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'•• ." ?war.-GFA-\VIC 


No. 27,674 

Thursday September 28 1978 




the profit* 
to tary 


£ fdINESS 

1 U 



Equito cu ^ s Europe fares currency trafle n § ures 

' 5 Kv nil tn 40% isolation cheer Garter 

vXUi^ W T U|# / \3 By Peter Riddell. Economics BY JUREK MARTIN, U.S. EDITOR WASHINGTON, Sept. 27. 

' 1 wAemvr'mw c „„, oc THE CARTER Administration jump in July to a S 2 . 99 bn deficit 

UfOQ lrD? BY LYNTON MCLAIN inwiKivf iSrpnRT? 1 * haw was elated to-day b y t w0 devel - “ay have been aberration, 

yy t 3 dJ. i\. d 1 on m Ha hu Wri« h n,!! opments which it hopes should Overall, exports rose last 

B ritish Airways j S to rat 18 European air fares by up to 40 per cent in a move Ihe in.ern.Jnei J5E KEfc^.-E? ™cE5. ce &£ 

EQUITIES succumbed tn Which heralds the Widespread introduction of cheap fares this autumn by "””??!* f“° d v , meeu °S “ This moreieg. it was annouu- were achieved across the hoard 
rht selling in a market scheduled European airlines. UK becoming isolated in the 0611 that the trade deficil to but m 9 st nolab,y in foreign sale* 

UK bid 

to avert 



Gas vote and 
trade figures 

By Peter Riddell. Economics 


national confidence in the dollar. S12.47bn. a new record. 

r. David Owen, the Foreign 
•cretary, hopes tn he able to 
. sue Invitations soon to an nll- 
irty conference on Rhodesia. 

: owever, he gave no concrete 
.idence that he has overcome 
. p di flic allies which have so 
■ r blocked the convening of 
ich a meeting. 

. He also proposed, at the UN 
eneral Assembly, a standby 
-rangemeot that would place 
ritish troops on call for UN 
. ‘acekeeping duties. An infantry 
ittalion or a Royal Marine 
•mmando group would be avail-, 
•tile, at a week's notice, for up 
> six months. 

If a Rhodesian settlement 
solving all the parties con- 
j-nod could be reached, he 

light selling in a market 
dominated by the Ford pay dis* 

F-T. Industrial 
Ordinary . 
Index ‘ lit 


The fare cuts apply to flights 
from Loudon, Manchester and 
Birmingham to West Germany. 
France. The Netherlands, 
Belgium and Finland. 

Government approval, which 
has already been sought, is 
expected to he forthcoming from 
the Civil Aviation Authority. The 
new fares will apply to Ihe 
selected routes from November I. 

One of the. new fares, from 
London to ' Cologne. was 
announced by British Airways 
last night as the cheapest 
scheduled air fare between 
London and any continental 

At £43.50 the return weekend 
excursion fare undercuts the 
standard return rail fare of 
£47 60 between the two cities. 

The package announced 



l£83) _ 


iped the Security Council would w yesterday embraces daily off- 

tnblish a security form for 0 th j' •JSj Wei peak return fares to Paris. Am- 

FROM Nov.1 
New £43-50 
Old (£62-50) 


Hamburg £58-50 


-Amsterdam £49 

(£62-50) ...- 

in Frankfurt 

i\ £54-50 

iteM (£79-50) ■■ 

: ■ Munich £70 ! 

UK 1 hppnmlnn in th«» L ~ u mai. ‘■He iruue ueuuil. UUl uiusi uuiauif iu 

t^lks about Ihe Dra^Med Euro* Au S ust bad sbrunk t0 S1.62bn of aircraft and soyabeans. 
55 mlmJEm <««*»> from «.99bn <£l-52hu) imports fell by 5 per cut, to 

“They follow V fortninht of in July - ^ reinforces, at least S14.09bn. in spit of a 3 per cent 
complicated diolooiaticromioenv- for ^ moment the widespread increase in the imports of 
riS after the F?anc^S?man bellef of botb us - offic5a,s and forei 3 a oil- This latter develop- 

summft i S r Aachen r wher»Pna£ olher finance ministers attend- ment is disturbing, in tbat it 

deSt GlscuS d'EstJna and inE the annuaI meetinE of b ™ks the trend of the previous 
rhaneellir Helmut Shmidt International Monetary Fund in few months of declining pur- 
reachS lareerSmt on a mi Washin Et° n that the U.S. pay- chases of foreign oil. 

J th! ments deficit is genuinely nar- The oil imoort figures will be 

S Tfai r was later ro ^ ng - v closely watched in the months 

555J Kv ^11 Jhl Then, early this afternoon, the ahead, since a substantial m- 

SLnfhPft Rrit-,^? EEC Senate >t to°g last passed the crease would make clear that the 

members except Britain. compromise natural gas Bill. Al- benefits claimed Tor the natural 

‘"t** 1 ‘"L. 1 ,0 ?‘ le «' though v,rr different from Pre«i- g. s Bill will he eroded or 
■ , s , aT ~. e dent Carter's original proposals swamped. 

1 wmwfo Df April ,ast year - tbe Bil1 is Bn The August returns still mean 

remarks last week in Montireal integral part of hU energy pro- that the U.S. will almost ccr- 

™ mr nf tEi SSS:,. 1 ? 6 SSX" prarame - tainly incur a record trade and 

fna ie f ide« ^^Dmarkzone Tbe House of Representatives current account deficit this 
hei 2: still must consider the legisla- year. Over the first eight months 

cellor of the Exchequer, attack- 
ing Lbe idea of a D-mark zone, 
have been regarded by sup- 

fly there. However, he did not c ^ osed down at 505.0. 

ik his nffrr 
rvnngent to 



Dorters of thewitoin on the Con t 10 d. hut the margin of victory Ihc deficit stands at 
awkwardness 'k ZHS "d^S W 

.J „ . . _ J tio., lino WC1H LI) AH? ibUULUU IIUIAI LU 

fhi ® GILTS continued to' rive purchase excursion fares been an effective cartel among £92. provided the tickets were 

iJSSS l-JSL' setting fares and bought 30 days in advance. 



upon this 

has bepn 
week in 

nation. Back Page. Editorial ground I and the Government cud excu«ion Vturn ieieto oine T r T T - ^formal discussions hy a n U m- « ^ wh .h amounted 

dosed “ .. ... jSiSss sssstoSr sssss 

tegsn threatens 

40 e STE 

15 resign slstoj 

r. Menahcm Begin. Israel's index 
ime Minister, threatened to (62.7). 

British Airways' move io cut l n June, British Airways un- ? ,,cvl Vi nansers wod are lukewarm ; 

fares in Europe is the latest veiled its first challenep to 1ATA 2. ld i5Li!? k™' e M K . ent . ry - T* 1 ®" is also 

The dollar’s depreeia- 1 2, uts I de lbe International Air avia. Fares for return flights 

sign yesterday as more than a tion widened to -9.3 per cent Trans P° rt Association, 
ird of the ruling coalition (9.2). ’ _ _ 

-posed the Camp David peace 

reements. •GOLD fell 52 to $216J in mT x 

. Mr. Begin said he would resign Lo ndon ^ m New Y o ik the 1^ I T 

. a majority within the coalition rn _„ K .„, OMha , 7“^ ■ I B 

.posed him. He added that any .-a*? «ES!£T* A V> 

■inister voting against the P n «* 52. ‘0 to $219.00. 

jvernraent would he considered . x , 

. -.have resigned- Page 4 9 WALL STREET clssed'-L97 j .1 

down at 860.19. as. morn banks w£\ T*aE 
-Oppression Claim raised their prime Tatrt^ by i. HJf 

taadian manpower officials baye Per tent. ' 

?cn ordered by 1 he Federal Gov- v •; 

nmtmt to suppress information •. ACCOUNTING Standkds BY CHRISTIAN TYL 
“i unemployment rates, accord- Committee, tn a report on EK . . 

between London and Stockholm Scandinavian air balks Page 2 

TUG to urge Ministers 
to relax pay guidelines 

„ * — — cess. trade dencii reacneo .n^D-aon. 

Until this year, LATA has were to be reduced from £272 to ££7! u Un According to the U.S. Mr. Michael Blumenthal, 

£92, provided the tickets were s “^ esi, ? n i n ” Treasury, the natural gas Bill. Treasury Secretary, forecast yes- 

bought 30 days in advance. fjform a, dS ussinn* hv » n.™ which provides for the final terday that the current account 

Mr. Gerry Draper, the airlines ber of Sian c/m.neS cle-reguJation of natural gas defich. .whirt amounted to 

commercial operations director bankers who are lukewarm about P rices b > wi H cut oil s l 5 --hn in 19 m. would be in 

said at .the time that BA could UK entry There is also sili- hnports next year by as much as the S1&-S1 9b n range this I'^r. 

no longer be constrained bv pirjon th^t sen^r nfliciairm the 500 - 000 barrels 3 da V - an However, he foresaw a 30-K) 

IATA from meeting the growing French Administration mo may il »P ( ? rt5 at CUITenl P rk ’f s "J , t of convergent 

Conffnaed on Back Pa g c ^ ^ .^1 SA«lOTSS 

Scandinavian air talks Pa B c , siSJtt*£SSE S'S^^pSBSKJg 

— - w twMsmi aSESSSlg 

• A hankers present in Washington ness to come to grips with its '[ U e r 5“!' sni cul min" tewhat 

that the UK remains seriously in- energy consumption and nS dse’-ic* ^of econn- 

niCTPFC terested in joining the scheme. President Carter's ability - h n * » b « 1 SI.S2S 



British officials 

terested in mining the scheme, rre&iueni triers auuuv — , . d/v»*elnnmpnts 

This reflects the si rone strengthened since his domestic ?*}.£!*££„ dc ' e,0 P ments 

political commitment of Mr standing has soared in the woke This has helped relieve at 
James Callaghan to the idea of p f the Camp David Middle East , e A? temnorari v some of ' the 

^ r BriK C3 dS'^- .void “r» »»PW bis wil1 - [fress u r e- 1 ” m° M r! B I uni e^n t h a 1 and 
be™ isolated nSwn in !l' *" ° bs,,n3t " Con S ress ' his colleagues from the repre 

Healey's comment on Tuesday . 0n **.***? accoun . L the sentafves of the other nation* 
here that he “verv much hoped August deficit is very close to gathered here for Ihe IMF 

V — ■ tUn PI <?U_ HAnnwA Arl < r-% Til rirt •> Tl»l ■ I 1 I mrtrttf rt <1 

has been a goo dserics of econo- 


to reach agreement.” 

the Sl.fihn recorded in June, annual meeting. 

g to confidential documents accounting standards, caUs Ejr TUC LEADERS are seeking an Speaking after a short meeting was verv c^ar. I hope that ( ,n tbe remarks both by Mr. 
teased by the New Democratic enforcement by the City of;stitie- early meeting with Ministers to of the TUC general council, Mr. Ministers will examine carefully I H«?s»lr?y and senior West German 

Thf- re may be common around i Th 18 suggests that the sharp Editorial comment. Page 22 

mployinent Minister. Page 4 .Securities Industry. Back and industttat— and possibly electoral ment’s collision! with the trade approach on the Government s alterations jn exchange rates, tu y michael blanden 

Page 22 . —results. .. unions over its counter-inflation side to collective bargaining." reHcct differing economic 61 mii_ha i- blan 

iaunda challenge ^ iniHI , a „ lt . JSSS^S^&SHS^. • U SS& _ .... ....... "r- •» 9» „ ,s„ ™*. impboved u.s. 

Dollar rises then slips 

e 22 . —results. .. unions over its counter-inflation side to collective bargaining." reject 

- Although billed as the rtorxnal strategy. Mr. Moss Evans of the P oslllur lf 

EUROPEAN AIRBUS talks post-Congress notification of TUC Asked about the Ford unions' Transport Workers, the major . Th ®, Bl 


The British view is that, with 

iimnauoa a® 50 , e presiaentiai progress. Page 2 by Ford workers and many others 

udidaic m elections next — including lm local authority 

Member. Page 4 . - ® BRITAIN is heading opposition manual workers who are waiting 

. to a draft EEC directive seeking in the wings. 

CUTigOr Sirme ID impose new restrictions on the The Government's determina- 

11 political prisoners in financing of the iron- and steel tion to stand up to the Ford 

rfieran's main jail have gone industries in the Community, claim, and to defend its policy to 

Union officials of 26,000 Vaux- 
hall manual workers last night 
rejected a pay offer and will 
report back to a mass meeting 
today: Ford strikers, mean- 

has made it plain tbat the TUC 

uriii k« i, The worry is that doubts about 

“ " - ^ ^e^^lcfTo^oTpn’rtoTS 

Richard Ev,n, write: A full- Wimm> “ 

1“ ?.. c .°" fr . 0 .“? ti . 0 ” ... ove , r W Thus. If Britain becomes! 

an indefinite hunger strike in 8 

the hHt may render the TUCs 

» m r toan SiS^m'b^fi^ln^donb"; Gerrnony^ndBelginmthroogh 
c ’Defence of Human Rights!° SSWS5JSS2SSS ’ "SffiTS SS -ft 

today: Ford strikers, mean- scale confrontation over pay “ Th * jf 'Rntaj,. hennme‘;l 
while, will try today to halt policy at jKt countries which alsoi 

the import of cars built in Party conference looked mcreas- havc doubts about the Francn- 
Germany and Belgium throogh mglj- likely yesterday when two r; errn | IT) p| 3 n. such as Italy, are 
Hull docks. ' tw° Len-wing MPs drafted a re- more likely to acriiiiesce and not 

Bach Page solution for the National Ex ecu- p res s their objections. 

. -v ti itn i nmmiMnca hinnl i - Apitinnl nr 1 

^^^horpe delay considered imv D y m uDiaet Phase- Four. .raised above 5 per cent, Mr. Mr. Eric Heffer. MP for Livcr- 

-firmer Liberal lender Mr. “ck rage. -Mr. Lcn Murray. TUC general Murray said: “So far as I ajm pool Walton, and Mr. Frank 

>remy Thorpes appearance swrettuy, said yesterday that aware. Ford did not give an Allaun. MP for Salford East, will 

.“fore Minehead magistrates’ •*««*»=*“ rmiviuvu em- Government pursuit of an in- indication of the nature of its try to nersuade lbe NEC at its 

■urt. to face a charge of con- V 10 *?™ ? 7 ? !*°* ul l U ? a specia } flexible line would- not be helpful proposals" pre-conference meeting in Blacl- 

•iring to murder, has been post- ■^ ae ^ 1 ° st in its ** relationships with trade Of the TUC’s- mission to pool in-morrow tn oppose the 5 

ined again, this time until industrial aroon by pnnt'vwkere unionists.” Ministers, he said: “Congress per cent guidiine. 

—^-nvemhpr °o demanding more pay for operat- . TiT- 

^^ovemner ing new machinery. Back Page / . 

operative 1 on Merseyside is to be limit capnot be sustained for 
considered today by the Cabinet phase Four. 

per cent, Mr. 

tive Committee highly critical on 
the Government. j 

Mr. Eric Heffer. MP for Liver- ‘ 

So far as I am pool Walion, and 

Bonn confidence Page 2 
IMF notebook Page 4 

figures gave a temporary boost 
lo the dollar in exchange 
market dealings yesterday. Cut 
later in ihc day the underlying 
weakness of the U.S. currency 
reasserted Itself, and the dollar 
slipped back from its best 

At the close or London trad- 
ing before the gas Bill had 
been voted on, Ihe dollar was 
slightly up on the Swiss franc 
at SwFr 1.4960 compared with 
SwFr 1.4845 on the previous 
day. after touch Lug SwFr 1.5030 
at its host 

The West German D-Mark, 

in contrast, ended stronger at 
DM 1.9405 to the dollar against 
DM 1.94821. though during the 
day the dollar had been as high 
as DM 1.9530. 

The pound elosed 10 points 
down at Sl.9705. with its trade- 
weighted index at 62.6 against 

£ in New York 

; \, Liverpool out 

'< ♦''Liverpool, the holders were UtBuDn 
* nocked out of the European q IXJCAL 

0. Hu.r? "lii 

1. jn.l.f* >iifc 

f-.ri : i-ri.-0 .!,« 

M. 9665- 3670 
O.7A-0.C7 ili, 
5.7VS.aS >lii 

New warning on Japanese cars SCOTCH WHISKY 


-' e Ltpang 

“"I*® fioctt authority x ?? TY €mx iuii£i t/u uaiiaii^a^ vaia 

^ » - r !■ : -flop when they could drew only, employers, who have been told Jar 

i r l V, **n£ w h ho°’won%- 0 N on a, ?K» Stef BY TEHHY DODSWORTH motor INDUSTRY CORRESPONDENT 

»e.. Other European results: officers and executives breaches . . T . . u . . . , . _ ...... V,, . .. .. 

.rsenal. Ipswich. Manchester ilEi £u idelines. mav fnrefit tbe A PERSONAL warning has been March to limit shipment* to tbe as though it will be bigger than 

-rtfily. West Bromwich and Government contribution. Siv® 11 to the Japanese Ambassa- same level as last year will still predictions in March. But the 

ft gangers go through; Wrexham p aee m dor in London about the con- be met. Japanese market share is still 

ft ; out. timiing high level of Japanese Mr. Dell has stressed to th& well above that, reached during 

a NEWXY-UNE3«PLO'\ r ED male ca * exports to Britain. ambassador, however, that the the same period last year — 11.2 

rchoolboy hunt workers must now expect to- The matter was raised by Mr. Government is not only worried per cent by the end of August, 

hp Social Patrol Group has remain on the jobless register for Edmund Dell, the Trade Secre- about shipments, although they compared with. 10.4 per cent a 

•ined rte police hunt for Mark *n average pf 17 weeks, while tary. at a meeting with the are still running at a high leveL year ago. - 

erkshire who dis a one ^d from women are unemployed on Ambassador. Mr. Tadeo Kaio, on There is also mounting concern The last time i Mr. Dell took up 

Kwhcmi in “lidSSE^Si'mtaS 1 ’ average 12 weeks, a Department Monday. This followed a rise about -the market share of tiie issue of Japanese imports 

1 ■Hnnrial oi Employment study reveals, in the- Japanese share of the UK Japanese cars in the UK so far with the Ambassador was in 

l Monday. In M nrd>Iey, Staffs. p aCB iq market to 12.5 per cent in August this year. This issue is covered November, 1977, after which 

funeral service was held for . . — above the average rate in tie March agreement in a sales fell sharply, 

art Bridgwater, the newsboy ■ ■ • * for the year of 11.2 per cent, vague phrase which talk* about The British industry is also 

tot dead by antique thieves. CdliPJUIIcS 'There -have been suggestions ihe "confident expectation .of making further efforts through 

A TFfiAL ' AND GENERAL the industry recently that the MITI- that the Japanese share of the Society of -Motor Manufac- 

inefly ... ? fi «n£nre incriared I tso be ratine Government might be forced to the UK market for passenger cars hirers and Traders to extend the 

„ ^ t J H?5S2? "i5f mS impose some form of quotas if will naturally decline." present agreement on shipment 

Ruslan and India have reached P r 7gT ^. /£7 ]a \ L <n;te of gn slijpaicats and sa’.es of Japanese The basis for this "expccla- Jiniitations. The SMMT wants 

2SrShi e *ni| S Bonf underwritiiS lo^s^ - of^is.flai for cars did not decline quickly. tion" was that there would be further talks with the Japanese 

m>j.ates in Karachi and Bom- Mwgim mg joss i ai w , Bet the official Whitehall line considerable growth in sales of Automobile Manufacturers’ Assu- 

S' n P'S' half n" ; 1077. *5 ' s ^-at the assurances given by all cars. Nation in early November. 

MS Eagle, once Britain's lar- vl ' d 1 the. Japanese Ministry of Inter- This expansion has, in fact, Renanli aims for 5 per cent of 

*-st warship, will begin her final national Trade and Industry in 'occurred, .and the market looks UK market. Pase 6 

briefly . . . 

the Scotch of the 
year and every 
year since 




K %,S 

iy^Ui' — to 
c’.ooer 6. 

He Devon village of Wood faces if-Sjjri f, ° ^ ,c3 
i'Lucr wilhout water supplies £S7-.4n>. Page -5 and. ->n. . 
Wause nobody .knows how to £ CAMPARI, the leisure and 
:?a!r its Edwardian waterworks, camping efinipmont group, which 
henfher Griesser of Austria reports pretax profits fer I977-7S 
as claimed a world record after at a record £1.75m against 
Liking in the bath for 125 £l'.64m, is making a one-for-io 
ours. scrip issue. Eage 25 

scrapyard— on • FOSECO MINSEP first hall 

pretax proflT rose f rom £7 fi3m to 




. Prices in pence unless otherwise 
. j - indicated) 


, ranvay 45 + 6 

Intnl. 295 + 10 

£ laxo 627 + S : 

■4&X 4S4 + 14 

r +K 13 R + fi 

^ '1 jiimaics Sugar 16 + 2J 

s J/Ieurt Box 35R- 4- 8 

^ br'on and Wright... 208 + 8 

imp Darby - 112 .4* 7 

^artrite 128 + 12 . 

CA Intnl 3H -h % 

«AS?.10 “Ops” S“5 + IS . 

/.■mwinc Biotinto .....'324 +. ft 

sxi-y rz 246. + 6. 

■J falls 

' /.yeas. 14pc 1982 ..£10511' - A 

Barclays Bank ... 
Barratt Devs, — 

Blue Circle 

Brown (J,)- 


Cater Ryder 



Land Sew:' 

Legal and General 

Lucas Ihds. 

Midland Bank ...... 

Milford Docks 

Royal Insurance ... 
Sedgwick Forbes 
Walker -lC. and tVO 
Siebens tUK) ...... 


St. Helena 

West Drie.. 

.. 330 - JO 
.. UH — a 
.. 279 - o 
..448 - 14 
.. 130 - « . 
.. 265 - 7 
.. 146 - 9 
.. 351 - 6 

,. 236 -7 
.. 154 - 4 
.. 312 - 10 
.. 340 - 10 
.. 112 - 8 
.. 355 - 7 
.. 432 - 23 
.. 124 - 8 
..£365 ~ U 
.. 705 - 82 
.. £24 - 1 

European news 2-3 

American news 34 

Overseas news 4 

. World trade Dews 6 

Home news— general 8-9 

' — labour 10 

Doable ' standards . in' 

' a«OB Htaii cy 22 

Economic Viewpoint: The 
future in Britain 23 

Business and the Courts: 

. My friends, the computers 20 

Technical page 14 

Marketing page 10-12 

Arts page 21 

Leader page 22 

UK Companies 24-27 

Mining 26 


Swiss franc pressures: 
Bluer taste for Nestle ... 29 

Prospects for local authority 
finances 32 

Inti. Companies 28-30 

Euromarkets 28 

Money and Exchanges 30 

World markets 31 

Farming, raw materials ... 33 

UK stock market 40 

The Brazilian economy, on 

a looser rein 3 

An IMF notebook 4 


Pensions 15-19 

Individual pensions 15-19 

%re fe f 

ku * 


Appointments t 

Ambrnmau Juiro, sm 
In LenMna Rates 31 

BnshKss Oppts. Q 

■CranrarM - - 2fl 

Economic '.todlcstan -4 
Emortaiomaat Oolite . 2a 
Euro option-) 31 

' FT-Ac merles ladltu 
J«bs Ctlunm ......... 

Letters , .. . ... 

ux .. - 

' Lembant ... 

Mu and Matters ... 



Share Infarmattwi ... 
Today’s Events 23 

TV and Radis 20 

Unit Trusts at 

Woatber os 

^MKO MllttW . . H 

Lesal and 0 h. Ass. 24 

Tharm Strinhut* 27 

Taetai .......... ; 25 


CMC 27 

Lon St on Transport ... 27 

Manson Finance .. 24 

Redland Ltd. • 24 

Joseph Stocks - 2b 


For latest Share Index 'phone 01-246 8026 



Financial Tiroes 


Optimism in 
France on 
Airbus talks 

Bjr Robert Mauthner 

PARTS, Sept. 2 

Bonn confident EMS can begin on time 


] WEST GERMAN Government with enlargement of .the Com- 
■ and monetary officials are cen- munitj* than with rhc establish- 
fide at that the proposed new meat of the monetary system it- 
J European Monetary System self, is of giving the EU3 a 

attempt to reach agreement on : s ttacjjcd to its operation. The West Germans strongly 
ffie terms /or Bntisn entry into , ^ - iS emphasised that the resist the suggestion that they 

! system is not itself intended to are backing away from the 
^vTq 1 if*, =4* : - e « i5 * er instrument for accord reached in Bremen in 
JUJrill ! transferrins resources in Europe July, envisaging creation of a 

^ T??n- ■ or of su plying credit on markedly European monetary fund, into 

*2*25 cW S rbat therehad : raore la" conditions than are which each participating country 
part, it was clear teat mere naa V ;ould ■ d(>l j ars an( i/ or mid 

Ee° S ° £ But n3 °tii e e me, rnDod °was : But :t !S recognised that in and some of its’ national 
d^dedly more optimistic iB ! connection with the Mr* of the currency 

tile French camp than iH the ne "' ^' steni a Wronger role may But it is emphasised that the 

he given to existing European Bremen accord mentions a time 
Com ran?.'.* y in'titutions for span of up to two years during 

ra.-o:;rcc-> rnnsfer. which, for example. legal 

One idea — cf particular problems involved in establish- 
interest *n Britain and Ireland — ment of the fund are to be 
is of subsidising the interest cleared up. 
rates on loans provided by the Once a basic political decision 
1TC European Investment Bank has been taken to 30 ahead, it 

For the moment no further . (E1B>. Another, connected more is expected that the system will 
ministerial meetings have been ; 


■ British. 

- While Mr. Varley confined 
v" himself to describing the meet- 

1 Ic'g as constructive, French 

! officials considered that the 

negotiations were moving 
1" ‘ 1 towards an acceptable compro- 
1 V * 1 mise. 

get underway with an agreement 
between central blanks, along 
the lines already existing for 
the currency snake. 

That implies a commitment by 
participating central banks to 
unlimited quantitative support 
for the weak cmrency of a 
member state, hut with the 
credit provided for the support 
operations repayable according 
to a fixed timetable. 

Tt is not excluded tha# this 
timetable mfgiit he somewhat 
different in the new system from 
that in the snake and it is recog- 
nised that the monetary fund 
will also be used to provide 
longer-term credits for coun- 
tries with balance- of payments 

It is not planned; however, so 
to extend the timetable for re- 
payment or to weaken the con- 
ditions ns to create a large, 
additional source of inflation. 
Nor is it intended to try to prop 

BONN, Sept. 27. 

up artificially and indefinitely that much of the worry has been. t 
the currency of a member state dispelled not least by the Franco- j 
against a fundamental economic West German accord in Aachen 
trend. earlier this month. The two I 

The Germans see the key point countries had appeared to be in i 
of the system in. shielamg dispute on a key point. j 

nations from short-term currency The French, in common with j 

hints ai 





will provide for revaluation or danggrs far Wear 'German money \ farther hint vi 

devaluation when essential. supply in particular. The Ger- j country will P re&s f petrol eu 1 *^ 
The fear that the proposed mans wanted a tougher system. | &e Organisation. ^/qpeci for 
system would act as a giant infia- in retrospect the affair seems l Exporting Couutne- . igtei 
tion machine was widespread •** v. — *.« — — k.. - i m in ou k - 

weeks after the Bremen accord, 
which, although detailed, left 
several Key matters unclear. 

This concern even extended tc 
the Bundesbank— although its 
top leadership was informed 
about the plan from the start 
and expressed a favourable view 
— provided certain conditions 
were fulfilled, ll is now clear 

hoping for a system which at : tO tolerate 
least appeared to be different i adverse effects c.t * gpgc 
from the snake, from which the :ofci. revenue*. he saw- * Ahu 
French franc has twice had to 1 Ministers 3re due m " 

7 planned but discussions will con 
Unue at official level 2nd. pos 
• , i aihly. between representatives nf 

Scandinavian air setback 

25? TALKS B ETUT2EN Britain and national flag carriers. British Air- 
nririnii p-id-nf- ; Norway. Denmark and Sweden on ways and Scandinavian Airline 

tiie French. West German and 
British aircraft industries. But 
fee French continue 
tiiat an early 

i^en if the original end-of 
September deadline set b* Air 

5JS J??? 1 51116 15 exteTlded by a I Copenhagen and officials look set committed to a less liberal 
The 1 French, according to! for a ieagihr period of hard approach, which would be based 

^m tiV b% nrepYredto dro6 1 sides have tabled ^nYhnesotiktors said at the 

§Xr original' demand that ; totally different approaches lo start of talks on Monday that they 
British Airwavs. which recently ! a proposed new air agreement te were prepared for hard, long 

a new sir services agreement Systems <SAS1. The ouauui-j 
run into difficulties in navians are understood to be* 

less liberal 

and B-4 versions of the Airbus! to expand ail scheduled air Copenhagen that the Scandi 
or the new 200-!.-«rti?r A-330. [service- with the three Nordic navian delegation may have had 
But they will do so only if the .countries, to reduce fares and to second thoughts about its govern- 
ing also makes some eonce^inn 5 . '■ encourace competition from merits’ cancellation of the exist- 
auch as increasing its contribution j independent airlines for the inq agreement 

to the development costs of ihei . 

new Airbus. Under an agreement j 

sri th the present Airbus partners, i Cabin staff strike hits Air France 

Aerospatiale of France and i 
Deutsche Airbus of Vest i 
Germany, which was approved by { 

the British Government at the! AIR FRANCE flishu were two Paris airports. Charles de ! 


PARIS. SepL 27. 

However, the agreement was , 
made subject to the approval of ■ until tomorrow, 
die French ar.d West German j The Slate airline 
Governments 'more than SO fliEht* 

The cabin staff have stopped 
v.ork in support of demands for 
cancelled bigger crews on long-distance 
from its flights. 

Spanish prices 
rise by 1.7% 

By Robert Graham 

MADRID, Sept- 27. 
THE SPANISH consumer price 
index rose 1.7 per cent in August, 
confirming the sharp upward 
movement in inflation since July. 
Although the accumulated infla- 
tion rate for the first eight 
months is . 12.1 per cent, the 
annual rate computed againsL 
the average for the past two 
months would be 22 per cent. 

Inflation has become a major 
concern of the Government. The 
main inflationary element in 
Jnly and August has been food 
prices. In July foodstuffs rose 3.8 
per cent and in August went up 
a further 3.5 per cent. 

Largely as a result of this the 
Government seems anxious to 
freeze food prices until the end 
of the year. 

0 King Baudouin of Belgium 
addressed a joint session of the 
Spanish Parliament today and 
expressed his country's support 
for Spain's admission to the 
European Economic Community. 
AP reports from Madrid. 

viermaas ueueve cney wm nave ; a-. mree-oa> luu.----- c Pa riHi- 
French support as the final ion co-ooe ration between^ o 
details of the new monetary j navia and the Couo- 

' - Afab Petroleum Exporting wwa 

tries (OAPEGi. 

1.' -Experts estimated 

? system are ironed out. 

for oil. 



Dutch NATO role queried|g.2i,SisF„« 

Jof-.-Sl^TO a barrel for OPHL. 
j marker’ crude (on which prices 
are -reckoned), he sa.d. 

OPEC states were also 
soaring costs, for technology and 



HOLLAND MUST reconsider its kills people with high radiation 
membership of NATO if the levels - while leaving buildings 
alliance denloys the neutron largely undamaged— -ahead of 
bomb, a leading Christian Demo- the East-West disarmament talks 
era tic politician said today. Even Tt is not fanciful to suppose 
if neutron weapons were nol that Holland would leave NATO 
stationed on Dutch soil. Holland if it deploys the neutron bomb*" 
would be responsible for their Mr. Aantjes said Is the inter- 
use by other NATO members. Mr view. “The Christian Democrats 
Wim Aantjes. parliamentary would seek a discussion of Hol- 
leader of the senior Gore mm ent land’s membership if it- is 
party said in a magazine inter deployed. 1 am sot saying this 
view. for show. The most unlikely 

Mr. Aantje's views, printed in things will become possible, 
Hervormd Nederland, an otherwise we are irrevocably-! 
ecumenical weekly with a circu- heading for destruction” ' 
lation of 2S.OOO, show that a .Asked if he would favour Hot- 
large and influential setcioo of land's withdrawal from NATO 
the Christian Democratic party Mr. Aantjes would not say, “but 
remains opposed to the deploy this issue would have to be dis- 

ment of the neutron bomb. cussed and one of the possibili- 

The Government of the Chris- ties would be -for Holland to 

tiaa Democratic Prime Minister, renounce its NATO member- 
Mr. Dries van Agt kepi Holland’s ship." 

options open on the issue in the Acceptace of the neutron bomb [and fertilisers. The Arab coun- 

cspital equipment and hems 

vic timis ed by the dtscruninaiOp 
SSaf>ticies of their mam 

^^gotiations for a ^had 
international economic order had 
Failed, as had talks on better 
terms cf trade for raw mater. al 
exports from the developing 

countries. . .. _ 

The means open to oil pro- 
ducers to correct the imbalances 
was to adjust oil prices upwards, 
he said. , 

- The Kuwaiti Minister also com- 
plained that the industrialised 
countries were applying discrim- 
inatorv policies to deprive tne 
pH producers of reasonable 
access to world markets for re- 
fined products, petrochemicals 

parliamentary debate in March, by NATO would lead to the “pass- 
But a large number of his awn ing of limits” acceptable' to Hot 
party voted with the opposition land. He referred to an earlier, 
which was against use of the report in Hervormd Nederland 
neutron bomb. that the UJS. was able to convert 

Holland has refused to take a conventional. nuclear missiles to 
position on the bomb— which neutron weapons in the field 

tries were, however, determined 
to gain a larger share of down- 
stream operations. 

The removal of trade barriers 
and quantitative controls against 
Arab products would be a quid 
pro quo for the fulfilment by the 

fl producers 
[j world energy 

In a separate mtminr T* 
Naureddin Farra|L‘'generjj: 
a per of the Arab Prt ra^ff plg 
vestment Corpwttieti; 
the Arabs' ^ 

they regard as aHenrirts hyrS 
lariy in Europe, to tfewarf 
expansion Into refipe * 
and pet rO c bftriiitf aljL • 

In addUtinntetaiWi»isI^(j 
systems discriaJ»fui^ 

Arab exports, fpfttiro 
involved inibeAraolpwrierfii ^ 
been offering ptic^ . 
which were conslderabte 
than those paid in thfrirniuST i * 
alised countries- - .- _fi 
Eu ropean vefibeiles 
rebuilt zo meet ~lfle 
pattern of demh*JI..- OQtey • 

operating at 65 te -W per ear - 
of capacity, not. just. Beousa^ 
maud w=s • weak -bat 
remaining part of tfcefr iiMW 
was not usable. . •f35“ 

Mr. B jartmar Gjerdt-N^wa^ 
Energy Hihistct,' agreed a&U 
price development ■nr ’fltt ' 
r**o years had be^n a-iieavyioar 
den for the oil p«riteetiterTn» 
out the 1973 oil price., 

North Sea nil produrtiTO wtmic 
have been mutii'.sailitf i to ^ .j- 
was today. Favfher^icr-Js 
creases would benefit 
were ton rapid they 
the stability of the industi&fBw 
countries. : v- 

• Sheikh Khalif* AJ-Kteftf* 
president of the 
building and Srpair Ystd C^c 
pany .(ASRY) confirmed in k 
interview In Oslo ’ ‘ Ib'af 
Bahrain dry deck, which 'in 
inaugurated ..last, Deriwhr 
would show a loss on ^ ^l 
operations. ■ , . .I. '.V^... 7 

While he gave no exaef %fl*- 
European dry docks were cj 
pected to make an a«9age te 
above 810m this year. 

U K crude pr odurf lon, F>ge j 

Pmwh Tww ra^'dseil Su 

Cal-c jr- toiilin ET-S. cutacrOat'dii.GK: 

I Sir rretiliO SWiM Utar Mall/ Kf M 
Scfond dan raibue raM x Sew YoA.y. 


The only daily 747 non-stop to Dallas -Fort Worth 

and South-Western U.S.A. 

No other airline comes within 
sight of it The only 747 non-stop 
daily service to America’s South- 
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Gatwick to Dallas-Fort Worth. 


Dallas-Fort Worth is the newest 
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America’s Big Country. 

And from there, only Braniff offers 
direct connections to 20 cities 
throughout the Southwest Far- 
West and Mid-West of the USA 
and Mexico. For example: 

Leave London Gatwick 11.45am 
Arrive Dallas-Fort Worth 3.05pm 
Houston 4.50pm 

Las Vegas 4.45pm 

San Antonio 4.47pm 
Oklahoma City 5.00pm 
Tulsa 5.10pm 

Denver 5.30pm 

Kansas City 6.40pm 
Mexico City 7.10pm 
Leave Dallas-Fort Worth 6.45pm 
Arrive London Gatwick 9.15am 
There is a helicopter link, or a 
ground link, free to Braniff 
passengers flying into Heathrow 
en route to Gatwick for the 
Braniff flight 


There is a wide range of low 
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To Dallas-Fort Worth there are 
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For flight schedules and reserva- . 
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call your travel agent or the 
Braniff reservations centre in 
London 01-491 463L 

Birmingham In .these cities 
Edinburgh Dial 100 and 
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ask Operator 
for Freefone 




Mainland I JSA. Alaska, Hawaii Mexico. South America and Knrnpp. 



Petroteo Brasileiro S. A. 

Riode Janeiro 

DM 100,000,000 
7% Bonds due 1988 



Abu DhaM Invest rnant Company 
AtahK Bank of Kuwait (KS.CJ 
Alge r non* Bank Nederland N.K 

A. E. Ames A Co. 


Amex Bank 


Ameterdam- Rotterdam Bank N.VL 
Arab African international Bank (Cairo) 

Arab financial Consultants Company 5 JUC 

Arab Malaysian Development Bonk 

Bacbe Halsey Stuart Shields 
in corpora ted 

Banco CommarcMe ItaRana 
Banco del Gottardo 
Barrca Nazionaki(MLavon> 

Banco dl Roms 

Bank of America International 

Bank Julius Baer fntaroatSorud 

Bank GutzwfQer, Kura, Bunganor 
(Overseas] Limited 

Bank Meee A Hope NV 

The Bank of Tokyo (HbHancf) N.W 

Bankers Trust Internationa] 


Banque Arabe at Intemationala 
dlmreatissement (BAJ.I-) 

Battpua Bnuedtas Lambert SJL 

Banque Rrenfalae du Commerce Cartarieup 

Banque Fran^atae de Ctddtt International LtdL 

Banque Qkdrate du Laxembourg 

SocWte Anonyme 

Banque da llndochlneet de Suez ' 

Banque Internationale i Luxembourg SJL 

Banque Natlonata da Parts 

Banque de Naufkze.'Sdbtuinbergar, Mallet 

Banque de Paris at des Pays-Bas 

Banque de Parts et des Pays-Bas (Suisse) SJL 

Banque Poptdaire Suisse S.A. Lmambourg 

Banque de ('Union EuropA em ta 

Baring Brothers 4 Co^. . 


Beyerische HypaUrefcen- und 
Wech tel- Bank 

Beyerische Landeebenk Ghwentrala 
Bayerisctw Vereinabank 
Job. Bemtberg, Gossler A Co. 

Bergen Bank 
Berliner Bank 


B«11n«r Handels- 
trnd Frankfurter Bank 

Biyth Eastman OfHon & Co, 

international Limited 
S.SJ. Underwriters Limited 
Cause des Depdts et Consignations 
Chase Manhattan ' 





CbristMa Bankog KrwBtkaMe 
Citicorp IntemationaJ Group 


Compaguie MonAgsaqoe de Beoqne 
Copenhagen HendeiBbenk 
County Bank 


Cr£dft Commercial de France 
Credit Industrie! et Cornmarcild 

Credit Suisse first Boston 

CrarStoKaRsno ■ • 

Daiwa Europe NLV. _ 

Itietwitl Dans A Co. 


IMbrficIcd Co. 

Den DanafceBanfc 

sf 1871 Aktieselskab 

Oeutsclw Gtroxentrale 

- Deutsche KomnxmaHiank— 

DG Bank 

Deutsche Genossemcbattabank 

Dili on. Read Ovaraeaa Cwpocttfoe ■ 
ptasdnar Bonk 

Drexel Burnham Lambert 
Incorporated . 

Effect anbaak-Wertara 

Aktienflese Use haft 

Euramobitlara S.pJL 
Compagnia£u rapes In torw a bBefl i 
European Banking Coatpany 

Limited . 

Robert Ramlng fi Co. 

Limited _ 

Fuji International finance 
Limit ed- 

Girozairtraleund Bank 

" rnrliniai 


Handetsbank HMI. (Overseas) - 
Limilej • 

Georg Haock A Sohn 

Hessische Landaabank 

- Glrazentrale - 

HID Samuel & Co. 


E.F. Hutton ft Co. N.V. ... 

The Industrial Bank of Kuwait KLS.C. 

Istituto Bancario Stn PedodToripa ' 

Kidder, Peabody international 

Limited . 

Kradtetbank H.V. 

Kradlaibank SJL Untembosrgadlsp 


(OVERSEAS) Umfted . 

Kuwait (Vnrigniyadliig. Contracting 
A Investment Co. (SJUC) 

Kuwatt international ImraetmMt rv. - - V, 

Laxard Brottans A Co- 

Libra Bank UmHadl 

Uoyds Benk International 


Sferrffi Lynch tntaraatktfwlft Co. 

B. Metzter aaeL Sohn ft Co- 

Morean QraufM ft Co. 


Morgra Stanley totemetionel 

The Mkko Sdcqritfea Co^ (Europe) Ltd> 
Nippon European Bank SJL 
•tonwra Europe H.V. 

Worddeatsc beLandeabenlc 


Nordic Bank 

Limited .. 



Orion Bank 

Plaraon, HokJifog A Pierson N.VL 



PrivatbanfcenAktieeeUkab - 


Salomon BroOiars lot eiriatlanal 

UfTUied . . 

Sk^wflna^irtca Bmbtdm Bwnkmn 
SoeUU Gdndrato 

SocMtft Gftnftfrdu de Banque SJL 

Spetbanhamas Bank 
S«i«i»«mo finance bttefnational 

Gun Hung Kai lutamattomd Lid. 

s,aw ^ M ««toWra»ikan 
Trfrdatia ft Buridiandt 
Unioa Bank of Finland Ltd. 

Av. ill 

-la ix% 

' V 



!S?F!* anW fia-ualsoa 


M. M. Vtarburg-Brinckrmirm, WbteftCou 
^»*Uaienb*ok r 

West LB Asia 

Lhnifed - . T’.: 

D ** n WHtm Rcynatda briamrtkrMf • 
Wood Gundy Limited 
J^maicW Intemtifonfll 



Financial Times Thursday September 28 1978 



Irish steel 

Si >i\ 


under EEC discussion 


ate. a A ' j • ■ 

s A nation on a 


IN AN unexpected move the 
EEC Commission is thought to. 
be considering a plan which 
: could allow thestale-owned Irish 
Steel holding company to go 
ahead with a £40m development 
project which might save 700 
jobs at the company's Cork plant. 

The agreement Involves a 
r switch plan" with a French 
concern Society Metallurgie de 
.Normandie (SMN) under which 
the French company will selJ 
products of Irish Steel in France 
and other SEC countries, while 
-Irish Steel will market SMN 
products in Ireland. 

The idea is that the swapped 

products will be Don-complemen- 
tary steel items. In this way 
the rationalisation plan to limit 
further increases in * European 
Steel output so strongly 
advocated by Viscount Etienne 
Davignon, the EEC Steel Com- 
missioner,. will not be com- 

Should the Commission agree 
in principle for.ib^ plan to go 
ahead all that would be needed 
would be for the companies (o 
fi.nalise terms; 

The tentative idea Is that Irish 
Steel's plant will, boost its out- 
puto to 120.000 tonnes. 

The scheme goes a long way 
towards fulfilling the target for 
an increase In output o 00,000 

DUBLIN. Sept 27. 

tonnes which Irish Steel esti- 
mated earlier this year would 
be necessary to turn the loss- 
making concern around. The 
development plan .has involved 
the installation of continued 
billet casting machinery at a cost 
of £40m. . 

When it proposed Us develop 
ment pjlan. Irish Steel met stiff 
opposition from Viscount 
Davignon who. in a heated 
Dublin news conference, said the 
scheme was unacceptable since 
there could he no increase in 
output for steel in the Com- 
munity^ It remains to be seen 
whether a projected £20m loan 
discussed with the Coal and 
Steel Fund will be forthcoming. 

Dublin plans more oil exploration 


* taking place between the Irish 
Government and major oil com- 
panies over the issue of further 

- exclusive oil exploration licences 
in designated areas of the Irish 
continental shelf, according to 
Hr. Desmond O'Malley. Ireland's 
Minister for Industry. Commerce 
and Energy. An announcement 

-■on licensing may be made by 

- the Government within the next 
two months. 

- Mr. O'Malley’s statement 
comes at a time when the Irish 
offshore drilling season is draw- 
ing to a close. With 15 wells 

. drilled it has been Ireland's most 
"active drilling year with the big- 
-gest exploration programme off 
western Europe in 197S. 

• But results so far have been 
■ disappointing. Of 11 wells ^com- 
pleted to date, none has shown 
significant indications of oil or 

-■gas although several have shown 
' non-commercial traces of nil. 
Hopes rest on four wells yet to 
be completed in the Porcupine 
: Trough, in the Atlantic over 100 
Smiles off Ireland’s west coast 

One of these wells, drilled by 
Demines Ireland on block 35/6, 
-Is not expected to be completed 

! until the end of October. But 
announcements on the other . 
three — the A ran /BP group on 
block 26/22, Elf Aquitaine on 
• block 35/2 and the Phillips 
Petroleum on block 35/S will 
probably be made this month. 

Minor oil finds are expected to 
be reported from the Elf 

More Danish jobless 

Unemployment in Denmark rose 
in August to 174,800, 8.1 per cent 
of the total labour force, the 
Danish Bureau of Statistics an- 
nounced yesterday, AP reports. 
This compared with 7.9 per cent 
in July and 7.3 per cent in August : 
last year. < 


Aquitaine well but it is the 
Phillips well which is thought by 
the oil industry to he the most 
promising. Here a test pro- 
gramme is in progress — for the 

first time in the Porcupine area — 
and analysts expect the 
announcement of an oil discovery 
which will merit. '■ further 
appraisal drilling.- -'••• 

A major oil discovery in Irish 
waters would raeab that the 
Government's energy proposals 
would have to he “radically 
re-written,” said Mr. O’Malley. 

A discussion .document on 
energy published by the Irish 
Government in July notes that 
the country is “ energy-deficient " 
with a near 75 per cent depen- 
dence on imported oil which 
“leaves us dangerously exposed 
in the event of any disruption . . . 
to oil supplies." but-eays It 
would be premature" to., assume 

Bakers on strike: ' 

About 3,000 workers \n large 
bakeries throughout Portugal 
■went on strike yesterday sup- 
port of demands for a nev^vage 
agreement, Reuter reports $rom 
Lisbon. The. strike. caused a rush 
on small bakeries, 

that energy problems would be 
solved by an oil find. 

Yet Ireland's entire present oil 
requirements could be met by a 
field producing 100,000 barrels a 
day, a small field by North Sea 
standards. Though the hazardous 
weather and deep water in the 
Porcupine area would mean that 
exploitation of a discovery there 
would inevitably be expensive 
and technically difficult 

Hence the need to maintain 
the exploration momentum next 
year. Proposals have been made 
for a nuclear power station in 
Ireland which have caused con- 
siderable controversy. “These 
proposals do not pas* the point 
of no return for IS months or 
so.” said Mr. O'Malley: “That 
would give us one and perhaps 
part of another drilling season." 

He acknowledged that the cur. 
rent negotiations for. new 
licences were to some extent in- 
spired on the Government side 
by the desire to see drilling 
activity maintained. “But I don’t 
want to give the impression that 
we would weaken cur position to 
get more exploration. We'd like 
to maintain the same basic 

Nevertheless. Mr. O’Malley em- 
phasised. the Government would 
want to , encourage production in 
the event of an oil find and might 
he prepared to modify its licence 
terms to encourage the exploita- 
tion of a marginal field. “We 
might, paradoxically, see a situa- 
tion where we had a vested in- 
in a high oil price," he 
added. .. 

Plant for Abu Dhabi 

Uhde of Dortmund. West Ger- 
many, has been awarded a con- 
tract by the Abu Dhabi National 
Oil ’Company for an alkaline 
Aloride electrolysis plant to be 
located .on the Gulf. • r . 

.arc*, now between 110m and 113m 1 

—will get a new head of state, a Jk 

new government, and new . /m 

political parties next year. Most /-% j$ 0 -Vg 

of them will still be struggling X A 

with an annual rate of inflation 
or around 40 per cent, but at 
least they will see an end to the 
arbitrary presidential powers 
that have been wielded for the 
past 10 years under a series of 
special laws. They will also enjoy 
an increasingly outspoken Press, 
which, since its release From 
censorship, has even begun 

The new President, who is 
almost certain to' be General 
Jaon Bautista Figueiredo, ‘ is of 
a very different mould from his 
predecessor. General Ernesto 
Geisel. The. stem, Germanic, 
often-patemalistic Geisel— who." 
it must be said, sponsored and 
pushed through the political 
reforms from which Brazilians 
will soon benefit — contrasts with 
Figue! redo's plain-spoken, back- 
slapping gregariousness. Never- 
theless, the new head of state is 

still a military man. dedicated to 
pursuing the revolution begun 
with the military coup of 1964. 

Brazil's major Government _ rrr -, T1 - , ,, w < 
ministries are run by civilians, FIGU-CjIREDO: * plain 
products of the world of bank- mnken hank Qlsnnino- 
ins and industry, who. in several SpOKeD, DaCk-Slapping 
cases, enjoy far more autonomy ana gTSgariOUB 
than a British Cabinet Minister 

or a membpr of the U.S. Admini- o M _ _ ... 

strati on. The Palace of Planaltn, per l ent of Brazilians 

the presidential seat in Brasilia. ft®* “I??" awas L 

nevertheless imposes from above $ £F r £ en * are u °der J>. 

when it feels the need. To what ? pd ,5Jj% cent ar ® K ? l ? f “ U X 
extent General Figueiredo will lh e Sinfully 

poS. S’ on 

the ambitions and determination month. “ 582 

of his future close advisers. 

President Geisel 's advisers have Thirty per cent of Brazilians 
wielded extensive powers — and ov f r Y* e a «c ^ ve are illiterate, 
the majority are militarv men. nn *y P? r cent ( according to 
Because General Figueiredo J h * ve piped ?•*** 

has already shown a taste for In _? e i^. per stl 

getting nut and about in civilian . fires - ,? nd 5 per 

life there are expectations that ® c ^ l „5fL vc ,. n domestic cooking 
his administration might he ,.*1, „* » 3 ian Per Cen ! 

more open to consultation than J p d 40 per Cent 

his predecessors. have p o electricity. 

What the new rulers will face Acotding to the Rio de Janeiro 
is a large country, of more than ' Institute of Economics, the gap 
8.5m sq km. where there is an between Brazil's richest 5 per 
almost visible frontier hetween cent and poorest 20 per cent is 
the highly developed south and widening, 
the backward north: between The. 1977 per capita income of 

the high earners and the inf- 81,440 (compared with 82.635 in 
poverished and between wide- Venezuela), and. its 5.5 per cent 
spread calls for more equitable rise compared with 1976, mask 
distribution of income and those the fact that the income of the 
for perpetuation of elitist privi- richest 5 per cent rose by 133.7 
leges, per cent from 1970 to 1976 — 


- a -j 

while that of the poorest 20 per might be said th.?t Rio’s higher — — ; 

cent rose by only 50 per cent. wape-earnerp are proportionately ' -] 

With annual infialion remain- as crippled by rents as are their 
ing around 40 per cent, the less affluent counterparts. s'- ;■ -'4 

strains oh lower wage-earners' Generally, rents have risen by •' 

twice-yearly pay adjustments 35 per cent a year in the city. & 
have been recognised by the and today one-room studio flats jg&p' 

Government There is evidence with bathroom and kitchenette 

that the rigid formulae for these are impossible to find for less 

adjustments have led to a drop, than S370 a month. 

not a rise, in real wages in the Meanwhile, flats which describe 

past two years. The Govern- themselves as “ luxury ” but arc 

menf's minimum-wage policy is generally jerrj’-buiir rows of box- fi? "i. i,* ’ 

based on official calculations of like dwellings in a .reasonably . 's'''..* 1 . 

the monthly cost of “minimum safe area, can cost anything 'Ws* 

rations," housing. clothing, from 51.000 to $2,000 a mo/itl). or 

hygiene and transport. 850.000 or more in buy. _ , W" 

The “minimum rations" were these sums must be added ^ ■ .i. : ’ f 

firsl established in 1938,- for a rates electricity, water, gas and f jmk& 

family of four people. They telephone bilk and porters fees. • 

comprise: 6 kg of meat, 6.5 litres P* rL1!P constantly. Off- *«.■*• . ■*. 

of milk. 4.5 kg of beans, 1.5 kg ,he ^ wages to some . / .. 

of flour. 6 kg of bananas, 9 kg s0ClaI h P ne ’ Jf 

of tomatoes. 6 kc of bread, 3 kg fa * rl >' ^ ec 5, n ‘ introduction. 

of sugar and 650 grammes of 3J} C 1 Gc5S h 01 Gnvemracnt. in Mf JjBEmEm Wt 

butter particular, has increased in size gw 

T nna ir« *»,« ^ number the range of family g? ’ ■ 

Today in Rio de Janeiro this allowances, subsidised medical ______ 

package <^sts Cr «S0 (841.3 1) a treatment and other henefils. as GEISELl ‘ Stem. 

month— officially, at least. But v .»el! as pushing thrnueh a torn a lictir* hut 
according to independent Uisease-prevention campaign, paternalistic, DUt 

staUsUcs The cost is closer to ^th child and adult vaccination pushed reform * ..t: 

Cr 1,(04 (S90.39), which is more or inoculation, mosquito control - 

t ^ ian ui 6 national minimum j n ur hnn and rural areas, and 

monthly wage of Cr 1.560 (SS2.i 5) the speedier installation oF piped senior technocrats and mih'aiy 
— and this is for rood alone. water and drainage. are economic strategists that the fi/st 
According to official statistics noticeably improving health priority must he to enlarge, the 
a Rio de Janeiro rent for a standards. size of the national cake, arid 

minimum wage-earner and his The dilemma, however, is that only then can income 
family would be Cr 390 ( 820.68) clear: Brazil has embarked on more equitably distributed — on 
a month. However, according to massive industrial investment the premise that the higher 
the national daily newspaper with a dual purnnso — to earners are naturally the best 
Jornal do Brasil such a figure is accelerate growth and to replace savers and that, through taxa.-' 
totally unrealistic, especially in expensive imports. The 1977 tioo, part nf iheir wealth floys 
Rio, where a small bouse on the GDP totalled 8164hn. Export®, into the public coffers. 

city's fringes costs at least Cr 500 tntaime S12.1bn. exceeded im- ^ 

(826.52) a month and a one-bed- port, by jusi over 8100m. ^‘SETr-Sf S3 

room apartment closer to the city The emphasis has hecn on e n jlv! J n to }t l ^l 

centre costs at least double that— building up the capital goods in- w!f«»«rr —wf 

and with nn bathroom. A two dustry and strengthening the ’SillfhKX catb 

or ihree-hedroomrd home would infrastructure: on expanding • ’ am 1 1 rab e 

cast at least Cr 3.500 (SI 85) a energy sources by new. often 0 ns , ^ 

month, putting it out nf reach Df gigantic hydroelectric schemes. The transition front authnrJ- 
the minimum wage-earner. nn intensive searches for tariantsnt snd paternalism jjt 
S avings on rent gained by domestic nil toil imports arc Brazil will nol he easy or swiflj- 
livinp further out of town arc expected to roach nearly $4hn but it is more difficult to dictate 
wiped out by high transport costs, this year), and on export-geared ,n rtrtm or 130m penple than in 
which, according to the Getulio farming (especially coffee. "cocoa. finn ) or 70m. especially when the 
Vargas Economic Foundation, soya and sugar).* At the same majority is young. J 

have risen 43 per cent in nne time a clamp has been pul on Many observers here feel lhat'U 
year in Rio de Janeiro. This domestic consumption, and the the Brazilian regime has sought 
makes the cast about Cr 225 public has been coaxed to put to "open up." it is because 
(511.95) a month: almost three its money into savings banks, national circumstances and tH« 
times as much as the government building societies or other forms national mood make it inadvis- 
caiculation of Cr 93 a month. of mass' savings. able to atiempl lo continue anti* 

As a point of comparison, it It has been felt by Brazil’s cratic control. ■? _* 

Refineria Dominicana 
de Petroleo, S A 

request for offers for the supply of 
refinery feedstock (reconstituted crude). 

In accordance with the terras and conditions of the Refinery 
Agreement dated November 7*1969, between the Government of 
the Dominican Republic and Shell International Petroleum 
Company; Ltd, Refineria Dominicana de Petroleo, S.A. is seeking 
offers from ‘ bona fide ? suppliers for the following volum es of 
reconstituted crude oil, to be delivered in liftings of not less than 
500,000 and not higher than 530,000 barrels each, to the refinery’s 
single buoy mooring at Nizao, Provinda Peravia, Dominican 
Republic, atC and F prices. 

Janaary/December 1979 11,000,000 bauds 

Jan uaiy/D eceiuber 1980 11,000,000 barrels 

All quantities to be plus' or minus 30 per cent at buyer's option. 
Supply contract would be firm for two years from January 1st, 1979, 
subject to renegotiationfor subsequent two-yeaf periods. 

In connection with this proposed supply, a ‘bona fide’ 
supplier must: . . : 

A Own a source of crude oil from which it can produce a suitable 
refinery feedstock as required by the refinery.; 

B. Own a refinery with facilities capable of producing, supplying 
and blending the components necessary tbprbvide the 
flexibility of refinery feedstock quality required by the refinery. 
Offers can be made directly by ‘bona fide* suppliers or placed 
through recognised brokers of sound repute, duly authorized by 
the ‘bona fide’ suppliers, who mustbe willing to post guarantees. 
The supplier should accept the conditions prescribed in Articles 12 
(B)and 15 of the Refinery Agreement (Official Gazette No. 9172, 
Resolution No. 533). 

Interested parties requiring further information regarding 
the terms and conditions governing the proposedsupply of 
refineiy feedstock should apply to the address given below before 
October 9th, 19?8.; 

Requests for offers should he in this office notlater than. 
October 30th, 1978, in sealed envelopes, with the following 

Supply of Feedstodc, Virgilio Alvarez Renta, 

President of Board ofDirectors, . ' ' 

Refineria DomhricanadePetroIeo,SA^P.O.Boxl439, 

Santo DoinEn^Domimcaii Republic. 

The additional information as well as the requests for offers 
mustbe accompanied by acertified cheque for RD Pesos 1,000, or 
its equivalentin convertible currency,- payable to Refineria 
Dominicana de Petroleo, S.A. 










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« :*ateassiK«: 

x'-k&L \ 

v - ... -• ^ 

i \ *. v:- ';i>. 



x <\*. 






rail strike solution 


NEW YORK. Sept. 27 

:amtd Brewing fears that a pickets to other railways which tary's intervention were having 
clerks' strike could brintj the intersect with the N and IV. an impact in easing the picket 
pis. railway system to a halt, the Yesterday, the impact .of ing which in turn will allow 
Carter Administration entered . picket? nq grew dramatically, railways hit by the sympathy 
"the dispute today. According to the American As«o- action to resume. 

'Mr Rav Marshall. U.S. Labour ciation of Railroads, about W) Pickets were being pulled 

«sd the Bortherbood of Railway Washington and Chicago having road and the Chicago. Milwaukee, 

add -Airline Clerks (BRAC) 24 difficulty -gening to wort. • Si. Paul and Pacific Railroad. 

mJuts,' until- noon tomorrow, to ^ major concern however is Mr. Marshall has appointed 
KSPhre the strike. t he impart su«-h a strike could Mr. James Re;.nolds as a media- 

if; “ If this deadline passes. with- have on industry and fond- sup- tor in the dispute and must now 

fltxt-'an agreement both sides can P iit> s Throughout the U.S. in u he hoping that ihe Aduilnistra- 
expect with certainty that the matter of days tion's intervention will lead to a 

Administration will take further . srnror. ■»«* PnrH f ho q«ick settlement 

ton." he said. ® "fi/ert ear miS? said ^ noL some uncertainty exists 

"/The dispute between tne-Nnr- **“ DiES e st -ar makers. bain what action the Admin 1- 

fbfk~~and Western, a major rail- SSi™; station can take under Ube 

way- with operations in 16S tales. nimg P r °5“ c * , °". schedules at spuc j a j regulations which apply 
and. the union has been simmer- plants- wer_ parts are in shurt l0 ra jj wa y and airline disputes, 
ihg-for two.years, with the upinn su £P !y - _ . The - two industries are ex- 

item and ing job protection- against Tile -ovcraU- sifuation ts com- emp|6l j rrom |he Tuft-Hartley 
automation of clerical functions. rii'Mtcd moves nv other L abour Law which provides for 

For the past two months, the independent railways including go*day cnoling off periods in dis- 
clerks have been on strike and *. ?" * a ‘ ,1C •f“’° Burlington p UJOS creating a national emer- 

the railway has been operating Nnrtherii. two of the largest, to g ency . 

with only supervisory personnel, get court injunctions against the Instead, a separate procedure 
In recent weeks, however, picket.. exists under the National Media- 

BRAC. claiming that the N and Them were snmr indications non Board, but it is unclear how 
W has not been negotiating in early today that these moves, it would be applied to this dis- 

good faith, has been sending coupled with the Labnur Secre- pute. 


US Cents 









1 1 1 





I l\ 



Mexico 6 to shelve 
suburban project’ 


MEXICO Cm’. SepL 21 

dollar ‘is 

WASHINGTON, Sept. 27. 
THE Canadian Government is 
not thinking of imposing ex- 
change controls to prevent the 

RESTRICTIONS ON Mexico’s rract included GEC Transporl 
’ foreign horrbwinq imposed by Project leading the British group. 
• the IMF have apparently led the Japan. Canada and the 50 Her!* 
< Mexican Government to decide tn Group, a European consortium. 
I shelve its suburban rail prnjecr were also in Lhe running. 

— scheduled as the largest The IMF imposed a net 

planned by the world railway borrowing limit of ?3hn for 1977 
industry. and the same amount for this 

While officially no decision has year. Mexico kept to the figure 
been announced by the Govern- in 1977 (when its debt went up 
ment. privately Sr. Jose Lnpez from $20bn to around S22bn). 
Portillo, the Mexican President. Earlier this month, the Mexican 
told Mr. Toshio Todo. president President announced that at June 
of the Japanese employers asso- 30. total foreign deht stood at 
ciation tKcidanren), yesterday S25hn, making Mexico, with 
that the project was off for the Brazil, the most indebted country 
time being because of the IMF's in the world, 
limits. Observers have expressed sur- 

Vr. Todn i< bore at tile in- prise that the reason for shelving 
i viia lion or Petrnleos Mcxicanns the project was that the IMF's 
; (Femes i . the State-owned oil limit for Mexico was on target 
I company. this year. Also, the front-runners 

i Other reasons for putting off in the project are reported to 

Canadian dollar declining i t j, e project were that it was" now have been ready to put up most 

Fnn»i«»« pvrhanpp I V i ^ _ * .. . 

further in foreign exchange 
markets. Mr. Jean Chrhtien, 
Canadian Finance Minister, 

“The currency is floating,’' 
lie stated. “ Our intervention is 
aimed at moderating the speed 
In the change of the market 
rate for the dollar.” 


general Government policy to in- of the cost, 
vest more outside Mexico City. One of the reasons for shelving 
and that the Metro, the city's the project may he the Govern- 
underground railway system, was ment's attempts to decentralise 
built nnr so long ago, the presi- Mexico City, which with a popu- 
dent told him. lation of 13m, is overcrowded. By 

The first stage of the contract the year 2000, the city’s popula- 
to lay in S2 kilometres of track tion is expected to be 30m, which 
would have been worth almost would make it the largest city in 
Sl-fan. Front-runners for the con- the world. 

Canada jobless cover-up claii 


OTTAWA. Sept. 27. 

LOCAL AND REGIONAL man- The document's claim to show were for internal use by the 
power officials have been ordered that regional and local man- department and were not for 
by the Canadian Government to power officials were instructed to pubiic consumption, 
suppress information on . real hide and suppress any “ local Meanwhile. Canadians have 
unemployment rates t» avoid area estimates of numbers of un- been warned that they could 
embarrassing the Employment employed or employed, particu- face wage and price controls 
Minister, Mr. J. S. C>. Cullen, larly by occupation or industry," again if they try io obtain pay 
documents made public on Tues- because these might conflict with increases to match the recent 
day by the new Democratic Party official figures published in rise in the cost of tiring. The 
leader, Mr. Ed Broadbent allege. Ottawa. warning came in an editorial 

« j k ave been saving for some Mr - Cullen told a news coo- in the first quarterly report of 
time that the real' level of un- frrence that calculations of the the Centre for Uie Study of 
employment in Canada far numbers of unemployed and Inflation and Productivity, an 
exceeds the official figures which employed in local areas on the ami of the Economic Council of 
are published each month. IF this, basis of occupation or industry Canada, 
is not so. as the Government has 

necessary* to suppress data from Postmen end rotating strikes 

field" Mr 


POSTMEN have Meanwhile, Canada is farm: 

inside workers. 

officials tn this 

Broadbent asked CANADA’S 

terminated their rotating strikes yet another postal strike with 
art *r daylong meetings with Mr. ihe Canadian Union of Postal 
problem 5 Queue.. M... Labour Worker,, which represent the 

people rather than a dint Jtyic | ‘ The announcement came after 
mess they have created ami doin, n bours nf ne ^rit lation* heh.veen 
something about it. Mr. thp Lert(?r Carriers .Union of 
Broadbent added rlunn 0 a ne s c 3 nada -and Government repre- 
conference. sentatives. 

The NDP leader said be woird Details of the settlement have 
pursue the matter ■ wh**n the not been made public but are 
House of Commons reconvened hem? sent to the 19,Q0n postmen 

on October in for their approval. 


Delta .Airlines moves towards 
Boeing purchase; Eastern 
Airlines may seek protective 
merger: General Tire still 
lags — Page 2R 

• Finiadal Times' Thursday Septenibe* 28 1978 





on strike 

By Andrew Whitley 

TEHRAN, Sept. 27. 
SERIOUS industrial troubles 

S. African 
unlikely to top 



GROWTH OF real gross domestic effect.” One reason has been manufacturing Industry had been 
product in South Africa this the notable success of the- showing signs of s^ess in 
year is unlikely to exceed two Treasury's loan programme, recent years. ' 
per cent, and further economic which after five months of the . There wer e growing, pressures 
stimulation may be necessary, financial year has raised some on industry. Including the in- 

are affecting Iran's main oil ! a ccordinq to the Prime Master's Rl-2bn out of an annual target creasing isolation of ^South 

producing areas,, in the * outl1 

i Influential Economic Advisory figure of Rl.Tbn. . Africa; for greater self reliuice. 

western province of Khuzeslan [Council (EAC). The council suggests that any “Ore incentives were needed to 

where a strike hy seieral j Such a | ow growth rate could stimulation should also improve 

’ mean a further deterioration profit prospects, in order to en- ~ 

in unemployment. and a further courage new investment roreign invearajeni.- ■ 

in profits and real “financed Crtun both foreign and. However, the demands, of in- 
Moreover, a higher domestic sources.” Lf growth diistiy are unlikely .to win an 
growth rate “would do much to were accelerated, “ foreign in ves- immediate response -from- the 
[restore confidence, both here and tors wonld in due course in ere as- government. Mr. Chris Heunis. 

I abroad, in the long-term potential in spy conedder direct long-term ttie-Minister of Economic 'affairs. 

I of the South African economy.” investment In South Africa warned here today Ghat South 
: the council says In the report despite the political risk as they Africa would have to learn, to 
j of its latest meeting. see it," it says. rely less on foreign investment 

The EAC the members of The council’s call was backed There had been ah increasing 
which include leading rep re- today by the executive council tendency to. rely on foreign capi- 
sentatives or organised business of the Federated Chamber of In- tal. particularly foe. the heavy 
as well as the Government's top dustries (FC1), meeting in Infrastructure investment in the 
economic advisers, says the Durban, while a number of pro- early j.970s, he aaidl “These are 
March budget measures have not minent businessmen warned' of tendencies which we ' would in 
yet had the desired effect of the dangers of a Jagging growth our national interest have to 
stimulating the economy, but rate. A report by the FCXs eco- arrest and even reverse.” 
rather have had a “dampening nomic affairs committee said Measures which have been pro- 
posed for possible early stimula- 
tion of 1 the economy include final, 
abolition of import surcharges^ 
which' were reduced m the bud- 
get from 15 to 12$ per cent The 
EAC suggests that the Govern- 

MR. P. W. BOTHA, the Minister "- — menf sh00 " i “ nsia “ s,me 

of Defence, 
as the man 
close contest 

Vorster ns Prime Minister. investigations were still continn-. *“£ d ^ u ‘“ 

In spite of intensive efforts to the activities . of the been accorded high 

persuade either or both of the Department of Informatioi^ priority.” . - 

other two candidates — Dr. Connie which Dr, Mulder used to head. . -jj ut * w j,iie th e Government 
Mulder, the Minister of Plural Mr. Voster said that while the response to the EAC ■ meeting. 
Relations, and Mr. Pik Botha, department had been cleared of published -in today’s 'statemenL 
tbe Foreign Minister — to with- aHy financial impropriety in tts reehgnises the . lack of effective 
draw, a contested vote at to- regular activities. lnvestigaTinn stimulafi on in the .early part of 
morrow's meeting of the National 0 f jtg secret diplomatic efforts the financial, year, it argues that 
Party parliamentary caucus in continues. measures already taken — In- 

Cape Town now appears inevit- . . . • ’ ' eluding lowering the rate of in- 

able. An indication of rhe doseHess- terest on Government bonds and 

Although it is not thought that of the contest came today with reducing the statutory reqnlre- 
any of the candidates would gain the news that Senator Owen meats for Institutions to Invest in 
the necessary overall majority in Horwood, the Mlnistei of " Government bonds — should be 
a three-way contest, political Finance, who has been attending adequate. 

, observers believe that if either the IMF meeting in Washington; “Further appropriate measures 
1 Dr. Mulder or Mr. Pik Botha will fly back tomorrow and -be will be considered in the light of 
'pulls out first, enough of their ferried in a South African Air circumstances from time to time 
support would go to the Defence Force jet to Cape Town to be hi to carry out the objectives that 
Minister to give him victory. time for the caucus meeting. have been laid down," it says. 

thousand workers is now tn its 
fourth day. ... 

While the dispute is unlikely ! d ecrease 
to have an immediate impact [incomes, 
on production, officials say 
that maintenance, new explora- 
tion and development work 
will suffer, with consequences 
that may not he seen for 
months, if not years. 

Unofficial estimates suggest 
that a total of over 10,000 
workers in the oil industry and 
related fields in Khuzestan are 
presently either on strike or 
taking some form of industrial 

Strikes are technically 
illegal In Iran. So. in the case 
or Lhe daily paid employees of 
OSCO. Ihe Oil Services Com- 
pany of Iran, tbe men hnvo 
heen ranting up but then refus- 
ing to work. OSCO i> the 
local production arm or the 
14-member Western consor- 
tium, led by BP, which pro- 
duces and exports most of 
Iran's oiL 

in a statement today the 
National Iranian Oil Contpany 
(NTOC), which Is in o'- craft 
charge of operations, said that 
the management is considering 
'the strikers' demands, many of 
which were “ reasonable." and 
could be met. Details bave nut 
heln disclosed, but they are 
known to include a substantial 
pay rise and improved fringe 
benefits, such as housing allow- 

NIOC's chairman, 31 r. 

Honshang An sari, and two of 
bis closest aides were involved 
in a meeting late yesterday. 

In an attempt to settle the 
potentially serious dispute. 

According lo NIOC, only a 
limited number of OSCO 
employees are involved, in- 
dependent sources dispute this 
claim, saying that labour un- 
rest in Klmzestan is long- 
standing, having for some 
months plagued companies 
under contract to OSCO. 
especially in drilling work. 

Nearly 8,000 dally paid 
workers are employed in the 
old “consortium area” of 
Kh lues tan, where most or 
Iran’s oilfields are located. It 
is claimed that the 4,500 staff 
employees are prepared to 
support the strike from next 
Tuesday if the demands are 
not met. 

Labour unrest of this sort is 
a new phenomenon in the area. 

A more familiar problem in 
recent years has been the high 
turnover of employees because 
of the better wages on offer In 
the private sector. 

The industry is largely auto- 
mated and could, if necessary, 
be run for some time hy a 
skeleton management staff, in 
the opinion or oil experts. 

No political motives are 
evident though If the strike 
were to persist it would clearly 
have serious econorale, and 
therefore political, con- 
sequences. “Before they get 
to that point lhe strikers will 
be ordered back to work at 
bayonet point" one source 
commented to-day. 

Reuter adds: AH political 
prisoners in Tehran's main jail 

P. W. Botha leads contest 






By A Correspondent 

LUSAKA. Sept. 27. 
THE HIGH COURT here Is to 
be asked to declare null and void 
President Kenneth Kaunda’s 
nomination as sole candidate In 
□ext December's presidential 

The application, made by two 
leading political opponents of 
Dr. Kaunda— former vice-presi- 
dent Mr. Simon Kapwepwe'and 
veteran politician Mr. Harry 
Nkurabula — will be heard on 
October 2 and 3. 

Dr. Kaunda was nominated 
[sole candidate hy the 600-man 
[National Council of his ruling 
[United National Independence 
Party (UNIPi earlier this month 
under controversial constitu- 
tional amendments enabling the 
council to make the choice and 
tightening up qualifications for 
presidential contenders. 

Mr. Kapwepwe, Mr. Nkumbuia 
and a Lusaka -businessman. Mr. 
Robert Chiluwe, had earlier 
announced that they would cam- 
paign for the UNIP nomination. 

but all three challenges fizzled 
l - oal as the controversial amend- 
a ra I nst* martini iau""^p«irHran ‘ raents were deemed approved by 
for ih^ rSSf 1 general conference, 

mii'n^fnT th* r np2l-5°5r ' “ l,n * in ,andem with the 

V r 3 e r« !® ZMnbtf* chronic problems in 
dissident gronp. Hi said In . exportin'* ctiDocr and the 

Tf P rf*H ! fh t t ^ C H P fi ,S H llCrS irfbi I rebUltan ^ foreign exchange short- 
started the indefinite strike fa u have for * e(J u l0 * taunch 

last Sunday. Confirmation was 

not available from officials, and 

it was not known how many 
prisoners were involved. 

Meanwhile. Moslem clergy 
from north-west Iran today pro- 
tested against the reported 
house arrest in Iraq of exiled 
Iranian Ayatollah (spiritual 
leader) Mr. Ruhollah 

negotiations with the Interna- 
tional Monetary Fund (IMF) 
intended to ease conditions for 
further disbursement from a 
S393m IMF loan, according to 
informed sources here. 

I The negotiations concern an 
1 IMF condition that the imports 
j pipeline he reduced to less-lhan 
:3500m hy some Kwacha 55m by 
‘ rhe end nf this month. 

Namibia debate build-up 



DR. DAVID OWEN, the British South Africa- refused to allow 
Foreign Secretary, held further the UN to supervise -Namibian 
talks today with other Ministers elections the council should 
attending the tJN General .meet again not later than 
Assembly in preparation for the October -5 to consider en force- 
expected meeting of the Security meht measures liader the manda- 
Council on the Namibia question, tpry provisions of Chapter- VII 
Meanwhile, the African states -of the UN <iharteT. 
toned down a tentative draft The main purpose of the pro- 
resolution they circulated earlier -posed council .meeting, which Dr. 
in the week, deleting a proposed Owen-amf the Uii, Secretary of 
determination by the council that Statav Mr. Cyras Vance, may' 

South Africa's decision to hold attend if . -the tuning is right 
elections in the territory with- ls a&prDve ffie recommends- „ 

out any UN involvement rcoijstiv : tidn£, for the big UN'tnifitar^ turflf Ktaessct, Israel's parliament 
tutes. a : threat fd .iuteniatioart; Civilian r ^operatida 7 to . Namiba] debated the accords worked out 
peace .and security. : V^. • publidi^ti oij August 30 by. the? * — ” 

But the African members still Secretaty.-Generai and call for- 
retained in their text a para- Co-operation -in tfteir imple- 
graph stating in effect that If mentation. 

Sri Lanka ban lilted 

• COLOMBO, sept 27. 

FOREIGN COMPANIES can now sent profits in the latest fiscal 
repatriate profits earned in Sri period, and not undistributed 
Lanka and non-resident share- earnings from previous years, 
holders can receive dividends company reserves - or proceeds 
from locally roistered com- from asset sales; 
ponies, a Central Bank spokes- The Central Bank spokesman 
man said today. This lifts restrio- said a schedule of ^enefidttries 
trons in force since 1967. receiving , profits' must ' h»e *ub- 

Tbe Central Bank's Exchange mitted to the Exchange Control 
Control Department has told Department by toe company, 
authorised foreign exchange The foreign investors most also 
dealers that profits and dividends be certified as non-reSrdenLs of 
can be remitted to foreign in- Sri Lanka aud 9 tax clearance 
vestors subject to. certain con- eertjfi(»te submitted in the case 
ditions. of non-resident partners,--' he 

Company auditors must certify added. - 
that the amounts repritted repre- Reuter - 

Malaysian electricity costs rise 


MALAYSIAN INDUSTRY and Berhad and Esso - Malaysian 
commercial enterprises wiR have Berhad. The contraet win almost 
to pay 20 per cent more for elec*- double r the price of fuel -oti 
tricity supplies following -a new supplied to the board, 
contract between the National Ttuy NEB said' it had recently 
Electricity Board (NEB) and signed the. contract [for a period 
two oil companies. Shell Refining of five -years and four months. 

Assad starts 

with Saudis 

by Begin 

SDR ruling 

By Jurek Martin 

How to keep your head down 


WASHINGTON, Sept. 27. 

criticised the International 
Monetary Fund— and by implica- 
tion the U.S.— for denying it 
immediate access to IMF finance. 

fci r a speech to the IMF and 
World Bank meeting here, Sr. 

a modest second stage salary in- then de LarosiCre may h«? criti- magazine's front cover also some nostalgia for the present 
crease — and by working to con- cised fnr having ac-.ep'nd com- features Finance Ministers from home next year when the meet- 

vince the U.S. government that plaisantly the popular doctrine Argentina. Brazil, the Philippines- fr^is_held_ln Belgrade. 

rhe staff, which has not grown of todav. 

and Saudi Arabia, hardly the 

COULD be excused for con- 

a hit like Jimmy in size for >' ears i is n ^ 1 en_ DENIS - HEALEY :« soidmn re- best of company for a Labour eluding that the IMF and World 
re Camp David ” a composed of over-paid, garded as exccsvivrlv self-cffac- Chancellor. Bank conclave is in reality an 

official couiniented under-worked and overweening ing. but bp may be less than keen THE IMF and the World Bank excuse for one king round of 

Carter before 

He 'c/id^tiot g^ C !ni to^sa^that economists — he has won a to^trunipet aloud hi.- selection as are holding their joint annual parties, with several thousand 

now that the IMF meeting .was measure of goodwill from one of the world's fire best meeting oh Hie edge of the bankers, journalists, acolytes and 

the hnrap. Jacques de beneath. Finance Ministers hy lnstitu- Washington suburbs in a hotel parasites pushed to fit business 

Larosifrre de Chaorpfeu could be In public performances liana l Investor, the U S business whose layout and design have in between the long round of gins 

compared with the u!s 7 President here, as well as in board meet- magazine. The '.-runpiinients been sufficiently oppressive^ to antMonics. 
1,1^. viiririi^. >n„mnh mas over tile bast few months, eertainlv F 

after his Middle East triumph. i n S* ove r tbe past few months, certainly flow in the article. Mr. deter potential visitors. One is - of course. "a sleek 

but the satisfaction was clear be has shown a nice diplomatic Healey is said tn have held the British Treasury official present collective smugness about the 

Roberto Incer Barquero. unouab. The -tS-year-tdd new touch and an ability to 5nd con- UK economy together as well as described the Sheraton Park as bankers It is fair to say that the 

dent of the Nicaraguan ijeniru managing director of the IMF He has conducted board 

Bank; said refusal auio | had c i cur ed his first pubiic sessions in English, not French. 

"" which may have disappointed 

maticail.v tq grant his wunUTi eale"* 

13.5m. Special Drawing Rights | Eyep sinre iaklh3 over, from Francophiles but which has re 
tapprio- S17m-worthl l of assist- i Dr / .Johannes Wittcveen in the yoaied an adequate use of the 

THE IMF meeting believes a moderate world economic revival 

— r imw - - , -- - . - , is in the offing. Herr Hans Mattbocfcr. the West German 

S h ? e "d n %oL Lar He er ha h - S S finance Minister, has said. Renter report, quoting a radio 

unprecedented in the history of corree1tv refused all requests for sood as his predecessor but per- 
the "institution. . interviews from the Press: as far serviceable Although in- 

IMF board deferred a ; as can be gleaned he concen- fjjtably overshadowed^ at the 

interview broadcast in Saarland. The Minister said tbe meeting 
was taking place in a mood nf cautious optimism. 

IMF board deferred . _ — ... ... 

decision on the Nicaraguan j trated on hus financial- and interim committee Pre^s con- 
reouest shortly before the ; bureaucratic homework, neces- ference on Sunday by the irre- 
' ‘ meeting. extensihly sary because, tn spite of a career pressible Denis 

British have the loudest -voices, 
the French and the Italians are 
the thinnest and best-dressed, the 
Germans appear as assertive as 
the Deutsdimark, while it is 
sometimes surprising to realise 
that representatives of the most 
-radical regimes I Iraq springs to 
mind) arc indistinguishable from 
tbe resL 

tlata fiYfwt 
MU Jacquear de LarokHre . 
A de. Champfea 
But the "sheial'visit of the week 
may well 1 ' be eotning after Jbe 

japed exchange 
talks ending 

When President Carter came to crowds Jiave gone home.. Op. 
address the meeting on Monday. Safiorday, Mr.Edwfp H, Yeo TU, 

de anvone could in the new- nf a period piece (“ iatP Eisen- the U.S. Secret Service, consumed J, he former TrqaM^ry Under-, 
many banker*, and he has bower”), and, indeed, the hotel with security, locked up several Secretary whose name IS deeply 
restored the international com- is characterised by lhe un- £? zen particrpanls . in. the. etched in. British minas feecause 

1 personal adviser to President cejlor's grosser inaccuracies niun'ity> confidence in’Vhe UK's imaginativeness of' the late Sheraton Park's coffee shop. It of his cot traj role JeSdfrg .up 

«aaaal meetang. extensihly ; sary because, ra spite 01 a career e- “«=“•*. Healey 
because insufficient data was spent tn French economic and “™ ,s, f rc ^. as eTei l r , ?J JV r- 0 
aJSble aTfte Ufcely damage ! Treasury ■ department and as correct gently some of the Cna n- 

&S5OTSc5S%r7S i ffi sas'd^SKL msa ” ™ . 0 

Jjecause OI sui he a minefield full of technical restitution, remuneration and considered to h* ■■ a capable The heavy style is in many most strenuous objection to such j-eaw «ga, and who , is npwrun- 

coumry. political explosives. reconstitution. administrator and businessman, ways appropriate for a meeting confinement came from one large fling the- interoaRCTral. stop; of 

In reality, thn U.S., with ttie; It ' took oven witteveen nine There is one cloud, however, a* well as a politician." of this sort, with its hordes of German hanker. '-the First ^.National Baak , pfj 

full support of many Latin to master the intricacies on the horizon. Such ha* been “Healey's emergence as a solid, sound and slightly dull T* 10 P f0CC instance this . Chlcagd, is To marry Mbar- Mar-1 

American countries: was unwill-- of Jhe niana3 ,ng directnn-hip, the swpetness and light suffusing world economic statesman has bankers and officials. All the J»* r *«* P r o. v >ded by The U.S. garel Lyfrrd iGretdtoqj. 

ing.,.. to provide the Snmoza aBd ^ ome of his p r9 d ct -es»ors this week’s sessions, over which also von him hi=h marks from participants have lo go through Treasury, which held its hash vice-president with the Federal 

regime with extra interaatinnal ; apnreriablv longer. Bui de he has presided, that one is left bankers. . Pi-i haos Healev's a narrow lobby, and the squeeze »o “c marvellous atrium of the Reserve Bank: of New York.'ThiS 
financial support at a time when j Laroatere. ‘according ip insiders, to wonder what will he The- achievement, however. 'at is such as to give a now mean- spectacular new east wing of 1 be union .of . the- ■ regulated . and 

it v&s seekin? to impress on tho u, s | earne (j f3si anri effecricely. impact on de Larosiire if the least in the view of many in« to that poignaot epitaph National Gallery, replete with a regulator, to be held jt«r outside 

ji — . . — 2 — ~ — u— . lca| SUITiTal he low the statue of Liberty: discreet string quartet and with New- York,’ will be attended .bj.nJ 

Mr. Healey “Give me your huddled masses.” many of the guests* happily' satis- galaxy, -/of bankers — central, 

a bunt show- Bur relief is at hand, since this WnR. their finer tastes by commercial' * .^h'd .. . ,‘inewhaat. 

too widely is likely in he thp last time the wandering round the . lovely Arthur.' Burns, no tessrls to .be 

d»7«'nT«rrate(l its pnhticau a sale re dripute tnii wppk. nen in cnjiarane-. me ?«*.■ ^ ■unm.y m the other meeting is held in the present small galleries and gazing, adntir, ah.. uslm'fJ-liIi , - , Te6i-'it''.bsun. be' 

aKH, ° preeemns its ! h? took n»p 1 ih« siafF'v mood saddled ’nth huge payment im- Finance Ministpr. nn the nodnim huild’n^ hpForo it t? recon-, ingly npward* at the magnificent reliably reported. . is,: ltjoking 

economic and social stability. ' was * rebellious, out by hacking balances and currency ins! ability, nf the alleged world's heft,~Ttae st rue ted. There may even "be Calder mobiles. 

positively " bin tga lhesfe days.' 

‘Tractors for Iran 



' TAIF, Sept. 27. 
Syria, on a Kiddle East tour to 
rally support for the hard-lin* 
Arab stand against the CainP 
David accords, today began talks 
in Saudi Arabia. 

President Assad, who arrived 
last night" from talks with King 
Hussein of Jordan, conferred 
with Saudi Arabia's Crown 
Prince Fahd Tbn Abdulaziz in th® 
summer resort of Taif. 

■ Saudi Arabia, Egypt’s mam 
financial backer, has described 
the accords, as " unacceptable 
because they did not make 
absolutely .dear Israel’s inten- 
tion to withdraw from all occu- 


pied Arab" territories, including 


President Assad last week 
hosted a summit of the anti- 
Sadat front— comprising Syria. 
Algeria, Libya, South Yemen 
and ihe Palestine Liberation 
Organisation which vowed - to 
wreck the. Camp David frame- 

After President Assad left 
Amman last night. King Hussein 
said he and the. Syrian leader 
shared the same desire for a just 
and durable peace in the area 
“hut not on the. basis of* what 
we have been! offered In the 
recent past” 

Meanwhile. King- Khaled. of 
Saudi Arabia, left this morning 
for medical treatement in 
Cleveland, Ohio, after spending 
four days at his lakeside villa just 
outside Geneva. 

"While In Switzerland, the King 
was visited by Mr. Hassah El 
Tuhami, the Egyptian Deputy 
Prime Minister for Presidential 
Affairs. Geneva authorities said 
tbe pair held u lengthy discus- 
sions ^ and that Mr. Tuhami was 
scheduled to return to Egypt to- 
day or tomorrow. 

King Khaled reportedly wjll 
see a heart specialist in Cleve- 
land. He underwent open heart 
surgery there in 1972. 

In Beirut, fresh fighting 
erupted today and right-wing 
sources said one civilian was 
killed and trine wounded in a 
Syrian mortar bombardment of 
the south-eastern district of 


By David Lennon 

TEL AVIV, Sept. 27. 
Prime Minister, threatened to 
resign today as more than one- 
third of tiie members of the 
ruling coalition expressed their 
opposition to the Camp David 
peace agreements. 

The threat, was made as the 

by Israel, Egypt and the U.S. 

The coalition has been rent by 
the Egyptian demand for Israeli 
agreement to the removal of its 
settlements from Sinai as a pre- 
requisite to holding final negotia- 
tions on an Egypt-Israel peace 
treaty. . During the morning, 44 
of the 69 coalition members 
of the coalition members 
appeared certain to support the 
Government.. But with up to 40 
Opposition members likely to 
approve tbe accords, the Govern- 
ment- is confident of a comfort- 
able majority in the 120-member 

The revolt among members of 
his right-wing . coalition worried 
the Prime Minister; At a Cabinet 
meeting this morning he said 
that if he failed to win the back- 
ing. of a majority within the 
coalition, he would resign. 

Mr. Begin also told the 
Cabinet that any Minister voting 
against the Government would 
be considered as having resigned. 
As a result, at least three 
ministers who had been planning 
"to vote against the Camp David 
pact are more likely to abstain, 
which' the Premier- appears ready 
to tolerate.- - • 

Thousands of people who tive 
in the new Israeli settlements 
built ou Arab territory occupied 
in 1967 demonstrated . outside the 
Kness.rf against abandonment of 
the Sinai settlements. Those who 
live on the West = Bank and 
Golan Heights fear that if tbe 
Government gives up the Sinai 
villages it will be their turn 
next. : 

: With. 76 members- seeking to 
address the House, the debate 
conld run - into the small hours 
Of the. morning, and there is a 
possibility tbit the vote will have 
to bo postponed until tomorrow. 

-• v. 

WASHINGTON. Sept. 27. - 
JAPANESE Vice-Minister of- 
Finance for.- International. 
Affaire,- Mr. Takehiro Sagami,; 
'said here the Japanese Govern- 
ment "hopes to" reach "a conclu- 
sion in. its discussions about the 
releaxation of foreign exchange 
-controls at the "end of this yoar.- 
.The programme of relaxation.' 
-he said wonld be such as to move 
the recommendations on ex- ■ 
change- controls through the-' 
Japanese Parliament eafly in the : 
new yeari ' • 

However* the principle ? 
espoused hy. Mil Tatsuo Mura-- 
yam& the Japanese Finance" 
Minister, of relaxing- exchange - 
controls to "the point where the" 
system^ accepted the rule oil:; 
foreign exchange as “free in - 
Principle, banned in exceptional - 
cases reflected ariangepients ■ 
already h» -iflace, . Mr. Sagami 
suggested. . 



Reliance-Mercury of • Halifax. 

bas won orders worth ' 
^SrajJOft for its Haul major Mark • 
2 heavy duty dockyard tractor 
'532 -.-Sf?-- Saudi Arabia. • 

Nine .left-hand drive. Hauimajors 
are being shipped from Felix- 
xfowe ror. use at the port 
Bdndare Ska pur. 





-r ••»••: 


-r ,-~--r~' 

■ •' V.:J-.< _ v;>J;' 

c/vei^ -£-* 

: CARDIFF 0222 3402L EDINBURGH 031-226 3885. GLASGOW 041-2ZI 4456. 
34 86I943.SHEEHELD 0742 6645a 


The smaller business’s biggest source 
of long-tain money. 

If yotfire using short-term borrowings forshort- 
term purposesjfine. 

But if you’re using short-term borrowings to 
finance your long-term plans, youie dicing with death. 

It’s the prerogative of anybody who lends short- 
term to demand his money back anytime he fifes. 

Which, if you happen to be in the throes of 
building a factory could be lataL 

We have a healthier plan. 

We’ll mate you a loan at fixed interest 

Or provideyouwithalump sum by subscribing 
for new shares or purchasing some ofyour existing ones. 

Or work out withyou the best combination. 

Ware ICFC and we were set up in 1945 specific- 
ill ally to provide long-term finance for smaller businesses. 

So for wdve injected over £550 million into 
more than 4500 companies. 

To the benefit of their health and ours. 

If you’re worried about yours, we’ll be happy to 
arrange a free consultation. 


’■Financial Times Thursday September 28 1978 


Nippon Electric and RCA 
win Soviet TV contracts 


MOSCOW, Sept. 29. 


THE SOVIET Union has con- manufacture of colour TV pic- colour television but also 
eluded contracts with Japanese lure tubes. facilitate wider production, 

and U.S. companies for technoi- Colour television sots now • National Panasonic, Japan's! 
ogy and equipment to upgrade appear to be the Soviet Union's largest producer of 

Brezhnev in 
bid to ease 
U.S. curbs 
on trade 

By David Satter ■ 

MOSCOW, Sept. 27. 

Seddon launches new truck 
using engine developed by IH 


THE ASSOCIATION ~ between The new truck fills a gap in the the price Seddon has been chazs- 

.-uwuumiiu.i uka' iruuA mu a u uic uiejiiiis ^ ...unplnr 

International Harvester,. the U.S. present Seddon range and has ing for 1 1$_ P r „ e ^ s ^ 

EEC team 
in talks 
with Hua 

By John Hoffmann 

PEKING, Sept 27. 

concern which is one of the been designated the 
world's leading ' truck . makers, stabiemaie 
and Seddon Atkinson of the U.X. Seddon trucks, 
is now beginning to, show ca in 24 Tanner ! 

4'n. Al.« ; “ wivoi" fSflt 

ufJo ldUC uv«ck %j mi'll * piuuuvci ui consumeri MR- LEONID BREZHNE1 . the , . • , . 

and expand Soviet manufacture second most sought after con- electronics products, has placed! Soviet President, today Issued a ™ piace. 
of colour television sets, for sumer item after private cars, orders with two British manurac-j fresh call for the repeal or ' 

which there is an increasing in- The entire country can receive uirers tor the supply of loud-! u remaining obstacles” in the "r -rom . .os m “■ 

ttSdSSnd. colour television transmissions speakers that will be marketed! way of U-S.-Sovi* trade. bunches a new track 

Two Japanese concerns. Nip- through rhe Sputnik satellite under its brand name in Britain. I His remarks . — almost } specihcal... ^or the it. A. 

oon Electric and Kanematsu- and demand for colour television The two companies to supply; certainly a reference to the ■ but which uses an Amen can 
Gosho have signed a contract sets is increasing with the speakers to National Panasonic! Jackson - Vanik' Amendment : International Harvester 

with the Technoprom import approach of the 19SO Olympics. are Ingham Mitrefold of Knares-j which tics liberalised U.S.- j engine to provide _ 

Soviet foreien trade association Mr. S. Y. Voroa. vice-president borough. Yorkshire, and Son’ Soviet trade to freer Jewish jBoth the _ cab and the chassis ma-«ve. 
worth $65m for a colour TV pic- of Lireesintarg, said that the aim Audax of Eastleigh, Hants. The! emigration from the soviet i were developed witn the help 
ture tube manufacturing facility, of importing American and contracts are expected to be) Union— came during a meeting 
The plant will have two pro- Japanese television technology is worth in excess of £500,000 m the 
duct ion lines with a capacity of to improve the quality of Soviet next 12 months. 

1,500,000 picture tubes producing 

ship market at that stage. 

ft- power, brought the newcomer onto the awe marhei * 

u - sf„. a n.«. ThR UK market for 

told EEC Coramis'iion vice- 
’j president Herr Wilhelm Hafer- 

C I r _ ...L_ U'lJmff a' _ j 

three 20-inch tubes to every 
seven 26-inch tubes. H will take 
two and a haif years to complete 
but the location of the plant was 
not disclosed. 

ITT in Brazilian deal 


at T rhe Mm^riSiP^as^med \ COLORADO Radio e Telerisao. compete with the flood of cheap, 
contract worth more than' SS5m the largest totally Brazilian rele- televisions radios, tape recorders; 
with the LicensLnrorg foreign vision manufacturer, has finally and record players, mainly im- 
trade organisation for a colour given in to nressure to co-operate P orte(1 ,“° ra J a P a n. that have 
television' picture tube plant to - A - ith lhe multi nationals swamped the market, 

ht. im ar Voronezh where «uu 1 uuduui»^is. Colorado and Gradients. a 

several other television manufao Mr ' ,5“ ,, 3 l I JL bdall:i f ^^ma, manufacturer of sound equip- 
hiring plants are to be located niaaaalng director of Lolorado. men t. . were the only two large! 

Th'^s i« RCA’s first major pro- saiQ l* 33 ' 1 r> e ?&UiiUons are draw- Brazilian companies to have 
iect in the Soviet Union si"c» > n S t0 a dase ' A ' itb The German resisted the onslaught. 

S? pre-war pertod when RCA suns. diary of the U.S. giant, ITT. Standard Eletrica. ITT's 

built an electric bulb plant in for L he supply of colour T\ kits. Brazilian subsidiary, used itself 
Moscow its recent activities 50 be manufactured in Korea and to manufacture black and white 
have been limited to finished pn> assembled in Manaus. televisions in Brazil. However, 

duct sales. Since the creation of Manaus it discontinued production over 

RCA ha!? also concluded a ton free port :n 1967, which permits 10 years ago when ITT decided 
year scientific and technical eo- the import tax-free of com- to pull out of the sector of elec- 
operation agreement with Licen- ponents for the electronic in- Lrical and electronic household 
sin torg covering the exchange of dusiry. Brazilian manufacturers goods and concentrate on tele- 
patents and licenses for the have been increasingly unable to communications equipment. 

with Mr. Michael Forresla! and 
Mr. William -Verity, the co- 
chairmen or tbe i'.S.TSSR 

trade and economic council. 
The fact that the two 

businessmen, who are In 
Moscow on a three-day visit for 
the non-governmental trade 

Ill's North’ American ■ engineer- 
ing centre. 

Philippines diesel plant 

sion in the construction indus- ; forward step 


MANILA, Sept. 27. 

try which provides most of its 
customers. Seddon expects to see 
only limited growth in the total 
market during the next few 



Mr. Haferkarnp told chairman 
Hua that he was sure economic 
and trade relations between the 
European Community and China 
would grow in the future. 
Earlier today Mr. Haferkams 

Petrochemical plan goes ahead 


RIO DE JANEIRO, Sept. 27. 

today welcomed President 

chemical complex (in Camacari Tech nip, local offshoot of Cie. i Carter’s new export promotion 

programme as a step in the 
right direction, but said it fell 

CONTRACTS have been signed Brazil's «ii monopoly. Petrobras French participation in the 
in * Washington for a S95 5m which, as in the second petro- complex is of importance. Bras 
, * l rJmor " chemit-ai complex (in Camacari Tcchnip. local ofishoot of Cie. 

ban from the I" ter American , a Bahia Sw £ ^ bj? ^ Iinch . Francaise d'Etudes et de Con- 

Development Bank UDBi to pi a t j, c raw materials unit, struction Tech nip. has won the 
Brazil’s Copesul (Southern Petro- an£ j take, through Copesul. a one- tender for basic designs of the 
chemical Company), co-ordinat- third share in the downstream raw materials unit while Rhodia 
ing body for ihe country's third units. (Rhone-Poulencl and Atochimie 

petrochemical complex, due to Another $24 1.7m wilt be sup- are expected to be the foreign 
be built in tbe extreme southern plied by the Brazilian National one-third shareholders of the 
state of Rio Grande do Sul. Economic Development Bank, as PVC and low-density polythene 
The total cost of the new com- back-up for the contribution of units, respectively. j 

pies will amount to SS47m. Apart Brazilian private industry to the Meanwhile, a syndicate of j 
from the IDB loan. $334.4m will complex tas ;n Camacari. this sec- French banks is offering a $3flm. j 
he contributed by Petroquita. tor will take a one third share credit line for equipment pur-! 
the petrochemicals branch of in the downstream units). chases. 


They nevertheless regard as 
discriminatory U.S. legislation 
and President Carter's recent 
action in cancelling a computer 
contract and freezing U.S. oil 
equipment exports in retalia- 
tion for Soviet dissident trials. 

The three . men held 
“ detailed discussions ’* on U.S.- 
Soviet trade relations and it 
uas stressed that the Soviet 
Union favours “good, mutually 

beneficial relations with the I e n* ine-erin* and electronics. " which subsequently indicated Apart 

; ? . . toptcrii-a anfim-.i ensrine. 

Carter scheme 

By David Buchan 
WASHINGTON. Sept. 27. 

Just before the mission’s tentative approval. 

engine, the 300 incorporates a 

arrival, Leyland through its local . TT»e Pwftms project^ simitar 

distributor. Amalgamated Motor to that of Cummins Diesel ul uic v i up of the new vehicle 

Philipoines Incorporated, con- U.S. which already operates a « nt b - v Tm^rted 

eluded two supply agreements diesel engine rebuiIdin£frecon- 15 accounted for by imported 
with Pantranco South Express, diticnlnq plant in Cebu, central componenrs. . 

the laraest bus company Philippines. Cummins is one of The 300 benefits from Seddon s 
operating south of Manila. The four foreign companies which did recently improved warranty, 
first agreement calls for the not survive the initial selection- which covers major units on 
supply of 520 new Leyland buses (from eight to four) in the every vehicle for unlimited mile- 
worth Pesos 60m (about SSm). number of PDEMP applicants, age during the first 12 months” 
Under the second azreement. On h- one or, at the most, two will including all labour, parts and 
(Leyland will supply Pantranco be selected. ' tow-in costs. 


A TRADE mission from the with Pesos 7m worth of spare years 
council, were received by Mr. i Federation of Sussex Industries parts. The 300 should provide a signi-! 

Brezhnev underscored the con- ' ,f^I) has arrived here at a time Ees'ksfl last week announced ficant addition to Seddon's out-- . , _ , 

tinning importance that the ! .‘'J R - ' that it is willing to commit a put which is olanned to rise from and senior members of his mis 

Soviets attach to U.S.-So\iet j*'hen ri*o mjor B..tisfl com- p esos 39^ f or a Diesel engine nearly 4 000 units this year to 1 sion talkeu with China s Minister 

'- J ~ pames are m the business lime- manufacturing project here. If 5000 in 1979. ' 

light British Leyiand and Per- chosen in PDEMP. Tbe three ‘j t ls powered by the Inter- 

kins Diesel are both applying others interested in the project Dat j 0 naJ DT-46G diesel engine, 

to participate in Government- are Perkins. Isazu of Japan and one 0 f mos t popular diesels 

sponsored Progressive Diesel MAN of West Germany. ^ T S in t h e 200b hp range 

Engine Manufacturing Pro- Perkins, on the other hand, one 0 f a family of engines 
gramme (PDEMP t. plans to put up a plan* in w ju C jj h as already sold more 

The mission representing the "arasaque (metro Manila) to Qj an 250.000. It was introduced 

companies and led by FSI direc- jebui.d ana recondition used u.S. in 1971. 

tor-general Ms Nora Porter, is Pc~kros diesel engines. The Seddon'* previous six-wbeeier 

here to promote the sale of a ilf used a Gardner diesel from the 

wide range of machinery and £>- PDE5IP f„ 5 . seT l t Hauicer Sidelev subsidiary, 

equipment in tbe fields of Board ^..^^toents^.fBOn Ha A ^" S ‘“^ SU an ^ ericafl 

Rotterdam to aid Third World 


AMSTERDAM, Sept 27. 

THE PORT OF Rotterdam has create good will for the port " large-scale, time-consuming and 
nnanari a blUeaU t0 Coordinate Rotterdam's nwn aclinliPc U.-III (•netlv etiw4ioe whUk iimnM tk« 

own activities will costly studies, which ignore the 
benefit from tbe smooth need to arrive at practical. 

opened a 

help to developing countries *!** . ...... - . . , -- 

faced with harbour problems * ' • of trade developing recognisable improvements with- 
Tho n..»#*h nnrr vchioh coun,ries - m a short time," it said in a 

The Dutch port, which is the Rotterdam aims to give recent study. 

largest in the world, has already practical advice to Third World The city authorities have 
received a large number of harbour authorities which will budgeted FI 150.000 ( 871,000) 
enquiries from African and South result in concrete actinn. Tt does for the new bureau's first vear 
American countries. not want to get involved in of operation. 

Rotterdam's repuiation meant 
it was often asked to aid develop- 
ing countries and it bas opened 
an office this month to coordinate 
these activities, a port spokes- 
man said. Director of the new 
office is Mr. Peter Ten Ante, who HOFFMANN LA ROCHE, the July 1977 for a two-year period, 
has experience of working on Swiss pharmaceuticals manufac- Holland based its maximum 

Librium prices to increase 


development projects. 

turer. may increase prices of its P r i ce for Hoffmann La Roche 

The Dutch port expects to Librium iranquiHiser by an aver- Products on uhe prices charged 

Itrico on rnenn nomont nrnK I omc • — <.k. TTT- J .i • 

advise on management problems a?e of 6 ^ ^ jnHuUand, the ;L t ^J^ Vl and i ar !'? r ^ W 

on the “wet" and “dry" injra- ^ ‘ 1"-“ ““ the British authorities allowed 

structure, storage and tranship- Economics Ministry said. ^ company to raise Librium 

menu traffic control, training and This represents an easing of prices, the Ministry said in a 
labour relations. the policy towards the phar- statement. 

This fits in with Dutch Govern- maceuticals company after the Hoffmann La Roohe last year 
ment policies on aid to Third Dutch authorities ordered cuts of estimated the price cuts would 
World countries but will also add 13 per cent to 38 per cent in cost it FI 6m in -lost turnover 
to Rotterdam’s expertise and Valium and Librium prices in over the two-year period. 

short in providing tax incen- 
tives to exporters. 

Mr. Carter yesterday pro- 
posed an increase of SoAOm in 
loan authority' for the Export- 
Import Rank, the channelling 
of SI (Him from the Small 
Business Administration to 
provide loan guarantees for 
small exporting companies, 
and a renew of domestic laws 
that might inhibit U.S. sales 

Both the U.S. Chamber of 
Commerce and the National 
Association of Manufacturers 
criticised the President** 
failure to come up with an 
alternative tax break for 
exporters to replace the pre- 
sent DISC tax ' deferral 

Under the cumbersome DISC 
scheme, companies are allowed 
to defer UJ5. tax payments on 
their export earnings. 

Bui Mr. John Caldwell, Inter- 
national director of the U.S. 
Chamber of Commerce, today 
welcomed the emphasis in the 
new programme in helping 
small and medium sized com- 
panies break into foreign 

Yesterday's statement from 
the White House on the new 
programme hinted that the 
Carter Administration would 
henceforth be more sparing in 
the imposition of export con- 
trols on U.S. sales to countries 
whose human rights record it 
did not approve of. 

At the same time it was 
learnt that the Slate Depart- 
ment had now given permis- 
sion for the" Export-Import 
Bank to help finance the S270m 
sale of hydroelectric turbine 
equipment from Allis Chalmers 
to Argentina. 

Renault aims for 5.3% of UK market 


RENAULT. THE State-owned sell in Britain this year to give and at reasonable pricesi 
French group, aims to sell 83,009 it around 4.3 ner cent, of total This year Renault has spent an- 
cars in the UK in 1979 said Mr. sales. In 1977‘ the group soW other £lm on its parts distribu- 

Alain de Saint-Victor, who has 57.000 cars. tion centre at Reading. And its 

• just taken up his appointment as How close Renault gets to its dealers are being encouraged to 
j managing director of the British I97S target denends on avail- stock more parts with the offer 
| subsidiary. ability of cars from the French of discount incentives. 

This would give the group plants which are still recovering Mr. de Saint-Victor said the 

around 5.3 per cent of the mar- from industrial disputes. Mr. group is satisfied, with its exist- 

ket. forecast at this stage to be de Saint-Victor maintained that jng dealer network in Britain but 
around 1.55m registrations in his main task is to convince UK wants to take on more small ser- 

1979. It compares with the near- customers that they can get parts vice establishments capable of 
70,000 cars Renault expects to and service for Renaulis quickly handling its cars. 

for Foreign Trade, Mr. Li Chian;.- 
They discussed the further 
development of the five-year 
trade agreement which has bees 
effective since last June. 

The . mission's purpose is 
ostensibly exploratory, although 
there is a strong likelihood that 
individual members will be dis- 
cussing specific prospects for 
industrial and technological 

Europe's potential as a strong 
contributor to China's develop, 
ment and a major partner in its 
furore trade has been underlined 
by recent protocols and agree- 
ments which show China's 
willingness to use equipment and 
technology from Britain. West 
Germany, Italy an dr he Nether- 

? r i 

hopes in Malta 

MALTA, Sept. 21 

PROSPECTS of Poland awarding 
Malta Drydocks a number of 
shipbuilding orders have been 
described as encouraging by 
senior yard officials foil owing 
negotiations held in Warsaw iast ! r 5 
week. t j 

The Malta yard, which has s i s 
already bandied shipbuilding^ | 
contracts for China, is hoping to 

win important deals involving' 
the construction of middle sized 

Malta Drydocks is also nego- 
tiating the handling of structural 
steelwork deals with Czecho- 

Iran now biggest buyer 
of UK worsted cloth 


Air Canada: Right Answer No 1 

Imagine you need 2,000 calculators for your chain of 
stationers.lfou want to import them from Taiwan. 
Sea takes too long. Air freight would be best,but you’d 
like to cut the cost.What does your cargo agent do? 

Call Air Canada Cargo 

The right answer is Air Canada’s Sea-Air 
service from the Far East It’s faster than sea, 
cheaper than air. Sea-Air can deliver the 
goods in just two weeks. That’s a third of the 
time taken by all-surface transport The 
calculators will be shipped to Vancouver in 
one of Air Canada’s own ‘sea-van’ containers, 
then transferred onto one of Air Canada’s 
■wide-bodied jets or DCS freighters for Britain. 

More to offer 

Just one example of how Air Canada offers a 
better service for cargo. We’re the airline that 
flies to more places in Canada than anyone 
else. 31 in all, and another 10 in the U.S A 
Our ACCESS computer is probably the 
most sophisticated cargo tracking system in 

the world. And whatever your shipment, 
one of Air Canada’s wide range of containers 
will be the answer. The right one. 

Give us a call 

Ask your cargo agent about us, or give us a 
call on one of these numbers: . 




01759 4751 

..79822 ext 2066 

Bir m i n g ham 021 742 4860 

Manchester 061 437 9490 

Belfast- ™„25852 

Dublin. 771488 

The Right Answer 

IRAN HAS now emerged as The .increase in purchases by 
one of the top three buyers' of Iran, revealed in the latest 
British wool textile products figures published by ihe industry 
following a major increase in the in Bradford, helped wool textile 
first seven months of this year producers stay ahead of last 
in its purchases of worsted- doth, years totai sales overseas 
The Iranians have stepped up £240m in the first seven months 
their purchases of worsteds from compared with £232m in the 
287.000 square metres in the first same period last year, 
seven months of last year to Wool doth is ahead by 21 per 
2.354ra square metres m the cent in value at £100.6m and 
same period this year, though per cent higher in volume, but 
there has at the same time been yarns exports were down 6 per 
a reduction in Iran’s purchases cent in value at £43Lm and 12 
of woollen cloths from 724,000 per cent in volume. Exports of 
square metres to 3S0.000 square raw wool and tops (combined 
metres. wool) were also both down in 

The increase, which follows value and volume, 
the signing of several major con- In a separate development tbe 
tracts by British suppliers, places industry's concern over the 
Iran in first place as the biggest availability of supplies of top 
single purchaser of UK quality raw materials has been 
worsteds in the January-July reflected this week in the presen 
period, ahead of Japan which t a tion of a special medal to 
made total purchases of 1.674m top Australian grower. The 
square metres. The Japanese also medal, presented on behalf of 
bought 1.778m square metres of one of the leading UK spinners 
woollen cloth, however, and Joseph Lurab and Sons by 
remain the biggest overall cus- Princess Alexandra at a special 
tomer of UK wool textiles, ceremony in Melbourne, was 
closely foilowed by the U.S. with awarded to the Australian 
total purchases of 3.226m square grower considered to have pro- 
metres. Out of this total only duced the finest wool during the 
173,000 square metres was past year. 

worsted doth with the remaining Known as Super 100 the wool 
American purchases all being is finer than cashmere and only 
woollen cloth. enough to produce each year to 

Other big customers of the UK fill one bale of roughly 300 lb 
industry in the first seven in weight The award was 
months of the year were West initialed by Lumhs with the sup- 
Germany, which received 2.7m port of the Intexmationaa Wool 
square metres of woollen and Secretariat to encourage Ausfcra- 
worsted fabric, Canada (2.2m iian farmers to continue to breed 
square metres), and France (1.8m and rear sheep with fine fleeces 
square metres). Sales in the 

Middle East as a whole reached 

6.4m square metres making It c-snft ^ , 

the second biggest market overall JWlFwin LZ6CD paper 

behind eastern ” L 

accounted for 

OTTAWA has confirmed that 
Canada has won a contract worth 
nearly S200m to baild a pulp and 

Europe which . n , - ^ _ 

9.8m square nuU order for Canada 


A 100 ft stock: dividend of the common 
Ctoct of Harris Corporation waa declared 

on Aneim ig. idtb to be paid Septem- 
i record s 

her 22. 1378 to holders or record Sep. 
tember 3. JS7B. Tlie eonrersion rate of 
Harris international Finance. N,V. 5H> 
CoararUblo Subordinated Ouaraateed 
Debentures Doe 1992 wac thereby 
changed to 65.930 shares of Harris 

Corporation common stock for each 
Si, 000. principal amount of -the deben- 
tures, eaecUve after September L 1S7S. 

K- e. suixrrAX 
Mannedc Director 
Harm Corporation 

paper mill in Czechoslovakia and 
iMIJ- build a 'second mill rater, 
our Montreal Correspondent 

The engineering and construc- 
tion supervision will be provided 
by H. A Simons of Vancouver 
and Montreal, a long-established 
pulp and paper industry consult- 
ing company. 

Financing will be handled by 
the Federal Export Development 
Corporation - with the Canadian 
commercial banks. 


Once more round the hlock. 
Tomorrow’s WorldV’en. 

Some ot our ehaurtcur driven cars have XV. You cm even 
opt for one with a cocktail cahineL Ether wa:; well keep you 
in touch by radio phone. 

So you can be driven in the lap of hniwv.Ta • 
some of the finest limousines f\ _ 

ever made. 




ECONOMIC ACTIVITY— Indices of industrial production, manu* 
facturing output engineering orders, retail sales volume (1970= 
100): retail sales value (1971=100); registered unemployment 
(excluding school leavers) and unfilled vacancies (000s ». All 

1977 . 
2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 
2nd qtr. 










































































OUTPUT— By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1970=100); 
housing starts (000s, monthly average). 












Textile Housg. 
etc. starts* 

2nd qtr. 








3rd qtr. 








t A 

4th qtr. 








1st qtr. 








t • r . 

2nd qtr. 


















































/•Ifwe-in rt*. J^i D ^rT IadJces of e ^p°, rt aiJ d import volume 
(1975-100), visible balance; current balance; oil balance: terms 
of trade (1975 — 100); exchange reserves. 






' - ' 

. ' ’’ 


volume volume, balance' 

balance balance 

trade USSbn* 

2nd qtr. 








3rd qtr; 



+ 31 

+ 574 





'• - r 

4th qtr. - 



- 5 





1st qtr. 


- 114.1 






- r 

2nd qtr. 

. 122 2 



+ 198 






' +192 




IT (U 













+ 11 



JS. 54 





- 57 







+ 58 

+ 133 




. * 

fn ®* pp,y M1 and aterli ag M3, bank advances 

pr ]?? te seclo r < three months' growth at annual 
rate), domestic credit expansion <£m); building societies' net 

Si ("Td £HSS : ,. *“ : 6eaa0naUy adjusted - Minimum 

* -7 *■ 

2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 
2nd qtr. 





advances DCE 










































+ 1,791 
+ 1,432 
+ 1,128 

+ 114 






















INFLATION— Indices of earnmes (Tan iq 7 k— inm . 


weighted value of 

2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 









149 Ji 











123 J. 

140 JS 




































comdty. Strlg. 













♦Not seasonally adjusted. 


















fc. - Financial -Times Thursday September -28 1978 



.. .■ a'S 

- A* J * J 









Mr A P. Bigelow 1903 

When the enterprising Mr Bigelow introduced his towel rental service to the business 
establishments of London, he also introduced the system of identifying every towel with the customer's 
own initials. Quite naturally, he called his new company The Initial Towel Supply Company. 

Now if s Initial’s 50th Anniversary as a major public company. . . in fact, sevenly-five years 
since Mr Bigelow first brought to Britain the idea ofpersonalised towel rental. We thought it 

to each of his customers m 1903. 

It also gives us an excellent opportunity to remind everyone that although the range of Initial 
services has grown and now we are one of the biggest hygiene service companies in the world 

... we still identify every customer’s towels, and it is still a most personal service, 

ty : V* vfSQL': • " ^ 



The Initial team today bringyou towels, soaps, workwear, air fresheners, floormats 
plus a tailormade plan to suit your business exactly. 

Initial Services limited, 300 GosweSRoad, London, EC1V7LU. 


Financial Tunes Thursday «v«r 



UK fights EEC plan 
on steel financing 



j \ V 5RTTAIN is taking the lead in the private sector. The delicacy of negotiations 

j *• ipposin* a draft EEC Commis- The first public intimation of with the EEC Commission is 
i j -.J uon directive which would im- the firm stand being taken by recognised by the committee. 

L ! - 7ose new restrictions on the British Ministers came yester- which has dropped its earlier 

- , I inancing of the iron and steel day in a report by the Commons’ demand for a debate on the draft 

[' ; . ndustries. select committee on European directive “ at an early date." 

1 Mr. Eric Varley, Industry legislation. Mr. Varley is 

Colston holds talks 

with Italian group 

Conoco agrees to 

UK chemica 




adopted in its present form. 


In April this year, its borrow- 
ing limit was raise dfrom £4bn 
to £5.5bn. The corporation's 
He also said that Britain felt borrowings in National Loan 

- 1 iteel. 

^ A major point at issue is 
V whether the draft directive 
f would imerfere with existing L/cilCaic 
. arrangements under which the 
; British Steel Corporation is able 

ing of the Community steel in- dend capital were then just over 
restric- £ 3 bn . 

The Commission's proposals on tuc of <teel 


aril! neCOtia^ 3fld “ P P - C 

iS Tc^side. 

e The plant was being paift fa? 

^ any agreement oa the restructur- Fund capital and Public divi- 

>to -ootam funds from the J? i . r 

SSmS?"* ltt dustry must precede new r 

«!] The Commission’s proposals JJJJL®" lhe financing of 5ieei a capital reconstruction of the 
; ; form part of it general approach t Y th . ^ t if corporation, which has been 

■-■to the problem of reducing * were To be mooted for some time, is sull 

Imple^ted as it sUncfs. it thought to take place this 

t 'l 

*-S&lr*gS bB toS itB rt5SS would" add*" a new dh£= to yea^The ^Jor 

.Sne they appear to £ British Steel's already serious next year have J been estimated, to 

* tailored to the requirements of financial proolejns. 

be at least £400 m. 

Government broke promises 
over tax rise, claims Shell 


the oil industry's attack on 
Government plans to increase 
North Sea petroleum revenue 
tax from the present 45 per cent 
to 60 per cent. 

Mr. Michael Pocock. chairman 
of Shell Transport and Trading, 
accused the Government of 
breaking promises made io oil 
companies when the tax was 
introduced in 1975. He said the 
industry had been assured that 
the tax would not be increased 
unless the value of oil changed 
in real terms. 

Now the Government was plan- 
ning to put up the tax by 15 per 
cent while at the same time 
reducing capital expenditure 
allowances. Mr. Pocock said the 
proposal showed the "mean atti- 
tude” nf Ministers and he added 
that while businessmen had to be 
prepared for tax changes they 
could not be expected to plan 
for “broken promises." 

The Government announced its 
Intention to raise the tax at the 
beginning of last month. The 
plan, which would increase 
Government revenues from the 
North Sea by an estimated £2hn 
over the next seven years, 
brought immediate criticism 
from the oil companies which 
said the additional burden could 
undermine the industry’s confi- 
dence. Ministers hope to imple- 
ment the tax changes next 

.•ftm'vrations are able eontTorersy-in-tJje BraSgjj; 
NORSK HYDRO has reached cent). ‘ ftvour Norsk chen? teals industry, particularly 

av MIB taylob .1 agreement with Conoco, on buy- imdeistood to * . from Imperial. 

BY PAUL TAYLOR . £ the UA oil company's. Hydro buy’ n? com- Industries. 

THE CH ARLES COLSTON Group marketing and servicing - in j chemical interests in the UK. Ocularly as in - 
has begun discussions with addition to access to Colston’s. ^ ^ Oslo, Mr. 

Merloni Ariston- of - Italy oyer advanced dishwasher tecnnclogy;; Mjf pre^den' of Norsk -Sf?; 

future wide-ranging cooperation Mr. Colston said ne would .-he r Hydr0t ^ ;hat ^ canaan* 

between the twa companies in toe •* disappointed * ii the discussion , * tor ‘ tik 

domestic appliances industry. did not at least result is agree- r ' 

Mr. Michael Colston, chairman meats' 

of the private High ■ Wycombe- change. .u,. » umw.- - — M , 

- me weeks. monomer j. the raw ssatwiarjetv 

The bb'ri« of both Yjnates and manufacturing FYC. one of tha: 
r . _ _ 0 iSev Cfa-inicaU will meet on most widely used commodity: 

impanies from co-operation. . and .would attract . cautious : In VisatexL the third tersest UK nrtnh«»r is and an official an- plasties. 

He said tbe company, which is apprt jval from the UK industry /producer of PVC 1 polyvinyl, nouceement of the deal 
shortly expected- to announce a as a whole. .. chloride} together with its iff per petted later. 

£14m or £15m turnover, tor _the . Colston’s domestic applfancey cent* stake In Stavcley Chemicals. R«forp tie Department 

year ending April 29, had. -been interests centre "" ,!= " ■ — * j - — ----- -oeiure l. c 

approached by - the . Fabriano- washers 
based Italian group and that Although 
discussions began- several days domestic 

^ sou betas negotiated »"d a price oducc !5 0..0«1. tonnes, a ^ 

_ . . ,.Se. mitetoTS i i to be revealed for V CM .. \tms\- riWoate; 

based group, said preliminary' dis- facilities. • ? . op^niuuc L-at L,e deal weeks. . mt 

cussions had indicated **con- Such agreements would have i 3 - approved. . - 

siderable benefits” to both clear benefits foir both companies- -. Conoco-is -selling its half share 
companies from co-operation. 

ago. tnrers. „ 

They are expected to last washer manufacturer. . . w . c . , K , At , 

several months while the com- The markel in this coontry has j faSQ Steel Corporation (.5 per 

panics consider the advantages of shown signs of a slight recovery ; . 

joint-manufacture, export- ana this year, with UK manufac-j . . 

servicing facilities, information turers making a anarginal . im- ■ 
exchange, joint marketing and prove men t on their share. Ati 
shared research and development present - imports -account for = 
programmes.- - about 33 per cent of .all UK j 

Colston hopes to benefit from, domestic ■ appliance / purchases^; 

Merloni’s expertise in large-scale . but in the field oL front-loading i 
manufacture . and sees, export automatic washing machines' the ; 
potential and . perhaps .even percentage- of imports rises to ■ 

Italian capital investment in the about 50 per cent. 

UK as possible results of some If Merloni manufactured in', 
form of tie-up. Merloni is thought the UK there would . be clear i 
to be seeking a UK base for cost advantages. 

The deal has aroused consider- some 

North Sea 



Term Kirk 

Mr. Michael Pocock, chairman of Shell Transport and 
Trading, who spoke of “the insidious tendency” of govern- 
ments to shy away from risks 

e A sham’ 

Mr. Pocock. who was speaking 

Con?resT V £ nt Lom£n d safd ^he be e7r ? osed for the sh ani it was. development in the name of 
pl” n n“.™lnc™M™w.TttplSl ^ «>« ^“ ful ^ environmental safety, 

of the “insidious tendenev" of ne . s r cs - t J ep F n ? c l ? on , p f? p e "W see nuclear pf~~‘ * “ 

governments everywhere tn shy JJ* 5111 - r Jf22»5 t J? st °PP ed m Sweden, 

away from all forms of risk. Tbe ' ’ as ft Germany despite ■ 

British Government was Drenarprt deciuUtto to jump on to the riSK- s afetv record." Mr. 

"W see nuclear plants virtually 
tbe U.S. and 
an ‘excellent 

British Government was prepared Gecuuis iu juiup ou io uie sa fely record." Mr. Pocock said, 
to subsidise companies so that free bandwagon. “Yet clearly, if we are to grow 

they could keep their “heads He pointed out that attempts the world needs nuclear energy, 
above water" but as soon as any to reduce tbe risk of industrial We see a huge agricultural dam 
of them looked like making a hazards to zero were both un- in East Tennessee halted by 
handsome profit action was taken realistic and prohibitively expen- environmentalists when it was 
to “whittle it down.” sive. He also attacked “narrow" nearly finished and then scrapped 

The whole idea of a risk-free pressure groups which were to protect some insignificant 
society, Mr. Pocock said, had to being allowed to disrupt economic fish." 

NCP chairmen buy 
Trailerent stakes 


STR DONALD GOSLING and Mr. become one of the leading rental 
Ronald Hobson, joint chairmen companies in Europe with 
and major" shareholders of branches on the Continent. 

National Car Parks, have taken *I^e company -has- bought -100 
substantial equity interests in trailers, with financial help from : 

Trailerent, a new company National Car Parks, and 98 of ! i^^S5ff.JS5JRL£ 
which aims to capture a signifi- them are- at present rented out. ■ 
cant slice of the UK’s £15m A further 200 will be added by i 

trailer rental and contract hire the end of December and the : 2^ 

market total will reach 550 by the end ! northern. North Sea can 

By Kerin Done, Energy . 


THE FIRST North SeaT plat- 
form to be dismantled because 
It had reached 
gas field 
The operation foreshadows a 
problem that will Increasingly 
confront the oil . companies 
working in the North Sea in 
the 1980s and 19S0s when much 

Morning Star seeks 
injunction over 

THE MORNING STAR, official would be launched on November.; 

fu^tfensnpr oi the ConiTTiunist • • *j 

pfrtv is asking the Hich Court to The Morning ^ Star article: 
stoo "Express Newspapers calling signed by Bill Broo.vs argnedv 
the new paper it is launching the that a second drrily newspaper,- 

Daily Star. with the word “Star in 

■ The Morning Star Co-operative title would cause urmecessarr- 
1s askin-’ tor' an injunction to con.usinn 
prevent 1 Express Newspapers H Pointed out that mropa^er 
frmn pawing off any national titles tend to become contracted 

Tbe new company is essen- P f - vear operation. In ; 

tially the brainchtid of Mr. Mike ^second year Trailerent plans) 

eventually be removed. 

The steel platform success- 
fully removed by BP was 

uaiiy ui« uumcimuw “*■ l0 j ncre ase‘the fleer bv a further ■ removed by BP was a 

300 trailers to give it about S 1 small one-well satellite sttuc- 

was previously head of Rented 

tore In the . southern sector of 
the North Sea. 

It was cut free by divers and: 

Nationwide, a subsiidary of tw°c?r^w c \nt nr » 


thp ‘ mr <weU above the current- industry • then refloated on to a barge.fmr 

t p f TW fSu- TJS average of 65 per cent), the 850 i towing . to Highland Fabrt- 

rental fieliL trailera should -generate ai 

tore Mr. Jim Morrfiead and Mr. reV enue of about £1.3m. The- 

Geoff Markham, and other key company M i d j t did not expect! 
executives were also previously t0 break cven unti j midway 
with Rentco. through its second year. ] 

Trailerent has already estab- Trailerent is completely inde- j 
lished branches at R&inham and pendent of either trailer manu- 
Slough, in the' south of England, facturers or American-controlled 
It will open a third in' the Mid- companies, and its fleet consists 
lands in October and'- plans a cf both Craven lister -and Crane 
national network of branches,. Eruehauf trailers. It .ranges from 

cators’ construction yard at 
Nigg Bay- on the Cromarty 
Firth, where it will be tested 
by BP for corrosion, metal 
fatique and other stresses. 

The ' removal operation, 
carried out by Omisco, a main- 
tenance and inspection com- 
pany, formed by Bpi» conjunc- 
tion with Wimpey, is costing 

_ _ abont £2m— eight times more 

possibly through the acquisition small 23 ft tandem axle skeletal^! than the- original ,xost_ of tbe. 
of some regionally-based ’edm- capable of carrying one standard-} platform, 
panies. ' ‘ ^ • azed container. taT40 .ft tall ‘ 

Within five years it hopes to tandem axle trailer vans. 

Ariel chief resigns 
for investment post 

The pbrtfbni-was«oated out 
to the field in 1966 and came on 
stream in 1967. The planned 
design life of the structure was 
due to expire at the end of the 

lhlS V eek ’ ♦ ko • tort be a pi tv fr?n: everyone's point 
The new paper »s to be printed f vie;v - if confusion were' 
m Manchester -on the Daily cause .j bv the use of a title so- 
^ressr^cssesandisai^ngfor j |ifc oae vhich j s so well 
tiie market at present served by - - 

l^m to - * P - menon which happens in nature. 

On September S. the Morning except when the planet Venus 
Star asked The Express manage- j ? vjritde. Blit there is a morning 
meat in a front page article to which “shines to ilkiaiK 
avoid causing confusion with nate our darkness.”' . 

the proposed title. Mr. Vic Matthews, chairman; 

' However, it appears that the of Express Newspapers, ss?3 : 
Express has decided to ignore last night he did not want to 
the aDpeal. It announced on comment on a question 
September 22 that the Daily Star was before the court. ' 

Petrol price regulation 
in force in December 


REGULATIONS designed to stop numbers. The new regulations 
garages misleading motorists will also cover the style, hold- 
over petrol prices are being oess and colour of prices ex- 
brought in by the Government pressed in decimals. 

The regulations, which will Garages are not obliged by law 
come into force in December, 1° display petrol prices but Mr. 
will enable motorists to see ex- Robert Maclennan. Parliamentary 
acily how much extra they will Secretary for Prices and Con- 
hav'e to pay when garages charge suraer Protection, said yesterday 
a higher rate for part-gallons of that most did because it 
pertol than for full gallons. encouraged . trade. Those that 
Price dislays on forecourts will did not were usually the ones 
have to show the rate for part- which charged higher prices and 
gallons as well as full gallons, if most motorists were aware of 
the price is different, in letter- this. 

mg at least 120 mm high. The regulations are being 

Other lettering, showing the brought in under the Petrol 
grade of petrol or conditions of Prices (Display) Order 1978. 
sale, will have to be at least They follow a similar Order 
80 mra. high— as on a car num- which came into operation last 
ber plate. When garages use year forbidding garages from 
decimal places in their prices, displaying “Xp Off” without 
tbe figures will have to be at giving the actual selling price 
least half the height of the whole of the petrol. 

Electricity bill 
subsidy will 
cost £45m 

By Our Energy Correspondent 

£45m -available to help cut elec- 
tricity bills this winter for people 
on low incomes. 

The scheme, which . has 
operated for two years, -is being 
extended to Include another 
$1.5m people. 

Mr. Anthony Wedgwood Benn, 
Energy Secretary, said yesterday 
that about 4.5m people, including 
2m to 3m pensioners, are now 
estimated to be eligible for some 
form of reduction to. their elec- 
tricity bills during the winter 

Previously, the scheme waa 
confined to people receiving sup- 
plementary benefit and family 
income supplement. Now It bas 
been extended to include people 
receiving rate and rent rebates, 
and rent allowances. 

Body needed 
s to oversee 

By Maurice Samuelson 


MR. COLIN LEACH is resigning Exchange’s business, 
an managing director of Ariel, Ariel has around 1. per cent of 
the computerised sharedealing the turnover of investment insti- 
system .which at one time tutinns, said the chairman, ' Mr. 
appeared 'as if it might challenge Charles Clay, yesterday. The 
the Stock Exchange. turnover is actually down on that 

■ Mr. Leach helped to create in the first year of Ariel’s opera- ! ANNUAL MEETINGS of sbare- 
Ariel and has been with the com- tion although the Tast few years 1 
pany since it started four Tears have been steady, he said, 
ago. • • Turnover several times higher 

The reason given for the than this was anticipated at the 
resignation is his appointment as system’s inception. The Stock 
an executive director of Fidelity Exchange wais concerned that it 
Management and Research (UK), would be adversely affected and 
the London affiliate of a Boston- stock market , commission rates 
based' fhVestment management were reduced partly because of 
company. Mr. Leach wishes to tbe competition, 
return to investment manage- ' The failure of Ariel to take 
ment, off is ascribed by Mr. Clay to the 

Ariel subscribers deal through dullness of the equity market 
computer terminals in - their and two disabilities imposed on 
offices— thus cutting out the Ariel; tbe system is not allowed 
brokers and jobbers of the Stock to deal in gilts, which have been 
Exchange. a better market than equities in 

The dealing costs of .Ariel are recent years, . and is not allowed 
less than those of the central to have market-makers (jobbers) 
market but the system has had who are exempt from stamp duty 
difficulty in obtaining more than in the way in which the Stock 
a small fraction of the Stock Exchange is able to- have them. 

New immigrant service chairman 

MR. ALEXANDER LYON, began in 1970. Some 220.000 
Labour MP for York and former cases of immigration problems 
Minister of State at the Home have ben handled, both in the 
Office, was elected chairman of UK and overseas. ■ 
the United Kingdom Immigrants Three members of the Asian 
Advisory Service in London community in Britain. Mr. Q. S. 

He succeeds Lord Foot, the Anisuddin. Mr. S. A. Rafnl and 
Liberal Peer, who - bas been Mr. J. S. Sandhu, were re-elected 
chairman of the service since it vice-chairmen. - 

Scientist warns on politics of uranium 


URANIUM was the most politi- 
cised commodity in the world. 

today. Sir Hennarm Bondi, 
chief scientist at the Department 
of Energy, told a joint Anglo- 
U.S. nuclear conference in 
London yesterday. 

What many countries feared 
was not that uranium would run 
out or become too expensive, hut 
that “for other reasons it will 
become unavailable or available 
only at a price, financial or other- 
wise, that they would find hard 
to pay,” he said* 

Sir Hermann heads the team 
of top oflicials representing 
Britain at the International 
Nuclear Fuel Cycle Evaluation, 
the- 42-nation reappraisal of 
nuclear technology initiated by 
President c r\r at the Loudon 
Sununif iaf f 

in :>■ - e to a mid-term 

- : i . •».rt , ar LNFr.c. 

i . ■ tin v;ar?4L.d d 

the tn prevent 

nuclear p.u'ii.-iHliun hy a simpie 

ban on one aspect of nuclear 
power — namely plutonium. 

Much as he applauded Presi- 
dent Carter's initiative, he said, 
he had serious doubts about the 
validity and efficiency of the 
measures the U.S, Government 
had originally proposed. 

He was speaking to an audP 
ence which included Mr. Victor 
Giiinsky. a senior U.S, Govern- 
ment official and fellow speaker, 
who had said his government had 
been embarrassed by the deci- 
sions of Britain and France to 
go ahead with the commercial 
reprocessing of spent nuclear 
fuel and the separation of pure 

Sir Hermann said he had been 
heartened by the flexibility 
shown by D. Joseph Nye, Presi- 
dent Carter’s emissary on pro- 
liferation. when speaking In 
Lomlf.ii two months :»-«i “ On ;< 
nuntho;- of inipor 1 ;:^' js-.|. <; &•,. 

mnviig io a biojl';. 

similar direction, 1 ’ 

Over-concerntratioii on the un- 
doubted dangers of plutonium 
might divert attention from the 
“ equally real dangers ” of other 
parts of the nuclear fuel cycle, 
notably uranium enrichment and 
stores of spent fuel elements, 
said Sir Hermann, 

Only through a combined 
attack on all aspects of the 
problem - could the “ spectre of 
proliferation ” be kept at bay so 
that nations would not feel com- 
pelled for their own protection 
to take steps .that “might 
enhance the very risks they are 
trying to avoid." 

It was- gratifying, said Sir 
Hermann, that the V$. Govern- 
ment was investigating the 
control and safeguarding of all 
pens] live parts of the fuel cycle, 
r.nt ]i;s‘ p iiinni:im. 

r. : : .i :,l! in agree- 

• s v. i -:t S3bn 

- - • : r ; . spent 


had w- -4 . •• U-S* 

Government, a senior U.S. 
Government official tol dthe con- 

The contracts would involve 
the separation of about 75 tons 
of plutonium “ or enough for 
about 10,000 nuclear weapons,” 
said Mr. Victor Giiinsky, a com- 
missioner of the U.S. Nuclear 
Regulatory Commission. 

Mr, Giiinsky was speaking-on 
nuclear proliferation at the 
joint U.S. Atomic Industrial 
Forum and British Nuclear 
Forum international conference 
on the nuclear fuel cycle. 

Congressional hearings on 
whether Japan should be allowed 
to send spent nuclear, fuel 
originally enriched by. the U.S 
Government to Windscale in 
Britain and Cap la Hague in 
France for reprocessing have 
just been postponed. Their 
hearings were to be .held this 

Mr. Giiinsky said the fuel was 
under the “ putative control ” of 
his government*. Approvals for 

reprocessing was subject to strict 
criteria under the new U.S. non- 
proliferation law. 

This law treated Euratom as 
a single entity and allowed 
certain exemptions when U.S.- 
enricbed fuel was being moved 
between EEC countries, hut for 
other countries it was subject to 
a U.S. veto. 

Britain and France, by going 
ahead with commercial reproces- 
sing plans, had- left the U.S. 
with three options. It could veto 
the full transfer and “pull the 
rug from under its close allies 
and friends." 

It could accept defeat hi its 
efforts to control reprocessing 
and tbe widespread, use of 
plutonium before adequate inter- 
national safeguards had been 

Or, it could extend permission 
in certain cases,, but place strict 
conditions on the return of 
plutonium to the nation owning 

holders do not adequately repre- 
sent the interest involved in a 
company or industry and there 
is a need for a new body to 
which directors would be 
accountable, tbe Institution of 
Works Managers claimed yester- 

The institution, representing 
20.000 senior and middle man- 
agers in manufacturing enter- 
prises, wants the Companies Act 
to be amended, obliging direc- 
tors to take account of the In- 
terest of employees, customers 
and public, in addition to those 
of the shareholders. 

In a paper on industrial parti- 
cipation, tbe institution also sug- 
gests the establishment of a body 
“with finance and teeth.’’ per- 
haps on the lines of -the Safety 
and Health Commission, to 
recommend codes of practice to 
Governments and to advise on 
what other interests should be 
represented on a company coun- 

The institution calls Jor better 
training • of managers, trade 
unionists and others in promot- 
ing participation in management. 

Towards "Responsible Parti- 
cipation” published bv the Insti- 
tution of Works Managers, £1. 

Wright ends retirement i 
to head Evode Holdings 

MR. PETER WRIGHT, the he expected to take up other 
former chairman and managing directorships, 
director of Perkins Engines, who Mr. Wright said he had abatr 
announced his retirement nine doned- his rthoujrhts. ©f buying,*., 
months ago at the age of . 49. is farm on the grounds- Jhat fit . 
to become chairman of Evode would probably 'have been 
Holdings. "thinking too much of one 

His appointment yesterday thl " s -” . . .. 

follows the dnath of Dr. Hermann „ ™«cusrions about joining 
Simon. Erodes founder three Fvnde thp manufacttirer of Tjn- 
weeks a so. Mr. Wright will be Stik. simply as a non-executive 
spending about- half his time Erector bad been go. m on sme? 
with the comranv. although £?riy tl»«* Put the basis of 
more in the early stages. "npw'tto-nt b ? d 

' Commenting on Ms plans to by lhe dpatn ^ - 

- ^ rpt * of the board at 
SSf; ,55 ^ r j d .i t nl * ht l*-nde remains urrhanwd. Mr. 

?«-J he r 3 , oh - °. ffered . th f 0P Dor ' Andrew Simon *h- company** - 
tonity of learning about a com- phipf e xenttiv P and the rah Of- 

t P h?^Jn^Hno U !S?nr ay fr0m «« chairman. „hl yefierday 
the engm-enn., sector. ft, e performance of the 

It fitted in with his concept of group was imnrovmr after j d!S-.- 
non-executive directorships, giv- appointing first half results, 
ing him a - fairly close involve- when profits dropped front 
meat with the company. He said £694.000 to £311.000. - r 




Crown Agents’ 
inquiry told 
of share deal 

THE WHOLE of the Crown 
Agents' office was “agog” when 
it heard about plans to. buy 
shares in a merchant bank, the 
tribunal of inquiry into the 
Crown, Agents' losses was told 

But its- senior agent at the 
time. Sir Stephen Luke, had no 
idea such an interest was being 
created in the venture. 

He told Mr.. Martin Nourse, 
council for the tribunal, that the 
acquisition of the share in Sas- 
soons was .the first time the 
Crown Agents had made such an 
equity m vestment. 

Sir Stephen . said the deputy 
governor of- the Bank of England 
had told him the Crown Agents 
should -go ahead with the -plan 
provided that certain conditions 
were followed. 

Tbe tribunal was adjourned 
until next Wednesday, following 
an application for a. “reading 
time" break by Mr. John Rankin, 
QC representing . . Sir Claude 
Haves, .Crown Agents’ chairman 
from 1968 to 1974. 


Laker-General Electric 7 
deal criticised fey MP : 

BY LYNTON McLAJN - .. . -- 

LAKER. AIRWAYS' plan to bay meat and the least he can dq. 
Airbus engines from General is to support a British product 
Electric of the U.S. rather than like Rolls-Royce engines.’- he 
from . Rolls-Royce ran into said. Mr. Varley is unlikely to 
criticism yesterday. take action. 

Mr; Waiter - Johnson, Labour Laker Airways chose the 
MP for Derby South, where RR Franco - German - U.S, General 
has one of its main engine fac- Electric CF6-50 engine for its 
tones, said he had written to Mr. Airbuses to meet a summer 1951 
Eric Varley, Industry Secretary, deadline when Laker plans ft>; 
urging him to stop Sir Freddie start operating the Airbuses, 
Laker buying the U.S. engines. Rolls-Royce said it would not be 
"Sir Freddie has been given able to certify its RB-21I engine' 
every assistance and help in spite in the Airbus until a year after 
of his attitude to the Govern- Laker's deadline. 

Record £7,000 paid 
for military baton 


TWO GOOD sales at Sotheby's 
yesterday netted some remark- 
able prices. An auction of 
medals and gallantry awards 
totalled £104,619. with an auction 
record price of £7,000 for a field 
marshal’s baton. Topographical 
paintings brought in £123.620. 
with a best price of £30.000, ten 
limes the forecast. All prices 
carry a 10 per cent buyer’s 

The baton had belonged to 
Lord Nicholson, who received it 
in 1911. and . was bought by 
Spink for ’ almost double the 

The top price in the sale was 
the £14,000, double the forecast, 
for a group of Peninsular War 
medals and decorations which 
had been awarded to Lieutenant- 
General Sir John RolL 

Maurice Sternberg, a Chicago 
dealer, paid the £30,000 for 
After the First Hunt by Charles 
Russell, which shows an interior 
scene of. -an Indian tepee. 

A copy .of Chaucer’s The 
Canterbury Tales, the first Illus- 
trated .account of Columbus’ 
Journey to America and King 
Henry VlTl’s prayer book were 
three of 16 celebrated books and 
manuscripts * sold at auction - in 
Basel yesterday.. . 

The works belonged P 3 - 
American private collector Boies, 
Penrose. Bernard Quaritch, ■ nf . 
London, made the top bid of th^ 7 ' 
day, paying 190,000 Swiss, francs,; 
(S 128,378) for the Chaucer copy.; 
known as the Detameremfflifyu 

script. j;. 

The illustrated Columbia" 
account fetched 19.000 Swis* . 
francs ($12,837), three times i® ' 



estimated - value and -Henry > 
yni’s prayer book 97,000 Swiss - 
francs (§65,540). ' V, 

Jewellery sold at Christie’* 
yesterday made £329,445; ■ with . 
es ,5i_ - n , one P er cent unsold; 

. Christie’s South Kensington-: 
had a successful furniture 
which brought in £55.374. 
top prices of £2 .SCO for a Dutch 
chest of dowers anT; 
for a French walnut', 

^ sale- of English’ 1 and- Coub-;.-? 
hental ceramics at philfips yȣ 
terday totalled £4g£6p. . •*, 



* 3-t 4 

Financial Times Thursday September 28 1978 


~ V! 

*UK bolt nroduc 0 l»g t Littlewoods pushes IN. Sea ! Ford to invest 

seek import controls 


pre-tax profits 
up to £46.8m 

crude oil 

£200m in UK 

. WAIN'S manufacturers of 
as trial fasteners— the rivets, 
ews, washers, nuts and bolts 
the economy— fear that their 
,ustry wll] suffer from severe 
. (traction and unemployment 
..less controls are put on im- 
■ts of fasteners from the Far 
'it, and “fair trading*’ is en- 
ced within the European 


iany manufacturers believe 
.t if action is not taken the 
ndard types of fastener— 
icb Form the largest part of 
: £400m UK market— will he 
. gely imported in three or four 
. : irs* time. 

The British Industrial 
jteners Federation ' ■will pre- 
it an eight-point action pro- 
inline to the Government 

iyj CYi/ied at ensuring their share of 

V* t TV i.ikinK ic - 

gasteners, the first of its kind to 
be iraposed. 

However. the federation says 
that imports from Far Eastern 
countries in the standard grades 
continue to grow. 

Imports from Europe are caus- 
ing even more alarm among UK 
companies because the European 
manufacturers produce both the 
standard and the more sophisti- 
cated fasteners, and are doing so 
generally more cheaply than the 
British industry -can. 

The Federation blames its 
higher prices on those charged 
to UK manufacturers by the 
British Steel Corporation for 

their raw material, steel wire 
and rod. This is due in turn, the 
federation says, to the failure of 
the EEC steel crisis measures, 
the so-called Davignon Plan. 

Oh t*K market which is more 
ra 85 per cent. 


fhe key points in the pro- 

J i &J* ilimme arc a call for “some 
’ r L| Ihtiols on fastener importation 
’m the Far East, which has 

?n increasing rapidity.’* and 
btaining the ability to com- 
:e on an equal basis w.ith our 
. rope an trading partners." 
m ports of cheap, standard pro- 
:ts — especially from Taiwan — 
ve increased sharply in the 
it four years. Last year, the 
ropean Commission ordered a 
per cent duly on Taiwanese 

It claims that European steel 
producers are selling Wire and 
rod for prices up lo 25 per cent 
lower than those charged by 
BSC. . However, it says these 
producers will quote Davignon 
guideline prices when replying to 
queries from UK manufacturers. 

The federation believes that 
the European steel producers 
will only cut prices for their 
own industries because they risk 
exposure if exports of cut-price 
steel show up in official figures. 

and also because they are 
consciously aiding -their own 

It is seeking meetings - with 
officials in the EEC Industry 
Commission, .and in the Com- 
petition Commission, next month. 
Mr. Ken Peplow the director of 
the federation, said that BSC 
supported the action, and that 
officials from BSC might accom- 
pany the industry's delegation 
to Brussels. 

The federation points to. the 
fastener industry in the U.S« 
which has been largely destroyed 
by cheap foreign imports, with 
70 per cent of the domestic 
market now being taken by 
Imported fasteners. 

Mr. Trevor Foster, managing 
director of Rubefy Owen 
Fastener Group, said yesterday 
that the UK industry could 
follow suit. u Unless something 
is done to stop unfair com- 
petition. the majority of standard 
fasteners will be imported in 
three or four years’ time.** 

Standard fasteners account for 
about 80 per cent of the market 
in terms of volume, and 60 per 
cent in terms of value. 

There are 75 companies pro- 
ducing industrial fasteners in 
the UK, with a workforce of 
about 40.000. The industry 
exports between £3 5m and £40m 
worth of its products. 


sation, the largest private com- 
pany in Britain, yesterday 
announced sharp rises in turn- 
over and profits for its stores 
and mall order retailing, opera* 

The company achieved retail 
sales of £692iu in 1977, a rise 
of 2 2 per cent, and produced 
pre-tax. group profits up by 28 
per cent to £4&8m. But the 
true profitability of the retail- 
ing ' divisions is masked by 
Littlewoods refusing to say 
how much of group profits was 
due to its pools activities. 

Under the legislation cover- 
ing football pools, companies 
involved do not h3ve to dis- 
close profits so long as they do 
not exceed 3 per cent of turn- 

In the last football season 
Littlewoods achieved a turn- 
over of £183m from pools, 
which suggests a profit level of 
just over £5m. Bar as this is 
not directly comparable with 
the 1977 financial year for the 
retailing side of the company, 
an accurate estimate of the 
group’s retailing profits cannot 
be made. 

Even so, the general increase 
in retailing sales and profits 
in 1977 are a measure of Liltie- 
woods success during a period 

of difficult trading conditions. 

The chain stores division, 
which now. has 106 stores, 
achieved sales of £257m — up 
by 17 per cent — and increased 
its share of the market. 
Average . High Street retail 
sales, were about 14 per cent 
up daring 1977. 

The mail order division 
achieved Its best ever year, 
with sales up by more than a 
quarter to £435 m. The division 
publishes six mail order cata- 
logues — Littlewoods, John 
Moores,- Brian Mills, Burling- 
ton, Peter Craig and Janet 

Uttlewoods which is owned 
by the Moores family, has con- 
tinued its usual practice of 
retaialhg the bulk of profits 
within the group to finance 
future growth. Some £21.7m 
of the £22m profit available 
after tax tn 1977 has been 
retained to finance new build- 
ings and equipment. 

Mr. Peter Moores, the group 
chairman, in a report to staff, 
criticises intervention in the 
retailing industry by both the 
UK Government and the EEC. 
“If many of the measures pro- 
posed by the European Com- 
mission. are implemented, 
these will interfere signifi- 
cantly with the freedom of the 
the retail trade,’’ he says. 


on trucks 



BRITAIN'S CRUDE oil produc- 1 
tion from the North Sea should ■ 
exceed 50m tonnes this year.] 
according to figures released by j 
the Department of Energy. 1 

Production last month totalled! 
4.567,775 tonnes, an increase of 
492225 tonnes over July. 

The average for daily crude 
oil production last month fromj 
the ten oilfields now on stream- 
In the UK sector was 1.103.931 
barrels a day. This compares 
with 1,092,328 barrels a day in 

Production for the first eight 
months of 197$ totalled 32.916 509 
tonnes. The UK is expected to 
reach self-sufficiency in crude oil 
late next year or early in 19S0. 
when about 100m tonnes a year 
will be coming ashore. 

This year's production should. 

This year's production should] 
rise sharply again when Union) 

OiJ’c Hontlitir Pinlrl rnmne n n J 

‘Too much paperwork’ warning £600,000 boost 


MP ANTES need to develop some signs of what I would call transmit information becomes T/\|* Li it/\ 

t? disciplines to deal with the ‘information pollution’ — inform- cheaper and cheaper, the danger I IV I 1 1 ■ I ITT | /II ■ I if I y 

Teased paperwork which will ation of the wrong kind being is that the ability to digest the •/ 

Oil’s Heather Field conies on ( 
stream. Oil from this field and; 
from Dunlin Field is expected in 
start flouring into the SuMnm Vne 1 
terminal in the Shetland Islands] 
in October or November. 

Production from the Nor- 
wegian sector of the North Sea 
for the first eight months of this 
year totalled about 19.2m innn**c 
of oil equivalent compared with 
8.4m tonnes in the same period 
last year. 

MORE THAN HALF the £400m 
Ford is to spend replacing its 
European trucks range for the 
19S0s will be invested in Britain. 

Sir Terry Beckett, chairman, 
made (his clear when giving 
details of changes tu Ford's “ D " 
series and Transcontinental 
trucks which arc announced 

Commercial vehicles are now 
j;isl as important lo Ford as 
cars, he declared 

In the UK this year Ford could 
still have a triple success and top 
the list for car. commercial 
vehicle and tract nr registrations. 

As far as cninmen-ial vehicle* 
are coocirnpd. " wv want in con- 
solidate this position in ihe UK 
and increase our share of the 
Euronean markets." Sir Terry 

He revealed that Ford evnects 
demand for trucks — commercial 
vehicles of more than 3.-"> tonnes 
gross vehicle weight — to grow bv 
2 to 3 per rent a year a r ler 10 
years of relative stagnation. 

In Continental Europe trucks 
ai'counT for about 30 per cent 
of to! a I commercial vehicle 
sales. Ford knows it will not be 
easy *o increase its market. But 
Sir Terry promised: “There will 
be some interesting develop- 
ments from Ford over the next 
few years.’’ 

In the shorter terra Ford ex- 
pects total UK truck registra- 
tions this year to reach about 
70.000, well above forecasts of 
64,500 made at the beginning of 
this year and the 61.4S6 recorded 
in 1977. 

Ford has held UK market 
leadership fur commercial 
vehicles and tractors for several 
years. Whether or not it gets the 
“triple'' and adds cars to the 
list in 1978 obviously depends on 
the current strike being settled 
fairly quickly. 

By the end of August Ford was 
well ahead of its nearest rival. 
BL. with 4S,nriO more cars 

Changes to the Iona-established 
“D" series trucks, which are in 
the six to 28 tonnes range and of 
which Ford sold 12.716 last year, 
aim particularly at fuel economy. 

The group makes similar 
claims about the revamped Trans- 
con tine ntals. It sold 280 of these 
very heavy trucks in 1977. New 
Cummins Scries-E engines are 
being fitted across the range Tor 
a fuel saving of at least 10 per 
cent, says Ford. 

Dealers in the UK have more 
than 200 of the new “D" series 
trucks, made at Langley and 
using cabs from the Southamp- 
ton plant, in stock for the 
launch. The Transcontinental is 
assembled in Amsterdam mainly 

■ <MP ANTES need to develop some signs of what I would call transmit information becomes TtfVff* Ld IT A T O ATAf*\ 7 JL^fTl fill W ii 

«r disciplines to deal with the ‘information pollution’ — inform- cheaper and cheaper, the danger I IV I 1 1 ■ ■ ITT I /II . I If I 1 r 

Teased paperwork which will ation of the wrong kind being is that the ability to digest the «7 • * A a 

produced by the next genera- sent to the wrong recipient” information will become more 1T1 f\ 11 (XI 1 Cl 1 

n of automatic office equip- Mr. Benstead said the develop- expensive. BY RAY PERMAN, SCOTTISH CORRESPONDENT 1U 

* ‘ nt ;*Si m ¥ l ffi l,l 5 Ilt conference ment of communicating word Managers therefore need to = ru.- 

s told yesterday. processors — automatic . type- make a careful assessment of NEW INVESTMENT of £600 000 Earlier vesterdav Mr Brewster 1 

Kr ; Pef er Benstead, marketing wntere which can store doefr the inter-relation of automatic t0 establish a high technology visited the factoj^' General f 1 ** 12 DAMAGE costs fell £5m 

Fire damage 
£5m down 
in August 

The £200m plus investment in from Continental components, 
trucks is part of the total Ford is considering postponing 
£1.058bn programme for the UK advertising the new trucks until 
announced by the group last it sees bow seriously the UK 
May. strike might hit output. 

By Eric Short 

Many traders ‘failing 
to declare full VAT’ 


. 'ormation was rapidly falling, writers in the ordinary office the 
But few companies had de- ^pabitities of telex, 
loped systems to deal with all , “ Technically they are with us 

and travel costs. 
Mr. Benstead 

with secretarial announced yesterday by M? telephone wstem develoDed by ** * least fka each. ABOUT A THIRD of registered ties, provided records were kept- 

SWSwE £SnS Figures issued yesterds* by ,be morl tSSiST ^ 

suggested that sador to Britain. microcomputer “chips” made British Insurance Association S mm a vrareadL* ° f “fiendishlv comnlicated " 

houid appoint Speaking _ during a visit to in the town. show that fire damage in August 

r : ibve already entered an era out carbons, copying or mailing" up a new professional institute “J? e , company predicts a The companv makes specialist 
j-j'.rtiere we will over-communicate, ^e said P : - to be called the Institute of tremendous impact on several polythene ca'rrier bags for 

‘ ' I believe we already have However, as the ability , to Information Managers- 

schools ‘not 
only for 
the rich’ 

Reform of ho 
finance urged 

J FUNDAMENTAL reform in rethink of assistance 

markets,, particularly, where SSST rMBow wS 
cables are used for military and markets and fashion stores, as 
defence puposes, on modem well as for small market and 
♦“ < Lv ln othe I 8 e °eral traders. It is to use the 
durahiijfe *12* •!? U8 i« SS WDA stake - supplied in the form 
"ll paramount of a shares and loan deal, to buy 
,in Sr?n?^it «?« f new machinery for increasing 

whfch M 7obs P over Pr0dU ' :UoD 10 °- 5ra ba6s a daJ 

the next 18 months, will be a n 

chamber with concrete walls 5 ft "OUr DfiW Units 

thick in which insulated cables . nR mnvpH tn th» 

SSns aSSed thr ° U * h * beam ° f Befiwas Industrial Estate! 

ta 2f ASS 


officers making routine visits on The depart men t was also 
traders. thinking of introducing a brief 

Mr. Leeming said VAT was a booklet for the new trader who 
simple tax. and for most trans- had many problems to cope with- 
actions there were few difficul- besides VAT. 

Work starts on £8m factory 

FUNDAMENTAL reform in retinnk of assistance in the pri- Iand un der y nes growing 2n tbe ^ 0rk ' 

housinE Bum,™ is urged iu a vale sertor largely alcng the taportance of U& lavSSS? doub'e d to 60 pe ople. 

jjamDhlet Dublishcd yesterday by lines advocated b> the Labour Ampriran nu-noii maTiiifapturinn ^ meauiihile, the 

jfl. || | k I l/V £$ni ENGINE maintenance lory would seek maintenance 

20- Afli ll— I J- |M centre being built for Caledonian contracts for oiber airlines 

f**n|i*' HV f Airways — parent companv of operating PC 10s. Boeing 747s or 
J V * f British Caledonian — near Prest- A300 Airbuses, which use the 

wick Airport. Ayrshire, could same engine. 

provide 1^100 jobs by Ihe end of The Scottish Development 
the 1980s. Mr. Adam Thomson. Agency is making a £3.5ni 

chairman of the company, said secured loan towards the project 

' , 10 ; 11 yesterday. and the Government is con- 

1975 1876 1977 78 \ Opening the construction work, tributing £1.5m in regional 

j be said that as well as overhaul- development grants. The new 

value for January was affected j?^ turt>ofan jets f 0 r British factory will start operating in 

s u , -pamjrtilet pubhshed yesterday by nuK.auvoc ^ American owmed manufacturing » mu7n ’ th l 1975 197t> 1977 *78 J I Opening the construction work, tributing £1.5m in re: 

ss-sro ^ ~ SSSS3 SS&5 4 taa end “ f ““ “ ‘ DC - " ee lbe 

intry's independent schools, n a ti 00 al priority which would also says that relief for owners anew Saw nf i* be completed in about six The three £Im fires last T 7T/ - £ . . j , , . 

•. parid Baggfey said yesterday! eiStoreliy attractive, f “ longstandins ‘’should be ^sTpoSblJ nexTf^ SSSSmo & C0St ° f S0JUe m ° n ? V** al a ° ° fllce equ t UK fOOtWear IfidUStry bUOVant 

his chairman’s address to the | lefTA is a forum for members tapered and that home owners J™ 1 s po55lDie in lQe nexi Iew *750.000. rae nt and electromc company in J 

■ intry's independent s 
•. David Baggley said ye: 
bis chairman’s address 

iding fee-charging schools. |-n v involved in economics, ffage only in their lifetime. wnkT .iZnLr, Tf B° anl ' s development director, ment store in the South. There turers’ deliveries in the first half The federation said that pm- 
It ws a myth that Independent finance and taxation. The latest In’ the public sector, Mr. ™ ^ ^ revealed that negotiations with a were six other fires where of this year, at about 75ra pairs, ployment had remained stable 

_..^iools existed to furnish segre- pam pjiiet was written bv Mr. KiJroy calls for an extension of v—v 11 ? umber companies interested damage exceeded £250.000 In were about 6 per cent lower than in the industry, with the 

ted education for children of B ernan i Kilroy, a London’ hous- cross-subsidisation across local i-? c n, in occupying the new units are each case. A further 65 fires cost- in the same period of 1977, numbers on overtime far exceed- 

? affluent middle classes, he in K officer. ^ authority boundaries through - en j >JoyiD ? already under way. The aim is to ing more than £35,000 each, in- according to the British Font- ing those on short-time working. 

;d the conference in Exeter. jj r Kilroy says that unless national or regional rent pool- ™ , f: aavancefl provide up to 200 new jobs in the eluded SI in cinemas, schools, wear Manufacturers Federation. The value of retail sales was still 

•ri.-.There were increasing opporj ^crnative solutions are worked |pS- He says his^proposals for tecnnoiogy occupauous. town. shops social clubs and theatres. Imports, remain at about 43 very good, it said. 

*" ..nities through scholarships and oU ^ Exchequer faces a con- " organic reform ” in housing 

y 5isted places for academically tinually rising bill for housing finance could. lead to the housing 

'* 1e pupils whose families could -gsjjstjmce and tax relief which sector as a whole becoming self- 

’ - ' t afford the Fees. would mean higher tax levels to financing and so reduce the 

Ihe responsibility for creating _ av f or t hem. demands it makes on the rest of 

widening gap between the in- fj e a j So fit jegests that house the economy “at a time when 

pendent and the State sectors pr ] C e inflation will be higher the economy needs all the re- 

education belonged not to the than price ri se3 generally, and soiirces it can get to renew its 

blj cscbools, but to teh. Govern- that pu bJio sector housing will employment base.” 

. become even more of a “second .mousing Finance— Organic Re- 

“Far more sensible would h? best.** 

policy of making some public 
e of these existing centres ofl 
cenence," he added. j 

' Mr. Baggley is head of Bolton) 
•• bool’s boys division which) 
came independent in 1976 toj 
. oid being merged into the com- j 
ehensive system. j 

Among . the alternatives is. a 

,? LEFT A, 72 Albert Street. I 
!an iWl, a. 

Big rise 
in food 


Strategic planning director for Plessey 


Mr. K Feartudde has been for Great Britain. This additional and members of the Gill and of Ciago b.v. in The Netherlands, 
appointed director of strategic appointment is being made to Duffus Group. the company’s largest overseas 

in manning of THE PLESSEY COM- enable Sir Roger to assist the + manufacturing subsidiary Mr. 

Council attitudes ‘limit 
success of housing law’ 

S!«. 'ScS £5 f SS tSrSU? &j8S£&J*3!t »,*. *«r CDrdDn, chairman Ch^cmli aVca 

beaf aESSf S Bubsldta^ Alibis SioTmember.Sir R^er * Jgf* JjS Si h^c 'adriifmnai 

. tion 1 ? tifere were lCTeL * pVllSJSSJf SfS ° e ! , BE ^ BROTHERS has changed respoS^ 

'out- [more than 12,000 reported cases BRENT CHEMICALS INTER- “Vnt consulting group. He ""is effective 1 ^ from October L**" 1 Mrl John't ^ 

of food noisomos in 197B. the VATinv AT snnnnnMi th<> author nf a Ppfiran hnnb ''TTip ,_i n " 7ohn E. Slroope, at present direc- 

' Welsh COHiDailV i THE SUCCESSFUL working of of some councils that out- more than 12,000 reported cases B RENT CHEMICALS INTER- ment consulting group. He is effective fiVm October l Mr SllSf ^ 

YYCIMi LUiUJJaUJ Homeless Persons Act has aiders would flood into their of food poisoning in 197^ the NATIONAL announce the follow- author of a Pelican book “The JohS V. WHson? af his own tor 

. . severely limited by coun- are a® S nce the le ^ latlon was last year figures were available, ing appointments: Mr R. KeiUi Business of Management- request is ” up day to dav 

. • raises output ^TJSS^Stta^SuSSn e “5? ei H _ fI|D , wh . lp . ™> "}eel« a similar worsen- B^er, formerly export director * S&bS i ties iSr 4 DnS«°Sd ffi nd "f S 

« _ r „ attitudes ” towards the home- The . article says that while tag situation in other European of the groups Ardrox subsidiary. Mr. .Hugo AfeyneLI and Mr. administration to become more and m«n»': n » Hi 

B. PLASTICS, a Caerphilly amird in^ToRDoL Shelter’s ®qst councils have shown that reuntiies, adds the report, pub- appointed group production man- Graham Billfngton bare been invoked in development of the Goodrich -^Ch emir 

. w mpany, is expanding its -plastic Ie - * . neither of these factors need be hshed yesterday. flST’ i Ml l' E fo * r S erly ™ ppointcd dh, e« or s of the group’s book pubiishine interests. Austealia Mr Jo 

.il harrier bag production to 500.000 bousing magazine. a problem, others, have persisted More than 70 per cent of the techniral director of Ardrox. ECONOMIST NEWSPAPER. The He continues as chairman and 2?er fl r man 

■ t’ i Ss a day with the help of a An article in the aiest wlpi wide definitions of “ inten- poisoning cases are related to ■JJJjJjJ?? ^Tistees of the Economist ^ave managins director of Toilev p,ib- nical "and encinee 

elsh Development Agency in- of the ;magame . that : many tumalrty ? often to punish rent Salmonela, and this pereeutage JSSJS toSSi SS appointed Sir Campbell Fraser i ish ing Co. and as finance director BFG ChSSSfs 

..stment of £150.000. * councils interpret their minimum arrears eases and. in one ease. , is increasing. ' sScd f c hairm an,. Dunlop HoMtenJ a* of Ernest Berin. both wholly- depart men i, rental 

j i-.Tbs rnmnanv rinims to be the) legal requirements under the domestic disputes — the main I The renort sucsests that thp 1 P n =_??? tnu>te e jn succession to Lord owned subsidiaries in the Kenn Ha win k, 

?. it|Tbe company claims to be the legal requirements u 

M»l|: I— r * . Unirlnt nn 1 C fka mint 

_ * 1 
S - ' w 

", 2a as nnance director BFG Chemical’s imcrnaiumal 

L of Ernest Benn, both wholly- department, replaces Mr. Srroope. 
owned subsidiaries in the Kenn He will be located in tae divi- 
aner Group. Mr. Anthony J. «p,her. sions Cleveland. Ohio, hcad- 

nds; supplied in a shares-and-] new legislative -requirements by claim’ enables people from animal feeding stuffs. Following the sale of Alliance his api ? aint 2J ent as ^airman i.nd Tavistock has 

in d^L to buy extra machinery seeking ways .around I thtm-. . ware; re get hoover the. It would also, allow more Whoh^ile Gram SemX as P dSSS SZi If” ° f ^ PresS -nSSfed TdRSor of 

increase production. they must be 10 heads of the local population.^ .attention to be given to remov- portion of the Food Securities chaiman He hns hern 1 at Loombetends. MARTIN. She became a 

— — accept the spirit of the AcX. Mr. Ernest Armstrong, Parlia-, mg food poisoning caused by bad division of . ASSOCIATED .in™ tori consultant to ihe company 

BSC to close 
Cumbria olai 

crept me spirit o« Mr. Ernest Armstrong, rania- , uig food poisoning caused by bad division 0 f . ASSOCUTED Ihairman' since 1975 Mr v™ 

Shelter says that two aspectsmentary Under^ecreUi>-at_:he , handling techniques, re warm ing BRITISH FOODS. Mr. Keith S fSrmerly chairman ^ 

ZvE* Tr Lady Tavistock hss been 
t SSS3LST UK ° f ^ PreSS pointed a director of ASTON 
CoombeJands. MARTIN. She became a design 

consultant to the company earlier 
Appointed managing director this year. 

become . 

itUh Stw»I Onrnnratinn’'! tar responsiomty lowaras uiu»s “ 

Silation^ Il "UireT clarifies as “ intentionally home- accepting responsi 

SnTwm ctaS 0 n a Octib?r 6: ta»" the second b the fear ixig the homeless 
ihough a year’s notice, had to . . — 1 — 

capacity. From October 1 tiie new me shkffieu) itiist oiull “*v. ««■- w«uuh» has been 

chief executive of Food Securities AND STEEL CO., Mr. Norman H. president, has been named Mid- appointed Lloyds Bank Group 
will be Mr. D. Sanderson, who Waple, Mr. J. L. Dickinson, lands regional manager and head representative with LLOYDS 
has been a director of the group hitherto deputy chairman, be- Jmialxtv 9 ALI F 0RN * A ’ ? e 

for the past five years. He has comes non-executive chairman of COMi'ANi . based tn Los Angeles. Mr. 

been responsible for the canning the company. Mr. Nils Mfhollch, ” r - Harold CotienlL vice presi- Gould mg was formerly general 
and frozen food companies within managing director of SKF Tools “ en f- previously Midlands anu manager of Lewis's Bank, the ra- 
the group. AB. Sweden, becomes deputy NorUl o£ England regional slore subsidiary of Lloyds Bank. 

* chairman with certain executive 2 ianaeer 411 Bo^^Sham, has * 

■ Solar experiment costs £64,000 . |. underwrite 

% — r— , j | .machinery 

Co-op plan for tLl J&Ua M 

knliflnfr oovranrr DuIvg,cl1 * south London ' £6m over Four years to -research formed to underwrite machinery 

EIUJlIUaY NlVIUg A terrace of- 14 rehabilitated the.- potential of solar energy asj insurance business at Lloyd’s. 

Syndicate will 

assistant ^ Bruce Omand has joined - 

ftte-dnmertlc water assess *e potential of solar water - * ***** ^«*“^*^ * chairman with certain executire manager in Birmingham, has * 

Parted in East heatin S til the UK I A NEW Lloyd’s of London -under- Mr. J. R. walls has been made responsibilities, particularly In. J**" . promoted '<>_ a f^^ Hnn t Mr. Bruce Ornand has joined 

heating has been Started m East The Government is spending j OT iting syndicate has been CASTROL public information connection with the co-ordination 1 fhe REX STEW AST GROUP of 

Dulwich, south London. - £g m over f 0nr yea rs to Tesearch I formed to underwrite machinery controller. In this newly created or SKF Group cutting tool facili- ad , re T Lising - marketing and public 

A terrace of 14 rehabilitated the potential of solar energy as 1 insurance business at Lloyd’s. P 0 ** h ? wlJ] *» responsible for ties. Mr. K. G. T. Geplune 1 rluS ComnarS relations companies as a con- 

virtoHaii hniisos has been -Dirt 5, Of a £16m programme toj Tht* svnriiratp Which uHII cnn. increasing exposure for specific becomes managing director and of Bankers Trust vompanj. striianL lVtihln the group he has 

CREDIT scheme for wta,:=SS JS- ES£ * STSST - also been opposed i diree.or „f. 

r holidays or travel h- ” l»! SSSHS oS of tA°U spoSr“d SS. . I telo tooS to A B IM * »' r r * «■ “• Smith has beeo the D c. Cothherisoo advertising 

traduced by the North Eastern . P aneis as of tnais spDC5 ° a 50 ■ television. CITIBANK'S investment man- appenued deputy managing direc agency. 

Hiperative Society, which has, . ^ ; 2S HeJSSSS^rS^S * agement group has appointed J® r of BAKER PERKINS, lie has * 

n -travel bureaux. I rpr -i A vnond wit U Smrta'n Mr. Norman Sekdon, managing Mr. Stanley Lyons and Mr, b .cen a director of the company Mr. W. F. Castle, director 

Customers can book a hobdav j .TI SilgflCCrS lEClOrV TO CXpH-DU U 0peraUng neXt director of STEINBERG and Anthony Regan as vice presidents ™« 1974. (engmeerinq). Cyroplants. ha«i.' 

sting up to 15 times the • * it Si, ,ti ^P- NS has resi en ed “ managing in the group’s London office. . * been elected chairman of the 1 

nount of their monthly pay.jtl CHE5W1CK SILENCERS . is. The investment will increase. It will insure all tjpes of director. ... -* Mr. Kent H. I*e. 3r. will sue- TRONXL\KlNG AND STEELMAK- 

entx which can range from S3! ™ a™ m Ihe tile plant’s capacity by 40 per machinery for material damage * Mr. Robert G. Uayl will rejoin ceed Mr. Robert P. Kenney as vice ING PLANT CONTRACTORS' 

T40oer month*- and the Co-OD* * pBndwa £15 °, ° I cent bringing output of truck and. consequential loss and mil The Home Secretery has the Board of PACOL on October president of BFGOODR1CH ASSOCIATION. Mr. J. a. Lowe, 

ill oav interest on monthly' sion its Warrington,- silencers to about 5.000 a week- bring the total number of syndi- appointed Sir Roger Falk to be 1. after two years’ sen-ice with chemical division's international deputy chairman and chief exeen-' : 

•lanco* at an annual rata of ’-plant which makes commercial The expansion -is due for com^- catev operating in the Lloyd*? an additional member and deputy an overseas associated company, department later this year. Mr. live of Gibhons Brothers, has been 

i .ii...... nletfnTi new rear. : market tn 362. chairman of the GAMING BOARD. Pacol- are—commoditv merchanta Kenney will continue- -as- director elected vice-chainna 

Unemployed men 
face 17-week 

Pay sanctions threat to 
local authorities 

racial Times Thursday b 

mmm Existing 

HoneyweD adequate 

plants to --rrr* 

i ':-:X 

pi 0 

vote on 


u cvl \ ppfilKf 

WOODED AND JiOfl «!' Tirtr . p»rt 



LOCAL ’AUTHORITY employers, thin? of an ?raharrsse.~i?nt to he would have “ to take this into ; 
who have been told hr the Gov- the Government at a time iriwa account" when considering the 

pay strike 

«T' NETV'LY-L'N EMPLOYED men rj. -a*5 " 

T ; <nu$t expert to remain jobless iere:- oi unemnic 
Jor an average of 17 week.,, median deration 
.' according to a Department of emplc.;-. .t~> «ert 
Smnlovment studv. ? ! :i mantas 

according to a Department or 
[ ’ *5 Employment study. 

? The Department says the 
'J j'ii trend of the expected length c*f 
, ‘ i unemployment is rising, despite 
, : 1 1 being marginally better in 
1 } ■ January-April this year lfian_ for 
t. * the last four months of 19m. 
f ' J Figures for women. wfii-~o fer 

;!f ..i-t tne first four months o? lb- 

l ■. c . __ -.-i 

By Rvy Perraan, Scottish 

voluntary co« e 

the induirry'5 vt,,u, :;;y the "The stfwrtlsip*' biftlnts.fci* 

procure and * m" force always acye?t^i tharem 

torrespnnaenc • . procure ana *■“*» ' t a force always AT”. ■«■•*:«» 

WORKERS AT Honeywell ^ deceive ^he 

two Scottish plants wifl be Sf^ er rn ; S5 ue corrective ms®- 

1973, for 

nvnnui^ — : aWwrtiserc _ 

two Scottish, plants wiD be ® gSc to * £sue correct JS'so-eflriMe •«»■»*£ IffiF: 
ashed to vole on a pay package SflSisement*- this issue is s}^firafly 

T*Wd» would gne extra earn- reckon** that exiftms ia Code orAdverRth^j^? 

logs well above the Govern- ca 3f_^ a 'e adequate in most tice w b!cfa is- under.- 'AutUhdf 
input's a per cent limit. ggJJJJ* - although we are pre- review l0 meet C*nf*B»Ug 

y have already given th? conjunction with the r ,-, !n;nn oa tiiis.vcjy'irnpcmal 

went formal notice of Authority. -„ bjwT - "W ' 

to* consider additional powers to Qu j, e reasoaa.Hly^tfc*.^^ 
SJfSS ifce * pirate fringe. It does not .at 

rj t ysar showed an expected 
!-■]] weeks on the reus ter for the 
; - c newrly-jobless. are lower overall. 

E u But they follow the same trend, 
.i.l The figures give some supper? 
(>■ t to lie view, widely held on *fce 
'•b Left-wing, that unemployment is 
.;5 becoming long-term or <trnc- 
.'f* tural rather than following the 
,■ ' cycles of economic prosperity. 

* The latest figure for the 
expected length of unemploy- 
\ meat is about five weeks higher 
than the average figure for 1971. 

\t.'- a-.- uncut nioved 'nnoer plover* who refuse "to keep in total claim to make an issue of have argued that a renegotiation ■ drawn t 

t - n"-.'fiVv ir Juiv 197? the - in» with pay poUcv. a small and. in their view, quo*- Df the settlement would upset; 1,300 w 

mPdir/n length of current un- Employers 0 f the 5.000 top Uonahle infrinReo.ent of ihe old their white collar pay scales and : The c 

#*-np!o-m'.-nt for all ?gp* vs$ 19 . local government employees have 10 per cent guidelines. thji .netr top employees have ■ that ilu 

weeks far men and ton weeks for already twice written T o Mr. received no more than the Phase * ml tied 

— — * Three increase a warned to senior . - 

civil servant's. ' ■. 

At the same time they are • 

tJSSM. iL ' cleaV -.o' ifae' local autlionty under .little financial pressure ; 

' f . •’p-1 .Hcd'under IS 'va'i f-'ur But nn final deciston has yet employers that action i* neing to renegotiate Jie deal. An *dti<-h win t 

- " • • t ■ ^ _ v..,. Dnnort. mn tom nla fPfl In si IaI ! 

Peier Shore. Secretary for Lhe Warping 
. 1 __T 11 -»i rj .- T nr.nt ir- Environment. rejecting his . _ . , . 

1” ■•■ith ' a-o in i anneals for a renegotiation of Mr. Shore has, however, made 

drawn nnUI a meeting of the 
1^00 workers can be held. “ *' 
The company said last night £rr\ 
that the deal had been snh- 
mined to The Department of 
Employment. mi c > 

. It involves o per cent more ‘“Jsl 
on basic rales, a self-financing J; 

is worth remembering. hW*r. H3lter *le.v’s. 

Lt the Di-ector-Gcneral of Fa-r rccWlT reports by 

rSm Hirrady Has exten^e 

Dourer* in f hi*- area and it should p rJS Tary medicinea; market 
first : i e explored how these one on SouthaLy of Blnauw'-' 

mjcht be brought tn bear for the h: , n , . ' ..-j.': , " ,1' A A 

nuraoses of" the ASA." ""“it is.- faamffA»r^sB^ 4 

productivity arrangement. Su. expenditure in . 

which will be paid in arrears, , a ‘ eondenialnB the the in finery- ^find^-^parUoUarl?: 

and extending to the attend- minion’- proposals for difficult to understand. The jtof. 

ance bonus seheme which has of legal control of an advertising la^ for Tg. 

already cut absenteeism from fwSVnhout th* Nine. stance, ha* now been/so'efi^ 

about 14 per cent to 7 per eenL “KJJf H oe <n't care for the tivciy rejected that* we'nv- 
• Colon leaders of TOO main- ‘ f cor rective advertising, surprised Mr. Hatrersley ; 

tenancc workers employed by -ja those countries where it chosen to raise « a?afrt. As \j* 
the Greater Glasgow Passenger ^ a< a < a n«ion. in particular himself implies. .Us.-ridbereaf- 
Transport Executive issued U,- ^ s and France, it has been dangers make ii wfaoliy.ijnarai;- 
formal strike notice yesterday found' targe) ineffective in prac- t!L . a f. . ' . r 

after rejecting a 3 per cent Uce fron; *he consumer's point - i n the *aine way. w e lolaSy 
pay offer. Df v s ew _ a ntl although it may rejt . c t the idea- of >*o' ; mfesHi ; ' 

“ — _ , j : • *o nr-nci in ; ■■ ■■ *> 

the first year looked at in »he h - ra te*. in July 

Departments study. The lo-vesu in75 _ ,. Cf ij an ir-ngth f».- xra 

expected term of unemployment 
was nine weeks in 1974. 

•:f^ en F^-%- V-id -r.-;en r ' STen taken on how the Dopirt- contemplated. |„ a letter to the extra £3m can probahly he • 
-i'w'was' ' J7' weeks.. men* will respond. "hoard he warned that u *ney casfiy absorbed in’n thei. to»-l 

Vnd "-on twtweeo 60-fi4. 45 The problem come* as some- were not prepared to recegoiiate wage bill oi some £Saa. ! 

weeks. ^ ’ • 

Lrn;ir. *,f unemployment tends • ‘ { 

*o oc rue her in regions v.ith. ~ — . ■« • i 

Bank ballot i BIM not sole voice 


m she South East, "vith the 
j..-.v* 5 * upe-noloyment r3ie in the 

The study, published in !hr ‘ r . fr ., d i W cent. Vai Ifi 
Department of Employment • 

Gazette, says the underlying v - •*■ , , 

Gazette, says tne underlying 
trend in long-term unemploy- For ni^n in the rerion 

snent for all sex and age groups in the A-^r'.n region, v-i.n l." - 
has been upward since 1972. highest •.iti-’ni ploy men* rae w 
Lonx-tenn unemployment is So per -.on'., tne meuian length 

Long-term unemployment is So per -on : . i 
linked to the unemployment was 31 wc-k:. 

Bank ballot 



of managers— union 


Fewer strikes, but 
days lost up 29% 

; By Our Labour Staff 
j XaUonal Union 
! Employees decided y 

THE ENGINEERS and Managers 

Tne BfM can do zone 

after rejecting a 5 per cent 
pay offer. 

A farther meeting will be 
held between the anions and 
the management before the 
strike notice is due to take 
effect next Wednesday. 

The men are claiming. £10 
extra oh basic rates, a 33-hour 
week and other. benefits. 

of view, and although it -may reject 


appear io present a useful deter- g ; (t orl - - authority to'- ‘.-exaaiiae 
rent to misleading advertising, jt advertising expendflhnr ■ 

• ballot members on its recommen- ; British Institute of Management dustry so that they become a 
1 dation that bank staff work ! to be the sole organisation repre- really influential body in all 

noun on the last working day anting managers in their reia- matter? that concern their in- 
; uefore Christmas- lions with Government terests." 

! The union recommendation. Mr .inhn t.vnn« thn .t««neiR< Mr. Lvnns. who is enzased in a 

Teachers seek 
role in counes 

uncut i" T UUUtThldllU t. tiu B UVJX 

for use asainst a de-ioerate one- ma nuficfiirer? 
nff offender." might be in a 

“Contrary to his reierence <0 a companv’s advertising .b ut tew- 

aft ‘obsession, wjtt marketing or vh * qilall iiedtop^^^ 

Ma'lmsV ™? si Mori «• lhe im:M 
it has a full understanding of in h\ . }d ' 
the. vital necessity of effective _ JJ®. TJfi -S&54 

BS "i,nl v.IndaV- — « ' ""*££2* 

By Our Education Correspondent 

trial regeneration. We question father than more Gdver^ticbt 
whether the tone of Mr. Hatters * S£"-JS 


Au%rr se ^:r t srj& Bank booklet 

another 52 still in progress at the 

beginning of the month, accord- f/ir tlio hlinrl 
mg to provisional figures in the Ivrl «11C K/iillU 

reaction indicated that the j 
recommendation would be over-j 
v.belmingly supported. 

The union says that hy! 
custom and practice its mem-: 
hers are entitled to 4* days; 

Gas men reject action 


e the aims set out in this The statement broadly sup- 
EIJI manifesto. pons the Government's plan to 

■ ; set un a new national ' body ' to 

— — r ; j ro-ordlnate st3te higher educa- 

* tjen outside the universities. 

But the -union opposes tiie 
41 Afmn Government's proposal to choose 

uLllllii ; tfae eight to 10 “academic" rep- 

i resentatives on the new body.- ‘ 

^ 'v-y»" 1U v 

■ V;C" v 

s ■‘ ^7- j Vw - 

Department of Employment a rnnict ft fob th* hM-rf hi« holiday over Christmas. 'indu'd-' ABOUT 800 GAS -workers in Their argument is that the cost ivav 5 

Sarene. L^r^EJ°3 Mtlnl 5 in 5 half a day on the last work- Ulster have decided against of gas in _ the province is three; XlO&UIUy fdj ■ 

e atomic 
re been 
’ allow- 

regoo Your » ; «SS t ^ The TrSS , 5SHS « tffl 

Slfrom >r fh?‘nred , nu« P mon5?« in Kto Mint fir tS applies soleJv to Christmas Eve, | pur ? u, ‘ °* Ul ? ,r ^“P? 1311 10 ^ a ' e Economic Council is soon to plan! in Cambria have been 
fi-ure i?‘J line P with ibeTen^l nartlv*!«h»rd pnnt for if that happens to be a working natural gas piped to the province, announce proposals about the : swarded a “hostility" allow- 
dS-A-nwarri trend hi? l" ear partlv-igh^d. . day. I . They rejected a recommend*-. future of the gas industry. Its ance for working there to bring 

00 ra e i s j 1S t v. ft reS u]t D f studies by: Last year, however, the banks- uon from shop stewards that they recommendation* ere already into line with the industrial civil 

It is the lowest monthly lota! the Warwick Research Unit for closed at noon on the Fridav , should begin a series ofligntning with the Government- ! servants at the plant 

for IS months, barring the figure she Blind and ii available free of before Christmas, even though it. strikes. Employees ‘of the :gas - • ' ■■ - ■ 1 ’ 

for December whica is always charge from .Monica Brett, Public, was not Christmas Eve. This, j undertakings have been caliing -:-C. 

lower because of the Christmas Relations Deu:>r intent. Lloyds they say. was a deviation from for some time for. the construe- - 

holiday period. " •’k 71 Lombard Street. London normal policy and not a prece-| tion of a pipeline from Scotland 

Among the prominent sio> E'23. 1 dent. « to Ulster to carry North Sea gas. . ' ; 

pages for the month were: a d ; "s- .. .. 

Eddie Blackwell, Chuck Blore, Jeremy Bullmore : Barry Day. Dr. 
Edward de Bono, Bert De Vos, John Freeman. Clement . 
Freud, Henry James, Sir John Methven. Don flichman, A 

Mike Vanderkar, Brian Walden, Chris Wilkins, and 

Mike Yershon are among more than 30 speakers at 

TV & Radio ’78, Wembley Conference Centre 

(Main Auditoriuml on Thursday and Friday jj&mgxi 

I9thand 20th October. - . 

Fsfr details phone Wendy Scott, 

pute involving 1.500 machiniits 
over pay at Leylana Vehicles’ 
Bathgate plant: a strike over 
re-grading by 780 mainten.-ior 1 ? 
men at the Perkins diesel engine 
p'ant at Feterbnrcugh and an 
eight-day stoppage at Southamp- 
ton Dock.? over scf Pt~ prorv-Ii; *-cs 
which involved about 1,300 dock 

Working days lost due to stop- 
pages in August totalled -mP/jPO, 
moving up again imra the34S.OOG 
low for the year in July. Pay 
was the cause of more than haif 
the stoppages. 

NALGO backs stoppage 
by social workers 


1 t* . . SOCTAL v.orker*. who marched Mr. Drain, who had already more branches were ready to 

^ DU - ni j r . • wor ' :erS i ,n through London yesterday to visited .ilie picket lines in Tower take action. He had no doubt 
auction mdusmes rose in July ^nck f^eir claim for local bar- Hamlets and Southwaris before that the NALGO emergency com- 
etifi r U ilf « *i re ‘ ♦ « i V 3 = a n» n S rights, were assured of yesterday’s strike and planned niittee would support any group 
j,’}‘ ia, t e vpa(l an tDC t0,al f ° r ful1 su PP° rt for 11115 strike front to see the Newcastle strikers of social workers in branches 
Jl’ Iasi * ear - their union, the TlO.OOO-strong next week, told the delegation where they were prepared to 

The number of employees in National and Local Government the unions policy was that it adopt sanctions or go on- strike 
industries covered by the Govern- Officers' Association. would not negotiate with the em- and where local authorities re- 

ment index of industrial pro- The assurance was given to a. plovers nationally foe improved fused to negotiate, 
auction was 9,O9o.i?0O. up 34J00 strikers’ delegation by Mr. social workers' gradings. The social workers want an im- 

on tne LP£^'' , ° US month, but still Geoffrey Drain, the association's “ Local negotiations are the proveoient in their basic pay 
some w.oto tower than in July general secretary. only way in which local circum- scales and freedom to negotiate 

last year. Sererai hundred London social sUnccs c* 10 hc recognised and extra money for those working in 

An apology from 


In the week ended last July S. workers joined the *ne-dav 11,5 employers' association should problem areas, 
the estimated number of ein- sfnke called hv the \H-Lnndon lt s constituent' local.. However, local authority 

ployees working overtime in Social Worker*' Action Groop *uthonty members -end allow" plovers are anxious to retai 

!»,L7.r™. . • IUS - In social Worker*' .Action Group. 

J?S u * ,ne f: ' va r including strikers fnnn South* 

, sit -nn ' . r •‘iviumiig i r'»ni nmiTn- 

ii?. 11 ;'®?; a S!!L^? L ?er c f n V°I ' A ' ark and Tow-T Hamlets where 
the total. Each worKer clocked jnd'Htrhil 1V !i.n war -larted 
an average of S.8 hours overtime abD ut siv week- agn ' 

«*?**!£ A similar pmni by social 

release ns constituent local.. However, weal autnonty em- 
authority members -and allow " players are anxious to retain a 
them to undertake local negotia-; national structure for social 
tions " workers' pay to a- oid the dangers 

He added thar the association's of different authorities having to 
activities would be extended as compete with each other. 

Anglia to all other 

«. Si' 1113 ” h “" 

and Scotland was staged in New- 
In the same week the esti- castle-upon-Tyne. Liverpool and 
mated number on short-time in Leeds. - 

ITV contractors. 

Bonus plan at Raleigh 


H Visit Nol Savile Sow, 

Gentlemen’s Tai^Q^^f. 0 ^ 

Tr RALEIGH Industries is in- months. First payment is due be- 
troducing a bonus scheme for its fo r ® Christmas if productivity 
9.500 manual and white, collar are met. 

tn’lhT^olaf’^ °? Output ■■dated fr ^ m = annual ^'J'^UaUOM 
to the total workforce. In the company, which manufac- 

The ' company said yesterday tare bicycles, components and 
that at the present rate of im- ca rseats. Settlement dates for 
proved productivity the bonus Raleigh's .various plants vary, 
could amount to about one week's with its main. Nottingham corn- 
pay for each employee every six pies due- to settle in November. 

Number One, Savile Row — the centre of 
the world’s finest bespoke tailoring. 

Suits, hand tailored by Craftsmen — with 
fittings in 48 hours if required — from a unique 
selection of superb British cloth. 

Long-haul flights cancelled 
by British Airways 


of No 1 Savile Row. London Wl. Tel: 01-434 2001 

18 Lime Street. London EC3. Tel: 01-283 -J314 

cancelled nine long-haul flights 
after a walk-out by engineering 
tradesmen working on Bocinc 
Jetliners at London's Heathrow 

in the airport's central area,; 
claiming it should have heeni 
returned to the maintenance : 


When the afternoon shift 


The stoppage began when men 
refused to work on an aircraft 

" £-1111 L 

walked out. about lflO men were 
involved. The men returned to 
work after a meting with man- 

r m r m . a/ ■ r - 

Speak a European language 
with ease and enjoyment 
after a tough language course at 

fJ" -n » i -a,. i -a- .av- 

ail enquiries to Head Office 

53 Pall Mall London SW1 
Telephone 01-930 7697 
Cables Languarama 

London schools in the Cih/ Vv'est End 
25 other schools throughout the vrorld ' 

In 1977, the JICTAR/AGB Establishment 
Survey gave us 5.5?o of total net ITV homes. 

In 1978, the same survey gave us 5.9®o.' 

The reason is simple. Out prime ITV area 
contains a large number of new and develop- 
ment towns. And over the last yea^ 56,000 
new 7 ITV nomes became occupied. 

This represents a growth of 9/ b, whereas 
total network growth has only been 3?i. 

The people had to come from somewhere 

Sorry. . : ’ - 

K’s ■K‘f-^1 


ANGLI^. Now 5,9% of total net ITV homes, 

An *J uTc ' 5 ‘*> , OhL!d. Brook Home, Park Lane. London "iVIY 1:J ®' 'z ;ss ' 

- -v? .’'fr *■<* 

*i * 

L ^ 

f|j|^ Financial Times Thursday September 28 1978 

Pal and Persil 



, N, 



on the mind 

fflESS X writes: “I am soon to simply by getting people to take 
ie marnea and want to do an interest vet their claims. 

Hogs rtghL Im going to use The th^orv k that irresncnlrr 

' naSfaeUn^^recommen^if ^ 118 of whether th «' ** Prize 
, naaifacUffers -recommend jt. they'll be much more aware of L 

i must confess l have and much more likely to buy. a 

. cc as i anally bought other brands product whose advantages they 

■ nit now that I know PG Tips lea themselves hare praised. 

1 W " ^ Does lhf ' ">«»T »” rk i» 

... hem regular^. ^ practice? Goins by the ex- 

•• Mis. Z. I aon t own a dog but perience of N'owmedia's li s 
tuy Pal and -will continue to do parent, the answer would appear 
. o because my cat Suzy loves it to be yes. But the clients who 
core than most cat foods.” paid £ 12.000 each for last week's 
The above quotations are all exercise are not relying on what 
aken from entires in the first the Americans say. Part of the 
;*V Tag competition run by the tee is going to pay for research 
lew-media company. The com- on the sales and- altitudinal 
- >etiition. with a lop prize of effects of the technique. These 
-- 15,000 cash and 2,0(5} others of will he investigated by AGB and 
5. is open until November I to its RSGB subsidiary respectively. 

eaders of the Yorkshire .and Confident that the results will 
•TV area editions or last week's prove the theory. Paul Ashby 
*V Times. and John Wardrop, who run 

An eight-page section in the Newmedia m Britain, are nego- 
ssufr contains ads for six products tiaiing with clients for the next 
Hthe three already referred to competition. This .will be pub- 
.. ius Danish bacon joints, lished in the TV Times next 
lacleans toothpaste and Revels May and will cover all TV areas, 
hocolates. Competitors . have to The fee will be £27,000. 
iiswer four questions about each Ashby hopes teat the TV Tag 
rod net, of which three are section will be published three 
pinion questions related to the limes a year in the TV Times, 
ds, e.g. " Why do you think that But he is talking of extending 

■ ew Persil Automatic should be the technique to other media— 
sod in your automatic possibly 1PC women's magazines 

■.lachine?" —and other countries. First on 

The fourth question in each the list is Holland, where the 
ase is a factual one about the medium used will not be a maga- 
V advertising for -the product. Z,I ]£ . * * giveaway booklet. 

. d win a prize, readers have to . , 1 based on Shop- 

now what is in the commercials P. er 3 '.?.*• "'hich Tom Hill, 
nd write a satisfactory reply to ^ewmedia s . American boas and 
tie-breaker question. This asks a shareholder in the' . British 
.tern to say in no mare than 25 .op®ratton, started mailing out 
■ords how something they have SOine ten years ago. Hill only 
' -amed about one of the pro- s *} tc aed to magazine inserts 
' ucts will help them in their w °?. n ns,ng P° sla * e prices made 
eekly shopping in future. mailers uneconomic. 

.As can be seen from the sample ^teresungly. Shopper’s Voice 

‘•plies, not all competitors seem Has - ,nu,ated « tM* country four 


.W arsa r rSg&gi ~ 
Sfis :;;r assruu- c 

jpywmers. gains in awareness among 

Tne whole point of the com- recipients of the brands 
etition is, indeed, to foster such featured in the magazine . even 
athusiasrn. Unlike other pro- when they did not bother to enter 
lotional competitions linked the competition. 

to purchases of the pro- A notable aspect of the Npw- 
uets promoted, the TV Tag media story, both in the U.S. 
ame is expected to boost sales and Britain, is that agencies have 
ir the participating clients tended to .fight shy. 


. . -Xjw&'i-'." -r.i ■ , 

. . ' v . ,ve» «'*:*■ 

i'l.'-i’ii.'rtwT* ■ r: ■' . : 

rk. il A<W ;ii. .«c. T ■■ 3j» J» -V 

t ov'ltr-Oir . . -W. 'i>* ! ■' *j * 

THE GREAT sausage fight-back claw back ihc business they Unite to increase less sharply 
continues. Wall's, easily the were increasingly losing to than those of carcass meal. The 
brand leader, is ploughing butcher's shops. Currently. Meat and Livestock Commission's 
£200.000 into a national magazine grocers have 44.4 per cent of forecast is that beef and veal 
campaign this autumn, built sales against the butchers' 26.2 production in 1979 will probahly 
upon the theme: "The Best per cent, but the plan is for decline by 7 per cent compared 
Mummy Can Buy." In addition, grocers to fully rega ; n. their with 1975. with consequent in- 
the Walls brand will be sup- former 54 per cent which al creases in the price of many cuts 
ported throughout October and today's values would push their of meat." 

November with national money- share to £135m — a lot -of sausage. What -is more, sausages are 

off promotions and coupons on According to Wall's marketing ■Hu*' TI T y of f er , an 

u a rL-n«c- -Tm,, extreme!* high sales-value-to- 

*Ji u t 0 P-sellfng hues. writes manager. Ian Harkness: "Total 

Michael Thnmpson-Nocl. 

sales #>r oiitafpt and nthep mn. 5 P ace ratio, involve little or no 

retail handling and storage costs 

Wall's is certainly making the cessed meats are continuing lo L«d ‘c * nit fZ 

running in what is a fast-crowing benefit from higher prices of genera c a net return of up 


market At present it is worth prime cuts, but the increase in tj,.?! 5fl v 
around £250m al retail prices, the grocery share of the market ??! L* ™ I5 0 S. , l. b f.- a “? c *!S? 

‘ 5 ^ to per cent of total linear cab- 
a> ' 0 inet ‘space devoted to chilled 

compared with IlSflm two; years really began two years 

o. Within »he total market, following our sausage rc-launch. „roduets. 
sausage sales via grocers have Heavy promotional and advertis- F B .!« ; - ,, Mr ... 

mprnved from £S0m to £115m. ing support at that time achieved su Xest -ihat its own hilnS' 
In volume terms the market has Its object of encouraging con- J.*®' ^ ac e To ob^ maxf 
grown by S per cent but grocers' sumer purchases, and this pro- ^U saleT and profitsl it recoS'- 

sales have shot ahead by 16 per gress will continue as we keep menris thai arne a 

cent— helped mainly, says Wall's, up our record level of advertis- Efmum of th ~ e brands- wJirJ 

^ '“JSJ! 'Sl™ ' Uarke<i ” S ins ' h,S aUIUm "‘ Ste"« Others' 

and retailer support This week Wall’s told the strength. Smaller stores should) 

In particular. Wall's has grocery trade: "The indications slock Wall's plus the strongest 
worked hard lo help grocers are that sausage prices will con- local brand, savs Wall’s 

Beverages : the demand 
curve that soured 


ANYONE WHO has been .exposed explanation given above is over- for tea in the table tell us rela- 
te economic theory' will reuiem- simplified. An example of what lively little about the price elas- 
ber the demand curve. It is that 1 mean appears from the ricity of that product, but per- 
delightfully simple line on a monlhlv figures of demand for haps rather more about its rela-’ 
graph which- shows the effect of a tea and coffee in 197S. again livclv close substitutability for : 
price change on the amount of taken from the TCA panel. coffee. 

a product purchased If we wish. As would have been expected This is only an interpretation, 
we can even measure the slope at a time when beverage prices of the figures, but it is borne 
of this line and talk learnedly were generally falling, demand out by evidence from other 
about price elasticity of demand, obviously began to pick up. but countries. The increase in. 

When we go into the real a comparison between the move- coffee prices was a worldwide 
world, of course, we find that lire ments in the lC 3 and coffee mar- phenomenon and it is helpful 
is noi tliat simple. Most price ket is very revealing. One must to look at what happened else; 
changes in a short time period bear in mind that individual where in Europe. Europanel, a 
(say a year or less) are monthly figures can be distorted consortium of ten market re- 
relalively anal!, and lend lo gel by particularly effective price search companies in Europe, has 
lost among all the other price promotions or advertising cam- prepared a c-oinparison of trends 
changes taking place in a market, palgns. and one should not there- in the ground and inslant coffee; 
But in the last couple of years, fore draw too many conclusions markets over the past few years,- 
students of the demand curve from the figures for a single Looking at the inslant coffee 

month. figures for Sweden, it appears 1 

ought to have had a field day. 

In the period 1975-77 the price 
of two key cum modi ties on every- 
body's shopping list, tea and 
coffee, increased by llS per cent 
and 164. per cent respectively 
according to AGB figures derived 
from its TCA consumer panel. 
Increases of this nature arc not 
so small as to be swamped by the 
“ noise " of other price rises: 
equally the products concerned 
are not so marginal to con- 
sumers’ interests that they can 
be ignored easily. 

Thus a close examination of 

TEA AND COFFEE (l 973=100) 



























Source: AGB-TCA 

Can the Star shine? 

EXPRESS NEWSPAPERS is The Star will at first be pub- at Sp is more vulnerable to the 
taking a big financial risk with lished in Manchester, with an Star than the Sun, particularly 
the Daily Star, to be launched initial circulation target of 1.25m: in the Midlands where tbe 
next month, but knowing this, thereafter it will aim for full Mirror is weak . 1 
the Express management must national distribution by next The 6 p cover price also means 
be confident of success and the January or February, says Y and th e new paper must succeed in 
new daily cannot be under- R. with a minimum circulation reach in” it«s circulation targets 
estimated, says Young and Ruhi- of 2m— a figure which the agency quickly If Express Nev«papere is 
cam in its latest media bulletin, thinks Express Newspapers will n0 t to sustain unacceptable 

find “almost impossible * to medium-term losses, savs Y 
meet in such a short space of an dR. 

tinte- ‘ “All newspapers are becoming 

The Star will aim to gain increasingly dependent on cover 
readers at the .expense both of price rather than ad revenue and 
the Sun and Mirror but in to remain viable the Star would 
addition will hope to expand the have to plan to raise its cover 
morning newspaper reading mar- price fairly soon after getting 
ket among the C2D group, says established, thus losing one of 
Y and R, especially In the Mid- its key volume-building advant- 
lands and North. “Express News- ages. (The Sun, with ail its pro- 
papers claims that 10 m adults do motional clout and editorial 
not read a national daily and that novelty, took three years to 
ha I nf these live in the Midlands reach 2.5m in a less competitive 
and North.” . • market and from a base of 

After- totting up its own 9°°^ -0001. 
estimates of the circulations and “The . hint (from Informed 
readership of . the four existing sources) that the Star may prim 
morning tabloids in the Star's iT> London makes sense. The 
chosen launch area, Y and R Express probably has spare 
says: “Given an estimated capacity and tbe chances of a 

cireulation for the Sun/Mirror in Northern-oriented paper making 
the Midlaods/Norih of 4.5 m, the headway against the Sun /Mirror/ 
Star's target of 1 25m means it Express t fc e South are 
must secure 28 per cent of the remote ' 

Sun/Mirror circulation. . If.l ‘ 

realistically, we include the 
Express in the Star's principal 
competition, then it will need to 
secure 22 per cent ot the coni 
bined circulation of the three 

The Star’s 8 p cover price 
certainly competitive, says Y and 
R, but the chances of generating 
tbe extremely ambitious target 
circulation at a higher cover 
price would have been remote 
anyway' in the face of tbe en 
trenched positions of the Sun and 
Mirror and- the combined pro- 
motional muscle of both. 

Awareness of ITT rose dramatically after their corp ora te campaign on . 
Southern Television. 

' ITT took 81 spots on Southern during their 1977 corporate campaign. The 60 
second commercials were designed to show the company's wide range of 
'activities. The message was one of quality, reliability and responsibility. The target 
audience was the entire public, whether os consumers, employees, shareholders or 
opinion formers. Results were dramatic and lasting. Awareness- had increased From 
55% .in mi.d-1977 to 73% in mid -1978 and the overall opinion ._in favour of the 
company rose considerably.* . 

Further proof of the power of television for corporate .advertising. *M*S 


For further information contact Brian Henry, Marketing and Sales Director, 
ioufher n Television Umfred, Glen House, Stag Place, London SW1E SAX. Telephone: 01-834 4404 


For further information on the Framac 
U Executive suite, the Alan Cooper service 
1 behind it and other office fumfture ranges . 
complete the coupon and relum it to 
Alan Cooper Limited. Burnley Road. 
Todmorden, Lancashire OLt4 TED, or phone 





Nevertheless ihp movements that in the period from 1975 to 
in the tea market during the 1977. at a time when prices rose 
the effects of these massive price fi rs t three nr four months of the by S7 per cent, volume bought 
increases on demand for tea and year hardly square with the rose by 143 per cent. We may 
coffee could be expected to pro- hjghl* inelastic demand profile have heard that the Swedes are 
duce some fascinating snapshots which appears from the annual a gloomy nation, though positive 
of the demand curve in its native figures in the tabic. It also seems revelling in massive price in- 
habitat. And so it does. But as rather surprising that at a time creases seems to be carrying 
with so many other shy creatures when tea prices were beginning masochism too far. But looking 
of the wild, the demand curve l0 f a ]| back from their verv high at the figures for ground coffee 
when inspected closely proves to | ev( »is of a few months earlier, clarifies the position. Prices in 
be far more complex than might volume of lea bought began that market went up by 150 per 
have been expected from what t0 rlecline bv much more than it cent, while volume fell by over 
could be described as the Walt in jh P nrevious Tear. 20 per cent Instant coffee had 
Disney approach. 


had in the previous year. 20 per 

~ - Vl . .1 believe that Ihese points a relatively small market 

The table shows changes in jirc interpretation, and this is Sweden, and was always cheaper 
ice and volume of tea and wem-ration than around coffee. Its price 

in absolute 


instant coffee bought each year ahmlrdeniHnd curves in particular increase was large 
since 1973. At first sight tbe pic- 1 , | h d ien of economics in terms, hut seen as a substitute 

fiiPo annrars clpar rnffVa u’;i« nn a,,M : " , . , fur n 

It is not necessarily 

lure appears clear. Coffee was on "T ■ v ! not ‘necessariiv far ground coffee it looked a 

a rapidly rising market in volume demand curves are meaning- tempting cheap alternative The 

terms until its 

price went 'JfJ, ' '? h ' lh ;, be fore their same 00 a somewhat lesser 
through the roof in 1976. after J^ nin , ™n be understood they scale happened in France, 
which its volume sales sagged, bave l0 be interpreted by some- This article is not designed 
thus demonstrating that demand pne W jjj, knowledge of the mar- to treat the question of price 
curves do indeed slope down- ^ et concerned and some concept elasticity and substitutability jtf. 
wards. Further, the fact that 0 f t h e realities of competition, the beverages market in any kind 
volume of coffee, bought fell by w yij C h excludes the overwhelm- of depth. For instance \ have' 
only 1 1 per cent in a period when j nR majority of academic and carefully not covered the ques-! 
price was rising by over 200 per governmental economists. tion of consumers postponing or' 

cent suggests wbat we would j believe that what the monthly advancing purchases because of 
bave guessed in any case, that fi j. ure s of demand for 1978 show expected future price changes— 
demand for a beverage such as j* , he h j gh substitution effect one of the major reasons why 
coffee is relatively inelastic. between coffee and tea. One most statistical treatments of 
The position for tea looks of lhe main reasons for the fall demand do not get very far. The 
equally simple. The volume of ifl volume of tea bought in the purpose here is merely to show 
tea bought had been declining early parl 0 f 1975 was simply tha * even in the most clear-cut 
slowly for a number of years. t fi at as CO ffe e prices stopped ease of major price increases in 
but when the price of tea also looking totally extortionate, a a very fully documented market, 
went through the roof in 1977. considerable number of people severe problems of interpreta- 
the downward trend in demand who had been buying lea rather arise even for experts in 

steepened only very slightly, than coffee began Vo switch back, markets concerned. ; 

Thus we might see tea as a com- if this is so.' we also have to One is merely left wondering 

modify with an extremely loo- reinterpret the figures shown in bv what divine guidance govern- 

elasiicity of demand, much lower tbe table. ment bodies such as the Mono- 

than that for coffee. The relatively small decline in polics Commission or the Prices 

This application of demand volume sales of tea arc probably Commission can make such cate- 
curve theory 10 the real world due to many people substituting gorica! pronouncements abour 
looks plausible, but a closer t ea for coffee, even though the the effects of competition and 
examination of the figures, which price of the former was increas- the justification for price rises 
fortunately are available ing rapidly, because the price in far more complicated and less 
monthly as well as annually and of the latter was increasing even well documented market sitna- 
also for countries other than faster and from a higher base, tions than the recent one for 
Britain, suggests to me that the Thus as they stand, the figures beverages. • 


"There are, however, two 
factors which may minimise this 
price advantage. First, the 
Mirror and- Sun at Sp and 7p 
respectively have much more 
attractive trade margins, so the 
Star, particularly in relation tn 
?he Mirror, is not very attractive 
to retailers. . 

’Second, there is evidence tn 
shmr that' habit and product 
preference are . much more 
important .than price alone 
The Mirror's circulation has been 
remarkably resilient to the lp 
(and 2 p) price advantage of the 
Sun. Nevertheless, the Mirror 

The 3 ZnUssmc 
Mrmonde offers you 
■ that extra personal 
touch, Jit& pfume 
Joseph bwser. our 
restaurant manager, 

and ask hint to send a 
copy of his mmu - . 
to your hmne or office. 
This way you U to 
familiar nWiour 
dishes when you arrive 
! - fordinner. The 


Specialises in La 
Je'ouvtileCueute.the . 
totally ) uitural Style of 
' axddngthatis 
sweeping France. 
Whilst the dishes are 
mo and exciting, the 
atmosphere is goad old- 
fashioned candlelight 
'tfavccui evening to 
mnemberat London's 
most exciting 

Also oven Sundays! 


Tfic P "l««rto: N«rTur.iir 
jhe TVninun Howl 
in t’mjiun.SqiMrf, 
Lt>ndon,'X‘IH ?FL 

01-486 5544 


The secret of successful retail advertising is placing it in an adver- 
tising environment that reflects the style and quality of what 
you have to sell. The advertising environment you find in The 
Sunday Times, for example Not only does your advertising look 
bettei; work harder, it reaches more of the consumers who 
• matter. The kind The Sunday Times can provide more of. Perhaps 
thats why 32W* of all retail and mail order advertising in the 
quality press is already in The -Sunday Times and The Sunday 
Times Magazine And why it isn’t always easy to get ia And why 
you cant really afford to be anywhere else 
. Talk to Nicholas Hill and his sales team on 01-837 1234, or drop 
him a line at The Sunday Times, PO Box 7, 200 Gray's Inn Road, 
London WC1X8EZ. 










the Sunday times magazine 



■ «d 





Facial Times Thursday aepiemoef ; as ^ 



Keyser lllinann 

can provide 


for ( Commerce 
and Industry 

- for large or small 
companies in sterling 
or foreign currencies. 

Ask Keyset- l llmann Limited 

25 Milk Street Loodon EC2V 8JE 

Writer Goddard. Busin ess Development Manager 
Telephone 01-606 7070 Telex 885307 
Regional offices in 

Birmingham, Manchester and Newcastle 

|j|J Keyser Lllmann 

, Merchant Bankers 


Engineering Company with Head Office in Central 
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Up to £500.000 currently available for investment 
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Please reply to The Chairman. Box G.2650. Financial 
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This advertisement has been placed directiy by principals — no 
replies from agents or intermediaries please 




Villas with air-conditioning and central heating and 
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a total investment of £2,170.000. with planned com- 
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Financial Times. 1U. Cannon Street EC4P 4BY. 




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represent you on the Continent. 

Manager is mechanical and electrical engmer. Contact — 

Mr. O. Dolman, B. V. Carmaux, P.O. Box 81, Biithoven. Holland. 
Tel: 030-782036-784347. Telex: 40557. 


The business pifi which will be 
retained and appreciated. Printed with 
your company name and logo on 
eever. Indispensable for any business, 
man. professional, etc. Holds 96 cards 
in individual poekres for easy refer, 
enee. Ideal Xmas gilts for your 
customers — delivery v-itocv. 


Foundry Lane. Horsham. Sussex. 

Phone (04031 49696 

Tele* 87636 


■scrory -etondit.onrd and suarsn-eed 
by IBM. Buy. save up to 40 per cent. 
Leue 3 years from £3.70 weekly. 
Rene from £29 per month. 

Phone: 01-641 2365 


For further information contact: 

K. Dean, 

Breeds Place, Hastings, 

E. Sussex. 

Tel : 0424-430824 


with 1st elan admin and management 
track record seeks an opportunity to 
•et up and manage a. retail /distribution 
branch or agency in Central Glasgow. 
Jf your products or services can 
compsta with the best, now Is the 
time to expand. Interested.' 

Write Box G.26/2, Financial Timer, 
10, Cannon Sireat. EC4P 4 BY. 



Rates lor U.K. A Continental Europe: 

6190 I rear 

1100 ... .6 Month* 

* so 3 MontTM 

Wavtbio in dollars or cqgnaloftt In 

• local currency 

W'W* J« Air Frcghi tram 
New York every business dav. 
(Other area rates on request ) 
Send.nrOer with payment in. 

International Press Centre 
T6 Shoe Lane. London. E.C a. Enoiend 
Ann. Mr. R. Snaro 
Also available a: maior new* stands 
throughout Euroae 


Are you obtaining the Best for 
your low-mileage prestige motor-carl 
We urgently require Rolls-Royce, 
Mercedes. Daimler. Jaguar. Vandsn 
Pla*. BM.W. Porsche. Ferrari. Mnerati. 
Lamborghini. Jensen Convertible. 
Raver. Triumph and Volvo cars. 

Open 7 days a week 
Collection anywhere in UK, Ca*h or 
Bankers' draft available. Telephone in 
for « Him price or our buyer will call. 
Brookwood (04867) 4567 




30 Gtr Road. ECI. 

• Of-628 5434/5/7361. ?9 J6. 



6 x 4 & 6 x 2 

Limited number new units « 
Attractive Prices. 

P[e»* Telephone OW-382 2601 


Over 400 sets in stock 

Buy wisely from the manufacturers 
with full after-sales service 

01-986 8231 
Telex: 897784 


Then why not givr to a Charitable 
Trust from INDIA’ Ai a gilt or at 
book vaiur? JNANA PRABODHINi. 
POONA. INDIA, having two mull 
factorial in a backward rural area 
would make from your old things a 
ne* life io about 137 Indian villages. 
Pfeeae Contact: 

Mr V. P. Katrttkar, 83 Bulwar Road. 
New Barnet. M»m EN3 SlU (U K. I 


■».:h 6 cmplo/eci »h; >i»v" made 

profiu m ctcesi ol L20Q 7D0- thu yea.-, 
requires larger Company o-- group who 
will invite cabital to aycilite profiu 
in cveess of £300.000 nj*t year. 

fnteretted partiet pieovr reply to; 
Bea G.i667. Financ’d Times. 
fO. Cannon Street. £C*P 4BY-. 


engaged in the leuurc industry. T/O 
*■ million over la« 2 years. Excellent 
export record with several major con* 
[ tracts running n M 1981. Stock at 
. 'aluaiw £150.000. Excellent growth 
I prospects. 

Principals only reply to: 

Bor G. 2599, Financial Times. 

10. Cannon Street. ECdP <fl/. 

a %mm l hS«« SA H t - ES "EPRUEWTATIVES. ! 
i-njnmlsjjon Basit rsquirw bv 5he« 
a»,.l rabrieajiiM, q rouB |. onoon Area. . 
TK ,, £.® 0 * Finane.a. Times 

1 U. Cannon Streev. EC^P 4B Y 

. residential proposi- 
, ii Monies backeo bv 

Ki rAr i- 8 p nd Ouacanecs. Oeolv s o 
?o 26S4 - f Times 
JO. Cannon Street ECab <BY 


bv man. The Educ^Uotai — derKSlng ; 

Surrer. fiHl 3DM. SAerstham 3203. 


Our client is an established and well capitaHsed 
corporate member of the Stock Exchange, 
London. In recent years they have indepen- 
dently developed efficient computer based 
systems and are in die process of enhancing 
the power and capadiy of the equipment in 

They can now offer individuals, groups of 
brokers or firms who wish to mannain 
continued independence an attractive range of 
services. The arrangements envisaged would 
also in chide a 50% return, commission and 
membership of a Company pension scheme. 
This is likely to prove particularly attractive to 
those with a strong nucleus of private diem or 
institutional business. 

Principals are invited to contacts ^ strict con- 
fidence, by letter or telephone, 

D. F. Robinson of 
»A Spicer and Penjer. 
fjCu! Chartered Accountants, 
nil M 56/60 Sc. -Mary Axe, London EGA 8BJ 

(0I-28B 2683; 



Fast growing company. We have ample 
space to expand. We have dynamic manpower. 

We have capital and backing. 

Unit P Trecenyyd Industrial Estate 
Caerphilly, Mid-Glamorgan CFS 2RZ, UK 

Seeking high technology in Automotive Industry 
and Joint Venture particularly from 

Write in confidence to Managing Director. 

New Packing Technology 

Major International Company with particular 
interests in fulfilling the future packaging needs 
of the pharmaceutical, toiletry and cosmetic 
industries is seeking to establish contact with 
inventors and/or independent Research and 
Development establishments. These must have 
developed or semi-developed ideas for new 
technologies and suitable product designs which 
could be brought to test-market status in the 
foreseeable future through advertiser's existing 
contacts with major multinational customers. 
Please write in the first instance to Box G.2463, 
Financial Times, 10. Cannon Street, EC4P 4BY. 

We’ve fQrmed more 
companies than 
any other company 

So next tune 
ye-- need one, 
phone Patricia Parry 

the boat of companies 

rznans toct place 

Losroxw; c? 

Tn£xiK*x.u: . ai«o 

15 YOUR 

Ex-Hanaginj Director and Uiaimun 
of ihret- Public Comptnm. with 
proven trick I'ecord. tt new Free to 
ixept censutuncy aingnment* 

My wide experience m ensineerina, 
mirkennp of coruumvr product* and 
up-to-diu Rnancing method* enable* 
me to report quickly and deertivety 
on way* to increase com piny profit- 
ability. My method* will save time, 
dixurbance. unreu and large 

contmuin: fees- 

Pfeaie write In tall confidence with 
brief details Boa G-2I7J. financial 
r«ir-». 10. Ce.vnon Street. £ C*P *BY. 


Smaller independent, efficient private bank in Frankfurt with more 
than 50 years' tradition of successful operation (fully licensed) 
offers participation between DM I million' and 6 million. Possible 
majority or I00? a control of the bank will be subject to negotiation. 
Interested parties are invited to contact Mr. Buttner c/o 

Friedrich-Ebert-Anlage 14, D-60Q0 Frankfurt 1, Phone: 74 08 89 
for further information 


rtf r, £«fr«d W P‘0»ld>ng J personal 
service to small ind medium Jired 
camp«ni« wmcrtg P.R.. Advtrtiim^, 
laics Li re-awe. 

Left nt tosether tmd toft rhout <t 
Rhrcr Haun, fO Church SC, EnfleM. 
01-366 5002. 



and their shareholders 


-in Corporation Tax 
and Income Tax 
on discributions/apportieftments 
of current and prior year profits 
Mr.-tte Boc G-2435, Finanend Timet, 
10. Canaan Street. EC4P 4BY. 

Spare Capacity 

Eanblijhed Gene-al Efigincerini Cs.. 
London area (with 05-21 approval] 
spire cirpM'.jy immedlitoly iviilabla, or 
‘nesrasted ir. making ivailibl* .regular 
capacity to Company offering continuity 
si work. 

Write Boa G.2670. Financial f Imes, 
10, Canaan Street, EC4F 4B7. 



Mtd:um siiid profilaWs Coasultancy 
in Bulidlo: Services snaa'ed |n South 
Eas; requires £ 180.000 as a loan and or 
*-aui:y or u oo'id cjjniMvr a merger. 
■Vr::p Bos GIMU5. Finanda: Timed. 
10. Cannon Sueet..GC4P 4BY. 

BX PUBLIC CO. CHAIRMAN has £200.000 
Trus: Fund for residential ornoers, 
•'I'Ktn’wnts, Quicir decisions arw settle- 
meats. T. Potneciry 2S3 HiBb Rood 
lonecn. 5.W.I6. Tri.. 769 ZDM. 

Np iteo-ai .eeuired £s;in:ished q,er 
jv tears. Clients in 62 countries Sen.i 
•arpe 5 A.C — Wide. Oeot. F. p.o. Bav 
9 MarJbornusfi. Wi'ts. 

Telephone Answering 

Brrrrr Bmrr 

There's no substitute for an 
answer when the .message is 


Dept FTJ on 01-404 5011 

i o- yew personal service 

Ifvou re 2 shareholder In an established apd • 

.'resins cortipanv and you, or } ourcorripany. . _ 
rSauirc berv/eo ^0. 000 and a^r . 

urros*^ rinc David Vv ills, Giarterbouse ^ 

4 investing in medium size compajiiesas . “ . 

minoritv shareholders has been our- exclusive 
business for over forty years. W>arepreparcdt 0 ; ; : 
invest in botii quoted and unquoted companies 
‘ currently making over ^50.000 per ahnum ^ 

jA pretax profits. • 


CharteihoBse Deve iocinent, 1 Paternoster &»*; Sl Pauls, 
London EC-iM 7DH. Telephone Pl-24859?a : . . 


Private investor has up to £75.000 with or without 
participation available for investment m a prints • - 
com pan v with a plan of growth and increased, 
profitability. Five years’ accounts together with up.: , 
to-date figures would be required. 

Write Box G.2668. Financial Times, 

10, Cannon Street, EC4P 4BY. 1 


Well established business In S.H*. England :w:th severer 
branches in UK. Activities include Electrical Contracting with 
own D*«=igrj Team. Design and Manufacture cf ranae of own 
Control Panels. Design and Manufacture nf o'.-.-s Diesel 
Generators, and Mechanical Engineering. T/o ESm p a. arprot 
Well equipped mainly Freehold properties. Skuiod staff end 
Management team. Fine reputation and. .extensive trade coa*; 
nection. Offering considerable potential. 



Established for over 5A years. Ccmwny lor io nrake ssicc for ex?»=s« 
Ot main ~roup company's iradmonal business. Froiui* ran*-.- ccvst m Sttds 
G uns. P.F.C., Compressors of own drstiti and ffiSa. p’us tupc-'.r a7ra"s‘-~?vj 
for ocher allied equipmen:— Spray BooilU- Oseny. 5anp:i"rv to 3~.a];r 

iodus:r jI companies. Govemmenj Dopes, and dtsmturi'M on:;c - s. P.osLs»fs. 
mnsi be moved from presenr loculoa. Salable for iare^raron nr farther 
growrh as separate company. ProK'cied TO. for year 10 June »— 5JOT.AW 
Write Bo* G.2R63 Financial Tunes. Ifl. Canoos StrtwL. EC4?. 4SY. 


Very, well located. First-class 
properties. Top quality fran- 
chises, fully staffed, profitable, 
management and budgetary 
figures available. Turnover vary- 
ing from £1.25 million to £1.75 
million per outlet. Very fine 
opportunity for motor trade 
investment. Managing Director 
has sound personal, reasons for 

For Ml particulars In firat ftmonce 
Write Boa G.2 639, Financial time*, 
10. Goanon Street, EC4P 4BY. 


Tumavtr approaching £400,000. Sub- 
pon office in one ihop. Long estab- 
lished and all under good management. 
Pre-ax profit* after management 
salaries over £40.000. 

Writ* Box (7. 266}. Financial Timet, 
10, Cannon Slrert. EG4P 48 Y. 


Owner wishing to retirt- Large land 
bank wirh panning perminion. txcei- 
fent 'cash raicrve and profit record 
Established over 20 years. Opportunity 
for large pubic company to expand 
in Ent Midlands. 

Write .Bov- C.265R. Financial Times, 
10.' Cannon 5treet, EC4P 4BT. 




Trartinp in thre» Dr«$tl?eesi£ 
1977 Turnover £6C04)00. . 
Net pretax Profits £H4JM© 
(IncrcMed in real terms for 15871. 
All wider long-term Management. 

£525,900 Asset Salt. 

Would consider selling enin 


WIH 2BU. Tel: 01-4*6 4231 



touted in the North of England with 
a turnover of Well ecO'PPfd 

Freehold Property. . Principals only 
appiy to: 

Box C.2643. FJedneW times. 

10. Cannon Street. £C4P t&Y. 

SQUASH MIGHT CUIt CMortth >e. « 
s»fe. O.verco. a Bank su, .Wareesn 
lei. 0905 22303. 

»n Shropshire iauri*i teofre. p*f 
only aoolv Box G.26EO. FffuMdal 
IO. Cannon Street EC4P 4BY. 

yell eeuiooea. Prohuw*- 
N*T worm £303.000. Pr 
W'ise Box G.2669. - . 
to Cannon Street tetp 



nvw ni* .. 


, /■ ’ . and •«>»*•-. ’* *- ... 

I’llIM l\( . ( OMI'VNI 

Turnover under £50,000 :■ . 

■>_. _®nd very small asset position. ^ I : 
./.Must have April or May year endi 7 

Please write to Box No. G2I90, 

Financial Times, K) Cannon Street London EC4P4BY. ■" 

A Group specialising in protective 
industrial and hazard clothing 

would be interested to acquire companies in the industrf' 

&?a a F=f international stature, 
wnte 25ox G-6TO. Financial Time*. 10. Cannon SL, EC4P ' 





- Adequate ' foods available, oniric par- 
duesfi. -Garage premises. Midlands 
area, .wUh. . New Vehicle franchise 
Preferably with adequate space Tor 
used vehicle salts. Willing to 
over ailing business. 

Wrue Bast CAm. Financial Times. 
19, ■Caotfon.Swwt, EC4P 4BY. . 

Auaumenc and Engmacring ot Coil 
P-ops.-tiM sa:h Sc-ip a^d Deep- under, 
taken iy «:l established mining 
^■>3 jsftM,';ir.u In the Evttrq 


Write Box G.2&13. F.inanaol 
13. Cocmsn 5S rttt. IC4P 4BY. 




Business owning Investment 
Property, with market values *t 
«Kut.£250DQ0 below- cost. 
Write do* G.7S26. FiiMitcio, 3, mu, • 
■; TO. Con non. Street,' EC4P 4By. 


with ample funds wishes to 
acquire hotels with 30/70 b*h 
rooms In the London area. Write 
lfl X r Ro^ndal Timer, 

,u< '-»nno n Street. EC4P 40iY. 


Adeouaie funds available. Wk* W?‘- 
tnaae. Gara.a?- premier 

wta. w-,m ^ vehicle. irafldWt 

ZZ*J*rably v.-ith adeanaie space. ^ 
osea v^tcie 5 aie*. u tniny t* aw 
uver Filins business; 

<3 Canacm Sm»r. E 


.VI >”>. 

_ O . :£ fjj 

"• ’ - 'J Cl'l&S 

g V 

r? r s -?v* *J7:n: 

* •-r 

■< ■ r\ * *<i, 'J • - •- 

* £:■• f? : i !•*,*; •■ "•■*■ 

•» »i» . 4> fi 

rT^rSi* 1 ?. 

Video cassette recorders set you free from 
TV timetables. That’s why video taping is fast 
becoming a billion dollar business in the 
United States. 

Over here, the idea’s still quite new. So many 
people don’t realise that all video tape recorders 
are not created equal. 

Sometimes, the taped picture quality leaves 
a lot to be desired, Or the tape runs out ten 
minutes before the end of the programme. 

In fact, it takes a very special recording 
system to give perfect picture quality plus ade- 
quate recording time. The Matsushita group’s 
VHS is such a system. 

That’s why VHS has been taken up by most 
of the big TV manufacturers in the United States 
and Europe. 

Our record in TV is impressive. We brought 
out a set with a screen the size of a postage stamp 
in 1969. And the world’s snaallest colour portable 
in 1972. Our famous ‘Magic Line” tuning came 




. •*#' • • ^ £ iftw f. .‘j# 1 j.S Sr's 

in 1952. Total 
worldwide produc- 
tion to date: over 
50 million sets. 

Technics, one 
of the most inno- 
vative hi-fi makers 
in the world, is a 

sister company. ..... . a . 

Their direct "drive S e < ^ e " cast c * iass * s ■nd quartz-locked, direct- 

quartz-locked turntables and tape decks are noted 
for superb sound and utter reliability. 

Without all this experience in the TV and 
audio fields, VHS video tape recording would 
probably still be on the drawing board. 

Instead, it’s here on the market. The 
Panasonic NV-8600 is built to last. It has a die-cast 
chassis instead of a flimsy stamping. 

And the video cylinder motor is, of course, 
quartz-locked and direct-drive. 

Naturally, the 8600 has a built-in digital 
auto-timer. You can preset it to automatically 
record a programme on one channel while you’re 
watching another. Or even to record while 
you’re not at home. 

A whole film easily goes on one 3-hour VHS 
cassette. Including the last ten minutes when 
Dractila is tracked down to the lonely churchyard. 

After a bit, you’ll probably want to add the 
portable video camera. Then family events like 
Christmases and birthdays will become a trea- 
sured part of your growing video cassette library. 

Panasonic is part of Japan’s biggest consumer 
electronics group— Matsushita Electric. 

We got where we are today by bringing 
^ people what they want. Like the freedom 
to spend Saturday night on the town 
and Sunday morning watching Match 

Th ® NV-8600 can tie used with any good colour set. But our new' TC-2203 with “Magic Line" 
tuning forms the ideal combination. Prices. Inclusive of VAT and correct at time of going to press - 
miM NV-8600, £750: TC-2203. £399.50. 


National, Panasonic and Technics are the brandnames of Matsushita Electric. 

- ■aura simulated ■ 

flnp and pto£adc el mawhi may 
- •coma SmCopiftaitttaiBS& 

For a free full-colour 
VMS leaflet, send this 
coupon to National * 
Panasonic (U.K.I Ltd., 
107/109 Whitby Road, 
i* Slough. Berks. 

J Tel: Slough 27516. 

Facial Times Thursday 



! ! i 

- . i 

• i 

■ >. ■ 
; *\ 

Detects most forgeries 





i 2: 


i y 

i •». 


f ••{ 


I ,1 

conventional one could store as 

much energy. _ . . t ... . 

If weight is not the foremost verification equipment built at 
consideration, the lxigb-rate IBM's Research Division has 
charge and discharge capabilities detected the difference between 
may be turned to good account forged and genuine signaturesin 
in the construction of emergency, realistic field testing. The 
stand-by and aircraft starting system may be used m controj- 
hatteries -ling access to sensitive data, 

_ -’w ’ .v v devices or locations. 

The CMG concept has been T nf 

tested to date in the construction . fl , eld Sll % ° f ii£. e Jim ^ 

^d e or C c°dmiu° m £ niCke1 ’ ° f Ir0n 2 9K «r«0?tl”n »t.™pS (9S3 
and of cadmium. per cen0 wcre accepted. An 

Manufacture of such CMG elec- even greater proportion of for- 
RESEARCH. WORK aimed at trodes should lend Itself to ge ry attempts — 490 of 492 (99.6 
making a new type of electrode highly-automated methods of per cent) — was rejected. The 
to improve the efficiency of bat- construction with consequent 2.958 valid signatures were col- 
teries /is in progress at Inco cns t economies, but the manuFac- lected from 248 individuals, who 
Europe's Research and Develop- turing plant for this purpose has volunteered for the field trials, 
mem Centre in Birmingham. yet f D developed. The “forgery’* attempts were 

The International Power Much laboratory work remains made by some staff members 
Sources Symposium, held this to he done before the concept from the Thomas J. Watson 
week in Brighton, UK, was told can be anplied by battery manu- Research Centre who tried as 
that electrodes made in facturers. the company points best they could to toot the 
accordance with this new method o n t " machine. . .. 

and called Controlled-Micro- But indications are that the ‘This is. so far. as is known,. the 

of double 


DUL iiivnvaiiuim die uiai uic ----- — - - . - . . ■ ■ 

Geometry (CMG) electrodes can concent offers battery manufac- best performance ever acdievea 

istri- turers a prosuect. in the lo fitter by an automatic sisnature venfi l- 


provide a highly regular disrri , UIC „ a r .. WOTfci . 1M uiE . tfV 

bution of very small holes in a t«nn of nroducin® substantially cation system, according to one 
relatively thick plate of battery improved’ products' for industrial g ?»£_ *& e ?L5- Th^Si^ 
active material and conducting and commercial battery users. Noel M-Herbst. The principles 

su ££ orL . Applied to city transport units. °°„ w ^. ,ch accurate 

2 ^ ensures that the current wh Series could provid P a ^ low dement 

flowing uirough the battery doubling in the ooeratine radius ^an . docUlDent 

qiectrolyte has easy access to wifhnnt any nee d tn a i te r the examiners, be believes. 
every particle of active mass m vphjc1p or mo t or desien. First described to the Euro- 
pe battery. In conventional bat- * . . d i aiow .. how licences pean technical press at a meeting 

terms, whatever the electro- PaTe . , T _„ at IBM's La Hulpe research 

chemical system, e.g.. lead-acid. 3 f centre in Belgium some three 

nickel-iron, nickel-cadmium, the L d years ago. the method does not 

internal structure of the elec- 4Qt. oi-Hd* Jtsstf. ‘“Tead" handwriting as such. In- 

stead it detects the sequence of 
accelerations and pressures im- 
parted to the pen by the muscles 

trode is not nearly so well 
controlled and so. in comparison, ' ciroi/ICPCS 
tfce active mass is not so W9 
Efficiently charged or discharged. 

At the same time, in CMG 
electrodes the weight of metal 
required to support the active 
mass, and 
to or from 

types. Furthermore, with CMG 
is readily possible to vary the 
diameter, spacing and depth 
the holes independently— some- 
thing not possible with other 
types of construction. This per- 
mits the design of electrodes 




Data fed 
into two 

becomes eligible^ 
ante benefit or J^Sem provides 
sion scheme. d»jjg» Llintnis- 

tbe P- n f. lt ? Q the appronnate w 

trators with the a??* - ^at 

formation -7 in .? p „ew Social 
required under the nevi sou 

Security Pensions Act. 

INTERNATIONAL construction VoEw^of P|n ^S hl“ompa2 
group French Kier Holdings i& must be maintained by ** in _ 
using- a service provided by pension schemes aas oj 
CMG Computer Management creased dramatically- J ■ 

name in 
engine erino 


A MhnG£ r - Or 

Cl ARKS' via v 
Si n E V R 0 ~ l F FA f c , f : ■ 

sea Ojaui«u‘“— . zfinr has 

Group (Middlesex) to handle the m 5 Compere. ? , re . I1 _ 

ulilC UiC mg U)niP“ iC » * rnmmt 

administration of its pension been able to reduce *be a 

intervention w •* 


of cams 

scheme and payroiL of manual 

A special interface program, minimum, 
has been written to link the information held on taec 
CMGAPayfact" payroll package meT fi i e for the srou? includes 

with the “Compere” com- personal records, reC0 ‘“- t , i __ 
outerised tension system. This faiuib- and dependents. FIRST IN a new generatbn oi 

now automatically maintains a lH . ^ company. r ? m ^ nera -|°? precision cam mtiliag laacaiaes 
ranee of information common to ami -mv " bourht in pension j S be presented zo the Jjr 
both systems. . . . Membership record ^ cards ma xiiet at a >miaaz esri? n, 

emnlovee loins a showing all personal in.onna- 19,9 by the West Gexmss.friti 
J payfact don. lift. -»«»“ 1“ rt “ , S 

When an 
record is crea 

mum Sie to bold Sasic details estimated pension a. normal b! scbiess-Fronop (UK). 

sacn as 


ua oasic aeiaiis esumaiea f n r 

company code, retirement date are ?■««« £ ‘ of 

Salient characteristic of 

National ■ ' Insurance i^ue to members. R^ords of Type FK 51 J CSC is lag 
sex/ marital status, paid up -ran 


nstnaer. ses,mania, siams. p»o up Pe™. i0 « *r 1 ” l 'S e “ lT.S?fi C t]^l ? eiwSm& 
salarv. date of birth, date of teavers are maintained on file, utilisatira of ratters.; 

jolt. is?, etc. • Computer Management Group fame^ 

Taese items are automatically .Westway Mouse, o-- Middx for raachuiias radiarrans isflflff 
transferred to the Compere Road East’ Green ford. ■ mm gng 

m aster file. When the employee UB6 9BW (01-a7S 45WJ. stroke 500 mnt- Speeds/^ 

infinitely variable 'from ^.-to 
four offset settings * prog™, ^rpm.^^ main drire ^ 

Instruction fro system's Although it is a cam milttng 

computer or from the system * mzcbm ^ desi3 -j 

own programmer. geometric accuracy, fiexftifity 

system, which is^ ca^n ca ar)d freedom to permit substita. 


of data 


p-DAS, can accept up to 10-4 tioQ of a ?r icdiiig head for Tm 
analogue and up to 1500 digital head. Consistent, with 


event inputs, which may be th j 5 inherent accuracy, an 

. . . ... ... sampled in any order and wo to additional machine is offered 

business uuiit up zs the aQ _ mlx 0 f ana ]ogue or digital. v hich incorporates both &« 

aad . ^ aerospace field r w”vr in thp acou’sition miilinc bead and the grinding 

where aircraft such as the Use of PCM in the ; acquisition hPad ^ —g UQlti - = 

Harrier, Tornado and Jaguar -process means that data can be ^ ; 



Advising on 

conduct the current 4. 

^.if -mss technology 

Cam contour dhnehsions ani 

=*“.? seen equipped witt neces- recorded ai veo “- v “ '^er entered into the memory «oie of 
saniy reuable units ranging m? f D a "P® dmitised the control which calculates t be 

iea from S!?cai conditioning modules .and. since the data is oigiusea centreline path. Operatw 

of the arm and compares this tempts to forge a signature. signatures — such as 
sequence with similar m forma- j n an earlier version of the strokes and stylistic variations. 

tioo on reference signatures con- system.' patented in 19T6 by Dr. IBM United Kingdom, 101 a .. u 

tamed ia an appropnate jsroel M-. Herbst hud- Mr. John H. IVigmore Street. London W1H u a ~2 been eouioned with neces- recorded at very high byte pack- 

memory. Morrissey, only acceleration DAB. 01-935 6600. .... *-‘ K . ... 

Studies have shown that rapid d ata were measured as the «-wi- fnc 

0 d SfraS d programming is ' thus 
data needs to as the programme 4oes m t eted 
° hich to be edited when re? round; fools 

»Z*ms 3S5 are used - Bartc 

a *L *25* renuired for tae control ia- 

^ put. Feed rale, rented ti t5e 

♦ In t° al c®oti'e lice path, is efetered 

straightforward d j rec jty j n am /minute. : and 

c .*- wui ic uit igat b remains constant. Peripheral 

processes The new system measures data the signature. ’ a single microprocessor chip and ^g'fiSeT* which -"Is”* "rapidtv More from the company at feed rate is maximum at i300 mm/ 

“ “ ■ thn tnffi/uipf t nn nnonian “ 

Stack wen 

b® .. optimised for parti new product design using ad- verification in the experimental refined the decision procedure Developers envisage putting in-eresxicg' feature of the-£ 0Em . " 

applications, e.g.. capable of being vancwl materials and production IBM system. by which the computer evaluates aR.the electronics needed* on to ec^janject js the use of a single fievoder. 

charged and discharged at si v proceS c e s The new system measures data the signature. a single microprocessor caip and wniiSpr which* is rapidly More . 

pjncantly ni? rares man is A-ssicnments currently in pro- while a signature is actually be- The decision procedure at the “ e information needed to gAVched over the 1024 ansdoeue Unit 3, Lower Farnham Road, minute. 
t ? e ^ C j S " coavenUona ‘ aress inciude imn!em°ntinE a mg written. Small accelerometers heart of the system took over identify the signer would go on C o a n n els and which can Aldershot. Hampshire GU12 4HV Schies? - Froriep. -- 

electrodes. -- riiicroproce«or-contr61!ed laser and a pressure detector built four years of research effort, to the magnetic stnpe of a credit r-^ e ' on “ one of six gam and (0252 312911). House, New Buimicgs. Rmcwey 

CMG electrodes are made first cutting system to automate within the barrel of a pen linked This algorithm compares two card. Leies. LEI0 1HW. lk5p 3565L 

by electrodepositing nickel to electronic enmnonent production to 3 computer detect the differ- signature patterns, measuring SRI has licensed the pen and - 

form a sheet less than 0.0002 in and thu« increase output end re- ences in accelerations and pres- tbe similarities, in their fine detector to Beehive Inter- u A Aim IMC a nflMPliTERS 

thick. This is perforated by duc» product costs: and desianing SU re as well as 'the revealing detail, while ignoring the gross national, maker of computer ter- • nMIWUnu -V 

electrochemical etching to create a ran’se of r.roducts for a newly- hesitations, that can betray at- changes that often occur in minals, of Salt Lake City, Utah, 

a - regular- pattern* of closely tbr-rioped metal. * ' 

spaced hoies, each around 0.03 in The grouo is also providing a 

diameter. The perforated sheet technical assessment of the exist- 
is coated on one or both sides in? nrndoct range and manufac- 
with a relatively thick layer of tnfina facHities of a company 
active chemical in such a wav as concerned about its current low 
to leave the holes clear. The profitability to aid future invest- 
total coating thickness per foil znent_ 2nd corporate planning 
may be up to about 0.005 in. A derisions . 
number of pieces of coated foil Several projects have al<o been 
(up to 50 or more) are stacked earned out under the Depart- 
with the holes in close register, tnetit of Industry s manufariur- 



Lifting in confined spaces UK design 

is ahead 


The%tack*may be pressed 'to* con- jw NEW FROM RCA Solid State, standmT^'for 

solidate it. and it is then welded ^ CD40110B is a circuit with a sound general 

slml? nnp tn nrnvide an we.rtirih. to gl'e a 10 P p r cent riimii,. nnn ,r. 

Other features include a one- 
piece enclosed design body 

.. from h damage Ct and'\iie kl ’"|ress of PIONEERING ESTREMEITg 

;™ le r;s ssr’Ji \ zs^uis^&^sst s. js*™***;} 

SS51SS t 

Mug ®™#.***!*! ‘-‘asara 

— . — - — - - cuu ui LC7.LU icjjjii .tit rnsnQMiq^i 

programmable 0 f the English end of the IKL ‘0o09-6JLW) 
«... . , , generators— which will, business (SO per cent oi 

boiler production counter, decoder and display says the company, open up^an covers the military 


template such a move- But ft 

along one edge to provide 

electrical connection between the driver on a single chip. Designed entirely new dimenafon. They guided missiles, d warn res* 

nickel sheets and the terminals. nrn ^ p " t „ 4ducp%crap rate-T for use in rate comparators, interface easily to any micro- craft industry and security room and short handle. with as chain extension in addition te SSSilB«“wni W 

Thus, the concept being in- and optimising .production and general counting where a display processor. Prtmnan „. c installations, etc.) and promise easy ratchet movement. th^ normal wind-through facility. 

verilgaied is to produce a battery- d^icn procedure, w enahte a fs required and up/down count- According to the company s the introduction, in the near . . make headway for* Several- ve« 

capable of storing up to twice client to meet expandin': demand mg of random input pulses, the product manager. Peter Rush- oxture. of an optical flame . * _ * L ■ _ For the oast four it has -MR 

as much electricity as a conven- for nri n t P d circuit boards. circuit has separate clock-up and “You really have to hear it to detector. ]\/Trhro inrllicf 1*1 inintc ' in m^ndln ^ 

t:onal battery or similar weieht. Cambridge Consultante. Bar clock-down lines that can each J{J5j^fJ^ n _ v L bat A In aI! * the com ^Tiy has 11 lViOlC 111011511131 lillCKS ciS e should tmco £»m on a £Sr 

Alternatively, of course, a CMG Hill. Cambridge CB3 SE2. 0954 be clocked up independently of manufacturing capacities which __ _ Siti dp a ted turnover 

battery of half the weight of a 80461. 

the state of the other. . located Tn California. tTv, WHEN COVENTRY Climax Road, Coventry CV1 4DX (0203- “tV "C elebrated these antic m 

The circuit also incorporates 93.439 S 7052. P Cbip o’rehertral West Germany 30 d ‘ Australia. acquired the Conveyancer fork 24100). ^ tions yesterday by making 4h; 


The full range of thermoplastic 
materials moulded on modem 

With the benefit of our ex- 
pertise your moulding problem, 
whether it's quantity, quality or 
delivery, could become a problem of 
the past. 

Contact tis now for further details 
or see us at The Exhibition for the 
Subcontracting Industries 2-7 October 
1978 at London Olympia . 

HCC Plastics 

IIOAIbart Street. Whrtstabfe, Kent CT5 1HU 
Telephone Whitstable 261294 

control logic and a Johnson mav vet be on the cards. 

counter, into which the signal is company is at h W arwick m MAINTENANCE 

Street, London W1R 5WB 

fed after preconditioning. The 
outputs of the Johnson counter /n^Tea tcaiV' 
(which includes anti-lock gating) 1 >m 

are fed ‘into a latch, and this 
data can be fed directly to a 
decoder or strobed to hold a 
particular count while tbe 
Johnson counter continues to be 
docked. The decoder feeds a 
seven-segment bipolar output 
driver which can provide up to 
25mA to drive light emitting 
diodes and other displays 

Looking at 
UK market 


truck business at Warrington and .. There are three- electrical disclosure that a new machine s 
Kirkby from Ruberv Owen last counterbalanced fork lift . trucks is now launching, and 0a 1 
vear. 'the acquisition gave the Uftjn S capacities of released in May. are both of j 

trv based comnanv much mechanical completely new design. 


f ,,,,,.,, 1 ,,, L. pn J WMUE, u iucuuiiiuvai 

r?£ %cme£ fork Uft ^cks fils fi one ' which it hw 

(each available with 

particularly for thu hieser end nf "^ v ", .7“,“ Diesel, apoarently oursued in paralle 

the counterbalance^ HS 5S« Petro^or _LPG ._fuelled_ enpnes), 1BM fSr some years, -sin® 

the counterbalanced truck range, ^th basic lifti^ariSs of JTsiSiYow SSfiTS 
Now. to mark the first stage of 2.0 and 2.5 torine, and an adapt- $020. brought out earlier, I 



reach truck of 2.0 tonne use severaT microcnarpntws ft ‘ 

rationalisation between the able 

ELECTRICAL MAINTENANCE Conveyancer rapges, basic lifting capacity available in cont^ a large number ol itinc 

engineers could use a new elec- of £££**»£ 2K tSK? J3SZ tions wWchw^irid otherwise have 

trolyte level checking and ri . M 

topping-up system from Chloride CoventI T Climax 
Alcad of Redditch. Incorporating 
an automatic audible alarm 


Widdrington mast options. 

RCA Solid State, Sunbury-on- f h . e , has system that buzzes when the 

Thames, Middlesex, TW16 7HW t0 d0 Wlth krunwick) is a 40- desired electrolyte level has been 


Sun bury 85511. 

Chips that 
sound off 

year-old American aeronautical reached, this system Is particu- 
engineer and head of the new larly suitable for large battery 
management team of Systran- installations or for use on mdi- 

Bed-making problem 

ss sa-sss dupiei and “ pie 

processor time to achieve, berre* 

1 at IBM does something veffj. 
similar. But the 1 CTL raachfiattt 
are the on’y European ones tt 
save on actual * processing r ‘bS 
using an average of 12 musrt 

Donner Corporation, "'whose vid'uairells wherethe electrolyte A COMPANY which makes beds Apparently it is not practicable r™ 

English subsidiary is at SL level cannot otherwise be bas got a problem. How to pro- to cut off buttons and zips zlll ™ .. . 1 ^ rrf 



Mary's Road, Leamington Spa, accurately gauged. dure a flock, which is used for before .the material is -washed. . - 

Warwickshire, CV31 1QN (0028 The equipment can ne easily padding, free of foreign matter Any company which thinks it nwfDin ^ ! s down martcet. - lrJ _ 
35411). carried round by a maintenance such as metal and plastics from has the answer to the problem & Barnacles— The -StogMndifc 

The company’s products engineer. It comprises a trigger- rip fasteners, buttons and so on. and is interested should Bet in Marie, described on this fcagit . 


include accelerometers, potentio- operated filler gun connected to The company produces its flock touch with H. Parkinson, Unit 9. last Tuesday was built ‘-atTH#*. 
meters, frequency synthesisers, a two-gallon plastics distilled from rags, which include old Roundwood Industrial Estate, ford' Shi nvards BideforA Ninifc 

manfrum ’ onol imnw kn*«Sjin11vr ttBwA «1 «*<U nmwtAnte •» rl f Vi nm o i»n lir*ioh fsA A.. .«a tv I h i i.h » v. _ / 1 * , • A- 

Devon, for a private owner. 

LATEST semiconductor 

grated circuits are devices that spectrum analysers— basically water bottle. Tbe electrolyte can garments and these are washed Ossett, Yorks, WI^ SSQ. 

can be made, under micropro- used for electronic measuring, either be pressure-fed into the and then passed through a dry. 

cessor control, to emit sounds testing or sensing devices that cells or, by holding the container ing machine. From that point 

inHi’atinn j n are to be found on aircraft, trains above the level of the battery, they are then “ p re-opened ” and 

and noises for application 

the entertainment, education, and hydrofoils, in remote it will flow by gravity. 

security and control fields. 

the material passes through 

weather monitoring stations and The alarm buzzer is operated cyclones when some of tbe metal 

by small mercury button cells and plastics is extracted. The 
and is housed in the filler gun. material is then blown on to 
Pre-setting an adjustable collar “ opening " machines and the 
on the filling nozzle ensures that resultant flock then baled 
the electrolyte completes a cir- Despite the subsequent use of 
cuit between the probe terminals magnets, some metal remains, as 
and activates the level alarm. do some of the plastics, and 
Chloride Alcad, Union Street, these foreign bodies damage 
Redditch, Worcs. B98 7BW. machines during subsequent 
Redditch 62351. manufacturing operations. 

No other building society in the world can say that. 



Assets exceed £^000 millio n. 

electrical wire &cable? 

• NO MiNiMUii 



TTxxisands erf types and sizes ristockfor immed^deRyery 

LONDON 01-561 8tS3 ABERDEZN(ffm)32355/2 

A'iAtJiJi-iEoT£ri J6I-J/2 4915 

tpan.i;er call charges GLADLY ACCEPTED 
74 HR. EMERGENCY NUMBER 01-437 3567 Ext 40* 

We’ve had it b Successful companies have been 

coming for years. over 35 yeai^ 0 ''™^ ysidefbr 


hwolved in a range of actmties so broad that it oribracesev^ytithi^ Oil 

Phaimaceufaegs to F ood Processing, Enginee rin^ CIothing and Electronics, f 

the environment’s as 
rich, varied and 
beautiful as any 
you’ll find in the 
British Isles, itisrit 
lochs and 
mountains that 
bring them our way. 

• a Fa ^°™ s ' offices ' skilled labour, port facilities, motorv^accK^^^^ 
rapid rail movements, training services and commercial and indiStii^ : 

support. . . that s what Tayside r s TaysideRegidnlndiistiialOjffice 



r MUi 

,@ 2 iancial-^nmes ^Thursday September 28 1978 




Thursday September 28 1978 

Alongside group pensions, many companies are giving thought nowadays 
to supplementary schemes for senior executives. The self-employed have of course 
always to make their own provisions for retirement. For both these categories 
a wide choice of methods has been developed by the life companies. 

How the 

8y Eric Short 

i r\ 

- r i 

: n 

- PENSIONS ARE in tbe news 
■'••gain, with pensioners mareh- 

ng to Trafalgar Square last 
Sunday to demand an immediate 
ncrease in their weekly old-age 
./.'tension. No longer, it seems, 
. . ' re the OAPs content to accept 
..heir inadequate weekly pay- 
. lent without demur. 

At the other end of the scale 
lirectors and top company 
. jxecutives are also active in 
■' e eking better pension arrange* 
^ tents and paying more atten- 
v - Qi'-^on to their pension provision. 
- . lut their motivation is some- 
j L J.jhat different from that of the 
t- i\ ilfenior citizens. With personal 
. , ax levels at a high, almost 

is ^:*:i | )renal rate, much more attention 
1 LiASS having to be paid to fringe 
-- - benefits in the overall remunera- 

- '^ion package. 

*■: But tbe use of the better 
rhown fringe benefits, such as 
ompany cars and house loans, 
re coming more - under . the 
• scrutiny of the inland Revenue. 

’ension schemes, however, are 
1 ar more tax-efficient than most 
iber forms of fringe benefits 
. ^ nd even more important, they 
. „ ..are the blessing of. the Reve? 
ue. It is not surprising that 
aach more attention is being 

given to pension- schemes for 
directors and top executives. 

What are these tax advant- 
ages in operating an executive 
pension scheme, both for the 
individual and the company? In 
the first place, the pension ulti- 
mately payable is taxed as 
earned income. This in itself is 
a valuable concession compared 
with what happens .if die execu- 
tive endeavours himself to save 
towards his own pennon. Yet 
the other concessions- are much 
more valuable and. In some life 
company literature, very little 
mention is made of the pension. 

In particular, the facility to 
commute part of the pension for 
a lump sum completely free of 
all taxes is possibly more im- 
portant than the pension itself. 
The amount of the lump sum 
depends on the years of service 
with, the company „ and the 
limits, which are controlled by 
the Revenue, are set out in 
Table L The maximum lump 
sum is one and a half the final 
annual salary, provided tbe 
executive has at least 20 years' 

The scheme can pay a lump 
sum death-in-service benefit of 
up to four times the annual 
salary, irrespective of length of 
service. Because the payment of 
this sum is at the discretion of 
tbe trustees of the scheme, it is 
f ree of Capital Transfer Tax 
(CTT), subject to certain pro- 
visos. In addition a widow's pen- 
sion .and dependants* benefits 
can be paid. 

So far as contributions to tbe 
scheme are concerned, the com- 
pany can meet the whole of the 
cost, the payments being fully 
allowable against corporation 
tax. The executive concerned 
can pay some of the cosL him- 
self, up to 35 per cent of annual 
earnings, getting full tax relief 
on the outlay.. - \ 

Thus the pension -scheme 
represents a method of trans- 
ferring profits from tbe com- 

pany to the executive in a tax- 
efficient manner. It is far 
better for the executive to 
accept deferred remuneration 
in this manner than have it paid 
in salary. 

Consider a company with 
eight executives which makes a 
profit of £100,000. It puts half 
the after-tax profit to reserves 
and distributes the remainder 
among the executives as divi- 
dends. Assuming that the 
income tax and .investment 
income surcharge amount to 60 
per cent, the net remuneration 
per director comes out as 


Gross profit 100,000 

Corporation Tax 52.000 

Net profit 48,000 

Transfer to Reserves 24,000 

Divi dends 24,000 

Dividend per director 3.000 
Net dividend per 

director 1^00 

Now suppose the company 
pays £2,500 for each director 
into an . executive pension 
scheme and distributes the rest 
as before. The net remunera- 
tion per director then comes out 
as follows: 


Gross profit 100,000 

Less pension contri- 
butions 20.000 

Corporation Tax 41,600 

Net Profit 38,400 

Transfer to Reserves 24,000 

age 65, (Quotation provided by 
Equitable Life.) 

These concessions are very 
attractive but they are no more 
than are applicable to any com- 
pany pension scheme arrange- 
ment So why are the life com- 
panies marketing executive pen- 
sion schemes in an aggressive 
manner, quite separately from 
the main company pension 
schemes? Why set up a 
separate scheme at all? The 
trade unions are veiy- much 
opposed to any particular group 
within tbe company having 
separate arrangements. 

The simple answer is that the 
main company pension scheme 
is far too' rigid to accommodate 
the needs of executives. Often 
there is only one retirement 
date for the employee; his pen- 
sion build-up does not allow for 
an acceleration of benefits for 
less than the maximum service. 
The revaluation of the value of 
the pension once it becomes 
payable is likely to be limited. 
Tbe executives need is some- 
what different 

The executive usually only 
serves a comparatively short 
period with the company. The 
Revenue allows a full two-thirds 
pension to be paid after only 
10 years’ service, with lower 
limits for shorter periods as 

shown in Table 2. Tbe retire- 
ment of executives is flexible 
and the company may wish to 
inflation-proof pensions fully 
after retirement, or at least 
revalue them more frequently 
than in the main company 
scheme. It would be too expen- 
sive for the main scheme to 
provide full two-thirds pen- 
sions after 10 years that are 
revalued regularly. Hence tbe 
provision of a separate scheme 
scheme and the reason for the 
unions' complaint. 

Some executives, especially in 
private family-controlled firms, 
either retire very late in life or 
do not retire at all. For many 
family businesses, the lump 
sum death benefit free of CTT is 
more valuable than the pension. 
However, the Revenue imposes a 
general limit of age 75 beyond 
which lump sum death-in-service 
benefits cannot be paid on a 
discretionary basis for direc- 
tors controlling 20 per cent of 
the equity. But there are ex- 

The final question to be faced 
by the company, having decided 
to go ahead, is which plan from 
which life company. Tbe latest 
edition of Executive Pensions 
and Benefits, published by 
Fundex, lists over 70 plans and 
describes them jn detail. The 

succeeding articles in this 
survey discuss the various types 
of scheme, including the most 
recent developments in self- 
administered plans. 



Years of 

t proportion of 


final salary 
for each year) 




30/ 80th s 




42/80 ths 








72/80 ths 




90/80 ths 





20 or more 




Years of 

(Maximum as 


proportion of 
final salary 
for each year) 


1/60 ths 


8/60 ths 


36/60 ths 





10 or more 



Two proven 
remedies for your 
pension problems. 




For Directors, 
Executives and 
Key Employees 

For Partners 
and Self 

Sun Life of Canada 

Sun Life of Canada 


T ,~- 

A treatment with no complications 
easy to understand, simple to 
operate and flexible 

of (knocks 

2-4 Cockspur St, London SWtY 5BH 

Sun Life Assurance Company of Canada, 
Incorporated in Canada In 1865 as a Limited Company. 
A Mutual Company since 1962 


Dividends 14,400 

Dividend per director 3.800 
Net dividends per 
director. 720 

Thus the net cost to the 
director is £480 a year. If the 
director is aged 55 and earning 
£15.000. then after ten years’ 
paymente be would receive at 
65 a tax-free lump sum of £6,750 
plus a pension of £3.938 a year 
— plus a payment, free of CTT 
of £6Q,000 should he die before 

Traditional Executive Schemes 

Two basic forms 

* -r:-* m 


ORE AND more interest is 
: yn being shown in the field of 
cecutive pensions and the 
flume of business taken on by 
• ie insurance companies over 
ie past couple of years has 
sen considerably. 

But tbe competition in the 
lsurance world to secure a 
■ice of this fast growing cake 
^ "naturally very hot. Not only 
' ■ '/.the types of contracts vary; 
ere are a number of differ- 
ences in future projections 
hich can distort comparisons. 

.This in turn makes it more 
it for the company that 
.. -- hying to calculate, to some 

„ .’j^tyjagree of accuracy, its long- 
• \\ ! Li «'*' ,.nn pension liabilities. Natur- 

each company’s needs differ 
,d some, for example, desire 
v ore flexibility so that any 

?£. dden changes in either salary 
vels or profitability could 
, : r..iickly result in a similar 
^■.vljustments to the pension pro- 



’.The traditional life companies 
basically marketing two 
nos of executive pension 
, - bemes. First there is the con- 
- . ntional with-profits scheme 

- .. . j. id secondly the deposit admin- 
ration policy— but jo both 
ses there are some variations 
v ; the actual products marketed. 

It is easy to see why these 
' . ecutive pension schemes have 
ined in popularity. Following 
‘ . .lengthy . period of wage res- 
jant .. companies have been 
to seek' other forms of 
benefits to reward key 
nnel. While there are a 
^^aaber of ways of achieving 
k aim the executive pension 
.Cut- to be one of the more 

The deposit administration 
policy is basically a deposit 
.account where regular contribu- 
tions are credited to give both 
life cover and a cash sum cm 
retirement which will be used 
to purchase benefits ' at the 
annuity rates then in force. Tbe 
pension benefit may be pur- 
chased from the life office that 
bas handled the deposit account 
or any. other that may offer 
more advantageous rates. 

Over tbe Hfe of the poEcy 
interest is compounded at rates 
varying according to market 
conditions. Some life companies 
offer guarantees linked to the 
current level of mortgage rates 
while others just give a straight 
interest guarantee over a 
stipulated period. There is oo 
limit' to the amount a company 
can contribute to such a deposit 
scheme providing the benefits 
do not exceed tbe limits stipu- 
lated by the Inland Revenue. 
The maximum benefit is two 
thirds of the retiring wage pro- 
viding that a ten-year service 
bas been completed. 

The limits imposed by the 
Revenue are based on present 
salary but may fake account of 
reasonable estimates for future 
cost of living rises. If 'salary 
levels rise sharply in the mean- 
time the company can at each 
annual renewal date increase 
the premiums to take account . of 
.the extra remuneration. ■.. 


poofter factor behind ' the 
.torih has been the advent tvf 
- 'Is -State pension scheme. Many 
jthe smaller companies have 
the terms of contracting 
onerous and have instead- 
- back bn individual; pen- 
: schemes to top up the 
scheme.' - - “ ’ 
use' of the variations in 
forms of contracts available 
worth taking a look at a 
iv examples of both types of 
-hemes to show what they are 
ering and how -they differ 
d juk what guarantee, - if 'any,, 

The National Provident Insti- 
tution (NPI) offers a deposit 
administration policy through 
its Capital Pension Plan. This; 
scheme offers the company 
the flexibility to meet each' 
individuals • needs. Payments, 
made by companies under these 
schema are allowed as a busi- 
ness .expense against corpora- 
tion tax or Schedule D. .while 
for the member there is a tax- 
free capital -sum -and personal 
pension provided on retirement. 
Tbe amount in the deposit 
account' will also become pay- 
able if the member dies before- 

retirement . 

Under the. Npi plan interest 

to - be earned on tbe deposit 
account is guaranteed at 6 per 
cent for tbe first five years of 
the plan. Bat currently the 
NPI assumes a rate of interest 
at -9 per cent on all its quota 
tions. But even this figure is 
below the actual rate of interest 
achieved of late. Tbe figure 
was 10} per cent at the end of 
last year and 11 per cent for 
the previous three years. While 
the portfolio is invested in a 
comprehensive spread of invest- 
ments, such as equities, gilts 
and property, there must be a 
strong element of high yielding 
securities to give this sort of 

Phoenix Assurance through 
its pian for the self-employed 
(including the executives) 
offers a rate of interest guarao- 
teeds to be at least equivalent 
to the Building Societies Asso- 
ciation's recommended mort- 
gage rates. Both these levels 
of guarantees are clearly very 
conservative and should be 
comfortably obtained- This 
must instill some degree of con- 
fidence although it is noticeable 
that not all the life companies 
offer interest guarantees. 

- The with-profits schemes 
provide for a guaranteed sum 
assured which together with the 
accrued reversionary bonuses 
gives a lump sum which in the 
case of* the eash funds can be 
used to obtain the best annuity 
rates amiable much the same as 
with the deposit accounts. 

The level of premiums 
fluctuate from one life company 
to another depending on toe 
projected level of bonuses and 
the annuity rates obtainable on 

On .a comparable benefits 
basis ‘toe lowest pension 
premiums quoted for the with- 
profits schemes are way below 
those offered through toe 
deposit administration policies. 
This; suggests that the life .com- 
panies offering with-profit 
policies .• are taking a more 
optimistic view of future rates. 

Tables recently compiled by 
Mosey. Management show that 
yearly premiums to give a man. 
aged 44, earning £13.500 
maximum benefits on a with-. 


An incentive 

to all directors earning 
over £25,000. 

The question is, what 
incentive is there for a man 
earning a lot of money? 

Say £12,000 a year. 

Or £25,000. Or even £100,000. 
Because the more money 
he and his company earn, the more 
the Inland Revenue award themselves. 
Well, there is an incentive. 

One that allows you to receive 
a sizeable income when you retire, taxed 
only as earned income. 

One that allows you to receive a tax free 
cash sum of up to Hi- times your final salary 
.when you retire. 

One that allows your company to pay for 
you. And all contributions rank for full 
corporation tax relief. 

The incentive is called the National 
Provident Institution Capital Pension Plan. 

Whether you're 3 years or 33 years from 
retirement, NPI’s plan can give you and your 
key personnel an incentive that won’t be taken 
away by the Inland Revenue. 

. So instead of giving yourself a rise, 
build yourself a future. Get a copy 
ofNFTs booklet ‘Capital Pension Plan” 
from your broker or write to 
Barry Gillman, National Provident 
.Institution, 48 Gracechurch Street, 
London EC3V OBB. 

Whichever way you do it, it’s free. 

■ fs 

3 i-'j! 

r. tu 1 

Don’t your 

top people deserve 

pension plan? 

The Hambro Executive ■-'er.ricu 
to rr.est the needs c: dire rtcrs e 
needs ofser.icr rr. f.r. ec? err.erv 
v»rv a rear! v from individvai * j 
P ension Fieri aiic v/s :?:* sh:s 
For instance : 

4f The Pi an can be -inv.-rr; yr 
any o? four top perrorrryr. o 
pension funds and car. be 
sivitched readily be: -veer, tr.e 

--■The sire of individual ccr.‘r.- 
bu tions m ade rr. ay b e v a ne n. 
from year to ye: r :r; oraer 
to provide the 
ailovrable benefits. 

4 f A substantial life insuiyrci 
ben eh: payable free o: 
CaOitiii Transfer ; ax rr.f.v be 
butil into the FIsr.. 

-jf A levei or an ircreasir.y 
r. -nsion can be rhoser. 

~A Planholder can cheese to 
a a pension for h 

before c r alter pension aye. 
■—An additional single cor.ti > 
bull on can be made - 1 any 
time to recognise an 
individual : s past service vhtii 
your company. 

Another feature o: the Hsmbro 
Executive Pension Plan is that if 
vour company already has a 
Ciouc Pension Pian. it cfieis an 


r? fcag oeer. designed specifically" 
:ev executives. 'The pension 
hen very specialised and can ■ 
iivrouai. Harmcro Executive 
m g c i: is t r. r.ding flex ibi : ity. 

exceiier.t means o: topping up 
the benefits ar.d building extra 
flembiiitv into pension 

For further details, please 
contact veur insurance broker 
c r other pre tess: me I advisor, 
cr send the cocoon balo’.v. 



Pension Han 



craonWlV : .LJ 
further ■d-i’Jai!.: ci 
ive Pension Plan. 

Britain’s largest unit-linked insurance company 

.• V 

is c.ti.jL cL> , 

The Pension Plus Iblicy 
for Directors 
and KeyExecutives. 

GRE's Pension Plus Policy will make sure that your key 
executives and directors receive the same range of generous pension 
and death in service benefits that you offer the rest of your staff. 

The scheme has highly competitive premiums allied to the 
following advantages: 

* Cost to Company is allowed as a trading expense and is not 
treated as extra remuneration. 

* Directors can contribute up to 15% of earnings and obtain 
expense allowance for tax purposes. 

* Part of pension cashed for a tax free sumJJalance is 
taxed as earned income. 

*FuIl range of Widows 1 Pensions and lump sum death benefits 
can be provided. 

If you’d like to know more about the highly attractive and 
flexible Pension Pins Policy,and our other high-yield pension plans, 
contact your regular insurance advisee. 

Or your local GRE branch. 

Financial Times Thursday September 3*1378 


Unit-linked Executive Schemes 

Full spectrum of funds 

THERE ARE two school? of 
.thought about unit-linked 
schemes for executive pensions. 
There are those advisors who 
say that linking something as 
important as a pension to an 
investment which cannot be 
guaranteed is foolhardy, and 
there are those who will extol 
the advantages of linking to 
maximise investment returns. 

The more cautious advisors 
have a point. Investing a future 
pension in equities or property 
does have the danger that when 
the time comes to retire the 
investments may be at a low- 
value. It is one thing to make 
a poor investment but quite 
another to make a poor one late 
in life when it is too late to 
repair the damage. 

Of course most companies 
provide a spread of funds with 
switching facilities, which in 
theory can mean switching out 
of the equity market when it is 
buoyant into a completely safe 
investment. Some offer guaran- 
teed reiurns so that in the last 
few years before retirement the 
investor can rest easy knowing 
that the caoital values of his 
pension will ■stay intact. 

This assumes that the 
individual will be ahJp to spot 
the right time to switch. 

Obviously there are opposite 
points of view on unit -linked 
schemes, and in truth many of 
them are entered into not with 
the view to pension benefits but 
as- a way for the directors or top 
employees of a company to get 
money out the business (by 

deferred pay) m a tax-efficient 
way. Alternatively, the unit- 
linked scheme may be all part of 
capital transfer tax planning. 

Most of the insurance com- 
panies run a full spectrum of 
funds. These usually include 
equity, property, fixed interest 
and a managed fund. Many 
also feature some form of 
guaranteed fund. 

Each fund is divided into 
units and the pension contribu- 
tions are used to buy units in 
the fund. Contributions can be 
made either annually cr 
monthly in most cases. However, 
it is worth noting that monthly 
contributions often attract 
higher charges because of the 
extra work involved, or at least 
the minimum investment pro 
rata is much higher than yearly 


The allocation of units :s 
normally based on the offer 
price at the valuation previous 
to receiving the premium. 

Which fund to invest in is a 
matter of individual choice 2nd 
depends upon the investment 
climate at the time. A lot of 
investors go for the managed 
funds, however. This gives them 
a wider spread and shiils the 
respon sibil ity of deciding 
whether the pension should 
continue to he invested in 
equities or fixed interest nr 
whatever. The managed fund 
is normally spread around ail 
types of investment with any 

emphasis depending on the 
judgment of the managers. 

In theory the managed fund 
will always underperform the 
best ones because uf its mix; 
but it should always give . an 
overall good return. Not 
surprisingly managed funds are 
often the" most popular. Legal 
and General, for example, esti- 
mates that 60 per cent of the 
money coming in goes to the 
managed fund. The property 
funds are also popular at 

Investors have the choice of 
switching between the funds to 
try and improve on their invest- 
ment performance; the costs 
vary. Legal and General allows 
one free switch a year and any- 
thing else attracts a charge of 
* per cent of the amount 
switched. Lloyd's Life does not 
offer any free switching facili- 
ties but the charge is only i per 
cent with a minimum charge 
of £25. The company points out 
teat these terms are negotiable 
on large investments. Merchant 
Investors has the right to 
charge i per cent for switching 
but in practice it only charges 
} per cent. Abbey Life charges 
i per cent for a switch and 
Target charges £10. 

Switching can be highly pro- 
fitable but timing is of the 
essence, and often busy com- 
pany directors or top employees 
lack the time to study the 
various markets and the right 
times to switch can be missed. . 

Most of the insurance com- 

Royal Exchange 

One of the worid% great insurance companies. 

Self -administered Schemes 

In-house gains 

panies stress the advantage of 
the switching facility. Combined 
with the various forms or 
guaranteed or cash funds the 
individual can make the most 
out of unit-I inked. The one 
point with a pension fund is 
mat it normally needs to come 
into force at a "*«* da *f- 
one can guarantee that the fund 
will be at it? peak value on that 
date. So the idea is that when 
the investor thinks that the 
market in which his particular 
pension fund is invested has 
peaked he switches out into a 
fund which cuaraotecs values. 
Basicallv this normally means a 
money market fund or perhaps 
c fond which is invested in 
appropriate gilt-edged stocks. 

.Often the guaranteed funds 
wiH give a stated rate of return 
or the cash funds will reflect 
monev market rates. Therefore 
if these funds arc used wisely 
an investor can wait for a peak 
m his particular fund then 
switch into u guaranteed fund 
to maintain his assets. It 
sounds all very well in theory, 
but against timing is important. 


Take Lloyd's Life Guaranteed 
fund, for example. If the 
investor switches out of one of 
the other funds the guaranteed 
fund will return 11.4 per cent 
if held for 15 years. 10.7 per 
cent if held for ten years and 
9.4 per cent for five years. The 
fund is invested in gilts. 

Merchant Investors runs a 
fund invested in gilts with set 
returns. Abbey Life has twn 

types of guaranteed funds— one 
where you can invest within five 
year off retirement z\ a 5 se{ j 
rale of interest with the auier- 
lying assets guaranteed. and the 
other where the level of Income 
is guaranteed. 

Unit-linked in the f iaa i 
analysis must represent more of 

u gamble than the lradm-.:naS 
schemes where the ir.suran;..- 
company credits imnu-es vfcitis 
cannot be taken aw3y. H->v:- 
cver. as the value of The unit- 
linked scheme reflects the p?r- 
fo nuance of the underlying • 
investments tins should" n 
theory outperform the tradi- i 
tional schemes where r n ? ' 
insurance company would sat 
some of the funds' profits into 

In addition, because it 
specialises. the unit-linked 
scheme gives the invesvr the 
chance So beat the a\ erase iwr.i 
well and truly. But > ;> 
to him tn get hi? mvesticenis 
and switching right. 

The one drawback i> *hs ; . :!:e 
market value of The land 51 
the date of retiring i*ii] deter- 
mine the investor's financial 
state throughout retirement *» 
the units are sold and the cssh 
used to buy an annuity. The 
use of switching and the 
guaranteed or cask funds may 
enable the investor to overcome 
this drawback. 

Overall unit-linked is for the 
man who does not mini hiring 
to be continually involved in 
the investing of his pension 


Tern- Garrett 

FOR YEARS many companies 
providing a pension scheme for 
employees have operated on the 
self-administered principle, 
doing everything “in-house" — 
especially administration and 
investment. Some very small 
funds have operated successfully 
managing their own funds. In 
contrast many large funds have 
preferred to use the services of 
a life company and have been 
prepared to pay the charges. - 
Tfce accepted theory, however, 
has been that only the larger 
funds can justify the expense of 
setting up the necessary depart- 
ments and employing the neces- 
sary investment expertise. 
There has been considerable 
debate within the pensions 
movement on the level at which 
a fund can be self-administered. 
But primarily it depends on the 
nutlook of the company, whether 
it likes to be independent, 
whether it feels that it can do 
better itself at a lower cost, or 
whether it just cannot, be 

There is no reason why an 
executive scheme should not 
be run “in-bouse,” managing its 
own investments and handling 
its own administration. Indeed, 

the concept of handling their 
own investments appeals to 
many owners of small family 
businesses. They hold the view, 
rightly or wrongly, of not trust- 
ing completely anyone else look- 
ing after their money which 
iliey have sweated for, no matter 
how expert the others are. 
Above all. they do not like pay- 
ing out charges to others for 
investing their money. Not sur- 
prisingly this self-reliant atti- 
tude is prevalent in the Midlands 
and the North, especially York- 

.However, the Superannuation 
Funds Office (SFO) of the 
Inland Revenue has adopted a 
cautious attitude towards small 
self - administered pension 
schemes, especially where the 
beneficiaries are a closely-knit 
group as with a family business. 
This stems from an old legal 
principle arising from the case 
of Sounders v Vautier (1841). 

This sets out that if .ever?' 
possible beneficiary under a 
trust comes together and none 
of them is under what is termed 
a disability, such as infancy, 
then they have the right to 
require the trustee to terminate 
the trust and distribute the pro- 



profits scheme can be as low as 
£750-£760 without any terminal 
bonus. The average figure tends 
to be between £800 to £906. But 
for the deposit administration 
policy at current interest rates, 
the average figure is nearer 
£1,000 with only two below £800. 

At Scottish Provident, where 
the premiums are right in the 
middle of the average range, the 
last interim bonus was 6 per 
•cent against 6.4 per cent com- 
pounded for 1975-77. While 
they guarantee the annuity rate 
at a very conservative 6 per 
cent or so, the current .projec- 
tion on a 20-year policy is nearer 
14 per cent 

Bonus rates obviously vary 
but it is often difficult to make 
direct comparisons since each 

may be calculating their rates 
on inconsistent cash amounts. 
Nevertheless it has been 
estimated that the life com- 
panies need to earn a rate of 
interest in the region of 101 
to 11 A per cent to maintain 
indefinitely the current rate of 
bonuses. In some cases the rate 
of interest needed to be earned 
is even higher. 

Clearly while the control of 
management costs and an 
aggressive investment policy 
can count for much there is a 
feeling that bonus level may 
have to be lowered. But a care- 
ful stud}* of the policy and the 
investment track record should 
eliminate most of the obvious 

David Wright 

perty (that is the assets) in 
accordance with their directions. 

Company pension schemes are 
set up under a trust and the 
SFO has some apprehension 
that the main members of a 
pension scheme would be able 
to arrange for the assets of the 
fund, which have been built up 
cri a tax exempt basis, would be 
distributed in lump sum form. 
Consider the tax avoidance 
possibilities such a situation 
prorides. In view of some of 
the schemes put forward, the 
SFO has good cause to feel some 

But the SFO does not simply 
ban small schemes from getting 
its approra!. thereby throwing 
out the baby with the bath- 
water. It insists, however, that 
where small schemes do seek 
approval. the trustees must 
include what is described as a 
“ pensioner trustee.” This is a 
person or body widely involved 
with occupational pension 
schemes and has the apnrovci of 
the SFO. The definition of a 
small scheme is one with less 
than 12 members. I 








Clarkson House 
Kent CT1 2UT 


Canterbury (0227) 51 71 7 

Ibex House 

London EC3N 1HJ 




sinking feeling? 

Ever feel you are slowly submerging, drowning ; y ) 
in a sea ot publicity for pensions tor senior executives? 

Bownng &_La\bom can keep you afloat It s 
our business to analyse the flood of contracts 
available, so we are in a position to recommend the 
one most suitable for your particular rircumstances. 

It you need a life-belt, contact Bowring 
Layfcom at 142/ 152 Lone; Lane, London SEl 4DE, or 
telephone 01-62 3 1811 and ask tor Ken Doe 
(extension 1 30 1 ) or John King (extension 7339). 

C.T Bowring & Lav born Ltd 



TO — 


£% %> 





" lHLHKbltf9V¥M^BeR7EHE 








I : I’, 






jAsk your broker or insurance adviser aboutl 
1 Provident, or fill in this coupon: | 
■ ro Scottish Provident Institution, Freepost,* 
I Edinburgh EH20DH. 1 

fNam e ‘ _3 

... 1 


■ EF J 


J^u calfitcanr^we caB it Praricfe^ j; 

financial Times Thursday Septemlier 28 1978 



Self-employed Plans 



THE NEW State . pension 
scheme, which provides earnings- 
related pensions for all crn- 
. ployed persons, came into 
operation this April with a 
flourish of trumpets. It repre- 
sented an important milestone 
in the history of social security 
m the UK But as far as the 
self-employed were concerned, 
the new scheme did precisely 
nothing for them in providing 
higher pensions. 

Under this new scheme the 
self-employed still only receive 
a flat-rate pension amounting at 
present to £17.50 per week for 
a single person and £28 per 
week for a married couple. 
These amounts are being in- 
creased to £19.50 and £31.20 
respectively in the next annual 
upratin? in November. 

Tile late Brian O’Malley, who 
as Minister of State for Social 
Security was mainly responsible 
for this new scheme, asked the 
Department of Health and Social 
Security to investigate the feasi- 
bility of providing earnings- 
relatcd pensions for the self- 
employed. But nothing ever 
emerged and it would appear 
that no attempt is going to be 
made to bring the self-employed 
into an earn ings-rela ted scheme. 

However, the Class 2 and 
Class 4 contributions rates paid 
hy the self-employed were re- 
duced from April, in line with 
the contribution reduction for 
Class 1 in respect of employed 
persons contracted-out of the 
new State scheme. 

Thus the self-employed, if 
they want to retire on a decent 
pension, have to do what they 
have always done — save up for 
it But if they try to build up 
their own portfolio, they will 
find the Inland Revenue very 
much against them. 

To start with, the money 'put 
aside for investment has to come 
out of taxed income. Then the 
’investment income is taxed as 
unearned income with invest- 
ment surcharge on top. Finally, 
when the assets are realised, 
capital gains tax will apply. 

Eut all is not lost The self- little attention being paid to 
employed can provide their own the death-in-service lump sum 
pension in a tax-efficient man- benefit. This is usually only a 
ner. with the approval of the return of contributions, with or 
Revenue, through a personal without interest. The other 
pension plan issued by a life major difference compared with 
company. In fact one does not executive pension schemes is 
necessarily have to be self-em- that the ultimate amount of 
ployed to participate in such a pension paid under most plans 
scheme. It is available to anyone depends very much on the 
who is not in pensionable em- underlying investment perfor- 
plovment — i.e.. anyone who is mance achieved by the life 
not a member of a company company, 
pension scheme. But with many self-employed 

If a q eligible Investor takes the early years are spent 
out such a policy, then the con- building up the business or 
tributioDs attract tax relief at Retting established and there is 
the top rate applicable to that tittle or no cash available for 
individual. Thus if the lop rate pensions. It is only when the 
of tax being paid Is 50 per cent, investor is older that he or she 
each £100 of contribution effec- can wake sizeable contributions, 
tively costs £50; The higher the Th[?D the Revenue limits come 
tax rate, the lower the net cost. in1 ° operation and the investor 
The limits imoosed on conirihu- cannot make up for earlier 
lions for this relief are 15 per - vcar s- This is in contrast with 
.cent of annual earnings up to a executive schemes, where the 
maximum of £3.(100. There are company can pay higher rontri- 
lughcr limits for persons born buttons 10 ensure a full pension 
in 191.8 or ear? tor. But any short- based on salary at retirement, 
fall in one year efin be carried Then there is one major 
forward. drawback in personal pension 

Next, the life company in- P!® 118 * Tb e investor cannot 
vests these contributions in *«“«* the money until he starts 
funds that are tax-exempt, thus drawing the pension, nor can he 
ensuring □ gross roll-up of m- 1,se The contract as security for 
vestment income. . • a toan. These particular assets 

Finally, the benefits paid are ere effecthely loeked away until 
treated generously as regards retirement. This .s the pnee to 
tax. Pensions are taxed « be paid for tax eonerarinns. But 
earned income and there is f ?r someself^mployed. to whom 
complete flexibility as to the the availability of assets is of 
time the pension becomes pay- pn ™ c importance, this is a 
able. The investor can start ser,<,us drawback, 
drawing the pension at any time When the investor comes to 
between age 60 and 75. both take out a plan he is offered a 
dates inclusive, and he does not Plethora of contracts from 
have to slop work In order to numerous life companies and 
be able to receive the pension be is offered a choice over the 
payments. method of paying the coniribu- 

A very attractive benefit is tiw,s - 
the lump sum that can be taken To start with, the self-etn- 
at the time the pension starts, ployed can pay the premiums on 
The . investor can commute up a regular basis— annual or 
to approximately one-quarter ol monthly— or they can make 
his pension for a completely tax- single premiums on separate . 
free lump sum. contracts. Annual premium pay- 

Under personal pension plans, meins impose a financial dis- 
there is much more emphasis ctpline on the investor to put 
placed on the pension, with some dung aside regularly for 

the pension. But many 
self-employed are in occupa- 
tions where earnings fluctuate 
considerably from year to year. 
Single premium contracts would 
be more suitable in sucb cases, 
although the form of annual pre- 
mium contracts allows for 
variation in payments. But with 
an annual premium plan the in- 
vestor is tied to one life com- 
pany. With single premium 
plans he can get more flexibility 
in the choice of life companies, 
type of contract and the timing 
of taking the pension. He can 
haw several contracts and start 
drawing the pension bit by bit. 

There are a variety of tradi- 
tional schemes available — one 
where the pension is completely 
guaranteed, one where the build- 
up of the fund is at a rate rtf 
interest linked to building 
society mortgage rates, and a 
with-profits scheme where there 
is a minimum rate of interest 
accredited, plus a further bonus 
rate dependent on the invest- 
ment performance of the under- 
lying fund. Under all these 
contracts, however, the value of 
the accumulated fund increases 

Alternatively, the contract can 
be linked to a fund on the 
unitised principle. The contribu- 
tions are used to buy unils in 
the fund and the units are 
valued according to the value of 
the underlying assets. Thus 
although the general movement 
of the accumulated fund is up- 
wards, there will be fluctuation 
in value according to market 
movements. There are a variety 
of. different funds from which 
to choose— equity both UK and 
overseas, property, fixed-interest, 
cash or a managed fund which 
is a mix of all these elements. 

The traditional contracts are 
thus safe steady investment 
vehicles, while the unit-linked 
plans are more high risk, high 
reward contracts. Which to 
choose depends very much on 
the temperament of the investor. 

Eric Short 




£ lac* p* sA. 


The pensioner trustee has to should be insured from outset way of sale and lease back of to the company, thereby boost- 
give an undertaking that he will insofar as they exceed the land and buildings, for example: ing cash flow, 
not consent to any termination value of the employee’s mterest .it can invest in the equity of Then there are the tax advan- 

of the scheme of which he is a in the fund based on his accrued the company, it can make tem- tages to this form of self 

trustee other than in-accordance, pension .and other retiJ^ment porary . loans to the company. It investment. The pension fund 
with the approved terms of the benefits. The SFO also advises can use; the pension fund assets is a continuing entity, so if the 
winding-up rule contained in the that when the pension becomes lo\ expand the business in a company’s assets are trans- 
trust deed. Where there is more payable, it should be secured -by variety of ways. The possibili- ferred to the pension scheme 
than one trustee then the trust purchasing an annuity from a ties are endless. there is no Capital Transfer .Tax 

deed has to make it clear that life company. For . a large quoted public liability on the death of one of 

the usual provision for decisions The major attraction of *• in- company, these advantages are the family directors. If the 

to be taken by a majority is bouse " is that the directors can marginal. But for the smaller, pension scheme has been going 
excluded at least as far as make their own investment family-controlled private com- for some years, it is -quite 
winding-up is concerned. • decisions, because the SFO pany they are literally in- possible that its size might be 
There are, however, more state that no special restriction valuable. Pension schemes are on a par with the value of the 
practical problems concerning on investment powers is neces- a constant drain on a company company. - Similarly the pen- 
“in-house” pensions schemes, sary. Thus directors can invest finances, and anyone using sion scheme can control the 
The risk of an early death of the fund's asset back in the an insured scheme has to company by gradually acquiring 
one of the executives and of company, which opens the way reconcile himself to tbe fact the shares from the family. The 
paying tbe lump sum death-in- to all kinds of possibilities that tbe money is locked away control of the company passes 
service benefit is greater than denied to an insured scheme, forever. But with an “in- from the directors to the 
the risk of winding-up. The. The pension fund can invest in house” scheme self-investment trustees, but these will, 
SFO advise that these benefits assets held by the company, by can return the pension money effectively, be the same people. 

^ t ^ e aP ^ W> y a * 

. . _ notes, states that, it will look 

. _ _ 12 „ _ „ _ ^ _ adversely at any scheme where 

7* the whole or greater part of the 

©IL Pi, fL Ba .glk. ^ a iTjIvfl B m company's contributions are 
t&’W' V Jr Er ^ lent back to the company. It 

» warns that the pension scheme 

T r t-n t • r , • accounts . will be examined 

in four words: i rudentiai .executive periodically and the question of 

• -p. . -pi approval reconsidered if such 

rension ±13. n. a situation is discovered to have 

The plan offers the stability of a ‘with profits 5 St of P the 
contract under which a fund is built up by retire- Then there are the checks put 

ment age to secure benefits. The fund is not tied to I self and the actuary to the fund. J 
the Prudential so that there is maximum flexibility !uSd e th en S i t a n 

in the way benefits can be taken. retoand°tbTsFo SS d Jhf 

Backed by the Prudential's renowned m°d d e h a a t s iM* a ™a%S u £ree 

investment organisation this plan offers very good by jiis^rofSoia? 

■value for money with the yield and expenses shown iSS 65 HJs hl f U ndiig K rS?e h S 
clearly on a year to year basis. fJSent °Sr the s U P iSbmt on of 

There is the additional feature that if death “ e r m ^ 

occurs before retirement the entire accumulated be* l? vSi ?S 

:fund is returned, a feature not found in all schemes p b ^y ex Tor^t^re!°r^S™" 

■ r.r " farmer operating such a scheme 

or this type. - was able to outbid the mstitu- 

Find out more about the Prudential Executive w° ns pS»ilTSS»' 

■ Pension Plan by phoning 01405 9222 (ext. 6339) or 
your local Prudential office _ J \ n 1 
or your insurance broker 1 1 LlLtCIlLlsll 

The rrudenlial Assurance Company L imited 
' — 142 Hojbom Bars, London EC1N2NH 

*A pension? 

3fes, I must get round 


One day 

One day 

f.* i-; ^ 

T hinking about a pension is like thinking about 
birthdays: after you have reached a certain age you don’t 
want to do it. 

We have been specialists in the pensions field for 
many years so let us do the tMhking for you. 

Firstly, we offer our Individual Pension 
Arrangement specifically designed for company directors 
and key employees. 

Then, Group Schemes which, headed by our Special 
Managed Pension Fund for larger companies, are 
individually tailored to suit any number of employees 
in any size of organisation. 

Finally; our Personal Pension Plan, specially for the 
self employed. 

Ask your financial advisor or broker how we can 
solve your pension problems, or write to us direct 


We talk your language. 

Provident Mutual Life Assurance Association, ProvidentMixtiialMam^gBdPeiisionFundsljUL, 
25-31 Moorgate, London EC2R 6BA. Telephone: 01-628 3232 


Herek how to add £ thousands 
tax-free -to your retirement 

(Insurances) Ltd. 

Apex House, Grand Arcade, 
London N12QBH. 

Individual Attention 
for Pension Planning 


Bryan J. Hollingsworth 
Telephone; 01-446 2144 

g 1VEN if you do have a company 
rj . pension, ifis almost certain that it 
Alidoesn’t take full advantage of what 
you are entitled to- 

Yet these entitlements come with 
so many tax advantages, it’s we! I worth 
looking at the benefits of “topping up” 
your pension plan. Here are the details. 

Your entitlements. 

These- subject to suffidentyears service with 
the employ ecindude pension of 2/3 of fmal 
salary (the pension can include annual 
increases). Part of this pension may be com- 
muted toa cash sum of up tolV: limes final salary: 

A widow's pension of 2/3 of the personal 
pension. A targe cash widow’9 
pension, if death occurs m service. 

What is an individual pension plan? 

If is a plan arranged by an employer for one 
particular employee to take advantage of these 
enridements-ThepIanis often known as a top 
hat scheme. 

Who is eligible? 

Any eni ployee of whatever status is Skdyto be 
eligible.He maybe a director; a senior executive, 
or any other member of staff. 

If an employee has two or more employers, 
he is eligiblefor an individual pensiun plan fmm 
each employee That might apply for instance, to 
an individual who is a director of several 

1 1 does notmatter whether the individual is 
a nKn iber of a group pension scheme being 
operated by a different employee Nor is it 
rdevantif heisalso self-employed and making 
pension provision for himself in that capacity . 

Moreover; if the employee is a manberof a 
group pension scheme being run by theone 
employer for whom he works, it is often possible 
to setupan individual pension plan. That is 
bn^use tbe group scheme nmy not be designed 
to provide (for that individual) the maximum 
benefits that would be approva ble by the 
Inland Revenue. 

We should also make it clear that it does not 
matter in the slightest whether theemployer is 
an individual on his own. several individuals in 
partnership, ora company: 

Who fundsthe prernhmv? 

The employer must contribute^ and normally 
pa ys all or most of thepremium. Sometimes, the 
employe-may pay a higher premium than he 
would otherwisebeprepared tabecausetlie 
employee makes a salary sacrifice- that is 
explained inmuredetafl later on. 

Sometimes the employee makes a contri- 
bution outof his salary. 

The tax advantages. 

Of course,an arqrioyer irayirake pension 
provision for an em^oyee in any way thathe 
chouse&But tins textonly concerns individual 
pension plans which are capable of approval 
under tfteFfflahceActl97(i. 

Wbat is so special about havmga pension 
arrangementapproveeff Theanswerto that- 
really lies in the tax position: 

3. Both the employer's contributions and the 
employees ( if indeed he contributes) are fully 
deductible as expenses for tax purposes.That 
means, from the employee’s point of view that he 
is effectively obtaining lax relief at the highest 
ratals) of income tax heis paring. t'xcJudingonJy 
the investment income surcharge. 

The effect from the employers point of view 
depends obviously on thedrcumstances-if for 
instance the employer is u company it might 
normally obtain fax relief at the corporation tax 
rate on its contributions, whereas if the employer 
was an individual thebenefrt. would be atthe 
highest rate of income tax excluding only the 
investment income surcharge. 

2. The pensions contributions that are made will 
be invested in a fund wliich is entirely free of all 
tax on itsincom^and of capital gains tax. 
Obviously that freedom from tax is reflected in 
the size of benefits ultimately paid to the 
employee or dependants. 

It’s worth pointing out that in a 
recent survey by Planned Savings 
(January 1978) of actual results from 
the types of individual pension plans 
issued in 1957 and 1967, The Equitable . 
Life’s pensions led the field. 

One of the reasons The Equitable 
does so weD is that it pays no 
commission to intermediaries. 

Accordingly to learn more about 
the advantages of an Equitable Life 
pension plan, we advise contacting 
tbe Society directly. Either by 
telephone on 01-606 6611, or by post 
at the address shown below: 

3.Thebenefitswhen they finally emerge at 
retirement may do so partly as a cash sum u hkh 
is entirely free of tax, and partly as a pension 
which is regarded as earned income and so not 
subject to theinveslment income surcharge; 

In the event of death in service, any lump 
sum benefit is arranged so that it is paid free of 
capital transfer lax. 


Retirement planning for key executives. 

An emptoyermaysometimeswantto provide 
better pension benefits for a few valued execu- 
tives.He may do so byarranginga group pension 
schemeforaH employees, and then on top of that 
by arranging individual pension plans for those 
for whom it is required to do something more; 

or possibly he may jusfartange individual 
pension plans for the key executives. 

Capital transfer tax situations. 

Curious though it might seem at first sight the 
essent ial prerequisite of effect ive capi tal 
transfer lax planning is nlmost always pension 
planning. 1 1 arise* because without effective 
p«*nsion planning, an individual may well depend 
for incomein later years on capital assets in one 
form oranuther -for instance the retention of 
full control of the private company which is the 
family business on to rite another case. the need 
(o retain a cumpleto portfolio of equities, gOts etc: 
Anyone in that position is obviously severely 
restrict pi in the use that can be made of the 
exemptions from capital transfer tax in order to 
pass on assets to the next genera tionfree of 
the tax. 

The close company situation. 

The vast majority of the 65U.0U0 or *n companies 
in the Uniteid Kingdom areriose companies 
within the definition of section 282 of thelncorae 
and Corporation Taxes Act 1970. A dose 
company faces .particular difficulties in respect 
of its profits. It is not simply a question of having 
to pay corporation tax on them. 1 f a close trading 
company does not distribute half of its prof) ts 
(after genuine development requirements) - 
which distribution may well result in the 
recipients having to pay income tax at up to 
98" i'i -the participators in the company are taxed 
atthose rates as though a distribution had been 
made even if in fact it lias not; that is the 
apportionment under Schedule 16 to the Finance 

So if a dose company's profits of £100 may 
in fact only be worth under £2 in theliandsof a 
partidpatoc what can itdo instead? Well.itcan ' 
certainly pay an employee the extra £100 and 
avoid a profit. but if ihcemployee is taxed at 83% 
that extra £100 may only be worth £17 A further ■ 
alternative, and often the most attractive one,is ; 
to put the £100 into a pension arrangement, and - 
tliere the whole£100 may be effectivdy 

Salary sacrifice. 

An employee may fed tfaathistoprateoflncome' 
taxis so high that hecould forego some salary 
and hardly notice. He would ask the employer to 
apply the amount to pension provision. For ( 

instance, if theemployee ispaj-ingtaxat70%. ■ 

exdudingany investment income surcharge 
£1(JU of premium con I cl be applied for a reduction; 
in the employees net income of £.7) only 

Theremaybedrcumstancesinwhicha «, 
salary sacrifice should not be undertaken, so c 
expert advice is required. 

Tfc The Equitable Life AssuranceSodety FREEPtK’H London EC2B yTTd:tfl-606 6H1L 
In strictest roiifidenca I TOuld be interested in knowing , t 

nwreabontyourjndirichjal Pension Plans. u 

•mnn- — 

Address — ^ — Fouud«il7te 

i - . Pw rfmde ~ The Equitable Life j 

Td:OfficeL_ Home The oldest mu tual lifeofficeinthe world. 

I '• 

; i 


i* . i 

I 't 

I. ?: 

{ ' ■: 


‘ :l 


The M&G Personal 

Pension Plan now 

provides a choice between guaran- 
teed and unit'linked.There is 
complete tax exemption and 
no commitment to regular 
premiums. Anyone who is 
self-employed or not a mem 
ber of a company scheme 
can join. 

* To: M&G Cinmp.Three Quavs.TowerHii!, 

I London EQR 6BQ. Telephone: 01-626 ■15$.'*’. 
Plea*e send me details of ymir Personal Pe.t'ion 




Professional advice on all aspects is available from: 



London. Edinburgh. Dublin. Birmingham. 
Liverpool. Manehejsler 
Phone: 0(51-832 56SS 

Financial Times Thursday September 28 i&TS 


Problems of Planning 

Element of market 

If you w«rk 

fnr vnurself. hut ineviinhly give wav to this sions. If. on the other hand, a unit-licked policy you on no«.. and to? up out 

* - . . ■ T 1 TV. „rst- ciijt' 2 rftl TTi 1 1 in t£G 3t i-OK™ ** r j 

.... . n the outer hnna. a unj,-;ichec po;ic.. ^ j ._ > aT j; n feed policies, and top up out 

have nn fat neiismn (o’ support year's leaking roof or crumpled your income fluctuates, you had The capital sum accumulate at J- y • ^ be wafn ed. 

' - ' - - - T_ '!tter not commit the moment you decide *a a , , in. adamantly 

your declining years, and find car. But if you Happen to be a probably better not commit the moment you acciae «’« g brokers are adamantly 
that -the question nf income in poor p«el ur affluent pop singer, yourself to anything, in that retiremeu, ana 1 ‘ OJ) nosed to unit-linked business 

retirement is starting to nag at with an income which veers ease spend your allocation on annuity tc wflscn .* ™ a JJ vou might even find -you 
the edues of vnur cnnsciousne?5. between the sublime 3nd the single premium policies. entitled, »ii. > aepenoe..v . V ‘iII have to take your business 

then half an hour's quiel con- ridiculous, do not despair: it is Most people find themselves tr.e fii * £ tr.e mart*. * n ;P; c : se wbere :f that is what you 
temptation of the virtues ofthe quite possible to make your somewhere between these two you* » ‘JttO-a market «»nt. 

self-employed pension scheme is arrangements yearly-year. ?? lren, ? s ' ?? commit £ „ ;. c back. *!«,,«. evervnne including 

overdue. Fur one thing it will The point to be borne in mind - vJIi rsiss to buffer.' ’ -j e linked offices ’themselves. 

the agrees that anyone within a 
«v -oar the decade of retirement should 

?*«™ .* rsws s-sa«=5= “ - — — from the 


Unlike the common or garden - - m can oe put into annual premium retirement at a specific ua;r. hi-«h« — - 

pension scheme {State or Sf policies, and you can top up T r.e proponents of the unit- more certain and sedate-a 

private), which requires^ cold S ? ut ° f H? «P. ■» 7” linked' poliev sav. in contrast, fixed interest-linked policy, for 

towels around the brow and , occ K ® -..j® income by buying single that the nice smooth bonus example. You may miss the 

access to an abacus for proper Eductions like expenses s£Id P re ™ um policies. record presented by the tradi- best of the boom that .W,ta. 

comprehension, sorting out the „i!r e ifc arf . t? tionz’ companies has been at least you wt«l not be pre- 

self-eraployed pension scHeme is S£l?if Sif'are on a ElUOtiOIlS achieved by dint of smoothing vented from retiring by the 

simplicity itself. All you need to “Jf 1 * mhi^vak wpi-p u' ■ * , „_ Q out performance — to the advan- wors? of tne bust. So .ts 

know u win, you can afford to “ •'"S; *«" * HaVm - goS 50 taf 7 " a M 

Retire gradually 
and gracefully with 

— - - pensionable 

ments of future years will all someone else. 

How you arrange your contri 
butions is. however, entirely up 

FlexiPension is a unique personal pension plan based on the successful 
Flexidowment Unit concept. It provides flexibility both of benefits and premium 
payment and offers advantages to those on high tax rates, plus a share in profits. 

Flexibility of benefits 

Maximum CASH (not taxable), plus 
PENSION or ALL PENSION can be taken 
in whole or part as required any time from 
age 60 to 75. HexiPension can be level 
throughout or increasing, or continuing to 
a widow for her lifetime. Pension payment 
can be yearly, half-yearly, quarterly or 
monthly, either ceasing on death or 


Cr.- ;g h'i. -' ?« h- '' 

; /T?.- s.- S. 

A - monthly, either ceasing on de 

tv-v " . v V; 4 £* '.j ' guaranteed for 5 or 10 years. 

' - Z*" m ■ ^ Af 60 tar-» it «awcr bul . _ 

s nainla in income K- ^ 


cashing FlexiPension 

Flexibility for maximum income tax relief 
Relief at the highest rates payable on 
net relevant earnings is available to all 
eligible. Select the number of units— one 
unit is £50 annual premium — minimum 
2 units, to secure maximum tax relief and 
benefits. Single premiums can also be paid 
for extra flexibility— minimum, associated 
with annual units, £1, otherwise £250. 

trj j ^ 

/ kj. . 

!\*.. njJffi S'" - 

Five years idler all 
unils ni-iv cd>h«l an>d 
ett Ivr a luxury uuijC 
to whole i mu: 

Now at 65 cash in 

_ _ . more units and start 

Mutual Urfice to cnioy retirement. 

All profits belong to the with profits 


FlexiPension premiums are invested 
in a fund which is not subject to income 
tax or capital gains tax. The Society's high 
bonus record extends over 150 years. 
Those eligible 

Self employed, partners, business or 
professional people. 

For further details please contact your 
Insurance Adviser. Local Branch of the 
Society or write to the Agency Manager. 


Head Office: 150 St Vincent Street, Glasgow G2 5NQ 


Duuons is. nowever, enureiy up ior traomonai or unu-unsea d£E „ en)US ! y ~ m^uiv on what propor- 

toyou. If you have a nice solid policies. It is a matter which can e .erou_.>. ever rou^ni . ot i wi sat p* p 

reliable income from your busi- evokes strong emotions in the Of coarse there is no reason non o* - ■ - 

ness, trade or profession, and normally sedate -world of the to devote the whole of your afford * . th f; 

the only question to be insurance brokers, so it is as contributions to the one or the nittoi i P<> | *^» -• it ,‘ thp 

answ'ered. year by year, is by well to sort out yonr own ideas other: in facr you will probably not vnu 

how much it is going to increase, on the subject before you go find that your broker recoro* smtur ’for 

then vou might ch<£se to spend and talk to anyone. mends a mixture of the two. should L^ ava?!- 

v 0 ur full allocation in buying The essential difference Richard Cockcroft, at Towry advice o.. tnc best avail 
annual premium policies, between the two is this. With Law. is probably typical jn sug- able. Qu:te prnoam>. 10 iau 
thereby committing yourself in the traditional policy— with or ges^iu that a man of 45, with he ws.l *.a«e approa*neB u. 
advance to a given level of pay- without-profitt-you know what moft of his family ^mm-tments Like .i.c assurance pohnn. seir* 
ments. and relieving yourself of you are going to get: .vou know out of me way. might veil split emploved^ pens^n bu '"^ ; 
the necessity of annual decis- the minimum, at ani' rate. With his annual premium ousiness sold 30 l oougnt. mis 

regrettable, because the tax 
advantages attached to them are 
so great m to make 
almost irrespective of the fund, 
managers' performance-— one 5# 
lhe best investment* there isJ 
However, it is the fund-' 
managers' performance tbartfief 
broker ought to be able to advise! 
you on. that and tends and rates.' 

Be suspicious of the broker 
who tries to get you to commit 
too high a proportion of your 
contributions to annual pre- 
mium policies. It may mean 
that he is after the connsisson. 
which comes in faster ng this 
type of policy. By the same 
token, however, he would not be 
doing bis job if he didn't try to, 
get you to go in for some form 
of firm commitment. After 4IU 
you're much more likely to keep' 
that up. You da need a specaiist 
life assurance broker to advise 
you on this investmem.^mf that 
probably means you wiJl need 
tn go to one of lhe bigger brok- 
ing firms. 

Do noi put the decision off fo 
the belief thal you will be able, 
to live off the proceeds of the 
business when you retire. U 
never works like. that. And,; 
however convinced you are J that 
you will be happy to carry on 
until you drop, remember that 
it will not do you any barm to 
have some money s?t aside. You 
don't, after all. have to take 
your pension under a self- 
employed scheme until you are 
75— jnd by then it. is a; least 
possible that you will Have, 
changed your mind . 

Adrienne Gleeson 

Traditional for Self-employed 

Advantages not always that 

readily recognised 

what they are, it is surprising 
that so many of the country’s 
2m self-employed do not seem 
to be clued up about pensions. 

There are still a very large 
number of. people in the market 
place who, if they realised the 
advantages, might well take out 
a traditional with-profits scheme. 

qualify for tax relief of 50 per 
cent of the basic rate while 
pension contributions qualify 
for relief in fulL 


The latest figures from the 
Life Office’s Association show 
that during 19// 209,000 new 
policies were written in this 
type of business. These brought 
the total to over lm and, inelud- 
ing those policies taken out in 
the interim, it seems safe fo 
assume that almost half those 
eligible have not exercised their 

A recent survey by the old 
Slater Walker Insurance com- 
pany. Providence Capitol Life, 
further demonstrated the 
degree of misunderstanding 
among small company directors 
and the successful self- 

Only 24 per cent of those 
interviewed considered pensions 
the most tax-effective form of 
investment — life assurance led 
the way here — although life 
assurance premiums only 

Meanwhile, only II per cent 
of the sample felt pensions are 
the most secure form of saving 
— a response which does not 
seem to discount the significant 
guarantees provided by most 
traditional policies. 

Security is in fact one of the 
hallmarks of a traditional with- 
profits policy. The potential 
benefits of a unit-linked scheme 
may well be greater, but if the 
market goes through the floor 
the individual alone will largely 
be left to pick up the pieces. 

Around 50 life offices cur- 
rently offer a with-profits policy 
for the self-employed— the 
choice is therefore wide but the 
individual complexities consid- 

There are two basic tradi- 
tional pension concepts, both 
nf which are available from a 
large number of offices. 

The most common is the de- 
ferred annuity policy. This pro- 
rides a guaranteed basic annual 
pension f Le., the annuity) which 
is quoted by the insurance com- 
pany. This figure will probably 
seem low, but it is immutable, 
and, come what may. will he 

paid every year after retire- 

On top of this, policyholders 
qualify for two increments — the 
reversionary and the vesting 
bonus. A reversionary bonus is 
declared oa a regular basis, 
every one, two or three years, 
for example — and reflects the 
company's past investment suc- 

The bonuses accumulate 
throughout the ter mof the pen- 
sion and are added to the basic 
annuity. Finally a vesting bonus 
(a lump sum payable when the 
pension starts makes up the 
difference between current 
annuity rates and those prevail- 
ing at the time the policy was 
taken out. 

going rates. working out new quotation* 

Using National Provident based on cash accumulation 
Institute’s (NPI) rates to which wti be available shortly, 
demonstrate the deferred One of the simplest, though 
annuity concept, a male aged 40 surprisingly most recently 
next birthday who pays an developed cash accumulation 
annual premium of £2,000 is schemes, is linked to the build- 
guaranteed £2^370 basic pension ing society borrowing . retfc 
after retirement at 65. currently 10 per cent 

On top of this, reversionary Phoenix Assurance Is one of 
bonuses of £10,187 are added to the leaders In this field, 
the basic annuity plus a further Although there is no guano- 
£4.570 vesting bonus making a teed basic annuity, interest is 
total pension of £17.627. The credited to a policyholder’s 
current reversionary bonus is account and rolled over each 
£6 per cent per annum while month at least in line with the 
the quoted vesting rate is 35 per current building society mott: 
cent of the accumulated rever- gage rate. In a period of high 
sionary bonuses. interest rates this can be 

NPL incidentally, is currently extremely attractive. 



The second concept is the 
cash accumulation pension. This 
is gradually becoming more 
popular with insurance cum 
panifl* because uf its greater 

The basic annuity is some 
times guaranteed, but interest 
on the premiums is rolled up 
and at retirement the policy 
holder receives a lump sum 
part of which can be taken tax 
free in cash while the rest is 
applied to buy an annuity at tho 

Mrs Castle’s new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees, 
the answer is no. 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should 
die before retirement-important points when 
you look at the escalating cost of living. 

■ The solution to vour problems could be 
MGM’s ‘Design for Retirement: 

MGM'S plan enables you to build on the 
foundations of the state scheme-or your own 
private scheme-and create a tax-efficient package 
of fringe benefits for you and your employees. 

‘Design for Retirement* is simple to run- 

For further information contact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 


Established 1852 

Marine and General Mutual Lif e Assurance Society 

To: MC5M Assurance, Freepost, Worthing, W es t Sussex, BNli 3BR1 
(No stamp is needed) * 

Please send me. fimlur details of your Design for Retirement Pension Kan. 

because MGM does all the paperwork-and is so 
flexible it can be tailored to suit your own specific 

Why notfind outmore-youTt be gladyoji did. 


Company Name. 



L ^ 




worth reading. 

If you are self-employed, a controlling 
cnrectoi; or an employee with no pension rights* 
it could give you the answer on how to provide 
a substantial retirement income with a degree 
of flexibility geared to your precise requirements; 


“ •— — — «— — — < — « 


* • Established 1899 • 


| Please send me a copy. of “Persona! Pensions" a 
| Name . ; , •' ; .:v • ; • 

■ Adrirefla - - ‘ - - . • ■ / - = • 



I .J 

1 J 



^ - .-..TJ' : ... 0 H^m^bftheBowrmg GrtM/jf. c. 




r Septerftber"28 '1978 


Unit-linked for the Self-employed 


among brokers 

F YOU are engaged in run- opponents before we consider shuuld never put your money than that of the conventional of the fund management will 

ing a successful business of how to secure their advantages, 
aur own, the chances are that 
nu are having so much fun that 

vincial brokers Jflartin Hale 
“We've never sold a unit-linked 
policy.” he .-.ays. “They’re (no 
dangerous if you're saving fur 
.retirement because thp value 

tc thought of retirement has 
■*ver even occurred to you. But 
will — sooner or later. Should 
occur sooner rather than 
-iter, you might get some fun 
it of making provision for it fluctuates s„ much/ You might 
' ,0 - T* ,e provision that you haV|? wait five vears f 0r the 
--lake through contributions to value of your units to recover— 
self-employed pension scheme and vtm didn't retire Jn the 

■ " 0in 3 l ° S TQVl p™? tt y rapidly nieantinic." The only circuin- 
- ryway, thanks to the tax ad- stances under which he would 
mtages such schemes enjoy, ^ider reenmmeodine them. 

into unit-linked pensions if the policy: and there is nut (as for one thing, undoubtedly vary 

Take* Barry Squires, the life datc at width you plan to retire there is with both with and — on average that policy ought 

and pensions partner of the pro- is important— and most of our withoui-prolit endowment poll- to leave them slightly better off 

clients have a very clear idea etes) any form of underlying than they would have been in 

of when they plan to give op the guarantee. On the other hand, a conventional policy (because 

business. What would you du however, you do not have to pay there is nf * guarantee to he 

if you were in a linked scheme for that underlying guarantee, paid for)- However, if you are 

and the date of your retirement The value nf your investment ar going to put a parr of your 

coincided with a period like the top of the market 15 not pension savings into unit-linked 


“ It’s all very well saying that 
you could put the dale back; 
hut supposing you couldn't? 

ut if you chnnse a unit-linked 
. -heme and run it well, then 
jur money will increase more 
ipidly still. 

Of course there is a catch, 
he operative words are “run 
well” and there are plenty 
7 brokers around who will 
tear that those who put their 
oney into unit-linked pension 
hemes never bother to run 
iem at all. A unit-linked 
heme iH-run — or not run at all 
' -can be a disastrously bad in- 
■stment. So maybe we ought to 
iten to one or two of their 

he says, is if a client already 
has large amounts going into 
conventional policies, “limn 1 
might suggest that an extra 
£2lM)-i.'30fl a year should go into 


going to he diminished by funds, then switching it 
internal decisions 10 put a little between the more specialised 
by Tor leaner times. vehicles ought to produce 

If above ail you want to he rar ^er betler result. 

You might be ill: anything cp riajn that your investment is Essentially you are iikeiy to 
might happen. And it’s ail very safe - the unit-linked self- be offered up to five funds 1mm 
well 10 sav that vou can switch employed pension policy is not which ■ to choose — equity 
from one r’und tn ‘another— from f °r you— no matter how modest (wholly invested in shares); 
equity to fixed interest or cash. ^ swim® in the value of the fired interest (wholly invested 
But who’s going in tell the underlying investment nr how in fixed interest securities): 
client what switches to make? wid * the spread of investments property: managed (some com- 
Ir's no part of nur responsi- wb,t -'h the fund's managers have bmation of the three preced 
hijitv to advise on his invest- chosen. If we take that as a 
ments." starting point the obvious ques- 

His attitude is really quite 
mnderale in comparison with 
the vigour with which Simon 



V N 

Assuming a mortgage rate of 
per cent and the repayment 
premiums mth interest in 
e event of death before 
tirement, a man of 45 paying 
premium of £50i) per annum 
n expect a lump sum of 
;5,160 at 65. Assuming he 
ies not exercise his right to a 

tion is just how important 
So say the opponents of unit- safety should be to you. 
linked retirement schemes. And ' ’ . 

indeed there is a certain amount . P ie ^ earer >'°u come to the 
Ball of Willis Fa her opposes the of sense in their, approach. The “ ate 9* your retirement, the 
whole idea. " There's too much value of any unit-linked invest- I f 10 J e important it becomes. The 
wishful thinking over unit- meru is inevitably going to hnkert-ure office* themselves 
linked business,’" he says. “You fluctuate much more sharply acce P l *bat this is a reasonable 

approach, which is why we have 
people like Paul Woolhouse at 
Lloyd's Life saying that anyone 
within a decade oE the date at 
which he anticipates retiring 
should consider switching out of 
the more volatile funds, at a 
favourable opportunity', and 
putting the money into a fund 
like fixed interest or cash, 
where the risks are rather 

the top rate) and the life com- then mature on different dates. Should you then happen to be 
pany’s pension fund (the This is particularly suitable for within a decade of retirement 

ingi: and cash (this is the 
safest variety of fund, and 
really designed for those final 
few months when you really do 
not want tn pm any 0 f vour 
gains at risk). As a general 
rule equities and property will 
provide the better hedge 
against inflation over the 
longer term, which is what 
ought to be worrying you if you 
are planning to continue your 
contributions over two or three 
decades. However, the tax struc- 
ture of self-employed pension 
funds is such that a fixed 
interest fund — particularly if 
interest rates are relatively 
high at the start of the period 
— could turn out to be a better 

invested premiums) is also anyone whose earnings will 
virtually all free of taxes, decrease relatively slowly rather 
including capital gains tax. than suddenly come to a halt 
Wht*n a policyholder reaches ,\t the end of the day it is a 
retirement the option (with company’s investment perfiirra- 
Inland Revenue blessing) !o ance which dictates the size of 
take a tax-free lump sum as A policyholder’s pension.. The 

and in process of waking up to 
the unpalatable fact that you 


The great objection to the 

have not done anything about private individual endeavouring 

a lit _ , . . - r . “ “ JJ'niv.ViilViUUl 51 11 

asthe pension IS also avail- hafiU . suarantee is certainly 

r-i i 

w u 

annuity of £3.717 per able. The maximum permitted 
Applying the same con- is three times the amount of 
the annual pension produced 
by the remainder of a cash 
accumulation type account, 

A 65-yoar-oJd male, for hk- 
am pie, ? who -has pajd adi 

ly an 

lions but assuming a 

ortgage rate of 11 per cent the 
ral pension account is £31,585 
d the annuity £4,668. 
Comparative studies are 

night with difficulties because 

suurce of coinfort' but it is 
usually well below the total 
annuiiy ultimately paid out. 

Companies are generally 
reluctant to reveal their invest- 
ment spread, hiding behind the. 
'shTelrt "of^a large 'fund wkii-h 

it. do not rush to put your per- 
mitted contributions into an 
equity or property-linked fund 
in the belief that with a little 
luck it will enable you to make 
up for the years of neglect. Like 
putting a bet on the horses 
when you desperately need a 
win. it will all but certainly 
turn out to be a loser. 

No, the time at which you 
shoaldi consider, putting your 

ight with difficulties because premiums of £1.000 for 25 years tWflfmes both the r pensions nvoney into some form of unit 
the enormo^ discrepancies t0 Sun Alliance can fat; present M *SSn« “JLn™ ««*ed .scheme is when retire- 


itween schemes. Future pro- 
_cuons are obviously part 
iies^work but past performance 
reasonable guide. 
“•According In a survey in the 
agazine Planned Savings 
“aich looked at 22 deferred 
7 nuity schemes from 22 offices, 
..e best performer 
.•year period was 

A male aged 65 who had paid 
1 annual £500 premium since 
- 58 received an 

rates! take a lump sum of 

A high proportion of assets, nao ?' e 

distant cloud on the 

£39,804 and a reduced pension ho ^ever\i s generaIlv in rili to diSita 

taken). These figure* assume 
premiums repaid with 5 per 
cent interest in the went or 
death before retirement. 

Equitable ShOPPlDg 

One of the most recent de- 
velopments in the self- 
employed pensions field — 

commitments. For example, 
NPI's £S42m.fnnd (pensions and 
life, assurance.) is 49 per cent in 
giTts and fixed interest, 12 per 
cenr in property and 39. per cent 
in equities. 

The equities nnd 



way you can afford to sit 
out the inevitable ups and 
downs with a certain amount 
of sang Jroid. . It will- un- 
doubtedly help you to keep 
cool, too, if you split your con- 
tributions, putting at least a 
nrnnorrv P 3 ** of t},em iT,t ° conventional 
i- _i„ Jr policies so that you can be 

sw^r.-sa; ® 

adjusted though still under consideration t,v t' Policyholder. For instance. 

lie nfhf-p fll t jj jj ev<?nue — ^ ,fi e chopping 3 hl Sh guaranteed annuity J™ 31 forr " of unit-linked 
ontion ThiriSu mean Thai "iw"s (because this lias to be P choose u partly a 
TZ day Of testing policy- ra.tcbed by flxed interest invest. m»Ut o 

Slay 1 this year. On its own 

justed basis, according tn 1UJ ulc ua , U1 _ ... 

aimed Savings, the best office fi n irt ers w {u b e able ° to take ments) there is not always Ume » atId P artJ y a matter of 
id out SO per cent more than lheir accumulated pension scope for a company to earn own temperament. It has 
: worst— which, if nothing acccHint t( , jhe highest bidder. healthy bonuses. io be said that most people 

Life company funds are get- * l1005e to P l, t their money into 

to build up capital through 
investing in some form nf fixed 
interest deposit— a budding 
society account, for instance — 
and reinvesting the income, is 
that that income is going to be 
taxed. AH the income accruing 
to a self-employed pension 
fund, however, rolls up entirely 
free of tax. If you happen to 
make your investment (by way 
of a single premium policy, say) 
at a moment when interest 
rates are high, the cumulative 
effect of that tax-free roll-up 
can be dramatic. 

On the shorter run the tactics 
to be adopted are exactly the 
same as those applying to invest- 
ment in general: notably that 
it is a good idea to switch into 
the fixed interest fund if it 
appears that interest rates are 
too high tn be sustained over 
anything but the short term, 
a good idea to 
switch out 0 / the equity fund 
■(preferably into cash) if you 
think that the stock market is 
about tn take a drubbing. It 
is possible, of course, that you 
don't feel capable of making 
those decisions anyway, in which 
case the managed fund is the 
answer. But even if you 

a m0 

iv 7 - 


"■■IffirV -• 


during this period) but theif- customers 95 per cent 0 / the best 
proach fb death before retire- annuity rates among 20 of its 
lent is by no means the same, top rivals. Most companies are 
}\ll will return the - premiums waiting for a Revenue nilih 
t the; additional compound but many have publiely stated 
crest rate ranges from their intention to provide 
ItfB 1 to more than 6 per cent, option facilities, 
rly, these differences will The shopping option is cur- 
i( reflected m the value -of the rently permitted for company 
jimate pension. • pension schemes where trustees 

"urthcr variables Include the" ensure that the accumulated cash 
mber of premiums required is used to- buy an annuity. The 
a long-term contract and the possibility of individuals run 
quency of payment after nin? away with large tax-free 
iting bv the insurance com- lump sums is thought lo be one 
iy. ' of the Revenue's main worries 

t should also be noted that . Another problem is how 
•re are limits to the amount traditional deferred schemes 

which assume an in-house 
annuity will fit into the picture. 

Another development which 
some self-employed may wish lo 
consider is the gradual retire 
ment plan. In this field Scottish 
Amicable's FlenpeDsion has 
been one of the most successful. 
Each £50 nf premium effectively 
buys separate policies, which all 

down of the smaller portfolio. n ?r ne ?. t * lere indefinately. 

'T* 1 a11 things being equal— ana 

I HU UlCKSOTI they will not be. The quality 


JvuJj U 


Make sure the 
pension plan you need 
is the pension plan 
you get. 

London Life% comprehensive range of schemes and 
personal advice can helpynu make the right decision. 

For 60 years, tjie London Life Avocialion has Which is right for you? Only a full knowledge flf 

been offering companies and individuals some of lhe your aims and needs can provide the answer, and 

most competitive pension arrangement available. London Life would be pleased lo advise you — 

And since it has not escaped our notice that needs either directly, or by dealing with your professional 
vary widely, we've devised a range of schemes that advisers. ... 

varies widely as well — to cater for every eventuality. The right decision is important: the right move is 

For example: lhe coupon for further details todav. 

1 . Managed Funds F * ™ ™ ™ ™ ™ ** * ** 

A medium of investment for funds of sdf- | Tn . THE LONDON LIFE ASSOCIATION’ LTD-, B 

aaimmstered pension schemes. Actuarial a no legal - Umdon EC-tB 4LLi«w .;o-.p miunuii ■ 

advice and full administrative service available. ■ , , .. H 

■ Flra^e :^nd mt> rleiaitr- « London Lire s range ol ■ 

2. Controlled Funding ■ penaonsebunej. ■ 

Suitable for the larger pension schemes to provide ■ ■ 

personal pension, widows pension and death in ■ | 

service benefits. h Company g 

3. VXP. Schemes ^ Addiew g 

Specially designed lo provide a full ranee of benefits v H 

ior the controlling director/senior executive and tor ■ * ® 

smaller schemes, benefits integrated with | B 

those of the new earnings -related Slate scheme. ■ gf 

Operates on an itemised costing basis. _ Telephone ^ 

4. Cash Plans ^ ( ...» e B U vou preln. lei 01 -b26 05(1 *1 fen Jwmv Gwnfttvii. H 

Living on top lump sum benefit schemes for ■ 

groups of employees (of any size) already I _____ m„ m ,- j. H 

contracted into die new Stale scheme. | ( 

A highly sophisticated medium of investment for | S 

additional voluntary contributions to provide a m ■ 

lump sum on retirement or at earlier death. ® a * m „ 

, 7 . 1 London Life 1 

6. Disability Assurance ■ Over 170 veare cf Service and Security ■ 

Oroup schemes lor sick ness or injurv benefits to rep lace ■ “ 

loss of earnings and complement pension provision. (i ■■iKBiHHa ■ ■ Bl ■ n On 


. Whether you’re self-employed 
or eligible for our Directors and 
Executives Pension Scheme., 

City of Westminster Assurance 
can give you an outstandingly 
flexible pension plan backed by 
a highly successful investment 

When choosing a pension plan, 
it is vitally important that you should ' 
know what your options are. All 100 
many schemes lail to cater adequately 
for the individual requirements of a 
particular person. 

City of Westminster Assurance, 
however, has based both its Self- 

Employed and Directors Pension 
Plans on the premise that the 
individual comes first Freedom of 
choice is a key factor in both these 
contracts, allowing investors real 
flexibility about the way they invest 
and subsequently draw their benefits. 

Ask your broker for details of 
whicheverplan is appropriate foryou. 
And bear in mind that City of 
Westminster has an excellent long- 
term investment record backed up 
by a special reputation for original 
thinking in the held of pensions and 
life assurance. 

individual van spend on 
•viding for his retirement 
■>t egg. For mosr self- 
ployed the ceiling is £3,000 
15 per cent of net relevant 
nings blit anyone born 
ore 1916 is entitled lo more, 
"be tax advantages arc 
icroirs. Premiums are cum- 
tety exempt from tax (even 

•n , 

y- „■ > * 

Pensioneer Trustees 
small self administered 
pension ‘In House * Funds. ■ 

- TELEPHONE 0533 5*7545 . . ■ 

TELEPHONE 060S 4U283 •• 

Semn- House. ?6! Street, fjindon EC3A2BI. 

Why a company director - tided u 
directing traffic 

Like many, he went for years thinking only about today, 
and never tomorrow. 

Then it came. Retirement Along with the discovery that at today’s 
costs of living, his savings were most assuredly not going to last 
as long as he was. ■ 

You can guess the rest, but with Sun Life Assurance’s help the 
ending could have been different. 

Using our: 

Personal Pension Plan for self-employed 

Pension Builder for directors or executives. 

Or our Lifetime Directors Polic y for persons appointed lifetime . 
directors of their companies with no particular retirement date. 

Personal contributions are usually allowed as deductions 
in full from earned income for tax purposes, giving relief at your 
highest rate of tax on earned income. and contributions 
payable by your company under cither of the directors 
plans also q ualiiy for company lax relief, 
j Further, all contributions arc put into the Sun Life 
/ \ t Pension Business Fund, which is also free from tax on 
t iJ investment income and capital gains. This is a real 

advantage over other forms of investment, and coupled 
with Sun Life security provides a sale as well as above 
average return. 

When retirement time does come. you can elect to 
take part of your benefits as a substantial cash lump sum, 
completely free of tax. 

Sun Life is one of Britain's oldest and biggest life 
assurance companies, with over £700,000,000 total assets. 

' Find out more from your insuran ce broker, your local 
Sun Life office (look for the big sun), or write for our free 
.brochure “Three Ways to a Secure Future!’ 

4 SUN 

V &- 1 IFF 


Sun Life-Assurance Society Lld..lU7 Clicapside. London hC2V &DU. 

Come into the Sun for life 



inahcial Times Thursday September 28: 

rhe dangers of 



My learned friends the computers 

a-fi CC'f! 



:j* OAKLINGS, do look at ;&e 
f *ery iceberg; " One can readily 
j.^agine some such remark from 

;e oi the lady passengers un the 
i itanic: hut one cannot so easily 
.■•'ns^ne her saying it a second 
■| u;g if she had survived to make 

V anther crossing. Our Finance 

jtusters. on ihe other hand. 

* ! 'em to have shorter memories: 
else .they are still unaware 

V f what it was they collectively 
;ii five years ago. Not an oil 

., mfcer, but an iceberg. In convoy. 


! i_ la other words, the simple- 
" liinried ceiebra'.inn of whal is 
• [ailed ‘‘ cocvergeacc *' reported 
• roni the IMF meeiin^ in 
i^iVashingtun iv more than 3 littie 
.. :»•; orbing. I; s'JCg°sl? that the 
. -.'OF n collectively' returning to 
n»i mental habit* — ’.he nabl! 
•if thinking that the balance of 
; 1 I'aymeni- prnhlem is the central 
1 *ne it ha* to -a re* tie with. The 
. ruth i> the exact opposite: the 
MF was *ei. up by its founders 
r, prevent .surpiusc* and rfefii-i 1 ' 
rom iir-ing a prnhlem. because 
he founders wore wise ennuek to 
i :nn«r that these imbalances are 
id! a problem but 2 solution. The 
problem that i* avoided is me 
:ery one whoso return ’he 
issemhiod Ministers are now 
relehra'.ing 'lydicai eor<- 
■'ergence is the problem, and :f 
:hc cycles that converge are 
strong enough it can be very near 
f a ; a i 

The arz.-nient is so simple that 
It should hardly need statins — 
which ■« perhan* why it has been 
fii-go’-ien. Imagine an economy 
which, 'hro'ish over-enthusiastic 
r-ianaccmcni or a simple excess 
of anirna! sprits, sets into 2 
boom in which demand rises 
faster 1 Finn sipniy can respond 
It :e after a!! a pretty frequent 
occurrence, even in this sluggish 
country If •« i* a cin«cd >:co- 
TtoRiy. the result will simply he 

infla'jnnsry: ( v ,J . if goods a~ a 
avaiiah’e from oversea*, and 
import finance is also available, 
then demand can be satisfied 
■;n’ii t’s growth is checked 
qj; ? e natural!;. h> over-extended 

E-i-jjI:v. a country in reces- 
sion. if ii i» 3 closed economy, 
will spin downward*, failing a 
dn<e of *ucce->si , :’.i Keynesian 
tjiinageme.u if another 1 - 0:1 n try 
oner? a n'.rr.tng market, hov.- 
t—er. ~ r ori-.! simnly he 
diverged from she home ’o the 
exoor? market until confidence 
and demand revive. Tnr anility 
to finance these *v. ing? is a major 
stabilising force in the world: 
that i? v. by rhe IMF '<■*> estab- 
lished to finance them 

Of cnur*y. ;hs? is much 
ea-ter ’o «ei out in theory than 
*>• run in practice, like every 
other *y.'tc:n »»f ecunotmc man- 
aaeroent The difficulty ;s to 
distinguish ueiween cycMcal 
swings jp -he balance of pay- 
ments which ought to be 
financed for ihe general good, 
and what the Articles call 
*• fundamental disenuiiibrium." 

If “Aere were ao movements of 
private capital in the world, 
there would be no great problem- 
a country would be in disequili- 
brium tf K , . a nd«i rn be in dpficii 
even ;□ recessions, or in surplus 
even ir. bnc-ms. 

However, capital sets on 
the move, the definitions get 
blurred. If a strung economy 
claims :ha: it needs a surplus to 
finance its capital exports, a 
weaker courury will accuse it of 
economic imperialism. ]f a 
resene currency country claims 
that its deficit js a public servicp 
needed :o finance trade, other? 
wiil accuse it Of financing im- 
perialism with borrowed funds. 
The v;bolc_ question, in short, 
set* mure :hari a ‘ittle fraught. 

If von lake further 2LVOuni of 
rhe fat-: :-ia: only countries, 
whu-j; are jiif-r- of reserve- ever 
need go M the IMF for help, 
you can see why the pr active nf 
rh“ IPSO* df i l&fifis became mjre 
and more unlike ihe benevolent 
‘.henry, in rhe end the IMF hau 
-1 far forgni ien it? hast.- 
or.nciples its annua! report* 

spol e of toe " problem of 
c;- .■iicai d.vcr^cnce." s::rp',y 
because by is time it tended Lo 
worry a sou: .*ny deficit aay*:;<.re 
from any cau*?. 

For a Jei«.de or so. then. 
official* of the IMF jumped h.rd 
on a ay wear economy which :«ad 
the :ntnert : r ••nee to ge; into an 
upswing step. By :he early 

1970: T.i-y '-.^d managed ! o r-r> 
vpF* me very kind r-f »ti.i» 
w m ! . h rhe..- a ett v 1 tie# w A re 
mean- ;o preveir : a fully 
eo-ur.-i'.nate'i worldwide t«voiTi. 
The wnr.'d. * ■ Dr. Fr:i? .Ifachlun 

o,t? pornicd nij;, ;? a dosed 
econo m;-. an-1 the result vra.* pre- 
dfrfabie. s o nridwide demand 
:ntl^>. ■••i; lowed by a world- 
wide iiunir. 

laneous progress of the inivr- Italian -y^em which wJi! oe 
narinnalisation of business revealed later. 

■ makes it necessary to know number ot legai infor- 

today's niles nf more countries m ation retrieval systems 
Ilian one's own. The only 0 p^ ra te ;n Europe as public, 
defence against this consequence p riva jp or mixed venture# but 
‘.if the industrialisation and nne should not jump i-i 'he 
internationalisation o£ our lives conclusion that cnniputors 
?eems to be also to industrialise ^ ave already taken over in the 
and internationalise the PJ nV1 ’ g e id or legal documentation, 
sinn of legal in formal ion. How . Electronic systems are still 
With the help of a thinking on jy a id t0 conventional 

machine: several computensea research and one can ex- 

systems of legal information pecl jhat. because of human 
in Europe todav, but linne ; n . tiaI i ve i n t h e ro i e c p 

i: has 



BY A. H. HERMANN. Legal Correspondent 

enquiries ~ £ ,: “ ; n ..ration, shi-n? are- ^ 

soo sutecT , !«^ . - f j e IoT FriWh ier:) ss ]nye7t 

monthly plus j 1 VIt h ; n orsvate praenre « employed- 

each rnmuue oiM2i svs t e m is bv rompanie*.' TbclmsteKd 
tee eompu.-r “ ■ tive 0 £ GEifON system i»eria irse-j ;n- 
operated by a p : nfnrm:iGon reiydircd w 

German accountant.'-- 

There are iiw 6>W 

information 'required i-nr 

naianus puWlc Curbs set 35 

r* argil -ypey. - 
ot The- Italian'- 
jmd . :«f Un'mtc;. 
: makcii can* - 
rest number «t. 
ice 1973 it' haf 
annually some 
from between' . 

estimated lm legal documents an auimnai u reiri.^ei ^ urcha5inrT and m aiinj coils direct use by subscribers is at all. the van:*.* 01 •• -i r at.or?. 

r4’' ,, ‘^ oid ^ 4 ^ 5 S jss i^ r ; 

ssr^re 0 :^* % ra 

cent. The Community account' must do the searches fi. ..nt- ‘ : ^ ern: j rj . There is. of course,. uses CAMERA for regto 

for 3.S per cunt. Belgium for Most of the systems now in specialists — ***** A — 

Vaigly Great best for Diadem 

Oi! prices 

i-TV 'u:S *i. i • 

f indicates programme in 
black and white 

BBC 1 

3.411-7 55 am Open Vni’-er-ity 
tl'lira High Frequency onlyi. 9.41 
For School*. Colleges. 12.35 pm 
On the Move. 12.45 New*. I 00 
Pebble Mill. 1 45 Mi iter Men. 
You and Me. 2 14 For Schools. 

Vnforiun.vely there was one 
tv.:«t :n the plot which may iu\e 
misled the Finance Mintslur# 
OPEC decided to take aduni^ge 
of a worldwide noom in rjise 
oil nr:ee# — fir*: in small 
and then, after they had in; 
away with an embargo, in a veri- 
large one. >■>"!** ohse.wer* con- 
cluded sha: i»?SC caused ail Ihe 
trouble — e- *?.-.. ?'Tb/p#. tne va*; 
rse -n tr.sner?! and fn.ia price? 
The fac: :*. ->f course, ’ha* v.v 
would .ViV(- -j.-fered :nfia*ion ani 
siumc :: OPEC had never re>:n. 
o.-gi.iised. T.ic s-nry w«iuld not 
have been quite so drama: ic. ?;.;it 
ms mor\ would have been more 

A* u is. the Minister# are ’^lk- 
:ne as if :.iey had learned noth- 
ing Fort ur.<- tel v they ire not 
only v.rohi their reasoning, 
but wrong acmut the fact?-, the 
world s ev'inomie* are not von- 
verging, but s'mply passing in 
nppo*::e direct um«. i". :< a r»:i 
rr;g;-.;er.:n?. rhough. u> liiink that 
r.ur saivati.-.n lies only ,n i!:e fac: 
that ministers don't know -.ha: 
is come on. Someone might tell 

College*. 3.53 Reg’nn.-»l New? -‘or 
Engld-.d t except Lmtiom ".35 
Plnv School. 42u Help: It's :be 
Hair Bear Bunch. 4.40 R?nia- 
gnn*» 5.05 .lohn G* , a\en's News- 
.-onrd. S 10 Blue Peter. 

5 in News 

5 55 Nationwide 

6.20 Nationwide 

6 55 Tomorrow ■« World 

7.20 Top of the Pop* 

8 00 The Gond Life 

s 30 Mastermind 

9 .no New * 

*25 >lo«i M’anted 
10.15 Holiday on Ice 


ALTUOLY.IH THE ground i* 
nffiriaily forecast a# firm, there 
13* "noen watering nn the slTaigh: 
i:;ur?e at Ascot and a go-id 
covering of crass there surge#.'* 
•lut few runners will be incon- 
venienced h> the going. 

A numcier of interesting 
enTne* Itjve been attracted and 
‘.he Diadem Stakes and lite 
Hoover FiJUe* Mile will b.j\h 
pave good field'. 

There i* no escaping the cluiRU 
of Vaigly Great in the Group 



Three Diadem Stakes over >;x 
iiirlonc*. Lasi tune out Michael 
S‘.:iu:e\s vastly improved three- 
yvar-rld made hacks of his 
iipponenis in liie normally coir.- Burmah-Ca#liol Ayr 
Gold Cup. 

ft ts difficult fn see him failin' 
in follow up that win. even .■fit 
Irelands ic-adinp sprint fitly. 
Sweet Mint, in opposition. 

Sweet Mini. «h« held on 
gamely to beat Double Form by 
^alf-a-ieogth in thr Cork and 
Orrery Stakes at Royal A.- cot :n 
Jung, bas been running veil all 

She probably put up her hesi 
performance when finishing Ie«s 
than two lengths behind Welsh 

11.05 Tonight 

II 45 Weather Regional »\v* 

Alt Regions as BBC-1 c-xcept at 
the fnilov. ing limes:— 

Wales— 2.14-2 34 ptn 1 Ysgobon. 
Hunt ,4c Ym.w: Sain ( 2*. 553-fiL20 
Wales Today. 6.55-7.20 Heddiv. 
11.45 M'eatherman. 11.16 Welsh 
Snooker Cun Tournament (final 
framer 1156 News and Weather 
for Woles. 

Scotland— 9.41-10.01 and 11 30- 
11.50 am For Schools. 555-6 20 
pm Reporting Scotland. 11-45 
News and Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Treland News 5.55-6 20 
Scone Around Six. 11.45 Weather- 
man 11.46 -lack High. 12.16 am 
New* anti Weather for Northern 

England — 555124 pm Look 
East (Norwich: Look North 
f Leeds. Manchester. New castle t: 
Midhnds Today (Birmingham): 
Point# Vest (Bristol): Sou-’h 
Tod nv (Southampton): Spotlight 
South West t Plymouth). 

. BBC 2 

6 40-7 .55 am Open Unirerslrc 
llDOPbv School (as BBC-1 

3.55 pm) 

2.15 Dtn Raring from Ascot 
4 55 Onen University 

7.00 N«*v/« on 2 Headline# 

7 05 The British Connection? 

7.30 New s on 2 

7.35 Exnert Opinion 

3.00 When The Rnat Come* fn 
850 ^nne Shasbv and Richard 

McMahon « piano-) 
jlt.00 Films of the 40s- " I See A 
Dark Strainger." starring 
Trevor Howard and 
Deborah Kerr 
*0.50 Laic News on 2 
it 03 Roots. Rock. Reggae 
12.00 Closedown treading) 

Captain, to whom she va« con- 
ceding a stone, in the Currish's 
Sean Graham sprint. 

Partnered by Lester Pigg^ft. 
who ride# the •.•curse better thar. 
«nyone. #he should provide the 
chsef ihrpat to the Newmarket 

ir. the Hoover Mile. Brother 
Group 3 event. 1 find it difficjilt 
tc choo>e berween the jvorre?- 
-i-ve Formulate and Jeremy 
Tree’s light iy-raced Eliy. Scintil- 

Formulate, a half-sister by 
Reform to High Season, c 
■.»:)!* a strong i-hahenge *o t:-ke 
no the running in*ide the final 
furinng when lifting a six-furior.g 
maiden event at Xottinjhurr. 

He followed up in simo-t 
eo u ally impressive style when 
o*diing 11 opponents head?: by 
Kmi^-j's Pet m Good* wd's 
r:ch!:.-end , '*'.'eu Waterford 

Candelabra Stakes 

Scintillate, one of the be**, 
juvenile* in training i by 
Sparkler nut nf Set F-ee — 
already re-rponsihlc for Ju .eVe 
Marry and Jnl'.o Mariner-, has 
shown promise on boin her 
appearance*. She could ‘"e*: 
hurry Formula!?. :*m:n whom she 
receive* eight pounds, without 
perna?> being qu:‘? i!’.K»d ?i»ough 
to end hi* winning sequence. 

In the other two-ye^r-oid ra:e 
on thi* jackpol-iUi-'Pjrted card, 
the Ciarcncy Hott-e Stake?. I 
shall be disappointed if the win- 
ner is not cither Yan'y Great'* 

Thames as 6 

The Six Million D<*”ar Man 
George and Mildred 
TV Eve 
The Sweeney 
New s 

"You Lie So Deep My 
Love." starring Don Gallo- 
w ay 

What the Paper* Say 
am Close - The landscape of 
Finland with music by Jean 

IBA Regions as London 
at the following times:— 




1-25 pm A ns In r>m*. C.SO w>«m>-r Onlr 
4.X L jSSir 4.45 TtM- rf.nlftunos 5J5 
Ummordal: F-irm 6J» Atom Anflb. 
5.30 Arena. 10 JO The Cu/iniQ Wall?. 
U.OO T\‘ )lmu; "1: Cuuldni Hapot-n 
To A Xh.t flur.** 13 am The UviES 


120 pm \TV Xmrsd--*? 3-S5 The ATI’ 
Thursday Pu-iuri- Shov 6.00 V7V Today. 

7.00 Emm.Trfjk- Farm 7.30 England 
Th-ir England 10JO Hard, iu-.w Today. 

11.00 Movie Preonw. • Th> Gun.” 


*1J0 pm Bonier Kw* 4J0 Thursday 
Fdm. " IliuMcboRT Finn • 6JW l/»k- 
around Tmrsdar 7.00 Enmrrdale Farm 
7 JO Fath'T Dvar Father. 10.30 Jaz* 
Cnai'jrt Si in Traco Orw-i*». 114» 
Chonpor Squad. 1135 Border News 


1J* pm Thannol Um^humo N.n« and 
Wtoi’s on Where, a JO The l.inic Bouse 
an the Pra/rw 5.15 dumnn. 6.00 Channel 
New-* 6.10 Lassie 7.00 G-.-onte »nd 
Mildred. 7 JO TK- lnen-d:hi.- Hulk-. 10.2a 
Chann.-i l.a«e Xesi. lflj? The Andy 
WilUam* shoir. 11.00 W.v. ie Premiere: 
■■ Pray l«.r the Witdvai* 13.35 am Sort 
and Hviihi-r tn French. 

stable companion. Bahamas 
Foster, or Marble Bay. 

Marble Bay. a 57.000 gui=eas 
yearling by Wojver Hollow out 
of Bolting’ talretdy responsible 
for Turnkey), has proved a d:s- 
anphir.tmer.r in maiden events 
at Yarmouth 2nd Doncaster. 

However, he is highly rated 
bv Henry Cecil, who ha? a hand- 
ful of ‘leading juvenile* "'-tt 
whom to compare him. It may h? 
that he will succeed on this 

Bananas Foster, thought to be 
Stnute's quickest juvenile after 
the brilliantly speedy 

Sehwenoeshire Lacf. went down | 
through lack of evpen snee in s 
modest event at Yarmouth a few 
day s 2?o. 

Sure to be aV. the better for; 
that run. he could jjsi have the, 
ed£P on bis fellow Newmarket 

Exactly a month a?o. Guy 
HarA-ood's toush three-year-old. | 
So Proper, made all the running j 
in the "hands of Greviile Starkey 
to land a useful prize a- 5ncom. 

I #ee no reason why be should 
not follow up in the Swiniey 
Forest Stake#. 


2.0D— So Proper 
2^0 — Vaigly Great"* 

3.05 — Formulate 

3.40 — Town and Country 

4.10 — Bananas Foster*** 

4.41) — -Valuation 

5.10— Jubilee Year* 

0- *\ «J0 Tit? a ?/•«-. ao 7tj? ~\r- 

5.15 -v.b-l;r..* .‘.‘ew-tfrsfc. 5JD 
Crossroads, Recor Wt-st. fcJS 
R:pan Wiles. 6 JO Psppe Da-*. 7.00 

C^atIm-'s Vas'ls 16J5 Gagjry. 11.0S 
T*i~ Thursday ?Um: “ MrCov— Xr*- 
DniL-r 3 

MTV Cymru ’Wales— As HT 1 ." Gr.l-rra! 
S«rTK» ■•'seep:: L20-1.3 pm Poa*w da a 
Ns- rcgior V Drdl. 12B 5!:R Ya-vr. 
«JW.«S W*::bf[hr.a. 5J5-SJD Carroos- 
■»:r.e. 6.00 -6 J5 V Dydd 6J6-7.80 Spor.-s 
Ari-n.i 10J5 Jraaie IS. U.Q5-12J0 
Za; Kid: 

MTV west— As FTY Grai-ral Sennet 

1- S'.-cp:: ijo-Z-30 pm Pfporr West H?ad- 
Lnis. 6454 JO Spor: V.’t-sa. 


1.25 pm News and Road Report. 2.00 
Women Only 0.2S Tarzan 545 Eatink. 
5.20 Crossroads. 6.00 Scotland Today. 
6Je Gamoclr Way. 7.00 Lar<-rur and 
ShirVy. 7 JO The Ran Trade. 10 JO Some- 
ihine Special. 1U5 Laie uali. 1148 
Streets o I San Francisco. 


X.3D pm Sooth’mi News. 24W Women 
Only. 4 JO Lassie. 4.45 Bcachcomtowr 
5.15 The Undersea Adventures of Capuio 
NVmo 5.2S Crossroads fc.m Day By 
Dar. &J0 I’mnrwr 7ja 
EnucerdaJe Farm. 7jfl England Their 
England 10.30 Soothern News Vs:ra. 
10J5 People Rule! 14.05 Quincr. 12.05 am 
V.Tiai the Papers Say. 


4 JS am The -Good Word (oDowed by 
North East New* Headlines. 1J0 pm 
Nanb East Net* and Lootraround. 2.00 
Women Only 4J0 Thinsday Matinee; 

•• Ahbntt and Costello Go To Mars ’ 6J0 
Northern Life. 7J0 Emmcrdate Farm. 
7 JO La verne and Shirley 10 JO Sounds 
of Britain: Music Rail. 11.00 Pro- 
Celebrity Snooker. 1L4S Epilogue. 

re — ?>«*»«* access awMWjg fdWg, ‘ 

carps, tw w;ep-^*« or ac the Be* OOcs;- 



Vim MPJEsrrs. . cc. o:-W< «« 

A fi ^jg«s rS s , 

a IgiriOilT-svES ao 

coliseum, c 

The Royal Huns cf the Sbb. 104 W- 
iorr seats «««:} sera., serfs, from 70-00 
a-- say a* ue-foriwiM. 

i Gi -S er reTc C-edrt Cards 136 6903.. 

7'-- 1-. S.St 5icBfiied . - . 

Bat. Sear. 30 Gotterdaa mm — 

WN. CC. EBS1. 

e. *rtf r- PIC O ' ■as. 

; S'-!*l r B UfVlFA . 



SADLER'S WELLS THEATRE. RMMn [ ^JDTaL JB^UNjFH. E- -MAY ***" '"e»wi“ ; b' •• * - 

*** I A HUNDRED v^EVTLLr^YNS-^sT-Fri^M^ 


T. so Lm Pslntm. -Tba Rafcva 

YEARS." SJiaar Tirrel. 

co. 30 ‘ umitw J 

S SS5; Wfi; s^.«SfSS : IkSWSS. : TSPMir 1 " . esc i W ; 

Ratienrs. La Bo at tear fantasooB- Toe.. UN3£B MILK *vooa , STSATfORO JO -7 NS 

S. -«ea. 7.30 Setitaim. Prwhual 5on.< ~ ZTT. ur . r . -a. SHEI-A .-.ANggiCtL 

Grease Fupa. > MERMAID. Z#« 76S6. ■K®-’ 1 '*": 1 * r - ** B . ANNIE „ . „ • 

• I 28S5. E»en rgs 7-3a_and i T.S0- Mat-. Ww; ar-S Sat «AS> 

Cgr/nr ne»: 7. Sri 8. 

A Woa. 7.30 Sditaira, Prodmal 
Grease Fun. 


era jo-tPiS 8 "* 

‘"‘'-In'S.W 18 **, 

SMASH MIT MUSiCA-’ 3. M»- ■ 


Evss. 7.35. Vila. Tl-ars. 3.00. Sat. 4.02 


C= ’976. ’977 ard 73TS 


HIGHEST COMIC- ART CAN POSSIBLY A 5 17 ” Pete A.« - . 7 a 

fflSS THIS PLA Y. ’ 5. Trr.S LOS? «««■ « «Wii» « 

NATIONAL THEATRE. Sluder- *«ar.4B. £’ 

’ Tn® * " mat 4 V ^-« T °7 jV ™E wHifEHiuH': C 


236 :c 

Mo:. ' 

i Si v,5 *o, , -SSj "W.Vr.i ^“TME WHITEHALL.^ cd 

DOUBLE DEALER by Congreac. Tomor- . E-q-. S.2S. c r. ana aj;. ->*5 * 4 9-JG-. 
1 7 30 Macbeth. , : Paul Ra-r-c^d preje-.s !*e Se-KimsT- 

i LYTTELTON (prescan um MMeL To-i So* F S mVo / t' * " ' 

n;*hi A TjiWOw t .~S PLUNDER bv ;" R l 9/v -j 

* B*n Tr^^S ■ 3'*i SS5AT M.ATM 

• Keith Dowhu-st (roe Flora Thome- : C~Ci Y-d eSc ° 

«?,“&«« «.*-»! . 

•^Ts« a«»^^ - cns B1 iKik.BBs.: the ikotic^xp^.svice o* the 

S, 3g 7— 1 -Takes to u’S-->r«:errra .-r..ti *fw: s 

OLD VIC. 6 »*- 6,B -- «rm.*vn;e on c»:.. susv". tf. New*., 



s MaTV eat e' :cnt cheap sea t» all 2 


■ ^V a ^ ,3 C ^ « backl " os -; TH€ EK07I &C 06 T " 

NSW SMKISG FOR CHRISTMAS AND -Takes to u.’S-«ecerreo jT. tl • * 

7KS3U5H 1979. __ ° tD SJ&„CT AT THE OLD 9 $C ^ ^ 

U.OWYCH. 336 W04. Into. 836 5332. ; w— ^ TWE^TH NIGHT. ^THE LADY’S WTNDHAM S ; _ 3!-b2« 33L? Cred t CafC- 
i: Ssnarta-Ad. ROYAL SHAKE- NOT FOR BURNING. I VO NOV. . Bkgs. 836 13;* t-l* £ IS S^- ^.C . - 

SP'A’IE COMPANY i - ’ reaertc re. — — . .. j 7~ ■ Thar.- 8 CO Frl.-aae SjL a. ’5 a z J--0. 

Trr Ten-s» n 7 JC. Sa: 2.00 L 7.30 PALACE. CC . 2 1 1 4 g?«S 8 5lSi • ‘ tNOPMOUSLY RICH 

AS YOU LIRE IT. -It would sc madness , Mor..-7hurs. B.03 F/<- rr-t Sat. 6.00 a"d . VERY FUNNY. - E»C'-nS NinL 
nat_t: see the RJCi.As _Ycs i.Wke Jt” . - 1 Mar > ° 0 ’nCe'a CATHOLIC 

F. T.n«. With Dav.d Merger s COUSIN 
VLADIMIR. - A iiKn-^htm: sra»oca:.«e 


St Tim Rice and A ndrew L3> *d-Wefcfce~. ; - Supreme camps* a'. 3--»d -« SIK»." 

5 - a* ■’ D. ?el. Ye»t per*, s DcLI . RSC PALLADIUM. 01-437 737 1. Tonigur ; 
also at THE WAREHOUSE ttte under Aj. , S .oo. Sat. 6.15 S. E.45. * 

- L-. ■ - . LENA MARTELL _ 




1 Happened to waser I'd go to 
editor t“) 

5 1c returned and raced back 
for cocktail <7» 

9 Become inrlined to accept 

ringleader and gain skill (5) 

10 Reach Oriental in attempt at 

betrayal tft» 

11 Release mother, child and 

lodger (9 i 

U Weight of .Article in farmer's 

vehicle 1.5 1 

13 Relied upon the French 

worker (oi 

15 Kerb mentioned in Teutonic 
article (9) 

18 Accept a reduction in wages 
and have a drink 4.4. 1, 4) 

19 Fanatical brigade leader in 
attack (51 

21 Stop American money-order 

23 Soon resent having to work 
steadily outside (9) 

25 Brin? in and make known 

26 A nit I chewed up From the 

leg (5 > 

27 Vessels in river stretch i”) 

28 Everybody in trial hut the 
mnef craridilnnuent (7t 


1 ni*ma!. bavins bundle*- only 
Ibree-nua Tiers full *7) 

2 Pf';*! in foreign currency usins 
brand name' (Si 

S Coarse doth dug up lo> 

4 Graduates that could be sweet 
<4-5 1 

5 Unrelenting bird from the 
youth (5) 

6 Folding seat to adorn and 
clean about one (4-5) 

7 Jump over without difficulty 

8 Native Following direction to 
revel <”» 

14 Search and Snd path on tree- 
less upland (5. 4> 

16 Si 3 nd for soldiers in attend- 

ance iPt 

17 A bed made up nn table? It’s 
open lo question! I9» 

18 Diplomat un French island 
it may be felt (7) 

20 Cure thirsty sailor (34) 

22 Consume ail the meal and 
delight in it (3. 2) 

23 Cut off fruit (5l 

24 Praise former lot put up (5) 
Solution to Puzzle No. 3,781 

oBBnnsns aassas 
n SHE H E E 

o 0 H H -B a s □ 

HEQQffis Bzsnsaas 
H Q H •■"■> B B E 

Q .' Q a a • D:' "!S 

QE^HnoncQ ; bqoge 
B E B 0 B B a 9 
El H H ■■:■• B B D c 


9^0 am Sehonls Procrammes 
12.90 Topper's Tales. 12.10 pm 
Hickory 124i0 Moneys ise. 

1.00 News plus FT index. 130 
Thames News. 1.30 Crown Court. 

2.00 After Noon. 2.23 The Bass 
Player and the Blonde. 3.50 The 
Sullivans. 4 20 Children’s Film 
Matinee: “The Purple .Mask.” 

5.45 News 

RADIO 1 2«m 

(S) Sltmphule broadcast 
I Medium Wove 

5-00 am Vj Radio 1. 7.02 Dare Trfc 

Travis, a jo Simon Bates. UJl pju) 
Piim.-rt. 2. DO urn F.-l. r P Wl -IL 4J1 Fid 
,i i-nsi-ii. 7 JO roumrr Chih iS< oniiu 
Radio 2> 10.02 .lohn P«-l {Si. 12J0- 

2J2 am As Radio s, 

RADIO 2 2-5<«)m and MfF 

5.00 am Xeir* Summary. 5.S2 Tony 
Braiidan mrludinj: 6.15 Pause for 
Thmichr. 7J2 Tony Wnnan iS> im-Iudlne 
847 Racine Hiillcim and 8.4S Pause for 
Tfevwhi. 10.02 Jimmy Voima «Si. 
12.15 pm word oners' Walfe. 12 JO Peu« 
Hurray's Opcj House «Si deluding 1.45 
Spons D^k. 2 J0 David HumtioD ■$> 
InclndjnE Racing from ascot and 2JS and 
3 JO Sports Desk. 4 JO Wags oners' Walk. 
4.45 Sport < Desk. 4J7 John Dunn «S> 
mciudins 5.45 Sports Desk. 6.45 Sports 
Dost. 7.Q2 Country Club <S>. 9JZ Folk- 
ireave iSi. 4J5 Snorts Desk. 10.02 The 
7* Show lo.n star Sound Extra. 11JZ 
Brian Matthew introduces Round Uid- 
uinbi. UiLludiDv 12 00 nii-u's. Z. 00*2-02 am 
Nep's SuBimary. 

RADIO 3 464m, Stereo JL- YHF 

I6S5 am Wealth*. 7.00 Kmn. 7J5 
Hr-mre iS< 6.98 News. 8.05 Morning 
Con-.-'-n ‘.S'. 4-M \>WS. 9.05 This Wc-k's 
>:pmpos>:| , i F'huhen iji. 9-50 \orrh"ni 
i.ihv wity Cen.iYf. ran l 'S>. 30J5 

in Short 'Talk--. 10.45 '~nn--rrt. r>.irt : 
if i 12 JS Vmlj and P;ann re*. Mat ‘S'. 
12.15 pm BiMnn >vmphony fi^hi«t.*a 
pan 1 ■<' 1.00 V»; 1.05 

Fnstnn SD. pan 2 fS». lJS " Der V'lM- 

PJS am First Tbin*. 1.2D pm Grampian 
,\"ws iiradliups. a Jo Th- t.irtle Rouse 
on the Pratrij-. 5.15 Gambit. ’ 6.80 
''■rani plan Today. 7.00 Tl.r 9:onU. Woman. 
10.30 R'.flc.timruj. JOJS .inor:.>caIi. U-15 
• I rarupidt) l.ate Kikoi It.-jdltnes 11.20 
The Practice. 


L20 pm This H Vmtr R:jht 4J0 
«’od'. R 5 JO What's Vov 5.15 Cro”- 
mads. 6.00 Gr^uada It-, sons. 6 JO 
Fnimcrdal.' Farm. 7.00 I'liarli; s ,Ln*»It 
10.30 What's Un. 11.00 What the Papers 
Say. 11.29 Bamab.r Joints. 


1.20 pm Report U>«t 2J5 

P-'pnrt Wales TteadUnf-s. 2.oo Women 

s-'huu Comic opera tn thru* Acts br 
l.urnns. Act I 2J5 Wurfis . . . 

’’talk-. 2.50 ••Dvr Wildschutz - Act 2 t: s.. 
3.4S R^arllhK. 3^ Dtr Wlld- 
a*hui7.'‘ \ct 1 4J5 Leeds Jntcmatjnnal 

Piano CompciitioR 197# ■'#■. J5.45 Home- 
ward Bound, tfc.05 r.>ws. tfcJO flome- 
ward Bound ■ continued ■. xfc.30 Lifelines: 
The Wider World. 7J8 GnrK conceit, 
part 1 'S'. 3.15 Espiunaoe fn rh*- 2tlth 
i.’enmry S.35 Gn«. pan 2 »S;. 9.K 
Drama Nov .S>. uas Alban Here Stniui 
Quartet 'S-. 11 JQ (v bubi-r and Brahms 
SftrtW 'SK lUSS .Vev.s. 1J.5B-IL5S Tontebt’s 
Schubc-rf Bone on tword iijflfi:. 

, 3 only— 6JO-7.DO am and 

5.4S-7J0 pm npen University. 


454 m, 330m, 385m and YHF 

fcJO am News Briefing, b.10 Farmins 1 
Today 6-30 Today: Magazine, including 
645 Prayer for the Day. 7.00 and tLW 
Today's New?. 7J0 and 8-30 News Hcad- 
llucs. 7JS Tboudtr (or the Bay. SJ5 
Antieua. Penny. Puce. 9J>0 News. 9J5 
These You Have Loved 10.00 News. 
13J5 From Our own Correspodem. 10J9 
Dai/r Semre. 1D.45 Mnmlng Storj'- LL00 
Ncu-s. 11.05 Dnun Your Way TRin 
hpaldinc. Lincolnshire. ms Th; 

Yourac3t Daust:er. 12.00 News. 12J2 pm 
You and Yours. 12J7 I'm Sorrv r 
H.irent A Glue Ujs Wealber. 

rmtu-amme news i.dq The World at One. 
l JO The Archer*. 1.45 Woman's tlnur 
..'■i-liidllic 2.00-2X2 News. Z.45 LiJHi:ii V.'t’ft 
.'Jnrfter. 3J0 News. 3.05 Ai:-rnoen 
TS'.itf" ‘Si 4.00 News 4.05 l. t > k d * 
’.Pinin Precise lj . 4.35 Sinrv Tint-. 5.09 
PM Kejwrts. 5,10 Serendipity. 5X5 

1-20 pm Luachiltuf. 4.12 LTsrer News 
Hcadltti-s 4.20 Take a Bow. 4X5 Lassie. 
5 -IS Garionn. 5J0 Crossroads. 6.00 
Reports fc JS Police -Six. 635 Happy 
Da vs. 7.00 Erumerdale Farm 738 
Encund Their Ensland. 10J8 Counter- 
potm. 11.00 The Practice. 11 JS Bcd- 


12.27 pm Gus Honerbun’S Eirthdays ‘ 
1.20 Westv.-ard News Headline? 4 JO The 
Liu le Holism na the Prairie. 5J5 Gambr 
6.00 IVoswart Diary. 7.00 Ucorae and 
Mildred. 7 JO Thn Incredible Hulk— 747. 
11L28 Westward Larc Newt 10-34 Andy 
Wiltiariis ShO’f. 1L00 Movie Premier-: 

Pr.iv for The WjJdcaW." Sturms Andy 
Grnfiih. UJS am Faith for Life. 


1.20 pm calendar News. 4.20 JabbsrJavr. 
4.45 Luile House on the Prairie 6.00 
Calendar • Emlvy Moor and Belmor.t 
editions,. 7.00 Emmerdaie Farm. 7.30 
Father Dear Father. 10 JO The Love 
Boat. U JO In Concert: Sutherland 

Weather, programme news. 6X0 News. 
6.30 Top of the Form. 7.00 N*»T. 7.05 
The Archers. 7 JO Cbeckpomt. 7.45 The 
Road to S'illGtn Voc: The bnuesr oi) 
I'.Oitibal in Europe. 8J0 “ 1 1 and " Wv 
Disrussron on the -vc of ihe Jcvirn Nev.t 
Year. 8.05 Analysis: Soviet Power in the 
Ift&O*. 5 JO Kaleidoscope. 9J9 W earner 
1906 The World Tontwil. UJD ,\r,y 
Viswors? 11.06 A Bov'k a( Rediimc 1U5 
Tne Financial World Totuaht. 11 JO News. 

BBC Radio London 

. 206m and 945 

5JO am Ax RaiLa 2 fcja puah Hour. 
London Live. 12.03 pm CaB in 
2.IB 2G6 Showcase. 4J3 Home Ran. 6.10 
Look. Stop. Listen. 7Jo Black Londoners. 

7S ‘. 1 £' 03 Nigbl London. 
12.BO-C10S5: As Radio 2. 

London Broadcasting 

26fm and 37^ \HF 
5.00 am Moraim; Mime. 6X0 AH; 
Tmn^.op news, information, travel, spun. 
10X0 Brian *Haye< shovr. LH LBC 
G ’ 0r ^ « aJe 'S 5 O'Cloct 
a ii L V ■“ , L£tC , K -WrU- 3.06 After E«ht. 
s.WJ Niithtiine. LOO am N ight EarJra. 

AKBA55ADORS. CC. 01-636 1171. 
N.s'--.‘i« a*. 8 CO. Mat. Tues. 2.a 9 . 
Sa:. s ca *rd s.oo. 


Th* Wlorls-ra-rous .Thr''Jer 
•■ :•» piair asam u .n fact an 
•_Tfer and total jcr." Punch. Seat pr>;e* 
Sat. LS.O J inc. 

APOLLO. 3T-437 2663. Eiea-Ui S.CO 
Mat*. Ttur*. S C3 Sat. 5-50 and 8.03. 

■•Actor S’ :■>« ve3r. E»ettiep standard. 
■IS SUPERB." N c.W. 

"W cleoh tutir» " Time*. 

ARTS THEATRE. ~~~oTs3« 2132. 

■•H'lariOB* . . . *ee It." Sondav Thne*. 
Msndav to Thursday 8 JO. Fri. ard 
Satu-dav at 7.00 and SIC 

Read. 734 4291. Mpn.-Thurs. 8 pm. 
Fri. and sat. 6.00 and 5.45. 



CAMBRIDGE. CC. 826 60S6. Mgr. to 
Thurs. S CO. Fr.. ar.a Sat. 5.45 ano 8.30. 


Exc.t ng Black Atr'san Musical 
Seat prices LC.00-E5.00. 

“ Packed w fh variety, '• Da.'fr Mirror . 
Dinner and :op-pr’ce seats C8.7S [r.c:. 

COMEDY. D1-S50 2 STB. 

Eves. Mgrr.-Fn. 8 00. Sat. 5.00 and 8.33. ■ 
Mat. Tnur. 3 00 Must Eta Oct. 7. 
bv Rosemary Anne Sisson 
■■ eJtcellen: *#mll- entertainment. Anyone 
o! any age <s likely W enjoy S. Te>. 

D« »r Tc;egrar v - 
;GHTER ' Gn-Jtan 


ALLADIUM 01-437 7 37 3. Bod not*. * Pftcr BPOOK'5 ‘S'-Jai Pit'.j 

October "2nd *or One Week Only ! Al*red J*<re S Urc* U8II v" (W4!- 
IN ONE GREAT SHOW FvV «.*i *'• S-.-4*A £Z.j3- . 

IN ONE GREAT SHOW j EvS. « -°= A. . S- jata £ Z.> * 

LENA ZAVARONl .YOUNG VIC °Zt 535'* From CS- 5.. 

and Her SIhBers ar.d Rogers DaYiers ACTION MAN a ja-.akespet.-C V !=W- 

ntr2f , t«l amfttMRY RICHARD* II!. HAMLET and 


PALLADIUM. Q1J37 7373.' 

Opening Dee 20 for a Scalar . 1 

DANNY LA RUE -- i — ~ 

■9 “Merry vvaaw Twankey" in , 

Aladdin CINEMAS 

ALFRED MARKS as Ebanarar. wncnw 

Dilys WATLING Brian MARSHALL ; ABC 1 A 2. ShaS'.CSbufy A-e. 836 eaeie* 
and WAYNE SLEEP ! s c p PnH k . AL. SEATS B«B_E 

BOX OFFICE NOW O PEN . TH j B , G s^EEP -6AI W‘_ i Swr. ' 

PHOENIX. 01-536 2294. Evon.rflS at 8.1 5. ■ S- 1 5 * S* 15 - “ ate *’' tm f *'‘* 4 M *‘ l1 

Mats. Wed. 3 ao. Saturdays 6.00 snd 8 40 1i-'S „ .... __ __ 

••TIM BROOK E-TAYLOR. GRAEME • *s 2001*. a SPACE ODY55EY tU> ?0 irm . 
GARDEN make us lauph." Daily Mail.* him tst, & Sun. T 50 4.25. .j3. 

THE UNVARNISHED TRUTH 1 FliuneVi — Si «ta — T piTZ — 

The Hit Comedy by Rovce Kyton. thf ror^Y^AN Fiul • 


HAVE DIED. 11 Sun »jv Tunes. '■ SHE FP ; _5I N 5iP? M A I*SU njirr 'j«. £ - 
CONTINUOUS LAUGHTER. 11 Times. I traOt stereo. Prags. 2.S0 ard « JO «•**»>• t 

_ III 1 1 Ifl [■ l<> nun UTiiciC'tv V->1V d"D ■ - ............ . — 

humour the BROADWAY STAR. 1 ' D. Eyp. ' iWrcopnonic lourd. Projl. 


"Towering pe-lOrmarue." Da4y Mai;. 

6.00. B-X0. Late show TEXAS CHAINSAW 
MASSACRE < X-GLC: 11pm. 

2 . Mel firock a HIGH ANXIETY > «. , 
Progs. 1.40. .3.55. 6.13. 8.35. 

F'-*.. T.mti. "DIVINE INSPIRATION — B.1 5 . Late Show 10.S5 pm. _•_* ■• 


HYPNOTIC EF FECT " O. Mall ! 1.40. 3,55 . S.ta. 8 35. Lat e PW I MfL 

PRINCE EDWA RD, CC iFormerly 'casinol. ! CURTON. Cunor. Street. W-1- 499 S7W*\ 
01-437 6ST7. Even.ngs 8-00. YVES MONTAND CATHERINE DENEUVE. 

Matinees Tnur. and Sat. at 3.00. I in LE SAUVAGE <Ai. lErfi'isn 
. _ _ , SVITA ■ titles.* progs, at 2.00 (not SWW. 

bv Tam R<e and Andrew Lio-d- Webber. ' 6.13 and e.30. 

Diivcted fcy Harold Print*. . — 

p p T G T^ " ?^' S aT ee — » — : LEICESTER SQUARE THEATRE. 930 5a52. 

Oi'ivcted by Harold Print*. 


CRITERION. 930 32*6 CC. 836 1071-3. 



. . . and a HALF DOZEN LAUGH'S 

'' Verr funn*. 1 Sjn. Tel. 

CREDrf*'cAJtD R< BOOKINGS VW 935 0846.) ODEON HAYM ARKET^jS 30 2^38-47/1^"' 
... — , _ MIDNIGHT EXPRESS <X’ .. j 

QUEEN'S. CC. 01-7X4 1166 

Evgs. 3.00. Wed. 3 00. Sat. S.OO S.3Q. 

Sob. progv dir at 2.XO. 5.3a ' 

Late shb-v T"urs. Fris.. Sats. and Sun*. . 

DUCHESS. CIS 9243 Mpn. to T*,urt. ft cunuu SF 

Ewe- ns I B.OO. Fr,.. Sal. 6 . 1 5 and 9.00. _^LiLAR SHOW IN T OWN P unch 

DUKE OF 37 22. ' ™ E pW mr^SSlSST ** 


'■ BURSTING WITH ENJOYMENT 11 D REGENT (Oxford circus*. 07-637~9 
Te*. Pr ses 63 £5 Best s*ais *3 nai«. E»sv 8.30. Mats.. Fn. and Sa*. 

h=ar afc.r c sL«m at Box Crlfite. Mon... TAKE THE FAMILY TO 

: A^^pUa^^ ^ ,tn - 45BW : 

5. Times. 11 GOOD CLEAN GORY FUN." *. Sep progs. Ol- Dsorv 
S. Mir. 11 MOST SCSMICALLY SPECTA- ' 7.45. Late show FH. & Sat. d° ort 

CULAR SH OW I N TOWN- Punch. *. awn* tl.i ; pm. 

AYMOND REVUEBAR. CC. 07*17*4 i 993 I °P. E P_ N MARBLE ARCH W2. 723 201]'*: - 

Tivr. F-l.. Mj;. a7/ tests £2.53. Evgy. • 

8 ‘ 5. F»; and Sat 5.30 and 6.30. ' 


FORTUNE. 1S6 223S. Eves 8. Thurs. 3 
_ Saturday S and 5. 

Pa* 1 ^ as MISS MARPLE In I 

RAYMOND REVUCBAR. CC. 07^7*4 1593 I °P. E ® N MARBLE ARCH W2. 7£S '*?G|no : 

■ I.. A; 7 am. 9 WB 11 pm. Oow Su” i SV255^ E . N “ UNTERS t 2LiTS»- 

PAUL RAYMOND oresenls 1 ?’ ND , Pt 0 "*- MS ' 

— , THE FESTIVAL OF EROTICA I E rl * 1; 9,9. 1*55 7-® 5 - ^1: J li£ *. 

2. Fully a, r -:ondit.cned l«». J00. 7.M. Lat* ww W 

21 S! SENSATIO NAL YEAR , _PO£T b«r. ■ 1 ■ S PTI. AJI ■ 

D REGENT (Oxford Circus'. 07-637 9362-3. I w * lflce w Sf*^EVH; bSft>y5?f * *• 

I*. - -CV 8 JO. Matt.. Fr*. and SlL 649 : W S 

1.. , TAKE THE FAMILY TO : - , . , » M E. BEAST i.10, . 


BACKSTAGE MUSICAL • | l5 i £•?,-■ Laie_»3W N*9hT»T *. 

1 *• A little !en»e!." F-nantial TSmes. i Se»^ Bktiie. I'c d Bar. '—— t sr’' 

— ' Sma r ! well show" Daily Express. I STUDIO 4, Ox'd^ Cl«ua. <*37 SSOa^-. 

3 So enjoyable. Sunday Times. | Jill CIsyburoH - Alnn Bates if _ ' '• 

' *’ y than *1 h'b5* n fnr C EV1TA BC * MasursiV? AN UNMARRIED WOM^;- 

1 *M U! u s r™ b l .L A - ! «<» 3VS -^ 

FOURTH GREAT YEAR • ^ tr t ha! Of "ANNIE""" Sunday Te.«.rx«h ! L4t * SSW ^ ^- S0 - 

GARRICK THEATRE. CcTilJWfi Ago: . .■ y ; 

Evas 3*C? Wed 2.00. Sat. 5 30. e.ic , R ° Y AL COURT. 733 7 74*. A^r-eond “ — 

i.MOTHy VlEST GEMMA JONES. ! Everlnos at S 00 5ats. 5 00 ar.fl 8.30.1 


»R HARGLD PINTER’S A ylrfuost Pnrlcrpiance. 1 O. Tel I 



LAST - WE* KS. SEASON MUST END ■"!* ^ ^ Ute tew great clavs of! ADVERT^SEME^ 

-CTOBER 2.M. the ce ntury." D. M a'I. ' • -- 

GLOBE THEATRE" 01-4x7 iw b . t ».a 

E»cj. 5.7 5. Wed- 3.00. Sat. 6.00. CiS" Morrosy-Thursday oyrninbs ? OO. Friday! RATES 

PAUL EDDINGTON. JULIA MeKENZIE 5 ' 30 ailC ■ C '* 5 L : .5 °° 3-00 

BENJAMIN W HI mow i CNtitt Vote I . 


„ . TEN TIMES TABLE J _ , . Musical of 1577 1 - • 

'T;li matt be the fiaoaiest Uughter. Tel, boo kings aueated Major credit! . ^ 

sr.i*er .<1 Landpn. 1 ’ D. Tel. -An .r« Sl «. 1 “ r «- Restaurant rewryaitcn* 01-405 « . * 

.tu» eniovati Mnlsg." Sunday Times, j is ’ s * Luirt-d number of seats avail Jhie ! Udirunerciai 4* " 

* tT eii..prgiE "<ght on Oct. 5 imr®. ProDerty . .1 AS0. 

KAYMARKET. 930 9832. Evas. 8 00 eT uoJ BYSidenfij) Propem* 2.«»- 

Sat 4.30 and B 00. | S 1 ' 62 ^ B8BB. AppoictmcniS l* 

U ABB V ^iSnanuc YYHOM LIFE STS' ANYWA ^ 1 * 1 ,n B “ nn »* & T.n«5taKI!t 

eLeANO?^ A ° ^trevor w»h jane ashcb^ Y ppPBr.itnincs. CorporaUflB 


ane IRENE HANOI m I | T-'‘ GwrdlM. Capacity. Bu.s-jws<ses 

THE FAMILY • - Ev * t - 11 8.00. Fri. and Sat. 5.45 and 8Al For Rate ■RTam-n *m 

A X\ KSffiSfcK 000 I'SSW' J L J r . 6«6-7. Motors, 




E»«. 8.15. Wed. 3.00, 







Capital Radio 

cm ^ IWmandMjBYHF 

JW Vwirrt Rreakfssr Shmr 
L S ' . Mirharl .^tk! ■$•. 12.00 dsir 

J ‘ fc * 3.00 pm Riser Scon 'S-. 7j» 

'c ^•-'^'.■•Sroivn 1 * Caorj- i.nnmccurr 

.J f° uinrinn Today .? . 7 36 Adrian 
un> t Ff;irn t m: ?.. 4.K Sitkx Tte-Tk-'t 
7 'i'ir ’.Tni!,..r Wenlrld'- Lite I: 11.00 

Tor-i 1 My an a Lai* Phnw <s. 2.00 am 
Duncan Johnsmi s Kutht Fhshi 15 ,. 

A -»e-i alar br RONALD HARV/OOD !i 
Directed by CASPER WREDS •' 

11 An ijniri;!? pfar. nr*»(y u||.;,,.g < 

Paul S'bfitld 4 : n s tes:." B. Lev.n 5 ■ 
T. rr.*«. Lav wee) Musi end Sai. ! 

Cl -836 4255. Bro. at 3.75. Matinee* I ConLr^cii k Tnddert. 
Thursday 3.00. Sat. 5 00. e.M Pcrsnml r 

TERENCE STAMP in KmSjT??: J f dctias . 

. oracula I _ . * * Travel 

i. Jj: wee* musi end Sal. 1 . DRACULA | 

..-w ™l k DERE,£ gocfrcy 

HAYMARKCT. 530 9632. Prert. r-om • J™ i 

Oet. 4. Caen-rR o=t. 9 a! 7 00 ■ -f e ** T N B * c * 1 

GERALDINE McEWAN ‘ 1 SHAW. 01-3HS 1 3«>4. N^lonal Ynnrh 1 

1 SV lp? ■" JW«S CAESAR hy* Yinih*rn • 

.— MO* 1 - STOCK _ ShaUemiarc . Eras. . OO. Last 3 dava. | 

SDWLS HARDWICK S tfa* W Thiu-e , ’x S &i 2 IM‘ c’?* 1 "'* S^5oT { 

ere FENELLA fielding m . Mjl Thuj 2*' 3 <&. ana °- !0 - 


^£SS^SK88» j iSSSr- 

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j Premium pot Mm* AvhBab 1 *' ; 

\Minimum Stic 80 tolem* f* 8 *. ‘ •, 
l SLSO per single celemn cb c« bJ : - t: 

F'«r 1.intu;r n cirhlr- irritc &f \ 

j ’ Clusifipd , AdiFflisaiWt' • rt. 

Manager. :'l 

lfl. Cannon Strwf,'EC | ®^'r . r 


msexiai Tme s Kmrsday September 28 1078 

ivcnc w . .. 



SSdHn^teor; Plaza concerto no. T».jS? as well os exnberaot petition. *nie rnusif is poised on ' 

1 Three Preludes Dmitri r^I n .P 3iniei, - t; • ,inc<l 155-? prev!nus ”" no holliw glitter or note- a knife-edge, every detail of art i-; 

Afezaev, RPO/Vladimir Fedo- LP HQS 137-0) of this Bpinning here. citiation diamond snarp. There- 

— - wy remarkable young Russinn T ■ js notably strons and sensitive] 

recital- Andrei Gavrilrw P ian * st - and actually his record „”***„ **. * np ‘« er . L 0UD f support also from Raitte'and the; 
4 «n wtfi iuftn\ ' dehut. was among the dozen out- JJornwitz that we heard of l 50. boih in the Prokofiev andi 

standing piano records of 1977. G* vn| nv first in 19 <4; , and for j a a nobly resonant account of! 
itself, an exceptionally rich and £” ce Tfte ^red e P Il *? el has point, fl, e - Ravei left-hand concerto, 
rewarding year- . The entree and climax of his exquisitely shaped. A remarkable J 

•to.* j- L-n tf v recital k a wonderfully refined pair of records, difficult lo recoin- j 

The new disc hardly Betters and aristocratic account of mend loo highly. [ 

_ . „ the. first; but it= ; contains per- Ravel's Gaspard de la iwitf.- „„„„ c . h «»j 

Sch iff. Hungarotoa SLPX 21809 form antes— of- tb* ; Rakhmaninov authentic cousin to Michel- ,, 5_ un " , ? rlan An “ rfi * Schiir. 

' 5340 1 second concerto, and notably or angeli's Gosparrf. sensationally **>• J9a31 ** * runner-up to, 

Preludes— of the accurate, still more explosive', Alexeev and Uivniov— in 

seyev. EMI ASD 3457 (I4.B0> 


EMI ASD 3600 I £4.60} 
*rbkoftev: Piano concerto no. 1. 
ftrol: Concerto for the left hand. 
Andrei Gavrilov. LSO/Rattle. 
,EM3 ASD 3571 (£4.60) 
•carlatrt:. 12 Sonatas. Andras 

three solo 

' jpee&Js «“sssns JSiwt-dwuiii'arwbici, ^ sra gffMsrsir 1 

SriSnSL S«sr«w s ^ jyy 

• re vented i Cl from he/rl n ? « ceTl °- weighty in. impulse but (ions op. 19 N». 6, rarely piaved. talent, quieter and more imi-, 

■ s&y ’ s.-eu" ■ s&yfe? surrs: 

, ■£%££? SS .r ss a as sgj 

ave twnre cords available which and P oetlcal reading: thrown off nostalgic charm. The rest of Jhnnt^ napfnemLnm* ! 

•— '»■«> *» «• xt* “* Sstss 5^0.“^ sffiss- 

■ SsHIvE S3 

Suggestion dtabolique of J”L 1 

Prokofiev with a great deal more V? , for ™ p le ' f d _hitnjfp 
t n it ih,« i.* i „ .a. Tmn without a trace of rhetoric. 

A scene from 1 6.4.71 1 

Leonard Burt 

to it lhan a mere suggestion «f V™ «•« 

devilish foTce; and a Liszl Ln h wn n m ,w h -4 1 

campanetla of astonishing £ e Jl'm. 

Sadler’s Wells 

dmit it. even for once the b i?T r 5* 1 . or ?\7*?EL 4 .. j 
risdom) of rhe jury 's decision- :^f p ^ rt L U “ a °nd£f * 

Brahms recital, and now this 1?annly fecora mended. 

<w Rakhmaninov disc, both Andrei Gavrilov,, who won 
wued by EMI. . the Chaikovsky Compel itmn in 

It would seem to be a/ter the Moscow in 1974. is a prodigious 
ompetition. however, that the talem of 22. and another of the 

keenly. dramatically 

ig of the Rakhmaninov record, pianists whose transcendental ®* ,M “ ,, " JU » ,uie sprung. Any track could serve 

iy colleague at the G ramo- technique is put firmly in the The reciiaf is impressive as a sample: specially memorable 

hone magazine remarks dis- service of music, and never to enough : but Gavrilov's Prokofiev perhaps, the lovely dance-lilt 

a in fully that he had hoped merely mechanical display- He cnncerto-is. I think, probably the Schiff finds in the skipping para- 

that this disc would be more is a more ostentatiously virtuoso most exciting performance of graphs of ihe F major sonata 

ngaging than Alexeev's previous pianist than Alexeev, as his thai work yet to appear on record K17. and the deft and subtle 1 In a runain speech after Tues- set to Dave Bruheck music, which Girl's exit pushed bv her mother moments there are some affei 

.P. of Brahms pieces." I can choice of programme shows; hut —and that judgment takes into variations he achieves between! day. night’s jollifications. Dame found Lynn Seymour with a vel- from the same ballet and ihe donate comments upon th 

De Valois Gala by CLEMENT CRISP 

' nly assume the phrase to con- the virtuosity jg. - tough and account much distinguished com- each pair of repeats. 

lire Royal, Stratford E.X5 



Ninette de Valois observed that vet jacket, trilby hat and impec- dance of the pawns from Check- character of the ballet's ded 
this was >he third uelcbratinn in cable legs, aided by a male quar- i note, all of which are quoted. catee. 

honour of her eightieth birthday. let. The work is a nod in the The signs of the zodiac, in This tribute is clearly marke- 
But 'when one is as greatly loved direction of Zizi Jcanmaire. and merry costumes by lan Spurting, with the love and admiratio’ 
as Madam, and when so many, none the worse for that, because scuttle and hustle about the MacMillan offers to Dame Nineih 
many people stand so deeply in Bintley has most of the tricks up stage against a pretty pastel — as do we all. And if we ar 
debt to you. the excess is his sleeve (and knows when to gauze setting which plays a few sincere in this we must heed he 
excusable, and Sadler's Wells Pl a >’ them l, -and because Lynn optical tricks of its own. Control- words made during a curtail 

For one of the best shows at 
atford Bast in some while, 
Jaywright . Rony Robinson has 
-tone out on the streets with his 
ape-recorder and gathered, first- 
. and. some evocative re mini. s- 
.. ences of life in the area in the 
;-93Gs. What may sound like a 
ogged documentary approach 
- as. in fact, yielded jnnie superb 
■ Esults, with stories like that of 
disappointed carpenter whose 
.r^ife left him after 37 years 
-.chieving the rhythmic comic 
ffect of Pinter's sketches. 

-'But there is much more to it 
. san that in Jonathan Chadwick's 
ffectionate. serious and- weil- 
rganised production. This is 
ommunity theatre as it should 
e. with an unpatronising cast 
-ringing its audience in touch 
. 1 th its own history. One of the 
iris at Yardleys factory has her 
ights set on Canada and, in. the 
.'lay's second half, her escapist 
. intasy is strongly challenged by 
boyfriend hound for the 
'.panish Civil War. 

2 The culture of the era is deli- 
cately remetnhered in the best 
st of theatre songs (by Mervyn 
tutler j on this stage in years, 
a addition, there are some beau- 
ful revivals of numbers such 
5 the chorus for girls and banjo 
1 praise of the League uf Health 

Theatre was Ihe right place for Seymour can strut and kick her 

speech at the end of the even 

Her pica was for money fo 
the Wells — "I sound like Litiar 
Bay [is." she said — and T woulr 
urge this best of causes to ever; 
haJlet-goer. it is shameful If 

Deborah Find fa jr 

done, the role played from a still rparhint* th* west Fnd 
centre or horror and degradation. reaL ° ms “ e Uesl End ' 
The novelties oF the evening * 

were two occasional pieces. The The Theatre Museum 
, first was David Bimley’s Take acquired ihe Antony 

ad Beauty and a jaunty tribute decker trams and in the .^bcal nence. but ihe trap of. maudlin good work from Deborah Findlay fi«. briefest of cabaret items. Hippisley r.oxe Circus 

i the romahtie appeal of Amy cinema. . - - . sentimentality is never a danger as the central girl. Peter Dawson} " ~ — 

--ihnson. All the music is set - The world of piano parties; wheti the material has been so as the epitome of ihe qnieily 
rainst an impressionistic back- skimmed milk, halt-penny bus expertly culled and deployed. In defeated married man and Paul 

rop of social encounters oh the rides and Max Miller is sketched an outstandingly sympathetic McCleary as the persuasive 

..each at Southend, the open- m with jabbing dramatic pertl- company, there is ^particularly idealist. 

! the culmination of the festi- through this sort of affair. Rooks PaffP Will ann^ar 
i vities. This wa» the stage where, a °d be adorable. " 

[after, all, everything really A few ounces more consider- un Oaniruay 

| began, and the programme able was Kenneth MacMillan's — - — — — — 

i acknowledged the fact bv show- «S.d.7S (being the dale of Dame ling the work are Marion Tail 

jmg Three generations of'Briiish Ninette's bin hday> set to Samuel and Desmond Kelly as Gemini 

; choreography that span the Barber's fragmented "Capricorn t Dame Ninette's birth sign), and record that 47 years after Da mt 
history of >iur National Ballet. Cuncerio." It -.-ontains a series for them MacMillan has devised Ninette laboured to round hpi 
Lea Patineurs and The Rake's of run™ 0 ? jokes best understood a beautiful pas de deux which is company at The Wells, financial 

Proffress tell *»«? nf the hi"h hv ballet-goers who know some- threaded through the arlion It problems still abound. We owe 

nualitv of the .-ream itv nf thi» l b« n S of de Valois ballets — they is serious writing for two excel- il to the shade of Lilian Ravlis 

Jartv voars " &ab* i *ihnn«ht w,u recognise the anu^spread lent dancers, rather in Mapnriing to Dame Ninette, and to the 

looked y especia 1 !>'st rohgSt r m c- pose from Hake ‘ ^ Betrayed mood, and at more relaxed Wells, to be generous, 
lurally it is very sound, ils 

dramatic momentum never A ^ * „ L * _ P 

slackening: the Rex Whistfer A ITS 116WS 111 006] 

designs are still among the best ■* VV 0 1X1 

hv* FnmuhnesT" Niflht ond Diiy. a new play by lection. This is probably the The Theatre Museum at the 

halter cavn a rraat rioat ahnni T 10 ® Stoppard, starring Diana most varied, if not the largest. Victoria and Albert Museum is 

thp asnirationc and achievements *^2 and John Thaw ' °P ens al Private collection in England closed to the public until 3980 

nf de Valois as r reatnr an/ m 1116 Phnenix Theatre, London on and certainly one of the most when it re-opens at Covent Gar- 

KDirer nfa.-nmnant- November 8. important in Europe. Antony den Flower Market. 

spirer oi a Lompany. it is set in the home of an Hippisley Coxe started collect- 

„. De s? 10n d Kelly was the Rake, expatriate couple in a fictitious ing in the 1920s with the pro- * ■ 

His characterisation seems sober- African country- John Thaw, gramme of the first circus be 

sided in the first scenes, but in Wi |ii ani Marlowe and Peter saw: Barretts Royal Canadian. Barney Kessel, Herb EUts and 

the Gambling Den— which I find Maehin play three British jour- During the 1930s he become par- Charlie Byrd are the three 
the best and tautest of the bai- na |ists covering a rebellion. ticularly interested in 18th guitarists appearing in The Great 
i£ tS o«l neide 5^ Ifr—despair claims Night and Dau will play at Ihe century handbills and books. Guitars concert at the Elizabeth 
the Mke. and the fine passage in Wio ^ ledoll Theatre for two which grew into a library of Ha on Mondav October ^ 
Bedlam was stunningly well weeks from October 24 before ex- ~ 

tended after World War II to Byrd will appear with bass and 
include prints, lilhographs. drums accompaniment. The 
bas engravings and ceramics from package will also appear on Fri- 
D Staffordshire pottery’ portraits lo day. October 20. at the Crucible 
Col- Wedgwood. Theatre. Sheffield, at ll p.m. 

estival Hall/Radio 3 

Muti and Gilels 


Tt i* not all Mahler at the press »v e - Intention, the effect In 
“stival Hall this season. Tues- sum was oddly austere, withheld, 
\y‘s Philharmonic programme withdrawn, 
ider Riccardo Muti was all The outer sections of the 
■humann; and the evening’s andantino. taken rather faster 
. mtrepiece was the piano con- than usual, framed a centra! 
rto with Emil Gilels as soloist melody broadened almost to stiU- 
le centrepiece was not. as it ness. Gilels set off into the 
rued out, the evening’s high finale with a determination that 
Oiint: for it wax not just an wa g many things — nor least 
lusuai view of Schumann's massively heroic in cast— but 
ost famous concert piece that never remotely iHz-ace: no trace 
dels offered us, but a conceit j D a ny measure of Sebum an- 
-isitively weird in its- wayward- netque buoyancy, no soaring, no 
?ss, that never quite- settled, gijtrer. no render breath. I 
■ver jelled — -the strangest on- _ round the account as a whole, 
-edicts ble blend of the except for one nr two sparkling 

various and the plain dull, the moments, which almost no 
fortfully blunt, and the effort- p^nist of aiiy stature can fail 
ssly rapt. .... to- miss, agonisingly deliberate. 

Grand Theatre, Leeds 


Dortmund in West Germany elegant phrasing with results on 
and Leeds are “ twinned ” cities, the whole more rewarding in the 
The arrangement is now going opera-comique type of music of 
beyond the usual amicable and the earlier scenes than in such 
useful exchanges to includfe. intensely dramatic parts as the 
opera companies. Dortmund’s is grave-digging duet, which wanted 
at. the Grand Theatre this week expansiveness. It could be that 
with Fidelio (twice!. Falstaff. Mr. Janowski was suiting his style 
Elektra and Berg's Lulu. English to a mainly light-voiced cast He 
National Opera North, the fresh was unwise to place his horns in 
offshoot of the parent company one of the stage boxes — from the 
at the London Coliseum, about to opposite side of the house, along 
start operations in November with much delicate, agile playing 
wfth Leeds as base, is due w every passing fluff was audible, 
visit. Dortmund next year with and at limes the score resembled 
Samson and Defiloh and Peter a multiple horn concerto. 

Gri™® 8 ' . ... The Leonore.. Uta-Maria Flake. 

The advance information managed her big aria adroitly 

sssxi mm si 

SSaS!® sr va asSfasHr as SSs asra-ss 

!1.2^f.n er8e r 0 J«[l!!, , H Srs . ! . moiemeni Of ienormous number of subsidised mtinc. clear ring. Robert Schunk 

..J/J? Jrim3 W |B e V fis? Sc 5T aDD ^ TT C0Bipailies in Germany, without was Florestan The sound, with 

irase gripped in the fist, and brought a powerful draught competing with, say, Munich, Heldenienor stamina tempered 
oadenerl to its full^t capacity to the evening not of Punaency |j£ a j J1 jj Ur „ or Stuttgart. AU the with lyrical sweetness, was 

J* 1 !! ° f j pU ? SCnC nJK 1 ^K?i more remarkable, then, that a excellent but (as with his -Erik 
L J °*u i ( °2 escJ| (. ! ^ e saJety and colour. Both the, medium-sized enterprise without m the Bayreuth Dutchmun this 

largherto # , an d sche-rzo^^ were j much any. experience of summer! the singing as such was 
ves. before the gnp was nicely., deftly laid out; and ihe j {Overseas touring is willing and not particularly interesting — in- 
M.nprf m n»**u«n r*r r«.m «n 0 ip though it vff never (aWe to tra^p^ ilse if, ch orus. teotions were clearly good but 

gajoed. In aninurto. far from finale, though it was 
laxing. Gilels tightened his driven bard, was underpinned 
Id: even where the rubato ail the same with unfaltering 
.inner seemed to bespeak ex- momentum. 

lizabeth Hall 

Amadeus Quartet 

orchestira and all. to- mount four phrase after phrase just failed 
operas in a foreign theatre m to come to life, 
the space of five days. Franz - Josef . Kapeilmann 

To be able to say that Fidelio (Pizarro), GUnter Wewel 
on the opening night (Tuesday i jRoccoj. and Verena Scfaweizer 
reached a sound musical standard (Marzelline) were acceptable, 
and ran smoothly is more flatter- William Reeder (Jacquino) was 
ing than may at first appear to colourless— seldom can a Ja tr- 
ibe personnel of both theatres, quino have shown so little sur- 
The production by Paul Hager, prise at the strange turn events 
the Dortmund Intendam. is new take (notably from his point of 
but barely distinguishable from view! at the end of this opera, 
other recent Fidelias, except that Hie Baciu (Don Fernando) dis- 

in Tuesday the Amadeus Quar- stem and powerfully strange-^ 

devoted their first London something quite different from i the " sensation of confinement played a most promising voice, 
:ert oF the season to Schubert the conventional yearning {implied by the grille set by Lore not well suited to this role but 

Haas and Hans Schavernoch is of sumptuous quality. His Ger- 


they will do with two later regrets. The syncopations of ihe 
ncerts. We had the D minor Finale were particularly obses- 
lartet. “Death and the Maiden." sive. as if the rhythmic balance 
d the great A minor. D.S10. of- the music threatened to over- 
e Amadeus’s current Schubert turn completely, 
inner is idiosyncratic, though ^ inquie tude of the D minor 
goes without saying that their Qy^ftei 1S jnore overt, and the 

."SUSii? «Pv^ ne Tbe -^adeus reading made it cen- 
- - music is firm fls 6V&!\_ xiic Ag before dotted figures 
^Ise is now kept fairly insistent, u , ere 0 f ten fi ha r pened into double- 

" inh!endinp C «f- thS ni ake th/ T mher dots * aT5d the AMefiTO wai' driven 

-ad .he? 8 Jem”t Aegw£e> " e “ C V 

•y flexible tempi within indi- ^nation-movemeirt 

..’ual movements— there was. 

If the 
sounded a 

more .sectional affair than usual, 

■ example, no attempt to hold ^ ^mJSSPS! 

s -Death and the^ ^Maiden” ebaractensed Mr, Schidlof con- 

iations to a uniform pac&^ *nved;a brilliantly improvisatory 
1 where Schubert prescribes a . effect m the first variation - hut 
imatic hesitation or synco- in % the last seemed 

ed accents, they are brought 1 ® s ?. . a citimiirauon -than_ a 
..with theatrical emphasis. striking, afterthought. The 
• Scherzo was rugged and glower- 

eter Schidiors first violjri jng, not very fast : the secondary 
hinated the ensemble, his cop- tunes of the final Presto were noi 
ng tone laced with a measure allowed fo sing much, hustled 
curdled sweetness. That, and along in the anxious overall rush, 
imperfectly tuned acconipani- The grace-notes of the main 
nt . compromised the Ppening,. theine were- curiously treated, 
the A minor Quartet; the jj^g hastv gulps. jtfot very com* 
ict was a Utile queasy,^ and f ortab j e performances; but un- 

- performance aid no * ,.“ e 5f n commonly interesting ones, 
exert a proper gnp. unul the; vv 7 “* . • ■■ 

^lied MenuettOy. which wax , DAVID MURRAY 

not matched by much physical man is unready. The dubious 
tension in the. action. In the precedent was followed of inseri- 
dungeon scene an extra grille led ing Leonora No. 3 in the second 
til some awkward positionings. act- Tonight EUnlrim with DaniL-a 
Marek Janowski. the Dortmund Mastilovic. Tomorrnw. Luiu with 
director of music, is conducting the Persian soprano Nassrin 
all the Leeds performances. In .^armi. Fidetio again on 
Fidelio he insisted on spruce, Saturday. 

Cassette aid to education 

.Atairah Ben-To vim's enthusias- cert Centre she hps established 
tic -and exciting approach to at Rossendale. Lancashire 
musical education— exemplified Two cassettes have been re- 
in her Radio 3 series Aiarah's lea.sed. the remainder following 
Music Soji— is being encapsu- next year. The first, designed 
la red on cassette. for non-specialist teachers and 

In • conjunction with Novello, parents of children aged between 
Miss Ben-Tovim bas recorded a five and ten, is Concerts m the 
fivertiart introduction lo music. Classroom and comes with 
AtarahVBsndkits. which will he teacher’s notes, suggested pro- 
welcomed equally by teachers 3 ep t3 quizzes, 
and parents. - The second. Getting It Tor 

Miss Ben-To vim. for 1^ years gether,.is intended to assist en- 
principal • flautist with the Royal semble playing from children of 
Liverpool Philharmonic Orches- Grade- .-.1I/1U slandard and 
tra, demonstrates her belief that includes 'a score and set of parts 
music in the 200 children's for whatever instrumental corn- 
concerts a year given by Atarah'n bin a non a school can muster. 
Band and In the Children's Coa- .. JOHN .FALDING 

Make sure you 
profit from the International 
Trade Fair, Bucharest. 

To make sure-you get the most out of the 
International Trade Fair in Bucharest (5-14 

Bryan Humphrey Dur .expert on International 
Trade between the U.K and Eastern Europe 
before you go. 

He can brief you on the regulations and 
procedures that affect your business. 

He can advise you on who are the right 
people to talk to over there. 

He can make sure you’re fully prepared to handle business 
with Eastern Europe before you go. 

You can talk to him on 01-606 9944 ext. 4306. 

And he’ll be at the Fail; on the EBIC Stand, to provide any 
further advice and help you may need. 

Mr B. Humphrey, 
lrtamioflal ffivoion, London. 

We deliver. 

Midland Bank International : 



Financial Times Thursday Septemow as^n® . 

; 'hr. 



The need to abolish 

< HtriBK SlMurtbno, London PS4. Telex: 886341/2, 883897 
1 Telephone.* M-248 SOW 

Thursday September 28 1978 

jj Quiet end to 
' U.S. boom 

standards in accountancy 


B RITAIN and the United requirement that accounts drafts were .sud. me firs* co^pan.K^ 

States are probably the should give a true and fair result of tn:? new era. :ssu?c a 

most advanced view “in that thev constitute year ago. was the exposure era: t or mayoe three as-^od* f- 

two most advanced 
accounting countries in the 
world. They both follow the 
historic cost system (for the 

:! is pos- 
AQuJd he 

aise the 


Part of , lilt of queition, on which view, tav. b«n wit* 

m . • a cont ; ft um£ need for accounting standards designed at least 
« ^rU t h"Tr^ 8 of <ii^"“ in wcuMin* ,»*««! 

b fc oc«p«d that rcaaooahltc^httncy of accoontioj prirti ? i„ i, 

f, covery oi demand in the domes- which has been rising for some 
; i tic economy, now in its fourth lime but is only beginning to 
.If year, has begun to top out. come on stream. President 
i.7-!; Carter’* export promotion drive 

i - i Abnormal is being mounted against a far 

, !; 1 Til. abnormal length of th* ■?"" . ^ v " u r ”. b j! .^ rou "' 5 

accounts. But there the com- native metnoi 
parison ends. panies for. 

rail able to com- for pensions is 
for ■ example, equally flexible. 

should do the 
In the U.S.. the 

various undertakings? 

. - a rhat SSAPs are needed to enable users of accounts to 
° f iv,mn 

compare t nc r . . K _ ....a 

A Rhar SSAP* should not be used merely as a benchmark 
b i£ aSr ;KS should be measured? 

Anyone who is concerned a- job cone by the Securities 

boom has three explanation-. 

than any of the export-or-die 

1 and ali of them also help To 
define the prefect condition of 

which have made I 

rather i 

sensible, given that the purpose t * le areas of difference and explores greater invo!»emen. fnrsec ICI -a comply with the 
of accounts in the first place is variety’ m accounting practice, with accounts users only VK accounting standard nn 

to convev information about a But initial standards-on asso- when it discusses various Government grants-* ruling 
companv’s performance and mated companies, earnings per natives to tne present Asl wmcb :t previously ignored 
financial position to others. share, extraordinary items and regime. Tnis section ends f-, r years. . Tne Watts report 
In the UK on the other hand, Prior - vear adjustment s— sug- puts rerward the possibility tnat 

been much lower than would be r ‘ a PP- v m iriCir name markels. 

to listed companies? 

Should the enforcement body be: 

<o lr-cte sets U f ’«s a i ;i z ! & r ™ - 

^ quite late ;n 1977 Tne iargc Problems remain 
: Federal deficit, which might aUo 

In the UK, on the other hand, P™r year adjustments— su*- 
it would be very difficult to Scsted that the ideal o? one 
conclude rhat accounting stan- standard was achievable. Then 
dards are determined other came tne skirmish on researert 
than by The preparers. In other Mc * development. An ASC 
words, it is companies which exposure draft (in the oest 
dictate what is or is not accept- tradition of prudence? proposed 
abb* in standards. The result that such expenditure should 
;s That UK accounting standards *>e written off against profit as 

appreciation of their own cur- The President is reported to be .L ie '„ s use ln 
rencies. The rapid growth of m.psns to contain inflation ,,^-r readers 
the labour force has aiso delayed tnrougn voluntary restraint — 
the onset of any real tightne s > ari approach which docs . , 

in the labour market. JUiPtrc much confidence J 

During recent months all further, n*> official s.atemen. 

the Atlantic — and consequently 

of iess use to shareholders and — resulted in a revised standard 
,trh#.r carter* which .gave the two indiiiines 

these influences have spen* “W ms yet ;o have acknowledged 
their force. Capacity shortages l . ne troth ^wmcii has. become so 
have been beginning to appear l si p : ^ ,sr m t3:s country: The, 
since the stin of' the year. nalaace J nf P*>* raente V" on } y \ 

time consumers are becoming lfn prove ; | ie balance: they pared hy a ^roup chaired bv new outcrj ’ . w bi c h eventually 
much less willing to incur fur- y;,np, - v a i a “' e . p0 ?’ !ble J ° ASr chairman Air Tom Walts. resulted ^ SUSPCD 510 . 1 ? of 

what tl ey wanted— the oppor- 
. „ tunity to capitalise some deve- 

A lOt 01 Iopment costs. 

But R and D was nothing in 
mnnPV comparison with what followed 

UlUUEj on ma xter of deferred tax. 

Obvious though alj this is to The ASC got as far as issuing 
the leaders uf the UK account- a standard, requiring companies 
anev profession, there is little t0 Provide for both actual and 
recognition or it in todays con- vmentnl tax liabilities deferred 
sultativc document on the future as a resaIt of tax incentives. 
of accounting standards, pub- het °n industry realised it did 
lished bv the Accounting n0T 1,ke t,ie new rules - ^5 
Standards Committee. Pre- ™ “ unp ^ t e " r ^. 

kv o rrrnnn nhnirn^ kv npr OUtCO WhlCh eVeDtUallV 

■pi r'li'b" " N o" poj iVy " ch *a n se s ""Pi"™ ^ ^ aSSlff'wn o^rTbesf' te * .'“""S' 1 


have b<“>n needed tn secure ful?y « nn nr *hi Relieved to be appropriate to 

some slowing of the growth of “w^ in wM^'accoum- 

demand and a *narp rise in m- J™* ’ ’ ’ standards could he set and S ^ tem ' , Tt,,S . W ’‘ ,fi . re ?. ,£C ^ 

wrp;t \ hc \ p g r p" t[ie ' helping to restore balance: and ins standards could be set and ^ m u C h-quoted draft ED IS. 

natural reaction? \n external ih« combination of higher rates f dl 7™**!”?’ ‘ th e^ S'ld «hich says companies need only curiously: “the ASC welcomes 

and interna! pressures. an . a s [ ah,er ?°*] ar 35l _ f a , . more monev r 0 r P rovide ***• na,e public comment on this matter. 

ft. . - . . pro r. ably attract private capital mib r ° t r 3 lnt r ^° i re money tor t0 v jn the foreseeable future, but fai'in° anv c^ear reason^ a«d 

some'ToreriiS?™ 5 fea- G *^ t0 J naace the » m * nin 5 doing the same job as now. To cap it all> ^ eventual consensus" for a ‘change, recom- 

7-i ‘a'?' a ""very nased on demit Mr. Watts begins his report standard due out soon will allow meQds rete ntion of broad! v the 

can never he 3 seture one - ** considering the need for eitber tbe old or the new « oSSk “ 

a ^ery sharp downturn, with a hrwever: The dangers of accounting standards. A com- S vst«» m . exisne. -Arecrare. 

Mr. Tom Watts 

err* F-.rtt 

put® forward As possibility that 
the Stock Exchange, nr the new 
CouncH for the Securities Indus- 
try might do the job. though it 
suggests that the former is 

Surprisingly, the news from 
CSX is that it has not been 
asked ?o consider the possibility 
r. f helping out on accounting 
standards enforcement, though 
it may well add the item to 
Its “ possible projects " file now, 
that it hss heard . of the Watts 
report The matter is urgent, 
for unless accounting standards 
have the discipline of enforce- 
ment the likelihood is that they 
wSl! continue to be at the very 
least double-standards, repre- 
senting the lowest common 
denominator o? what is accept- 
able to the companies affected. 
Tbe ste? from this to statutory 
enforcement is not far. Regret- 
table though the latter may be, 
:t is hard to see any worthwhile 
alternative a* present unless the ■ 
C5I rakes on the job. 

The final chapter of Watts 
is devoted to a criticism fre- 
quently levelled against ASC— 
that it has failed to develop an 

the SEC) (c) ihe Stock Exchange (d) a branch e. the CSIT 

Should the sanctions comprise: .... , 

(a) suspension of listing (b) censure (c) an altcmttm. . . .? 

Should the auditor’s report alwray* refer to: 

w <■» — i ' pirturB ':«^si 1 , 


• Should SSAPs be set by: 

(a) Parliament (b) a government department (cla^cmnt 
aeenev (d) a self regulatory body and if so, should it be or.e 
-which is wholly independent of the accountancy profen.on 
—which consists of accountants only 

—which consists of a wider membership than just accou.-uasts? 

• b it acceptable to retain the ASC very b«»d'r as at present? 

A Should the Councils of the accountancy bodies continue ro have tfcf 
final right to vote or agree to the publication of an SSAP. 

0 If not who should 
—the ASC itself 
. ‘ —another body. - - ! 

• Should ASC members continue to be part-tirre and urpa>d? 


0 Who should pay for the standard setting body: 

(a) the accountancy profession (b) producers of accounts (c> 
□sen of accounts (d> government (■) others. . . ? 

Should finance be ** voluntary " and handled by a foundation or. the 
lines of the Financial Accounting Foundation in the U.S. 


• b it accepted that there is at present no sirgle “ -node! " * r 
“aorped conceotual framework” which can be used at the tauth- 

“ agreed conceptual framework ' 
stone for accounting standards? 

Should the ASC encourage research into the possibility of finding 
an acceptable “ model ”, ? 

agreed coaoeptual framework - an acceptable 1 model ,. 
from which accounting Standard 

would follow logically. Advan- different methods still available wise, have ihc ability and tecs- 

Of financial s^aiemen^ a*™ then other users like employees duce htrioric records oe cos- 
different oojec lives, and fn tne w - u ^ nd it more understand- pany results Whether acc-unv- 

Tne glnnmier fnrecarts spom 
tn overlook the fact that th* 1 
depreciation of the dollar 

The risks 

fnrmity but at least narrowing versy the Accounting Standards is ho mechanism for enforce- users Abt- saouia start aeroiintin® nrncticps 

the choices, so as to make Committee did the onlv thing merit of accounting standards wife. If major weaknesses * U " BUU * H ’ Otherwise tney will have only 

financial statements more help- it could to prevent further once they are issued. It is a case exist in the present accounting But it is not a satisfactory themselves to blame, and are 

fiil to users.” problems. There was to be more of government by consent, system as fax as these people solution for several reasons. To likely to go on getting the 

Accounting standards fit consultation with industry Naturally enough, auditors want are concerned it is largely start, with, how many share- double standards they wlil 

neatly into the Companies Act representatives before exposure to avoid confrontations with because of the variety of holders, institutional or other- deserve. 

THOUGH HE did not spell it settlement, then the war will 

out in so many words. Dr. David continue." he implies unmistak- ■ --- 

Owen’s speech to the United ably that an end to these argu- fft Bl 

Nations yesterday stressed the ments is not yet in sight. Ilffl !■ Mj R9 

central fact about the Rhodesian For the British Government, IVIIbII HU 

situation, which has become and indeed for the rest of the 

increasingly obvious in recent world, there is no alternative to StGCrlflfi 9 

weeks: that the lime for a continued efforts to persuade 

peaceful settlement is fast run- the parties to negotiate and to SfHOOtil COUTS© 


rJJ"\VL h3S ZV Ut com ? romise - A *?«»*■•■ The talks now taking place 

alreadj. The longer the fighting ventmn from outside is simply tu . een nvo of the world - s lar 

ace be- 

joes on, and the more eondi- not a practicable option The insurance hrokina sroups, C. T. 
tions inside Rhodesia only way in which the fighting Bowrin«» nf rhe UK and .Marsh 
deteriorate, the greater the risk can be ended is for all the ^nXlennan of thl us Tre 
that the guerillas led by the parties to negotiate and to agree bein „ ^ ewed Hitb a certain 
Patriotic Front will feel that on terms for independence. Dr. iron * ^ th members of the 
they have little to gain by Owen cannot afford tn relax his Non market 
making any concessions. efforts at this critical juncture: Tr h ‘ „„ t ' anaA 

Outsiders may know that a the Patriotic Front and the gov- ^ „ h f aS th ^ nsura ^ thit 

-solution" tn the Rhodesian eminent in Salishury will bear fi' “ L. X“ 

problem hrought about by a heaty responsibility ,f they ^ ec u, ve „; C T E^ne t n- 

violence would not be a solution fail to respond to his call. c.\«nL. e «Ii 

at all. Ii would be disastrous f nr o 

for th#* DPODle and the poonnmr * Otic JULc 

surance) Holdings, is a member 

. ^ rvdc /mt of the Committee of Lloyds 

far tne people and tne economy J ,. , . 

of the country, and even if it His task has been made con- ™ C at f { f 1 ! 1 i t r l hv S 

did not spill over into continued siderably more difficult by last ??_ T JL„“ P A 

civil war long after the collapse week’s colic luce in which the Or h UK 

of the Salisbury government, South African Government ^ l S ham an “ 

it would make impossible the rejected the United Nations 5?" “If you ask me EEC fishing to his complement of visas, Vladimir' uiyaiTovTbiir^which 

establishment of a stable and Proposals for independence in ^iteresT oSride the has a & at of red Erring.” tickets and injection certificates, remained unpaid ’ when 

democratic Zimbabwe. But the Namibia. In so doing it has JSSIf L.SS S? 1 — A common weed could prove Livanov became Lenin 

loariore nf the Pat-riotri- Trent virtualK- pnfiiir&ri that »ho Lloyd 5 market could normally s » oeiame UCIUU 

and business. So far we have Dining at Les Amfaassadeurs i 
found nothing unusual.” the other night we talked,. 

One story being circulated is inevitably, of cigars — he was in 
thar some of those questioned London to launch a new range, 
about the identity of the "top Inevitably, also, he assured me 
man ” in Brussels got it right: they were the best in the world. 
Jenkins. But when pressed a They are certainly among the 
large number thought his most expensive at around £2 
Christian name was Clive. each. 

Meanwhile telephone traffic to Davidoff is apt to make claims 
the EEC’s office is high, with a such as “not a mart on earth 
large number of calls from has among his clientele, and 
potential candidates for the friends, more kings, dukes, mil- 
mammoth 500,000-voter Eum- lionalres. adventurers, celebri- 
constituencies, among them or beautiful women.” 

Lord George Brown. Wiy and charming, Davidoff 

... recalled through blue smoke 

another client, now dead, who 
Kindlv weed visited his father’s first shop in 

' „ 7 „ 4 Switzerland: “He had a thin 

The well-equipped traveller to f ace , brilliant eyes and spoke 
sultry climes may soon find in a loud voice. I remember him 
himself adding an unusual item quite vividly." Davidoff still has 

UnitTrust , 

Notebook/ No. 17 

UnitTrust Statistics 

Every month the Unit Trust Association issues 
statistics for the industry Why are these figures 
significant? This is what they show; 

a. Sales. Gross sales for the month usuaEi? fell 
within the range of £20m to £50m. Sales for the 
latest month (June 197S) were £49.56 m. 

b. Repurchases. Every month a proportion of the 
units issued in the past are cashed in by unitholders. 
Annual repurchases as a percentage of total funds 

j e ^ ried durin S the last 10 years between 4^ 
and cto. 

democratic Zimbabwe. But the Namibia. In so doing it" has “ — — - A irert coSd^S Svanov becaTe Lnin 

leaders of the Patriotic Front virtually ensured that the elec- 5 mar ^ et normally i USt wbat be neet jc at i east if harirfnff noi-.r . 

may well not apply the same lions planned for later this year hold more than 20 per cent of went through the Conumttee J he St faC e S tbe risk ^7 that “ RumSI *1 Ann’l 

calculus to the balance of issues will not produce a representa- the equity in a Lloyds broker, without a lutch but then Binney disease in the tropics there" but ha«s had 

.t stake, even though they must live result nor one that would . B-nney te|ls me thaL though had been .n as. good a poslUon ^“XtropS bUha^aS 5 . 0 r d n e “‘ 

know that, beyond some unspeci- be internationally recognised 'ofed _ in favour of the as any to predict the wishes of More than 200m oeonle in thp mnnUm m? Com- 

“.rr ™ ,en “ wi " ™ d - - he “ Son, 1 ; f n 

^rbe^nftop m pabir V is possible that, the eriLn^b^oMn’"- ^ UTSS ^ 

New ideas ^ete™the7mpU™t"nnf Ot^the the Committee rooms during CommOH fallacies 1,n ’ a< ‘ of *>lood fluke swim People's Cigar. “Tney just didn't 

I\e» laeas preted tne mpneotinns of the ^ TQle on u . - around ponds and wa erways, sell." Davidoff tells me. claim- 

c. Net new investment (a minus b). This has 
been positive for every month since May 1961: in 
other words, there has been a net monthlu addition 
to the funds invested in the industry for the last 
1/ years. The Jotvest level since 1961 occurred in 
f&E** and the highest was 

1 Q 7 R ^ 19 /S ’ Net new -^vestment in June 

1978 was £23.85 m. 

i - - , th© vo fp on th© SDPeifir ntoepe „ diouna puuus snu waECrvvsiys, s?ii« JJSvidonf tElls D1&. clsitD- 

Evidently. Dr. Owen feels he It is perhaps worth pointing Ire® entering mammals' bodies. The ing he was instrumental in per- 

I. reason to hops that .hi. *,“ h ' ' f “?J" STS JZrA'EL’S'Zl •?»*«•«« enemy In »«U>«, emissanes" to 

d. Value offunds.The totalwlue offunds mar-sged 

by the industry in June 197S was £3.708 m. The 

has re 
crisis r 
and th 

ment. The British govcrnmcni recons jder. Much will depend, 'forking party which planned about." As a preliminary to the 

liae nptt' 1HP3S fnr . . . _ ,v, B ■}/» „„„ . .. ***“*» •.»» 

ersity. But uavidoff s 
mantic interest in 
lutweighs politics. He 
quoting Franz Liszt: 

J? aC r^LSl the previous month, when 
funds were over £3, /2b m. 

in a position in the near future. jjj ere has been a tendency to I he was quite annoyed at the burning questions. 

a.. .11 +kn nni^idn tn a ndul . ..... I .... t ° 1 

Canada s International Develop, is fond of quoting Franz Liszt: 
ment Research Centre has “A good Cuban cigar closes the 
found thatthe ragweed ambrosia door to the vulgarities of the 
maritima can kill off the snails, world." He himself smokes two 
So if you are planning to a day. No more? “It's a luxury 
swim in the Nile or float in the item." 

to invite all the parties to a new 355^5 that last week’s decision time but he. is obviously not a The response ? “The results 
round of negotiations on a final pointed to a general hardening man to bear a grudge. The new are still being analysed," said a 

Ganges, plant a little ragweed 


of the line in the South African deal would allow the two groups spokesman guardedlv. 

Lt 1 ILl.llA TU..I 

Rubbing it in 

e. Unitholders’ accounts. This figure shows the 
number of accounts, not the number of peoole 

of unhhoURB 9 

accounts has declined by about 22<S since 1970. due 

f 3 L ft® m fS er ot ’ trust funds. 
Holdings by investors, and the edn- 
3n ° ec ? uit y - 1{ nked policies. About 
indirectly to invest directhi or 

It cannot be said that Dr. cabinet; but it is still possible to pool combined_ broking in- have an impressionistic view.” n n ■ . 

Owen’s speech radiates that the veiy fact of a change comes of about $550m without And the impressions ? “People SITIOK© 

One of our far-flung readere, 1 
spurred on by the recent survey 

thev are an indi- 

optimism that such a negotiated in leadership will give some incurring the wrath of Lloyd’s, are very confused-. . . but then It is same rii«t fl nn« * 1 mentioned on teachers’ spell- 

!*■ 1..-11 1 n A tho mniw Uraathino — 1 ^ .... ; r-^.11 -l WhrPn TW ? TtinTIPV ciioapctorl fh ». ... i . . UJaumLC ItUEZI a inp mktskac hae eartt ma . .... 

settlement is round the comer, breathing space for reappraisal “When Mr. Binney suggested they are confused by the rela- childhood spent in Kimr mHin- in S mistakes, has sent me a page 

He stresses the continued divi- in Pretoria and for diplomacy the framework for the deal I Uonship between Parliament cigarettes en fomiiiP tn th? «nfr from 1116 Kuwait telephone 

sions between the two wings nf by the western powers. thought it would be a fine solu- and government and councils, light 'randeur and directors-. It is an insert which 

thp Patriotic Front, which must. What is not in doubt is that tion," he says. rt, - — . ... - - - * ua wwi-nra* ,- c rpnoatan th m tv,. w^_«. 

flmri ZT ■ me assurance or a pension 

funct ar^ investment in units may be stated or 

the Patriotic Front, which must. What is not in doubt is that tion. he says. The confusion isn’t confined to restaurant bills of Loridon" iS r . epeated throushwit the book 

tie resolved before there can be this breathing space may be Binney did not vote when this Europe, There’s a feeling that West End But it i s a iournev urging readers: "Address your 

an agreed .settlement; and when vers* short, as short as the time new deal came before Uie Cora- things are being done ’up travelled with the lihtpct if latters correctls*.” 

h*- sa's ■* If the parties continue still remaining fnr a peaceful mittee of Lloyd’s. Some of his there,’ but then that's equally ireads by Zino Davidoff th? /~IZ. 

to ar-ue over rhe structure of a settlement in Rhodesia. competitors are amazed that it characteristic of government 73-year-old tobacco kina ’ - C tOSBTVBV 

terminated without penalty. ^ “ 

UnitTrust Association 

Park House, 16 Finsbury Orcus, London EC2M 7JPTel:01-S2S 0371 

I • 

Thursday September 2 8 1978 


The future of the British boom 

BE OF my more •cejrf ka i 
ers were surprised to find 

\ article in tbe Lombard 
ran on June 12 . 1978 en- 
Ijtyfcd “Why the Economy is 
lining " in which I predicted 
*V for once, the official 
.. -wnic forecast of 3 per cent 
’•yal growth would prove to 
' underestimate and that 
..-,‘umers would enjoy a boom 
r. “likes of which they had not 
01 since the peak of Super- 
in the late 1950s. One or 
..■"businessmen wrote to say 
they had seen no boom; 
s . Mr. Healey thought my 
■th estimates exaggerated. 
:n, rw that the statistics are 
^ lining to arrive, it can be 
: . that if anything I under- 
• d the extent of the boom. 

output measure of the 
• anal Product rose at an 
"al rate of 5j per cent be- 
n the last quarter of 1977 
... the second quarter of this 
Even if North Sea oil is 
"tded (and why should it 
the rise works out at 
■ i 4f per cent. The Indus- 
Produetion Index has been 
■*•... g this year at an annual 
• ...of about 9 per cent (about 
~.r cent without oil); retail 
volume by a similar per- 
ige. Yet. curiously for those 
apply a simple economic 
. pretation to politics, the 
c opinion polls refused to 
in Labour’s favour; and 
the normal summer swing 
'rds the Government look 
in reverse. 

; -■■art from purely political 
•2rs. such as the disiotegra- 
of Liberal support. I sus- 
that the Government's poor 
( ng in the polls reflected 
- ; .;y time lags. It takes a 
months to convince a 
al electorate that the bulk 
.. ts members really have 
■ had it so good. By next 

winter w spring the mecMge 
may hive get home, even 
though the pace of the boom 
will by then have moderated; 
and Labour may then have a 
better chance than it is now 
fashionable to suppose. 

The economic prediction was 
easy enough to make, bees use 
both the real money supply and 
the more conventional indi- 
cator of real disposable income 
were pointing sharply upwards; 
and this was one of. the rare 
periods when a very abort-term 
prediction was of some value. 

But I shall not withhold my 
own guesses. To begin with, the 
upturn will continue' for 
longer than most people think 
into next year — although at a 
somewhat reduced pace: Even 
though the 5 per cent wage 
guideline will not be literally 
observed, wages will rise much 
less than cynics now suppose — 
for reasons which have almost 
nothing to do with incomes 
policy and nearly everything to 
do with the exchange rate. UK 
entry into a European monetary 
arrangement next yearrror even 
its anoun cement— could also 
give the boom a new lease of 
life when it would otherwise 
flag. Mr. Callaghan's attachment 
to the European monetary 
arrangement Is greater' than 
generally realised; and 'Hr. 
Healey's more critical remarks 
in Washington this week belong 
to the realm of negotiating 

The UK boom might be 
extended further by a sup- 
posedly once-for-all devaluation 
on the eve of entry into a new 
European currency snake. - Zf 
the financial markets can be 
persuaded that the devaluation 
is a prelude to a new regime 
of monetary stability, and will 
therefore not be soon repeated, 
such a devaluation might, even 

exert an old-fashioned stimulus 
and prolong the boom still 

The optimistic features I 
have been discussing relate 
entirely to short-term variations 
of a business cycle, stop-go 
kind. Any politician who 
rites them should be im- 
mediately reminded that under- 
lying performance continues 
to deteriorate. Despile the 
present boom, total output this 
year is unlikely to be more than 
4 per cent above the previous 
peak of 1973 even on the new 
re-based index. Without North 
Sea oil the rise would have 
been 2 per cent— or less than 
* per cent per annum.' Nor 
can all this be blamed on sup- 
posedly deficient demand. The 
productivity growth gap 
between the UK and the rest 
of the EEC was narrowing in 
every previous trade cycle and 
almost dosed in 1969-73. But 
since the latter year, the UK 
has again fallen far behind in 
output and productivity, so that 
all the old league tables which* 
one might have hoped to see 
buried are being resurrected. 

The reasons for the deterior- 
ation are not mysterious. They 
are in large part due to just 
that detailed “micro-economic’’ 
interference and • the greater 
influence of the TUC (itself due 
largely to pay policy) in which 
politicians such as Mr. Cal- 
laghan. Mr. Healey. Mr. Heath 
and Mr. Prior take such pride. 
But at least Mr. Callaghan and 
Mr. Healey did. not preside over 
a monetary - explosion, or over 
statutory pay controls after 
which Mr. Jim Prior, who 
has learned nothing from his 
richly men Led defeats of 1974- 
1975. still hankers. 

Let us however return to the 
more topical short-term issues 
and the very sharp spurt in' 

output and consumer Incomes 
now taking place. Not only has 
output risen unusually fast in 
1978. but the buying power of 
British output in overseas mar- 
kets has increased. The terms of 
trade have improved by over 
4 per cem in the course of 1977 
and by another 3 per cent or 
so so far in 1978. The major 
influences here have been weak 
world commodity prices and an 
improvement of sterling. 

tim» for many months longer. 
The tax cuts have been made 
possible because of Government 
underspending in 1977-78 which 
led lo a shortfall in the public 
sector borrowing requirement. 
Now, however, public expendi- 
ture seems to be rising at least 
in line with the national pro- 
duct; » ■ any further reliefs 
could come about only through 
a hazardous exercise in fiscal 
stimulation. N'or is it possible, 


"V"\ Real ■ 

m — Money Supply (£M3) ** 

1 x 1 war mr'mt anra<a T* l 

Hinirum«Knnnn < 

Unfilled Vacancies 

Three month warh|M 

1975 1976 _• 1977 1978 

It is this strength of sterling 
which has enabled British wor- 
kers to enjoy wage increases of 
14 or 15 per cent over the past 
year when prices have been 
rising by only 8 per cent. On 
top erf this they have, after 
yea re of phoney tax cuts, been 
enjoying, some, real tax cuts, 
which have further boosted 
their spending power. 

Few of these forces ean con- 

even on the most optimistic 
view of productivity trends, for 
real pre-tax wages to carry on 
rising by 6 or 7 per cent 
annually. The only question is 
how the deceleration of real 
earnings is to come about 
So whether one looks at de- 
mand, supply or probable public 
policy a slowing down of tbe 
present boom is likely. But this 
still leaves open tbe question 

Letters to the Editor 

omnoroov onsi All In ail, it Is nor an easy expected. When wages are too recent European conference on a statistical certainty that the 
' CtHUiralj duu life on the telephone, and 1 some- low workers cannot buy goods, the subject, the most frequently right vacancy will appear sooner 
. tunes feel that the solution lies and so we have (Old) unemploy- quoted concept of a small busi- or later. Meanwhile is it not 

llOllS in 3 sfory w hich was published ment due to lack of demand. If ness was one with 100/200 better that such people do some- 

in your column some years ago however wages are too high, employees. I would think it true thing, even -if not ideally suited 
ilfr. B Cole. concerning one of your etfrre- workers can more than pay for that companies of this size would for it. than nothing? Perhaps 

Mr. G. S D. Wolf (Sep- spondentK who rang up a former goods, and prices rise — inflation generally have a reasonable same sort of temporary subsidy 

23) continues the com- ambassador at his borne! “Mr. —but it is investors who are degree of financial control and would be required to price them 
argument that “for unions Smith is not in,” came the reply, short changed, so we have (New) be able to present their case to into the job concerned, but as 
ntrol their members is un- "But Mr. Smith," said my unemployment due to lack of in- a bank in a satisfactory way. long as the subsidy is within 
’ cratic. The important thing colleague, " l recognise your vestment. Herewith a chart show- So what is a “ small business *"? reason, that is still better than 
members to control their voice* " Granted for a moment ing behaviour over the years. _i wish I knew ! I think it would doing notWag. 
s." He is incorrect In using that it is Mr. Smith.” came the James Lunh be helpful if an Indication of Minimum wage laws and union 

vord "democratic”; he is immediate response, ’’he is Arlington Rood, Cheadle, the size of business and finance wage rates have exacerbated un-, 
ibing anarchy. surely the best judge of whether Cheshire. - required could be made when employment in that they mean a , 

jur body politic, democracy S. r commenting on the whole person must be ideally suited to 

ctised bv Government (ie ® av,d Shepherd. -r* , question. his job otherwise he may not be 

il) of the oeoole bv their Z Z s **fi e U _ J.P&VIVlfillt OV Mr. Corby mentions that banks an economic proposition. The 

d representatives. What Southboume, BoumempuA. ■ mav not be able tn assist small above system gets round this. 

‘ results 

From Mr. E. Dyke 

—I wish I knew ! X think it would doing nothing, 
be helpful if an indication of Minimum wage laws and union 
the size of business and finance wage rates have exacerbated un- 
required could be made when employment in that they mean a 
commenting ■ on tbe whole person must be ideally suited to 
question. his job otherwise he may not be 

Mr. Corby mentions that banks an economic proposition. The 
may not be able to assist small above system gets round this, 
businessmen due to lack of There are those dissuaded from 
security or because of the risks work by social security, with 
involved. Now, with respect, I which Mrs. Mills dealt. The 

zuisbes democracv from MCIllfc • businessmen due to lack of inerc are npw aissuaoea irmn 

forms of gov era men l is Talanlinna ■■ - fvMUft . security or because of the risks work by social security, with 

that the rulers are elected * GlGpOOUG From Mr E Dyke involved. Now, with respect. I which Mrs. Milk dealt The 

• an be replaced If thev do sir —The workers at Ford fear 'bat no amount of “ early claim of these people is that 

• roadly. reflect the views of maMiCIS claim they have produced the specialist training" for bankers Jbey ^want work but cannot find 

lajority of citizens. It is p , f w Caodrhi i d company's record profits from jf “kely to . heI P 6113 nce "Sky **: So hy not rail their bluff? 

except to some degree in Fr °™ GoodchtW , which they now wish to -extract a business ventures unless there That is w hat the above aystem 

■rland) that the elected Sir,— Fifty years ago, every M per CBnt pay . riae is a reasonable degree of security and it is a better way of 

■entativeg cannot take deci- »*«»[*»>• knew “]* telephon a ’ cue- no leas -valid can be put baok -, f or exan, PS nroblem ’thL ^EtttiS ‘social 

which bind citizens without dit Alio A 11 ® ! ^ these days f or - Ford's customers in support hanks are regularly approached JJJbtaj than cutting social! 

explicit support. ! worked in an old fashioned of a ^ce reduction. Given this by customers considering setting security, 

i dear that trades unions offit ' e where incoming calls were lbe , ogical progression is that in «P « new business. They usually «hUe tnere are, as Mrs. Mills 
cq uired enormous political sometimes countered with the liBiei even the lower paid will be have no experience, little gj™** I 

in Britain — in rav view statement "I'm sorry Mr. Blank a bi e to buy a new Ford car. The security and only optimism to “rae causes of unemploj ment, a 

.e^r the cyniMMrresponsT- £«", not . ■» the telephone. lore, ” red to tuU emilojment J^ty thelr reqoes, for 90-100 which SE’thref bir^ 

of the Labour Partv How- Please write.'’ Our chief clerk an d economic growth. Per cent finance. It is really not above sort which kills three birds 

hat may be, it is“ surely would answer Ihe phone with i t appears, however, that all surpnring that we cannot help JJ* . on *J 5erl0US 
;s that they do not. in fact, the curious question “Are you men may uo t be brothers and m such cases . ■ • 

:e responsible democracy. tk Pre- . , . the probability is that those with Sadly, the list of bankruptcies ■ .t- Termc- 

present Ford dispute is The candlestick type of instru- sufficient muscle will secure the and company liquidations con- 5^r“*“ Ile Ierrace ‘ 
unple. It cannot be other m 0 ? 1 W0 S perfect for dealing higher wages they seek, no doubt tinues to grow and banks must ^rnam. 

uUying for tbe men to say wilh obscene calls— you just put hidden within some obscure sorely continue to be selective 

d: “We warn 60 per cent, the earpiece by the mouthpiece, -productivity" deal. & ***“■ assistance with such „ 

iffer of 5 per cent is an and the resulting electrical Having been nursed within the approaches. J . ' Oil I HI ID 2 3 

and we won't work until shndt temporally deafened the traditions of a fair day’s work for ' The question is posed of o 

icrease tbe offer." it is miscreant at the other end. a fair day's pay Ifind Vl difficult bankers getting closer to their ■ySlf'nt 
clear breach of last year's Nowadays, I am told, a police to understand what is meant by small company customers. Now, ja\~m 
lent which still has a whistle, kept by the instrument "productivity.” Can it be the day the sheer volume of sunn From the Managing Director, 

to run. to strike without be blown to quench the is not far distant when one is accounts means that with the Bideford Shipyard ( 1973 j 

_^thc agreed grievance pro- abuse. formally employed at a given best will in the worlo the gj r> — jiay I correct tbe state- 

The union does nor But what can jnve more satis- wa work, and then paid over average bank manager is unlikely ment i0 the otherwise useful 

cem to be trying to show faction when faced with a rude an d above for what one produces to be able to visit each business article on the Technical Page of 

. whether the rise in output will 
> merely decelerate to a more 
l sustainable pace, or whether we 
i are to have a growth recession. 
; bringing with ii renewed stagna- 
. non and a resumed increase of 
- unemployment. 

E The difficulty about predict- 
' ing the movement of real output 
’ and employment is the collapse 
| of any useful theory for the 
1 purpose. At one rime both 
• Keynesians and monetarists 
would have agreed that an ex- 
pansion of the Public Sector 
Borrowing Requirement, to- 
gether wilh an accommodating 
money supply increase, would 
provide a short-term stimulus 
to output: the disagreement 
would have been about the 
longer-term effect. Today, how- 
ever. respectable support can 
be found for ihe views thar a 
higher PSBR would be expan- 
sionary - . contractionary, ur have 
no effect at all. 

Faced with this theoretical 
confusion. I nave found that 
the best pragmatic guide to 
business cycle movements has 
been the change in the ''real” 
money supply, i.e. the percentage 
change in money (sterling M.3) 
minus the percentage change 
in prices. The chart shows 
that this vras negative during 
the "stagflation'’ years of 1974 
to 1977,. but became strongly 
positive in the second half of 
19ii, thus heralding the pre- 
sent boom- 

What, however, is likely to 
happen to the real money 
supply from now on? The 
nominal money supply, which 
figures in the headlines, has 
been experiencing some pretty 
wide fluctuations, reflecting the 
involved and baffling methods 
by which governments and 
central banks set about the task 
of monetary regulation. But 


IMF/World Bank meeting in 
Washington ends — new IMF 
managing director Mr. de 
Larosiere sums up. 

Mr. John Vorster. South African 
Prime Minister, retires — ruling 
National Party Parliamentary 
caucus meets to elect successor, 
and also to elect a President. 

president Sadat of Egypt speaks 
to nation on results of Camp David 

Council of Europe Parliamen- 
tary assembly in session at 
Strasbourg until October 5— Mr 
Dom Mintoff, Prune Minister of ' 
Malta, addresses council as chair- 

NATO -Warsaw Pact 19-nation 1 
conference on European troop re- : 
Auctions reassembles in Vienna, i 

British Institute of Management : 
Conference on "Pay and Produc- ! 
tivity" at London Hilton. 

- National Union of .Agricultural i 

thp Greenwell calculations of 
an underlying rate of mone- 
tary expansion of 12 per cent 
—after allowing fnr the distor- 
tions of the official control 
methods — seem to he about 

The crucial question then be- 
comes: what will happen to 
prices? The most important 
short term determinant of 
prices is almost certainly the ex- 
change rate, not only because of 
its effect Dn import costs, but 
also because it determines the 
sterling prices which companies 
can charge in competition with 
overseas suppliers in both home 
and export markets. On 
economic grounds there is every 
reasoo to expect the present 
sterling rate to remain reason- 
ably firm against the basket of 
currencies for the next few 
months. The weakness of the 
dollar, the moderate tightness 
of British monetary policy, and 
the impact of North Sea oil all 
point in that direction. 

What could happen to falsify 
this projection? The most 
likely thing in view' is not so 
much a dollar recovery as mar- 
ket expectations of a devalua- 
tion prior to joining a currency 
snake. Nowadays it is almost 
impossible to suprise the mar- 
ket wilh a devaluation — the 
market will do the job itself 
while the pound is still floating. 
But if it did so too early the 
inflation rate would be well into 
double digits by raid-3979. 

Assuming however that sterl- 
ing holds up at least into early 
1979, the rate of increase 
of wholesale prices of UK manu- 
facturers will not be able to 
diverge very much from the 
world rate of about 8 per cent. 
Allowing for services and non- 
traded goods, this would give a 
UK inflation rate of 9 to 11 per 
cent well on into 1979. 

Tn these circumstances, so far 
from prices being determined 
by wages, as the pay policy 
theologians suppose, wage in- 
creases will be determined by 
the prices which employers com- 
peting with overseas producers 
can afford to charge. So far from 
there “having to be" a pay norm 
for the state secVr, the main 
contribution that the public 
services can make to stability is 
simply to follow the private 
sector with variations reflecting 
individual supply and demand 

Moreover, in following the 
course of wages, it will be 
important not to he mesmerised 
by individual headline settle- 
ments such as Ford, which are 
often not the pace-setters of 
establishment mythology, and 
to follow instead the rather less 
glamorous trend of the earnings 
indices. My own view is that 
they will show- earnings in- 
creases of 12 to 13 per cent 
Although quite incompatible 
with the official guidelines, 
these would allow a modest 
continuing increase of real 
earnings; and they would be 
compatible with the 9 to 11 per 
cent inflation rate. They would 
also leave room for a small in- 
crease of the real money supply 
and for a slower but continuing 
rise in output of say to 2 to 4 
per cent per annum, which will 
not take up the largely mythical 
slack in the economy, but is 

Meanwhile we shall continue 
to pay a high price in longer 
term efficiency, erosion of the 
rule of law. and public 
hypocrisy, in pretending to have 
an incomes policy when what is 
really in operation is a money 
supply plus exchange rate 

Samuel Britt an 

Today’s Events 

and Allied Workers statement on 
agricultural land nationalisation. 

British fleet auxiliary Tarbat 
Ness visits Piraeus. Greece, with 
exhibition of military equipment 
l until October 4». 

Department of Energy publishes 
details of energy trends. 
Final dividends: Amber Day 
Holdings. CharterhaJl. Footwear 
Industry Investments. Galliford 
Brindlay. HTV Group. R. D. Mar- 
tin and Co. Sime Darby London. 
Interim dividends: Aberdeen Con- 
struction Group. APV Holdings. 
C. T. Bowring and Co. Brown 
Bros. Corp. Combined English 
Stores Group. Dunlop Holdings. 
Alexander How-den Group. 
P. and W. MacLlellan. Wm. 

Morrison Supermarkets. Owen 
Owen. Ready Mixed Concrete. 
Vickers. Whatman Reeve AngeL 
Interim figures only: Berger Jen- 
son and Nicholson. James Finlay 
and Co. Frank G. Gates. J. Hewitt 
and Son (Fenton >. George 

Benn Brothers. 25. New Street 
Square. EC, 12.30. Fitch Lovell, 
Connaught Rooms. Great Queen 
Street. WC. 12. Forminster, May- 
fair Hotel. Berkeley Street, W, 
9.30. G. R. Francis. Metro pole 
Hotel. NEC Birmingham. 23f>. 
Geevor Tin Mines. Pendeen. Pen- 
zance. Cornwall. 12.15. McCarthy* 
Pharmaceuticals, Furze Hill 
Restaurant. Ingalestone. Essex. 11. 
Laurence Scott, Abercorn Rooms. 
Great Eastern HoteL EC. 12. Red- 
Jand, Plasterers Hall. 1 London 
Wall. EC, 12.15. F. H. Tomkins, 
Post House Hotel, Great Barr, J2. 

Building a 


’’ A 

- 1 

,- en that their conduct is or . irritating caller than the at work? 

' ourable gentle depressing of the controls E. D. Dyke. 

• position is indeed ex- T?"*- - irke ™' ls f ■ sraln ;« , 1 1 i {?■ Approach Road, 

i cl ear I v by the TGWU w,th the bland statement 1 m so Margate, Kent. 

i al organiser, who said that - seem t0 have been 

fion “could not accept a T' - l • 

, -.lent on tbe basis of a sell- waiter Goodchild. r arm ITiaPflinPPV 

Vlir.og productivity deal . . n7 Summerdown Road. A UWUIIUW J 

e that would be acquiesc- Eastbourne, 

the incomes policy White East Sussex. DllVlIlff 

In other words, even if t u m rw„ (n , ( 

customer more than, at most. s epTember og. that the copper- 

twice a yeaf ; ... . ... nickel-hull motor yacht Siegiinde- 

1/ we are talking of providing Marie bas been huiR by ^ 

“ in n SKi^Si« VJ Thpn Copper Development Association. 
* Some Devon .workmen down 

tive and, of course, paid for by L ( , e .® wiStaS ^hinwrri 

the customer. No doubt the “Jj* J?j? y a a i2 

banks will develop such special- !£ 

ised services but it would be un- ^ 

realistic to expect that more than ;W J?° 

a small percentage of business fw® 0 !®.,’' 1, *£mS5S pv? 

customers could regularly avail 

SSfl* * ,UCh «?: u !pltad S Torffl re Sh l". 

Tioanv Vavp thi *S,hit.nee it r , From the Director General realistic to expect that more than JK- 

■ Wages and T /^SS^‘ ara: E ' w " uxr ' l££LT2ES^$J5?SS SS^H&ISSS ay™?* 

ible because the form voice Of John S m if aSh aoKS ^ 6 mm * lck «n»y sheet 

ib ri Sn?o n U S a ; S work. Cherrington is unique and valued attention was supplied by Yorkshire Im- 

\\ Hmmi ^T inrnvs Vrrrm Mr J Tun# by many ln 1316 farmJn * World, I am a little puzzled by Mr. i®."® 11 - 6 .* 1 Ca H Se ? f 

„ M .T: J Lu ?- ■ , but one feels that the readership Corby’s comment concerning the techniques involved, this 

LiSl’ ^ Sir d7'^ y * n * GodJ ^ y of September 22 is entitled to a "vast" amount of business at !L ac . h * h . ad ,. weI *:£? specially 

• ^ fhi ber 8 , > ’^ ,s o^wrned about the more balanced view from its present going elsewhere. Who Is ,n different tech- 

. ? ove /" n,en j „ “* correlation between wage and Agricultural Correspondent. His providing this alternative finance nI .9ues required and developed 
unempl0 .?’ me " t Sflffluel Brittain article on farm machinery was a at present for the sort of business w K lth ,i nc ® (Eu 5° pe >- 1 think it 
!i" Cl u lr,ms bia P? 11 ; apparently also, and Mr. Godley personal view; be did not attempt he indicates in his letter, i.e., should be made clear that the 
to shortterm personal has concluded that there is no lQ gather the views of the risky and inadequately secured ? Copper Development Association. 

- IS i- r,s J lt « y despised, correlation. Here he is quite mis- relevant trade associations. c n Brvsnn far from bui,din S Ihe vessel, is 

?:* , Jose . n ‘. s taken, there is indeed a very real For the record, buying has not on wood Ride simply a- spokesman i n this case 

•my With the electorate. A correlation between the level of collapsed; it has moved to more j&fT wSnA for thc material supplier*. 

leadership which, wages and of unemployment hut normal levels . following ^ woo °* G. W. Trinder, 

ns expulsion to strikers ft is by no means at all linear, heights it reached during recent • BnnJc End, 

ify union instructions to - In the first place so as to be years _ an<J re f erre d lo in the A Bideford. Devon, 

liti/'ii n orhn Irirrc hi a imII — j---- — ax yu I aim matumci; “ HI present. I Or Lue SOJi OT OUSineSS 

apparently also, and Mr. Godley personal view; be did not attempt he indicates in his letter, i.e., 

see u° riSthr iESSSl h!is c .°" clud £ d • tl “ l ■ ther ^ < i s 10 8 at U er views of the risky and inadequately secured ? 

"? despised, correlation. Here he is quite mis- relevant trade associations. . r n Brvsoa 

i-J “SS®? } os \ h, A s taken- t ber c ,s indeed a very real For tbe record, buying has not gn Wood Ride 

' y ^ C ' jjii correlation between the level of collapsed; it has moved to more PctuwLdKerd 

leadership which, wages and of unemployment hut normal levels following the eetu ™ OOC ’ Kera - 

ns expulsion to strikers it fj by no means at ail linear, heights it reached during recent 
Jfy union instructions to m the first place so as to be ve ara and referred lo in the 
to work, and then able to compare this year with artiele. Neither is the market 

y retreats and declares last we have to eliminate the for tractors and combines 
.k* official, is not yet seen e ff ec t of inflation by expressing 
. same light. How can the wage as percent of production. w njoy Mr cherrington’s _ _ — _ 

f our electorate and union ■ opinions, but we would appre- From Mr. B. GJeadow. 

nag? P This JSffiff “oS N ' D/ ~ ^ ° WfC!iTi,y 

*• Ei&s t 

A temporary 
jobs system 

with a smile 

*d of living — and not just 

jronomic sense? 


■ Wood." 

Hire Avenue, Amersham, 

it at home 

Fr. D. Shepherd 

' I am in complete agree- 
rith all that Miss J- L. 
has to say ("Name 
; ig" September 23 ), ex- 

makes some popular claims n 

about the effects of social Fr T \ f - r * ?’ Fe7 ? 

Sir, — I refer to Michael Dixon’s 

naee this attitude is cau?- PBp " — elate a little more objectivity. Sir.-Mrs. Mills (Sept. 32) YVIUI d MUlie 

/ BuTliw? r°r o P h^ e oito« al?r 0 f r Ie C pt™“e"S 

°! e - j\ A Jv Cttinjl Kiicinoccoc that social security is a major announces a 1979 European 

■ Wood." BO*;- /JajsJmzL — JllMlf UUM11WH.J cause of unemployment. Cutting championship in management 

Hire Avenue, Amersham, / j j ( j • r little bits off social securily will Barnes following UK, national 

jHam-nhire. ftlL — *- -« — ^ — i — « — 1 — anfl nSUlKS ™ certain cases not be socially championships attracting entries 

Z5? ^ ; 7“ ■ jl]St nor u neatly effect un . 0 f up to 1.000. 

a j I ntnBpifffBMUlt ' From Mr. C. Bryson employment. It would indeed be interesting 

if of nnltlP 20* ■ In’. Sir,— Mr. Corby’s letter (Sep- May 1 however enlarge' on her to kn ow why participants are so 

■*’ “*• I tember 20) concerning bank suggestion. That' tbe unemployed underemployed that they can 

.-ii 15'" ii " finance for small businesses he required to have a go at some waste time and energies on un- 

Cdliers . \A VI raises a number of questions. sort of job even if they are not productive activities. 

'■ .In the current debate there ideally suited to it? It is not U these people are so expert 

fr. D. Shepherd : l / seems some confusion or lack of much use enforcing this require- at making business type decisions 

' I am in complete agree- ® “ 4 precision in the term " small ment after six months of unem- against the pressure of time and 

nth all that Miss 3. L. . UI - :\ AiAi>W7 busiaeM.” Mr. Corby states that plojment as she suggests; that competition, why are' they not 

has to sav ("Name ins *a ■» %a ■»•»'?» a .small businessman will often is little different from the exist- doing it in real Ufe arid there- 
ig" September 23), ex- " : : not be able to present his case ing system. This requirement fore benefiting their companies 

at when faced with the This having been done there is to a. banker in a skilled manner should be enforced if possible and tbe gross national product in 
o/surname combination a firm relationship as follows, and often gets Into difficulties within the first week of .nnem* everyone’s interest instead of 
■ -ihe favours on the tele- There is a right- level of wage, because of financiaiinexperience. ployment and for' the following competing for the Gold Medal 
but not, presumably, in about 80 per cent as in X955, at As a bank manager. I would reasons. -• which will no doubt be presented 

jndence. I am faced with which unemployment is minimaL agree that many “one-man' It is inevitable that a certain in Olympic style with 1, 2 and 3 
.* ce of bei or presumptuous If however wage is above or be* businesses with up to 10/20 proportion of the workforce Is on the' podium with the reaper- 
essing her as Mrs. when low this - level there will be un- employees come into . this not suited to the available vacan- live national flags being raised 
Miss, or vice-versa, or employment; which will tend to category. cies and this is a fact of life in accompanied by anthems, 

rossly familiar bv usinx increase because high wages go As a contraet, however, it is Vest Europe, East Europe or D. J. Fenn. 

stixn name, nr downright UP and low wages go down. . v reported in The current issue of anywhere else. This unsurt- 6, Cute Pork Road, 

'using ^gr surname. _r-“ -.Thin . o£ - couxs*. to tee: the Bankers' Magazine- that at a ability is temporary because It ii Tigidtenhoin. Middlesex. 


'U 10 w 





Its a reasonable assumption that 
any businessman planning a trip to South 
America would rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few major South American cities that 
is exactly what you could end up doing. 

Flv Aerolineas Argentinas, after all 
we know the interior of South America 
better than anyone else. 

We fly 747s and 707s direct to Rio 
and Buenos Aires with connecting flights 
to 46 other South American cities. 

We have up-to-the-minute infor- 
mation on flights, times and connections. 

And you can book everything here 
in England. 

So, next time youre flying to South 

flXniin XAebouneas 

fly Aerolineas 




Times Thursday September as; 1978 : 

• 'fo. 

I i 


L & G Holds £9.5m as loss on 
underwriting jumps fourfold 


4_\- INCREASED operating profit firmed the results of other new business in the second half 

I for the first half nf the vear of insurance companies in that of 1978 was likely In be less 

* \ Vfygig agajtjc* j^ m ]S rennrted country and reflects the fiercely buoyant owing to a decrease m 

bv Legal and General Assurance corapcnt^e portion. Tlr. Pept, mortgage lending by the building 

I I !, Society despite a poor under- chief executive of L and fi, states- societies. However, he anticipates 

(' \ ; v.Titinq performance over the that the sroup is prepared to a good result at the end of the 
ij J , period foreco business rather Shan par- year. 

L[ K , The underwriting Ins*- in the six ucipate in unjustifiable rate- Tlie company's new unit linked 
I- i nonih« amounted to again-: cutting. The ins S arises from the operation launched in October 
■! j a of only £0i»m in the fir«t further sirenathentns of resents last year, has made encouraging 
i' ; pair of 1977. The drop wa« com- for Workers' Compensation progress and ih'e funds ^nmv 

f pen- a ted bv a 12m rise in imeM- bu»ir.e- managed amount to £Sm, he 

: ment income to i».9m. a slight Bus;r.e=< :n the . rest of the adds. 

i y, ■ increase m life and pension profits world a!?u snowed a deteriorating Premium income from pensions 

: 1 to 14 2m and sliahily lower es- underwriting posiiion with losses reached £13S.9m t£!46.6m» ana 

• 1 pen«ps of 112m. 
tat profit^ amouniod 

. against Ifl.Hm in 1077. ... .... 

-t. tax charge enabled I. and G tn satis factory. Snal last year was o.nsp. 

1 . . r pcorri a hotter operating profit Overall. world-wide net A geographical analysis of short 

I . ■: over th* period. premium* increased by 13 per term business premiums shows UK 

1 !'.■! Th» nmim-cunrinruTitino rpsnits on toe period to 175.1m, with £31. 3m <£26.lm»: Australia £Um 
' i- 'hnth growth coming mainly from i£10.Sm»: rest or world 14.3m 

: i -‘i w^p^veathcr ir^ihe UK ih«> J he UK and international reinsur- (£3m»: international reinsurance 

; K liTk \i'5-al£n ^ t and he ^ce. £24.8m (£18.3m>: and marine Td-om 

: ™rin* nrnhlem?^n the -7- The rise tn nwimdit income (£2.7m). 

currem prnwems in me re- ^ — r,„„, ki-u analysis of under- 

l r K £fi.3Sm 

tralia £l.nsm 

redd £0.9 lm 

firs-T auarter accountin'* for :he I |:!S sua* unary. wnicn provide* Jim ipijkibi: ana marine profit 
® ru.l?oii Th ^mpan.'rcjnn. . .nve«n..n t .nanascMM service f0.»3m (£0.03m,. 
much improved under.-, riling «« Pension iiinds through a >cr:e< 
position in the -econd quarter. 

»liahily lower ex- tinarrvTi'.inj position with losses reached £l«»m ana 

l. 7 hat the pre- more than double those of last from individual life £79m (£67.3m>. 
inunted to £9 3m. year. Business in Franc? and The net interim dividend is 
in 1977. A lower Spam continued to be un- stepped up to 2563p^l2.037pl. The 

Higher interest payments and 
exchange loss hit Tootal 

adverse ce 

.v - uradrrrif IndsMrses that further prvZt cjw* ^ 
nt s.akr. i* 1 . p n7 Qpo*cd iwer. hudtP.c.. ,n. n Jr .« ^ 

•iowever, ...c c..rv*us» 

the order hooks indicate improve ?rr s 

profit for the remrooor of 
the y ear. Overseas performance — 
exceeds that of the firs? bai:_ o- £2; 

2977 and this trend is expected to ti suav.::?- 1 . 

:&? trading on June Sir. laT?. 
s.cjs *.837 Turnover for the per-id Vm .. 
• Jlri ahead from SfJiSnn io £2iCr. t4 

it direclnr-; »laU* lhat protiactivt'v 
:iii - m the l~K continued ’<> itr. a 

See Lei 

curing the hz\: year were difficult 
api-; the syrnlus at the tredmg 
Je-e'. Signed back to £12.8331 
I £ 12.03m •. The exchange :0<s 
reacaeri some £300.000 and profit 
wns struck after interest of 
£3.7&m <£3^31 «. . , . 

TTie nor iriteniR divi ;s 
raised to :o i0.9pi per 25j» share 
— the final iast lime was LS23Sp. 

Tex of £3.I9m i=4.l2m» ieft the 
re* baiacce higher at £4£5ra 

,£4 7~... If «»■. bw tor 5»TA\J!iS2if i'l.'narjrnan* j?Hu' ‘ 

c. Walker 
sticks to 

nf C. and W. 

’•'} i>ur order -nla-c c^rini 
4 •.econd quarter fell bsl-yv. bu^:’ 
However, f/nce f?:e miib.'s af 
year group CDmp?n:s* >, 3 .e 

experienced an upsurge ;r. boijf 

the quantity and cut':::? t\ 
enquiries, whirh they say -rior.ij 
nficcl order intake for inc 7a;e» 
p;;rt of the year 
Against an *dju-:c:i 
with regard to the r.ghis L«uc A 
August 2977. c-p.-n.n^s .irx 5 r. 
as S.Wp per 25p yhare. Th» 
interim div.dcnd «;sg,-,sd 

;n 2.75p i2.5pi r.c* ‘Jit d.rer. 
sors intend to cccl-re s j>nu: o? 




of pooled funds has recorded 
rapid erov th over the period and 
nn-.i flinris linrlor LOW- WITH 

Half-year Year 
lam 1977 ITT 
iW. im Ini 
S.9 S 2 

7 9 33,! 
d.i m 

1.4 VI 
C 5 5.4 

01 0.! 
•0 14.2 

Terry Fsrk 

Lord Cal de cote, the chairman of Legal and General Assurance 
. . . first quarter particularly unfavourable in the UK 



i : 
1 3 

1 HIGHLffiHlS 

Alpine Hldgs up £0.5m midterm 

s ssr.f ^ 

in the year, hut i: was considered 


V,'nr'rl.i : Hp inrfliirins.’ huci * AfN-r tas ’On sbon-L-nn buiinr-sa. 
\iO. .Cl. me itld.iiaud. iUe oust arnved a , atlpr jatnns L-redi; for 

prudeni to provide for an under- nos* continued io ^row s’eadi.y. ;o c lum-m of r.-lcast- ^u- 

wr; - ms loss lr the I K. new life business ro^e io ibc <.hans« «*» thn •-«!*»•• or im-.-pi.on 

The AuMrelian nrcoun 
dcrernraced markedly from 
breakeven pnviton io a 

£1 ftem. This resulf. however, con- premiums Mr. Peet says that 

lr the l r.. new hie nusmess ro^e w me change m tnn -mii> or im-.-pi.on 
il a! r o bv more :ll.-.Q 30 per cent com- method for lalvulatin: Uj'- pm vision fur 
mm a pared with the first ha; f of JF>77 V™^i 5r ^ IJ,us a: 

In;' of it, -epch a record £l«.7m in new L ^ , 

See Lex 

Provincial Ins. down at halfway 

AN VNPER’VTUTTNG loss of been fn"n*v»ij by a substantial same period in 1977 New sums 
SS^i.fKKi at the half-year stage, imorovenicnt in the second assured totalled £20.2 m com- 
a gainst ?. corresponding profit of quarter. Total reserves at the end pared with £18.8m. 

£.'72.o*)P. resulted m pre-tax of .Jur.e amounted to £4b lm com- The interim divrdend is fi.STllp 
rrofits of Provincial Insurance pared with £3oSm at the end of net— equal to 9.S076p (S.916pi 
falling m £1.7m from £3m m the December and the solvency gross, 
first half of 1977. Investment margin O'.er Ihc period improved 
income was marginally higher at to fifi.5 per cent from 60.5 per 
£2 9m compared with £2.Sm and cent. 

there was a small contribution nf The coranany reports buoy 


£33.fjnn profit from life busmen. 

Tax 2ml minorities accounted for p |! *975 \ew annua! premiums 
£. il.OOh comoared with .Mm so advanced b.- nearly 70 per cent 
That tne.-e wa< a nei profii over tfJ £413,(100 * from £243.000. while 
the period of — JIO.UW compared sm2 ; e premiums were 75 per cent 
witn £l-.'»ci. higher at £i.07m against £*513.000. 

The disappointing underwriting Single premiums 
results reflect an extreme 1 :-' diffi 

cult first, quarter. But it has pared wg-Ji only £$7,000 in 

’ ^ Malayan Cables 

uoyant ^ 

Group operating profits at Legal and General are £lm higher at 
the half-way stage despite an underwriting loss of £3.6m. 
Interim profits at Tootal are 9 per cent reflecting poor exports 
(UK are a third lower) due to Nigerian hnporr restrictions and 
some tailing off in Middle East spending. Feseco Minseps has 
been finding the trading climate over the past five years or so 
increasingly tougher and there are no signs that the trend has 
been broken this year with first-half profits only T per cent 
higher. Elsewhere. Alpine Holdings has shown strong recovery 
now that it has cleared the decks of the loss-making activities 
and cnuld be heading for full year profits in the region of £l.8m. 
Growth at Campari, however, has slowed considerably with 
profits only 7 per cent higher on the year against a gain of S5 
per cent last year. 

Thomson T-Line £119,817 
deficit in first half 

arising from the group's Indus- some scope for improving 
zriz.1 window activity which has margins- At 77j? the share.-? yield 
been discontinued. a prospective 6-6 per cent and a suffered 2. i-? 

Profit for the full 197T-7S year nrice earmnes ratio (fully Lured .1 
was £939.000 (close io the group's of around JO. 
peak of £956.000 in the 1972-73 
yea") and the directors then said ti . 

That with ;he benefit of a con- P^fotltS jflSG 

last time. 

At opera! ic? ievei. ir.e err. up 
? pi bfb»i rn;::;-. 
compared '•* IM? a :ro2t of 1 
rinccits. ard Bp\i- sa:i :pj;r 

although iarsvr qur iilirTc: 

tributior. from Dolphin they 
looked forward to a significant . . \ 

improvement in profits, in the 3l /VSDlO - 

current year. They now reaffirm r T 

3 p sh» re are Nicholas 

trebled from I.03p to 3.16p and ,\spr«->irholas. a 
;a reduce disparity the interim Nicholas International, increased 

products t-'om :Ls b’.' mmuT. 
quarry in Indonesia v.crp -^'e. 
lower prices reauite-i :n a : 05.- j*. 
tins level. 

Further v eakemne n'. 5 

dollar caused ;*n io?- - r . 
4UH.fl!JD ringgits. v.-b;> the .niere-t 
burden continued it a b:?h level 
>4s pr«-N irh ola5. a subsidiary oj the directors state. 

’noV ,H4 : r. \ 0 tb? 

life business the first half |jy j|Qg^ 

of major orders 

Finance Trust 

Hghlights of the year ended 30th April 1978 

* Record surplus of £612.675 before taxation. 

* Increased total dividend of 3.5p net per share 

* Acquismon of a bsrJdng company tniich offers a fcS 
range of banking facilities. 

* FoRRadon of nevr factoring company, 

Manson Factors Limited 

* "The substantial demand for the Group's services has 

been sustained into the present financial -. r esr 

and we can look forward with 
I confidence to a year of continued 

Copies of the Report and Accounts can 
be obtained from the Secretary. 

101/103 Great Portland Street London Wl 



at Modern 

3 435 











S-?57 il4W 

3C 754 


<■-? Z.TIS 

DUE SLAINLY lo ‘ the continued Net asset value per 25p share 
recession in the touring cararan at half-time reached 13I.7p 
industry. Thomson T-Line Cara- (S3.Sp) and eamimrs came out at 
Tans reports a pre-tax loss of 2.ilp (2.04pj. The net interim 
£119^17 for the first half of 1978 dividend is raised to 2. Ip {2p‘ — 
compared with a £58365 profit last the second interim last time was 
nn annmtv M ^=. v »n Cables Berfaad. the 53- time. External sales were down 2.1So. 

bl! «; n «c >u m ned to •TM DOU com- pe f "i 11 “W.*"? of Bntish ln ' sIi - ht, y from £2.18m to £2.i2m. 
bj,.ne-? jumped to .,.W.WU com- , u laied Callenders Cables. The directors say lhal ibe reces- 

ine suffered a setback in its half- sion necessitated a reduction in 
year results, incurring a loss of the company's work force to 
570.000 ringgits, compared with match the lower demand, and 
a pre-lax profit of nearly 2m resulted in considerable 
ringgits for the previous first hair, redundancy payments. 

The directors said the loss was For the whole of 1077 the com- 
largely due to the discontinuity pany incurred taxable losses of 
in orders Trom the company's £23.460 compared with profits of 
major customer for telephone £160.772. 

cables. However, the company There was a tax credit for the profits from £204.023 to £255.659 "? l ~~ 

was awarded a 39m ringgit con- riv months nf £72.506 against for the first half of 197S. Mr. I. V. - 

charge, reducing the Adler, chairman of Modern r Vi£n^ivn»' irvaic* ta»ne «* 

**?• chaise is £4. 13m (£3. 17m). 

£cro Attributable profit amounted to 

c-“ amv.iftfr- 
Dc=K 2 Slafcsa .. 

I*7:a!D Jnp 
Dueact. artnr^-— 
Prafii before tn .. 

cr-?:. aniTn.-ci— 
Kii aiitt ... 


Preamlins .... 
CCiTa: air;:r. .. 
Six-! i! .. 

Purir.:. iTtaW— 
irduftL wi^son 


Nr 7r £ r . 

SxsxTrt. ... 

Reporting an Increase m pre-tax v—^iaDie'” 3 

7.3*8 1432S £3 04 m against £l.S2m after 
extra ordinarj' debits of £69219 
(£305,503) and minorities. 









P & O offshoot 
slips deeper 
in the red 

under arbitration. 



Mr. Alfred J Dale. cha«r?r.2r o! 
Longton Transport (Holdings) 
told the ACM that the firs: few 
monlhs of the current yesr rad 
started we!). All d.tision- of ire 
group had shown imp* rived 
Rnris Kniith^icr Atln Rerhad. results in -he first Q'-iltet 

tract by the Malaysian telecom- £30.6K2 
munication« department 
August, and second-half results 
should reflect a steady impre 
ment m profits, the du-ectors 

£25,436— last 

53 « heavy losses, arising from poor able m improve on our pre-*:;: 

_ operation results, high mterest level cȣ profit'* 


year s 

Jove reaches 
£0.2m mid-year 

Net revenue of Jove Investment 
Trust amounted to £201.603 fnr 
the half year to August 31. 1978. 
This compared with an estimated 
£160.000 last time had the results 
of Kingside Investment, acquired 
in June this year, been included. 

Earned income per lOp income 
share for the first half was 1.42p 
and net asset value at halftime 

was for the last full year. »a> <--■ W c^at «hapes»:d!ne 

Lfi.ip al?o. The interim dividend is stepped « resw.-! »r «;hicn -is 

In March 1973. the company up from 0.9735p to lJITp net per 

disposed nf its interest in the 2ap share— 197/ total was 2.6955p. nr r.. 7 m ava-fabie frw. prenous raar*. Alpine Holdings 

Rincraiz Caravan site, at Elie. xhe ^M ?h * upturn in the con- «•’««« cora ct Aver Hllam Tin 

S5 stru ct i o nrndu suyw^s reflraed°hi ** U ' 3WI A.' Beckman .. 

reahSd a totaMjf fSTOSS? 6 TTie »J f «* 0I T ^take of new orders The group's principal activity. Foseco Minsep 

surplus Of £59.242 has not be« Md l ™T eas V ri - oa V ■ Ja tDouble^lazing) achieved ^rsey Electric 

. p > - 1 enemeerm- dmsion dunng the a very satisfactory contribution Jove lnvestment 

to trading in * 

incorporated in the result. 

stood at 50.4 p or 2.9p per capital dfmnnd Investment Trust for 
share. The net interim dividend the six months to July 31.. 1978, 
is. as forecast at the time of the improved from £122,236 to 
acquisition, maintained at I.7p. £126,476 on gross income of 
The total for 1977-78 was S.op. £2-53,666. against £213.874. 

engineering _ 

first half. . to trading in the period! the Legal & General im. 

The metal treatment division directors stale: profits include a Menders 

was mainly engaged on pipe coat- contribution from retail selling Startrite Eng, 

mg w‘ork and efforts are con- through Debenhams. Sales and Thomson T-Line 

tinuing acme' - ? a°d maintain installations continue at a high Throgmorton Secured 

a regular production flow. ]eve] ^ ^ current period, they Tootal int. 

Building unices is negotiating add. Sales and installations at Trenoh Mines 
revenue of Rose- with several industrial clients to Dolphin are aiso continuing at C i W. Walker 
provide their technical expertise a high level in the current period. 





Cor re- 

t o!s. 
















0 S3 


2 45 












4 46* 







4 5a 












! 7 


3 -‘ 



































o -a 














and the property development Alpine Dreamline which sells Dividends shown pence per share net except where otherwise staled 

riivicinn k Rnalicinv ihp nls nf and incfalfc firtpri hpdrnnm * Equivalent after allowin'* fnr r Iln P^nitol 

and abroad 

Redland increased earnings 
per share by 20% 
in a difficult 

year for the construction 

Progress made in all 
main product and geographic 
areas of activity. 

Major investments planned 
at home and overseas. 
Particular emphasis on 
increasing involvement in the 
United States, 

Redland-a good example of 
free enterprise working for 

division is finalising .the rale of and installs fitted bedroom 
the major remaining investment furniture is currently exoerienc- 
property. ing more buoyant trading con- 

[diTions. A second retail shop 
has been opened at Ilford ancl 
further openings are under 


The reduced share of profits 
of associated companies reflects 
the disposal of investments in 
Century Aluminium Company 
Alpinair and in July. Omaglass 
The consideration received by 
Alpine on this sale was £l2Q.onn 
ca«;h. resulting in a profit of 
£S2.QO0. included as an extra 
ordinary item. 

• comment 

Alpine has pursued a policy nf 
selling off its minority holdings, 
pulling out of loss-making 
interests. It is now concentrat- 
ing on strong wholly-owned profit 
lines, with its double-glazing side 
contributing the overwhelmin 
majority of earnings but now 
joined by Dolphin showers. The 
home improvement sector of the 
economy i$ showing considerable 
consumer spending growth and at 

5J5 p «'? r - rale sh0 "' n in rhe 

first half Alpine can look for full 
year pre-tax profits of £l£m or 
might enable a gross 
dividend of around 5p. The com- 
Pf n *‘. 13 looking for acquisitions 
m the home improvement and 
energy conservation businesses 
'■'iUi the current rate of sales 

ms:on it must be finding jt 

Equivalent after allowing for scrip issue. ^On capital 
increased by rights and 'or acquisition issues. J Increased ;o reduce 
disparity. .$ Subject to Malayian tax. 

Year ended 25 March 1 978 



XmV | 



■, • . 

23337 1 1 

Profit before tax 


• 34.16 1 

Profit attributable to Redland Ltd 

18.86 . 


Met assets employed 


147.89 1 

Return on capital employed 


2437* •! 

Earnings per ordinary share 

- 20.08p. 


Dividends per ordinary share (net) 

■ A22p 

' 3.78p 

Assets per ordinaiy share 


■ 68.07pi 


Construction materials & services in 28 countries 

TaTheSeeretaty Redland UrnitedRecflimdHDuse, I 

Relgate. Surrey RG20SJ. '• I 

Please &end me a c^yol the 1978 Redand Annua! Report , 






issue flops 

The application list for th* 
issue of £23m London Borough or 
Southwark 12} per cent redeem- 
able slock I9S7 offered at fspi 

KtaS. has cltised “***■ 


Arrangements are in hand for 
an offer for sale by tender of 
11.001 i per cent redeemable 
preference stock. 1983 by West 
Kent Hater Company. 


Ricardo and Co^ Engineers 

{1927) announces that acceptances 
have been received in respect 
of about 35.9 per cent of the 
573,375 new ordinary 25p shares 
offered by way of. rights at 2oop 
per share. The balance has been 
sold for the benefit of entitled I 

Is now the time 
to buyU.S. stocks? 
Come to a forum at 
•Merrill Lynch 

U.S. stockmarkets have recently shown 
renewed strength. But will this rally run out of ’ 
steam? And how is the continuing weakness of the 
dollar likely to affect U.S. investment prospects?. 

For the professionals’ view, come. to the nest 
Merrill Lynch forum on Thursday 5th October. Ifs 
being held at 6p.m. at the Time Life Building, 153 
New Bond Street, London Wl, and will review the 
latest U.S. investment Opportunities as well as the 
longer-term prospects for the American economy. 

All private investors with a serious interest in. . 
non-U.K. markets are welcome. You will find it 
useful, stimulating and - in the long run — hope- 
fully profitable. To reserve a place post the coupon 
today, or phone Susan Frith on 01-493 7243. 


Merrill Lynch 
Pierce Fenners Smith Ltd. 

Lmtai *1Y Fama &Smith Ltd = ‘SN-Bcod Stt«, 

placets) for me at your Vail Sum Forum 

Rcascrgsfflfv e_ 
on 5th October 1978. 

- J ^ 0 1 do not □ have U.S. equity investments at present 
Name — 

Address—- • 

Telephone: Office^. 

-Nationality , 

* .. — H ome 













Jy*M «~* -■****> 

j* - 

hi, ;N 

1 I(W . 

MU. — ^ 

\ ^FteanciaJ Times Thursday September 28 19?8 

Foseco Minsep tops £8m 
in first six months 

Campari just ahead-plan 
for scrip to boost payout 


Encreased sates of JEHMJan The i 
• wjrt profits before tax of the t 

'■ Fcseeo Afinsep rose from results, 

BBm to £8.3tira in tbe first six 
©ttw of 197S. 

. Srwip sales in all . sectors are "O t 
w* the corresponding: period \ 

- 1P77, the directors say. 

Iboupfi the level of world trade £*fl 
5 remained depressed, there has jf 1 1 
pn a modest Improvement in 
el production in many coun- 1 £1 j 
ps and this has benefited the ^f* 

Hip’s steelwork* sector kJk 

ThP 'niefaba iThm' . „„ ■ . A SCHEME to substantially boost marts. However it is prudent to ce „t to just 7 per cent, and the 

*r .h n it Sl e does « ■ any improved by 23 per cent from its payments above the statutory take a longer term, view as further shares slipped 6t> to isflo Thp 

£J 5? °^ er fi * ures te ““ ,menm «*?•«» to 1212.7S0. . level has been announced by 1 mental Investment might be new luESZLt »» JK 

.2,933 to £212,750. .level has bceri announced by internal -investment might be new investment programme orob- 

Ea mines per 2op share are Cam pan, the leisure and camping caned up. to coosohdaie the base ably clipped about n 00.000 off the 

£0.63m by 

Riven at 2.13p tl.TSp) and the equipment group. At the name strength necessary to maximise profits ficure but The main reason 
net final dividend « iA875p for time the group repons a further the financial return of the group's j 0r lhe slowdown Is that demud 
a total payment of 2p (IJW.lpi advance in taxable profit from expansion programme. for cam pin/ and hoatfne «S?n. 

costing £200.000 f £187,31)0). £lMnj to a record £2. 73nt for “In. 1978 we accomplished that merit has not been as buovant 

Over the period the nel asset 1977-7E. which we set out to dV-to move Sme sales are om» around 

value, taking prior charges at Indication that the. board was. Campari on lu a wider base of 4 » er cen , hi -hen Prasoects 

market value, rose 29.6 per cent considering such a move was given Pan European management, mar- f or u, e currenT year are much 
from I34p to • 1 72.7 p per share, at the annual meeting in N’ovem- ketinff and production. Current brighter however in «mf«. nr tha 7*7,77 ber following payment of a maxi- business is Warn and our For- wet summer A? hSme thorS 

"««*«* before m *0.154 2*720 IS? 2fln chairma^Lvs^ satisfaclory ’” ,he has been a ‘■Irons upturn in con- 

* ar „ •;■ ■■ - • isi-’fe tM.309 ^ ye . 3 . r . u 0 / • f?* 1 per 20p . Sumer spending and this will hare 

Company racehorses 

Advertising by owning a racehorse is now the most 
' up-to-date method of publicising your company - 
and adding to your enjoyment 

Tattersalls recommend you 

Take action now 

October 3-7 Tattersalls October Sales 
(for medium-priced yearlings) 
October 17-21 Tattersalls Houghton Sales 
(for higher-priced yearlings) 

* * Its 

Jn tire other hand, demand for as FORECAST, the Startrite Avatwwi' f«‘ 312:754 i£*« share at the interim stage. Sates bv the group which im- ?« imp Jet as ? soon 1 as retailers' 

ura* jsxz, x**k xs&rz..— »i £ jss . «•*** ssurL usss^jsss- **».% ,*a -«i 

encouraging. profits were ahead from £156.800 

Saramgs per share are shown to £214.440. 

S.flp against S.3p in the first Earnings per share are given as 
.* fttttl The interim dividend is 25.02p against 21 .2p end a final 

}n 4 'a • 

‘* 1 * 

r gro up s 10 unary products Engineering Group has. produced ?;S 1 * wwwd The package effectively raises P° r,s : aismhutes leisure. sloc ks are cleared Also the 1 

■SmS of^wwarW FwJ« Pre-i ax profits for the year ’SS the total diaribuiion by 7 65 per ^? pu g new Munich "Rehouse shouM 

^parwot tne worm. Progress ended June 30. 3078.- up 53 per Hu! 138.750 uuai cent ihrouch a one-Jor-IO market- were £i£»ra higher at £3 a. 02m. he i D k oos! • « 1 

tfwFwn* sector continues to cent to £632.718.- > midway, Carr.ed tnn*-ard 15.18* ZJU able «mirtat?ve tomeniUe 2p fo L. ,he ^f. "***'■ «‘ 8 ; wl!?re profits could eventualij 

aro f ro ® l _ s 1 w«f e af»«ad from £la6.800 preference share itsue on whifcb . £144J5a outstrip the TjK contribution 

ptr sharp are slinwn lo 1214.440. Ii* lit a jQp dividend p^r sharfe is ^ 148SS this Lime left not pro- < mnre than two-thirds nf trading 

, Eamingsper share are given as flFGI II 10 ^ paid annually^rom lh» ■•“5KK “ P ok 8 " 1 P^f** 5 )- The ordinary 1 ^”? 

^ \ ,S 3Sainst 21^ p ad a final U. Vili November. These new shares will .jj°£q sh oI e -v°f stand on a p'e of 9.5 ffullv 

dividend of 2.492p raises the total ^ * automatically be converted into ?:| S P SSSS^ °l iM.TSp) taKW j, whlle !h „ vic ; d a ]| 0Hin ‘ 

SttrfiwS m 9Wlp SSl/iSSS 10 a m ? xunum per - I rCnPrSl ordinary shares after three years -JSSS ainSS* Pr ° Bt for the extra income « * 3.4 pe5 

«15 of £14 32m. mlUcd «.80*p. VJvIIvl AI at the rate of one' ordinary for e m?rged at £i.68m. cent. 

Sir months A nnc-for-one scrip is also pro- A/ v - ^ every 10 preference. ■ n er . Iher LK See Lex 

JS; iEi P osed lo^^lher with an issue of 11n X:|| In addition the company*' B ma ‘“ str *,^ or deferred tax on 

. 99 ten 8t^« foi T fl in * per cent cumulative UI} XUe^OlU shares are converted inln “J* required . . It foH A TT> 1 

uwfrmit - sll? preference shares for enry 15 ordinary shares and a one-for-IO , made f ? r A KPPKlTlJin 

rest payable <*4 53b ordinary — the directors say this DESPITE A lower copper price, bonus Is be inc made on that com. deferred Tax, ihe iota] charge lo ilk* UCLi\lIIuli 

at before tax *356 7.625 will bring the issued capital up sales of Pirelli General Cable bined bolding profit should have been £909,016 

'profit : : <21 to 4? Tn J and « ivp tnwlw status. Works were up by rfi per cent from Mr. G. K. Bensch^r. the chair- Per share at ola^c K V 

Juke 4ii , The directors say i hey are no M2 91 ru to £4o.49m in the fire t man. says: -\Ve had hoped to give 1X nSiJL . JjliPO UV 

These two sales at Park Paddocks, Newmarket are 
acknowledged as Europe's leading .yearling sales. 

sed from l.SUp to 2.1 Ip — last dividend of 2.492p raises the total 
u-’s total was 4.57filp on pre-tax from 3.486p io a maximum per- 

fits of 514.32m. 

fling profit 
rest payable 

Rt before tax 

milled 2.892p. VlVilCl di 

Six months A nnc-for-one scrip is also pro- 

*25 posed together with an issue of im 4.f| TVvm 
99 ten *f%3 four £1 in * per ceat cumulative UP £Ua«yOHl 
*lS preference shares for every 15 " 

im ordinary — the directors -say this DESPITE A lower copper price. 

up £0.38m 

__ DOver 1200 yearlings 

□ Over 200 years of auctioneering experience 

If you wish to appoint a trainer or bloodstock agent 
to purchase your horse, contact: 



IferPDCe dlVHlPTKlG 
ph'iiablp or*; it. ary .. . 


'CwBpriCfi UK fax I 
pvmvaa, £2.64m i|S 

:: slips by 

The Secretarj' 
National Trainers* 
42 Portroan Square 
London W1H9FF 

or: The Secretary-General, 
Association ofBIoodstock 
Agents (GB) Ltd., 

De La Beche Old Farm, 
Aid worth, Reading, Berks: 

Tattersalls do not personally accept buying 



been made, a-, m previous years. Tax for the six months look benefit scheme. We strongly be- f d ^V ” ere *«vreased. WITH A slowdown in second half 

tax would have been-f343.ini £1.2m (£1.0Sm) and there was an lieve that our shareholders should The new Munich ware house was taxable earnings from £1 090 SO!) 

f £209.161 ) with £292.617 (£203.1251 exlraordinary debit, last time, of continue to participate in our completed and came on stream in to £950445 A, Beckman, 'fabrics 

available for distribution. Earn- £477,000. The interim absorbs growth. 1 * August this year to service the converter and merchant finished 

i"*»ner Share would have been £0.9m (nil). The amount retained -should dividend restraint come 2Z™hn,Th, k V^ i 10m f the °* e year to June SO. 197S- with 

ldjtln (13.a4p) they say.. _ _ via*. £L2fim (£1.44m). o£F during the current vpar uv Sreup ug l and fitted out new nrofit )ower at 11.825.000 aeainsl I 

Buy at TattersaOs 
buy your company horse this year 

improvement over the correspond- ways of rewarding shareholders Apart from the income boosting 8.5fip (9.35p). A net final dividend 

. ins period of 19 n. will be explored.” he adds. preference scrip, Campari's full nf 3.2lp lifLs the total, as forecast 

? t They add that provision has Looking tn the current year Mr. year announcement fails to in March, to a maximum per- 

tlexandere HoWmgs. the Ford Y £**££• a s -i S,7 n '/L = ccoraa l nce wnn we 1978-79. If on the other hand con- m rA m mpn 6 Tax tool: £953.000 (£1.021.000) 

tor distributors, made an £8m !! e , a i D June 30, l97 ®> was sa,d Hide guidelines, also showed an trols are not ended alternative * COmnient leaving earnings per lOp share at 

itafce m tbe turnover figure iftJL “EL 'mprovement over the correspond- ways of rewarding shareholders Apart from the income boosting 8.5fip (9.35p). A net final dividend 

the first half announced 12 r , lh eapilahsaUon issues, mg period of 1977. will be explored” he adds. preference scrip, Campari's full nf 3.2lp lif is the total, as forecast 

aE n tr,c ne ^ value of . lhe They add that provision has Looking tn the current year Mr. year announcement fads to in March, to a maximum per- 

Uexanders gave the turnover , - l l* r t a !!lS ordinary capital will be been made for tbe settlement Benscher says the directors ex- excite. Compared with 1976-77's mitted 4.9S P (4.459p equivalent). 
£2i. 7m but it should have been ,lp h w ‘m ,he ,n r ?f^ Pt °J Peel- with cautious optimism some 41 per cent jump, sales are only and costs £507.000 i£454.0«0>. 

r £13 7m The error was made . 3ur>P * ,0d bel " een lfl63 aaA ** r] * financial rewards (o come 12 per cent higher while profits Retained profit emerged at 

the company’s auditors, F F A^VSinOP llV - froa) lhe «■*«»» * » *nvesL- growth has slowed from 85 per £365.000 (£490,000.. . S 

irles and Co . who added up UJ - 

Act now, otherwise another year is lost on a rising 


y £13 7m. The error was made 
the company's auditors, F. F. 
irles and Co., who added up 
turnover figures of the various 
Is of the group. The figure 
one of the subsidiaries. 

TelcpJionr.-Nenmirkei |HbjM 5 Q.?l Tele\:SI" 5 v 3 lllarnmcrj 


one or the subsidiaries. For the year ended July 31. 
■xanders Contract RentaU. was 197S. Throgmorton Soured 
rectly given to the accountants Growth Trust managed by Keyser 
£2.fim. But one of the partners UlJmann Investment Management, 
‘read a note of this figure announces an increase In pre-tax 
ich another partner sent to revenue from £297.242 to £343,954 
■l Instead of £2. fen he added After deducting tax nf £131 ,2 04 

compared with £124,302 revenue 

Waring & Gillow to 
expand furniture side 

lop company 

T. xpressing satisfaction at the 
; '; r ,“'formance of the furniture 
■~ r ision of 'Waring and GUlow 
•Mhigs), Mr. Manny Cussins, 
. tinnan, says in his annual state- 
nt that this speaks for . the 
HMors policy of holding prices 
iheir most competitive and sell- 
high quality goods. 

a the latter part of March, 35 
iB carpet outlets were opened 
i are now trading under the 
ne “ Hartley Carpets.” As these 
re opened within a matter of 
before tbe end of the year 
ler review, figures were nor 
solidaied jn the accounts. Mr. 
Bins says that these new 
should make a worth- 
ile contribution to group profits 
s , ^t.’.l’the current year. 

‘ ‘ additional furniture stores will 

opened during the current year 
sites have already been 
uhred for two. The outlook for 

this division is encouraging, states 
the chairman. Sales are already 
substantially higher than in the 
corresponding period last year. 

On the clothing division Mr. 
Cussins reports thartbe recession 
in the clothing industry has not 
abated and has continued into the 
current year. As far as the manu 
fa during section is concerned, 
new methods and systems of pro- 
duction are being introduced, 
logether with new middle manage- 
ment. to cope with the changing 
conditions. - i 

As reported on August .4. jtfe- 
tas- profits for tbe year to ;-Masch 
SI, 1978. expanded from £2:7fen .to 
£S 6m. The dividend is effectively 
increased from 3.21359 p to 
3.58876p and a one-forfO scrip is 
also proposed. . 

Great Universal Stores holds 
31.44567 per cent of the compaay. 
Meeting, Sheffield, October 18. at 


[ . |pMR.| Al«M m : 

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v ’■ . - — -<■ 



ml ; - . : 

Movements In exchange rates between 31 July 1 977 
and 31 Jufy 1 978 accounted for approximately 
£300,000 of the reduction in profits before taxation. 

Jf you WOtiW like to know more about, us please write 
for a copy of our current Report and Accounts and our 
Group Brochure. .. 

Toots! limited 56 Oxford St Manchester M601HJ 

It is no coincidence that executives at 43 out of 
Britain's top 50 companies carry the American Express 
Company Card*. It is a matter of good business sense. 

Whether, travelling on business at home or abroad, 
the Card allows key executives to operate more 
efficiently onyour company’s behalf. - 

Worldwide acceptance 

They can settlebills at thousands of fine 
restaurants, hotels and travel offices aroundthe world, 
simply and in style. 

Unhampered by any specific pre-set spending 
limits, and backed by your company’s own good nam e, 
executives canhire cars^ without a deposit, purchase 
airline tickets and even cash personal sterling cheques 
in an emergency. . 

The AmericanExpress Company Card is such a 
sophisticated alternative to cash, with its worldwide 
recognition and acceptance, that executives can even 
meet unplanned expenses, such as last-minute - 
changes in travel arrangements or theimpromptu 

Simpleexpense administration 

This imbeatable flexibility and security for-the 
executive is farther enhanced by other tangible 
benefits to the company. 

Theseindude:areductionin the amount of cash 
advances; a reductioninthenumber and cost of foreign 
currency conversions: amnlification of exnenses 

• a dm i n istration for company and executive alike; an 
exclusive choice of billing arrangements, and the 
facility to settle monthly charges with a single cheque. 

The American Express Company Card Plan is 
already helping many top com pan ies and their 
executives. It can help your company just as welL 

Simply write to R. A. Harris, Manager, Company 
Cards, AmericanExpress Company, 19 Berners 
Street, London W IP 3DD, or call Ms office direct on 

American Express Cards 

for Companies •Sww.-iJte Times' 2000-2977. 

To: R.A. Harris, Manager Company Cards, American 
Express Company 19 Berners Street, London Wip 3DD 
Ishoold like to learn more about American Express Cards for 
Companies. Please contact me at the address below: 


ICJUTTALS please? 

Positio n 



I . — 

j Td.No. 

t . 



i \ 


financial T&deb Thursday September 28 1978 

\ f- 

UK side helps Manders 
to 27% rise midway 

After tax of ITfin.oart against gramme. 
fSSO.ono the net profit for the 
first half emerged 1147.000 higher 
at £781.000. 

<t UlUlt 6 TTTtflB 

TTK Pahn * Print Ink* 1 LOT SJ 1 
Overseas— Printme talc lot* U3 

Property 243 

Profits before tax 1 .M 1 1.210 

T« Tfc> 3FO 

Not profits <S 1 S 3 * 

•Ira-Judinsr royalties from overseas 

Good start by 
Norton & 

REPORTING PRE-TAX profits 27 the company in recent years, a remainder being mainly to Aus 
per cent ahead from £l.2Im to new division, to be known as the tralia and Western Europe. 

£1 34 m in tbe first six months or Victoria Machine Tool Co.. i a to Principal activities nf Ihe group 
W7S. the director* of Slander* be formed on October 1, 197S. are the production and distribu- 
( Holdings) say that the outlook The new company will he I ion of Imiery tickets, fund-raising 
for the second half appears responsible for the supply of all cards and schemes, 
favourable. For the full year they the British manufactured and low Referring to ihe Lotteries and 
expect an improvement on 10m. C p«>i plant which currently form Amusements Act 1975. the chair- 
which produced profits of £2.-win. part nf tJie Gate Machinery pro- man sjys the sroup had prepared 
%r,a ' .«■ „r rrsnnno itself for this market by develop- 

ing new products which have been 
supplied by Opax Lotteries Inter- 
national N.V., to local authorities 
on a national basis through the 
associate company. Competition 
Management Services Co. 

Commenting; on the Royal Com 
mission on Gambling. Mr. Rocklin 
says many of tbe abuses listed by 
For the first five months of the lhe R <wal Commission could be 
current year, turnover of the Prevented by adequate control 
Norton and Wricbr Grans shows and inspection at the manufactur- 
All UK trading operations have s u bslatuiaI increue on the^Sm- inff stage and. therefore, while the 
been satisfactory with the major Daral ive period last year Mr STtmP endorses the recomraenda- 
cbntnbutioD coming from £ ^ Rocklin the chairman’ tells t>on of lhe Commission that Gam- 
imprpved results in ihe decorative s h are hotders in his annual report. in S ®° ard inspectors supervise 
division. Lower oversea* income cater for the Increasing m * n uFavturers. we would wel- 

arises from a further -deterioration demand for tIw Eroup - s product ™me stringent controls by 

in the results or the operations civ.acre site has hwm oenuired the implementanon of a system 
in Austral .a. where a rtatic ' loJ^loM he KVcksia^Roa dpS that would approve and licence 
marker and depressed price levels mjscs A new fat . lory and „^ t . e manufacturers, 
arebeinc experienced. complex will be built nn this site 

,- f TJ\ e fr«m n'fiston «n n nun d Laii r ° r expcL ' te ' J completion in 1980, 
lifted from O.S216p to 0.«Up. Last lhp ^airman says. 

years tola! payment wa« 2.o423p. T • w j,h immediate exoan- 

Pians- nn additional pro'pSiy Meetm S- Leed* Octoher 19. 
manufacturer of pajnr. pnntm,. „ ome 11.000 wj ft has been 
etc ' acquired which "is also close in 

Kirkstull Road. This property 

B ipii* will he occupied and operational 

„ rJllOTT S before the end of this year 

x-sukwi.*- For the year ended March 31. 

1978. profits before tax increased announces that a further U.S. 

from EtLIS.JCJB to £941.035 on lurn- 8500.000 of the additional multi 

over of £3.36m against £2.77m. currency facility of S5m 

Gate Machinery. a member of Exports amounted to £1.09m — announced on June 3. 1078 has 
the B. Elliott Group, announces sales to Scandinavia amounted In been drawn, bringing total draw- 

that due to the rapid growth of 70 per cent at exports, the ings to date to SS.atn. 

At August 27. the Throgmorton 
Trust held 3.S per cent of Ihe 
group’s capital. 

Norton and Wright is " close." 

new division 


Philip Hill Investment Trust 

Fraser Ansbacher expansion 

■SPEAKLNG TO shareholders nf A return to full profitability The directors state they are not 
Fraser Ansbacher at yesterday's and the payment of dividends was yet able to report trading profits 
annual meeting. Sir Samuel in the forefront and must be the as they have concentrated on the 
Goldman, the chairman, said he principal objective, the chairman further expansion and devefop- 
hoped it nas now possible ro say said. Hr welcomed the interest meat of the group's asset base as 
that the process of reorganisation shown in the company by the the first priority, thereby creating 
was almost ended. M and G Unit Trust group a firm platform for future profita- 

The last stages of withdrawal through iheir purchase from bilily, 
from the boatbuilding and marina Giltspur of 6.7 per cent of Fraser As a result of this policy the 
business still had to be completed, Ansbacher shares. group's net assets at March 31. 

Sir Samuel said. The boatbuilding At the extraordinary general 1978, stood at a figure approxl- 
operations were being run down meeting which followed, share- raatoly doable that at March 31, 
and would shortly cease. holders approved the terms of 19»i. 

These were valuable assets and the agreement For the sale of They add that revaluations 
It was intended to secure a fair R. Fraser Securities to Parkraven during the current year, of pro- 

price for them. On t he basis or Investments, 
the professional advice received 
there was no reason to believe 
that further provision, beyond 
the £115.000 referred to in the 
acounts, would be necessary. "Of 
course, if it should be required 
the remaining unallocated general 
provision is available to meet it," 

Sir Samuel said. 

Amal. Stores 
assets expand 

pertics held at March 31. 1978. 
together with the effect of the 
transactions anounced on .Tuly 27, 
197S. and certain transactions 
shortly to be anounced. will 
further increase the asset base. 


directors of Associated 


The directors of Amalgamated 
Stores report a reduced loss of 
Henry Ansbacher. the bank. £17,832 for the March 31. 1978. British Engineering state that the 
was now the prime operating year, compared with £22.836 last preference dividend due Septem- 
company with a number of profit- time. Turnover was ahead from ber 30. 197S will not be paid, 
able subsidiaries. The traditional £153,974 to £273.386. The company has already 

merchant banking services would At the interim stage the com- announced the payment of six 
be expanded and new areas of pan.v turned in a £12,031 profit months’ arrears on October 19. 
activity investigated. against a £42.200 Jo**. 1978 



Ashton share offering 
enlivens market 

Beaufort Sea 

; f 


THE eagerly -awaited public flota- viously 
tion of Ashton Mining values the surface 
Ashton diamond prospect in the hectares. 

area of 



PARTIAL oil and gas production land in Australia. 2?VLJVrSrau- 
from the Dome. Petroleum wells biggest flow was from ihe Tin a 
In the deeper waters of the Beau- arra No- 2 well, ia Sou „ 
_ _ . fart See. above the Mackenzie Australia s Patchawarra forma 

a mitraents to A550.000 of explore- Delta in Canada's Northwest which recorded a rate ol 
5D tlon expenditure each in the first Territories, could begin by. 1983, barrels. a day in 19/0. .. 

— ■ “ *" spokesman tor L ' w - 


_ . Mr. 'William Richards, Dome A" apunraiuu'' «« 

Kimberley Rang es’regioa of North "The significance of these dls- . the_ btocks take^^as ^their president, told the International described^ the^oil 

about coveries lies in the very large size datum point Mount North. Ig Okm Ocean^Deveiopment Conference significant and- encoura gin g-^ He 

iSE? f£88m*V" 3 St of some of the pipes deiinea>ed, east of Derby. Three 

, . . u . . . B , „ the recovery of commercial sized porary reserves t 

shl^s a? IS' eiiSSttoSStfS? diamonds from actual, excavated allocated to companies. 

■ other tem- In TSkvo. HiTspeech wa^ made sl^gested that the structure was 

K sr„ t s t <.f th ^^ u ss= be 

Mir s&w s« 55 sk£ snap 

ssss^sssn srarss Swsasss-— « -* =5 ^ <?“ fg 

,o^« c ^r e ft's? — ! »'■> *- ^ found JSLM! S1SAS 

™, action of Aumralion Govern- SS aDd 

forrisn ’^investment’’' “iiide- t0 date weighed 1-70 carats, and totegrat«i management. Initial structures present ami in. vue !» 

ij ne = ° " was of good colour but had poor exploration Involves aerial photo- Beaufort Sea. augurswaU- tor very s ant os. which bolds a S3 per y 

The other partners in the crystal shape. , grapby. substantial future reserves. cent stake in the Streelecki ven- d . 

Astuon ven lure are the Bio Tinto- The report said that the geology i n geological terms the com- If a major ^discovery- is ^ con- lure is currently under attention 
Zinc offshoou Conzlnc Riotlnto or and structure of the Kimberleys panics stated that the areas ** • — ■ - * ' ~ 

Australia with 52.3 per cent. Tan- of Western Australia bore a selected for exploration covered 
ganvlka Holdings with S.2 per strong resemblance to similar - a north westerly extension 

as firmed this year, he said. it. because of proposals by Burma h L •. 
ed should b.e possible to carry out qu D f U.K. to sell its S*-* .{ 

Kan vma numrap «nn n.z per r,uu OB ? f step-out wells during 1979. per cent equity in the company to tl 

cent SIbeka of Belgium with 7 per stable shield blocks in Southern the palaeozic sedimentary basin development dotting: in 1980. con- a group headed by Bond Conior- F: 

cent and Northern -Mining with Africa and there was therefore at the margin of the proterozoic currently with the design of pro- a t| on Holdings. Santos is seeking j , 

s nor m»hi_ Achtnn Uinin? has “ »v»rv inirf ificai inn " to exnlore Kimberley block.” duction equipment -and f manne a court injunction to block this 

per cent, .\shton .Mining has “every justification'' to explore Kimberley block." , duction equipment -and .marine a court injunction iu uiw* 

22.4 per cent. for diamonds in kimberlite and • Paul Cheeseright writes: In transportatton systems to carry deal and claims that Burmah is m U > * 

Sharebrokers are lipping an to expect them to occur in pay- London yesterday, the market the oil and gas to market - breach or r long standing apre p " 
opening price of at Jeirr .481.00 able quantities. greeted the news of these latest Recent seismic work offshore went to seek the- approval of the HI-; 

a share, and perhaps A51.50. It could equaUy expected Australian diamond developmentB “has identified a substantial Santos board before it vanyi. 

The front cover or the pros- that the pipes would occur as with unreserved interest. lie number of structures .with great transfer its holding to a non- 

pectus carries a caution that Ash- 

i- clusters The area covered more main focus of attention was in- oil and gas potential A number Burmah related corporation- 
ton is a speculative investment than 223 ; 000 square kilometres of wltthbr on the Ashtoi n Mming ** ind^du^P of f t^iCTt size * * * 


of & 

and that tiie diamond areas are essentiaiiy"unexp!ored"and near- share issue, which drew in biwers *o contain potential, reserves in Otovron Canada. a unit 
still very much at the exploratory uninhabited country. to S ***** connected with Ashton exc&ss of 30 tnttion^ i million Standard Oil of California. Iw* 

- ™ ' million) cubic feet of jgas.” announced a natural-gas find off ■ ? , 

- ■ • IV. , I ...» TI. „ Ilnnff. Kj 

The Drosuecius <-ranta ns a . ,v:.v ; n _. .. J sign mean aa uauiu*, wuiwh, ou uauy cwuia uc “r arnica ia n,i» anu mi i; 

repon prepared 'by 3Ir R^Baxter- £ln«o™ip W ^i C Jlnnirt C attracted some small speculative 1085. he said. Gas qattmt could 54 miles offshore from Honeda.c. ji 

BSSLTKdte?- MAhSi n ESS? hu^ngas th^jam^theirnam* rise tq.l trifiion _cubic feet mjn near .Goose . was driJMe-ti: | 

diamond exploration consuitanL vtt i U K n °S ^ to the lengthening list of diamond and oil output to 900.000 barrels tested and showed gas flowing at £, 

The "report P, 1Sws n .hStSSS ho -« fu - 1 ?' -• - — ‘ +* * ?»?' “P. *«» »-5m .« tt dnily.^t. 

Whether the interest in ..the c$5bri would be needed for .tbe with 60-degree condensate ai a u • 
diamond issues will be maintained 1955 target, l nr lading drilling, rate of ahotit 30 barrels per 1m t- 

—uv.... —IM TIM.IB i> « mnn, , ■£ A c. Tki- ...«c rill M n ‘ ' ■ 

Further comparison showed the w jthout solid news is a moot production and transportation. A cu ft. This testing was don'* i'- 1 ' 

and toe targ « 4 area 10 near 'y as ,af a e point. It was noticeable in Sydney total of C*23bn woui'd be hbeded on a zone beIow _ 6.49B Ft. Further h 

ana ujb ^ Botswana where, during the bvemight that the Ashton Mining to meet the 191 

north [ 1 , 

wclljl, tf 

rrmip. L,' .1. . 
levron tJ i 

. thr ;v j; 
C Wrt h 

main diamond exploration areas s W nrtrue»>n«. 
or interest have been outlined. M ™ n ™Sg ens - 
rhe King George Province, the 

Southern Province 6 ^ ** 85 Botsw a n a where, during the Svernight^ ^th at the Ashton Mining tolneet the 1990 target. testing is being undertaken loti' 

The bulk or the current exnlora- past years, exploration had led prospectus had only a short-lived Sea transportation . is regarded evahxate other zones. 

tion programme is bein- carried !?- ^scovery of several major on the market. as the best method, including The well is about 3fi miles north 

out in the Southern Province KimbcrU, -e dusters, the report Conzinc Riotinto. the Ashton LNG systems for the gas. Dome's w«t ■ of a 1974 discovery we, I ;.-j 

east of Derby, on a prospect 8a,d ‘ venture leader moved 6p higher plans for a heavy Class 10 ice- drilled by TofaJ-Eactcaneroiip. *,• 

known as Ellendale • From Perth. Don Upscombe to ‘324p. while its London parent, breaker are active again. The Malor participants in the nhevron 

Mr. Bax ler-Brown said that the adds: The diamond rush in Rio Thito - Zinc, advanced i n technological challenge of the well - Include P«hro«mad4. 

Southern Province, which to dale Western Australia accelerated sympathy by a similar amount Beaufort Sea is not substantially national oil cwnnany CD*. ■*'« ij 

included by far the most yesterday when four associated to 246p. Northern Mining, with greater than for the North. Sea, and Gas, nwneri jw th<* Canada t 

important kimberlite discoveries, companies were granted a total of a small stake in Ashton and a Mr. Richards concluded- Devdomnem Corpora t ‘on. an n 

may be found, following more SMI sq km of temporary reserves recent record of speculative price * . * *. • Columbia Systems.Uie A me ri- 

detailed work, to separate into for exploration in the Kimberley fluctuations, went 3p higher to The potential for further dls- can gas utnity. 

several discreet kimberlite strut- region, the main area of activity. 137p. coveries of onshore oil .in * * * 

lures. A total of 18 pipes ranging In similar announcements to Prices for the Briggs companies Australia -bas received a boost Haoma Gold Alines has necn 
in size from four 10 114 hectares the Perth Stock Exchange. Siberia were Siberia Nickel lip. Hill 50 with an oil flow in a well dritted grante d a n offshore oil exti i.ora- ta; 

with a total surface area of 516 Nickel, Hill SO Uranium, Forsaylh Uranium 22p and Forsayth , South. __ Australian s - ^C ooper tionperraft 100 km northwest w|,, 

hectares had been discovered up Mineral Exploration and Light- Mineral 17p. There is no market Rasrin, reports James Forth -from Perm .Western Australia. 
to July 31. The latest pipes pre- ning Ridge Mining reported com- in lightning Ridge. : MiBorttun. led hy ! Sunto, te°enStrrd ‘ 

Limited, with Delhi International to a . seismic survey which could 

: Oil as the operator, recorded a lead to the drilling of four well* 

.. flow of 2,400 barrels of oil a day' within the 3JW0 «q km permit 

in the Strzeledo No. 3 wen. It is area and the spending of A$14.5m 

the largest daily flow recorded on over the next six years. 


Slump in Ayer Hitam profits 


Interim Results 

Estimated and unaudited group results for the half year ended 30th -Tune 1978 

6 months 

6 months 








Group Premlxim Income 
Pensions and life business 




General insurance 




THE REPEATED warnings of a 30 of M$4.9m (£t.llm> against tiguous to claims granted 

sharp drop in profits at Ajer in the preceding year Conzinc Riotinto of Australia, the 

Hitam Tin Dredging, one of the were announced. leader of tiie Ashton venture. • 

Malavsia .Mining Corporation With earnings per share down The joint venture has also 

group of companies were 10 81 cents from 269 cents, din- applied for claims south of the 
brought to realitv yesierday when dends have been cut back. A Leonard River m the Kimberleys. 

net profits lor ihe year to June Bn a ! of 90 cents (20.4p), net of At the same time Metramar is a 

Malaysian lax, was declared, member of a consortium of four 

bringing the total for 1977-7S to companies actively exploring in 

180 cents against 250 cents, net the Kimberley region. 
of Malaysian tax, in 1976-77. Metramar . has also negotiated 

For the past financial year Ayer 

H ham's No. 2 dredge has been .JSJf" 2«rfiJ2£S 
working low grade tailings. Thus ahSSSTw 

output was reduced to 1.795 
tonnes of tin concentrates from 
4.134 tonnes the previous year. 

stopping the company from gain- jSSta m 8 toe min^s 

ing the benefit of the generally 2"cinf dumpf “ vvls Put by 

higher level of metal prices. SetSmar /Si 7m? 

But a company statement {Jhite^e sUmesresSne annrSi- 

determine the grade and distri- 
L h r nf h °Rcl1r^ rnr e bution will be undertaken, 

followed by an examination of 
1 3* St methods to establish the moat 
concentrate production at 327 economic method of future bene- 
tonnes ran 92 tonnes ahead of fixation. 

the same period last year. Metramar shares were 21 n 

Tronota Mines Malaysia,, another y «terdS 
unit of the Malaysia Mining Cor- 
poration, is also paying a lower 
dividend. It has a substantial 
interest in Ayer Hitam. 

An interim for the year to next 
December of 15 cents (S.4p) net 
of Malaysian tax. was declared 
yesterday. This compares with a 

Profit & Loss Account 

Long-term profits after tax 




Underwriting loss on general 




Investment and other income 




Associated companies ^profits 











Group operating profit 

before tas 












Group Operating Profit 

attributable to shareholders 




Earnings Per Share 

based on group operating profit 






'Wote: After a release of £l-7m from 
unearned premium reserve (1977 £l-lm). 

An interim dividend of 2.2«V3p per share (1977 2-0S7p) 
is payable on 2nd January 1979. The associated tax 
credit for U.K. shareholders is i.M5p per share. 

Assurance Society Limited _ 


For n copy of the full half-yearly report please complete the | 

coupon. ■ 

To: Central Information XTnlt. I 

Legal & General Assurance Siiciory Ltd- • 

Temple Court, Li Queen V«.tnria Sc reec, JAmdon EC4X 4TP. | 

^AME.» | 

COMPANY'!! any) I 



South African gold production 
increased In August for the second 

payment of 18 cents at this time 

lasr riiviHonrie tor figures from _ tbe Chamber of 

nasTyAS" div “‘ cnds ,or sasr-sf »s« 

19 i;°{hf S s“"month s to June, “/SSS. ‘fif* 

Tronoh's net protlte vere MS5.9m ,"5' b “>' P“ f * '|J 

l£l^3m) compared with MS5.S6m .^gged ; n ^fay ^ June. Produc- 

« t i J tion for rile first eight momhs of 

Helped by higher metal prices the year at 15 Jim oz is higher 
profit on mining operations was than the 14,87m oz recorded in 
nearly doubled to MSS.l4m, but fhe same period of 1977, but the 
the share of profits from asso- output over the whole of last year 
dated companies was severely cut nas exceptionally low. 
to M$4.9m from MS 7 ,58m. 


(Provision Merchants and Importers) 

Extracts from Mr. D. W. OstenfeW’s statement 

The Company again made - progress during the past year of High Street price War and severe competition from 
ail sides; with the familiar pattern . of escalating costs and 

' "Record turnover of £40.8 'million was achieved, and the 
policy of continually updating ail our plant and machinery has 
ensured that the Company is equipped to the highest standard 
in the provisions trade. 

Pre-tax.. profits were £563,562 in the year to 31sl March 
1978 (£568,376) and a. final dividend of 3.329p per share is 
recommended, making 4.329p for -the year, the maximum 
increase allowed. 



* Up to S04u of Mortgage Valuation 
*15 year period 

3k Tailor-made repayment programme 
3k ‘Interest On!/ period avaflabie 

* Competitive rate . 

Tins is just one of the many financial services we provide 
to bothJHibfic and Private companies as well as die 
individual • ' . 

For further information contact: 


J2a Finrimry Square London EC2A IAS 

TeLOt-628 6891-4 

In London yesterday Ayer 
Hitam shares were unchanged at 
345p but Tronob shares slipped 5 
to 225 p. 


Metramar Minerals, the Sydney 
company which was a partner 
with Anglo American in the Ill- 
fated Blue Spec gold mine, has 
laid out its exploration plans in a 
circular to shareholders. This fol- 
lows recent shareholder approval 
for toe borrowing of AS25U.OOO 

As far as diamonds are con- 
cerned. Metramar noted its 
acquisition of a one third interest 
in a joint venture which has 
applied for claims and a tem- 
porary reserve in the Winning 
Pool-Kennedy Range area nf the 
Carnavnn Basin in Western 
Australia, these areas are con- 



Mr. P. A. J. Salmon has 
resigned as the Lyons* food group 
representative on the Board of 
Belhaven Brewery — in which 
Lyons has a 17 per cent stake. 

The departure of Air. Salmon 
was one of the requirements of 
ibe Department of Prices and 
Consumer Protection when it 
decided that Allied's bid for 
Lyons sbouid not he referred for 
a Monopolies Probe. Allied has 
also agreed that it will dispose of 
the Belhaven shares it acquired 
with the Lyons deal. 


Hill Samuel and Co. sold 156.000 
Co art a olds at an avpraee price or 
116.33 on behalf of discretionary 
investment clients. 

Haiiday. Simp&on and Co. sold 
2.047 Weslon-Evam Grnup at lhOp 
assented on behalf pf an associate 
who held the shares jointly with 

•* UMiT-i' '•H 

Interim Results for the sis months ended 30th June 1978 

Six months 
. unaudited io 
30th June 1978 
- £000 

-Six months:'' 

.. unaudited to 
30th. June 1977 


: Year 
- audited to 

3lst Dec. 3977 
• £000 

Salea outside the Group 




Profit before tax 

r 8,356 


" 14,316 

Profit attributable to . * , 

ordinary shareholders 




Amount of dividend 




Earnings per ordinary share' 




Dividend per ordinary share. 


1.8900p ; 

4.5761p : 



Group sales in all sectors are above the rorrespottdixig period in 1977. Although, 
the level of world trade has remained depressed, there has been a' modest 
improvement In steel production inmany countries find-tins has benefitted our - 
steelworks sector. On the other hand, demand for our foundry products reflects the 
depressed state of that industry in many parts qf the world. Progress of the Fosroc 
sector continues to be encouraging. 

Foseco Mmsep is a : ^ 

ISO companies established in 28 countries and with, sales mover lOoTcaimtrioa. 

The principal markets served are the metallurgical antLbmlding and construction industries. 
The Group provides proprietary products and services to ovarccorio production problems, 
improve quality or lower coets. ”• 


v- i 

For copies of the Interim Report . please apply to the Secret a ry , 

Foseco Mineen Limited, 36 Quern Anne's Gate, London $WIE.9AJR (QX-339 7030 



Financial limes Thursday September 28 1978 


Sea New terms for Weston-Evans 

Talbex buys 29% stake 
in Hoskins & Horton 


stake accepted by BMCT 

- Talbex Group has bought 2flJJ !5!>p. per .-diare paid for thn stake 

f ier cent of Uoskin» and Horton is below tho rccont market price 
ormcriy owned by clients of Artoc of Hoskins and Horton of around 
Rank p/iri Trust at 15Up per share. IT.Ip per share. The price was 
Talbex i.s currently in bid talks based on its net asset value, 
with Hoskins and Horton. 

fte last obst acle to Johnson Ing date {October 31, ''1977) the the sale on September 21. by two 
I firth Brown’s bid for Weston* cash balances were £150,000. family settlements of which he is 
ins. the Lancashire engineering The pre-tax profits for the year the first named trustee, of S5fi.lGi 
■■ icern. was removed yesterday to that date were JU17.D00 and ordinary shares and other small 
en Birmingham and Midland the mans Re men t accounts Tor the sales, the total number of ordinary 
juries Trust agreed to accept ten months to August si, is>78 shares in which he had an interest 
3’s offer— follow itig another indicate profits of JQQ6,00Q 1 on that day was 6,214,892 shares 

The clients of Artoc. a 
Bahamas-based hank with stmm; 
Middle East connections, bought 
their stake in Hoskins and Horton 
in February at an average price 

general CABLE 

rease in the terms. Grimshawe itself made a £38.000 (4.53 per rent). 

. JMCT controlling a 42.5 per loss In 1377. . This is the first Crest Nicholson: Mr. G. B. Fox, 

- ,t. stake and jointly owned by acquisition Grim shave has made director, has disposed of 20,000 

...Graham Ferguson Lacey and for over four years. ordinary shares. 

- Cecil McBride— both directors Birmingham Mint: Astra Indus- 

Westou— had rejected JFBV __ 'rial Group has purchased a 

■ tinal offer as too low. i* A f*r&cf*TlP further SSjDOfl shares making 

•-iiis however did not stop the liL/l iCSttlt 190,000 in ail (9^ per cent), 

going unconditional on Tries- nr . WT .l fi ^ OJ l Unltech: Me. P. A. M. Curry 

‘ whe " F® announced that COIuPlclCQ - and Mr. J. a. H. Curry, directors, 

controlled just over 52 per have exercised their options under 

t of Heston. At the «me TTte rescue programme for KCA the executive share incentive 
■e JFB increased the cash n le- International, formerly Berry scheme in relation tu BjOQO and 
at of its bid by 3,3p a shit!. Wiggins, has been completed and pp shares respectively. Mr. 

’esterday the bid was lifted by the group's chairman, Mr- Paul A G. Macp person, director, dis- 

further 3.7p making a total Bristol; has written to share- posed of 15,300 ordinary shares, 
-tease of ?p. This was enough holders to give a picture of what 1QJ5G0 oF which, he held as a 
aersuade BMCT to accept leav- the group will look like now that trustee. 

JFB with more than 95 per the loose ends have been mostly 
t of Weston. tied up. 

he new terms— valuing Weston As part of the rescue package 
almost £9-1 m — are 23 JFB Mr. Travis Ward, the independent 
res plus £17 cash lor every Texas oil man. agreed to purchase 

Tto" Sft\ hard f 0Bgi « ^ Holdings, 

p&s buss, rarus « ■sL«"ii 0 =yrs 

Weston at £6.7m. This was toraitlmSuP- the fIigh Coi,rt °° September 20 

gered under City Take-over X “roSivshatis a result and “eatings « the new Rig biwise 

Mr Ward V h i^aco uired*!?* 24 oer r The St ° ek E** 11 "®® Hating of 
, Mr. Ward has acquired a 24 per g[ Deutwil (orcviouslv susnendedi 

’ DDA ACQUIRES in , the ™ m $ n Zl or ***££ emSVR 

tcrcni rv srA T r> i2.lm. An earlier attempt by Mr. Rjghnvlse shares and convertible 
ISTERLEY MOTEL Ward to bid for all the. company ] 0 an stock issued under the 
.da International announces w *s, dropped. scheme have been granted listing, 

t contracts have been ex- addition Ward International Elections by holders of Gadek 
naed for the acquisition of the has lcnt group a further £2ni Indonesia shares to receive stocks 
criev Motel in London. The t0 pay other dobts out ° r were scaled down by a factor of 

' :el comprises nearly 50 bed- the Adrian contract. The effect approximately 0,825. 

ms, banqueting accomoda- these and other transactions Pending the despatch of certi- 
'V for 400 and extensive other ar ® reflected in a pro-forma ficates. former holders of Gadek 
lie areas including two bars, balance sheet. : . Indonesia shares who electrd to 

in a site of over one acre. This shows net borrowings of receive stock and wish to verify 
Ostcrley is conveniently. £2-2m against tangible ^ share- their precise -holdings of new 

iii i cut uai v at tin dvci at:c ui iki. _ ...m _ .... 

of 136p per share. The shares WSm* completed the 
rose quickly on speculation of a sale agreement wuh General 
bid which in the event came not Cable Corporation, which was 
from Artoc bur from its 22 per announced in July, 1978. under 
cent owned UK associate. Talbex: t* hlcn GC agreed to purchase 
Artoc and Talbex have three or from BICC ",869.003 shares of its 
four directors in common. common stock, for a consideration 

The reason for the transfer of of S1S50 P p ~ share amounting in 
the stake from Artoc to. Tallies total to $53.0711.500. 

Ls to.clcar the decks, said a spokes- BICC. plans to retain the dollar 
man for Talbex yesterday. The funds. received pending redeploy- 
eompany wished to ovoid the merit elsewhere within the group 
accusation that it was bidding a or for use in financing further 
high price for Hoskins and Horton acquisition opportunities in the 
for the benefit of the diems of UK or overseas. 

Artoc. Now TaJhrs could pro- BICC were advised by Goldman 
ceed with its bid negotiations Sachs and Co. and Mor n an 
without inhibition. The price of Grenfell and Co. 


The merger of Right wise. 

Eastern Produce 
insurance broker 


Eastern Produce, the plantations Produce director, 
group, has purchased for £750,000 Payment is to be made in two 
the- Ernest Notcutt Group, an instalments: £600.000 on comple- 
3 P proved Lloyd’s of London tion of the deal and £isn.000 12 
insurance broker, in an attempt months later. At December 31 
to balance the distribution of its 1977. the Notcutt Group showed 
UK and overseas earnings. net assets of £364.424. Net profits 

Eastern Produce, whose pre-tax before fax and minority interests 
profits in its last financial year wore £170,000. Taxable profits 
were £7.16m. said yesterday that for the current year are forecast 
the acquisition “will improve the not to be less than £220,000. 
spread of the group's interests Notcutt >?i>ec follies in mainly 
and should help to bring overall motor insurance broking. Motor 
earnings more into balance as and goods in transit insurance 
between Ihe UK and overseas." business accounted for 60 per 
Engineering companies had cent of its commission income in 
been rejected in favour of an it* last financial year, 
insurance broker because *’ insur- Mr. I. L. Mackeson -Sand bach 
ance brokers have low capital has been brought in by Eastern 
requirements and inflation proof Produce to be a director and chief 
famines." explained an Eastern executive of Notcutt. 

for 'the West End of holders funds, of around £9m. 
and Heathrow Airport. 



ms Adda. It is hoped in en- 
:e the facilities in due course. 

Right wise shares and stock are 
renup-stsd to contact the 

Bishops Stores: Mr. J. H. Brad- 
field. Mr. I. M. Bradfletd and Mr. 
R. Harvey, acting as directors of 
Bishops Stores Group ' Trustees 
have purchased 30,000 ordinary 



Ellis and Goldstein (Holdings) 

y supplyin 



rims ha we Holdings • has shares.'’ The total holdingis "now has agreed to sell to Cope Sports^ 
Aspex. a private com- 19R.9S8 shares (U.5 per cent). wear the freehold premises at *1, 
specialised 'parts Thorn Electrical Industries: Maritime Road, Stnekion-nn-Tecs. 
■*" * ComM-v has been advised by Sir together i 

equipment for 1380,000 


The net book amount of the 
assets being sold is £255.000. 

The premises in Stockton, 
originally used as a ladies’ dress 

.-.the ophthalmic )Hdxurtry--for Comps' v has been advised, by Sir together with certain items of 
•- i.000 cash. At the last account- Jules >»m. that as a result of Plant and e< 


^ - .- (-•; \ 

s r*.\ 
V./ » • 


i uw! 

\) i, 

1 • ** r •. 




Six months ended 30th June 1978 

6 months 6 months 

to 30.6.78 to 30.6.77 

(Unaudited) (Unaudited) 



u mover 







rbfit before Taxation 
stimated Taxation ... 

rofit after Taxation 

yrites SaJee Tonnage 



797393. r 


. uio 











\ v : j. 

. w > • 

ie profit for the first six months to 30th June )97b compared 
ith the same period 'of the previous year. Including land sales, 
as improved due mainly to the substantial increase in sales 
image. An important maintenance operation was carried out 
our shipping installations at Corrales, Huelva during the 
w __~^ZonitL of July which required a complete stoppage In loading 
. r almost three weeks. Our customers had been advised of 
^rr-ris operation and during the month of June took additional 
V r Viinnage to cover the requirements of their plants in July. 
T *■ ;'.msequently our shipments during July were extremely low. 
f y' : -jiich will have an adverse effect on the results of the second 

i- - Jf Df the year and it is expected that the total sales for the 
» ; "^ar will be somewhat lower than 

-- than last year. It is expected 

.-iL‘ lw 'at 197S will be a trading year similar in conditions and 
suits to last year. 

ie Company is still awaiting permission from the Spanish 
ccbange Control authorities to transfer the necessary funds 
pay the final dividend of 6 pence per share (inclusive of 
y tax credit or tax deduction) declared at the Annual 
meral Meeting on 15th June 1978 in respect o* the year 1977 
• d payable at such time and in such manner as the Directors 
- the Company may determine. The Board are still 
gotiating with the Spanish authorities but it Is hoped that 
satisfactory reply will be obtained shortly. Taking this 
nation into account your Directors have decided that it 
»uld noi lie appropriate to pay any interim dividend in 
sped of thu current ypar hut to await the final .results for 
e year before making any dividend recommendation. 

-rie procedure relative to the transfer of the mining and 
dustrial assets of -your Company to its wholly-owned Spanish 
hsidiary. Cpmpafiia Espanola de Minas de Tharsis S.A.. to 
mply with the requirements of \he Spanish mining Jaw, is 
'■w at an advanced stage and only awaits approval of the 
•anish Ministry of Finance for its final i nipt ementat ion. 
ils approval is expected in the course of the next few months. 

^ * 


";.i •' -gistered Office: 

6 West George Street, 
ri .5 asgow G2 2HF. 

■ w ‘ th September 1978. 












*mfhbafor8 taxation 



’rofit aftw taxation 



Witlings per ordinary share 



hdinaiy dhridond persharo 

- *3.8Sp 

*3.44 p 

maximum perniiltod 

a. * 

xtractsfrom cktuhttad Ststement oftfi a Chthman, tfr. Alfred J. Date 
■rofit before taxation amounted to £7,l45,6T0fartiw year compared 
rith £1^27,052. The reduction in profit before tax was, to a large 
xtmrt, caused by adverse uadfnacoriciJtiti ns in the steel stockhokfinfl 
' iKf transport industries. 

ransport Storage and Dvtributfon Otvislon -A more stable situation 
■B developed and tiadfn great a more satisfactory la wet. 

factory, have been fully Jet since 
1976 producing an annual rental 
income of £33,500. 

The net cash released by the 
sale of the properly will be used 
in the continuing development of 
E. 2nd G's business, the company 


The scheme of arrangement and 
amalgamation by which Black and 
Edgiagtoa is to acquire from S. F. 
Nash ' - Securities the Galley 
Canvait Group, was sanctioned 
by the High Court. Completion 
wJU take 'place on October 4, 

McLeod Russel gives warning 
of lower profits this year 

IT WOULD be unrealistic to think 
of profits for the current year in 
line with these of the previous Sir John Brown, chairman 


The toll#* we coniD.inii.-s hare nouf^«1 

reduction in the group s medium- 
and short-term loans lo £211.-401 
at March 23. ]‘J7S. 

Of the £20.4m. some £ are 
term covered to the 

of McLeod RnsseJ and Co, tells l " re»rs rereunw io ihr Sn»x medium - . 

shareKSer,. bu, cl«,me a.fllcu.- ‘ZJSSlH «ja" 1 of ilm by foods dapoaifed 

with overseas bankprs. Of DtP- 

Alfred Walker 
expects return 
to dividends 

ties, he still expects the group to dondcwik. unu.i3i inmcaiions an? no. — : . ,, a 

be able to earn a reasonable profit, available as « wHuiher dtvufoodK short term. £a.2ni were m me u-sj.. 

So far a< the UK Is concerned, infonm» or flnaK aim ih^ «ub-4irisinns and the remaining JEll.fim are m 
the chairman expects Buchanan's SSmT **** naiaJy : on ^ the UK. and will he continued tq 
Warehouses to have a satisfactory y roniv reduced where sppropriaie by 

year- while x ho improvement at lllM rtm,-Ab«ni”^L,n.ct. M . ancunr »*«<* propert r by refund- 
Brenchleys can be expected to be owmirei. c. t. Buhrins. Comblm-d ,n 3 rt n a longer lerin. datis. ^ 
more than maintained. eusIibIi sion-s. nouns Surgical- Dunlon. Meeting. 4. Savue now, w». 

The issue to the public in India General and Commcrctai lnvesim.-ni October 19 at 3 pm. 

unA Trvsi uciw-rji - Invvrtun. and Tnwn'i. 

Of a >6 per eefli Ulierest In MCLend Alosand.r anu-den. P. and V. Uacfolian. 

Russel (India I has been virtually wjlltam ?.lomsan 5uin.-nnarfcets. Ov.»-n 
completed ■ and with it . the owra. Rnjd>- Miwd conmiit. Rciwe 
rupeeisation or nil the group's vlctors - wbaimx* Rt ‘ p ' v 

Interests in India. Finaii— a.p v . .\mhi>r dw. rwi 

Because Of the Situation Which rtnulk-rs. Chanerh^ll. tunsolWaii'l 
has developed over ihe claim l>- Ptamxiloriik Kooiu-var indut-irr lnv»^- 
the Indian Authorities to taxation i-lXn n C ' n 1 r ,,.J.« an v n u. 

on rent jnere* ion oter a pl riod or w«w»mrawi An-an. charts 

years of McLeod Russel and Cq. shank-, sime Darby London, woodiw 
(which has not and never has had wyait 
any place ®f business in India) as imertau— 

Secretaries of certain of the future dates 

hUSf S b^iJESTK!. .?!«. ™. SS 2 

there has been a hiatus in the ^ Qrt _ » 

remittance of past profits from Eniras oli. 5 

India> and in the past 15 months Esiaies and Central inve*is On. 3 anticipates that the group will 

nothing has been received in m , Iuul „ ^ make a re-nsonahle profit— follow^ 

respect of outstanding profits it *!!«&? 

totalling an estimated £2.aSm. Rode imL'iDSitona) Ort. 17 lo? s to _f nre-tas proiit. 

In the meantime, however, i-aina 'Johm 

directors have been able to lake H 'j|L 

advantage of a number of invest- inTaii^ Industrie 
ment opportunities so that to date 
development has not been 

W S2 S period C of d steady|roS-to U in' r fh f ° r ^ f eCOnd Ihe'.'oiHery manufacturing depart- 

C ^ a lo VhK are "IS S lo %£ n E r &i "a demand for new homes 

Despite a famine of buildisg 
land and its rapidly increasing: 
price Mr. Raymond Walker, chair?- 
man or Alfred Walker and Son, 
says he looks Forward to .the 
current year with optimism. He 



forecasts a return to 

on jr time— and 
stem. ■.» dividends. 

Thmusthout the year to April 
30. 1973. economies were made 
inclndinc some staff rcd'indancies 
at head office and thr closure of 

._ .. Oli. 3 

ea r‘*lal costs due io the start of showed a stead v imBrovement 
K. ,he <'"■ «be replace- during ihe second half with the 

although, so far the subsi- niPnt „f a bmir 62 miles or faulty result that it was possible to 

nrnhnhlp ^thar^^t^Tthsiandln^ cah lT' raise prices slightly to bring them 

probable that, nonAithsiandin^ The interim dividend is again more in line with current costs 
early setbacks, crops tor the year 4p gross — the total in 1978-77 was and the rap'rilv escalating price 
may still show- an increase, says n p . of bujW lnc land, 

air John. 

The recent reduction in export 

Board sees 

Camellia Investments 
foresees improvement 

AM indication? point to Camellia realised modecj gains from the ctnphasire the extent to which tiieir^ annual' ’reportT” And thiswiii a considt 
Investments achieving increased disoosil of some of its industrinl f h e 5Toup is still dependent on be strenglhened by continuing mgs has 
net operating profits in 1978, say investments resulting from a re- the tea industry in India for the improvement in net rental inenme Belgium 

Rnrowinss were reduced hy 
£87.000. Bank overdrafts and 
loans were cut to £276.001) 
tirtft.nooi and net liquidity was up 
£73.000 (1.11m). 

- The problems that existed at 
Barretts Buildings have now been 
overcome and there is a reason- 
able prospect of this company 
to making a contribution to the 

duty has come just in time to 
dispel at least some fears that the 
distortion of markets arising from 
the level of the duty might result 
in the' best teas failing to earn . 

the premium which the group imnTOVPmPnf 
might reasonably expect . Vs V vlStv III 

- ve L ar . en d e d March 31, 4 significant contribution ... „ 

1978, profits before tax rose from improving future profitability will groups profits during 19rS-i9 
£5.7Rm to £S.42m from turnover be made from the disposal in the To offset the seasonable nature 
of £2lJ29m against £1 6,93m. p. 1S i two vears of its major Euro- antl the unpredictability of the 

Referrino to the group's major pean properties and part or the home market, a delermined and 

profit earner— tea— the chairman Australian portfolio, the directors successful effort has recentiy been 

says the results achieved serve to D ( Centrovlnrtel Estates <ay in made to establish new outlets and 

■ . ... considerable quantity of build- 

alreariy been sold in 

.... r ..... ..w.u « - - - --- — - ...... ... „ K . an ti France, says. Mr. 

the directors, and if projections appraisal of their prospects. The b “ lk . of Profits, notwithstanding both in the UK and from the Walker. 

are realised then they expect directors say they would be dis- * he increase in the level of earn- remainin' 1 overseas operations. Hobh« and Kitighl continued 

earnings per share to show &n appointed if accounts for the year * n as in Ihe UK. These sales, together with those wilh its private house buidling 

improvement. to December 31, 1978. did not dis- ,n commodities, ihe group is made in the UK. al-o resulted in a programme on sites in the South 

Since the commencement of close enhanced market values for now egU’PPed to undertake sub- considerable de-gearing for the West and obtained and executed 

the year the directors have the portfolio of investments. stantial business. There i&, how- intr-TS vear. and the directors say local authority and other contracts 

directed the major portion of new Of the trading companies they ever » some way to go . before they are now able to look to the but fell into loss. This was caused 

investments into shares of those report that the momentum of re * ult g justify the involvement. future with greater confidence mainly by the extremely inclement 

plantation companies in which, last year’s trend of increased sales . 14 Assam Trad- than they have for a number of weather conditions during last 

historically, it holds substantial and profits has been fully main- toff (Holdings) held 36.6 per cent years. winter, and the fact that the 

positions. Generally the toa Indus- tained during ihe first six months of ,he 0 , l “ ,n . a £' shares of the As reported on August 31 demand for homes has risen more 
try enjoyed a satisfactory year in of this year's operations. Pros- £™ U P. All the directors of Centrovincial finished the March slowly in this region than in the 
1977 and. although early indica- pects for philately, fine arts and McLeod Rwwel are directors of 25. 1973. year with a pre-tax deficit Midlands. Sales are now improving 
turns are that profits for 1078 antiquities remain good, so that Assam Trading. Meeting. Victoria of £234.000 compared with a which should facilitate a return 
could fall significantly below the with excellent stock levels the riouse. ^vernon L Place, W.C., £M0 000 surplus previously. Again to profit. 

levels enjoyed during the pre- company, should be able to con- 
vlpus few years, the financial tinue to benefit Accordingly, they 
strength of the companies within anticipate that trading companies 
the portfolio is such as to suggest will all show improved results, 
that they will be able to continue 
with their long term expansion 
aud maintain their position as rVU TKUotS 
leaders within the industry. The following proposed mer- 

Oetober 24 at noon. 

there is no dividend Ai V.'alfcer Homes (Coleshiii), 

Net rental income, down at planned economics have taken 
£3 7Sm t£4-3f?mi. and revenue, place and the company is now- 
before tax. development interest functioning satisfactorily, carryinsr 
and provisions, of fnto.Oon out the construction of private 

(£983000) was split as to f£000i; homes in the Midlands area and 
UK £2.687 [ £2.545 > and £1,516 the completion of other contracts 
the Jersey f r ».505): l T .S FB13 ifl.inai and in the public sector. However, with 

in the 

_ , .... . company 

tion companies in whjrh the com- Lovell (Hoidihcsi/Farrow Group: in- thfe half, yeifrt eiidpd July 2, Europe £68 flsn^V-and £13 lo<=s is now lo place emphasis on this 

pany is invested it is enjoying National Enterprise Board /a sub- J078, and have ernne close- to (£67 loss), and South Africa .£59 type of work, 

increased dividend income. stantial minority Interest in £L.17xn achieved for the previous (1441 net rental income only. Meeting. Coleshiii. Birmingham, 

Once a cain the company has Monotype Holdings. vear. . During the year there was a £6m rietober 20 at noon. 

Jersey Elec, 
in first half 

Pre-tax profits of 

trading gere are not referred to the. Electricity Co tommy increased C3S loss (£34 loss): Australia £57 the increased activity i 
results achieved by those plants- MonopWies ? Go'rtirnfcdom.— >V. ■Jr:‘sharnly“fram?^£^7444 to^X1.08m-^ £2,t4l- -f-lSO loss '££52 1 loss): private housing fleirt, the co 

45 CornbDl, ^London EC3V 3PB. Tel.: 01-623 6314. 

Index Guide as at September 21, 1978 

- Capita] Fixed Interest Portfolio ;.... 100,00 

Income Fixed Interest Portfolio ’ 100.00 

1 Royal Exchange Ave., London EC3V 3LU. Tel: 01-283 H01 
Index Guide as at September 26, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.70 

Clive Fixed Interest Income 114.31 

tael Stockholding ^ -Trading prospsctsforthacurrwvt year appear to be 
inaderabty brighter; 

nr Distributorships achieved same reel growth in sales, with increased 
■nfits particularly in the last quarter of thafiftflndal year; 

f the Annual General Meeting. the Chairman said: 

(The first fewmonths of thecurrent year have started well. 
All divisions of^ the Group have shown improved results in 
the first quarter as compared with the same period In 1S77. 
Providing we maintain aftexibieand adaptable approach 
in dealing with the problems which may confront us, I am 
confident that during the cummt year we should beeble to 
Improve on ou r present leva! of profit? J 

jples of tlie Report and A ccounts maybe obtained from Vie Secretary, 
Head Office, 473 King Street, Longlon. $toke : on-TrentST3 % £ U - 

CMG 1977/1978 







-f. .V. : 





Earnings per share 



•T- ■ i 






Copies df the report: and accounts available from 
CMG offices. 

CMG (Computor Management Group) Ltd 
Lertnig House, Masons Avenue, Croydon, 
Surrey. CRO 1 EH Tel. 01-588 2261 

I7as announcement appears as a matter of record only. 


Dravo Corporation 

Common Stock 

(Par Value 51.00 Per Share) 

Lehman Brothers Kuhn Loeb 


Bache Halsey Stuart Shields' 

. Incorporated 

The First Boston Corporation 

Donaldson, Lufkin & Jenrette 

Securities Corporation 

E. F. Hutton & Company Inc. 

Drexel Burnham Lambert 


Kidder, Peabody & Co. 

Blyth Eastman Dillon & Co. 


Goldman, Sachs & Co. 

Lazard Freres & Co. 


Loeb Rhoades, Hornblower 8s Co. 

Merrill Lynch White Weld Capital Markets Group 

McrriU Lynch, Pierce, Fenner H Smith Xnanporatcd 

Paine, Webber, Jackson & Curtis 


Warburg Paribas Becker • 

. Incorporated 

Bear, Stearns 8s Co. L. F. Rothschild, Unterberg, Towbin 

Salomon Brothers 
Wertheim & Ca, Inc. 

Smith Barney, Harris Upham & Co. 

Za corpora ted 

ABD Securities Corporation 
EuroPartners Securities Corporation 
New Court Securities Corporation 

Atlantic Capital 

Coxporaiioii- * 

Dean Witter Reynolds Inc. 
Shearson Hayden Stone Inc. 
Basle Securities Corporation 

" Robert Fleming 

In corpora ted 

SoGen-Swiss International Corporation 

Banca Gommerciale Italiana Bank Mees & Hope NY 
Banque Vetoes et Commerdale de Paris 

Banque Nationale de Paris 
Bayerische Vereinsbank 

Berliner Handels- 
und Frankfurter Bank 

County Bank 

Samuel Montagu & Co. 


Morgan Grenfell & Co.. 


Deutsche Genossenschaftsbank , 
Pictet Intemational.Ltd 

J. Henry Schroder Wagg & Co. 


Vereins- und Westbank 


September, 1978 

Etomc&l Times ’nmisday SeptemTier 28 1978 




Delta Airlines 
moves towards 


may seek 
partner for 

Strengthening the capital 


Boeing purchase protection 


NEW YORK, Sept 27. 

towards 2 decision which could 
mean orders for up to 20 of 
Boeing company’s new genera- 
tion of aircraft. Delta, United 
Airlines and American Airlines 
have all been involved in pre- 
liminary design consultations 
with Boeing, which resulted in 
July in United's launching 
order for 30 Boeing 767 aircraft 
worth S1.6bn. Since then. Delta 
has been weighing the merits 
of the twin-engined, wide-bodied 
767 against the narrow-bodied 

Mr. Robert Oppeoiaoder. 
Delta’s senior vice-president 
Finance, told the Financial 
Times today that the airline had 
also been considering Airbus 
Industrie’s A310 aircraft, but 
questions or compatibility with 
its existing fleet make orders for 
the European design unlikely. 
“Also, we don’t have the financ- 
ing requirements that some 
others do to make it attractive 
to us.” he added, in an oblique 
reference to the generous credits 
which Airbus is making avail- 
able and to Delta's very much 
stranger financial position in 
comparison with many other 
U.S. airlines. 

Although Delta is also study- 
ing the DAS 400. which is the 
sca/ed-down version of Lock- 
need's L10I1 Trijet, the airline 
is more strongly attracted by the 
significant cost savings offered 
by thi* Eoeing design. It expects 
10 make a preliminary decision 
within the next six to eight 
week? jnd a final decision eariy 
next year. Among (he engine 
alieroali'.e 5 : which would he if Deita npied for rhe 
757 would be KnSis-Royce RD-1211- 
5." a de.-:gn. which Eastern Air- 
lines end British Airways chose 

earlier this month when they 
ordered a total of 40 757s. 

Significantly, the one design 
which has not featured strongly 
in Delta's calculations i.« 
McDonnell Douglas’ proposed 
rival 10 tbe Boeing designs, the 
AJITR. Despite indications from 
the company at Britain’s Farn- 
borough Air Show earlier this 
month that it would be market- 
ing the AMTR vigorously, Mr. 
Oppenlander said today that 
McDonnell Douglas had not 
notably exerted itself in trying 
to attract the airline’s attention 
to the -AMTR. 

Delta is looking for delivery 
of new aircraft from 19S2 
onwards, and although it has a 
comparatively young fleet with 
an average age «sf only five years, 
it is seeking to replace its DC9s 
and 727-HOOs. Its interest in 
adding 163- 200-seat aircraft to 
its fleet has been quickened by 
this year’s remarkable growth in 
airline traffic, which by the end 
of July had added nearly 30 per 
cent to Delta’s revenue passen- 
ger miles and raised its average 
passenger load factor from 59.6 
per cent to 66.8 per cent. Air- 
port regulations in many parts 
of the I'.S. prevent airlines From 
adding 10 the frequency of ser- 
vices r, n high density routes, 
which leaves them with little 
alternative to employing larger 

Meanwhile, there are no indi- 
cations as to when American Air- 
lines may be revealing its pur- 
chasing plans. A strong internal 
debate is said be going on as to 
whether the airline should opt 
for 2 win- jet wide-bodied 
medium range aircraft like the 
767 or whether it should order 
Boeing's proposed wide-bodied 
tri-jet. Jae 1 i7. which has not yet 
received any launching orders. 

seriously consider a merger 
with another airline if any 
of the currently proposed 
mergers in the U.S. airline 
sector, such as the merger 
plans of Pan American and of 
National Airlines, were 
approved by the Government. 

The airline's chairman, Mr. 
Frank Borman. Indicated 

that Eastern would have to seek 
a merger partner for defensive 
reasons since it would be com- 
peting against larger and more 
powerful operators. 

He reiterated that Eastern 
anticipated its mast successful 
year yet with a strong first 
quarter next year followed by 
some weakness In the second 


Esmark -Pemcor 
Esmark said the exchange 
ratio for the previously 
announced merger of Pemcor 
into an Esmark subsidiary wiU 
be 1.1 shares of Esmark com- 
mon for each outstanding 
Pemcor share. Renters reports 
from Chicago. Pemcor holders 
will vote on the merger at a 
special meeting on Thursday. 
If approved. Esmark will issue 
about &3S6.000 common shares 
for the transaction. 

WHILE MANY of the best 
known and largest U.S. commer- 
cial banks are still awaiting an 
opportunity to raise much 
needed new equity share capital, 
many of the more successful 
and aggressive regional banks 
have in recent months been able 
to strengthen their capital bases. 

One of the most recent issues 
was from Texas Commerce 
Bancshares {TCBj a Sfibn of 
assets institution, which earlier 
this month raised $40m of new 
capital in New York. TCB, how- 
ever. is just the latest in a list 
of medium-sized (in New York 
City terms) commercial banks to 
be taking advantage of rising 
earnings and a strong share 
price performance to raise essen- 
tial capital. In. the middle of 
the year. Seafirst, holding com- 
pany for the Seattle First 
National Bank, added S37m of 
equity capital. The same path 
has been Irbdden by several 
other regional banks in the 
S3-6bo assets category- including 
for example. Rainier Bankcorp, 
another Seattle-based bank 
which raised S29m, Valley 
National Bank of Phoenix 
Arizona, which raised 819m and 
Mercantile Bank of Dallas which 
last week raised S32m. 

Tbe background of the share 
issues has been surging loan 
growth and profitability at many 
regional banks at a time when 
many of the big multi-national 
money centre banks have seen 
their domestic loan volume stag- 
nating until earlier this year 
and have bad to rely on foreign 

earnings and reductions in loan 
loss provisions for improved 

Thus, since the end of 1973 
the share prices of many 
regional banks have increased by 
40 per cent, twice that of the 
bigger money-centre banks, and 
their earnings have been rising 
by 15 to 20 per cent for the 
past two or three years. 

Such is the geographic diver- 
sity of the country that it is 
misleading to draw too many 
generalisations from a single 
example. In some ways, how- 
ever. Texas Commerce Bank- 
shares performance is a good 
indicator of what has been 
happening to the most successful 
and aggressive regional banks. 

It has had the advantage, not 
shared by most regional banks 
of being located in what has 
been a privileged region in 
economic terms. 

As Mr. Ben Love, the Bank's 
chairman points out. Texas, and 
particularly the Houston area 
where the Bank has its head- 
quarters has been a sector of 
the sunbelt which has been ex- 
periencing a boom. 

In each of the past four years, 
it has been the leading State in 
terms of new investment in plant 
and equipment. This has given 
the local economy some of the 
most up to date plant and equip- 
ment in tbe country, and given 
the local banks a broadening 
economic base of finance, in con- 
trast with a few yea rs a go when 
the oil and gas industry was the 
prime borrower. 

in addition, many of the esr from committtg itojT 
andinz corporations have been portion of H* jennies. . 

Danding corporations have been portion of Jr ? TTi n*!e entity, 
outside the top rank qf UB. com- is 10 per cent) single e^y 

outside tne top ran* q; com- is eu per d r man ds in 

paries and have had to rely on The surgin„ cred* bank's 
bank finance at a time when the State, coupled witjjLtp 
multi-billion dollar companies own expansion nave 

tn fnrea Ere th«> Time commerce Fancsnares 

have been able to forsake their Texas Commerce khwmjJ* e 
bankers and raise money in the report a 15 V e Ll e *iJfnr the 

ankers ana raise money in uie report a - ^ f 

commercial paper market earnings growth each year 
Texas has passed all States past five years. BUI in {Q 

rcepr California in terms of growth has enabled n 10 


Commerce Bancshares 

Valley Natiqnal 

1975 1976 

2.90 333 

X41 *-70 

dollar spending on construction 
and is now running New York, 
a close third in terms of retail 
sales- spending. It has a major 
agricultural sector and. of 
course, is a centre for tbe oil and 
gas industry with about one 
quarter of tLS. reserves. 

The ability of the Texas banks 
to expand wonld have been 
severely inhibited were it not for 
the Federal Bank Holding Com- 
pany Act of 1S70. This allowed 
those Texas Banks which saw tbe 
advantage to by-pass State laws 
restricting each bank to a single 
□ranch by taking over other 
hanks and using a bolding com- 
pany umbrella. Texas Commerce 
now owns 35 subsidiary banks 
and has expanded its capacity to 
write a single loan from a few 
million dollars to around SSOm. 
U.S. banking laws prevent a bank 

its equity base at only a 12 per 
cent rate while assets were 
expanding at 16 per cent over 
th? same period. The 
been that the equity .assets ratio 
this vear began to slip down to 
5.4 per cent, uncomfortably close 
to the 5 per cent which Mr. Love 
mid his colleagues consider, to be 
the floor-base. The equity issue 
raises the ratio to 6 per cent 
and leaves the Bank comfortably 
able io contemplate a -6 per 
cent growth in loans this year 
and perhaps 16 per cent next. 

Mr- Love savs that the Bonk has 
set itself a target of 15 per cent 
earnings growth into the foresee- 
able future. And it does not seem 
to worry him that one of the last 
banks publicly to set itself such 
a target was New York’s Citibank, 
at the beginning of the decade. 
Like tbe other New York banks 

and many banks . abound th 
country Citibank ionnd its hope 
frustrated by stagnating loadia 
and rising loan loss provisions. * 

Currently Texas Commerc 
Bancshares has a S3.Sbn loas 
portfolio which means that loan 
represent about 68 per cent o 
wholesale and retail deposits^ 
vear ago, this figure was 61 pe 
cent but the bank is sufficient! 
large and well known to fee abl 
to float commercial paper an* 
certificates of deposit and nns 
funds in this way as well a 
through the Federal fund 
market and it is having to d 
this in order to make up for th 
shortfall in demand and -sat 
ings deposit growth. The pro* 
lem of slackening retail depqsi 

"rowtb in relation • to Josj 
demand is one that is growing ft 
the regional banking system j. 
the U.S. Some of the sm a lie 
regional banks are having' ti 
restrict their lending. Banks, o 
the sire of Texas Commerc* 
Bancshares are nor constrielw 
bv this problem yet because h 
their access to the wholesak 
money markets. 

Analysts are suggesting, bew 
ever, that the regional banks 
costs of funds w-iH now be nr 
ing along with the sharp mcreast 
in short term interest rotes. Thi: 
means that the profits spreac 
between lending margins . ant 
the cost of funds will be sflrioJr 
inq. Therefore, loan volcmi 
"rowth is likely . to be the kr 
To higher profitability, assurnin 
banks have access to funds. 

Ba^ser Travenol 

Baxscr Travenol Laboratories 
has said It has partially com- 
pleted repatriation of earnings 
from it* Puerto Rlean sub- 
sidiaries. rp purls AP-DJ from 
Deerfield. Illinois. Assets and 
cash amounting to about 
U.S.S5Sm has been repatriated 
and additional transactions will 
he completed ou the issue of a 
Puerto Rican tax ruling in the 
last quarter. 

General Tire still lags 


NEW YORK, Sept. 27. 

AT & T outlook bright 

NEW YORK. Sept. 27. 

THIS VEAR could be “the he-! 
;.ear yet" Tor ! he American Tele- 
phone and Telegraph Company, 
according to chairman D. 
De r*u:’« 

Expenses are underrunning ex- 
pectation? whereas earning., for 
the three month? ended August 
31 were -0 per cent hiJber than 
the same period a year earlier. 
“Hopefully, we ll be able jo main- 
tain fhal level nf grow’ h for the 
remainder wf the year.” Dobutu 
Mid. hut he declined to di-cu>* 
specific earnings estimates or in 
comment on projections that per 
share earning: this year will ho 
between ?7.55 and $7.65. an in- 
crease of more than 3 per cent 
from rbe $5.97 a share earned in 

For the 12 months ended 
Aucu*i 31 AT and T earned 

SS.lbn or 67.59 a share, an in- 
rrcase of almost 15 per »cnt 
from the period a year earlier. 

Oierad volume of business is 
u? more than 10 per cent from 
a yea* ago and Iona distance 
calling volume was up 12.5 per 
cent m ’lie latest ihree-monih 

Mr. Debu’ls added that the 
Bei! System is “ doing a great job 
of cr.nfniiing expenses “ as a 
resu-t of increasing use of com- 
puter.- and new equipment that 
requires less maintenance. 

Return on equity, he pointed 
ou;. is “something over 13 per 
cent — an improvement over the 
12 3 per cent of 1977 but Jess 
than the 14 per cent to 15 per 
cent rate the company feels is 
necessary to attract investors.” 

Olinkraft merger 

Olinkraff directors are to seek 
further information about the 
Johns • Manvillf Corporation 
and the proposed offer made 
Tor 49 per cent of the out- 
standing common shares of 
Olinkraft ror. S57 per share 
with a subsequent merger, 
.AP-DJ reports from New York. 

THIRD QUARTER earnings of 
General Tire and Rubber Com- 
pany showed an Improvement on 
last year but profits at the nine- 
month stage were still below 1977 

Earnings for tbe latest three 
months edged up by almost 4 
per cent, from SfiSBrn or $1.24 a 
share S2S.4m. or SI -9 a share. 
Sales advanced by over 14.2 per 

cent from $5M.9ni to S5SSj?m- 
Total earnings for nine months 
were $85.5m. or $3.ia a share, 
against $$S.9m or S3.90 a share 
for the same period in 1977. Sales 
wen? $1.57bn.. against Sl-Sfinn 
previously. Figures for tbe latest 
nine months include a gain of 
9 cents a share on the sale of 
real estate. 


French issue 
price set 


Mexico to raise 


By Our Euromarkets Staff 

Autumn retail sales up 

NEW YORK. Scpi. 27. 


Alcan Australia Sine 1339 . 

AMEV *pc 1997 

Australia Sf pc 1992 

Australian U. & S. 9 ‘pc *92 
Barclays Bank Sine 1992 

B water Sipc 1992 

Can. N. Railway 9»pc 19S6 
Credit National Sipc 1986 .. 

Denmark Sipc 19S4 

ECS 9pc 1933 

ECS 8Jpc 1997 

E1B SJOC 1992 

E.Ui 9JPC 1989 

Ericsson 8Jpe 19S0 

Esso $pc 1956 Nor. 

Senate approval 

Senate approval has been given 
regarding the U.S. Nary's $931 m 
shipbuilding settlement wllh 
General Dynamics and Litton 
Industries. Reuter reports rrom 
Washington. Approval of ihe 
agreement followed Ihe 
Senate’s defeat or an amend- 
ment to cut the first S209m of 
the settlement from the Mili- 
tary Weapons Authorisation 
Bill. General Dynamics will 
receive S484m in settlement of 
its submarine contract, while 
Litton will receive -St47m for 
Its destroyer contract claims. 

BOLSTERED BY -good back-to- 
schoot sale!), autumn retail busi- 
ness is running ahead of last year 
but still lacks the rip that most 
executives would like lu see at 
this lime. 

One of the deterrents is 
the unusually warm September 
weather that has hindered outer- 
wear sales. Also, in the New 
York area, a prolonged news- 
paper .strike .has hurt sales, 
executives say. Though business 
in New York is ahead of a year 
ago. it would . have been bet ter 
with newspaper advertising, they 

Some executives are concerned 
that the accelerated growth of 
business through the first eight 
months of 1978 will «dow in the 
last part of the year. Sales 

increases in the last four months 
of 1977 were quite strong and 
will be increasingly difficult to 
beat as Christmas nears. 

Some retailers foresee slower 
sales increases because, though 
they still expect consumers to 
spend more money in the third 
and fourth quarters, they project 
that consumers wiil watch their 
money more closely. 

Other retailers have said they 
are reducing previous sales pro- 
jections of 5 per cent to 10 per 
cent gains for 1978 from 1877 to 
4 per cent to 8 per cent. Also 
they are making strenuous efforts 
either to reduce inventories or 
to prevent them from mere as- 

THE FFr 200m bond for the 
European Investment Bank was 
priced yesterday at 99: per cent 
to yield 9 -S3 per cent by the 
lead manager. Credit Commer- 
cial de France. 

As this is the first French 
Franc denominated bond in two 
i-cd o half years, dealers will be 
following with particular in- 
terest its performance in the 
secondary market. The next 
borrower to tap the French 
Franc market. If all goes well, is 
expected lb be a French 

In the D-Mark sector. Estel 
Hoesek-Hoopovens. the Dutch 
steel company, emerged as the 
announced hut unnamed bor- 
rower. The company is placing 
DM 50m of bonds privately for 
sevep years with 2 coupon of 
6= per ceni and priced at par. 
The lead manager is Deutsche 

The Deutsche-Mark secondary 
market ^as firm yesterday with 
prices rising by between i and 
’ in quite lively trading. The 
Deutsche Mark had a strong day 
ic the currency markets. 

The dollar remained mixed 
yesterday aEd was mirrored by 
the secondary market in straight 
dollar bonds. 

THE United Mexican States has 
given a mandate to four Japanese 
banks to raise between S550m 
and 8600m: this will be split into 
four distinct operations, three 
denominated in dollars, the 
fourth in yen. 

Sanwa and Dai Ichi Kangyo 
are to raise S3Q0ra for ten years 
on a spread of l per cent for 
the first five years, rising to 1 
per cent for the remainder. 

Sanwa is to raise a further 
i>50m for tea years on a fixed 
interest rate of per cent 
throughout. Meanwhile. the 
industrial Bank of Japan will 
arrange a 8100m loan, which 
could be increased to 8150m if 
market reeeptiun is good. The 
maturity will be three years and 
the borrower will pay a spread 
of i’ per cent throughout. 

The yen tranche, amounting to 
Y20bn (about $10Gra) will be 
arranged by .Mitsubishi: the 
borrower will pay interest of 15 
per cent over the Japanese com- 
mercial discount rate (currently 
4V phr cent) for ten years: 

The Mexicans have asked the 
lead managers to place all the 
Joans wi’b Japanese banks but 
the banks are expected to place 
part of the paper with non- 
Japanese banks. 

Meanwhile, two groups of 

Japanese banks have arrag.c* 
syndicated doiiar loans for- Jug 
bank United Bank, of Bel^rad 
and Eisam- a Darzbli eiectr 
power consortium. Bo’.o a 
scheduled to be signed this wee 

Elsam will sign an agreeme 
on Thursday for a 823m 12-y<? 
loan for an undisclosed ipteef 
rale. The 'syndicate is led I 
Mitsui Bank. ' : 

The loan to Jugobank Unit 
will be for $20vn over yea 
Terms Include -j thre-ys 
grace period, with j -pH' ‘ 
teres t rate structure. This ib 
will also be led by Mitsui Bi”. 
Robert Graham add.-; fn 

The Spanish State hold! 
company, 1NL has aeg'.'.Ti c 
cushions with a consortium 
international banks, led 
Cnemics! Bank. Io re.-irzic-- uve 
important part of Us fore 
debt. INI hopes In he a Me 
reach agreement shortly on 
njstruciuring . of a total 
A'lSfi/n worth of loans, ccclrsc 
at a time when the company ■ 
forced to accept what now s* 
to be unfavourable spreads"'' 
company also none; io be abJ* 
prolong the mirror -tv by a no? 
four years. According 
sources the - repress 

roughly one-third of the fore 
debt contracted direct! v bv l 


This announcement appears as a matter of record onfy 

O Her 

Gr. Lakes Paper Sice I9W 

Harncrsley 9: pc 199! 

ojj Hydro Ouetec 9 pc 19K ... 

£r 1CI e»pc 1937 

m ISE Canada 9*pc 195n 
j£, Macmillan Bloedcl 9pc 1992 
SJf Massey Ferenson 9l!>: '9t 

is MieheUn 9) pc 19«8 

~ Midland lnt. Fin. filpe ^ 
V-3 National Coal Bd. 5pc 1997 
«; Natl. Wesnolnsler 9pc 19SB 



rvt --.s 

WimMm ai 

Nail. Wsimnstr. Ppc 'W ‘B’ 
Newfoundland 9pc 19S9 
LI, Nordic Inv. Bank Sipc 19SS 
n r i Norccs Kom. Bk. S}oc I99C 

St Norplpc Slpc 19S3 

zzi Norsk Hydro Sipc 1M2... 

n«in 9pc 19W 

Ports Auionomcs 9oe 1991 
Prov. Ouebec 9pc 1995 ... 

Pwj, SapkalcSwn. Sloe "efi 
Heed International 9pr 1987 

RHM 9pc V9K 

Selection Trust Sjpc 1939 
Shell IntL Fin. SJpc 1990 ... 
Skand. Enskllda 9pc 199! 

SKF Ppc 1937 

Sweden tK'domi Sic*' 1997 
United Rlscrlts 9 bc 1939 
VqIto 8 pc 1987 March 




Australia 7jpc 1934 

Bell Canada 7ipc 19S7 
Br. Columbia Byd. 7Jpe "SS 
Can. Fac. 85pc 19S! , . 
Dov Chemical Spc 1956 .. 

ECS 7ioc 1982 

ECS P.'PC 1988 

EEC 7t oc 1982 * 

EEC 7»p.' 1SK4 

En»o Onixoli 8*pr 19V ... 

Corarerken 7Ipc 1982 .. . 

Encfcirtns ape IM 

8»pc 19S3 ... 

Montreal Urban 9tp(- 1981 
New Bnmswicfc 8nc 'gc; 
New Bruns. Pror. S’pc "89 
\rvr Zealand Sipc ,. 
Nordic tnv. BV Tipc 19«4... 
Norsk Hydro 7*pr 19S2 ... . 
Norway 71pc 1382 .. . 

Ontario Hydro 8pr 19S7 

Rfneer 9fpc 1982 

S. of Scot. Elec. 8!pc J9Si 
Sarwlen i Idiom / 7ioc 1982 
Swedish State Co. 7Jpc *82 

Tebncs «pc 1984 

Tcrmert) TJpc 1987 Mar - 
Volkswaseo 7»pc 1987 

s member of the 

Institute Naciona / de fndustria Group 

US $8,000,000 

Seven Year Loan 

for the partial finance of the 
construction of a soya bean crusher 
at Barcelona 

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AHhid Brtwrtw lOitK 1899 

CitleorD JOpc 1998 

Courrsulds 9 it>r 19.-9 

ETS Mpe 1999 

F.1B 9:pc IW 

Em 9ipc 1992 

Finance for Ind. 9 *dc 1557 

finance for Inrf. lflpc t9S9 

FIsphs 10*pc 1967 

ilMieincr llor 195S 

IN A lOpc 18SS . 

R own tree 1*1 pc 19S% 

8-»ars inspc 1985 

Total Oil 9|pc 1954 

managed and provided by 


Belfast ;0232) d28U & 42926 
Birmingham (021) 2?S 5077 
Bristol {G2F2J290S77 
Qasgow (041) 332 3622 

Leeds (0532) 5382a 
London (01) 659 2?2 3 
Manchester (061) 2*5 3500 

To Rob Harper. FT/9/78 

Business Communications Division, 

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Bracknell. Berkshire RG12 UU. 

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j Better conn 

j through 3M\ 

j (3M is a frade rnarfl 

Tiurocaffons HM 

r Bud Products Jjlj 


Asian Dev. Bank iijji ; 1338 

8NPE 6,'pc 293HI 

Canada 4}pc 1SS3 . ... 
Dud Norsfco Ind. Bfc. fipcTi? 
Deutwlje Bank jyvi ... 

ECS Sipc 1990 

EIB 75pc 1900 

Elf Aquitaine Mpc URis ... 
Euratara Sipc 19S7 

Finland 5»pc 1956 

Forraiarfcs 5:pc imo 

Mexico 6pc 19SS 

NPTMin 5Jpc I9?3 

Norway 4,’p c jg?- 

Norway 4«PC ms 

PK Bankcn 31pc 198<J 
Prov. Qocbce spc ia*ig 
Ran;amnkl:l .ijpc j 95a 

Snain fipc ID89 

Trondheim 5 ; pc IKs'!'!"! V.’. 
TVO Power Co Rpc 13^,. 
Vwapl* «nc 1088 
World Hank sjpn I9 <ki 


Agent Bank 


Bans of ToSyo lost ?:p C .. 
BPCE 1954 B7 I4 pc . ^ 

BiVP 19S3 S5J43C .. 

BQE Worms 10S.1 9pc 

CCF 1985 Sloe 

Chase Manhtra. "82 9 s»dc 
Crcdilansrah 1984 85x ... 

a member of the Lioyds Bank-Group 

Source: white Weld Securities. 



jhrw.-# m 

financial Times Thursday September 28 1978 



Swedish banks show 
confidence after 
promising start 



G of Sweden’s leading banks 

ty reported improvements in 
fits for the first eight months 
this year. Skandinaviska 
Idlda Banken, the country's 
;est private commercial bank, 
ects profits for the year as a 
tie to Improve by some 20 per 
L while Svenska Handels- 
. ken, the second largest 
•ate bank, is forecasting a rise 
O per cent. 

•t Skandinaviska Enskiida 
ken, earnings during the 
. lod came to SKr 487m 
)9m1. up by 17 per cent or 
- 72m on the same period last 
r. This was somewhat better 
. > the bunk had forecast 
■ier this year. 

icome has risen by 14 per 
t and costs by 12 per cent, 
udiug unrealised currency 
es. If the foreign exchange 
es are excluded, costs would 
e gone up by 1 per cent und 
tings woutd have improved 
19 per cent. 

icluding subsidiaries, the 
k's income rose by 16 per 
t to SKr J.4bn ($3Um». 
is went up by 14 per ceot to 
■ 878in (S200mi. Earnings, 
uding unrealised exchange 
es, amount to SKr 568m 
Imi. 20 per cent above, the 
d at this stage last year, 
be profit for the full year is 


4 r ,■ 

-> 1 

STOCKHOLM, Sept 27. 

forecast to increase by about 20 
per cent, which Is 5 per cent 
better than the forecast earlier 
in the year. 

Svenska Han delsban ken’s 

operating profit for tire tot eight 
months of the year amounted to 
Skr 576m which is 

SKr 150m (S32nO or 35 per cent 
above the figure lor the name 
period of 1977. The profit for the 
full year is expected to increase 
by 30 per cent compared with 

1977- .... 

■ Deposits with Handet&banken ! 
have risen by SKr 5bn or 25 per! 

cent la other banks* deposits 

went up by 19 per cent. i 

' Receipts rose by 21- per cent 
m the first eight months of this 
year, to SKr l.Obn <$228jn > and 
costs increased by 12 per cent. 

• Astra, the Swedish, 'pharma- 
ceuticals group, has - reached 
agreement in principle to sell 
some of its aun-pbannaceutieal 
activities for a total ol around 
SKr . 65m (S14.Sm), reports 

Reuter from Stockholm- In aj 
statement it said International! 
Play tex will take over tile oral ' 
and body hygiene specialist! 
Astra-Wallco, and J. L. Tiede-! 
mann Tobakksfabrikk of Oslo: 
buy Swlx Sport International, ' 
.which produces ski and leisure 

French Government loan 
raise $685m 


PARIS. Sept 27. 

3 FRENCH Government has 
.ded that the next state loan, 
to be floated in mid-October. 

be for FFrs 3bn ($685m) 

I rate of interest somewhat 
er than the 9.8 per cent 
pon attached to last July's 25- 

he authorities' current policy 
0 float a series of relatively 

II loans to finance the budget 
cit instead of the' previous 
slice of meeting its borrow- 

needs by one or two big 
es. Next month's state loan 
he third to be floated since 
spring of this year, following 
d issues of FFrs 3bo in May 

FFrs 2.5bn if) July. A 
rth tranche is expected to be 
ted in December, 
llhougb the original 1978 bud- 
deficit estimate was no more 
n FFrs 8.9bn^ the outturn is 
ly to be as much as FFrs 27bn. 

according to the latest Budget 
Ministry estimates. The Govern- 
ment is particularly anxious to 
finance as much of the deficit as 
possible through savings rather 
than the creation of money, to 
avoid a further twist to the in 
flationary spiral. 

The state loan is being floated 
at a particularly lively period on 
the domestic bond market, where 
interest rates are easing’ and 
maturities are tending to 
lengthen. Following - the 
announcement of a . 16-year 
FFrs 460m issue at 10.3 per cent 
by the RATP (the Paris passenger 
transport board) and a 20-year 
FFrs 500m loan by the Caisse 
Rationale des Autoroutes^ the 
semi-state credit institution. 

. Credit Hotelier is expected to 
float a 15-year loan for FFrs 800m 
with a coupon of 10.3 per cent at 
the beginning of October. 

inetal, losses total nearly $30m 

E IMETAL GROUP suffered 
msolidatfta loss of FFr 129m 
3.5m) for the first half of this 
r, compared with net earnings 
FFr 68n in the same period 

or Imgal alone, the holding 
jpany Belonging to the French 
«bBri)ilf group. ‘ earnings 
lined / to FFr 17.Sm from 
■ I8.3p a year ago. 
jnonj its French industrial 

PARIS, Sept. 27 

subsidiaries. Penarroya. the non 
ferrous metals concern, made a 
loss of FFr 40.6m against net 
earnings of FFr 21m, while Cie 
de Mokta. a mining company 
earned FFr 12.2m against 
FFr 11.6m. As reported, Socieie 
Metallurgique -le Nickel lost 
FFr 229m against net earnings of 
FFr 14Jbn. 


Weekly net asset value 
on September 25th. 1 978 

Tokyo Pacific Holdings N.V. 

U.S. $70.87 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $51.64 

Listed on the Amsterdam Stock Exchange 

Inform toon: Pierton. Holdrinj ft Plerwn N.V. HerenjrtKht 214. Am«e«iwn 

. •> 
r- ■** ^ 
w • • * 


1 Bond: 

1 05.79 

S L Bondi & Kwi 101.83 
S. 5 Strt. Bonds 98.73 
n.-Dollir Bonds 97.87 

19.9.78 AVERAGE YIELD 26.9.78 
105.89 DM Bonds 6.502 

IQ2.S9 HFL Bands l> Natu 8.0Q4 

99.18 U.S; 5 5trt.. Bands 8.998 

98.25 Cw. -Dollar Bonds 9.779 






Credit Lyonnais 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit. 
Maturity date 
29 September 1980 

In accordance with the provisions of the Certificates 

of Deposit notice is hereby given that (or the 

six month interest period from 28 September 1 978 to . 

28 March 1979 the Certificates will carry an Interest Rate 
ol I0?i6% per annum. 

Agent Bank ■’ 

The Chase Manhattan Bank, N.A., 

With effect from 31st October, 1978. Bankers Thist 
Company will dose its branch at 34 Grosvenor Square, 
London Wl.and transfer all accounts maintained at 
that branch to its main London office located at 
9 Queen Victoria Street. London EC4P 4DB. 
Account enquiries should be directed to 
4x. Michael Eggerdon.telephone number 101 1 235 5030.' 

-tikers Trust Company 9 Queen Victoria Street London EC4P4DB 

Sharp fall 
in Solvay 
first half 

By Our Financial Stall 

SHARPLY lower profits from 
Industrial activities are 
announced by Solvay for the 
first half of 1978. The chemical 
company which is the largest 
Industrial concern In Belgium, 

Is, however, maintaining its 
Interim dividends. 

Profits after tax from indus- 
trial activities axe a full 33 per 
cent lower at BFr 1.24hn 
<S40JSxn) compared with 
BFr L89bn, with the decline 
partly due to an increase to 
BFr 3-7 bn from BFr 3.3bn in 
the charge for repreelatlon. 
Earlier this year (in Jane) 

Solvay declared itself to be 
not particularly optimistic 
about the profits outlook for 
the current year. At the lime 
the Belgian chemical Industry 
was said to be faced with low 
growth rates and overcapacity, 
in 1977 the company returned 
an overall profit at the net 
level of BFr 2.66bn. 

Sales for the six months are 
BFr 52bn ($J.7bn) compared 
with BFr 46.7bn, while cash- 
flow emerges at BFr 5.1bn 
against BFr 5-3hn, or 1-6 per- 
centage points lower at 9.8 per 
cent of tnrnover. Interim divi- 
dends are being held at BFr 70 
net per Ordinary and “A" and 
** B " share and BFr 28 per 
“ C - share. 

Lowe crash flow and profits 
were also affected by new 
losses on Its industrial act)-, 
vltles in Belgium. 


A bitter taste for Nestle 


SWITZERLAND'S major ex- 
porters, their foreign revenues 
bruised by the inexorable rise 
of the Swiss franc, have generally 
resigned themselves to a 
currency-induced decline in both 
turnover and profits for 1978. 

The point is well illustrated by 
the experience of the country’s 
biggest concern, the Nestle 
chocolate giant, whose managing 
director Dr. Arthur Fuerer 
warned back in April that the 
I franc's exchange rale would be 
I decisive for its business outcome 
1 this year 

1 Thu prophecy is proving rill 
too well justified, since Nestle 
now expects a fall in sales and 

earnings this year due solely to 
rhe appreciation of the national 

As with virtually every other 
major Swiss undertaking, the 
monetary situation is Nestlo’s 
main headache. The group, ’some 
22.2 per cent of whose sales are 
In North America alone, has seen 

25 per cent fall \n the dollar 
! exchange rale even since Dr. 
j Fuerer held hii. April press can- 
jference. ' 

. The return on sales in terms 
of Swiss Francs has hntdlv been 
more encouraging 1,1 other 
; markets, given the extraordinary 
, upward float after trade weigh t- 
i ii\g of the Swiss currency. Nor 
|is there any domestic market to 
; speak ox. since sales m Switzer- 
I land itself account fnr only a few 
per cent of total turnover’ 

! The problems of Nestle are 

shared by other major concerns 
such as the Ciba-Geigy chemical 
group, which expects its profit 
decline, -caused by the franc's 
sirength, to be at least “toler- 
able.’* Though portly able to 
offset its income losses 'by cost 
savings, turnover during the first 
six months was, in Swiss franc 

on Nestle’s figure® last year, 
when group sales improved by 
“ only " 5.4 per cent instead of 
wbat would otherwise have been 
a massive 19 per cent for this 
reason. But this year — and the 
pattern holds good for other 
Swiss-based companies— things 
are much worse. 

Even if the Swiss franc could finally be stabilised, most 
companies will experience lower turnover and profits for 1978. 
The Stock Exchanges are already anticipating this. Since its 
February peak, the Zurich market has fallen around 19 pei 
cent; within that time. Nestle bearer shares have come down 
by over -20 per cent, while the registered shares are 13 per cent 


terms, some 12 per cent lower 
as a result of the monetary 
situation. - 

Swissair, loo. does not expect 
net profit* to match the high 1977 
level, while Union Bank of 
Switzerland said pessimistically 
in a recent survey that most com- 
panies would see lower profits 
this year. 

Without -the now apparently 
uncontrollable upswing of the 
Swiss franc, the forecast of 
Neslle's Dr. Fuerer would have 
looked very different. Sales in 
terms of local currencies con- 
tinue to progress well, so that a 
new record turnover would have 
been in* the stars, while net 
profits. .would have risen again 
after , their fall in 1977 due in 
depreciation requirements. 

The upward float uf the Swiss 
franc bad a noticeable impact 

Nestle is not. it should be 
stressed, in financial difficulties. 
It is a very prosperous and 
definitely a profitable business. 
Nor does it face the same prob- 
lems of many compatriot com- 
panies of having to sell large 
quantities on export markets at 
very poor prices. Most of 
Nestie's production facilities are 
abroad, to a large extern located 
in sales markets. 

As the half-time reports of the 
chemical companies aiso prove, 
tbc trouble is generally less in 
selling than In making up the 
accounts. Con^nlidated group 
figures were heralded when Swiss 
companies introduced them, 
perhaps ra flier iatc in the day. as 
a great step forward. Now every 
annual report needs a special 
running commentary to show how 
a multinational concern “really” 

performed and to whxt Extent its 
results are falsified by tbc 
vagaries of the foreign exchange 

It is already certain that even 
if the Swiss franc could finally 
be stabilised, the majority of 
Swiss companies will see a drop 
in turnover and profits for 
ealendar 1978. The stock 
exchanges are already anticipat- 
ing this with falling share 

As things look at present. 
Nestle is by no means the worst 
off of the big Swiss groups. The 
dividend. Dr. Fuerer said this 
week, should be maintained at 

SWFr 72 for the parent company, 
Nestle SA. for example, ft re-) 
mains to be seen whether this 
will be' the rule elsewhere. Aiso, 
Nestle is not suffering from the 
interna uonal market difficulties 
which are aggravating fbe situa- 
tion for such sectors as mach- 

Nestle, whose group sales are 
more than double those of the 
next larsest Swiss company. \s 
also the most wholly multi- 
national its considerable degree 
of freedom from difficulties in \ 
exporting from Switzerland is 1 
definitely an advantage in the ' 
eyes of most other Swiss groups, j 
Hence the considerable activity— ; 
not only on the part of the majors i 
—to build up production bases 
abroad, although the return on 1 
Investment looks rather meagre j 
once it has gone through balance- i 
sheet translation into Swiss 

France to 
lift credit 
controls on 
small banks 

By Robert Mauthner 

PARIS, Sept 27. 

M. RENE MONORY. the French 
Economics Minister, has in- 
dicated that the French 
government intends to an- 
nounce a series of measures 
• in the near future affecting the 
banking system, including 
notably the lifting of credit 
controls for 200 small banks. 

The measures will clearly not 
apply to the nationalised banks 
such as Banque National* de 
Paris. Credit Lyonnais and 
Societe Generate, nor probably 
to the big privately-owned 
banks like Credit Commercial 
de France. Banque de Paris et 
des Pays Bas tParibasj and 
Banque' de rindochinc ft de 
Suez. Bur ihe> will mark the 
first small step towards , the 
liberalisation of the banks' 
operations for several years. 

Since J972. the banks have been 
subject to strict credit expan- 
sion ceilings aimed at keeping 
down tbe Growth in the money 
supply and thus curbing infla- 
tion. This policy has been 
sharply criticised . hy the 
private bankinc sector, and 

Other measures which are a- 
peeled to be announced 
shortly include a modification 
of the privileged position .oE 
some nationalised para-bank- 
ing institutions such as the 
Credit Agricole, which is 
currently exempted from com- 
pany taxes. 

The newest member 


In 1894. the Helvetia Milk Company in ' 
Highland. Illinois introduced “Our Pet," a baby-size 
xan of evaporated milk- 

Todav, that 5$ can of milk has become Pet 
Incorporated a billion dollar family of well-known 
food arid-food service products, and the newest 
member of our IC Industries family. It s quite an 
addition, with fiscal 1978 sales of $1.1 billion and 
pre-tax earnings of S3 7.4 million. • 

6381 NKBoo 

and Specialty 

Wfflt - 



f : J Environments 


i c- i .. : 

M2 MUtton 


Re tailing 

The largest of Pets four business groups is 
Convenience and Specialty Foods. It includes 
• Downyflake and Pet-Ritz frwjen foods: Funsten 
Nuts, the world’s largest independent processor of 
tree nuts; Whitman’s Chocolates, the 136 year-old 
brand featuring the best-selling box of chorolates in 
the world, Whitman’s Sampler; Old El Paso 5 the 
country's leading brand of Mexican food. 

Laura Scudder's. the best-selling snack foods 
on the Pacific Coast, and Dentler-Facs snack foods in 
Texas: Mussel man's fruit products; Gulf Belle and 
Orleans brands, the nation’s leading processors of 
canned shrimp and oysters; Reese Finer Foods, a 
lending importer, manufacturer and distributor of ■ 
gourmet and specialty food items; and Heartland 
Cereal products. 

The Milk and Dairy Products Group, markets 
Sego diet foods: a full line of Pet fresh dairy products 
in the Southeast: and of course. Pet Evaporated Milk. 

The Store Environments and Distribution 
Services Group includes Hussmann, for years the 
world’s leader in food store refrigerated display 
equipment, and now serving nearly every segment of 
the food distribution s\ stem. And A lerchants 

Refrigerated Warehouses, offering 27 million cubic 
feetyof freezer storage in 11 major markets. 

Pet’s Specialty Retailing and Consumer Service 
Group includes 312 Stuckey s stores on the nation’s 
interstate highway system and Vendome and 905 
party centers in the West and Midwest. 

That's the Pet family. The newest member of 
the IC Industries family. This association marks the 
beginning of a significant change in the future 
direction of IC Industries. 

We've been more than a railroad for ten years. 
Now*, we’re even more. Another billion more. 

If you'd like to know about how we’ve grown, 
and how we’ re still growing, write: 1C Industries, Inc* 
European Office, 55, chemin Moise Duboule, 
CH-1209 Geneva. Switzerland. 

€ Industries 

Diversified in iivclmsiacu groups: Commercial Products, Consumer Products, Real Estate, financial Services and Transportation* 


» ■ 


i V 

i , 

! i. 

i ' 

i. ' 




Rembrandt seeks R40m 
from debenture issue 


bidding for the outstanding 42 
per cent holding in Oudemees- 
ter, its domestic liquor interest 
has arranged a R4Qm unsecured 
debenture issue. It will be 
jointly handled by Seubank and 
Vo Iks k as Merchant Bank, and 
carries an all-in rate of 11.16 per 
cent on an average life of 16 

At 60 cents cash per share for 
the 33m Oudemeester shares H 
does not own. Rembrandt is 
committed to an outlay of R20m 
and may al*o face outlays for 
its textiles subsidiary, I. L. Back. 
A further cash requirement it- 
JikeJy from the Group’s beer 
division. InlerrontinenTal 

Breweries, an unlisted company 

whose shares are being bought 
in at the same time as those of 


Speaking at the Rembrandt 
Group’:* annual meeting in Stel- 
lenbosch on September 1. Dr. 
Antor. Rupert told shareholders 
that Intercontinental, which is 
currently engaged in a El6m 
expansion scheme, is aiming for 
20 per cent of the domestic beer 
market. This move involves a 
direct assault on the long-estab- 
lished pi-sition of Sou lb African 
Ere v -cries. 

Dr. Rupert tnld shareholders 
that these plans will demand 
grout expense and investment in 
market development and capital 
prc'je’rls. Rembrandt pre- 
pared to make the funds avail- 
able. he said, but this acquisition 


of the outstanding shares in 
Oudemeestcr and Intercontinen- 
tal was imperative for the beer 
expansion strategy. 

Rembrandt’s forthcoming issue 
follows three weeks after a K40m 
unsecured debenture issue by 
SA Breweries, pitched at an all- 
in rate of 11.26 per cent, which 
attracted K50m in subscriptions 
and was at the time the largest 
issue of its kind. 

The coupon on the Rembrandt 
issue. 10 points below South 
African Breweries, confirms the 
coatinuin/r gradual decline of 
local interest rates. Money- 
market .sources believe that at 
least another FlOOm of private 
•sector borrowings is in the pipe- 
line and can be expected before 
the year end. 

Small rise in Ansett profits 


ANSETT Transport Industrie?, 
the airline, transport, travel, tele- 
vision and manufacturing group, 
lifted group profit by 6.6 per 
cent from AS17.3m to AS IS. 4m 
(US321rn) in 1977/7S. The direc- 
tors are cautious about the pros- 
pects for the current year. They 
expect that the rise in air prices 
arising from the Government’s 
recent decision to increase 
domestic oil prices will have an 
adverse impact on air travel, 
which is one of the major areas 
of operations. 

The dividend is held at 10 
cents a share and is covered by 
earnings of 25.7 cents, compared 
with 24 cents in 1976-n. The 
group result does not include 
any earnings from the recently 
acquired Avis car rental group. 
The acquisition was disputed by 
the Trade Practices Commission 
and Ansett did not succeed with 
the takeover until after the end 
of the financial year on June 30. 

The profit was earned on a 
15.S per cent increase in group 

sales, from A$440m to ASalOin 
(l\S.?5Sfim i. 

Extraordinary profits totalled 
AS5S2.00O. This was mainiy 
attributable to foreign exchange 
pains of AS312.000. In the pre- 
vious year. Ansett incurred 
foreign exchange losses of 

The directors said that there 
had been a continuing degree cf 
uncertainty and hesitancy in a 
number of areas of operation 
during the past year. This had 
resulted m'fbe achievement of 
little or none of the growth 
anticipated in these areas. Oce 
exception was air passenger 

Close attention was paid 
during the year to the control of 
aircraft capacity and other 
operating costs in an effort to 
keep airline lire rises to a mini- 
mum. the directors added. 

However, the group still had 
to increase prices by 6 per cent 
in July, and a further rise was 
now expected. 

SYDNEY. Sept. 27. 

The directors said that freight' 
express activity reflected the 
downturn experienced by manu- 
facturing industries. Trading 
conditions were difficult iQ this 
highly compctitve industry- with 
continuing increases in opera t-j 
mg costs. Price cutting in road 
freight rates was prevalent, they 

The television stations in Mel- 
bourne and Brisbane reflected , 
the slowing down of the rale ofj 
revenues growth in the tele-; 
vision industry generally. 

The group's insurance offshoot 
extended its worldwide insur- 
ance portfolio and contributed 
substantial profits, both from 
underwriting and from its in- 

The 4S.4 per cent owned 
finance company. Associated 
Securities, showed continuing 
improvement through significant 
growth in hire purchase and 
personal loan finance, and man- 
aged to record a modest, profit 

Hanimex setback but payout up 


HANIMEX Corporation, the 
international photographic and 
leisure group, suffered a 355 per 
cent slump in earnings, from 
A54.6Sin to A$3.0m <U.S.S3.4raj 
in the year to .Tune 30. but has 
raised its dividend from 6.5 cents 
to 7 cents a share. The directors 
cited a number of factors, includ- 
ing los-es from consumer elec- 
tronics activities in the U.S. and 
Australia, for the setback. 

Group sales rose 4.4 per cent 
from Ay 110m to ASllom 
lC.S.?133mj. The directors 
said that the 1977 year included 
substantial sales and profit con- 
tributions on the part of export 

sales from Japan. Hong Kong and 
Taiwan to major U.S. and 
European customers, but that 
thev were not repealed in the 
1S7S year. 

All subsidiaries suffered fmm 
disturbed market conditions, 
arising from rapid movements in 
currency values, particularly rbe 
upward movement of the yen. 
There was a temporary impact on 
in a rein? although a satisfactory 
level had since been restored. 

The manufacturing plant at 
Mich i c an. in the l' 5. was re- 
organised which created costs 
that could not lie recouped dur- 
ing the year hut allowed a basis 
for a sound future programme. 

SYDNEY, Sept. 27. 

The directors added that stocks 
were reduced during the year by 
AS4.5m. This was at a signifi- 
cant cost to the year's profit but 
would iead to improved efficiency 
and lower financial costs. 

Trading conditions were still 
difficult and currency uncertain- 
ties remained hut the board was 
confident that the problems 
identified were being overcome, 
and that active marketing plans 
now being implemented would 
assist the current year's per- 

The latest result is equivalent 
!r earnings of 17.5 cents a share, 
compared with 27.6 cents in 

Downturn at 
Life Savers 

iy Our Own Correspondent 

SYDNEY. Sept. 27. 
LIFE SAVERS < Australasia!, 
the confectionery group, suffered 
a slight downturn in earnings 
for the year to June 30 despite a 
27 per cent increase in group 
sales. The directors said there 
were a number of factors which 
constrained profit, of which ibe 
most significant was the very 
high cost of cocoa and chocolate. 

Profit dipped 3.2 per cent, from 
AS 1.79m to AS1.74m while sales 
rose from A?3n.5m to ASSS.Sm. 
The directors have nevertheless 
raised the dividend from J4 
cents a share to 15 cents. The 
result equalled earnings of 24.9 
cents a share compared with 25.7 
cents in the previous year. 

'The directors said high costs, 
the restrained level of consumer 
spending and intense competition 
narrowed the profit margins. The 
high prices for cocoa and choco- 
late also required a major in- 
crease in stocks. 

There were more favourable 
indications in regard to the funds 
required for slock in the current 
year, but in a market as volatile 
as cocoa commodities firm pre- 
dictions were difficult. 

Investment in updating plant 
and facilities in the current year 
was planned. 

Securities firms urge 
postponement of issue 

LEADING Japanese securities 
companies want the government 
to postpone the planned October 
flotation or five-year discount 
national bonds, saying that it will 
bo impossible to sell them at the 
pre-set yield of 5.711 per cent- 
according to securities sources. 

They said the companies, to 
which the bonds are to be allo- 
cated for sale to the public, will 
probably ask the Finance 
Ministry formally for a postpone- 
ment at a meeting on September 

Finance Ministry officials said 
that the Ministry bas not decided 





By Anthony Rowley 

HONG KONG, Sept. tt- 
HUTCHISON Properties, part 
of the Hutchison International 
group, and City, and Urban 
Properties, a joint venture 
between the Hongkong and 
Whampoa Dock Company and 
Tai Cheung Properties have 
suspended their merger talks, it 
was announced today. 

Based on share prices at the 
suspension of trading on 
August 23. when talks were 
first announced, a combined 
group would have had a 
market capitalisation of about 


City and Urban said that 
Union Estate company (sub- 
sidiary of Tai Cbeuugl had 
presented a petition to the 
.Supreme Court here seeking 
either to wind up City and 
Uriian or to compel Hutchison 
Whampoa to purchase the 
56.4m one-dollar shares in City 
and Urban held by Union 
Estate on behalf of Tai 

City and Urban said that it 
would oppose the petition and, 
in the circumstances, the talks 
being held between the finan- 
cial advisers to City and Urban 
and Hutchison Properties had 
been suspended “ pending 
clarification of the position.” 
Both companies have asked 
the stock Exchanges here to 
resume trading in their shares. 

Four directors or alternate 
directors of City and Urban 
who are also directors of Tai 
Cheung — Chau Tak Tai, Lam- 
son Kwok, David Pun Chan 
and Tong Tin Sun-— have re- 
signed from the City and 
Urban board. Chan has also 
resigned from the board of 
Hutchison Properties. 

Meanwhile City and Urban 
and Hutchison have decided to 
release financial information 
which, had been prepared for 
the merger discussions. 

City and Urban directors 
forecast that profits after tax 
for the calendar year 197S will 
be HKS56-3m <U.S.S12m), 
against HK$46m last year. 

Independent valuations of 
City and Urban Group Proper- 
ties as at August 31 give rise 
to a surplus over book taiues 
of HK$191m. Total net tangible 
assets of the group at that 
date, adjusted for the revalua- 
tions, amounted to HR$5 66.7m 
or HK$1.77 per share. 

Hutchison Properties said 
that profits of the group in the 
first eight months of this year 
were HKS18.6m (U-S.S3.9m). 

TOKYO. Sept. 27. 

the total volume of October 
national bond issues, or whether 
five-year discount issues will be j 
included. j 

A postponement would give | 
the Ministry time to consider j 
whether the five-year issue yield, 
which was to he unchanged for 
the whole of fiscal 1978 ending 
next March, should be increased, 
the sources added. 

Difficulties that the securities 
companies would have in dispos- 
ing of their allotments highlight 
the growing problems that the 
Government faces in placing 
national bond issues. Reutei 

Hong Kong utilities show gains 


TWO PUBLICLY quoted Hong 
Kong power utilities have 
announced improved profits per- 
formance in the first six months 
of this year, to June 30. 

Hon? Kong Electric Holdings, 
one of the two major electricity 
companies here, announced a 26 
per cent rise in pre-t3X profits to 
HK3 106m (U.S.S 22.3m) and a 40 

per cent increase in the interim 
dividend to 9 cents a share. 

Hong Kong and China Gas Com- 
pany, the monopoly supplier of 
town gas in the colony, in- j 
creased pre-tax profits by 9 per 
cent to HKS 14.9m CU.S.S 1m) at} 
the interim stage, and is paying a i 
second interim dividend of 19 
cents a share, as forecast. i 

Kansai link 

By Yoko Shibata 

TOKYO, Sept 27. 
SUMITOMO BANK, the third 
largest of the Japanese city 
banks and Kansai Sogo Bank, 
the medium-sized mutual 
savings bank, have decided to 
shelve their merger negotia- 
tions indefinitely because of 
increasing opposition from 
Kansai Sogo Bank employees. 
Kansai Sogo freczed the talks 
because it feared a deteriora- 
tion in labour relations. The 
fears were heightened by the 
approach of the bank's active- 
year-end season, according to 

The merger talks were 
initiated by the president of 
Kansai Sogo Bank. Mr. Ryusuke 
Kawada, who approached Mr. 
Ichiro Isoda. president of the 
Sumitomo Bank in Jannaiy. 
The merger plan, on an equal 
basis, was officially announced 
by the presidents of both banks 
on July 12. 

However, the Bank Union 
and the liaison committee of 
branch managers of Kansai 
Sogo Bank have fought against 
the merger, claiming that the 
hank's position did not require 

At the same time, a group of 
clients of Kansai Sogo Bank 
have formed an anti-merger 

This announcement appears as a matter of record only. July 14, 1978. 


U.S. $16,621,000 

. Project-Related Term Loan 

Kenya Fibre Corporation Limited 





Financial Times Ttursiiay September 28 % 

Currency, Money 

Dollar shows no 
clear trend 

the pound spot j forward AGMtis&y 

} Sept.27 


'rates-' PAT* 

. j inrtsd 


One masdi !*P*- ®uwoe«iij jp* 

; c.iS 

I Sulkier 
. iMr w* V 
• Danish K- 
! D-jtirk 
j Fort. E*c- 

The US. dollar recorded mixed before failing, on the dollar's rise ; 
fortunes .in yesterday’s foreign to SI 5665. it closed at SLSiGO- ; 
exchange market with trading I -9719, a fall of just 10 points, j fjeaSi ... , 
largely influenced by the U.S. On Bank of England figures the ■ *vaitsh Kr 
trade figure? for August Condi- pound's trade weighted index {Sea 
tions in the morning saw the U.S. eased slightly to 62.6 from 62-7:y««» * 
currency slightly down against on Tuesday, having stood -at 62.7 ^ 
major currencies but it had re- at noon and 62.6 in early dealings, 
covered somewhat by ^uncJatime YORK— After opening 



all, 470-518 
ii Z 27.65 27.90 
1 j 2J2AS7 

S.cZ-i.' 5 i mr-2 itfv dw —US ^rbi mM|. 

wsMLiUrtaw* A&SBSfgas 

£2«epa ...j : 1M 

! C-pm • N.IO 

412-574 jfiSirrerm ' 4.15 err pm 

.‘UfrUU ! 17-/ pro pm , k» 

___ 1 512-852 e.jra i P« I Jfcfl 

, Bristan rate is for convertible traces. ■ — 

FiS franc 63JW5.30. .J Ste-rtDrtfcfrtwaKl dOlUr UftUfen 

fi^^bow^fd&rito^Sl^n rtfehtiy lower/ the "dollar wa£: &auc ftr Sept. »f ab. 

SSc s d 0 ^ a a d Ste*iStit sa^SJ£SSfS«SS h 8 ™ "**"■ : 

in July. YVitli the market bracing fi g£ es 

iiwlf for a figure somewhere 

s?hn srnn fhp DM 15473 compared «i.,h ani 

between S2bn and $3on, Jie 1 nfi and 

announcement came as a pleasant n « D r nuUSnl 

surprise and the dollar was Turadays dose of DM i^*so, 
sharply firmer as a result How- ?‘Me the Swiss franc eased to >j stnemterJT 

the dollar spot 





One mawtfa 

m. Thwnwat . 

ever confidence in the dollar is SwFr t5010 from an opening of |can«rns- 
at such a low- ebb at the moment SwFr L4S60 and Tuesdays close - griMer 

.1 — w In, of SwFs-lJaMO. > Belgian Fr 

that any good news was likely to 


of SwFr t 

| Danish Kr 

FRANKFURT— The dollar was; D-Mark 
fixed at DM 1.9385 compared fe.®* 
with Tuesday's fi-xinR of DM i KT 

1.9336 previously. Trading ahead ! Fr 

of the U^. trade figures was ! Swedish Kr 

Austria Scb 
Swiss Fr 

• u.s. 

prompt some improvement and 
since the fundamental issues 
affecting the dollar remained un- with Tuesday’s fixing of FI 2.0990. 

nervous with some selling 
deveiopJng on expectations of a 
larger than July deficit. However, 
the improved trade figures 
prompted s tro n g gains although 
these were short lived. The 
dollar was quoted at DM 22)500 
shortly after the -announcement 
before easing back to DM L9418. ; September » 
AMSTERDAM — There does not 
appear to be any chance of a 
devaluation is the Dutch guilder, 
according to a Government 
spokesman. The authorities have 
recently raised interest rates ro an 
effort to support the guilder 
which has been languishing on or 
around its lowest permitted level 
against the Deutsche Mark within 
the European “snake." The dollar 
was fixed at FI 2.1070 compared 



cents per Canadian » 














o.Kc«Hvjw -JJfi "■■■% 

■ tn-nar W3 MMJSejh % 

■ por-3c dls -031 UUdb—na a 
i ifl9-2JH«re (Us —5.03 UMjhtA —a 

o.w-oaspt pm s** . * 

25-lCc dis ”22-53 KMDBcfix ■ -a, 

i (US-LlftHrc dht —ZIP 25PZMan!At -1 . 
BAsaJtK. dfe -«-» UM2tc Oh 
ll&siSmvem ^ 

; UT-Lthr pm ' ^-55 /.«£ 

j ysoZ-COon etn 2> 

, LIO-I.MC pm 7.41 SJJJJfcrprw- ^ 


changed, selling soon developed 
at these higher levels and it 
finished below its best. 

Against the Swiss franc, the 
dollar closed at SwFr L4960 com- 

BBLSSELS — The Belgian 
National Bank bought DM 10.4m 
at the fixing in an effort to boost 
the Belgian franc. The latter was 
fixed at BFr 15.764 in terms of the 

pared with SwFr L4S« on Tues- Deutsche Mark slightly ; above ite 
day. At one point during the did touch 

afternoon it touched SwFr 1.5030 lowest permitted pomr witiun 
after a day’s low of SwFr 1.4820. the ^iropean "snake** after the 
On the other band, the West Ger- Cento*! Banks decision to leave 
mun mark was firmer at DM L9405 tne discount and Lombard rates 
compared irith D3f 1.9482* with nnchanged at 0 per cent 
a day’s spread of DM 1 .9330-1 .9550. TOKYO— The dollar gained 

Using Morgan Guaranty figures at over the yen to dose at Y1&LS5 
noon in New York, the dollar's compared with Y1S8.625 previ- 
trade weighted average deprecia- ously. Some demand may have 
tion widened to 9.3 per cent from been prompted by recent remarks 
9-2 per cent. over a projected narrower U.S. 

sterling opened at $1.9685-14695 trade deficit for 1979 and a new 
and improved to $L97S0-t9790 export promotion policy. 

Steeling — — 

UJL doUar 

Canadian dollar — ... 
Ansman schilling ... 
Btiginn Crane ......... 

'Danish kroon 
■Demsche Mark • 


French franc — — 

Lira — 


Norwegian krone ... 


Swedish krona 




Unit of 


| September Zt 

ttwok MT NartMT 
England HHmSw 

iirtex rinwR 




1 SrcrUss 

li.S. dollar — — 

BA — (LI ' 

asaz - « ; 







! Canadian dollar — 

1 Austrian sch'JUas ~ 

79,79. - 17A . , 
iaa.99 + rrA ' 

32Z.9C + 133. ■ 



QUf + 32 




] Deutsche Marie 

HOOD + 57 J ’ 



QUS> + HI? 


9*23 - 











: Lira : 5623 - 4 «■ 

yen 153Jft + 5LT 

j Based on trade vrtshtrd tisaEsca .inr 
; Wasfitestois asreemeat December, at 

1 iBank Of Enslam todex=IW5. ■ ' ‘ \ 


Sept. -■ 

£ j 

-W K ■■ £' 

- - ; Srte Bata* 

Argentine Peso. — 
An'-rmlia Dollar.... 
Finland Markka 

l77bS5-l.70A3lb.Bc39- .rr49 Felritcn — 
7.9290-7.9370,4.0345-4.0265 Denmark. 

Bmsil C'liSiro ! 37.5Z-58.SZ I 

Gw^e l>rachma ... < 7L792-73.546! M5-RV.9B 

Hohc Koiur Dollar,, 9.54-9.37 '4.7550-4.75S0 Italy ..! 

{fSKleilV:.^..-. 1*6-141 ■ 70.45-70^65 iJspnn 1 

Kownit Dinar fK3h 0.550 0.540 0.27190-D.2721 Artberisuda 

LraeKboors Franpl 60.40-60.50 * .6B-30.60 Sormv 

Dollar....' 4.49-4.510 'Z. 2880-2.2930 Pornisnl 

10.12- 1UJ2 

Sev Zeslnnd DoQai 
Sss<ii Arabia Kiyal 
Stngsp>.ire Dollur... 
South African Rand 

1.854 1-4.863 1:0.9410-0.9455-; Spain • 442!?-147l» 

6.49-6.59 ,34215-3.3265 5wirzer<aad — 1 ZSOSJ20 

4.39-4.410 iZ.^345-Z.Z36S 'Cnlted States ;• U37 

1.7000 1.7260!D^625-0.8760 .VoCPalavB ; 39.004k& 

Rate riven for ArsenOn* is tree rsa. 


Sept. 27 • Pound Siwfcnjt C.s. Do^ar * DectacfanMarti Japanese Yen I Preach Franc; Swira Franc j Dutch GuUdarj Icaltanluxa . Canada Dollar i Balgiaa Fft 

Pound Sterling 
t'.S. Dollar 





3-8 Z 5 
















Deutsche Hark ■ 
Japanese Ten 1.000 





















Vreocfa Franc 10 

LI 63 











4.837 I 
1.411 I 

560 JO 

2697 70.16, 

0.786 1 . 20.46 

Dntch Guilder 
Italian Lira LOW 

024 1 







| 2.067 - I 
I 5.301. ! 

0.709 » 

1.818 I 




1000 . 





Canediim Dn.-iar 
Franc 130 



? 0.850 





1 3.708 

t 1 5,25 














; r.S. Dollar 

Da: at 

patch GoUder ! 

5vin Franc 

U'eR German I 
Mart | 

French Franc ( 

Italian Lin \ 

Aaian » 

■ fap aMnSt 

la'hcrt term : 

l day'. nnUcc 


Hire? mon:bc... : 
-13 month- ^.....: 
One gear .. . 

I2i 3 15S* 
13I 3 13 Si 

I 25»-Sl a 

\ 8i 2 -85« 

9=;«T 9 
i 9»,.10 

8's-9U . 

2: s *® u 


9~9~ ‘ 

7-8 ! 

8i r -«ia | 
8^8S* ) 

8*8-8 j 

. 83,-9 

23,-3 *4 


■1SI i 

3H 3j, 

• 3V3r a > 

.12-13 i 

9i--93i ; 

9^-1014 - 
1019-103* I 


26-39 ! 

22-17 , 









1 3MI, 

- Jft-sft." 

e 23, -si*: 

* 3!*At-: 

: 5W%‘ 

The fniicming somlaai rates zsere carted tor Lccdan. dollar certificates of deposit; one month 9.10-9.DQ per cent: three months 9-40-9-30 ger ««-»*; mir 
9.73431 per cert; one rear 9.S36.73. 

Long-term Eurodollar deposits: Txo rears 55-9? per cert: three years Bf-?j per cent: four years 9S-Bs per cent; See yearn 9fOi per cent nmnteal ^osSsf ni 
Short-term ra;« are call for st^riing, U^. dollars and Canadian dollars: two days call for gnfiders and Swiss francs. Asian rales arc ri dging rates in S tg p B Wri 


Belgian bank rate unchanged 

Belgium's central bank left its 
official discount and lombard 
rates at 6 per cent yesterday, 
despite the recent increase in 
short-term certificate rates and 
the rise of 1 per cent in Holland’s 
bank rate on Monday. Imme- 
diately after the announcement 
from Brussels the Belgian franc 
fell to its floor of BFr 15.763 
against the Deutsche Mark. 

The rise in Belgian Treasury 
paper earlier In the week, and” 
the move by the Dutch authori- 
ties. was widely expected to be 
followed by an increase in Bel- 
gium's official monetary rates by 
4 per cent or even 1 per cent. 
During the last week the Bel- 
gian franc and Dutch guilder hare 
been under pressure against the 
Deutsche Mark within the Euro- 
pean currency snake as a result 
of speculation that both curren- 
cies may be devalued against the 
German unit upon the formation 
of an enlarged European Mone- 
tary System. Brussels call money 
fell to Alo per cent from 5.15 per 
cent in the afternoon. Early 
money market rates had been 
sharply higher. 

NEW YORK— The Federal Re- 
serve gave assistance to the 
money market yesterday by way 


of a redeposit of funds, thus tak- 
ing money out of its Fed account 
and patting it back into the mone- 
tary system. The action should 
have put downward pressure on 
the Federal funds rate, but there 
was no sign of this in early trad- 
ing. Federal funds touched 91 per 
cent yesterday morning, and were 
generally traded around 9}-9{ per 
cent Some market sources ex- 
pected the Fed to inject further 
liquidity before lunch by way of 
repurchase orders. 

ROME— Increased demand for 
Italian Treasury bills pushed the 
yield down by 0.2 per cent to 
0.4 per cent at yesterday’s monthly 
auction. The fall was expected 
following the reduction in the 
official discount rate to 10V per 
cent from 111 per cent at the 
beginning of this month. Italian 
commercial banks were net 
buyers of bills, increasing their 
holdings to L3.813 trillion (million 
million) from L3.414 trillion. A 
total of LaL25 trillion of bills were 

Three-month bills sold for 97.45 
per cent of par value, to yield 
10.46 per cent, down from 10.S9 
per cent at the August auction. 
Six-month bills sold for 94.65 per 
cent, to yield 11.30 per cent, com- 

pared with 12.53 per cent, while 
12-month sold for 89.03 per cent, 
and the yield fell to 12-30 per 
cent from 12.53 per cent. 

PARIS — Money market rates 
were generally steady, with day- 
to-day unchanged at- 7fr per cent. 
One-month money was 7j-7ffe per 
cent, compared with 7A-7& per 
cent previously, and three-month 
was unchanged at 74-7g per cent. 
Six-month funds commanded 8 tV- 
8ft per cent, against 8J per cent, 
and 12-raonth was unchanged at 
8i-Ss per cent. 

AMSTERDAM — Call money was 
unchanged at 6J-6J per cent, but 
other rates were firmer, with one- 
month money rising to 8-S* per 
cent from 7j-75 per cent: three- 
month to 8§-9 per cent from 8-SJ 
per cent; and six-month to SJ-M 
per cent from 8-8J per cent. 

FRANKFURT— Call money was 
unchanged at 3.5-3.55 per cent: 
while one-month was quoted at 
3.60-3.65 per cent against 3.55-3.65 
per cento, three-month at 3.70-3.75 
per cent compared with 3.70-3 JSO 
per cent; six-month at 4.00-4.05 
per cent against 350-4.10 wr cent- 
and 12-month at 4.15-4 20 ‘per cent 
compared with 4.15-4J25 per cent 




Gold continued to weak! 
the London bullion market 
day and dosed at $213-215}, a? 
of 82 an ounce. The metal sha 
a firmer tendency after ops 
at $2164-217 to be fixed at $21$ 
in the rooming: However, it so 
fell away to $212-213 after the U 
trade figures announcement, ft 
, was fixed during the s£temo<m 
| $21450. Trading was steady 
| late afternoon with Bttie acttvi 
In Paris the 124 kilo bar vi i 
fixed at FFr 29.800 f $212^4 S 
ounce) compared with FFr 30$ 
(5213.88) in the morning -w 
FFr 294)80 ($213.77) on Toesd 

In Frankfurt the J 24 kiio & 
was fixed at DM13,510 per El 
i $216.i i per ounce) compaw 
with DM 13,650 ($213.77) pi 
vlously. j 

Full credit supply 

Bank of England Minimum 
Lending Rate 10 per cent 
(since June S. 1978) 

Day-to-day credit was in good 
supply in the London money 
market yesterday. and the 
authorities absorbed surplus 
funds by selling a moderate 


amount of Treasury bills to the 
discount houses. 

Banks brought forward modest 
surplus balances, and the market 
vtas also helped by a sizeable 
excess of Government disburse- 
ments over revenue payments to 
the Exchequer, and a slight fall 
in the note circulation. These 
factors outweighed a net market 

Sept. 27 Sflptti 

Ovid Bullion (a floe: - * 


Close. _.:S2t5-2t5! 

Opening S2tBi-2l7 IS217-2J7T 

Homing fixing.^..... S217. 15 ; S213.1» 

• „ -tiDa-mi :<£iTBjef 

Afternoon fixing... S2 14.60 ’SZIBJ* 

r-^ * ■ ftsmsm. ten*.*? 

Gold CmiM , titi ' "«ia 

•toToesliailjv ’**’■ 

K^qtWTsnd.. — .... S 22*|-Z2 &} 82— * 

>0W .Vjrerwjpu — S62^* 

, ^ 1J-484J tJEi-f 

■Jirt V 1 Foreign- StO-i2 

Gn« Coin* M 

take-up nf Treasury biffs. , 

Discount houses paid up to 5* : wwwtiiwmr _ . . . ^ 

per cent for secured call loans I Knwen “ d fZJ2 a« 

Late balances were found at 

por cent in places. ^stl ~ 

money was taken at Tl-8 per cenL i fJI< * ^vwejgna^,^. stQ-t2 

fn the interbank market over - 1 ™ 

night funds commanded 91-0* per Ism &*£ — - 

cent at the Start, ami W.vJ’fT SPA"* 1 " :Slt3.»68 

cent at the start and feU to R-iu 
per cent at the dose. 

55 Karin *’’ 



■a deimti 



■leprae* ■■ 

Uxal Auth^ 
ncsotia&ie , 






; iiaisi not u-e.. 



i itar< •■r 


iar- not tee.. 


33, -9:, 

9 91s 

,9 s* 

'*'te month .... 
t *•« in- 'Rite.,. 


ei s 


9ft -** 


9*j-9', : 
9^« 8f? , 


llitei m-mi l»- . 

9 -K • 

6 Sr 




"S 111-- in -nilr.. 


^•'1 9-i 
9: 5 to 


9=5 s, . 
9',-iOi, ; 

- 10»2 



10 10:; 

hr, lo-'t 
1C-, If. a 

9U l„ta 


J _ ! Dwt -nunl 

. ' uurkefc 

Dopnifi* J 4 opo«u 

i K'laihie 
Xtonwwy Bank 
Bills * I ' 

Bills 4 

8i a 

3-812 ; . ~ 

' 8l«4^ i - ' 

9ia-9ia : esa-B5| i 85.37* ; c,, . 

9-9,.> . • gi. 

•"* . 9'sVU 9.9 r ir 

- i- - ; 

. BUT** 




_ 1 


Prune Hate 

Fed Funds 

|Trca3orv Bins ffs-weeio 


f pifieniiut. JUte . . 

; OiTiTnicht ’ 


■ JWte months ' ’“."."J 

sii monihs .. 


auinorite finance fwnsos >wsa days whips, others senra days' fixed ■ Loniwr-rmn local anUkant* n^TTL. '■ DJsruunt Kai» 

■«-. nomtoailr ihr« jears lU-lK pw «nt: four years. UMU per ('em: five sears 12-ai per cent, a Bank ■ heemiaht K3 

arc bonus rates lor prune paper. Btras istts for foor-oanth bank bills per cm; .foUr-mootu Unp fflonth > ’ 1 

* 2f» wwiis ^zrr. 

» tomulta 


r^f on , nt Hate - •• 
suja Dlscwstt Ra*« 

Bank o epaan R itu 'tor small ion* af sms Can' noOui A.7 per -««■ 
Traowy Bills: Averas* raster nUea u* duceast ES067, 

ClarteB ■»* Ban Mate for. laMic^’u 




Sharp late sell off on prime rate rise 


NEW YORK-dow johes 

investmf,nt dollar 


: 3.60 to £1 — 88j% (804%) 

• eetive $ 1-9705 42 J% ( 441 %) 

; HARP LATE sell-off drove 
prices broadly lower in 
■rare trading cm Wall Street 
. 1 relay, following a rise in the 
. ‘j rate which spread through 
tanking Industry, 
er opening another 4115 up 
2.31 on the improved August 
> figures, the Dow Jones 
\ 'trial Average dropped to 
>,1, for a net Joss of 7,97. The 
■■v ? Aii Common Index, at 
lost 50 cents, while declines 
X -jains by 9S3-to-500. Trading 
’•-* l oe further expanded 2.04m 
: - . ns to 28.37m. 

- alysts said the stage for the 

- 'Iff was set earlier when the 
•■•;;V e t proved unable to sustain 

\ 3 ~- ,rday*s technical rally, even 
•' the help of a narrowed 

• t ■ -jst trade deficit 

r 1 • ; : ! ''aks raised their prime rates 
' per cent from 9j per cent. 

( . a Commerce Department 

- -ted the August trade deficit 
'rued to $l.62bn from S2.9tfbn 

•v. 'ly. The Commerce Secretary 
^\the faH was due to funda- 
al rather than special factors, 
."^another bullish development, 
^■s^ienate passed and sent to the 

• :-, v e the Natural Gas Price 

filiation Bill, a key part of 
'"■-^ftent Carter’s Energy Pro- 
■- Xne. 

''acern about tbe Rail strike 
■ continuing inflationary pres- 
- added' to the Stock Market's 
, analysts said. 

. number of “glamour 1 * and 

Blue Chip issues were hard hit in 
the sell-off. Eastman' Kodak fell 
$2J to Sa9i and Polaroid $2 to 
547}, both in active trading. Also 
active, Bears Roebuck slipped 51 
to $22} and Exxon $1 to $511. 

IBM dropped 56 to 5275. Tele- 
dyne $1} to $983, Smithkline $1$ 
to $RS$. Honeywell 513 to 8643, 
Merrill Lynch $1} to $31, Philip 
Morris §1} to $71}, Tandy $2 to 
$278 and Burroughs $13 to $7f>&. 

Ramqda Inns led the actives, 
sliding SJ to 513} — it agreed in 
principle to buy. an Atlantic City 
hotel for a casino. ' 

In second place. Carrier, the 
target, of United Technologies* 
takeover plans at *28 a share, fell 
$U to $261. United Technologies 

shed Si to S43. 

American Telephone rose $1 to 
SCI] — it said “1978 could be its 
best year ever." 

Twentieth Century-Fox lost $1 
to 545} — third-quarter- profits 
could trail those of a year ago. 
which soared on the strength of 
its film ** Star Wars * 

Goir and Western Industries 
eased S3 to $14} — its board backed 
a tender for all the shares of 
Simmons Company it doesn't yet 
own at SIS eacb. Simmons did 
not trade. 

General Dynamics gave way $2} 
to $S1| — it is tendering for KM. 170 
shares of American Telecommuni- 
cations Common at $2330 eacb. 
American Telecom tacked on $J 
at .$22} bid in “ over-the-counter " 

Washington Steel jumped. $2} to 
8253, but tbe company said it 
didn't know of any recent 

development to account for 
activity in its stock. 

Sunshine Mining slipped Si to 
$12} — Hunt International Re- 
sources. off $j to $143, announced 
that preliminary proposals are 
being discussed with Sunshine 
management about a possible 

Index was off 0JJ2 at 167.43, -while 
the volume rose to 3.77m (3.047m) 
shares. Trading 152,600 shares. 
Instrument Systems, the most 
active issue, dosed unchanged at 
SI}. Also, active were Great Basins 
Petroleum, up $4 40 $71. Synlex, 
down ${ to $34. Dcn-tal-ez, which 
wiU be acquired by b’nytex, eased 

$1 to $19} . 

Active McCulloch Oil gained St 
to $5} — it said a California well 
in which it has a 29 per cent 
stake tested 8m cubit feet of gas 
daily. Houston Oil fell 5} to $23 j. 


Share prices closed higher in 
active trading, with the Toronto 
Composite Index up 1.5 to 1272.0, 
although markets moved off morn- 
ing highs as tbe Oil and Gas Index 
trimmed most of its early 10} point 

The Paper and Forest Index 
jumped more than 28 points ns 
Price Co. climbed $1} to $20 and 
Abitibl' added 5} at $18} before 
trading in the companies’ shares 
was halter. -Abitibi said it is hold- 
ing negotiations which are 
expected to continue until Friday. 
It did nor elaborate. 

Chum gained 51} to $lli, Crown 

Market average rose 44.35 to a 
post-war record high of 5,738.27 
in heavy trading— 439m <230mj 
shares— with Increased buying 


Due & Ca> 

eny Power 


Ihalmerc ... 


Coming Glut 501* j 68?a 

CJK.'lat'mtfcnal oOS* - bl 

Crane 33>« $3 

Crock an K»l | 28 >r 28h* 

Crown Zel lertvcbi 34lg 345e 
Cummin* BogtoM 381* 38"! E 

Curtin Wright.. .j 175g 18»* 

ltana I 3CU S I 809e 

Uaxt Industrie*.. 431* 445* 

Deer* i 45a I 35 


41 1 



435 n 

Jnhmm Johnson 
Jobnicn Control. 
K. Mar Cnrp 

KiiU frl l Bnini 'ml 

Kaiaer Jndnnrl<<ai 

Kaiser Steel- [ 

Kir....— -..—..i 

Kehneeott j 

Kerr McGee. 1 

KJrtrte Walter. : 

Klmheriy Clerk.. 


Kw— ..... 
Kroger Ccu___.. 

Leri aw a u» | 

UhOy Or. FoRt.i 


Keynnlds Sfctale. 

UcVnoldB K. J..m 

Kicb'aoa Merroll. 
Rockwell Inter... 
UohmJc Biuu 

Zdlerbach “A" SI i to $23}, Indus- The Domestic Bond Market was Magnet gained 4 cents to 49 
min Sj to S15 and Consolidated* also mixed, with losses of up to 20 cents. Western Queen 3 cents to 
.Bathurst "A" $1 to 535. pfennigs outweighing gains of up 36 cents and Golden Plateau 10 

Hayes-Dana shed to 59}, to 10 pfennigs registered in Public cents to 1.20. 
despite higher year earnings and Authority issues. The Regulating 
a bullish first quarter forecast Authorities sold a nominal Milan 

DM3. 5m worth of stock. 1 mail 

TokvO Mark Foreign Loans were Stocks again closed lower in 

, J „„ firmer. thin trading. 

Market average rose 4455 to a Fiat shed L35 to 2825 but above 

post-war record high of 5.73827 p 9r Jr its low for the day. 

in heavy trading— -430m (SMKitj _ Snia Viscosa and Assiroraxfoui 

shares— with increased buying The market continued firm and Generali each firmed against the 
interest over a wide front, inclttd- active aided By the steadier franc, general trend but most other 
ing Electricals Cables. Pharma- the higher trend on jPj nancW and ’ Industrial leadens 

ceuticals and Vehicles. wall Street and expectations that f e jL 

The upsurge. helped by in- the August Retail Price Index, due Bonds were quietJy mixed, 
creased Institutional buying and this week, will be lower. H - 

also from Investment Trusts more The rise was led by Carrefour. rv «- 
than offset an anticipated decline Perrier, Babcock, Prenatal and iTOUg f\Oug 

duo to ex dividend and cs right Europe 1. The last three of these Market Hnoeri firm but below 

positions for a large number of went up the limit. the dav's WriiSt level* ta 

Corporates. Generate Occidental and mo deratelv active^radine. 

Matsushita Electric Industrial Martel I were notable in Foods, I hm if eri to 

gained VI0 to Y743, Sony Y30 to Michelin in Rubhers. Thomson in ™ bTn hSrSim 

Y 1,540, TDK Electronic Y70 to Electricals and Roussel in SEEL 10 *52*5 “£,225 

Y 2,250, Isuzu Motors Y19 to Y383. Chemicals. 48*52? SSwff 

Asahi Optical Y26 to Y536 and |L d '™ 

H T »■ ™ to H? 70 ' j vm t Switzerland Si£ 

YlSTbuc trading wm ' te5?porarilJ . Prices advanced In active trad- 

suspended shortly before the “K. botatered by the recovery Wb»“P««> 5 cents to 

close following renorts it dis- of 016 dollar. Buying at the 

covered new ofl and gS reserves tower >vris was particularly UD Ja ’l lfie ( i 1 f } ‘f ri t t i es 

in Northern Japan active in shares which suffered J*P 29 to HKSS20 and 

sharp losses In Tuesday's trading {jwng Kong 10 cents to 
following the strong rise of the HKSI2.70. Sun Hong Kal 
Germany Swiss franc. Securities firmed to HK$3.025. 

Movements were mixed, with in Transportations, Swissair j u u 

Motors, Engineerings, Banks and Bearer pared an initial gain. JOn£UlU€SOlirg 
Stores generally recording gains Domestic and Foreign Bonds _ , 

and losses of up to DML VYV edged higher in moderately active £° r- s* 131 ®® cla«d easier, 
were an exception, shedding trading. reflecting a general lack of 

DM1.90 to 240.7. Dollar stocks closed generally JD \ eresL _ „ ^ 

Chemicals and Engineerings below New York levels in Losses 90 ? e 5??, i? 

w r ere little changed, apart from moderate trading. French and H 1 . 0 . case ° f st : a ‘ B14.60. 

BBC which gained DM7. Dutch shares were very steady & luun l* .Financials were lower in 

.apart from Royal Dutch which ^. W £LSrS, U t ^7’^ tK tn 

rose on active demand, Germans Bee ra shed fi cents to R757 

stock ’»'* recovered strongly. R77.0. A ^^ t 1 rt 100 1 

WnoiwMh — ” TiaT “an/ A licfralin Platinums were generally at 

■ wX rtta ” 2 b7? Z S5S Australia previous levels, while Coppers 

64 5i Markets closed firm with were steady to a fraction lower. 

Zapata. i6 i6ift Uraniums and Diamonds particu- The Industrial Market was 

zenith liatio ib>« lbi? Jarly active. lower, although market leaders 

12?™ '22?* Flow tests results from the were generally little ebanged. 

Bante. of lodes cbangnl from Aujrost 24 

i Sept. 22 I Sept. 15 
Ind- dlv. yield * [ — — 

(Your aj*oapprort 

Ind div. yield % 1 

Sept- 20 


Iim. P/B K*t» 


Lrins Gov. Bond yield 


Sept. 20 1 Sept. IS j Sept. 8 | Yeer ago (apprmj 

BBC which gained DM7. 

I -will. 

Huge! bind. 

Koyw Duh-b. 


Kuat Tuga 

K v>1er System .... 
dideray blow... 
St. Ki-pis 1’s.pcr... 

Sums Fp Ind* 

Saul Invests 

Sazun lorii 

Sehrtu Bretr|nK„ 

Sol il unit -eruec 

Scutl Paper 

ocovir Mrg— 
bcuddor Dno.Uati 

93Bb Wool worth— 2 IS, 21 l s 

Sola Wyiv bTa 65g 

613, Xerox 64 6b 

28S, Zapata. 16 161 b- 

35ifi Zenith ltwlio Jbi, lb>; 

35*8 D ^ 3 ■Tnesa.M 1B80 t42^ tB4», 

l/iTttmrtlile/Rfi +PI BIIr 

recovered strongly. 


631. os saaea, 

rOEONTO uooipc 




min., /.ay i i ».ui- r ~ — ; . . v , . , ----- ■ j 

Santos, which holds a 3s per cent Oslo 
CANADA interest, up 15 cents to 5A2.I5 and 

wnivni/n Crusader, with its 30 per cent Bankings were easier, Insurances 

afi i, interest, -up 13 cents to 98 cents, unsteady, Shippings and Indus- 

3&in AUtihi Paper IB T l7se Peko added 12 cents at fo20. EZ trials mixed. 

a6 Industries rose 10 cents to 3.10, 

S* Alaomatileei...^. k4lj X4 j 5 deS E‘ te _ 4 it ? P rofit P ® n * Cope tlhag Pp 

,2 1" Ariwatoa..^ *7*5 47i, continental advanced SO cents to 

mu Bank of Moo are i k: , 235g 13.70. Mixed in moderate dealiim 

SlS ISSl 4 05 k se !f c,ed eS Jere Swly SSS 

if. BeirreM^nTTr o’ita biig ahoai1 °? 1 * c strength of the Shippings fractionally lower, Com- 

Bow Vaj£?TEd 44^ 45ii encouraging news contained in modities and Industrials 

AnstroUS*^) 1 666-74 ; 666.64 S66.79 . 44L19 

; ! .(22/fll | 11/31 

Belgium (I) ns.t5 199.55 • 101.1S ■ 90.« 

II m (23.6) 

Denmark (**; ! 96.21 ee.96 1 94.00 

i | (Mib) (6/2) 

France Itt) 7BJ 1 78.9 79.3 ■ *7.8 

I 1 CSY.^J | i3/2) 

Sermany Itt: 8*6.9 ; 646.7 8*6.9 7b9.4 

■ I <27*1 ! (17/6) 

Holland (Mtf 88.1 883 ; ai_t ; 76.0 

! i (U/9) | («/*) 

Hong Kong 637.77 1 638.47 707.70 383.44 
(W I (4/9) 1 (13.1) 

Italy (111 77.06 I 78.0*1 tfiLhEl 66.46 
I (35/9) (J0/1) 
Japan fen 431.76 1 429.98 431.76 364.04 
| f27/9i (4/10) 
Singapore^)! 382.62 : 361.02 1 414.60 1 262J) 

1 I (8/9) I (9/1) 

utdtoM ud i»n dates (aH Itw eoioea 

109 noepi NYSK AD Common — 50 
-kendarnt and Ran — IS and nmnro 
«6— I.OOO- tbe ia» named haaed 00 1975). 

I Kid Udine Bond*. t «M indmttrlalB 

Indoffrlals. 40 mrattea. «• Puunce 
and 10 Transport. | Sydney All Ordinary. 

II RHfirtai SF P/TtAB — CoD-nhairor T 

inm. tt Paris Ronrse 1ML tt O um t nwa > 

the Ashton Mining prospectus. irregular. 

21*9 I 2 llg 

XUs I XHa 

2BU I 28 

1b 6s 
26ls I 263, 

loMjznFrtTtheanil 9T a 

Inti. Pftpw 

HOTE5: Orenwas prices abown Oetow 
•rxclode l pmnnnn. Rehttan dividends 
ary after wMMioldlnji tax. 

♦ DM SB dewm. unless ofbenrisa stated, 
rtelds based on net dtridmls ntos tax. 

* Pra SOB denotn. nnless otherwise stated. 
4>DRi 10B dMom. nnlns ntoerwiae staled. 
(iSwPr JS00 denotn. and Beam- shares 
unless otherwise stated. I VH denorn. 
unlesv ta he rw lse stated, g. Price at time 
of "nsDaxstan. r FTnrtns. b SeftnUrun. 
■ Cents, d Dividend after pandhut rMna 


and/or scrip issue, r Her spare. 1 Krancs 
0 Gross dlv. %. i> Assumed dividend after 
scrip and/or nahts Issue. * After local 
raxes, m % tax free, n Prancs: incfudliu/ 
Ordlac div. p Norn, a Share qphL a Dtv 
and yield exclude special payment. ■ ijtdi 
cited dlv. .*> UnoIRciii tradina n Mtmrtty 
holders only, o Merger pending. ■ Asked 
t Bid. I Traded ! Seller, r Assumed 
W Ex rt/dns. xd Bx dividend, tc Rx 
scrip issue, ra Ex all. a Interim sine* 
tnersaaed. - - 




B«ng K«a^' 637.77 1 638.47 
Lilly (ID 77.06 I 78.0* 
Japan fen *31.76 1 *29.92 
3ugapor«tt>)l 368.62 • 361.02 

Spain Vil 98.50 99j 36 lU'.ir 87.58 
I (Bib) u</4) 

Sweden lei 386.68 387.69 Me.* 42b.7« 
(4*1 |A 1) 

Swicserl'd(' 866.0 861.6 323.7 £ 61.6 

I * 1» in (26/9) 

hank Dec.. 1BSS (9 Amsterdam Jndusn-iid 
ISM u Hana Sena Rank 31/T/s*. 99 Rancs 
Commeraalr I tails as 1972. a Tokyo 
New SK 4/1/n> o Straits Ttmen lOSK. 
c Clnsed. 4 Madrid SB W12/T?. n Stnek- 
hnhn Initnstrlal l/l/SR iSwtas Rank' 
CnrnnraMnn » nnavatlahln 



Slocks Clnslna on 
traded price day 

Ratnada Inns S7D.20D X3| -[( 

Rarnada Inns ...... 

Carrier .......... 

Sears Roebuck ..... 


Pan Am. Airways 1 
Am. Tel. and Tel. . 
Occidental Petrolm. 
Eastman Kodak ... 

Holiday Inns 


851 -M 

22 » 

511 -1 

U — 
614 +4 

19* +* 

59* —21 

38* -i 

Al liana venuch 

47T 8 . 407 fl 

Sonrce Nimmi seconnes. Tokyo 

Lenoam (Al 

M -bonu 1 nieniaaionau 


Sept. 87 

Price I + or Phu 
Pro. I — Net 

Dtv. I 
Pra. hrid. 


itfig 3 

an* 2 

3.75 4 



F.30J 10 

53QCH 17 




4 BO 


, 7 


F. 133.60 








F. 129-60 









. 8 







.. — 


2 : 
















• _ • 

1 ' 10 





AJ-SJJ. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A p Bank Ltd 10 % 

Henry -Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % . 
Bank of Cyprus «.... 10 % 

Bank of N.S.W. 10 % 

Basque Beige Ltd. ... 10 % 

Banque du Rhone 10|% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
BriL Bank of Mid. Bast 10 % 

■ Brown Shipley 10 % 

Canada Perm't Trust... 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd. 10 % 

Cedar Holdings 10* % 

■ Qvarteriioase Japbet... 10 % 

. Chou 1 art on b 10 % 

. C.„E. Coates 10 % 

... Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 %' 

Eagil Trust 10 % 

English TransconL ... 11 % 

. First Nat Fin. Corp.... 1H% 
First Nat Secs. Ltd. ... H .% 

■ Antony Gibbs 10 % 

Greyhqpnd Guaranty... 10 .% 
Grind lays -Bank :-il0 % 

■ Guinness Mahon......... 10 % 

■ Hambros Bank 10 % 

■ Hill Samuel §10 % 

C. Hoare & Co tlO % 

Julian S. Hodge n % 

Hongkong & Shanghai 10 % 

.. Industrial Bk. of Scot 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Masson & Co. 111 % 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S; Refson & Co. ... 10 % 

Rossmlnster 10 % 

Royal Bk. Canada Trust 10 % 
Schleslnger Limited... 10 % 

E. S. Schwab lli% 

Security Trust Co. Ltd. 11 .<£ 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee -Savings Bank 10 % 
Twentieth Century Bk- 11 % 
United Bank of Kuwait 10 % 

. Whiteaway Laidlaw ... 10J% 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 10- % 

■ Members of the Accepting House* 

* 7-day AepOBtis 7%, 1-nmntb depotBs 

7j» i 

t 7-day depflfiitE on snms at 09.900 
and under 61%. up to £25.090 n%, 
and orer S5JB06 n%. 

t Call ds DO Si IS OVK £1.000 7%.- 

5 Demand and deposits li%. 

79.01 + 0-4 

16 4.7 
OO 8.1 

UnHm. (1/10) 

Ja-aiuad tioroi 

11 7.9 

12 9.6 

12 7.6 

13 9.9 
12 3.3 

12 8.6 
12 3.7 
12 6.4 

1.B76 -+28 

SepU 87 Krone 



10 3JJ 

Bj 3J 

SS 7.6 

8f 3.6 
10 4J 

Tunwrer Crl 44.1m. Volnme 85,7m. 
Source: Rio de Janeiro SE. 



September S7 Rand +o 

Anslo American Corp. — 6J0 

Charter Consolidated S.&7 +o 

Bast Driefomein iad — o 

Elsfaorg i.95 —0 

Harmony 7.05 —8 

Kinross 6.00 -e 

Klool 10.79 -8 

Rnstenburg Pladnnm 1J>5 +o 

Si. Helena 14. so — e 

Sonthvaai 10.85 — 0 

Gold Fields SA 2S.D -8 

Union Corporation 5.58 — o 

De Beers Deferred 7.57 — o 

Blyroanundch! — 0 

East Band Pry s^O — 0 

Free State Geduhl 35.35 +0 

President Brand 18.8 

Presldpot Sleyn - 37.10 -tt 

SUUontem 5.55 —8, 

WeUrom 5.85 — 0 

Wtw Driefonteln 43.50 — 1 

Western HoJdlncs t37J9 —I 

Western Deep 1SJ9 —8 


AECI 8.85 — 0 

AnstoAmer. Industrial ... MOJO 

Barlow Rand 4.12 +8 

CNA Investments tiD 

Currie Finance 0.88 

De Beers Industrial tl5-25 +0. 

Edgars ConsoUdaied Inv. 2.75 

Edgars Stores t32.75 

Ever Beady SA 3.10 

Federal* VoIksbeleminGS tl.95 

Greatermans Stores 2.38 +0. 

Guardian Assurance (SA) 3^7 +D 

Huletts 1.90 —8 

ETA 72.05 — 0. 

McCarthy Rod way 8 97 +0. 

NedBank 2.7S 

OK Bazaars 7.50 

Premier Milling 6.0 -0. 

Pretoria Cement fS.<0 

Proles Boldinas 1.50 +0. 

Band Mines Properties ... t2.20 — 0. 

Rembrandt Group " +3-'40 

Retco 0.40 — 0. 

Sage Holdings — 1.45 

SAP PI 2.35 

C. G. Smith Sugar ......... 4.95 

SA Breweries 1-43 

Tiger Oats A NatL Mlg. 11-25 
Unisec - 1.16 —4.1 

Securities Rand SU.S.0.74* 
(Discount of 35.22 %) 


Sept. 27 Percent 

As land 

Banco Bilbao ™ 

Banco Atlantlco rt.OBO) M 

Banco Central — »4 

Banco Exterior . 2*7 

Banco General 2TB 

Banco Granada 11,606) W 

Banco Rispano - 250 

Banco Ind. Cat 11.000) Ufe 
B. fnd. Mcdiremuwo— 2W 

Banco Popular 2S0 

Banco Santander (250) 339 
Banco UmtnJo (1,000/ 2H 

Banco Vlnara 251 

Banco Zaragom&o 2H 

BanXtmlon — - 245 

Bams Andalnda 193 

Babcock Wilcox 29 

crc e 

Drsgados 275 

tnmobantf * 72 

E. 1. Aragonesas 50.25 

Espanola Zinc ltU 

Expl Rio Tinto 67 

Fer» tt 

FctKMA (I .AM) M 

GaL Preciados TS 

Gropo Velazquez (400) US 

Hldrola 72 

ibcrduero BOJS 

niarra 95 

Papaleras Reunldas ... 45 

Petrollhor 124 

Petrnleos itsan 

Sarrio Papal era 39 

Striace 47 

SaseSsa 127 

T«lef<wica ns 

Torres Hostench 82 

Tubace* ..... 86 

Union m«4 (£50 



The prospects for next year’s lo 
authority spending, and rates 


1 "ATTH annual round of 
negotiation* for November' ' 
rat® <uppor' trant .settlement 
reaching :is final phase, in? 
’.ndijalpm are thai 
<invernmeni msp some of 
ton tins? n-..*y faterve to add 

an-vji an PV'i £20 , -»ji -Oca! 

sr/ermnen? «p?nd;n; tn 1973/ 

Rale syppor* rra:i*.. which 
tins year TT.peis 51 cent of 
Th? uet r; 0 -! of i:*unci: ?? r. Lt-e-s. 
:« likely :o be adufteri — to limit 
national average rate nsec — ’o 
ai?-?ut r per con: !nr h'W-e- 
hoiders and 5 5 per cent for 
iniuitry and commerce 

Due to the -null hut •nn- 
t:nums shift of grant from the eountie- lo the conur- 
bations. there are iikely to i»e 
5Jb.sianrlaf lo-.-ai variations in 
average rate increases. Accord- 
ing in January's Pub’ic Expen- 
duure While Paper current 
.•pending by councils in fiii- 
iarH and Wales nex: year i- 
d:i*' jo rise r*> ] per cent above 
tin-* year, and capital expend - 

for;* ;i planned *n rn-rea*® hy p-r i-pn: How®v®r. liaures 
ealcula»ert by »h® local 
airJionry financial advi-er* 
«how tiiaf :‘nn < ieve.T*mcnt'' 
•xi stir. £ pmp.vsais for • »unrr! 
currpnr :umd nz lai' <hor: of 
rh° cnn'inuinz fist of pre^em 
pn!;.-;e- hi ..i.Tie fl.tflm even 
i r *'n<- I ; IV® rumen: azre^^ 
an inr-pa-e :n f ':n» pr«e of 
jw'id.-i! mraie n®xi year “T 
i Sp 

The it air. prosnsen-e wer- 
spendin; i« fin local environ- 
ments; services such as recrea- 
tion. baths an.1 parks, 
environ mental health, planning, 
and trading losses. 

EHu-ia r: n n social service*, 
police, and Inca! transport 
finance ar* s : -<? hiddins /nr 
hJiher :uifte»!n ,, « fa meet the 
cost nejr year nf ihe.r present 

f»n ;ji* of ihe present 

White Paper witn.rji *.menri- 
meni 'iMiict! current spend. nz 
nevr year :s likely to be 
£! 2.650m assuming inflation this 
year a-. ihe cash 1 1 m :i . of 9 
pp.r cent, and next year of 8 per 
cent. In addition councils are 
likely vj ha\e to find a further 
£2.l0Om for loan charges, reve- 
nue contributions to capital, and 
rate fund contributions >u hous- 
'.na revenue accounts. This 
would s”- e an overall total of 
£ J4.750m 

trie July Consultative 
Ouncil meeting with local 
authonTy leader*. Mr. Peier 
Sbnrc. Secretary for :he En- 
vironment. canvassed the hypo- 
thetical possibility that the 
tioverimient might allow an 
• xira £2iHHn for council -peud- 
'ns nex: year, a figure which 
■■oiild r»*.!y v accommodated 
'he balance of ;he 
Trea.-ury * f.r’Sinal £1.3tHini cun- 
tnaeney reserve after allow in: 
i.'Htiin for :n<TPased child 
penefit? nevf 4nriJ 

Tv--- - rndred m:!;ipn pound* 

would make gnod'the ?hc-rtfall 
aga:n.~ presenr policies and. 
depending on the school meal 
price decision, allow something. 
for example, for lhp introduc- 
tion next September of Mrs. 
Shirley Williams' educalional 
grants for pupils over !he 
ychoni -leaving age. Next year 
ini* p ! an could cost about £5om. 
and £Srtin in a full year. In 
order to off-set in cash terms 
an tnrrease in volume term* of 
£*200m. Mr. Shore could allow 
in She settlement f«»r a lower 
rate of inflation Lhan the S per 
cent suggested. If ho allows fur 
only 7 per cent inflation, then 
even with the extra money he 
could nominally keep council 
revenue spending to near 
enough £14,730m. 

On this basis a continuation 
of the present 61 per cent rate 
support grant would lead to 
average increases in general 
rate poundages on industry and 
commerce of 15 per cent next 
year, and or about 10 per cent 
on h"U3eholders. 

The actual increase in 
different localities -will vary as 
* result of changes in she distri- 
bution «>r government grant, 
i be level of pro>ppr7ive rounnl 
spending in ihe area, forecasts 
by councils of fomre inflation 
— which may no? he the same 
a* the Government's — and varia- 
tion* in balance*. 

At the end of Mari-n. council' 
wer® noldinz halan.'p* of about 
£ I.SnOnt— ^qui'al^nl f.» a rat® 
of nearly Slip in ih® f. or ahn<i: 

9 per cent of expenditure Tn 
iheir 197S-79 budget* councils 
planned to withdraw £530m 
from balances m aid of ihe 
rates. This was offset by P rtv 
vision fnr inflation of about 
JtlSOrn in excess of ihe cash 
lutui which is now ihoushf 
likely In be unspent. Aiioivin? 
something for a reduction in 
originally budgeted expendi- 
ture and excess provision for 
inflation, it now seems likely 
that balances will be reduced 
during the year in iJ.OOflm 
representing just under 7 per 
cent nf expenditure next year. 
The chances, therefore, are that 
there will be further not with- 
drawals from balances next 
year, though not large enough 
to affect the rate support grant 

On these assumptions it 
would seem that keeping rate 
support grant at 6i per cent 
would lead to average race in- 
creases inconsistent wilh the 
Government's counter - infla- 
tionary pay aud prices policies. 

If ihe rate of grant is raised 
to 62 per cent, average rate 
increases would be brought 
down to 7 per cent for domestic 
and 5.5 per cent for non- 
doinesiic ratepayers. These 
figure* are more m line with 
Government economic policies. 

Since the new. grant arrange- 
ments were introduced in 1973 
by Mr Geoffrey Rtppnn :t has 
been government policy to give 
an increasing share nf raT<? sup- 
port grant tn. urban and ‘.nner 

city authorities. It is dear from 
the present- state of the negotia- 
tions Lha! this process is likely 
to be continued next year, itr. 
Shore can again be expected to 
fix London's share of the r»:e 
grant with a new to securing 
that the average increase :a 
domestic rate bills wiii-be the 
same in cash term* in London 
as in the re^ r of the country. 
Because council spending, far 
whatever reason, js very roach 
higher in London, and a smaller 
proportion ni it j* funded by 
government grant, frits advice 
has the effect of significantly 
■□creasing London's share of the 
grant at the expense of the rest 

nf the country, and that means 

that in percentage terms both 
domestic and non-domestic rate 
increases are lower. 

In 197S-79 the effect of 
changes in grant distribution 
and of other factors was to give 
average domestic rate bill in- 
creases of £6.28 in London. 
£7.95 in Wales. £9.36 in metro- 
politan districts, and £13.0S in 
the shire districts in England. 
For the shire counties there wiii 
be further complexities next 
year when Hr. Shore is expected 
to exercise his powers — es be 
has all but said he will — to give 
non-metropolitan districts a 
share for the fir*t time in the 
major "needs" element of rate 
support grant, which at present 
only Sues to their county coun- 
cils. Although heavily damped 
to ease ;ts introduction, the new 
district distribution wtil he 
h:as*»rt Tov.arii. th® higher- 

sheading urban districts within; 
each county, with the result that, 
all things being otherwise equal, 
the net effect will be higher 
rale bills in rural districts. 

According to some of the pub- 1 
Iished estimates, ratepayers in j 
60 per cent of shire districts will ' 
be disadvantaged. Nevertheless, 
tee proposal ba> a lot to com-! 
mend it on grounds of equity.! 
Vrban cnunriU m places such 
a- Hull. Leicester and Netting-: 
ham have to :r.cur higher costs; 
lo cope with urban deprivation.! 
arc yet they get no compensa- 
tion from government grant ancT 
therefore have to levy- higher 
rates. In these areas both indus- 
trial and commercial as vreU'as 
domestic ratepayers will benefit 
from the change. 

Six different methods have 
been canvassed for distributing 
a share of the needs element 
tD shire districts within each 
county, with widely differing 
effects. The method favoured by 
the Association of District 
Councils. 75 per cent of the 
grant to be allocated m propor- 
tion to population and the rest 
in relation to past expenditure, 
would produce net "losses'* for 
ratepayers, assuming there were 
no compensating expenditure 
changes, of up to'the equivalent 
of a 2£p rale and “gains'' of up 
lo -!.Sp. 

The nu‘frnr is n choirmnu 
of \oftiregfcamsfiire Count Coun-. 
c:’ Fiitnttre Coinmilter. (J.97.J-77) 
end a past member of t\u= Con- 
xnitaiKe COinrtl on local pom 

»TM-:£J* r/ 07 . 1 - 77 * 

financ ial Tfases mui ^ . 

Province of 1 

9 ? ' Sinking Fund ■/, >:■ 

U •' _ - .‘‘rl, I-!-;- - 

Debentures due 1.11.95 , 

the Province have satisfied the requireme^- ef ' 

the Sinking «t»d ^ ™ Jiovember 
debentures covering LS5 -V' •_ 

i delivered to the Fiscal Agent for cancellation. . 




t.$. S.^O.OOO.OtHI 

Floating rate subordinated 
notes due 1U84 

in accords *3 «:T.» **i< 

condieotis * o- tS* flo»s>n* -»« »«h- 
ahbruud n®w» due 
March 197V. the im 05 
Cte rnccreir ? sr, ? d A . \ ° k , <jy£ 

; legal notices 

; No. w * :»% "- V • . - 

i! in tbo HTC-H OJtiTST 07 Ji75TrcE 
Ounce?? p.» ■'* 

: R*si«»n Cr®ao a. in aa Jia'ter- 
'Jf prW^' JArKETS LW!TE!» 

■ and >.i Ihe MJW of Tie Csaanis*^ 
-i a-:* I VS . . -7.- ' 

verier 75 JfJ5fTK87- i.-TTEY, oif : g 

I F't’iion tt»c the W.tiJia? qt Pi? tVjf^ 

1 r.<m°d Curups. -rr by ft« I1i|A OJWr-.nj _ 
! Jucrii-c -va* nn :b-. Tic JJI of. .Unny ' 

, 13T* Jiswnted tn U?e usd ' Cw»:.*v , 

Court T or Greatw Lomtei, aad a*« 
said PetiKor- n dineirf 1 b be heart - 
hefor?' Uic Conn mmrn a: -*b» Courts «l- 

lir* » 2fith March 1*W Jntilcc. S'. C«M HafL Wtias: Rn^.-. 
ffSTslId u lO'f'J Per aanom. Istrecl. UiveTUWl %. i3 Thf ha^WIiun 
h» been fix* « lv ' • “ I County of Mersn*!**. oa .tfte Ki 4c af' 

w [County of Mersnrhrf*. Utb Ac of* 

A cent aanh! c.—oher UBS. and any .-rwlirar d? c*o.'- 

MANUFACTURED HANOVCT I inbitiori- of th' said ftKnpaSr tfesi?au»' 

LIMITED ‘ m support or ««».’ ilf? m airing (g ai" 

Urt»r ov the iald Prtttira invy atnvjr 
— — — j v thr-.iimn (4 noar-.a; la porsoK 'w Hf* 

1 ANON INC : Ilf CnoTKyi fw :*iat jj>d * : 

„ . in«W Of ll«9 P«T:-nti mS: hr f-masMri 

neat r«ei*od •wejlj , hr /.V ori.'r*:^r-3 ;r wy ^TdSo.-. ,ty 


Aitkice tM' I»ee nyT-ivoa ,r "" L-.' .T i l»r t-V o ri.'r*:^>ra .c *n; rrrir.c.-. ,7r 
n»s soarri JPn r »Sn' i t,r**VMi t = , T5 ‘ -vornlmtory ni the ra-.fl rowarnty rfWflrj . j 

- * — 1 - 


RECEIPTS TO BSA"tR , , (| s jl* B 1 * r £ J?5^e of TTlJ- irt Hrm*-. 

»fchtnjj ro cwtn» ti-f dt-idnnB **. r * -( :*• n*f- V-n-'*. - 

of sh 4 r*?i reDicaeirtcs! inri» ■ J * 1 ^ « , vc 

rpp> ehA U i(i ptPien* Coupp 1 ' No. 31 . 

iSr ofh!T ol HIU. . *J£S, «<TOn #?•* Ffflfrtl . 


!hiS P o, L ’ ’VanOuV' “ wNSRoSShS * vn-rr-A-n M BtozM * 

tWJMBOWk : BOULEVARD ROTAL . apr VAT nn >.r tl.-arlq; trf J.-. flJ. Rmt-no 

"tehfno 'to cM.m rt-i divldjM ■«_ 

fogfj&S 2Stsr$l& No'si'.t 

SSiriT-? b^> L h street. 1 icnxn 
EC2P r LX Irctjca ,D r "l’, • a r' 1 '« 

■tOllRW 1 the BrOC®<Iiim t®*® down »n Wl* ; ^-p,. mM «i y, ssr-.f n*- J.V 

O' BEAKER DEPCtRfTAPY 1 or firm or hr- nr /ir'; 

RECEIPTS .SHARE BOR st r« . n>n,. h- ««•*-. -d r. -4 . rie 

claim Ih* BinOM'l in re^pnet *• {J* h- «'.nt h' a 1 ^* Mfi-'-r. .’iir? ’•»■ 

'*«*i rro-e'e-mj t— IV'' -.harr " D 5. ' [ rCu-th ’h- .»tK> -yv ■>.».- 

* co uZ'irf ? ) {"*- » ?1- -IrPT* * -V 

IP FEECM STREET LOUDON ECIP.-'h *-» hi '• 'Wf ■ 

We at SaviUs acquire commercial and 
industrial properties for Pension Funds and 
Insurance Companies, and see a good many 
portfolios in the course of a year. 

A curious gap often strikes us. 

Many substantial investors have 
surprisingly insubstantial direct holdings 
of commercial and industrial property. 

That's curious, because such property 
has often shown the best average 
performance of any investment medium 
over the last ten years. . 

Of course, you have to pick the right 
properties. And that can be difficult ^ 
without help. 

SaviUs apply three principal criteria in 
assessing commercial and industrial 
properties for investment i 

1. The location of the property. 

2. The quality of the building. 

3. The covenant of the tenant. 

We look very carefully into all three 
before seriously considering any property 
for our clients. If it measures up on all three 
counts, there’s a very good chance it will 
give good long-term performance. 

With the help of professional evaluation 


of this kind, our experience shows that 
Pension Fund and Insurance Company 
Investment Managers do well to put 
between 15% and 80% of their portfolios 
into the direct purchase of Commercial and 
Industrial Properties. 

In return, they get a good return. 

They also get total control of the 
properties they buy, and a total 
management service from SaviUs if they 
want it. 

It could make very good sense to plug 
that gap without delay. 

_ The partner in charge of the commercial 
■ investment department is Tim Simon. 

The complete property service. 

20 Grosvenor HiU, Berkeley Square, London W1Z OH Q. 

Tel: 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 

Paris <fe Amsterdam 

Associates in Scotland. Represented in Guernsey. 

v«s-r» Ir-Nn-a win' Jr* ***•!< 


*»Z VII'f'WBfcM 




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NT I OP 1 5 

■fC'FTF r.; NEPAL E 

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Carte or All -10 M-nu. Three SotctAcuiar • FINE ART SOCIETY. I®t N ».»1 Eoud v- 
Fitrar Shows 104R 12.43 and 1.45 and, W10I-U9 3116 CHARLE5 RCNMIT 
mane ol Johnny Hawker worth A Friend". . MACKINTOSH. Alrw Sco'IAh • , Aip!<nt Sfc 

GARGOYLE. 69. D-an St*e«. London WTl | ~~ ' 

NEW STRIPTEASE FlOQftSHOW I J.r.L. FINE ARTS. -4 ■ ftawi, «!*■«- 

Show at Midnight and 1 a.rn I rrt-nt watercolours. Seed 12-0-:- * 

Mm .ft,. Cln-.nd Sat-jrdar% 01-43T 6*5! ' Mon.-FN. 10-6 

now, when he sees |^ 
a clock, he hides | v 

T here are limits to "hat the human mind can stand. For MajPT,' l 
C**«—s, after sears oF bravery in Bomh Disposal, 
comes each time he sees a clock. Every alarm clock is a 5dm^L> 
each ticking watch a probable explosinn.’ ■•Vjfis 

Soldiers, Sailors and Airmen all risk mental breakdown 
war and in keeping the peace. There are bombs much nearer- to 
than Cyprus. Aden or Malaya. 

We devote ourselves solely to the welfare or these brave 
women who have tried to fi\c so much more than they j 
\\*e help them at home, and in hospital. We rim 
Convalescent Home. For some, , we provide work in ;a 
industry, so that they can live without charity, for others! their^ .- 
our Veterans Home, it we are to go on helping them. wc/nust^^S 
funds. Please send a donation, please sign a covenant* 
remember us with a legacy, perhaps. Tlis need is really itt**** * 
and. the debt is owed by all of us. - • . ■, ' 

; ' 44 They re siren mat e than they could— ' ” 

- k J*tease sire as muck as rau can.” ' i- -* 


mcnTflLUJ€LFflR€ SOCi€Ty l 

• 37 Tburioe Sb-eet. Lender. 2 V,7 2LL G i -53<Si^ vS# 

'TftsmcfaT^ Times Thursday September. - 28 ' 1978 

Irish fleet stays away 



■eatened to invade the British 
.lor of ihe Irish Sea in 
-Nance of a unilateral ban on 
VrJns fishing in the area were 
tping well away yesterday, the 
Jifetiy of Agriculture said last 

he Irish fleet was warned that 
- boats found fibbing illegally 
British waters could face 
£ of np to £50,000 and the 
i of their tackle and catches, 
be warning was issued as Mr. 
ra Lenihan, the Irish 
heries Minister, continued to 
e Irish skippers to continue 
ins. Earlier this week. he told 
ermep : Ignore this rule. If 
h trawlers arc arrested, the 
tisb Government 1 will have to 
. 1 with the EEC Commission." 

is understood that Mr, 
ihan has given assurances of 
port to fishing organisations, 
fever, he has' yet to spell out 
: what support WiU be forth* 
ling if British naval vessels to interfere with Irish 

he Irish Fishermen's Associa- 

tion is anxibu*" to find out 
whether Mr. Lenihan means 
financial assistance.. 

"The Ministry nf Agriculture in 
London warned yesterday that 
the Isle of 5f«tv herring fishery 
in the Irish. Sea was closed to 
all boats "and tbe Government 
has ensured th?r adequate en- 
forcement arrangements have 
been made. * . ■ ■ *■ . 

. Two fishery -protection vessels 
will patrol the zone -as part of 
routine and the area- is suhect 
to regular scrutiny from the air. 

Meanwhile, officials in White- 
hall made it pJnin that. Mr. John 
Silisin. the Minister- responsible 
for fishery negotiations. bad the 
full support of tbe CiinnOt, not- 
ably that of -Dr. David Owen, tbe 
Foreign Secretary. - 
Herring fishing Is also banned 
inside British limits in the. North 
Sea, the Celtic Sea, .die Bristol 
Channel. : pe ' English Channel 
and off the West of Scotland, 
excluding the Clyde. 

Officials in Dublin! argued yes- 
terday that if Ireland applied Mr. 

waveMts Mauritius cow keepers 

Silkin’? own.- arguments- -to its, 
fisheries it would' be perfectly 
within its rights. to. apprehend 
any British trawlers found on 
the Irish side oE the median line 
which divide.? the Irish Sea. 

It apparently has no plans, 
tmwever, to t;ike such action in 
the immttdiaTc future.- 

Ireland simply has not enough 
fishery protection boaLs and 
planes !o provide effective cover 
for the \tfiDlc of Its fisheries. To 
concentrate in -one area could 
leave vast stretches of sea else- 
where open to the attentions of 
foreign boats. 

The Irish Fishermen's Associa- 
tion has said -that it. does pot 
expect a great number of inci 
dents. If any, in the Irish Sea 
in that most of their vessels have 
been fishing well' within Ireland's 
side of the nidi an line for some 
weeks because this is where the 
herring have been found. It 
point out, though, that there are' 
always one or two boats which - 
do not go with the pack. 

In regard to herring fishing in 
the Celtic Sea it now seems pos- 

sible- thaf a compromise may be 
reached over the. TPA's threat to 
fish a quota of 3.000 tonnes of 
herring in the area despite the 
Irish government's total ban on 
herring fishing. there. A state- 
ment is expected from the fisher- 
men shortly. 

• In Brussels yesterday Spain j 
and the Common Market signed i 
a temporary fishing agreement 
and initialed a five-year accord, 
pending British approval. 

' The three-month . agreement 
expiring at tbe end of tbe year, 
allows 240 Spanish trawlers to 
catch a total of 9,000 tonnes of 
fish in Community waters, 
mainly off France and Ireland, 
AP-Dow Jones reported. 

This doubles tbe present 
volume of catches allowed to 

'Britain's partners wanted to 
grant Spain a generous five-year 
Eshftig agreement, as a gesture 
before it joined the Community. 
But - Britain reserved its final- 
approval pending settlement of 
internal fisheries policy. 

\pple crop EEC rethink on legal move 


f\Qf BRITAIN APPEARS to . have Since the breakdown earlier illegal. 

Iffr AAJ /O ' outmanoeuvred the EEC Com- this year of negotiations for a It felt that in allowing British 

Sr mission once again in the cat common- fisheries policy, BrilaJn boats a quota of herring denied 

•t Our Commodities Staff and moust game over fisheries has introduced : a series of to other nationalities, the 

E DESSERT apple rrop Id pohcy ‘ ' national conservation measures. British had acted where only the 

■one this season is about 2D Following Britain’s decision each s training the bonds of Council of Ministers bad 
cent fcMier than in 1977 yesterday afternoon lo close the le ? all ty a little further. authority. 

Organisation for Economic! Mourne fishinc area off the east (Under Comunity rules. Thus it was preparing for a 


By Richard Mooney 

A SUDDEN wave of specula-, 
tive selling on the London 
cocoa . futures . market yester- 
day pushed prices sharply 
lower. By the dose the 
December position was quoted 
at £1*956 a tonne, £32. 5 lower 
on the day. 

Dealers said there was no 
fresh fundamental news to 
explain the decline which they 
said mainly reflected ** dis- 
appointed long liquidation.” 
Cocoa values have ben main- 
tained at a relatively high level 
since early this month with tbe 
December quotation rarely fall- 
ing much below £2,000. 

But repealed attempts to 
push the price to new higfa 
ground have all failed and the 
speculative element In the 
market seems now to bare 
accepted that prices are more 
likely to fall than to rise in 
the short-term. 

One of the main factors 
holding prices up recently has 
been tbe steady stream of 
gloomy .projections for world 
crops, particularly In West 
Africa — the main growing 

But a number of traders 
have observed that the threat- 
ened shortage is unlikely to 
work througr to the market 
before May and for the time 
being there appears - to be 
plenty of cocoa about. 

Confectionery manufacturers ■ 
seem generally to have been 
In agreement with this view 
and have for the most part 
stood on th« sidelines waiting 
for prices lo fall to “more ■ 
attractive ” levels. j 

give way to progress 


PORT LOUIS. Sept 27.’ - 

. .. the Commission is bavins urgent. necessary.- nondis- breaches to warrant a court case and have for the most part 

idds in is. 7-i b were gen er- tu res raw plans to take Britain criminatory, and . providing the "on their own — could be tested stood on th, sidelines waiting 
well below average, and the I to the European Court of approval of the Commission is on the side. for prices lo fall to “more 

ZD comments that a fairer] Justice. sought beforehand, though not in announcing complete closure attractive ” levels, 

ipansnn might be made with j The Commission has been pre necessarily given.) of tbe area yesterday, the UK 

5-77. In that rase, the crop (paring its case against the UK Although the Commission con- Government said British hoals “ 

year is about 4 per cent j and after its weekly . meeting s'ders several of the British had now filled their quotas. , ,, ^ 

n. ! yesterday was all set to send the measures to be excessive it has having caught 400 tonnes since r.KC SBS® f 3r ! 

welity is generally good j British Government a „ stiffly- not hecn sufficiently confident to September IB. This compares with & 1 

bugh there appears to be a, worded message regarding, some te*t them in court. a weekly average of 50 tonnes i 

:er proportion than usual oi of its national conservation Put it considered the latest last season. ICDU^F 

.11 fruit. measures. British measure, the banning This means that the Commis-' 

be OECD experts appear! Had the response not been from September 19 of herring sion's case may still stand; bur (EXPORT REBATES were 

as.v about the prospects for! satisfactory, procedures for a fishing in the Moume area, ihe heat has gone out of the issue granted on 35,350 tonnes of EEC 

■feeling this year’s crops ! court case were expected to start except for British skiffs under and there is some doubt whether white sugar and 10.000 tonnes 

ause of “a trend towards a 'within a fortnight. 35 feet long, to be clearly it will be brought to court. of raws at yesterday’s weekly ex- 

:lling-o£f in consumption.” I port tender in Brussels. Last 

he most striking increases In ... _ '. • _ _ week 43,700 tonnes of whites 

luctfon have appeared inj X Aa jI but no raws were authorised for 

izix k i^:r c ^, Lead prices at year s peak 

W per cent rise to 1.75m het yesterday sugar futures rices 

tps — about two-thirds of BY JOHN ED WARD5, COMMODITIES EDITOR opened around £2 a tonne lower 

ch wijl be Golden Delicious. . . ■ . - . as the profit-taking, which had 

Sium has forecast a 118 per THERE WAS a general rise in weeks, boosted prjees. cents to 80 cents In Canada. begun late on Tuesday, contin- 

-t increase and West Germany base 'metal prices pn the London . Copper values were higher. More importantly, Noranda ued. But values rallied after 

m? cent more than last year. Metal Exchange yesterday, with reflecting a nse in the New York ^ annouoce( j that it was rais- lunch and were given a further 

i the UK production- is esti- lead advancing to new highs for market as a result of a sharp - ■ b Drice f ■ metal boost by a comparatively steady 

ed at 427,000 'tonnes, which the year. fall in the U.S. trade deficit in ^ ^ opening tone in the New York 

3 per cent upon 1977. The Gash lead gained £4.73 -to August. Cash wi rebars gained soia ou ^ae worm America, market" By the close London 

d of Cox’s Orange Pippins £369-25 a tonne, making a rise £5.75 to £741 a tonne. from $625 to $67o a tonne. A futures prices were 50p to £1.10 

jumped 114 per cent to of over £30 in. the past month. Noranda. the big Canadian similar zinc price increase was down on tbe day. 

000 tonnes and a 52 per cent Fresh buying interest, stimulated metals producer, announced a made by the French producer. j n t t, e morning the London 

ease in cooking apples out- by forecasts of a further outflow rise in its selling price for copper Penarroya, and is in line with the daily raws price was fixed at 

has- taken production to of lead Btocks from the. LME cathodes in the U.S. from 67 rises announced earlier ftus week £107 a tonne, the same as on 

000 tonnes, t warehouses in the next few- cents to 6S cents a lb and by 4 by Breussag and Boliden. Tuesday. 

LIKE MANY tropical nations to cater for, there is consider The ■ Government’s blueprint. 
Mauritius depends for its milk abfe scope for expansion.’ feedlots ate situated" on the 

supplies . on the ubiquitous Current home production is' coastal regions of the country 5 

powdered product— mostly from about 50,000 to 6Q;000 litres day' away from the' high' plateau’- 
New Zealand— the inevitable can, from about 20,000 cows. They are where a biting By prevents 
or bighly-expensive UHT whole’ kept- on the two Government serious livestock.- production, 
milk from South Africa or farms, the sugar estates which although another seetion .of the> 

France which costs up to Rs 5 ; sell milk direct to their workers, project -is now claiming success- - 

a litre (40p). -and by the cow keepers,' whose ful .control of the fly. 

Traditionally, in an island numbers have dropped from 
dominated by the Indian race, 32,000 in 1965 to about 19,000. ^ the cattle’ *EFfeei T 

there is the village cow. keeper. Tbe aim of the UNDP- project- ,„?* n l!!i s 
The cows, kept in dark stables, and the Government is to pro- jjjj. „ J „ J? n n rf d »»nn 

are tended by the women of the diiee 3.000 litres a day of fresh ! frnwPtS 

household. They are a familiar milk from two units of 350 cows 

hazard on tbe narrow roads and each by 1980 and .establish a SSffijLSJ SEES £ 

may produce about 4 litres of blueprint for intensive produc- c n m A 

milk a day for sale to the milk Uoti in feed lots. . » “ sufficient, y ^° E: - 

retailer. He peddles “du-lait au The sugar estates are ’anxious crusmng. -t* 

bicyclette r from the cans hung to diversify, and are quickly fol- The ration is supplemented;, 

at all angles from a dilapidated lowing the- project's progress, with the by-product molasses t 
bike. finding that catUe fed their by- boosted with urea added at a 

But the lure of a steady income products of sugar cane tops and rate of 2.5 to 3 cent., and 
from the cane fields and sugar molasses with added urea can locally-made cow cake. ’Work is 
factorv is calling the women produce milk and beef economic- also under way to ' examine a'** 
from the roadside, and now only sDj'- complete diet made up entirely 4 

7,000 litres of milk a day is- Already plans are being made of by-products including manure 
supplied through traditional for two or three neighbouring from the- poultry industry, sugars 

channels. sugar estates to co-operate in the cane waste — bagasse — and- . 

There have been attempts to production of 2.000 litres of molasses. . «• 

organise bulk collections of milk' Pasteurised whole milk a day When the UNDP-FAO project, 
and h'eln the cow keepers, but for sale through local Mauritian comes to an end in three 'years 
with little success. Hie -United stores and supermarkets. The *he Government -wiTl have two* 
Nations Development Project UN Food and Agriculture Organi- - modern feedlots producing milk' 
here tried to make a start in 1965 sation optimistically estimates and beef, managed- and staffed* 
but only now does there appear that there could be ID units each entirely by Mauritians. It -will 
to be a breakthrough. The UN is. of 1,000 cows producing 1SJJO0 have a fully-equipped ruminant, 
backing the Government’s two litres a day by.l9S7. research laboratory which is cur-, 

I livestock-breeding stations by With the producer receiving rently examining new feeds such 
helping the setting up of large- Rs 1 j 25 to -1.50 a litre the .hope as the local acacia or leucaena 
scale feedlot milk production is to make' Maurjtian-produ.ced and sweet potato. ' 

based on by-products fronJ * be n >Rh available for retailing at Meanwhile, the private sector,** 

country's staple product, sugar, Rs 2.00 to 230 a litre. Powdered stimulated by the Government’s* 
and the researches in tbe Carib- milk sells at Rs 14 a kiki. new-found will to develop a 
bean and South America of Dr. In 1976 milk imports in terms Mauritian milk and beef industry, 
Reg Preston, formerly of the of liquid pnui valent enualled has put up its own proposals. 
Rowett Research Institute, Aber- almost 230.000 litres a day. In From feedlot and pasture the 
deen. 1975 nearly 7.000 tonnes of private investors aim to produce 

With 900,000 Mauritians clam- carcase beef were imported to 50 per cent of the country's beef 

ouring for fresh milk, and an supplement home production of and 20 per cent of its milk in six . 

estimated 900,000 tourist nights just over 1.000 tonnes. years. 

U.S. may offer more grain to USSR 

dling-off in ronsumption.” I 
he most striking increases in j 
luction have appeared in j 
imon Market countries, 
ranee, for example, experts I 
\\ per rent rise to 1.75m j 
IPs — about two-thirds oft 
ch will be Golden Delicious. , 

Lead prices at year’s peak 

THE U.S. Agriculture Depart- 
ment is likely to offer the USSR 
12 m to I5m tonnes of grain for 
the 12 months ending September 
30. 1979. 

No final decision has been 
reached on how much to offer the 
Soviets for the third year of the 
U£.-USSR grain agreement 
Some grain officials want to leave 
the amount at Sm tonnes while 
others are in favour of granting 
20m tonnes. A compromise figure 
of 12m~15m tonnes seems the 
most likely outcome. 

The U.S. and USSR are 
scheduled to meet here on 
October 11 as part of the 
bi-annual consultations called 
For In the grain agreement. 

The agreement specifies that 

the USSR must buy a minimum 
of 6m tonnes and up to Sm 
tonnes of grain. Any purchases 
beyond that require consultations 
between the two nations. 

The USDA officials said most 
views with in the department 
were to offer the Soviets 15m 
tonnes, as granted in the first 
two years of the agreement 

The USDA was criticised last 
year for offering the USSR 15m 
tonnes without getting any major 
crop in formation or concessions 
in return. 

The officials said the USDA 
would he unlikely to seek any 
concessions in exchange for 
raising the limit noting the USSR 
could be a heavy buyer of U.S. 
maize in the third agreement 

year due to the low prices, 
expanding livestock production 
aod to build stocks in anticipation 
of possible problems with next 
year’s crop. 

The officials said more interest 
has surfaced from other agencies 
—including the National Security 
Council as well as state and 
treasury departments — in the 
grain talks. 

• China’s Szechwan province — 
one of the country’s most fertile 
and ats most populous — bad a 
record harvest of wheat and other 
summer crops and officials there 
are optimistic about the autumn 
grain harvest now being com- 
pleted, the New China News 
agency said today. 



1” -iiACC UTTAIC the n»nd on Carnes wtoich Ufled atronebr market, refiectliu: European phxvlcal rflFETT USTRUUT? TWT7 A T /VPflTTTAiTlT F6 

--iflkvfC IfLE, Jl AJL3 owing so 'Uic sharp nano wins in the U!S. demand a ad avrmlRfn U.S. physical in- LUr F JCJE, KUBJJEJK. IVJUC/aJL/ ▼ ELf.E»Jl/k!DLEO 

— W*ER-«hjliw on *r London Meial H ade d ® flc,t t or Aoff M/ Cornnur-sion MW wbidija» ihv price nse from ROBUST A5 opened steadily and settled QUIET opening on -Jw London physical SMITH FIELD i pence per nonudh-Berf: 

• noge although . trading renamed Honse ttuym*. tMirtea pfi wm*** However, at tnL, Je^cl a quiet early session wflh little, in- market. Fluctuated withm narrow limits Scottish Wiled sides 5X0 to 57.0: Ulster 

oed. During the morning forward low- oufins altnouim at ine LiM rerei proar-tann? and nrope scum-, pami ter est. Druri Burnham Lambert reported, throughout the day, closing nominal, hindquarters 82.0 to 45.0. forequarters 85.H 
L edged np lo £73S owing lo modest pa-ristcnl .trade selling and urnfit-tafelna value* with forward material easmgpacK After Initial steadiness In the afternoon Lewis and Peal reported a Malaysian to 37.0: Hre hindquarters 63.0 to 56.0, 
tint ' Hmreeif . in. the afternoon, the which caused forward- mwaj h> case frac- fo 1«.<M on the morning Kero, wewweq proflr-takfqc and smaC-scale trade sdUng sod own price of 35M cents tbuyer. forequarters 35-0 to 57.0. 


Price In tonnes unless otherwise stated. 

hfc”! -“ 1 “ 

■rose jhand^ 13 tom* iTW following omially to clows ^ai-'J730h on the -late physical interest in the aftOTonn eS5aa prlCBS Ke nerally to close near Ihe ocli. 

, — R#rb. Tnrnover 34.650 tonnes. prompted a fresh rise to £S£W hut fWa , 0 £M down 00 balance. — — 

•pcm I niiSi'.i r__° r| 1 i t ‘H> r Amalgamated Metal Trading reported was pared tn fn^LS on the late kerb. Dealers :-au tha; the trade were waiting „ 

rBKi Dfmnal | i.iiwrtaM ) — ji, a i ^ the -xnonaiig cash wlrchars traded ■ Titraorer l,09a tonnes. . fw some Incentive from either ihe Ho. 

. ~ i r ) „ at 1736 three months 1734. 55. S.£ 56. . MonthigiSiamiara. three aiamjE n.ns. physical market or the ICO meeting 

.. i ± -j £ £ Er 55,.' 54.5.' Cathodes, cash 1734 3,. three J*- lfl - *0-JJ. Snndard, currently tn progress. 

Mwrrt J _ - I mmiiH £743.5. Kerb: wirehare. three . months £3,7711, 60. Aftercoon: Sian- — , : 

7S3.S-6— 1 740.5- 1.5*5. 75 £754.3, J5. 35J. Afternoon: Win.- dard, three month.-. X6.7S5. 00. 6i30. 10. Twwntay a 

nUih I 754.5-5 I 7=9-60 I+0.7B hara. three months 761. 50^, 60. 60.5. 53, 6 - aw - 23. Kerb: Siandard, three months CORPUS +* 

■in'np 756 — 1 — Sg.5, 59, S9A Cathodes, throe -months f 0000 

“to I,,,,' ■« Kerb: Wrebars. threo months J7», Xper tonne 

■1l”" [• Si, r SBl5, LEAP ' Firmer. After -opening around H«c*iamb«Zl 1681-87 l -4 0 □ 1628 B7 

74 ,ps 4 ili \** Jq TfW^amar. iknplir *J» fall in the its ovcrnlghi level forward m*tal pndwd XB3H28 tlB.5 io 4 B 23 

? 2|5 l-- a iranang . tnarfcet forward moral opened ahead 10 £371.5 following fresh busing, — iuzz 24 I— 16sti446-£l 

»mi. 62S j ... .. 65-66 ■ i Rrmer »nd moved ahead on Uie-pr» particularly from one quarter, which was 153*35 LzSiu 156027 

1 j 

No. 1 iYreWrday * 


; Preilooi | 

| Bu»i mm 

■IW.S. j Clare j 

| Clare j 


Vnal: BnglUh fats 62.0 to 7VJB; Dutch 1 ; , 

binds and ends 86.0 tn S8.0. j 1 j 

Lamb: English small 56.0 to 68.0, JtataJg 1 ( | 

medium 33.0 to 55.0. heavy 905 to 56.0. Aimnlninm..— ...... £710 j- -£6B0 

Scottish medium 53.0 to 5841. heavy 50.0 Free market (crtl.l5l.070/90t- [81075 95 

to 3G 6. Imported frozen: KZ FU 56.0 Copper caah W.Bnr^741 !+5.75'£731.5 

tn 57.0, YLs S3J to 55L0. 6 moatha dow -toj£769.5 1+6.76^746.25 

Port: Englub, under 100 lb 37.0 to Ckab Cathcrte. |£789.5 t9.75i£781 

Index Limited 01-351 3466. - Three months Gold 21 Si -2 

Lam ont Road. London SWIO-QHS- 

1. Tax-free trading on commodity fntures- 

2. The commodity futures market for the smaller investor. 

1 — —only partly met by prnfii-iafcins. in the I 

Three months Gold 2 ISA -220 if afternoon Intere-^i waned with forward jTtJY. i/SO -56 

. metal eating back 10 cJnre at on ‘i. 

the late kerb. Turnover 8.438 tonnes. “I 

V fnflirex. Mm-rrino- Tach F3B7 R9* MS. Ihren • 

« m _ . amonuia do. fo.t-iov.o + 0 . 10 ^ 1 * 0 - 

Oct ......1 G1.60-t2JW( 62.20-62. 50,62.20 Port: Englub, under 100 lb 37.0 to CJneb Cethcrte. £789.5 -r 5.76 US7 21 

Wov. | t2.4y-aS.0Ul 63.00-63.2u.fi2.9fl «.o, 100-120 0) 38JI to M.0, 120-160 lb i months do. do.[£748.2&-^5.75£758.: 

Oct-Uecj t4-i.B-t4.15i M.5W4.BBI b4.bM4.S0 37.0 to 43.0. Sold M _Iwoa. 881B.3f!>H-2.0 ISStS.i 

Jan-Uarj 6D.5s-tB.Bu B7.0O4if.O6J t7.15a0.6r Grouse: Young, best (eachl ISO.0 to Meuh. £369.251+4.75X342.: 

Apr- J «- ue.60-bB.BS| ra.bS-0S.10, 220.0. „ 3 mowS" £374.6* ^47.! 

Jy-Sept ! 70.6>-70^| 71.10-71.fi0 Partrtdaes: Young reach! 200.0 lo 340.0. Nkstai 1 T I 

wvDee, 72.0O-i2.7ffl 7i.10-75.lS] 73.10 MEAT COMMISSION— Average faisiocfc Free Uarkt>ticfnilb)l3 1 75 ; ,31.80 

Jau-ilar 74.8*-f4-75| 7S.bB-75.10 7S.1O-74J0 prices at representatlvB markets on * A LBB 193 

, — , * 1. u Id dll 77 ,B.n lc. I IB ac TO u. C.m «? r.a pa, tin OR -In n«- Vo Iv 1“ * 

U.S. Markets 

Metals fall 
on deficit 

Port: Englub, under 100 lb 37.0 to Ouh Cathode. X789.5 t 5.76X721 xic-ur vn»r „ 

40.0, 100-120 lb 38.0 to 44.0. 120-160 lb J months do. <Jo.[£748.2&! +5.75 £738.25 , , NE , W \ 0 , RK ' SeDl, 1> ‘ 8, 

57 0 lo 43.0. f«niri t ^ Esii, t/KU-2 o ISItG 57ii PRECIOUS metals closed lower on beaty- 

Grouse: Young, best (eachl 1SO.0 to £369.2of+4i75X34a.7b liquidation on expectations of 

- in a. a S7&n347 as 3 “harp balance of payments deGcn next 

Partridges: Yousw reach! 200.0 lo 340.0. E574.6tfi+ . • rear. Copper cased on light unite arbi- 

MEAT COMMISSION— Average faisiocfc 1 73 ' 31 80 lra * e seLllng wbDe cocoa and sugar 

■ices at representative markets on » - 193 declined on apeculaure profit-taking in 

»pl. 27. GB cattle 66-5 1 p per fee. l.vr. 1 ' sympathy with a stranger dollar, Bache 

-O.T5i, UK sheep ULlp per kg. en. | , repons. 

c.w. (-6.31, GB pigs 6<Jp per kg. l.w. Platinum buy or.. XI 30 ! XlSO Coco*-£iec. I7L0O U73.S0!. March 169.50 

-Ml. Free Market. j£142.6 I— 0.45|£15o.l ri7L43). May lfigLlO. July 166.00, SepL 

England and Wale*: Cattle uumbera Qntchellver (7fflb.l 8 122.27' 3126/50 163-60. Dec. 19^0. Sales: 606. 





^Tq -cstafalcJi and «>or(£naJe a new Esseritial OHs and Chemicals 
^.'dep^rtment loran expanding Giy based ^ Tradmg'Cd;^ ^Age 2Sr'37. 

rNUTTOADER 1 , £ 10 , 000 NEG 

For'«eputable- mtemalicned Trading Company to. expand and 
^coromate iisMil tr&fingae?lwdes. Age 3 d/40. 

.ApMINISIRAFOR - to£7,00Q 

t^contirii.'xind- handle aS shfpping docurpentaflan and ' 
tXonhads-fcT- a small -but. Intern^onaJr tpadlnff concern. Age 


metal eating bark 10 cinre at £3S on JSSTi; i_ 51’-. 

the late kerb Turnover 3.450 tonne*. ^*P l * mber H iaa5 - 3J h 24 - 3 ‘ >OT ' BS 

Mornlna: Osh £367. 68; 69.5. three ., .* I 

months £!T2. 73.5. 73, 74. 74.5. Kerb: Sales: 1313 ia.349) lots of 3 tonne*. 

Three monihs Afternoon' Cash ICO Indicator prices for SepL 36 Ct'.S. 

1370. three months 75.75. 75 3. 75. cents per pound!: Colombian Mild 

>4-5. 74 TS Kerb: Three months 374 75. Arahlcaa 100.00 1 same 1; unwashed 

73/ 74,3. 74. 74 25. 74 73 5; 73^3- Arabicas *153.00 'same;; other HUM 

_ Arahiaul 155.60 flM-V.i: RnbUMAB JC.\ 

a.m. + nr! p.m. .+ or 1B7S 149 00 M4&25I: Robusus TCA IBfiS 

LX.VI* : f'lflciel : — - T'nofFi^ai> — J4S.50 048.00’. Dally arersge 15L75 

— , I153.28’. 

Spot 60-Tfip ( 61 . 01 / Nov. 61.5p (; 
Dec. 67 Sp 1 63 M 

75.li5.75.10 7b.10-74JP prices at representative markets on 

cent, average price 151.4p '-6.4): Pig Rn Cash £6,970 ~ IOO,£o.(M 

CnVlDniV Ttrr'AT numbers UP 15.7 per cent, average price i month*. |£o, 833/5+95.0X6.637 

iSUl ABfcAix JnhA-L ... . Tungsten (Cl '8141.06. ;S134.Z4 

_ _ , Scotland: cattle numbers up la., per Wolfram S2JM tMii'Sl4l 46 .8140 44 

In quiet trading prfcm gaued fii»P cent, average price 67^4p (+0^:>: Sheep Zme£“b 1SS4 -*i 2BC319 

efore Chicago opowd. Despite gains number* up 36.8 per rent, average price i """'£344 1+1 25-11326 76 

f 6-8 rents in Oucago heans London , 2r . 6p ,_ 2lS ,; fik numbers up E6.4 Per ! SSk 

teal dosed at 1U5 hass Dwwnhpr. ni« . — in rrajuw™. 1 »...„.(»040 .0049 

before Chicago opened, 

of S-S rents in Chicas 

ARA SICAS— Close: Ocf. 190.00 buyer. a i U4,5 ba * ls p ^S? nh6r - cent, average price fillp t -3.1 ». 

Cash • 369 .5 ^S 5 : 369 .' •> *« 75 87.W seller, others unowned. Sales: nil, J" "(Wrtcd. accordVa to 

imnmti*.. 374 5 -6.5737d.a-.75-4.57 5NW CommjgKj^ 

sen' meat 1 ifaS.S ; -6i' - . . mTTrrm.T ■ VeAwdoy- + m\ Busmen 

jsz.3 ' . •• S31.SA COTTON CH3Ke - Uonp 

1 Mpot.; JbU.a 


1 Vexlerda) 1 ' 4- or ; Uuoiku 

Chwc 1 — Done 

COVE NT GARDEN— (Prices In sterling QUi 

per package except where stated). Cbconut (Phil)...... 9760* •„ 'S740 

Imported produce: Lemons— Italian: Groundnut. ; I £ti7d 

1 WIT -ft; nenr crop jJM.M: SpattJa: Trays Edosewi L'rurle iv)..'£3Z2 L >£351 

vw>.g 4n. S_. African: 7.50 ^66: Cs proi IVim Mateyan. ;S610« :-r20 OS689 

Trays 3.IMM.JP. Boxes 7.00: Turkish: ! 1 

Oranges— S. African: Valencia Late 4.31- 1 

126.50, Dec. 12L0D-1Z-LH. Sales: R5. 

Copper— Sept. &5.40 i6aJ0i. OcL 65.30 
«6SJ3'. Nov. 65.55. Dec. 66.45, Jan. 66.93, 
March 67.05, May, July 09^0, SepL 

This editioD went to press 
before the latest U.S. market 
reports were received. 

4Iurninium bgois particularly from Europe. Age 28/37. ' 1 

/PWsc tpbfadt BAYMOND TOVillffiAD to arrant a 

cditfidential discussion. . 

iraineeimLtiliT^ for this tyfetab & 
Cdmrhod^/' Buane^GbmiTTuri^ 

Charterhouse Appbintrnents 

40 Bow Lane London EC4 

LIVERPOOL COTTON — Spot and ship. £ pe«©n ne: Trays .1.1)4,7.30. Boxes 7.00: Turidsh: S.0«. 

J ZINC — Mvdwttir firmer, rnro-afd m«nal ment rales in Liverpool am aunt ed tn - 1 Oratwo*— S. African: Valencia Late 4J«v- 

H ffadei in a £2 ranee throughout rhe day. 370 tonnes, brrngmg th- toal for ihe October tlS.S0-M.Q- + LO I1S.60-15.58 -i-W: BrazUlan: Valencia Late 3J0-XSO; Seed* 

i TOeniop. at [»: and edging up to close w«k so hr tt W. tonnes. Renewed bromber .. 114.40- 14.5 +U.55 1 lit 6 #-i4.5u Araemtne: 5.0M.40. Grapefruit— Domini- Cop™ 

, at: £344 on the late kerb. The market pressure for supplies brought an Februarr.. . IT6.liM6.S -O.fc0 11h.5u-ie.Z0 S. African: 48s 4.50: -weix 

:• was sustained by hoih Penarroya and increased turnover. Interest generally iI1/.Sj- 17.7:-.O.*0|17.5O Jamaican fi. 00-3.40. Apples— French: New 

i" Noranda raisins their prddneer price to centred wt East African and Middle June 118 3J.18.6 '^U.5u| — crop Golden Delicious ZIHh 7Z 1J8-2.I0. fi< 

■ WT5'in line -vtUi Preu^-ag and Boliden. Eastern quahucs. Ancun 117^0-21 ^’ j- 1.6,.; — 1.73-LM. 401b aJ0-3XB. Start CrtaKon Win Grain 

i Turnover 6.100 lonnc, Oeu.her H8Jl-S2.B j-l.5i — a 4 m 14 ^C.®' 7 Lf- so c G If^ y Hart*? 

Morn uv: : Cash ESC.S. H2.75. three rnl ,%| C "cair.^aa ,40rin-v~nr v t-mni'. :,6a Pear*— French: ftiBlam 4J0; Per Horn 

v uuhttha Z34.7 Mrs. Kerb: Thw tnwiUw GRAINS 3 ° 1 ** 5 nonet wwnrt Ttahan: vvflllams Maize. 

• £34X5.- -Afternoon: three months £344. ■ n r™ ** tmrhaneart tjrir — Ti alia n: 3 i trays jJO- 3.46: French: Sniall Pren 

44J. 44.3. 44. 43.3 . a". 73. 44. Kerb. TUreft ... nw ^ iuK wn« nwawrewa. luck „ , trays IJO-Liw. pinms— Romanian: Art) Wheat 

DKdths rs«4 4f. 43.5 ?I ***** valms in trade SUGAR Spa,h wr trT ’ 7 Italian: Per Nu _ j 

: 70 to 85p higher. Good commercial buying O ponnd Stanley 8.17. G. Prunes P.15. Cranes 

| a.m. + or pjn. :l+or seen at these levels and U» LONDON DAILY price 7 raw su*srt — Italian: Regina 1.SM.M, Black g M I 

Sal«: 49 '<3i lots of 5" t junek. 

OraosM— S. African: Valencia Late 43JP- ‘ “Jv-Sl 1 ^ ,4_ n± 1‘5S° 1 " 1 *. 

5 SO: Brazilian: Valencia Late SJWjM: geed* , , 

S' n S s 5 ^- SSL2 i S-r«?l' . , ' ,SJ ’I5IS ■ If. ^ S’ 

Jamaican H. 00-3. 40. Apples— French: New C^-)— ..aZ67iD — 5258 , ter4.. March 6C.l»^6. , 2o. Sates: n.®50 bates. 

crop Golden Delicious 2Wb 72 1JO-2.I0. *£ pL =ls -5? °ct. ?l*.CO 

I.Tj-LSft, 401b SJW-oJ#. Start Crimson 2fllh Grain n r ' l:! b 3. Nw - DM - F-? h - 

«4 2.40-iffl, 72 "SO. Granny Smith 2-00- derter . • • . 22s — APrtl 226^0. June 130.40, Aug. 

2.68. Pears — French: William -L50: Per Home Fucares_.!-£B2 B 1+IsV £80 35 1 0cl - ?37 - 70 - DhC - =4L ^. F * h - 

pound Italian; Williams 0.20-022. Peaches Uaize j ! • 24,>.M, April 249.00, June 252. SO. Sales: 

JnHlUhs £344, 4f. 43.5 


pound luban: Williams 0.21WI 22. Peaches tlaoa ”j , ; 2 «-M, April 249.00. June 232.S0. Sales: 

— TiaUan: li trays 3J04.48: French: Small French No. ■l4mbot.A,l £100.5 l 2 ^? w J 8, 5L i 

trays IJft-LW. Plums— Romanian: Anna Wheel P i TLanJ — Chicago loose 24.75 I25.0Q1. NY 

Spath pur tray 2.00-2.3}: Italian: Per Nli 1 ^ Snrit»E.£92 ■— D^fiBO 1 Drt ™ e s,,?ain 3&ii tra| l«l c2B_A0 traded', 

ponnd Stanley 8.17. G. Prunes 0.15. Graves No.2UaniWtntSi£B3 2&r-D 25 ■ I *Msh»— Dre. 22122P1 '22D*i. ai^rch 

Nu. 1 Ked Sprine-£B2 0-25 £90 
So. 2 UfudWuit«rj£B3.2&r: — 0.25' I 

Cftfb S52.75-5.25 *1-76 353.71 

Suwothn.-l aA5 .a *1.5 >45.P 
a"«o'ent.;.. 333.25 
Pritn.n-eat, - ' 2S. 

•Cents per pound. t SM 
T On. previous unofficial class. 




YeMerday'vl + or .YHtttday'ai 4- nr 



1 “ 



1 1 






I+ 0.861 


! — 0.15 





|— 0.1a 



95 60 



?u gxr ' 

Pref. Yawrfty'i Prei-lous 
Comm. 1 Close Close 

Green 3.00-3.20. Tomatoes — Dutch: K2B- 
2.40: Jersey: 2.20: Spanish: 2.10-2JM. 

tmtnpe kc U,lo...lZ7dD l_ 27 bn : oou.w. an-rv, amy 

X X-" ,- Ti rr K — ; M0.SO. Sept. 609.90. Dee. 624.10, Jan. 

timSSr , ew «. CTOD ‘ Unquoted. : 62S.30. March 53* .50, May 848JI0. Juls- 

£ per toaroe 

rosms — Per pound 

Apples— Per 

». fi 

f-J sC * 1 




-0X1 ITS 5 2 5, OOO .000 — 1 977-1 »Z 


• i Incorporated in Queensland)- ■ -• 

] Share Registers of the Company wi« 
I be closed Irom TJSti Ostabcr, 19T8 
I to ISttt October. T978. botn dates 
I inclusive, lor the payment of * final 
j dividend 4d 6 cents tAUSl.l pw shire 
. payable on 1 1;S December. 1978 to 
! shareholder* on the London Reo liter. 
London Registrars. 

.SUver was fixed :.5p an (Brace lower Mir. MS. 05 I+0.7S1 B.-.0Q I— 0.1a 1 — 1 1 “■* „ j ^r . . "k -tiJi-Bi; nusti March MA-wti. Mao ok. 

feJB^^OTSasJf^aMSSrtr.l »« H-mpi *3 K* .«»«■''. P 1 =H-E., W „ wwiniu,,.™. 


&S-"K5df«E , sftiffi asnSssBSffitassffis srasa'ssrJBs a si*KBsF i s3 5 s t 

sassxsr ss 6 ssafjjas^sKjfflS rsrsshst^rs^ss& 

’ w uS"::::|“!.aS.alra.5SCT.Z5^ MU T««o«, iJS wa*w»»«s»» 

i : i » K 5S 1 fc , ir , 27!S : Sb * 5 X uit 1 D * pS” m£_ MMJ , 1 J mS> 3?T5S **** g * aj - . °S;j- ' I sS^SoTli?'on.iHJ!.Sl J,.!!,. J.IL 

s ^“: rr a? sr iPr * VaHFSs is aarsas S”sS ■»*— . OTr 

troror. : crire ! ! r?e* • " “51 J? ollia trade !tai *-«••.». Beetrotrt-Per SSIb 0.8O. 5jf ar ■ Ox 3l-35i Kilos wUhdrawn I Jm- Sales: f Jio lots 

: ^ ; ^ : ^^nt GO a?j fSi?3 Nn^ f y^ P(>r I'|„. ni „„, f ,r c SP S' 58 ^' ^ MIPS with!; Tln-fi20 MWSO.OO nnm. t628.004B7.IM 

Uewra qoc ;c n ' n r • ».oc ^ ufinL. Uw. Cii4.fl, rkOV. InttrnalUnai . AsnKfllRVt f U.S. j w ynfl BJfl, CpiirSCttCSt— Ppr nnimd QrSWIl i0^p, T.i Qht rmne urfthrf raw n ! mm j 

if!:?? •.&» SSS? - sSiLMSS E * t ' c “ st - EEC **- "SE—pw i»*TISfpiSOT^S Ko «« tnmedT^ a i -witM«-D«r. --m -3414 immi. Man* 

iSSSHlS ts - ! Stem ^ 8JS uvnirra «««'»»•. «f m 

bondholders of a row* lean are here- j j J 6 GrcMceat Place. 

lofpinte ii mat the rate of H tfercst 
illcable for the six months . period 
line Z64h -March. 1979 lui beon 
d wt 9’,%. 

jDaoon No. 4 w«l bo payable as 
ai HA March 1979 at the ran of 
149,92 oouhnieot to a 9tfc% tn- 
en walked out on e basts of 
t-soom* covering ■ me period steH- 

Seeoomoer 25. 1979 to March 
h. 1979 lachuire. * 

The Fiscal Aeenr 



CE IS HEREBY l IVEN . Ill*, efte 

London SWIP'lPL. 
25th Septetnber..-197B. 

BONOS 1923 
■ fSecood Series^ 

i L ik “ P- s -'F7«*l» Sent- and Oct. (SJB); 13-day average S.14 (S.09 

[lBnwmts.dl7.6wp M.8& - , I0L50. Xov. 99. Defc 99.50. transhlpmenr 

■ — _ < ' • East Coast.-. S. African MTtiie SepL-Oct. 

LME— Tumavtr vn nifli Ioib of 10,8« ©MWjf. S. Alnaa Yellow SepL- 

Jt ft W00L p, FII ? JRES 

AlteraoM- Cash 258.3. three months 2M. ft. _®J54 t pM “ ™ 

M* 3A 3.8. si. Kerbs;' Three mamba Swa^m. L.S. Acgehune tmauoted.- A U ^ ra iL^irjT^L^^+ or, Btui 
3*3-6, 3.7. m. 3-S, GreeipWon! CJIoeo I IVi 


t Ponce uer'kilo) 

Australian iTeaterdy'ii-j- or, fluilntH 
Jree«,vW<wl Chore • — | Dam 

2KL6. *i. 3-8- H GCA— Location ea-farm spot prices. OreeijrWool Cion 

Other milllnp wheal! . Essex £36.78. * — 

rflTAA Feed wheat: Shropshire £88 JO, Essex 

VUtUA ES2^0. Feed tartar: Shropshire £73.08, ft* 06 *-— 

. The market opened iteadfly to tha Bs«* 

morning before it eared sradiraJly ^ BK ownetary coefficient for the -SSkS’S 

tbrouahnux the afternoon, Gffl and Duftus «** taMw Oct 2 will remain 

rattled, unchanged. July -gS9-0-«-0 

1 ■ ■ . — : ■ j. — r Ortolwr 2 SH. 0-40.0 

COCOA *! *- i B flMT KC DAH-V IMPORT, levieb- 

COCOA [ Clove I — I cone Effective for Sept. -27 tin order current March 

JMhJl 21.0 


i t*. Patwilpp— Per 2SB> LOO-1. 20. Sprattu 
-Per pound 0.090.08. Cftfawts-Per 
pound Kent 6-30. Cant Cota— Each 0.A5. 


THE HAGUE, apt 27. 
Dutch coffee beau coastings 
rose sharply to 6.9&J tonnes in 
the tour weeks to August 11, from 
3f3Sft in' the comparable 1977 

«« nua«L i >~wtieat— Dec. r-J1i-3414 fMJi, Mart* 

IIVhlfL'C : 3WJS6i y'CZti, May 5314 331*. July m 

Nil/IVljS Sept. J23 nom.. Doc. 328- 

. . I WINNIPEG, Sepl. M. HRye-OcL 03.40 

■in . — > . flftSO bid/. Nov. 03.40 adted • 03.50 bid/. 

FIMANTiai Tmrc ' D<x - May WCT bW - Julr te ' 80 ' 

r *™«WCIAL TIMES , tfOaiS— OCL TJM (73.S),, Dec. 73M 

*ei£72b\ out. felSonth Yrer «en t “ '5» «^.._March aaked. 

p'nancial times ; r7n frtkrr D^r 

! ,S 

£55^1 1253.66 ! 246.85 240.05 ! ttBar1ey~-Oa. 69.40 bid <69.50 bid!. Dec. 

(Bftsa; Job 1 iBSsslflftk P 58 bia fri So “"til 73J0 asked, 

./my l. ima.iM! May 74.00 asked. July 74.00 asked. 

REUTERS SFlnreed-OcL 25S.M (25L00 bid! 

s, G. WARBURG A CO. LTD.. <Tneorawat- Ko.3Cante’S( 

ii> 9 SCiamJa Brothers) announce beat J 

Coupon No. «0 dut '1st October.' W6 J 

from bonds. o» Che, above-name d .l oan. 

witlca nave been oeer printed » Indite aiarca— ~ ..i 

Keeptance of the otter made on behalf May ; 

ot • ttie Reoobfic ot Peru. _a» pubHsbrri Juin ■ 

in ••■The. T'i»« 

MKUic wr win. mqrr current “W- — I I — nap i A j ______ , ... _ 

levy plus OCL, Nov. and Dec. premium 5. SYDNEY GREASY (in order buyer. P eri0,1 ». compared with 6,862 

The Pinstwial 


. fm . .1* MitKWrtMS. 
n,; ’y Sopitwibrt- 

f > * rfi'* 

1 RMM/nahle Cuinul*f/»e Preierence I h« isd^eei for. j>irni«nL . 

* of ttirs compftny will b* cosed from i s. G. WARBURG A CO. tTD_ alto 
SO Oneber i97B-'tath dafiH.iwsInsm. iatmoimee that, tx/ods to i nqiff-nai **lue 
J A. ROSS. -tof.C2G.8D0 have beam pundiared for tbe 
’ _ l r • Cwiwv Soeretarv.-. .iSliiei09 Fund.:- 

!- 30. Greotran* »w«t., - 
Mhio<ea«, ’ ■ ' Lcraiob -EC2P -aEk- 

Soriember 197B. I - • • *ath.Se*r»n*»r. 197B, j 

ifer Boatci or tn* 3.J5V riorm-rlr Thnu ” o'n lit October. 1954. may now j 7^--: " ^no' To'I. P,2"S Si 1 '. 1 »»■“— rest nil 172.38. rent nil/: 374JJ. nil: March 313.5, 

l Redeemable Cumulat/»e 9' * erente I be isd'staJ {pr.jfiymonL. UOP— 1 8.0 1>.0 1825.B tHUl Haoe (other than hybrid lor * reding)— 5 . tnial tales: 118. 


ii<A 38>. India tor wines sc?i. rat nip. Ftear letnesr wbeat or Mio. July 190.WK 9. oet. 190 . 0 . 1030 . , I 

15-day a'Maw 171.77 (ITI.SSl! -42-day Mbced faWeat and Rye Ftoar— 12808 Dsc. 1M.0-194O. March 1 bo. 0 . 104.0 aod -COnsuinert 

■t-erase _2i7 4i v 1654.7** ^ - — -- .llSUrj.- Ryn Floor— U2.83 (UX37j. Sales: 10 (fame) lots of Ijeo fcOofc ' Reuter 

ZffepL. KfMontii age. Year bro 

1967.6 1 1467.0 | 145B.Q 1499.5 

(Gnr Seotember IS. 1031=100) 


Dow dept. Sept. Noarh Year 
Joan m IS ago nso 

4ptt._. 577.1Bi579.39'370Jr7367.5A 
fuUtrw 577.B1^79.6Bl3b6.8g,025.54 
“ (AteroR* lB7+3MA=lMi 


I aent,; m. Mouth; Tm 
Moody 1 * ! 26 J 2 fi j «pa ; tan 

SgleCtommtvtS 56^949,9 J«ij 

fDoennber ml iwtis’ldoi 

SRaxwed— OcL 253-00 (25L00 bid). Not 
25L20 1250 JO asked), Dec. 251.30 asked 
May 254.30 arted, July aajJo bid. 

TtiWbeat— SCtYRS 13.5 per cent prot&lb 
content rif si. Lawrence 17AM (same}. 

All cents per pound ex-warehobM 
unless otherwise nated. * sb per trov 
1 oaoce— lB0-c«Dce lots, t Chicago imsa 
I Ss per 1 M Hk-Dcpl of As. puces prJ- 
'vious day. Prime sream fob ny huik 
. tank cars. ; Cents per «-lu bushel *-=. 

1 tea rehouse. S WD-hnshel lots, f $§ p * r 
• fror oum,-** for 50-07 units of n; »- 

ipnt pnnyr delivered ST. r Cents ^-r 
irn? ouo'te ea-warehotise. t-’ New •* p‘- 
cnnbact m Sb a short ton for hulk in,. 
2J ,. m f ^? r , r loss delivered fob cars 
: Chicago. Toledo St. Limit aod Alton 

2 Cems twr 30-lh hoshel in an?"" 

Zih hLhS r 24 " ,b b " she '- n Centa ur 
, «-lb bushel ex-warehimsp. it r>n«, _l_ 

Sfrlb bushel ex-warehouM. LOOUmrt^ 
fS 1C par muse. ,vw T“* i 


Financial Times Thursday September 28 1978 : f 


Eastern promise, for ace professionals only 


l •: 


El ■' 


r. r ; 

i I 

I : . 


v l 

5 [ 

i ■' ; 

PETER BARRETT was flabber- 
gasted when interviewing in 
Lnndon lately tn fill the finan- 
cial controller's job in one of 
bis group's 200 subsidiaries. 
Looking through tiie window, 
he saw the expected candidate 
draw up in a chauffeur-driven 
Rolls Royce. 

.Asked in expand on the 
sparse, i hough impressive de- 
tails given in his job applica- 
tion, the opulent interviewee 
revealed that he was the finan- 
cial director of one of the major 
companies in Britain. lie was 
enviably secure in this job, 
where hi* salary was about 
twice the sum Mr. Barren was 

But the candidate was keen, 
even anrticux. to be given the 
subsidiary financial controller's 

The reason was that it was 
based in Hong Kong where 
Peter Barrett is personnel — or. 
a* his official title has it— cor- 
porate relations director of the 
Hutchison Whampoa con- 

He told me the story as we 
basked on the quarterdeck of 
Hutchisons molor launch, 
which was burbling westward 
round the island in the searing 
sun of last Saturday afternoon. 

“That chap had the sort of 
track record that you aren’t 
privileged to see very often.” 
Mr. Barrett added. ” He really 
whs a top-flight international 

manager. That's why T 
couldn't give him the job. It 
would hate bored him stiff. 

"But ail the same, be was 
right to want it. At Hong Kong 
lav rates, working for only half 
his UK pay over the dozen years 
left before retirement, he 
could set irim&elf up with far 
more capital than ever in the 

Whereupon Peter Barrett pro- 
duced one or his rare grins. He 
ha? been enjoying the same 

opportunity to build capital for 

nearly two years. 

If he is like most Hong Kong 
executives, he receives an auto- 
matic bonus so that his nominal 
monthly salary comes rolling in. 
not 12. but 13 or 14 times a 
year. In addition, lie will have 
an extra bonus tied to company 
results which, in good times 
such as the present, may well 
double his pay. 

On ali of that he will pay 
tax at the maximum rate of 15 
per cent. 

Bui also, if he is like most of 
the expatriate managers who 
have gone from other countries 
to work in Lite colony, he will 
receive a bulky housing 

In the official view of the 
Government of Hong Kong 
i where land and building costs 
are raising the roof all the lime 
so that the purchase price of a 
flat with decent room for three 
can now easily be £100.000) 
the benefits of an expatriate 
executive’s housing allowance 

amount to 10 per cent of his 
total pay and bonuses. 

The Government taxes the 
notional benefit also at the 15 
per cent rate, effectively raisin? 
the tax on the total earnings io 
16.5 per cent. 

But by reckoning the worth 
of tiie housing allowance at only 
10 per cent of total earnings, the 
Government is being unusually 
generous to expatriates who. 
unlike the indigenous executives 
of Hong Kong, tend to be paid 
weighty sums towards tlieir 
accommodation costs. 


"The housing allowance 
usually seems to become more 
significant as you go up the pay 
scale.” 1 was told by Keith 
Exali. the locally based manag- 
ing director of the personnel 
and recruitment consultancy of 
Harris Graham and Partners. 

“Take for example a fairly 
junior expatriate manager with 
a salary of just over £500 a 
month. He’ll probably be given 
half as much again, or rather 
more, for bousing. 

” If the same chap is getting 
£1,000 monthly salary, he’s 
likely to hare at least £750 a 
month allowance. And when 
the monthly salary rises to 
£1,500, then the housing money 
could well be as much again as, 
or even higher than, the salary 


Other benefits for managers 
seem to vary with the employer. 
“ As a general rule,” said Harris 

Graham's David Slee. you'll be 
mare assured of extras such as 
medical insurance, education 
allowances, fare-paid leave, and 
retirement benefits with an 
expatriate concern. 

“The Chinese tend to treat 
such things as discretionary. If 
your face fits, you'll do all right 
If not. you’ll be exposed tn con- 
siderable financial risk should 
you or one of your family fall 
ill and so on.” 

Another benefit becoming 
more and more common £5 
accommodation costs race 
upwards, is help in buying a 
home. There are no building 
societies as such in the colony, 
and banks will rarely lend more 
than three-quarters of the pur- 
chase price. Moreover, the Joan 
will have to be repaid with 
interest at commercial rates 
(currently of 10 to II per cent) 
within certainly not more than 
15 and sometimes as few as 
seven years. 

Mercedes seem to be mast 
popular, and about one in every 
50 a Rolls— are increasing by 
around 2,000 registrations a 
month in line with a current 
economic growth rate of per- 
haps 15 per cent 


So employers are now starting 
to offer schemes of aid. ranging 
from the loan of the necessary 
deposit and a contribution 
towards the interest, down to 
merely helping the employee to 
find someone willing to lend 
him the money. 

Company cars are far rarer 
than they are in Britain and 
other countries of mountainous 
marginal taxation, tending to be 
limited to the very topmost 

But the colony's privately 
owned cars — among which 

“Sure, professional managers 
and specialists coming to work 
here can do well far them- 
selves,” said the Harris Graham 
consultants. “ But even in the 
short run. the economy here 
is extremely volatile. If a 
company suddenly slops making 
profits, its managers are liable 
at least to lose the bonus that 
could be half their income. 
And in the long run, while 
the money Communist China 
is investing here now is making 
us think they’d like to con- 
tinue having this bastion ' of 
capitalism on their doorstep, 
you can’t be rare that they 
won’t change their mind and 
lake over. 

“Another thing is that the 
hours and pace of work for 
executives here are usually a 
lot greater than in Europe. 
People still mostly work at least 
every other Saturday morning, 
for example. 

“But unlike the other Asian 
countries, Hong Kong can still 
be the land of opportunity, 
especially for British people- 
“ While, when they come 
here, Britons aren't supposed 
to stay more than, six months. 

a quick trip to Singapore or 
somewhere will' clear them for 
another six. and so on. We 
know a number of cases now 
where, with skilled people in 
very short supply, British pro- 
fessionals bays come here on 
holiday, picked up a lob 
advertised in the South China 
Morning Post, and stayed." 

Before people from other 
countries can obtain a three- 
year work permit, however, they 
must already have got a job 
in the colony, and produce a 
letter of appointment to prove 

Opportunities currently seem 
to be mainly for people who 
are Technically skilled — foreign- 
exchange. and credit-control 
experts in banking; engineers, 
especially of the civil and 
electronics kinds: senior 

systems analysis and computer 
programmers: financial con- 
trollers: and adepts in aspects 
of personnel work such as 
job evaluation, performance 
appraisal, and remuneration. 

Headers interested might 
care to chance a written 
inquiry to Harris Graham (1304 
World Trade Centre. Hong 
Kong). But they should be 
warned that they are unlikely 
to receive even a reply unless 
they are consummately skilled 
professionals, both by training 
and experience. As Peter 
Barretos ebauffeur-driven can- 
didate showed, the competition 
among expatriate candidates 
for jobs in Hong Kong is prob- 
ably the world's hottest 


Interested in becoming 
a Tax Planning Elitist 
with the country’s 
leading Tax Consultancy ? 

Our Citv-based tax planning division is bolding a scries of individual private and informal 
meetings with senior members of the company during October and November. We shall be 
inviting to these occasions both existing and potential top level tax consultants who are suitably 
qualified and who wish to become high fliers in their field. Held in complete confidence, the 
meetings will provide the opportunity to explore the unique career prospects offered. 

Our tax planning division has been established ten years and during this period has built up 
a multi-discipline team of chartered accountants, barristers, solicitors and former Inspectors 
of Taxes who are now at the forefront of their field. 

Exceptional scope is provided for original and creative thinking in sophisticated UK and 
international tax planning and problem solving. Our clients include public and private companies, 
partnerships and individuals for whom we research and develop a wide range of up-to-date tax 
reduction techniques. 

We do not specialise in devising artificial tax avoidance schemes but concentrate our expertise 
on cracking the great variety of complex and challenging tax problems experienced by our clients. 

We also provide the opportunity to contribute to our tax publications, among which is Business 
Tax Quarterly, and to present at our national conferences on tax planning. 

Fully trained consultants operate at principal level and determine their own future. The career 
prospects are exceptional and are linked to a sophisticated remuneration package which, through 
a profit sharing scheme, offers very substantial earnings potential. 

If you would like to be considered for an 
invitation to a meeting, please write with 
brief personal and career details, marked 
private and confidential, to: 

Tbe Chairman, 

Financial Techniques Limited, 
Hillgate House, 

Old Bailey, 

London EC4M 7HS. 



Applications are invited for this eppointraent 
which will fall vacant at the end of this year. 

The Finance Officer will be responsible to the 
House Governor for the accounting and company 
secretarial functions and controlling 15 staff. The 
main responsibilities will be to manage the cash 
flow and provide effective financial controls and 
participate in the general administration of the 

A recognised qualification is required and the 
’kiccessful candidate will probably be in the 35-45 
iQtre group although an older applicant will be 
considered) and will currently be earning in the 
region of £6,500. 

Applications in writing. Riving details of qualifi- 
cations and experience, should be sent to the House 
Governor. London Clinic. 20 Devonshire Place. 
London WIN 2DH. 



A major international industrial group requires 
an Import/Export manager for its Paris office. 

You should have a minimum of ten years 
experience in import/export management covering 
a wide range of goods - . 

Fluency in French and English is essential, as 
well as detailed knowledge of French industry and 
commerce. Preference will be given to a 
Frenchman with working experience in the UK. 

Salary and terms and conditions of 
employment will be negotiable. Please write with . 
details of qualifications, experience and current 
salary quoting Ref. 177, to; 

' Mr. A. Cook Grafton House, 
RO. Box 214. London NW3 7DG. 

Trust Houses Forte Limited 

Taxation Manager 


West End 

This is an excellent opportunity for an ambitious 
and enthusiastic accountant with a thorough 
knowledge of UK tax legislation and some pre- 
vious experience of overseas tax regulations to 
develop a career as a Taxation Manager with a 
worldwide Company. 

He or she will report to the Group Treasurer and 
will be responsible principally for tbe review and 
control of the Group's UK tax affairs, including 
planning and advice on future developments. 

Suitable candidates are likely to be qualified 
accountants, aged between 25-35, with at least 
two years sound practical experience of tax 
matters in either industry or in the profession. 

This is a responsible position based at the Head 
Office in Jermyn Street: career prospects are 
correspondingly high. Additionally, a substantial 
salary will be offered together with the benefits 
associated with an international Company. Please 
write enclosing details of career and salary 
nretory to date to*. Peter Chart, Deputy Head of 
Group Personnel. Trust Houses Forte limited. 
1 Jermyn Street. London, SY/i7 4'JH — cr tele- 
phone 01-930 2373. 




We are an International Service organisation seeking a 
Regional Accountant based in London for our ILK. 
operations initially, extending eventually to cover ether 
European operations. This is a key senior position 
reporting to tbe Regional Controller for Europe. 

Tbe successful candidate will meet most of these 
criteria: — 

III Be a qualified accountant. 

(21 Be within the likely age parameters of 29-30- 
(3; Have commercial experience in a hardworking 

(4) Have substantial experience in ait aspects of dealing 
with staff; 

(5) Proven experience of the production of comprehen- 
sive management and corporate accounts to a light 

(6) Ability to relate to and understand the require- 
ments of a performance-orientated line operation. 

(7) Have an energy level and ambition to succeed with 

A remuneration package in the order of £8.000 p.a. is 
envisaged which, besides normal fringe benefits, could 
include a company car. The job offers the opportunity 
for real commercial experience in a lively resuits- 
orientated environment Prospects in the medium term 
include: growth in the advertised job through our rapid 
expansion; a move into a financial plannJng/llaison 
role: or a move into conlrollership. 

Interested applicants should telephone Mrs. D. Knight 
on 01-437 6900 to obtain an application form. 


For Stockbrokers 

L. Messel & Co., stockbrokers, wish to recruit a young 
economist He or she will join a team which currently 
provides monetary analysis for the gilt-edged department 
and is expanding to cover background macro-economic 
research for equities. The work is interesting, and requires 
intellectual creativity and flexibility. The successful candi- 
date should be able to prepare written material to send to 
clients soon after joining the firm- 
The position will be filled by a graduate with up to three 
years' experience of economic research in a commercial 
environment, but an economist with a post-graduate quali- 
fication would find it rewarding. Mathematical skills and a 
specialisation in monetary economics would be valuable 

Applications, which will be treated in confidence, should 
be sent tor 

Tim Congdon 

Winchester House, 100 Old Bread Street 
London EC2P 2HX . . 



\vnu 1> . ■ 


“gaSwith a Broking or Banking. Rnandap 

Institution. ' . 

An attractive salarvwill be offered to the nghi , . 

with a first class range £ benefits, 
^tentprapecls exist for piW'vtr.cJa^onid 
sole v depend upon the candidates abiluv. 

Please applv in confidence, stating details ot age, 
education and experience to: 

Gerry Risdon, Administration Partner, 

Buckmaster & Moore 

The Stock Exchange, London EC2P 2JT ; 


depending on exper ience 

This is the number two job within tne Treasurer s Depart intent - 
and an opportunity for an Accountant with experience o: 
financial administration to undertake a tvradly based support 

Additional responsibilities are being placed upon tne 
Department and the job holder Mill be encouraged toassumethe 
day to day management of certain aspects of its operations such ; 
as cash forecasting, whilst engaging in project work wbicn can, 
to some degree, be related to previous experience or career 
development needs. ■■' 

A professional qualification is preferred* but unqualified 
applicants with in-depth experience of financial odxnini ft r3 r.on, 
and the necessary personal qualities to get things done in a busy 
department, would not be esduded. 

The benefits package is fully competitive and includes non- 
contributory pension and disability schemes, free BUPA 
membership and 25 days* annual holiday. 

Please write fully or telephone for an application form to Phsl 
Moumford. Personnel Services Manager, The Stock Exchange, 
London EC2N 1 HP, telephone DJ-38S 2355 (extension £056?. 

The Stock Exchange 


WS *\10 





TOOTAL LIMITED, a large 'mtematranal group with 
sales of £360m and employing over 30,000 world- 
wide, has its Headquarters in Manchester. 

The work of the Group Treasurer's Department 
involves all aspects of raising finance and investing. 
and monitoring its proper use. both inside andout-- 
side. the business. Other areas of operation include 
Group currency cover/exposure, cash management 
and exchange control. 

A. Senior Assistant is now required. He or she may 
well have ah accountancy qualification or an 
economics or similar degree, but. a numerate 
capacity along with relevant experience with a 
multinational company or bank could also cover 
the requirements. 

Job satisfaction and career prospects together with 
■ an attractive salary are the rewards offered to the 
right applicant. 

Those interested should write giving brief details of 
their career, progression, present earnings etc. to: 




Group Appointments Manager 


56 Oxford Street 
Manchester M601HJ 

i •** * 




tLi. 1 0 y j ds Broke ™ are members of the 
Jardine Matneson Insurance Brokers Group of Companies. 

In£iMrf^^rtw P l Icant sh oo ,d be qualified and experi- 
enced in Lloyds Insurance Brokers’ accounts. - 

Age preferred 25/35 years. 

Lmtiasj. This position will be based in Chelmsford. Essex. 

o! are Some 

mential *“■ fte of 

Salary: By negotiation subject to a*e and mm*™,.. ' 

*• •* instance, .wite 

T. Monaghan 

Financial Director : - - 

Chelmsford, Essex CM2 0EH 


V V. 

: X. 



7 ? - '■ 

lifeBUyi] iT3 


c £12,000+ car 


' w 


^Kmjmufacttirins company, part rfa large US international 
COT P° ratio tV seeks a Chief Accountant for their Head Office in 
London. This is a new appointment to strengthen the 
management and allows for possible future growth of the company 
which is a iesderinits field. 

He or she will report to the Director of Finance, will be responsibl e for 
variance analysis, financial planning land forecasting, systems 
improvement, enforcement of strict- corporate financial procedures 
and special assignments. 

Only qualified Chartered or Management Accountants who have 
managed an accounts department For at least three years will be 
considered. Age range is 50 to 4ft Experience in manufacturing, 
engineering or construction companies is deedrahie. A period with a 
UK or US mternational rampanv with good £DP systems and a 
reputation for tight .financial disciplines would be an obvious 

Salary around £12.000. A car is provided.' The initial remuneration - 
package includes removal expenses if appropriate. Promotion pros- ' 
peels dependupon dearly demonstrating abi) ity within tw o years. 

Candidates, male or female, should 

win to in confidence for a personal L 

history form quoting reference rvA 

MCS o012 to Roland Orr, ' 1 ilCC 

Executive Selection Dt vision, - T T ^jtprnAiiCA 

SnuthwHvk Towers. 32 London \/ 1 IUU&C 

Bridge Street. London SElt€Y. » « Associates 


, - International Banking Executive 

Major Merchant Bank 

IfCity c. E10,000-£12,000 

^ ’’'An outstanding career opening. Join a highiy respected member of the 

j * * § v» .-v ~ Accepting Houses Committee. Be responsible for the management of Inter- 

1^ ^ j 

i i 

national capital market operations. Play a key rate in Business Development 
and Client Negotiations. 

The Banlrr A long established, highly respected C<tv 
merchant park witn an unumahed and treasured 
reouratkxi. Today -they are enjoying a period of con- 
imuous growth and rapid devetooment and have 
forged links vvtOi continental banks of stature to 
strengthen farther thee international operation s . 

Your Job: Take control of the day-to-day management 
ot syndicated Eurocurrency loan business ■ negotiarc 
terms with chents * prepare end . formates otters • 
write piaemg memoranda * underwrite and (dace loans 
of up to S60m • Manage Eurocurrency public, issue/ 
private placement business'* display imaginative and 
original conceptual thinking in business development. 

Our Specification: A knauvtafgaable. experienced. 
Imemanonaf Banket with a prof es sional auakficanon. 
who has a strong desire to broaden- ho horizons and 
eventually become a Director. kieaSy you will have 

worked In an accepting or issuing house, merchant or 
multi-national bank for at least 3 years. You must be 
prepared JO travel. Fluency m one or more foreign 
languages iS'dearraoie it ■« vital lh« you are ambitious, 
able to work on your own mi native and have the 
proven afafoy *o work with others. You must be capable 
of winning the Board's confidence to justify sady 
promotion Jhd increasing responsibly, incorporating 
a new business devetopmani rofa. 

Remuneration: The bank pursues e generous policy. 

. Emoluments include: subsidised mortgage t other 
-traditional benefits u weeks holiday. 

ACT NOW* To leam more, and to arrange for an 
immediate interview, telephone the Bank's 
advisers: Michael A. Silverman or David Bums on 
01388 2051 or 01-388 2055 C24hr Anaphora}. 
Complete confidanttaffty is assured. Ref. 232 

7 *e appoov-^Gril is a pen n>rna*-rfer*atc4pptan.~ 

Shipping Finance. 



• » -.k.i 

Ot:r Cli-It, 9 TOjor intem«sticna! sank with assets' ■:urr«riiy in excess of £i Station. is - or a c experienced top or woman to jci n its European SW pping Group based in London 
Respons • bi ! ities v.i r include marketing. credit analy mi and loan package with a nsavy 
in-r d i erripnans or- .n-cteplh market study and prospect targeting. The executive appointed 
must bed^ iooperale largely without di:<^L supervision. famOar with li e 
6 n;pD» r, z 1 ndu*t r,- and loan oocumentaiion 

A mi'iiru-n of two years' <r up lending erpererj.e a strong cash flay oriental >or 
- ■essentia) lor t'rvs post. tr. addition', o a proven record me red/t review, analytical and marketing 
a.'iivitiea.This shouid t* backed fcy a relevant degree. MBA or financial qualificalion.whi'c 
formal credit training y.wiiir: a major U 5. or U.K. bank would Pe particularly lietpiu’. 

Longer term career prospe: is are very good, extending to more senior position* ouriide 
v.V .0 UV-.oarticular-y Ac..a or U-SAor to other areas, of Ine bank in due course. 

An excellent salary win fce supported fcy a wide range of benefits, including icr.v cost ' 
moaga^-i assistance. non-caitributory pension and life assurance. free lunches, BUPA and 
profit sharing. • - - 

If you believe you meet the requirements, cleave write •.vitbfuU details of your achieve* 
rrents ro date.-incidcfing saian/ progress. to Alastair Myers at the address below quoting 
reference: ME/ 2 S 2 /FT. Reese list separately any companies to which your application should 
not be icrvwirced. All replies will be acknowledged. 

Benton & Bowles Recruitment Limited, 
197 Knightsbridge. London $W7. 

Vi w* 

: inance and Administration 


. * 1 M 

•* 1 J I 1 

i 'i 

Hanger Investments is a successful, quoted company operating Ford 
Dealerships in the Midlands, and national vehicle {easing companies, with 
current sales of £S0 million a year anti ambitious growth plans. 

The requirement is tor a Chartered Accountant with exceptional, all- 
round experience and ability. This will hat® been gained from five years in 
a commercial environment, preferably a service industry, and J City 

Ideal, age, 35-45. Salary is negotiable, with attractive fringe benefits. It 
is unlikely that anyone earning less than £ 10,000 pie. would have the 
appropriate level of experience for this challenging position . 

Responsibility will be to the Joim Group Managing Director lor the 
• overall control of the Group's financial and administrative affairs in an ■ 
environment where emphasis is on both entrepreneurial innovation and .. 
‘effective management central. • 

This important appointment occurs becauseof internal promotion and 

AppOestinw. including tuB details. of career to date, ktitilet confidence to: 

The Chairman. 

-^K Hanger Investments LteL-.- . 

. La I . Oihvorth House. 190 Broad Street, 

. Birmingham. B15 TEA 


c. £5,500 ■ ' • . 

.This is aa excellent opportunity to advance a career in mteraational lending 
with one of the City’s most firmly established Consortium "banks. 

The immediate task is to prepare recommendations in respect of both hew 
and existing Credit arrangements, .based upon an interpretation of companies’ 
financial statements and a consideration of the security aspects. 

The Bank therefore now seeks a young person; preferably A.T.B., with a 
good banking background incorporating Advances and with the potential 
to capitalise on his/her experience and on the excellent prospects that 
the Bank Offers. ' 

To discuss this opportunity, please telephone John CBiverton. A.I.B. 


Ghiverton ' ' >1,S0l x3SS , 5c7' 

== Associates ltd. br.a»>sMi== 

A major, highly respected and progressi: e/irm 
of Stockbrokers is Junker developing its successful 
Gilts Department. They nocs tcisk 10 recruit a 
Senior Sales Executive echo will plqy an important 
role in this next stage of expansion. 

The requirement is for an experienced Gilts executive 
• Tcitk a professional approach, supported by a 
successful sales record in institutional customers. 

The Gills Department a not heavily structured. 

encouraging personal scopejrcedom of opt ration and 
adzaneemeni according to success:. responsibilih' is 
. dircclly'to the Partner in charge. There are excellent 
computer back-up facilities . 

Salary and benefits. ■tL'hich are flexible mid zeillhc 
negotiable to suit the person appointed, zeill reflect 
the importance of the position and die total rc - 
muncraiion package zsill range bcUeeeu £ 15,000 
10 £20,000 per annum. 

Please zerite in the first instance, zeith brief but 
concise details of career ro date , indicating any 
firms in zc hick you arc not interested, to: 
McurkSouthzeood, . 

Soudmwd Gemgfity Associates 

47, 49Ti)Ml Street, LondonSI[iH9L.Q. 

£ 5350-0000 

per annum 

Are pou in your late twenties: in the finance world: 
with an outgoing personality: fond of the outdoor 
life: and ready to get out in the world? 

If so and you would like to live in Cheshire. Gwent 
or the West Country: have a company car. Cortina 
upwards: assisted house mortgage and 4 weeks 
holiday per annum. 

Write in complete confidence and with curriculum 
vitae to:- 

D.B. Williams, 

Assistant General Manager, 
Business Development, 
Commercial Bank of Wales Limited. 
1X4-116 St Mary Street Cardiff CF1 1XJ 

(Sills) Bank ofWkles 



Tex a 




rex as Commerce Bank is seeking two candidates of 
exceptional capabilities to join ineir rapidly expanding Middle 
East Section. 

One candidate will be based in the representative- office in 
Bahrain and be responsible for business development id a 
specified group ol countries in the Middle East Heavy 
travelling is required and the candidate should have a 
minimum ol 2 yearajcaJling experience in the area. Ability to 
speak Arabic and/or French would be a definite advantage. 

The second position is based in Texas Commerce Bank's head 
office in Houston. The candidate will likely have a strong credit _ 
background as well as business development experience. 
Responsibilities win include preparation of credit pre- 
sentations and account management (or Middle East clients 
operating in- Houston . and Southwest U S cfientsoperatrng in 
the Middle East. Limited travel required Fluency in Arabic 
‘ and - or F i ench’an ad va ntage. 

E».celieniSaiary and benefits commensurate with expenenc e. 
Please submit resume with salary history in confidence to: 

Personnel Director 
Texas Commerce Bank NA 
London. EC2RSAY 

An Affirmative Action Employer M T‘H 



c.EIO/0004-Car Lloyd's Brokers 

A dynamic, private' company wishes to recruit .a qualified 
accountant for a newly-created post of Group Chief Accountant. 
He or she will report to the Chairman and will take charge 
of a small accounts department. The company is highly profitable 
and is controlled by an experienced and successful management 
team. As part of this team the Chief Accountant will contribute 
significantly to its continued growth. 

Candidates must nave a good knowledge of Lloyds accounting 
procedures. For a person with ability and initiative there are 
excellent career prospects. 


Please apply: 

Sr Timothy Hoare 
Chichester House 
London WC2A 1EG 
01-242 5775 

University «r Bradford 



Apriicaua^i are imHird (or Uie iiDuiv ml wirh.n the r mauve Croup The 
: limit* liv'oIvc leactuiu; nn th* pnswt?duak MBA ptoctucidk uri on 
wnldir .extending und-rgradu-a*: fiauee ppiarammc. A panlcalar imetesf 
In Financial lnshnrjocs on the anarcini or muh mammal company would be 
useful aimongb uui e«en:ia!. Salary wrhln nner ClxSZ to s :.7M p.«. luodn* 
. . review) Further oarticulareraopllcatum Iwm nn he rprurM by IS Pciobrrl 
ebiaiDable from lie pepienr Pool R»f- MA'T jT/FT. tmversny Bradford 
W. YwYjRir*. PDT 1J)P Informal eijauines *e ProC T x XtePst, Bradford 
-«T4> 422P9 . 

financial Controller 

City c£15,000 

Our Client is a distinguished and expanding International Merchant Bank 
with substantial development plans for the future. 

A Financial Controller is now required whose principal responsibility will 
be for the control of financial and management reporting, operations and 
computer areas of the bank, together with some involvement in its 
Overs eassubsi diaries. 

Candidates will be Chartered Accountants in their mid 30's with good 
banking experience. They should possess a sound knowledge of manage- 
ment reporting systems with special emphasis on foreign exchange, and 
some experience of computers would be mast advantageous. Additionally, 
maturity and a strong sense of responsibility are regarded as essential 
personal attributes. 

This is a challenging and progressive career opportunity with a highly 
regarded and developing City institution. 

Contact Norman Philpet in confidence 
on 01-248 3812 

for r.Ck" 'IV!t j -i hon-?' Ol .SH-j /. j 

Assistant Secretary- 
at group headquarters 

L ^ 500 plus car 

United Gas Industries - turnover about £46m- is a successful public 
company with extensive light engineering interests in the UK and 

The appointed candidate will report to the Secretary and provide 
authoritative service across a wide range of company secretarial 
responsibilities. Additional accountabilities wii! include insurance, 
and, contracts and litigation. 

Candidates must be Chartered Secretaries, preferably in their 
30's, and have substantial relevant experience in a group 

Employment benefits, which include a good pension scheme, are of 
a high standard. Location is in Central London. 

Please send concise career details, quoting ref. B. 18025, to 
John M. Hodgson, MSL Chartered Secretary, ManagementSefectian 
Limited, 17 Stratton Street, London W1X6DB. 

7/us appomrment is open to men and women. 


AlU Li Udji 

'TjT 1 M aTOVifaTV? 
; ;|Jj CLlLbliDIJuLb LiLAiliLi U. 


/TTfhe company account* for one-third of the loraJ world output of 
m it* product. It provides a significant proportion of irs own raw 
material which, when processed: is exported to 100 countries. Ii s 
export achievements have been recognised by being granted the 
" Queen's Award for Industry on three occasions. ' 

Next, year the Finance Director, who i.« approaching retirement age, 
will begin to reduce his commitments. To ensure management 
succession the company wishes now to recruit as Finance Director 
designate a Chartered Accountant with sound technical knowledge of 
financial accounting, management, experience in a strongly 
marketing orientated company and a desire to broaden his - or her - 
commercial expertise. Responsibility will initially be to the Finance 
Di rector for a 11 aspects of fin an ci aJ and management accoun t i n? wit h 
particular emphasis on cash flow and profit planning. 

Preferred age about :jo.. Salary far negotiation around £12.000 
and will increase significantly on appointment to rhe board. Car 
•provided: Location Central London.' 

Piease write in confidence for a 
job description and 
application form to Da vid Press 
Executive Selection Division. 
Southwark Towers. 32 London 
Bridge St.. London SEl 95Y, 
quoting MCSf3717. 

nnndenre ior a __ 

md TV 

i to David Prosser, ITH PF* 

rion Diviy-ion. t 

oni“ \\/aterhouse 

17. T T Asscxjatcs 

Jonathan Wren * Banking Appointments 

The person neV consultancy dealing exclusively \yith the banking profession 


MANAGER c. C9.000-C1 0,000 

We ere seeing an experienced Money Market executive to head the 
Sterling Dealing Department- of a well-known City merchant bank. 
Our client is a well-established concern which has for many years 
maintained a high reputation for its activities in all aspects of money 
trading. These activities include interbank loans, C.D.s, Treasury/Trade 
Bills, and Local Authority bonds. 

Candidates, ideally aged 29-37, should offer sound experience in all 
the above fields and must additionally have the personality to manage 
an active department The position reports direct to the Board, and 
offers excellent career prospects ; given successful performance, the 
appointee can expect promotion and substantial salary enhancement 
within the short to medium term. 


Our client is an international bank with an expanding London 
operation. Suitable candidates will have a thorough City banking 
background and already be holding the position of Operations 
Manager. Personal attributes should include the ability to motivate 
people at alt levels and a creative and imaginative approach to 
new ideas. A high degree of self motivation is essential. 

The salary package will be very good, sufficient to attract candidates 
of 8 very high standard. 

To discuss either of these appointments in strict confidence, 
please telephone: 


170 Bisbopsgate London ECZM 4l X 01-623 1266/7/8/9 

Financial Times Thursday Septemher SHU® 

Loan Offices 

Expanding Consortium Bank 



Our Client is a highly respected international merchant bank whose overseas 
activities include a developing presence in the Middle and Far East 

Two attractive openings have been created in London, each of which calls for 
a banker with a sound lending background to liaise between Head Office and 
the area branch. Responsibility primarily will be to advise each party on local 
conditions and to monitor business developed by the bank in these regions. 

Candidates for both positions, probably in their late 20's/ early 30's with a 

degreeorprofessionalquarrfi cation, will possessagoodknowledgeof lending 

including analysis and administration. In addition, one position will require 
fluencyinArabic,theothersomefirst-hand experience ofthe Far East 

Prospects for career development are excellent in a bank well-known for its 
progressive outlook. 

Contact A J. Tucker, MA.„ in confidence 

on 01-248 3812 

ni) .L>i:'OOn"T- 

.Tuk'phony-'Oi 24S : 3S'i 2 s 


Due to its expanding business. INTERNATIONAL ENERGY BANK 
LIMITED wishes to oppois: additional snaivsr*. 

The analvsts will be expected to acquire and maintain an in-depth knowledge of 
developments (both economic and technical) within specified sectors of the 
energy industries. A signihearc ievel of contact with energy companies is 
envisaged and, accordingly, those appointed must be capable of representing the 
Bank and of identifying business opportunities. 

The Bank is an active lender cf Eurocurrencies ar.d a knowledge of this market 
is desired. Candidates must ai?o demonstrate the experience to undertake 
analvsis of the Bank’s crusting and future lending relationships. Formal analysis 
training would be an advantage. 

Interested candidates should write in conridence to David Patten, 

International Energy Bank Limited, Winchester House, 100 Old Broad Street, 
London, IX:M r BE, giving iu/i details of experience, current salary and 
salarv requirement. 

Chief Aceoimtant 

c£ 9,500 pja. City 

Our clients, an established and expanding firm ol insurance brokers, wish to appoint a 
Chiel Accountant to take charge of their financial affairs and strengthen the senior 
management team 

Reporting to the Managing Director, responsibility will be assumed for the co-ordination and 
control of mechanised financial reporting and underwriters accounts, foreign exchange 
transactions, credit control and. in conjunction with 1 the Company Secretary, advising the 
Board on financial matters. 

Applicants should be quaJifiec Accountants, agad between 2S and 33. with a strong 
background in financial accounting and control. Previous experience of the insurance industry 
would be an advantage. Personality and presentation are important as the successful 
candidate will be expected to contribute to the firms development. 

Th/s position, wh/ch provides an excellent career opportunity, includes a range of benefits 
including BUPA care and contributory pension. 

Applications, from men and women, should give concise details of experience and present 
salary to M. Campbell. 

Mann Judd 


ii Sireet, 



An International Bank requires a mature banker who has a comprehensive 
knowledge of all aspecis of banking and at least three years’ experience of internal 
auditing. Overseas service with an international hank would be an asset. Age: 
over 40. Salary: up to £9,5U0 plus London Allowance. 

Also international auditor required, aged around 115 with AT-B. or university 
degree and four or five j ears' banking experience. Must be willing to undertake 
a great deal of overseas travel. 

Confirming Executive 

Required by medium-sued city finan- 
cial institution. The successful candi- 
date will be fulJy conversant v.ifh 
documentary credits, bills for collec- 
tion. ECOD." and will possibly have 
worked in an export finance house. 
Knowledge of Nigerian markets would 
he an asset. 

Age: 25-55 Salary : around £65.00 

Foreign Exchange 

Two openings have occurred with well 
known International banks for young 
people with experience of foreign 
exchange instructions, settlements, re- 
conciliations or positions. The ideal 
applicants wilt he aged 22-2S. Salary 
up la £4-500. 

These positions are opeo to male or female applicants 

BSB BankingAppointments 

115-117 Cannon Street. London EC4N 5AX 
Telephone 01-623 7317 & 01-623 9161 
Recruitment Consultants 

Credit Analyst 

Commercial Cred'l is Hie U.K. Divuicn of one of fhe world - s leading firiondol 
service groups, and os such offers a '.vide range of financial services both fo the 
consumer and industry. At our Croydon Head Office a new vacancy has been 
created, in our credit administration team, for a Credit Analyst. 

Your responsibilities will include the development and onolysis of financial 
information and the formulation of recommendations for major proposals. The 
creation of this position reflects our need to provide o rapid approval process 
in order to continually improve the service to Our clients. 

Aged In your 20s, mole or female, you wifi hove around two years experience in 
credit analysis within a British based finance house or bonking operation. 

As o young and expanding company we can offer o highly competitive salary and 
e xcellent benefits, plus excellent career growth praspeds. 

Telephone K/m Palmer for an application form an 01-686 3466. or write to her at. 
Commercial Cred't Holdings limited. Grosvenor House, 125 High Street, 
Croydon, Surrey CP.9 1PU. 


(Public Co.) 

Central London 
Up to £12,500 

The resporabHhy is for the accounting 
function of. a nationally known retail group 
with a turnover in excess of £20 nrifoh. 

The company maintains central account- 
ing procedures and requires constructive 
financial' information and guidance to line 
managers coupled with the timely 
preparation of management and 
financial accounts. 

The job cal ; s for a qualified accountant. 

a<»rfnvpr30 who can show experience 

.SKS an 

and working with ottiers t0 
improve profitability. 

Aonfications, which wifl be treated m 
strk^nfident*, should contain re^nt 
details of career and salary progression, 
age, education and qualifications. 

Please write to Dr. 1. Bowers, quoting 
Ref. 740/FT on both envelope and tetter. 



Salary to £12,000 plus Car 

with exceptional benefit package 

For the U.K. subsidiary of a SI. 5 billion U.S. 
multinational electronics and computer 
company engaged in the marketing, service 
and distribution of industrial and consumer 
goods. There is an outstanding growth record 
and turnover of the U.K. operation now exceeds 
£5D million. 

The requirement is for a qualified 
accountant, over 30 years of age, with 
appropriate industrial or commercial 

Responsibility is to the Region Administration 
Manager for the operation' and development of 
the financial and management accounting 
systems with particular emphasis on controlling 
service costs through a complex branch office 

This is an outstanding opportunity fo make 
a positive contribution to the young 
management team of this rapidly expanding 
company in the forefront of a high technology 

Please contact fhe Personnel Department on 
Wokingham 784774 or write for an application 
form and job description. 

Hewlett-Packard Limited, 

King Street Lane, 






Chloride Group Limited is the word's largest produce’ of rechargeable 
batteries, with operations in over 30 countries, annua) sales :n excess 
of £300 million and pre-tax profits of more than £25 r.r'so^ 

Applications are invited for the position of Group nr, arcs Manager at the 
corporate headquarters in Victoria. SW1. 

The man or woman appointed will report to the Exeoutivs Vice Chairman 
and be responsible for the Group Finance junction. including Financial 
and Management Accounttng.Treasury.Tax. Insurance & Risk Management, 
and Head Office Data Processing. The job holder win be involved in alf 
aspects of financial planning and policy in a growth group. 

The successful candidate vv;Jl be a qualified accountant who vviJJ probably 
be aged about 40-45 and hold a senior finance appointment in a major 
international industrial group Experience both at headquarters and in 
operating companies is desirable. 

This is a career opportunity which offers considerable future potential 
arid could lead to an appointment to the Main Board of Chloride Group ' 
limited in about three years’ time. 

Please write with details of career and salary to date to: 

Miss D.M.Whittingham 
Executive Resources Adviser 
Chloride Group Limited 
52 Grosvenor Gardens 
London SW1W0AU. 


Thames Valley 

,C S L 

c £14,000 


Digital Equipment a U.S. corporation, is an industry leader in the mini-computer and 
distributed data processing fields. In Europe the corporation presently has 40 sales and 
sen- ice offices and 3 manufacturing facilities. ' 

Asa result of internal promotion there is a requirement for a European Audit Manager, 
to be based at Reading. The man or woman appointed will plan and supervise the work 
of a small , well qualified team who axe engaged in operational and financial auditing in 
15 countries. In the early months considerable travel will be involved, both in the U1C, 
and abroad. 

Candidatesmustbe qualified accountants with experience at manager level in a major 
international firm of accountants or with a large industrial company. A working 
knowledge of French and or German would be hSpful, as would some experience of 
US. accounting practice. The position offers good opportunities to move into senior 
financial management posts in Europe or the US. A. 

Brief but comprehensive details of career and salary to date, which will be treated in 
confidence, should be sent to E. H. Simpson, Executive Selection Division, ref. S755, «it 
the address below. Please include a daytime telephone number at- which you may be 


Management Consultants 

- Shelley House, Noble Street, London. ECS V 7DQ. 

yoiv^v%*#" - - - 


_ . „ 

| BUWIUI'W ww«, 

- Management Consultants 

128 Queen Victoria Street, London EC4P4JX 


& co. 


We are seeking an additional Account Executive to. 
join our UK non-discretionary private clients team. 

• jfce selected candidate will be given a considerable 
decree of autonomy after an initial settling-in period • 
High-quality investment research and computer back- 
up are provided. 

■ Applicants must have passed, or be exempt from. 
The Stock Exchange examinations, have at least five, 
years’ relevant experience and preferably have a 
degree or other professional qualification. 

Remuneration will be commensurate with expert-; 
- ence. initiative and ability. \ 

Please reply in writing to: — 

D. Schulten 

Winchester House 
100 Old Broad Street 
London EC2N IBQ 

. V. 

l.a 1 r r i 


JohnGovett& Co. Ltd. 

Managers of investment trusts and other funds 
exceeding £400m. wish to recruit an assistant fund 
manager to assist a Director in portfolio ma nag e m ent, 
- and, in addition, collaborate in the analysis of com- 
pany reports and the preparation of industry reviews. 

The funds have a large overseas content and there 
•mil be o p po r t uni ty to travel, a good salary will be 
within reach. 

The successful applicant is likely to:— 

—have investment experience. 

—possess a good degree or professional qualification. 
— be 25 pins years old. 

Those interested should apply, giving full details 
of education and career to: 

M.R.Comczatt-Jones.John GoccTffr Co.Ltd. 

Winchester Housc.7? London Wall, London EC2XIDB 





Our clients, an Arab-owned conglomerate ft/o £ 30 ni+>. 
are seeking a Finance Director who will establish 
and administer the group financial management and 
reporting system. 

Our clients require a Chartered Acc ountanL . aged 35/40, . 
who can make an active contribution to general manage- 
ment. Ideally the applicant trill have experience in group 
management, systems and appraisal, tax, and financial 

A business degree and overseas experience would he 
an advantage. In addition to the initial .‘-alary a car and- 
other usual big company benefits would be provided. 
The salary could be substantially more For the right 

Your application, which will be treated in strictest" 
confidence, should be addressed to: 

Mrs. L. Rldgway, 


Chartered Accountants 
62 Brampton Road, 

London SW3. 



required by 

Ability^ to write clearly and handle figures. 
Only those with a good second-class honours 

degree, or better, need apply. 

Write with full particulars to • : * 

Box A.6488, Financial Times, 

10, Ca nnon Street, ECMP 4BY. . ' 

Investment Trust Specialist 

wor^b^required!"* 0 ?earS * experience -inwstiwni: 

Martin Gibbs* - - 

PHILLIPS & DREW. . I-' • ' . 

£z? 44U’ L0Ild ' ,,, W *II. -London 

Unaudal' Times Thursday September 28 1978 

c/wU t'-ilfA 


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I- Min Goven&Ci 

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Merchant Banking Professionals 
NewYork Hong Kong 

The Merchant Banking Group of Chemical Bank is expanding its 
business, particularly in international syndicated loans and capital market 

At senior level wc seek: 

Experienced banking and finance executives, particularly those who 
would be capable of and who would accept, relocation overseas to 
other units of the group. 

- - Specifically for location in New York, fluency in Spanish and/or 
Portuguese is required as is either U.S. Citizenship or resident 
status. Previous business experience with Latin American countries 
will be an added advantage. 

Also, to be based in London, Export Finance support staff familiar 
with ECGD documentation. 

In each area the exact responsibilities and remuneration pa<4rap» are 
negotiable and will attract those already well established in these fields. 

Detailed applications may be sent in confidence to: David E. Nyc, 
Assistant Director and Secretary. Chemical Bank International Limited, 

1 Union Court, Old Broad Street, London EC2N 1EA 




Development Capital 

Barclays Development Capital limited intends to appoint one or more 
Directors to the small warn responsible for expanding its business in this secret 

BDCL is a wholly-owned subsidiary of Barclays Merchant Bank Limited and 
has been set up to invest in companies engaged in a wide range of activities. 
BDCL’s approach is based on a sound understanding of its diems' business 
needs and it draws iqxm die refion ms and g«pgriene ^nf tbgRarrigy s(jTOflpm 
providing services. 

Candidates most be abfe to demonstrate: 

— a high Ievd of financial expertise 

_ —an educational and technical background which qualifies thereto, 
appraise hMmB s- jntwnial in significant inHiretriai or ce nm e n b l 

— ^experience of senior management in reqxnpsibte capacities 
— the personal qualities neces&iy to win the respect of the boards and 
employees of diem companies. ” ' 

are iaviad from men and women, who xoay uur roily be wcnkrogre 
industrial m anage m ent, a leading development capital concern, or a firm of 
management consultants. 

The prefenedage range is mid 3Q*s to eady 40's. 

The salary and odierbendm tiered will be acra c tive and competitive. 
ReptieSy endosmg fiiL Ratals of quatificatum and experience and quodng reference 
DtFTywUlU fonpankd to the Jim cf management consultants adoismg an. th&e 
eppoownena. Att replies mill be treated in compile confidence. 

JWT Recruitment lid., 

40 Berkeley Square, London WIX6AD 

The Specialists ia Executive and Management Selection 

Financial Director 

North West 

c £1 0,500 + car + benefits 

To be attracted to this outstanding career opportunity, you must be capable of 
controlling and totally directing the finance function of this manufacturing Company 
which has exceptional growth and profitability record. Naturally you will greatly 
contribute to effective management control and planned co-ordinated expansion, 
and be an important member of the young progressive team that directs the 
Company. Qualified Accountants with good management potential should possess 
a strong self disciplined personality and be capable of achieving the excellent 
career development that this Company offers. Re-location expenses are available 
if required. 

Telephone 061 ‘832 663 1 (24 hr. service) quoting Ref: 2266/FT. Reed Executive 
Selection Limited. 1 5 Piccadilly, ManchesterMI 1LT. 

Tfteabove vacancy is openio both male and female candidates. 

Si mon &Coa T e S 


Simon & Coates are extending their service to institutions in the 
U.K. equity market and want to bring into the Research Depart- 
ment two additional senior analysts of the highest ability and 
reputation. One will have specialised in the financial sector and 
the other in consumer non-durables. Both must have built up good 
relations at senior level . amongst institutional shareholders and 
company management and their work must merit a significant 
share of the institutional business in their sector: 

The successful applicants will, receive a remuneration package 
weU into five figures and there are positive openings to partner- 
ship within a year or two. ■ 

The firm would also be glad to hear from younger analysts of 
high intellectual ability who have 4he potential to reach the above 
requirements. ,1 

Please reply to: 

Michael Prag, Simon & Coates 
• 1, London Wall Buildings, London E.G2 ' 




FROM £7,000 + CAR PLAN 

BL, the holding, company for six companies 
primarily engaged in the automotive and related 
engineering industries, is seeking a qualified 
accountant to join one of the top taxation teams 
in British industry. 

The job supports the Adviser responsible for 
our U.K. and overseas Cars operations. The main 
tasks include the preparation of tax computations, 
year end tax provisions and regular"visits to our 
plants where we expect the successful applicant to 
quickly establish a professional working relation- 
ship with plant Finance Director^'Controliers. 

Applicants, male orfemale.should bequalified 
accountants who have specialized in taxation for 
approximately two years. The salary will be nego- 
tiable; c£ 7,000 plus an attractive benefits package 
including five weeks annual holiday, participation 
in the Management Car Scheme arid relocation 
expenses, where appropriate. 

Applications providing full career details should 
be forwarded to: M. A. Stemp, 

Corporate Staffs Personnel Administration, 

174 Maryiebone Road, London N W1 BAA. 

WH BL Limited 

James Capel & Co. 

Mining Department 

Australian Sector 

We are seeking an executive with a^perience of the 
Australian market to join our Mining Department. 
Responsibilities include servicing our UK and 
Continental clients, mainly on .Australian mining 
stocks, but a knowledge of the leading industrial 
companies would be an additional advantage. 

This is a position which offers substantial scope for 
travel and for advancement within the firm. 

Remuneration will be commensurate with experi- 
ence, initiative and ability. 

Applicants should send a brief curriculum vitae to: 
D. Schulten 

Winchester House 
100 Old Broad Street 
London EC2N 1BQ : 


European Markets - 

of The Stock Exchange require an 
Assistant Investment Analyst for their 
European Dept. 

Applicants (male orfemale) must 
have an Economics, Degree or similar or 
hold a professional qualification. - 
An ability to-read and speak German is 
essential. Salary according to age and 

Apply:- Personnel Manager; 

Vickers da Costa Ltd., 

Regis House, King William Street 
London EC4R 9AR Tel: 01-623 2494 




Senior Loans Officer c£15,000 

Leading International bank seeks a Tending banker with substantial marketing 
experience, supplemented by a degree and strong personal qualities. r£F.-ncp 

Chid Dealer (Hong Kong) 


An expanding U.S. bank seeks a senior F/X dealer, late 20's/early 30%, with 5 years' 
dealing experience, to control and develop the dealing activities of its Hong Kong 
branch. ref:ncp 

Accountant c£8,500 

A qualified Accountant preferably with banking experience; fe sought by an 

International bank to assume a key role In its Accounting Department REF jut 

Credit Officer £7,500 to £9,000 

international Merchant bank requires an experienced credit anafyst/officer, 27-32, 
to join its Scandinavian team, where prospects forcareerdevdopment are considered 
excellent ref : ajt 

Head of F/X Settlements 

£7,000 to £8,500 

Due to the expansion of our Institutional gilt 
business we require a Gilt Sales Executive 
conversant with both anomaly and - policy 
switching at the long end of the market. The. 
terms of employment will reflect the seniority 
of this appointment Prospects for advance- 
ment are excellent. 

Please write in confidence giving full career 
details to:. 

The Staff Partner 
• 381 Salisbury House 
London Wall, London EC2M 5S3 


A leading firm of London stockbrokers wishes -to expand its 
existing research coverage. The successful candidate, who should 
ideally be aged 35-35 and well qualified, will have had a number of 
yean* previous analytical experience, will be eager to taka up the 
challenge of developing a sector specialisation in which we have 
expertise and to work in close collaboration with our sales team. 

He or she will, be expected to maintain extensive contacts 
within the industries concerned and among financial institutions and 
will be given considerable freedom to exercise initiative. A com- 
petitive salary and incentive scheme participation will be paid and 
those who can meet our requirements should write, giving full 
details of experience, in confidence, to Box A- 6489, Financial Times. 
10, Cannon Street, EC4P 4BY. Firms to which the applicant does not 
wahJib/her.IettersenrsheuId be Indicated on the covering envelope. 

Well known Merchant bank seeks an experienced F/X administrator, 35-45, 
preferably AIJL to supervise all aspects of back-up to the -Dealing Boom 
operations. ref:TOK 

Loan/Securities Controller : c£6,Q0G 

A background in loans administration and collateral securities is essential for this 
stimulating position which involves liaison between marketing officers and the 
Loan Administration Departments an active International bank: ref: tok 

Co. Administration o£6,000 + 

An Assistant Manager is required bya well -respected Jersey-based Trust Company. 
Candidates, 28-35, should have experience of company administration, ideally 
gained with a Merchant bank in the Channel Islands. ref: tok 

For further details in confidence telephone 01-248 3812 


London Buying Office 

to negotiate the purchase of capital equipment and 
materials in the UK and Europe on behalf of the 
overseas parent organisation, which is engaged in the 
construction of power generation and distribution 
facilities and in the oil industry. Based in London, the . 
successful candidate will head the present small staff 
responsible for the export shipping administration . 
and the financial control of the contracts negotiated. 

Candidates, preferably aged between 30 and 40, must 
have experience in this field including export 
financing procedures; fluency in a second language is 

Salary about £12,000, car and other benefits are 

Please write - in confidence to _ J. M. Ward 

- '■ United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.S.A- 

Intemationa! Management Consultants 
Management Selection Limited 
17 Stratton Street London W1X 6DB 

Hire Purchase Manager 

Kuala Lumpur, Malasia 
approx £11,000 after tax, 
plus substantial benefits 

A subsidiary ol the inchcape international 
trading group operating in Peninsular and 
East Malaysia and Brunei requires a 
Manager for Its newly established H.P. 
Division. The operation generates new 
business of about £l5m annually, with 
potential for expansion. Candidates 
should have a minimum of six years 
H.P. experience including policy and 
profit responsibility. 

Additional benefits include 
discretionary bonus, education r = "| 
allowances and passages, free 1 I 
furnished accommodation, six I 1 

weeks annual home leave, company car, 
contributory pension scheme. 

Please write by Friday, 6th October with 
full personal particulars and details of 
career to date to: 

The Assistant Personnel Director, 

40 St. Mary Axe, 

London EC3A 8EU. 

A leading international Investor in Shipping and Real Estate wishes to 
expand its Cross Trade shipping operations and requires a: 

General Manager 


lb advise die Group Chief Executive on aB aspects of Time Chartered vessels and 
their subsequent operation and at the same time supervise the management of the 

priefinrt float A wwtf ln UmWnft anrl 

This is a unique opportunity with exceDent further career prospects: for an 
exceptionally able man or woman who is willing to work closely with the Group Chief 
Executive, within ihe. current organisation. The remuneration package which includes 
the usual benefits of an International Company is generous. The salary is negotiable for 
the right person. The company offices are at present in London but may be relocated hi 
.Europe within the next few years. 

to attending an eady bsoview in 

fi] Martin G winner 


(Executive Raniimntt Consuhana) 
66168 Hvptuuka, London SWI 

Telephone 01-839 1602M 
Cables IntaappL London 

Drake Senior 

a Division of Drake Personnel Limited 

c. £11,000 + CAR 

Our client, renowned worid-wide for its outstanding success in creative marketing, new product development and innovative promotion, 
wishes to appoint a Technical Director to make a major contribution to profitable development in Europe. 

Reporting to the Vice-President, Research and Developments, vou will have a practical working experience of European markets and w*U 
take a creative and innovative approach to component and production cost control and effectiveness, while maintaining the highest 
quality control standards of a!! products marketed in Europe. 

This opportunity will attract an amb-'hOus Executive with a successful track record in the cosmetics or pharmaceuticals industry. You wstf 
have appropriate qualifications in Chemistry or.allied sciences, and experience of EEC legislation affecting the industiy. You will be an 
effective communicator ax ail leveis. and fluent in two European Languages, in addition to English. Experience of Scandinavian markets 
would be a distinct advantage. 

Based at the company's headauarters near London, in addition to a top salary, you will receive other benefits befitting an industry leader. 
Applications in confidence should te sen? to: 

R. G. Douglas, Ormond House, 63 Queen Victoria Street, London EC44UA, Telephone: 01-2483233. 


_ ^qtreetiiiondonECSM 

35 lMew BroadStree -i^sSS 357 S 
Tel: OV5S8 35SS orOl 
Telex NcuS6"737^- 

Opportunity to develop mayor new operational systems for ,n 

mid location 

don to the se*. 


CIRCA £12,000 + CAR 


international financial croup with corporate commw ^ ejremive in.*. 

We invite appiiaticra from candidates, who are likeljr to be graduates or will have had experience of ! aimj £ 

vve m»nc wumuo. ttiim arc imvc.j w ^ndidate Will pave 

design and implementation of fane scale computer systems.- The successful cane ^ a jq , 
wiib user management at senior ana Beard levels and will take prime respons' V un d er MVS 
the mainstay of the Groups future development programmes. The systems wm orocessir 

SO man year project which is 
MVS on an IBM 370/ 1SS. ttiing 

the mainstay of the Group's future development programmes. The systems win processing equip"*"*- This' Is in 

the latest database and zetezoirnuaiadcm facilities and will be linker witn develop systems to a. high, decree 

opportunity for an innovative manager with a commercial approach and the aD j"y ^ assKtance Wirt removal 

of professionalism. Initial remuneration is negotiable circa £12^000 *r car. other mng 
expenses if necessary. 

There are also opportunities for hfefwsdfore Business Systems Analysts. finoM ned to our Client, unless you list 

Applications in strict confidence under reference SMI0607/ET will be forwarded unope c»eurltv Manager; 

companies to which they should r-Qr be sent in a covering fetter marked for the attention of the Se curity man gcr ^ 



City £ 8 , 000 + Car + Bonus 

Our client is a major quoted group with extensive worldwide interests. 

The company has been through an important development phase and now 
plane to appoint an individual who will work closely with senior management 
implementing controls and disciplines and carrying out a series of specific 
projects. The latter will provide experience including budgeting procedures, 
currency exposure and fund control and will provide an excellent basis for a 
career in an international financial environment. 

Candidates for this appointment will be qualified accountants probably in 
their mid-late twenties who have jx oAq two. years ppst-ewa lif yj nq experience. 
They must have the ability to communicate effectively with other management 
disciplines and demonstrate both a self-motivated approach and the personal 
presence that will enable them to succeed in a demanding corporate 

For *" f ” a ction concerning this appointment and a personal history 
form, contact Nigel V. Smith, A.CJL. quoting reference £216. 

COTirsrosL'hftiBCjal Cruraon 
Dougins Liombics Associates Ltd. 

At— i-slsir- a ; "•r-jr.iitSCEl Crael-JBU. 

A S. -m»WCC5CN3.Tp- J3S9SC.; 

32; r? Vi_ii-.’ S-nV ToJ CHI ^6 3101 

3, CosmF^cR. liintus ja 2-;37.*A 7« Cii-»2S 7744 


This r.c-vv national financial new'-p-per is being bunched early in ihe New Year. It will 
be published by n j-ubriuiary of Fiec: Publishing International, the communications 
division of Trafalgar House, and v.iU appear every Friday. It will have its own offices 
in central London. 


Wc crc looking for journalhis with experience in financial and business journalism. 

It you think you will enjoy the challenge of working for a lively new paper, we would 
like to hear from you. 

Advertisement Staff 

We also need experienced, enthusiastic advertisement salesmen with established City 

All portions arc open to applicants of either sex. Salaries, benefits and conditions will 
be competitive and will be disarmed at interview*. AH letters will be treated in 
strictest confidence. 

Please write to Andrew* Ross. Managing Director, Fiee: Financial Publishing Limited, 
Westgate House : 9 Holborn, London, HCiN cNE. 

Financial Publishing 

International Arab Bank 


Our client, a major Arab bank with its European headquarters In the 
City of London, is looking for men or women who are qualified bankers to 
fill key positions in its European marketing team. 

You would be based in London and be responsible for developing the 
bank’s business on the Continent with emphasis on other financial 
institutions, multi-national corporations, and public sector organisations. 

You should have at least five years' banking experience. Since the 
team you would join sells the services of the bank’s Gulf-based 
headquarters, the greater part of this experience must have been spent 
working in or travelling to the Gulf or other parts of the Middle East. 

Salary will be a minimum of £8,000 for the type of person we need, 
but outstanding qualifications and experience will, of course, be rewarded 
accordingly. In addition, you would enjoy the range of benefits you would 
expect from a major international banking organisation. 

Please apply in the first instance to Andrew McLaren, Director, 
Universal McCann limited, 18 Howland Street, London WIP6JCL 

Universal McCann 



Should have experience of the far east and 
the ability to control many diverse activities 
in which the company engages: together with 
a capability to motivate its personnel in the 
regular absence of the company’s principals 
in the far east. 

The rewards will be high and the prospects 

Write Box A6487, Financial Times, 10, 
Cannon Street, EC4P 4BY. 






TlL»Ii 7 i lVif 4 



c.£8,000+ Benefits 


Senior Internal Auditor-Europe 

Brussels based. Age 25-30. Salary C£13,OO0 

(Re-Iocaiion expenses paid as appropriate). 

NL Industries a $1^00,000 U.S. corporation re quires an additional 
senior interna] auditor io work from its Brussels Headquarter Office. 

The task involves financial and operational audits at its European 
subsidiaries. The successful candidate will also be involved in special projects 
including acquisitions and taxation. It is anticipated thatless than 6 months ina 
year will be spentin Brussels. 

This is a growth posi tion leading to a financial management post within • 
a 3 year time frame. 

Candidates should be qualified accountants, currently functioning as 
senior auditors in professional practice orimemal auditors in an International 

Fluency in English/ American is essential and in German and/or 
French desirable. 

Interviews will be held in London and Brussels during mid/late 

If you consider you have the appropriate experience and 
qualifications please send career details un- 

Frank Abercrombie. Manager, Employee Relations, 

Eastern Hemisphere Operations . M i odintries Inc- 
Academy House, 26-28 Sackrifle Street, London, WiX 2QL. 




Circa £7.500 p. a. 

Barclays Merchant Bank is seeking 
additional executives for its expanding 
corporate finance division. 

This is an opportunity for people aged 
23-28 of high ability who wish to gain all 
round experience of corporate finance. 

Early responsibility is given as a member 
of a team serving the needs of; UK 
corporate clients. ; . v 

Successful candidates will hare a profes*: 
sional qualification in accountancy or law, 
with up to three 3 ' cars subsequent 

The salary for these positions shall be in 
the region of £7,500 p.a., and will depend 
on age and experience. There are many 
fringe benefits including a non- 
contributory pension scheme and a profit 
sharing scheme. 

Please apply in writing, giving full 
details of qualifications and experience to: 

C M SummersgiU, Director, 
Barclays Merchant Bank Limited, 
Dashwood House, 

69 Old Broad Street, 

London EC2P2EE. 
Applications will be treated in complete 

>!#? :' ' • iv ; ■ • f ■ ■* : ■>■«*.. - - . ; - , v » . 

•r-> '1* VI 



UP TO £15,000 

One of the world’s leading accountancy practices have asked us to 
identify several young male or female Chartered Accountants for 
employment in their Middle East offices. 

Additionally, we have been requested by 2 major construction 
companies to recruit suitably qualified accountants with previous 
overseas experience for senior positions in their Middle East 

A working knowledge of Arabic is essential for one of these 

All of these positions offer excellent benefit packages including 
free accommodation and the possibility of married status. 

Please telephone Jim Rogers for an application form on til-836 
1600, quoting reference number 5121 or write to: 

60 St. Martin’s Lane, London WC2 4 JS 


Bank Auditor 

Chartered Accountants 

As a major international bank with European 
headquarters in London, we have an extensive 
network of branches through oat the world. Our 
travelling audit staff arc responsible for examin- 
ation of financial activities, systems, procedures a at- 
internal control of the Corporation^ operations „ .*; 
Based in London your work wfli involve short *? 

assignments to our European branches amounting ■ 
to 50% overseas travel. 

\Pe are looking for a qualified accountant ^ with at 
least two years p ost qualification experien ce. As a 
part of your auditing experience, a know! edge of 
computer based systems would be a distinct 

In addition to an attractive salary fringe benefits 
include subsidised mortgages and personal lcam> 
non-contributory pension scheme, and subsidised 

Please send detailed CV or telephone for an 
application form to: 

The Personnel Department, Continental Illinois 
Corporation, Continental Bank Housq, ld2 Queen 
Victoria Street, ECi Teh 01-236 7444. 





£9/11,000+ CAB 


Owing to re-organisation and expansion a well-established group of fashion shops (T/o 
£SM-r) now requires a Financial Controller for its Head Office in Manchester. 

The successful candidate will assume overall control of the finance/accounting function 
and will report direcc/y to the Managing Director. Duties include budgetary control, cash 
forecasting, stock control and the meaningful interpretation of monthly management 
information. In addition, he/she will liaise with buyers on u open to buy " contracts and 
will pursue an active role in the provision of advice to the Board regarding all financial 
matters including acquisitions, etc. 

This important appointment requires an ambitious qualified acccimant of exceptional 
calibre. Essential qualities include sound technical expertise, business flair, an ability to 
communicate at all levels and a proven career record. 

The group offers a five-figure salary, a 46.000 car. BUPA. a non-cor.triburary pension seheme 
and excellent long-term prospects. 

For further information' please, contact: — 



Expansion of our research activity has created al 4 
vacancy in our Birtningham-based Research h i 
Department Our sector coverage is niainhLjra 
engineering and motors. In addition -we xesearewi f 
and are brokers to a wide range of mainijlV I 
Midlands-based companies offering scope 
initiative in developing ideas in other sectors ■. " • 

which would be encouraged. V.- 

We should like to hear from well qualified analysts-: • 
with one to three years’ relevant experience: i&thc^ . 

S ty r.nm^t 1 } H dUStrj ' SaJar> ' other benefits i 

Letters should be addressed toi • i 

Research Panuer.' 
Smith Keen Culler.' - 
52 Comhill, :--i 
London EC3V 3.NK. 



22b Dale Street, Liverpool L2 SSD. 
051-236 9373 Refs FT/I72 



BBS =r« « ~ saws®! 




*** tU 

• V . 'i«ik 

... ‘ ^ViYrV 

*. t. .. '-I, 

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who will be responsible for a number of industrialised countries 
in the Western Hemisphere. 

His primary objective will be the management and development 
of our correspondent banking and corporate account relationships. 
This will include: 

it Establishing business objectives 

ic Defining and implementing marketing and general 
banking strategies 

★ Maintaining and enlarging our banking activities in. 
his geographical area 

The ideal candidate will have several years of business experience 
in International Banking and be capable of assuming further 
responsibilities. He should be between 30 and 40 years old, a 
university graduate or equivalent, fluent in German and English 
and preferably, but not necessarily, French. 

Please forward your detailed r6sum£ 
in English, including telephone number, to: 

6236 ESCHBORN 2 

~ : its. 

Uuii a All 

Overseas Fund 

Merchant Bank London 25/35 

Our client is one of the leading forces in the investment 
scene. City-based, their wide portfolio is made up of pension 
funds, unit trusts, general funds etc and includes about £100m 
invested in overseas stocks. 

They seek an additional Fund Manager/Analyst to help run 
this side of -their business. The job will appeal to a man or woman 
aged 25/35 with a good grounding in finance and some 2-5 years 
experience of overseas investment; Preference will be given to 
those with Wall Street and Tokyo experience. Prospects are 
excellent ‘ 

The salary is negotiable and is in addition to normal 
banking benefits. . . 

Please write with brief details to Colin Barry, Overton 
Shirley and Barry (Management Consultants),. 17 Holywell Row, 
London EC2A4JB. Tel: 01-247 8274. 

. Overton Shirley & 

and Barry % MlfP 


New York 


Our client is a British oil company with a turnover In excess of £450m, which owns 
exploration, production, refining, shipping and marketing subsidiary companies in 
• various parts of the world, its activities comprise an integrated international oil 
business, the co-ordination of which is controlled from offices in a pleasant 
location just outside New York City. 

An outstanding opportunity has now arisen for a young Chartered Accountant to 
join the Controller's small team where the initial involvement will be primarily in 
. -financial accounting and project work. Candidates aged between 24 and 30 must 
, have a flexible attitude and the ability to commit nicate effectively at all levels. 
Excellent first hand experience of British, US and Canadian accounting principles 
can be acquired. Good prospects for future development within this international 
✓ grbtip will result In a rewarding career for the successful applicant Relocation 
expenses will be paidin full andfirsi class fringe benefits usually associated with 
" a major company are provided. 

Please reply in confidence giving concise personal and career details, 
quoting Ref. T887/FT to D. E. Sheliard: 

A A A Arthur Yotmg Management Services 

RoBs Housa, 7. Rofls BuMings 
mtfVwJ Fetter Lane, London EC4A1NL 

Company Accountant 


£8,ooo - £9,500 p.a.+car : 


if $ - 

Ward Hill is a well established flan of Turf Accountants- based in 
Stevenage with a developing business in the Home Counties. Due to 
recent growth, the company wishes to appoint a Company Accoun- 
tant to assume responsibility for all financial aspects of the business. 
TOspoadoii offers an escdknt qppoftunity for sQmeone seeking 
responsibility-and an opportunity to contribute in a posniye way to 
the continued prosperity of the organisation. 

Candidates preferably qualified, should be in thdr30’s or 40’s with 
a minimum of 3 years experience in industry. 

An initial salary is negotiable in the range £8,000-9,500. In addition, 
the position ofiers a car plus other substantial benefits. ; . 

Please write in confidence with adequate career deoils to Diana 
Ashman, Personnel Services Division of:- - - • 

I Spicer and Pfegler Management Consultants, 
JBevisMarks \- 
. . London EC3A 7HL - ..... - 

Financial Accountant 

eirca£ 8 , 000 +car 

T ricentrol wish to recruit a Financial Accountant for their recently 
formed UK commercial trading subsidiary, Tri control Industrial 
Corporation limited. The appointment will be located at the company's 
City head office and arises because of increased demands being placed on the 
existing accounting staff Tbesubsi diary has a turnover in excess of £75mpa. 

■The Financial Accountant will report to the Financial Controller and will be 
mainly concerned with the preparation and review of monthly management 
information, the year end consolidation of subsidiary company accounts and 
the consolidation of the annual budget figures. ' 

Successful candidates will be qualified accountants, capable of acting on their 
own initiative and will probably be in their late twen.ties. The appointee will 
offer sound pcu.t qualifying accounting experience and preferably exposure to 

£8,000 pa. A company car and non-contributory pension and medir-al ncbemi*? 
are provided. A generous contribution would be made towards removal 
expenses if the successful candidate had to move home to take up this 

Candidates, male or female, can make 

application by quoting reference. 

MGS/2026 and requesting a personal 

history form from Ashley S Phoenix, .. IIRa. _ 

Executive Selection Division, Southwark 1 T ^tprhrmcp 

Towers, 32 London Bridge Street, London 

SEl 9SY. ▼ T Associates 

Young Career Banker? 

Property & Construction Finance 

Our cKent is a major bank group with a significant involvement in 
property lending. The group intends to increase its property and 
construction finance business and wishes to recruit a young 
professional to take responsibility for developing this activity in the 
UK. The man or woman appointed will join a small team and will 
have considerable autonomy in meeting targets. 

Candidates, preferably in their Iate20’s or early 30’s, must have 
relevant banking experience and should be professionally qualified 
as a surveyor, accountant or solicitor. The ability to take 
responsibility and to contribute to an important part of the Bank s 
business is essentiaL v 

An exceptional candidate could be offered a five-figure salary. 

Please write with full details. These will be forwarded direct to our 
client List separately any companies to whom your application 
should not be sent Ref. B.1036. 


A member of MSL Group International 


Age 27-34 


A mature, experienced person is required for this rapidly expanding, prestige Bank, to be 
responsible to rhe Chief Accountant. Close working knowledge of Computerised Accounts. 
M.I.S., Reconciliations. Cash Operations, Expenses and Accruals. f/X Settlements, and Bank of 
England Returns is essentiaL 

We also wish to speak to a person with extensive exposure to Commodity Lending. 

In the first instance, please telephone In confidence, Brian Durham 


Age 25-35 c£7,500 

Major International Bank seeks ambitious, 
resilient Banker with an in-depth knowledge 
of Loans Administration, to assist Head of 
expanding Loans Department. A good grasp 
of conversational German is essential. 

Please telephone Mark Stevens 


Age c30 c£7,500 

Leading European Bank requires senior 
Analyst with comprehensive experience in 
multi-currency Corporate Lending environ- 
ment, to join an expanding team in a 
responsible capacity. 

Please telephone Nell Keane' 

If you are seeking to further your career In Banking, our Consultants would 
be only too pleased to discuss your requirements. 


•41/42 London Wall -London EC2 -Telephone: 01-588 -Q781 

LOAN Asa result of continuing expansion, vre are looking for 

• __ fully experienced personnel, probably in their mid 20 s, to 

A D MINISTRA T ION -} oin a tec hnically demanding department in a most 

• • i m portant area of the Bank's operat ions. Your k Dowledge 

• - should have, been gained in an international banking 

environment. This Department also assumes responsi- 
bility for the administration of guarantees and the Banks 
leasing operations. Previous knowledge of these two 
activities, while useful, is not essential. 

A very attractive salary will be negotiated and there are 
excellent fringe benefits including free lunches. 

Please contact Chris . Thylor, Personnel Officer. Saudi 
International Bank, 99 Bishopsgate, London EC2M 3TB. 
01*638 2323. 

Saudi International Bank 



Required for recently opened International Bank, 
with at least 7 years experience in the banking 
field. Salary is negotiable. Age range 25-30. Usual 
fringe benefits will apply. 

Kindly contact 

Mr. Christie 01-628 0365 


to 525,000 net 


Energetic yotmg mn (25-35) required 
by U-S. owned Container company, 
pm of larger group. Previous adminfc- 
cration experience useful especially in 
containerisation handling. 


WOKING (04842) 66*19/71079 
or 01*404 5011 



Wir sind die deutsche Niederfassung einer ' 
grosser), international taetigenamerikanischen Bank 

Zur Ausweitungunseres Devisenhandels suchen 
wireinen jungen dynamischen 


Geeignete Bewerber sollten mindestens 2 Jahre 
Erfahrung im aktiven Handel haben und ueber gute 
Kenntnisse der englischen Sprache verfuegen. 

Sitte senden Sie Ihre Bewerbung mit 
aussagefaehigen Unteriagen an : 

Mr. Garwood L Platt, The First National Bank of 
Boston, Zweigniederlassung Frankfurt, Mainzer 
Landstrasse 43-45, 6000 Frankfurt am Main 1 . 

. • ■ • ‘ oder informieren Sie sich zu- 

s* 00 * riaechst' telefonisch unter der 

Rufnummer06n-260321 1/212 
^.■*7842?©^ / (Mr. Platt). 


Investment Managers of .International Funds in 
excess of £400 mill ion. We are looking for people 
to join our management team, preferably with 
some legal, accountancy or investment experience, 
in the 24-28 age range. 

Apply in confidence in writing or . 
by telephone to: 

Robert Stephens 


163 Hope Street, Glasgow G2 2UH 
Tel: 041-221 5521 

Sheffield Group of Steel Manufacturers and Engineers 


A progressive and expanding company 
with sales in excess of £20m. 

A Dirt (cations are- biirtien from suitably Qualified executives. Preferred age 35/45. 
The applicant trill have substantia] production and financial management 
experience gained preferably id an encinc-crlns environment. A mature and 
lively approach with an ability to moitvarc people Is essential. 

The successful applicant wlU assume responsibility at Board level for all 
I he group financial f unci ions. 

Salary, which is negotiable, will be commensurate with experience and 
QtulificauonB— company car and usual benefits. 

Brief boi comprehensive details of career and salary to due. which win 
be treated in die strictest confidence to: 


Ref. FO 473 Chartered Accountants 
Kmwta House. 4 Norfolk Park Road. 

Sheffield 53 30E 



Applicants are sought from suitably qualified candidates for a second 
Chair In Accountancy in the Department of Accountancy and Business Law 
( present Head of Dspartmenc, Professor J, M. 5. Risk). 

It is expected that the person appointed will have a special interest 
in one or more of the following fields: financial accounting including 
corporate accountancy; auditing; taxation; finance and investment; manage- 
ment accountancy including financial management; corporate planning: 
international accounting; public sector accounting. 

It is hoped that die successful applicant will be in post on or before 
l September 1979 at dm latest. 

Further parti cubes are available from the University Secretary (FT). 
University of Stirling,' Stirling FM 4 LA, Scotland, to whom appOatiooi 
f boa Id be sent before 31 October 1978. 



AGE 30+ 

salary up to £1 2,000 p.a. 

First class career opening at the cop of a new branch of a large end 
highly regarded European Insurance Company in London. The successful 
applicant will probably be qualified and aged 30 to 40. He/she must 
have experience in all aspects of insurance financial and administrative 
control inc. D.O.T. returns, credit control, cash Row, setting up 
computer systems with outside bureau, etc. 

Tel: immediate l y- - T im Weeks or Andrew Moore A. CM. 

Moore and Weeks Ltd., Personnel Rccrohmeot, 

Corn Exchange Building, 52-57 Mark Lane, EC3R 7QD. 

Tel: 01-481 1585 


FJE. DEALER — Age 23/30. U.S. Bank Experienced in 
Canadian & U.S. DoilaTs. c. £8,000. 

£4,500. . 

DOC. CREDITS— Age 21/25. £3.B00-£4,000. 

ASST. TO CHIEF ACCOUNTANT— Age 22/26- £4,000-£4500. 

ACCRUALS— Age 20 +. £3,500-£4.500. 

Ask Della Franklin — 248 6071 
Employment Agency 








. Contact Don IVIaggs 
01-283 9863 

3 Liverpool Street, London. EC2 


Large villa development . require* 
Accountant," Fluency 'in "Spanish a 

Accommodation available on the estate. 
Salary would be negotiable. 

Reply in confidence giving details of 
qualifications and availability to be 
interviewed in London, 

Write Box T.4V5&, Financial Times, 
10. Cannon Street. EC4P 43 1*. 



Institutional Investor . seeks in 
intelligent. hard - working, 
dynamic individual to sell 
advertising space.. -Applicants 
should have some knowledge of 
finance, be willing to travel on 
a limited basis and a working 
knowledge of French. An ex- 
cellent career opportunity. 
Salary -up to £7,QGQ plus .bonus. 

For information contact: 


’ Tab-itt 95W 




At the Lorutqa School of Economics 
and Political Science 

Hie Senate invites apphcaixma for 
the above Chair. Candidates should 
hare academic and professional quaii- 
Bcadons and practical experience in 
the- major aspects of the subject. 
Applications lie copies; should be 
received by ihe Academic Registrar 
(FTi. Senate House. MaJct Street, 
London WC1B THU. from whom 
ruriher particulars should first be 
obtained., oat .later .than. October si. 



Chartered Accountant. Honours 
graduate, aged 26. seeks chal- 
lenging corporate finance posi- 

Write Box A, 6 491, Financial Times, 
10. Cannon Street. EC4P 4&Y. 


Prof«H«naily qualified - Lawyer/ Indus- 
trial Engineer, age 32 with right to 
permanent domicile In UK. 3 years 
industrial finance experience here and 
1 year with French Inter national bank 
credit analysis/ cent race, seeks pose. 
Ambitious and opportunity- more 
important dun i niti a r salary. 

Write'- Sex A.6493, Financial Timet, 
'■ 10. Cannon Street. E C4P 4&Y. 


Ttirnreund or rncrucraring. Available 
commencing .December 1978. Previous 
record of successes. Excellent refer- 
ences. Write in confidence tor 
preliminary discussion. - 
Write Boa A.6492. Financial Timet. 
10. Cannon Street. EC4P'4EY. 



international division maior clearing 
bank, recently retired, seeks appoint- 
mum as fi.C. adviser or in other 
capacity on full or part-time basis. 
Write Box- A. 649*. Financial Timet. 

to £10,000 -I- Bonus 
Partnership prospects for high 
calibre individual. 25-35. with 
a research background and tales 
ability to join expanding Intel- 
eucional Desk of well known 
medium -sized firm and promote 
the work of highly regarded 

For s diuunion about tfiir or 
other pot/tioftf I* Stoekbnklnn 
contact Fiona Stephens In total 


35 Dover SLrceL London WlX 3RA. 

01-J930617 V 

Recruitment Consultant y4 

Editorial Assistant/Typist 

£4,400/01,500 + PERKS 
Required by financial periodical of 
leading professional Institute. Must 
have financial journalistic background 
in order m assist News Editor. Experi- 
ence is mors relevant than age. Pro- 
jected age range x mid 20s. 

Ring 283 6022 for appointment. 

VPN. Employment . 

investment manager to head manage- 
ment team tor Large currency portfolio. 
NU-nagcrt name and background -will 
be described In our prospectus. High 
remuneration. Reply confidentially to 
Box . A.6490. Financial Times. IQ. 
Cannon Street, EC4P 4BY, 

perks, reed. by. leading international 
bank. Mld-20s with good 3(4 yi*. exal 
- on widMatcd Uw», Rlra..fpr_ appoint- 

Financial Times Ttmrsaay 

Initial improvement short-lived as buyers hold off 

Share index down 8.2 at 506.0— Gilt-edged give further ground 

... . ... n m lfio. prompted 3 slight rally e 


1 ^ ; - . ■ - 1 

Account Dealing Dates 

• First Declare- Last Account 
Dealings tions Dealings Day 
Sep. IS Sep. 28 Sep. 29 OcL 10 
Oct 2 Oct 12 Oct 13 Oct 24 
Oct. 16 Oct 26 Oct 27 Nov. 7 

* " New time ” floatings may lake place 
frer a a.m. two bnsinen days earlier. 

.rJying sentiment in stock 
n:.. .5 was again dominated by 

;r.e mrd pay dispute yesterday 
and both equities and Gilt-edgod 
securities eventually succumbed 
to light selling. 

The Chancellor's optimistic 
views. an the economic outlook in 
;ne UK given in his speech to the 
International Monetary Fund 
encouraged a firmer trend in the 
leaders at the opening. Buyers, 
however, were content to hold off 
and. with scattered selling finding 
the market unwilling, the firmer 
trend was soon reversed. 
Although not taken too serioysly 
in most quarters, vague talk of 
a half-point increase in Minimum 
^ending Rate created a nervous 
atmosphere and the downward 
movement gathered pace. This 
was well illustrated by the FT 30- 
share index which extended a loss 
L7 at noon to S2 at the close of 
5IW.Q. A Press suggestion of a 
passible 10 per cent increase in 
tjp EC oil prices and Mr. Len 
Murray's statement that the TUC 
wa s seeking early talks with the 
Government with regard to a 
more relaxed approach on collec- 
tive bargaining also contributed 
towards the downturn. 

Overall, equity markets pre- 
sented a generally mixed appear- 
ance with falls almost matched by 
rises in FT-quoied industrials, 
but the FT-Actuaries All-Shire 
index reacted 0.7 per cent lo 

British Funds continued lo give 
ground. A modest rally in the 
shorts on the hopes that the 
unproved U.S. trade figures would 
take the upward pressure off 
short-term interest rates proved 
short-lived and prices ended with 
further losses extending to d. 
Lang-dated issues followed a 
Eiinniar pattern and recorded falls 
of ;. The Government Securities 
index eased 0.18 more to 69.97. 
Once again, there was very little 
selling pressure.^ the reaction 
mainly reflecting iack of support 

The investment currency 
market traded on a lower basis 
throughout the session. After 
trading between R9I and 90 per 
cent for most of the morning, the 
premium touched its high of I'd! 
nor cent after the U.S. trade 
figures were made known, but 
trien came back to SSi before 
ending 15 d«wn on balance at frSJ 
p*»r rent. The day's fluctuations 
partially reflected movements in 
the exchange rate and partially 
another good volume of trade on 
institutional account. The conver- 
sion factor was 0.6950 (0.6923). 

Only 419 contracts v.ere com- 
pleted in the Traded Options 
market, making it the quietest day 
for over three weeks. EMI, how- 
ever, encountered a lively interest 
and 111 deals were done; prices 

of the November and February 
240 series lost 6 to lap and 7 to 
J6p respectively. 

Banks lower 

The major clearing banks 
succumbed to small selling in an 
unwilling market and closed with 
falls ranging to 10. Barclays, 330p. 
and Midland, 340p. both declined 
that amount, while NatWest re- 
linquished 7 to 255p. Lloyds, how- 
ever. held relatively steady in 
ending only a penny off at 255p. 
Bank " of Scotland cheapened 3 
to 26Sp. Prevailing dull conditions 
in the gilt-edged market brought 
fresh falls in Discounts. Cater 
Rvder gave up 7 more to 265p. 
while Alexanders, 250p, and Ger- 
rard and National, 174p, receded 
6 apiece. Apart from a penny 

improvement to 16p in 
G. R. Dawes, Merchant banks 
moved lower with Hambros 4 
cheaper at 193p and Wagon 
Finance dipped 3 to 39p among 
Hire Purchases. 

Persistent small selling and lack 
of support left insurances with 
falls ranging to 7. Legal and 
General finished 4 off at 154p on 
mild disappointment with the 
interim results, while Pearl eased 
6 to 23Qp. Sedgwick Forbes were 
notable among brokers for an 
above-average decline of 23 at 
432p. Royals gave up 7 to 355p 
in Composites where GRE shed 
6 to 23 Op and Commercial Union 
4 to 145p. 

Following recent strength 
fuelled by Press comment on the 
merits of the J. Lyons acquisition. 
Allied Breweries turned reaction- 
ary 3nd closed 2 easier at Sip. J. 
Lyons, at 249p, lost 3 of the pre- 
vious day’s rise of 6, while Bel- 
faaven Brewery, m which Lyons 
hold a 17 per cent stake, slipped 

4 to 43p. 

In an active trade following 
Tuesday’s annual results. Press 
comment on growth prospects 
and suggestions of a rights issue 
left Barratt Developments 3 
cheaper at 119p. Other Building 
descriptions drifted lower in thin 
trading. Blue Circle shed 3 to 
279p while, ahead of today's 
interim report, RMC cheapened 

2 at 142p. Taylor Woodrow 

5 down at 448p but 1DC improved 

6 more to 13Sp on the mid-term 
profits recovery. Steady for most 
of the session following Tues- 
day's satisfactory interim profits, 
Ibstock Johnsen eased 4 to lS2p 
in the late dealings, while profit- 
taking after the recent specula- 
tive advance left Brown and 
Jackson 6 lower at 224p. Profits 
slightly better than market 
estimates helped Manders put on 

3 to lOlp. 

ICI touched 39Gp in early deal- 
ings. but a subsequent lack of 
interest brought a ciose of 392p. 
a net 2 down. Fisons shed 6 
more to 35lp for a drop of 34 
since Monday’s interim statement. 
.Ahead of today's half-year report. 
Anchor eased 3 to 73p. In a 
restricted market. W’fllimn 
Ransom advanced 10 to a high for 
the year of 290p. 

The volume of business in lead- 
ing Stores left much to be 
desired and the occasional selling 

order prompted a dull trend. 
Elsewhere; S. Casket gave up 4 to 
TOp as did Executes, to 56p. 
Liberty picked up 5 to 195p. 

Publicity given to the chair- 
man's statement outlining the 
problems facing the company’s 
scanners brought fresh selling 
pressure to bear on EMI which 
lost 9 for a two-day decline of 
12 on some soeable selling, the 
preliminary figures are expected 
on October a. GEC turned easier 
.again and, at 322p. gave up 6 
of Tuesday’s rise of 8, while Thom 
Electrical reacted 4 to 37t5p- New- 
man Industries edged forward 2 
to 96p on Further consideration of 
the interim figures. 

Of the duff Engineering leaders. 
John Brown were particularly 



^oiujEiuffi nr 

1 "I [1978 1 1 — | 

k ° M4V JON JUt IBS SEP „ 

vulnerable and fell 14 to 448p. 
Vickers cheapened 4 to 194p in 
front of today’s interim results, 
while similar losses were seen in 
GKN, 279p, Hawker, 24Sp, and 
Tubes, 394p. Elsewhere, C. and 
IV. Walker lost 8 to 124p follow- 
ing the interim profits standstill. 
Start rite, on- the other hand, 
jumped 12 to 12Sp in a thin 
market on the higher profits and 
proposed 100 per cent scrip-issue. 
Comment on the strong profits 
recovery prompted a further rise 
of 6 in Brasway to 45p and Davy 
gained 10 to 295p in response to 
the chairman's encouraging 
remarks at the annual general 
meeting. Ransomes Sims and 
Jefferies put on 6 to a 1978 peak 
of 2S0p and improvements of 4 
and 3 respectively were recorded 
in Christy Bros., 52p, and Williams 
and James. 114p. 

Foods dosed with the occasional 
firm spot. Avana were back in 
favour at 56 ip, up 2, while 
Somportex. 72 p. and Associated 
Dairies. 248p, put on 4 and 5 
respectively. Joseph Stocks, how- 
ever. slipped 3 to 153p. Super- 
markets trended firmer, with 
Kwik Save improving 4 to 92p 
and Hillards 5 to 205p. 

Glaxo better 

Resisting the dull conditions 
which encompassed other miscel- 
laneous industrial leaders, Glaxo 
moved forward 8 to 627p on a 
small buying interest ahead of the 
interim results due on October 9. 
Metal Box. 8 dearer at 358p, also 
made a good showing but small 

selling took its tall on Bowater, 
197p, and Turner and Newall, l83p, 
which declined 3 and 4 respec- 
tively. A firm market of late on 
the group's attempts to strengthen 
its top management structure. Id- 
rose 14 more to 434p following 
renewed Investment support on 
consideration of its earnings 
growth potential Currently In 
receipt of an agreed bid from 
Courtaulds, Compton Sons and 
Webb rose 3 to 67p in response to 
the profits forecast of £2ra on 
which the bid was conditional. 
Alpine Holdings touched TSiP in 
response to the announcement of 
more-tban-trebied interim profits 
but then eased .to 76p before 
closing unchanged at the over- 
night levei of 77p. Renewed 
speculative interest lifted Ofrex 
0_to 113p. ^ 

Campari "touched 337p on the 
results and scrip issues, but ended 
6 off on balance at I30p: the B 
shares rose 4 to . a 197S high of 
129p. Norton and Wright im- 
proved S to 2QSp on the chairman's 
remarks on current trading. 

Motors and Distributors drifted 
gently lower awaiting fresh 
developments in the Ford labour 
dispute. Lucas Industries featured 
with a decline of 10 to 312p, while 
profit taking dipped 5 from Dowty 
at 278p. Dunlop eased a penny 
to Top in front of today’s interim 
results, while further considera- 
tion of the interim statement left 
Hanger Investments a like amount 
cheaper at 454p. 

News International provided 
the only noteworthy movement in 
Newspapers, faffing 7 to 253p on 
scattered offerings; the interim 
figures are due next Wednesday. 

Properties became dull on talk 
of an early J per cent hike in 
Minimum Lending Rate. Lack of 
support rather than selling pres- 
sure left La nd S ecurities 7 down 
at 236p and MEPC 3 lower at X44p. 
British Land, at 42p. gave back 
nearly all of the previous day's 
advance of 2}. Warnford Invest- 
ments declined 8 to S32p. Asalnst 
the trend, City Offices hardened a 
penny to 61p. after 62jp, while 
in front of tomorrow's annual 
results A. and J. Mncklow finned 
2 to 130p. 

Oils fall late 

Steady to firm for most of the 
session. Oils turned reactionary 
in late dealings with SbeD losing 
4 to 56Sp, after 57Bp. British 
Petroleum eased 6 to 894p. Lasmo 
issues moved ahead following 
Press comment on North Sea 
prospects, but the ordinary ended 
a net 2 down at 154p, after 160p, 
with the “Ops” ending 15 up at 
375p, after 3S5p. After starting 
the day on a firmer cote at 35Sp, 
Siebens fell away and finished 20 
down at 334p. In Australians. 
Santos gained 10 to 184p and 
Alliance Oil Developments 3 to 
34p on news of a large oil find in 
South Australia. 

Slme Darby returned to favour 
in Overseas Traders, rallying 7 to 
112p on renewed demand ahead 
of today's preliminary figures. Still 
reflecting the National Sugar 
Company's acquisition of the 
company's sugar interests, Jamaica 

Sugar hardened 2; more to 16p. 

Business is Investment Trusts 
was very slow with neither the 
public nor the institutions taking 
much interest in' the proceedings. 
Financials had opposing move- 
m exits in international InvestmQrt 
Trust of Jersey, 5 better at 240p, 
and Akroyd and Smithers, 6 
cheaper at 21Qp. 

Following recent firmness, P. 
& O. Deferred reacted 4 to 93p 
in lacklustre Shipping. Elsewhere, 
Milford Docks, at U2p, gave up S 
of Tuesday's rise of 13 which 
resulted from small persistent 
buying in a restricted market. 

Textiles had contrasting move- 
ments in Sirdar, 3 harder at TSp, 
and Illingworth Morris A. 1? 
cheaper at 29?p. A. Beckman 
re Seeled the reduced earnings 
with a loss of a penny at 83p. 
Tobaccos moved lower with BAT 
Industries Deferred finishing 6 
easier at 267p. 

Rubbers had a mixed appear- 
ance. Consolidated Plantations 
rallied 2 to 42p, but small offer- 
ings clipped 4 from Snngei Brian 
at SOp and S from CastlefieM at 
230p. Anglo-American, 20 off at 
54Dp, provided the only significant 
charse in South Africans. 

Golds down again 

A fall of S2 more in the bullion 
price to $215,375 per ounce caused 
substantial losses in ' South 
African Golds. 

The Gold Mines index dropped 
4.6 more to 173.3, a two-day fall 
of 6.7 Share prices were marked 
down at the outset reflecting 
their overnight weakness in New 
York. Some small Cape buying 

prompted 3 slight rally during 
the morning, but as the news of 
the L.S. trade figures began to 
filter through London and UJSL 
selling saw prices give way and 
dose at the day’s lowest. . 

Heavyweights fell by as much 
as £U. as in Randfontein, £383, 
while West Brief ontein gave up a 
point to £24. Losses of around 4 
were common to Vaal Reefs and 
Free State Geduld at £15i and 
£19i respectively. 

Lower-priced stocte also 
sustained sizeable falls with 
DooEBfostds 12 cheaper at 303p 
and Westers Areas 10 off at 168p. 

South African Financials 
drifted lower owing to lade of 
interest and the weakness of 
Golds. De Beers slipped 4 more 
to 414p and WMrfte wits a similar 
amount to lS7p. 

On the other hand, the London- 
registered Financials generally 
gained ground although improve- 
ments were pared towards the 
close reflecting the downturn ra 
UK equities. Rio Tinto-Zine rose 
to 249p prior to closing a net 6 
up at 246p. 

There was a lively two-way 
trade in Australian diamond 
exploration stocks following news 
of the publication in Melbourne 
of the Ashton Mining prospectus. 

Hie Ashton joint venture par- 
ticipants aS moved ahead, with 
Cominc RJetinio well supported 
and 6 firmer at 324p and Northern 
Mining 3 up at 137p. 

Among the more speculative 
issues, Westers Queen were 
heavily traded and dosed 2 higher, 
at 32p, after 3Sp. while Magnet 
Metals put on a penny to 42p, 
after 43p. 


Fixed latudl • ’• 

Lndn*m»!~ — - ■■ " 

GoW lime*..- , ■»»«. "vv*q| 

UrADlv-yie-d ^ - ■ , 4 . 95 . 14.69. M.5* ^ 

P/Eh*iolBrt>|-T>— ■ g fl>8BS 4.810: 5.012; ' 

Doling? n»Aed, “j ^ j; 105.56; q L89; 77^1^7^ 

JBqnity mnwrerim.- — 1 ^ ^ 22 4 17. 280 16 ,853! 17^3; lSj«S 

10 am 515-0- 3 P1P as.*. . . : 

LW«t index «■»* - ... • 

Hla 5SA SB AC»viqrJ«hD« . IM. 


j ~ g l su,cg fumpiu«j • j 5^:j 

• - li TTS ! jjjjjj[l u '*- - .. _ - ;■ ” 

: * ’i - 7 *, sa ! 08 79 i 127.4 4»-l# j Gnt-Kdne.-.' 195.?; ISt.'ll 

Gvrus*ca— j M j I (J-’l.-fsi ! | 3l |„«r»,_! . 1BL4 

1 «J-I I 1A4 ! 3W.35 ! - 4J*-- 

-sa* ! ijrass m -» »>« 

wfi*ss‘ys»!«So,:ss8rr. m asi 

&*. w j ,ar asi 

Tr^“ro^"m24:; wa*;.-.7a.?jT^a 
S 7W 72.16: 

STS- 514.2 Bia6 sa-r ***&$ 

^ V*L 5-27 8.1B- 5.14 

high s and lows 

— y jsuiee Cumpi*** 103 


lad. Onl. | MM 
Go hi Mine*. 1 

-70 I 127.4 i 49.10 

(orb) j j 

70.75 | ISlA ! Sw-M , 

(bifii [i3t/ll/4i)j ti |1.<W ■, 
4AS 4 [ 049.2 1 49.4 . 

1SO.S 1 442.S i 45.S : 

Itvli <6.- l« lu " h i 

— iMiy ; 


ive" V- 




Firs* Last Last For 
- Deal- Deal- Declare- Settle* 
ings ings tion ®ent 
Sep. 26 Oct- 9 Dec. 28 Jan- 9 

oS 10 OcL 23 Jan. 11 Jan. 23 

Oct 24 Nov- 6 Jan. 2 o Feb. 6 

For rote indications see end oj 

Share Information Service 
Stocks favoured for the call 
included English Property* Cons. 
Plantations Warrants, Blackman 
and Conrad, SpUIeis, Suter, 
London Merchant Securities, 
Endeavour Resources, Bolton 

Textiles, UDT, 6M . GreuS 
Comben. Bnrmah Oil, 

Press Westland, J. E. 

Drake and Scull, Loodoa nS 
Notrhern* Duple loL. Ciilletfi 
Stores, and A and Talbex. 
were dealt in Davy, Trafalgar 
House and Cullen's Stares 
while doubles were arenged % 
Spilelrs. Endeavour Resource®; 
First National Finance 9i pi». 
cent 92/97, Cumben* Tratale^ 
House, OH Exploration.- ao& 
Pacific Copper. A fihorr-daua 
double was transacted in EiSt i 
■■ ■ y.i 

Ex'rcii w. 
Oj.tlrn price 

L loving 


l S-tfEsr 
■ cCfr 








• S2 

' 119 . 


SOD , 







SSO : 






Cnm Cni»<a 

160 ; 





111: : 






f® < 

Codr Gold 






25 . 

Cmutaulils v 







Ckmruuitia : 

no . 




Z7 • 


ll 2 


! 4 




280 . 



1 B6 


68 : 

a ec 

350 i 



- 24 


’. 35 . 

Grand Met ; 

100 ! 






Grand Met ' 




f IVz 


' 14 ; 

Grand Met : 


li 2 




8 , 


390 . 



• 29 


r 37 





: 15 


- 20 | 

Und See*. ' 

240 i 





' 19 ' 

Laud Sent ' 

E6D ’ 





Marks X Sp.. 







jlaria) i bp. 1 






1412 5 

90 ; 













Shell : 













Total J 




— I 118p 

1 ■ Z36p 

— tSp 

200 ' 



240 • 




140 . 








180 ■ 




90 ; 

3 . 



220 ; 

si ; 



240 . 

16 1 

. — 


260 ! 

5t z ; 



280 ; 



I 7 

— 210p 

— - : i47p 

- I 8Zp 

- I 

The following securities quoted In the 
Share IntarmaKon Service ywtejoar 
atttined nn Highs and Lows tar 1978. 


L.D.C. Warrington 


Ransom (Wm.) 


Fine Art Devs. Home Charm 


Newmarb CL. 1 


Elrmlgntwm Mint Richards 1 Leicester! 

Brasway Startnu- 

Clifford fC.i Williams A James 

Rjnsomrs Suns 

FOODS 41) 



Borel U.i Wficeler 1 * 

Prince of Wales 


Berwick Tim 00 initial Services 

Forarty CE ■ Ofrex 

Hallam Sleigh P.M.A. [Holdings) Sunlight Services 


Campari E NEWSpApERS 
Dailv Mail A 


Dawson IntL Tricovlfle 



Sjewerr London Merchant 

OILS <«. . • • -J . x 

Kf A 


New metal ti* . .'.j 



Excfw.-. Hoc 1980 Ft*d3. '6-.-PC '8S-8S'i 

Trcas. 1 reel E*£.-ar. '00-c; 

ExcMr. 12-':K '331 f££5 saJa; . ".t 

Treas. Mx 12?2 ' rfr 


Amal. CKt- Prod',. 


SV.«[H.) 1KSOBANct( „ 

Htiwaen (A.) 



British Ponds 1 H 

Corpus., Dotn. and 

Foreign Bands 14 ! 

industrials K 112 1 

Fin and al ad Prop. „ M0 HE * 

oils — 4 » ; 

PiamatiM 7 30 S 

Mines 2D U 1 

Recent Issues 5 B J 




Edited by Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques 

Published Monthly price £2.00 Annual Subscnption £25.00 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

Apollo Magazine, Bracken House, 10, Cannon Street, London EC4P 4BY 

Tel. 01-248 8000 









tion . 

marks price (p) 

on day 







- 9 


. 130 





— o 







+ 6 



Barratt Devs. ... 




— a 



Shell Transport.. 




- 4 







— 5 







- 6 


2 33 

Marks & Spencer 




- 3 



Barclays Bank ... 


. 7 



368 . 






- 4 



GrtL Metropolitan 




- 2 



Lloyds Bank 




- 1 



Midland Bank ... 







P. & 0. Defd. ... 


7 ‘ 


- 4 



Tube Invs. 


. 7 


- 4 






r I - il< plf’T- 

SS FJ». 31;6i 47 1 71 'Cnrti«m Superfoods^..: 83 j AdZjJII 3.1: 4.4 7.4 

11S FJ\ 8/9 1 169 J 156 Jonce (E.) (Jew’IrsjSap- 163 | \ 65 2.1 9X114 . 1 

W PJP. 24/ Hi 561; 31l; r Ma«jr Kat Gty. llotn; 3U;- ; 62. M- 1^18.810.9 

i l l 1 


|| jgfiliLy, 

-5C. 1-1 ss J High i Low 


10 p 









vs ! 


■* i 



! p.p. 


: F.P. 

— IOI 4 lOJgrBrlnol Walerwwta 7^ PrL 1S83 

27ll0| IC<7 d- 10 * 6 p.L'-o wan De Grant lO^j Pref 

29,9.31; pm: 2pm HiH A Smith J« DebuSOOCMM- 

8/12! 101 V 101 J Howard SWjnAbam 182 C*n. Lo. 8M1 

— ; 249 1230 Jlnll. Tbodstn: t'cDV.JIed. PreLHap........ 

— I 9956 1 9814 'Kensington nad CbelMs Tar. Bate 1983. 

5/11 81 7b Lnthani James 8 ® Com. Pnpf^ 

— ; 99& 93 ; Northampton Var. Kate lied. 1983 

— 1 H 9 i 2 . S 3 Sttatiicijde Var. Kate 19B3 


i s* ■ 

ITS + ae 


3 ItS zz 

107 p; 

... 2;pm 


..240 -5 

.. si • 

98 • — 14 

... 98 -14 

Iwne! J 
Prtee =•= I 

w: <6. ' 

S£T 1 Laievi , 

S_ I Kroune. i 1978 

§•= I Date 1 1 

' 0 High : Ltfw 

'Clmlng^ or 

I price — 

' p: : 


Thn follnwin* tabic shows the DereeaiaBe ebanawst l*-hlch have taken place since December 30, 1W7. In tbe principal ojnity 
Sections of the IT Actuaries Share Indices. It also contains U» Gold Mines Index. 

r . . +33J6 All-Share Index — — + 854 

Engineering "contractors Textiles — ^ — — + 8J5 

Electricals — — Pharmaceatical Products + 7.44 

Minis? Pittance Cons. Good tNoo-Dvabiei Group + 7J4 

ConEraaing and CaastructtoR Xl5!5 Stares ™'. •+■ U 7 

Capital Goods Group Food Retailing - + 455 

Toys and Games - I "” Oils AM 

Overseas Trader* * Fend MamriFactarisg - + 4J3 

Electronics, Radio and TV Eniertanment and Catarina + 357 

Newspapers and Pu Wishing ‘ T Insurance Brekers + 305 

Chemicals — X iTiI Merchant Banks - 207 

Wines and Spirits Brewaries — — + 053 

Packaging and Paper — TtvS HoaseMd Goods + 054 

Build tag Maoriato — “ — I iTtb Inaurance (Lffe) — - 154 

CnBsaa-r Goods i Dura Wei — Financial Group »... — 2J9 

M otan and DtetHbotori Banks ... - ill 

lrvi^rtiial Gnma ■■■•■- — 4.111 or 5hipphia - -i» 

'nn sbarv Index — — — - TJv— Dtscoont Hesses - - TJ4 

Other Grenp s — ■ — - — Insurance (Composite) - 7.W 

Tf“”f ~ < + 4.48 t Percenua* chancea tuned on Tuesday. September 26, 

Metal and Metal Forming - + yj 


66 ; P J*. 
285 ) F.P. 
$28 j >U 
i90c ! >U 
50 F.P. 
44 Jill 
1 16 P.P. 
FFllO Nil 
265 Nil 
65 F.P. 
100 NU 
65p Nil 
75 Nil 
65 1 Nil 
74 i Xil 
W I F-P. 
77 ;F.F. 
84 : Nil 
94 I K.l 1 . 
40 < NU 
4 ! Ml 
200 . F.P. 
25 ; Nil 

19;9 27>10 73 \ 70 :Aaranw» 

22)9 27/10.330 I 327 B.T.K 

— ! — . 40 27 iBank df liootreal^.^.. : 

22/9 13/ 10-ZTum ■ 10pm Barlow Jtaai— 

30/B'24ill 74 ! « DladraooJ Hods* i 

29/9 1 10/l'lli|»ni'7l8pmiBritd»b Prtn rinu 1 

2Z/»i 3/21, 143 * 13$ {Chubb — i 

— — , &Jpm| aJpm Cle. Fr. Penotas ! 

8/10!l7rll 41pm; 36pm Dalgety_._ 

22.-9i 13/10 7 s Dorad*^ ! 

6/10; 3/3i; 10pm! 2pm;Dulnyfi|t'ma4tklO^CnvJLn'9&lS; 

— ' — ' L) pm NiJpia Globe and Phoenix. 

29/9 13/10- 10pm! 2pn : UiU k drmtii • 

6/10 10*12,! 24 pu> ISpoiiHimdoa Group , 

25/9,27, <10 94 j fc4 Jlnittx] Services. 1 

“ ; — ■ 14 ; lOlc'rtKunick Hi'lrliiu;* 

11 9' 27/ 10 90pin!€2jj)Ui : Les amrlm — 

6'1C 27/10 ISpm Lun. k MMIaml ln»»..„ 

21.8 *», 10 111 104 .Pmpertj- l*Httnersb4ps 

29 .9 27:10 40pm. 33pm Kmuien, rJeftellew) „ m \ 

6/10 3. : 116i£|<m abiu He',uuh» Knitwear. ■ 

25)9' 6/11 314 23s iliiiair-io Kuo,.,,,,. 

9:20' f5. - Il ]4 ' taU'TTeerireli • 

70 -1 

332 1 

27 1 

10gm ...„. 


140 , 




2 pm— iia 
Sh pm. ___ 
5pm -*■! 
24pm'. 4- ! 
94 +1 

151s j— tg 



107 L-S 
34i-nr — 1 
Sleic: t 
506 -4 
»»* -is 

t Percenter dunces tuned on Tuesday, September 28, 
2978, axtoa. 

Renunciation date usually last day for dcalinz free of stamp dKv. bFUsreg! 
based ira pruspedus esumste. 0 Assumed dividend and yield, a Forecast dividend: 
cover based on previous year's earn toss, r Dividend and yield based on prospectus 
or other official estimates for 1979. Q Greft*. t Figures assumed. ; Govs - aUkd 
lor ennveraion of shares not now ranking for dlridend nr ranking only for restricted 
dividends. S Placing price to public, pt Pence unless otherwise Indicated. ■ Issued 
by Mider. |i Offered 10 holders of ordinary shares as. a rights.” “ Issued 
by war of Capitalisation. Ji Rcinttodoced. T.C Issued on consectma with reoreufsa- 
bon. xnftxer or take-over. tUfodurBon. n tom#) w rorrper preference ha/ders. 
■ All otment lettesa wr lully-ptidi. • Pronnuul or partly-paid aHotaent leaers. ' 
*-wna wnui 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries 1 

and the Faculty of Actuaries ... _ j 


Wed., Sept. 27, 1978 US’ j ^ 


| Uti UrDSS ASK. 

j Earaists Dsv P'B 

'5?r rK,';SlS? v !?A-'* SiS? '!£* ’Sg* 'sa 

Macks per secDon } % Corp. al33%i Corp. 

. I T«33i TasSBb 

TfcixE. j ‘T«i 
Sept. K ago 
9k | fofpn 

ftsde* j ln*f 

“ Act I 5* 


Building Materials (27l 

Contracting. Construction i28i - 





Engineering Contractors* 
Mechanical Engineering! 72 1...> 
Metals and Metal Forming* 16) .. 





LL Electronics, Radio, TV (16) _ 


Motors and Distributors (25) 

(NON-DURABLEl (172) - 
Breweries(14i — 




Wines and Spirits(6i 

Entertainment Catering il7> 

Food Manufacturing (19i.. 






Packaging and Paper (15 j 

Stores (40 



-0.6 15.65 

-03 16.35 

-0.4 1730 

-13 1304 

+0.9 17.57 

-0.7 16.79 

—0.4 15^3 

-0.7 1607 

-0.4 13.98 

+0.6 16.11 
—1.4 19.53 

878 24903 
8.43 2161 3 

8.33 40999 

10.60 562.83 
7.72 374.70 
7.95 197.31 
9.10 17674 

8,66 217.37 
9.99 265.99 
855 183.84 
7.U 13121 








268.99 j 
38336 { 
132.17 i 

Tobaccos <3> — , — 

Tors and Games f8> — 


Chemicals 1 19> 

Pharmaceutical Products <7/... 

Office Equipment {6).. 

Shipping 1 10 1 

Miscellaneous 1 57) 





BanksfCi) — 

Discount Houses (10) 

Hire Purchase l5'),..„w^_ 

Insurance i Lifel r 10 1 

Insurance < Composite) iT) 

Insurance Brokets 1 10 < 

Merchant Banks 1 14 1 

Pmpgrrv M ait 

Miscellaneous »7t 

In\'esLmrat Trusts (50) 

Mining Finance (Mi 

Overseas Traders (19i 








253 64 








22339 j 
39739 ! 
147 32 j 
133 48 ' 
247 46 . 
21317 • 
29751 I 
282 15 
229 04 
106 83 
325 99 

2S463 2151 
22173 B9? 
■0693 33«. 
57358 (456? 
38155 314 J 
29203 1715 
18L86 1KJ 

22228 m 


188.47 W 
13439 1HS: 

22253, 256J 
23635 2l«f - 
293.76 2«A ' 
278.B- S6I 
217.79 m; 

7332k 2Si 
487.69. *** 
15147 -UW" 
21051 1*2 - 
18480 ESI 
25L22 2364 
12337 : 330[- 
21786 [ 20» 
38368 {2ffl| 
28715 , -JW 
14605; 'lSf 
44069.i M- 

•fflffl g 
51656 m 8 
26038 [9- 

21886 Wg- 
16229 m 
14326 .fW 
13059. I=g 
34954 \Sm 
8559 Jgj 



10972* *38 



Br. Guvl Av. Gross Red. 

1 UnderS rears— 

2 5-15 years. . - — 

3 Over 15 years— 

4 Irredeemables- 

5 All stocks. — — 

Low 5 

Coupons 15 
• 25 

Medium 5 

Coupons 15 

High 5 

Coupons 15 



Wed- Sepia Tuft. Mon. Friday! Th„„ t 

TM T * 26 

J 1 I 

Wed.. | 

Hp- i 

1 Day's 

xd adi ad ad). 
To-day 1978 
to date 



. - 7.06 



— 7.61 



064 1023 



- 9.02 



024 * *36 

] wed, T sasaZ : 

I Sept. Sept: 

/ 27 - ST-V 

• 955 9B ' 

10.95 . JOS’ 1,W 

-■ lia U78 

1 Ml 

i. — — T?nr 1227 ' 

— 73 w jzai iER 

~ n.99 

- 12J6 lift- 

12M ' VBj iJm' 

IT iiprl 

?«». | Wed. TOB. - 

r hr 

1 ' \L 

; — — — » 1 1 j r 

» 20-yr. Red. Deb & Loans (15) B7.67 57^4 K , „ _ ■ . .“v , 

_ ^ 57^7 67,541 57,04. -B7JnS 67.6® 

16 InvestraentTrust Prefs. (15) nn «.s, Bi.71 6I . 7I 5LS6 „ | 

17 ObbL and IndL Prefe. (20) 7L48 .ia.85 71.45 71.54 m 33 > SV 1 

71-3B 71^9] 7L31 7LSX 7L8i 

ttetaBptiBi yWd HWw lew rvorf. toe Bum and . . 1 - ' 

taw*. A bn at tfce co asUam u U Is axmtabta Itm Ota rmfekw.lL. ckmme* M'wbIMtf-* 1 !' 

UadBB. gC4P <BY. price Vp. by vast gp. - ^ "• n^welai TTmeCl hmn 

v • 

4 '»iA< 

Ti? f 



.» oehouw Rif Adftbur>' iQKjH] M^S“J?5| l i?«2!f' U- 'i“»ainJ M!nS<Pr Fan,i M="8RTS Ltd. Provincial Life Inv. Co. Lid* Save A Prosper ronlinsed 

• ' acito! . [»1 M 4| +* r\ s 05 Aiiicm i.n i 5J * 5a8 ,+ ' ", • j* Mieuwr ll»* Arthur M . Fi 4 . iH-a 1 llrio H2 hi- N’P-jJir V. r i ScOlhits Securities Ltd.* 

■**■» •!>) 
<1 2 -o.: 1 

SI «! +D 4 
7171 «6 J* 

apzto! . 36 1 
leouie M 7 
WTfl Frt »8 
en.Tn . 40 3 

• Pro* Trt 70 0 

Hambro Group* i»i<g) 

, Hs t.. Mutton. Bm-.rwfMitf n. 

- HI or Brenntood itCTT, 3! 
t Funds 

' l (699 7«7sS-M): 

v Fnatl .. 67 4 723] -0.: 

oc M.o fljm -d •; 

. tad. Dev. 378 3%S *01 

ipitdl..^ 77 i 82.6] . 

Fond . _ 1327 MOM +0 2 
Act Fd 128 C M70j,*O2 


5 66 ■ ap.iulTsi 
4 06 !nf.iir*i , [" 

4 03 InJ.iJivAil. frt 
3 52 Do Ac putt. 

Target T<cf. Mgrc. (Scotland) light 

134 QJ ... 
15921 .. 

Friends’ Pro.dt. Unit Tr Mgra.* 

i t! Wnv'Pr.lV 16 .(349 4] 1j ] J9]!i. 1'ml- Ml B 

K *’‘ ,n * 4 \UIW1 poor 104 7| I 5-J3 Hicn Itiromr . |l2fi2 

207 MIA Trust Marmnl. lid. «„ lH1 „„ 0 

207 OMOi*rr is»rrvi..swui!Oi,. a: icarm ’ ^ ortr ® , “ 
i 'ULAI'wi* -Ml 506-16). 356 Nnlhrau Bar* ft IN -Ml 

n«li!i. 1’nil. NIB 48 SI n* 297 •v.euil'. - |31 1 

Hicn Inromr . 1126 2 UW| -0.) 6(4 .,t : . ieW .• -154 0 

Pnidl. Portfolio Mngns. Ud.* taKbKcl *ra K^nii-*' 1' put 

HnlSrtrri B+r* EV1N2MI Ml «.‘itC!23 VH*6 i? 8 :. 1 

Prtd-nlwl |65 D 61 4* ■»(' J| 425 • ‘Pn-v. M Sept - -r 

Pitlum Errf. Diirhinc. 
Klleml* Pr,., l/|.. M4 
Do Areun. ... 9 

irtnn.wri Murray Johnstone L'.T. Mgnt.y (a) 

ta^bKcl >oi 7:-. .i:k-t _ 2 m 0 ??6S-]3j} 2.05 
noascs S-u Bv VM«* Iws.l lS9.7d *7 .2 6 71 

1 jl 4JS ■ ‘ pn, ' l ‘* ar NP * jL s ’-'•vl rub ds\ llel 1] 

10. ADiol<‘rv->‘vaL£dia 3. 

I 3 84 T-.rj-cl ADivr- F^iglPpB I 

. 6 *0 Tarpw Hnjsle |*?| 

I 446 Exu* Income Fd . [U 5 

Alexander Fund 

37 no \Mr+ riimp. Lyvenohnaic. 

!*»»«»? Ulevrautor Fowl 

P5I 3O2j-0 2l 3.71 

f*28 #6 3 -0 ll S3J 

MS 6Sl3 -.. 1.W 

49-6) +o;j 337] ,<a Hope surci.iiinigm*. icstDi wisiaci Oullter Management To. Lld-V 
MIR — .1 3 87 6U European .182 6 *6 11 ..-1 2 67 ThrsHt E-.chaw. Ei2?i IMP ul« 

Sihlesiwter TXasl Mngrs. Lid. <agz) TltTSepL 1 

Trades Union Unit Tsu Managers^ 
too. Wood Siren. RCS ■ oinCBiwii 

. Id Fit. . 

179 0 



• one 

Ire. . . . 



74 3<] 

;;; | 

rant FomK 


29 9} 

+0 3j 






56 3 


*D 71 

, tempt,. 

19k 2 

10 VJ) 


t-'l Fuads 
’S> > Fd . 






rSns. . 



‘J Si 
<-0 ^ 

ktr dty 





M li 


VCO-A . 6125V 5 

264 3 

+0 1| 

? to.i f§ C.T. Unit Managers LliLT 

B( *#.’ 4.90 1 f . I'»ii«ibiirr Ui rr Qi Ki '23d TDD 

a* 01 5? 7 ‘/T Cap tar .910 ‘ 868 

3n- l ^ UU 11TJ2 

StS? 5% O.T inr Fd Un . 173 1 1S4JU 

0|.*02| 424 m* |S14 

<JT Japan 3656 3M.I 

3 Id * ; T tan Fund 160 Z 1704 

■l‘"l 6 78 ** T FourV«l‘7d |517 62. 4J 

W *0 31 2'7 G - & A - T™ 5 * ,aX &‘ 

A -*-0.W 1 87 R;l ' kirtlld. I'TfC.TWi nd ' 

... !J52 

-i ... „ j« SiuihStrret.DorKinc. 

87 MJEuiopear. . (22 6 6634 ..-1 2 67 Thrsik E-.i-hansr. E»2?i lHr WflW47~ A» E.eeaL 23 4 

DealiBB *>jy IVUaj Quadrant i;eu 671. 1113 1 117 91 .... ( «.» Am CroMb.^.. -29.0 

Mstoaj Unit Trost RnagenV (aXfil Quadrant In-nme (U45 :387( ..._.[ ’761 Kxriapt Ifi^d Vlrt 283 

M iM'oUballAif .BCaasw;. |I14KW3 ivj. |N M FAn4?n3*TVtT^-ai 

M mSS't^ iui fa | lo ^ 659 nriww-lhr lUnMndcrHellv K. «W22=77I MB 

£ aaissflHBJ sbn is sacaf.^, pi 3 L 0 . 1 i :s WTstrr- 3 $ 

S National T Ini. |«5 7 49o|-0l| S « LeadM- - 1? • 

,Jn,, lr "»l TO 
01 Umopilul! Ave ,tX3!fl THU, 

I “ Mutual Spc Mu* . (52 6 56. 

1 a X Muwid Inc Ttf . . 73 1 78 

|i“ Mutual BW I'hip-.m 6 48 

Mutual Ifich VHd |634 68 

sm National and Commercial 

56.3j tO.II 

U1W94.— A» t^PCJal - 0 4 

9f .... I 4.K Am •taratb-.~ - 29.0 

7( 1 '7 61 Kxrrapt Hl,>b Vlrf M3 

Eiempi ala. Utn .173 

f E Mr a I cl- Trt. 3Z l 

... .. . Inruihe (H»t — W.k 

Transatlaalic. and Gen. Sect Co.* 

jh National and Commercial -^u«.»«e i i«. i«r 4« a\ -on 

7 29 Hi. s* Andmr^oaji.’e. Edinburgh 03] smiim WiUdloW Management Ltd- I’ral'i UiitTjid-. teA 

Inrrme Sepi a) .. jlU 6 1748) ! 538 JUD.KhiiiH' M.. S lwrhi»irr nqiaeftS! FrnpcnvSham. |29 0 

• ^mitn.U&ilai — .12306 23941 . I 5 38 QldcCtreM ltd. IT t!*J 0 iuiih I :« sinrulSIlTd. 133 4 

iTwn jaw* -m » - ■ ii? isa. J is bL&vHss 

29 n .. ..I 

291 .0J, 
33 4, 1 _o: 

43 B -Oil 
331 -Dll 
56 5 >0 5 
302 -OJj 
IS I *0J 
SIS -01 
J4*l -Ofl 
512 I 

2 00 OJ-B9 New London Rd- f2ietms78rd03«5 5l©l r*p .Tw.iJerary 

Net mm iiJiis >rp:etnber 27 

Allen Ilarvev- & Ross Inv. MgL fC-Z.l 
i . ChariqX t nws. St. Helirr. J sy. i; I 0534-7374 1 
AHBCilLEd*Fd .. 110.00 10021 ' | 12.15 

Arbuthnet Sec ori lies (C.1.) Limited 
Po RocSM.Sl U riieT. Jersey • 035472177 

Rnrhlcan Sept. 31 . >81.6 
(Anunl’niu ; 126 6 

f-f* KecLTT W 9 
953 Kucim.-Sept 21 .. 866 
- lArcum Unltsi 1072 
2*6 Cotemu Sept. 02.... 139.9 
}J; lAecum. I'mlai 167 7 
4 12 ruajhld.Srpt27.-.jS52 
- ( Ac-run. I' Bits • ... 604 

1^2? Giro Sept 28 . . . 57.7 
1* iaccuo T*ntu- . 7«7 

5J< I CoVr Seci TsL 

i (1320 122 8' I 4J0 Gill Trust iLo All 

lilns date Ociober 10 hillFna Gu«mse> 

.poo 102|... I 12W la(L Govt. Sen. To. 
me dale Sewember 2S Fir« Sterling. . . .IEJ 

Keynelea Mngt. Jersey Ltd. 

To Box 9R. St HeUer.JwW}- fSaX 8l-«7FW^ 
Fonwle* [FfiUW 14UJ . i 2 8 

Rwidwlpi F: lit If Ul«-2 W| - 

SoaalMJawm U462 - 1-1. JW - 

C«rt Aawiafap ,\ £136% )**0»l — 

King & Sbaxson Mgr*. 

I ntariMCma, Si Hdlcr, Jerauj-. 

V aller Hie. St Peter Pert. Ctmt, 

1 Thomu Sireet Dougina. LO~~ 
iiiUFund ilerwy-i 

'996 *1 6 3.99 Neat dealing, dale September 25 Firs Sterling. . . . 

9U 4.31 EaslL-lnU Tul ii'Ii J122.0 l29.0cj J 2 90 Flwtad . ._ 

112.6 . 431 Next dcaUeg dale Setrteuiber 2tL 

:d 7 fH AnatraHan Selection Fund SV 
44^-08 7J0 Karim Owwnumtim co Inah Vbbibs * F?.rtl^STJJirF 
4.10 Outbwalte. 127. Kent M .Svdnej 
4 jo USSlSlunn. . . J JUSlM | J - 
■> ■*» Net asset valtc September 8. 

3d > F d . 410 93 9J I 421 S.K KatjfMe M69BI*. 

CfsPA 492 52.74*0 3 4 31 ».-AAinerii.*iiT>i 29 6 

' ■ 30l . r I* 8 *0 « ■» 71 Brilisl. Ts« i A*.* ■ 60 9 

*^dty 438 46 9|*0lj 489 Oumrendit* Slurr . 166 7 

Earnings Alt 66 li *0 2] c» Mr, i m-j.-n-T-i Zb 0 

IrCos. *2515 264 6f *0 2] 433 ||■■!■artJ»iTru<^ 5oa 

H!*h InroraeTrO . |67 1 

on Unit Trust Managers Ltd. J Rrr '"'«'Kurd . f79.o 

“■** ***=» Im'i IGER/s rj55:“ 

»OT. )59S M.Brj; . ; 4.75 tnlnlL Trt ^Arr.,__|K.l 

\ R.v. icic'i nit .iteeno-vi) ®rr7i52nno tAminVmiM .(iu4 172 i| | 379 1 ’ ■' • 

u.*.i ... <352 . 37 * 1 .. | 4 si National Provident Inv. Mnjtrs. Ltd,* KKCbncWd Asset Manasement <RI 

Canaore Fund Managers * unri ia.«in.rrchurchst ecapaUH 

.,1 lAeeun Vntu> .1 
JJ- 5 ”2 ? 2 Marlboro Sept at 

*01 tJZ Aretim-Ub*'. - 
22 4| »0 1| 4 77 Vinilwifa Srpt 26 | 

41 X . 

68< . 
792* - 
4tM -96 
SOU -06 
. . 


77 S . . 


Klein wort Benson Limited 

20 FOncburrlTSt . E‘^3 
Eurtninu Lux. F. | LX62 
GucnwerTBC .. . - MO 734 

pa Acflua ... . — (85.1 

KB Far Eon Fd. .. | 5TS1432 
KEIntlFoad .... I SUS1242 

-li 3.81 


[ 418 

.... I U* 

(Bank of America International S.A. KB/imrnnd.'.'' 

771 Boulevard RojAl. lAuemboun; fi 0. 

6 82 WldinrMt Income .|USU3 6 U4S1I I 745 
682 Price* «l Sepi 21 Next sub date Sept. 27 

S.A. KB bpo Fund..... SUS40A1 

K F. U.S. GatP Fd SL'S13 19 

id Signet Bermuda— SUS3J9 

7 J? -UnifnodsdMP..... 1990 2L 

i >KB act u Loudon tonne j 

V^U.z] i?8 

wmg agent* oat.' 

SM National Westminster* |ai 
575 Ml. rneapelite. BCSV «RL>. 01404 4M10. 

her Unit Mcnt. Co. Ltd. 6ibbs (Antony i Unit Tst. Mgs. Ltd. inccm* _!11T"."'B7S «o6d) T i 

a - EC2V 73 x OldSi «37fl 3. (Tnirrick-. ft . Old Jewry. Ll=!_ DZ-S0841 1 1 !?»"£2**", , SS; V -'UH JH| “? jl ■ 

.hly VunU 1170 D IM.Oifl.. \ 9.02 i»'An lunonc’ V949 4B3J 730 ‘-•'Uwrai Fd (di._{6DJ 6471*1-3 . 

ijia G.urowthn. |«2 a 44jj .... j 4 90 NEL Trust Managen Ltd.* laxg) 

not Securities Ltd. (anci 
i Sl I/mdon E<T4R 1BY PI-23 tsan 

,XA aa-- 1 uau s a-atBfff. u . • 

»bm* M D2 \ ?S SSSMK is 4 4 iS.|:l.J 

vaU.Ec? 'm^Mvaq Norwich Union Insurance Group lb> - . 

£ '147 6 155 U :■ . I 185 P.O NorwirB-NRI 3N«: 060122200 TM. Van. 1*0. DIRTS. LtU. 1 1774 187 0| { 185 V.roupTsr. Fd. ...{376 7 39631-0.31 4 95 M. Jenuvn SCrteu.-j W.l nl« 

r\t deilins Any Oct 4. • P-arl Tr««i I'apIlalKd . . 1743 7*4r4 . .j 

IK Capital i Ateura f. .168.7 

Eura Inr . 70 8 

9 50 Financial. 153 

Growth Ini-.. 903 

■td. Inrnnv _____ I7J 

1411, RDnlolta lnx. Fd 1X2 

, ' ' Uairerral Fd (di 683 

7381 *04 

■71 ioa 

"ifi -01 

64 7 *1.2 

Rothschild & Lowndes Mgint. <ai , r 'teriS* *uSt?— ^ 

Sl..Swubias taor l<lu. FM OKCHA3M TD4rtT|>»FdS<rpa6 &80 6 

j-f; Tyndall Mauagcrs Ltd.* 

! 412 18. CAOVB** Bted. BrnteL 

04 412 New in E*«upl 10530 Ml S«t . | 3 45 ’^PC'.Ese Shjpt 12 P87 0 2K* 344 InnimeSept. 27 ..il0*8 118 

.742 Fnrc* vo September ifl. Next dCBil nc Uctober * Kewo vetrvieep*- W 5 2 -21 8u4 329 r Arrum Units. 11*3 8 203 

532 l& 'For tax exempt lund.* only Capital bept 27 ._ 11352 M2. 

08 fit *• ■* ». „ ^ Scottish Equitable Pnd. Mgrs. Ltd.* yjivum Unus^- 1984 280. 

0 2 iU ? OWan S-Jft- Ud ' V <a ' aabLAndr^S^Edin^XI. OLSWOlOt 5SS Puftsf "ft * 

li l if Clt,-«oleHxe.Fin*huryS4i 7 tX-2 Oi-WCHMS income Lmtt. 150 8 5* 1J [ 560 tafcS5i».Sc« w‘ 

fawel Amcn™|?l5L &?. , ”3 - 0 97 Acmm. Unrt*. ©.9 64 3 . 500 USmvSZi 1 p* 

laMg) $*eunu~s*l* as .180 9 2»Oii£ . . . 3 92 Deallsg day Wedrcsde-. piWS«T»t27. _B04A 

„,I J2, 1 SS!nSu8Sta M kj 873 ' 717 Sehag Unit Tst. Managers Ltd.* la) >Ar™n umrti . J1292 

0J 782 Vrrltasepl 27 K4 19.7 Lit 3 36 PO Box ill. BeWtay. H*r . E *' A n J-23r.*OOf> 

1 7 “ 1 Ac cum. Us Us 1 1054 118.7 -1.7 336 .9eh*e Capital r'd.. |»a 375*! -a 3) 3 49 32. -Iffi! 

M®Pfb» v , .... Selwc Inrame Fd.. p2 7 34Ju» H-U 7.96 SSSJ^fK^BS* 

960122200 Ts *- C#n : Fd - “grs- Ltd. security SelecHon Ltd. 

03) 4 99 Jernwn Street. .-s W.t. nl -OS ) «K2 15.J9. LmrpiB'jton FicWx. Wr? 01 JRT sKW-ft lijfSdiSrwhT? OS 9 

1 HR MX) Inromr FM ' ' BJi " JS Unvl«4hTMAcc . »3 27 21 _ | 2 17 Do Artu» . .*9 8 

I-905M4I Prices af Sepi. IS Nrxf dcalliv Sept 29. t mlGUiTMtae 2 23^ I 217 D , "J n Ap ro * ti - SH 

DR 44d c- . _ „ Stewart Uni* TsL Managers Ltd. tat R > :V t .!ff i r RJ5 

0; 4 44 Save ti Prosper Group 45. 1'harluttc Sq . Edinhursh. «3\^3032Tt . J.'.osa 

fll kffl 4 SI nrlen*. Ixinduu D3I* 2-IT tSWw*n vixrku Pood HUH Tm. Pnorttv . HI 

4 74 R8-7J Queen Si. Edinburgh EIIT 4N.X suiMbrd Units- (67 7 7241 ( 137 JnlematiOBal. .7. (314 

4 74 Drolincv to 01-5M 8390 or 031 226 T3il wub Hub _ . (73 0 78jl I Fpreld Sit* . * ; _ 

fM*i Save * Prosper Securities UtL* w 't hd "«IDnii»..|SA 3 579) j _ 

555 IBaaqae Bruxelles Lambert 
7 78 i- Rue Dr la Reccn.e & 1000 RruMcU 

' Rent* Fund LP .. 1 1.927 1.9871 -■ i 7 71 

Lloyds Bk. (C.I.) L7T Mgrs. 

PO Beet IBS. St. Heller. Jersey. B3MS758! 
Uo>.diTst ODea*..|Ul 6L4n( . . 4 0*7 
Next dealing dsie October Id 

■nil lUBhYM-SeW 22 

C ^CN S 

^V*>U»e Fri __ 110.4 
^Fond 42 A 
fc .Uiutfti . 595 
A ’dnxt IIjx 1 56 8 . 
rr Fund - 34 3 
Ltaltii . _ 37 9 
'iiud .22 5 

. uy Fund .65 5 
- i Ibutil . M2 
.-- . rwl.l ' . 57 J 

...pFd 1S2 
ind <87 
' .UBIUI . 47 7 

* -1 "and .. 36 7 
. _ Unitr-i .43 9 
- . -Jo'sFd 294 
.'6lml Fd. 281 
wLL'tr 1. . 214 
Fd - . . 979 

ft int Fd. 31 8 

11881 . 
MS . 
611 -P3 
26J . 

408 12 50 

232 . 

70 4 .. . 4*7 

UL5 . 4 67 

616 467 

39 6W 2X5 

43 81 *4»: 2 07 

513 ~CU 2 47 
3951*03 240 

*73 *0? 2.49 

3171 *0 1 384 

30 3rt»0.5 137 

ttln *8 4 127 

1053 155 

34 J+ 0 .« 100 

10 52 GoveU < John 1* 
f-S TT.LcrtdonWaU.Rr? 
SBQ Khlr 22 _. 1)47 6 

1230 D® Arrunx Unit (177 4 

f acvubi Uniim _. 

Merlin Sepi *7 
1 Ac cum. UBlUi ... 

873 . 
09.7 -1 
110.7 -1. 

' . Exempt Sr pi ^ ... 115 0 
<Amia. Pnltsi .. U12 
5M tat. Eam. Sn« Z! 2554 
5 00 tArcum Uni Ml ._ 290 0 
Pnrf SrpL 27. _ 104* 

(a) lArnun Uuirci . . 1292 

4 67 GrieiTson Management Co. Ltd. 

4 67 MGrr>iiam Si . 

ij* Bamncmprepi-rr 12339 
i*2 1 actupl Umt>i 245 0 

5 !Z BUi* n Yd Srpi 21 1935 
4 4* i.iirom L’uitsi - 2226 
55 Endow. Kept SB 212 7 

(4cctuu. Units >. 2410 

3 89 Gnp-hor sepi 22 ns 5 

i-ti lAccum Cniu-i . 102.2 

Pearl Trust Managers Ltd. (a Kg Hz) 
MB HrKh Kldbnrn, WC1 V 7EB 0)^Q5M4t 

01^004433 Pear! limlll Fd-_ |252 . 273*011 444 

441 Atcum Unite . _B6o 329 *0 l 444 

.5 Pearl liw* .. B46 579 *01 683 

lv»r| Unl*Tn . .B7.7 40 M 4 74 

7« Mtt-udi I'mw.. (483 £29 4 74 

2*1 Pelican Units Admin. Lid. (gHX) 

^41 31 FnonLauiSt .Manchrftrr Ml-2365885 

1 2 Pelican Units (91.1 979(-lB| 4.76 

3 89 Perpetual Unit Trust Mngml.V (a) 

, Ui6Brih.Sept27.lpa . .. _ ^ . 

I iJJ lAccum Unite.. . . [76 5 »6( -2Jf 3.09 48 Hart S: . Hr n try on Thame* W 

•a sst: 

(asiGaartniirTsi 196B 100 3<d . . A 4 18 ^ u . 

234 5 -52 
2S7 4 -5.7 
2327 ... . 
233 1 . . 
2432 . ... 
2511 . . | 
102.7 .. .. 
1066 . . ■ 
76 2 -t4 
801 -23 

2036 —4 
1420 -2, 
200-0 -3 1 
120 8 -21 
173.4 -3J 
26629 -LL 
304.6 -7. 
210 1 -0/ 
137.0 -0.1 

HSfiMt Barclays Unicorn Int.'lCb. lil Ltd. - 

^3 7.93 4*%* "73 Lkryds Btak ml GeBcm 

J-S I’mdDllii/ TruS*.. 'SraiTt 123*002(350- 1. Piper Bel AlrP JJ. Bmc < 88 1211 6nW tL 

5“S Uni best dTrixw _liran« 10^1 ._ 1 

- „ , BOO Uoyd* lut Growth. (SFMtO 

!]jg ■Snbjatt id. fee wd trllUmldtiit '■*(* Ltajito I«l loeone.lfiFW 290 8| —9.0, h 7a 

491 Barr lays Unicorn Int. d. O. Man) Ltd. MAG Group 
gg t ThomarSl. Dougiaa. ) oJL 08214BM Three Quay* To»er Dili EC2B8BQ. 0)4120 45SB 

Ml BUB Do Aurt- Min. 

?Z3S"?a 8 6* Do. Grtr. pacific 

I'lUcom AOW Ext (57.7 
Do Aurt-Mln. .. |J7 2 

tAcrum t’n.te, . | 

teodoa Wall Croop 

iiwcj 15-19. Linroln's tan Ficlu*. Vi’S fll JRt anAI» Cnpiu.1 Growth . .185 9 
1 ' "1 770 l'in-l«4hT*»A*c . (25 5 27 21 - I 2 17 Do Accunt _. . . (89 1 

i 4o Z0 I'm) GUI T*: Inc W2 23^ | 217 FxtMlnc.Grorti, ML6 

62 1! 140 

«0R 159 

55S-£5l HS DoifinL’laSSe ...|394 42*3?.. 840 

1854J —2 *1 SJB Do J of V»n T A M6B 5*3. 870 

osaass*! Do.Manx Mutual B65 286^-1 D| 140 

93 W . -5l64 

*4 7 ? t « Biahopsgate ComiDodity Ser. Ltd. 

5Z1 *03 in r Ci.Box42.Doud a*. I oM M3V238I1 

171 4[77 IRMAC‘Sopt.4 . .HF2771 flu I - . 

220 . . 477 CANRMO— S«V« 4_SlM6 llSol . A — 

73 2 -02 742 «H'XT**SeiC4 (£2402 2 543? . \ 1J23 

33 i *03 244 Onetaoilr mued at '110 and ■'Cl. 00. 

38 3 

To 2 4 44 Sale & Prosper Group 
*9 1 6 83 4 t.tifut SI nrlen*. I^nduu DJ3I’ XiT 

474 K8-FJ Queen St. Edinburgh EIIT 4N.\ 

4 74 DralmR* to 01-SM 8399 or 031 82S 7351 

140 Atlantic Kept 28 ISrgiS StSi-IUSl. — 

158 Aust_Ex_5fjA 27 _ _[SL'ri67 3*1 -flBlJ - 

- Glri_ExArrSrdl*7 IlCSllll Ufl -83tt - 

840 ifeJand. .. . 140.0 149J -O 95J9 . 

870 lAccumUnlUt Jl9»» 210.7 -0^ 93.19 

if I'nit Tsi. Mgs. Ud.* latfc) 

: . Holhoni. WC1 V 77.7. n l-S31 GZ33. 

Fond (90 8 9661 I 536 

- Sept a. Next tub. day Sepi 28. 

Antaar CIMa full Trml Naaapm IML 

gRX! Save & Prosper Securities Ltd.* 

International tuMh 

vvr ss : 5 4 

019120369 Unix - . Grant h. (722 TIM *0 n 
.... I 3 33 lacmslax Ibcoom- Food 

HlcJl-YIotd ,.|57 3 616|*0 1i 

ioa HI oh Inromr’ Fund* 

Withdrawal Unit* ■ (54 9 < 

- St rw a n Brldah Capita] Food 

. . Samuel Montagu Ldn. Agio. 

, I] 4. Old Brood St. EC 2 01-58884*4 

ApolloFd. Srpt-20. |SF44J 5 4819 .. ..| 3.E8 

- - JanftwtSept ft- .gKm« Hffl . 4 8.88 

tamed at '110 

TSB UnK Trusts iyl 

ntl -Standard. — -0J16 154.8} -2J( 4» St.Cbaatry W«y. Atriwrr. Bant* 0384«]88 1 1 

77 A| *0 l| 2 13 <j„ D AllUneC Fund Mngt. Ltd. ibiDo .SSSSS' - ' £.6 23 +0J si?. Ww*” Fd Sepi ^..ta.32 22 

* “ ^ 3 ! fiiic v 

» «■*« tagcKg) fcSBSLSWSS 1 . 

H*» 252 Roc/on* Rd. E7. Ot*'i34 :i1*4 ,■ 1 ^^, 

wwnca. WS HS*?? 'ill cabm Brcnxew ■ 

ACc 52 a C5 w - 1-2 li 1 ) C«l> OriArty* Jnr 

■ sst la Sp-fSUih Ji^ 

lc,#l S? b 6 m 4 : 8 ? si? 

pa> ri c v, 5«2 c yjt f troa^ 

| ftlh Arr. ’ *41 47R *0 1 3.91 E’ri'vl'l 1 1 mT 

‘we Thf_ _ 902 97 i| 569 f** 1 *>■"<- 

A'n« T«._ 1451 1527) 520 Intanwttaual 

A usual ji. Vrxt nth day 5eptember fDb°* — — 

3 Internal (non | 

’ven; . . 146 9 . 90 71 *011 5 41 V.7d WideSopUS . 

, re Fund (121.5 1314 *0 V 4 89 Oiwww Fndt 

-ideTM. .(52.8 57 1 *0 t| 207 Aa^ntiaa . . . . 

dJoc |6S2 710 *04 4 66 European.. _ .. . 

86.... 178.0 8liJ+«2l 4 £6 Kartell 

•y Japan Exempt. ■ .. 

• Brothers & Co. Ltd.* lags) a™,-* 

■ TihailSL.EC2 01-588300 crtSSsn . 

-r*t._ 1194 0 2022)4 ...I 414 

Henderson Adminstratlon* (aKcKg) " l -5» 4iu 

rremrer IT Admin . 3 Kayjeitfh Road-HottonJ feTK 

GmihMwi mTurtral .^mnll lo srd... 

oiSoim^ ” ,ce ’ Wd Jwnr ’ £C2R iHa 18 “ 

Brentmmrt. F»wx. 
a;-.'i34.’L , *64 i a T 

*? 5* ill C3txn R«-cnvenr I — 
“i« H2 CaP *'.nwlh lor 489 

1S3 Cap ‘iPnwth Am- _ 50 1 
-8-J J.O IkckhcJi .V'.spK |357 
1 1? High (ocinr Funh 
I St Hiuh Inromr (662 

*8? 15 Cab.4EMn.lnr lh0 4 

0 1 f ■« ■‘ierue »*nud* 

*(!1 lqi Firjnrilil A 177 '. |26 8 

5 69 tal**x 130 7 

570 IntamaUanal 

u,,,.- Exirnfumme EOS 

rSrr^r-rrSi Small Co’* Fd... .434 

P277JI7238 r^p.wi Fund. .... 167 

Ini AuecA. *8.1 

•J 610 Private Fuad .. _ 37 S 

254 Accumltr Fund .. 687 
+0S 25* Tcchnolne) Fund. . *55 

. ..1 563 Far End FS SO I 

Atorrlcnn Fund . _ 84.7 

3 2d -0.1 960 ritwl* 

4l 2 -02 4 60 UK EflUiQ- (45 7 

so n -01 420 Ovrrteaa Puadmi 

52^ -05 4 40 Eurupe . .. (927 

064 -01 3.90 Janafl fifol 

' u ‘ Son AllUneC Fund Mngt. Ltd. ibiin arud.. 

. , u . .. Sub Alliatiee B*e.. Horsham. <HlChJ<Ml !$' 

nH " ^fi?W35seiRS {• mi] . 63 } §2 %$?££-■ -I 

^ Mg Target TsL Itogrs. LidTiaMgf * ZT^Z" 

" * .71. Gresham St, ECS prab ugvoSM 5941 Ulster Bank* 

. ... Target Commodity |38 4 4181 -0 *1 J 58 Warlnc Street. E 

Bridge Management Ltd. 

P 0 Box MB. Grand Cayman, i.'amn t«. 
NTwihiBept-l. Y17JBZ1 \ 1- 

G.PO tta 590. Hone gong 

Klppla Fit Sepi E7.p9.32 2278|+aS91 677 

V.9| TUJI . J 

7o 3 -Bill 6?4 Britannia Tot. Mngmt. id) Ltd. 
'jWol+t^J ISOBaUiSr.Si Reliar.Jeraey. 053473114 

Murray. Johnstone (lnv. Adviser') 

HO. Hope Si .Gtacgow.CS. OH-2216921 

•HnpflSt Fd . ) 5US4091 ) ....)— ' 

■Murray Fund,, I SCS1Z39 | J — 

■NAV dumber 15. . 

406m -0 

7471 -0 
• ' 71* -0, tS 

46 9 . 



«e Fun<J 


151 < 


ideTsL . 






7 11 


a .... 




e« -m( 305 
2L7) *.8 51 . 1.91 

43*1* 2.*a 


American Fund . _ p4.7 26.5) *DB 170 “ K 

LS Invest. Co. Ltd.* lyUci FinJSiaiKeU. p* 

asom-asi 44. Rlnnirtsbary gq. WCIA3RA OldESSSB) Htab-Winlmmo Fiadx 

305 PKhrtlealSupLgl . n hX S 1712*8 -101 *01 helm Internal. 1261 
1.91 Arrum Holla ®25 24L9I -*J1 401 Select Income . K7 

tarupc . .. (927 99 6} - 0 21 

■ecloe Fa cuts 

-ommodily M3 863od I 

Jnrrcj- ... p7 nfl-lW 

'laundnl Snv . [74 0 T9 5) | 

Arrum Uuita. 

401 Select Income . 

.... Tarooi Commodity Ml 
4911 . ..( 485 Tarcrt Financial-. 612 

Tuner Ecmilr 39 * 

, 99«*oa 311 Tar*« S Sept SI 221.9 
I15.jrf*7 5} e 31 eDo Act. Onlts— .3014 
!lU*l.o| 1.39 Tarmitiit Fund U66 
tercel Growth ... 29 6 

KU I 3 67 Target Inti. Z&l 

Tlfl-K- 170 Dn Retav. Units. J12 

7,3! I 3 08 

2«7j *)1) 217 Tflriri U6 

&0 2|-0li 6 92 Tct SperialSita Til 

032233231 J. 
4261*011 588 It 

Dealt u£v02MSS4i Vistcr Bank* (a) 

41.81 -04 358 WartnsStrett. Bedtapt 03223SS 

J J8 ibiinster Growth _ |J9 7 42 6| -0 U 51 

*24 -C c 5 7^ 

233.1 647 Unit Trost Account & Mgntt. Ltd. 

1321 -fli % S KlrurWllluuoSt. EC4RPAR 81-8Z2fi 

3L8a 4 42 PriarsHse Fund- .(X7SO 103 0! I 4. 

^oi>2 +o'i J.2 WielerGnh. Fod. _&* 346aB 4J 

‘315*05 2 42 no.AicOta &5 *o3 ...J t: 

J7EI 2 02 Wider Growth Fund 

M0.. 759 Ktne William SLEC4R BAR U1-8S348 

JftJ --i llg Income Units (328 34 6ol | «J 

22 7d( *0 U 4 83 .Vrcuci Unite . |385 40.H | 41 

iurlai Dnwidaai* Fdx. 
Grtraih Inx-CM B87 

Grtraih invert |387 

ImnL Fd. 918 

leraerEaersvTR. 136.9 
L'ond. 5Tstsig.._ £229 
Ulgh IniSllRTn (897 

Negit S.A. 

‘ Ida Boalp-.wrd Royal. Lmemboucg 
200 SAVS *P LK -- -1 3US1236 1 j — 

150 Negit Ud. 

,J9? Pant of Bermuda Bldgi, Hamilton. Brwda. 
1200 NAVgept IS . -.(£682 - | J - 

:|£ fl ;....( 
^5 *0jH . ...J 

™* 15. Dollar Dnndidnl Fda 

81-824891 DnlnlSTM. .. . BTSSil SB] ...1 , 

] 452 inUDghim th. Isrsi « idaj . j 890 Phoenix International 

Value 5opt 22 Nest dnatins Oyt 2 

P0 Bos 77. 51 Peter Port. Guenuer- 
Inier-DoUar Fund. (243 2U\ ■■ J — . 

ni-saum C * ue * 1 FDn « Magamt Ltd. 

I hww£dr? PO BwlB9.SC. Heller. JonW 0584*741 

I 459 Sterling Bond Fd fclDW 18.D84 . ..111.78 QueaSUc FstLlat-IOU <BM -UJ - 

475( *0J 
505 *0 ’ 
943 *131 
1023 . .. 
.422 *01 
1329 . 


’ Butterfield Management Co. Ltd. 
j P.O. Bor 106. Kami lion. Bermuda 
I Buttress Equity |S1'5t53 I«l { 148 

1 Buttreas Income.. _jSl:S2JS 2M) . . 1 734 

Priced at Sepi. 11 Nest aub day Ocl. 8. 

Quest Stic FstLliit-MU <BM - 

QuesUnlLSecf.. ..fcsSSi 182* -0.2 1- 

Qnest tall Bd. BUSH* l*)il - 

Price at Sept. 27. Neat dealing Oct 6 

others & Co Ltd * (aifx) N Ara )fi6 . *o'i 110 Abbey Life Assurance Co. Ltd. 

JS j « ■ta-gai «• #1 

Crusader Insurance Co. Ltd. 

London Indemnity 4 GnJ. Ins. Co. Ltd. Save & Prosper Group* 

.(gate Progressive Mgmt. Co.* ISgS^Sf*"' gSt* 
■»gale.EC2 01-aWKMj iciOnllarTnist ' .127 

-&CpUJ0. ri962 2090} .. I 325 ib.CapiiilTnut 313 

-SencM 1233.7 248.8) .. .[ 325 «1i> Financial Trial 929 

Sesa.'iO' (189? 2013\ .. ( 288 (h>3t>roaicTnirt 286 

S-T* 18* (209 9 2233j ... 188 «bl5ciuHryTru.rt - 545 

■xf rub. day *Oct 3 ■■fvr. 10 ih>Hirh VieldT^l (31.7 

— Fond Managers* faXc) Intel.* taKgt 

git U mi ml. King Wllitam SC. EC4R 15 CTinatnpacr Street Erl 
”1 0IS23«SISl. Iniel lav Fond (923 

“ I&GCR2.B36 2701 _ . j 140 . _ 

41.51 *0.1 

535 Scl cc lii* Fund. .. 94 6 99.U — 1 Th^.dnww 

fan CnnvcflibleFund-ffig 139 « . - 

2^ *Moni-y Fund 1231 129.3.... — Eagle. Ml 4 U 

VProp. Fd. Ser. 4.... 129.0 13SM — 

'■i-W W::- : 

■ £* *Com F<lS«r 4. . B3* 11«1 . — Amerafaam Ri 

?JS VSIonry Fd Snr 6 (lllJ 117 j . - ijjuUyFd . 

Prieto ai Sepu 38. Valuation noRtia1l7 Tuca Property Fd. 

Albany Life Assurance Co. Ltd. 

? 7343 31 . Old Buritugum SL. H 1. 01d375BS! UtudfS^L 

01-2489111 Vincula House. Tower PL, EC3 010288031 18-30, The Fartat2.Rni<U&fS83S!l 

- Gib P»p SepL 5. (72 6 82 3] .. | — - gS5 ^5| -Oil .. 

— Eagle Star Insur/MltOand Asaur. Fixed Intcraa .7 36 — 

~ 1. Tfamadaecdie St . £03. 01-5881212 The London & Manchester Ass. Gpi? 

", — Eagle' Mid. Unite .155 7 57 8} ] 4 94 wmaladc Par*. Better. BMUB 

- Equity A Law Life Ass. Sor. Ltd.* 

■ ieT M b * 

■ 44.8 . 41 

1300 16< 

tact 141 l 1 

119.9 z 

•Tues-tWoit iThors. 
1012 ml. 

s.87 Key Fond Managers Ltd. (aKg) 

?-S 25. M:IkSt„ ETSl'&IE tllAOfl 

H siligii 

3 j* *Key Exempt Fd. .. 178.0 1893 .. 

Key Income Fired- Bfi.l 916 _ ... 

Key Fixed Ini Fd . 59 1 62J ] 

Key Small Co t Fd 113.1 128J -03 

. ^^WSJSTSEtS* KIe,mrort 8coson « -VSSS^f. 

014477243 31. Old Burlington St. W I 
99^1 ....-( .610 VEfluitr Fd. Acc .. |2061 
VFiXpdln» Acc . ... ittl 
Kn) . •Gld.MontjFdAC- 1157 
lijoM-iRu VlniLUan PdAem. 115.7 

Yi» VP^FdAcc U0 1 

2*2 VM-pIetov Acc.. .. 1T4A 
Equity Pen PdJAcc. 2466 
" 52 Mx«fr Pen Acc.... Ill* 

- ’^5 GldHomPouAcc. . 1326 

1J.M intUu mPnFdAcc - 1212 

tM 348 PnjpPejxAcc 1255 

„ 6T pie Inv-Pen Acc- 2160 

Amenham Rood. High Wycomhc 
IjjulyFd . .. I1Z1.1 1275! 

Property Fd. DP9 2 IK 91 

Fixed InlertBdF 009.3 lUjS 

Gld. QwmH Fd 1M3 1B5^ 

Muted Fd ... _. 1140 120 4 

Cap. Growth Fund. 
6F1SX. Exempt Fd 
AExemp; Prop Fd 

IU01 33377 *ExpL rev. Trt. Fdt 

127^*051 - 
IK. 9 .1 - 
315LO -Or — 

Flexible Fond ( 

lor Tract Fond... ..| 
Property F und _.. 
Gld. uepoaitFd... I 

MAG Group* 

-cc 59J 

- = • .od 623 

*T ...8*4 

* 1.6 


urn - 424 

-- ■ -.. 23 5 

. ..-i-Sccs — W-5 
‘ TlTi sneral — US7 


1441*0 11 ASA K-B Unit Fd luc - 93.9 

6 +01 tffl ♦KB.UnltFrlAc 118.8 

MS to'l F_B. Fd tav Trax - 533 

no loi 4 62 KAFd4tx.TXA<e. 593 
MS *01 KBSmlrCo 's Fdlnc- «A 

3 7 6M KRSmCwc.Kd Acc. M.b 

faj .. .. fl.w High Vld. Fd tae... <8.0 

i5 16 i 12 Wi8hVld.Fd.AAc 410 

AMEV Lite Assurance Ltd.* 


■*.91 *93 
61 M *0.1 
66 jl *01 
«a -oi 
4*a *01 

230j\ .. .71 

25i3 lo'i 

72fl -02i 
953 1 . +di 


5^| Alma Ha«x, Alma Rd. Bei gate ReJcaie 40102 GI_IntL F und . — 

General Portfolio Life Ins. C. Ltd.* ThroeQgsa.T«rorrHill] 
80 BartholomeirCt. Waltham Crow. W 301071 

1W ’ uj - 'h C^.D^rtf.r n«V 

Portfolio Capital . (423 ** *l ■ • l — Equity Band**J^. 1520 

FanoL-TPar* 173.4 

Gresham Life Ass Soc. Ltd. c r ®r r wj 

2 Prtucc at Walaa Rd_ B* mouth (003 7JT78S5 Ituernatnl. Bood~. 110.8 
GJ^Caaii Fired... (980 UU|*1.]( — Mmtcgcd Bd">_- 148.9 

GI_ Faulty Fund.. ..11123 11*3 — PrepwtjBd~_— 1M3 

Gi. Gut Fund .~_B13 1 1193 -22 — Rx. Yield FdBd*- 826 

GL. Inti Fund 017.6 123.8-511 — Recomy Fd Bd.*_ 783 

Hill EG3R8BQ. 


5 02 AMEV Managed _ 149.1 

4.2S AME\- M£dfl' 120.6 

4 25 AMEV Moacy Fd..- 1865 

5 89 AMEV Equity Fd — 1212 
589 AMEV Fixcdlm. — B3 

6 45 AMEV Prop. Fd. ... 94 1 

2» Wigb Vld. Fd. Aec 1*60 51 1} . 1 - 6A5 AM|rj£^t?emF|J 

2^ L St C Unit Trust Management ^AtL* Fiexlriaa J 

364 The Slock Ectwnge. EC2N LHP. ol-figs 2E00 AMEV/F roB di H o a 

_ GL.Ppty.Ftmd. — (97.8 102. 9j .... J — 
77 Growth & Sec. Life Ass Sac. Ltd.* 

Bx. Yield F)L Bd.»_ 
Recovcry Fd. Bd.*- 
AnvtfTicM Pd.Bd*. 

Japan Fd-Bd.* 
Pdces on H 

*.9 57J 

24 64J 

"SepL 21 . * 

-0 1 7 SI 

+0J 339 

nh M.7 73 9 +0C 213 

L Shares 502 54 0 *0.4 358 

«1S 449rf-0e 290 

'* • Inc — 846 90.9*1 -01 381 

' - 390 ' 420 +0-1 359 

ien«an — 384 326 +0 3 181 

ual 5600 577.4 +1 1 355 

Shares . 149 lbOrf . IB 

. *9.0 527b *0.1 -1C 

• use 341 367u ... <61 

nsy — ..1350 37.7} *0.7 235 

itisb Life Office Ltd.* is) 
Hsc- Tunhcidsw VTcIIk KL C83222271 
Life.. .-.1543 574} *02} '531 

red*. — p20 55b| .. 71 533 

7 0i LtCtnc.Fd -1148.1 

213 U*C Jntl 6Gca Pd.|l063 

2so Lawson Secs Ltd.* (aXrt 

B16 Amert* b — 1958 101^ ( - 

Income ... 95 8 101® 

ltd. Growth _|*2 13U| ... | - 

Ffcr Arrow life AteuMCf ace 
n>> hwidmee Capitol Life Aasmace 

iSi 37. Queen * St„ London EC4R1 BY. 01 2385281 rrormenco vnpiioi tare Amur 
in 9-Z SSI ■■ -I Barclays Life Assur. Co. Ltd. 

2'| *.n>«rhiteind l f^7'-K i " 264 8S2Ramf«tl Rd.LT 01 

. a 45 .lAc cum . Ututsi — 
<61 rtGili and Wacrant. 

215 tAtaencnn Fd. - 


t “High Yield 

' -lACClUB. Unite! _ 

425 ... , 278 

2*3 -0.1 050 

27.4 -0.4 030 

495 . 1225 

720 . . .. 1125 



... . — Weir Bank. Bray-mr-Thaznea. Berks »BWM Merchant Investara Assurance* 

: paBBSS^l VS I :! r m “ 

. Equity Fcnx._ . Jfil.6 

— 1 - Guardian Royal Exchange “SSm^p^... 

.... I - Hoyal Excbanae, EC2 01-M71W D^Sd_ .7Zl.„ U03 

■we Property Bonds ..-[UMA 1922}. ,| _ DepeMtPen* 1*3.8 

unite* p i 41 ! 

d. Hambro Life Assurance Limited f 77 10*8 

Q1-5M5S94 TOldParkLmte.teoodfln.Wl 01-4000031 laU-Manased.-... 1063 

_0« _ Fixed TaL Dep — . -Q8fk7 133^ ... .1 - ... . 

6 GLSLBclen'o, Lotto.. EC3P 3EP 01-fiM 881 

Sal lnv. Fd 1325 2H3] *871 - 

Property Fd." 159.4 1682 . . _ 

Gilt Fd .1229 130.5 -03 — 

Deposit Fdt 135.0 132* .... — 

Comp PenRFd.t OL5 Z227 -23 - 

Equf^eniLFd 195.5 2064 +21 _ 

GH?pS*FA _7H! » 0 1801 Mil — 

DeposFoteFilt — (100.7 106fi . ...J — 

•Prices on September 27. 
TWoeUy (rexJlnKa. 

Schroder Life Group* 
KtuerpriaeRouie. Portsmouth. 0733277; 
Equity I .. 2S0J ... — 

Eqaite4. 2328 2451 -<£ - 

Fixed Im. 4 139.8 1464 -0J — 

Maateed4 1374 1442 -25 — 

Mnoe>-4.._. .. U&8 114.6 +03 — 

Oreneas* 95-7 2082 -6.1 - 

Property* 1593 1672 *03 — 

K AS Go*t. Seen 4_ 1226 128.1 -0.1 - 

H3. Pec Cap. B 123,1 1293 +03 - 

BE. Pm. Acc. B 134.9 1412 +03 — 

Mngd.Pvn.Cap.B_ 2129 2212+23 — 

Mngd.PaB.Acc.B- 2543 267* +2.6 — 

FTliif. Pen. C4p. B 973 382.4 -03 — 

F lut Pea. Acc. B 986 1028 .... — 

Manor Pm- Cap B. 966 1011 -HU — 

Money Pen. Arc. B_ 988 1032 +03 — 

Prop. Pen. Cap. B_ 103.6 107.0 +5.6 — 

Prop. Pea- Acc. B_tm9 U9 l4| + 6fl — 

Scottish Widows' Group 

I Prices at Sepi. 11 Neat cub day Ocl 8 

Capital International SA. 

1 37 rue Notre- Dame. Luxembourg. 

I Capitalist Food- I SL'SZ887 |. 4 — 

Charterhouse Japbet 

1 . Paternoster Row. EC4. 

Adiropa — . fPMEfl 

Adi verba- DX5SSI 

F on dak DJC25B 

FondU _. .. DV72H 

Eaperor Fund . . Jl'KJ 4? 

RlSuiio.. _ 1*0*13* 

Clive Investments (Jersey) Ltd. 

P.O Box32U.SL Rtrller. Jeracj- 058137381. 

073327733 CUvcGiH Fd.<C.l 1 (9.74 97M-8.0M UJD 

_ ClivaGIRPd iJiy 1. 19.71 9 73} -8^ 11.80 

-<-£ - 

-a 4 — CorahUI Ins. (Guernsey) Ltd. 

'iff _ P O. Box 167. Si P«t*r Pari. Gnern He'- 
ll _ Intel Han. Fd |1773 193 8| | - 

■ 0.8 — 

0.1 _ Delta Group 

~ P0 Bo* 3W2. Nataau. Bahamas. 

Z Delta Inv. SepL 18.. PUSH* 237} .‘....I - 

aj — Dentseber Investment-Trust 

v. — PfladocbSOBS BldbcssMa* 8108060 Franlrfitrt. 

Z Cm centra |WOl8# Z2.«0| . I ~ 

^ Z lot- Reatenfandi _ |WlttM 7UH .. .. I — 

~ JDreyfns lutercondnental lav. Fd. 

P-O. Bax N8713. \tiuu. Bahamax 

n- Ocl a Richmond Life Ass. Ltd. 

♦8, Alhol Street, Dougin*. LO-M. 0S363U}4 
ixTHie Siher Trass (108.5 123 -L«( 

Richmond Bond 07.(1782 1«3 -fid 18.7* 

4 — Do Platinum Bd -.1038 HftM -1 J — 

Do. Gobi Bd U163 Ilia -0M — 

Do. Eto 87/02 Bd... (165 6 174j| _.Z( U41 

At ^JH-tOOP 

-oar 465 Rothschild Asset Management (C.I.) . 
-01Q 434 P O.BoxML St. Juliana CL Guernsey. MSI 25331 

J-® O.C-EqFr. Aug. 35-157.4 60 JU J 268 

* M O.CAncJd. Sept V. (161.5 17l3 EE 

7_. OCJntl Fd.t.7. .. S136 2**.... 221 

-■■ iw iX- SmCoFdAuKP 1.1540 163 83 . 3 88 

, . OCCoum»dltr*-.14S6 15531 436 

O.C Dlr.CooxJ6-.T- 152864 1041) .1 8(6 

•Prices on Sepi- I*. Next dealing Sopi. 3* 
t Prices on Sept ember 3 L Next dealt nfiOrtvbiur 

Rothschild Asset Mngt (Benoada) 

PO Box «L Bk et B ei-mu da BhL. Bermuda. 
Rroerrc Aueta FdJ 51*5188 } ...J — 

Price an Sept. X. Next dealing OCL 8 

TO Box 888. Edinburgh BHJBSBD. (QieSSeDqO NAVScK.18 -W31i»» 

Inv. Ph-. Seri egZ 
Inv. Caxh” 
ExUtl hcj 
Wag'd. Pen. 

fimson * Dudley TsLXgUny.Ltd. 

P.O. Box 73, St HeUer. Jaw, 0S34 2BMM Searo-± 

E3I2CT. 11273 13S4| -<J| 300 ZZfh»+ 

Royal Trust (Cl) Fd. MgL Ltd. 

PO. Box 102 Rosa] TaL Haa. Jen«y. 0534 37411 

Kffi&acB* IS 

Price* at SegL 38 Next decline Oct 8 

Save te Prosper Iaternnttaaia! 

Dealing to- 

37 Broad St. St Halier, Jertew 0886*081 

I’A PaDar liaadtiail Fanda 

Dlr.Vxd.lnL"k )«• 8 861 -8.8*1 738 

lnten*aLGr.*2. (7J8 862) ... .( — 

Far&atcrn*t.. fcl.16 55J1I J — 

North American^ . B.97 AM . .1 _ 

Sapro^J (1569 176*1 ..] — 

Borsboad Holdings N.V. 
IlandcUmde 24. Willemstad. Curacao 

Shipley & Cc 
SepcW._ 1296 
tepcae .[2906 

worn W* 

, come — 39J 
me . - 304 


033222211 DeaV tMon Tubs. rtWed. S/Tbura ~Fli. , 

J Lire.. .-,1543 57 4} *03} '531 _ , « _ . . .. _. Do. Initial 

sad*. p2 0 55.t{ .. 7] 533 Legs** A General Tyndall Fund* gib EdgPcnxAcc. 

sHipi.y 4 co. Uiv J *" fcl «sr« l *iSsi.* fasaa--- i 

««»«530 _ ri ... Beehive Life Assur. Co. Ltd.* Pca.GiHEd f , cap- 1217 : 

.. ( 453 Leonine Administration Ltd. 71. Lombard sleus. 01 -012m P«m.GUt&iL Ace.. 1322 3 

-.-4 863 2 Duke St- London W1M UP. 0I-48S389I fl li. Horse- Seat I I 13435 ‘ I I _ E cn §■§ Can... — 3 

, 45S .W4I »ca— g &7.“V 

•I 1% Lloyds Bk. Unit Tst. MogTS. Ltd.* ta) KJk&S?? “V*^ f ^ “ ** 

-A* - Fixed taLDro— 1^.7 

+0.4 _ Equity — ... — 10.1 

-AS _ Property 165J 

J. _ MmagcdCap 1581 

+03 _ Managed Acc 1BU 

_ Oyeraeas 1326 

_ GilLEoned — . ._ 1260 

. , _ American Ace... _ 1825 

„ PenJfJ.Dep.Cap_. 129.0 

■ _ PBteF.1 Dep Act _ 1517 

Pen. Prop. Cap — - 207 3 

_ - Pen. Prop. Act — 2693 

Sr. Pea- Man. Cap 220.9 

Pen. Man- Arc 2867 

L* Pca.GltiEdK.Cap.... 123.7 

156M ...-. _ J StoUmcdmomhurtnl Frad. 

2835.—J — _ . I’haSS Cepitata-IHLa 264 P - 

— ^ EurobuDd Holdings N.V. OiaincI Ialandeg .. 1566 lfi3j+' 

_ Solar Life Assurance Limited ilmdelftade 24. mUemstad. Curacao IJTSSIT* ?eH • 

10'12 My Place London EC. IN 8TT 013C22P95 Irate Agentm Inlet IS Chriatorhcr SU ECS. S* P5S2L+ n? 1 Sifl * 

Solar Managed S. -11326 13961+83! - TeL 0l-3tf7Z4X Triex: *814088 tsi* 'a t^i-« +7 

Solar Pt^tyS _pW lS3l TT I — *AV per share September 22. SUS20M. PriCTS OT 

Solar Equity b D75J 1W. 

stoaxFxa-ritLE-.niw m 

IMJ - 

w* - 

138.6 ... . - 
132-2 — 

Lag :z:; “ 

mg ..... - 

mg — 

283.3 - 

232.H - 

30L| .. ... - 

130.3 — 

NHL Pensions Ltd. 
Mllicfl Court, Decking. Storey 

Neies Etj.Cap. BM 1 

NelcxEq. Accum, BU L 

Nelex Money Cap- .- 62-9 I 
Neiex Moa Ace. S7.7 
NelesGlh lac Cap, 53.9 ! 

Nele»GthIncAcc_ H.7 - 1 


SaJ*r lati. S iwu 

S9U Solar Managed P_[132-B 

Z i^^. p z:pi 

Z Solar FxdJntP_p7A 

_ Solar Cash P p0L< 

_ Solar IntLP |U2A 

ms -05 _ 

197.3 _ 

100.3 +2J - 

n +03 _ 

123 ~ 


“ Nel MxtL Fd. Cap — f 
z NeJMxd-Fd. Acc — . r 

NAV per share September 22 SUS20M. 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-8, Lauren cePmrotney HOI. EC4ROBA 
0I-B3 4880 

Caau. Pd. Sept- 2D — 1 SV5624 ( | _ 

Fidelity 3fgmL A Real (Bda.) Ltd. 
P-O. Bex STD. Hamilton. Bermuda. 

Fidelity Am. Ax*. ] 5US2879 1-030} - 

Fidelity Int. Fund. SUS2433 J — 

FideliTyPac.Fd. -J 5US57.79 . . 1 - 

haonel Capita^— (75L4 264 7} +26} 267 

■hairocl Ialattdeg - 1566 1653) +8.R 4.78 

bmmod-*-T 1323 S593J . J _ 

LDepojit. 1003 1806) 835 

L Fixed— * ..._. 1153 1226| ..._J U«- 

Pricrs «ra Sew "Sex. 37. ~*8epL M 
iweekl y droUngt. 

Pat. Bi-Lee., — 
Pen. D-AF.Cap. - . 
P*n. DjAJT. Acc — 

225 RetartraTs riepl_ Gonng-by-Sea, ReteS.F«LSepL7 1 1261 | -. ...J — Hearts of Oak Bcu 

343 0, -* s, ‘* Canaan Assurance Ltd.* iM7.Tari«ockPlacfcW 

1.2S 'M4 MO " ■ 429 LOlympteVy. Wembley HASON 8 01-MCSSW Heart* otQah |373 

JS Second (Cap. > Z-._ 57 4 61.7 +0 5 208 - “ ’ 9H . — 

f s? Do.iAccuxn.1 . 723 . 77 6 *0.4 23» [RH? ~ Bill Samae) Life / 

Third Oncoinat, . 805 953 +02 5 73 Eqmty&»JExee- kl237 12BS -M* - 

tv, . Arruifl 1 1 1 77 7 130 3 +0.3 5 73 Prop. Boo — [03. 54 14J3 . . — N l*A Twr.. Aaal«rqoxoe 

SinfiSSferz- mjt 3 i** -aw - 

Do.iAcram,-.. . . 733 IlH+01 ^ ^K,'" flW - Z - 

Lloyd’s life Unit Tst. Mngrs. Ltd. ft^awAceum.....Ei3jn - .- - - 

72-8U, Gatehouse Rd.. Aylesbury 02885M1 U<1»: +84 - 

Equtt} Accum. (17L8 180.91 -25| 3.72 2nd F^teWZZZ.hsW 1124 .... - 

01-833 tSKj 
■■■•I 43? 

Hearts of Oak Benefit Society 

1 5-17. Tkrirtock Place. WC1H0SM 01 787508) SraaJJ Co'aFd. 

Next Sub- day October 25 

NFX Pensions Management Ltd. 
48.Gracechnrch SL.EC3PXHH 014=34390 

Managed Pood UM6 . 165.1} ^- -4 - 

Frlcei Sept. 1. Next dealing Oct 2. 

New Zealand Ins. Ca (UD Ltd.* 
Hahtaad House. Southend SSI 2JS 070282055 
ElwiXey tar. Kan. D57.4 1623} ... J — 

Sun Alliance Fund Mangat Ud. ! SUM7W Z -next son.- uw unaro a. 

Sta AlliaueeHoeae Buriham - MS 84141 yidalityWrld Fd J SUS1664 -46fl - nrlirnrinr 1 If. frnnii 

Exp^d-tatSepUS 10573 163J| ..... I - Schroder Lite Group 

T nt Ba SepLM— -( 03.64 1 — .( - Fidelity Mgnxt. Research (Jersey) Ud. Emerpriro Room. P artMoouh. <r w» r A 3» 

Schlesinger International Mngt. Ltd. 
4LL«M0UeSu5L Keller. Jcnwy. OSM 73381. 

Sao.l””.Z""mi aSSj+aJi 

GiliFd. -ta.4 n.M —03 1270 

Inti Fd Jersey UJO llfl „ 317 

Intnl-FdJ-janbrg.. . (1L61 1233 *HJR — 

'Far East Fund Jl81 107] . ..J 288 

-Next me. day Oneber A 

Schroder Life Group 

. Alliance Linked Life I ha Ltd. ggfggy**- DmSt - «■ BtUn > Smr *- 

All Utter Uouae, Hcnbxm ' G4M8tI41 Senes A r Into [.) I f«JL5 I . I _ 

, _ S*,, SJfiSiflei. J O0.M - i - 

•Zfa ~ Seriea D tAmAaM £1932 |-aj)} - 

§1^1 z First Viking Commadlty Trusts 


Property Fuad 

Deport Fund 

123 +13 _ 

29.3 +0^ - 

tFixed IntereM— 
SFixed interest 
£ Managed 


UAI -5 9 - 
151J -43 — 
148.7 -06 — 
113.4 -0.2 — 

mil "i t — 

"- 31 ~ %Ui Z Sxm Life of Canada (U.X.) Ltd. 

fcra*& Co. ud. J- Henry Schroder Wagg & Cc. LtA 
IH. 01-030 TV? 120. Chea pride. E.C 2 01-58840(0 

' 1 J60 C hep 5 Sept. 25. _ JUS 1233 1-001 267 

73 01 1 d30 TraSlxar Aug- 81 5U SM335 . . - 

Avion r A Sept. IB . STSiUS OH . . . 241- 

5j 6. DorliOZFodSopt22. 1A289 2Jffl . . 460 

IT' Japaalu Septa . sistu Wfl . .. *44 

Fm« rrii s;i t-sj uo.iaccuxu.1 ._ 7701+0.4 zso ■ 

7 - K2 2d -91 aw TlrirdOneoraet.. B&5 9S3J-02! 5 73 gqn 

igBtt iO -(61 9 4451 .( 465 no. , Arcum j 121-7 130 3^+0.5 5 73 Pnjl 

Life Unit Tsi. Mngrs. Ltd.* Ej^E£7?;.' . nl 7«ij +oi| 737 £*p 
P teMK Lloyd’s Life Unit Tst. Mngrs. Ltd. ^ 
icrtim._ W9 8 524) ... ( 432 72eo,cateIu>UieR<l. Aylexbuiy 0288 5 Ml 

W B4.9 S'fl"S il Equtt} Accum. (17L8 180.91 -26} 5.72 2nd 


^3 is! 1 ^rar ,u ." nr m ! if? 

iotncsl Mngt. Ud.* 

oadSt- BC2N IBQ ftl-9»6Q10 

. : (89.7 WJ«d ... I 5.14 

'. . . »J7 934d . J fcSS 

M & G Group* (ygcKzi . Sd^^ZTT p°V 

Throe Own Tbwer HUL BOR SBQ 0TBM 4588 2adGUt___.._. B.z 

BUI Samne) Life Assnr. Ltd.* Far East Fd . Zlm.5 127.9! +0.« — Maple U. Gwh- .( 2193 I .. 1 

NLATwr.. AddlxcotabeRd_Croy. P1«M3SS cm Edjed Fd g»7 - ...J - Maple U M*n*d - | 1504 | ... .1 

Units - .1159.4 167 « - Ceo.DcpostlFd-.f9U l«29j -03) tetoUMj -J 137.8 |. . 

lH.q . . „ . _ M __ PertnLrtLro.^. .1 a«,l I . . J 

1207! — Norwich Union Insurance Group* 

106*1 - - P0 8OX4. Nervi cb T5R13NG. ■ oeKr222oo Target Lite Assurance Co. Ltd. 

(Hfl ... — MasagedFutid — P23.4 233. W -0^ — Targe* Bouse. Cateboeae RtL.Ayl ejftu 

“ fcquitjnaxi.. ..Mt 386g-#a - Bu&. Ayiwfctnytraa 

_ S v ?S^ tyF ^ d 3 fe* |g|j --3 - . KaaFVadtoc 11000 1«3( 4 

~ FExedraLFbnd — fig.9 - 160« -0« — Man.PimdAcc._ — 
irra — DcporilPnnd _|106f 1125) — J — Pron Pd ine.__ 

SWCQ10 see »ln» Stack Exchange Dealingi 

I S.M Awni-m.. (513 54W+0W 

3 695 1Acrtt».Ualtel BL3 +QT 

■ on Sept. 20 Next deeliox OcL 4. Australasian 59. 0 

TArciun Unitei M2 

UnH Fd. Mgrs. Ltd.* (aXc)^ ct^mnoduy-. ..„ boa 

fcuse.Ne«mst!e-upon-T^ 7J» Compound Growth. 1169- 
~ --- I 2 J 3 JJ S - ■ I JSJ Cenvcrrtoo-ilrowih 70.0 

1 Unite.. (89.0 914 -I 361 Co^eroumlac 717 

»s-« S3 IIS ISSS^ i 2 

1 « Official InvesL Fd* . Extra Yield 906 

Wall. ET2N 1DB. Ot-'TtS i<)l-i 'Accuin Dotte! — . g« 

USD +06 
Ml +0 5 
856 -04 

2nd American ..._ 913, 9 

iM 2ndEq. PesxiAcc.. 103 6 10 

T« 2odPmj>«aJAcfc_ 118* U 

in 2nd Mgd. Peas/ Acc 144-5 11 

1 13 2nd Dcp-PtatfAcc 10 L4 14 

S3, 3ud G tli Pata-Arc 91? i 

a 39 ZndAaaPmx'Acc. 966 10 

?|7 LtZSLPJ. 44 0 4 

290 LAES. l6-.2_. 256^^ 3 

7 75 Current value Seoteml 

7-45 Capital Life Assurance* 

7 ® rJMUMm Hnma rTirannl Amh VTi 

[ +0-M - 

Equity Series A 
Managed Cap. 
Pt*a Mnnoged Acc.. 
Pna.G1eed.Ca? — 
Pua. Gleed. Art. 
Pens. EqnltyC-SP 
Pens. Equity Are 
PtteJItdJnL Cap . 
Pns-Fxd Int-Ac c_ 
Pens. Prop. Cap 
Peax Prop Acc. 

iSf.. .. - 

lOLfl — 

102a — 

■ ffll - J z a Mis--®? ! 
= BS-cMd: gS£K!£.^; u, V. : 

Phoenix Aaauvance^o. Ltd. ' TiS^to'Fd intiolo i 

♦J, Kins FiDJam su EC4P4HR. 01-0M88W S3 > Hii?r==;~ IK 3 

v u hk Ac* nil. a 19)71 hi _ E** 1 - - ?7-5 

Flemfnf Jqnn Fund &A. 

37. me Notr+Dimr. Luxembourq 
Fleming Sept 57 .( SUS65.06 1+1751 

Free World Fund Ud 
Butterfield Bldg. Hamilton. Bermuda. 
NAV A Cg. 31 - ] SCSI 99.91 !....] 

Imperial' Life Ass. Co. of Canada 

ja 1 Coowtco Hwne Chapri A«h wien 0MS2tell imperial Hauw.Guild/erd 

iatra.15 IML17 ' — l I 6M b*o 

terhoiift* Japbel «e Jsme, Ftalay. ^ 

n TVust Managers Ltd.* (aKg) 

SOMITP 0128S2SO Jm^nnconw 180.5 

(iiiZI.O 2SS +0.3 160 l.lccuiD L'ultsi 182.1 

me.... -.{4*1 47.7} -01 g 71 Uafaufli 2Z46 

aalTO-. . at >266 28 5 1 296 lAmun. Unitsi 2833 

wee Trt.K7.9 MW .. <36 Midland 1911 

uni Tst (23.6 25* . .. 738 fAecum. Uniter 3164 

_ Becorcxy : — M-2 

ration Funds Mgt. Ltd.* <a» tAwum-X'iiite)-'— .. raj- 

2^ 1 SS liaE 49lJ SSSm.fe-.-gl 

OKI .(448 «9.R { AW- Special 180 6 

... . . tAecum.Dnltet 7297 

riitan Fund Managers- c DHl|lI | 1M i fwb 

32i Jfl I? j ■ " — Grt FdSept 22 ... 

7.55 ra?emakerfni.Fd.| 11476 J [ — • ftmiFd s+« zi 

7.85 Cbarteriiouse Magna Gp.* Vnit 

2 & uS^f&So5te«r^ C ”'”' BMcUei - Fd^Z 

PeaaJd. Sept 22.... 

Vbit Ll 

hit Ll ^ cd Portfolio 

*, ."-aaBwa i 

m ■■'■] = p™+v r.n 

^'vm A Sr:z:.;Pt 4 o3 122 - 7 i ^ ~ 

Eb'r.Ph.Eq.E |«L7 86jl ....J - w5tpSjdC^“ 

Prop. Eqult>- A Life Aas. Co.* 

IW.Crmwfcrd Street W1H2AS. 0UW0857 Prop Feapd. A ct. I 

R. Silk Prop. Bd... I 1856 I ... J ~ - 

O0. Equity 3d 797 . | _ A re... 

Flex Money Bd 1521 - ' 

Z G.T. Management Ltd. 

— Park Hse. 18 Ftaabm y C(i ci 

— TeL 014BS8 8131. TLX; 8BU0 

— London Axente fo r 

— AactwirTnUa — BDS187 

Japan Fd Sept 21 . pl'St* 4071 . .| 844 

Sentry Assurance Intenmtieaal Ltd. 
F.O. Boa 338, Hamilton 5. Bermuda 
Managed Fund. .....PTSUIS 2J5S] ... J — . 

Singer A Friedland er Ldn. Agents 

20. Cannon St. EC4. 01-2490848 

m Leadon EC2 l>eka!ond»._. (DK27M Xta . ..I 

» Tokyo TaL Sept. 1 .. I 5U.5.4080 ( J 

O lit PeruFd. Cep. .... 
0HW0857 Prop^eaJdACT, 
... t _ . Prop.Pen_Fd.Cxp_ . 

1 _ GuarJVfi.Fd Arc.. .. 

I. ... - G b ■ rJ’esJPd Cap. 

1 D APci .Fd-Acc-„ 

Ltd.* OAPWJdCap.- . 

a* - 

Aacber'FTiiUa — 3DSU7 135 .. 
AncborGlbEdgc.- E9JC 988-0 
Anchor Int PdT- — 5115521 555 .. 
i^SarllLJay.Tft. 30M 323 .. 

Berry PaeFd SDS5A9* 

Berry Pae Stria — 33900 3*424 .. 
G.T AijaFiZ ... SSU1H RSI .. 
G.T ArtaStwHae . 0666 17*7 . 

G.T. BoodF'tad. . JU513 95 -0 

B.T. Dollar Fd. *t’S751 

G.TJtoclhcFd SCSI* 63 

30631 +0 
128 « -0 

13 asssasg . g: 

+021 5 52 £fc7thce. Mauaged t<0 5 ;eji . .i — ...... . 

-0 2 7.£ ■ 174 134 5 ”T “ IriBh L,Ie •' lM 

7 87 ' llll Z lJ.FlMtoiuyS.yiai 

71.5 H5 City of^feSniMW Amr. Co. Ui. K.|5iyIEi “ 

5|i |S figSSSSV. 

Eh l-l sssj® 1 - 

Iq ’2 Iqo EqahyFond— 

-« flSSSSK d2fc i£f j - 5Si05^ 

-H i2 SEMl IBS 653 -33 - Braid Fd Exempt. 

SI::;. = ■ Neatte 

-oj 6.U PratSfino'^piZlSV' Z"' — Langham Life 

-0.4 636 Pwtt.Maaej'Adc. *96 521 — . LanahamHa. Rehi 

’SS SSgSS-. g.’ tfUl = 

S£< A ““' *“• Lojol i One 

Telephone 01 4K; 90B4 — IT . ■ 

ManasedFund *94 

FUtrflni Fd 97.6 

Secure Cap Fd .. - 772 
Equity Fond — 10L0 

tad Fundi 

Irish Life Assurance Ca Ltd. 
II. FlMbuty S*iuare, EC2. 01- 

BlueSlraScpi 22. MSS 856) . 

w t^- aafx±m 

■3 - i — ProperO - Fund . . . 
•J| -I — TYoperty fnndiAL 

‘*1 1 — A fn cultural Ftrnd. 

Aerie Fund f M. 

t+j Ahbey Nst. Fund.. .1 

A bbey Nat Fd iAi . 

0148KH Invcuwnt Fund. 
6} ..} 500 InrexlBienrFdiAj 

.« .. J — Equitj Furul 

ill .. ...] — Equity Fund IAi — 

•9 . . . — Voo~y Fund 

J _ Money Fond IAI— 

Actuarial FniL- 
Gilt-edita'I Fund. : 
GUl-EdSed Fdi Al-.l 
02-C325433 - 

- -I - 

*■ AlfwTher Ac. L’te 

VAU Weather Cap. . 

BL Ltd- VlDv.Fd. Utx — ... 

Property Growth Aaaur. Ca Ltd.* ^rroniCta- l»6 aoon . ... | - — - 

Leon House. Croydon. CBS ILD OlfflUHH T rw^ n(Ma>7^n^| I.(f» Hm. Cc. T Alj jG^rtitoore Invest. Ltd. Ldn. Agls. 

Tokyo Tat. Sept. 1 .. I 5U.&4Q80 | j LS5 

22J5 Stronghold Management Limited 

1.89 r.O. Box 3 IS. St Heller. Jeraor. 0534-71480 

Commodity Tran. (9SL« 97 821 .. - 


V30 Surinvest (Jersey) Ltd. i*) 

1 it Queen* Bte Don. Rd Bt. Heller. Sty. 8584 37M0 
o*7 American IndTxL . (£767 an+fll]l — 

«■« saeasifc;- -6a = - 

... . . (XrauH.X(nlteiL'.'.lZ»7 . 244.6} -07| 690 nSASSad 

teeclaliaed Fonda Pats, lfasd. Acc. 

roeu London S* LX 0EJ. 0I-S358SI5. JSE5 U73f -0^ 6.16 PentSanyO 

• iCOlF 4M0 20 5| -03) «a lAmtm-L'nitei 3103 3272 -0.4 636 FaU-MooeyA 

»Fd. 1496 526) . J 10.96 Cfcanboud SpOO . 109B -0 5 10.90 P«m-S^uitjCey_ 

, t . _ ■ .Jixrifd Sept. 2fl_ 157.2 159 6 .... 7 43 Ptot BjnbyAft 

’ t Unit TsL Mgrs. Lid. (agg) lAcrum. 1983 2012 7,43 Fund saiwntly _ 

Ctet.BdtabwsbS. 031^264031 F««.Kx.SepL3_1516 1S97| 5J9 

■ ra£*::Z&l 1 L « ManuLlfe Mamgemrat Ltd. TetaptKme.a\«; 98K 

\«3p ^liliSSS^SS^ ^.^IS'S^ajT.zga 3 WrJ = 

u- — i2s^ 73.44 +03( IM Mayfl||wer Mgaa^nnent Co. Lid. Camouenrial Union Group 

onary Unit Fund Managers i-wib G resham st.EcavrALT oieosson st Helen’s. liUadenhafuE^i. 01-3375 

•MSL.GCSM7AL. 01^384485 Income Sept W.. ..11315 1174rt| j 8.07 VrAaA^Sm.»j 6tg I. - 

' eptis . (195 0 908.18 . .. -I 4 A Generoltet.a8_.bM 76 o3 ... 5 .« DaAanjSlytha— J 1952 ■ 1 1 - 

^ w 1 Uirenrati^tetas. (463 . 49j£3 J i. oo Confederation Life Insurance Ca 

Xing A Shazsaa Ltd. 

52. CorahlR ECS 

Braid Fd Exempt ..110221 

JLEC3 0I-E335433 ?««!«■ An 

Exempt ..11020 103.581 _....| — 

Next dealing dale OeL 4. AJlVlber 

2 Bream Bldaa ■ EC41NT. 
Tuliplnrext- Fd — |152J 160 4 

TnlJpMMJgd.Ftl-. 1226 1261 

Man. BcwfFd _. . >'■»«■* ’«’ « 

Men. Pea. Fd Cap 
Wan. Fret. Fd. Ace..,™. 
ltm»A hijy taU -.183.0 1SB.4 

6 109.0 

Langham Life Assurance Ca Ui- vlto-Fd. uil_. - 

Iralgbam H A RohnbrooX Dp. NW4. 014035231 

Laogbom'A' Plan-. (67.4 7181 f — «« cap Dt 

VProp Bond.. 1U44 152.3 [. — Stan Fcbj.fT 

Wiap lS P, Mm, pyj77.1 «lfl ...J - BE KStTl-II 

BTiap i£tP) Han Fd(77.1 013...J ^ 2SpSlteTl-i 

Prop. Pen* Fd — 

Legal A General (Unit Assox.) Lid. 

Kingnrood Roost 1 . Kuigsonxi. Tadwortb. Bldr see ran l/L. 
- Suroet-imuaEU BD«iiHewfaS34fl6 E p 

.incbesier Fund Mntf. Ui.- Merimr? Fund Managers Lid. 
-hSi-r till 20 81 I 4A6 30 . Gtesham St. ETO» 2EB. Dl J 

{r b o^Joi IIS: ...| 3« WiSS JiWBH 2 aM::. 

. j — .... _ Jorcflllexihsaii 

....4 - Cash Initial. . .96 0 JOUi . . - 

Da Aecuro ... ~ . 965 183 7} .. . — 

01-2837500 gta'Hytataal “35 U6® + J(+ - 

1 Do Aeeum. ■ „i. 1I3J - 1U^ +03 

- Fludlatltal 1171 JBS46 

■ — Do, Accum. ..... 1*03 126.H-0 5 

ce Ca 1.1a Initial 103 6 1W.L +0i 

01-3420282 Do Accum .. JM 7 U0| +0 B 

Managed I nil iel .122 9 1294} 

Z Do Areum. 126.0 1327) -0.1 

_ Property laltta] . . 1003 lOSAj . ... 

Do. Acruiii 1B2.7 1063$ . . . 

_ Legal 4 G intia! (l nil Pcsafoart ltd 
_ EsetoptCasblnJl Wfl 101 flj . .. 

__ Do Accum .. .1802 1865 

Exempt Eqr? Init- 133 J 140.4 

Exsoipt Fixed lolt 1K7 728.E 

Do Atcum . . 1175 123.7 . 

014085410 Exempt Mngd lull 1292 136. C 


j f*E£ 
jw Wi 




*vssm* s« ttSBig&m ^ 

k Dudley TsL Mogmut Ltd. S ' ci . 

onSt.S-Wl 01-«*7»1 KeroRvlAUB. M.'. 2357 243 « .. - 

dleyTsL 173 6 7911 ...J 3U amblUU. J idyM-BOA 2956} 1 

it Etpdtas Securities Ud. ' Mi dlan d Bank Group 
Abbey Imlt Trust Magrs. - Unit Trust Managers Ltd.* U) 

Camwood House. -StHer Street. Hrod. 

t Latv Un. Tr. M.* (aXbXcVz) Shrirrold si 3 rd. M.m 

_ . ^ ■ Commodity t Cere. 730 7HI-0Z 

. rRtL, High Wycombe 049433^77 po A^uni 94.1 905-03 

siw 1700 73J4+B.2S 409 Growth 411 +04 

Do A era ire .41.0. . «3 +0J 

-Inlay Unit Trust HngL Ud. gwg*-- 313 

■ Miednvei. Glasgow. 04II04I32I jnvonxr. ,.Z.__'._ MJ a'a +01 

rtman a 2 2J2| . z.19 Do.Arcunw.. 63.4 682 *0.2 

jta 293 »0 . . 21? InernaUfliuJ ... 47 7 5L6 *08 

iconic 344 57.4 -94 7 45 Do Accum K.Q . . 5&0 +0 4 

uroJin- 27 8 303 -05 3.69 Huh Yields 663- 713 -01 

UK .. .32 3 350 -05 3.M l» Aeeunt 704 75.7. .. 

.-'dln.Tst . 302 324 —83 342 Equity Exempt* — USJ 1U1 ... 

^ its _. 343 37^-0.^ 3 92 Dp Accum.- 108.1 . J14l( ... 

30. Chancery Lane. WC2A1HE. 
«jqcltrFuiuI-.. .067.1 1763 

D [.«XMKw Wana* ed Fuad 187 9 1W 3 

■*■5 feflLPttHrecd... 23J 816 

242 StaifKUdaxdJre 771 SL6 

GnmpM^P^, 1962 

Jg PSxealnt^ea. 2066 

I 432 Equity Pttuloo . - . 250J 

Pro penj PeoUca . Ite 5 

. . Corah iH insurance Ca lid. 
, 31 eonthfll'E-C A , i 

1M< +83 
123 3 -86 

126.6 -0 5 

109.1 +0h 
1103 +0 6 
1294 .. 

132.7 -0.1 
2054 . ... 

1«3 ■ . . 

mSSSfSJ.— - ■ 1M5 .: Z Trident Lite A**urance Ca JUd.* 

KoocyFucdlAl—. JU.7 ... — Benalerig Hotrae. GteceSg 04023*541 

Actuarial F ean ... . ■ 116.8 — — uxnased . 11272 134.71 -0^ — 

^11-odCodFltmL: m* -0.6'- Gg^S.Z. 1495 2583 ^.7. 

GUl^aftedEd-iAi.. +254- . -Ofi — Prapeitv 1513 1603 • _ 

ORetlreAninLiW.-. 3*4 - EmS/Xnericro _ T7J> ' 92.1 io .7 

p \: «2™ ■ r JS^r-gS ffl3Br' 

? e8 “'5l! i w 1 - ^S-5 - — Flacal 129 S 137 S -«.B — 

Cmic.Prau.Fd_-. 1X2 .... — Growth Cep 129.7 137.4 -1.1 _ 

Si 5£L SP- 1,1 i25 “ Growth Acc. 347 1416-0 9 — 

Maref^ns-Fd __ _ 154i ... _ P+i«. MnpcL Txp. 1197 1267 ... — 

Pcm. C an. 1 1. 1406 .. .. — PtonaMnficLAet 1254 137! . _ 

Pena J*-- W _ pSFntdJVrerrn. lUS ' low "IV! - , 

Soc. Tett. (JL 3B.1 . — Vtus. Pptr. Care . 115.4 ini _ 

See Cap l lTJ 1228 - . — Pen* P^r Ace.!?,, 120.9 i«i . . — 

Providence Capitol Life Ass. Ca Ltd. ^k*ci. l ted"Z 974 <8.6 3,4 “ : — , 
30. Uxbridge Hoed. WU8PC 01-7+0 61 11. "Caah value for El 00 pmniaire ! 

Sri‘mtFdstf'.-B«7~ ntjz.'i Z Tyndall Assorance/Pensions* i 

m MMim it.51. Maty Aae.ltapdon.EC3 01-7833531 
“l^^ Sartraa* Fatal Ma«L IFxr %mti ltd 

igP Hutchurti Hitio Uarcoorr Rd H Kflaa 
' “ HKiPpc l' Tet--JSHS11H <98 . I 1.90 

— ■ ~ Japan Fd TO51JC5 MHA . .) 038 

— N. aroericaa Tsi — pl'SUUB linffl . . 158 

3 Jntl. Bond Fuad — pCRUJTI Ufgj | 5.60 

T." — CutMRjawMMi Mngt. Ltd 

P.O. Box 33, Douglas. lo5t P8Z4 2301 1 

-Ltd.* Guteure lalL IoeT^6 25J1 . I 10 JO 

M0O+8S4, Cart more Ind Grth}772 ... 220 

-783353) T5B fcnit Trust M a na ger* ICJ.) L td. 

BegMelleBd.Sr Fai-ienr.Jer»e>' 0531 73494 

HKM2 Jeraey Fund (513 53 91 . ...1 4 45 

I 2.W Guernsej- Fund J5L2 S3 91 J 445 

1 058 Price* oa Sept HKni nb day Ort. 6 

1 Tokyo Pacific Holdings N.V. 
WZ4230T1 ln*itnl8 Management Ca N.V . Caracjn. 
..) 1030 SAV per ahare Sept 23 511570*7. 

■ra.fra.M*rara JS2SS^SXSi m 

_ MV SV®I «. 

J “V“ F ” Sr - -T - Tynd^l &».» 

Handim Bank (Botrasey) Ltd/ P.O. Bax 1358 Hate Han 5. Vernwda. ZSOB * 

Bandnus Fd Mgw. (C.I.) Ltd jbwraoBtetas .grsLg —J *00 

P.O. Box 88. Gneraaey 001-28321 ^wStatsSptn-feSS 1« "“"I - 

taudfe-jusKu i®8:: I US 

--Me &teS5*;ust:f. 4 -BSH r 

MitGiliJi-da^arrjlfflS 19551 +25) - Do Accum. 1603 1055} ....j — 

275 (Credit A Commerce Insurance 

2-5 UO.Hcsesr St, Zrfjedtm wiR5Ft 01-097081 Fd Mgrs. Ltd [ 

293 a U F.MA 1HM I 11 .lu— trav+TP rroperff cuua .... .i. 

PenatoaEqnlp - 1426 -25 - 

PcnjiouFxd. fni — USA 1243 -0J — 

Deptwit Fd-Cftp . 474 a.| — 

DcpoailFd Ace. ._ 47.4 300 .... — 

Equity Fd fag ..<6.1 03-1.5 - 

E quirt Fd. Ate - 463 4gJ-15- 

Fxd tat Cavt — XI A 50 1 — 

Pxd-lnL Ak — - «7.« 58.8... - 

Jntui Cap. — W 58.1 — 

Intel AM. 474 SOI . - 

Managed FdOip 4/0 <93 -03 — 

Managed Fd Acre, g.f ; 495-03 — 
Property FA rap . 474 MO .... - 

Property Fd. Acc.... (474 58R _ 

Provincial Life Assurance Ca Lid 
222 Bbbopsgaie Z.CX 01-M7S538 

as -Jr 

'Casta value for El 00 premium. 

Tyndall Assnrance/Pnsions* 

12 QUtyitge Road, Bristol 0B7232S41 

Int ■B , 'sDslS • ‘L25I f — 

Price* oa Rflpt 27. Next deallag Ocl 4 

Henderson Baring Fund Mgrs. lid 

80S. Gimmes BMW. Hong Song. 

3 New SL.SJ. Heller, JctMy 

TrtFSL Sept 21 

i Accum. Staareai . _ 
American Sept 2L. 
i Areum share t)_ 

Jcraey FdSept S 
<Non-J. Acc. ute). 

Gill Fund Sepi 13 
■'Acrum. Snares' 

8781 J 6-S 

u J4» 

Japan FdSept® ISISW Z3» .. I _ Mete Horn. DaariM.l<ic«f3IaB.08eiMXU. 
Bfutng Hend Bond Fd Sept R> S US 10. 942. J<n»gedSrpi.Zl _11363 141.4) . - J — 

'Bxdiuiee <d any preBja. charge*. 

33 r 


hood Sept. 21 
Property Sept 31 

Da Band „ 

Do. Prop, Sept. 1 

Vzabrugb life Ansrauco 

<1-0 HaddR SU Ldn, WJR CUV Ol-iS0 «S 

HiU-Scmoel A Ca (Guernsey) Lid 
0 lirFebvre St , Pwer Pwt Guemwjr. f I 
GuenneyTK ... (2594 1705) -o 2j 349 

HUJ Sanuiei Overseas Fund S.A. 

37. Rue Nour-Dute. laxwtboutt 

jH'SHH 2184-OH! - 

L td mtnL Magma t. (C.I.) Ltd 
14. Mulcaxier SlroeU St Tidier. Jeraoy 
V I B Fund . .. (STSaW Wlfl I IV 

United States Tst. IntL Adv. Ca - - 
14 Roe Atari user. U«etab 0 «rfi. 

1 : & Tb. tax. Fad , I JUSILW | .....4 4 If 

Net UUH StpL 2£ 

— International Fariflc Inv. Mugt Ltd s. G. TFarbuig A Ca Ltd 

TO Sex 823). S& Pitt St Sydney. Auxt M, Groshara Street BC2. 

JaraUo Equity Tri J*A2« 2531 } - Cotn-.Bd S«A 28. 1 SVS9A7 

J-E.T- Manager* (Jersey) Ltd g? sfs^Aiit 31 

TO Bn 108. Royal TeL Hst, JeraojtHM 27441 HwcEbdFdSepOO lItSHJk 18 

J* C4CHugd.Fd...-. 132.4 .... | — 

635 Crown Lffe Assurance Ca Ltd* 

S15 cWuUteHra'.WoksnfcGl^l INK 04082 5033 

{ Uasg’d Fund Ace. .. (1805 
Mm|dFa. tarn 

7 f SSS’dFdiSh' 

l” StetlwFdAee. 

cpt 27. SeiL dealing Ocjaber 4 ‘Prices at -\b^ 3) Next dealing SeP*- 20. 

CORAL INDEX: CJose 505-310- 


noperty Growth 1 1 . 

anbrugh Guaranteed -A3l%. ] : 

• -tAddresi thwn-urirr tiuiinnw mid Property Bond Table.’ 

1121 -rill 
1073 +0 4 
1873 +04 
1065 +04 

L4GPrp.Fi Sepi 8W1 101 2} 4 - Pii. tat Food (96.7 iSTi .. . 

Nest sub. das Oct 2. 

Prudential Pension* Limited* 

651 Lite Assur. Ca of Pennsylvania HotoornBan.eciK2*iH. ou 

- 3S-12 New Bond SUW170BQ. Ol^SGKSS K55H. FU Sept S0. 107 50 2f gj .... 

s „ L»ra P ™»...: IM am... I- S^'a^i.aT.ilS ag..: 

MmgfldFd. 3525 160.01 +03 - 

01-2078533 EguUyFd. : 249.7 2620+0.7 - 

.... _ StnLPuttd 1K1 UO.g+12 - 

.... _ Fixed talent Bd... 1W-9 176^-13 - 

.... —02 Propenyftt, .™. 1*6.9 152H ... _ 

„.Z - C«tbFmd.._ 1203 1Z6R _. .. - 

+0 J 

.. J _ VanoTUgii Pensions Limited 

il-OUaddosSt.LdiLniRSLA 0I-«04fl3 

«* u ao«8 ed -,Q»J 10671 . J — 

01-405 K22 RIB* 1163* +02j - 

z JJ-E.T- Manager* (Jersey) Ltd 

Jersey Extrnl Tsi. ,fl970 2090| 

| A# at AupiM 31 Neat sob day 

2B9.0( . ( - 
b day Sepi. Z8- 

m* +5. 
1005 +0. 
I347j +0/ 

+0 51 752 

+«i ~ 

+09 - 
+oi — 
+92 1156 

Lloyds Bk. Unit TsL Magn. Ltd Reliance Mutual 

7I.LraubvdSl..EC3. OV-BSJIM Tuntondge Weil*, Kent. 

ErMPI P034 1084... | 7X7 Re). Prop Bd* ... _ | 2033 

Trt Lloyd* Life Assurance 

20. Clifton St- EC2A 4MX 

426 XlU.Gth Sops 6 i 13M68 i 

Dp5'ATr.S«B 21 1397 1473} 

5J» OpfoAEotS^t 21 1*50 152 71 

— ' .OtaS'A'HYJraptin. 1»1 1873 

Ui . OpUA-MunSenei IMS lg 7 

— Opl3AT)JHSe«2U 122 0 129. « 

U0ihornBara.CC IN 2NH. 01-405 SC22 fifleity : hlB4 1163* +0^ - 

EquH-FU Sept 20.10759 25.351 .... | — Fuwdtate rt* W|0 103^-0.1} - 

Fri 1 cl Sepi- 20. _ bl94* _...J _ Property (990 1M.3] +0.fl - 

Prop. Fd. ScpL 20-. (E26 60 275* ... . | — Guaranteed roe 'Inx. Sue Rales' table. 

Rnlianee Mutual Welfare Insurance C 9 . UdV 

TunbodjeWelli, Kent. U02 22271 -WnutadePwk.Exiter 0382SZ1SS 

Hal. Prop Bd* ... _ | 2033 | . | — HiKerosaterFd.-..| UC3 } ... ( 

Rothschild Asset Management FOr Group I’Wrion 

N t cE 5 ML “ e ; jSw-^as * °T^“ WBdior m* A ™ : Co - ‘ 

rCrtrt Soh -day Sep temb er 29. - Roy^ Albert Sheet Si-Wtodror 88114 

_ , . _ • tatehii'.Ttata-... .176 4 726J 1 - ' 

Boval Insurance Gronp F«uieArad.Guv«j 22m j .. J — 

Jardiue Fiend ng & Ca Ud 

4Ah Floor. Canasugbt Centre. Haag Kobe 

fiflSfE®.' S£8 : j li 

SsSi- SgiS : .:J - 

Warburg Invest. Mngt Jrfijr. Ltd 
3 . Charing Cmi. SL Hriler, JgjvCI OSMTawi 
CMFLtd. Ang 31 ..WTU5 15W . ( ^ 

CMTLtd. Aog.21 ._.(u3.82 14.ll .. . ( _ 



Do. (ArruitLI 

SAV Sept. V 

HKSa.1 2 

Sept M 'Coutraiont 
Sen aofa Ocl G 

1 40 MriabTrt^epLSl... 

000 TMT Sept 14 

170 TJITlISSnptM.. 

-13.10 ] - 

World Wide Growth Managemeat^ 

Ida. Boaicnrd Royal. Laxrrobounf 
Worldwide Gib Fd} SUS 1670 f } — 


— Ne* Rail Place. LixHjpoaL irai n+v , —+ t*Wii 

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Thursday September 2S 1978 


LX BDZ31DM W; 0756 4581 

Rhodesia round-table ! Vauxhall unions 


invitations ‘soon’ 


Secretary, said yesterday that he 
hoped soon to ho able in issue 
invitations to an ail-party con- 
ference on Rhodesia. He also 
proposed a standby arrangement 
that would place British troops 
on call for UN peacekeeping 
duty at a week's notice, although 
he did not link the troops offer 
directly to the Rhodesia 

Speaking at the UN General 
Assembly in New York. Dr. Owen 
gave no concrete evidence . that 
he has overcome the major diffi- 
culties which have blocked the 
..convening of an all-party con- 
ference for many months- 

Affirming the British Govern- 
ment's commitment to the con- 
cept of peacc-keepins hy the 
United Nations, the Foreign 
Secretary said that, .subject to 
national commitments and 
exigencies, Britain would make 
available an infantry' battalion 
or a Royal Marine commando 
group for up to six months at a 
week's notice. 


Britain would airlift the force 
and its equipment to the area of 
operations and consider sym- 
pathetically other forms of mili- 
tary assistance. 

If a Rhodesia settlement in- 
volving all the parties could be 
reached he hoped the Securily 
Council would establish a UN 
force for duty in that country, 
he said. It is conceivable, there- 
fore. that Britain might be asked 
to send a military contingent to 
Rhodesia under the U?1 flag. 

He said preparations for 
round-table talks on Rbodesia 
were being made, adding: “ I 
hope we can in the near future, 
issue invitations to all the parties 
to come to negotiate a final 

settlement for an independent 

On Namibia. Dr. Owen warned 
South Africa that it risked an 
escalating confrontation -with 
the rest of the world and con- 
tinued fighting within the terri- 
tory if it persisted in rejecting 
the UN independence plan. -That 
would be a “shameful retreat." 

The Security Council is ex- 
pected to meet today t 0 consider 
a resolution to approve the plan 
prepared by Dr. Kurt Waldheim. 
Secretary-General for a big UN 
military and civilian operation 
in Namibia during the transition 
to independence, and call on all 
concerned to co-operate. 

Mpanwhile. . M. Louis de 
Ginringnurt. the French Forelzn 
Minister, who also addressed the 
General Assembly, warned the 
South Africans of " grave con- 
sequences " if they refuse to 
reconsider their rejection of the 
Waldheim plan. 

There was no essential differ- 
ence between it and the pro- 
posals of the five Western 
members oF the council, accepted 
by South Africa in April, he 
said. In finding fault with 

“some adjustments" in the 
plan, the South Africans semed 
in he looking for pretexts to 
back down. 

In his speech. Dr. Owen 

replied to the critics of the Camp 
David agreements on the Middle 
East, which he said were based 
on the principles established h>- 
the. Security Council. The 

accords . represented a positive - 
step in the direction of a peace 
settlement and had Britain's full 
suppori. he said. 

M. de Guiringaud was less 

positive in stating tbe French 
position, but he paid tribute to 
President Carter's “ courage and 
tenacity in his personal in- 

volvement in the Gamp David 
underraking. “ while there was 
still great uncertainty, the com- 
plex lexis adopted hy Egypt and 
Israel could be used to' further i 
progress towards the necessary 
settlement, he said. 

Richard Evans adds: The 
Cabinet is expected to reach, a 
decision today on the type of 
inquiry to be set up to investi- 
gate the breaching of Rhodesian 
sanctions disclosed in the 
Bingham Report. 

Ministers had an extended dis- 
cussion on the issue last week 
and reached a decision in prin- 
ciple to set up a further inquiry 
to answer some of the questions 
posed by the Bingham revela- 


But the form of inquiry to be 
adopted is causing continuing 
difficulties, as a public tribunal 
of inquiry would make it impos- 
sible to bring charges at a iater 

The Prime Minister will want 
the Cabinet to reach a conclusion 
today if possible, in order to 
make the Government's position 
clear before the Labour Party 
National Executive Committee 
meets in Blackpool tomorrow. 

There is growing pressure 
within tbe party for a confer- 
ence statement on the breaching 
of sanctions and the role played 
by oil companies. 

Mr. David Steel, • Liberal 
leader, was briefed on the 
Rhodesian situation and the 
Government's attitude to Bing- 
ham by the Prime Minister 
yesterday at an hour-long meet- 
ing at Downing Street, arranged 
at Mr. Steel's request. 

Editorial comment. Page 22 

reject offer but 
agree to talks 


Printing companies fund 
to fight pay demand 


MORE THAN 3,000 British print- 
ing companies are setting up a 
special fund to defend themselves 
against industrial action by 
printers who are demanding 
more pay for operating new 

■ The British Printing Industries 
Federation explained in letters 
to its members yesterday that a 
special levy was needed to pro- 
vide financial support fop com- 
panies where members of the 
National Graphical Association 
arp acting on a union instruc- 
tion to black new machinery 
The action arises from the 
latest move by the union lo fight 
Government pay policy on a 
local rather lhan national level. 
It adopted a similar policy last 
year in its fight against the Gov- 

ernment and the TUC over the 
12-month rule between pay- 
settlements and claimed that 
several hundred members had 
achieved pay ri^es-on top of their 
April. 1976 Phase Two pay- 


Printers employed hy federa- 
tion companies received a 10 per 
cent increase last April on two 
long-standing agreements, for 
extra pay for operating new 
machinery' as well as the 10 per 
cent oh basic rates. 

But according to Mr. Joe Wade, 
general secretary of the NGA, 
the agreements have “expired" 
and the federation has failed 
to renegotiate either of them to 
lake account of the extra skills 
needed for modern machinery. 

About 60 federation members 
are said to have already been 
affected by the union's action. In 
many cases, the federation says, 
new machinery is lying idle. 
There bad also been reports of 
printers stopping the delivery of 
new macninery for companies 
wanting lo expand their business. 

The federation said yesterday 
thai if current union sanctions 
were lifted, it would be prepared 
to enter into fresh negotiations 
nn the issue but the union, which 
has declared its opposition to 
G overnment pay policy, has re- 
jected the proviso that any re- 
vised agreement would be pul 
into effect only when allnvrcd by 
the Employment Minister. 

In tbe meantime the federa- 
tion has told its members to 
abide by the national agreement 
and make no extTa payments. 

senting 26.000 Vauxhall manual 
workers last msbl rejected a 
pay offer from the company. But 
they are prepared to continue 
negotiations and a meeting has 
been fixed for next week. 

Tbe key test will come this 
morning when leading shop 
stewards report back to mass 
meetings of workers on the 
details of the company offer, 
which it refused to disclose last 

There have been suggestions 
that the Vauxhall men might 
follow Ford workers in immedi- 
ate unofficial strike action if the 
company rejects their claim for 
increases above the Govern- 
ment's 5 per cent guidelines. 

The Ford strikers will today 
try to tighten the grip of their 
action by halting the import 
through Hull of cars built in 
Germany and Belgium- 

More than 150 Continental- 
built Fords reach the British 
market through Hull each day. 
Dockers' shop stewards at the 
port will - consider a request to 
biark the company's imports at 
a meeting tonight. 

Yesterday, dock shop stewards 
at Liverpool unanimously 
agreed to black Ford products, 
although this is nol an important 
port for the company. 

Mr. Jack Why man. chairman of 
the Vauxhall unions' negotiating 
committee, said after the eight- 
hour meeting : “ As far as we 
are concerned we are continuing 
with negotiations. That is our 

No recommendations would be 
made to the mass meetings. 
Only these workers could deter- 
mine the strength of feeling of 
the membership and whether 
they were prepared to leave it to 
the negotiating committee. 

Mr. Geoffrey Moore, personnel 
director, refused to be drawn on 
the company's attllude to the 
Government pay guidelines. He 
insisted that the primary con- 
sideration for Vauxhall was the 
company's profit performance. 

Tradinc results had not been 
satisfactory in recent years. 
"We have pulled ourselves back 
from the horrific loss of four 
years ago and we are trying very 


hard to get back into a 
strengthened position." 

Sir Terence Beckett, chairman 1 
of Ford, yesterday attacked the 
Amalgamated Union of Engineer 
ing Workers for. making the 
strike official when the existing; 
"solemnly binding" agreement 
still bad a month to run. 

“ My great regret in this 
business is that we could have 
turned in a much better perform- 
ance bad we been able to get our 
labour relations right.” he told 
a conference in London. 

Referring to the ability of 
unions to honour agreements, he 
said : u We do not have the basis 
for a planning agreement." 

Mr. John Boyd, general secre- 
tary of the Amalgamated Union 
of Engineering Workers, said 
later on Independent Television 
News that Sir Terence bad a 
“very narrow point.” There 
would have been no value in the 
union telling its members it 
would make the strike official in 
four weeks' time. Ford should 
have been "much more forth- 
coming ” in indicating what it 
was willing to offer. 

Track investment plans. Page 9 
Fewer strikes, but days lost up 
29 per eeht. Page 10 

Cabinet to discuss 
Kirkby aid plan 


RAIN in most areas. 

London, E Anglia. E, 5E, Ont.S 
and N England, Midlands 
Rain. Max. IRC (61F) 

Channel Is., SW England, Wales 
Rain at first, soon clearing.! 
Max. 16C C61F1. I 

NW England, Lakes, Is. of Man,! 
SW Scotland, Glasgow, Argyll, 

N Ireland 

’ Rain at times. Max. 14C (57F). 

NE England, Borders, 
Edinburgh, Dundee, Aberdeen, 
NW, NE Scotland, Highlands 
Moray Firth j 

Dry at first, rain later. Max. 
15C (59F). 

Orisopy, Shetland 
Mostly dry. some rain later. 
Max. 1LC CS2FL I 

Outlook: Cold with rain in' 

most areas. -I 

Continued from Page 1 

British Airways 














R, Aires 








Fran Wort 


Claes ow 


H. Rons 




Y’day i 
•C -F 
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S 24 73 
S 33 85 
S 24 73 
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C 20 6S 
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R 14 37 
C 13 31 
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S 14 37 

s to » 
C 13 39 
R 10 30 
F- J4 37 
C 14 57 
C It 59 
F 13 59 
V 12 34 
C 7 13 
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F 15 59 










New York 






Rio de J’o 







Tel Aviv 






.•C -F 
C 10 30 
S S3 73 
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R 14 57 

customer demand for cheap 

BA's proposals lo make exten- 
sive fare cuts within Europe 
were agreed with other Euro- 
pean member airlines. These 
arc expected to produce similar 
proposals within a month. 

The new Tares include week- 
end excursion return fares from 
London to Cologne and Dussei- 
dorf. where the new fare of 
£43.50 is 30 per cent down on 
l he existing Tare. Conditions 
Tor these tickets are that pas- 
sengers may travel on any flight 
nn Saturday or Sunday and 
return any weekend within a 

The scheme will also aply to 
flights from London to Bremen 
(£52.50, a cut oF 31 per cent!, 
Frankfurt (£54.50 compared with 
; £79.501, Hamburg and Hanover 
I ( £58.50. down from £85), Stutt- 

gart (£59.50. down from ES9), 
(Munich £70, down from £194 1 
and to Berlin for £76 against the 
present £110.50. 

The same type of ticket be- 
tween Birmingham and Du>sel- 
dorf will cost £59. a drop of 34 
per cent. The airline also an- 
nounced a new service between 
Birmingham and Frankfurt at a 
weekend return fare of £70. 

Weekend return flights from 
Manchester to Dusseldorf will 
cost £59.50. to Frankfurt £71 and 
to Berlin £UR. 

The reductions of the daily off 
peak return flights between 
London and Pans. Amsterdam 
and Brussels give new fares of 
£47. £49 and £49.50 

The new advanced purchase 
return fare between London and 
Helsinki of £125 compares with 
the present excursion fare of 
£193 and £286 for the normal 
economy return fare. 

A DEPARTMENT of Industry 
plan to grant further State -aid 
of up lo £200.000 to tbe troubled 
Kirkby Manufacturing and 
Engineering workers' co- 
operative on Merseyside is 
experted lo be considered hy 
Ihe Cabinet today. 

Several senior Ministers are 
Expected to oppose the scheme. 
It has been drawn up following 
la Iks last week between Mr. 
AIjd Williams. Minister of State 
for Industry, and leaders of the 
co-operative, which is at present 
thought to he losing more than 
£15.000 a week. 

The idea is to provide enough 
short-term cash to absorb these 
losses for a fixed period of about 
two or three months, during 
; which time ihe business would 
he reorganised on a permanent 

This would involve heavy 
redundancies among its 709- 
sirong workforce and could also 
i mean the end nr Ihe enterprise's 
i existence as a cn-operative. 

The Deparimcnt of Industry Is 
thought to favour a takeover by 
Metal Box's Stelrad subsidiary. 

, which is inlerestcd in the co- 
operative's mam business of 
1 manufacturing radiators. The 
co-operative could then be used 
as the basis for a new Stelrad 
factory on Merseyside. 

A Ministerial committee 
chaired by Mr. Eric Varley, 
Industry Secretary, had been 
expected to approve the plan for 
the further State aid this week. 

Provided the co-operative’s] 
leaders gave an a sura nee that! 
they were prepared for tough 
changes during, the coming 
months, ao announcement could 
have been made before the 
Labour Party conference opens 
in Blackpool next Monday. 

Ministers fear that supporters 
of the co-operative, including 
Mr. Anthony Wedgwood Beno, 
who was responsible, as Secre- 
tary. for Industry, for its creation 
nearly four years ago, and Mr. 
Eric Heffer. a Left-wing Mersey- 
side MP, will try to stage an 
emergency debate on the issue 
to force the. Government’s band. 

But the Ministerial committee 
is believed to have passed the 
responsibility for deciding what 
to do to the Cabinet, which last 
mooth rejected a plea from the 
co-operative for £2.9rn aid over 
the next three years. 

The Cabinet is expected to de- 
bate to-day whether to add . the 
relatively small amount of up to 
£200.000 to the £4.Sm. State aid 
given to the co-operative over 
the past four years in the hope 
that this will provide time for 
some of the enterprise’s jobs 
and radiator production to be 

The alternative choice of leav- 
ing the co-operative to cope on 
its own could well lead to a 
bitter row at the Labour confer- 
ence. An emergency resolution 
calling for help would, if accep- 
ted for debate, almost certainly 
be overwhelmingly carried. 

There is nothing calculated 
to make a stock market more 
jittery, it seems, than a confi- 
dent Chancellor of the. 
Exchequer. Throgmorton Street 
is a much happier place when 
the Government has its back to 
the waJL Certainly the gilt- 
edged market continues to drift 
uneasily, with redemption yields 
of 13 per cent once again be- 
ginning to appear in the list, 
while equity prices proved -un- 
usually vulnerable to various 
scare stories ranging from 
OPEC oil demands to an 
imminent rise in MLR (not, 
surely, while Mr. Healey is tell- 
ing the IMF how well we are 


It was clear at tbe end of last 
year that Tootal’s profit growth 
was slowing down sharply, so 
the 9 per cent fall in pre-tax 
profits at the half way stage 
comes as no real surprise. Car- 
rington Viyella had already 
sounded a warning signal hist 
month by reporting a drop of 
well over a third in its interim 
pre-tax profits, and Tootal's 
shares closed unchanged last 
night as 49$p where they yield 
just over 8 per cent. ' 

Last year’s acquisition of the 
Slimma Group added perhaps 
£}m to profits during the half- 
year -but this was more than 
offset by a negative exchange 
rate impact of £0.3m, and a rise 
of £0.6m in the interest charge 
— mainly associated with the 
restructuring of the Australian 
operations. As far as the under- 
lying business was concerned 
UK profits, which had roughly 
trebled over the previous couple 
of years, -fell by a third and 
overseas profits rose by roughly 
the same amount. 

In the UK, the rise In con-- 
sumer spending has taken some- 
what longer than expected to 
filter through to the textile in- 
dustry, added to which the 
dismal summer has not helped 
Tootal’s fashion dress business. 
However, the real problem for 
Tootal was on the export side 
and, rather surprisingly, it was 
not a question of sterling’s 
appreciation hitting margins so 
much as of difficulties in indi- 
vidual markets. The Nigerian 
import ban continued, the 
Middle Eastern spending boom 
seems to have tailed off and 
some of the group's important 
Eastern bloc customers ran 
short of hard currency. 

Fortunately, Tootal’s overseas 
operations performed well, par- 
ticularly in North America, and 
the reorganisation of the Aus- 
tralian operation should soon 

Index fell &2 to 506.0 

>1.077 *-100 



start having a beneficial impact. 
As for the second half, Tootal is 
expecting some recovery in UK 
earnings and the group should 
be able- to push the full year’s 
profits up to £22m-£23m. 
Admittedly, the disappearance 
of the Temporary Employment 
Subsidy helps understate the 
improvement; nevertheless. 
Tootal’s - profits, which jumped 
from £9.1m to £2i.8m over the 
previous three years. seem to 
be approaching a plateau. 

Foseco Minsep. 

Foseco Minsep has been find- 
ing the going a little bit 
tougher in recent years.- In 
1972 the group’s pre-tax margin 
was 12.3 per cent; last year it 
was just over 8 per cent, having 
declined consistently. Again, in 
1974 the group’s pre-interest 
return on capital employed was 
over 31 per cent; last year it 
was down to 22 per cent The 
steel recession has had a lot to 
do with this, but given the 
somewhat better outlook share- 
holders were looking to yester- 
day’s Interim statement :~for 
evidence that Foseco is on the 
upturn. .• 

The answer is far from clear. 
Admittedly sales are 14 per 
cent ahead and the trading 
profit increase is only slightly 
behind at 12$ per cent How- 
ever, at - the pretax level the 
increase is only 9$ per cent (to 
£8-3m) — and a mere 5 per eent 
at the earnings per share level. 
Foseco is not saying much, but 
it appears ‘that whBe steel 
profits did recover well in the 
period,, the . contribution from 
the foundry side was . sig- 
nificantly down. 

Similar trends /look like con- 
tinuing for the year' as a whole. 

suggesting that group pre-taey t. •. « 
profits should be about £ 16 $t| 
after £l43ra last year. At 174*^“ H;;'- 
the shares do not look cheap % n “... 
a prospective multiple of abou, ft 3:. 

10, fully taxed. - ?-3 \ 

Legal and General £, c gr 

The half-yearly figures fro if ^ i.-‘. 
Legal and . General pose : 

question mark, over the groupfiio iT- 
expansion into activities outsidpn 1/ 
its traditional fields of - liff n ' j.",: 
assurance and pensions. F<i £•- 
these activities, financed by t 
shareholders, have shown lossr^i « r - 
in almost every sector. L & j; 
has not avoided the effects rTf/fiJ-: 
last winter’s severe weather anf^ I.-/ 
exceptional fire losses as j| C . tT- 
result of tbe firemen's strikfm- . 
and its UK account is verbal w 
much in the red. Neither hal 1 ^- r: 
the group escaped the problem- ^ ?• 
facing insurers in Australijnc > 
where severe competition 
keeping down rates. - j l". . _ 

. Moreover, the group’s refyh 
resentation in the internationatrll V ; ;‘ .f 
■reinsurance market, throughP- f) J, 
Victory Insurance, has becom?"t j 
a running sore on shareholders^ , „ J. 
profits, as the Prudential haL a r . a 

Y1LIULJ lUbtUttUU:, UdO UCVUlilj^^ l I. ■ 

a running sore on shareholders^! „ J. 
profits, as the Prudential ha|rf a i .- a 
discovered with Mercantile anend £ . 
GeneraL Margins on thin - '- r« 

business have virtually i-- • - 

appeared and reserves have har^ n 
to be strengthened. The -onty.-,. | 1( . 
success story is with thr.of • '• 
managed pension funds subi L- - 
si diary, but the margins- argpf 
slim. With funds, approaching ft: 
£lbn the gross return was onljj \*f_ 
£2-5m. . nitfj 

. ’ ,5l T 

Campari . / *•!.* 

Campari is proud of its l*.$es£]| 
scheme to boost shareholders* | 
Income. Last year it made a 8:| 
scrip issue' of ;*B*? /[hares. . 
which would be. entitled to diri-' f y • 
dends for years ending afte*. . 
May 1978. But that» r has nor h. ;: i . 
worked out since it depended; | 
on tiie ending Of dividend res,' 3"[ 
tralnL The latest idea is a • 
scrip issue of preference shares ;\v. 
which are convertible intif 1’r 
equity in three years' time. Tb* < li 
effect is a 65 per cent boost ill i- - 7 - 
income for this year. j z'.' 1 

Buy once again this scfaeml 
could run into problems if prejj l^f- * 

entitled to a 10 per cent 
crease in the dividend per shares*-./;* 
if the preference shares are iiL , u 
fact converted in 1980-SL The v\ *' 
puzzle is why the company ha? /:./■ 
made the Preference convert! 
ible, in contrast to a number of f -7 - 
previous ■ Preference scrip So* J 
schemes. ! V“£' 

to speed it up 




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TENT ATI VE BUT potentially 
far - reaching recnmnicndatinns 
about the purpose and applica- 
tion of UK accounting standards 
are made in a report published 
today by the Accounting 
Standards Committee. . 

One suggestion is that standards 
might be enforced by the new 
Council for the Securities 

In a close examination or its 
role over the past eight years, 
the committee calis for greater 
consultation with the users of 
financial statements. 

The committee does not 
envisage immediate implementa- 
tion of any of its-supgestions- 
sinctr ihe report is intended to 
form the basis for full public 
debate over the next Tew months. 
No major changes are likely to 
take place for at least a year. 

Foremost among the commit- 
tee’s recommendations is its 
enforcement of statements of 
Stamford accounting practice. 

Rejecting the alternative of 
supervision by a Government 

agency fas in the U.S.) the 
report suggests that the pos- 
sibility of the Stock Exchange 
or the new Council for the 
Securities Industry taking a more 
active role in enforcement 
“should be explored." 

Mr. Tom Watts, the commit- 
tee's chairman, yesterday drew 
attention to “ the basic conflict 
in financial repnrung between an 
understandable desire for mathe- 
matical certainty and the need 
for less precise but often equally 
useful information.” 

The report supports the view 
that accounting standards should 
narrow the choice of treatment 
to "make financial statements 
"reasonably comparable." 

But it also emphasises that 
material departures from a state- 
ment of standard accounting 
practice should still be permitted 
in exceptional circumstances, 
primarily where adherence ro a 
standard would fail to give "a 
true and fair view." 

The report backs the principle 

that such statements should 
apply to off companies whose 
financial statements are designed 
10 give a " true and fair view " — 
not just enterprises of a par- 
ticular size or type. 

Supplementary standards for 
individual industries should also 
be developed, it says. 

Turning to its awn composition 
and the standard-setting process, 
the committee concludes that 
” broadly speaking " the existing 
structure should be kept, 
although supplemented by wider 
consultation and more openness. 

The report does, however, put 
forward various alternatives to 
the present accounting standards 
committee, such as a committee 
which is more user-orientated, an 
accounting standards board fa 
merged ASG and a smaller con- 
sultative groupi and an advisory 
cnnaniiitee with. For example, 
representatives from both sides 
of industry. 

The report finally calls For 
more motley to be provided for 

the ASC. At the moment, it 
claims, much voluntary effort 

goes unrewarded while the JIHMaHMiMinK 

financing of future costs would ihi liwTi^iVn^Tir^--^ 

also be *' in the public interest." • ■- 

• Mr. Watts criticised • • . • ' - B- 

nationalised industry accounts. ' ' ' - 

claiming tbe differences of . 

approach, particularly regarding 

the treatment of depreciation. IS - S- ' -rB 

“pretty horrific." KS B 

The gas aod electricity Ml ~ • » 

industry accounts, which have \ a ***.(-•» on 

been "widely criticised, were I . ««WHh BWBR. 

drawn up before the latest stan- j owiBwiu. 

dard on depreciation. I '“ 

Mr. Watts said he had written 1 — : : : “ j .' , - 

to Mr. Robert Sheldon, Fman- I . . J. : — ' — _ _ _ 

cial Secretary to the Treasury. , 1 : -I 

offering his committee's assis- 1 : r » 

tance and saying it was “high , 1 7 — 1 

time something was done about I k» 3 dhl ,• : 1 - 

the problem." . b *a,sau s<8 , 

Setting AccountmQ Standards: I AP . 

a consultative document, £1.50 • » 

from the Accounting Standards I-'. --y . 

Committee Ktan< | ar J s J D Re»»ie«d ai uw Pita Ofltoa. Pnniefl by SL CShbsdt’* Pre» tor and oohhsbM 

wouoje srannaras m ilw Ftnauctal Thna-rifl., Bracken Hoou. iannon- Scran. .Mnttoa. -ECtt* 4BY, • 

accountancy. Page 22 v. -r. .* ^ Q ^e-«i»acW:.nmM ud«: u»- 

i w' N 


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