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c h°JJ t -- 




FLAKE & 

MODULAR 

IRON 

CASTINGS 


Thwaites 

Alldrive 5 ton GiANT. 


1 1 . t L \ I*. 

i i f ij , International Meehanite Metal. CaLtd. 


• No. 27.673 


iac 

re 


U -M\ 

its 


Wednesday September 27 1978 




01 JU.*ftti.ltejCT.5irrt*'fti n^gjtr 447SC 


Thwaites , 

Engineering Co Ltd, - ' , _ 9B 

Le^riinponSpa. '^g||g| 
Tebffi?6-22*t7I /-^assSBI 


CONTINENTAL S6UJWC WIM: AUSTRIA Sch 1^1 NELGIUM Fr IS; DENMARK ttr 3.5; FRANCE Fr 34; GERMANY DM 2.0: ITALY L 500: NETHERLANDS FI 2.0; NORWAY Kr 3.S; POSTOCAt Be 20: SPAIN P*» -10: SWEDEN *r 3.2$; SWITZERLAND Ft 2-B; EIRE 15p 



BUSINESS 


^%>myko 
^ at 
M lited 
‘ l : itions 


Equities 
up 4.8; 
Gilts 
subdued 


- Gron\>k». Soviet Foreign ® EQUITIES made a mode&i 


ry. uas taken ill during technical rally and the Financial and j{g prosoects. 
>r sni-eeh to the UN Stairs ordinary index closed 4.X r K 

A—** Ho M0PJ.«I -p « «**. 10 ™*° ..,o n H> 


Healey optimistic Carter 

• , . gives 

over prices, output export 
and employment boost 

By David Buchan 

BY PETER RIDDELL: WASHINGTON, Sept. 26 * nd jurek Martin 

WASHINGTON. Sept. : 

Mr. Denis Healey, Chancellor of the Exchequer, today presented a notably A x attempt to narrow 
s.i bnoyaut and optimistic view of the recent performance of the UK economy us. trade deficit and 

i “ envnnthpo fhi» rfnll:ir Prpsi 


Number out 
of work 
falls again 


By David Buchan 
and Jurek Martin 

WASHINGTON. Sept. 26. 


BY DAYiD FREUD 

THE DECLINE in adult unem- 
ployment resumed this month 
after the rises of July and 
August. The number out nt 


U.K. UNEMPLOYMENT 


, h „ Anyust. The nil 
work — 1.38m — is 


-st-nlcnct'. gripped the 
and had to he helped 575 

' security men iUppuilcd 514 
der the arms and wot: 
r the Assciuiil;. Pres: deni’s 
•■if. here he rested for half 31,s 
. . Mr. Groi.tyko a as 4UI0 
.. n tu the puJiuiii later. ]512r 
. ’. nouuced the Camp David 
■•nt and urged support for 511 
■ ".1 Soviet disarmament 

e railing on nuclear 510 
‘ a;:ree not in u»l- such 

uuuinst ncm-nuvlcar enq 
Assad-Hnsscin talks. 


audit™ mWl* 1 — stVengthen the dollar. Present lh * pnst ' War ** ak of 3 

H 1U> prospects. Carter today announced a newj 3 *^ . rt . r F , , 

He predicted that the llMnonib this year by almost as nttirh as emphasised the British view that *sport promotion programme. , h „ X 1 h .,„ 

rate .if retail price inlialion last year’s 14 per cent rise in there wire Inn i!-. to what could featuring a S600 t£304m ■ increase • Ldulu out of work UK 

sluiuld stay at about -8 per cent real terras. Unemployment should be achieved by intervention 1 " Government export credits l v i4 non m i -ism n ihp 
fur the next six months and continue its recent “slot* and alone. and guarantees 10 V '.S. companies. . ? ,J 1 ' , ri u , cIL., 

could remain m single figures steady " fall and the rate of There does, however, appear The package includes an extra I r‘ ‘ ' ‘V 

* mb. through 1979. decline could accelerate. to be a growing undemSnl Wto fSlO Im) in Government [^‘fp^poSioS or the wSrce 

This would depend on the The Chancellor was non- between the I K and 1 he stronger promotional activities al,l J I unemployed was sieariv at 5.8 
.■■urcvxs of the pay policy and he committal, however, abmil the supporters r«r the proposals — for promises a wide review t 

tk.. .....ii..,. ,...11.... u ... r .. _ _ 11-^ . r- f>nvimnmf>nt:il anti-hnhprv nnd .r" 


Total 

Unemployed 

. I X 


r \ I s -" 

Wholly 

Unemployed 

UprJmi 


' FI INDUSTRIAL 
ORDINARY INDEX 


Vacancies 

$CI3mj|I) sd|UAiad 


r Miiulil 

{ Ji 


me o per cent umn. would have to return tn Britain reflect difference.,- in economic vmuwn keen between September 1977 

Later, addressing the joint and rellect on the position in the performance. But chances should °: 6 • 1 * r venl *“** frac *U n( j June this \ ear. seasonal pattern has changed 

annual meetings of the Interna- light of the latest evidence and he less frequent than if the t tonally mure than in July hut. Officials said veVterdav that it markedly in recent years and 
tiotial Monetary Fund and the the results of the meeting of scheme ware n-.i in traduced. appreciaoly below the rale wn finned their belief that the that a belter adjustment might 
W uricl Bank. Mr. Healey said tire Finance Ministers. This need ha, been stressed in experienced in the first half Junderlvin" trend nf unemplny- achieved if the data was fur 

“tlramalic improvement" in But he said there were “no the last two da>s by senior West . ,. e ment Ha's steadv nr falling * h t r l,roken down. 

Britain's financial situation re- current Dlans" for further German officials and bv Mr. _ ” r - '"thaol Blumenlnal. L.S. * There are sic ns that the pick- 


; warning: L s£ptemb£R26.^7b J 

Nikke ! W . average jwcbftJ a 


tVurid Bank. Mr. Healey said the Finance Ministers. This need ha, been stressed in 

“dramatic improvement" in But he said there were “no the last two da;.s by senior West 

Britain's financial situation re- current plans" for further German officials and by Mr. 

purled a year agn had now been measures before the next main Healey. This could make it 

ri- Heeled in other areas of its Budget next spring. easier for Britain to participate 

economic performance. Discussing the prospects for any neu s>*!i-ia. 

His comments represent an growth. Mr Healev referred to Mr. Healey also argued that 


Mr. MU had Blumenthal. U.S. 


. - -.Iifccicd " by tk idea of .!«». T3S5BM'SwS.7r 

• ail in murder cates. His m .... tUci the recovery in the UK standing that if all countries rouk “sen- have to be durable, in contrast to a.vL., IV 

, follow, the ban, ns of a sinoe 2 h « W,w * wo ”bfc action.' then the UK could the expen eno- of the UK and il ?" ? & remainder of 

nun accused of Th « pound.* he argued, grow nt an annual rate of .11 France with iro present snake. H^ pmnh-si^rf however thm 

youth who died under a ! cH 4 . 0 - 09 *0 *0.lo, for a 0% fall “ should no longer be regarded per cent in real terms over the the joint European IfoaL and any fffi P levels or the last two 
III three days. .• as :« weak European currency," next couple of years and snll new system simuld not present nionlhs were too hi°h and (h it 

V A - ctvp, r..,. An —L.... referring to the foci that the have an annual $4bn labour further obstailc< to growth. ? l . r P hHT . a _.,'_ "h 1 n h * T a l"„ 


-; v th e U D roceedT'w til iw to *2 per cent (9.4). output and employment. proposals for 

■ ■ i» Vi Hwh Pni5 — — . 11c forecast, for example, that monetary system v 

2wLn thi> !tVlrjn seller • <i0LD rH1 to 521 *• ,n manufacturing investment in the a constant theme 1 
:: bouVht ihem m good London, and in New York* (he private sector should increase and private talks 

. id the original owner. Comex September seUlement 

' 1, Page C price was ?2IBJJ0 ($218.1(1). 


emphasised, hnwever. th». KSSll, “ “JSSl"' Sf™ 'SSJSS 

even the levels of the last two prp'ioin, a reliable guide to ner Cen . 

months were too high and that activity Seasonally adjusted. “ un Vdiusted UK uneniDlov- 
further action would be taken the number of notified vacancies lhp .^^ inchidinn Shnol 
Without giving away any of the remaining unfilled in mid- JJJ* 1 i if he month tn 
details or ,h\ pindin’t! art,- Sc-prember was up 8.400 =t bj oS® \l 

inflationary policies which are -l*‘00. 1 .52m. from 6.7 to 6.4 per cent 

currently await me PrftS.deni Thw was I he biShest level of lhe workfo ,. fe _ Th e total for 


esia bomb • T,N feU on the LME on news 
. . ... _ that the U.S. House of Bcpresen- 

- L d s'i'i’hitrv" 1a 1* ves had authorised stockpile 
al SGl 400 yards'ter *■!«*. Slmidwa cash tUt. WI 
it Prime MiSJter ! an BW W *6^® a tonne. Pagt59 

- ommw. hurt Martial WAU# STRECT ^ sil 

. up at 86SJG, after a techidriU 

rs killer • rally in active trading. 

. 'Wright. 2$ of I Ca " , r. •STtHlf EXCHANGE und'llie 

..London, WAS j'ai.ed for p itr T-.Wpnvpr Panol nmv he 


Ford strike made official 

* k • 

by engineering union 


BY ALAN PIKE. LABOUR CORRESPONDENT 


ana would De aesignea to aove- m vacancies is now * i.ouu nigner lh General and Municipal 

lail bntb ivith the Federal than a year ago. Workers' Union, commenting on 

[Reserves monetary policies and the figU res yesterday, said: “We 

^i!. he i as L pr o P0Sa,s mm benis Smaller need u, lake mure drastic 

considered by Congress. measures to ensure that we do 

Mr. Carter called on Americans i The mini her of school-leavers not su ffer from the growing 
to shed their relative indifference on the registers fell 82.724 this nu ipber of long-term unemployed, 
to winning and holding export month tn l39.:J4H. the biggest *™ e need to think beyond'the 
markets, pointing out that U.S. monthly drop since the war. The sh/firter working week to an even 

exports over the pa*t 20 years number on the registers is now heater decree "of work-sharing " 

had grown at hair the rale of 104.000 below this year's peak of / Regional map Pago 8 
other industrialised countries. 241.300. recorded in July. 

Today’s announcement was timed This means that only 20 per 

to coincide with the IMF and cent of the 680.000 . Miniated to 

World Bank meetings. have left school this Easter and Cninnnn fir 


-c U'd Bjilev f(i kUlim' Cl ^ . T ?, ke ? ver pan f e i ** THE NATIONWIDE strike by workers. 
' - - h ml 1 1 n rderi with a soda splilin their views of the Govern- KortF? 57jm maKuaI workers “The 
.l.ict II . ram witn ment s proposals to outlaw- in- w#a yesterday made official by alone.” d> 


men at Ford are not letter. 

nivnl's proposals to outu*w in- 1 WOs yesterday made official by alone." declared Mr. Ron Keating. Mr. Denis Healey the Chan- Mrs. Juanita Kreps. commerce | 
bider share deaung. Back lagehhe Amalgamated Union of assistant general secretary. "They ceJlur. warned in Washington secretary for Japan. I The fall in adult itnemploy- PROPOSALS FOR a high- 

I ITrininAAt^n,. U7i- I^- ...411 X I*— 1 I k.. 1 n , > . ■ .. _ n..t ■« T • 1 . ... .* ! IViamI t . ... L- nli.An i«i .vMlr. i.f fk.i * J n .1 k 2 


World Bank meetings. ihave left school this Easter and 

It a /so precedes the departure summer arc still on the registers, 
open I v derided,'* added Uic on Saturday of the iar^esi ever (cuiupared with 26 per cent of a 
letter. U.S. trade delegation, led by smaller total at the same time 


Science park 
in Midlands 


' Id riAsrllnrlr n r .. iA -t. n , 1ft noui Engineering Workers. will be followed by lra co» 

.IS dead SOCK • BP chief _haj **■’^•**1®* At the same time the union's workers. 250.0W- hospital a 

■ ty. Indusirj Minister, is JjJliiSS m -hi breach executive de P lored com- l»ry staff and - water 

■ urth.-.- lull;s io P-.rU In JSS" reels w’SL «J~> : 

.■10 l» r.acb 3 compro- E£.Tp,w the extent uf anv pussWp Mltte- Vpuxhal! ejalra Page 111 

ah would bring the uK Back . 80 menf and called lor immediate ^ ^ ^ 

European Airbus con- • NEW YORK's -Mayor has _ ■ 


i*h would bring the UK 
European Airbus cun- 


followed by Im council yesterday that the Government But Mrs. Kreps today stressed ; menf u,(,k P lac c * n spUc- «f the powered science-based industrial 
i, 250,000- hospital ancil- would unhesitatinqlv apoiv that the new programme would i continued run-down in the estate adjoining Birmingham 
taff and ' water and sanctions against Ford ir ‘its take time to be effective, (numbers helped by the Govern- University are being studied. 

; settlement exceeded the 5 per although eventually it might > Rent's job creation measures. The idea oF science parks, as 

ixhall claim Page 10 cent guidelines. generate an extra $5-10bn in ,0 havc l * ,e >' ure called in the U.S. 

Prices scrutiny Back Page Sneakin" before the ioirtt exports. The additional $500m res ' ?te '' s lh , is Realise of their high environ- 

Pnces scrutinj Back rage i^.,££?" r ff ,i™ for export-.mport bank luans month. 12.000 fewer ihan in mental standards, is to bridge 

: . J " J 7 " r national Monetary-^ PuSd lid wouW not requested for Aiiru«. ihe gap be ween research and 

world Bank Mr Heale?said^e another year or so. but SlOOm It nmv looks as 1/ the increase prototype production. 

honed Lhe” un ions would discuss from the sinai business admlni- "> unemployment in July and M , 

with Ford the possibility of a miration would be available in the L ™ “I r - .Ww v«rk 

selF4lnancinB Droductivitv deal form of loan guarantees for small l *| s * '*'*!!• * a ® ‘ nort ‘ *f .. . .. 


Comeiot 4 ” 


.Ww Vurk 


> ^ checks KfJI Sian |*iJIU UUl i*j-z IIU iu raciuwiiiufiucmiUIiA were W»«u UJ Uic ll hdiu IHCir was a &I UWIII^ ^aic. oi>vy sicnoiua diw wn-| 

, w ,-L» »flPUL . r u .l Southwest Airlines, for the Boe- National Union of Public hostility among their members ing the .support of dock workers 

1 f "1 Lj }V J’ bunu ior Ucalnrow air- ]n ,, 7*7 invulvcd in the San Employees. It with other unions to the continuation of a Labour in other parts of the country to 

% S ) tV’ v * I other places along the Diego air disaster. Page 6 is. pressing a 60 per cent pay Government. "Proposals that we try to stop the import of Ford 

F _ n it non snei-dma rhecks ..j ' . ., nu , ,knnu r n , <i. n -,,i Axrc iho rnn. 


Brazilian borrower- Page 35 as- me remainder ot me rorn “breakdown o» reiutionsnips lives are expemea a» a meeung] 

workforce joined the stoppage within the entire Labour move- this morning to agree to black 

© LONDON INSURANCE mar- yesterday the dispute's political menl." Ford .shipments during the dis- 

kef has paid out £3.Sra to Pacific implications were seized by the H said there was a growing pute. Shop stewards are seek- 

Southwest Airlines, for the Boe- National Union of Public hostility among their members ing the > up port of dock workers 


Continued on Back Page 


suggested 


SI.OKtxi-rtTO 1 SI.flTA6.SUk> 

0. 75JC*.Si ill^ O.A^O.W rli- 

1. Ti-l.'il ill- , 1.7M.T0 ili, 
0.7S-5..-S ili- 5.10-.S.W ,ij . 


M Hnn cc new speeding checks ■ and conditions claim for more should work for the return of cars manufactured on the Con- 

nn? Sunday. Thames • SINCI/AIR RADIONICS, in than, lrn local authority manual Labour MPs are now being tioent. 

.•lice arc mstailing. a which the NEB has a 73 per cent 



'ice and an electronic stake, is to introduce a new 
version of . its pocket television 
. _ only available on the UK market. 

Clash Page 8 1 


0 


wople died and 50 
-■ red :n clashes between 
n - religious groups in 
northern India. 

^acleod 

Lend manager of the 
. soccer team for 16 
’ ias resigned to take 
,t Division side Ayr 
facLeod was in charge 
.. d’s ill-fated World Cup 
- • to Argentina. 

rin some . - 

.. *ho appealed against 
for butting a policemen 
- -ntence changed by the 
• or Liverpool. He was 
. three months instead. 

uchess and 


Prior hints at Tory wages curb 


LABOUR 

• LOCAL AUTHORITY em- 
ployers have rejected for the ! 
second time a Government | 
appeal to renegotiate a 125 per 
cent pay award for 5,000 chief 
officers and executives. Page 10 

• SCOTTISH road hauliers are 
expecting industrial action by 
lorry drivers following the first- 
pay. negotiations in- this year's 
wage round. The Koad Haulage 
Association is likely to offer 5 per 
i-eDt, while the drivers have sub- 
mitted a claim for -20-30 per cent. 
Page 10 


BY : RICHARD EVANS, LOBBY EDITOR 


jstman 

hess uf Devonshire 
nness, James Kennn, a 
drank champagne and 
. ;ed the oysters. They 
sts of honour when 
"a Arcade, in London's 
/ cieb rated its status as 
‘ “ / )ne listed building. 

thess was representing 
- - endtsh family — Lord 

• i&ivendish built the 
'.-vod Mr. Kenna, who 
■' ‘--'jpPtom it regularly, was 
— ‘^ST-lcbme the rubbish tip 
was built. Men and 
Z&Zi&'isc 16 


C&MPAmES 

• JOHNSON FIRTH BROWN 
has won control of Weston Evans, 
the Lancashire engineering com- 
pany. Page 32 

• EMI chairman. Sir John Read; 
has warned that end-year results 
next month would reflect the 
medical division's performance 
in the wake of the. down-turn in 
U.S; orders for the EMI-Scanoer 
Back Page and Lex. 

• BARRATT Developments 
reports record pretax profits for 
the year to June 30 of £U2ui 
(£7.4m). Page 30 and Lex 

• UNICORN INDUSTRIES pre- 
tax earnings fell to £3.4t»m 
against £3.62m for the first half 
uf I97S. Page 30 


A yTJTURE Tory government 
might' introduce a statutory in- 
comes policy "in certain circunv 
stances,” Mr. James Prior, 
Shadow employment spokesman 
and one of the most Influential 
members of the Shadow Cabinet 
yesterday. 

Although there has been a dis 
cernSWe softening of the Conser- 
vative line on wages policy in 
recent months. Mr. Prior’s com- 
ments, made during an interview 
bn 1TN, go much further than 
Mrs. ^Margaret Thatcher or Sir 
Keith Joseph have in the past. 

Mrs. Thatcher has stuck firmly 
to her view that wage bargaining 
in the private sector should be 
left -to management aod- trade 
unions free from government 
interference. 

But Mr. Prior, with public 
backing from Sir Geoffrey Howe, 
the Shadow Chancellor, has 


backed the Government's 
attempts to peg wages to the 
5 per cent guideline, although 
both are hostile to the imposition 
of sanctions to achieve this goal- 

Mr. Prior said do ITN's News 
At One that he thought 5 pel 
cent was "a sensible figure in 
relation to what lhe country' can 
afford i! wc are to bring innation 
down to levels competitive with 
other countries.” 

But be added that there ough» 
to be some flexibility. And in the 
case of the Ford dispute there 
ought to be a productivity deal. 

Careful 

Asked if there was a danger 
that employees would expect to 
get higher pay rises under the 
Tories Mr. Prior' replied: "l am 
being very careful not tn give 
that impression ... I am equally, 
careful to give the firm view that 


a Conservative government would 
not be able to allow wages just 
to go rip." 

Would this mean that at the 
end or the road a- policy would 
have tp bo imposed statutorily 
“ Not necessarily. I think that 
mav well have to happen under 
certain circumstances," be 
replied. 

White agreeing that the con- 
trol of money supply and public 
expenditure had not been 
sufficiently appreciated in the 
past, Mr. Prior warned that there 
was a danger they could lead to 
much higher unemployment. 

Our Labour editor writes: Mr. 
Prior’s hint, that a statutory 
incomes policy .would not be 
ruled out by a Conservative 
government will be seized on by 
union leaders, who have been 
warning their members not to 
listen i«» Tory promises of 
unfettered collective bargaining. 




tru 
your 






CONTENTS OF TODAY'S ISSUE 





^- VjPHlCE CHANGES 

' pence unless otherwise 

• ~ _ j j indicated > 

*' \ / RISES 

1 /I kclopmciJts 124 + 7 

z' 9 j »d 44 + 25 

f j 1 !• -) 23S + 7 

1 : I I’xJ" - 328 + S 

\j i ] w ideiey ...252 + 6 

rf 150+7 


taoghai 

1 

■ks — 
ginoers 

..ms 


310 + 9 
ISO + 5 
120 + 15 
41 + 3 
174 + fi 


■ rical 380 + 8 

ual JCll i + 1 


YESTERDAY 

Peko-Walisend 

RT2 ' :.... 

FALLS 

Barr and WAT A 

Fisons 

Freemans 

Lovell fY. J.) 

Peter Pan Bakeries.. 

Regional Props. 

State Darby 

Unicom Inds 

Amal. Tin Nigeria .. 

East Die. 

Libanon 

Petaling. 

Sungei Besi 


5211 + 21 
340 + 3 


151 - 8 
357 - 5 
370 — 10 

104- 8 
50-10 
78-4 

105- 0 

101 - a 

33 - 3 
705 - 20 
5S4 - 26 
250-10 
195 - 13 


European news 2-3 

American news 4 

Overseas news 4 

World trade news 3 

Home news — general 6-8 

— labour 10 


VorsteT’s parting shot to 

; world opinion 16 

Hard times ahead for Gulf 

contractors 29 

Gardens Today: 

Tulips, Marvell and moles 12 
Poverty and charm In 
BtbzITs. Northeast 14 


Technical page : It 

Management page 13 

Arts page 15 

Leader page 16 

UK Companies 30-33 

Mining 32 


FEATURES 

The deep division in lhe 
AUEW 31 

Dutch reputation for toler- 
ance challenged 3 

A “lone wolf** challenges 
Demirel’s leadership 3 


Inti. Companies 34-36 

Euromarkets 34-35 

Money and exchanges 37 

World markets 38 

Fanning, raw materials ... 39 

UK stock market 40 


Profile of President Somoza 
of Nicaragua 

Samsung of Korea: A name 
unknown to the West ... 

FT SURVEY 

Industrial Property 17- 


AopatMiiKWU ......... 

Base Rales — 

Cremtnn! 

Epterulwnui Gride 

Enrvpeui Opts 

FT-Actusrtos Indies 
CmfcnlM ............... 


Listers 25 

Lex « 

Lombard .............. 12 

Mob and Matters . . M 

Raring ‘ 12 

Salweent . fa 

Blare tntormaiJu ... C-43 


Today's Events ...... 2* 

TV nd Radio 12 

Unit Trusts d 

INTERIM STATEMENTS 
Cl and inti. utv. . . 32 

Hanger lirewnwu 32 

I DC Group 32 

Sunlight Service . . 33 


ANNUAL STATEMENTS 
W. C. Alien ( Tipton) 51 

Asad. Tooling tods. 30 

Da v* lntl.‘ 30 

COM Flows SA 33 

Bodianria Priest 33 

McLeod Russel ..... 32 


Once you've bought one of our i 20 or so Climax fork 
lift trucks, it’s not the end of our relationship with you. It’s 
just die beginning. 

You see, we’re more than a little concerned that you and 
your truck get the best service and parts availability possible. 

To diatend. we have a nationwide network of depots. 

All offering you highly flexible servicing schemes tailored to 
the specific needs of your company. 

If you’d like to know more, just fill in the coupon. 


Please send me details of your complete range of 
fork lift trucks. Send to : Coventry Climax Ltd., 
Widdringion Road. Coventry CV 1 +DX. 

Tel: Coventry (0203} 277 1 » -Telex: 3 ‘ ‘ J 

Name 

Position : 

Company — 

Address 

a.' I-' f 27/9/120 


Far totes l Share Index 'phone 01-246 SQ 26 


§fi> { 




ftfesa4ir Tories Wefaesfey sepremnw: 




ROPEAN NEWS 



Italy shows signs of early election fever UK and Scandinayia try 

IY PAUL BETTS ROME, Sept. 26. # # llfft r<^A 

HE selection of Si.?, Flarainio much more moderate' image, under pressure from their own The programme, through a y/| S 1 fi I ■ I 1.^11 11 %% ■ j 

iccoli as chairman of the although he is seemingly not grass roots and attack from the wide ranging reform of public* .IT 

. . . v* _ . 7*1 Ifnnn *«!•#. am- *«L ab — Kaipa Kaon fnrnarl avn^n A i Kvi*a aims nt 1 n n a trtP ! 


ROME, Sept 26. 


EWE selection of Sig. Flarainio much more moderate' image, under pressure from their own The programme, through a I 
Piccoli as chairman of the although he is seemingly not grassroots and attack from the wide ranging reform of public* 


BY LYNTON MdLAIN, INDUSTRIAL STAFF 

BRITAIN AND three Scan- (SASV the three-cation flag s J^^“ F( JSrtore' ’flySe t2 


bid for 
Airbus 
compromise 


ftfO 


Robert Mauthner 


final choice is likelv’to reflect in early spring. Communists and Socialists sup- raentary majority should the j talks m London . 

crowiT’ strain.? within the rulin' 1 This unsettling political cli- port a minority Christian Demo- economic programme . 0510 1,1 June - 

f* " u *. " ’ . — ,.l n huan avanarKatari Kv n n„t flnDomninnt ThprP are U'starnil Hnwn Oc nn nreVlOUS rnu _ ~r 


established and unchallenged tivity. ing under pressure over its long originally due in Rome 

leader, a position which even his At the same Ume. the Socialist awaited raettium term Sfi^gSrs autumn - is alsQ apparently 
best supporters do not claim can party. Italy s third political force, P r ^mme Cab^ Momsters tant4hi time t0 approve . 
hp eaualled hv *?i" Piccoli who is attempung to enhance its are attempting to win party ana • .... Ml r< 

t 3f f,nonillv has 'stood ri"ht of influence and has launched an union support for the pro- SI bn facility until the G« 
cent re ° n F t h*> ° n a rt v " attack against the Communists, gramme, scheduled for submit meats economic progri 
On thI othe^d, Sig. Fnr- questioning the PCI's Ideological sion .to Parliament. wttt the 1979 gains full parhamj 


mean the end of scheduled air w 


a new. tighter agreement, resuici- aiong mese uw ■ .. « IC ^ __ 

&&*«*.*««» Ewe 

"»* ° f ~ o:es 1 - tK " B *+* sS SiSSS^STSSu *™ Zm SflSl?e£3S &s. 

lf to*.cT contrast, the British hoped to present a compromise, | as a final attempt *y UK 
Government wants to expand aU UJC Deoar tinent of Trade and to t 

scheduled air services to S wadi- ; , d bv Mr. ^rge mwe on lhe terms »T/r^lJsh. 

uavia. to reduce fares ana to fjo^ers ’ under-secretary, civil P a .^ ic, ^°“ 
introduce more competition for international relations Airbus consortuira.. . 

the national flag carters from in- division are prepared to lake a The mee ting betYieii :Tttr._ 
dependent atriines. The effect toygjj against Scandinavian y ar j e y M. . Joel LeL-Tbaale. 
would be to liberate air services resistance to expansion. French Transport‘d jHiharter, 


[ influence ana nas launcneu an union auppun «ur ui= h*“- - — nrennitntMi latp last vear viuvmh «*:" - «« 2r this Scandinav- rrenen amaiw. it«i wjio ni 

attack against the Communists, gramme, scheduled for submit meats economic programme] tested .variety of air services Against for German opposite .: matter i 

, questioning the PCI's Ideological sion to Parliament with the 1979 gams full parliamentary *hen tfie Sufflinniu ^protejiea Britis - a Caledonian airlmw has *». drliiiM earnea ^ Bonn last week. 

* nrnnicinnii hnrfopt hoforen the annrnral and takpc concrete I aouUl plans oy me inoejjeuue ,HaH ta Ap between Gafwiek CarryiDe tneir »bj b _ •. 


lani. a former party secretary- position, 
general, has often presented a In turn. 


Communists, 


saar at ssr “ 4 **■ 


rcsuiai - . St0C sh 0lm< Dan Air two ^ieas. France ana west. .-v«niiany, 

ham and Copenhagen This pro- ^ Gatwick to- The talks are expected to last which until recently . stilTdg: 

ft b “ «• B^U^aSS Sm Edi* A te a week, but Will liave to agreed on the « >Mi 


France and West/.-Gentumy, 


Kyprlanou 
to propose 
peace plan 

By Giles Merritt 

BRUSSELS. Sept. 26. 


Norwegians W. Germany drops Social M led if no a8reemEnt 15 

m j • • _ The main sticking poiatin.the 

favour Democrat spy inquiry — - r " iwis 

N fllonfc BY JONATHAN CARR BONN, Sept. 26. UqWA • OOlirSG ways should plac^riersforlte 

-Uldlllb THE WEST GERMAN Federal made by a high-level Romanian DdliC 1 ClUlJViJ IV tUiUlgV Airbus, either mils oMjvHsion 

* « . na . ti u . - i • • ' w nr the nlannea new - ^XUnitpr 


Democrat spy inquiry 


BY JONATHAN CARR 


BONN, Sept. 26. 


THE WEST GERMAN Federal made by a high-level Romanian! 
Prosecutor's Office today an- defector. Parliament was re- j 
nounced it had dropped invesLi- called briefly from summer 


Barre refuses to 


course 


By John Walker nounced it had dropped invesLi- called briefly from summer! 

<jTnricunTM c=nt *>« gations of two members of the recess to lift the immunity of! 
. CLEAR majorii of Nop- ™[i"S Social Democrat Party Dr Holtz so that his office and; 


BY DAVID CURRY 


PARIS, Sept. 26. 


The main sticking point in the 
negotiations: so' far. if* been 
the French d e m an d that, as part 
of the enl ly'priefi British Air- 
ways should placeholders fbrifhe 
Airbus, either m- its old VereioB 
or the planned 'hew 20ft«eater 
A -3 10 airliner. — 


*lnVf 
lOU + 


SSiMKi «'?enH^ r So 1. aide ti Herr eFoo Ba^! O^oslti^ reiS mTtted some clmcessions. notably 

nn "Si Jfind uoops i plants, w niie^Jo per cent were spD . g execuUve secre v ar> . the SPD's loyalty to the NATO, by increasing the. purcnaszns steelworkers against the 

on tne i- i n r»t make un theirmlnds ! Herr Bahr promptly said that alliance. Conservative news- (power Oi the minimum emment's plans to rear? 

Speaking in Brussels before he ; n 1 p : the investigations had brought a papers meanwhile came under- because this has disrupted the uj e industry, B 

leaves for New York tomorrow; Controversy over nuclear | “ clear and expected result " and fire from the SPD for publicising! earnings hierarchy. reports. The General 

Mr. Kyprianou claimed that such 1 energy led last week to a (accused the political opposition serious allegations about named I The Prime Minister made tins federation of Labour sa 
a plan i-ou!d provide a rapid ' government crisis involving the j 0 f making groundless charges individuals before proof was clear when he addressed. 3TPs jjjat ft feared the G< 

solution to the Cyprus problem. ; three coalition parties: the Con- against the pair in an effort to available. belonging to the Giscardian UDF mM t’ s plans wonld lei 

Hp has heert havin'* t^‘ks fndav : srn ' atives - the Liberals and the i damage the SPD. The imminence of vital pro- centre alliance at a conference jaygg^caie redundancies. 

n.-irh Mr Rnv Tpnk ini tHp F.F.r ! Centre Party. The Conservatives I Both men were questioned vincial elections is Eelt to be a near Toulon. ' I will stick to my Production at the Si 


British Airways hds said that 
recognising it has no requirement for. the 
Airbus at ‘ the iDOiaeiit; ; -The 
For a French British Government has made It 
-ime Minister clear it cannot put pressure on 
to praise the the airline, which ms- based its 
port they had decision on commercial, coa- 
nent. He has siderations. . _ 

tbe"rap h Md Att - r 


meeting, it- appears that the 
French, who are-amaons-forpoli- 


news- power oi uir ihiujjumju ernment s plans to reorganise r* „ nnr j « uu <u C oujuwu.iu{ ^la- 
under! because te has toruptea the the steel industry. Renter g r ho^ t 0 fihis C oniinuing Ucal “«*unriaj .a^ financial 

cisingj earnings hierarchy __ reports. The _ General ®!?« sh A«»P M * 


see British Aerospace 


He has harm" rjifc* todav ; scnatives - the Liberals and the i damage the SPD. The imminence of vital pro- centre alliance at a conrerence 

wirh Mr Rov Jenkins the EEC ! Centre Party. The Conservatives I Both men were questioned vincial elections is Eelt to be a near Toulon. I wiL stick to my 

president and tomorrow" wM, and Liberals want to go ahead ( following allegations about spy- key reason for the: shrillness of! guns and let the country be 

meet M L<*n Tiodenun- ihe'with the fuelling of the two ing in Bonn said to have been the debate. judge, as it was last time, ne 

Belgian Premier. .Mr. Kyprianou • stations, but the Centre Party • . . said, referri^ to tne Gorern- 

^ . - i. . . u._ ftiL. iiv.jt thn cciia At cqf A mpnt c virfnrv m -he Ma_rcn 


, u ; into reflation to reduce up- 
employment, has been unproved 

OUUBrr. ; , . r. miorflffl onf'c clirnTIRA Ttacnit 


et»Zt MiimiTe* at hv the Government's surprise Despite official denials, it 

decis i° n to build a sixth nuclear- seems that the recent order by 
powered m issUc-carrying sub- the privately-owned ; airline 


revealed that exploratory talks j insists that the issue of safe 
between Cyprus and the EEC on : storage of nuclear waste must be 
the second stage of Cyprus * i asso-; settled first. The opinion _ poll 
elation with the Communitv are 'Predicts that if a national 
to start next March. 1 referendum were held now on 

„ .. .. : this issue. 41 per cent would vote 

Mr. Kyprjanou_ said nis pro- ; r nr nue i enr pnprov and 37 ner 


Soviet energy saving call 


n.-pnanou ms p.n- ^ nuc i ear energy and 37 peri 

fnr total disarmament .*n cent a o a inst. ■ 


BY DAVID SATTER 


MOSCOW, Sept. 26. 


sai£ referring to the Govern- SSSTeoMt has been halted: P° wered m issUc-carrying sub- the prtvately^wned ; ( airime 
raent’s victory in the March since Slonday niglrt because of _ m ?£ ne > „■ t Laker Airways for nine Air- 

general election. a cfrjtp t non u-nrkers, AF- - Gaullists never accepted buses has helped soften -. the 

M Bme added: “Grousings. w S m decision ^fee j^rs ago to French position • ^ . 

warning shots, traps, guerrilla deman ^ng shorter honre and SJfont^iS term The West German. Government 

raids, by-election results where ^ employment of 130 hcw m MutanS has also dearly- gone, oaL of. its 

workers on an extra shift, j « W to 


■WITH SOVIET energy produc- rapid way to recoup’this invest- more impression, on me now than 


head missiles has a^eady been adopt a more coniriliatoiy stand. 
wpimmpH bv M. Jacaues Chirac. . In return, rt is understood 


Cyprus were based on suggestions ; ,“ 1 ai 1 k? U w ^ IO mis l nve T Sev did before." economic verily (charging fte welcomed by M. Jacques Chirac, ™ return, it is understood 

he first made several mnnlhs ago. j Reuter adds: A Norwegian / h01 J{ I ng XSmn ^5= ! °mS , ”ii5i teria »i! 1 MPs attending the conference real, unsubsidised orice for godds the GauIIist leader. This in turn that Prance jnay require .either 

Under his plan the only armed ■ Government committee has con- pravda » lhe Communist party * nd ^ t i!°!had to run the gauntlet of and services), stabiiilv and efim- has led to suggestions that a higher British financiaLomW- 

force to remain would be a small eluded that nuclear power | newspaper, today urged Soviet "hserve norms and limits .n the I w0 J kers from ^ Terrin ship petitiveness.” 7 President Giscard d’Estaing is bution m _tbe d evelopm«rt of_the 

police force composed of both . stations are safe and will recoin- organisations and i enterprises not use of fuel steam,, heat and ; repa j r ® art i s j n Marseilles where ^ M. Barre challenged the parties likely to inrite M. Chirac to the A-310 Airbus than the £50m 
Turkish and Greek Cynnots. J mend that they should be built, to waste raw materials. tK™» IhSw redundauw is likelv. but forming the Government's ^-lia- Eiysee shortly to try to improve so faroffered. or-amuch firmer 

which would be placed under in-; a spokesman for the Ministry In a front page editorial linked Barre a »ain refused to’adopt men tar-.- suaport to buckle down relations between the main guarantee oi the^UKTs^ag-tenn 

tern at ion a l .control for an of Energy and Petroleum said to the onset of cold weather, f*™ 1 JR \ -Jrtfiril- 3 0 3S the* task of sustainm^the majoritv parties. commitment to- joint -European 


tunist party efficiently and . “strictly to 1 ,;rtn l L ,Zlpr^ ZS'iOSSi ^abtiilv SlS haa led to suggestions that a higher British financial iontri- 

irged Soviet observe norms and limits in the I had to ren^ wugBt of J^jerrires), stability and ym has^je^ bution to the. development^ the 

itenjnses not usc^ of^ fuej steam,, heat an d ; rep2Jr yards in Marseilles where TvI. Barre ebatienged the p^ies likely to invite JL Chirac to the ^ 

imn-nl linked The newspaper identified con-i heavy redundancj- U Mtaly, but forming the Guverameprs p|lia- shortly xo try to unprove enaralrtAP rrf Ifinp-tpi-m 


indefinite period. 




JE 




tea front page editorial Jinked ^ SffSSfKx ^BWTagTnTetoedMi refatiSns betweei^ the^ain guarantee tffthe^ jon^tenn 

Pravda “S' ° f SS "despite StaSi .« “tofeSioBlin “artificial” employment to the task of sustainiiifSe majority parties. civil aircraft projects. • 

Av tl'S SSSl — * ■ F.»„ 

SScti »? fSre £!' maSv SSSfr efforl - proceeding #.r fromL, _ - , , ¥ , , ... <nA , . - here that, the might Jioft- 

P rises and construction sites JSj $6n Swedish blaze | Gibraltar builds 180-yacht marina | 

Where fuel-energy resources are Thp editorial names am id'ermv i Ninety million boxes of matches J ; aircraFr «viiilnhpH with Rritfdi 

he nir in an i.nnnntrnllort . 1 06 editorial COlDeS am lO grfHV- . _ „ I «-„l. s c nn.'ih. -n«. VaoMinw tn R.hrattan ic aircraft WUlppeO. W1U1 JSnUSfl 


* *V*' 

.mamft. V ~ 


»\n\ r* 

il«U * v . 


/^‘•AadatWi. 

the endof itall-y^ 
what do you have? 


cnnrmrt nnnrtpr nF t*»ic vnar alnnn :** v *■ . v, . a - •“”***• »»ui« , CKU . U ---- - _ _ w , . , an existing manna and berths in DUUUIU.IIVI vtr tlUyscu 

eaneSlSreo*? fuS came ^o cr)SS in , taPpingremaming raw; Stockholm. Police said that four matea £5.om. When completed, the commercial port. to exereisea veto, within the con- 

S n ?he enrSnriSS nr m ^ nal deposits m remote Gre engin e g numaged to save the I the marina will accommodate MTfliam White manarinc sortium,. though this seems un- 

and more than 10 per cent in Soviet oil 1 Deduction rose 5 1 nearby residential areas from tbe.u 1 ,'? 0s,e F? Garcia v\Tites phase of the shore develop- — T — : “ 

factories involved in the produc- per cent last year but this was 1 ^ ani , es ,‘ The blaze destroyed three . from Gibraltar. A shore aevelop- xnent will begin sbortly. The f<vhnci«j. two, jpanraua i aa»T wt so*- 

tion of construction materials. 5£ lowU pe^ntagi iSfrea ° f JggtB'SSTtS” th6 * ™* 7 f0r 

Pravda said the state has since 1970 and well below the " vortn around SB[ ± sea w»U mciuae 200 flats. summer. . cu » pw m 

invested a considerable amount anniial average increase Isince 

in the construction of coal mines, I960 of 8.1 per cent There was 7 .. . 

power stations, oil and gas wells no improvement on this during 
and fuel transport and the most the first six months of 1978. 


Getting to a business 
appointment at the other end 
of the counti y or somewhere 
In Europe can be a tiring, 
frustrating and irritating hassle. 
And at the end of it all you 
have one or more top executives 
who have not only wasted 
valuable hours in transit but aie 
also in a far from ideal condition 
to negotiate and take decisions 
vital to the company's future. 

* Time is money 
The alternative that more 
and more companies are 
adapting is the use of a corporate, 
aircraft, and the choice of many 
is the Beachcraft Super King 
Air 200 C (Convertible)— a fine 
twin turbo-prop, fully 
pressurised aircraft with the 
facility of either 12 seater 
"comfortable commuter" or 
6-8 saat "Hying boardroom" 
configuration. This aircraft is 
well known for its ability to 
fly into small airfields as well 


as international terminals. It is 
economical to acquire and 
operate, and probably the finest 
aircraft in its class. 

If you would like to get to 
your business destination in the . 
shortest Time, be able to work 
whilst travelling, and to step 
out of your aircraft just a 
short car journey from your 
appointment— you should talk 
to Neil Harrison at Eagle about 
the economics and practicality 
of applying one of today's most 
valuable business tools to your 
enterprise. 


r / o 


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“Soper Ring Air” (&Z5) 


Irish seek North Sea oil 


BY BRUCE ANDREWS 

THREE OIL companies — from 
Ireland. Norway . and Sweden — 
have agreed to form a joint ven- 
tures to explore for oil in the 
Dutch sector of the North Sea, 
according to oil industry officials. 

The companies are Aran 
Energy. Ireland, Saga Petroleum, 
Nofway, and Petros wede, 

Sweden. It is understood that the 
first stage of the programme will 
be a seismic survey in the 
northern area of the Dutch sec- 
tor to identify potential oil and 
gas bearing structures. 

Mr. Michael Whelan managing 
director and cbief executive of 
Aran Energy, confirmed that the 
three companies had agreed “a 
joint exploration venture in the 
southern North Sea." But none 
of the companies would com- 
ment further. 

Aran Energy has interests 
in a number of exploration 
blocks off the Irish coast. Some 
5 per cent of its shares are owned 


by the Irish Government ' It is 
known to aspire to an /inter- 
national role. Mr. Wbelaji said 
the company was looking 1 at a 
number of oil production; pros- 
peebi abroad, including -onshore 
in the United States, with the 
object of “getting some Irish- 
owned oil flowing.” j- 

Saga Petroleum is an indepen- 
dent oil operator, with abbut 90 
of Norway's largest companies as 
shareholders. It has interests in 
the Norwegian offshore sector 
and a small stake in the Brae 
Field in the UK sector. Petro- 
swede is a world-wide . oiT and 
gas exploration group,. 50 per 
cent owned by the ■Swedish 
Government. : 

All three companies have filed 
applications in the fourth Nor- 
wegian round oE exploration 
licences, under which seven 
blocks are expected to be allo- 
cated during the autumn and 
winter. 


New -Issue 
September 27, 1973 


W these bonds having been sold, this announce- 
ment appears as a matter of record only. 





Rembrandt o 


Remora ndt/SeH-portrait" (1631),-Rilksmuseunl,Artis&fdaiit- 


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DM50,000,000 

3/ 2 % Convertible Bonds due 1987 


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CORPORATION (LUXEMBOURG) S.A. 

SOCOEGENERALE DE BANOUESA UNION BANK OF SWITZERLAND 

(SECURITIES) LIMITED 


DILLON, READ OVERSEAS 
CORPORATION 


jRembrandt found his inspiration in Holland, 
yet created art with a worldwide appeal. The Central* 
Rabobank also finds its inspiration in Holland... 
yet increasingly provides sen-ices in the world at large. 
With a strong agricultural background, 
the Centrale Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 6i billion 
Dutch guilders (in excess of US S 26 billion) in 1977. # 
This makes the Rabobank not just one of 
the largest banks in Holland and one of the 35 largest 
banks in the tvorid, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 


TThe Centrale Rabobank is now expanding -> 
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To accelerate this expansion, we recently confounded 
the "Unico Banking Group” linking us with five 




other major European cooperative hanks. This, together 
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- In addttion, we are active 
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bond markets. Our international : 
transact ions in foreign currencies^ 
Eurocredit loans and J ■ 

participation in new issues; are - 
showing a remarkable growth. - 


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Catharijnesingei 20, P.O.Box K09S. UtTv*-hr ~~~~* 

The Netherlands, Telephone 030- 362611. Telex 40200. 


Rabobank Q 

Dutch Masters in Baitliisa 





Financial Times- Wednesday September 27 1978 




SPAIN 


«iTwo tough decisions facing Suarez 


BY ROBERT GRAHAM 


‘.I Ann ID. SepL 26. 


' 4 ^ course UR KEY 


fJE POLITICAL iinii'ljbic for 
next year anu beyond i*. The 
"" U bjoet of iau>n%v difcVUaSMin arid 
"ujljyrm: built ,mi--»nq the main 
lineal purtit-s and thnr leaders.. 
\j th».- h**art of lhr:-i* dhriu- 
. ms ary iwu separate but inter- 

• luted is-ue-— hov. doe's the 
*. ivernuieni nhlam approval fur 

• ugher control-. nn wage-. ami 
lliil i- m ;.ei -Cek t*i end the 
fp r.-.-e-^icrr:: and when should 
.■» Cowr.i.u-.-tit hold ^vuvrai 
- ’ ’tritons 

.In neivlier instance is the 
. • ‘ vernir.e:i! free r«» act it 
-nea. and must take account 
the strateii*."! of the mam 
■ position parlies, ihe Co.n- 

• .hums iPCEi and the Socialist^ 

• ini' Let'i. and Aiiarua Popular 

• the rialit. 

Fin- ne i "l to a-iree «>n a new 
.... imunie policy ufiMrs because 
•• pulnual nnd rvonoi:i:«.- 
asuroM. known as the Moncina 
Ms. aci'pptrd la.sl Ortouer by 
main opposite'i, partie.:. J.r;* 
? to expiry — or rather the 
. itsnuanc-' of ihe broad lines 
the pacts i< dependent upon 
enewj: uf the approval of the 


Communists. Socialist.; and 
Ahanca Popular plus the aci-ep- 
lance uf noth representatives uf 
the employers and the unit, ns. 

Last >rar manage rpen I and 
labour representatives uer,. nor 
included in discussions on the 
pacts. 

The need to establish a time- 
table. a tbeil flexible. fur general 
elections is being furred on tin- 
Goicrnmem because of the coil- 
stiluC.un. B«, uud-OctobiT lintn 
Houses uf Parliament .uv ex- 
pected to have approved the tinai 
text uf the new ennsii union 
which wilt be submitted to the 
□alum for a referendum. 

If approved, perhaps at the 
beginning of November, the 
status of the Government will 
change. Though democratically 
elected tn .tune. 1977, the Suarez 
administiatinn and his Union <|e 
Centro Democratic!) tl'i’Di 
part;- are in power in a transi- 
tory' cat *a fit y. The Government 
was elected without a const tui- 
tion functioning and the various 
rowers of Parliament and the 
monarchy were not constitution- 
ally defined. 


It has been generally accepted 
that Spam would only become 
truly democratic once the con- 
stitution was' approved and new 
elections held. 

Tlit* view of the Ounimmist*; 
on Orest* urn issues is siraidht- 
forwimi. Tliey favour a renewal 
of iltu Monclna pacts, though in 
slightly different form. They 
would like tu see a cuiiUnuation 
•>r consensus indiuus ut consoli- 
date democracy. which would 
involve :« three-year agreement 
on a senes of political and econ- 
omic reforms with general 
elections held towards llic end 
<d this period. 

The party wants 10 avoid an 
ccummiic agreement limited to 
wage and pnee controls. Wage 
restraint is only ueceptublo lu it 
on a wider trade-oIT against im- 
provement of the social security 
system, special aid to combat un- 
ci nplnjuient. further streamlin- 
ing of the public sector, and a 
definite date for municipal elec- 
lions which should have been 
held fast winter. 

The Socialist Party has nut 


yet announced a firm policy, 
suggesting internal divisions and 
indecision over huw best to play 
ils hand. Nevertheless. Sr. Felipe 
Gonzales, the party leader, has 
indicated his reluctance to renew 
the Mnnclud pacts. 

At best, the Sue: alls Is say they 
would accept a renewal of the 
pads roi- one year with a firm 
comm it men l lu general elections 
in 3979. 

This genera! strategy reflects 
the increasing eagerness of Ihe 
leadership to make a bid lur 
power, based on a belief that 
UCD's popularity has slipped and 
that Ihe Socialism can oblain a 
Parliamentary majority. It also 
reflects the feeling that ihe 
longer elections are delayed, the 
more UCD is likely lu frjgment. 
producing a new Con ire /Centre- 
Left grouping of p social demo- 
crat coin pies ion 

Alianza Pnpular's leader. Sr. 
Mamie! [-'ruga. reluctantly 
accepted the pacts last year and 
has shown do enthusiasm for 
their renewal except under a 
government of "national con- 


centration " with a premier 
chosen by tin; King which would 
pave the way for early general} 


Britain and Australia agree 
need for reduced air fares 


BY LYNTON McLAJN 


electrons. • BRITAIN and Australia have said that there was still a long apply for licences to Bnlaia 

Sr. Adolfo Suarez has to steer 1 reached a broad measure of way to gw on specific fare levels Civil Aviation Authority and tfc 
a course somewhere between all ^agreement on future plans for and on other issues. Bur both Australian Civil Aviation Ayencj 


these views. He knows dial any : lower air fares between the two Governments had agreed that 
economic policy must contain 'countries, the Trade Department lower fares between the two 
tighter wage curbs, and that (his 'said in London yesterday. countries were desirable and 

cad only lie carried nut with the ‘ The announcement came as steps would be taken to try to 
approval. lari: or explicit, of the .'Mr. Peter Nixon. Australia's encourage a reduction in existing 
Left. He also realises dial in the .'Transport' Minister. was prepar- fares. 


When agreement is reached t 
may call for a reduction of u 
to a third in fares belwc'e 
London and Sydney, bringing th 
return fare down to about i'jjflf 
Mr. Nixon is also expected 1 


municipal elections his UCD.ing to outline his Government's Tf,e news of the agreement report to the Australian Parti; 


would fare badly. loving votes to 1 new civil aviation policy tn the comcs after protracted’ negoita- mem on a proposal for new fare 
the Socialist..: m particular, (Australian Parliament today. tions between Britain and across the Pacific. These rate 
That would almost certainly! Dihcials in Canberra said the Australia since last vear. are the subject of talks with U.S 


are Lhc subject 
aviation officials. 


■ertainly ! uracims in v-anoerra saiu me Austra i ia sincc j ast year, 
mean a vote in early sprin' 1 1 two countries had reached an 

making attempts to arrange a (understanding on cheaper fares The ncxt slp P witl b ® for ^ r - 
new econurric viniiaiiv jfur flights between Australia Nixon to visit London in a few 

new pa..t \inuatiy.__j Rr f Iain r ,Pt n ii c Hnvp still weeks time when sDecific fares 

between Australia am 
agree- Japan, but it is not thought tba 


The Minister may comment pi 

worthies*. Under' these circum- ‘ and Britain. Detaiis have still weeks time when specific Jares prospects for fare levels oi 


Clarices Sr Sii-.V.»x"nn«ht'^ VriT’tn * *° be worked out and no formal will he discussed with the Trade flights 
. J . r .L Z declaration of fare levels ‘ 


Once full 


Communal concern lo consol i 
date demuero-.-y and _making it 
difficult fur ilie Socialists lo upti 


is Department, 

been reached. in- 

Britain's Trade Department dividual airlines will hove lo for these routes. 


Mnnc?oa ln rta nlavi^” expected for some weeks. ' ’ ment has ' been ' reached.” in- reductions have been pioposet 

inonciod pan-. I1> pjaym„ on R r it.,ins. Trnrt.* nena 


out.. 


For differing reasons, both the] 
CunununiN's and l (JD want tu • 
r/ostpunc goner j! ejections for as 
long as possible. 


CHINA’S RELATIONS WITH HONG KONG 


V ‘lone wolf ’ challenges Demirel’s leadership 


Reasons for confidence 


BY MELINDA LIU IN HONG KONG 


BY METIN MUNIR IN ANKARA 


! CHINA'S INCREASING open- 
| ness anti growing trade with the 
rest of the world is watched par- 


G FORTHCOMING bailie fur 
leadership of Turkey's ui:nn 
-■i.iiiiun .TusJicc Party t.Tfi 
• !u> decided by tliu fact tliat 
chjlienwr Senator Kantraii 
i i-j u; ' hurd:.-h de.-cenl and 
married lu a foreign wi'e. 
Heal ulisvrvers in Ankara 
eve ihnt tr.p.se i'*v lactors 

■ prove his undoing when he 

■ e>'t< trie leadcrsnip of 
•icr ITi.-ro .Minrsler Suleyman 
iip’1 at the JT' convention in 
iber. 

X- Turkiih masses still look 
i foreigners as “infidels." 

I nan adopted Islam and 
ush naiiotiiillty five years 
and speaks fliieni Turkish 
this will hardiy help her 
land. Mr. luan the present 
stcr uf Culture was recenfly 
led in the Turkish parha- 
t by Opposition -.pokes men 
being married lu a French 
an. 

irkey has the largest 
iish minority in Ibo world. 


un estimated 6-Km out of the 
population of 42m occup> in s ih'- 
poor uplands in eastern Turkey 
eloM; to Syria. Iraq' arid Iran. 

Si.-naior Inan was born m 
Bulls. one nf the must 
ntuuru.mjuus and Iwckward pru- 
vinci'k in the Turkish east, at the 
village of Gay da which has been 
owned by the Inan family for 
over two centuries,. The family 
claims descent from the pruphet 
Mohammed and is the bead nf a 
large Kurdish elan. 

In 1937, when he wtis eight, 
tiic Inan family was liantslicd to 
Bursa. Turkey's St. Moritz, after 
an unsuccessful Kurdish upris- 
ing in the area. “It was 
foriuiious for me." says Mr. 
Inan. “because l had the oppor- 
tunity to study. There was nn 
school in my village and hardly 
any in the province.*'- : 

Mr. Inan rarely went, back lo 
the east a/rcr that. He studied 
law in Ankara and obtained a 
doctorate in Geneva where he 


met and rnamed Iris Swiss wife, 
lie then joined the diplomatic 
service becoming an ambassador 
and NATO spokesman in 
Brussels. In 1973 he suddenly 
quit the service and joined the 
JP becoming BiUis senator that 
year. 

He said dial he decided to 
enter politics after a holiday he 
spent in the east when lie was 
appalled by Ihc poverty. “1 had 
a choice of living in comfort 
uliruud or livinR in discomfort 
like everybody else in Turkey 
and doing something for my 
count ry," he said. 

A man of average height with 
greying hair and a prominent 
honked no.se, Mr. inan has 
always hcen u lone wulf in the 
.IP. Soon after being elected 
be became Turkey's most 
prominent senator, his state- 
ments and pictures frequently 
■appearing in the Press. 

Mr. Inan was elected io the 
JP executive Board and was 
chairman of both the Senate 



i licuiarly keenly io Hong Kom 

_ . n „ | the position of which partly 

Foreign Relations Cnmmiitee depends on ils continued useful- 
and the Turkey. EEC Jyim Parlia-1 ness to Peking. If the mainland 
mentary Group. Speaking fluent j deals directly with foreign bu.si- 
rrenen. German and English, he i ncssnten, the importance of the 
has travelled widely on behalf ; ca i onv could decline pro- 
of the Government lobbying j por tionateiy. 
a ^? T l st *- -■* emharpoi- b u1 lv .o’ recent moves suggest 

and for nc-t:>?r Turk isii-EEC rela-. {^ al suc j, fears are misplaced. 
Horn. Last year lie briefly first was a statement that 

served as .uimster of Energy. despite China’s belier in the 
Mr. inan. who neither drinks {“superiority of the socialist 
nor smoke.**. i«u» (initially entered; system." Peking no longer denies 
the- race Tor the JP chairman-] the achievements of capitalism, 
ship. Sources close in him savt ti wus made by Chi Feng, a 


Mr. Suleyman DcmJral 


that he believes he has 500 of 
the 1.500 delegate votes and 
“the rest are open for battle." 

Mr. i nan's success or failure 
is bound io have significant 
implication^ fnr both the JP and 
the splintered Turkish Right- 
wing in general. If he succeeds. 
Mr' Inan may inject new blood 
10 the JP and give the party a 
new '* image. replacing Sir. 
Demirel's hidebound laissez-faire 
ideology with a modern one 
closer to those of the Western 
European Conservative parties. 


jOLLAND 


Study challenges the Dutch reputation for tolerance 


Y MICHAEL VAN OS IN AMSTERDAM 


i.V •• . T-.irsna 


f ID ELY-HELD view of the 
b — that they are tolerant, 
nmodating. and hospitable 
rds ethnic minorities— no 
- : *r holds true, a study by a 
P oi cultural anthropologists 
Uirecht University has 
ilcd. The group 
tained “unequivocally' 

1c front Surinam 

st workers from 

lerrancan countries 


has 

lhal 

and 

the 

are 


against 



discriminated 
innslrably." 

Frank Bovenkerk initialed 
nvesiigation. the re>ulls of 
l have been publihhed In a 
called “Omdat zi* Anders 
(Became They’re DilTcr- 
The South . Muluccan 
Ority gruup was specifically 
f vded from the study, he said. 
4tsc the -emotions -aroused by 
} jus terrorist aels. in the past 
have invalidated the 


studs. But the bonk gives nn 
indication of to what extent' 
people's behaviour towards 
coloured group* among the 
population may have been 
influenced by South Moluccan 
actions. 

Foreign workers and 
Surinamese are found to be 
discriminated against in their 
search for employment and 
housing. " It appears that racial 
discrimination is much more 
widespread in Holland than I 
bad expected." Dr. Bnvenkerk 
said. Tbc country's reputation 
for tolerance had been built up 
in the 1950s, alter the successful 
assimilation of the Indonesians, 
he added, but with the arrival of 
new _ immigrant the picture 
changed. 

. Jn the police force and in the 
trade union movement Uiscrimin- . 
ation is also in evidence. 


although ''Dutch policemen do 
nut discriminate more than the 
average Dutch to an." 

The investigators’ method was 
one rarely used in the social 
sciences, which normally employ 
the polling system. Since racial 
discrimination is still so 
"embedded in the taboo sphere" 
in Holland, bowever, the team 
fell that it could not reasonably 
expect honest answers from tbe 
people questioned. 

It therefore used the 
sociological Cold experiment 
method, in which the investiga- 
tors tried to get . as near as 
possible io real conditions 
by sending Dutch-speaking 
Moroccans, Tunisians and 
'Surinamese to apply for jubs and 
bousing!. Shortly. • afterwards, 
(while! Dutchmen of similar age. 
appearance and education were 
sent. Tbe experiment was carried 


out nearly 300 times in 
Amsterdam. 

This method produced abund- 
ant evidence of "systematical 
discrimination,” the investigators 
found, anil the di sen mt nation 
was often confirmed in discusr 
sions which they had afterwards 
with employers and house 
owners. It was also found that 
in Amsterdam, for example, 
coloured people usually ended 
up living in the least attractive 
areas of town. 

The Utrecht investigators con- 
firmed the findings of an earlier 
Justice Ministry inquiry that 
coloured people are more often 
stopped in Ihe street by police, 
taken to tbe police station for 
questioning and that policemen 
were generally less friendly and 
more condescending to them. It 
was also discovered that white 
Dutch citizens and Surinamese 


twho are Dutch citizens) will 
avoid sitting next to coloured 
Surinamese in public transport 
and that transport officials treat 
coloured Surinamese less 
courteously than whiles. 

Jn the trade union movement, 
the investigators reached the 
'* cautious conclusion " that union 
leaders appear to be under pres- 
sure from their rank and file to 
insist whenever possible on the 
return home of Mediterranean 
guest workers. 

Dr. Bovenkerk ends his book 
with a few suggestions to combat 
racial discrimination in Holland: 


representative here of the New 
China News Agency, which 
functions as the mainland's 
M closet embassy" in the terri- 
tory. He acknowledged that the 
communist-led. anti-British riots 
which rocked Hongkong in 1967, 
alarming foreign capital, were a 
mistake that must never be 
repeated. 

Even more concrete evidence 
was provided by tbe recent 
decision by Kiu Kwong. one of 
Peking's state-controlled invest- 
ment companies here, and Sun 
Company, also thought to have 
close Peking ties, to allow two 
leading Hong Kong companies, 
Hongkong Land and Jardine 
Matheson. as minority equity 
partners in a property venture in 
the New Territories. 

This is tbc first joint venture 
of its kind. Moreover, the 
increased willingness of a well- 
established Western company 
such as Hongkong Land lo 
become involved in major pro- 
jects in the New Territories is 
further reason for confidence, for 
the future of the New Territories 
is a major question mark over 
Hong Kong. 

Tbe New Territories form most 
of Hong Kong’s land area and 
include its main industrial areas 
and reservoirs. The area was 
ceded to Britain for 99 years in 
an 1S9S lease. 

But with the hypothetical 
expiry only 19 years away, the 
present Peking regime continues 


foreign companies considering or 
already involved in cosily New 
Territories projects due for inm- 
pleiion in or after the nud-19S0s. 
White the tripartite silence 
hitherto maintained by Peking. 
Hong Kong and London officials 
has been seen to mean no news 
is gond news, alone it hardly 
instilled confidence in legalis- 
lically-orienlcd Western business- 
men. who imagine a vestigial 
spectre of the 1967 violence 
haunting future prospects for 
Hong Kong's investment scene. 

Nevertheless. Chi Feng's state- 
ment and the tacit economic 
hints Peking has let fall in pro- 
fusion since the ascent of the 
currenr pragmatic regime in late 
1976 carry the unmistakable 
message that what is good for 
Hung Kong is good for China. 


Hong Kong's largest shipyard 
Ironically, many of Peking's 
recent purchases are in the New 
Territories. China's unabashed 
acquisition of land it technically 
claims tu own already has 
triggered some lungue-in-cheeV 
speculation (hat the lease iss.ue 
is irrelevant since China will 
have bought the New Terri torief 
outright by 1997. 

China alsu dabbles in an enor- 
mous range of activities in Hong 
Kong, including banking, insur- 
ance. industry, iransporr whole- 
sale and retail facilities -advertis- 
ing warehousing and culd 
siurage. 


The approaching expiry or the 
lease on the New Territories is 
a factor which potential 
investors in Hung Kong must 
increasingly take into accounL 
But Peking is as aware of the 
problem as London or the 
territory's own administration 
and is indirectly giving assur- 
ances about Hong Kong's con- 
tinued usefulness. 


A race relations Board should be 
set up. in (he judicial sphere the j to ignore the lease, arguing ih3l 
anti-discrimination law should j it was signed by the I9th century 
be applied more effectively, more! Chinese Imperial Government 
attention should be paid to the ; and therefore is not recognised 
education of foreigners and more by the socialist leadership, 
neighbourhood activities should ' The ambiguous Status of ihe 
be organised to promote contacts. I lea*e has not been ignored by 


Even during the worst of 
times, the China-Hung Kong 
relationship has. involved a 
steady export (tew of Chinese 
fond, water, consumer goods and 
petroleum fuel lo the British 
colony — to the tune of nearly 
$1.5bn in 1977. An additional 
capitalist bonus has been China's 
$1-31)0 intake in the form of 
remittances sent by Overseas 
Chinese to relatives in China 
and return on capital invest- 
ments in Hong Kong. 

The most convincing evidence 
of Peking's continued commit- 
ment to good times in Hong 
Kong is its mushrooming profile 
in the colony's investment scene. 
By the beginning of this year. 
Peking-controlled interests here 
held an estimated Si’bn worth of 
property investment. 

Jn March and April a lone. 
Peking paid an estimated $40m 
for land and business property, 
including a million-plus square 
foot lot slated for construction of 


It seems premature to specu- 
late. however, that Western 
minority participation in joint 
venture with Peking interests 
offers the magic formula "lo 
resolve the question of the new 
territories lease. 

More likely. Peking will con- 
tinue to quietly increase its com- 
mercial involvement in the 
colony. For months China has 
explicitly encouraged its 13 
foreign exchange banks in Hong 
Kong — which already control 
about one-lbird of ihe $12.5bn in 
total bank deposits here — to offer 
the same services that other 
financial institutions in Hong 
Kong perform, including stock- 
market dealings. 

Peking is drawing increasingly 
on the considerable pool of com- 
mercial expertise in Hong Kong 
lo enhance, nr even lake respon- 
sibility for constructing, hotel 
and export facility projects in 
China. ; 

The border town of Shunicbirn, 
just across tbe line from the 
New Territories, has already 
been designated a special export- 
oriented area and rumours 
suggest it may be considered for 
the site of a large-scale, export- 
processing zone. 

Major resort projects are 
slated for Shumchuo and 

another area just across the 

border will involve simplified 
entry and exit procedures. These 
developments, and the antici- 
pated start of ferry and 

passenger air services between 
the two sides will render the 
border increasingly permeable, 
in 1997, China could easily 
ignore Ihe expiry of ihe New 
Territories lease, just as it has 
ignored the lease itself. 



DOES IRELAND HAVE 


LOWEST 


MANUFACTURIN 



COSTS IN THE EEC ? 


'When Ireland initiated her industrial revolution in 1950, her planners needed to offset two 
serious handicaps to attracting overseas industry. One was the virtual absence of coal and iron. 

Tile other was a minute home market of a mere three million consumers. 

Given this, Ireland -with the objectives of becoming an important industrial base - has had to 
compete much more strongly in other directions to attract overseas investors. 

F or instance, labour costs have been kept to a keenly competitive level - and so have employer 
contributions to social welfare. 

Trade union thinking has been influenced constructively. Irish unions realise they must compete 
as an essential feature of the industrial environment. As a result, Ireland has been able to negotiate 
and adhere to her National Wage Agreements. 

Other overheads have been kept within bounds. The costs of industrial sites, buildings, rates, 
power and transportation are modest 

And this progressive attitude by Ireland towards business has paid off. Over 700 overseas 
companies, bringing important and sophisticated industries, have already come to Ireland. 

For the financial advantages of operating from Ireland are indeed substantial -and of particular 
appeal to U.K. companies thinking of expansion. 


INDUSTRIAL IRELAND -COME AND 






AAvInV H J, Mr v1C1|L3 minutes frrrai London by air. Any i-ixnpjny with 

expansion in muvd. should get a first-hand picture 
erf the special advantages the Republic of Ireland offers. The Irish Government s Industrial Development Auihnniy will gladty 
organise a per sunal presentation and visit in suit your particular interests: factory* visiis. frank discussions with overseas 
indue trialisls ope rating in Ireland, meetings with trade unions . . . whatever and wboe very t J want tu see. 

The IDA is responsible for all aspects of industrial development, including 
administration of the unique financial package which the government offers 
expanding, exporting industry. The IDA has helped over 700 overseas 
companies- almost 500 of them European -to establish factories. It is (lie 
wily organisation your company would need to negotiate with. 


r: 



Confidential: To Hugh Alston, Director. IDA Ireland, 28 .Bruton Street, Loudon WlX TDK. 
Telephone 01-499-6155. Telex 051-2475L 

Please telephone me with a view to discussing an investment package to suit my company and a i3 mlli.irk.i l inn trip tu IreLind. 


NAME. 


.POSITION. 


COMPANY. 


ADDRESS , 


^TELEPHONE-.. 


t 





OVERSEAS 



Assad flies for talks with Hussein 


• ' 1 pF<smF\T H \1-'EZ ASSAD of endorse the Camp David agree- on. tlieir own, so to achieve 
' . fri-, /w l0 iimuiun vesterday menu and the visit or Mr. Israel withdrawal from the West 

• t- 1 * " J . 11 ; ■ I I I ■« - tr. \nj*rt!jn nrnrlunnr! nn 12. nb- iir) Hia fZnlan Hoinhlc 


BY OUR FOREIGN STAFF 


SStZm^r Middle East* talks tangible change in Jordan’s pori- since the Camp David agree* the Egyptians and Americans 
Lh a ’.K;n« Hussein. According to tion. _ ments have remained 


hich- level Vance to Amman produced no Bank and the Golan 


achieve he had agreed to a freeze of only 
ie West three months on the cstabiish- 
Heights ment of new settlements, while 


•f ' j*h .King Hussein. Accordin 
•Iiio malic sources in Damascus 


i. ; emyaring notes with King Muammar 
I, ! <ussein on the talks whico each head of stale and 
■i , th*> two leaders had bad \ntn Arafat the P-^O leat 
1 ! * Cvrus Vance, the U.S. Sccre- him unexpectedly ai 

R I ' . . . . t-s- i in Tfirriin In 


f: 


vague on understood the moratorium was 

But The Ivin? also has turned these issues. for five years. 

A Avsad ivas"inost interested iu down an attempt by Colonel Egypt meanwhile will start The Israeli Parliament is 

emuarifi" notes* with King Muammar Gsdaafy the Libyan peace negotiations with Israel as facing a crucial vole on the Camp 

* " ' ,w ' ta **nd Mr. xassir soon as *b C i srae li Parliament David agreements, the outcome 

leader who met approves the withdrawal of of which con Id undermine the 

. ,-j». uvrus * ;-.mrr. liic v.^. — y at an alfba'ie j ew is^ settlers in the Sinai, the stability of Mr. Begin’s Govero- 

! .rv of style. during his recent in north Jornan. to attract him semi-official newspaper Al-Ahram raenL Intensive political discus- 

kir of Jordan, Saudi Arabia and into the hardline camp, and Mr. axA yesterday. sions were being held yesterday 

. . * . . i L,'J. L a .n.i nn 1 nK Mr. Sadat announced on as . '7Jf* ous parties' decided 

-He was also expected to l he King nn in». Mfindav that E°VDt was opening vvhellie r fhev would approve or 

*«» «» *■» "■« . 0 ArToi'l ' caplt.'u ta b-i-f dSSffilWlSlTlIS «*•» *»• 

iken hi a sU i n J” ,t : Lnnn-Pri ‘heir "leader ^ cm P ihe S hardline paration for negotiations. Al- Mr. Begin seems assured of a 

lose Aran Kadere ' decisions Colonel Gaddafv and Ahram. referring to the current sizeable majority in the Knesset 

■a-wSn??si S week Irfcnuoter President Kouari Buuniedienae debate in the Israeli Knesset on vote either today or Thursday in 

IC ramo D-tid rreewits of Ales ria wi’.l tour Islamic and the accords, said: “This will be support of the agreement. 

Sch Mr Sad-It «hnod ’with Mr* non-aligned countries for the a real test for the chances of despite reservations by. man> 

fcS.-Ln! EHn ]srael' S Pfi!ie same purpose. peace and war.” members of the question of 

hnister ° ' King Hussein himself is The newspaper also said Egypt evacuating the settlements to 

.-The anti-Sadat summit of the expected in embark on an Arab was awaiting a message from ln Ma - 

■stead fastn»-s and con frontatio:i tour later thj< week to explain President Carter relating' to Meanwhile, Egyptian Deputy 

bis own position. Jewish settlements on the West Premier Hassan Tnhami arrived 

But proha lily the two leaders' Bank. yesterday In Geneva for talks 

most urgent tusk is to seek ways Egypt and Israel have made with King Khaled of Saudi 

of ensuring «ome kind nf a solu- differing statements on the Arabia on the Camp David agree- 

tion to resume peace negotiations problem, with Mr. Begin saying ments. 


rent.” comprised Syria. Algeria, 
.my a. South Yemen and the 
•nlcstine Liberation Organisa- 
ion (PLfri. 

King Hussein has refused to 


AMERICAN 



. tobacco 

Koch warns of more cuts ,ndust * y 


■ ■ A 


in New York City budget 



BY STEWART FLEMING 


XEW- YORK. Sept. 26 . 


The mayor has already imposed were^hased on i 

and pro- homes, have come under attach 


freeze on city, hiring 



sen' i ecs 


FURTHER SEVERE Budget cuts 
will have lo be implemented a 
over the 
to reduce 
deficits, 

mayor, has warned. The city is blaming cuts in sbaip*y on 

In submitting a revised four- Federal and Stale aid for part perstimel. 
year fiscal plan for The city, of the emerging deficits. Now some 

Mayor Koch 
have to dose 
hospitals and 

workers to reduce — - - . . , . 

$400iu <£2 00 mi Budget g3 o for from local tax revenues boosted Some projections 
the fiscal vear 19S0 which begins by inflation. further. 24.000 lay-offs over the 

next July.* Property raxes in particular, nest four years. 


gets in 
their 







By Maurice Irvine 


Carter loses machinists’ backing 


NEW YORK- SepL 26. 


West considers Na mib ia strategy 


BY OUR OWN CORRESPONDENT 


UNITED NATIONS, SepL 26. 


\FTER A DELAY of nearly ments for pre-independence consideration of enforcement 
» ’ month since proposals fur a elections in Namibia. The main measures, including sanctions. 

- nited Nations operation in element of the Western plan was ^ number of possible draft 
Vamibia were published, the a proposal that the LN should resolutions have been passed 
Security Council began prepara- supervise and control the rotUM j i n t h e f 0n n of working 


.ions today to endorse tfiu plan, elections. 


David Owen. Britain’s In his Augusi 30 report on the ogies. In at least two of these itj 


discussion 


dele- 


OPEC 
counts 
cost of 
dollar fall 


council i 


The decline of the dollar and 
world inflation have wiped SO per 
cent off the revenues of member- 



for the UN General Assembly, 
ronfered on strategy last night. 

They decided to summon 
N>w York for consultations the 
Bv.9 nations' ambassadors lo 
South Africa. The envoys are 
exported to arrive on Thursday 
2 nd. -to provide an assessment nf 


needed, at a cost of 3300m, 
carry out the operation. 


to None of the Western members 
of the Security Council is yet 


to The Western "rouo and the taJk{n ? pnbllrfy about sanctions 

!o AfrfSa ;™ P ln »s«2 Africa. Mr. Ivor 


ment today that the best course 
now is to move quickly to 
Security Council approval 
the proposals and to call on 


what i.hiinces. if any, remain for South Africa to co-operate in 
South African acceptance nf the their implementation. Security 
settlement Plan drafted by the Council approval is expected by 
five- Western states. " the end nf the week. 

When he announced his retire- The African states want the .. , . 

meat last week as Prime Minister council lo go further and to Assembly today tnat 

or South Africa. Mr. John Vorster declare that' South Africa’s re- A f ncan defiance of Hie 

rebuffed the UN by declaring ftisa! to co-operate would consti- ?f l ; 0 j ,a immunity would not 

that his Government would go tute a threat to international °f tolerated. ... 

ahead with its own arrange- peace and security, requiring the Vorsler's parting shot. Page 16 


Richard, the British representa- 
tive. pointed out that South 
Africa had yet to chose a new 
Prime Minister, implying that a 
change of heart in Pretoria was 
still possible. 

Mr. Don Jamieson, the Canad- 
ian External Affairs Minister, 
said in an address to the General 

South 
inter- 


Martial law in sixth of Rhodesia 


Sabah, said in an interview with 
the newspaper' Al-Bilad, Reuter 
reports from Jeddah. 

The Minister was quoted as say- 
ing that OPEC members had Io<t 
15 per cent of the value of their 
oil revenues through the deprecia- 
tion of the dollar and 15 per cciu 
through rising inflation since the 
organisation's last meeting in 
Doha in December. 1976. 

The Sheikh said pricing oil in 
terms of a basket of currencies 
was one of a number of proposals 
submitted to protect OPEC 
revenues. 

Saudi Arabia has resisted the 
idea of switching away , from the 
dollar as the currency in which 
oil is priced for fear of tbe pos- 
sible impact on the UjS. currency 
and the country’s own huge 
dollar investments. 


BY OUR OWN CORRESPONDENT 


SALISBURY, Sept 26. 


SPECIAL COURTS MARTIAL North where Nkemo guerrillas continue to operate as before. 
s*'t. up under the martial law shot du’.vn an Air Rhodesia Vis- But the regulations will give the 
regulations will be empowered count early this month to the security forces a freer band to 
tn impose the death sentence for urban centres of Vmtali and Fort restrain acts Df terrorism, 
acts of terrorism in martial law Victoria. About a sixth of the Legal representation is pro 


a.-?a«. A Government gazette has country seems to be affected by vided for but there is no appeal 
designated seven groups nf the martial law proclamation, against sentence to higher 
areas, mainly tribal trust lands. Mr. Ian Smith, the Prime courts. Court hearings may be 


where martial law is in effect. Minister, has described the in public or in camera. Where 
The arcus range from the regulations as modified martial certain sentences, particularly 
Utjungwe Tribal Lands in the law and the civil authorities will the death sentence, are imposed 


China wants to buy ships 

} ATHENS. Sept. 24. 

CHIN AS INTEREST in expand- dry cargo vessels of up to 60-000 ; JJSeeiallv as’the^outb ^ 
m £ its merchant fleet was *ross tons. Mr. Niarchos told « cfov^™rnent has vet to* 
expressed by Mr. Huang Hua. «r, Huang Hua he hoped HeF {a Go ^™^ B t has yet to 

ihtf Chinese Foreign -Minister t SL b i T1 S,H l i55« Mr - v ‘ 

clufing a visit to Hellenic Ship- rep^r io^ for C^ ^ la * 1 h ‘Sb-level talks Mr. 

yalds, Greece’s largest shipbuild- J0DS lV ^ tuna s exiStms ! Smith is known to have had with 

ini facHiUes owned by shipping I South. Africans were in 


they will be subject to a review 
authority. 

Reuter adds: Mr. Smith left 
I here today for Durban, where he 
is lo be guest speaker at a 
banquet tomorrow. It is con- 
sidered unlikely that he will use 
the trip for political talks. 

African 
choose 

Prime Minister to follow 


The tour of the yards included; August, when Mr. Pik Botha, the 
a preview of the first of six 409 - 1 South African Foreign Minister, 


magnate Mr. Stavros Niarchos. 

rh| h nn^ I ^H,,rS. r i t0 ” fast missilc-car lying gunboat ; flew to Salisbury andmet leaders 

bvf M? "his be,n * built for the Greek navy. | of the Transitional Government 

v m The 56-metre long gunboats are I An explosion damaged a civil 

iX? hein.g built under licence from service office complex in Sails- 

i'\‘J iards France's Constructions Meehan- bury today but no one was-in- 

bi:Mr. Niarchos himself. iques Qf Nonnandie of C her-!jured. Police said the blast was 
Informed sources said the bourg, builders of the Combat- 1 caused by a hand grenade 
Chinese are interested in buying tante IL1-B missile boaL | planted close to a wall. 


Strike averted 
in Sri Lanka 


By Merryn de Silva ? 

COLOMBO, Setfc 26. 
THE GENERAL STRIKE on 
Thursday by 17 major trade 
unions controlled by opposition 
parties has been called off. 
Though it was to. he only a one 
day strike the Government 
regarded it as the first serious 
challenge on the labour front 
since- • President Julius 
Jayawardene took power . last 
year and adopted a tough stance 
towards the unions. 

State employees were 
threatened with instant dismissal 
and : private sector employers 
were ateo persuaded to issue 
siimlar warnings. The Labour 
Minister also said Government 
might rush emergency regula- 
tions through parliament ; 
t The Government’s success in 
getting the strike called off will 
give a major boost to ^pro- 
gramme to attract more private 
investment and- put through 
unpopular policies recommended 
by the IMF to. cut welfare-; sub- 
sidies. President Jayawardene 
is seeking to attract fdreign 
investment for a new free trade 
zone near Colombo. ; 


BY JOHN WYLES .* 

LV A significant reflection of In a long letter to tbe White deregulation, 
organised labour's disappoint- House accusing Mr. Carter of . Mr. Winpisinger accuses tne 
ment with the Carter Adniiaistra- succumbing to the “Xixonian Carter of speeches delivered to 
tion, the 927.000 - member ethic." Mr. Winpisiagcr develops the machinists’ convention in 
Machinists and Aerospace themes which have appeared 1976 and elsewhere m wmch as a 

Workers Union, one o? the bis- recently in speeches of other in- candidate, the President picdgea 
gest in the U.S., has withdrawn fluentia; labour leaders, notably full employment 
its supoort for President Carter Mr. Douglas Fraser, president of YeL he says, m omce 
in the 1980 Presidential race. tbe United Autoworkers. Carter was instrumental 

The union is led by one of the The unions are extremely “gutting” the Humphrey-, 
most Left-leaning of"U.S. labour disturbed by what Mr. Hawkins Bill devoted to achiev- 
leadcxs. Mr. William Win- Winpisicger terms “ the feeble- iag- • full employment ana 1 
pisinger. But its move cannot ness and irresolution ” of the balanced growth, 
be seen as presaging a collaose President and Congressional -Mr. Winspisinger accuses 

of support for the President’ in leaders in the face o! determined Pfcfesident of staying _ Kio . 

the movement as represented by business lobbying against the in support of labour law reform The stakes are high. 

of Labour Law Reform BUI. national -mu of backtracking completely . Hobbs, chairman, KeynokU- 


Mr. 

in 


the 
hand . 


r OVER THE past decxdei 33 TL5L 
states and more' than cities- 
add counties have p&siBd^liws ' 
barring, or . restricting; .sntofc. 
-Inc in public pladiw «?ig&K : . ; 
from buses/, and ...Hftf. jp; 

• hospitals, museums acd-,piaces : 
i- of work. . Now. a sew .Gali&o- - 
i nian referendum Cftbpbytion 
! S) is to provide a Wg MaTof 
tile- tobacco industry's drive to 
slop the rof- - aid restal* 
smokers'- rights. 

The industry is: fflebi&'MJxiiias '■ 
L-liallengo.” ’ commented : 'a ' 
tobacco trade jourail tepep.tiy. -• 
■■ The. .seemingly uHstbppfliip : 
proliferation of prohibitive . 
measures agauisr- tlte kmdlting ■ 
public must b e tetmBfdJ’ ■ .T6« / 
wards that, goal; tobacco coat- 
panies are spemltag merethatt 
$6m— much of it on radio and 
television advertising*— in : an 
effort lo defeg£ Preposition 5. 


.port 


the American Federation 


Labour-Congress of Industrial health insurance proposals, -and over the natural gas dcregula-; 
Orga nisa tions in favour of natural gas tion issue. 


Todd Shipyards plans appeal 


NEW YORK. SepL 26. 


TODD SHIPYARDS Corporation 


Tobacco, believes ith^t current 
efforts by wpll-o.rgantred-anti-' . 
smoking ; • groups ' >'=wtetld- 
serinusly curtail . - t»^e - of the 
weed. “ Atid-tf. they- tauatfl 
every smoker to smoke jtist one 
less cigarette, i daV. oirrewn- 1 
panv would stand- Jjb vfese . 
aroufid SSGm-.in saJ^sahmjiny. 

I assure.ybu we.don't toteia to . 
lei that happen witbouf ■ 
fight.” r-x-'. •’ 


The construction came under a claims was breached, the Navy] 
is appealing over ih? dismissal of “build ar.a charter" programme may disavow the arbitrator si 
its lawsuit against the U.S. Navy soonsored br the Military SeaJifl ’award and require Todd lo re- > Reynolds along . with a^rtnutiML 

’ ’ - — 1, “* of other tobacco ..is. 


Military Sealift Command and Command. 'litigate its ejairns against the 

numerous other defendants, i: The Federal District Court: in- .Sivy before the Armed Services 
said today. Los Angeles dismissed the law-/ Board of Contract Appeals. 

The lawsuit arose our of suit wiine that Todd was con-!. Todd is carrying ^this claim on 
sign iff cant changes and delays tractcaliy required to arbitrate its cooks for &i-m 
directed by tbe owner group its S120.6m (£60m) claim against Notice of appeal was filed in 
during the construction of four MYXC — the conduit used by th% the U.S. Court of Appeals for the 
tankers completed in 1974-75 2 t Military Sealift Command for the Ninth Circuit. Todd indicated 
its .Los Angeles division for construction of these vessels that it will file appropriate 
Marine Vessel Leasing Corpora- finance! by private investors.- motions to expedite the appeal, 
tion (3JVLC). Under the contract which To<M AP-DJ 


New bid to hold hospital costs 


V- 


Consumer price figures ?re- 

ay showed that general his C jse later today to some 29(1 


NEW YORK, Sept. 26- 
President Carter is set to press 


the Camp David Accords. Presi- jneaicai - costs rose 0.9 per cent p U - D jj c health and private health 

_ . _ _ <*S C T ’iinn.n ua* i .inm-o iftft _ ^ . . 

dent Carter has decided to make 


BY DAVID BUCHAN 

BUOYED BY his dramatic rise 
in the opinion poll ratings since leased today 
iho fsmn n»v-iH ippnrHc ProcL medicai cos t 

month, well above the . . 
average 0 6 per cent increase. ' i^suranc. official. 

21 w. I lSL!lnli2s r 2. , ll President Carter has now But ‘even supporters of Ihe 

hospital c P os£ before ,t goes S“ Bif nSch*?™' AdriiSIt^ \^ on - ^. Senator Edward 
into recess next month. Sfve S So 

Only a week ago, the President Government S19bn. and Amen- SenaJe Subcommittee, do 

couceoed publicly that the pro- cans in general S69bn between co * falc its chances this year 
posal was virtually dead. now and 19S3. very highly. 


however, • facing .powerful 
opposition. '.GASP-^tih- Cali- 
fornia Group Against Smoking 
—has the: baekisg 'Of such 
august bodies as the California 
Medical ; AswdaliOT/- * : the 
American Cancer Socre^l the- 
Parent-Teachers AssOaatioa 
(PTAi, th? Sierra Otth. tod 
others^,’. 


Quebec ‘benefits from federation’ 


BY VICTOR MACKIE 


OTTAWA. Sept:_26. 


QUEBEC IS MUCH more Canada could cut the cost of 
dependent on the other nine pro- shoes, clothing, furniture 2 nd 
vinces in Canada tban they are other manufactured goods all 
on Quebec when it caraes to sell- protected by tariffs if Quebec 
ing manufactured goods, accord- decided to separate, it adds, 
ing to an economic study issued The report, entitled Trade 
by Mr. Marc Lalonde. Federal- Realities in Canada and tbe issue 
Provincial Relations -Minister. of Soverienty Association. 
^ The present power structure in examines inter-provincial trade 
Canada is of greater benefit to in manufactured products and 
Quebec than lo any other pro- the consequences for this element 
vince, the study adds. Quebec of the economy in the' event of 
also benefits from tbe recent Quebec withdrawing 
imposition of quotas on imports The key relationship, it found, 
of clotbiDg and footwear. is not between Quebec and 


Ontario but between Ontario and 
the western and Atlantic pro- 
vinces. A new Canada of only 
nine provinces would mean .a 
fundamental realignment of 
interests among the regions and 
result in a very different rela- 
tionship between Ontario and 
Quebec. • 

The document issued by Mr. 
Lalonde for the Federal Govern- 
ment, is the latest release in the 
propaganda war between the 
Federal Government . and the 
Quebec provincial Government . 


In the second of two articles on Nicaragua, JOSEPH MANN profiles the head of state General Anastasio Somoza. 


I’m not going and they’re not going to make me leave 


sxth: 

xnaLi 


softatuphcavel in Latin America he’ll stay in the Presidency until 
today is Gen. Anastasio Somoza. he sees he has no chance of 
AsP President of Nicaragua and winning. Then he'll leave tbe 
vummander-in-chief oF its armed country.” 

furies- (National Guard), he is Unfortunately for Nicaragua, 
fighting fur his political life and tbe President’s tenacity may 
thfc maintenance nf a family- leave the nation in ashes, 
controlled Government which Opponents of Gen. Somoza 
begun.' .when his father was have called him a crook, oppres- 
appninted bead of the Nicaraguan sor, murderer, tyrant and worse. 
National Guard in 1933. In scores of interviews with 

Arrayed against Gen. Somoza people from ail income levels, I 
are; left-wing guerrillas and failed to find anyone who held a 
other rebels in civil revolt, plus moderate view on the PresidenL 
representatives of every hue of Members of the Administra- 
poritical opposition, businessmen, tion. Congressmen from the 
the Catholic Church, workers, the Government-backed Liberal 
wealthy and virtually -every other Party and friends of the Sumoza 
>octnr of Nicaraguan societv. family extolled the virtues of a 
While divided oh practically president who was not afraid to 
everything else, the opposition international censure in 
has come together to demand an or d. er fi 3 bt Communism and 
end to the Snmoza dynasty, the maintain law and order, 
resignation of the PresidenL and ln th , e pas ?{; <je>n - s °! T10 p a , 113,1 
the- installation of an interim counted on the support of large 
“national government” which sectors of the Nicaraguan middle 
would cal! elections for a new upper classes. But since tbe 
president. devastating earthquake tn 1972, 

Tn response, the general has ^ r ^ en . Somozas and their 
told the nation and foreign friends began to use their poll- 
reporters in Managua: ''I’m not tieai influence to enrich tbem- 



and 20 years old. They were next to the infantry training 
almost fanatical in their opposj- school 5 

tion to the Somoza regime and Born on December 5. 


rs ,1"- aj-tsa Se^i 

hfoh military, academy at West Point 

rifles. a . nd graduated the same 


that they 
armed with 

“tauaj s fi!sss.“jtarcas 

weapons, armoured cars, and left the naval academy at Anna- 

2A.VRar.nlrt £ 0lj ’ S ' He 1S “ am '«i tO Hope 

H ., Hr ■ JS ]? e f. r '° , Portocarrero. They have three 

^^o-hnni sons and tw ° daughters, 

school and is 


gunships. 

General 
son now 
Guard training 


Somoza’s 


going and they're nut cuing to selves and encroach on areas Somoza faces the rebels: almost the entire country is united against him but he refuses to move, 
make me leave.” He also Called controlled by other domestic 

out the National Guard to put businessmen, backing from this ' . t. „ 

down rehellions in a half-dozen important sector began to erode. Prensa. regularly attacked the from Gen. Augusto Cesar they firmly support the S audio Ut that be nosseSe^tt^ V, 1 ^ men l0 manase h(ridin 3 s - 

towns, declared a state of siege Somoza changed tbe arrange- Somoza Government, most critics Sandino. a popular leader who efforts- to oust the General and EO od politician n n 5r^ nl fL of a One foreign banker estimated 

it.” a Nicaraguan executive were kept silent through the fought against U.S military see them bow . pounean. Under heav- - 

me “ Fnllnurinn tho Parth- mnnimrlatinn nr ra. Irlsmantlni, * , z~ r_ ,l 


apparently being groomed for the The president speaks excellent 
presidency. Past elections in American English with only a 
Nicaragua, cited by tbe Somozas lrace of acceni - ... 
as examples of participatory Why ncit quit now and help 
democracy, are held by the oppo- defuse the civil rebellion? “ I 
sition to be frauds. have to leave the country 

It is difficult to reconcile the organised, that’s why I’m stick- 
image one usually forms of a * n 2 around. is the civil war 
strutting, bemedaUed banana causing irreparable damage? 
republic dictator with the “ This is a very resilient country 
smooth, business-like impression and population." 
made by Gen. Somoza. Given to While tbe full extent of his 
well-tailored, light-weight plaid business holdings will probably 
suits and modesi ties, he seems never be known, he told me 
more like a friendly GP than the earlier this month that his esti- 
scourge of Nicaragua. In private mated worth was about SlOOm. 
interviews he is calm, confident Other sources have guessed that 
and reasoned in responding to it may be. as much, as $50’0m. 

Bu? lbis is difficult to gauge. 
He nas a pleasant smile and is because he -and other family 
““ Ificndjy at parties, and members often share parti cipa : 
trienas. Even opponents tion in companies or use front- 
rrrti w..« “sunpatico and - - * - 


and has police imprison, beat ment.' 


« ouiuumcu 

“V. that the General either owned 


and otherwise intimidate foes me. “Fol!owins the earth- regime’s manipulation or re- intervention in Nicaragua during In the recent uprisings, fhrefon^ewstner^ outright, or had a significant 

□ BTlPralli: sharo in . a Krai T SO rnmnani.^ 


ranging from prominent opposi- quake' a lot of businessmen who pression of foes. Who are the the time of the first Somoza in Sandinist guerrillas 

tion businessmen to youths wbo had been friends of the Somozas Nicaraguan opposition today the late 1920s and earlv 1930s. initialed the actions 

look to the authorities like poten- began to be squeezed. They and what arc the alternatives Up to now tbe Sandihists have most 


generally usually maintains "‘a dienifiert share in, -about SO companies- in 
and left image, often fending off awkward and 0UTside Nicaragua. The' chief 

r * n ’ * - a areas of Somoza family, invest- 

-the communications 
(the- Managua newspaper 
and radio and- TV 
extensive landholdings, 
dairy farms, sugar plan- 

, 7 - C j" ’jv,_ nriliHnionc fW Q m t | n j ■ .. p uic jiuuluii^iuq 11 wutw duu actuicu 41111*3 uuvu^u KdilUt lUT 3DQUI an Jjniir hpfripn lauoRd and mills, cement, cozi^ 

sure from the U.S. and other E h td ® munS! 01 ^ ^ l 0 rt Ver f - h ^ of ^ r S entin a or the Tupamaros purchase, collection and theft, breakfast even’ day, and says his slruc Hon; ihbtor - distribution 

foreign C 0 l '^ rjea - an .f,‘J" rnnservative ^ ParTvwhn f wore Lath c f Armed and trained More sophisticated weapons were diet is based o*n the Live Longer t inc Mng the. local Mercedes 

abroad as the areh-villdin oE the -on.e e Part> who were jjjjjra nllin, for the death or Sandlmsts probably number no taken from National Guardsmen Now Cookbook. He appears slim Eenz dealership), finance, heavy 
Latin American B^ht, the ^ en a ^ of seats in the removal a of the General and more than 300-400 today (they killed in action. »"»* > n avnallanf hn. 1 , 1 . ^ . ^fnlinmont ' flictrihilfinn tneiiis. 

Griioral refuses to budge- He Co"Sre S s l tea «s comple- enneunc.ng support for tie cloim around 1.000). bit tbeir The Muchacbos. who 

could have quit when the noting cent ana joined ^ — * ’ v — — - - 

"Ot bad “He could have made a groups demandin 
statesmanlike gesture and said departure, 
he was resigning in the cause of Although some 



and in excellent health. equipment distribution, msur- 

wore Although he has a villa An an ce, aluminium ' extrusion; 



neae^and unity.” a friend Of the asRr. Pedro Joaquin Chanmorro 0 f the Sandinist guerrillas, the vague! 
President said. “But it's not in and his Managua newspaper, La ’* Frente,” which lakes its name predof 


j roup's when they were older. Most of “bunker.' 1 a protected collection is. wc’rp a- verv hard-working 
ideology, the Muchacbos were between 12 of one-storey yellow buildings family; .W* .make good bids.'*’ 


'What is more, polls suggest that 

- the. -Californian public, is - in', 

favour of FroposrijonjS/ whhh 
collected ‘twice the required 
number of. petition signatures 
needed lo place it. 0 n r . the 
November .7 bailor. The; lead Ts 
not large=-berareeh -per- 

centage . points >- : huL-’-it f; has 

. remained fairlv steady through- 
out ; six months of raororous 
argument . ps. HiB. issue, r ' . 
lb essence^ ProyHKitloh 5 would 
outlaw Bntofeug id almost every 
workplace-amLeadosetTfadlity 
open to the. pufilici-with -a few. 
Specific exceptions— Pars, pdot- 

- haflsT atid Areaas - when used ; 
ftir n>ck -.conc«rts or ; prefer- . 
sionai bdxmg or ' wrestling 

. matches. t j Smoking, in . reslto iV 
rants and private offices would 
be restricted i rand’ vitf store 
could be a r rested a mi fined. . - ■ 

Mr: Tim Soto, executive dh^tbc 
. of GASP*, sees bis group; BS.an 
enviro omental David cerium u>- 
defea t ■ ; the tobacco .industry 
Goliath. NO t that he wante to 
stop anyone from smokttg- - 
" Let them smoke Kr paekr a 

day. We are~sImpIy : lfYihg : to 
restore. at civil liberty takto 
from us W: yean ago . by 
cigarette nrnnaf actums.^ And 
that’s the.right to : 

Tobacco smoko ja^ public, is. he 
claims, not only.amulstoce but •, 
a health hazard’ agaifrst which 
the non-smoker has no. means 

of defence. : 2 People must 
breathe; and Jf smoke is thfrr^ 
they must inhale- it" . 

Tbe opposition to “•fi.T urider an 
umbrella title of^.CaUfornians 
. for Comition- ;Sense;"J inpludes 
an alliance oi lahodr' leaders, 
stray politicians of. both Left 
and Right-wing: persuasijpns, 
and half arfiozeii majtir tobacco ... 
firms, members of jhe Tobacco. 
Institute, which is basically tbe_ 
industry's Jobbjing fMce^ ln 
Washington. 

A spokesman for - the- group, 
deplores the efforts of aut>- 
smokers “to force- everybb*' 
into their way of ''thinking.” 
and wonders if any^of them fo ■ 
old enough to recall; 'the, ■ 
disastrous Volstead - Act anff 
“the infamous I8thi. Amend- - 
merit."’ “PropositiOD 5 'is an- 
other step down the."- road . 
towards Big BrothBr. '"govern-^ 
ment.” says Mr. Houston Flour-" . 
hoy. the Republican candidate 
who narrowly’, lost to Go ? . - . 
Jerry Brown of Califoniia in 
1974. “It would cQst ttxpayers 

millions . of dollars . In- new' - , 
police and court frosts and 
burden - California business-;- - . 
with the expense' hf eoristrect- 
irig smoking and nonjsritoluog 
areas for their workers/’. • 

A .'study, by a p u 1 1 i e eiationS r , 
firm, hired to .run. the 
against Proposition Sj ClaW^' 
that the measure would 
taxpayers S43m in - its-. A® 1 . 
year of operation/ Tfo'-pfiOmf. 
at GASP respond thritV eb ®®, 
contrary that “5” Wul-S**® 
California government 
and private industry h* 

state SI 29m annually, *Mnd to - 

a decrease in medical -cfiSte/H . 
-illness and: sick-leave; ■■ sdd - 
property .. loss ; in r-swoWaft 
. .caused fires/ 1 . 

Los Angeles .police t?; " 

law would be virtually- ■„ 
. sible to enforce 1 . ' -BertelW- 
across -the hay from San‘*WP^' i 
cisco has in fact Ead‘SU*h 
city ordinance for x . ‘ 
year, and. to-date 'ifo? : .qiie, J®? 

-. been - arreted ar/fiMff-''* 6 - -• 
required S50. 

Mri Moder-smlles./^Butsnfdhiri?.,' 
has been r-lduced in pnhl^: - 
Peer pressure is. seeing to tnio - 
Now, In Berkeie^-#e havfi-^hf /• . 
. Iriw on. .our sKte-”; I ■ ^ 
puzzles many. ;Ca l ifocnjahS-j^ ; 
why . there should- bC so. iPBp 
to do. over. the rightlo/SH 1 ^-*’: . 
when tniltiona- are choking-T 
• some of them to ddatfr*^®;/ 

- -their c’liy smog.' - * • 




u 


.sf- 


i i'/ 

.-ii 


^ r: >uses 


'-■•tr 


:V-'r£ 






’4* 


- -*‘x- 




L 




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*V:\ ;.u 

y.*. *.- ■ - S' 


v isr- 

t >id j .j 


y-eSm- 

, f 


-1 


i.fr.?-. 


re ci 

bud 


Cuts 


Financial Times Wednesday September 27 1978 




N 



£t S^V. German detail China’s Japan-China trade 
^Peking coal programme ta Il e j! 




BONN. Sept. 26. 


backing 


l JL O BY CHARLES SMITH 

i BY JONATHAN CARR BONN Sont ->R ECONOMIC RELATIONS be- 

Ji. HUJNIN. oept. -6. (weeB chSni| und Jap;uj tavo 

IF 1 ST GERMAN businessmen up by negotiations on individual mines, each with an average bueome rapidly more intimate 
Ml returned from Peking feel contracts. annual production of 4m tonnes 111 reftIlt months, making it 

t their prospective DM Sbn However, it is pointed out ihat of hard coal. A sixth mine is to necessary for the two countries 
th of orders to modernise the signing of Lhe protocol itself be extended to raise its pruduc- expand trade targets «‘t 
rw na’.-: cn.il industry w?ll not followed lengthy, detailed talks tion from 3m lo b'm tonnes early this year, the Minister 
ft tuck- similar deals by other and present were representatives annually. All these projects arc ° r International Trade and In* 
'Jiitern nations. including of all the companies planning t u in lhe ‘ Hopei and Anhui pro- dustry. 31r. Toshio Komoto. 
laid- carry out the work, under the v infos of eastern China. told an audience uf roreign 

1 pdinieij n«ir that the plans leadership of a former executive Alsu envisaged is construction j jonrnallsls and diplomats here 
lim'd by lit- Chines are so bj'ard member. of Mamuainann. of two open-cast mines, each with 1 hwlay. 

; naive that big opportunities IIerr "‘-■mz HufnageJ. an annual eapacltv of about 20m He aka said lhat the point 

■t fur almost auv supplier T,ie ‘■"nccrcK involved include lunucs. id Manchuria. These pri* had been reached in China- 
■ i the ngbl products and * vm PP* Orcnstem und Koppul. jucts alone account for almost Japan trade relations where it 
. - P Demiig, Tbyssen Industnc-Bcrg- half the total DM Sbn of pros- was no longer posable for the 

■ . ‘ . baurechnik. Gutehoffmingshuctte. pec live orders. private sector ** to get along by 

be business v. nich the » est Ruhrknhle and Weserhuette Finally large orders are to be itself." Some form of Gotcrn- 

S-hVrnfld rif??? t hS-.> C n , S of the ° no Placed for building one factory mem consultation would be 

. .t l l a j . uas ** . Also Present in Peking wore manufacturing mining equipment necessary from now on lo 
- 1 ® 1 ! . 1 . .rn an i“ r0wn coa re P resen la Lives of major West and to modernise others. realise the full pou, Utilities for 

•uore than oOm tonnes annu- German banks — the Deutsche. If all Ihis business is arranged developing bilateral trade. 

- c. C!, 1? Drc sdner and Commerzbank. It am! carried out, it will mean a Hr. Komoto. who visited 
aD ,^ l !. a , roduc V OB £° is expected thalt he deal will bp sinking boost for the West China in the second week in 
i.ilV 11 !*,!*! rt V on hJtu.i«n m 4 fMS^ ]a rgciy financed through 5-io German engineering industry. September, said the change in 
^enn . between 500m year credits— a further intiica- The value o! mining machinery China Japan trade relations 
MJum tonnes oter ine next [ten of the relatively new Chinese produced here last year totalled reflected an equally striking 
years. readiness tu move away from DM 2.5bn — down from DM 2.7bn change in China's own think- 


Upturn for 

Swedish 

papermakers 


ina trade Upturn for Dutch allocate some 

id targets Swedish , aid m tied exports 

papermakers BroUROWNCORMSPONDENT Sep , 2S . 

Mr. Komoto said that Japan's By John Walker THE CENTRE-RIGHT Dutch in March, 1977 ; negotiations loi 

targets for trade with China STOCKHOLM. SenL 26. ?°* ern " iei,t h - !<: decided to link a second one. offered to Soufi 

shoidd be first to raise two- siuuiuiuux, aepc. part of next year a overseas Korea last year, are still in pro 

way Trade as raoidlr to the SIZEABLE Improvements in development ,.;o f u nd s to the gTess, while lines for severs 

interim target level set for the Swedish exports for most quali- signing of "relevant” export other (undisclosed) countries aw 

first five tears of the eight (**•■ of paper and board were transactions. The previous being prepared. j 

year trade agreement neco- footed for the first six months of Sociaiist-lea '-laet bad always The Government subsidy foi ; 

listed earlier this year ’Die year, the Swedish Pula and refused to do tm-s despite strong collective single sector export i 

second objective should be lo Paper Association reports.' pressure fiuin Dutch business initiatives — the costs of pre- 


developing bilateral fradr. 

Mr. Komoto, wbo visited 
China In the second week in 


ease annual production tuna i s expected thalt he deal will bp sinking boost ’for the West China In the second week in 

lur ® e] y financed through 5-io German engineering industry. September, said the change in 

’■Mnn between 500m year credits— a further intiica- The value of mining machinery ChlnaJapan Trade relations 

buum tonnes o\er The next t ion of the relatively new Chin esc produced here last year totalled reflecied an equally striking 

> t,;,rs - readiness tu move away from DM 2.5bn — down from DM J2.7bn change in China's own ihink- 

" 1P Protocol signed last insistence on barter or cash in 1976. Total German exports ing on economic development, 

ay.. in Peking between the payment. <if this machinery in 1977 There had been "economic 

t Germans and the Cliint*;/* Foreseen tinder the pratumi (excluding open cast equipment) cournsion *’ at fhe start of the 
unts to :i declaration of is ihi* planning, construction and were worth DM 761 m— of which current ten year development 

it which must he Followed supply ot five new deep shaft China took just DM 14.4m worth, programme (launched In 1976). 


central subject of his talks in P™. *'» up 1 »r l K.4 per cent R ra lied various industries’ may be in- 1 

Peking. Mr. Komolo said, a Was - . I Knrt/ o' ~o „u and eauSoment volved and in which 50 per cent 

although prewse targets were Considerable quanDUes or ; _ ^ove h- lhe of the preparatory costs is paid 

not discussed during the visit, paper pulp were exported to g“® * Gr.ven to orovide b y ^ state if the order is lost. 
Among problems standing in and African countnes-and 5 funds for condition that at least 70 .per 

the way or increased China- f ‘ soft loans fnr r'urejv commercial £ cnt * he aDd .services 

Japan trade. Mr. Komoto listed {gJf * J lXh tbese countries aJmost projects. The- ' 'funds would ba je to j be i of Dutch ongin has 

COCOM restrictions (these u - ed ‘ normal!-.' for.n of a finan- been relaxed. This conditio: a has 

have toe effect of delaying If Purchases from the mam cial package maiaiy with export 

not actually preventing signs- markets in Western Europe were credits. As :: result both the projects where the Dutch share 
cure of Japanese plant export ?_?*?, ronsjderably higher British and Dutch will now be 
contracts), patents and con- 
straints on the business aclivi- 


contraets), patents and con- l cve l lba p at ike same time a a i>j e t 0 offer --.ji-edits mistes" substantial in absolute 

straints on the business aclivi- - ear earlier. Capacity utilisa- finaocinc. already widely used by 

ties iu China 0 f Japanese pon in the pulp sector rera a med L. Dm p etittiri o,, h France, in f n be lowered for 


Export success in the East 


,r LESUE COUTT 


BERLIN, SepL 26. 


But China's plans had begun 
to lake a more convincing 
shape in late 1977. 

Hr. Komoto said be felt the 
"engine" for achieving the 
planned target bad now been 
activated and most targets 
were likely to he filled or over- 


general trading bou^s. low and in consequence the large i he develfi'^ • w.-ld * such projects, 

innfh-r «- ««»»*« held at the beginning of « t Z '* . , To reinforce the export man- 

Another problem, how to Lj, subsiantiallv .Other .nort- t“- Mil tonal promo- agement of small- and medium- 

finaoce Japanese plant salw Sininished * also been s f Z ed businesses the Government 

to Cnua pending increased ‘ . nrf!or _ thft announced by the Dutch Govern- will from 1979 onwards subsidise 

pxraese oil shipments TO Japan) l^f fi ? and hnSnl l! icnl ‘ Th ‘ M5r,,jlr > has slTessed ’ up to 50 per cent of export trai- 
ls being laken np by a com- ■ majority, of paper and board however. !har : Governments in^ costs but there will be a limit 

mission from the Keidanrvn K ,a, ! 1 t,es ™ satisfactory during , principal noiic;^ ■ will be aimed at ori ih e total subsidy paid per 

(Federation of Economic the ^ first sue months of this year reducing ihe 1 .--. c-i nr costs for companv. In. response to another 

Organisations) which left for a , , ? crease “ Dy 16 P er Dutch conuneicc and industry demand' from Dutch industry and 

Peking on Monday. cent .to -.am tons. which shuuid -. i.ure a much- commerce the Economics 

Mr. Komoto said it was not ln, P rft ^ :| W"t °£ ,«»e Mtalato is aiming, in co* 


Peking on Monday. 

Mr.. Komoto said it was not 


‘ DM Sbn sile being lied up business has already nicked tin in T)eut 2 truck inline tn tin* qnvi<*t filled. He felt rertuin that 

.Vest German companies o( lhe dumestie market and eastern Union the Krupp eoal gasifica- would achieve its. target trade agreement, would mean ^chinmenuin s,lion . t ’ f Kr,;, an»i - - : export pack- export markets. Economic and 

miniag equipment to China Europe •invariabJygets chopped.” tion°project ^Poland* the Kropp "fdouWing stee! productioB lo that Japan would import less i n ,' a!? fc. bnn p in ". ,r more ln ljne commercial training of young .. 

• s the question of why ami The reverse of this is the £undi??UwtemiS^a^t^ 60,11 ***** by 1985 - oU from elsewhere. anb i » with d^dorins overseas foreign service officials in, 

.. the West Germans are able approach of West German con,- ree?nt ^nsSict«on of i Voel T ? de J? ,a ? ds \ - r,,r ,hl< purposo ^ H °»and will now be stepped up. 

...nd the lutum contracts tite pSSies. West German manage- pbuf . 1 IfcSdorf L tell as mi v , , S£h$ 1 be mS&XXT?' “Iff? » - 

nKimst countries have to mem takes a longer term view „f the Hoechst-Uhde chemicals TP 1*11 /'l/' Ttrnrlll/^finTl Til 0 11 TlOfl i total of 465 000 tons Production sible P vv per 

ev.rv Mrtct asonjto 1 k‘ plant at Schfcopau all in the GDR. 1 lULK UlUaUClIUIl 013111160 ]F ^ of tSs ^ rt m .. . Hungary £5m 

. e Topic is. u favourite one at eultivated and nurtured through The West German banker nnlei r I iLZi ™ 1 1 The so-Ca, leu inatchmq Fund. f / 

EtiropcuB (trade fairs where thick and thin. In contrast to the thaFbJUauw GcnnaJ induslry In BY YORO SHkBATA TOKYO. Sept. 26. £ alm * d 1Qcrease of 11 P er 51'^! ? Credit Jine 

- ^U™ a i*m 5 f S' ! hehiSd n Se SSf ^ de,M:n ? e "i 011 “P"*?* ^ ost CHINA HAS proposed that Mit- of the truck factovy, with Nan- — sidised it it hasi-.-en established Morgan Grenfell has signed * 

rirahlc^tuecLi* ofTvS? Gcrnian . bank », are obliged to subishi Minor of Japan, should king regarded as the most that foroicr, ^unpetltors are new £5m line oF credit with the 

fH , sll ^ c ®f sS , - st J. cr ' execuuw. tend to overestimate .s-upport it in ail markets, indud- co-operate with it in the assembly promising. fS crane Order being subsidised b 5 ’ their National Bank of Hungary for 1 

' riee^VM? Gnmmlv hra Sr “ nder “ esuxx V It ^ the,r ‘"S Comecon. German banks of trucks. Under the Plan, Mit- The trucks involved are large .... . sovernmenis. is l«. be broadened the purpose of financing U.K. 

' n r C0 ™P* llll0 1- , . have thus followed German trade subishi would take a part in pro- models with a load capacity of THE CLYDE crane division of lQ cover olher ".norrs requiring exports of capital goods and 

red aII other Western coun- Apan from an Ingrained Eastern Europe to a decree duction in China. This has been more than eight ton*. At the NEI Clarke Chapman Cranes, of short- in nn-dni'in-temi credit services. The loan agreement is 
a i 'L ** 1 H'5 . st T ,1fP ect f i?r OTar f e * c “ n ‘ unique in the Western banking revealed by Mr. Tornio Kube, moment, all the parts of the Mossend, near Glasgow, has won facilities. Fi mom has been guaranteed by the Export Credits 

, :an> Uu* leathnir western onions, WesL German industry world. president of Mibubisbi. trucks assembled in China are a £5.55m contract from the China allocated fo»- thi* fund next vear Guarantee Department, and is 

rri m every comecon coun- has lhe full support of German Herr Bauer, however, says that 5t » s understood that the supplied by Mitsubishi, but the Light and Power Company of This sum it k added, will partly the seventh consecutive “shop- . 

rmn the Koviet Union on banks in a way that is virtually full credit must go to West Ger- Chinese proposals envisaged a setting up of a car parts factory Hong Kong, according to the serve for the eslablishmcnt of ping basket" line arranged t»y 

- ■ „ ... unknown in Britain and most llian jnju^trv for the steady rise number of sites as being in the would allow Chinese-made parts Hong Kong Trade Development lines of credit. The first credit Morgan Grenfell for the National 

- st German companies did other countries. , n West German iradewith running for the establishment to be used. Council. line was arrun.qcd with Poland Bank since 1970. 

. jn wortii of trade wuh all Herr Michael Bauer. a. director rnn ,„ ” Tt.i ar « a | : — — ■■ -■ — — . ■ 

nunist countries last >«ar of lhe- Bank fUr GemeinwJrt- u, Cr e t 0 be einuhScd includlM 

ared with Sao.dbn traits- sell aft, notes ihat his bank, West t j I(1 thoroughness with which . ; . * - 

by the U.K. France, the Germany's trade union bank. {{SmlS^SSS enters the 

Japan, Canada. Italy, the began dealing in Comecon in marker as well as its sneml in ■ 

- inlands and Benelux. 1S51 and that the personal con- Snding^to ^personal 5 wants and 

• t explanation for this Ger- tacts that have developed with u, n excellence or alter sales 
■ preponderance often goes the East arc no less important service 

. liiows: .the Germans have than they are in the : WesL n _ p the 'cmaimt -idvantapp^ 

• s traded in Uie regions; Despite the fact (hat he is dealing the SmmJSrc wrer SSrcSS 
cts are made easier as Ger- with enormous foreign trade and SetiuS^ ^Comecon Is Hie rSce 
has always been widely banking institutions in - the J? wSt GcS S- 

. n in the area; East Euro- Comecon countries he says that the 

asrjafMff sS» sss? "SSJS 

,fl SSn? 255 f |?« ^ “?;!?■ „ nl : n u '^ nl . medium sized ones down to the - !■ — — — 

educatum was based on He rejects any notion that c nla ii P ct enmnanie^ , , 

. an methods, and Deutsche BfG trade union background “Sfii ** nanlAB !trp ‘ 

trie Nonuen (DIN) are still plays any role in its Comecon tha ™ “SJSrlt ^ 

• andards in Eastern Europe business. This fourth ranking ^ 

lot as might he supposed. West German bank is also fourth 0I L j» a ?^°*4S2 

standards. in volume of business with 2 S?*" 25 .^2 nfltlSS r - 

- Germans themselves Comecon among the West USf JS ikII? ! __ 

- y agree there is truth in all German major banks w ’ 1 h The v^a re Toeci SSts wha-je ereat 

in first place, _ jr ® • >v 

■imporiaet the by Drexdner Bnak and advantage is their llcxibility. , . :'C-' 

countries Cnmmenrbauk. A Russian --*3r 

yarded West German “We the leading West that country's foreign trade 

essentially the Gennan bank in the GDR and enterprises hod sometimes made ^ 

as any market, that Romania and have good positions a mistake in the past by dealing !*_• -V - 

uptuil struggle. By con- in Cz^hoslovakia and Poland," only with the largest Western \ 

one U.K. company re pre- Herr Bauer explains. In the last companies. They are now coming .4;-. ? :' • . ' Vs ?.*£**•; 

•ve in Exstc-rn Europe loan of the Soviet foreign trade around to the view that smaller 

aed what be claimed to be hank BfG was the only German companies are sometimes better 

too common approach of bank, part from the Deutsche able to provide tailor-made - i» ' , 

i companies dealing with Bonk Luxembourg, that solutions for them. 

•mccon coumne- participated. Frequently it acts Over the coming five years 

ten selling yets difficult at co-manager ln loans to Herr Bauer believes trade with •• - ; • • : > v v t 

he said, ‘ the British Comecon countries. Comecon will develop more ~ '\1' • ’ 

ny executives suddenly dis- Herr Bauer estimates that if slowly than in the past five years 

llierc is Eastern EXirope. one takes total Comecon and particularly in the GDR he ^r,:^ ... ^ - '. ■ ‘ 

. •$ team is dispatched to indebtedness as being some sees fewer large projects in sight. 

to investigate the mar- S50bn then BfG accounts for But German bankers, much the sfA 
d u reports back a year about 10 percent Some of the some as German industrialists. *' • •' ■' 

Tat Comecon is otic of the major Comecon projects BfG have generally tend to make conserva- ^ ■ 

to tive predictions, especially about 

’commendations rnav have pipeline deal with the Soviet their eventual share of the f~X^S-- 
on back borne. Union, the KIbckner-liumboldt business to be gained. 


mining equipment to China Europe .invariably gels chopped." tiou project in Poland, the Krupp ®ffi°“Wing steel production U> (bat Japan Mould import less 
s tiie question of why ami The reverse of this is the foundry at Ucckermiinde and the w ™ t0IU,es “J - I38 °- of ®*" 1 elsewhere. 

.. the West Germans are able approach of West German corn- recent construction of a steel 

nd The -biggest euntracis the panies. West German manage- plant at Hennigsdorf as well as m v „ m . _ 

.■uuiust countries have lo me nt takes a longer term view uf the Hoechst-Uhde chemicals I |*]f Air nrAnllAfinfl nlotlTlDn 

every market as one to be plant at Schfcopau alljn the GDR. XlUtii UlUUUtUUli Ulillllldl 
■ . ti I lopvc is. u favourite one at cultivated and nurtured through The West German banker notes * 

European traae fairs where thick and thin, ln contrast to the that because German industry in 
German Westerners wonder confidence they express in their s0 de turn dent on. exnorts West 


WM».#*VU|UiU JM IU It ||V| , , -a J . ^ - — — — — .UIUIOU V 4U 1U WW 

true that increased Japanese oejnand also increased but to a country’s eomw-tirive edge, operation with the Foreign 

imports of Chinese oiL pro- Jes 5 er . ext ® n L_ Traae in paper .Another main policy objective is Ministry, to reinforce embassy 

Tided for in the eight year ?^ d noard with overseas coun- to gradual' -• change the compo- commercial staff in priority 

trade agreement, would mean tries showed a sharp upswing, sitiun of Hoilanu - -: export pack- export markets. Economic and 


BY YOKO SHIBATA 


TOKYO. Sept. ^ 6 . 


wd all other ‘Western coun- Apart from an Ingrained Eastern Europe to a degree 
'.. ,n lhe aren with the West respect for foreign market cun- unique in the Western banking 
■;ans tin* leading Western ditions, WesL German industry world. 

rri in every Comecon coun- has lhe full support of German H R howewr *■.*« that 
roin tiie Soviet Union on banks in a way that is virtually ful , credit niust mi? wSt 

unknown in Britain and most Yndi^tJifortiiesteafv riTe 
'•2 °^SSS*?-„ . in ' toSTai' iSS^Jith 


:ai C 


wy 


^deration 




gardezl 










ustria in joint lignite scheme 


■i f. - ’ J 


PAUL LENDVAi 


BUDAPEST, Sept 26. 






/G CHANCELLOR Krei- Sch5.Shn with an additional railways and for the construction — 
,-eckend working visit to Sch3bn to Sch4bn for the eon- of a motorway from the Austro- 
st, Austria and Hxmgary struction of a power plant with Hungarian border to the city of 
i io principle to set up a a final capacity of L^OO MW. As Gyocr. Both projects would 
evcl joint Government both sides are short of natural necessitate Austrian export W 
»ioa to prepare the joint resources the lignite project finance. 

itlon of large lignite would clearly, be advantageous fj Austria has received a major ;«'?£ 
s on the Hungarian side for the two neighbouring coun- order for the delivery of a plate 
border area and the erec- tries. mill with an annual capacity of 

a thermal power plant in The talks, conducted wits 520,000 tonnes from East Ger- g$?f 
based on Hungarian coal Hungarian Premier Gyorgy Lazar, na]) y jj Ut estimates about the 
es. Deputy Premier Jozsef Marjai, CTact value or contract differ 

■ project would cost an as well as the Deputy Ministers two sides. ? jH 

3 d SchlObn (about £350m ) for Foreign Trade and Foreign eiHn -JM 

avested in a period of 10 Affairs, ‘also covered Austrian While the East Gennan side 

deliveries for the reconstruction speaks about a value of Sch 5bn, flf 
lignite reserves are esti- and expansion of Hungary’s a spokesman for Voest-Alpine. aug 
,0 total about lbn tonnes largest steel complex, involving the nationalised Austrian steel p§| 
which could be develoncd. possible orders worth some concern, suggest a net value of 
me 40m to 60m tonnes" are Scbl.4bn. Sch 3bn. Voest wUl purchase 

ed to lie on the Austrian Furthermore the two countries during the next seven years steel 
;pioitation of the lignite agreed on Austrian assistance for products, and machinery worth 
; would cost some modernisation of the Hungarian Sch Sbn from East Germany. 


if*.' 




mce agreed Oil tankers for stock 
j.s. Airbuses < now a good investment 9 

FRANKFURT. SepL 26. ^ 

•50m 20-year credit for BY IAN HARGREAVES. SHIPPING CORRESPONDENT 

Airlines will be met c^iyp yards which build oil almost 20 per cent of the tanker 
mesbc iremdi franc and . f ^ ^ d^ing the fleet is laid up. it rejects the 
erniun mark funds, but teDKers for stooc Wea ^at shipyards are likely to 

a dollars to minimise the current shipbuilding and stop- ^jeopardise the recovery 
r’s foreign exchange risk, ping recession will be maxing a of taD ^ er markets by stock-piling 
sources said here. sound financial investment G hjp S> 

redit Is being supplied according to a studyontankcr BecaILSe of norraa i attrition, 
by a German group com- investment from B. r. wrewry, 3 ^,^ '_>Q 0 ra fiwt of tankers will 
Kreditapstalt Fuer the London consultants. still be needed between now and 

ufbau aod a standing Thc j)rewry jjiudv. which 1988 and any threat to tanker 
consortium led by reenverv in tanker investment profitability through 

r Bank, and a French ^ i shows building for stock is " minimal," 

im led bv Credit freights m tne mid-198UR. snows. th 2 reDOr t_ 

. 1 5 that profits should be made from sa ** TDe repan. 

immediate purchases of a variety From the point of view of the 
•odors’ foreign exchange of new and second hand tanker- conventional shipowner, Drewry 
being covered on the types. believes that opportunities are 

side by the Hermes ex- shipbuilders with access to emerging for profitable purchase 
’ranee agency, acting on CC nerous finance terms from of both new and secondhand 
•f the Government, and |h e j r governments could show tankers. It points out that Hong 
French side by the profit ^ tapjeere built for own Kong owners are already active 
! state export finance acc 0 utn. even if the ships were in the market and that state 
the sources said. p U t mto storage for a number of shipping companies in the Middle 

.urns «id Eastern wm ywr,. East are expected to become so. 

srest at a fixed Tate, Although Drewry agrees that Iwoesttncnt m tanfeers; the 
he banks will, calculate the suggestion that yards should cose /or optimism. £75. If. P. 
[eras on a floating basis, bu>!d -for stock is regarded as Drcarry, 34 Brook Street, 
" rank heresy " In a world where London WIY 2LL t 


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in-flightservioe forwhich we’ re renowned. The Meridien Hotels at Cairo, Damascus and Shariah are already open. 
Four more will follow very shortly: Abu Dhabi, Baghdad, Jeddah and Kuwait. You can even make your Meridien 
Hotel booking of the some time as you reserve your flight. 

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The best of France ro all the worid. 


r ; . (s 158 NewDond 5freer, London VI Reservations D1-499 9511. 

Ticket Office oral Passenger Soles Deportment 01-499 6611. UK Heod Office ond Administrorion 01-566 4411 

Monchesrer Reservations 061-632 7631. * 




RUancSr Times Wednesday September 27' 38T8r 




Post Office 


I: 

ll ■ 

v : 



its 


V 




,ti i 


Br JAMES MCDONALD 



aid plan 


wins 


backing 


Skvtrain begins Los Angeles service 


BY LYNTON McLAIN 


i been reached with ilhe announced> c ir william Barlow. 
'ViLfStI Oflirt chairman, explained 


?OST OFFICE charge = for 
postal, telephone, telegram and 
parcel services — already frozen 
iqtil the end of this sear — are 
o remain ihe same for a fur- 
.her three months to the end of 
March 1979. 

Mr. Denis Robert?, managing 
3 i rector, posts, also announced 
*esierday that provisional agree- 
7i ent had 
L T .S. pos 

mental facsimile transmission 
between the IK and the l : A 
in the spring of next year. The 
documents could be business 
documents or personal letters. 

Mr. Roberts was opening the 
Mail Efficiency Exhibition in 
London. The three-day exhibi- 
■tidfl aims m draw attention to 
the fact ihat managements are 
paying too lit tie attention to the 
efficiency of their companies' 
mail rooms. 

When the Fort Office an- 
nounced its first freeze in April, 
ft said that the then nine-month 


m- 


By Ian Hargreaves, Shipping 
Correspondent 

standstill would mean that ; 

postal rates would have re- j .YTERNATroNAL, maritime 
snatacd unchanged for 18 1 terests yesterday agreed to work \ 
in on r ha. Telephone charges had I towards a wide-ranging plan to 
not risen for more than three [ reduce overcapacity in the I 
.ears. rworld's shipbuilding and ship- 1 


SIR FREDDIE LAKER'S Sky- 
(rain air service to Los Angeles 
left Gatu-ick Airport yesterday 
on time, half full and a year to 
the day after the first Skytrain 
flight Co New York. 

The New York service 
carried its 250,000th passenger 
yesterday, a figure which is 25 
per cent higher than Sir 
Freddie’s estimate or the num- 
ber of passengers he will carry- 


first 


to Los Angeles in (he 
year. 

Sir Freddie was not dis- 
mayed at the apparently low 
load factor for the inaugural 
Los Angeles flight. “I wanted 
it this h ay. I did not want a 
repeat of the position this 
summer when people queued 
for far too long to cross the 
Atlantic. 1 * he said. 

Passengers paid £96 for (he 
siugle fare to Los Angeles, bat 


from this Sunday this will fall 
to £54- compared with British 
Airways' £89 standby tickets. 
The Laker fare for the Los 
Angeles to London journey is 
S270 (£137). 

Sir Freddie's estimate of the 
number of passengers he will 
carry in the first year caused 
uproar during the Civil 
Aviation Authority hearing ' 
into his application for the Los 
Angeles route in March. 


Uter said British 
donian Airways had tried, 
failed and withdrawn from the 

route in 1974.. Bnu* <*£ 
(Ionian had earned only 41.099 
passengers on th* route in 
1976j hut Laker said 

fideSt the new Stotnia 

generate passenger growth 
from a wide area around LOs 
Angeles. „ 1IC 

• -General Electric, the 
jet engine builder, said la*.! 
night that it had been awarded 


the contract to supply entfan 
for the 10 European ASfift Air-, 
buses ordered by lakers Ak- 
ways this month. The £15% 
Airbus order -is, part, of 3 
£380m re-equipment brflwvhj. 
eluding five DClDs, uQHBfeted. 
by Laker. • x.::"..- • 

The airline plans to me the 
new planes on its tonfi dtstaace 
routes In Europe' ami on- the ' 
North Atlantic, where they 
will expand the • Skytnua 
services. 


This latest decision brings the 
freeze on postal rates up to 21 
months. 

When the first freeze was 


that pari of tbe reason for it was 
the increased volume of business 
in posts and telecommunications. 
More letters and parcels were 
beinj sent and compared with 
2978 a record 1.75m new tele- 
phone lines had been Installed — 
a 221 r>er cent increase. 


Sir William also mentioned the 
solution to 'he pension fund 
deficiency. An agreement with 
the Government meant that there 
was no longer any need to pass 
on the co«u of funding the! 
£1.25bn deficiency to consumers. 


ping industries. 

At its heart is a S240ui 
(£122m) scrap-and-build pro- 
gramme devised by tbe Interna- 
tional Maritime Industries 
forum. But. following pressure 
from shipowners, emphasis will 
also be given to the need to 
scrap or convert shipyard 
capacity as well. 

Yesterday's forum meeting in 
London was called to discuss the 
scrap and build idea. The meet- 
ing was described as construc- 
} live, although there were deep 


Thames flood warning 
practice goes smoothly 


BY MAURICE SAMUELS ON 


Japan favours more 
investment in Wales 


BY OUR WELSH CORRESPONDENT 


differences of opinion between 
shipowners and shipbuilders. 

The mechanics of the scheme, 
which involves governments 
offering shipowners generous 
credit terms to build one new 
ship for every two scrapped, 
were not seriously challenged, 
but the general description of 
policy is to be substantially re- 
drafted. 


Prolong 


Shipowners, especially those of 
Norway and Greece, are worried 


LONDONERS, warned bv Press 
and radio that this was "no: the 
real thing, paid little attention to 
the 80 wartime sirens which 
began wailing at 11.17 vesierday 
morning. ... 


BNOC to drill two 

■ *• 

wells off 



BY KEVIN DONE, ENERGY CORRESPONDENT. 


Their message was that the 
Thames could breach its banks 
within four hours — lo ng enough 
for commuters to get out of town, 
and Londoners to lake other 
precautions. 


Immediately afterwards. GLC 
staff began interviewing people 
in the 45-square mile danger area 
to evaluate the problems in a real 
emergency. Flooding remains a 
danger until the Thames barrier 


that the scrap and build scheme fat Woolwich is completed in 1 PS 2 . 


alone will prolong the slump by 
encouraging more unwanted 
ships to be built. 

The forum's finance com- 
mittee will try to re-draft tbe 
plan to include these reserva- 
tions and others in time for the 
forum's November meeting. 

It u hoped an agreed plan, 
will be submitted to Govern-! 


JAPANESE business now re- British Government for Japanese 
jaards the Hitachi incident as an manufacturing subsidiaries in the 
exceptional case and not u >jign UK — including the right to Con- 
or generai British hostility to- tinue exporting freely to every 
wards Japanese inward invest- other Common Market country, 
went. Mr. Tutiao Katn. .Japan's Anythin? i ess would hit Japanese 
U-K ambassador, said in South investment severely he warned. 

Wales yesterday. The Sekisui plant is designed 'for Economic Co-operation and 

He said at the opening of initially to produce 1,000 tonnes | Development after that meeting. 
Sekisui’s £2ai Merthjr Tydfil a year of closed-cell irradiation! The 60 representatives of ship- 
plant that no Japanese company cross-link polyethylene foam. | ping companies, shipyards, banks 
took lightly the decision to The material has particular in- land oil companies yesterdav 
invest abroad. Companies would sulatiag, shock absorbing and I agreed that the forum should 
not set up manufacturing opera- sound deadening properties! explore new ways of dealing with 
lions where tiwy felt unwelcome, '-bicn make it suitable for. the shipping slump. 


For the hundreds of emergency 
staff, tbe alert began at 8.15 am 
when the GLC’s . flood warning 
room near Parliament Square 
triggered the alert - 
The alarm was flashed to the 
Metropolitan Police," river side 
boroughs, transport services, the 
BBC and local radio. 

Fifteen minutes later, the call 


meats and to the Organisation j was relayed to the homes of 

hundreds of emergency personnel 



THE BRITISH National OH Block 72/10; which -wiU Bg 
.Corporation is to drill two ex- drilled first, will ..-be the most 
Jnloration wells in the South south-west eriy block yet explored 
: Western ?nproacbes. starting in UK waters ; It-wasqniy 
1 either Ia f e ibis year or early in designated earlier ■'■Sis year ' 
l jays when agreement was .temporarily 

I -Falmouth was chosen for the reached with . France / on -a 
! supply base after a survey of median line defini^.thej. r fv^nd . 
ports in the south and west of French sectors. 

England and South Wales. The block is about 2-75 miles . 

south-west of lands 'End. and 


I ; R is one of * 86/18 is 40 miles south of. Lands 

Jin the south-west that have been r** XiU ? 

■ trying hard to attract oil com- bNOC said ycslerilay that Fa?- 
: panics to fct up bas.es as e..- mou th vas rhe port, closest "to 
ploration moves awaj from the both blocks - and. . &Jgq :aiet 
northern requirements for operating the 
two supply boats to service flrfll- 


North Sea and other 
[waters. 

j BNOC will drill wildcat welts jug operations, 
ion two blocks 72/10 and S6/18. Later this year British Clas is 
These were awarded to the Cor- a is# drilling a wrtdcar w$ii in 
{poration by the Department of southern waters in bhw*r9S/22. 
’Energy in April as part of a it will be the first welldrilied 
batch of 100 per cent licences in the English Channel. and is 
granted to BNOC and British about 72S miles south-west of^ the - 
Gas. Isle of ."Wight '• S'; 


But it was an open secret :n several industrial uses. ! A working 

Japanese business circles that a They include interior linings! chairmanship 


who went to their flood positions. 

At S.15, rush-hour travellers 
saw notices being pasted up at 
rail and bus stations, and BBC 
und local radio began broadcast- 
ing regular announcements. The 

sirens sounded af ILI7 — s;\' 30- reach of any flood waters. Fire The 


Mr. Horace Cutler. leader of the GLC. inspectin' 
warning control room 


the flood 


North Sea crude 
oil prices up 


A. 




;*v 


i'* 


BY OUR ENERGY CORRESPONDENT 


warm v:eicon:r.‘ v. a - guaranteed 3r -d body engineering applica- 
in Wales which, with Sekisui. * :ons !JI fbe car industry, insula- 
now has four of the seven tion for buildings and pipe work 
Japanese companies joanu/aclur- the packaging and leisure 
mg in the UK. industries. 

Sckisui's decision to ao ahead Opening the factory, which 
with t.'iis plant showed that y*r Vl11 employ 32 people, Mr. John 
Hitachi affair was now regarded Morris, Secretary of State for 
as closed. Last year. Hitachi Wales, announced an increase of 
abandoned plans to set up a ne w -£-* 0.000 to £240,000 in the Govern- 
television factory :n the UK mem's gran: to the Welsh 
after widespread opposition to Development Corporation, 
competition against existing UK - ,Ir - Meirian Lewis, chief exe- 
mamifacturcrs. cutive of Lhc corporation, which 

Mr. Kato emphasised the im- !s concerned mainly with attract- 
poriance of such operations In:3 ! overseas investment to Wales. . 
oeing regarded as British com- Die extra money would be' 
panies, and not Japanese com- spent on strengthening its Car- 
panies under a British umbrella. staff- 
in a reference to trade difti- The corporation has had " 


party under the second blasts at Iff second inter- brigade management used it as salmon is 
of Dr. Rolphjvals. * an emergency control centre Authority plan ro spend neariy 


*' bait " being offered to the 
a Thames Water 


NORTH SEA CRUDE oil prices Prices of S14J5 to SH20 a 
have improved in the tsecond barrel could be possible dor crude - 


fi, 


Stoedter of J. J. Essberger, the 
Hamburg shipping company, has 
been formed to do this. 


Employees 
take over 
A. & P. 
Appledore 



The main emergency room — during the firemen s sti±ke two £600,000 over the next 22 yea & 
a big Portakabio — to the old years ago. on making the Thames more- 

tram tunnel beneath King sway. Mr. Horace Cutler, the GLC attractive to the fish. ' ■:! 

was crowded with staff from the leader, said the practice had if a,"; goes well anglers corid 
main public services,, including gone well. be landing salmon— sakoar. the 

tea-making WRVS members. 9 An ambitious plan to lure Atlantic species, within five crisis: 1 , , 

Despite the tunnelV depth, the salmon back into the Thames re- years in the -lower stretches-. of i P rice . s i° r contracts placed rn tbe Mackenzie. 
GLC claimed that it $ms out of ceived ihe go-ahead yesterday, the river up to RmuiiToede.,: 


•» *vuvw mciu iuki uccu lUdOiCUiy-'lUipruvea 

companies expectation of a price sirico - the Ttfr and W«s£-E3cbfis& 
increase by OPEC at the end of fields bave come ozrstw^oi. 


■ i-. 


By Our Shipping Correspondent 


culties between Japan and the steep increase in inquiries for! £ ^5° p APMDORE, the ship- 
EEC. he said that if the EEC oolential incoming industry Two!? uUdl °S consultancy company 
was to make “unreasonable more representatives abroad— in f . orm . ed s . even . ago by 


. „ . representatives abroad— in 

requests, his government would New York and Scandinavia — 
expect full backing from the would also be taken on. 


London insurers pay 
f 3.8m for crash Boeing 


FINANCIAL TIMES REPORTER 


PACIFIC SOUTHWEST Airlines Peter Brewis, chief executive of 
received. tf7.5ra the aviation division at AJ— 
U3.Sm), the insured value of its ander Hawden. is expecting _ 
Boeing 727 aircraft involved in report today from the U.S. on 
the San Diego air disaster. Tbe the possible extent of liability 
crash killed at least 150 people, claims. But at this early stage 
The hull was insured in the such figures would be only 
London market through both rough estimate. 

British insurance companies and . Mr. Ray Jeffs, chief under- 
at Lloyd’s with Aviation and writer at Aviation and' General, 
General Insurance the principal said yesterday that the intention 
underwriter. would be to settle the liability 

The insurance was arranged claims without going to the 
by tbe aviation division " of courts if agreement could be 
Alexander Howden Insurance reached on the amount of the 
Brokers who, by keeping in touch liability. 

with all parties concerned in the A leading Lloyd’s aviation 
u.S. and UK, enabled the claims underwriter said that although 
for the hull value of the Boeing it was extremely difficult to 
to be paid within 24 hours. estimate the liability involved 
Insurance for the other air- in the disaster, he imagined 
craft involved in the disaster, a that “ the final bill will be in 
privately owned Cessna light air the region of $50m." Although 
cr.<t, was placed domestically, the London insurance market 
Major insurance payments to has insured about 95 per cent 
come will relate to the liability’ of the risk. Lloyd's own involve- 
claims made by representatives ment will be relatively limited, 
of the passengers in the airliner To give some idea of the size 
and by those persons or their of liability claims, the Tenerife 
representatives involved on the air disaster, in which two Jumbo 
ground. It is understood that jets collided on the runway, has 
about 12 houses were demolished so far resulted in claims total- 
as a result of the crash and ting about S60m and the final 
there the death toll could be as figure is expected to be about 
high as 25. $70m. The Turkish DC10 disaster 

It will be some time be Fore in Paris cost underwriters 870m 
liability claims are settled. Mr. in liability claims. 


Less restrictive textile 
industry laws urged 


FINANCIAL TIMES REPORTER 


ENVIRONMENTAL legislation Six months ago large-scale 
for the textile industry should trials with the Yorkshire Water 
be more realistic and practicable. Authority resulted in a new 
according to Dr. John McPhee. moth-proofing agent, permethrin, 
director of planning and services being discovered as a suitable 
at the international Wool Seere- chemical to use with wool with* 
lariat. but causing damage to the 

At a conference at the Textile environment. 

Institute in Edinburgh Dr. Australian technology, the Lo- 
McPhee said laws were being p| 0 method for purifying waste 
broken because they were so fluid, is expected to cut one 
restrictive. . plant's effluent costs from 

ho far Britain had escaped n 00l 0OO a year to about £25,000. 
excessive legal restrictions. 


Austin and Fickersgill and Court 
Lane, has been taken over by its 
own senior employees. 

Forty employees— representing 
about half the company’s staff — 
have formed A and P Appledore 
(Holdings) to buy out the shares 
controlled by tbe Court Line 
liquidator and by London and 
Overseas Freighters, the ship- 
ping company which owned 
Austin and PickersgiU before the 
nationalisation of the shipbuild- 
ing industry last year. 

In spite of the financial difficul 
ties of Court Line, which had a 
40 per cent stake in the consul- 
tancy, A and P Appledore has 
gained a form ida We international 
reputation in the past few years 
It was behind the planning of 
Hyundai Shipyard in South 
Korea and was also responsible 
for the design of three of British 
Shipbuilders’ most modern 
covered building facilities— at 
Cammell Laird, Liverpool, 
Sunderland Shipbuilders and 
Appledore Shipbuilders, Devon. 


Development chairman 
attacks Tyne council 
Labour group plan 


Penguin 
appoints 
new chief 


Finanrial Times Reporter 
MR. PETER MAYER has 


the year. - SupplY.i& expected tight 

Negotiations have started oyer in the floortlrquartef. &y$rWood 
ices for contracts placed in tbe Mackenzie. : But spot 'cargoes ' ;W ‘Tr 
fourth qua rter of this year. Wood could be- available ,'tftttr fields 

Mackenzie suggests *’ * ^ ~ * ‘ 

could be an increase 
cents a barrel compared 

quarter prices- __ 

This would mean prices of this mbntJ^^froni^Mobi}^: Beryl 


that there shortly, to be oonne«ed- to the iT-^C.’Lr- . -i?: 
of iff to . 25 Brent ■■ and - ;Niidan : pipeline*. -> Pfcjtey 
ed to third chiefly Heather_and 

Lower produetion js toqweted 
■..J?- 3 prices of this -montliw. from;' JSottlJ’ls. Beryl 

*I3.9a to SI4 a barrel for crude Fier<L >Tbe shut 

£ro ™ British Petroleum's atier dftletfced.itfto h.c&Irimn of . 1 ■>$ 

F ortiPs F i p 1 rl thn r 1 i n- * »ii*t r.i 


the Condeep concrete platform. 


-•■ri 5 
k. 


been 


executive of * 


BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 

i appointed chief 

REGIONAL AFFAIRS EDITOR Although Councillor Michael Penguin Books.- 
THE ROW between Tyne and Campbell, leader of Tyne and- Mr. Mayer. 42, has been . 

Wear County . Council and the Wear council, was nor available • sident publisher of Pocket- 
North of England Development For comment, the Labour grouoiB° 0KS in ihe U.S. since 1976., 

Council over the latter's role and denied that anv guidelines' Boring that time be broadened i PRIMARY 





needcd’-Williams 


* 4 


pre-i 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 

school mathematics 2B:7 out "of 60 in 1955, to 3L3 : : 

! imnmvori in 1Q7R.TT 



particularly need* ftblea, an4 to be able -to «tab- 


Advisor 


The consultancy has no direct 
connections with British Ship- 
builders, although tbe new chair- 
man of A. and P. Appledore, Mr. 
Jim Venus, also acts as an 
advisor to the state corporation. 

Mr. Charles Longbottom, 
retiring chairman of the consul- 
tancy, said he was leaving to 
concentrate on Seascope, the 
marine brokerage company of 
which he is chairman. 

Mr. Peter Nash will continue 
as chief executive under the 
new ownership. 

No financial details of the 
transaction were available yester- 
day. although London and Over- 
seas Freighters said it had made 
a substantial profit ” on its 
stake. A. and P. Appledore has 
made pre-tax profits of between 
£100,000 and £200.000 a year In 
recent years on turnover of 
between £lm and £ 2 m. 

Mr. Nash said the change 
would provide an opportunity to 
expand the company beyond the 
recent diversification into off- 
shore work and heavy industrial 
engineering. 


group on Tyne and Wear of try- Countv Council," alleged 

ing to put a straitjacket on its “the Tine and Wear Labour: a j to give pupils aged from ‘fire to Usb a quiet workit^ atinosphere 

work. . group has decided that within ; Jg“gick Pub^hmg house into j n a betterundemanSS of th® wh “ necessary itTnine of .. 

If the group succeeded, it tbe executive committee of 1 2,?® £f 1 J a 51 est u ; s - 1 application of numbers to every- ten 

‘•would in effect toad- to. tbe dis- NEDC there should be <* n riude ^torich i day life - She was cooun end?- -Threwiuarters of- the- teachers 

bandment of the orgamsition " internal Labour group vritn B ?M-,. a Patnc ^ ‘ on a two-year survey 0 f 524 o n traditional methods of'/-. 

she said in Stockton. l chairman and officers and stand- ■; “ ™ rD ‘ 0JJ ^tider and , English primary schools. id struction, rather . tha n^dh an ' 

A fortnight ago Tyaq'and I'll °J t0 . determine policy Mr .j....,., . ; The survey by Government “ exploratoiy ” appiroadi, tbe ^ 

Wear’s Labour group announced miorinJLH * MC “ t,TC „ committee | co’lumbw Unil-ersitv ®J] inspectors showed that the .But "*■: combination 

Such an orgt 
the guidelines 

SlaoSSto^sheTfd. ° f ‘ “cogence” ^Se S’ ^ than the 25 ^hat omerg.es. ‘ from the 


- -"li 


VO! 


■ni 


?s take place.’’ .'Christ Church College. j ave: ^ ase score of 1 1-year-olds in older. and newer approaches " • 

an orgamsation, allied to Re is author of two hnofc^ X “°A^,' ' mathematics tests was 25 out of seems . to produce . .the best ■. 
i de lines, would intobit “; ,s . au ^f k ° r | a possible 50. - result* * 

iy-to-day work of the; “5 V 1 *) This wa* better th* n th* ok “What emerees from the • 


Mrs. Taylor’s declaration of 
warfare against another Labour 


its intention to recommend to 
tbe full council on October 18 
that it should withdraw from tbe 
NEDC. As the Tories oo the 
county council' have said they 

will support the move, the ihotion 

seems certain to be approved. a ® ai 2^ anotfier i^ 0U r \ 3?r. ~ jim ^Rose ^chairman I pupils wouJd have obtained "«««‘ ^eir. pupus weu ot 

jw* P amor 0 - f i P “®"»- .«» « they bad been ffifiy?.. aad derate.' 

blow to hit the NEDC. Cdmbna Labour’s Northern politicians. 

Tyite and and We>r has joined ! “ J mc e the 




‘--*a 


also translated several books! *? pectod by the inspectors, but ***** ^ that teachers^ ^ in our 
from French and German. i~ e £ lirvey report says that many primary schools' work hard to $ 


many , . . 

obtained , z ° ake “eir. pupils well behaved, 
" ' ‘Mrs. 


withdrew last April. 


V 


and d5S^e!t“ e c51Sff*» Assodation 2F* 


general rules of maths. Primary EdUtatfon iii England? 

The report aiso expresses con- S0; £3 - 5 0- 


the 


area tofnS^hi ! Penguin B °o k s i° the U.S has I . about teariting weaknesses . - 

rilS « hoarding school 




strong executive committee. SEtte' SflSie «' 


luauence on me imliJUL, > iJnit ^ .Lj 

Mrs. Taylor claimed tlwt Tyme through this body. Three of the I H0U ' Kemllart Winston. 

Ill Wbar'e T.-iKnn. V , .. .9 nA,.ni,,i> t — 1 . ,1 , ( ■ 


and Wear's Labour group had councils are Labour controlled.' 
laid down " guidelines ” .for the The Government, as chief pay- 1 


control of the NEDC. These in- master of NEDC, will not we’l- 
cluded control over matters of come such an outburst of intra- 
regional significance and party conflict at this time. It 
sttategy that the future role of sets great store by the work 
NEDC should be decided in the done by overseas trade missions, 
context of Labour Party policy, which have had considerable 
and that NEDC should not be in- success in attracting orders to 
volved in overseas trade missions. Britain. 


Advertisers attack timing 
of Hattersley criticism 


Radar system 
will provide 
200 jobs 


has 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


report on the 

of voluntary said yesterday tbatTuntU the OFT 
advertising stan- report was published the extent 


though strict standards relating 
to industrial waste hod been 
imposed by local authorities. 
Legislation, Dr. McPhee said, was 
now fast catching up with coun- 
tries such as the U.S. and Japan. 

Environmental and anti- LORD 


Chairman of 
Harrods 


Lake District 
park joins 
federation 


was In* 


REDMAYNE 

pollution legislation had. to some correctly described in a picture 
extent, inhibited the textile caption in yesterday’s Financial 
industry. At (he same time. Times as chairman of Harrods. 
though, new opportunities and Harrods’ chairman and raanag- 
cosr-cutling methods had opened ing director is in fact Mr. Robert 
up, Dr, McPhee said. .Vlidgley. 


THE LAKE District National 
Park has become a member of 
the Federation of Nature and 
National Parks of Europe, which 
covers Europe. 

The Countryside Commission 
and the Nature Conservanry 
Council are national members o*f 
the federation. Formerly the 
Peak District war the onjv 
British member. The Lake 
District membership was 
approved by the fifth general 
assembly of the federation in 
Dehrecin, Hungary, at a meeting 
to discuss the conflict between 
conservation and tourism. 


A MAJOR 
effectiveness 
regulation of 

t0 be P uc| I ls ^ed soon by of misleading advertising would 
tne Office of Fair Trading, fol- not be known. It added the 
lowing extensive market research Director of Fair Trading already 
monitoring of advertise- had extensive powers to deal with 


and 


ment3, misleading advertisin_ 

The report is being prepared “It should first be explored how 


by the office with the advice of a these might be brought to bear 
joint working party of represen- . ?0r l he purposes of the Advertis- 
tatives from the Consumers' ,n 3 Standards Authority,” the 


By Paul Taylor 

MARCONI Radar Systems _ 
announced plans for a £750,000 
expansion at its Gateshead plant 
whjch will create 200 jobs in 
Tyne and Wear. The expansion 
follows the success of a new air 
j defence system unveiled by the 
company earlier tb/s month, 
work on a final assembly shoo 
^ long-range mobile 
ilartelio radar system, is to begin 
in about two months. The equip- 

The Advertising Association j ? a roboro^h 4 ^hi£ plwd - at 
id vesterdav that, until tha OPT ■ S!? r 5 U •> AirJ»h©u, goes into 

full production m 1980. 

*l e . C0 “P*ayhas expanded' its 
Gateshead workforce from 300 to 

vSU3 1 the p * ast four years > and 

aaartello system production will 
take the workforce up to 900. 

The system ts fully mobile and 
can be moved by air, land 
sea in special containers. 

vides full 


stretch the more academically ^ 

able primarj- school children. SUpDOrt Dl3H 
SS” bisic ™<“ n 8 “1 THE GBVTHttMMTW^tip 


=U=«-“Ur 




Association and the Advertising association added. 
Association 


which represents "tiie^iodustry's Information kits 
Roy Hattersley, ^Prices*^ Secretary! to save energy 

for not waiting until the report 

was published before announcing INFORMATION KITS to help 
moves to control advertising, industrialists stage seminars on 
On Monday, Mr. Hattersley told energy saving are to be intro- 
a trade conference that the duced by tb eDepartment of 
Government was considering Energy. Each will consist of a 
legislation against advertisers film, notesc for presenter, book- 
wno tailed to abide by the in- lets and invitation cards, 
d us try s voluntary code of Coileges, apprentice training 

practice. schools and the fuel industries, 

He proposed that the Advertis- as well as energy managers, are 
“ ard u the in- expected to use the packs. The 

watchdog, should have first three titles in the serls 
10 force advertisers who deal with furnace management. 
lhe Public to j correct burners for boilers and heating 
advertisements. 3nd ventilation m -factories. 


or, 
It pro- 1 


X 'Si"- .Dep'^mTatWrti™ 

iasufficieacly c&aJIengine work a i n ^ Science is to finance the new 

In general ^iwever^thereport SSEJTMSE 
cr5“ c 1lm“ hteh C L,°hP? e i Se, !rS t0 belp locnTnddSS^aBttort-'' 

3^ 0,6 W 0SC " r ,ba .' 

6 JhTTnrvey-s reading ,es b Bo^fTchToiL 


lit 


IK 


s 


:'jcm 


£260,354 sale sets 
Phillips record 




PHILLIPS PRODUCED the 
highest total in its history for a 
single sale when yesterday it dis- 
posed of jewellery for £260,354 
with just 5 per cent unsold. 


SALEROOM 

BY ANTONY THORNOKH* 


' S"#"e. 

"^1 






r •- 


The top price was the £19,000 
paid by Music, the dealer, for a 

Blenheim, - another dealer, • : a Spode - ironstone- Jaffa®:’ 


the 


any 
next 15 


{military threat in 
i years. 

The company claims "it has 
already interested many overseas 
buyers. 8 


•V6V 




bought a Faberge paper knife‘ Pattern dinner' aiid :dtfssert ser- h^- 

(nr W/SB • fi nA « _■ ■ . - vina Dam. .. >i aah /a* nuf 


*Xi 


for £2,000. ' and Benjamin a'. v ** re - Horiie gave "£I;6(W 


Double taxation 
crotocol agreed 


THE UK and Norway have 
.reached agreement on the text of 
a protocol aimed at avoiding 
double taxation ef production 
profits from trans-median line qU 
and gas fields where, both have 
agreed that a field extends across j 

(ho lino /lltrlrtihn ■ 


Faberge gold and enamel eraser’ Dtfft plates 'depicting Queer, 
holder for £800. / Charlotte. Top prfcfe among tb't v *; v 

The- Phillips farniture sale Pictures was the £1,600 ' fi? 1 ' 
brought in £1^1,186, with British Church PooL Bettw&yUoed, Hi -'‘S 
buyers again- dominant Adams : Frederick Hn irn> • - ’ : 

Paid £X3,6W for . a Sheraton Bonhams -this week open« ■ ~ 
period mahogany library table new premises at 65W, Lots Rtad ‘ ■ ' u ^ 
in the manner of George Seddon, To be-'caBed the- T7dw' Chel»» ' 
and £7.000 fora set of George n Galleries, the auction room ^ { . 

mahogany dtiring chmrs In Chip- opposite ' the ' company’s Ok \ , . 
pendale Gothic taste. A pair-of Chelsea Galleries :'in Bunw*l\ 
satmwood vatnnes in Louis XV Street, which- --'"'" — - r ' 
taste fetched -£3.800. and a -^ir . hold picture 

- -= ^ 4 : auction. room . 

Sotheby^heldtiYO mmor sajes, sale of - 



Slle11 ' ■ I porcelain - at Bond Street tor at i 0 ™ ‘“ s 


r Jy=JL' 


‘i 





















& cn 
:ifS up 


Financial Times Wednesday September 27 1978 


J&xl 


TO THE SILENT MINORITY 


First impressions of the Citroen CX 
can be quite misleading. If ever a car was 
designed to delight the eye then surely 
this is it. 

In truth, the elegant lines of the CX 
owe far more to the dictates of practical 
requirements than to any aesthetic 
siderations. Its aerodynamic styling 
makes it an exceptionally quiet car to 
drive at any speed. 

It reduces wind noise by allowing 
the wind to sweep over; under and around 
the can For extra good measure, there’s a 
high level of sound insulation in the CX 
which reduces road noise. 

Benefits of aerodynamic styling 
don’t end there either The shape of the 
CX offers minimal wind resistance, which 
is an aid to effortless acceleration. Its wind 
cheating design also accounts for greater 
fuel economy with the CXPallas (5 speed, 
manual gearbox) returning a pleasantly 
astonishing 39.8 mpg at a constant 56mph 
(7.1 1/100 km at 90 km/h)* 


A unique feature of the CX which 
contributes further to quietness is that the 
car body is attached by means of rubber 
mountings to the underirame. (This carries 
the wheel suspension, steering, braking 
system, engine and gearbox assembly.) 
The rubber mountings have the effect of 
soundproofing the passenger compart- 
ment by filtering engine and mechanical 
noise. Vibration and noise due to road 
shocks are also filtered. 

Steering is Citroeris unique Vari- 
Power system. No other car has a steering 
which can match it. When parking its 
finger light, and power-returns to a 
straight line position immediately the 
steering wheel is released. 

On the open road, \hriPower steer- 
ing grows progressively firmer with 
increasing speed. Deviation from a 
straight line is negligible in the CX, even 
on a motorway in strong cross winds. It 
also prevents wheels being deflected by 
road surface irregularities ,s0 that the 
driver is always in complete control. 

UNSURPASSED FOR COMFORT. 

However long a journey driver and 
passengers remain comfortable in the CX 
and arrive relaxed and uncramped. The 
seats give excellent back and leg support, 
hugging as if moulded to the very shape 
of your body. 

Suspension plays a rriajor part in 
comfort on long trips. Citroenk celebrated 


hydropneumatic system is unsurpassed 
for comfort and safety in any car at 
any price. 

A ride in the CX is remarkably 
smooth with all bumps and road shocks 
being absorbed More impressive though, 
in the case of a tyre blowout at, say, 70 mph, 
the combination of Citroen’s hydro- 
pneumatic suspension and CX . steering 
geometry maintains directional stability 
and keeps the car safely under control, 
even when braking. 

Joining the silent minority could be 
a lot less expensive than you might think. 
.£4966.65 would buy you a CX 2000. The 
range extends up to the luxurious, longer 
wheelbase CX Prestige Injection C-matic 
at £9254.70 with a choice of engines 
(carburettor; fuel injection and diesel) and 
manual or C-matic transmission. 

All CX models have reco mm ended 
service intervals of 10,000 miles arid have 


a 1 year guarantee.The suspension is guar- 
anteed for 2 years (max: 65,000 miles). 


A selection of the 1 6 models in the CX range 


Modei 


BHP Top Speed Price 


CX2000 102 

CX 2000 Super 102 

CX 2400 Super (5 speed) 1 15 

CX 2400 Pallas (5 speed) .115 

CX 2400 Pal las Injection (C-matic) 1 28 
CX 2400 GTi (5 speed Injection) 128 
CX 240U Safari Estate 1 1 5 

CX 2500 Diesel Safari Estate 75 

CX 2400 Familiale 1 1 5 

CX Prestige Injection (C-matic) 128 


1 09 mph 
109 mph 
112 mph 
3 12 mph . 
112 mph 
118 mph 
109 mph 
90 mph 
109 mph 
312mph 


•£4966.65 

£.‘5199.48 

.£5813.73 

.£6398.73 

£.'6997.77 

.£6979.05 

£5971.68 

£6315.66 

£6081.66 

£9254.70 


Prices include car tax, VAT and 
inertia reel seat belts but exclude number 
plates. Delivery charge£68.04 (inc. VAT). 
Prices are correct at time of going to press. 

Please enquire about our Personal 
Export, H.M. Forces and Diplomatic 
schemes and Preferential Finance scheme. 
Check the ’fellow Pages for the name and 
address of your nearest dealer. Citroen 
Cars Ltd., Mill Street, Slough SL2 5DE. 
Telephone: Slough 23808. 

CITROEN ACXAWORLD OF COMFORT. 


■Simulated urban driving 18.6 mpg (152 1/100 km), constant speed driving 75 mph (120 km)30.1 mpg (9.4 1/100 km). 


CITROEN A CX 







iwi W «*«■» septemte *7-^; 



Car ‘warranty 




t: 


f 3Y KENNETH GOODING 

'p DEPARTMENT of Trade f owned by Lie; ds Bank anti tho seven out 
Saapin, down W organic Royal Bank ..f Scotland! which dealers are 
j 15 which offer so-called ?els about ^.Pw_rent of its Scheme. 


of 10 
now 


Volkswagen 
using the 


Automatic petrol pumps 
given no chance to err 


BY SUE CAKSRON 


; jm-nlvld in su' h schemes the Lloyd? of London insurance plan. Ar.djt is one of a number 
,-ed hO 37 organisations. market and available bn. every of plans be.nn considered by 
'he Department of Trade <'on- make of car. Dulsun Finance, the joint Lloyds 

d , that what 1? bein- offered Lloyds and ^coitisn tested toe and Seoltish-Dutsun instalment 

• mam- cases is vehicle break- market via Auw-Union Finance, credit concern. ^ So Jhere is a 

n •n^uran'-'* and that the a lompany jointly owned •"■ith pood chance that the JoO DatSUB 
•npanie? involved should either Yblkswages-Aiidi. and says that dealers wnl also join in. 

1 sanject to !bf Insurant? A'.-t 
^underwritten hy another von- 
rn covered hy the Act. 

;r has written tn a number of 
ianisaiions putline this view- 

• nt in the strongest way 
■*sib!e. 

As a result, one insurance 
oker. Mr. Gordon Hoppe of 
■ndon Wall Insurance Services. MOTORISTS ARE being denied rerti&tions in fine with a forth- 

' ’ yesterday that within ‘ * *"’*'• “ - * ! 

months “ there will be 

bn 3 dozen companies left in mg . „ ..... ........ 

e field." million-to-ORe cuance that «nc> detail when it comes to 

The Sncietv of Motor Manufac- may be given a teaspoonful t»i q uanI 2iies. The department says 
rers and Traders is also vnr- fuel too little. existinq machines do not meet 

?d about the adverse publicity The Department of Prices end ; ls standards but it delayed tak- 
t ratted by some expended Consumer Protection is refusing action on them because they 
urranly plans. To the motorist » 0 ZD prave the use of any further ; V ere due to become obsolete 
e term "warranty ” implies that au ;ovendics petrol pumps unless the advent of new £1 notes. 

? manufacturer nf the vehicle t j,ev are absolutely foolproof Do la Rue. the leading manti- 
■ involved, although this is never a?a ‘ :n 5t power failures lasting a fo .-Hirers of automatic petrol 
? case. , fraction of a second. For a 10- vending machines in the UK. 

The society is preparing a code millisecond electricity cut would yesterday that there was 

conduct for such schemes mean motorists would be given ,-, r _ » v a “ one-in-a-miilion chance" 


timated yesterday that within """ f Vu somatic petrol vend- c. lining EEC directive on weights 

1*?\V r< . . i m . n "li 


machines because of a 


and measures which is expected 


to >h(r.v the same attention to 


jready six of its members are measure on their petrol — an -,- motorist being caught up 



the business. The^ code will j,v about a tot spoonful. ijv a "ten millisecond power cut 

m 2t^ eliminating exclusion There are 6&0 automatic cetrol aft-. 1 ? he had put in bis money. 

“’-ji!* ln A M - J Ji, vending mavbir.es operating in if a cut did happen, the motorist 
,ic tracts. clauses which can _ norif onl> . nW . wj!d | 0S(? onlv about u farth- 

petrol. • 

roleum. which intro- 

cnciMi- rn nan Th? word *J«n aesigr.ee, iar ift« marasaw auceo i:ie autopumps in 1965 
u-ori'Entv’’' in connection with »*.-'nich would enable them to and which now has 150 in its 
i’ii cphp’nv»s accept new II notes. It is this p?troi stations, said it was advis- 

As ‘it happens, however, the modfUeation that the department i n5 driiere to be patient and to 
lan Mr. Hoppe and London Wall is refusing in approve. keen all their old-style £1 notes 

touched vesterdav is described It is anxious that consumers that are m good condition. But 
s the Caref-ee Motor Warrant v. should op. certain of receiving the company admitted that the 
it was arranged on behalf of tiieir money s v.urth every time, old notes were going out of 
.lo’.’us and Scottish Finance It is also trying to bring its own circulation fast 


UNEMPLOYMENT 


[E3S1EX3 

ICS 

Era 


pan 

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RrVn 

irsn 

EM 

caa 



u 



i 


r™rra 

h,. 7 ! 

Eiffa 

l 

□ 


EKaZ65 

IHjggW 

1 

0 

EASTANGUA [ 

KleHli3nEJ 



Ban on 
U.S. 

salmon 
to go 


Monetary 




hit sterling 


By David Churchill. Consumer 
Affairs Correspondent 


BY* DAVID FREUD 


into 


i *n come third currencies 

! sterling is !?**> J.,- i>‘ v * w hich might strain- the Enresew 
; under! pressure it tne ,„tT^tarv monetary systom’^mterMatioa 
Ifliitofjiw European monetary moo .> j .. v> v : -- 

svsTefn armies the City st " c a v<s?-"Ti> av&S3 7 jWht 



, August, foaowing tne case m currencv link witj r , ne Tn'the system Woirtff-‘-SWuins 

;botn!wai poisoning ;n Birming- .. (^rma Deutsche MarK - , for- vigorous defensive actiflfcwJuch 
1 ham when four old people a^e a . For this reason^ and " « . nrnhablv resi^t inT uteres r 

:tin of- Joan Vest salmon. .TWo . political ones, the tinu expects Aouid prooau^f««g i^sr 

,&f the four died, but lie other -the ;UK to lake part in The firm concludes;'' ?fn spite of 

• two are recovering. . .■ . tbe the increased ' of 



THE NUMBER of. adults out of work fell in all. regions in the 
month to mid-September when seasonal factors are taken into 





Manifesto MP calls 
for State-rnn bank 


Porsche 

predicts 


TTT/ 


BY ELINOR GOODMAN 


By Kenneth Gooding 


A LEADING member of the bank would head off pressure > PORSCHE, the independent. 
Laaour Party's moderate Mani- from the Left to nationalise uiel family-owned West' German 
festo Group called yesterday for clearing banks. . ?r oup. expects to increase car 

a commitment to a Stale-owned jn its report to next week's ■ sales in the UK by 500 to 1,500 
bank to be included in the conference, the working party. in the 1979 model year, which 
party's next manifesto. «.et up by the national executive, started this month. 

Mr. Ian Wrigglesworth. MP for committee to study banking and- T‘ n i s should increase turnover 
TeW i de-Thorn a bv, made the insurance i?aves open the highly ; f n . m E9.s*n to £14.5m and retain 
«u'*"psrian in a paner to he sub- controversial suhjei t of national- rhe UK's position as Porsche's 
mined lo ihe Wilson Committee irfing the clearing banks. major European export market, 

on the City and published y ester- It unes. however, come down ' The sales drive will be helped 
ca-. in fa\our of merging the by the introduction this month 

“ ' - right-hand-drive version 


l can. ^ Vftin" the b-'n' g 

accoont-^-except Gi thdNorlh and Northern Ireland, where" th^re :i,^l:ev?d to* have ’been due to ! an ^?ecialy“ hi2h->ie|ding route “ ieSnEJ 

u-ere modest increases... .foe e^hausTive tcoaiHes reroai-, into a “hard currency bloc. This rates oy me rau 

In the past 12 mouths, the unadjusted total, including school- , i n -r other problems in the pro-; might- lean to stiong outflows "j 
leavers, shows a Tall to the absolute number out of work to all - ceising industry in the U.sr'from the U.S. dollar and othe. retauonsn ps- .... 

areas except the North, Wales and Northern Ireland. {which are said to ho unrelated j — — ' 

The absolute number of unemployed rose by 5.7 per cent in • to ihe botulism outbreak. i 

Northern Ireland, 1.7 per cent in the North and 0 j per cent in : since the botulifni yrat found 1 

Wales. The North seems to be an anomaly, because the its he due to The infected Tin of; 

seasonally-adjusted figure, excluding school-leavers, showed a | salmon. John West.. a .wibsidiary-f 

drop in on employment over the same period. This suggests ; of Unilever, has not offpred for;.- 
that the position of school-leavers has deteriorated here more .<zl e 2 nv US. canned saLmon. It j 

than in any other area. : lj. however.- selling' tti the UK-'- 

The biggest drop to the unadjusted absolute number out of ; canned in Canada and? 

work was in the South East, doun 12.4 per cent on the same Ijssan. } 

month a year ago, and East Anglia,- down 12 per cent. While John West canned j 

The drop in the Midlands was 10.4 per cent: in the West s^jrion sale* have open sub-; 

- ■ ~ - - - - 1 - ' ’ the both- 



House building may 
face new recession 



Midlands 8 per cent;. the East Midlands 52 per cent: Scotland | ^ea^entlv reduced bv the b 
4.9 per cent; the North West 3.3 per cent, and Yorkshire and ■ ;; s= i nmbrestl-: — believed to 
Humberside 0JJ per cent. ’ ■ s -~ f 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


Sales surge likely 
to slow next year 


i THE PRIVATE house building fall in the level of sales io the 
heading for early months of 1979. 

continued: “This fall In 

v J . , - u, r . industry's confidence about 

-Mr. Colin Shepherd, president f U ture prospects is clearly te- 
o o^ l0fr ^ federation, told a meetup fluted in the Goseraiaeai's owa 
i in.^n *._« o. ^.mon a. ye^r ar ® ■ to Liverpool that the decrease ■ in }atest private enterprise homing 
# so* e- . . building society lending «as j nauirv . which revealed a sharp 

i Alreadi - -de ^urces threatening ‘^o plummet next . • =_ number ol starts 


; peeled, \nrmaiiv nacre 


BY OUR CONSUMER AFFAIRS CORRESPONDEN 


THE PRESENT surge in con- ment Horizons 
sumer spending is likely to slow non-foods sector 
next year as prices rise and most rapid gro 
average earnings fall, according current upturn in spending, 
to the Management Horizons Volume sales of consumer 

economic forecasting company, durables . such as refrigerators 
Management Horizons says in and washing machines are 
its latest economic onflook for expected to rise by lL4 per ceia 

the retail trade that 'sales this - by , I-?*** 

year are Ukely to be « per cent 3™** 5 P« cent in 19,9 and 

up over last year. But. once this ... . x . „ 

surge in sales has been achieved. Ciothingand footwear snops : 
tlie company expects the rate of ? an e ^ e 5t „ a sale ! ™iunie 

sales growth to slacken w 2.3 per ^. a ' 8 ? er ““*■ >??" . 

o S — rcr,* with growth at about ha.f tms ' 
level in 1979 and 19S0. ; 

The company says that the; 



SJSSSTS? canned* salmon Syt> **** 

•va daS?z Ihe^ Canada. Se^ove the 135.000 figure reduction m , mortgage iMdmg 

Ala ua. cmdii had resulted in iencthv defers 

Gas fills 


cent next year and 2.5 per cent 
in 1980. 



The details of Mr. Wriggles-; mouths, 
are 

different from those of 


Bank, would offer savers com- 
petitive interest rates. 


Gi 
the 
form 

It would be run along normal 

S? I to I lhB cielriM b!nS te and diffepeat frora those of ^'iS-strong dealer network ' in 
SiSJ C, SS!!i.i cLHl- plan. Britain. 757 cars have already 

Although similar in seme I been ordered for the 19,9 model 
respects to the Carter Committee ; year. "This emphasises the 
Ti . . . . . . plan on the Post Office, he | demand for the Porsche product 

It would not be expected to p r0 p 0 jes that the new bank ; which is 51) per cent forward- 
bail out lame ducks although it s ^orjld be run as a separate : sold." says the company, 
would c(K»perate v/ith the institution within the Post Office! Ten of the UK dealers will 
^liional Enterprise Board in j n much the same way as the have a car sales turnover of 
providing funds for small telecommunication business is I more than £liu In the coming 
businesses. now. It would have its own j year. 

Mr. Wrigslcswnrth. who counter at post offices to ensure'* In the past 12 months the 
formerly worked for National ils separate identity. I Porsche factory produced 35,900 

Giro and is vice-chairman of the Mr. Wrigglesworth rejects the j cars, compared with 37.157 in the 
Parliamentary Labour Parly’s idea that either the Co-operative [ previous year. About 3.000 
finance and economic group. Bank or the Trustee Savings [vehicles were lost during a 
evidently hopes that a commit- Bank should be included in the month-long metalworkers’ strike 
meat to a fully-fledged State new State bank. in the Stuttgart region. 


25% of ! 
industry’s 
needs 


achieved in 


BY SUE CAMERON 


lowest total on record for over and uncertainty over mortgages. 
20 vear« This rear. U is expected He . concluded: .“There-. seems 
that a hour 155*000 private homes little prospect 
will be started. - ■’ improvement m ^ hwne -.ktens 

Government controls on taking -place Until the ctnrent 
mortgage lending, Mr. Shepherd controls. <m .lecdragirtoY^^en. 
claimed, had led to disruption remoVeflahd the' societies ’free- 
of sales plans, to cash flow prob- dom to' determine their: own 
lems and to fears that mortgage policies for attracting and lend- 
short2gea could lead to a sharp Lag funds has been -restored." 

• • . * -i vrVv-.. . 





y.-; 


safety 





BY OUR BUILDING CORRESPONDENT. 


For this year the company says foo A d “ ector T taWn ’ a sIkdM v 
that a strong sales increase is »r shar of the 1 mS in 
likely in the last six mdnths with | ®Ljns Sn »•£ : 

the July to September period It ?o teraJ. thS 

anoroarhhiE V0 6 U Der rent ThS f0od sales wiJl rise b V - 5 ? er 
HS°*i? l Sn5n! ,e win BI !S» Yrwirh- cent tbis - vear aft er a *5 P« r cent! 

JUfL f n SI hv fal1 last year - In 1he nest Uo GAS IS =*>* supplying 25 per; 

S years annual growth in food cent of ’-he UK's industrial j 
good Cbnstnias sales whid^-ta sa ^ s volume will slow to below : enery needs, compared with; . 

value terms, are expected to be x pcr cent a vear> it predicts. ncSv 4'ae- cent m 1965 according ; THE GONSTRLCTiON indus- fought by employers and unions 

over 13 per cent ragner for .the ^ rate of industry's cost in- j 0 ' Mr. ’ Aubrey Lloyd-Dodd. ; try’s safety record was defended alike to achieve further improve- 

retau trade as a _wnoie. flation is failing, according to a industrial sales : manager of : yesterday by Mr. Frank; .Gostling, ments- in' the construction safety 

Management Honzoos T>oiiits survey published yesterday. The ; British Gas. • ! president of the National Fed- record. - 

out that the present spending survey, from the Institute of- British Gas said yesterday that ! era tion of Building- 'Trades- “But I must “ place on the 

Employers. record the fact that when the 

Gostling told the federa- accident rate in construction is 

.. ^ a >c< ^ * s north counties region, in compared with other -British 

next year when the animal 6.5 per cent. This was a marked: jj r LIovd-Dodd. sp eaking at a 1 Cbester-ie_-Street, Co. Durham, industries, both- steel and coal 

average price inflation is forecast drop on - July’s figure of 81 per symeosium in Birmingham, said 'that Construction, industry have a higher fatality^Tate^aiMj 






to edge up to 92 per cenL, com- cent and the lowest average 1 enough’ gas h?.d been d is covered 1 employers had, contrary :o some no less-than .35 raanuftf^ing 
pared with 82 per cent this year, increase so far this year. » 0 ensure supplies to the pre- 1 accusations,.' taken .action to .industries hayieji higger-^m|pus 

Willie average 6&rmzigs gmwlh is Tho mHnctrinl coftnr t r* _ — s •_ _ l fhft raotnr’t eut'oKr not*- afrifiont 1 ratir.' • ••‘J tT .‘ I % i 



Kpile average eanungs gxwu is The industrial sector to show niium market — those who use improve the sector’s .safety per- accident J-atei - 
expected to be cut from 14.4 per the largest ^rice rises was again 52s because of the degree of forruance. . ’ “We. as employers^arefb^cr- 

cent to about 12 per cent : mechanical engineering, where he a* control it offers— until at 1 He said that over the past theless certainly mjt : complScent 

In the retail trade. Manage- increases averaged 7.35 per cent., i ea5 ' t the end of the century. He < decade bis federation and the on this question and willcontinue 

l ■ said that eventually, natural gas Federation' of Civil Engineering to seek to reduce the cOnslxaction 

• reser\'es would have to bes up- : Contractors had developed a accident rate as f ar as -pdss ibi Cy , 

iplementd frora other sources ! joint safety policy designed to Mr. Gostling also com»wea 

but he claimed that British Gas I raise safety levels. on mticisms,- made^.theflraQe 

{led the world m toe technology j Today, a new Initiative is unions -and-- -the tibbur-^arty. 
of prodacins synthetic- gas from being launched by the two that construction empfoyex s wer e 

coal. In the long term this j bodies, in conjunction with" the ta king - ntt .aetioff- '.tb /.preside 

offered a useful “ insurance ! Institute of Building, to provide continuity Of: jemploytQ^aV for 

policy" but it also provided I a new national health and safety workers. . 

.m,, .xmn y - .. , in ore immediate prospects of I course available to anyone enter- The industry was malting 

MIDLANDS MOTOR component and Lucas 13 supporting a wide ejrport business for British ) ing or already engaged on site continuing efforts to .establish in 

popular attractions j industry. I management. the minds, of Ministers -the meed 

Mr. Lloyd-Dodd said c!eauli-| Mr. Gostling continued: “The for a stable and -develo^agpro- 
ness and ease " ‘ ' ' * *•-- ----- -- • ** v - 


Midland companies raise 
Motor Show spending 


FINANCIAL TIMES REPORTS* 



companies have increased their range of 
promotion budgets sharply \ for including the Red Devils para- 

the 1978 International M&tor S,!Tf 


me 1310 luuuwmuuai *»u.iui „ Wo of control were very size of the Industry and the ; graihme ^rf .wurle .:an®’.wjur*also 

Show, to be held next month for cd 1 !t„ « c L 1 ? 2 r' uL'iT *u 2 !S ‘ two of the chief advantages of j comparatively, hazardous nature negotiating with GtwemmenFand 

^ n ini4uc4««nl r..Ml . n c nnncfmi'Hfln itrrxrlr nn -a rinlTinfntnr.wmri clwiralO 


.. ts . . .. , No precise figures have been 

disclosed but Lucas, which is 
Exhibition Centre. Birmingham mak in S by far the largest pro- 

, Spending hy Lucas and GKN, motional effort of any supplier, 
both based in the Birmingham i s said t 0 bg spending £500,000. 
area, is more than 50 per cent up “Birmingham and the Midlands 
on the last Motor Show at Earls jg our territory and we are 
Court. London, two years ago. making an act nf faith in the 
GKN has erected a large future of his region," said Mr. 
digital clock on a 100 ft high Walter Waller, group marketing 
tower outside the centre entrance director of Lucas. 


Plan for ‘science park’ 
in West Midlands 


cannot win a Queen’s Award- 

• -ft /> 



The Queen's Awards for Export and 
Technology are among tire most coveted 
industrial awards in Britain. If your company 
has made an outstanding contribution in 
cither field, it could well qualify. 

Think what an award. Jike this could do 
for your firm s prestige. And what valuable 
publicity it would, afford you. 

Holders of The Queen's Award, which 


is valid for five years, are entitled to display 
i he em bleat on their firm 's stationery, 
packaging and prod nets. Use it in their 
advertising and promotion. And fly the 
distinctive Queens Award Hag. 

Its an emblem which could bring you 
national and international renow n. 



II& 


close - 



Be in the running. 

Pdst the coupon today for your application form. 


71 


TnThcSxnvirf'TlvQwxi* Awards Offkr. U jflcim, .\stuul H< w. I: OJ |r.if»;. m viaJik r. 
London EClA i£ L. Via, plcj*c*cud i.iv jjiapplnjunn !wrm vrilji (uUdk-idilk>4 Wil- 


Namt* 


ro-ilion in Cniupaii *- 


N-'ifro ni Comronv 


Aridr'.-s 


.1 -mi iiii£.n=,iLtf i 


■ Ikfc- I ■.;■!?! 1 il.yiiiii.I.i.M-nrJMhn n\l.l 


PROPOSALS FOR 


using gas as an. industrial fuel, i of crmstructioo vrork means that-unions on a volontary-rpgistriitfoa 
As a result, it was possible to {a continuing batile must be^ scheme for employers. 


tailor the heat supply to a par- 
ticular production process aQd 
ensure maximum effiicinecy. 



BOC offers 
to restore 
relics 


By Maurice Samuelson 


BOC, which recently gave weld- 
.. a . . ■ ing equipment to restore the SS , 

the t,ap between Te&earrii and Great Britain, Brunei's steam-! 


Employers ‘must | 

* ■ i ^ ^ 

halt discrimination’ 


FINANCIAL TIMES REPORTER 



DISCRIMINATION of any kind mined assault on discrimination, 
was harmful both to industry, and But employers’ efforts so. far bad 
to toe individual' and progress not been commensurate with the 
in adopting eqnal opportunity in . size nf the problem, 
employment was disappointing. . He- went on: “This .apparent 


University are being studied. 


adjoining gETJSSSS j s^xw^sss,* «nss aSTSBS T?GS? w 


It would be aimed at attracting tores, 
more technologicallv-oriented Birmingham University, the 
projects to toe West ‘Midlands, ^ty. nDd the West Midlands 
The region’s over dependence County Council have each given 
on vehicles has been' widely initial £10.000 for a planning 
blamed for its weak eerinmnic ^ercise being carried out by | 
performance, and there have C °S P f5 s ,^ yilI 2S? Associates .J 

been demands for 'more . H n el P bein S BJ® ;Arup | 
industries based on electronics 

and Detro-chmn inaie Henot-Watt University, Edm- 

^ „ burgh, one of the first science 
, 3!! l? 28 Babied. R Parks to he established m the 

world reputaran for advanced ^jk_ 

work on the development of Science parks have been, or 
redar telescopes, Instrumentation, being, set up - by Trinity 
in spaceships, ultra-short wave College, Cambridge, Livingstone 


industrial revolution. i Employment. when one considers that .Ed tak- 

Eqaipment. made by BOC’s gas I A ' a seminar on equal oppor- ing such a step they are .matf- 
equipment plant at Skelrnersdale, Unities given for senior manage- ihg a positive contribhflthJp . t0 
Lancs, and qualified staff from | ™ ent executives the London removing dlscrimiaation' ifl ;.th® 
Skelmersdale will be made avail- 1 Business School yesterday Mr. workplace — but a't_Ehe saisijirtinie.' 
aWe under the company’s Grarit said: “It robs industry of they are ensuring' 
industrial preservation scheme. a choice and use of talent: effective use is maae~d£ 

and it denies the individual the manpower. M 
opportunity to make' the- best of- He concluded tiiatso 
bis or her abilities thus affecting effort appeared to have :- bewi 
personal dignity and satisfaction, made to promote equal oW®*’' 
earning capacity and, hence, {unities at grsue roots ie^ei. 


•Within hours of the scheme 
being announced, the company 
received its first inquiry from 
toe National Trust. It wants to 
restore an iron ship which has 


la ha for years in Coniston Water.! ? n 3er *! to life in an ployers, and often 

» Wo urin — ! allegedly free society- r«n ^aW«hii- 


We will consider any relic, 
whether it is the last Sussex 
i plough or a locomotive," BOC 


radio and sophisticated machine New Town in the North East, 
tool controls. and Warrington in the North- 

The idea of science parks, as West The latter two are 
they are called in the U.S. designed to appeal to big inter- 

because of their high environ- national companies and others j to theatres, has a colIecnon oF 
mental standards, is 10 bridge with high technological abilities, j early welding equipment at its 


said yesterday. 

BOC, which started in 1886 
under the name Brins Oxygen, 
mainly as a supplier of limelight 


New check on heavy vehicles 


trading 
Kent 


Skelmersdale plant which is 
thought to contain the first 
oxygen blow pipe. 


Toyotas recalled 


ROADSIDE CHECKS for over- been tested by the 
weight vehicles are to be stream- standards department 
lined folowing tests on % County Council at Barham onj 
machine which records the the A2 — One of the busiest TOYOTA IS recalling 7 600 

weight trasmitted to the road routes in the country for cross- Corolla 20 and Corolla e models 

surface by the wheels of each Channel traffic. sold in the UK between' October 

axle of a vehicle, and thus the Until now the results of the 1974, and December. 1977. to 

gross weight, while the vehicle Barham tests had to be verified ( check the steering. The company 
is in motion. by a conventional weighbridge ! said yesterday that there was the 

known as a before a prosecution could he [ possibility of steering shaft 


The machine. 


dynamic axle weighbridge, has pursued. 


■failure in extreme cases. 


_ ^ . . . selves, still tended. to 

He said, that , the law was.- a dated and. obtested assumption 5 
starting point and a framework abotit the work which WwpJefr** 11 
for an explicit, Active and. deter- ffOTor wanUtd do.' " v 




for industrial waste 


WEST 


7erything from 
to.egcshc 


YORKSHIRE business: been offered evt 
men are starting a unique , textile remnants to’- eggshells. 

* swap shop n scheme to make, later this, month . companies 
use of each other’s rubbish. .will be. told what waste' products. 

Bradford Chamber of Cornr-are available and wfll -be asked 
merce has. asked almost 2.000 to contact the chamber to 
local companies which waste arrange a swap, 
products from their factories ' “As far as we know, .we are 
could be used by other concerns, the first chamber in the country 
rather than being, dumped on to., start stieh a . scheme,- hut 
tip. others 'are watching Our venture 

* Tr - Donald Woodcock, the with 'interest,’' 1 said Mr.- 
Chambers director, lias already Woodcock, '. 






f/ 










'Financial Times Wednesday September 27 1978 



a v 



* Inside every IBM 

building there is a piece 
of equipment that 

can out perform any 
computer. 

It is so advanced 
four technical esq>ert 

don't understand how 

it works 

fib record '/ \ 

With care and 

attention it can operate 

for seventy veers t 

■ ■ to solve problems that 

or more without 

9m , d~i> nan * ts ^ n ^ te capabilities has caused us to create our own 

„ n lovers V lw 6 t management system around it. Without it, we would not 

,tM ' V: be where we are today for undoubtedly it is the most 

Used correctiv. sr”* 


z t- •. r* , t *-' ■ c\i 

Ui’i- L- r- Si 


w WWJ.O.WJ.W »» W UiW 'LWV--l.C4.yj iUJ. CU.11 

Used correctly. 


tjB. ®11 — — . — ; ... tt is unique, and its 

11 S m i M fl value is inestimable. It is the power 

_ behind IBM. It is the human brain. 

the course of tomorrow. 


i : - ,.■»! 5 

- r ■ >»* 
i : ’ «i 1 • 


IBM United Kingdom Limited, P O. Box 41, North Harbour, Portsmouth P06 3AU 



financial Times Weiinesday 








k "V r ' :’J 


Chief officers’ pay 


again 


Belfast 

company 


Scottish hauliers expect 




L. V - 


BY NICK GARNETT, LABOUR STAFF 


faces action is 1 , 


. ini-'osed nevertheless* a “ non- runner 1 * 

! SCOTTISH road hauliers are Lar. year, tie West WdUmfis. ’the ^'33«l » 

■7X e Zia«i»veg STSSST*‘S^‘?3 hU: 

awsr Ssi.r*: 

Scotland is ejected to-become m hnco cpn-iimpnts. which - thp- association, however -a Thn aKsacialioh 


By Stewart Dalby 


BY PAUUNE CLARK, LABOUR STAFF 




i i 1 .MPLOYEKS OF Britain's 5.A00 negotiator? ESkins them to look many of whom also received 
7 ■ - cai auchoritv chief officers and asain at tiie settlement and on more than a 10 per cent Phase, 
ft i !:ecutiv« have rejected for the both oceaM.-ms they replied as Three increase. ; 

' .cond time a Guvernnienl apoeai one representative put it y ester- This was because they bene-; 
I 1 j. r .*ne'jotia;e a 12.5 per cent pay dav. that "they would rather filed from delayed payment of ■ 


*ard dating from July. 

* The deal threaten* to become 


The bail if now very much in 


embarrassment to the Govern- p' eter shore's court." he said. 


time when 


triers representing more than "■. £ .- er 'd; 1 >. "\V< 
m lncal government. manual u from 


Environment Department cut-off point. 


the Phase One £6 supplement! 
which they did not receive in \ 
1975-76 because of the £8,500 j 


FOLLOWING TOE rejection jin Uns years wage rouno. . a>K 
yesterday of a 5 per. cent pay j Scotland is expected to-become ot iJ£ 
offer by employees at James [ first region of the Xoad 
Hackle, the Belfast textile j Haulage Association to begin 
machinery company, workers j f 0nna j negotiations next month :“v: 
it a second large company in { with the Transport and General . " 
the province axe taking Indus- ; Worke rs’ Union, representing^ 
tnal action against the Govern- • fhfi j-ivpin reru 

meat's Phase Four gaideUoe*. j . R< 

About 800 employees ai Four years ago. a long drivers that 


the effects o 


cent Phase Three. the effects o* ia “ "f i0RS to nay policy. . v‘ 

Road hauliers say privacy threat »* * u ? I *f r nf s XS Transport In talks 
hat they see no chance of Local oft 1 t' 5 ,.°nd sald ye£r- Rodgers, 


About sou employees at rum d iuus teat u»e> uu ^ said vesier- nuusc.a. . 

Davidson and Co^- subsidiary j strike which crippled a large settiing within Phase Fours 5 per Workers in be Dtijn^ uKe a tary. the Transport - 

of a South African concern, - section of road transport cent although this is likely to be day ^at uw> t0 -jj e pa y says it has been told thatrrtiwcti-; 


e have re- The majority of chief officers 
i the Local earn between £8.000-£9.000 a 


or a sontn African concern, ; Mtuwu crai aiuiuu 5 u uus r* r~r- to ine pay is 

Abercom Investments, walked throughout Scotland led to a sun- their offer. The drivers have sub- responsible oare d to dis- hours in line wi!h the EEC would 

out . in a token strike yesterday j stantial pay deal. which became a milted c laims ot between 20 and talks and * erL re j a( eQ t L1 prcrditc- oof have to b&offsfct against. payv L 


*f.nside_rin" in- A 'aiimri;y Conditions of Service year and chief executives be- 


Ktri.il action over its 5 per cent • Ad ,..- St , i: _: g^.-d an( j are C on- tween £11.000 and £13.000. 


•.ay claims. 

: But in i he absence of any 
’irect threat of Government 


. siderin? it." 


Resistance the Department’s point 


authority 


employers 
the only 


J rnund. 
1 The 
Environ 
he 


collar pa:> scales. 


difference between their settle- 
ment and that of the Civil Ser- 
vice is that the extra increase 
for some senior civil servants is 
hidden in an overall wage bill 


Department 


But i: a iso points out that the while 


rironment ha? twice written to payments are ir. line with those officers are pa 
employer*’ national given to senior civil servants separate budget. 


government 


in protest against the manage- 
ment offer of a baste 4 per 
cent increase. This would 
have been made up to- 5 per 
cent by night shift bonuses. 

About 600 of the company’s 
employees voted at a mass 
meeting yesterday that from 
today they would work only a 
40-hour week and would ban 
all overtime. 

Like those of Junes Maekie, 
most of Davidson's products 
are exported. The workers say 
they have proposals of their 


I pace setter for drivers’ settle- 30 per cenL 
• meets in England and Wales. Road hauli 


Road hauliers .were upset at the livity. The 


guidelines. . 


! Applications 
jfor police 
j jobs up 40% 


Chappie joins TUC 
international forum 


was 


Toolroom 
dispute to 
be reviewed 


Hospital staff will 
continue disruption 


APPLICATIONS 


BY CHRISTIAN TYLER, LABOUR EDITOR 


1 CLOSED 
[Rawlings, 


SHOP -.rehef-r-Briah ’ 
sacked . because. '-Ihe 


Appeal " Trib unal 


By Our Labour Correspondent 

THE Amalgamated Uni«n r 


BY PAULINE CLARK. LABOUR STAFF 


EV^ne^r7n”r'"w’o^kers Vwciilive HOSPITAL supervisors are to ins to a 25 per cent increase I UJliLilSr SUSIJjr" 

!is‘ atxaiimg’u further me'e tin j of cimt-nui* the industrial action were "unacceptable. | Last year Mackie was black- 

its Ea«i Birmingham dist net which nas caused serious :dJ*ru£ On Monday Mr. Eanais said, wkers a 

■committee next month before i ion to aospi. a! services for pv-er that no Government could avoid . ^em increls? in defi- 

reviewins the scven-week-lon? . a 'W* following a breakdown its direct responsibility for f- per f en ‘ inc i**£ 

'strike hv loolmal ers at BL's SU of taiks between union leaders settlements m the public sector ra,vgK 

Fuel Systems factorv in Blrming- . and empiojers yesterday. where it was the paymaster as in I * Thls ^ th . withdrawal 

him. - k ; The overpay differed i .“nS ^ISler 

The toolmakers, v.hose t,ji s developed last week into a , k™ 0 ? leaders for the J.500 SQ nnort which made the com- 


tnVni^ ‘hr force have ! ^ate on relations with the rest Four likely contenders ; are ar . - 
joining Jie force na fi. . ..u RavBuckfon ot ASLEF, the train)" 

^ Ji e A°J d eSii5"?“S-^S ; yE? Chappie told the TUC at Sl^^on._llr.^ 0 e j CoW|to 


Union leaders for the 3.500 


threatened expulsion from f n«? elea- cunfrontaiion with Govern- hospital works officers involved 
union was lifted earlier this nftV T. 0 n c v aftpr Mr. Darid in industrial action are however 


n was lifted earlier ihis. ment pav policv after Mr. Darid 10 industrial action are however 
tb. are it ill on strike , Snnuls ’ Se> retarv for Social challenging the^ application of 
and mg that the executive . Services warned that anv the Government’s pay policy in 


a 5 per cent Increase which i “£.* ^ Government been elected to tne tlls inter- oecome morv - • Mr . Rawlings bad ohre been t 

had already been pat 111 LcreDt^d the^ ^ Edmund-Davies ! national committee move that voraL there s member, of the Associjdfezi .of 

«SS? l rw y a P KSS’ Sw from J«J rt joini^^-^e^forc^^S i debare onrelations witiTthe rest FouT likely \ d WiS ' 

.cm u. e tuc sums fSSS® - 

meat Tor a cooling-off period. Th e prospects J[ ul mouthed " about repression in Jackson. oE ihe Post 9^ e l.j 5 3 t under the 1974 Tr»de Unmn 

Last year, Mackfe waTblack- recruitment, botn of men Md . RuKijl wh!le Serce * its con- Workers, his ,ucce«or. It will be : Vg LSulSKHS? 

listed for giving its workers a women, are promising and t demnation of Right-wing regimes .for the toniniittee to elect I[ s Middlcihrourh: fMHtV 

22 per cent increase in defi- is certainly no reason lO reduce p Qr ^ a public rebuke chairman at its first meeting. L . . . .. ' 

ance ot the Phase Three standards. froa yjr. j sck j on es. former Meanwhile Mr. chappie, Mr. , i^r 

guidelines. ■ “The opportunity ;is now there • gene7al secretary of the Trans- Evans and Mr. Duffy join t he j ISiSSwSSS'- 

This led to the withdrawal l to persuade those likely to nave\* ort xVorkers a nd outgoing chair- TUC’s "inner cabinet.'* the ™ ' 

of export credit guarantee la parucularly important contn- ma3 of ^ international com- finance and general purposes, MaPPJjJj.py 
support which made the com- button i to make to suen a service* ; m i t * ee . committee. iS'SEnF’ *8*^ 

pletion of an important export — graduates ana Others viui: To balance Mr. Cbapple’sviews, As already reported. Mr. Duffy j “mug. . ’ . . _ ... V 


month, a 
demandm 
supports 


supports 'their rhim fur P»F ' ad vi ni e' on"an existing salary *Mr dispute over differentials j 
parity with tne R-iver touln.r.ni. (lffpr v;nu | d - oe un likejv to be anomalies. ^ They argue that the , 
While the executive ha> said . ' new offer already makes them a 


that it will support tnnves to 
bring forward the entire BL pay 
parity exercise, due for in:pie- 
nientation by November. 1979. it 
has given no assurances tu the 
SU group in isolation. 


acceptable. 

Mr. A'lan Black, national 
officer in the Union of Const ruc- 


special case. 

In their campaign to he made 
a special case, the works officers 


iinn. An.ed Trades and Tecbm- j, ave banned stand-by duty and 
cian> — one n. the five unions are re5 t r i c ting work on repairs 
involved — >aul last mgnt that . Q ] aun dry. sterile supply and 


to Tletnam difficult for the | higher educational 
company. j cations — that the pnli 

It ma>' have been this 'which jvice can offer them th< 

prompted Mackie, a company .prospects they are see kin 

notoriously shy about talking Mr. Rees paid tribute to the Evans of the Transport Workers, leaders on the National Economic j *“P — 

to the Press, to try to toe the I success of the police in coping. ^ Geoffrev Drain of the white- Development Council. P w 

Government line this year. -with problems of puolic order. : col!ar XALGO. and Mr. Terry Mr. Clive Jenkins of ASTMS, V 

Observers say that other He said: ‘No one should Duffv of .j, e Engineers. has also joined the economic | ' 

companies may soon expen- underesum ale ibe considerable, elections, subject to homsniuee after years of trying. 

ence difficulties similar to .demands made 0 n tne police ratification by the TUC general A third vacancy has apparently | 

those at blackie and Davidson particularly in connection vitn today, increase the inter- hot beer, tilled. had to basMN ronSSS? 

because Northern afeland com- 'political demonstrations and; naa io dc sitict.v rompuea Wtifl. 

panics are usually high in the marches. : « ,d In dismissing Mr. 

queue for pay increases each j "It means officers forgoing ; _. T . / j j j 

& c «,s£d d «; New technology adds to 

. Most important of alL in polic-j • j • p . - * . « •« • 11 . ; " 

New moves to j ran the risk of personal injair” ! print industry troubles Piessey at-ia • 

j j •! Mr. Rees felt the independence ; . . . , _ x • 

enil tvre Strike of chief Officers within the force PROBLEMS for management of the onard and general secre- OVGF CUtS ^ : 

J i was vital. arising from photo-typesetting in tarj of tac National Society ofi- - 

"There is nothin? tn which I national newspapers were the Operative Printers. Graphical . FIFTY ■ empiojces. 


—graduates and others vigij To balance Mr. Chappie’s views. - As already reported. Mr. Duffy 
higher educational tho selecting committee has also has been appointed to the] 

t-arions — that the onliee ser-' b r Q e-_,.r,r, a \tt sinn »«. n Tn;n omninirtee. and is there-; 3 Pinion membership... agr^menr 


cations — that the police ser- ' chosen the Left-wing Mr. Alan economic committee, and is there- j* 
vice can offer them the cover. Sapper of the Cinema Tech- fore set to replace Mr. Hugh|«>™ 


agreement 

requiring 




Kodak offer [ “ No one in the health service The five unions involved in the! 

. j . likes taking this sort of action, depute claim that some of the 

reiectea ,ili " ’•'* s °° nu alternative. We v.orks officers will be receiving 

J ha'-e .vailed four j-ears for a less money than the craftsmen 

UNION* NEGOTLvrOBS repre- ' settlempni." who work under them in the 

stilling S.000 manual workers at The Department of Health proposals for a new salary 
Kodak have rejected a nay offer and Soci-«! Securily said that no structure. 

within Phase Four guideline?. agreement had been reached The new offer gives the super- 
The company said yesterday a f- e r ?ix hours of talks. visory grades salaries ranging 

that it would now V* discussed ?.Ianigc!n;nt bad nude no from £4.497-£5,073. compared 


■involved — >airt last night that . Q jauudj-v. sterile supply and 
! niemuers wou.d «e asked to olher mackl i n eo' iu the hospital 
intensify Jheir action. service 


less money than the craftsmen 
who work under them in the 
proposals for a new salary 


queue for pay increases each 
year. 


New moves to 
end tyre strike 


New technology ‘adds to 
print industry troubles’ 


Such “dosed shop^ agreements 
bad to be strictly complied 
said the judge. In dismissing Mr. 
Rawlings, the employed had fol- 
lowed the procedure laid down 
in the- agreement. • ^ v j i 


1 1 'OO 


Piessey at-ia 
over cuts- 


me company saio af.er mx ni.i:rs ot laiw. visory Rraues sajanus vpw movfb win ho Warto mrtav' “There is nothing to which I national newspaoers were the operative Printers, urapnicai . * “ . « 

that it would now ois. iis^d Mar.-.gem jnt bad made no from «,49t-£5^073. compared ’ iSiSk Sv i attach greater importance than 1 “most acute** difficulties facing and Media Personnel, said that! members of TASS, . wh«e jobs 

at the highest Her wnhin Kodak* advance on n« Previous offer j>f with S2.9i0-I5.073 under the . setl ' e worirere it the the independence of the police the minting and publishins in- there was “every indication" { are threatened . arSg.-^Ane, 
negotiating structure. The r.,-,. parting m:rca*es of £177- existing, scale. Top grade crafts- gnkc b> ^0 «nkm Jt ^.he, e g win he a fateful dav dustr.es. the iadustries' training that the industries were likely | Liverpool, yesterday locked wit 

unjoos ore expected to meet mis r,. M under a new salary aDd men receive a basic ^.500 which nn ^wh irh 1 h n fr ■' v. hen the ooUce come under board said yesterday. : ' : ‘o find themselves faced with j the management iu part - ot the 

week to _ discuss the possibility grading «tructure. and the staff rises ^<> £4.^5 with iheir 331 per j ^vjbampton. bich baa , laid off j cont rol — be it Jocai The !S*77-tS report of the Print- hazards "for the foreseeable I central buiidiqg. aa well as other 


of industrial action. 


wore to'd that demands amount- cent bonus. 




APPOINTMENTS 

r 

\ COMPANY 
1 NOTICES 

•I — i 


'600 men. . - ' J political control 

The strike, which has stopped or central.'* 

. J ml J. 


all car tyre production, is over a He added: “ What we have and Train in? Board, published Tester 


ing and Publishing Industry future." .! staff, as they; begfe k yntost 

Training Board, published yester- Rising costs, fiercer foreign } sit-hL . 

paVand'prodiictirire deal. v ” ’! what I want to preserve is a day. said the problems facing competition, changing production i Piessey TeiwomnmnicatiOTH 

The men will be holding a i police service that is ihe ser- managements in the industry tecnaiques -nd tight money con- j said they -occupied- tne new buflfc 

mass meeting to discuss detail*, rant under the law. not of a par- : ranged from the “colossal under- trois all emphasised the need for ing ybich is the cenireffpr the- 

of talks between shop stewards ! ticular government, but of takings" in the change to new a management armed with a wide ! development of Die. new System 

and management. . isocietv as a whole.” .technology in Fleet Street to range of managerial skills and'X in ; support ot about 2» 

day-to-day production difficul- a workforce trained to the employees whofiave been advised 


and management. 


i society as a whole.’ 


workforce trained 


the J employees vyhofiave been advised ■ 


OPTIONS 

Salesman 



BANCO 08 FOMENTO NACIONAL — 
LIS BONNE 
(portiKMJi 

LOAN OF 5';*, 196S-197B 
FINAL REDEMPTION 


ties in small general printers highest standards ' Employees that: unless alternative jobs can 


APPOINTMENTS 


with small profits'. 


Mr. Owen O'Brien, chairman adapt 


in the industry would have to be found Tor them -by October fi,’ 


circumstances 


they will be dismissed; 


Due to increased business 
VICKERS da COSTA LTD., Members 
of The Stock Exchange, and leaders in 
the London Traded Options market 
require a further institutional 
salesman. 

Applicants (male or female) must 
have a. working knowledge of statistics 
and experience in contacting 
institutional investors. A competitive 
salary depending on age and 
experience is envisaged. 

Apply:- Personnel Manager, 

Vickers da Costa Ltd., 

Regis House. Kinq William Street, 
London EC4R 9AR. Tel: 01-623 2494. 


Holders In the above meMtaneB 
Issue are hereby iniormed that the 
bonds ol UA 1.0 00.- apd UA 250.- 
ending with the digit “ 2 will become 
due and payable at par on or after 
Noveznber 16th. 1978 and have to be 
presented lor payment at the offices 
o! the paying agents set forth in the 

Pr< FuSSniiore, It Is recalled that the 
results of the previous drawings by 
lot were as follows; 

November 18th. 1969 digit “8" 


Rush & Tompkins moves 


November 16th. 1970 
November lSUi, 1971 
November 18th, 1972 
November 18th. 1973 
November 18th. 1974 


November 18th. 1975 
November 18th, 1978 
November 18th. 1977 


digit “8, 
digit 3 
digit " o 
digit 9 ' 
digit 7 
diait 1 
digit " * 
digit '* 5 
digit “ 6 1 


BANQUE INTERNATIONALE 
A LUXEMBOURG 
Societe Anonrme 


Luxembourg. 
September 27th. 1971 


117 GROUP FUND 
sociAM anonym* 
Registered Office 
Luxembourg. 14. rue Aidringen 
Regi&tre de Commerce 8 no 9.216 


DIVIDEND ANNOUNCEMENT 


The 117 Group Fund S-A- will pav 
a 10 cents US interim dividend per 
share on or after September 26th. 
1978 to holders on record at close 
of business September 25th. 1978. 

The dividend is payable to holders 
ol bearer shares against presentation 
at couoon number 12 at 

— Banque Generate du Luxembourg, 

LUXEMBOURG 

— Midland Bank Limited 
International Division 
Suffolk House 
LONDON EC4 OEU 

The Board of Director*. 


LEGAL NOTICES 


ART GALLERIES 


30,000.000 EUROPEAN COMPOSITE 
UNITS 

EUROPEAN INVESTMENT BANK 
8%% BONDS OF 1973. DUE' 1988 


tuc rnMRJiif icc a rr iivK CHANGE GALLERY, q, Cork SC.. W.l. 

THE COMPANIES ACT. IMS 07-734 4626. Reient Painting and 

in Ihe Mailer uf C'U-KT LEL\THE.R femMum bv W. F. 2AG. 26 Sopt.- 

MANUFACTURING CO. LIM1TKD. ~^-9 cr M . r> --. ' 7g ' 5 30 ' 5 f. c L. '.Pli: 
nr-jisu-r^ OtTnc: 161 (Tan-iKv Hal- A Q H 1 T B || CI S E J T ,\ Charles “rennie 
G ardens. London. X.W.l. Na.ure nf | m ACKINToIh. 1 Ais 0 C> Sco«bh PafnbAa 
Business: SKIN i HIRE PRODUCTS 1 9lh20thCeniur,. ° 8 

W'mduw-up Order luadt. U Sepicmber Jd : — fine ar'ts — Si — ni,iy " ki'^er 

r> 7 ii 3 rll, ^r' 1U-. Ilr ^. l ?;" ,, ' nL,S: W 1 01-49* 2830. JULI AN^COOPEH 

Creditors LI UetobiT I»«h, a: II j.m . rotent nvoMreoicurs. Sent. 12-Oct. 8. 

CgmribllldneS It October I91F ai 1I.“U Mcn-Frl. 10-6. 

Path hlLyUnhl 111 be hild^al Thi; dlTinal j SLOAN E STREET GALLERIES, 158. Sloane 


NOTICE IS HEREBY GIVEN that the 


FINE ART SOCIETY. 148. Net* Bond St- 
iff. 1. 01-629 SHE. CHARLES RENNIE I 
MACKINTOSH. Also Scottish Painting I 
1 91 n- 20th Century. 


i.P.L. FINE ARTS. 24. Davies street. 
W 1. 01-493 2630. JULIAN COOPER 

recent vmtercoicurs. Sent. 12-Oct. 8. 
Mcn.-Frl. 10-6. 


amount to become due against Coupon 
No 5 dated September 27. 1978 from 
the above Bands Is DM 220.277 per 
Coupon, or. in the case of Can do ns in 
respect ol which a lalU selection of 
another currency of payment has been 
made. Doll US 1 12.596 pc r Coupon. 
Furthermore as no Bond was purchased 
during the period September 27. 1977 
to September 26. 1978 the amount 
outstanding remains Eurco 29.167.000. 


EUROPEAN INVESTMENT BANK. 


K'-Lviver's Office. P-un Chambers, Easi 
Parade, Leeds LSI 5BX. 


St.. W.l. Modem pamtigs. sculptures 
and graphics bv Interesting International 
artists. Wide range ol prices. Tues. -Frl. 
10.00-S.00. Sat. 10. QO-1. 00. 


V. DUFKY. -u-mu-i-uu. 

Official Receiver and Provisional T J , . E < m 5 Z, ER , CAt,t,ERY -, Mis'* 

t .nni.iiinr SI.. Thames Ditton. Surrey. 01-396 

LjQUJdalor. 7BSO unllI Orr ath Watercolours bv 

KATHARYN BUNTING. Tucs.-Sac. 10- 
S 30. Suns. 2 30-5. 3D. 


JAMES WALKER 

GOLDSMITH & SILVERSMITH . LTD. 


CLUBS 


THACKERAY GALLERY. 18 Thackeray Sl_ 
Kensington Sr.. W.8. 01-837 5983. 

PETER HIBBARD — Sculpture. Until 13 
October. 


EVE. is 9. Regent Street. 734 0557. A la 
Carte or All-in Menu. Three Spectacular 
Floor Shows 18-45. 12.45 and 1.45 an d 
music of Johnny Hawkesworth 6 Friends. 


RESIDENTIAL 

PROPERTY 


NOTICE IS HEREBY GIVEN . thpt the 
Transfer Books el the Ordinary and 
Non- Voting Ordinary Shares will be 
closed from 6th October' to 23rd 
October 1978. bowi dates Inclusive, 
lor payment ot a Final Dividend on 
3rd November 1978. 

J. S. CUSHJNE, Secretary. 


GARGOYLE. 69. Dean Street. London. W.l, 
NEW STRIPTEASE FLOORSHOW 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a m. 
Mcn.-Frl. Closed Saturdays. 01-437 64S5. 


GRANGES A ten ebola G Hr. B. E* StUes. works director organisations. . . 

— of ACE MACHINERY (HOLD- ' * 

„ Cooics Ol the interim Report dated INGS). ACE Machinery and Mr . J . H- c. Leach will join 

Willi™ Jones (SrailcaJ) JTOEUTy MANAGEMENT and 
£ au g°j] orwrtmeni. Engineers! retires on September RESEARCH (U l\.) as an execu- 

goi.£W3JKl 30 after 44 years with the tlwe director on November 1. 

27th *° u corapariy. Mr. C W. King succeeds TJw company is the London 

27th sopiBmoor. 1978. hin] ^ works directorof the three affiliate of Boston-based ravest- 

' — — — companies. . ment managers. 

be, 1 OSI t ARY receipts * * . 

" W ““"o N com“on B sK& V * WK Mr. David White has been HY-TEN REINFORCEMENT 
j. e. Morgan a co. incorporated appointed to the Board of JOHN CO- has appointed Mr. Trevor J. 

HADDON AND CO. from October Mck to ma m Board as joint 

a c»h distribution ai iQ.55 per 1. He is marketing and research managing director. Mr. Blick was 

2ta? I uie >r ZDuf’tetofeef? 6 i§7sl*upofl > pr? director of the company. . . formerly sales and marketing 

sentatioB or Coupon no. 32 at; — *■ director of National Carbonising 

Morean Guaranty Trust Company of No* ^ T Lewis who until j ast Group — engineering division. 
23 --Waii street (corporate Twt year was sales and marketing * 

35. Avenue des a?w. bSssoh. director of SCOTTISH and NEW- Akm C- Crisp, has resigned 

II: FraiwrijkifiV' AntwS-p 00 "' CASTLE BREWERIES, is retiring from the board of Hartley .Indcs- 

at the designated rate, iks applicable this month. trial Trust and has commenced 

***"<5 distribution is in respect oF the * trading as CRIhP AND CO^ Char- 

waswriv paramo an the Mr. Antony Barker relm- terco surveyor. He will continue 

“ "iPHlriiwmSN on P ihe , °i3th dashes liis pad as raaDasjng as a director of Bank and Com-] 

September. 1978. partner ol TYZACK & PARTNERS mercial Holdings. I 


Mr. J. M. Kretschmer (chairman and remains as chairman. Mr. P. 
and managing director of- Reed T. Prentice has been appointed 
and Mallik) is appointed a direc- managing partner. Mr. Prentice 
tor of RUSH AND TOMPKINS joined Tyzack from the Ford 
GROUP responsible for the entire Motor Company in 1968 and 
.civil engineering division. Mr. M. became a partner in 1971. 
Whatley is appointed local roanag- ★ 

ing director of Reed and Mallik Mr. James B. Corcoran has 

Limited (south west region). been appointed managing 
Mr. P. J. Trew is to become director of ADAMSON CON- 
chalrman of Rush and Tompkins TAINERS. Reddish, Stockport, an 
Homes with Mr. A. Watson Ac row Group company. He has 
remaining as managing director! been deputy managing director 

Joining the Board on their since the company was estab- 

appointment as directors wfil be lished some three years ago. 

Mr. D. S. Ferguson and Mrs. Anne ★ 

Cooper. Mr. David Wilson has been 

Mr. C. Bushby is appointed a appointed secretary of THE 
director and general manager of BRITISH LAND COMPANY from 
Yorkshire Homes, the group's October L 
timber products company. 

The statutory secretarial Following the acquisition of 76 
matters of the group are being per cent of the equity capital, 
centralised and Mr. P. G. Watson Amalgamated Metal Corporation 
(the group secretary) is appointed jg now a subsidiary of 
secretary of most of the operating PREUSSAG A_ <5. The following 
subsidiaries. He is also to become have been appointed to the Board 
a director of BEWT (water 0 f AMC. Dr. Gunther Sassmann- 
engineers). the group subsidiary s hausen, chairman of the execu- 
specialising in the treatment of tire, board of Preussag: Mr, Jorg 
industrial effluent. Stegnuum. member of the. execu- 

All appointments are effective tive board of Preussag; Mr. Jorg 
from October 1. of its metals division; Mr. Horst 

* Junke. corporate director and 
Dr. Alan Wickens has taken chief accountant of Preussag: and 

over as BRITISH RAIL'S director Dr. Rudolf Mailer, director of 
of research but will combine his purchases and sales of Preussag’s 
new function with his existing metals devision. 
position as drector of laboratories * 

at the railway research centre in Mr. Geoffrey Hulsc has been 
Derby. He is one of the world's appointed to the new post of 
leading authorities on highspeed deputy director of the NOTTING- 
rail transport technology. HA-M SHIRE -CHAMBER of COM- 

* i ■ MERCE and INDUSTRY, from 
At TEHWY MINERALS, Mr. January 2. 

O. S. Straus (chairman), Mr. M. V. * 

Hodln. Mr. J. G. Pinckney and Mr. Barry' Lello has been 
Mr. N. D. Thomas have ail appointed by the Department of 
resigned following the takeover Trade as director general of •the 
by South Crofty. Mr. H; R- M. SAUDI-BRITISH ECONOanC CO- 
Hodding and Mr. V. E. Skinner OPERATION OFFICE in Riyadh, 
have been appointed to the Board. He succeeds Mr. Peter Corley who 
Mr. Hodding is chairman and Mr. has returned to the Department. 
G. P. Lloyd managing director. The Economic Co-operation Office 
. * in Riyadh was set up under the 

Saudi Arabian Ambassador auspices of the Saudi-British Joint 
Fadhil Keiry Kahbani has been Economic Commission to farili- 
elected chairman of the INTER- tate day-to-day contact, with 
NATIONAL ATOMIC ENERGY Saudi Arabian Government 
AGENCY’S board of governor for departments and public authori- 
the 1978-79 period.' Mr. AchlUe ties located in Riyadh. Mr. Lelio 
Albonelti of Italy and Mr.’Gyoergy will be able to offer advice and 

Osztroyszki • of Hungary were assistance to British businessmen 
elected vice-chairmen -visiting Riyadh, particularly those 

^ wishing to call upon public sector 


NOTICE OF REDEMPTION 


To the Holders of 


Comalco Investments Europe S.A. 

^ Vi % Collateral Trust Bonds Due 1985 


Issued under Collateral Trust Indenture dated as of November 1,-1970 

"NOTICE IS HEREBY GI\ EX ihat pumiant to die provisions of the above mentioned Indentured 
$1. 000. 000 principal amount of 'the above described Bonds has bent selected for redemphoq-oa-- 
ISovember 1, 19 • 8, through operation of the Sinking F und, at the principal amount thereof, together 


- with accrued interest to said date, a* follow*: 

BONDS OF $1,000 EACH 


iCNil SEC 



n| 


GENEVA 

Full Service is our Business 


• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre- 
tarial services. 

• Formation, domiciliation, 
and administration of 
Swiss and foreign com- 
panies. 

Full confidence and discretion 

BUSINESS ADVISORY SERVICE 
3 rue PIcm-EaUoi 13HH Geneva 
Tel: » 05 M- Tele*: 23342 


NEW YORK— USA - 
The Best Townhouse 
In Town! 

FOR SALE ' 

Top luxury. Exclusive location. 
Excellent condition. 5 stories, 
elevator, central air-condition- 
ing. A truly first-class residence. 
Price 5750.000. 

For detailed information 
Contact: Mora Gardner 
DOUGLAS ELLIMAN- 
. GIBBONS & (YES, Inc. 

Real Estate 

745 Fifth Ave„ NY. NY 10022 
(212) 832-5402 


September 1978 ere now obtainable from: 
5. G. WARBURG & CO. LTD..- 
Coupon Department, 

Sv Alban* House, 

Goldsmith SIMM. 

London, EC2P IDL. 

27 tb September. 1978. 


international DEPOSITARY RECEIPTS 
REPRESENTING SHARES PAR VALUE 
•. S2SO COMMON STOCK 
J. P. MORGAN A CO. INCORPORATED 


such cd 

tender 

thereof 


at referred to in ib> aim,.; will he made by a check drawn on, or by a trenSrlo' a ' l - 

d0Uai aCiaUnt jna,nulnecl virh “ kmk in thc Borongh. of Sfanh Jia«; The City 'of : j*;' 

Coupons due November I ]97B should be detached and collected in the usual maim'er '" ^ ’ 

iSovcmbcr ^ 19 18 “ lecefit 10 accroe on the Bonds herein deagnatil ^ [^' T 

coMalgo sjfc ; r #: -k 

Dated: Sep tember 57, 197S - , — r-"." •- •i*|| 


35. Avenue des Arts. Bressri,. 
33. Lombard Street. Lonoon. 
82. Frankrljklcl. Antwerp. 


at uie designated rate, Iks applicable this month, 
taxes. 

This distribution Is In respect of the „ . . 

regular ouarteriy dividend parable on the Mr. All I 


- .. - _ NOTICE 

The foEow mg Bonds previously called for redemption have not as-fet been ^jmen ted forpaymoii: 

M-I6 . 582B 5S2E 5640 ' .TTM ’ ' l3337 - : 12004- ' - - 




mercial Holdings. 






t MiT 





& - * 







Financial Times Wednesday September 27 1078 




D1TED BY ARTHUR BENNETT AND TED SCHOETERS 


& VIBRATION 


ENERGY 


Predicting trouble 
in the field 


onger 

attery 


range 

vans 


for 


j - 

L 




VIBRATION analysis and baianc- driving pumps and compressors 
mi: equipment for rotating in AA's faei lilies, 
machines and shall systems. A minicomputer forms Iho 

fettl'd wiUi excellent results al heart nf tbe equipmenL Results 
ASEA's production facilities for of the measurements and 
targe turbo-generators. is being analyses are presented on a 
taken on the road. Field .service video display unit or a line 
tensions nf iho equipment have printer. Servicing involves 

been installed in Volvo rough mainly the regular ncquisilinn 

'crtvTMi . .u p_ . . . . terrain inicks. and analysis of vibration data 

, !■ mere. isos in the Tn:>s nrnitc or opt? ration means Both mechanic;! I and electrical from rotatin'? machines — approx i- 

■ operating ranges uf battery* that power output of the mutur disturbances in a running system ruately IQO.UOO values on each 

?rcd vehicles .-.ttru as me is JDoiit cunslahl over thy i,. a rl tn increased vibrations, measuring occasion— smd the 

,e bilenl Karncr have been 15-40 inph bracket and '■■'■lull* Large drives for numus. com- analysis and investigation of 



|l'n- 1 ence. Si-wit and Electro- Pruducliun Silent Karrier*., t-un tract has 
'(JjIts. and Gablcfurm. -powered with a prototype in?;h the Arabian ; 

. '.is new drive tram is being energy batter:/ and the n«*w puny Saudi A 



ORA 


SOLVES 

YOUR 

FOUNDRY 

PROBLEMS 

ALVECHURCH • BIRMINGHAM 

Telephone Redditch 66414 
Telex 337125 



OR 

pop 


| 



■d power and an ist rea c e :n 
.• vehicle's daily operating 
• c oi a svsniDcaul -0 in 2 D 
rent. 

•ming in the form uf a totally 
..rated package with the 
: rv and vehicle ti;r system 
■porates a controller winch 


rreenmiw for ihc Humluvi..... KtaMWmkcii. increases ini' « |^'^i,”u?taiC? dw * d “ 


of Silent Karne.rs in ih 
xnctropalis. bucked by the GLi 


healing value of Iho material by Need for auxiliary fuels |uit, gas 


• CONSTRUCTION 

Excavator 
for tight 
corners 


• CALCULATORS 

Plays back the sums 


been signed with sary preventive measures 

American Oil Gum- will reduce downtimes and 
. _ — - Arabia. Among the servicing costs. 

into '.Odie TO Silent Karr it- r drive train have a daily ranee machines to be serviced under A SEA Urdu p. Vi liers House. 41 
-wt urban delivery vehicles. round Uie City of belter than So the ferine or this asreement are Strand. London WC2N 5J.X 

loped by a inn-ioriium of miles. The early model nf the about 50 large ASEA motors 01-930 5411. 

“ nde Technical, UiC -National vehicle with standard 'batteries 
‘ :ht Corporation and Chrysler a »d the series-field motor does _ 

‘ tnd hemg constructed ai Liic £,roUDj ^ miles. 0 PROCESSES 

.r's Dunstable plant. With the impending take-over « . • . e v 

• c new drive train replaces H. f ( * hr >sler UK by the. Feiigpi.t \\l \»7€|CrA ITYTft THAI 

series-field motor earlier Group, the future of the Silent ▼ t Ul/U TY liliU lUVl 

• : -ons User] and eliminates Harrier project, which is be noli i - 

rurrent surges in The lew- indirectly fruin Government A aHW process Tor drying bark fur boilers in the pulp industry. Tf)f" TlO'Kf' A CALCULATOR in which rcvur.se. Thn user can stop a! 

i part uf the driving cycle. air *' * s °t ,en J»omc specula linn, jnd other wood waste, developed exhaust saws are used as the avJl. entered computation chains cun any' point and male a correction 

. result a great -aving of In the London Goes Electric hi Sweden by AB Svensku , ln *\ medium. and the he edited is offered by Texas In- b> keying in the new entry and 

' * .na. M / > Ktru meats and allmvs the last 20 pressing the ’• equals " key. 

entries »«j «»e “played back." Texas asserts ihat the unit 

an TI-2530-IV is a robust general nIT l ers I . ™ osX /'■ l,, ‘- nf 

it niirnose handheld machine with [ :a h‘iii.tIors> WI1 1 Printing Ini lit in 

func- lut al a luw, - ,r '■'“'‘i ( £29.95 1 and 

ncrecnia«e" without the in convenience of 

and a fuil P-ipor rolls. 

the fact that have been applied Tor and the uf about S5 per vent* for a von- hearing section or the cater- function memory. A large eight '. s , a rr '^ hnr ^- 

ventiuna l wet-bark boiler. piJlar tracks (1.0 em per track) digit vacuum iiu orescent display “ ick a d, ‘ AC 

Powdered fuels produced lw and the centre of gravity , s cnmloyvil. adapt orA ha eer and carrying 

in ° lime C fc dn^'an d 'm SSrSf ^ replay facility is activated ^ ^ 

*-• operation the annature run- nonVhaMhr KrenelTsiant ‘would of around BO pe° r «nf, F* dried in cyclone burners such as are usld f urfa ™ of lh<? also rcsulLs backTeTke? allows SSViwiS 

: -r is employed to provide a haV(? an> reservations un the a Mmm uf hot gas and simul- fur example, in roller-driers for ln a lo £ 3r0unJ Procure which ^ through v-TeuKtions m -pj , Btdford JlMl 

• ant turifue tu hu-ld up vun>idcral.le Importance .,t tanvously ground tu a mill, to boards. Alternatively, they can “■{«* the c\ca valor particularly s,c? taTOUc,a u,wlj “Ons in -PA tU„o4 bdlSli. 

-r output from the motor tu accelerating the development oi fi»nn a fine, uniform powder with be pelletised for convenient w *'* suited .<ir use on irregular 

••• 1 maximum level at a evononuc electric drive systems a residual water content of only storage and transport. The or wet terrain. 

'-.-.i of iu to 13 mph. Once pending the emergence of such 10-15 pur cent-. This powder can pellets can be burned as such ln . Operation o\ vne exravator is 

jred output power i-. h ;5 h power si u rage systems ns l»e used directly in burners fnt boilers having grates, nr can bo ■^™ , * ar 10 l,,:iL n > larger models, 

i. ’Ved Hie lower priwpr field sudmm-Milphur l»atierics. pulverised fuel. Any form of fed to a gasifier to fuel gas-fired There are two leavers for trae- 

- ; -nller is then used to control Chloride Technical. Wynne wood waste, and also pfiat, may boilers or driers. l| Ptt and l wo .or excavating and 

Avenue. Swmion. Manchester lie treated in the same way. Flaktfabrikcfl, S-35! S7 Vaxjo. manoeuvring. The machine is 

M2T 2HB. OB 1-793 5000: In one arrangemeut suitable Sweden. 




imtur output up to its maxi- 
levcl. 


INSTRUMENTS 

Towards a new breed 


o 




MACHINE TOOLS 

Fi : anish 
inders 
. - UK 


• DATA PROCESSING 

An end to plane paper 


• EXHIBITIONS 

Products on 


IT MUST be a little known fact to refer to information in flight ehAYXJ of 
that the documents that have to by clipping in a twin cassette dUU W <tL 
be carried by many commercial holding up to 4000 images. Film 
aircraft covering technical and can be moved at nearly 7 ft/sec 
maintenance matter* can amount anti the cassette can he removed 
. to more than the weight of i»ne and replaced by another without 

•UBSrorAfn of Kef-Motor payin » passP n ? .er 

^Aalborg, Denmark, ha* been- ... ... 

rheri -in the UK to market . ; J/j” ‘ , 

nca! grinding machines and ' ....... 

t J Mill fi?iiuua(VU .-luuiiuaiiviki 7i“» 

he exhibited on stand 1721 al 


Brighton 



in retail 


i - 


i atpd "e fiuTiVum n t” The ~ r an 1 - e aircraft British Caledonian lias i*?# 

- de^mali Sch "nnd?r“s to reduce its HO kg or 4WdJ - • 

' grinders, heavy-duty grind- bv ^ninm^tiiJcvervthin- 

machines Tor foundry- use, T7 1 * A. 

■a ^ isfsa Experiment 

in j-ales efforts arc initially The airline ,n?cnrd«? the docu- 
* eunccntrated on the 5 in nients on lGmni film which is 
„EX 125 bench grinder for then put into cassettes by Micro- 
v and home use, a 5 in light Aim Reprographies of Lundon. 4. 

-trial bench grinder and the An associated company .supplies Jxll}fP 

and 8 in industrial bench the Utumat I0IR viewer which ^ 

Icr-. » housed in a briefcase with the sw’F.DA. WHICH has bad point 

re from the KEF agent at cassettes, the screen is in the lid 0 f ^le equipment in on an expert. A 

O' Works. Lingard Street, ami the unit is casil.v stowed in menla , basis al 0I7C of Bool - S ApmW OpTC 

iwn. Sioke-j/n-Trent ST8 IEE “ i,: cockpit iarge r stores in Sheffield nincc ^*vl vt" 

! 313535 j. FJieht engineers will he able 1975, has provided further equip- /\ | i 

linonl /or a short trial using the ^VOIlCl 


this year's Internepcon Exhibi 
lion at i he Moiropole Hotel. 
Brighton, October 17-19. 

The company's display will be 
highlighted by a model of the 
British Aerospace Harrier 
Jump Jet aircraft, indicating 
the important role that crystal 
can relays play in today's modern 
military aircraft 

More on 01-459 SOTO. 


We are phased to announce 
the formation of 

BERLIND SECURITIES COMPANY 

Eugene Beriind, Chief Executive Officer 

Specializing In 
Merger Arbitrage 
Convertible Securities 
Options Strategy 


Member N.A.S.D. 

Clearing Through 

Donaldson. Lufkin & Jenrctle Securities Corp. 


Telephone: (914) 761-6665 
Trine 64 6652 


One Nonh Broadway 
While Plains, New York. 10601 



-k New leasehold factories and serviced sites 
are ready NOW. 

★ Government grams are available and 
substantial rent concessions may apply. 

k New motorways, fast trunk roads, High 
Speed Trains and modern docks link you 
with ail your suppliers and markets. 

★ New Town housing availability. 

Cwmbran i*onc of BrItJ.in.".nK'Pt rsucctvofiil 
imlu-U j.il developments - Iiu Jc more l-Iinn 2 hours 
ft Din London by Ml or 1 1 hours b.v Hitfh SpreJ Tin in 
ami 1 } hours from Bjrmnaham by rail or motor w.iy. 

C amill a n Development Corporation has already 
built an-J IcLmoi e than IJOf^ciories. and Lh»* 
s uii iinl buildur propr.imme proviUos a wide chok e 
nf modem. IpaboIioiU indu. -trial pmim^ee-in 
Fully ^ r' iced, leasehold sites :u r pl^oavaihiide. 

't * have -15.000 peopl e, excel J ent. hou-in?. t-rlioi-l '< 
and amen i lie.-. I lirivinv' in On -try. and h s pis? mini 
s-Inmpunr cent re - a niauncl- for t he rnylon. 

tliv fads .tl«sui mduMri.il npporL uni Lies 
and Govern mern-viMm - at C-A-mbran. Hou-ui.- ? ill 
provided for al! wnrfc-i* m jjcu- indu nn . and 
t he k-.v men who iw with » on initially will Oo 
Iiuii-e.l i nmu-ill.il vlv. 

/'i-ii. v writ', uhoncur usi' Ihccruiton TODAY. 

K. IV. Howlei i General ManV-T 

Cwmbran fvwlnpmr n! ca rporatlon Cwmbran Gwent NP1 JXJ Walei. 
Teh phijnv C « mm un 67777 

fica^.e joid me Intormauon about Industrial oPKinum! lot 


? vir 

C0HriJ-\. 




orders 


univertiiil product code iliPC) 
one of the smaller branches. 

Swcdii snys Uial Ihis is (he first 
“ live " lisp of UPC in the UK and 
the check-out terminals with DURING THE first few. days nf 
UPC reading systems are cun- the I wo- week Acrow World Con- 
nected by land line to Hie main von lion I97S. held at Kempton 
experiment. Park racecourse, orders worth 

Boots has marked 400 own ™ were won - «»■ lhe 

brand and other lines with UPC . 

labls hui these contain only the -Adamson Containers, part of 

identification number: the price 

is held on the miniconipuler in car f D containers worth X5m from 
the main store and is trans- «*■»«« L.»! !>»•„ 
raitted hack to fhe lemiinai far J-'-®- 

customer disDiav overseas orders for coffee 

customer display. processing plant: Coles Cranes 

..The experiment will cunlinue registered £970,000— hair of it 
la the end of lhe Christmas j or export; and Prieslman 
trading period and will then be Brothers booked £l>m. including 
slopped, .ill the stores reverting an „ ri j er for excavalnrs worth 
to electronic cash registers. nearly £lm for Ireland. 

Boots director Mr. A. Kid Icy- Over half of the 2.000 visitor* 
Thompson says that there will were from overseas and, noting 
then bo a period or careful that after lhe Iasi convention in 
assessment of the results accum- 1975 the company's exports 
miiiuted wince 1975 and a decision jumped Troni £34 in tn a record 
-^-unlikely in he arrived at inside £S7m in 197S, the company 
a year — about hnw to proceed in expects that overseas sales will 
the 1,200 branches. reach £100ni in 1979. 


provided with an over-dintcn- ACCORPING TO the Sira Insli- micro in process instrumentation 
stoned turning ring with a tufe it is likely that lhe propor- The attack will l.r three-pronged: 
conLinuou.s turning range of lion of instrumentation iniplo- conferences, seminars and train- 
369°. mented in digital Torm will rise ing course-.; ihe development and 

The excavator can he supplied from the present level of 15 per proving of new LSI and mic ro- 
with a deep shovel and/or a coni lo the order of 50 per cent based instrumentation by experi* 
grab. by lhe mid 1980s. menial application work; and 

In the standard version thp That berng the case, much providing specific assistance lo 
machine is supplied with a work will have to be done individual companies under con 
double pump for a separate in training instrumentation .sultancy and development coo- 
hydraulic system so that two designers, and engineers, estah* tracts. 

functions can be carried out fishing sound concepts for the The new breed of instruments 
simultaneously. design of microprocessor based lo emerge wifi, believes Sira. 

An additional pump is pro- instruments, and in 'overcoming self-ca lib rate and self-check 
vided to allow certain move- process industry reluctance to themselves, listen and talk in 
evea valor adopt new and unproven equip- both people and compulerx, and 
out at a tnenls. be more economical lu instal 

Sira is. therefore, undertaking and manufacture. 

Pnsibus a programme or work aimed at Sira is at Sonlh Hill. Chide* 
Holland, accelerating the proper use uf the hurst. Kent (01-467 2636). 


The equipment shown in use 
here, known ns the Harwell 
laser interferometer and de- 
signed for industrial vibration 
measurement, is being used by. 
B. and \V. Loudspeakers of 
Worthing. Sussex, to determine 
the relative out pots of different 
portions of loudspeaker dia* 
phragms and so help develop 
new profiles, materials and 
assembly techniques. More infor- 
mation about the possible appli- 
cations for this equipment can 
he obtained fruin Dr. J. H. ' 
Spcakc. Building 521. AERE . 
Harwell. Oxfordshire 0X11 ORA. 


COMMUNICATION 

On Europe’s 
public data 
networks 


EURODATA FOUNDATION, the. 
research and publishing body, 
set up by the 17 telecommuni- , 
cations authorities within CEPT 
(The European Conference of— 
Posts nnd Telecommunications . 
Admin 1st rations i has published ' 
the second edition of “Public . 
Data Networks.” 

In A4 format and containing 
24 S pages, the hook covers for V 
each country, in English and " 
French or German, all tbe public.; 
services by which data can. pc, 
will b c able to be sent withm' 
the next few years. These 
include circuit switched and.. 
packet switched services, . 
message .switching, leased fixed., 
connections, international inter- • 
working and Euronet. 

According to the figures given 
in the survey in Europe there 
could ho by 1982 more than 
SO.OOfl digital data terminals of 
all kinds of which more than 
two-thirds will be circuit-. 
switched.. 

»» 

Twelve countries have or ■re- 
planning circuit switched 
services by 19S2 and II have no 
plans for packet switching* 

Tbe survey, which, costs £10/ ! 
is available from Eurodata 
Foundation. Lutyens House,- 
Finsbury Circus. London EC2M 
7LY <01-432 5158). 


The MAI 

Basic/Four 
computer 
is really nal 

Official user ratings of small business - 
computers have indicated that users of Basic/Fottf 
systems are most satisfied. 

Other reports indicate that almost all our 
clients would prefer Basic/Four systems again it they 
need new a additional computers. 

. Large enterprises like AEG. BoeNnger. 
Dresdner Bank. Neslte Sandoz and Sanyo know by 
'experience that it is not onfy the hardware that counts. 

n is sopfcficoted knowledge and 

dedicated people above at 



AdOre-E 1 . MAJ Europmn Headquarter - 
- Pid.JJi Bgvtfefcfciori 5- HS3AT AMSTEIVEEN- 
'HOLLAND -7eL 02P-4343H6 



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




v\*' 




'.V- .V 








12 


Financial Times Wednesday S 


jrtjjfm- 


r 


IMBARD 

Some queries on 


budget 



/ SAMUEL BRITTAN 


JE.\* THE Chancellor decided rea! yield to the bondholders; and 
■ budget for a public sector if the latter js overstated, so is 
/rowing requirement fPSBRi the former. 
fS.Sba in 197S-79. compared Tee simplest way of calculating 
th an outturn of £5.7bn l no the ir.fiatioa tax an holders of 
?vious year, there was a feel- Government debt would be to 
; that he was taking a bit of multipiv the value of that debt 
risk. When after The passage - 0 y the 'inflation rate. Yet this 
Opposition amendments the leads f 0 -p exaggerated and 
.SR looked as if it would be volatile effect. Mr. Flemming’s 
•eer still, sterling and gilt- procedure is to assume that 
ii«d began to sag a ad the holders of Government debt 
.'ancial markets did not really expect a real interest yield of 2 
cover until the June package per cent over the long run and 
Signed to rectify the revenue will not be too much influenced 
is Even now one still hears by temporary fluctuations. Tn 
c'view that the FSBR is “loo th3i case the excess of their 


nominal interest receipts over the 
product of a 2 per cent yield 
represents compensation for the 
erosion of their capital by in- 
flation. It also represents the 
amount by which the interest ele- 
ment in the FSBR is overstated. 

What Follows from all this? It 
is not verv clear in the absence 


gh.” 

On the nl'ner hand many 
onomiits have long believed 
at the PSBR is overstated. The 
■ost usual ground is that policy- 
skers ought to look at the 
Tuil employment " or “cyclie- 
ly corrected ” PSBR.. This is 

?cause. in a recession, the ....... 

SBR widens automatically as a of a tneory 0I , v -J£L?J e “Ef? 
-suit of revenue shortfalls and level o£ what the PSBR ought to 
icreased spending on unemploy- be. 

•uni benefit; for opposite There are moreover some para- 
?asnns it contracts in a boom, doxies! implications of the in 
hese influences should, it is nation correction. If the financial 
raued. be eliminated to give a markets belie, ed that inflation 
lie measure of fiscal policy, was about to vanish, the market 






Tms PAST month. I have been seventeenth century. He used “ntcan^Jbe^ vveU ^ £ 

will 


, - . tho "orden as a theme but not be a connection between deft- echo of nis 

so J to tell us how to grow it ness vritt i the pruning hook and empg totto. 


in 

The noise 


season’s bedding out. Are the 
broken colours oF a Rembrandt 


skill with the sabre in earlier persoaae him t to withdraw, wttn- 

the life. Why, only last week I was out a shot being fired. Back 

Mixture tolerable or not? I fiowcrsT grass-iueadows” herb- admiring the ingenuity of a he will go, by gentlemans 

, hi.. .. -s ,k. iffrn. esprpt warTipari nlanor? on f 


m verse. 

Allusively he linked 

happen to like them in their parterres of the 1650s with secret warhead placed on the agreement behsod ! the Berlin 
browns and yeUows, curious -etaphots .of life. Jha soul, e 

in the 


purples and those combinations religion and love. But among is top brass's answer to; the grass. 

r r ^ miraVi im»rmn ♦* nrQi»n IT! I 


& sm 

those mischievous - green mole. You know the problem, had been emptied 
which you would only find else- . . a shade,” Moles, outside MI5, are rather officer’s mess, tnere was never 

where in a mixed roll of child- . memorable than lovable. Topvil Fuses would be a mole to be found on a major s 

ren s plasticine. Groups of ten view s of tulips, too rough on those “gentlemen lawn. 

R !^ br S,? t , ^ Whenever I visit a good tulip- in brown velvet" if the fas es r dare gay Lard Fairfax had 

r l'* »ntinn garden or ponder the tulip- worked as they ought to. But n0 sw ja. wa ter bottles to hand, 

look to Ihe dSm catalogues once yearly, on a when a line of mole-bills, runs if u e was bothered with moles. 

Captain Fryalt and the tall September weekend; it is not from rough grass out into a Bttt Fairfax’s military career 

White Triumphator these are 
marvels of the tulip-catalogues, 
still a reasonable buy for 
flowers of such an elegant 
shape. 

Marvels indeed, they also 
make me think of the poet 
Andrew Marvell whose tercen- 

tenary is being pleasantly long before Marvell comes to lawn, it is a 





>tv&pSS 






GARDENS TODAY 

BY ROBIN LANE FOX 





was lived over again in his 
gardes. The parterre of his 
Yorkshire seat was designed to 
his orders in the s^rle of a 

military fort On one side lay the "• . ' 

rains of a nunnery; beyond, the garden-fortress, the tulips of supremely, is an obedient 
- groves and grass, mown by miserable Butch, a flower. Mix the season vaiieoes, 

scythes in season, which made soldier’s natural enemy, stood from the early singles- . and 
menace which has «P a natural meadow-landscape, ^ al bay. “These, as Cottage varieties^ through the 


celebrated' during this* month it miud. I picture him surveying to. be stopped. ItaUSilS their: Goveraour' goes. by. In Triumphs and Mend, ,1s .,«► the 


■% SndOT-™^. It yoi notes are sounded in theappre. ^anTvoI^s they let' fly": ^ 


PUBLfC SECTOR BORROWING REQUIREMENT, 
CORRECTED FOR INFLATION 


• 

Mkt. value 
of Govt. 
Debt* 

Interest 

Payment 

£bn 

-Inflation 

Element^ 

PSBR 

% 

Corrected 
PSBR as 
Corrected percentage 
PSBR* of GDP 

972 

23.6 

1.6 

1.1 

7.8 

0.7 

1.4 

973 

21.4 

l.S 

13 

3.5 

2.2 

3.9 

974 

19.3 

2-1 

1.7 

6.2 

4.5 

7.1 

975 

25.0 

2.7 

2.2 

93 

7.1 

8.9 

776 

33.3 

3.6 

3.0 

9.6 

6.6 

6.8 

227 

44.0 

4.4 

3.5 

7.7 

3.6 

32 


* Central Government and nationafised industries only. 

■ - f Interest paymenu minus 2 per cent of market value of National 
Debt. 

... J PSBR minus inflation element. 


Professor Robert Neild of Cam- value of the National Debt would 
fridge is completing a book on shoot up and the “ true ” PSBR 
the subject. But the concept of v/ould rise. Should we then need 
a. cyclically adjusted PSBR has a restrictive budget? And should 
Keen used by monetarists as "-ell y:e need an expansionary budget 
as Keynesians. The main difli- if a Weimar-type monetary in* 
rtiity is the -harp controversy nation made the National Debt 
about what “full employment" 'AorthiessV 

really is nowadays. This should One is left w;th the vague con- 
nnt affect quite so much calcit- elusion that Ihe right, level of tne 
I2 lions of the change in. as dis- PSBR is the one that can be 
tinct from the level of, the financed wStnout excessive 
adjusted PSBR Government borrowing from the 

; ,, .. .. . ... banks and 3t a tolerable rate of 

More recently an entirely dif- interest. Awareness of the 
ferent criticisni has been made er05 j Qn 0 f rea j value of defat 
by Mr. John Flemming of Nuf- holding*' would have made people 


field College based on the treat 
ment of debt interest. The start 
jog point is the effect of infla 
tion on the real yield of Govern 


!es* surprised by the high savings 
ratio of recent years and with 
the ea-e of financing historically 
high b’j.iger deficits. But a glance 


ment securities. In the best nf a? the table does not suggest that 
circumstances the greater part this is so in any precise year to 
nf. say. a 10 per cent nominal year sense — the fiscal difficulties 
yield will be offset by inflation; of 1974 and 1975 would have 
and on occasions ii will be more been overstated by the corrected 
lhan offset, giving a negative figures and those of 1976 under- 
ryaJ yield. The cost of sc-rvic- stated. Perhaps the main lesson 
ing the debt to the Government is to avoid dogmatism and not 
can hardly be greater than the be surprsed by what happens. 


the British Museum. The snow the xorKsmre garden ot 01a minu uas tne wbww. n ] meadow- f inmm eenerous with Sweet HarinoBy’s 

«• *o«h a visit. Of Marveu laird Fairfa. whose daughter. M. the “ jSeL. fie ^S^Seme of fte femon ®Ue“ an^Stte 

himself there is much to be Mana. he had been asked, to approach to the lawn by ihe » wmntrv narks i„w RacKKnn 

said, a poet of genius who his cost, to attend as a tutor, sequence of his hills, retire to ^ l e l n £SS?Ho^3£irBU has fOTts? ; fl °werbeds. jaiuted by the Basrigon 
advanced under CromweU, sat In his tercentenary jear. I wUl the drinks toy and choose your Rembrandt Tuhps.^U.c -t™eus. 


in Parliament and ended, to my try to pass the picture on. weapon. Chouse an old soda nearly _jnmped tte fe nep and and *ell : bred flowers never more Jhatjw^ffimia 


taste, by proving that poetry and Lord Fairfax had been a or tonic bottle without its !id seen for the ttat^oa and I enjoy brat of all restoreWhengu^is^ly ^ 

parliamentary business are not soldier. Now, military men will and bed it bottom up at the ■t'Sst I E* hat chcrry !*?. 

« in “■ often show a ^ %£• Sf-mSS* "5 SS^» ft 3S^d..-.cSS 

Dig the bottle into their own right. aa ; -' at Parade. Under their Pinks, defended from moles’ and 

” hill Among the witty turns on this Colours stand displayed.” planted now some three arches 


_ Place it in line 

What we know of him is well taste in their gardens, 
enough set out in the British are hillsides bequeathed to us approach. 

Library's exhibition. But I by mid-Victorian colonels which the run where the next 


remind you of him here because have been set with battalions of lvould otherwise be likely to little-known age of English Maybe a tulip-fancier would be deep, would ^ 


his poems also stand out among trees, matching the firing-lines spring up. The mole will private gardens, the ranks of all the keener if he had had a answer our aiarveU’s question in 

the garden literature of the of famous victories won in the approach, but as he delves his the tulips stand out In Fairfax’s military post The tulip, his merited anniversary-year. 


Alleged down to 6-4 for 
Arc de Triomphe 


out best in the clash between 
My WeUie and another coh- 


RIDING PLANS for next Sun- the way to post at Longchamps. 
dai s Arc de Triomphe are now . However, those who have 
taking shape for most of the already backed! him can rake sistent sort. Solo Reign in tne 
leading candidates. some comfort from the fact that Cherry Burton Handicap. 

Those runners with jockeys be, , worked ^ reasonably with ” 


Reg Hollins bead’s five-year-old 


already booked include Acunas stable-mate. Naasiri and two Solo Reign, was just a i 
(Y. SL Martin), Alleged (L. Pig- older horses yesterday when behind My Weihe wnen the 
gott), Danding Maid (F. Head), watched by his joint owner. Lapt. finished a length adrift 


Dorn Alaric (A Badel). Frere i° in t owner is the Aga Khan 
Basile (P. Paquet). Gaiiani (A. Latest betting activitv on 
Lequeux). Monseigneur (A. Mur- Europe's most valuable event 

has centred around Alleeed (cut 


at Hamilton early this* month. 


RACING 

BY DOMINIC WIGAN 


from 11-4 in some lists last week 
to ft-f) and Dancing Maid, an 
S-l chance from 12-1. - 


reasonable runs. 


I was particularly impressed 
with the way in which Epsom 
Imp shrugged off the- steadier of 


ray). Montcontour (J. Kessas). 9 st 13 m when partnered by =n 
Naasiri (H. Saraani). Noir et Or always-confident Lester Pieeott 
(M. Pbilipperon). Paddle (J. jn Doncastoris ’ Scarhoroueh 
Desaint), Sbafarez (M. Placard), stakes on Perrier Chamoagne 
and Trillion (W. Shoemaker). Stakes day a fortnlebt ago. and 
Acamas, widely reported to 1 shall not hp opnosine Philip 
have shone 10 days ago has, in Waldron's mount in today's re- 
fact, not been entirely pleasing newa! of the Raffingora Sprint at 
his connections, and I would not Beverley. | 

recommend him until they have Later in the afternoon it will 
seen him in the paddock and on he interesting to see Who comes 


BEVERLEY 

2.15— -Sou them Seas 

2.45 — aiarkie* 

3.15— Epsom Imp-* 

3.45 — Novina 

4.15— Solo Reign 

4.45— Hunting Willy 

5.15 — White Emperor 

5.45 — Green L ass 
CHELTENHAM 

2.15— William the First 

2.45 — Archbold*** 

3.55 — Divinity 

4.30 — Persian Frieze 



TQ-j&ri 


BBC l 


t Indicates programme 
in black and while 


6.40-7.55 am Open University 
(Ultra High Frequency). 9.15 For 
Schools, Colleges. 10.45 You And 
Me. 11.00 For Schools, Colleges. 

12.43 pm News. 1.00 Pebble Mill. 

1.43 Fmgerbobs. 2.01 For Schools, 

Colleges. 3.63 Regional News for 
England (except London ». 3.35 


Play School. 420 Goober and the the following times: 


Gh",r driers. 4.40 Animal Magic. ' Wales — 10.00-10.20 am r Hickory House. 12.3(1 Sounds Of 
5.»5 .John Craven's Newsround. Ysgoh'on. Hwnt Ac Yma (2j. 2.1R- Britain. 1.00 News plus FT index. 
5.IS Touch And Go. 2.38 pm I Ysgolion. Ffenestri. 5.15- 120 Thames News. 1-30 Crown 

3.40 News. 5-40 Billdowcar. 5.55-620 Wales Court. 2.00 After Noon. 2^5 

3-53 Nationwide (London and Today. 6.50 Heddiw. 7.15 Pawb Busker. 3.20 The Rolf Harris 
South-East only). Yn El Fro. 7.40-8.05 Tomorrow’s Show.' 3 JO Tell Me Another. 430 

6~P NatioiiiyJdc. World. 1130 Weatherman. 11411 The Sooty Show. . 4.45 Shadows. 

6.50 It's A Knockout. Welsh Snooker Cup Tournament 5.15 Batman. 

8.05 .Secret Army. 11.41 News and Weather for 5.45 News. 

9.00 News. Wales. 

-iS Sportsnight Scotland— 11.00-100 am and 

t.™ _ . ... 2.18-228 pm For Schools. 5.55-620 

H 30^. eatber Regional News. Reporting Scotland. IU0 News 
A.i Regions as BBC-1 except at and Weather for ScoUand. 


GRANADA 

1.30 pm This is Your P.i4:l 5.30 Stare 
on l«. 540 What's New. 545 Cross- 
roads. UIO Granada Benares. 640 The 
Cncfcoo Waltz. U30 Blney. 


F.T. CROSSWORD PUZZLE No. 3,781 



ACROSS 

1 Neat hand for a poker player 


IS) 


5 Meaning I'm left at sea (6) 

9 Cause a strain on Lhe nerves 


6 Hired soldier could be nig- 
gardly (9) 

7 Work a long time to produce 
musical drama (5) 

8 Tied there to dry outside (8) 


in business transaction and 11 ^ a ^ e ^ ul doctor getting up 

10 Check soldiers returning and 15 
pause <6) 


12 Recess or start of holiday in 
French resort (5) 

13 Moderate and not drinking 

much (9) 


ham must get everything (9) 

17 Not suitable for. one fYencb 
tailor's adjustment (9) 

18 Best clothes for cheerful 
university festivities (4, 4) 


14 Box for those who are late (6) 20 ?° c *? r A 0 ! n A » a 


In 


16 Slander copper returning 
traffic (7) 

19 Laminate that could be 
relayed (7) 


small dose of medicine (4) 

21 Flag-waver making Irishman 
create a disturbance (7) 

22 Brew that is appropriate to a 
oJfer (6) 


21 SSI' a dCb, ftr , |Mhi “ ,m “ t 24 Went wrong in another redua- 


23 T.™ L‘!!! , 5“ f .[™ , !^ l . tire but 23 Heath and I race in disorder 


only one for men (54) 

25 One more in complex trans- 
action (5; 

26 Lofty television receiver (8) 

27 Get less with only one minute 
in course (S) 

2S Lumber given by cleric in 
auction (6) 

29 Choke? Unfamiliar admits 
learner! (8) 


(5) 


SOLUTION TO PUZZLE 
No. 3.780 


DOWN 

I Agreeing with parallel lines 


( 6 ) 


2 Iron in the vicar's house and 
dining room (9) 

3 Enraged at appearing in anger 

4 Add strength to earthen {j 
mixture (7) 



Northern Ireland — 3i&-3-55 pm. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.50 Spotlight 
on people in Northerp Ireland. 
IL20 News and Weather for 
Northern Ireland. 

England — 655420 pm Look 
East (Norwich); Look North 
(Leeds. Manchester, Newcastle); 
Midlands Today i Birmingham;; 
Points West (Bristol); South 


&00 Thames At 6. 

6.35 Crossroads. 
rf.00 Lingaiongamax. 

*7.30 Coronation Street. 

8.00 Must Wear Tights. 

9.00 Bom And Bred. 

10.00 News. 

1020 A Day At The Races. 

11.30 Our Miss Hammond. 

1225 am Close; The landscape of 
Finland accompanied by the 
music of Jean Sibelius. 

All IB A Regions as London 

except at the following times: 


HTV 

1.20 pm Report West Headlines. L25 
Report Wales Headlines. 24W Help 
Yourself. &2D The Electric Tbcaire Show. 
540 Crossroads. 6J» Report West. 645 
Report Wales. 63B Emmerdale Farm. 
1130 The New AreWErs. 

KTV Cymru /Wales— As HTV General 
Service except: 1303.25 pm Fenawrfao 
Nvwrddion Y Dsdd. 449 Min Mawr. 
43M40 Un Tro. Y Djdd. 


HTV West— A b HTV General Semce 
except: 149-130 pm Report west Head- 
lines. *45430 Report West. 


SCOTTISH 


ANGUA 

145 pm Anplla News. 2J» Honsepam. 


US pm News and Road Report. 24H 
Women Crals 349 The Electric Theatre 
Show — Rich aid Chamberlain. 545 Pnifink 
6-00 Scotland Today. 630 Sounds of 
Bn lain. U30 Late CoO. IXJS Police 
Surgeon. 


Today (Southampton); Spotlight 3JO The George Hamilton rv show. 545 
South West (Plymouth). 


SOUTHERN 

149 pm Southern News. 249 House- 


BBC 2 


Mr. and Mrs. 630 About Whs. 1130 T!? ‘i“ te TC 

Chopper Squad. : 12JS am Tho Bl* A dvenrt ires or Captain Nemo. 548 
QncsUon. 


ATV 


1.28 pm ATV Newsdesfc. 345 The Spy’s 
Wife. 330 Balahlock. 505 You’re Only 
Youne Twice. 6.00 ATv Today. U30 
Ghost Story. 


BORDER 


6.40-7450 am Open University. 

1025 Gharbar. 

11.00 Play School (As BBC-1 3.55 
pm). 

11-25 and 4.55 Open University. 

7.00 News On 2 Headlines. 

7.05 May I Have The Pleasure? 

720 News On 2. 

7455 Expert Opinion. 

8.00 Gardeners' World. 

825 The Money Programme 

looks at the Ford dispute. 

2'22 m w . . 14S pm Channel Lunchtune News and 

9JSS play Of The Week- wuatti On Where. 3Js Stars on ice. 

“ Fairies/' by Geoffrey Case. 545 Emmerdale Vann. 6J» Channel 
104)5 Late News On 2. News. 645 LadlK First- 104S Channel 

1050 The Waterloo: Final of the 

70th Green all Whitley Epilogue? 

Waterloo Bowling Handi- 


Crossraada. 630 Par by Day. 635 Scene 
-Mid-week (South East area only!. 1X38 
Southern News Extra. 1X50 Shannon's 
Mob. 


TYNE TEES 


0.25 am The Good Word fallowed by 
North East News headlines. 1420 pm North 
East News and Lookaround. 230 Women 
Only. 330 Survival 545 Happy Days. 

_ „ . „ „ _ 6.00 Non hero Life. U30 George 

Tl-20 pm Border News. 2410 House- h ami inn rv mn Epilogue, 
party. 348 Second City Revue. 645 


Gambit. 6JM) XooKarnuod Wednesday. 
1130 power Without Glory. 1424B am 
Border News Summary, 


CHANNEL 


ULSTER 

140 pm Lunchtime. 3JB The Electric 
Theatre Show. OS Ulster News Head- 
lines 545 Cartoon. 5.20 Crossroads. 
6-00 Reports. 635 The Bob Nevfaart 
Show. 1130 Look and See. 1135 Bed- 
time. 


WESTWARD 

2237pm Gus Haneybun’s Birthdays 149) 


cap. 

1L40 Closedown (Reading). 


9-30 

12.00 Clop pa 


Whitley Pniinciie^ Weather in French followed by Westward News Headlines. 34» Stars 

wnmey EpUogue. 0 n Ice. 545 Emmerdale Farm. 6410 

__ , _ . _ . Westward Diary- 104® Westward Late 

GRAMPIAN " Nf'ws- XLJO S.W^.T. 12J0 mn Faith 

9JB am First Thing. 130 pm .Gram- tor Ufe- 
plan News headlines. 3 jo The Jersey 
Battle of Flowers 1978. 5.15 Emmerdale 

Farm. 6.00 Grampian Today. 630 Police 1420 pm Calendar News. 348 Mr. 

t, Newsroom. U38 Barnaiy Jones. 1245 Speaker. 545 Gambit. 64B Calendar 

am dcnoois Programmes. am BeHecilons. 1230 Grampian Late » Ernie y Moor and Belmont editions'). 1130 

Castle. 12.10 pm Night Headlines. Elaine. The Singer of Ihe Sons. 


LONDON 


YORKSHIRE 


RADIO 1 


247m 


•S». 94X1 News. 9415 This Week’s Com- Slory Time. 54X1 PM Reports. 5J0 
poser: Schubert <Si. 9.40 Bach ocean Serendipity. 54S Weather, programme 
IS) Stereophonic broadcast redial >S). 1045 Cardiff Festival 0( neves. 6.00 News. 630 My Word! (Si. 

t Medium Wave 20111-Century Music iS>. mn Max Van 7-08 News. 7.05 The Archers. 740 File 

54)0 am As Radio 2. 7.02 Dave Lee Esmond song recital (Si. 11A5 BBC on 4. S4N The Title Is Such a Good 
Travis. 9JM Simon Bates. 1131 Paul Scottish Symphony Orchestra (Si. One . . . Lisht-fteaetnl look at 

Burnett. 2JX) pm Peter Powell. 431 Rid LOO am News. 146 Concert Hall (Si. “Thackeray" and the readers of "Vanity 
Jensen. 730 Listen to the Band (Si 24K the Symphonies or Wilt am Alwro Fair.” 74)0 Silence Now. 930 Kaleido- 
( continued on VHFi. 8-00 As VHP. 1D4B «SV 34)0 Leeds International Plano Com- scope. 939 Weather. 38JM The World 
John Pee) 'Si. IZ0D-LS2 am As Radio Z. petition 1978 (Si. 4.00 Froncfa Chamber Tonight. 1030 Round Britain Quiz, u.00 
VHP Radios X aad 2—54)0 am with Music 1S1. 4.40 BuihUng a Library ot A Book at Bedtime. U45 The Financial 

Radio 2, including L55 pm Good Listening, record (Si. tS45 Homeward Bound. 16-05 World Tonight. 1138 News. 

830 Listen to the Band (Si (continued News. t640 Homeward Bound (cootinned). nn/1 — . y j 

from Radio 2, .7.30). 845 Semprfni 1630 Lifelines: Language and communi* DDL fxflCUO LOfluOH 

Serenade. 'S». 9.02 Tho Fred Asuire cation. 730 Three Choirs PesrtvaL part 1 
Story. 935 Sparta Desk. HUM With (Si. BOS The Arts Worldwide. *35 
Radio L 12J0-2JI2 (un With Radio 2. Three Choir* Festival, part S tS>. 945 

Tho Politics of Compromise ftaK by 


n 4 niA •> 1 c(ui m and VHP 1““ ‘-umpronuse iuu> or 

RADIO Z 1 * i,wra 3110 VHb Dr. Thomas Lachsi. 9.45 jstbCcnlury 

530 am News Summary. 5.02 Tony S®?? .'Si. How Wagner 


206m and 944) VHP 
54X3 am As Radio 2. 638 Rush Hour. 
9.00 London Lrve. 124B pm Call In. 24B 
206 Showcase. 433 Home Run. 648 
Look. Slop. Listen. '738 . Blade Londoners. 

B^"" S ri*lJd5T 645 P^e‘to Wroie a^Produ^d Tho'Riw iS)^ 5“ j“ £F»SLH5^ SEJ?? 

Thought. 732 Terry Wocan fSi utrludlng ? IJ” 1 U-SO-IUS Toaight's Schubert 
0-27 Racing Bulletin and >35 Pause for s< ™ , , „ 

Thought. 10.02- Jimmy Young iS». 3 “"(y - 6J»-74)0 run and 

1245 pm Watgj oners' walk. 12-30 Pete a - a5 -*-" vm open Unnvrstty. 

Murray's Open House <5> including 145 PADin 4 
Sports Desk. 230 David Hamflton (S> *4 

including 2.® and 3.45 Sports Desh. 430 434m, 330m, 285m and VHF 

Waggoners' Walk. 445 Sports Dear. 447 64» am Newa BricfinE. 6JS Farmina 

John Dunn (S' IndudioB 545 Sports Desk Today, 630 Today- MacArinT inforaiation. travel, spore. BUM 

645 Spores Desk- 74)2 Sing Something 60S Prayer form.'- DavrXi anriJLffli Bmn Hayet Show. LOO pm LBC Reports. 
Simple 1S1. 730 Listen to the Band (Si. Today’s News. 730 and 830 Nevre Hrad- ** George Gale's 3 o'clock OIL 44M 


round, sccotid teg: Lokomotiv Leipzig v. 
Arsenal. 9.08 In Concert: Young 
musicians 1978. 10413 Lam Night London. 
124)0-Clase: As Radio 2. 


London Broadcasting 

361m and 97^ VHF 
SM am Horning Music. 6.08 AM: ms- 


mo European Soccer special. 930 The lines. 74s Thoughi far the Day. 
Fred Astaire Story Uoln VHF). .935 Antigua, Penny Puce 


145 


LBC Reports f continues'. M0 


L00 am 


Alter 

Night 


. oju Nnn ajic Eight. 9JM NifihUlne. 

otn **L wn * Braden. The Living World, . 935 The SstasS Ertra ‘ 

Memory. 11412 Brian Matthew introduces SS Ca P ital Radi® . . 

MM4B N ' ws - 8e5. aS SfflfTffcffi 1LM 194m and 95.fi VHF 

RMtfa r seS 4 Sjikin* l^ttpra from Everywhere. U4M News. 6.00 tun Peter Young's Breakfast Show 

SooSmind p,a You and Youre. 1127 Dr. (S). 94J0 Michael A8P«1 (S>. 124)0 Dave 

sporixmDd Eoropean Soccer SpetfaL Finlay's Casebook. 1235 Weather: PW- Cash (S). 34)0 pm Roger Scott (S). T4XJ 

RADIO 3 «4id, Stereo & VHF gramme news. 1.80 The World at One. London Today <S>. 730 Adrian Love's 

L3A Thn An-hura. U'niti n n>r flm.e nrmn 1 ina Q (HI Mwitv UnmV. Vmiw 


wa T vi mrttjr- -yno *.* , „ Woman’s Hour Open Line (S). 9J0 Nicky Home's Your 

Your M Ifl l m S 2-® listen with Moilrcr Wouldn't Like It ISK U4W Tony 

wSSm SSLfft •- yg (S). M0, Choral Erensons. MS Myall's Laic Show <S>. 2J» ant Duncan 

news. a.fes vour MMuwk Choice, pan 2 Mother. 3M News. 3.C5 Afternoon Johnson's Night Flight tS). 


FNTERIAINM IM C,U 


CC— These theatres accept certain cretilz 
cards br telrstsne or a: the Sox Office. 


OPERA & BALLET 


COLISEUM. Cred-t cams. 01-240 S25&. 
Hewnations 01-S5E 1161. 
ENGLISH NATIONAL OPERA 


LYlUC 'THEATRE. 01-417 3636. Evs.. 8.00. 

3E «■ a - 30 - 

/ PLO,WR ' eH ?.LUM E NA F ‘ NLAV 

-V- hw ErfuardD de Fi»npoo - 

Directed bv FRANCO 
W TOTAL* TRIUMPH." E. NW- 
EVEN t TO TkEAStiRE. _D. Mir. 


AN 

MAT 


Times, w.u-. Giasc, Schicchi. Tu*. Oct. 3 

— rs cert. Th4 talccnr seats anil, for 

ell aertv tram 10.03 on uev at serf. 


iTfnii 

SADLER'S WELLS THEATRE. Rotetoenr 
Are.. ECi 837 1672. 

SADLER'S WELLS 

ROYAL BALLET 

Tot. & Ths. 7 JO Les Patimurs. The 
Rate’s Pmnress. New WKMte tulle: 
called 6-6.78. Fn.. Sa!. 8 Mo n. next 
7 23 Les SYtaAcdec. The Outsider. . u 
Brotmuo *3osa,qi^. S*t I SO Les Syl- 
phhJcs. Les Pailreurs. La Bootlaue. 
lanUsauc. i:>. 7 30 Sclthrtre. Frodiaal 
Son. Gross* ?l-ot. 

THEATRES 

ADELPHl THEATRE. CC- 01-836 7611. 
LAST 2 W2=.<C5. MUST £ND OCT. 14. 
Eli Si. 7.30 Maa Te.*n. 3.03 Sat. 4.00. 
IRENE IRENE IRENE 

THE BEST MUSICAL 

Cr 1S76, "97Y and IE 75 - 

IRENE IRENE IRENE 

CREDIT CARD BOOKINGS B56 761* 

ALBERT. 836 3878. Credit card bto. 
336 1071-3 Uast 8.30 am. Party raG 
Moil. Tues^ Wed. and Fri. 745 ora. 
Thurs. and Sat. 4-30 and 8.00. - 
A THOUSAND TIME5 WELCOME IS 
LIONEL BART'S •— 

OLIVER 

“MIRACULOUS MUSICAL." FM. Timte. 
with ROY HUDD and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 

ALOWYOL 8S6 8404. Info 836 S332. 
ftiy a.r-carciJ-.oned. ROYAL SHAKE- 
SPEARE COMPANY i.1 reoftrto.re, To- 
Si' 2 CO & 7.33 Bremi~re Dat'd Mercer’s 
COUSIN VLADIMIR 'A thought*!.: Brcvc- 
ca; re oiar C. Te;. 'student stardby £1). 
w;-.-; AS YOU LIKE IT ne*' per* to- 
mpr.:. SSC a.so at THE WAREHOUSE 
V?S J1S4' '.Vi. 

AMBASSADORS. CC. 01-836 1171.' 

NiSh"Y at S.OO. Mat. Tues. 2^3. 

-Sat. = 00 and 800. . 

TONY ANKDi.T.^PETER CARTWRIGHT i 

The V/Q'lo-FamajS Thriller ' 

ANTHONY SHAFFER 
"Seeing the oiar again is in tact an 
utter a -. d le tai .ov. Punch, seat oricos 
Sat. £8.00 Inc. 

APOLLO. 01-437 2663. Ewe Hi me 8.00. 

Mats. Thur*. 3 00. Sat. S.OO and 8.00. 
DONALD SINDEN 

"Actor ot the rear." Evening Standard. 
"IS SUPERB." N-OW. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
“ Wickedly funny." Times. 

ARTS THEATRE. 01-836 2132. 

TOM STOPPARD’S 

DIRTY LINEN 

“ Hilarious . . . sen It." Sunday Times. 
Monday to Thursday B.30. Frl. and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. CC. Charing Cross 
Road. 734 4291. Mon.- Thurs. a o.m. 
Fri. and tot. 6-00 and 8.45 

BEST MUSICAL OF THE YEAR 
_ • ELVIS 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. 856 6056. Mon. to 
Thurs. 8.00. Fri. and Sat. S.4S and 8.40. 

IPI TOMBI 

Exciting Black Aincan Musical 

Seat cnees £2.oo-ES.ao 
" Packed with variety." Daily Mirror. 

„ THIRD GREAT YEAR 

Dinner and top-price seats E8 75 tnel. 



DUCHESS. 8 5E 8243. - Mon. to Thurs. 

Eren,nas 80 g»f& tSS^A 1 . 5 and 9 00 
' T,,e ^stn^tK!aTYea D r llJlV Mi "' 

DUKE OF YORK'S. CC. 01-836 5122 
■' FANTASTIC " 

GOD SPELL 

“BURSTING WITH ENJOYMENT.'- 0. 
Trt. Price £2 to ES. Best seats £3 half- 
hour before show at Beat Office. Man.. 

Th U r ic Fr Vj Ma: ^ 4 11 fi2- s 0- Ems. 

B.1S. Fri. and sat. 5.30 and a.30. 

LAST WEEK. MUST END SAT. 

FORTUNE. 83G 2238. Evgs. 8. Thurs. 3. 

.. Saturday S and 8. 

Muriel Paytow as MISS MARPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK THEATRE. CC. 01-836 4601. 
Eros. 8.00. Wed. 3-00. Sat. 5.30, b. 30 
TIMOTHY WEST. GEMMA jONES. 
.MICHAEL KITCHEN ' 
in HAROLD PINTER'S 
.. , THE HOMECOMING 

r/ST^TO 6E MISSED.-- The Times. 

LAST 4 MUST two 

OCTOBER 21st. 

GLOBE THEATRE. 01-437 1592. 

Evgs. S.-1S. Wed. 5.00. SaL 6.DO. BAO 
PAUL EDDINGTON. JULIA Mch£NZlE', 
BENJAMIN WHITRDW 

ALAN AYCKBOURN'S New Comedy 
.. TEN TIMES TABLE 

mutt be the happiest laughter, 
maker In London." D. Tel. " An lrrosKt- 
HUy enjoyable evening," Sunday Times. 

HAYMARKCT- 930 9032. Em. 6.00. 
Wed. 2-30. sat 4.30 and 8.00. “ 

PAUL SCOFIELD 
r HARRY ANDREWS 

ELEANOR TREVOR 

3RON PEACOCK 

and (RENE HANDLIn 
. THE FAMILY 

A BOW play ay RONALD HARWOOD 
Directed bv CASPER WREDE 
'■ An arimiraijJe ptay. richly SatlWylno-— 
PjuL Scofield at hie beet." E. Le/inTs. 

■ ■mis. Last week. Must end SaL 

HAYMARKET. gjQ 9532. Prwre. from 
Oct- 4 {Joining Oct. 9 at 7.00 
GERALDINE WeEWAN 

CLIVE FRANCIS 
_____ NIGEL STOCK 

PETER PAUL 

80WLS ■ HARDWICK 

and fCnEllA FIELDING In 

LOOK AFTER LULU 
bv NOEL COWARD 

with Gary Raymond 

HER MAJESTY’S- CC. 01*930 6606. 
Evs. 84)0. Matinees Thurs. and Sat. 3.00. 

■' INSTANT ENCHANTMENT." Otxerrer 

THE MATCHMAKER 

A Comed* by Thornton Wilder- 1 It goes 
down with * deterred roar or delight " 

□. T<H. For a limited season until Oc>. 14. 

*' Hello Dolly so nice to bare vou back." 
Daily MxiL “ a Mastarnrete.'' Time*. 
“Tiw man who wanted a- glass ot bubbly 
and a towin' shew must have had lust 
tWs In mind.”. D. Tel. 


arS^ B.30 Wed. Mats. 3.00. 
WELSH NATIONAL THEATRE CO 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MERMAID. 238 7556. Restaurant 248 
■ 2635. Even.ngs ,.30 and 93 a. 

EVERY GOOD BOY 
DESERVES FAVOUR 


A^plar for acmr^_and oreiwstra 


3PPARO 6 ANDRE PREVIN. Seats E4. 
£3 Md £J “NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND, <H£ 
HIGHEST COMJC-ART CAN POSSIBLY 
MISS THIS Play." S. Tms. Last weetc. 


NATIONAL THEATRE. 928 22S2. 

OLIVIER laaen stage). Tent. 7 Clow 
Price open r.g) Tomorrow 2 -45 & 7.33 

. the DOUBLE OCALER 6v Willi mit. Con- 
BSfVB, 

LYtTELTON iprMvieri'um Stage). Tor.'t. 
7;d5 PLENTY now alar bv Davul Hare. 
' Tomcrrai- T.4E Plunder. 

-CjOTTESLCE itmaii auC>iarlum). Prom- 
Season nr:i! Sa^. Eves. B 
LARX RISE Ke.ui DtrflurK tram 

Flora Tnamcsar’s book. 

Many C’tffller.t cheap seats all' 3 
tneatros cav «**/. Car Parte. Restaur- 
ant grs L03S. Creo t card booKmas 928 
3052 


SHAtTESBURY. CC. 01-^36 6396-7. 
OT-B36 ..4255. Evas, at 8.1 5.. 

Ttnireuay 3.00. Sat £4)0. .6-30.. 
TERENCE STAMP in. . 
DRACU1A- ' ' 

with DEREK GODFREY* . 

■■ The most enteKonung' shoe- . t Tmhw 
evw. ncr ■seen." N.BC. ■ " 


SHAW. OI-39S 1394. Natrooal TOUtfl 
Theatre in JULIUS CAESAR by William 
Shakespeare. Eros. 730 last 4 dan. 


STRAND. 01-836 2660. .EwntiiB* S JO. 

Mat Tnure^ g^^-^so •« BJ0. 

WE'RE BRITISH 


LONDON'S LONGEST LAUGH— j- 
OVER 3.000 PEI 


PERFORMANCES. 


ST. MARTIN'S CC- Ol-OM 1443. 
E*ja. a.00. Matinees Toe. 2^15. S*R1 S430 
M nO 8. OO. ■ ^ 

AGATHA CHRISTIE'S . 

THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR. 


OLD VIC. 92S 7616. 

PROSPECT AT THE OLD VIC 


Returning Oct. 2 'from triumphant UK 
— “IB LADY'S 


ttor— TWELFTH NIGHT. TH 
NOT FOR BURNING. IVANOV. 


PALACE. CC. 01-437 6S34. 

Mon.- Thun. S.OO. FrJ. and Sat. 6.00 and 
8.40. 

JESUS- CHRIST SUPERSTAR. 
hv_Tm_R.te and Andrew; U or d- Webber. -! 


PALLADIUM. -01-437 7373. Tout, and 
Sax 6.15 &.-a.4a. Tomor. * Fri. B.00 
LENA MART ELL 

MICHAEL 8ENTINE. WAYNE KING 


LENA ZAV ARON! 
and Her Singerc and Br an Room Dancers 
. RONNIE DUKES AND 
R1CKI LEE AND FAMILY 




as '* Mcrr* Widow Tnanker' 

- ALADDIN ■ 

ALFRED_ MARKS n Ahanaur 
Dilvs WATLING. Briar. MARSHALL 
and WAYNE SLEEP; 

BOX -OFFICE NOW OPEN 


PHOENIX. 0-1-B36 2294 Ewsninoa.at B^IS. 
Mi.s Wed 3-00 Saturdays 6 00 i 


'TIM BROOKE- TAYLOR. 


| and A *6 

GRAEME 


rTO 

W’&fco 

HAVE^EDr-Sunday Times.. _."SHEER 


^CONtHnUoSs B 5S8fti fc "J a V?m B iS UI 


PICCADILLY. From 8.30 am. 4*7 4S06. 

Credit Cann 836 1071. Mon.-Thurs. 8.00 
Friday and Saturday 5.00. 8.15. Air-cond- 

" Dominating with unlettered gusto and 

humour, the BROADWAY START" D. Exp. 


SYLVIA MILE5 


“ T Owen no ^ertarn>a_nce.'J._ Dally Mail. 


_ . . - IX CARRE- 
err -TENNESSEE WILLIAMS 
Works >ike magic." Financial Times. 
" There has hardly Paen.a more utiSi/ina 
evening in the West End . . tne BEST 

COMIC WRITING IN LONDON." Otjs. 


' iJ running hleo an electric, current." 
fn. Times. ' DIVINE INSPIRATION — 
AUDACITY OF _ HIS HUMOUR 


HYPNOTIC EFFECT." D. Mail. 


PRINCE EDWARD. CC iFormertr Casino). 

01-437 6677. Evenings d.00 
Matinees Thur. and Sat. at 3.00. 
EVITA 

by Tun Rice and Andrew Ll ovd- Webber. 
Directed by Harold Prince. 


PRINCE OF WALES. CC. 01.930 86B1. 
LAST 2 -WEEKS. MUST END OCT. 7. 

Evas. 84)0- Saturdays S.3D. and 6.46, 

TWE HILARIOUS ' ' 

BROADWAY MUSICAL ' 

I LOVE MY WIFE 
starring ROBiN ASK WITH 


CREDIT 


BOOKINGS 930 0846. 


Evgs. 8 0C 
ROY — 


• CC. ..01-7*4 1166.- 
.' Wed. 3.00. Sat. S.oa B.30. 
■ -W TRICE. GEORGE CHAK1R1S. 
RICHARD VERNON.- JAMES VILUERS 
THE PASSION OF DRACULA 
" DAZ2LNG " E. Star. "HIDEOUSLY 
ENJOYABLE and GENUINE TERROR." 
S. Times. GOOD CLEAN GORY FUN.” 
S. hair. !' MOST JiCENICALLY SPECTA- 
CULAB SHOW IN TOWN." Puna i. 


TALK OF THE TOWN. CC 07-734 5051. 
Air-cono maned. From 3-OO Djnjrs. 
Dancing 9 30-SUPtR REVIEW 
RAZZU DAZZLE 
AT 19.00 FETES GOROENO 


THEATRE UPSTAIRS. 723 2554. EvflS. 

7;30. Pirate jonw ,a EMIGRANTS' OY 
Petei Sheridan. tintii Sat. 


VAUDEVILLE, 63b 9963. -CC. ' Last. . Meek 
bv>. B.CO. Sit 5.0J ana B.Ofi. 

Oman SHERIDAN. Uulc,G GRAY 
A MU4DER IS ANNOUNCED- 
7 tie newes; w.ioCufLu! ay ABmU la CiwisM 

"Rz-entor Aistr.a Chnstre •ritn anotner 

whadunmt h,t. Ajatba Chr:st:e •* suikma 
me west End vet again with another 
at her uer-distUv ingemoas morder 
dhsteries. ! ren* Barker. Evening News. 


VAUDEVILLE. 536 8986. Prev*. Mon. 

Tue. 3- Opens Wed. next 7. Sobs. *• 
AN EVENING. WITH \ 

DAVE ALLEN 

LIMITED SEASON. Oct- 2 to DEC. 2. 


VICTORIA PALACE. 

- 828 4735-6. 


STRATFORD JOHNS 
SHEILA rtANCOC Z 

ANNIE 


834 1317. 


Eros, 73Q._Mjtt, Wed-^a gi S at. 2-45. 


SMASH HIT 


BLOCK-BUST!.. _ 

MUSICAL D Malt. 


WAREHOUSE. Donjnar Theatre. Covent 
Garden. B36 6006; Royal Shakespeare 
Company. Ton's. 8.00. Saephen 
PoiiakoU's SHOUT ACROSS THE RIVER 
AH teats £1.90. AOi. tikgs AldWKh. 
Student Btandtrv fit.- ” Rivttinsiy. pew 
I armed taw." F. Times 


WHITEHALL. 

Evas 

Paul 


CC. 01-930. 6692-77 S5. 


Evas. LJD. Frt. sra sat." b T 45_~ana 9-00 : 


ymond presents the Sensatronai 

Sc* Revue 01 the Century 

DEEP THROAT 

8iii GREAT MONTH; . ‘ ' ; " 


WINDMILL THEATRE. C.C BI-AST SITE. 

Twice Nightly 3.00 and 10.03 V i'.. 

■ Sunday 6-00 and 8DO - 7- 
PAUL RAYMOND orxsentS . . 

RU> OFF 

THE EROTIC EXPERIENCE trf THB 
- 'MODERN ERA • ... 

“ Takes to unpreofdonted limits l that IS 
pernnssfale on our stage.'' Ev. ttm. 
THIRD. GREAT YEAR ---' 




WYNOHAM-S. 01-356 3026. Credit Card- 

Bkgs. 836 1071 from 8.30 am: Mo«- 
Thur. B.oo. Frl. and SaL 5.15 and 8 JO. 
'■ ENORMOUSLY RICH , . . 

„ VERY FUNNY.- Evening News. 

Mary O'Mallevs smash-hit comedv 
ONCE A CATHOLIC 
supreme comechron sex and religion." 

...Daily Telegraph. • ' ' 

- MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC. 928 6363. Until Sat. 
« r ., BROOK'S, Umovs Parts production 
ol Allred Jarre s farce UBU Un FreocM. 
Evs. 7.45. All seats £2 50- 


Y °UNC VIC gZB 6363. From Ort. S. 
ACTION MAN a Shakesorare trilogy 
RICHARD HI. HAMLET and 
THE TEMPEST 


CINEMAS 


*££ Sharteiburv Ava. B26 8861. 

He-JfrtL ALL SEATS BKBLE. 

A SPACE ODYSSEY IU1 70 mm 
him. Wk. A Sun. 1.30. 4415, 7.55, 
f-'^ONVOY tAi. Wie. & Sun. 24)0, 5J0. 
BJ.Q nut dav). 


pm. 9_pm. 11 pin." O dm\ Suns'. 
PAUL. RAYMOND ^ 


THE FESTIVAL OF EROTICA 
Fully air- conditioned 
2tat SENSATIONAL YEAR 


REGENT (Oxford Circus). 01^637 9862.3. 

Evgs. 6.30. .Mats. Fn. and Sat. 6210 . 
. TAKE THE FAMILY' TO 
THE- GREAT AMERICAN ' 
BACKSTAGE MUSICAL 
" A little tnvel.' Finenriai Times. 
“Smart swell show." Daily Exoress. 

” So enlovable.” Sunday Times. 
.Lvrtcs have more eieganee 
nan these (or EVITA. 

" Music more bite 

than mat o» ANNIE " Sunday TeJegrson. 
Credit Card Bookings — Seats from £2. 


XOYAL COURT. 730 .1745. Alr-cond. 
Evenings at 8.00. Sate. S.OO and a.30. 
NICOL- WILLIAMSON 
■■ A Tirrooso performance." D. Tel. 1 
In JOHN OSBORNE'S 
INADMISSIBLE EVIDENCE 
“This Is. one of the few great otavi of 
the century." D. Mnll. 


ROYALTY. Credit Cards. 01 -40s 8004- 
MondavThursday evenings 8.00. Friday 
5.30 and 8.45. Saturdays 3-00 and B.00. 
London Critics Vote 
■BUBBLING BROWN SUGAR 
- Best Musical Ot 1977 
Tel. bookings accented. Major credit 
cards Restaurant reservation* 01-405 
2410. -Limited, number of seats- available 

lor special Press night on Oct. 5 intro- 

ducing exciting new members to the cast. 


SAVOY THEATRE. 


Credit Cards -734 4772. 
WHOSE LIFE IS 


01-B3E S888. 
*« Conti in 

*7 JJSXWAY 


JS PLAY. I URGE YOO 


"A MOML. . 

TO SEE IT." Guardian. 

Eros. ac'8-OO. Fri. and Sat. 549 and B.45 


c £**? e * , P£A£^ loco. Camden Town 
DrK?i. 4 r55 3M4*' THE BOB DYLAN FILM 
5“? ald O AND CLARA (Al With Bob 

Joan toe*, tn 4-tracX STEREO 

PrOfta. 2.50 and 7.30. 


c fe*S®M- T. ,*■ *. 4. Oxford Street (opp. 
Tottenhwn Court Rd. Tube). 636 0210. 


V. ETSBS. Children half-price. 

r Ful| 


1: 




TURNING POINT 


i-oo°a3o! C 30 “ nt '" Progs, f.os. 3.30. 


FI £^LP a ?-, ! . C TH , E ® ,LENT PARTNER 
IX). Progs- 12-45. 3JfO. 5.SS. 

Ill 4 11 Seats fit .00. THB 

fJ-gf 1 , WITNESS (Al. Progs. 11.00. 
rNFM-v 1 n D c°Vwr 0 2n^ Sl w McQueen AN 
8 OF ™ E PEOPLE 'to. 3.15. 5.45. 

M° "fssf 6 


lAi. . Progs. 


C v5?? , !.-rvS?5 , 5f?« 5 iJ' Mt - W.l. 499 3737. 
YVU_ MONTANO 'CATHERINE DENEUVE 


_(AJ- ttngilsh vub- 
e.'Vf ’and IV* a '°° m0t MS ‘ 


Sun. Last day. 


oerti bkhle. sat. S, 

C M^SNic^T yr rv£S^ n 5 930 27 38-2771. > 

ooepN. Locever 


5P, prouj- 

All seats 


THE ™ U ani ' t930 0111.1 
XflS-GHEAP DETECTIVE (Al. JeO. proB*. 
_Da«y- . Poors Open 3.Q0, 4:45. 7 AS. 


°c£§2k K^SiuNfgis^ 1722 20 "-^' 


if i Mii r At " c rj 1 ' * OF THE effilRD 


MU0. *1. 10. f 

A l l sggts boplrrtfe 

PRINCE CHARLES, LoIc. Sq. 437 filfllT 


Laic. Sg. 
>*PxiE?$ (A i 


MEL 

1*^0 6.J5. 

uS‘n M 3 nd ba?f e - 

aiuoia 3 a 4- OltiOrd Circus. 437 3300T 


KING'S ROAD THEATRE. . ___ 

Mon. to Thurt. 9.00. Frl.. tot. 7.30. 9-30. 
THE ROCKY HO PROP SHOW 
DON*T DREAM IT. 55E IT. 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Property 
Appointments . ■ 

Business & investment Opportunities. 

Corporation Loans, Production. Capacity, 
- Businesses forJSale/Wanted 
Education. Motors, Contracts & Tenders, 

Personal, Gardening 
Hotels and Travel 
Book Publishers 


Per 

single 

columiv 

line 

CTO. 

.£ 

‘ ' '£ 

4.50 

14.00 

2.00 

8.00 

4.50 

14.00 

5.25 

16.00 

455 

13.00 

2.75 

10.00 

-*• 

7,00 


; (Dlinimam size 40 eoi train cuts.) 
£L50. per single cohunn cm., extra 
... : For further detaiis turite to- 
Classified Advertisement Man 
Financial Times. 10, Cannon Street, 




P 4BT. 





r 


£ 


L. 1 


-.■I- 












EDITED B^’CHfilSTOPHER LORENZ 


E POST-WAR period has 


een international companies 
'^.teadily expanding their opera- 
'.tons into Europe, including the 
iTK. At the same Time much 
lore emphasis has hecn placed 
n the role of employee benefits 
t employees* overall remunera- 
on packages, a.s well in lire 
revision or comprehensive 
tciat security benefits by all 
uropcan countries. 

An overseas company operat- 
ig in a particular country’ has 
■ conform with die custom and 
ractice of that country in the 
■numeration of its staff, in- 
uding such important 
nployce benefits as pea- tun 
id sickness provision. 

In all European countries, the 
ate plays a significant role m 
; esc two fields. All countries 
:»ve some form or State pen- 
.an plan and Male sicknts< 
-•■heme, which affects some or 
. .1 employees. The employer can 
(tore what the Slate provides 
d make his own provision, 
.it it makes more commercial 
... nsc fo integrate the company 
, nefits with those of the State* 
. 'ice the employer, in one way 
another, will be financing 
osc benefits, too. 


Ironing out European 
remunerationpackages 


By ERIC SHORT 


an obligation nn member coun 


tries lor the harmonisation of 


their soc«j security systems.; 
Although this situation is a 
good way riff, considerable pro- 
gress has been made in making 
reciprocal arrangements be- 
tween countries over the eligi- 
bility of social security benefits. 

Since many personnel gel j 
moved From one European) 


State industry purchasing 
—room for scepticism 


BY CHRISTOPHER LORENZ 



EMPLOYEE 

BENEFITS 


role played by the employer 
much more restricted. 


ystems 


a*Vtf!^g»r 

ifc 


.-fin two countries have 
veloped their social security 
stems along tlie same lines or 
^Mhe same pace. In the UK, for 
ample, pension provision has 
v^>s Pn very much the rcspocsi- 
• r 'J‘5)£ity of the company, hut in 
■*:£ •$** K urt| P wn countries, the 
of a person s pension is 
...■divided by the State, with the 


The mud obvious implication 
of all this is that top managers 
of multinational companies, 
especial \v in finance a ml per- 
sonnel, need to have a working 
knowledge of the situation 
which i-xisfc in the various 
European countries where they 
operate. It is doubtful whether 
they could do their jobs cfTu-i- 
entJy j;j a stale of com pic le 
ignorance. 

One method of providing this 
working knowledge is to visit 
the riiiiiitrlcs concerned and do 
considerable research and con- 
sultation. which involve?; much 
time and effort. Another is in 
read and have immediately 
available a comprehensive 


handbook, kept constantly up 
to dale by experts, that 
managers can road and under- 
stand without too much effort. 
The best Mich handbook J have 
seen has just appeared in its 
third edition — Employee Bene- 
fits in Europe by David Caflund. 

Mr. Callnnd Is a senior 
partner in Callund and Co., a 
firm of international employee 
benefit consultants which, in 
collaboration with another firm 
in the same line. Employee 
Conditions Abroad, have pro- 
duced the book. 


Waste of time 


Mr. Callund bolds very 
strongly the view that it is a 
waste of both his time and the 
time or his client if the first 
interviews about arranging 
employee benefit schemes in a 
certain country are spent giving 
a teach-in on the background. 
Although he adopts the view 
that it is his job to advise 
clients, the ultimate decision 
has to come Crum the client, not 
from him. HLs basic aproach is 
to set out a series of custcd 
alternatives, from which the 
client can make his choice. 


This means that the client 
needs a working knowledge o£ 
the country's conditions; the 
hook provides the best means of 
acquiring this. 

The hook ■ itself is divided 
into two parts; the first 
describes the various basic 
philosophies of social security 
provision and company pension 
financing; the second deals in 
detail with the situation io 
individual European countries. 

In arranging the integration 
«f Stale and company employee 
benefit provision, it is necessary 
to know how much tlie company 
has to contribute towards the 
State provision, so that ii can 
integrate costs as well as 
benefits. This in turn imposes a 
need to understand the various 
methods used to finance Stale 
benefits. Then there arc several 
methods of financing company 
pension schemes. 

In the UK the practice is tn 
fund fully for all existing and 
future pension liabilities. In 
Germany, the system of book 
reserves in company accounts in 
meet pension liabilities is 
universally accepted. 

The Treaty of Rome lays down 


country t«.i another in the course | , * . _ 

of their employment this recip-l IX THE interests of a better spending close on Elba a year specification related to p 
rocity is important There is a; British exports performance, on capital investment. But there formance." 
chapter in the book nn this' some of nationalised indus- is still an undcrxow or scepii- Sn far< so SDO d. sir Per 
subject includin'' the situation! trics nave committed themselves cal muttering from its suppliers; appeared , n b e subscribing . 
® rZ- “ Z n “". over the last few years tu di.v for example, is the PO really ,h,. enlightened view tb 

between EEu member countries. card j n: , tbc j r traditional pro- doing enough to ensure that its ,., ls , om % K e ' (inctudinx nalic 

and with other countries in I oceunation with idiosyncratic, much -vaunted new System \ inrlucirieO should simp 

Europe. “ bclfand-b races ' equipment switching sclent is exportable? t eJJ e , h J eS r sipp/ierf what t 

specifications. But how whole- Of all the mi ii finalised industry equipment should do. and tea 
Tinonninrr hearted are they, in bulb theory chairmen, the one who ought to lbe manufacturer lo work o 

r iUaiiLlug an d practice. he most aware of exporters’ ho,r it should do it. 

. . . . . , The argument in favour of needs is Sir Derek Ezra, since . h -ijnned s n *1 

The chapters on individual i ^ n r thr But then he slipped in u 


The chapters on individual arMJSTto te h brth chairman of the . But * W* « 0 

tmunlries cover a dcscripimn of; sakins their long-standing quest National C»al Board and out- f h *“t‘«n- H iK. I 
the social security system, the; for ideal, purpose-designed and going head «i the British Lnsti- *_i“?, 1 l r n 3pi?In— act nai technic ' 

nC \T-. n-inaillpnt Rill a tCnilS t»I fleSISO dCIUal teCtUUC 


calculation of pensions, indud-j built equipment runs something lute of Management. Bm a ® 1 i 

i ng early and late retirement. i like this: If British manufac- speech li,v Sir Derek a few days urawin^s. 
and the methods of financing. ; tvrers have to make one sort of ago suggest he i* not completely _ e 

A description is given of how j PnAun tor the home market ami committed to the cause. 1^1101*11131106 

nrivate and enmnanv olan-; can a ^ oUtp r - for fore,sn V. Ub . lom . ers - Delivering a paper called A 

be used ir, supplement State thcn t ^ 0,r expor *s Wl11 *l e " Positive Purchasing " to a BIM Subsequent inquiries with t> 
«n,iisTnn w f-h.f.hfJ \h,! i! I £’ ,n l ,eli * ivt * l**« profitable) conference in London. Sir Derek NCB confirmed that Sir Dere 
pruvisKm. and whether this is than tho'* of thetc overseas discussed the relationship he- meant “looking for the customr 
an accepted or unusual feature, competitors. tween supplier and customer to provide information on bo- 

The only drawback in this! - , companies the was talking to build the design.” sn that- 

section is that it dues nnt give Ksttl^ffrOUnd about indiuiry In general, rather as he said in his speech, "th 

any details for Greece. All! *^“* , -* % -&* veme»v« , b;jn nationalised concerns in translation of performance int 

other countries in Europe, out-! This cause has been fought particular i. design should be shared betwee 

side the Oinimunist countries, i nver thc ,asl few ^ ears on A modern industrial enterprise ,he engineers in the buying cor 
are included Mr Callund in- ;scverai hatllegrounds. most must be able to specify dearly cern and those in the sellin 
lends l lie next edi Jon in two 4n Ihe National Economic whal it is lhai it wishes to buy. concern.” 

SSr. l , n ' perelopment Council framework, sir Derek said. It could do ibis To which one pnvale industr. 

>ears time, to include Greece. , bu t also in hundreds of dusty C j lhor b> precise description of delegate to the BIM conferenc- 

f-m ninmv /..mi.-» 7 »« >» vommittec rooms where tb e item to be bought or by pie- reiorted: “Not necessarily! I onl; 

»o-*c hu hn i f ii w P c j nationalised industries meet C j Se description uf the duly to be wish more of my customers— 
I9<6 b« Doi id CfiHuiid. m aiatl-thm equipment suppliers. performed. particularly the nationalise! 

able, price £m. ineiuaittfl p and • ni0s j significant convert “Inevitably," he continued, industries — would Just tell mi 

p, from talfund and Company, cause— at least in theory “engineers and production what machinery they wanted anj 
15-17. Kina Street. St. James's. I — is the Post Office, which over managers in ihe buying enter- leave me to decide bow to desifiT 

London Jfll’JY SOIL • the last few years has been prise will think in terms of a it.” 


low Britain wastes skilled workers 



Swwai ■ PefiMtMtM d tmtowown 


'Ey Richard Cowper 


Erosion of Differentials 


Why Skilled Workers Leave Their Jol 


V ’ ; ITAIN'S IS ADEQUATE 

•■lining system must bear a 
• ?c part of the blame for the 
•ruse of skilled workers in 
- Us try, as yesterday's article 
— rsltis senen explained. But the 
‘ - ’ ‘blem i.s being exacerbated by 
- /ailure to retain craftsmen 

:J-hc industry or job for which 

-y were trained. 

--Tic causes of this “wastage" 
•'-blem were investigated last 
■ r by two surveys com mis- 
'• icd for an NEDC report on 
engineering industry. 

i the first, a survey of 7no 
— emrnakers — the " highly 

" “led craftsmen who make the 
•■den formes for intricate 
_Z_ings— who had left the 
; V Delation of Patternmakers 
’ ; Allied Craftsmen fAPACj 
he three years from 1972. to 
.1, it was found that two out 
_ 2 _hrce who had resigned for 
'~ ons other than promolion 
'- left the trade tscc illustra- 
). And 75 per cent gave 
Jir prospects and Insecurity," 
work available " and “ low 


pay " as the reason for leaving. 
Surprisingly , thc last was by no 
means the must commonly cited 
reason. 

And in ihe second, a postal 
survey u£ over a Btousand 
skilled engineering workers 
isee lllustvaUwn) who had left 
jobs between 1B74 and 1975. 
pour prospects for advancement 
was the must commonly ciled 
reason for leaving after 
redundancy. Only 13 per cent 
gave low pay as a reason. Over 
half the respondents were now 
in different occupations, with a 
third uf those saying that their 
engineering skills were, hardly 
useful, if at all. in their present 
occupation. 


Bad image 


A seclor working party 
survey-, which covered 75 per 
cent oF the lluid .power equip- 
ment industry tills year, found 
that over half of the companies 
questioned gave pay and cundi- 




usages can tw detained fester 
3 cheaper with CASE 
nmumcalrons sysiems. To lird 
. how ihe CASE ’Eioclrorir. 

■ jibo«" can help yoor company, 
uaci CASE today. 


CD'.iV'uTfcP ■ 

RNST 3 S ZFT-ri •.m 


3 i.cjte:‘ K'E j.i* --it c mi 

'WBi-anf »»:«?«*!•?■ 

I E l*ie« 'J.-.L-r - , 



tinns as the main reason for 
their current manpower short- 
ages. The attraction of local 
government and the service see- 
l«»r was thc next most popular 
reason, with ihe industry’s had 
image coming a close third. 

A large number of the prob- 
lems identified in these surveys 
ftlem from the relative un- 
ai tract! veil ess of employment in 
manufacturing industry in Bri- 
tain. The fluid power industry’s 
survey highlighted the fact that 
many prefer to move to govern- 
ment and service sector jobs, 
where status benefits such as 
pensions, .sick-pay and holiday 
leave along with physical con- 
ditions are so much better. 

One reason given by many 
who leave their chosen profes- 
sion Is general insecurity in the 
industry. A toolmaker who has 
been made redundant twice — 
not so unusual as one might 
expect — will obviously be very 
reluctant to look for a similar 
job a third time. This insecurity 
is the main cause of much bit- 
terness, particularly in the en- 
gineering industry, and mani- 
fests itself in restrictive prac- 
tices, refusal to make flexibility 
agreements and a host of other 
factors which contribute to poor 
use of manpower and which in 
turn produce apparent labour 
shortages. 

The surveys also show that 
the narrowing of differentials, 
which has been accentuated by 
recent fiat-rale pay policies, has 
gone too far and now appears to 
be actively discouraging crafts- 
men from staying in their pro- 
fession. It may also be acting 
as a deterrent on the recruit- 


ment of school-leavers into 
apprenticeship schemes. 

But at least as important, 
especially for the younger 
skilled worker, is the need to 
improve the avenues for career 
development In Ihe skilled 
engineering survey 76 per cent 
of those mentioning *• poor 
prospects for advancement " as 
a reason for quilting the indus- 
try were under 35. An obvious 
lesson is that companies should, 
where possible, actively recruit 
on the shop floor supervisory, 
technical and managerial 
positions. 


PAYMENT BY 

y RESULT WORKERS _ 





Patternmakers 


TIME WORKERS'*' *« 


AVERAGE EABMHGS OF SKILLED WORKERS W 

ENGINEERING RELATIVE TO THOSE OF LABOURERS (Labourers- WO) 


1963 ‘6< '65 *66 *67 ‘6B ’69 '70 Tl *72 *73 *75 76 '77J 

„„„ Swc • F n g w y , Tn— « W I 


30,000 


Fluctuations in Apprentice Intake 



I 




> . •• 


> 

l • 



' '*■ 



% * 



■ ■* V 




"-S', ' 




v 


Participation 


All Occupations 


Some people also hope that 
moves towards employee par- 
ticipation will encourage ambi- 
tious craftsmen in Ihe future, 
and go some way to improving 
the industry’s image. 

Whatever one’s favourite re- 
medy may be. there is no doubt 
that if wc are to get bright 
school leavers to take up ap- 
prenticeships for the skill needs 
of to-morrow, and if we are to^ 
stop existing craftsmen from go-' 
ing off to sell ice-cream, then 
management, unions and gov- 
ernment will have to give a lot 
more thought and attention to 
encouraging job mobility and lo 
making life more attractive and 
rewarding for the skilled worker. 

* $ Jtfonpoirer Issues in Ihe 
Fluid Poicsr Industry’ Fluid 
Pmcer Sector Working Party: 
NEDC 1977. 



* » 



£ 

•Ii*. 

X 

• 






><’• 

f.v 

. • 

& 

, = f 

:'r"' 

« i- 

m 




196617 ‘6768 *869 '6070 70T1 W2 '72,73 ’73|f» *74175 *75,78 *78/77 


AMs K>ta am than WZ 


itanpnanitaiMi 


■mv lEDCSanar 






BUSINESS PROBLEMS 


Uy> 


j— ' v-Stts-s 


BY OUR LEGAL STAFF 






Wewant 

/our board of directors 
to decide the future 
of the Red Cross. 


y 


l€s£%J 


Void rate 


Unlike most businesses, inflation and rising costs don’t 
eat away at the profit margins of a charity. Simply because 
there is no profit 

Instead, they effect us in another way that has more 
serious consequences both in the short and long term. 

Since the Red Cross has no profit as a cushion against 
inflation, this has to be covered with money from, reserve 
funds. Funds that would normally be held back for 
emergencies or special international projects. 

In just two years, the cost of equipment and relief 
supplies have risen dramatically- For instance, the cost of an 
Ambulance has increased by 40%. A wheelchair by 55%. 

Unless something is done now, our future could be in 
jeopardy. 

This is why we are asking your board members or their 
charitable trust to consider whether they can help the 
Red Cross. 


The seicn-ycar lease on three 
rooms used for business pur- 
poses, over-ran for two years 
when (be landlord made it im- 
possible lo ‘'quietly enjoy” the 
premises by “Racbman 
methods." The l itreal Authority 
are now demanding void rales 
on the grounds that the lease 
Is still In Torcr because the 
conditions of Ihe Landlord and 
. Tenants Act have not been 
completed. In your opinion are 
the rates payable by tbe ex- 
tcnanl In these cirrnmsianccs? 
You should be able to argue that 
the lease was surrendered by 
operation of law when the 
premises were vacated, and 
hence that no void rate is pay- 
able. 

* 


ri\ 


U I 











m 


-j sprT 


fft 

i jt. 




tfrAfUl 


m as. 






No legal responsibility cart be 
accepted by the Financial Times 
far the ooswers given In these 
1 columns. All inquiries will be 
i answered by post os soon as 
Poss/Ue. 








BUILDING 

SOCIETY 

RATES 






If a Peer of the Realm makes an appeal for birds, 
why ask Dun & Brads treet for help! 


The Red Cross + 


If yoti would like further information about the Red Cross, please don’t hesitate 
to getin touch with Derek Barron. Director General, The British Bed Cross 
Society, 9 Grosvenor Crescent, London SWlX 7EJ . 


Every Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
BATES 

on offer to the public. 


For further details 
please ring 

01-248 8000. Exin. 266 


Fact is,X)uTi ScBra Street do many things you 
might not expect. On this occasion, the Roval Society 
tor tlie Protection of Birds wanted to appe.il for funds 
from leading industrialists (whose responsibilities 
included avoiding pollution I, and have the letter 
signed by an interested Lord. So. upon request, w e 
selected die right list of names, and took the whole 
job from print to post- complete with aristocratic 
signature. Result: thousands of pounds for our 
winged friends. 

Despite such events, people still think of us 
solely as the world’s largest credit reporting organis- 
atiori-Biitweie laiger than that. Our list of activities 
cover? so wide a spectrum that at least one should 
be helpful to you. 

Ask us at Dun Sc Brads treet (call us D<SJ3) 
tor full tacts. • 


LerusJidp 

Marketing and Sellin;x.rin- 
TVinnn; rTOrpecw. ^rv»kvii or mirf:ets, 
impr.-Mrc rtllwr. ma*'rir;4 

rumoi tr. .-cl line- .-r rr*»nir ’fmy I-/ P. 1.1 J, 
incio.i-in^ t spun vrtKitf uy. 

An-wcrin" intcm.ition.-ll 
qucMion- l! - ili-.in.irkctin.-. 
o.'mpjsivr-^TKr-iHp.manJ'jvc.if.nt, 

'Cfcdt vonrro! - riiroudi D«X KV 
Buxine-* Book -hop. 21 puhl^ icoiii, 
Tnillicmr- ol Uut? jiiJ suidJin-ji 
worldwide. 

Simplifying taxation for 

proles: ional ad\ ucis 


you ini 

Keeping vunriWO M CV 
ivorldnu: debt-collection, 

tu> Ijp^ down disapptirin; dfebrors. 

Educarinp tomorrcmV credit 
management: Scudv Course lor 
tut'jTi. ijL.Jjr connollers. 

Mi nimi>ing ri.sk imtantly? 
r .’O. .'.V o-rdcriicd credit repos to in 
lire r*«kE> F.cAster. 

Ta i lorinp credit reporting to 
>\iur special need?: nine dirterenc 
services, UK and os cr-ea*. Plus 
comp.mv bjljno: sheer semce.dnd 
company tvarchficrvke. 


DUN& 

BRADSTREET 

^iiore tlun credit to our reputauon* 

76/31 Clifton Street, London EC 2 P 2 LYFI»ne: 01-247 437 ?. 











i 14 


nd your American business contacts 


and charm mil 


ill 




BY DIANA SMITH, Rio de Janeiro Correspondent ■ 

Francisco into chauvinis m? an.C tfae^ift 

SAO SALVADOR da Bahia, realistic concepts of local needs, In the area, the 5ao _ for verbal espresSK^ and'. 

capital of Bahia State, and Re- of widespread callousness to river, has been used ior * ^ poetry> epitomised m .tbe flff- 

cife, capital of Peraambnco human poverty and suffering sive irrigation proj nrofit- tbe-cuff quadras or -song-potts* 

i State, were founded by the Por- bred from the smugness of those to produce expensive, , di 111 * performed by local nimh^: . 
I tuguese in the mid-sixteenth who. have made good, and of able crops like me . ® t0 Known as the Rej^lwtaa. (rapid . 

century. To-day, they, still boast lopsided priorities. and y-atermelon, tor -h ones ) on t0 picai subjecte^wilh : 

r..i . v A *v«.ifinTB - tka • nar ranifa rhe nrnsrwraus 5uui“ . .kw. onlrfitv 


■ nerican executives have nearly everything 
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'■ hen we printed a pilot issue of WORLD 
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£ien w e compared our pilot issue with the 
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" e found that all of these distinguished 
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enurenes, paiaces ana resi- risen nvm to set ceieDraung uus <™u‘ 

dences coexist, with a sense of $700 per annum in 15 years, to b? gained. 3iean*™ • q[ t|>wn * s fotitHlatiBThViia 

space and grace, with sporadic while the national per capita up toe projects, - . land doing it in togh-spiriledcoiajitiy 

. « ... . : rmm QRTWI tn ha vp ft riven on meu D ... ..a • 


fringed beaches run for un- tyP ical enough: a cluster of much forethought cn^-br ed ho rses. ‘ Even ► the ■ 

Sous prospeX. »i«h their »»»*“£“ ere. it teste for MB keWM.: 


or four times their 


Jok tnree or ub-no rrai.^ - -- - f feait5 m which gmtV 

real age, ten urigation _ j ’ meat, goat's cheese said goat’s 1 


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• ••••••••••• 


well-tended, unlittered squ | art ~ s white the fathers try to scratch seems, not fully privileged. . 
and parks, mameured gardens, ^ hired hands on the The less-wealthy co-operativ 

brightly - coloured homes and * ° 

streets free of traffic jams. 1 


Above all there is a marked 
contrast with chaotic — often 
inhuman, intolerably noisy, dirty 

FINANCIALTIMES OF LONDON SSUSSf »25li 

UllGinaCC the impression that the citizen 
t>Mlvrfrr is in control of Iris environment 
YfT 1 1 and concerned with its protec- 

tion. They are cities fit for 
T strollers and browsers, or those 

who wish to mediate on a park 
IBBHHDflmill bench. Recife - in particular 

B financial times world business ■ offers a rich lode for those 

weekly is FOR DEUVERY tv THE ■ blessed with serendipity — a 

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a ■ convent, once the Charity Hos- 

B : H pitaj of OJinda, on Recife’s out- 

2 Name S skirts, housing perhaps the 

I Address m most impeccable example of 

0 | Portuguese baroque church- 
Siate U.S.A.J5 work in existence. 

H Hf Because Salvador and Recife 


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£1 Thr Financial Tiraci Llmilcd, Rfs- Orficc Bracken Houfcw 

H l<1 Cannoa Slreo, LondonJEL'JP^BV. RepiJeredia 
EukUbT Nmnbtr iTTSW. toiler dasra 30.1 l.mi. 


are such exceptionally staid , . . . . . 

and well-tended cities, the con- or In 


athers trj- to sera ten seems, not fully n . av -ed- the s&z_ roie«i_ 

hired hands on the The less-wealthy " Sd d^ witif ^ ^ 

embracing frienctiibiKs af; the 

f i _ ~ V Miles 5U O: ruraI Nortbeasterner of pure, 

J - J r j 1 " — 1 1 "i : Portuguese or mixed;- tacial; 

BEllM ^SA 0LDIS^^^ === descent, however, ®e. negative' 

" = side of the Portwguese^^retn 
T *SF0RTflLEZA ^= emerges. Family pride degeaer- 
v. a v r — ates into nepotism,' politically 

‘‘‘MARANHAO / V ..^ = or commercially, - and a - sharp 

\ / f LfcAKA sense of personaT bufiiu^s^-. 

.- J \ / _ p"~~ especially on the grocery, 

/ -- ■- bakery, ironmongery ^cale;— ' 

\ ../PBtrolma^. v PARAISA t rorn into self-seirmg corrupiion 

■ .-''pifliif A) •: nriurr or monopoly once some upward 

5 riMUi ,..V p™a M bDC0 flKfclilrt mobility is achieved. 

l f _ . —v.-' 1 Things, however, 3Pe-iinpPov r 

Vl Sobradmho a j ALAG0AS ^=^ ing. The Geisel Government, 

■ < „ ^/P^o AfoHSol sgGIPE^^ 

* : BAHIA j f — ~ try, have effected improvements' 

•-. ry R Sao ~ with greater energy and; deter-- 

L«> - ■i IWteo Jsaosalvadore mlnation to rectify problem 

H. -' ■... • i - nn RflHIA ~ •' than their predecessors - Bahia 

•f \ f BHHiw state now has ; a large "petro- : 

: MIKAS GERAIS / I chemical comple* : which.' 

i"! 1 altliough capital-inteoslw 1 -, has 

created thousands of new- jobs 
dd jobs. have found trouble in getting and will increase the state's to 


.Petr of ilia 


.■■'PIAUf 


\J Sobradmho 

.F V...,-' J _ 


PARAISA 


AMBUCO 


.RECIFE 


ALAGOAS: 


Paulo Aftmso 1 SERGIPE: 


BAHIA 


BRASILIA U 


: MIKAS GERAIS 


SAO SALVADOR: 

= DA BflHIA= 


I tM tiw This is rot to nro^ress has fa » r prices for their produce, come tax revenue considerably. 

notMme^ro whflethe monopolistic tendency President GeiseFs appointed 

■ StM with a climate^ "which though fimin? advices (and '™1™'<- 1 f< " ie Northeast has successor. General FiguefiSedo- 


Lrnidon Of Hccs 1 12 Qnera \ ktorii Slrecl. London EC-d* 4B\ Trt: (St) :4|S0N AtffcrtiSMWlil Munpi: Divid Mewdy. • 

New \ ark Office: 75 RDCi>tldler Plan. New % orli 1M IV XV. Td: U12l Z45 7784 Advtruemnu Manttn Davhf Uobbmbl 1- 

• . i; 



H Salvador’s newest and most of considerable toportance). of Brazil s marketing sjstem. east .puts its fair share of. 
I luxurious hotel, built on a strip But, as is often the case in Problem is admitted by Brazil's progress: it doesn t ask. 

■ of land with the Atlantic roar- Brazil, despite genuine Govern- the heads u, the local research for more and wont accept. test- 
ing and breaking on both sides ment efforts to effect improve- and farming development and this is precisely gnh&ty 

B under the full moon is no fit men ts and impose fairness, it is centres: "It we can solve two Brazil owes the hmrtheasL 

5 preparation for a morning 400 the better-off who become still problems— water and middle- The form of. North^steni 

fl kilometres away (an hour bv better-off, not the poor who men,’’ I was told, "we can r^- development General Figuei- 

!■ Navaho — Brazil's equivalent of benefit ; £ra2li 1 s , ;™“5 and redo has in -nrittd Is first, and. . 

a Pinpr Tuh) in the area of , i achieve social justice. foremost mdustnal-scale farm- 


hamlet where no parallels can area of Petrolina, a small 
be drawn with its American town on ^ Francisco 

namesake. 'Rit-or minihfv u-oIpp mursp 


Idealism 

s - — *« — - -ssa a* j: s 

su^u'b.S Jata i <S&' 


tural research unit) are work- of Filadelfia is relatively green stor^owner tn burublm, 125 km Stu I snnnvnni nqi as 

ing on a project that they hope. paitiSb this SmTof fear 1,1 ** east of Kecife ’ in the Per ' sord ^ fitt^ and overcrewg^: 

will evolve the best possible when th^ rainv seTsSn Vjust n2rahuC0 ^terior. a cheerful, as those of Rio de. Janeiro-^ • 

5 “S? tapering off. The Petrolina area *2?. '*2*2* jSSt 


. \.J3i 

u’- ^ 




farming systems that will belp used cacti, having burned off Indians and slaves. While the frolic at will on Recife's 

the small farmer— either tenant the thorns, as the animal feed hard workers— the Italians, the peccable beaches nnd! bailiff}.;-,.' r As 

or smallholder— to produce all °f resort for their cattle or Germans, and l 3 ter, the Japan- clean air— something they ’■csttv • ’ 

that he can from the means at Boats. Pernambuco State, in es6i immigrated to southern not'do in the South. \V-. 

his disposal. And, it must be Pettolma lies, is the land Brazil, we were left out of the Flying over this vast arw3t»V T:t 

said, the same spirit of eager- of the goat par excellence— that develonment and we have been a small 1 plane, therefore,' lb# ^ 

Sra“ fJS^Ee Tgherf MpSs^S sh,^ about developing ^ 

Itwg San^ th^ e field! nbUIlieii “vil oTtvZ f ° r thos *.^ ho kno ^ : ' 

j 6 «ou m we uu u. Portugal, and. especially rural inhabited areas, . the sudden. . 

What they are up against In this area, Embrapa techni- Portugal, well. Pernambuco is an dramatic changes to terrain; mid ^ -j 

however, is what all Braziiians cians are working on simple inri- an exercise in deja ru.. ' climate, from moist to pardied, - : %r 

with a conscience are up against: gatlon systems, involving con- -\11 the more positive aspects where the aircraft bocks and • 
centuries of neglect, either be- necting clay vases or suction of the Portuguese character, dips in the hot currents blaaV . 

iu'gn or malignant, of exploita- clay pots which even a child are to be found there— the ing upwards from the scorched 

tion of the smallholder by the could instal without difficulty, gregariousriess and overwhelm- earth. Flying over the -Pauto 

medium-sized farmer and of the and which can be operated at ing hospitality, the powerful Afonso or Rnbra rtiohn - hydro- .. 

medium-sized fanner by the nunimum cost Here again, the sense of i . family union and electric dam nn tbg- Sao- Fran- f.".'' - 

tot z/undfari (major landowners) intention is to help the loyalty, the curiosity and eager- cisco River means a-. b^5?a-eyfc t •" >- 

of corruption and deviation of impoverished smallholder or ness to be Informed about the view of over $lbri woh^'bFt*®^- '&'*■; '■■■ 

official funds to private purses, tenant farmer, and here again, outside world (not necessarily electric energy scbemeS^ih- . A- 

of plans drawn up in gilded or is the clash between ideals and a Brazilian commonplace where .social benefits of suchT.' ©ollaysr i t 

steel and glass palaces without the profit motive. nationalism can often spill over are still the acid test. .■ Siv: 


' r ' ' 



J Ik- oniv niyunia^fi/l i < •:/ ur /n. filers fo u- is 

■..vi si ihuisl [el'.- sender support ,uui j>;ii rorei^r. fi; : ! 1 , t , r 
’/ears we have averag'd an aniaial pashi'n^vr ;;;niv!!i uS -n 
as i.oin|sirvil u> . ;u'j nevvd {> v nhc ;ci ri in jiulusM'v. 

/\ (i hi f'f < ">!'.) ii isTva-a,; in passengers -'w -- ~- 

m S vrais nn air run v.<>; k nj nn riims m .a'-:-' 

j t.i >. i,t. n ) ■' PiikiM.'jri inicrnalronal 

HA is nt'an.-fui for your patronayy, (»rtai [X'opK; to f iy with. 


This advertisement appears as a matter of record onljt 


TOYO 


September 1978 


TOYO RUBBER INDUSTRY 

Osaka, japan 

DM 30,000,000.- 
5%% Bearer Bonds of 1978/1983 

irrevocably and unconditionally guaranteed by 

THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED 
Tokyo, japan 


COMMERZBANK 

Akttengesellsdiaft 


YAMAICHI INTERNATIONAL (EUROPE) 

Limited * : ' 


SANWA BANK (UNDERWRITERS) 

Limited 


Abu Dhabi Investment Company 
Soctete Generate 


Nippon European Bank SA 


Union Bank of Switzerland (Securities) 
Wudley limited umited 






JyoU 


Financial Times Wednesday September 27 1978 






Elizabeth Hall 


Television 


Brass Ensemble 




bv DOMINIC GILL 


Keeping the national flavou 


1 sit** M 


The renaissance of popular 

irerest «iui':n r * ibciast lew years 
.‘■••.i serious iirasa music bas been 
‘ : - ‘ourishud greatly in this country 
, ._»Vh by ihc indefatigable 

• ^ :,-.'u:npeu?r and conductor Elgar 

• J ■■■; ■■•owarth. notably io bis pariner- 
^' i.-np tvita L’jr <ir:nielborpe CoU 
' " i.LTy Eand, v.-hjph be directs, and 

Philip .Tun*,-a and his Brass 
T-. nseiflble. Prcdsrtabh - , since the 

• iperlnry <« original works is 

T y STUdil. Huuarih and Junes 

: ‘J Hue together on Monday to give 
programme mainly of arrange- 
. ents: and a lasto for a whole 
■ ‘ -..enjng of bras* arrangements— 
tc an ei'eutng of double- reed 
■ guitar arrange men is — is not 
• ■Ci.'ssan.v one which ail mustc- 
. vi-rs acquire. Bur the blflh- 
■i'...' and dimax of ibis concert 
a show-stopper, exciting, and 
■- irifl enough ip calm all early 
' •uhis: a asiiLionallv good 
• . rangemonf donp by Howartb 
’• 'ibself, of Mussorgsky's Pictures 

- y on Exhibition, brilliantly 

! by an augmented PJBE. 

v ^Hir.varth has reshaped the 
* -... ano funnr using IS brass with 

’ : ree percussionists. Such a 

! ' ' - nemo :nu'i sometimes in- 
J • : liable emphasise the bright and 
I '-.- r ? brash it the expense of 

• ■= . htler colour auJ movement; 

] i Howartb ha* managed to 

1 oil] lhu merely vulgar with 

5 ; i. markable success. And there 

f •. ? momenip of real inspiration: 

i . muted bass tuba trills of 

i , nnwui" give exactly the 

{ •'.: - ect every pianist tries (vainly) 

i achieve The massive, 

i . .'*oaly battery of tubas and 


horns for “Bydlo" — joined at its 
climax by a full complement of 
trumpets and trombones — is a 
splendid realisation of an essen- 
tially orchestral moment. The 
octave tremolando of “Con 

mortuLs" Is transformed and the 
cbil] heightened, by a marvellous 
vox Humana timbre of high, 
muted trills; and hasn't the 
Groat Cato of Kiev always cried 
out for trumpet and tam tam? 

In the first half, the same 
erectly. augmented lS-piece 
Philip Jones Brass Ensemble — 
how were all the orchestras 
making out -that evening with 
such depleted brass sections? — 
gave us an arrangement of Wil- 
liam Walton’s Spitfire Prelude 
and Fugue, from the incidental 
music U> the film The First of the 
Fete: the Prelude actually a quin- 
tessence. of all the sub-Elgarian 
hogwasli that has plagued British 
soundtracks since 1940, but fun 
an its way; the Fugue a jolly Wal- 
tonish virtuoso bustle, thrown off 
with admirable spirit. A very 
jolly suite of 16th-century 
French dance -music opened the 
programme; and we also heard 
the brass quintet in D flat of 
Victor Ewald .(1$80-1835), the 
evening's only original work. A 
little more histrionic mileage 
could have been extracted from 
the piece — particularly from the 
first movement, with its unmis- 
takably Chaikovskian melody. 
But perhaps in' context the 
Ensemble's rather dr?, laconic 
delivery was actually the more 
winning for its simplicity and 
restraint. 


by CHRIS DUNKLEY 




-T: -*/b* 




mm ■ - 


* -m 






When the 30th session of the although its main almost ordinary one in an industrial it tells the story of a mo 

Prix Italia came to an end on absurdly complicated plot about part of England." Japanese PoW ramp, run b; 

Sunday with prize winners, secret police was certainly its Furthermore -Hallam Tenney- highly civilised officer wh 
jurors, delegates, observers, own — it would unavoidably recall son. assistant bead of BBC Radio liberal policies led the priso 
critics and reporters decamping to anyone who had seen it Drama who chaired the radio musicians to practise and r 
ea masse from the rigours (how- Stephen Poliakoff's LBC play drama jury, appealed strongly to form the famous Choral S; 
ever comfortable the chairs) of about plutonium theft, Stronger competitors not to treat the phony for tbe first time in Jap 
the viewing theatres in Milan to than tke Sun, -which was turned juries like dunderheads by select- For anyone raised on Bridge 
the splendours of the Teatro into a slick film by Michael in® whatever was believed to be the flirer Kicni and Camp 
Fraschini in Pavia for the actual Apted. the lowest international common Blood Island it would prov 

presentations, British broad- Australia’s Man the Killer, denominator. a somewhat surprising pictun 

casters took all three oE the Jfcn the Keeper was that nature certainly those proara mines On the other hand Americ 

television prizes. film about the re-establisbraent f rom w hivh 1 ’uined most, and musical drama entry Minst 

Such a total victory bus never of breeding colonies of elephant W hicb I would most strongly ur n e .Von, another RAI prize winn 
occurred, in the 2t year history seals and penguins which we in should be bou n ht for tra'nsmTs- offers some images familiar 
of the Festival** television event Britain seem to see about three ^ i n Britain "were those which the British: Black and Wb 
The BBC’s two prizes, for times a year from someone or were | eaS!t previous pro- Minstrels. But this shows i 

drama and documentary, were Similarly Belgium s firamraeSf or mos^ that had the real thing, blacks with wh 

accepted by Roland Joffd, direc- Those of the Fourth T\ arid did stro ngest national not inter- makeup, and the way that th 
tor of tne play 77ie Spongers, the street (or cafe) interview job nal i 0 n a i flavour eventuaJly found the courage 

and Tim King, director of the with down-and-outs which is . .. , _ . demand and win their own d 

series Hospital and specifically becoming so familiar that The first. A code or Uu cast- itv flT]d off the faat 

of the first episode ‘’Casualty." any viewer could compile it him- wow of the Aorifi Pole, is wh f te grea sepaint. The BBi 

which won the award. Derek seir. “ Black and White Minstrel 

Bailey who wrote, produced and * n America s The Miracle L ors ^|l ,s RR? can never seem the same agaii 

directed London Weekend Tele- Months which won the secondary sub-title* and therefore could . 

vision’s winnin® music pn> RAI prize for documentary- I hardly be shown in Britain in TV an Trrnl from Americ 
gramme. MacMiUon‘s Mauerting saw 3 drop of amniotic fluid the present form. Yet its PBS does a very much bell 
was unable to attend the cere- forming at the top of a doctor's astonishing story of a 192t> air- job on the famous Ron 
moay and Melvyn Bragg 


David Oxloby is a painter who. 
for rather more than a decade, 
has centered his work upon 
-what amounts to his obsession' 
with the heroes of Sock and 
Roll. Now Phaidon has pub- 
lished Oxtoby’s Rockers in 
glossy paperback, and an 
exhibition to mark this particu- 
lar conjunct Ion of the usually 
so separate worlds of Art, 
Music and Books, Ls now filling 


the Redferti Gallery until 
October 17. The work is more 
remarkable for its energy and 
enthusiasm than for its control, 
but at its best, as in tbe 
smaller, more concentrated 
graphic work, Oxtoby has pro- 
duced. some memorable and 
highly personal contemporary 
icons. The illustration shows 
one or the more controversial 
heroes. Rod Stewart W_P. 


iirceN Room 


W ! 

} \ ; ir.fi, | 


Jacek Strauch 


Book reviews 


1 -Tils Riftc-J young baritone, 
.gltsh-burn o[. Polish estrac- 
, i. quickly showed at his well* 
?nded rvei '.al on Monday why 
won the I97S Ferrier 
morial Scholarship. Such a 
rihinaiion of richly-endowed 
: co. quick intelligence and 

• malic <nn<l mimetic) ability 

unu.su al even tn these days 
m new British singers of 
mt appear with some £re- 
ncy. Hii programme of 
ruben, Mendelssohn and Wolf 
uded several rarely-heard 

- imeresring songs, many of 
-at with feursumely difficult 
;_ompaoiTDents— a lest which 

• pianist Iain Lodingham. sur- 
inted with the same intelli- 

- ce if not with quite as much 
ibiliiy as his singing partner. 

- here were a number of 
..slerly dramatic and sardonic- 

humonius songs, many of 
h at fast speed needing fluent 
imand of sung German— this 
“• forthcoming, and so was the 
ra rarer ability in a young 
-jor to feel a song as a whole 
keep it going right through — 
jr Schilter and 14 Normans 
■ang” of Schubert were ex- 
iles, also three airy but not 
.■'•id vignettes from Mendels- 


sohn's neglected song output, 
especially “Neue Liebe " and 
“ Hcxenlied.” Sometimes Mr. 
srraucb dropped too readily 
into the kind of pariando adopted 


Dancing over there 


in the opera house by many 
singers of Wagner's Nibelung 
roles: be can inflect tone-eolour 
so vividly that there ean be oo 
need for this. . 

What remained a partly un- 
solved question was~bis capacity 
for legato singing. Schubert’s 
“Nacht und Tr&ume*" severe 
test, did not quite come off. yet 
Wolf's “ Weylas Gesang ” was so 
delicately done as to make one 
want more in the same lyrical 
vein. Next time Mr. Strauch 
must ration his comedy numbers, 
excellent though they are. and 
concentrate more on strictly 
classical singing. He has such 
possibilities (of a kind,' too. sel- 
dom found in English singers 
especially at his age) that any 
temptation to win easy success 
(however well deserved), with 
wbat he knows he can do must 
he stoutly resisted. AH rifle same, 
a very good evening— how often 
does one hear Wolf's “Feuer- 
reiter " so grippingly yet lightly, 
unhammily done? . 

RONALD CRICHTON 


by CLEMENT CRISP 


American Ballet Theatre by 
Charles Payne. A. and C. Black, 
£20.00. 2S0 pages 


mu 


V. 5 - Wi '• • V" ‘ . 






,: 'Z : • < ym 










rf" *r* 








■ .. ^ 






Charles Paine has been associ- 
ated with American Ballet 
Theatre since its inception. And 
because ballet companies must 
serve Mammon as well as Apollo, 
and because ballet is about busi- 
ness as well as about -“art,” a 
true record of any company 
must pay due attention to finan- 
cial politics os well as the 
supposed creative urge that 
impels a troupe on its path to 
glory or Carey Street (The 
financial histones of our national 
•—and State-subsidised — opera 
and ballet and drama will, alas, 
forever remain wrapped in the 
cloud of unknowing, that smoke- 
screen of statistics and fine 
words appearing in their respec- 
tive annual reports.) Charles 
Payne has always served on the 
administrative and financial side 
of ABT and his view of its 
development is that of an insider. 

None better, then, to guide us 
through the tortuous early years 
of the company which he charts 
with the unmistakable and 
slightly scary ring of truth. Tbe 
war years in the U.S. when 
Ballet Theatre was finding, and 
sometimes losing, its feet saw a 
boom in ballet marked by a con- 
tinual game of jockeying for 
stars and touring dates, with that 
astnte operator Sol Hurok ring- 
ing the changes on companies, 
taking his all-important patron- 
age from one to another, 
chopping and changing dancers 
and personnel to sustain box- 
office receipts. Various other 
intriguing characters, like 
Colonel de Basil, feature in this 
Mafioso game, caught up in a 
general post of financial backers, 
loyalties, and those manic 
jealousies that make any fiction 
about ballet a poor second to the 
facts. And the facts are what 
Charles Payne gives in abund- 
ance, detailing the switch-back 
of AST's fortunes with an affec- 
tion which does not inhibit his 
sense of amusement at the 
madder moments, nor his under- 
standing of the various personali- 
ties that have contributed to 
AST's 38 years of existence. 

-As a commentary and illus- 
tration to Payne’s detailed text 


there is a parallel history in 
pictures: multitudinous, and all 
well reproduced. And, as a bonus, 
four of ABT’s central figures— 
Lucia Chase, Norah Kaye, Alicia 
Alonso and Erik Brubn — have 
written articles about their work 
with the company. American 
Ballet Theatre is a splendid piece 
of book production — one of a 
series (including Kirstem’s New 
York City Ballet; and Barish- 
nikoo at Work by Charles 
France) produced in New York 
by Knopf and presented here by 
A. and C. Black. They all combine 
superb content with ideal 
appearance. . 

A no less worthwhile view of I 
American Ballet comes with. 
Black’s publication of Arlene 1 
Croce's After-Images (£8.95. 486 
pages). Miss Croce has been 
dance critic of the New' Yorker 
■for the past five years; previously 
she was to be read in that lively 
journal Ballet Review and in our 
own Dancing Times. In all three 
magazines a sharp and far-seeing 
eye ■ and . a passion for dancing 
made her the best and most 
respected dance critic in America. 

I have read Miss Croce with 
admiration for the decade 
covered by this book of collected 
pieces (from 1966-77), :and — 
because one likes a critic with 
whom one agrees — I. have re- 
joiced to find that After-Images 
represents a most perceptive and 
illuminating survey of the past 
ten years in Western Ballet as 
seen f rota No w York. (And who 
can resist a woman who starts a 
review: “ On a desperate night in 
Stockholm one can throw oneself 
into a canal or go to the The 
Royal Swedish Ballot?”.) 

Reading Croce on Barishnikov 
or Twyla Tharp or New York 
City Ballet is to relive perform- 
ances with a sense of renewed 
delight On artists she loathes— 
like Bdjart — she combines the 
hatchet with the needle to delight 
the soul of Bejart-phobcs. One 
can quibble about a few 
judgments: about ber assessment 
of Dance Theatre of Harlem as a 
classical company; about a 
napalm attack on the Stuttgart 
Ballet, which may well have been 
a reaction to tbe frantic over- 
selling of the company by Sol 
Hurok. But the sum effect is of 
a critic vastly gifted and vastly 
readable. And vastly right. 


accepted the prize in bis stead. 

As noted in ibis column last 
week, the regularity with which 
Britain scoops up these awards 
has become almost (though not 
quite) an embarrassment to the 
members of the British party 
who regularly attend. It does 
become difficult when Britain 
adds a complete sweeping of the 
board to its already unique 
series of “doubles," 10 avoid 
malting remarks wbicb sound as 
though they come from one of 
those boringly fervent nation- 
alists. 

So let the facts speak for 
themselves: the Prix Italia was 
created in 1948 and was solely 
concerned with radio. Tele- 
vision prizes were added in 1957 
and . although the Italians still 
try to give pride of place to 
radio (and there are still more 
radio than television entries, 81 
to '61 this year) television bas 
outgrown radio in international 
interest and prestige. 

Hi the history of the television 
event France has won seven Prix 
Italia awards, Germany, Japan 
and. Sweden six each. America, 
Poland and Switzerland two each, 
and^ Belgium and Denmark one 
each.' ‘ Many of the competing 
countries — from Australia and 
Austria to Russia and Yugo- 
slavia— have won none at alL 
I Britain has now won 20. 

, Nor is this merely a reflection 
of the UK's chance to have two 
bates at the cherry each year, 
enabling the BBC to contribute 
12Vand ITV eight to the British 
prize tally. Several other coun- 
tries including Canada, Finland, 
France. Germany and America 



Ml 




fS«T ttSUrEf iB , Th. JubllM.putif IC.IM tam ‘Th. Sponger,' 

also get two bites. Yet in the exploratory hypodermic for the ship disaster in the Arctic, and Zamora trial ana its expenmen 
last four years the British have third time in about four weeks tbe subsequent dramatic rescue with the cameras in court thai 
won eight of the Prix Italia as we heard, yet again, about attempts, was completely new ITV managed earlier this yea! 
awari& aiuL'the rest of the world today’s obstetric marvels. . .The and fascinating to me, and would And in the process it gives ; 

four? filming of a live foetus Inside tbe- be, -I would guess, - to many better airing on screen to thi 

It is. of course, highly gratify- womb was admittedly startling others. violence-cause-and-effect tjebati 

ing for the broadcasters to be and wonderful, but the subject Another documentary, this than we have seen for a ven 
able to win so much prestige and generally is now well worn. lime from Canada, called Four Ion® time, 

so much monev (the British And no television festival Women gave a highly informa- Last, and in its calm and un 
usually divide their prizes, which would be complete without at tive and dispassionate, yet very aggressive way best, is a Dutct 
are now worth about £6.000 each least one programme seeking to moving, account of the ways in documentary about Van Gogl 
tax free, among the production I*nk poetry with landscape. This wbicb four women dealt with . . . and art . . . and populai 
team). But there is rather more year (leaving aside ITVs drama breast cancer which, it seems, taste . . and private fantasie: 
than that to the event at least entry Clouds of Glory w hich cer- affects one in every 14 Canadian . . . and a whole host of gemlj 
for the majority of us who go to tainly did this, but in a very women. It is not uncommon in observed beliefs and loves anc 
observe and not actually to com- special Ken Russell-ish way, get- Britain, and should be shown. prejudices. Called .4 Von Gogh 

pete. ting the programme shortlisted Japan's Man Behind the Bomb on the Wall it used the slmph 

Two things emerge : the extra- ^ u t winning no prizes) it was was on a fairly well aired sub- idea of appealing on screen it 
ordinary and often rather The Border Poets of /he Gulf ject — the origins of the atom hear from anyone owning a re 
depressing similarities between °f Rioa. Its bustling-market- bomb in general and Leo production of “ Cafe Terrace bt 
subjects, styles, approaches and Place footage was so like a 1955 Szilard's role in particular— yet Night," and then showing a col 
even detailed content in pro- took °t tofa that some of us also deserves British air time lection of the respondents talk 
grammes despite the immense rather rudely, to laugh. (there is an English commentary ing about their pictures, 
variety of countries entering So it goes on, and of course p e f. si ?^ for its new research on It was a quiet but powerful 

them for the Prix Italia. And one reason for the limited a £ 3 , , an “ Einstein, and its reminder of what a large num- 

then, once in a while, a treat- number of subjects is that there use of animation and ber of people there ar? in the 


meat, technique, or view of a are only a few which broad- oth . er unexpected techniques. world who are not transexuals, 
subject which is, on the con- casters seem to consider “inter- ”,P aD 5 drama could be a not murderers, not torturers, noi 


Tiny Alice 


trary, peculiarly different from national " (nature red in tooth R al i“ lary t expe ?? C j fo , r . 60016 disfigured- and not even poor. A 
anything seen in one’s own and claw, the wonders'of medical S£!I 0 S® *® 0: called Nntfulffza. the iot of, broadcasting companies 
country and, at best, capable pi science, tbe poor and so on) and Beethovens Ninth in Japan, could learn from the Dutch, 
changing, .one's whole outlook. they hold back as being “too ■« -- . - . 

Taking the similarities first: parochial” those dealing in IY/1 fkC Q If’"' 1077 liCSC'fl \7 0 1 

British viewers having nothing detail with non-international lvlUoaiL/ Jcl ILtjLu lW/OLlVClI 

to do with the media might be subjects. 

quite startled if they could see Y . t th - iuries showed verv «r A T> r ®. re - opp ? rtu R i,v 10 be . a r 20 Mosaic is one of these so in 
how familiar so many entries e]earIv thji vear tw su S ? f Bn c tam ,. s top 3azz ““S'cians conjunction with Collier the Jazi 
look. Spain’s documentary this jL£Jj|n®is the last thin® thev m a fiv ?' h ' >,ir fea st ot contem- Centre Society is marshalling alJ 
year, for instance, Tarahumares, S a nL ?n a wardS Se BBC’s RS7 «>mes on Sunday, the groups on the label fa? an 

■was a study of the religions *, ln the e dr g^ a October 8 at the Round House. unusual evening. 

dances and celebrations of an p jJJ, 1 f. sneHficallv Titled The Mosaic Festival the Apart froro Graham Collier's 

MMR.S.S gW-Sff SLT& SSSs 

Then there was a highly enter- people- . A]an Jackson Henry Lowtber. 

taining “play " entered by Ger- Likewise, the chairman of the One of the highlights of the John Taylor. Art Themea and 
many's ZDF called Plutonium, documentary jury complimented British jazz scene in recent years Alan Wakeman. 

Made slickly on film rather than Hospital for showing not a has been tbe increase of inde- The evening begins at 5.30 
videotape, on South American glittering showpiece hospital con- pendent record labels, many of p.m„ and tickets i £3. £2.50 and 
locations, it postulated theft of sidered suitable for international them run by musicians seeking £2) are available from' the Round 
plutonium by terrorists and— consumption, but “a rather an outlet for their own work. House (267 2564). 


Libby Morris 


Leonard Bart 


by RONALD CRICHTON 


fg* s Head 


— — came to the point, could swallow 

Alice Elgar: Enigma of a Vic- a .good- deal. Probably Elgar’s 


Shay 


. tori an Lady by Percy M. Young, profession of music and 
Dennis Dobson. £7.50, 201 Catholic faith caused more real 
pages despondency than bis origins. . 

— : — — : : rr — Alice nursed ambitions as a 

■a am writer which bad to be virtually 

Boult describes Lady Elgar aa j a jd aside when she 'became the 


Renters keeps you in the picture oaUKinvestisisiit 


MICHAEL COVENEY 


“very tiny indeed’* with “a ^le of a genius. She bad pub- 
quiet intimate My rf speaking, lished a certain amount, includ- 




^ 1 


:o -not think, somehow, that octopus of deadening family life 
.nternal domestic hang-ups in the suburbs is to blame. 

? “ 2 . £ SM 

town Michigan are likely to Qant treatment only last week 
jss themselves on the by jj Ur own Stephen Poliakoff, 
on pub theatre-going com- whose Shout Across The River 
ty (whoever they are) with does, among other things, relate 
*reat urgency. Anne Com- to a native audience in Its 
s eomedv 'is tbe worst imagery language and sense of 
i havp vnt raroun- ^han desolation. Miss Commire 
** not evea Persuasively informa- 
- ^ or no doubt admirable ^ details of what’s 
of the O'Neill Theatre. Con- ^ sta te of Michigan, 

ce for new playwrights.. It The snipt is pac feed With laugh- 
11 lev ard fluff masquerading ab1e broadsi des such as “When 
.•mmitted social comedy. j- ra a i one . rm total ... Pin 
(•$2 eponymous Shay is a with- sealing myself off for society's 
li v a housewife whose husband, sake.” 

S> being Christmas (someone Libby Morris as Shay finally, 
day will write a deeply gets into her stride by reducing 
tical study of the place of the play to a cabaret, overtaking 
Ihrislinas tree in 30th cen- 3 Lena Horne, record with her 
American theatre), is tuned own expression of musical self 
icably in to televised sport. an d playing havoc with the polite 
laughter is about to marry conversation of bemused house 
A stooge, while her son bas cuests. Apart from Miss Morris, 
:l led home with severe mis- Marlene McKay is fin® as to®' 
-■« about his new trade as a daughter and Margaret Robert- 
• >■ . «^irv agent. Not only will son throatHy effective as a _l°ng- 
. . y not meet her daughter’s suffering friend. The rest is all 
i u active in-laws, she will not redolent of- church hall drama- 
join in the. neighbourhood tics,, the: Inevitable fate jvr 
rirBsfc ■ She., has . material .Ilka Ibis. The director 
ams and, yes 'folks, the oifi is David Black. 


He quotes Frank Schuster.^ who ^ a nove , Morchcroft Manor. 
was tail, as remarking You of her verse. Dr. Young quotes 
know the way dear Alice used enough to show that, though her 
to come up to one and confide in talent was slender, she had 
one’s tummy ?” Small and quiet facility, and more application 
Alice Elgar may have been, but and adaptability than an amateur 
sbe often got her way. On that scribbler pure and simple. When 
particular occasion she broached Andrew Lang withheld permis- 
the question of an Elgar Festival s j 0IJ for publication of Elgar's 
at Covent Garden, and it duly setting of one of his poems, 
came to pass. Alice set to and provided alterna- 

• The Elgar scholar, Percy M. tive words to fit the notes. One 
Young, has added to his list a feels that if Elgar’s undeveloped 
handsomely produced little book talent as composer for the 
all about Alice. Not many com- theatre had been given a chance, 
posers' wives oF less than Cosima* she might possibly have proved 
.Wagner status, however self- to. be the stuff of which long- 
sacrificing, earn such a compli- suffering librettists are made, 
ment Perhaps ** wafl 35 we ^ * or With his quick-changing moods 
her (though undoubtedly not for and black, bitter depression, he 
Elgar) that she died before him must have been a terribly diffi- 
and was spared the fate of many cult man to live with, however 
composers' widows wbo have differently his London cronies 
lived on and become a nuisance and the various women friends, 
in one way or another. grander and more clamorous 

Alice. Elgar was the daughter than Alice, .whose value as ra- 
of a Victorian Major-General, Sir spi ration-objects she seems how* 
Henry Gee Roberts. When at the ever (0 have tactfully accepted,: 
age- of 40 she married Elgar, may have seen him. She did him 
some years younger .and of pretty well, though one withes j 
humble family, both her parents she could have found Un)* and I 
were dead. She was modestly heart to take more trouble about 
independent, also determined their daughter, Carice. Surely 
and devoted enough to overcome what she achieved was not worth 
family hostility. .less than the tiny literary career 

'Even before the. present time, that might coneeivablyjiave’beea 
English- county families, whenlt'berS, ' ' 


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1RACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
relegrams; Flnantime, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Wednesday September 27 1978 


-way 


Mr. Vorster’s parting shot 

to world opinion 


BY QUENTIN PEEL r Joh annesburg Correspondent 


J 2 FRENCH Government is 
| erstandably proud of the 
1 ieveraents of its car manu- 
. urcrs. There is general 
j husiasm about The fact that 

■ igeot will soon be the largest 
; maker in Europe— jF its bid 
• Chrysler‘5 European 

sresls is successful. Indeed, 

■ could be said that Peugeot 
: blazing a path which other 

,*nch companies will need to 
low if they are to enlarge 
*ir share of world markets, 
tit some exceptions. French 
lustry has heen more 
uetant than that of West Ger- 
iny or the UK to expand by 
juisition outside its home 
se. As several French com- 
?ntators see it. this is a source 
weakness: French companies 
11 need to establish more 
anu factoring operations, often 
■ means of take-over, in other 
:rts of Europe, in North 
merica and in the rest oF the 
arid. 

'rotccfion 

There is. however, another 
de to this coin. If the French 
spect foreign governments to 
pprove such deals as the Peu- 
eot bid for Chrysler. it is only 
easonable that foreign com- 
anies should be free to make 
equations in France. As it is. 
everal foreign companies, in- 
iuding British Petroleum and 
nost recently Lucas Industries, 
iave had their bids for French 
-ompamee either frustrated or 
-eriously hampered on what ap- 
pear to be nationalistic grounds. 
This is a form of protectionism 
.vliich, while not as damaging 
is tariffs; quotas and other re- 
strictions on imported goods, is 
lardly consistent with France's 
membership of the Common 
Market or with the role which 
French industry is seeking to 
play in the world at large. 

The Lucas proposal, which 
has been awaiting official 
approval since the beginning of 
this year, is for the British 
company' to acquire the 51 per 
cent it does not already own in 
Ducellier, a leading French 
automotive component manu- 
facturer. The deal seemed 
straightforward enough, but it 
ran into opposition from other 
French companies in the same 
sector and from the Govern- 
ment The authorities were 
apparently anxious to see the 
emergence of a French- 
controlled group which could 
hold its own in world markets 
against the European leaders. 
Lucas in the UK and Bosch in 
Germany. 


There have been suggestions 
that approval by the British 
Government of the UK end of 
the Chrysler- Peugeot take-over 
should he made conditional on 
French approval of the Lucas- 
Dui-cllier bid. This is unrealistic, 
but the coincidence of the two 
deals docs provide an oppor- 
tunity for reminding the French 
that international investment by 
leading industrial companies is 
a two-way street. French indus- 
try can hardly be regarded as 
so weak that it needs to be pro- 
tected from the competition 
which inward investment from 
companies like Lucas will pro-, 
duce: yet there is an instinctive 
reaction, whenever a significant, 
company is in danger of pass- 
ing into foreign Ownership, to 
hold up the deal and start a 
search for a "French solution.” 1 

It is true that the search is 
sometimes unsuccessful and the 
French authorities have had to ! 
accept an unwelcome take-over 
as an alternative to liquidation. 
For example, when Poclain, a 
major manufacturer of construc- 
tion equipment ran into finan- 
cial difficulty, no French j 
rescuer could be found: only an I 
American conglomerate. Ten- 
neeo, ha dthe will and the re- 
sources to step in with suffi- 
cient funds to keep the company 
a&oat. But it is the bureaucratic 
obstacles that the foreign bid- 
der has to overcome, even in 
cases of relatively small indus- 
trial importance, which cause 
resentment 

Interdependence 

When the victim of the pro- 
posed take-over is thought to 
play so vital a role in the econ- 
omy that ownership must be 
kept in national hands, then the 
case for Government interven- 
tion may seem somewhat 
stronger. Thai was the argu- 
ment and it was a pretty thin 
one. which was used in the UK 
in the late 'sixties when SKF 
of Sweden was prevented from 
acquiring the British-owned 
manufacturer of ball bearings. 
In these days of growing inter- 
dependence the number of com- 
panies in which national owner- 
ship must he retained for stra- 
tegic reasons is very small: the 
strategic argument can easily 
become a cloak for nationalism 
and can hardly apply to a situa- 
tion • in which an established 
foreign investor is increasing 
his stake in a company from 
49 per cent to a controlling in- 
terest Like any other form of 
protectionism, an unnecessarily 
restrictive approach to inward 
investment invites retaliation. 


V 


Mr. Vorster did. His decision mous. 
to press ahead with elections 
without any UN supervision or 
control would seem to lead in- 
exorably to an unrecognised 
independence in Namibia, and 
to a dramatic increase in tbe 
level of demands for inter- 


Doctor’s 

orders 


W HEN MR. John Vorster undoubtedly a widespread feel- is still strong resistance -within ‘ • ••■ : 

last week launched his Ing in the National Party that the National Party to any .. . . 

parting shot as South the nationalist movement, suggestion that South African ! - - 

African Prime Minister, and set whose external leadership has troops should be used to bolster 

the mandated territory of increasingly identified itself as the Rhodesian war effort, but it 

Namibia ( South West Africa) revolutionary and socialist, is an argument which becomes 

on a unilateral path to inde- could not be allowed to win less tenable if they are heavily 

pendence, his decision reduced under any circumstances. involved in Namibia, another m S&toumHr 

tbe Western embassies in Pre- That view has finally pre- colonial neighbour. K 

toria to a stunned silence. vailed in the Cabinet, and Mr. The immediate threat over *. 

Those diplomats who had Vorster's announcement was Namibia, and one which the 
been involved in the 18-month based on the Cabinet consensus, Cabinet undoubtedly weighed ^ 

long exercise to negotiate an whatever his own inclination. U P in reaching its decision, is ^ ! • & 0 51 

intemationally-acceptable settle- Indeed, although there had been that of further international ■■ 

ment in the territory genuinely divisions within the Cabinet on sanctions being introduced •"* ' a 

believed that South Africa had the strategy to be pursued in against South Africa. The 

gone so far along that road that Namibia, political observers decision by the UJJ.' Security 

it would be impossible to turn here believe that the final rieci- Council to impose a mandatory 

hack. Yet that is exactly what s ion to go it alone was unatu- arms embargo, following the . * ■%£,'’ ipslp', 

Mr. Vorster did. His decision mous. nationwide detentions of black 

to press ahead with elections dissidents last October, .means . 

without any UN supervision or that. South Africa has already 

control would seem to lead in- Rnntnr’r bee . n declare <i * threat to inter- • 

exorably to an unrecognised UUwlUl 3 national peace. A further exten _ 

independence in Namibia, and ak/Iaw s * on U.N. sanctions would 

to a dramatic increase in tbe OlOcfS therefore be fairly straight- 

level of demands for inter- forward in terms of inter- / 

national action to be taken At such a time, Mr. Vorster’s national law. Jr 

against South Africa itself. decision to accept lie doctor’s In the first place, the decision , 

The Western shock at Mr. orders and resign must have to press ahead with an internal ^SS| ■£;* HHH M ' : >n P''' 

Vorster's seemingly inexplicable horrified his Cabinet colleagues, solution in Namibia is presented 'M " gfj 

move which achieved the maxi- Their desire to keep his hand in Johannesburg as a move to 

mum sensational affect by being close to the political controls, call the bluff of the Western 

coupled with his decision to re- combined perhaps with th e in- nations, which insisted that they 

sign as Prime Minister (for ill evitable unwillingness of a poli- would scarcely be able to resist 

health, although he never said tical leader to let go completely, the pressure for sanctions if John Torsten jettisoned the one real hope for peace in Namibia 
as much), appears to be based must have combined to make South Africa failed to agree to 

nn a fundamental miscaleula- him accept nomination for tbe an internationally-acceptable 

tion of the motivation and des- job of state President in spite settlement Britain in particular . . . . ' ' , 

pe ration of South Africa’s nil- of the pressures that such a is highly vulnerable to an “«*& “ disused mines, at be- investment # with out foreign 

ing Afrikaner elite largely ceremonial job will still economic backlasb, with an tween 18 mouths and three capital, add forcing investment 

With considerable delibera- entail estimated £5bn in investment y eare supply, depending on how tat strategic reasons . into rela- 
tion Mr “Sreter jettisoned the Even if he is still on hand to within South Africa, and some successfully consumption could lively capital intensive areg 

one* real hoDe for a peacehil give advice. Mr. Vorster’s 70,000 jobs at home dependent be reduced In the face of a total Both^ would novate .the 

settlement in Southern Africa successor will have to face a on British-South African trade, embargo and blockade. Produc^ already serious levels of black 

then he refected SflW plan situation of unprecedented Moreover, it is by no. means Don of oil from coal pioneered unemployment m the country, 

fora ceasefire and free elections international pressure, com- clear if South Africa will be at tbe Sasol plant at Sasolburg, —variously estimated, u* -tbe 

in Namibia The onlv exnlana- bined with internal uncertainty, prepared to retaliate against provides barely 4 per cent of absence of reliable offioal 

tion can he* that it went too far Tbe parliamentary caucus of sanctions by withholding sup- * uel consumption, but the Sasol figures, at between 1.5m and 

^comoromisine^is b^si^tirin- the National Party, which meets plies of such essential raw 2 plant at Sekunda, currently 2m. Senior government advisere 

doles and those of the ruling tomorrow to choose its new materials as gold, chrome, under construction, would push admrtthat, at the. savin gs and 

Satio J pam leader, and thus automatically uranium, platinum or man- that up to 28 per cent of coo- ^vestment ratios prev^ing^sq 

it* the new crime minister will be ganese, in. each of which it sumption in 1980/81. Govern- far this decade, , economic 

■It was an inevitable decision ^ h ’ h supplies a significant proportion ment sources suggest that Sasol growth without foreign Invest- 

once it was obvious that the «“«*• Sther a w^ leader Stiieworld marke proporU ° n 2 could be brought on stream ment could fall as low as 2 per 

West was simply not concerned £ SriSJeT? «1S tran£ earlier, at least for some limited cent It is a long way short ot 

^^»myh*JE£r ?onSTof SSSSt w™n production, while the oil stock- the 5 to _6 per cent which it is 

meat of bouth west Africa, rommunitv to reach an c»x__ j. • pile would be used until it was estimated is needed ta absorb 

SHKffti Hp" e “They e w rf StrSS^d « tatJSStaS Strategic pmduemg. Oil is actually used the nu„ be „ ^ddihooal Wa^ 

0 ilJ Si > lit corooromise j for only some 25 per cent of workers entering the labour 

not worried whether it was corapromis . Oillm*! South Africa’-? ener«>v needs so market every year.- 

Marxist or not. All the West The decision to ignore the gUUUS bourn ^ncas energy neeos^ so ... 

wanted was a stable govern- U.N. in Namibia means that ® n em .bar o 0 would hit transport, 

ment. South Africa will have to step Some sort of economic action, but most industrial production ArafI 


2 could be brought on stream ment could fall as low as 2 per 
earlier, at least for some limited cent. It is a long way short of- 
production, while the oil stock- the 5 to 6 per cent which it is 
pile would be used until it was es tim ated is needed to absorb 
producing. Oil is actually used the numbers of additional black 
for only some 25 per cent of workers entering the labour 
South Africa’s energy needs, so market every year. - 
an embargo would hit transport, 


wail LCU was a OLuU 1>^ ZUlvIU' U.JiV, AU avoaauviu iuvuuo liiMhi . , _ . - J • J 

ment. South Africa will have to step Some sort of economic action, but most industrial production TTmkitf Arorl 

up its war effort alon° the however, is clearly expected would be unaffected. XL 111 UilLt.it? 11 

_ T , , Angolan border. Already that even if it falls short of the The measures taken by the 

Neither operation is tying down some- demands of the Organisation ot South African Government to . relatlQIlS - " 

U thing approaching 20,000 troops. African Unity.. Mr. Pik Botha, promote industrial self-suffi-. , - ^ - : 

1 VQ V and has been the single largest the Foreign Minister, admitted ciency, for instance by pushing' Growing black unemployment’ 

VT a J drain ' on a military budget as much last week when he said through a local content pro- can only •: exacerbate- the 

so sr n B o^ n ra^p«pS & .sssr.iWf 

KJK? K M “ 2 ? iSSL "TOSH 


a guerilla war in northera year. The move is something of African Government anyway, within the country, as have successful ^solution to intoai: 
Namibia ) had^won* th^rhld a gamble in terms of white To some extent, the economy is. been the drawbacks to the Wes- race relations thus rem*i^ 
S’ XJKAtS * ’« I. . war wtuch it At tha .nd of a pro- -On jf M ^ 


Protectionism 
hurts the weak 


accept them ” deterioration of the military could not be quickly manufac- replacement boom. But in the Party policy* JjAVe brought, no *> 

The official South African situation in Rhodesia means tmed in South Africa have been long run,- tfcer e is no doubt of tangible ^ 

argument has been that the pre- that the South African defence stockpiled— such As ball-bear- the damage that sanctions could What effpr ts . haye^een ;made >a 
sence of some 7.500 UN troops foree has also had to build up \ngs, computer and- electronic effect _ simply to -WA-Jimi- ofZj 

in the territory would have its presence along the parts and strategic chemicals. Probably the . most serious the most glaringly discrimin-.fi 
given SWAPO aD unfair psycho- Rhodesian and Mozambique Oil is tbe one commodity effect would he^in retarding at °ry featiires JJi. petty ti 

logical advantage — because the borders, with the establishment which South Africa cannot re- economic growth because of the apartheid, such as the segrega- fi 

UN has alwavs favoured of new army and air bases in place. Informed estimates put inability of the domestic tion of public parks, post offices b 

SWAPO’s cause. But-there was the Northern Transvaal. There the current stockpile, held pri- economy to generate enough and other public amenities, to 


.have already started to run Into 
a considerable white b add ash. 

At the Transvaal congress of 
the National Party two weeks 
ago, when rumours of Mr. 
Vorster's ill-health first sur- 
faced, the main debate revolved 
entirely round the issue of 
whether white amenities were 
being opened up to blacks too 
fast: IQ speakers spoke in favour 
of greater segregation, while 
only tii re e spoke against 
The much vaunted attempt to 
draw up a new constitution 
which would grant separate 
parliaments to the coloured 
(mixed race) and Indian com- 
munities, alongside the white 
parliament, has so far run into 
majority .opposition in both ] 

groups because it sdUl seeks to { 
exdude any black participation. j 

But the continuing efforts to j 

persuade the black homelands ; 

to accept independence has most ' 

recently resulted in- a landslide j 

victory for the anti-independ- I 

ence opposition party in Veuda, j 

which won 80 per cent of the ; 

-elected seats. That result has j 

actually not changed Venda's : 
progress to a planned independ*- . 
ence next year, for the ruling i 
Chief Minister, Chief Patrick . , 
Mpbephu, has simply detained j; 
a majority of tbe newly elected jj 
members. - ? 

' - The lack of consolidation of j; 
the homelands, and the lack of ' j 
any more than municipal !j 
political rights for' urban ^ 
blacks, remain major stumbling • 
blocks .to any wider acceptance ff 
of the Government's policies, y 
even among more conservative “ 
blacksl (j 

A new .Prime Minister must \\ 
find some way of breaking the 
deadlock between white fears K 
and black aspirations. Of the 
three candidates facing the o 

National Parly caucus,. Mr. £ 

P. W. Botha, as Minister of £ 
Defence, is most qualified - to L] 
face a hostile world,- but least \] 
prepared to alter basic tenets 4 
of the party policy- Dr. Connie j] 
Mulder has expressed himself Z 
as ready to adapt his tactics, as p 
the present Minister responsible 
for black affairs, -to meeting f 
changing circumstances, but f' 

oxtiy within the strict frame- ' 2 ^ 
work of party policy. Mr. Pik ^ 

. Botha’s public ■ stance on 

internal issues is probably the £ 
‘most “liberal.” .-He declared. in. g 
his election address .that he was ® 
not prepared to die for an r 
apartheid sign, '.in z lift ; But F - 
•like. his colleagues he ’remains- j r 
bbund by the' strict, discipline J 5 
'of 'an aJl-pewerfiLl ; -party. f 
, In ^spite oL hiS;] dominating ; fc 
public stature after lZyeare as •“ 
Prime. Minister, >4r-;Z:Votster', ■ 
never threatened to. ‘change the- Li 
haste tenets* of,' seU-preseriratioitZ £ 

' of . tlte Nation^ Pturtyl .Hi^ final r? 
derision on Namibia ' is. . .yet S 
'araitBer jLtiustration'pf the striet y 
limits <m the extent to which ^ 
the party faithful “are prepared- El 
to compromise to reach a peace-. <Z 
till settlement. The chances jpf f 
bis successor going furthermnst ^ 
toe - decidedly .slim. ' : ■■ £ 


■■ ■ z. - .H 


LEADERS OF the developed 
world have a tendency to con- 
gratulate themselves from time 
to time on the way they have 
refused to bow to the forces of 
protectionism. And it is true 
rhat at successive meetings ot 
the CfECD and of the Economic 
Summits Ministers and Heads of 
Government have repeatedly re- 
newed the pledge to free or at 
least free-isJi trade. There may 
have been a few lapses along 
the* way, but on the whole they 
have taken the form of volun- 
tary restraint agreements born 
of hard economic times. In gen- 
eral, the forces of protectionism 
have been held back — at least 
in so far as they concern trade 
between OECD members. 

Two per cent. 

r Yet there is another form of 
protectionism which has been 
steadily gaming ground. The 
strong may be bound by all 
sorts of mutual rules not to pro- 
tect themselves overmuch from 
rich other, but there are far 
fdWer inhibitions when it comes 
t(i protecting themselves from 
the weak. As Mr. Robert 
McNamara, the President of the 
V£prld Bank, pointed out in his 
sjjeech to the Bank’s annual 
injecting on Monday, this prac- 
tice... has been growing. It is 
also self-defeating. 

^Examples of this tendency to 
restrict imports from develop- 
ing countries are not hard to 
fiiid. They concern such obvious 
items as clothing, textiles and 
fjrotwear. but more recently 
they -have* extended to more ad- 
vanced products such as steel 
abd television sets. Practically 
eyery member of the OECD, 
either individually or collec- 
tively, has taken measures 
which limit imports of some or 
all of these goods from the third 
world. The pressures from dom- 
estic lobbies to do so are often 
very strong, hut the economic 
justification remains elusive. 

It is of course impossible to 
square the practice of restrict- 
ing third world exports with the 
avowed aim of encouraging the 
third world to develop. That 
should go almost without saying, 
though the fact that the practice 
joes on while the. aim is still 


professed suggests that the 
contradiction is not widely 
understood. Yet this form of 
protectionism not only hurts the 
developing countries: there is 
also very little evidence that it 
helps the developed. j 

Mr. McNamara gave some] 
figures. Developing countries at 
present supply less than two pei i 
cent of the manufactured goods I 
consumed in the industrialised 
world. Moreover, even when you i 
break down that two per cent ' 
into particular categories, the! 
percentages are still striking not 
because they are large but 
because they are so small. In 
1974 developing countryciotbing 
and textiles together made up 
.only eight per cent of the market 
in West Germany, six per cent 
in the UK. four per cent in the 
U.S. and Japan and two per cent 
in France. The figures may have 
gone up since, but not to the 
point of an explosion. 

It is also a fallacy that it is 
these imports from the third 
world which have created un- 
employment in the developed 
countries. Mr. McNamara cited 
a West German study of manu- 
facturing industry for the period 
1962-75. It shows that for every 
48 workers displaced by techno- 
logical improvements, only one 
was displaced by imports from 
the third world. Even in cloth- 
ing. where the technology was 
relatively stable, the ratio was 
more than three to one. There 
is. too, the case of our nwn 
clothing industry where there 
have been casualties not just 
from third world imports (some 
of the imports have actually 
come from the developed world ) 
but from British firms’ failures 
to keep up with changes in 
taste and demand. 

Not least, there is the fact 
that restricting third world ex- 
ports in turn restricts the ability 
of the third world to buy. Far 
from curing unemployment in 
the developed countries, it 
limits the markets fnr the goods 
that are produced because the 
developing countries do not 
have the money to absorb them. 
It is indeed a vicious circle 
achieved by the desire of the 
strong to protect themselves 
irom the weak. 


MEN AND MAHERS 


BP oils the 
Amnesty wheels 

Amnesty International has a 
new and unexepected admirer 
jin the shape of BP. A recent 
campaign on behalf of those 
imprisoned by South Africa has 
: led to. BP’s planning to become 
a subscribing member. 

Company secretary David 
iSarre has written this to 
Amnesty, adding that he is 
impressed by the way Amnesty 
| International investigates cases 
of infringements of human 
rights. The company argues that 
some years ago Amnesty would 
never criticise left-of-centre 
regimes but says it has now 
changed. Asked if BP too has 
changed a spokesman claimed 
that this was also the case. And 
the Bingham Report? A laugh 
and the comment: “You must 
read every page." 

If BP has overnight become a 
strange pacesetter, other com- 
panies make it clear that they 
are unlikely to tag behind. BP 
was. one of the 170 companies 
with interests in South Africa 
to whose chairmen British 
members of Amnesty wrote on 
September 12, the first anniver- 
sary or the death in police 
custody of the black South 
African loader, Steve Biko. 

The letters gave details of 
Amnesty’s findings on South 
Africa and asked the chairmen 
openly to support these and to 
write to South Africa's Prime 
Minister and Minister of Justice 
nn behalf of a number of South 
African prisoners. 

Amnesty tells me that it has 
so far had a disappointing 
response. Apart from BP — 
which only expressed its con- 
cern about infringement of 
human rights in general terms — 
it has had few answers, 
apparently none of them posi- 
tive. Amnesty' says that it wrote 
to Shell, ICI and Unilever but 
all these insisted that their 
chairmen had received no such 
letter. As far Barclays Bank 


International it says that it has 
replied, that the matter is still 
under consideration, and that it 
is not inclined to get involved. 
In what is perhaps an unfor- 
tunate choice of words, its 
spokesman tells me: “Our past 
experience shows that involve- 
ment never pays.” 


Dust up 


“I'm still tryin? to work out 
what's going on," James Kenna, 
50, a bewildered dustman from 
Westminster cleansing depart- 
ment, confided to me yesterday 
amid the bustle and bustle of 
Burlington Arcade in Mayfair. 
But then Kenna was hauled 
away from me into a vortex of 
clicking cameras, champagne 
and oysters, in short a typical 
public-relations occasion, punc- 
tuated by the reason for it all 
— Kenna and the Duchess of 
Devonshire unveiling a plaque 
commemorating the Govern- 
ment's listing of the arcade as a 
“Grade One site of outstanding 
historical and architectural 
importance." 


"It's a bit of a comfort to 
think when you look round 
poor old London that with a 
little bit of luck it won't be 
pulled down," said the Duchess, 
better versed in such occasions. 

Foreign tourists were then 
-treated to the unusual spectacle 
of Stanley Holloway, four days 
'short of 88, leading group sing- 
ing of the chorus “With a little 
bit of luck." 

His connection? According to 
the publicity people, that be 
immortalised dustmen as Alfred 
Doolittle. And Henna’s? 
“Regency Londoners had an 
untidy habit of throwing oyster 
shells onto the dust tip which is 
now the Burlington Arcade." 

That may strike Kenna as a 
somewhat tenuous connection 
as he empties the bins in Picca- 
dilly at dawn today. He tells 
me his work bas never actually 
taken him into the arcade, and 
he certainly does not shop 
there: “It’s a bit too posh for 
me." 


\0 


r 

“It would be goodbye to all 
Party Political Advertising for 
a start’" 


Bell’s crystal 

Two cases of champagne but, 
apparently, no punter’s profits 
have come the way of Edith 
Bell for winning a competition 
to forecast the future of the 
stock markets in London and 
New York. Sue manages the 
Bank of Scotland's unit trust 
department and tells me she 
has no direct line to the ruture. 
“There’s nothing magical about 
the crystal ball I use. It's just 
hard work.” 

This un&lamorous method led 
her in July to predict the level 
of the FT share index on Sep- 
tember 1 to within 0.4 points 
and that of the Dow Jones index 
to within 9.31 points. But now 
she says that she is retiring 
from forecasting. “That is the 
only time I’ve publicly 
expressed an opinion and it’s 
my last one. I leave it to the 
experts. They have to get it 
right every time. I can only get 
it right once." 


On that at least I hope she 
is correct as, when asked about 
the future, the oracle turns 
Cassandra. For the Dow Jones 
index she does not see good 
prospects while in London she 
says that “in the short term the 
FT index will perhaps rise a 
bit, but for the end of- the year 
there are great uncertainties on 
the horizon. 1 think we might 
see the index below 500." We 
shall see. 


Toothsome love 

I hear that dentists as well as 
doctors are effected by the 
problem of amorous patients. 
The Medical Defence Union’s 
annual report, always fascinat- 
ing reading, informs me that 
one of its dental members was 
worried by the more subtle 
approach of a letter from a 
patient “ hoping he would not 
be offended * if she spent St. 
Valentine's night dreaming of 
him." 

The report observes that 
“ although the threat to - his 
professional interests appeared 
slight," he was advised to fend 
off even this innocuous-seeming 
overture. Just the kind of thing 
that led to trouble. 

The MDU says the problem 
has become such a headache it 
has produced a film ealled 
“Tom, Dick and Harriet," to 
guide members round the emo- 
tional pitfalls they are likely 
to encounter standing over the 
dentist’s chair. 

Meanwhile. the romantic 
letters received by doctors and 
dentists continue to accumulate 
in a special file at the MDU's 
offices in Devonshire Place. “The 
practitioners are often at their 
wits’ end when they come to 
ns.” a union executive told me, 
“ The don’t know what has 
started It and they don't know 
how to stop if 



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■So.thet, helpus clothing parcels. 


Observer 


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urgently. And pleasc, do. remember the XJGAA when 
making out jour WBL 

DISTRESSED GENTLEFOLKS 
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KENSINGTON LONDON W* 4AQ * 


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Financial Times Wednesday September 27 197S 


FINANCIAL TIMES SURVEY 


Wednesday September 27 1978 





strial Property 


In contrast to the sluggish tone of industrial activity a minor boom 
in factory and office building is developing. The chief reasons seem to be the 
legacy of shortfall created by the collapse of the property market in the early seventies 
and the growing weight of institutional funds seeking investment outlets. 


atching 
o on 


ne 


foha Brennan 

my Correspondent 

, VIEW'S of the industrial 
'rty market have come 
er with a confusing clash 
.. ear. On the one hand we 
a depressing mass of 
.ice to show a sluggish rate 
idustrial expansion in 
: -q and, more critically, 
icc that businessmen arc 
'eluclant to invest in new 

■ rial capacity. On the 
hand we have seen a surge 

!.ew industrial property 
pment. 

look at the surveys of 
■tss confidence might sug- 
oat new factory and ware- 
building serves the needs 
esting institutions rather 
' meeting any genuine 
4d for modern industrial 
modation and yet com- 
. industrial schemes con- 
■vto attract tenants even at 
:determined more by cost 

■ a vestment yield require- 

than by any great pres- 
- £ competitive demand. 

.3 impossible to reconcile 


these conflicting market theme; 
within the framework of tradi- 
tional property analysis. 

In weighing up supply and 
demand equations in the pro- 
perty market observers tend in 
think in terms of. office pro- 
perty. In the office market a 
cycle of growing letting demand 
met by a period of active 
development has in the past lvtl 
to over-supply, a cessation of 
ncw r building and a subsequent 
build-up of letting demand 
again. Retrospective analysis 
turns up neat cycles like this 
in every developed properly 
market. They may not be easy 
to judge at the time, but market 
historians should have little 
difficulty drawing tidy patterns 
through the confusion. 

These patterns simply do nut 
fit the industrial property 
market. For one thing, the 
development time scale for an 
industrial building is far shorter 
than for an office scheme. The 
dramatic up and down, sweeps 
of the office market can be 
evened-out where completed 
buildings can normally be pro- 
vided within a year of identified 
demand. 

But there is another critical 
difference between the office 
and Industrial markets that is 
far less obvious. That difference 
lies in the nature of demand for 
new space. 

From the evidence of specu- 
lative developers throughout 
the country it is clear, that 
demand for factory and. ware- 
house space is far less 
sophisticated than demand for 
office property. There arc a 
number of reasons for thia..For 
one thing, management-' struc- 
tures in Britain have tended to 


favour the promotion of finan- 
rial, rather than production 
orientated stall. Few board 
ru<n:is are without a number of 
accountants, the odd lawyer or 
rv/o. and perhaps the occasional 
residual member of an old pro- 
pn atonal family. The mix 
varies. But the few companies 
who have production staff on 
■ let.'ision-making boards who arc 
still in touch with the shop floor 
Maud out as exceptions to the 
rule. 

Subjective 

The effect of this management 
pattern is that decisions to take 
new industrial space seem in 
tl.r past to have been given less 
mam board time than decisions 
to move offices. Anyone who has 
> evil the care taken by office 
Jetting agents to achieve just 
the right impression with an 
entrance hall will appreciate 
how subjective space taking in 
i hat market can be. And sub- 
jective decisions are the peroga- 
m-e of a main board. 

One further wedge between 
top level decision making and 
industrial property acquisition 
is the physical separation of 
headquarters offices and produc- 
tion plant. Unlike the office- 
industrial campus sites common 
in the U.S., established British 
industries tend to keep white 
and blue collar work as far 
apart as decently possible. 

Industrial relations experts 
may have helped to bridge that 
traditional gap a little or at 
least papered over it with- 
sncinlijgical jargon. But the 
chairman’s visit to a plant is 
suit very often an event drawing 
out the cans of white-wash and 


differing from a distinguished 
old boy’s school visit only by the 
absence of a speech granting a 
half day’s holiday. 

For industrial property 
development these facts mean 
an entirely different view of 
letting demand from the office 
market. IF a production 
manager can get a new plant 
sanctioned he tends to jump at 
the nearest and most readily 
availablc space. And, partly 
because of this haste, there is 
a very strong clement of rent 
insensitivity, possible because 
even at the top end of current 
industrial rents property over- 
heads are unlikely to account 
for more than 10 per cent of 
overall production costs. 

This unsophisticated approach 
to industrial letting may 
eventually be worn down by 
union pressure for unproved 
working conditions, and by the 
growing awareness that modem 
accommodation can mean im- 
proved productivity. But there 
is a long way to go before the 
average British industrialist 
thinks about industrial accom- 
modation in the same depth as 
most of the major international 
corporations whose, perhaps 
excessive interest in the nuts 
and bolts of a new factors 1 gen- 
erally pushes them towards 
specialist built pre-lettings and 
own-developments. 

Determine 

Because of the difficulties in 
getting a firm forward letting 
decision from industrialists, 
speculative schemes at a time of 
low industrial investment 
appear far more risky than they 


really are. Once completed, a 
reasonable building in a reason- 
able location can be marketed 
far more easily than a greenfield 
site and a set of plans. As rents 
are less critical than the need 
for immediate occupation de- 
velopers and financing institu- 
tions are increasingly able to 
determine industrial rental 
levels in a vacuum. If site costs, 
building costs and investment 
yield requirements demand a 
rent of £2.20 a sq ft, £2.20 a 
sq ft. becomes the norm. 

From a developer and an 
institution’s point of view the 
lack of industrial property 
expertise among corporate deci- 
sion makers has a negative side. 
Without in-house advice, indus- 
trialists turn tn the commercial 
estate agents. We then have the 
faintly ludicrous situation of a 
totally artificial letting market. 

In one corner, the developer 
and his fund cheering on their 
champion, the scheme’s letting 
agent ' In the other corner the 
industrialist, with a production 
manager tugging anxiously at 
his sleeve and worrying about 
lost orders in an old plant both 
cheering on their negotiator. 
This negotiator knows the cur- 
rent market rents for the area 
for both he and his opponent — 
the institutional letting agent — 
have reversed roles many times. 
As that market rent was set by 
the costs of development, and 
as the industrialist won’t worry 
about a few shillings either way. 
this mock battle has all the 
bitterness of a scene by Lewis 
Carroll Rents are agreed, fees 
paid, and honour is satisfied. 
But a. rational market? Surely 
not. 

In ' his review of industrial 


accommodation James Morrell 
Director of the Henley Centre 
for Forecasting, argued that 
new industrial buildings were 
needed urgently if British busi- 
ness was to be made efficient 
enough to survive in an increas- 
ingly competitive world. This 
long term need to rehouse 
industry lies behind the truly 
rational market for industrial 
property. Bu t here again 
artificial restraints confuse. 

This wider element of artifici- 
ality in the market is caused by 
planning controls. No one can 
doubt that there is more than 
sufficient building land within 
our cities and on their fringes 
to rebuild every out-dated fac- 
tory and warehouse in the 
country. And yet industrial 
building land in the South East 
can be sold for as much as 
£300.000 an acre, far above the 
prices seen at the very peak of 
the last property boom. 

The failure to operate the 
Community Land Act in the 
way it was envisaged, in part a 
failure of Governmental and 
local authority with, an unwil- 
lingness to financially prime 
such a basically revolutionary 
concept as municipal land 
ownership, and a simple lack 
of expertise in its management, 
keeps countless square miles o£ 
land off the market. The 
Development Land Tax makes 
landowners reluctant to release 
land. Planning controls formed 
when industrial schemes were 
viewed as environmental scars 
and operated by non-commerci- 
ally minded councils generally 
controlled by councillors whose 
policies are shaped by constitu- 
ents concerned with residential 
rather than commercial pro- 


perty, ties up still more poten- 
tially developable land and 
delay work on far more. 

There are exceptions. Councils 
who actively work to attract 
new employment, development 
agencies pushing ahead with 
advanced factory building in un- 
promising areas, and inner city 
regeneration programmes. But 
in general, industrial develop- 
ment sites are not easily found. 

One result of this is that 
speculative developers tend to 
push ahead with building work 
on any piece of ground they can 
find with a clean planning con- 
sent. And that is not neces- 
sarily the most rational way to 
create the next generation of 
industrial accommodation. 

Institutions and property men 
make the expected noises about 
planning controls, warning of 
the dangers of tampering with 
market forces. But in the final 
analysis would the funds and 
the developers really welcome 
a totally laissez faire market? 
1 doubt it 


Analogy 


By restricting the number of 
industrial development sites, 
whether by accident or design, 
the rental, and therefore the 
investment value of existing 
industrial estates is artificially 
maintained. An analogy with 
the office market works well 
here, for who would pay current 
City of London office prices if 
the City covered. 9ay. five 
instead of one square mile? In 
the same vein, it is doubtful if 
there would have been the same 
hectic institutional buying and 
forward funding of industrial 
property in the past 18 months 


if industrialists could throw up 
a factory or warehouse on any 
field they fancied. 

We come therefore to the one 
real supply-demand equation in 
this markeL The simple weight 
of institutional money chasing 
a restricted supply of industrial 
investments. The funds can 
almost afford to take the 
eventual discovery' of an indus- 
trial tenant for granted as long 
as there are only a relative few 
modern buildings to meet the 
needs of industry. And plan- 
ning controls ensure that how- 
ever active the developers 
become, they will still only be 
scratching the surface of the 
latent demand for new space in 
this country. 

This picture does, of course, 
resolve the apparent conflict 
between a low level of capital 
formation and a high level of 
industrial development Over 
the entire country estimates of 
empty industrial space only' run 
at between 5 and 7.5 per cent of 
the total factory and warehouse 
stock. Exclude older buildings 
from the vacant figures, exclude 
buildings which arc no longer 
located in the main stream of 
industrial activity and we are 
left with an insignificant pro- 
portion of unlet space. Set that 
against the true demand for 
modern space, the effective 
demand being forced on indus- 
tries by new technology, new 
markets and increased union 
pressure for better accommoda- 
tion, and the present develop- 
ment boom begins to be seen in 
its true light— a long-overdue 
and long term catching up pro- 
cess that is only just getting into 
its stride. 



London 


A \; j w 

fj I 


t&KX Y I • 

■ K 'r ,' ’£!•*% J \ V' 1 






J h 

I-Viv. p- - ^ 'll 


. . . V* 


- rt ,<m 

* : > 

. - . >4 

,r • . J , 7SM * 


LONDON NW10 

New Warehouses/Factories - 
3 Units 6,850/9,390/13.400 sq. ft 
Available immediately. 

TOLET 

VICTORIA ROAD, W3 

Substantial industrial property 
located adjacent to Western Avenue. 
Site area approximately 13 acres. 
Redevelopment potential. 

FREEHOLD FOR SALE 


GREAT WEST ROAD, BRENTFORD 

Warehouse/headquarters building 
extending to 57,000 sq. ft 
High office content 

TOLET 

ARG YLE WAY, STEVENAGE 

Phase i Warehouse Units 
10.000/40,000 sq. ft Available shortly. 

TOLET 

Further units from 5,000 sq. ft 
available 1979. In addition there is 
a self-contained office block of 
16,000 sq. ft under construction. 

PASADENATRADING ESTATE, 
HAYES, MIDDLESEX 

New Warehouse/Factory Units - 
7,000/100,000 sq.ft Available early 1979. 
All facilities. 

TOLET 

SOWTON CENTRE, EXETER 

Industrial/Warehouse Units 
21,750/54,000 sq. ft on a new estate 
adjoining the M.5 motorway. 

TOLET 

COULSDON, SURREY 

New Warehouse Unit of 6,600 sq.f£ 
on modem estate. 

Ready for immediate occupation. 
TOLET 

MERTON, SW19 

Units from 5,600 sq. ft on this superb 
industrial estate. Land available for 
units to tenants’ specification. 

TOLET 

ANDOVER 

New Factory /Warehouse Units from 
2,480 sq. ft on major industrial estate. 
Available immediately. 

TOLET ' 

Richard Ellis, Chartered Surveyors 
6-10 Bruton Street, London W1X8DU 
Telephone: Ot-499 7151 


Manchester 


Scotland 


RING WAY TRADING ESTATE, 
WYTHENSHAWE, MANCHESTER 

New Warehouse/Factory Units 
5,000-35,000 sq. ft Prime location 
within 1 mile of Manchester Airport 
and M56 Motorway. 

Completion Decern ber1978/ March 1979. 

TOLET 

STRETFORD MOTORWAY ESTATE, 
MANCHESTER 

Warehouses/Factories of 3,742 sq. ft, 
5,274 sq. ft, 5,400 sq. ft, 10,548 sq. ft. 
Available immediately. 

Within half mile of M63. 

TOLET 

BURY, LANCS. 

Construction work shortly commencing 
on 1 2 acre Warehouse/1 ndustrial 
Estate adjacent to Junction 2 of . 
the M66 Motorway. Enquiries invited 
forfirst phase of 8,000/53,000 sq. ft and 
for purpose-built units up to 200,000 sq. ft 
TOLET 

BENYON PARK, LEEDS 

40,000 sq. ft Prestige Warehouse on 
a prime site available December1978. 

TOLET 

HUNSLET TRADING ESTATE, LEEDS 
9,000/40,000 sq. ft New Warehouse Units 
Immediate occupation. 

1 mfle Ml Motorway. 

TOLET 

GILDERSOME, LEEDS 

New Warehouse 20,000 sq. ft for 
occupation May 1979. 

TOLET 


Richard Elfis, Chartered Surveyors 
York House, YorkStreet Manchester M60 2DL 
Telephone: 061-236 9335 


City of London, Belgium, France. Holland, Spain, South Africa Australia. USA, Can ad a, Singapore. Hong Kong. 


TRADESTON INDUSTRIAL ESTATE, 
WEST STREET, GLASGOW 
Last remaining Units up to 20,250 sq. ft 
in this successful city-centre estate. 

TOLET 

Existing tenants include Brown Brothers, 
Maccess, Bestobel), Tytrak, 

Advance MotorSupplies. 

ST. ANDREWS INDUSTRIAL ESTATE, 
POLLOKSH AWS ROAD, GLASGOW 

New Units TO BE LET with occupation 
Spring 1979. Units from 5,000 sq. ft 
upwards. Total square footage 80,000 sq.ft 

SCOTLAND STREET TRADING ESTATE, 
GLASGOW 

New Units being constructed to be ready 
late Spring 1979. Units available TO LET. 
from 1300 sq. ft up to 31,000 sq. ft 

ALBION TRADING ESTATE, GLASGOW 

New Units ready for occupation. 

Units from 5,400 sq. ft to 12,960 sq. ft 

TOLET 

POSSILPARK INDUSTRIAL ESTATE, 
GLASGOW 

New Units in an established estate. 

Two 4,500 sq. ft Warehouses and one 
5,200 sq. ft, which could be combined to 
give a total of 14,200 sq. ft 

TOLET 

CRAIGTON ROAD, GLASGOW 

Modem Distribution Depot and Office 
Building extending to 35,000 sq. ft 
with a site of 3 acres attached. 

FORSALEORTOLET 

TEMPLETON STREET, GLASGOW 

industrial Complex FOR SALE, extending 
in total to 390,000 sq. ft including 
Offices and Production Space. 

Richard Ellis, Chartered Surveyors 

75 Hope Street, Glasgow G26AJ. 

Telephone: 041-2041931 







Our industrial estates are al! located with your labour and 
communications needs in mind, if you are looking for factory br 
warehousing space, large or small, come to Slough, : - 



■ • % 


Slough Estates Limited 


234 Bath Road, SlouglrSLI 4EE ' 
Telephone: Slough 371 71 Telex: 8476Q4 






sacs 






U K, 
ACTORESS 
WAREHOUSES 


A selection from our current instructions 




SOUTHAMPTON 

SUew Estate, Units from 

SOUTHEND-ON-SEA 

50 acres. Units from 

BENFLEET Essex 

Freehold H.Q. Fac/Warehouse 

LEWISHAM S.E.13 

2.2 acres, Nursery Units 

SOUTHWARK S.E.1 

5 acres, Ready Spring *79 

CBTYE.G.i 

Various Modern Units 

HAYES Middx. 

25 acres, Units from 

WATFORD Herts 

S acres. Units buift from * 

WATFORD Herts 

Prestige H.Q. Factory 

LEIGHTON BUZZARD 

New units from 


SQ.FT 

9,000 


25.000 

39.000 


2,390 

39,930 


5,500 

116,000 

7,330 

11,250 

20,000 


10,000 

60,000 

3"7,54Q 


KETTERING 

2.69 acres 

Plus Freehold Factory 

LEICESTER 

17 acres. Units built from 

BIRMINGHAM 

City Centre 

NORWICH 

Freehold Depot 

FELIXSTOWE 

New warehouse 

ELLESMERE PORT 

Nia*sery Units, Spring 79 

LIVERPOOL 

Modem warehouse Units 


SQ.FT 
New 
Ground Lease 
30,550 


5,000 

100,000 


6 acres, Ready now 


5,200 

20,000 

6,600 

66,000 







PRESTON Lancs. 

Under construction 


LEEDS 

Lease for sale 


STOP PRESS:- Further Freehold 
Nursery Unit sites or schemes 
required by Pension Fund Clients. 




. Established 1820 in Loridori^-i^ / 

,?29St.George Street, Hanover Square, . 
4 LondonWlA3BG '^6299292®;^ 

CIT Y OF LONDON ’ 118 OLD BROAD STREET, LONDON :EC2W TAR 
-• ^ ASSOCIATED OFFICES PARIS-BRUSSELS-AMSTERDAA/1.& JERSEY 








L 


w 






industrial 


Financial' Times Wednesuay 

n 




Investment 


The institutions’ role 


PROPERTY HAS long been 
recognised as an. acceptable 
investment for part of the assets 
of life companies and pension 
funds. It is essentially a long- 
term investment and life and 
pension funds are both long- 
term investors. It provides them 
with steadily rising investment 
Income from the rent reviews 
and thus an increase in under- 
lying values that should provide 
a hedge against inflation. 

But security is always of 
paramount importance in deal- 
ing with investments and until 
recently these funds in general 
avoided holding industrial 
property in their portfolios for 
a variety of reasons. Doubts 
were cast on the permanence of 
the tenant, on the difficulty of 
reletting what was considered a 
one-purpose building, on the 
problems of getting adequate 
rent increases in the reviews. 
Offices and shops were regarded 
as best for the property port- 
folios of life and pension funds. 

The situation now presents a 
complete reversal of this view. 
The funds are actively engaged 
in industrial property develop- 
ment as well as in buying exist- 
ing holdings. Considerable 
funds are being channelled 
into this sector of the property 
market What has brought about 
this change in attitudes? 

To start with one has to 
appreciate that there are basi- 
cally two types of Industrial 
property — the heavy such as 
chemical plant, heavy engineer- 
ing works and the like and the 
light industrial and warehouse 
type. 

The institutions are still not 
interested in the heavy end of 
the market, at least for direct 
property investment These 
properties are still very much 
buildings that cannot be used 
for anything other than the 
original purpose. It does not 
make commercial sense to 
develop or buy such an invest- 
ment and the financing should 
come in some other manner. 


such as by a mortgage or an 
equity issue. 

With light industrial proper- 
ties and warehouses it is a 
different matter. The units are 
much smaller, so the investment 
manager can get the desired 
spread of investments without 
having to put ia too large a pro- 
portion of his money. The 
spread of investments to mini- 
mise the risk o£ failure :s a 
cardinal principle for institu- 
tional investment. 

.These properties are also 
designed so that their functional 
use can be changed with a 
minimum of expenditure. A 
warehouse for certain types of 
goods can be easily adapted for 
other types of goods. A light 
industrial factory can be 
adapted for the manufacture 
of another product. This adapta- 
bility has a two-fold implication. 


Tenant 


In the event of default of 
ren; by the existing tenant, it is 
not too difficult to find another. 
The institution is not left with 
an empty building on its hands. 
This feature then leads to the 
second implication. Because it 
is easier to find new tenants the 
market is buoyant in fixing 
realistic rent increases at the 
next review. Tee institutions’ 
hands are not tied in the nego- 
tiations by difficulties in finding 
another tenant. 

The next factor that has 
swung institutions in favour of 
industrial property is that it is 
very much easier to adjust the 
supply situation to meet the 
demand. This factor was over- 
looked In the 1974 office boom. 
When the demand situation 
changed, as it did dramatically, 
the developers were left with 
uncompleted office blocks that 
were worthless. 

With an industrial estate the 
developer just stops building 
if the demand changes, but he 
gets revenue from the proper- 
ties already built. This flexibility 


has ronsiderahle .« “ 
the institutions **Jich “ f 
ting more involved 

"TUy. so W * 

are concerned- there is J - *■ 

attractive yield * 

r.veen industrial, snop *no otnee 

properties. The 1 JTTe "’ i ‘ _____ 
patterns -en absolute P-iin P 

perries, wh i cfo eann->. 

obtained in practice, snow - 
per cent for shops. » per cent 
for offices and 6* per con, for 
industrials and warenou**. 

This- Yield differential ?at»e.n 

will apply for other prune pro- 
perties. . , 

The demand for light indus- 
trial : and warehouse space has 
remained steady in recent 
times, while the growth in rents, 
which, are usually reviewed at 
five-year intervals, has been at 
least proportionate to that of 
shops and offices. In some cases 
it has been very much in excess. 
Like. all property rent review* it 
is very much subject to local 
supply and demand. 

With a much higher invest- 
ment rating on industrial pro- 
perty. the institutions have been 
endeavouring to increase the 
proportion held in their port- 
folios. This is not easy since 
the only convenient manner of 
doing this is to alter the em- 
phasis on new money. This has 
seen a strong demand from the 
institution for industrial pro- 
perty vis-a-vis shops and offices 
as they endeavour to increase 
the proportions. 

In looking at the proportions 
held by the various funds, it 
has to be remembered that each 
proportion is as much a func- 
tion of the age of the funds as 
of current investment policy. A 
new fund will ipso facto have 
.& much higher proportion of 
industrials, compared with, a 
long-established fund. 

The major institutions have 
long lost their reluctance to get 
involved in property develop- 
ment: this applies £.s much to 
Industrial development as to 




other forms. Tt is stated ‘that.: 
this has been forced upon tM 
by o shortage of t*>2spjeiedj 
prime industrial sites, that if 
they want industrial property 7 
the” institutions have tp SO -into-”- 
development- But fund man-, 
agers stale that this Psr &q 
— that there is. atitt a j 

market for prime eoffipletim&g ^ * * 

The reasons for mowngYjj^gl J * £ 
development arc - more ‘f^iad^S4 * 
menial. . ■ \ - :,-\t : 1 ,5% 

In the first place it enable^ 
the institution to obtain; 
wider spread of . investinengf “ 
holdings. Secondly, it offers 
prospect of a higher rotur ^ 
most nf all the inrtilntiens ha*^.. 
token over 2 role formerly \- 

bv specialist property. -de*?;--. 
veiopers alone, ' because.; of rh«»>£-.-. 
changing financial dinrate. 




:,il& 

-~-v<s 




Collateral 


' i '». A? 


- ?.’AV i. 

• . . 

• ..vJiV- 

Y - 

It is now nnich more, 
to obtain shorl-tena-; 
from banks and tviner- « 7 

sources for d evelopsient. Tii^ jS' v • 
underlying . . collateral ■ __ 

examined with great care. Often?.' -.-1^ 

lendjng will only be : made if - • - 

- purchaser has already T .be^i- ; -T 


.-■rim 
?J 38 fci 



lined up. !->wg 

The financial ihriitutians * 
stepped into this partial.' 
but they are not interested 
financing through shorttanik. ^ 7^: 
loans. They want a.share ^ 

long-term equity. This trend- f 
likely to grow in the futtrfei 
Certainly most nf the mootyf. 
available for future' develop 
ment is going to come from pe%^ 
sion and life funds. 

Whether this ii a.fiood d^ 
veJopment is something that 
occupying the attention bf thf 1 
Wilson- committee. But feare;. .... 
are being expressed- that it jjflpT , - 
mean the neglect of the binli^v 
ing of small factory units . 
tbe small entrepeneur and tiu£ 
is felt Lkely to be delrimeai^- 
to the. long-term health of 
economy. S* 






Eric 







Development 



Signs of renewed activity 


, ■: i. -• 


* • 


ALTHOUGH THIS year there 
has been some slowdown in the 
rise in building costs there has 
not been any major upturn in 
the level of industrial develop- 
ment work. Indeed it is quite 
possible that there is less work 
about at the moment than in the 
last quarter of 1977. As such 
some of these extra costs are 
continuing to be absorbed by 
the contractors in an effort to 
keep the workload ticking over 
and the workforce active. But 
of late there has been a strong 
speculative demand from the 
institutions for prime sites for 
wa rebouse/factory development 
and when this work is put out 
the position could change 
radically. 

Since the past property boom 
in 1973 material and labour 
costs have been rising on the 
back of inflation. But the level 
of activity in industrial deve- 
lopment has been held back by 
the industrial recession^ high 
interest rates, and the strain on 
the institutions’ liquidity. This 
left the contractors with little 
alternative but to reduce profit 
margins and administration 
costs to maintain turnover. 


factories and warehouses. And 
while there has been some 
upturn in development activity 
from the depressed levels of 
1974 to 1976 the cut-back in 
Government and. local authority 
spending in other areas of the 
construction industry has forced 
the contractors to remain price 
competitive. 

The fact that trading has 
remained difficult at a time 
when the pundits are confidently 
forecasting a marked improve- 
ment in the economy has led to 
some shortage of prime indus- 
trial sites. During 1977 there 
was a sharp reduction in 
interest rates which coupled 
with improvements in liquidity 
positions encouraged the funds 
to invest once again in prime 
industrial sites. 


■» 

:‘A .‘ l : 



Rents 


are confident enough to pass on 
r'ne escalating, labour * and 
material costs. 

It is estimated that 'over the 
next 12 to 18 months there will 
be a sufficient upturn in build- 
ing activity to cause significant 
shortages of both labour and 
materials which will inevitably 
result in further .substantial 
cost increases. These costs will 
be passed on as the contractors 
seek to restore their dwindling 
margins. 

Some agents are now advising 
their developer clients who may 
be sitting on prime locations 
where finance has already been 
arranged to act quickly and 
place contracts now. There 
might even be a case for taking 
on slightly higher costs per 
square foot if some form of 
guarantee can be obtained. 


The contractors Therefore 
seem weJl placed td recaptur* , 
some of the .lost ground, sindL-.;^ 
they seem td be the most asgreaT' - — 
sire industrial developers on ^ j 
scene at the moment. Certain^ 
most of the new work- being ‘A* 
taken on at the -moment is .wiflh’ - 
the - construction-based co^k • 
panies. However, in thh shdtt^ 
term there may be a few p rob* y. 

lems in arranging finance. So rad T v i > r 
of the institutions are bound tq 
hold back to see if the increase**., * 
in rents will be sufficient 
offset rising building costs; 
land prices. They after ait 
be looking for well secnrtt$ 
profitable yields,;. . It ^ 
able that one or lwq;,»eV 
volopments 'are being ^Sifc 
by the Contractor." .* ‘I 


-i'irl: 


David Wrig&f 



Increases in material costs 
were not passed on in full and 
even the architects, engineers 
and surveyors reduced fees to 
attract business. Over this 
period it has become notice- 
able that the construction com- 
panies as opposed to the deve- 
lopment - orientated companies 
were playing a more active role 
in the field of industry 
development 


Limit 


With costs rising between 15 
to 20 per cent per year it was 
generally felt that the capacity 
to absorb further increases 
reached a limit by the end of 

1976. The cost of constructing 
conventional single-storey 

industrial estate development 
rose from about £6.50 per square 
foot to about £7.50 or £8 In 

1977. Contractors had to quote 
higher prices but even then 
they were still on very modest 
profit margins. 

At that stage the outlook 
looked very ominous for 1978 
and many expected a cost explo- 
sion. This, however, has not 
really materialised. By the end 
of .Tune this year it was esti- 
mated that comparable costs 
had risen to about £8.50 to £9 
per square foot for a rise of 
around 13 per cent over- the 
previous 12 months. 

There are a number of 
reasons why this rise in costs 
has been relatively modest. 
There is an oversupply position 
in steel throughout the world 
and this is the largest single 
, factor in the construction of 


The number of lettings 
carried out. has improved 
significantly and this has 
resulted in an upward trend 
in rent levels for prime 
property over the past year. 
Rents for prime positions 
around London are now* 
approaching £3 per square foot 

But the steady rise for 
investments in a market where 
there is a limited supply of 
prime developments has led to 
a fall in yields. Industrial and 
warehouse developments are 
now yielding about 64 to 74 per 
cent against 8 to 85 per cent at 
the start of 1977. The fall in 
institutional investment yields, 
leading to higher capital values 
for completed schemes has 
more than compensated for 
those construction cost in- 
creases that were being passed 
on. 

Given this climate of rising 
capital values, and rents during 
a period of relative stability in 
construction costs, it is hardlv 
surprising that there has been 
a sharp upturn in speculative 
demand for prime industrial 
land. Indeed the developers 
and financial institutions are 
now engaged in fierce competi- 
tion to acquire prime sites for 
factory/warehouse development 
the like of which has not been 
seen since the property boom 
of 1973. 

This has naturally sent land 
prices in certain areas rocket- 
ing. In London recently land 
values have been exceeding 
£200.000 per acre. It is now 
looking as though the figures 
could re lum to the levels seen 
in 1973 when prime sites were 
changing hands for suras 
approaching £300,000 per acre 
in London" and £100.000 per 
acre in a number of prime 
provincial centres. 

Given the level nf demand for 
land of late and the volume of 
work that This must eventually 
create it can only be a matter 
of time before tbe contractors 



N„ Woolwich E.16 
30/80,000 sq.ft 0,62>sq.fL 

(to be built) 

Greenwich London NW2 

15.100 sq. ft. 71,100 sq. fL 

Blackwall Tunnel Canterbury 

13.100 $4. ft 2@,G00/53,000iq.ft 


Agents 


^01-9301070 


Estate House.130 Jermyn 'Street London SWIV4UL 


■f i»*t 












T9 




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rf'TJ’r.. '■-??. 

• -4 . _ . » \ ' 'V, 


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1 1 * •: ' 

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Financial' Times Wednesday 5£pt'emEer 27 197? 



Tr, 

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1 .. . — “' «.•-)! ■.'*”*“*■"* * •- - “ w ^ tt WIIK, 1 


v -*%, •«■»# " iw» ^ 


* H » «* 1 


ww* 


f ■*. - :•• -V, 



FACTORIES WAREHOUSES & 



BATHGATE West Lothian 


432 Miles fcdinfeirsfr' . : . 27; 




36 Gsorge Street 

liSSS S i i ^^ifff-ff Edinburgh EH2 2LG Tel ; 031 -226 4484 


Remaining 

100,000 sq.ft. 

MODERN WAREHOUSE 
on 8*5 Acre Site 

* Excellent Motorway Connections 

* Headroom 23ft. 

* Large Yard Areas 

Rent 75 p persq.ft.jha. 

TO LET 


LONDON N.I. 9 1,250 s<t ft 



Excellent Modem WAREHOUSE with OFFICES and 
CANTEEN • Central Heating • Sprinklers - Loading Docks 

Car-Parking FREEHOLD FOR SALE 

or TO LET 


CORBY 


123,800 sq.ft. 

ON NEARLY 12 Acres 


DURHAM 


37,600 sqit 

ON 6-5 Acres 


EGHAM 


72,400 sq.ft 







Exceptionally well serviced FACTORY with OFFICES 
and CANTEEN. Long Lease with only 14 yr. rent reviews 
Rent39p per sq.ft, p.a. 

TO LET 



y „ 




Excellent Modem FACTORY/WAREHOUSE with 
OFFICE/CANTEEN Block * Oil Fire Central Heating 

Air Conditioning Plant FREEHOLD FOR SALE 

or MAY LET 





i-pR-.,.; 



Magnificent Single Storey WAREHOUSE with OFFICES 
Headroom 24' 3* * Gas Heating * Sprinklers 
Excellent Loading & Parking - Convenient Motorways 
and Heathrow TO LET 


a ' : '■ 

V Vr v 


MANCHESTER 

~ - v Central Park Industrial Estate 

.1 STRETFORD close M63 Motorway for 

MS, M56, M61 & M62 

AVAILABLE NOW 


UNDER CONSTRUCTION 

Factory/Warehouse 

1 08 f 000 sqft 

also 

Six FAGTORY/WAREHOUSE 


Factory/Warehouse 

82,000 sq.ft 
First Roor Open Plan OFFICES 

25 , 000 soft , Unjtsof 

25,000 sq.ft Suitable for 5 , 000 - 22 , 000 ^ 

WAREHOUSE, CANTEEN, COMPUTER AREA, etc. TO LET 


SOUTHEND 29,580 sq.ft. 


t y: " 

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Heating and Lighting • Close Town Centre 
Rent under £1 per sq.ft p.a. 


TO LET 


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NEW Single Storey 
WAREHOUSE with 
OFFICES 

Excellent Loading Facilities • Eaves Height 20ft. 

Early Possession 

TO LET 


FOR DETAILS OF THE ABOVE PROPERTIES PHONE 01-882 4633 


. ,T*S 


■4 J? '• 


<= 



MEMO TO MANAGING DIRECTORS — 

HAVE YOU RECEIVED YOUR COPY OF THE IPM? 

The September [October edition of our publication entitled 
" The Industrial Property Market" contains 40 pages, 
fully illustrated. 

Published for the past 45 years the IPM is invafuable to 
those involved in the acquisition and disposal of. 
Industrial and Commercial property in the UK. 


REQUIRED FOR PUBLIC COMPANY CLIENTS 

150,000 sq.ft. WAREHOUSE 
EAST OF BIRMINGHAM 


CLOSE TO MOTORWAYS. 


Buildings in the above size range becoming surplus to requirements within the next 
twelve months wifi receive special consideration. Details please to J.A. G. Dines fr/cs. oi -882 4633 




FACTORIES — WAREHOUSES — OFFICES — SITES 

A NATIONWIDE PROPERTY SERVICE 

Sales - Lettings ■ Acquisitions * Development Advice and Funding • Investments 
Valuations • Rating • Rent Reviews • Lease Renewals • Arbitrations 


HEAD OFFICE 

Church House 
Ironmonger Lane 




INDUSTRIAL DEPTS. 

Hale House 
Green Lanes 
London N13 5TG 



1 % V 


Telex; 299161 




■tt*. 













We have 16 industrial estates in Great Britain, if you are looking for industn&fcfcr 
warehousing space: come to Slough - there is a good chance we can help'. 


[set.! 





:** ~ 


234 Bath Road. Slough SL14EE. , 

"eisphcne: Slough 371 7-1 Tefex:847604 - : • : : ■■ \ 

- . ' *'•!*- ■ r r ■ ■ f *s\ 



place in 


the bb build 



“The success of our first assault, gentlemen, is now 
overwhelmingly clear. 

“200.000 sq.ft, of warehousing and light industrial 
premises in the superb, new Eurolink complex at 
S/tf ingbourae, Kent have now been occupied 

“Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number of units available from 
5.000 sqiL up to 30.000 sqjtYour orders are to capture the 
next 100,000 sqit as it becomes available during the next 
12 months. 

“Once established, you can expand at will across 20 
acres of planned future development 

“I need not remind you of the vital strategic position of . 
the site. Euroiink is minutes from the M2 motorway 55 miles 
from London, 18 miles from Dover, and within easy striking 
distance of the roll-on/roll-off facilities at Sheemess. 

“Movement of transport and supplies is supremely easy 
due to the site's size and parking facilities. Eaves of all 
buildings are 20 ft high. 


“And local transport services and amenities will suit 
your troops down to the ground. 

"Gentlemen. Eurolink and success is at your feet” 
For further information contact HQ below 


Tb: McDaniel & Daw. Chartered Surveyors, Bailey House, 

Old Sea cod Lane. London EC4M 7LR. 

Please send me hill information on the Eurolink Industrial Centre: 

Namp 


Company- 

Address. 


.Tet. 




Henry 
Butcher& Co 


Leopold Farmer&Sonsi 


I 


McDaniel & Daw 

Chartered Surveyors 


The Eurolink Industrial Centre is a j oint operation by 
The London Life Association Limited, and The Blue Circle Group. 




, *.. 


r Jjac; 





: ' 

INDUSTRIAL PROPERTY IV 




London and the South East 


Too many 



. ![V 

: i * 


most Such levels, though probably’ ; 

Bklt ft .ffAflH AHB ‘ ' - 


SOME MYSTERIOUS force per cent of the total is not in The representing a &QO& 25 per * 

V- T. XVrrfh^rHIflre. Sinking SUCvebb 


seems to be at work in the service industries. Furthermore. regenera- uplift from the !ft* reotrermr 

planning community of London the GLC has calculated that z ^ - so f ar has been date, suggest problems m store 

which guarantees that rarely further 300.000 jobs couid be Jon £™P*™ e . s f 0 3 siTe for 3 f of the current lev*! of yields, ; 
V--U1 more than 12 months go by lost by 1981. . warehouse yields hayejre^ ■*£ 

without yet another strategic A perennial prooiem ^jquare^ ~ 

report, 
gramme, 
change 

direction the capitaTis heading have been dreamt up and London is carrying UUL * l - {(| £3< although Substantial mo. 


m?pku o.er ii.c yo-i- « — — ; e total terms at SO pw cenl.'- 

In the last 12 months alone At present three massive pro-, ia&ct the general represm t s less than per 

rammes are in various stages. industrial property t- re*a- annum L-umuOund Growth 


a serious proposal for the grammes are in various stages that industrial property is reia- • an num cumpound growth. 
Docklands— entailing turning it of planning. ««tion and tively buoyant at pr Such prospects are not bullish ; " 

into a virtual free trade zone inevitably — controversy. Tne Demand for development jj,e maintenance," of cuttenf’ 

with no rates, only primitive M25 orbital motorway, for _^ he prime indicator of short- v . rfd lerels tuHeaT'iiSLir • 
planning and building regula- instance, is going through tbe x trends— »s still bisn, bejow even the ■ moa/i 

tions, and no industrial develop- planning process of although some optimistic forecasts. A'everthe-'- ; 

ment certificates— has surfaced public enquiries over disparate tional industrial development rentai demand is steadv^o- " 
and then, apparently, dis- stretches. While this goes on appear to be out of ^ **£“ 

appeared again there is a growing opposition ae Srtet at Present as a re- fXstrecttS^-’pISSSes^Sd:^ 

No sooner was this debated which wants tne whole con- ac tion to the exccpnonalI> mgh • of mo dern stindiTtL . 

than a broader scheme to en- cept of the motorway opened up prices- being asked and achieved. mito -■««»£»! 7 

courage industry throughout to public debate. ■ 

the capital was also mooted and More recently details of a new j _ n a K^rilfC !£?► L|j a 

then decisively defeated in the inner ring road have leaked out LiaBuDaUivb ' 

Commons on the basis that with 0 f County Hall to the embarrMS- u may *isn be ,hat r JJ*£ 


the passing of the Inner Urban mem of the transport committee. comj ^nj es have now 


_ meui oi mmiun k nave now iwuni- • ■ j •• 

Areas Act it was irrelevant The plan involves an £S0 bl ^ eip | gnrihan fc S a nd have suffi- - 

At the same time the or bital route from Edgware to “™ n l0 me et present buddings, »t H. , taking on- 


fundamental shift in the reia- row, Hampton Court, Sutton 
tionship between the Home Croydon. 

Office, the GLC and the indi- F inall y there is 


already » f '“Si Sckn™ rents oY £2.50 being arh^yedlin:^ 
even ha\e th eir 0 three or four new. developments, , ' * 

the £800m —Gunners. . <: Next year they/ can h t»dmt to 

a involving Although such °P eI *W* around fire or Sac further 


vidual boroughs. plan for East London involving on j y buvers in 

Sir _ Frank , proposed that ^ ne w Jubilee underground ^ they ^ 


by no means the only outers, in schemes j n Chase RowL 1 Abftev" 

Whitehall shoulcT lose a number Jne and a complicated network market tof “ jres T Road ’ Acton Lane' School Road 
of its strategic responsibilities 0 f much-needed roads. The p(an ^ su «am priresai and Vfetorjt Road. -tv 

in the Greater London area. is ^readv in the first stages of emotionally high levels Reccnt lvrhile take -up is “reasonably 

They should be assumed by the execution but a profound dis- S Sood*’ “ - 

GLC. which chn,,M »n - - -- - t ? — «... have been at tnneia, wuere nr . nr , 


oed oy tne execution but a profound dis- ‘T 'infield.' where gooa " a l p ^? 1 in tbe area 

should have all :5 developing over the*™ at ■ overan, the- firm js worried that 

policymaking control of finance, commitment of the authorities f 3 ®- 000 * 11 a " e saturation colllti is£UI;te reached " 

transport housing, roads, educa- t0 j L Each delay— probably .^a achiejed. a --acre si i m fair i y soon. /Burk Royal's 

tion. and health. Some existing heritable in such a massive CambenvelJ w men went jor ^rinsic problems nanw 

GLC responsibilities should de- Kfceow-uWed u proof of^ ■“« r: J “:“ u in “ ,,S roads ond I^iliUes,. 

volve to the boroughs but in lack of wholehearted support, and a leasehold plot m bouihaJl particularly for female staff— . 

the main the latter should be ■ At another level the newly ■!*«• *SS ia -'' ' . V-' . , r 

regarded as executive bodies enac ted Inner Urban Areas Act tenant v,nich fetc ^ ed The exodus to the west and 

carrying out the day-today ^ r?r ,;,^ l]or sjanigeance for Demand for premises in Jhe n prih — t Q Swindbn. Read- 

implementation of the GLC's x^ondon. Docklands and the mai n industrial belt -— which st. Albans, iDunrtable. in 
policies. boroughs of Hacknev. Islington swings west from North w est aii of whit* areas there ls con-' 

and Lambeth are among the ^w* 00 taking in South Her£ aderable . - development' and 
I heorv first level “ nartnership " fordshire — is buoyant- en^^ modere prenrises on motorway. 

p:_ hi - on schemes whereby the local for 'developers of Tiewsitesto^n^ letting for fB'aaicndor ■ 

_ -heJv^htt ?eca- authorities and the Department be- projecting rents of around — will not be easily reversed:^ . 
over 0 the ?ast two d^cSes sinci of Industry are to cooperate- in^ a square foot ..v certainly not by r . anything less-.t 

rinrf^^ntv rnonrif wS spending the SlOOm grants That figure is sttH, however, than - a definite transport pro- k 
the London County Council was ^w*** '* & arhnnd the corner. To date w 


res tnmmred has s renune d 1 f rom package allowed for the inner ‘^ e “ f X° £&. 3 10131 ^ 

the lack of a clear^ut role for cities as welt as administering fLs™ fcSsShSi itar «2 



r. rv,-, 


„ Ml „. 11MS _ 1DC - restrictions. ITiat is tM-? 

th _ rT r the loans and incentives level being breadied for the view of the. men in the market. > 

The Maishall report has yet eletneet of the total concept. .'**“» -ceennodattoo ■ » ■ Christine Moff’ 

to be translated into anything la addition, a. number oF P - ' ■ ' — — ’■ 

more than an essay but mean- other London areas have won 


i^.rrsd ^ 



while London is still inexorably significant grants under the 
shrinking — from 8.5m citizens second level programmes which 
pre-war to 7 Am in 2971 and are just short of full-scale 
6.9m at the last count. “partnerships.” - . 

More worrying!?, from pro- Hammersmith, for instance^ 
viding a fifth of the country's has won grants of £7*m under 
jobs it now offers only IS per the scheme and earmarked 60 
cent. And whereas a third of acres l mostly of derelict British 
all its jobs in the 1960s were Rail and British Gas land) for 
in manufacturing, now only 22 industrial redevelopment to 


Europe 


Funds hopeful 
but wary 


FOR IMMEDIATE 

occupation - UNIT 7-55.000sq.it. 

Cosgrove Way Tradinq Estate 

LUTON/Bedfordshire 


•. ."I. : .• - 

-TV.*- *;• 


THE FORTUNES of those UK 
property developers still in- 
volved in the various European 
property areas mirror those of 
Britain itself. The past year 
has brought continued pressures 
from currency markets, it has 
brought an ebb and flow in 
confidence in prospects for the 
UK and it has brought mixed 
experience in the various Euro- 
pean centres. 


Any such policies are firmly 
denied by any number of U.S. 
corporations, and indeed there 
are plenty of more hopeful 
signs. Some top class office pro- 
perty has in fact been let at 
good prices and to solid tenants. 

The reasons for the setback 
in U.S. and other international 
investment in Belgium are 
manifold but there is no gain- 
saying the downturn. Industrial 



The need for long-term con- investment has been savagely 
fide nee in sterling remains high cu * back by comparison with 
on the list of priorities both boom days, and with the 
of UK investors seeking Con- European motor industry reduc- 
tinental outlets and also of P® pperations in Belgium, there 
European businesses consider- is little faith in the currently 
ing co-operating in such plans, dormant tone of the industrial 
At present, while there are not property market 
a great many UK funds active However, yields in Brussels 
In European property markets, are still quite good and this 
it is generally thought that market is attracting interest 
those which have weathered the from other international 
storms of the past few years ^sources, notably the Dutch pen- 
sre now feeling more assured, sion and insurance funds. UK 
They are seeing yields rise in investors have to face the usual 
some areas, reflecting a com- funding problems, which are 
parative lack of good invest- largely resolved between the 
ments. and they are probably “banking route,” or back-to-back 
more hopeful than fnr some loans, and the more complicated 
years. currency swap arrangements. 

In terms of the pecking order. This latter has brought the cur- 
France has remained the rency factor more strongly into 
largest market for UK investors, property investment and has 
with Holland, Belgium and engendered caution rather than 
W. Germany following in that stimulated activity, 
order. Germany, perhaps as An interesting variant is that 
befits its economic stature, of arranging a local mortgage, 
seems to be fast growing in usually for 70 per cent of the 
attraction. ' cost at a 20-year term. The UK 

Probably the least satisfying investor can then put the re- 
market for property investors maining 20 per cent through the 
has been Belgium, where the investment dollar pool, a wel- 
high enthusiasm with which UK come reduction in such 
funds and property men viewed exposure, 
the prospects in the early one drawback of the Belgian 
seventies has largely given way market often referred to when 
to disappointment. The boom comparing it with other coun- 
days in Brussels are long over tries is the lease system under 
as far as industrial development which the tenant can renew at 
is concerned, but the past few the termination date, usually at 
months has brought further dis- a favourable rate since he is a 
may in the shape of persistent sitting tenant, 
fears that the big multi-national There has been a good 
companies, which’ means the demand for shop premises but 
U.S. groups in particular, are the more strictly heavy indus- 
seriously thinking of pulling out trial market remains somewhat 
their office establishments, a patchy. In theory, as one source 
move which could shake the expressed 'it Belgium is 
industrial market equally crammed with land which is 
severely. highly suitable for industrial 

Some sources point out that usage. But in fact it is only the 
recent U.S. trends have been prime areas around the motor- 
“back to the States,” and that ways which have seen the rate 
the fast food business, which of growth to justify' long-term 
has remained the one quick investment 
growth area, needs warehousing .France is another disap point- 
space and distribution systems ment for UK industrial pro- 
rather than large-scale factory perty men, in ' that- while 
operations. prospects for the market there 

CONTINUED QN NEXT PAGE . ' 



ON THE INSTRUCTIONS OF 


Abbey Property Fund 



WAREHOUSE / INDUSTRIAL ACCOMMODATION. 


TO A HIGH SPECIFICATION 




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-Excellent Jocahon class Q»MT ' ; 

FULL Y ILLUSTRATED BROCHURE AVAILABLE ON REQUEST' ' 



EBa 


Make your new factory 


an Epic one* 


Estates Property Investment Company are 
developing new ind ustrial /warehouse accommodation 
in the following locations:- - 
Sittm g boume, Kent . ' 

Birkenhead 
Stockport 
Eland ow, S. Wales 
Chandlers Ford, Hants. : 

Trafford Park, Manchester '■ 



Gets to the heart of your industrial 
accommodation problem. 


-H. 


For details apply to the Group Sumryor- 
/' - ■ EttJtcs Property Investment Company Ltd, 
EpicHoutc, Lut Si reel. Epsom, Snrrcy. Tctr Epsoni 24942. 


M 


• f\r-A 



Sites and premises close to Motorways 

available now 


ring Warwick 109261 43431 Extns. 2102 or 2105 or 
write to the industrial Development Adviser, 

. - ' Shire Hail; Warwick. ' •' * 


industrial Promotion y Unit 


Warwickshire County Council . 











IV 


5 '•'•r* ** • f n . 

----i '■ Wf-ll*- V-> 


-M 











b- 

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n +. 

aipo; 


Financial Times Wednesday September 27 1078 

INDUSTRIAL PROPERTY V 


The Midlands 


The motor industry’s long shadow 


.1:1: . 


yARR THAT the uncertain there ha* het-n a rnnMdfrable pmspeci f«r the yea is ahead- It compared with 2.f»m square feet line passengers tn make greater 
•.look for the motor i ml us try increase in speculative luring- wa% uni pur-Mhie to idem ify any in August 1H77. Fat-tunea on use of railway and to improve 
*hl hold back the. Midlands trul bnildin". and rens* which Mich arrangement m om donee wffvr fell from ».Tw square feel, the airlines links with the 
Sperry industry from follow- hung hre-ai around the i’l.yn hui sunn-os cJainicri Thai this tn 2 .Pjii. amt buildings under NEC which stands beside the 
• on the of the recovery and £1.4H a sq fi. level for -..no- was the coming ireud. cun%ir«i»-tion jumped sharply station. 

■jw-herejn the country appear rime, are now moving up It linl al m . ry t , iriItfr n r the [ u '™ 6 58.IHH» square feet to These plans are of course, all 
he readme ihe smaller units developers jiHHa,,.!* property mw aeent a W» square icet. arise tu ttu* mill of thore 

ne reason ha*. as nnshr lie say. which are much in ncsiKind. ,teveinpcr.s were quick to The figures for the Eart Mid- developer* who urge the revival 
■ected. burn slower than the although this sector of (hi- return j„ 1 1 , ( . urgent question lands hear nut the ventral of .Che Birmingham City centre, 
i of the ■tuimry to re - mi me business ss still unsettled by of. Use prospects for the motor opinion that this area has been m hil 

Jenin* of factory and ware- social and political alliludr.s mdusUry. There was no hiding slower t« recover. Warehouse . -M’J app ™ , 

•Sing spare left hanging un towards the old - inner vily the feeling Hut a serious .set- space of Uu square feet com- l-^f V, , Itl P ?' = f h ne of wh, F h 
marker fmrn the dark days areas. hack for British key kind would pares with 1.3m. and factory “J. *' J " 1,1 for ,f5L ‘ 

rh followed the jiurt-1974 cast a pall over the whole area, suave nf bui.UOM square fv«l * n e '"j ■' . sec ‘ 

apse. Bur there are plenty SOOflPr ,n both ‘he P'lhlic and private with l.lm. But the must notice- . a f ,” ,,nt *f r , wa - v }~ 

.. ndicai ions now that proper- fc5 ,T UI .. * r „ *vtt.rs. able lack or improvement is in J" 1 * * «* fl »<*'')*"- 

are hems taken up. that T he commitment of all tiuior T| rt( . ner;|I vj w j , Jie nni . lhat , lf holdings under con- st “ e . ini V‘ >,r,al . w Pallet ion 
{s ; art ‘ - r -’ s!n *' and that P»«n«al parties to inlriun.n.s i.i pi . Hy ^. l . l<ir 1(l hn [ h;it - „tructfin where the total has ' JJjJj . ,c ' 

eloper- are vrtwmx the ihtf sixties iri-hd of .-yen if “ the- worst " happened risen lamely from 4.io.MW E 

.ire with something like allowing small industry i.» ihw . if ]^ vJ;nili lhrn , h0 Midlands square feet tu only 475,0011. Thi.s r ut , 1 sti,, " lc "*'* 

'*!' lil >’ ‘; cm ^ s revitalised p! . inl s raiaht ^ L . X|Jt . rtei , fu sur . meagre increase compares with 
Jdeed one prominent ag,.-m the city tk-vo. opnient ■sc-iiv. But xiv(i in MII11I . fnril) l)r 0 ,|ier. a naimiial average increase of . ‘1, , ’ " J . . 
he area not only described nttwi pariic.yuni- m the industry Bll) u w;is jmcd , h>M tbe po5 . & per cent in buildings under 3!Jdl?nds «, course, but espe- 


m both the public and private with l.lm. But the most notice* !l OI J a r l ,,ni ! cr . wa - }' 

s.vn.rs. able lack of improvement is in «* fl ut *")*'- 

The general view in the pro- lh« of huiidMiaft under con- ||ni -^ t „^\. “ iIh ^suistan" 


hn area not «nJy described pam.ripanis tn me imm,t.-y BnJ u w;ts Ji;i . eoi , , h . M rhe p „ 5 . 42 per cent in buildings umt**r ‘ uul 

General trend as suod but would like to sec further si iiilii'v of such an event con- construction over the period claI jri jn re P 1,,n - 
mentrd that most agents practical moves from t.ov.^u- hoW bui . k i nV osimcnt reviewed. - 

•• •• I nw f •"*»-- naner.Oan tai-r. Jwwom , :ind mu« thonfan. he Bu i ihis reln.m- .hdtmm in fil COBniPP • 

amly not over the past few I>:?p;te these hints of .tcr-mmled a bearish factor. nt . w building m the fast Mid- ® 

cautom. imwpxer, local amt.- llu . mns1 rm . n , .sintisrics- for lands has tn manv cases been Birtningham s inner city 
h? recovery remains M.tne- «rity interest m restarting in. ins* n,,. Midlands show an unpnnis uffsot by an upsurge in the «eheme. giving high priority to 

•t patchy, with the East trial dcvelopir. t-m. usually m „ 1L . m , n the state of the pro- refurbishment of existing pro- a new road system winch would 

ands proving less resilient conjunct nm with pnvate <b-vel* perfy market which is mien sur- perties. The host example is ‘ ,l turn ^ourase. industrial 

. the But even here. open. ha< become a pnm-* pr ,.s„ w |j well in line with probably that of the Naval Store development in Deri trend, 

e are bmhier spots, usually fac'or m businesss activity natioiud trends. Warehouse j n Hovenrrv where some tm Duddestou- Sail icy. Hands* 

. ie mites and near motorway Devr lupnienis of this futun* properly availiihl.- for sale or square feet' has been taken "in worth and Spa rkbrunk. hopes t>« 
• ?,s - by way of ?:nk- with major p.-n- fll j 21 j| IC , West Midlands hand. The city uf Coventry. OuaMfr f,jr 3 t least a 75 per 

.it in tn- West Midlands si on funds appear to be a likely io1:ds some "in square feet, which “ stood »uH," as „ne ‘‘.ent Covernmeni gram because 

— — — — ^ ^ . Mince put it. for a long tune ^ potential contribution to 

{in the nml-197tK is now seem? daunting task of revitalising 

m W ■ m ** J.'i»vcr.Tl major estates beginning c“c Illri ' 11 ' tile city, fiirnung- 


Heywood.Su 


Ai> move forward. 


ham. more ihan um-t, saw' a 
substantial loss of jobs in the 



The growing success nf .he S1 ‘,J« and s^Wtie, and if in* 
National Eshitaitun Centre has dunriaJ duv . e , opm „ n{ 

proved a highly sigmlieant can j, e lp to b.nd up the wounds 


Substantial industrial Premises For Sale, 
260,000 sq ft including production areas, 
warehouses and offices.Site area 12.62 acres. 













Kings Court. ExchanqeSbeet. MancheslerM23A>v.;Tel:U61-S34 1Bf4 
Also at Londwt, Birmingham. Dublm. Syoney S fAelboume. 


v i i . uuouiiu mi u mvi i* uw a ti uuiinnu 

nr"v, ,d . lnalOy can Mp i.i hind up Uic viuuntls 

i, lc n.r Imih fur t. o»" , he „ i, K ,|l liiul re.Hy support 
unmediato Vlcinll> anti also fnr elsev!b „ e , hl . rt ,„ ion 

noarh> cilws. Isjval indu.irialisls losethcr 

In addllinn In lilt’ spurt piven vvj L h -Oie Cilanibnr nf Cummerr'c 
tn the coOitruttion industry deeply involved in the 
when the project first tnok Si; hemes. chiefly in feeding in 
shape, there has been a signiti- information regarding the 
rant spin-off in the form of the needs a „d hopes of local and 
building n[ hotels, fnr which the national business. 

Centre proved to be under- Elsewhere un the Birmingham 
provided when it first opened property front the picture 
for business. This lack of hotel follows the trend of the rest of 
accommodation is in the process the region. Demand for good 
of being rectified but the need class industrial property is 
is expected to grow hefore the rising and rents arc moving in 
end of the decade tf the Centre the same direction. But this 
maintains its present rate of recovery came from an excep- 
suceess. tionaily low base — the overhang 

Its presence is one factor be- on Birmingham properly 
hind the proposal for Britain’s mar J < ® t l m ihe black days was 
first commercial magnetic levi* probably as bad as anywhere in 

iation transport system itself as *5 0U I 1 , lry ‘ . . . 

part of Birmingham's plan for a Allocations of both warehouse 

£801)1 airixiri develr.pmcnt. The anl) . J“ tor - v *P*« are »«“ »P 
maitnetlc syflem itself, which , la .f. h >e .l r 1 L fl i!“ res a,,d 
wuuld ™st £l.Sm wuuld link 9 ■ 1 1 I?i 1 3Sm“i,Vh , 1 hi , f ! 
proposed new ajr terminal build- "g ‘.'Ji™ U, ' 1 '« el l ’ f ' h8 

in/ and Birmingham taler- ,h., h „.™ 1 ” 1 S 

n.Nnnnl sfnlion On. nf tho liiesl'd that there WHS a 1 U n ” 


national slalion. One of the 
main objects is in encourage air- 


way to 


yet — hence the 


Terry Byland 


; dj; .•.■.v'V-5 'ft- " " • • 

I * ■ - • *■ . - s . ■ - . 

[• ■ ■ 
I • ■ , - 



Europe 

CONTINUED FROM PREVIOUS PAGE 






TWO NEW DISTRIBUTION DEPOTS 




) .a-riffi-* 

ti* 1 ’ - J jV 


” ^ l+fu LU 1 ’ 

•7-r. Ur*- 

W " i 


- i Vi ; 

m * !>i 

l i"/ 


25,000 SQ.FT. 

26 FT. CLEAR HEADROOM 
500,000 CUBIC FT. OF 
STORAGE • 

SURFACE & DOCK LOADING 
3 FLOORS 
OF OFFICES 

HEATING THROUGHOUT 
VERY LARGE LOADING/ 
PARKING AREA 
RENTAL £40,120 RA. 


11,000 SQ.FT. 

18 FT. CLEAR HEADROOM 
160,000 CUBIC FT. OF 
STORAGE 
TWO LARGE 
LOADING DOORS 
' TWO STOREY OFFICES 
HEATING THROUGHOUT 
LARGE PARKING/ 
LOADING AREA 
RENTAL £17,880 RA. 


UfW 




FOR FURTHER INFORMATION PLEASE CONTACT: 
THE ASHViLLE GROUP 
SPUR HOUSE, MORDEN ROAD, WIMBLEDON 
LONDON SW193BJ. 

TEL: 01-540 0421 


an 



are generally held to be highly 
bullish, UK opportunities are 
severely hampered by a batch 
of specific difficulties. 

In addition to the expense o [ 
moving the money through the 
investment pool, which must in 
itself hurt the yield on the 
investment by comparison with 
a similar opportunity in the 
UK, British investors have for 
the past three years been 
obliged to bow to the Bank of 
France regulations which in 
effect prevents foreigners from 
borrowing long in tim local 
market 

The lease system, which vir- 
tually allows Ihe tenant to break 
the lease alter three years, has 
been another discouraging 
factor. The combination of 
these two haa severely reduced 
investment in France by the UK 
unit trusts and pension funds, 
which would otherwise be 
almost certain to take au 
interest in the market jus! now. 

Once again, alternative forms 
of financing such as borrowing 
Deutschmarks and converting 
into French franc*, have in- 
volved too much exposure in the 
currency markets and lifted the 
risk factor to a generally un- 
acceptable level. 

UK property investors look 
a significant beating in the 
French property markets, io the 
post-1974 collapse and the mood 
has remained distinctly cautious 
since then. Some other nationali- 
ties have returned to the market 
with some enthusiasm — notably 
the Dutch financiers. But there 
seems no likelihood at present 
that UK investors will manage 
to return to a dominant role in 
what is still one of the most 
attractive rparkets in Europe. 

Pride of place for investors 
now is the West German 
market, where the gap existing 
between yields and long-term 
interest rates enables some 
developments to be self-financ- 
ing from the outset. UK unit 
(rusts and pension funds have 
shown interest, despite the 
usual problem of arranging 
investment pool finance. A 
spokesman at Jones Lang and 
Woolton spoke or a “very 
strong demand for investment 
property” in West Germany. 

There have been cases where 
yields of 8 per cent have been 
obtained on funding costs of 
only 6| per cent. Interest rates 
are now beginning to rise but 
the attraction for properly 
investors is still there. 

Leases are generally longer 
than in France, providing an 
added incentive to investors. 
And although office property, 
especially in the Frankfurt 
area, has been slower moving 
than some othpr .sectors of the 
business, there has been a 


general upturn in recent j 
momhs. | 

The activity of the Dutch 
investors io the European 
property market, has not pre- 
vented them from participating 
strongly in their own. This has 
been somewhat to the detriment 
nf the UK investors, who are 
in fact powerfully attracted to 
a market which is beginning to 
look like a front runner for the 
next few years. 

But the Dutch competition, 
which lakes in the pension 
funds of such giants as Royal 
Dutch, Philips and AKZO as 
well as such banking veterans 
as Nationale Nederlanden, is 
formidable indeed, and with 
the investment premium to cope 
with, as well, UK funds have- 
not moved in as strongly as 
some would have liked to du. 

Shop and allied property has 
been the main attraction hui 
there is interest in the heavier 
industrial sites also. Yields are 
moderate and a factor has been 
the concentration on price 
sites. 

Tn the rest nf Europe 
opportunities for UK developer.-, 
are relatively limited. In Italy, 
the stress is still on tourist 
developments which are often 
fiuanced-and directed from local 
sources. And although confi- 
dence in the Italian economy 
has now recovered substantially 
from the shocks oF a few years 
ago, it cannot be denied that 
property investors have better 
opportunities elsewhere io 
Europe. • - 

There arc more -opportunities 
for development inside the Com- 
econ bloc than is sometimes 
realised by Western industrial- 
ists — although it can be said 
here that the UK businessmen 
are among the most ready to 
seize chances in this part of the 
world. 

But participation in develop- 
ments in Eastern Europe is of 
course on a different footing 
From the conventional packag- 
ing common in the West. UK 
investment has been widely in- 
volved in the huge develop- 
ments in Moscow for Ihe Olym- 
pic Games. More prosaically. 
UK industry has been heavily 
involved in projects in many 
other Eastern European coun- 
tries. 

Viewing prospects in Europe 
overall, there ewi be no doubt 
lliat UK institutions would like 
to re-onter some of the prime 
areas— notably Germany and the 
Netherlands. Most ol the fingers 
burned so badly in the earl> 
seventies have now healed, and 
the experience has probably: 
been good for the industry. I 

T.B. 




importance of the city's plan to ! 
redevelop the inner areas. 

Rental values are nut easy to 
pin down but quotation!, of 
£1.50 per sq rt are now 
frequently referred to.. Once 
again, the presence and 
encouragement of the local 
authorities is an lmpurlant 
factor. although private 
business .-.coins to be becoming 
more holder — daily. 

On the oilier side of the area, 
Nottingham seeks much the 
same goals as other major cities 
— to re-create jobs that have 
been eroded over the past 
decade. 

But -Nottingham has to work 
from a considerably less 
buoyant industrial base than 
most, and prugress has been 
more sluggish. This shows in 
ihe level of rents, which arc 
Mill struggling to get above the 
£1.10 a ft range, it shows 
also in the ready availability of 
warehouse and factory properly 
and in the similar availability 
of advance factories and work- 
shops. 

District councils at Ashficld. 
Basseliaw and Newark have 
established partnership estates 
with the county, under which 
the county meets a large pari 
of the loan services involved. 
This and similar activities have 
indeed brought some new in- 
dustrial building, notably by- 
Kodak which has 550 acres at 
Annrtiley ior which it has a 
20 year development plan. This 
development can be counted a 
major success for the property 
world and has provided a lesson 
in the benevolent if determined 
tactics nf a local authority. 

As the traditional industrial 
heartland of Britain, the Mid- 
lands cannot escape its depend- 
ence upon prospects in the 
latter part of the year for the 
rest. of the country’ and for the 
economic upturn at present 
raising a tentative bead. 

No section of the Midlands 
will be walching Lhe industrial 
future with more keenness than 
the property developers. For, 
as they constantly admit, a 
downward plunge by industry 
would not only deal a hard 
blow to those currently deve- 
loping industrial properly but 
would upset prospects for many 
others still on the sidelines’! The 
news at present is that Midlands 
property development is alive 
and well but still nervous about 
tbe future. 


SavUls 

property 



to 



Finding the Site 


Tony Harris FRiCE John Macpherson David Longdon BSc- 


& Planning Approval 


George Buckingham FRicsriAib 
Ken Pollard fl\s fiau> Robert Brown afics 


Tim Simon AWCBjames Dean arics 


Project Management 


J ohn Thorpe fwes Angus Taverner 


Letting 


Tony Hams rmesjohn Macpherson David Longdon bsc 


Rating 


Bertie Dowden rates frya Clem Watson arics aeva 


Management 


Rex Le Poidevin ffucs 


! Valuations 
& Rent Reviews 

j [ . ; 

Robert Dean trigs Alan Salisbury Attics 


Maybe you need all these services. 

Or just some of them. 

Whatever the situation.no matter v/hat 
size warehouse or factory, Savills will handle 
it for you, 

Our Commercial Department is very 
industrious. 




20 Grosverior Squ^e, London W IX GHQ 


01-499 


Telex 263796 

Banbury, Becdes. Chelmsford Colchester 
Croydon.Fakenham.Hereforci, Lincoln, 
Norwich aaiisbur); Wunbome. 
Amsteidiui & Paris. 


imminmniimmiiummimmi 





INDUSTRIAL PROPERTY VI 


'CLEVER TO USE J.TREVGR... 

'or property management." 

Telephone for information 

I'ndon: 629 8151, Manchester: 236 8827 

■ 1 J.TREVQR I 

! 1 l asonsf ™ 

$ 1 


The North East 


r5^T° 0SE m 

- C i TREVOfe. S» 


State aid dominant 




ei oion Advance ftotoriw j J 

port of the local and nation bee ^ provided in Norifc Shields, ' ' ; * ^ * 
authorities. . be Gateshead and Cumbernauld, nr - 

A significant exaffipl^m M|n|J ^ a few, Bui- such . t 

coming to the foreiran. s: n t v ^ opme nts are generally SBsaH^:/ *f j 
case of Sunderland. Thcp . p lMve private property ••• : Hy 

which has long develnpcr feeling e™ more out faf 

jo hold on io its nunc.. « . ld 

a drop of 23 per cent .in s0 the uneasy see-a* .. . j 

last year. It alreaoy recede prn *te and public dp- . pT 

S=. "5?. .SUE? .£ X-™? _in *£-» £, K 



acquisition^ 


C7| ' CLEVER TO USE 
,i!.y J. TREVOR... 

•inn for nMmnb 

1 — ' 11 Telephone tw inlofmaWm 

jj—J Londoi^29aW^^chwie^JfiMr7 

uE l i tdcuaisS 


Telephone for inf Of matron 

London 629 3 !S 1 . Manchwier T 36 333 ? 


l&SONSi 


CLARKS TRADING ESTATE 

ADJACENT A27(T) 

New Warehouse or Industrial Units 

9 .000 sq. ft. to 24.000 sq. ft. 

Occupation Januar/ 1979 

CRAWLEY 

ADJACENT GATWiCK AIRPORT 
New Warehouse of 10,000 sq. ft. 

Ready for immediate occupation 
New lease available 
(May consider short term le: i 
Ren: £1 73 a s.f. excusto 


UlUtV U1U UVlllliAM-AAV SS. 

‘ !S cfoU do«n. bueness ran improve very much 

may oc .forced ^ as j. cd ^ or private developer un> 

THE NORTH EAST, with its the local authority to build on It is in this contest that such help fcr&PJ». less Ea^ £ 

traditional economic depend- the site. Most of the units relatively marginal ^ develop- W" VCIM *'™ property, developers can baruly n 0 n era l and the. 

ence on heavy engineering, involved are being built specu- meats as thatofPeterlee, which European Re^on ^ fail to ^ deeply interested in Particular stroag.. 

chemicals and coal mining, has laUvely but there seems conS- is to spend. £2m on acquiring a “ a rt of the outcome of the aegoti* tions. base lor T*cove*y. 

always tended to epitomise the dence that the final outcome will further ITS acres, must be mea- also sponsored its own Act o -nie Teesside area. ba^e\e.. property de\eioprn?m o^M 

problems facing the industrial prove successful sured. Peterlee has succeeded . T „ d has provided some hrighie. t0 be one of we planits swh 

developer. The region des- A further drive has been rather better than most at the AM spots ’ « the indirtff* ^ a to^tapoent Brt 
perately needs new industries, undertaken by the Newcastle task of attracting or creating perienee. This is largely because ployment a jufity ' .sJJJJJSJ* 

and .he property industry is »» ^ “ its “ „ £ ,£,££& Tsln^e Sr. industrial base ■ ** 

more dependent than most sec- in „ industry to the Sv and A recent count disclosed that h.V?np« Tt afco slightly stronger than m the tf, c Government 

tioos of local business. Yet local J urces espr^ highhopes unemployment there had jJjfSHi » jliotat the rest of. the region. Eve “^: re ”^ withdraw frem lU^eSot^o 

private sector industry remains fQr the outcome. The^m is to actually fallen over the past two oroblm fo^ tbe de- find it hard to rise above the briU g in ^ortiJs iqto the aej 

cautious about committing itself bring in companies to build years, a time when unemploy- wbo ^ dep ^ d ent on a fUO.i square f00 \ h r * n f ariou5 ln th !? ra ? P l^i^ 

heavdy n the area. broadcasting receiving equip- ment throughout the north was ral rev i ra | 0 f industrial In other ai e3 * t .y. wnrtwm a general ^ ^ a 

This has meant a heavy com- menti compu ters. office machin- continuing to rise. Here, as in b!lt bas t0 compete with statutory autnonties contmu^ cha i^e or < SoreVMaent has lit Je 

mitment by the State, in the ery and electrical components, other parts of the country, it tbese high-powered moves to to dominate the marto. ■ Th--- l0 offer North East proper de- . 
form of advance factories and ^ we ii as the more traditional is becoming clear that the cer- „ et ground. Tyne and authorities provide a soui t - ■ velopers other than tanner an- 

the Departinent of Industry s heavy engineering products so tain way to attract much needed wear, it is reported, has around business for many local nu certainty. . . .. 

English Industrial Estates Cor^ ] on g associated with the area, state and local authority back- 40 factories completed and per- and tradesmen but °f ^ It is hardb surenang s tnea 

poration. which has been obliged successful, and the city claims mg for development s<*emes is b aps as many more at the plan- tend to lake up whale that the North East J* ro P®rt>’ de^ 

to make the runQ1 "S in the tbat some 2 00 companies to show that unemployment nag stage. property business there ** veloper remains less ®bulhen. 

attempt to bring to the area the ej; p ressed interest when the totals can be reduced. One helpful factor for the pri- encouraged. Rents in « art - than his southern -counterpai. 

industrial clients so essential to dr j ve was fi rs t launched earlier vate developer has been the pool, for instance, remain low He s till has intle to be joyful 

the well-being of the property- yeart th en jt could have Tlicmav diviaon of the business by the ■ and - there seem? linle chance abHU £ and he is operating m the 

industry. .... significant implications for the A-JloIlUtj English Industrial Estates Cor- of a revival of fortunes. one ar ea where even an upturn 

But of course the ready avail- industrial property industry. Some dismay has been ex- poration. . English Industrial Estates market could 'simpiy 

ability of advance factories can The same effort has come pressed over the recommenda- The Corporation has decided Corporation is to be found ] L , a ve him elbowed out. by the 

further cut the ground from recentlyfromajointenterpri.se tion by the ruling Labour group to develop only factories, the s . encouraging and helping public sector, 

under the feet of the P n y at ® by the National Enterprise on Tyne and Wear County leaving the warehouse market business, especially small 

property development. Indeed u oard Rnd tbe Midland Bank, r.nimril that it should leave the free for private developers, businesses, throughout the »e- . • ■ ' ' • 

there arc signs that this has This scheme would put up -vorth East Development Since warehousing activity has " — — — — . 

been happening over the past development finance for enn- council. been generally at a slightly 

few months. cems which have exhausted T he True and Wear metro- better level than has factory ^ 

me region nas seen an their traditional sources. nolitan council has been in the letting, this has provided some m 'VIm 1 

However, none of th«e moves forefront of the uneasy balance business ifor the private groups. Wf I SI || St 3 8' Pr6H5lS8S^il 

4neraY ' ^imorovement m “ n be regarded 38 short- between public and private But tne proolem, politically, | IHMUW — ■ ■ TOlWWI^ 

tne .enerai unprovement in term t0 what js ver> - f - active in the develoo- is tnat warehousing does not 


I few months. 

The region has seen an 
| increase in demand for factory 
and warehouse space, reflecting 
the general improvement in 


Industrial Premises! 


bus i ness activity over the past terra answer t0 what is very forces active in the develop- i 
?wei?e monihs But altiiough much a P ress “ g short-term ques- ^ent field in its area. It offers c 


create as many jobs as factory 


♦h »5 imnrnvpment has helned to tion - The question is of course: grants to owners to improve development. 

lift rEni! areas notably “H industry does not come to existing properties, as well as money becoming more and more 

Newcastle it remains generally ^ area ' how ®®“ Ibe pri- the usual inducements to new the name or the game, tne 
min that 'there is not as much Tate industrial sector regain ventures. It rang up an impres- private deveioper may fear that 

development m tTe impetus ?" rive tat ty obtaining finandai be will not receive the fall sup. 

North East as in some other 

industrial areas. rt J 

In its latest survey of oCOtl&HCl 

property available. King and - 

Company reports a significant 

fall in warehouse property on ^ - “t 

Ont look npitrnv 

But factory space still available V^/ LA tlVJ V-/ J\. VJ CL LwAJL V 

remains high at S.5m sq ft. 1 «/ 

There has been a sharp increase 

in the footage of buildings under djscuSSIONS OF the indus- acceleration in its programme on industrial building, 
construction-- Sl^ooo sq n p ro p ert y markets through- can be seen from the fact that In addition, the Scottish new 
against 6< d, 000. The figures bear ouf gounj^y jj] ^oo often 192 of these factories have been tow are all particularly active 
«jut the comment that while a ignore yjg i mpact 0 f tbe built since 1975. By comparison at the present, attracting new 
few small warehouse schemes Q 0ver ^ ment agencies -as sup- the agency has only £17 Jim in- industry and providing sites and 
are under way, the demand lor p jj ers 0 f s ^ t€g and promises, vested in 26 companies. premises. There have been 

factory space has been largely After all. the English Industrial To put these figures into failures but the levei of closures 
met out ot uie reaerie oi Estates Corporation is by far perspective only an extract has been nowhere near as high 
advance factories wmen one ^ largest industrial from the chairman’s report is as in the problem new towns 

rental concessions an developer. In Scotland the necessary; “When legislative of the north west of England, 

incentives wnicn mu ta Scottish Development Agency provision for the agency was Indeed Livingston New Towij 

aS rL n th* rprits CSDA) has a budget a tenth of being enacted, the expectation has recently been granted an 

r ft In* Unnamfnnf have been whi<rh would look lar S e to most was expressed that it would additional 176 acres within its 
«nntrfl!ri a Thb mnst surressful commercial companies. double the rate of factory designated area to provide for 

"H^oraem hM bven ln". In tta Uri few «*ks the buOdte Jt i tadud: this ts further MMI evpMriua 

Paul’s development, where SDA has been making It known now broadly achieved. irvine sas aiso^oved an in- 

Indfscnn has been licensed bv that it is likely to Have spent The Agency is also involved mistrial magnet. The town has 
1 — its entire £300ra quinquennial in a specific project, the already attracted a number of 

rrant well before it has com- mammoth Glasgow Eastern multinational covenants which 
ileted the first five years of its Area Renewal (GEAR). Esti- would be the envy of any eons- 

■aastence. - mated total expenditure in mercial deveioper. Beechams, 

, i-Ai-A-rr At the be-tinnlnc of Sentem- Glasgow’s decayed east end is Volvo, 2CI, Monsanto. Rockware 

L ESTATE J; 1 2 * Grav the of which ^ SDA will CONnNua> ON 

£.™V^^.iSSSiiiSba directly responsible for NEXT PAGE 


public] 



Nar.le:s House. 25/25 Oceans SqjJ’ 1 ?. 
Crawley RHiO 1£U Teh *0253) 516551. 
Aiia 2c Brijhion Hc^e casibs-rr.s u V/orthm;. 




Outlook patchy 




New single storey units 
4,300 sq. ft. to 13,000 sq.ft. 


.*5 SOLE AGENTS 


WEN 


DEVELDOf/BToY 

masoinibrdqk ltd 

« e e 5:” ; ■■■■;• j 


OUHUlBI v. . . 

6KAKGHE ^ 



INDUSTRIAL ESTATE 


Chatham, Kent 

' 2,500/ 1 8,500 sq. ft. 

. New Factory /Warrfronsc units. To Let 

Mitcham, Surrey ' 

10,200 sq.ft- • 

■ Modem Single Storey Factory/ Warehouse. To Let 

Herne Bay,..- Kent 

22,750 sq. ft. 

i Single Storey Factory. Offices. To Let 

Rochester, Kent 

24,000 sq. ft. on 125 Acres 

Single Storey Factory. Parking- For Sale^ 

Westbury/Wflts. 

32,800 sq, ft. 

Modem Single Storey factory. Good Parking. To Let 

Battersea, SW8 

. 34,000 sq. ft. . 

Modemlndictn^/CommeraalBuildkjg^ToLet 
- ’ For full derails end alfier properties contact: 

| iHenry Butcher &Cc 

j g-' iiicofpcfatmg. 

f ■■■ Leopold Former & Sons ■ 

l SP/ 67 HIGH HOLBORN, LONDON WC1Y 6EG 

TeS : 01-405 8411 




'I EES 


PHASE 1 
PHASE 2 


READING, BERKS. 

LAST UNIT 30,000 SQ.FT. TOLET 

! NOW UNDER CONSTRUCTION 

NEW WAREHOUSE/INDUSTRIAL UNITS 

6,000 sq. ft. - 112,000 sq. ft. 


St Qiiiiifcm 

^ Sou& Stanley 

Churteml Sor>e}i»w 
Vintry House, 

Queen Street Place. London EC4 1E5 
TEL: 01-236 -KHO 


chairman; said that before 1980 J 

the agency would have io scale progr ^ mm ? m.olves 

j bath land renewal and envmra- 


CONTINUa) ON 
NEXT PAGE 


down its activities unless fur- 
ther fdnds were available. 


mental improvements as well as 


SirAVilliam was definitely Dot «, - . I 

warning of a forthcoming re- h J? ls s Jnf in'Tin^ mnfn i 
rtnptinn in the asenev's activi- ^. een spent 111 a H- n *b e ni^in 


duction in. the agency's activi- 
ties: Last year it spent £51m 


building programme 



compared .with only £25m in its co " c ="“'?' e ‘ i 
tat 15 months. This year the Obuouriy ££AB is a desir- 
forecast is for £90m, and neat fie project and one which a. 
year f 100m. The message was If S last embodies a .determined 
simple and audible. "Substan- »«»? ®" ““ of the countrjf : 
tial funds have to be made » orst e y esores - But ae P™"- 


available." 

Although part of the SDA's 


lems are immense. 
Unfortunately, Glasgow’s in- 


Joint Sole Agents: 



6 Arlington Street, London SWIA IRB 

TEL: 01-493 8222 


Investment in Scotland by the 
Standard Life Assurance Company 

Blythswood Estate, Baileyfield Estate, 
Renfrew Edinburgh 


Las I remaining units fur immediate occupation. 
Factory/ warehouse units on modern estate, 
cl n sc U> Glasgow Airport - 
One unit of b.ttOO «q. fl.Two unils ol 4.6° j sq. ft. 
Available now. 

j Minulcs from muturwav junction, 4 minutes from 



Two new warehouse unils for immediate occupation. 

T o let. 

8170 sq. ft. each or 10,340 sq. ft. combined. 

Tenants include Marks & Spencer. Canada Dry and Securicqr. 
For Brochure and further details apply 
Joint Letting Agents; 


function is to invest directly , dustriaJ ^ employment prob- 
in Scottish companies - a role le “? not limited to the 
which has led it into consider- eastern end of the city. Clyde- 
able controversy— the bulk of its *jJ e * tbe . troubled shipping de- 
budget goes into advance irmt and already burdened by 
factory building. unemployment, is now girding 

The latest report and itself to face more closures, 
accounts reveal that the agency Close on the heels of the loss 
owns 601 factories covering of 3 -°°° 3°bs at the Singer 
2.34ra sq ft in 175 locations. The sewing machine plant comes the 
■ ■ ■ ■— news that the Marathon ship- 

building group is to run down 
its staff by 900 after Christmas. 

But to. get back to the SDA. 
At the end of March this year 
the Agency had 129,000 sq ft 
of industrial space under con- 
struction. Bespoke factories are 
a major part of the programme 
— during 1977/8 23 custom-built 
factories valued at £18m were 
built. But the advance factory 
programme ’was also sub- 
stantial. 

.Greatest demand, according 
to the Agency, has been coming 
from nursery industries, requir- 
ing 2,000 sq ft or less. 

It is widely believed that the 
SDA is looking for a doubling of 
the funds available to it. and 
perhaps even more. The major 
part will continue to be spent 


THE 

TOTALKTD 

IF YOU 
TOSETUPLOLUPOP 
IN LONDON. 


■r MAL 


. hEW 

. . .• y - m j j r< s* >1 

• '¥ m ; ‘ 

■■."*** f I ¥ : 



r«;f 

s bi i i 


Allow us to translate this cockney 
rhyming slang: the brains to talk to if 
if you want somewhere to set up 

shop in London. ^ 

The brains we refer .. 
to are the London Dock- 
lands Development 
Team who want to 

London Docklands, 

With 600 acres of prime .. 

bnd, its the biggest 


aiey industnal development in the world. - 

►if - Vet its within easy reach of the City of 
• London, the West End and boats,; • . 

; planes and trains to every - 

comer of the globe. 

■- -millidn people live 
within 70 miles of ■ 
.^vy . London.. 

- * But first call the number, 

below and pick a few brains. . 


DOCKLANDS INDUSTRIAL COMMERCIAL DEVELOPMENT SERVICE, 

164 Westminster Bridge Road, London SEI 7RW. Tel 01 -6335959. 

Th^ covgrSservgnt does no! imply >Hoi Govemnwnl approval for any particular devekjpirient will be fcirthccur.ing. . 


JONES UK ^3 Kejngth Ryden 

a a . jnnrnffififfl and Partners 

VVcHAinTOSUWETOB 

10 Castle St, Edinburgh, 71 Hanover Si, Edinburgh, EH2 IEF. 
EH2 3ES.Td: 03 1-225 8344. Tel: 031-225 66 J 2. 


BeUeknowes Estate, 
InveAeithing, Fife 

Units from 3,500 sq. ft. to 17,500 sq. ft. 
in phase one are available now. 

On junction I of M90 Motorway 
by Forth Road Bridge. 

For further details contact 
sole letting agents: 


JT^% Kenneth Ryden 
and Partners 

CHARTBED SURVEYORS 

7 1 Hanover Street, Edinburgh EH2 I EF. 
Telephone U3I-225 6612. 


DEVELOPMENTS CURRENTLY AVAILABLE 



BERMONDSEY TRADING ESTATE 
ROTHERHITHE NEW ROAD 
LONDON, S.E.16 

TO LET 

Warehouse or Industrial Units 
TOTAL AREA 145,000 sq. ft. 

Units of 4,037 sq. ft,— 5,969 sq. ft. 
or multiples thereof 
Now Ready for Occupation 


FEBRY^^ANE^ T0TTENHAMH17 

CLOSE TO TOTtESHAM HAtE 
TUBE STATION 

finished to high standard 
8,000 sq. ft/nett or will: be 
Let in Single Floors 

V Avaijable October 1 978 


APPLY TO FRANTHORNE INVESTMENTS: LIMITED 

OSBORN HOUSE, OSBORN TERRACE, LEE ROAD, LONDON, SE3 SDP 
Telephone: 01-852 7407 :• : TELEX: 896544. 








financial Times Wednesday September 27 197ff 



23 


THAMESIDE ESTATES LIMITED 


WAREHOUSE & 

INDUSTRIAL 

LAND 


ERITH, KENT 


9.7 ACRES 
For Sate or lease 

With planning consent 


Potential for further 22 acres 




Apply sole agents: — 
JENNINGS AND BARRETT* 
Chartered Surveyors, 

2 Cross Street, 

Erith, 

Kent. 

Tel: Erith 42444 


? r i ; x , i 

•'**>* : r SS5 H 

rs* * S\‘ 




, wuioui) 

‘ HIGH STREET HERTS 


‘ «• * l . ~ .‘'f. -• , t .. . 7 k 

. W".' ^urrej Prestige single-storey 


« +r 


2 l. 7 : 


W 1 ri 

* t ■ 


Factory/ Warehouse 
37500sq.ft.1b Let 

Self-contained site of T/i acres includes 
€i000sq.1tapprox. Offices. 

Ksnf 

i,25*c 


VV i ‘ ■' " 

"* 5 * '* tllSi 


Healey & Baker 


tueaww.lrthi 

29 St George Street, Hanover Square, 
London W1A38G OT- 629 9292 


-.•a - \ r S- - r r -, *• 

*-• v u •- ■ _■ - v 


\\ BelMngram. • 


01.-4371274 7 


*7-48 fV.caaJl/ Loraon vtiv ODN 


.1 '' \ m 


■ ' \ • irrkffjl 

■?!-* i f vuk'viiyih 



BIRMINGHAM 


* „ . 3 1 i.rC Jfc 





NEW 

^VAREHOUSES/FACTORIES 


MW 




, xafl J S 7 

K* r ii ,V ? , 

«£■ r--r > 

f=- - -r -t W - 


15,000 SO. FT. UPWARDS 


^ LET FROM £1.10 PER SQ.FT. 



fREBK. J. PEPPER 5 SONS! 

27 TEMPLE STREET 
BIRMINGHAM B2 SDE 


*?1 -600 1797 


021-643 9761 


r. - as* r? Ofv ^ tsJjft 

V i * v i- . I 1 1 u 

i If* r .iJiaSSS - 






. * : * I#*-?*! your problem here? 

1 e s 


nn tenant> Site but no funds? 
cr but no suitable scheme? 
bnvc but no construction manacer? 
heme but building cos! louhi^h-’ 
m M ruction Limited make n habit of solving 
problems in return for a modest building - 
. Send the coupon today. 



Construction Limited, Bovis I louse. Nun holt Road, Harrow, 
- l IA ’OLIf.Tcl: 01- \2J 5-lhlt Teles: ’Slt>. 

\i:J «u Jit jili .yjvur imuts 


Addrosr 


'id: 




-*r u • d 


iovis 


Fifty .wors-o/ professional building; it)z8-ig~R 


INDUSTRIAL PROPERTY VII 


The North West 



Cities show up best 


NOT SO very long ago an indus- 
trial estate agent would have 
shuddered at the thought of 
finding a buyer for an old five- 
slorey Lancashire textile mill 
with a floors pace of just under 
{in sq ft. With the decline of the 
textile industry' the typical 
Lancashire mills used 
looked upon as the 
elephants of the industrial pro- Cheshire 
perty market. 

However, one such mill in 
Oldham was snapped up 


£L.45 per square foot 


INDUSTRIAL FLOORSPACE 
AVAILABLE 
(n sq ft) 


to 



1977 

1978 


(June) 

(June) 

Gr. Manchester 

10.4 

8.8 

Merseyside 

3.9 

2.8 

Lancashire 

2.7 

3.1 

Cheshire 

23 

2.8 

North West 

19.9 

18.5 

Source: fidword Rusbtun Sun 

and Kvii.vun 


an d speculative developments of ihe 
around £1.30 per square fool in early 2970s have now been lei 
fringe areas such as Rochdale. Obviously, the Greater Man- 
Further- North, in Preston! Chester area is at the hub of 
R. Stewart N'ewiss estimate that activity and speculative dev el op- 
rents have risen by between 15 “fnis are under way in places 
* J “2 e) and 20 per cent over the last closc 10 tho motorway such as 
year and prime rents in the Wore ley. Lostork and Mosley 
Preston area are now running Common near the East Lancs 
at around £1.40 per square foot. Road. Interestingly, whereas 
In Liverpool. Mason, Owen developers had earlier «hied 
reckon that rents on new indus- awra ? from building units of 
l rial properl v have risen bv under 5.UU0 square feet the 
aruund 10 per cent since the Iatesl rs® «n activity coni aj ns 
start’ of the vear and thf>v arr- many smaller units of 2.500 


service to 
Industry 


night on Lie market. Admittedly 
its former owner (ICI) had 


noticing a resurgence of specu- square feet which are proving 

, lative development activity par- t0 & e Tory popular. 

maintained' it very well and the manufaclurmg space used iu he Ocularly in units uf 30-40,000 Already, however, one or two 
buyer (Hestair) found it ideal r ^ e ^ a j anL ‘ e * s now of the S q ■ firms are worried Thai the mini- 

far storage purposes. Neverthc- ort if. r „ The absence of small boom in the industrial properly 

less, the transaction does under- r Edward Rush ion survey, speculative developments over market is leading to an excess 


line the fact that the industrial h° wel ’ cr - demonstrates that the (j, e pa^t few years has left parts of new building. The last time 

property market in the North J re *» ve| y 1D J^ 10 market tends to (l f Liverpool with a dearth or this happened in the early 1970^ 

West is much more buoyant , P atc "y- Ttic improvement m new units and Liverpool’s developers found that some of 
than it was IS months ago. “ lc regional figures was Development Office has been their factories lay empty for up 

In Li vp moot Macnn nvnn ^counted for almost entirely by tr yi Qg to fill the vacuum with to three years. However, Edward 

mlt *£2fii£ ZX =nd sltr che^ : ,he he,p of llK c r- rni s enl ' s Rush, °” d r no ' /wl 

i — j -u_=_ u lis j esl Mcmjsiue and Cheshire nin er city partnership scheme, situation has got out of hand 

, n( i showed little change and the initial plan was to build as yet and argues that a pool 


SS "SSm Uy "SUSS s,m betK T * halr *“• Uir - i»““4ady b«„‘ lot. 

t. . ' " r p out “ u tawara quarters of u percentage point. 

Rushton. the amount of factory/ antl renls on ldCnUia , ncw „ ... 


, r. — , ana renis on lacnucai new ■ • 

warehouse space available for bui]dings are sU li up , 0 20p per LDOUineS 
sale or to el contioucs to fall. m fool hlRher in Pre;;lon ^ 

At the end of 19*6 some 23m than in Burn | cy A total of 60 small factories 

sq ft was available. A year ago j n ]j ne w tth the improvement al ' e under construction at 

the figure had fallen to 19.9m in niar |j eI rt . n ts have present providing floor spare of 

and by June of this year it was slarled t0 harden noticeably. 193.000 sq rt and it is amici- 
down to 18.5m but of the total According to Edward Rushton Paled the whole 200.000 
roughly two-thirds (12.7m sq ft) £125 per square fuut was ihc- sq ft programme will be under 
is accounted for by old pro- commonly quoted rental in offer by the end of the year, 

ponies, more than half of which p 0pu i ar pa^ 0 f Manchester a The Liverpool Development 

are multi-storey mills or similar veur ag0< w j t y > rentals as low as Office is receiving enquiries for 
buildings with limited use. 7 5p l0 f j per squa re loot else- new factory >pave at the rate 

In the past the demand for where. Todaj - . £1.50 per square over 1^ P er week and 

industrial property has been foot and higher is being reckons that u could sell four 
concentrated on warehousing obtained for similar mills with times as much factory space as 
and distribution companies, ihe lower baud of rentals now the City Council is building. 

Edward Rushmn report that being 95p to £1.20. ^ 0UTS ? fh ere are a handful Vnmine, 

there is an increasing number Meanwhile Dunlop. Hcywood large industrial properties * t C?.‘ : 

uf enquiries for new property reckon that rents have risen by around the Liverpool area 0 


companies considering invest- 
ment in the region. 

Against this background it is ] 
not hard to see why there has 
also been an upsurge in tn>ti-| 
tutionai investment activity in 
the North West industrial ’pto-] 
perty market. Edward Rushton 
estimate that yields on prime j 
industrial properties m the 1 
Manchester area have fallen by 
a full percentage point over 
the last year. Bernard Thorpe 
reckon that there is a good de- 1 
mand for investment properties! 
costing £]m upwards and yield- j 
mg 8 per cent Some of the in- 
stitutions. such as Commercial 
Union. Abbey Life and Elec- 
Nominees, are 
more| 



Two essential 
guides tor 

companies moving to or 
expanding in these areas. 

For complimentary copies contact: 
Drivers Jonas 

18 Pali Mail. London SW1Y 5NF 
01-930 9731 

Drivers Jonas 
10 Albyn Terrace. 

Aberdeen AB1 1YP 
(0224) 54931 



from manufacturing companies, around a fifth over the last 18- W ^* C ^ agents arc finding hard e in financing new develop | 

rni_ : _ • T l . 1 . - *t mm ■ ^r. _ mfiPO QL'iilmarcJnlo in nu !■_ 


This is confirmed by other months. Near Manchester City t0 move. Skelmersdale, in par- ments ‘ , _ . . 

firms. Dunlop. Heywood. for centre rents, of £1.60-£1.65 per is a difficult area since According to Dunlop, Hey-| 


example, reckon that whereas square foot are being ’ talked Loth Thom and Courts u Ids have wood there have been cases 
the proportion of enquiries for about and the norm in prime recently closed down twovery ^ h f„i‘ eld i ha k '^ gJM as J“^ 
warehousing as ■ opposed 


Scotland 


as 7 per cent but there seems | 
to be resistance below that 
level. Although the big iostitu-| 
tions are reluctant to consider 
anything below £^m, some of 
the smaller pension funds, 
which are new into the market, 
are prepared to cons.ider pro- 


to areas such as Wythenshawe is !ar « e factories. The Thorn 

plant amounts lo 450.000 sq ft 
and- the former Courtauld? plant 
amounts lo 624.000 sq ft. In 
addition. British Leyland is 
understood to be selling its 
Speke plant which is spread 

V CONTINUED FROM PREVIOUS PAGE over 102 acres and amounts to 

ri r ‘ . -‘j Tj„ ctot . tl - n -„ rk n ,, KU . J Jm sq ft. A site such as this i ef ts as low as £150.000 and be- 

2,7ft altraited ° r a, * the over- ^ Wtf 

'"VZ . hripn . rhA h l * SJLrLJif -Despite the specialist prob- m the south eastern quadrant 

Glenrothes too has been in the supply has been absorbed anti a ■ , . T . J: . of pi*.. such a , c tDPkDOrt 

S^TT dSime^Tcti^ is S on "bt e^Ur^e'new moto^vays 

that it is attracting too much have improved from the levels l, in lh _ v ' h hp'rn- hunt 

idduslry a. the eape^e of them- of the spring when, tor instance. '^0/^ years 

selves— a true sign of success. top prices of £1.60 were being Ml j St of T h c un its on the earlier William Hall 

Backed as they arc by state 'achieved in Edinburgh. Since “ 0SI 01 tno unns on inc ear,,er vruiiam nail 


ALFRETi 

DERBYSHIRE 


INTERMEDIATE AREA STATUS 


£8,800 sq. ft. 

New Single Storey 

WAREHOUSE/ 

FACTORY 


With OFFICES 


mWALKEB9< 

nwautHa^ 

Rammsont 

Charmed Surveyor; 

Brad Lane 
Noitmghjm NG1 2GL 
Trlnphonr (06021 W2J2 


JOINT SOLE AGENTS 


-A 


& 

£ms» Am ■ -U**n 

01-8824633 

nUmlnteMnTf.IilniMIII 


funds and armed with grants. t*ien £1.70 has been achieved on 
loan packages and the freedom several deals. 

Ux. offer, rent-free periods, thc In Aberdeen over-supply has 
new towns and the SDA together not been a problem for some 
provide formidable competition time — rather the reverse 

tp the private developers. Despite a sizeable amount 
Fortunately for the private space available — 150.000 square 
developer. however, these feet at the last estimate — 
powerful groups operate either take-up is more than matching 
exclusively within their own supply, but the number of short 
borders or, as in the case of leases in the town continues to 
the SDA. generally in locations be a potential worry as thc first 
which the private developer estates begin to age. 
would not naturally select as Aberdeen is now well past thc 
prime building sites. period where the fears 

In some ways therefore the associated with a “ boom town 
existence of these bodies has borc careful consideration. The 
been beneficial. In the early major industrial development 
1970s a number of private companies represented . in the 
developers, notably the Ronald town and around Dyce Airport 
Lyons group, seemed willing to are all more than satisfied both 
start building on any green field with current rents and with 
site within telescope distance of prospects for growth, 
even a minor road network. Glasgow and the Strathclyde 

As a result many collapsed, area, the traditional industrial 
Today developers are much heart of Scotland, presents 
more cautious, but any tendency I es s unblemished visage , how- 
to excess in unproven areas of ever. Some estates have been 
demand is in any case inhibited brought off with dexterity but 
by ' the knowledge that the a number are slow to let at rents 
qttasi-Government bodies can which cannot really be thought 
offer much better deals for t0 provide a viable return, 
tenants. The outlook thus remains 

..This has restricted them P a i c hy,_ but that is something 
geographically to the main jndudnal developers have 
centres — Edinburgh, Glasgow, ,earnt to llve with over the past 
Aberdeen. Stirling. During 1977 **“*■ „ ** alw f ys : car *- 

a mini-boom of building went Sjlj ,^ aT L ned ' 

whioh i*H H* ri sht locations, look to have 


od in these areas which led by _ “ uu ?r Z, “ . 

ing of this year to a J° od l{ not ej£celIe « 


the beginning - — , ^ — - - DP0SDGPts 
certain degree of over-supply 
which roused understandable— 


CM. 



() Y ^ 


«, l - - 


i 


f 


FARADAY WAY ORPINGTON, KENT 

Prestige single storey factory and offices 

approx 28,000 sq.ft TO LET 


The key to industrial property 
lies through this door. 



•Factories and Warehouses ® Rent Reviews # Development Finance 
& Planning e Building Surveying^ Project Management s Ardiitectural 
Services ® Sale and leaseback « Valuation 9 Rating. 


ALLSOP&CO 




y, 


W.-:.' ?kvfr$lLTp m i'fl Td: 01-236 3000 Telex 885485 

. tdj! 1 - 21 Sobo Sauafe; Landon. MW 

* ^ • -,'a. iV, ■_ i ,■£ L - . • • * ■ j 7* ■■..r ^ \ y 


Chestertons 



Chartered Surveyors 

ft 


Head OjjficcrTS GrcsvcnorStrceLLondon 1\1X 01 B. Tel: DM95* 04W.Te1cs: AS I25o*0 
and in the Gtj' ^ London, Kensington, Hyde Park, Liule Venice, Chckta 


Bar all your property needs. 


}■ 











!'f. 

I? T 


Im24 


n ? 


. i I 



AIN’S 


i. : •>, 


1 


fhe North East Scotland Development 
Authority offers companies every assistance 
when planning a move or an expansion within 
?Grampian-Britain's most dynamic growth area. 

Information is available 


on: 


dA 


Factories, 

Warehouses, Offices 
Serviced Sites 
Loans, Grants and Ta 
Allowances 
Partners for Joint 
Ventures and 
Licensing Agreements 
Agencies 

Business and Market 
Opportunities 


FACTORIES AVAILABLE 
NOW 

From Government/ 

Local Government Agencies 


Grampian Regional CouricS 
Inverurie 1 x 2,500 sq. ft. 

Peterhead (Dales] 4 x 2,500 sq. ft. 
Stonehaven 1 x 2,500 sq. ft. 


Banff and Buchan District Council 
Mintlavv 2 x 2,500 sq. fL 


Scottish Development Agency 
Banff 2 x 2.31 3 sq. ft. 

Buckie 1 x 10,233 sq.ft. 

Humly 2x 2,164sq. ft. 



d-Build 

ge 




g?; ...^>-1-: 

'*•-£ f. 

$ -Ui'.i 


- . J , V -\ ’ * "• 




we 



ou on a plate 


A total package deal for your factory 
or warehousing needs. 

Buying or leasing: on your land or ours. 
No worries about design 
and planning. budgelry control 
or time schedules. Because 
with Reeves professionalism at work 
you are assured of a total 



5-star service-even covering advice 
on development grants and 
project funding. You know you'll 
be satisfied. No-one in the 
industry has the answer so neatly 
wrapped up. Contact us today— 
it could be the best package you 
receive tomorrow 


Reeves Construction Limited 


44 King Street Knutslord. Cheshire WA16 6DT 
Telephone Knutsford 53344- - - . 


Financial Time 


; m es Wednesday September 27^78- 


INDUSTR IAL PROPE RTY VIII 

The South West 


Motorway lifeline 


AFTER YEARS of suffering the 
problems of being one of 
Britain's extremities, the South- 
West now finds itself brought 
closer to the heart of Britain by 
a vastly improved motorway 
network. 

This is the crossover of the 
W4. with its access to the com- 
merce and markets of London 
and the Home Counties on one 


and 


The most active area for in- rents here are also £1.40, 
dustnal space is Bristol, the existing occupiers o. the estate 
regional capital But there too include GKX Milts Scaffolding. 


IVJIUliai UAJ/ILUM . 

the final units have been let which agreed a ground rent m 
on some of the major develop- about £3.000 a year with Bur- 
ments over the past year. Coach colt, and Crane Fruehauf. 
distributor Kirkby Central has At the other end of the Mo. 
taken the last unit on Macken- Exeter :s now also able to eom- 
zie Hill’s Bonville Road estate jnand rer.s of £1.40. particularly 
at Bnslingtoo, paying £1—5 a j or s!ra i; units. Lalonae have 

square foot for the 19.000 21.000 sq ft of nursery 

side and the heavy industry u’f square feet warehouse unit. A accommodation on the Marsh 
South Wales on the other. ’and Fitch Lovell subsidiary took tne Barton estate south of Exeter 
the M5 which links Exeter with last 10.000 square feet on MGM a: reR . s from £i.40, all units 
the Midlands and towns further Assurance’s Ash mead estate jjpjng smaller than 3.000 sq ft. 


north. The M5 also provides a at Keynsham. And Easterners g-v 3.000 and five 4.000 sq ft 


motorway link between the has fully let its development a* un jj5 oa Exeter's Sowton Trad- 

Mnwk <in#I «?/*«* ffe nnaefe r»f ififl fif'd HI! 72 3 Sift? bOUS*3^ 2TOH3 Jyp £OT COfnpICliOQ 


north and south coasts of the Bed minister, a 5ite_ 
peninsula, and near the inter- Lex Mead in 1976 
section of the M4 and M5 


Bristol with its own M32 
connection. 

The effect of this motorway 
network has been to revitalise 
the South-West; industrialists 
there can distribute more easily 
to the rest of Britain, and com- 
panies outside the region are 
finding it a useful base in their 
distribution network. 

The surge in demand for 
warehouse space means that a 
shortage looks possible in many 
parts of the region. But this 
should be relatively short-lived- 
The imbalance of demand and 
supply has caused substantial 
increases in industrial property 
rents, and these are encourag- 


and con- 
verted to provide four units 
totalling 31.000 square feet. 


about new, are all under offer 
at rents of over £1.30. SL 
Mod wen Securities is develop- 
ing the nearby Sowton Centre 
and has pre-let 21.000 sq ft to 


Sharply 

But Bristol rents have risen Securicor at £125. A year ago 
sharply this year. Lalonde Eros. St Modwen achieved just £j.0f 
and Parham' estimate average per sq ft on a 5 S.000 sq ft ware- 
rents at about £1.50 a square house letting, 
foot now. but have agreed £1.6*) The same developer is buiid- 
for a 20.000 square foot ware- irs the Deem? Distribution 
house unit on Sun Life's Penny- Centre at Willand 17 miles 
well Road development and from Exeter and between 
Pearce Developments have junctions 27 and 2S of the M5. 
achieved £1.75 for small units Herts here are significantly 
on its Ashley HL1 estate near C! ;csper than in Exeter. and 
tlie M32. because i: cuuiti obtain space in 

La mg is also developing the v.'illard at £2J2 against £1410 
Patchway Trading Estate where Exeter, one of J. H. Sankey s 
a vear ago Woolworth. with «-b 5: diaries chose the Willand 

s*k** " ^ 1M " 

build further space on exislin, £lM - ^ f - Mow u, e B „ s < 

“ Ser the past year, however LErii? eISST* hli 

more and more of the e.tisung ssrfed \ tal £ S<1 

this phase, and another 


estates in the South-West, parii 

cttlarly in the Bristol, Cheiton- ” nnrt m ~ m 

ham, Gloucester and. Swindon 3,,00( * sq ft J. preset to 


areas, have been completed. 

In Gloucester, -for 
the last two units on 
acre MadJeaze Industrial 
have been let to Bryant and 
May and Brooke Bond Exports. 
All 320.000 sq ft of this estate 
is warehousing; other tenants 
include Babcock and Wilcox, 
BTR. Alcan and ICI. Imperial 
Group's pension fuiid bought 
the units as they were let but 
final lettings, agreed a year ago, 
were at £1 a sq ft ' 

This year rents of £1.35 have 
been agreed on London and 
Leeds’ trading estate in Eastern 
Avenue. Again this is a purely 
warehouse estate, with Imperial 
Foods and Monarch Aluminium 
among the tenants. The estate's 
three phases give a' total’ of 
109,000 sq ft but thg Ladbroke 
subsidiary is providing rela- 
tively small units, mainly 
between 5,000 and 8,000 sq ft. 

Just south of Gloucester and 
a mile from the M5 junction 
Ashville has developed 200,000 


Alexandra Overalls. 

Rpnts nf £1 fift are also being 


square iee:. 

A*. Taunton the Crown EstateJ 
Commissi oners are .offering 
grrjnd ’esses on 30 acres of 
wars end industrial land 
as vrel; 3« developing specula- 
tive reaij'-bmit units. The 
Crown has recently completed 



Half is being pre-iet. but tee have been achieved or. 5.000 
remainder is speculative units, square teet units, tenants 
In December J. T. Develop- snc;ui:r.s Securicor and Brown 
ments expects to begin building Bros. 

120.000 so ft of warehouse and The South West Electricity 
factory space on a six-acre site Board recently retained 
at Pvlle Hill off Bristol's Bath L^'.^nae Sri*. and Parham to 


Road. M. P. Kent will also star! 
building another 120,000 sq ft 
on another site at about the 
same lime. Kent has bough- a 
31-acre site on the Arnos Castle 
trading estate' from Boulton and 
Paul for nearly £325.000. The 
56.000 sq ft of existing space 


se" a ‘.;-£cre site in Taunton 
with sn existing 7.SUU sq. ft. 
Biadern industrial building. 
Ire sheets achieved £105.000. 

Ir. Kerin Devon the county 
council is selling land in Bi’de- 
ford. Ilfracombe and Torring- 
:on for indusrrisi development 


is being refurbished and there . . r r i 50QO , tre , 


development 
Botls’s Avonraotith develop- 
ment close to the intersection 
of the M4 and M5 is now fully 
let and sold on _lo UMB pension 
trust and Sun Alliance. Tenants 


Barnstable zi Whiddon Valley 
where rents have nuvr risen tn 
about £1.20 for units under 
iO.OOO square feet. 

Cornwall has yet to show any 
great benefit from the motorway 
conaectien. however, and good 


of the 260.000 sq ft estate in 

sq ft of space for both manufac- *dude Marks and Spsncer. Sony, industrial space can still be 

found at under £1 a square foot 
if ;; can be found at alL The 
development boom of Avon. 
Somerset and Devon, has yet to 
hit our westernmost county. 


turing and warehouse use. Granada and Leyland. Burcolt 
Half of the 50.000 square feet Manor Investments’ develop- 
final phase of this scheme was ment of the Severoside Trading 
pre-left to a David Brown sub- Estate continues. however, 
si diary long before construction About one-third of the 30.000 
started, again demonstrating the sq ft is under offer and will be 
strength of demand. complete about now. Current 


Richard Northedge 


Wales 


Agencies galore 


SO MANY agencies are encour- of the UK for expansion. But 
aging industry to expand in in fact manufacturing produc- 
Wafes, and providing them with tion in the Principality felt five 
the land or buildings necessary, times as much as in the rest 
that a House of Commons select of the UK last year, and Wales 
commirree recently complained is fighting an often losing battle 
that businessmen are becoming to replace old industries with 


confused. 

There is the Land Authority 
for Wales, the Welsh Develop- 
ment Agency, the Development 
Board for Rural Wales, the 


new. 

Less than a third nf Wales's 
lm workforce are in the manu- 
facturing sector, but the steady 
closure of two of the country's 


Welsh Office, the Development traditional key industries — first 
Corporation for Wales and the coal and now steel — is keeping 


local authorities besides the 
usual array of private deve- 
lopers. large and small. 

If effort were all that mattered 
Wales would be beating the rest 



• ••• ' ••••• 

•••• •••• 'z**:* •*, « 








•• •• •• •• •• •• •• 

•• •• •• •• •• •• •• . 


LUTON, BEDFORDSHIRE 

Sin* lie Storey Facioiy 
1 5,1 30 sq.1 1. 

FREEHOLD FOR SALE 


LANCING, SUSSEX 

New Warehouse Unit 
IS ,500 sq.fr. 

TO LET 


SILVERTOWN, LONDON 

Single'Storey Warehouse 
19,000 sq.ft. 

TO-LET 


E.16 


LEWISHAM, LONDON S.E.13 

Workshops, 01 f ices and Yard 

5,300 sq.ft. 

TO LET 


WELLINGTON, Nr. 

TAUNTON, SOMERSET 


inqL Storey Facto i y and Offices 


7,960 sq.ft. 

FREEHOLD FOR SALE 


CHELSEA, LONDON S.W.10 

Industrial Redevelopment Site 
59,000 sq.ft, on 0.6 acres 
FREEHOLD FOR SALE 


BASILDON, ESSEX 

Sniffle Storey Factor y/VVarehouse 
vyith expansion land) 

12-2,000 sq.tl. on 7.1 acres 
TO LET or 

LEASE FOR SALE. . 


BROOKLANDS, WEYBR1DGE, 
SURREY 

No. -v Factories 

From 40,000 sq.ft. 

TO LET 


BOW, LONDON E.3. 

Factory /Warehouse with Offices 
Units from 54,700 sq.ft. — 
133,200 sq.ft. 

TO LET or 
LEASE FOR SALE 


For further details and other space news contact... 


FULLER 

PEISER 


Chartered Surveyors 

3-4 Holbom Circus 
London EC1N 2HL 


01-3536851 


that host of agencies busy. 
Within the last year British 
Steel has announced the closure 
of two substantial plants in 
South Wales — at East Moors, 
Cardiff, and Blaenau Gwent. 


concessions, and most of its 
property is let at rents below 
the levels which would give a 
full economic return- 

Afier the early closure of the 
East Moors steelworks was an- 
nounced the WDA acquired 
land from Cardiff City Council 
to build 20 new advance fac- 
tories in the dockland area 
south of the city and at Forest 
Farm near the M4 interchange 
at Coryton. The 250.000 sq. ft. 
of space should provide em- 
ployment for 500. doubling to 

1.000 over three years. 

The Forest Farm unit will be 

50.000 sq. ft. with 5 meter-high 
caves and is due far completion 
in OJpher 1979. Four 10,000 


A programme to provide pre- sq. ft. and four 25.000 sq. ft. 
mises rapidly so that new in- factories will be ready on the 
dustry can both take advantage dockland estate at the same 
of the abundant labour avail- time together with eight 5.000 
able when the works close, and sq. ft. units. The WDA is par- 
prevent that labour spending a ticularly keen to provide small 
lung period unemployed, has units — often as small as 3.000 
been produced by the Welsh De- sq. ft- — to give new companies 
velnpment Agency (WDA). nursery units in which to start. 

The WDA is the most impor- But the WD.Vs main solution 
tant of the many bodies en- to the redundancies at East 
couraging industrial develop- Moors is Ford’s £180m car 
ment in the country. It -does engine factory being built on 
the tasks performed in England the Waierton" Industrial Estate 
by the English Industrial a Bridgend. The WDA used its 
Estates Corporation and the own land and land purchased 
National Enterprise. Board, from private owners to provide 
The WDA would rival many a 175-acre site for Ford. The 
industrial property companies: factory should provide 2.500 
its March balance sheet shows jobs when it opens in 1980 and 
it as owning £51m ,of factories, there could be a spin-off provid- 
£6m of freehold land and with ing extra jobs in support 
a further £12m of factories industries which might require 
under construction. In size, that an additional 100,000. square 
means the agency had 432 fac- feet of space, 
tory units providing £15m sq. The task of. providing ware- 
ft. of space with nearly, lm more housing has been left to the 
.sq. fL under construction, alt private sector, though private 
occupying 2,229 acres. sector demand is still roughly 

But the WDA does nut evenly split between factory and 
operate to the same, criteria as warehouse space. On the south 
private property companies. It side of Cardiff only one - 5,400 
is interesting in creating em- sq ft unit remains on Rush and 
ployment so its units ace Jet Tomkins’ Llandough. Estate and 
lo manufacturing industry Pearce Developments’. Penarth 
rather than for warehouse use. Road development is fully Jet, 
It is also prepared to build though units will not be 
advance, or speculative, fac- completed until next March, 
lories in parts of Wales, such Debenham . Tewson’s' latest 
as the valleys, where private lettings were at £1.60 a sq ft, 
developers find the risk too though that rent is high and is 
great or cannot get institutional for small units. More typical 
funding. It also offers free rent rents are £1215, but those have 
CONTINUED ON NEXT PAGE 


X 


iTlKd 
Hecitbroo? 


Trading 

Eitate 


s.; 


i.i., 








Phc&cn 




Adjucant to Heathrow Airport. 
IS miles M-4. - junction 3. 

Phase 1-90,000 sq. «. 
industrial Warehouse Units. 

From SOOO sq- «■ upwards. 

Superb Spes^c-iS'cn 

* Eaves -2' 

* Service doer -indths 

* CteEr s; ace - nc* £o-^r:s 

* Secur :y- r-.anned g**.e Wjsb 

* Double £!<ued ol'ices 


FVrerMi ;• l vi* awsii - 


'J^PhoemxSeard 

a.. c. 


C'T -33-JCU ' •*" 


I HiliferParkeri 


p lit". L' nlij ^ M'r "Mn 


a arnwr P^oeseves osi.vu3PMF.vr 


OJ-8ST4633; 


>T 


If vou’ve got plans for 
expansion, 
you’re sure 
tofitinat 


qa aBfc- 

Ubip^ 0C,:b ^ 





\^le 


RovaL 


Many of Briwm* leading, companies ha\s ] 
I ready taken advantage of the superb .I^Uties. offered; 
at VCInsford Industrial Estate, Vale Royal. A Total of . . . , 

1 AtVl fi/bVJi . I* 'L. ..IpMflir V-U 


4.000,000'Sq. 1L is already occupied, with . . 7fV . 

5.000,000 sq. It. taken since 197i.'\Em*«fnru Industrial - T 

Estate is served hy earccllent-commirucations. ‘ - v 

oniy 5 miles fr»^m function the Alb Aluiomay. . . J : .: 

vV. the Inter-City IJyerpooL*GlasgM\v/Lbndtnt mil line 
together with International sea and air links. 





Wii 
Industrial 
Estate 


Rr further Jctuih and vt%*Ji:irCf ufpfy to . 
site taring agents: 

H^^od&Ca 

Chano^dSiawKas 
BQDeansgaie Manchester 



061-834 6384 THex 667262 , 



ff * A 

t Warner.? -i-35c;er. 


D^Ve‘ , COlTiCL'( . 



TWO GREAT NEW OPPORTUNITIES 
FOR GROWTH IN THE WEST 



BRISTOL 

CENTRAL 


New 

--Factory /Warehouse ■ 
units within % mile 
of Bristol's ^32 - 
motorway link. 

Unit 1 13,361 
Unit 2 11,032 
Combined 24,398 

Available Feb. '79: 


BEIST0L 


New ’. . 

Factory/Warehouse 
units within % mile . 
MS Junction.-l& v 


Units from 4,000 
-50,000 ?q. ft. 

Available from > ' 
Nov. '78 onwards. 


Bristol 
Bath and 
Taunton 


STANLEY 
HLDEH 


»nd 

PRICE 


7S< Sitphen’iSt. 
Briwol BS1 IEG 

Telephone 1 

Briiiol 299151 . 


Hi 


l> 


ARE YOU AWARE? 

I DC PROPERTY 
INVESTM ENTS LIMITED 
HAVE SPACE AT 

Highams Park, London ; E4 ' 


Af'd 


' ? ;?• 




.• Worsley. _MaiTGhe^ef-'. v 


— - - Erith, Kent ' . 

*- •• 

- : Newcastle-upon-Tyne • ' 


. , Glasgow ‘ . ; • , 


.. .'Peterhead ' " 


• ^Sheffield 

•4&. . 3 

. . Doncaster . vv ’. - 

. For details '.77 / 




Telephone 01-839 6 241 
• or write to ; ’ ' : 

IDC House _ . 

23, St James's Square, 
London SWTY4JH . • o 






j-:.. 

















u&m 


Financial Times Wednesday September 27 1978 




INDUSTRIAL PROPERTY IX 


mm 

► ' •• 

* .rfetiSS*-. - 


Northern Ireland 


Wealth of Government incentives 


* HKRN IRELAND offers ihp nnly scheme. Goodyear has Premises anywhere in the Interest-free loans and part- In this respect the province the lack of institutional funds 

•~ L — ~ ~’]£^*2felly the best incentives in annfiunced bi^ expansion plans 30u square foot to 6,00U square iulorcsi-fcee relief grants are tends to lag about one year from the UK. Before the 

- . ‘ Europe for 3ny m cum- this year at its existing Craig- foot range are available, available by negotiation. More- behind Britain. So with the "troubles" this type of invest- 

industrial i -‘t. avon plant. America's giant although the must plentiful lots over, companies moving into modest upturn throughout the mem was not uncommon (the 

f^p J j. : rdiijy. plant, iraininc and General Motors has agreed 10 are for abuur 1,500 square feet Northern Ireland qualify for rest of thu^UK during at least Coal Board pension fund was 

’‘‘.at* grants pruvide *hai is take over the Dundonald fat- and anything above 5,oou square J(H> per cent removal grants (to part of 1977 ii should not be known to be active, for ex- 
5^ •, Sidcly accepted as a more lory vacated by the departure feel may be diflit-ult to find help transfer equipment and too much to hope that this may ample i but it has now' largely 

^ B ?\aT'vivc financial package : ha n of Rolls Royee" and make scat immediately. stock) — the equivalent is SO per now filter through to Northern died out. 

*0^ huut any i hmy available hulls. Another American group. The Department ai^u owns cent elsewhere in Britain. Ireland in the current year. Banks and finance houses are 

25^ | 'ere — oven ui the AVX (electronic component about 5.U00 aerus C!0Um square Key workers gcr their It cannot bo denied, however, reluctant to provide long-term 

Aic of Ireland or in Italy, manufacturers) is refurbishing feet; of land, half of which is individual house removal costs that it remains extremely diffi- finance, although even after 

^ba-^iir man of Europe. Add 80.00U sq ft of its existing equipped with roads and and sundry items like legal fees cult to attract foreign invest- paying Ii per cent developers 

this excellent labour factory. services. The rest is available paid by the Government. Train- ment to Northern Ireland. The could still make a profit with 


ns ib%' L'K standards! Ttw underlyin'* picture for for industrialists wishing to ing grants are also available at most recent target is Japan and yields of 12-121 per cent po<?- 
higlily productive work- indlJsTria , property in Northern b, 'i ld l*«»r factories. £15 a week for employees over acMrdms to Northern >a Rebind sible because of the lack of 


NORTHAMPTON 

LODGE FARM INDUSTRIAL ESTATE 


New feetory/warehouse units, close 
to Ml, (Junction 16) 


TO LET 

6^00-66P00sq.ft 

Immediate possession 
PhaseH 6tCX)0 sq.ft available soon. 


Healey & Baker 

01-629 9292 


Wilson#? 

Partners 

0604 22817 


xed peaVed ----- however, mainly aimed at com- tween £7m and £1-Jra. In the evident especially given the 

According to the Northern Panics which make employment current year 1978-79 the De- OtC|iUldl unusually low rent levels— 

70s Ireland Department of Com- euaranlcea over a certain partment is budgeting for a total Nevertheless, whereas Ulster- which c0uid presumably rise To vrrm «• 

m merce, which funds a big ad- P*nod, although that by no bill of about £2Im Besides this ^ensSess V-hr Security t*£ rapidly. IS VO UT 13x0 

.rly van.* factory programme and means .n*> out ol.u« 3M? *»- Institutions have certainly ^ 

fac- f u v i n«his ! r i al* pruperty*' de vc to { ^ exlre^efkw by'uKsSndSinlT <3U per rent on buildings and 1^!^* a* Sc^nfkiSs proJectT'^^orle^uSlSnd ft!* T Silc b ^ ut n h ° 

■h, rm-nt. some 2oV square They vary according to location £■« winch **>"« Z?Tt£U? tor'roiSJ 


os Gfiivriuuent lac- 
shut up iw meet ih»’ 


Is your problem here? 


appears that the risks on 1 AH the above but no cunstruciion manager? 


****** «i 


designed to reduce _ . tnmsihle but with no private with companies. Wvor atMU4Mea * 

Government struggles to \PVTOII^ developers the Department has There is also the Local vaie8ec V ■ Whatever the case, it is clear 

employment, as an in effect set its own rent levels Enterprise Development Unit Awarding to Belfast estate that demand is anyway not suf- 

to terrorism. These encouraging •; statistics —a sign, indeed, of desperation, ur) in 1071 seDa ratc from a ^ ent f tber ? are * few s, S a 5 ficient to justify- action. But 

-dalasi year has witnessed do not of course mask the what exactly has wooed unverament and -timed it demand is picking up, with confidence is bound to return to 

Si-^yiroduciimi of the best ever serious overcapacity of indus- DeLorean and others lo North- cm a n pninniri^s wiih nn 1.1 s0rne . i,t! iatcd properties Northern Ireland sooner or 


Company 


H 


^4/u-oductimi of the best ever serious overcapacity of . indus- DeLorean 

■.7hoar r.iKHPiimonl trial cn:lw in Nnrthom Ireland nrn Iralvni 


. rt&ftr Government assistance trial space in Northern Ireland, ern Ireland in the way of grants SO^emDhm-es^^ 1 UP 
- f^jlustmlists in Northern The Department has built about and financial concessions? Thoro is ih*rnfnn. » nrpi f 

. 1 M 1 t — «n -t. i In *- re 1J > inereiun. a treJi 




OiSBecent announcement that 


400 factories, of which 00 arc Like Tyneside and Mersey- ,1*1 «r Certainly if the market did should quickly take off- 

at present available for occu- side across the water. Ulster is ?*“ " r m ! m P™! e suddenly, there would 


now fetching £1JJ0-£1.30 per later and when" "this happens tbej 1 RaTHG ! 

square foot. industrial property’ market! I w Av Fifty scar* of professional buiidinp: 14*5 

Certainly if the market did should aui<‘kle nff I L.- ■- . . — — ■ — - - — — — - - — — ■ ■ 1 — — ^ 






(uiuuunvriuuu uia( at ava sititr aum uit w«in. uuin ia anVft „ p winf inn f.i Itnilrl ,.r , * . , ■ 1 

erican DeLorean motor pauon; a total of 20m square one of the Government’s Special * . - . . » T . a shortage of space; many of 

t is to build a factory feet, of which 11 per cent, Development Areas— but with J, nt ii 1 UJJ*, oi r|h - er " lhe Present warehouses, for ex-| 

taW—Rl ™ 1 wen uny »y. is ran. . a manra 225 ° ut ™"« •« 


Tim Dickson] 


.Iliuuucsavu V<l ntsi um aai, » ULOUL. . . .1 Ulllll nuc. n . . . . • . . — . — - 

is rhe latest and prob- On top of this the Department Previously buildings and Lm Lf T prf ■ would the declining Jmen Industry not 


: - — -y. r v nisi me uiiuau lha- nuiiiut; <uivam.c ouu j mu.viiuuui ui uu jjer ixui, . . ■ . . " , ~ . — — » — — -b— < — 

4 -■ round £25,000 per job. built factories, extensions to against only 22) per cent lor ^ nis i taK ^ 10 isolate Northern Bnan Monon and Co., one of 

"^j^JeLorean venture may be existing factories slid the special development areas in * re,and . * r ® m conventional the major problems for de- 

^ ; X it ambitious but it is not refurbishing of old. . the rest of the UK. economic cycles. veiopers in Northern Ireland is 



Wales 


L AND and BUILDINGS 
AVAILABLE 


ar your 


-.aruock. Serviced sites irum 1/4 acre upwards are 
* ble In Kilmarnock and various parts of the District, 
-raaronclc Centro over aO.UDU ft- of office space 

rentl y avarlabJe tu.gether with jirime sites 

rnff diimeruial development. ^ — — — 


tnil more 

£y fitOT™ 1 * 1 : 




■d mil more 


-. » .? 1 il'lri a I Di> 


j^iUtrial Development 
- ; l^fiamock and Loudoun 


-<cf Council. 

K 13. Cisic Centre, 
irnuck KAl 1BV, 
“ind. 


563 21140 


K.lmarrivt-K & Latnlvxm DsUKt 

K. , 7 

, . ; M :riT? HUM T o! Scot. jntfz q 

■ SlfothelvtMf fittf/tui — 

■ ou-y finnuies frew 

PrP5IWiffc frireTr!nli\«i.iMirp«>rt & r ‘ i t 
An-/ v-’nntn cmy teni.fi i>f . 

S'.asiiinil's d(»nes:w *wrt7, gfKjfs 
tU'CKh and inuft/rn <iy bnkz. fcj J 

Advance TMtOtieu in tt:C luv.n jr f j 
ot K fnwr.dLK ,»«i/ ».-< Iftf ifoUiCT * X 
i>'C m n liable. ii'yctf’L-r tv.Hi ' V 

site* for I’rauw 1 
ami oft.ee dtveloumen:. _ 

DvWi’oj.'F'iw'! . irf-ii Itiuvif'-’l incentives 
are, of course, in opmt-m. 


ILMARNOCK 


G£hJ 


•— * .a*™ * ? , 

n'zrV. - ; c 


nd LOUDOUN 



CONTINUED FROM PREVIOUS PAGE 
risen substantially over the past has been developed on roughly 
year. Much poor space still a quarter of this 70-acre estate 
exists in Cardiff at rents of so far. All units are being pre- 
under £i per sq ft though. )e»t by Powell-Tuck and Part- 
The Land Authority for ners. mainly because of their 
Wales (LAW) has land avail- size. Plessey has taken a 50.000- 
aWe for private development sq . ft uuit for manufacturing; 
too. But despite Jls n §htful British Steel Corporation Tubes 
claim to be the successfully jso.OOO sq ft of warehousing; 

. 0t * the ^ Venture Carpets of Atlanta 
Community Land Act, it can a k;tj *140 nno-cn-fi' unit 
oBer only > limitea choice of a ’ i“ L 

sites Newport industrial space is 

T ataf. 1 u * ls0 now letting at around 

LAW’S largest bolding is 36 yijgs, though again agents 

though six are re p ort that this is an increase 

^ oLJ” reraiun ^ r of 25 per ceot or more on a 

at Bndgend (two acres, also VMT 

being sold). Barry (six acres) y w T ■ c „ 
and 16 acres at Llantrisant. . Rents ^Swansea are Mghtiy 
where the WDA itself has 1H T lower > Partly because it is still 
acres at Ynys-y-Plwm. LAW’S ^ ess accessible, though rents 
other site is 12 acres at Ponty- ma ^ when the motorway 
pool, about eight miles from connection to England is com- 
both Ebbw Vale and Newport P |ete - At present the section 
Industrial demand is strong round Cardiff is still unfinished 
at Newport, partly because of aQ d a further section between 
its good motorway connections. Bridgend and Swansea has yet 
Warehouse demand is particu- to be built, too. 
larly strong but most of it is The WDA’s largest current 
coming from non-Welsh project is at Abercanaid near 
companies. Merthyr where a £10m expan- 

The most established estate ^on of Hoover’s factory on land 
is the Newport Industrial once covered by a colliery tip 
Estate, developed over the past should provide 3,000 jobs. At 
decade by various companies Vale, where 2,000 steel- 
and some of it sold for invest- w 9 r k ers were made redundant 
meat. Standard Telephones, ea rii er this year, the WDA has 
Westinghouse and RTZ have succeeded in creating new jobs 
units on part of the estate J, et J. ,ng “ d MlIin 8 Premises, 
developed by Raglan and now ^o ra Ppaents of Tredegar, 
owned by Sun Alliance. Win- •J*® 1 ™?" ®S pl,e f; 

gate, now owned by Wimpey. ^ *»« £ * UDJt 

£rssr3 

sn gsrag are n „ t 


THROUGHOUT 


THE UNITED KINGDOM 

AND 

OVERSEAS 


FINANCE AVAILABLE 

FOR 

NEW DEVELOPMENTS 


Including 


* Local authority and partnership 
schemes 


^ Private industrialists for new 
factories and warehouses 


Overseas companies requiring 
manufacturing and distribution 
facilities in the U.K. 


CONSULTANTS TO 
PUBLIC AUTHORITIES 



I May & Rowden 


77Grosvenor Street, London W1A 2BT 01-629 7666 


and City at London- edmburgh.Paris-Ama-lefdam -Sydney- Melbourne- Brisbane 


motorway. 


only a problem in South Wales. 


About 400,000 sq ft of space ^ WDA ^ having M bllUd 

I new factories an Deeslde in 



Tackson-Stops & Staff 

i winwymi r TiTi M iAA CAA1 


14 CURZON STREET LONDON W1 01-499-6291 

London Chester Chichester CWppiag Compdcn Ckcncester Dublin Midhurel Newmarket Northampton Yeovil York 


:TA3£- 


By Direction of Howard Rotova tor Co. Ltd. 

Washington New Towij County Tyne and Wear 




\l&3 



-,r V0 U ■ 
A n u* * 


f 

- S’”*' 


V " 



MODERN FACTORYPREMISES 

in all about 33126 6 sq. ft incl ud ing Office/Canteen Block of about 7,072 sq. ft Site Area 835 acres. 
Long Leasehold Interest for Sale by Private Treaty 

Brochure on request from the Sole Agents; ]ackson-Siops & Staff, 
t< ;: 14 Curzon Street, LondonWIY 7FH.TeU 01-499 629L25 High Petergate, York YOl 2HS. ’Mi 090425031 


North Wales too. At Shotton, 
the Deeside Industrial Park, 
being developed in conjunction 
with BSC. will cover 300 acres. 
Already 15,000 and 25.000 sq ft 
units are available and further 
large units- wEll be available 
next year. 

North Wales is the main 
beneficiary of the .new £6GGm 
roads programme, with dual 
carriageways due. to h® built 
to connect Chester with Bangor 
and Chirk. But in both North 
and South Wales, the main road 
links are east-west, connections 
between North and South are 
still relatively poor. 

The intermediary area is of 
course largely mountainous, 
much of it scenic. But this is 
the area where the Development 
Board for Rural Wales carries 
out the job done by the WDA in 
the rest of Wales. It inherited 
63 factories totalling 943.000 
sq ft and covering J45 acres, 
all with a net value of £4.9m, 
from the WDA. A £4|m pro- 
gramme to build factories on 
eight sites now exists, but rural 
needs are different from urban 
demands. 

The vast majority of Wales 
has development area status 
(only two small pockets have 
intermediate area status) but 
the valleys and parts of 
Gwynedd have special develop- 
ment area status. In the latter 
endeavours to being manufac- 
turing industry continue but the 
traditional tourist industry is 
continuing to give some support 
to the economy in the meantime. 

R.N. 



:V Sou A: St an ley 


INDUSTRIAL PROPERTY 


LONDON EC1 


Wvehouse/Lifht industrial building 
For Safe Freehold or To Let 


Square Feet: 

22000 


LUTON Beds 

2 New Warehouse/ Light Industrial units (immediately available) 
To Let 


10/20000 


MANCHESTER Middleton 


New Warehouses/ Light Industrie units (October 1978) 
and land far purpose built units 
To Lee 


4/66000 

(20 acres) 


LUTON Beds 

New Warehouses/ Lig lit Industrial units (June. 1 979) 
and land for purpose built units 
To Lee 


5-90000 

(15 acres) 


CUMBERNAULD Scotland 


N«w ’ Wifriwwn and Factory unics (immediately ivailibM 
For Sale free hold or To Lee 


2/14000 


SOUTHAMPTON (Chandlers Ford) Hants 

New Warehouses / Li ght Industrial unlu (February 1*7*) 

To Lec 


4/16000 


YEOVIL Somerset 

New Wareiwuwu /Light Industrial units (March 1979) 
To U* 


5/20000 


REF: RNH/CAK 


la Park Place. Le-crlsl. 
Telephone: HitrjX." 


Yimn H<>u* . Queen Street Place, 
London EC4R 1ES. 

Telephone: 01-TH5 10 1U 







More strings 
to your bow 
in 

Greater 

Manchester 



offers a helping hand 
to industry 


rath information on the availability of (and and 
buildings, with help in claiming government grants 
and other assistance, with advice on various 
regulations, planning matters, sources of funds 
and many other problems. 


The Industrial Development Group 

Greater Manchester Council 

County Hall, Manchester M60 3HP 
Telephone 061-247 331 1 


Talk in confidence to: John Peak or Graham White. 



Bury St. Edmunds 


Cambridge 

Colnbrook 


47,333 sq.ft, on 3.5 acres 
Close io A.45. Eaves height 24' 
Freehold for sale. 


20,233 sq.ft New vvarehouse/offices 
Immediately available. Eaves height 20' 
To let. 


63.400 sq.ft, on 4.5 acres 

Close to Heathrow. Dev elopment potential 

Freehold for sale. 


Devon 

Leeds 

Oldham 


Distribution Centre dose to M.5 (J.2 7) 
New warehouse units from 10,000 sq.ft 
To let. 


52,000 sq.ft New warehouse/offices 
Adjoining M.62T and ring road. 

To let 


63,290 sq.ft, on 47 acres 

Within 8 miles of central Manchester. 

Freehold for sale. 


Walker Son & Packman 




Chartered Surveyors I 1 < Established in 1867 

Blossoms Inn 3-6 Trump Street London EC2V 8DD 
TeT 01-606 8111 

Branches in the UK and Overseas 




Dollis Hill NW2 

Close Ml (Junction 1) 

Office/Light Industrial Complex 

218,000 Sq. ft. (smaller units considered) 


d Ideal Company Headquarters □ Superb Communication 

□ Suitable for Research & n u- uc c* 

Laboratory D High Secunty Storage 

□ Extensive Car Parking *□ Landscaped Areas 

TO BE LET — Realistic Rentals 


Ihienry Butcher & Col 

IS Incorporating 1 


Leopold Farmer & Sons 


59/62 High Holbom 
London WCIV6EG 
Tel: 01-405 8411 


industrial property X 


The New Towns 


Fma ncM Tines Wednesday Sept^ rBT^gy 

Quitter Hilton 
Goodison & Co. 

Stockbrokers 


Interest revivin 


SO FAR this year the outionk emphasis placed on new towns. South East via inter-city rail 
for industrial new town property The old policy ot persuaa;n| service*. . . 

seems to have been reasonably companies to move to nepnved Ln most Case* .and 
n oud areas with geographically basefi awe Jar. expansion it * 


' f assistance has been supple* argued that existing facilities 

The vitality and success ni mcnte{ j by a wide range of afford a particularly suitanie 


new towns in attracting industry 
within their boundaries can best 


be demonstrated by the amount 


schemes for industrial sectors, environment for the er.rre- 
Some of these, such as woo*. arenear. If r.is operation grows 


_ _ „ ™ e textiles and machine tools, are too big for a sma H unit. he can 

of floor space let to company- s : tuate( j ^ areas which hare not always move to a bigger unit. 


situated 
received the 
levels of aid. 
White the 


most 


generous Financing arrangements are 
also flexible. The most conven- 
Govemment is Lional method is to lease 


in a given period and th e 
number of advance factories 
completed. The former is the ^ 

best barometer of demand. cej ^j".y no j so firmly com- premises bniit by the Deveiop- 
whiie the latter gives a clue to tQ ^ new it -s meet Corporation concerned but 

confidence. unlikely that its latest fore— leases can be taken out on the 

inner city renewal— will pose a laid alone : institutional funding 


New towns have become inner c ity 


increasingly autonomous, cen- 
tral control is largely confined 
to financial constraint, white the 
different generations of new 
towns have led to considerable 
local variations in building time- 
tables. Figures show, however, 
that in the three' months to 
March 1973 a total of Sl.500 


terribly serious threat. is another possibility. - At 

Mr. " Peter Shore’s commit- Newton Aye iff e, for example, 
ment to this project may divert nne big pension funds is 

resources, but the inner city financing s factor:.- development 
programme is not expected to The question of institutional 
signfieantlv draw industry away involvement is more important 
from new towns. now ti :at the Government has 


The new towns have been redirected some or its spending. 

built specially !o accommodate Some new towns — Telford is 

square metres of new floorspaee industry with good communica- or.? example — have been try- 
For manufacturing industry was tions. easy access and a reac> to attract institutional 

completed supply of housing. Big cities co «- 2 nce hut :i :s doubtful 

not have the same space and whether s ach a policy stands 
infrastructure to attract fac- niuch chance of outright success. 


This compares with 423.700 
sqquare metres for the year to 
March last, 344,000 square 
metres for the corresponding 12 
months and 650,000 square 
metres the year before. There 
was a serious hiccup in the dark 
days 'of 1976 when demand was 
extremely low. But given the 
traditional summer bias in the 
building trade, advance factories 
this year should at least main- 
tain the levels of last year. 

Figures up to December 10 


lories back into their clutches, 
even if they wished to do so. 

Manufacturing meanwhile has 
declined in the big conurbations 
as a reaction to the demands 
of technology and the puli of 
labour-intensive service indus- 


Unhappy 


In a -ease and lease back 
arrangement (where the new 
•own then collects the rent and' 
passes cn the appropriate pro- 


tries. In London, the vast cool eeecsl many institutions are un- 
of Government employment and happy :f they co not have direct 


the City of London are the best coeval over the tenant. They 


examples. 

Most of the industrial era- 
77 ployment which London has 
show that almost 6in sq ft of lost, however, has not gone 
industrial space were under con- elsewhere. It has simpiy ceased 
struct! on. And by last year to exist The GLC has noted 
S7m sq ft had been completed that only seven per cent of this 
since designation in the 28 new loss was made up of movement 
towns in England, Scotland and out to areas of planned over- 3 j os - 
Wales, providing a total of spill. 

roughly 230,630 jobs. Another potential threat is 


are laregiy concerned with End- 
ing a secure and guaranteed 
investment. 

New towns, meanwhile, have 
adopted a fairly aggressive 
marketing policy of late and 
this has cer tain ly paid off over- 


development corpora- 
tions advertise heavily, many 
stage exhibitions and promo* 


Really big schemes have been competition from local author:- ^of c f cr potential ir. 
at something of a premium of ties in the form of the Com- customers, while the 


duslrlal 
three 


premium . 

late. There is the new Cnca munity Land Act. This has, :n North-East towns — Washington, 

Cola canning plant at Milton fact, proved largely impractical x ?v .-ion Aycliffe and Peter! ee— 

Keynes but the past year has because the high taxes f 66 per have a joint London office at thei 

also seen the disappointing cent) on surplus gain make :t Korai Trade Centre; SL 

failure to entice the Japanese unattractive to sell land for Catherine's Dock, 
electronics giant Hitachi to development Further assets are a ready 


Washington in the North East 

Confidence 


However, a clause in the last 


supp.y of 


__ accommodation to 

Finance Act will make :t amen % a ' ase ' key workers, high stan* 
easier to turn over land tor factory design and the 

development The Act allows sjE-iia-^-.-r.ded energies of: a 
Signs of confidence have been the oumer land therefore when Development Corporation able 


creeping back, however. Only he passes on the benefits to an 
last week, for example, North- industrial lessor* to offset 


to oner 
v.itr.our 


New towns have probably had 
their heyday. They were not 


threat to the new towns in the jj a ;v jjgrjQ however, and 

future success wti! depend on 


the growth 
corporation? can 


development 
achieve with 


compieta package 
the dissipation of 

ampton Development Corpora- various costs against Develop- energies elsewhere 
tion announced that 60 factories ment Land Tax. Whether or not Vo .,- >-«-.•« , 

covering 250,000 sq.ft are to be this will provide a genuine 
built for renting. 

The new towns are still re- way of competition remains to 
covering from the reshaping of be seen, 
their future in 1976. Proposed Whatever the esse, there 

new towns were abandoned, cut- seems to nave been some {t.*:.' espcrience aad con^ider- 
backs were made in population revival of demand for industrial a "^ e resources. 

targets, and the process for estates in new towns over the X IT 

winding up development corpor- past IS months As we'll as the * 

ations within five years in eight slightly brighter investment 
of the earliest towns was begun, upturn, devntees of the new 
The new towns however, did town concept claim that the 
not cume off as badly as they multiplicity of attractions are 
might have done. The six most responsible for a healthier 
recently set up (known as Mark outlook. 

3) — Central Lancashire, Milton For an industrialist, new 
Keynes. Northampton. Peter- towns are generally situated :r 
borough. Telford and Warring- areas with good communi 
ton — were all given major pro- cations. Newton Aycliffe and 
grammes up to the middle or Peterlee are near Teesside air- 
end of the next decade. port, Warrington is on the 

Government decisions, how- Manchester Ship Canal, while 
ever, have lessened the many are directly linked to the 


Investment Property Service 




We started our property service in 1962! 


We have provided the service to institutional 

investors day by day, week by weefc.ffi ; ^| 
. i j t* a r.nntinuina and com o re ; j 


times and bad. it is a continuing and wwipre- a 
hensive commentary on tne property mdustifcvs; 
and embraces detailed studies of .more.lhan.^ 

fortv listed companies. 




We also set as a corporate adviser to a-numta^J 
of listed and unlisted property companies^ ^^5# 


If you would like to know more abdut intigfe 
vesting in listed property shares or abbutftj^| 
we can help your company, 
listed or unlisted, please write tp us ppt^jr.^' 




phone. 




Quiiter Hilton GoodisonSt 
Garrard House 
31-45 Gresham Street 
London EQ2V7LH , . : f ^ 




Telephone": 01 600 4177 



ALFRETON TRADING 
ESTATE, 



V* $ 


PHASE II UNDER CONSTRUCTION: 

(Ready December 78): 

NEW SIN6LE STOREY 




WAREHOUSE/FACTORY 

UNITS 




7 ,OOOsq.ft.to 32 ,O 0 O sq.ft. 

CAPABLE OF DIVISION 

UNIT 2 16.000 sq. ft- u 


fallal* Mt 




^ UNIT3A7s000«i.ft. 
UNIT 2A r 6,000 sq. ft. ' UNIT 3 B 7,000 sq. ft. 


To Be 


ei INTERMEDIATE AREA STATUS 
jotnr sole AHEins- .V j 


r-3.5 



Industrial Grants 


Complex set 


of packages 


A MACHINE tool manufacturer decided to go to a special 
recently received £250,000 development area the grants for 
under the Governments new buildinas and new 


industrial grants scheme machinery would have been 
towards the cost of a venture even more — 22 per cent of 


he planned. His experience costs. If 
illustrates the considerable aid Northern 
available. 

He had decided to set up a 


he had gone to 
Ireland, which is 
treated as a special case, the 
grants would have ranged from 


small factory to make dies and 30 per cent to 50 per cent 


jigs for the textile industry. His The businessman was also 


accountant calculated that such given the option of renting a 
a project would require a total Government factory with the 


investment of £lm, comprising possibility of a two-year rent- 


£100,000 for laud and buildings, free period. 


£700,000 for plant and Stories like this confirm the 


machinery and £200,000 work- value of the Government’s in- 


ing capital. 


dustrial aid package which a inn ; 


The businessman was having at regenerating British industry 
trouble raising the full amount, as well as some of the 
and was advised by his bank economically depressed parts of 
manager to approach the the country. 

Department of Industry. For years the level of manu- 

Investiganon followed, and factoring investment in the U.K. 
within months the businessman j^g been dangerously low', 
was ready to open premises in while industry desperately 
Darlington, Co. Durham, which needs to expand, especially to 
is in a development area. As a boost exports, investment per 
result, he qualified for regional worker has been consistently 
development grants amounting below that of all our major 
to 20 per cent of the cost of the competitors, 
land and buddings and a further i n the seven years to 1975, 
20 per cent of the cost of the for every £1,000 of British 
plant and machinery. investment the Americans spent 

In addition he also qualified £1,455, the Canadians £1,642, 
selective assistance of the Germans £1,648, the French 
£90,000 under the 1972 Industry £2.079 and the Japanese £3,769. 
Act, which was based on total The industrial aid package is 
project costs including working a complex one. On top of the 
capitaL It all came to £250,000. regional development grants out- 
or 25 per cent of the total lined there is also selective 
investment Everyone — the assistance available under sec- 
businessman, his bank manager tion seven and eight of the 
and the Governments— was Industry Act, 1972. Broadly 

delighted with the arrangement, speaking section seven assist- 
If the businessman had "ance is available to firms within 


CONTINUED ON NEXT PAGE 


r 


CHARTERED SURVEYORS 


FOR SALE, GLASGOW 
VALUABLE 25 Acre Sill 


WEST 


U8 Id- EOMSU qSH 



With 


M3 la 
GREENOCK 1 
* AIRPORT 


450,483 sq.ft.of 

INDUSTRIAL 

BUILDINGS 


213 ST. VIMCEIMT ST. GLASGOW 

PHONE 041 S4S 32S1 




• -rii-jL-? * 

• . . -t - ..J; . - 3 BM 

• ’ - • v.v: ' 


busin 


They do in Cleveland. 

They’ll .give you the answers 
to questions you may not even 
know you should ask. You'll be 
surprised how they can 
smooth out the red tape and 
get down to action. Fast 
These could he some of the 
reasons why over JE2.00Um is being 
invested and 40 companies have set up 
in the county in the past year. 

If you are thinking of 
relocating or expanding; 
start by talking to John 
Gillis or one ot his 


industrial development 
specialists. 


Send me the basic 
facts about Cleveland 



M: 



. They have thej 
and they understand j ... ^ 

■ Government grants, -avapaMc ^ 

■ Jand^ and factories, the. county's a 
" pooLof labouraud itsgc^i,; ; 3 
- record of industrial relations. - % * 

■■■■. 1 Allyodiieed to know. 

fact Notfragetting-YI 
■' ' ' 'CI«mto|lrbaiAfiA^ 0 { Rp 

countryside and coasnin& ” 

kv Tblepbbne,.teTex. ot V5 ^ V. \J i , 

-theepuponfor abmin^sSf&*_. - • 

>. 

■ ... 


r'Postto John GnHs,Gurnfiy ffouseuGumey Strwt, 

’ Middlesbrough, Cleveland TST1QT . * jj' ' • 

Telephone 0642243155. Tefex 58439 (Bet PMI 


-vs---.! -htz-i m 


r'XSr 













Financial- Times "Wednesday September 27 1978 




} \ w 

Wembley 








m 1 , 000 / 15,000 sq ft 

^1,. , 

U Lincoln 

i 8,940 sq ft 




f Penge SE20 


. /i 14,600 sqft 

Charlton SE7 
19,860 sq ft 


. Modernised Factory 
and Warehouse 
Units with heating, 
parking. Close tube. 

Modern Single Storey 
Factory /Depot 
with Offices, 
on 1.5 acres. Freehold 

Single Storey Factory 
with Office block 
and large yard. 
Freehold. 

Lofty Single Storey 
Fabrication Works with 
yard and gantry cranes. 
Long ground lease. 

Single Storey 


I Tottenham N18 Factor, u*ho«cS 


11,255 sqft 

■ f Acton NW10 

" ; :|20,400sqft 

I Wellingborough 

i 59,000 sqft 





H Lor.-.? T 5 '2'.\ 1 . *. 2 *i 


on North Circular 
Road. Freehold. 

Single Storey 
Warehouse, with 
sprinklers and 
tailboard loading. 

Single Storey 
Works Complex 
with Offices on 
S.7 acre site. 


01-8348454 












URY 

(Junction I-M3) 


ilPfhvcfr ■ 





I 




? I * A 3 ci 


’■ f. ? 2 -*W sc! 


& r? sr x ~ 

*L - t 




* •* > 


(f'*- 






■HOUSE 

160,000 sq. ft. approx, 
on 7-25 acres 

LEASE 
FOR SALE 

Collier & Madge 

5, St.. Bride Street, London, EC4A 4DE 

TEL 01-353 9161 


% 


r.£% 


*r 


% 




Bl 




v« 


1 




1S*- 



- 


, Zjz&i'** 

• * 

TO .-.IT- 


f s 

?v 



INDUSTRIAL PROPERTY XI 


27 


The Inner Cities 


New priority areas 


lUN AUGUST 
Urban Areas 
land a new 


development certificates. Ti:Is 
the Government cannot do if it 
is to be seen to be continuing 
its programme of regional 
assistance. 

Tbat is not 10 say that the 
inner cities policy is doomed to 


1 last the Inner jibbing at the insistence of the trial development areas are con- 
Aot became law Department of Industry that it cerned. 

class of assisted has a formal role in the inner They are adamant that the 
region came into being. On top area programmes where hitherto mere existence of grants, no 
of new towns, special develop- the authorities have held sole matter how favourable, or even 
meat areas, development areas sway. plots of land with automatic 

and intermediate development in this sniping — not so far assistance for building, will not _ t ... ... 

£& j areas wc now have Inner cities, significant in itself but growing entice industrial developers to jotal failure. No doubt Birminn- 
$i:3 1 According to guidance from — could lie the seeds of the build tn the areas designated — ham. ir.r instance, will make its 
the Minister responsible, Mr. cnllapse of the Government’s at least on any scale. Quite £30m grant under the scheme 
Peter Shore, the inner cities brand new approach to industry simply the developers do not pay real dividends in the Hands- 
will now be a major priority in the cities. Unfortunately, believe that there is sufficient 
in terms of regional strategy, such lack of co-operation bas demand from industrialists of 
second only to the special been a regular feature of inter- a ny site for the buildings they 
development areas. authority schemes throughout might erect. 

Under the Act local authori- the country, most noticeably in Another and more conceptual 
ties in the designated areas will the Docklands themselves, opposition lo the Government’s 
have general powers to assist However, this by itself could policy is that it contains 
industry and regenerate the probably be overcome but for inherent dangers, for the 
quality of life in the areas doubts many participants national regional assistance pro- 
affected. have about the concept of inner gramme. In instigating support 

In addition they will -have city aid in itself. for the inner urban areas for 

specific powers to designate im- « «— , lv believes that first time. Government 

proyement areas and make loans .. ^fully be given to the appears to be reversing— or at 
available ion commensal terms) ? “ drj w J ich ^) ould ° have least altering— the emphasis of 

them for industrial develop- Sus ir modest regenerative some 70 years of planned dU- ** «™ n ‘ po * ,CieS - 
ment or environmental improve- * * refcenerauve pe rs al and decentralisation, 

xnents. They will also be able Thu problem from this view- Hie Minister ha« in fact been 

to lend industrialist up to 90 jru js j MSt how ma ssive the at pains to underline the coo- 
per cent. of the capital cost of Government intervention needs tinuatton of the regional 
land and new buildings in tho tD . he Sn f ar it has allocated support grams ( although the 
areas and, finally, they will he aro „ n( j £i25m to the inner cities Conservative Parly has hinted 
able lo encourage the establish- j- or regeneration and a further that - it wants to cut These 
mem of co-owncrsinp or co- £j 5 m > nr a fhree-year “clean dramatically). However, sup- 


worth and Sparkbronk areas 
over the next three years. 

The London Borough of 
Hammersmith is confident that 
the £7tm or so it has wrung out 
of the total budget will 
regenerate some 60 acres of 
former British Rail and Brifish 
Gas land and provide 3,000 new 
jobs. 

However, the inescapable con- 
clusion is that inner area decay 
will not be arrested or reversed 


cm. 


DISTRIBUTION CENTRE 

NEW WAREHOUSE UNITS 
AVAILABLE FROM 4,650 TO 100,000 Sq.Ft. 



K.. 


NEW DEVELOPMENT IN THE HEART OF 
KENT. 228,000 Sq. Ft. ALREADY LET 


0 EXCELLENT RAIL 
FACILITIES. LONDON 
SS MINS. DOVER 60 MINS 

©CONVENIENT FOR. 

M20 AND M25 
MOTORWATS 

© EAVES HEIGHT 
28 FEET 

© FIRST FLOOR OFFICES 
OVERLOOKING 
LOADING BAYS 


© SPRINKLER AND 
OIL RING MAINS 

• SECURITY GATE 

• ADJACENT TO ICD 
WITH WEIGHBRIDGE 
FACILITIES 

Apply Sale Agents: 


Tbe 

Meadowcroff 

Partnership 


32 Maddox Street. London W1R 9PF 


& 

surveyors 

01-629 4578 


&®a 




iV.V*W 

-:;a %-j 


r**‘ 


V 


iVS 


I VINCENT’S TRADING ESTATE | 
FEEDER ROAD 

V prestige warehouse and .industrial develop- 
nent dose to Temple Meads Statioft and within 
;asy reach, of all parts of Bristol and 
A32/M4/M5 where units of the following size 
vill be available from early 1979. 

5,000 sq. ft. 

0,000 sq. ft. 

Agents: 


25.000 sq. ft. 

35.000 sq. U. 


^STANLEY 

ALDERfrice 


• - if- 




7 St. Stephens St. Bristol. Tel: 0225-31 71 84 
Tel: 0272-299 T51 



| operative industrial ventures. 
So far some 29 or so areas 


up programme. 


have been designated under the T7/i/*uc 
j Act. But there a further rULUS 
group of authorities which are That such sums are a mere 
to have even stronger redevelop- drop in the bucket compared 
ment powers. These are the ^ith what would reaUy be 


so-cnlled " partnership areas," 
which in London include the 
Dncklnnd boroughs, together 
with Hackney, Islington and 
Lambeth. In the provinces. 
Manchester and Snlford, Liver- 
i nool. Newcastle and Gateshead 
land Birmingham are the other 
authorities involved. 


needed is self-evident. A figure 


porting the one does look like 
withdrawing full support from 
the other. 

More importantly, the com- 
monly held belief that the plight 
of the inner cities has been 
created by the decentralisation 
programme has been intensified 


of £I50ra does not represent —indeed, almost confirmed. 


Even before the Government 
embarked on its current pro- 
gramme many inner area 
planners could see that the real 
problem in the inner cities was 
not poverty, overcrowding and 
a poor environment— though 


even one per cent of the total 
expenditure by local authorities. 

Another figure which puts the 
inner cities sum in even 
sharper focus is the £JOOm 
which the Government is grant- 

These authorities, working in n>wards its £IS0m new plant in these are important. The real 

partnership with the Depart- south Wales. problem was the loss of jobs 

ment of Industry, will have . . . .. from those areas since the war. 

grants available to assist indus- Among those who do believe That ' period also saw the 

trialists with rents on new ^ at Government aid for the nf the new towns 

leases on industrial or com- ln " er . «hes— if not jcjulb poIic y t the establishment of the 
I mercial premises in the areas; achieving regeneration— will at special development regions and 
They Win also be able TO help “ »™* 1 ^ tte taLtadta. " offlee 
provide loans— interest-free for 1 t . her ^ JJm development permits and indus- 

up to two years— for site pre- n * ve . tha 5 0 trial development certificates 

paration works. There will be at frac l °. nl y ■ “ rt * ,n t>Te of designed to drive companies out 
special grants available to small {} urserj industry- of central areas, 

businesses (those employing Mr. Shore himself is of that It was an easy step to put the 
| under 50 people). group. He accepts that "few two' things together and claim 

The Docklands enjoy an even large-scale employment projects t}iat the regions had caused the 
higher status in this hierarchy, will be attracted to inner cities pjjg&t 0 f the inner cities— with 
In addition to the powers of the by The exercise of the Act’s Government backing, 
other authorities they will have powers." Instead he is pinning 0 n such a view tbe only 
preferential treatment as far as his hopes on medium and small effective Government move- 
industrial development certifi- companies being lured back to that would only help by 
cates are concerned. the inner cities. widening the areas' ability to 

Within two months of the An even more pessimistic attract new businesses— would 
establishment of the partner- view is taken by most of the be the abolition of industrial 
ship schemes their structure has commercial property men who 
already come under some pres- have looked at the potential for 
sure. Some local authorities are the inner cities as far as indus- 



©seekers’ 

London & Leeds Investments Limited, the property 
development subsidiary of Lad broke Group Limited 
are site seeking. Major schemes are under way in 
London. Swindon, Reading. Gloucester. Leeds, 
Manchester. Luton and Nottingham and others are in 
the pipeline, shortly to be announced. Further sites 
for industrial/warehouse and office projects are 
urgently required. 

Flexible purchase or partnership arrangements with 
land owning industrialists are of special interest 
Finance, naturally, wiii not be a problem. 


Full tleiaiis, 

PiMf. TO. 

Retained Surveyors, 
A. P . Grant Esq. 
Grant & Partners 


or K K Kilslock.Esg CEngMIMechF, 
Deput/ Chairman ana Managing Diraplor, 


50 Mount Sir eel. 
Lcrrdon W1Y5REL 
01-J91412O 


purl Of 

Ladbroke 

london&Leeds 

Inuotiriet ilu Limited 


4r 


ChancelHousa. 

MeasdertLane. 

London, 

NW102XE 

01-4598031 




Grants 


CONTINUED FROM PREVIOUS PAGE 


an assisted area and extends to pi oyer's net statutory 
those creating new jobs or safe- redundancy payments at the old 
guarding existing ones through location are met. 
modernisation. Section eight In Addition, service industry 
assistance is available anywhere undertakings may qualify for 
in the UK so Tong as the project grants of up to £1,500 per 
to which it refers can bo shown employee. For employment- 


i One of Bristol's finest 
industrial estates 



| to be of benefit to tbe national 
economy. 

A selective investment scheme 
offers assistance for large 
projects (minimum size 
[4500.000) which offer 
[Additionality "—projects, for 
example, which are brought 
forward faster than might other- 
wise have been tbe case. 

Sector investment schemes 
include aid for specific projects 
ia-lndustries which the Govern- 
ment would like to see expand. 
At present these industries 
include instrumentation and 
iirutbmation (closing date 
December 31); red meat 
(slaughter houses (closing date 
November 30 j; drop forging 
(closing date December 31) and 
miero-eleclronics (scheme just 
[launched). 

: [Aid' .is also given under this 
section to the rescue " opera- 
tions such as BL (formerly 
('British Leyland), Alfred 
[Herbert and Chrysler UK. 

From December 1976, to the 
tend of August last, 99 projects 
[Were aided under the selective 
investment scheme. The amount 
of assistance offered totalled 
j'£$2.5m towards projects with a 
capital cost o£ 1413m. Around 
6;400 new jobs were associated 
with these projects, an estimated 
5300 jobs were preserved. 

Up to March 31, 1078. 1,500 
offers were made under the 
sector Investment schemes. 
Assistance offered totalled 
Ul52m for projects costing 
| £721 m. 

The amount paid out in 
regional development grants 
[to March 1978, totalled £t.45bn 
land another £468m has been 
paid via selective assistance. 

In addition, for employment- 
creating prospects, medium- 
term Joans are available towards 


maintaining projects, assistance 
is provided where finance can- 
not be obtained from commer- 
cial sources. This is usually in 
the form of loans at broadly 
commercial interest rates. 

Some assistance may also be 
provided by local authorities or 
New Town Development Cor- 
porations, and industrial train- 
ing boards may make grants 
towards training costs. How- 
ever, this is taken into account 
In determining the amount of 
any selective financial assistance 
provided by the Government 

In addition to the national 
schemes operated by the train 
ing* boards, a number of train 
ing services are available to all 
businesses in the assisted areas 
They are normally charged on a 
full-cost basis, but those avail 
able through the Manpower 
Services Commission, operating 
via tbe Training Services 
Agency, are free. 

The Government also gives 
grants and allowances for em- 
ployees transferred permanently 
or temporarily to key posts in 
the areas for expansion. This 
type of aid includes rail fares 
and settling-in allowances. 

One source of finance made 
available recently is the Euro- 
pean Investment Bank which, 
together with the European 
Coal and Steel Community 
makes loans for up to 40 per 
cent of the fixed capital costs 
of specific projects. Interest 
rates from the EIB are below 
commercial level— at present 
7.5 per cent for seven years. 

With the exception of deve- 
lopment. areas, special develop- 
ment areas and Northern Ire- 
land. application for planning 
permission for industrial deve- 
lopment usually has to be sup- 
ported by an Industrial deve- 


. . ■ _ ■ | J ■ Mil IIIUUJUIBI UUVtr 

normal capital needs, including j opn ient . certificate, application 


working capital. Interest rates 
are normally below commercial 
rates. 

As an alternative to a loan 
a grant may be offered towards 
the finance raised by the com- 


for which has to be made to 
the Government department 
responsible for the area In 
which the project is proposed. 

Thus, the ‘ Government has 
the whip hand to direct and 


pany, normally 3 per cent per encoura5e future investment. 


year for up to four years. 

Anolhcr type of aid is the 
removal grant, where up to SO 
per cent of the costs of removal 
of plant, stocks, and the em- 


it only leaves the entrepreneur 
( 0 . take advantage of the re- 
sources available. 

Arnold Kransdorff 


ome 


about 


wo 



and Wear 




If you are in industry or commerce and haven’t 
taken a good look at Tyne and Wear recently, 
chances are you’re way out of date. 

If you have never even set foot in our Region, 
you don’t know what you’re missing. 

Ttyne and Wear County is a Special Develop- 
ment Area, offering to enterprising industry and 
commerce the highest Government incentives i 
Britain. We can now add our own financial 
assistance with the "Tyne and Wear Act 
which makes us extra special. 

But we’ve more than money 
to offer. Learn how rich we are in sites, 
premises, labour, communications, 
housing, recreation. Learn how 
easily we can help cure your present 
development headaches. Learn that 
Tyne and Wear has the ingredients 
for successful relocation, and ex- 
pansion. It’s all in our new booklet. 

Post the coupon without delay. 

And why not follow up with a 
visit ? Have a word with our Peter. 

Waring about it on 0632 816144, 
or write to him at Archbold 
House, Archbold Terrace, 

Newcastle upon. Tyne 2. 






To: Peter Waring, Industrial Officer, 

Tyne and Wear County Council, Sandyford House, 
Arch be id Terrace, Newcastle upon Tyne 2. 
Telephone: 0632 316144 


CouniyCouirii 




1 


2S 


financial Tiines 


yfafoesday 5? 


INDUSTRIAL PROPERTY XU 


* 


§* 



I ’ 


Investment Performance 


t ! 


Research aids for 




I il 


?l) 1977-78 INDUSTRIAL RENT GROWTH 

Average Rents 
£s per sq ft 
June 1977 June 1978 




oca t ion 


Percentage 

growth 


London Airport 
vouth West London — Inner 
' (e.g. Wandsworth, Nine Elms) 
", outh West London — Outer 
" (e.g. Mitcham, Merton) 
outh East London — Inner 
(e.g. Bermondsey, Camberwell) 
..last London 


L0Q 

125 

12.5 

2.00 

2.65 

323 

1.85 

225 

21.6 

1J0 

230 

353 

1.60 

1-75 

9.4 


INSTITUTIONS’ INCREASED 
acceptance of industrial 
property as an equal partner to 
offices and shops within invest- 
ment portfolios stems in part 
from the greater availability of 
comparative performance 
analysis. 


Graphic 


/•forth London-Inner 
•* (e.g. Kings Cross, Camden) 

; •forth London — Outer 
*: (e.g. Wood Green, Haringey) 
* •forth V/est London 
V (e.g. Park Royal, Brent) 
-.West London — Inner 
- (e.g. Fulham. Hammersmith) 


225 

275 

222 

ZOO 

230 

15.0 

1.75 

235 

343 

205 

1.60 

230 

135 

220 

9.4 


Sr. Albans, Herts. 
Chelmsford, Essex 
Basingstoke, Hants. 
Luton, Beds. 

|Swindon, Wilts. 



200 

1.60 

135 

130 

125 

225 

1.90 

1.45 

1.65 

1.40 

123 

183 

7.4 

10 

12 

Cambridge, Cambs. 



125 

125 

— 

Ipswich, Suffoik 



1.00 

120 

20 




1.10 

125 

13.6 

Maidstone. Kent 



130 

1-60 

23.1 

Tunbridge Wells, Kent 



130 

1.75 

16.7 

Reading, Berks. 



735 

1.85 

19.4 

High Wycombe. Bucks. 



130 

135 

233 

Crawley, Sussex 



200 

240 

20.0 

Southampton, Hanes. 



125 

130 

20.0 

Birmingham, W. Midlands 


120 

135 

292 

Coventry, W. Midlands 



130 

1.45 

113 

Stoke-on-Trent. Staffs. 



1.15 

125 

ZJ 

Leicester. Leics. 



1.15 

1.40 

21.7 

Nottingham, Notts. 



1.15 

1.40 

21.7 

Cardiff, Glam. 



1.10 

120 

9.1 

Leeds. W. Yorks. 



T.I0 

135 

227 

Bradford. W. Yorks. 



025 

0.95 

112 

Manchester 



130 

130 

15.4 

Newcastle, Tyne & Wear 


1.70 

120 

9.1 

Gloucester 



125 

135 

8.0 

Exeter. Devon 



120 

130 

83 

Glasgow, Lanark*. 



120 

125 

42 

Source: Grant & Pcrtntrs 

(2) INDEXING RENTS 




1965 

1969 

1972 1973 

1974 1975 

1976 1977 

RENT INDEX 

100 

145 

211 298 

348 362 

370 391 

(all commercial prop.) 






Shops 

100 

140 

219 283 

331 350 

376 409 

Offices 

100 

154 

228 355 

399 394 

379 386 

Industrial 

100 

733 

169 214 

279 318 

347 381 



ADJUSTED FOR INFLATION 

RENT INDEX 

100 

123 

144 188 

189 157 

139 126 

(all commercial prop.) 






Shops 

100 

119 

150 178 

180 152 

142 131 

Offices 

100 

131 

155 223 

217 171 

143 124 

Industrial 

1D0 

113 

116 135 

152 138 

131 123 

RETAIL PRICE 






INDEX 

ICO 

118 

147 159 

184 230 

264 311 

(Mid Year 1965=100) 






Source: investor; Qttar.idc Hilltcr Parker Rent Me* 


A major City of London office 
block looks far more impressive 
than the best designed indus- 
trial estate. And it is only 
since investment surveyors 
turned their research staffs to 
producing tabular and graphic 
impressions of the past rental 
growth and investment value of 
each type of commercial 
property that fund managers 
have been able to look beyond 
the unin spiring appearance of 
most industrial buildings to 
their impressive comparative 
performance as investments. 

The recent strength of the 


industrial letting market is 
shown, with its marked regional 
variations, in Table 1. 

Grant and Partners’ country- 
wide survey of rents for 
modem industrial buildings 
ever the past year reflects the 
developers’ success, in passing 
on rising site and construction 
costs in rents. This leads 
Grants to the view, echoed by 
other agents, that after near- 
paralysis of the development 
market in 1974 and 1975 current 
pressure for modem space in 
effect a catching-up process. 
Unless there is a general 
economic recovery the agency 
anticipates a gentle slackening 
o£ demand,, and- of rental 
growth, as this previously un- 
satisfied backlog of demand is 
taken up. But its figures lead 
it to dismiss suggestions that 
tbe industrial development and 
investment market. is currently 
over-heated. 

Looking beyond the current 


strength of the market the two 
hypothetical property portfolios 
set ap to create investment 
indices by the Investors 
Chronicle with Hiliier Parker 
May and Rowden and. by Jones 
Lang Wootton. both provide en- 
couraging evidence of industrial 
property’s past performance. 

The IC-Hillier Parker in- 
dex (Table 2), based on 
a national sample of insti- 
tutional quality properties, 
shows that industrial property 
investments have held their own 
against shops and offices in the 
past decade. Industrial rents in 
the index (2) show a steadier 
pace of growth than the more 
volatile alternatives, and an a 
comparative regional basis tbe 
index' suggests that provincial 
industrial properties have in 
fact outpaced rental growth in a 
number of the major office 
centres. 

The Jones Lang Wootton 
Property Index (3) gives a less 


impressive view of industrial 
rents" performance. As JLW s 
hypothetical portfolio was 
formed to grow in file same way 
as that of a typical fund, the 
earlier years are based on a 
smaller sample of properties. 
But by using a chain-linked 
index to measure each year’s 
performance tbe general pattern 
of the rectal graphs are valid, 
and industrials are shown to 
trail prime office investments in 
estimated rental terms. Factory 
and warehouses, which made tip 
around 20 per cent of the JLW 
fund’s nortfolio, did, however, 
hold up relatively well against 
both shop and agricultural rents. 


Close 


Healey and Baker’s analysis 
of prime property investment 
yields (4) charts the relation- 
ship between buying yields for 
each type of commercial 
property. During the period 


of the last property' boom 
commanded yields ranging t 
points less than industnaL*. But 

since the crash ^ 

yield gap has tended to dose, 

settling down to around a la 

pomtdiscount. 

Th e debate about the need 
for such a yield gap continue, 
with traditionalists and those 
who argue the need for a sink- 
ing fund to replace mdustraJ 
buildings lined up against those 
who believe that the wider 
spread available from industrial 
investments and the greater cost 
of major office refurbishments 
makes a discount for Industrials 
unreasonable. But as the chart 
shows, the traditionalists still 
set the tone for the market 

In chart 5 Richard Ellis pro- 
vides an interesting comparison 
of industrial rents around the 


world. As with offices iad 
shops. London rent cosis &r^ 
dustnai property r em a in mmg_ 
the highest in th* world, teing 
beaten only bytbe v «ifc* 
ordinary markets of Singapore 
and Hong Kong. Rents .outside 
the capital do, however, fen bio 
the surprisingly similar rang* 
of all the major xoietaatioiiai- 
markets and as the ev gyait 
range of rental costs js reia- 
tively narrow, averaging armma 
£1.50 a square foot, there ate no 
convincing rental argaments to 
drive industrialists.: fcro& tbe 
British market -—overseas. 
Accommodation, costs -ranatp 
too low to override,- or 
seriously influence; * derision 
to locate a business:. =j*: ^ 
particul ar country-”.; ; ’ -V • =;?■ 


.1 


John 


r^sz 


17:; 

16? 

151' 

14? 

13" 

12 ? 

11 ? 

102 


SOURCE? HULEV A BAKER 


Q 242 Consols 

PRIME INVESTMENT 
YIELDS 




84 


0 4 Industrial 
7Z maSJT1 

^Offices 


e% 

5- 

4i 

s: 


1970 


1971 



400' 


0 EstimatedEentalGrowthia 
Property Sectors 


300r 


200r 


100 



1967 *68 T39 *70 *71- '72 *73 *» *75 '76 77 7B 

Sajrx -. Jones long WboKowbctecf ftnepe^ ' 


0 World Rental Levels 

Net rent persqJt pet sown t »m»Bpb "‘ • " ■ 


rS 


4 1 PRIME INDUSTRIAL REAL ESTATE 


3 h 




1 h 


2 r nnHlr-f "wW 


0 



* DENOTES INSUFFICIENT , 

MARKET TO ESTABLISH A PATTERN 



SB. 

£ 


i y I 
wj 


S £ - 




in 


Northampton is on the Ml, halfway between 
London and Birmingham and is directly served from 
junctions 15 and 16. 

Fifty percent of the UK industrial output is within 
100 miles radius. It has the following outstanding 
selection of offices, factories and sites. 


industrial 


Unit factories 
at Brackmills 


Ail with car parking, offices 
toilets, gas fired warm air heating 
and all mains services 


Remaining Units now available on Phase 3 
3000 sq ft 5000 sq ft 12500 sq ft 

Reservations now being taken for Phase 4 
Comprising 8 units of 10 750 sq ft each, which can be let in 
various combinations 


Industrial sites 


Purpose built 
factories 


Phase 5 to be developed shortly 
5000 sq ft 12500 sq ft 

Choose from the wide range available from 16 acre to 
200 acres 

The Development Corporation designs and builds to suit 
individual requirements. 

Purpose built factories maybe financed by the Development 
Corporation and taken on lease or the occupier has the 
choice of paying a capital sum for the building or of retaining 
the Development Corporation simply to provide design 
services 


Terms 


Ground rents from £4000 per acre per annum. 

Rack rents from £1 .40 per sq ft. 

Flexible approach includes possibility of premiums and 
nominal rents 


office 


Office Buildings 

Immediately available in town 
centre 

Office Sites 


Greyfriars> House 

200000 sq ft of offices above the new bus station 


Immediately available in town 
centre, district centre and 
campus locations 


Town centre site of 3.5 acres 

For up to 300 000 sq ft (or can be sub-divided to a minimum 

of 100 000 sq ft) 

Town centre sites 
Two for 30 000 sq ft 

District centre sites 

For up to 100 000 sq ft at Weston Favell Centre 


Campus sites 

60 acres available at Moulton Park 


r Mj; 


!-LL^ 





For further information write pr phone 
LAustin-Crowe BSc. FRICS, Chief Estate Surveyor 
Northampton Development Corporation 
2-3 Market Square, Northampton NNI 2EN 
060434734 







ei c <r 



BnaDDcM'jntaDes' Wednesday September 27 -1978 




Hard times ahead for Gulf cont 





BY MICHAEL CASSELL, recently in the Middle East 


M h 


S FLOW oC construction 
through the Middie East 
:nc that has brought 
reds of millions of pounds 
i of business 10 Britain’s 
rational contracting com- 
s is slowly but perceptibly 

:■*. 'Jllnjc. 

markets of the Gulf are 
• A' nyer set to offer quite so 
■. :,*7 y to L-K companies the 
m of svork which for tiie 
;T.’-ew years has helped pro- 
■ .; ; :aein from the full impact 
: ■ worst Uomcbtiu construe- 

‘cession since the last war. 
combination of circum- 
s has created a situation 
- . ' eh the amount-of business 
.. ..."'■blc in the Middle East has 
.'>ed substantially and in 
- the winning of work that 
1 iffer has become a greater 
. ... ; sver test (if construction 
'-.‘disc, experience and 
. ' ,*mg skills. 

the time being, the situa- 
oes not appear too acute, 
of the UK’s largest eun- 
S operations — some 
!shed in the Gulf region 
the existence of nil, lei 
|a«i^>efore its importance was 


^feapprecialed — have major 

.. e flT jUauTW.-g under way which, for 

\t two years «r so. will 
^"’Nhoir Middle East opera- 
uily utilised and provide 
with some hard-earned 


/ ;ould be misleading to 
/?r that the Middle East 
l ‘Ms a hopelessly over- 
* jed marker which con- 

. *«' e tniohr :ic u'oll waid 



• s might as well avoid 
"Tnow on. There is no 
rfhat the potential for con* 
"■m remains impressively 
nd that some good profits 
to be made, but it is 
-x dear that the search for 
tsiness is now becoming 
„bly more fraught and 
:-r some contractors the 
:ould provide- a stark con- 


trast to their experiences of the 
past five years. 

Few contracting companies in 
the Gulf are prepared to slate 
openly the full extent of their 
concern over the changing situa- 
tion. They admit that work is 
now harder to come by (on 
profitable terms), then most of 
them can remember, but 
soy they are confident of their 
ability to pick up enough work, 
to justify their continued 
presence in the region. 

Privately, however, several 
Gulf -based executives of some of 
the largest UK contractors 
admit that the prospects for 
winning substantial new orders 
to take them beyond the expiry 
of their present contracts are 
looking grim and ode or two 
even envisage a dose, down of 
operations in some areas. 

Bahrain, the United Arab 
Emirarvs and Oman appear to 
represent some of the most 
difficult markets for inter- 
national contractors seeking 
new' business. 

A major cause of their 
current problems has been Lhe 
widespread and substantial 
reductions in expenditure 
following the frantic period of 
growth throughout most of the 
Gulf from 1973 up until the end 
of 1976. With the bulk of con- 
struction work coining from the 
public sector, the economic 
recession has hod a substantial 
effect on the flow of contracts, 
with the real impact only now 
beginning to bite. 

In addition, there are funda- 
mental changes taking place in 
the nature of the work 
now becoming available. 
There are notable exceptions, 
but many of the Middle East 
nations are now at an advanced 
stage of development in terms 
of infrastructure and the scope 
fur future •* jumbo.” .projects 
will become steadily more res- 


tricted. Neither do many of the 
countries involved have the 
population to justify the con- 
tinued provision of basic ser- 
vices. such as airports, motor- 
ways and harbour and dry docks 
complexes. Overcapacity has 
already become a problem for 
some types of installations. 

Another complication 

affecting contractors is the slow 
emergence of the local contract- 
ing company as a force in its 
own right io the small to 
medium-size project. 

Their emergence does not 
represent an immediate threat 
to the large International groups 
which are primarily engaged on 
work beyond the resources of 
the smaller operator. But os the 
profile of contracting work 
changes, with a switch in 
emphasis from large civil 
engineering projects to more 
straightforward building work, 
tbe international operator may 
find he has a new and powerful 
force with which to compete. 

At the moment, however, it is 
competition from other foreign 
contractors which is making the 
going in the Gulf very heavy. 
No conversation on the state of 
contracting in the region is 
complete without a reference to 
the South Koreans, who are 
proving to be far more than the 
temporary phenomenon that 
many contractors expected. 

Names like Hyundai, Daclim 
and the Korea Overseas Con- 
struction. Corporation are 
figuring more prominently 
on tendering lists and their 
success rate has reached a point 
where several UK contractors 
are not prepared to go to the 
expense and trouble of bidding 
for work in which their Far 
Eastern competitors are known 
lo be interested. 

Organised like an army, with 
an eye on earning badly needed 
foreign currency and capable 
of undercutting almost anyone 


Disc’s hid by up to 23 per cent, 
the South Koreans have been 
snatching millions of pounds 
worth of work from under tbe 
noses of contractors of all 
nationalities. They have taken 
dredging work from the Dutch, 
road projects from the Greeks 
and a variety of building and 
civil engineering contracts from 
the British. 

They have been particularly 
successful in ports of tbe United 
Arab Emirates, notably Abu 
Dhabi, as well as in other im- 
portant markets like Saudi 
Arabia and Bahrain. 

For a while, the Koreans’ suc- 
cess was attributed almost 
entirely to their ability to pro- 
vide a plentiful supply of cheap 


spectrum af construction 
activity, from electrification 
programmes to oil storage 
plants and defence installations, 
as well as the ** bread and 
butter " sewerage projects and 
housing developments. 

Competitors accept that the 
Koreans’ performance is good 
and that their workmanship is 
of a high quality. Their con- 
viction— yet to be proved — 
that the Asians are not making 
money on their contracts doesn’t 
resolve for competitors the 
problem of winning new work 
in wfiat have, in the main, be- 
come difficult markets. 

Mr. Michael Foster-Turner, 
projects manager on Taylor 
Woodrow’s £2om Sheraton hotel 


i . v -V ' _ 




- v'l. 






jSvlv: ;: v : : 






fe'sSAvv.- ../■ Kbt 

The Dubai dry dock — lhe largest iff the world — being" bull 
by Costuin, Taylor Woodrow at a cost of £162m 


and hard working labour and tn and shopping complex in Bah- 
build quickly. It was assumed rain,, confirm* that the South 
that their cost-cutting approach Korean presence lus intensified 
could not endure and that the problems of winning work: 
limited technical experience "A Jot of US. consultants are 
would curb their potential for moving into trie region and 
continuing success. are favouring the Koreans. 

Events have proved this There, is no doubt in my 

to be wrong and the mind that we could do a 

Koreans have been pitch- job as quickly and for the same 

ing for, and winning, con- price as the Koreans, but we 

tracts covering the broadest are here to make a profit and 


will not begin to compete on 
the sort of terms they are offer- 

jpa” 

Mr. James O'Brien. Higgs and 
Hill construction director in 
Bail rain, sees tbe Koreans as 
a major threat to the activities 
of companies like his. “They 
are proving to be extremely 
successful here. They took on 
a dry dock scheme to prove 
themselves and have never 
looked back since. The outlook 
is not a particularly encourag- 
ing one, with Bahraini con- 
tractors now capable of doing 
projects which a short while 
ago were beyond them.’’ 

A Korean presence is, how- 
ever, no more than an added 
complication for most UK con- 
tractors, whose position in some 
markets at least would now be 
difficult enough without the 
activities -of their Asian competi- 
tors. 

In Dubai, for example, a 
good market for UK contractors 
with its long-held pro-British 
sympathies', the level of con- 
struction work has levelled out. 
Development expenditure is set 
to decline over the next two 
years and for several contractors 
the pattern is one of completing 
existing contracts while search- 
ing hard far new ones. 

Mr. Samir Said, of Costain 
International in Dubai, is 
anxious to emphasise that the 
latest situation does not in his 
opinion represent a recession in 
the sense which most UK com- 
panies understand, although he 
concedes the market now is 
very different from the one 
which existed three or four years 

agc>- 

“The market is now certainly 
somewhat jaded and lots of con- 
tractors are sitting round wait- 
ing to pick up the crumbs. They 
are, without question, taking on 
unprofitable work to maintain 
their operations here.” 

** There is no doubt that, for 
the moment, the UK contractors 


have the lion's share of the mar- 
ket in Dubai, though they have 
lost out heavily to people like 
the Koreans in Abu Dhabi. 

“One of the most worrying 
aspects of the present market 
is the extent to which we are 
continually being let down by 
UK suppliers of materials and 
equipment Contractors are con- 
tinually having to make excuses 
for this weakness and are learn- 
ing readily to accept non-British 
names and products. As a result, 
there is now a much lower UK 
content in the materials and 
machines being used on con- 
struction projects involving 
British contractors.” 

The dilemma of adjusting 
from what at one stage appeared 
to be plentiful amounts of 
demanding civil engineering 
work to smaller scale and less 
easily obtainable work is one 
which now confronts contractors 
like Costain and Taylor Wood- 
row which have been operating 
in a joint venture to buiid a dry 
dock complex and extend port 
facilities in Dubai. The con- 
tracts are worth well in excess 
oF £300m and whether or not 
the two companies consider a 
repeat arrangement in order to 
win more work, they will find it 
hard to maintain activity at 
recent levels. 

The difficulties ahead are 
readily appreciated by people 
like Mr. David Chctwyn. in 
charge of the Costain-Taylor 
Woodrow joint venture. “Many 
of the major projects, especially 
in a market like the Emirates, 
are finished or nearing comple- 
tion and competition for any 
large works yet to come up will 
be extremely tough. 

" Contractors will in many 
cases have to change tack and 
the future may lie in the pro- 
vision of second generation faci- 
lities. smh as industrial instal- 
lations.'’ 

But while many contractors 


talk of South Americ 
as the next land-of-plentj 
there remain areas of th- 
Middle East where larg< 
volumes of basic civil engineer 
ing work remains to be done 
and where UK contractor! 
could succeed, such as Egypt 
Oman anJ — largest of them all 
— Saudi Arabia. 

Egypt, for example, repre 
scats a potentially major market 
with its sizeable population and 
large land area. Its weak econo- 
mic situation and, until re- 
cently, its reluctance to open its 
doors to any form of foreign 
participation, have kept con- 
struction opportunities in the 
country to a minimum. But \ 
with the prospects of a more 
stable political future ahead and 
at least some relief from the , 
awesome burden of defence ! 
costs, more resources could be 
released to begin to provide 
many of the basic sendees and 1 
facilities which for so long have 
been missing. UK contractors 
already operating there include 
Tarmac. Higgs and Hiil, Bo vis 
and Cementation. 

Saudi Arabia remains some- 
thing of an enigma, offering 
one of the largest construction 
markets of all and yet provid- 
ing British companies with a 
fraction of the work available. 
Many contractors have simply 
fought shy of a market which 
imposes some very tough con- 
tract conditions, onerous lists 
of guarantees and one of the 
harshest working environments 
in the Middle East 

The consensus, among British 
contractors at least, has been 
to avoid Saudi Arabia while 
other countries nearby have 
continued to offer easier alterna- 
tives. 

But the last 12 months 
have taught the British and 
rhe international construction 
fraternity as a whole that there 
are no longer any easy options 
in the Middle East. 


* ' World Bum 


Letters to the Editor 


GENEBAL 


TUC General Council meeting, 
London. 


Today’s Events 


Jtering 

"wth 


•.e General Secretary, 
if. Electronic 
- vmuvAcation and 
- ig Union. 


reductions in imports. There is of bird-strike for Heathrow and will voluntarily show that there 
little chance of this happening local airports. is effective accountability and 

while the industry is locked Into All this with an impleraenta- that they are fully performing 
the special requirements and lion programme which ensures their duty to the public as well 
volumes dictated by past and virtually no time for local as to their members. A volun- 
p resent policies of the Post Office, residents and Parish Councils to tary code of conduct to en- 
lndeed, implicit jn the argu- safeguard tbe interests of people courage this is certainly prefer- 
ments of the POEU is an assump- throughout the county and aur- able to extra legislation, 
tion that public welfare can best rounding areas. Alan Philipp. 


r? iVTf’L th,* tion that public welfare tan best rounding areas. Alan Philipp. 

“iJS b TimM of d be se™ by a - n all-embracing Must c0n tin uc to stand as AP Financial Registers. 

^ monopoly. That is not a soaahst wil0esses to the mindless 9, Courtleigh Gardens . NWU. 


to pbflcp tn renpaf the witnesses io me mindless 

.SAvfss; £ J 

ro.jl tolndMtri.IoMia'.tlOBUd ch0 to live .Ly frem the PeUSlOIlS SOd 


i ingineering Union Jour- 


decline. 


It is widely recognised that tha | : SS rele Jun 5 lM °* »“•«“» f lin J c 
K cannot, afford to fall- behind L ’ IIII1QS 



- )■■* amised. of neglecting ^ tbe . jniroducUon oF micro- Nesbitt Mr ff (Vottafl . 

ambers job interests, electronic technology. It. Is also Camellia Cottage. Sir —Mr Paul Dean (Sentem- 

t h ^ r SUM »:' b S5 1 *“**«“!_ sffSSSSJSa 

Accountancy 

profitable ar ^a s thattlm a SKSsib examinations 

«=o terapreK ed sfc siSS 

u LcooomISS superiS 10 trade UD10n by l^ Mincer (September 25) -js a means of asuaglng the 

laliscd industries. We FrJnlTrhannle. are typical of those of a growing Wilson ^Committee’s- anxiety 

ver wish to foster the hmA <* frustrated students of about the growing financial. 

_ r ’ ^ . \ i c»*!/** U# tho Inctitnta nf OKortnviuI FKlWPr (\f thp noticliin •T'Kir* 


Mru Toshiwo Doko, president of 
Japan's Federation of Economic 
Organisations (Keidanren) heads 
20-member trade delegation visit- 
ing Denmark, the Netherlands 
and Norway. 

President Nimeiri of Sudan, 
addresses General Assembly of 
United Nation* in his capacity as 
chairman of the Organisation of 
African Unity. 

In Washington, Senate rote ex- 
pected on National Gas Price 
Deregulation Bill 

The Council of Europe Parlia- 
mentary Assembly opens in Stras- 
bourg for eight-day session. 

Israel: Knesset debate on fate 
of Sinai settlements continues— 
vote expected." . 

Social workers token strike in 
all 32 London boroughs, as part 
of pay grading dispute. 


Crown Agents’ Tribunal con- 
tinues at Church House, West- 
minster. 


Annual Hayward exhibition con- 
taining work by contemporary 
British artist 1 !. Hayward Gallery, 
South Bank, London SE1 (until 
October S). 


Mr. Aubrey Singer, managing 
director of BBC Radio, announces 
plans to publicise wavelength 
changes for Radio 3 and 4 and 
details of programme plans. 


Headmasters’ Conference opens 
at Exeter University. 


ings). Thomson T-Line Caravans. 
Tootai. C. and W. Walker Hold- 
ings. 

COMPANY MEETINGS 
Ailsa Investment Trust, 216 
West George Street. Glasgow, 
12.30. Courts (Furnishers), Crown 
House, Morden, Surrey. 11. 
Loneton Transport, North Staf- 
ford Hotel, Station Road, Stoke- 
on-Trent,* S. 


LUNCHTIME MUSIC IN LONDON 
1.03 pm. SL Olave. piano recital 
— Christine Shepherd. 

1-10 pm. St. Margaret’s Lo til- 
bury, organ recital— Richard 
Townend. 


1.15 pm. SL Bride, organ recital 
—Patricia Nelson. 


COMPANY RESULTS 
Final dividends: A. Beckman. 
Campari. Hunt and Moscrop 
(Middleton). Startrite Engineer- 
ing Group. Throgmorton Secured 
Growth Ttusl Interim dividends: 
Alpine Holdings. Alva Investment 
TYust. Aysbire Metal Products. 
Foseco Minsep. Legal and General 
Assurance Society. Wanders (Hold- 


SPORT 

Rugby Union: Southern Counties 
v. Argentina— tour match at 
Oxford. 

Tennis: Pernod Trophy, Notting- 
ham. 


EXHIBITIONS 

Portuguese Art, Royal Academy 
of Arts, Burlington House, Picca- 
dilly, WI (until October 1). 


1.15 pm. Holy Sepulchre, piano 
recital— Martin Dyke. 

1.15 pm. SL Lawrence Jewry. 
Talk on “Listening to organ 
music” by Chrislopher Dearnley. 
SALEROOM 

Christie’s: Bernard Perrin col- 
lection of printed and woven silk 
cigarette and periodical inserts. 

Sotheby’s: Medal sale, including 
medals. orders and baton 
awarded to Field Marshal Lord 
William Nicholson. 


¥h' y : 



I fft *3 Ealiscd industries. We SSikThhonle. *re typical of those of a growing Wilson ^Committee’s- anxiety 

wiShtoteter the FPTPTT PP band of frustrated students of about the growing financial. 

! 'BSS? Wof ’ the telecom muni- „ 1 . ... , „ j the Institute of Chartered power of the pension funds. This 

ancillary equipment u,. Hawes Court, West Common Road, Accountants in England and Proposal will strike tbe com- 

Ve do not believe that Wales. Why, they ask, is it so mtitee. I fear, as no more effec- 

Office has cither the easy to . get through earlier ttve iban tbe proverbial re- 

; or the will to foster Coni) onrl rrraunl examinations when it is so diffi- arrangement of the deck chairs 

wth. . or a.. rate which kD«!lQ duu gldVCl colt to clear the final hurdle? on the Titanic. - i 

_ wieliorale the threat of j Such; a system does little credit , Mr. Dean also says that “The 

w r'.«**'^'lj';i7edundancies. within the CXITJlCtlOIl to the institute. last thing wanted after the. apate-l 

-c ■" — Jy-.-. and meet consumer - - Another burning question is of pensions legislation in recent 

vfdr a wider range of From Mr. AL Nesniff why the institute fails so many y.ee* 5 . 13 yet another Act” But 

» < ' Sir.— Buckinghamshire County students in the elements of a i s really so? The Social 

f yy - y 'nonsense to suggest that, Council’s recently published financial decisions paper. For Sewnty Pensions Act 1 Bra is not 
y&-. ents an infringement minerals subject plan on the students to fail due to lack of ® sta i2. , to. be probd of. Tbe 

territory^ We are talk- need for and implications of knowledge in accounting, audit- benefits it will confer in 20_ years 
the creation of a totally mineral extraction exemplified ing- or tax is palatable, but to are markedly inferior to 
- which, as recent once again local government’s- fail a subject so operational !? ose w0,ca pensioners m other 

the'-UA have shown, insensitive approach to subjects research oriented as to be of Europeancountnesaireaaxen- 
t0 be ^stablished. In- 0 f deep public concern. little practical relevance is W» . abmimstrative 

^^Sltbey pqblisbed jn full one of the principal objec-. indeed galling. . Jt JInM aC 5i a S 

^ about which they com- a ves 0 f the study into areas Jeff Wooller. ^ ». ” ■ new ? 

'r’. s^Sor than _ w , j “ j J: ™ v reasonably have been imagined 


,v. v i^ ^on sense to suggest 

' ^ r r i y&-. ,:^-^esenis an infringe 


Office has cilher the 

a wil A“ X" Sand and gravel 

wieliorate the threat of 
Redundancies within the CXlFSCtlOIl 
■rjcTi-- a»d meet consumer - - 

r a wider range of From Mr. M. Nesbitt 


th^n sej^ed^uotes. suitable for sand and gravel ex- niatSOi, 


minerals aro extracted at sites 
where they are least damaging. 

J ^ 2u?SSSrii is io Protect with this ]audab]e objective in 

mm** ^ ™ p ™ mind excavation areas have been 


information 








mm 


Tyorks both ways 






than selected. quotes, Sble for said 1 ISM lZ Flattol ESSFSP S*? b<!ea 

fflH!S13- ; Xrustees and . l 

«*5i^ideoloa’ is no concern x* _ an 3 fr0 “ wh,ciJ the valuable 

■*ur concern is to protect J 111 thls lf udab e °~. jectJ tL!° HlffirTTiatlOII option of pay-as-you-go financing 

jobs in an in- m,nd “cavahon was: have been UUUlUIdUUU fc iarcely excluded. 

'-^Shicir i's subject to an re^mmeDded in IheStoke f’ofiM From Mr. A. Philipp . Sir Harold Wilson has come to 

decline^n its labour ?° d Hedger ley .districts, wmen^ - Sir,— I was Interested in read- regard the massive growth of tbe 
v^IGIht about by the^ rapid for many years have been *ig ' Patd Dean’s letter (Sep- Pension funds— the inevitable 

^^Aon'of micro-electronic 35 green -belt conseiv Member 21) concerning the duties consequence of the employer- 
pfcfcy. vation areas by the planning ^ -pension fund trustees and in based system of retirement 

'i'-^TuISU suggestion that thls^ authority. With fine promises of particular his comments relating pensions — as probably “the 
X* not done what it can restoration they threaten ar-as ^ . the wider disclosure of biggest social revolution we have 
£ > '■ the degree of import of mature woodland where wild- information. • had in this country.” For those 

whether in public or Ufe and forestry would tahe , He stressed the need for effec- wbo find the direction of this 
KC stallation, is absurd as mahy decades, to become Tb* tive Accountability although it is revolution distasteful — and 
| 'JWial examination of the established. It has also been pro-, not: ^dear whether this is purely among them must surely be tbe 
Wmid .show. The major posed to substitute excavation to fee members of e a«h fund protagonists of Britain as a 
SQour policy stems fronr losses with domestic and iodus- or ’to the wider sphere of the property-owning aepiocracy— 
»that:a more vigorous trial waste in areas where the contributing company, the flnan- thwe .are, f submit only two 
rfja'the Industry is. tbe key ensuing influx, of scavenging cial institutions generally or the Imes of policy to pursue. First 
g,^3.wth in exports and tbe birdlife would pose a real Threat pubUc at large. I fully agree to discontinue the funding of 

however feat it is preferrfile to the Joatiauthon ties andnatfona- 
• have voluntary disclosure of industi«’ pension schemes 

'WAelw knfJi wave information, and through it “d t0 introduce in its place 

Jte works both ways ■ SBKftJSKKT &JH 

Mgt. Marketing Director, value in excess of the valu e of it is encouraging to note feat to start- thinking fundamentally 
WFygfr amA Son. fee total yarn import *n IJ78. there appears to be a general 

readers will no In addition, we have exported to trend by pension funds to make- Pf®® ,ons fe e nation as a 

interested to learn of Turkey capital equipment worth their . accounts and other in- 

jns that this organise- feany millions in the past- In formation available. In March Sif Z r ^l e Jf. be n 5 adl ^.? 

‘SSmd from prominent addition to this activity feerejs we published fee first edition of ‘ jffijfjf. 

ms-- i SSSS? P tSs fol- fe e export of capital equipment p^bn Funds and Their J* 1 ** the 1975 Act bas ,umbered 

it ouota r^trictions on nther textile machinery Advisers, in which we aimed at - ■ 

Maoris to fee United firm s lo Turkey and fee overall listing ail the major pension ?’ Natta |?- . 

‘ jjVrhere “ are many is one of politicians taking fun^g. There was, however, a - 

; f,,!,,.* SSS Bs nnrs who a sledge hammer to crack a great deal of reticence by many Poll Mall . SWL 

■ I vDOrtinc capital mach- walnut. • , _ major funds to disclose any 

f -<fech oreauisatioos nlay a ^sult of this Govern- information, partly because they a ; j f - fonltvr 

' Shi nart S tbe economy action; we have been 4iot- a t that time want too Alfl tOr I3.Hlty 

economy advised that imports of ^textile mu eh information avaiiable pub- L J 

■ '-fSrSJS? LhnKinii' w* machinery . from the UK and in some cases because j>UYS 

beea ban ned by the local textile such information was not even J „ 

SSSS ,uni0 °* Tb*s “ in s P ,tc 0 ( th ® avmljfele to their own members. Ftwb ^ ^ . i 

til fact fe at asafost international -W4 are, however, now preparing 

n fee. period January conipetltion," our equipment was fee 'second edition and it is 2* a °^lu S ^ticlc of September , 

ti^nnS acknowledged to be superior on encouraging ip note feat many ] 

til one oitsmme s the jjj 0 fe price and specification. pension funds are now far more Barclayeard holders 

6 ar «o5J? l0WS: We must all remember feat willing to disclose such informs- y* 1 ® 1 _ t0 

‘ WJJ tonnes feternational trade is a two way tion as to the size of their fund J' j^ZLS?^ 

3,202 •- hucinpss and anv controls which and bow it is invested, than and immediately re-applying for 

■ ♦ may be judged necessary should previously. It is,, however, reeret- 

a will appreciate that bTcarefuUy implemented, hav- table that certain large pension ^ action 75 of the 

Sf the yarn feat is fe- possible factors in. funds are still not prepared to Act? 

mall against fee total supply outsiders, and possiNy A. Hardee, 

vity. It is true to say ^ even their own members, with oOa, Pukmgton Ave 

firm alone has In- walsom, such information. Sutton Coldfield, 

ring a potential 'order. Bar&bg Road, Leicester. Hopefully the pension funds West Midlands. 


Marketing Director, value in excess of the valu e of 


Aid for faulty 
buys 







NEWS 


Barratt reaches peak £11.2m 
despite difficult conditions 




RESPITE DIFFICULT trading 
■J editions in the build in? in- 
'.j ustry. Barratt Developments 
•i.’poris record pre-tax profits of 
11.2m for the year ended June 


riSSJrfaB In launching iis new range of medical m EMI tafhn ^ 


• ! I ; ver the previous year. further v.arninss of the burden which medical problems placed 

l J . i 1 .\et profits increased further to upon the group in the past year. The results are doe next 

X ■ ; i\i2.5ra against £C.C9m. dvins? to week. Lex also discusses the balance shewt of Decca, and the 
I’ . further release of deferred tax stock exchange's apparent change of policy on indder dealings. 
.3 now considered likely to be ^ eapI j me Barratt. Briiains second latest housebuilder has 
j. i , payable in the foreseeable future. |. ome ‘ up pro gts 51 per cent higher. The strong recovery 
■■ ' Earnings [>er share are shown . m arglns re Beets ihe fact that for the first time for some 

f s » ‘iTxStiSbf^Shfs St he years house prices have been growing faster than building costs. 
f -i SLl dividend is” raised from Elsewhere full year profits at AB Electronic show a sharp set- 
fj r.3250509p to S.14p with a final back. Percy Billon shows modest growth at the half way stage 
. Jr ; payment of 3.5p. and ^ foil year is expected to produce profits of £6m. Unicorn 

'■[ First-half profits had shown a j s expected to- show an upturn after the small first half setback, 

i. {.rise from £3.84m to £4.09 m. The Newman again shows strong profits growth. Ibstock con- 

tinues to buck the trend and starts to digest a major acquisition. 


payable in the foreseeable future. 

' Earnings per share are shov.n 
' *t 37.4p ( 24 .9p i and as forecast in 
ast November's rights issue, {he 
-(.ota] dividend is raised from 
r.32n0599p to S.14p with a final 
' payment of 5.5p. 

!• ’ First-half profits had shown a 
{.rise from £3.84m to £4.09 m. The 
‘ directors now say they arc con- 
: fidenl the significant improvement 
reflected in the year's results is 
1 -being maintained and that the 
V group will continue to progress. 


-■.•••’sf-". -i-” 

•V": 'fc:V j : - "j 

•? . . • 


life 









; ; Mar nines Wednesday 

Unicom Inds. slips to f 3-5m 
—expects second half upturn 

AT . , v 


would pash .UP the 

merchantim. «Trw>ntlv gearing ratio. as 


■’Zr:-- 




■fc&Er.' * • 



a\- UNCHANGED volume of de- Diamond liability currently *at 

s&iFSuzssrs. as s^fea 1 s? VaASuK 

«s srjgsT riss4 sr**- . .. 

c--- t, 1 ,- 0 f igTS. There was a did creaiiau % nm p recovery m Completion of' the aequ&fott 
cijniak 'contribution this time “JSaiteMhe ^neral election, 0 f Rebotos Brazil fc* <ita} fta* 
-Toai North -America where the E™"** 1 *^ «fens of an upturn sim * halfttmc. Tins; 
reification of diamond PHJd™ 5 Sf^iliden the directors report. has been trading St pwft 
-MCi»ss a=d a disruptive strike m Sweden, me « res daring the MW-:.; : „• :T 

combined ;o hold back the antici- The result o- Awa-‘ gurface : . •, -r 

rai-rf improvement in perform-, national, n °VriSon have been # comment 
z-c* technology dI l lsl d“% time. This '- ??. 

Tfc-a creep result was some IS included for the jrjt time. UBlwni m l\ be 
r-3— cenr ^ ; 4ier than the outturn company made a record oai y nest few months to overcome 

‘>r *je second half of 1977 and contribution. first half profit .setback. -It^mg 

h— •d'y uiaintains the much — acquired oO be aided by the «jmpfetkwjtf tbe 

r -hsr level established during last **2?* tawnKt bi Atlas Copco acquisition M the 

v’- -te directors comment has been mduded Rcbolos whicb bas. bten ttatfU 

' Tie’- oat that the group t'™'““^i t>ciaTes . As known, tw.4 profitably this year. 

Siaxured. to support an increa^ aarec “ ent contained an option to a ntbe^: pateby ' Iwmsuitl^ 
:r. Vj- iver o: £2.1Sm to £3t2fim SSSS/witWn three years, the some sectors o£ 4be five atitf 
vithrut any increase in working ‘L mai _ in U $$ per cent from Atlas trading .divisdotii C0aZedaBruEe« 
c&nhai; The OTerall effect oi cur- Cooco progress of Craebus j S doing parhculariy web aid; the 


The list few weeks' bare seen 'exercise ^thts option at than Tast year bUr a :l&ar£5 


ment. improving margins were a factory demonstrating the exten- 
major feature o'f the second half give market. a «HiMfc 


;Ia jw ? - rr-^ is T *£itt£J2rSs*3: ori ~. ta ” tap: 

tin rqo>J linuing durinc die earlj months y ear py year continues although 

,i .TumuTfr i^.-jhi w^.17 of the current year. The directors the de\-elopment programme of 

;Pn>»k !■«; report buoyant demand and an 1977-78 will not be reflected in the n n/ r n irTMivc 

:[ S»k-5 lnS * : . " ! *■*■! "ilh improving iinaneJal return. accounts until 1979. the board JL/IV Ut/illNi/o 

, ■ Prop, incest. iPtamL- . i.ccj 604 jhe j/oup has maintained its states. . 

ResKL iwosu i^j holding' of hi=h quality develop- General contractmg remains the n.rren 

■Tsr IJM .JO * * - . ... t h r p vears sunnlv one minor disappointment but the Curren 

I Net proCi 1J ^43 fi.osi aole land tnree jr«r- supp j u - n .Hnm> haM hpen keot fullv paymei 

{.Dividend ::.sT9 i3«9 without becmnuig involved in worictorre nas neen Kepi tuny . y 

ifnoiauK'd 9.070 4.713 purchasing land at the prices employed and the group is in a AB Electnmic — o.b3 

■Plus cOTiractins and manufacturing- which have been generated by position to take advantage of any AirsprnngGronp _-_ J J 

* cJunce. recent land shortage. Forward upturn m the seizor. Barratt Deelopts. «... — c-a- 

As forecast in rights issue docu- sales continue to be highly satis- See Lex Perey^Bilton ..i.onL 2J.6 

Norman Hay ....... in t. 1.3 


Sir. Brian Ball-Greene, chairman of Unicorn Industries . 
orders have improved in recent weeks 


DIVIDENDS ANNOUNCED 


- - -------- — me earueut 

: r. 7f.tr. n-".me and export orders 

-■-i 7.-2 Z1C If this trend eon- 
j? industry remains 

f-ac •■-f'-r, linrest over pav. current Extenut »>s — 

are that the group aa re d f jssocs- sa.es 
rtcai to the record £6.63m 

i in :3d. they state. lateitsj — 

Ti.: for the half-year took Pre-ux profit — - 

SI. Sim f£l.S4sn) for earnings per Tax - 

2Z-. si:3re of 6.7p (7Jp). The ■■■ 

r.er interim dividend is raised to SiBbS? 

2.1474n : li.*32Ip> and an additional p«f. dniiieml* 


Half 

year 

I97S 

1577 

zm 

C/rw 


il.Kl 

7.4150 

4«S7 

a.:» 

C.ST-I 


485 

4-7 

525 

r, 4£5 

3,«fl 

I.S»2 

*>40 

l.M“. 

l.TVS 

cd 

C> 

t.i-8 

I.7j2 

r. 

6 

514 

467 


bitter strike in Omnia took tft 
edge off the contribution: ban 
that area. 77» snail cohsbnetHib 


unrest cwald 


As forecast in rights issue docu- sales continue to be higidy satis- 


Norraan Hay ........inL I-o 

Newman sustains momentum E-Si i 

Newman Inds. 1.3 

WITH PRE-TAX profits up from that it doe? not presently own, Avdel will clearly play an import- ^'l 1 

£i;42m to £22tim results for the the chairman states. ■ ant role there. Competition, how- Jnt - % 

first half or 197S show that He reports that preliminary dis- ever, is becoming tougher, parti- ggggg; {^8 T"VT" \ Ty 

Newman Industries is consoiid»t- cushions are being held with cuiarly from the Japanese in the mL {'« 

ins and sustaining the strong pro- groups located outside the UK U.S. Newman does not intend to solicitors’ Law ' ini 147 
gress made during 1977. Half- to develop a new inrernational Mtthe UmtM. Mri SSSu^~S!l 0.1 


'■) gress made durPng 1977. Half- to develop a new international meet the threat head on— instead sroUEht'? ereice^ ’ 
t' time profit excluding the contri- market strategy designed to create it hopes to compete on quality T Dkau*. 


Current of 
payment payment 

... 3.63 — 

jt 2.31 OcL 16 

.. 5.5+ Nov. 23 

L 2J16 Nov. SO 

.. 1 Nov. 8 

t. 1.5 Nov. IS 

L 2.75 Nov. 10 

L 2.39 OcL 3 

t 1.07 Nov. 13 

.. 1.5 Feb. 26 

t 1.41 Dec. S 

t. 2.1 Oct 31 

.. 2 OcL 31 

L 1.5 OcL 31 

.. IS XovJ) 

L 1.47 Nov. 16 


Corre- Total 
sp on ding for 

div. year 

3.54 5.63 

1.4 — 

4.93 8.1 


Craelius debts 9-2 per cent. 


bstock up 15.5% at 


■net straieuj oesisnea xo creaie iv wmjnric un Tomatin DlxtilU.** «« 0 9** 

l but ion and cost of the investment the opportunities necessary to and its well developed marketing Unicorn Industries * inL °15i Dec. 11 1^5 — 5.4" 

i , in Avdel Group improved by continue Newman's growth and network l Electric motors are now wueoraraaosmes .. mL -io + uec.ii ^ __ 

; 30 per cent to £l.S5m. expansion despite the activity of Just part of a large group and "T™®"*", T8u3L ^ . . 

,, lL . .. ^ major overseas competitors. most of the companies seem to be Dividends shown pence per share net except where otherwise sj.ee 

Mr. Alan Bartlett says that the . . ■ operating well. Meanwhile, the # Eqah*alent after allowing for scrip issue. .yOn ccr::i 

increase represents intrinsic The inter. m dividend j^r -op main interest surrounds Newman’s increased by rights and/or acquisition issues. J Additional C.552P* 

growth and not extraordmarj" share is increased from l.37ap to 0 pu 0n t0 5 U y xjje rest of Avdel. in respect of 1977. § Increase to reduce disparity. r To recur; 

profits and losses attnbutable to l.op ne;—la-:t year s total payment u Xhis is exercised before the end disparity. !| Gross throughout Additional 0.033p in resoer: o: 
company acquisitions and d/s- m as ap from record profits of £4m. of ^ year w1u transform 1977. ft Additional O.W2S9p for 1977. 

i posals made since January, 197i. The cost of the interim is Newman — especially since Avdel’s — 

■ sa £i»« expa ".u f ™"! £20S.0H0 and preference dividends full year profits could well be 

£2uj.im to £22.3m with a high f or t h e half year amount to consolidated. At 94p the shares -m- • a • 

pr j P ?^ tI0n activities fi^ooo. The minority interest in are on a prospective fully taxed \nllPliAI*C R ,Q 1X7 TUQlTlt 

and the order book at the be, in- t j, e p ro fl t j s £55000. p*'e of 6J1 (assuming profits for iJUIlLllUf!? JLittVr UlallllttlLiJ 

SSS,,; 1 r .™ ed ! s e fh!!f J “i. SSe sn momvu. t« > h » year of £4 jm) and a yield of e . , , lf 

, sirs i»" S3 s ss “ pcr cent - growth in first half 

Mr. Bartlett points out that the rimorcr £JN 20-?70 45. !» &* v TT 1,11 AJJ - AAJL UUAA 

inclusion of the unaudited »•«».. W aa a.m rij i l lf f || THE STEADY profit growth at the J. Frankfort SA- were both cem- 

resuits of Avdel, which conlribu- .^V -^'ntn- is — - rilM UaJLt id.il Solicitors’ Law Stationery Society pleied by tbe end of August xf-i* 

led £435.000 in the half year. Profit before t« . i2» i« «.tuz has been maintained in‘the first The costs of these disposals are 

demonstrates the effect and poten- Ntjmr, ia cm 1.76 » l „i| half of 1978 resulting in sales up >n the provision made ir. the 

tiai of the intesraUon on the IOF L3DiPU6ll 22.4 per cent to £li66m and a accounts for 1977. 

business into the Newman group. vicinuaa acqinrrt an inii-r^i r.r airs 13.3 per cent increase in pre-tax Major steps are being lateen 

Figures for Avdel Tor the six ? .. F ( p n i „r inremauanal xv r» t i v profits to £722,364. rationalising office etiuiprrer;- 

months to June 30, 1978, show fHwrf-i »ifii cffestfr.ini January i. Afr l^nPrWnrtfl However costs associated with operations, the directors say. T.-a 

turnover of £I4.64m and a profit I ‘ 3U '' 1 TT uvu m ai 0 r rationalisation are likely to Oyez Reprographics comply vH! 

of £L.5S subject to lax of £9.9 m. nf atl - result in the first hair* marginally cease trading as a separate enh!;.- 

Toe provision Tor tax is based •comment Pr ? , ? E Ca S??S! 11 improving trend aot being with effect from October Zx. !&■>. 

upon circumstances that will Followin'- lavt vear's more than ^ 87 '?°? o t 4 £ S5r 000 SSSned In the - Sond S Thereafter, its business wi!: be 

radically chance providing New- /j ou bipw ^orniik* w»u-th ^ ,n ^ of 1978 . bef< ? r * months tbe directora sa^ combined with the ocsir.es? 

man exercise? its option to acquire jL industries £II7 * afl0, compared Wlth Eamixiffs per share are shown machines and technical service* 

the balance of the equity of Avdel '^T^bleprofits^re - 150 ’ 000 - at ZMp*JSJ ?^plnT divisions of Cf« Stationery m 

..... » roughlr 30 per cent bitter before T !? e directors say the reduced interim dividend is L474p (L452p) total busines => m3— nts 

— Avdel. with the extra contribution p™®* reflects more difficult —last year’s total was 3fi605p _ .. 

»\; nr ;f -V'Nlvivcrvn from the now wholly owned trat, mg conditions in the marine from pre-tax profits of £L27m. 0x1 -°- 

iungev^naxson Dover oirWtSn* the low of two Seld - It is anticipated that this First hair th * eased premises currer..- 

uni«, subsidlarin 0 Gross 6 margi^ are of profit .-ill be maintained ** »J 

52 Csmhiii EC3 3PD up f ro ^, j ust under seven to more m lhe sec 00 ® 1 ha]f - Tu mover — 13.6371*2 sjts.iss bein*»ba«d at grouo head oCre 

Gilt H S e4 Portfolio Kanasement than •< per cent, largely reflect- Pre-tax profits for last year *mfii before tn — 7213*0 *37.615 .^T r n ndon This rating's- 1'.'- 

Service index 26.7.78 ing increased overseas sales which totalled £614.000. The group - will a“wthe^rdtoccr^-i: 

Portfolio 1 loco™ oner J1-2I no\v 5 ccount forabnut three-fifths trades as electrical engineers in JJSoSS ’ tf 1 ^ trate efforts hi marketing bu?ine?s 

® ..v- rJ °L ,he totaJ - The group s future motor and marine repairs, ship immm dividend .. . i«u« ic4.«54 machines through one specla!">;a 

Portfolio II Opuai Offer 7M.n stratoi^- seems to he in the more installation and industrial con- The sale of the printing works trading structure to the benefit cj 

sa 130.01 profitable overseas markets and trading. of qyez SA and the sale of Etab. both customers and the compary 

1 and wiU enable more eceno-vc 


Nov. 1 
Dec. 11 
Nov. 6 



Sr: months 

Year 


1975 

1977 

1977 


foul 

£D>J0 

£0P0 

Tomr.rcr 

22.500 

20.270 

45.150 

Trading profit 

L8S1 

1.413 

0,012 

Share ni AtCv!* ... 

4P5 



■— 

r> t of ;m-.vniu*ii: 

SS 

— 

— 

Profit before tn . 

L258 

1,4X3 

4.012 

Xc.rmxr. tax 

442 

CIS 

♦>76 

Av«id :a.T 

2>:i 

— , 


Not or-jUt 

1.325 

S.I« 

U.JUl 


First half fall 
for Campbell 
& Isherwood 


Solicitors Law maintains 
growth in first half 


.1.—22 ST tbe acquisition of with its formula of running pro- shareholders*! Pui^_^arouniL3f 
5SS BHci &SoratJ g dodte? Hat out, .Vhicb ran teap gro»L tel.t,, 

.-j-e. taking the group into tbe down units costs, as well as pick m creased 

’ - tre directors of fbstock up market share while compeD- cert. Admittedly thwvis befen 
Johssaa report first half 1978 tax>- tors are more hesitant. Its brick adjusting {or a^rs« 

,y,> -mi- /ahead bv 135 percent deliveries rose by la per cent to elcmenL If taaL is afiowed fo; 

- r? to cqo m Turnover 124.6m in the UK compared with the ratios b«mp dow» to; 27 pt 
W-.J uf a* £21.4Sm against £1 6.43m an industry trend of 5 per cent, cent and 148 Per cent. respectively 
C- - —o And trading margins were as But Ibstooc cat/proHemsT h 

They " add that uroduction solid as a rock. Profits in tbe tte flW 

ccjr*c::y has been Increased by UK rose 25 per cent to £l.pm- half were ramtira at, ffflOjlfit 
=,j’ ri-.-’cent to 730m bricks per against a turnover increase of 2o And there. x$ -modr reorgamsttra 
arr:iz~ as a" result of ttie acquit- per .cent. ?^2Sj A _-??2!^? v ® r - L - S' 

~.d the t with the growth - The group i s now absorbing 

aversses. profits are likely to. Marion Brick in the U.S. The f* 

= -r.v more fiuctuanons betw^n dea] increase annual turn- iaSft-- - 

tns "n z.r.z second Halves, with. over ^y around a quarter and 111:1 ™ Tm * strategies m the W 
the second being noticeably production by a half. Working Meanwhile- the group will b 
sever. ctoita! rises by over a quarter, paying a fractionally 'higher ta 

±-i7 expect this to be parties- -while the prospers in the U5. charge htis scar due to the n w 

.'-r-V erifian: for 197S because the 3^, exciting for the future jrrowth aitowuble Belgium fosses an 


half of 1978 resulting, in sates up >n the provision mace :r. Jie ,_ 5 r2 - ce -* Xo £L72m. 

22.4 per cent to £lL66m and a accounts for 1977. . r£ KoLand production and 

13.3 per cent increase in pre-tax Major steps are being lateen ,r t ^■ - £r [ is continued at optimum 
profits to £722,364. rationalising office e«iup:ren: ^-_ r - r A ?ro5ts were well np 

However, costs associated with operations, the directors sa>. t "2 ;r :rs hah' of last year. In 
major rationalisation are likely to Oyez Reprographics company wl. - 30;;;”^ although turnover con- 


*. :-a* improved, the directors say in j ts in Sf balance sheet Ibstock cent, which, is an undemandtc 
cjuditiops remain very had oorroivings in relation to rating. ' 

r Bnrif ao!irar-i»e ^ ■ ..... _ . .... ■ 


ASSOCIATED TOOLING 
INDUSTRIES LIMITED 

Summary of Results '7 Year ended 2S February 


ibn^WShaxson 

Limited 

52 Corn hill EC3 3PD 
Gilt Edged Portfolio Management 
Service Index 26.7.78 
Portfolio I Income Offer IU 

Bid 81.1 

Portfolio II Capital Offer 1M. 1 

Bid 130.0 


Turnover - 
Profit before tax y. 
Profit after tax *. 
Earnings per share 
Dividend per share 


1978 

£1.451,636 

£109.356 

£47.609 

2.7p 

3.84327p 


1977; 

£1,407.545 

£72^65 

£27.135 

1.6f 

3.493875p 


First bur the teased premises r arrasiy 
i«s 1977 occupied in Tonbridge by l.ycr 

£ £ Reprographics, the new divirij.-. 

9 «4c« being based at group head o£:e 
Sir u> London. This rationaJistts.'n 

:73{«a 25jjs7 will allow the board to ccr.ccn- 
— 522 Irate efforts m marketing business 

i«7.t« im. 854 machines through one speclaU'sd 


“Every quarter of 
theworldis now 
a Davy market” 

H Highlights from the Annua! Statement by Sir John Buckley, the chairman, for the year ended 31st March 1 978 8 


use to be made of existing \.i '• iiwsir .7 

premises. :: • — 

• comment 3g:- f*_ ~ 

At a time when the printir.g snd T. .A.V.7 

stationery market has >hov n ^ - rr " 

little growth. Solicitors' Law r.r ; j 
increased its first half profits by Q CCmment 
17 per cent, reflecting a volume , . 


vis o.643p. 

6 DOEuSS 
197S IS77 

£ £ 

r:r 2L479.S7S 18*a.ra 

•n: 13.29R.7H ie.7V7.K3 

Z-i-.-i r -7.un.I41 3.KI.HI6 

S 1.111.823 - 

J .r.- 2--f: 2,265 951 1.5GS.M5 

1.716.591 1.477.199 

430 J3S +50.M7 

v.s . 139JS2 — 

- -S-CiZ 96.419 120.675 

4.-.= .• UB&XL7 t.««> 272137 

• Mi. rii 32.320 69 4*K 

Lf -.-Mjsit 214.266 1652:99 

?rc"; fcifsra tax 2^95.464 LMUM 

7^2- 1.150 795 7*0.714 

:>• .'.''i; 1 M4.669 1.197 474 

J-.i- ’fiK- 1.944.669 3.197.470 


- rr io idjttsroi 


from its salesmen following the 

staff training programme ur.plo- - J t,e norp ial brick cycle 

mented last year. But while «!es 

are comfortably ahead, profits 

growth was held back by con- .. ll| 

tinuing losses from the Belgium » I Wi# 

operations. They must have re- ; - Ulfl 

duced the group result by at j V 

least £100,000, so the disposal or * 

certain of the Belgium assets uiii :l . 

release the drag on profits from £ fl 

September onwards. However, the ! J 

rationalisation costs in the office I, i 

equipment division will bite into j ‘ pns 

the second half, so full year d > p=r==; 

profits may be no more than thei 4 { \ , ; 

1977 figure of £L2m. At 60p. the [4 |||g] | jl_ 


The following are extracts from the Statement by tht 
Chainnan. Mr. A. G. Pratt. 

The freehold premises known aS The Old Silk Milk Broo^ 
Street, Tring, has been sold for £180,000 cash. As; a resuh 
of this transaction the Group has made a net profit oJ 
approximately £70.000. which will be included as an extra- 
ordinary item in the interim figures for the half year ended 
31st August 1978. . . " 

Since the end of the financial year the Group has disposed 
of further assets which were hot providing a satisfactory 
return. This, coupled with current trading ’and the afore 
mentioned transactions, has resulted' in the- Group ‘having 
substantia] cash resources and a materially improved liquidity 
position. The Board are considering all available. aBeraatives 
to utilise this cash ; surplus including acquisitions and the 
feasibility of making a substantial cash payment to member? 
by way of a capital reduction. ■ • - - . 

All subsidiaries continue to trade at a profit -and overall 
the Board views the future more optimistically than wher 
last reporting. 


' - if. 


? 'G. Al 


shares stand on a prospective p <2 _j __ 
of 11.5 (assuming a 52 per cent ? — 
tax charge), while the major 
prop is the 11 per cent yield. . 









1978 

1977 



millions 

millions 

■ 

Work done 

£387 

£329 

B 

Profit before tax 

£25.4 

£18.8 

■ 

Net assets employed 

£102.9 

£76.7 

B 

Order book at 30th June 

£1.240 

£1,157 

B 

Earnings per share 

34. 5 p 

™ 30.9p 


Sunlight 
Service sees 
peak year 


j.....' 

'p' ^ 


f^r-n r ~' r ' - 


High levels of performance of recent years maintained. 

Notable successes in field of large projects. 

Continued development of financial strength and further improvement in liquidity. 
Continuing capital expenditure on modern machinery and equipment. 

Changes in company structure and organisation successfully completed to adjust to 
growth and the mergers with Head Wrightson and Herbert Morris. 

Company well placed for further expansion. 

Copies of the Repott end Accounts can be obtained from The Secretary, Davy International Ltd., 

15 Portland Place. London W1 A ADD. 



Davy 


an international engineering and construction organisation serving the world’s oil. chemical, petrochemical, plastics, 
synthetic fibres, fertilisers, mining and minerals, iron and steel, non-ferrous metals, coal, nuclear, gas, pulp and paper, water 
treatment, effluent and pollution control and other process industries: designers and manufacturers of rolling mills and 
auxiliaries, rolls, forging and extrusion plant, special control systems, cranes, hoists and mechanical handling systems and a 
wide range of custom-built machmety for the metals and other industries. 


The directors of Sunlight -*• ‘ ^ 

Serriee Group report a turnover :T ^ 

of £6.9Sm against £5.31m for the 5 ' ' ■ ' J-^-r 

half year to July 1, 1978 and tax- 3 ' -;-2 — a / V 

able profits up from £289,944 to F ' ^ /£^. L: il 

£377,174. ■ A/ " 

They say that results are — - r : \ , - A.' If - i! 

encouraging and they expect — ' '' Pjf! 

profits for the full year to show j-. \ r — h ' v j ' ; ' - 

a satisfactory increase over the ~ "" J < — n d ;.i— _ 

record £814,000 for 1977. ?_„.__-rr^rT=^ 7/ ? i-' / .-* ~ 

The net Interim dividend is >: J / i .j 

stepped up to 0.4013p (0^5ii37p) ' ///j / f "j 

per lOp share, absorbing £38.633 ? ' /•' * ■ > • 

(£34,091), last year’s final beine ? /; 

0.7821 lp- //. 

After a disappointing start the : : ‘ / /df 

linen hire division improved ' . , -^v f it i « ' 

significantly in the latter months b~ j J l v 

of the period, and ail other fiiv- L ViJ! 

isions made a useful contribution ji . ’/ 

to the increase in profitability. !■< / ? / is 

After tax £196.130 (£150.770) 1? , ■"'—zZtsf t ( il 
net profit came out at £181.044 .’ . // 

(£139,174). 1^“ 

Trusts sign j 
new currency 1 
agreements j j^gyy 

Carliol and Tyneside Investment 1 S 
TrusLs have negotiated currency j. : 
exchange agreements for seven fp 
years with Morgan Guaranty Trust j '{■ lOpninBOTT 

Company of New York In sums of { « „ 

U.S.$3m and 52m respectively, j r CET7 

Both trusts have also repaid j 'i • vj +JsJf . 

multi -currency loans of SI. 5m and w 1 rr 

SO.iom respectively and have 5 1C) I P I 

negotiated new multi-currency s c v uu 1 

Generalise 

5600,000. 3 


l 

SV7—T? 





If-- 

• .*■• < - •••••.’. . .• -v-i' v. 


ft hn m 

l hi if = 


iseful contribution { ■; . 7.;/ ;/ / 4-nl 

in profitability. ; •> • / ) / // / n-i 

196.130 (£130.770) i sTVa/ if f I / /v \ 

e out at flSWfeji^ 






Top nine office floors remaining , ; 

46, 557sq.ft. approx. 
TO LET 

Generous Car Paring 


r//i 

\\W« 

1 rrri 



Chartered Surveyors^ ! 

33 King Shed, Intidon EC2V SEE Td: 01-6064^);. .' 


SET) 







. . i *f V 
.*/ v • 









Mi-SMt I'lf 


i • 
f-e. 


Ps to 

“d hqjf , 


& 


Financial Times Wednesday September 27 1978 


Jy=L il 


The deep divisions in the AUEW 


BY ALAN PIKE, Labour Correspondent 


MR. HLUH SCANLON will set Birmingham district committee the strikers— who arc now 
off to Broads! airs _ and retire- decided to expel 32 toolmakers engaged in a dialogue with the 
ment next month after 11 years on unofficial strike at BL's SU executive over demands for 

U r r ,tf - Anid " a uel Sysicnw factory in assurances thai iheir claim for 

samalcd umun vf Eii^uicenn- Birmingham in the clear know- pay parity with Raver wnrL,.pc 

Workers leaving behind him a h-dee that the striker* had the w.li P receive offiria! nmon 

union in disarray. suppon of Mr. Fraser and life support— arc still not back at 

The latest eruption in the BL nifluaguds. Mr. Frasers coni- work. Oo a wider plane it is 
toolrooms dampened down at mitu-i* responded by threaten- bound to appear to AUEW mem- 
p resent but mill not extm- iiu another all-out strike by boi's- that the expulsions were 
put shed, was a linal crisis to their J.tKMi supporters in the BL withdrawn because of the 
ensure that Mr. Scanlon wont toolrooms — and any other threat nf strike action bv Mr 
out in the style to which he ha., skilled AUEW members whom Fraser. The unofficial toolroom 
become accustomed during Ins they could persuade to become committee it will seem lias 
rears of leading ihu AUEW. Ills Jnitilved — if the expulsions been able’ to move the official 





E£fflEvb *v * rrz * 
SCfTAO 




\* '‘iin; 


SjvtiCUU.fCTW 




ifcfea I 


m yzT 


■*. r 


i vxvk*- i _ . 


problems which often a ft het the This is one of the factors uf strike action. f ^ 

> union and his retirement will which union leaders must have ’ ■' 1 

not solve them. taken into account from the thc V 1 ? °. e,a * committee ^ ES&mKJp mHS ’ 

It is not mere coincidence, beginning and some executive {■ n, ® r £ es with jls powder dry, ^ ™ .BaRaT!- 

>■■ however, that the AUEW should members were clearly cakutat- Ability 10 ° ail* iMh'r 5MH <4? 

tool makers at't he moment that Fraser would get only a limned f, ! r A k £* ll . ,' s , a threat which it • V . **, ... 

■ Mr. Scanlon leaves and is sue- response to his strike call — that a S.5_^ 0 _5 s t_?". a,n . 1 ” f. f • • . ' v ■■■■.•'---• 

• 1 ‘ ceeded by Mr. Terry Duffy. The they would be able to face out f,,lurc * , iftc oiRcial leadership 4 '■ — Bl11 '■ 11 «: — — •■ v 

•; problem has been one with annlhcr tuolroum strike. or so it will seem to many 

which the union's leaders have However, ii became apparent ninn| bcrs deliberately seized BL toolmakers demonstrating at Longbridge Trr rv Kn-n 

■- had to live almost daily in that this brave view was not an opportunity to assert its 

.' recent years and it is still no shared with unanimous cniifi. au " ll> rrty OTC J an unofficial 

• a T r ,^ P TiS-“ , S i “u.l. tSh^SJS M •CrVtof Sfi" VUE «? «- thy AOTl'b. *.,*» me»l*« 1t!WC. * «„ „ rep*™,™ 

' - month it appeared 0 that ihe live »«.• the strikers one hiu have Known would be coming. fcc ! t!,a 1 t 1 ,1,p Partiailav needs outside its traditional base m the majority of manual workers 

.-•SSeW — ^'L'* ,.r2y chan^f .pUrinfLZ- • T„e s,rff.e „ BL, 5? £££ 'T'nTi Y* 

■'.« -he control of Mr. Duffy ffis.rk-t onmmIUoo. whid, ..toy l»k plant near Edinburffh. ™‘„ ZTtile .ea^lnp. B," £ ittiT « 3 ^ Unl, “ baS ° « 

and his colleagues who are had pmritNbij refused to do. vjhidi ended last week, was tin- lh e leadership cannot sumplv these member, coin- to appro- 

i politically on the right-wing of Wlion the .strikers went to this dutiblcdly one factor in the campaign on behalf of skilled priaie unions m their own To rcstore ,lself as lhc 

Th the trade union movement, were inerting the eiiinmillce decided AUfcW leaderships apparent workers to the exclusion of all Industries It should” not be " natural " skilled union in 
.{[{ready for a fight to the death that honour was satisfied am! second thoughts about taking other interests because the insurmountable, thought Mr. engineering the AUEW urgently 


BL toolmakers demonstrating at Longbridge 


The drawback is that the engaged in talks with the 


• r room strike. The committee is in the first place was because Pelhng the toolmakers might . . h . _ T “ e drawback is that Uic engaged in talks with the 

campaigning for pay parity and they were defying union haw led the union in this ...... ® . ,* Transport and General i Workers Electrical and Plumbing Trades 

.‘^improved differentials in BL instructions to return to work, direction if the Bathgate strike f r th , „ C Umon—the AI EW s big rival in Union and also looks in hope at 

but also, in a more general way, The expul-siujis were lifted hail continued. ri . ^ ? *■. , ” t ^ ,c ujotor industry- cannot be other skilled workers’ organlsa- 

: ' fnr the AUEW to devote more although Ihe .Si; men gave no However the main les-son nf „ . “ 1 , rc sarded as a fringe organisa- tions like the Amalgamated 

L of its energies to tbu particular a>snranccs that they would end n .r» n i «-n<»kc n nnn9 »- «« 'k„ unionism was spelt out again non which would be willing to Society of Boilermakers. 


are often dominated by ihe less that another devastating con- best lva y of ridding tlte union -^‘vretary and defeated left-wing , un ' on ^° r ! ! 1C 


'■.‘■.skilled. 
• 'i~ Last 


AUEW achieve its ambition i.f A merger with another craft 
creating one union Tor the ,m,on nor only revive 

engineering industn. Since its confidence after Vhe disappoint - 


frontaiion in BL had, at least uf the problem presented by candidate for the presidency. amal<»amat7on with ihe National ment of the AUEW's failure to 
month the unions East temporarily, been avoided. But the toolmakers. They are ancrV iin nl, 1 »,rT " 1 . , & Iai,ur f 

• are angry jic pointed out that the Union of vehicle Builders the fuse ns existing four sections 


into a fully-fledged amalgama- 
tion: the influx of another 
strong skilled group might help 
to overcome ihe feeling of men 
like ihe toolmakers that they 
are swamped by other interests. 

Amalgamation talks with 
other unions are never made 
easier by the fact that the 
AUEW is organised on a geo- 
graphical basis, unlike the 
industrial grouping of many 
oiher unions. The geographical 
organisation is central to the 
AUEW's higldv-refined system 
of internal democracy. But a 
move to industrial organisation 
— which would almost certainly 
be necessary to provide any 
chance of a merger with the 
EPTU — would meet some of the 
objections of groups like the 
toolmakers who demand more 
autonomy to bargain at 
company level. 

Completing (be amalgamation 
of the AUE\V\ existing four 
sections — particularly with 
TASS, the Communist-led white 
collar staff section — is another 
problem. It has been, widely 
supposed that one of the conse- 
quences or Mr. Duffy's election 
to the presidency might well he 
a drive to set TASS out of the 
amalgamation. Such a move 
would, however, involve a battle 
at least as fierce as the one with 
the toolmakers. 

The latest struggle with the 
toolmakers has not come at a 
good moment for Mr. Duffy, who 
is now less than a month away 
from succeeding in the presi- 
dency. As Midlands executive 
member he identified himself 
very strongly with the district 
committees decision to expel 
the 32 strikers, insisting that it 
was necessary- in protect 
thousands of jobs in BL and 


supplier companies. He even 
went so far as to hint that 
further expulsions among the 
toolroom committee might be 
forthcoming. If members now 
interpret the lifting of the 
expulsions as a climb-down or 
defeat for the executive the 
new president is bound tn be 
personally identified with it. 

Mr. John Boyd, in the three 
years since he became general 
secretary, has worked hard to 
put the AUEW's administration 
and financial structure on a 
firmer footing. It now falls to 
his close political contempo- 
rary. Mr. Duffy. io try to re- 
assure the toolmakers that they 
can trust the AUEW leadership 
and restore the union's self- 
confidence by progressing 
towards solving its amalgama- 
tion problems. 

None nf these tasks is easy 
in an organisation where, 
because of the periodic elec- 
tions which all AUEW officials 
have tu face, everyone tends tn 
he judged by his political posi- 
tion. Mr. Boyd returned to the 
TUC General Council only this 
month having been removed 
three years ago in favour of 
Mr. Reg Birch, a Maoist, at a 
time when there was stronger 
lef i -wing influence on the 
union's executive. 

But Mr. Boyd and his 
colleagues who now command 
the executive did not go all the 
way and replace Mr. Birch with 
a man of their own political 
complexion. It is a minor 
point, hut it may be some slight 
sign — like the lifting nf the 
expulsions on the toolmakers — 
that in an organisation built 
around deep industrial and 
political divisions there has to 
he room for reconciliation. 


; \t::d toi 

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AKTIESELSKARET 

KJ0BENHAVNS HANDELSBANK 

(COPENHAGEN HANDELSBAN'K A/'S I 
COPENHAGEN 

Copenhagen Handelsbank made a profit 
- before value adjustment of the securities 
portfolio and before tax - of Kr. ISO million, 
which is an improvement of Kr. 35 million on. 
the profit of Kr. 145 million for the corres- 
ponding period last year. . 

The improvement is mainly attributable 
to shifts in the pattern of earnings arising 
from the following significant changes in 
the composition of the balance sheet: ■ . 

Considerable growth in loans and 

advances. 

Stagnation in growth of deposits. . 

Reduction and modification of the 

securities portfolio. 

Increase in loans from the Central 

Bank, etc. 

Net income from interest and commis- 
sion rose by Kr. 74 million to Kr. 538 million, 
and other income rose by Kr. 24 million 
to Kr. 127 million. 

'lotai operating costs and depreciations 
rose by Kr. 63 million to Kr. 4S5 million as 
compared with the first half of 19 77. 

AKTlESELSKABET 

KJ0BENHAVNS HANDELSBANK 

(COPENHAGEN HANDELSBANK A- S> 


W.G.ALLEN 



Additional points made by. lhc Chairman : 

★ Group turnover umouutcd lo npfinr/imnfeltf £7 mil/ion 
ns compared icilii jiwt under £6-3 million far the 
7 >reficȣW yenr and pre-tax profits amounted It* W'Ki.Wl 
os compared uilh £627.000 Nevertheless, despite 
problems. TtpUm held it* share oj a declinbiQ morhet 
for steel hot water bt tilers and increased its share of 
the plowing market /t>r steam boilers. Erjxrrts again 
increased. 

if Once again the Board is recommending tfcc. maximum 
dii’idend which it is jiennittcfi to pay. .-1 capitalisation 
issue of one new ordinary share for every ntne existing 
ordinary shares is also recommended. 

ic The G rmip has got off tn a good stort in the current 
year. Sales for the first three months of the near 
hare amounted tn approximately £2 million, agahust 
£1A million lust year. 


Manufacturers of Fabrications and Engineering Products, 
Industrial and Domestic Boilers, Air Heating Equipment. 
Pallet Transfer Systems. Conveyors.' Lifts and Meehan ical 
Handling Equipment. Control Systems and Panels. 

For copies of the full Annual Report please apply to: 

The Registrar, W. G. Allen & Sons (Tjpton) Ltd., 

P.O. Box 4, Tipton. West Midlands. DY4 9EX. 


INVEST IN 50,000 BETTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively, 
paralysing MULTIPLE SCLEROSIS — the cause and cure of 
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J We need your donation lo enable us to continue our work.- 
* for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
. and cure of MULTIPLE SCLEROSIS through MEDICAL 
' RESEARCH. 

Please help — Send a donation today to: 

Room F.l, 

The Multiple Sclerosis Society of CLB. and N.L 
4 Ta eh brook Street, 

London SWI ISJ 




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t 







BIDS AND DEALS 


MINING NEWS 


Johnson Firth Brown wins 
control of Weston Evans 


Australia has uranium 
contract problems 


financial Times Wednesday September 27^1973^ 

Brasway recovery « 
target— pays lp 


■Recovery eoiuinued for Brasway expensive. Is seneralTy considered 
in the second half of the year to bo the best in the world. 
to April 29 1978, with an upturn will enable the group to keep UP 
from a pre-tax loss oE £305,146, with anticipated demand, 
to a surplus of £121,590, leaving 

the outcome at full-time a profit a B Ij %/■ ri nn c 
of- S213JW1 against a deficit of ▼ A oCCd 


Johnson Firth Brown has won 
its battle for control or Lancashire 
engineering concern 'Weston 
Evans — but only just. 

The Sheffield steel group’s bid 
went unconditional yesterday 
aTter JFB bought a further block 
of Weston shares to lake its hold- 
ins to just above 52 per cent 

Howei'er, to acquire the shares 
— representing a H.R per cent 
slake— JFB had to pay 165Jp a 
share. Under City Takeover rules 
the group must now make an 
equivalent offer to all other share- 
holders. 

To meet this JFB is raising the 
cash element of its. original offer 
by 3.3p a share. The new offer 
values Weston at around £8.9m — 
with JFB shares standing at 73p 
last night 

Weston shareholders are now- 
being offered 23 -IFB shares plus 
£1626 for every 20 Weston shares. 
The total cash element is in- 
creased by £150,000. 

A major stumbling block to 
JFB's ambitions has been the 
nppositlon to its offer from Bir- 
mingham and Midland Counties 
Trust which holds a 424 per cent 
stake in Weston. 

BMCT is jointly owned by Mr. 
Graham Ferguson Lacey and Mr. 
Cecil McBride — hoth directors of 
Weston — but neither were avail- 
able to comment yesterday on 
whether they now intend to accept 
JFB’s new offer. 

Other directors or Weston have 
supported the JFB as have the 
company's merchant bank 
advisors. Barclays. 

BMCT has also made an offer 
for Weston valuing the company 
at £6.7m. The bid was triggered 
under City Take-over rules after 
BMCT increased its slake above 
the 30 ner cent level. 

Mr. Phillip Lins, JFR's general 
manager, said last night that he 
was pleased that Weston was now 
* subsidiary nf the group hut that 
it now remained up to Mr. Lacey 
to decide whether to accept the 
bid terms. 


lions, for the sale to NSC of 
JSE's sugar inte rests. 


PETER PAN BID 

talks fail 

Shares of Peter Pan which have 
risen sharply in recent weeks on 
bid speculation fell back 10 to 50p 
vesterday on news that an antici- 
pated offer for the Belfast baaed 
group will not now take place. 

The group said that the dis- 
cussion it had been having with 
another company had not resulted 
in an offer. When news of the 
discussions was announced last 
month Peter Pan's shares stood at 
30p. 


Cowan de Groot: Disposals by 
Mr. E. A. de Groot and Mr. I. Wil- 
liams. should have read preference 
shares and not ordinary as 
reported. 


The at a lower level than that prevail- 1 


the outcome at full-time a profit 

of- £213,391 against a deficit of 

£649,576. Sales for the 12 months 
were £4.8Sm lower at £1224ai. 

At half-time, when there was a 
profit of £91,401 (£44,430 loss). 


SECURON 


Scruron Manufacturing, the 
Middlesex-based seat belt and 
child safety gear manufacturer, 
has acquired London Banksidr 
Products, the electrical equipment 
and Solnr mirror manufacturer, 
for around £400,000 cash. 


SHARE STAKES 


JAMAICA SUGAR 


Jamaica Sugar Estates yester- 
day announced that its protracted 
negotiations with National Su^ar 
Co have now culminated in an 
agreement providing, subject to 
the fulfilment of cerlain condi- 


Negrctti and Zambra: As at 
September 7 the National Enter- 
prise Board became interested in 
960.000 deferred ordinary shares. 
20.82 per cent of the ordinary 
capital. 

Best and May: Lygon Securities 
is now interested in a total of 
442.500 ordinary shares. 

London and Holyrood Trust: 
Standard Life Assn ranee pur- 
chased I5.0TO shares bringing the 
total holding to 2.33m shares, 10.7 
per cent. 

lVadltan: Stringer: Mr. F. C. 
Stringer, director, has sold 50.000 
ordinary shares. 

Chubb and Son: The Kuwait 
Investment Office has exercised 
its rights in respert nf 1,131.250 
ordinary shares making total 
Interest 5.656.250 shares. 

Caird (Dundee): Mr. E. Cuthbert 
has disposed of 40,000 ordinary 
shares. 

nepwnrth Ceramic Holdings: 
Mr. O. H. Smith, director, has re- 
duced his beneficial holding by 
the sale of 58,828 ordinary shares 
at 943 p on September 7. Follow- 
ing this sale Mr. Smith's remain- 
ing interest is 20.000 ordinary 
shares. 

Grange Trust: Courtaulds Pen- 
sions Common Investment Fund is 
now interested in 630,000 ordinary 
shares. 6.5 per cent. 


COMPTON WEBB 
FORECASTS £2m 

The directors of Compton Webb 
the uniform manufacturer, on the 
receiving end of an 111.9m bid 
from Courtaulds are forecasting 
pre-tax profits of- approximately 
£2m in the current year — despite 
a profits setback in the first half. 

The forecast, contained in an 
offer document sent to share- 
holders yesterday, was one or the 
conditions attached to the Cour- 
taulds offer of four of its shares 
for every seven Compton shares. 

Courtaulds had asked for a 
forecast of profits of not less than 
£2m for the current year before 
it would proceed with the hid. 

In the first half of this year. 
Compton’s pre-tax profits fell 
from £864.000 to £684.000 despite 
an increase in turnover from 
£9.7m to £11.1 m. 

However, in a letter to share- 
holders Lord Ch el wood. Comp- 
ton’s chairman, says that company 
activity had now improved 
appreciably and. in particular, 
efforts in the export field were 
bearing fruit. 

He said that he believed the 
company would hold its own in 
1978 and long term prospects 
were encouraging. The £2m profits 
forecast compares with last year's 
£l.8m pre-tax profit. 

Compton has declared an 
interim dividend of 0.44p a share 
—an increase of 10 per cent. 


BY PAUL CHEESERIGHT were £A8Sm lower at £12-34ai. AVf^T* 4^^1T1 

AUSTRALIAN GOVERNMENT 18 months of preparation. The at a lower level than that prevail- 'iomi* ^ 11X 

concern at 'the delays in starting Ranger partners are Peko-Walls- meat present. j L warn tittle n 

construction o£ the Ralger end and EZ Industries. • This forecast is made today by S-S 1 **#® s S“ SSoooo nrofit TAr V0QT 

uranium project in the Northern In order to continue supplies, Mr. A. Louw, the chairman, m his “f * . ‘{J® “Sr""]: XXIX YCul 

Territory came to the surface Mr. Anthony said, the Govern- annual statement At the Bame would be achieved, ine 

yesterday when Mr. Douglas meat might have to take some time, he adds, there will be con, P any . was 0 ,^ e V? tn tttp nntrcrTORS nf Office and 

.Anthony, the Deputy Prime intermediary steps. What these enough funds to allow “for f nd W ® JI t0 hints expect that 

Minister, said that new uranium might be he did not specify, but adequate retentions to provide for complete recovery. *£ ey fm P the full 


concern at the delays in starting Ranger partners are Peko-Walls- mg at present. _ . . rfi there was tittie 

construction of the Ralger end and EZ Industries. • This forecast is made today by nrofit 

uranium project in the Northern In order to continue supplies, Mr. A. Louw. the chairman, in his “if 1 * V" 


uidmum j/i ujcu in uie xjiuc* iv uuiiuuuc au^uco, mi, n, me mdunuuM •*» uwi t „. . qika 

Territory came to the surface Mr. Anthony said, the Govern- annual statement At the same | J®**®* would be aenieved. ine 
yesterday when Mr. Douglas meat might have to take some time, he adds, there will bet company certainly over tne 


Minister, said that new uranium might be he did not spectfy, but adequate retentions to provide for complete rocuvery, tney sam. nrofit for the full 

mines will have 10 be brought to in 107G Mary Kathleen borrowed the further development of the Mr. R.A. Swaby. the chairman, P similar 

production in order 10 meet uranium From (he UK stockpile group." now states that in vie w of the KrtwELiT L reflected ta tlw 

existing export contracts- to meet its obligations. 1? the year to last June. GFSA. tarn round, with the promise of _ f the ^ half— turn- 

Vo contracts have heen sicned Last March, Mr. Anthony also w-hich is 46 per cent owned by batter things to come, the com- ahead from £&31tn to 

by nmwtia? \Str3Ei expressed concern about Austra- Consolidate* Gold Fields, made pany i s to pay a lp net final per t Sle profits 

oy p o ten ua i a ustra ua n __ abn«v tn me** its exnort payments -of 135 cents a share lOp share. Last, time there was rosim 


ducer«°since 1 912, U but there are Ua " s ability to W*% payments of 135 cents a share Up share. SSKd SmuTSE* SHi 

commitments to provide 11.700 contracts, pointing out that the and earned net Profits of frH).8r» onhr last time. Profit obtained for 


tonnes of 'uranium oxide from supply - position would become (£23 -8m). Gold mining companies .The group has -been. m ££ £lMm. 

and rtST SLSk deposit serious in 19SI-82 and that there provided 90 per cent of the treted Into two large divisions- 

Manser ana UIB .xanarieK aewwi . n - mmm« anH 9« thn nv»t-ar>» nr ernn m-nw<Kin>r and tube nroduc- Alter tax iO.JiW 


“ SoiSTof WOO iSS r^mTand » Se av,^ pto Krip parin' -Xd tu!i TSdic- MterUxnXm 

ve«er dw -s how,v t , ^ "St** »» l-'-m m, t e , 

question about the implications served to emphasise the Goyeni- while conceding that the level profit forecast at the annual meet- n °fnr 1977 

of a delay to the Ranger project, nient s determination to start the B [ speculative interest in the ine in October, which will, he i P rr° r 

The prospects for a start to exploitation oi .the rich deposits of bullion market may be higher feels, go some way to redress the on .J£ e p m«resd 

construction at Ranger ibis year the Northern Territory as soon as t h an generally desirable, he balance of t be company's earlier / I ^Jf_P® la °” 1 ™ ta JI , SS eilierc 

have diminished sharply because possible. The immolate effect was remains confident “of a con- misfortunes. 81 £0 - 3Sm aeainst 

the Northern Land Council, rep- to implant some firmness in tne tinulng improvement in the price Mid-term earnings per lflp share 

resenting Aboriginal interests. Ls share prices of uranium stocks, Q f so id in real terms.” Were3.53p (loss 2R85p). _ 

holding Turther discussions about checking the railing trend which what he is less happy about Ls At year end net liquid funds • COfnilTenu 

a draft agreement, reached with has been evident since the t h e level of taxation Imposed by were down £11,415 (up £780.203) __ . 

the Government. This covers Northern Land Council announced south African Government on and there were net current assets Pr ^’ ta Sj pr P fit a . an{ l. sal . e , B or *7^5. 

royalty payments and environ- iu need for further discussioiw. S0 ld mining companies. With of £254,035 (liabilities £54.570). “»d Electoionic 

mental conditions for Bangers Peko-Wa Use nd gained 21 ko 5-9 p payments absorbing up to 75 per The group's waste disposal tip both taoreased n, y aiinost on* 


operations but has not proved in London yesterday* .while 'Pan- cent of incremental profits, he Lease at Shrewsbury was sold quarter.^ According to the com 
universally acccptSbie to Jocal conUneutaU the holder of the argues in his statement, that the recently to the local council and 11565 ** f¥?rilapiv 


UmverNiliv aLLU^LdUic -Z " J iua *»*. b * i, uioi tuc recenUj W WKU uvuutn onu ^ % V Z ... j! 

Aboriginals. ' Jabiluka deposit, moved up £1 to taxes are highly discriminatory, ft is now completely divorced from about 6 per cent of this, d*arly .. 

Existing contracts have so far £1I{. EZ Industries, despite the Aftertax profits are the main that type of business. There will showing the renewed strength of l 

. ■ „ • i-hn.n wuiBi-rtl in it. mrtiinp, _ r e , , c.- l.. : “ r .. • 1 ■ . 1 Moinp Mnitul mTMi. M 


Existing contracts nave s" nu muuauio. Alter tax proms are tne main I that type of business, mere wm a*iuwui e me . a 

been met from the Government sharp reversal in its tortunes source of funds for financing new! be a small terminal loss on the this sector. Major capital mvest- a 
stockpile and from Mary Kathleen, reveaied in its annual figures, were projects. "It is a matter of con-hale but this will make virtually mem may well be flat but it ^ 


GOLDREI FOUCARD 


The expected announcement of 
a bid for fond manufacturers 
Golrlrci Foucarri may be only a 
few days away. Earlier this month 
the group revealed that it was in 
bid talks and yesterday Goldrei's 
shares were suspended at 7Sp 
pending a further announcement. 

At the suspension price the 
group, which supplies the bakery 
and catering trades, is valued at 
£l-Sm. 

in the year to March 25. 197S. 
Goldrei earned pre-tax profits of 
£453.000 on sales of 19 -2m. Group 
net as sets at that date were valued 
at 70jp a share. 


stockpile and from Mary Kathleen, revealed in its annual figures, were projects. “It is a matter of con- sale but this will make virtually ment may well be flat but it L 

Ihe financially troubled Ri" Tin to- steady at 280p. siderable concern that the penal no impact on the results for the seems businessmen cannot post- 

Zinc unit which is at present rate of taxation on gold mines current full year. Mr. Swaby says, pone for too long the replace- ^ 

Australia’s only operating uranium A . . imposes severe restrictions on The company's fortunes in scrap merit of their office equipment 

mine. IttSA continent sucl1 funds. This cannot be con- processing have moved forward Profits have been helped since L 

Mr. Anthony said thal the vwu»*i*vn». ducive to the mining industry ful- dramaticaily. It is exporting a March by the introduction, of the H 

quantities available from these j* *J J ‘ Riling its major role in maintain- considerable tonnage of processed new TA 20 Compact while the £ 

two sources were not adequate QJ1 Q1 V1QCOQS in S antl increasing the country’s material and strengthened its SE 2000 — a new autoaiatic type- 

and other mines will have to foreign exchange earnings." Mr. connection in the home market, writer — will be on the market b 

start THERE LS a good prospert .of Louw states. Demand for the higher grades of^in the next couple of months, w 


Lari. iUEllUJ AO o i^MUU liivmpwi b .VI UCUldUU “ JV 

The first to come to production shareholder* in Gold Fields of In London yesterday GFSA scrap continues to Improve and: Meanwhile the company is s till 

is likely tn be Nabariek. owned South Africa receiving higher shares were j lower at £13 J. while the company is being hard pressed finding demand particularly d 

by Queensland .Mines, a small dividends in Lhe current financial those of Consolidated Gold Fields to step up tonnages. In an strong for electric typewriters 7; 

operation with a need for about year, even if the gold price settles were unchanged at I84p. attempt to take full advantage of though competition is tough, y 

growing steel works contacts cer- with much of the company’s pro- s 

tain items of plant are being duct range imported from Ger- [3 

-g j — . A rf* • 1 replaced . which will appreciably many, the strength of the mark m 

I otinn r AA Irri w \ TVI/KIVI AAQ I enhance handling and processing against sterling is a further g 

• IdlRdn /All lLdll LUiU etmeiiy. threat to margins. However full g 

V X Dunng November a large baling profits of around £2 .4m look Q 

press will be installed at Wednes- possible which puts the shares B 
^ _ , . . bury, capable of producing 40 on a prospective p/e of 7Ji and 3 

THE South African cnai industry, that the other contract would be three spot cargoes of coking tonnes per hour and at about the a 0 f over five per cent, i? 
which is at present selling over with Ermelo Mines, in which . coa> t0 Vietnam. This could lead same time a hydraulic shear will Takeover speculation is not new 


an strong for electric typewriters 

■ rtf flirtiiffh rtnmnstitinn <0 Much. M 


attempt to take full advantage of though competition is tough, w 

n-nurinir clafll unpliE rtnnlsplc P0P. With muph nf Ihs mmngnv'c ' Tim- !?. 


Japan seeks S. African coal 


ASSOCIATES DEALS 


CHANNEL ISLANDS AND 


Albert E. Sharp and Co., 
brokers associated with Peerage 
nf Birmingham, sold ,j 0 Peerage 
at H3p on behalf of an employee 
or Sharp. 

Hill Samuel and Co. sold 4M 


lm tons of coking coal annually General Mining's Trans Natal. BP to a large three year agreement jj e installed at Cardiff. The exist-. h . ... „. ^ shares at 131D £ 

to Japanese steel mills, is engaged Coal and Total hold a third each. spot shipments wtii tot ai baItns press and shears are to Juttto «to?anw*iu^ P Si 

in negotiations for the sale oF The coal will be exported under about 30,000 tonnes, worth i about b/sold. , a little extra appeaL » 

low grade steam coal to a new South Africa's Phase Two plans I£879J560), and foUqv. two Tg e ^be division enjoyed a ■* T r>n»*7r'C'rri hat ct si 

thermal power station which is if negotiations are successful, trial cargoes shipped to Vietnam most successful year of trading. IiUKWLal HULM rr 


INTERNATIONAL INVESTMENT 
TRUST LIMITED 


25/A September , 1978 37 Broad Street, Jersey 

Half-Yearly Statement 

The unaudited accounts of the Company as at 


Upturn at 

Sizewell 

European 


low grade steam coal to a new South Africa's Phase Two plans I £879.660), and foUow two Tg e tube division enjoyed a hat ct 

thermal power station which is if negotiations are successful, trial cargoes shipped to Vietnam successful year of trading. iiUKWLal nULSI 

being built at Matsushima, south These call for a rise to 20m tons 111 Past tw r o years. - Projected sales figures for the . _ , , * 

of Tokyo, reports Richard Roffc or coal exports annually by mid- . T/ 1 ® Vietnamese Government currpn t year are most exciting. The offer by Norwest Hoist to 

from Johann csburg. 1979. ’?V te . d . a BeJlambl delegation to Mr _ swaby says. The new min acquire for canreKation the whole 

The Japan Electric Power At present the industry is vlsJt HaD ®! negotiates three should be fully operational by the of the outstanding £1,867,821 t per 
Development Company said it was involved in feasibility studies to S'® 31 " contract for a substantial 0 £ this year and in addition cent cortTertible unsecured loan 

talking tn two South African determine whether there should a ®?unt. Mr. A G. Copemao, the ^ CO rapany is purchasing a lube- stock 1984 closed with acceptances 

groups with a view to obtaining be a Phase Three and if so at I* cutting machine which, although for £1,478,748. 

300.000 tons of steam coal per what rate, with export potential g Sydney Wwjy- - 

year from each of them. of 32m-4flm tons anualJy indicated 

On the basis of about S22 per by the mid-lBSDs. *53?““? t0 supply ; 

ion rob Richards Bay. lhe new But a Phase Three decision Vie tnam with coal, 
coal export terminal on the Natal depends on contracts being Mr. Copeman said sales to South 
coast, the contracts would be signed and the significance of the Korea and Taiwan rose strongly 
worth over 813m (£8.6nii per current talks in Japan is that they in the past year while a team of 
year in total from 1983. when could pave the way for increased executives was in Mexico to 
deliveries are scheduled to begin, supplies over the next few years, negotiate shipments and would 


30th June, 1978 show the following results: 


Gross Revenue of the Company 109,011 79,776 

Less : Management and other 

expenses absorbed 16,479 18,999 


Dealing profit of subsidiary 
company 

92,532 

3,726 

60,777 

2,656 


96,258 

63,433 

Less : Provision for Jersey taxation 

19,252 

12,687 

Balance carried forward 

£77,006 

£50,746 


For the year ended July 31. 
197S. revenue, before tax, or the 
Sizewell European Investment 
Trust increased from £257,604 to 
£288.132 and net revenue was 
higher at £156,372 compared with 
£144.624 previously. 

Firat half net revenue had 
improved from £18.250 to £22561 
but the directors warned that net 
revenue for the year might show 
some reduction reflecting a fall 
in sterling interest rates. 

The dividend for the year is 
lifted from 1.3p to LSp per 10p 
share absorbing £144,00(1 
(£120.000). Earnings per share arc 
shown at I .Sap d.SJpj. 

Year 


Mr. Richard Bird, the managing 
director of the Transvaal Coal 
Owners Association, said that one 
contract would be with the tradi- 
tional export collieries: SA Coal 
Estates in the AmcoaJ Group: 
Apex, which is a Gold Fields 


Bellambi wins 
Vietnam order 


examine the potential of the 
Brazilian market. 

The emergence of China as a 
major trading nation was having 
a significant impact on the pros- 
pects for recovery in the Asian 
region, he added. Bellambi aimed 


IDC 


The IDC Group Limited 


the international designers 
and constructors 


INTERIM STATEMENT OF THE CHAIRMAN, 
MR. HOWARD HICKS 


Group colliery, and Van Dyck's BELLAMBI COAL, the Australian to tender for the supply 6f coal 
Drill, in the Barlow Rand Group, producer in the Gold Fields group for the proposed Shanghai steei- 
Coal industry sources indicated has clinched a deal to supply works. 


Earning slump at E Z Inds 


The consolidated net assets ofthe Company 
attributable to the capital shareholders, including 
Investments at marker value on 30th June. 1 97S, 
amounted to £3,975,383 0977 - £3,148,169) 
equivalent to 795.077p (1977 - 629.634p) per £1 
capital share. 

Market values of foreign currency securities 
include the full investment currency premium. 


Oros* rrvrnup* 

Expenw'v 

Revenue berime m 
Overseas Ui relief 

Tax 

Ner revenue 


1977-7S 1P7S-77 
f £ ' 
7W..M17 RQJ.rcn 
1U,',73 Tr.i.^lh 
"ss.ia: -j.-i7.au 
30.JH 27.370 
131 -7M IU.RS0 
136.r.7J 144.K4 


" Including Intero-il receivable fM.Wfl 
<C19.0tM>. * Including iniereM payable 

JOW.7P9 (C72.R.‘3>. 

Net assets at July 31, 1978 
amounted lo £S.66m (£7J27ra) 

equivalent tn 108.2p per share 
(90.9p) including 100 per cent nr 
the investment currency pre- 
mium. 


EZ INDUSTRIES, lhe Australian for M.4m. (£2.22m) and all its to reduce production and cut 

zinc refining and base metals Jamaican mineral properties for overheads. A statement said that 

mining, group. suffered a a further S7.5m (£3.79m), reports these steps, added to the launch- 

dramatic reversal in fortunes Robert Gibbens from Montreal. ing of new products will gradually 

during lhe year lo last June. The effect of the arrangement bear fruit. 

reports lames Forth from Sydney, is to create a new joint venture, 

The group incurred a pre-tax Jamaican. 93 per cent owned by 
loss of A$l.02m (£598,170) com- (he company, which will take over 

pared with a profit or ASZO.lm in all Alcan's present Jamaican 'Sf > nlACin(F^>'r 

1976-77. A tax credit or AS 1.56m operations. The joint venture kJLUlCJIIlgCl 

enabled EZ to post a net profit will hold a mining lease for T , 

for the year of AS331.000 com- 40 years. I nil IflWPT 

pared with A3 11.35m in the The Government wUl be lunw 

previous year. entitled to 7 per cent of annual Income of Schlesiiuter Inter- 


The unaudited profits for the half year ended 30 April 1978, before 
charging Corporation Tax, amounted to £428,551 { 1977: £191,455). 
Following the disappointing results of 1977. 1 am pleased that I am 
able to confirm that the results for the full year wHl show the 
substantial recovery that 1 forecast in my last statement. 

AH activities In the group are extremely busy, both at home and 
overseas; The results that cair be anticipated for the following years 
should continue .in an .upward trend. 


.;vT 


Schlesinger 
Inti, lower 


The Group's liquidity is very- satisfactory. . 

-An interim, dividend ,of x l 15$% (1977: 10.87%) has been declared 
in respect of the year ending 31 October*. 1978: this dividend 
will be paid to shareholders on '31 October 197IL 
My wife and I continue -w waive the dividends due to us. 


Save & Prosper (Jersey) Limited 
Secretaries. 


At July 31. 1378 lhe value of 
the assets acquired with forciqn 
currency loans exceeded the 
value of those loans, and lhe 
surplus has been accounted for 
in investment currency. 


previous ) ear. entitled to 7 per cent of annual Income of Schletinger Inter- 

But this was still a long way alumina production. The alumina national Fund (Jersey) fell from 

short or covering the AS2.a2m „-,ji be converted to ingot and £S8,558 to £38561 forthe year to 

needed lo service the sharply sold for the Government by Alcan. March 3, 1978. after tax of £11,700. 

reduced dividend of 3 cents a The royalty on the bauxite mined against £17,712. 

55. -dim: result* reflected ^ 


the slump in the world zinc price, years to WS3 of 73 per ccm of Participating . redeemable prefer- 
which led to acute competition the aver^gereafiLedpr^ ofSgoL "JJ *Sg * ■ 

and discounting. The aoDrcciatmn l oiai . “Cam at 3-ap. Also an 


McLEOD RUSSEL 


which led tn acute competition 
and discounting. The appreciation 
of the Australian dollar against 
the U.S, dollar further reduced 
revenue returns. 

Group turnover fell from 
AS 1.12m to AS 14 1m. However. F.Z 
directors said trading conditions 


SLN RECORDS 
HEAVY LOSS 

Refieoting the lengthy depres- 


interim of Up has been declared: 
for 1978/79. 


' Half Year 
■ to - 

* " 30 April 

1978 

• • . ' - £ . 

Turnover 13,330,591 

Profit before Tax <28,551 

■Taxation Provided 222,560 

Profit after Tax 205,991 

Interim Dividend Declared 1154% 

Amount absorbed by thfs Dividend. 41,208 


Half^ear 

to 

30 April 
1977 
£ 


13,330,591 

9.570,411 

428,551 

191,455 

222.560 

99,500 

205,991 

91.955 

11.94% 

10.87% 

41,208 

37,050 


were much better in" the second sion on the 'international nickel 
half year, pnabling some reduc- market, Societe Lc Nickel, the 


Interim Results from 


‘Record profits in year 
to 31st March, 1978” 


lion in stock*. Zinc production French producer owned by 
! had increased in meet higher Imctat and Elf-Aqaitainc. yester- 
|mIp« and some benefit had been day announced a 1978 first-half 
received from an increase in the loss of FFr 229m (£26.4m). com- 


producer price. 


In London yesierdoy ihe shares FFr 14.2m 'in the same period of 
were unchanged at 260p. Iasi year. 

The value of first-half sales 
dropped lo FFr 430.7m from 
JAMAICAN DEAL FF r 775JSm in the comparable 

_ ‘ period owing lo lower price levels 

rOR ALCAN antJ l "‘0 months of strikes at ihe 

mines in New Caledonia. At the 
Alcan is selling m the Jamaican same time lhe group was hit by 
Government 7 per cenl of its lhe fall in the value of the dollar. 


reports Sir John Brown , the Chairman 


* 1977 was a remarkable year for the tea industry and produced record 
profits for the Group. Board welcomes recent reduction in Indian export 
duty on teaioth in short and longer term. 

* Due to increased shipments to London, warehousing had a record year 
while packaging produced substantially improved results. 

* Property dealing yielded a very satisfactory profit while investment 
gains were substantial. 

* Associate company in India performed very satisfactorily. Indian 
reorganisation successfully completed subject to settlement of 
taxation issues. 


Hanger 


JAMAICAN DEAL 
FOR ALCAN 


bauxite mining anri refining assets SLN has introduced measures 


Hanger Investments specialises in the sale arid servicing of the full range 
of passenger care and commercial vehicles, as one of the largest Ford main 
dealer groups in the country, friterleasing, the Group's leasing and contract 
hire operation, specialises iirboth short term and long term" rental of all 
makes of vehicles; it is one of the leaders in this field in the UKL 


ISSUE NEWS 


Profit before taxation. 

to 30th June 


t978 

.£1,238,700 


Yearlings up to 10|% 


1977 

£530,300 


* Current year’s profits will be lower but should still be satisfactory. 


COMPARATIVE RESULTS 


Group profit before taxation 
Group profit after taxation 
Shareholders’ funds at 31st March 


1976 

1977 

1978 

£000 'S 

EOOO's 

EOOO's 

2,401 

5,782 

8,421 

900 

1,799 

2,278 

11,348 

12,762 

15,689 


Earnings per ordinary share 
Dividend per ordinary share 
Net assets per ordinary share 


34.99 

6.46 

281.79 


38.41 

10.00 

316.90 


45.21 

13.50 

339.58 


Copies ot the Report and Accounts are available on application from the Secretary 
at Victoria House, Vernon Place, London WCi B 4DH. 


The coupon on this week's 
butch nf yearling bnnds has risen 
from 10 i«> JO: per cent. The bonds 
pre issuer I at pur and due on 
October 3. 1!»7n. The issues are: 
North Wnlil*. tiormish Council 
i£!-m.i. Xnrih Tyneside Metro- 
politan Rnroush Council (£Jm>. 
Will -h're Omniy “nuncil (£lmi. 
North Hertfordshire DiitriCi 
Council i El nu. I -ant-aster City 
Council lEimi. (Jilv or Edinburgh 
District Council ti'j;m». London 
Borough nr L;.mbnth (£iml. City 

of Leeds lE'.mi. t.'uy of Liverpool 
'£lmi. Ck-eihnri>cs Borough 
Council i£!mj, “Tcm port Borouah 
Council iltinj. Preston Borough 
Council tS'.mt. City of Satrords 
t£imt. Darlington Borough Coun- 
cil tElint. Strathclyde 'Regional 
Council (E.'.iijk London Borough of 
Waltham K-.iresI is issuing £Jm, 
lli nor rent h>mds due Septem- 
ber 22. tnsa m p ,ir. 

Five year variable rale lmnds 
'-sued al per r-ent maturing 
on Scptemhor 21 at ,n marlin 
of 1 per rent n?er six months 
LI BOR are: l.nn<loii Borough of 
Harniv. trim), Rossendalc 


Borough Council (Elm), and East | 
Hcrtrordshire District Council 1 
(Ilm). 


RIGHTS RESULTS 




The Chubb and Son offer of 
]g. 143.704 ordinary shares at llSp 
per share received applications in 
respect of new shares 

t92.n per cent). The balanrc has 
been .sold for tbe benefit or 
entitled holders. 

The BTR issue of 8.750.135 
ordinary shares by way of rights 
attracted applications Tor 8,161,691 
shares (OXJZS per cent). 


WATER TENDER 

The offer for sale by tender of 
£5ni BrtMul Waterworks Cnmpany 
7 per cent redeemable preference 
Mock 19R.3 attracted applications 
for £0.13(1X100 oT stock. The lowesr 
price to receive a partial allotment 
was 197 Jin — the average price 
obtained was £97.659. 

Brokers tn tHp issue were Sey- 
mour Pierce and Cn. and I-Ioare 
Govctl, Dealings start today. 


Turnover of £26.9 -million compares with £18.0 million over the 
same period last year. . . • • _ 

Pre-tax profits at £ 1.238 '700 in the first six months oM978 increased 
by 1341;,. continuing the exceptional growth of the past few years. 
Whilst this will not be maintained in the second half of 1978, it Is 
anticipated that subject to external factors" including new vehicle, 
supply, profits for the remainder ot the; year, wiH be in excess of 
those achieved in thesame.period in .1.977. 

It is the Boards.irrtention to recornmend the maximum permitted 
dividend at the year end, assuming current restraints continue. 

For a copy of the full report Diease /writ® to lhe Secretary:..' 


Hanger 




Ud. 


Dilworth House, ISO Broad Street -Birmingham S15 1 E&; 


m 

m™. 

B!v ■ 









ft? 





ttm 


v. 


■ TinancialTimes Wednesday September 27 197? 


r 


ch&jJ, -w-* i-LLfA 


33 


^Procter & Gamble back to London Sumatra AB Electronic profit cut 
growth but margins tight suspensions but outlook encouraging 



costin': £80,000 — last 
payment was 2p. 


year’s finaJ 


A . RETURN to growth was cuity with delayed contracts, and comprised of UK corporation tax 

achieved by Procter and Gamble. v;a.s hot seen as a senous problem 

a * holly owned subsidiary of by Davy. 

Procter and Gamble . Company. Davy itself pl.ms capital cs- 
L‘.S. in the year to June* 30. 187M. penditurc of £13m this yC3r after 
After two years of stagnation. £3m in 1S7T-7S and £7m in 1076-77. 
pre-tax prop.r moved ahead from China and Korea are seen os par- 
in £10 H2m on net sales of . ticularly promising markets. 

66m aaainst £165. 02m. An CH.\f approved an increase 

The improvement in profit was in Davy's am homed capita] to 
very much needed. There was. £25m from £12m. a one-for-one 
t however, only a small improve- scrip issue and a chance in the 
r^-tnem in profit margin, and at 2.7 company's name to -Davy Corpora- 
M- per c&nt of turnover this remains tion. Sir John said the company 
: V unsatisfactory in relation to in- has no intention at present of 
) vestment requirements to support issuin'* the surplus 34m authorised 
the growth of the . buaincNS." the share*. 

^.-directors say. 


He hinted at future espansioi 
for the alloy steel group over thi 
next few years which could- in 


'5, 


Loudon Sumatra, a member of been to enforce the investment FOLLOWING THE sharp fall from 
£151.000 (£118.000) and a £14,000 the Harrisons and CrosfleJd promises in recent years. £380.815 to £154,825 at midway, ROAM) MEETINGS 

transfer to equalisation account plantations empire which fought London Sumatra emphasised the AB Electronic Products Group TT.TTi. . , — — 

(£4.000 from). ofT a £24m bid from McLeod-Slpef the amount of money spent on finished the year ended June 30 jJ* c . Iude the development of a corn 

The not interim dividend is in tbe Spring, has suspended the restoring and improving its 1978. with pre-tax _ proflts_ of Exchanae. Such menuti** m ti-imiy tinuous ca sprig null and perhap 

increased from lp lo Up net, two indigenous directors on tbe plantations at the time of the bid £603366 compared with £9ia,S87 hold [«■ tlx- puree.-*- ,j cunsidcnnc expansion into the assembly o 

from McLeod-Srpef. But some previously. divMMKjs. official mdicaiian* are nm highly specialised, non-pubhi 

oSmc^there tale" 5 SSSSB Growth and progress in the past SfiXS? ” Statement since th. 

operaUng there have maintained were overshadowed by the *huwn Mn- arc mainly va last _ i n his first statement since thi 

a higher rate or investment. aT *h e Welsh factories the timuiaUv. £lo.3m takeover of parent groin 

Mr. Harper said yesterday that 2^5 “ SI Unrest before the today Dunford and Elliott. Mr. Nortoi 

no further commitments had been stoppage, lost output, and come- ro S^jnvp^ ll -- > - WC - ■ M I a I ? ren ; *»*d that after substantia] Lonrhi 


board of four in 


V 






. Tho advance was* attained 
-'through intensive cost conscious- 
. r; ness which stimulated successful 
. methods change, and increased 
.> producrivily through the business, 

.; they explain. 

;'h. Depreciation was higher at 
'.’..-SI. 92m (£1.8m) while interest on 
"bank and other loans was lower 
■ ■ .it £S35.n0U f £1 15tn i .'tod the cost 
..- of hirmg plan: and machinery 
-WBf held at £ 1.07m (£i.02m). 

' v The net surplus emerged at 
'-S.03m (£3.91m) after tax of .... „ 

£3.53m (£4.09 m). Dividends S L.J^ 

amounted to £4.1m (£3. Ira). 

""il^ Net liquid funds at year end 
'were up 15.3'lm with bank loans 
.. " jind overdrafts at £9 26m and cash 
-V. bank balances and short term 
-■ .deposits at £5.97®. 

The unspent balance of 
--.authorised capital spending for 
■:- :thc year, after deducting Covera- 
I , merit grants, amounted to £2. 78m 

- l£g.6m i. Against thus contracts 
totalling £336.099 (1333,000) had 

,.. : bccn entered at year end for 
-■ 'which no provision is included 
•" in the accounts. 

*••• The company’s activities include 
. the manufacture of household 
' -'detergents, industrial cleaning 

- products, food additives, and 
. wdustriaf chemicals. 


P. Baton 
tops £3m 
at halfway 


Watraoughs 
up 35% 
mid-term 


executive 
Sumatra. 

The reasons given for the sus- 
pensions arc a modernisation or 
the structure and ."danclards of 
the manage merit. “As businesses 
progress, some people don't 

always fit in with the changes,” u _ 

sold Mr. F Harper, executive improve the’ Mates wUch were 5222 
director and former chairman or gjnn back to the c ompany after aDUMy - 
the main board In London. Tho (he Malaysian confrontation in 
company was being gradually re- the 60s. It would be 


sought or given since the ones in 
1969. But London Sumatra had a qaenT 
continuing moral obligation to 


. . . . _ the 60s. It would be a long haul. 

ON TURNOVER up 29 per cent organised and improvement being he said, as the estates had . 

from £3.8Lra to 14.92m, pre-tax made in planning and prografn- suffered severely during the con- Capital expenditure was stepped Beaufort Ocl -i produced 

proGts of Watmonglis (Holdings) ming. There was no suggestion or frontattoO. up by 50 per cent Sales to the Berec ton. • 

expanded by 35 per cent from any .irregularity, he said. 

PJJ-OMro £403.000 Tor the first suspensions will need to 

naif or 1978. be approve d by the Indonesian 


relSnue ^°£h "-tflB before' ”S» l™ men. 

vided they can be maintained for 

n^iDU^^^Pdha U ' 0 tecifmca]iv"" leave 

FROM INCREASED turnover or tho remainder of the year. 1978 ?J~ 7 , if 

£162zm, against £15S2m, profits will be another year of progress jL C ®“ J K^ P B “ t J h * y 
before tax of Petry Baton rose —for all of 1977 profit was a E a CL [L ts ru, L‘ 

from £2i»8m to £3.0ta» hv the first record £Q.B2m. P®g ha l b0 * h ^tri with 

After tax of £211,000 against ^tulOR Sumatra for over 13 
The interim dividend is lifted £156.000 earnings for the six yeafS - 

from 22275p to 2-26123 p— the total months are shown as 5.59p f436p) The 

in 1S77 was 6.176Sp from pre-tax per 2Sp share. The interim divi- board are Mr. Saksono and Mr. P 3 ^ M?™ * , de, ^5 s * e 1J? r * t 5i^^ onna! * , to ^5^ ona ; 

profits of £5.63m. dmid Is Increased from an Nugroho. »Ir- Saksono is a very ^f^> car A A, «P^Grou^ dewlopment gnmt crediw of 

After tux or £l-28m, against adjusted 0.674175p to 1.2p. In order eminent figure in the plantations hed_ maker, expanded taxable £106,467 (£106,408) which are not 

£I.36m. minorities of £10.000 to reduce disparity— last year’s industry and was in the Indone- ^ ^ f y t 3r } ax *k' e * This toll be a recuixtag 

(£16.099) and a transfer last time final payment was 2.9558p. sian foreign service, said Mr. *** rent from £297,000 feature in future years. 


Airsprung 
bounds 
83% ahead 


•Steir replacemeots on the local WTT H EXCELLENT trading, com- cent ' on chargeable profits antfls 


unwonomte worttlng to ^ "flSLS *£**£*? f£SJS? £S 

meet customers urgent require- t-liiw caravaxi>, touul c. and w. '' ere 115 a much healthier state 
ment* all seriously affecied profit- Waiter. Compared to 1073, steebnakmj 

Final*— A. Seekman, Campari. Hum and operations were Currently at 75-SI 
Mo&crop rMlddii-K.n • surtnio Ewinrcr- per cent caoacitv with forcing 
Group turnover increased by 20 tax. nv>snn*n«n secure omwiii Trust, more subdued at about so w 
per cent, exports by 37 per cent .. . ™™re oatus ^ 0 f «SSty? ^ 

Ayrdu™ Metal fMn ♦"«. S7 About 30 per cent of the stee 

® eanfard - Oet -J produced was sold within thi 

up by 50 per cent Sales to the Berec ton. rr Lo nr h 0 he said Since thi 

consumer electronics sector were Biodtieys s«h. 2» ™ 1? 

reduced to 18 per cent of the total. gS^gSg, ; r .7 
Basic earnings per share are Edinburgh invc^imcm Tran 
shown at 10p against 14fip and Ftk-iums ■ London, s.w .9. ... 

9.8p (M.lp) fully diluted. A final 

dividend of 3.63175p makes a 

maximum permitted total of Ann.«trona Eaumment 

5.631 Top compared with 5.043S6p Coronation Syndicate 

last year Glu# 

, ' ^ _ M __ a _ Harr Loos \ijlarvtan E-utcs 

The UK tax charge at £223.677 Rsmar Tenues 


Scpl 7S 
Oct. 4 


(£355433) is calculated at 52 


Sharpe t Charles.* 

Sironjt and Fisher . . 
TweefoottUo United CoItj.rteB 
• Amended. 


oct. 5 takeover previous specialisation or 
Sept, ss alloy slcels had been reversed and 
nci. s had expanded back into variou; 
net. 9 carbon stee | markets. 

A new 100 tonne furnace wa> 
now a highly successful operatior 
ton. 3 with the 30 per cent improvemen: 
oet. 11 in productivity. But Mr. N’ortor 
ncil 5 warned that the Ford strike, ll 
oet. s Prolonged, could have s most ad 
sept. verse effect on order books. 

Sopt. 29 


Ocl ll 


of £15.000 from capital, reserve. All subsidiaries achieved sub- Harper. Air. Nugroho is a pro- 


to £544,000. 


available profits for the first half si uni i ally hieher sales throughout 
were £1.76m compared with the first half. And the directors 
f 1.62m. say (hal the continuing demand 

Activities of the group include for the group’s specialist produc- 
property investment, development lion facilities In mall order. 


The indications now are that 
the results for the 


future years, the 

directors say. 

They have continued the policy 


Liquidity is saiisfacloiy and the 
order position is good. 


comment 


->:« 

'btmnra 
•••air’rucV remuri. 

BJflVT 

jt‘A nf hiring! . 
‘ vudlinrs' f-t- 
. .mPTrsi rmvivrd 
.•re-lax profit 


H<7X 

£WW 


fnnn 


and civil engineering, etc. 

• comment 

Last year sjw a 15.3m onlflow of 
fund** at Btlton, largely for 
development expenditure and tax 
payments: the resulting Joss of 
interest received may explain why 
the first-half advance in invest- 


periodical. security, fine art print- 
ing and carton manufacturing, has 
Justified the Investment pro- 
gramme. 

Stx 


Hanger 
more than 
doubled 


; 9.’« 

l.‘Jv9 

:3 


■' ':<« protli . . . 
'.',-fniuxlM fom-anl 

• . >:*Hrn<ts 

. “ t ruined 


t Itooi aad aiaclunm'. 


VjRUB 


Davy Inti, 
to spend 
£13m 


iia.k 34 :co !3 men; and trading income is as 

i. TK modest as it is. Rent reviews 
. should be boosting investment 
lut 3 earn in es and the group's private 

' *; de-elopment building hw been 
20 performing i\cll, ah hough cu/i- 
tract housing is si ill somethin;: 
i 0 £! or a headache. The last two years 
9.730 have seen a significant fall-off in 

j. itv* profits in the second half from 
19.112 the first but this pattern may not 

be repeated in 1978 and the full 
year pre-tax profit could be 
around £fim. There fs some dis- 


KU14 

3 7- j 
5.C14 
WJt2 
4.IW1 
11.475 


rainent lawyer In ihe Far East. _ _ . 

The replacements will be ^ for whole year adopted last year and have de- __ . . „ 

particularly useful to the com- comfmtaMyexcccd those for elded that a provision far deterred 
pany In its current negotiations ™ tax is no longer required in view £*“7* Saw 

Wat “- SSSffTJSS »■ «s» 1— * 

vJ° Tnie fiOnn ftatom bv the Trim-hrMw w| 5 v cost the company n\ least £250.000. of Hanger Investments. Ford main 

obtain the agreement of S the group were ahead 41 per cent The deferred tax release of JfjSJJhiJ Slrfinn^m-iro^ rn -lf r ' - m , re «, than doubled fr °rr 

authorities that it has fulfilled its to_£5^5m <£4.15m>. £296^37 comprises «78,639 pro- «.33mto £1^4m onjurnorer well 

nmwln Year hv^-year mvestment^plan promises 
ism 1977 W77 made in 

obtained 

SI diaries in me spring out snare aneau iw a.ip (^.spj. me »uicu nui uo wubct u® ich«u™ nrnnocc of 
negotiations over -J— I_ lih.j •_ Be rm- n ra T, h In amtnet t»T IIdSIH. Uie piottii ul . 

subsidiaries arc cl......u... c ,. u,c K i-’r* •- — — — sales for the vear 

Indonesian authorities are The total payment for 1877 was Year higher thanks mainhr to exoorts 

believed to have become more 3.6p. i»rr/n» Sd%J£SS 5SSu Th f ^ 

Turnover ... M oc.ooo ic.6fis.ooo sumer electronics business was 

Trading profit - ii 774,191 i jtsjmo hit by lower home sales of audio 

DeoredatUra - 

Intnosr Piid 

Profit tefara tu 

UR tax 

Bank LOANS and overdrafts at At August 31 Kuwait Invest- leaving the net revenue lower at NePontf?* — 

Decca were up £7.66m at £31 -2m ment Office held 9.R9 per cent of £60400 (£62.400). oividrui* “T*. 

at the end of 1977/78 and Rinds equity. Prudential Assurance Com- Aftw taking aeroimt of emmey sain 

showed a net outflow of £8.63m pany 7.38 per cent. Sir Edward mentmrrenw nremium n P ^eiTrt Ux retesw... 

compared with an Inflow of Lewis had a beneficial interest ^ currency premium net a«et aeuined 

f2J2m. and, a s trustee, in a total of 9.54 T^L.w“ - ___ As economy measures. 


ran taoo row 

Turnover 4.984 34W7 S.ai 

From beTore MX 405 300 DX 

Tax =11 160 435 

Kor prafll 134 144 SW 

Vrtl AW 1 1 2 

L-arius - 133 243 384 


) (£4.1 5m; £296237 comprises £476,639 pn>- w.a,ni id oa lurmiver wen 

■ear mvenmem pian promises Tas took 1288,000 (£158,000) vided at June 30, 1077. £220.000 at £26^^, against H&tfitn. 

> in 1969. Clearance was leaving net profit at £256,000 included in the charge for tax on ^ ro5t J or tbe --'_ hole . of 1877 

ned for the two biggest sub- f £139 ,000) for earnings pw lOp the 1978 profits less £400.402 ACT i SSH fs in SS! m from £0 - am to a record 

ries in the spring but share ahead to 5.lp (2.Sp). The which can no longer be regarded £1 ^ m - _ . . 

*r the other six net interim dividend is lifted to a? recoverable against tax Uablli- Howere?15 s oi l^i f \h e mrablS' 

Vm L 3 ? tMS 01 thc forcseMb1 ' future - Ste for the P ym? SSh f„ U profiB „«? STSSPSifTSS 


Decca bank borrowing over £31m 


503^5 

164.050 

«fiR8M 

253.677 

46.639 

333,550 

167.394 

52357 

59&JS7 

495210 


will not be maintained in the 
second half. But, the directors 
anticipate that, subject to external 
factors outside their control and 
the supply of new veliicles, in 


agreement over the quality of m-jaiu. ana, as trustee, in a iniaj oi h.m irriWml f«r i uw. no wuwur uicmuics, ura 

Bihon’s earnings and the - asset Capital commitments totalled per cent and Dr. Jack DJmenstein switch controls manufactur- 

which at £Um (£ 1.93m) of which £311,000 82 per cent “JsgJ "HEP' LSL 81p <40p) at in e divisions were merged and 

Contribution to charity 
amounted to £25.000 and a Turrher 
£5.000 was paid to British United 
Industrialists. 


backing for tbe shares, 
lS5p, yield a prospective 5.5 per 
cent on a p-'e of around 19 
assuming a 40 per cent tax 
charge. 


merger 

McKee 



~ Davy International's 
,-rith thc U.S. company 
•. Corporation will, jf accepted by 
.■h air-holders in McKee, greatly 
-nhanct* the firm's ability to 
mdertake very large contracting 
projects. Sir John Buckley, chair 


Norman 
Hay ahead 


Sec Lex 


(£936,000) had been authorised 
but not contracted. 

As reported September 6. £lDm 
hyj been released from deferred 
U\ provisions and transferred to 
reserves which wore higher at 
151.33m t£39.H9m). 

Sales for the year to March 31, 
l'J7s were marginally ahead from 
IlSl.4m to £IS6.3m, but pre-tax 
profit was down at £12Jim 
(£1 jiftm). The directors explained 

V? t0 M & In* p- Siaooo 1 ^ rhp°ilpct SSV 19^8 ffroup h were not Vun^r^vered^n Though gross income was down d pmsiH 

He raid the two companies were SS I3 -°®£,^ ^rst half of 197S sellin , price 3nd lhe increased from £292,500 to £2CS.KOo at Ex^-e. .. 

complementaiy and that oa. turnover of £2.00m again*! glrength of sterling cut thc Montagu Boston Investment Trust '»« inicw 

had^been anxious to seize n.Tvtir :• profliahilily of exports which for the half-year to July 31. 1!)78, 

- ah“L falo e^lcKee. Us. bojraan Hay, the chawnan. j-^ched £59.4m. - Tax took £65 ’00 (£57,400) ^ 

ay? is offering $33 a Share, a is confident that progress*, will 
continue for the rest o 


Pre-tax profits of Nonnau Hay. 
electro-plating engineering con- 
from £218.000 


Montague 

Boston 


^ rice L „ certain products will be” disco d- 

The tarrowing under a US$8m tinned. This reorganisation was 
loan facility available until implemented at the beginning of 
December to. 1981 were reduced the current year, but the cost of 
during the six months from £80,000 was charged against 
$5.35m to S4.75m. profits for last year, when the 

In January the company paid decision was taken, 
a dividend of 0J73p net for Future prospects for the group 
19><-78. from revenue of 1332,373. are encouraging the board states. 

Halt-year The outlook for the group's highly 
HCT -1S77 
t t 

Sift. 600 392.366 


and television equipment but this 

was more than offset by an up- ^rticGTaV' Fort, ^rofiWor”* the 
turn on the industrial electronics rest of the year will be in excess 
78.340 6>de tdata processing, instrumen- a r those for 1977 
4SS.714 tadon, etc.). The merger of the — f 
switch and coniro/s manufactur- 
US'SJ ing divisions should reduce over- 
heads in the current year. At 
118p, the shares yield 7.3 per cent 
while the p/e or 11.4 needs a 
recovery to sustain the rating. 


735,000 

K4AG2 

the 


Lonrho steel 
offshoots 
much improved 


First half results include four 
months' profit of Interleasing 
Truck Rental — formerly VJrL Self 
Drive— acquired as from March 1, 
1978. 

Net profit of Hanger was £1.15m 
(£0J>4m) after tax equalisation 
£90,000 f£0^9m), represented by 
corporation tax deferred by the 
incidence of stock appreciation 
relief. It is considered that no 
corporation tax will be due for 
payment due to the availability of 
first year allowances. 

Sbr months 
1978 1977 


Cross tocom* 

Dll'S, uni IniPirst 
imen-st . 


Rram Men tax 


for McKee. , continue for the rest of lhe*year. 

Btoivy'is o table to comment in Profit -for the whole of 1077 'was 
~ ' rpftmrflprteKBe unta^ £3d%.«0. - - - - - 1 

has been finalised, but The attributable talon ce.’-fca me 

ir' ' Johif raid McKee's present out- at £153,000 against £304,000 
afiveiy light workload reflected for the period, after tax~£165,0U0 


XX.090 

r.ow 

29.M0 

113,300 

iTSjoa 

85.280 

80.100 


... _ Dunford Hatfields and. Brown Ttmovn-* 2G.99i.K9 la.nM^oo 

competitive. labour intensive Bailey Steels, the Lonrho steel- Trading mn>hu 3.0W.060 i.gts^oo 

industry (toes however depend making subsidiaries in Sheffield, 

*w!a» very much on moderation in wage taken over in a controversial deal Be,or ® *“ ■ — L 2 ™-™ 

X4JHW negotiations, it is stated. Settle- 18 months ago will show much Net profit"!."""!!"".'!!;; l.mroo Soto 
ments will have a major bearing improved profit figures during the ■’Represents exieroxi sales cxdudW 
on future employment as it is current half year. Mr. Derek V \T , an ? u,clnd< ’ s received from 

IS £5B*“" e ” acceptable Nortan. cbict caccuticc. said yes- g&l&ti&nlSZSm ? SSI 
«X4M profits. terday. dation and amortisation. 


~-\'i cyclical downturn In the con- 
.'.■'ractinp industry and some dlffi- 


(XU4.00D >. -gwing earnings of 
3 S25n (2.Rp) per 10p share. Tax j 



i Resist- 



r - 


^ ---r 


i'*- 




INTERIM REPORT 

Half Year Half Year 

1978 1977 

Group Turnover £6,977,414 £5.309.770 

Group Profit 377,174 269,944 

Taxation 194.130 150.770 

Group Profit (after taxation) ... 181,044 139.174 

Interim Dividend (proposed) ... 4JJJ30% actual 3.5937% actual 

Amount absorbed £3M5S £343191 

Pence per share .4013 .35937 

The unaudited results for the half year ended 1st July, 1978 are 
given above and show an increase in profits before tax from £289,944 
to £377.174. 

After a disappointing start our linen hire division improved signifi- 
cantly in the latter months of the period. AN other divisions made 
a useful contribution to the increase in profitability. 

The results for the current trading period -are encouraging and the 
Board expect that profits for the year as a whole will show another 
satisfactory increase over those of the previous year and propose to 
pay an interim dividend on the Ordinary Shares of 5.9895% gross 
(4.0130% actual) on 30th October. 1978. an increase of 10% (the 
maximum permitted). 


■r 


Benjamin Priest 





“The Group has never been 
stronger in financial terms, 
in its spread of sound 
manufacturing interests and 
in its human skills-” 

Charles Wardle. Chairman 
Highlights from the Annual Report 
for the year ended 31st March, 1978. 


* Turnover £13,695,000-up 46% 

* Re-tax profit £1,303,000- up 30% 

* Successful rights issue 

* Acquisition of Blackhealh Engine Bring Co. Ltd. 
and R & A. G. Grassland Ud. 

* Progress made in each of the sub-groups. 

* Further substantial investrnent in new plant 
and machinery. 


BENJAMIN PRIEST & SONS 
(HOLDINGS) LIMITED 



Cradley Heath. West Midlands 


Manufacturers of fastener?., pressings, cold iGrmed 
extrusons, industrial and commercial GghtJittings, 
plastic mould(ngs,and‘aibemarflplrialion. 
Designers and manufacturers erf materials handling 
andstoraoeequipmeriJ. ... . 



GOLD FIELDS 


OF SOUTH AFRICA LIMITED 


(Incorporated in the Republic of South Africa) 

SALIENT FEA TURES OF THE REVIEW BY 
THE CHAIRMAN, MR. A. LOUW, 

FOR THE YEAR ENDED 30 JUNE 1978 


1977 


1978 

R Million 


R Million 

30,8 

Income from investments 

37,4 

1,0 

Surplus on realisation of investments 

7,9 

(10,0) 

Amounts written off 

(4,3) 

(0,1) 

Sundry items 

(0,1) 

21,7 

Profit attributable to members 

40,9 

Cents per 


Cents per 

share 


share 

133 

Earnings 

251 

110 

Dividends 

135 

2 477 

Net assets as valued 

3 648 


During the year the Group invested over R51 million in the equity of 
three major mining projects. The Group has short, medium and long- 
term facilities in excess of R81 million, of which some R46 million had 
been drawn at the year-end. Arrangements were made to finance the- 
advance of R35 million as an interest-bearing deferred loan to the Black 
Mountain Mineral Development Company (Proprietary) limited by 
drawing against term loan facilities but as a result of the better than 
.expected results for the year under review it is considered that drawing 
against term loan facilities will be small and of short duration. 


opportunity in employment must be extended to all and this requires the 
removal of the remaining racial barriers in this area. Vocational training 
and higher levels of education will progressively have to be improved 
and extended to all members of all race groups. 


Gold 


The gross profits of the producing gold mines administered by the 
Group exceeded R500 million for the first time in spite of a very 
substantial increase in working costs. The increase in workingcosts was 
attributable to the cost of additional staff and overtime to compensate 
for the effects of the eleven-shift fortnight, and more expensive stores 
and power. 


Outlook 

The Group is not dependant upon the flow of foreign capital to finance 
its projects, nor does it appear likely that it will become so in the future. 
It has the financial capacity to finance further major projects as soon as 
opportunities arise and conditions are propitious. 

This Group has for long been steadfast in its confidence in the future of 
gold, but even at a lower gold price than prevails at present there are 
good prospects for increases in dividend distributions during the current 
year, whilst at the same time allowing for adequate retentions to provide 
for the future development of the Group. 


Base metals and minerals 

Final agreement was reached during the year with Phelps Dodge 
Corporation to acquire 51 per cent of the equity of the Black Mountain 
Company. That company’s mine at Aggeneys in the North-Western 
Cape will produce lead concentrates with silver as a major by-product 
and zinc and copper concentrates as minor by-products. Satisfactory 
market prices for lead and silver are expected to prevail. 

General 

The creation and preservation of job opportunities must, for a period, 
take precedence over increases in minimum wages. The equality of 


GOLD HELDS OF SOUTH AFRICA LIMITED — 
CHAIRMAN’S REVIEW 1978 

The full text of this statement is available on application to The Joint 
London Secretaries, Gold Fields of South Africa Limited, 49 Moorgatc, 
London EC2R 6BQ, England. Please complete, and post this coupon. 

Name: _ 


Address: 


k. 







JMaHMFTUh er We'dneSlSy Sept&ffb'er 27 1975 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



35 


Nestle 

forecasts 

modest 

decline 


Shell sees further loss on 
Dutch chemical operations 


Aati 


u UiV 


|Vf4 l., 


- it- 


ZURICH. Sept. 26. | 

A FURTHER moduli decline in ' 
profits is forecast tor this year! 
by Nestle the iniercalional foods j 
group which has its headquarter* ! 
in Switzerland but which asciis*, 
well over 90 per cenr of its ponds r 
outside this country. \ 

The company cites the relent- • 
less appreciation nf the Swiss J 
franc for its continued profits . 
weakness and Is at pains id point j 
out tlial but for this factor group • 
profits would increase this year. ; 
Since January the Swiss franc , 
bad advanced by' tor than a fifth i 
in, terras of the dollar. 1 

Croup sales this year are 1 
expected to decline from the 1977 ; 
record level of SwFr 20.1 bn. hut j 
the extent nf the /ail will ( 
depend nn exchange rate uiove- ; 
meats between now irad the end 1 
of the year. Without the 
advance in the Swiss franc “itl 
might have been possible tu look j 
for an increase to some J 
SwFr 22bn. the group's manag- 
tug director. Arthur Fuerer, said 
today. I 

■ Profit is a even- harder to fore- 
cast at this stage " though witii- 1 
out exchange rate llucluatiun* j 
group earnings would certainly! 
be substantially higher linn last ! 
year. This reflects both higher 
sales volume, and the fact that 
this year Nestle will not have 
tn repeat the 1977 write-down 
of coJfcc stocks. 

The fall in cocoa and coffee 
prices in the final /our mouths 
nf last year caused an 
exceptionally high depreciation 
rharge on stocks of SwFrs 157m 
Ttiis helped depress profits so 
that group pet 1977 earnings full 
by 4.S per cent to SwFrs 830m 
from SwFrs S7*2m. 

Therc is certainly' no reason 
why the dividend of Nestle or 
that of it? holding cumpany for 
north and la tin American 
interests, Umiac. should be 
reduced, Mr. Fuerer said. 

However he stressed that a 
maintained Uni lac dividend is 
effectively a reduction for Swiss 
investors sir it is expressed in 
U.S. dollars. 

Last year the dividends were 
an unclianged SwFr 72 and 
l'^.S5.50. 

Mr. Fuerer said that the 
greatest advance in sales so far 
this Mar. over last has been in 
refrigerated foods, while the 
most difficult market has been 
chocolate. Reuter 


BY CHARLES BATCHELOR 

SHELL NEDERLAND expects iu 
make another loss on its refinery 
and chemical operations iu 
Holland this year following the 
loss nf around FI 3(J0m ($140m) 
in 1977. 

Despite a slight improvement 
in refinery product prices the 
overall : picture is as gloomy 3 s 
was forecast- by the company .it 
the start of the year. - In terms 
nf sales the company accounts for 
about 9 per cent of the luial 
Royal Dutch/Shell group. 

Prices for naphtha and petrol 
have improved recently. Despite 
a decline in heating oil prices 
the prices of refined products 
have risen on average,; Mr. O. r.. 
Aidt, Director of Refining Opera- 
tions. told a meeting or ibe 
works council. 

There lias been no improve- 
ment i:i the use Of primary 
refining capacity. . -currently 
around 65-70 per cent. Shell 
hopes in have the crude distilla- 
tion plant at its Petals refinery. 


which was put out of action by 
fire earlier this month, back in 
product! un by October 10. This 
unit accounts for about one-fifth 
or the refinery's capacity and 
increased production from other 
distilling units has not been 
enough tn compensate for the 
loss. 

Considerable overcapacity con- 
tinues for chemical products and 
prices in western Europe are 
unsatisfactory. The chemicals 
division is still making losses. 
Shell said. The naphtha 
cracker at Perms will remain 
shut. 

The refining and chemicals 
divisions contributed about 
equally to last year's FI 300m 
luss. Sales nf Shell Nederland— 
including Shell's 50 per cent 
stake in Noderlandsc A&rdoliemlj 
(NAM) — were FI 12.9Sbn 
tSti.OQbn) in 1977. 

Oil and gas- operations contri- 
buted Fi J0.07bn tn the total 
turnover figure with chemical 


AMSTERDAM, Sept. 26. 

products accounting for FI li.&bn. 
Shell gives no details of the 
share of NAM— a joint venture 
with Esso — in the oil and gas 
total, but estimates put it at 
around FI 3.Bbn. 

Renter adds from Rotterdam: 
The Royal Dutch/Shell group 
has had discussions with 
Coiapagnie Francal&e de Petroles 
(CFPi and other refining com- 
panies aimed at finding a solution 
to the over-capacity problems of 
the European oil refining 
industry. Shell has concluded no 
contracts with CFP, the company 
said, despite Dutch and French 
Press reports that CFP is pre- 
pared to sell its 6.5in tonne 
annual capacity refinery at Flush- 
ing and has made contact with 
Shell over a possible deal. 

Earlier this month, CFP said 
that it was discussing co-opera- 
tion in the downstream sector 
with a chemical group based in 
the Netherlands, but gave no 
further details. 


Ogem rationalises Otra side 


BY OUR OWN CORRESPONDENT 

OGEM, the Dutch-based inter-culmination of three years of 
national trading and construe- acquisition in the trading field by 
tlon company, plans to spin its Ogem, which the company said 
Otra sub-'idury into two, divid- in May would he followed by a 
ing the company into an inter- period of consolidation. Otra, 
naliucui trading group and a until last year was the former 
stock hold! Dc; vrhutasale operation, THV International group, and is 
As pari of the move Ogem, tin- holding company for more 
which currently control* 56 per Hun 60 trading companies with 
cent of Ofm. wjh bid for the offices in 30 countries. It has a 
entire capital uf the new trading workforce of around 7,000 and 
company hut will maintain its earlier this month announced net 
present share in the wholesale profit of FI 3.3m ft. 1.5ml fnrthe 
group. first half of 1978: in 1977 as a 

The proposals represent the whole net earnings rose FI 7.7m. 


Liechtenstein law reform due 


BY JOHN WICKS 

MAJOR CHANGES in the laws 
governing Liechtenstein holding 
companies arc likely to be con- 
tained in recommendations the 
Govern men t of the principality 
intends to present to parliament 
next spring. 

It is understood that amend- 
ments io the existing law could 
result in the corporate forms 


ZURICH. Sept. 26. 

“ I rust.** “ establishment ” and 
“ foundation " being permitted ‘in 
future only in the case of com- 
panies with a purely administra- 
tive function. Holding companies 
with actual operations outside 
tiie principality would then be 
asked to convert their corporate 
form into that of a limited com- 
pany or limited partnership, both 
with a share capital. 


AMSTERDAM, Sept 26. 

It has become increasingly 
clear that the Otra companies in- 
volved in international trade 
would benefit from a complete in- 
tegration with. Ogem, although 
for commercial reasons this is 
“ not desirable ” for the stock- 
J wilding wholesale business, the 
two firms said in a joint state- 
ment issued today. 

Otra wiU set up a company, to 
be called Ogem Trade inter- 
national], grouping its import and 
export business and a number of 
non-consolidatcd companies. Otra 
shareholders will receive one 
nominal F! 40 share in tbe new 
company for each FI 100 nominal 
Otra shore held, A shareholders' 
meeting will be called shortly to 
authorise this move. 

Ogem will then make a bid for 
the 44 per cent -of Ogem Trade 
Intemal-lona-1 not already owned 
through a share exchange on the 
basis of 1.5 of 4ts own shares 
for one Ogem Trade Inter- 
national. 


Heavy loss 
at Italian 
engineering 
group 

By Oilr Own Correspondent 

ROME, SepL 26. 
ITALIAN STATE engineering 
group 'Finmeccanica today an- 
nounced fosses or L22 Ibn 
(6266m) f»r the year ended 
Jane 30. The losses will be 
covered by drawing on capital, 
which Finmeccanica’s parent, 
tbe stale industrial holding 
company IRl. will then restore 
to its present level of L4Q0bn. 

Two-third* uf the Finmec- 
canica losses were caused by 
the ailing Alfa Romeo car 
group, which last year turned 
in a loss of Ll49hu, requiring 
a hefty capital iniecHon from 
Finmeccanica. .Ufa Romeo Is 
one or Italian state industry’s 
principal crisis areas, and its 
Alfa Slid plant at Pomigliano 
d’Arco. near Naples, is likely 
to become a sparking-point for 
industrial unrest this winter If 
eontinning losses force IRl to 
consider its closure. 

Since its opening in 1972. the 
Alfa Sud plant has lost more 
than L500hn. and IRl is due 
to take a decision tn November 
on whether to pomp in yet 
more capital. 

Finmeccanica recently 
appointed a new management 
team at Alfa, following the 
resignation earlier this year of 
its chairman. Sis. Gaetano 
Cortes i, But in spite of opti- 
mism earlier this year, follow- 
ing a lengthy round of labour 
negotiations at the group, that 
productivity could be raised 
and losses cut. the future for 
Alfa Sud remains uncertain. 

The plant has tong suffered 
from high strike losses and 
poor labour relations. Officials 
at IRl do not hide an expecta- 
tion that IRl may call on tbe 
Government for funds if it is 
required to keep the plant 
open, against normal economv 
criteria. 

The alternative could be 
something similar to the fate 
of state foods company, Cnidal, 
closed down last winter in the 
face of heavy losses, and then 
ruooened under a new name, 
with a drastically reduced 
workforce. 


MEDIUM-TERM LOANS 


Long maturity for 
Brazilian borrower 


BY FRANCIS GHILES 

BRAZIL'S Light Servicios de 
I EfectricirJad is currently arrang- 
ing a SI 50m loan through a group 
!uf hunks led by Westdouische 
I Landc-sbank. The borrower has 
! succeeded in extending the 
I maturity on ’he longest tranche 
! of this loan to 15 years, the 
; longest ever Tor u Brazilian 
; borrower. Light Servicios has 
however had in pay a price for 
this extended maturity in the 
form of a high management fee, 
I 1 , per cent, on tbe 15-year 
tranche. 

There are seven banks in the 
management group of this loan: 
Aigemene Bank Nederland. 
Canadian Imperial Bank of 
Commerce. Credit Lyonnais. DG 
J Bank. Mitsubishi Europe. 
!. National Westminster Bank and 
[Royal Bank of Canada. 

I The loan is in three tranches: 
:565m for 10 years with five years 
(grace and a spread of 1 ! per 
'cent; Sti5m for 12 years with six 
years grace and a spread of 1J 
per cent; and S20m for 15 years 
with five years grave and a spread 
of 1J per cent. The borrower will 
be paying no commitment fee 
and the management fee will be 
; per tent on the 12-year tranche 
S per cent on the 12 year tranche 
and 1; on the long tranche. 

Tbe loan will be drawn down in 
one amount, within 50 days of 
signing. Co-managers will be 
asked to take 83m in both the 1U- 
and 12-year tranches, while the 
longer tranche will be placed 
exclusively among the seven 
managers and Westdeutsche 
j Landesbank. Participating banks 
1 will be able to choose to "partici- 
pate in either of the two shorter 
tranches. 

Bantu Somes, of Mexico, has 
jointly siren a mandate to five 


banks to arrange the S225ni 
seven-year loan twitb four years 
grace) it is arranging and oni 


Pareor 
doubles 
earnings 
to $3.5m 

By Our Financial Staff 
PARCOR. the small 


French’ 


which the borrower Ts* paving a [pharmaceutical company whose 
spread „r 1 per eem tbroushoV ligates have been soanns on the 
firirm Rink nf Amp Hoi (f^ns rSOUrSC inis JCar, more 
Chemical Bank. Lloyds Bank I doubled its net p^fits m 

International and Manufacturers ' the fivsl half 10 Frsla ' 4,m 
Hanover Trust. 

Sweden's attempt to avoid 
paying any management lee at 
all on tbe Slbn refinancing it is 
currently discussing with the 
group of banks which arranged 
a large loan for it in March 1977 
has failed: the borrower will pay 
a management fee of i per eeaL 
Last March that fee amounted to 
2 per cent. 

The new loan is expected to be 
for 10 years and will carry a 
spread of per cent throughout 
Two Of the original managers. 

Morgan Guaranty Trust and 
Chemical Bank. ' have retired 
from the management group as 
they felt these terras were too 
fine. 

Another Scandinavian bor- 
rower, Norsk Hydro is raising 
9120m on a private basis through 
a group of banks led by Citicorp. 

The terms of this transaction are 
undisclosed. 

The Belgian company Eternit 
is raising S40m for seven years 
with two years grace on a split 
spread of * per cent for the first 
two years, rising to * per cent 
for the next three and I per cent 
for tbe remainder. These funds 


the first half to Frsl5.47m 
(S3. 6mj from Frs7.54m. 

Owned 59 per cent by Sanofl, 
pari ol the ' Elf-Aquitaine oil 
group, Parcor has excited 
investors’ interest through its 
new Tit-lopidiue drug aimed at 
tiie cardio-vascular market. 

The company's shares are 
listed on the cash market and 
now trade at more than Frsl,074. 
far above their 1978 low of 
, Frs220. The drug is expected to 
(go on sale next year In France 
and abroad. with Imperial 
Chemical Industries (ICI) 
handling British and Common- 
wealth marketing. Dai i chi will 
look after the Japanese end, and 
Parcor is also interested in 
sales to America. 

It is the long-term expecta- 
tions for Parcor, rather than the 
likelv level of I97S earnings 
which have chiefly propelled its 
shares to their present heights. 

Its Sanofi parent also owns 78 
per cent of Laboratoires Labaz. 
which cooperates with Parcor in 
research on problems of blood 
circulation. 

Labaz, also a high flyer on the 
Bourse with an over-the-counter 


iur xoe rc-mamaer. inese j units — . 

will be used to finance the acqui-jP™* of . Frs393 compared with 
sition of a company in the U.S. j } lns ® 2* 'J® 

The loan is being lead managed! 1 . 0 slaI ? marK 0011 ® *ls Depakine 


by Banque Eurupeenne de Credit, 
and the nther managers include 
.Morgan Guaranty Trust. Banque 
Bruxelles Laiiihert-Snciere Gen- i^-y, - fl 
erale de Banque. Paribas and ) Drufi Administration. 
Lloyds Bank International. 


drug for epilepsy treatment in 
the U.S.. where licensee Abbott 
Labor (tori es recently received 
approval from the Food and 


Tag buys control of French group 


THE SAUDI group Tag Inter- 
national has acquired a majority 
interest in a small French elec- 
tronics concern, Societe Occitane 
dElectronique (SOE). AP-DJ 
reports from Paris. 

Societe Gcnerale Pour le 
Financement de Hnnovation 


(Soginnove). whose major share- 
holder is the French nationalised 
Bunk Societe Generate, said it 
has acquired a 13 per cent, 
interest in SOE. 

The electronics firm is France's 
biggest manufacturer of video 
games 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


r?TY? 


C5* 


- .. 

Bid 

Offer 


Bid 

Offer 


Bid 

Oftar 

JTRAJCttTS 



Vail. V/snonstr. 9p c '«•» 'B - 

IUM 

1014 

ECS 8}pc 1989 

94 

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PKbanken in London 

The state-owned PKbanken, 
Sweden's largest commercial 
bank, is to open a wholly-owned 
subsidiary in London in the form 
of a licensed securities dealer, 
writes John Walker from Stock- 
holm. The move is subject to per- 
mission from the Swedish 
Government and the Bank of 
England. 





gSe 






in 


Luxembourg 

Wfe are Ihe wholly-owned subsidiary in Luxembourg of 
Badischa Kommiinaie Landesbank, a leading Germarr 
bank headquartered in Mannheim. Our Eurobanking 
services ina’ude 

Syndicated Euroloans 


In line with prevalent market 
condilions and specific 
dient needs, ive manage 
or participate in selective 
iniemalional loans arrang- 
ed eilher on a fixed-interest 
basis or as a roll-over credit 
facility for borrowers requir- 
ing a flexible choice of cur- 
rencies or maturities. 
Complementing our diver- 
sified Eurocredit capabilities 
in Luxembourg, wears also 
adh/e in money market and 
foreign exchange dealing, 


as well as fixed-interest 
security trading. 

To find out more about our 
Eurobankmg services just 
con I art: 

• Dr K. Krappo - Managing 
Director; 

Syndicated Eurotoans; 

• LOttaviani- 

Money market and Foreign 
exchange dealing; 

• Dc H. Braun - 

Securiiy hading 




BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL SA 

25c Bd. Royal * R O. Box 656 ■ Lu>:cmbeuto-Vil[e • Tel: 4751 44 
Telephone: 475315 (Deateis) 

■felex: 1791, 1792 (Dealers), 1793 iCrpdils) 



* y 




> 


THE SAITAMA BANK, LTD. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Maturity date 30th September 1981 

In accordance with the provisions of Ihe Cert ideates 
of Deposit notice is hereby given that lor the 
initial six-month interest period from 2 7 ll* September 
1978 to 27th March 1979 the Certificates will carry 
an Interest Rale of 10% per antiunu . 

Agent Bunk 

Hill Samuel & Co. Limited, 

London 


ECS Blpc 19*9 

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' Soarcu: Kldtler, Peabody Securities. 



How much trouble can you shortcut, 
when you're setting up a company abroad? 


Setting up a new company or partnership 
abroad is never the simplest of tasks. 

There are, however, ways of getting the job 
done with the minimum of fuss and expensive 
delay. And one of them is to employ financial 
advisers with experience and knowledge, who 
are as keen as you to get the job done efficiently. 

You know this already, of course. 

Which is why, when you're thinking of an 
operation in the Austrian market; you'll 
probably think of Creditanstalt before 
anyone else. 

After ail, Creditanstalt has a unique 


& 


background of experience, when it comes to 
setting up new ventures in Austria. And its 
executives have met — and solved — any 
problem you're likely to come across, many 
times already. 

Again, Creditanstalt as an EB1C bank — a 
member of European Banks International — is 
extremely accessible. 

If you're planning a new venture* merger, 
acquisition or any other kind of business 
development in Austria, call Creditanstalt 
and discover just how direct the path to 
success can be. 


Creditanstalt 

Cneditanstalt-Bankverein, Schottengasse6, A-1D10 Vienna. 
Telephone: (0222)6622-1221. Telex: 74793. 



i 


v 







36 


WnsvnM Times Wednesday September ri .1978 




international financial and company news 


Ml* 


BHP-Esso raises Cobia 


spending to A$200m 


* . i; 

r BY JAMES FORTH 


SYDNEY, Sept. 26. 


: ; IE BASS STRAIT oil partner* 
I .'ip of Broken Hill Proprietary 
' jimpany and Esso, an offshoot of 
1 ' L <ixon of the U.S_ is to proceed 
! Hit the development of the 
!din Cobia oilfield at a total cost 
V about A820Qm (sonic 
.'S$230mi. This was announced 
.”tiar at the annual meeting of 
?HP in Melbourne, by the chair- 
! an. Sir James McNeill. It will 
-ring to almost A8400m the 
piounl conimiued over the past 
: v n months to the development 
f new fields in the Bass Strait. 

• ‘ Last month. Esso - BHP 
'.■'nnounced they would go ahead 
i/ith the development of liic 
| •lest Kincfish Field at a cost of 
fjlose to AS200m. Late last week 
new oil discovery was 
-nnounced in the Bass Strait, 
.’Ehich the partners have named 
.be Forteseue Field. It is the 
;irst time a field has been 
.loclared on the basis of only one 
i roll, and industry observers 
'■ uggest the structure contains 


reserves similar to those of Cobia 
and West Kingfish, which arc 
each about 150m barrels of oil. 

Sir James told shareholders at 
the meeting tiiat they could look 
forward to t'nc current year with 
more confidence than there had 
been for the year just ended. In 
19n -7S the ?roup boosted its 
profits by 55 per cent, from 
A.$59m to AS92m. but mainly as 
a result of increased nil and gas 
revenues. The stepl activities 
again incurred heavy losses. 

Sir James said there were 
some grounds for cautious 
optimism in the steel division 
although the world steel industry 
had yet to emerge from the pro- 
longed and deep recession of the 
past few years. “We do not 
expect a return to. The growth 
rates of the 1960s and early 1970s 
but rather a level of demand 
improving sicadily frnm the 
recent very low levels." he said. 

Shareholders were also told 
that BHP v. nuld continue to 
undertake a major exploration 


Drought 

lowers 

Chamberlain 


earnings 

By Our Own Correspondent 


SAMSUNG ELECTRONICS OF KOREA 


A name to be made in tbe 




BY CHARLES SMITH, FAR EAST EDITOR 


programme for minerals in 
Australia, and where possible 
overseas. BHP welcomed the 
Federal Government's new oil 
policies. 

Sir James also disclosed the 
terms for the recently announced 
debenture issue. The group will! 
seek a basic ASSOni. with the] 
right to accept over-subscription 
of up In As20m. The rates 
offered are 9.7 per cent for six 
yean>. 9.S per cent for 10 years 
and 9.9 per cent for 15 years. 
This is significantly lower than 
interest rates offered recently by- 
other major industrial borrowers 
and takes the corporate long term 
rale below 10 per cent for the 
first time since 1973. Australia's 
second largest company, after 
BHP. CSR is currently seeking 
up to AS30m in a cash and con- 
versation debenture issue offer- 
ing a top rate of 10.2 per cenlj 
for eight years. It appears cer-r 
tain to be rushed with applies- 1 
tions now that BHP has an 
nouncod much finer rates. 


Mitsumi drops 
into the red 
in first half 


Yamanouchi sees major 
boost with drugs success 


By Our Financial Staff 


TOKYO, Sept. 26. 


j YAMANOUCHI Pharmaceutical Fnrmed a subsidiary. Yamanouchi 
-MITSUMI, the Japanese, elec- . eompanv. a major Japanese International, to promote over- 
.trical apliances company, swung!, * jaJ . er „ VD[Jcts reL . fjrd seas sales. 

,inio the red in the hair-year tu dnJ ? may ? r - reuira overseas sales 

July 31. when it recorded a taxed i P^bts and >ales in its cur- by ^ js not SQ w now How . 

.;loss of Y420m compared i rent fiscal year, ending on i_.; er . wn expect uur exports this 

. w/iii a profit of VJlliu in the ; December 31. year to increase a little from the 

• same period of the previous , i\ij_ Hiroshi Shichida, head of previous year.’* Mr. Shichida 

;** ear - Jthe company's finance bureau, said. Last year the company's 

• Sales of the company, the lead- , sai d thal net proBl was expected exports totalled Y473 iii. 

mg manufacturer or variable t 0 total about Y3bn tSlflmi. up Yamanouchi products were 

• condensers, tuners and related , u.g per L -ent rrom Y2.Slbn last “enjoying a high reputation 

• products. . rose by 6.b per cent; year> sales are projecled at among overseas pharmaceutical 

viRiih'“ lfaa from : about Y62bn ($330m). up 9.3 per companies, particularly a new 

lloalbn. jeent from Y56.72bn in the antibiotic, * Josamycin,' which is 

I previous fiscal year. patented in the U.S.. Britain. 

Matsushita Malaysia ! The Chier reason for the J}!*** Germany and France.” 

rornrrw:°pH»«:Rtic rMillook. he said, was products and bulk sub- 


SYDNEY, Sept 26. 
THE agricultural machinery 
group. Chamberlain Holdings, 
suffered a reverse in 1977-78 
when earnings tumbled 60-3 
per cent, from AS5.78m to 
AS2.29 iil Tbe downturn 
occured despite a small in- 
crease in sales from AS98m to 
A£lQ2m. The directors 
attributed the poor result to 

drought' in most Australian 
states, combined with “fiercely 

competitive" market condi- 
tions. resulting in price cutting 
to reduce excess stocks. 

Pre-tax earnings fell even 
more sharply than the net 
result, dropping from A59.66m 
to AS2.35m. The bulk of the 
downturn came in the fir«t 
half when profit slumped from 
A 52 .9m to only AS7.000. 

The directors said that con- 
ditions had improved with a 
marked increase in sales in 
the current year. There were 
indications that the market 
could return to normal market- 
ing conditions. 

The Board said Chamberlain 
would spend ABKhn over ihe 
next five years to expand 'its 
manufacturing and assembling 
facilities. The U.S. machinery 
group Deere and Co. owns 
almost 30 per cent of Chamber- 
lain. 


Solid growth 
by Barclays 
Discount Bank 


By L. Daniel 



tU.S.Sl.Tm) for the Urn haif'of j ncw tranquilliser. Other ne 
the year, writes Wong Suiting : dings put on sale -hy the rum 
from Kuala 
by 16 per 
The company 

the continuous appreciation ... 
the yen would increase the cost j immunity medicine. 


In Taiwan, both mamifnctar 



oF raw materials, and that this; Yamanou chi's national sale 


Boehrinser Mannheim, or West 
Germany, F. Hoffmann la Roche 


proiiti,Ml,y ln i eisht br “ cb “ L3borai 0 0 r , |M W o?'thS n u.s! 1 R t |c™5 


the second half. j and 27 sales. olfices. 0 r Switzerland. and Carlo Erba 

Meanwhile, the Malaysian sugar | Sonic 4o per cent of the com- of Italv. 

refiner and trader. Central panv's medical products are sold The company spent Y4.Rbn on 
Sugars Berhad, has disclosed; to hospitaL«. 47 per cent In research last year, or S.6 per cent 

it has recently incorporated a physicians, and S per cent to or its overall sales, and plans to 

wholly-owned subsidiary in Hong ’ retail pharmacies and drugstores, spend about the same this year. 
Kong, to trade in commodities, i Last September, the rnmpanv AP-DJ 


TEL AVIV, Sept. 26. 
BARCLAYS DISCOUNT Bank, 
a subsidiary of the Israel Dis- 
count Bank, reports that Its 
balance sheet total rose by 47 
per cent during the first half 
of the current calendar year to 
I£S.4bn (S480m). This is more 
than double the rate of in- 
flation in this period. Com- 
pared with Jane 30, 1977. the 
rise was 140 per cent, against 
au inflation rale of 34 per cent. 

The hank increased its capital 
funds in the first half or the 
year by the issue of capital 
notes, which brought in 
IflSflm. of new capital, bring- 
ing the total of capital notes 
issued to l£248m and capital 
funds to I£303m. Deposits in- 
creased during the six months 
by 46 per cent to I£?.3hn, 
credit extended hy 70 per 
cent to l£4.1bn. 

Barclays Discount is contin- 
uing to expand Its network of 
branches, now totalling 63. 
with three more slated to 
open before end-1978. 


NO OiYE LV EUROPE and hardly 
j anyone in the U.5. has heard of 
{ Samsung colour television sets — 
[ but they will be bearing about 

■ them soon. This Korean company 
j (Samsung Electronics Company 

■ to give it its full name) expects 
, tn have shipped 30,000 colour 
; TV's u» North America by the end 
! of 197S. and will be “ starting on 

Europe” after, one or the main 
iTelefusken patents qb the Pal 
; broadcasting system expires in 
li9S0. 

■ Americans have not heard of 
I Samsung because most of tbe 

• sets the company exports to the 
j U.S. bear the labels or well 

known D.S. department stores or. 
J in some cases, well known U.S: 
; electronics companies. That 
does not alter the fact that Sam- 
sung is turning out colour TV 
sets for the U.S. market so fast, 
[these days, that stacks of them 
| are " parked ” in the open air 
j outside its Suwon plant some 40 
kilometres south of SeouL “We 

■ are going to build a new 
[ warehouse soon." says Mr. Soo 
: Jin Chung, chief of the planning 
| section. “ but things move so fast 
I here that at least one part of 

our production and distribution 
i system always seems to be 

* out of step with the rest.” 

' Samsung Electroni.es is one of 
five electronics concerns in the 
big Samsung conglomerate, a 
kind of Korean replica of tbe 
Mitsubishi group. The oldest of 
the five is less than ten years 
old. but the managers at the 
Suwon factory claim that already 
their operation is one of the 
largest in the world in terms of 
daily output of sets The opera- 
tion started! in 1969 as a small 
scale joint venture with Sanyo 
Electric- of Japan (which dic- 
tated marketing policy and. say 
the Samsung men. kept a tight 
grin on the supply of technology!. 

Three years later Samsung 
made a partial breakaway from 
the joint venture when it set up 
its own wholly-owned TV 
assembly operation. The partner- 
ship with Sanyo was finally 


dissolved last summer leaving 
Samsung in soic control of opera- 
tions at Suwon. In spite of the 
break-up- Samsung and Sanyo 
continue to work side by side m 
a separate company which 
supplies components to the 
Suwon factory. 

The rate at which production, 
sales, and employment levels 
grew while these changes were 
taking place makes the perform- 
ance of Japan's ciectroaics manu- 
facturers. even in the golden age 
of tbe 1960s. look torpid- Sam- 


Jn terms of co.st and QUalitf 
control, the Suwon operation still 
diverges from the Japanese 
modeL Costs are lower (Korean 
sets sell in the U.S. f°r 20 per 
cent less on average uja 
Japanese sets) because our 
wages are one-quarter to one- 
fifth of theirs,' says the Suwon 
general manager. Mr. Kt-fcun 
Han. 

Quality control is improving 
fast, but Samsung admit* that 
this has vet to match the urtu- 


Sarastmg’s Smron TV operation started in 1969 as a small- 
scale venture with Sanyo Electric of Japan hut a break was 
made in 1972, with the partnership being finally dissolved last 
summer. The rate at which the Korean company’s production, 
sales and employment levels grew while these changes were 
taking place makes the performance oE Japan’s electronics 
manufacturers, even in the golden age of the 1960s. look torpid. 


sung Electronics had 600 workers 
(roughly the number employed 
a« tbe Sony colour TV plant in 
South Wales) when it started up 
independently of Sanyo in 1972. 
Between them these workers 
generated exports worth S420.000. 

At present, the plant employs 
11.000 workers and exports la 
197S are likely to hit SlOOm. 
Samsung is srifi mainly a black 
and white TV manufacturer 
f hardly surprising since colour 
TV broadcasting has yet to start 
in Korea itself). Its production 
capacity- for black and -while sets 
i« pitched at about 2m units For 
197S. with colour capacity 
{started only April 1977) just 
touching 500.090 sets. 

Almost everything that Sam- 
sung does at Suwon, or plans to 
do in the future, is consciously 
geared to catching up with or 
overtaking Japan. In terms of 
the sheer size of the operation 
the company claims that the 
Suwon factory is already ahead 
of- any Japanese sine Je plant 
since top producers like Matsu- 
shita Electric, though ahead in 
total numbers of sets, divide 
their output among a number of 
different plants. 


ally flawless record of Matsushita 
and other top Japanese makers. 
“Matsushita's automatic quality 
control svsteni means that the> 
prohablv'hacc a defect ratio of 
less than 0.05 per cent, says 
Mr. Han. “We should be able to 
challenge that when the time 
comes to automate our operations 
more fully.” , 

That time is not yet, because 
of the above-mentioned disparity 
in Korean and Japanese labour 
rates, but it may not be too far 
off. Mr. Han notes that two 
years ago Samsung was receiving 
at least 500 applications for 
everv 100 jobs advertised at 
Suwon. Last year, the ratio had 
shrunk to two applicants per job 
and since ihe beginning of 1978 
applicants and job opportunities 
have been roughly at par. 
Suwon. in common with other 
factories in the huge Samsung 
group, has no trade union (and 
no intention of permitting one 
for the time being) but wages 
go up by 20 per cent to 40 per 
cent per year — as East, or slightly 
faster, than those in other big 
Korean industrial groups. 

Apart from quality control and 
price. Samsung has two other 


ways of measuring, its perform- 
ance against Japan. . They. are 
its ability to stand on its own 
feet in the fields of technology 
and in the supply of components. 
Samsung's black and white TV 
sets are now 90 per cent Korean 
in value terms (with about half 
the total coming from anoth er 
group member, the Samsung 
Electronic Parts Company).- in 
colour TV ihe situation w re- 
versed:- Japan remains over- 
whelmingly the main source of 
components.. •* But." says Mr. 
Han, “we plan to change tai« 
in two years, and when we do we 
will at last be ready to attack 
the colour TV market in Japan. 

In technology. Samsung was at 
first Wholly dependent on Sanyo 
and other. Japanese companies 
but has now outgrown thar stage 
as far as black and white sels 
arc concerned. Negotiations for 
the acquisition of colour tech- 
nology' from Japan lasted four 
-years' and became bogged down 
on questions of royalty.. Sam- 
sung claims tbat.it finally de- 
signed its own colour set — Though 
not. apparently, without the 
assistance of a handful- of 
Japanese engineers who bad 
been successfully hired away 
from their original- employers. 

Samsung claims that both Sony 
and Matsushita declined its 
offer to buy their versions of 
video tape recording technology 
(although elsewhere in lie 
world the two hare been compel 
ing strenuously to find customers 
for their rival systems). The 
Japanese industry apparently 
takes the view that, given the 
rate at which Korea and some 
other Asian nations are catching 
up in TV set manufacture, YTR 
had better remain a Japanese, 
preserve for the tune being. 
Samsung acknowledges that its 
progress may have received a 
check in this direction— -but not 
perhaps far long! It has signed 
an agreement with RCA of the 
U.S. for the acquisition of video 
disc technology which could be 
a successful challenger to YTR. 


Zung Fu lifts 
half-year profit 
and dividend 


Strong increase in new 
Filipino share issues 


MANILA, Sept. 26. 


By Our Financial Staff 


Tasek Cement 
ahead despite 
price controls 

By Wong Sulong 
KUALA LUMPUR. ScpL 26. 


■~~F 


"N 


THIS ANNOUNCEMENT APPEARS AS A MATTER OFflECORO ONLY 



BANK SAKHTEMAN 

[CONSTRUCTION BANK] 


U.S. $50,000,000 

MEDIUM TERM CREDIT FACILITY 


MANAGED BY 

CHASE MANHATTAN LIMITED 


AMSTERDAM-ROTTERDAM BANK N.V. 
BANK MELU IRAN 

CHEMICAL BANK INTERNATIONAL LIMITED 
CREDIT SUISSE 
THE FUJI BANK, UMITED 
MIDLAND BANK LIMITED 
NATIONAL WESTMINSTER BANK LIMITED 
THE TOKAI BANK, LIMITED 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


14th SEPTEMBER, 1978 




J 


i CAPITAL INVESTED in new enterprises, a figure that suggests 
. : stock isues of Philippine com- the S143Rm invested in such ven-. 

Zl’MI FI i Company. Hong Kong. parties so far this year already lures in all of 1977 will be sur-| TASEK CEMENT Berhad. ihe 
ihe offshoot of ihe trading house, exceeds the total for all of 1977. passed this year. ‘Malaysian cement manufacturer, 

Jardinc Matbeson increased its according to the Philippine The rate of investment in new { again achieved record profits, for 

consolidated orofit after tax and ■ Securities and Exchange Com- enterprises has declined in the 

aiinwllu™ r l nl l Sv mission l SEC) records. last two months, however, to 

, a . ov \ a " ce f° r rai "°ritics by A one .; orK>ne stock dividend Sll.lm in July and the same 

/about b per cent w ut? half year by San Miguel Corporation amount in August It averaged ( After-tax profits increased by 

to June 30. to HKS11.6m accounts for a large pari of. the S15j!ro per month in the first j 16 P runu -- ~ ^ 

I (U.S.S2.4m). or 6.4 cents a share, increase. half of the year. 

veu- Comparisons cannot be made 
individual months., .of 


the financial year to June, and 
has declared a one-for-five scrip 
issue. 


The increase took place in spite Paid-up capital in new 
of delavs in shinment* of tares registered with tae SEC between 
it arpiwToc-Ran r nar* hv o durtn ? ti»c eight months of this year and last, because tbe 

Mercedes Benz cars caused b> a t{ie year. - together with net SEC did not compile investment 
factor?- strike. • 


increases in the capital of exist- figures on a monthly basis in 
The interim dividend is raised iag businesses totalled S317.3m. 1977. 
to 21 cents, which represents an fn the whole of 1977. the SEC Xew share capital in existing 

increase of 20 per cent on the ■ reported less than 82S0m of new businesses, however, continues 

1977 interim after allowing fnr capttai - to expand at a greater rate than 

f Tne stoek dividend to San last year, the SEC fiCTres show, 

the one for-five strip issue in ; Mi gue l shareholders was com- In the first eight months 6uch 
Ma - V - ; Dieted late last month and new capital totalled 3204.2m. 

All departments are perform- . accounted for S4SJ2m or this against less than S14Sm in all 
ing to expectation- say" the direc- ! year's increase, based on the par of 1977. 

tors, and the board expects. : value of 10 pesos ($1.36) a With the exclusion nf San 
barring unforeseen cireuni- share. (San Miguel’s stock trades Miguel's now slock, additional 

stances, to recommend a final at over 35 pesos.) capital in existing ventures was 

dividend of not less than 3i New capital registered with S159m in the first six months of | 
cents, bringing tbe year's divi- ! the SEC during the eight months this year, totalling S32.5m 
tlend to 6 cents, also represent- included some $II3m in paid-up August alone, 
inc a rise nf 20 per cent. capita! of newly registered AP-DJ 


per cent to 9.3m Ringgits 
<U.S.$4.1m> despite the com 
pany's failing to obtain Govern 
ment approval for a prire 
ino-ease in cement 
A final dividend of JO per een*“ 
is declared, making the year'? 
total to 17.5 per cent 


The scrip will not be eligible - 
for the final dividend, but. the-— 
company says that the annua 
dividend rate of 17.5 per cenl.i;.. 
expected to be maintained on thf 
increased capital. 

The inability in persuade th* 
Government to allow for a prici 
increase in cement has-- beer 
blamed for a. decrease, in profit**" 
by Tasek’s competitor. Malayar 
in [Cement Berhad. half-year prp;tiw 
I profits of which fell by IS per 
’ cent to 2.34m Rmggits (U.S.SJmt. 


I'-V 


?! t F * 


it • r - • 


This announcement appears as a matter of record only. 



WiUS I 


Mineracao Vale do Paranaiba S.A. 
(VALEP) 

Subsidiary of CompanhiaVale do Rio Doce - 


U.S. $30,000,000 

Medium Term Loan 


Guaranteed by 

The Federative Republic of Brazil 

Managed by 

Chemical Bank 
International Limited 

Libra Bank Limited 

Provided by 

Banco Naciona! S.A. [Brazil) 

Canadian Commercial 

and Industrial Bank ■ 

Chemical Bank 

Cooperative Centrate 
Raiffeisen-Boerenleenbank B A 
(Centrale Rabobank) ' 

European Brazilian Bank ■ 
Limited -EUROBRAZ 

Libra Bank Limited 

The Mercantile Bank of Canada 

National Bank of North America 

Northland Bank 

The Royal Bank of Canada 


i 


I - 

».?v» " 




-- x 


“V. 






Agent 

Chemical Bank 


•'L* 

* -. j 


August. 197 S-: 


— > i: 
" = '0 


r mm 








Financial- Times Wednesday September 27 1978- 


?.**«*•* ; '•••.« w 


The dollar rase quite sharply in 
thin iate trading, to finish around 
its best. level of the day against 
most major currencies, and 
slightly firmer than Monday's 
closing levels in some cases. The 
U.S. currency touched’ a low 
point of DAI 1.9290 against the 
D-mark around, lunchtime, but 
dosed at DM 1.94523, compared 
with DM 1.9422} on Monday. The 
doUar also foil to a record 
SwFr 1.4510 m terms of ihe Swiss 
franc at the same. time, before 
dosing at SwFr 1.4545. compared 
with SwFr L4910 previously. The 
Swiss franc's appreciation con- 
tinued to rise, touching a record 
110.3 per cent; compared with 
108,6 per cent previously, accord- 
ing to Morgan Guaranty of New 
York, while the dollar's deprecia- 
tion improved to s.2 per cent 
from 9.4 per cent 

Market sources could suggest 
no particular reason for the 
dollar’s late improvement, apart 
from possible central bank inter- 
vention in a thin market. 

Sterling opened at S1.970f>- 
$1.9710 and touched $1.9840-1.9850 
at lunch, before reaching a high 
point of $1.9865-1.9875 in the early 
afternoon. ' As the dollar 
recovered, the pound fell to a low 
point of $1.9675-'L9ti85, and closed 
at .51.9710-1.9729, a fall of 40 
points on the day. Sterling’s 
trade-weighted index, as calcu- 
lated by the Bank of England, 
felt to 62.7 from 02.8, after touch- 
ing 62.9 at noon and opening at 
K.S. Forward sterling remained 
weak, with the throe-month dis- 
count against the dollar widening 
to 1.78 cents from 1.70 cents. 

Weaker members of the Euro- 
pean currency snake probably 
required some official support 
during the day. 

NEW YORE— The dollar firmed 
against major currencies in early 
trading, reflecting profit -taking 
after, the recent sharp fall. The 
statement by Mr. Michael Blumen- 
thai. the Treasury Secretary, that 
the administration expects ah im- 
provement in ■ the U.S. current 
account deficit next year also pro- 
vided some help. 

PRANKFUTn^The Bundesbank 
did not intervene when the dollar 
was fixed at DM 1.9336 yesterday, 
compared with ' DAI 1.9490 on 
Monday. This was the second 
lowest fixing level ever for the 
dollar, and was sharply lower than 
the opening level of DM 1.9470. 
The -lowest level ever touched 
was DM 1.9290 at the firing on 
August 15, while the dollar's per- 


formance against the Swiss franc 
yesterday .was even worse than 
the rate against the D-mark. This 
pushed the Swiss currency to a 
record high in terms of the D- 
raark, as h was fixed at DM 1,3270. 
up from Monday's record level of 
DM 1.2928. This led to suggestions 
that the German currency is iiuw 
greatly undervalued. The Dutch 
guilder was fixed at DM 92.00 per 
100 guilders, slightly above its in- 
tervention point of DM 01.905. 

BRUSSELS— the Belgian franc 
was fixed at BFr 15.76.7 against 
Ihe D-mark yesterday, slightly 
above Us floor of BFr 15.765 
under the terms of the European 
currency snake, but weaker lhan 
Monday's level of BFr 15.749. 
Anticipation of a rise in the 
Belgian central, .bank discount 
rate, following the move by 
Holland, may have prevented Hit* 
Belgian franc weakening further 
against the D-mark, while the 
continuing strength, of the 
German ' currency pushed ihe 
Belgian franc to a record level 
against The dollar- The dollar was 
fixed a: a record low or 
BFr 30.4475. compared with 
BFr .30.70 on Monday, and ihe 
French franc also "lost ground 
against the Belgian currency 
when it was fixed at BFr 0.9905. 
compared with BFr 7.00 
previously. 

MILAN —-The Swiss franc 
touched another all-time high 
against the lira at the fixing, 
jumping 3 per cent to' LoftkSf). 
compared with TJMGJj on Monday 
The D-mark also reached a record 
level, at L425.83 against ' L423.S(i 
previously. The dollar was fixed 
at 1*23.05, down from L826.Q5 on 
Monday,* rind the yen was slightly 
lower, but the guilder, sterling, 
and Scandinavian currencies were 
all firmer against the. Urn. Trading 
was normal, with the Bank of 
Italy selling 53m out of the $12.6m 
traded at the fixing. 

AMSTERDAM — The dollar wa*» 
fixed at FI 2.0990. compared with 
FI 2.1185 previously. 

TOKYO — The dollar closed 
slightly firmer against the 
Japanese yen. helped by initial 
reaction to President Carter's 
speech rn an International 
Monetary Fund meeting in. Wash- 
ington. The dollar opened at 
Y1S7.69. its low for the day. nnrt 
rose to a high point of Y1S8.90, 
before closing at YlgBJSj, com- 
pared with Y187.82J on Monday. 
Spot volume was S44Jm. and 
forward and swap trading totalled 
$776m. '■ 


’■2f, If :‘S- V •- 


THE POUND SPOT 


C ur reijcy^Mpoey $a(L & 


Dollar recovers 
early losses 




JiluiLi 
Svjit. '-6 'ran.*.' 


Uni'll 

i'llrxii 


CtuflO. 


* J 

< HLuu I ml I f’ 
I'mililirr | 
Ui’lgmn P. | 
IMiiibIiK. I 
JMInrh ■ 
Von, I*.*-. ! 
S|<au. iV.H. ! 
l.irn | 

5r h f;n. K. 

* reiicli Pc. j 
vreilir.fi Ki 
s in ! 
Aiirirui f?chj 
it* Fr, 1 


H 1 1.987b 1.9075 
“lj 2.5!Bfl.3.:«W 
swl ■>. 164.1B i 
6 I 60.30.60.85 
8 j 10.59. 10.6$ 
= 3. '2.3.88; 

Bfl.ba-H.70 
142.70 143.80 
l.ts22*1,nS6 
1U. 15-10.19 

b/jSsAfl 
8.67 is.it 
S70-A/B 
27.70-27.90 
S.flS 2.57 


Id 
8 , 
10u. 
■J ■ 

Stiff 

file! 
air 1 
4i a : 
i . 


,1.9710- 1.9720 
i7j.205 3.6215 

: 

60.40-50.50 

ilU.59UlU.iDj 

i48.fctHi9.l0 
■U2.7U-l42.mi 
: ;.hi2*-l.t2 i 
■ lU.1fi-.--IU.17J 
; 6.f6-s.W 
i fl.e& .-i.ifli 
872i-ii4i 
1 57.70-27.80 
1 2.901. 2-9SJ 


Bclcuti raiu is far Lornvrtilile francs. 
Flrundal Irime k.Oh^.Oj. 


FORWARD AGAINST £ 


On** merfub ; ■>. jui. Thwummh*, ^ \*a. 


DJ5-4l.65r.puL | 
0J5-0J6. .pm. 
2Ju-lto f.jiiu I 
25-15 1. 1 nn 
|mr-2 *11 v 'tin 
oi*-',.-; pi jim; 
30-lfaD l- till. - 
25-125 v.'l i*. 
4*-6i liri- *li** ;• 

2 i’lr imi jiar 

Oi-2'{ • 

4 3*rei>m ! 
i. 70 a. 40 [in 1 1 
I/-7 nn> pm , 

V.|'lll ; 


4.26 ! 1 03- 1.75 .-- 1.111 
4.55 2 25-2.1w.piil 

5.JB fi I 9-4l2 ton 

i.ai '55-35 r. yin 

1— l.lS !a-5in-ill*. 

10.16 fSh.i-ESa pi j.m 
- 13.511JWMI30 Qh. 
-B.ta I lbu-SbO r. ilia 
-5.62 ;1!-16 lire .I 11 
7.19 ,4 a 2i on* pm 
4.52 pro 1 

4.14 >lu-4 nn- pm I 
10.84 IJ.&0- 9.26 ypiir 
s 19 jan-au m.-pm , 
IS. SO . i-isv. in* . 


3,61 
3.79 
4.7B 
0.37 
-1,50 
9. SO 
— lfl.55 
- 5.60 
-5 51 
1.38 
3.71 

4.14 

10.04 

6.04 

12.14 


tiU-momh forward dullur 
12-niuDib j. 7>3 to ci»n. 


September 2fc 

Day's 

spread 

Close 

tanad n S* 


(X.W44.U 

NmldiT 

2.1U0-2JU5 

2.117M.U85 

Hi- J r i aii Fr 

30^0-30.61! 

3O.M-30.M 

Danish Kr 

S-3550-5-3M5 

5.37U-6J77S 

H-Marlr 

1.9355-1.9515 

LMWiWlS 

Pun. Em 

45^45 JS 


Liri 

SZ3J0a2k20 

K3^S-823.7S 

Ni-Ktn. Kr 

5.1330-5 15SO 

5JS70-5JJ®® 

KniKh pr 

UB04-3BM 

'4375MJB50 

SuTdisn Kr 

1. 3115-4. atito 

4. 4050-4. 00M 

Yh 

mi5-lOTJ2& 

un.B0-ra.2B 


THE DOLLAR-SPOT 


.'■iibirio sji 

Swim Fr 


HtW-KUl 

1-4615-1.5000 


M.MJ-1UX 

1JMO-L5C0B 


‘ U.S. ccms pc-r Canadian *. 


FORWARD AGAINST $ 


One month 


p.a. Them* months P.a. 


BJUc dis-ow pm — 
0J8-023C pm £02 
Xc <Us-lc pm — 
£00-2 -Store dls -5.02 
1-QW.95PT pm Sii 
ZS-UScdls — 2Z45 
UHUH ircdls -tM 
0.70-1-2001-* dis -201 
0J.T-0.Q2C pm 0.54 
0 JM JOero pin L09 
1.20-UBy pro 8.13 
4JB-3JXtorn pm 2.98 
LM-UOSc pm 8.22 


OJUcdi^JQcprn 0.02 
0.7U.MC pm 1-71 
3c pm-pir 0 j 55 
6.2S4.1SUTC dls -403 
2.17-192pf pm 5.90 
■BMOOc dls -ZL57 
10 Mi: lire dls — 5J1 
?-10-£50ore dis -102 
0.£-0.1Qc pm 032 
1.30-l_lBorc pm 109 
3 -20-3JW pm 6-58 
10. OO-i- 50 9 ro pm £48 
3JS-3JUC pm £84 


currency rates 


September 3 


SurllTIB 

U.S. dollar 

Canadian dnllnr 
.Misrrian .^.-billinji 
is.-i*iun (rune ... 
Haul'll krnra- ... 
Dtutft-ti-j M4rtf , 

Cullrtrr 

I'n-iKii franc .... 

Lira ;.. 

Vi n 

\nrH-nijn Krone 

Pc seia 

Swedish krona ... . 

Swiss franc 


CURRENCY MOVEMENTS 


Special 

Drawing 

RiShts 

European 1 
Unit or 
Account 

September 2b 

Bank nf Mgrsan 
Ensiaed Cuaramy 
Index changes “■ 

UitU 

0.66382b 

L-3C733 

bii'rbrc 

U.S dollar 

... 62.70 

.. 83.90 

- 41.0 

- 9.2 

1^0417 

1-5343 

Canadian dollar .. 

79.79 

- 17.6 

UJU76 . 

10.4401 

Austrian schtninc 

.. 14106 

+ 18.0 

35J&04 

00.1141 

nebjiun Irani- ..... 

.. 111.74 

+ 13.2 

6 87957 

7212550 

Danish krone .... 

.. 11003 

+ 5.1 

ounoob 

2JU794 

Ei-ujsi-h.- Mark .. 

.. 143.41 

+ 36.9 

Z7M22 

2.77BB0 

Swiss franc 

.. 219.11 

+110J 

S.U2S3 

5.72913 

Cuildrr 

.. 120.62 

+ 17J 

1056312 

1079.96 

Kriutli franc 

.. 97.93 

- *J 

234.655 

245-925 

Ura 

.. 56.05 

- flli 

— 

6.75333 

Vi-n 

.. 153.63 

+ 51.9 

■&03S0 

95.0051 

Based nn iradc- wulfhlrd chanties Irom 

5.63521 

5.75906 

W,i-.tun=ton aiirii-niL-iir pi.Hvmbir, 1971 

1.92849 

1.97000 

• Hank ur EnKland 

IiiduX=lUl 



OTHER MARKETS 


is 


L 


& 


C 

N»ieUale>. 


Aii>rulum IV-i | 1.7031.707 It 63.8 l-t6: .B4 ',Vnnina 

.Iii-iimIm U»tlMt ... J I.7C41 1 . ■ US LU.u> 36- .cm 47 jbeluiiim 

Kliiln n>l Markka .... | 7.95 7.96bO ,4x330-4.0350 Ih*nniari; 

Rnizil I'nirwm | S7.42-;tt.4S J lt..9S 19.-9 IFraih** 

>'!iwxi liraetiniH .. l71.421-73.t68i ifc.23a7.il lilMTnani 

ll.inj; Kod£ Lhillin-. i 9.937 9.39 i4.75UO-4.'»4. »0 .linlv 

Imn J.’wl 2.-.6142 j 69.98 72.03 (Jaran 

Kuvinil ISmariKdil 0.5a0-^.t>*0 ' O.ifafa 39 

LiiAruiIauirv Kran. * 60.4-. 60.5 j } 3u.60-30.67isl.V(irwa\ 

MhIhv*.Ir Ihillai*. ..I 4.5Q-4.al50 i’.uEI -<j.2<_6 !. 

//TNiao.1 Uollai ; I.t510 1.a5a0i0.9383 .9^10 pi«in 

iMml.' Aiwl.ia Itieni' &.^06 a 0 • j.2970 3.;477 ■ si iuvrlmi.1 .... 

Smjpil'iire JfciJIai....' 4.392.4.-050|d.^3a5-UJta4O ,1^ mini Siaicn., 
**.wilti Alnmtn 1.7150 1.7250. .-.6699-0.6750 lYiujutona 


27.50-28.50 
b2.7d-bi.30 
10.55-Z0.70 
S.bU-8.70 
3.60-3.90 
159 -]t40 
a/1 361 
4.12-4.12 
10.12 1L.22 
19-104 
142i : 147I 2 
2.90 3.00 
1.B7-1.9B 
38.00-41. OH 


Rate tiven far Artetaina is free rut. 


EXCHANGE CROSS RATES 


Sepu 1-6 | 

| Pound alert. nu 

; L'.H. Uu'tor ; 

1 lh-uiscln-MnrklJnfeiniM* Ifenj Kmn-ii Praucj 

s*i>s b'nnn 

j Mulcli Uullili-i 

j itftiitti Lim 

: t'*u«itn Dollar 

( Uets'Hii Pram* 

- . Pound btedlne 
• IT.s. Dollar 

v. ; 

O.SC-7 ! 

1.972 j 

1. . j 

a.d43 
1.949 1 

373.6 

169.4 

1 8.618 
| 4.a7i 

2.928 

1.485 

J 4^78 ; 

| 2.119 

ItSS 

823.2 

J 2.321 

! % 1.J77 

60.45 

30.66 

Deutsche Alsrk 
.: JspeiMe Yen 1.000 

0.5160 

I 2.677 

0.513 | 

-6.276 j 

1. 

30.29 1 

97.20 

■louue j 

2.243 

23.07 

0.762 

7838 

i 1.067 

j 11.18 

422.4 

4c 46. 

j -.604 

1 6.814 

15.73 

161.8 

Pieradj Franc 10 

Bwiiis Franij 

1.160 j 
0.542 . | 

2.288 
0.673 I 

4.459 j 
1.313 | 

■433.4 
127.6 | 

Ik 

2.944 

4.397 

i. 

i 4.£48 I 
! 1.427 | 

1883. ; 

854.4 i 

8.693 
' 0.795 

70.15 

20.65 

Putfch Guilder 
luilsn Lira IJW0 

0.2*9 

0.616 

0.472 J 
■ 1 :*»* ; 

0.820 1 
a.=6B 1 

69.41 . j 
23ai 1 

2.063 

5.310 

0.701 
. 1.604 

{ . 1. i 

j 2.674 1 

588.9. j 
iouq; 1 

0.656 

1.450 

14.47 

37.25 

Ppnsd ton Iki liar 
Jtoiifisn Franc 100 , 

0.451 

1.604 

U.640 ! 

5.261. J 

1.636 ; 

6.C56 . 

160.9 J 
HJ 7.9 ! 

Ail IS 
14.26 ! 

1.861 

4 845 

! i.eoo 
■ ft<*n : 

689.3 ; 

£ 86. > 

- 1. 

5.B40 1 

26.04 

10-. 


EURO-CURRENCY INTEREST RATES 


Sept. J6 

Scerlmc 

U.S. Dollar 

Ufiomlmn 

Duller 

DulchUnihlGT 

owl-.'- fra ot- 

» e«* Licrncui 1 j 1 1 

lliu-h ! French fmni- ; luuian Lira ■ Allan 8 ! Jaieneio Ten 

.■(Short term 

7 dnj*a uuefee 

Month — 

Three moasha... 
6i*mranUs_.„. 
One rear 

12, 12 '2 
12V1314 

123 4 -i3u 

13-131" 

123,-13l t 

B5e4-ra 

BJ,-034 

9-9U 

®t’e-9ti 

934-10 

93*- 10 

8*i-9i* 

a»4-0ii 

8-’a-9i« 

9iV9;i' 

8^-9f# 

612-63* 

7- 7I* 
7i«.7T e 

Bj-.', 8;-.; 

B-BM 

8- 81, 

3e-ij 

W‘Hf 

li-H 

■iisl 

1 (•.!,> 

3^-S.T 7: S .7J« ; 1727 

fiy-f.v- I 7 *b-73« 18-22 

3-jr3» 2 B;i-a;L' 16-20 

SiV®.If ; B':-® 1 : > 15i2il€>l2 

3»a 3-, . . 9Ta-i0ifl ! 1512 -I 6 I 3 

35i-3; e ; 1013-105B ! 16-17 

8iv.-8;is 

9-91(1 

A 

0-<4-9»9 

9^4-97, 

ai. T -4« 

3*4-41* 

8*6-3 

3i*-35fi 


The fottowuiK nominal rate* were named for London dollar certifies. ws of dtpo- siu uw> monili 9.05^.95 per corn; three months 9.10-9.39 per cent: nut xonnihs 
1^5*930 per cool: one year 9.05-9-55. 

Lonjf-iprm Eurodollar dcposiis: Twn years K-Sf p-:r riot: rtirre rears 9:-0: D er cent; four years 9:-9I pi-r /vmO five years K4U per cent nominal rloainir rate 
Short-term rates are call far sterling, U.S. dollars and Canadian dollars: two days* call far guilders and Swiss franun Aslan rales are iIosiqb rales In Singapore. 


INTERNATIONAL MONEY MARKET 

Fed holds down rates 


' The U.S. Federal ‘reserve 
entered the market yesterday to 
provide temporary reserves by 
making overnight and two-day re- 
purchase orders. The curreui 
tight conditions appear to be a 
result of particularly heavy tax 
payments and it is not likely that 
the authorities will be able to 
relieve the situation for some 
-days to come. Although Federal 
funds were trading up to 0} per 
cent at one point it is stiff 
believed that the Fed. is aiming 
for a target rate of 85 per cent. 

Thirteen-week Treasury bills 
were quoted at S.07 per cent 
Compared with an average S.lOtJ 
per cent at Monday's auction 
while 26-woek bills rose to 8.30 
per cent from 8.276 per cent at 
the auction. . One-year bills were 
also up at 8.18 per cent from S.17 
per cent late on Monday. 

AMSTERDAM — - The official 
Dutch call money rate was raised 
to 5J per cent from 4| per cent 
following Monday's rise from 4} 
per cent to 5J per cent In the 
Bank Rate. Interbank money 

UK MONEY MARKET 


market rates were sharply firmer 
with one-month money at 7J-7J. 
per cent from 6-1-65 per cent and 
three-month at S-Sj per cent com- 
pared with 7-7 J per cent. The 
six-month rate was also firmer' at 
8-8J P*r compared with 7i-7J 
per cent. 

BRUSSELS— The ra.te on four- 
month bond fund papers was 
raised to 7.5 per cent f row 725 
per cent at Tuesday's auction. 
This follows Monday s increase in 
one to three-raanth Treasury 
certificates and there is now a 
stronger feeling that the discount 
and lombard rates will be raised 
from their present level of 6 per 
cent at today's Central Eank meet- 
ing. This is further substantiated 
by a rise in the Dutch discount 
rate, since the Belgian franc and 
the Dutch guilder have been, 
trading on or around their lowest 
permitted levels agaiast the 
D-mark within the European 
“ snake." 

Deposit rates for Belgian franc 
(commercial » were unchanged for 
one-month at 7J per cent while 


longer-term rates were firmer. 
Three-month deposits rose to 73 
per cent from 7i per cent on 
Monday while the six-month rate 
was quoted at 8 per rear against 
7J per cent. Twelve-month 
deposits were also Grmer at 84 per 
cent from 7j per cent previously. 

PARIS— Day-to-day credit was 
. slightly firmer at 7i per cent from 
■7 -per cent on Monday. Longer 
term rates were also up at 7^-7ve 
per cent from 7'-7! per cent for 
due-month and 7!-7* per cent 
■..against 7J-7i per cent for three- 
month. Six-month money rose to 
8-8i per cent from 73-7J per cent 
and the T2-month rate was up at 
J3J-8S per cent from SJ-Bi per cent. 
‘ FRANKFURT— Interbank money 
market rates were little changed 
from the previous day at 3.5-3-55 
per cent for call money through 
to 4.15-4.25 per cent for 12-month. 
~ HONG KONG — Conditions in 
the money market were easy with 
call money at Bl per cent and 
overnight business dealt at 6 per 
cent. 


Extremely large assistance 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June ft, 1978) 

The supply of day-to-day credit 
did not appear to be as short as 
.originally projected in yesterday's 
tendon money market. Neverthe- 
less, the authorities gave an 
extremely large amount of 
assistance by buying a very large 
‘amount of Treasury bills and a 
moderate sum of corporation bills 
all direct from the discount 
houses. This appeared to be well 


overdone and houses were paying 
between 5 per cent and 6 per cent, 
for secured call loans during the 
latter part of the day. The market 
was faced with the repayment of 
1 per cent of special deposits and 
a modest excess nf revenue pay : : 
ments to the Exchequer over 
Government disbursements. There, 
was also a very slight increase jq 
the note circulation. 

On the other hand banks 
brought forward balances &■ 
modest way above an o 

there was a number of Treasury 


bills maturing outside official 
hands, as well, as the redemption 
of. Exchequer 5 per cent 1976-78. 

In the interbank market over- 
tught loans opened at 91 -9 j per 
cent and rose on the forecast of a 
shortage to per cent. Rates 
‘then tended to ease to around 
81*8} per cent before firming 
slightly to 'J-9i per cent How- 
ever, dosing balances were taken 
at 5-6 per cent. 

.Rates in the table below are 
nominal in some cases. 


LONDON MONEY RATES 

Prune Rate 43^.75 

| lerlini: 

(Sept. 26 , L'erLilluaie 
. LW' 1 fA depoeit 

! U«*i 

, liiLertnnfc i Authority | 
| "1 rteprerrs 1 

iLumu AiKii.j 

' noftotubit 1 
ho»lk 

; Kmsnt-e | : I 

HraiH 1 I Lboipsauv 
Uvpcvira .j Itoprautu 1 ] 

[.Utomut 

1 msrkti. 

’ * lewMI ■ 

| b'li^ih.e 1 

1 Trweiur* ] " 8 >ui 6 UineTni.le 
| Uilh4>. ( Bill'* ; Bills* 

Treasury Bills 1 l.'t-Wv.k . 8 Jtt 

Treasury Bills (26-wceki 8 JO 

GERMANY 

Owcoiim Rato .._ 3 

Ovvnijthi IS 

Cm- moinh 3335 

Thrre months — 3.1S 

S»k mooibs - 4.00 

France 

Dlsconot Rate 

; OvemiRrt 7 

j 940-98* 

9-9 >8 ! ‘ 1 .{ 

e.-Eto ; 930" ; 

9i.'-9-;a • - 

93, 10 10 ' 

; flfc-W • -• 1 

| - ! 

, 10 1 L-i'-i« | • T j 

6-9 

8J 2 -9 
&r a -9 , 

B 

[-.»*■ ; 

! Big-fi’ r 9,;-9 ’ j 9»a 
t bil 1 ki‘t j 9^.-9, ; fill- 

b^-9' i-38 9sa 

- j b; s } 9J? • 

J * 

.UremijjDt, | 

£*!*(■« nntiee.4 

1 da T »M I 
titya notice-! 
-°ne month «..] 

Jw* months... 

month*. 
;Su months — . 
iStne nHuiLhs.. 

J*°ey»r 

vearr ...... 

91*91* 
9fla 4.U 
Vt*H 

07 e -9 

i 

9ii-aii j 

• 6-9?i j 

• 9-9S0 i 
".SiVS 1 * 

- i h-m . 
Sia^ra 

I ^ 10 • 1 
91 S 10 >a 
ID 101® ] 

I 

‘9-9Ifi 

9-910 ; 

01*t15s j 

"vto-t-sa ! 
& 10 - 1 O | 

- 970 10 I 
f ltH* il - ! 

. 93g-95fi 

.930-tifl 
6 I 5 3* ] 
Sifl -10 4 1 
10 iv. U ; 

1 - • 

ra,* L ^ii > ^S 0 r 2 . “ Bl .%«■» sevcn t«if: Aw nen C-lii per cent, o^anjr. biU rales lo table 

Hf * 6 ,CM * pe , r bills 9 “t* pit crar-.l'our-iaonih trade bills; fit per cent, 

to mme Mper. Bopinc rare* for taMDlh ba™; ^ wn|i . ^ ro -oqnnnttt per ea-ni: Uiree-momh 

ApproHmaie fieUing. rfllva foe jane-mnafli Trcajnry niu* ■ . -jj s jsj, w nt; .nro-muntli 85 ( 2-0315 per cent: and three- 

Jaw con*- Appnmnwtc seltow rate for nnc-naonth WBt; and .also ihrowaanUi '9* m-r vew. 

“ m S wr • ObW»*ttb trade .bills 9 per Saairtfli 10 mr a-nr from ScmSiber i. lSiS. dearie ! 

<lwhTishcd hs the Finance Hmir. ■ , Clearing Swk.'BasQ Rues for tondlna iu per cert; 

»nk Dcputt Raws Unr smalT sunw a( seven 4 k»s' nrticsl 6 -* 1"“ . \ 

"•asm* sans: Awrajja tender. Midi of discount B.9M7. • . 

] Three months 7J62S 

Six months,..^ 84*25 

JAPAN 

IDISUWHI Bile 3.5 

call 'tincondiboiiah 4.125 

BIOS DlSiHjJ.fi Bale - 4*35 


GOLD 

Weaker 
tendency 

Gold fell $2f to close at $217- 
217J. It opened at the same 
level and was fixed at $219.10 
(fUO.768) in the morning — a 
record for any fixing — before 
touching a high point of $2193- 
S220j. The metal then declined 
steadily, and wax fixed at $218.25 
(£110.450) in the afternoon. 

In Paris the 12f kilo gold bar 
was fixed at FFr 29,080 per kilo 
t$216.77 per ounce) yesterday 
afternoon, compared with a record 
FFr 30250 tS215.ll) in the morn- 
ing, and FFr 30,000 (3212.59) Mon- 
day afternoon. In Frankfurt the 
121 kilo bar was fixed at 
DM 13,050 IS219.SB per ounce), 
compared with DM 13,590 ($216:94) 
previously. 


sept £6 I dei*. ii> 


. 3117 2171 Is219k-t20i 
|S2 l7-!rl« j 
£ 216.66 


Bullion ift'iioe, 
rninnej 

Ctrwe — ... 

U[<rniDi; 

.Uiirnlnj; flxlne....... 3i >9 J0 

lli'll . 8-1 i(£T< S.95B) 
Afternoon finirur....]S2 i3.2< S218-40 

ifll-.&ai lil-l 10.6301 
Uoid Coin* „.j [ 

dmumk'nllr I ! 

Krugerrand j$2163 d7J 1 S226A-2!B4 

a ifli-llfli-'iEmi-'ISii 
New SovereiKn *..'...}$i 24-. 4 j 'P63j-l4i 
,ii'- H'-it ,i£fl14-i>il 

Old" .BfiTf 

UEiOi-alii UfiSH-ttli 

Colrt ' Coin* ! 

itltenutiunally i — 

krugerrand..... 'SfSflj-KfiJ SKSI-2S7J 

‘,U i S:-l.4j;iJL'1l4M16i 
Xew Jjureretnf^.,. rfiO 62 tS.8*-6C<i 

;o.S0fl li> !>CS11-£2 »i 
U lii Smen*iKiu»......‘>i 6- 2j :Sbli-fc:» 

|.c.o;.i4> iiau-oip 

KBEiKies. sail.flio : :Sil 24 -ilfi 4 

310fcaj>Jt». A let- It 9 sit7-170 . 

lMuier :. 'siiB-ns 'siir-im 


HONEY RATES 

NEW YORK 


These Note « na, e all been sold and tins announcement anpeau as a Mdller cl retold Oni'.’- 





Empresa Nacional del Petroleq S.A. 

O'ENFETROL") 

U.S. $25,000,000 

Floating Rate Notes Due1986 

Issue Price 100 per cent. 


European Banking Company 
Limited 


Bankers Trust Internationa! 
Limited 


Banco Urquijo Hispano Americano Limited Banco de Vizcaya, SA 
Banque de 1'lndochine et de Suez Chase Manhattan Limited 

Creditanstalt-Bankverein Dillon, Read Overseas Corporation 

Kredietbank S.A. Luxembourgeoise Manufacturers Hanover Limited 
Samuel Montagu & Co. Limited 


s * 
6 > 
i> I 

l ’ 

k 

c ; 

\ * 


6 ■ 


Ala’nli B^nk of KuwHit IK.S.C) AJgcmene Bank Nederland N.V. AnievSank Amsteiffam-Rotferriam Bank N.\'. Fdin.j Cfnim-Ji. i.-l-: lu.li.ma 

Li:.|lK5 

Banco Popular thpanof,SA. Bank of America International Bank Julius Baor International Dank.WeeiS. UmiwIIV TIk- B.ml.r.iTol.', r. ..Holland' N.V. 

Llm.lvd l.miii-il 

banque Bru-.elU-s LamberlS.A. Banque Confinentale du Luxembourg 

V* jcle Anoir, me 

. Banque Gent-rjledu Luxembourg S_\. Bank Gutzwiller, Ktinr, Bungener (Oversea;) Banque lni«rri.iii.inak a Lin ..-rnboiirg S.»\. 

limilnl 

Banque Nalmrule de Paris Banque de Paris e[ dcs Pays-Bas Banque Privee S.A. Banque \Vi»rms F .rins br.,.ihers u Co., 


BanrfiiC Frjni-.it^t; ■ iu Commerce Lxlericur 


Bayerisclie \ ereniibank 


Berliner Handels- und frankfurter Bank 


Lif.nl->! 

Cnir.'fc- r.'iii *ol> et Conr-i'^nations 


Ely tb Eastman Dillon f. Co- 

I, h.ioI 

Charterhouse Japhct Chemical Bank Internationa! Citicorp International Group Cnmmer. 7 b. 1 nk ConlinenuMllinois Count- Bank 

[ *n j.nl linfi.pfl A* lii Lunin' . Lirnli-1 

. Credit O.immercial de frante Ctcdii Indusincl d’Alsacc elde Lorraine CrediUnduslriel etCommeKial Crevlit l.\ v-innais Credit du Kord 

Credit Suisse First Boston . DBS-Dahva Securities International The Development Bank or 5ins-ipi.*re DC BANK' 

i.ii.i-i j ■ L> 1 'iiitl . L»i>.c4 US ■: iiv-.o .vp-:Vjii!,ank 

Euromi'ihiliareS.p.A. First Cliitauo Fuji Internationa! Finance Gefina International Ltd. Gu1ijmanS.ifchsJnlcrnati'inalCorp- 

Cmniu^n-j I LIUIW4 IW'lmnhiLiiw liii.ii..U Liimm! 

.Hambins Bonk Hill Samuel & Co. - IB] International kansallis-Osake'Pankki ' Kidder, Fvabodv Internationa I Kleinuort. Benson 

l.''"li •' LhuikJ l.m.ii-d Lnr.iii.0 luniM! 

Kredietbank N.V.- Kuhn Loeb Lehman Brothers Kuwait Financial Centre SA.K. a Kuwait Inrei not ivnol lnieslmcnt Co.s.a.k. 

Ip..m.iii.nal 

Lazard Brothers £. Co., Lloyds Bank International Merrill Lynch International & Co. Mitsubishi Bank rEuruyei S.A. Moi-an Guatunlv & Partners 

. . lir.iiied ‘ Lin.iii-d ’ L». .UJ 

Morgan Stanley' International f-Jaiionnl Bank of Abu Dhabi The National Commercial Bank, Saudi Arabia The r.iLko '.Lu-.enibourg 1 S.A. 

Lin I.' .1 

Nippon European Bank 5. A. Nomura Europe N.V. Orion Ba nk Pierson, Hetdring & Pierson N.V. KK ad Bank Lid. P.uthschild Bank AG 

Lmit«d 

N. M. Rothschild 5L5ons Salomon Brothers International . Scandinavian Bank J. Henn- Schroder Wags f, Co. Skandmavisl a cnskilda Eanl.en 

Inioirit blniiinl Limilwl Umitnl 

Smith Barnes*. Harris Lipham & Co. Societe Certlrale de Banque Sociele Generate Society Generate Al-acienne JeBanque 

ii it. nf port'd 

Societu Genera le de Banque SA. Standard Chartered Merchant Bank Sumitomo Finance International S\ en? I a Hanckkhanken 

tlmiin! 

Swiss Bank Corpnralion (Overseas) Swiss Vo Iks bank Taiyo Kobe Finance Hong Kong Tokai Kyowa M. trgan Crc-nicll Trade Pe. cSoiyiienl Djr.k, 

L'lH'l-.d Limilc J _ lid l .ivif.i ul iO<!i 

Union de Kanqucs Arabes ct Francaises-U.B..\.F. Vereins- undWestbank J. Vontobel & Co. ?. G. U a. 'burg £. Co. Ltd. 

Westdculsche landesbank Wood Gundy Yamaichi International iNederlancf 1 N.V. 

Girnr.enlrale 


Our spread covers more 


Geosource, headquartered in Houston, 
Texas, was founded in January 1973, and is 
dedicated to providing essential products and 
services primarily tor the worldwide discov- 
ery. development, processing and distribution 
of petroleum and other natural resources. , 
Truly a multinational company. Geosource ; 
has operations in more than 30 countries. * 
Our New York Stock Exchange symbol is 
GSE. Our listing will' be printed in this period- 
ical; watch for it, and watch us grow. 



Geosource Inc. ■ 

2700 South Post Oak Road; Suite 2000 
Houston, Texas 77056 U.S.A. 
713.961-1111 





J V 


4 Mr\ 



NmeMondR Ended 


Yfesn Elided 


from Incrcnon 


June 30 


SeptembsrOT 


Tp Sepicmfiei 30. 

* 

iyjfl 

1977 

197* 

1975 

1974 

1073 



S181. 226.000 

S2H. 151.000 

SMS 147 000 

Si 35. 60S 00-3 

SlOl 61£ 000 

541 if.i. 

We? ■,< on ip 

5 12,143.000 

S 13.49J.000 

S 10.803 000 

S 5.554 uou 

; ?. 417 0ti:'i 

i 1 1 » '>0 

r amnio*, ner inue 

S 223 

S 27? 

S 2 27 

S * 55 

S *5 

f, ; a 

IVorbing capital 


S 40.103.000 

S 37 9 74.000 

S 22 W7 Oft) 

5 M 5-:> or-. 

5*0 031 •». 

Lrng-irfm liadSIlirs 


5 15 503 DW 

S 26.157 000 

S lS.M'iNt 

S 17 190 Pft'i 

: ; • iU, I.U.-'i 

5irrtM)idEi'j equity 


S 75.301.000 

S 54 009.000 

S 43.019 UOO 

S 2' 1 a>» Oy? 

jjf. 97 * r .*•> 

Shares ooisUndrng it yw-md 


5,148.000 

4.610. 000 

4.587.000 

j.ar-j.wo 

•f 5o0.no-> 


This advertisement is issued in compliance with the requirements of the Council of The Stock Exchans* 
It does not constitute an invitation to any person to subscribefor or purchase any shares. 


W. L. PAWSON & SON LI MET! 

- (Incorporated in England underthe Companies Act 1948, No. 459Z2& ) 


AUTHORISED 
£ ' 
375,000 


• ISSUED AND TO BE ISSUED, RJLl/ 

PAID, SUBSEQUENT TO RIGHTS ISSUE 

• £ 

in Ordinary shares of 5p each 295,453.75 


Application has been made to the Council of The Stock Exchange for 5,909,175 Ordinary shares of 5p each, 
including 1,969,725 Ordinary shares of 5p each to be provisionally allotted subject to payment in full on 
acceptance pursuant to a rights issue, to be admitted to the Official List 

Particulars relating to the Company are available in the Extel Statistical Services and copies of these 
particulars may be obtained during usual business hours (Saturdays excepted) for the next fourteen 
days from:- * 


Keyser Ullmann Limited. 

25 Milk Street, 

London, EC2V8JE. 


Henry Cooke, Lumsden A Co., 
P.O. Box. 369, Arkwright House, 
or 'Parsonage Gardens, 
Manchester, M60 3AH. 

27th September, 1978. 


Capel-Cure Myers Limited, 
Bath House, Holborn Viaduct, 
or London, EC1A2EU. 




Wial Times Wednesday 


V-A - 7 


WORLD STOCK MARKETS 




Dow up 6 on Blumenthal trade forecast 


Indices 


m 


NEW YORK 


-DOW JOKJES 


investment uoll.au 

PREMIUM 

S2.6II l« £1— 901% <8K.'"iiJ 
Kffl'CiiVC .si.97!.i (43?o) 


Ei vim i t ■> sSlJ, boih in active terday in an active busine*?, The Y1.7S0, .Nissan Motor Y15 to Y7C5, and Krapp-Huette a to DM ..S. 2^nos« c 
trading. Atlantic Richfield rose Toronto Composite Index moved Ricob Y20 to Y393, Matsushita beins amons the concerns ex- : n ?rc up w. «, « 
i: in ssa.\ I'b/lfips Petroleum If ahead W.T lo 1.270.5. w-hito Oils Electric YJ1 to Y7 33. Eeiw-a pected to benefit from the Chinese tfcrccwr -A. aid. 
;«i ; nd Ashhmd OH ; lo S4j;. and Gas rose ‘J9.0 to 1.T10.7. Metals Estate YSQ to Y663 ; and Canon YS order . ' , 

.An A«htiind unit wishes to start a and Minerals 12.3 to l.OSO.l and to Y455. w . , in Eiectncals. DBC rose-DM taO. Australia 

commercial scale coa! liquefaction Utilities l.OK to 191.fi. Ranks. Yokogawa Bridge Works while Motors had AoIUbW^gen up 


SSISKl.i BY encouraging re- scale cna! liquefaction Utilities l.OR to lUl.fi 

larks un the longer-term tr.,rie , anl however, retreated 1.04 

jliook from Trensuij secre- p ac ir,e Petroleum added 3! at 2SS.90 and Golds shei 


as'-iJ aet.H 55r.lt m I- 3 - 

... «« «.* «•« »•“ *“• 


..m «« - 

■ ■ ' bc« ' ‘ 


3So£t 2Ztan.:'ton .yesterday was 


jiry Mielia ,, l Blumenthal. "all gig j n heavy dealings. Govern- l.fitiflx 
.treet staeed a technics. r:i! y 111 meni-ov. ned Pelro-Canada denied 


,'5,'tjiriv acftve rradinc yeslerdfti. 
-i .j Analjisi' iaiii the market was 
-nuking fur a reason tu move 


mcni-ov. ned 1 etro-uanada denied p r .„„.n.n. -.i -i iukhi mn<i x«u m uuv uuu juc :-r — v- r- c ; : n 

market rumours that it is con- „ J ‘ w nTne-momh Suisan Kafeba V4J 10 Y5SS. was in the wake of the success- coxeiy in the Cooae. Bas.n 

side-ring a take-over - of Pacific J^ijs 1 u-hde °Mad>eii tod Lake I" contrast. recent market ful Kassen obligati on tender, but Queensland. cons0r „| 

Petroleum EXT “K favourites such a s Pharma ecu ti- with liquidity’ short, turnover was __ Leader of theJriBin^consor- 


S«- 6 - 

- ... 24|.S« 2 J2 Dl 

1 Inu:*l*>cl_.. 243.-- - - 


245.56 £61.45 


ae.7i 
•ll '. 

tSifji : 2rtjs; 


i fuifiie" JflS.oe 105.7S 


14 1.55 - - iyjf. • - r.G^fc-iiStqgj, 

«.R »■» **• "if ! ’M 


Inirtii/* vi} : . x?c-n 2 ~ «0 Si.£ 13 55-231. 31. fW: 
iWr, 2 tJlO -3.5,0 2....V . 


’m 5 SrfTSic* •‘to*** : 

— 

. .hsl. div. yVk* 'c 5 50 


Ansiet 


5.37 ^ 


STAA’DAED AND POORS 


. r-cpori. y:- lerd<i> morn- pel Simile, which has agreed 

i-iunc. -.» h ieii ?hir.\*.*d a O.ii per cent :n a. take-over by Reynolds Indus- 
v-ain in Auuu-l. was not very tries for a consideration of $62Um, 
■■f'-ncniira-Jin-j jumped .V. to S44. Reynolds 


Fresh headway in moderate 
activity, leaving the Nikkei-Oow 


icmirajin-j jumped -V. to S44. Reynolds 

■' *’7rth?kraf? "i-Iiinbed V’ in Si4‘ '^'ned a further 3.01 at 429.02. of S4B.7. . and finished on a mixed note, support after the recent reaction ; 

■ r 1 ;'- 1 tI "f.* t L ,‘‘V c-., 'T .: L,,t b ih. 1 : riir . ^ r ! .- LkS no a Jinn Lin kiltie volume expanded to 230m There were sizeable buying with !atet sentiment adversely 0 n the Ranger uranium projeci - — 

j; UM ' Infim !».in m - D nrnnn ■ ! hv Jn^n^Hnv Hi? m shares from Monday's Jou level of orders from both Germany and affected by a rise of ; to 7i per problems. Peko-U'allsend picked 

' ^ hu- 4' r.tr Jinf or oi nkraft tor abroad - with the d '> llar ’ 5 weakness ccnt in the call Money rate. Trad- up u cents lo A86.08 ^ncon- 

*,!«■!, nii" L Jst io 4S.V J-7- rlendln" S iSIma-i- Stocks with -ood earnin-s pros- Prompting many of Ihe foreign inB remametf very active through- rhiental 40 cents to .ASL2.90 and in* <hr. v.cM v 

•; Turner L-j,...nd,d >. WS« mertjludy •! * U. J.h» led Lh e mLrkol . continuing! :lo wi™'. OU THere number of selec- rSl!1,£ ’ I,! " ° w J ln.l. I*tt ioii" 

:«*nrc<.r«m Mend,/* l.v, .eve, of ,^n, .Me lu j> ^ed S »*SU. w H’dd W" ’'’"io pSlugi^pHn «. Stt? AtaS- A ^fe, CWI-: White tatartrfc. i ^V STT 

' ,J,ume .**“ H&iiifikinsS'SS.ITbS * ^ th . 


Market took its advance a stage 
.rkTinroi-Sm’ Jones Average up 31.SB more at a further in lively trading, the 
Si Revol.iri * new post-war record peak or Commerzbank index rising 4.R 
«c> 00105 5( .«, 3 ., 2 Tho Tokyo SE index further to a new eight-year hig 


Paris 

After fresh' early gains, r stock 


oil stocfcN to improve included 
Bridge OO, Weeks Petroleum. 
Offshore Oil and lVoodsidc. 

Minings were Irregular, bur 


-,i t. aeK- 
52 -I 


5*U't* 
- x ; .i 1 


SiewConrofn. 

' Ni5*t . ; fjtra . - 


b prices reacted on profit-taking, with selected Uraniums attraciing 
and finished on a mixed note, support after the recent reaction 


jnS7-iT,3 4 -<HS i.r .l >#•«• •»« 

, ..... <q* 131 ac 101-72 \K* 

-.'.••oipwMtr I02 e2 • c, - 0CI ,D, !! * >0 ' 3 f 


liW iil 
126.46 a.49 .. 


ln.l. Ptfc i(Ali" 


tfSHHfTm. THE AMERICAN' SE Market 

• ; 1 The ntiilook for the natural gas Value Index improved lAfi to 
.‘i-Diil improved '-Iighlly as a lead- iijti.25. Volume 3.03m shares 
' f.in-j opponent -aid he thought the i.7.i4aii. 

^ v Bill won Id mi.- p.i-«cd by the Syntex. which hns agreed to 
’■.Senate tuday .in*l nnne tu the revised merger terms from Den- 
; Hnu;e. Tai-i added si at S34'. Deu-Tal- 

Petrn'eum • f !<w!-s cirvtrjlhencd. ^P rc unchanged at Slfii. 
helped by Senate Finance Com- 
mil lee chairman Long's tilling nut 


i Lces Get. kfc-N ' 


5CI4. 'A,' ' 

" 4^85 
9.45 
8.47 


lj 


b - 

~4^67 1 

to.oa 


nipi j? jrjrrav: 

; 9t40. •• 


M V S k ALLfoaMGjL 


«u#h mil ram A:..-: ' 

. 1 i5 . £5 j tfit; u 


‘m, added si at 834 J. Den-Tal- 
“re unchanged at Slfii. 


Prominent gains occurred in lhat w m probably share in ViniprEx, Beghin, Peugeot, pre- industrial? 
Light Electricals and middle-class china's DM Sbn coal industry natal. Gle-Eaterprisc. Saunier- inclined, but 


Blue Chips, while Foods. ' - xtiles, order tn German industrv. 


ijnnvrv-.^ionai jipprovni 


Canada 


Paper-Pulps, PhololiJms and .small- Among Stores. Karstadt gained Industrie et de Participations. 


Beghin, Peugeot, pre- Industrial? remained firmcr- 
>Ie-Enterprisc. Saunier- inclined^ but EBP shed 2 cents to 
Presses-Cite and Gle .\sJS2. 


hi. will. 

iS • 2? 


Sen.- 
-- -_1 


■ PrcsirivnT C-.,iit'< 
1 Texaco pur nn l 


crude oil tax. 


Oils sector led t«on.nl buying 


sized Steels advanced on inslitu- 4 t0 Qm 330 and Kaufhof 2.50 to 


In Transports. TNT gained 2 


5741- S7.5S ar.£? 57.56 


- Itvii'' — 

lil^n. ■■■ ........ . 

Fulfc 

l-ri.-lin , i“t- 1 - ■ 

Mi^ii’ 

\vv 1 JIM - 


i.sva . l&ti ri.era 

9B7 621 ' 789 

46ft .'-.889 ' -649 
433.'.' ' 4Z3- 4S4 

• r ; . :.'-4s' -Via 

- a 12 


;md market? into higher ground yes- Pioneer Eieclruoic rose Y90 to 


DM 244. • 

Demag advanced 4.50 to DM 176 


NEW YORK 


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CANADA 


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Mill 

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32l£ * 31>S 


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L-Hi'liM k«pniiti-*r 6 

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31is HMil'HOUIIili** 

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1 IIIIVIVI • 4414 

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44 '"a 'Ii.-lllll'll Util- 531 

1(333 Ihu-O KrjHii-i.il 15) 

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17 

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■8*6 

58 

3 Oil. 

291, 

+ .45 

**.55 

1.7a 

1.B2 

7; e 

401+ 

c3Jj 

o3i, 

iw'i 

tibls 

.1' 

5*2 

1.67 

1.66 

rfse 

' fcSIi 

19 

19 

18>, 

U'b 

2 2 j 

2.23 

19'a 

i 8 'b 

12 

lZi+ 

a7i; 

471- 

o5Jr 

30 '+ 

191+ 

S-19 

ii 2 

71; 

alas 

39=b 

+4-J 

14J, 

/te 

71+ 

aeij 

4612 

DM 

64a 

£6 .<s 

ttclg 

4.00 

4.90 

-*8 

H7i, 


1 Bid. I AMcnd t Traded, 
si New stock. 


EUROPEAN OPTIONS EXCHANGE 




t 1. 

i. 

•til. 



l-l 


Irf,*i \ in. 

Ijf-I V..I. 

fflrt •'llfh 

Vl*\ 

>'.370 

6 

5 

■ — ; _ 

1 - F. 374.40 

AHA 

f.380 

— 

3 

ii i 

■ 

'k/. 

K.27.50 

- 

— 

-■ ' 20 

6.40 K. 3 1.30 

1 Ah/ 

1 .40 

10 

3 30 

3.40 


' h / 

y. 32.50 

20 

O.SO 4 1 

2.70 - 21 

3.70 

A It/. 

K.35 

— 

- - — 

- . 70 

2.20 

A li H 

V.75 

— 

; - 10 

6 ■ — 

- F.7B.60 

.'tu: 

>' .85 

— 


2 

3.50 

ll'* 

i'32.50 

— 

i — b 

6.90 , 

i - P.37 

Mil 

•- -3S 

— 

- 4 

4.50 ' - 


H*i 

>37.30 

— 

< — : 22 

4.50 

■ ! 

HC 

K.40 

-- 

i — ' — 

5 

3.90 

Ho 

K.45 

— 

— 

— 10 

'2.20 

HIM 

‘260 

.- 

. 2 

zeu 

- ' 5880 1« 

1 MM 

■'■280 

Z7 

6j0 — 

- s 

28 

1 14.M 

.'300 

20 

ll; 

- 21 

147 R ' 

kl.'l 

y. 133.30 


- 2 

32 - 

- P. 163.50 

i. I.M 

K. 142.90 

_ 

| - i 2 

25 


Kl-'l 

>.150 

— 


5 

j 26 

M.M • 

I'.152.a0 

13 

12 . 5 

19 ' - 


1* Ml 

>'.160 

_ 

8 

14 • 15 

i 20 

K l.M 

F- 161.90 

15 

5.50 ' 44 

13 - - 


hi, M 

>'.170 

— 

7 

9.50 15 

■ 14 

h l.il 

r. 171.40 

3 

1.50 16 

9.50 

1 — „ 

h l.M 

>.181 

18 

0.60 16 

5.80 - 

. n 

K L.M 

r. 190.50 


- 42 

3.50 

- | 

h l/ l 

I--.209.S0 

— 

- 10 

1.80 - 

1 — .. 

\\ 

>. 100.90 

— 

38 

8 

- P.113.80 

>\ 

1 10 

— 

- . 

- : 1 

12.50 • 

N\ 

I'.I 18.00 



~ 5 

4.40 

-- 

I'M I 

> .22.50 



- 5 

6.50 F.27.80 

1'HJ 

>.25 

25 

2.90 

- 36 

5.40 * 

I'Hl 

l'.27.50 

170 - 

0.90 192 

2.10 ! 61 

3.40 

I'RI 

i'.30 

— 

102 

1.10 84 

2.30 , .. 


.<50 



— 

- 1 1 

8 550 


P.130 

64 

3.70 29 

7 20 

9.60 , P.133.20 


>'.140 

1' 

o.io 

— • 38 

. 3.90 


P.130 



- I 11 

2.50 - 

, — 'K. 125.60 

XKX 

.*•60. 

- 

- I 5 

3'fl - 

| - i 55473 



N** 

Pm 

'i»v It! 

* I’L Y 

P25 

— 

- I 5 

03 — 

' - SI9i * III 

Ti>r 

\. li'l.l Ml 

IX L 

I.M II.U Tj» 

1474 1 


BASE LENDING RATES 

A.B.N. Bank 10 % ■Hismbros Bank . 

Allied Irish Banks Ltd. 10 % ■ Hill Samuel .... 

American Express Bk. 10 % C. Hoare & Co. 

Amro Bank 10 % Julian .S. Hodge . 

A. P Bank Ltd 10 % Hongkong & Sha 

Henry Ansbacher 10 % Industrial Bk. of 

Banco d e Bilbao 10 % Keyser UHmann 

Bank of Credit & Cmcc. 10 % Knowsley & Co. Ll 


Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10]% 

Barclays Bank 10 % 

Barnett Christie Lid,... ll of, 
Bremar Holdings Lid. II 
Brit. Bank of Mid. East 10 % 
Brown Shipley 10 "f, 


l Brown Shipley 10 "f, 

Canada Perm t Trust... 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayser Ltd 10 

Cedar Holdings 101% 

1 Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coales 10 % 

Consolidated Credits... 10 % 

Cn-operativc Bank *10 % 

Corinthian Securities 10 % 

" edit Lyonnais 10 

The Cyprus Popular Bk. 10 % 

Duncan Lawric 10 % 

Eagii Trust 10 % 

English Transcont ... 11 % 


Hill Samuel 510 % 

C. Hoare & Co. flO % 

Julian S. Hodge 11- % 

Hongkong &. Shanghai 10 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Lid. ... 12. % 

Lloyds Bank 10 ®f» 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10‘% 

Samuel Montagu 10 % 

Morgan Grenfelt 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canad3 Trust 10 % 
Schiesinger Limited... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bfe. 11% 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 101% 
Williams & Glyn's ... JO'% 
Yorkshire Bank 10 % 


— . — . . _ — .VlcmHurs of (he Accepting Houses 

First Nat. Fin. Corp.... 1H% comniiii«io 

First Nat. Secs. Ltd. ... 11" % * 2^ dl ’PW‘is t>. i-momii dooasiis 


Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindlays Bank J10 % 

Guinness Mahon 10 % 


‘ “-day fl-oosus on sums of £10.0*10 
and undi.-r Kin. up m fiy.ooo 7j:. f 
and orer £2j.nuO 7i: 0 . 
t Call riiiposin nvir ri.nnn 7%. 

5 DunjAnd aud di.iDoalis 7'- ', 


r jacf 




Losses of 3 per cent or more cents to AS1.30 despite reporting - 

were sustained by Cetelem, on Monday iu first earnings set- fitbHTi&Al. 

Lncabail Manel. Kleber, Talcs, back for 17 years. 

BHV. Priatemps. Paris-Fnmce, Bank? and France issues were 

Matra. CreusoL Elf-Gabon. Doll- ma:n!y in easier mood, with BNS • in , 

Tus, .Maritlrae-CIiarseors and BIC. tVales losing 10 cents more to . »..>i 

" A-''7.&i. - 


-i'iii; fi-K. 


Srm. 1 rs 1 ,.; 
72 21 


209 9 C 206.8(1 2DK.34 2D4 75 • _.W2^{K--2} 


Switzerland 


CURONTu l "in-' 
JOHAN NEbBURd 


2 15.59, Cts'.ar 215.03' 217^- 0 i! ' rkLS: 
^27^5' T259.5 l£5i.i 12bi.3 IgSU.g * 'i*l /■ 


jlMlii-UDU 


[aiutralu "* 


^rriu.wi imiu VT t ^ — : „ 

pr lc es fc,, afresh or Hoilg Koilg JOHAN WEaBUfi 

heavy selling following the con- Following 1 London's strong over- _ 

tinued sharp rise of the Swiss n:ghr lead, stocks recouped 

franc against other currencies in further ground in moderate trad- . 

a prolonged Settlement's Day ing. with Blue Chips leading the — 

session. The Swiss Bank Corpora- way on fresh bargain hunting. aiatraUa’ 
lion Industrial index dropped S.fi The Hang .Seng index closed 13.74 
more to a low for the year of higher nt 632.47. -• ■ 

261.6. Hong Kong Land climbed 00 Denmark ^-- l 

Export-orientated stocks took cents tc HKS123«, Jardine Mat be- v' . 
the brunt of the decline, with sou 40 csr.ls *o HKS17.-W and t ™ Bce 
Bearer stocks showing the largest Hong Kong Bank 20 cents to- Sennan? ■■ 7 

losses. Some issues fell to their HKS'.O.Tn. 

lowest point for several years. Outride the leaders. K3J3J put aolland 
including Ciba-Geigy. Sulzer and on 10 cent? to HKS5 hj 5. New K 

Aiusuissc. World -also 10 cents to HKS2B-) Hon ^ *SfSf 

Nestle Bearer retreated SO to and Windsor and. Hong Kong ualy 
SwFr 2.970 — the company will Wharf HKS2 to KKS34. 


259.7 259-'* 
265.0' ; 260-3 
~ — pjrriin.: 

)||- 1 1 Uil. ' t« ,n 


250.1 , 261.5 . 
265.5 255.2 . 


27i‘J \i‘ •: 
i/1.1 -i!r-7! 


'toABdr^' 


l'jt- .j- ra'ff 


r*:-7-.e: stVr.EK wS.i'J Ml W apaan 
99. p .-« Uil. 10 ‘ Svpfii 


Svril cn 


Swit«erld'‘ ^ 


j-i liJ.'ft /iirifc 
• • ■8CV. 1 til. 


y* .-t 
•i f n i 


181- 1BI 4 
ie> ib^, 
*7.R5 6.87 


> ;>?.'3 ;£.5 

■i l,-?; . -4fi> 

7 tlS.7i 

,4.&i 'li.! « 

4 -2.:Z i'±z2 

• Is?. 4- • 10. li 
' 4,7.91 s2‘i.SG 

itS=.i « 4 . IC 


tww Ojc- i?-5j t? Anwcmaf . •* 

1970 iv Har.t Secii 8 mpr Sf'T.'M. STKiia 
';r.mmwaa!* l:alum US. a to«o i 

Nvw se 4,1.^ ' • l> Sfraif?- “TlWhpi } -» 

rCinN-rt. «f "aflrffl vimm. *S»orp..- r* { V ^ J 
rulin' Inri-isma? MrSS ar BaaKf . 1 s. jf 

rKrunratlnn - h' ‘ “5 


nOTES: uivrs-.-ji oriLts slunrn oe!c-* dsi nr uura. e fV; »njri* « i- nines 
•xmuiih * urvmmni Kalmar. e itroa? C.v J ». << fcs-i.imijrt divicl-nd alter 


Japan l W i:i-« «'.9S -« ; w 

iiS'5 1 i^.Iv 

iingat»re : ■ 55i.02 


TUESDAYS ACTIVE STOCKS 

• ■ dm.-”'' 


ST7CC- Cw 


i ith jfter uTh'wiUiiiH! tas vn;i "■ imm- - -.n- -r ,« , id*- -lain ■ aji tji-h vdlUH^ Pan-.\m :A:r 

♦ DM f-' ivnom iistew oUs-rv.-jj-? siainrj *av- .nV, »k^«. -+nnn irrtartnw . j^ygp 4I1 Crmnion - w t. s.irn .. 

.n-M' hasi-rt nn nc» rtinfleiil' alci as. Ir.i.s.? 0:v. g»M« r.. -i shar- «pla. * Piv _ in ann rowi»n Haniaiia iiuih 

»Wn am^nnm mU^s n»?ipr.vis“ -**a'fil ar.C > .*1*5 * wa« wvns-iit • Iw1» --L, .« 5 i k.woii 


« mi 5n Icnom iimIhsf mlr-rv.-;!.-? siafei; fn-.-i 


jnjvir imu** *■ VftpT inrai 


.. fr-inrt irriiplinir I 


Camvr . . 

an Tu-- v d inn' t-'an-.vm ^ Airw>"S 


tijsj-rt -in r?» flivuleir-- 


s. fr.::s.r 0:v. si Norr.. -i ihanf «p(a. s Oiv 


4, OKr leni lurwrn unlc?' n'hpra-ise ‘sicm! cj;«“ 'ifv “ 
I SwKt 5nL .iHruim amt Rearer saans Jicllr.-s jr.!s 
'inli»5B oihPni'iSH siaiert. ’ V5.i lenrun * 3;*!. * Ti 


rriJn^iralrM n uinmn ““-I-'"’* m- '»* l|jmer1 in *;»«• 
TwmmIb. - wl? -Ksel um-iH omuiv rim InrUKrlal* Dl -1 Mom? 

...WMK ^ . am, in'll, «iai« o’ Uflllsies. 411 Rnance Pwibc P<* train'.... 


in!p^«. 4»:ii-rwisi* staT-^t 


nl ’HMCHMi^vm - KlariRS. b '(chirnnss. ncra l!-«.s=. "ia Es an. 
Onus rf Divrtfenu alter D«n*linz nebia mareased. 


.tc. id ev kiiWTS *.? tSLKtt 


4 fslchm 2t[K¥ I "■ R^i^a 1 SK "" Kasfjtn q 


i/l/73 n Pans Bourse 11KI. s;-3nncnrr» iltvitoilal FX-t. 


GERMANY ♦ 


TOKYO * 


AUSTRALIA 


Pr.i-e +ni !'-i. >■;■•„; 

P"l. — \ 7c ■ 


. ‘!*rcei 
Yen 


liii.Yl.1. 
v % 


BRAZIL 

j Rejrf. E6 Af'i- 


— Ph. 


A El. 

lillnur Ve-.1» 

HMM 

BASF 

t'-aj er 

Hivei-Hyi 

IlMl'l-l- V lTHlII-iA. 

i ;i«tinl. \«-l.n-- ! r 
* ■'■miller.-' ui, 1... .. 
1 1. nil (in -iiMil 

IMiiiii.T- Ren.-. 



I 'hit:bh 

IlH|||--|||- Udiik. . 

Un— luertlank . .. 
1 1 v.-keH • .IT Zcmt . 

'■uiL'lii.riuiiu- — 


( I.i3 J 

aofl 


l l n|M.i' *1 

Haiiviiei 

Hiti-li-l 

H«wJi 

Hm||i-ii .......... 

Kali urn! .-(*1/.. .. 
Km-slsi'll 

ran|li.i; 

K in -kiu- 1 1* SI 106 

KHJi 

I» n H 

Lin. re 

i -wviiinMii inii... 
Lllll luillMl 


87.+ - i.i - - • V— r'j'ii-r- 351 

529 - 9 31.2 2.9 -arre, 453 -8 

229.0- 0.5 23.12 6.1, -v_ c70 -23 

140.1 -OS 1B.7S 6.7 4*38 - - - - 

142.5- 0.2 18.7a6.6 ti*.: >ir--r. i'-i.i ac5 -2 

295.5- 2.5 23.12 4J3 K-.s l'a.1. =70 -2 

341 -1.5 18 ■ 2.7; Hr.i 250 -5 

156 —a — — H»in 31iMrc-w .... b(0 —1 

230.2 -r 1.4 26.36 Il.f • :i- F-w-l l.i3J -20 

74.2-0 4 - - — aoo ..... . 

337 -4.S 28.12 4.S. Mn-y.-kH-r- 1.82 J -^40 

265.5- 0.5 27 3 2 - 

176.5 4-4.5 11 3.1 I— \-i 2.86C -40 

■306.9 -0.6 23 IC 4.6: nan.*-: Rv ».!••*. 1.21"' 

250.5 28.12 5.6 k-iji-w : 540 -o 

185.0- 1.5 9.3B 2.5; K., , m 265 -5 

223.5- 3.0. 12 2.7 it-t I-'ieii'-!-. ... 3.580 ' 

116.5- O.S 14 JM 6.1 ’ m 

16S.8 t 2.3 --15.73 9.9 sin*.. Zb3 -- 

139.5- 0.5 18.73 6.7. ^ r iH 

aav-os — _ ■ >1 tut' i.i.-;-.. 444 —3 

179' -o!5 9.36 2.6 '{*: “* 

is* I4.na dS' - 1 l , ""“ li: 57 d -15 


SO 4.1 
IB 2.6 
15 46 


116.5- 0.5 14JM 6.1 
169.8 -r 2.3 si5.73 9.9 

139.5- 0.5 18.0 6.7 

49.3-0.5 - - 

179 -0.5 9.36 2.6 

163 14JJ 4.5 


35 O.o 
20 1.4 f 
10 1.8 > 
12 4.9 

15 1.5 

i4 2.j ; 


330.0 -r4"0 23.44 3.6 ^ »” * H* n *'*“" * 

244 -2.5 18.7: 3.3 -rrsii:.. 322 

□ : =_i i _ _ . I' e' . . l95 


93.5-1.5 - - 

185 -0.8 18.76 5.C 

118 +5 - - 

290 - 4 25 4.5 

1.594 -2 2 5 7.9 

105 -1.1 9-36 4 5 


.M-.-Inn. . . i9S 

. i 1.78, 

■**•■1- L.e-.-n artl 


L.iliiuiiit« ]...™ ' l05 -1.1 9^36 4:5 - v LSlO -20 

■ai-.-ji >I«n:.e.... 2;0 —1 

'IA\ 215.5-2.5 12 2.8 .n..i*>i < i L !■ .-i'.i.-n . 421 -8 

M him I.-H4H 11 11 177.3 -r 0.8 16.13 4.9;u:h ; 2.180 

MmIjiIIjjus- 253 10 2.0 ... 115 

M'.n.-li..-111-r llu.-k. 650 -18 18 1.4 : . "'unnC" 487 -6 " 

.Nw-K." .. ,nn. 1,8.0 -I.h - - , l.13u ^ 10 

I ivul'i^ I » M Jftl 135,8-0.9 — — 1 i'iAm.m.h-., 'i7 i 

iri.. iu UVl.Kier.. 186 -0.2 25 6.7 1 t 2 

■-.1'en.iK ; 276 +0.6 28.12 5.1 uh.,/"","™'- ' £5 

.**u-nn-ii- 300.7 +L9 25 4.Z i,^ i|o 1 3 ; 

S11.I Zm-ker • 265 -7 26.94 5.0 ! — 1 - - 8 “- B . .♦ ? 

nn-v.-iiA.it 119.4+0.3 17.15 7.2 Snares- Nnmn Seoirmes. 

'«'-tn I 191.7 -r 1.7 17.16 4.4 1 

V KbA ! 134 -0.5 9.37 5.5 1 

Un.i,. tiWciBki 295 -i 18 5.1 1 BRUSSaS/LUXEMBOURG 
1 nlk.n asen 242.6 +2.b 25 5.1' _ 


MAX 

II Hill li— IUM llll ..... 

Mfinll"is.. ! 

Miitii-ln.-m.-r llui-k. 

Ntl-k.-l imp mi 

I'lVnl-nu I*.\l Iftl 
IMn.-in "'(*1 . Kii.iv 

.'■■lienn^ ; 

nit-men- 

S11.I Zih-ker ■ 

A. •» - 

' *'U I 

VKBA ! 


a.i ilmi;..^ ! “ - i' 

1.3 ! ilIi-. V. -im'lH....— t0.9O 

1 .4; tut Ilf. -r i2.V0 

2.o] Xnij--. I- vii'.irnfii'ii ■ fl.40 

l.o j '.'n|«. ; I'Miii-einri 1O.8H 

*.* : «-•■*■. Xl .i ( .pp, *1.85 

2.6 : **»i-i t’njier fl.btt 

l.b I A -lie. V.in, l n- unine- 1 1.68 

1.5: V«:-l. r*> niiirlii.li mi ' t:ivs«l.. Jl.12 

2.4i V.N.r_ 11.EO 

Cfc, 'ii'iimivv *0.82 

0.8 , l.i-l- l.li. .1 I.h». 10.73 

— : b.tn;(iv l.Twk fir.ifi ;0.50 

4.1 ; !{■!«• .Meta. In-1 tl.23 

з. 6' oir:ijiui.\iii»-C*M'j*.r ' il.52 

2.6 : IniiiHiner f2.1J 

0 o Rii: Pn.n+tHiir\-.... t8.92 

j <j j SH M-.mii 1 7 1.42 

1.8 * v«r!t.in l nite.1 Hr»« m.... 1 1.73 

4.9 -?l.‘*5h t5.67 

1.5 '-•-liii'M I'+nieni :1.35 

2 .i‘, *0. -I.) - • 12.43 

1 .7 • .VIM. fi..|.!lisoli. \iM. .. . i4.1J 

U.= .-inrauiLT 1SI1 12.85 

0. 7 1,'hvcnt.. i5. 16 

1. « ■ .."iHin Aim ml in il.&J 

1.3 ■ iiiih-ii. llul+tvi «$lv *1.44 

2.3 I-.-5I.LSIJ 10.88 

l.t . U.ier-S 1 niifi f2.6o 

и. 8, 1.1 Hn:\ ..in lienin-w- ... 10.30 

1.5 . 1 ../.. Ifriu-[rie».._ t 5.00 

2.4 . Men. thtuertv Ini-4 Cl. 68 

1.8 | lUTTiat'.ioy i2.35i 


-.0.77 . -0J1 1 AiH^ua . 

;0.9O Umwvt dn.Brtiii.. 

-2 .20 Ham-i tl*», P.X . 

11.40 -rO.12 Bela* 1 Mi:wln» •'•S' 

iD.8« - L».B-' Amii.% OI\. 

;1.85 rO.W IX-lfi.l'IT.s I'P 

rl.bu .... I'in-limt*. ., 


0.95 3.18 17J 

1.72 -O.DU.lt.BJ 

1.42 0.57. iW 

•1.11 - - - 0-CS-TS 

5.53 -OJii.J.Sfcjft* 

2.53 ~0.C7 0.tSV: 

L4S —0.12 0.I6 nr 

2 5b - 0.WO.25 B.e* 


*188 +0J4 bmi.w i.i-ul: '■'I’ .'. 2.5b -- O.Ju.O.24 S.t ' ' ■ 

i.ee — . 6X0 -a.wo.£S4;>..^.^. % 

llleo • 1.W- *p.DS3.M s »A; - ;• 


10.82 -O.tfl 
J0.73 +6.01, 


:0.30 *0.02 
tl.23 ..... 

il.52 -0.04 
12. 1J 

18.92 -U.Ui 


Turnover Cr.1 1 *i;m. vniiimj 41 fix. 
Simrce; Rio fie lanemi SE.'. . 


„ -;: OSLO 

-0.04 r -- - 


: I'ni-e J- .«r w*f.-i» 


Kn+ier . — 


tL73 -+U3 S* -• 

*1.35 -4.03 ‘ ^biUn., 

£ I X-.r'L UvL-Kii-J 

i5. ,6 ,-ILW; 


99 . -1. » r9 

74 - X - ! - 

llo.C .. ...... 11 I 8 

330 -5 20 .'6 

112 .... U j? 

232.0 -2.5 12 . 4 
1 JU.OO -0.73 7 •* « 


SO U. < ' H-, kei. 


-wuzi J° HANNESBURG 

j MINES 

*0.*'l ] Svj,l M 

Aagin Auii'r.«.»r f'.-rpn. 

j Charier Cou»«L'Sa;..fi 

East Dneltinlem 


: In-*. 

’l-irili'i... 

487 

-6 

11 

. luKIl 

'>-C.-ll'jii i 

' L.13U 

-10 

8 

jl'Al* 


317 

-1 

12 

' tort* 

' 

. 143 

-2 

lu 

fvlii'** Li.i-j • 

. 135 

+ 3 • 

1J 

, l--\nl 

■ i Jl' hn 

898 

+ 3 ' 

!4-j 


Snares MKKn Seoirmes. Tnleviv 


Dir.- 

+ 'tr IV.. Vhl. 
— Net * 


AMSTERDAM 


\lllMtt -f.. 

\k.|M|F>. A'l 

'n4Hiiil*nk\Ki.l0c 

\.UK\ ift. 
\111rma11L lI '.AI,; 

UiienliMii ’ 

LlnhnV' eu nnh.lC'i; 
linbrni I elti-H>lC. 
LlM.-m.-r V *pi.ai.7. 


, '"v ... 

PVii e + 01 l*iv 7 •». , , h>1 . , 

M ’- • ~ "o 1 ,r r w , i:. 

119.3-0.9 -38 4.7 ; 

“4-04 - - ■ rS.n..„? CC 

3 2S:!=t 1 
Sir. 1 :! 

l S.7ii l :o 


.3.465 -15 
2.4SJ -10 116 
. 1.25J - 22 IOC 
4/9 -13 - 

2.JOO -b 177 


... 6.83U '*30 430 . 6.0 I ,1,. ^ M ‘ I \ 

2.4-75 -2b 170 5.7; : •*•*■: 

..2.370 -35 150 b.3 
. l.-Jofl -32 06 5.7 . PARIS 

1.O20 164 , »0. 1 • ' ' ".' Ph. x~ 

2.9u5 -5 170 5.8, S...+ _ 

1.780 -15 142 7.4? ' ■ 

7.150 290 4.0 ; (:••*•*•■ +« 729. 1* - 0.1 

5.550 -r 40 *225 5.5 Vm.ru.»L»vf<rtVc.' 415 . + 7 

2.970 . .. . S2.J5. 2.c! Vn I.i.|«ims 5b5 

5.790 -40 180 4 7 - 1'i'Miaine 543 1—3 

3.080 • 305 6.fc '!* 607' - 19 

2.010 — S 140 7.0 -''iiMaim 82b 1*6 

3.200 -IS 215 ; 6.7 ".>.x. Ciprvms... 569 (-9 

2.SlQ -10 .'2.101 B.4 -MitHtMU. 1.900 1 + 7 

2.560 - 3J 170 6.b .«'.t ; 412 (,7 

1.2bO . - • :l.l. Aistuc- '1.100 1-10 

870 —20 50 5.7 *■ ie B«r*un«rp 454.5,— 2.0 

l.®60 ' : — - '. •■• )IH«m ' 461 +1 

• rn 111 Lx-.il 124.9| 

. xisnsfi ]x«re ' 95.0|— 3.6 

n » 1 •I'itihv 666 1—9 

“ Ci.PeiiiUwv i 132.l}—0 

'JW . + 1 T' TuTYaT 1 •■n-uiaiiiHisj 278 J —6.5 

Krs. ' • — ! L ■ "ueiHi : 68.3-4.3 

— .is* ISnrtn i 183 _ g 

l.-uras . — l &S* + 2.7 

935 -70 8 4.3 i 791 +6 


4.4 'l'- 1 'iMnuui 1 

1.1 ii»1er-Co}aisr_ 

3.6' It-iiniii^l min -ins' 

l.b • ih+ (Dm uli 

5.5 I Ia.'IIJUV:1 1(11 ’ 

5.7I 'Isia.- Hxpuvaiiiio.. 

1.1 ] ill M Hiiitiina'x j 

j 'I'-hi Kmimum ' 

1 *ew« 

I M -liMias Lniemau.'HH- -. 

j .'mu 6nAen HMiil-siIjm • 

I Uhlirmss. ' 

■ *il 'ear Hi • 

... . ■•nei hapixaiati'iu : 

S ■ ■ I’M ■Dei* Lrm.lrte. : 

J I Ivir kid * Luniinii... ? 

4 -‘Uti'uii-I Mm Ilia 

■ I *|ni“i« t-xvi'i.i Mlimi 

s -° j 1 •■■Ui is, : 

“ j •* I 

7-i v‘e'l«iii U-.mna i?0 mi-. . 
' *' 


tO.BO -fl.fll I Elsburc 


Uannoay . — 

Kmrosa 

Kloar 

Rusn-nhurs PJaunux ... 


tO.40 '-0.01 * s «- Helena 


,-0.45 ' Souihvual 

13.46 ' .+.J.U4 (told FicWs SA .. . 
>1.61 +8.01 t'Bion Con>arauoi> 

12.55 +0.05 be Bwrs Deferred 

10.68- j-O.Ol ElV vuonulziclil 

rl.4o • Easi Rand Ply 

t ]_84 1 Fhx- SUU.- tlcluld .. 

t 0.13 i • •• President Brand 

10.50 --0.U2 Prefildcni stein 

tl.85 ; Srilfomein ... 

i2.9b . ( WiMkom 


t itoil -« 
Il*J0 -t 
. l.SJ = -0 
:!3.5*isd “1 

3 - D '.¥? ' -p 


7.K*d -* 
.6.75 


v«ti 


I..3J , — .BU11I 

10.68 ;-l.iH j "'em Dricfor.i^in 


._. Wosicni Hnidmcs 


, . 1.B20 
.. 2.9u5 -5 
- 1.780 -1 
7.150 


Kimla.X.V. Bearer' 142 rd 


hnr*.'»iii l-iib'.il 1 . 
fii.tai Hiriaiili+.1 

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rtnru<.l.-ll>lt'l,'A 
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llll. Mni.i-r , UVi. 
XMHr>n*i it-. Ln„ 
XvI.XsiIIiimK.h.;. 
A«n LiwlbkiKl.a: 
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71.5 : 94.5 4.8 


37^5 5 3 : ^ Hel^c.. 5.650 
94 5 4 B* H-.!*1 mi4 ... 2.970 


729.ll^0.i 
415 ; + 7 


40*8 ^b!z ' 20 4^9 I • 5.790 

Ob — 0.8' 14 1 3 1 1 >« . r "-n. Ilati.^ic 5.080 


IOS -0.8 
37.3 +0.5 
23./ -0.5 
161.3-0.1 
47.3, — 0.4 


.<•»•««. I*|.|||\,(: 


: >.*:va* 


29.3 -0.3 12.5 12..-, ; ,W 
113.8-1.2 48 4.2 ^ M ! 


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207 -2.3 22 


.•.*■(11.4)1 ; 173.5-1.7 36 4.1 1 


i.<l>eni 


! * mi <>ii(ir>srt-fi....l 142.0 —2.0 


SWITZERLAND ® 


1 ’ik! inn 1 *1^111..... 
■ ■ 1 1 * 1 1 i*s- 'hi. U'i... 

« ill ?c-ll Vstt h I. IxL . 


42.5-1.5 

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72.1 -2.4 


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1 1 1, nil k*. ll'IXxn... j 
! iI.h+iiIm ih'L-L‘l....l 


r0.45 +0.01 1 Western Dx*p 

11.97 * +‘>.02 I 

i0.e2 '.. 


INDUSTRIALS 

+1.0 AEC7 . _• 7,-ie 

’■*■?! Anslo-Amfr. Industrial ... W.S0 

-0.01 Barltni- Rand 4.1*' 

ON A Invvsimnrii-j LOfl 


I'lvAlil. 
*■'■'■• % 


1 f'-Ume Finance 

! De Beers Indus! rial 

Krtnars Consolidated lav 

EdxaK Siont. 

Ee+rR. sdj SA 


nss 

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5.5 . Vm^u<*L>Lt:irtVc.i 415 . + 7 21.15. s!l ^® dtrals VoUrebelesgings . . 

I. 2.b ! V.I l.miihir 335 '-T-i 16.5- 4.7 ^! ; a*v n nann Stores . ... 

4.7- 1'iuiiMine : 543 1-3 .2BJ5[ 4.9 Assnrance *SA> 

6-b , 667- !-ib g'.? ^ llS *■ 

7.0 I .'.juxuiub. 826 Ik 6 42 I S.l -■ ' 

! 6.7 J >’•>. v. liervias....- 569 1^.9 . 40.5! 7.1 Rodway 


7b , 4.0 I 
31.5 7.7, 


NedBaak 2 +5 

OR Bazaars ->7.50 

Premier Milting fi.10 


,100 J-IO i76.50 3.0 ULrir 

454.K-2 Q ■ 1? I J a P^ ,,nria Cement 

«n *1 :J.L! i% sgfjssye-:-.-, 


124.9 

BS.O^i.B 

666 I— B 


2 »5 •• 

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.-l 

fi.10 



-( 

1-4+ 

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l 1 . 411 

-4 

3.4W1 

-( 

,11.41 



; + "r.‘l , :v. YTiT .! 


b8.3 -r-4.3 
T83 -2 

254 +2,7 

791 +6 


124.0-0.1 -9.3 5.8 i , ‘ , ‘ c ■•' - l-a-3 


I Ueln FiSl : 132.441-1.2 5a.l& 8.1 


"■*i»ii"iira 1 250.5—2.5 20 8.0 1 


levniL.r|.il- I.3U.J 113.8—3.4 27,. 4.8 I 


in ijH'a'. h 
I'm. i'art L>-n 
I Lx l.'Su 


830 — 7d 

644 -30 


'■■j I . . , — T I. - — - ' u.a,. b.u 

3.3 ‘•[•■a'-!liil .. 1.830 3 £. 75 | 0 .U 


j'g M.umvis. Plieuik... 595 — 4 ”" aft.rl e!? 
aj4 ilielimn .1,3 Jo — 18 ,5i.6M 2.S 


• 1 y ; Ofi naT,d Mln ^s Prop-Tiiv? ... 2*1 

| m.d Renibrandj croup X-Msl -t 

S' B *.“k 7, Ra'Ico • ,ii.4i '-t 

i U“ P v,™ a,nK -■ >J“ 

J'* B '^,’ l c - Sinirh Su'ia'r «!» +* 

4.3 5.7j 8.6 SA Breweries ' 1.17 

S „ Tiucr OaU & Nall. Mia. . H.23sd 

+ i..7'lB./J 5.0 Uniaec . . _ i.ff ' 

+ ^....3£;?2 |;S Securities Rand 
4"" 39. ri e!? (Discount of 34.8 


SO. 30 0.5 * *?'»»•• -» 


2.130 -440 


I LiniMtei iFi4Ml...l 125.2—0.4 42.fi- 6.8 : - 1.820 —40 , 10 g.c 

! 1 ikniM lie, +ti .L [ 41.0 — 0.6 -SO. 20 1 i.2 1 r i-elier ■Ue.-ra^i. 33U 1 ! a ^.7 

I "Vi/. I n. H vi JO.. 410 - 3 33 3l& J ' rtvalimtu JtL'vn-. b9.7bO :-5.ZSO'H10 lie 

lfc«. «rm*'ii 3.950 -300,110 ; l.b 


COPENHAGEN * 


liHvrio*+i B. 3.7u8id —2a 

I '.-lin. ■' 1 'hr.I.'j... — 1U 

Alette :fr. |jj|„ 2.970 j-80 


,4.14J ‘—30 .gd6.7' 4.0 


4^1 | 'J**- -1 HeniWM»i 572 - 3 12. 3 2.2 “ - - 

A. i ( 1^2.8 -2. Z ; 3 7 g.3 SPAIN * 

2.c I C 1 *"!' Me - 1 J96.S +2.3 -la.fi 10.2 ,, . , „ , 

4 -J 1 I nrliniev • 106.3—2 7.5 7.1 - 6 " PpC Ctnl ; ' , 

1 e i ! 27^ ••-*>0.5; 10 18 •J s l an[ t ' 125 

*'wawt.i.-iuoen_, 494 *4 il7.2&| S.b gai«a» Bilbao • 2fi 

I'.M-jiun 1 212 , + x- :• — I— B a«co AUantlco it.000* 235 ••>“*-.> 

, Z <Im.Iu. twiiiil.iue.l 512 : — 1 1 27 S3 5 anca Ccmral 31(i Tt. 

.»Q J..J 6U9 1*3 ‘ 3U 46 ? anco Eaterter 2M • 'Jr- 

M-u-nv PmjicDc...! 12 J.8 +O.B J .9 7'a Banco General 272 r.f 

7'“ ? ‘*Uu*»Mn 101. 1;-+ 1.1 ! u.if, o'n Bmwo Granada il.OOD. ME Z. 

>i»i^ i*in<.ii>nni....il.7G0 59 2 1 -HTtspano .. 2S4 T 

■■W Jo7. 1— ij.9 ! 25.S s!s ^ aB «' fnfi. GaL Il.OftJV 187 ■..▼7- 

1 <-iviiH\vnil.|iie_. 1 84b — 3 ! 25jj jn “■ tnd. Ucfiilcrraneo . 200 ■■ “ 

'ii. iiix.ifiHnn.il. 273.0 +3.5 ]ifi rt s’r Banco Popular 252- — . 

+viiN 2Zg Z. _J Banco Santander «23l!j 342. 

.. - ----- — •■■■■- — Banco Urquljo il.vdUi . +•* 

Stockholm ■ BK SSLiii “ “f 

] fries 1 liiv. .yirt ^tikunion -IB ‘ ”! ®- 

rt+«l. i k'n.ne 1 — ■ Kr r t ' Bmus AndafnrJa 141, . — 

— : ' i *• Babcock Wilcox .......... 2 * - — 

An iKr.SOi.L 202 | '6.6' 27 ^ — 82 ■ ’T- 

AliaLiiveBlKr^Oii- 143 j 6 | 5i4 ?*»»**» ... ,^7S ; ■ ' i 

A.-KA fkrJWl- 4 88 ; . g 1 5 8 .{“MWbanif 74 .. + 2 

Atlii5.5L<, lJ e.+;Kjffi; 125 [ 6 i 4.9 .&■ I- Acagonesas • ' . 5D425 

Ki'.i+tii.i -j 59.5!— 2.5;. 4 -6 7 Zinc ■ 1HL "-TTv 

li-ters j lib } ; i EapI.'Rlo Yurto 

I'.i nil..] 197 U-i 'ffVSi 30 Fwsa ft.MW* ’ -'-> r-.T*> 

'-rllul'eM 240 !— 2 ia .4 2 £*003* iLflDO) 

EicvfliurBlKi’fOi 125an.-[ €.2 s"i Gftl. Preciados .75 

Kri.-^*n‘K , fKi«l| 134 I '5 14.7 P.H 11 ” Velanjnez (MO) 165 . - ■ 

Ecveite ••B-’........' 308 +1 I B.6 'S.l - ” ' 1 

.■a^-Kri- s. -*,J _ 4 it? ssSw : s ;;:::;: "Sh' ■ -7 

SK5f-?.-4'S — - C ->- 

b.K.F.^irK«.q 70^-l.5l4;« 6^ ISL -'.' S - 

-kmi.l Kfiehiitls^r 173 -1-8 4.7 - to -'ft 

IKTSUarr: S- -? 


7 f stm- :s 
[q Asianil 

z\ Bajicn Bilbao 

J Banco AUantlco < t.000 • 

6 3 Banco Ccmral 1 

«i'g Banco Estcriur 

7 - a Banco General 


XiiitelhliAnki'u 

rhin+Le Hunk 

KhM A'IhMi- *.■"•... 

Knm 11 0 A 11 ken 

lJ r j zneriei ... 

Km-. fV]iir •... 

fin ii. li'l-1 unL . . 

(I.VlIi'ii H.itirA; 

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131 . .. 

356 +2 

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127-j 

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3.3 ! isiriiltc • Kr^r,- 4.&CO«0 

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3.7; 


yuls! STOCKHOLM - _ -■ l&SLno:: 

2 H i * ■ .Sit I +? : & IT SSSliw:.:: 


Baurfi Infi. CaL U.09BV 
8. Ind. Ucfiilcrraneo . 

Banco Popular 

Banco Santander *‘i30j 
Banco Urquljo it.odUi . 

Banco Vizcaya 

Banco Zarazozano 

Ranioicion .. . 


7^9 1 MILAN 


3.0.’ 

7.0 ; 


VIENNA 


Lfe.liiaii.Ialr 

f'l-l lii>Ki.«r 

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2t4 —2 — 25; — . — j Saiuliilk 'H' 


264 -22J 
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2.040 — rO 

1.060 -61 


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“^i 1 k».-.-i l°&r LS 1 «« 6.4 

130 6.4 -knmi Kindi iIiL»mI 173 —1 • B 4.7 
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-41 ; — • — I i 'iMi-ihHiii _ ,64.a-t.s: 


"■••I-.?. 


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+ ■«■ Hir. \1.|. I 116 { 

- i L.:e f.m*M.; ' 197 

' LdluJrea 240 *-2 

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99.5:— 2.5 

ns ; 

197 U-i 1 
240 -2 i 


!-2 20- , 4.; 


q 1 F«sa Ci.WWi ' 22 * 

alFeDOSB iLftM) ... 


S 2 1 E<xe,n- -B-. ' 308 j ill 

-105' ISO; 7.2; ?8 f-2 j 


^5 g.*i Gal. Preci ados 

5 r 4.7 Gnj t” Velanjns* (MQ) 
Hidrola 


: ^5S 


_ . „ . _ . firnn^iK i/re»**.....i- 

21.800 -—1350 600 2.8 Hiui.1leslttiokeii-> 394 

9Q ti 1 iaa 


4 a 7 

M QiaxTu ; 

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a r-p 

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* 7 '^ - 


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.asoUo. 6j _ 5 • - • ; 






s^32^£s?“-' : s£v ‘ ." 


'"dfcJ^f 





Financial Times Wednesday September 27 1978 


FARMING AND J{AW MATERIALS 


move hits tin 


BY JOHN EDWARDS, COMMODITIES EDITOR 

?I?rinn R \iSi 0n . tile *5® i 3 ^^ 1 supply purchases of other items required it goes into recess. 

dSJfSllnJrtn* market by the stockpUe. Some traders thought the 

that thp°ir WS ? a f fc 'a !?!!? 1 of 016 This VKatUma “ay help avoid market may have over-reacted. 

tativM^if'^mrewa?' ?Kfi Se f* lnt ® Pn ?_ lionaI In Agreement. coofrontalion with moves in the But at the same time if the 
auftStt 2.lJF5 51 M moment the Starts tin Senate for the sale of stockpUe release of 30.000 tons Is approved 

stra teSr £nii» f 0 WE,? m *S^ln ath ° Ug ?* f a ' im 3 Dn to be linked with demands for in time, market prices could fall 

. v MSIS M$l£60 a picul, is Still rebuilding the copper stockpile to a lower level. 

nS Spf fit ™ 1 closed 1ISJ160 aDove the Agreement with the proposed purchase of Other metal markets were 
25nf *£T S L* 1 £8 - 87 ?. a totl, } e ’ celling" and the buffer stock 250.000 tons. overshadowed bv the Interest in 

lion wm has nD *?* holdings to sell as a There was considerable un- tin. But zinc prices rose strongly 

Thp nmvp hv tho uiifJ; n/ of l0VI ? erinc certainty on the London market on expectations that other Euro- 

e« .S ? y the Hou se of Rep- Under another provision of the about the significance of the pean smellers would follow the 
Dile "sale J U eanSKS *£ 2.°^.’ B,ll> receipts from the sale of House of Representatives move lead -set by Preussag on Monday 
fmnortant 1 «E? W ttri b ® stockpile tl " wo “ ld be P ur in a and whether legislation can be in raising its producer price 
thmigh legislation has sli/l in to Spec,a fund t0 be used 00 y Ior piloled through Congress before from 5225 lo 5675 a tonne, 
through the Senate to cotnolete 

its passage through Congress. "* — 

No de»nite date has yet been 

set for the stockpile Bill to be \T • A a • • -r-% 

JNo mteryention m Penang 

be dealt with before Congress O 

goes into recess next month 

S^VwSu^fert ffi BY W0NG SUL0NG KUA1A LU “ PUE - se»t * 

Senate might approve legislation 

not acceptable to the House of MALAYSIAN Government inter- basically a physical market. Mr. lion. 

Representatives or President venlion in the Penang tin market Leong said the Corporation was “ While the industry submits 

Carter. has been ruled out. although the merely moving ahead in antici- that the existing tax structure Is 

Nevertheless, the big vote Government is watching the pation of the tin commodity penal and a disincentive to new 
in the House of Representatives latest developments closely. Mr. exchange which the Malaysian investments, the Government 
nf 300 in favour to 75 against Paul Leong. Minister of Primary Government was planning to rightly argues that the industry 
releasing stockpile tin suggests Industries, said. set up. could support the tax burden as 

that, there is strong support Mr. Leong was commenting on Mr. Leong said the Corpora- super profits are made in spite 
barking the Bill. reports that the Malaysian tioQ was selling tin both on a of R™ 

To the surprise of London Mining Corporation, the world's physical and futures basis, some- The memorandum suggested a 
traders the Bill passed pave biggest tin- raining group, has thing which would be provided progressive tax on excessive 
approval to direct sales of 30,000 entered into an agreement with for under the proposed Malay- dividend distributions. But it 
long loos of tin from the stock- a London-based broker, Anglo siao Commodity Exchange. added that to encourage new 

pile. Chemical, to sell its tin output. Meanwhile, in a memorandum mining ventures, the Government 

But it made the release of a instead of placing it through to the Finance Ministry, Malays- should' reduce the export duty, 
further 5.000 long tons as the the Penang market. i an tin miners have called for the waive the tin profit tax, and 

U.S. contribution to the Inter- Tbc Corporation's action has restructuring of the tax system treat mining assets as maoufac- 
nJtional Tin Council buffer stock created a problem nf light to encourage new investment in luring assets to qualify them for 
conditional on prices falling to supply because it accounts for the declining industry and to accelerated depreciation, 
within the International - Tin a quarter of the market's offer- discourage excessive dividend “When these ventures prove 
Agreement's “floor” and “cell- ings. and there are fears tbat payouts to shareholders. viable, the tax structure apply- 
ing" range. this could undermine the status The memorandum pointed out able to continuum operations 

The idea is that the release of of Penang as a tin market. that the industry was facing the would apply," said the memoran- 

30,000 tons should more than Pointing oat that Penang was classic “chicken or egg" situa- dum. 


BY WONG SULONG 

MALAYSIAN Government inter- 
vention in the Penang tin market 
has been ruled out. although the 
Government is watching the 
latest developments closely. Mr. 
Paul Leong. Minister of Primary 
Industries, said. 

Mr. Leong was commenting on 
reports that the Malaysian 
Mining Corporation, the world's 
biggest tm-raining group, has 
entered into an agreement with 
a London-based broker, Anglo 
Chemical, to sell its tin output, 
instead of placing It through 
the Penang market. 

Tbc Corporation's action has 
created a problem nf light 
supply because it accounts for 
a quarter of the market’s offer- 
ings. and there are fears that 
this could undermine the status 
of Penang as a tin market. 

Pointing out that - Penang was 


basically a physical market, Mr. 
Leong said the Corporation was 
merely moving ahead in antici- 
pation of the Un commodity 
exchange which the Malaysian 
Government was planning to 
set up. 

Mr. Leong said the Corpora- 
tion was selling tin both on a 
physical and futures basis, some- 
thing which would be provided 
for under the proposed Malay- 
sian Commodity Exchange. 

Meanwhile, in a memorandum 
to the Finance Ministry, Malays- 
ian tin miners have called for the 
restructuring of the tax system 
to encourage, new investment in 
the declining industry and to 
discourage excessive dividend 
payouts to shareholders. 

The memorandum pointed out 
that the industry was facing the 
classic “chicken or egg" situa- 


KUALA LUMPUR, Sept 26. 
lion. 

“ While the industry submits 
that the existing tax structure Is 
penal and a disincentive to new 
investments, the Government, 
rightly argues that the industry' 
could support the tax burden as i 
super profits are made in spite 
of it." 

The memorandum suggested a 
progressive tax on excessive 
dividend distributions. But it 
added that to encourage new 
mining ventures, the Government 
should reduce the export duty, 
waive the tin profit tax, and 
treat mining assets as manufac- 
turing assets to qualify them for 
accelerated depreciation. 

“When these ventures prove 
viable, the tax structure applic- 
able to continuine operations 
would apply,” said the memoran- 
dum. 


Irish and Danes may defy 
fishing ban by UK 


BY MARGARET VAN HATTEM 

BRITAIN FACES the prospect ! 
of a head-on collision with at 1 
least two of its EEC partners ] 
over its decision to introduce 1 
unilateral fisheries conservation i 
measures. i 

Mr. Brian Leniban, Irish 1 
Fisheries Minister, said today be 
would fully support any Irish 1 
fishermen who attempted to fulfil 1 
their quota of herring in the < 
Irish Sea in defiance of a British ( 
ban which came into effect last i 
Sunday. i 

He estimated the total Irish 
quota at 2.146 tonnes, of which t 
between 400 and 500 tonnes c 
remained to be caught i 

Meanwhile, a the . Danish s 
Minister. Mr. Svend Jakobsen. 


said Denmark , considered 
Britain's decision to enlarge the 
Norway pout box. where indus- 
trial fishing is banned, was 
totally unjustified. The measure 
is due to come into effect on 
October 1. 

Mr. John Silkin, the UK 
Minister of Agriculture aiid 
Fisheries, refused today to be 
drawn on whether Britain would 
seek to arrest fishing vessels 
found operating in banned 
waters. 

However, fisheries problems 
were peripheral to the Council 
of Ministers’ meeting here today, 
which was devoted mainly to 
agricultural issues. ‘ ; 

No decision was taken on a 


BRUSSELS, Sept 26. 

number of Mediterranean pro- 
jects, originally part of the 
annual farm prices review, and 
detached from it in the face of 
strong Italian opposition only 
after the Commission gave 
assurances that a decision would 
be taken before September 30. 

There dow appears to be no 
possibility whatever of this, but 
the Italian delegation made no 
protest today. 

The question of the British 
butter subsidy also remains un- 
resolved. Britain having refused 
to pay a national subsidy on New 
Zealand butter, the original pro- 
posal for a “Christmas butter" 
subsidy appears likely to be 
taken up. 


Irish salmon 
ban urged 

A TOTAL ban on salmon fishing 
in Ireland was urged yesterday 
by the Irish Salmon and Trout 
Conservancy Council in Dublin. 

The council is pressing for the 
ban, which would include all 
forms of salmon-catching and 1 
angling because of a big drop 
in the number of salmon being 
caught in Irish waters. No more 
of the fish should be taken until 
stocks are restored, it says. 

The council reported that this 
year’s estimated total catch 
would be 20 per cent down on 
1977 and 50 per cent down on 
tile 1975 figures. 

Mr. Jack Millar of the con- 
servancy council's steering com- 
mittee, said a lot of anglers, 
who had previously fished in 
Ireland for salmon, were now 
heading for Scotland and Scan- 
dinavia instead. 



Decline in 
coffee stock 
forecast 

By Richard Mooney 

THE INTERNATIONAL Coffee 
Organisation (ICO) believes 
the Brazilian 1975-79 coffee 
crop will be between 16m and 
20m bags (6o kilos each) and 
expects the final figure to be 
jaear the bottom of this range. 

. . Earlier forecasts by the 
Brazilian Coffee Institute 
(B5C) put the crop at over 
24m bags hut following a 
severe drought and a damaging 
frost last month, the institute 
cut its estimate to 16.1m bags. 
Even the US. Agriculture 
Department, which Is normally 
optimistic about Brazilian 
yields has conceded that the 
crop could be as low as 18m 


Austria seeks better tarn 
trade deal with EEC 


As a result of the Brazilian 
production problems, the coffee 
. organisation expects world 
coffee stocks held in exporting 
countries to fall by 2m bags to 
just over 20m bags in the 1978- 
1979 coffee year. 

Member countries’ export- 
able production Is put at 50m 
bags, roughly equal to ex- 
pected demand from importing 
members or the organisation. 
But while sales to non-member 
countries are put at 5m bags, 
non-quota exports are pat at 
only 3m. 

la Zurich, meanwhile Mr. 
Arthur Fuercr. Nestle manag- 
ing director, said sales of 
eoffee products had risen this 
year as a result of the fall in 
world prices. Nestle sales of 
pnre coffee products, which 
fell 16 per cent last year, 
probably won Id be back to a 
normal level this year, Mr. 
Fuerer said. 

Sugar futures 
prices surge 

By Our Commodities Staff 

SUGAR FUTURES prices forged 
ahead again in the London 
terminal market yesterday. The 
December price, for example, 
advanced £2.625 a tonne to close 
at £112.70, bringing the total gain 
so far this week to more than | 
£6 a tonne. 

In the morning the daily price 
for raws was raised £3.50 a tonne 
to £107. 

Trading began briskly and 
prices increased throughout the 
day, initially on the strength of 
prices in New York. Profit-taking 
produced some irregularities but 
keen buying interest kept prices 
rising steadily. 

Traders reported that the 
Egyptian buying tender for two 
cargoes of white sugar for 
delivery in October-December 
was filled by a Middle East 
supplier selling at S234R0 a 
tonne c and f. 


BY PAUL LENDVAI 

AUSTRIA will press for easier 
access for its farm exports to 
the Common Market and ask for 
urgent measures to reduce the 
imbalance in the trade in farm 
products during talks which will 
begin here tomorrow with Mr. 
Finn Gundelach. vice-president 
of the EEC Commission and 
Commisxsioner in charge of 
agricultural affairs. 

In spite of promises made at 
the time of the industrial free 
trade agreement concluded be- 
tween Austria and the Common 
Market in 1972, Austrian exports 
of cattle, cheese and wine are 
faced with increasing difficulties. 

Austrian imports of farm pro- 
duce from the EEC between 1973 
and 1977 jumped by 56 per cent 
to Scb S.Sbn (about £315m) while 
Austrian exports of agricultural 
products to the EEC rose during 
the same period only by 9 per 
cent to Sch 2.6bn. 

As a result the Austrian deficit 
in trade with farm products 
vis-a-rix the EEC more than 
doubled to Sch 5.2bn. During the 
same period the share of the 
Common Market in Austria's 


agricultural trade deficit rose 
from 25 per cent to 37 per cent 
of the total. 

The talks this week with Mr. 
Gundelach are the continuation 
of negotiations launched last 
June by the Austrian Foreign 
Minister and the Minister of Agri- 
culture in Brussels. A mission of 
experts prepared the ground for 
the talks jn Vienna last July. The 
Austrian side blames agricultural 
protectionism within the Com- 
mon Market for the growing 
imbalance. 

The most acute problem is 
posed by the new guidelines 
governing registration of breed- 
ing cattle. The Austrians com- 
plain tbat this administrative 
barrier is a discrimination 
against Austrian cattle since 
German and Dutch exporters are 
not faced with such demands. 

It is feared that a strict appli- 
cation of the new provisions 
could reduce Austrian exports of 
30.252 head of cattle sent last 
year to Italy to a mere 3,000. 

Trade in cattle for slaughter 
has also run info trouble. The 
Austrians say the levy on their 


VIENNA, Sept, 26 

sales to the EEC should eq 
the difference between the pri 
ruling in the Austrian mar; 
and those in the Common Mark 

The question of the muti 
recognition of quality wines I 
not yet been resolved, eith 
primarily as a result of Frer 
opposition to further concessit 
to third countries in the agrie- 
tural domain. 

As cattle for breeding a 
slaughter account for h 
Austria's total agrlcultui 
exports to the Common Mark 
the issue will be central in d 

cussions with vice-preside 
Gundelach. The Commission 
will also be received tomom 
by Dr. Bruno Kreisky, Fedei 
Chancellor. 

The Austrians are, of conn 
keenly aware of the fact th 
agriculture was excluded fro 
the Tree trade agreement wi 
the EEC and tbat the intentii 
to promote trade in farm pt 
ducts was reaffirmed only in tl 
form of an exchange of letters 
1972 between the EEC Commi 
sion and the Austrian Gover 
meat. 


Japan welcomes lifting 
of curry export ban 


BY OUR OWN CORRESPONDENT 


TOKYO. Sept. 26. 


JAPAN'S Ministry of Agriculture 
has reacted with undisguised 
relief to the Indian Government's 
relaxation of a ban on the export 
of curry spices. 

Its reaction reflects the fact 
(hat a 4m ton domestic rice 
surplus is a major problem for 
the Government. The populari- 
sation of curry dishes has so far 
proved one of the effective 
means of stemming the decline 
in rice consumption. Because of 
the link between curry and rice 
consumption the Ministry sur- 
prised spice importers by taking 
matters into its own bands when 
the ban on exports was an- 
nounced early this year. 

Japan draws abont 50 per cent 
of its annual, supply of curry 
spices from India with imports 
concentrated on two varieties — 
turmeric and cumin seed. 

After the Indian Government 
imposed its export ban (appa- 
rently becanse of crop short- 
ages), Japanese importers turned 
to China for alternative supplies, 
but negotiations on turmeric 
purchases at last spring’s Canton 
Trade Fair proved disappoint- 
ingly slow. 

After the failure, or near 
failure, oF negotiations at Canton 


Ibe Agriculture Ministry began 
direct negotiations In June Tor a 
lifting of the Indian export ban. 
A direct appeal was made to Mr. 
Vajpayeem. the Indian 
Foreign Minister, when he visited 
Tokyo in August. 

This was followed by the dis- 
patch of a spice industry mission 
to Delhi which finally got results. • 
The Indian Government has 
undertaken to satisfy Japan's 
import needs up to the end of 
1978 and to review the situation 
early nest year. 

Shipments for the rest of the 
year will be 800 tons of turmeric 
and 200 tons of cumin seed. 

CHINA TO RAISE 
OLIVE OIL OUTPUT 

ROME. SepL 26. 

China plans to increase its 
olive production in southern and 
central regions, where the 
climate is considered suitable 
and erosion needs to be pre- 
vented on slopes of newly 
reclaimed lands, the Food and 
Agricultural Organisation said. 

A Chinese delegation will visit 
Italy. France and Spain next 
month to study olive production 
Reuter 


EEC bans 
seed trade 
sales pact 

By Guy de Jonquiern, 

Common Market Correspondent 

BRUSSELS, Sept. 26. 
THE EUROPEAN Commissioi 
today banned a number of restrit 
tive practices in the cereals tradi 
which, it has concluded, havi 
artificially inflated the price o 
certain types of French maizi 
seed sold on the German marke 
in recent years. 

German farmers are dependen 
on France for about three 
quarters of their supply of maize 
seed. But, according' to the 
Commission, illegal limitations 
on sale have resulted in the seeds 
being sold in Germany at prices, 
as much as 70 per cent higher 
than in France. 

The banned practices, which 
violated Article 85 of ihe Rome 
Treaty, effectively restricted alt 
sales of seeds developed by the 
Paris-based National Institute of 
Agronomic Research on the 
German market to a single exclu- 
sive licensee.' 

As well as the institute, the 
Commission decision names the 
Societe Anonyme des Sentences 
de Mais of Paris, and Nuagesser 
KG and a Mr. Eisele. both of 
Darmstadt. 


COMMODITY MARKET REPORTS AND PRICES 

U i c-f srrT 4 T C momlnn at £754.-'’. In the afternoon a morning kerb. In the afternoon U.S. t» 

D/iijt irixj J. gLj bviii'r-Uian-cxnei-rifd owning on Comes tax in a- turn market caused a all* 


mom Inc at £754.5. In lie afternoon a morning kerb. In the afternoon U.S. buy- 174-56 (171431. Indicator prices Sevr. M: 61. Glasgow. S- African Yellow Sept.- England and Wales — Came numbers tip 
beiler-iban-cxpeercd one nine: on Corner tax in a- Unn market caused a slight 15-day avenge 171.02 (170.22 >: 22 -day Oct. 61. Glasgow. lu.u nor tint, average pruv ra.Oip 


PRICE CHANGES 


COPPER — Barely changed and fairly ^ »» ’KSK Tc 


’ tun. " “it-fnr 

CitnIDoix] j —i 


°“3? ,: T J En8 H* h Fee ? f otl *? J0 ' * Sheep up vt.8 per «*n\. avuTtte price in ronnes unless oihcrulse slated. , 


iepu f6 Mu i Moo to 
197b — ego 


omonilis.j 743-. S , + 4.: 
tieurm’nL 724.5+4. 
StntJ 635 


£ 

1 

735-. 5 

l 

-7B 

762.5-3 

:— 2 

— 

J - 

723-4.5 


742 3 

:-.7B 

63-66 

1 


\ rt" vn iv* 1, ft+or \hrea Mattih A £7a4. 53.-52. 53, | — . — - - - [ J. — — . The putflUK opened a bunt SO POinis EEC DAILY INPORT LEVIES** 44 per ccW. avorasc price 125.8& 4— 

COPPKK| OOlital [— CitudtoM j — s}.g_ 55. Cathodes, litre* months ir-as! Hieli Grated : £ « ' JU ■ 2 *&°ve kerb level* but good busing in- Effective for September 27 >in order P1« Op o.s per cent, average price 

, , — ■■■ ■ ■[ ' 43. Kerb: wtrebars. three months ITS*. Quli ' 6870-30 6865-75-1B2J u-rent arm met by heavy long Ucrtudatlop current Ievr plus October. November and g4_op too change; 

_ . 1 * £ | ^ M-S. Afternoon: Wirebans. cash £735. j lavnuiis.: 6750-5 120 6755-75 M la fSf t h 55? m P SFfa n 5miT , !!r COVERT GARDEN (Prices m sterling 

Wirebara; I I ihrcr months £754. 53, 52.3. 53. Kerb: St&tirzn'iwi 6860 1—145 — ■ j ...... €^cr, renewed bnylnx interest exposed a braclceiai. • AU 2 b units of account per package except where statedV^ 

l™ 1 —■•••! W-S 7+6.25 7JW :-.7B win-bats, three months £7W t 51.5, So, 54.5, Standard! I ! ! U0I1S BKl 2? lnwoM Prtd**: Lamans-nahan: 

o rnwjlh. 7M.S-5 !-r6 762.5-3 2 54. 34.3. 66. 6870-80 - 147J' 6865-7S I-1B2* rert^nll^mSil rr^ Thi Wh fffT > nc nj' new crop S-5M.00: SPauia: Trays 

SSM, i+ JET* W5 ySSSa traded levels, C. CwSSrow n£ °!U’ S-M® 

685 6 *- 66 forw^J 0 standard meial to JupfjMg. Cmm. Om Clove Pone "ifflUS J fBS*3! SP’T^JSl^SLj; 

r,s\ purchases ol copper. However, these U.730. Al this level some physical SJ™* srZZ { ' a ~ nth. Grate Sareham- n.7?. rest nil 

levels attracted profii-t atone, with the Interest lifted the price to I6SX0 hut hedge JSS£r«n« 41 40 Z~ 1 tgOJd rest nOl. Flow Levies: Wheat »r 5*?jLo2r , ,J7 0 ? S’Sg 0 BS!f C f?S J PSf 

pnre dfpp,ng to ax before ending the reDteg depressed It to £0.740 »n the ^ three mouths . jKSujinjuu. g% "S-ifiSLflSr IwlWlW'lA^S 

40. 3j. Kerb: Standard, three Ort. 1 ll.TO-11 JffllOB J5-0*.4b 1 11 JMD U-4.«ij. Rye Flour— 131.37 U3l.3<t. Granny Smith 5.30-2.60: pnrmcucse- Per 


Prel. iXesteiday'sj Pwtona 
r«mnt. Close Clowe 


Baslnna 

Done 


svwit jra."sssa J&’awBfesstaaisa? 


(other thw hrt T W Hr scedteg>-wa5. S Dfr5 M C™rfrait- 0<M .Trot re. SH7.8f 5 -2.3 ismiTO 

rest nil r792!5 rest nff>. Bochwheat— All nomtelaw&Sia^- Sonih AJrienrfcts «»»h (£564.5 42.2S:i^35.2B 

5jK M c ^ 4.50: Jamaican:' 5.00-5.40. Apples- 3 iimigaia j£d70.86j+ 2.0 £339.70 speculative liquidation on Mpecutluns of 

Isoid mUi “FtoS^Levire- wbLt £ French: New crop Golden DeUeJous 20lb . , ' t a share balanre of payments di-fli/it next 

iSOJB rest nit). Floor Levies. Wheat or -n jjq.* po 34 1.65-1. 70. 401b 2 50-3.00. tr re lUrkM(eJii[inijdl-75 , SI. 79 year. Copper cased on light trade arbi- 


I.S. Markets^' Tj 


Metals fall 
on deficit 
concern 

NEW YORK. Sept. M. 
PRECIOUS nicials closed lower on heavy 


LG. Index Limited 01-351 3486. . Three month Tin 6 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity fntnres market for the smaller investor. 


£0,745, 40. 33. 


Three month Tin 6,745-6,805 1 monrhs fs. 735 . 4 fl. so. S3. 70 


Conti 


LEAO— siishtly firmer. ' The steadiness >U re b..jll7J0 ■ 17.81^1 1SJS-15J<I|1 17.75-16.00 RUBBER 

S^cTandltoe coupled with modest Mmr ~ Jl IB.Bd- 19 J5jl 17^6-17.5*119.60-17.75 


Her. .-... 1 1 1S. Bb- 12.75 110.05- 10. Ifli II 2.85-1 ujjfl 


0X0 


“ GOLD WILL RISE UNTIL U5. GOVERNMENT TAKES 
ACTION ON DOLLAR WOES’* 

“LONG TERM COFFEE PROSPECTS LOOK BEARISH" 
“HIGHER RUBBER PRICES EXPECTED AS STOCKS 
REACH SEASONAL LOWS " 


These reports, written by -our Research Department, are now 
available. 

If you are interested in receiving them, or information on 
any other commodity, please write or ring: 

CondCommoditj Services, Limited;, 

World Trade Centre, 

London £1 9AA- 

Telephone: 01-488 3232 Telex: S87438 
Part of the Continental Grain Company Group 


EDUCATIONAL ______ 

Learn French in Piccadilly — 
and/or the Champs Elysee! 

Intensive courses specifically conceived for • 
business executives. 

For further details ring 01-734 9186 or better still come and 
see us at the following address: — 7 

TOP CLASS INTERNATIONAL LANGUAGE CENTRE 
Piccadilly House, 35 Regent Street, London S.W.1 

COMPANY NOTICE 


READY MIXED CONCRETE LIMITED 
7i% Bomb 1987 FF 80,000.000 

Referring to the announcement having appeared in this newspaper 
on September 12, 1978, Bondholders are informed that an additional 
amount of FF 2.400.000 has been purchased pursuanr to paragraph 
“ Optional Redemption " of the terms and conditions of the Bond*. 
The amount outstanding is now FF 61,600,000. 

' ' Tbe Principal Paying Agent 

kredietbank 

’■ s. A. Luxembourgeotse 


of copper and sine coupled with modest Slaf—.- 11B.M- 19 J6jl 17^6-17.501119.90-17.75 

covering enabled forward mtial to edge Auy 1 122. B5- 22.861 120.76-2 1.UJ122.70- 81^6 

higher. It opened at £3«S and moved up Oct I126.40-16J10 1 25.00- 24.95! 125.00- 2«.!>0 

In end the moralng at C7I). Trading was . ■ 1 1 29.05- Z3.75] 127 .flfl-S7.45; 1, 9.00-28.00 

sidxtued m the aficnwoii with forward c.inc- , \v> ,i3tn in,^ of sn nnK 

“ e *‘ rt - 

Turnover. 6. era craaulated basis white sugar was 044.85 

l a.in. )4- orl p.in. ff- or iwnfl a luone for. borne trade and 
LYAt) I Offiel"! — Unofficial I — £167^)0 rsi(O.S0) for export. 

_ I. _ ! L IrHrrulionul Suoar AorfVniMtf III C 


22.B5-22.S6 120.7a-21.UU22.7o-BI STEADIER 'opening on the London 
25. 40- S 6-00 125.00- 24.25! 155.00- 24.&0 physical market, inactive throughout the 
23JJ5- 29.75] 127 .00-27.45; l'i 8.00-28.00 ilW elosing very quiet- Lewis and Peat 
k ibTi 4 stiTTni-rorflTtni^*" reported a Malayaan godown price of 
5| . - .S . _ 58 °? Be5 : 2564 <3541 cents (buyer, OcL). 


Granny Smith 2.30-2.60: Portuguese: Per 
pound CoMeit D eh clous 0.07. Pears— 
French: Williams 4 JO: Per pound Kalian: 
Williams 0.20-0.22. Peaches— Italian: 


1 1.88 -0.055; i,98 iragi- : 
. ( declined 

Platinum Ucvoz.. £130 • E124.5 

Fret, Market IC145.05 -0.45 C136.55 

Quiebsiuer f76lb.rSlZ2.H7 6126/50 


iragv selling whllv cocoa and sugar 
declined an upvt-ulativ* prafinafeuiK in 
sjTnpuihy Hith a stronger dollar. Bat-in- 


-Dee. 171. 011 ili.l.SOi, March 169.74) 


Chub I Mt-5 Lu7, 

J nrnnriiaJ56B.76-9 -+2.2a 


Wt’n lent 563 l+l^l — — — 

U_-». r>(«a,| 3a8.5 . 1 .] 381.55 i 

Moralng:" Cash CSHj," 62. 6215. three 
months 1369.5, 6SJS B<& 69. Kerb: Three 
months £39. 70. 69.5, Til. Afternoon: 
Three mouths CTO, 70 J, 76. Kerb: Three 
numihs £370 j. 71. 


p.m. rf-'er isjffltl a Iubdc for. borne trade and .Vn. I Yeatetday e! Previous < 

■nuffieial | — £167.00 / £153. 50) for export. 1L^.S. I Close I Olt«e J 

‘ r Internal ion at Sugar Apreement fU.S. - • I ■. 

£ ; cents per pound fob and slowed Caribbean I I | 

3646 +2.26 prirf^-Prices for Sept. 25: Dally 839 Oct | 62JS«t5o! 60.75^0.801 

370-41 ;+2 «S-14); 15-day average 8.09 (8.031. Kor. 1 61.66-61. 70l 


iliuiliirat 

Done 


African: Fuerte Capsicums — 

Dutch: Per 5 kilos 330. Onions— Spanish: 
S.Sftff.00: Dutch: LSO-2J20. Pwklers 10 


Prctacern-^ ;562 d I §625 


hilts 130. Melons— ^itatdfib: TeDpiv E 14 i v^.,,,,. lWlill 
2 0n-3iM. Green 3.W-3.00. ▼ — i-ocouuKHiil| [S79fc 


„ . .- — Oct- Dee) 6A65-b45&l 61.50-81. B0 , 64.80-64.50 Dutrt- --S2- JersTi- 2*8^57 HremHwit. f£74& 

8.5 . I_ | 331.55 1 COFFEE Jan-.Uan B7.W-87.W) 84.20-64^5, b7.J0-t6.8u “ .i?™ " Jp p ’ linwi Crude (v)..i£dz2 

Sb C915. 62. 62.5. three , . . Apr-4ne! 69-U5-08.t0< k&-5d-b8.9n Engtisli produce- Potatoes— Per kilns "" •«— » 

5XJ5 SfJ. 69. Kerb: Three I 68.50-68^5; 71.10 l.ikMJto. Lcttaces^Pcr 12 room \ 00. <"os 

70. 69.5, 70. Altemoon: tel {^-ihrcugB buylro bum Ch-t-Devi 73.10-7L15. 1 70^5-70.56 75.10-73.05 1.00. Webbs 1^0. Cucumbers— Per tray » 

370. 70-5, 70. Kerb; Three SELSSSS «*■ tZ* 7b.»-7U5 12 ^ new crop 2.0&-2 4o!»4^hr^H^ Seeds 


.pr-4ne| 65^M8.Hk 68.65-66.60 fcB.3u-b8.95 "Englteb produce: Poiatoes-Per ?S kikr: llu *y an - SMO« I-5.0 P570 


uumras J-iiuj. .i- Apr-Juej 77.IB-77.16y 74.5o-74.4B, 7/. 10-77. 00 Per pound 0.55."’ App(o»-Pcr pound v 'i"* rl 

ZINC- Hlsber again with the market 1 J Crcnadier 0.KL Lord Derby O.oSSj©. 

buojpd by ncwp ital BaMen had loUowed orwep^d jQ^ loM^quJdaUon lu^the 4 htTie IS tonnes. C ^ 3 0raDCe plD P |n 

Preussas in lifuas Us predarer price to iSchomwl on the ^ Physical dosing pnees i buyers > were: 0 05-0.12. Tydeman's 0 04. Worcester Pear- Grain,. 

»SJ5. After ooeflteg at £387^ f inward tee tows about MOMngefljnjnedM. s a fBU •* « mutu 0.64-0.05. Russets 0.054J.M. Pean- 


pound l^T>ni Hbillip S510> -5.0 SA70 

LM-0.U5. •AWWil’A.l.. J I 'S262 


metal moved ahead throughout the day to 
dose at CM on the late herb. Turnover: 

S.875 ton nes. 

| u.io. H- oil l»-i»- l4^r 

- ZLVC j Onii-lal J — PtrolEeinJ — 

r | £ j~£ £ £ 

Ci«b .j* 331.5-2 I+6.S2 332.5-3 )+6 


leatentaj-'B j 

Clnso + or Darina 

! — Done 

£ per loose : 


63p <BL25>. 


SOYABEAN MEAL 


Per pound Williams 0.11. Conference n. in- 
0.12. PtuiTK — Per pound Bush 0.09. 
Marjorie's Seedlings 0.14. Damsons— 


Hurley KEC I • ' 

U >.iuie r ukirea.... £79.65 -0.15 £80.35 


Anri, n Aft wvbip ruwiifi,..,. 


September ..j 162 >-28 1-08.5 1655-30 

\nvi-n,hep 1562-44 IJ-UWI 


November... 
January j 


1542-44 I+U1.0 137040 
1439-40 | — 05.0 1470-35 


u«u.. . ™ i — — — ■ — — 

5 juonllie.. 341.5-2 >5.571 642.5-3 1+6.75 Mareb 1350-55 ;— 10.0 136546 

a’meoi.... a32 +5.W - I. — 1301-04 i-lB.O 1340-18 

_ r 1 89.31 I July 1275-BO I— T7.5ll310-88 

Siornma: Three months f3S8j. 3S.75. 59. September.. 1245-60 j— 16.011286-80 
.W.5 sn 41. 41.5. 12. 42.5. 42. 41.5. Kerb: -I 


IlMtarday + or 
j Clpae — 

Cpertouue 


J- Per pound 0.15. Tomawes— Per 12B» *!'reu».b No. 3 An- £101.5- £100 

^Drore* * We^-Per*^ Caul^ ^ i Jl“ i+9‘5 i 4 * 0 -* 


•mii.nraii — — , i -- -- ” unvuixr .... i lull- 14.*.— W.03I ■ 14. DV- 1 

Siornma: Three months f3S8j. 3S.7a. 39. September .J 1245-60 (— 16.0 1285-80 Pebruarr 1 15.80- Wj'-OJ.i 11IL20-1 

39 j, 49. 41. 42_S. 12, 42.5, 42. 41.5. Kerb: i ■ _ j April 117 17.4 —0.55 — 

Three months 042- C-5. AOcmoon: Sales: S£49 (2JG21 lota of 5 tonnes. June ll7.80.U.6 l -O.4h — 

Three months £342.5. C, 43J. 44. 43.5. 43, ICO fadicator prices for Sept. 35 iU.5, Auffu't 117J0-MJ — OJ& — 

43A 43. Kerb: Three months 1312.5. 42.5, renre per pound*: Colombian Mild October-.-... HA0O-21^ — 0.5a — 

48, 43J. . , Arab leas 180.00 (samo); unwashed sales: « (samel lots ofjtonnes.^ 

• - Cents Per pound. tSM per plenL Arabicas 153 JO (same); other ml id wcs 3 iaraes " 

'On previoa® unofficial Close. Arablcas 156.33 054^0 1: Bobastas ICA II/AAI TT« TTPZ m rf 

civ irrn l* 2 i 1 147^0 1 : Robasias ICA 1968 WUUL rllUIKU 

SILVER %£n amMu Dally a,eraB 1523 SVDMEY CREASY fin order buyer, 

Silver was fixed .«JBp a p ounce _ tower latma-rin,. DcL buyers Her on- H? aracl: 


October. 1 12301.13 Jj >0.16,112.50 »n^7 a l0 ^nTo^P. 

Dggniber — 114*0-14.2— O.K|114.6tt- 14.00 i 5«. PirWcrs 2.4n. Swedes— Per 2fli 

tw otiv'f 0.7ii JUlZO-W.SG Turnips— Per 261b 1.00. Parsnip: 

j,£L “ 3fflh Sprouts— Per pound 

Jufie II7.SQ.ia.5 l — 0.4h| — 0 0B. Cobnuts — Pi*r nomrt Vr.ni n m 


ffowero— Per 12 Lincoln 1JWA0. Runner ^o.zHaitt.WmieTj^^.Sr +0.5 ; ■ 

Beans— Per pound Srtclr fl.13-0.iA Beetroot bu K ll T“ M || i»neT-A80.7br 139.5 

—Per 281b 0.60. Carrots— Per 2Mb 0.50- shipment ».. i£2^)23 —4 1.0, £1,85! 

0.70. Capsicums— Per pound 0.30. Co or- ,^'tureUec. XI ^89.5— 26.0121794 

senes— Fvr pound 0.10. Onfa*»-Pcr bag K.nnra^...... ' J 


c025 • 65.35 >. Nov. 65.S5, Dec. 6K.45, Jan. 86.95, 

'*■ Jlareh 67.93. May 86.90. Jutj- a9.!>0. Scpi. 

70.65. Dec. T1.M, Jan. 72.20, March 7255. 
' — 30.0 S695 May 79.70. July 74.45. Sales: 4.5(111 lots. 

vfjJ? Cotton— .Vo. 2: Oct. 82.51-02.7U «CS.*2i. 

'■"'o cRnn Ow- i64.97i. March 67.01. May 

; ° /w 6S.OO. July (B.26-88.M. Ocl. KJ.35-03..V Die. 
, 65.47. March 68.13-86.23. Sales: 3.h50 bales. 

tCoW — Sept. ilB.ao 1215.10 ■. on. 216.10 
i.0 S470 i21ii.30i. Nov. 21s,00. Dee. 2TU.70. Kch. 

'S262 223.2(1. April 22A.MI. Jane 210.40. Aug. 

-4.0(1. Oct 237.70. Di«t. 241.40. F. h. 

I '243.20. April 249.00. June 252.S0. Sales: 

{ 24.0011 Iols, 

15 ganss tLanf— ChtL-ano loose 24.75 1 25.00'. NY 

. pnmt steam 20.23 traded i26.50 traded'. 

...1:100 JMSUM— Dec. 221-220! «2201i. March 

2.90:' -2.10; i230i, May SS8i-23B4. July 2391. 
.5,130.25 So pL 24H-24I. Dec. 243. 

-5 SPteUnaio— Oct. 282.00-2S2.40 ' 2f-2.9v' ■ . 

Jan. 234.Stf-2S3.50 'Jfca.SO'. Anril 
•■S'fLB? 5 July 291.30.- Oct. 294.00, Jan. 297.60-297.80. 


sab um-i .20. Sprouts— Per pound n.06- Kuikh mu. [&lp ' + 0.5 .37.7S(- J ' 4 -’ u - - Marth »*<». -Mar 

OW. Cobnuts— Per pound Kent 0.30. Corn "»'4»r tltevi iXiOT -t 3.5 £94 600.W). R,-pi, «».9n. live. 624.10. Jan. 

Cobs— Each 0.05. W,*jiroiiP r>4<> kiin...l27Sb lg7B n 62S.ai. March fl’S.30. May July 

•ft ‘ -- -■ - — 1 - OaS.00. Saks: 13.000 lots Handy and 

• Nominal. 1 New crop. * linquuicd. Jfarman spot bulliun: 363.30 'f.TO.Wli. 

dernand sood. Ph^s"a^^st} ia’^Side *?uih m Juno-Aue. v Julr-SepL q bcpL r Oil. ^ x ° v - *43-2 -64-1 1 '64J. ■. Jan. 

a Sept. -Oct. I NtfT.-Dnc. „ S OV. tr Dec. ^ 

Per ton. ; Indicator pnee. llSoyabean Meal — Oct. laS.ful-ji.-v r.n 

< lflS.OOi. Dl-c. 17L80-ir2.no '172.10.. Jan. 
I7.-;.2(i-17.-..4n. Til arch 175.00-173. 10 May 
170.lO.17fi.4O. July 177.10. Aus. 177.3H. 

1NDILFS Soyabean Oil— C'cl. 23.35-25.40 , 24.5 m. 

Doc. 24.7S-24.70 i24.20». Jan. 24.4U-24.5li. 
— March 24.3U May 2l.in.j4.lj. July 33J5- 

24.00, Aus. 11 . 60 . 

FINANCIAL TIMES Sugar — -No. 11. Ocl. &.62-5.M >8.02 •. Jan. 

S.83-8.S2 <6.sa i, March 9.02-0.04, May 9.22. 

ew. 2r| ^ii. a; Hi. ml, U-,'i"^ July 9.S$-9.S9. Sept. 9.54-9.56. Ocl. 9.64-9.63. 

r 1 — - ■ ; Jan. 9.3 u-8,:d. Sales: 6.910 lou 

853^1(353^118^6^5 1 a 40,05 Tlii-CEO.OMM.M noni. <ICS. 00 -W 7.00 

(BAM: Inly 1 lenrinCi nom.'. 

REUTERS "Wheat— Dec. 3411-3411 March 

... — . — 33$-W6a (33SJt. May aRlMOli. July am 

’•eiu. , sept. 2b[Jlnniii ^ Year *«e £<pt, KS hum.. Dec. 329. 

1487 O 14RQ 5 1 laRn q mnn s WINNIPEG. Sept. ?6. tfRVu — Ocl. ?J.40 
- U ° < 1W0.9 1500 .5 (93.30 bid.. *ov. 93.40 ask<-d (83.30 bid.. 

(Base: SememMr la. i»31=i00j Dw. 03. «. May 96.HU bid. July 93.it). 

rvnuu inure rlOals-Oci. »ao 1 73.30 ». Due, ?n.M 

DOW JONES _ asked iSLSI asked). March 73.20 asked. 

IXtur j art'-, j si'll. 'Mi.iithi icar May 73.70 asked. July 73.50 asked. 

J'Mire I £fi ! 'a ! I ««n iiaariejr— act. 89.40 bid tuS.30 bldi. Dee. 

■! — - j 1 — 1 71.50 bid 1 71.60 asked). March 73.io jsted. 

'tv* aT7.15578.5S;510.9’J,367.54 May 74.00 asked. July 74.n0 asked. 

Kiittire- !37V.3 1J79.B6 $ 25 54 SSFIaxsecd— Ocl, 333.00 ( 2ol.no hidi. Ndv 

(A«eraee 1934-25.25^1001' ; 231.20 <=00.30 asked i. Dec. 251.20 asked’ 

Mai - 254.30 asked. July 252.50 bid. 

MOODY'S | rr Wboal — SCWRS 13.3 pur cent protein 

r»*T pa si^i* “ munl ^ SL Lawrw,c(? iijm 

Miwiv'v j 16 2b «»■■ ! i.j.. AU cents per pound ei-warehousc 

1 j unless olhc-rwuu staled, "ss p» r jroy 

»i«e (.■,.niiiiM^6a.3ltf49.9i957.9 l m.b i ounce— 100-ouncc lois. t Chicago loose 

I»r 100 lbs-Depi. Of Ag. prices pro- 
nous day. Prime steam fob NY bulk 
lank tars, i Cents per 56-lb bushel ex- 
warehouse. 5.000-bnshe! lots. if s ar 
troy ounce for 50-oz units at ».9 tier 
cent purity delivered NY. 5 Cents irr 
troy ounce cx-warehonsc. l|Kcvr j« 


ii/r»AI T 7 i TriTZ TO rC uenwim 3000. Pnees at ship’s side luu- 

tYUUL rUlUJVta processed! per stone: Shelf cod £3.30- 

cynUPY 'ftpeffev /**% hirrrav C Ofl lipR S Medium plaice 

small £6.00.£T.OO. 9M 


: Silver W3S WM u-w , i hS ARABICAS-Clnse: Ocl. buyer-seller un- S «iTm> uiTws dQBfish tlanci 18 .00. i medium > £6. So. 

business ISfiAO. sales L AH others £?« 


i&aiket vesterdey at 288.ep. U.S. cent 
equivalents of (he flxuia levels were: spot 
572.0c, UP 3.7c; three-month 388.0c. up 
94c7 ste-monift 5SR.7e, np 4-Ic: and 12- 
monib 816.9c. up 3.9c. The melal opened 
at 2S7.4-2S5.4p 4587-56S!c) and dosed at 
5S7J-28S;p iS67-5581c'i. 


i i afiemoofl session jvking iwmatl 

SILYEUi Uullion -f «■ L.3I.B, j-f- or values to cIobc 15 to 20 p hncer. 

VW fixing — uW — Sn fairly good trade saw buytng 
tan- us. I price i 1 on any dips aod dosed 20-3tq 

— -I : 1 oa the day, Ach reported. 

dp* J 288.65? r-O-SB.; 888. 1|. Uitt ■ — 

i tuontlis ■; 296, D5p j-]l.5S 2&5.45pr-8.5 WHEA» fi 

Biuuaiiid . 503.85p hD-% — j lYmteKtej’s; + or Yestenlsv 

Qmanth9j319.5p j — j M'oth cluae | — dose 


ta? u “ 0U,6r3 =49.fl. 35C.0-34S.S, «; March 35BJI. 

337.0, SSTAWJ, 9: May 3S8.0. 351.0. 

. _ 1f1 WO^KO.5. 3: July 385.0. 365 J. 365.M64.fl. 

GRAENS 0a - M. 370.0-380.0, 9; Dec. 

™ .. w . 3710. 373-0-373^378.9. 6; March 375.0. 

The muter opened lap higher. Barley 357.0. nil. nfl. Total sales: 125. 
saw pood buying support Initially and ^ , lin , 

(here was a reasonable trade. In tho — — ag -T-: — ; ^ — : 

afternoon session pricing Uaffidation eased jhegerxly B+ ^ Biiviucm 

values to dose 15 to 20p lower. Wheat Gresay Woo^ Cion j — J Itouc 

in fairly good trade saw buying support 1 , j 

on any dips aod closed 20-30p higher . L. „ _ „ „ 


LME— Turnover 182 li21) tois of lfl.900 
028. Moral as: Three months 296.6, 6,7, Nor, 
6.5. O. Kerb: Toree mom Sa 296.9. 97. Jut. 
96.9. .8. .7. .tiieraoon: Thre ra oaths 295. .Mar. 


iTolenta'fl! + or 

Yeptenluy’E 

cluae 

IZL 

close 

87.15 

! 

I + OJO 

79.65 

&9.B0 

lvO. 28 1 

02.45 

92-50 

1-04, 

64 Bj 

94.90 

f+046. 

D74J 


360^-360.5. 3: July 385.0. 365J. 365.M64.0. r*-i . • 

a*: oa. saw, 3»j. 370.0404, Si Dec. | oo nrnmnrmn 

372.0, 3734. J1354I72.9, 6; March 37S.0, UlUltlUllUll 

3774. ml. nfl. Total sales: 125. a . , 

• -< .no i Qdrn TlVOu 

AiulthIImu (Yesteniy s-f un Biisiues* Ualt HAVU 

Grwy Wortj Clowe I — I itouc By K. K. S Karma 

7~ 7” L n . 1 M „ NEW DELHI, SepL 26. 

SSSJfcSS* - THE AGREEMENT to set up an 

Manih . — ,.664-404 — international tea promotion 

— ■ — ■" association will come into force 

Ste'::i'KSi zz ~ in Februar y. 1979 now that the 

December — fi5M-4iij3 — main tea-prodilcing countries 

Uareb (2494-474 — have signed and ratified iL 

g** SLffJg smj ' Wos- • The countries are India. Sri 
tJTS^hiSS SS?SS^5 Lanka. Mauritius, Malawi Kenya. 
wa.0-180.5. March i«^-i88.8. May is84. Tanzania, Uganda and Indonesia 


(US.OO4kl7.0O 


Business done: “ d the , ?sneement has been — ■ - .. I—- 


. aiawM oune: "««-nv¥. bi.w«/.uu, n .„ n.rM n Man 4 > A.?a< a « B lac- . 7 ° -ubb utcu 

"COCOA Jan. 9BJKM92>0. March 92.5*82.20, May ? 0 c ' Maf “ 'N- 0 *- 940 - Sales - sponsored by Unctad and GATT. 

_ , . ... . K45-B4.S0. Total sales: 163 Inis. Burtoy 1 

moraine beton* tt eased aradnallr Total SE MEAT/VEGETABLES „ I — 

-j&j— - « M ^ jnaf jffa.i.TS7 Peru anchovy 

the- d sy; tows. Gill Md DtffiUs reporiHi- other mlllteg wheat— .\’£_ England K4.M. Dtetrr hindduartera 83.0 to 65.0. fore- i • v... , J 

iXcrigntey *. + '*) Buaincw f=ced wheat— N-E. England 692. SO, Berks mnriers 354 to 37.0. Eire Eiindq Barters fTQn llVTafl 

COCOA I Clo-e | — Omic and Oxnn ffli.M. Feed barley— N.E. (4.0 to SS.fl, forequarters 35 0 to 3S.0. "ttU UIlvll 

— ' England E73J0. Berks and Oxon £7340. Vedlr English fats 82.0 to 704 Dutch 

Mo-bCoutr'tl I The UK maneiary coefficient for the hinds and ends SAfl to SS.0. LIMA. Sent. ’’S 

sept. ._.il 60-0^70,0 i-M.75; 19854-62.0 week b eginning Oct. 2 will remain no- Lamb: English Email 58.0 to K.0. ___. ^ 

Dec. 1388^-894 r— 23.0.202^4- UBS changed. . medium 544 u K4, heavy 50.0 to 564. THE PERUVIAN Government 

March _..^20 j 1.543.0 !-lb.2:i»S4-00.Q IMPORTED— Wheat; CWKS No. 1. 131 ScoiiJKh medium 54.0 to 5S.0. heavy 50.0 has authorised anchOW fish i HE 

May.: 20104-114 ^11.0;»2844fi4 DeT cent. SepL 10125, TOboiy. UK Dark to 58.0. Imported Crosem NZ YLs 534 to A 

iair ■ -. 'In9i4-89.il ’—8.0 29054-1 os Northern Spring No. 2, 14 per cent, Sbpl 55.o. _ . , Detween tbe port of ILO and tile 

'1SS7.U-7I14 l-i.fi! I 8Q4-G9.li - and OCL £8345. Nov. .£8445, Dec. fra. Park: EogLah. under 100 lbs 574 to Chilean border. 


. am-iu i— ii.u;au3MHMr- 

J«lv»i jl 091.(1-89.0 ’—8.0 20Q54-1 B& 

■iep L .—.....1867.0-7114 |- 1.6 ! I 8Q4-694 
Dee.-.. 11015.0214 1-1.75 1:25446.0 


»»epi.-tJCI. I NOT.-Uef. tl NOV. IT D(T. 
JPer (on. i Indicator pnee. 


INDICES 

FINANCIAL TIMES 

■uoT a ; i~*raitiTwi‘ir;a t . \ l-Ti"^ 

25341 1353.51 1 Z46.B3 i 2 40.05 
(Base: Inly I losislofll 

REUTERS 

26 ^ept, g jiffwnui 

108 7.Q 148 0.5 1 1460.9 1500.5 

(Base: SememDar la. 1 931= 100 > 


DOW JONES 


IXjit ] sej,.' 
Jinitv | £fi 


aws. ;llr.iuli| l«r 


'( v>(. . . . . !a^ 7 . 1 5579 .59;31 0.97 ,S 6 7 .54 
KnNire» !377.3 1479.66 a»5.89 325-94 
(Aseraer l03*2Mo=ioor 

MOODY'S 

I e*'i-i vt. i.UiHitliiii» 
HMUlV^ \ Z& \ qmi J 1-a-l 


f December SI. itaisiMi 


COTTON 


SUGAR UQJiug Sept- 0740, Oct. S5AJ. East CnasL 

' Sak3r 3488 (24S4I Iols of ID ronnes. Mane: U-S /French Sept, and Ocl 
. teteraeflaual Cocoa . Onmlsution lU.S. 10L3J. Nov. n. Dee. 9fljn. transhipment 
tents - per pound)— Dally price SepL 25: East Ctfsm. s. African irhlte Sept^QcL 


SS^^jJ^inP'ra!; EMM 37J «*«A ,ta ** to <4 - D ’ U0 ' 1M 1&s Fishing for iueal «nd oil re- uwerpool cotton— Spot and ship- «wract in ss a short ton for bulk Sts 

Ss "WtSSsYtemu^rvooreroao snmedlast week in Peruvian w “ ^ 


ma'iSAmTUi S ,ast week in ****** JStff VtK SeS SBWi *^urESrj?*S” 

Milling Srpf. 0740, Oct. S40. East CoasL HEAT tmHMlS51D i| --Ave r agc lamoclt Waters after a tWO-mOOth ban. tonnesf F tf. T) llersMI reported Lart •• Cenis per 59,1b btebcl 

nc/p-n-, - n_. KlStfflber a^GBC^Ii^i . 2,“ Buf anchovies must not exceed nt luieren resulied in only a wuaO off- *r 2Wh buiM. VtCeoH per 

Mara- U-S. /French Sept, and Ocl ScDleflteer «_gb Cattle 8847p per fce-l w. ^ „ nm „ r .- ,i lake. OoeraitoDs wore confined le minor 1 4‘<-lh bushel rs-warohonM. $$ Cunts per 

teu». l.aowiushcl 





40 


Financial Times Wednesday..? 


1978 


: I 5 


't'j 

f 


STOCK EXCHANGE REPORT 


• r 


i 

• t 


Small technical rally but market still overshadowed 
ay Ford pay dispute— Index 4.8 better at 514.2 




: : Account Dealing Dates 

‘j> Option 

;* .‘First Dedara- Last Account 
5 lealings tions Dealings Day 

•|,ep. 18 Sep. 28 Sep. 29 Oct. 10 ^d^Nationa? 2 To lSOp. Home EMI were finally 3 easier at loop. leaders staged a modest techni 
: i ct 2 ? d - S j? eL is v- - Banks were idle and closed at after 150p. in the ’ * 

,v7ci. 16 Oct. -B Oi-t. -• Nov. * -jjp!- overnight levels. Among chairman's profits 


After 




230 


ars* 

sensitive, but the majority of the , . 

1 readers ended the day with small Narrow - raued price movements 
"‘Mains. were the order of the day in 

i The warning by Lhe chairman Insurances following a small 

Legal and General 

15Sp ahead 
results but 


£219.19 in 
price 
>r at 
Golds 

day 

l Trafa igar* HomT ha rde ncd 2 Company have now ailminatedjn sfigntTf "easier on balance. The 
:7i>. Bewham picked up a agreement over the sale of JSE’s Goid Clines index fell 2-1 to li«-9. 
722p, after 7t Sp, and 511 “ ;ir interests. Among the heavyweights 

Uld.w 6 UJC a similar amount to Contrasting movements in Kandfomein gave up 5 to £8S;. 
619p. after Glfip; the latter's Investment Trusts were provided wrule looses of } were .common to 
interim figures are due on by Jove Investment Capital, a yaal Reefs and Western Holdings 


EMI, down 3 at 153p. that the turnover. Legal an 
; Group's medical and electronic picked up a penny to 
[ oroblems had placed a heavy of today s interim i 
Surden on the company during Hambro Life, .j rat-half figures due 
fifrie year had a noticeable impact on Friday, cheapened o more to 


Jon sentiment around lunchtime 3S0p. 


.rand a noon rise oF 4.3 in the FT 

a 


i ji 30-share index was reduced fo a 

• .tain of only 1.5 at - pm. The 
.marker. however, regained its: 

7 1 poise in the late dealings when a 

• few buyer? showed interest and 
,*• the index closed at its best of the 
’ djy with a sain of 4.S at 514.2 

The volume of business remained 
• f at a low ebb. but there was a 
;• sm.i'i increase in activity as 
j measured by olficin! bargains of 
5.15ft compared with 4.9SS on 
•! Monday. 

■I Xo decided trend emerged in 
secondary issues, but falls were 
in a majority of about three-lo- 


Still reflecting Press comment. 
Allied Breweries were actively 
traded up to S3 ip before limsh ins 
a penny belter for a two-day rise 
of2; 10 S3p. J. Lyons improved 6 
;n I34p in sympathy. Tomalin 
Distillers eased 2 to 123p on the 
interim figures which failed to 
measure up to the markets 
expectations. 

Barrett Developments featured 
the Buiidinr sector with a rise of 



HAY JON JUL AUG SEP 


October 9. Elsewhere. Hay’s shade cheaper at 7J-p in front of a t c lfi and £20- respectively. West 
Wharf came in for some useful -today’s interim statement and Diiefontein dro " 


. . . - Driefontein dropped a half point 

support and closed 7 to the good Jardine Securities. 5 better at t 0 £23. Of the cheaper-priced 
at 150p: the preliminary results i24p on Far Eastern advices, issues, Llbanon were particularly 
SESTSUS/ P - & °* Deferred led Shippings «k and fell 26 to 534p. 

Norman Hay add P 2°i? 62 d and 11110 w 5her ground with an im- South African Financials con- 
S™ fhMd of tfiL annual Pavement of 3 to 97p. Lofs tmued to drift owing to lack of 
remits dueto the next Account P icked U P a penny at 35jp, while interest. Anglo .tmerican Cor 
l7ftSre« 11 better at42n Office a good two-wey business poration slipped 4 to W4p. Lmon 
mid EleSronies edged forward a developed In Ocean Transport Corporation 3 to 30 2 p and De 
penny to 131p m response io the which closed a like amount at Beers 2 to 418p. 
satisfactory half-year results but JMp. Elsewhere, renewed specu- London - domiciled Financials 
Unicorn Industries fell 3 It* 101 p utire interest in a restricied edged higher in sympathy with 
in reaction to the disappointing market lifted Milford Docks 13 equities. Rio Tinto-Zince were 
first-half profits performance, further to 120p. in demand and advanced 5 to 240p, 

Ricardo. 305p, and Yinten. Mtfp. still reflecting the first-half while Charter Consolidated put on 
lost tf and 7 respectively and Sale pro Bts setback. Albert Martin 2 to 133p. 
niney closed a down at 315n. eased 3 to 90p for a two-day loss 
Ahead of today's annual results, of 10. 




jiipi . 


£2 ■ 


Set*. 

I 


Serf. 

2U 


Sew, 

IS. 




Govern mesi 

Fixed 

[mJusfnsJ.. 

Gold Aline*— • 

Ord. Du*. TwhJ— 

Eeminso. Fld%'*« ,r »‘* 
P:E Ratio iorfft't 1 — 

DKlmgi marked 
Equ i t y t u rnover f 


70.15 
72.04 
614 3 
177.9- 
5- 24. 
14.86 
8.91' 
S. 169 


70.24 70.55 TOJBii 70.7V' 70,67; 77^g 

72 ifr! 72.50 7Z-3B 72.17; 73.!ltf 78.0* 

6M4 : S18.6' 525.7! 529.1; 

1B0.0 178.4 183.1 ' J8L3.' 18tZ- Mia! 


5.37 

14.95 

8.86 

4^88 


6.18 

14.69: 

fl-Olj 

4.610 


S.13j 

14.54! 

9.11 

gi.ssr 


5.10’ 

14.45 


5-14- Eli 

»-«*!• : »M^j 

EL 16, .4UKK , ijm 

6.164 5.563]' 

' 83.91* l 09 - 56 ' 91 - 0K . 77M ,2 T 21 i !WM! 

* „ • 17.224 17,280 15.B33: 17.C97. 16.985 . 20:635 

- — - — _ _ -*<1 - Mfll WlJ 1: ■ • • * • 






*>■ 

It' 


jja.T. t pm SIT.L 


Latest indflie Bl-2» BSZ>. ' ; ■ . ; * ?■ * 

. u pj'- ccci t-ornoraliwi ^ - v - _ “ 

• Based or 1 * M m M. Ori. .VJf& : : &6A 

■Bas:, « Govt. 1W3. ' V i= . :“-r. 




highs AND lows 


S.E. ACTIVITY 


rinee Cnmjiildt*** 
piv 




Gcrt-Seo*-- 

7B.S8 

68.79 : 127.4 

is.*! .Al.ob) 

1 49.18 

1 (S.-l.ibj 

Fixed Im....! 

61.27 1 
.9-1, i 

70.73 1^-4 

ic*i itifi/11.4.' 

■ 5u.33 
lo;L)7bi 

lad. Ord... .■ . 

535.5 

433.4 . 549^2 
rt4,J./7/ 

49.4 

(K.i-«0 

Gold Mine*.. 

206.6 

, 14/Ei ; 

130.3 442.3 

,3-Ij 

43.5 


. — Uulv . 
j Gljl-Edgpd 


Iniforun?*.— 
i lirfBIS 

. a-<i ay^eo^v 
I Ulil-Klced.... 1 

• T-wa ■ ^ 


tS4^_ 153,1 
3 ft Z < A8B.7 

• 39.5. 37.5; 

117.4- USA 


443.9 340.0 
IB6.5 190.3 
.3^9 35.7 

114.* 41 16 A 




Campari pur on 3 to 136p. but 
small selling left Barr and Wallace Golds easier 

7 to i24p following the annuai Berec which report interim figures Arnold “A" S down at lolp. Rubbers made another drab 

results and the confident Male- on October 27, hardened 3 to 149p. Motor Distributors became a showing Highlands stinped o to 

men! from the chairman. Else- AB Electronic finished 2 better at steadier market despite the 1(> 5p t ^hile numerous faUs of production in order to meet exist- 

u here, plus signs predominated usp on the encouragins statement deteriorating labour situation at around 24 included Consolidated ing export contracts.- 

3 H°. w : ^ de - L° nd011 Brlck which accompanied the interim Forts. Hanger tevMlments pjantattoiJs. 40p, Kolim, 43Jp .and Pefto-WalLwnd, a partner in the 


Australians were featured by 
the strength of Uraniums foE ow- 
ing the statement by Mr. Douglas 
Anthony. Australian Deputy 
Prime Minister, that new uranium 
mines wfi! have to be brought into 


Bougainville, continued To attract ■ 
buying interest dvihp to their sub.- ' , 
stantidl gold interests; the: Shares " 
added 2 more to ISlpi Specul*; - 
live buying Jifieti Paringa: another 
24 fo 344 p. :.i 

‘Tins lost furl her 'ground envoi* - 
to continuing far eastern sefiing- 
and the weakness of the mctaL^ 
price in Penang and topdoiL - . ; 

LONDON TRADED OPTIONS 


co-partner in the Ranger project, 
closed unaltered at 2o.jp 
statement from Mr. Anthony 
being overshadowed by the .sharp 
drop in the company s earning 
in the year to last June. 

Diamond exploration -issues re- 
mained steady with ^ ort ^ ,e ™ 
Mining hardening 4 to 13fip. Bai, P‘ 
metal producers usually improved. 


to FT-quoled lnduslnals. The firmed 1! wTdlp and. in npn feies.'ivhila "other ' firm spots ended a penny harder at Mip. k*S7jBS.*3G“rSSLT3!iS?. I^"^SSS ■VStSTrSt'o. 

up at after 4Sp, following the substanti- h _ ld _/L. dv « itK 


FT- Actuaries All-Share index, jo the satisfactory interim report, j^uded Racal Electronics, 6 up 



ticularly at the short-end where the half-year recovery. 


held up well until the latter part 41n in response to the higher 
of the day when prices eventually interim profits, 
followed the shorts to close with * Despite the first-half profits 
falls of l The Government advance, uncertainty over pros- 
securities index eased 0.0ft to 70.15 pects for future earnings growth 
for a three-day fall of 0.86. took Fisons down further to 

The dollar premium touched 352p before a subsequent rally 
extremes of ft! and ST;, per cent left a do<e of 357p, down 5 on 
in a good turnover in the invest- balance. ICI shaded to 3SDp in 
ment currencv market. To a large early dealings, but recovered 
extent, the fluctuations reflected finish a net 3 up at 394p. 
sieriing'? imr.emenls again?! the 
dollar but business on arbitra-.se FrpPHiailS dllll 
and institutional account provided 


to 


somes Situs and Jeffereries rallied 
fi to 174p and further small buy- 
ing in a thin market ahead of 
today's preliminary results lifted 
Startrite a couple of pence more 
to 116p. In response to the strong 
profits recovery, Brasway added 
2 to a IftTS peak or 3ftp, while 
recent investment favourite Chem- oimoll dm 
riiiE. gained 3 to Hop. Press &uclt “P 
comment drew buyers’ attention 


Watmoaghs responded to 
higher interim profits with 


at 63p following Monday's resump- 


selllns left IV, 
cheaper at 150p. 


Leading Properties closed 


the basis for a reasonable two- 
way turnover. The premium 
dosed ^ up at ftOi per cent. 
Yesterday's conversion factor was 
OA923 1 0.701ft >. 


Firmer conditions relumed to 
Leading Stores, although lhe 
volume of business was small. 
Still reflecting a week-end Press 


to James \eill which improved 2 steady to firm with British Land 
m I07p but Ad west lost 4 to 302p lhe feature at 44p. up 21. English 
on further consideration of the Property improved a penny to 
results. 39p, as did Land Securities, to 

Adverse Press comment 243p, while MEPC firmed 2 to 
hrought salting pressure to bear I47p. Warner Estate hardened 3 
on RUM which eased 2} to 57p. to a high for the year of 13Sp, 


Denomina- 

of 

Closing 

Cnanze 

1078 

197B - , 

Stock 

tion 

marks price f p) 

on day 

high 

low - 

Shell Transport.. 

25p 

12 

372 

— 5 

602 

4S4 

ia 

£1 

21 

394 

' A 

“* -1 

421 

32S 

Rank Ors 

25 p 

11 

264 

*» 

296 

225 

BATs Defd 

25p 

10 

1*73 

4. *1 

304 - 

227 

GEC 

25p 

10 

32S 

- s 

3 33 

233 

Barclays Bank ... 

£1 

ft 

340 

— 

36S 

2% 

BP 

£i 

ft 

flOO 



926 

7JQ 

Racal Electronics 

25 p 

p • 

223 

- 6 

362 

196 

Trust House Forte 

25p 

ft 

242 



250 

166 

Grd. Metropolitan 

50p 

s 

i:3 

— I 

121 

S7 

Plessey 

50p 

s 

117 

A 

-J 

125 

S7 

Allied Breweries 

25p 

7 

S3 

-r 1 

94 

78 

Cadb’y Schweppes 

25p 

7 

35 S 

— 

til ft 

43 

Marks & Spencer 

23n 

1 

S6 

' O 

S4 

67- 

KTZ 

25p 

7 

240 

r- J 

238 

164 


DEALLVG DATES 


First 


OPTIONS 

bone. 


suggestion that a current revalua- Elsewhere in Foods. Peter Pa% while Apex and Wamford Invest- j>e a ]. 
lion of its High Street properties Bakeries were marked down 10 to mentis added like amounts to 260p . 


could result m a 
around £200m. 


opt . 

surplus of 5ft p on the announcement that the and 34flp respectively. Despite 
Wool worth recent bid talks have proved fruit- the chairman s forecast of con- 


mgs 
Sep. 26 


Last Last For 
Deal- Dedara- SeTlle- 
ings tion men! 
Oct. 9 Dee. 28 Jan. 9 
Oct. 23 Jan. U Jan. 23 
Nov. 6 Jan. 25 Feb. 6 


Guthrie, Ladbroke, 
Bombers. Cons. Plantations War- 
rants. Drake and Scull, Duple 
InL. British Land, Pacific Copper 
and Scottish TV “ A.” Puts were 
dealt in MFL Glaxo. Distillers 
and GEC, while doubles were 


Discounts easier 

Activity in Traded Options 
picked up, contract? completed 
numbering SS2 compared 
the previbu* day's G14 
fairly lively business 

do E n C e % of h i C h h em"n tCoctobe? ST in Gofirei' Sfl' fiSFS ttS SheiTfir^ed “s to 3TOp in un- MJney was given for the call in Finance. Bambei*. Plesscy. 

3Rfi <crie«. “A.” 32Sp. Mothereare closed company's request pending an exciting Ofls while British London and Northern, A^trason LASMO and Oil Exploration. A 

Continuing to reflect the down- unaltered at lB2p despite detailed announcement. In Supermarkets, Petroleum attracted Httle atten- Bros^ Coral Leismie. English snort-dated call was transacted 

ward trend in gilt-edged securi- expansion plan-. Secondary Hillards regained 5 at 200p on tion and remained at the over- Property, UDT, SpUlers. Alle- in Armstrong Equipment 


hardened l 1 more to ws-p. while less. StnaD buying ahead of the tiiiued growth, Regtonal declined 

inared^ vlth Combined English edged Torward results, expected shortly, lifted 4 to 7Sp AHnatt, 224p. and Perpr OcL 24 ixov. arren-ed -n Rohertsnn Fc»a t 

114 \noihcr a penny to 127p ahead of iomor- Bejam 2 to 61p, while investment Billon. 18ap, also cheapened 4. the For mte indications see end of S 

vas seen in roU interim results. Marks and demand raised Tate and Lyle 4 latter registering disappointment share Info — J A - Cons. Plantation 

. »• I - n 4 n ctir. #1 . .4 « n 1 flfln nonliving xenm Ciicnanrfprl With t HR interim rRSIllTjS 


r ,_ 9.U. I/J3VU -n.. vviu. k muiauud 

Information Service Warrants, UDT, First National 


G-tl.lWT 

January . ]. 

Of-tioo i*ruf • 

l_.ii>; ini; U Eqpi^y. . 

.igi-r 1 Vnl. vffcr.J '. .eftw ... 


BP 

BP 

BP 

Cura I'ni-a 
Cnm I’ni-'n 
Cuire fi"M 
Cons lif-lil 


B5Q . 
900 * 
950 - 
140 . 
160 : 
ISO 

180 : 


60 

10 

94 i 

1 

122 _•> 

9 


'f 

30 

42 

61 ; 

15 

87 : 

' 



10 

21 

38 ' 

10 

59 

— • 

• * ' - ■ 


L2 


.18 ! 

— 

23 i 

70 

,risci*T.-. 

? - • • 

ll. 


81; 

— 

12!?. 

" •* i v. 



£8 


33 • 

5 

37 : 

— r. 

■J iMp. :« 


9Ie 

16 

17 1 

5 

. 25 ; 

— ■ 




Outre 

l>wrt*ij|"< 

C«furIaijJi1? 

Lourisiil>! < y 

bsc-- 

l.E*.' 

(iEl 

KFl- 

GEC 

Graiul ?!■?■ 
0»i-i 'I..I 
Oraaii Me: 


200 . 
110 
120 ' 
130 
260 
280 
300 - 
330 . 
360 
200 
no ; 

130 


Zl 2 
10 
3 '-2 
2 
70 
50 
30 
11 
3(2 
1*13 
7 

2': 


20 

4 


19 

19 

40 

1 


ICI 

IU 

Laaii A’, 
T«n>l 

Si'-. 

Meri-i j: rr?- 
Jhrts A. 
Ma-rli' 4- 
Marks *i*. 
Sh-:» 

S licit 
T.'ial 


390 
42C . 
200 
240 
260 
70 
80 . 
90 
100 
550 , 
600 


13'.; 

4 

45 

B*2 


IB 

10 

3 

1 1 
50 

a is i 


20 

6 

5 

3 


320 


9 

34 

’ 16 

' 


23 

4 

; 17 

- — 

■ iiso [ 

aij 

— 

' ll’! 

* 


4 



I’! 

' 

l -“ \ 

79 

_ 

■ 90 

— 

; :■ 

60 

14 

' 72 

1 . -• 

' ^ ^ 

45 

_ 

59. 

0 

’ ■ if ” 

26 

8 

58 

X 

* ^>_ -- 

16 



• 26 

- >7- 

s. . ' • 

22 

— 

1 ?? 

’ — 

llJp- 

14 



151-, 

5 

•> . • 

7 

21 

. 10 

— ■ 


31 

13 

• 5ft 

5 


17 

_ 

.. .25 

— 

48 

2 

55 

— 

- M3?.. '' 

17 

3a 

231: 

■ — 


9 

10 

•• 14 


*■ mX i 

20); 

4 

24 

— 

86p- 

151- 

19 

: 27 

6 

im. • - ; 

8 

__ 

11 

& 

' „■ 

4lj 

_ 

a 

•? • 


52 

i- - 

65 

• — 

‘ 57Zp-‘7 

25 

6 

199 

36 

1 

. 335 

M 


i \>weRil«r 


February 


Mav 


E.'.'i? 

B«»iis 

EMI 
EM I 
EMI 

Iini«H«iGn 
UT/- 
in .t 


200 

21 

• 

27 

5 

55 

. • — 

240 

3 

25 

a 

1 

16 

, — 

260 

l*-2 

J — 

4 

75 

9 

■ — 

140 

21 

. ll 

23 

2 

- 29 

— 

160 

10 

; is . 

12 

6 

20 

10 

180 

4 


7 

1 

12 

10 

90 

2 

i 40 

31« 

— 

6 

— 

220 

22 

— 

54 

2 

43 

' — ' 

240 

11 

: 14 

23 

10 


— 



i 106 

. 

102 

. 

ZD 


— 213» 


152? 


83 p 
S40p 





What’s in 



A name that’s recognised can inspire awe, 
envy or, in this case, confidence. 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you need. 

Because when it says Bouchard Aine on 
the label, it says a lot for the wine. 


read the small print first 


Bouchard Aine 


j Burgundy specialists and shippers off me wine 
13 ECCLESTON STREET, LONDON SW1 
*Aine denoting the eldest son of the family 


NEW HIGHS AND LOWS FOR 1978 


T*i, following securities ouoted hi the 
Share Information Ser/hr? vrltrrtfar 
attained new Higlis and Lows lor 1978. 


NEW HIGHS (37) 

BANKS <11 

Brawn Shipley 

_ BUILDINGS IS) 

Costain m.l May 4 Hassell 

Gibbs & Dandy A Modern Engineers 

Latham ij.) 

STORES (2) 

(Limbers Stores Kunk.lt Hidgs. 

ELECTRICALS i2> 

Neva mark it_l Unitech 

ENGINEERING i5» 
Brasway Startrite 

Cartwright tR.) Williams & Jamea 

C hem ring 

FOODS ill 

Lyons IJ.1 

INDUSTRIALS '7} 

Berwick Timpo Hay < Norman} 

Craan J.i Man. Shin Canal 

Dykes tj j Prestige 

Ha ml I borne 

LEISURE 11) 

WcbDij.l 

PAPER i3> 

Watmougho 


British Mohair Dawson Inti. 

Dawson InU. A 

, TRUSTS *1) 

Int. Inir. Trust Jersey 

OILS 12} 

Weeks Nat. Res. Weeks Nat. Res. PM. 

MINES !1) 

Mincorp 

NEW LOWS (3) 

_ L BRITISH FUNDS 12) 

Exchequer 1 3oc iggo 
Exchequer 12ac 1999432 i£S5 pd.) 

_ _ . TEXTILES H) 

Spencer iG.) 


RISES AND FALLS 
YESTERDAY 


Usher-Walker 
Wace Group 


Warner Est. 


Milford Docks 


Garnar Scotblair 


PROPERTY il) 
SHIPPING fl) 
SHOES tl) 


Up Down Same 

Brilisli Funds — 62 14 

Corpus, Dom. and 
Foreign Ronds .., — . 2 7 S 

Industrials 289 4(8 807 

Financial and Prap. ... 88 X2D 300 

Oils 32 4 20 

Plantation S 13 IS 

Mines 23 SB 45 

Recent Issues 7 12 IS 


Totals ....... Ot SSL UU 


RECENT ISSUES 


EQUITIES 


Imre | 
Prure I 

k r 


■a^ol 


1978 


Stock 


— Hlpb | Lon- 


65 I 
115 > 

n i 


F.P. 

F.P. 

F.P. 


I 31/8| 

8(9 I 
24/llj 



67 f 71 (Cartien Superfoods....' 83 j— 1 'Ad 2-41) 3.1- 4.4; 7.4 
VS ! 136 !J,ines|B.UJew7nil20pil63 . — 6Ek6! 2.1i &.0|l4.1 
361c; ] 31 1?: Manor S'at 6'rp. Motre. SUgj— 2^2 62.14! 1.3.18.2:10.9 

) i I 1 l I i - 


FIXED INTEREST STOCKS 


23 

<£ 


l3|5 


1978 


High I have 


Stock 


= J Ll. 


10j. 


99p 
E LOU 


£991; 


I3p 'Aiidiol tonic 12% C-jn». Prt 1 Mp'-llj 


nil 

F.P. 

F.1-. 

F.1*. 


[13ll0i 15pi .. . 

87/10| lOfpi 104ip!Cowan De Gtnot 10*2 Fief ; 107p; 

39/9(iicvnij vpm. HiM * smith 14S i* 1 Deh^XOCM15...~ —j B^pini 

8/iaj 1016«| 101 jHtwraH AW.radhiini lB% l'«s>. Lbl 86-91 ~.:101i(l 


£100 I F.P. 


£993(1 F.P. ] 


249 ! 230 InU. TiK.m-«n Couv. Red. Prri. 25^i ^..;245 

— | 991e KeaaUiRU'n and Cbelsea Var. Kale 1985 ....j 99 


3/llJ dl [ T3 .Latliam James Cum. Prei I 81 ' 

— I 89*1 9STg!Nnrtl»mpt<.u Tar. Nate Kwl. 18&3 .1 S8Sa:— la 

— ! 99»2i 98lz SUalIii-l)ile Var. Nate 1933 1 SB*: 


“RIGHTS” OFFERS 


In>ue 

Prh.i! 

PC 



lAUai 





1978 



Dale 

• | ■ 

j High [ Lf'W 

Stock 


Cloilngj-J- or 
Price 1 — 

Ft 


66 { 
205 
S2S 
3901- 
BO 
44 
118 
■miff 

265 
65 
100 
66 1 
75 , 
65 ! 
74 ; 
ID | 
77 I 
95 j 
94 1 
40 

4 I 
200 
25 


F.P. 

F.P. 

yu 

•Nil 

F.P. 

.Nil 

F.P. 

Ml 

Ml 

F.P. 

Ml 

.Ml 

All 

Ail 

Ail 

F.l*. 

F.P. 

Ml 

F.P. 

Ail 

Nil 

F.P. 

Ml 


19/9:27/10' 73 
22/9 27/10] fed 
— | — I 40 
2S/9| 13/10 B7pni 


70 

327 

28 


iAamoson Bros. I 

B.T.k. ! 

[Baukrii Mnnneal 


_ 10pm lS«r low Rand,. 
50/8j24/il| 74 | 66 'Black-wood R«u. 

29i9| 10/l-ll3om'7tspiniBvitLlt Pnntioc 

21/9 " 


3/ill 143 I 133 [Chubb 

— 1 — | 20pm SOpmjCie. Fr.Prtroles.................... ‘ 

0/ 10 17ill| «lnm 36pm}baUety 

22(9:13)10' &) 1 75 ,Dorad« 

6) ID! 3/llj lUj.roolspm'Duiaf Bil'nis < 4u-J9.V-‘«*-Ln'9B4kV 

— ' — | Ujnn Mlpm nWx- and PhnentN 

29(9:13(10 Ixpinl 2inniHiU it (iamb ■ 

6(10:10 lli 24pm' l^milHuwdou Hrntip 

25'9'27'10. *C : ]in:tisl Scnires I 

— 1 — 14 t !0l« tth'unU-k Hnkj s ,i^« 

U/9'27/10! dl-pniieZAi-m Cec Service 

6/10:27/10; 21pm 16pm Lua. £ SlkUaud hid.... 

21/Qi 4/10! Ill -104 (Property Pan Ucnhiie 1 

29/9.27) lOi 40pm I 33pm, Hal new (Jeweller^ J 

6/ 10! 3/111 Spin 1 ipmiKcliaiiue Knitwear ' 

25/9; Bril 314 J ESi iBIranlii Kn* i 

9/10! 6/11! U I lOls'Weanrell \ 


71 1-1 
332 +1 
28 |-4 
lOpm ; — 3 

66 I 

9lc pm: — t* 

140. i+r 

20pm| 

37 pm— 2 

73 

31s pro'— II; 
AU pm — 14 
2|xn —2 
21pm i I 

93 

14 . r 1 

6&lsf«n 

16 l«nii 

no ; 

55praj + 2 

4pm 

310 ■— 2 
12 +1i( 


Roaaoaanaa date nsral/j iasr oar tor dealing free of stamp flutr- o Figures 
based on p»Hpactua estimate. 0 Assumed dlrfdend and yield, u Forecast djvwend: 
cowr based on previouB rear's earmuss. r Dividend and yield (used on prospectus 
or other otfioal estimates for 1972. 0 Gross, t Figures assemed. j Cover allows 
for conversion ot shares not now ranking for dividend or ranking only for restricted 
dividends. 5 Placiro price in DcbUc. vt Pence unleas tube raise indicated. 1 Issued 
by tender || Offered 10 holders of ordinary shapes as a “ rights.” ** issued 
by way 0 1 capiudfaaiion. tt Minim am tender once, li Reintroduced. 75 issued Ut 
connection with reorganisation merger or take-over, [ill lorrodncUort. m issued 
10 former preference holders. ■ Allotment letters tor fully-paid). • Pnn wi wiai 
or parUy-paid allotment lot lens. *■ With warrants. 


FT-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the financial Times, the Institute of Actuaries.^; 

and the Faculty of Actuaries , ... 


EQUITY GROUPS 

GROUPS & SUB-SECTION'S 


Figures in parenlheses show number of 
stocks per sec Iron 


CAPITAL GOODS (171) 

Building Materials (27t 

Contracting. Construction <28 1. 

Electricals (141 

Engineering Contractors 1 14)_. 
Mechanical Engineeringf72>.... 
Metals and Metal Forming! 16>. 
CONSUMER GOODS 

(DURABLE K53J 

LL Electronics, Radio, TV (16/ . 

Household Goods f 12) 

Motors and Distri butors (25 / — 
CONSUMER GOODS 

fNON-Dl'RABLE) (172) 

Breweries (14i 

Wines and Spirits (6) 

Entertainment. Catering (17) 

Food Manufacturing (19) 

Food Retailing fl5) 

Newspapers, Publishing (12). 

Packaging and Paper (15) 

Stores (40 1 

Textiles (25) — 

Tobaccos (3) 

Toys and Games (6) 

OTHER GROUPS (99) 

Chemicals (19> 

Pharmaceutical Products (7V 

Office Equipment (6) 

Shipping (10) 

Miscellaneous (S7 1 

INDUSTRIAL GROUP (4S5) - 

Oils (5) 

500 SHARE INDEX 

FINANCIAL GKOUPOBO) 

BanksfSl 

Discount Houses (10) 

Hire Purchase (5) 

Insurance (Life) (10 1 .......... 

Insurance (Composite) (7) 

Insurance Brokers (10) 

Merchant Backs (14) 

Property (31) 

Miscellaneous 

Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders (19) 

ALL-SHARE EVDEX(673> 


Tnes., Sept. 2S, 1978 

g| 

m 

Thur- 
Sept 
21 . 

Wed, 

Sept. 

3) 

Tear- 

jpjrm) 

% 



Ert. 

flro^s 

EsL 





T;> 





Div. 

PE 








Day’s 

Yield % 

Yield % 

Ratio 

Index 

Index 

Index 

index 

Index 

■ - 

No. 

Change 

iMa-ft.1 

(A(T 

(AeU 

No. 

No. 

NOl 

No. 

■-Na.-. 



Tti 

Corp. 

at 33%) 

Corp. 





h*-' * " ’ 




Til 5^1 


Tm i.*. 




. ./'* 

• ri-i' 


249.03 

+0.6 

1535 

5.01 

883 

24730 

252.60 

254.63 

F?TT| 

21627 • 


21613 

+03 

1630 

5.21 

8.46 

215.71 

219.92 

22170 

■>!>V¥l 



409.99 

+03 

17.44 

3.82 

836 

408.94 

41522 

416.93 

41326 

340.47 


562.83 

+L9 

12.88 

3.29 

10.73 

552.41 

568.14- 

573 58 

578J0 

45582,, 


374.70 

+03 

17.72 

5.81 

7.65 

374.02 

380.62 

381.65 

i- 

314® 


19731 

+03 

16.67 

533 

8.00 

196.67 

20032 

202.03 


17188' 


176.74 

-0.4 

1537 

8.04 

9.13 

177.44 

17932 

18130 

EHEI 

36661. 


21737 

+0.8 

1605 

4.87 

8.68 

22537 

219.75 

222.28 


20387 


265.99 

+L2 

14.08 

333 

9.94 

26291 

268.99 

27L62 

273-68 

24521 


183.84 

-0.9 

1630 

6-16 

830 

18531 

18836 

188.47 

18834 

18151 


13L21 

+0.6 

19^5 

629 

721 

130.48 

132.17 

33439 

234.46 

125J8. 

• / -V 

21838 

+03 

15.23 

5.62 

8.85 

21739 

220.11 


R ! T 

285.99 

i— 

231.88 

+03 

14.47 

602 

9.51 

229.99 

23108 

23635 


21231 

ii 

286.48 

+0.8 

14.88 

5.02 

10.03 

28422 

288.90 

293 J6 


245E? 

~ V 

27L46 

-0.1 

14.95 

6.40 

9.77 

271.66 

27609 

278.95 


255» 


21333 

-0.2 

18.14 

536 

730 

213.70 

216.65 

217.79 

■ik, -t. 

207 Jff 


22934 

_ 

1329 

4.49 

10.42 

22939 

232.94 

23526 

23532 

22054 


396.12 

—03 

19.71 

6.09 

736 

39739 

40425 

407.69 

408.44 

355# 

- -W- V- 

147.05 

-02j 

17.65 

727 

7.46 

14732 

149.96 

15147 

25193 

J3S.«Et 


206.85 

+0.9 

1036 

439 

13.84 

205 04 

20737 

210.51 

21169 

199.9# . * 

-2 ■* 

18535 

+1.0 

17.78 

732 

7.31 

183.48 

185.06 

18400 

1843# 

■17735 


248.95 

+0.6 

22.11 

733 

535 

247.46 

250.14 

25222 


33236 

■" c . 

119.82 

-0.5 

18.92 

533 

6.18 

120.41 

12L78 

■32337 


31419 


213.87 

+03 

1433 

5.62 

8.87 

213.17 

215.97 

217.86 


20731 . 


298.93 

+03 

15.23 

632 

636 

29733 

300.81 

30348 

30478 

28348 

■* 

28236 

+0.1 

10.16 

3.64 

1211 

282J5 

285.78 

287:15 

28769 

•-M0 


138.49 

-L2 

17.54 

5.49 

6.80 

14015 

143.63 

14635 

14727 

13622 

1 

43833 

+1.7 

14.18 

6.95 

9.03 

43L07 

436.03 


44027 



228 42 

+0.3 

16.12 

5.96 

824 

***** ■ 

230.65 

1^1 

232.76 

.23169 

• < 

\tmn 


PEI 



IaVh 



rl 




Bill 

PM1 





■53331 


53871’ - 

• ...» 


BTH 

•iJta 

KHl 



Wits 

26030 


24X63 


168.62 

+03 


5.76 

■i ■ 


DI'/IL-yJ 


Di-LLr-fl 


— «.■* 

186.02 

-0.1 

25.13 

630 

5.97 


19022 

19432 

19515 

3870 


20837 

-L0 

— 

830 



210.43 

21738 

218.06 

2030 

229.94 


158.14 

+0.7 

15.40 

521 

837 

156.97 

J60.44 

16229 

-16460 

17033; 

• i= % 

138.76 

+03 

— 

6.69 

— 

338.30 

14124 

14326 

34310 

142.0 


126.61 

+02 








1486* 


345.42 


13.68 

4.63 

10.46 

345.45 


349.54 

34731 

.362.43 , 


8432 

-03 

mm 

5.77 

_ . 

64.62 


as. 99 

8629 


. iTli-'l 

tsja 

+03 

BESj 

2.89 

51.69 

261.82 

265.66 

268.78 

26690 


1 

ISSTE 1 

+0.1 


737 

5.66 

11025 

W35 

11435 

114.01 

MIC 


229.03 

— 

3.04 

4.53 

j=>4iU 

229.04 

23233 

232 M 

233.45, 

jOSA. 


108.14 

+12 

1631 

6 38 

7.46 

10603 

107.93 

109.72 

IU.B4 

•;99:62 



+02 

15.01 

7.04 

836 


K9.47 

33046 

33013 

2S&# 





532 

— 

hW 


Ei 3 





LiAF.iJ INTI 

SHEST I 


FIXED INTEREST - 
YIELDS 

Br. Govt, Av. Gross Red. 

Tues., 
So pc. 

36 

Mora, 
Sept. 
35 - 

1 

British Government 

Taes.. 
Sc PL 

S6 

Day's 

change 

*0 

sed adj. 
Today 

xd adj. 

1970 
to date 

1 

2 

_3 

L>w 5 years. 

Coupons is years. ...... 

23 years. 

963 

10.92 

1178 

8.9ft 
- 1092 
1176 

..6.« * 

_J|g 

1 

•» 

a 

4 

5 

Under 5 year? 

5-15 years 

Orel 15 > ears 

Irredeemables 

Ail stocks, „ 

104.44 

114.81 

32064 

1Z7.76 

122.78 

-910 

-0.17 

-023 

-0.11 

-0.16 

— • 

•7.06 

761 

• 959 

902 

. B.12 

4 

5 

_6 

Medium 5 years . 

Coupons . 15 years-,.™,..,. 

25 years 

1195 

1117 

1117 

1190 

1H4-. 

1115 

.02 

u.« 

7 

S 

9 

High 5 years.™... 

Coupons 13 years.....:...... 

25 years 

11.90 

1171 

1187 

1186 

3167 

1284 

DJ* 
"U-* . 

1 


S23 

■ran 

rsj .* 


TuewUy, 


Index | Yield 
N». t % 


Mrtodnyl t nilay ! Tlmr*. } 


awpt. 

Cb 


swpt. 

22 


»?!*. , -tfejjt. 

21 ■ a) 


Turn, ' 
Sept. 
19. 


v _ - . - I : : . 

Mon. \ Friday 

- a?n 


STIITih 


15 

16 

37 

20-yr. Red. J3eb & Loans (15) 
Investment Trust Prefs, (15) 
ComL and Indl. Prefs. (20) 

07.57 

51.71 

73.43 

tL2.S3 

13.51 

12.84 

07.64 

51.71 

7L34 

57.B7 

61.96 

71.39 

57.54 

61.96 

71J9 

67.64 

51.87 

71.57 

67.55 

51.07 

7L21 

67.06 

5L6? 

7L21 

57.67 

61.12 

-71/51 

566 -• 

«Llv' . 

. 77.1 

TRcdcroptlw ylnld. WjhB and Mm record, bw dates awl values and cmuuiuawt chawns are neMfebed In ftaW 1- •. •' W 

1^* *>• P* 1 **** the FbiaecUl Tb^Zl^ C. Cam* 

uwow. fcWr price wj>» hy pwt 22pa • . . . * # 1 *‘-*3 











































































• V'- 


AUTHORISED UNIT TRUSTS 


OFFSHORE 
OVERSEAS 1 


Abbe? ’Villi Tst., Mgrs. Ltd. (ai 

jj-tO.Galehmurltd. AvJe^bury ‘ n-.fi 

Aburx Capital 35 9 3S3j .. .. 

Abbey Income. *26 45 M . . 

*{*<? lav TM Kd~ 38.9 41 a .. .. 

AbHejtira.TsJ _ 4B 1 51 a ... 

■ TqtftUs Pn»«. Tst 705 74 S{ 


>»> Frsmiington Toil Met. Ltd. (at 
D'JSS. r Mi &7.lrciamlVard.n.4BSDII BI J 
468 American ...?. 151.6 54BftJ . . 
567 i-aninlT'l. ........ 141.0 lHOJ.. 

— 4 05 Inrom.-TM .. .1193 127« .. . 

4 05 InL Growth f-d 1260 U4 « .... 

3 83 L'u.A-eum ... __ .... 138.0 13821 


1 . Minster Fond Managers I4d. Provincial Life Inv. Co. Ltd,? Sa%* * Prosper continued 

“ . «rj Minstvr ii v; . Arthur st . ec a oi-CEioFn ar. Hi+tr.ivuMe.LSl. ui 2«6so Scoi bits Securities Ud.¥ 

■ • f i 15 M warr S.-ii 19 1399 41* I 5 03 Prolil.c t'nil: Hi 0 W51-0.ll 3 00 . |J9i 42.nl 

■ I 3 23 Exempt Aukics 31 ..[1011.7 HH.7] . J 533 ltiph Incvnn-. .. . J1264 1354J -G2| 6B3 


5 00 Sent PUT . J9i 42. 

Jvutyield 54 fl 58 9 

Si+4-liure* to 5 45 

-ir.* Kx.Gilr* 27b 6 289 7: 


Hambro Groups laHgl 
• Hambrn Hac.. Hulloc Bmuwnud. Esse*. 

< 01388. 2851 or Brentwood OC77) 21 1453 

■amend Fandr 

Alltett IK ...... ,_.l«7 74 bid .. 

■nt-tad* Fund ....i67.3 72 0 -01 

erib.fclnr . »9 . 42.7 ... 

IWCL * led. Dei. 369 395 . . 

■ Aided Capital 772 82 6 ... 

-dambrorund U23 ISO 4 -0 2 475 

. BaSbra Aw. Fd._. 1273 1369] -‘■02 424 

IrMn Fund* 

* ( h VUM Fd {74 9 H2d -fl 51 

SsMncfflne .. . |694 7433-0.5 

jtWEq to pl-l 442 -0.l| 

{■uniMiflaal Fonda 

foteinational . . (27.7 29 61 *-051 

pwtftcFund ... ,H9j 5291 »0« 

Sees. Of America.. 155 6 59i| -0 ll 

USA. Exempt* . P5J. W0l| -0.1] 

s- ^erMtn Funds 

CtiudJer Co "* Frt. . 1410 43 9! -ft I 

and Smlr.Co's FA . 493 5Z5aj -Q 3 

Hew+erySiti 101.2 109 31 -Ob 

wrt.Min.ardt)- . 43 7 468].. 

DWWB Famines- 615 6591-0.1 


Friends' Provdc. Unit Tr. Mgrs.? 

n>.hj« End.Durfcjae. nmtsoi 

FnMdtPtav i;i>..U63 495l-0.ll 387 

Do An um. .. 19.9 64 M .. .. J 3B7 


2 07 MLA Unit Trust MgeranL Ltd. 

207 (ilil Queen Street, SWl UftJU. (ItaMTS 

i MLA Units. 149 8 524) ] y. 

Murray Johnstone U.T. MgnMP (a) 


Prtull. Portfolio Hngrs. Ltd.? (arfbHci 


ntaMTOS. 1 j,.|h.irnn a ri 1 EON2Nll 
M '."J . ITodentud . ._ _|135 0 


Target Tst. Mgr?. (Scotland! (aXb) Alexander Fund 

19. Athol ‘'rc-reni, Erim A 031.398821 - ^ Noire U.-unr. l-ux-mh.iuix. 

3B4 T.iriitfl Ait*r 30lH-0^ 1 7Z l-'ii ort l' JUS? 47 I 1 

6 B0 Target Thinlle . 42 9 . 44 1] . 532 A1 “ *£.. Jr 'ix 

4 40 Extra Ulewne Fd .. |&05 65 l*j -0 lj 9.89 * •‘“* l f *** nl '* r u - 

196 . „ ... „ . 


oi-MiSiris St.A EA.Vld/->..- a?« i 1B2M .1 T04 Trades Union Unit Tst. Manogersv -VUrn Harvey & Ross Inv. Mgt. (C.l 
J 4 21 ’Hiirt a WP' will il»y SepL 27 ]ufl. Wmd Sirtwi. Ei." 2. oi-OBSaoii I.Charlui; l-'ro«. S l Hclicr.J.v i'l. Q5.i4-7.T7 


- Keyset ex MngL. Jersey Ltd. 
pi » Ki-i »R. Su llclit r. i.-rey- iUn K \ m -WiCTirTO; ; 

F-.ii)cl^' 1FT.I2S9 ion -t*{ ZS 

KrmlL.i.-i }»:rU0A UlS .1 - , 

Kf|M.4i'i iiifutn . IE16J2 — ■■■! — j, 

y C«al.A>»Lt'i|ii...r £I>6K . |+003) — j 


4951 -0.11 387 Id ,,i >pt»s»#*t.iabja!<"i.iis2l , l! M1-S2ISG2I Quilter Management Co. Lid.¥ 140, >mih Mn-u. ifc.-v.m, 

64D( .. ..J 3 87 MJ European . . |82 B 8S2J | 2.67 Tkcitth F-xrbance. BC2N 1I!P. ul«en:77 in EvpbiuJ. _ . pj 1 

nralTC Duy FYiday 


Schlesinger Tru<t Mngrs. Ltd. (aX*l TtATbepi. i bit 


| G.T. Unit Managers LUL¥ 
4 W lfi. Ftn..hurx Citcu* Ei^MtDO ■ 

4 48 fiTCnnhic BIO $i! 

411 Do Ao..._ 1102 1I7J 

4 75 r. T Inr Fd. Vo . . . 3731 Ut.lc 
424 ilTU.SBtUcn . 1425 - 15U 
r. T JufMo £ l '-vii .. 365 6 3B4 I 

7 ., I IX-IL-. Evt>3_. 1431 150 J 


ncal . it c Duy Friday. Qvadi--o( ( < n. Fd. .013 A 

Mntual Unit Trust Managers? laKgl ouaiiruniJiicunH!_IiM5 


S*. Ul«<n:77 Am Exempt. _ .pi 

117.9] .... | 4 81 Am. if row in... ■ Mt 

US 7] — 4 7M E'ctnpt niiib 2|3 
KscmptUki Ldri 27 5 


Lti ti.T. Inn Fund . 160 2 

?52 G.T FwirVdsFd ]M.7 


I *051 250 G - & *■ 70,51 ,a,< 8 > 

6. Kuylclich Kit. Brentwood UC7?i22T*ti 

'-8.H i:93 £35 2 37.6] ...J 4 51 

-0.1] 150 

Gartmare Fund Managers y taMgi 
— 0 ir 4 21 2. St. Mary Ajce. EU3.V 0BP. 011H3Wtl 


UuUerCo'sFrt.. |410 43? -OH 4 21 2. St. Mary Axe. EiJ3A BBP. 

joOSmlr.Co'sFiL. 99J »5«d-0 3 4 53 uiArouneanTa 1292 

Bew**fySiti — UL2 108 31-06 4J5 BrlUsliTsi lAccA-Eofl 

WUJln.ir*)- . 437 46 8) . . 4 89 Fom nog it v Share 167 0 

Onnw Eirniii(!. 615 65W-0.J 440 E.\lr* lncooK-T.4...|Z60 

S»pl- Swlr. Co’* ....0|2514 264.7f -Lfl 4.53 UiFurFaM Trnr* J97 

Mil'll inrrciK Tst . . ]A22 

Abderson Unit Trnst Managers Ltd. jr-rumeFuni J91 

ISHFracfaurrh St. EOIM OVA «=«DI }JS K ? 

.A*44rw»l/.T. 1545 58Jd{-19| 4 75 fzitBU.T«?TAcr.r'{34.7 


|. oi tcaat^ 15. Cupthall Avc.EtiHlBU. U17W40O3 Reliance Unit Mere Tjh m F^Lra Ui?Txi. . M z 

2Q j-j if. 78:51-1$ in !"r°!S>w^j-rp9 

i \ ; ■ li Ksais-s^lss HUS 1:8 aSf?-*-B aii -3 ] 

So* -31 ?£? National and conwierciai smU-AlrT. 7 4B 9 | -oa! 9 J4 ^ 

?!* *25 ’M **■**• Ambieor Sqaare. EdlDbarKktfH-SOOdlM Ridgefield Management Ltd. pjvf t€:lr7ni.4 ,.j2Lb 

6i4|+u.4| 3.00 ScjA'20 116B6 17981 ] 5 38 t»-W, KonniHly 51 . Mane heaver mil 226a?ai Property Slu«».‘. |m 

lAecum Unltn {230 i 239.4) 1 5.38 RJrtecridd lot. LT ]103 8 llflJH I 258 Special SB- T^* • p25 

Capt Sept. 20 [1360 141BJ. ..I 3 79 RidSltHdllitonw I9B 0 1KM I 895 Ai-uump 5 

«C77i22ra<i lArvom. UiiiLn .... [1664 1729—1 3.79 pti u iw.uj .. | oto u _ K _ rjTh . DW . 7 

37.6J ... | 4 si National Provident Inv. Magrs. Ltd.? Rothschi,d Asset Management lg> j. iienry Schroder 
TS ¥ tailej «.«r*reeliurvli.‘a..Br3paHH 01 -62342DO 7p-M.J ; 3 | ehnuHf n'1. : .y 03C5!Mt ]20 _ L -h«.TEJae E,/ J 
15 " 13 "• m i* | iHh UnTst (49 4 5261 *30 ^ C-Soultj-hmid 17BJ 1B9 6# — 0.1 3.17 t unjialSept 3U.. W7: 

01133 Xttl . vlrurn Umw‘- '"Coj 430 NO. Ems.RfL.TK 1153 122(3 *0 1 245 ),mr.i.. ijil 

314),...) 010 WluTeacTrun 0352 14J 11 2^ N C Inrooic Fund.. 156 4 lbta-Ol 679 InmBift SepL2S. . 3C1I 

£3-01 2 76 (A,*ur^Un™ 145 j lslS :.." la N.C Inti Kd. llnM S9 3 «fl| -0* 1 54 ia^uBi fE*. ... 2991 

179m— O bj 2 BO • - } *n ct*, i.n 'ir nf ‘*ii Nixl lifeline Lvl 4 NO. Tull Fd. • Act- 1 90 5 9t*2J— Q S- 154 Geiieru! Sepi.2W _ . 921 

28.3 "1 8 21 w N.rt. Smltr Coys Fd]16L6 172.0*1-0 71 458 . 115 ( 


.uftitiiRmi 
243j -0.1 2.99 

21.ll . 202 _. 

2Ja' al 2S Rartjlenn Sept 5! . ttl 6 
*i“t ■■_■■■ 7.95 i Vceura.UtUU-i . .11266 

2! = "2 J H? BarbJuxpL Aug 30 Wt 

43-flj -0 1 951 Burtan. &ept. “i |u5 

S-S — • r~. lAcvufit UniL-i I3D72 

55-9 L 1. lento JW-pt 22 _ [l35 9 

I83 “0- 3.99 iAccUB) L7fiUj>i J167.7 

I? ?I "« , 4.13 Cumbld. Sept. 30L.. 55 8 

3161*0.1 — t Aceum. Unltsi i612 

_ , 7|^5 GleB.Sew.ae. 1 ,_B77 

Si’S ~S . i'7; 1 Vecurn. Unilsi 174 2 

34 J -P I 2.12 Marlburo Sept. 38... 53 9 
*53 -0.1 4.79 iArcum.CHltAi. U2.V 

2231 -0 1 4 79 Vso.GwihSepr as.|522 


luO. Wwuf Street. EUS. oi«eao]l i.t nariuc«.ro«.aL iicncr.4-.v 1 1. i.ti K - - shavson MlfTS 1 

IM*» Tm.T6epf.l - .. 1517 55. M ] 532 .MUtCiUEdB Fd...|10 M 10 02] ... I 1215 ni . 1 . rr aX “I , | ;, u S rS ; rw> 

2.99 Transailaniie and Gen. Sees. Co.? Arbutbnoi Securities iC.I.) Limited }’^^1tiiSi[riISKU-J ! .t>3/ > 

2fa PI-99 Ntfw- ImbiluB Rd. Chelmsford 024551851 pi» Hoc 364. Si l!clier..ler.e>. H.VH 72177 Gill »■ unit 1 J.Tjoy. |t9 U 9.1*1 . I U00 


■ITire* nn Sept au. Ni-xl t6-a1iag C<cl 4. 
8 21 -ITu-n on SepL 0. Next dealing Sept. 20. 
iij National Westminster? (a> 

5t5 IB), f'heflpcitle. EF2V «EU. IH-AjB SKO. 

2 76 Capita! 1 Acrum 1 ... M 3 73 41 -r 0 1 

5 24 Extra Lite 7* 8 76 L *02 

0 91 F.naiiwal 353 37 9 -0.1 

Urovihltii 89 1 96-5 *-0J? 

Id. Inrume .„. 373 40 ba . ... 

Fortfollu Inv Fif... 73 2 78 2 

, 1 ’ 1 Universal Fd.td- ... 59 1 63 5 . 


181«*0a 
375 -0.]) 


Ansbacber Unit Mgmt. Co. Ltd. 

. 1 NnMe St. KC2V Tl A 01 Ki2 

lac. Monthly Fund ]170.0 1NM | 


Arimtbnot Securities Ltd. (aHci 
S7, Queen St lajmh/fiEC4R 1BY 01 saasaBX 


it. Co. Ltd. Gibbs (Antony 1 Unit Tst Mgs. Ltd. 

Ol Ki3 KTTfi 3. Fred trick - * PI . 1 4d -lewtT. Et? Ol .-Mmh 

1NM I 902 laiAJJ. in.nirc* _H49 4831. I 751 

miAti i!r->wthrt fa.o 44.3-0.7 4 91 

{ T' ^ ^ 8 asJsA-.»H aa 


Prvf te:ir «m.4 . as.6 243^ 1228 hiVi, .^w.ae 57.7 

f nit 2*««V PwpetW Hwm- Mfl 3l3 -9.1 US 1 vwnOLVnitsi- ... 7* 2 

1DJ0\ I 258 ■S* T ‘ 3l -iI^*- • P2| 34? -0.1 2.12 Hlir |buroSepL3B... 539 

M.tfl .. j 895 H xum423 5 *|J -0.1 4.79 iArcum.CBll»i. 62.0 

l. Ef.ith.DW . ,*2.| 22 3| -01 4 79 Van.CwfhSepc 2B- 522 

;ement ig) j jieory Schroder Wage & Co. Ud.? •' 4‘cuoi -Umtxi. - 64 9 
y. rcSCJWt im .U heneJae ’ yi-2403434 vhUn Tee^nL'm «7 

JS «>pllal septftj.. 1107 5 114S-V7] 229 USitSSE^* 38j 


86. U „... 

1344 

920 

910 .... 

1126 

1*31 .... 
1766 ..... 
59 3 . ... 

650 

613 -1.! 


51< Uip TU.i Jerreyi |1U0 122 0| . . | 4 10 t.iUTruM* 

5.14 • New deulinj: dale Octuber IV. vnrt 1 

4JOO i;miKc«T«! [loo 1021 ... ,| 1200 i Bl |. 

Jjj „ New denlinc dam SepieiDlwr 2P. Fir.iritrrlinp in? 1 

4-31 Rial AlnlllM «.!■ . ]122 0 129 M I 290 Kira I nil B '..U 

1 16 Next dcaiinj; dale September 28. 

7-24 . ..f_.ii.. - I. i Kieinu'u 


10 i>ili TruMrt M Mi 103b 
tiili Fmi •fiwniwy C9.55 


9.Uj| . | 1200 

1062 -0.H 1200 
9.S7] . .-I 12.00 

18 03J-03I - 

lBSwl-oul — 


Aostralia* Selection Fund NV 

-i.5 4.10 Marin nppnnunnies. e*. Irish Yihiiu: & .. , **, .« i« 

-1.4 410 iKithaailr. 127. Kent St. Sydney. turliivrtt Lux. t . *■*» *?2 

-2.4 2 72 Ui31 Share* | JUS1 64 | .. I — {* net Mk 1U 

“IS Nel S, “ pl v * Jue ******* *■ nb mSiV - “scrmj? ^ :::::: lit 

I? 7 3 M L a . . „ . KEIfirt Fun.! . . SUS1242 1 65 

jit Bask M America International S. A. KiiJapae iAn..i., .. st'S*0.61 063 

5 9J 35 Boulevard KAJ’al. UeemiH.urc G.D. 5 s B a kL'™ 1 h * Kd ' SSf™ ... 


Klein wort Benson Limited 

131. Keni. liiire.'i M K«.a OUfflWW 


245 lArruni. 1 - - ■ ■ -. |U>6 1384 -4.6 2Z9 Wfi4(V'*{ent**M' Ite C 

679 InroB.it SepLia. . 2C18 2M1 -4 9 6 81 *^1X11'. — S7 

J54 ia*tuiB t'rllw ...299 8 310 6 -7 4 6 81 Wkb nl.K«?S " 

154 GeiwralSoptai.. «2 95 9 ... 34 3 UoT*rcun] 0s 

4 68 lArcvM.tbtib.... . 115 0 1197 .... 343 °® -Acc ““ 

» ia^.uSk.w'... . wl 391 : tyndnll Managers 1 

1 arm •iVAt’kaPOAUK.a) IM6 1861 +3 0 4 12 18. Gaavace Rood. Brisiol. 

3 44 HiiecEv Sept. !- 257 0 295 B 3 44 Ineam* Sepl. 30 . . 107-2 

aber *Reect«ybept 12 |H52 221B*| .. 369 tAecBUL Uaitat -*. . 198 Z 

•gat 1** e-.i-mirf fuihl* unit Capital Sepl 31 ... 1378 

Scottish. Eqaitahle Fnd. Mgre. Ltd.? it r ~S fiftL— J??2 

a * sa.sj. Andrews Sq. Eiltr.toiruh U31 .Vie 9101 ,/iccum Uniln " 166 2 
HlK Inc Unit* ... 150 S SA.1I —1.3) 5 00 Int Euftl Sepi 2U J 266 ■ 

097 .Vtcuib. Units ... 157 9 640j-lH 5«> I Amin Unit*. 2978 

3 92 rlvalin. Qa.- UcdnrMlav PreJ . Sept. SU 1MB 

l\l Sebag Unit Tst. Managers Ltd.? la) iacium. Doit*. .. . 129 b 
3 31 pilRMSH.Beklhr; Ho-.Ki;*. 01 ffl«5ooo 

3.31 SeluiR Capital Fd IJ5.5 37irf -0 .11 3 52 SI 

beennty Selection Ltd. ijn*on um cto«p 

15-19. laneoln'* tnu Ki*-lils, WLS 01JHI U33&9 t'apilal Groarh J85.9 

l “ Un\ 1 i!UtT»t Ae? . [25 5 27 2] . 1 2 17 Do .Vr--um . . . ...Ml 

4“ Gail litbTst Inv. |22 2 237 . . 2.17 Eacni liw i;rn»th...Wl 4 


1 64 General Sept. 3) . . 92 1 
4i8 f ArcpM. XIPIIbi - . .115 0 
Europe!9*pl.21 j-3 3 


Rothschild & Lowndes Mgat. (a» lA.vuui.Unltw 36 8 

St SuntbiTK lame, L»!n . Ei.'-J. *lTAl,'fcaFdAn > ;.S' IM6 

415 New Cl Evempt.. UU3.0 141 0<d .1 345 5fl S 

742 fnen un Sept ember 15. Next deoluiaociabsr R«^t-iTMpt I- 12152 
5^2 |k r*«r kn t-.i ni|. 


742 J»m*» un Beptembtir 15. Next deaUnjt’ociabw ,R e»|tMTbcpt 12 12152 
5.32 Ik t»r Gi e-.i ni|i 

632 Rowan Unit Trust Mngt. Lid ? (ai SSJSsJ^aijri! 

Uljrftiiell*.PIlblWb9,a2 «ll-<106 MitSK l n( „ :l „*UnlLe ... 1509 
American Sept 21 .173 5 74 54. | 097 ArcuiB. Units . 157 9 

I Securities Si-pl 2fi 1805 190 5 < -BA 3 92 Dvalin. o^.' W 

$1 :;.i 11] **** M a . u . Tsl - 


|J| Tyndall Managers Ltd.? 
4 12 18. Gaovnec Bond. Bristol. 

3 44 Inca mi Sepl. 30 . . 11072 111 

3R9 lAccum. Utuu<.«. . |l982 201 

Capital Kepi 2li.... [1378 1« 


A Extrx Income Pd .. 1104. 
Bleb Inn Fund ... 42 6 

S /Cccanv Unltai .. . S9.5 
i]% Wdrwl tfta i 56 9 
rn iw Bt t Futul .243 

Mccum. Unitsi 37.9 

rjpllal Fund. ■ .. 215 
_ CMsmodtly Fund .. 655 

*. iacchb. Uniui 94 2 

n0% Wdrwl U.I- .. 575 
Fin *Pmp Fd ....18.2 

euuasFund #3 

.Airnm. Uaitat 976 

Givwth Fund 36.4 

[Arcnia. Uniui .457 

Smaller Cn'a Fd... . 213 
, Kanorn&Intl. Fd. 277 
‘jC'i* :P\.Wdrwl Uts 1— a.l 

l lb d Fareif n Fd 97.9 

^ sK Amer A Int Ffl Jjl-4 

Archway Unit Tst. | 


*Sil J SS G®««“J®ba>T 

-640 -03 B89 7T.loin.1un WaU.Et'i fll-M«»EXi 

612 -03 8 89 S'Wr SepLttS.. . 11476 155.61. .| 185 

2b 3 .... 1230 Dl '- Aceum. Unit ..|l77 4 1B7.M I 1 B5 

40 8 . . 1230 Next ileal i ne day September — 


-0J 285 

-n.U 2 49 


4.67 Grteveson Management C-o. Ltd. 

4 67 Mi'.iirthamsi .ei-shsiis. - «i-®b 
? H BarniutMiSeu at.USeo 239 7].... | 
tAxVPin Units. . B51 2 263.11 .... I 

12 Mwt>iy«L.SepL3lU93 5 202 3 . 

= 2 lArrum. I'nAa- . 222 6 2311] . . 


i*5 Endear Sept 36 22 2 7 

r?* lArrum. Unitsi, .2410 
f-55 ••rnrh.sir Set*. 2; 903 
i-iS. i.'iKUin Vnlbi. . . 1022 
*5? Lr.DBrsU S-ptaO 74 7 
fArruai Umisi ..785 


0, : r?« I HSS5fflU3r-|Si als] :1 £19 ^ 

44.2-0.7 490 NEL Truut Managers JUd.? (aKg) sSHni^sXpt x' ibq 5 i90sJ-85 

- — 1 °50 Miben Court. DMkinc.3utT«-y. MU llich nd bepi.22.. SB1 61 « 

W *®:' Neluar ... . . 1649 6831 J 436 “ I74 

Nel«tor ll.ch Inc.. .(51-3 53 9^ t 7« 2U.6| " 

fii-vnt'orn. Norwich Union insurance Group <l» „ . __ _ „ . . 

5561 I IBS !*<> Box i Konrkb. N&l UKt oso32KWu R'W* 1 Tlt Uan: Fd. Mgrs. Ltd. 

sa .... | IBs Gr.iupT^L Fd 1777 0 3968] -0 B( 5 04 ft ». Jerravn Street. S W 1. OJ-629teo2 

ember zi. Peari Trust Managers Ltd. (aKghzl £552 SRl»V |?Ji ^3! : : I 720 

Co. Lid 25L'HlRb Holtinrn. WC1 V7EB 0I-W36441 Prices nc SepL 2a. .Next dcalini! Stpc 2 S. 

..ma*. Pearl VSramth Kd Q52 27 U -0.11 446 r™..- 

T, 8W ,,r Acc«n Units 299 jz 3 -o I) 446 Save & Prosper Group 

ISi I-S Penrl Inr. — M3 37 2| -0.3 6 85 4. Great Sc lleleni. Lundon EiTO- ::KP 

2»7 7TE F — r> U ". l , t 7y 2J JS3' , SJ 5i? <073 Queen SU Edirtbnnai Elf 4NX 

21X1 7w JAi nnw. Unltei . 523] *0.1] 474 neallnna !«•: 01 5M B«aa or U3i £SC 7.151 

243^ -3B 241 Pelican -Units Admin. Ltd. (ggx) Save & Prosper Securities Ud.? 

251.1 -3 9 241 81 Fountain .Su Manrhe.-tcr 0Ci-336S«85 *i i u ,*. 

| « Pelican Uaitx- M 98 91 * 0 1] 4 70 ^ 

“ i ' ;" lei Perpetual Unit Trnrt Mngml.? (a) i.tVu B?3 29 9 -o.i] 

821 :.- . 381 48HartSt..flen!eyonTtinou;« tM»l28(W8 *-'®h- Gnmxh. J716 769] +0.4] 

. FpetualOp (ill, .|45 2 4835... ] 333 lurve»«iu« Incwne Fnnd 


4M Pram at SepL 2L Next tnifi. dale Svpt. S 

778 Banque Brnxclles Lambert 

X Rue Dr lb Rrfenrr R limn Rrura*!* 
RenuFund UF [1.927 1.987] -2] 7J1 

32841 

7.71 Barclays Unicorn Int. (Ch. Is.) Ltd. 

7 71 , nkmu.l-pr.. Ml IM... I— nWjWn 


■KB act us Ll-dood pay ini; aeon Is r-nly. 

Lloyds Bt. (CM.) Vft Mgrs. 

F«- U.IJI 1»T|. Si Ih-lier.aonary. CB.T4 Z7.MU 
LioydxTtl 1 1 ««-ar. ,(6J 1 66 4d| . | 0.67 

Next dealibi; date Oeiuber IB. 


1": 3.92 U^^^^iWier.jrar tfa*wew Lloyd s Bank luti. Geneva. 

■— 2S U Ur Tru «t_" S?sll77 njS _ "H 330" I. Plm* Bi-I *lr I'O B*» WISH 

7 2 L- nlhenri Trust . „pSB« uaT^-odfl aofl IJoyd* Itil J.nn«h. F^K5 MIS . . I 

«*» — ....... " - g UuydsitU. lntume.UiF295J 307.0] .] 


"— UnidollarTmp UVSU.77 apl .. ..1 350- t. Fli.*- B-.-I -Xlr l 

in L'nlhenri Trust BIMSIV uaM-005? aiM tJoydsIPI liUMl 

■■ 4 65 ‘Subject to tec and withholding Duri UuydaltU.lni.unu: 

465 

.. .. 1225 Barclays Unicorn Int. a. O. Man) Ud. M & G Groop 


Geneve 11. 
. . 1 1.60 
n30 


is! ,sa = ti 7.s 


01 -m 4433 
.... | -M2 


Save Sc Prosper Securities Ltd.? 
InlereattenaJ Fund* 

t’anltal 1380 

I.T.U... - 1175 29 M -0.1 

Unlv Growth. J71 6 76 9] +0.4] 


Stewart Unit Tst. Manager Ltd. u\ KJSARir :. Sr 

A r *a.harl0ite.S4.F.tinliuuh. 031 ZX3271 Itu Axflun 20b 

)Slr»trt .Vwritui )und llixhlor Prionlv 68 Z 

Sinnrlani UniL' .. . M7 7 724] . I 137 Internal inna! 309 

.Vriiup. Units 73 0 7B U I — Special Silt — {351 

Wiilnirnwul Unit' JS4 0 57.9 J — 


Archway Unit Tst. Mgs. Ltd? (axd Plccadn,y Un,t Trnst ,aW »' 

117. High Hoihom. WCIVTNL. » ^- in^GulrdMlT^ ^8 1003^+0^^18 AntW <ilbta l '"“ Trn “ "«naee« Ud. 

Archway Filed _ ,.|90 1 966] | 5 3« 1003^+0 3] 4 18 x mdenc*! Place. Old Jewry. R2U BHD. 

Prices at Sept 21. Next sub. day Sept. 2a 


Barclays Unicorn Ltd.? (aWeKgi areni 

Lilli corn Ho 252 Romford RdL E77. 01 5345544 j, t , 

Gatcorn America .34 0 3681. 120 i-ah>i 

Do Anw. Ace 88 J 874 +0 5 1.71 i ™ t 

Da Amt. Inc 63 6 601 *04 1.71 r,p \ 

Da Capital ... 69 9 756a 4 25 lnJort 

Po. Exempt Dr 117-4 1223 -0.2 5 88 

pa Extra Tncame .. 29 0 322 -0J 791 S;*5] 

L» Financial 64 0 69 2-0 2 4.7S 

P-300 80.0 86 5a -04 552 1,"* 

Do Funeral 33 5 362« -01 S74 

Do. Growth Are _ *40 47 6 .' 392 'W 

Da. Income T j4 902 97 5 - 0 2 569 u,lfll 

.■Do-FVf A-ns.Tst..li45A 152.7] _ 5.20 '“V - " 

Price* at Anjpu-i 31. Nect mb. day September tabui 
29. Inicm 

Do. Recovery (468 SCJA -0 3( 542 «M « 

Da Trustee Fund 12X3 131lJ . J 4.90 Uienu 

Da Wld wide Tut... 52JZ 56 41+0.1] 210 Austn 

FUCIn FdJne .. . 68 0 Tori -Oil 4.67 Enron 

Do. Arrunf. 77.8 810] -0J] 4A7 KarEi 


Ueadersan Adminslratinn? (atlcKgi 

Premier l-T .\dmin.. 5 Ray lei eh Road. Hull»n, .SntR IWsKd . .. ."1436 


-04 552 

-01 5 74 


Brent wv-uil. Evsex. 

UK. t-’andn 

]5 Cabail Recni cry ... I 
1-71 Lap. Growth Inc . . Ic8 7 
1-71 Fap.iJruuth V,-.. |499 

4 25 lib-nme It Asset < |35.7 

5 S UIrV lnracae Vnnd* 
IS H nth Income . .. [661 
* g '-'abm Extra Inc. . |605 
? Sener Funds 


, £ Financial A ITU . [26.9 
5 69 uil a %:.t Rei $02 

5.20 taternatlonal 


29. 

•ry 1468 503|-0 3| 542 

annul 1213 131ll . J 4.90 
deTat... S2J2 56«+0.l] 210 
Jne .. . 68 0 70 & -oil 4.67 

778 81^ -d-3 4A7 


'.*bui _J923 

Iniernotional . 136 5 

Uld IVidetk-pLSTf. .[81 6 
Owiwoi Funds 

Ausr’lian. 43 5 

European.. 469 

Far EM ... E8 2 

Japan Exempts .97 3 
N AM. 90 9 


50 JH .. J 6 10 
5193-031 £56 
53 luj -l)4| * 56 
38^+03] 563 

70JI-O2I 745 

63.7^ -«31 8 22 

283| ... | 3.04 
32^ t 0.2| £W 

992] ... I 2 52 
38 9( 401 159 

87^ 1 ’ 4.18 


333a .... 
474 „ _ 

■ apital Fund 468 50 9 -0? 

Ini Em> & AKseta.. 982 52.4 . 

f Tl vale Fund. . . 37 4 48 7* -0 1 

a.-. umMr. Fund.. _ 68 9 74 9 -0.2 

T-’chnnloev Fund.. 66 2 72.0 -04 

For Fast Fd 299 - 31 4 +0.1 

fVmrrtvan K und.. . .{245 26 -t l 

Practical Invest. Co. Ltd.? lyMc) 
44 Blnfimsbliry so WI 1A2RA D! t£!3 


I 333 Increasing lunar Fond 

Hich-Vicld (57 2 

l lad llinh Income Fanb 

^!R8 hd. 

• 60 *'•*- Pnods 

" . 430 UK EOBity |45.7 

-0? 420 Oorneax Kudun 

440 Enrapr .192 4 

-0 3 3 90 Japan. . fl053 

- 0.2 2 60 US. (745 

Ini aw ■‘^ clor PonB* 

S'] I?n Uuaiwmlily 180 3 

. 170 F.n.-ria» . . 716 . 

lyNl-) Financial Sei* ]74J> 

DI t£S8R83 nich-Mhiimiua FutxK 
-I 3 94 Select Inn-mat.... C65 9 


TSteaart .Vnwrieui land 

Sianda.-dUniL' ... 167 7 724{. I 137 

.G-i+iITL Units 73 0 7B U ..[ — 

Withdrawn! Unit' [54 0 57.9] J — 

■SiL-uart Brldsb I jpiul Fund 

Standard.- ., iJ-a? 9 156 31 | 4.03 

2 56 a>. cum Ut»t\. W574 I 4.03 

3.63 Deal.iu; ifri. *V,‘i-il 

* 15 Sun Alliance I-'und Mngt. Ltd. 

Sun Alliance Hv.- M.-r.nam. U4H3A4I4I 


' • * t Thumps St . Douelos. I o.M. OEM 

UoicornAun. Ext. K7 7 67.1 .... 

- — | Uo.Aiul.MllL ._ 372 401 -0.2 

‘H Do. linr. Parilic. _ 71,7 771 . ... 

••••* s -“ Do. InU. Income. 39 4 42 4a 

B27Z2ZS41 Do I ofManTvl. 46 B 50.4 

-Oil 564 Do Uanx Mutual— 275 29 An 

-0.7 554 

^oi all Bishopsgate Commodity Ser. Ltd. 

4 77 P.O Box 42. Dnujcln? I o.M OdliF- 

-0.1 4 77 ARMAC' 'Sent. 4 . -Bl'CTTb 2991 .... I - 

-0.1 7 41 CANRIIt>“Aept 4 UJD65 1 130] ] - 

240 COUNT "Sept 4... ]£2402 £547] . .[ ! 


UG24 4U66 Three Quay -.T-itrer Hill EC1K 6BQ DMCB-1588 


140 Allantu S.-VI. IS — 5L-S39 351 . . 

150 Au*L fc\. Sepl JU - !U-2e7 388 . 

— Gld Fv.\cc SepJM . D. 511 ft 12* . . 

830 Island . ... 140.4 1494 -L 

B 78 lAccum iiniL.> 19C5 2112 -2 

140 

Samuel Montagu Ldn. Agls. 


' 1 14. Old Broad St.. KCS. 

(KJ4-mpIl Apollo f.I Si-pl.2>i.|SF<435 48 

— Japfesl Si-Pi 16. . IIV513M It 

— ■] — llfi.rpSepi Jl . (HSU 31 U 


Urt clnally isaned xi *510 


•I J 23 1 17 Jerae} SlW B [E5 67 
■iliu. 117 Jer-0'U adept 13)0224 


M.U8W4 
4815] .. 3.80 

lt«n . . 0 88 

12S . - . 1.36 

6201 0 68 

12 87 — 


TSB Unit Trusts l>) 

2 1 . Chantry Way. .cudover. Hants. 


615] i 6 87 


*>.1 .11 ... T.inu.-t Uomtiiocl-D 39 2 
49 1| +0.H 0 85 Target Financial 612 
Tanrel EqalQ _ 19.6 

99 « +0 a 3 10 TareetEx. Sept J7 221 9 
132a *0 M 0 32 6Do Act' Units. 30V4 
B01|-0 2| 131 Tan-et lititFuiu! . Uo 7 
T.irsi-l'irumh 24 5 


Ifc-aluict Iu 0-JB4 UM3S 

rb’TKB General. . 

178 

51+ 

Ih>16> Arcum . ... 

US 

651 

>b> TSB In. nmr . 

13 9 

681 

• h. Ia.. Acrum 

166 

701 

TSB.SciUroh. ... 

*93 

95 C 

ibi Do. Accum. 

955 - 

101.7 


Bridge Management Li«L 
0284 02188 p,j ^ 508. Grand Caj nvm. C‘a*that\ (a. 

... NIiaQilSrpi I — | V1702Z | .. . ] - 

iHi .VP t:.pn Bua aoo. Hone K..m; 

68 3 +01 (5o Nippln Id. sept aiptSB* ZLM .... ] 0 77 

!"!" 2.31 Britannia Tst. Mngmc. (CIi Ltd. 

-IU 2J1 so Bath Si. St Helier. Jurwj U534 73I1A 


r>04t Ulster Bank? (a) scrrltnx Drawnlnaied Fdv 

354 Wannc Street. Belfast. 023235231 liSSTri"'"* ’ Bll 

IhrtJJsler Growth- {398 42.7| | 4-98 Jersey EpenuTA. 1369 

697 Unit Trust Account & Mgmt Ltd. OStatSIg To! |o^7 <> 


rroa-lltal Sen 3U |J67 6 177 61 .. | 3 94 Select InN-rnal. ... CbS 9 
Avvuta Uuib— _ . |236.9 2512| _... [ 3 94 Select Int nine ... (572 


280 W +1 21 
603] -02| 


... TeL Inc >>— - . 316 

2 39 T|S Frrf. . . In b 
6 91 T»-L special SH-... Jjl.O 


42JB -0 J[ 354 Wxnnc Street. Belfast. 

66 4d -0 2 4 40 IhtUJsler Growth . {398 

426 -0 5 S 76 

2336 -6 3 647 Unit Trust Accooa 
fy| ' EJ 511 Kinc William Si BC4R&AR 
3l7,i In l 4 « Flbnllw Fund_.]1730 
»7d*o: zS W'OlerrTnh. Fnd....|3£a 
318 +02 2.46 Du. Ac. um {385 

172 5 _5'o 4*82 Wieler Growth Pund 
34 0 - 0 3 7 59 Kliu: WilliamSt. Ei.'4R V. 

•Jil », Income Units B2.B 

22 6d -0.3 4.86 Acrum. Units .1385 


^Ei 


01 «23 4951 li_s. Dollar Deoamiuted Fds. ’ 

| 4^ Unnal STtt. .m .S55l 5 BM | ■ 

J 439 IoLHicIi InLT»L_ llLi^W 10Ld .. .. j i 

Value Srpt. 22 .Veit dealing i.lcL 2 


Murray, Johnswne (Inv. Adviser) 

*• 1611 llnpuEt.i.l.ii-nw.i‘2. VH1-221 MSI 

■llt.pe-Sl.FM . . ..] JUS40 91 1...I — 

nr7 “Murray Fui.d . .] SUS1239 ] ] — 

077 -N.W September 10. 

Negit S.A. 

10.1 Knulevurd R.vy.il. loixetnlwniri! 

2po NAVSepLlB { SUS12J6 ] I - 

150 Negit Lid. 

.1 J® Bank ol Rermuiln Bides.. Hamillnn. Rnnda. 
NAVSepLlO |£6.S£ _ ] | — 

Fm Phoenix International 

DO B"i 77. Si Peicr F.'rv. Guernsey. 

* ‘ Inter Th-llar Fund. p.43 2.63] | — 


7 59 Klin: WiiliamSc. EG4RVAK 

1] 5? Income Units B£B 

4.86 An-um. Units B 85 


SIS" “ft?* C0 ‘ Uer “ y, . U,L <in«‘ Fund Mngmnt. (Jersey) Lid. 


3 40^ ::::J S J? i p Bu> s«3. St. Hclk-r. Jersey 


F.O Ho* I'M. Si Me her. Jersey. 


Sterling Bond Fd. ]£19 04 3 0 0M-JU.M q„„. mi« FxdJa. 


49 1 +06 
94 J +2.7 
Ml j ... 

Baring Brothers & Co. Ltd.? (agr) Jj JJa-? • J?®’ -o 

B8.L~denhaHSl-F.r3. ni 5882830 clbSAjfs^fl^^fr ^5 

RtraftonT*. (194.0 202 2rt . . | 4 14 ^ ^ 

Do.A^um. 12435 £53Bd{ ^ 4 43A HiS Samuel Unit Tst. Mgrs.t (a) 


INSURANCE AND PROPERTY BONDS 


Butterfield Management Co. Ltd. 

PO. Bux 19ft. Knmllinn. Keruiudo. 

Buttrusii Equity . .BUJC53 263 -1 148 

Buttress Income.. |5IiS2.D2 289) . [7 34 


Quest Silu FxdJni |9I3 97 2} ... — 

Quc-ai lull Sew . ..Ja‘S?b8 103 S ... — 

Quwkllnil 5d . .(SI^TM 1C R — 

Price at Sepl. 2U Neat de.'dinfi Si-p . 27. 


2 67 Abbey Life Assurance Co. Ltd. Crusader Insurance Co. Ltd. London Indemnity &Gnl. Ins. Co. Lid. Save & Prosper Groop? 

134 5 3St. Paul's Churchyard, EGA 01-W89111 Vloruia House. Tower PI .EU3 0)4088031 IR-TX). The Verb ur> Si-adinirASM I 4. »A.S1 Helen's, Lndn . EC3P SEP 01-554 I 


Next sub. day September 27. 


Bisbopsgate Progressive Mgmt. Co.? 

l.BrJMpAgatr. ECi OI-MBtESO 

B’BilePt—SeptJB |1462 2090) -o2J 325 

\o UUk**Sej«2B 2337 24*3-751 32S 

a'calela(J*epll9*.|l892 201.3 .... IBS 

AaeuaLl SepL 19* ^ Q09.9 2233) ... 158 

Next sub. day “Oct. 3 "DcL 10. 


45 Be*vh St, KC2P2LK 
mm lb. Bricish Trust. .. 263 9 
BU. CO.? , K , i„t -| True,. 384 
01-5888281) iB-DnllarTrurr.. . 80 B 
~l>2\ 325 ibll’apltal Tru*2 . 315 
-7.il 325 »hiFin*tu-ialTni« 930 
.... IBS *b* Income Tni*l . 285 


188 i Insecurity 7Tu*i . ]545 
vl«iniBb3'iddTsi.|31J) 

Intel.? (agg) 


• , . Equip] Fund US 8 40 91-10 

s.t (a) Equity Arc 33 5 35 3 -04 

01-628 (W 1 1 Property Fd. 150.9 • 158 9 +0.1 

507 Property Arr 1571 1654 +0.1 

-02 2 83 Rrtertwe Fund . 94 6 99.6 -U 

-01 224 fooiertible Fund . 1328 139 B +02 

4« V Money Fund 1234 1299 +01 

"ni 2 b 7 VProp. Fd. Ser.4_ . 1290 1351 .. 

35? VMnn. Fd Ser 4.. .. 138.1 1*5 4 -28 


Gvh. Prop. Sepl 6...|72.6 QZ3S | — 31>%nc+ Manager _ ,|35 7 384] -0 4] — Hal Inv Fd. 132 8 

M-M Flexible . . bl 7 33W-0J^ — Property Fd ■ 159.4 

„ , . _ Fixed Intereil 34 7 36.7 J — Gilt Fd 124 0 

Eagle Star Insur/Midland Assor. 4 DepoxuFdt .. 1 1250 

1. Thread needle St. EC2. 01-5881212 The London & Manchester Ass. Gp.? Uomp Pens.Fd.r.E ms 


B£3i 4 - 


Honey Manager _ . 35 7 
M-M Flexible . . i31 7 
Fixed Interest ... 34 7 


38<l -D4J — Bal Inv Fd 

33 5|-03| — Property Fd* 

367] ...E] — GIliFd 


__ Eai:lc/3Iid. Units ..|55.7 


57 8| +0.1] 494 WinsJade Pork Exeter. 

Cap Growth Fbn.l I 
: Sor- lid.9 dh'lex Exempt Fd I 


Bridge Pund Managers? (aMc) Intel.? (aKg) 

1346. Regis House. Kin* William St.. EC4ft 15. t'fcri itophor StrceL E.C2. 01-2 

■ »AR 01-8234051. Intel. In v. Fund. ,_.|9£3 99.5J | 

Vment*afcGenA_t25fc £701.... 1«0 _ _ , „ 

Income* ... 56 0 60 9 -li 587 Key Fond Managers Ltd. (aXg) 

■ ." et SJ 1?1 fS 85. Milhbl . HCSVBJE. Oldfi 

1520 1AZ0 5 29 *■» Energy In Fd..M3 886J 

UtenrtL Ine.t E 184 19*"... 3 03 *2 9 

Do seer m: *716 x mi ♦hey Exempt Fd , .[178 0 28931 ....J 

" Dealing '“TteJtW™ tThurs. IMces Sent. K*T It)r n inv ^ ?l.y -0^ 


+al VMM) ra ,s*-r 4 um 1*5 4 -28 — Foiiillv Hr Ixu life lu Cat liJU ♦ Hex Exempt Fd 

5M VF.ju.ly Fd Ser 4 .(372 -39.2 -1 0 - Lue i ’ oc - tAa ’ w eEvempt Prop Fd 

1 W.V'nv Fri Ser 4 . Ill 1.4 1194 +0 2 — Amerxhara Road. High Wycombe U494 3B377 <>E.xpx. Tux Trt. FU 

♦Mnnev Fd Ser. 4. (111.3 117 jj +031 — Equity Fd . . 1207 1270] +DJ] — Flexible Fund _ 

Prices at -Sepl 35. VoluotiiVi normally Toes. Propertx Fd 1092 114 9( +nsj — Inr Truj4 Fun-1.. 

Alhnnv life lccnnni+ Ird Fixed Interest F._. 109 7 11541+02) — Propertx Fond . 

Albany Life .Assurance to. Ltd. , ;id nopojux Fd. ico 3 lnsi] | - GuL Deposit Fd .. . 


Eqouypenx Fd |1945 

T*rnp. Pens Fd. ■ . J231. 7 

Gilt Penv Fd M52 

DepuaJ*eu3 Fd r .. )l00.7 


1406] -03] — 
168.7 +05 — 
130 6 .. ., — 

131.6 +02 - 
2241 . . - 

2053 +0 6 — 
244 6 +0 4 — 

1002 +02 — 
I86 0 ..... — 


-S8. Mini! -;ir«-.-L l»oui;la-. 1 O M. 

0624 23914 

ix.TlicSiIierTrutt 

109 9 

1121 

+01 




179 6 

1E9: 

-0 7 

10.75 


134 7 

J4L! 

+16 


Im Gold VVii 

lib B 

l»t 

+D 1 



Du Ea. 97 'x: Bd , 

165.6 

174J 

-0.5 

11.41 


7 76 V*.V>uv. Fri Ser 4 . Ill 3.4 1194 +0 3 — 

VMonex Fd Ser. 4. B11.3 11721 +0l| - 


-247 73431 Albany Life .Assurance Ce. Ud. 


99L51 . ...| 4.10 Sl UldBurllHKlnnSt.W I. 

♦Equity Fd Aec .. J26M 
td. (a Mg) VFiveo ll>l Acc . ... 142 0 

niam-mm ^-(d. Money Fd Ac.. 1157 
0M V vT- ♦inil.Man.FdJicin. l3» 

Sjy —5] fjg VProp.Fd.Aec 1193 

,2 a -03 ! 21? VM-plf Inv. Ace..— 1746 


Key Incnme Fund... 86 1 
Key Fixed Im. Fd.- 593 
Key Small Co x Fd.. 11132 


2893 .... 
9L6 —ft 
62B _. 
120.4 -0. 


\ Ol 

; v - 


Britmaii Trail Management faxgl Rje^wn Benson Unit Managers? 

llsrodon Wall Woildines. Lundnn Wall. .. , 

UudunEC2M5QL ul +38 W7RW7B ? ^ Su ' 01 ^2381*1. 

A»«*; — J78 6 84 6) -0 7 4 57 h^nHSii/Ii 'Jf' “ 

Capllal Ace. 595 635 -0 1 3.53 J!v 

r+munJc lnd 620 66 7 -0 1 434 £ {: JTf ,*% J’!' - 

'onunadity 845 90.9 -0 2 4.62 

>«M1C 6VS 4A7 -03 3 82 M6 

prompt :_.1 — 124.1 130.7 -0 3 668 5 v'S*p!» .■^ ep - 2 n 

^trxWiaie 41 4 04 6a -01 87V {£]■ ™ , ' lr - g ® 

r trE*rl 23.2 25 0a +0 3 2.89 HigfcMd. Fd.Acc_.j48 0 

Financial Serf.... .. 67 7 72 8 -0 2 429 y r Unit Tract 8 

TOW* General 1055 1134 +01 254 *- * L A'mi TPUSl 8 

Srnwth ... Ml 94 8 -03 3 65 The Sjflrie Echange. EC 

Inr. & Growth T15 833 -10 7 00 USClncFri. . 1 148.3 

nrtfirowt^ 68 1 733 +0 5 2 IS LAC lntl & Gen Fd 106 3 

lm#«».TltShares._ 49fi 53 6 -0 4 331 „ 

Minerals. *2 6 4SJ0 -02 2.85 Lawson Secs. Ltd.v 

Nat ID «i Inc. 845 908*. -II 7JB2 +* ^ 1 t 


2 -52 VM'tilf Inv. Act. — 
527 Equ-ty Pen. Fd Acc 
,2?? FuedI IVn Are _.. 
r.-Td-MoaPen-Art. 
5A7 lnUsin-PnFdAce.. 


Plxro PeixAcc. 

Wple Inv Pen.Acc..|: 


01A.T755W2 MUedFd . ]ll4.1 220.l]+04| — 

- — M&f. Group? 

:~T - General Portfolio Life In*. C. Lid.? Throe Qugi.T.mx^-Hil!ec3RFBQ. 
.... — 8U BnrtliolomewCt .Wall hum CrmA. WX31871 

— 17)71 1 all a Fund I 149.9 1+23] - W iSSoS* ‘ ]M| BM 

“ Portiolio Capital .—|422 4u| ......| - feW.TgJ 1M3 

... — FamiljTMO". .1734 - 

••• -• Gresham Life +\ss. Soc. Ltd. iSl Sit 

I". — 2 Prince Wades Kd. Bernoulli 030 787855 iniernatnL Bond" 110 8 U64 


As»«* — 786 

Capital Act 59.0 

r+mna Ind 620 

Commodity— 845 

acanoaw 615 

^^S reaat — : _. t — 124.1 
ixtraWoae- 41 4 

T.T'T'wBmI 23-2 

i ( ! i financial Seef..._ .. 677 
: If I 3«Wift General 1055 


AMEV life Assurance Ltd.? 


03. Cash Fund... .|97 9 
0 L Equily Fund . hl50 
t. L *iilt Fund Iil4 2 


?53 VK.B UnllFd^r.... 1188 1291 ... . 

a?* K K F4 Inv Ta. .. 535 63.9a 

Ji? K.B.Fd JaT+tAcc . S93 645 

5‘K KBSmlltVsKrtUiC . 49 6 52 6 . ... 

fS KB.Sm.FovFdjycr.496 - 5X6 _X. 
• n lliphVM. Fd Inc. 430 5U .:... 
2Q9 HiyhVld.Kd.Act_ 48.0 511.. 


? Alma Use. Aluts Bd. Rcigarr Reifiate4d)Ol. G.L lntl. Fend 

I * • "'* ’ *«'■ 1 G.L. PpiS’.Xend 


425 -AMEV Manayod 

— . 4 25 AMEV Mud. B' 11206 

5E9 AMEV SJonmrFd. .1863 

“ • sm AMEVEqni<vFd._1212 
" fa«s AJIEV Fixed Int — 1933 
; 645 Ailn-:V Prep. Kd. 


15731 — 

1270 _... — 

111.9 . .. — 

1277 ...... — 


lor. & Growth 775 

ImKlrnwib 68 1 

lm#«I.TsLShares._ 49B 

Minerals. . *2 6 

NatlDchluc. 845 

lewLvue 38.9 

x'urtb American 303 

anrfaMiooa] SS9.I 

''Tapeny Shares .. 14 9 
Shield 48 9 

axtuhOhan-e J4.1 

JnivEnerey (34.2 


41.9J -03 
32A-01 
5763] -42 
16.1*9 ...... 

52 6m —0 9 


Iff L & C Unit Trust Management Ltd.? as«f M»tP8n.‘B- lasi 

3 65 The Spark Echonse. EC1X HIP. 01-T4H Wi Flei iplan— _ IlDl- 1 

7 00 Li Cl nr Frl . . 1 148.1 1S£71 | 836 . 

IB L*C lntl * Gen Fd 11061 109.4] j 134 

zis Lawson Secs. Lid.? (age) totGrgwth.. 

pJStoToSfol* 


nil 


m 


Mona/ed Ed.--* .. 
Property Bd-* 

Ejl Y ield Fd-M •„ 
Hero- i-rv Fd. P+: * . 
Amencan Fd. *Vh- . 
Japan Fc* Rd.-. .U 
Price* on *SopL 3 


3 X SI 

75.1 

582 

633 

"SepL 21 


Growth tc Sec. Life Ass. Soc. Ud.? ^ ‘ * 

Weir Bank. brnya>a-ibam«.RcTiui. 023+ M 284 Merchant Investors Assurance? 


^ 535 ‘%Xr.:z .-:„ iSLSj t.:.| = 

iXc) tat Growth 1958 lOlij .... J — 

n lAv m ' F" - Arrow Ule -VsKorance see 

O 9d . 623 Providence Orpilol Life Axsurance 

90 0*1 623 Barclays Life .Assor. Co. Ltd. 

68 0 IS 2f3 Romford Rd.E7. ' 01834! 

42.5 -13 178 Bairlavbonds- 11318 138 ....J - 

26.7 ... 0.5O Enoily. — 125 1 131.7-02 - 

27 8 . . . O.SO rtihedfind. 110.9 U6.8 +0 1 - 

■ 495 1125 Property 1092 135 0 +03 - 

710].... 1325 Managed 1341 1202 -01 - 

d. (Thun "Fn. Urney. . ... loo.O 3053 ... . - 

_ M»B,pB»iAecum._ 1024 1071 -1.7 - 

dal I Pund? Do Initial . . 98 9 1042 -1.7 - 

»r+ VHltEdcPcQsJXcc... 97 4 .1026 -0.4 - 


183 *Ra*»- Malen.ils- 

X86 W-Arrum. Unil,> 
-j5 -Growth Fund 

4 07 lArcum. 

4 61 ' ttrtlli and Warrant. 

; X T (Araeric.-.o Fd 

(lArrun I'mbi ... 
“High Yield .. .. 


JIf Br !! i,h ^ e a 0ff L ce I LhL¥ (a ‘ ' 7iol f I 

— — wliawe Hoe.. Tnnbndce Wells. XI 0R«22£7I E«caL ftMoa. -Tucs. TlWed. (Thurv --F 
U. British Life (54 1 572] +0 li 5 33 

iL Balanced* 52.u 55a . *1 5.53 Legal & Genera! Tyndall Pund? 

, a „ 8M 18.'. nn>-n«- Road. M*wL ICS 3 

Prlee* Sept. 2+. Nest deailnc Oci 14. n. c,m ?- IM 4 m*i I 


town Shipley & Co. Ltd.? 

Auers.. Founders Ct . EC2 
<ASDnilS Kept 26—1229 6 346 A 

M^CCJSept 38 — 1290.6 3124 

; Xeulc TTOsts mi W> 

'laancial 135.8 . 380a 

ieacnU CO 0 2L2 

•rowth Actum. _..W9.4 5X4 

; iraMj) Inroroe 139 J 417 

■Dili Income [304 . 33 Oa -0 1 

■T.U_~ 1220 23 4c -03 

ndw 126 2 . 285 -0.1 

Her s— CO 0 215 

>rfonnaiKe 162 9 66 9 -0.2 

jwwiy. . B3 1 2*5 | 

sxmpG Au*u*L 14 —{61.9 645 ... J 


-ow *94 18. nnt-mtt Read, tlrtMAL <1^232211 

° cl - l4 - Di^Sept IT. . . . 164.4 682] . ....| 441 

(Accum- UmbJ. .. .Bl 2 B6 a] . I 4.41 

Next *ub. day Qefoher II. 

0J-AnO6j2Q 

.. . i 453 Leonine Administration Ltd. 

[ 453 "l)alteSI..Lon.lonWlM6JP. i«l-t»i.7S0l 

L.-o rMxt 1832 8551+021 4 63 

. - .[ 4 55 Leo Ac* inn . |89.0 93.7] +0 3| 423 


le*«i H- e.. Ta HiRh Si. Croydon. 

Lonnaaiix.-M-xs. I saea i . .4 — p..— n , .u* 

Equity On* 182 6 

Guardian Roj-al Erehange 5S!S3 KjR^L as’ 

Royal Exchanre, EC.3 01-2837107 Depoti: . 1303 

Property Bond* |184 6 19£2| .... | — IwpoMf IVM 1430 


•Price*, ud September 26. 

’ (Weekly dealiQKs- 

Schroder Life Group? 

Enterprise Houae.parutimulh. 0705 Z 

Equity 1 2503 J 

Equity* 237.1 249.7 

Fixed lot 4 1395 146.9 

Managed 4 138 9 1463 

Money 4 IM 7 114.5 . — 

Uvrroeo»4 100 6 105 9 

Property 4 1509 167.4 

K 4c S Gov't. Sem 4. 1236 128.1 .... 

BS. Pen Cup. B 12£9 129.1 ..... 

B S. Pc ix Acc. B 134 6 1415 

Mned Pen. Cap B.. 718 0 2213 

Mned. Pen. Arc: B . 2515 264 J . .... 

F tm Pen Cap. B773 2025 

F InL Pen Acc. B9S.6 103 8 .... 

Money Pen. Cap. B . 96 6 1017 

Money Pen Arc. B. 97 8 103.1 

Prop Pen. Cap. B 962 1014 

Prop Pen. acc. B-I 97.4 mail ..... 

Scottish Widows* Group 

PO Box 9U2. Edinburgh EH163BU. 031-855* 


Bunresi income braut 2DJ 1 7 34 Richmond Life Ass. Ud. 

Price* .1 Sepl 11 Next rob. day Uci 9. ^ 0<C4=OU 

Capital International S..A. ffi3SaS«SS|i!W mi* io.n 

37 rue Noire Uame. l uxcmbeurj:. In. I’luimn n Bd . ..134 J J4lfl +3.a — 

Capital) nl Fund l U> 518.87 I. .1 — Im Gold Pai illhB 123M+D3 — 

im Em. 97 'tc Bd .. 1 265.6 1743] -0.s| 11.41 

Charterhouse Japhet 

i, Paternoster Row. EC4. HKM83P99 RothschHd Asset Management (C.L) 

Adlropa |«31« 2“I + 2J9I iS? PiABnlWI JSt Jullait- I'L Gucnu.cy 046126331 

pjJiT.v’ 3 K??S2 S'SlSsS «n2 '" .EuFr \uc 31.157 4 M8I .... 2.68 

fS 1 1 t'.Inc.Fd Sepi | ibis 1718.... 681 

Fondix. - mraw 2 *-020 5 00 iH.Mtill.F.fT ... .. 5136 144 . ... 121 

Emperor Fund 5U5I42 3^ - .K Smf..F*IAii;-:t! 154 0 163 80 3 08 

Hlapano UlMN 434J] .. .. *50 i,.-.Comm*.dilx-. . 1458 155.1 416 

J OF Hlr.t wndly. T.. .528 64 3046 . 066 

Clive Investments (Jersey! Ltd. ‘Prices ..n Srp. u. Next dvaline Sept. 29. 
Pu Box 320. St. Holier. Jersey 05.3437361. tPncesunSx-piemher 21. Next dcallof October 


070527733 Clivetalt Fd (C.I.. 19 82 
1 _ Oiro GiltFd. IJay..i.|9.79 


ni^M83W9 Rothschild Asset Management (C.L) 

+0 191 9.62 r u.Ud:. rft St Julian? i'l Guernsey 0481 26331 
t£-!S 5^2 •M'.EqFr \ux> 21.157 4 MB] . ... 2.68 
(■U.Inc.Fd Sept I 1615 2718 .... 681 

+020 5 00 iH lt.tl F.fT .. .. 5136 144 . ... 131 

r_. •K'hnu.'«F<IAu,-:<! 154 0 163 80 3 08 

.... *50 ! j Cammodilv ■ . . 145 8 155.1 416 

_ . OF IHr.trn.dly.t... U864 3046}. 066 

Ltd. ‘Prices «n sSrp. 14. Next dvaline Sept. 29. 

05.14 37361. t Price* un September 21. Next dealing Uclober 

1 iii nn V. 


Hambro Life Assurance Limited ? 


Barriaybendx* 11318 1388 ....J — £wdu»' 

Enuity. — 12S 1 131.7 -03 — “WtW-- 

iim-etfc*d- 110.9 1168 +0 1 — I7, DI>cr li 

Property — 109 2 115.0 -01 — Mananed 

Managed 1141 1202 -ol — 

MaoPeotiAccum.- 1D24 1071 -1.7 — ClUEdct 

Do Initial . . 98 9 1042 -1.7 — £»*£«• 

UUtEdcPeosJXcc... 97 4 .1026 -0.4 — "o-J.-}-! 

T7,‘ no. Initial 94.4 994 -04 — * 

Money Peas. Acc. _ 1023 1D77 +02 — ^ 

441 ] Do. Initial ]9B4 1036 +0.1] — 

TuxTenl unit value September 28. 2®" 

Beehive Life Assur. 00. Ltd.? fWGdu 

71. Lombard St, Eia. 01B23T2W P^-FdU 

Blk.Hnrse.Sepl I. I 13435 | J — g^- g g 


01-5345544 7 Old Part Lane. London. Wl 

Fixed lat- Ocp 126 7 

-03 Equity — 1939 

*0 1 — Property . 165.7 

r ni __ Mona ced Cap.. — 1501 

-01 — Managed Arc... — ..1863 

_ OrprseoJ 1316 

IV7 _ Gilt Used 126 0 

.17 _ American Acc _ . 1025 

-0 4 — Pra-FLDtpOip— 129 0 

-04 _ - Pen.FJ.Pcp.Arc . 1517 

+02 — Pen. Prop. Cap 207 3 

+01 — Pin Prop Ace. — 2691 

ur 28. Fen. Van. Clip 220 9 

“ Pen. Man Acc 286 7 


Man.vrod.. - _ _ 

Manuj-.+l !Vn» 

lntl Ejju:(j . 


01-6869171 Inv.Ply Series 1. 1139 112.8 

— Inx My. Serte»£.._. 106 5 112.2 

— lnv.C«*hSepta._992 1045 

— ExULAcc Sep. 20 — .. 147 9 154 2 

— ExlItIucSnp.30.. - 144.1 150 J 

— Mffd. Pen. Sep.a0.|283 6 283.6] 

— Solar Life Assurance Limited 

— lllfiaEly Place London E.CJN6TT. 0L242J 


Corah ill Ins. (Guernsey) Ltd. 

P.O. Box IS". Si Peter Port. Guernver 
IntnL Man. Fd. |1775 193.0] ... J - 

Delta Group 

P O Box 3012. Nxinu. Bahaman 
Delia In.. Sepl m..|KJS£J6 2271 1 — 

Deutschcr Investment-Trust 
Ptmfach 3085 Biebergaxse 6 ) 0 6nii0 FrnnkfiirL 

Concentra (DM21 00 ZZ.4B|+Q 101 — 

InL Renlef) (ond».~ |[AUI4R 7IM|+01 o| — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712. .Nanxu. Bahanux. 

NAVSepl 19 |H8iU 17881 | — 

Emson & Dudley Tst.Mgt_Jrsy.Lxd- 

P.O. Box 73. Si Helier. Jersey 05a43n5*ii 


Rothschild Asset Mngt. (Bermuda) 
I'". )*»•. «H. Bk ul Pvrnnida Bid, Bermuda. 
Rrvinrv .Wei* F.I I $11*00 0 | . | — 

Prices un SepL 26 Ncxl deal mg OxL X ; 

Royal Trust «C!) Fd. MgL Ltd. 

Pr. Box IM. Rut ul Tst. H*e, Jerncy. 053427441 

RT Inn FA ISl'NO 10*H ... .{ 300 

KT Int'f.Osy j Fd..|9J 0 99« . ...1 321 

Pncei at Sepi iv Next dealing Sepl 28. 

Save £ Prosper International j 

bcallm; !«•; 

37 Broad St . Sl 1 toller, .l.-rscy 0T*4-3L r »l 
IA ttoHar-denomJnated tunds 


eniTV n«* 1 , m aerIlnevtonwmn.iedH.nd. 

E.U.I.I.T. 11314 139.91 1 3.00 channel i/upitalt 1248 8 261 8 -231 

_ ...... Channel I Jan.l-6 (X56 1 1644 -30 

Eurobond HoltUuga NA. vv<idibi> 4 -‘t- ..pu 1391....' 


Ul-«W'ucai Ind Manured 1 1043 

133 4] .... — . 

204 a . ... •— NEL Pensions Lid. 

?25fl — • Mllion i.'.eirt. florin ns. Surrey. 

vac q] Nelex Eg i_af». . — [690 

iu 3 'Niel+x Kq Ai -iim. . 123 8 l 

J?,?] Meles Mi*ne> Cap , 62.9 1 

Tn7o] Nel ex Sinn. Ace 67.7 

ia’3 Nele-.GUtlnx-x ap- 53 9 

iS 5 —■ — Ttolr-. 1 JOT Ir. Arc, 55 7 

«7/l • — NelMxd Fd.i'ap.. *83 

. — Net Slxd rrt -W . . 49 7 


i3#3-i’.j} - 

Mi.:: - 

S3::: = 


_ Solar Mananed S—.IU2.4 

Solar Proper! vS.„ 113.6 

_ Solar Equity S 174 8 

Solar Fxd. fnlS... U78 

Solar Cash S 10L6 

Solar IntlS. 1063 

5911 Solar Managed P — 1319 

Solar Property P.., 1133 

_ Solar EiiuJtyP.... 174.3 

_ Solar Fvd InL P 1173 

_ Solar Orth P 18L4 

_ Solar lntl. P_ 100.4 


139.4 .... - 

111.6 — 

184.0 -ft 3 — 

124.0 +c; _ 

107.9 — 

106.1 — 

1381 ... _ — 

U93 — 

1833 -0.3 — 

123.7 +02 — 

107 7 .,... — 

186.7 - 


Jlandrlxkade 34. Willemstad. Cunu-an 
Laadra Ajtealc Intel. IS Christopher SL. EC. 
TeL 81-247 7243. Tries: 8814488. 

NAV per share September 22. SUS30 80. 

F. & C. Mgmt. Lid. Inv. Advisers 
1-2. Laurence Poualney HiH.tX'iROBA. 

01-623 4480 

CenL FU. Sept- 20... | SUS634 | | — 


Crnnimid— ..11311 1591 ...I — 

SLIieporii . 1003 1004] I 0£5 

St Fixed"-: . ...|U51 1£1.6| .1143 

■Knew un Sew 36. ‘‘Sepl. 3u. •••SepL 2ft. 
{weekly dealini;i. 

Schlesinger International Mngt Ltd. 

41. La Unite St . SI IMiur. Jersey. U534 735F8. 


01-486 ."BOl 71. Lombard St, EX3. 

u.vi>»>. 1«++ 853] +02/ 4 63 Blk. Snrse. Sepl I. ] +>++7 I -—4 — p-_ n c hna 

4 55 Leo Accum 189.0 93.t| +0 423 C Mt«l* Life ASSU«UCe Co. pSt DAFCaV^P I 

4 95 Lloyds BV. Unit Tst. Mngrs. Ltd.? (a) ZO Hlah Sl, Putters Bar. Kertj. P.Bar Sim Pen-DAJf. Acc J 

!-|f RCH/strar’- Dept, fiorimi-bp-Sua. EqtyGthFdSept. 4.1 63.4 j .... I — . 

93S Wonbioc. West Susxex. <n-»E3J2R8 R««i Fed. Sept7.| 126.1 ] J — Hearts of Oak Ben* 

i J S : FiraiBalncd, 154 1 50.11+81] 430 Can non Assn ranee 13d.? itoJT.Tnvinoek Place. Wi 

222 S3®Su~.Bj». 230 1; OiymptcWy , WeBmiepHAftONB^ ftlftCCSSTfi Hearts of Oak (37.2 


PenoJDt&la Cap _ 023 7 
Pen. Kilt Eds. Acc. .11312 


28331 • — 

23261 .... - 

301 a — 

130.2 — 

138 » ..._ — 

1323 — 

151.4] .... — 


Next Sub. day October £3 Exp F *f im.SenLli IOS73 1UJJ , 3 — 

-WPI p+ovinnt WxxQCMn.nl un iniBnSepi 3i_..,| 03.64- 1-iUa] - Fidelity Mgmt. Research (Jersey) Ltd. 

48..lrM.xhur,hL.OW5H^ JlSl420r. Sun Alliance Linked Life Ins. Ltd- w«**^Hro,DonSt,Si Hclier.Jeracy. 

ILuiucert Fund — |J583 165.1].,.] — Sun .Alliance tlouxe. Horsham 040364141 Series Ailnbil.l | H'15 | .] — 

Prices Sepi. L Next doalinc Ort. 2. Equity Fm*d _.|U36 14071-0.51 — Serie* Bl Pacific 1. £10 00 -O.IW — 

v . _ . . FlxedlnteresiFd.. . 107 4 UStj+Oll — Senes ti t Am Ai* i U965 { ,{ — 

New Zealand Ins. On. iU.k.) Ltd.? Property Fund, _ uka iu a . .. \ — .11 

Maitland House. Southend SSI !US 070262955 Ilitorttaliunnl Fri — 1056 111.21 +03] — First Viking Commodity THlStS 


Sal “ I _ Solar Fvd Im p.'L.hi7j 12J.7I +ai| — Fidelity Mgmt. & Res. (Bda.l Ltd. 

““““RaS'2 ini ?) P.O. Box 67U. Ilaniiltoii. Bermuda. 

— | — — * *" ?* 1 — Fidelity Am- A sk, . I SUS2909 | I — 

_ Sun Alliance Fnnd Mangmt Ltd. lu«739 U J “ 

H3| .-4 — Sun Alliance Houae. Horsham. 040364141 Fidelity WrIdFU_| SU.S16.45 |-0i5| — 


524 -0 2 4 95 130x08 Hll I D 11 T*L iHIIgR 

417 -O.I 4.95 Rcs/ttrar'- Dept, Gorinji-by-Soa. 
I S® ~9i S-?5 Wortbin*. West Sussex. 

“9-J 241 FirxiiBnlncd , {5*1 58.1 

283 -*-(3.1 4.28 rio.rArrUHLi-..-.^ 174 4 80. 0j 

fcio ai IS S*trtiid(C4p.l g7J - hl2\ 

IS? " 03 tS D'M.Urumi 171 8 773 

fii Third ilo'otnei |B8 3 94 ti 


01-»5!3t 

gW -ft J J 

sa-M sr.XKSR:“pw- g !^: 1 hs 

^*,7.7.1'™' C?o 2-a 1 1 ;?2 Thlrdiln'.omei NS 94 9 -0.1 5.71 

ixntpL A uruH 10 _{6L9 . MS{ - -l 4-55 Dn.iAerum . 1209 130.1 -01 571 

'.mill i it. |j i, m— mf . , l , Fourth lExIflc I. — M3 69 1 —0 1 137 

.anada Lue Unit TsL Mngrs. Ltd.? xk>.i.\cvunxi ^{73 2 78.7] -o 737 

IftHiabSl. nxlem Bur.Hert'. P. BarSMIS . . .. » n-:. r*v* 

hin-GenDui M9.4 42.51 . ..] 431 Lloyds Life Unit Tst. Mngrs. Ud. 

-.. ■VGea.Accuni_._[«9 8 52 4) -O il 431 72-0i.>JatohouieRd, Aylcstiniy 0294 5Mi 

I V. KOUity-lcruin. „-.|17*£ UJ.fl .. I 3.67 


Hearts of Oak Benefit Society 


Kiwi Kc» Inv Ulan .{1574 


430 La n non Assurance ua.9 is-iT.TnvwtoekpUce . wcihbsm oi-ss7ai20 snuii *.•.<••• v.i mao 

I. O/jTnpic Wy . Wembley HAB0NB 0I-90C8876 Hearts of Oak (37J! 393{ . . ..[ — TarhcriofiS F.L ' U73 

fro SflOltyUnJlK 111836 - 1-0 ZB - 52Ti l, ^.W — 

™L<2 Z HiU Samuel Life Assur. Ltd.? FhrSuJFH .....pS! 

737 .Prop^BcTKL , Exec.lB35l — NL-lTwr.AiJdiwiiibe Rd.'-’roy. 0I4SB4355 GiREUxc+l F<L J .. . |W4 7 


, „i 43T Lloyd’s Life Uni 

j -0.1 431 72-01. ij+lohouie R*l. 

I l.-\l Eouity.xorura i.]l 

I +W-1J *Jd . 


M & G Group? (yKcHz) 


• f James) Mngt. lid.? Three Quay<. T<*»er Bill. 

•" W IM Broad St .ECSN 1BQ tl-snsna ^ t dso StocJi Evcbaace PcaJiiic*- - 

*PIUE 189 7 955d( ... . I 514 American |505 543 ....I J.91 

wame §7.7 934 bJ . .. | 6 93 lAccuw Calm: 516 553 ... .1 1.91 

Encex *>n Sepl 20. -VoxI deal ran ort. 4. AuvrmJj-ian. .584 62 if +0 ll 137 

-" ■ :*rlioI Unit Fd. Mgrs. Ltd.? (aHcl SSSS5 «p^== Eg wo -o| *36 ^ 

: New^^e.upan-Tyne =''f 1«.3 -if, 3^ M-an^ 

vjmCgsuiISI. - ill! ::: j J:S SSS 3 S£S:!l h 5?.1 rluSi Itl 

: vJSsMSSk-BW S3 I™ fSSllKtoir: S5 Ims :?a \t capiUi i 

‘ wijir^ ,i - nK , d v 8,c ; SSTB-irr. BA “‘^fUSES 

«nU«OffiCl»] Invest. Fd* Extra Yield., 90S 96 44 -1W 736 gfTlnseR. 

. 7 London Wan. BC2N 1 DB. 01,788 IBIS Merast Unlbj 13£y -L5] 7^6 

♦Uaaiiih. Only avidable to R el Chintlea. £g**2S5,i2^ Si 
'W Charterhouse Japlrtl we Jatn« Fto/ay. Gmjerai 

- ^* n g Sfra M “ agers “itsss JSSSTistez SH 

‘ -taw St. ExW 4 rr. Ol -30 2CC Japan Income . __ 178 2 

.yaerican hZi2S2 -2S.0{ 161 1 Ax-rum Onik-i 179 8 

• UghlneoHie 1445 47 » -0.4 8 69 Masnutn - - 223 1 

atrnwiwial Tsi n2B5 289+01 £96 iacciibi Units*. _ 2816 

***■= Bwce TapT -.30 014-0 3 416 Midland-. 1917 

tttn. GroKxh Trt.323 6 25.4] -03 738 lAceum tfaUtu 3176 


78 71 -0 21 737 BaLBdjB.ecn.’iul. E13S9 14 38-01 

78.71-0 21 737 Depodl Bond ... _. U3.6 1192+0 

Mngrs. LUL E^uiro Acram.-... W - 

Amwuiii ProperivArclim. — £1X01 — 

ur Mnsd. Accum. L672 

lM.fl .. I 3.67 2nd Equity 100.0 10S8 -1 

, SedProperty 10b 2 112.4 .. 

I 2nd Maaatied 100.6 *06.4 -0 


Three Quay*. T«ra« Bill. E»‘3R OBa '1/A26 4588 I Jjd Draoa't 


553 ... . 

62 2M +01 
b3h *0.1 
86 0 -0 7 
939 -0.8 
127.D -1.7 
73 7-0 5 
76.6a -0.7 
1381 -IS 
2618 -3 4 


Sid Gill 91.2 -963 -0.1 

i*i 2nd. American 933 993 —02 

in 2nd Ea.Peu.UAcc.. 1036 1041 -li 

i Ji Cnd^FCTtttAce. . UQ.6 117 0 
137 2ndMed.Pen.vAcc 1045 110 6 -05 

a 3*. 2nd Di’pJ'tw’.lcc 101 0 706.5 +02 

43S 2nd CUt Peox 4cc 918 971 .. . 

334 2nd.Ato.Pen.UAcc. 958 1014 -0.2 

295 L8:ESiF. W0 4J0 

fS L&ES.LF.2 235 30.5] 

7 os . Current n uo September 25. 


— ^Property Units — 11594 

— Property Series A. .11043 

— Managed Units 1171.6 

— Mono^ctf Series A 

— ■ Manased Scries C 

-03 Money Utau — 

— Money Sene* a. 

— Fatuity Sene* A - .,197.0 

— P)1A Uiutored Cop, (1973 
Pryx Uanoced Acc.. [156.3 

— Pnx. deed Cap, 

— Pns.ii'teed,Vcc, 

— Pem. Equity Cap 

— Pen*. ErraitJ’ Are 

— Pns.F\d.lnlCop 

— Pni.Fxd lulA.cc 

— Pens rrop. Cap 

— Peas. Prop. Are 


167.4) — 

109 W .. . — 

18071-12 — 

1066] -1J — 
103| -03 — 

3033 Z 
98Q-0 3 — 
302 M +0 3 — 

154. W — 

164.6P .-..., — 

112.5] — 

llftfl . — 

uza — 

113 3 — 

ioi3 z 

loii] ~ 

1024] — 


Con. |j*r» Fd — J77.7 


1623 — 

113.5 .. — 

1233 -14 — 
1050 . .. — 
1114 -10 _ 

1275 +0 2 — 
110 2 .... — 
1018 .. , — 


[ Senes D (Am. Ass i 


j-o.psj — 


[■eposjt Fund (98.0 10321 ... .i - 

Man+ecd Fund — [113.0 U9.0| . 4 - 

Sun Life of Canada (U.K.) Ud. 

2. 3. 4. Corkapor St, SWl V 5BH 01-100 E 

Maple LfGrth { &«1 I J - 

Maple LI Maned 1384 t ,., ] . 

Maple Lf. Ertly- I 1370 ( j - 

.Penud. Pn. Fd 214.8 J _ 


Norwich Union Insurance Group? ~ 

P>i Box-5. ‘.’nruiL-h NB13NO. otm 2 Z!m Target life Assurance Co. Ltd. 


First Viking Commodity Trusts 

8. St 'Jeorge’r.Sl. l>.nic!ax. I o u 

0tO4 4082. loin. Aj{tx ■ Danbnr to Co iJd, 

W. Pall Mail. London SW175JI1. 01-9307 

Fat. Vlk UmTa — 136 8 379d| | 2 

FsLVk.Dbl.Op.TsL,]69ft . 73 0] ] 4 

Fleming Japan Fund S.A. 

37. roe Noire-Darae, Luxemhuurc 
Fleming Sept. 19 -,] JUS6JJ1 I ... J - 


sai.l. . . iso as . — a$3 

S-Vil l._ 0 92 0 97 .... 4 64 

GiltFd 22 5 . 22 7 . ... 1231 

(nil. Fd Jer*c>. 110 116 3.17 

Ininl Fd I . tiaM-e. . 1159 1220 .... — 

■Far Kan l-'und 101 107 -l] ;j» 

■Nest iUl*. day September 1T7. ^ 

Schroder Life Group 

Enierpnn-HniK*- l-urL-.rioulh. 07 1£ 27733 

Imenutlienjl Fund* 

£ Equity 132 6 130 4) _ . 

SEquitj. . .. 1455 154.7 _ 1 

£ Fixed lnwrexl . . 1403 1492 ..._ — { 

SFixcd Innet-M . .. 1068 113 6 — : 

CManaJx+l 1345 143.0 ... _ l 

SMunuced 1125.8 133.8] — j 

J. Henr>- Schroder Wagg & Co. L(d. 

lim. U hrapHde. E C 2 01 SUB 40I.O 


rail Mall. Lo>ndonKwl75JH. 01-930 7flTi7 rhepSftopt 22 ] 'I'Siz 24 2 37 

■ Vik C*» Ttt. , , (36 8 379 dj i 250 Tratolc+r \uc. 31 ” 5UM4325 ... ’ _ 

.Vlc.Dbl.up.TsL.. ]69 .0 730] ] 430 Ailunl ri S,.pl 19 lp £2ie 2K 2 41 

L'niliniFii»ISierc2l|5A2 04 2 22 . .. 4 60 


Han .iced Fund — 1221.7 2333} -0 V — Tarcet House, Gatehouse Bd. Ayleshuty. Free World FUBd Ltd. 

^liirtv L r-und""- m2 -°- 7 - *“ rtB - .. Ajrlestourytl)S96>5ft4l Rutleriield Bldg, Hamilton. Bermuda. 

Propertj-rund . — 1K.4 1393 ■■■ — Man. Fbod inc 100.0 205J — KAV’AutlU, I 2UK1W9L ( l - 

>L\ed Ini Fund — 1535 1615+03 — Mon. Fund Acc 1237 1302 _ ^ 1 1 + VJ5 ' 1 1 

Jtopi9.it Knud 106.9 1125 .... — Prop FU.lltx-. U03 _ 1165 — r Y x*. . , . 

o.vor.iinit -''pt.LS_ 225 0 — Prop Fd. Acc . ulo — G.T. management Ltd. 

. , _ . Prop Fd. Inv 1095 — — PnrfcHxe. 16 Finxlmry I'lnrUK, Londnn £ 

Phoenix .Assurance Co. Ltd. Fixed int Fd. inc. 1020 M74 — Tel: oi-oaa am. tlx. aaeiou 

4-iKln^ William Si. ET4P4HR. 01-IPBBB7B - 1 ”-■= “J* — London AeenU for 

Wealth As« Q16J 12231 I — « E”* “ K ! f? i - 2n — Anchor -B" Itolta ,. WKUF . IIS . . 

™r rh \» : ~ | m 1 J — R«jn.tw^pPen_. 615 -0 2 — Anchor Gill Edce, E983 989 +n oi 

=i - SSS.te.aO£:.ffil iSi r z sasfcV.-iK.S1* 3 S 2 S S 

Prop. Equity & Life Ass. Co.? gSfSfffStfc S2 i^i = SSJfES&iir 

lift. •~nn!'.*u Streot, Will 2AS. 01-1860857 Prop Ben.Fd.Aer. 1515 159.5. — i j T Asia Fd _ _ nSiiw tip 

R Silt Prop bi I 1856 | | - Prop Pen.Fd.Vhp _ 1511 159J — « T Alla Sterl!n K . E16 65 17 87 : :. 

Iv.Equ.tjBd 1 79.7 ] — GnarPm FdJXcc^. W0 looo — i; T. Bond Fund . , SUS13 97 +005 

Flex Money B-J [ 152.1 — G ear Pen. Fd Lap. 95 0 100 0 — GT. Dollar F«l JIS7 51 

_ „ * n-A.Fatl.FlI An — 95 0 100 D — G.T.PacificFd SLS16A3 +003 

Property Growth Assar. Co. Ltd.? Dampen. Fd. tap — f»S-0 iw o] _ 

Leon House, t-'roydon, CR9 ii.u 01-8800808 Traticinteraatinnai Life Ins. Co, Ltd. GarUnore Invest. Ltd. Ldn. Ajls. 
IY..tM.-ny KUr.it .. 1B7.S ... — miiw nioimor 2 - *■ "»•> ***• London. Et^ 01-2833 

jsqfHr- i! ::::: = assa^HBi m • — nuas K , 

SfiS&SEVJiir: ■ SU :::::: = “ Si “ 

Ahliej-Not Fd (41, • 156.6 — ■ K?!?- £? E| 2f- mi lit) — N.^wrlninW. 

■■■■; r ^^^Vd tou.: l£i -- z. „ 

Equltx- Fund, - - 1823 +07 Mnqd.lnt.Fd.Ace..- [103.6 109. of — Garnaorc Invmiroent Mpei Ud. 


e M . Ayleshuty. Free World Fuad Ltd. 

Aylesbury >0286 < B4M l Butterfield Bldg, Hamilton. Bermuda. 

I - NAVAue.3! { 8UK194.9L { J 


NAVAue.31 { 8US194.9L { .| 

G.T. Management Ltd. 


7 48 1 Capital Life Assurance? 


Imperial Life Ass. Ch. of Canada 


nS:i 3a I CotifstonHouxo. Chapel AstlB W 0BC228511 Imperial Hooae.tiirildfMd. 


ushlneome M45 47ffl-ft.* 8 69 Masnom - - 223 1 2398 

atentotiotialTsl „Lh 21>5 2B5I+01I 296 lAcciun Uiulu., 2016 3M7 

tolte. Tstp7 9 ■. 30 0ri( -0 a 4 16 Midland 1917 204 2 

wai Gronxh Tsi^Ja 6 25.4] -oil 738 lAcemn Units. 3176 3382 

. ^dfederalion Funds Mgt. Ltd.? (ai i*SSSI^.iniUi” ” 935 99 6 

■ 1 Chancery Lane. WC2A 1HE 01-2420382 BwJ wa 

nnrthfMnd {465 Wtf -0.9{ 339 1%9^ 

'nwiii.ift.iifi . ft ■ u _ lAccum. Uuilxi (230.3 2453 

«^politan Fond Managers. -. .FpeeUlii^d Fowls 

• ITnrtStraet, London W1S9E1. 01-213805. _ [1587 1674 

“^opolnJahW.1192 208) ,_. .l 4.49 ( a*-c um. Uni d'< I 310 5 .3127 6 

o -Income F d ]493 52Sj ]M95 Chari bond Spllft 110 3 

> .. xhuriId.9opt.M-, 157.2 1596 

rescent Lait TsL Mgrs. Lid. (arfg) i4fcum l'iui-i. .. 1982 K 12 

. Hrtrillc Cre*.. Edinburgh 3. 031 2aStoQl P^nx Ex. 5*1* 2S„^ .1513 15fl,7, 


571 -8.1 
96 44 -10 
1325 -L5 
635m -0 2 

70 1 -0J 

72.7 -0 6 

88.8 -OB 
196.7 -3 6 
306 0 - 5 6 
119.1 -13 
200.4 -23 
289 B +1.2 
1915 +12 
2398 -26 
302 7 - 31 
20«2 -0 7 
J3&2 -1 1 

96 5 -1.4 

99 6 -1.4 
2031 -jn 


7_afc Key In c e st - Fd. ... - | 187.79 

7^ P*cetnaWrInv.Fd | 114.76 

217 Charterhouse Magna Gp.? 


-03 217 ste 
4 b 2.2 


ephnuoD Hsc. Brunei Centre. Dlelchley, p*^, c ,^J^a nd ' 

Uoo Key ne»U00frG4 1 272 ESlSJ&Sfta 

irthce Energy .. -MO B 42Jf | “ Pn if i tw Pkirrtl! 


5 5? Cbrtta* Energy , -MO B 
in Chrthse. Money. . . 29 4 
;u Omhoe. Manxqed 40 5 

i-ff Cfartfue Equity 37.4 

5 Uaqna R]d. So«- , _ 


Maetia-Wanaqod — I 


14 3L0 

15 425 

.4 39.4 

1345 

1510 


Urt Fd. SepL C 179 0 85.9) 

Pcns-Fd. Sept 22- |725 791],,, 

Vail Linked ForUolio 

Manaced Fund 199 4 104.U 

Fixed Int Kd 97 6 102 7^ 

Securel'ap t'J 972 102 31 

Equity Fuad — {lOlO 106.^ ..... 


Phoenix Assurance Co. Ltd. 

4-3. Kins William St, BT4P4IIR. 01 JEW 9878 

Wealth Ax< QliU 12231 { — 

Eb r.Ph \*» 1 831 .1 — 

Eb'r. Pn Eq.E {817 86l| .( — 

Prop. Equity & Life Ass. Co.? 

lift OawfoTii SircolWUI 2-LS. 0 1-»60857 

R Silt Prop Rd. I 1856 | | - 

-vs- Dn Equitj Ed 1 79.7 ] — 

p] cx Money B-J [ 1511 _ 


“>+ ITelul-qdr .... 

Pari Hxe. 1« Fitwhury firms, Londnn £02. TotaoTtLSejil 
Tel: D1-G38 8131. TLX. 888100 ’ 

Ijintton AeenU for , , , 

Anrhnr‘B'Unlla„ .|SVK1J7 . 1151 . .{ 189 olrongnolo t 


Anchor Gilt Kdae. I£983 
Anchor InL Fd .. KVS5JA 
Anchor In. Jxj.Tw, 130 0 


2 6) 3.93] City of Westminster Assur. Co. Ltd. M B nnceS Fund “I M 3 


??1| Rlnestoad House. « Whitehorse Road. Exert) pi Man. Fd. -110. a 

Mil rr5donUR02J.M 01^84 HUM. Prop. Mod Jtoni I..|182.1 

.. I _ Pron. Mod.GLb 


froydon CR02J.V 
SJ5 Wrtil Prop. Fund-. 61.0 
IS UotoMwfFund is 19 

J-S Equity Fund ...... 62 7 

, li Farmland Fand 77.8 

22 Money Fund - 1245 

\ fq G Ur rand 6Z7 

PL LA Fund 1712 

Ur 0s. 14a gd Cap.—. 1IB.9 
615 PtDs.Miujd.Ac-c. 1241 

615 Pens Moneyi'op . 47.4 
1084 Fens* Money toe .. 49J 
7 43 Petto. Foully Cub... 58.1 
7.43 Fens. Equity Acr. . 606 
5-39 Wind ramMh t well to 


642 ~ 

1914 — 

660 — 

811 „... — 

131.01 .. . — 

66 0 +03 — 

174.6 _.... — 

125.1 ..... — 

130 6 ._.. — 

44 1 — 

52 1 1 . ... — 


Ilntrd... 97 6 102 71 I — Pr..tA-ny Fund 

wlnp td.. — 1 972 102 3] J — Property For il '.V. 

j Fund — _..{10U> 106.4] — J — Ajn4culiur.il Fund. 

Actlx-. Fund i Al 

Irish Life Assurance Co. LUL 

1 1. Finsbury Square, ECU 01-6288=53 liivr+inii.-nt Fund. ] 

BlucShp ftopt.22. 808 85U J 5 00 Imetor.ient Vd.» A i. 1 

codFuod 238 3 1 — Equity In nil, . — j 

ipl.-Uan.Fd.- UO.O 115M — Rqu»v rad- AJ 

Mod Sepi I.. 1821 1916] | — Mnnei Fnirfl 

Mod. Gin. [199.9 21D.Q ..,.J — Money Fluid 'A* — 

AcUian.-il Fund .. 

. ol„„„ ... t : III -i-il ceil l-unrl _. 

f & Sbaxson Ltd. G|ii-Ed k -c-i Fd .a., 

rnhilt.ECL 01ft23S»3 ♦Rearx-.toinmiy- - 

“Bsajswwc-' - • SS 


Japan Fd. Sepl 2l-]R'5S4b 9-07] .... ] 0 44 

Sentry Assurance Internal ionai Ltd. 
P>* Box ;eti. H.xmllton s. Bermuda 
Ataimc.-d FkiOd — ISI-S2JK 2535] [ — i 


Singer & Frierilander Ldn. Agents 

3i. fan (inn St . O.S. ill 248 WHS 

IV-luI-Hidr p>M27« 2S5A+aiO| 5 96 

Tokyo T‘L Se/iL 1 .. ( itl.S.40 00 ( 155 


989Jtnoil 12 B4 Fn. Box 315. SI. Holier J..-nvy 


Berry Par Fd. 

Berry Par Si rig — 

• i T Aria Fd 

GT Alia Sterling 
GT. Bond Fund. . 

G T. Dollar F«l 

G.T.PacificFd 


SUK5494 
329 00 34424 .. 

SHKUU 1151 

06.45 17 87 , .. 

SUS13 97 +O05i 

SIS7 51 

SLS1653 +00? 


189 Stronghold Management Limited 


101 Trosi - 7*2.93 V 811 \ — 

0 73 

0 87 Surin\-est (Jersey > Lid. lx) 

UuttTsIK- lh.il Kd.SL Holier. Jw.ofiHnr^sJ 

iiz Am».-ric6B Ind Tit. irJ 7b 7 921 . | — 

l -orperTrua _ . 0134 11621+1) JO — 

J-5J Jnp. Inde.-. Tsu til 45 11.68 -0 04 — j 


11.68-0 Oft — 


King & Sbaxson Ltd. 

32.Cornhill.EC3. 

Bond Fd. Exempt [102-21 


_ Lang ham Life Assnrance Co. Ltd. 

. ,.i — Lons ham He. Holm brook Dr. NW4. UiaJJBZIl 

fJ-JJ — - — . ].ap«JuuB-.VFJan. 167.4 71* | _ 

63 7] ■ I - VPrnp Bnnif 144 4 1S2 oj j — 

tone inve+uccnt. vrixp ,SP) Mon Fd 775 . 81-3 i — 


, »*inuct.m,Edtiibu(8na. mi 238*01 * — Partooiirmw ~,l V** |.,| — I I — wan. ivrv i -n ci 

SimSnMMTniSio Ma! 77/ ioo. JUnuLif? Management Ltd. q Ci^ of Westminster Assur. Soc. Ltd. g. General fUuit Assur.) Ltd. 

fro.HUfh.Diol . . 862 49.2.... 8.70 SL f .eorccx Way. Aex-enase. Mn '?A 1 Telephone 01«H 7** *“, ..T7 i ili-i, Bdcr. *.«■ IVr. Ul 

■:ssssr“— si «| -- i« ■*«•"+ »* «« -gu nu _j - ksssioifer ’“"■sssnssssa »h-»«-r+w-- 

wqo . *■* — LW Mayflower Management Co. Lid. PmponyUnu* ,(54 0 567] „.,] — CmhiniiiaL _.|96.o iaii{ — Prov'desre Can 

■ linrtiimary UnU Fund Managers 14/ ty crexham xi . EuA ' "a u ««*» ^ I iSf, < ^‘ P oiao-jw SwaShSiTJ^l UkfiUob - ai.FxiritiirD.-ad.' 

. xBlotnfield SuELSH 7aL «l<aa448S Income Sept-lS — illlS 117.«|J -0.« 807 i 'xy r?" 01-3QT500 rS^A^rum 1».0 140.1-0.6 — Se!.Mkl.Fi! C.M>., 

• / kclnc. Sepili {195.0 208.0] | 4.42 i Zeroise pi 2S„72J 7i M '} J g ***f.S 1 ■ “ Fixed Initial 1177 123 « +0 2 - he* Kd Md - 

/ _ ^ ' Iniematl SepL2B„|46 7 49 2d|-lfc( 3 W DfcmmuiUULv ..J »« 1 - •■! - Do hm .1207 IZl fl +0.1 - PtiKion Fqu u:— - 

•' . F. Winchester Pund Moet Ltd. u _ . „ ... Confederalioa Life Insurance Co. iniUmLai las o- ■ I68S-02 — »vn,...ni«i im — 

* BH rBoa ■ Mercury Fuad Managers Ltd. 30 Chancel* Lane WSAlHB. 01242032 Do. Accum. 1M0 1095) -0 3 - lV|H'.-it F.I. tap,— 

UFt».)g@Sr I®? eI i-E W§§E 

Mtftti ft Dudley Tst. MngnrnL Ltd. nf ^il 7 1 77.S Sii ! feT^niViSu kn6i22f'ud:‘ f'vt 

. Arlington SL.S.W 1. 01-4907551 MeroXxiA up 34 „ 233 7 243 4n 4.32 ?JroupMu£<irv n. 1962 .... - Ewroipt Cash InU 975 rgffl •• - ]" [a x/ 1 ! 

^Mvng.pu 79J] : | 3 g! MLiftjuha-ffa 2 ^--' w dtt:: 31 3S | ::. .. - 

.. Ftor Eqnitas Seennties Ltd. Midland Bank Group ra^riyKiwimt., ims ...7] — no..\«un! - - - - •• •' — ' 

. see Abbey Unit Trad Mngrs. Unit Trust Managers Ltd.? (a) Cornhill Insurance Co. Ltd. ■jwjMjhvBdlmig«.| M . - iJ^Sj F.i.iS™ 

_ „ ...... i^ortWtodHwHM, Silver Street. Ut>od ^ 3S.ci.rtduU.Er5. (il-«Q)541B Fxomrit Mop? inn 1292 136 W 7... — ’ . ..... 

Wty ft law Un Tr. M.¥ (aKbKcKz) Slidfleld.hlSRD. TVI.UKJWM- cop. Feb. sent I5„ 1135.0 - I .] - Do Arrum 1324 139 4| _ Provincir.J Life 


Frtipcny Fatal ’ 3B7.3 ... — 

Propctiv Furii '.V. 1856 — 

Acnculiur.il Fund. 778 7 — 

Acrix-. F'un.liAi . 771.6 — 

Ahbx-y Not. Fund. _ ‘ 1365 — 

AWiej-Nat Fd ill. 356.6 —■ 

liivc+tnii.-nt rurd. 70 9 — 

ImMErnicVdiAi. 706 .... — 

Equltx- I'unil, 2823 *07 — 

Equity Fur* l iAJ_. 1813 +0.7 — 

BTnncv Fniat -, 142.5 — 

Huikv Fur(l’.\< ... 141.7 - .... — 

AcUiun.-il F+ntl .. ' 1168 — 

C III -l»S c-il Funit _. 3240 — 

LIU-Etk-x-.l Fd 1240 — 

♦Retire Aunmiy, _ 186 4 .... — 

ftlmmc*! hr.:» tv _. 347 5 .... — 

Prop t.roulh mKlm & Annnli r% lad. 

All U’lhcr Ac. Die. 1383 >4S«| . ... — 
V.MI Weather Cap. 1295 335 b ... _ 
*ln» Fd. l't- . — 3452 . .. — 

Penslru. Fd L’lx 1323 _ 

Cnax Pnn> F.I . . IM 3 _ 

cm Hr.». t .i|» ni 1344 -_ 

Jlun F-cria l'-1 1542 . . — 

Man. IVtv i'-p l’t 1405 — 

Prtip.K-n-.fd 1494 _ 


2. .Si Marx Axe. London. El's. 


GartBMrc Fuad Majp. iFu- Eaxn lad. 

15(0 Hulrhiwn Hv, Iu llarv»un Rrt. II K»n£ 
HK to Fac U.TxL .. IKK3<C5 42001 . . ( 1.90 

Japan Fd. - grsilSi . » 

■V Amerlrun To. 
lntl. Bond Fund 


Agts. TSB Unit Trust .Managers tf.l.i Ltd. 
rn-S83£xll Baealellc H.1 . SI. Sax i.uir. Jx*n-e> uTxri 73494 


Trident Life Assurance Co. L4d.? 
Renal ade House. Glourester 04923dMi 

Manaced ... 128 0 135.51 , ..{ _ 

Gtd. Med 149.7 1515 .... 

Property - 1513 1602 _ 

Equicy/Aancncxti .. 870 92 1 -0 3 — 

V K Equity Fund., 1160 122 9 +03 — 

Utah Yield.., 143 Z 1516 ... — 

ill Edced 1237 1310 - 

Money . 1243 130 9 — 

International 104 8 311.0 -0 4 _ 

Flwt.1 . .. 1306 1383 ... — 

Growth Cup. 130.8 1385 . ... — 

Growth Arr., 1355 1435 .... — 

rent Maud Cap. . 119.7 126.7 . ... — 

Pcnc.»nKd..Ur , 1254 1321 — 

I>nc.Clrt Depcpp.. 103.4 109 6 ..... — 

I Vn« Gtd Dcp Ace . 108 4 124.8 .... — 


Gaitnorr Invroiaient Mnei Ud. 
Pu Bov 32. Douglas* lu.M. 
iSaltranrelDl! Inc. (23 6 25. 1[ 

Gsrlmore lntl. Grtb|77 2 822 


Rrt. II Kt-nc 
. . ( L90 
...I 05ft 
,.J 15ft 
. 1 5.60 


Jer.st'F Fund 
■ lui-.’jiv.'} Fund 
Prices un Sc 


-.U12 53 91-0 31 4 45- 

1. - [51 2 S3 9 -0 31 445 
■pi it "tovi ,-iL.li. n.iy ux-l 4. 


Tokyo Pacific Holdings N.V. 

loll mis Maii.o:'.-in<.-n( ' ■'ur.ir.-in 
NAV per -lid re SepL la SU.S 70. :s 


Hambro PacKic Fund Mgmt. Lid. 

3110. I'onnauchl Centre. Horn: Roue 
FarEastSew 30 ..Wlnsn 16211 ...{ — 
Japan Fund |SLS9U 1012} .... [ — 

Hunhros Bank (Cuernser) UAJ 
Hambros Fd. Mgrs. (C.l.) Lid. 

Pu B*»x 86, GQeniitry iwm-a+CI 


0434 33911 NAV per slidte SepL la 5L.S >0.:9 . 

. . I 220 pacific KJdgs. (Seaboard) N.V. 

U||_ InliRito M:.n.-ii;+n.i-rii % V. •'ur.ii-.m 
: NAV I -el share Ni-pL 16 SL ."•51.14 


Tjudali Group 
P.f). Br.x is:,c Hamilton 5. 
lax et-i-ux Si-p* 3U I&I'SLJS 
■ li-i -jm. Umli. 151 ?1 97 

3-Wax Inl.Si-pl SI jil'-STB 


liBcm'ifiHarjr Unit Fund Managers u/iutineahaniNi , BCSV7AD- 'w-dDftW® | < ?® UP 0 , ™_. 

S Blonjfield Si. EL2JU 7 aL fll-e3a448SlnemneSetk.-28._lmS 117.4J -0.8) 807 ^ O.-TXJ^ 

btlnc SepLIS {195.0 m* ] 4.48 MgjJ |5S I J. - 

. F. Winchester Food Mngt Ltd. „ „ . , , - Confederalioa Life Insurance Co. 

*WBC2 WJ»02i87 Fuad Man38erS 30-ChtmcCri Lane.m=AlHE. 01-312 IB 

■TOlWinchener 119 1 20 Bf I 466 %t»n&h ,, inSL.BC3 , 2£!l- OEquitr Fonri 1679 ..... — 

a*:;::! 'SSTiJSSSlSEfiSi *83 -if if 9SPSA^ , .:. m mi» mi — - 
mm * Mkt nt ibpu. iu. S3+.1 | SSSJaSltH SK r 


'.Ar1ingtoliSL,S.W 1. 01-4097551 Mere -E-<t^uc ^7.0X5 7 243 4<d J 4.32 

ftswi Dudley T2t |736 794] ;| 351 Acrtq.L'18 Jp.lya..^.B 2956] ] 932 

.. For Eqnitas Securities Ltd. Midland Bank Group 

see Abbey Unit Trust Mngrs. Unit Trust Managers Ltd.? (a) 

_ I^jortwmri Rix»l!W, Siller Sweet. Head. ■ 

Wty ft Law Un. Tr. M.? (ajfbtfcXs) Sheffield. Si 3RD. 

«« OT STE2£i2l:E{ 

ItUtyfiLato 1695 73.44 | 431 Growth .-,137 8 40.7] +ft 1| 278 


»]L1]-«1 StalfMaogdPiL:.: 77.B 

:d « i 


Du.Aceum ..1102* 


10L1 _.... 
103.7 .. 
136.6 — 0 6 
140.1 -0.6 
123 9 +0 2 
1Z7.1 +0.1 
IMS -0? 
1095 -ft J 
129.4) -ft 2 
1328] -0.2 

203.4 

U82 . ... 


Sh^irnflT “ Pens PpiytV- 1154 122 i .... J _ 

Bids. S-X.I..P Ut,[ 1218 I I — Pl-ns Pl>. Ace.r. — 128 4 128 l] J _ 

Providence Capitol Life Ass. Co. Ltd. 'Trti^iJ^nil | 986 3, ‘l -oi| Z 

30.I ; )il>riilicB<>ad.W]2apQ ni-TOfrUl 1 1. 'UmsIi mluc lor 1100 premium. 


, *• ■ — - 153 8 1631 -'a 3 ' 

Inuil. Bond SUS 109 11 U248 *0i 8. 

Int Equity 5 1 1 >411.86 1223s -032 2, 

InL S;«. ‘.v Sl'Sll.Ob in _ 

lot SxAi 'B* SI'S}121 125 -0 01 

Prices on Sept. 3T. Next tkolinc *m 4. 


trtil & General lUaii PcnhiM Ud. 


__ rnminortiiy 4 Gen..f 
049433377 ^..ULUto. 


! _ Exempt Cash toil 1975 

Pu.Accuta. — . — , 100.2 

_ Ewnipt Kqiy Inll. 1333 

_ Do. Accum - . ...1366 

Exempt Fixed I ml ,114.7 

- III, A.-i-um. 137 5 

(ll <015410 Exempt Mqprt lull 1292 
| _ Do. ,-toruni . . — 132 4 


ItUtytoLaw [695 73.44 I «J1 <Jtwrth VB 

3 to Arcum. 40 5 

l »es Finlay Unit Trust Blugt. Ltd. Gji** 1 2ff 

■M. West Nile SlreeLClascow. 0USB41321 w^.^ 1< n ' a* 


Cup. Feb. sepl !5_ 135.0 - - Do.. Accum - ^32 4 U9 4| — 

GSS«v.AujM 5.,056 - I .. — &e»pl 1‘Tnp. Ini(. .]978 - -j - 

UntilhFdAuC 20.., 1183.0 393.0] | — Du-.tocum. |lM5 U65j .1 — 


103 0| . .. — 

ms a ... _ 

240.41 

143 8] , _ 

120 . 8 ] .... _ 
12331,.. - 

136 0 - 

139 4| _ 

203 Ol . . - 


— . SH.Mkl.Fil.On., 91.1 

_ Sc. MIT F'.l Sul - 1C$7 

— fX-IKion Fqu liv - — 1405 

_ IVni i. n 1 mI tut — 120 7 

— J.'epu.-it K.(,' .ip ,, 47.4 

_ Depbrii F'd tn- — 47 4 

— fc'quily Kil i ‘up - .. 474 

— Lquil i* FiL Acc — 47 4 

— l-jul.'al.Uap. 47.4 

Kxrt Ini A.t 47 4 

Intnli'.p 474 

_ Inlirf. .to--. .. . - —47.4- 
_ M jiicixort F’il 1 op. .. 47 4 
_ Manol-i-d F iL A’ r- .W 4 


iTupert) IM. '-‘.i|.., (47 4 
iToperij Fit. .’re ...|47.4 


Tyndall Assn ran re/Peusions? 

IB. t.'anynse Boxd. Bristol. 0C72 32241 

— 3-Wav Sepi. 2i - - 128.7 — 

— Rquuy Sept 21 . . . 178.4 ■ — 

— Bi-nd Sept 21 .. 167 9 — 

— Propertx .Sept. 2l . 108 7 — 

UroorilReH.Sl 1295 _ 

— 3 way Pn. sepi 21 . 153 7 — 

-- ifseaxlnv hepl SI. 838 

— Mn.Pn.3-W Sepl. I ... 1745 _.. _ 

Ho t^iuilySept.l- 2718 — 

l*i Bond Sep/ I .... 180 8 — 

Do. Prop. Sent l ... 878 — 


no KquuySepi.l- 
l*i Bond Sop! I . ... 
tJu. Prop. Sepi 1 . ... 


Henderson Baring Fnnd Mgrs. Lid. 
605. Gamnvm llouw. Iltin»: Kant 
Japan I d Sepl 91. IHSB.II ZJ7U ( .. 
Bunn.; llenil. Bund Fit. .Sept laJl'Smsfcl 
*E\eluuve of any prelim, diana.-*. 

Hill-Samuel ft Co. (Guernseyi Ltd. 

8 LeFek.Tr Ml, IVier l*ort l.ueniwv, I I 
Utwrnfej Tst. . * |16‘ 9 1754] .. | 3.40 

Hill Samuel Ovt seas Fond SJL 

37. Rue Noln-lADic-, loixemlHMiri; 

(iLaub ani-o.cti - 


3 70 8 V» St, St. Hrllrr Jrrsri 
« IS TMFMI.Sx-nl r 8 10 

ilo «A. . xmi sfinre'.- 112 45 
_ Ani--ri.-anS.-f4 :i 93 0 
lAi.-um -.liar.-o 93 0 
, JorjxvFd.bx-pt an 220 4 
■ Muit-J .Vi l't-- 31 ’C 

. . Gill F'unil Sept IJ . 106 6 
i a. .-um. Shore.-- 1 . 141.4 


BerinuiLL 2 2760 

ua | 6 oo 


0531 37331/3 
11 I 600 


Vii-ton. Hou+r. DdiijUi. Kit irt Mar, BS24 241 II. 
Munu^cdt+ipx.2! — [136.2 143.4] { _ 

Cld. IntnL Mugmut. (C.l. I LUl. 

14. Mui racier ArcvL St. liclicr. Ji-rsx-y. 

U I V Fund . .. - ISI JM257 1W15] , . ] 7.92 

United Stale 1 ? Tst. lail. .\rfv. Co. 

W. line AldriiKcr. l.ii.- i-mlKHirs 
L.S. TSl. Inr. r nd,,| Si/SIl 85 I 090 
Nt’t a.i*-ti sept. S. 


2.78 Credit & Commerce Inanranre 


Propcrtj F’n. 'rr „|47.4 5t0| , , | — 

ProvineL-J Life Assurance Co. Lid. 

222. Hi- li. .p- .Sate. E.r.11 01 3471^ 

Pnn- Mahaj -d Fd 12272 1339] | — 

Pnn « .i*t, F.I . 1056 111.3 . - 


ja.ReeeiKSi, London WlKOFfc oiA3970Ei & General Prop. Fd. Mgrs. Ud _0J j - 

Uftc Mned KtL_,, 1122.0 13201 | - 1 1 .Queen Victoria ML . KUi\ 4TP OI24R9CW Kurd . I... 3098 115 b -0 2 - 


Finlay UitomstT E25.0 

•Sin. Unite [295 

• Flnli)yIncoHR-, )35 8 
Praiay Euro. Flu. [285 

gun. Unit* [5.8 

Rnliy Prf.Ia.Tit.W5 
nm. Unite 04 6 


...J 2-13 D*j Arcum..-— 63.2 

213 -lnlrrnalinnail — . 470 

,, 7J7 Jlo .Vfuim. 502 

3.51 nifth Yield 56.4 

3 51 Du. Ax.'UU). 70.4 

388 Equity F,\r-mpl* 1JS 1 

... 358 Do Arc url‘ , ... 1031 


frier* SepC 2Ct .Vert dealing Sepi S7, -Prices al Auc.JL Next deal toe Sept- 2ft: 

1 1 

CORAL INpEX: Close 5 13-518 

INSURANCE BASE RATES 

* tProperty Growth— 1- — lO 1 *^ 

t Vanbrugh Guaranteed 1 B37% 

tAddmn shown undor. lusurnDce and- Property ftand TUlilc. - 


wo -0 2 6.16 Crown Ltfe Assurance. Co. Ltd.? 

50 B .01 2J2B Frown Life I lie . Unking. til'J! IXW tMWJ 5U33 
i: HJ Haw'd Fuitrf acc., 1»4 1141.,. — 

Ul In) ?'S M*rord Frf Im-UL... IM 4 114 1 ... 651 

757 +01 754 ManiTd Fd.Imt 1075 112.7 .... - 

» ■ 5S S*M7Fd.5rr 181 6 1869 -0 7 ,. 

dl". 5jJ? Equity KA Inna-. MLb 1869 -8.7 5.77 

altoe Septa Equity Fd. InU 11188 1061 -06 — 

. Property Fd Act 964 1014 ... — _ 

* ITopurty Fd.'Iat-Bi. 96.4 301.4! 7.52 

Property Fd Inlt.. 95 5 100.4 . ... — 

Iw/EsL Fri. -flee . _. 1082- 1133 -L? 571 

Hit Trt.Fd.lBxm, 1M2 1338 -12 - 

Ini TiL Fd. IniL . . 107 1 1227 -1 2 — 

Fixed lul Fd Ac*-. 994 1046 +01 1156 

F*d. lot Fd. Idem. . 99 4 304 4 + 0.1 - 

„ lntoFl.Fd.Aer_ 2187 1249 -0.7 426 

„.10V56 ' Inter*]. Fd. I Hera.— 118.7 1K9 -0 7 - 

nnnor Money Fd. .tor 97.0 182 2 ~ .. 1850 

..H Ji ,9 UoneiFd.llH.-ra... 970 1021 . .. — 

,io . DlH.Vrf.lutlJ) 1075 113.4 -0J 8 06 

Crown Bu.bnr.‘A\, 1675 — — 


UeGl’rp.FiL'Scpt. h]97 1 1017{ .. J — F^ird’ }0Ll|.’'‘‘ 

, _ , hex: sub day Ort. 2. 1 

Prndeniial Pensions Limited 

651 Life Assur. Co. of Pejms>1 vania n n ih..rnft.r^EciK2NH m, 

— 3S- ftJ New Bund SL. W 17 ORy . 01-493H3S5 Eq»'t-F , l-. «--pl-JJ-JC27.58 3351 .. . 

in ueoew^m tm i - ^WS&*.B8 l?i| 

rv_ Lloyds 8k- Unit TsI. Mngrs. Ltd. Hciiauce Mutual 
7 SZ 71. Lauqfaord SL. EC3. Ul-«u3 I!SB mnl.r.ilL.'Wllb, KouL DB£ 


- ’ I — Vanbrugh Lire Assnrance 

r-n T,rt 41-43 M-jiliLiv St .l]dn. W1R8LA. 

' MaaftMdW. - . ...1X51.9 1599 

01247ti.<xja Equity Fd -, 249ft 2625 

— Ininl. Fund , . 104.B 1M5 

_ Frix-d lntrr.it Fd 1691 178.0 

-OJ — Property Fit 144.9 1516 

— Cash Fund ._ 120 J 1267 


262^-83 - 
1093 +0.1 — 
178.0 +02 — 

».« - 

126 in ..... - 


114 1 .... 651 t-* 1 " jusar. co. « rvnssjivania 

Vi — 38-4U New Kunrf Sb. W 17 URq. 01-4S3K3 

1869 ^0 7 5.77 ««««*> 1™ -1 - 

1061 -06 - 

101 4 ., — . Lloyds 8k. Unit TsI. Mngrs. Ltd. 

lao'ul . *1- Lauqfaord SL. EC3. OUU3 12£ 

1133 -L2 371 Exenipl — 1103.4 UBJ) ] 72 

1338 -1 Z - 

iM 5 Zai liw Llovds Assurance 

3M4 :8j n M»«I 4 MX 

1249 -0.7 4 26 Mlft.r,n. sepib . 1.38468 ] — 

1IC9 -D7 - tqi5 *-|*r.>eoi 21 139 7 1471].. .. _ 

102 2 ,... 1850 Upti A'EnlSepi. 21 1*50 152 S 

1021 ... _ ripi-.-A'HVSmsi. 1S95 167 a — 

113.4 -0J! 8 06 I ipl.VA*6LaaNotft21 . 159 3 167 7 _ 

— — OiaS'.VDpUk'piSl. .1225 1295] 


Fa 4 fill ixrA . J967 joLij . ’ | — Vanbrugh Pensions Li suited 

Pn.il a .il!.l Priiciimx JI-UMh.|du* St. Ldn WIR5L-1 01-4S9-US 

PradfnitJi pensions Limited? mmkucij riau 10571 -on — 

llnl Imni Tkir>. BC1 S' 2N H III^U',IC22 Equity.. hl02 llbB-DJ] — 

, Eqi»it.F.I.A.-pt .5J-JC27.58 2BJM | - {^xedlnieresl -. 984 1036j+0.lj — 

Fed In Scju -B- Itl146 «7fl — Prt.jK-rty — 198.9 UH.q .. .. J _ 

Prop.l-d Sep: 2i.-|E266t 27 | — Guaranu-erf oee -inx. Ba*c Rates' uihle. 

Hciiauce Miiiuai Welfare Insurance Co. Ltd.? 

ninhr.ilceWell*, hieiiL . . U022S271 WinKladeFurtExcler ' • 0392S21S 

lli-J I lap Bit v .. t 3033 | . . | — Munx-yinaki-rFd. I 1195 I . .] ... 

' D..x..x;ia « .... _ Kor ol her f unite, pleune rotor |u The Laiudun i 

Bothschild A wet Management Blanrhester erwup. 

St .Striihuis lame. London. Ei.M. nlTi2b«50 . , r . . _ ■ . , . 

ux M-..B -Ili7.5 12501 .1 1 Windsor Ufe Assur. Co. Ltd. 

\r % 1 Mill, day Scptoinlicr 20. Royal Albert Hse . Sheet SI, Wlndtur 0814 

, , . „ laic Inv Plniiv ... 76.4 72.U | _ 

Raval Insurance Group ' Future 4,.»H irfhiav 22.00 J — 

7.1+i" ll:.ll l'l+ci-. Lln-rpiwu. 06tSS.74«3 

IL-jal slnulil rd. —11475 255.9] _.J _ Mea, iatr.uiniUkli 1BU tub] '!"" l _ 


International Paeifie Inv. Mngt. Lid. sJ. G. Warburg & Co. Ltd. 

Pti Hu< IC27. ML Piti Mr. Syilni-. . Au>:. ju .r+--li:.m sux-x‘1. fci.2 
J»xeUa Equity TsL.ff.A2 41 2581 ... .i — Vunv Kri S*>pl •£• .. 6V*'.^67 1 - 3.041 _ 

KiVlnl Si-pt 51 -SIS 70 J+OOl] _ 

J.E.T. Managers (Jersey) Ud. «;r <i.SF.|..\mu.si SIW58 J . 1 - 

7l» Box UM.nJTalTrt Ifce.i-raoiWH W^NlFHSeptfi.lli Ml* U«f| | 0 Jfl 

Jer-ury Exiral Tu J197 0 209 0] . I — ... . . 

a* ai AuRuyt 31. Next mli Ja> sc pL "29. worburR laiesl. Mngt. Jrsy. Ltd. 

... . l.« hannCrito- si h. ■)).-* J*\ Jl iiK*47]t7 

jaruine eieuuug ft to. Lid. on im. \ut si hi --ojj hub 1 _ 

■fftth Fluur. •. unn+uchl I'enlre. Il.int Kuna 1 MTlljt inv .1] Itl3 82 14 181 — 

JudhtcEAfi Tfl... IIK5375 52 ... 190 IVi.*’* l ! r , L *'^ pI ' : ' 1 '''F? x?? 0 - — 

JsndlncJWFrf-.. IIK5401 98 0.90 u' CiiH? x, !1 <2 — 

JsrdincSFA Sl‘S2046 140 TUT Lul. .VH H PU 39 11 69( . | — 

J anil ue Flcm.Int ... 111x512 42 ... — 

Inll 1‘nr.secwlnr 1 <11151491 ... - World Wide Growth Mans 

Do 1 Acrum 1 .. . HK15 16 — . , ... , . 


[me Flcm.Int ,. UKSl2« .. . - 

I'nr.SersjInr / J 1IKS1491 ... - 

Accum 1 . . . I HK1516 ] - 

NAV Sepl 14 "Equixulcut SVS82.nl. 
Ke*i m»>. out. ft. 


World Wide Growth Managements 

Ilia. !toulc-...rd Ho; al iaiirmlmurc 
Wi.rM+iax- Gtli Fiij SUS16 70 |-00)] — 


— | 722 lli-l I Tap Hrtv [ 


it„Wlndtur 8814 

CIe 


NOTES 

Prices do but include S pn-mium. except t» licrt- imlivniel am) are in i-.-nii- ■■iile-x^niicrv^M 
IIMltcSlcrf Vielilx ithnu-n In U+l -xilunm. *W«nx «■■* .tl| buxine x-.pnii+- t a I KlrrcH hTl ™ 
Inriuae all expeaxes b Tnaiay'x price-- e l ielrt h.n»l un uhw prin-.ft E-almal'-rt B Tii+Invv 
Dpcniiii; price b DlrirUikiticn tree uf 1 1 K Irtwxp IVrlmJic lin-mium in-uraiueolHns.x Su.ci+ 

premium iiwunncc a iillered m.+ iii.Iu.Lxn xll x-ipen.-a-i. x-ii-i-pt inx-nt'. mmmi^ .L 

iffiF”? 1 prlcr ,nt 1 , “'*s s al1 expense* ll IumicIu ihrouuli nutmeerv z Prciivux iJnv^nriL* 
T Net ol tax on realised c up:Ul suln ; . unl«.+ inilmairrf Ia ft -1 f.ncniicy K rJtsi SxV.l„Ja 
0 lteltl before Jursiy tox. r ts-subdiowuiL ^ p snupentlwj. 



42 

ise 


w^-^cdav Sexiettner iwwjrv ■?. 

rfaaBcial Tlnws ' gROCEEIESSDi^ 


H m| mk. Bifurcated 

EmS? Engineering 

RiVCTiBG SYSTEMS* PARTS FEEDING & 

[ ASSEMBLY SYSTEMS*QTHER AIDS TO 


FT SHARE INFORMATION SERVICE 


: . . : .'Zt'aer Bsc -i-Xf 

i '-v ■ *.,k ' - ! :~Vt'j*.!*r. 

If: .-a ie*’ : - . -V- 

\ . v- 

i::« : :•; • ... . T ^ Ui-*2 r; 

■? S- ■■J*E3S:H§ 


BONDS & RAILS— Cont. 


INCREASED PRODUCTIVITY Send for / V ' 

77w Guide to fAe iT£ Group ' • , ••■ . 


m i 

Kiri lav i Sort 


• . 1 Bifurcated Engineering Ltd. 

■ ’ H 3|>X 2- Mandeviltc Rd. A»l*9bury 

,!■ [^Bucrs HP21 EAB Te> Aylesbury tQg95j_5911_ 


-2 Tli-jrr IS 


54 82>i IS'.-;j5i7-> 81-33 


' l •. 

S' • '! 

,i •: 


;i25 ;:-fcS rurjiip'/ii* 

. E’ ■ ur. h..a . ■r<_tc 


. , , , BRITISH FUNDS 

f- I | • im I ! > cfr TMd 

■ ..j^Siyfi Iim I Swk ■ £ i — i Iel ; Red. 

1 ' J ‘'Shorts” (Lives up to Five Years} 


• Pnce 

+ M 

Dh . «V] 

; £ 

- 

Cross! 

i so 


4*; 

63 


82*4 

-}*' 

7*; 

80rf 


9=* 

405 




72 


6 

140 


3 

sS? 

._... 


D:.m 



97 


3*2 


BANES & HP-Continued CHEMICALS, PLASTICS-Cont ; ENGINEEKlNG— Ointinned 

« I I 1+ arl Us J ITldl ^ I* "i El 1,— tS?i m-I roJ? 7 ? — 1 ^ 1 ftite ! + - \ S* 


1250 134 


217 260 

8.67 81 


I 17 i 94 I 97 I . ,.| 3*2 1 3 60 

! L'Ji S & DM prim exclude inv. S premium 


AMERICANS 


^ °T_ ; =4> j?> : yr.3pc jSJJ . .. 

f !frt/u- ft** tox 1 

t . T Of,]. . Q;?j l£le£i+> 

1 .I9&! % |T»a%a.-. M* «»« - 

l I'tlDl -'J 57- r ITrwir- %-y ^CT 
»' * ‘ *»2% (Trej-un Sjpc 77-rfl. 


101* j i-;. !U»: §651 Si-ALoir l Sort 


\* «\ V* L j™ 48 32 I DT ~ 45 +1 

S | - | Dims |C»T|Crs ^ £1M* Kells FanwSS. £21 

20-’* [+*, I BOH — 11.9 72 “ WMMp... « ] 

59 .. s>J- in • Hire Purchase, 


23*4 -» a 
17*4 + *4 


5»4 - 171 • 

ST-75 - 25 

SLM - 28 a* 

30c - 0 5 £743* £35 

40c — L9 8 8 

X - 14 111 |5 

90c - 25 46 30 


28S«5 -*s 5228 - 4 0 M 8 

17 hh *1.00 - 29 118 85 



E <r> ' <}■’: E-ir.s^Hw: .. . . 

sci'4 «!< lE.. r.*>*;p- i*i 

..VS7 s :t 85*t ta:- Spc :9M. 

. : 95 ! a Trra 1 ’.anahle 

102*3 liiipelWlS — 

»■ C «9V ( Trea.'i;;pc4W2K.. - 
i .C <>- 7."r3. ur- 7». T2£ . . . 

[-.I* 115^ lOfr-'* TVeJi‘1" Sitt - 

1 1 *Jt>U 945 . V.ir-.jblc Jil ;; _ 

. !■; 9^ ^fr^J-a*4pcC - 

■ ^ jS0‘4 92': r XU Vtpr 

4a : i S’-; L-.r. J’*p.: IS83 _ 

•: 55-, 7T-. &• *!.YeTO - - 

. il “ iiJ^llCO-STrri.'jiv IV 


95‘.U 

92 ij- ! 

85-4 

1G6 : * -( 

. 

90,1— 

92:-!-; 


5 83 1 9 791-J?; 28*4 CPCS=;..._ 


loirt +*„ 50c - 2 4 |6 15J« 

I2»s -4 70c — 29 20 ; IVi 
55 -is, 51.00 — 09 48*^ 38 
4Z% +>, SZ40 — Z9 

g| :4 US = il BEEKS, WINES 
: - S3 « I" Uteffist-l 5 


1»J— " W 


ssk js = s,* a. 


'nit 1133 n 733p iciiy ia» sia? .. - 

: t - —V, I10.W { 1178 25 14^ J I>- Is Prt B5I 

Is -'.i 571(1172 13* 12* kulca»-P.Sl 


8 «* ; 85-* Iur<iir-. ! UaK'e-8I3. 

96" 86-; rnMriiryJPipc'&W&t; 

87>j 77=4 Kbr.iTcfr'pr '5S-67 1; . 


oi- ■ irur.itiLww 

39 1 : r *- 0 r7^..: J^T ? 4p.:-JM8t: 

6£; I 60*1 lTt4ropi^.3pc7S-S8 _ 


68 -: l 6 GU |T>esspir*.3pc"i548 _ 

75“ 64*4 iTTCa^n” Spc S8® - 
Trea?iu; IV UBK*- 
391; 77l ; Tr*ar-ir> S*4fi79Tii- 


mC J. <LI6 - 3? 171 137- BassOarBfw.- 166 

Tis! ~ h Itm A 4 296 1% Bell Arthur 50p- 254 

Ji? x? _ 52 56 37 KeJfmtnBrwir 47 

J? 5 * JL ~ I j 112 92 Bad± nutans — 96 

15 .... 5Z.UU — J7 q-3 ti. pw.Th-^-v so 


-■f; 46-i S- -,r.?;^;S8G .... S&-- SS ! HP SV S 7r«M 4i 92 66 toJWj. 88- 

■: 1 85-* I 7T- S.- h/rcW - Bl** 3b6i 79s -'--* 25^ i ulilndj.SV... . — 26 +■ , KIO — AJ. ™ 100 T7u 

- il “14^5 100-' Tr-i.'i-.- 1 V !9®tt I 100 7 eI- 7. 1190 I 11 75 .o 15*j < -rci IlSiTtoii Sir. 23 -*- 1 : ST-44 — 3.2 ^ Baddev's Brew 49 ■ 

9CV|-;-: 1 1021 I 1184 v C^nlSr g* » = ” 157 n4* 2 133 

Five to Fifteen Years 3 t 4 | aSS S SS - \\ 17 J « x g 

?5 ill 93 ISriii to. i«» 1 94 *e|-‘: 110 83 I 12 0. jl; 22 Ei:on L'rp SfiKl— i + ‘ a ~ 52 16S 11** Hark . Matthew) . 144: 


4I**d +U kSLAOl — 1.7 


2Bh +* 3 5225 — 39 .?2 ” 
9^3 .. 3 . 5134 - 4.7 ^ 


173 140 Buttonwood 172 

68 55 CujUm-Def— 67 +1 

168 U4 Clarke Matthew) . 144a! 

215 163 D< sailers 50p. . 204 +2 


2&s IFktD 


96 ; j 84 *r |Tre. r.r- !0pn- 1691 . 86 - 

Zli i 97 1 * ILk- r ”-«pc Sfi. . ! 98 -’j - 

3101; ?e> : r *Tma'!Bi i2'a>r'3K..J 202 : e - 

72 : 3 i 60:* lKjntpsnp*'19B“. ,.| 61 3 * - 

Over Fifteen Years 


106*5 -*4 ill 56 11 j 9 iy 8 ii.\TX 

fil- -: 2 10.44 ! 1115 J4'. 5£ 8 ElecLSP; .... 

97?* -‘4 1234 I 12 50 241, 1&! Z ililtaiiSl 

64-Sd J 8 88 } 11.01 5 *^ 2E Hon^we:! SLi'- . 

103 "4:12 67 1262 13 75Qp HcllonEF 

86 1177 12 j0 171 LBJt'.’urp S3 

98?* -'■« 1255 1261 34 luttyfl-BS! 

10 1-e -'■* '1265 1257 t;7, 735 p IctStiMWiilmS: 

61?* --- I 975 1142 gasp 7 05 p L C lr.l«MHMSi‘J 


59 C wt?n ” ?! 136 93 UtwnaU Whitley 130 . 

Hr. H uffl Z 49 310 213 GreeneKus — 308 - 

1 SS Kffl 153 Guinness 162 + 

« 2 ” ? o 159 127 HisWdDisL30p. 136 - 

fL il 153 83 Drersunkm.^ 135 - 

.■ S-5S “ 177 109 Insh Diadllers— 174 - 

Si 4 Z I'4 3SO 270 SlacaitaD.fltaL. 380 .. 

-iT* Z 7 9 520 360 Mori and £1 520 .. 

^ 70 50 Sandman 60 .. 


S - HLS 15 gSSSiai:.| 


9?3p 705p L C Ir.ieruHxuiM 
46*4 18 K«L*crAl S- . 

72 20 Marl Sat.. USS7.S! 


9 «n q£ 51 131 95 Tomaan 123 -2 t- 

9 ?!P 3 ~ !, 135 94 Van 128 « 

5S* • 5« ~ UlM 82*2 Whitbread ‘A’ — 100*,+! 4.1 


g«TSi - | |1M 82*2 Whitbread ‘.A' — 100*2 +1 4.00 

|^ 2 - 1% 234 185 *0* Dudley- 228 t5H3 

it ^1? Z 1| 185 129 VomcGKc'A ®p 163 323 



%% hs S? ® fSs 2 . 

3o-4 1 /4-a iTVeatc} Bvpr ii07S - 75-* -*3 D-72 1221 u: [131 »■ 05 146 

J5j « "1 : SS ^5prW5p HK^'ifcraifc.. 734, 

23a- ? *!:i7 Tre>; :>v — llr-r! -** 1316 12.99 16- Teac?S625 . . 18 

ZCOi;; 951.’ fcitbiZp; 1998^. .. 9^** 12.65 1270 - 3 jrf Tiaslo: I 3J 


» BUILDING INDUSTRY, TIMBER 
*H? z i! AND ROADS 

90c - 22102 98 Aberdeen CoosL 101 -1 4.68 3.9] 69) 5.6 

- — 164 138 .AbetbawCem.- 154 -2 6.86 3 9 6.6 5.7 

S iP ~ II 13 13 Allied flam H>p 16 172 23 6.7 HO) 

Me - 31 77 59 .AnmaaeShnlB. 71 .. ..437 11 9.2143 

&B ~ 2.0 263 203 BPBIrSsStto... 250 +3 7.74 4.7 4.6 5.7 


4 J! SS “ H 263 203 BFBIndsato— 250 +3 7.74 4.7 4.6—7 13*j 10 iKnielBUeL. 

SB ” li 34 31 aaggeridsefirt. 34 237 1410.^10.4 63 35?* Ladies PrufciOp 

. , + i 4 — 15 10 BatieyBenlOp.. 12 JH035 18 ^123 150 76* 2 LeeCooper 1 

L96 -1 101c — 16.9 fl5 44 Bamberjers. 80 +1 f328 1.9 bill2.7 220 U9 L:borv_-___ 

734P +? - — - 128 98 Barraafies- 10p_ 124 -*-7 114 $ 10.21 $ 205 119 Ita.NaiVt.Ccd_ 

+ « S?M ~ 53 3(,i. 20*5 Beechwood lOp. 30* 2 183 14 8.9022 60 51 UncrofiK. I0p_ 


138 ... 

190 -5 
180 -5 


18 + ■ S2.M - 5.6 ^ 20*2 EeechwoodlOp. 30» 2 183 14^ 8.«122 60 51 UnerftK. t0p_ 55 j 13.54 ’ 3.9: 9.5! 3 D {-86 j 30?* iii 4 bcslh 

|3jl + a £0*« - |2 31 15 BenknOOp 26 - - - J - . 146 54 HFlFoniiaettp 146 +1 |dl21 ♦ J 23j 4- jllj 73 ScpkipmsaOp. 

| 3*2 * a 80c - 3.0 57 45 fleoforfttiop.. 47 TL85 4.4l 5.9f 58 25 • 13 Maple IPp 1 24 I - _ — T|W4j 35 23 Fowardiiacn 


^ « J* UCUitlittfO. lull... -w# IMV IT 

»*> *li S22 - 3.2 69 M Ben Bros aop~. 60 tdU3h38 4 

12 5 « 52 - 33 M BlocHersaJp- SO 3-88 4.d 7 

T5 •■. S22 ~ 21 303 220 Blue Circle £1... 234 +1 19.48 3.5 5 


Undated 

sr-al ■0:»;-.t«uh4pc 32; : [ . |12M J - 

37 -£ 29‘* L ir. . 31'* | ...111.43 — 

3«* 1 Is Sjpc ill Ait 34?*rd .. . 10 06 - 

22! 5 |23l; 'TMsr-apcSSAit... 235,)!! .... 1266 - 

24:-. I ys:„ |r-. w ■..■.sSjer 2Qfed .. 1224 - 

24 ! :*r - - 19?*u!. (12 64 \ — 

INTERNATIONAL BANK 

88 I 32 I'pcSi-**— 82 | 82 j.. ..1610}10.; 

CORPORATION LOANS 


Nerwc^T.Sl — 3TW -I* 520° — 2.6 g; 61 BlundeJlPerm_ 84 12.93 4.2 

lanirsJth- ! 685p - 0.6 1B8 75 Breeden Lime__ lQ2*d t535 17 

Zapa^t..)n»S -| 11*2 1 1 s30e —I 13 41 21 BriL Dredging..- 26 - 

Premium -HV' « based on USS1.9765 per £1 236 24 Brown Jksn. 20p 230 102 8D 

Lkut version factor 0.6923 <0.7019; 69* 2 W; Eramke tfi'-z 230 2J 

CANADIANS zu lit SnSSi^Zl m ZZ! JH? iii 


98* ; 9? 4 iiiirai rdm3 ; sD'. TM1 . 


94* 2 ! . . J 979i 
89*4 867 


CnusleyBlde — I 


ldP iwjSJb 24? ‘ «?£ ™ t|U8 M Crouch iD)20p_ U5u) -1 WJ 33 

11«3 si? irZh ■*«? “ i, 73 65 >!!nMcb Group — 68 2.98 20 

1191 S L ^S5?,Hr " ^ 1‘ xr 6 !n “ W 105 84 Douglas KobL 31 97*d ...... d3.46 4.6 

11 3 !Si >g ^ : 3 » H 

A ^ s = 11 % 2 s -i s&» 

ISkl?Sftefc «u. = r» g g s :? *8 H 

-TT^P +2 — - ap 34 Fed ijnril Rid 


...._ *1:9 6S iSJ-HE '73 MacaanBromt. 76 -1 19 

1 _ —1— 67 222 034 Martnoairajp.- 218 1-4 t? 

„,..i — — I — SJSBl 184 McKeefcaieBrw 97 -1 { fr 


’ojA 1 ' 1 •■ }353 — 134 P 50p raceGiiSL 

90rii-»4 11026 1132 25** 15 Ri^.Alcnj 


72 ; 66 * rv.BiW !« -W .. . . 

26 : ; i 22-1 j i>v "ie 3* i‘. .._ . 

c 3-4 ! 4i IMind . S-ipe ISfli 
c 5i; I 94 * i:.e%w.j<:le9**pcTW0 
10>4 1 T G C * ; 1 1 1. 1 19*1. 


4I P +4 cTrW ~ 7? 49 34 Fed- Land & Bid . 43 -1 ?Z33 13 S3 80 19 13 Seiofcerc IOoZ 

g, SS ~ t? 35 21 FlsiHiJobBiUhi- 30 - - - - . 34 Z2 5u=ric2Dp^_.. 

Szd 4-U" 92c Z 24 21 11*2 Francis Pkrirfp. 19 -*: - - - 21b 105 toPrwklO?- 

12^ u 9^ » 51 AO FnoanGJLnOp - 47 +1 d395 13 125 90 ill 82 LT» Group 

10u"u 10? Z li « 26 French Rer 37 : •*78 3 2 7.2 6 5 57 24 Uptcn'Ei'A' 

10«j -* 8 103c - 4.6 ^ 52*2 Callifurd Br 5p_ 65 3.12 2i 72 75 136 108 VanSmaS# — 


tU sgs & r IS 51 AO- I 

9P 1183 TSj ISOOplTransCaxftpe.- 1 10« a |-i, \ 103c [ - | 4.6 ^ SwiftogS: 65 Z”! 3.8 2 

9 92 1183 S E y,. premium, 4*3 4 r f (based on $23094 per £» % 2s 2 CibhsDdj.AlOp 36 +2 185 2. 

566 1068 TTTt,n mmrn.Cr, « 38*7 *«■*«• »P- ?? -1 " ^ l 


COMMONWEALTH & AFRICAN LOANS 

«5?* 1 92*: .Vi'r.SJ-TKTT-Dn 94?* . 5 89 U.H 

83*a [ EZU Li..' :-;M Si-fC 82<*id ... 668 117 1 

9**'.;! %!* *.Z4:<7fi-73. 99*A. . 406 105: 

«►> 92 Tt-ffl _ 93* ; yj 8 45 1141 

37** l3!»* Lv.T. nc SWB 82*; 9 33 UJ 

95*’ * 91 z* ■Jnca9*;fr. TMl . W; 110.43 132 

70 j 50 ^r. P.M2 *mkW.>TO 51 -I ( — 

?u j 75 hfdprTBal. 77 r2 \ - — 

LOANS 

Public Board and Ind. 

M; : : 53:- I Y!T.< Mr ape 61*2 1 . 1 8 29 J 11 S 

. 90*2 30?* AJrjj) »« 84U . . 12 S3 1331 

33*4 27- | Met Wtr Jpc R‘ .. .. 28*4«3 . . 10 87 13.5 


SlS 7" I 9 61 11« BANKS AND HIKE PURCHASE 68 4B 2 pcssup'wtJZ 61 -1 3-92 2 j 

Wll ‘ ' 12 » 1173 IKS [ | It el Ur I IIK, ft, g S 4 H 

Hish law) Slack } Price | -) Nrt !r*T|Gr-s| P/E 41 21 Helical Bar 35 J2.03 1 

FRICAN fOANS MO , . 3ni « 5 ? BerfaXUp- 92 «3 3 ' 


78} 99 32 Wades -A-i)p_ 

5-lfI33 M Walker i Jas » — 


law 63 3L2D 62 Do NV 104d - 

1.4111. 18.0 72 111’ WaliolOp 70 

21 8.0 72 129 74 .KarlDsiGiUo* 120 - 

121* WearweI35j)_.. 36 
37 72 5.0 24 19 WbafSBS lOp*. ZFj .. 


465 ' 315 Bk L~v5ai£l... I <130 -5 1523 — 5.3 — 733 1Q4 I D C Mp_ _ 132 +2’ trt9.12 Oi 

£202 £137 Do. -'To-: Corv .. £195 -5 Q10°i — 15 2 — 197 13 IWockJohnsen. 186 +2 1623 31 

21 11 Bk Leuni ii! .. 14 Q16”i - 3.8 - ^5 1 d TtiXt 137 7 15 21 

l™ 750 BLLeu^irivti 170 ...7* 7 13 6.6152 ^ 41U 1 BHddiaslflp. 62 hL08 U.1 


170 350 BtLeuai.riCti 170 ...7 47 


05195 34 

51 no 

7.8 8.6 143 

2-* 2-2 114 



354 107 CfM'-OpclSaa. 142 

95*; I 87 j[x. willwut Warrant .( 92 

Financial 

107 : * 101 FFi Wpr 1961 102*; , 

liO IOC F- !4pc "T9 208*; . 

114*; 102*; Du Hoc -83 109*. - 

85 79*; f CR/a-jpc ft* 81*jfl<|.. 

81*; 73** Do ftpeW? 81-84 . .. 7fi 
"4 5*7 D.j HJiiD-'l , nsLn.-86.. 93 

*49** 90»i £*] lipcLmLn 88 _ 94 

101*; 90Ij Iki II^pcI'iUlLil'90 . 97 

TU; 62*7 [ hI 89-1L- 65*; 

71»; 61 I>*1Gr AUiHl-94 ... 62t 2 rt 


829 11! 
12 S3 13J 
10 87 13.1 

1010 121 


•255 171 ComlAuMSAk. 230 ... Q16c <6 4.41 + 1226 J21 Lai mi John '"A”. 212 -1 M525 

•U9 £12?* iDailtkDMUtt. U71; +?* Q18«J - 2-3- 130 84 fcataffl(jTtf_ 130 +5 dff.W 

£20 £15 Chsn. IbkKrlM £17< M M - 109 KSce.fc 107 * 6 60 


dn*ASp. 30 -1 1-1.33 

lefonnon 79 33 

jpbelilsfcwd. 135 Z94 


-«»f| gj2 Kit hwSTfiz - n-p^ % 

83 ,1‘i '« »«? »«■ 3 - ; - I — 1 — [ — 232 170 


841; j 73 D-vSBc-VSl-W. 

81*4 I t>8 jl"i B a^cIj) TtWli.. .. 


FOREIGN BONDS & RAILS 


c Neill Group 41 — 

« ttTK 1*2 *2 iw. wins. IXB. **2 — — — — 232 170 Usjmef&Sthtts.. 228 -4 9.0 2J 

If *0 rim Fraser An* l«p_ U*; -J* — — — — 57 421, kSK^-DeunT 531j -*; 283 2.1 

liS SS 1 ^ ^ ~ 2 fil “ il - T05 84 MandeisfHIdS. 98 258 3- 

74 ). ! ri 1212 UM ,11 77 - Jn • ¥' \Pai ~ in j ~ lbb UJ9*; Marchwiel 150 -2 t5 08 12.' 

■■ stS 255 195 ''iHetl Bres £1 .. 222 -1 15.41 — 10.4 — 93 73 79 +, ^53 3 1 

72d .... 1232 1295 £ 34 *»*. Crt H^.Sp » a 023 - 0.8 j* ^ KumHSi'. 138 ...... Sft 3« 


D5 94 Chloride Grp _ 128 -2 522 

' “ 34 16 ClittHdtS«U5p. 30 0.64 

154 99 ronrfR.Senr.Sp_ 151 +1 tfcG36 

'■S 31 17 CntaTroniclOp- 30 L47 

” a 15 CrefloulOp 15 .._.. — 

l* 22 8** GttCSc Guv. -*■•&. 16 . ._ 22% 

189 128 • DaleueeL I0p_ 188 +1 275 

A9i 515 390 pecca 445 -5 1L95 

Tn 500 380 Da’.V 425 -5 1L95 


3-2 H 26 lfll z DerritTOT lQp — 28 +1 0.74 

IS, M 16*; 101; Dewburst'AiOp 14 -l; 10^4 

3 9I2Z.4 30 2n Dnwdin?4M.Sp. 29*; -h 121 


U Hitla S 


1S7S 

High Low 


24 17 ,\n'"fau5ta Rly. — 
41 33 D« 5pi Pre! _ 

93 98 'hibtuiXitrd — 


142 % Grindlays 135 279 7.1 3.1 4.8 (q 57 Uay&llassell ' 82 +1 311 0 

two & ItAUL£> 260 185 aunwIM- 230* 1031 - 6.7 - g J&SSSzT. S . ±L7B Si 

Price I * orl «*.<-> I Bed. Hanibr w „ — 197 *-2 9 76 - 7.4 _ ^ 35 NW ^i eD . t w. 44 -1 ?74 2 

£ _ >TeW J29 JZ ■•Si- 4 - 97 - 77 - 99 73 Meyer. Mow. Li_ 93 .. 4.74 2 

1 1 u» 1 600 325 Do Warrants- 350 -25 — — — — 60 37*^ ®barr 52 -2 h244 3 

24 I | - I - *0 203 310 +9 h«5^ _ 22 - >%- .^g&riOp- 16 . .. So!T 6 L 

41 .... -I - ^ 52 JeswlTm-nbec.. M h332 - 8.5 - 75 52 SBxconcrele — 73 


9‘ Miller i'Stan'l0p 16 .. .. d0.76 12 
52 JCxcmcrete _.... 73 -1 t3.24 19 


‘415 350 'rfrm^n W 4*jjr. 411 


54 46 iilieelTp* Ai£ ... 

51 46 Jxihpi JiAlah Vv- . 
44 40 (tKApc MiW.Asj.. 


'15 160 Joseph-Uoul.. 200 ...... 1174 - 6.5 _ A1 35 ErziaeerT. 41 +3 1274 II 

4*; - £ * ^^rlTim.inn. 50 -1 0.67 - 2.0 - 107 79 5^^ 103 _ 3 3^ 5; 

3*- 16.90 74 5b Kir^o:Sha\4)p. 60 344 — 8.6 — 14, ina. UmdemiJL. 135 6 60 2J 

6 ' (6 04 114 90 JOeiOTWtBl— 105 14.18 - 6.1 - S Ne*arthilI£I— 1M Z” d4.91 71 

4 CD5 29, 242 Llujds£l 256 19.23 4 . 8 | 5.4( 5.8 i(» 79 Norwttt Hoist— 97 4.65 3J 


FINANCIAL TIMES 


310 no Nott- Bnck50p_ 310 tll.72 3.4 

58 40 Onne Devs lSp-. 56 d *1266 4 

114 97 ParterUmbe - .- 104*1 6.08 * 

175 138 Phoenix Timber. 152 .... 4.33 0.4 

172 82 Pochins 163 -4 td4.68 52 

156 107 fLSLC 144 5 .B 6 29 


£331* -J< 
209 -2 


SLO 40] L51R5 81 55 IW'ardlT.W ..., 
..08 3jj 3.6155 M 58 WanteWrigta 


173 116 Redland 170 +1 4.25 3 4} 3.7| 861 at. Newtnanlnds 94 +1 15 08 3 7l 82 3 6 40 27 

13 ? e £^ , SilS P tf 1 ^ 57 Hrd^l 265 158 Newnart Louis- 265 +10 6.7b 4« 32 22 ,36 27t; 


BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY 


104 94 (Roberts Adlmd- 102 4J9 77 6.4^ 8.7 ^ 39 45 

112 80 [Rohan Group—. 90 3.75 J l.| bJlM £ 102^9 MdS&crft Off 


ardlT.W^. — 77 1; +«; 1424 

aroeWngtalOp- 53 l 6 a 

r r*ick£ji£.3)p 40 0.84 

^eefa.\ssoc lOp 29 132 


112 80 I Rohan Group — to 3. 

33 20 RowliD»nldp»- 28*; ...... dh 


7p!cs: Editorial SS6341/2. 8S3897. Advertisements: 885033. Telegrams: Finantimo. London PS4. I g » 2 ggSS&Z « .Z.’. 2J9 1 1 3 wISMlgSKS^BiSSHSSFIS h 


145 731* Pet' 


4pc- £100 +2 

HDplMfl -1 


Telephone: 81-248 8098. 

For Share Index and Bnsiness News Summary in London, Bi rmingham . 
Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


90 66 RacbyP.Oemem 83 M3.96 25J 7Ji 8.4 

1 188 135 SGB Group 185 -2 t533 3.1 4.3 9.2 

40 31'; Sabah Timber lOp- 38*, 1.65 4.8 64 48 

50 3P; Sharpe i Fisher. 47d -1 hi 92 22 6J 9.1 

55 40 Smart 1 J.) lOp. — 45 -1 td203 4.6 6.7 5.4 

91; 6 SouThemCon.57 9'; — — — — 

38 20 Streeters IOp — 24 -1 L72 3.4 10.7 4.2 


L-\ ^ l CTO*, 710 PhiliiKljino_ 940 -8 ^ 
\\ |;il2 84 Ptfro Hldgs 3)p. 103 +3 3 

|-2 21 109 84 Do. ‘A’ Arp lOOri +2 3 

2« 125 87 Ptessey50p 117 +3 5 

“-i 21 105 59! 2 Presac lOp 103 t 


M 5 - 4 U4 82 e Mxd .... 

^ 1% RacaTaeciDO.- 328 +6 
86 RediHnson 101 -1 


EDITORIAL OFFICES 


■Amr-terrfpro- PO. Box 1296. Amsierdam-C. 

Teles 1.171 Tel: 240 56S 
Birmnichnm Geurjc House. iJenrsie Road. 

Teles 3386J50 Tel. (EU-4M 00B2 
Bt>nn: FTesshaus I HUM Hcu<«aUee Z-lD. 
Teiex &M&ZA2 Tel: 2*0038 

Brussels: 39 Eue Due ale. 

Telex 232R3 Tel: 512-9037 

Cairo: PO. Eos 2040. 

Tel: 9385 ID 

Dublin 8 Fiuwiiiiarn Square. 

Telex 5414 Tel: 785021 
£din hurith: 37 Gcrrr.e Street. 

Telex: 72484 Tel: 031-238 4120 
Fronkfurv Iro SarhscnluKer 13. 

Telex. 416363 Tel. 5&P730 
Jnhannesburc. P i> Sox 2l2B 
Telex IW2.T7 Tel: 83^7545 
Llshtin Prjca da Aleftna 58-SD. Lisbon 2. 

Telex 12S33 Tel: 362 508 
Mudnd: Espronceda 32, Madrid 3. 

T^i: 4-11 6772 


Manchester: Queen's House. Queen -Street. 
Teles 866813 Tel: 061-834 9381 . 


Moscow: SadovoSamotechnaya 12-24. Apt. IS. 
Telex 79W Tel: 200 2748 


New York- 75 Rockefeller Plaza. N.Y. 10019. 

Telex 58390 Tel- «2J2> 541 46SS 
Fans: 38 Rue du Sender. 75002. 

Telex 220044 Tel. 23057.43 
Rio de Janeiro: Avenida Pres. Varga* 418-10. 

Tel. 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 

Stockholm: c/o Sceruka Dagbladet, Raalambsvagm 
Telex 17603 Tel: 50 «0 88 


174 124 Tarmac 50p — _ 15H; +3* z T9.95 22 10.1 75 55 J? 

474 330 1^5 lor Woodrow. 456 -4 7.72 55 25 10.9 pet xi 

318 233 nfliiSyngEL.- 310 20 34 23 10.0 6.0 74^ 

194 129 Trails* Arnold- 193d -1 d3.87 6 2 3.0 82 

314 225 runnel B50p — 308 +2 1114 21 5.4 8.4 « || 

■771; 64 LBMCronp 691; 4.37 U 9.4 14 J 43 33 

38 24 Yectls Slone lOp. 38 tl_50 30 5.9 8.7 ut L u 

196 155 Vlbrnjaat 195 10 69 2 0 8.2 93 ua j«g 

42 32 Wardffldgs. JOp. 38 -1 d268 10 105 03.7- 75 ^ 


raflexCLR lflpl 43 1+2 


55 « 8, 


M.K 43 33 TelefostonSp — I 39 

H>H « 33 Do. A N.V5p,- 38 

5-2 Si 1 136 111 Thle. ReotaLsZ—l 148 


CO.Y5D 577 -8 Q509J * 

dDiSsn.5p. 41 .._.. dL24| 4. 


lefnston5p_ 39 132 * 5J « 

o.-A'NWSp,- 38 +1 132 $ 52 & 

le Rentals — 148 .....5.93 2.0 6.0 lia 

oru Elect 380 +8 1162 3.4 4.6 95 

rpeF.W.lOpt 74 ._... tl«9 53 30 9.4 


r« 1 gas.«w % rjtfxl tMMim 4 : m :t..a ? % 

i, 34 iai ifluJiSig n ggaayf % u ti 

« 65 uKiHbcs-;... 123 _ t 2 lSJ5b49 5| 

k ... 1™°’ groceries, etc. | u ^ •£ gsMi! 


11.2 1P8 m I L-y9|2g8s»9ra 50 tew:: « -i 


Tehran: P.O. Box 11-1879. 
Telex 213830 Tel: 882888 


Tok}o: 8th Floor, Nihon Keizal Shimhua 
Building, 1-9-5 Otemachl. Ctuyoda-ku. 
Telex J 271(14 Tel: 2*1 2920 


T/^shmgton: 2nd Floor. 1325 E. Street, 
N.W. Wash melon DC. 20004 
-Telex 44 03*0 Tei: 1202/ 347 «7ff 


ADVERTISEMENT OFFICES 


Lumit/iLa, njAsnv* MACHmETOOLS £ & J S U ft M 1 “ BSSSSr* ' S ..Z: & UTS 

oi?* ibco iaszo £ioi* ... - - ivul^ y* ig fea ® 245 ...... ts.7D 6.7 4 1 4.7 3 ? 24 ibimaioi>Z .;.. C4 -f £ 0^7 VI 

M2 253 Alginate Inds.— 216 d 14.17 23 7.7 7.9 112 105 ACZHachineiT- 107 3.43 2.9)48111.1 170 115 ^a 5 vy?“ i§a 12 i^iS ,5* li [0=*fcwj4?5f. S +2 M|5 3#^ 

146 84 .\%Packl0p-. 143 -1 *6.42 21 6.7 9.0 258 ISO AP.V.SOp. 248 -2 5SO 4.4 3.5 « B4 5P* B&wtirJ -' '? V H l* « & ,83 nQftc 

90 61 All'dCollwd IDp. 83 1.70 32 3 3 153 138 104 Am* 134 -2 255 $ 29 * J 53 104 4 SSsSnSL" - iS 1^4 ijansnaThst •_ 140 -1. 

79 60 .AadwriTbea _ 76 dA.22 24 S3 5.9 111 68 Ds.'.V— 108 -2 255 * 3.6 « 33 Z5 tL. *} 52 5? 44 ff? Jk^Cai-ea £» ... . C6^« ^3^2 

£57 £40*7 Bayer AG. DM^O. £53 +\ cQl1\ L4 2 9 23.7 308 225 .AdwestCwra „ 302 -4 10.0 & 5.0 l 43 S^JnSfi 0 ^ H® 1 7? \\ 58 -i- _ Jzf Jgff 

275 122 Bladen Nontes. 233al +1218 L9 7.810.0 165 14B Alcan Alenunioa, 162 9.9 29 9j Is 61*^ 46 f H K }? J? =! Ks.ro’ iPh.^jp- % .-.. 434_ 2^ : ?| 


79 I M I.Aflrteribeo. _} 76 | Id4.22l 2 


Birmingham: flcorgc Hmise. 'leorge Rood. 

Telex 3388-90 Tel. 021-454 0322 
Edinburgh: .17 Geurce Street. 

Telex TJ494 Tel: 031-236 4138 
Frankfurt: Im SaehsenJacer 13. 

Telex 1690 Tel: 554867 
•I/*d :: Permanent House. The Headrow. 
Tel: IJ532 454889 


Manchester- Queen's House. Queen Street. 

Telex 666813 Tel: 06X434 9381 
New York- 75 Rockefeller Plaza. N.Y. 10019 
Telex 23S446 Tel: 1212) 489 8300 
Pans: 36 Rue du Sender. 750G2. 

Telex 22fO« Tel: 23&86.01 
Tok>o: Kasahara Building. 1-6-10 Uchikanda, 
Chiyoda ku. Telex J 27 1M Tel: 295 4050 


Overseas adverusemem 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 


£57 £40*7 Bayer AG. D)l5a £53 +?* cQ11\ 

275 122 BlafidenNookes. 233d 11218 

*216 134 Brest ChenlOp 205 M3. 17 

31 19 BriL Benzol lOp , 29 0.6 

*66 45 Bnt.TarM.l0p 58 t2U 

34*4 ID*; Buntll5p HI, 0.93 

41 27 radessCapell^. 33 0.93 

49 43 . fjfaJjn 42 290 

131 %t. 

£981; £89la Do»*%Cnv^95 £89*, Q&i% 

81 64 Coalite Chen — 74 ..... L82 

79 59. CoatesBros 78 236 

78 57 Do.'A'NV 76 236 

27 19L CorviBcraeiSp. 22nl M0J5 


3 M ill 
123.7 308 


Z.9 7.8110.01165 148 


* ia^ — 0‘4 >2 ASSJOTI 1 Z» 2 P. 7*2 B— 

0 {93 — 45 25 AsocToolme— 43 258 

0. f?.6 — .27i 2 18*; Astra Iod'I.lOp- 25I 2 105 

4.7 5.7 5.7 100 79 Aurora Skis 94 -1 +536 

3.8 4.5 8.9 115 92 Austin Oamesi- 106 ....^ 5.95 


236 J 3.| 4.« U 197 142 Arerys 


'40 16 

105 69 


•5p. 22nl »10J5 53 53. 53 

62 ~ij 1222 3.1 5.4 73 

--- 331; -i 4067 5.4 3.0 9.3 

rd- 103 5.03 LO 6 3 20.8 


1% 5.90 10 

147 +1 1533 28 


S EMjNr^lilbr Wa ZZ 0A5 


53j]J0 107 Babcwk&W 147 +1 153 

7 -!{*Z 44* B an^iC.H.) 5% -.... 021 

9.3 IS 87 Baker PerfcaOp. 120 -2 4.37 

?“fl 45 32 Bamfonts20p 34 1.79 


SUBSCRIPTIONS 


61 iHcjdrru.Vi 


Codes obtainable from newsauents and hookj<toi|F worldwide «r on regular subscnption from 
Subscription nopanmern, financial Time*. London 


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64 36 Farm Feed 57 -1 067 * L 8 4. 73 KhSM -1 ' th276 62 69 flk rli V 11 46 feZ ^2'- 1 S 2M*-2' 299 « U - 

394 325 PlcwuEl 357 -5 +13.W h 53 65 53 43 Beattford Ito “ 52 d339 lI 97 87 TO* SSSSmT" £ l? 8 H P 130 ^ ^ j55al *1 1239 M S ' 

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Leisure Car. Wp. 

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10 Menlmore 5p 

288 Metal Bote tL 
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36 Mettoj 

£100 M'xmlfl5pc82-&. 
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Morr.dl (Abell _.. 
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Sandhurst Marita. 
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R4 

ifis.tr. Ilinnu.-Sbr.. 

256 

+1 

Q3c 

4 

35 

Whim Cluck 20c 

40 



— 


TINS 


73 

[Anal Xiceria 

23 id 

-3 

?.P? 

« 

740 


345 

-5 

iY*li?r 

0.9 

45 

BeraltTin 

48 

-1 

14 0 

4.4 

TOO 

HcrjuNaiSllI- __ 

250 

-5 

Qlldc 

4 

111 

iteeiiir. __ ._. 

145 

-5 

5.04 

5i 

BJ, 

Geld 1- Ba*e 12to 

10 




— 

225 

SepenfiCoiK 

330 

-5 

1523 

0.9 

130 


220 






90 


+120 

1.6 

7 

Junior ]2 !,d 

8 



68 

440 

KamaniineSMIUiii. 
Killinehall .. 

75 

635 

-1 

% Sf 

21 

« 

780 

Ibi-:- Ivraun.'SUl . 

435 

-ID 

tV*93c 

0.8 

40 

ifiihan; _ 

66 

-2 

,*Q>.75c 

05 

50 

Ptmjkjlon lop 

74 

-2 

660 

U 

165 

49 

IVLali-i^SMJ 

Sainiftran 

250 

57 . 


?ff c 

L6 

ri» 

47 

Snotii ' roftv ]iip . . 

57 

-1 

4.19 

20 

140 

South kiiuuSMiioO 

210 

-5 

SQ]45c 

0.6 

T9f> 

Stbn'Lilsv-anSMl. 

315 


t*3*x 

Ll 

TM 

Mimiel Best SMI... 

195 

-15 

tP65r 

ri» 

55 

Supreme Carp $M! 

70 


ZQlOc 

1 — 

85 

74 

Tanjonc I5p 

Iurckah Hrtir.su 1 

90 

90 



660 

S 

0.8 

1.6 

143 

rrunuhSML. . 

230 

-5 

16 


3.8 


4.0 

27 


4.1 


4.4 


1.3 


183 

* 

131 

95 

5.2. 

20 


36 

19.7 

4.7 


73 

53 


9.0 
72 

3.1 
Lfl.9 

aJ 


COPPER 

70 |Mcs3inaR050 | 75 |......[*Q30cl 19[ t 


RUBBERS AND SISALS 


1978 

High Low 


Stack 


75 [Anglo-Indonrc'Q— 

65 BerLamCtins. 10p_ 

11*2 Birdi'Afriwi 

31 BradwaUWp 

165 CsstlefieltTJOp. 

26 ChersoneseJop — 

23*4 Cons. Plants Hip — 

8*, Grand Central I0p_ 

2li CuthneEl 

65 Hanwustf r ut I6p_ 

56*2 Hirhlandi M50e.. .. 

41*2 KoabKepongMSt. 

29 TtKuliiD MSV- 

t9 Uin. Sumatra lOp . 

36 Malakoff.MSl 

30*2 MuarRii'erlOp_. 

55 HanidioaHlags. h^i 

37 SunfietKrunllJpL. 

TEAS 

India and Bangladesh 

Assam Dooars£l_. 

Assam Front ier£L 
.Assam Imr.£l 

Empire Plants lOp. 

Lawrie Plants £L. 

(130 Mrtoed Kited 11. 

‘ MorarU 

Single HIdgs IPp_. 

Warren Plants 

[138 [Williamson £l 


Price 

+ or 

Div. 

Stl 

CtT 

96 


279 

471 

105ml 


355 

4> 

• 17 


— 

— 

59 


♦L73 

1.0 

258 


s2M 

L0 

47 

-2 

♦1lL4 

12 

40 

-2': 


L2 

* 11 


0.56 

ri> 

345 

-5 

1523 

It 

210ml 

-1 

CLE3 

4> 

105 

-5 

icSTa 


62 

-3 

Q12 *jc 

1.5 

43*2 

-2'., 

QlLic 

0.8 

193 

♦4.06 

1.1 

61 

-A 

holie 

19 

52 

-3 

♦0.48 

34 

63 

-1 

♦2.21 

2.0 

84 

-2 

♦6152 

lfl 


VH 

Grs 

4.3 

5.0 


etheewi»e iodinost. prices Mitt a« divideiuis are la 
pence and dcaominariaDs arc S3p. KkIuiuiH prltrfr«mhn 
-alios and cetera are tuned on latest annual <r ports and aceonnta 
■nd. where ptniMr. are epdared on Mlf-inrlr rigares. Ft'Enarn 
Lb :alcutaied on the basis of net distribution: bracketed Ileum 

4.5 indicate IB per cent, or more difference if calrulaied on “nit” 
114 liatribntlan. fevers are based on "maciianm" duirtbatlon. 

7.6 lleldv are based on middle prices, are xrww. adinstrd to ACT of 

6.6 c per cent, and allow for value of derlared distributions and 
5 5 righic. Securities with denominailotis other than sterling am 
4 3 muted inclusive ol the immucDt dollar premium. 






^K-i *>■ 
















>■ 





















79 

10.4 

101 

6.8 

9.0 

6.4 

10.0 

9.0 

1L3 


♦0.41 0.9 
h2-96 1.0 
274- Ll 


* . 

13.76 1.1 

124 4> 

0 . 12 . - 

825 U 

1634. 12 

w* l3 


13)130.7 1225 [123 [Linur.a£L 

5.^255 


Sri Las&a 

| 222 [-3 [5.58 f 15J -3.3 

Africa 


390 [BbntiTell 

130 Bud Estates 


610 

170 


50.76] <(> [12.4 

-5 5D2 j 24| 


MINES 

CENTRAL RAND 


DurbanDeepRL-.. 
East Eaad ftp. Rl. 
Radfonfn Ea. R2. 
WestJbndm 


405 






312 

-/ 




£38* e 


1tp50c 

25 

116 


#Q13c 

6.7 


L« 


2A9 [Ui 

I #424 J LO) 

|7.U 
365 , 
t437 
1264 
8.12 
14.57 U 
L52 Ll 
t260 Ll 
3.35 1.0 

13.50 13 
3.41 LO 
h208 LO 
fhL62 LO 
1223 0.9| 

630 
201 

6.19 L(H 
Q25c - 
839 Lffl 
#132 l3 
335 U\ 
t933 id 


4.0 346 
nl5|D2 


23.8 


EASFEKN RAND 


[Bracken 90c - 


East DacC? RJ. 

EJt.CO nO FD 

rirootvfet30c 

Kinno&Bl 

Leslie65c 

MariwaleRDtfp— 
S. .African Ld. 35c_ 

AlukfrmiciDfinc 

VmtolhaikRD.-i.. 
WitXLjelSf 


7^ 

372 

111 

37fcirf 

59ai 

78 

68 

48 

71W 

55 


-l*2lQ44c 
' ttJnOf 


FMOc 

WMc 

055c 

Q 21 c 

tQ46c 

025? 

W29c 




04 


33.1 


* , 

12 

— ) 8.0 


10.8 

8-7 

2L3 

46.6 

3U 

102 


FAR WEST RAND 


74 

U85 


35 

1215 

245 

164 

50 


45 

120 


MISCELLANEOUS 

+1 


Barmin 

Bumm Mines 17 ‘jj. 

Munch *to.._ 

ll-CortncataCSl 

RT2 

Satu.-ulndaCSl-. 


[02 (750 [T.in Evptn St..... 


Tehidt UsnwakiOp 

Vutja 1 Jons ‘31 ■■ 


59 

13 

255 

360 

240 

54 

825 

70 

145 


+10 

+5 

+■2 

-2 


tQ30c 

93 


♦135 

Q7c 


6.8 


2.4 

23 


1VOTES 


[l Plorlinfi den'«rai naied aecunliefi which include invefilmeat 
dollar prL-nnum. 

“Tali- Slock 

HiRhc .ind L*-wr marled thus have been adjusted to allow ■ 
for nphls is.«uec for r.-veb. 
t Interim vinca increased or rosomrd 

Interim vmcc rcdu.fd. p»M.-d or deferred. 

Toi-frec in rnn-nj* idcnlr an applicallun. 

I* Maure* or report awuuod. 

H- Unlidcd Mecuniy. 

Price at time ol sus pension. 

Indicated riividt-od after pendinr rcrip and lor rigUs issue: 
cover relates to previous divirlcniU or forecasts. 

!♦ -Werccr Ind or reur^iuu^aiiun in pwiRress. 
r.ut comparable. 

[a Some interim: reduced final and/or rednrnd earnings 
indicated. 

TkMwcact dividend: cover on earauiKs updated by latest 
interim Mmvtnent. 

j; v_'o\cr allcn-s lor rvnverr ion of '.hams nnt now runic DR for 
dividends or runkintr only lor mlricled dividend. 

A Cover does not allow for sharer which may also rank for 
dividend at a future date No PE ratio usually provided. 

[v E-cludiric a fmul divideiid decLaraunn. 

Region: il price. 

I No pjir \nluL- 

i Tj.i free, b Figures basr-d on prospectus or other official 
L-limaic. c Cenls. d Divnriend rote pjld or payable on par* 
W capital: cover bu-cd nn dividend vn full capital, 
jc ReiJirmpticni vjcld. f Fiat yield p .‘.ibumed dividend and 
V'K-Ivf. b A’vunicd dividend and J -eld after scrip issue. 

P.iyRient frurn capital Sources. Ic Kenya, m Interim hi cher 
jriian previous toial. n KichU issue pendinr q E.irnmes 
|ba..eil on preliminary ficures. s Dividend and yield c-vclude a 
pceiai payment, t indicated dividend: cover relnu-s to 
[previous dividend. 1'iE ratio bascil no l.uci annual 
.mines, u Vnrre.v.-t dividend: rover hosed nn previous year'a 
arninys. » T.ix free up in .Wp in the £. w Yield allows for 
iirrvpry dauso. J Di» idc nd and yield Ouscd on menrer urnus- 
r Dividend and yield include a special payment : Cover does not 
npply to special payment. A Net dividend and yield. B 
Preference divulend passed or deferred. CCanudian. E Issue 
Ipriio. V l>ividcriri and yield based on pruspeclus or other 
■iTii-iiil cstim.-te* K,r 1 07a An. «; .\>sumed dividend and yield 
livr pirndint srsip undior nuhts t,sue. n Dividend and yield 
on prospectur: or oth*.-r official eitinune, for 
IP7S-79. K Figures based nn prospectus tir other official 
jtiiiijley for JttTR. W Dividend and yield base,# cn prospectus 
•r other olii'..-.| estimates for 1fiT& N Dividend and yield 
[hosed nn prospectus or oilier 0Cfi1-i.1I estimates /nr 1579. P 
il-:nure« based on pro: peel u, or •.aher official climates for 
I-ITH-TD <! liras:-, r Futures asnimt / Dividend total la 
ja’.i.-. >A Vield ba^ed on ucsumptiou Treasury Bill Rato stays 
jochuo£cd until maturity ol stock. 

abi-rvviar.’nns acv div idend; a ex scrip issue: a- ex rictus me* 
jII. a. vs capital disinbulion. 


“ Recent issues ” and “ Rights ” Page 40 


419 


Blvvoor 25 

buffels 

! D*IkrtulRO20__ 
HwimfimlKDRl _ 

East Dnu Hi 

EbrdisnniJUi4a)c_J 
ElsbaritRI ... 

Hanetoe2 BI 

Kkiw frold Rl ___ 
Li baron Bl— — 
SotHbvaal 50r 


[206 IStillntileinShc-. 


— 1 — I — I — IQT^IELI [Vaal Reef»50c 


123 

£16!gf 

152 


Veniermo«lRl 

W.Dne Rl 

... fledern .Areas Rl_ 
589 Western Deep R2_ 

1 163 [Zandjvm Bl 


350 
913 
95 
315 
795 
239 
113 
£13*2 
604 
534 
600 
315 
£16 
224 
£25 
173 
886 
221 . 


[—4 

-29 

-1 

+4 

-20 


-1 


-4 

-26 

+8 " 
~*8 

--i 

-9 


OJF.S. 


4.6 3U 
4.? 


ol - 81 


Free Slate Dot. 50c 
2 F3£fet3uia5Cc — 

F.5 Sasipliis PJ _ 

Uarmnnv ftfc- 

l>»rajneR1- 

Pres. Brand Si*.- — 
Pre^StnurOc— 

St. Helena HI 

I’nisti 


[WelkomaOc 

il\v.Httfdin^:i0e — 


110 

£l^i 

87 

390 

104 

O 0 *£ 

%7 

E77vi 

231 

333 

£ 20*4 


+10 

if 

-5 

-J 

— *4 
-11 
-23 
-4 
-3 


Q63r 

Q170c 

QMc 

t#278c 

'H*4Sf| 

Q250cl 

Q40c 

QIOOl- 

Q21c 

tQ22c 

TWLS: 

Q25c 

Q>85c 

Q4L5c 


Qlto 

twKQc 

tt/5Sc 

ytc 

♦gi50v 

tQ2!k- 

Q19flc; 

toTac 

tyfflflc 


3-6) 

9 

P 
1.0 
L6 
2.6 
2 0 | 
1.0 
23 
33 
27 
L7 
27 
2.4j 
ri- 


II 3 
10 9 

99 

6.4 

AS 

1L1 

4.Z 

11.7 

21 

4.2 

4.3 
7.0 
9.7 

4.4 

III 


REGIONAL MARKETS 

The r.illpwms i.< a selection of London quotations of share* 
prvv iiiu-Jy tL-ncd only in reeinnal markeLy. Price* of Insb 
ItSfiMOs. most .if vfi hidi are not officially listed in London, 
(are as quoted on the Irish esclianue. 


2.0J 6.5 
73 


20 


99 


88 


0» 34 
2-h 


FINANCE 


Finance, land, etc. 


4.4 29 7 
13673 

06 4 
4 3 32.4 

4.5 ri> 


» 
46 
32 
20 
; 62 


iIRd! 48 


208 

5 

Rg 

n«i 

213 

271, 

24 

11 

50 

3b 

12 


AkrojdSmJibers 
.\naunrTsLI0p_ 
AntfnjrQ»inv.20p_ 
BritanmaArnw. 
rhallengeCrpsi 
ChartsnosseCp 
Camara !fla.to. 
Dajg«y£l. 


IbiiP 

15103 


P 

EdiiL laf 1 12Lp. 

Enii* House— 

lEttoBdaiep. 

22 toplaniionlftSp. 
"" lF5hiaa4fieH.5p. 


+1 


117.0 [ 56111.8! 23 

- t— 1— 1 it 


'W 

jSSSI 

#L02 [ 


[S? 1 

idM 

5.01 


'J 0T F ?™*» ? IfifL see Property 

9*2 LF*Wl»te*-.r 22 ' I — 

mbnTnri.. 33 2.03 

Iit5p.| — 


182 
r [340 238 


_ I _ I — I - I 73 [40 Nugris:^., 


KdriftekliS-^ac. 
[JnTtiinjCwtr. Rl. 

Middle 
MinrorpISto 
MnnrcoSEDLiQ 
Nea'AItsOc 


ktnirufllOt— 

tellrenmiiHSip 

rratihstoiLaOp- 


|Kri| 



f 


Si 


1 

1 


.TOi 

F 


BW 


T 

■ IK2| 


rttf 

¥ 

ipfl 

M 


1 




1 


■H 


IP 


rtjl 

iyjJ 

£] 




.11 

1 

wfm 


C 

mtm 


J 

n 

BCTW 


WjCT 




iTv^pl 


Sc4 

09 

Egjfl 



pf! 

[>) 

r 


■M 

1 

Til 


pH 1 


k t- 




Ipj 


SbI 


Li 

Imtml 



yj 


i5 

12.9 

63 

8JL 


This service is available to ever*' Company dealt in on 
.Slock Etchanors ihmuRhout the United Kingdom for 3 
fee of £400 per annum for each security 


Vsh Spinning .. 
Bert .iin 


ny<wiiR. A ) A 
Ellis A: Mclidy. 
Evened... 

F'.te Fur v»e 
Finlay i’kc f<p. 

■ irniL'SInp £i . 

Htcvins Brew., 
LO M Sim £I„ 


to.irvc lO. H. .... 

Peel MilLs 

[Shvllield Brick 


25 


49 

+3 

30 


327 

-3 

26 


520 


37 


67 


28d 


52 


21 


130 


80 


153 


253 


68 

-2 

ISO 


20 


45 



Shell. Rcfrshict. 63 
SiiuluLl iWdlj._. 105 


1K18H 

Cnnv.9 , ;-«l,'82 
Alliance Gai_ 

A rnol l 

Carroll tPJ.}... 
Clundalkln . . 
Concrcti" Priids . 
IlOllnnllllrittfil 

I ns t or\i 

Insh Rupu j 

Jiii-ob 

•Sunhoani 
T mu 


I ' niitar e | 


£91* 





410 


105 


90 


145 


50 

-2 

180 


130 


60 

-i 

31 


195 


110 



DIAMOND AND PLATINUM 


24 [9>i Iffrzrosrlm 
34 25 fembroTi 

11 {7*2 [Ba^fBil 


£30 Anri6-Am.Iiiv.yir.. 

64 Biiirp!S!lePiLhJc_ 
285 DeBeeraPl.sc. — 
925 to«pcH.R5_ 
54 LydenhursU: 1 ^— 
70 Ras.PIaLl0c 


EA2UH 

67 

41Bdi 

£11 

59 

87 


: i 2 lS 

-2 K525H 

.. Q200c 
. .. 6Q27r 
+1 Rtt 2 ! 2 C: 


.111 

ri> 

33 

m 

10 

L4 


85 

6.3 

75 

10.9 

1 

X 


OPTIONS 
3-montii Call Rates 


Industrials 
A. Bre«- .. , 
A.P itonent .. 

E .SR 

Bibcock 

BardavsBank 
EteCvharn -- . 
Rwt l.vrup „ 
Brw.iU.Ts.... - 
BAT.. 
BnfisS"v>^eu 
Brown 1 J.’...—. 

Burtun 'A' 

Cadbury's - 

t'otiruulds. ... 
L>cbenh.ints. 

Distiller.- - 

Ihinlup 

Batik- Star_ . . 
EM.l . ... . 

ften Avndpnl 
lien. Eiectriv 
■|ax*> • . 

tlrind Mrt 

I UK -A' 

iuonli.-in 

r.KN._. . . 

HavikerSi'Jil. 
HdukuI Fraficr. 



T.CT 

20 

61" 

-Ltjps" — 

6 

13 

T.C.L 

20 

9 

Inveresk 

8 

U 

KCA - _.. 

i 

25 

tod brake 

17 

15 

Lceiil & Hen. 

14 

15 

Let Senice ... 

7 

16 

■rg.iBi.n74B 

FU 

24 

-Irtlfc" 

4 

6 

laiiidun BrtL'h. 

5 

11 


H 

rq 

Uiv-u-s Inds 

25 

5 

L vans i.l. 1 .. ... 

10 

10 

■‘Mams 

7 

A 

Mrkfi &Spncr 

10 

15 

Midland Bunk 

25 

7 

N.CI 

VI 

FI 

Nut West Rank.. 

22 

14 

Ho. Warranu 

Eli 

17 

K&onfd 

8 

18 

PIc>se> 

B 

■*1 

FUI..U. 

5 

J 

tlan*:* 'rq.'.A'. 

18 

u> 

Heed Imnl 


T 

>piiler& 

3 

T 

Te>vi> ..._ _ 

4 

7i 

Thom.. 

n 

112 

Trust Hoiiasa.. 

15 


Unilever . 


jap. Counties 


Oils 


.'luinfcrhal|_ 


Mines 


A selection of Oniions traded is clven oq ih. 
Loiidau bloui Bxfhrfnce Report page 


ms..] 12 ] 

-1 16 1 









































































4-i 


©intride 

: D.l.Y.TOOLS 

j intride-a member of the Neepsend Group. Sheffield 


FTNANOALT1MES 




The Best Blast Cteanwsr ^ « * % l 

irttfteWoritf :v4f| r 


Wednesday September 27 1978 




EMI hit by 


THE LEX COLUMN 


fall in orders 


for scanner 


BY DAVID FISHLOCK. SCIENCE EDITOR 



Medical be