still 
rallying to 862.33. only 0.09 off on {j mc n ai week. Dealings were arter reduced 
the'day- The NYSE AM Common quickly halted again on an order shares (4.53m). 


as a factor 
weakness. 


finished a cent up on j n fl US but the stock made top Resorts international 


open mr tracing, ana requested spate .qi uuy - - - RS v * , . i 

ji that dealings remain halted pend- oiendations from brokerage houses }^«[ra n ™. Schn«der. i Australia | 

ins results of a Board meeting. was cited as -the major factor SSS!pi?iSffL.f^SS. Shares continued tn show a firm 

l Gold shares added fraction, as »£&£ j JSSSS^sn shares SSS&S.S M “§*, j 

, r TTfE^AMERJCAN *SE Market Value S* 1116 Elf-Aqmlome f^^etback^new-f ^uth? 

T 15?; u^SiTn « *1?,? Demag advancing 7 to DM 172, des Eaux, LOreal, Puk and Xorthera Land Council is to defer 
si Index was rtiU 0.49 off at H.6.79 Unde 7.5* to e DM 2S6 a nd Imettl. *tanins the Ranger uranium aigree- 

*e after reduced volume of 3.14m (jutehoffnungsbuette 2^0 to DM ^ , mer* 

' r *•«* '>»»• 320 . 50 . ■ - ToItVO T" 


I nnHii-i » 

OjC\i 


« • 2a g;o 27.950 I3.S40 S. 225 31.660 3B.BM; 

*«•** w “ rt 5® . 


he Dow Jones Industrial Carrier jumped’ fi: to S26J after THE AMERICAN SE Market Value p eniag advancing 7 to DM 172, des EauX, L’Oreai, Puk 

•race declined to 856.20 before trading was resumed for the first Index was still 0.49 off at 166.79 n nde 7 50 * 0 S rv»« ogg and Imelal. 

lying to 862.33. only 0.09 off on t j mc n ai week. Dealings were after reduced volume of 3.14m GutehoilnuiiBshii^to n °0 to DM 

« TU. K*VCP All ffimnmn .■ i-i_ L nK.J _ — ^ rLnm.. t A :9m \ 1 


In-*. *J»r. vi 


5.50 


Sept. 15 
5.39 


•ytps. g.:-jYf>r«8^ gg 


Deutsche Bank gained DM 2J30, 


Tokyo Among Uraniums. Peko Walls- 

Market remained in firm vein. end f e ;; 34 cents to AS5.96, white 


balance at taiJSS, after slipping position on (he most actives list, the actives and retreated $10J to Kaurhof DM 2 507 Scherinc DM / e 5?. ai ® e ?„«i n ifSui ..'jih ? . C7 , . 

to $57.13, but losses rretained a The company said that its Board S12S. 3.40 and Volkswagen DM 2.90. although trading was luh* lh als Ranger partner EZ Industries. 

lead over gains at the close of h as rejected a merger orerture Active Den-Tai-Ez, however, . _ u«>wag • tumorer reachnii, only 160m ahead of resmts t.ue this: week, 

825 to 621. Trading volume came f rprn United Techno logiM and gained li to S19'- Syntax has re- . 0n lh ^ Dorawtre Bond market shares .against last Fridays -00m. s h e5 j 5 cants more to AS3.Q0. 
to 20.07m shares subsiantialiy a \^ an allemative proposal by vised the terms by which ll wishes remained Dptimistic but The ^kei-Dow Jones Avme Paneoncinental came back a tCcn , :l , 

below last Fridays total of r „ iIcd to make a tender offer to acquire Den-Tal-Ez. tempered with an a if ; of caution rose 24.90 further tojv6h_-06. further a0 cents to AS 12.50 and 


8TAHDABD AKD POORS 

-r- v "T 


4BFt- 'ilppl. 
19 • 1-. 


-y w 


27SBjn. “** for '-Mper* cenTo f Ca r rie^Commbn ^Sundancr^oilTos^ll to S18J. ®i ,cad ^. e results o f Je while the_ Tokyo SE index added Queensland Mines lost 16' -cents 

r.5^r^; WB wlOLrtiJS ZFsshsrzim ^ 

“tsss , ,0 o* srsA"- ^ -> S vssskv sr.-gijras 


Friday's 


«'■** »'■* a ' u ^ ^v^saasaigg 


Selected Diamond issues made 
progress, with Carr Boyd adding 


vp.Ttf 1 Sei#. 14- 
4.85 4.oJ . - 


b*r*. .M«r *9 


and analysts expect the increase Airliner.- has crashed approaching 
t« spread throughout the banking San Diego, killing everyone on 


industry. 


Federal Reserve Board 


signalled that it was raising rt* Du Pont picked up } to RI25* share prices finished firmer for 
target rate on key federal funds on forecasting sirnng third- choice following a fairly active 
in si per cent from St per cent, ouancr earnings and an increase t rat io The Toronto Composite 
tin Friday, the Fed raised its jn ihe year-end extra dividend, index was On harder at 
discount rate. Applied Digital Data, however, while Golds rose 17.0 to I.U73.6 on 

Analysts said the lov\ \nlu.tie shed J to SI.iJ in active trading : nr i p .. nn, and Cn nui nn vt m 
indicated that institutional on reparsing only slightly higher ibsot PanGrs‘M13 to 143 00 and 
investors have moved to ihc side fiscal third-quarter nel profits. utf|it cs 01o”o“S U but^ante 

line's ro assess the interest rale Caesars World .siipncd ij to $44 : roViriLn ‘‘i m •mw'iu’ 

situation. in aclhe trading despite more- receueQ 10 

They said there is ■dill no than-doubled fourth-quarter cam- Fraser “A" moved ahead 3t to 
concensus abnut how high rates ing.< Bally Manufacturing C$41 1. The company's Board has 
may go before levelling off. Chisr declined a to Sort and Ramada approved 3 three-for-one stock 
Manhattan Bank chairman David Inns, the second most active issue, split. Treco added 20 cents to 
Rockefeller commented shat he dipped j to SJ33. CS4.S0 nn nine-monthly resultsL 


Canada 

.Share prices finished firmer for 


pared with DM 50m sales on listed on the Tokyo. Nagoya 2nd 4 ce-.s *»t b6 cents, U®" 6 * a»o 

1. . . . _ . , In ppnlfl. vnnliprii 


cents to 42 cents, Northern) in-, r t u* 1 * 

ning 7 cents more at ASL87 aJid ; r t 7^iT 

nh Vm Minins 3 mote 


Friday. Mark Foreign Loans were Osaka stock exchanges wou’d - c?jKS_ lo -^ cen is >omrern 
steady in thin trading- probably report record pre-tax -M™ng u-“V* te w^ - *’ A ^L a, S 

profits before special items this North nest Muting o cents at 

Pans business year. Elsewhere in Minings. .Mount Isa 

_ Truck Manufacturers were P - J: oa 5 cents to AS2.45, hut 

Despite the weakening of tne s t ron g cm expectations that truck Consolidated Goldfields receded 10 


o.J7 : ■ 


Paris 


^ v ^ t. Auwai«ii.v 




Iomiw in.ii.1 - 2.873 


sy.s; iJ.S€ sl.52 0B.M 


II J) j 


rnJla.......... 

t nrhmiu^ii 

.Ven — .. . 

Nc« l.-iri 


fiOKTKJvAL 


1 srpt. , -ssn. 
22 21 20 


Treco added 20 cents to lives for small investors to switch 


CS4.S0 nn nine-monthly results. 


NEW YORK 


tK- ll Ijo- 

A I ib |.. i . 

\fini i.t'f i 
\l: iT'-m-.-t- .... 

Ai'jpnA -li in in in in 

A ljl-|li:lrl. 
Al'-ainin 1 
4iI:ai I nr.mitn . 
A'.iie-i 'i-'ii*. 
Aa.- i. h»ii»i«»- 

Aim 


■5f** I ■.••riling m— 

1 < i** lnt"m'liiin« 

s ] i. :imi- 

26 ! 1 1 1 -■**»> Aul.. 

41i, l l -'v»nZe , .c:i*.-l 
oh • tnn!i"‘n' tnji'ii< 
■.ill ' ■- lari I-- . 


Imvi- Mann. ii-.. 

' .1 ^in-n-ti J.i|i<i~4i 


SI', * ilJ, 


i2»v 


Amn. 1irm«- . | 
Bmn-1*.. . } 
A irn-i , Urmul .n-1 . ■ 
A*»i«r. inn I 


Anr.“T. K mnuniiiij ltO',1 


Am-r. I'i'i. 1^..- 29 ?e 
A hut. F.'ft.l'owl -.213 
Arutr. 1 40 

I'l'.l! 29T? 
Antr. U«iliiii.. ! 27 A* 
A'n.-r. Mi-i--*- . . Pi , 
Ai'i-r. N»l. I..A-..1 45 1;. 
Anit-t. r-lmi'lnni .1 4t-ly 
Am*>r. -i-nr- . .. ! *5l- 
Alm-r. r.- . 1' li--.! WJfj 


AiceKfh I 

A Mr 

v m i* : 

Ani,«». I 

\«i -i -i 

Ani:»n-^r Hn-.-li .j 
Aim.'- 1 

a.*. a. ; 

A-«n«rra 


451-, 
ap-i.i 4t-ly 

*51- 

1^..! Dili; 

...J i5*i 
. .- ZOi^ 

: -49, 

....I lb'; 
:nt.j 30-* 


16 15^< 

SOU 50'i 
57U 56 

38 U 39 
!£»!,. 29i 2 

29 in 28- s 
.21* 22'.* 
40 04Ii 
29;? [ 29 ; a 
27* i 271, 

Pl, j 0 


2r : liana 30' 

l>iin ln-lii-:rv.. -4 

J? * 1 U-e»- sb ; 

4bl, I |i. i M-ifiiM .. 3 5 : 

j Hen mm l 2 - 

“ I IniM.. 1 p ; 

-ni' i IMMI U'vv... lb 

* , Iiiani-'nil Suniru c5' 

lg., j IJv-nif-noiip .. 13 

SU-1 liiL'to'iti|iii|. 5'--‘ 

5u * ; lii-<i!i-v .U'niL,.. 40a 

in ! Ilnw-i (..•-nti ... 46 

y q. thin L'beRim.... 28 

rS " j Uat;« fl5\ 

j lhi|»nl 125- 

29;’ I tOi^ie Pitvlioi.... *li 

aijif ( Ki-I Air.;n-». . . 15' 


[■l-'i MAmilm-lnr'" 
j k. Mai runs .. .. 

, Kilt-I-T \>>iRi:»rrn 

1 H- i^jr In-'iiKir,^- 

li,iHf Sun-. 

har 


Ittfllnn a2 

II>-i-n<rfi|« UeLalK 30 
lie v mini- IL J... 61 
Hirh'i-in M-m*i . 29 
K'a-kunli Inter.. a5 
K-ihm & H,m ; 35 


+•■1 . hi* 

1 2& ■ 22 

Mm* • 

1 52 5 

^ HUiVirfl l|_ , 

35<* ’ 535U 

iVui : 

6U9 61 

lems._ 

29 . 28 1 2 


o5to } a5i? 

/ -enn h Ifailit. 

35ji: ! 351+ 

i. .--.Tresw.'l^ Uni 


o swiicn .Mitsumi Electric put on YH to" it vr __ 

.ecurmes yg 03 and Nissan Norin YS to Y293 XlOBg KOIl 
following a cut in their margin Vte - las’ Frid; 
trading requirement from jester- ‘ L ‘ ‘ 

- 2i ■ specQlaUves 3lsD .Tarkei* picked* up in quiet trading, 

aos n,3 de headway. wiUr the Hang Ser.g index recover- 

5 -i However. Hisamilsu Pharma- ;r^g g..i6 *o 6 3 $.73. 
ce uticai declined Y45 to VI^SO. 

Kumiat Chemical Y39 to YSSa. 


In.i,:*lrn»l 

I '. .llhllh-l 


Hong Kong . . • - 

After las: Friday's fresh sharp hjkumiu vo,-tt * 
•I on local profit-raking, the M , H ANNhaBUKG 

j-L-a. tin in till ip t .‘rurfinp 


206.SH 236.2J 204.73 285.«r. it.11.3bjj.sf 
213.37 213.03 211.96 211.54 iUifltrt* 


1259.8 1233.3' 1263J' 1250.7 1286-9 


(■•.if 

In-liiiitui 


2=9.4 ■ 250. 1 Mli ' 253.8 2M.W 7 
256 J : 268.5. ; 269 J! i 2/D JL it I;1 'fcj* f 


■.UX*r2u4y 

1«.5«a3. 


Jardine Mathesou put on 40 1 


Yashika Y36 to Y190 end Koalsu f®*-* J® ™ ^ - 


St It ^ , it fr7i rite.. nr 
on rimn- vffwf ’ 


aS'i I k--i 


Konni— it 


J K;-:-V IVn.ii-r.... 

I Kim ».-n_v .. 

k-'HipT-. 

Iiihi 

' htiffl 

{ Ij«*mv linn-. .. 

I l^n 

r Liliir On . Firm. 


21* | si 


lf*-\ n- Uilli-Ji 

Hlli 

llUhPi !■«-. 

Ityiipr svsleni .... 

?hI-iiii\ IIi.-ib.... 

'I. Jne Mmprjl-., 
“I. I!>=ij K,|«r... 


[U.S.90- i»v 1411 b... 8. 10% 

[ 

CANADA 


rmniH F» Iml-.... ; s4ij 


I IniN 

vinwi I, i-l- 

1 x-ltiil/ Unewint.. 


Spliliiiii'ietKtT.... | 8vi(, 


I Kb-i man li.-to... eg 


i ^8'r 




\-.vnn-1 1 Mi.. .. 
A i.. l,'..-hfli‘l.1.. 

A ni. ■ Ubm Fr.'v.. 

AVi 

A»v*. 

A i • -ii I’l.Di.iri- . 

Him. Kkvi . 

iSnuh Ann-nm. . 
Hutilnf - tr. V\. 

Hur <f» ('ii 

H»M« T>*e«ll»r. 
ftilnn- . 

8«i.-t-UlliVi>«DM;ll 

belt X Hi -well.. .. 
8rn>li« ... . 
Hniuiwr l.-n^ *b 

Vwl hiviiv-f.i -1«". 
U-JII-k .i IIKciai'l.. 

B'K.:hk 



Kn>li-n . . 

U--U Wbiii^i .. 
MranilT In: 

Kr^fiviu .. 

Ui-t-l.i. M, hi-.. .. 

H b'er % i'rif If... 
Un-.-hnn, 

Hnnl-iVick 

biu-i ru - krl* 

Hu.. -iii, Waii'h.... 


as"" 1 *■- * r! ; 

hn , I bi I’ll. Natl. (in-. 

g£ Ifc'tn. 

Kniei—fibi i- |,j 
,t|‘ « KineivAirFi'iaiii 

IS 3 ] V..M.I 

«- I bitg^il w, it 

«7.’ 3 I kMiiar- 

S Ir it*' 1 ' 

19 'L r.xv‘11. ..... 

” Fh lii-iil.. I l.a di-ib 
la i - I rw. ucji. 

44i?i I FiwMiiiv 
olJf ' 7*1. Nm. 
iOij ' Fie\i 1 mi 

15»? 1 r 'uiui.iiU 

28 la j I’-um*.... 

53 >, I Fiikt 


! IjisiM l • nni(>. l4ia 

UilV.th. 47 

Ijllvli lil.Juxl.. . -4 '‘B 

U«.'aibevi A.|iri':i 281^ 
UwSIm IikIiidI. e33j 
Idtli; I -mini (Ail., li U 
liinli!>WlM LaiHI.. ' 23 

Ijll 42 >2 

.ljivMTi.it-.. j 6 j.i 
! L , fc«fY’iii-:-»’ii,i. 9;j 
j .Mji-Uiimii . . ..; lJU 

I Mhvv If. H 41 xj 

j HU-. Hmu.iei. OB 

Mnfit .-4'i 

I M«iatl|»ll( I'M . ...' 51Ifi 
| Umi'icMi iraian.. j 6I< 

I MshIm.i Fipiil.... 21 


’CM • .2. 1 ! 

I’ll 1 > H|«I._ | to 

wui Al,a sssfra 

Tin Kier Dit.d 'a | . big 


A. -nil 4 f«t«r 17;* 

\|tuic» 

V'Lun.V'uinipinni' :b* 
Ujjnnia t 4.’^ 

\««ntM ' 

KniiK pi Mamrn' e- 
(tank Nm-nKcitta', 20i; 
Bn-li- k«Hiare»_' 3.90 
Uc>ri«eulsme...t c* 

Hi nr Vall«- Ind.. | 


Gas Kyo™o Y30 io YEJD Land 30 cents to HKS11.70. while T ^7“^ 

t*as J\yo«o Y^o to iS.0. Hong Koh3 and ffotchlson ausira.w ’ °*'' 

Swifyprlanf? Whampoa each ro*=e 20 cents-to &ir!U1 . . *j #■ 

jwiwenano HKSty.50 and HKSBUO respec- He '^- un 

The recent depression persisted tively. Swire Pacific improved T5 Deomark:’* 
over a bread from, with dealers cents to HKS9.73 and Wheelock .. 5 

citing continuing concern about 7.5 cents to HKS3.375. trance 

ihe impact of a rising Swiss Trane Outside tne leaders, Hong Kong jeraunv ;: a-*!.* i.-i o 
on the economy and on profit Wharf gained 75 cents to HKS32 
margins of ex port -orientated com- and Sun Hung Kai Securities 10 doiiand •••*• sat 

panies for the weakness. The cents to HK82.W). but Ocean Land a „_ hn _, rii-7; 1; 

Swiss Bank Corporation Industrial declined ‘-5 cents to HK$2.40. 0 * ,•* 


&;.o* ^i-S.73 -SI. 19 g parff */»’ :-vi‘ V &Lrf~? tV-i:- ■ 67ja 

i22.9- 1 1.’3| ; ... VotSi . ,w^. ' 

301. sei.4j ywenen «- Jc3Jfi-*5EBii.A^eJc^3i».»4-- 
‘Sc* »».oi ■' R'i a;, 


9Z.93I 94.UJ s«ii«eri'<6 ,: 2iC3t. m £&7;?5ii.Vl wa 
iWj* * % • . 


igort* «i-a inrn **Pnm-nn 
a«ljl i.-iO ?*1.9 W-I 'IimHIkI W 1''« 
&*} -117/3, 1978 H HMu «»» 

M l S3.] -Tb.O Cwrnnernalr - rtali 
,1 !i9i (4-a, N** 4E in/CS. 

i*lr.7J b]v'.I7 167.70 335.44 '*01<*»«r 

>1:3- iV3.ii twt'wvl* 1 t 

32.r2 62.06 - iSVaa-. .46.43 . .« Km 

«.« «« ®:il sSli monmvsaci 


j/1/71 *+ t fTrK flflwW r -tT'SnTRwi 
bH(Tk Dec., trea ' »3 Airnrpfttnn Irniinrji 
1 »tu '.1 HMi Sum *Un* 5t/T«t jp 

Commermlr /Hdiin lin. cTaier 
ke vi«l fliftrah Ttmn' «hi 
<# WtrtTUf Sfe * start 

ttnlm (nrtmtritl (rtfSf. i£vU> 3. 
mrnnrinon . h tfna*ml]|M»- . . 


■m Cmninrr..... H8Sj; 


01* taniida..™!.^; id 


S3>| « •’"wr. 

s; 


a6ii 1 f” 1 ’ 1 \l«4- 1 

JSbl* ! >1--k.... 

43j a i r 

26->, r milk. in M:»i» . 
37:? Mm-ra 

20l" ! Frurtimi* 

391? , Hi'!* 


kiirimsi-ii Nthii. 431* 


Hurmti^h 

I. jnipJivil.Ti-ll'-. ...’ 
l.'niM<iinn l’*i-itii .' 


25 »"■ J* 

15*4, ,••• 

Mi, ’Hii.vmcr. In. 

aZ Itfll. U.llWIliK'-.. 

ici ■.•ell. L'v Hit.--.... 

J5 4 **«I. F.*«I... 

a4So 'nw Mm.. ■. 

^ ■••Mieiai ’■l-’i -.-I ,.. 
18 •.■■•ii. I’m-. I til... 

al-'i ■.»«(!. MgiM> 

itu •■•’tn. le-.xipvi.. 

17 ij U(rli. 1 1 le 

8/g l.ivitev.-a* 

4B»C '*K1i!H IVlIb-.. 

781= j i.,i-i*fMin» 

ObU I uKIl Ui 


*75a 

cT.i 

tSSt 

45 

nil: 

*»5e 

z7U>. 

al 

3 is 


S7ii 

alii 

am 

:i-i 

125o 

12>i 

135* 

14 K 

46 

46U 

103, 

11 

28-,; 

29', 


• £ g j UK-ill _ Tit IO . . 
,7t. ; L’Mf Y’iir“»ri»,i, 

j ma'Iiiimii . ... 

abiS I'Ikl-vK.H 

I 'in*-- Hhw.im. 

3 |i; 

23:, i 'l«i»*ivMi inim.. 
bbii | IUrUk.i Fipiil..., 

SUV ' 'lH » IV 1 1. -l..|(- 

E •‘IvUviim-II 

7.,, »l.u.ni W . lv«i S 

aC<^ *t*fUwtt Mm 

fSf? I •l«i«--.v. 

- n ,'* r .Mm Fmukcuiii. 

7 .. : .Mini. .MuiaA Mu 

*L c ' UtilM- C..rj. 

.... - UullMMif. 

“J 3 ® ■ >1. nil’ll J . |*. „ . 

is. i U.itl'IM.h. 

;.i«lnw 

I7L ; Nj-fi covihiui.-. 

| AHtK>U«> (.nil 


srautaiu 

wirlt ili.U.i 1 

•Krs linriau-iw.... 

sKlfCU 

Mifi «.*ii 

Mic -Tmiisini... 





slmi-m-iiv ISi.... 

Tinijfjr 

Tniltb kunr 

'ni M ton 

XniilMun u 


! BraaoMi . ir Jn 

6.87 

’.n-igtry 35,1^ 

L'amftuir 31iiift_, ib« 

..aiMila rpmem.. 11 ii 
(AubhIn w\W Inn. 11! >, 

1 '<ii. I m|> Lhi Ciii).' 291’ 
lotlmt.... I» 

nn. biilk- .. — ' 

-nn. Hwihc- tin vi';. 
linn. 3nt«r Mi'... cl'- 


NOTES: Oit-rs?as prc*-s nlMran beltw A**a vr »:n» .-«»= t- P,r *ham rrnno I . „ -^,.1 jl-l'i 

ii-nute S yn-rmum. Helauo cUviafflTiis 1 «.-0i5 il:- ■ ■ . . •« 4*au.-n«ii dirMcot- alfvr I ’ ,a C»U0.e. ■ * 


4 DM W -Viwim . untew tfbtivlK si»:«L. '.iiw. n -is. -7r-i. r. F raises- WKicaiWi 

vielas 3asMl on nn* (Uv-Jlt-nds stus :as. I ry’ac Hr. ? N’o*. v Rwre noli:, s' Dir 

48 Pra Siij den on. unlrt*! (Ttierirw sta'^ ar3 y.-.M ex-vtiK ?;-;v;a! iiaymwn:. » Ind- 

4, DKr IM demwn unltw oUn-nriie «a ; *^t ra:pa tf-v 11 L':ioSi-.ia: traaiw. ■: Mnaniy 

|>Sw Kr 50H nt-Dom am Pa-jivr dan s .We-.-s c-r.^. * Vbts.t flendinB. * Asft**}. 


■niUli.-rti(.a..ly». 0,17 


**vitr.eiti In 

uiiu. Am. li,.. .. 
•HjifH-m hn.-nii., 
'••uiUeruHawun.v 


w-'arilna U'Kwtp;. 4.25 
(.•m-un AnUrt,»„ y. f 

Owiiin^..;.; .61* 
w.iiniiiiCTi...^.-—.; al-, 


, = .7S are after iviiMioidiiiR iax. 

4 DM W 4*noni. uk'.«;w < 
17 vielas based on nn* rtfr: 

1 1 14 V Pia Sll] fawm. unless 1 

lOln 4. DKr IM JiTMwn unless t 

29 Is •!* SwKr 30(1 rfeDom and 

t^2 unless oUvrw-ise s'aied. 

2 3!/> ’iiless other.* is*« parefl. 

3’. ol dKDension. *» Mnrm 

ol cents, d Dividend am 
4.4 : 

g ; . ■■ - 


5—5 mi or issj*. 3 A/ut incai 


MONDAYS ACTIVE STOCKS -J 

" '■ • . rtHDt 
SrudcT Ckucj sa 
„ . _'. .tradr* yrlcs . d«r 

CafrI*T * i*; ■ ■ +j 


re -’h Ca (Tfrp ■ r.:...- 1~JS 1 jfflt 

Bamada tnu ...u -364.20% 
■alurs ParvAmer. Aar. ... ;uun. 


unii.-ss ortvrvise s-aied. ' V30 Schorl - 2:2. 5 Tradfd. ’ So 

unless other.* is*« pared. S Pr.-re a: *:•**« xr^x r.Ri'i "-i t". 
ol cumension. e Fkirnt. h Srtilim^s w; issue, xa Ex all. 
emirs, d Dividend #Per pendma rih's Etr?a3?d. 


p Nui. \ Fharo saii:. » Dir «««-“'■* base dates raU haw ialiM Pan-Atner . Aar. . 

s-.tii-: - fpena! »*aym*n:. « Ind- !,,, ' f^VSF Ml Ownnidn — ji» Sears R-rr1n;ck 

11 taoSsiai traai.u. ■: Mmnif ■Cancjm* anfl Pnnr»— Ifl ami I'nninra fiK-eri Claw ■ 

- J Vbts.t pendiRK. * Asftf^I. »*— ?*-e' me iat* rumer hawt in ISTSi. Je**rn 

rad-d ' Sclb-T. ; Asaumwl Kediwnnv mnns t«« IraiusrrMs Cnartypar Tire ... 

;-i siti C:*i*l-faj .xcE* '■ 4iM' Indticrriais « Utilities *d Ptnu cc' ITojnUr Inns / 

xa Ex all. 1 interim since S' Tniwwit t- ^cnru>« A»* 'wtmn. Caesars .World -:.. 


- ’ ;- y* 


P.^Ur-ai ll.ttV. •" CnwHihanev 


Appiivd Disnat 


i rikm .,35. -. ^ 
iiAiiw.. : r« - r* 
sgjjee - in 
KtSBtf. iSt- - 

mm : u: -1 


VCflW... Tat- 


GERMANY * 


TOKYO v . 


» AUSTRALIA 


BRAZIL 


I X •< 1 Ui la 1 hi .Oil 

’*« , l banvlmi p» t 7lt 

'(Wirt Hiii Li 21 

'|a»m I tali' ’ Hlal« 

■M"l» h 321s 

1 (TiuhUnnr Wmnrt.; /7*"8 
1 ' •A.ItW.H.M.HWh- “>6 
I ku. (in Intiianx.i oils 
■*!•!. Mil OIlKi. ! dal 3 


O.HU. UaU>UI>r_. ( 34 Is. 

•_<ni'iuin*i (a*-., 1 ,., IB*.; 
w-orelwa Ke-txinsr! pi, 

•-•j-biiu.. - J i; 

Uwxi line j lif 

ifemnui llinr,,.] 75 

Home Miner ,‘102’ 

Uonie H«m-et|n. 62!s 
LAimnnon BrMu. 26 
1 Uomiar...,..™ — 21 ■ 


Price ♦ -1 
Urn. — 


tnf7i~ 


• ■.'-heut. v So. : : .vru* ,• -mm 


uupnui. • 15 fa 


\to 

Vi mu/ 'rni-:h ... 

»MW 

»«AhK 

•Miei 

-... 

liaj.ei Vwn*hi . 


86.5 - C.4 — — . fi a-*.. ail 

520.0 JlJr 5.C -ns.* 447 

228.3-0^ 58.13 63, -n--. 445 

140.a — 0.2 la./e 6.7 fftin- n.„ — 408 

142.5 - 0.5 ia./S 6.6 : i Hi N : ■ • -n Prti.v »5 


14 2.1 ) Ai 1* • :- <«. ,fi«i- 


ilaud OlieiuKxi..; 4a 5 b 


*nii*uir>reN*vie-. 
F t-i Molot Lhii. 


vi'nUni.Neil. mi»: 159 


293.0-U.O J8.1S 4.8 ; F.:;s Pieo 
339J5-1.1 16 Z-7 


•li-nw "•! 


'.•vuinerr-mik 

LVnmUumiiu 


228.8-1.3 ib.mc ll 6' rfw-* 1.1 5 j 




m 64 Shi. Dwilier*.. . 
ii 1 Aai. her rice ln<l. 
29', .\timiMi oiwi„.. 

i7-« I ,\at- nm» 

B3i2 I.M.U 

Neptune Imp 

z2*t j A vi* hllgiainl fci. 
29*3 i New btiKtathtlei 
-it, | Annuls Mnhauiw 


sierlinj bum 

HihlHaihei 

ami Co. 

hunalmiHl 

■mites 

m-tuikvti-i ' 

lekinmix ' 

leieitviie 

teies 

let lew 


Ummier ten/ ' 552.5 -U.5 dtl.lk 4.2 • l»*-Y* «ir <*•_.—... Lf8j 


limit l'ei'wbniie., 15aa 


tolj | Anuyim-siMr*'.. 


I anal K.in-|i-i|-li..: III4 


Laruathin dli; 

1 *ni«i a fteneiai; 12 

l.nrter Han aA.... lbij 
I aierpillai I nii-l-i 59l-> 

VH? 57 “ 

I ■-aneei.i-ijiu. ; h 4 
Central x .'•.IV... 

Unumctwi- cOsr 

i.h-sim Air Tan . 44^4 

C Im-e Manlnuiaii 3a 
c hemna. Hh..\ l . 41 iq 

Vtie*eii:vli P'-n-l., id';. 
C hnaJ*ie3.V'(eni...; 29".j 

<. hi ■««•■ HtLic aa’j 
(.hriiln 12 


(ji -eitc 

u-i-.>liivli U. F.„. 
■ lln-.... 

InilllH 

I11.11T U'.li 

Un.Atiali 1’ai-leM- 
•ni. Ai-rlii I nui.. 
•jre.Tl«4ii|.i 

I Mill 4 Werlfwfi.. 


I A. I. I ip 1 11-1 («■-. 

- Ni-l 1 '.**KAWeal till 

[ Aixili Aan.ba,... 
At I111. stales P**t 
I Mlmerl Airuuer 
| sill Her I 1 uidliu|> 

1 .\*-rt*iii Mime.... 
j •AvMMilii. P«u-i; 
[ngili.v Matliei... 

I iiiu-i E-nf-ii 

I uun - 


ie-<-m iv-im-mn'' 

lexx-u 

iL-xsagiiii : 

lnwb taplern...' 
lex*- ln»1 m 


lexa* l-tllltlH... ; 

l'llir» 1,1- 

Limps Mirrm 

1'imken 

Inme 


15<s I 14a/i 


UllJtHlS Mj||is.. • «al( 
itiieli-Cnniina...’ 3 I'm 
*Jn mis lilnnup... - 2Ji| 

hirllii- lifc ' «i/Ig 

Ifsciln- I-lkIiI iii» 261 4 


Iranw-j- ■ cl .'a 

lieu t uion avia 

Iraii-wav luu ik; ie 2^4 
linn- Wiin-i .in.- 2a Jg 

imteiei* *7*1 

l r* U/nliiieuia Ibis 


7m 

7i, 

alae 

alto 

1+lR 

1 ia 

t-i* 

a4J, 

£14 

■1S6 

3B 

3?1 S 

c6jg 

5311 

30*. 

30 


+Ul3 

j 6u 

46U 

iBi* 

a2*i 

5L7 S 

31 

447 S 

44 1 g 

leSg ; 

ltoto 

al.'a : 

41. p 


■ 1 n*i *M Um-’t., 
line Kerhb'.'s.'Bii 1 

Humnaer. 

Hume On *.\’ 

HuiiwtrUai Mul: 

Huiteuit Uay 

Hu, ha a Oil A fin* 

1 I .AX 

ImiiPcii 

| lni|a>ri*i On 

I UFO 


•Jeuir-Mi 

ih-inai 

LlpulM-he Hmik .. 
Ou^ilipl Unnk. .. 
Ol hcrrpA Zenit, 
jiiti-hiiftniiiiii ... 

Oaiwj Ij*>\iI 

ii»n-enei 

rtia*.-ii>i - : 

■ 

tlurieu ■ 

■in** un-t Mw.„ 


266.0 - 0.5 17 3.2 > l«- * 790 

172 -*-7 11 3.2 I.A.L- 2_9s.O 

506,3 -Z.5 28.1. 4.6 ; nur-pi fe l.Pi 1 .43 ^ 
ZaO.6 - 1.0 . S.v ' 4 a34 

186.5— 1.0 d.dc 2.x s.iiiic 262 

220.5— 2.2 12 2.7 K V : -t-rai ..c-.3.t9 : 

l*b.U p.l 722 

167 -4 <le./E> k-.O onf*«. 2ol 

lc9.8 -0.3 ic.r: e.7! *l-:-fu ■ Hhii* 1z 2 
49.0—0.3 — - *-l l»u-i -i- ms. 447 

179.5— J.a 9-3C £.r • ’l l'".' A — . 30c 

1=3 -1 1 4.« 4.5 n 5e0 


• l.a i l"i*' ■ Ati-lm'.ln 

1.0 : AM Mil. Ml ; 

’ 2-.S , ' '**1 *r. i \r-'mr*l w-u 

ix '•*»!•-■ Pei*n.e*im • men 

1.3 Msr. uuieniis — . 

2.7 ; '—c. *’ --i> INper 5-1.^... 
I.b • Con. In>«it*tru* „... 

1.5. K.-in ntvm Invest 

2.4 ; \.A.«. 

0.6 

O.t; VirMV.V Ha- 

— : dan •!»»• Creek 

4.1 . Bum* Mpta, f>M J....... 

2.7 ( 8muiai::nr.pC« n*fi« 

2.1 e-muifii*. In nhinr, . 


...... .v e-ii*........ ojss -ojiaizni 

* snUM.tuanUmi.. -1.75 OL1E9* 
-DJU dMIBr Ittfii Kn .i’: 1:48 . 0.37 . M 

etfjfl UckKuJiiiieinOl - l.ll ;-uj)a0.o»73t 


JI.84 - UJU 2.65 -OXiM 

f 1.12 wJ.O? >n'r^fe.. 4 __-i- *. 9 Q \~OX2p . — 
fl.EG -w+042 :• * - k-.-d.-pr- .. /..Mu, 

*M5’ r ¥ 1 *TSn»rer.Ct75to-I Vtim* '4tMn. 

. • Sonp*; .R» ;*• Janekfl S.E. ’ 

tl.23 -oiifi OSLO- • - ".5 - 

8L18* tp*- -^n>t^Vid 



447 -4 

dlAe . . , 


12 4.9 

li li. 


191a I 1»3 b I rwsr-lq.il 326.0 — 0J5 na.« O 6 . ' -n * 1 :*eur. 


c-rt-iL-ii's in ni-inis : fiiu t .- . .. . rrve f nr.wvsiw 

rn ken Eil>- Pn*f'M*inn 18.94 sB.K]-.'. .5^.26 . 1 Knnwr< -- ';>* 5 % . 

H h'niTh .-= 11.42. +0.02 — ' r r— It———, - 

.iir,r.m tinted Wreuon.... 11.70 -B.lf -*2S/' *%£''*.* 9S 

..■•k •. 3. 13.06 ..u '*»«*»•'-.:.! 78.C-.*it&- .. — 

•*>’ .UI CVe^n,_. 'r : niaiwk. H| .cl 11»A -43.31 « ! T^— — - 

-i*. J.< ■ 12.45 -n.nj h'-tno.-,: ; 325 .410 -XO-.c-V. 

...^.u.untiPk-.vtM !!!•&*»'-?■]!! 


Ao 7g I 453, 


I 

I Mdiuui Muriliu...! 
*i-iiiii i.-lnecer. ..! 

I rlmn t»rigi 

riein/ 0. J 

HeuOeiu 


I’au l'»i.i U--J s H h 


Cm.-. Mum. r>*u... ( aa^s 


•-main | sb* 

l.itio >pri'rv*».... ; o3.v 
Cu\ Inii-siuu:... - Ibig 
ClpieiMiiwl l.ltff 31lj, 

(.*»xC -.'in j 43 in 

(.■■■tfUpPiuiii . ... ausa 
CvlllUB AlkOIBD.., Ui, 

0. -iumt-m Ga» 28 >r 

1. M.iiniiHM Ph.-I. ... 2 1 1;. 

lAini.lurU/.ulAin 18ia 
( ouiiustiu.i Kns. 39 tg 
L'limi/ii-lu./i b|.„ 1335 

1 ’in',* ill Ml-i'ii. abl-j 
t."m'«*(lit.iii |(ei. _ 

( ■■nim. Snipnit*-. 41 iq 
( -m/pqile) .^i;/erK'. iaTq 
1 uun lute In, 39) a 

C- 'll nti- c 2 

l.tui t-llwn A\ .. '4.4l\ 

* 6mI> a4l( 

C--u.il Ahiciil*.. a7:» 


lipn .p Piu-sunl...' 

H"ihUi Inns • 

; H-.-mes,Bkr 


| t'oiiAin Wnpi Am Bln I t»>> 

I'arbe* Umioinu.! <6)4 r 261a 

Kwuili luit .." 26'i i cSlg 

! Pen, Px.A L. ...; 1 aiig 

I'eiiinJ.C | *71, ] a7i* 

I'euuwii 1 3JSa I 31 -a 

Pte.ip « Drue.... I la *4 I laU 
I'ei-plestiss I 941/1 j 34 

I'epkiw. — J 29 I 291a 


H-ue, 85ia 


I Hwaci 12--. 

Hi*-p-L**rp. A nwt 297^ 

H-.iiiriiin A «!.(•■ 1 <6'a 

Huiitifii .A’C'hrni l**Jtj 
Hmiun ib.t.i.....| 19)8 

l.C. in-iiirtnm.. ’ 29 

1 A \ • -i4 

1 1 iiiioi-.»ii lltmi.... 60^a 

lni*n.(6lepi *71* 

I «» 1 wo : l4»i 


PotWid Emwr *45a 

Pei 1 a** . 

1'ii/ei ; afisa 

l*iiei|« u-si^e.. ; 44Sa 
PlilWie.|iliia hie. 17^ 
Plilup lltun*.^. ( >2 *4 
Plumps Petni'm.i 335g 
Pilrf/iiO 42 

VllilDN bumps.... <4Sj 

PltlMcu ' 23 'a 

Piev*> Mu AUK! 22U 


1 nt'Hi (in a fin,.- 55t 

tew 37 as 

OAn lencnn Kn* i4l* 

U.A.l. aB 

I'AKCO 1 a 

uu 1 20 

l.iiiipiei ; ,4 

L niiere. >V / o93i 

L' 11U41 Unuoi-p... e.7 
L 111(111 Usritiile...,: 3yit 
l-inoii Commerce, 9^4 
ijiiiimjUii lmiU..., jU's 

unii-ii Pamhu...... al 


inuo ; 

in nim Aat.Ua>. . 
im p. v Pipe Liin . 
i»*L-ei KaMunv 
Uon 6 in. Cut | .. 
Lil.iau L'vfii. "b 
Uuniii'u Blued-... 
Unirei Keri;ll~r4. 

Mr- 1 1 it ire 

Uuw t'erpii 

.UwuiaiuadtieH-, 
Aumuila Al 1, it-.. - 
'iwai kinrtiy. .. ■ 
niiiii. ‘J><e<s;m.. 1 
Amiiarifii a l,H ■ 
'Vakurxsl Perrl n 


JOSg ■ tl5l a 
lei* ! fil»* 


hnulfml.. 

n.oi'knpi l'M.i.-. . 


241.5 -2 : lo./z 3.9 •! A i r n : 


«ir M. •!.**> . . 


, Ie4.2 -0.7 llUt S.I : 1.69 


Vila r 23 


i3i« ! 13 14 
it If £Q 

a53* ' 351? 
2 80 I 2-90 


I rtinpi 113 -s5 — - 

1-nplp 286.0 -r 7.5 da 4.4, 

I ■ om-ifliTimii iw... 1.3,0 — Z ca 7.0 

uuiiiMni* : IU3.9 —0.1 9.5e fl.a 

•MA • 213.0 -0J U £.b\ 


wi'J’ Iw'.... itf-el 
PreM»"-. B30 

-v. lv 1.3U0 

"D 1.53 J 

* “"'I-. Ala: ;i it--.. 


I .*1 iiiiwpinaiin j 176.5+3-0 17.lt 4.9 J ! C-.em-rx 


+ 35 1 -.40 


Ph. ilur Cu^-ic-r AI 1 84 -| 


PaelhcPellu vuik 
i^u. Can. Pel'***. 


Pauno........ Hit* 


o93 4 J 69 1 8 


i7aa ! iiij 


wii<nna [ I 

V uited Untralp.. | 133i i 

uatencurp. al>» 

U» U vi*oum„ 28A* : 

V -• alme a 05a • 

1)6 Iteei I 26la I 

l' 9 TeelirHiiijjsips.! h35b j 
1. V Industries....’ Son ! 

Viruinra h-et-i ; islq I 

iVahcrepn ! 28iv ! 


Peoples Uepi. a.. 
Pace Can. A- di . 
P-svia Deveiopmi 
iWerUenmi'ii. 

PtM* 

(JuCfl: aiuruenn 

(Cancel Ul- 

Keeit Mralxv-w.. 

KK» Alj-r.-ci 

durai bk.ui can. 


tielailawp ; 253 -+1 lU 

'liiih.-lienw Kiieiw.| 632 18 

NiP.-berioaun 176.8 -0.8 — 

r'leuv.u: Lf.M ll*. 134.9-2.9 - 

liiieui AVpsi. bhev. lc5.8— 0.2 2a 

*awrnii> '£ iS.A + 3-4 

-leiiietip 2e8.0 + 1.3 

,ir 1 /iwkei • 27/i -3 

1 in ?neu A .(« J iig.l -s-1,3 

1 ill In 1 19u 

*.tL*A I la3.5 +0.5 

'erein illeMBk; /94 

Voik>i4Mu«u : 240.0 +Z.9 


•11 

i-Hwi-* Mar - up 




0.8 . !■■!•>• ■ -aim 


2(5.4 +3.4 M.U a.ll »-i«\ 

2*8.0 + 1.3 da +2, ■•pIi'Im L-ri .. 


27/i -3 *s6.3i 5.0 1 

liS.l -1.3 I/.lt 7.Z 
IBu l/.lc 4- ; 


1.6: wWiJie L nited Bremen.... 11.7D 

4.9 •’?ti ta.oe 

!•** - •«>’ nui ce:n*fni_.^ 11.38 

2, a ps di. J.. ' 12.45 

i t ; ..*ti . (luptiieki- .Vim. i4.00 

. .i -«'-*:Rnipt »Mi J2.90 

0- 7 .'.'iia in* IlitAHiii 1 ...S.H..S..! rd./S 

1- . sustain Aci-imtlii...: 1 fl.B'J 

1.4 - ifct**, f l.-i4 

f a l.»fc : tO. 86 

1-c tMpr Sunia^ • 1Z.6U 

V 8 . tn-iaiwBii Hpurain/ei 10.29 

l.a fc_Z. la.lii^ines,M. T3.00 

f-4 Frorwtv )r, -l .: TL.68 

1-8 lUmereipu.. t2.35 

u i tO. 81 

4.a o. I AustraTia • BdJSO 

1.1 ' Iiiler-Coiavr 1 tU.lS 

a.t j IcnmiiMs | ne> J tl-'lfl 

l.B ; i.-nn. (Llav-i-i) I \ 1. 12 

3.4 i Letirari th- J tO.4-1 

3. C ; 'Mir Kx|rfnrar«m... - ( t0.4a 


iz.'eo -fljo* '•d-l.Hv. 1 mK.-l, 234A-7.3 W - .*J . 
r 3 .; 5 t w ; K «*n»-nmrf lOOnff +PJT 1 ; 6 .f 


tl.BJ 

tl.^4 -4UBI 


JOHANNESBURG ^ ‘ ^sT_ " 

es • tO.29 ;++l.(i?i -MiBES 

; ; Ji'S .^55 ^ ‘ ■ ■•••• = ••• j. Rmi.; +#r^". . ■ , v z 

i !£,n . • • Easr Ditofaniotar :£ MJ» . ’ - . ' 

• Sfis 1 Etahum. ... a — -J..:..., ZtO 

“ '. ! StH?* 8 • . -™- — s. r;; ifiXSXd 

11.12 r+fl.0* . KIM*. - +.IE 

— 1 tO.4-1 ! 0.01 Kustcnhurn Platinum I.W 

i 10-Jo 1- •! St. Helena ii7g»l 

I +2.42 ;mc® 2 Smnbvul 'J 18J8 

: tLou 0.01 cold Fields. SA S +ft» 

i tsf.so { — omon ConwmiM' ‘.«fi0 .• •. 

in i T0.89 H-0.ur Oe Beers .Deferred ........... _ ?.6a*d . 

tl.4d : Btyvoormuwhi 6Ji5- +0K . 

J tj.84 ........ Easf Rand Pfy. SJS •• 

tO. 13 1 • Free Siam- UertnkJ 3&M +0S 

4 10.52 ,-ri.ul Pnandcnt Rrand wZ.J. IS 40. 

_J +1.86 l-OJU PmairtMii Slenr'...-.-....i...".-"-.17 50 " 

I f2.93 J-.. Kilt/omein -3J5-. -+M 

I f0.70 ! WctkoBi . «.*» ' +0-lf| ?Ol 

I tO. 40 1 :..... Wpsi.' Onefompln u.'.. -^.Ti*- * ° * 

If td.44 . ,+auM «"Wjji w ,.^^..^830.;,:: "• • * >i; ? ; 

+1.93 : Wo*wn Deep ._L. I6.00. ~ 8J V^_ 

l0-ai IND05TH(AUS-~ ^ 

I emu +1.84 +0.02 AECT j! • 333 -IE-;. 

tl-76 l +OJi l Awsto-.-Uner. Industrial- ._ ' 1B30 -".+01* 

Bartow Ran d <10 -BK 

CKA- Inrcsnoents +1.B5 . 

— : ' ... Currie; Finance ..'038 - • 

Prtiv + irfi DivJYld. D* Beers Industrial . +12.MxdL 

Fr». _ Fr*.j % BrOrars CmsolMa led Idv. +3.73 -#.« 

Edsars Stares 33.75 H- • 

739.01 + 3.9 f 4i 2 i 0.6 Ewr Ready SA I.JTT.T. ! 22U I Fi 

40*4. i+ IO I21.1B 4.0 Pederak- VnllwbeleiBKiBes L«* ■ r^- 

333.0;+ 2.1 : lfr.b| 4.7 Crvarermaiis Sroms . ." 2« t-'- 

548 1 + 12 ■25JK 4.8 J-'ifrrtlnn Assurance <SAi ZS3 V- 

526 +2 :1S.*| Z.7l?2. I f f|s w-.; I A3 \ 

820 1 c 19 • 42 1 S.1 Wl •— il# 


. .. 895 -15 2 j i ,ni| Hmimjjn J 


Snurci \ikko SeiurdiL-s. TnKro 


1 .Ac 3.5| 

26 1.2 ' BRUSSELS /LU XEMBOURG 


AMSTERDAM 


Dir. . 

1 + F r~. Vi.:. 

— A el a 


'lie* Empiirtiim j 

— i 

m li-nau IiiiptiibIIiiii* 

win bn«en H' nnu»ihi.k ;l 

■lakieMae— J 

■ mi hear -h...:..-. 1 

■'15m bapuiniik'n .._ J 


■ii-urel CtMl me 

(+■ kill A l'i» m-in.._ 1 


2.480 - 

Price' + or : "Dir-. YM. uerkeM ""h’ 2.46U —30 lib 

FIs. — . a; . O ..( .!(. Ceni.+Il ... 1.272 +12 100 

“-"ken- 492 -18 — 

120.B +2.2. *28 . 4.7 tiLh - 2-305 —10 177 

31.8—0.2 — _ -ecii.lw 6.800 —40 430 

379.0— 2.5 A2 55 7.5 I '■•i-nuiw A*i 2.950 +10 170 

91.5 —0.2 : 50 : 5.4 r'" 1 -- •’“"“'■m—. 2.405 —15 150 

80.1 — l.S A235 5.6 1.600 *86 

100.3 -rO.B, 26 i 5.3l uol -' y ™' U 1.620 -10 164 

129.7—2.3 821 6.3 i 2.910 +60 170 

75.7 + 1.4 l 26 , 7.1 1.795 ' 142 


'(«*' 'I rual +19 


wepireK‘K>urcew| 

aeoir»m« [ 

rlieti caruilx 

•hemitu. llme-l 


-lei-enn O. tr 1 dels 


41i R «H* 
id+a 14 
39)3 1 39^i 


(.-.-rijiimei |’..r.i,t 43>, 


.(..-•riliiinilii '.,r| . 
i:»iitnieiiiai Ci>... 
• 'Mil -iii-iii ii le-e 
C.-iUr-ti Lhil*.. .. 
(.'•■(pi ln-Ui- ... 


IUM 

frn.. F+iv*-iir- 

nil.. Hbih-U-i.... 
(ni-. il-iiACiiem' 
1»ll>. Mnrtll«»l>.. 
I il-r-ji • 

Ini:. PBIWI 

I IIj 

Ini. HwriiiPi 

Inl. le.. 1 Ip ... . 

I ■ -»a Upel ’ 

ll. Inein«ti|.iin ... 


279.5 ; 280.5 
•1- 1 


IV Arnei-LV/ni 11,11 ' 48 J 49a* 


Pnlarol'i- ' SOI, 

PiimiliK" hie I ."Sfl 

HPij In.li/'irip'.. 291* 
Pmiut (iMninie..., ta'ibfl 
Pul. at-r tie,*l_.‘ aaij 

I'u 1 ui" ->4 l B 

Pun-i ■ . j7’j 

V'l+ker * +11-.. .. . ' i4i* 
(iapH* Ampnc+n. - I”* 

K*vt lie* m...... 47U 

ii'C'A ; zyin 


rtamer- Umipn 
MnaLc llan'metil 


kleiip-VarKu 29 1 r 


il Wwn 8 hiwi<i| tllg 

i*e»lpru A. Anwi 1 i5't 

rte-leni LnhHi.. • lull, 

W v+l iiiuIi'bc hipi I li lie 


*'(l 8 ; 27ifl 
28>g ; is7i2 
By I ft : 291g 
tlJa : -.IS3 
*5-v - c.6 
iuir : 1914 

i£J5e I tib a 


•Uni W nap, \ 31'a 


I "H 

l(p,ui|illic Cflecl... K'(* 


j vle.vm.-i | w7'a 

•veitrhaeii^ei Z bIr 

.Vhii .+»»•. j *aiq 

rt litre Cnn. hn..- + 1 1 * 

il (--inn, l« (C 

•V inwi»m h>ttl..: 5s7&a 


>ini|a>.n 6 Sr Sli 

■IWi ll l + Ua-1*. : d>. <2 4 a- 6 ■ 4. 
teep Kwh Inr-n. : C.90-.| 4.00 
l'ex>L".iCnii4-ui....; ,7s* ( -8 
UuviiuiLliini.Uh ; c 05a «0S* 

iisinrt.an Piptl.,., nj, 171* 
iMiiwilimnl (l|i 9' I Cl, 

ii're*; I + «->* 1 tl»to 

LiimiUba • * j? g 1 il** 

liyi. is." a? Min-— j 1 Sj 1 tig 

tV+ifcer Hiiam... 1 jfel* f 661" 
"’esl liail I is 1 •> ' IIS* 1 U 

"W'*i («e«- ; ifei 3 ! 19 1« 

t Bid. ] A is eif. « Traded. 

I l| N5?w st«*. 


EUROPEAN OPTIONS EXCHANGE 


I" 

, 

u«. 

r. 

J*n. 

. 



V ol. 

Fji>i 

V+.i. 

1**1 

Vm. 

I*»>I J-turk 

A BA" 

r.360 

— 


Z 

24 ; 


- -F.379 

A l*\ 

F.370 

3 

10.50 




ABN 

F.380 



1 

11.50 ' 


1 

A B.V 

* .590 


__ 

25 

7 ■ 



\K/. 

F. 27.50. 

- 




4 

6.80 F.31.80 

Ik/. 

F.40 

10 

2.40 

1 

3.80 



Ik/. 

F .52.50 

5 

1.10 

12 

3 

5 


A Kf. 

i- .35 

— 

— 



71 


A l!B 

F.75 

- 


5 

• 0.50 


- F.B0.10 

Hll 

F37.50 

2 

1.60 

4 

3.60 i 


; K.37 

Hf» 

r F.45 

- 

- 



S 

2.60 ' 

1HM 

S280 

18 

75a 

.. 

. _ 



mu 

>300 

23 

2 

4 

9^3. 

33 

15 i' .. 

k I.M 

F. 142.90 

— 

-- ■- 

9 

27 


— F. 16 1.50 

kLU 

y. 152.40 

1 

14 




1 

KUi 

F. 160; 

— 


1 

16 ; 

7 

20.20 ; 

kur 

F‘ 161.90; 




2 

16 



KLM 

K.170: 

1 

2.50 

23 

11.50 - 

6 

17.50 7 

KLU 

F.171.40: 

11 

2.10 

70 

10 i 



KUI 

r . 18 1 i 

— 

— 

10 

6.50 



KLU 

F. 190.50 

2 

0.40 

14 

: 4.30 



kLU 

r .209.50; 

— 


10 

i 2 



AN 

F. 108.90' 

— 

— 

5 

9 



— 'F.115 

A A 

F. 118.00 

— 

— 

5 

. 4.50 




PHI 

F. 22.50' 

— 

— 

11 

1 6.30 

— 

- FJS7.B0 

PHI 

K.2S, 

5 

3.30 

15 

( 4.60 ! 




I’HI 

F.27.S0, 

12 

1 

50 

2.50 

SO 

3.80 1 

PH! 

F.30i 

2 

0.40 

118 

1.30 ' 

45 

2.40 

KD 

K.130 

12 

6 

— 


10 

11.40 F. 133.60 

fir* 

F. 140 

— 


13 

3.50 1 

23 

5.50 1 

t M 

F. 130 


1 

2 

2.70 

— j 

- .'F.1ZS.60 

SON 

350 

12 


— 

- : 

— 

— v 65Qij 



>"! 

• 

Frk 

M*r C 

axr 

S20; 

2 

1 . 

— 

- ; 

- 

- ;S20 1 

| TriTAL Vt,H.l .MB 

IA *. 

fM'HU 

TS 


818 

— — 1 


BASE LENDING RATES 

A.B.N. Bank 10 % aHambros Bank 10 % 

Allied Insh Banks Ltd. 10 % aHill Samuel .-J510 % 

American Express Bk. 10 % C. Hoare & Co f 10 % 

Amro Bank 10 % Julian S. Hodge Il % 

A P Bank Ltd 30 % Hongkong fie Sha - - - 


l lb— i ;ri. oj i. IcU.b +2 

XR/ilIF.flJ) 31.8—0 

liueniUiikiPi.lLfj 379.0 —2 
AMfcV iFi. I0>....| 91.5 — 0 

liniurMii. iPi.Ahj 80.1 — Z 

dljenkuH. 100.3^0 

dohaH'e-4 nn + .lO.I 129.7—2 
dnhrm l«Hcn*ie.l 75.7 + 1 
Keener V IK-.2U'! 306 —I 
i-Jinui.A.V. 8eaiei[ 142 nl .... 
r.iirCom I«i(F . U; 71.5 — 0 
•iMM Ui»ha-le*l- J 41.0+0 
Ite’nchvii il-.. d*j‘ 105.8—1 
tlw>Mui>ieiiittFiJ3}>i 37.0-JO 
Kuniei u.iF .-uu.. 24.0 — 0 

A.L..U. (p.. loui..; 161.4—0. 
ml. Mu.ier llA'.ij 47.9 tD 
iMP/eu (P-. lui..j 29.6—0. 
A.ii . Aei t us! F.. rt/' 115.0—1, 
luutreil UhiFi.ti : 58.0 + 0. 

■i»i Mnl Uhi C..JU., 209.5. .... 

•Sueiri^Ln ' 175.2+2. 

*'<wi 32.8—0, 

van Unuueren... I 144.01 — 4. 
m.ti»*,i it JIU 1....1 44.0 

Philip* it i. loi.. .J 87.9'— 0. 
dm-i.ii Veil Pi. lir.t 74.5 + 0. 
•luijecu iti^ii.... | 176.0—0. 
lU-nuco (KixOi ...* 142.5 — O. 


75.7 + 1.41 26 , 7.1 ' 


*86 5.7 

— 10 164; 10.1 
+ 60 170 5.S 

142 7.9 


'1+ hill A I'u rmn..„ i 

_ -s- c, aieuin j 

4,7 nth imi. I Jlinliiu I 

7 m *+«ru«, tx|notsi liui ' 

I ‘■•16 Ih. .1 

fi’I " e+leni M'lilm- ;oU enlr: 

5.' 8. 11 - 

6.2 

5.7 1 PARIS 


306 —I .27.5' 1.8( 7.150 290 - 

142al 373 5.31 “> Kmnle He«a-. 5.810 —70 .'4f25 

71.5 -0.5 94.5 4.B \ »Nn rinniiuy 2.970 S2.35. 


1 i -lenie 

• Ur^ieth-art'i'e- 


: - ~~ . w " s *+- B i . n "'"»K; 2.970 #2.35 2 6 < , r_ , '1 

41.0 +0.4 i 20 i 4.9/ "Vfrvlnia 3.750 —40 180 a g : ' L*l'i*fe.._ 


105.8 -liOi 14 ' 3.3 

37.0 - -0.3 - : - 

24.0- 0.1 12:5.0 

161.4-0.8 S 4.9 

47.B i-O.l 19.7.9 
09.6— 0.4; I2.S 4 2 
115.0-1.1 48 4.1 
58.0+0.3 21 , 7.1 
209.5. : 22 ! 5.2 


14 ' 3.3 I t*wi. Urni'i'i' 3.080 -—20 206 


: . tl-ltPI". Uh,V/Ii 1 2.015 140 . 

12 i 5.0 3.215 —5 215, 

B'4.9I mw ' - 2-5IO -5 A2.10I 

19 7.9 i "'■••MiHrti E-vi-i 2.530 T IS 170 

2.6 4 2 *■ 1 1.05O -8 1 - 

48.4.1 ■ u Mm. :i,t -.... 890 + 6 50 

21 7.1 * Mmun^nr- 1.960 + 15 1 — . 


2"® I '.iimaine 

g-?’ IC-.u. 


"nV+ie ' 


173.2 +2.7 36 4.1’ 

nll nCSi 25 1 6 0 J SWITZERLAND * 

144.0- — 4.5 — 1 — j 


144.0: — 4.5 - , - 

44.0 - • - 1 

Z7.9 — 0.2 17 ; 6.1 . 

74.5 +0.2 — I _ 

176.0 -0.5 A25S 1 7.3 I 


Prit* ; -f-'or 1 Dll. Yi.i, 

Fra. — 1 i .1 


. rrHfii lMim.tr ’ i-o 1 . Lu+.S + 2 

vi">innt Inline ; 98.5 +4 

thumv — .' ; 675 1—2 

rr.Prtm.er ;..!• 134.ll + 0, 

Jen. Ctariruaurtn-^ 2B1.5j— 6, 

i"ier*t...„ 1 64.0 +2, 

>iL+,uPb b.wei_...: 185 +4, 


Henry Ansbacher 10 % 


Banco de Bilbao 


Hongkong & Shanghai Ifl % 
Industrial Bk. of Scot 10 % 


* 142.5-0.2 - _ A.u„i.„ain*« 1.Q05 

iluremu U1JJ1....5 124.1 *9.3 3.8 j|»L "A r ..." 1 670 

.lovw UuichcMte, 133.611 -0.2 .56.761 8.1 Ju» bwu-hr.lO 900 

.mieoiwu ) 255.0 20 7.9 Du. PlnLen.’ 670 

IP* III GrplFl^a.":; 116.2 — 0.8 27A' 4.7 Lh.^ !:«■ 


Y2M.UI + 3.9I 41-si 0.6 ewr Ready SA ..JTZTZ . 22U 

408 i+io 121.16 4.0 Pederak- VnHtsfaetoBKhwa US ■ ' 

3=3.0;+ 2.1: lfr.b; 4.? rirparifmaus Sion« . ." 2*5 

546 1 + 12 '2b.2ri 4.8 riiiarrltan Asanraocn (SAl 255 

526 +2 :iS.*| £.7 Pa'f^ 31 w-.i l.« 

, 820 +19-42 15.1 JTA ...» 210 

tinvm*. 56j +2o ! 40^ 7,2 Mr^jr+liy Rodiray t.Otfsxf - 

’.093 +31 7d J 4.U 27? •*** 

405 ' + 12 '31.6 7.8 Ii? B » aaar ’ ?» - 

• HO I+io '7B.sd 6.9 — .... 6W, 

438.61+4.5' 12^ 2.7 J3.6B- 

480 1 + 2 1 iocJ jja f^ ro,oa MOMmoa .. IJS".*" 400? . 

I44.9 +2.O' 12*1 9 6 5”“l Wy^ Pron ertfes ... 24+ 1- *BS» 

98 5+S s ! Rranhrandl Group .T«nl 

ft7*%* ■ U* ’a* , ri RiSCn ..... Mi* 

?3J.il;5.i ftSiSS %$**<*»«* ^ •• 

2«1.5 ) H8^.a2bf2.9 c. C. Sm«h 7m -«J» 

,5?-0+-2.7i 5.7( 8^ SA Rrmecrfea 

o5? > f.rLl r-«. T(«r °«b and NatL Mis* ■ 113*0 • • 


2'1 1.693 I + 31 7o ; 4.U 

66 -.t+.f 405 ' + 12 -31^ 7.8 U? 

- „.i.l..t-jMe, 11.110 ! + la '7B.5ol 6^ gt«>W|c r MllUnc 

3-6 Lip B*/icaue_._... 438.61+4.5' 12^ 2.7 ( Cerreenf 

“ +•••*• >l«lue+.. 480 1 + 2 1 i3k) h 4 *?■?•?* liOWmaa .. 


*^ Hr +P — ! 231.3 + 2.4 1 16.n>| 7.3| UbWpc \L.... 


■Bank of Credit & Cmce. 10 % 


Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Banqiie Beige Ltd.- ... 10 % 


Industrial Bk. of Scot: 10 % 

Keyser Ulimann 10 % 

Knowsley & Co. Ltd. ... 12 % 


K-hki. i'Kt'.U Hit.: 

*- uuewerrpijKJi.. 
* -h'liy lin, i tl.C 
.l.tr.H+1-l-lw 


Banqiie Beige Ltd.- ... 10 % Edward Manson 

Banctue du Rhone J0J% Midland Rank 

Barclays Bank 10 % U Samuel Montacu 

Barnett Christie Ltd.... 11 % ■Morgan Grenfell 


Bretuar Holdings Lid. 11 % 
Brit Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings J0A% 

■ Charterhouse Japhet— 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Cooperative Bank “10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust JO % 

English TTansctmt. ... u % 
First Nat. Fin. Corp.... 11 J % 
First Nat. Secs. Ltd. ... 11 % 

■ Antony Gibbs JO % 

Greyhound Guaranty... 10 % 
Grindlays Bank J10 % 

■ Guinness Mahon 10 % 


Lloyds Bank r 10 % 

London Mercantile .:. 10 % 
Edward Manson & Co. Jl*% 
Midland Rank '10*% 

■ Samuel Montagu 10 % 

■ Morgan Grenfei! 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refsoa & Co. ... 10 % 

Rossmtnsler 10 % 

Royal Rk. Canada Trust 10 % 
Schlesinser Limited ...10 % 

E. S. .Schwab • 1U% 

Security Trust Co. Ltd. 11 % 

Shen ley Trust :.... 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Banlc.10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laldlaw ... 104% 
Williams & uiy Q * 5 ... io % 
Yorkshire Bank 10 % 

■ Mi-mbers ol ihe Accenting ’Bouses 
CommUfpp. 

* 7-day depneits 7ft, i- month deiiosits 
‘l r f. 

t 7 day rtnoosiis un yuma of _ no.«w 
and nnder Wft. Dp f0 £a.<W S»"r. 
and over 113,000 7:*. " _ . . 

* Call dtpOMl* over n.000 -7*; 

* Demand and rtpooiira - 


COPENHAGEN * 


\*inwt*iiiiini 

Uaiiike teiik .... 

tm-i A-aih." t'(i... : 

f mnn'iiaiiKen ' 

.lrv-ij:eni»i ■ 

Fit. Papir. 

daniie4i.t*mk 


*®f"2 ■v- 1 SS J.B Du. Part Leu.' 670 '-23 . 22 

116.2 — 27A- 4.7 D*.-. i:«« SS8 . ...! da 

MS.O SO^O 0.5 ! urwin Sm«+ 2. 170 . -30 : lb 

125.6—0.7 42-fi 6.8 fc.*+.-iro»«« l.BoO ■ ' 10 

41.8 $0.£0 t Z.i ri'vfiri *l,«rirs*ri J 330 1 1 5 

_413_ +7 53 - 3.9 -I.Hiimn Ftu>rt . 63.000 

O... unw......,.,. 6.2:0 -175110 

(ihwIim: a 3.725id ZU 

l-luu. I ft. I,..- .. l,43wi r— 30 Ul 
j 4> >t-r. IOji... 3.1 . jU ' — 1 lu rfij.i 

L>.. lit- 2.170 |— 39 «36., 

Price +or n'lrf YW. 'fM'niii. i-.a.'-i!.MO —20 15 

Knmvr ' — « j, Piit-i -IP-. + .lAh; 296 2 15 

mrl-v iFr. «vi.. 4J£7 p ; — 156 2b 

I’nn 1 ert-.. 380 : 26 

141 IX in wi»l,if li ULi 260 r~ a . 12 


i.ct-uuteav • 785 

3. a | Lt^nmii l.BaO 

e.M i Usraiua Pbmix.. 599 

3.2 I au-U«>iii -H" 1 1.343 

3.9 I Hennemev.! 809 


3.7 - 4.iuunif+...._i....j' 135 ■ 2 


+ 24 ;15.8n 8.0 
+ 15 f saw. 2.0 
+ 10;M94 6.7 
,+ 13 j 34.35} 2.4 
+ 7 ’ 12.fi 2.2 


Securities Hand V.SS0.761- 

(Discount oF 33.7%) . . 


10 2 .1 , ."nn. "... 194.0 + 1 J| ;itf.* 

I 3 4.7 r^+iinev ! 1U8.3 +3.5 7.! 

' 1 1 U. 1 . , I »"*-nu»uitk^rrt ; 273.5 — 0.5 10 

110 • 1.7 I l ' e,, s«»* 1 Cliiwn..f 490: +H il 7 .j 
jj 7 j 212 . —3 ; — 

21 • L,j [ ■i+iil-i itx-Jiiib|ui..|. ^23' i+3 ■ . 27 


194.0 + lj;id.A 10.31 SPAIN ■ 


!— I XU rtij.S, 2.7 1 »•*-■* 1. *11*: ._-... 

| — 33 «i 6 ./ 4.0 j •*'*'" !'•• PouItijc 


141 

127 

160 

131 -J* 
394 -1 

881* -j. li, 

1275! 


156 2b 

ib 


15 i ,; H 'i- 160.0-1.2 '14.6 

15 3.x I ,h ‘> Ki«**i£iy^J1.760 —15 39 


Mm.- a . - . • 

g 5 u Aslaurt ' 

J_- fiatico BOhao 

5 z Banco. Ariani m njmn 

Ranco Cenrnrr 

Banco Exr+mu- 

«in«' Genera! .. . 


1. A 'Ill'll H.iKrti; 290*4 +»a 1 12 


11 7,91 \'nni|-iTLi 14 260 j — 3 

12 9.5; *-t 1 Fr.’|lr.:’| 29a ; — 9 

12 ‘ 7 5 1 «i*+hii 1 F 1 . N>.’. 7fH i— 7 

13 g'g i Unmlr.Ai os8 —9 

12 ■ 3I4 'BWwJiC.iFr.'SJJ' 4,750 -50 

_ l '• nu-n thinK., 3 ,w.6j —50 

12 j 8.6 1 ■ l,r 'L-ii ln?.„ 11.025 ; T 35 


2b , a.o ' -I • s^e -:-i 

2 * ' O.rt 1 VIMIU.VHUU|IW>.... ; .848 +9 

12 1 4.1, 1 1 "wi 0WIHU.; . 2b7.5 +5 


4.7 ' ■'••m — * 

4^3 ‘ : 

£ 0 STOCKHOLM 

2 . 2 | , 


40 ; 3.3 
« ; 1.9 


1 up 1 hale. : 1891* ; 

U/lt+ai+ik H4ii+I* , 

PnvaUwr.ii I 132i, j 

Ptpv 1 o+Lanii ........ 1301" 

u|ih, teren+eo.. ; 4021; + 1; 
-■■(jerfus 1721* — J* 1 


j?;§! MILAN 


VIENNA 


Pi'ivu + m ' Di 

“ 1 - 1 i 


1 Prtw 

: + «r ■ u ‘ v - YW. 

■ Lire 

J — ' Lir tf » 

.. 112 

'-1 - _ 

• 665 

-22 - _ 

3.050 

;-5U ! 150 4.9 

.2.225 

—51 | 160 7.4 

, 206 

—6 ; - — 1 


V“+..liiiKrrtXl)lj 
l la Uv^lkUrtU) 
V -El iiirj«t^, 
1 uawCawsX kx2t 
di-iemi...„^....'.. 


I VHPll) ..'..W.M. 

&i«.1 , 'li7 , M'tivrtAj 

p.r»WMiii‘l»‘iKr5Cil 


.+3 J +1 9 7.6" — — ■»* 

160.0 - 1.2 -In. J 9 ;i « 3 nea- General . 276 

.760 —15 391 all P 3 ? 1 ” tUBtt Mt 

3v.9 •:-! I Mi as tonen Hlwiane •„ 

048 +9 isj S"!?!? ,nd Cai.n.iwoi U7 

22' 3 ‘7 8-7 Baac0 P'wular • .. 2S6 

-TT-I ~ Aanro Sanwndei I2WJ MS 

-BadC" Urwto itMO). ’ 264 

. .. Baoeoytecaya. .^as 

rnTr-vr. 5 3nc&Z3rd * Jnan ° “ -~ m 

hKme j — [ Hr.;, %'-"Banus.Ati4alitefa ,c ’ M3 

ina~' T £nr~TZ Kabcoot'-Wllmr. 2 ft 

1 5| ~} f . 3.4 jDragafloy • — ; 278 

,5? 6 i Uttnotwraf -. • . ; ; 72 

to '“S 6(4.9 E; ' 1.- AttmKSas ..'SlL 

. \-S ' 416J ESpwMla ZLBC Ifl. 

,4 ‘1 .v4 r sjS: ffiqw. 7 wo nnto ’ ; n 


Per csiAr- - 
.127 7 . 

. 3» . _ . rr 
Z3& 

,510- : 

271' - ' - r+. 
276 . . 

■ Mt ; ' " 

256 . - --- 
117 +2 


123 ;-l 


198 1-2 


rf.7S; 2Ji Fecsy- ' IS«i ‘ ... “" 7 

-lO-i 4U|t*eao»- a.wtBr^ Ma"" 


2S6 +4 

ms-.-.-;- 

264 ’ —■ 

2S5- C '..+^ >. 

277' - 1 

150 

163 — • 'v 

3ft — 

82 : V*.— • 

278 ,+.l . 

72- : r :-'rl* ?. . v 

£? ■ z r 

n. : + 3 _ WJk 


I'w’tt’lifiSW 123ar j 5.3 5,l[ ; G9l . 25 ’ 

MBi*bTKr5t‘il .:134 B'! 4.7LcniM) Vai«2<aia, f<901 US' . 




- Ir-ill+n«lj, l .. 


Fernumw. 37 1 \ 


e-v+a I 626 

pmifnt 83 

tevt ll*im « .... 220 —2 

1 «ii MaliDC+iI 234 —I 


UU'. lm. 1 l+nvmt-ril ,22.590 — 450-600 2 7 

% I % iu.tuu.„ 409 — 13 ’ — ^ 

— >I«ihilMiii4( .-43.750 +780-1,000 3ft 

l- , 3.0 ‘luiKwli-m....^..- 286.26 -I07&' — ■ L. 
Si 3.3 -.1 1 veil 1 Pnv,„,..'I.&8Q — 25 j — ■ — 

38 7.7 .'iw.iwtl^, 2.100 +S 1 130 6.2 

— — Fitifiii .,.,1.111 - + 3 .1 60 7.2 

0» 5.6 mi* VUQnu ,1001 i— 59 l — ‘ — 

10 4JI 


im' . ■ 


wi.*nue- ' toO : : — ■■ — • _,iw . 

.« ue^fen:-.: -397 ’ j6 ^o . 

.1 «ra*«i ,120 ; e’ &7 -SS2ST : ; — ~ — ■“ S 

<i..iA3.1icrarto:. 60., : J ^ — 1 — • ?2 

-an mi* *tJ‘ H'. + . ; 257 |-X \ 5.76f' SE2 > 

u + .a* L-^- "TO 1 • -I*-**. K..V §B«Cr — - 4T . 









c h=dJ A 


Times. Tuesday September, 2§ 1978 

•-> iORHRC 


§m 

fEnasiz 


hatland to i UJ£. wheat CTOD 

it tapioca ! 

:reage | Up 1.45m tonnes 


:reage \ 

‘ur Commodities Staff r 

FUAT OoveiTiniun: is in 
i rudtictiur. jn the acre:;s;«! . 

■ I with tup:*n.i tk’vi yr.ir. i 
or hi youmv in the. 
•y nf Oiisr.ucrec it* Ban"- - 

\ 1 
• Iwinrms ertf ap^T-nutti;. . 

tl li\ iijiiiiR'.m'j mltcism \ 
Curopojn Cnr.uuunit-i of 
itl ;n<v • J -:r nf imparl* li'.ltn 

)ca u i •*:- ; si q. mere.isinsiv ■ 
• s ;» 'iuhititutu fer barley l 

liU.il and t-TL-iJ 

. " in liurti;-*- i.mu hf’jiin 
sN f«.r the Jr.s;iii'.:!ior. of ; 
im fni:..rl.v 

' .•lamtiU 1 ' for r.rtsnp is ru*iry • 

.the ■ t. t i :i j cr.uit '{nliby . 
•bjUL'Ij tu :ite ^u'jsltiutinn : 
:*mm f »*r ■:u reals. purlieu-; 
y Dutch pip pMdli.iTi. , 
v i.t r-T-'iri* iha: a truiie . 
inn fn.ja H'ilirjtil is In 
'.jn^rnk enr!> tn Oelnher • 

■ iia- the cmMf’iiis c- used j 

•tap.nwv , 

la-.!: pr ire is hcinc 
-. the I: til’ C*»ntmissian 
>t \K made an;, moves) 
■'scouid ihrvateu Thai ex- 1 

; a l » ri i;nl fit tapiri j pro : 
' his year are expect c-d to ; 

■» Sni iiirsnws frum -sin ■ 
. ia jrsr. *hr ConmuTru 1 
•- •>■ •.-aid. " Tr.j Coni mu a 1 
' liuuvhi. P*J her cert of 

a! • -h ■ 1 

j.irmui incrc-i.-te iluur ; 
v or l-»pioi\i ih»s sfjsrin ; 

■ uf i.'.c :t:;;i's ;.L;lu> in . 
ml dro:i"ht mr.i-r cr.-pi _ 
evervi' i>y lack : 

' :r in 1977. ! 


BY JOHN CHERR1NGTOM, AGRICULTURE CORRESPONDENT 

A MASSIVE increase in the UK yet 10 he tialhered in, it seems 
wheai L-rnp — lip by 1.45m to a quilt* likely the crop forecasi 
record »>.75ni tonnes — will brittR will he borne out. Ii should he 
tin* hi ve.es t ever cereals .harvest said though that esiimaies by the 
of 17.5m tonnes. Mr. Hamid trade »l this time of year are 
Hii’pisl. :i resident of . the UK dene rally pitched on thtf opti- 
A^'iL-jjliiivai Supply Trade Assn- mlstic side for fairly obvious 
ci:>ti>>n fUfcasla) sand in London reasons. 

yeaterday. Quality nf the milling wheals 

Mr. Phi'pot attributed the hiy. is much better than liwt year's. 
riSi.* jn ihe wheat crop to three hut with rather low protein 
nutn reasons. A rise of I7-4 per levels, while mailing barley 
rent sn the area planted: in- appears to he udequate but no 
>■ reap'd sowings uf hiRher yield- better than that. 

,r J- v «*riei it's and fanners* use n, sposal should present Ttw 
techniques lo maximise problems for wiicut. Even if the 
^eius. sample does nnl reach milling 

Earley. Mr. Philput forecasi quality, there should be a uood 
would be about JOrn tonnes market as a replacement for 
vfipbliy down nn last year mairi- for animal feeding. The 
keejuvj of reduced acreage, present price or maim. 1 . with the 
Ailbouch winter barley in KEC levies added, is about 1100 
England was good, the crop in per tonne. Feed wheat could rise 
Scotland was still at -riBlc from In a Rood deal higher than the 
the weather and spring barley present £82 to £S5 level before 
'Jenoraily had been disappoint- uiuiw became a serums eom* 
Oats yield, he esliinaied, peliiur. . 
would fail Irj 0.75m tODniv. Barley is not at present such 
Tills, he said was a pity as he a strong market, and present 
fe:r there would he a market for prices are just about the inter- 
more home grown outs; some vert I ion level for feed quality, 
indeed was being imported. Th:* general opinion of ihe 
»tr. rTiilpu: s figures are in merchants present was that in 
line w:[h im- Ministry of Agri- ihe .South oT England the sowing 
euitur>* estimate? made early uf wutler cereals was gctiing 
[hi; -unnih. Providing nu well under way starling with 
dossier •■‘•nPes in Scotland, winu-r hurley of which seed sup- 
v$dcii ii ji;'.*'! deal of harvest hc^ plies wejre bL k cciining short 


nthetic 
bber dearer 

■iur Commodities Staff 
l\'S INTER NATION' VL 
tic Rubber Cempany hci 
the ijriiV'S of its products 
tu CS7 e The- .n- 

which came into effect 
lay. lake: Incarb Suliuig 
p £:;3 in £125 a tome.* and 
Po I > butadienes 50NF up 
i jh» 7 a tonne. Other 
is in these ranges are 
■arer. 

company blames tha in- 
i on higher costs for raw 
a Is and ser/ices. 

■r:il rubber dealers said 
iiRher sjaUu-tjc - rubber, 
might cive prices on their 
"more mom for 
uvio " bur there was little 
ce nf any immediate 
~sc in the marker.- The 
nr N'n. l RSS spot natural 
rose 0.5p tu t»0.5p a kilo 
lay bui dealers aiinhuted 
ainly to the early weyk- 
l sterling. 


Stockpile move 
| lowers tin 

BY JOHN EDWARDS, COMMODITIES EDITOR 
TIN PRICES fell, and copper As expected zinc stocks in LME 
rutc. nn the London Metal Ex- warehouses showed a small do- 
, change yesterday following re- dine of 150 tonnes lo 72 400 
, Purls of fresh moves in the U.S. tonnes. Cash zinc dosed £4 
Congress to consider the pro- higher at £326 a tonne. 

posai Tor the stockpile to sell . ... 

I tin and purchase copper. ' LJ ^ liLher refleclmg 

: Standard grade cash Urt dosed J**™ m «W r z ‘ nc - 
£62.3 lower at £7,032.5 a tonne, '‘* as als '* »H»tatoWd by the 

The downward trend was en- . stocks were 

to u raged by a smaller than ex- * , ’ c N"'' ed al Vl ‘ i “ ,3 ^° tonnes when 
, peeled fall in warehouse slocks. , , I J.} IC 5 11 * . had L been |’ rcd j® t ®J; 
which declined by only 25 tonnes nsii nLf l ° C ^ S r0 ^. by 3a0- . 000 
! to a toial of 1.490 tonnes. ,0 IS -°5°-°W ounces. Silver jmces 

Copper cash wire bars gained ^7? hrm following the rise In 
fS.75 to £736 a tonne. Ware- and the 

bouse stock fell again, by 5,475 CJ ^ ne>s ,n ster ling.. 
tonnes lo 425,025 lunnes and are However, the rise in silver was 
now. al lhe__ lowest level . since far mure modest. The bullion 
October 1975. spot quotation was raised by only 

Zinc was boosted by the --u 5 P to 289p an ounce and on 
announcement from a leading H* c London Metal Exchange cash 
West German smelter. Preussag, silver at the afternuon close was 
to raise its producer price from !&0-05p an ounce, 4.lSp up on 
SH25 to S675 a tonne. However. Fridays close, 
the company added that the. in- By contrast there was a verv 
create was to take into account sharp rise in free market plati- 
ihc fall in the value of the dollar num. which gained £5.9 to £143.5 
against the Deutschmark. an ounce. 


| Coffee pact 
delay 
attacked 

By Our Commodities Staff 
BRAZIL Il.AS accused coffee 
consumers or adopting delaying 
tactics at the rurrenr round of 
coffee talks in London. 

As (he full International 
Coffee Council meeting got 
underway yesterday Sr. CamlUo 
Calazans, president of Lite 
Brazilian Coffee Institute, said 
consumers seemed unwilling lo 
negotiate on export quota 
levels and the price at which 
they would be triggered. The 
trigger price under Ihe 1978 
International Coffee Agree- 
ment stands at about 77 cenis 
a pound compared with the 
lin-scn! market price of about 
150 ceuts a pound. 

Sr. Calazans said the consum- 
ing countries had had ample 
time to come up with proposals 
since the talks began two 
weeks age. The council meeting 
was adjourned Tallowing yes- 
terday morning’s opening 
session and will reconvene 
this afternoon. 

On the London futures mar- 
ket prices broke out or their 
recent narrow trading range 
with the November price gain- 
ing £45.5 lo £1,542 a tonne. 
But dealers said trading was 
very quiel and physical in- 
terest was subdued. 

Bounty offered 
on rustlers 

A GROUP of Hampshire farmers 
arc offering a £500 reward fnr 
information leading lo the con- 
vict inn of thieves who stole 14 
beef entile, worth £3.000 ‘o 
£4.000, from j farm last week. 

The cattle were found a day 
later alive and well inside an 
uhandoned siolen lorry near 
Bracknell in Berkshire. 

The reward is being uttered by 
the Basingstoke Farmers Reward 
Group which was got up three 
months ago because local 
farmers have become Increas- 
ingly worried about the increase 
in thefts of various kinds from 
farms in the county. 


HERRING fishing 


Storm brewing in Celtic 


BY STEWART DALEY 


DUBLIN', Sept. 25. 


NEXT SUNDAY Irish fishermen 
[ 3re going, to siarr illegally trawl- 
I mg for herring in what is known 
i as the Celtic Sea. The Irish 
Government has indicated that 
it intends to uue its navy to stop 
the fishermen. There is there- 
fore a real prospect of an un- 
seemly. and for ihe fishermen 
possibly dangerous, domestic 
"fish war” developing between 
now and Christinas, when the 
fishermen haw said they are 
going to stop fishing the area. 

The irony is that neither side 
wonted the situation to develop 
as it h&<; and it is an outside 
influence — the Dutch fishing Heel 
—which las pitied the Irish 
fishermen against their Govern- 
ment . . 

As Mr. -.Frank Doyle, secretary 
of the Irish Fisherman's Assoeia- 
1 tion, explained it: We prefer 
I not to do- it. U'c are as aware 
as anyone of the need for con- 
servation, but it's those Dutch. 
They are out there alright, fishing 
away for herring. Why should 
[ we * discriminate against our- 
selves?” 

The IFA estimates that this 
year an average uf between 15 
I and 17 Dutch trawlers have been 
in the Celtic Sea area officially 
fishing for mackerel but taking 
a substantial by-catch of herring 
| as well- 

The heart of the problem is 
that because of indiscriminate 
over-fishing over a number of 
years there is now a severe 
shortage , of hc-rring particularly 
in Europe and a corresponding 
i boom in its price. Unlike Eng- 
land, Ireland i.> ant a nation of 
I fish caters. Less than 5 per cent 
of a total rcatch of around 100.000 
tonnes is consumed by the Irish. 


The rest is- exported. It is 
herring which Europeans, notably 
the Dutch and the Germans, 
want particularly. 

Mr. Joey Murrin. the head of 
the Irish Fishermen's Associa- 
tion, says: ** Herring is the gold 
dust of the sea right now. You 
can get £100 a cran (there are 
six craus to the tonne). Two 
years ago you'd probably not get 
£40 a cran.” During 197S, Irish 
fishermen can officially catch 
some 18,000 tonnes under various 
quotas. 

The sea around Ireland divides 
into five areas, roughly as fol- 
lows: from Donegal around to 
Scotland is an area known as 6A 
and Ireland has its share of this. 
From Donegal down to the 
muuth of the River Shannon is 
the area known as 7BC. From 
the Shannon round to Cork is 
the sector which the fishermen 
call South-West area. From Cork 
around to approximately Wex- 
ford is the Celtic Sea. and finally 
from Wes ford up to Northern 
Ireland is the Irish Sea area. 

Bad weather 

Under existing rules Irish 
fishermen who have exclusive 
rights in theory' up to six miles 
from the coast can catch 10,000 
tonnes of herring this year from 
the 7BC area. They have a quota 
of 2.500 tonnes in the South-West 
area and one of 2.164 in the Irish 
Sea. The 6A area has been closed 
since June. Up to then Irish 
fishermen had landed 4.000 
tonnes of an $.000 tonnes quota. 
The Celtic Sea has been closed 
lo all herring fishing since the 
beginning of last year first under 


an EEC ruling and later by an 
Irisb Government decree. 

This year therefnre Irish 
fishermen can catch a total uf 
just over 1S.000 tonnes. Last 
year they landed 25.000 tonnes of 
herring and not su long ago 
herring easily accounted for 40 
per cent of the Irish catch. Mr. 
Doyle reckons that the catch In 
real terms for this particular fish 
has dropped by 50 per cent in 
the past 10 years. 

At the current level of catch 
Joey Murrin estimates that most 
of the country's 400.000 fuli-time 
fishermen are probably making a 
living, but he feels that the mar- 
gin has probably now been 
reached. 

If it is remembered that the 
bad weatber around Ireland 
makes all-year-round fishing 
impossible and that it costs at 
least £1,000 a week lo run say an 
SO ft trawler, then fur a growing 
number of fishermen the line? 
berween a profit and loss are 
beginning to cross over. The 1FA 
therefore proposes to catch a 
total of 3.000 tonnes of herring 
on a quota basis in The Celtic 
Sea between now and December. 

Joey Murrin contends that 
this quota is not going to make 
anyone rich. “ It will just help 
to keep a few of the guys going.” 
he says. Asked whether they 
think the Celtic Sea can stand to 
be fished for herring at this 
level the officials reply that the 
Dutch are taking that much out 
already. (The lri?h Government 
has argued that there are 

S robably only 10.000 tonnes of 
erring in the Celtic Sea and by 
conservation wants to get the 
level up to 40.000 tonnes.) 

The problem with the Dutch 


is that rhey arc officially fishing 
for mackerel. Because the net 
and ihe gear arc the same Tor 
mackerel and herring under EEC 
regulation; the Dutch would be 
a Unwed a 5 per cent by-catch. 
The Irish fishermen claim, how- 
ever. that the Dutch by-catch is 
nearer 15 per cent. This 
probably amounts tu about 3.000 
tonnes. The Dutch can land 
their herring back in Dutch ports 
with impunity simply by being a 
little vague about where they 
caught them. They can say for 
example they had cume from the 
North Sea. 


‘Poaching’ 


The Irish claim they have not 
been fishing herring in the 
Celtic Sea, because immediately 
they trv to land them in ho Irish 
port the origin would be fairly 
obvious and customs officials 
would act. But despite not-loo- 
vigorous denials, there probably 
has been some “ poaching " by 
Irish fishermen. 

The I FA is now prepared, 
however. to estimate ' the 
unofficial fishing at 3.000 tonnes. 

The I FA is also trying to make 
a wider point about regulations. 
They want their Government to 
take the initiative in bringing 
about much more rigorous con- 
truls fur fishing by EEC coun- 
tries. They say ihe only effective 
way to do I his is to have officials 
anti conservation ufticers on 
buard ships. The Irish Govern- 
ment has so far not shown any 
great response to these demands., 
it remains to be seen between 
now and Christmas whether the 
clashes which are likely to occur 
wilt change its mind. 


Britain scuppers EEC fisheries deal with Spain 


Plain tea 
price slips 


By Our Commodities Staff 
THE AVERAGE price of plain 
grades nf tea dropped sharply at 
\he weekly auction in London 
yesterday, falling 7p to 78p a 
kiln. 

Medium grades also slipped 
from USp to 113p a kilo, al- 
though quality tea prices 
remained stable at 170p. 

Traders said the fall was due 
mainly to an increase in supplies 
of plain tea coupled with a 
feeline genera! in the market 
that prices had recently escalated 
a little too rapidly. 


BY MARGARET VAN HATTEM 

BRITAIN HAS foiled yet another 
EEC attempt to conclude a 
framework fisheries agreement 
jwith a third country — this time 
I a five-year agreement with Spain 
drawn up last week-end. 

Mr. John Si Ik in. L\K. Minister 
of Agriculture and Fisheries, 
told tite Council of Ministers 
meeting here he could not 
approve the agreement for the 
same reason that led him to 
reject similar framework agree- 
ments with Norway. Sweden and 
the Faro Islands earlier this year 
— namely, the absence of a 
common internal fisheries policy. 

But -after several hours of 
argument, he dropped his reser- 
vations over a proposed three- 
month ' arrangement, which 
would allocate 240 licences to 
Spanish fishermen for a catch 
quota of 4.500 tonnes of hake 
over the -next three months. In 
the early stages of the meeting. 
Mr. Silkin had sought to have 


MARKET REPORTS AND PRICES 


SC METALS 

rR — Gained groond on ihn l.ondon 

X'.’fciin:-. After on.nim: .it V719 
mesa I Jiap-.-u jo rr-;T ok iv.- :ev- 
nmiv m vol.'ll i.-Jliiu.-. Till': 
*■. T<-v»r*M* m ihL- na^s. Vmiv- 
"th i.ii' pr(<c rvi-ov.-rina to luiiO) 


•i r i ,"I on i ht morning Ri-rh. In thf 
iiiiomOan values i-onilirai-6 tu move nbraif 
as spec ulauon aver possible CSA movns 
to iwrrhin,- mpmr awl mil itn caused 
fnr-tard madTiai 10 lift tn rTSOj prior 
10 ikwin? on tho fcrrb ai £75.'..i. Turu- 
«vrr. tii.TOQ unities. 

.Murnlnn: Wirtharo. 0723. 29.5. 31. Itirw* 


months 1747. V„ 4C.5, 47. 47.S. 4U. 4S 5. 
Calhudrs, cash 1710.5. Utn't months HSS.O. 
Kert*; Wlrrtars. cash r“3*.5, three months 
£749 j. 50, .'iS.S, 91. Afternoon: Win-bars. 
ihr«c months 1753, 32 5. 53. 35. 54, S3, 
54. S. Kerb: Win-bars, three months- £753. 
55.3. ii. UA. H- 


. a. Hi. 

COITKk IJIDciat 


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linnltlcul I — 


ilex Limited fll-331 2-UtG. ' Three month Gold 223-225 

Mint Road, London SWUl OHS. 

Tax-free trading on cmnmudily futures. 

The commodity futures market for the smaller investor. 


PROFfiTS GAN BE BIG 
WITH MM & HARGITT 

could realise substantial investment return through our multi- 
art dollars commodities group with a proven record of success. 
Minimum investment; £20,000 

Call or write: Dunn & Hargitt Research S.A. 

14 A. B;e 6 16 rue Jacques Jordaens 1050 Brussels. Belgium 
Telephone Brussels: 640.32.60 

Available only to residents of countries where not restricted 
1 Restricted in Belgium and U.K.J 


ORUPANY NOTICES 


j: £ I £ £ 

Wirobare 1 

(fasli .1 730 J 4-F.2&1 735.5-6.5+0.75 

a immilio . 748.5-9 i+1 I 704.&-5 +9 

Settl'ni'nl! 731 +1.6' — 

C wthwlM • 

t wIl..-. .. 7I9.&-20 +2 723.5-4.5 +7JS 

aniOlillu...i 73B.5 9 + 2 743-.5 +7.B 

Sertfuruii 720 +2 — 1 

Suit. 1 635 63-6€ 

TIN— Wok. A (all in ihe Pcnans prii-e 
over the weekend coupled wlih a smaller 
ibM forecast decline in warehouse slocks 
saw forward standard maicrlol open at 
IE, MS and drop lo Ffi.BSS rcdcclInB boll 
Uqnldotinn. which touched off some stop- 
loss' selling- Also airL-ciuis .sonrtim-m was 
cootlauiDs uncase over the possible GSA 
stockpile sak-s. In the ant-moon 1F10 
price mltlod 10 HI573 bui then fell bock. 
10 dose at Oi.iHtf ou ihe laiu Kerb. Turn- 
over. 925 uni Di-s. 


SILVER 

Sliver was fixed ? Gap an ounce hlober 
for -:pnl delivery -In the Umdon bullln 
market ye.H'nlay a I 289. Op. U.S. cent 
equivalents of the flxintl levels were: 
Spoi dp 7.3c: ihrte-momh 570 ^c. 

up 7.3c: sir-month ssa.sflc, up 7.1c: and 
12- mil m h 812.9c. up 7.3c. The moml 
nrn-nr-fl 31 2s9-2Mp ij*! 5!0ci and closed 
ai 2S9i-29Bip *572-378. >ci. 


Slf.VKKi Uiillttm 
inn- J Oxnic 
tmv 11*. ; |*rii-e 

Spot 


i+«r. I^M.E. 4-m 
_ ■ rUwe — - 


b>t l 2B9fr I+2.6& 290.6BM-+4.1& 

+ 2 uen. 1 1™ .1296.4(1 4d.D5' 297.95ni*4.Sa 

6 im'iithe .! 804.4p I+3.0&, — 

12 mcmih«.!320|> +6.2 — 


LME— Turnover 121 i13ll lots of 16.MD 
ozs. Momlnp: Three mofllbs 296.6, 6.7. 
97. 7.t. 97. 98.9. S.fi. 6J. Kerb; Three 
mooiha 29J. ii.». 97. Afternoon: • Three 
mnnihs 297-i. 7.C. 7 A. 98, 98.1. 96, 97.9. 
Kerb: 297.9. 7.7. 7.fi. 


COFFEE 


*.n«. (+ 11T 

illcinl | — 


Ua8» j 7020-25 j- 13241 7030-5 -68.6 

i inunLh... 5865-80 —120, 5870-90 -67.b 

.^eUJeiu’r. 7025 -165 - 

StKUdaxd ; -. 

-tiuh 7020-5 -132a 7030-5 1-62.5 

i liioutii*. ‘ 6860-70 — llOi 6870-5 '—70 

Sertlnn'i. 7026 1-1351 - J 

Hindi- K.' ;fl878 1-121 - 

JVBW-y.rti 624 I 1 “632.50. ffi* 

MominK: Sinndard. cash 17.030. 2U. va. 
Ihrcf month*. 16.930. 19. £6,90(1. B.8fT>, 90. 
80, 79,. 75, Til 65. Kerb: Standard, three 
mourtfa £8.876, 75. 70,. 65. 80. Afternoon: 
Siopdard. ca.sb C7.K0. 30, 33. ibree mnnitui 
£MTfr. 60, 75. 70, 90, 75. Kerb: Standard, 
three months IBABB. 75, 70, 65. 83. 

. i£AD— Higher and mainly redecUm: Uie 
MiMBh of copper. Forward metal 
ir&ded within narrow limits, opening 
around I3AS and moving up throughout 
ihe day lo close at £389.5 on the tile 
kerb. Also influencing market sentiment 
was news I tut warehouse siodcs remained 
unaltered over me week against earlier 
forecasts uf a modest Incre-ase. Turn- 
over. 3.400 tonnes. 

1 n.iii. 1+ t*r |i.m. 1+ «*r 

r.BAn ofTlolnl J — UnnJTInlnl: — 

~~ ■ I hE ii 

Cub 561.26- .5+5.26 3«-£ : +4.25 

3 Dunlin.. ibS.3-.75 ! f 3 • 56B-.5 K4.62 

apU'nieni SG1.5 1+3.25] — 1 

L.S. r![«ii. 352.5 I ^31^33 ' ...... 

Uornlng: Cash £381, SUSS, three pinnihs 
I3E6. 65. €3.3. 01k 6S.S, 07. 80.75. Kerb: 
Three mnnths £367. Aftemnno: Three 
months 1367. K7.5. 57, G3. Kerb: Three- 
monlhn £.188. HS.5. 

ZINC— Moved ahead in the wake or a 
sntKtan n«l inrrease in the produrcr price 
chanted by Prenssau from M55 10 8675. 
Forward mural traded around £Ktt on 
-tin* pre-marker bin ttfrptf oulrttly to 
■tfainM tag lotlowlnr thn Pn-U5SW£ news, 
in tbn mornlnit rtucs the prUo eased 
fractionally 10 cm hui afternoon iradinc 
saw h muvt- up acatn to dose at £1175 
on mo laic kerb. Turnover. 5.175 nnnws. 


ONY GO UP MIKING COMPANY 
CIMITEO 

oorj too in the Uupjoiic of Sooth 
Afrisa- 

anber ot 1 be Bartow Rand Group 



NOTI CE OP ME ETING 

IS HEREBY GIVEN that Ae 
,Bl>th cfi-vuai several mee:mfl 01 


T.CJ4. INVESTMENTS N.V. 

Notice u hereby given to holdcrt of 
Bt-ircr Deposiciry ficccipu each repre- 
senting onc-tenth of one elm " A “ 
sbirc of T.CJ4. Investments N.V. 
shat tfac Annual General Meeting of 
SlurchoWe's of T-C.H. tnvcitmenti 
wilt- tee held at the eKce ot tha 
Company, 6, John B. Gorsiraweg. 
Willcfnitad. Curacao, on Tuesday. 17sh 
Ostobcr 1778, at 11.00 a.m. The 
agenda for the Meeting and the Annual 
Report ol the Year 1977 are available 
f or holders of Bearer Depository 


r Com Min.ns Comoar.v umiiea : ™.»r. »< 

h.-W In lift.- conterenee room, j Receipts at the oHtco ol Piersmi. 
floor. 6u3 Fox street. Johannes- | Heldrmg & Pierson N.V.. HerengraetH 
■ Fr«lay. ZQsh October. 1S73 a. ; Amsterdam, where vouchers for 

receive and’ “c oiis.de/ ine auditeoj envy to the Meeting may be obtained 
tal nnancral ssaremer.rs for the vear against delivery oil or before lUtn. 
■d 30in June 1978 October 1978. of Bearer Depositary 

■? cs J U 3i.“=,™-wa earn under Receipts and proxies W vote matr .be 

piac* ?tio utssoPfl wares tamer r M . < n rtiinMtnnf 

•Anipfi 1 flf rnc- d.-cciari ■. obtained lor each lo uepoa»t«y 


recede arjs con^ae/ ine auo>wo| , 

■ai nnancral tiarcfncr.cs tor tbe veor agatmc aelirery a 
•d JOtn June 1978 October 1978. of 

shares under' »«*•!« .■"* p ™«| 
•control of me flireciar; 1 obMinw lor eai 

le bu/Boce 01 deicrminna tnose J Receipu delivered. 
; cot it led 10 attend and void at 

jtinu. ibe jompiity-s register ol Willemstad. Curac: 
I will be closed Iron 14:Ji 10 20th 26th StPWBiber, II 

1 979. boih days inclusive. r 

.tuber entitled to attend and vote CAR IB 

ncc 1 1 ry". .lanO.nr >-iie- nr more 

■ to 31.1 end. ssc-ak. act and. on a 

te in hit stead. A crow need not ■ > • 

-e mber cl the compariv. 

:fce ronvenlencr ot members who 

■ Ole to a-teitd rfie" meeting but wrsb NOTICE TO 

ctKCsen-.ea ibereet. o nroxv lorm 

sen 1 on redact: to el flier the - CHADE 1 

, secreta-ies in Johannes burg or 
/secretanei m tbe United KlnoctOm. 

.ent.on ot members ■; drawn to 
• -oa’ '■ it .-• 'a US-'t-r-’. the e— rf-ciw,«n 


Willemstad. Curacao. 

26th Sepwoiber, 1978 

CARIBBEAN DEPOSITARY 
COMPANY N.V. 


NOTICE TO HOLDERS OP 
- CHADE" SHARES 


ed"oro«v ,l »jw.'° mist “'roach Soc^c d-Eiectncne 

. j rrans'or sncnnsrie! In Johannes- limited comoanv tn linuldanon. uj. 
r Its Un.tcd Kingdom registrars Grand' Rue. Luxembourg. Grand Diicny Cl 

n-fer ngcnLt at 'east tpr»v-e<«ti» luarmaouro. advises: 
efore me time appointed tor the i-uxemDoiiru. aovnes. 

ol |be meetmo iwhich orriod ev- "Since IS! December i9«b. j™ » 
SaTurtavs. Sur.p.irs and oubl.c was announced at me time, snarenomers 

' jBjTEdbuma 

C cr<-»»arim receive SOD EC shares as follows, 
oer A. H. Knoesen , cert |fteoie ot . 5 SODEC shares par 
^ir.mi Ce: CHADE Share: series A. 8 or C: 

--iur4 SOOt. or PW group of 5 CHADE Shares: 

I ihe Lomfon Secretaries; writs O: . . -A 

CoaMildJieil Unfitted. ^ _ r 0 rOtm of 5 CHADE tow: 

. born Viaduct. series E: - 

J ‘ ' tBih September 1978 and t ccrtlbcato ot 1 SODEC Share pw 

CHADE share:, series O or E. . - | 

— 1 " — ■ ' The right Of CHADE shareholden i to 

>TC! e receive one SODEC share tor ono CHADE j 

Jt I fak9 share Is a debt-claim right subject to 

' Ihe statute ol limitations alter a period 

of thirty yea it. ft Will thus be atteCHfi 
■«—»).» by tbe statute of limitations on 1iji» 

* B ember, 1978. AS tram that dare SODEC 

r\ / / I rr r 1 ■ B iotcods to raise a deinnce under the 

jJff/C0m/rnfM/V 8 sutute Of llmnaHoiK. . 

^ A 1 y// • I Haiders at CHADE shares. 

' to avoid fmdJns. tnefniolves t»rr«J by. 

me swnw. of nm'tatwni and tlms 
/A A jtnfdl 8 i«lMf. in particular. bcmM b* thp .Until' 

- \57iU TtPlUl ^Ulcl B nation dividends and U» llauldation «s- 

, l3ttfwranmr*p , F»3i»itW"«iaiHtuil • I tributien >n respect af SODEC Shares.- 

awbCiore-ifcrn'-aTrTrttfsN: . B ta which Ibev are entitled are thus Invlled. 

- «»w -.»«wa\5ft. ' ■ !o tome ferwerfl betete 1st December. 

1 AttutonE Munflrmrwuiftiamu. 9 ^970. 

• .nvi.wi.w c . 9 They are reminded that J* 

. D«n. n«.rugj'j.ncus« I rcceNc SODEC sbam. as stated- auavg, 

■ {M331MWM1 ■ ny contactlnw— Oirough the intermediary 

is r^l-T ‘ - I ot tbeir' . bapL*efs-“ihe registered oftee Of 

A Canslaas m aifeMral B SODEC 103. <*rand‘ Rue. J-unamboura, 
r Grand' Duchy of LuxcmteeuTB." 


ROBUST AS opened flintier and Ute 

market traded at ihe upper end of ihe 
Tf-ccni range lor the whole day DPA. 
reports, flood commission house buying 
rook values lo ihe highs on tbe dose 
about EL.vi.Hl hicbvr on balance. 

[ YeMmlny's , i 

ivippKK tbh * +: ,r j 

jg per toonv j ] 

.lef iteinld-r ..i 1630-35 -*-49.011643-10 
,N»veiu Imr... 1541-43 . + 8S.5llb44 17 

JurnaiT 1444-45 +23.0 1450-30 

Mnn-Ji ’. ■ 1360-65 + 24.5 1368-55 

Ma\ ! 1517-20 +24.511320 05 

JulV.... i 1290-1309 +25.D |1295-85 

Heidvnilin-.. 1265-70 ; + 20.5! 1275-68 
_ _ _ _J I 

Sales: 2.32 *2.l92i lots of 5 immes. 

ICO Indiuior prices for hepi. 22 fUS. 
cents pur sound i: Colombian Mild 
Arablcas isfl.nfl isamui: unwashed 

Arablcas 15300 (same); other mild 
Arablcas 154.50 1 154.001: Rohimras 1CA 
]97i; 147.50 fsamei: Robusus ICA 19fiS 
its. DO i samel. Dally average iSLitr 
isauiet. 


Oei. kn. Ea^t Coast. Jan. B4-S3.50. Jan.- 
Mnreli 35 pauti. East Cuxsl 
S orghum: U.S. .vticnuuc Sept. 100 
qu’iied iranstnpmenl Cart Coast. 

HCCA — Avorajto ex-farm spot prices 
for urii-fe -.■nding September 21: Oilier 
milling wheat— SE Su.10. East S4.W. E. 
Midlands ba.TB, W. Midlands 84.50. NE 
5T VI NW «i5.70. Scailand MiJfl. UK 85.00. 
Change -Mi. Feed barley— SE 7+.W. Rtf 

74.. 1D. EjM 73.10. E Midlands 73. 1 u. 
V. Midlands 74.fi®. NE 73.20. NW 7230. 
SL-ailaad 74.50. UK 73. IW. Change -i-20. 

UK tun»ard prices ff<r delivery during 
Nov. M. Wheal (bread- 91.08: M. Wheat 
-oih-.-ri «.9n; Feed u-beai 34.40: Malting 
barley si.60: Feed barley 77..TO. Dec. 
M. wbeai imhen ftlwi: Feed wheat M 50; 
Mali harf y «5J0; Fi-rd harley 79. W. 

HCCA — t.DCatlon t-x-farro spot pares. 
Other iniUiBB wheal— Central Scotland 
Rfi.itO. Cambridge S7.00. Feed barley— 
Ccmral Scotland 74 20. Cambridge 73.40. 

The UK monetary roetficlcm for Ihe 
week beg inning Ocl Z will remain un- 
changed. 

MARK LANE— A fair degree of Imprest 
was rspressed both from consumers and 
specula i ore u-lih offers Improving slightly. 
Miiliu; wheat delivered London— On. 
90.75, on. -Nov.-Dcc. 93.W. Jnn.-Feb.-Mar. 

97.00. DNQ wheat deln-ered E. Anglia— 
Oct. 85 (IU. Oct or .-Dec. 87.08. Jao.-Fcb.- 
Mar. 91.88. harley dcllviTcd E. Anglia 
VHfl. 77. V* On .-Nov. -Dec. 79.09. Jan.-Feb.- 
Mar. 83.00. 

EEC DAILY IMPORT LEVIES— EEC 
levies and premiums for Sept. 2S m units 
of aerounf per tonne in order current 
levy piu<: Oct.. Nov. and Dec. premiums 
are as follows (with previous In brack-vis*. 
Common wheat— M..26, test nil iKVlfi. rest 
mil. Durum wheal— 124 JU. rest nil 
f 124.94: rest nlli. ftye— 86 Ufi. real nil 
i Sn.in. rest nfli. Barley— S3 S2. O.flt. 
0.61. D*il * 833V rest nil*. uaLs— 72.3*. 
rest ml t ra.30. rest nil*. Mace (Other 
than hybrid for seeding! — <9 25. rest nil 
*79.25, rest nil*. Buctcwhe.il — Nil Ituli. 
Mu 1+ 1 — 12.12. rest nil <43.12. rest nil*, 
drain sorghum— ROJO, rest ml iM.Oii, rest 
Dili. 

Flour levies— Wheat or mixed u-heai and 
m- Hour— 1-4.67 l Rye flour— 
131.37 isarrui. 


\h4s reduced \o 175 licences for 
4,UOO tonnes of fish. 

Failure to agrree on ihe three- 
month arrangement would have 
excluded Spanish fishermen from 
EEC waters from the end of this 
month a politically sensitive 
move Id view of the growing 
antagonism within Spain to the 
idea of entering the Community, 
especially In the North. This 
area contains most of the fishing 
economy affected, with special 
implications for the already- 
disafTccted Basque community. 

The protracted debate over 
Spain left little time for dis- 
cussion of conservation measures, 
specifically Britain's decision to 
introduce unilateral measures in 
the absence of Community 
regime. 

Britain had expected to come 
under strong attack and Den- 
mark did indeed announce it 
would press the Commission to 
take Britain to court over one of 
the proposed measures, the 


WOOL FUTURES 

LONDON— The market waa dull and 
featureless. Bacflc reported. 

< Ov «no) 

Amir* I ia Q [Y e«eriiy'« +■ or Bnmnra*. 
finwsv Whlib I'liot j— j I*me 


extension of the Norway pout- 
box where industrial fishing is 
banned. 

But there was no real con- 
frontation over conservation. The 
Commission put forward pro- 
posals for measures lo replace 
those planned by Britain. Mr. 
Silkin rejected the lot. invoking 
“ vital notional interests," and bin 
right to do so was not challenged 
at that stage. 

The meeting will continue 
tomorrow when minor issues 
such as quotas- for shrimp fishing 
will be discussed. 

A Plymouth solicitor yesterday 
denied that the Spanish Govern- 
ment was paying the fines of 
trawler skippers caught poaching 
inside. the Common Market 200- 
mile limit. The denial came from 
Mr. Rober Leese, defending Juan 
Zubicaray, who was fined £16.000 
with £150 costs by magistrates at 
Plymouth after admitting fishing 
38 miles inside British waters. 


PRICE CHANGES 


Prle* in Mama unless otherwise stated. 


BRUSSELS. Sepi. 25. 

Ills vessel, the Cheymapya. was 
detained by the patrol boat HMS 
Guernsey off Tr evOiie Head on 
Friday. * 

Mr. Leese said ■ there ' was a 
rumour that Spain ran u fund for 
skippers caught within the limit 
fishing without a licence. This 
was hot so. Zubicaray and his 
three partners would have to 
raise the fine themselves or 
forfeit their £250.000 vessel to 
the gtirt’s bailiffs. 

Th“e weeks ago another 
Spanish trawler was fined £I5,00L 
in Plymouth for fishing illegally. 
That fine was paid within an 
hour, prompting rumours that 
the Spanish Government footed 
the bill. 

Mean-while tn Copenhagen 
there are reports that the Danish 
fish industry may soon he in need 
of government aid. This warning 
was given by Mr. Poul Esperson. 
president of ihe Association nf 
Danish Fish Industries and Fish 
exporters. 



repl. Z5 1 + n l • Il> nlli 
197& 1 — ’ o«n 


SUGAR 


RUBBER 


STEADIER opening on The London 
physical mart: cl. Quiet ihrmuhom Uie 
day. closing anebang'-d. Lowiii and Peal 
reported a Malaysian cod own once of 
251 12931- cvnis tburrr, Oct t. 

No. 1 jYestcnfiy » IVerimia.) Knainrea 
IL.S.H. CIdw | Hire j I ton*- 


.... j- E0.7S-60 .bJ 60. 


OT. J EO.7S-60.BO! 6O.1ftB0.78; B1.B8-Sfl.7E 

Sov„..> 51 .95-61.701 «Lb&41,W — 

(hx- find BI.bS-81.80l 60.7fl-80.B6; 81.80-61.10 
Jmi-UhH B4.2D-64.2SI 63.4563.5fl[ B4.2S-80.3B 
Mir-Jne B6.Bi-M.BIK Bb.90-SB.95 66.75-66.90 
Jy-Si'i+I B8.B0-68.B6l 67.86-67.fl5l BB.70-W.85 
(li-t-n« J 70.50- 7IL5B 1 69.7flff9.9D 70.50-70.49 
Jan-ltir, 72.4S72JiO: 71.EO-7I.B5 - 

Apr- J iie| 7t.Ab-74.46i 7A.bO-76.S6 1 76.60 

.1 __ J _ _ _ 

Satis: 192* *2il9> Inis ai _ I3 idanes" and 
15 toi 5 of 5 tnones. 

Physical closlnc prices i buyers t were: 
S|jdi BO^p (Gd.fli; Noe. si.5p (6L0i; Due. 

GRAINS 


3a&.2S +a.a: t I ----- WHEAT | RAH LEY 

'*£££: Threw rnnnihs ZuL S7. + JT ’ ' +T 

37; 3SJ. Kerb- Ca-4» 5320. lUret momhb n 1 I * 

£3.16, 3*>»V ,\fterfloon: Cash CCS. 27. , ( 

three months £336. 37.B. 26. S7-75- 3"-5t v Ritas L.OSS 7B8Q Lfl ill 
37.25. KmH: Three noothi EOT. 37 A ||« ^g-«j tol, 

‘Cente per opund. 3SM per pleuL ” g*-{£ 

* »" -j-* . uaoaBdai cjMe - _aa _]:sa_ss^!as 

- CUv.UA Btaincss do DC.' Wboat— N ot. SSCWtTod. 

■ The marKdt was sharply hljfier In all Jan. KSff0.BD.60, March 91,45- KffB. May 
TKBiftons. 94 .06-94.75. Salts. B8 lot*. BdrVy- 

Jr ."BiiiilSi - Nov. TSffOffB.flO. Jan. SS.05ff2.73. March 

COCOA MSS’ t - M-JMS^l. Ua* 54.95-87.78. Sal«. 146 


LONDON DAILY SUGAR iraw sujtarl 
£103.50 iiftC.fifli a lanfle uil for SepL-Oci. 
Lblpmeni. Vfhtie sugar duly price was 
feud u E fllfl.M mODfffil. 

Keen buj’lnB from one Quarter absorbed 
subsonn.il PnjQt-Uikinc and prices busan 
:a aain sroond. repons C. CzarniKow. 
By mid-aiternoon December touchi'd a 
high nf £lUt.*a but mdr lone liquidation 
pared rfli- £Blns somewhat by the dose. 

Tate and Lyle ex- refinery price for 
sranotirt-d basis vfliie snfisr u-js £264.83 
i same i a (ocnc (or pome trade and 
£110.30 *£lE g.flOV far exp on. 

I'lJT iYe*rerHay"«| Pm l"u» i IIimiihu 
Corn hi. I Clow Clone ! Huoe 

Lull. , ! I 


41 pertouue 

(U-t IDB.2SffB.4S. 105.00-05. 18 1D9.08-OB.H 

Itee..-.. jllO-Bte-Hl.lDS 100.50 0E.Bfl llD.7S-liB.60 


ZINC | 

i n.iii, :+ nrj |*.IU. •r+i* f 
(Ull.lal J — 1 T'lHillielnlj — 

Icnnlt. ! 

L* ! £ 1 * C 


38B-.28 +Sfffi. 3E6.S-7 ;+4 

imuiilhn.J 

356.16- .5- + 5.5'.5SS.70 7.25 +4. 12 


336.25 '+3.25: ■' | 

' Frt m. went j 

I ; 29.51 i 


o.-t I l2A.D0.J4ffS; R0.B5-90.E1M93.DD-S8.sa 

jli7.0fl.27.4S; I28.S9-25.S0' 128.50- 2fl. 00 

Sales: 4.311 f-LEAlt lots ol 5b ionnes. 

imeruUmul Sugar Agreement iU.S. 
cenic p<-r pound fob and sum-ed Caribbean 
pon i— Price*- for Sept. 22. Dally fi ll 
is*)B>. 15-datr average SJB (S.02*. 

EEC IMPORT LEVIES— The foUowlOB 
Import kvios lor wbne and raw sugar are 
effeciivv •“(■ Slrl 55 in units of account 
per IM Wins (previous in bratAefti*. 
White maar irtenanired and non- 
denaiuredi 23 96 (SBfffli; Raw wifiar 21. *2 
I2V.9U i . 


Ko.aC»'iur'U l t ... „ . 

H79.S-90J1 i+ 22,85. l9M.6-Efi.D 

Div 2D ll.ii- )5Jl US3.S»I6.B-I99fl 

Alareh, ..2d|7ff- 18.0 r + 27.0:21182^ 22.0 

Mur -'- 2 U 1 .tf- 22 .fl ’ + 27.0 2 D 26 . 6 -M .0 

July -... £000.6-02.0 1+27.0 2M«J-ltfl8 

.■wrtL-; 1966.9-76.0 1+25.0 1-64.0-68.11 

Itei- 1918. 6- tfl.P !+19.0 

Sales: 2.354 i2J3i lois nf 30 tonne*.. 
InternaUanal. Caton OrgMklBilad tUjS. 
cents pt-r BoacKf}— Dally price sc«. ?q: 
171.S3 (ira.flet. indHaior prrw* sept. ^5: 
15-dair avcraffc . 1 7H3S (1E9.5G); 22-dR? 
svwase 165^6 L16L26>. 


X.n. S6.8S 1 + 0.55, 78.80 1 + 0.50 

Jau. 89.60 ‘-rOffb 82 J5 [+0.2a 

ilnr. 92.06' 1 + 0.50 So.OO ! + 0.8fl 

Slay 94.6S i+Q.50, 87.SO 1+0.55 

7 BtttineSfi do oc:' Wmat— Nov" SsTkfirTcHi, 
Jan. KSffO.BB.M, March 9J.45.BffO. May 
94 .09-94.75. Soles. 738 lots. Barley— 
Not. TSffOffB.SO. Jan. 92.05ff2.73. Unreta 
M.35ffSffO. May fld.B5-87.79. Sales. 148 
lots. 

IMPORTED— Wheat.- CtVRS No. 1, I3i 
per P.-1M, Sept- 91.75. Tilbury. UK Pork 
Northern Spnns No. 2. 14 p*t cent. Sept 
anil OCt. 32.73, Nov. S2.7+ Dec. 85.50, 
transhlpmeui £b.->I Cayst. . U.S. Hurd 
Winter. I3i per cent. Oil S3. Nov. m. 
iran-Jiipmeiu Bail Cua<-i. EEC MiHliis 
Sen l ■ 97.50. UcL 9S.3H. East Coast, 

quoted-i. 

Maiie: Uff. /French Sept, and Oct. 
1QI.3V. Nov. BP, Dec. M.50. u-ait-Jupmciu 
fchwt Coast, S. African While Sept .-Oct. 
ci, GUflgDW. s, African Yellow Sept.- 
cit-r. Bl, cia-cmv, 

Barley: Enjluft *'wd (oh Sept 76.30, 


SOYABEAN MEAL 

FVcMenfai-fri- or" 

| BuMiiei.-. 

( L'luM j — 

Dime 

j£pert<mue| 



(teiotwr. 1 1 12.26-13.0 +0.«, 1 12.20- 1 1.00 

Itevniher.... I14.B0-M.B +O.4&1I&.00-MJK1 

PrlviutTj- 116.30-IBff +O.K}n6JD-15.BO 

AihiI .Iti.BUBffi+O.fls 117.50 

J nut- *119.00.19.0 +0.25 — 

Auauei '1 17.56-20.8" —O.Sir — 

Ctel.awr : 1 18.00-24.sl —OffS- - 

Sdles: 49 <C> lots of S'loones." 


COTTON 


COTTON— Lh*cm«jl. ' Spot and ship- 
ment *alu» a/aounatl ro 1S3 ibhur*. reports 
K. W. Tatieranll. Steady purctaosins 
esmintted in Amertcan-iype » art curs. 
Solnners warned to cover iuinre needs 
and were iwrrcetci in Russian and 
African Qualities. 


rtHulipr H20.S-26.B 1 — 

lie>-wiiher...p28.IWI.O « .....J — 

M»> gia.041.0 1 - % 

JnlV _(2fi9ff-45.D . l — 

iti-tniier (258.0-48.0 • — 1.5: — 

Iteit-mher ... 1239.0- 45.0 . ( - 

Man h J242.Q-47J — 

' Sale'-- 0 i7> lots of l.SOfl kilns. 

SYDNEY greasy tin order buyer, 
seller, bu.lness. salto *— Micron Contract: 
uei. S9.3-3fflff, 349.0-3395. 13: Dec. 34S.1- 
349ff. 349ffrM9. 1. 8: March 338.0-956.3. 

337.0- 336.1. 16; May 360.1-361.8. 3603366.3. 
3: July 364.0-3E3.0. 3fl3.0ff64ff, ID: Oct. 

365.5- 36B-0. 379.0369.0. 8: Dec. 372. 33 73. 5. 

373.5- 373.0, 7; March 374.8-367.0. nil. nlL 
Total --ales: S3. 

NEW ZEALAND CR0SSHRED5 — Close 
rin order buyer, seller i: Dec. lS4J5ff6.0. 
March 1S6.S-S7.0. May 188.040.0. July 

198.0- 91.0. Oct. 190.9-92.0, Dec. 190.0-93.0. 
March I90.0-94.D. Sales: NU. 

MEAT/VEGETABLES 

SMITH fi ELD — i Prices in pence per 
pound*— Beef: Scotch hilled sides 51.0 to 

57.0. Ulster hindquarters 63.0 to 85.9. 
forequarters 33.0 to 37.0, Eire hind- 
quarters 63-0 to 65.0, forequarters 35.0 to 

38.0. 

Veal: Enelish fare 62.0 to 79ff. Dutch 
binds aud ends 56.0 to M.B. 

Lamb: EitElish small 58.0 to 81.0. 
medium 54.0 to 38.0. heavy 30.0 to SS0. 
Scotch medium 54.4 to S8.0. hears 38.0 
to 58.0, Imported -frozen: NZ PL 56.5 to 
jfl.fl. 

Porte: English, under too lbs 37.0 to 
v 00-120 lbs 38.0 to 44.0. 120-1G0 lbs 

37.0 to 43.0. 

Crease: Young best lencht 164.0 to 

220.0. 

Partridges: Yount 'eachi 200.0 to 240.0. 
MEAT COMMISSION— Avemre fat&tncfc 
prices ai represi-ntaih>e markets nn 
Sc-ptemher 23. CB— Canle 07«p per 
kg-i.tr. i-0.75i: UK— Sheep 134. Bp per 
ka.cst.d.c.w. 1-4.61: GB— Pies 65.Bp per 
ft.lv. t -Off*. England and Wales— 
Cattle numbers up 3.4 per cent, average 
price B7.47p t-fl93»; Sheep numbers up 
Kij per cent, average 134.Tp f— 4Jt: Pig 
numbers up 6 S per cent, average 85.6p 
* — d.9i. Scttiland— Canle numbers up 

22.0 per cent, average 63.55 d t~0ff7t: 
Sheep numbers un 8.1 per cent, average 
122.2p i— LS»: Pig numbers up tiff per 
cent, average 61.6P t— 1.3». 

COVENT GARDEN iprtces in sterling 
per package pvcvpt where ntherwnBe 
slated)— -imparted produce: Lomono— 
Italian: 100/120‘s new crop 5ff0ff.M: 
Spani a: Trays 2.00-2J9. S. Afrtean: 7.30- 
fl.ofl: Cyarns: Traj-s 3.6P-3.S0. boxes 7-5®. 
Oranges— S. African: Valencia Late 4.30- 
5.39: Brazilian: Valencia Late fi.50-3.S0: 
Argentine: 5.00-5.40. Grapefruit— 

Dominican: 6.00: 5. African: 48'S 4.39: 
Jamaican: 5.09-3.40. Apples— French: 
New crop Golden Delirious 29-lb 72's 1.70- 
2 oil; -tn-lh stark Crimson 29-lb' . 

"4 2.49, 72 3.50. Granny Smith 240-2 60: I 
Portueucse: Per pound Golden Delicious 
n.nr. pears— Frenrii. williams 4ff0: per 
pound Italian: Williams 0.18-0 .20. Peaches 
— Italian: li traj-s 3 20-P. 40: French: 
Smalt rravs i.50-itiu. Plants — Romanian- 
Anna Spain per tray 2.O0-5.20: Italian: 
Per pound Stanley &.IS. t;. Prttnes 0.15. 
Grapes— Italian: Resina 2.00-2.20. Italia 
:i -2M1..T0. French Alpbortsu per pound 0.20. 
Bananas— Jamaica: Per pound 0.14. 

Avocados— Kenya: Fucrte 14-'24's 4.09-L5U: 

S. African: Fucrtc 4.0Q-4.3H. Capslqsms 
—Dutch: Per 3 kilos 3 30. Onions— 
Spanish: 2.59-3.00: Dutch: 1.80-2.20. 

Pivktrrg 10 V.Uos UL Melon*— Spanish: 
Yellow 6.-14 2 0P-3.DA. Green 2.90. 

T«m aloes — Dutch: *.26-2.40: Jersey: 2 20. 

English produce: Petattes— Per 25 kDos 
fl.so-1.20. Lcttnce-rPer 12 round 1.00. 
Cos 1.00. Webbs 1.20. Cucumbers— Per 
tray 12- J4‘s new crop 1 80-2.20. Mnafi- 
reomi— Per pound afffl-0.69. Jkppto* — 
Pit pound Grenadier 0 03. Lord Derby 
0.04-B8S. Brainier 0.05-0 . oh. cox's Orange 
Pip pm 0.05-8,12. Tyiicman’s B.D4, Worcester 
Peat-main 0.04-0 05. Rnsscis n.05-6.06. 
.Pears— Per pound Wirhams 0.09. Con- 
ference 0.08. Plums— Per pound Rush 
9.M. aiartarie'B Secdllnc im Damsons 
—Prt* pound 0.18. Tomat***— Per 12-lh 
T^ncfish 5.09-2.20. Cabbages— Per crate 
o-qwnm. Celery— Per head 6,07. Cantl- 
Daw#w-Pcr 12 Linroln T.flA.1 M Runner 
Beans— Per pbimd Stlcte O.tSff.13. Beet- 
reel— Per 2R Ih Mt. Carrots— P*r 2S-lb 
B 5*1-0.70. Cap ai c nnit — Per pound 8.M. 
Courgettes— Per pound 0.08-0.10. Onions 
—Per baa l .ta. ptcklers 2.40. swedes—' 
Prr 29-lb 9.60. TwolPs-Per 28-Ib LOO. 
Pars nlni— Per 2«-th i.ao-i an, Spropts— 
Per pnund 0ffflff.fl9. Cobnuts— Per pound 
Kent OfflL Corn Cobs— Each 8.05. 


Komis [ I 

A ‘ii * ni mum C7I0 L‘680 

Free market (ei«i.:5l.070(90' . ... s 106b '85 
Inpptrmli tf.HdXUfi ' + £.75 £750.5 
3 month, iki. in '£754.75 +9.0 C764.S5 

t^i.h L^iborte; X754 : + 7ff8 4:741.6 

iiwnlhi rtn. df>. '17743^5 + 0.25 L‘756.5 

Kofcl Thor nz.iS219.A76 + 5.0 S200.375 

Ldwi nth. — 11362.25 j*4.25 L555ff5 

a m oaths. ............. £36 8 . 25 + 4 . B25 £539. 75 ; 

Nickel | : i r 

Free MarkcqcifKIl'i SX.78 ' fl.79 

1.92 ! i 1.92 


Platinum tier az.-'£130 

Froo Marker. ,1:145.5 

Vutefcailver (78ib.i SlB2.27 

bilW triyoe. '289(1 i 

5 raoolhi.. _.,.;296A|i : 

Tin Uadi £7.032.5 

j nuNttlii- X6.872ff 

I'lingaten U) SX41.06 

Walt ram 22.04 bwi *14L4€. 

Zinc cuh '£326.75 

5 maniba :£337 

Producer*.... ..,8625 


£124.5 

■*■5.9 '£ 136.85 

6125/50 

+2.65.27U^p 
-3.0oi285.6p 
-6!.5 66.757ff 
-70ff V6 .707.5 

F 134.24 

+ 1.0 .« 137.41 
+ 4.0 '£321 
+4.125 £328.75 
| ,9625 


t'ucooiJl (Phil) S79fb I S69S 

(iraUDitniit. ........ „l£770t l £648 

Lmaeel Crude tn..l£322 ! £326 

PiUM Umajun. |S593i> 1 + 0.5 S570 


Seed* I 

0>pra l*htllip !ff515r | #470 

?oraMan (l\S..|.... 15267.5 k- —1.5 *262 


Grains 

Harley hKC. ; 

Home Futures £79.8 

tUir* 

Prrateb Ku. A AniXIOl.&r 
Whom 

■Vo. 1 Hart npnngi£91.75 
No.2Uard\VluLe( £B3r 
Krtfpioh \lilluui,£90.75r. 
Cow* ''Luiuuem.....;£2.064 

Future I tec ;C2.104.6 

Uuffec Fiuure.. ...... i 

N'*v_ |£1.542 

Cotuui *A’ inili-x....;74. lc 

fluid icr let k'....- 60.D|i 

-■**«r i Kaw j l£ 103.5 

Wu rtitojM tHa kiu»...'S73|i ■ 


+ 0.5 £80.35 

£100 

' + 1.0 £90.25 

+ 1 . 0 , 

£89. S 

+ 45 >£1.855 
+35.25' £1794.5 

+ 4S.&£ 1.478 

173.25. 

+ 0.5 ;57.75ii 
+ J.5 l£95 
,278p 


* MMmuL r New eroo. x i.'iunimre 
■ m June- Air*. n lnta-SeK. q ScPL r 'Ja 
aSept.-OcL u No*, ut Dec. x Par ton 
t Indicator price. 


INDICES 


^FINANCIAL TIMES 

-etn. 2&! ejii. i2j iliHiiii i > .*n 

253.86 252.48 ; 240.764 ] 2*- 3.04 
{Bate: Julvt ius2=tdtl) 

REUTERS 

s *i4- & tel*'. 22. Alinulr^, j > «r — *^i. 

W®9-* i 147 6 .9 : 1468 . 3 |_1502.S 
l Base: Sew cm her ig, i»i=1Mi ~ 

DOW JCNES 

IXlW I SflH. . 'Cl*- llMItilT i‘**l 
Jiiie* J 25 t 22 1 fti^i 

■•I-4 ....b?9.39 57a.l2jT6B.46'573. 14 
Fii tnre< 13 79. 68,377. 26 '365 -79lte 50. 13 
(Ayerase~iBZ4-25-jfl= inti 

MOODY'S 

t ?■■£. | rtil ,|lliHilii[len 
lliNHlv'' 26 22 *■■*• I « 


^I'Ib IV'i i i ml t [d 49.9 1948.B-9 1 .8 850 8 
f December At. iBSlViUt 


GRIMSBY FISH— Supply poor and 
demand peed. Prices per stone Ji ship’s 
side finterorcsswJi: shell cod 1.1 50-Jfl 50. 
Codlteffa H.00-£4fffl:. Large haddock £>.50- 
£5.00: medium haddock i4.40-f5.no: small 
haddock C3.M-W.flo: Urse pljice IF.7o: 
medium plaice 16.Dflff7.fl9: best tmalt 
plaice JS.B0-E6.79: skinned dofthsh 'hirgei 
fSM: Medium a.l»: Lemon Soles ilanto 
SffO; Medium ff7.se: salute £L6*-C-se. 


Cotton and 
grain firm; 
cocoa rises 

MEW Y"KK. Sr pi. 25. 
PLATINUM wi' th" ikri'tniv.v mart >;t ImW 
fulling ihe / r<nn Enrul".- Cold, fnni-- 

ovur. le-n t-urli ^uin-- In tini-Ji luvvir *<u 
bj Unci-, and Ific :>mr um true uf silver. 
Snyabeans ^ml v>vabi.-an producis l'«t 
ernund bul ithi-al jnd nijire were bnlh 
striinBcr. Cwiun wa» IN' firmer, as were 
ci'Cia and cuHl-c. «ur >ialT reports 
Cocao— Dec. 173.* > I rj.u.t >. March 

171.43 llftl .SO'. Mav ICS.43. Jill! lh;ffj. 
Sepi. 'M.B5. Lh.-i. 16l.u0 .-'.-itJeinente. 
Sjle>: 52i>. 

Coffee— - C " Cnniraei: Dec liZl.SD- 
13J.WI '14s.7j<. March 141.'-7 O-T.CT). May 
i.-Uffn-iru.M. July 1I9.50- r:o.on. Sept. 
U7.00. Dee. U.’4.nu. Sale . l.nio. 

Copper— Si- -in. ».S 3i> Met. 1315 

> *.3.(W ' . K«V (ill im. Dt-r. Mn.sn. Jan. R7 to, 
ftlareh fis.03. Mjj- (2>.uu July ■w.tej. Sent. 
10.63. Dec. T1.9J. Jan 77£fi. March 7J M. 
Mji 75. lilt. July 74 50 senlenit-ms. Sale'.: 
4 .OHO lulj. 

Cation — N". J: Oct 6S.10-4! MjI.j.'*. 

Del-, it4.95-u3.lfi) nCffii. Myrrh S7.IC-li7.10- 
May 9f HO. July es.70-6fi.30- OcL iU.05- 
65.20. Dec. U5.:iU. March iu.il0ffh.1v. Salt-:: 
«.3Sn. 

•Gold— Sepi. 1 1S. Ill *310.10 ■- Dei Olfi.30 
iJI9.30>. S<j\ . JJO.Ofl. Dec. 2? 1.70. Fob. 
JJS^O. April 33-».>o. June SC 4M. -\u4. 
J.-ff.uv, Out. -J3? ;n. Dec. 243.40. l-'cb. 347.10. 
April -.-3<i -ii. June ".'ii so wnU-nienis. 
Silf*:: IS. 70(1 l"ls. 

tUard — iThiepm* lui'-v "iri.W> l+amc*. NY 
prime -.team Ju ir-*rl*-»l ■■um*.- 1 . 
tMaizc— Do.-. i>:-£!n: -Jis:-. March 
»3.‘Ri. Mnv :%T»’-3SI*. Jllii 3.101. 
S-.|d. -.jo:. Dec -’44. nem. 

IPtalinum — <aci. 3S'J.*n+:*4 011 '371. 301. 

,ta*i. jsj. i-.Tj 3a * \ r-rll - j?P.a0. 

juh Sfti.lH-ZM 30. 'Vi. :3j .l.-yp. 

flu. April .'.U! 70-::0l.y0. Sale.': 

-_-.s4l Jut' 

ISIfvcr — S'-].:. .V+.fifi •.31.7.50*. Oct. 5*ff M 

■ jSS.OO'. X*'V. STII.P1. 1.1. .ft. 374 OU. Jan. 
57S.HI. March 5W*.50. MjV .-«i.40. July 
I'ffLaO. Si* * J. hl.170. Dec. S1S.00. Jan. 
fi".r:.»u. Match ut: 70. Mav fii- .SO. July 
lilD 30 M-iili-mcni .. Sale.', IJ.SvO l»t — 
Handy and Harman .«p**i bullion 570 00 

..**•! Mi. 

Soyabean— N*iv. t-4.’-iVII *047*. Jail. 040- 
ft4S 10.33 1. 3tir> h fiSv-lffi}. May fl&J.’-WS. 
July ia;rt-iri:4. Auit. -uS: 

IlSoyabcan Meal — 'lit ti6.SO-lGB.D0 

■ liiB.iQ >. Dee. i:.’4t0-17_'.*» * 177. SO'. Jan. 
173.50. March 173.011- 173. jn. Mar I7G.S0. 
Julv 177.50- 177.7-1. \us 177.70-1* *.30 ^ 

Soyabean Oil — t'l-t 34.75-Jn On * .'5.a0>. 
Doc. t- 3 J 1 5 -J47i*. Jan. J.: t»j--i>.9n. 
March .1 73- .'3. 7". May 7:3. rill. July 23.35- 
Tj.-Ui. \«a j3-;n. 

Sugar— N-*. Il‘ Hrl. n 5S- j."0 iS JJ-S.?3i. 
jan. iva-sTj.. Manh a ts-9 14. Slay 
0 ::n-9 fit. July *» 5J-S St sepi. S.O9-0.70. 
in i. 9 7ii-9¥l. Jan. 9 3u-47i*. Salcv: 7,158 
luti. 

Tin— *7- oo-M'.T *tu ni'in • »47 00 n*im > 
••Wheal— Dei- '.43-34.-: ,3 - W*. March 338- 
338: i .176. 1. Mai 3331. July 33I7-321J. 
Sent. 7.-4. Iter I.:!. 

WIN MPEG. Sep'. ’-5. ttRye— Oct. SI SO 
hid iU.IW bid-. S"i. *3 50 1ml iJUSO 
,tJ:e*i>. D. r. t> 1.40-fi 7 5v but. May ObJtfi 
hut Juft P5 70 traded. 

■toais— Oci . 7J. 3u *7::?n birf*. Dee. rj.-.*(l 
a-*t-d *7.1.40 a-ked- Manti 7+.3U Md. tfliy 
r.;..70 a -kid. .IhLv 7J.4*l hid 

r. Barley— i*.-t *.P_‘*ii bid -C9 fJ> bid >.' Dc-c. 
71 W a te.d 7130 asked*. March 73.111 
j'Siil. 31.H 71 flo a.-k- d. Julv 74.10 asked. 

ISFIaneed— Oct C.TI *vi hid *731.90 hldi, 
N<*v. i-ftl .30 a'Kwl '731*10 a-.fcpri*. Opr. 
■MO.oo bui. itn July L3i.su artni. 

" wheal — srw’RS t;i.5 pi r c*-ni pryu-in 
ci.nicm elf Si. Laivn-w 174 S4 *17294.. 

•til cents per pound cx-uan'hou9e 
unt*-is iiitjcnvise n.iicl, * 7s p^r iroy 
ountv — lifit-oiiiii.v ini-:. ; CUiraito inos" 
S-. T»T 10U Ib-J — D.-rl. ot Al,-. Prill'S pre'- 
vious rt.iT. Urtnii* lob MY hrltc 

i.i oh *-'irv : ('"«its per 5*t-ih bushel l-x- 
tiorefaoiiv . 3 lUu-hnchc! im«. its per 

tn»- nutNV (nr 50-or units of 998 i. er 

cent puntj- d.div.*7i*d \v • Cenis per 

iroi oiiiici- i-s-war.-tuuiM-. |i jjcir E’* 

loniriu-t in s* a shori ton for hulk lots 
Of fin short ions iU-Itr.>r*.-d fo!, 
Chii-aKO. Toledo. St. uniis an d .Alton 
’• CenLs pi-r -ff-lh hiis!u-I m km™' 
t r Penis p-r 24-ib 1®*“ ‘t- S, 
ffS ■--'“■archoaw. *' Cenis JJ 




38 


Financial Times Tuesday 


I. . 

n 

i ■ 


STOCK EXCHANGE REPORT 



I 

. •: I 


Labour worries continue to depress stock markets 

30-share index down 9.2 at 509.4— Gilts lower 


k : 

I: 

i ; 


Account Dealing Dales 

OnHnii 


Ahead of their interim announce* falls of 12 and 10 respectively in which closed -with widespread Albert Martin came on offer and JTSp-. tie company 
nu-nis. due tomorrow and Friday Hawker at 241* and John Brawn falls. G D. Bramall finisiied 4 fen , to 93p following the first- ^ >.uc.^. Fue^ Corjwi^jon or 

_ . pi 304n cheaper at SSp following the half profits setback. Elsewhere in bomb Africa J> enceavnur m 

_ . . _■ . - .7. _ ,-c ■>. in., n .... .k. i ImiiT.tBrm im»n Him sajes 


i- I 

i\ I 




eti ■lilies susuiined a fresh wide- ' , . 

spread setback. Neither sector. Buildui:: 
however, CRCOuniereil a ^real «; 

O- 1 •” press,,re - r . Slue Circle ll'nlshcd 

Small persistenr selling or the ^-jp and ahead of 


Textiles, Press comment on the obtain a. long-term uranium sajes 
bid situation created a fair contract. 

amount of interest in Dawson Premium-bearing Financials did 
Interna tkmal which closed a not fufiy reflect the late gains in 

Thurs- penny easier at 1 92 p. after 195p, Qjjds, although prices managed 

I68p, day's interim figures, while Henlys in sympathy with a fall of 4 to j 0 close above their lowest levels. 

Capper- were lowered 6 to 127:P and !78p in bidders William BainL Adverse -Press comment 
45p and Ileron Motor 9 to 116p. j* e * ® er_ John Haggas. recently involved prompted a fall of 4 m De Beers 
benefit vice eased 3 to Sop as did A ®““* in merger talks with Dawson 2 t 420p, after 41 7p. while Middle 

and Gibbon, to 70 p. E | f c ' l,, ® r *' International, gave up 5 of the wits dropped 10 to 390p in front 

notable falls were restricted to a a j vanCe which followed William G f the annual report and ebair- 

reacuon of 4 to 43p _in Group Baird’s offer for Dawson. man’s statement. 

BlucmeF Bros. 6 . n * 0 l ° * Yorkshire. Fine WooDen, how- On the other hand. Gold Fields 

Afniinc ... ' . ■ , . ever, recorded z Press-inspired of South Africa rose 2 io £14$ in 



leader? found Ihe industrial mar- j nIl l r j m re*-ulf\ RMC cheapened 5 commen t" and' Stra trite" rose*S to the erorganisation proposals. feU % 0 to jMWpt u -hile losses of Selection Trust the same amount 

- • - - - '■ l'niMl* JC_ln nrj Din T1nfO.Zinp 9- In 


ket unwilhnu and final quotations. a . 14 j p sending at 146p im- 114p 011 modest support in 


v. hich 
io around 


recorded losses extending , nc d tJ ’ieiy ahead of rhe interim m jL pL 
und 12. were the day ' ^iMipmen;. Tarmac fell in liflsi on 



a Ihin "'hich included a" one-for-rhree arounc j 4 svere* seen in Unisec. to 4S4o and Rio Tlnto-Zlnc 2 to 

r * SU ™™ JS SOp. and Gold Fields Properties, 235p. 

Ware Group at 65p compared „**■ — 

Foods featured at ^ith the equivalent suspension J” 


The late rise in the bullion price 


equivalent suspension pJar]tations ^ another drab helped Gold fields raUy from lS2p 
, showing London Sumatra shed to close only a penny cheaper on 
small 4 xo 193p while ■ Lawrfe Plants- balance at lS4p. 

_ ..j D..«al T si>lc /if inTfln 


FINANCIAL TIMES STOCK INDICES 

r ~ : iwirn* as'\ 


jScpr. . >*■;'!- 


Sr 


T0.24 70-65 "0. 91 70.71; 7IL5T- < 70.68,; | • 

72.16 72.50 72.5B.’ 72.17 72.10 T2.ia 

509.4 518.6 5E5.T 529 . V 525^!’ 

180.0 178.4 185 J 18L3| 

5.ZT 5.18 S.is! 5.10' .S.14‘ 5,09 : -5 jj 

14.95 14.69 14.54 I4.4S.I4.5Sj.14TO IS#?; 

8. 96 9.01; 9.1l! 9.16 9.t»k SA8 /.Ts*>? 

4,938; 4.810- 5,012; 5.164} . 3.563; ,3.4Wj 6.333 

1 ! 105.55' 9 1.89 77.84. 73.12V 844* fi&cf 

B,..,,. -■_■! »7J» 1MH 

“ M am 515 7. It am 510.5. Vowi 33T.ll. 

7 pm 310. 2 pm a-0— 

Latest Index Ktt >026. 


CnWpTWi? 0 ! 

Fifed 



Gold Mi 

iinS. Uiv. Yield 

P;E U*i'> inct-'T! 

Deuinc* 

E/JUITT 


• Rased on E oor cea: cwiwratMB tax. t W* 3 .?-?*': 

1M 0nct 1 3-‘ lfl.26- Fc«d Inti IS-* 1 I®®- l-’/'K- "Gsif 

IBM? a » » «Vmb.,b !««. 

HIGHS AND LOWS S.E. ACTIVITy 


1st- 


iSiace Compilartiin 


Hieu 


Low 




low 




Gcnrt. Se«- 


Fi»e*l Ini— 


79.S9 

wit 

81.27 

iJ.li 


b9.79 

ir n. 


127.4 
I-S.l 001 


4».ib *. j lay* it :isa .7 


IlKl. — 


535.5 
1 14. Hi 


Gold Mine*. 


206.6 

.l/.i'i 


. -Dadv 

iii.i.ibl , tnrtasine* J88.7T USA - 

70.75 • 15u,4 ; 5 ub55 ! 57A .:-5954 

it.-b/ iSi iM7v . ; ToU.» 115J5. jflgj 

433.4 549,2 | «»■*' ] Wo^tn a'l' 

U-J I M r^.6,401 190-9 ; g * 

130.3 442.5 43.5 , 55.7 

..vii 7c. i'?6.lo-7i» Iwiu« -114^ JI8.5 


Motors and Distribuiars us re- ant i L . a ^ t .d fi 10 2.71>p. while 

flecfetl in a reaction or 1" per occa siona! offerinqs left BI’B 7 
cent to i:SD.4S in the FT-A^uaries dovn 3 , 2 47|i. Richard Cnrtain 
indes for the suhseciion. The All- sh#1( j 5 i„ -jlip an d Taylor Wumf- 
phare index shed 1.3 per cent to s 10 4finp. but Southern Con- 
2-71.P2. stnivtion** firmed } to i»?.p in con- 

\-ain-t tin* ueneraj trend, tinued response 10 the half-year 
veek-e:irl Pre*'s comment returns. Timbers shnned coni rasl- 
pponip'i'rl the occasional bri-.'hl in^ ntovennmis. protil-iakinc alter 
spn! while snecuhlive huyins the recent -peculalive uain clipped 
interest '.‘a 5 'till evident in r-nme 31 from \. J. Lovell at 112p. while 
quarters. Overall conditions, how- Bamberger!*, subject of a bid 
e\ er. were rather quiet, official approach, cave hack fi of_Friday s 
markings anmuntiivi to 4. f .iSS a* jump of -*!0 in dosinc at Hip. Bid 
compared wilh last week's daily candidate May an d Hassell added 
average of 5.204. 4 to Sip. Elsewhere. G. H. Down- 

. ini; reacted 7 to ]4Sp and. awail- 

The upward movement in L s ^ interim results. IDC 

mlero<: rati-s wa- a factor behind H .. 
the frC'-h setback in Gill-ed-ed sh ^ d -> 1 . p * . 

securities. Snoci-dated issues were Stand mq 1 easier awaitinq the 

aqain prone t.u «catiered sellinc interim results, tisons fell away 
and clo'cd '*i f h f r esh falls extend- sharply on the announcement of 


21Qr=rr^ 


200 



JUN JUL AUG 


encountered , ^ 

trade. Land Gods, 323p, and McLeod Russel, Lack of interest caused modest 
«7n Wi 1 aniere losses among Coppers with 

3«p. lost 3 apiece. Minorco finally 6 lower at lSBpaud 

„ . , . Zambia Copper Investments a 

French property development un- (jOiCLS improve penny easier at 1-Ip. 

certainties left English Property DDenin „ barely changed ^ Persisient offerings from the 

1 i down at 3Sp, after 37p. but a a nd trading quietlv throughout CaP e a «d absence of any Lon- 
Press mention heJped Berkeley h raarnil fg Vins to lack of don Buyers saw 


7 | m o^y Aji utHUUiti_ W tv Vtr^. 

while recently firm Marler Estates price recovered frorn an uncer- Australians were mixed 1 nrline 
cheapened lj at 40p. Daejan tain start to register a So improve- with the i rend in overnight Stfdney 



eased 3 to ll3p,'but buyers con- m ent to a record dosing level of and Melbourne markets. Lramums 

linued to support Control Securi- gaig.S75 per ounce. cajr!e ueder further selling 

ties which gained 3 to 3Sp- The fresh weakness of the dollar pressure refiectina continuing U n- 

uas cited as the main influence certainty over the start-up of the 
r*., . . _ ' „ in The strength of the bullion Sasser uranium projec l The 

Oils quietly dull price and most or the demand for Manger partners both eased vtftfa 

Gold shares came from l.S. Peko-Ualisend la down at ^>0Sp 
British Pefroiemn drifted down sources. The Gold Mines index and FZ Industries o on at J&ip. 
10 to 900p on lack of support, but rose 1.B to 1S0.0. Pancontinemal closed t easier at 

met no real selling pressure. At the close, rises among the £10 i- 

Sheli eased 6 to 567p. after 564p. heavyw eights ranged to a half- Diamond exploration issues 
Still unsettled by a broker's point, as m Free State Gednld, were steady to a shade firmer with 
adverse circular, Siebens I'K shed at £19i, while Vaal Reefs added Haoma 2 bener at 64p. Base-UWtal 
S more to 358p. after 354 p. but ; to £16 1 and President Brand a miners showed Bougainville 4 to 

■ at 129 p reflecting its 

gold production. This 
2 cross the board fol- 
em selling. 


OPTIONS 

DEALING DATES were J. and J. Dyson ‘*A r M GEC,- 

First Last Last For Coral Leisure, Sonfe Crafty, 

Deal- Deal- Declare- Settle- Ladbroke ‘Warrants, Tridtuit, 

ings tion ment London and AMlhtoL 1'ijf 

,n 6S — _ _ aa • a u> ■ ut.:<. r-.n._ — n.* ^ 


Sen. ^6 OcL 9 Dec. 28 Jan. 3 Ward While, Cadbury : Schweppes. 

Ocl 10 OcL 23 Jan. 11 Jan. 23 Lc vex, Tcstd and Barrow Bep^ 

Oc L 24 Nov. 6 Jan. 25 Feb. 6 bum. A put was dene ; ia GEc, 

For rate indications see end of while doubles rwere arranged la 

Shore Information Service J- and J. Dyson “ A,” Spillers, 
Stocks favoured for the call Debenhams, LDT antLGtaxa. 


LONDON TRADED OPTIONS 


menl Sec:irii’p< indi-x fell «.::i for m ikip hi- tore dealinu- were Vailed Biscuit a 1 S3p. Other dull s : ®“ d Berisford, 


a tv.o-day nl 0.37 a'. 70.24, 

The :n vestment dollar market 


*;u<pcnded pending a possible re- spurs included J. Soinsbury* 3 


became quilv volatile on a sood Lvouritc 4iew 
volume uf trade, particularly in 
the I ate bu»ines>. After opening ' ' ' 

Woohvorth firm 


^ 153p, in lacklustre Overseas 

ver'-e tjkei>\*-r by a privalv com- easier at 230p. and J. Blbbj, 10 Traders. 

pany. T'rnlH-takin" left _ hid ciieapcr at 245p. Jn Supennarkeis, Small public selling in an un- 


ACTIVE STOCKS 


Iiriie chanced on Fridays close 
of $R per ci-nl. the premium 
drifted in a day's J.iw of S7; per 


Denomina- 
tion 


cent in the early trade. Despite ably well and. apart from a fail 
sterling's improvement during the or 4 10 l«Hp in W. H. Smith .A. 
session follow in” renewed weak- closing losses were limited *0 a 
ness io rhe L'S. dollar, a *,uhstan- 
tial demanu for inve-tment 


Stewart l> las tics 6 lower Hillards closed 3 off at lHop willing market took-” its toll on 
despite the optimistic tenor of the Investment Trusts. Carl ini Invert- 
chairman's report at the annual ment declined S to' Hop. while stoclc 

meeting. Capital and National, l:!Sp. and «; he u Transport... 25p 

Hotels and Caterers contributed H^kurn Investment, 131 p. lost 4 Defd. .. 

their share of dull spots. Myddle- » n 9 arespectively. Capital issues GEC 

Ion reacted 13 to 245p. while ha “ Triplevest 3 easier at lo2p ICI 

Grand Metropolitan, 112p. and and New Throgmorton 7 cheaper Alidland Bank 

tiu-****-^ **- <* \ or r 0 iL CaDltaL 3Hn >hed 3 al Mip. In Fmancials. small op ri 

EJn!ned r '*”o 2»p k *s a |iS LT>" C ?o aPiwr. Still reflecting recent offerings left M. and_C. Hnldings pie SS ey'"V'.'.V.V.'".V 30p 

softened - *m Mp -s ilia lu. io . *■ Ci HntcLs Pa c P ri 2 4 off at X4Sp and Fashion and rA ,, ». tiuftmc osn 


No. 


Leading Stores held up reason- 


25p 

25p 

£1 

£1 


currency developed m the after- iu3p and Burl on A to 15Up. Week- torfiiP 1 '' Hotels eased 2 Generaf C lower at" KSp 3 * 111011 a ° a u' 11 * 

noon trade v hich i.mk the pre- cn d comment suggesting that a further to 13 Ip. General lower at i^p Haggas iJ.) ...... 10p 

mium m s«; per cent before cucrem revaluation being made t_„^* __ Shippings held up fairly well. Nth rL Engineering -op 

seller* came in to ienve it at kS' by Woolworih's of its high street I'-'Li better closing vmh only modest falls. Rank Org ^>p 

per cent Tor 11 net rise of j on properties mu Id realise a surplus Growin" concern over the Ford 2 ave U P 3 Penny at 34 jP, Bovatcr ............ -1 

balance. VcteidavV SE miner- «f around fSunm. helped the shares vm^era ^hrcat To the Govern g'^'e J^Har^o^ere seen m Commerctal Lnron Sep 

ston factor vm ci.7f»l!i « U.ii'lllti 1 . improve !; against the trend 10 ment's nav 'guidelines Induced , _ ue,err «L a-*p, ana ^.«J 

F,usine-s in <he Traded Options while Cumbiiied English held fresh nervous selling of the Brl ^ ls ^ t ““d Commonweallh, _96p. Marks & Spencer 2op 


of 

Closing 

Chanze 

197S 

1978 

marks 

price (p) 

on day 

high 

low. 

12 

557 

- 6 

602 

484 

10 

270 

- 5 

304 

227 

10 

.721) 

-in 

33S 

233 

9 

391 

- 3 

421 

328 

9 

350 

-10 

390 

330 

S 

POO 

-10 

R2B 

720 

S 

114 

— 5 

125 

ST 

7 

155 

- .9 

166 

95 


■42 

— 5 

147 

S3 

4 

139 

-r t 

142 

S4 

7 

2nS 

- s' 

296 

226 

6 

202 

- 4 

212 

163 

« 

149 

— 2 

164 

138 

6 

15S 

O 

190 

130 

6 

S4 

- 2 

94 

671 


| October 

.TanmUT 

! • ■ .*l»r3 ' v 


j| E.^'rtise 


Clrvidjj: 


! H/Ktl . 

1 Of, i inn i iirme ' 

tiJTer ! Wl. 

offer j V *4. . 

j, offer, ■ tot 

< . CklM, 


BP 

BP 

BP 

BP 

C.rn t "ii ion 
lu:o lul.'B 
Cent i».fl.l 
Con* l'i»M 
L'i-ll' CO id 
fiKL 
CiKC 
GEC 

Grami Mw 
CinD>i li«t 
ICI 
1« I 
ICI 
Land 

lac<! .’ferr. 

Tjin .i Jr*,.-.. 
Mark- A 

Mark- A >i*. 

Msri.* £ S|*. 

elu-:: 

dlwlt 

elt-:! 

r.'ui 


BOO 

110 

: 

I _135 . 

, — - i 150 

— i' iia 

. - «jlp . 


650 1 

62 

12 

| 93 

* ■ ..- : 


soo 

31 

, 22 

57 

1 - I - w 

• •— m : >..• ; • 


950 ; 

i 11 

l 2 

i 37 : 

■ _ ! - 60 

-«i- ’ 


140 

10 

< 10 

; 18 ! 

1 30 J -24. 

i 148» 


160 

Ha 

i 

; a 

: - . ; is- 

30 \ • 


160 

27 

— 

i 30 ' 

: - , . 35 

. 5 t ,lB3p. . I 


180 

9 

5 

i 151c 1 

'3 £5 


200 ; 

2 

— 

• 9 

l 15’-y 

i.-’ .i'-i-silp j 


300 

25 

3 

• .42 i 

1 [ 34 

’-I-"' 

330 

9 

51 

< 24 

— 35 . 



360 

3 

50 

: 14 ' 

— T 23 . 

: s ! 


110 , 

61- 

18 

• 13 1 

29 : 1&: 8 

L 'i 112p . 


120 : 

2 

— 

61* ! 

35 ;. 1 KJ - 

i ; .. 


360 , 

36 

• — . 

■ 48 i 

22' , 58 

" ~ - .~391p 


390 ; 

14I S 

30 

28 ! 

4- 38 


; 

420 

3 



• 17 .* 

5 | 22 

i — . ' 

^ . 

200 

45 

— 

47 

- , 53 

r-'; ; ii-tp 


240 

8! z 

; 34 

16 

: - ■ 22: a - 



260 

3 

s — 

8 

5 • 13 in 

— : . 


70 

17 

i 4 

. 181; 

— . ■ .22 -• 

■- --•••■’• 84p 


90 

3 

. 6 

.?•* ; 

30 i 11 ■ 

- -5 -. •••• . . • 

r ’ 

100 : 

1 

i 5 

••4 • -1 

. 88- 

— i • 7i» 

• 5- 

l - x 

500 , 

71 

! 5 

^ .r as 

— ' i. 5S7j. '.' 

f 

550 

26 

7 

1 .48 

7 :• 62 

- — ; -- - M 


600 

91 

1 20 
282 

23 i 

i 

: IS. ■; 34 . 

166 

■ 8i s i-r 


i 

N-<7i>niLer 

! Pehnwj: ’ '■ - Vhr | .*' ■ 1 





Bin Ini. 

70 

7 

— ■ 

»o 

— ■ i 

12 

1 


F-i- 

200 

20 

: — 

' 26 

! 12 . : 

35 • 


. ;.2i3p 

&-,re 

220 

9 

i 5 

16 

— j 

24 •• : 

-im ' 


KM I 

180 

5 

■ 25 ' 

ID 

I — ‘ ' : 

15=:'. 


' 158|- 

Inu^-iatGi* 

90 

2 

: _ 

3 ' 

: 20 ' 



: -•«? 

i:r/ 

240 

13 

10 

22 

,32 ’ ? 

32 

’ *. 

£36p 




. .40 . 


64--. .“ i 

.. .-.* 

1 




Friday Inure- 1. however, was adverse press comment while nn d Rank Organisali.m S to 26Sp. 
shown in GEC and 308 contrails Freemans declined S to 38flp and Al«-lal Box relinquished 6 to 34 6p 
were completed bv ihe close. Gratian Warehouses 4 to 13Sp. an( j Turner and Newail 4 to lS6p. 
Prices of its Ueinber ::fin and -Still disappointed by terms of the Elsewhere. ICL moved against the 
-January 300 .-cries fell s apiece aareeii 2iip rash bid from trend, improving fi more to 420p. 
10 27p and 4np rcspeciivei;. . Haylieek. Bourne and Holliogs- a ft Pr ^3p. in further response to 
_ . , „ ''' ,rlh V?! c ‘ a C c ‘iI?i5 l . - n 10 _ In . the group's attempts to strengthen 

Banks dull ■;j 1 / ic - s - "? r< * ." h,le aa y c U P 0 50 the top manuRcment structure. 

„ . „ „ . . 11-P on furiher consideration of Wilson Walton, on the other hand. 

Persistent small offerings 3nd the inierim results. -, ave un 9 t o 41n after 40n in 

iiS The Electrical leaders sue- reaction lu the 'results. wbUe 

V : cckHnd coinment in Fri tUrtlbed tn somp ^irly heavy Peerage or Birmingham declined 
dU-> k shi U rr.'n ^n^ hv v tiPi F -,r st ' l,in " an ^ closed at the dav's 7 in BSp on the absence of further 
l i c‘ J wsL CEC fpI1 m Jo 320p news of rhe bid discussions. Up 

d^rt M Chart«ed iJfi flm S following Press comment high- 17 last Friday following the bid 
dtrwi*™! ThTda-^- 1 5?u» f i .S 11 1 n " h,inp diRicuIiles with a approach from Talbex. Hoskins 
Hilnr it Vnvnr' jSI i-.Siil! Taiwane.-c railway electrification and Horton shed 5 to I «3p. Powell 
J " " ' t ° n v '" d n l « ' contract. Thorn Electrical Duffryn. 200p. and Booke. 

n«vH« P j m h n 10 declined H to :i72p. while Plessey McConnelU 2!Mp, lost 6 apiece 

4 f, ,r Hp ; P IS ' and Berec. interim Wednesdav. Parker Knoll “A” softened 3 
counu? mirrored u further decline hot f, | oj;l g a| j ]4p an( j 34^ penny to 124p following the dis 

•' * - - — -■ — ■* ”““ 5 r dipped 

eased a 
both 


NEW HIGHS AND LOWS FOR 1978 

NEW LOWS <S) 


The {allowing securities Quoted in the 
Share information Service yesterday 
atutinetf new Highs and Lows tor 1978. 



softened 4 1 tTti0r) l, ljs di^Smhh^T ^ ^ 3sic ^ al 1 ®*P and FarneU Televisions .succumbed to the 
sof tened 4 to t>op as did Smith M. Electronic 12 cheaper at .1W8p. dull trend. Scottish "A" eased 

while AB Electronics gave up 4 to 68 Ip and Anglia “A" 2 to 


Aubyo, to Slip. 



Elsewhere, M met declined !t to they had finished last Friday. Growing concern about the 
lRfip ana General Accident. '2Mip, Further occasional selling and labour situation at Fords C3St a 
and Phoenix, -44 p, lost S apiece. lack of support prompted fresh shadow over Motor Distributors, 


This announcement appearsiu a matter of record only. 



C B X JLH -O SeFABFHKK A/S & CO 


NORWAY 


Dfls 75,000,000 due 1984/1998 


Uncondi tlonally guaranteed by 


IHE KINGDOM OF NORWAY 


This private placement has been arranged with institutional 
investors in the Netherlands 


by 


ALGEMENE BANK NEDERLAND N-V- 
and 

BANK MEES & HOPE NV 


BERGEN BANK 


in cooperation with 

CHRISTIANIA BANK ogKREDITKASSE 


September, 1978, 


NEW HIGHS <343 

BANKS ill 
London Scottish Fin. 

BUILDINGS (21 

Southern Con*. Warrington 

CHEMICALS (II 
Eiulon Plastics 

ELECTRICALS <2> - 
Newmark CL.' Unitoch 

_ ENGINEERING IE) 

Chcmruig Martanalr . 

Drake A Scull Uld. Engloaerina 

Edbro Williams & James 

FOODS (1i 

Lovell fG. F.> 

„ ... MOTELS (1) 

Bo ret (J.i 

INDUSTRIALS (17l 
Areiuon (A.* ICL 

Burns Anderson Intcr-Citv 

Clarke (Cl . Man. Ship- Canal 

Downs Surgical Olrev 

Dyson (j. A j.) Rowan & BOden 

Dyson (J. A J.I A Rinsed fA-1 

Fonarev iE.l Uniflex 

Fotherglil & Harvcv West minster' 4 

Hyman (I. & J.I County Prop. 

PAPER 111 

Wace Group 

SHIPPING il» 

Milford Docks 

TRUSTS (1| 

Me Id rum |nv. 


, , BRITISH FUNDS <11 

£xch. 12nc '99-02 -SSSpS.', 

, AMERICANS 121 

Colt Inds. Gen. Elect. 

„ , , . BANKS 111 

Bank Leoinl 

D . - , ELECTRICALS C1> 

Rota flex fGE- 

. ENGINEERING (1) 

BraithwaitC 

TEAS 

La writ Plants. Moran 


RISES AND FALLS 
YESTERDAY 


and 


British Funds 

Corpus. Dam. 

Foreign Bonds 

Industrials 

Financial and Prop. ... 

Oils ... 

Plantation 

Mines 

Recent Issues 

Totals 


Up Down Same 
2 74 — 


3 29 

129 TUI 
27 302 

3 2Q 

1 IK 
15 M 

2 U 


35 

707 

17V 

13 

12 

44 

U 


179 L235 1.004 


RECENT ISSUES 


EQUITIES 


= — . ! f a o 
liaue ' t _« = J 
1*009; = — . * u— 


1-J78 


?? • :•= ;£a i = = 

1 1. “ + _T r Zi 'J \ i £ =i £ 


* — . — • 


v: 




,2 v 


! H Llt+l lyiw 


1 


55 

115 

*■* 


F.P. i 31/8; !Tt I 71 
F.P. • 8/8:11® 1AJ 
r.P. ! - 3i=i> 34 


K artier* dui<erfuu>li>....! 84 
lloneo it.) i je«r’lrei2i>pil63 
lllanor .\xt Grp. Hot re 34 


W 2.41: 5.1. 4.3 7.5 

45.6; Z.l] 5.0 14.T 

d2.I4i 1.3: 9.4.11.1 


FIXED INTEREST STOCKS 


=f r? ! 

J 

|n i' 

ill 3 

_io P ; 

i 

£99i* 

r.r. 1 

£100 

:50 

“ 1 

— 1 

99p| 

nil J 

eioo i 

F.P. 

r*; : 

K.l\ 

£99I S I 

F.P. i 

*-» 


tllOO 

F.P. i 

289i, 

t'.lV 1 

£99i, | 

F.P. 1 


19id 


! Hifiii | Lite 


Ml nek 


- 

7 j + nr 


lOp ' — '13I10-, lbp ' lop VAiiAiolronli: \2%LV*nv. l'rf ;12l2p — ^ U 

£994* 1 J'.l*. | — | IDO 1 gaiilCstmleu \ ar. Hate J(e*l. 19K3 99 U 

" .5/121 elig! SOI*: • 124S Meil. 1986 51 i — i* 

— 1<W|» 1041j»Co"an He tipn.it 104» I'ref. 107 pi 

29/9 Vl? pm ^pm' Hill 4, aioitli 14J 1st ile1'-20u0-Q3 ! 2,'pm 1 

8/12' loll* 101 |Bi>"«rd LWyiuJHsm 13% Un-. Lo. 66-91 ...(101S*i ..... 


£49 2M llnll- Tbotn-iin L'tmv. Ke*l. Pref. 2&|> 245 


9i4s aotjlKensIriuti'n ami Chrlm* V'ar. Hare WBi ..... 99 


3.*11| 81 73” jLnrbnni Jnioe- SE Cum. I*ref ; 81 


Ktrgl.ViTrthaiiU-tun Var. Hole Jfert. 19d5 • 99 


991:1 98Is'Sn»tlir1vl«* Var. Hate 19S3 • 98Ltl 


“*n»' 9fllj;WsnilsWiirthV*rialile 1983 


991a' 


"RIGHTS" OFFERS 


agrap 

— Zm 

ISP 


ULm 

- r - 

66 

F.P. 

285 

P.l*. 

>28 

Ail 

390,- 

X,l 

50 

F.P. 

44 

All 

118 

F.l*. 

FFI10 1 

Ml 

265 ; 

Ml 

65 ; 

F.P. 

ioo ' 

Nil 

wTi 

Nil 

Nil 

65 < 

Nil 

74 | 

Ml 

10 ( 

F.P.I 

77 

F.P. 

86 1 

Nil 

94 | 

F.P. 

40 : 

Ail 

4 1 

Ail 

300 ' 

F.P. 

25 [ 

.Ml | 


| LmU'-i 


Hale 


l Sit 


Hlf-li I l#*w , 


Stuek 


H.‘|nniDK;4- or 
T Price . — 


19/9.27/10 73 


7i> |Aannisi*o Hn* 

32? •M.T.It 

— ■ — 4*J I o2 Haul t.1 M.iuliml 

229 13/10 27pm * 13pm Barlt.w Rauil 

30/0 24.11 74 j 86 iBlackw*y«i Hn*l~e....—.. 

29/9, 10-TllA|>tn 71<piu hrUu>l* Pnnliu*;^ 

*1/9 3/11 I4i ; 153 .U/uM. 

— — • 20pm SOpmit'Ic. Fr. Prtnile* - 

— ' — • 41pai. 36poi'Dal®et.v i 

*2/9; 13/10' 8u ! 73 llP/nula l 

~ — ' lOnrn! bpinlDuiay Bit'uwnn- WJ^L'nv.La'ftj-OS; 

— I — : Uurtt | Mlp n| j u| " , ie and PbnonLx. 

29/9|13,10i 10i*idi CpraiHill JL Hmllb 


72 ; 

331 ,-3 

38 1-1 
13t/m' — 7 
66 -1 
10pm — I 
139 -3 

20pm: 

39 pm l— 1 

73 :-o 

5pm— I 
Upm; 


— — I 34LbjI lSpm Hnotlon iVniuti | 20 um I— 21a 

25/0,27/ioi tti j 94 ■ ! Initial Servii.es,, ^ - 93 j-j-1 

~ - U > W‘Bl1fK«ml«kHoKlInga...,.._ ! 13 !-rl a 


Lilr 


104 [Pmpe.ty Paruierahi|i 


HO j 


i ‘vl! 1 29/9 !*7/10i 40|im| 33pm Ualuere i Jewel lcn>l 33pnii ! — 5 

— 1 — , 5pm 1 o(iin:lli*liunin Knit near I 4pm' 

F.P.- 25,91 8/11- 31* ! 883 Hllreinii. Kue ! 312 ;_a 

, Ml | 9'1U' 6/ ill 14 : 10k 'V«t r well lOLtj — i* 


Rcnnnfiation dale usually Iasi das ' for dealing free of stamp duty, 6 Figures 
nas</d on pr/wpecius esumaie- 0 Asm/mod diviaeno and yield. u Forecast dividend: 
covi-r nawd on previous year's canuUK*. r Dhidcnd and yield based on prospect us 
nr omer otlicial Lkiimaieg lor 19TO- <» Gross. rKlaures assumed. ; Cover allows 
tor convention n[ shares mn now ranking for dividend or. ranking only for resmuten 
dividunds 1 Placlnii nrlcc ru dobllC. W Pence unless ofhenvtso indicated. T issued 
by lender || OlTured 10 holders of ordinary shares as a ■* risbts.” ** Issued 
by way oj capilaliMiion. n U ml mom lender nnee. 54 R«mroda«d. t3 Issued in 
connet'lion with reorganisation merger or take-over. |||| Introduction “l Issued 
ro former a reference holders- ■ -VUo/meni Inters lor fttlly-paldi. • Pnnruuonal 
or parvis -paid allotment letters, it Wkh warrants. 


FT-ACTUARIES share 


These indices are the joint compilation of the Financial Times, the Innate of Actnaries 

and the Faculty of Actuaries . ' V ; ■ * ■ ■ • ■ 


EQUITY GROUPS 
GROUPS & SUBJECTIONS 


stocks per section 


40 


51 


59 


70 


99 


CAPITAL GOODS (1711 


Contract! ng. Co iistruction 1 38 1 .. 
Electricals (141 


CONSUMER GOODS 
(DCR&BLEX53) 


Ll Electronics. Radio, TV (16) _ 


CONSUMER GOODS 

(NO.VDUSABLE) (172) 

Breweries (14)-. 


W1 nes and Spirits 16) 

Entertainment. Catering (17) 

Food Manufacturing (19 1 

Food Retailing (15): 

Newspapers. Publishing (L2i 

Packaging and Paper (15) 

Stores (401 


Textiles (25).. 
Tobaccos (3). 


Toys and Games (6> . 


OTHER GROUPS (99)_ 


Chemicals (19) 

Pharma centical Products (7j 

Office Equipment (6) 

Shipping (10). 


Miscellaneous (57) . 


INDUSTRIAL GROUP (495) . 


Oils (5). 


500 SHARE INDEX 


FINANCIAL GROUP1190) 

Banks/ 6) 


Discount Houses (10). 
Hire Purchase (5). 


Insurance ( Lifej ( 10) . 


Insurance (Composite) (7) 

Insurance Broken (10) 

Merchant Banks (14) " 

Property (31) 


Miscellaneous 17) 


Investment Trusts (50.1 

Mining Finance (4) 


Overseas Traders ( lgi 


ALL-SHARE INDEXffi73> 


J 

Mon., Sept. 25, 1978 

Fri, 

Sept- 

22 

■ Thar.:. 
Sept:. 
21 

Vt&L, 
Sept 
• SO 

■Tnec 
SepL 
. 39- 

Year ~. 

. ago - 
fapprac)' 

" « 



fist- 

Eanungi 

Gross 

Die. 

Est. 

TVE 




' - c . t 

■' ■ ■ • 

- 

Index 

Days 

Yield ®S 

Yield *.i 

Ratio 



Index 

Index- 

Jndei .. 


Rgl 

Change 

1. 

iMax.) 
Corp. 
Tat SC • 

tACT 
aL 33% 1 

(Neti 

Corp 

TuSR 

. No. 

No. 

Kd. . 

N«l .; 

• 

. No. 

■ % 1; 

■- 

24750 

-23 

15.65 

5.03 

8.78 

25Z.6Q 

25453 

255.81 

25405 

215.22 .; 


215.71 

-L9 

1633 

520 

8.44 

219.92 

22L7B 

221.79 

220.91 

W7.40 


408.94 

-13 

17.49 

3.83 

834 

41522 

416.93 

41326 

41281 

: »689 ‘ ’ 


552.41 

-23 

1332 

335 

1034 

56&14 

573.58 

53830 

srm 

;«.9j - 

.rr 

374.02 

-U 

17.75 

532 

7.63 

389.62 

38L65 

38022 

38L91 

,3M^. 

.■/ 

195.67 

-2.0 

16.73 

555 

7:98 

200.62 

20253 

20221 

20209; 

17219 ‘ 

,36527 . . .' 

• i 

177.44 

-L2 

15.11 

8.01 

9.17 

17952 

38150 

,38173 

iy)y> 

■ -J 

215.67 

-1.9 

16.18 

4.91 

8.61 

219.75 

22228 

22327 

22127' 

203.08 1 . . 


262.91 

-23 

1424 

337 

932 

268.99 

Z7L6Z 

273.68 

Z70JS&-. 

24557 - 

“■J. 

18551 

-1.5 

16.06 

6.11 

838 

18836 

188.47 

28834 

08902 

179.41 . . 


130.48 

-13 

1935 

633 

7.17 

-13217 

33439 

334.46 

4332ft 

; 123.77 • 

-- • j 

21739 

-13 

1536 

5.63 

8.78 

220.11 

22253 

227.08 

: 22203 

203.48 

• * '7 

229.99 

-05 

15.13 

6.10 

9.09 

23108 

23635^ 

'23650 

23521 

210.75 - - 


28432 

—1.6 

14.99 

5.06 

9.95 

288.90 

29176 

29632 

.29257 

24276 


271.66 

-19 

14.94 

6.40 

9.77 

27639' 

278.95 

279 J6 

27707 

25264 

V 

213.70 

—1.4 

18.11 

5.05 

731 

216.65 

217.79 

21757 

218.93 

20558 • 


22939 

-15 

1324 

4.49 

10.47 

232.94 

23526 

23532 

S3.97 

21787 . 


39739 

-1.7 

19.64 

6.07 

7.18 

40425 

407.69 

408.44 

: 406.44 

■35274 ' 


147.32 

-1.8 

17.62 

725 

7.48 

149.96 

15147 

35LB 

150.7?. 

337.73 ■ . .. 

. t :V 

205.04 

-13 

10.66 

4.43 

13.72 

20737 

21051 

21169 

209.46 

19559 ' 

183.48. 

“0.9 

17.97 

7.60 

724 

185.06 

18450 

184.50 

18424 

17668 


247.46 

-Ll 

22.25 

738 

532 

250.14 

1 

25121 

25261 

22830 -. 


120.41 

-Ll 

18.82 

530 

621 

12178 

12337 

12354 


31X10 r • 


21337 

-.13 

1458 

5.63 

8.85 

215.97 

217 86 

21836 

21650 

. 20660 


29751 

-13 

1530 

6.35 

832 

Ena 

303.68 

304.78 

38239 

2B.45 . 

» 

28235 

-13 

1038 

3.64 

EHJ 

285.78 

287.15 

287.69 

285.76 

0.00 • 


140.15 

-2.4 

17.34 

. 5.42 

638 

143 63 

-146.05 

14737 

347.17 



431.07 

-13 

14.42 

7.07 

836 

436.03 

440.69 

44027 

43959 

53161 ' - . - 


IEK1 

—13 

16.17 

5.98 

821 

230.65 

23253 

23276 

23050. 

209JO_>. . 


lEPsa 

E!9 

PEI 




feiadl 

V^k‘2 


214.41 v- v . 


IE33 

El 

IMM 

E£ui 

h)ri 

EEE3 

1*3711 


EU3 

534.48. 



El 

FKI 

EH9 1 

■T^l 


rmi 


tSES 1 

24062 .... 

168.45 

BH 

mi=M 1 

5.78 


Esm 

SE33II 

WKTtb 

BTE3 

169.48 < ■ 


18632 

-2.1 

2530 

629 

5.98 

29022 

19432 

■19535 

196;iW 

18129 


210.43 

-33 

— 

822 

— 

21758. 

218.06 

ET*?1 




156.97 

-23 

1532 

525 

830 

360.44 

16229 

164.00 

163.05 

12022 >- . . 


13830 

-23 

— 

6.73 


14124 

14326 

14330 

.3® 56 

14020 •. *, - ' 

; '“9 

12638 

-1.8 

— 

6.94 

— 

128.72 

13059 

13214 

33233 

344.92. 

3SM»S.. 


345.45 

—0.8 

13.68 

4.63 

10.46 

34837 

34954 

34731 

349.49 

■ -r‘ 

84.62 

-05 

— 

5.75 


8550 

85.99 

8629 

8752. 

8X96 ■ 

• -W* 

261.82 

*■1.4' 

328 

2.89 

52.79 

265.66 

268 JB 

266.90 

265 M 

'^33 V: 



-L9 

22.90 

758 

5.65 

112.35 

11435 

11451 

134.02 

MOtf . • 

"1? 

229.04 

E3 

3.04 

432- 

32.88 

23253 

23254 


233.74 

200.71. V. - . 


106.83 

Pi 

1631 

6.66 

737 

107.93 

109.72 



tom 


325.99 

Eli 

15.04 

7.05 

8.34 

32947 


33033-1 

32852 1 

288.4L : ■_ 


23L92 

^ 1 

— . 

534 

— 

23536 




22168 V 



FIXED INTI 

— - M. ■■■— *| 

' 

EREST PRICE indices 

FIXED INTEREST ' 
YIELDS 

Br. Govt. AV. Gross Red. 

Motl, 

Sept. 

25 

Frt> 

Sept.. 

22 

Year 

a*d 

(BpprtrtJ 

British Government 


Day's 

change 

% 

□ 

ad ndj. 
.1978 
to -due 

1 

2 
3 

Low 5 years 

Coupons . 16 years. 

25 years’....'. 

. .8.98 
10 92 
1L76 

893 
' 10.88 
3172 

- 5 .94 
•9.W 

■ \989U 

1 

2 

3 

4 

s 

UnderSyears 

10454 

135.00 

12112 

127.90 

11197 

-0.16 

-034 

-038 

-0.42 

-Oil 

636 

W" 

023 

028 

7Jt6 

7.61 

'959 

9.02 

. 832 

.4 

5 

a 

Medium 5 yeart.._„.,... 

Coupons ' .I5 yeu8...^., u .. 

25 yeaTB..... 

3190 

;i234 

3235 

1179 

.3209, 

3259 

173 
. 30.W 
1033' 

7 

8 
8 


n k 

2267 

3284 

1173 

1262- 

127T 

^9.07 
..3119 ‘ 
-1126 

Irredeemables 

-Wlstocic 

faaKwiiSlii 

1 

Eiiii' ilt. 

1134 

. .9.91 


":y 


‘ .7= & 


Ti» 








Hon. Sept.: 25 

■Friday 

J Thurs. 

I SSepu- 
1 21 

1 

Wed. 

. Sep#.'- 
. m . 

’ Kept., 
lfl 

.Mon.:. 

SepL 

. 'W 

FsM»y 
5ept. . 
- 16 

Thins. 
-Sept. - 

H 

.year. 

V a 

lapiirw^', 

Index 1 
1 No. i 

\ Yield "| 

l : ; % :.i 

■ £2 

16- 

20-yr. Rod. Deb & Loan$ (15) 

57,54. X2.SO 1 

67.671 

57.64. 

57154; 

:07.5fr 

63.55 

l 

37-5.7 

1 - 

57.57 

! 58, ze 

16 

Investment Trust Prefs. (15) 

51.71 

1351 

51.96 1 

513)6 

61/87 

51J87 

BL87 

51.12 

61.12 

63.93 

17 

Coml. and Indt Prefs. (20) 

71.34 

18.85 

71-39 j 

[ -71.39 

• 7 £.37 

.71-21 


'71.31 

7L20 

75.47, 


• % . 




'***> i 


t ftcdotninlm yield. High* and Iowa record, bade dMft* » "4 v «!“c* and oukHUiciK chamteo are PoblUhed id Satnrda 
b avail aw, from the Poh U*hera, Um pi n »ncUH. Times, Brad,** . Manse. camran-Stroai- 
L qwqqp . EC4P 4BT, mice aid. by post 22p. 


’ii- 


r 


fZLfS 














































^paTicial Times Tuesday September 26 197S 


* L ** 




V ■ ■ 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS 


*y Inti Tst . yixrs. Lid. (J» Pramlingwi Unit Mgt. Ltd. »ai Minster Fund Managers Lid. Provincial Life Tan. Co. lidV Sara & Prosper continued 

. .f.alrtoovR .1 viul. 3 .-.. «ra<'-9IX &-:.lmidUilVanl.]X 4 DdDJi. Ill SMfoTI '4 ( MK H*- . Arthur SI, Kt*. OIC 5 HU 0 232. Blkhifttialu. £f 2. 0I-247633S Seothits Securities Ltd.fi 

352 |«b ,52 SM 4 ! 118 2 P<«Mct: 5 iT*. W 1199 * 19 }.. .-.] sn Prolific Hulls *511 97 fi- 0 .fi 301 Smb4t-. PU. 42.0 

589 3??ai! ffiig ' IU ■»•»"'» ai-Jifa 7 lM.7f I SJ3 fliuh Income [Hit lliS-lij kM s££S» 548 S8W 

m** is izisst-f-im flni » sssssssar^vaaiSH^^L^ 

PS=*L."2SS-.®-“ 3te £* *™> Juhailmo U.T. Ms»Lfi*l ° " IUS “ “*f» “ ■SSSTt^^S^lI 


ICZM 9t 1 i>’,ln>iaUilV«nLMUI^OJi. Min>ii-rH9>-..4Hliur5<. 

3f^i -Iti *0B .Umrirua |S1 6 MStd-afi 110 Mln-j.-rSii.i m UQQ 

j? S T. - ;l 5 Si C-p.i.1! rw HjiO 1 m™ - { 3 2j Kempt Auguu ai ..Jim ; 

f ! ^ J ^ 5 f jWfliwT.I- -.[IVIB 1274 ) — - .. 6 U rrwiri hi 

S12‘ -0 fi 4 05 ]-■ Cm.ifa Ji’ri. ... . Q&O IMS i07 ■’”*.* *■ •*** Tn l» 


RVthiuv^c — .p** iS3=?3 u* gggL — g| sfia-ag ss jgg ijtete^gg jaaa m 

Pnidl. Porlfolio Magic. Ltd. V (atfbXe) — 2764 ajjl _... 7 [ Ijt _ . .. . “ _ Alien Harvey ft Ross Inv.Mgt. IC.I.) t " u - AiietsCijp ~l a3b * 

Hoihnra BanuECi.v 2%’ii oi-waasa I7 5* 7 ®* Tiade* l won Unit Tst. Managers^ i.cnarinpow.,. si. imm j<c c.t. os»-7374i ____ „ „ 

“ «Ssa?T^jga L , 5d , &^ igsssjrhsf, ^!.Ts ,4 ““ a2a - 1 " ts^sgszssi 

Tht^M t't; ir tfr kv*kt:x * hi * I * 1< qi'«M 41T7 JSSSf*" D ®i BS ’ j4 41 fa3 °T 8 ?^ 1 Transatlantic °"ri Gen. Secs. CaV ArbuthnoC Securities tCX) limited IDionuH STreec. DDuelaiJ.u 
Uuidranl « .ra. Fd/. |il3.i ' 117fi-2 8| 4U Am SsSf - ^■■•ja.fc M.U -O.'l} 242 01-00 %'ew London E<L CheJoKford 02*5 S 1 85 1 ** 1 ’ ®f* -JM. si 1 li'li er . *» cr <y . ‘i’}} ’J'rj? ’ £*■? 7 


ed Hambro Group* (al fgj 

■ hrr> K-c* . li jilon. U.-cn'uiioil Kwr:. 
8 321 nr Uit-nlMuuJ lUL77i 2HM 

vrt >nn 4 » 

: 4 !«. - .. |M 7 jatif-lP* 

. Indi. fisnd„ b7« I 

•• film-.. . . S9 9 «7i -u.£J 

A. ini] Urv.'»9 »K -0 ?' 
dCopiLal.._ [77 ? 03 tJ - 1 ■* 


Friends' Provdt. Unit Tr. Mgrs.V 


Prudential |H 5 0 


8 —0 41 304 
— o ff tao 
-an 4.40 

_..J 1 % 

1 704 


Target Tst. Mgrs. (Scotland) fa)(bl Alexander Fand 
TP ft r imi r. ^i^ n i V4i. 7 rniJnn iwwB 37, rue Noire Dane. LuxmbacXR. 

Tare«* Abkt EkIcBU. 3071 I 2 71 AlcitanderF utui—.l SUS747 jwl — 

TariS 'ItinleTTLiriSS 4&1J -0.H 537 Mel ai»et value Scpicmbcr 11 


rr^T rtov r rn k,B i«,4 44 6i it/sT'ja? i*o iinp.-MntK.ciawee.tisacH tMi-2213321 OuIUec Maaageawat Co. LuLP 

1^. Ac^iaa. .. .:G55 «S-U 1S7 Hi buMpewi .... . i » a __M2J | 267 Thrwt EirtuntM-. tXVi IHI* 014 

“ Healing ftar trHdJjv UwulrarH.en. Fd-.IUll 1170-2 8 


. Imirunil . *117 7 

DroAf-. ?<* [1276 

ne I and* 

' XieldKit ;?54 

Im'hiM. . . Mb 

to me. *41 ft 

Mail Fund* G & 4 Trad la) td) 

national-. „'277 2*51* «0J! ZJJ3 . L . ■ _ - ' 

:c Fund . ... 40 b 52 5 ! ,3 U IS? 5 Hj>lvisKR«t.HrCTil«oe 

O'Aitr.nra. 55.7 54 6! -0 1 1.43 G-iA — 1357 37.1 

!n£«ca«t 4 — 45J 18071 -C.4 3-49 - . „ , 

urfut Fund* G art mere Fund Managers 

ler Co i F t _!41 1 44 61-0 41 420 - S'- Mure Axe. KC3A BOP. 

ialr.CtisFd.-M9J 52&X -0.4) 4J0 '3 \nuir-jn T*J- B«2 3H 

veri S|7» -. . Ml 7 IBB Si -1 « 4 73 Bn'-iJl Tf_ Arc 1 -fil 0 651 

Uin. A Cdiv. [nr 46 B —0.51 409 CionoeKt F.iarr. [lfc75 180.: 

ten* Eamtnm |61 6 66.M -OS) <W £jtra Inruwll... Bb.0 2*1 

imlr.Uu-t, ..«253.8 SMlJ-OK 4.51 i.-Far F«e4T»A - 2 42Ji 

High Inrt'Sit.' r>L -.,£24 67 1 

erwm Unit Trust Managert Ud. {“" 2 S*- jSJ 


7 \lX -iff C.T. ( nit Managers Ltrf.P 
42 7) -HH 497 111 FliAliiir* | .‘iiriuKl2317IllJ 

JeK-O? 1 44B u T. '..ip. In- . „ . “Ml 1011] 

03 6 1 - 1 !! 4.11 : .V.. - - U» 4 121 1 

lM«r-l’| 4 7? erjn-Xlirp .*1741 1»2*4 

13061-2:1 4X5 *:t L-'i turn ._. 141.7 ISlTfl 
<1 T A t'w'u .362 0 301 Cj 

aa7n? nr* irn •*.*. Fen.. £» FA- 1935 IM6 

MeSloJi lef '*T JMlFunU... 1567 1 6i6«J 

H t.T Four VCiFA— 5*5 «5 


74 5t7 -0.^ 
«T| -0 4| 


44 61-0 41 
52 bS -0.4[ 
100 9. -1« 
46 B -O H 
66 M -0 9) 
266 U — t* 


Mutual Unit Trust Managers? iaXg) lnci« :|«4J UBJUa.ij 7.61 

Pi caaiM! !5 i*oiuhBll Avc..tc3K7BU' «l <w«4803 Reliance Unit Mere. Ltd.? eVSKbe-T*-. 

-• . l.« Mumal tofc‘p!i J ^.J.jpI 70 ^0 ij tflb HeliancuMse .TonbniUteW4lU.Kl. OMcarn r*°S!i. [ pSr*1 

. . a JO MulQ.il Hluci. hip _M4 8 48-W -0j| 651 '‘EfflnjWft™ — Si RS* «J 573 1 Mnl G r®wr b - 

■ ■■ ii r ~ w a* - « si li u« jgggr 

.... 190 31. St Audrvur Square. F^Jnborch 031-554 9131 Kidgefleld Management Ltd. Fret fa GIB Tnut. 

— . 7.00 InraneFcpt OT 1168.6 mn ..._} 538 SBMO.KvaneJy Si.Mnncheaer OOlSaBSSU Pwp«»S>S«- 

m «iSS3£-JB 8i=i Is !*ap.Bf»: «*=i » SSSKS= 


Alien Har\ry & Ross Inv. Mgt. 4C.I.) 


.VKAUtllEdc-Kd.-) 10.00 1002 ] I 3232 

ArbuthnoC Securities (CIO limited 

Fi>.«o«' 2 M.St llolier. .tcr-ry nSMWlT 


Kev-selex Mngt^ Jersey Ltd. 

ro Box BS, Sl Urltrr. Jersey.. fBag. 01^0070709 

J'unselcx (ftsIJit 3MU — ..I — 

HomJselec )>nJfeN U 2 W — 1 — 

Ke> veicx Japan — n6V — I ■■■■. [ — 

Cent. Aiseta Cap — | £13609 |+O 09 | — 


JJJ ~nt 7 ^* BarbinaSepLZl-.UUA 

52® -Oi J.* lAcnaa. L'anai 1266 

33 1 -01 £82 BarbEupt Aue.30 

JJJ 'JI t 4 * Buctaa SepLS 

3 J » - 0.1 — | Act-ad Cnit* 

SM -01 246 Cotezco Sc?*. S 

S-J ; H lAcrum l Bin 

-05 4 X 3 ninbMSnea) 

-OX — (Acctua. L’niiaj 
Jji-i Glen.Sert.10. 

“2 ’ i-J* tAccun».Xnm 

f2 SlariboroPcpt-IS. 

Kt (AccttoL Units). — 

-ojt 4 . 7 J vnc«iiJ«im- 


866 ) 

1394 

92C 

910 

112 6 .. .. 
1431 ...... 

1766 

593 

65 0 

621 

BOt ...... 

59 8 

679 

57.2 


S14 Cap.T 4. .Jersey: |U80 122 0) ... J 4J 

i la NeM dealum djle September 36 . 

4o 3 rkn.TSer T*i [100 102( . J 12 D 

4 SI HeaJinp dair ScpI ember 25 . 

4*1 East fain!) Tvi n -I I- 11220 129.0*S . I 29 

5 ^ Next drill! nil dale September 28 . 

516 

724 Australian Selection Fond NV 

I nr Market Upporrunides. r o Irt&h Vouag * 
Jr, Outhwalte. 127. Kent St. Sidney. 

,S CSSLSh-ire? 1 Sl'.siM 1 -fOJCt — 

Net auct value September & 

3 03 _ 


I ChoriiicfrnM St Heller. Jersey. (05341 737*11 
. _ - Valley Msc. Si Peter Pen tlrnuy. 10481 1 3T08 
'1° 1 ThDnua Street bnu cl as. I.u M iMSKiMM 

ifiSlTHT! UihKumtiJtMtyi (1913 4161 .. ..I 12.00 

122 n( I 4J0 tiiltTruil.l >■ M >-. (103 7 106_4] — 12.00 

>ptember'ai Gill Knd. liurnutj [£955 9571 1 J200 

102) . . j 12 00 Inti. Uevt. Sets. Tii 

September =5 Finl Slerllnc 10812 18241 I — 

129.0*8 .1 290 First IntL KLS1 .1 — 


Me in wort Benson Limited 

20. Feihihurrli Su EltJ 
Eunnuett. Lux. F. 1.159 _ 
Cuernaey 1st U0 73.4 

Do. Act urn. 85. 1 90.6 

KB Fur East Fd SVS14J2 

KBInlL Fund SVS12.42 


enchiirthiJ EiX'JtU 


ne. Ac uncles 1459 


rso .t T. -I36.S 60 7] , 

bacher Unit Mgmt. Co. Ltd. 

ilc Sl, 8.1TV7JA ill. I ^2 


fig'SCll JoiJ r.iumpl Fit 


■r-lr.:l Te: < Arc 1 


S -0.7J 010 NlWfafSS. Trust- 135.2 M3.U 1 2J» 

~0.il 2.76 t-Vctun.l'nllse*'-. |l452 153.71 | 220 

-4« 2 m “Prleo on Scot. 20 Nose tteuJJim OeL 4. 
~0J 0X1 -ITirex on Sept. 6 Next dealing Sept. 20. 

foi 95? National WestminsterVIai 

-0 9 5 to l«l. tbeopelrfc. VX72V flEU. 0I4DS 6080. 

-flj« 27t ' uuitaJ tAccomj .-W82 73_S -1W 415' 

-! 3 535 l\lr»lnc J70.6 7S ? -0.5] 744 


NC. lalL Fd. line. 
N.C. Inti Fd. < Are 
N.V. Smllr C093 Fc 


jun a 


Rothschild & Lowndes MgmC In) 

St Swi lb i ax Lose, Ldn^ECA 01-830 i 


(onlbly Fund .[170 0 18Q0x^.- ( 492 

atfaoot Securities Ltd. (aKci 


Ltd. Gibbs (Antony) Unit Tst- Mgs. Ltd. 

ul.«£3£'70 3.ri*fan«k , »l*l . iild Jc«iy. fU! W-OSdll 

■ - I 992 *a .Vli lacocr.e* , |44 4 4851 -0 M 7 SO 

1 .a:*.*. Iiruw»d(* - W7 ■ • 44 H J 420 

. li-A. I-J. .“'far Kafc!’ ..|26 2 ZBXrii -0.9) 0 50 

Di-ulios *1u n. ttWc 


091 t-'niuieml. ..... _ 354 

Gnunblmr 096 

(rt loi-.iQje . - 371 

.... I'urtfultrtlni Fd 732 


415' NwCi. Exempt (C 
744 iVicea on September 


%Ldo,EC4. 01-836058 ^nfai^FdA *^0 . 

iSViiasiUS 


IBJirt 

2«3 


tax exempt fuoda only 


|g sas^s 

|-g DokAcetua.— 

f-g Tyndall Managers Lfd.V 
625 ILQMrnaeBead.BrtatoL 

3 44 Incase Sept . 20 [107.2 11 

M9 (Actum Hails)— - '198? 20 

Capital Sept. SO 


«S 3= Boulevard Royal. Luxemboan: G-D- SimicLrmud 

1« WWlnresj; Income.. (SCS21J9J DID] J 762 

460 Prices at ScpL 2i. Next sub. date Sept. 27 ns 


IJJ5. G*th- Fd_ SUS13.15 
el Bermuda — SUSS 35 

JondsiDMi 1955 20.9 


01-8338000 
+91 3 02 

4 IB 

4 .IB 

139 

IBS 

-ran a bz 

0 . 6 O 

..... 1.69 

-KL 30 825 


so paying agents only. 


« a ™f Bruxelles Lambert ^ B t (CJ.1 U/T Mgrs. 

A 1 7 70 J “*J? a la *^f r a Bo. 105, a. Heller. Jersey. 103457081 

.f RenUFuDdLP J1.929 WMI +li 770 UoydsTvuO'seo.... 163.1 bfaM | 067 

0272 32241 _ , .. . „ , ... Next dealing dale October IB. 

U16 i tYj Barclays Unicom lot. (Ch. Is.) Ltd. 

208L2 z: 771 1. Charing Cross. St Helier.jwy. 053473741 Lloyds Bk. IntnL Geneve. 

ml :::: SS SSSSSbrTSSr.THv SJ-iIjW Be rr^?<^ 5 ' ua ^.y “Tim 

mo ..... 749 Uni bund Trim ...Imsinw IffiJO) .... \ A00 Uoyd* Ini. Growth • IgPg j ^3 j 

7 49 m Subject to (pc Bud HiihholdUiC laitt Lloyda lnt ww»e. ISraiO 307 m{ — - 1 n-50 

in! 1223 Barclays Unicom lnt. (L O. Man) Ltd- M & G Group 

137.6)!!'" 1225 I TboRkif St- poucln:. 1 ojl. 0624 4S56 Three IJuajs. Tnuer HUI EC3R 6BQ 01-6M 4588 

(J3IK5 116B l : Hk+ini Au« Ext.. (57 7 62JJ 1.40 AtluatlcSept- 19 — BUSl-H 351) .... I — 

182 4l . I *37 IK* Aud. Uin J7 4 403 ..... 1-50 Aum Ei Sept 2d - M'SiW IM J — 

157.2 ....1 518 Do.ilnr. Pacific 717 77.1 — Gld £\ Aec.6ep.3L.. K'sIlSI 12.961 ... j — 

187m [ s 10 l’n loll. Income 394 42.4B 850 Island 1421 1512 -O-U JJ32 

ameui Ho. 1 o(ilanTa.._ *K.S 50.4 ...... 8.70 (Acctun L'mtsi 200.9 213.8] -02) 13J2 

92«!-0^ 560 Du- M^tu- Mutual -127.5 29Juaj 1M 

96 7 -0.7 5.68 . . , „ . .. _ _ . _ Sam uel Montagu Ldn. Agts. 

rgi Bishopsgate Commodity Scr. Ltd. u^uigBrmdMCi ' oi a»«M 

171^02 I?? Bax43.DdMiOa0.Io.il. 0824-23011 Aw> UoFd.Sepl-au. |SP«4 35 48-lS J 360 

223^0 2 4 77 ARMAC*Sei*.4_-fR 1 <a7.76 2t& ..._. — J.Vei! SeTil- J5„ HKSU« 068 

niZoh CANR«C»*.ltert4-Bq65 - 117 Grp Sept 2n {niiOLZft Tim 166 


mens;. Londcm EC 4 R 1 BY UI -2185231 
lomrrFd., [1183 1 M. 7 * - 0 . 7 J 1053 CflVfl: (JobrDV 

In*-. Kune— 42 4 *9 2' -3 j) 8W — - J , 1 i 1 »Tuc..| r 

iue 1 !nltsi I 59 T 64 J| - 05 ] 8 84 ;.■ “*'• n 

u r .Jcn) » ? l. 1 aj _ a vil b Ud Nnlr St'fit 2. 


^■SMl l rutrnflJPdilfj. .|S91 61^-0^ 219 

' 4 20 NEL Trust Managers Ud.<p taXg) 

-4j 0 50 Mition Court, noikinc. Surrey. 54)11 

%'elMnr 649 U»-07| 426 

N<-l war lllcb Inc. -|513 53M) -85) 782 


»!"?$ Rowan IMI. Trust Mngt Ltd. 9 Xa) BstAwfreaiSQ.EdmbnTfti 

2,3 "J 1 , It* iJUy GateHxe. Fmoboiy Sq-EC2 01-8001088 ioeaaeCnlt* 151.9 57 

Amctlran Sept.21 .[715. „ 74 S . .. | 1.97 Aecmu. Dnitt- KL5 t£. 


fa, ■ ■ |,T.T T U . . . I 44 B A 

Qlj{ lac. Fund — 42 4 
w * 1 j : 11 m Unii.ii IS 9 T 
w'dreLltilgT I 
fence Fund. )24 4 
1 ''in linilv. _ (17 9 

, ; . alKund IXLS 

.- oodliy Fund. .[665 

ms. Unit'- U2 

i '; tt drelf.. ..[575 

. . .iPrnpJd lies 

- a Fund 06 

- in Unibi — [477 

. thFuthl ',1b 6 

un-Unrai. . iCJS 
!er >.'o 3 Fd *29.5 
to & Inti rd., 27.5 
•I'dnU'iV- X10 

"lOiFct ..(979 

* v-Ber.i lnt FdiS1.4 


asStAmhewaSQ.Edlaboxfh 031-658010! £.uS»T 

Income Calm lp.9 57.4 ...._[ 40 lot Earn- Sert 2D 

Accnm.Un«x- W-5 663] 1 465 (Accura Umtsi 

Deelint day WednenUy. Pref. Sept.20- 

S cba g Unit Tst. Managers Ltd.? (a) lAcenss. I'wui 

POBocStUBcUbiy Hte.E.C.4. 01085000 


sa 34 ;s r, ■JXSS7.cz “SS ]S“™" im t*. ix Fd. um UL 

jg.iS5SSf« 1 rMS SS:.-! ig « 

— 3 J -Vcai dealing day September 22 . Pearl Trust Managers Ltd. (aggXrt rdTT!! |m 2 B nS J 

r» \*A ^2 H10! Hclbom. WClV7Ea __ . Ol^OSSMi Priera at Sc'pc li. titxt dealing (top 


40 sj . .. I 2 i 0 -Next dealing nay sepmmt>er =. 

?oi ( 467 Gricvcson Management Cos Ltd. 

301-3) 4 67 5HUr. :h»ra Pl_. F.C2P2DS. 01-8O 


■JVJ Wft, ml n •*« 

Sept li, Ne 


IJ* 7144 I 3.32 

12 78 g .. .J 720 

Not dealing Sept. 28. 


II S3 — J 

1»J! ... 

33 S| ~0.li 


i.vcrum j. n:us> .-Tinrz 
Ln i3nli Nrp‘,.H),i74 7 
1 Amici l (UTba ... -1705 


Jj 5 Pelican Units Admin. Ltd. IgMs) 

237 BlPounlfainSUltanebmer 0814S658BS 

2 99 Pelican Unito.. ] 9 L 9 98 B(- 14 j 4.70 

7 w Perpetual Unit Trust MngmLV (a> 

3 ai 48 Hart Si .Healey no Thanes MA1288G8 

PVtunlGpCth (452 48 J) | 34 J 


01-4058*41 Prims at Sept 15. Not dealing Sept. : 

32 J 2 ' 3 S Save & Prosper Gimp 

3T4j -02I 661 4. Great sl Helens, London EC3P SEP 
S3 “23 122 Queen St . Edinburgh EH2 4NX 

524) -0 6) 4.75 Dealings la: 01-SS4 8880 or 031498 7351 

“■JKSe— Savc * ^ Secmitles Ltd.* 

aa J X ]'7? 6 'f!^ International Panda 

vs q ~iaj 4.70 capitaL- DM 48.H-0 3I i 

IngmLV (a) LTU. S 3 ^ 0 . 4 } ! 

0481288 C 8 Un|v. Growth (712 7 U|-U) : 

485 ) | 333 Inoreata* Income Fnd 

a Kb) High-yield (572 4L5[ -0.7) A 17 

toeea Lid. Uifh Income Foods 


__ _______ p29.8 137. 

1 li 331 TOBmMLB8HbB.HML.BCA.' 01*33850011 

ii 3 1J1 jaeeaj» - .aaai « BSBgm I 

- ---n Security Selection 114 iKdaWdiSm 

ld-UtUacota - *lBnPiOU,1fC2. 01-831 8838 S Capital G rtr*fthT_ - |«6J 92 

IB UavIGtbZn Acc .... [2S5 27N I 217 IX> Accum. >W4 96 

JJ 9 CavlGthUIm— ..{22 2 2J.71 ~._4 217 Exrro lnt Grooth- 41 .3 44. 

S*^ 28 - Stewart Unit Tst. Manager* Ltd. I» l\ 

45. OslIorisSq^ Edinburgh. 031-2282271 22 

SEP ISMact Anmrteao Fuad High loc. Priority. 

%> ?L1 ~i » sSSSsS 

w sssasTcSa ^ -* - tsb «uc « 

- -| Standard^-- 043.9 3«M — I 463 21. Omtiy Way. Aadomr. gsnt.i 


— GldEvAcc. 
830 Island . ..- 
8.70 (Acctun Un 


Tujjs. Timer Hill EC3R 6BQ 01-628 458 
cSepL 19 ..mail 15U .... I — 

v . Sc pi 3) - SVS267 JBOj J — 

Arc-4p2CL- K'alLB - ] — 

..... : 1421 151-3 -O.Ol 93 j: 

l Units* 200.9 21361 -02t 


it) NT ■•Sept -1 |£2 4 02 2. 

Originally nsuod at *510 i 


_ . Samuel Montagu Ldn. Agts. 

r - L * a V... 114. Old Bread Si, EC 2. 01-986484 

Apollo Fd. Scpl.au. [SFM3 5 48JN . — I 360 
..._. — jaVciiScpt-JS — mkraw urn — j 068 

— ii7Cn»sS*.=n— mwia vM — ibs 


-U23 i]7Jerae; 


1 17 Jersey Sept. I 
117 jenyO-jSepc 


ili?l .::( i“ 


^ T '?Aoa 


t-5 Udx* uki SsSSyrSAT « SSEt=!" 
iSSST’.mi xil^iS +««— «-•» “W-»4 •niMMiik.aiMin.ii Bga *”— -p H 

a: Sert =1. Nrtf S«b. da; .sen 2d. Henderson AdminstratUmf laMcMg) 3334-071 960 U K. Fund. 

•l*»e Cxlmn. (M iiiicW/.) PnwerlT ldmu». 1 SRn»lrtgb*«m.Hiiirnn. hraaU CVS Fd. ~ ..foi 47.2 -O.sj 45® UK Equity f<Sfi 

■lays Unicom Ltd. rtllgWc) Preauwod. Kswa. inrtT-StTiia .-upiU.1 Fund. ..p7B SLli -oi) 4.10 Onnm Pnfau 


Id. (biDti. Aeettm. 6 15 

•«W®gKSSS!z:SS 


Ho 252 RtimlordKd- E7 0I-fM544< \ r. Foods 


n Anmncfa— ’ 34.0 
^ un. Arc .. -|C0 4 
dri Icc _. . 163 3 

apiul 699 

inapt Til . !ll»6 
xtrnlnrorrc ..*30.0 
inancial-- . >64 2 

M - 804 

enrr+! .1336 

rowlh Ace 41 D 

KOnK-Tal 1904 

'll A-U.TSL .(MSI 
-j at Aunut 31. Set 
20 . 

wren - . ... _|47 1 
rutu^Fanil . [1215 
'Id wide Tst.. ..[521 
In Fd Inc. ... 60 1 
l-CUBL — 1750 


34S ... 
86 9] -0.1 
68 4] — o; 
75 Old i 
i225[-;.a 
3?4< —3.4 
Q 94i -3.S* 


LM 1'ahiHiw^.fTV — 

-72 l ap lircwUi ijy . (490 
1 7 j Cup-iirimThAcc ..*502 
J 5 IikirdcA AMU. .'356 

25? aiBb tor nor Fund. 

IS? High T-resw. . -J 66.3 


580} . ... 610 

52241 -Q 1 2 54 

S3 fd —8 7 2 54 

37.9tff -0 7 5M 


‘ lr.1 Ernu.faAaxcu. 
6 10 Private Fund- .., 
2 c. 'Airi'undlr Fund — 
2 54 T-vhnoCvevFimdL.. 

5M ' KarEaM Kd 

; American Fund . ... 


rf83S IS sz&zsr 


3 3 a) -0.71 960 l'.K. Funds 

47.4 -0.S 450 UK Equity H54 

51-1 -05 4.10 Onnca fmfaui 

524 -0 7 4 40 Eurupu 1926 

lOe -06 3 B0 Japan 1041 

75 1 -1.3 250 ITS 74.7 

PlXoi IS SeetarPu^. 

kJiSil £* gSSS^f/rzT: “ * 

dJf (yKc) F] turn c ill Si>ct..-~ {736 


59 3 In 3 Awnrt ~ M W-H — 4 OB Defalu«> to 0206 B3432-3 

tFA ’^d. fbrrSBGeneralZr(«76 513] -0 

7631-03) 236 S« A 2 UBUCC Fnnd MngL Ltd. (biDo. Ae mun, 61 

. _ Son AZUance Else, Horaham. 040304141 }?! ^*^££2?^ — S 

^ 12 SSSt# 

<& ■ d# W C««r « 

429 -05J IP Waring Street BeKasr. 

66 tud -06} 439 fbd.' liter Growth. _.!S9: 


Bridge Management lid. 

026162288 P-O. Bar 508 . Grand Carman. Cayman la. 


N'hathi Sept 1 I Y17.B21 

5221 —0 81 3 69 tll'.ri Dot JSn. Hour Koni; ■ Mutt av Fund 1 SUS12J9 l "! "1 — 

*!& X ‘PP io,d - Sept. 2l|5l , S3ei 21 SH | 077 * mai S’ 4 

«$ -05 IS Britannia Tst. IHngmL (Cl) Ltd. N i( 

ina -oil 231 30 B 0 U,SL. Sl Heller. Jersey. 86 M 1 S 1 H RspM. Lm. 0 mb.wra 

. 4101 . .. 200 SAV *« tja 1 *”*** ^ “ 

023235231 IntnJ.Fd. WB -992-5 8 1 00 . . ,, 

<271-031 498 Jewry Energy Trt.. 1369 . luso .. .. 130 Neglt Ltd. 

. . !wJ? , " , jL?i .J’K Bank of Bermuda Bldgo, Hamilton, Brmda. 


I | 1 - 

213H | 0 77 


Murray, Johnstone (Inv. Adviser) 

183. Rope SI- Glasgow, C2. 04US1553L 


Sl.GimdumiSL.EC2 

aam-fiM a as TarfttCaBsnodjry. 
AM T ^.e s f 

... T«r®riEquhy._ 


2S±1 


— CLftl ? 4* Practical Invest. Co. Ltd.^ (yKc) Financial Niks ..-~P 36 
- 0 . 4 ] 8 17 44 R 1 uoaahuryKq.Wn.V 2 RA 01-8218880 Ulgh-Mlalomm Fufa 
... _ _ i )Tu.-iiral 5 ert 3 J. .{ 167.6 17761 ... J 3.94 Select Iniernat..... | 2 M 6 

3 M ’Ac cum. Units 236.9 25124 —I 3.94 Seloci Ineotne 57 A 


asu a is is^tSg- 5 

8031-0.4] 131 fsrgatGUtPnnd 

“ 7 »=i| ft 

7 » 3 - 0 ^ 369 


4-39 fbiL'lsrr Growth. -1398 

5.70 


4 63 Q Unit Trust Account & MgmL Ltd. 


l-nlvvl. S Tsl Sig _ [£229 ' 
HuUtlQLSUuT^l pi 91 


-Hope Si Fd 1 SUMO 91 I -....) — 

-MwayPund 1 SUSL 239 t 4 — 

■NAV September 15. 

Negit S.A. 

10u Boulevurd Royal. Luxembourg 
NAV Sept. 22 | SUS1236 1-033) — 


Ob King William SLEC4ROVR 

Ate H)6 442 TeianHse Food 11738 

SJS -0 1 207 WleJcrCrttL Fnd._ 328 

jS Zoi IX Do-Accum. |38A 

373 -02 3.36 arr^i— £-«*■. r 


279 4] —1 < 

605 } -x; 


a — 0 . 

^ 05 ] _ 75 j King Wiliam st EC*»MS 01-023 4861 Brown Shipley- Tst. Co. (Jersey i Ltd. Qg^ fq-j gfnemnt. (Jersey) Ltd. 

**^’J jS I n c ww ^PitS . — tP. t 34^4 -- «... ] 439 P O.Boi5B3.bL Hclin.Jcrsvy* 053474777, p .n. c. Hafliir Jittcv lftT4^7f 

- 0 J| Aeram. Units [385 «L^ — ] 4.39 Sterling Bond yd.- 1 £ 10 04 10684 { U -70 

— * i n — — ■■■■ ■ — — i ■ ' ■ ■ " ■ ■ Butterfield Management Co. Ltd. qu* 3 ino. w^nn&usn J ""[‘J — 

__ _ — r-x. m _ -■.■I, mi --.i hi ii j. mm _ — j, ~~ i, , . PO. Box 195. Hamilton Bermuda. Hricc si Scp_ 2C. Next dealing SepL 27. 

INSURANCE AND PROPERTY BONDS 


1739 183 0 ) | 4 

328 34 .*d 4 

383 406 ] 1 4 . 


01-033 4851 M-!-* 5 - Cellar Denominued Fd*. 


1 5 Wider Growth Fond 

753 King William SLEC 4 J 18 AH 

1 ) 87 income Units W > 

4.79 Ac^Coita Sal 


rz, unu- 4 i *Tst_ pusssi sad .1 ■ 

4% InLUigh lnt Tm Jsi'sJta lSqj I 

Value SepL 22 Neat dealing Oct- Z 


NAV Sept. 15 )£6.82 — 1 . — l — 

890 Phoenix International 

P 0 Box 77 . Si. Prior Pori, Guernsey. 

Inter- Dollar Fund- 12«3 263 ) ...... | — 


50.9) -0 6| 
131 ll -r □ 
56 »’ -02 
TD 9 I-L: 

nil -i 2 


Intoma'Jnaul . - {366 
$ 59 W Id tVnlcftopi ;'5 , !B1 6 
4 90 Uimen Fsadi 
220 Anno nan . .. .. <432 
466 Ecn?peax_. . .L - . |463 
4.66 FarlSs! . 6 


) -*4)11 143 

*14 298 


• Jap an Exempt >97.3 

• ng Brothers & Co. L1A¥ (aKx) 

(-ri ni-*-jr;o«7n .'\'S7ir.£fPnll l i 


Butterfield Management Co. Ltd. gue^!ina.w^nr;^n4 — 

PO. Box 195. Hamilton. Bermuda. Price at Sep- SOL Next dealing SopL 27. 

Buttress Equity I5TS253 Ita I 1.48 

■rsfSSSfftBS m&i i i ST SSTf? £**£■ 


. *idcahallSL.EC2. OUXBSBSO *Jab« AmSm. „Z|5S6 60j2-ri»e) 

hioT.il .-1194 0 202 * 5 .. | 414 

-Tr-]? 435 . 253 ivi i Kill Samuel Unit Tst S*gra,t '«) 

: Nextsuhdjj-ftllCamberS?. 45 Be=chSL.Ei-P 2 LX - 0 I -«=8 


2 « I Abbey Ufe Assurance Co. Ltd. 


I :im I Will's Churchy oitl, EC 4 . 


■opseate Progressive Mgmi. Co.* 

hnpsgwc. EU3 01-5886280 ifliDoUarTnm .— W39 

ePr**Sepf l3-[2020 21521 ... .1 3.05 i hi Capital Trust — BUJ 

.'Is —Sept 12 . 2<0 6 ■ 256 51 .1 305 •birmjBrialTm*! J991 

. etnt-Sep!.19*. 189 2 2»lji ... ..I 108 ib»l=raraeTn:j«... 20 5 

im.) SepL 10* -1209 9 2233J ... .j 1S8 Ib'geeun* Trust- 553 

t sub. day -October 3. —ScpwmbW 20, (b)High V leld Ts L - I H 8 


Equity Fond .. 098 

l,f (a) Equity ai*. ...... 34 3 

™«"v pt 

•vJ 507 Select! vc* FUnd.— 96.0 
“23 CunvrnlW* Fund. 132.6 
*2cl 22? VMnney Fund IZ3J 


Ltd. Crusader Insurance Co. Ltd. London Indemnity IcGnl. In*. Co. Ltd. Save & Prosper GronpV 

01=489111 Vlneuls House. Tuwcr PL.EC3 014080031 10-90^91* Fortuity. Reading SBS511. 4. GLSt Helens. Lndn_ EC3P3EP. 01-554 88 

-d - *>■»"■***-** sa^ss^r;g 5 8831 = SS 55 r%s=:|BB z 

:::r] z Eagle Star Insur/Midhmd Amur. "-**——** S 3 I -■■■■( - i»o uo .6 -D 3 - 

• — 1 “ 1 . Thread nendleSuECT. 01 - 388 1212 The London 4 : Manchester ASS. Gp.V CompJens-Fdt — 2135 “ 48 -,, — 


Ige Fund ManagereV(a)(c) 


latel.V (ai(gi 


rruperty Id 1508 1 SB 8 ...„ — _ , __ 

Property .\rr -...1578 1653 . .... — Eagle Star Insur/M 

- _ _ „ Selective FUod -— 96.0 1018 ...... — 1 Thread nmulln 9 r_ RS. 

HE Fun vpnlhle Fund - 132.6 139.6 — 

*21 21 ? VMimey Fund 1 Z 3 J 129 J — E ^“ /Mxd - U»aj_| 56.6 

"?< a I* 9 Prop. Kd Ser 4 1290 1358 — 

"jf? 15 VMiu. Fd Scr.-t _,. 140 7 1 * 8.2 ~ gagitv h Law Life 

“° 5 9 Kqui*» W Set- 4 . . R 1 402 — « LMTIdW 

52 ? Wonv F.LSer .4 - 1132 1192 — Amersham Road. High W 

9 Money Fd. Ser. 4 . ,|lll 2 1172 ] — Equity Fd [ 120.6 

Prices nt Sept. 19 . ValuaUim normally Tues. Property Fd. ,.no 6 J 

Albany Life Assurance Uo. Ltd. 


■■■■■■ Capital International SA 

Save & Prosper GronpV ~ "** Notre-Uome. Luxomhounr. 

4. GLSt. Helen's, Lndn ECU’ 3EP. 01-554 6899 ^ ap4laJ In*- Fund — | SUS1&87 1-035) — 
BaLlnv.Fd._- |1333 14111-0.4] — ...u 


7 *?6 9 Money Fd. Ser.4*'. t 


— Equity Fd [120.5 


- leanfaCcot . 25 6 

ne*. 57 o 

al loC.t 00 7 

46 9 

iprt 1 S 2 J 

aiLInct 184 


Regis House. Xing William St. ECiR lS.CbriOarterSacet.ELCa. 01-3477=4.7 .-TT^n-^T w i mZn ■ass 

»■ I S U " DLIaX - yun(L - 1 «» n*- 1 * KX iSi 216 . 9 ) 1 T^ 

Iw TlTUl^rJd./Lrm. 113.7 114fa) - 60 Bari 


Englu/Uid. Uniu_ 156.6 58.7J | 580 Wlaaladfa Park. Exeter 

textkevtli Fund. 

Equity * Law Life Am. Soc. LttLf 

A menham Road. High Wyeombe 040433377 «Exrtur. Tst. Fd 

EQUiTyFd [120.6 126.9) -18| — PUalMtFued 

Property Fd. 1063 114.01 ,.IT| — ler. TtBSl Fund. 

FUcd Interest F 1095 115^ -OiJ — Pro pe rty Fond. 

Gtd- Deposit Fd.— 1003 165.S ....J — • Qd. Deposit Fd 


48.AthJi Lo4giaa,I.OJJ. 083423814 

«*vn>e iil-.«.' r.iut.p 098 112 . 51 * 1 . 5 ) — 

RUbmon ; Benin m883 1398] -0.4 10.71 

X)o .-1.1 anumBd— >1313 1383 r-LW — 

XuVilitWl 1116.5 122.71 +L« - 

Xte.Um.V7.02ad ]1U.D 174 H -LlJ 1237 


vGid.MunmrPdAc.. 115 l7 

01-0067070 vlntl 5ta iwFd. Arm . 113.7 

1 - 12 J 338 VPropFdAcc Uni 

1 -D] 4.47 VMpfrlnr. Arc — - 174 6 


...... 527 Equity Pea Fd Acc. 1246 6 2593 

-Cl 897 Fixed I Pen Arc -..U80.9 198* 
I 12 64 G'td Mon JV ilAtt. .1131.6 1585 


ms — 

m 7 l — 

12981 — 

115 $ — 

183 7l _ 


— Portfolio Capital. 


bey Small L'rt Fd-|214 1 121J) -01] 5 35 I nil Ha PuFdAec_ll2LZ 127 fl .. 

Tra^JWauagenietrt ( 3 ) (g> ateinwert Bea»>n Unit MimngersV . ^ r 

Seczmsol oiSmSmw* 20 . Church suECJ. ; oi- 623 aooo AMEV Life Assurance Ltd-V 


tdon Wall Buildings. London WalL m r-j..„ ko R n 

- oqeczusql ai*dBao 47 »itr 79 5 vf 7 *?Sr! su T£,^ 

3 793 K3J-10J *54 «p 

■al Ace 59.1 63 1 LD 352 K H Fri lUrrii.'— 

ofalnd — .... 631 668 - 8 * 413 5 b 

-dip S?I TA- 8-? 

fcb“ 4 S « 7 ®^J a” S®i&Kte -£2 


ARIES > 


1 income- — 4 L 5 

u \ pr 


2475 * 0 ^ 
73 a -u 


l Growth 784 

irtwrtfl 677 

t-TM Shares— 502 

• -. tala 92.7 

•-*"• "ligblnc 854 

Issue—. 39H 

1 American 302 

-Siional...- 563.0 

~Tt> Shares ... 144 

d 49.7 

^ChanjH: 343 

• Energy J393 


|| 52.6 1% 

JCE.SmCos Fd Acc. 49.6 525 S 89 

B 77 High Vld.Fd Inc- 480 53-1 „... 645 

HlgbYId. Fd Ac«- pRQ 511 645 SjffivMffl 

i Jf L & C Uni* Trust Management Ud.V 
3 69 The Stock Eehonfe. EC 2 N 1 HP. 01-588 2800 aHKVIsvi 

6.92 LAC Inc Fit 0481 352.71 .1 836 ApS-jcsn 

216 L&C Iml fa Gen Fd IlD^l 1894 ) — - | U 4 

Im Lawson Secs. Ltd VtaHd IcLGr ^: 

37 . Queen's St, Losdnn EC 4 R 1 BY. 01-2385181 prorii 

?£ mjw.M«eciid*^.MB .7 43 9 «d | 623 1 

IH * Accum. t IUISI-..M 63 59 04 J 623 Barclay! 


'7343 '“*-“•2 Gtit T'CIWJU Fd flM J 195.51 ..... — Gtd. Deposit Fd 

A in 31. Old Burlington St. W.l. 01-4375962 uuodfdl- OI5JI 1H.7] -0 b{ — 

vEijuiiy Kd. Acc 1206.1 2l6.9t — — M Jc G GronpV 

!£^unkpd^: 1 S 7 2 S 7 ::::: = General Portfolio Life Ins. CL Ud.V Tlrjn^s. Tower HfflECSReBQ. 

WTO VlruiJH ? n>d.ArTn. 113.7 1146 - ® BurthnlumrvCt-WnUliamCrofX. WJQtgTl 

i== w*»d« , "-J= 1 = SH=grs5= = 

897 Fixed I Pen Arc ... 1S0.9 1« < — 52®ZJ2E-'“ !2* ,T,, “ 

12 64 G td MonjviuArr.. 131.6 1083 . ... — Gresham Hie Ass. Soe. Ltd. J™yBi- 88 ~- — 2 g 3 llM . — — 

535 lntl Un PnFdAec vn 9 1275 u n ■»* “*** GUtBeod” - 1972 lSilVt | — ..J — 

Aki U2J Z SPnwd naleaRiCB-mootb. one 787888 intoSSL Band-, lion 11*4 — - 

cf U nte l nv.Pen.Arr- 216 8 227J . ._ . G.L Caah Fund H7 9 1033 ) — Managed Bd.**"— 1484 1363 — 

aooo AMEV Life Assurance UiV cirSffpSrt™W 2 iSif ill 3 EtSSd’ IT m?: b§V * 8 * “ I Z 

5-82 Al m n Hoe, Alma Rd.. Reicuw. Reigale 4010L C.UtaU.nod — QZL9 ^ — B pjWI.W , «**.- B-» 73.1 — 

giH- G3-p*r.F“d — »— *- §3:-" - 

Price, on -SepC 2a. ~*Sepl. 2L —Sept. 22. 


S 3 ■{ AMEVMtmer Pd 

Is 9 — 1 le£ AJIEV Equity FVL 
ABIEV Hied lnt. 


S|.r- z 

311.1 — 

1 Z 7.7 — 


CompJBennF’d.T 2133 2248 - — 

EqouyPeosJ?d 10.1 204 7 -2.4 _ 

PropiKOE Fd.- 2313 2442 _ 

GUtftnS. Fd- 95 0 1MJJ -03 — 

DepoaPena.Fd.t_|ia)7 1D6.0 —7] ~ 
•Pnces on September 12. 
TWeekly dealings. 

Schroder life GronpV 

Enterprise House. Portsmouth. 0705277 

Equity I. 2503 J — 

EqutSft 237.1 249 7 _.... _ 

FlxeJlnt 4 1393 346.9 — 

Managed* 1309 1463 ..„ — 

Money 4 1087 1145 . ... — 

Oveneatft 100.6 105.9 — 

Property* 153.9 167.4 — 

It ItS GOTC. Sees. 4- 1236 128.1 — 

B3. Pen Cap. B 1229 1293 ...... — 

Qi.Peo.Acc B .13*6 1413 ...... - 

Mned_ Pin. cap. B_ 210.0 22X1 — 

lined. Pen. Are. B. 2513 264 0 .... — 

F. lot. Pen. Cap. B 973 1023 _ 

F. Int. Pun. Ace. B 986 1033 — 

Money Pen. Cap. B. 96.6 ID 1.7 _ 

Mooch Pen- Acc. B- 973 1033 — 

Prop. pnn.Cep.B_ 962 1014 _ 

Prop. Pun. Acc. B_ 97.4 1826 ...... _ 


Cbarterbouse Japhet 

I. Paternoster Row, EC4. 
Ad i rape [UU30 

Adirerha. WUOH 

Fondak W3230 

Fondii WJ2110 

Emperor Fund SI'S] 42 

Hiapano JUS4LM 


oi -MS 3999 Rothschild Asset Management (C.U 

0^3 464 p o/v-t SB. SI. Julian# Ct-Gucnuw- 0481 20331 

5 » H! *J 7 £ 4 Fr. fane- 3 1.157 4 . 60 . 0 ] 26 B 1 

^ {“ OCteN SepL 1- 1613 1716 661- 

*0.10 5 04 o.C loILF At SL36 L44 .._.. 131 

Ton OC SmCoFdAUB3l. 154.0 163 08 3.0B 

180 Ot’ riommodiiy*— 1456 1551 436 

, , OC Dlr.Cumdq'.t- S 2864 30.46 0 66 


Clive Investments (Jersey) Ltd. ‘Pncei'on Sert*Vt. Next dealing ^ Sept a 
Pu Box 320 . St. Hell er. Jersey. 053437361 . 1 Prices on ScptemberSl. Next dettling October 

CKvenill Fd.lCLi.N 82 964 ) 1 1100 B - 

07 W 2773 J CUvnGillFd.iJay .1 p .79 9 . 8 l| . — [ 1160 


12800 AM 

as 


AMEVIFiwaHagmo 


_n 7* J « ■Growth Fund f 

4 m "'Accum Lclul- -{ 
-0 3 4 59 tTGilt and Warrant. 

-« « SS 5 S 3 SS 5 ffi=- 


British Ufe Office LULV (a) fflSfflfttwTllH 

ace Use. > unbridgeWeCt.lt. U9K2 22271 DiaL (tMoo. *TUC'. TtVi 
UaM'ud*^~|fzQ 55 ^ 1 °.^ is Legal gs General Ty 
ZS&X-Jtl* 4 ® iaCat J ,ugcRo fl d.Bri S irt 


61.7 —3 1 

680 -U 

43.7 

267 

272 

495 

71« 


Income --— 95 0 10161 1 — 

Ink Growth {955 161 - 0 ) ) — 

For Arrow tile Anamte see 

8 S 281 Prorideace Capital Ufe Assurance 
ta Barclays Life Assnr. Co. Ltd. 

I** 252 Rnmlord Rd- E.7. 01-334S5 

SI BareiaybuHda* 1316 138V — 

oiS Ecally- 1253 13L1 -14 — 

ojo ciit-ednwi uoa 116.7 -oa — 

TTJ 9 Property. 1091 114 .J — — 

1125 Manaccd 1142 120J -06 — 

Monro 100.0 1053 + 0 J. — 


1277 "■ ” Growth & Sec. Life Ass. See. Ltd.v ' * 

903 — Weir Bank. Bray -co-Thames, Berks. 0028-34296 Merchant Investors A MWW V 

gs= = S^r^rf *dSi 7 \rd z "" 

lojrid - ”3 3 ^ — 

.£qoxt> Pcai. . - - - . - X 82 . 6 - _ 

Sl 9 3:1 3 Guardian Royal Sschange l^SroBm?p!wi 3 w! J 3 

101.11) ) — Royal Exchange. ECi BHBWT Depoait- . 1503 

s ranee see Property Bondi — [18*6 M2 U — | — OrporitPena JOX • — 

fe Assurance . ^ Managud^ 1M.9 

Co, Ltd. Hambro life A ssu ra n ce limited V iwL&?Sty— iot.o 

0V5345M4 7 Old Park Lone. London. W1 01*4800081 IntL M a n a grti . — 1043 . — 

l»gl l _ Fixed InLDep H287 13361 — J _ . _ ... 


Corn hill Ins. (Guernsey) Ltd. 

PO. Box 157. St. Peter Port. Guernsey 
Intel. Man. Fd. |1773 193.0| | — 

Delta Group 

P G. Box 3012. Nunn, Bahama*. 

D«Ha Inr. Sept. 19 -Pi-'&U 2271 . | — 

Deutscher Investment-Trust 

pMtfach 3889 Biebergaue 810 6000 Frankfuit. 

Cnnccntra [MEOW 2230)^0101 — 

lou Rentcntonds— | dUUJ0 _....{ — 

Dreyfus Intercontinental Inv. Fd. 

P O. Bax N3712, Nassau. Bahama t. 


Rothschild Asset Mngt. (Bermuda) 

ro. Box 66 * Bk. of Bermuda BltL, Bermuda. 

Jlefen-c .Voetr FdJ Jt'SULO 1 | — . 

Initial subAcriptiott price unlit SepL 26 . 

Royal Trust (CD Fd. Mgt Ltd. 

P C* Box 1PL Royal ThI Hse., Jersej- 053427441 

R.T. Infl Fd ISUK96J 1S4U .. . | 3.00 

RT InrL'Jn- 1 FtL.fe.O 9961 ... I 321 
Prices at Sep* 19. Next dealing Sop* 26. 


Scottish Widows' Group ZidlFJT** . 

PO Box 9G2. Edinburgh EUlfiSBU. 031-6556000 SopLlO IRS1U0 -OU\ 1 — 


01-0809171 Inv-PTy.Senn l_ 

— Inv. Ply. Series* 

— Inv. Caab SepL — 

— ExDtAcc Sep. 30 

— Ex Cline Sen. 20. 

— Vend. fun. sop. ao 


15*3 — — 
isojI ..._ _ 

28361 — J — 


Emson & Dudley TsUIgUrsyAttL gf , ^":t“" elus ‘ : 
P.a^TS.SLHoUjc Jjrroy 05»»»l Fond. 

RDiC.T. P3L4 139.91 J 360 Channel Capital*-. ZSU 

_ _ ... __ Channel Islands®-- 1580 

Eurobond Holdings N.V. cemmod t— uu 

Handelxkade a* WiUemund. Curacao g- SFJfSjJrr 

si.rixea" , r, idi 


Save & Prosper International 

Beal Inc lo: 

37 Broad SL. St. Rdier. Jersey 063420981 
VA DoHsr-deaomi nated Funds . 
PlrFxd.loL-t— .1935 9.90 -.... 727 

Internal. Gr.-J_-_.-l8 03 8 69] — 

FarEastern-f [5289 57.181 — ' 

North .American** .1421 4.451 — 

Sepro-t. 1 15 59 1764] — 


rtccj Sept. 20. Next deahne Sep* TL 

m Shipley Es Co. LXd.V 

i.FoaadertCL.ECC Ol-SOOlC 

nils Sert 20 — [229 6 246.(5-29 «J 
^■CJS#rt 26 --|Z 9 a 6 312 ^-Jefl Ai 
lie Tndi tai ici 


4 *E=S 71 t,eaL* S 1 « L ^c*TW«l J TSurt-m SSj ^ 

.71 is Legal & General Tyndall Fund? . ^ — 

-.-1_aC 1R Csayntx Road. SriatnL CC72CKI " Sm ^a ' 


,r .nd 700 

. ill Amin.. 406 

_-tfi Income 39 l4 

. . .income—.— 305 333J -0.2 935 Wonfaipg. WemSusxex " 

221 235rf-02 343 First lBatacd.1 

: — lb X 2fl4j -Oi 428 Da (\c«anJ 

was 20.0 2lJ _... 389 s&^driCsai 

*W- 233 2451 -83 661 Third i Income 

*L August 10-1689 6*51 --4 955 JaiAcnSS!. 

ada Life Unit Tst. Mngrs. LtdLV 

Wfc Vmt Tst. Mngrs. Ud. 

,«<l A cctun. H98 52-a-QB] 431 7240. Gatehouse BdUAylrafaurc. 03J050H 

K-Dirt J34 9 36 7j -a 5! 739 Equity Accum. [17*2 183.4) J 367 


38 On) — 0 

a 3 -0 

5ZN -0. 

. 41.3 - 0 . 

Mia -o. 

235rf -0 

za« -o 


rjjc lft Cns.tnge Road. SriatnL 02CSS54I Ml *^2 7Z) ~ 

5ep**i- JrirSept.13 «-« J-« Money Peas. Acc.. _ 1021 107 1 — 

tAceitBLl nils*. ...18LZ MIN ....4 AC Uainilial )9B3 10351 ...J — 

Next sub. day October 11. -Comml unit valun ScftU-mbcr 25. 

-2a”2s Leonine Administration Ltd. Beddve Ufe Assnr. Co. LULV 

-Jo5] 4 S3 2. Duke S»_. Umdon WIMttIP. 0I-4» 59B1 71. Umnbnrd St. EC3. 014=3 12 

Leo Du* 1818 8531 -Ul *64 Blk.Horse.Scpl. 1-1 13425, I 1 — 

-0 6) 455 Leo Accura J88.7 93 4] -1 2/ *24 Canada Life Assurance Co. 


8531-131 *64 BUl Horae. SepL 1-1 13425, I ! — 

93 fl-ia *24 Canada Life Assurance Co. 


rit) __ Equity. . .. 193.9 

-S (J _ Propeny-— 1657 

_ll _ llanagedCap 150J. 

-aw — StaMged Arc 1862 

+n_ll — . (MMCM 1316 

“ J Z Gilt Edged 1266 

"■'I American Arc.__ 102-5 

| VenFU.Dep.Cap — , 129.0 

,_j[ Pen. P I UcpAcc. 151.7 

| _ Pen- Prop, Cap. — Z 07 .S 

■;;'| _ TVn.Prop.Aer 2*93 

r 22. Pon-Malt-Cap- 22*9 

. ‘ Pen. Man. Aer 2867 

LV Pen GlltEdc.Csp... 03.7 

0t-C331288 Pen. Gill Edc- ACC.. 1312 

I Z* Pm- RS. Cap 12S4 

1 Pen-B-S.Acc. 1435 


NEL Pensions Ltd- 

Milton Court, potting. SUK9. 381 

NeJcxEq.Cap._-_ 090 93.6) — — 

NelaxEqAccum.- 125A 13*0-0.1 — 

S 3 - = 

KalexGthlneCap- 53.9 56.7 . — — 

Ndea Gib too Ace- 55.7 58.6 — 

Nel Hxd.Fd.Cap_. 485 5X0 _ 

Nelllxd-Fd. Acc— ^7 S3 ..^J — 

Mart gob. day October 35 


Solar Life Assurance limited Handeiskade a* wiUemtmd. ci 

iSSpwwIzS:? 119A 7 - NAV per ateue September 28. SUS20M. 

Inlar fSuSl ;CZ ^6 1 M .8 -*5 — F* AC. MgmL Ltd. Inv. Advisers 

Solar Cub S_ 10X6 107.9 +DJ _ l-2.InnrcnccPouatneyHiU.EC4ROBA. 

1005 1068 —06 — 01-623 4680 

*-* gsl -°- B — cent- Fd- Sept. ?n_\ SUS624 1-0511 — 

73 l §5 Ifll Z Fidelity Hgmt. & Res. (Bi 

10X4 107.7 rO 1 — PO. Box 070, Hamilton. Bet-mac 

100.4 106.7J-06) — FWeHtyAm.Ass._J Sl'529.09 


Solar Cub 
Solar InSTl 
sail Solar Managed P 


Solar Proper 
Solar Equity 
Solar FxcUnLP 
Solar Cacb P 
Solar IntL P 


26*4 — X 7 238 

166.4 -12 467 
1393 _.... — 

100.4 +DJ 025 
1216 ...J 1 X 43 


Fidelity Hgmt. & Res. (Bda.) Ltd. 

PO. Box 670. Hamilton. Bermuda. 

FWeHtyAm.Ass._l Sl'529.09 I J — 

Fidelity Int. Fund- SUS 2433 ( . .. 7 — 

Fidelity Pac. Fd | SUS57B6 I... — 

50 1 + 039 ) — 


4 M Lloyds Bk. Unit Tst Mngrs. Ltd.V (a) ■ . M High St- Pdiera Bar. Hens. P2ar 51U0 

212 pj ^ 23 1283 .affiMSftf I -"~i = 

58M -1.1) 458 Cannon Assurance LnLV 


«l Aceum ._..|498 

■ tc. DisL 134 9 

te. AccuitL— ».^5.6 


£ 3 = 5 . 1 ! 759 


saw -11 458 vonnon Assurance i3-i7.Tarixto, 

7?t -1.5 438 x Olympic Wy M Wembley HA30NB 01-8028878 HeariioTOfak 

^ ZS'n EouhyUniu JQ8A6 - -0.041 — 

2cn 1 5 Ppopertr Q0 29 — .... — . Wfif gamm 

S -}-3 . 5-70 Eqx,!^ BorutfExee.. 02.Z7 12.98 -fl.06 _ 

HSe ew Prop BomtExec..- 0354 1*53. — — NLA Terr, Ad 

So “Sr BaLBdJExeeiHnlt. 0364 14 43 — faproperty Units .. 

789) -07| 735 Drpoal t Bond 112.4 118.9.—. — ProperwSeries A 

m-_, Eqnlty Accura 193 — -I — Maonfiod Umta — 

Mngrs. 120. Property Accum— 03 01 — — Managed Serie* A 

try. OM059J1 MnfiTAccmn..— . ,1679 -2 — . Moans ed Series C 


Pen. DiA-F. Cup. _..{ 1038 I 

Fcn.DAF.Ace | 1052 1 — 

Hearts of Oak Benefit Society 


15-17. Tariatock Place, WC1K8SM 01-3879080 Small Co's fL 


Nei uxd. fa cep-lKSs 5x3 ZZ\ — Son Alliance Fnnd MangmX Ltd. Fidelity pnc.Fd._I SUS5706 I ! “ j — 

NeliIxd.FiA«_|497 53-^4 — -Sun Al bonce House. Horaham. OW36414I FWeUty WrIdFd_..| SUSI6.50 [+<U9( — 

- — - - SSSES 3 ^r , i« 1 “ J i::jz .^.ud, 

— TWI VenftkoM Managenmnl Ltd. «« , . . . W*erlooH»e,DonSL.SLHelier,Jeraei*. 

48 Grarecbnrch SL. EC3P3HH. 01-8234200 SH8 Alliance Linked Life Ins. Ltd. CQ34 27361 

Manaced Fund — p583 1*5.1) .| — Sun Alliance House. Honhom 040364141 Series A cTotnl l — J WJ5 1 1 — 

Prices SepL X Nest dealing OcL 2 Equity Food U34X J4X2J -211 — iri Iroic I """I "" 

FlxcdloureslFd 1073 mu -oa Senes D (A&lAkjI U9A5 I , — ..\ — 

Nfev Zttkoi Ins. Col (U^ UdV rropeiiyVttnd m2 utS — _ ^ 

Maitland Hmtae. Southend SSI 218 0902628SS SSSi'SHSi Pi “ wft 4 iSI — F l rSt ViMn C Cwnmodity Trusts 

— ... - _ . n»wMrmru4 rann J03i — 1 «< RMrw'RSr IUi.kIm 1 M 


sua. i*w. u*»i .*■«, 

040364141 Series A (Total 1 £4X5 1 J — 

_2.U _ Senes Btpnclfici.-. £10.19 I __ J — 

-aal — Senes D lAmAMj) 0965 I 1 — 


-Prices on -Sepc » 

Schlesinger International Mngt. Ltd. 
4 L La Matte SL.SL Heller, Jeraey. 09 CM 73138 . 

&.UJ M 85 ] -J 053 

K-A.O.L *92 697 4 64 

GillFd 225 22.7 - 0 J 1211 

lntl. fd. Jersey U 0 . U 6 -1 317 

latnl Fd.LsmbnL _ 1 X 59 - 1220 - 0.03 — 

•FtrEast Fand _ 102 108 ...~( 278 

■Neat suh. day September 27 . 

Schroder Life Group 

Enterprise Honse. Portsmouth. 0705 27733 
International Fnada 

CEqnlty (1226 130 . 4 ] — 

SEquily 145.5 154 71 — 

IFtxed Interest — M 03 149 H ... — 

SFIxed Interest — 1068 U 3 . 6 I — 

EManagcd 1345 143.0 — 

managed 2256 133 ^ — 


ZOwtKeylin’.naa 


— ■ H 50 Samuel Life Assnr. Ud.V 


Tecbnoloj 
Extra Inc. 
American 
Far East Pd. 


„n — NLAlWr,Addisen»b«Bd,Croy. OXfflO<355 Ollt Edged fA 


>*J dames) Mngt. LULV . 

M Broad St. EC2.V1BC OI-5386CJO See nlaa Slock Exchange f 

-.fal- — » — -_J 89 7 955 ri J 2 M American-- 505 M. 

tui ... 107.7 934*1 ■ 1 6 S3 lArcum UaiM>_-... 5L6 55^ 

icM an SepL 20. Next dealing On. * Aucrialasian 583 62 li 

.... lAccum I'.niai .... 596 u I 

rol Unit Fd. Mgrfi. LULV (aK«> Uummochh- — 814 86, 

jra Rouse. NcumKie-Ulwn -Tyne 211 ® SSS^ndSiSifi: BA 1 »': 

6l - — r-.-. - — —ESS SS fonvyraion Growth W7 74: 

ccmn. Unite.. [69 8 91 5 | — -1 3 61 com en.ion Inc. 72 6 77 . 3 i 

gS -j ^4 265 - 

jxem. Unlta. T |57./ 6S 2} .-...) 7.70 European B2 56 

0c . U>t ^..' iJknm Units) MS 58.1 

nties Official Invest. Fd^ E»tuLS'i*ie_ 9X5 97 4i 

' ndna Wnll.ECTN 1 PB. 0I-S881815 

= I r:i *7* SSSfi^B t 

•autb. Only available to He*. ChariOea. Ml ^ 

ChmtertwtmeJ^AetoceJomro Finlay. *&=»— m* 

dtuin Trast Managers LULV(a)Ufl r ^ \ ^5?; 


Equity (UL 4 

SndProvcny U 63 

2nd Mswunid llOLO 


lighYieiii {46.4 48 « J 

-oxtaa. Units.. |57.7 6321 .—1 

Next decliu date October A. 
rities Official Invest. Fd$ 
ndoa Wall. EC7S 1DB. 01*88 

■ ne August'! 3 ..[143 17 — I .._.J 

. m. August IS. (27666 — | .. .| 


M & G Groupf (yXcXz* awMaamrod uxi 

Three Quay* Tower HdL EC3R 6BQ. B10M «50B ^daii * UJ 

See nlaa Stock : Ebetange DjaiiMn 2nd. American — 940 

American - 505 543 -05 LM. 2nd Eq Pens .'Acc. . 104 < 

lArcum UaiMi JL6 555 -0J X« CivJPto PcnJ!/Acr . UOi 

Aacriniasian 583 62 In -lo 12T 2nd Med Pen s/Arc 1051 

■ AecitmUm tei .... 596 f£5 -1.0 129 ana Dcp Pens/Acc iOTi 

t uonoodii) ..... 81.4 -0A 4^ 2nd G« PonalAct 911 

« Ac cum. UnSU.) 88 9 94.7 -0 4 « aid .Am Pens/Acc. 960 

Lorapmind Growth U86 1M7 -0 4 346 LfaESJ.F. 405 

ronwraion Growth W7 742 -0.7 2.W LfaESJ.F £.. — -.285 

(.Dnicmoalnc._ 726 71.3n -*S J 758 • Current va uc i 

Dividend 1289 139 9 -0.7 737 r~l*-l Ilf. 4 „„r 

■Aecuat UniUi 2444 2652 -L3 737 Capital LUe ASSU27 

European 332 567 +0.9 336 CoWston House. Chapel 


107J -03 -0 

112.4 — 

106.9 _.... — 
1033 — 

96.6 .... — 

443 — 

nil -02 — 

117.0 — 

11X1 -03 — 


-03 Money Unite 


Monro Series, 

Fixed InL See. 

Equity Serie* A 

._ Pn*. Managed Cap.. 

, aid. American —940 993 — Pna. Mamwod At 

J-5 2nd Eq Pen* .'Acc. . 104.4 1111 -02 — Pus. CTeod. Cap. 

}-£. avlPro pewKAcc . U0.6 U7.0 . — Pnv (Tteed Aer. 

2nd Med. PensJ.\rc 1050 11X1 -02 — Pens. EqaltyCap. 

2nd Dep Pens/Act 1008 1662 ._... — Pen*. Equity Ace 

2nd Gilt FeiufAce. 9L8 .973 — PatFidlnt-Cap 

Ag Bid.Am Peas/Are. 960 1016 -. 1‘nsFxd lnt-Vcc. 

3*6 XfaESJ.F — 405 43.0 — Pens. Prop. Cap 

J2 LfaESJ F 2 2*5 30 i] ^4 — Pens. Plop. Acc 

'■* ■ Current va uc September 22. 

737 Capital Life AssuranceV Imperial Ufe Ass. Co. of < 

336 CoWston Hcirar. Chapel Ash Wtnn 090S28S11 imperial House, Guildford. 

Key Inv est. Fd-.— — [ 107.79 | 1 — nn_Fd SepC22 — 1798 85.9] 

727 Pacemaker] nvJ* iL .] 214 76 ,J — J — JuasJU Sept 22_ [72.8 79i[ 

»« Charterhouse Magna Gp.V .. . _ t? wt ujW Portfolio 

S Sh&?' K^I rtSwiw« 2 r CeMr< ‘' 8to “ Wey ' nSSfltaL FalUrrffii ^.tJ 


1*74 __ 

1095 _... — 
18X4 -XI — 
107.4 —06 _ 
10X9 — Ofa — 



I Deposit FDnd 

*“J — MiiucbH Fan 


B Tiori "i-J ~ a.Sx Gro ree'iiSt. Douglas- ! o.M. J- « 

_ 119J>1 -13] — 0624 46B2. Ldn. Affl*. Durbar fa Co . Lid- 120, 

-LI — c..iH.dr I m l hmCl1U 53. Pall Moll. London SW 17 5JH. 01^307857 ^, 

-22 — Sun Lae « C«agu Ltd. FsLVik.Cm.TW._U6J) 37 9W I 230 Trai 

+2A — 2.3,4.CocksparSX.SWlTCBH 018305400 FSLVtDW.Op.Tst_ 73.0) __J 4XO Asu 
+L9 — ifapte U.Ctth 1 219.1 I -...J — _ Dari 

— — 5 ftS e K-& d — S 5-2 |-?-a “ Fleming Japan Fund SA. J*p* 

ivn i n* pp £ >? _| 2IU I .jfj — 37* roe Notre- Duma, X.a*embourg 

1 1 1 FSemusgSert 19_| 5US6J31 | J — **“ 


9 a 7 -ox — 

1035 —05 _ 

1341 — 

16*6 

1120 _ 

119X _ 


CDD.lMpo«ttF0__ 

PferanL Pu. Fd, I 21*8 I 1 ‘ i'u^uome, juumranmuis 

Norwich Uafam Insuranee GronpV 1 1 nemmgserti 9 _| 5 US 6331 ] — ] 

PO B« 4 . Norwich NR 13 NO. oeo 322 aoo Target life Assurance Co. U«L . _ _ _ . . 

Managed Fluid — BL8 Z334 -IN — Twget Hottfm. Gwebome Rd, Ayteahnn-. WOI1U HIM Ltd- 

Eqsrtfy Fnnd 56*7 389XI-X9 — Buck*. Ayiestrary |0C96)SSU Butterfield Bldg, Hmallltm. Eermnda. 

JS-J J3?2 “ Man.Fn«5JBe IRMLO 1053]. — NAV Aug. 31 ] $U5M*9L ) .) 

Fixed JnLTinW — 153.4 1*1 W -IX _ Man. Fund Acc 1217 1302 — 

Wo 112 ! . 1 - - £aa-j£ = G.T. Management Ltd. 

Projj. Fd. lav’ 1D*9 0 ! Park Hseu, 16 Flnsbmy Circus, LondoE 

Thoenlx Anmnce Ca. Ltd. . FlSd Idl Fd. I nc- lozo 1073 — TeJ: Ci]-6» a\3L TUL 888200 

aa Klne William St- EC4P 4HR fll<4BBS87A D*pJ*«Lliic %3 1014 •— Lonpon Agenia fo r. 

Vnallh Aaa fllL 1 HeiPlon Ac. Pen. ..[7*5 80.fi -i‘b| — I Anchor •B , .UniUL..-jsCHJ7 1251 .. . 


J. Henry Schroder Wagg ft Co. Ltd. 
JSI.CheapiJde.RC2. 01-6884000 

Chen S Sept 22 SUS 1224 I- 0 .D 11 237 

Trrialsar Aue. 3 ! . SUS 14325 | _...! — 

Asian Kd.SepX IB.. UK22U 22B8 | 241 

DariiogFndScpt 22 SA 2 .OT 2221 J 4.60 

Japan Fd. Sepx 2J _ RCS8.46 9n] J 0.44 


10X0 _ 

10X2 — 

182.4 __ 


m$SEE£"^5 iSl 

Prop. Equity ft Ufe Asa. CaV ^t^FdIa^_Si 

1 IB, crowtord Street, W1H2AS. 01-4880657 Prop.Pen.Fd.Acc. 1515 

R. Silk Prop. B0.__| 185.6 J [ — »X1 

Do. Equ ty BA___j 792 I J — GasrJ’en.FcXAcc — 95.0 

S^xItowyBd^l Tri l l i _ Gnar.Pen.Fd.Cap. 95 0 

aranuKIN. | rnstfa 1 1 jXAJfcfcRLAeEL. 9S.0 

Property Growth Assnr. Co. Ltd-V »w*PemnLCap —|953 


Imperial Ufe Ass. Co. of Canada R.: 

Imperial Ilouae, tTuiidfdd. 71253 Ef, 

nn.Fd SepL 22 1795 85.9] 1 _ 

PonsJ-d-^pLIg^ [ 728 . _ 79 il — .J — Pr, 


1073 — 

UX 4 _ 

80 . 9-10 — 

67.« -03 — 

141.1 ._... — 

1287 — 

158.9 _... — 

130.1 ._... — 

1595 — 

1592 ..... — 

100.0 — 
100.0 ..... _ 

1000 _ 

100.0 — 


Sentry Assurance International Lid. 

P O. Bos 330. Hamilton 5. Bermuda 
Managed Fluid — RDSJB 25B) | — “ 

Singer & Fried lander Ldn. Agents 

20. Cannon Sl, EC4. 01-2489048 

Deknlonds — IDN2695 284«<rOJi)| 5.98 

Tokyo TuL SepL 1-1 n T -S.40.00 . — X55 


nav Aug. ai j 5ua9*9l ) — 1 - singer ft Fried lander Ldn, Age 

/;T ManaiBiBHl V#oV 20.Cjnnon Sl, EC-I. Ol-H-j 

pi; Dekafonds |DM2t95 284««r0Jj0j 

Tri^OX^ « 3 l!^S^ 8 WI 00 S ’ 1/3 TotyoTiL SepL 1 -I n’ 5 . 40.00 | . — | 

Anchor ■B ,t u5ik!'^C5i07 119... 389 Stronghold Management Limite 

Anchor GiltZd«^.k9Je 988 -005 12J15 P.0 Box 31ft. St Hehcr. Jersey 0534 

"ehSifj” 5 sr.So al Sr nm —4 

Berry Poc Fd f SUS5494 0.73 „ . 

Berry Pac strig — B29.m 34424 o.B7 Sunnvest (Jersey) Ltd. (*) 

GT.goptfPJiml — 5US13 92 *0(0 536 l2 1 ' Trt 'R?i 7 S« 

U.T Dollar Fd SUR751 0 67 S 

UXTPaciticFd. | JU 516.60 +012 0.B Jap. Index Tal ]£U37 1X60J-0.N 


189 Stronghold Management Limited 

12 Bp P.0 Box 3IS. St Helicr. Jersey 0534-7146D 

189 Commodity TriiSL- 192.93 9752) 4 — 

0.73 

o.B7 Sunnvest (Jersey) Ltd. (x) 

l-S Queens Hso. lion. Rd. Sl Helicr. Jsy 0534 2T34B 
Americnn Ind.Tst.-lC7.76 7 92] -0061 — 

Copper Trust Inx24 lxsa+ooa — 

gg Jap. index Tai lojJ7 lX60]-O.Ofi — 


■‘*wSL EC35L4TP. U1-283SSS Japan 

iron — I.Z1232 25 0] -021 161 -Accirm. CriUl.. 

Income 445 4 HtJ _ 1 862 Magnam 

- nnliaanlTsL- wzai.A 284|-D3] 297 
- petrcfc. Tst EBX 30.3d .. . ] *12 
, Growth TsX.^J 255|-(IJ| 735 

federation Funds Mgt. LUL.V (al ' 

'anceryLane. wruAIHE 01*2420382 

. tflFund J47-6 50.0) ] 3 82 


31X6] -1 

120 3-0 
702 i{ +0 


Magatun ... - 

lAccntn. Units) 

Midland 

i Ac cum UnH&i— 

Recocmy- 

i Aer um. Cnliaj 

Second Gen 
i Ac cum. Uniui— 


ULFuad — — f 47 b 50 0 ) ] 3.82 ■ special ___|182.9 194 8^ -O ' 

. lAccum Unllsl {Z327 247 ^ -0.< 

nopolitan Fond Managers. spectaitaed ymda 

nl Street. London SWL£ 0EJ 01 - 73585 = 5 . -r W,^ 


1886 -04 
190 3 -0A 
242 4 -12 
3051 -L6 
204 4 ..Tj 
3593 .. ..J 
979 -OX 
10X0 -02 
206.1 -X0 
3131 -Li 


- 0.1 * 4 Z -MHWO KrortsO 9 OB 04 l 273 l^circ C a p. Fi“T Wll iSji Z 

=ii II S^ffirzg SS :z “ — gin asu - 

“5 S S|? CJutfaflc. Mfi/uilcdM ACS 42 L 5 — 

t -5 HSSEBquiiy!l- 37 ji M-# »4 — - IrisJi Ufe Assurance Co, Ud. 

-0 4 226 151B Z 11. FJ nnbnry Square. EC2. 014B882 

Zli is d. Ltd. 5 »fta^;S 6 tgll rd.i J 


LaonHonoeLCrimloa.CBSiLG Bi^sooaw Tn B .inb.n»b™ a i ra. r* nj Gartmore Invest. Lid. Ldn. Agts. TSB Unit Trust Managers (C L I Ltd.- 

Prop«vFm3^-l H73 ) 1 _ ^^PBt^raarionalLife InS.Co.yd. z, SLMaiyAae. London. BC3. 01-2833531 Bagatelle Rd.. St. S»vwur. Jersey. 053473404 

mSSSs^bSSBTI 1KI I I — SBr e a m Bl dga . EC4UCY. 01^054407 Gariamrr Fuad Maak (Far Erall Ltd. Jersey Fund {5X5 542) I 4.43 

TuUplnresLFd.— [1523 1W 5 -HI — 15tO HutchUon Hie. 10 Harcouri Rd. 1LKW8 Unernsey Fund — 15X5 54^1 ... ..1 443 


Properly PttndfAL 

AcncuJtnralPund. 


Aerie. FJand (A) | *■ 77X6 

Abbey NaLPnad_{ 13faS 


SKSSWStrK, iM=J= 


: -ssefiBi S3 =1 tssaife^LS3 ^ EEsSi'i 

: L'nil ™. lul M jgaKr H il 7 1 

vine Cres. Edlnhurgh 2 031-2264B31 Peaa. E*. 5«pl* 36 » . 15X3 159.7J X5t 5J9 Periprm Unl u. ] 

; ftSSEj?, — Efi — 1 \2Z MasuLlfe Management Lid. City ol Westminsti 

' Hlgh-Dta.' [462 . 49U-0 5 in *’L Ceorce's H'aj*. Stcvconse. DUB 56101 THcphonc 01-684 9004 


5f SSKSdn^glf 

3JB PinAFund 1712 

T’ratB. Hru;d. Cap ... U8.9 

* 05 Pens. Mngd. Acc — U*1 

6JB Pent Money Cap. -2'4 

10BJ Pena. Money Aec.._ 49.5 
73, PWW. Equity Cap™ 58X 
jm Tent. Equity Acc.— 68.6 

Fluid curreutly r used 

— -* * CW.— , ITn.E t 


663 -l.< — 

au — — 

13X0 .... — 

651 -03 — 
17*6 -.... — 
1253 — — 

1300 . — — 


Sing ft Shawm 7^d- 
90.ConthiU.EC3. 0KBS6C 

KSUSStf " 1 - 


Z La ogham Life Assurance Co. Ltd. 


■j Abbey NaLPnnd_ 

Abbey Nat Fd. (A). 
014B882S9 InvesOnentFUijd— 

zd.i” 

3 z 

_.J — Money Firndw — 

Ac mart al Pand 

, ClH-edB«JFuail_ 
* GUt Edeed Fd^tAX- 
OW52SS4M 

L AirWnber Ac Uta 

VAUWeatbtfDoL. 


41 = 


160 4 -10 — 
126 9 -0J _ 
13X8 -08 _ 
136 J -0 9 — 

1453 -0 9 — 

Mxnnd Inv Fd 1 ml _ [103.0 108.4 -0 7 _ 

MnEd-lnvJ^tLAcc {103 6 109. 0[ -0.7 — 

Trident Life Assurance Ol Lt<LV 

Renalnde House. Gloucester 0452 365U 

Maaaeod_ BWO 135.fi I — 


Tulip Ma Bird. Fd_ 
Man. Bonded _ 
Man. Pen. Fd. Cap.. 
Man. Pen. FA Acc. 
Maned Inv Fd lntl 
MnstLlBvJ^iXArc 


Gartmacr FlnW Mast. (Far Eafcft Ltd. Jersey Fund {5X5 542) I 4.43 

ISO HutchUon Hie. 10 Harcouri Rd. ILKonc Uueni>ey Fund — 15X5 542] 1 4 43 

Hh faftc. U.Ttf... BHK3.925 42001 I X90 Trices on SepL 20. Next sub. day Sept 27. 

Japan Fd. gISSX533 HIH .....] 0 50 

HitUB^ Fildir | sS Pacific Holdings N.V. 

Gartmore lavrsanl Mnt LW lnonus Mansncment Co. M. Curacao. 


Gartmore latrsnaml Mbkl Ltd. 

PO BotS^Doueias.IoM. . 082423911 

(Tonmore Iml. Inc ..123.6 251) | 1030 

Gartmore lntl. Gnhj77.2 S22J | 220 


NAV per share SopL 18 JU.S.70.10 




ar»^i ar'rr *!*<?*> u*> mm. i - roM&s 

^ Soc ’ u± 7f^J k . G ?^ 1 2***™*}*: 


Imemafl 

High. Dua. — 


Reserves Sl 2 943 - 0.61 481 GnTOthCnits [582 613 ] J 3 A 8 FimUnUa— W 5 J 

•TokM_— _,|Z45 26JJ rO.D 109 . . , ■ rroperiy Units J540 

• »i! . „ Mayflower Management Co. Ltd. - Commercial Union 

rretitmuy Unit Fuad Managers i 4 i 8 CreshnmSL,Ef 2 V 7 Ai; oi*« 08 OW suHolo's. i.Uoderahan 

: londiWd SI_EC2ai7AU 01-RI844HS Income l S«a 12. — JUX* fS VrAnAcAl Sort 23 I t 

ncSertlS-UKO 208 .fi _..4 *42 ^ Z”! IS g^-ggEsTlfc 

y VWnchester Fond Mnst. Ud. nercury pond Managers Ltd. - ' 50 . chancery Lor».wc=A 
1 e ^ of 'tL“ 01 , jIS? 30.GrCbhamSuEC2T212F. OJ-OOS 4558 f Equity Fund — — 11«0 

iKr^SilzM ”S|r::j 3 « .t"^» a,euo 1 P"-’- 




Kirifigwood House, Ki nsre o od . Tad 


yj : rruperty Unlls._ ..J54 0 56 71 ■— 4 " l’S3lUuS^^!i.J960 

i . Commercial Union Group Do awui U 5 

“TSfi I D,! f 3TS00 ^“S^irzziMi 

■jjs VTAnAcA 1 Sort 23 61 J 7 Initial 1175 

. .. 3J0 Do- Annuity Uta.—l 1952 l — Do. Acral >n l«i 

1 Confederation Life Insurance Co. intf. initial 1032 

Ld- ' . . 50. Chancery Lane, WC2A 1HE. 012420282 Jfji 

OJ-OO0455O VEqutty Fund— — _ 167 9 1765 ~ ?**&£*? TZT SJ 

’S Fund .. 187.9 1973 ... .. — properly Initial 1001 

IS S&B&S'SF £5 Sit " SMTSTasroartitem 

z: » p™: 77J "■* =: = 

432 b S sC'ifcSSrz: = g*jssa ,5:,ii - 

Propwty Pen-Ion . _ . .--J — 


< ... ^W.tirruumhU&WJ'ai&n. wwnw TDauioruin*--— 

tSffWSsISJ SS :::::! » SS'A'i^Egi »WJ-. || 

ion & Dudtej- Tst. Mngmnt. Ltd. n* n l 2J» SfaS^uS wSSl- 

rlmcton SL. S.W 1. 01-4097551 Merc.EsLAug M_ 233 7 243 4m 432 CrouMncd Pm. .. 

■ ~ " “ 2fi*o (j2 MjM iql r^D.-o«e. 


in Pudhry Tsl. J 735 791 ] 42 . 0 ] 381 

For Eqnltis Securities Ud 
see Abbey Unit Trust Mngrs. 


ity & Law Un. Tr. M.V (BKbKcK*) SheHtcid. si 3 RD. 
rshamHd, Hit* Wycombe. 04M3S377 DoASSa*^ - 
UfaLaw 169.8 73M-U) dll \£ r V h 

nr>. ACC1UD - 

>es Finlay Unit Trust Mngt Ltd. 5 &p** 2 =; 

,We« Nile Street Glasgow. 04 I 2 H 1321 iVrnS ' 


Midland Bank Group 

Unit Trust Managers Ltd-V la) 

Uourtwcod House, Sliver Street. Head- 


Corn hill 1 ns n ranee Co. Ltd. 

32. Corn hi IL SIM . I 


« 11 ptfthFd Aug 30 _ jlHlO 193.0) — DO. Actum. 

5 -2 Credit & Commerce Insurance • , _ „ 


79 2] —0.9) 482 
9151 -111 *82 


Manured initial 1231 

~ Do. Accum. 1265 

Properly Initial 100 1 

— lio. Acctun 1027 

L*0al 6 General |l<ili P 

ZZ Exompi Caah Init 

... . _ Do.Arcnm. 

_ Exempt Eqly. IniX. 

_ Da. Aci-aa — .. 

Exempt Fixed Imt 

■ ■ Da. Accum. 

01-0265410 Evempc Mos«L lntl 

I Da. Accum. 


BrngiBealhOW 

18X7} +Ojl — 

123:7) -0.7) _ 
121 N -o.bl _ 

109 « -53 — 


Bl4fi.SotXtep.Ut_. 


Mewe d — — - R|g° 

Property 1513 

Equity 1 American _ 072 
UjZEquJtr Fund . 115 7 

Hi *h Yield 1432 

GIN Edged. 1232 

Money 1243 

lnieroatiopaJ 1052 

FlaraJ 130.6 

GmtUiCap 1302 

Growth Ace. — - — 1355 
Tens. Ms ed. Cop — 114 .7 
Item. Uond. Acc. _ 1254 
Pena. Gtd JVp. Cap.. 1034 
Fens. Gtd. DcpAcc.. 1004 
Pens. Ppty. Gap—.. US.4 


220 Tokyo Pacific HIdgs. (Seaboard) N.V. 


1602 ~ 

92.4 —02 — 

1226 -13 ~ 

1516 _ 

13X0 _... — 

130 .9 — 

11X4 -03 — 

1383 — 

138.5 ...... — 

3435 __ _ 

126.7 _... — 


Hambro Pacific Fund Hgmt. Ltd. tatlmis Manaeement Co. n.v.. l-uwoho. 

21W. Connaught Centre. Hong Kang KAV 1*“ *’**1* S^P 1 - ,8 SU-!»6L14 

l 5SW2JB Tyndall Groop 

ttoabm Boat iGrorosey) Ltd/ S^S!3K , "upLTt» 

Hambres Fd. Mgrg. ICJ.) Ltd. tAccutn. uniui |s£isi.97 iS | — 

P.O.Box 88, Caernaey 0481-28521 JWa 1 |,,tSt W- ;i..[HiS2J8Q IBfi I — 

CJ- Fund 11570 117.W 3 70 *Ne«SuSt. rid ler. Jersey _ 0534 3733113 

latnl. Bond SUSflOBSB 112251 I.-M 850 Ti^FSLfiep*. 21 £6.10 

lot-Eqauy SUSJ12.17 I255d yin t Accum. Shares) — E1245 

lnt Srt£ 'A* 5USJ106 10fi — ■_ .American Sept. SI- 93J3 

lnt. Svgv. ‘B - Sl’»X22 1 26) ’” lAceum shares). — 93.0 

Prices on Sept.- SO. Next dealing SepL 27. •’5 rs *'-f ™ 5“-5 


■■rh Sso * ~ Pens. Gtd. Dcp-tec.. 1084 114 B ..... _ 

Atl S2 id - Sizz 

Capitol Life Ass. Co. Ltd. 2 rrat.cT 1 »SdZ"r - 4 M w i " Z Z 

3 fi Ite bridge Road, W 128 PG 01-749 011 X rttesb value for ClOO premium. 

Ul Mil Fd:^zBa *7 liSjJ Z Tyndall Assurance/PenslpnsV 


American SepL 51_ f 
(Accura shares). — f 


Prices on Sepu SO. Next doallng’sipL 27. Acft?* t®' B20 

Henderson Baring Fond Mgrs. Ltd. S 2 i 2 !!!ShESi?“:K« 


1 099. Gammon House, Hong Kune 

J 3 p« pu. sept. 20 - grain 23 m 


IteBilonU 
103 81 


105.5 . — 

148.4 

1411 

I2T8 

1232 ~ 

136.0 _ 

1394 „ _ 

1038 — 

105J 


day InternoiT [25 8 
M. Unite <295 
ilay Income ._ 35 S 
da*- EumFin. 28 B 

jn.X'-uil 8 _ 32.8 

tfiiy FdJttTB: 382 
m.U mu* 346 


272 ] „_.J 2 

2 

3 ari 7 

38.0 3 

35 g 3 

32 . 7 ] . -., J 

. 37 .i| . - 3 


llX R^SSSSa — -Q2\ 228 CikraniJfeHrt,Wokin fi .l 

7.77 Do. Accum 50 0 £3 9 -0J 228 Mane d Fund Acc.- 108 4 

351 High yield. ....... , t* 3 715 -0 6 7 55 Mane dFd.Incm.-. 10B4 

3 51 D^AccumZZr: 703 ,75 6 r 0± Many d Fd. InH. 107 1 

3® TViciiy Pirtiw * iflgl 1141 — 5.49 Equity FA. AM. ...... 1£2 J 

3 83 Do Accum * 1081 1141 . .. 549 Equlljr Fd- locm - 1825 

- 'riMOMSEl Lfifert dcuilas Sert 2fi gomnitai. ..UH 

• Property Fd. .Wf..- 96.4 
- * Property Fd. Inca. 96.4 

Close 508-513 Propcny FV.lnlu. 954 

lav. TM. Pd Act — 1W3 

■ .. - i "r—| ' Im*. Tst-Td. farm. .. 1093 

_____ - Inv T«i. Pd. In ii 1083 

ASE KATES ■ - .- fSl.'ftSV*: Si 
1 . BEtRjlSfcSM 

05441. - ' Money Fd. Arc.. .'.970 

... Trr. ■ MmSnt Tocffl.— 97.0 

i and Properly Bond Table. •' •- , Djjo. Kd. Iqrm. WHO 

■ ■ • -J coatallfl.IntUU-.ttW 


301 uo.Rencnx St, London W 1 R 9 FB. 01-4307081 L*S »1 ft General Prop. Fd, Mgrs. Ltd 

351 Cfat'Mnsd. Fd 11220 132 Oj ] — II. Qnoen Victoria St.EOCUW* Oiaiaam rJ**v B.ii ~ 

Crown Life Assaraace Ox Ltd-V LfaGHrpJU. Sept-WA^ _»X 7 | 1 _ ^St-PtenaZZ 


PetrewraEqnire_ M0.B l45X — 

Pension Flrtlnt-. 120.7 224.4 — 

Deposit Fd.Cap.__ *7.4 58.0 — 

Deposit nL Ace. 47.4 508 — 

Bqolty Pd-CaB__ *7.4 500 — 

Eqmtyra.Aec.__. 47.4 504 — 

Firl. 1W- Cap. 474 50.0 — 

P\if.lnt.A«>__. *74 505 — 

IntnL Cap. _____ 074 - 50. S — 

Intnl .4Cc.__._- *7 4 50.0 — 

Managed Fd. Can., *74 50.0 ..... — 

llBnaeed Fd. Aec._ 174 50.B — 

Property Fd.Cnp_ *74 504 — 

Property ra. Ace_|*74 504) — — 

Frovineial Sift Aaourance Co. Ltd. 

32.BtefmPWte.KC4. 014478933 

SHzz 1 = 


— SB, Canynae R«ad. Bristol. 

— ■ — £WaySept.2i 1 li 

— Equity Sept- 2 1 


nocs Sort 20 . .Vest dcsiim; SepL 27 . -Pncra at Aug. 3 ). Next fouling Sej 

CORAL INDEX: Close 508-513 

INSURANCE BASE KATES 

fpro petty Growth ^ — -* — - — 

tVanbrugh Guaranteed.™^ ...... — — — — fl .gg% 

t Address- shown under Insurance and Rroperly Bond Table. 


MS Crown Life Assurance Ca. Ud.V 
226 CnranLifeHie-WtHdBfi,GD2IlXW<HB0E5O3S 
Z3 teanc'd Fnnd Aoc_|lM 4 U4.l1 -0.fi — 

755 Muuii-dra.Incin— 1084 U*1 -0-2 653 

755 Minc'd Fd. InH. 1071 U27-8.fi — 

5.49 Equity Fd. Acc. ...... W 2 J 1076 -X« . ... 

549 Equity Fd. Inem - 1825 1074 -L4], 55S 

— ------ " 206.7 -X 5 ' 


1074 -L4 5 58 

^ - 
10X4 -0.7 572 

100.8 -07 — 
115 0 -0.7 560 

1150 -0 7 - . 


^ JEV-g — 1 - ****-=. 

Prudential Pensions Limited* 
6 J 3 Life Assnr. Co. of Femu^mill HolbornBara.EClHf 2 NH. (U-( 

— 38-42 New Bond St, Wi 7 OBQ. 01*4008283 g^lt._FtLSo^20-)mj0 285fi 

iu LACOPUniU. [990 1840] «._[ _ ™ 


Bond Se pi 21 .. 

Property Sept. 21 
DeposlESepuZI 
8-WayPn Sept I 

O «eas Inv Septa 
MnJ>n3-WSept.l 
Do Eqnlty Sepl I 
Do. Bond SopL 1. 

Do. Prop. Sert 1 

Vanbrugh Life Assurance 

41-43 Maddox SL. Ldn. W1K9LA. 01-199490 

UaaaralFd. |15X9 1599] -lOI — 

Equity Pd. 2495 2625 -32 _ 

inuil Fnn«J, _ 103.9 104.4 -0 9 _ 

FteedTalmtPU — 168.9 177 8 -0J _ 

Proper Fd. 14*9 1526 ..._. _ 

Cub Fund— R205 126.7] -HL1 

Vanbrugh Pensions Limited 


Bnrioe Head. Bond Kd. SepL IS JGSI 0 542 . 
'ucliuht of any prelim, charge*. 

Rili-Samuel & Co. (Guernsey) Ltd. 

B LcFebvre Si. Peter Port Guernsey. c.l. 
nuernveyTat ]1AX9 175.4] ) 3.40 

HiD Samuel Overseas Fund SJL 

37. Rue Noire Dame. Luxerabmint 

liusnu a« 5 »o.DH — 


Virion House. IMBstan, Isle of Mon. 0624 241] L, 
— Manned ScpL='-l“OJl 143.4) ] _ 


I 43 .-»] ) - 


Uld. Intul. Mngmnt. (CJ.) Ltd. 

14 . MukaMer MreeL SI Heller. Jersey. 
U.LB. Fund ]ll'SBI 25 J 1 MJS) .....( 7.92 

United Slates Tst. IntL Adv. Co. 

It. Hue Aldnnuer. Luxembourg 
U 5 .lhLlnT.Fnd. ..) SUS 1 L 05 1 — 0 X 13 0.90 
Net auets SepL 22 . 


z 1 International Pacific Inv. Mngt. Ltd. S. G. Warburg ft Co. Ltd. 


PO Box R 23 T. SB. P)U SL Sydoc}. AusL 
Javelin Equity TW..JSA 241 251 ] | — 


30. Gresham SneeL Eua 
Ceuv. Bd. SepL 22. | SUS9.71 

Eos-lnL SepL 22 - . 5US18 69 

f.r SLSFd Aur 31 5US758 


JJB.T. Managers (Jersey) Ltd. f*r Sl *F d aub oi I sus 

PO Box IM, Royal Tfl. Hae.. JeHeyuSM =7441 M=rc£l>di-dSeptf».| 5 ESlUi 
Jersey Ektrnl T-n . | 197.0 2999 ] ...I — _ . , _ „ 

Ah at August sl Naxi «ub. Ujy SepL 28. Warpijrg Invest. Mn 


fSr 

llfij 1 02891 


Jardine Fleming ft Co. Ltd. 

4fih Fluor. Cunnaueht Centre. Hong Kens 


Warburg Invest. Mngt Jrsy. Ltd. 

1, Chorine Crou.SL Holier, Jay. a 033473741 

CMFUd.AuB.31_|ST5I3J3 U6M I _ 

CMTUd.AuR.3l ^ (03 82 MItf “““I — 


1^90 HculaTxLSepLSl— b 


JardJneJ-pp.Fd-rl JIK5401 93 ZJ 0.90 ZSJpfftlii-r;-- 
Jardlno S E. A j 5US2Q 46 I I 1.40 TMT Lid. bepL 14 


HI ^cop C »u._„|9w mif — | - Ofluem l 

- Lloyds Bk. Unit Tst. Mngrs. lid. Reliance Mutual 

5 7X Lombard .SL.EC3. 01-UQU8B Tnubrldj* WWlfa Kent. 

5 to Sami*. 1 vba — ] ixt ati.proii.Bfo. — j 2035 


Jurdine 7 ienU0L_ HK512 42 
loti Pne 5ee*.JIne..i.| HKS14.91 

Do. j Accum. i HK1516 

WAV Sept 14 . ‘Equivalent S 

Next tub. OrL B. 


12JM — 

aw _ 

1X6« — 


World Wide Growth Management^ 

ifta. Boulevard Hot-ui, Luxembouis. 
Worldwide Gth Fd| SUS 1 A 71 — 


imI -05 1253 u "y ds UIt Assurance 

SSI -0 2 - =“■ Cliltpn SL. BC2A 4MX 

1258 -M 3.90 M lit Gib Septs..- 158468 _ — _ — 

123 6-06 - rtp5'A'Pr.K*pL21*. OT7 1*7.1—. •— 

1021 -t-m 10 08 DptS'A'Eql SepL 21 145 0 132.7 

102. 1 +W — Ort'> , A , nv*Nepi 2 l. 1591 187.3 _ 

HAS - 5.9 7 59 WFAJtaaSepl 21. 1595 ttW _ 

— l — -I — aftS-A'DptSoBOl.tulB m 3 ( HZ] — 


ProdHtial fhMriiun T CimMmM 41-43 Maddox Sl. Ldn WIEBLA 014904023 Jardine Ed n TaL_ HKS37S52 X90 I — 

pruaemaat nssuos Xdmrtea? Muueod-. llox« IM IB -o 51 _ JsnuneJ'nn.Fd-. jikmoiis 0.90 IHTScpL H —.BUsan a* ] _ 

Holborn Bxra. EC1N 2WH. 01400032= ■ Equity [1105 Ub.fi ^XU _ JardrooSEA SUS20 46 1.40 TMTLnLbepL 14-.&L39 lxSfi ...| — 

EquiL Fd. SnL20_)E2750 2855) | — Flxbd Interest J9B3 2035 -Ofi — Ju.-diimHem.InL_ HK51242 — 

»S — - ^ atJ **-' S Z World Wide Growth Management* 

Prop. Fd. Sert 20 „ [0*68 273 o) ! — Guaranteed see Ins. Base Rates' labia WAV Scpi 14. ‘E^h^lenl SUS8X&L lfta - B«*>ward Rojti, Luwmhoiu*. 

Reliance Mutual Welfare Insurance Co Ltd.V N ’ ,x ' tvh - ° rL B Worldwide goi WI SliSim |-oO^ — 

SWpWltlW. , OBBSSSn vn B sJ B fop 8 rt.Exewr 0MB5S155 

Rti.Pri9.Bfo. 1 2635 1 -...J — HnoeraiakerFd. ...] U05 | I . 1UFITPQ ^ 

Kottachild F« ‘ ' 

Wi«l fiub . ctey Sertember =8. SoTti Albert Hsa. Sheet sl. Wlndior 88144 Include all eNpenm. b Tc^Qij's prices, c Yield ba*wd on olfer pneefd 

_ . . Ufe Inv. Pi ant 1764 72.6] [ — Uiwnluapnee h DlMrihirion frcoiif U.K. Li ves, p Iteriodir premium ranurancertanf 

Royal Insurance Grtrap FUtarrAjidVAtaa*. 22.00 J — pramtuin insurance. 1 ORered price iru ludes all cxpliuhk etrepi areni's rELmS. 1 !* 10 

NewBtilPtfaceAJmnuMl m iev7ran Fa«neAssd.Gihibj. «*0B ,] _ y (tiered price UK iudes all expenses ii bousht thrnurh matucen. * U™?^ 00 - 

PeaZI I £26.40 I — I - V 3U of tax on nalteed capital Sup. unle«. Indicated Cy 4^ Guemji/AS^S gayinrico. 


NOTES 


iteiee*; do nrt include S premium, esvept where Info-nted 4. and arc in pence unteLioti—JZ 
Indicated lieldx ishuwn in last rol u mm allon lor nil buying o.tpenses. a oUtavdmd 1 *® 


- RfijalStafalriPd.— .J 1074 15131 — i - 


I capital naiik. unltb* Indus led by *. a Guenumv er.ic. . 0*^ Priro. 
4 Yield beltae Jeney ux-T S^suhainK^ *““*• Su *P«irtrti. 



Fiaancial-fiffles Tuesday '/' 

I FOOD, GROOE»H&--0Mit 

«?!«!'■ S-* !trto!-1» ; 1cteiS5«r 


BRACKEN BOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Flnantimo, London PS4. 

Telephone: 01-248 8M0. ' 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel; 246 8628 
INTERNATIONAL AND BRITISH OFFICES 


jSDITOBIAL offices 


Amsterdam: P.O. Box 1 
Telex 12171 Tel: 240 


Amsterdam-C. 


Birmingham: George House, George Road. 

Telex 338850 Tel: 021-454 0CO2 
Bonn: Presshous 11/104 Heussallee 2-10. 

Telex 8809542 Tel: 210038 
Brussels 39 Rue Ducale. 

Telex 23283 Tel: 512-8037 

Cairo: P.O. Box 2040. 

Tel: 838510 • 


Moscow: Sadovo-Samotechnaya. 12-34. Apt. 13. 
Terex 7900 Tel: 200 2748 


New York: 75 Rockefeller Plus, N.Y. 10018, 
Telex 08380 Tel: CI2) 541 4623 
Paris 38 Rue du Sentier. 75002. 

Teles. 220044 Tel: 23057.43 
Rio de Janeiro: Avenlda Pres. Vargas 418-10. 
Tel: 2S3 4848 


Dublin: 8 FlUwiUiwn Square. 
Telex 5414 Tel: 785321 


Rome: Via della Merced e 55. 
Telex 61032 TeL- 678 3314 


Edinburgh: 37 George Street. 
Telex: 72484 Tel: 031-236 4130 


Stockholm; c/o Svens ka Dagbladet, Raaiambsvageu T. 
Telex 17603 Tel: 50 60 88 



Frankfurt: Im Sachsen lager 13. 

Telex: 416383 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex B825T TeL 838-7545 
Lisbon: Pram da Alegria 58- LD, Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid: Espronceda 32, Madrid 3. 

Tel: 441 6772 


Tehran: P.O. Box 11-1879. 

Telex Z13S90 Tel: 682698 
Tokyo: 8th Floor. Nihon Reizai Sh unbun 
Building. 1-9*3 Otemacbi. Chiyoda-ku. 
Telex J 27104 Tel: 241 2320 
Washington: 2nd Floor. 1325 E. Street, 

. N.W., Washington D.G. 20004 
Telex 440340 Tel: 00$ 347 8878 


ADVERTISEMENT offices 


it; rm Ingham: Georw House, George Road. 
Telex 338850 Tel: 021454 0922 


Manchester: Queen's House. Queen Street. 
Telex 066813 Teh 061-834 9381 


Edinburgh: 37 George Street New York 75 Rockefeller Plaza. N.Y. loom 

Telex 73484 Td; .031-226 4139 Telex 238400 TeL (212) 489 8300 

Frankfurt: 1m Saehsenlaeer 13- Paris: 38 Roe du Sentier. 75002. 

Tales 16263 TeL 554687 Telex 220044 TeL- 236.86.01 

v#eds: Permanent House, The Hndrov. Tokyo: Kasahara Bail ding. 1 - 6-10 Ucbikan 

TeL 0532 454869 Cniycda-ku. Teler J 27104 TeL 286 4050 

Overseas advertisement representatives in 
Central and South America, Africa, the Middle East, Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times,. Bracken House, 10, Cannon Street. London EC4P 4BY 


Tokyo: Kasahara Bail ding. 1 - 6-10 Uchikanda, 
Chiyoda-ku, Teler J 27104 TeL 286 4050 


£ 11 * 

302 253 
146 84 

90 61 

79 60 

£57 £4013 
275 122 
•218 134 
31 19 

•66 45 

1«* lOfe 

41 27 

49 41 

£95 £89 
£99 £89ij 
£981: S9U 
83 64 


79 59 

78 57 


27 19ij 
68 43U 


*40 16 

105 69 


65 42 

64 36 


SUBSCRIPnONS 


394 |325 
_?6 (1% 


Cones obtainable from newsagents and bookstalls worldwide or os regular subscription fm 
p Subscription Department, Financial Times. London 


234 156 
534 376 
02$ Q321 


Alginate tads. _ 
AlidaPackinp... 
AH’dColtotd lOfL 
Anchor Cbem ... 
BajerAG. DIL50 l 
Blasdentfoaked. 
Brent Chens lOp 
BntBeiuollOp. 
Brit. Tar Prd. 10p 

Burrell 5p 

Caries Capd lflp_ 

Caulm 

CibaGgyTVfc Ln 
Do8%Co\8W4. 
[Jo8y>iC[iv.gi95 

CaaliteiThem „ 

Coates Eaw 

Oo.-A’NV 

CwyiHoraceiSp. 
CToda Ini Wp_ 

CTvsralateSp . 

HhsiEranrd . 
Enalon Plastics- 
FannFeetL. — 

Fi$ons£l 

Halstead i J.flDp, 
iftsn. Welch aOp. 
HoecIWDHa — 
X^J-'uLKRnilusJLaL . 


41 

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£90 
£8912 
74 
78 
76 
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35i 2 
103 
65 * 

58 
362 
2SU 
225 

518 _ 

£325 |+1 


IDS ACEMarh!aH 7 _ 

180 A.P.V50p 

104 Aomr 

$8 Po-'A 1 

225 AdwestGroap^. 
143 AtoftAletamram,,, 
46 AUeafE) Balfour 

37 AStesW.G 

108 Anal Power — 

38 Affiki.S’cI«de_ 

32 Angio-Siritt 

111 AsSiLacy 

Sj A&British I2t|p 
25 Assoc Tooling— 
18*2 Astra IndL I0p_ 

79 Aurora Hils. 

92 Austin i Jamesi _ 

142 Am 

107 Babrock&W„„ 
43* Baileyif.Ei — , 
87 BakwPrritsOp. 

32 Eamfwils2)p 

42*2 BanroronsiSp, 
38 Barton iScms_. 

43 Beanlord lop 

16 Br,an»D F.i5p . 

57 BuuudWunlcast 

58 Bmnrhn Him . 
58 Iff has Fallal IBp 


207 

250 -5 
136 -2 
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34 

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dt73 
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Financial Tiroes Tuesday September 25 1978 

INDrSTRUlS— Continued INSURANCE-Continoed 


:.m ! 

• Us 


Stuck 


Hf I 


1 25 
‘ 61 
a 

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iJ-Hr.o-.Orr . 

72 LN:r=iv) 1 
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33 <Ii-KL. Kd . . 
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■rmi. fairr 


■ 34! 

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163 
130 

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j^i ■ 212 k 
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l^rny-tiifei „ .1 145 

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IjhI-viv i'Ac; . 66 

Li&jsune. ... 1461 j 
lluiiVr.r.vp 32 
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«xl ’ . Japo'i's .‘eaesr *■■» 

ir.is.-rzt frjl securities and 
m.-esimeni iunvrr.g 

NOMURA 

Tha Nomura Sacuritias Co., Ltd. 

NOMURA EUROPE N V. LONDON OFFICE: 
Baiter Swwof-s Hjll. McmV we'l Snujre. London WaN, 
Lf<-j<in EC-Vi BL °hci-e (Oil 606-J4M. B?53 


155 

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MINES— Continued 
CENTRAL AFRICAN 

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ft 

Duleainurajc. .. . 

24* : 

+ 1? 

— 

— 

ii JL SalsowlieSl . 

6 * 

+4 

re- 

-re 

18 


6 * 

+2 

— 

— 

81 

iiampis Aie.v.’p- 

Mciaj^Evadr . ._ 

131 


(355 

20 

10 

39 


— 

' — 

17b 

HIM Hide- St 

203 


Q9c 

1.7 

10 

Mnum Lyell 2b: — 

33 



— 

T’ 

Ne>*mei;J lde. — 



— 

— 

79 

:..inhR Hlll.iOi- 

120 

-2 

C8c 

ft 

Ri’ 

Mh Knlairli. 

141; 


-re 

— 

l* 1 


43 


— - 

— 

117 

UsHod-.csAl. .. 

155 


tQUc 

L9 


1'aiuirfiW'PCr 

lAui'-ont 1 - — 

64 

-2 


— 

7bU 

U0> 4 

->* 

— 

— 

l-‘ 

r---rr.:.i > 1 £-Fv _ip 

32 

+1 

-re 

*— 

110 

HcKivAAallifndTUc. 

508 

-15 

Q15c 

ft 

5(1 


205 



— 

84 

AAe.;nMininc5(V'- 

155 


Q>c 

ft 

35 

tumOeeklXJr 

40 

-5 


— 


•ri# 

W's 


21.4 

5.3 


19.4 


3.9 


4.0 

2.7 


62 


4.4 


18 


TINS 


30 

420 

tiO 

305 

155 

10' 2 

340 

225 

93 

11 

S4 

640 

470 

78 

78 

270 

64 

61 

245 

3W 

240 

85 

300 

100 

270 


104 


68 

17 

300 

465 

258 

90 

£1? 

74 

1E5 


i:S 

[200 

111 

8*3 

22(5 

130 

78 

7 

, w 

450 
28 1 ) 
40 
50 
165 
49 
47 
,140 
>230 
134 
55 
85 
74 
[148 


\mal Ntsena — 
Avprliitjni S5II. _. 

PerjitTir.. - 

frnuuui SMI 

tccvir . . - __ 
1*1.16 tee I2iy» . 

■ kipwisCiins 

Honclon^ 

Irlns top 

|Junuin^:f. _ 
KanicrinneSMOriO. 

Kiilnuhult 

MjJjy0redin,5.Vi: 
iPaiian: . ... ._ 

Wj> 

i’e’jlineSM] 

[Saint Pirsn ... 

SouthiTniiv l(ip _ 
|Si>Ul!l ‘■JTUS\Up;'0 
4ihn5bin>i.i5i1J. 
Ilunsei Bf'i SV1 
Supreme L'nrp SMI 
[Tanione 17-p . . 
Tundon Hrhr S1U 
|Truuon$Ml 



COPPER 

70 [HeKiiuMia ( 75 (-1 (tQ30c[ L9( 

MISCELLANEOUS 


?5 Han nun. 

58 




9 Huniu jln»--.iri’p 

13 




— 

215 •'on.'- Murch. Ifc. 

255 

-5 

iQ30c 

2.6 

245 Nonh.’JieCSl _ 

350 

-in 




164 RTZ . 

235 

-2 

93 

28 

30 SalniialntfatSl-.- 

52 



— 

750 TartiEiurn Si .._ 

S25 

+7 





43 lehuli Minerals ]f«i 

72 

-2 

♦135 


120 VuLonuias-CJl 

145 

-2 

Q7c 

2.91 


6.1 


18 

23 


NOTES 


Sri Lanka 

223 (123 (LinuiaEl 1 225 | (53S ( L5( 3. 

Africa 

620 (390 [KMt;re£: [ 610 ( 1 50.76 1 ft 1X2.4 

185 (130 iRiwiiues J 275 | flj 2 1 14j 

MINES 

CENTRAL RAND 


442 

420 


p40 

244 


£42 £29*^ 
178 |78i* 


nurbanfieepRl .. 
ElmPjwilTti E:. 
tettilunin E.-4. K; 
WtS Ra.ia RI 


405 
325 
£30k 
11 6 


M)350e 

KllSc 


6.7 


EASTERN RAND 


106 

37 

416 

152 

444 

75 

105 

73*; 

56*2 

P65 

63 


S 7 ** [3rarkcn9ile.. 

IS EUftUa^mK* 

lEH.Gu ftfiW 

;:r«tvlei3tk- 

Kinr^iR! 

iifs.'frfii''. .. 
Wjrvwle&JS. .. 
S. Aini-un l*i :i;V_ 
MaUiTranuta- - . 

'tt:thei'ija!(RO 

I^V.XiicJSc 


81>d 

251* 

-3'- 

-K 

Q44c 

n»2flr 

fj 

376 

-i 

fCiEOi- 


313 

-3 

1919c 

18 

384 a) 

+6 

Q55i- 

ft 

60/d 

-1 

Q21i 

ft 

7! 


Wfe: 

LQ 

68 

-3 



49 

-2 

Q25e 

0.4 

712mJ 

+U 

QL29c 

ft 

58 


— 



32. 


JO. 

, 8. 

209 

,46.6 

30 

10 


FAR WEST RAND 


445 

£JJU 

108 

401 

920 

2B0 

53 

06 

657 

65? 

14 

330 

£ir> 

289 

£291; 

241 

970 

268 


C8B 

[7o4 

,7H 2 

'163 

92 

J4Q8 

M3? 

1419 

,206 

m 

[163 


Bln-oor» 

Rtlileli . 

Dcvifcraa] PJ 1 J 1 — 
pr/wu/oniMnUl . 
East Line Rl . .. . 
[ElJDiLjar.dlJriak 

□<,hurcP.l .... 
HinebeesJRl — 

KluufGvJdRJ 

LihamuiR;. 

S.'Ctlr.soJ at — 

!5tiif«a*cm5ifc 

VulRecfafA:.... 

VeaerFiyu? rj. 

W Iinsftl 

AArfiern.Aroa^Rl . 
W«rtternPeepR 2 „ 
{ZitndpanEl _ ■ 


354 

942 

94 

312 

815 

239 

114 

£131* 

603 

560 

600 

307 

£16*s 

224 

£2Si 2 

179 

895 

221 



O.F.S. 


310 

£207 4 

321 

456 

134 

£ir t 

£19*t 

£10*4 

■49 

374 ' 
124%' 


73 [Free- SLrfe Der. 50c 

100 


Ql?r 

7 Of 

ai* 2 FSGeduldfA- .. 

£191* 

+'* 

rtj:40c 

2.7 

.59 rS SaaipiaasRI _ 

861* 

+<’ 



Z79 Hinwu'Sh: 

395 


♦QSbt- 

4.7 

66 L-Tatne El - — 

750 ITti BRmd .Vt 

105 

£10*8 

-i 


05 

76 

582 Hrv’.Sf’nVX 

973 

+K 

Ki20c 

9.9 

703 ?? IlcleKi RI 

50thd 

+10 

gi«h- 

4 

144 l r.i’d 

235 

-1 



1«0 • ?.r:inrVt 

336 

+5 

tQ35c 

19 

E13*s ftiuidinsiflOr 

122's 

t'e 

♦OMc] 

LS 


1_ 

12.6 


FINANCE 


55 

378 

£20*4 

959 

J72 

204 

25 

20* 

£36*5 

£lP 

.35 

43 

207 

150 

£12* 2 

53 

518 

237 

59 

189 

9Q 

£15 

278 

340 

73 


m 

129 

153 

17 

'£14 

138 

3 

I860 

50 

375 

161 

29 

122 

, 7 * 
pi 

Ik 

Z2S 

40 


Xnz. An* ‘Tual.Vle. 
AnaJo 'jner li*. , 
Ace. -Am Gold hi.. 
Au;.Aaj|3>:. 

K'fturiwrnns. 

oro «inMFtdiff . 
[Ejjt RdndOjn. Idp 
>i«n.MinineR2. .. 
MdFiehlsS* 2r»- 
Jo hisrfi'vb- 82_ 
Middle 

'Mlnutp 12*jp 

MrorrmSEW 4»_. 

Nett-TTirsn. 

PaaiwXVFlsJi . 
BandUtndonirK.. 

ISelecnunTnuj 

'SeritrusJ 10c . _ 
Sihemunfl;3jp... 

Tnuksi.nn.Mlp 

Do Pref f»p. . . . 
[Ti-jal.'.'prt W.R 1 . 
!l T « - .InA«tRi _ . 
Uci.KiCurjiafiiSr 




* J-«j V 


DIAMOND AND PLATINUM 


£49 

114 

488 

3fl7 


fc30 

64 

^54 

«0 


Asui^AnilmjOc- , 

IBiSH’prJcteJIUflr J 
ft* Beers 

DD.WpcPf.Rj_ 
Il>denhur.ei2ijc 
iS*^fU.lUC_ 


£42*4 dl 

88 

420x1 

£11 

59 

3b 


[QbflOc 

<}200r 
.402 7f 

;-<* to&x 


l.ii 8.4 

hli 

3906 10.9 
10 
14 


l : nte«. eLbrrn-ue indlnml. prim and «H divUeoda are In 
prnre and de-naoiitulhini are SSp. Estimated prire/earniniea 
ralia* and eo«en are based on latnt annual reports and M-rouala 
and. « here possible, are updated on half-yearly ngone*. P*Es are 
cairn laird on iHr basis al nci distribution; hrarkctcd lAjtnm 
indU-air 10 per crnL or more dlRerenre If calcnlatrd on —nil*" 
dl SI libs lion, l'nm are tuned on -max fan ran" dlifaribtnioo. 
Vields are based on mWdlf pnrrt. are emi. adiwied to ACT of 
33 per eenl. and alio* for value of declared dlstribullena and 
rlehis. •SecnritW «ltfa denocoiaalioiu other than itttliacuB 
u noted uxlnsne or the Intestmcal dollar premium. 

Kn-rliup licnamituncd serurides whioh include idvertmend 
dollar premium. 

-Tiip” StocL. 

Hittha and Lows marked thus hare boon adjusted to allow 
for nuhts issues for rash. 

Interim since incre-iscd nr resumed. 

Interim since redurert. passed nr deferred, 
tt Tax-free la nau-testdont* an. appllouaa. 

' FiKurcs ur report anaKcd. 

L'nll&ted leeunty. 

Price al lime t>r suspension. 

Indicated dividend al ler pendinc s' rip and 'or rirhts inuai 
onver relates to previous dividends or lorecasla. 

Slerutr bid or renrfiunisaUon in progress. 

r Nia caropunlilu. 

* Sum interim; reduced final and/or reduced earnings 
indicated. 

} Forecast dividend; cover on earnings updated by latest 
interim statement. 

f Cuver allows lor conterxion of shares not now ranking fur 

dividends w mnkine only for rexlrirted dividend. 

Cover doe;; not allow [or shares which may also rank lur 
dmdeud at a future dale No P. E ratio usuikUy provided. 
P E.wludinK a linal dividend dcrlaraDop. 

■r Regiunal pncc. 

H Ni* par value. 

a T.tv free, h Figures hosed on prospevlus or other nfficial 
siimaie e Cents d Oividend rate paid or payable on p.irt 
of capital: cover tsesed on dividend . tm full capli ol. 

• Rcduniptjou yield. I Flat yield, g Assumed dividend and 
Kid. h Assumed dividend and yield after scrip issue. 
IViymeni Irom capital sources, k Kenya, in Interim blither 

ilun previous total, n Rights Issue pending q Eartuniia 
lh<>e<l>in preliminary Urures. a Dividend and yield exclude a 
.pecial p.iymeui. t Indicated dividend; cover relates id 
<ri-iioua dividend. T'E ratio based on latest annual 
jrmncv. d Foreeiist dividend cover bmed on previous venr'a 
cnrnini:*. v Tax tree up lo 30p in the X. w Vield allows for 
currency clause y Dividend aiid yield based nn merger lernu. 

; Dividend and yield include a special payment: Cover does not 
apply to special payment. A net dividend and yield. B 
Preference diylrfr-nd passed or deferred. C Canadian. E Issue 
pncc F Dividend anil yield haved nn prnspertus or oiher 
.•ffiri.il eslimaier Inr !!>7tW r. Araumed dividend and yielrl 
after pemlvnr. scrip anO.er n«l.U', issue. H Dividend and yield 
ixc'fvl on proepeem-- or .iiher .ifliciul i'tinuirr for 
lOCd-TO. K Kivu res In. veil on iirnxpocius or other official 
>.(imjiiK fnr 1.978 M Dividend and yield based on pros peel us 
r ..ther nfliciul cm mate* ror l STB. N Dividend and yield 
lived on prospvMus nr other official esfam«(.es fur iBTft. P 

Eililire*. loiveil on prospectus nr .itlier oflici.il CVU moles Inr 
I UTS- 7a. Q tJnws T Figures assumed. Z Dividend folal Ir. 
dale. Yield fused on asvumpii'in Treasury Bill Rale stays 
unvh.vai;ed until m.-tiuniy ol slock. 

.Ibbreiialions rfevdindenrt: we* scrip issue: *rei eights; a e* 
all; d e\ capital disinlailiun. 


- Recent Issues " and ** Rights ” Page 38 


This service is arailable to everj' Company dealt in on 
Slock Exchanges throughout the United Kingdom inr a 
fee of £490 per annum for each security 


=1 


REGIONAL MARKETS 

The frillnwini: is a ..elec-lion of London quotations or y hares 
pwi»»i«.ly lifted only in reHicn.il murkeu. Prices of Irish 
sj.ue.y. mi«i of which tire not ofrieiully Jisied in Londou, 
ire ov quoted on llic Irish exehanjie. 

Allisny lnv. Dip 
.Ash Rpinnin;: . 

Berutu 

Hd< wir Exl.aop 
rinverCmft . .. 
i 'nvlR & Rose £1 
lijv,v>n<R. Ai A 
Ellis&Mfildy., 

Kvefed 

Kife Korse 1 

FinlnyPku.Sp- 
ilnviitShip.ii 
Hi worm Brew 
Iv.M StnvEl 
? foil iJre>. ' U»p 
N’-Jin 'Inldymiih 
IVaret-ii''. H. v . 

Tt*l Mills .. ... 

Sheffield Bnck 


25 


Shefr. Rerrshmt. 

63 




Tindall tWaj.. 

105 

330 




26 

520 


lBisa 

31 

-2 

Conv. 0% ■»).<«! 

£91^ 

67 


-All mnetf Gas^... 

78 

28 nJ 


A moll 

410 

52 




21 



90 

130 

+b 

I'oncrete Prodi.. 

145 

80 


HeiLnn 1 Rides.) 

52 

163 


1ns. Corp 

180 

258 


Irish Kopns 

130 

70 


Jacob 

63 

190 


Sunbeum ... 

31 

20 

45 


t.m i; 

195 

110 


-h 


+1 


+10 


OPTIONS 

3-montb Call Rates 


Industrials 

A. Brew. 

A.H i.'ement.. 

BAR 

Hubei* k 

Rnrii.iv-. Rank 

Beei-huro 

Booty Drud — | 
Buw-aters. _. 

. vr 

Rrinxli «i*ii|*n 
Brown 1 * i .— 

Hurton 'A' 

(.'•idhurva - 

L'ctiruiuldii ... 
Debcnh.nn5- 
Dlstillurs ... 
Dunlop 
EaelcSIar 

M.1 

lieh .'evident 
lion Eleeine_i 
I a tn 

mnd Mol 

V.R. X 

liuardJ.in.-..— 

K.N 

HawkerSidd.. 
Otnitf-of Fraser 


TCI 

"Imps" — 

I.c.-.L. | 

Inveresk .. . 
Ki.'A .... 

Ladbrohe — .. 

Lecal ft ilen. . 
l«s Serv ice ... 
Llovds Bank 

“Lnfs - 

Undan Brick 
loonrho 

Lucas Inds.. ... 

Lyons i Jl 

"Mams' 

Urks.&Spni 
Midland Bank 

N.E.I 

Nil West Bank.. 
ISr. Warranis! 
P&OOfd. ..... 

FJeasey 

R-H.NL 

Ranki>n;. - a'... 
Reed Intn!... j 

h'pilicrs 

Test* J 

Thorn. 

Trust Houses 


Tube Invest _ 

Unilever 

Did. Drapery. 

Vickers 

Wool wonts 

Property 
Brit Land ....J 
Gbji. Counties.! 

Imreunpean 

landScck.,, 

Me pc ] 

Peachey. 

.Samuel Praps... 
Town 4. City _4 

OIU 

Bnl Pgtrolmm 
BurmahOil_J 
Chan tr hail ' 
Shell 

Ultr a mar 


Mines 
Charter Cons. 
Cons, tjnltj 
Rio T. Zinc 


A seloi-tiiw of Oroions ir-.idoti is given on til* 
Loudon Mmk ExbhbnBv: Htpon pa^e “* 


311 



•*& 


. I 


% ■ 

ii 




^ Weatheraii' 
Green &SmHi 


known for quality 


v« 







.Tuesday September 26 1978 


Chartered Surveyors- Estare A^vr-i 
London Leeds Paris Nice rr.rv-:..' 





- m * f 


NEB company wins 


secrets battle 


BY JOHN ELLIOTT AND MAX WILKINSON 


INMOS, the National Enterprise 

Board’s new micro-electronics 
subsidiary, has won a legal battle 
over trade secrets with a rival 
company in Dallas. Texas. 

A case brought by Mustek, 
from which Inmos has hired a 
croup of five senior executives 
as the nucleus of a design team, 
has been dismissed by the Dallas 
court- 

The news was welcomed last 
night in London by Sir Leslie 
Murphy, ehairman of the NEB. 
“I am not at all surprised but 
I am very pleased. It helps to 
clear the way for our develop- 
ments in the field of micro- 
electronics." he said. 

Earlier Sir Leslie had de- 
fended the NEB’.s plan to invest 
ud tn £50in in Inmos. He told a 
planning conference in London 
that it was essential for Britain 
to be in at thp beginning of the 
development of a new technology 
NEB help was needed to achieve 
this. 


Refused 


The Dallas case started when 
Mostek sought injunctions to pre- 
vent tlte five engineers passing 
on trade secrets to Inmos. How- 
ever. now that the court has 
refused to grant the injunctions. 
Inmos will be able to go ahead 
with its plans, although further 
legal action is possible.’ 

The judgment was given by- 
Judge Robert Porter who refused 
to grant a temporary injunction 
on allegations of breaches of 
anti-trust laws and anti-cor- 
ruption practice after six days 
of court testimony. 

The judge said Inmos was not 


restraining trade, nor violating 
anti-trust rules. Inmos had also 
not used trade secrets in an 
effort to monopolise part of the 
electronic circuit memories 

market. 

On the other band. Mostek bad 
failed to show that its techniques 
had been copied. “I will not 
enjoin the defendents Homos) 
from competition in the semi- 
conductor market on the basis of 
mere speculation or apprehen- 
sion.” he said. 

The leader of the group hired 
from Mostek is Dr. Paul 
Schroeder. generally recognised 
as one of the most brilliant 
designers of advanced memory 
components in the industry. 

The other four are Mr. Ward 
Parkinson. Mr. Dennis Wilson, 
Mr. David Wooten and Mr. 
Douglas Pitman. Mostek is one 
of the leading makers of this 
type of memory. 

Inmos was set up with £50m 
backing from the NEB earlier 
this year in an attempt to 
catapult a British-owned com- 
pany into the mass market for 
standard semi-conductors. At 
present this market is dominated 
by American companies. 

In moss plans centre on the 
development of a 64.000-element 
memory component called a 64K 
MOS RAM (metal oxide semi- 
conductor random access 
memory). It is expected to be 
one of the most important semi- 
conductor products of the next 
decade. 

However. Inmos needs to move 
fast if it is to catch up with 
competitors which are already 
beginning to announce their 
designs for a 64k RAM. A pro- 


tracted legal fight with Mostek, 
could therefore have had a 
serious effect on Inmos’s plans, 
whatever the outcome. 

The future of Inmos is 
important for the credibility of 
the NEB. 

Yesterday Sir Leslie told the 
Seventh World Planning Con- 
gress in London that traditional 
City institutions were often not 
interested in investing in high 
technological risk taking. 

It was one of the NEB’s jobs 
to fill this equity gap and to 
make sure that Britain did not 
become a country that imported 
everything and did not engage 
in key manufacturing. 


Defence 

“We felt that the whole use 
of the micro chip in this country 
would suffer unless we developed 
something.” he said in bis first 
public defence of the proposed 
£50m investment. 

But the NEB had not gone out 
seeking partners. Dr. Schroeder 
and two otber co-founders of the 
business — Mr. lann Barron and 
Dr. Richard Petritz — had “ turned 
up on the horizon and asked if 
we would like to get interested.'’ 

After this happened a year ago 
the NEB had carried out a 
detailed study based ou a “ hard 
commercial approach" and had 
then decided to go ahead. 

Sir Leslie then persuaded the 
Government and trade unionists 
on the NEB’s main board not 
only to agree to the general 
scheme but also to the top 
Inmos executives being free to 
take a stake in the company and 
thus to benefit personally from 
any future profits. 


German foreign trade 
surplus rises again 


BY ADRIAN DICKS 


BONN, Sept 25. 


WEST GERMANY’S foreign 
trade surplus once again rose 
during August. From DM l.Tbn 
(£441. 5m i in July, it climbed to 
DM 2.1 bn dSOa.lm) last month, 
bringing the cumulative surplus 
for the first eight months of 
197S to DM 23.Sbn, against 
DM 22.6bn for the same period 
of last year. 

According to the Federal 
Statistical Office, however, the 
current account for August was 
in balance, with a high rate of 
outgoings on holidays abroad, 
plus foreign workers’ remit- 
tances. exactly offsetting the 
surplus ou visible trade. 


The August figures would 
therefore make little difference 
to the overall current account 
surplus of DM 5.5bn reported 


by the Bundesbank for the first 
seven months. 

However, the August figures 
still show a strengthening in the 
current account position, for the 
exact balance achieved last 
month follows a DM2bn deficit 
in July, and compares with a 
DM 1.4bn deficit in August 1977. 

In volume terms, exports for 
the period rose 5 per cent and 
imports by 8 per cent— a finding 
that is not inconsistent with the 
fears voiced by West German 
business • increasingly loudly 
that cheap imported goods are 
now posing a considerable threat 
to some domestic industries. 

The figures issued today relate 
only to the current account and 
do not include new data about 
capital movements. But they 


leave little doubt that the in- 
creasingly confident mood of 
both businessmen and economic 
policy makers in West Germany 
is reflected In an external per- 
formance that has suffered 
scarcely at all from the 
Deutschemark’s continuing 
climb. 

In spite of the alarm being 
expressed at the beginning of 
this year about the effects of the 
dollar's fall on West German 
exports, the trade figures 
strongly indicate that they have 
been doing as well as last year. 

The IFO economic research 
institute’s latest survey of busi- 
ness opinion reveals that a grow- 
ing number of manufacturing 
companies expect this trend to 
continue. 

Business optimism, Page 2 


Brussels probes 
steel market 


sharing pacts 


BY GILES MERRITT 


BRUSSELS, Sept 25. 


have 


THE EEC Commission has people are understood to 
launched a formal investigation been interviewed already, 
to determine whether secret M j aC ques Ferry, the prest- 
agreements on market sharing dent of Eurofer who aLso heads 
exist between the major Euro- French steel producers’ asso- 
pean steelmakers grouped m the elation. has been officially in- 
Eurofer “club.” . formed of the Commission's 

Tne probe mto -possib study and is dne shortly to meet 
scale violations of EEC coniperi- mem |j ers 0 f Vouel’s depart- 
tion law. still at an early stage, ment tog^^ ^th representa- 
could result in proceedings berng lives f guro fer - s directorate, 
taken against a number of lead- . _ . 

ing steel producers for operating The investigation or inter- 

restrictive practices in direct penetration deals between the 
contravention of Article 65 of EEC steelmakers is understood 
the Treaty of Tariffs that estab- here to have been triggered by 
lisbed the European Coal and repeated British complaints 
Steel Community. against other European competi- 

Should the alleged “ inter- tori 
penetration arrangements" be The British Steel Corporation 
proved* the companies involved is reported to have twice warned, 
could be liable to substantial this month, that other members 
dues. of Eurofer are ignoring the 

According to some Commission “market stabilisation ” measures 
experts, bilateral market-sharing agreed hy the major producers 
pacts on different steel products among themselves at the end of 
could number several thousands, last year. 

The investigation is particu- The Corporation’s most recent 
larly aimed at discovering complaint is that West German, 
whether the arrangements pro- French and Belgian companies 
vide for limitations an the have been flouting both the 
amount of steel which the com- alleged secret market arrange- 
panies involved sell on each meats and the pricing rules of 
other’s national markets. the crisis plan of Viscovnt 

Such arrangements, if they Etienne Davignon in order to in- 
exist. would be directly contrary crease their sales in the UK. 
to the broad EEC objective of a The European Commission has 
Common Market in steel as well yet to receive a reply to the 
as violating Article 65 of the representations it has made to 
Paris Treaty, which explicitly Eurofer. 
prohibits agreements between it is expected that the question 
companies which restrict or dis- of secret market agreements that 
tort free competition. parallel the Davignon plan's 

The investigation is being various conditions will be high 
carried out by Competition Com- on the agenda at tomorrow’s 
missioner M. Raymond Vouel’s meeting of Eurofer members in 
department A number of Dosseldorf. 


Coral to invest in 
U.S. casino 


BY JOHN WYLES 


NEW YORK, Sept 25. 


Continued from Page 1 

U.S. given time 


could be expected: promoting 
exports, curbing oil imports, 
** specific and .tough measures ” 
against inflation and a determina- 
tion to maintain a ’* sound 
dollar." 

This is, in fact, an important 
week for the evolution of U.S. 
economic policy. Tomorrow, the 
President unveils his export pro- 
motions programme, while on 
Wednesday, the Senate is due to 
vote on the natural gas com- 
promise Bill, viewed by the 
Administration as a critical 
element in its energy pro- 
gramme. Congress may also 
resolve this week the outstand- 
ing foreign aid Bill, embracing 
past U.S. pledges to increase the 
resources of the IMF and the 
World Bank. 

Mr. Carter also forecast today 
a significant reduction in the U.S. 
current account deficit next year. 
Mr. Michael Blumenthal, his 
Treasury Secretary, is expected 
to provide greater details on the 
Administration’s thinking when 
he addresses the World Bank and 
IMF meetings here tomorrow. 

In his speech, M. de Larosiere 
said that in the case of the U.S_ 
“ a growth rate well below that 
of 4i to 5 per cent, experienced 
in recent years, is clearly suit- 
able in the light of the prospects 
for domestic prices and a current 
high level of resource utilisa 1 
tion." 

In contrast, he argued that 
“ most industrial countries other 
than the U.S. — and especially 


the major surplus countries — 
should aim for growth rates in 
1978-80 significantly higher than 
the actual rate for 1977 and 
those now seen for 1978.V 

In discussing the desired 
strategy of non-in flationary 
growth, the managing director 
said that more emphasis •■n 
incomes policies might be re- 
quired- 

He did not directly refer to 
the U.S. in this regard, though 
President Carter is expected to 
institute some form of wage and 
price guidelines in the weeks 
ahead. 

There has been .considerable 
interest among participants in 
the meetings about the- UK’s in- 
flation prospects and Mr. Denis 
Healey, the Chancellor of the 
Exchequer, is expected to 
discuss British pay policy, as 
well as the proposed European 
monetary system, in his speech 
tomorrow afternoon. 

In a reference to the wide- 
spread desire for more stable 
currencies, M. de Larosiere said 
that “greater exchange market 
stability has to be based on the 
correction of imbalances in the 
domestic economy and monetary 
arrangements and intervention 
can play a useful role only if the 
more fundamental policies are 
appropriate.” 

He warned that even huge 
amounts of intervention would 
do little good without the con- 
fidence produced by sound 
domestic policies. 


Continued from Page 1 

Ford shutdown 


Rupert Cornwell writes: The 
the Ford unions’ pay claim 
has won support from the 
claim has won support from the 
Tories, despite the party’s 
adamant opposition to use of 
sanctions to protect wage guide- 
lines. , . 

Sir Geoffrey Howe, the Shadow 
Chancellor, yesterday echoed the 
line taken at the weekend by 
Mr. James Prior. Conservative 
Employment spokesman, when 
he said that the right level for 
settlements in the current round 
was around the 5 per cent mark. 

Tory thinking on pay has 
shifted in recent months to the 
concept of “responsible collec- 
tive bargaining ” away from any 


reference to free collective 
bargaining. 

Sir Geoffrey said in a BBC 
radio interview that the average 
figure for deals should be about 
5 per cent. If some got more 
“ that would mean others would 
have to accept less.” 

The Cabinet will not discuss 
the matter until its meeting on 
Thursday. The Prime Minister 
then leaves for Blackpool and 
the Labour Parly Conference. 

it is likely that Ministers will 
discuss how to pilot the whole 
delicate topic through the - con- 
ference. in the face of strong 
opposition to the Government’s 
stand from unions and many 
Labour Left-wingers, 


Hope for 
monetary 
system 
concession 


By Jurek Martin and 
Peter Riddelr 


WASHINGTON, Sept. 25. 
SUPPORTERS OF the pro- 
posed European Monetary 
System now seem to recognise 
that any scheme will have to 
be flexible enough to permit 
occasional changes in exchange 
rates hy countries with higher 
than average rates of Inflation. 

This apparent concession 
would make it easier for the 
UK to overcome some of its 
reservations and loin the 
scheme. 

This has emerged In the 
Intensive series of informal 
discussions in Washington 
about the scheme among 
Finance Ministers and central 
bankers attending the annual 
meeting of the International 
Monetary Fund. 

Senior West German officials 
are known to want the UK to 
join any scheme, and they 
admit that if the system is to 
he widely acceptable then pro- 
vision must be made for dif- 
ferences in economic perform- 
ance, -notably on inflation. 

This could be achieved by 
allowing countries, {or 
example. Italy and the UK, to 
adjust their exchange rates 
front time to time' 

There has been undisguised 
concern among many partici- 
pants here about the possible 
implications of a tight Common 
Market currency system for the 
rest of the wotfd and for the 

In a Press conference here 
last night M. Jacques de la 
Arosiere, new managing direc- 
tor of the IMF, gave a notice- 
ably Judiclus reception to the 
proposals, on the one hand 
commending any progress to- 
ward currency stability and on 
the other noting that the IMF 
already had highly developed 
rules of its own covering 
exchange-rate changes. 

In supporting the increase 
In the IMF’s resources agreed 
yesterday, both the West 
Germans and the Dutch, who 
originally held out for smaller 
rises, were demonstrating that 
their commitment to ihe IMF 
was not being weakened by 
their central role In any 
European monetary system. 


CORAL LEISURE group is set wicke will have over Caesar’s 
to make the first major foreign World and other Nevada 
investment in casino gambling operators is that they will not 
in the U.S. through a joint ven- need the Desert state's approval 
titre with Hardwicke Companies, to open up in New Jersey, 
a fast-growing leisure concern According to Hardwicke, the 
with interests ranging from Ritz Carlton should be open by 
Japanese restaurants to wild life spring 1980. While many other 
parks. properties there have faded with 

In August Hardwicke joined the resort’s popularity. Mr. Stein 
the growing list of companies says that the Ritz Carlton is In 
seeking to cash in on the legatisa- good condition. It will be ex- 
tion of gambling in Atlantic City, panded to include 540 rooms and 
New Jersey by acquiring a 5055 suites because New Jersey insists 
per cent stake in one of the on a correspondence between the 
resort's leading hotels, the Ritz number of hotel rooms and the 
Carlton. permissible size of the gambling 

Lacking any experience of area. A hotel of this size v.ill 
casino operation, Hardwicke has be able to feature 35,000 sq. fL 
agreed with the Coral group that of casino. This is about 60 per 
the British company will man- cent of the size of Resort’s 
age its casino activities in International's gambling area. 
Atlantic City and possibly other Hardwicke’s other interests In- 
casino/botel operations which elude a hotel in Safety Harbor, 
may be started in the UJ5. Florida, duty free stores on the 
Under the agreement, Coral is U.S.-Canadian border, wild 
paying S3Bra for a 20 per cent animal parks near Montreal and 


■ IHE LEX COLUMN ■ 

Tarmac hits soi|fr k0 

firr. 

-■V: -yVt.'/ii'-' 



more 

Sentiment in the equity jnar- f «j Q 7 f 0 509.4 whereas back . in- Jane: iw 1 

it continue® to be very finely Index tell hopes of: 

.l.nnait Cinm tho FT SR- * s' MI * ' 


the -eve W the cqreei 


ket .. . 
balanced. Since the F.T. 30- 
Share Index broke through 500 
early in August it has risen to 
523. dropped to 493, advanced 
ag a i n to - 535 and has - now 
tumbled back by 26 points. The 
Ford dispute provided a ready 
explanation for yesterdays, 
weakness, though one that to 
not entirely adequate given that 
some sort of trouble was pre- 
dictable. 

ViTbat is clear is that the bulls 
are behaving nervously with the 
Index above 500. an area in 
which it has always been wrong 
in the past to be a buyer. More- 
over there are signs of an iih 
crease in the supply of stock, 
Kith last Friday's platings by 
MAIBL and others corftinuiag 



Auction in MLR frOjn Tits c 
rate of 10 per eenli ihearhag! r ^ 
now receded. The_: tretible; -fty j* J » | ? 


been U.S. interest: ^ 

are now over a 
point higher. . Since , the .begin' 
ning of June prime- rates havst 
risen by ll percentage poiatS ' 
and it is. widely ^xpectettte 
they will be in double figures 
before the end-^of the -year; 
Against this hadegrimnd There 
is little scope far lowering JJK 
interest rates ' eveti if v the 
authorities wanted ;td— -a point 
that has hot gooe mraoticed ia 
the gilt-edged market . '' 


only represents a. maintained 


to cast a shadow over the mar: — - for v * 

ket vesterday. Equities will not payment since last year wr reportm g a 40 per cent increase 
break easilv through this area special reasons — all the per- 

increase 

That still leaves 


Fisons r l V 

On the fece of it, 
rather harsh that * 


it seems 
company 


per- 


ia pre-tax profite should: have 


tJ cr N HHSiiV LUUUnll Lin a «uCu ■ r aL. au « tv- 

of resistance. But at least there SI? iSSS treason* 6 p ercent knocked off its share 

_<• ; - final. That still leaves a reason- 


is no sign yet of an increase to 


year. 


L ux . ... - __ .price. Fisons’. unhappy expert 

rights issues and new flotations »*>ly well covered yield oE over ence - ^ as much from 
which might provide a more 10 per cent. .uncertainty over the prospects.- 

formidable test for the endur- Tarmac is certainly changing f0f earnings growth as fc 

ance of the bulls. - its management style, with a from its failure to comply with 

-sharp cut in it s hea d office staff jjj e mnr? nptiHristtf- 

Tarmac - “ d a decentralisation of^ ^t-half exportations.: 

Tarmac’s interim statement ^ Among the favors explaining 

does not happv reading- companies. And it looks as the less satisfaetoiy features of 

Profits so ftTare £3.7m lowS *5?«Sh its ““ 1 the first half, results,! world 

at £6.2 m pre-tax, and although w11 * little mis year, overcapacity in agrochemicals 

there should be some recoway e J e ° Md F1 ^' 

in the current half, the group of transferring £40in or so of agyantage in torttiJsecs nn-nri’ ” l - 
now seems unlikely to meet ^-deferred tax into shareholder* 1CI are not 'sudtiehly gwng to 
forecasts of higher profits -for fu ” ds - .. . . , . vanish; Squeezed margins in the 

the vear. The blame is placed However it has yet to be seen scientific equipment division, 

squareiv on Tarmac’s con- wither Tarnwc is finally on _ noyjr boosted by Gallenkamp, 

sanction activities. which mend = fte . r are partictzlarty serious as tins 

generate annual turnover- of pansion m the last J*^ d ^’ ^ sector sbould be generating ' 
over £300m and appear barely group wluch has 1 » nudt-P™^ cash for the group's R and p 

to hare broken even so for this less turn0ver and ^ h L ch ._ff. , spending, .which, runs at nearly 

. • so many unexpected trouble- 4 p^j* cent of industrial sales. * 

The trouble is apparentiy nbt fP 0155 — losse ® T ? n “jUnent; j n tal is now doing Better in the. . ,, 

so much to do with specific m property, Nigeria and inter- but : .a substantia* profit” ' ' 

contracts as with, increasing national contracting — has a contribution from tins market 

competition and a number of S™ 31 deal to prove * •’ .is stills -long" way ufl£" r > . " 

delayed settlements in the UK T . . . . At present pharmaceutkato 

Overseas, too, there is pressure interest rales are providing 40 per cent of 

on margins and a more con- It is just over three arid a . Fisons* profits; on a geographi- 
servative view is being taken half months since the corset was cal basis, -a~srmilar proportion 
about tiie outcome of one ^or announced, arid with the repays comes from- Europe outside the; . . £- 
two jobs. ment of the second tranche-, of UK. Elsewhere, profit margins 

Elsewhere housing is doing special' deposits due later today are tight or, as in .the fertiliser 
well in the UK and so is the the money markets finally seem division,: > titer r-recovety in 
road surfacing and quarrying to have settled down. For a margins from. very, low recent 
business. But a downturn in period duripg June and July levels looks: to have no further 
France is offsetting a measure shotr^term Interest rates jumped to go. 

of recovery in Germany, which up to 12 per cent and the autho- Given higher interest charge^-: 7 l 
lost £2.4m before interest last rities bad to release, tempor- stronger sterling and the sea- 
year. . arily, virtually all the banking sonal nature of iFtoons* agricuL 

The impression now is that system's special deposits to pre- tural and. an some cases, phar- 
Tarmac thinks its overall trad- vent an. embarrassing rise in maceutical interests, - the com- 
ing position has stabilised, but base rates. — pany will do. well to maintain 

is not prepared to stick its neck Conditions in the money riiar- earriingsper share at last yearV 
out again. It is careful to point kets are now much easier and 502p now -that the shares issues, 
out that although the interim most period rates are bacfc .be- for Galienkamp rank for .the 
dividend is up 10 per cent, this low the levels they were at; on. whole year. L vi 


stake in Hardwicke and Mr. 
Nicholas Coral, chairman of the 
Coral Group, will Jnin the Hard- 
wicke Board. Mr. Charles Stein, 
chairman of Hardwicke, said yes- 
terday that he had been leaning 


towards a similar agreement with shortly. 


at Bewdley in England. It also 
operates the Benibana of Tokyo 
chain of Japanese restaurants 
and is a partner in Studio 54, 
the chic New York discotheque 
which is opening up in Loudon 


the Ladbroke group until he met 
senior Coral executives two 
weeks ago. “ I had an im- 
mediate rapport with the Coral 
directors I met,” he added. 


Speculation 

Since Resorts 
opened the first. 


International 
and still the 


James Bartholomew writes: 
Coral admits that the price paid 
for the stake in Hardwicke 
reflects the high value being 
placed on casino interests in the 
U.S. “ A year ago one would 
have paid less," conceded Mr. 
David Spencer, the finance 
director, yesterday, “but witti- 


only. gambling casino In Atlantic out the same likelihood of tying 
City in April, the half dozen or 11 U P- 
so companies which have The Hardwicke deal could be 
announced plans to start opera- tee beginning of a new era for 
tions there have been caught up Coral, said Mr. Spencer. The 
in a whirlwind of stock specula- U.S. is opening up as a gambling 
tion of an intensity which Stock market and he expected Coral to 
Exchange authorities have not participate further. Coral has 
seen for many years. recently expanded its. interests 

Only two, however. Bally Manu- in the UK through the acquisi- 
facturine and Caesar's World, tion of Centre Hotels and 
have applied for gaming licences Pontins, the holiday camp com- 
and the advantage which Hard- pany. 


Assurance to Lloyd’s 
over brokers’ link 


BY DAVID LASCELLES 


NEW YORK, Sept. 25. 


MARSH AND McLENNAN, the Mr. Regan said his company’s 
largest U.S. insurance brokers, aim in negotiating with Bowring 
will continue to channel business was to strengthen its inter- 
to other Lloyd’s brokers where national brokerage capability, 
appropriate if its business pool- He denied that Marsh and 
ing scheme with C. T. Bbwring, McLennan was trying 10 circum- 
its London counterparty goes vent Lloyd’s, which last spring 
through, Mr. Jack Regan, its barred the company From acquir- 
chairman said today. ini’ another Lloyd's broker, 

But he added that the two Wigham Poland, 
companies would “obviously try “We want to accommodate the 
to do as muth as we can our- legitimate interests oE everyone 
selves." concerned,” he said. 


Mr. Regan said that although 


The proposed business pooling 


details of the scheme had yet to rrz* __j 

with 6 other ^ hrntJS^mainlv shouJd create a formidable force 
Sedowick in the world insurance industry, 

F °5!? was generally welcomed in New 

SjfJJnaS* Ara.% ^ York t ° day by other broke rs Who 

M it ^e heen seeking ways into the 

“ nW ’ Ued LOndm 

business would continue to be Ho wever th* s j fP n f 

cW-Sii^sayTSJ K -SsrsArSi 

^ til! was expected to throw up con- 
SBSSfTMtmS* or.’iK.Piu ^ 016 sideral}1 e tax and legal obstacles. 
b M f .hare mtiudinc anti-trust objections. 

uJ?*'J? e «i an , ded »» t ?s t Mr - Regan said he expected it 

!5 ere n?anri a 5 S t0 « se iu «* Sta w» t0 be severaI months before 
fhfli.ffMilo Pa yne. though be prospects for the scheme became 
thought tbe company might feel dearer 
more comfortable iF Marsh and ™ ’ . . ... . 

McLennan was no longer b lars® UK-U.5. broker link proposed 
shareholder* Page 22 


Weather 


UK TODAY 
MAINLY DRY, especially in S. 
and Midlands. 

London. SJEL, Cent S. England, 
JEL Anglia, Midlands 
Mostly dry. Sunny spells. 
Max. 17C D53F). 

Channel Isles, S.W>, N-W^ Cent 
N. England, Wales, . Isle of Blau 
Scattered. showeri- Max. 16C 
161F). 

NJL England, Borders, 
Ediohnxgh, . Dundee 
Occasional showers, sunny 
spells. Max. 15C (59F). 


N.E, S.W^ N.W. Scotland, Glas- 
gow, Cent Highlands. Moray 


Firth, Argyll, N. Ireland 
Squally showers, heavy at 
times, some sunny intervals. 
Wind fresh or strong, W. Max. 
14C (57F1. 

Orkney, Shetland 
Squally showers, - heavy at 
times, some sunny intervals. 
Wind strong W. Max. 11C (52F). 

Outlook: Occasional showers, 
sunny spells. 


BUSINESS CENTRES 




■V'day 




nM4as 





-e 

°F 



AmstnhiL 

R 

15 

57 

Madrid 

S 

Athena 

y 

W 

W 


p 

Bahrain 

s 

33 

01 


5 

Barcelona 

y 

26 



S 

Beirut 

s 

27 

SI 

Milan 

S 

Belfast 

y 

14 

37 


r. 

Belgrade 

s 

27 

8! 


c 

BeTlto 

V 

17 

B3 

Munich 

5 

BtrraBhm. 

y 

13 

39 

Neweanle 

c 

Biistal 

s 

15 

59 


5 

Brussels 

c 

17 

S3 



Rudawsf 

s 

27 


Oslo 

S 

B. Aires 

s 

20 

«s 

Pans 

s 

Cairn 

s 

31 

IS 

Perth 

c 

Cardiff 

V 

16 

til 


s 

3iicaao 

s 

18 

65 

*<*v waffle 

R 

Cologne 

s 

21 

VO 


S 

Copnfcasn. 

K 

15 

59 

Rome - 

S 

Dublin 

P 

IS 

59 

simtapore 

5 

Edlnhrjth. 

F 

14 

57 


s 

Frankfurt 

S 

24 

73 

Stra stirs. 

s 

CencTa 

s 

23 

73 


c 

Olasgnw 

s 

14 

57 


s 

tfelflinki 

K 

4 

38 

Tel Aviv 

s 

H. Konc 

C 

26 

73 

Tofcyb 

r. 

Jo’bnrs 

s 

24 



s 

Lisbon 

s 

3U 

S6 

Vienna 

s 

London 

c 

17 

63 


c 

Luxembrs. S 

20 

GS 

Zurtdi 

s 


V'day 


*C -F 

2 S 77 

15 58 
IS 64 
Tl 70 


9 _ 

a 48 
84 75 
14 57 
SO 88 
80 GS 
13 53 
23 73 
17 83 


22 

V 


24 76 
« 77 


59 S3 
1] 52 


63 


28 79 
26 79 
12 54 
28 82 
17 83 
« 71 


holiday resorts 




Vdas | 



V’day 


mid-day ; 


mid-day 



■c 

*F 



■c 

■P 

AJaocfo 

s 

14 

73 

Jersey 

c 

16 

61 

Alders 

S 

27 

81 

Las Pbns. 

F 

29 

S4 

Biarritz 

c 

19 

as 

Locarno 

S 

22 

73 

Blacfcnool 

F 

14 

57 

Majorca 

F 

36 

79 

Bordeaux 

S 

28 

19 

Malawi 

S 

25 

77 

Ronloene 

c 

15 

39 

Malta 

S 

23 

77 

Cane Town 

s 

H 

88 

Nairobi 

R 

19 

67 

Casabtoca. 

s 

28 

19 

Naples 

E 

26 

79 

Corfu 

s 

28 

19 

Nice . 

E 

23 

73 

Dubrovnik 

s 

23 

71 

Nicosia 

S 

27 

SI , 

Faro 

s 

<w 

72 

Oporto 

S 

22 

72 

Florence 

s 

36 

19 

Rhodes 

s 

25 

77 

Funchal 

c 

23 

77 

Sal 2 burs 

s 

24 

73 

Gibraltar 

F 

25 

-77 

Tangier 

s 

29 

84 

| Guernsey 

C 

14 

57 

Tenerife 

F 

29 

94 

! brnsbruck 

S 

» 

■73 

Turds 

S 

27 

81 

1 Inverness 

c 

IT 

53 

[Valencia 

S 

35 

73 

Lot Man 

s 

n 

35 

Yeaica 

c 

33 

72 

1 Istanbul 

F 

2 ? 

72 





1 s—Sannr. 

F— Fair. 

C— Cloudy. 

E— Rain. 



If you’re looking for a 
place to re-locate or 
expand your business, 
the New Town of Corby 
has got so much going 
for you. 

It’s ideally placed in 
the industrial centre of 



Britain. With'm easy reach of the Bast Coast ports, 
London and Birmingham. And neatlysituated on the 
major road and rail networks. . - 

Whafs more, Corby is young enough to be. . 
vigorous and exciting- with modem factories ready for 
you to occupy at highly competitive rents. (Or our 
“design and build" service-will help you plan your own 
specification.) But Corby ;is mature enough, too r to offer 
weil-estabiished housing, schools, shops, public ■ 
services, leisure activities. And skilled and unskilled 
labour is readily available. . 

■ Many companies have already put down roots in 
Corby -with success. Why not join them ?OuV . 
experienced help and advice 
is atyour service^ \\\\ l / 

sr 













Forafuiiydeteiled brochureqnCQTfay;conUctKR.cjBnkfRB^ 
Te\ephbnM053 66) S53S. ' 7 ; ■ ; - " ’ ’ . - ' ; ... 


Scgtatcretf at «» -Post SL Ogmcpfa maf. AirHur pdmwiM 




by Ihe Fliiandal Times Ltd.. hrackan:'.HousB, Cannon Streep ismtoa, £C4P ®r.. -. 

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