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BEARINGS 


FROM 

POLAND 



£ 




cjy=X^ i-cLfA 



No. 27,675 


Friday September 29 1978- 


j \ (ETALS LTD. TEL. (01 >-568 5125/6 


Woodrow 

-taking a constructive 
approach to every 
size of project 


CONTINENTAL SELLING NtKBfc AUSTRIA Set. iSt BELGIUM Fr 25: DENMARK Kr 3.5: FRANCE Fr 3.0: GERMANY DM 2.0; HALT L 500: NETHERLANDS FI 2.0; NORWAY Kr 3.5; PORTUGAL Be 20; SPAIN fta 00; SWEDEN Kr 3.2S; SWITZERLAND Fr 2.O.- EIRE 15p 



BUSINESS 


Gove 




ent agrees! 





'liars of 
rther 
ldeast 
ishes 


at Hafez Assad of Syria 
iv cut short a tour of 
■ itivc Arab states to re- 
Damascus as the fighting 
inun reached its worst 
Vince the Camp David 
were announced. 

ad been conferring with 
er of Kuwaitm the third 
a tour aimed at gather- 
ipport against Egypt's 
nt Sadat, writes Anthony 
uott. 

stated reason for. his 
•»turn was an official 
to Easi Germany on 
r 1 hut it was believed in 
-u» that the deteriorating 
• «n in Lebanon was the 
.use. 

rut battles 

.. emit, artillery exchanges 
. n Syrian troops in the 
Peacekeeping. Force and 
'ins Christian militiamen 

■ . large parts of the 
an eastern part of the 
into a battle zone, 
heavier fighting repeats 

. in Lebanon after Egypt 
ded its second Sinai disen- 
ent agreement with 
in September 1974. The 
>as it caused then in the 
world were transferred to 
on and led to the civil war. 
.■?; dangerous difference this 
is that Syria has ahoul 

■ troops' on the spot and 
support ihe Christians— 

.. ? the possibility nf a direct 
which could undermine the 
David accords. Israel pre- 
■ for talks: with EsypL Back 
Other Middle East news, 

. 4 

ssacre charge 

- rd Manning Brophy was 
ed last liight' witfi the 
er of 12 people who. died 
. he La Mon restaurant 
iere in Belfast in February... 
. .vill appear In court at 
' st next Friday. 

e deaths 

. ? elderly peqpte. a man and 
.uinfcn- died wlien fire swept 
gh Hazel villc Nursing 
: in Hove, Sussex. .'.-Six 
people were taken' to 
•tal. 

lony query 

e Minister lan Smith has 
ruled out the possibility'’ 
hodesia returning to British 
But he said bis Govern- 
had not given it any con* 
Ration and no such suggestion 
been received from Britain. 

ison outbreak 

lunelia food - poisoning has 
led 24 patients and staff at 
iford - Genera! Hospital, 
x, and there are another 30 
ected cases. 

s,600 stamp 

unused 1S40 penny black 
sold for £3.600 — £2,100 
c than expected — at a 
ley Gibbons stamp aucti.on. 
/tuopi. Page 8 

fcrets judge 

Justice Mars Jones- will pre- 
over the official secrets trial 
n it restarts at the Old Bailey 
Tuesday. 


down 4.8; 
Gilts 

better 


• EQUITIES were dull *0 a 
market undermined by fears m 
labour troubles and the . FT 
ordinary share index fell 4.8 
to 501.2. 

• GILTS recovered on bear 
covering among shorts, and'the! 
Government Securities index 
closed 0.05 up at 70.02. 

• STERLING rose 25-points +o 
S1.9730 and Its trade-weighted 
index dosed at 62.7 (G2.6L The 
dollar’s depreciation narrowed 
to 9.1 per cent (9.3). =.... 

• Gold rose S2 to- 52173= in 
London, and in New York-the 
October Comes settlement.price 
fell to $218.10 (S2J9). 

41 SUGAR prices rose to their 
highest since February when!he 


of Chrysler UK 


Lucas to 

fight for 

Ducellier 

control 


By Kenneth Gooding in London 
and Robert Mauthner in Paris 


by Botha 
expected 


LUCAS INDUSTRIES, the UK 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT “VTiKlrt 2Su$%l££t. 

j • iogs in connection with its battle 

: to take cuntrol of Ducellier. the 

The last significant hurdle in Peugeot’s bid to create the largest motor group Frmc * n electronic components 
in Europe was cleared yesterday when the British Government gave its “JJJJJJjjr yeS | erday , t vvas 
approval to the French company’s takeover of Chrysler UK- announced w Pans that Ferodo 

FoNnwinR this announcement. ing its cars through Chrys/er in Chrysler, the only company in f ^_^J“i nce lf ha n„^H!, r r ei1 fuhnnnh 
it now seems that PSA Peugeot- the US. the UK to :have signed a plan- *™ 1 ™ J™ ,l,cr ' a! “ 0U Sh 


Cilreon, the French holding com- The British Government's mng agreement, concluded its 
pany. can complete its S430m attitude to this radical re- deal with .the French Govem- 
acquisition of the whole of organisation of the European tuenl without telling Uic Govern- 


Government's mng agreement, concluded its | de,alls were vague. 

radical re- deal with .the French Govern- Lucas already has a 49 per 
he European ment without telling Uic Govern- cent stake in Ducellier and (he 


Chrysler Corporation's European industry has been the most uienL tbert- is nothing in the other 51 per cent was controlled 
interests by the end of the year, important stumbling block faced new arrangements tp prevent the by DBA, the French subsidiary 


bo bv the French eroup because nr same thing'happening again. 


ipproved by the French Govern- the complex senes of loans and Indeed.-., in une sense, the Si nee-January, Lucas has been 

ment and the company’s share- h rants which were eiven tn revised Declaration of Intent fa attempting io obtain the approval 

holders, but this is not expected Chrysler UK under Hie 19i6 slightly weaker than the original. 3 f the French authorities for its 

io cause any difficulties. rescue agreement. Tbe status of in the paragraph which under- jofim bid to buy the DBA 


of the Bendix group of tbe U.S. 
Since January, Lucas has been 



a r> > _, t ___, these agreements has bad to he lines PeugeotN commitment to interest 

A Declaration of intent signed TenegClli atcd. continued employment al u 

with the British Government ‘ _ nfV1 - Ih „ chrv;-i@r UK futilities u\ itvmn But »be French Government, 

yesTerday, underlines ' again had'to* a ke aide Stllke. Lotun. Dunstable ind'Lin-’ •«*"“ to build up a French- 

Peugeot * intention of trying iu f tbe potentiat now element of wood, it Says that this shall be controlled components industry 

maintain and build upon the pro- competition wh ^ h c( ,old be “lo the ektem consistent with wb ich could compete with the 

sent organisation of Chrysler hy , hc mwnised prevaiUog-econnunc conditions." “W. European forces in 

Em ope. •group This clearly leaves the way tho field. Lucas and Bosch, of 

This means that the French . This could clearly cause nrob- open for Peugeot to close any w ®st Germany — mused to 

group will emergmas the largest |ems to BL. the Slate-owned of the U.K. plants in certain cir- authorisb the deal while actively. 


Thiri means that the French , This could clearly cause nrob- open for T 
■.roup will emerge-as the largest Jems to BL. the Slate-owned of the U.K. 

car producer in Europe, .with a company which, unly ihis year, cum stances- 

current ompui of 2.3m. units a received £400m. worth of new The agre» 

vear and with Hie largest market equity finance. Peugeot wi 


The agreement confirms that 
Peugeot will take on all of 


support mg (he search for a 
“ French solution." 

In the UK Lucas said: "In the 


rear and with Hie largest market equity finance. Peugeot . will take on all of | n the UK Lucas said: *‘ln the 

-hare w .the region— almost IS The British Govemuieni Chrysler, Corporation’s presemjkght of the legal proceedings 
per cent, against Ford’s 13 per appears to have taken the view obligations • to the UK company | which Lucas has instituted 
:cni last year. that it has bad little option but and to the government, in terms-regarding the reported trans- 

The deal will also give Peugeot to accept the deal. of the repayment of loans. taction between DBA and Ferodo. 

a imk in the U.S., vja Chrysler, Alternatives, such as the pur- At the same time, tbe Govern- Lucas would prefer lo refrain 
which is acquiring 15 per cent chase of Chrysler UK by BL or ment will continue with its sup- from comment for the time 
in the French group’s equity as tbe National Enterprise Board, port programme for the British being.” 


I pari-payment for its European were rejected. 

I operations. . The Government 


company, which is due to run out 
also at ihe end of 1979, and which 


This is expected to lead in due accepted that it could nol make gives a 'maximum current ex- 
I course lo technical links between the agreement with Peugeot rmrifmtmt im Ra<*k p»pi» 

the two companies and to the legally binding. Despite some lflDlnl,p W1 BaCk PSIse i 

possibility of Peugeot dislrlbut- dissatisfaction over the fact that PetiRcW-* options. Page 22 i 


ixi formula 

Price Commission has put 
- yard a Jormnla for calculating 
■eases in "taxicab charges as 
t of rts investigation into the 
and private car hire trade, 
ie- 8 

'lefty... 

;.swan population of the River 
nt. faces extinction, the 
?CA warned yesterday. 
impagne production is down 
half this year because of cold 
_ ing weather. Prices will rise 
MO to 30 per cent, champagne 
ders saj’. 

French butcher has gone on 
oger strike outside his tas 
pector*s house in Toulouse- to 
itest against an order to pay. 
.. :k taxes. 


London Dally Price rose £S to 
£110 a tonne, making a rfoc^f 
£7 over the week. c'... 

• WALL STREET closed ijt 
np at 86JJ1 in slow trading.- - 

• U.S. MONEY supply Ml ro^ 
id So6i.2bn from safiOAhn.'whiij 
the more broadly defined M2 ro^e 
to -S862.8bn. From SSfil.ibh. j 

• IMF managing director, at tfic 
end -qX Uic annua! mpetiipg. »>c- 
Ivveen -lhe lTflF and-the ;World 
Bank. -,hus clainfed that- im-. 
baiances in the world economy 
are. on the way: to being cared. 
Back Page .. 

• UK and France have worked 
out a possible deal for British 
participation in. the European 
Airbus consortium, but the pack¬ 
age. which could involve Britain 
in greater financial contribution, 
has still to be approved by the 
UK Government 

• LIABILITY claims from the 
San Diego aircraft disaster are 
likely to- be about $40m, accord¬ 
ing 'to first official estimates. 
Page 8 

• A MAX EXPLORATION is to 
undertake a £1.5m testing pro¬ 
gramme to assess prospects of 
reopening a tungsten ami tin 
mine near Plymouth. Page 8. 

• EUROPEAN FERRIES has 
decided not to place a- £50m 
order for cross^Cbannel ferries 
in Britain. Instead the ferries 
will probably be built In a Con- 
tinental yard. Back Page 

• EVIDENCE has emerged that 
some companies are rejecting 
Government aid rather than sign 
that they are abiding by tbe pay 
guidelines when applying for-job 
subsidies. Plage 10 

COMPANIES 

Dunlop profits 
£10m down 

m DUNLOP’S pre-tax profits for 
tbe first half of 197S Tel! by £10ro 
to £22m from £32m. Losses were 
recorded from tbe. British. Irish 
and German tyre companies, 
because of over- capacity in the 
tyre industry and cheap East 
European imports- Page 24 and 
Lex 

• ALEXANDER IIOWDEN 
Group- reports pretax profits up 
from £10.35m to iil.5m in the 
first half of 1078. Page 25 «nd 
Lex 

• C. T. BOWRING pre-tax- profit 
advanced 27 per cent from 
£14.95m to £19.07m. Page 24 and 
Lex 

• GEORGE WIMPEY .first-half i 
pre-tax profits slipped £3m to 
£l4£m.:Page 25 


Union calls for sanctions 
against low payers 


BY CHRISTIAN TYLER, LABOUR EDITOR 


After the announcement Iasi 
month that Peugeot would bu> 
out Cbrysler's operations in Ibc 
UK, Luca* tried hard to persuade 
the British Government to make 
its approval of the Peugeot deal 
conditional on French authonsa 
non for the Lucas hid for 
Ducellier. 

The matter was subsequcmlj 
raised t*J Bntfsh officials in the 
Anglo-French industrial commit 
tee set up after tbe summii 
meeting between President 
Giscard d'E-uatng and Mr. James- 
Callaghan last December 
' There was speculation in Part* 
yesterday that the British Gov¬ 
ernment had anreod to abandon 


BY QUENTIN PEEL 

MR. P. W. BUTKA. Snufh 
Africa's tou^h Deft*net- "Minister, 
was elected Prime Minister today 
/ in succession in Mr. John Vorslor. 
• an appointment likely i 0 lead to 
ja more hostile South African 
(attitude towards negotiations 
; with the international cont- 
| m unity. 

| Mr. Botba emerged vielor from 
ja closely-fought three-way battle 
J for the leadership of the ruling 
i National Party ni a meeting of 
■ ihe partv caucus in Cape Town. 

I His op pone tils were Dr. Connie 
Mulder, Minister of Plural .Rela¬ 
tions (African Affairs j and Mr. 
R. F. ■* Pik " Botha, the Foreign 
Minister. 

The new‘Premier immediately 
pledged himself lo continue Mr. 
Vorster's policies, and named 
orderly government and mainte¬ 
nance of taw and order as prime 
objectives of his administration. 
He is to retain the Defence port¬ 
folio. 

He is unlikely to change the 
Government’s internal policy of 
i separate racial development. 

I combined with moves lo reduce 
I petty discrimination, but his 
j appointment could have a 
; marked impact cm international 
relations. 

Mr. Boiha has consistently 
opposed Pretoria's negotiations 
with ibe five Western Powers for 
an internationally - approved 
settlement in Namibia. His views 
were apparently accepted hy the 
Cabinet last week when it 
rejected UN settlement terms 
and unilaterally gave the go- 
ahead for elections in the 
territory. 

He ruled out today any change 
of direction on Namibia, though 


CAPE TOWN. Sept. 28. 

he did add that "the door is 
always open for further 
discussions.” 

The position adopted by Mr. 
Botha on both Rhodesia and 
Namibia will he of major inter¬ 
national importance and some 
diplomats hero are concerned 
about his reputation for 
impetuosity. 

Although he might he expected 
to be particularly sympathetic 
toward Rhodesia, this is not 

Profile, Page 4 
Politics Today, Page 23 

thought likely to precipitate 
more direct South African inter¬ 
vention in Rhodesia. 

It took two votes in tbe caucus 
—made up of Nationalist MPs 
and Senator*—before Mr. Botha . 
emerged thp winner. In a first 
ballot he was only just ahead of 
Dr. Mulder, hy 7S votes to 72, 
while Mr. Pik Botha wnn only 
22 votes and dropped out of the 
race. In the second round Mr. 
P. W. Botha won 98 votes to Dr. 
Mulder's 74. 

The caucus meeting lasted for 
almost lwo hours, after a rela¬ 
tively straightforward prelimin¬ 
ary Hireling at which it was 
unanimously decided to nominate 
Mr. Vorster as party candidate 
for Stale President. The election 
for that position, which )s almost 
entirely ceremonial, is at a meet¬ 
ing of both Chambers of Parlia¬ 
ment here tomorrow. 

Mr. Botha greeted his victory 
with a typically forthright speech 
stressing “patriotism and duty'* 
as the South African response 
to a hostile outside world. 


Parliament to debate 
Bingham report 


BY RUBERT CORNWELL. LOBBY STAFF 


l - ; ' , its luhhymg on behalf oF Lucas 

EMPLopSRS WHO pay less - The leak yesterday oF a high- by secret instructions issued and in return for French concession* 
than-£44*50 a week—the figure level confidential document tell- administered by the Cabinet com- , n the negotiations on the UK's- 
quoted wi the incomes policy jn§ department officials how to mlttee on. pay policy.’’ be said, proposed entry into the European 


Paper — should be Interpret and apply the wage 


mmee on. pay polio'.. be said, proposed entry into the European 

•.:TUC leaders are already seek- Airbus consortium 

In* an earlv meeting, with The terms of the deal under 


VC- J ■ " Ina an early meeting - with tnc terms ot ine acai unuer 

WL*&SL i^Srn, how strict jhe t 


f v ^ Basnett, general secretary jr. confirms how strict Ihe ™ hev or^ee in thc effec ive contiol of Ducellier. 

. G f, neral an H d Government Intends to be and Sivwnment’s tactic which last year made a net prpfi 

Workers* Union said yesterday. a fco that, in many cases, it will l8 5, s * . , L of FFr Sin (£33nii oh sales of 

His call for sanctions to help require setUenienls of less than Mr. BasneU said yesterday thai iiMmt thus raisin« 

the fow paid was the preface to 5 per cent. to apply sanctions against ihmc nf ^ 

a . union campaign rp force - Mr . Tom Boardmao. president employers who breach the limit gJSLJlr car comuonents 

reep^itio^of the Wages Counctl 6f the Association ' of British vias ‘‘a wrprw and too\li& K^ remam extfemell- v^e 

award for 700,000 hotel and res- -----i- Policy. ■ ,ea K T« Ah L Sfa 


those who earn less than tbe 
Government thinks they ought *o 


I taurapL staff 0 He added r«Bat ir it is going 

Although ail council awards - Other labour, news. Page Iff to go along tbe sanctions path at 
arc exempt from paypolicv. Mr. Cabinet race conference 'east let it show its concern for 
Basnett s use of the White Paper . ... vsee • those who earn less than the 

as justification for. bigger in- uut.4t, rase Government thinks they ought »o 

creases can be seen as the Brxt ———————————— ea rn as well as for those who 

union attempt to secure a mint- chamoers of Commerce, yester earn more.” 
j mum earnings level as of right.. day wrote to Mr. Albert Booth. . In effect, the GMWU, which 

The White Paper sa>-s that in- Employment Secretary, protest- daims 25.000 members ia tbe 
creases of more than 5 per cent ins that the guidance in the industry, is trying to turn a 17 
can be given to individual wor- document was being made avail- to 19 per cent award by the 
I kers'to bring them up to £44.50 able .to department officials hut Wages Council into a 30 per cent 
earnings For a normal working not to those who had to condnet increase. To support its cam- 
week. negotiations. paign, it is approaching Mr. 

It comes at a time when the The document was described Albert Booth. Employment Secre- 
5 per.cent limit is under con- as obnoxious and odious” by tary. notifying its own sponsored 
siderahle pressure not only from Mr. Michael GryJls, Conservative MP^ and sending anions a** white 
the' 1 shop floor but also from the MP for North "West Surrey and 1151” of hotels .and restaurants 
TUG and from Labour Party left- vice-chairman of tbe parly’s In- of which it approves. - 
wingers. They are expected'to dnstry committee. He called orr Unless there'is a change, the 
combine in an attack on the Mr. Denis Healey, the Chancel- 700.000 workers wilt, from 
Government's inflexible tine on lor, to make a full public stale- October 8, be entitled to a ininj- 
wape' curbs at the Labour Party ment ’about tbe . document, mnm of £33JS^ontsid6 London. 
Conference at Blackpool nest “Apparently Britain now is and £35.40 in London, with a few 
week. governed not-by rule of law, but hotels paying more than £44. 

Strike threat by BOC workers 


,r i. ■- „ No price has been announced 

a communique issued by. 
to go along the sanctions path at merely stated tbta Ferodo 
least let it show its concern for had bought a majority interest 


id what was described as an 

•‘association*’ with DBA which 


earn as well as for those who particularly concerned Ducellier. 
earn more. 

In effect, the GMWU. which A French solution. Page 29 


PARLIAMENT WILL hold a roll- 
scale tv D-d ay del ale at ihe start 
of the new session, early, in 
November on . Hie fijnghapi 
Report arid Ihe whole question 
of Government kimrledse of 
broaches of sanctions against 
Rhodesia since 1965. 

Parallel debates will be held 
in the Commons and ihe Lords, 
placing a virtually inescapable 
onus go senior politicians in 
office during the period lo 
explain what they knew. They 
include Mr. Michael Stewart, 
former Labour Foreign Secre¬ 
tary. Mr. Edward. Ht-jih. and 
above all his predecessor as 
Prime Minister. Sir Harold 
Wilson. 

These dehates will in all pro¬ 
bability be followed by a fun her 
Inquiry into the sanctions issue. 
But the Government will nol 


make up its mind precisely what 
form this should lake until MPs 
have made tboir collective feel¬ 
ings plain. 

The decision to hold a parlia¬ 
mentary debate was taken by the 
Cabinet yesterday as it settled 
details of the legislative pro¬ 
gramme for the forthcoming 
session. The Slate Opening of 
Parliament will be on November 
1. jusi eight days aFter MPs re¬ 
assemble briefly at Westminster 
Continued on Back Page 


£ in New York 


.-iji.il >1.9/46-07^0 ■' M.9>i>.V97»e 

) hi. uni. ?ij7'0>' t <ll- . j.KSLo.ijS ill- 

3 lui.'iiilis ,1.'S3-1.63 »li-, I 1.19-ljH >ll« 
12 iiionii'i- ‘ijiG S.qti ilii ■ o.SNo.bO ill- 




m 


BY NICK GARNETT, LABOUR STAFF 



MANUAL workers at British 
Oxygen Company’s gas division 
would lake immediate strike 
action if tbe group made a pay 
offer no better than Ford, their 
union warned yesterday. 

-“Tbe warning came from Mr. 
John Miller, the Transport and 
General Workers’ Union national 
secretary for chemicals. He said 
it 'Would be difficult to prevent 
such a sharp reaction. 

The company is due to reply 
early-next month to the workers’ 
claim for substantia] rises, im¬ 
proved fringe benefits and moves 
towards A shorter week. 

Las t year tbe division’s 3,000 
drivers and industrial gas 


cylinder handlers mounted the 
first major assault : on Phase 
Three with a four-week strike 
which led to an estimated 30.000 
lay offs throughout industry. The 
unions settled within pay guide¬ 
lines, but with a productivity 
deal worth more than 10 per 
cent. 

The Transport workers are the 
biggest union involved in the 
Ford, dispute. Mr. Moss Evans, 
general secretary, has insisted 
that .unions must have Oexibitity 
to settle above the Government's 
5 per cent pay guidelines in some 
cases. 

Senior union officials at BOC 
said yesterday there was a grow¬ 
ing suspicion among-the manual 


worker that the corn puny's cus¬ 
tomers were over ordering, pos¬ 
sibly with company aquiescence, 
in preparation -for a dispute. 

Although some shop stewards 
privately doubt if the present 
productivity : scheme can be 
improved, the company is 
thought to be preparing a new 
productivity offer, and has been 
studying - the- ..possibility of 
shorter working hours. It fa 
anxious to avoid the kind of 
highly damaging dispute that 
occurred last year. 

Local union officials said 
yesterday-" that they would be 
interested in any significant pro¬ 
ductivity offer the company 
made. 


Mi 


HIGH QUALITY 
AIR-CONDITIONED OFFICES 




CONTENTS OF TODAY'S ISSUE 


IIEF PRICE CHANCES YESTERDAY 


rices .in pence unless otherwise 
^ .indicated) 


: RISES 

ftabergers . 

&rins:(C,.T,> v- 

pford LC.Y ... 

I JfioEd and Snell ... 

frotleigh .. 

Sbopsgare - Plat. .. 
bstenburg . 
faritem Kinta — 
itigei Besi .. 


80 + 5 

125 + fi 

126 + 6 
S3 + .3 

174 + K 

89 -h 4 ' 
-29 + 4 
215+15 
205 + 10 


K FALLS 

?V ...238 — T 

ierdeen Const. ... 33 —8 

jfnber Day 42 — 4" 

■*P isc. Book Pub.. 245 — S ■ 

V X. InlDl. . 72 -.3 

■own f J.) ..;.... 442 —. 6 

nnpari B .116—13 

/wtain (R.) 


Dowty .271 - 

Fairdooghr Const 6S 

GKK" . 274 - 

HTV N/V .. 128 - 

Harohro Life . 373 — 

Hunt and Moscrop ... 26 — 
Legal and General ... 346 —. 

Metal Box ■ . 350 — 

Rothschild . 200 - 

Rowntree -Mackintosh 397 — 

Slme Darby . 105 “ 

Taylor Woodrow ... 428 — 
Turner and Newall ... 178 —* 
Union Discount ...... 300 — 

Vickers .— l 88 

Whatman Rve. Angel 265 - 

Wimpey (G.) , .. r . 87 - 

Guthrie ....L.333 - 

Kinross ..34a — 

Kloof .- 57= ” 

MBf HIdgs. .. 201 - 

RTt . 242 - 

Selection Trust 474 r 


^European news .2-3 

Overseas uews.... *. 4 

American news . S 

World trade news . 6 

Rome news—genera! .8.9 

—labour.. 10 


Peugeot and the British 

motor industry .22 

Politics today: West's 
dilemma over S. Africa 23 
Energy review: the future 

Of KNOC . 9 

The future of Sinclair. 11 


A p pfli mi Bwxs ... 
ApptiBtfPCBlS Mvts 
,Bwk »«a n . 

Crossword . 

■iMRalamaat Guide 

"Eura-OptloM . 

Fean- Mcs . 

FT-Alena# 1 ies ImUces 
. Utter* . 


-Management page . 11 

Technical page . J2 

Arts page .21 

Leader page. 22 

UK Companies .24-27 

Mining . 27 


FEATURES 

Around Britain: Ulster 
tourists’last resort 20 
Europe's managers begin 

to organise .. 32 

EEC dairy surplus: farm 
price cute not tbe answer 38 
S. Africa’s new leader. 4 


37 

Loeabard . 

20 

Bate Lending Rales 

38 

3J 

Mm nd HUters ... 

22 



« 

Piuunbr . 

3M7 

INTERIM ■ STATEMENTS 

» 

melafl ... 

29 

Aurora Hoairas 

30 

28 

Salerum — 

8 

C T. Own-tea 

’£> 

38 

. Share litferwaritta .. 

42-43 

Combined ■ Goatish 

9 

48 

Today's Events_ 

23 

Stores ..i. 

2S 

48 

TV sad Radio . 

20 

RMC . 

24 

23 

Itafc Trusts y . 

41 

WsAers .. 

25 


Inti. Companies.28-30 

Euromarkets .30-31 

Money & Exchange .31 

World markets . 38 

Farming, raw materials ... 39 
UK stock market .40 


Politics in China: troubles 

past and present__ 4 

Prospecting in Mexico: hot 

on the oil trail . 5 

FT SURVEY 

Florida •.. 14-19 


GnrSa Wimpey - » 

ANNUAL STATEMENTS 
Sbc'lefatar . 22 
New Cttfral Wits... ]D 

GafltfM Brfadley.-. 2 S 

Hem Cmmuea 29 

Sim Oartnr Hldgi. fr&2T 

West Ken water ... & 


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CarvCWLOMSCM WJtPBHCWWI^IJCye^ECSNM B 

jesoomat arrets bauk&s afiiwwn jerbey 

SMUHB CMBU 

Chartered Surveyors 

3 tZ 2 Duaen Street Maytatr Loadoii W 1 X 8 AR" 

01-4913305 twm Mss 

oI, (Hhts Lun-jai I CM -Hf 































Financial Times Friday September. 29 1978- 



:- v. •. 


American East European debts to the West ‘may have to be resdieduled’ Vienna 

^ av nkuin rii/>uiu ' w&eizmffl<nKr' Cm» 4B 

executives 


quitting 

Europe 

NEW' YORK, Sept 28. 
THE ROLE of U.S. executives 
in European business operations 
is declining, as many Americans 
leave their overseas posts 
because, of the dollar’s falling 
purchasing power. 

With the Americans gone. 
Europeans are filling many erf the 
vacant positions and expanding 
their influence in European cor¬ 
porate management 

This as the opinion at Egon 
Zebnder International, a leading 
executive recruitment agency 
whose executive committee is 
meeting in New York. 

An increasing number of U.S. 
executives began relinquishing 
their foreign posts about five 
years ago, but the movement has 
accelerated because of the 
depreciating U.S. currency, 
according to Mr. Victor Loewen- 
stein, the partner -in charge of 
Zahnder International's offices in 
Brussels and Madrid. 

On a dnILar-based salary. Mr. 
Loewenstein. said. American 
executives working for either 
U.S. or foreign companies in 
Europe find it difficult to afford 
the lifestyle to which they were 
accustomed in the U.S. while 
companies provide their top 
officials with a variety of fringe 
benefits, in most cases these do 
not compensate managers for the 
dollar's big depreciation. 

By replacing their U.S. execu¬ 
tives with nationals or business¬ 
men from other European 
nations, he added, U.S. companies 
have lessened their costs because 
Europeans do not require the 
fringe benefits demanded by 
U.S. executives, such as tax 
equalisation, bousing expenses 
and children's education. 

Mr. Loewenstein does not ex¬ 
pect companies to replace Euro¬ 
peans with Americans if the 
dollar strengthens, making it 
more attractive for U.S. execu¬ 
tives to work abroad. However, 
if U.S. investment in Europe 
surges in the next few years, he 
said. U.S. companies would be 
more inclined to have an Ameri¬ 
can executive manage the initial 
operations. 

In spite of this trend, some of 
the most attractive opportunities 
for U.S. executives are with 
foreign companies in the U.S., 
says Mr. George Craighead, part¬ 
ner in charge of Zehnder’s New 
York office. 

Foreign companies have in¬ 
creased their U.S. investments 
over the past few years and, 
to compete effectively in the U.S. 
market, they are relying on U.S. 
experience. . 

Indeed, foreign buying of U.S. 
companies rose by 20 per cent 
in the first half of this year, 
according to W. T. Grimm, a 
Chicago-based consulting concern 
specialising in corporate buying 
and selling. W. T. Grimm said 
there were 93 foreign-buying 
transactions in the period, up 
from 79 in the first half of 1977. 
The fi3 transactions for which 
purchase prices were available 
totalled S3.lbn. compared with 
41 purchases totalling Sl-2bn a 
year earlier. 

With such stakes in the U.S.. 
said Mr. Craighead. European 
companise have tripled their US. 
recruitment over the past two 
years. “‘Not many Europeans 
have the experience and know¬ 
ledge to work in the U.S. market 
so American managers appear 
more attractive,” he said. 

AP-DJ 


BY DAVID BUCHAN 

DEBTS BY Eastern European 
countries to Western- Govern¬ 
ments and banks may -have to be 
rescheduled and early consulta¬ 
tions should be held within the 
Organisation -for- Economic Co¬ 
operation and Development 
fOECDi od the problem 
This Is a key conclusion from 
a study prepared for the Brook¬ 
ings Institution by a number of 
U.S- West European and 
Japanese economists and 
released here today. The rapid 
growth in exports to East Europe 
and the Soviet Union in the 
1970s has been financed dispro¬ 


portionately. by public and 
.private credits, so that - the 
Eastern bloc’s net debt to the 
West now stands at S50bn. two- 

thirds of which is owed to 
private commercial banks. 

Even if future credit grows 
less slowly than It did between 
1974 and 1977, the Brookings 
study argues, there is a good case 
for debt repayments by Poland, 
Bulgaria and other East Euro¬ 
pean countries being re¬ 
scheduled. The maturity dates 
on their loans are particularly 
badly bunched in 1979-80 because 
of the number oF five-year credits 


granted them is the mid-1970s. 

“■ Eastern Europe's ability to 
service debt to the West is sub¬ 
ject to considerable uncertainty.” 
the report says. “ Ratios of debt 
service to hard currency earn¬ 
ings are high by the standards 
usually applied and it is doubt¬ 
ful that tb.e Soviet Union, even 
If it could, would be willing to 
take over the payment problems 
of its neighbours ” 

The study argues that the 
OECD Is the right forum for 
those Western countries “whose 
financial institutions stand in 
some sense, at risk” to swap 


information and co-ordinate their 
approach to -the. rescheduling 
problem. Rescheduling, long 
applied to a number of develop¬ 
ing countries, presents a novel 
problem with the centrally- 
planned economies of Eastern 
Europe. For one thing, none of 
the East European countries, 
except Romania, are members of 
the International Monetary Fund 
(IMF) which frequently lays 
the groundwork, for a reschedul¬ 
ing of developing country debts 
by tying its own financial aid 
to the acceptance of “stabilisa¬ 
tion” plans. 


The study also’comments that, 
if the failure of Western govern¬ 
ments and banks to stick to' a 
common export 'credit line for 
the Comecon countries is : any¬ 
thing to go "by, any common 
approach to a future debt crisis 
in -Eastern Europe will not be 
easy to achieve. 

In general, the study notes that 
Comecon- countries have a higher 
ratio of net debts to exports (3-6) 
than some ' 84 - developing 
countries (1-1). It says that 
Poland and Bulgaria are in the 
worst position, but .that Romania, 
Hungary, and Blast Germany 


. . WASHTNCrrON; Sept-28. 

mlght.be similarly judged to be 

overextended.” 

The Soviet Union, on the other 
hand Is the. most creditworthy, 
.with a relatively low dabt service 
ratio, and gold, ■-oil; -natural gas 
and arms to sell for hard cur¬ 
rency. Indeed it may be these 
-strengths.and the assumption on 
the part of Western officials and 
hankers .that Moscow would 
. always, in the last resort, step In 
to bail out any of. its'fellow 
Comecon members; that' has 
buoyed up the credit rating- of 
-Eastern Europe in generaL , 
" Editorial comment. Page 22 


anus 



resume 


Bid to win union backing commission 
for Italy pension reform &bre°artei 

by paul betts Rome. sepL 2 s nroceedines 

ITH THE pressing deadline of threaten the credibility of Sig. Aldo More, who was murdered by Jr* vvvvutu^J 


New Soviet tracking 
station on Svalbard 


BY PAUL BETTS 

WITH THE pressing deadline of 
September 30 for the submission 
of its 1979 provisional budget 
and a wide-ranging three-year 
economic recovery plan to Par¬ 
liament. the minority Christian 
Democrat Government was today 
making a last-minute attempt to 
win trade union support for a 
key feature of -the programme 
involving a reform of Italy’s' 
chaotic pensions system. 

Pension reform is widely 
regarded here as essential if the 
Government is to reduce the 
ever-expanding public sector bor¬ 
rowing requirement. Although 
the need for reform Is generally 
accepted by the .main political 
parties and the trade unions, 
there is disagreement over the 
nature of the reforms. 

During the past two weeks, the 
Government has' held consulta¬ 
tions with the unions but has not 
yet reached agreement on the 
crucial question of a ceiling for 
all pensions and the accumula¬ 
tion of pensions with earnings 
from employment. 

Failure to reach an agreement 
on these two issues could 


threaten the credibility of Sig. 
Giuiio Andreotti’s minority 
Government at a time when 
there are growing tensions 
between the parties supporting 
his administration. The unions 
have held a series of demonstra¬ 
tions in major cities calling for 
“a fair deal on pensions. 1 ' 

In this uncertain situation, the 
Cabinet is scheduled to meet 
tomorrow to discuss the 1979 
provisional budget and the 
broader medium-term economic 
programme for submission to 
Parliament before the weekend.' 

The 1979 budget is understood 
to envisage a growth rate of 4.5 
per cent and inflation of about 10 
per cenL To achieve this, the 
Government, among . other 
austerity measures, intends to 
reduce the cost of pensions by 
more than L2,000bn next year. In 
turn. It has pledged to create 
some 600,000 jobs over the next 
three years. 

Meanwhile, Sig. Giovanni Gal¬ 
lon! has been elected as the Chris¬ 
tian Democrat Party chief whip 
to replace Sig. Flaminio Picrali, 
who this summer became party 
president in sucession to Sig. 


ROME. SepL 28. 

Aldo More, who was murdered by 
Red Brigades terrorists in May. 

The election of Sig. GaUoni, 
wohse position as deputy secre¬ 
tary of the party is expected to 
be taken over by tbe present 
Industry Minister. Sig. Carlo 
Donat Cattin, "follows a last- 
minute compromise within the 
ruling party now suffering from 
internal strains partly as a result 
of Sig. Moro's death. 

Tbe compromise is seen here 
as ad attempt to close party 
ranks and give the impression of 
unity. While the current tensions 
within the party reflect tbe cus¬ 
tomary jockeying prior to the 
party’s national congress next 
spring, the Christian Democrats 
are clearly aiming at consolidat¬ 
ing their electoral position. With 
the possibility of an early 
general election late in the 
spring, the party is seemingly 
seeking to dress up its image. 

This latest reshuffle also im¬ 
plies tbe appointment of a new 
Industry Minister in place of Sig. 
Donat Cattin. who for some time 
has been seeking to increase his 
voice in the ruling party leader¬ 
ship. 


Terrorists kill Lancia manager 


BY OUR OWN CORRESPONDENT 


RED BRIGADES, terrorists shot 
dead an executive of the Lancia 
car group in. Turin this morning 
in what is seen here as-a revival 
of political violence in Italy 
after a brief summer lull. 

The shooting of Sig. Piero 
Coggiola, a 48-year-old manager 
of the Fiat controlled Lancia 
company, follows a series of 
bomb attacks in major Italian 
cities. 

In a telephone call to the 
Turin evening newspaper, 


St am pa Sera, the Red Brigades 
claimed .responsibility, for the: 
killing. • Over the. last -nine- 
months, the terrorists : haVe shoT 
II people in Turin,- three*..of. 
whom died. 

Today’s attack comes shortly 
after the arrest in Milan of 
Corrado Alunni, who police sus¬ 
pect is a leader of the movement 
and who was allegedly involved 
in the kidnapping of Sig. Aldo 
Moro, the - murdered Christian 
Democrat leader. The arrest of 


ROUE, Sept. 28. 

Corrado Alunni is regarded here 
as- a - major breakthrough in the 
Moro investigations. 

As police continued their in¬ 
terrogation of Alunni. who so 
far has only declared he is a 
“ militant Communist ’’ and a 
* political prisoner ” the political 
parties here have decided to 
hold a parliamentary debate on 
the Moro affair on October 19. 
At the same time, there is grow¬ 
ing pressure for a full-scale 
parliamentary Inquiry 


Madrid talks on social contract 


Fi-vAst-fM. ruhiished dulv eicm Sua- 

«fiv» snJ iiuiidj—. U s. ‘.uh-kjipunn* jws.on 
■air trcirhi' V-m «< ulr mmli per annum 

S«.nn,1i-ri« f ruirl HI \i>rk. N.Y. 


BY ROBERT GRAHAM 

THE SPANISH Government to¬ 
day initiated the first of a series 
of tripartite meetings with trade 
union leaders and representa¬ 
tives of Spanish management to 
pave the way for negotiation of 
a new social contract Today’s 
meeting involved the leaders of 
the two main ^ihiOns (the Corn¬ 
ea unis Uront rolled -Confederation 
of Workers- Commissions 
(CCOO)' .ind the Socialist- 
oriented UGT) and members of 
the businessmen’s association, 
CEOE, that employs 60 per cent 
of the country s workforce. 

Another meeting will be held 
later with representatives of the 
smaller unions and the Govern¬ 
ment is also pledged to listen to 
the views of small businessmen. 

The meetings have been 
prompted by the need to renew 
economic policy laid down in tbe 
package of political and econo¬ 
mic measures agreed last 
petober by the main political 


parties and known as the 
Moncloa Pact This agreement 
was for one year and expires 
next month. 

The purpose of today's meet¬ 
ing was not to negotiate, merely 
for each side to exchange .views. 

Unlike the negotiations for the 
Moncloa Pact, the Government 
bitsj begun by consulting -those 
pprEfcesjmost directly involved in - 
implementing a wages policy and’ 
price'control The unions and 
management last year took no 
part in the Moncloa. Pact dis¬ 
cussions, which were ail con¬ 
ducted between the political- 
parties. 

This change of emphasis could 
result in a completely different 
form to the social contract 
Instead of relying on an agree¬ 
ment between the political par¬ 
ties, the Government may prefer 
to arrange the contract as a 
tripartite pact between Govern¬ 
ment unions and management. 


MADRID, Sept 28. 

The Government would like to 
see the Moncloa Pact’s wage 
ceiling of 22 per cent for 1978 
cut to around 12 per cent for 
1979. The Pact's 17 per cent 
limit on the increase in money 
supply would be reduced to 
around 15 per cent perhaps 
lower. 

“ The unions are resigned to a 
cat in wage increases and their 
main concern is to ensure that 
the Government boosts public 
investment and stimulates busi¬ 
ness confidence in order to 
reduce unemployment The 
unions, especially CCOO, also 
have demands which are more 
political, such as the fixing of a 
date for municipal elections; As 
for the employers, the GEOE 
President said that he backed a 
new commitment to invest But 
the counterpart for this would be 
acceptance by the unions of a 
more liberal htre-and-fire policy. 


By Guy de jonquiercs. Common 
. Market Correspondent 

BRUSSELS, SepL 28. 
THE EUROPEAN Commission 
has decided not to Initiate 
formal anti-trust proceedings 
against the cartel agreement 
signed last summer between 
major EEC synthetic fibre pro¬ 
ducers before the 13 Commis¬ 
sioners have again discussed 
the Issue fully at a. meeting on 
November S. 

There is no doubt among 
legal experts In the competi¬ 
tion department, under. Com¬ 
missioner Raymond Voiiel, 
that the cartel plan violates 
Article 85 of the' Treaty of 
Rome, which prohibits restric¬ 
tive agreements between com; 
ponies, and that the Commis¬ 
sion wculd be Justified in out¬ 
lawing It 

These lawyers believe that 
the Commission cannot afford 
to appear indifferent to such a 
blatant challenge to competi¬ 
tion law. But M. Vonel has 
been prevailed upon' by his 
colleagues not to take any 
action u .til the problems of 
the synthetic fibre industry 
have been thoroughly analysed 
In Brussels. 

Studi of the reasons for 
the indnstry’s excess capacity 
and recommendations on how 
to deal with It are now being 
drawn up. by the Commission 
staff. 

The cartel, agreement was 
concluded 'with the active en¬ 
couragement of the. Industry 
Commissioner, Viscount 

Etienne Davfgnon. He was 
apparently convinced that it 
was the most effective way of 
imposing price and production 
discipline on Italian com¬ 
panies, which are saddled with’ 
the heaviest capacity surplus 
in the EEC. ■ .V '' r 

To protect the arrangement 
from EEC competition laws, 
Viscount Davlgnon persuaded 
M. Vouel to draft'd regulation: 
which would have legitimised 
cartels in crisis indsutries. 
But last July, after several 
weeks of discussion. It became 
clear that the proposal was 
widely opposed inside the Com¬ 
mission and it was effectively 
shelved. ' • 

While the fibre industry?* 
problems .are dearly recog¬ 
nised in Brussels, there appears 
as yet to/be no consensus on 
how to deal with them. In the 
light of the mixed results of 
Viscount Davlgnon’s plan for 
steel, a number of Commit 
sioners are decidedly wary 
about farther EEC intervention 
to help troubled Industries. 


Dutch unemployed 

The number of. unemployed in 
Holland rose in September to 
211 . 600 . an increase of 1,100 over 
the August figure, the Government 
statistics agency said, Reuter 
reports from The Hague. 


BY WILLIAM DULLFORCE 

THE Norwegian Foreign Ministry 
confirmed today that the Soviet 
Union has built-a small satellite 
tracking ' station on the 
Norwegian island of Svalbard 
(Spitsbergen) without Norway’s 
permission. Tbe station is dose 
to the helicopter base, where, it 
was disclosed this summer, the 
Russians have' also established a 
radar, unit and built'a landing. 

Strip. • . ’ 

All these installations are with¬ 
in the area in .which the Russians 
operate coalmines and the town¬ 
ship of Barentsburg. 

The-Russians claim that they 
are allowed to set up installations 
without seeking Norwegian per¬ 
mission. 

The 1920 treaty which 


OSLO, Sept 28. 

recognised Norway’s sovereignty 
over tbe Svalbard .Islands,-gave 
40 other nations the right to 
exploit freely .the island's 
economic resources and to carry 
out scientific research... * ; 

It also .outlawed military 
activity on the island. - The 
Norwegian authorities, who have 
been trying .'to enforce . their 
administration oxt Svalbard, say 
.there is no evidence that the 
new Russian installations serve, 
any military purpose. 

They believe nevertheless that: 
the installations are intended to 
re-affirm the Soviet .presence on 
Svalbard, which is situated, in- a 
strategically, vital area on the 
sea and air'approaches to their 
large military base on the Kola 
peninsula.:. 


Arabs, Norwegians differ 
at OAPEC conference 


BY OUR OWN CORRESPONDENT 


OSLO,.Sept 28 


ARABS AND Norwegians dif¬ 
fered over investments in 
refijierieg and petrochemical 
projects here' today at a con¬ 
ference on cooperation between 
tbe Organisation of Arab 
Petroleum Exporting Countries 
(OAPEC) and Scandinavia. 

Mr. Mohammed Mazouni, vice- 
president of Algeria's Sonatrach 
Corporation, argued that extract¬ 
ing oil and gas was insufficient to 
build up true economies in the 
Arab states. The key to economic 
and social development. lay- in 
the downstream operations; con-", 
verting these -materials into 
more refined and complex 
products. ■/ . 

More than half-the total 
investments - _ .in downstream 
operations planned by the 
OAPEC countries up to 1985. 
would go into plants for liquefy¬ 
ing gas for the benefit of the 
consumer countries, he sold- 
Only some 5.per cent prould go 
to the -production of finished .or 
semi-finished exports. 


•' The OAPEC countries needed 
cooperation with tbe developed, 
consuming countries to bulla up 
Iheir processing " industries in 
return for. guaranteed supplies 
of raw materials; and the sharing 
of the financial risks. 

Mr. Vidkunn Hv&ding, Nor¬ 
wegian chairman of -Che No'rcon- 
sult company) warned that the 
oil producers could* not obtain a 
monopoly : position- in down¬ 
stream activities as they had 
done in the extraction of oil and 
gas. Gas and ofi processing was 
open to - competition-- ; and 1h» 
value added downstream would 
tend to be .matched by the cost 
added, leaving ho great profit. 

He said there could be justi¬ 
fication for individual -refinery, 
and chemical projects and poli¬ 
tical reasons for having a foot¬ 
hold in petrochemicals. But in 
mans. cases the producer might 
earn more:by-selling.hjs nil than 
by -joining, in the processing. - - i 


French prices rise slows 


FRENCH retaii prices rose by 
0.6 per cent -in August, com¬ 
pared to a L2 per cent rise in 
July and: a 0.5. per cent gain in 
August last.year, the National 
Statistics -Institute . said. The 
index (base 1970) was 202.5 in 
August to give , a 9.4 per cent 
year-on-year rise compared with 
9.3 per cent In July, 

The Institute said that food 
prices rose by 0.9 per cent in 
August following a 0.6 per cent 
July gain. But the rate of rise 
of manufactured . products and 
services slowed sharply to Q.4 
per cent, from 1.4 per. cent and 
to 0.6 per-cent from L5 per cent 
respectively. 

Wholesale prices rose by 0.5 
per cent in August after a 
revised 0.4 per cent -July gain, 
the Statistics. Institute said. The 
August increase gives a year-on- 


\ PARIS, Sept 28. 
year increase of 5. .per cent com¬ 
pared to 4.36 per cent in July. 

• Most Air France flights were 

today cancelled for-the second 
day running because of a strike 
by cabin' crews, French Airlines 
officials AakL : ■-■'.■■■ ■ 

Less than a fifth.of scheduled, 
incoming and outgoing flights 
were .maintained at Orly and 
Roissy-Charles de Gaulle, 
"Short and middleman I Sights 
were the-most "affected. The two- 
day, strike, for higher pay and 
better working conditions, was 
due to. end tonight: . 

• Paris mail, deliverers 

announced today they will strike 
for -24 hours in honour of a com¬ 
rade who. was fatally stabbed 
when he refused to surrender 
his mailbag to a robber. 
Agencies - 


. By Paul Lendvai I g; 

VIENNA, Sept. -| >y : . 
THE EAST-WEST 19 -na« -j • 
mutual and balanced force I j [ 
ductlon (MBFR) talks 1 n re¬ 
sumed here today after ^ !- 
two month summer rei 
with an. appeal by Czei i-‘, 
Slovakia's chief delegate -- 
bass&dor. Emil Keblusck ^ j { 

- move from talks to pract • 

decisions and to agree on • t 
framework for a future agi 3 i;' : . 
meat 5‘- 

But Canadian Ambassador - - 

- David C. Reece stressed .* 

-importance of an agreenv ••• 
on force levels and also ur : ij >. 
tiie Warsaw Pact countries Q Kj>'- 
provide further clarification! 
the complex package of Pi 
posals tabled on June S tv - v. 
year. . • , ■ I 

The two diplomats speaking | rv 
behalf of the Warsaw Pact at ^ 
.NATO respectively [v . 

addressing the 179th. plena* 1.-.. 

! meeting, marking the open 18 ii/- 
of the 16th- round -of talBt) 

1 since the conference begfl p ; - 
here almost exactly five yejjJ 
ago. .5 «' 

Commenting on Ambassade ;; 
Keblusek’s statement at B r ; - 
Press conference, a NATS 
spokesman said that it cu| 
tained nothing new and thj r- 1 " 
the - western . 'study of tffi 
Warsaw Pact proposals has nJ [ 
yet been , completed. Tlx - 
Czechoslovak chief . delegafl r,,., 
asserted that the West baB r 
’what he called, detailed anj^. 

. comprehensive informatios ;i- 
about all the provisions of the •• 

• new' Warsaw Pact proposaiSi 
and that he hoped that thfl 
western, side would give a corf i' . ( 
structive response in tbe neci!-' 
future. it- 

However, the NATO spokesman?. r>.. 
stressed that the meaning ant3? '; 
implications of the East btocl^L 
proposals needed further clan-e f 
1 - ficatlon. He added that with-fit; 
out-an agreement on mutuaiji;; . 
force.levels as a starting poimB-j' 
no real progress was possible-fc- 
Xhe main area of contention tsg. 
that even if the East accept*?)! 
the long-standing NATOfi" . 

. demand for a 700,000 mank 
[• ground Force (900.000 overall) t* 

: . ceiling bn <aeh side the West | . 
regards the data on which such t : 
an agreement would be based j 
as completely false. NATO j-- 
’■ insists that the East has in 
fact about 950.000 troops in i..." 
their ground forces while the 
Warsaw Paet figures refer to \r 
only 805,000. In their latest : * 
proposal the Warsaw Pact 
countries offered an Initial - i 
cutback of 30.000 men. 1.000 
. - • tanks plus 250 Infantry combat i • 
rifles- “by the Soviet' Union in \r. 
central Europe against a U.S. t j 
Withdrawal of 14,000 men and \ -.-r 
1,000 nuclear warheads. i Vi 

The data and the size of man- 
power reductions by each side jvT 
should be taken as the priority .v ■ 
task In the new round of nego- ; ,'J 
tiations. the Canadian Ambas- '4 
sador said. Also to be debated '-i 
Will: be the Western request "-j 
for a review- of the Warsaw ; ; < 
Pact suggestions on how tn ; j 
Implement the tentatively - 
agreed points of principle. For v .1 
example, the Warsaw Pact ; ■;« 
wishes to combine a collective i :.-l 
manpower eeiling with firm 
advance commitments by |-i ; . 
Belgium, Britain, Canada. 

West Germany, Holland and i"! 1 
Luxembourg-to make troop 
reductions in exchange for 
similar cuts by Czechoslovakia, ‘ tj 
East Germany and Poland. j-J 
The Communist package also - 
stipulated that no direct parti- --‘i 
cipant to an accord would be 
allowed to replace more than ; 
50 per cent of any forces with- -V 
drawn unilaterally. 


This is Lurgi 

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Process Dr.iskms: 

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Process Divisions: 

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— Refinery Constrnctiaa 

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Lurgi Umwelt und 
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.. Process Divisions: 

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and Emission Control 
—Waste Gas. Water. Air ■ 

— Thermal Processes 

— Cellulose and Biotechnology 
— Golsk — Workshops. 

i Organization Abroad: 

Subsidiaries in Amsterdam. Bruxelles, 
Johannesburg-, London. Madrid, 

Mel boo me. Mexico DP., Milano, 

■New Delhi, New York, Paris, 

Rio de Janeiro, Stockholm, Toronto, 
Wien. Zurich. 

Branch, offices In Tehran, Tokyo. 
Representations in Caracas, Kuwait, 
Manila, Moscow. Riyadh. 

Agents in more than 40 countries. 

Services: 

Design. supply and construction of 
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Erection and start-up of plants 
including proof of iulfilment of 
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Luigi itself is not a manu facturer of 
machinery and equipment and 
selects tbe most appropriate suppliers 
in Germany and abroad lor each 
in ctivlduai project 


Prominent Percentages (11) 


75% of the sutohtmc acrid 

pr 

come from Lurgi plants. 

A country’s production of sulphuric acid ^ 
has always given an accurate indication of the size 
and importance of its chemical industry- 
All processes for the production of sulphide acid — - 

whether from elementary sulphur, sulphidic ores, 
minerals containing sulphate or other raw materials — finally reach the ; 

"contact catalysis” stage where sulphur dioxide tSOJ is converted I;,; 

into sulphur trioxide (SO*!. The "double catalysis” process (BAYER AG 1960) y 

with its increased SO- output made a decisive contribution to reaction techniques. 

In practice, this means higher yields of sulphuric acids with less SOa 
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Since this development, LURGI has supplied more than 60 double catalysis plants and 
converted several conventional contact catalysis installations to the new reaction system. 
Result: LURGI plants now account for around 75% 
of all sulphuric acid produced by double catalysis. 






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built by Lurgi - D-6000 Frankfurt am Main 2 'Federal Republic of Germany* P,03fcnfl 181 























lancial Times Friday September 29 1978' 


EUROPEAN NEWS 





; i 


on 


■ < 


Zest German economy 


^lljo 


ADRIAN DICKS 

rfT reduction in unein- 
t lo below the liu mark, 
with real gross national 
growth of close to 3 per 
s forecast today by the 
ennan Economic Mini- 
.. uni Oiin Lambsdurff, in 
■i to the Bundestag, 
e course of a frankly 
t review of the prospects 
West German economy. 
atnbsdarlT also predicted 
ation this year would be 
{ per cent. The unem- 
it rate implied by an 
of below im would be 
der 4.5 per cent. Last 
with 923.000 people out 
.. the rate stood at 4 per 
Figures for September, 
be published next week, 
o expected to be fairly 

while the president of the 
bank. Dr. Otniar 
■ ger. sounded an even 
ipiioirsdc note when he 
i an interview with the 


Sueddeuharhe Zeitnag ■ that 
growth during the period front 
in id-1978 to mid-1979 might be 
anywhere between 3.5 per cent 
and 4.5 per cent Such a growth 
rote would he “almost an ideal 
one" for West Germany. Dr. 
Emminger said, as it .would 
allow full use of capacity and 
draw down the unemployment 
rate without running the risk of 
overheating. 

Count Lambsdorff. ascribing 
much of: the credit for the 
improvement in medium-term 
prospects to the federal Govern¬ 
ment's stimulatory packages of 
1977 and 197$, did not however, 
hide his concern at the external 
dangers that might still weaken 
the increasingly firm upward 
trend of the economy. 

Export demand for West 
German products showed Jitt'e 
likelihood for strengthening in 
the immediate future,, white in 
rhe U.S. and in -fapan there were 
signs of a slowing down in 


BONN. Sept 28. 

economic activity. He warned 
that West Germany would also 
And itself increasingly threatened 
by countries with more favour¬ 
able costs, 

"Foreign competitors are very 
often cheaper than we are. We 
cannot in the long term assume 
that quality, punctual delivery 
and conscientious service will 
compensate for our higher 
prices.** 

The Economics Minister also 
sought to forestall criticism of 
West Germany's mounting 
surplus on visible trade, under¬ 
lined . by the August figures 
published earlier this week, 
which showed a DM 3.1 bn surplus 
on the trade account. 

“The renewed high surpluses 
in our trade and current accounts 
can he traced to the divergent 
development of . export and 
import prices, that is to say 
to an improvement in the terms 
of trade, and veil the real trend, * 
Count Lambsdorff said. 


re-election row threatens CDU 


JONATHAN CARR 

TEN days before a crucial 
rial election which could 
the balance of power in 
the main opposition 
.an Democrat Parly (CDU) 
conic involved in a public 
ship wrangle. 

• dispute has shocked many 
Virljamemariaus and given 
ft ty the Social Democrat 
and Liberal Free Demo- 
FDPt parties, which form 
deral Government coalition 
Chancellor Helmut 
dr. 

a magazine interview one 
r Opposition leader and 
late for the chancellorship. 
oiner Barzel, criticised his 
ssor, the present CDU.cbair- 
■ Dr. Helmut Kohl, in un- 
Jy sharp terms. Dr. Barzef 
ed that Herr Schmidt was 
given an easier passage by 
. opposition than any other 
:ellor in West German 
•y. 


Herr Schmidt should be under 
constant Opposition pressure— 
and there were plenty* of chances 
to do this. Dr. Barrel said! But 
instead, when the Chancellor 
louked in his diary each morning 
to sue what urgent problems 
needed examination, one -word 
“Opposition" was hardly to be 
found there any longer. „* 

Dr. Barzel aid not wholly rule 
out that he might one -day 
attempt to relurn to the 'CD'U 
leadership himself. But he felt 
tbe immediate need was for a 
leadership group, four or five 
strong, to give the Party the 
vigour it- needed. Dr. Kohl 
promptly retorted that he would 
not at present reply to. Dr. 
Barzel's criticisms because he 
had more important tbings.to do 
—namely to fight in the election 
campaigns in Hesse and Bavaria. 

There are many in the -CDU 
and in its Bavarian sister parly, 
tbe Christian Social tlpion 
(CSU~i, who tend privately to 


BONN. Sept. 28. 

agree with the thrust of Dr. 
Barrel's, remarks and occasionally 
such criticism is made in public. 
But there is general anger that 
extra ammunition should be 
given to the government parties 
at this, of all moments. 

The Hesse election is being 
held on October S—with an SPD- 
FDP coalition fighting to stay in 
power against a strong CDU 
challenge. Opinion polls so far 
indicate the result will he very 
close. If the CDU is able to take 
Hesse then the balance of power 
in the Bundesrat—the upper 
lmuse of the Bonn parliament— 
will be such that the Opposition 
would have a theoretical veto 
over any proposed government 
legislation. 

A week later, on October 15, it 
is polling day m Bavaria. But 
less is at stake there since no one 
even, faintly imagines that the 
CSU will be displaced from thei 
power it has held there for many 
years. 


Narrowing the ‘contact gap’ 
between officials and public 


BY GUY HAWT1N IN FRANKFURT 


.T MONTH some 500 West 
nan postmen are to lake part 
.n experiment which could 
to them being used as “medi- 
'* between the public and 
* -state institutions. According 
■-.err-Kurt Gscheidle, Minister 
Posts and Telecomrannica- 
-s, the aim of the plan is to 
a " the contact gap ” between 
people and the authorities. 

hile it inii'.it seem unfair to 
angry and frustrated house- 
Ivrs to the more traditional 
irds. such as biting dogs, that 
postman has lo face, the gap 
the Minister is trying to 
e is a very real one. Civil 
-anis here, both on a local 
rority and federal level, have 
•asonably well-earned repula- 
i for rudeness—none more so 
n in the federal Post Office. 
BundesposL 

Vest Germany's postmen, like 
ir counterparts throughout 
rope, are, on the whale,, a 
•ery bunch. Unfortunately the 
ihdniic dues not usually ex- 
(1 lo ti? clerks behind l*:e 
it L."-e counters or to-the 
>ple who run lbo telephone 
tern. 

t is. therefore, nut surprising 
it Herr Gscheidle lias been 
> of the moving forces behind 
‘"'‘'campaign to persuade the 
miry's “beampu*” (public 
Ihorily officials) lo act more 
the public's servants than as 
masters. Civil servants have 
en given courses in dealing 
(fa the public and booklets 
\e been Issued to them ex¬ 
am ing the wherefores, whys 
d hows of improving their pub- 
1 j“«ge. 

The current experiment, which 
r the first six months will con- 
ntralc on the Ludwigshaven. 
iJ he Jin shaven and Mainz areas, 
clearly a part of this cam- 
lign. The 5C0 posRnen involved 
ifi be counselling people on 
•oblems involved with rent, 
msions and old-age. 

It is too early to say whether 
r.nol the scheme will be a suc- 
•ss. although there have been 
ress reports of citizens being 
locked speechless by postal 
.erks—the public.servants whom 
topic most often deal withr- 
resting them with politeness, 
3tber than leaping immediately 
ito e attack. The powerful 
nd privileged position that most 
ivil servants enjoy indicates 
hat tbe job of persuading them 
i? treat tbe public better could 
veil lie a long one. 


The trouble, at least'id an oil- 
side observer, seems to st&n 
mainly from the cast-iiim. jdb 
security that goes with even:a 
relatively lowly civil service job. 
Once a public authority employee' 
has achieved “heampie"'status 
—the equivalent in the-U.K. of 
being established —he or she is 
virtually unsackable. About the 
only pro-ids for dismissal is an 
important breach of-public trust. 
Insulting the public does not 
apnear lo qualify, ~ 

.. Curiously enough I have never 
had much trouble with the 
people who seem most com¬ 
plained about—the police, cus- 


Civil servants in West 
Germany have a 
reasonably well-earned 
reputation for rude¬ 
ness, none more so 
than in the Post Office. 


toms officials, officials at the 
police station who register 
changes or addresses and other 
officials who deal with the-regis¬ 
tration of foreigners. 

The police and customs officials 
have been unfailingly polite and 
those involved in registering 
changes of adress, if somewhat 
brusque, have never been rude. 
Tbe officials who register foreign 
workers are not the most friendly 
in the world and. while they can 
be very, impatient with guest 
workers who do not speak a word 
of German, they are consider¬ 
ably better to my mind than the 
Home Office people who hand out 
aliens permits in Britain. There 
is also a foreigners’ registration 
office In most large towns and, 
unlike Britain “aliens'* do not. 
face, the inconvenience of being, 
shunted out of town to a place 
like Croydon in order to obtain 
a work permit. 

My bugbear remains the Post 
Office. Except in the small vil¬ 
lage where I live, postal clerks- 
seem unfailingly rude. It -is- 
always possible to transact busi-. 
ness at Post Offices in-Germany, 
but frequently it is at the cost of 
a great deal of time and a good 
deal of personal dignity.. 

The telephone service is per-.- 
haps most irritating. .West Cei? 
many's telephone system shares 
with the Australian one the repu¬ 


tation or being the most expen¬ 
sive and the one offering the 
least service to customers In the 
world 1 . It-cosls about £50 to have 
a telephone installed and rental 
curently stands at about £8.50 a 
month although this will decline 
slightly, next year. The cost of 
a call is about 6p per unit 

That said, it is extremely diffi¬ 
cult to get connected in the first 
place. Most customers wanting 
telephones Installed from scratch 
are quoted very long waits. Well 
aware, of this. I booked by tele¬ 
phone well in advance when 1 
moved. house. Despite the fact 
that the Installation was ordered 
iq May. m> telephone was con¬ 
nected when we moved in the 
following September. 

Appeal* to the area Telephone 
Manager's office brought the news 
that ooe might be installed the 
following March, perhaps later. 
It -made not a bit of difference 
that lines were already installed 
from tbe house to the street. 
Appeals from the Foreign Press 
Association to the Minister that 
-the telephone was needed in 
order to cover the federal elec¬ 
tion campaign; prompted a letter 
from the Minister to the area 
telephone office. 

A: short time later the tele¬ 
phone people called, saying that 
an instrument would be installed 
in mid-November—by which 
time the elections would have 
been well and truly over. When 
this was pointed out the woman 
replied: “If it was for the Minis¬ 
ter himself, he would have to 
wait just as long. Take it or 
leave it.” 1 took it . 

Even more irritating is the 
laCk of service. It is impossible 
to get a telephone repaired 
between 2 pm on Friday and 
Monday, morning. This is not just 
for. individual telephones but the 
■whole system. . One weekend last 
winter a fault in a junction box 
cut our entire village off for a 
weekend. ■ The fanlt remained 
no at tended until the following 
Monday. - - . . 

' If tbe Bundespost was making 
a loss, the situation would, per¬ 
haps. be understandable. But 
the Bundespost Is one of the few 
.postal services in the world that 
makes a hefty profit Last year i» 
turned over DM 31Bbn and 
reported a profit of. DM 1.98bn 
—the bulk of which was earned 
by the telephone and teler ser¬ 
vices. As - my neighbour says: 
i*For that sort of money they 
could at least'say thank you.” 


Luns defends NATO war games 


Z ; : -DR. JOSEPH LUNS, NATO 

* 2 .^secretary-general, today defended 

x'S-'Jthe staging of big Western 
‘ ** T -. ? jmilitury manoeuvres, which have 
- . -pi- .’been criticised in West Germany 

\'- J as being'provocatively large. 

* /•' “It Is dear that they are well 

' serving their necessary and vital 
■ ' purposes which are recognised 
. ‘anti fully 'supported by all the 
■ , member countries .. .of the 

' " -alliance," Dr. Luns said in a 
statement released' at NATO 
headquarters here; 

More than 300,000' troops from 
dozen NATO countries have 
J^.'taken part this rahalh in a’series 
of military exercises ranging 
SglfcS from northern 'Norway to 
Turkey and from the North Sea 
to the Mediterranean; but 

centred-on West Germany, which 
is considered the most likely 
theatre of any possible Warsaw 
Pact attack. 


■ The official Soviet news agency 
Tass denounced them as another, 
spin . of NATO’s “ militarist 
merrv-go-round." although Sovief- 
’ led Warsaw Pact forces have also 
held several manoeuvres of their 
own this year . • 

The secretary-generals state¬ 
ment follows a suggestion^ by 
TTerr Hans Apel. West German 
DCFcnce Minister, that NATO 
leaders should review the 
political effect of holding such 
big manoeuvres in Europe each 
autumn. „ - 

Herr Andreas voo Buelow, 
Parliamentary Secretary, of State 
at the Bonn Defence Ministry; 
earlier questioned the wisdom of 
such large manoeuvres and said 
-they might strain relations with. 
Eastern. Europe. .. 

General -Alexander Haig, who 
welded a series of national miti- 

- .vAriricai: inln riTlP bi! 


BRUSSELS. Sept 28. 

manoeuvre when he took oyer as 
supreme NATO's commander in 
chief Europe- four years ago. 
yesterday denied that the large 
War games were either provoca¬ 
tive or dangerous. 

A key feature of this month’s 
exercises, code-named “Autumn 
Forge/’ is the rapid deployment 
by air from North America of 
15,000 U-S. troops to demonstrate 
and test the. ability of the U.S. 
to reinforce Western Europe 
quickly in time of tension or 
.crisis. ... 

Meanwhile in Bonn, the 
Defence Ministry said 16 people 
have died and more than 130 
have been injured, in- the 
manoeuvres jn West Germany. - 
The 1 , dead have • included. 
American, .German, British and 
Canadian soldiers and civilians. 
Reuter 


Hopes of 
Portugal 
accord 
recede 

B? Our Own Correspondent 
LISBON, Sept. 2k. 
THE CHANCES or Portugal's 
-ijparreUiHg political parties 
finding the common ground 
necessary for a majority 
governing accord in Parliament 
■are receding. Many observers 
are. now pointing to the inevit¬ 
ability of early general elec¬ 
tions next March. 

Following two days of separate 
consultations between the fonr 
major' parties — Socialists, 
Social Democrats. Communists 
and. Christian Democrats-— 
President * Auloulo Raraalho 
Babes announced be was giving 
the parties time lo reflect oh 
the. positions outlined during* 
their talks and would wait for 
their proposals. 

However, spokesmen from 
the. country's largest group, 
(he Socialists, and the Social 
Democrats, were sceptical of 
any new inler-parly agreement 
being reached despile the 

relative optimism of the 
Christian Democrats and - Com¬ 
munists. 

The leading Right-wing 
weekly -newspaper Tempo says 
today the most likely outcome 
is a government of indepen¬ 
dents' backed by Parliament 
taking office in .November to 
run. (he country until fresh 
balloting next March. Mean¬ 
while, the ousted Independent 
Cabinet of Sr. Alfredo Nubre 
do Costa will continue in office. 

Meanwhile, economists are 
predicting that tough austerity 
measures ' taken earlier this 
year (o restore equilibrium lo 
a runaway balance of payments 
deficit, will really start (o affect 
the general public in the next 
six . months. 

" Reuter adds: Dr. Mario 
Soares, tbe Socialist leader, 
said after a seperale meeting 
with General Eases yesterday 
he did not expect his party to 
return to govern meat in the 
near future, but it would do 
so after new elections if the 
people 50 wished. 


ENERGY IN POLAND 


Blackouts despite coal boom 


BY CHRISTOPHER BOBINSKI IN WARSAW 


| POLAND'S EIGHT-YEAR dash 
'fur economic growth through in- 
idustrial expansion is running 
I into a series of bottlenecks of 
: which the most important is a 
; developing energy shortage. 
■ With its large deposits of hard 
|and soft coal, Poland held out 
[against the switch jo oil which 
'took place elsewhere in Corae- 
|con, and kept on developing new 
i coal mines as the basis of its 
I own domestic energy programme 
and to provide hard currency 
{through exports. This policy 
gave Poland a welcome improve¬ 
ment In its compel itiveness and 
terms of trade following the 
1973 oil crisis. But the heavy 
,and continuing investment in 
I new coal mines and coal-fired 
[ power stations lias not been 
[sufficient to keep pace with the 
! sharp ' rise in domestic energy 
I demand, both .from industry and 
because. of. rising living 
standards. 

The result was a damaging 
series of power failures last 
winter which cost industry 
alone an estimated 27_5bn zlotys 
(£42Qm) in lost production. This 
is roughly.equivalent lu the cost 
of building generating capacity to 
supply the 2.6bn kWh which was 
I lacking last year—some 2.3 per 
cent of total electric power pro¬ 
duction. • • 

This winter the situation looks 
like becoming even more 
serious, and Polish planners are 
[ now crossing their fingers and 
! hoping that the cold, wet 
'summer Ivhieli looks like pro¬ 
ducing yet another disappointing 
harvest) Will not be followed by 
a coid winter as well. 

At the height of the power 
crisis last winter factories were 
having their supplies cut off 
with little or no warning. The 
power authorities, mindful of 
tbe great blackouts in the United 
Slates in:tbe 3960s and two years 
ago, had. to. act swiftly. 

The problem was not confined 
tu Poland. “Our neighbours 
didn’t have an easy winter, 
cither,** tbe chief of the grid 
system.told the weekly Polityka 
earlier this year. Everyone was 
looking for electrical energy and 


they were happy to pay for it in 
any currency. There was money 
lo be made. Bui we didn't have 
any spare energy ourselves.’* 

The autumn and winter peak 
period has brought power cuts 
in Polish industry since 1976. 
This was the year that the major 
capital investments which are 
the pride of the economic expan¬ 
sion of the seventies started com¬ 
ing into production. 

The main reason For tbe short¬ 
ages is that despite a 70 per cent 
growth in capacity since 1970 
the power generating industry 
has not expanded in step with 
the rest of industry. Energy 


pressure on power supplies 
during the early evening peak 
period. 

Shops, street lighting, cinemas 
and theatres will also be affected 
by the restrictions. The cuts are 
to be spread evenly throughout 
industry’ but tbe raw materials 
and tbe construction materials 
industries will get favoured treat¬ 
ment 

According to experts, a power 
system needs *20 per cent usable 
capacity in excess of peak 
demand to avoid the danger of 
failure and avoid supply cuts. As 
of the beginning of this month 
Poland had 22.058 MW installed. 


Investment in Polish coal extraction has been 
heavy, but insufficient in power stations. The 
resulting electricity failures cost industry last 
year as much as it would have cost to build the 
extra generating capacity needed. 


expert Professor Kaziraierz 
Kopecki blamed the shortfall on 
inadequate investment and the 
delay in turning to atomic 
energy, in a recent lecture to 
tbe Polish Electrical Association. 

In addition, he said that tbe 
quality of equipment was low 
and that there were shortages of 
people, equipment and spare 
parts for repairs and overhauls. 
Tbe power stations were also 
designed to use better quality 
coal than they get at the moment, 
and this leads to breakdowns. 
There are also delays on power 
station construction sites. 

This coming season, plans have 
been drawn up which aim at 
minimising the losses which will 
result Trom the expected shut¬ 
downs. this year. The number of 
plants which can expect to have 
cuts this winter has risen to 
3.000 —a six fold increase com¬ 
pared with last year. A further 
7.000 factories will have power 
limits imposed on -them, and in 
2,500 second-shift work will be 
moved to the third shift to ease 


The deficit at peak periods could 
reach 3,000 MW this winter. 
Power industry development 
plans envisage that the 20 per 
cent excess capacity figure 
needed will be reached within 
five years. But this means that 
Polish industry, which consumed 
72 per cem of tbe 109bn KWH 
supplied last year, will have to 
live with power shutdowns for 
some years to come. 

Official ' plans foresee a 
6.000 MW overall increase in 
capacity by the year 1980, when 
annual power production is 
scheduled to reach l32bn KWH. 
Sixty-six per cent of that annual 
total will be produced by bard 
coal fuelled power stations and 
21 per cent by lignite. Thirteen 
per cent will come from oil and 
hydro power. 

Development plans up till 
1990 foresee a sharp growth of 
lignite fuelled power production, 
which would free hard coal for 
exports and other domestic uses. 
The next 12 years will also see 
the emergence of atomic power 


production. The prevalence of 
Cheap and relatively accessible 
coal and the lack of an a tom id 
equipment production sector 
which could support the construc¬ 
tion of atomic power stations has 
meant that Poland has fallen 
behind other Comecon countries 
in developing atomic power. The 
coal factor also means that oil- 
plays a small role in power pro¬ 
duction. 

While tin first 440 Mw atomic 
power station will -be finished at 
Zarnowiec. in Northern Poland, 
in 1984, t>.v- years I.jI to 1985 
will be noia'-ie mainly For a 
sharp growth of lignite fuelled 
power production based mainly 
on the Belehatow opencast mine 
and power station complex. By 
19S5 32.4 per cent o£.ihe planned 
179.0bn Kwh protlTfced annually 
will come from lignite. 53.6 per 
cent from hard ruti and 12.3 
per cent from hydro and other' 
fuels. 

By 1990 electric power produc¬ 
tion is planned to reach 233bn 
Kwh. Of this. S.2 per cent will 
come from atomic power stations, 
39.5 per cent will be baTd coal 
based, and 40.1 per cent wili- 
enme from lignite fuelled power 
stations, leaving 12.2 per cent to 
come from hydro and other, 
sources. 

Official plans notwilhstanding, 
the present power crisis has pro¬ 
duced voices urging a rethinking 
of the approach to energy. Pro¬ 
fessor Czeslaw Mejro, another 
acknowledged energy expert, 
wrote recently that the most 
serious task at the moment was 
to make industry conscious oF 
tbe c~5t of energy. The country, 
he says, must take a long, bard 
look at technologies which ire 
less energy intensive and begin 
to introduce them throughout 
the economy. 

Professor Kopecki. on the 
other hand, urges that the elec¬ 
trical equipment and power 
station construction sectors be 
developed and thet there be im¬ 
provements in the grid system. 

But he puts a speeding-up of 
the atomic power development 
programme at the top of his list 
of recommendations. 



■i i .!■ ' r? 

ft i • 





. ■ v -:.v 

4 v . 

- 

»&■ WBsMSMSMm ' 

:Sfi 



man 




London to: 


Fit. No. Aircraft Frequency 




Detroit 


1100 1335 


1400 1635 


1030 1610 


1430. 0015 


1400 2100 


1155 1500 


2345 


San Francisco 1430 1730 


San Francisco 1143012005 


1140 1320 


1430 1610 


1030 1350 


Washington 


PA107 


25 


PA001 


PA121 


msrn 


PA 125 


PA125 


23 


PA125 


PA107 


Daily 


Daily 


Daily 


Daily 


Daily 


• Daily 


We/Fr/Su 


MO/Tu/Th/Sa 


■ We/Fr/Su 


ilfcafai.Ti.-si 


‘Schedule eftedrw? 29th OckXkt. 1978. 


•5* '■■■*''’*•■> >• W? .i'i 

wit 







Not surprising, seeing we own the^world’s largest fleet of diem. 


; Every one of our flights to the USA 
is on a jumbo.. 

And with good reason. 

Because when you’re travelling long 
distances you ve got to be able to relax in 
a spacious, comfortable aircraft. And 
with Pan Airis people to look after you, 
.your journey will pass as quickly arid as 
comfortably as possible. 


Of course there are plenty of other 
reasons for flying Ran Am. And ail of 
them equally Valid. ’ 

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

A superb choice of main courses in 
Economy. And if you’re travelling First 


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

If you’re planning a trip to the States, 
get your nearest Travel Agent to book 
you on a Pan Am 747. 

You'll find the world’s most 
experienced airline is also the worlds 
most hospitable. 


Pan Anris People. Theirexperience makes the difference. 

































































Assad breaks off Mideast 
tour to fly to Damascus 


KUWAIT, Sept. 2S. 

SYRIA'S Presideut Hafez al after returning from East were killed and 43 wounded’ 

• Assad today broke off a .Middle Germany. today da the worst round of 

East tour aimed at mobilising Shortly before he left here fighting and artillery bombard- 

opposition to the C 2 mp David author native sources S3id meat involving Syrian troops of 

. a *reraents after Kuwait was Kuwait had told President Assad the Arab Peace-Keeping Force 

reported to have promised to it was ready 1o help undermine and right-wing Christian militia- 

help thwart the accords the Camp David accords, but was men since the announcement of 

Syrian officials said that the not likely to join the “ stead- the Camp David accords, accord- 
President had urgent business fastness front" against Egypt mg to the Beirut Police Depart- 
j n Damascus His tour which has because il considered the hard- ment Lebanon's Presidential 
’ already taken him to Jordan and liners' position too extreme. T»}ace vra hit but President 
Saudi Arabia, was to have Kuwait, the sources said, E “ as Sarkis, who was in a diff- 

covered other Aran countries, regarded the harsh attacks on cr®nt part of the building, was 

Offic:?l sources in Damascus Egypt and President Anwar unhurt. __ 

said the President had returned Sa’da: by members "f the front In Baghdad, a high-poweredj Gandhi's 
earlier than scheduled because — Syria. Algeria, Libya and the Iraqi delegation left for Peking 
of a shortage of time and Palestine Liberation Organisation today to broaden the scope of 
because he starts an official visit —as counter-productive and co-operation with China. The 
^ to East Germany on Sunday. The likely to antagonise the visit came amid reports of a 
",'s sources said President Assad Egyptians. strain in Iraq's relations with the 

"'would resume hU Arab tour In Beirut, at least five people Soviet Union. Agencies 


Mrs Gandhi 
standing for 
election to 
Parliament 


SOUTH AFRICA'S NEW PRIME MINISTER 

A short- 


■nS3!S» 

x* i * 


L 1 ^ 


iTHE NEW Prime • 51 inistsr 


BY QUENTIN PEEL IN CAPETOWN, SEPTEMBER 28 [ 




Carter praise for Israeli vote 


BY DAVID BUCHAN 


WASHINGTON. Sept. 2S. 


NEW DELHI. SepL 2S. 
MRS. INDIRA GANDHL the 
former Prime Minister, ix 
expected to take up a seal in 
the Indian Parliament, thus 
launching a major campaign 
against the present Janata 
Government. . 

Her faction .of the Congress 
party today. ga\e formal 
approval to her decision to 
stand for the Chiekmagulur 
constituency ia the Southern 
state of Karnataka. Sirs. 

political base has 
traditionally been to the 
northern stale of Uttar 
Pradesh but she wa. defeated 
there in the 1976 General Elec¬ 
tion which swept Congress out 
of power. 

Mrs. Gandhi's victory has 
been considered a foregone 
conclusion since her faction of 
Congress established a firm 
hold in Karnataka by captur¬ 
ing the state dnring tiie elec¬ 
tions four months ago. The 
member for . Chickmagulur. 


iling ■ His major 
the temperament 


- _ „ .>r defect is a volatile . - be kicked 

National Party, and as the temperament and quick temper, country waten when & e 

Defence Minister who has built “P* \Y. Botha is a man-with a around. Qe “* infest RJ-5bn 
the South African defecee force very- short Fuse.” accenting to introducea _ n hu( j»Tnt “ If 

• into the mast formidable military one senior diplomat who has ffiMOm! “ eien southern 

'fi.-ioMno-m - MfAriaW «.-«♦>. KSrti VOU Want tO 

H.1T * 


, machine *in Africa. 

The final accession to power of 
Pieter Wiiiem Botha — univer¬ 
sally known by his initials PW 
—was built on the strict disci¬ 
pline and loyalty of the Cape Pro¬ 
vince wing cf the National Party 
he has led for L! years, and on 
bis reputation as a military man 
; capable of facing the unpre- 
, cedented international hostility 
i towards bis country, 
j Yet white be has made his 
{name in recent years as a mili- 
i tary hawk, he is more of s 
| moderate than a reactionary in 
i South African internal policy. 

' He -was the man who committed 


negotiated with him. 


V -Y :• S 


yea 


Security Council members will assistance. You will 

- - South Africa s leaner 


today approve a resolution to aecept 
establish a UN' operation in: ship," he said. __« liea i 

Namibia during Its transition.. He has been a party P°“* 
to independence^ regardless of organiser all bis Inc. ana n 
South. Africa’s rejection of the seldom travelled h 

proposals, writes our UN . country. (Although he has been 
correspondent It calls on South -awarded decorations - 
.Africa to co-operate with the Paraguay and the cae»aao « 

Secretary-General in imple- gime to Portugal.) He began n.. 
menting the pianned UN career as a .National Partj 
opera tion'and wiir declare any organiser in 1936 at the a* 
unilateral measures null and 20, and eventually rose to 
void. come the chief secretary of the 

__ ‘ Parti- in the Cape when it first 

■MAtft nAU'lir in 104S. He became 



K-: 


PieterJBntha v*> 


PRESIDENT CARTER today A ■‘new charter" to create a said he had **an honest difference] considered a safe seal for Mrs. 
nraised the “courageous '' vote strong, unified Lebanon might be of opinion" with Mr. Begin that Gandhi, resigned recently fo 

praised toe courageous ^ aee ded. and Mr. Carter said he he hoped would soon be resolved.! make way fofher 

oy tne Israeli Knesset to accep, waii ;j= ainst any partition of the Meanwhile, the Senate and If elected, E Gandhi is 
" T W* count r;.. House of Representatives today j expected to be formal I v chosen 

On the question of Israeli agreed to the inclusion of S90ra- leader of the Opposition in 

He hold a news conferhce that settlements on the West Bank for Syria in the 1979 foreign aid j the Uok Sabha (Lower House 

President Anwar Sadat and and in the Gaza Strip. Mr. Carter. Bill. , of Parliament) where her Con- 

Prime Minister Menahero Bocin 
had earlier today assured him by 
telephone that there were no 


the framework agreed 
Camp David summit. 


■won power in 194S. He bee 
; the South African armed forces - As Minister of Defence for 12 in MF himself at the same time, 
i to their abortive intervention in years — ever since Mr. Vorster ■ Aged 62 . only one year younger 
[the Angolan civil war and he became Prime Minister — he has. than Mr. Voreter. P. W. Botha 
has most consistently opposed the tended increasingly to see inter- fcas been a dose associate of his 
; Western settlement initiative in national relations in'exclusively predecessor since he was Party 
: Namibia (South West Africa). At military terms. He has frequently organiser for the Stellenbosch 
the same time he has supported clamed the Western powers for area when the retiring Prime 
; the cautious moves to scrap petty -failing to adopt a consistent Minister was at uni versify there, 
apartheid v.ithin foe country and strategy of opposition to jt was Mr. Botha whom Mr. 
played a major role in drawing “Marxism and Soviet expansion- Vorster chose to chair the Cabi- 
.‘up the new-constitution to give ism"—and recently told the net constitutional committee 


which drew up the 
South African^ : 
year. In spite of its 
tion by the coloured ana 
communities.' its proposal nf 
joint Cabinet committee 
revolutionary in. Nutimrii 
terms^ • v '. 

However, he has ransitisrabh 
less experience of- relaildss 7 ^. 
negollations - with - Sid bjaci 
people of South Africa 
colleagues from toe Tratevsat^ 
a fact which was; .used- igaing 
him by his opponents: tothe-ca*. 
test for ifae Premiership. :; - 


remaining obstacles to the start 
of bilateral peace taiks. Last 
night's Knesset vote clears the 
way for the removal of Israeli 
settlements in the northern 
Sinai. 


Begin faces party split 


BY DAY1D LENNON 


TEL AVIV, SepL 2S. 


of: 


gress faction is the largest 
single group in the Opposition 
benches. At present, she faces 
a number of charge* of abuse 
of power during ber 22 -monVi 
emergency role, but recent hy- 
el eel Ions and state elections 
have indicated that the popu¬ 
lar disillusionment with the 
ruling Janata Party is such 
that thp people are Vi Pin v to 
forget her alleged misdeeds.. 


Surprise at transfers from Saudi reserves 


BY JAMIE BUCHAN AND ANTHONY McDERMOTT 


THE GOVERNMENT'S Parlia- betrayed the principles 
mertiary victory this morning in which he was the most ardent 1 
Clearly buoyed by his Camp the debate on the Camp David proponent until only a few weeks I 
David success. Mr. Carter also agreements now finds Mr. ago. 1 

called for a new international Benin's position within the Some, of his most loyal' 

^mediation effort to stabilise the country strengthened. followers may now decide tb 1 

.'situation in Lebanon which, he Over two-thirds of the House desert him and form a new ini V a 

.; said. “ represents a traqedy the backed the Prime Minister and Nationalist Party. KilOu6SI3tII fCOUfi 

;-.rest of the world, includin'; us. this accurately reflects the The. wide-scale defections Three-of the four partle* in 
»-has not adequately addresse-L general feeling within Israel. within bis coalition may require'Rhodesia V transition a I Govern- 

-- He said Israel, Egvpt and the From beine a partisan leader Mr. Begin to think about reshap- J - mefil yesterday ruled out an 
~U.S. had agreed at Camp David of the Right-wing camp. Mr. mg bis party. 'early all-party, conference to 

f to support the beleaguered Bcrln is now seen as a realist Reuter adds: Mr. Yigal Jloro-'.. solve the coiurttiutional dls- 
: government of President Elias who can set-aside some of his witz. Minister of - Commerce. ‘ .^ute, expresMog' surprise that 
- Sarkis of Lebanon, and the U.S. doctrinaire views in the greater Industry afid Tourism, resigned 
• had also given military aid. He interest of peace. today .in Tprotest against Parlia- 

; suggested Syria. Saudi Arabia But this view is not shared ment's. approval of the Camp, 

and France might be involved by all of his party, many of David agreements. Israel Radio 

in a mediation effort. whom believe that he has reported. . 


■ THE Saudi GovernmenTs recent 
decision to transfer nearly Slbn 
from its state reserves to the 

; budget account has caused some 
{surprise among bankers in 
1 Jeddah, and could have reper- 
■; enssions os the dollar. ' 

1 The . first transfer o? 
Saudi riyaii 2.2bn.f$6film) will 
go towards ' financing the gas- 
fathering system presently being 
constructed in the eastern 
'province. The project has been 
: scaled down since first Onveiled 
. hnt is ’ presently - ., planned tc 
.collect 3 Jl5bn v 'cubie. ft d£: 

■ currently ' Hared -.gas' a year. 


the British Forfigit .Secretary 

should, have promised " carJ> ” _ _ f _ 

invitations to such a meeting, ] The. latest coit estimates'stand 
Tony Hawkins reports from 
Salisbury. - • -- 


at around Sli'on even at the 
reduced leveL 


-.- j- •.. 


•a’.— 


• - •• • \.• 


A.- 





Sabena’s answer. 


. .'w. y .. 





- ;■■■?!■ X. ; 



K--. 


^vKW 4-^v* 


“Sabena is uniquely placed 
to give a better service 
to the business traveller ? 5 


■With the advent of wiJir-bodicd 
lets jnd lower airfare::. fl\inj has 
become more and more jll .-siMe 
to more an»i more ponnlc. Airports 
designed in the forties anJ nine-, 
are less able to eopv o*m!»Tt.ibIy 
with the sheer number- >'t' 
passenaersin the .seventies. 

And. ol'eourv;, it i- the rccul.ir 
full-lure pjying bu>ines- trj-.ell.r 
who suiters most •if'.ill. Vet v. hat 
can be done u* heir him r 
Thi ? is where Suivn.i conics in. 
Sabena is uniquely placed to ;ivc a 


better sen’ice for the business 
traveller, because it is neither a 
larec- impersonal airline, nor an 
o-. ersti itched small one trying to 
cop ■ with a high proportion of 
tourbr-. 

Sabena. bein" Belcium’s 
International Airline serving the 
EEC capita!, carries a higher 
proportion of business travellers 
than any othcrairlinc. 

. Couple th is experience with a 
network giving -an almost unrivalled 
coverasc of Central Africa, and 


“Sabena has some of 
the fastest connections 
with the Middte and Far Eastf 


some of rhe fastest connections to 
the Middle and Far East, anefynu - 
can be^n to understand jnst bpw , 
Sabena can answer business 1 
uavdlers’needs. . 

Take Brussels Airport for 
exam pie. It is just a fifty-five minute 
flight from Heathrow, yet despite 
the proximity, the contrast could 
hardly be more marked. The sheer 
calm, comfort and efficiency of the 
compact single-terminal Brussels 


.airport makes it one of the‘most.. 

■ civilised in Europe, with e\'CTy ' 
.facility for the business traveller? 
'.dose at hand. ‘ . 

-Such as rhe Sabena Business ^. .. 
-Qnb,''with its office^ ontererreeand 
lounge. Such us the 1 st class lounge. 
Such us one of Europe's finest £ 
duty-free shopping precincts. ‘ 

The com'enicnce doesn't jasc 
stop at the airport. For Brusseb- 
. bound travellers there's the Sabena 


is one 


in 


» 



Sjbexa’ifim-clcv menu a IHgtiy tauJ. 


—-The second royal - decree~ About half of SAMA’s foreign 
which is required for transfer Investment ia believed to be in 
under the terms of the budget— the U.S„ mostly in short-term 
cal!: for the transfer of Sflbn government paper equities and 
to the general budget account. ' bonds. 

li has always been held ffiat Tb e original document for the 
since Saudi' Arabia's .badgetysurr June, 197S, budget _ called for 
pluses a're‘^ihc-stiydenominated expenditure of SR145bn against 
U.S. .dollars, the'Kingdom zs an- projected oil revenue of SRI30bn 
likely to draw on. them because'—the first-ever Saudi deficit 
of the possible effect on interna- budget. The revenue figure was 
tiosal confidence, in the'dollar;'based on average oil production 
which Saudi Arabia has pledged, of Sni barrels a day (b/dj and 
to .foster. ,. f : . constant oil prices for the rest 

It could ! also further\ reduce F ear - 
lee Kingdoia’a purchasing poweT However, at the Council of 
tiupi«h i its ; esU^tibg 1 tthlfar Ministers’ June budget meeting, 
codings. . 4 . : the expenditure figure was cut 

In its Mav sta tistics , the Titter- ^ SR15bn. still leaving the first 
national Monetary Fund peai- notional rise to expenditure for 
mated the surpluses invested * our - ear£ - Expenditure had 
abroad by the Saudi A«M*n b«en consistently put at SRmbn. 
Monetary* Agency; (SA3IA);. at . Saudi sources said at the time 
S5l-3jbn. . LongeMenn.. assets that the Cabinet had shown con- 
would make; this tots} - consider- cern at the size of the proposed 
2 biy higher. : -.deficit because of the continued 


slide in rhe value p; the ^oTisj" 
and the iiugpfasness '".<& : rV 
world cti market.' -Wuas-ihe. 
board cuts .to. .^ppropriatiocs 
were ordered. 

In fact, Saudi. oi!,,p^oductioV 
since June has stood >?eU short 
of Sm b/d. Jul} J s Ttodueiion 
was d.Tra h/d. Even a S jw cent 
per barrel price iaerpaie. a; jfae 
December OPEC meetme will 
not alter the "piastre; sub¬ 
stantially. '“i - 

Faced with the danger cf a 
large revenue 'Shortfall tor-ttie 
the first time since 1973. the 
Government has . tightened- its 
belt. For instance, appropjricF 
lions for the ZU per cent'contrac¬ 
tors advance .payment^ fa~Ah’e 
$400m Abqaiq-Yunbu. pipvlfne 
were heid up for two mdathsi 

In such condition.-. U ..if- -hot 
surprising that The Goverr^nent 
decided that tine qas gatherCg 
project should be given .arcees 
to a separate accoant. 


POLITICS IN CHINA 


Troubles past and present 


BY COUNA MacDOUGAUL 




CHINA'S NATIONAL DAY next and. three others), the weight culmination, the attempted c 
Sunday should faring out the seems to favour Teng, by the Gang to 1976, 

usual lists and ..line-ups tiiat Li Hsien-nien, the vice premier resled on arming the 1 worker*' 
reveal Peking's current political who is now familiar to many militia, showed that .violen£e.-»ii 
preoccupations. while China- foreigners as he frequently just below the surface, 
wateners still araup about how receives them in Peking, The Red Guards, who eansed 
far toere is a real split at the top, obviously stands with Teng. most oE the trouble to 
recent posters in the capital while the aged marshal, Yeh have Tong,since been dsipersed, 
sac wed that the old antagonisms chien-ying, is thought sym- exiled to remote rural areas., in 
are .ax from dead. - pathetic to him but probably too 19SS- Mostly students, af .last 

i Wu Teh. Mayor of Peking, and old to count much now. The time ' the F were political# naive, 
'member o: the Politbureau, who mystery man, Wang Tung-bsing, ruthlessly exploited, and com.- 
i rose to his present eminence over who put the present leadership Palely demoralised , by their 
'the heads of comrades discarded in power with his crack troops, orders to attack the party;tulher- 
in the Cultural Revolution, was seems to have moved towards t0 l “ e on ^' arbiter of right and 
:once again attacked for suppres- Hua. with a recent speech speak- * ror,g - Sadder and wiser ‘now. 


an uuuiuiu ___ _ 

- oeneficiaries—and that surprise. There ’te'no~aTOldfnI f v TJ y - a year J by .sn * 11 **®*. 

' includes Chairman Hua Kuo- the fact that Chairman Hua sm£ “^“-eaucated senool graduates 
jfeng—will seem much more planted Teng Hsiao-ptog, and 5K5Li Ca * e w r ?*<*&** 
i expC£ed - Teng is not a foi^lvtol man, rJSSS*,. & , po5t * Cu ^ 

1 Naturally, the Chinese, though Although compromise and unity’ Though ^ -J>ohaes- 

; they admit lo economic and have been a steady theme in the eam oiaiL ^ i^r 
'•social n.-ohipmt ?imc« nvpr i-h^ faro piacw at universities under 

todays policies, most of them— 


train, which whisks \-pu from the 
.‘.ration bcneadi the airportto the 
very centre of Brussels {to Brussels' 
GcntralStation to he precised in'just 
toqult^apd comfortable minutes.. 

So you see just how Sabena is 
racklingihe problem of business 
travellers seriously, to make 
business travel less of a business. ’ 


From ihe heart of the airportja.ibe Heart of Brussels vijust 16 minuses. 


Tiicelefant JWPumrr oftix Sabon 
BuseumHub. ■ -■ ■ 



.social problems,, gloss over the 
i-; political ones. Such difficulties 
; would seem unhelpful when 
i Peking is trying to project a new 
■'.image abroad. But there is 
! plenty of evidence that they 
■ exist.. For instance, to early 
; September " the authoritative 
j voice oE the People’s Daily 
i pointed out that some' , *counter- 
' revolutionaries” were still 
“ endangering socialist undertak¬ 
ings and the safety of people's 
lives and property.’* A few days 
j later Peking radio referred to 
: the “real and serious danger" of 
jttae “restoration of the over- 
: thrown classes.’ 

' Provincial radios have kept up 


SiliENA 


belgian world cu 



Sabena to 


China is still straggling 
to sort oat the bitter 
legacies of the Cul¬ 
tural Revolution up¬ 
heavals, but already a 
new problem looms: 
that of rising expecta¬ 
tions as the people 


and that means many'niiilio'n'!^ 
will remain a constant, source of 
discontent and friction. • • 
Whoever leads in Peking J is 
going to have to face these, rest¬ 
less masses. Teng was well-known 
as a hard-liner in the-*950s/and 
his current approach seems to be 
to frog-march China'-'; -ftto 
modernisation. Only the orher- 
day an economic ' minister 
reported that docking stafftages 
(by nearly halfj had been*^Won¬ 
derfully effective” in - raisins 
restaurant standiuiis in .Tanan. 

apply tbe 
across tin- 


la steady barrage all this year 


wait for the 

port-Mao Govenunent ^mSSSST^ ^ - 
to fulfil its promises Of r-V str %-- Arbitrary punisbaieat 
jagainst supporters of the Gang a better life for all by scenes to lhc'more SdS 
!°L..l 0U u r ;„ 1985. cities. * - 

Much will depend on how far 
Peking can fulfil] ih e expectarieas 
it has already raised. Even, today 

to abactor is not the dismissals Press since the fall of the Gang, endure Te°rapo-ar- "as 

>■»■■ h.« top peonifr’s Tiativ ..m wriupo.arj na.asa.-p 


officials have been dismissed and 
denounced. Tientsin's top party 
‘official w'as sacked in July, 
: Hupeh's in August. The surpris- 


Ma Brussels to South-East Asia. Ask your travel agent 
to check the Sabena schedules: youll be surprised to 
find how quickly you'll get there... and backl 


; (both places have been hot-beds Peoples Daily has also said long as th^^overomentcS ‘be 
iof trouble) but the-lapse of ther f. ““ some old scores it seen to he deiiverimr ibe go^s- 
time between them and the fall would be wrong not to settle. Implicitly, Peking has 
of the Gang in October 1976. Lower down the hierarchy, the a better lifcftS HiSSPv' 

Tientsin and Hupeh are'both the deadltor forT«»;' 

very important politically and hark^nrn nn^tfn^nf 118 steadl3 5 P let ”>n of the extensive Bsf-of 
industrially (Tientsin is China's influence The^e - an S P ?Dt t imd ref orm of agricul- 

third largest city and Hupeh T2S2* fiwne ? ^ wa i c ? are to set China ra 

province is the site of the huge Lovermnent to * Sp M r j? ad 10 Prosperity. Baf.it 

industrial conurbation of rhlS^SSL,!“|?5, 1 c ? 50s ’ when already seems that this. two-. 
Wuhan j. It is striking that Gang with thp^wh^' 130 ; be finished ^. ' 

supporters should be Etrone ?t 111 a rl- VVilat Wllr happen’ u .tke 

enou°h to keep their jobs for popul ®y on thankful for peace at Chinese people think thev have 
SSSf two yea?s after toe fall any P a C -' C ? e wonders if t*W be ^ n misled yet aeato? 7 "'' 
of Yhe Four* j£ e Quipped to navigate the ^ One incident provto^’ i 

’ > ■ ^oals ahead, faced with a much During the summer a 

F undameotally, the Chinese more demanding people and a went into a shop In.' i W:' 
are faced with two sorts of poli- more ambitious modernisation industrial town *-■ rbiaa,-^ 
tical problem. One • is the programme. important railway' juMtioa.' 5 ^ 

antagonism between those who After all the troubles of the was the scene of bloddvJ’actiSHial •: 
were for and against the Cul- Past 12 years it would be no fighting in the CuItoraL " 
rural Revolution, which is wonder if the. Chinese were dis- tion and riots in lSS 7 aIS - 
Nearest at toe top but seems to 'Husioned and resentful. Officials looked around he nntfrtd a . 
run all the way down the certainly are afraidIof identify- foreign wntch. identi,Si:»>OT e 
-erareny. While it was often a jng themselves with any policy he was wearing. 
rase of haves versus have-nots, at all in case the pendulum that?" h e 
:t was complicated by the webs a 5 a,n hack to the amaaed to heart** Mice: “tfe ' 

of personal a LI eg lance that bind jjjj- They have seen it all Government’s^mkinc ^ lotV' ' 
Chinese to one another. The before, several, times. profit” he SSd mS irftfS- ’ 

uiher is a restiess and politically TJe violence of the Cultural of that outside China ' 

confused population whose ex- Revolution caused havoc which At that top L.™nis 

pectations are higher than they ‘ s IfP^dly recaned as hardly interest-from the^tS^d^ 

have been for many years. » now w ^hout news turned to a hieSiiSSiteS-"' 

In toe top leadership the dif- SSmSSS ?TUSSPVT “ ^ 

Terences are gradually becoming families) who died e ^ ust as a mitti-riot-SPfe'® 1 - ' 

more clear-cut though they do somely, to 1967 or’ p< 2 n ^ of ^nipting; ". 

not yet appear to .affect. policy. handTof Gangiup D ort^ St the «^^nd%lpsefftg;-, 

subtle variations sn line have The middle 1970s tn* , shop and hustled toe foEeigtt?:.. 
emerged: Hua stresses politics troubled years when absenteeism to? y 'ir,« If an ^ie rema^ 

and Ten? stresses work. On the was common; crime 3 and hS nfialed Pnce Qi. Y&t&P. ' 

^u«ry's top., policy-making markSTweS run by l 5L£5S E±, ces ^ kind of- '. 
body, the five-man .PoUthureau from communes and indSf™ of ww. »rtqg..: 

standing conmuttee (Hua* Teng flourished as never before. The imagined 3 ex P«ctatio.of,- i Ma 




.. • S-- X'-v. W; 

1 .vt gsfeZi 


1 &r*X'- i I 








aria; 


aneial Times Friday September 29-1978 


AMERICAN MAYS 


c 


f 


lit*. 


arter concerned at sharpi Emergency Senate committee approves $23bn tax cuts 

••T »V»A\TA An _ 


move on 


• TT T • ' J t w VII 

$es m U.S. mterest ratesi rail strike 


BY "DAVID BUCHAN 


WASHINGTON. Sept. 28. 


audl 


-JOHN WYLES 

v©ENT CARTER has ---- 

Sissra isms ps pri me rates 

He ha? suggested that 1 ' 

feat policy initiatives on’ [ 

Epprices and wage:* front wi- 

**§ 1 : lessen the need for them 1 I 

nSs* higher. 8 I Jj 

‘ President's remarks V ' j 

Stride with a general move by a‘ H n r-k— 

359r*rnal banks Jo raise their V/X f 

rates from 91 to 9J per 7 -..if jtlL, - 

•s ; wa« the «eeund i per cent — « / -»-— ——— 

lo UA prime rates in ten . I 

and reflects Federal Reserve -*«—,i. 

'is in the money markets io _3B—ffi. 1977 - 1578 

up short-term interest rates. 0 f trying to control the incessant 
■ 3 acl of Ihe Fed's moves has selling of the dollar. 

such that economists It remains, to be. seen whether 
n that the new prime rate the President's reluctance to 
erely a temporary staging countenance any further tighten- 
en route to a charge of ing of credit has any impact on 
jr cent. the Foreign exchanges. ■ 

Paner made ir .-[ear HL» remarks appear intended 

.'y C tbat he feared the Feds 10 ™«ind thp Fed that Luorar 
- it tightening or credit in- * L"*®"** "jLBfSTJHk 
*d the threat of a general 

Qmic recession inflation, it soon will be 

Dm ic recession receiving significant policy sup- 

e .Administration was voic- port from the Administration, 
'■imilar concerns early in the This is mainly expected to lake 
iter when rates were signifi- the form of voluntary wage-price 
ly lower than now but had guidelines although the President 
■ared ready io swallow sub- said be was still studying policy 
j^ent increases in the interests options. 

Few differences’ in 
strategic arms talks 

l\ OUR OWN CORRESPONDENT WASHINGTON. Sept. 28 


NEW YORK. Sept. 28. 

He had told his economic aide* 
that he wanted to move “expe¬ 
ditiously and strongly." 

The new policy, coupled - wiibi 
further moves to reduce pro-! 
jected Federal Budget deficits i 
“might influence the Federal] 
Reserve not fa raise interest rates 
further and eventually lo reduce 1 
them,*' the President added. | 

“f think interest races are too’ 
high and T would hate to secj 
them go any further.” j 

Ho indicated he would not 
spend time courting the support) 
of business and organised labour 
for the tougher wages aod prices; 
policy. I 

But he hoped there would bet 
enough public support for a i 
sharper attack on inflation. .{ 

While a host of banks were! 
raising prime rates to the highest 
level since January* 1975. it was 
learned that some were also . 
raising broker loan rates to 92 
per cent. 

Meanwhile, latest money supply 
figures published by the Federal 
Reserve hold out little prospect 
of ah early easing of credit con¬ 
ditions. 

Ml was up by ¥800m irr the 
latest reporting week and M2 by 
Slbn. Thus, money supply 
growth is still running ahead of 
the Fed's target. 

• The Senate Banking Com¬ 
mittee has approved legislation' 
authorising the Treasury Depart¬ 
ment to sell gold in one-ounce 
wafers. The Bill now goes to the 
full Senate. 


■ By Stewart Fleming 

PPFUin^r^ rAPTFR eP mnvnH i larfier ^ J hat passe< ? by more, relief to " 7 capital gains for ihe* Senate Committee BiH —■father than a BiH he considers 
fwifu ID tod!X to C f R - T tn rh 2 ' HouSe ° f K * pr£?spntaUves bul holders: contains a number of traditional bl ^d towards the well-off. v , 

hSlJSnwn in rail a Icn.ttS! also C00talBS ca P nal S ains It is ihe eomposition. not the special interest amendments, in- i n fact, ihe Senate commiHee 

5SSE. n hi noin u tbJ of 83bn that could lead to a veto size, of the tax cut hill that eluding lax reliefs for horse has been more generous than 
into industriafehaos * ' S ' by President Carter. worries the Administration. Presi- breeders. Maine and Arkansas the House in the amount of .tax 

into industr at chads. ! > dent Carter's latest tax cut pro- chicken farmers, and a Sun tax relief it -would give low—ud 

In the wake of the breakdown. The Senate committee> version. , caUed for relief of gaobn cut for Texas International Air- middle-income Americans, -par- 
he bad appointed an Emergency: which is due to b* debated by Qeja _ a flyure about haJf h^es. licularlj in the S10.000-S40!000 

Board to investigate the dispute, j ihe full Senate next week, in- tfa y between the House Bill and Administration economists salary range, 

he announced at raid- creases from oQ to i0 per cent that voted by the Senate Finance consider that inn large a 'tax • The U.S.-Treasury denounced 

afternoon Press conference. jjj. aU l 0W thl ° V Committee. cut next year would be unwise the tax Bill as unacceptable 

be other ^BWpertv that is JSjeet Treasury officials were today if inflation is to he mastered. because of its costs in Kars 


THE SENATE Finance Com- Yesterday Mr. ■ Michael Blumen- have to trim its tax cut Bill, warned that he would rather 

mittee has .approved a $23.4bn thal. the Treasury Secretary; because it. is already over the have no tax cut at all-even if 

tax cuts for next vear The Bill warned the Senate committee- S?2.9bn ceiling Congress has set this were politically damaging 

iis not only nearly 50 per cent lhat he wooId recommend Mr. for ne.Tt years Budget deficit. in the run-up to the-November 


Carter to veto any Bill that gave That should not he too hard, mid-term Congressional elections 


Appointing ibe board, be said, suph 38 tb e sale of shares, or 
“will take the railway workers °iher property that is subject 


in, mM , i0 „ i * in w ««* wi1 - in 

followed moves yesterday by Mr.{ 

Ray Marshall. Labour Secretary,] • TR Jg f 1 R 

lo end a two-month strike at the i Vr| 11 Yfl AP h C i 
Norfolk and Western Railway. { lflUl UUvll 5 1 

On Tuesday, picketing al lines | 

which intersect with the IB-stale i g y o ur Own Correspondent ‘ 
network of the Norfolk and; - 

Western had brought two-thirds j NEW YORK printing union New 
of the nation's rail system to a leaders claimed today that the News 


House Bill. In any case the Senate 


Murdoch’s exit helpful, print unions claim 

By Our Own Correspondent ' NEW YOKK. Sept. US 

EVV YORK printing union New York Times and the Daily his best efforts to encourage a the demand for a new contract 


Disruption lo the nalinn'.s rail. M rf K .. v vart Pn«i from walked out at negotiations -Murdoch was " upset after rooms. J-Oion leader-, ilaim that 
network cased somewhat today,;Murdochs New xork Post from vesterdav afternoon, claiming Tuesday's meeting. Mr. l,, c Post- which has been losing 
but the continuation of the dis-!i oic d- negotiations bad enhanced - thal they could not accept the Murdoch's lawyer. Mr. Howard money since sir. Murdoch bought 

pute is threatening to halt large {the proopecis of settling the development of a mediatmq rule Squadron, is said to have it nearly two years ago, has been 

sections of V.S. industry. . 'strike - by newspaper print for Mr. Theodore Wheel, who was attacked Mr. Wheel's rote. “The taking the hardest line in negn- 

ToUay. the 24-hrmr noon dead-, u- or kprs which ha«! now lasted appointed as an observer-adviser publishers then went into a nations and that the other two 

line which Mr. Marshall hah lm- !“'« *,S Ibe Allied PHnUu' Trades caucu,.“ said Mr. MaeDooald. *" “»« '**" f " - 

posed on-the talks passed with-; “ „ Al “ Council. Mr. Murdoch, who h, and when they came back, ibe settlement, 

out agreement being reached. j^ r- Murdoch was warned by Mr. pre sident of the New York Pub- Times and the News said they - - ' 1UV tue-vcc 

• President Carter expects the• George MacDonald, president of iishers’ Association. was would conunue to negotiate on u.a, uuiuraw) WClWk 
House to act quickly to approve I the Allied Printing Trades apparently unhappy with Mr.. th^ a F 0 U J 1 . d ru, « ^reed , for r ourt order - no „. -i ection of 
the Natural Gas Deregulation .'council- ( which cavers ten Wheel's arrival on the scene two Khcel—and Ibon the Post walked v c ? . w . 

BUI atready passed by the Senate. I “"g. th "tfu... .1 weeks ago. but it was thought that out." Keimecott directors. Westing- 

Reuter adds. President Carter I ttrnonsj^that he was unlikely to j n Washington on Tuesday One of the factors contributing house, uranium settlement 
called the passage of the Bill! wiji a -nioire iavoura.ble settlemeiil ^ ad produced a general agree- lo the length of the strike has imminent; earnings decline at 
“courageous.” . ' by parting company with the raent that Mr. Wheel could use been the publishers* unity over Del Monte—page 28 


Rupert Mr. Murdoch's representatives 


settlement. 

Mr. MacDonald 


providing for a significant reduc¬ 
er. D°n uf manning in their press- 


U.S. COMPANY NEWS . 


Court orders new election of 
Kennecott directors: Westing- 
house, uranium settlement 
imminent: earnings decline at 
Del Monte—page 28 


FKRENCES dividing the 
. and the Soviet Union over 
iw"Strategic Arms Agreement 
e narrowed constantly over 
■ past 18 months, and ace 
iw quite few." President 
ter said today. 

• e hoped to conclude a new 
JT accord by the end of the 
r. 

he President was addressing 
mid-afternoon Press confer- 
e as Mr. Cyrus Vance, Secre- 
r of State, finished a second 
of talks on SALT in New 
dc with Mr. Andrei Gromyko, 
del.Foreign Minister, who is 
d due to see the U.S. Presi- 
»t here on Saturday, 
ifr. Carter's remarks seemed 
^ underline Administration 
timlsm that the latest top-level 
ind of SALT talks this week 


might bring the long years of 
negotiating very near to.fruition. 

The aim is fur a SALT II 
treaty, lasting till 19S5. and 
replacing the SALT 1 agreement 
wbich formally expired last year, 
a protocol governing certain con¬ 
tentious issues like the Russian 
Backfire bomber and the U.S. 
Cruise missile and lasting for 
a shorter period, and a set of 
negotiating guidelines' --for a 
possible SALT Til treaty there¬ 
after. . 

Certainly. Mr. Carter is now 
better placed in domestic 
political terms to sign ; a new 
agreement with the Russians. 

He is still riding high'.on bis 
Camp David diplomatic coup and. 
for the time being at least, ten¬ 
sions' between the two - super¬ 
powers have eased. ‘s 



im 


ROSPECTING IN MEXICO \ 

PHot on the oil trail 

s 

down in Tabasco 

■Y WILLIAM CHiSLETT. RECENTLY IN VILLAHERMOSA 


' 3KTUNE SEEKERS rtminis- 
: -nt o£ those in the American 
aid Rush are flooding to Villa- 
urmosa, the centre of Mexico's 
sresrve off production, and 
-pital of the steamy, tropical 
ale of Tabasco. 

- Only a few years ago. before 
I was discovered in the neigh- 
- Turing states of Tabasco and 
hiapas in 1972. Yiltaherraosa 
as a quiet backwater, famous 
■r its Olmec and Mayan 
ensures which lay hidden in 
ingles for generations. 

Now.it is a booming city, whose 
. opulaticra since oil was found 
-as'tripled to around 300,000 and 
hose cost or living is among 
le highest in Mexico. 

Hotels are always full, prosti- 
ltion has boomed, and 83 flights 
week use the small airport, 
-ae runway of which is so shorr 
.nat aircraft have to turn round 
’hen they get to the end of ii 
.1 order to taxi back along it 
. 3 tiie airport. 

Oil has pur Villabermosa oo 
he. map, forcing it into the lime- 
. ight as the saviour of the 
. ountry's dire economic plight. 
<ut it has also led to a lot of 
iKContent among the local 
tebple. Of the lm barrels of 
rude and condensates produced 
i day in 1977. 7S6.63R came from 
hi? .southern zone of Tabasco and 
Ihiapas. Of the J 6 bn barrels of 
woven reserves in 1977. more 
han lObn were es-timated to be 
. n the smith. Dailv nroduclinn 
'here is now over soo.onn barrels, 
ind proven reserve* have ynne 
ip from ISbn io ^Obn barrels. 

A* a result. rh*> Government is 
Bivinc toD priority to oil. with 
it 5 vast fore'en exchenve enrn- 
mgs polen*i»t. Petroleo^ Sfexj. 
wnos iPEMEXl. the state-owned 
p*l comnanv. i* trying to .“ej ai 
lly. nil as qnicklv a? po«rihlp. 

Half the neopie in Villalicr- 
mosa are believed to come from 
’ other states: one unofficial esti¬ 
mate puts the Tiirmher of people 
.wlio depend directlv and in¬ 
directly upon PEMEX at 48,000. 
In the struggle to get at * the 
oil and the associated natural 
gas—in a climale which . goes 
suddenly from sweltering- heal 
to downpours of rain—-the com¬ 
pany has earned itself h mixed 
reputation. For the 7.000 people 
■who depend directly upon 
PEMEX there is excellent money 
to'be earned, but for many local 
people’ log petrolercw have 
brnueht trouble. 

The rivers Usamacinta' qnd 
Grijalva, which wind sluggishly 
down into the ”ulf nf Mexico, 
look distinctly unhealthy. TroDi- 
cal animals that lived a*ong 
t h eir banks have vanished, it is 
claimed. Demonstrators came lo 


Villahermosa recently from 
Mecuacan. where.-1.5C0 families 
live off oyster farming. .They 
waved blackened, dead oysters, 
complaining (bat oil spills bad 
ruined iheir livelihood. 

PEMEX denies causing pollu¬ 
tion. but last year the Governor 
of Tabasco set up an office to 
deal with, complaints against it. 
which include arbitrary' seizure 
of farmland For oil exploration, 
polluted water killing cattle, 
and fruit groves being hacked 
up to lay pipelines. Complaints 
are reportedly numerous; in 
some cases complainants arc still 
wailing for compensation after 
four years. 

• The money which PEMEX. 
offers—it is common lo be paid 
four times the going rate for a 
job—bas had the effect of push-, 
ing up prices steeply. Food is 
more than 30 per cent more ex¬ 
pensive in Villahermosa than in 
Mexico City. Land prices have 
also soared. One plot was bought 
for 450.000 pesos in 1972, aod has 
just been valued at 5m pesos. 

"The place will be a desert," 
said the former tourism delegate 
in Villahermosa. "After the oil 
is all gone, what will be left ? 
Nothing. They are getting at it 
regardless of the cost.” He claims 
that witk a more rational policy 
PEMEX could net at the oil and 
still conserve the surroundings. 

PEMEX faces problems just 
trying lo keep up wiLh targe* 
dates and abreast of the new dis¬ 
coveries of crude and. gas. The 
largest gas processing comjtiei 
in the world is at Cactus, over 
the border in the state of 
Chiapas. Intensive construction 
of new " sweetening " plants is 
going ahead there, to remove 
the high sulphur content of the 
gas. It receives gas from all the 
southern region, and there are 
now eight “ sweetening " plants 
in operation, with a capacity of 
900m cubic feel a day. By next 
month the capacity should reach 
1.4bo, and by next year, when 
four more plants are finished, 
2 . 2 bn cubic feet, a day. 

Five hundred tonnes of 
sulphur a day are produced at 
Cactus: by 1979 it should be 
1.100 tonnes. It is 99.98 per cent 
nure. and last vear thp first ship-. 
monr. of 20.000 lonnes, went to 
Soain. . 

Last month 8.000 barrels of 
liquid sws a dav started to 'he 
produced, and the plan is to 
raise-nrndnation *’ , 'nn to 100.000 
barrels a day. PEMEX has 150 
oil wells in ooeration in the 
south and 60 exploration, rigs, 
with a success rale of 70 per cent 
Lony-term success — and the. 
effect on:Villahermosa — remain 
lo be seen. 


Ordinary family cars no longer come at ordinary low brake fluid level and disc pad wear. And you can have a name that standsfor the very 

prices. . You ean seat five adults in luxury, with fitted best in Italian automotive design and engineering. 

So it's good to know there's still a range of very carpets, thick padding and sound- insulation and By now, youre probably quite anxious tu know 

special saloon cars at prices that compare most separate heating and ventilating controls for rear where you ean find such a car. 

favourably with their not-so-special competitors. passengers.' Go along to your Lancia dealer and ask lu'ui to show 

•For between £3,457 and £4,6SQ'f you can have a You can surround yourself wit h safety features you a Lancia Beta. 

1300cc, 1600cc (as shown) or 20C)0cc twin overhead . like 4 -rigid steel safety cage and front, rear and side The last thing it is. is an ordinary family saloon, 

cam engine, 5-speed gearbox, front-wheeldrive and sections designed to absorb accident impact. ., T 4 TUPI A 

a lot of excitement. You can have an 18 cu. ft. boot for your luggage with | j/\ ;| 

You can have independent suspension all round and low-level sill for easy loading. /Uf *“■ * | • 

servo-assisted disc braking on all four wheels. A full You can have interbody cavity injection and . J|0 JXlOSt 1X311311 CSC 

array of instruments, including electronic rev underbodv sealing to fight corrosion and a full 12 Lancia (England) Ltd..Mpcrton.Middlesex. 

counter, oil pressure and early warning systems for month warranty. Tei:0i-998 5355 (24-hour sales enquiry service). 






' ' V' 


WL1&L&&■& 




The BetaSaloon Range: Beta I300-S3,457.3$* Bela 160V (<is illustratedl -SA.015.44: ttcta2000-$A,2S4.54? Beta2000ES-Z4.680. 

* Prices include VAT at 8% and car tax, inertia reel sta! belts ami delivery charges (UK mamlandh bid exclude numberplates. Personal Export: If you arr digiNr In pm chase a Lancia free of hues, contact owExhol Department 


Where to see the Lancia Beta range: 


Banzer is envoy! Nicaragua war 


7 BUENOS AIRES. SepL 28. 

: THE NAMING of Gen. Hugo 
-Sanzer. former Bolivian Presir 
dent, as Ambassador to Argen¬ 
tina by Air Force General Juan 
'Pereda,- who deposed and 
replaced him in July,, is seen 
here as further tightening ihe 
circle around Chile . . 


PANAMA CITY. Sept. 281 
SEVERAL HUNDRED men who 
volunteered to join rebels fighting 
President Somdza's forces in' 
Nicaragua boarded buses in 
Panama City for an undisclosed 
training tease yesterday. . / . - r 
General Somoza is “making 
plans:.to meet opposition leader? 
after setting free seven of h« 
political opponents, 1 ' 


BNULAXD 

• (tfmwctf Il'rifiun aimpie Shi 

lW:06S53i(T 

Ashford Middsi: LaJehritn Uanw. 
ia:i)S430Sl 

Ajleabmf: Medio* Upton, 

‘ ‘lt-l.-IUM J-l 53-5 
Bamlnirr H’bhc How U-irftRe. 

' TtLO-JUSjtfTaj • 

Rartlitf K-A.Gnnii.ieaW € &*n- 
■W:0l-i!M 

BteioRsWkKrViverLftJiLre. 

TW:0-5&aKW 

Balk Jnti Marph fflaiii. 

Tol:Ua53l8JTI 

Bedford: Oa»e V»U w Aid ion. 

Tel: il±H SUM 

Bioxle)^ Ji isru All ii»ik 

TdiHUdl-iU 

Tel: 1 *4“ IWl 
Bludfonh Eoi’ik-oi i5|*tv» w. : * 

Bollouforkerr i»f M* 
Tebfc!0J313t3 * 

Baanwooth: Mmleni Lidu I'lir*. 
Tel:iat!^WO-l 

Bri^itoa: Keen & Bwif lSho»b«nu 

T«fc979!7tfl®S 

Bristol: limiifltnud Car 1 L'liliuta. 

TetK172STI , . , fl 

Bmrnkr-^i'nraad iBroralei L 

Bweus Bill: I'Qlcrs 
■JVk044AS434Jl 
Cufotidce-'WaDU £ Sob. 
TetftiSfiSTffl . 

Care forth: Ciiartk- OaiCf. 

iTiMKjgiiJi! £ Sin rda. 

Ttta34i3SJ >. 

OwlisBlm: fiKiodoo Road Serviea- 
Siaiiita.-Ty:K:«32Jfi7 
Chester R«1 Rose Hiiim. 
TU:1tiU3UiUi ' 


CUrttester Swmi iforapf. 
Tel:dSt33r.t , 71 

□ nthorMs: iJ^bnri 

Tct0172S0.Vj-J 
Colcberten D-S-iliorw 'Jars. 
TetiKM«4Sr. 

DeakamDfohiun S.-n «• f-miinn. 

Oertr Mari ITiri-tanl U-ii'-r*. 

Tdi 0332 Kiati'J ’ “ 

Domcmstm ^primraoU Wniorf.. 
Tei:tUiesSJii74 

borclw«ter: Ti.-e £ Kuruin. 

TU: 0305 67-111 

Dnihaa: Cn4dals Serruv Mainm. 

Td:Kl»S»UbTl 

ExbohiL' BiBToulij Ciangps. 

TWjiKpajTsas 

Farrium: HasfunK 

■M:03a2ft»l1 

Ftlt/mtoiKZ J. l>. 

Forest Bcre: Sinimlm'liareff*. ' 
TetoMassiasa . 

(Sttucfcajs: Auio.'-acfcu 
Tek MahfBT 106^1 SiWGI 
Glonresten Waraew Moion. 
Td:04G3«30OT 
ffoDdfoni: PutlwLv 
ti*04«SU751 

UelescoftelSutfulkLKuniiaB KJnoiun 
(■«s.Tr],US8673«i; 

Haznqpde: Atkinson's MoinrOalrr. 

TW:CMaSSSiil 

Hatfield,- fJL Wsy Autos. 

TekSOTtHS 

Bmfonh W(r IxhUik Service Station. 
W:W»27S«4 
UiodteuL- Polar^ at GrayslwuL 
- TAM’JSn-VWi ' 
HuddRafirid:LocVwnQdMril>irliare8b 
. TefclMStJS-Ut 
: late of Wi)dl: Ryde 8WMt- 
Tel: 0983 GMffl 


I pswreh: t«> i f i» stun. 

'IctvtTa 7077 
Kenihrorlh: Uillar Bo«u 
Tel-u:*J6 . 

KrOtrinjp tlrourfitim U»c>n>. 

Ti-l.-UiW7.WCat 

KiMr rmlarrirr: Colimiri- fK-p-rt. 
T<rt.iiad3ifK:il 
JvinEsl4M;HiH4 0?t»w. 

LeadwTIwtiers rJ" 

Tel.a»^s^t1]fi-' 

Letrcsicr. Thurnliy 
Tv-tu.wa 1J2MJ • 

Uacele.-Rj-canlo Rmilmoi. 

Trl: 052*31735 . .. 

Liverpool: &d*nn £ Sunn. 

JWrtfal ISP-tOl 

NWS: KjrbHntKajghi litre. 

1.1: ni ^JS 7?n 

NW7; Maonrc Frascr.Trl; Ul-H.'-f UWt 
SKI: VValHoH'ttrriHKc. 
Wfoi-xanffl: 

SEn-.lStTvvrtuolyi D.B.Autus. 

TW:UI-7r.SS»- 

SWlslMerWolTendea. 

■hrtoi-wwvws • 

SW7: iSen kr oob"! Ruben Patrick 
* Paru»ri.Teh M-373 rOOl* 

SHIV: Leo StmUkk 0J -37U-HM 
SWIfc Ivor HillTphOI-yJti r.5Sii 
Wl: Puruoan Garww.Tel: fll-HXv .VI IS. 
Wi;Tbe tVqosred Flae 
T-l: 01^995 tilt— - 

WCuSen in- ..oilylCliitHiead of 
Kerwin»flrtH.T<4- iq-749 731*7 


MaUnhcad: Urha Untor Go. 
1V-): ObS J2S00 
M anclicster Sp»na Motors. 

3U: Mi 1313335 


Mansfield: Rec Ihreu. 

T. 1- 'itl'jj sj.w.ti) 

-Newtaslle-upoii-iyiie:Jn in* M»uns. 
TiliMJTUni 

Northareptnn: Br<4bdii.rfi U..l».rw 

Tifcmuu ssr.c 
NoreMi: I'mnior U-iuir ' it. 

’H.iaaci iat:. 

NoUundiam: RijrkiK-U Muu-ri. 

T.-l Inin 77 mil 

Oxford:-J.n.KjriJav.' ’ • • 

TeL WUh 3W*fd 

Paimofc: R>-ip-rv OuvHir. . . 

T^l:i«n:i:.*6-jat 
Pancboarw: Aouh-otv. 
T.-iu7.ir,;:uxs: 

PeierSorencti: iVirttmn'Ujdi’AuiiA. 
TiLvrtiiaim 

Plsnautfa: IL Harper. 

TH«7527:iti3 
Romep RidR-i ill RiioLsi-y. 
T.I.uVJj.'.jaiiC, 

Sc AKMvwefoKi -lurch ft. tail 
idnttfL-.TH-irSX 7M«5t? 

SL Ives: Uu^.- V:dJej- M»iuk. 

>L nj.su di.il 1 

Jl. Leo turds-ou-Sra: StuHwrficH^ . 
imraai-.Td.iM&ll8«4l 
KearbomiRta: Mlskln t Knagiw. 

TteejsMH u 

Sheffield: Mach on Bank MniurCn. 
T>4: (1742 SSPilt 
Sbeehonr: Ould> UsmuPK. 

Tvhesas&i 3SU 

Sonihunpuja: Mudrm Lidu Carr. 
Tt^: IITIWJL'iISS 

Southesd: Thorpe RjyAmnptioL. 

TW:ii7fc3v«aKi 

Stautcd: The SuumVed Mohe-Co. 

Td.0i7s8l3RHS 

Siocktawa-tka: (riiun ti Roy. 

Tel: W42 55154a 

Stokeoa-ltnU Wi ownve £ Ryle* 

(Hanley.i.Tvl. 0 Vttt iOil 4 

Strelfonkon-tee v Millar Bros. 

Tel: 0733 68636 


Sinndon: lin k L,..c» .4|i*oulri.i. 1 irv. 
7i-|. *7WI.-!7s7*. 

Than ion: I.Sjiirk-i. 

T.-l 

Telford: Vri.V,-hi 
iHlK'-f nj«(.-.| 

Thefdnn KoU: W>«al £ Knifing. 
r.ixmsri:i 

Tram: I'lunnv PUilv<?.wiim. 

T.-l. dr.7 : 1 A»;_ri t7 • 

TbabridRe ViIIk 'i.B.Tunl'rulp. 
Ti-L-MeUi :f.!l I 

al laser Xe a VSflutnun • ianurA. 

Wallinsttm: Jai* liw.' 

Tel: Hi-WT14"! 

Wannineien.I.-m Mnr.h. 
TW:«W52H7;7 
Wejbri«ter: T»nv RMr. 

T«>1: BylWi i91l 4:C«jl 

BilmslMr Wiim-k'i* Muiurh. 

T>.l:n«lfi4"7:iSS • 
ttlndwr. Ili-lla Motor to. 

Tel: 95 n'lTOi 

VTitnev-. Hni«..nv of Haniiumndi 

T.'l:nwi3.tU<i»17 

Welvertnuaplanil’apit- 

•MnWG-TK‘17 

WoreeaienC1erfcenli-ap MnlMiv h 

T-l;fl!<ii.'>:i.'.lKil 

Ynrfc: PirealiHy Amnt> 0 in?. 

Tel:n»v4:M3Ul 


SCOTLAND 

Aberdeen: Glen Hi-nderwiii Mienn', 

TelrUiJ4 i93Jy 

AjTjfihrn Hendviwei Vlirterv. 

Tri n 2 aL-ei 6 .il 
Buckhaven: R- S.-Nienl £ &>zk 
i Kwh tV«D>s<J. Tel- 0592 7C236U 
Dundee: Pnnu-ra Cun. 

TrlllSW 25 ih17 

Ed)Bbarirti:iil>-n Henderinn Miners. 
Tel: H31 225 SiL'bb. 


Clujfow: | :ii-n llinden^m Mubin. 

1,1 .Mi'M.WlSf. 

Iruiark: M.mv.- nrhl Mulun. 
Ti-i:tc.:.:.a:.s- 2 - 
.Moray: I'.SNr.-hi.li^.n. 

7i-l: «.wrj "l I” 

Peeble»: bn»«rn Bn*s- 
Ti-l.uT.'l 2H.-.45 

WALES 

Cardin* Sn"» <■ ildrac*. 

T-1 U222 21122*1 
l*bmyjiridd: SnnwVi>nraRfl. 

Tvl. Ill 4.14l*2XtklJ 

Swansea: ■ .l^iniii-ld Lawreni-e. 

Ti-l: II792 :Ms::7 

Baierfordwesj: Fail Rep- - Uarages. 
Tid’ iM37 24il»i 

NOKTUERM RELAX U 
Bvlfosl: s'i>tnl> \ * £ f O» 

'1-1.112-12 -111157 
Umaratb- | .-ii*i*l*iid Cars. 

1-1: ilSii 472-STS 

ISLE OF MAN 

Fun Erie: Shure '.iuraKe*. 

1\L mu 4il 2Uil 


channel islands 

lmrmHj:Sl FefwFnrf. 

U-.yli- fiomre.TcL iHdl ‘MK5 
Jersey Si Htlicr 
'■■iMirmLs TJ: 1*534 3735 s 
ttf i/v/fc. Coi.Jmailu. 

7M. Ii.i34 4 3138 


Lancia Cars arc nnly Oivilabtr frtin our 
aiuhunstd sales nauixrk at lured. 

L'si tfletlnrfnm September 1st }P78. 
STD Citdc* art given asjnim LynJon. 





..-Financial Times -Friday September 29.1975 


WORLD TRADE NEWS 


Nissan trucks to be 
made in Portugal 


BY CHARLES SMITH 


TOKYO. Sept. 28. 


Hopes rise 
in Lisbon 
on textiles 


Hong Kong air service to 
Canton likely next month 


Br MELINDA LIU 


HONG KONG. Sept 28. 


NISSAN MOTOR Company has into exports. j 

announced plans to produce a The Sado project will start r-n 


j A HIGH-LEVEL Chinese civil trade fair in Can too, the service 
! aviation team arrived here today will help transport some of the 


EEC delegation to Chini 5 

- j i ■ 

sees ‘great possibilities’ 


LISBON. Sept/'JS. 


PEKING. Sept. -S. : 


for Anal negotiations on the large number orbUBlnessmen and BY JOHN HOFFMANN PEKING. Sept. 2S.. | 

: opening of daily passenger nights tourists expected at the fair. The j 

sv^stsslis 

SSS n ** —' '•SrSu-d *. ™.e n, U 


hqen under production in Thai- The Sado will wm \S10.000 m its, about one-third higher than 15 will be the first resumption in ^ „ „„ . . JSf n in imnlenie'! s '■ 

land since June. pick-up version. : : last year, according to figures Rumours or an impending nearly 30 years or an atr link *?.?_ ed mb “hu» aSS It had also been, agreed that a EEC Commissioniin 1 implenje 1 j 

^The vehicle, renamed the Nissan says it designed the ! released Hong Kong-Canton air link have between the British Colony and ^ SEP* «©■««««* L n fi, lhe J ?f I'Jl e „lKnrlc " 

Patsun Sado for the European Asia car to maximise the. amount ' JU 5JJ , hX5»-h .nth e textile In- periodically surfaced here. Canton. The service will techui- h?mr ^ P ™ 113 and thc n «* ®*C men| - , We can create a fi mdip^d rk* -j ^ . 

market, will be assembled In of local content which could he in Eomoe denretsed particularly in connection with cally involve rton-scheduled between ^ EEC and b«* countries would have its lay down rules on which *£•,(» 

Portugal from next spring and included in overseas CKD ^d lncal indu^alists are Facin ' lhe spring and autumn Canton chartered Hights—at least once a Ch ri£ 3 - d<v , pB . ltinn Df -« ppr ^ meeting in Peking early sides agree. Businesses wi i r. j 
exported mainlj to southern assemby ventures. In the Portu- f n nd J°5?i ^“diSlon a!? labour i trade fairs. . day each way. with more depend- ^S^SSiinSLSn next y ^ ,r * wrate witbm that Jramewoi K , 

Eumpean and-African markets, guese project. the Sado's outer P roductlon * na UD0 Bui this is the first ttme that mg on - demantf^riuce the announced. In addition, the Mr. Haferkamp agreed l iPjij ; s 

The Sado is a commercial panels, shock absorbers, lyres c0 £*- , hiah«.r fi-mr* has' offici3,s rrom the Civil Aviation absence of a Functional Britain-1 sp f°*L°“ r presjdent ^ E ? C Commis- China would expect to . ,di -”\t4P K 

vehicle which will be available and glass will ail • be locally: hv Hie *■ Administration ' of China China air senHLee agreement pre- YJI5 a,on * Mr - R °y Jenkins, would Its exports to Europe in oruijdj; . 

in rnur ivpcs in Europe: as a manufactured. The engine and r- ir 1 ,CAACl - Peking's flag carrier, dudes the establishment of. a ‘ ead ®”r visit Chiba next spring. The to finance the massive import* (S? - 

Pick-up truck, aluminium van. chassis wifi be shipped from p^vT^in^PndVriin ihe! have confirmed the plan. CAAC regular scheduled passenger Jh® r j£^* mre .°L **-JESSf date of J the visit would be envisages—hut be was 
microhus and ambulance. It will Japan. —Portex iSr-jusi ended m Ihej ofRcial , n canton s0 ln an service. . |EEC-Chtaa trade agreement announced soon. about -the range of produc-JS.- 

he assembled bv Entreposto Com- Nissan's Portuguese assembly: ?° 4 C-. " -r Tfi that interview published in the Hong Chinese officials - in Pekine } vh ] c 2„If ,* 8 s,8nad ln Brussels. During talks with the EEC Europe would buy. i_||j ?--- 

mercial dc AuU-moveis, Nissan's operation is one of two in* p 7 j 5 n(C S S s „r nrrfJ^ were- nons-based Communist news- recently told a. visiting British fHLr,E*i. 0 vin.* officials. China has reaffirmed Us “It depends on China's produ,i5g • 

Pmunuese distributor. Western Europe, the other being '°°3nrin™^ l ^ h p f fiiSdav fair I pa £w r ’ Ta ^ ung -? a0 I n k * rade delegation led by Trade f h«?XnH iSSbKtJ 0 !?? acceptance of conventional Inter- tIOn and on Its marketing_ P r i| !' 

Entrcposto already assembles in Ireland. The . company.^®” hLa S « n^ILroft- r-J he r0l,te . W,I 1 flo "' T1 by Secretary Edmund Dell that Kjj nau'onal practices in. trade and sencein Europe," be said. * Th>£j* ; 

Nissan passenger cars for the apparently chose Portugal us thp ^^ h r n !. d ? { ^ vear £ h -." e 5*¥ W M e d # 100-passenger talks on the 9ritau*Cbina civil v financing. Mr. Haferkamp said, i s one of the matters of hi?S 

Pnriucue-ie market at the rate site for thc Sado project^^because If ?J n p. Banj-.i Bnti&h^Tridems^ and^a one-way aviatimi agreement would be re- oatssion c< ^ p ,Jf- d however, that China still adhered priority for expert and delall»? <jS 

nf conic '25.000 vehicles per year, of its proximity to markets where w,!l ® ltfe ihe reLOi U export n„ur trio will take about -o minutes, opened. An aaraemeat was . fn U? ui . to its two exceptions:. it would discussion. The Chinese ha'd^ 

but this will be its first vent-ve ihe car is likely to be sold. ™I rfi«.hir.h ftn Sen- , Apparently to be discontinued 1T, «lated ta 181^ but never. Gh™ s Poreimi '^ade M!w«eri ttot accept •' Government-to- mentioned high-value non-ferrpu^ 

- - - . T 1 * r »if- winch closed on Sc a i the end of the month-long successfully resolved. Li Chiang, Vice-Premier LI Hsien- Government loans and it would metals among other items. bu&.- 

__ _ leinber —, drew buyers fruin Ji Nien. who is a chief economic a ii nu invMtmoni in »*>«< i»,n inr 


Western Europe, the oUier being ^m-worih of orders j paper. Ta_Kung Pao/ 


r- TB— __a. „ np\ J Z ». foreign countries led by Britain . , • , [spokesman. Chairman Hus 

jfcSoGSt tor 1 v industry ■js h ^*wSfissJ5 , s.h^a Power station approved - 

: BY YOKO SHIBATA TOKYO. Sept. 2S. ' were lbe , nexl n,0St 'mporianl. 

-. - ' group of visitors. HONG KONG, Sept. 28. 

WITH THE start of world's first tuner nr adaptor, or buy new TV' Portugal's textile trade em- r 

Sound multiplex TV 1 broadcasts receivers - - ploys some 150,000 workers and THE GOVERNMENT here has trick -Company was awarded a 

*§day. Japanese home electric Adaptors cost ground Y30.000 is concentrated in the north of approved an application from £I00m contract for the supply of “We were informed very. 
Appliance manufacturers expect toY40.000 f£S0-£T07i and Y40.000, the country where 11 is the big: Hong Kong Electric Company to generating sets far a new power sivefy about China’s ' 
demand for related equipment to YSO.0OO for tuners, while TVfgesl job provider. build.a power station on Lamma station beiug built by China modernisations' plan and 1 

W increase rapidly." receivers with built-in speakers 1 It is characterised by its divi-.Island lu meet the expected Light qnd Power Company, see the possibilities of f 

Thc Poste and Telecommunica- and tuners will, cost Y30.000 sion into hundreds of small growth of demand for electricity which supplies electricity to contributing to the realisal 
tion Ministry recently granted mure than conventional colour: concerns which struggle to re- on Hong Kong Island. K° w Id on am}. New Territories. the programme*" said 

licences for sound multiplex TV receivers. main profitable and fail »o take This demand is expected to This,, the biggest order ever Haferkamp. 

broadcasts for seven TV stations. It is estimated that Y370bn- : advantage of economies of scale grow at an average rate of about placed for British generating The programme has 51 

In order to receive stereo- worth of demand for new equip- ■ which a rationalised industry fl per cent each year for the next equipment, was for the nrst phase -- -- 

phonic and bilinqual broadcasts, ment will be created in the next 1 could bring. : in years. of a power development scheme 

imwers have to Install a special three vears by ihe broadcasts. Reuter Earlipr this year. General Elec- that will cost about EflSrtm. 


BY YOKO SHIBATA 


TOKYO. Sept. 2S. 


Power station approved 


HONG KONG, Sept. 28. 


S2^ 1 7r 0 f , 3^SS!S Govern men t loans and it would S 5 among other tiems. bug?.- 
spokesman. ChliiSin KuTku* Jg allow dircct “vestment lu that will have to wait for furtbe.^.- 


auuiv.e»ui<ui. ^.uaiumaii nu<x rvuu- •• ■ 

0 “Se*CbteSf le^ShS embCT8 • The delegation - had been ^e EEC was aware 0/ f[&- 
Reorespntarives of Eurooean impressed by the realism of the difficulties created for uhtna b ‘tSv r 

industries banks and trade union Chinese In all their discussions. European tariffs and the textile^; • . 
industries. Danas ana iraae union «mvtiio«i that rhP n.,P<ti nn had Hpm discussed 


u. Follow-up talks between ducts, said Mr. Haferkamp. 

Europe and Chine “at civil ser- The delegation had con-| 


ed to This,, the biggest order ever Haferkamp. curope«« wu j *r »ne delegation ...'■“'■rr 

about placed for British generating The programme has set the Tant level would cover admlnis- centrated on trade possibihue 
•next equipment was for thellrstphasf year 2000 as the target dale for trahon. industry, energy and dunng its visit, he said. But 

.< —:-j—.:. re 1 —.—.— j—.— — 1 — 1 .— onrtcuiture. stress that the co-operation well'.* 


Earlipr this year. General Elec- that will ensr about DKiOm 


of a power development scheme bringing industry, agriculture, agriculture 


defence and science and tech-Asked whether the EEC would envisage is not limited to econo-f 







Sime Darby Holdings Limited 

...another 


record 




HIGHLIGHTS OF PRELIMINARY ANNOUNCEMENT OF THE RESULTS 
FOR THE YEAR ENDED 30TH JUNE, 1978 









TURNOVER 

-increased 28-8 % to 
a record M$ 1-74 billion 

[ PRE-TAX PROFIT 

-up by 21-8% to 
a record M$184-4million 

S ASSETS 

-assets employed increased to 
a record M$1-13 billion 

! DIVIDENDS 

- up 50% on last year; 
earnings per share 17-69cts* 




THE FUTURE 

-Directors see continued growth 

SUMMARY OF CONSOLIDATED RESULTS 


TURNOVER 

PROFIT BEFORE TAXATION 

PROFIT BEFORE 

EXTRAORDINARY ITEMS 

EXTRAORDINARY JTEMS 

PROFIT ATTRIBUTABLE TO 

SIME DARBY HOLDINGS LIMITED 


1978 

MS000 

1,743,234 

184,474 


68,703 


78,215 


1977 

MS000 

1352^52 

151A34 


55.538 

39^42 


95,480 


395^60 

41,859 


1S^89 


17,747 


316,480 

35,423 


12,991 


22.334 



NOTES: 1. The consolidated profit and loss account includes 18 months' resjlts of Kempas (Malaya) 
Berhad which became a subsidiary in December 1977; it was formerly an associated company. 

2. Dividends far the year total 30% compared with 20?o in the previous year after adjusting for 
the one-for-one bonus issue in May 1978. Included in both years' dividends is a 2.5% special 
dividend. 

3. Extraordinary items for the previous year included a non-recurring attributable profit of 
$39,745,000 on sales of land by The Amoy Canning Corporation (Hong Kong) Limited. 

The 1978 Annual Report and Accounts will be sent to Shareholders on 23rd October, 1978 after 
- which date, copies may be obtained on nequest from the Secretary, Sime Darby Holdings Limited, 

Wisma Ml SC, Jalan Conlay, Kuala Lumpur, Malaysia. 

* Excluding extraordinary Iwm- 




• • * ? • ■ * 

* ■* 1 . ; ■•■.VL-wfi: 


oology up to advanced world respond'with sufficient'speed to mic terras. Our co-operation 
standards ' satisfy China’s aftriety to show also nf Irish political imporiance -- 

The delpcation’s virit had quick results, Mr. Haferkamp to both sides ’* Chinese leader-; rr*- 

been a goodwill and exploratory natdi “ Chairman • Hua told us had been interested- in 
mission, he said. Discussions -that China was'patient. Some- expansion of the Common ^ . 

had bees mainly in general terms times there, is reason for im- Market and its relations with ^ 3? 
and it bad been agreed that patience in the .BBC because of other countries. * l' j 

-■—1 -m -am . ' t -w—t « * S , V j ! <1 


French hit 
at bearings 
‘dumping 9 


Ecology curbs ‘threaten 
German investment 9 


BY SUE CAMERON 

Uiiittnitm 9 - THE GERMAN . chemical which felled oh their home 
(lUillUIilU industry will have to rely maritet The logical step was 

XT ■ O increasingly on investment therefore to invest more abroad. 

abroad because of the “exces- Bayer, along with some of the 
FRENCH makers of ball bear- rive" cost of meeting environ- other German chemical majors, 
ings have urged t.j Government mental safety standards at home, has been looking at the possibili- 
to take steps to cheek grow- according to Professor Herbert ties of manufacturing within ihc 
Ing “unfair" competition from Grunewaid, chairman of Bayer, UK. Bayer is thought to be con- 
Eastem Europe. AP-UJ reported one of the leading West German sidering buying up existing plant 
from Paris-yesterday, chemical companies. in Britain as well as examining 

, . . . . ... .. Professor GrunewAld. speaking opnormnilies for building anew. 

i«a„. C t« - R a cv today at a German Chamber of Professor Grunewaid. pointed 

ES nf Industry and Commerce lunch out that only 20 to 30 per cent 
„„ 11 ra nn^rM.Hini in L 001 ! 013 . ^> d U>« growing of new investment in the German 
on if 1 ° 3 r ! Ca Jio; m c vhnt smS number of Government: regula- chemical industiV was going into 
b R^Jrnnf tions-rpartieularly those concern- the expansion of capacity—yet in 
ITn ins the environment—were tying the past the increase of produc¬ 
er eLrtand r *B*ner SenMielow up blllions ^ w orth of tion capacity had been foremost. 

Those nreiaMina STp^mce and ,nves,men t Projects in Germany He said today that German 
2 C He claimed ..that the. chemical, companies *:ere ” con- 

other European countries. - excessive and Increasing eosts ” cerned with cost-saving Invest- 
It says that, because Bast of research and -development me i nts for alternative materials 
European counfriKr need foreign 1 could no longer be recovered and. methods, replacement and 
currencies, their export "rices within a reasonable time by campaigns: for protecting the 
are fixed without taking produo German chemical companies .environment” 
tion costs into account 

The'ideration points out that 

**»'•-* ■sf’t'F ranc*. die l^sdinq Th_. •! j ._ • 

raitr-f Brazil export warning...,,. 

fie pTan»* ?nd »n . - 

300 workers because of unfair BY DIANA SMITH RIO DE JANEIRO. Septra. 

competiMon. . ’ CAR MANUFACTURERS and and imports of S23.44m. General 

dustry STS , or ™ ^ ^T^Indlmporifof^rWn/ 

of Fr 2bm and employs 13.500 trlca S^lMSiSSS V ® B»S 

P®°P le - - Brazl1 export more than Uiea^ with. exports of S52Jm. and 

. ' _ Import. Other foreign companies imports of SlfiJm. . . : 

Soviet TV Oroer - — especially the chemical com. In other sectors, tba high 
a For th« ‘mmiv nf cerns stiU' show little exporters were ^PhiJco 

A M p tl^ct^for the supply of response ^ a government call Radio and TV, with expans of 
over £2m worth of TV-tube prj r Jb alaoce their foreign trade. S^Sfim and imports bf. 837J)Tm. 
duction equipment to the USSR . Jr. .. . f"? and IBM of Brazil with eidorts 

h» D hAPn u.-nri • hv twn. British This is the conclusion of the-vr .tS* iJLllJSPO-i 


has been wed'by two British ,a K !"S S VS^ H A UK of S39^3m and imports of 

companies, Stein Atkinson Stordy regular chart of. the foreign, . . 

of Wombouroe near Wolver. performance pr 501 major Apart' from fhftse exceptions. 


ha nip ton. and ’ Edwards. High j companies — Brazilian 


the picture is defleitary: Daniel 


Vacuum of. Crawley, Sussex. The ^ K. Ludwig’S .Vrt project in the 

companies are to supply two foreign trade bureau or the Bank Amazon < pulp..forestry, rice and 
colour TV tube exhaust' lines orerazu. cattle breed top > accounted tor 47 

with a combined capacity of over # FromJanuaiy to Julythis yeaT, ^ cent of the foreign trade 
150 tubes an hour and installs-; the overall-tTMc deficit ef. these deficit of the 50 companies.:Vitli 
tfon at a new Soviet production m mntxtte (S733.omi exceeded equipment imnorls br S2fiS.(V75m. 
facility near Moscow will be com- Brazil s_ foreign trade deficit for Ciba-Geigy imported $5S.R4m 
pleted later next year. • the penoa-{3534-smj. and exported onlv SS77.0PO. 

Among .the foreign car com- Bayer of Brazil Imported'S.TL77m 
^sfpnifp link pairlea, the star .exporters for the and exported 81.164m.- Kodak-nf 

3a lciiilv iimiv period .were Volkswagen of Brazil Imported S31.10nr r and 

Nippon Electric said it had Rrazff. with, exports of 3131.647m exported SSJSjra. ’ Pirelli • ’of 

received a Y7Jbn order from and tmports of 82»^3m, Ferd of Brazil imported ?20.4m and ex- 

Libya for three ground stations Brazil, with exports-. Ot $42.77m ported S12.9m., 

for an international -telecom- - .' ■' 

muni cat ions satellite link. The . . ,= 

KiSTffifc js?p BL renews Italy deal - ^ 

telecommunications corporation, -T^TT. 

calls for building two stations. 8Y K04NETH GOQDMG 

each with a 32 metre parabdlla • . ■■ . ' ■ . 

antenna, and one movable BL is to extend the agreemeBt in the first eight mouths of ISTS, 


BY KENNETH GOQtMNG 


antenna, and” one movable BL is to extend the agrebmeBt in the first eight moutfis of 1978, 
station'with an 11 metre para- under whleh Nuova lloaocentl of sales reached 22,000. 
bolla antenna In the suburbs of Italy makes a-Continental veraion Slg. Alessandro deTomaso, thc 
Triputi by January 1980. - of the Mto. . .. \ . • Argentine industrialist — who 

A brief announcemeut, about with 1 the . help of GEP1.-Italy's 
PAT fA«* Cnoin the arrangement r was - made equivalent of the National Enter- 

rrtJ-' for jpaiu . yesterday by BL In the wake, of prise Board, took 1 Over innocenti 
Spanish Televirion said it had speculatibn^arao.ng the^mployees after BL closed it down in 197#— 
chosen the West German PAL r-totalling nearly S.00Q—at^the has In the past pressed thp UK 
coiour television system instead Innoceuti plant Is Milan about gmop to allow., the 'number of 
of the French SEC AM method, their position when the current cars produced in Italy to- be 
The Spanish Government still agreement comes .to an end; nut' lncrwsed.. 
has to approve the State-owned year: ■ : . ; , There to so far. no indication 

company’s decision, a spokesman undCT that agremnebt wnor that BL will permit any increase 
said. An estimated Bm television centi has-.been makfajg_ vifiM m Innocenti production^tlio 
sets are in service in Spain, the special minis u-- year jPT .“e dnvetrain and power units; repre¬ 
vast majority black and white, Italian; BYench,. .Swiss, German sen ting around 40 per cent of 
. " and BenehiS markets. Last year the total value of each car are 
nlot.4 ' 25,000 were-soldTH lt^y, where, supplied from the UK; ’ 


Mexico turbine plant 

International Harvester said its 
Solar Turbines International 
i group has formed a joint venture 
j to build a plant in Veracruz- 
| Mexico, for assembly, test and 
1 overhaul of gas turbines and 


£15ih factory for Ireland 


BY STEWART -DALAY; 


-. DUBLIN. Sept 2S 


! compressors. Participating in LIFE.'SAVERS, a subsidiary of approval for a lifting of taxes on 

ithe joint venture are Solar the . tT-S... ‘Squibb , Corporation, exports, is backing the . project. 
I Turbloes Ltd. an overseas operai- W hfch makes! sugar^ confectionery However, in line, with -its usual 
;lng subsidiary of the group. ■ practice, the IDA has declined 

land Corporation Dyma-Vulkana,}•£'«**“* '5fi Sil ^ how much of the tJTal 
■ solar’s. current. sales re pre-. j P \vttin Lrdaadwithtte ^bqlp :ca nita!. outlay ic.w.li be meettoc 
j tentative in Mexico. ot . the epuntryy . Industrial The company i s . best known in 

I ... development ; aizttwrily. .<lDA>.'. 'the yiS. for the:manufacture or 

ENI licence ' The. company^has^ purchased a chewing aum : known as Bubble 

I the 21-acre rite - on the Wexford Yttm-wlncli - It has-maintained 

! Snamprogettl. a.company inthe industrial-estate where It plans differs from traditional chewine 
ENl group, has announced that to build a factory; The project Itom.in that it fs made from sort 
J the Petrotex Chemical Corpora- shdirid^start.'toJef.- th.to year And gum and its flavour lasts-logger 
tion has been- granted a licence the factory b& competed by isgfc The attraction of Jreland Air 


: patented process.; ' Petrotex to cost: aSm aod' prevtde-.‘job?*of no.taxcs' on what -it-exnnrtc 
Chemical ' Corporation V -ror JMW-people- The .IDA._ whWi. H js: assumed that all the -com 
.Houston. Texas, is 2 "subsidiary provides-grants abd loam''-as well pany's products will be'sent-In 
•of Tcnneco. as being ' able;: so --reebrnmeod Europe.' - ... 0 


i 











To: Pieter Glas, Sony (UK) Ltd, 
Pyrene House,Sunbury Cross, 
Sunbury-onlhames. 
TetSunbury-on-Thames 89581. 
Please tell me more about the 
Sony portable U-Matic video¬ 
cassette system. 


Name_ 
Company. 




















I *i 

'll 


I " 


f’l: 

i! '■ 


h i: 

!J- 


I 

!<• 


•' M 

: ii 



Fihaneial\Ti2»ffl "Fridfay Septra 


NEWS 


Report recommends 
wider powers 
for the Ombudsman 


' terday 


BY ELINOR GOODMAN 

THE Parliamentary Ombudsman white :t would be wrong for the in taxicab charges as 



Taxi fares formula 


put to Home Office 


THE price commission .«* DAVID CHURCHILL reports on the Price 


forward 


formula for calculating increases Commissions sweeping inquiry into the taxi 

is part of its j • ' « « • * 



Commons Select Committee obeyed Government policy, that provinces. Previous Government Yesterday's report, while it has- weii- ia our view. be subsumed 

recommended vesterdav. was a matter of pure policy. The probes have been confined to pui forward a Far more realistic in the standard charge.” The 

It t reTon on the work oi toe Commissioner could investigate London taxis. framework For future fare rises. ' customer would then ino* icre 

Parliamentarv Commissioner for ^:np;aj.iLs that such a policy The commission has not. how-has not settled the problems, readily what he r .-an expect to 

■Administration, the committee * Es n ?‘, 'If. 1 ! 1 ® a PPl‘ ei * uniformly ever, put a figure on what fare Instead, the ball has been firmly pay. 

]>:-o "■ 5 u n 're , -W that he in^bi or . eo - u,ta biy. increases should be allowed for handed back to the Home Office Toe commission is z:m firmly 

a "° su„e.tea mat ne ra.*.m T> . 0 :.««-- - - ■—•«-- *--»•**»• to decide whether to opposed to the system watch 



tariff 


report as a basis for iegaily obliges them to accept 
f structure and. if so. a fare up to six miles and beyond 


b-o l en tne Commissioner to investigate I active at the same timet have what increase is justified. this limit, to double the fare. 

* “ complaints about the way con-ih een waiting more than 15 The commission decided after “We can see no justification for 
J . ^acts had been awarded. i months for the Horae Office’s its investigations that the present doubling the fare nor for the 

Tne Ombudsman should be The fimhijrfcman chn«,iri fn* i ». n i.> ™ oo taxi tariff Rtmptnra choniH he limit beim? v:x miles. The six- 


companies which have 
the pay guidelines. 


____ _ investigations that the present doubling the fare nor l 

The Ombudsman should, for i reply to their claim for a 2S per laxi tariff structure should be limit being six miles. Ti 

--. . . ... *--■*- -ined. This mile limit has its origins in the 

hiring charge, horse-cab era and it has no rete- 
bitrary the prospect or furtber'delavv a combination of waiting time vance to present conditions as 
The post of Ombudsman v.as manner, or that the Government ■ and mileage, and a iunplement *ucn a distance can be covered 


ao.o to investigate complaints example, be able to investigate cent fares increase and rester- broadly maintained, 
■about von tracts or other com- complaints that contracts had day many seemed unhappv with includes an initial hi rin; 
nicrcia. transactions. been awarded in an arbitrary' the omsoect of further delav. a combination of waiti 


tin mine 

By Paul 

Hopes of 

and tin mine on tht^ntiafai s’ 



■--- u-hereas a orivate hire ear mav . vaarge aa* m nuiuc wmue 

mission of Jurists, called for lion. Ho:i;;e o/Gom/noni? papers ■ not v - * recent years increased disoro- movement in car purchasing ana 

fundamental changes in the way *13 and 444. SO. £3.25. Accordin'* to the reaort there P°rt«>nate!y to other charges operating costs 

are M^^^d S^oSo hire SLSSL "“J*? «* 111 "«■* ' 

*" short-distance sion point 

have tended 


- pivraouth rose yi 
disclosure tfcaV Amax Eipj 
tioo- is to-do ? feasihHitjr-s 

and testing progranwne. v j;. 

; cost n.5m 

-months. • '• 

■ The site at He^erdog' 

- about seven sitles frets the* 

; could prove id He X\k 
j UK metals mtoing 

century. -- ' -.wyjf 

Ainax Exploration.*! 

I of A max iso., the' divfei 
!U.S. ininto& group, is;- __ 

I our the work as part of >r_^? 
'which could can* it'SdipteiESf 
of the venture. The,-na&ffl - 
rights, are hcid. -tPr Haae^; 

1 Mima? and Smelr.sg. s-B wb^ T 
, registered company .baciwd- S, 
Canadian and U.S1 ftraSsT'Ai-'^r-:- 

Mr. Carl .Schwargtf a fifir 
| Hcmerdon chairman, said -'ksMi-' 


inquiries into complain!s were 
'initiated. 


Right 


- Yesterday, the Select Coth- 
“mittec rejected the more radical 
; suggestions put forward by 


Price probe 
cancelled 


J cars operating in Britain. Of i^pn™ 
I these. London has about 12,500 


| taxis and 27,000 hire cars. 

At present, it is the 
Office which determines 
fares within the London 
and local authorities 


Justice, including the idea that THE PRItiE Commission has for ^d jocal authorities which prese ni level when other 
the public toou'ld have direct fi rst lime canceled ah inves- roseate them elsewhere. Private components are increased, 
access to the Ombudsman. tigation into a proposed price J 1 u*® ca f “arses are not subject b uI it considers 

B r u -aid [hat there wa* j riie - M * r ‘*Y Til ® had told the 10 regulation as they have to be present charges for 
r^fc for cv.ending hi* iunsd..- Commission it wanted .to raise -°. re - booked . an ?!_ Lhe , L ’ ust ?J Iier social hours are 



the trade as in London. But aUjc-.ai and marketing studies, - 

fated into a taxis should be subjected to firm Thc drilling tirazKubm- v 
provide a wality and safety regulations. astaW j lh th e tfiBeasSTof^ 1 
the total The new fares formula could also i deposit, which started if NaveS’ 


.- o , . ,, . i axJ t» applied to taxicabs in the pro- ber l976 wi v be coaUaui? 8 ^ 

the province* taxi fares InsofScient on itatinces. La a r Aor.l A max ■«!Shp,W 

' ’ea.oo the private hire car trade. ^J , £iL ? r*8 

r- the commission concludes that » l [ mSnSilisariM 

operated. ^ 

complementary >er-. 100 raetrti ' ..' f; 

.vhose prices !n i.i 1 : - ‘ 

e forces. Bui rrOOieniS • s . 

.. , the bulk of orivaic hire v ._ nr . * •• ' v' 

» «o« 5 W bo fined ^••15 


- Justice 


- sid^rfid 

in i!5 evidence 11 arley Tile said yesterday that London taxi drivers have However, 'the commission is movement 
lo the committee. !nat if govern- : t had withdrawn the application become aggrieved at having to against extra charges for addi- demand 

oecause i- fell “ “ * " ' ’ - --- ---- 


iUpDiV 


merts verc to continue using 


and -he Home OSfice lo calculate ah 4 tant animosities.” • p rob ferns then of _sef*ratic« 

... • . , — . , - , -s - acceptable ncrcentage increase.- One area however, that the :tlin 2 ^Cn ami tilt tronrtbe chini 

. . . . - -- -— a three-month v.ait so long for a fares increase, tional passengers. Juggage. and Since vehicle cos*« on*v fo- tariffs enmmission's reonrt-steers clear 1 cJa >‘ »«re never satisfaetorilv 

J>.ate contracts »o enforce poll- investigation. during which;and their frustration was not pets. It argues that the only account for about a of the T^-o cnnrr^da- believes that of^Vhe^uauarnnctice aftinnm* • Hus could p»re to 

cies. tnerew-as a strong case for prices were frozen, would put it helped by a delay in the justification for such charges total cost of supp«ji?a ?m{ 5e * t h j %-nf T-‘X'£• main difficulty facL ^ 

n K h Edd 'S l \ i P ,D e r c H°i 1 al a disadvantage if costs then commission s report because of should be for identifiable costs vice - the rest is drivers eifn- i' t r-uducVn- "are inc-eases^o t£t Slv that- su'ch factrtre! ILHS-Amax joLni ventiS?^: * 

ngains: .he possibility of ad- rose substantially. its heavy work-load. Several or extra work or loss of earnings ings - the commission sax* th"* -hiV IdiusiS in time for forceri if - to conclude that One a^ra c-r the nilot taint Wrii 

nunntntivo injustice m this This wap the first such cancel-thousand taxi drivers recent* for the driver. “They are in any the .reliance on incrSW in ft? tourist ^«on But ft ?nnM «e 

' Zrp3, laiion o. an investigation under vented their anger by blocking case a relatively minor vehicle costs alone is mis'eadina- s u _, = 2 s's 'h^* Home Office niiht whv un averiee irmdnn + irir*Th■ technioues can be 

• The conimitfi-c concluded that, the 1977 Pncb Commission Act. Whitehall in a mass protest. ingredient in the fare and cuuid It suggests a merger of % wiS to allow a Faw fncTetS dri?ers ? mcomfre^l^s." ! mercia1Se!4ti0n. - ^ ;^' 


San Diego 
air crash 


Compulsory registration \ Visa plans 
for insurance brokers I own 


Cymru 


claims may 
top £20m 


BY ERIC SHORT 


By Eric Short 


rEUPLE WANTING to trade as 
insurance brokers will now have 
in pa; a £25 reyislraiiun fee and 
a further £15 each year to stay 
on the register. 


LIABILITY CLAIMS arising 
from the San Diego air disaster 
on Monday are likely to be 
around S40m i£20.3mj according 
Jo first official estimates confirm¬ 
ing tne insurance market's 
original forecast. 

The figure was gi'^n yester¬ 
day by ihe aviation division of 
Alexander Howden. insurance 
orokers lo Pacific Sou*iiwes; Air- 
hne*. it was ba->ed on a detailed 
report by investigator* at the 
•e.ene nf the crash. The whole 
or the liability risk is insured in 
tne London market. 

Liability claims are iess Mian 
v. a uuid normally be expected be¬ 
cause nearly 30 of the 126 
passengers aboard the airline's 
Boeing 727 were either aircrews 
of the company being ferried to 
join other aircraft or other 
employees travelling on passes. 

The claims of their representa¬ 
tives will be covered by workers' 
compensation insurance taken 1 
nut elsewhere by the airline. 
However, the other facet of this 
case is the claims from represen¬ 
tatives of those killed >ir injured . 
on the ground. About 15 or 16: 
people died, four people have not, 
been traced and some are in-; 
jured although not seriously. j 

Mr. Peter Brewis. cliier execu- 1 
live of Howden’s aviation divi- 
-•sion. said yesierday that ii was, 
hoped to settle the claims out 
'.OF court. Bui because of the: 
X-ircn Distances of the accident it 
«-ould be a complex affair with 
every aspect of responsibility j 
being looked at. 


The charges are set out in an 
Order published yesterday by 
Mr. Stanley Clinton Davis. Under 
Secretary for Companies. Avia¬ 
tion and Shipping, under the 
Insurance Brokers tRegistration) 
Act 19< /. 


The Act makes registration 
obligatory and sets out the terms 
for registrations. Some of the 
procedures to be followed have 
been set out in the first three 
published orders. 

The first £25 ensures only that 
the broker is registered. If he 
intends lo practice then a further 
fee of £50 per firm or corporate 
body must be paid at the outset 
and in each successive year. 

Another order provides for 
the establishment and opening of 
the register. But this represents 
only tiie legal requiremnt. The 
Registration Council set up to 
administer the Act points out 
that brokers should hot apply for 
registration until it has pub¬ 
lished the methods of operation. 


The third order sets out a code 
of conduct. The three principles 
are that brokers must al all times 
conduct their business with the 
utmost good faith and integrity: 
they must place their clients' 
interest first, but have due 
regard to the interest of others 
and finally, they must not use 
misleading or extravagant 
advertisements. 

The order gives several ex¬ 
amples of “does and don’ts” for 
the broker. However, the British 
Insurance Brokers Association 
will soon publish a code of prac¬ 
tice. 

One feature in the code is that 
brokers must disclose to their 
clients the commission paid on a 
UK insurance contract. 

The Insurance Brokers < Regis¬ 
tration) Act 1977 (Commence¬ 
ment .Vo. 2) Order 1978 SI 1978/ i 
1393 t CJJ5 ). 

The Insurance Brokers Regis -1 
trarion Council (Code of Can- 
duct) Approval Order 1978, SI 
1978/1394. . 

The Insurance Brokers Regis¬ 
tration Council (Registration and 
Enrolment) Rules Approoat 
Order 1978, SI 1978/1395. 


travellers’ I ^ supporting Callaghan 


cheques 


BY ROBIN REEVES, WELSH CORRESPONDENT 


By Michael Blahden, 


; VISA INTERNATIONAL. ,thc 
credit card organisation, expects 
to go ahead with its plan to intro¬ 
duce its own travellers' cheques.' 

The proposal has been autho¬ 
rised bj the Visa Board at a 
meeting in Lausanne. Mr. Dee 
W. Hock. Visa president, said: 
“the ability to offer Visa travel-, 
lers-' cheques in an unlimited 
number of currencies Will be- a 
significant factor in opening pre¬ 
viously untapped markets, as- 
well as increasing com petition fin 
those which exist now." ) ; 


Commitment 


J 


Nestle cuts 4-oz instant 


coffee price to 99p 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


The plan is still subject to a 
minimum level of commitment! 
by member banks. This is 'the! 
the issue of cheques worth at' 
least S1.25bn during the second' 
year of the programme. If a 
sufficient I eve! of commitment is 
not reached the programme will 
be cancelled. '■ ' i 


PLAID CYMRU today unveils a 
package of measures it wants in¬ 
cluded in the Queen's Soeech. in 
exchange for helping sustain Mr. 
Callaghan's minority govern men; 
for 3 further Parliamemarv 
session. 

Priority is given to a £lG0m 
programme to reduce Welsh un¬ 
employment. now running at 
about 9 per cent. 

The party wants increased allo¬ 
cations for the Welsh Develoo- 
lii.eni Agency to step up invest¬ 
ment in manufacturing industry; 
accelerated bouse building, par- 
ticularly of old age pensioners' 
bungalows: and a speed-up in 
road construction in Wales. 

But the Welsh Nationalists’ 
" shopping list'" also calis for 
government action on a. number 
Of other issues. Puhlished in the 
form of a memorandum from 
the party's national executive to 
the Prime Minister and other 


meaner* of the Government, it 
includes: 

• A compensation scheme for 
disabled ev-quarryaten and 
other* suffering from industrial 
lung diseases. 

• Tne strengthening of lease¬ 
hold reform through a £400 ceil¬ 
ing on the freehold purchase 
price to leasehold occupiers. 

• The establishment oF a Welsh 
land bank to step up investment 
fr. agriculture... i 

9 The raising of ihe VAT 
threshold to £50,000 i and the 
transfer of the;burden-of redun¬ 
dancy payments on small busi¬ 
nesses to the government. 

9 The immediate earmarking of 
£500.000 for the training of Welsh 
teachers and a start on .the fourth 
Welsh language television 
channel in 1980 instead of 19S2. 


• Strengthening of the. powers 
and operating area, of the 


- * , i 

Development Board for Rural * 
• Wiles. j 

No mention is made or; 
devolution. Bui. now. that the • 
Conservatives are therasejves 1 
committed to holding referen- 
duras. almost certainly on March 
*22 next year, if in office, -Plaid 
Cymru has nothing to gain bv 1 
pursuing the issue.' However.; 
given the weight of opinion at! 
present against a Welsh Astern-; 
biy, the party would obviously i 
prefer a Labour Prime Minister; 
campaigning for devolution J 
rather than a Conservative onei 
who was against. • ! 

In postponing the general! 
election, Mr. Callaghan was! 
clearly counting on being able I 
to satisfy the Welsh Nationalists.! 

Plaid Cymru has ruled out a j 
formal pact but in the last four I 
years its three MPs have provM j 
more valuable voting allies for! 
the Government than other 
minority, parties. 


For the pas* year Aiaai has 
bad 25 people working at 
Hemerdon Ball. The dcposit is 
just outside Dartmoor NattoiiiT 
Park, but is adjacent tn a quarry, 
run by Ensliih China Grays, 
which has leased land id tie 
Hemerdon joint venturers." 

Hcmerdon has had interop 
difficulties because shares.were 
never issued to private investors 
who pm . up ' money £or. the. 
Hemerdon 'exploration in the 
years up to 1976. when new 
management took over. f 

Mr. Schwarewalder said 9d per 
cent of the work in verifon*. 
entitlement to shares had been 
completed by Dunwoody, V 
Toronto company, working for 
the Supreme Court of Bermuda. 
it is hoped to apply to the court - 
shortly for a railing on a share 
distribution. •. V 

With this problem resolved 
Mr. Schwarzwatder hopes tha t 
ihe U.S. Securities ucchange 
Commission will agree lo.ijvef- - 
the counter trading in Htmhrtfon 
shares. This might start ien , 
year, he said. . . 


-ii?! 


Jewel sale 


Go-ahead for Welsh factories 


brings 


BY ROBIN REEVES' 


Development 

council 

supported 


... By Our Newcastle Correspondent 


THE INFLUENTIAL Northern 
Regional Council of the Labour 
Party said yesterday ihai the 
North Of England Development 
Council should be allowed lo con¬ 
tinue in its work. 

• The announcement, after a 
private meeting, is seen as criti¬ 
cism of the ruling Labour group 
on Tyne and Wear County 
■Council, which set off cfoubts 
about the future of the agency 

by voting to withdraw its £83.000 
^ vear grant. Then the newly 
formed North East County Coun¬ 
cils Association recommended 
-thai future activities of the 
development council should he 
confined lb promotion and 
publicity. 

' The Labour Party 1 * Northern: 
Council said that until new- 
legislation provided the North 
East with an enlarged and: 
strengthened Northern Econnmic - 
Planning Council, the region 
should speak with one voice. i 

Mr. David Hughes, the Secre-| 
urv. said: "Tins policy was 
adopted and supported by the f 
v*hole movement, and we expect j 
all Labour Party members.- 
Including those in local govern- 
"meni and serving on public 
bodies, to support that policy. 

“The present controversy is 
damaging and must cease The 
NEDC has a role to play and 
has built up a srr:n deal of 
t-vneriis** which cannot *“ 

;brown away .” 


NESTLE.. Britain's biggest pro¬ 
cessor of instant coffee, yesterday 
finally pushed the price of its 
Nescafe brand below £1 for 
-bounces. This brings it in line 
with the cuts in wholesale prices' 
previously announced by General 
Foods, for its Maxwell House 
brand, and Brooke Bond Oxa for 
its Brazilian blend brand. 

I From to-morrow the price of a 
4 ounce Nestle jar of instant 
j coffee should be 99p instead of 
£1 09 as at presenL The super 
i market chains, however, may not 
sell at this price for a few weeks, 
depending on how much stock 
they have to sell at the previous 
higher price. 

So far. only international 
Stores has announced that it is 
selling Nescafe at 99p. bur that 
is a> part of its promotional cam¬ 
paign after its decision earlier 
this month to stop giving trading 
stamps. 

Nestle is also cutting wholesale 
prices for its Fine Blend. Nex- 
core, and Elevenses brands.. It 


said yesterday that it was parti¬ 
cularly keen to increase sales 
through price cuts for its S-ounce 
and 12-ounce jars. 

The decision to bring prices 
down was taken by Nesti6 only 
after it felt more confident about 
the stability of future world 
coffee bean prices. Although it 
is still warded about the short¬ 
term prospect because of the 
frost damage to crops in Brazil 
and political uncertainties in 
other producing countries, it still 
believes the long-term outlook is 
good. 

Nestle says coffee consumption 
in Britain is recovering fast after 
a 21 per cent fall last year be¬ 
cause of consumer resistance to 
high prices. It reports that sales 
getting back to the record levels 
of 1975 and if present trends 
continued it believed that the 
market should be worth about 
£250m by the end of the year. 
This means consumers will again 
be drinking a million cups of 
coffee a day. 


Theplan was announced 
earlier; this year, after tirf an-; 
'nouncement of similar proposals, 
by the rival Master Charge: 
^organisation. Some larger mem- 
fbers of Visa have expressed 
reservations, and Bank of; 
America has specifically dis¬ 
associated itself from the' 
proposal. 


Responded 


However.. Visa said yesterday 
that there was even- indication 
that the basic commitment would 
be exceeded. The group reported 
that 520 institutions had res¬ 
ponded to the July announce¬ 
ment. 


THE WELSH -Development 
-Agency _ yesterday- announced, 
the go-ahead for a big pro¬ 
gramme or advance factory 
consiroction in the Ebbw Vale 
area of Blaenau, GwenI. 

About £2m is lo be spent on 
building 16 advance factories 
to try to attract new industry, 
ll follows the shutdown of 
slcelmaking by British Steel at 
Ebbw Vale earlier this year, 
with the loss of nearly 2,000 
jobs. 

The biggest contract is for 
two SO.O0O sq ft factories on 
the 200-acre Has sail industrial 


estate, now being developed by 
the agency on a hillside above 
. the town. This contract, worth 
just over £lm. has been 
awarded to R. M. Douglas Con¬ 
struction of Swansea. Work is 
due to start next week and the 
new units should be completed 
in about a year. 

A further £446.000 contract 
has been won by Tarmac Con¬ 
struction of Chepstow to build 
eight 5,000 sq ft factories on 
the same site. . They are due to 
be completed by neart May. 

On the next door Tarfamau 
Bach Industrial estate. Holland 


Hannon and Co bit is are ’to 
build another six 5.000 su ft 
units under a £833.600 con¬ 
tract. These shpuld be readv 
by next April. 

The agency has been able 
to mlmte.th* development 
Rassau estate because 
of the allocation of special 
Government funds £i 2 ro in 

,* f i ei S atil of British 

Steel shutdow'n- 

Work is already under wav 
on building six 25.000 sq ft 
factories and six 10,000 sq ft 
units at the Rassau site at a 
cost of £2.7m. a 


£328,263 


SOTHEBY'S HELD -a jewels- Jaie ■ 
yesterday, which totalled £ 32 & 2 fiT 
with 5 per cent bought in. London 
dealers were active buyers;- 
Moussaieff paid £19.000 for a 
sapphire and diamond cellar and 
Music £13.000 for an emerald and 
diamond dress ring and £9^00for 
a diamond mounted as a ring. 
Another diamond spliufre 
mounted as a ring realised 

£11,000. . .. . . =-V, 

At Sotheby’s Belgravia, silver 
totalled £42,455. Htecti*. paid 
£2,600 for a James Deakjb end' 
Sons canteen of eutlery i® * 
cabinet, and Bloomstein 


SALEROOM 


I Visa intends to send informa-; 
! cion early next month to all mem-| 
; bers and other financial institu-f 
tions eligible for membership j 
.which have expressed an interest; 
in the programme. 


Truman to market new 
light ale next week 


BY PAUL TAYLOR 


; Sales of the new cheques are 
| expected to start in the second : 
I quarter of next year. 


Broads job turned down 


THE MAN chosen from 1.500 
applicants to be the first prin¬ 
cipal officer of the new Broads 
Authority has fumed down the 
job. Mr. Peter. Schofield. 45. 
South of England Regional 
Officer for the Nature Conser¬ 
vancy Council, was picked for 
ihe job on Monday. But he has 


turned down the post because 
he felt it would be more poli¬ 
tical than he had at first thought. 

The selection committee will 
meet again on Monday to decide 
on the next-step. The authority 
has been formed to safeguard 
the future of East Anglia's 
waterways system. 


OBITUARY 

Mr. Harry 
Brooks 


• MR. HARR^ BROOKS, senior,- 
.founder of New Day Furnishinai 
“Stores, has died in Manchester; 
: aged 79. He sold his controlling: 
•interest in New Day several; 
■yeara ago. and later moved into: 
, property. He leaves, among other: 
interests, a 5,500 acres estate,' 
Peover Hall, in Cheshire. i 


TRUMAN, the London-based 
brewery group, i* to launch a 
new bottled and canned light ale 
on October I backed by a sates 
promotion designed to raise 
money for the British Olympic 
team. 

The new beer, which will be 
marketed under the existing 
brand name, Truman Light Ate, 
bas cost about £50.000 to develop 
and is aimed at baiting the 
decline in bortied beer sales. 

The beer is claimed by the 
manufacturer to be an improved 
product and is.packaged for the 
first time in 15 ounce cans. These 
cans are likely to be the first 
step in an attempt by the com¬ 


pany to strengthen its home beer 
sales. 

The sales promotion, which 
lasts until the end of December, 
is based on a £15.000 customer 
prize competition. 

Customers who do not win 
prizes will be able to help the 
UK- Olympic team bv placi ng 
losing competition tickets in 
counter collection boxes. Truman 
will then convert the tickets into 
a cash donation lo the Olympic 
Fund. 

Yesterday, the Fund was 
launched with a £1,500 donation 
handed to Sir Denis Follows, 
chairman of Ihe British Olympic 
Association. 


Irish Sea 
power link 
sought 
by council 


Bjr Our Belfast Correspondent ' 


Brewery finance director resigns 


FINANCIAL TIMES REPORTER 


Doctors face 75% rise 
in indemnity costs 


MR. PETER MOLONY bas 
resigned a.s finance director of 
Scottish and Newcastle Breweries 
and is to be replaced by Mr. 
Christopher Chalmers, presently 
Counaulds group financial 
director. 


he 


.Mr. Mo tony Mho wiH leave 
Scottish and Newcastle al the 


end of the year, joined the com¬ 
pany in 1975 having been the 
Post Office's .youngest director of 
finance. 

His resignation follows other 
recent ' boardroom changes. 
Within the past year Mr. Robert 
King joined tbe company from 
Metol Box as chief executive and 
Dr. Bernard Kilkenny joined the 
board from Allied Breweries. 


FINANCIAL TIMES REPORTER 


:.T™ northern Ireland 

Economic Council has urged the 
Government to consider merging 
the electricity supply industry in 
Lister with the industry in Great 
Britain, and to build a £60m 
power link under the Irish Sea. 

The council said that the 
Government's main objective 
Nhould. be t0 Set Prices down io 
wlevelcom parable'to -the rest of 
the Lnrted‘ Kingdom.. Domestic 
electricity, costs are ,between 20 
and 30 per cent higher in I7tet er 
and gas prices.-up to three times 
those m Britain. - 


BY ANTONY THOrWcROPT. 


Mr Peter Balfour, company 
chairman, said that Mr- Molonv 
had expressed a wish to leave 
tne company “earlier this year" 
and that the parting was “per¬ 
fectly amicable.” He denied that 
there had been any boardroom 
person alto- clash. 

Mr. A. M. Ramsey has been 
appointed successor to Mr. 
Chalmers at Couriaulds. 


DOCTORS WILL have to meet 
a 75 per cent rise in their pro¬ 
fessional indemnity costs from 
January l, under schemes com¬ 
pleted by their . two mutual- 
funding societies. 

TJ* Medical Defence Union 
f85.000 members) and the 
.Medical Protection Sociew 
(70.000 members!, have decided 
to raise members’ subscriptions 


from £40 to £70 a year to combat 
inflation in-court awards and to 
provide further reserves. 

This comes after a rise in per¬ 
sona! injury .awards’In the last 
year,. including' nearly £250.000 
for a woman -psychiatrist who 
suffered braitMiama^e after a 
minor operation and £112.500 for 
a man :n his 50s' who - was. also 
toft crippled affo; an anaesthetic. 


. Electricity generating capacity 
u 80 per cent -teiiant on oU 
Because -of.this; -aid the small' 
scale of operations, .the oouac'tl 
said that fhe province's interest 
silght-best be served' bv some 
form of amalgamation, with the 
supply industry: in Great Britain 


This could mean the incorpora- 
lion of the Northern Ireland 
electricity., -service.- into th* 
British; system, nr. the iesaer 
step of a financial arrangement^ 


for a Carrington and Coatp&n? 
Epergne of 1900 in raid-lSth 
Century style. .... 

At Phillips, in a sale ot' art 
nouveau and decorative: art. <a 
rare A rgy-Rousseau . - PMe*- 
Crystal fi?ure sold for £4.500 -to.-: 
tiie London dealer Arwas. *-<». 
Tiffany and Company ehametted ; 
silver vase made £S50 to awth** 
London dealer. Martin*Eon3M&?. 
A tapering Dutch : - 

Groningeb in 3707.i»W : ': 

for £9.213 in New York OniS# 

«ui 8<ia ?r', TJ,e was flPJb\; 

ably Helprlch Rittema.'-md w ; 
purchaser Prenseller, the /A®: 

| flterdam dealer, it war tfte toP - 
i price in a sale of continents , 
'wigltsh and. American.- 
Which totalled £204.454. r . '■•' ’ j . 

A rare Queen Anne ecUeii® ' 
and cot r by PierrePlStf&g*-. 
i London, pruba: . made fo 
J° ,' the York 

Shrubsole at £755K ' Noi«*W> 

I PJfsented to mothers inVFraWS 
! ? f I er childbirth'.' the'derikn-'^:'.' 
introduced into Enalaldv .. 

Haguenot goldsmiths.. Thr**- 

ajople sold yesterday is 

n?.i Ji'' ! n0WT110 ba.ve surri^ : 
outside France. ■ V 

pAifip °' Engiish^fufrHtW#- 
Christies bj LondoniyejAB&tf;•' 

fJL? 1 u g8 j oy seeratalra^biw: 

SSto ' bookcase Beton* 

• it wap bouato- tw /iW-' 

G ThTfi? ter ' ^ 

“ rat course hv CEftoi«.. 

practical tr5nt»«:tn : 
^ccoraiite.-arts: 

door°- ?r, lL OBT P.ton. MW,. 

JSgloL ChnsUe ' s ' r ^?.^t; 




• ^....AJE 


t^LLfOi 



1 










inancial Times Friday September 29 1978 




* * i • 


i & 
i ? 




E NEWS 


% 

acrease 

•7 

\ coal 


Cevra Done. Energy 
respondent 


Board proposes! chemists 

t •.> i supplier 

‘super-pit’ 


BT RHYS DAVID 


attacks 

pricing 


lltflllf PLANS FOR a JtlSOm ^super-pit” times the .present national aver- likely to he available for phased 

UiUlll | producing more than 2m tons of age. ' redeployment to the mine from 

coal a year and emptoyiofi about The Board's plans envisage West Cannock 5s colliers' as coal 

i J.3D0 people have been submitted use of about 76 acres For buiJd- reserves there become exhausted-. By n 3 wd Churchill Consumer 
1 by the National Coal Board to ings and other developments; 79 This should help provide a - c ' 

! local authorities in Staffordshire, acres for disposal of raining nucleus or skilled workers. ; * nairsv p ° nc 

The mine, known as the Park wasteland 42-for a branch rail- Up to -UKJ new houses may he * TENDING wholesaler ..f 
VIwJSm “Iff’ j project. will be on 316 acres east way to link the colliery with the required. The Board Li not plan-; eheuilsls - supplies said \estorday 

' s after the lELwSl ^ Stafford, and Is ffpected tu main Stokc-Euston line. nine Ui create lls own mining vib mat lt was reluctantly'aolng to 

ts a tier me ivjuonji u»ai t ^ complete for A further J9 acres would he Iag«. Abandon the -Dint of Use resale 

,UmmL ’ rs P™- use ‘ Planted with trees. “We consider that employee Ste iK»2!K 

. ut> athente. . Thc pcojer-u ' full ■-details or A sialemem by Ifie Board should bo integrated with thei^J. ^ pharmaceutical trade 

oraing to hgures pubiisneu; w i 1 j t .j 1 ave now'disclosed, is one supporting the planning applica* vanous local com mum lies, it; i 3l > can so or the "eynica! 

ie Department of Energy., of lhe lar5e mines planned, in- lion s: «ys that attention will be said. .. faltitude” of somi* other whole- 


British Airways £7m Enterprise 
computer order ! Board 
'goes to A m dahl 


tonnes of coal were pro*, eluding Selbv and the Vale oF Riven to reducing the environ- Most of the area covered by the j wIers 
: in the three months from Belvoir from which the Coal menial impact of the develop- application is upen country, but; gj r " 
10 August, about 1 per cent]Board hopes in derive much of menl architecturally, and to in some cases mining will extend 1 of Ma 


Hugh Linslead. chairman 
Macarlbys Pharmaceuticals, 


I with the same three, ^ cenL .j wjvgag. be llpi£d !a a coopted vail* AVardeil recommended that .SSrTpSSiE 
. hs last year. More coal was I Lnwirvcraiinn hrii^f i? which will be restored and con- coal remain unworked under .medicines 1had heen declared ii 

>d in power stations buljJ*h? Rnarrf e^irt * tuured 10 b]end with Hie land- premises owned by lhe General -JV* DU jjj/ c interest bv the 
- even use fell by 18.1;per soKed at cost, the Board Claim,. scap0 . Electric Company to support pS?.S r2,™ « 


Udmind be ween June and i £5gjffi S of ,a, “ ith " ,e 1055 

r - ■ - ft -vss; —*««ss 

in 

._ .„... .... the 

and sales to other lndu*’ The proposals to the'planning doal will leave lhe site hy rail these works. ' ” * UPP ° . J“ t ™ Uvt! pr “cu«* Court in 

fell by 15 percent. authorities art- for sinking two on “merry-go-round” trains of “The Board consider that by -th,,, «,mnanv had ad coral pH 

other 5.000 miners left the;vertical shafts about 900 yards up to 60 permanently coupled the adoption or a cavefutly-in,,'. Wnw the “ ,, r . ?v 1 

my during August, more .deep between thc villages of wagons. designed system of pillar warfe-S ihatthe nh^maJvtrade 

3.000 of them under thelHoprnn and Salt to up jo ien The labour force or about ing. some of the coal could he:” „ r(l iJ. harmed if SJ 
Boards early retirement!workable seams. An annual out- 1.3*25 men is expected to be extracted in such a way JhnUshp] p ' 

me.' [ Put of 2.15iu tons is planned, with reached' after an eight-year cause little or no interference i 

'productivity level above three build-up. Up to 600 men are with the works,” said the Board.,Exploited 


BY LYNTON McLAIN 

BRITISH AIRWAYS, which has 
used IBM computers for 15 years, 
turned its back on the company 
yesterday with the announce¬ 
ment of a £7m order for 
computers from tbc U.S. Amdahl 
Corporation. 

The Amdahl computers wifi 
cost lhe airline film less than 
any comparable equipment. 

The contract is a coup in the 
computer world, ft is the largest 
single order placed with Amdahl 
outside the US. and is lhe first 
switch of allegiance to Amdahl 
by a British nationalised, 
industry. 

The move is certain to 
strengthen the ciaht-y ear-old 
computer company's foothold in 
Europe, and comes after an 
order for the same type of com¬ 
puter placed this year by Ford 
of Britain. 

Britain's biggesi computer 
company. 1CL did not tender for 
the British Airways order. It 
said last night It had not done su 
because the airline wanted the 
new equipment to be compatible 


with existing IBM computers 
and no 1CL computers were, as a 
deliberate design and marketing 
policy. 

The airline has ordered two 
.Amdahl 470 V/<5 and two 470 V/7 
computer*. 

The two V/6 computers from 
Amdahl will replace IBM 360 
models, which will probably be 
sold. They will be installed at 
the airline's West London com¬ 
puter centre in December. 

Thc V/7 computer!, will be 
installed at Bondicea House. 
Heathrow Airport. London, next 
February and March. They will 
take over the work of IBM 37U 
units, which includes fare quota¬ 
tion. ticketins. hotel reservation, 
departure control and flight 
planning. 

The IBM computers will 
handle batch work now processed 
un the other IBM computers. 

IBM .said that It bad tendered 
for the British Airways order 
with its 3053 and 30-32 cr-*"»ier 
systems. 


icial role ! 

\ A ley Eadic. Parliamentary 
jr-Secretary for Energy, 
yesterday that coal would. 
a crucial role in matching, 
ay supnlv and demand. 
ng the 1980s. . ’ 

pansion plans were based.' 
said, on ‘the Coal Board's;THE 

and estimate for thc year j rejected an appeal by the York- regulations in the UK. compared effluent treatment on coastal cynicaUv with no’regard to’the 
of 170m tonnes. , shire wool scouring industry for with wool textile areas on the sites were unlikely to be 1 long-term results it would 

The achievement of that i a £750.000 subsidiary to bring continent. negligible in the Tuture and lor i inevitably produce.'* 

1 of production would mean down the co3t o[ water treatment The industry blames higher 'reason assistance towards' Such ’exploitation took lhe 
- equivalent of 30 new 2m- to a level comparable with that charges, introduced after water re-location could not be given. form .of extended credit or dis- 
ies-per-year pits being:paid by European competitors, reorganisation in the UK. Tor tbe Mr. Crver ha<» suggested in-'counts for prompt payment of 
• ight into production between! ii r . Bob Cryer, a minister at growth in Imports of wool lops, stead, that the industry should]bills, and selling 3 oods not sub- 
• and the end of the century.” > the Department of Industry ha> how taking 14 per cent of the look at ways of modernising its; jeer to RPJf as a ‘'loss-leader** 
>nsumption of oil products, written to the chairman of a market compared with an scouring process to minimise [to attract the profitable fixed- 


Wool scourers’ appeal rejected 

BY A TEXTILES CORRESPONDENT 

GOVERNMENT has and cosily effluent treatment the industry that costs 


1 But a price-controlled market 
I could . be extremely profitable 
! in the short term for any cum- 
• pany prepared to depart from the 
spirit, if not the letter, of RPM. 

Over, the past Few years 
■* certain wholesalers have seen 
the possibilities of this situa- 
of lion, and have exploited it quite 


Kirkby co-operative 
waits for rescue 


BY JOHN ELLIOTT^ INDUSTRIAL EDITOR 



l * 


Vi* 


. , , ■ — —.- — - difficult to meet the subsidy , , — , . . 

cent and there wo? also in-'assistance towards re-locating request because of efforts by the nique for wh icta substantial squeezed over the past few years, 

ised demand for other trans-ithe industry' on coastal , sites. European Commission to reductions in water and eflluenilwere only too pleased to accept 

r.fuefc such as aviation and j where effluent charges would be eliminate stale aids offered bv charges are claimed, fa now In the f such discounts in the sbort- 

- el fuel. (lower. Instead, he suggests various Common Market tr,al slasc - ' le 5 n * « .. 

otal. gas consumed in Lbe;greater use of assistance -avail- members to their industries “ Thu development, if success -1 Sir--Hugh said the company 

tod was 2.6 per cent down on |able under the Industry Act 1973 Mr Crver >aid in his reD j v ful. will assist the modernisation:had hoped that the nianufac- 

year because of reduced sup-j to modernise facilities. that : the* application rur a the industry, bul was nul con 

.s to power stations. ! The working party was set up 1750.000 annual subvention f ,dere .“ by the working parly, 

iecLridty demand was up by! last year to investigate the would create grave difficulties l,e sa - 

per cent in the months! industry’s complaint that iis both in the EEC and -- 

ai May to July, chiefly • competitive position was being domestically. 


ause of the colder weather, 'undermined because of slriiigeni Thc Government has also told RgtllilerS SCCk 

stronger trade 
law penalties 


of the industry, bul was nut con- ] turers would have acted to stop 

the circumvent inn of RPM. 

“ But it has not happened and. 
as a. ‘ rrsult. things have 
deteriorated quite rapidly in 
every’ pari of the country in 
which we operate.” 


Commons’ powers criticised 


BY RUPERT CORNWELL 

■\V COMPLAINTS about the 
. deqiucy of Commons* powers 
. J procedures . to scrutinise 
amunity rulings have been 
. red. by the all-party select 
j nmitiee or EEC legislation. 

\ report issued yesterday hy 
*s criticised Mr. Michael FooL 
' der of the Commons and in 
_ irge of the business debated 
“ the House, for not tabling a 
-ition setting down a formal 
olution that Common Market 
- :uments would be properly 
cussed. 

Ur. Foot has been under strong 
-assure from anti-market 
bour Left-wingers for just such 
r- move,. But embarrassment at 
pother public airing of the 
rty's enduring divisions on the 
’ ’ .JC meant that . nothing . was 

.(Ain-—- 


done last session, in spile of a 
relatively uncluttered par¬ 
liamentary programme. 

In particular. MPs singled out 
the lark of sufficient-examination 
of Brussels decisions in the steel 
sector, where the commission has 
wide-ranging powers. 

They wrote: ; “The growing 
crisis in the steel industry Ln the 
past months,, which has led to a 
number of fast-moving proposals 
for financial support and price 
and market'regulation, has shown 
up failings In the arrangements 
for the scrutiny of European 
Coal and Steel Community in¬ 
struments.” 

The commission is taken to 
task for its self-imposed rule 
that evidence should not be sub¬ 
mitted formally to national par¬ 


liamentary' committees. 

This condition should be 
scrapped, instead of disagree¬ 
ment between Brussels and 
naiiojiah parliaments being 
"pursued, through the Press.” 

The MPs say that any substan¬ 
tial delegation of power from 
the Council uf-Ministers to the 
commission would further 
weaken the effectiveness of pre¬ 
sent scrutiny procedures. 

The report also questions the 
legal basis, under the various 
EEC Treaties, of some proposals 
published by Brussels. 

The opinion of the Govern¬ 
ment department concerned on 
this matter should automatically 
be . set out in the Explanatory 
Memorandum presented to par¬ 
liament. 


RETAILERS HAVE suggesled to 
the Government that criminal 
penalties should be imposed on 
companies which . deliberately 
adopt restrictive practices such 
as collusive tendering or who 
knowingly fail lo register res 
trie live practices. 

The proposal was made yes¬ 
terday by .the Retail Consortium, 
representing more than 90 per 
cent of Britain's retailers, in 
evidence to a Whitehall com¬ 
mittee reviewing restrictive prac¬ 
tices legislation. 

The evidence said that retailers 
were unhappy with the present 
system of enforcement which did 
not sufficiently penalise com¬ 
panies which broke thc regula¬ 
tions. Otherwise. Lhe retailers did 
not want any major changes In 
restrictive practices law as sug¬ 
gested by some manufacturers. 


Mobile banks 
at Shelton 
; works pay-out 

i MOBILE -BANKS were set up 
/yesterday at Shelton iron and 
i steel works, Sioke on Trent, 
; where 900 manual workers 
received “ golden handshakes ” 
of up to £16,000. Average pay¬ 
outs were between £5,000 and 
£7,000. 

Lloyds and National West¬ 
minster were among the banks 
represented, as well as building 
societies such as the Halifax and 
the Britannia. They set up 
caravans at the plant after it was 
discovered that nearly 90 per 
cent of the men. who were being 
paid by cheque for security 
reasons, did not have a ban* 
account. - 


THE FUTURE of the Kirkby 
Manufacturing and Engineering 
workers’ co-operative on Mersey, 
side hung in lhe balance laM 
night after ministers failed to 
make a decision on whether to 
back a plan to rescue the enter¬ 
prise. 

Contrary to expectalions in 
Whitehall, the subject was not 
on the agenda for yesterday's 
weekly meeting of the Cabinet 
which’ last month rejected' a plea 
for £2.9m. 

Fresh proposals have been 
worked out after a meeting last 
week between Mr. Alan Williams. 
Hinistei. of Slate for Industry. 


and leaders ot the co-operative 
which is facing a cash crisis. 

These proposals are thought to 
need short-term Government aid 
uf £200.000 and will need 
approval hy senior Cabinet min¬ 
isters before they are announced. 


Hotelcomplex 

A 150-bed room hotel complex ; s 
planned for the wooded grounds 
nf 200-year-old Sbotton Hall, 
Peterlee. County Durham. The 
scheme, costing about £2Jm. will 
include a swimming pool, sauna, 
squash courts, shops, banqueting 
and conference facilities. 


puts up 
£3m to aid- 

Sinclair 

By John Lloyd 

THE NATIONAL Enterprise 
Board has increased its invest¬ 
ment in Sinclair Radionics, the 
Cambridgeshire electronics com¬ 
pany. to i-J.lom in the form 'or 

equity and loans. 

The only official aonounrenioot 
of the Enterprise Boards 
jnteresi in the company is .con¬ 
tained in its report for 1977-78. 
where it notes that the Board 
paid £650.000 for 43 per cent of 
tbc equil>. 

However, in August last year, 
it increased that holding to 7313 
per cent with iIs purchase uf 
1.5m £1 non-voting preference 
shares. At the same time, it pot 
up a loan facility or £lni. 

About balf of ihe loan \va* 
. taken up by the company before 
Ibe end of last year, with the rest 
. being taken up, bringing the 
| total committed lo £3.15m over 
the Iasi 12 months. 

Further expansion uF the com- 
ipany—which is launching a UK- 
i only version uf its pocket tele¬ 
vision. the nucTOvision. in the 
next few months—will probably 
depend on extra loans from thc 
Enterprise Board, ur a further 
purchase nr equity. 

The company is considering 
dropping its dwindling share in 
the cheap calculator market to 
concentrate on executive and 
scientific models. Demand for thc 
rnicrovision has slackened over 
the summer period but both the 
company’s chairman. Mr. Clive 
Sinclair, and Mr. Nicolas 
Barber, the Enterprise Board's 
divisional officer in charge .of 
Sinclair, are optimistic about Us 
future. 

Sinclair's problems. Page U'^ 

Factoring move 

FACTORING AND invoice dis¬ 
counting services of Barclays 
Bank are to he consolidated from 
next week under a new subsidiary 
: company. Barclays Factoring, 
! with headquarters in Basing- 
i stoke. Hampshire. Barclays' 
ifactoring turnover will increase 
[from ffiflm to about £100m in 
lthe current year. 


Nuclear proliferation threat 


BY DAVID F15HLOCK, SCIENCE EDITOR 


A WARNING that the reaction 
of developing -countries could 
undermine and even destroy 
present attempis by Hie nuclear 
exporting nations tu control the 
proliferation of nuclear weapons 
was soiinded in London yester¬ 
day by Dr. Sigvard Eklund. 
director-general of the Interna¬ 
tional Atomic Energy Agency. 

Dr. Eklund told the Anglo- 
U.S. nuclear- fuel cycle meeting 
that he was deeply worried by 
the position adopted by develop¬ 
ing nations at the general con¬ 
ference of the agency in Vienna 
last week. 

Developing countries drew no 
distinction between the new U.S. 
non-proliferation law. which 
tries to outlaw plutonium alto¬ 
gether, and the guidelines of the 
15-nation Nuclear Suppliers' 
Group, which seek 1u place 
tighter restrictions on the export 
of “ sensitive ” nuclear tech¬ 
nology for reprocessing and 
uranium enrichment. 


Moreover, developing coun¬ 
tries which had signed the Non- 
Proliferation Treaty were align- 
ins themselves with conni ries 
which refused to sign it in their 
reaction to the new controls. 

Their priorities were plain 
from the suggestion that nations 
which unilaterally changed 
supply contracts into which they 
had entered—as lhe U.S. has 
done—should be subjected to in¬ 
ternational sanctions no less 
than nations which breached in¬ 
ternational nuclear safeguards.' 

*‘AU this, turmoil is not. of 
course, lost on opponents of 
nuclear power, who see the 
present disarray as further proof 
of the decline of The industry, 
and of the risk of proliferation 
which they claim that it entails.” 

Dr. Eklund acknowledged that 
the separation of plutonium in 
reprocessing plants posed a com- 
Heated problem. But he raised a 
laugh by quoting a cynical 
French suggestion that the 


easiest way tn cope with 
plutonium would be to distribute 
it among the nuclear weapon 
states, “because as soon as it 
has been transformed into bombs 
nobody cares about it any 
longer.” . 

The nuclear power industry 
.was in a paradoxical situation 
today, he said. The rising price 
of oil and other fuels was making 
nuclear plants “even more econ¬ 
omic.” Operating readers had 
demonstrated unparalleled safety 
records and shown good reliabil¬ 
ity. The environ men ml impact 
was much less than that of con¬ 
ventional power stations. 

A L’.S Departoient of Energy 
task force led by Mr. William 
Voigt has been visiting West 
Germany and Holland to try to 
sign up new enrichment contracts 
with utilities, and has met the 
Euratum uranium supply agency- 
in London this week. Another 
team is visiting Japan. Taiwan 
and South Korea. 




'S ENERGY REVIEW 


BY KEVIN DONE 


Some clouds on BNOC’s widening horizon 


HE RECENT appointment of 
ird Croham. formerly Sir 
ouglas Allen, as a part-time 
:puty chairman of the British 
' ational OH Corporation has in- 
•eased rather than diminished 
tc uncertainty’ about the future 
•■adership of BNOC. 

^ Lord Kearton, the corpora- 
*H;?on's chairman, reaches the end 
• *.[ his three-year appointment 
. ,.*. v n December 31. and as yet no 
,kely successor has begun to 
^-^merge. Lord Kearton has al- 
eady made it clear to Mr. 
-nthony Wedgwood Benu. the 
Energy Secretary, that he would 
. ot be keen to take on another 
. steaded period as chairman, 
«ut it is probable that he wilt 
emain for some months while 
he Government continues the 
nint for someone to fill the gap. 

The Governmenfs job has not. 
'. >een made easier by the fact 
hat the decision to postpone a 
general Election is likely to 
• prolong well into next year un- 
- • rertainty over exactly what role 
SNOG will be playing in the 
.. 1980s. 

. The ‘ Conservative Party" has 
?eeu singularly unsuccessful in 
itirring political controversy in 
the field of energy. On many 
issues it has found Itself either 
espousing what amounts to a 
bipartisan policy—as on the 
debate about nuclear power or 
the future of the coal industry 
' —or it has become lost in the 
. welter of technical detail that 
abounds in energy debates. 

• Only in the shape oE the. 
. • British National Oil Corporation 
' has it found a subject on which 
it tan attack existing Govern- 
.. ment.policy. Sir. Tom King, 
-‘ the Tory energy spokesman, has 
- - promised that .a Conservative 
. Government would review 
-.•.closely the functions of BNCC 


and he has not ruled out the 
possibility that the corporation 
could actually be abolished. 

Such drastic action is unlikely,, 
-however, and Mr. King is quick 
to point out that the Tories 
still have an '* entirely open 
mind ” on the matter. Much of. 
their policy, he says, could not 
be decided until the party was 
in office in any case. The only 
point That emerges dearly is 
that he is anxious to remove 
from BNOC what the Tories 
like to call its “regulatory 
functions.” But even this aspect 
has not been spelled, out in 
detail.' 

Id a short space of.time 
BNOC's interests in oil aud gas 
exploration in UK waters have, 
taken on a very comprehensive 
nature and there is potential 
for a real conflict of interests. 
How should it .handle, for 
-instance, information on com¬ 
panies- pricing of crude gained: 
from its role on all operating 
committees, when it is in 
competition with those same 
companies? Equally, through, 
such committees it could have 
access tci seismic information 
for areas adjacent to hitherto 
unlicensed blocks. BNOC main¬ 
tains that its activities are well 
enough segregated to ensure 
that - co mmer cial advantage is 
not taken over the private 
sector. But the assurance is 
not enough to still the doubts 
of either the Conservative Party 
or other oil companies. - 

Such doubts over BNOC’s. 
future make it‘unlikely that 
candidates of the necessary 
stature will be attracted to 
apply, for the jobs at. the very 
top of the corporation, at least 
until an election has' cleared 
the air. Even then, suitable 


BNOC EQUITY INTERESTS IN PROBABLE FIELD DEVELOPMENTS 


Field 

BRAE 

HUTTON . 
BLOCK 30/176 



Estimates of: 
Recoverable 

Year of 

BNOC 


reserves 

first 

equity 

Operator 

(million barrels) 

production 

(%r 

Marathon 

250" 

1982/83 

•20 

Conoco 

260f • 

•• ? 

20 

BNOC 

up to 400t 

t 

51 


* : Marathon estimate for southern portion of Brae. t Wood Mackenzie estimate. J Industry estimate. 


Oil company shares of proven UK oil fields . 

United States 46 per cent 

UK state 7 per cent 

UK private sector 31 per cent 

Netherlands 11 per cent* 

Canada ' 3 per centf 

West Germany and Norway 2 per cent 

* Including Dutch interest in Royal Dutch/Shell Group 
f Including Thomson as Canadian company 


Nationality of licensees on. UK Continental Shelf* 
United States companies 46 per cent 

UK state—British National OH Corpora¬ 
tion and British Gas 21 per cent 

UK private sector companies 19 per cent 

Other nationalities 14 per cent 

¥ Up to fifth round of offshore licensing 


candidates may be thin on the 
ground. Lord Kearton is blunt 
on the mailer: “The number 
of very able people in this 
industry is astonishingly few.” 

For the first three years of its 
life the corporation has been 
fort un ate, in having someone of 
the dynamism of Lord Kearton 
—at 68 his energy appears 
undiminished—to create, and 
then to protect its interests. 
When he was appointed it was 
as chairman only. In fact, for 
rthree years he has fulfilled 
the dual functions of chairman 
and chief executive (and for 
that matter has also managed 
directly the corporation's public 
relations). 

"At least for the future chief 
executive (or full-time deputy 
chairman as the Department-of 
Energy's advertisements express 
it) it is dear that the Govern¬ 
ment is looking, for someone 
Jrom within the oil industry. 
.This Is why Lord Croham's part- 
tiine appointment has done little 


lo solve BNOC's leadership prob¬ 
lems. 

Whoever eventually takes 
over BNOC will inherit an 
organisation that has carved out 
for itself in a very short time 
an impressive presence ]□ the 
British oil industry and, increas¬ 
ingly, in the international 
industry as well. Most of the 
debate about the State oil 
corporation focuses not sur¬ 
prisingly on the growing scope 
it js being given by successive 
licensing round to influence 
directly all North Sea actvities 
through majority state partici¬ 
pation in all newly allocated 
blocks. 

But this controversial part of 
BNOC’s affairs tends to over¬ 
shadow the other major role St 
has taken on in the last two-and- 
a-half years as an independent 
oil company in its own right 
In a short time it has emerged 
as an operator in the North Sea 
for which even the established 
giants of the international 


industry have had to admit a 
grudging .respect. 

BNOC is still not three years 
old—It came into being on 
January 1, 1976—but it is well 
along the road of putting 
together an organisation and 
management structure capable 
of meeting the demands not 
only of majority State partici¬ 
pation but also of being a North 
Sea operator with equity 
inrerests in five fields and of 
becoming a significant crude oil 
trade in even world terms. 

By the end of the year the 
corporation’s staff will have 
grown to more than 1.000, and 
it wlU not be too far off what 
Lord Kearton sees as the even¬ 
tual operating size of 1,300 to 
1350. The last personnel report 
shows BNOC with a staff at 
the end of August of 971. At 
that date 61 more recruits had 
taken up job offers with BNOC 
lo start before the end of the 
year. The staff has grown 


rapidly since the end of 197fi. 
when il slu«»d at 3SS. and the 
end uf 1977. when it tuulled 
745. 

Apart from uncertainty tu 
BNOC's future rule, [lie task uf 
recruitment has not been nelped 
by the politically expedient 
decision that was taken tu site 
BNOC's headquarters in Glas¬ 
gow rather than in London. 
With the staffs it inherited from 
Burmah and the National Coal 
Board—who run the State in¬ 
terests in fields such as Thistle 
and Ninian—firmly based in 
London, the move appeared for 
many months tu be a hollow 
one. 

But the balance is being re¬ 
dressed. At present. 405 of 
BNOC's total staff are based in 
Glasgow compared with only 
160 a year ago. By comparison, 
the size of the London staff has 
barely changed. A year agtrit 
was 300. but in the past 12 
months this has grown only to 
about 320. The balance of the 
staff is based at BNOC's third 
location, in Aberdeen, from 
where much of the operational 
work is carried out 

The transfer to Glasgow has 
been difficult. Lord Kearton 
readily admits, because of 
commitments that had to be 
met to London-based staff work¬ 
ing on such inherited projects 
as Thistle and Ninian. But he 
says that any future major field 
projects will be carried out 
from Glasgow. 

The mixture of interests 
thrown together in 1975 and 
1976 to give BNOC an opera¬ 
tional role in the North Sea>— 
chiefly through the acquisitions 
from Burmah and the National 
Coal Board—was such Uiat it 
has taken many months' for a 
rational management structure 
tu emerge. To be successful 


the process has had to he une 
of evuluiipn rather than revo¬ 
lution. says the corporation. 

For this reason, formal 
management structure has been 
kepi in a minimum and manage¬ 
ment authority has been dele¬ 
gated lo individual managers in 
order lo retain flexibility. 
Gradually, the structure is being 
changed so that the originally 
separate management groups 
can be brought together and 
so that genuinely corporate 
capabilities can be developed. 
At the same time, the corpora¬ 
tion is creating a divisional 
framework for meeting manage¬ 
ment requirements in areas 
such as commercial oil trading, 
the growing offshore equity 
interests, and the various tasks 
involved in participation. 


Experience 


Reporting immediately to 
Lord Kearton is a group of five 
managing directors. Based in 
London are such functions as 
crude trading.'Govemment rela¬ 
tions, corporate development, 
procurement and project man¬ 
agement for fields such as 
Ninian and Thistle. Many of 
the financial functions are based 
in Glasgow along with respon¬ 
sibility for developing down- 
stream relations with-BP, Shell 
and Esso, and the unit for 
handling BNOC's equity 
interests in licences where it is 
not the operator. 

Not surprisingly, such a neces¬ 
sarily complicated organisation 
has not been without its prob¬ 
lems and .other oil companies 
have not been slow to lay the 
blame for various delays at the 
door of BNOC. 

Many of BNOC’s staff have 
been drawn from existing oil 
companies. ,r We have people in 
various departments who have 


had wide experience in different 
oil companies, m the way dif¬ 
ferent oil companies do things 
and they have had experience all 
over ihe world," says Lord 
Kearton. **\Ve have now an 
almost unique synthesis of ex¬ 
perience drawn from a very 
wide field of action." 

So far, BNOC has been hard 
pressed to consolidate all its 
existing activities as well as take 
on new responsibilities as and 
when the Government thinks fif- 
But not content with its UK 
role, it is now embarking on a 
series of exchanges with other 
national oil companies which 
could herald the start of a new 
Internationa] role. 

It has received four separate 
propositions for thc exchange 
of staff from nil-producing 
cuunlries such as Venezuela 
and two such schemes are well- 
advanced. Bv the beginning of 
next year there could l>e BNOC 
people working in Venezuela 
and other overseas countries. 
There is also scope for co¬ 
operation with countries such 
as Mexico. Brazil and Argentina. 

But what is BNOCs place in 
overseas nil operations? For 
the moment Lord Kearton 
answers that: “Oil is interna¬ 
tional: you will not. keep good 
young people if you cannot offer 
them foreign travel and absorp¬ 
tion. BNOC wants tn get people 
with wide experience in other 
areas and we will only keep 
them by givinc them experience 
elsewhere.” Having started tn 
match the nil majors in their 
operations in the North Sea, 
how great are BNOC’s future 
ambitions? It is not ruled out 
by its retnif from going at some 
pnjnt into overseas exploration. 
And Lord Kearton adds: “You 
cannot be parochial and be 
effective. One of the great 
strengths of the multinationals 
is that they are multinational.” 











in 


Financial Times Friday September 


LABOUR NEWS 


Buckton warns on risk 
of pay ‘battlefield’ 



Br NICK GARNETT, LABOUR STAFF 


VauxhaU finances 
may limit offer, 
unions believe 


A LAST MINUTE appeal '/< the Sir Frederick Caffienuturi. The Ford strike, he added, was . 

fr-vernmerit lo_ remove the chairman of the British Overseas only the first indication of what LABOUR STAFF 

r.gidily m the 5 per cent Trade Board, also warned at the might follow. The man on the MEMBERS 

same conference thsl The Govern- shop fl°o r bad made >t quite union ne, 
meat was xn for a ver. rude c l ea f 10 union leaders that which has 
v ..,b„, na riurino pVi-.si**Fm ir anol f 1 '- ,r - vear of Ualll incomes yjy offer. 
dAaken.. ? aurm^ Ph-se Four p n ii t y would not be tolerated, the eomnanv' 

Enforcement of crude norms This wa.s a particular problem for . W ;l! not aifo 
could be done “ for tjne year and skilled workers. .more than, ihe Governmeni's 

two years and. with sanctions Mr Buckton said he was notlP^ cent pay rise limiL 
and a miracle, even three years, railing for the serappiny of tiie Vauxhall stressed in xhis week's 
Bo: wuen you gr> into the fourth pay guidelines. Bui unions had negotiations that the -ay offer 
y«.r especially as people did nnj tu lie able to negotiate with a had been formulated a'-ainsi ibe 
cvnect a fniirtn year and greater degree of flexibility and company’s trading ~ pu.-’.tion. 

41 " which has been unsatisfactory for 

ihere several years. Though it has 
In hi- speech. Sir. Suck tun might be less scope this year for! pulled ^ hade ^from its IlSni loss 
said it was not too late 'or the arranging 
menu Mr. Buckton said that the Government to change cour.-c. productivisy 

•JcvcrnmenL for the sake of the There would be no loss of face in the public 

country and the Labour Party, tf it did A decision to ignore been trdaied 

had to heed 
■rad** rjmons 


BY CHRISTIAN TYLER. LABOUR-EDITOR 


Sf.'i 


:..vy: 


•>'»l:cy v.js made yesterday by 
Mr. Raj Buck Ion, general secre¬ 
tary of the train drivers’ ynirn. 
who v-arned that the eon- 
-.equences of the policy would be 
•-•at 2 strop me. 

Trip, Government had severe': - , 
riu-judged the ninnd of rank-and- 
fi.e trad*? unionists and the con¬ 
frontation that would retail 
from a tight adherence tn 5 per 



uY.i.Irf he f ir mnro ro<*!v L te t - Ll e mui in imi an u greaiei u«si« oi newounj a 

.J‘ ,h a cf 0 . c nC . !o e . r , ' h exnetted an ejection, then you thev would do this respunsibly 
■ nan-the effects of a ler¥ rigid • ■ .... j 

approacn to pay. he declared. J,c ln trouble. m He also warned that ihe 


Spcai'ir.g al a conference of 
:ne British Institute ot Manage- 


fiexiriS'.iiy :n pa;- deals. 


the warnings of the union*’ warnings would make private sector workers because! fore receptive to a productivity strikers 
on the neerl for * •* bat'tefield'■ of industrial of the operation of productivity: deal, and do not at present. Fore- Dockers’ 


m ations. 


deals in private industry. 


Skilled workers’ differentials 
‘better under Phase Three’ 


BY NICK GARNETT. LABOUR STAFF 


first week. _ _ ____ 

Yesterday ’iie company post- 5 ser cent, to allow for an- jo* .. W ii| !j C expected , «omnatwf ■‘ T PhA« .ITTt 

poned a>?Iy :oa c-iuira fursah- qusntiSable extras in the pay deduei their estimated settle- 

stannai increases on oebai: ns the hi;; during their 12-xnoaIIi agree-. me'nt at the time, productivity establish oim. «*» « 
while collar staff because of the .-cents. eariijrtgs and rises paid Jor ■ . - - v .-.7 

dispute. A cbnSa'esiia! guidance note sta&lory reasons Jltiurb -,_-V ,HV 

This anaered-the wnitecoiiar l0 c;r :. servant reveals that TW s i m . i e rt is to be adjusted n w nr king houre are «it 
unions, who are demanding a t-.rfjaliy every loophole is to be , number of hours worked, part of a productivity iehewe2: 
date from the company on wbiw > c . osed . vStiiK of output. under thc scheme fails.” 

schemes, and either be a conrespoodiug.revej.,.. 
e labour force. s j on ;o the status quo or a p/o-' V 
^ure has to be portionate reduction in pay.** ' Vi 
-, a . »- e - bp •nid •***«* *s **•*•■'« •* PCf ceo * l ^ ,s Other cuts tn hours «TH hit#’*' 

fho«-‘ Ir.vorved :n a dispute Ume - . . to be costed aoddeducied 

W’i > unaware at what ieve’, The offset must 3 U tool ala-ally the ma f n wage deal. 



shoo stewards at 


The offer includes the csiab- Up to -00 workers at Ford s 
lltshmem of a craft grade for Uenk. Belgium, plant who supply 
' skilled workers and proposals for Transit van parts to Britain, face 

I consolidation into basic rates of being laid off because of the 

-E4.5S supplemental payments. . sirike. This is the only mode: 

MANY enm:wnle« have been able -o seif-financing prod activity workers were tired of being It offers a pay increase rang- for which 1 Gent supplies parts 
to repair some ej the damage deals. rinded nut to take the brunt of ing front C2.&0 to £3.S2 fm day to the UK. out British Ford 

don? ‘ to nay differentials for Magv cnnipanies. huwutcr. hud management cost-saving exer- shift workers, giving rates !or a plants supply many parts to Ford 

ri::l!ed manual workers over the r.greed" during Phase Tnree «o ciscs. ' w 'j r ' ur w r e AX roD1 pJ l ^"P r'V; of Genuany. A s-posesniait m 

past year, the British Institute e.voinre me possibility of orn- Radical technological changes ••Bd from -4.1- to £6.60 for night Cologne said the. toe strike 

nf Management conference was ductiviK- dt-b!s. lie cslmta'ed introduced in a sluggish ecunouiy sht' 1 workers, raising the 40- would cause no. immediate diffi- 

told yesterday. that half of the most significant could result in extremely djinas- hour week rate from £SS.;JI to cullies but prouieir. 

Mr. A n 1 lion v Frodsham. direr- engineering com panic* in ’being disruption u» workers and i 11 ®™ dual plants could arise 



lor general nf the Engineering Midlands had made ur were p!an- 
Emplojers' Federation." said a 
survey nf 3W engineering fac- 


series in ihe north-west showed 
Trm during the more fievihie 
Phase Three, there was a slight 
‘eiprov.-'ment in Hie differyntiai 
of skilled manual earning? over 


viianagcmeni. 

nmg productivity arrangements. Mr. Roy Grantham, general 
The majority nf deni? «eerneti semffzry of the Association of 
genuine and sucessful. Mr. Professional. Executive. Clerical 
Frodsham said and Computer Staff, said a TUC- 

“V.'ith luck, they ;na> come to bused body, with some tlovern- 
bc '?en as tiie starting p«*::n for ment involvement, was nperied 
a more generally significant in decide nn the merit of special 
unskilled—from under *2fi ner relationship between pay and case? during periods nl incomes 
cg.tt to more than 38.5 per cent, company performance, for j policy. 

APlmugfi ihis was a modes? stronger employee appreciation 
increase compared 10 ihe 45 per of the need for improved com- 
cent differential 10 years ago, the pany perforniance. and for a 
Federation lielrev^ this rertected more committee acceptance or the 

a genera! improvement through- wealth-creating role uf industryDrtllt-1? VPP 
nut engineering More companies will need to IVUU3“I\UjLC 

Mr. Frndshain said shat arrange productivity deal? under ROLLS-ROYCE research 
:r?.vomes policies were needed Phase Four than in the previous development engineers stayed a i b tf *VieVim^uayments' 
because the unions could not be wage round. Mr. -- " . . . . _ . 


The union side of the Ford more than 14 days. 


•is wuii-pj> utiitui.- --„-, Ponr 

last limits Ministers' freedom, cases be cleared with the Depart- ru 

A hiock uni! ne put on com-; n»nLof Employment.”. » u „„j c - . : i 

sanies, such as Sun Alliance in Attdiua 'v 

the -as; round.'which wanted to T imin g of deals Unless slatulory—like those 

make pension schemes non-con- ■ : ® 1 w ,h 0 u -.ihin jnade by the CAC. acjbitraGoa^. 

tribal or. and give employees the - Jio deal is to be {°f de J* awards will fall within 5 pereeo*. > 

:hen maximum 10 per cent rise. 12-jnonths of the last anu an „i ess SP ecial esses. 

London we.shunc allow.inces mitaf run For 13 months. ^ 

are Fo be kear v.ithin the finer ; ,Ekempt from-this are new. or AJgiy work V 

cer.i limit. . revised productivity payments. ■■ 

The cniy'necia! case is Rrilish pension benefits, sick pay and The cost o; --us v.'ui oerca^.. 

r«'’fnr’inSiir"». LevJand. allowed to oreak the job,- security schemes, profit- ciliated under rite offse. jii.e.. tf... 

ise if i: iasied TS-monih ’ rule t«> bring em- sharing schemqs outlined in the the work ts m.mduced .alter 


sinyee* on to a common seriJe- Finance 


AcL statutory Phasa Four, its cost \vi!i bie qffjscjt • / 
- —-— --round. . . ' 


Post Office productivity 
scheme to cost £35m 


1 ment date of November l this obligations and genuine promo- in the nes 
•ye ?r ttdn, added responsibility, new 

will be told that wtek and incremental increases. Profit-SUarUlg 


Walk-out at 


Companies .. . . 

when calculating tiie muximum iThe method to submit these to E S a[jcit exemption is given for 
permitted increase of 5 per cent, Je.Cabinet committee is care- 

they must te.-ce as the basis 1 ^ «!ly laid down. laX treatment in the ISTSFiaanc* 

creases :n earr:ngvof every kind.^ , . . , Act. Other scheme.* win be 

> Y JOHN lloyd ,££■■£ J£% jSS F^uctiv.ty schemes ^ 

THE PUST OFFICE is pronoun? complex way. For example, the, r *r self-fin ancmg productivity .-^Exempt if sclf-financtng ** ***' d p ™.. 

! ty pay productivity bonuses to its scheme would not automatically deil?. schemes as before: the same ■ 

! 400.000 staff, increasing its wage be void for workers in the postal They wit' r.oi be told, without, guidelines are being 

I bill of nearly fl.Sbn by more business if it did not show a Employment Department clear- again. But payments 

than 2 per cent or £3ain.' profit. 


applied Threshold a£rcemenls_&re fop-'-■■■■ 
will be bidden. 


The productivity award; will IF the Government were toj 
first be paid at the end of this decree a frce?e on prices, as i* . 
and: financial year, though there may did five years ago. then fhej 

---<” d a : be interim payments. losses which might follow such 

rrnasnam walk-out yesterday in protest at j Discussions on the productivity j decision would not be held! 


Companies rejecting State aid 


BY PAULINE CLARK. LABOUR STAFF 


trusted » r * exercise their strength warned that devising ne - * pro- i ac j,- ( ,{ progress on a pay claim.! award scheme—known as ”Over- against the workers. , 

re.-ponsi.Hj. ductivity deais. atainly to justify The 3(10 engineers at Derby..lay” because it overlays the Instead, the scheme would be 1 ... . 

. - _ . , . .. ^ a^I nicinberH nf the Association present network of hnnus bused, oii' the underlying im-;FfRM EVIDENCE has emerged^SUIy to employ two new people application and that it would 

.e»s rigid pay policies 1 - that we ’ * -'‘ nf Scientific. _Techmt - al and schemes—were initially confined pravetnent ic financial perform- that some companies, are reject- because it had vnadvertenth? give access to its records 'at* 

Managerial Staffs, have been lo nniur’ Hinted staff, and ance. There ww!d also be suh- * ng Government aid because they ‘ overlooked certain provisos «®«al exansi nation. 

officially they still are. stantial differences :n • .. .. . . • . . — - - .n «.rf« 

However, union sources made schemes 
M clear yesterday that neuotia- intensive 
linns were beginning to extend the capital 
thr ■scheme to al! Post Office ;iaff. munications 
There is sonic disacreeaieni An eqi 
between the unions and‘the Post third Post Office 
Office nn the -sfa'fu* 5 of ‘.lie National Girobank. 

•ii-hente. .The Post ORic«r empha* he proposed, 
sises lhat it is not linked tnl 
rrofits. ihat it is :i “ wlf ffnaneins 


“Our attitude to thv.se more nr paying more than guidelines 
s» rigid pay policies 1 - that we allowed, could lead tn discnnuna 
rave t<» acquiesce to them for the tory returns or bogus arrange 

Line being, but "e have no faith merits. operating an overtime ban in 

:n them a- a long-term feature." Mr. Alex Ferry, cenerji secre- support nf a claim for pay paritv 
Mr. Frodsham said that under tary nf the Confederation oT with designers represented In 
Thaic Three there appeared to Shipbuilding and Engineering ihe TASS section of the 
r.ave been nnly a modest resort Unions, told the conference that Engineers. 



New Central Witwatersrand 
Areas Limited 


/incorporatedin the Republic of South Africa) 


FINAL DIVIDEND NO. 26 

A final dividend of 17 cents per share (1977: 13.5 cents) in respect of the fourteen 
months ended 31sl August 1978. has been declared payable on 17th November lyTtf to 
shareholders registered In the books of the company at the close of business on 13lh October 
1978. 

The transfer registers and registers of members will he closed from I4th October to 
37th October 1978. both days inclusive, and warrants will be posted from the Johannesburg 
and United Kingdom offices of the transfer secretaries on or about lfilh November 1978. 

Registered shareholders paid from the United Kingdom will receive thr* United Kingdom 
currency equivalent on 7ib November 197S of the rand value of their dividends Hess 
appropriate taxes 1 . Any such shareholders may however elect lu be paid in South African 
currency, provided that any such request is received at the offices of the company's transfer 
secretaries in Johannesburg or in the United Kingdom on or before l'ilh October 1978. 

The effective rate of non-resident shareholders' tax is 14.62 per cent. 

The dividend is payable subject to conditions which can be inspected at the bead and 
London offices of the company and at the offices of the company's transfer secretaries in 
Johannesburg and the United Kingdom. 

Subject to final audit the income statement of the company for the fourteen months 
ended 31st August 1978 and the abridged balance sheet at that date are as follows: 


INCOME STATEMENT 
Fourteen 

months 
I'ndril 
31.8.1978 
R 

447 529 
7 647 


BALANCE SHEET 


Investment income . 

Interest earned . 

Profit nn rvwlisaiinn of 
investments . 


Year 
ended 
30.6 1977 
R 

33b 423 
5 135 


366 


Deduct: 

Administration 
expenses ... 
Inlere&i paid 


435 542 343 557 


Issued share capital ... 
Distributable reserves: 
Investment reserve . . 
General reserve 
Unappropriated profit 


3I.S.I978 

R 

SS3 198 


30.6.1977 

R 

SS3 IDS 


\:i: 4(ti 


i:47 4U1 

6IM10(10 


6(H] (Min 

.65 164 


57 Sal 


56 546 


45 iKJI 

446 


7-J3 


Profit before taxation ... 
Provision for taxation 

Net profit after taxation 
Earnings per share 
32.49 cents <1977: 13.72 
cents 1 

Dividends: 

No. 25 c Interim i nf 
5 cents a share 1 1977: 
4 centst . 


39S .750 
2 630 


4H5S0 

296 977 
1 610 


R1 685 763 R1 678450 


395 9Z0 -J93 367 


Represented by: 

Listed investments — 
market value 
R7 054 ( 1 5 (1977: 

R4 505 6511 . 

Unlisted invesimeni and 
mineral rights 
Luaff portion of taxation 


1602 836 1692 836 


1 311 


17 


2 

709 


No. 26 (Final) 
cent* a share 
12.5 cents) . 


Retained profn 
Unappropriated 
June 30. 1977 


of 17 
(1977: 


profit 


88320 


300 287 


70 636 


220 sno 


Unappropriated profit. 
August 31. 1978 . 


566 667 

‘Sa l 456 

7 313 

3911 

57 X5I 

53 940 


4 . 

H65Ifi4 

P.57 851 


Current assets: 

Debtors . 

Cash a'l bank and al 
call . 


Current liahilitic',: 
Shareholders for divi¬ 
dend . 

Creditors . 


Net current Uabfiities 


1 69-1 335 l 710 547 


40 

355 

?74 

313 

-’114 

66S 

306 287 

22 

973 

323 

266 


71 

766 

143 

50 i 

.215 

2S7 

220 

son 

26 

5$4 

247 

384 


8 592 


32 0*17 


R1 HX3 763 Rl 678 450 


NOTE: 

Members will recall that early in 1978 the company's financial year-end was changed 
from 30th June to 31st August following the decision by the Anglo American Cold Investment 
Company Limited, in which the company has a -substantia) interest, to alter Hh year-end 
and dividend ddclarallon dates. The results for 197S are not comparable with those for 1977 
iue lo the change in year-end and the incidence of investment Income. 

By Order nf the Board 
ANGLO AMERICAN' CORPORATION OF' 
SOUTH AFRICA LIMITED 

Secretaries 
per B. I*. Saunders 
Divisional Secretary 


Registered Office: 

44 Mam Street, 
.lulianncsburu 'JdOi, 
(P.O. Box 61587. 
Marshall town 2107). 

London Office: 

40 iiolboin Viaduct. 
EC’P IA.I. 


Office of the United Kingdom Transfer Secretaries: 

Charter Consolidated Limited. 
P.O. Box 102. Charter House, 
Park Street, Ashford, 
Kent TN24 b'KQ. 


29»ft .September <578 



ce business. South Wales, has asked, the the best of its knowledge it./was company says ir objects on both 
. has st;:l to Depart men’ of Employment-to-Rot m breach of the Government counts to poirticai ioirusiun tr. 
once! an already approved sub- pay guidelines al ihe-lime of its its affairs.. . 


and that it would he 
consistent with pay 


scheme. 

•* fully 
policy.” 

However, union officials are 
convinced that it is linked to 
profitability, though in a Fairly 


Wardens go 
on strike 
for a day 

By Philip Bassett, Labour Staff 

TRAFFIC WARDENS in London 
will hold a one-day stoppage tor 
day in support of a pay dispute 
Wardens from Monday will aisft 
refuse to wind on parking meters, 
which is likely to render them 
inoperable. 

Police will take over ihe traffic 
wardens’ duties this afternoon 
while the 1.300 wardens, mem 
hers of the Civil Service Union 
hold a mass meeting. 

The union's executive will 
recommend that wardens ban 

overtime from Sunday and refuse 
voluntary duties, pariiailarlv'ai 
special and sporting events. " 

The wardens' pay is linked (o 
rhat of non-manual Inca I 
authority workers, whose settle 
iticnl under Siage Three of Ihe 
Government pay policy was Tor 
an increase of 9.75 per cent and 
■onsoiidation of £4 of the first 
vv-n pay policy supplements of 
£6 and £2 50-£4. 

The wardens claim that 
b>-caii«»e of their status and 
conditions iheir pay should be 
linked to that of ihe non- 
indusirial civil servants, who 
settled under Stage Three for 
full consolidation of pay poliev 
supplements and an increase of 
9.5 per cent, and that (he local 
authority white-collar workers’ 
consolidation loses them 22p an 
hour. 


NUJ rejects 
nay policy 

THE National Union of 
Journalists has rejecr^d the 
Covernmenl’s pay policy and is 
a HO a week rise for 
.000 provincial . newspaper 
journalists who. it an, face a 

serious crisis.” 

In its claim to the Newspaper 
Society, the employers' greanisa- 
JTOJ ip also seeking, 
for the longer term." ar» inde- 
pr-ndepi Inquiry into provincial 
journalists* pay and conditions. 


Nuffield Press 
freezes inout 

NUFFIELD PRESS. BL*s own 
print house, declared yesterday 
complete freeze" on further 
Investment until the blacking oF 
ne» machinery by printers was 
it hd rawn. 

The company, a subsidiarv of 
SP Industries (formerly Leviand 
Special Pruductsi says it has 
become one of uic worst hit in 
campaign by members of the 
;»tional Graphical Association 
fight the Government pay 
uidelines at local level with 
rounds, for more money in 
eturn fnr operating " new 
achiBury. 



INDUSTRIAL 



a 




FINANCIAL TIMES 


BAHRAIN SOCIETY OF ENGINEERS 
CONFERENCE 




Official Carrier: 


GULF AIR 


vW A , 


The Financial Times and the Bahrain Society of Engineers are arranging* 
on October 22 and 23, 1978,.a conference “Finance and lndustrial 
Development in the Gulf’. 

H- E. Ibrahim Abdul Karim, the Minister of Finance and National 
Economy, will open the conference and a keynote address will be delivered 
by H. E. Yqusif Ahmed Al Shirawi, Minister, of Development and Industry.’ 

The subjects to be discussed include financial developments in the 
individual Gulf countries, the prospects for the Gulf Capital Market and the 
second day will be given over almost entirely to industrial development in 
the region. 

The panel of distinguished speakers also includes:— 


. ■s • - tf • • 

i- 

y 




■n 


MrHassan AFakhro 

President 

Bahrain Society of Engineers 
General Manager 
The Bahrain National Oil 
Company 


Lord Selsdon 
Director 

Samuel Montagu S Co Limited 
(Midland Bank Group) 


Mr AtanE Moore 
Adviser to-the Board 
Bahrain Monetary Agency 

Mr Hazem Chalabi 
General Manager 
National Bank of Abu Dhabi 

Mr Fauzi BSultan - 
Managing Director 
The Bank of Kuwait and the 
Middle East 


Mr Abdul Rahman Al-Sar 
Director General 
The Arab Investment Co, 

Riyadh 

Mr Tarek M A Shawaf . 
President : 

Saudi Consulting Services / 

Mr Richard A Debs - 

President 

Morgan Stanley Intern at ionaf"' 


For further details please complete and return the form below:- 





Please send me further detailscf the 

FINANCE & INDUSTRIAL DEVELOPMENT IN THE GULF CONFERENCE 


NAME: (Block Capitals Pleasei 

COMPANY 




' Uv^. 






A FINANCIAL TIMES CONFERENCE 


























rrajicial 'Times Friday September-29 1978.' 



The Management Page 


EDITED BY CHRISTOPHER LORENZ 


N’TffS ago, Sinclair 
cs. the adventurous 
ics company which ..is 
owned 'by the Nation?!, 
ise Board, parted com- 
quietly as it could with 
an Hewett. its'manag- 
rclor of ouiy 13 montlis 1 
g- 

Hewett discreetly, i£ 
confined himself to the 

* tion that serving three 
. -...—the NEB. the Sinclair 
- 'and Mr. Clive Sinclair, 

m and founder of the 
. iy, had proved impos* 

was very sad.'* says Mr. 
r. looking sad. “After 
iB came in (just over 
-• -ars ago) it was clear 
drd a managing director 
the company day-tu-day. 
•ed that a* much as the 
.But it was very difficult 
someone. 

..had someone in mind 
the NEB didn't like, and 
EB had someone who I 
like. Then Norman 
't wrote to the NEB and 
l* was on the job market. 
. came here. It was a 
e." 

' Sinclair is adamant- that 
was no clash of tempera¬ 
tio radically differing 
on the direction the com- 
should lake, in short, no 
room dramas ol the sort 
make good television. The 
-ir* will concede is that Mr. 
it was at a disadvantage 

• it came to the more arcane 
ries of the electronics 


John Lloyd explains why the NEB has put more money into one of its higher-risk investments 





new set of problems 


illette 


■ NEB'concurred with.the 
that Mr. Hewett should go. 
-perhaps more surprisingly 

- -ced on the appointment of 
‘ nclair nominee a> his 

- ; ssor. 

. Michael Pyc, who is 34. 
technical dirertor of Sm- 
from 1973-1976. He left 
at year foe the U.S. to take 

• ol of a new . electronic 
i division far Gillette, only 
ive his empire shut down 
w months later as the 
ne.se surged across the 

, C’i - e,< squeezing the U.S. 
[*•1 \(<|f.ianies’ margins aud forcing 
to close. 

*. Pye has returned to a 
i changed company. In 

• or one which still had the 
n of amateurishness about 

■ with only rudimentary 

- - igement systems.-he finds 

where . efficiency and 
aucratic routine have been 

- pted as desirable in the 
rests of long-term security. 

“ vili he his task to carry 
' -ard that development. 

? also finds the company far 


mnre aware nr the high finan¬ 
cial cost uf trying to. keep one 
step ahead o£ the ■ - massed 
American and Japanese ranks 
of multinational. competition. 
The NEB’s financial involve¬ 
ment in Sinclair has escafar?d 
rapidly since its initial invest¬ 
ment of £650,000 in: August. 
1976. for which it obtained a 43 
per cent stake. 

A year'later!-itic company's 
demands for .finance prompted 
the NEB to inject another £T.5ni 
of equity: taking its* sharp 
holding n, 73 per cent.;and at 
the same tune to extend a ilm 
loan facility—bringing its iota! 
commitment to £3.ldm. The size 
of the loan facility, and'thc iavt 
that it has now been fully taken 
up. became generally known 
only this week. Mr. Sinclair says, 
that more finance may he 
needed souu 

With Air. Pyc's knowledge ni 
the company and its chairman, 
he can be expected in bo realis¬ 
tic -about his own room- for 
manoeuvre. Mr. Sinclair remains 
in charge uf the research— 
extremely important for a 
*• knowledge based " company— 
and of long-term planning- Mr. 
Pye's patch is production and 
marketing. 

In the latter area, lie will re¬ 
ceive assistance from another 
recent appointee, Mr. - David 
Marshall, who gained a reputa¬ 
tion as an aggressive marketer 
with Camping Gaz. the IHt sub¬ 
sidiary of Application dfcvGaz. 
Marketing has been one qf Sin¬ 
clair's key weaknesses, and all 
agree it must now be got'right. 

The problems which this new 
team face in keeping Sinclair 
at the forefront of the '-elec¬ 
tronics world are considerable. 
Sinclair now has three “legs."' 
or product lines, on which to 
stand: digital multimeters, 

calculators, and the pocket 
television. Only the first appears 
fully strong and healthy. 

Multimeters are piece§‘ of 
equipment which .' test .the 
performance of other pieces of 
equipment, and are thus sold 
largely to service engineers, or 
to laboratories. Sinclair lias 
managed to get his cheapest 
multimeter down to a price ,of 


£30. and now claims to be the 
worlds biggest manufacturer 
(in' terms uf volume), turning 
out J 0,000 a week aud exporting 
over 80 per cent. They are 

manufactured elsewhere on con¬ 
tract. and tested at Sinclair’s 
plant in St. Ives: quality control, 
formerly a Sinclair bugbear, 
appears to be good. 

Calculators firsi brought 
Sinclair to public notice wheS. 
in 1972. he launched the 
Executive pocket calculator, 
described as the first "genuine ' 1 
pocket machine, and selling 
then .-It 4 bout £79. He has since 
broadened his range 1 hi the top 
and bottom: he has introduced, 
scientific and programmable 
models at the top. and the 
Cambridge range of simple 
four-function machines at the 
bottom, costing just over £5. 

It is at the bottom end of the 
market that Sinclair is close to 
admitting defeat. He has seen 
his comparatively small share 
of the UK market—around 
seven per cent at the beginning 
of this year-decline over the 
past few months. The Japanese 
-—Casio and Sharp in particuiar 
—are simply too strong. 

"The Japanese made a tech¬ 
nological leap in the cheap 
calculator market and are now 
very much ahead. The only 
source for the chips and the 
liquid crystal displays which 
they use in their- small, cheap 
models is in Japan itself. We 
have no indigenous capacity to 
make the kind of chip 
required." 


Retreat 


The final decision to retreat 
from the mass market has still 
to be taken, but it appears to 
be likely. But the company will 
stay in the Executive market 
and in the programmable 
sector. Sinclair has just intro¬ 
duced a new programmable, the 
Enterprise, which sells at the 
low price of £25—"no one can 
come near that in price." 

The Executive range still 
sells modestly, the company 
produces around. 25.000 calcula¬ 
tors of ail types a month and 
obviously’,relies heavily on its 


programaiables to stay in the 
market at all. . 

Multimeters and calculators 
account for around 50 per ceiit 
uf the company’s turnover: the 
remainder is taken up by the 
pocket television, which is 
certainly, a miracle uf design. 
Twelve years of research, and 
£500.000 of the company's own 
money went into its develop¬ 
ment: the NEB contributed a 
further £ 2 m (part of its overall 
commitment uf £3.15m) to set 
up the production -lines and 
bring the set to the marker, in 
January. 1977. it is Mr. 
Sinclair’s greatest technical 
achievement and ific company's 
star, attraction — and major 
hope. 

However, n is enjoying mixed 
fortunes. ' Quality control 
appears to be good—there is a 
return rate of around 5 per cent 
—"hot as good as the Japanese 
TV industry, but we’re working 
to get there"—and the U.S. 
market, to which the main sales 
drive has been directed, has 
appeared cautiously favourable. 

On the other hand, it has not 
taken off dramatically. Produc¬ 
tion has remained at 4.000 sets 
a month for some lime, and Ur. 
Sinclair said that demand had 
fallen, off recently, adding that 
summer was a bad time for sell¬ 
ing the microvision. (Not 
necessarily, since it was 
designed at least as much for 
outdoor as indoor use.! Its 
initial selling price of around 
£225 has been cut to around 
I ISO in most UK sLores. 

Earlier this year, Mr. Hewptt 
predicted that production would 
be up to 6.000 h month by the 
end of the year: that now looks 
unlikely. But Mr. Sinclair—as 
always—has the answer. He is 
about to introduce a newer, 
cheaper version for the UK only 
—the present raicrovision can 
be used virtually worldwide— 
which will be even smaller and 
will sell around the £100 mark. 

He has continually claimed 
that he lias had around a two- 
year lead on the rest of the 
world with the microvision, a 
claim which received partial 
confirmation last week when 
Matsushita, the Japanese elec 


Ironies company which manu¬ 
facturers television under the 
name of National Panasonic (it 
has a plant m South Wales), 
announced that u would have a 
pocket TV un the market in 
.two years 1 time, it will report¬ 
edly be ' smaller than the 
microvision. and around 100 
grains lighter: but it will sell 
at 8125 more than the $400 the 

microvision currently costs in 
the U.S.: and the batteries will 
hist three hours agaiust the 
microvision's four. 

Sinclair’s! future ventures arc 
now kept largely secret, though 
it is admitted that some wurk 
i.s proceeding on the problems 
nr electric vehicles, specifically 
un the kind of gearbox they 
might require. Mr. Sinclair 
says that if all goes well, he is 
quite prepared lu turn part vf 
the company into a vehicle 
manufacturer, apparently un¬ 
daunted -by the swamps into 
which ’ other. conventional 
vehicle manufacturers have 
strayed.- 



_ 

Clive Sinclair (left) and Michael Pye. his new managing director, 
with the Microvision: the company's star attraction, but demand 
is stagnant; hence the new UK version 


Chain stores 

The " company's financial 
future may have been secured 
for the present by the NEB. but 
it has not yet become a good 
investment In the financial year 
ending April. 1977. Sinclai" 
showed' a loss uf £820.000. in 
the eight-month period lu 
December. 1977 < Sinclair 

changed its reporting period lu 
synchronise with that of the 
NEB), it,made a loss uf £l.S 8 in. 
In the current year, it is likely 
to show still another loss 
(though probably reduced: Mr. 
Sinclair'will nul say). Prospects 
earlier this year were that Hie 
company, might show a modest 
profit, and thus this is an extra 
disappointment. 

Crucial lu the company’s 
future Is successful marketing- 
“ We have always been good on 
innovation and development: we 
are now-good at production: we 
still have to get good at selling.” 
says Mr. Sinclair. 

David Marshall, the new 36- 
year-old marketing director who 
also holds a seat on the Sinclair 
Board, is already beginning to 


translate the skills he acquired 
selling bottled gas for Camping 
Gaz into those of selling pack¬ 
aged electronics. - - 

He stresses that, after only 
two weeks in harness, he has not 
yet mapped uui a grand market¬ 
ing strategy. But a Few lines of 
thought have occurred to him. 

We don't want to keep all uur 
eggs m one basket. We don't- 
want only to sell in the chain 
stores — likes Dixorw. Bools. 
Curry's — which specialise in 
electronics, or in the department 
stores. We're vulnerable there, 
because our competitors can 
tome along and offer a compre¬ 
hensive sales package, and we 
find ourselves pushed to one 
side. 

- I'm keen that wc get much 
deeper penetration. int» the 
smaller shops, so that our pro¬ 
ducts are available widely 
We're fortunate in this country 
in having a retailing system 
which hasn't been shattered by 
hypermarkets and massive 
shopping centres. This means 
that we have lo work through 
local wholesalers, getting the 
Sinclair name round the 
country." 

Mr. Marshall's previous ex¬ 
perience. in selling products lo 
the outdoor enthusiast has sug¬ 
gested to him that here might 
be a market for at least one of 
the Sinclair lines. *' Fishing is 
the most popular sport in the 
country. It may well be that 
the angler would want to buy a 


pocket TV lo take with him. to 
help while away the long hours 
on the riverbank.” Thus angling 
— the common man's route to 
meditation — is about to be in 
vaded by electronic entertain 
□lent: no angler will be 
complete tor compleati without 
a microvision. 

Sinclair continues iu demon 
siratc the features which have 
made i< a source of fascination 
for Uie past six years — adruir 
able innovative Hair combined 
with courage in design, together 
with weakness in market pene¬ 
tration and doubts about its 
financial future. Most im 
purtantly—for Clive Sinclair— 
it remains independent of what 
lie would regard as the suffocat¬ 
ing embrace of u big company', 
and likely to remain so. 

GEC. perhaps the only UK 
company which could absorb 
Sinclair, was believed to be 
deterred from taking it over 
two years ago when Sir Arnold 
Weinstock. GEC's managing 
director, concluded that Mr 
Sinclair would react badly to 
being told what to do. 

Mr. Sinclair, for Ills pari, 
obviously relishes the heady 
challenges constantly presented 
to him. grumbling only mildly 
about the deterrent effects of 
the UK rates of personal taxa 
lion on entrepreneurs. For the 
sake of the taxpayer who funds 
him, it is lo be hoped that his 
talent and judgment remain 
good 


How to 
plan for 
surprise 


WITH indicators of future en- , 
vironmental trends becoming.’ 
less clear, and unpredictable " 
surprises more common, com-- 
pa nips will find it even harder 
to plan their future strategy 1 
over the next decade than in the' 
past few years, according to a 
paper presented at this week's ’ 
Seventh World Planning Con¬ 
gress. 

Held in London and organised 
by the Society for Long Range 
planning on behalf of 20 sister 
organisations round the world, 

the three-day congress addres¬ 
sed the theme of *■ The Man- . 
agement of Strategic Surprise.” 

Reorientate 

Suggesting how companies 
should re-orienfaie their objec¬ 
tives to meet •‘discontinuities .' 1 
Professor Igor Ansoff. one of 
the leading international 
writers on corporate strategy, 
called for " real time strategic 
management ”—as opposed to 
the more traditional “periodic 
strategic planning’’—and what 
he called "surprise manage¬ 
ment.” 

Illustrating huw the focus uf,, 
management ateutiou had,, 
shifted from one sort of issue 
to another during this century, 
and how he saw the process ’ 
accelerating. Professor Ansoff 
saw the prime concerns up to 
1930 as internal structure and 
production efficiency. From. 

roughly the start of the "thirties 
there was a growing concern ■ 
with external strategy and;, 
marketing effectiveness. tn 

which, from about 1950. was 
added product and market inno¬ 
vation. multinational expansion 
and, in the 1980s. diversification.. 

Turbulence 

In the 197t»s the number of 
overriding managerial pre-‘ 

occupations had multi plied.; 
Professor Ansoff said, and added 
to tile list: adaption of company 
structure to •• turbulence" m. 
the. outside world: the redesign 
of ‘internal climate and work 
structure: and the problem of 
scarce resources. Now two 
further preoccupations were 
developing: the limits of growth; 
and external socio-political 
initiatives. 


i 





Twenty five years 
during which ENI 
has constantly 
contributed to 
the growth 
oi Italy's 
economy 

end has been able to find answers to the. 
problems created by the energy crisis. 

ENI today is committed to" Italy on the 
difficult road towards economic recovery. 
103,000 employees. 13.391 million dollars 
in turnover. 12,066 million dollars in 
investments, these are the dimensions of 
the EN! Group, a vast industrial reality, which 
operates on every continent. 

In 1977,43.6% of Italy's consumption of 
hydrocarbons for energy was supplied by 
ENI Group companies, which distributed 
25.6 thousand million cubic meters of 
natural gas and 28 million tons of 
petroleum products. 

But ENI is not only oil and natural cas; it is 
also nuclear energy, alternative energy 
sources, cnemicals. engineering, mechanical 
engineering, textiles, and now mining, 
metallurgy and textile machinery. 

A growing involvement in research, 
tnousands of millions of dollars in foreign 
orders in hand, an important contribution 
towards balancing Italy's external payments. 




















nil 




Financial 'limes. Friday Sfeptejntter 29 197S 


EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


* ASSEMBLY 


Molten metal links 
the components 



::tii . I 




S' 

M 


■ .y/ 
. 'XV 






UN USUAL me I hud 


The operating head resemble* ?. 




opens on uecemner i ji .'nc.u □> i"*: m »ui 

Birmingham. gases ur molten metal. Changing t • 

IMA.'which stands for injcried die head takes about 10 minutes, 
motal assentblv. is a development so a different assembly can be in m 




A gear wheel assembled by 
*h«* IMA method shows a 
centra! hright portion where 
the injected zinc links the 
body or the wheel to the 
shaft. The wheel is about 
2 inches in diameter and the 
shaft 5/lfiihs inch. At the 
rear the two projections of 
the assembly show In cross- 
hatching exactly where the 
molten metal is placed during 
ibe operation to link the 
two components together with 
a join which, once solidified, 
can be shown to be stronger 
than tbc steel of the two 
components. This method of 
assembly is carried out or a 
machine designed by Fishfrr 


PRINTING 


Control \ 

for industry j 


! t" 

; i k 


Cuts cost of cylinders 


ft 


metal assembly is a development so a different assembly can be in machine, assemblies are ready Die Fisher model 41 is 10 sec, especially the case when compo- 
«f diecasun^ and uses a special!*' production within 30 minutes. for use. The design, of the and the machine can be operated nents have features such .as 
built d i oca sting machine. Thu An injection unit with a system eliminates the presence by unskilled personnel, in many splines or key-ways that can be 
injects molten metal into the capacity just under 5 cc equips p"f sprue or flash, so there is no instances, this will be quicker dispensed with, 
assemblv at selected points and the model 41 machine. AH pro- need for a subsequent finishing and less expensive than the con- Among applications arc terrai- 
-tvhen the metal solidifies, the cess variables are precisely con- operation. Components are ventiona! method. rials cast on to flexible cables, 

components are firmly held to- trolled Injection of metal is mechanically locked together However, cost savings .from or to apply conductors directly 
setter " performed automatically with because of the shrinkage of the IMA can be achieved for reasons on to printed circuits. The 

Substantial manufacturing cost function* programmed by ah cast metal- Either zinc or lead other than reduced assembly method shows great promise for 
reductions van be achieved by electronic panel. alloy can be used in the process, tunc. Consistent functioning of use with components of brittle 

applying lids metliod which can For safety, the machine is in- Zinc alloy is preferable when the machine coupled with precise materials that would be damaged 
he used with a unit designated -terlorked in critical areas to pre- strength is required; an IMA location of components may if assembled by mechanical 
Model 41 IMA Hahn and Kolb, vent hazardous conditions in the joint can be designed so that it reduce inspection and scrap means. 

sole UK distributors for Fisher, event of malfunction. Either is the strongest part of an costs. It is also possibly to llahn and Kolb, Leicester Road, 
who designed the unit, will be water ur air cooling can be mcor- assembly. simplify components so that they Tlucby. Warwickshire CV21 1NV 

showing it in operation at NEC porated in the housing for rite pot Typically, the cycle lime for cost less to manufacture: this is Rugby (OTSSi 74261. 


THE INAUGURATION' of a pH* 
duct demonstration suite (cost¬ 
ing over £lm) has confirmed 
Crosfield Electronics’ talents as 
a. combination of high technology 
and superlative style. 

The company (acquired by De 
La Rue in 1974) serves the needs 
of the printing industry with 
products incorporating the latest 
optical, mechanical and elec¬ 
tronic technology. It has 
invested very heavily In research 
and development: the results are 
shown in an hypnotic display in 
the demonstration suite at 766. 
Holloway Road. London, X19 3JG 
(01-272 7766). 

Its latest development is 
“Lasergratvure." This uses a high 
power laser to engrave direct 
on a plastic surface which can. 
if necessary, be plated and. says 
the company, will cut down the 
cost of making gravure cylinders 
to around a third of the current 
cost. 


showing it in operation at NEC pora ted in the housing for rite pot Typically, the cycle lime for cost less to manufacture: this is Rugby (Q7SS) 74261. 
and will be producing an of molten metal, so the operator 

assembly of a gear wheel about i> not affected by heat. Being ujadi/IUP 

2 inches across on a drive-shall. compact, quiet and clean, the V Hit IALKVUKMIiW 

Testing t« destruction will be unit is suitable for installation ■ • 

part of the demonstration and the in the assembly shop. ^11 _ _ _ __ * _ -l _ _ i _ J ■ I 

company hopes lo show ibai the Owing to the extreme rapidity VhQYlAC 111 QilPf^T ¥11 Al£1I 

join met»l is the last to go. with which the injected metal L-J M B H .IT J ulullv JLU OilvL l AJUt'LCLX 

Components to be assembled cools, components made of 

are loaded manually into the materials other than metal can CAPABLE OF producing cutouts copy and eo-ortiinate nibbling cutouts are * produced by co¬ 
operating head and located pre- be assembled by the process. ““ , mirhines ordinate nibhlinc The ci/e and 

’cisely in looJing that contains a Examples are nylon, glass, cera- ™ metal uo to lhnm acting as support for the exact location of the cut arc set 

cavity acting as the mould for ml*, and even paper. size m sheet metal W> loi 12mm punch a . Qd help f ng t0 pro . hy thc c(K(rdUiate sca i es fitted t0 

the 'injected metal. When ejected from the thick is the Tnunpf CN ran^e of [png tool life, a guide pin the machine. With the circle 


Shapes made in sheet metal 


'cisely in looting that contains a Examples are nylon, glass, cera- 
caviiy acting as ihe mould for mics and even paper. 


the 'injected metal. 


ejected 


In addition, to making such 
cylinders more economically, the 
repeatability and accuracy of the 
process will be much higher than 
that nf conventional cylinder, 
etching. Although further 
development work is needed, the 
company has embarked on a 
period of printing trials and is 
convinced, from results already 
achieved, that this-process will 
make a major impact in print¬ 
ing. 

Due to the success or Magna- 
scan 550 and 510. the company 
now holds 50 per cent of the 
world market for colour scanners 
which account for SO per cent of 


it*.'business. ~ Although xnirfcet 
.studies indicate that less than 
half of colour separations are 
made on colour scanners today, 
ft appears- that within- a few . 
years 85 per. cent, of these will 
be made in this way. . 

• .Operating in conjunction with 
the" Magnascan 556 is the newly 
launched page composition 
system which produces, at very 
high speed, a complete set of 
separations with all the.illustra¬ 
tions . and text components 
planned into their correct loca¬ 
tion and ready for copying on to 
plate or cylinder. 

The system has' an -input 
scanner for entering, all picture 
and text copy*: a mats disc back¬ 
ing store: the output section of 
the- scanner (on which /page 
separations are produced) and a 
large area digitising table which 
is -connected- on-line .'.to the 
scanner and provides, output 
Position, overlay and' cropping 
co-ordinate data. 

-This can automatically handle 
cropping outlines for pictures 
and tint blocks in. normal and 
Totaled rectangles, circles and 
elipses, traingles. quadrilaterals, 
and pictures with irregular out¬ 
lines. ft also electronically 
defines backgrounds, rules, tint 
blocks and borders to any colour, 
and can automatically' round 
Corners to a radius. Overlays 
and underlays can he accom¬ 
modated in any combination. 

■ Its creativity scope is such 
that special - effects, net easily 
achieved by conventional, 
methods, are simple to create. 


II 


• PROCESSES 


Galvanising 


ti r-t 

ner y ■■ 


technique 
from Japan 


AGREEMENTS licensir 
Schloemann-Siemag AG' 1 

Dusseldorf. West Germany. [ 
design, construct and sell i 
Europe the electrolytic galvai 
Ising line devised by Nippo 
Steel are n6w in force. 

Consisting of horizontai-typ 
jet-system tanks with insoluhl 
anodes, the Nippon galvanism 
process is radically diffcrei 
from the conventional ones usm 
soluble zinc anode*. 

It has been proved efficient u 
a line at the Japanese group' 
Kimitsu works. 

. The process by Nippon Stee 
uses- high-density electrii 
current, and dispenses with zim 
anode feeding operations. Th< 
galvanising line is more coin pac 
and its operating personne 
requirements significantly re 
duced.' 


■"vaa - 

• • 
; 

^ -III V- 




pshft--' 


• INSTRUMENTS 

Moisture 


COMPANY NOTICES 


THE AFRIKANDER LEASE UNITED 


(Incorporated In the Republic of 
South Africa) 


GOLD FIELDS GROUP 


CLOSING OF REGISTERS 


NOTICE RE CLOSING OF REGISTERS OF MEMBERS 

NOTICE IS HEREBY GIVEN that the REGISTERS OF MEMBERS Of thc 
Undermentioned companies Mill be CLOSED for the purpose ot the Annuel 
General Meet in to es lollovn — 


None Of ConiNnr 
lEach Incorporated in the Republic 
or South Africa) 


Reedier or Numbers closed 
moth days Inclusive) 


Goto fields Property Com pa nr Limited C Ocle 

New Witwatenrand Gold Explorstton 

Curapanv Limited 5 Octa 

Ooonrtaatdn GoM Mining Cornea OV 

Limited 9 cfcto 

Klool Gold M'nms Company Limited 9 Octal 

Libanon Gold Mining Company Limited 3 Octal 

Vrntcrspost Geld Mining Company 

Limited 9 Octal 

West Drlclonteln Gold Mining 

Company Limited 9 Octa 

GoM FfeMs at Sopta A Me* Limited 30 Otto 

Bv Order at the Boards 


C October to 12 October. 197a 


B October to 13 October. 197S 


9 October to IS October. 197s 
9 October to IS October. 197S 
9 October lo IS October, 1978 


For che purpose o* the annual 
general meeting of The Africander 
Lease Limited to br held m 44 Main 
Street, Johannesburg, on Thursday 26th 
October 1978 at 10N 15. thc transfer 
registers and registers of members of 
che company wjH be closed from 20ch 
October to 26th October 1979, both 
days inclusive. 

By order of the board 
ANGLO AMERICAN 
CORPORATION OF 
SOUTH AFRICA LIMITED 
Secretaries 


eliminates off-centre loading, and guide attachment available from 
as a feed stop, permits any Trumpf as an accessory, this 
direction of cut guaranteeing a operation can also be used to 
consistent finish. produce circular cutouts up to 

Cutouts are produced by a 600mm in diameter, 
simple and moderately priced The versatility of thc CN 
tool system to template nr to series: i.e. slotting, shearing, 
scales without any marking or louvre cutting, beading, folding, 
scribing necessary. flanging and peening. is con- 

Copy nibbling allows for the siderably extended to a punching 
economical production of any attachment which allows the pro¬ 
number of identical components duction of rectangular^round or 
by tracing a template., the form iregular shaped cutouts with 3 
of which corresponds with the continuously running ram. 
shape to be produced. Internal Trumpf is at St. Albans 31111. 


• COMPUTERS 


Large-scale disc store 


m grains 
measured 


INTENDED for users of large- 
scale IBM computer systems, en¬ 
hanced disc storage drives from 
Control Data will, it is claimed, 
permit up to twice the Stonge 
capacity “of any competing pro¬ 
duct.'' 


9 October to ts October. 197* 


per C. R. Bull 

Divisional Secretary 


Big bevel gear unit 


3 October to IB October, 197* 
30 October lo 27 October, 1978 


C. E. WENNER. 

London Secretary. 


London o*ice: 

49 MOQiQJtC. 
London EC2R EBQ 
ZB September. 197* 


U.K. Transfer Secretaries 
Chertsr Corns#i dated Limited, 
P.O. Box 102, 
Charter House. Park Street, 
Aihtord. Kent TN24 8EQ. 


I Registered Office 
44 Main Street. 

! Johannesburg 2001 


29th September 1978 


B.A.T. INTERNATIONAL FINANCE LIMITED 
100,000,000 French Francs 7 £ % 

Guaranteed Bonds 1987 


NIPPON MEAT PACKERS INC 
fCDRSt 


CONTINUOUS gear generating 3.000 bp. The new. larger gears 
machinery capable of producing will be able to take from 5,000 
cyclo-palloid spiral bevel gears, to 6,000 np. 
by a continuous generation Klingelnberg, through its sub- 
method, up lo 1600mm or 6.1 ins sidiary Continental Machine Tool 
in diameter, has been built by Company, is offering a technical 
W. Fred Klingelnberg nf West advisory service to users in order 
Germany. to help them solve specific prob- 

Until now. the largest con- Lems of layout and design, 
tinuously generated gears pro- Continental is at 500 London 
duced on machines from this Road, High Wycombe. Bucks, 
company could transmit up to High Wycombe (0494J 32723. 


These 33502 subsystems pro¬ 
vide 1.27bn bytes in each of the 
two-spindle cabinets so that the 
maximum storage capacity of 
four cabinets (eight spindles) is 
more than 5bn bytes... However, 


since a single controller can 
deal with, four strings of drives 
tiie maximum system total be¬ 
comes 20bn bytes. - . . 

. The increased capacity has 
been obtained by increasing the 
number of recorded surfaces and 
heads in each, sealed, module and 
also by packing more tracks on 
each surface. 

' More from the company at 22A 
St. dames' Square, London SW1 
(01-830 7344). ' 


Rolling out the printers 


At the request of the Trustee, we hereby give notice 
that the nominal amount of FF 4.000.000 has been 
purchased on the market for redemption due 
November lo. 197S. 


Birtinns enulu tor rtio current lim 
ended Julv 31st. 1978. it compared 
with tuc ta>n« uer.od oi lest vwr 
lAiiflutt 1. 1976 thnwBh July SIM. 


The Principal Paying Agent 
KREDIETBANK 
S.A. Luxembourgeoise 
Luxembourg. September 29. 1978. 


I'm million 
Yen unlets 
othcrwlie 

soecitied) 

Sam .. • 
Recurring ptdAi 
P rott tor toe 
current term 


Current Previous 

term term 

ended July ended Julv 


31 1978 
188.889 
9.234 


31 1977 

,8 S:8?1 


Close control of 
arc furnaces 


U.K. U.S.A. GULF WESTBOUND RATE 
AGREEMENT 


O.K. U.S.A. GULF WESTBOUND RATI 
AGREEMENT 


AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam. 

September 30. 1978. 


- ■ NOTICE TO SHIPPERS AND CONSIGNEES i 

NOTICE TO SHIPPERS AND CONSIGNEES j 1N £n T f?wn H TMr ^CPIIBLIC 1 o| RN 
INLAND PATES'CHARGES IN ENGLAND. > IRELAND AND THE REPUBLIC OF 
WOT I AND AND WALES IRELAND 

SLOTLANU I The member linn of toe U.K..U.S.A. 

The member lines ol toe U.K U.5 A. i Gull Westbound Rate Agreement No. 


bevond toelr control or influence, toe | incurred m inland operating cost* trom > 
current inland rates and Charges applicable i sources beyond their control. Ihe current \ 
••hen they arranoe inland transport in j inland rates and ' A -araes aoollcjhle when 


the U.K. at shippers consignees renuest I to 


current term 4 662 *.048 FOLLOWING AN extended test- it will supervise power distribu- 

proht per snare yon 32.30 vo«> 32.25 ing sequence of several years, tioa to several electric arc Fur- 
dh ££ d MB l ran io no io oo Krupp Stuhlwerke Suedwestfalen naces according to the avail- 

term . ven 10.00 ran, 0 00 ^ ab j lit , of p()wer furnace 

AMSTSRDAMJ3EPOSITARY p^rol com plcx for electric arc priorities. 

icy* furnaces. Metalluntical process control 

‘ _ 1 This equipment constantly logs will be provided, together with 

process data .and optimises optimisation of the charging of 
notice of purchase important operational steps scrap and alloying materials so 

European investment BANK when high-grade and special as to achieve a high quality pro- 

- sieols are being handled. Reie- duet at lowest costs. 

is- Dollar Noto*. Fp pw raber i, vant target and actual values are Djmamic control of energy re- 

continuously compared in (fis- quirements throughout the whole 

_ plays and further information on melting sequence implies super* 

notice is hereby given o the process can be fed in. during vision of ancillary heat sources 


NOTICE OF PURCHASE 
EUROPEAN INVESTMENT BANK 


Dollar Bonds, dug 
’ 1. 1988 


CONTROL DATA is now ship* 
ping the 9380 family of band 
printers from the Data Peri¬ 
pherals facility at Stevenage, 
operated by Computer Peri¬ 
pherals Inc. of which CDC owns 
60 per cent. 

The family includes 300, 600 
and 900 lines per minute ver¬ 
sions, the last initially coming 
from an associated factory io the. 
U.S. 

I CL and NCR eaeb have a 20 
per cent stake in-CPI and the 
start of deliveries of these 
printers—which will eventually 
grow in diversity to provide a 
complete range—is an important 
land-mark in the joint venture 
which seeks Nospread-the high, 
development costs over a big 
international market ' 

The 9380 family is claimed to 
meet user’s band printer specifi¬ 
cations fully at low cost and is 
mid-way between slow speed 
matrix device's and the faster, 
more expensive train printers. 


The machines are freestanding, 
backprinting, line, at a time 
devices and apply time-shared 
hammer technology to print lines 
of 132 columns, achieved, by 
compressing forms and ribbons 
against a horizontally moving 
print fount engraved - on an 
operator-exchangeable character 
band. 

Print speed depends on the 
model and size of character set. 
with maximum speeds achieved 
usingthe 48 character set—^360 
and 720 lines per minute for the 
300 and 600 models respectively. 
The. 900 ipm model achieves 
1130 Ipm. 

The controller allows siting of 
the printer.-Up to 50 feel from 
the central processor and incor¬ 
porates a buffer, store 7 capacity 
of one complete-print line of 
138' characters, plus one format 
command. ' . : r -.. 

Control Data is at 22A. St. 
James’s Square, London, SWJ. 
01*930.7344. • 7 ■ . 


• IN THE OFFICE 


Simplified 

addressing 


er tmna c inian* tranpart n* Northern itoiii«rc But union bank of sv/iTZER. ] operations through data display and of heat losses and electric 

eland and toe Republic of IfCtorid via . LAND {SECURITIES! LIMITED. London. 431 „ — j nnmmnnimMnn, unite sjrr- norFnrm.n.a n„rl ,.1,,^ 


• CONSTRUCTION 


no lonuer eoitipen^lory jnd. accord- Ireland and toe Republic of Ifetond via. LAND (SECURlTIESi LIMITED. London, as I j nnntmnninafinnc units ari* narFnrm^nra nnrl rnlotorf 

■nniy, an upward rcvIHon ha* been found the ports of Belfast and Dublin, at Purchase Agent lor account of such Bank. |“i | n COmulUQlcailOnS unlls. dri: periOrmaOCe 3710 relaieo 


netessarv. __' shiDPetscansignces renucst arc no longer has purchased: Virtually autOmaHr ODCratinn factors Site do*iPlV Watched at all 

Therefore. cRectivr 1»t January 1979. ; compensatory and. accordmgly. an upward I—during 1 he sW.month or r ‘OP ending ZBtn - * ' . “ . . u “. J- KQ 

Inland grid rar« and charges are to be revision has been found necessary. , Fctiruarr 1970 US 1854.000 ol our Of IO? elCL'UlC 3TC fumace thaRKR 1I77JPS TO keep tile process 077 the 

'"Creased hv 15 o-r cent Therefore. eSectire 1st No»embcr. 1978. 8 2S% Dollar Noses, due ,983 and .j. .t.:_ n r 0 |__. rn n[, er.r>f-ml ri"hf linoc 

Dcf.Tls of rrvnod rata* ann rhargi?* inland transportation rates and charges I gssi.750.000 of qur 8 75w n Dollar THIS rljnn OI ClCCironlC control rl rrflt lines, 
may he obtained from any oi the under. , ar- to be Increased, details oi which; Bonds, due ,9BB on account of we can provide iTOuhlc-free COIP- KrUpp Saj’S prOHr8tnrmng Of 

mentioned linn-. or the." anent% may nr obtained from any of the under- • eleven-month period which ended 31s: L|,.u pli " « r «« -1 is* fhn 

Member Line* no*rd line* or their aoent* ■ August 1977 ITUSSIOnmg Ol TICW plants. At lOe VanOUS StepS With the 

&iun!it Camn Irrvitu A R . Mr-mber Lines: _ . —durmg toe twelvc-monto oenao endmg ,, n .. timn in J..<- tn rnntrnllpr i« cn flprihlo ic tn nor. 


Heavy duty engine range 


Member Line* 

Allans,e Cargo Services A R . 

Combi Line 

Titos # Jas Ltd. 

Lvtes Bros S S Co Inc 
Sea-Land Service Inc 

The Hfirirn 

u 1 : u s.a Gulf westbound rate 

AGREEMENT 
Cunjrrt Building 
Liverpool La IDS. 

England 

September 197 a 


Atlantic Cargo Services A • . 

Comb, Lme 

ThOS. & jas. Harrison Ltd 
Ly'ics Bras. S.S Co Inc 
Sea-Laud Service «nc 

The Secrmar.. 

Ut.U S A r- ■ r w —' -OUND RATE 
nr: reEMENT 
Cunard Bd'ldlng 
lirerpool La IDS. 

England 

September 197R 


■ AS5Sst n ?977 B * n * ' missioning of now plants. At the various steps with the 

l Au^urt^lTa'ussi^TTioci K the same timn. in day tn day controller is so flexible as to per- 
8.25V oaiur Nates uve iMJ rd running, significant increases in uni smooth introduction ot 
\ 01 our 875 - 0ollar Bcmd '' output and reductions in opera- automation in new plants 

iw&,Z2ttJXg3L£2E , S*£?. ti0 " 81 cos ^ can hr achieved. through the aulomated equip- 
r,v,H ? < .... Krupp Industrie and Stahlbau ment itself. 

,on 1 st September 1978 ac qui nn n t hig control system fried-Krupp GmbH. 43 Essen. 

Lu«emBourg ,,OPe '* N INV ^ STMeNT aAN < for planning and huiidmg elec- Postfacb 10, Federal Republic of 
27th September, igrs. trie arc plant. By specification, Germany. 


A lot of water’s gone under the 
Forth Bridge since we first won 
the Scottish Cup. 


OFFERING strong competition 
to newly-announced engines from 
Petter, Duetz is to launch a, new 
series of single and two-cytinder 
engines primarily for use in the 
construction equipment area. 

The new engines (FL 511 
Series) replace the FL 411 Series 
and have a power increase of. 25 
per cent without any additional 
weight or physical size penalty. 
Full details of the. design 


• SAFETY 


New aerosol 


methods to attain this lmportaht 
step' forward will be disclosed 
during the shew. . 

' iPL 511 Series units arq. direct 
injection ^engines but there is an 
option,/On the suffix W range, to. 
choose a dual-combustion ver¬ 
sion. This gives the advantage of 
the Deutz two-stage combustion, 
process with which exhaust pollu¬ 
tion Is'minimised. The engine 
is suitable for applications where 
health : and safety protection 
measures: are more stringent 
than- in normal working condi¬ 
tions. 


Deutz Engines. Riverside Road. 
London SW17 OUT. 01-946 9161. 


propellants 


in prospect 


Jr* j‘¥il. PijnrVrmlinp FpoJprII Club lifted the 
cowled ^cnllilb Cup for ihe lir-t iinw in iheir 
liiMi>r.. I; u.ii a n-drol trusinph .imi tulrbuiliqn/ 
ami .1 in^t rcivjn.1 1 i»r bi-i»v eunrt #md bkul. A 
priwrd nii-nu'nl lor 1 hr people nl hilt’. 

Hul it v;a< iil-Mrf \L\ir ut uni t.Ti.iinh-. A lime 
ii hen File, and tin.- Punier mime area in particular. 
m,i> -ttilcriuc Irom Ihe lulinnal dec line ot Hie <wl- 
miningand .iwKutad induf-trie<. Pri^pecl-j looked 
bJeak. a- flu- .hlm ot high social and 

indm-lnal .H him i-ment tvpan to lashe Hie bitlemr^*; 
■u unempld meni. \cu imiuMn. iv.i^ vital and the 
Uval am hem lie*- lonk iiumrduic -leps lo remedy 
the^iliMlmn. 

I Vu h the ad - , cr.l oirenrsii n iVcd fcx.i r go\ ernment 
in Scoliand. PtuUermline Di-trict emerged a> one 
oflhrce JislmH in the File rep on. bmc« Ihen. 
Duniennline Di*-tnct lw* lolluv.ed the initialsc of 
j|v. pn»Jivi"iN'r‘ i . in counter.iclint: Mil 1 decline ot Ihe 
(i.iditmnal indushiL- b> undcrUkinj;a iigorous 
and I'MenMie campaipn to iittracl new and 
e\p.indinv* indu>(rial devel.ipnient in Ihe Pislriil, 
im olv'inR thc reclamation of toimer industrial 
areas, .idvanced lucltny build inf; cn fully ?emced 
sites and pionsion .i| housing lor incoming Ley 
wtirkers. 

Ti* this programme of industrial' 

qron th. a contidcnlial c«Hnise!ling sen ice is 


offered to industrialists, consisting of a team of 
senior planning, legal and finance otneers to 
adi i'h? on most aspects ot business deceJoprr.ent 
A- a result ot this ambitious programme. 

Dunlennline District has become one ot ihe 
leading areas to achieve success in this mdusiria! 
change, with many and varied businesses setting 
up lo benent Inmi thc many incentives offered. 

I lousing i 1 * rwdily ai ailable. both local author:!y 
and private, and theft? is a high sLindard ot 
educational and recreational facilities. 

‘some measure nf -utcess jn the Pi-triet ran be* 
ai l r ibuied to the excellent communications system*, 
tdinhurph Airport is within luenty minutes reavii 
tmm Dur.lcnnline and a regular rail sen ice senes 
ihe main towns. Thc NW moturway runs through-, 
the heart of the District coruieclini; I’ertii. ■/ 

Alvrdctn and the north uilh.lhe Forth Road 
bridge to ihe South. 

Dunfermline District has always cnjoi ed ar.' 
excellent record ot labour relations with a 1* 

community' ol people who are responsive !»• good* 
incenlives'troin management, thus opening ihe 
wav to constructn e deielnpmeif. 

tro, if vou're looking tor a learn capable of 
scoring industrial success tor many decades to 
come, build it on the strong foundations of 
Dunfermline District. 


Punfennlbie 


For further information, please contact 
Mr. Donald Hunter M.B.E. 

7 Abbot Street, Dunfermline. 

Telephone: Dunfermline 31751- 


AEROSOL PROPELLANT for¬ 
mulations free from the fluoro¬ 
carbons. which may affect the 
earths ozojie layer and could 
soon be banned, at least in the 
U.S., are being tested in a series 
nf todustrial application packs 
by Adrox division of Brent 
Chemicals. 

Generally, they consist of.mix¬ 
tures of carbon dioxide and 
an alkane—propane for instance. 
They have been made up by 
several of tbe aerosol manufac¬ 
turers with 'a series of products 
belonging either to the ooq- 
destructive testing aid category, 
or to metal surface protection. 

Some 12 months' work has 
gone into the development which 
has resulted In an aerosol system 
with equivalent spray charac¬ 
teristics to tbe formulations they 
are seeking to displace, - but 
winch also require a smaller pro¬ 
portion of .propellant to active 
material. This results in. lighter 
cans with more useful prodiict. 

Made in Britain, the Adrox 
formulations .are claimed to con¬ 
form fully with U.S- legislation 
which seeks to ban - the use of 
fluorocarbons in aerosols by.the 
end of the current year. 

European governments have se 
far not taken such drastic action 
and a number of authorities 
have published their beliefs that 
fluorocarbons have no appreci¬ 
able effect on the earth's protec¬ 
tive ozone lay-er. .Should Europe 
rollow the U.S. lead, however, 
one group oF -companies., in 
Europe will already have com¬ 
pleted the’ homework. •' " ' " . 

Adrox CnmPany.. ■ Furlong 
Rnad. Bourn** End. Rucks. 
(Bourne End 06285 24951). ,. 


. Ms. 50,000,000,- 

6J% bearer Notes of 1972 due 1976/1979 

STANDARD BRANDS 

m 


THIRD ANNUAL REDEMPTION 
INSTALMENT 


{Redemption Group Nos. 1 and 4 
having faliea, due before) 


-Noti»beife*qgi^h>3led^ GroupNo. 2 
' will be re^emed on and after . 


November 1,1978 


in aeconfeticei with drawing effected on 
‘September 11 .1978 pursueat to ihe Teems 
and Conditiqps. 


Amstodam-RotterdamBankN.V. 

Bank Mees & Hope NV 
A^emenn Bank Netefand N.V. 
PSeM, Bekfaing&K msok N.V. 

in Amsterdam 
". ... • . tttsgl ■ 


in Luxembourg 


"Notes -Groop No. 3- 

will be-redeemed Onafid afcec November 1,1979 


-. • -•*: V* - '• ■ ff ' 




PROTI METER’S Grainmaster 
Mark II instrument will measure 
boLi temperature and moisture 
content - of up to 50 types of 
grain. 

A temperature correction 
table is incorporated on the fare 
of the instrument, thus, eliminat¬ 
ing any chance of inaccuracies 
due to users omitting tempera¬ 
ture ' correction (a common 
source, of error). 

Eight of the most common 
crops are listed on. the dial. 
These include soft wheat, hard 
wheat, barley, oats, rye, maize 
and paddy (rice). 

Hie instrument comes with 
an immediate • response elec¬ 
tronic thermometer. This 
instantaneously establishes the 
temperature of the grain being 
tested and shows finding direct 
on the instrument dial- 

Marlow (06284) 72722 for 

farther data. 


M 

ft k 


FOR MOST businesses where 
addresses are stored on a compu¬ 
ter it is normal practice to 
address mail with the aid of this 
computer file. - 

A Dutch company is marketing: 
a machine which, cuts normal 
computer paper with printed 
addresses into separate address 
strips and sticks to these on the 
mail. The entire machine can he 
placed on a table- '. 

. The vacuum system in the 
machine picks up tbe items of 
man one at a time and feeds 
them into the inaehine. Tne 
addresses are cut from lists by 
special blades which first cut the 
list up horizontally and then 
vertically. 

The individual address strips 
are conveyed by a vacuum mecha¬ 
nism to a glue-wheel. The glue 
wheel applies glue to the back 
of the address strip and the 
vacuum mechanism then-conveys 
the address strip to the envelope. 
The vacuum-is then broken and 
the label is pressed on the mail 
by a wheel-' Tbe machine is also 
designed to attach labels to 
wrappers, cards, lists, etc- 
; The speed of the machine 
{5.000 items per hour) is such 
that one person can easily be 
responsible for both input and 
output. 

Buhrs-Zaandam BV, Fostbus 92. 
gaandam, Holland. 









If you’re left speechless at the prospect of 
exporting to unfamiliar places, go and see your 
local NatWest bank manager 

You’ll find he speaks your language — and 
theirs. For specialist problems, he’ll call in our 
experts from NatWest International and Credit 

Factoring International. 

Between them, they know everything you 
need to know to export successfully. 

They’ll look after all your foreign currency 


problems, sort out forward exchange contracts, 
arrange any international factoring you may 
require, and advise you on local . 
customs. Your local NatWest | ® 

bank manager is only too ' * 

willing to become your personal 
financial ambassador. 

All ^ou have to do is go in 


Just ask him. 


A NatWest 



RECHSTIIAR Ai ISSUE SER\ lefc- |^ T h>'An\’^STMSrR JNSLJRANCE SERVICES LTDj.CORPOR.ATE TRUSTEES iTRUSTEE DETARTMt^COMPUTO OUTPUT TOM1CRORCHE iEUROCOM DATA LTD I- 








































14 


Financial 


iai Times Friday Septem^r^^S 


FINANCIAL TIMES SURVEY 


Friday September 29 1978 











U:^..r4xi 
•' -v:' .-S 

■'"i 


Known mainly as a resort and retirement State, Florida has recently 
been making determined efforts to develop as an industrial and trade centre, particularly 
with its position as a gateway to Latin America in mind. JOHN WYLES reports. 


i' Art 


More 
than a 
sunshine 
State 


INEVITABLY SOMEONE had 
to christen ^ Florida " God’s 
v.aitin? room/’ Bur the sobri¬ 
quet is only one of several: the 
locals prefer ~ Garden of Eden " 
—v/hn-h has sought to encapsu- 
ia?-: a p3rt oF the U.S. which for 
mn-t of the post-war years has 
hem nii»re than happy to 
nurture an image of sunshine 
and comfort, of catering to the 
most ?eduIons sybarite. For 
somo. of course. the image is the 
reality. The climate is delight¬ 
ful, the retirement living can 
he easy, there is plenty of 
hunting, shooting and fishing, 
tft® ’gators are still in the Ever¬ 
glades. Anita Bryant is still 
ornmotine Florida oranges and 
the Miami area is still.struggling 
to overcome a serious shortage 
of moorings for private boats. 

While not desiring to play 
down any aspect of the image 
which will this year bring in 
34m tourists spending more than 
S12bn, Florida is now anxious 
to have the world know that it 
has more than just sunshine to 
offer. 

The reason is that this land 
of dreams-come-true went 
thrnugh something of a night¬ 
mare in 1974-75 when it was 


engulfed in a tide of economic 
recession, which more than 
doubled its unemployment rate 
to close to 11 per cent and in 
the process issued a sharp 
reminder that a mix of retire¬ 
ment homes and holiday resorts 
were no protection against a 
sersous downturn. 

After several years in which 
economic and population 
growth had been running at 
more than 4 per cent a 'year, 
Florida was.ill prepared for a 
downturn which in real terras 
reduced personal" income in the 
State in both 2974 and 1975. 

“The recession was a sober¬ 
ing experience for Florida 
because it showed that we had 
to strengthen our economic 
base." says Governor Reubin 
Askew, who vacates the Gover¬ 
nor’s mansion in Tallahassee 
next January after eight years 
in office. In policy terms the 
recession resulted in a vigorous 
effort to diversify economic 
activity within the State so as 
to reduce its excessive reliance 
on trade and services. In 
particular, the goal is to halt 
the decline in manufacturing's 
share nf tn’al employment. In 
tpn years this has tumbled from 
17.3 to 13.3 per cent, which is 
less than half the national 
average. Trade accounts for 
20.5 per cent of ail jobs in 
Florida, compared with 17 per 
cent in the 17.S. as a whole, 
services 20.2 per cent compared 
with 16 per cent and finance, 
insurance and real estate 7.2 per 
cent versus 5.4 per cent. 

Not surprisingly in view of its 
popularity with “ retirees," 
Florida’s demographic mix is 
also somewhat different from 
that of the country as a whole. 



unite. The evidence of this America, who named what he and -evetopmeiit,..ft. ^ 
should be seen to good effect at thought was an island “Fascua wonder that many dPftjgg'- 
tee International Chamber oF Florida.*’ because his arrival business leaders eofifaniU&i 



“‘ e ‘r e ‘; 1 ““^therefore an acceptable surrn- of rne tourist industiy OniS 

232“ Head of Economic ““ et0 " mc fnr P fhe several in favour of legalised ^5 

Development, Mr. James . d thousand emigre* and with business, 

n0t op«it? “toCubans settled in the U.S. political jag 

,he <**"> revdlu,ion : Go « r rL°L A ?_^: K ***** 



Resort villas at The Meadows, a 1,300 acre development at Sarasota, Florida. 
The project, a Taylor Woodrow development will provide 3,900 housing units 
' " - ' and is expected to take 13 years to complete. 


although it is less heavily tilted 
towards , the old than might be 
expected. Thus in 1977 about 
28 per cent of its people were 
under the age of IS compared 
with -34 per cent nationally. 33.5 
percent were aged'between IS 
and 44 compared with So per 
cent for the entire nation, 22 
per cent were in the 45 to 64 
age group, only a shade more 
than in the whole country and 
17 per cent were over 65 com¬ 
pared with about 12 per cent 
nationally. 

Inevitably, there are immense 
regional variations within the 
State, and four counties— 
—Pinellas, Sarasota. Manatee 
and Pasco—have 36 per cent or 


more of their population who 
are-older than 65. 

Although many Floridians are 
suspicious of progress in general 
and industrial development in 
particular, there is little doubt 
that the main lines of policy 
laid down by Governor Askew’s 
administration in the past three 
years will be pursued by each of 
his three possible successors, 
Mr. Robert S. Mevin and Mr. 
Robert Graham, wbo are fight¬ 
ing for the Democratic Party's 
nomination, and Mr. • Jack 
Eckherd, who will carry the 
Republican banner. 

“We have tried to create a 
favourable business climate," 
says Mr. Philip Ashler, the 


States Secretary for Commerce, 
reciting in evidence the absence 
of personal income tax. the aid 
for training and relocation end 
freedom from the need to pay 
sales tax on materials for new 
plant or plant modernisation. 
But the line in Tallahassee is 
that " we will not give the state 
away." which means that tax 
holidays and other concessions 
to the new investor are no: 
available. To some extent this 
puts Florida at a disadvantage 
with its similarly investment 
hungry neighbours to the north, 
Alabama, Georgia and South 
Carolina, but the attitude is one 
behind which both State govern¬ 
ment and local business can 


jusm for the occasion, mdftese ^ ^ ^ „ as Miamj „ hm . tice"™» 

ds' Lil« e araund d the Stated“ ,e,rom!!d the Hoad " r c3p ' wl ,un ' 1 ;' 10 detck,!> * 

end sitralhw jo"""* ™« o£ many Lalin city for cnterpalcooeli™ie 

beve SSK “^ “c^ Acnencon countries in search of ^ t* 

stress is also .being laid -on,® safe home. atiaScd 

portraying Florida’s rtgiotaal-" The area is rife with stories „ an ,bL-j^ “ . ™ 

diversity-—something which is 0 f Venezuelans, Costa Ricans “ ... y* 

missing from the broad brush and others stepping off the NeeiLess to 
strokes of the State's image, plane at Miami International * osp :« 

Life, economic activity and with suitcases full of dollars B _ eac »* -*** a diffeie# 

investment opportunities are f 0r depositing at local banks. vieu \ ® na ,ar 3e sums of tuonjj. 
somewhat different in Pensa- increasingly Miami is the lens *"[ being spent so. ..Vffvm. 
coloa from Dade County or-in through which U.S. banks focus Florida .o.ers o. lbe,c«djfc 


- — —- « there for international business - 

social diversity which already while Coral Gables, part of the “ .J5. 

- Greater Miami area, hosts the 

Latin American headquarters of ~ ^ a?e , of . ne :. 


But the most striking develop- 


____ th.n fin T-c —„u; at Orlando, which is attracting 
msnti particularly to the visitor “^ nft i* ha £ II1 . S | Ampins n^re lhaa 13m visitors a yeaf 
to the south east, is the emer- natI 0 ;” a if' 5 „L£ at i?tlii aRtl a more varied famiif 
gence of Florida as the gateway ? r : ^ “ Jf^ , d n f ndivl J ual U ho,,da - v rtan ‘^e ^ded concrefi 
to Latin America, appropriately {"’*; 11 ";; 10 ‘ d f;‘ill : opulence of Miami Beach. He* 
so io view of the Stale’s history: ^itul^aMVrSL while ever lh:s 
Tbe first Europeans tn clip eyes L^Vnresr" h bu ^ s Sl £££■*%£ 

and property develop? l^h^pnAabiUty^leTbaT-FterlSl 


estate 

ments. 


fathers but more likely than not 

Spaniards, and it was Juan Will continue to pursue iai 

Ponce de Leon, "who had been With the accent' in Dade economic development i 
oa Columbus’ second voyage to County-■ on international trade cautious enthusiasm. 


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Because of its strategic location and 
excellent business climate, Florida should 
have top priority for any businessman or 
industrialist in choosing a base of operations 
in the United States. 

Florida’s six international airports and 
fourteen deep water seaports — all served 
by rail and near Interstate highways — 
provide ready access to the lucrative 
markets of the southeastern United States 
and Latin America. 

Florida’s international banking capa¬ 
bilities will help your business expand into 
international markets. 

; Florida is ideally situated as a location for 
international headquarters and plants. Its 
fine year-round weather insures high 
productivity from the wide ranae of 
professional, technical and semi-skilled 
workers available. Florida has an especially 
talented pool of specialists in such diverse 
fields as electronics, optics, chemicals 

fjnnc^w 6 ^ anci mass communica¬ 
tions... aU trained to meet the sophisticated 
needs of modem industry. 

Florida’s Free ' r — J - 
another marketinc 
the United Stated 

Jhtile' IS* of professionaIs su ppiy you 

WRTTE, CABLE OR CALL 


DH/rsion of Economic Development 

of Commerce 
10 / W. Gaines Street. Room 78IFT 
Tallahassee. Rorida 32304 

t , n,nm, (904)488-6124 
Telex 810931-3655 (DEPCOMED-TASJ 


State of Florida European Office 
™eouecTlralie.Bte25 
B-lOSOBmssels. Belgium - 
Td-32/2/673 99 32- 
Telex 26411 


THE PLACE TO BE 


r 


1 


y.i 































ncial Times Friday September 29 1978 



FLORIDA II 


— f- 


Commitment to 


(AL DEVELOPMENT 
vcontly been a "good 
Florida. During the 
irs of gruwlh in the 
early 1970s a gallop- 
it industry and con- 
Dpularity 3 s a retire- 
re appeared to guaran- 
c prosperity that the 
cl possibly need. In 
35 argued with some 
jn that a growth rate 
of the 5 per cent per 
' ] 968-72 would place 
rahle burden on the 
ture of services which 
. rely keep pace with 
tpulaiion increase. 

• or Askew daims— 
the recollections of 
ondians differ some- 
it he was counselling 
- ning of the economic 
ing the early part of 
term of office but that 
■owtn and prosperity 
little support for his 
ere was moreover an 
idable aversion among 
:tors of the population 
-isk of polluting both 
■ and scenic beauty in 
2 of economic develop- 
i suppose progress is a 
jg, but it just seems to 
'.ave a dirty footprint" 
\ iew expressed to me 
aJJahassee bus driver, 
g that the rural con- 
i uf north-west Florida 
and well and shared by 
>lds. 


At A BAMA 


CANADA 


GEORGIA Jlj 

m H sfJpnEBSBMG 



UNITES STATES 


FLORIDA 


mm 


¥wm 


^i&m - _ _ ■* 


wbt bl~7~: 


gFort — 
J Lauderdale= 


W0 






ts of doubt clearly still 
it there is no denying 
that Fforida's political 
•eaucratic leadership is 
mmitted to attracting 
' luslries into the state 
it this commitment is 
• to change no matter 
places Governor Askey 

- s second term ends next 

Industrial develop- 
■ ecame a priority purely 
-mply because of the 
n. of 1974-75 when 
. was somewhat cruelly 
2 d that no matter how 
t is the land of dreams 
me, it is also part of the 

- States. Still more of a 
was the realisation that 
. far less well equipped 
.any other parts-qf. the 
> cope with a severe 

-.Sc recession. In 1975 
i dropped sharply and 
action, one of the funda- 
props of the local 
iy, virtually halted, 
oployment, which had 
veil below the national 
b for all post-war years* 
jfd to 12 per cent thanks 
'tggerirg 32 per cent drop 
iloyment in the construe* 
idustry in 1975. Within 
it was virtually conven* 
wisdom in Tallahassee 
course the State was too 


dependent on tourism and 
retired people, and of course it 
must begin selling itself to the 
U.S. and the world in general 
as a potential location for in¬ 
dustrial manufacturing. 

The Division of Economic 
Development within the 
Department of Commerce, was 
given added staff and resources, 
and an international unit was 
established at the beginning of 
last year. Governor Askew set 
about giving the lie to an antR 
business reputation, which he 
feels was ill-deserved, hx 
making two trips to Europe in 
1977 and by travelling to Japan 
early this year. At the same 
time, the State established an . 
office in Brussels to trail its; 
coat in front of potential-, 
foreign investors,, and this is ‘ 
being augmented by similar 
agencies in Frankfurt -and 
Tokyo. 

In Governor Askew's* words 
the message quite simply is that 
“ Florida has an open door 
towards economic development 
and business, in faet not just 
an open door, the .welcome mat 
is out." . But the industrial 
development effort is dearly 
handicapped by the State’s 
image as a giant tourist resort 
and retirement home. In all 
respects this is a pity since 
closer examination points to a 


number of opportunities for a 
potential industrial investor. 

The State's phenomenal 
population growth of 39.4 per 
cent between 1966 and 1976 has 
provided a labour force which 
is apparently well-endowed in 
a variety of skills, which are 
, continuing to be augmented by 
a current immigration rate of 
close to 1.000 new settlers a 
day. Moreover, the labour is 
comparatively cheap. The 
. correlation between union 
membership and hourly pay 
rates is clearly evident in 
Florida. Probably less than 
12 per cent of its non-agricul- 
. tural labour force belongs to a 
trade union, compared to a little 
over 20 per cent in the country 
Vns a whole. 

* . Average', hourly earnings in 
February OE last year were 34.51 
compared with a UB. average of 
$5.43, and only ten other states 
were ranked lower. In addi¬ 
tion this bon-unionised. mod¬ 
estly paid labour force is rela¬ 
tively quiescent Time lost due 
to work stoppages has been 
below the national average, 
although pretty much in 
line, with the national median. 
Although. Florida is not well 
positioned for access to the 
broad U.SL market, the excel¬ 
lence of its communications is 
a considerable compensation 


MIAMI 

INTERNATIONAL 

AIRPORT 

We Really Are International 

Miami International Airport is the second busiest gateway in the 
U.S. for international passengers and cargo., serving a community 
second only to New York in international banking. 

* Service by 62 scheduled airlines . -. the most in the U.S. A. 

* 600 non-stop international flights weekly; 

* Direct service to 102 domestic and 37 foreign cities. 

* More than 100 shops for travelled needs 

* Fully air-conditioned main terminal complemented by new 
International Satellite Terminal 

* New Customs and Immigration facilitiesopen soon 

* Over 16 million passengers in 1978 ... 6 million of those 
international 

* 600,000 tons total cargo in 1978... 450,000 tons of it inter¬ 
national " J 

* New Cargo City complex will total two million square feet of 
warehouse space 

* 80 major international corporate headquarters near airport 

* USA's largest Free Trade Zone 

* 12 Edge Act and 10 foreign banks in Miami 

MIA has been the premier Inter-American airport for years. Now 
with non-stop service to London. Paris, Frankfurt, Amsterdam, 
Madrid . . . and who knows where next . superior Latin 
American service is augmented by access to and from the capitals 
of Europe. 

We’re on the move, and we have room for you. 

RidiardBL Judy, Director 
DADE COUNTY AVIATION DEPARTMENT, 

P.O. Box 592075 
Mi ami, Florida 33159 
Phone:305-526.2165 


i for industries such as elec¬ 
tronics whose products have a 
1 high added value. 

For the company which is 
bent on attacking the Latin 
American market the State is 
probably without equal, not just 
because of the dense network of 
airlinks with major South 
American countries but also be¬ 
cause of its substantial Span¬ 
ish-speaking population, parti¬ 
cularly in the Miami area. Both, 
factors have underpinned a 
determined effort by the Coral 
Gables Development Authority 
to attract the Latin American 
headquarters of U.S. multi¬ 
nationals. Part of Greater 
Miami, although a city in its 
own right. Coral Gables now 
accommodates 80 of these head¬ 
quarters, whose principal con- 
r cern is doing business to the 

. south. 

» 

Many have been attracted not 
. just by geographical proximity' 

. and excellence of communjca- 
■ tions but also by a lifestyle 
i which caters for the year-round 
, sybarite, “Quality of life" are 
i buzzwords in Florida, partly 
, because of the interminable 
[ warmth and sunshine, but also 
. because of the solid cash ad- 
. vantages which Ijfe in the State 
i appears to offer. There is no 
i personal income tax, corporate 
income tax is modest, property 
taxes are less than, two per 
cent of market value and, 
according to a recent survey. 
State taxes in the aggregate 
are lower than in any other of 
the 49 American states. 

What Florida refuses to offer, 
at least under Governor Askew's 
administration, is a tax incentive 
system of the kind so widely 
favoured by other sputhem 
states bent on developing tbeir 
Industrial base. "We are not 
giving the state a way." -says 
Governor Askew, whose attitude 
is broadly supported by the 
state’s business community 
Chambers of commerce through¬ 
out the State are strongly 
behind the Florida government’s 
efforts to bring in new industry 
but are opposed to giving the 
new entrant a tax-based com' 
petitive advantage. 

Competition 

Strongest dissent from this 
view can be found in the north 
west of the State, which is in 
direct competition for new in¬ 
vestment with South Georgia 
and Alabama to the north, both 
of which include generous tax 
breaks in their armoury of in- 
cea tires for potential investors. 

None of the other of the 
Florida regions are less deter¬ 
mined, however, to diversify In 
the north east, Jacksonville is 
striving hard to live up to its 
reputation as a manufacturing 
centre. Surprisingly the per¬ 
centage of non-agricultural 
workers involved in manufac¬ 
turing for the Jacksonville area 
is, at 13 per cent, below the 
average for the State, and there 
was considerable disappointment 
earlier this year when Siemens 
of West Germany and Allis 
Chalmers decided to establish 
their joint' venture turbine 
generator plant in the south) 
wests’6 Manatee County. The* 
capture of this facility, with its 
1,000 jobs, is currently regarded 
as one of the great success 
stories for the State’s newly 
developed thrust for industrial 
development But Florida still 
has considerable ground to cover 
if it is to rival some of the 
achievements of its neighbours. 

Last year new industrial in¬ 
vestment amounted to $100m, 
but in Georgia the catch totalled 
$S50zn, in South Caroline $L2bn 
and in Alabama Sl.Tbn. 


Ivv/j 

Es 5 r /J 


MIAMI FREE ZONE 


is emerging as one of the most 
important trading centers of 
the world today! 


The MIAMI FREE ZONE is a unique combination of all the facilities required for companies to conduct business 
within the secure and duty free atmosphere of a Free Zone. It includes an international trading center consisting 
of centralized permanent exhibition/trade fair areas; complete warehousing and light industry manufacturing, 
assembly and quality control facilities; fully computerized customs inventory control systems; and the entire infra¬ 
structure of service facilities necessary* to conclude business transactions with in the Free Zone. 

Goods may be imported, stored, assembled, manufactured, sold and shipped, without the imposition of U.S. 
duties, unless the merchandise is later sold in the United States. 

Although little warehouse and exhibition space is still available in Phase 1, MIAMI FREE ZONE has granted 
exclusive authorization to THE WINCHESTER CORPORATION to provide public warehouse services within the 
Free Zone. This enables companies to sublease warehouse and exhibition space from WINCHESTER with all of the 
Free Zone advantages, yet use only the space necessary for the time required. 

Companies can test their growth potential in the South American and Caribbean markets through the services 
and facilities of the public warehouse, and later expand into Phase 11 of the Free Zone. 

Many of the international companies coming into MIAMI FREE ZONE view Greater Miami as the new focal 
point for international marketing and distribution into Latin America, the Caribbean, Europe, Africa, the Far East 
and, of course, tho United States. Natural amenities such as climate, political stability and a multilingual labor force 
have all contributed to the area’s growth in international communications, air and sea connections, financial institu¬ 
tions, multinational corporate headquarters and, now, the MIAMI FREE ZONE. 

Authority to operate the MIAMI FREE ZONE in Dade County, Florida, is contained in the Grant by the Foreign- 
Trade Zones Board of the U.S. Department of Commerce to the Greater Miami Foreign-Trade Zone, Inc., anon-profit 
affiliate of the Greater Miami Chamber of Commerce. 

Don't miss the opportunity to participate in this exciting new venture! Call or Write.... 


MIAMI FREE ZONE CORPORATION 
444 Bricked Avenue, Suite 906 
Miami, Florida 33133, U.S.A. 
Telephone: (305) 374-4991 




WINCHESTER CORPORATION 
299 Alhambra Circle, Suite 206 
Coral Gables, Florida 33134, U.S.A. 
Telephone: (305) 448-1940 


Telex: 514—769 ZOFRANC-MIA 



Lloyds Bank International, the international bank in 
the Lloyds Bank Group, have recently opened an Agency 
in Miami. 

. Vice-President and Manager: N.L.S. Cross, 

One Biscayne Tower, 32nd Floor, 2 South Biscayne Boulevard, 
Miami, Florida 33131, U.S.A. Telephone: (305) 374-4455. 

Telex: 803002. 

The new Agency is an important addition to the Group’s 
established presence in New York, California, Chicago and 
Houston. The Agency is able to provide all international financial 
services, and is responsible for the development of all aspects of 
the business of the Lloyds Bank Group in the South East United 
States. The Agency will contribute to, and participate in, the 
growth of Miami as a regional international financial centre and 
will provide an important link between the Bank’s North 
American and Latin American customers. 

The Lloyds Bank Group already has branches and offices 
throughout Latin America and Western Europe in addition to a 
strong presence in the Middle East and the Pacific Basin. 


LLOYDS BANK 
INTERNATIONAL 

4Q/6B Queen Victoria Si .London HC4P4ELTetQl'24898Z2 
A membarof the Lloyds BankGioup 


Fellow subsidiaries of the Uoyds Bank Group: 

Lloyds Bank California, The National Bank of New Zealand. 


LRI, theBank of London&SouiIi America and their subsidiaries have offices in: Argentina, Australia, Bahamas, 
Bahrain,Belgium. Brazil, Canada, Cayman Islands, Chile,Coloinbia,Costa Rica, Ecuador, Egypt El Salvador,France, 
Federal Repubfic of Germany, Guatemala, Guernsey, Honduras, Hong Kong, Iran, Japan, Jersey, Malaysia, 
Mexico, Miami, Monaco, NetherlandSjNicaragua, Panama, Paraguay r Peru, Philippines, Portugal, Republicof Korea, 
Singapore, Spain, Switzerland, United Arab Emirates, United Kingdom, U.SA, US.S.R, Uruguay,Venezuaela. 























y2? 




8; c-V.'t < •.->*- 


;^>- V5»3frxS.i?,i 





Here 

i. r:. 

r>*.i. it 

One 

Bi>cavne Tower, 2 South Bi 

scayne 

Boulev 

jrd.T 

,'*!< JV.- 

oilu't 

* : - : 

p;c.»: i»i our expandinti Licilii 

it; the Xew 

World. 

Whati 

fve: - yo 

■: r m: - 

mess 

and your banking need*. Mi 

ami can link up 

directh 

■ i 

»■ v/.'in 

any or 

• he )5 

::cj; 

:'0 -p branches and oil ices in 

6C countries 

tliroiig 

ht'ut t! 

ie v. or' 

j 





How 

■ doe* :: 

’i< dir 

ect-c 

on tact svstem bend it vou? Bv saving vou 

time and mor 

I'-v on ’■ 

our i! 

ransAction^. If vou have bubine^^ 

in Florida, or 

bervvee 

n i“tor 

id a and 

other 

pin; 

or z’-'.z world, talk now to K 

cirh Skinner in 

London on 2 ! 

-(?2} 

»CC. n; 

■n.c 

Grant in Miami on (aG ?) a 

55 7?\-.o 

(Telex: 

2b42: 

S. Cabl 

e Star. 

char: 

; Miami 




i r 








helps you throughout the world. 


ilccdnt?.;" : f ’( k'ncr.t*1 .in" [ r.nrfon FTI\ TAB 


A’^i; j;.5.4'lil iTiiiti'in 


77 JO- 

Tt 



*&&■**% •• 

w£& ■>^f. fee? v Tjf w>r»v ■_■' - ' r,, .y G 

yy36%$- ”'"' I 



•-«/. ; ;.yy 

%y«sp^ 



■MHM » f lBH M r- - . , 7'-i 

‘^ipE5u i »U''^o - hv>:•. .-; 

Pfc-'MlP 

^Kj*asSiflL : ^yt ;. ^;- r - :7>-^<J-v-frg -^ g iyir 

B£fe: 


M 


RPISI3 




hhi 


A Miami beach resort hotel. 





building funds 



AS HE sketches out the REGION t„ This is • the sainm of now non-re.~;den!iai rome is 86.713, the third hi^ 

development plans for the extreme western panhandle starts in the first quarter of this in the state and .about $39 

downtown Miami area. w:lfc area, whose population :s the year is important. Per^ capita above the a\er.»ge. .... 

their mix of public £ ad private seventh largest and whose personal income in 1975 was REGION 10 . Include*--Pah 
development, cm once . does projected population growth So- ,r -S. _ Beach and West Paha Hep- 

Ray Kenzie utter the caveat, between 1970 ana I9S0 Is 23 per REGION 8. The Tampa Bay g ran ; ;e f f**, ^ aobuikuai. 


there is apparently no snonape cent o: ail employment. more rrr.aie wibhuuwh *« «■" -, h5 in arrrt5 p acf i ap ;, 

of potential investors In a than double the state and "tore d JJJf s J«l tc personal income :« the niche: 
development plan a’.med at- Tjarional average, unemploy- many other parrs ot 'n-. ai ^ of an .. ^giorj^ $6,545. “ - 
developing an interesrlng mix meet has" been below the anri na s still not reached ‘ * _ .'' : t - 

■jf government, residential, siaza average. At S4.700 per levels «£6IO\ it. inciuaes-Stiaa. 

educational and cultural build- capita personal income is about REGION 9. The south-west and Fort Laueerdaie and _:».»• 


urban bis sht, decay a r»d generel starts in the first quarter of emu toyed nearly tripled oerween in 19.* and .8,691 m l^io.Su 

dilapidation, for that has this year was the highest since 1974 and 1975. Asain single vacancy raie^ _ are now »«aid. ?» 

alreadv 'been achieved. Rather 157.™ family huildin? reached an all- be low and in« couid jead to f 

!he purpose is to create the REGION 2. Th? Apalachee time high but multifamily con- revival. Personal income..^ 
amenities which will maintain region, whose largest citlos are «*ruction still well below 96.41.3 i- tnc secord rugnes* 

the momentum of development Panama City and Tallahassee. 1972. Per capita por«tf>na! in- among The regions._ ‘ 


which has already transformed Population growth Is expected 
- Miami from an apparently to be below the state average 
'r.cident 2 l adjunct !o .Miami until I960. Per capita per-onal 
Beach into an area whose income of S4.361 is the lowest 
imponance now overshadows but one of all regions tmri the 
the fadia gtourist reson at the govemmea: sector, with Talla- 
other end of the causeway. htssee the state capital, is.again 
The fact that there is r.o the major employer, accounting 
shortage of investment for the for 41 per cent of a!! jobs. 
9700m project does not. in more Single family building hat 
general Terms, mean that staged 2 s'rong recovery here 
Florida is again building up a although the malt^family sec- 
specuiative bubble of real lor has lagged. Eut.large public 
estate investment of the kind projects either under way or 
which burst so cruelly In 1974. recently completed include the 
leaving thousands of construe- 342m state capital building, ihe 
■ion workers unemployed and Ta:iah 2 SFee-Leon County civic 
many thousands of buiidinss centre and the 810,000 square 
either unoccupied or unfinished, foot Governor’s Square mail. 

The Governor's 1978 economic REGION 3. The north cemrai 
report claims that: “The single- region In which Gaice-iville. 
family housing market may be home of the University of 
considered fully recovered." Florida, is the largest city. 
New houses are currently being Population is the second smal- 
produced at a faster pace than lest in the s:a*e. Single family 
during the 1672 housing boom, residential jtarts reached a 
This rate of growth may not be record in I9««. Elsewhere work 
maintained but 37,000 units will started this year on a SlOOm 
probably be produced this year expansion of Occidental Mining 
and 76,000 in 1979, The con~ Company's facilities. 

»truction of multi-family units REGION 4. This is the norrh- 
is still on an upward trend, east corner of the slate, which 
however, and production is includes Jacksonville. The 
expected to be 42 per cent or fourth largest region in the 
50.000 units higher this year state, its construction industry 
than last and to be 51.000 units has completely recovered from 
higher in 1979. But the report rhe recession, with single fa mil v 
points out that there are still starts iast year easily surpa-s- 
vestiges of overbuilding in the ing the peak of 1972. Multi- 
multi-family sector hanging over family building is still some- 
from the'1972-73 boom, and that what depressed but commercial 
there is still some. reluctance construction is strong. Per 
among financial institutions to capita income is S5.336.°slightiv 
finance speculative multi-family below the state average, 
properties.. The report does not REGION 5. The smallest 
foresee aay problems of over- region in the prate. The Wish- 
supply and claims that current locoociiee region -is \v*st 
levels of construction are central Florida and has a n;m U - 
"consistent with the expected lation growth which is fas^r 
influx ut population." On the than any other region in rhe 
non-residential front, private stare and double Floriod^ 
construction expenditure is average. Construction ii 
expected to rise 10.8 per cent expected to reach record, 
this year but to drop 1.3 per this year in ail main sector,' 
cent next year," as the result The area is in need of above 
of a general slowdown in average development to rai<? 
activity. State's lowest per capita 

Although the Florida banks income. 34.163 in 1975 . 
are. as would be expected, still REGION 6. Includes Orfandu 
deeply involved in consmictinn DayLona Beach and Melbourne 
financing, they claim to have and also Cape K?nncdv and 
learned their lessons from the Wait Disney World. Third 
collapse of the boom of five or most populous, total inhabitants 
six years ago. On the residential grew bv more than 46 per e*n: 
side they are much more during'the 1860* compared to a 
cautious about financing pro- state average of 37 per cent 
jects which do not have firm Growth This decade, however 
take-nut commitments, that is will be rlighfjy under the pr„! 
apartment buildings whose units jeeied --rare average or -to per 
are not 60-70 per cent presold, cent. The value of single 
They are also much more con- family construction starts mV 
rerned with ihe balance sheets to a record S406m last year, hut 
of developers. the number of dwellings art*;- 

The broad developments in ally started was II per rent 
real estate and construction out- lower than sn the previous 
lined above mask the diversity record year of 1972. But this 
of activity and wealth in sector should continue to sh.nv 
Florida. For planning purposes strong gains thanks to an 
the State government divides announcement by internaMonaS 
the area inlo II planning Construction Corporation of 
regions, which vary in size and plans for a S60Qra LeviUov/n m 
economic and population growth the Orlando area. Per capita 
rates. As a consequence real income in 1975, 35.310, was 
estate and construction activity slightly below the slate 
also varies from county in average, 
county. The following is a sum- REGION 7. Predominantly 
raary based on the governor's rural centra! Florida. Residcn- 
economic report for August, rial cnnstnictmn <5t:li not back 
197S - to IS72 levels but a strong 



YOU BET YOUR BOTTOM 
PESO!! 

and dollars, and yen, 
and deutschemarks, cruzeiros/ - 
and swiss francs 
and ... 


LATIN MARKET Miami, Gateway to Latin America, is 

strategically close to the muitibilljor 
dollar Latin markets. 

FOREIGN TRADE first stage of a 60 million dollar, 73 


ZONE 


BANKING AND 

FINANCIAL 

SERVICES 

MIAMI 


acre facility wiil open this November- 
U.S.A.'s largest. It can be your foreign 
trade zone. 

7 International, 13 Edge Act and 22 
banks with international departmes®*- 
provide key banking and financial ■ ser¬ 
vices. 


MIAMI Serves 12 million people each yesrand^ 

INTERNATIONAL U00tonsofcar S° each day. Aewr 

KIDDRDT of almost 800 round trips to LatidA^ 

AifirUnl ica weekly. 


. -- ue\e:orjment to rai<n . . ■- 

, Florida tonl« " P ' !# • P0RT 0F MIAMI 3 billi O" *>"»r cargo shipped a^l 

je expected, still REGION 6. Includes Orland.:. World s .largest cruise passenger port- 


MIAMI'S 

PEOPLE 


Constituts the largest professiotflJ;^! 
imgual work force in the Ui.A. - Y-P^, 
business needs Miami’s people. - 


ii-.uuo kuvui iiiidiiuiig yin- j L aie a.veraae 01 3 r per cent. • -■■ ■ 

t* tt t hich do not ha ^ firm Growth riii., decade, however. Imagine, if Miami can do all thi^ for vdu r 

:e-mU commitments, that is will be under rhe pn.- , ° 00 a 1 Ln,s 7- > 

irtment buildmss whose units jested ftafe aierasje. or 40 Der DUS >neSS, What SUn, Sand Crilicpc and wat€^ 

■ not 60-70 per cent presold, cent. The value .-u' cin'-te . 1 Cru,Ses anG . - ^ . 

ev are also mm-h more con- iamiir constractiun'carte rns; everywhere Can do to relax the brain belM* 
ned with ihe balance sheets to a record S406m Iasi year, hut fr ,11 ■ - 

developers. ;he number of dwellings artu- ^ a ' l:* •" 


Contact: 

CITY OF MIAMI 

OFFICE OF TRADE & COMMERCE 

development 

100 N. Biscayne Blvd., Suite 901 
Miami, Florida 33132 

Telex No. 152221 MIAED UT (305);57?;- 








































1 

1 


f; uancial Times Friday September 29 1978 


FLORIDA IV 




V. 




'-i*i .. '•'•«■» .. "Iss Sa, 

• .-• „ - 2\-x_ ? V 

r>W 

""■ -:• A*<t\ 1 , _ . **: ■ ' T VN 


centre... 


AXE several things 


S ? 'g^r-r-_ taken Florida by 

S' - iL ' * •' • * T -Jfc!in last 15 years but 

" * ^' "• <r > Ijv nothing more so than 




, ^^•lopment centred on 
iv^.as an international, bank- 
' - iav ntre. A more precise 


■ ntre. A. more precise 

’ijjkff*"? Tin would be as a centre 
V -iking with, to aad for 


America, because 


i ^ V 

w 


-^Ys blessing, 

^ .% : variety of commercial 
^ .Vr ' r •_ Vj ».^^jships iwve built up with 
^ .. ‘ * . '\*ptinent to the sooth, so 

• ^7 ; ’■ ^ “ vfej'requirements '■ havif 

^ -;.\V' 1 W for export financing, 
•. 3p V' _ /financing, personal and 

: r 7 --.. ^> Jle financing and corres- 

: rj -X~^ -flit relationships. To some 
-• fw^r» 7 .-.^ ; .demand has outstripped 

both of money- and 
^*i»se, and a number of 
' money . centre -’banks, 
l by longstanding busi- 
-* . ontacts, have moved into 

» ? ^ to fill the void. Florida 

■ _. * £ r\ as 10. shortly to be 11, 

■ I ; ; \J S*c a ed Edge Act corporations, 

'**’ *‘ w T -= is-. t J are essentially inter- 
,/J. ’W 5 al departments -of large 

' w ' yercial banks chartered 

■. egulated by the federal 

"V 1 i nment but permitted only 

J? 1 ? ^ rage in international bank- 

^ /> id finance. 

; - £ ' i ? [Wnd measure of the actual 

— 1 *■ ^ Vjotential development of 

' * '%OationaI banking in Florida 
^ fact that only New York’ 
larger number of Edge 
orporations. The pace of 
development has surprised 

• corporations themselves, 
an Guaranty’s Miami office, 

. -d IS months ago. was its 
Edge Act corporation. The 

• two had been opened in 
. . . ixpectaiion of capit&JisiTig 

developing regional market 
n Francisco (for Asia! and 
louslon (for international 
ileum business). In con- 
on the Miami office was a. 
.ous development Morgan 
.. -antr did not move its 
\ « Latin American desk 
New York to Maami, but 
uipped the corporation with 
ing capital of $25m and 
■ated it responsibility for 
' jal America, indudins 
. ico and the Caribbean basin. 

- Morgan Guaranty this was 
first time that country and 
it responsibility had been 
7 devolved out of New York, 
is understand that the 


results of the first iS- months 
have proved so encouraging that 
the bank has.doubled the capital 
of its Miami corporation. Its 
success is apparently based on 
a number of-factors which arc 
in addition-to the fact that the 
operator'Is Morgan Guaranty 
and therefore has a network of 
clientele and resources of 
expertise which can be assumed 
in . a . bank of its standing. 
According to Mr. William 
Bab Ike who, with Mr. Ed Hoyt, 
has been responsible for estab¬ 
lishing tire corporation, Morgan 
and other banks engaged in 
similar activities, have found 
that a significant number of 
Latin . American clients have 
transferred personal and cor¬ 
porate accounts to Miami in a' 


defensive move against the un¬ 
foreseen political and economic 
developments which charac¬ 
terise that part .of the world. 
Moreover, proximity to The 
Latin American market has 
facilitated the grnwth of loans 
to governments, lb corporations 
and to private entrepreneurs, as 
well as commodity financing. 

Morgan’s staff of 27 is very 
largely locally recruited. ,- We 
are very pleased with the-local 
recruits. We have tended to go 
for people who are young and 
intelligent and trainable.- In 
particular, we are very im¬ 
pressed with what we have seen 
of the local Cuban population. 
They have a work ethic which 
you don’t find elsewhere any¬ 
more.'' says Mr. Bahikc. 


This observation is one you 
find wherever people have had 
experience or contact with the 
Cuban Immigrant population, 
and there are few other parts 
of the li.S. where a comparable 
foreign-born community has 
won such strong respect among 
the natives. 

There is one other advantage 
which Morgan Guaranty and 
other New York banks have 
found in doing business out of 
Florida. “As wc see it taxes 
are just another cost of doing 
business and we have found 
that there is a 13 per cent dif¬ 
ferential between operating 
Here and in New York.” says 
Mr. Bahikc. 

Until recently. Florida 
regional banks appear u« have 


derived all the business they 
wanted from the State’s remark¬ 
able growth in population, 
sen-ices and construction. But 
they, too, proved extremely 
vulnerable to the recession of 
1974-75, and their heavy expo¬ 
sure to the collapse in the 
building ’ and property boom 
spawned a corresponding desire 
to diversify their loan portfolios. 
Blit their development has been 
constrained by a number of 
factors. There is first of all the 
problem of getting hold of 
people with some experience of 
international banking and a feel 
for the often more difficult 
judgments which have ;o be 
made- But even if a number of 
the right people are occupying 
the right slots, the domestic 


banks often feci a lack of the 
economic intelligence apparatus 
which the New York money 
centre bank takes for granted. 
Criticism of the smaller regional 
banks fur their timidity in the 
international arena may be 
justfied, but it lacks an under¬ 
standing of the narrower’dimen¬ 
sions in which many of tnem 
have operated for a century or 
more. 

To their credit, many Florida 
banks are alive to the opportuni¬ 
ties stemming from their State’s 
development as a hemispheric 
centre, and the majors, led by 
the South East Banking Cor¬ 
poration and Barnett Banks, are 
putting real effort into develop¬ 
ing their international banking 
services. At South East, for 


example, . ah international 
department, which was estab¬ 
lished in the 1950s, but whose 
activities had become increas¬ 
ingly peripheral, has been 
strengthened and put under the 
leadership of Mrs. Sheila Tra- 
fari, a former vice-president 
with First Boston Corporation. 
Harry Hood Bassett, South 
East's chairman and a leading 
advocate of broader economic 
development in Florida, says 
that the aim is to boost the 
proportion of international 
financing in the Bank's total 
loan portfolio from 11 per cent 
to 20 per cent witiiin the next 
few years. On the deposit side 
over one-tbird of the Bank’s 
$ 2 . 9 bn of deposits come from 
abroad with 5600m from Central- 


... and a domestic recovery 


AFTER YEARS of steady and 
increasingly complacent growth, 
Florida banks were severely 
shaken by the economic reces¬ 
sion of 1974-75. Lulled by year 
on year of spectacular popula¬ 
tion growth into participating in 
a feverish real estate and con¬ 
struction boom in the early 
1970s, the banks were ill-pre¬ 
pared for the debacle which in 
1975 demolished their earnings, 
in some cases by as much as « 
half. 

This chill wind found some 
of the Sunshine’s State's banks 
poorly equipped to cope wilh 
austerity. Florida banking was 
renowned for its rather comfort¬ 
able. lethargy, based on an 
assumption of apparently inex¬ 
orable growth for as Jong as 
people- wanted to retjre to 
Florida or seek a new working 
life in the State. Moreover, 
legal prohibitions against branch 
banking were responsible for 
many structural ineffidenees. 
which added greatly to the costs 
of doing business but which 
seemed assured of longevity 
under the uncontrite conserva- 
lism which ruled in most of the 
banks. 

this conservatism . owed 
something lo the somewhat 
archaic structure with which 
many of the State’s leading 
bankers grew up. Until 1974, 


the banking system was gov¬ 
erned by legislation passed just 
before the first world war, which 
established a unit banking sys¬ 
tem and prohibited branch 
banking. 

Although the state’s eco¬ 
nomic development provided 
plenty of growth for banking in 
the 1950s and 1960s. the need 
to develop a more sophisticated 
array of services found some 
banks lacking in capital and 
others unable to achieve the 
economies of scale necessary to 
carry through modernisation 
programmes. Unable to estab¬ 
lish branches, leading banks 
opted for the creation of multi¬ 
bank holding companies. Before 
1965, there were just four such 
companies, with 21 affiliates, but 
by 1971 there were 22, wilh 228 
affiliates, and by 1976 there 
were 32. with 472 affiliates. In 
1976 the $19 8bn deposited with 
bank holding companies 
accounted for about three 
quarters of total bank deposits 
in Florida. 

Although common services 
can be established within a 
holding company structure, the 
need to maintain boards of 
directors and managements for 
affiliated banks imposed un¬ 
necessary overhead costs, which 


tended to inhibit further 
development. 

But Florida legislators were 
no less cautious and conserva¬ 
tive than some of the state's 
bankers, many of whom were 
pressing for a branch banking 
system by the early 1970s. In 
1973, legislation was passed 
enabling a bank to operate a 
branch up to one mile from its 
main hanking quarters: then in 
1975 a bolder step was taken, 
allowing banks to establish up to 
two branches per calendar year 
within the limits of the county 
in which the. parent bank is 
situated. By July this year some 
150 branches had been estab¬ 
lished as a result of this legisla¬ 
tion, which came into force at 
the beginning of 1977. In the 
long term this is bound to be a 
fillip for Florida banking for 
several reasons. 

By consolidating multiple 
bank subsidiaries within the 
same counties they can achieve 
operating and promotional 
efficiencies and can also, 
through new hranches. obtain 
new loan and deposit business, 
often with only modest capital 
investment. An important addi¬ 
tional point is that tile arrival 
of branch hanking puts the 
Florida banks in a very much 
better position to compete with 


the State’s savings and loan in¬ 
stitutions, which have not been 
subject to the same limitations 
on branching. 

Between 1972 and 1976 the 
number of S and L associations 
increased by 65 per cent, from 
502 to 82S. During this period 
their total deposits rose 85 per 
cent from S13.9bn to $25.7bn. 
This compared with a 35 per 
cent rise in commercial bank 
deposits from $19.8bn to 
$26.7hn, bu: this advance was 
achieved through a mere 17 per 
cent expansion in commercial 
banking offices. Analysts such 
as Mr. John Mason of Loeb 
Rhoades Hnmblower see branch 
banking as offering the prospect 
of a more rapid increase in 
savings, and time deposits. So 
far there is little evidence that 
the permissive legislation on 
branching is creating any risk 
of Florida becoming "over- 
banked.” The main commercial 
banks have become very cost 
conscious since the 1974-75 
debacle 2 nd so expansion is 
being carefully controlled. 

The approach was set out 
towards the end of last year by- 
Mr. Harry Hood Bassett, chair¬ 
man of Florida's largest bank 
holding company, when he told 
security analysts that new 
branches were costly and did 


not turn earnings around in the 
short term. “Also if we con¬ 
solidate our existing banks 
within a county, we can build 
a branch for the new bank 
without the million dollar 
capital infusion the regulatory 
authorities might require for a 
branch of a smaller bank.” he 
added. 

A resurrection of the State's 
real estate and construction 
industries and a respectable 
increase in personal income 
(which declined in real terms 
in 1974 and 1975 1 are both 
contributing to a recovery of 
bank earnings in Florida. Loans 
and deposits both dipped 
sharply in 1974 and 1975 after 
a very steep expansion, particu¬ 
larly of real estate related loans 
in 1972-1973. In his latest 
economic report, the Governor 
limits his comment to a terse, 
“ It is clear that hank lending 
in the State expanded far 
beyond the financial sector's 
long run capacity.” The effect 
of the recession and the over 
exposure in real estate is 
illustrated more graphically by 
the fact that itouih East Banking 
Corp s loan loss provision rose 
from 84m in 1973 to S10.Sm in 
1974 and to $17.Sm in 1975. and 
still stood at 817.4m last year. 
At Barnett Banks of Florida. 


the second largest holding com¬ 
pany, the comparable figures 
were 84.5m in 1973, 812.3m in 
1974 and' $ 17.7m in 1975. Last 
year the provision had been cut 
to 88.4m. At Sun Banks of 
Florida, the third largest hold¬ 
ing company, loan loss provision 
stood at a modest 81.9m in 1973. 
spiralled to $11.3m the follow¬ 
ing year, 312.4m in 1975 and 
stood at 88.5m at the end of 
last year. 

In 1977 earnings at the three 
banks started to crawl back 
towards pre-recession levels, and 
this year all three may just 
exceed the record profits of 
boom year 1973. 

A final and little remarked 
development in Florida banking 
is the growth of foreign.invest¬ 
ment. Dr. Mira Wilkins. Pro¬ 
fessor of Economics at Florida 
International University, says in 
a forthcoming book on foreign 
investment in the state that the 
passage in 1972 of legislation 
forbidding foreign financial 
institutions from owning Florida 
banks has prompted the some¬ 
what unforseen phenomenon of 
foreign Individuals acquiring 
control of banks. Thus Inier- 
continental Bank is owned by a 
Spaniard, while Ecuadorians 
and Venezuelans have acquired 
control of other smaller com¬ 
mercial banks. 


South America. £" 

Mr. Bassett said that the'^ank 
decided 20 years ago that it 
would not attempt to take the 
international route of the nfoney 
centre, majors, such as Citibank, 
of establishing representative 
and branch offices overseas; but 
that it would instead seek to 
build a network of correspon¬ 
dent relationships abroad. ;The 
Bank now has some 500 overseas 
correspondents and two ij»pre- 
sentative offices, in London and 
Caracas. Its strategy , for build¬ 
ing up its overseas business is 
one which other hanks are 
following or.will follow because 
it is based on an acknowledge¬ 
ment of limited resources.: Thus 
short-term trade financing-fforms 
the bulk nf the international 
loan portfolio, and Mrs.'Trafari’s 
plan is that as expertise, grow s 
so the bank will develop its 
corporate financing and project 
financing activities. 

A recent but important 
development in Florida last year 
was the passage of the -Inter¬ 
national Banking Act, which 
essentially permits a variety of 
operations by foreign, hanks 
within the State.. They! can 
establish representative offices 
to liaise between their home 
offices and Florida customers, 
and again the main impetus for 
establishing a representative 
office in Florida is to benefit 
from its pivotal role in the Latin 
American business connection. 
Foreign banks w’hich have taken 
quick advantage of the Art 
include Britain’s Standard and 
Chartered and Lloyds Bank. 

Mr- Bahlke of Morgan 
Guaranty remarked during con¬ 
versation that Florida’s enthu¬ 
siasm for growth in inter¬ 
national finance was both 
genuine and extremely helpful 
for a new entity looking to do 
business there. A potentially 
important reflection of this 
enthusiasm is the decision by 
the Board of Regents of Florida 
International University to 
develop an International Bank¬ 
ing Centre. It is planned to 
locate the centre in the heart 
of Miami’s financial district and 
to establish it as a leading insti¬ 
tution for education and 
research in international bank¬ 
ing. Its activities will include 
training programmes for bank 
executives, analyses of inter¬ 
national hanking within a 
regional economy and studies nf 
the impact of foreign banking 
activities on the local economy. 


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you had n’t thought about bringing your business 
Florida... think again. \ 

Business is booming in a big way in southern USA. 

And no-where more so than in the State of Florida S 
Florida offers unique advantages for todays investor. V 
incorporates, in one area, benefits found only singly or in M 

nited combinations in other world areas. 1 

The number of multi-national companiesestablishing- 1 
fices here, particularly in Florida’s bankingand financial- 
■' suranceareas, is increasing rapidly. 

And no wonder. * • 

Florida's a major commercial and industrial growth area 
ith a la rge, sta ble labour force. 

It's ideally located with first-lass national and 
rternational communications. • . 

And, of course, its sunny climate has helped make it one 
f the world's leading pleasure playgrounds. 

liami Tax Free Zo ne—how it can help you. , _ . 

One of ^the great attractions for businessmen is the 
liami Free Zone. .' 

The Miami Free Zone, in a nutshell, allows you to store or. 
irocess imported merchandise duty-free until it's passed 
trough the customs area. . ' 

Iflialsodramaticailyreducetliefinancialburdenof- 
•ustoms duties, taxes and shipping quotas 

National, the quick linkbetween 3 continents. .. j 

Novi/you know a little about Florida,., ft's worth knowing j 
iJitt/e about Florida's airline. ; J 

National, Americas sunshine airline. j 

National makes a great business partner; with more fl 

. lights more non-stops*from more cities in Europe to Florida -m 
han any other airline. - ; 

It makes good business sense to fly or ship National, fl 
V\fc’ve the quickest same airline connections; to S 

major cities in the south and south-west And easy transfers fl 
io earners flying onwards to the Caribbean and Central . fl 

3rd South America , fl 

The newest customs; our Miami terminal has its 
own exclusive Customs and Immigration facilities for mmm 

passengers arrivingfrom Europe: ' ip® 

The sunniest service; one you'll find as warm and >|g| 
friendly as the places we fly ta 

And the nicest stop-over; Fonda's a fabulous place to 
enjoy a sun-drenched cure for jet-lag, ;. 


A 


iM 


Send your freight care of the sun. 


Vlfe don't just fly passengers between Europe arid, the 
States... we fly cargo, too. 

National Airlines SunKing Cargo Service flies daily from 
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And, from wherever you want in Europe. Amsterdam, 
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freight arrives in the same condition you sent it 

Why send your freight north when you can send it south 
instead, care of the sun. . 

Florida's just a coupon away. 


-"'■xS-Ja 






*;J?**K*t America, 











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International 
business is 
discovering 
the Americas in 
Greater Miami. 

More and more worldwide companies are 
including sunny South Florida m their growth 
plans. Because we re a land of business oppor¬ 
tunity and the gateway to international 
markets. 

We’re one of the fastest growing areas 
of international trade and commerce because 
the benefits outweigh the costs. Like a favor¬ 
able tax structure. Fast modern communica¬ 
tions. Fewer energy problems. A healthy 
hard-working multi-iingual labor force. And 
year round good weather. 

As a distribution center for your 
products. Greater Miami is ideal. With impor¬ 
tant rail lines, a principal seaport, a major 
international airport ar.d a now 73 acre free 
trade zone. 

We're ready for you when y.m want to 
open an office, warehousing facility or build a 
plant. With thousands of acres of undeveloped 
land, new industrial parks, and an excellent 
choice of prestigious office space. 

Our area is rich with international 
banks, a cosmopolitan culture, impressive 
places to entertain clients: and a wealth of 
sports and leisure facilities available only here. 

In fact, we have everything to make 
captains of international industry chart a 
course to Greater Miami; the newest business 
center of the New World. 

Greater Miami, Inc. 

An affiliate uf the Greater Miami 
Chamber of Commerce. 

For more information, write Sandy Lar.e, 

Greater Miami, Inc.. 1200 Bwcayne Boulevard. 
Miami. Florida 33132 
' 3 1 4-6331. 


. mix 

business 

and 

pleasure 
beautifully, 



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mjKim 



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New trade zones may 
to. 

• _ - ' \ i- 

ASKED TO predict the likely and of a banking system vhich domestic ' '“ u “ 

development of the Miami area, is actively seeking to expand its and wb< 
indeed of most of Florida, one activities in trade financing. product 

New York banker thought that In essence a free trade zone the U.$. 

he saw a Hong Kong in the is an area which is. considered, products destined for overseas warehousing sum assemoiy re-export a loijic " A c UrV ey &T mmUvtoirS * 

making. One of the reasons for for customs purposes, as outside not liable for duty cn any activities.* says Miss Cecilia the south- ^ witu. po.. P * .. je countries . tf r*,. 

the comparison was the quite the U.S. Goods shipped into the materials which are scrapped Allman, a vice-president wish much as "o per «n. o* ‘ fa , F ; 07 . ;da has 

startling efforts and resources zone are Free from liability to within the zone, while tr.ose the Corporation.. When com- volume using the nearo)* ng interest 
now being put into. developing duty until they are released into goods for sale in the' u.S. p’eled ay lire end uf next year, port gateway. The nrs. pnas- - ' r0R1C5 "a*angfr&a«B»3 

the State as a major entrepot the U.S.. while those brought market can be assessed either t^e SOO.OOO square feet of con* of Hie development ervpec^eti ■> ‘ 

area through the establishment into the zone and then shipped on the basis of the imported ^ruction c- l 73 acre site five to. provide jobs for about i.ww . ‘L^j 

of foreign trade zones, alterna- on abroad are noi l fable to any. materials incorpo.ated in tr.e auiases T drive from Miami Inter peopifc . _. * Si-ApgergCari^ T^^*^ 

tively known as free -trade duties at alL The zones are finished product or on the jigiionel Airport wsJS encompass If. tiie emphasis at Miami * ^ y,_.*— 

zones. ■ substantially different from finished^ products exciudai| the centralised exhibition areas, jeans'sonic.vhai towards mar- - c 

Florida's flrsr was established bonded warehouses in " 

in the last few months at Port goods can be assembled or 
Everglades: a second will open duced within their boundaries 
dos3 by Miami Airport in for entry into the U.S. They 





November: and an application be exhibited there, 
has been nude to establish a indefinitely and are subject 
third at Orlando Airport. fewer bonding requirements. 

Assuming that- OrJando is More particularly-a free trade Additionally, the removal oF 
given the go ahead these zone offers the importer more an obligation to pay customs 
facilities will place Florida in flexibility of operation and the duties until goods are shipped 
the forefront of the “ free trade prospect of greater efficiency, out of the zone reduces the 
zone industry.” whose develop- Thus an , importer. who has carrying costs of inventories as. 
ment in the U.S. is little moved goods into the zone* has well as of insurance. .Also, 



wii: be occupied by 207 tenants, related services in ih? area 
75 per cent of • which are has reduced the proportion n. 
foreign companies whose pro- its Workforce involved in inanu- a:^ 
due: lines range from general factoring from 20 per cent m 
merchandise ?o auto truck 1960_to 12.2 per cent m 19" ■ 
parts, ceramics, electronics, and. this according to the 


remarked but whose origins a batter opportunity to ensure goods which are subject to U.S. . ‘7. \-, f hnri*v "a 

date back to New Deal legisla- that his dipping documents are quotas can be stored m the zone UOi “- n * a “° *• ^S JOn -Ml'trend ” 

a.fB><iirhi «rt nw .* a * K^o,7c«.hA ™ i« th» hatt appears teat many have been Curbing structural trend 




Meanwhile, foreign..- 
panies are heavily represent/! 

the Port Everglade*^ 
trade zone, -which -«w*at 
S2-acre tract near : thr put ^ 
Tenants of the -:l« tfttp4Q&r 
dis- manufacturing area -*ndad«-‘|C^ 

tion establishing the Free in order because he has no pending release in the next fSJfl, 2 ®?-^bibriSI ^e4abl!i^hed Tn a of°various ^lectTOnie'^^Sat, 

Zone Act in 1934. The obligation to pay duty until he quota period. Lastly, ail mer- 5 he ,_ e ^f! 0 ^ ^wl^iradf* zone user com- and a copy machine bnfifar.--W- 

aim of the legislation was to moves the goods out of the zone chandise is likely to be core* a: <* moude 58 foreign trade zone us^r com «nu 

create new employment through into the G.S. at a time of his immune from theft because of] 

establishing a nucleus nr own choosing. Moreover, he the . tight security which 

economic growth point for a should be able to obtain more surrounds the zones, 

particular area. accurate determination oi value i_i 

There has been no brush fire and proper tariff schedules J-J 0rmiuBul& 
development of Free Trade from customs officers. because - .. < 

Zones in the U.S. The total he can submit samples and in Although the list of advant- 
complement at the moment-is the process avoid any possibility ages offered by a free trade 
28 nut of approximately 225 of subsequent revaluations and zone is formidable there are. 
which have been created reclassifications. inevitably, a number of off- 

throughout the world. However, But the possible advantages setting costs. VhUe leasing 
as trade has developed in go far beyond smoothing rela- warehouse space may nGt :n 
importance to the American 

economy, so have free trade U.S. Customs Service. __ 

zones grown in attraction to U.S. manufacturers, particularly offices and showrooms within 

state and municipal bodies in electronics, export wmpor.- Ihe zone represents some kind 

looking to plant fresh seeds for ents for assembly ttf overseas financial burden. In addi- 
locel development. plants and then reimport them ^ on> the user wili probably be 

for onward sale in-the U.S. 3iable t0 administrative fees 
Strenpthpn Some have taken advantage of charged by the zone’s manage- 

V * i b uiv - 11 the free trade zone at San Jose ment t0 provide customs clear- 

The establishment of free in California to set op testing security services, 

trade zones in Florida will facilities within the zone and so Users are .also subject to the 
almost certainly strengthen the to avoid the payment or duty normal U5. tas laws and their 
State’s emergence as a gateway on fauity work which is either income may therefore be 
to Latin America. Principal scrapped Or returned overseas, taxable- 
users of the zones appear bent Obviously no duty is paid on ' operator of tite Mism; 
on exploiting the excellence of completed products which are zone, the Miami Free Zone Cur- 
communications with South re-exported overseas. ' porauon. believes that its 

America, the existence of a for- Free trade zones also have facility represents a major 
midably bilingual and bicultural an appeal for manufacturers development in the concept, 
population in South East Florida who use both imported and “This zune will be 


in gu lar oevuna smoomins reia- vt. * 

in tions between importers and the T °J ve niucn additional expend:- 
Je U.S. Customs Service. Manv . establishment of 


Good reasons 
touse^H 

Port Ei 



Location 



Hard won 
on the 



won. 

Less than half the land area 
is in 


agricuTto.! p^iuctTnj: ® reatest UnporttJB*. 

and in approximately one fifth 
of the counties the proportion v^imiS 


FLORIDA CONJURES up many tobacco, tomatoes and turf; recent years, apd buyers from 
images. Some will see mile shrimps, ducks, watercress and the 12" largest supermarkets 
after mile of golden sand and honey; an agricultural pastiche now purchase almost all the 
acres of contoured flesh; others in which it is nonetheless poss- fresh, crop, 
mile after mile of golden ibie to see two major divisions,, Undoubtedly . citrus produc- 
oranges or a land carpeted from On the one hand there are tion Is profitable. ’ The capital 
horizon with swaying sugar many products geared essen- investment is high, however, 
cane and sweet corn. Both are tially to the needs of .the State, and trees may be 10 years old 
images of Florida. Both depend On the other hand, however, before they produce a commer- 
on its sun-rich climate and both are a few for which Florida is ciaJly viable crop. Most signifi- 
are vital for the State s economy, a major supplier to the national cant of ail. less'than 1 per eent 
Important as the sunshine is. market The most significant of of Ihe processing .crop is 
however, the profitability of these are citrus and winter machine harvested, although an 
Florida agriculture ’s vegetables, although even :i investment of many millions of 

dependent on many other fae- lesser product in this category dollars into research suggests 
toTs. Not ail the natural SUC h as ornamental pot plants that this may improve. Prospects 
features of the state nave by now grosses SlQOm annually, for mechanical harvesting of 
any me^s wor^d in toe f^our Even though there is growth in fmit for the fresh market how- 
tL most agriculture ever, are still described officially 

The profitability has been hard therefore, it is appropriate to as ** dim.” An industry that, in 

examine most closely those of th® height of the season, re¬ 
quires an additional force of 
casual labour approaching 27,000 
can clearly increase its profit- 

fore^rv^pShes 1 the fotal^UD For “any people agriculture Because the lahour require- 
slishtlv Although the climate is in Florida meaas citrus. It is ment is seasonal, it is rendered 

^ agrioiltural 

cal. killing frosts occur in all 10 the State and contn- the seasonal under¬ 

except thf very southernmost Jutes one quarter of the total “HJ^ atl ° n 
parts in most years. Indeed Income. The scale of pro- a ch ^§ e t° the 

Florida must be one of the few ductumis prodigious. An indica- | a austry to lengthen its harvest- 
areas where frost-scorched tion of this can be gained from 1T, S **■*“"- Th ’° obvious wrays in 
mahogany trees can be seen, the fact that, although the ^cnieved 

Rainfall is high but irregularly State markets more fresh citrus ar e ttl ? development of earlier 
distributed and most falls dur- than all the other fresh STapo f ^ u, t and the 

ing the summer. As a factor deciduous fruit in the-U.S., this establishment of techniques for 
influencing agriculture, more- is a relatively small part of the lon ser retention of fruit on the 
over, it is inseparable from total crop, most being sold as tre ® s ’. 

topographic or soil factors, for frozen concentrate. And anyone cu £ ,olt ^' r J lnre p'’ CT . "“t 

much of Florida is low-lying with more than a passing per J? ps inevitable that the 
and poorly drained. It has been acquaintance with the American standards for fresh fruit 

by the improvement through way of life will appropriate i 1 * fj? ely *! n ^ IS1 5 e pee} 
drainage, of such areas, that what the supplying of 95 per 

much of the profitable winter cent of the nation’s con- Iower f d * and the public would 
vegetable and sugar cane bear- centrated orange juice must accf l pt more stan blemishes, 
ing land of the southern coun- mean. production costs could fail. 

ties has been obtained. Florida citrus production is ™ l he 

As elsewhere in the U.S., the almost restricted to the south app C f. l,on af pesticides far 

trend in Florida has been to of latitude 29 degrees N this C0S, ?.®V C . re ff ons ' l T hile « frU j 
fewer lamer anrf more hiehlv u.uu _ ' _quality would not be affected. 


fewer, larger and more highly corresponding with a mean ;,. _ v ' u -r~: 

specialised agricultural pro- ajuJ temperature of 21 uT^tb^tT r ’,7i 

ducers. Some So per cent of degrees C The hu«p rolline S .j* - U-S ‘ .fberefore. the 
farm products now come from citrus groves are concentrated F !"£ lda cttrjs industry is not 
around 20 per cent of the farms. onThe IS™ s^dv S nMhe without us d^cultles. 

Florida has differed from the n™ Tnt arw if va« In r n ° nda ' s secoud maior 

general national trend, however. indeS/nd af Lionel area oF contrlbu t JQn t0 national 
in respect of farm employment. ™ ™ hortlenliure however, it has 

for here the situation has been "^( 10 ^ is imprest^r^: ™ nsWe £» l>l >- greater compel!- 


stable for some 


moult iui aiii.15 years, and 4n j *i__ . . .. —— ■»•* »•*»- «»«»• 

around 130.000 people are now *} sm ~ i . producer of American fresh 

employed directly in agriculture un “?f 10 aw ® s l 3 now becoming winter vegetables but is closely 
with many more in associated f rarit ^’ una ^ e , t0 wnipete with rivalled by. California (which 
industries. It has been estima- larse H corporations and co- differs, of course; in that. its 
ted that of 2.7m jobs in Florida, op t ^ v ® 5 ‘ production is year-round)- and 

one quarter are, agriculture. A ^’ ie Department of Citrus, a iso closely challenged by 

dependent. It U perhaps sign!- b^geurer with The Department Mexico. The establishment of 
ficant that the harvesting and ■AsricuHnr 6 a, }d the U.S. any vegetable industry m 
handling of some of .the most department of Agriculture oyer- Florida has been a remarkable 
important crops like citrus, sees . *U aspects of production, achievement in the face of 
egetables and sugar cane are and planting stock enormous natural odds such "as 

not easily mechanised. standards are maintained the intensely hot and humid 

Florida agriculture is diverse: rigorously and marketing coil- climate, the poor drainage and 

products range from beef to cerns must be licensed. Market- low fertility of many, of - the 

beans, from pigs to pot plants. in S has changed interestingly in soils, the veritable battalions of. 
And in between come trees, continued ON NEXT PAGE ■ 


tion. The State is tne major 


PcrtEvergiades 
offers accessability 
from the center of , 

South Florida to meet the ' / 
needs of an ever growingworld 
market. Pert Eversladcs lies hi close 
proximity to the Caribbean/Central 
and South America. 

Foreign Trade 
Zone 

Port_Everglddes 
Foreign nadeZone 
•: *?25K the first zone 
/.licensed to.operate 
in Florid s and has 82 
acrescf land available 
for immediate use. 

Cur newly completed 140,000 square - 
feet of warehousing :s located less than 
n mite to dockside and 2 mites to airsice. ' 

Storage 

There are no storage 
problems at Port 
Everglades. We have 
over 484,000 square feet of transit 
warehouse space, all of it adjacent to 
cur cargo berths. Add that to 300 
acres of open Storage and there is no 
Bmfc to the cargo we can handle. 


Security 

Port Everglades boasts 
one of the lowest loss 
records in She country 
and the best record 

of ail Florida's deep water ports. 
When you store goods at Port 
Everglades you can feef secure 
they will be there for shipment 





• 

■f 

• ■ • 

• £* 

• 

■;x 

: -:'m 

y'ri 

zs 


I. * 

■ t ' 

•• $ 
. . :t 


Container 
Gantry 
Crane i 

,. i 



Port Everglades not only 
offers an expanded 
regular schedule cf liner 
service but will soon 
have South Florida's only 
container gantry crane, 
insuring the fastest and most economical 
handling of containerized cargo. 

In and Out 



Port Everglades carries the distinction 
of having one of the world's shortest : 
channels from ocean shipping lanes to ••:'.$.&§§• 
■ bertr... 7300 feet. Waiting due to port ; i 
conge stion is minimized or in .- '-y-. £5 

most cases eliminated. 


For more good reasons... 

on how to use Florida's most progressive port, contact: 
Port Director, at 305/523-3404. Or Cable PORTGLADES, 
Port Everglades Authority, Post Office Box 13136, 

Port Everglades, Florida 33316, U.S.A. 

POTC cVETCUDEV 


If itfe InteraatiosialExpcKt or Import 
-Wfedokall- 





• a tjtaet I V<k.W. . . . ' :• 


. ^ neJwr it - :n-.p,<nin<: ■retl trom Xoicaocb, <i-' , r_ - - 

FI ^mnior« exponLns >lutk to Hon; Kon- 

&. *ttn Iraaiub^l a Manu l„« Wh’«v SSSjSh**- 

; t inmiiwt'tvpOTt ^ 


Cunbbcan .tnd thj uorkj: 

Snce 19 •. our Rink hi< rfieivJ on-thc-sccn- cap-, him ; n \a- 
a^Tumircmoi mw-Am^n trade and bnan^W 
afco u r* ,th ^ni-iuon/ in &W Lh B v2 Q 


i ^5) 37 7 -C751 or write u- .u lxi Nurdi 
Fiscayne BhncL MamL R iJlOl. 
CdfcleaJdres-.: BlANOODEBOS.* 


sank - — 
bost^^ 



; ? V-c-fekswssS 

• . v-r- \x.t ! 


















• * 18- 

cn 


1 V 1 v 
U 3 3 ? t r 

Vj v j |; 


lanclal Times Friday September 29 197S 


FLORIDA VI 








v 'si 1 ** ■ • £."■'■*". ! 

\ V - 

:>-u ' x - 


'V: J-' - It- 


_ ... it- - m — ■ II» a<v ■ 'll* 

, ■» • ^ i -«iW'’.rrT' : •* * . ■ * • ** "j 1 ^- •% , •= . i - j 

" •'• ^ • y ■’ vi-’.y '" .' '.•/:'* ^*■".*’ 

' / O -*y.r<'' ■ • a. 'fijft 'i'+Vg*' ; 


iff 




to cope 


i f**» 

** 


g£» 2®#*?* 






•opraphical dog les of 
, Florida's somewhat 
ii location has been a 

■ lase in attracting direct 
..1 investment. But a 

ion nf natural endov- 
uch as 14 deepwater 
tc need to handle more 
n tourists a year and 
imity to Latin America 

■ irrcd the development 
raunications facilities 

. : re nothing short of 
Ail credit is due to 
p and local authorities 
private investors, who 
licipaled many uf the 
•vefopmenbs in Florida's 
over the last few years 
have created a system 
ir airports, ports and 
^hich in all important 
have met the new 
.es facing the State. 


9.4 per cent growth in 
; population between 
1 1976, coupled with the 
influx associated with 

3 ich of Disneyworld at 

J. has done more than 
fly to establish a spider =5 
IT domestic and -inter- 
air links. In fact, there 
public, airports scattered 
Dut the Slate, and every 
V ' resident lives within 
I !-s of at least one ox 
• .. ’rports. Fifteen of the 
? enjoy scheduled 
b and/or international 
rices. provided by more 
1 passenger and com- 
•' -7 airlines. Most of the 
• ’. trunk carriers run 
into Florida and non- 
;hts from the 15 leading 
airports provide 
f Awed air links to more than 
*™*jor U.S. metropolitan 
£• In addition the growth 
Kami and Tampa as 
Ant gateway cities into 
V and, to a lesser extent, 
.... Lauderdale and West 
■Beach has brought u 


significant volume of inter¬ 
national services. 

Miami International. Airport's 
development is one of the key? 
to the impressive economic and 
commercial growth of the Dade 
County jfrea. It now ranks 
second to New York as an over¬ 
seas gateway, with non-stop 
flights to and from 53 inter¬ 
national points. 

Miami International is . now 
served by 43 airlines which pro¬ 
vide direct air links to over 65 
non-U.S. cities in the Western 
Hemisphere. In the past two 
or three years there has been 
a greater emphasis on develop¬ 
ing (inks to Europe, and both 
National Airlines and British 
Airways fly non-stop to London. 
In the past 18 months. National 
has also added services to Paris, 
Amsterdam and Frankfurt, and 
according to Mr. John Andersen, 
the airline's senior marketing 
vice-president it foresees con¬ 
siderable traffic growth on.these 
routes over the next few years. 
It is hoped that much of this 
will come from tourism, and 
National is putting a lot oF 
effort into spreading the mes¬ 
sage in Europe that there is 
more lo a holiday in Florida 
than Miami Beach. Final pre¬ 
parations are now being made 
for a seminar in Frankfurt in 
November, which will be a joint 
venture with the State's Depart¬ 
ment of Commerce, and a film 
has just been completed Which 
should receive public showings 
in a number of European 
countries. A wad of guides'and 
brochures are also. being 
printed “ in an effort to try 
to do for the Europen what’Is 
done for the American tourist 
going to Europe who does not 
know much about where he is 
going to,” says Mr. Andersen, .y. 

• National and other airlines 
are hoping that tourists from 
Europe will help to iron out 
the seasonal troughs of. their 
services into Florida, which are* 
however, much less deep than 
they were. "Our objective is 
to build better winter business 


coming westbound but also to 
increase the traffic in the tradi¬ 
tionally flat 'shoulder* periods 
of early autumn and just after 
Easter,” explains Mr. Andersen. 

While tourism and population 
movement have been key factors 
aiding the Miami-based airline’s 
development over the past 15 
years, the new emphasis on 
economic diversity is also bring¬ 
ing its benefits. Such has been 
the growth in cargo in recent 
years that National is nnw 
actively considering whether it 
.should start cargo only services. 
Miami International handles 
£lbn of cargo a year, and the 
annual growth rate is 22 per 
cent International cargo 
accounts for 74 per cent of 
the total and Is growing at the 
rate of 27 per cent a year. This 
growth rate looks likely to 
become even more impressive 
after the opening in November 
of the first phase of the pro¬ 
jected free trade zone, just, west 
of the airport 

A 11 important footnote to the 
development of air freight is 
that because Florida is a net 
importer of cargo, the freight 
rates on shipments originating 
within the state and destined 
for the Midwest and North East 
are Inwer than on freight flown 
into Florida. 


Easier 


Ocean shipping into Florida 
is considerably easier than it is 
into many other coastal states 
because of this remarkable 
natural advantage of 1.300 miles 
of coastline featuring 14 deep¬ 
water ports with a minimum 
draft of 27 feet. Heavy invest¬ 
ment has kept most of these 
ports up to date with the latest 
developments in cargo handling, 
and the goods which pass across 
their quaysides underscore some 
nr the basic elements in the 
Florida economy. Thus the 
woodlands of the north and 
north west of the state generate 
a large volume of paper and 


paper products, which find tHeir 
way out through ports such as 
Pensacola. Fernandina Beach, 
Jacksonville, Port Canaveral and 
even Miami. Steel and steel 
products for the construction 
industry feature prominently in 
the list of commodities handled 
by Miami and Port Everglades 
to the north, while Jacksonville 
is an important entry point for 
automobiles and coffee. The 
phosphate rock which is mined 
in central and western Florida 
has been the seed of growth for 
the development of the Port 
of Tampa, which is nnw the 
eighth largest in the U.S. and 
the largest in Florida on the 
basis of tonnage handled. More 
than 3m tons a year of liquid 
sulphur and other ingredients 
for the manufacturing nf fer¬ 
tiliser pass through T* m Pa 
every year cn route to the 14 
fertiliser plants in the area. 

With the trend towards the 
use of ever-larger ships for the 
carriage of this and other bulk 
products, some SI 30m of 
Federal funds are being spent 
on deepening Tampa’s major 
ship channels from 34 to 43 feeL 
Another important development 
for the port area was the open¬ 
ing in July of the American 
Shipbuilding Company’s $23m 
dry dock facility, which offers 
the largest shiprepair berths 
between Norfolk. Virginia and 
New Orleans, Louisiana. 

Once goods have crossed the 
quayside at Tampa and most of 
the other deepwater ports, they 
can take advantage of 82.000 
miles of roadway, providing 
access to virtually all parts of 
the State and to major Federal 
highway routes which criss-cross 
the U.S. Finally. Florida is 
served by 12 railroads operating 
over more than 4.500 miles of 
inter-State track. Four of the 
railroads operate nearly 30.000 
miles of track to most parts of 
the south-east U.S. and also to 
New Orleans. Dalis*. Oklahoma 
City, Wichita; Kansas City, St. 
Louis. Chicago, Cincinnati and 
Washington DC. 



A view 0 / Main Street in Disneyworld, Orlando 


Farm 


CONTINUED FROM PREVIOUS PAGE 


potential pests and diseases and 
the geographical location of the 
State which hardly facilitates 
nation-wide distribution. 

The highly profitable winter 
production is concentrated on 
the drained Everglades swam- 
lands to the south of Lake 
Okeechobee. The heat is con¬ 
tended with by lavish shading 
of the plant-raising beds, while 
pesticides are applied almost 
daily. Almost every type and 
size of enterprise is involved in 
the vegetable industry, but the 
best and the biggest are cor¬ 
porations-' and grower co¬ 
operatives with their own ship¬ 
ping organisations. 

A significant factor in at 
least one . important aspect of 
Florida vegetable production 
has been - the increase in recent 
years in the always popular 
American -custom of “eating 


out.” One third of all American 
meals are consumed away from 
home, and it is to such institu¬ 
tional outlets that around one 
third of all fresh tomatoes are 
destined. This is why tomatoes 
account for a quarter of the 
total Florida vegetable income. 
It is also why the Mexicans 
have not stood still -and why 
their tomato exports to the U.S. 
now equal the total Florida pro¬ 
duction. Such challenges are 
nothing new to Florida's 
farmers and growers, however, 
and they look forward expect¬ 
antly to capturing the new mar¬ 
ket created by the Mexicans. 

Tomatoes, although the most 
valuable vegetable, are not the 
biggest in terms of acreage. 
That position goes to sweet 
corn, but this is now perhaps 
the most vulnerable crop and 
one that Is Iike-y to decline 


significantly because of in¬ 
creased urbanisation of suitable 
land and because of public and 
official resistance to its liberal 
use of aerially applied pesti¬ 
cides. It is also typical of the 
entire vegetable industry, how¬ 
ever. in that its production is 
by and large efficient but its 
post-harvest handling and dis¬ 
tribution has lei the growers 
down badly. 

Agriculture is the fastest 
expanding Florida industry. 
How it will continue to be so 
seems to depend on two major 
factors. The first is its tech¬ 
nological response to challenge 
such as increased competition 
from other suppliers and in¬ 
creased urbanisation of agri¬ 
cultural land. The second is the 
provision of adequate capital 
and credit facilities. Already a 
trend is- being seen towards in¬ 


creased renting of farm land — 
it has been officially recognised 
that “full ownership of all pro¬ 
ductive resources by the farmer 
may not be possible or practical 
in modern agriculture . . . 
tomorrow's farmers may seldom 
be free of debt.” The problem 
faced by the financiers of agri¬ 
culture will be increasingly to 
make loans to farmers assessed 
on estimates of their cash flow 
and general managerial ability 
rather than on their possession 
of real estate or other collateral. 
The farmers and processers 
must face this challenge and 
make their enterprises finan¬ 
cially attractive. For the single 
crop operation such as the sugar 
cane processing industiy, how¬ 
ever, no-one doubts the diffi¬ 
culties that this challenge 
inevitably must present. 

Nicholas Edward 


* and Out 





Florida is a 

multi-billion dollar market— 
and growing. 

Counton 

Southeast First of Miami 
to help you get your share. 

Florida is the eighth largest state in terms of population. Sixth largest in 
retail sales, now over $29 biiiion annually. Personal incomes total more than 
$51 billion. Agribusiness over $3 billion. A market to be reckoned with, as well 
oyer half the Fortune 1000 largest industrials have discovered. 

It lakes a big corporate bank to handle the needs of companies operating in 
this expanding market. A bank like Southeast First National Bank of Miami. The 
state's biggest, bv far. A bank with affiliate Southeast Banks in key markets 
throughout the state and nearly $4 billion in combined assets. 

Southeast First delivers the services you must have from a first-tier, regional 
bank: Cuslonl-tailored cash management systems. Money market investments. 
Leasing. Project financing. Bank credit card processing. International trade 
financing. And more. All from a single bank with one of the largest legal lending 
limits in the Southeast. 

Here at Southeast First of Miami, one banking officer -your account officer 
-is part of the team that can deliver it all. And keep you in touch with Florida's 
key growth markets. 

To put the banking muscle of Florida's largest bank to work for you, contact 
our International Division, 100 S. Biscavne Blvd., Miami, Florida 33131. U.S.A. 

Or call (305) 577-3660. 




> Southeast First National Bank of Miami 


You can count on us . 0 


Member FDIC 





























. • r. 







LOMBARD 


* ' -„m ' ■ -•♦•/--y*. nffit iif S 1 

Tlnanciai Times Friday September 29-1978 

r &&.V*' .v- L‘ "■' ' 


Aunt Agatha and 
the banks 


The tourists’ last resorts : 


:feY MICHAEL BLANOEN 

h ■ 

ARRANGEMENTS FOR support¬ 
ing small businesses in other 
^countries are widely felt to be 
-better than those which are made 
‘in the UK. In the continuing 
-debate surrounding the Wilson 
Committee and the work of Mr. 
^Harold Lever a number of 
-suggestions have been made for 
'■Improving the flow of finance to 
-the small company and for mak¬ 
ing it =cbeaper, whether by im¬ 
provements 'in the private sector 
'or by Government subsidy. 


Critical 


- Not surprisingly, bankers are 
reluctant to -see an extension of 
official intervention in the- loan 
-market.-particularly if it would 
-mean that-they would be brought 
-under pressure to undertake 
lending which they would not 
.provide on normal commercial 
grounds- And they tend ro be 
critical of the various kinds of 
soecial support available abroad. 
This emerged dearly in the 
papers given at the recent 
seminar held in Cambridge bv 
the Institute of ’Bankers, which 
this year 1 concentrated on their 
relationships with the small 
business sector. “- 

Yet even allowing for the 
natural prejudices of the 
speakers; the papers 
demonstrated that bv and large 
the actual contribution made to 
srmalL. bu si ness, growth bv special 
financing arrangements is 
'modest in most.or fhe countries 
which have sane in for this 
aDprhach. Far more imoortant 
for the health of the sector are 
the general climate of the 
economy, the attitudes of official¬ 
dom and the willingness of the 
Government to keep down the 
level of. taxation. 

Mr. Tim| Be van of Barclays 
commented- briefly on the 
ar&ngeinents in a couple of Euro¬ 
pean countries, as well as the 
•U : S. * In relation, to West 
Germany, he-drew attention to 
the activities of the regional 
Credit guarantee companies and 
the strength of the decentralised 
savings and co-operative .banks, 
as well as. other forms of special 
support “The German approach 
ta small business has been very 
methodical; not only has the 
sector been encouraged by cheap 
finance, it has also benefited 
from the ' various policies and 
programmes that have been 
introduced by the government 
over the years." 

In France, there were a num¬ 
ber of specialised institutions, 
state-owned or subsidised, 
serving, the small company. Yet 
“despite the assistance available 
in France and the strength of the 
small firm lobby, the financing of 
small-firms is still considered a 


problem area," Mr. Bevan com¬ 
mented. 

Perhaps the most enlightening 
contribution, though, came from 
Mr. James C. Kearney of Bank 
of America. The U.S. has long 
experience with the Small 
Business Administration^ which 
has been held up as an example 
In this country, as well as with 
the small business Investment 
companies created as a result of 
1068 legislation. Neither. Mr. 
Kearney indicated, could he 
regarded as an unqualified 
success. 

The SBA has been In existence, 
for more than 20 years. Its 
detractors, Mr. Kearney said, 
“quickly point out its historical 
susceptibility to political 
pressure, change and misdirec¬ 
tion: a lack of planning and 
foresight: and an assemblage of 
programmes which lack focus or 
cohesion." Similarly, the SBIC 
industry had “suffered the con¬ 
sequences of mismanagement 
and poor investment decisions 
during the eariv years of the 
programme.’ Nevertheless, be 
added, the SB A had achieved 
some notable successes and the 
SRICt were atr.important source 
of Idnc-tcnfi debt and equity for 
small firms. ' 

The general feeling which 
emerged from: the meeting, was 
that the greater role played by 
the small business sector in other 
countries was not: mainly attri¬ 
butable. to •-official, intervention 
in the farm, of State-backed 
agencies'ofer.subsidised lending. 


VIOLENCE in Northern Ireland 
has played havoc with the 
tourist industry of the province. 
Portrush and Port stew art sister 
towns in Ulster, which had been 
key holiday resorts, face the 
prospect of becoming ghost 
towns. Even officials at the 

Northern Ireland Tourist Board, 
Who hare reason to be pro¬ 
fessionally optimistic, somehow 
manage to convey the impres¬ 
sion that these resorts are down- 
at-heel; that the warm air from 
the Gulf Stream Saps through 
mostly empty deckchairs: that 
the few hotels are echoing and 
empty; that the bars and amuse¬ 
ment arcades are largely 
shuttered and closed. 

It is not quite that bad, since 
the Northern Irish go on holi¬ 
day themselves. Portrush, 
which is a peninsula thrusting 
three-quarters of a mile into 
the Atlantic, has a number of 
amusement arcades, plenty of 
pubs, and lots of shops full of 
the usual tourist bric-a-brac 
such as hats, buckets and 
spades, leather goods, and ash¬ 
trays engraved with maps of 
Portrush. 

The Portrush-Portstewart area 
is heavily Protestant as the 
innumerable Union Jacks flying 
from little pipes jutting out 
above first-floor windows testify. 
But in the ten years of turmoil 
there has only been one serious 
incident: that was in 1976. 
when a bomb went off in a Pojt- 
rush amusement and shopping 


arcade,-There were no injuries. There Is a picturesque small 
However, the two towns have harbour at one end and an 
suffered for the violent reputa- imposing silver castle on the 
tion of the Province as a whole, edge of « difftop at the other 
and they have been particularly’ end. Portstewarf is like an 
badly hit since most of the out- elderly relative tiS the,.- brasher 
side-visiters were Scots making Portrush, six- minutes' • drive 
the short crossing from the away. If daytrippers provide a 
mainland. certain level *of life—certainly 

The latest figures for the area, enough to -keep the places trim 
show that last year there were —it must be said that-even to a 
500.000 day-trippers, -all of casual ' first-time- visitor it is 
wliom were Northern Irish, obvious that the towns have 
150,000 people taking short seen better''days. 

- Few outsiders go-to Northern 

___ ■ Ireland for a holiday any longer. 

BY STEWART DALBY The Tourist Board says that in 

---——— 1977 there were 457,000 visitors, 

holidays fone -to three nigbts). wbo brought.in £32.1m. In 1968, 


again virtually all Northern* •‘troubles" began; the 

Irish, and only 90.000 visitors Province saw■ lm tourists, who 
spending more than three spent f2Sm. 3a other words, 
nights in the resorts. OF these. . ~ 


The region is not In such dire 

straits as far as jobs are con- '■ 

cerned as, say. Newry. a town 
farther south, near the border, 

where unemployment is* more 
than 30 per --cent.- .The hinter-, 
land-- of- Portnibjt -qnd Port- 
stewart is rich \ agricultural ' 
farming land.- .Thre6\AmeficaJi 
companies—Monsanto. 'Pickering'.. 

Foods and’AVX—rhave plants, hr 

A revival of tourism- would;, 
add a very welcome' fillip-, to.. 
employment In fhe.area, partieit-’* 
tarty among women. '.There-■is'.' 
very little alternative % life' foiv, 

Portrush -and -Pbrtstewart 
Northern Ireland dqes very 

little commercial fishing and'it - -' rae toisuiw.^wnriup: 
already has as many ports as it only ane-thiid as heavy,-as In 

_.1_TTtr -hi.a" 


MSsifSli 


90 per cent came from Northern .-' . 

Ireland. 5. per cent from the 

Republic, and a mere 5'per cent Mg 

from elsewhere. Before the 

“ troubles" 60 per cent of all 

foreign visitors came from _ 

Scotland. ■ 

Present-day spending by the . 

people from outside Northern ULSTER 

Ireland is just about £5m.- ... l__ . 

Occupancy rate in the hotels Is • ' ! - 

well below 40 per cent, even in after allowing for inflation there 
high summer, and many are has been a very steep-decline'of 
kept going only by the takings earnings, and the number of 
at the bars. Tbe corollary Is visitors has been halved. ’ More-' 
that there are fewer jobs in the over, most ef the visitors were 
area than there might be. visiting friends and relatives. 

Pnrtstewart, which is more The Tourist Board says that in 
sedate, is on a small curving addition'there were only 8.000 
bay -with rocks up to the tourists yrito came from outside 
promenade when the tide- is out. NortSfero. Ireland., 


’ The wrdjhins is Hurt the ana ^ ^y^ enjoyed. - 

■is 'intrinsfcally a wonderful .• *T/ S - :• ‘ ■ e ---s 

place tor *bolidav. The Antrim .. There are plenty oVnsm to 
coast road to Portrush and Pott- no lie art the Giant s^Canse- 

stewart miist be one of the roost' way. a- series of onge : rocks 
^running and beautiful drives fonritag, ■-staircase of enormous 
in F.umoe. if not In the vmrtti’^CfepuiS-stoHea Into . *h*.- .®®®- 
H ‘V. Morton, that indefUfJeaMe Portrush and PoitStcwart have 
traveller, -said in his hook. In plenty of amenities^ahd-several 
Segreh of Ireland : 41 On a day 8 ^’ courses, inclu^ting^ the 
>e brilliant wiqHeht, it i« finer *moiis Portrush course,. There 
lo w mirwl than rh*« Comirtie'*re.opportunities frfrr.hoatmg 
-rOM in-fJ»* South.** Tran^.”. and fishing, and for swi mm i n g 
’.The entirercnastime. ■wtfti the %pni clean .beachesrVjl.; 
sea lapplnv at the coast road and ‘The' Tourist Board , -says 
-Islay and Kintyre dnnly vislbte. there ate signs th ar as vidJetice 
in. the.- Scottish ■ distance, is dimin ishes, tourists' from 1 ' out* 
nearly. 300, miles of dramatic aide the province are beginning 
cliffs dropping to the sea, pretty* to- return. I saw tittle-evidence 
coves, castles, beaches, glens and of "it, although there*- were, 
fishing villages. And .-since the: perhaps , 1 a few .faint signs. , At. 
traffic, in Northern Ireland is the- Bally castle Hotel a -French 


The roastiino at'f'ortrush: beauty, but few beholders r. 

__ ene-third as heavy. --as' in family was reported last ««' 

the rest of the UK 'thi'.-drive and an American family 
■e.ally -be enjoyed. ; ; week »>efore that. At my * 

P J wood ■ staircase, its Wi 

a- senes. of hug e- rock s , as jjg jts mafi 

tag, a staircase of enonnoiis wXMr ^aery on ■- 

»mg-stone*vln^ . dinner tables simply e: 

rush and PortSt^wa rt ha ve departed grandeur, there 
ty of amemtieo^hd-SfiTOral t^ 0 French families. They 
courses, reclu^lteg^the f6r ^ time, 

ids Portrush course,.- There ^. tbem said that they U 
opportunities frfrr.boatrilg ^ Iack of bustIe ^ w 
fishing, and for swi mm i n g aga j„; 

i clean beachesrvjt: Unfortunately, since th| 

ie ■ ^Tourist Board -.--says does seem to be a close corr a 
t ate signs th ar xs vidletice tion between violence and 
mshes, tourists' from 1 - out- absence - of tourists, it is got 
the province are beginning to need a.period of calm beff 
ituro. I saw tittle.evidence tourism does build, up 
it, although there*- were, before Poitrush and Po’ 
aps, a few .faint signs. , At. Stewart return to their form 
BaliycaEtle Hotel a i^rench glories. 


Creetown beats Vaigly Great 


Attitudes 


Inevitably, it 'is the .clearing 
banks with . their extensive 
branch networks which will have 
to continue providihg the bulk 1 
of finance, and to en increasing! 
extent financial advice, for small! 
businessmen. Mr. Bevan 
admitted that there was a good 
deal to be done in fhe way of 
narrowing the gap in outlook and 
attitudes between the entre¬ 
preneur and the bank manager, 
and that special training could 
be required to give tbe manager 
a proper understanding of the 
problems involved. 

Tbe Government might con¬ 
sider some form of guarantee 
scheme on a. commercial basis. 
But its most helpful contribution, 
the bankers felt, would be 
towards reducing the “Aunt 
Agatha gap”—the lack of pri¬ 
vate sources of capital to support 
small businesses, resulting from 
the tax treatment of private 
wealth and the encouragement 
given to Institutional investment 
outlets such as pensions and life 
assurance. 

The Banks and Small Busi¬ 
nesses; Institute of Bankers; to 
be published on October 5 at £2. 


IT MAY have been a case of 
going to the well once ton. often 
with Vaigly Great yesterday. 
The extraordinarily impressive 
winner of Ayr's Burmah-CastroI 
Gold Cup a few days ago could 
And nothing at the end nf the 
Diadem Stakes and finished ■ a 
well-beaten third behind Cree¬ 
town. who won by 2 i lengths 
from Spi*™shill. 

Creetown. owned by Mr. 
Richard Gilpin, whose New¬ 
market-bloodstock agency- has 
been very .much- in the hews- in 


RACING 

BY DOMINIC WIGAN 


recent months, was produced 
inside the final furlong and won 
going .away in impressive,-sti'le 
strictly on merit. 

- A bay son of Tower Walk out 
of the Le Lavandou mare Lavella. 
Creetown, a bay six-year-old. may 
now bave considerable appeal as 
a staMion. He has won on every 
sort of going—Scoring at 
Brighton four times, Kemplnn, 
Epsom. Sandown and Wolver¬ 
hampton. 

In his last race before yester¬ 
day's Group race triumra;, 
Robert Street's mount was nar¬ 
rowly beaten by the exception¬ 
ally fast King of Macedon in an 


f 11.000 to the winner event at 
Mai son Lafitte a few days ago. 

- if there was an unlucky runner 
in the - field, it'was almost cer¬ 
tainly- Mofida. blinkered for the 
first time. Mr. Robert Sangster's 
game mare met with slight inter¬ 
ference when running about; 
approaching the final furlong 
marker. At the finish she was 
little more thaq three lengths 
behind Creetown In fifth place. 

Inkerman and Sexton Blake, 
the winner and runner-up in lost 
Saturday's Joe ' ■ 'McGrath 
Memorial Stakes ' at Eeopards- 
town, are among* the acceptors 
for the Irish St. Leger'at the 
Curragh on October 7. Others 
who have stood- their ground 
include He de Bourbon. Le Moss, 
Remainder Man, Icelandic and 
Sorbus. 

--Although Sexton Blake is 
clearly a possibility for • next 
month's almost-lnvariably uncom¬ 
petitive event. I'shall be' morfe' 
than surprised if Inkerman, He 
de Bourboo, or Remainder Man 
lake the field. 

Vincent O'Brien said a few 
days ago that be considered 
Inkerman already to bave done 
enough for this season, and that 
if he did race again it would be 
in the U.S. next year. life de 
Bourbon-would almost certainly 
go for a more valuable prize 
ultlt greater prestige, were he 


to be seen in action again this 
term. 

Remainder Man, who played 
up in the preliminaries before 
running badly in the Sweeps 
Derby on his only previous visit 
to Ireland, has had a more 
arduous season than almost any 
other high-class middle-distance 
performer in training and, 
judged on his recent poor show¬ 
ing in the Doonside Cap, he too, 
would benefit from a long lay-off 
This, I hope, he will be given 
by his successful handler, Reg 
Hollinshead. who produced him 
for the first of his 10 races this 
year at Haydock on April 5. 
There, Remainder Man made 
light work of giving a stone to 
tbe subsequent Britannia Stakes 
fourth. Silver Lord in a valuable 
handicap. 

. This afternoon at Ascot I shall 
be disappointed if the once- 
raced Pluvial cannot take 
advantage'of a 6 lb turnabout in 
the weights with Qniana in the 
Michael Sobeil Stakes. At New¬ 
bury on Saturday, Pluvial, some¬ 
what unlucky in running, was 
beaten less than two lengths by 
Ouiana. __ 

ASCOT 

2.15—KUroy Hawk* 

2.50—Track Ally 

3- 25—Connaught Crescent** 

3.55—Carey's Choice 

4- TO—Pluvial***. 

5.05—Louver tenues 


ENTERTAINMENT GL IDE A 


CC—These theatres accert certain erjgtt 
cans* by teleoMnc or at Um *w Otac*. 

OPERA A BALLET 

COLISEUM. CC 01-240 52S8. Reserva¬ 
tions 01-836 3-1B1 - 

ENGLISH NATIONAL OPERA 
Tont- 7.30 last perl. Sevan DwXv SlM; 
"... a brUKant INO production. S. 
Tins., with Gianni StAKOil. Tomer, and 
Wed. 7JO The ftovaf Hunt of the Son. 
Toe. no peris. Tmxr. 7.30 ofcinawy 
104 balcony seats avail, (or all potto 
from 10.0 on day of pert. a 


COVENT GARDEN. CC 240 W. 
tGardencharse Credit Cards 836 660X-I 
THE ROYAL OPERA T . 

DER RING , 

DCS NIBELUNGEN 

Tom or. 5.30 GflUrrdMimn «ru no Mon. 
7. So Das Rheinsold. Toe. 3-30 Die 
WalkUre. Thur. 5.30 Neslrlcti. A lev* 
Stalls ClrcTh landing ticket* avail, on 
day of pert. _ ■ ■ 

SADLER’S WELLS THEATRE. RaseMrr 
A «- 

ROYAL BALLET 

Tnt. Sat. » Mon. neat 7.30 Lei Svtntildes. 
The Outsider, La Bontlqoe tnnastme. Sat. 
2 JO Les Sylph Ides. Lei Patlneurfc La 
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illtarlr. Prodigal Son, 


THEATRES - 

ADCLPHI THEATRE. CC. 01-8X6 7611, 
LAST 3 WEEKS. MUST END OCT. 14. 
Evgi. 7 JO. Mats. Thun. 3.00. SaC 4210. 
IRENE IRENE IRENE 
THE BEST MUSICA ' 1 

OF 1976. 1977 and 1978 
IRENE IRENE IRENE 
CREDIT CARD BOOKINGS B36 7611.. 



ALBERY. B3B 3078. Credit can! b|w. 
836 1071-3 from 8JSO am. fartv rates 
hion.. Turt. Wed. and FrL 7-45 Tm. 
- Thus, and Sat. *ao ana '8.00. 

A THOUSAND TIMES WELCOME J5-. 
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OLIVER 

V MIRACULOUS MUSICAL.” Fla. Times, 
with ROY HU DO and JOAN TURNER. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1970 


f Indicate* programme 
in black and while 

BBC 1 

£.40-7.55 am Open University 
(UltraHigh Frequency only). 9.39 
For Schools. Colleges. 10.45 You 
and Me. 1L05 For Schools, Col¬ 
leges. 12.45 pm News. 1.00 Pebble 
MU!. L45 TrumptoiL 2.02 For 
Schools, Colleges. 553 Regional 
News for Ensland (except 
London). 3.55 Play School (as 
BBC2 11.00 am). t4JNI Champion 
the Wonder - Horse. 4.45 .Captain 
C.avenian. 4.55 Cracker jack. 


News. 

Nationwide (Tendon and 
South-East only). 
Nationwide: 

■'Carry on Cowboy" starring 
Sidney James and Kenneth 
Williams. 

The Fall and Rise or 
Reginald Perrin. 

News. 

Target 

Tonight—in Town (London 
and South-East only). 
Regional News. 

The. Late -Film: "Charly*' 
starring Cliff Robertson. 


F.T. CROSSWORD PUZZLE No. 3.783 



Ail Regions as BBCI except at 
the following times; 

Wale*—1.45-2.00 pm N'ant-y-pant 
5JWHL20 Wales Today. 6^5 Daffy 
Duck. 7M Heddiw. 7.30 Cawl a. 
Chan. Dad's Army. 10.T5 1 

Kane on Friday. 10.45-10.46 News 
for Wales. 

Scotland—10.23-10.43 and 11.05- 
11-23 am For Schools. 5-55-6J20 pm 
Reporting Scotland. 10.15 Tormod 
Air Telly. 10.45-10.46 News for 
Scotland. 

Northern Ireland—10.22-10.43 
am For Schools (Ulster in Focus). 
3.53-335 pm Northern Ireland 
News. 5 J» 5 - 6 j *0 Scene Around Six. 
10.15 Gallery. 10.45-10.46 News for 
Northern Ireland. - 

England—555-&30 pm Look East 
(Norwich): Look North fLeeds. 
Manchester. Newcastle I: Midlands 
Today (Birmingham): Points West 
(Bristol): South Today [Southamp¬ 
ton): Spotlight South-West (Ply¬ 
mouth). 10.15-10.45 East (Norwich) 
Newscue: Midlands iBirmingham) 
Happy Birthdays: North (Leeds) 
Mr. Smith Steps Out: North-East 
I Newcastle) Friday North: North- 
West (Manchester) Home Ground: 
South {Southampton) Report 

South: South-West I Plymouth) 
Peninsular: West (Bristol) 

Factory ill. 

BBC 2 

0.40-755 am Open University. 
11.00 Play School. 

2.00 pm Racing from Ascot. 

455 Open University, 

7-00 News on 2 Headlines. 

7.05 Children's Wardrobe. 

7JO News on 2. 

7J5 Expert Opinion. 

R.05 Top Crown. 

6.30 M'u the ring Heights. 

9—5 Selected Horizons. 

10.15 Sounds Like Friday. 

11.00 Late News on 2 . 

11.15 Rock Goes to College. 

11.55 Closedown (Reading). 


LONDON 


ACROSS 

I Sailor at not returned from 
tbe place of slaughter ( 8 ) 

5 Strive for higher ibings, e.g. 
a steeple? fSi 

9 Afford wife a bone with tittle 
meat 15-3» 

10 Stick within-this place ( 6 ) 

12 Little .worker should get 
things "down quickly (9) 

13 Hornet to rent in. small, bay 
15 > 

14 Land in Paris leisurely (4j 

Iff Senator capable of creating 

disloyalty (7) 

19 Ecclesiastical land. See? (7i 

2 L Is returning note to location 
(4) 

24 Game played by the fire? (5) 

25 Type of army saving i9) 

27 citlous : in rinic "upheaval 18) 

28 One uf a" pack in a iair 
initially could be red ( 8 ) 

39' Avaricious newsman in grey 
( 6 ) 

30 American politician giving 
revised card to me 18 ) 

DOWN 

1 Help a fool qne way.( 8 ) 

2. Lot a mother put .-'up with 
i could be explosive (61 

3 Are mixed in race. That’s a 
pleasure (5) 

4 Copy one mate" taking it in 
<7) 

6 Sent people in it out of. 
emotion (81 


7 L trade one way. being an 
impractical person (S) 

8 Choosing client, e.g., for a 
change ( 8 ) 

SI Revise and meditate without 
friend (4) 

15 Lead attack on van (9) 

17 Notice the choosing and 
taking up (Si 

18 Birds on river, to be certain 
( 8 ) 

20 Irish verses with neither 
beginning nor end (4) 

21 Worry about a pound com¬ 
pensation C7> 

22 The German goes outside pub 
for a meal ( 6 ) 

23 Joint on top of tibia or leg 
ornament ( 6 ) 

26 Spund prefix in fraud 1 
organised 151 

Solution. Jo.Fnral.e No. 3.7X2 


ssaamnm bheqh tm 

□ □one HQE 
oonnn saasnHEHnn 
QHDQRnnB 
QQQQnDHED BDQQB 

□ □ a n e 
asaan HGEannsaa 

n e n b do 
nnaGDEEB e qdedh 

□ q s a c 
aaaaa .. ana uunuuu 
BCHnOEDQ 
□GJHnsHBiHH unnun 

HQDQQDQD 

annEDHQ ummrmn 


9-30 am Schools Programmes. 
I1J4 Beany and Cecil Cartoon. 
12.10 pm Hickory House. 12.30 
Country Style. 1.00 News plus. FT 
Index. 1.20 Thames News. 1J0 


R:4DIO 1 247m 

IS) SRrafliHMlf broadcaA 
l Med tan Wave 

5JI0 am As Radio 2. J.87 Dave Lm> 

Trail*. 9.00 Simon 1UI Paul 

Burnett. UO pm Peter Pnu-rll 
#.31 Kifl Ji-nJK'n. 7JO Sequence Tint*.- isi 

■ Joins Radio 2i. I0JB2 John Prul rS>. 
UJMJB am As. Radio 7. 

RADIO 2 IrSOOm and VHF 

SJO am :;.*K8 SuRtmun. 5.02 Tom 
UrajHtnti tS. m.-iuilnn: SJL5 Pjonj- for 
732 T-.-rrr 3'ns.ii ■ S ■ :u. lurtina 
BJ7 Racuu HuIK-iln and (AS PauM- for 
TttaiicM. 13JO .ifmrny Yrnin.: »s>. 

12.15 pm W.iuaoner*.' W-.1K. 12J0 Pole 

Jtiimir'e Open Wmw Includlns; I.as 

Spurts 2JO David H-jmllrno 

■n'-lu-Mn^ Rni-Iurf from and 245 

and 3 AS Spoor. D—a a Jo W.r.-a>iRvr*' 

Walk. 4.45 St»n> De^.k 4.47 .Tnho Lmnn 

■ S> tm-Iiutins 5.45 Spans Dert- b-QS 
Snorts Desk. 7.02 S-jatnct- Time ip 
Ra*11n \1 Ballroom iS- 3JC tt.wmi.- 
AJdrtcti vanducu the BBC Radio Ort.hes- 
*ra 'Si. a JB Frtflaj- Nuiht is u-jmc 
Xlshi ■ Si JJ5 Spans Desk. tij» 
SttDPOTT Your Local. 10J0 Let’s Go Latin 
trltfa Pule Winslow’s BraUun Sonin* 11.02 
Bnan Untih.-H- introduce* Round Mid- 
nU-fit. Ini lodlna I2JJ0 \ewa. 2.00-24)2 am 
Nea-5 Sirmmary. 

R A DIO 3 4Wni * Stereo &- VHF 

ttJS am Weather. TJQ New* 7.05 
Overture 'S'. UO News. U5 Monuet 
Concert tSi. B.M New*. *).B This Week’s 
Composer: Petiuben »S». 9J8 Yoons 

Artists Roclul 'Si. 1QJ0 Music nf 
CkeehosIncnlcUi, part t iSi. 1120 In 
Short milt.. 11JD Music . of Czedio- 


Farmhouse Kitchen. 2.00 Money- 
Go-Round. 2Jt5 Racing from Red- 
car. 4115 The Flockton Flyer.’ f 45 
Magpie. 5.15 Thames Sport - -• 

• 5.45 News. 

6.00 Thames at 6 . 

R30 Ernmerdale Farm. 

7.00 The Krypton Factor 

7.30 The Rag Trade. 

V nn 7 L 9.1 

9.00 The Foundation. ■ 

10.00 News. 

10 -TO Police 5. 

10.40 Soap. 

14-10 The Friday Film—‘The 
Vampire lowers".'starring 
Ingrid 'Pitt and Peter 
Cushing. 

" 12.40 am Close ... with a Finnish 
landscape: music is by Jean 
Sibelius. 

All 1BA Regions as I/ondon 
except at tbe following times: 

ANGLIA 

LS pm Amtiw Nr'.v _5J5 Braotws. 

About Anplia. +Z 0 J 8 Friday La:* 

• Him: ’’ Separate Tables." 12J5 am 
Christians in Action. 

ATV 

LIO pm ATV N’ousrJdjfc. SJ5 Happy 
Days 6 -DO ATV Today. MJO Soap. 1U9 
Thp Cr. ature Ft>atur«.: - wilianl " star¬ 
ring Ernest Borgninc and E!isa Lao* 
Chester. 

BORDER 

fU 8 pm Border N-u-s. 545 Gamoi'k 
Way. iJ 8 Lonkaround Friday. 6 J 0 Fliv- 
Himop 10 JO Late Filin - Ttw Wild and 
ilu» Rrsin." 12J5 am Border News 
Summary. 

CHANNEL 

US pm Channel Lun.-tiri 7 ne Xevs and 
What’s un When-. 545 Ernmerdale Farm. 
I-OO Repnn at Sis. tJS Tltt- Licit tflands. 
18J8 Cbanni'l Lam mjj Ttv La'p 

Mnrtfl! ” Conawrimt Honpis." 12 >n am 
New* and Weather in French. 

GRAMPIAN 

945 am First Tlunu US pm Grampian 
Ne»is Headlines. 545 Ummerdak? Farm. 
®-M ■Crampian Today. US Too Club. 
7J0 Davi 's Slncalona UUO Reflectiotw. 
1D.S5 Points North. UJ5 Grampian L.ue 
Nichr Hradhne*. 11.40 Fireside Tbe am? 
followed by Road R«.-uon 

GRANADA 

149 ptn This Is Vour Rlahf. U 8 
Gambit. 545 This 1 -. Your RLisht. SM 
Granada Buttons. ».J 0 10 J 8 


Export* Extra. XLH Friday Film: Tow 
Curtis in “ Not With My Wife. You 
Ddm.-. 

-7 HTV 

UB pm Report West Seadtines. US 
Renan Wales Headlines. UO Gambit. 
248 Women Only. 515 Foctfi on Soccer. 
%M Report West US Report Wales. 
UB Emmenfale Farm. UJS Report 
Exua.- JLB The Friday FUm: "One 
Foot in BtO." st artin g Alan Ladd. 

MTV Cyqm/Walfs-As HTV General 
Service except: us-uspn Fenawdan 
Nevyddlgp V Dydd. US4« Tmaas T 
Crancbd. MMJS Y Djtid. 10J5 Letter 
By Letter. 1U6 Ontloflfc. XUU2J0 
The OuttWeiY, ’ 

. HTV West—J ls HTV General 8enrice 
except: 149-ua mo Report West Head- 
lines. 4J5-4JB RapoR West. 

SCOTTISH 

145 pm Neva and Rmd Report. Uf 
Housenany. 6M Suotland Today. Up 
EtnmenUJe Farm. 7J8 TMngmnmrihL 
UL38 Late CaJL 1035 RDdns Damn 
IMS Ann ofayw nr Whh Fear. “ tart U 
Shocking.*’ 

SOUTHERN 

UB pm SmOtern News. UB Gambtr. 
2JH Women Only. 505 Happy Days. ’UM 
Day By Day. UO Scene South East 
■ South Bast area only*. UM Ten Me 
Another. 1BJB Weekend. MJS "Macho 
C all ah a n ."' etarrinc David Janssen. 
1U5 am Southern Neva Extra. 

TYNE TEES 

945 am Tbe Good Word foDoved by 
North East News Headlines. 140 pm 
North East News and LoOkaromnL 545 
(Gambit. UO Northern Life and Sports- 
time. MJO The Friday Film: ’’ Saturday 
Night On." 124> am Epilogue. 

ULSTER 

148 pm Landmine. UM Gambit. *45 
V later News Headlines. 545 The Beverley 
flUlbmtos Uf Reports. UB SoorWaur. 
1BJB Feature FBm. •• Genfletnen Prefer 
Blendes." starring Marilyn Monroe. 12JJB 
Bedtime. 

WESTWARD 

VL2t pm Goa Hooeybnn’s Birthdays. 
149 Westward News Headlines. 545 
Ernmerdale Farm. U8 Westward Diary. 
*35 Time Out. 1848 Westward Late 
Mm* 1030 Tho Late Movie: " connect¬ 
ing Room*." 1Z48 am Faith far Life. 

YORKSHIRE 

UB ptn Calendar News- 545 Happy 
Days. UO Calendar (Emler Moor and 
Belmont editions!. US Calendar Snort. 
KUO An Audience with Jasper CarrtHL 
XLSO - Warning Shot," scarring Joan 
Colima, Eleanor Partwr and Spm Wana- 
maker. 


ALDVYYCM. 836 6404. Into. 836 5332. 

8 Fid I v air comUtiamnt ROYAL SHAKE- 
EARE COMPANY In rapgrrolre. 
night, 7.30, Tomor. 2-00 A 7.30 
AS Y«fiO LIKE rr. it would be ntatfncu 
oat to see the WC* As Yoo Ute IV* 
f. Times. With: David Matter's COUSIN 
yladimir. "4 thouanttui provocative 
play.” D. Tel;’ Otatt pert. 5 Octi. RSC 
also at T HE WAREHOUSE ,l—e under Wi. 

AMBASSADORS. " CC.' =■ 01-836 1171. 
Nistitiv at 8.00. . Mat. 1 Toes. 2-45. 
Sat 5.00 and p.5’4. 

TONY AN HOLT. PETER-CARTWRIGHT 
SLCUTU 

The WorM-Pamoes Tbrllle 
bv ANTHONY SHAFFER 
** Seeing (he platr agrin N la. fart an 
utter and total Joy." Pmch. Scot price* 
_ Set. 68 JO Inc. _ 

APOLLO. 01-437 _26«J. Eventual 8.00. 
Macs. Thur*. 3.00.^ SjTt^ 5£Q and 800. 

** Actor of the veer.”' , EJrapig Staaderd. 
f IS SUPERB, N.04Y. 

SHUT YOUR EYES AND 
• 'THINK OF ENGLAND 
“Wietcati ty foomr?; Tlm». 

ARTS THEATRE.- ' PJ-IM 2132. 

. TOM STOPPARD’S 


DIRTY UMFN 

’ Htiorioas . . fee 


nm-wo . . . ^ «v Sandsv Tknoa. 
Monday to ritundav 830. m. and h 
Seturdw at 7.00 and 9.15. 


ASTORIA THEATRE. CC .Charing Croa* 
Roi3r7i4 *291. Mon.-Tbore,_a p.tti^- 
Frl. and'Sat. 6.00 and 8*6 
BEST MUSICAI^Of THE YEAR j 

EVENING STANDARD AWARD 


- THEATRES I 

HSR MAJESTY'S. CC. 01-930 6606. < 
IW. 8 . 00 . Matinees Tbur*. and. Sat. 3.00. 
INSTANT ENCHANTMENT.** DMereef. 

- ^ MATCHMAKER 

A Conmtv by Tho,-nton Wider, - ft noej 
dnm «M a- deearved roar at dntloht- 
p. T«L For «-United eaaaM until Oa. 14. 
^Hello Dotty so nue-to have you bach? 1 
Dafly Matl. ■’ a Mattarplefe.** Tlints. 

Ti* man ureo wanted glam ot bobMv 
and a toopfo^sbow. rrmst have had last 
• ttta.la odnd." D. Tel. 

KING’S ROAD IWEATRC 01-352 7488^ 
Mon. to Ttmn. 9.00. Eri.. Sat. 7.30. 940. 
TH« ROCKY HORROR SHOW 
PONT: DREAM IT. SEE IT. 

LYRIC THEATRE: 01-43T 3666. Eva. (LOO. 
Mat. TTiBfS. 3.00. Sat 54)0 and 8.30. 
JOAN FRANK. 

PLOWRIGHT FINLAY 

- PILUMEMA 

■ b y Eduardo de FlIDpoo 
Directed • bv. FRANCO ZEFFERELLI.. 
."TOTAL TRIUMPH." E. New*. -AN 
EVENT TO TREASURE.” D. Mir. ** MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sotm ay Times. 

MAYFAIR. B29 3036. Eva. 8.00. Sat. 5.30 
and 8.30. Wra. Mat*. 3-00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S .. 
_ UNDER MILK WOOD ’ 

MERMAID.. 246 7856. Rartaurant 24B j 
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EVER Y GOOD BOY ’ 

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A play tor acton and ottnettra by TOM ; 
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PCTEft - PAUL ' 

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and FEWKLL A FIE LDTMG In 
LOOK AFTER ’LULU - 
by NOEL COWARD.-. • »• 

Witt GARY RAYMOND 




iiia' 11 r-'t d~W~ ■ 

























































































































ancial Times,Friday September 29 1978 
ini . 



•'0 


i Cinema 


by MAX"- LOPPERT 


n? -sJ.; fc 





p. Hamilton's opera. 
-.Wednesday, the. Eng- 
i-)nal Opera has con- 
iUiant and intriguing 
•Violin Graham's pro¬ 
vided and encouraged 
inomy, boldness;- and 

, David coHis’s designs, 
..^rim-spirited Spanish 
against (he 'fantastic 
of Peru in a manner 
yays exactly adapted to 
' ements of the fibre ft o. 

■ istra. full to the brim 
: : » and chinks of. per- 
.. 5 skilfully piloted by 
yd-Jones — in the first 
: of ibo choral singing 
little unsure, but the 

■ affect was admirably 

L m large part that of 
ruary 1977 premiere 

■ inor changes, is expert 
: different ways’ The 

The Devils. Tmtssarnt. 
The Royal Hunt are 
of how spiritedly the 
rises to the challenge 
" l 20th-century operatic 
It is expertly led by 
Chard in a portrayal of 
'.etniled down to the last 
> lour cynicism, and sung 
.-. much character and 
. ; the vocal line will 
Tom McDonnell’s 
ia looks magnificent — 
some or movement, his 
of hieratic gesture 
iformed by a powerful 
character: if the voice, 
1 at full force, makes » 
hard and uninviting 
■i'fi is used with great con- 
; j\ln a large cast, Bryan. 
*/.Valverdej. Alan Wood- 
Martin), Emile Bel- 
e Soto) and John Tom- 
'iliac Umu) give notable 
inces: in the mimed and 
- art of the Indian in^er- 
Michael Blaise is a 
ole figure of quicksilver 

v is well that the staging 
--‘ ■ardingly managed, since 
it about aff there is to 
the evening. “ Opera " 
d, not the just definition 



21 ''**• 


The Beast in chains 


bv NIGEL ANDREWS 



Tom McDonnell and Geoffrey Chard 


Letmani Burt 


of Hamilton's musical setting nf 
tbe Peter Shaffer play*, for. if by 
the word we still understand 
some vital and mystorious'eon- 
flagration uf : - interaction 
between,' music and drama. 
Hamilton’s work must more 
accurately he described as a 
musicked play. An exrreinc-view 
of ii could be that there is rio 
music in it at all. only carefully 
calculated sound effects. 'Cer¬ 
tainly, there seems very little: in 
the assiduous, deftly timed and 
paced setting of the words (for a 


Beast (X GLC) 

Prince Charles 
Friends (AA) 

Gate Two and ABC 
Fulham Road 

Fury (X) 

Leicester Square Theatre 
Big. Sleep l A A) 

Plaza 4, ABCs Fulham Road 
and Bayswater 

Legacy (X) 

Warner West End 


Walftrian ' Borowczyck’s The 
Beast is - the movie that had 
(London Film Festival audiences 
gasping in the aisles three years 
ago, and brought down the puri¬ 
tanical wrath of the then New 
Statesman editor who fulmi¬ 
nated against its graphic depic¬ 
tions of' the sexual act. As a 
point ot information, no human 
sexuaJ organs are lor were) seen 
in flagrante in the entire film. 
But, more about that later. The 
film has how been trimmed and 
sanitised tor London release — 
the cuts having been made by 
the distributors as a precau¬ 
tionary measure before submit¬ 
ting tbe film to the GLC viewing 
cmnmittee—and k will no doubt 
offend fewer easily-offended 
Londoners while disappointing 
and punting a great many more. 
Outside London, meanwhile, it 
will not be seen at all. Or only 
ai tbe say-so of local authorities, 
since our beloved censor has 
washed hi$ hands of the whole 
(film. 

The Polish director’s erotic 
reworking of the Beauty and the 
Beast story first caused a 
furore, in short-film form, as one 
of the episodes in Immoral Tales. 
Then BoroWczyck took it out and 
Incorporated it as a “ flashback ” 
sequence fo this much longer. 


of ripe comic delirium (Marcel 
Dalio as an impish wheelchair- 
bound uncle determined to sabo¬ 
tage the marriage plans). 

And as ever. Borowczyck's 
camera glides across the surface 
of things, picking out tiny 
objects or gestures like motes 
dancing in a sunbeam: the 
details that give body and move¬ 
ment to the unbending light -of 
the characters’ ruling passions. 
Add to the film’s other virtues 
some gorgeous colour photo¬ 
graphy—is there any living 
director with more of a painter's 
eye than Borowczyck?—and an 
octet of wittily straight-faced 
performances, and The Beast 
qualifies as one of the most com¬ 
pulsive and sophisticated films to 
be seen in London. 1 wish I 
could have said in Great Britain. 
* 

A warm welcome to Girl 
Friends, which arrives at the 
Gate Two cinema hotfoot from 
Cannes. Or hotter-footed at least 
than its feminist companion 
piece at Gate One. Varda's One 
Rings The Other Doesn’t, which 
had a year's start having been 
premiered at Cannes in 1977. 
Girl Friends arrives propelled 
by, rather than trailing, clouds 
of glory and with a publicity 
boost virtually unprecedented 
for a film of its modest budget. 


tries to cope with the everyday 
crises of disrupted - friendship 
(her best friend and flat-sharer 
leaves to get married), career 
disappointments (she is an aspir¬ 
ing photographer) and an on-off 
affair with a young teacher. The 
movie has a throwaway humour 
compounded equally of Jewish 
self-depreciation and the spiral¬ 
ling confusions of everyday 
living. 

Tbe film bends over backwards 
to be charming and often loses 
its balance as a result But truth 
keeps helping It to its feet: not 
least in the prickly, vivid dis¬ 
comfort of the heroine’s relation¬ 
ship with her married girl-friend 

Book Reviews appear 
tomorrow 

(with its unspoken accusation of 
desertion) and in the heroine's 
compulsion to Do Her Own Thing 
even when it means walking out 
on a lover in tbe middle of the 
night without explanation, or 
gatecrashing a smug gallery- 
owner’s office to show off her 
wares. (“1 really appreciate it.” 
she says at tbe doorway. “1 know." 
he sweetly smiles.) The feminist 
themes come through far more 
effectively for the film’s insis¬ 
tence on the fallibility of its 


first opera, this is a remarkable Shaffer play was a spectacle in 

success in terms of verbal whicb display, and thought- 

audibility )■ that can- be recog- provoking argument were strik- 
nised as musical i-haracterisa- ingly combined, so this tactful 
tion. musical articulation of orchestration of it retains the, , . 

situation. or, most important, striking qualities of the original .' mo ° g ! rn about au arranged 
musical cniilroaimion and inter • But one may reasonably wonder'p^Jriage an American 

penetration of thy two different whether it was worth doing a t)netr<^-incl the brutish son of a 
worlds in conflict in the play. all. if the music remains SOi Fr«ich aristocrat. The son. it is 
It is not boring, not a waste unambitious, so unassertive. so I made clear during tie course of 
nf time (and by no means the content with taking a suppori-l »kn-«the offspring of a 30- 
mrwi unworthy 20th-century inq -role, when the art form i years-wtfore liaison 1aetween his 

ipera presented at the Gofiseum demands for its lone-term sue- mother and the “Beast — a 


—B omnrzo still defines that low- cess that the music must always 
water mark). As the original dominate. 


ican architecture 


ie death of the diner 


by FRANK LIPSIUS 


.t, those roadside eating 
-intents gleaming silver 
middle of large parking 
em so quintessentiaily 
,.n it is amazing that it 
; »m so long to be called 
is happening now under 
.: of tbeir impending ex- 
’. the product of limited- 
• highways, competition 
cDonaIds and tbeir ilk. 
immigration laws, which 
it the people willing lo 
he long hours and thank- 
' -k such places require, 
•isingly enough, diners 
cnored by the photo- 
painters who converged 
neon signs and old theatre 
- -35. Tbe American diner. 
?Jt to- the immortalising 
.or John Baeder, the son 
-erant immigrants who 
iim in and around diners, 
affair with them seems 
'•fumed him into an artist. 

from the encomia filling 
,’es of his recent book, 
ihotos of his paintings are 
shed with his reflections 
ers in general and the 
ones he chose to paint, 
r’s healthy, unpretentious 


ask myself. 1 want lo preserve 
diner-;. 1 love them. And I 
express this passion in the best 
way l Rdow. by painting them.” 
He also draws imaginary ones, 
like ** Ja ’Eat ’ Jet Diner” which 
looks like an airplane aria. 
Baeder writes, was Inspired by 
“the Zep diner, a zeppelin- 
shaped -diner in Los Angeles^- 
where eke 

Having acknowledged his de5t 
to his inspiration. Baeder would' 
presumably excuse anyone. 
whose interest wandered -.from, 
his paintings to the diners- them¬ 
selves. They are ’ a perfect ex¬ 
pression ‘ of the ' architect 
Venturi's idea of the “ decorated 
box.” which draws attention to 
itself and introduces a-’theme 
carried through in the whole 
enterprise. In their day; when as 
many as 5.000 sat on'roadsides 
along the east coast from Main? 
to 'Florida, they epitomised the 
efficiency and cleanliness that 
are now supposed to be associ¬ 
ated with -tlyeir successor fasl- 
food operations'. Outside, diners 
had pressed aluminium sidings, 
large windows and a sjmraetric 



Kullman company, the oldest as free-standing buildings with 
surviving, was founded in 1927. drive-up windows and diinen- 
whtn diners ’.vere still mobile sions similar to the diners*, 
hot-dog stands. The present head Kullman makes lorries with 
of the company is the founder's offices or training schools inside; 
son. and his son is in the busi- South American governments 
ness, with the presidents wife, order them by the dozens to 
who designs interiors for new. train mechanics region by 
diners. region. 

In the old days, as a magazine . Another smaller company, the 
noted in 1953, "many a restau- Musi Dining Car Manufacturing 
rani owner has put up a false Company, spends the slack 
diner front in the hope of get-, winter season remodelling old] 
ting in on the act." Now. diners diners to make them more 
arc /’indistinguishable .from modem. . It is a business shorn 
testa wants .built on site. They of sentimentality: people who 
are made of brick or stone, have remember the old diners in their 
large half-moon windows and yourh are not the present.main 
mansard Toufs that give them stay .of the business. . They 
the “Spanish” (also known as might be able to turn the old 
“Mediterranean ”) look. They diners into art, but they don’t go 
are also pow comprised of six there for hamburgers. .Diners 
or seven units and are as expen- have to keep, up with toeir 
slve-as restaurants built on site, clientele, who tend to be. the 
But they are still. transported poor, for whom it is a-waitress- 
to the site and assembled there, service night out or a respite 
The. competitive edge .that .keeps from a long car journey. Their 
companies like KaHman in image of modernity' is no longer 
business is the time it takes to the long silver bullets; they want 
get a diner from the drawing a family style restaurant with 
board to operation. They make plush interiors and table cloths 
about eight a year, each • one instead of the pink-veined for¬ 
mica tops diners once' prided 
‘rv.i ■ ■■ themselves on. As an -index of 
-_i r.rT* American style, the diner Is as 

V5.iv.jr--*:• ■. •*-? passe as fins on a Cadillac: thank 
goodness it was considered to be 
art before the last of them ended 
up oh a junk-yard slag heap. 

Festival Hall 


huge, black,.hairy monster that 
once haunted the gracious estate. 
Their brief t passionate encounter 
is re-created for us in the fevered 
imaginings . of the American 
heroine, and three years ago at 
tbe LFF.it was powerful stuff; 
much diny, rhythmic camera¬ 
work, many gleeful close-ups of 
the Beast's.larger-than-life sexual 
attributes (courtesy of the make¬ 
up department), and occasional 
— weW, fairly frequent — shots 
of ejaculation. 

The sequence was funny and 
sexy at the: same time. Now it 
has been pruned to a humourless 
semi-respectability. Expunged 
are the ejaculations, so that those 
who do not know how the male 
organ functions will remain in 
healthy ignorance, and gone with 
them is much of the rhythm and 
momentum of the scene. 

The bowdlerisations are to be. 
blamed less on the distributors 
than on the .repressive climate 
whicb forced them to make cuts 
in order lo show the film. The 
irritating thing: about it all is 
that, because - these senseless 
mutilations must be drawn atten¬ 
tion to, the critic is obliged to 
give exaggerated emphasis to 'a 
sequence that .in no way . con¬ 
stitutes tbe raison d’etre of the 
film. 'Hie brilliance of The 
Beast as a comic fable of sexual 
attitudes, and of tbe eternal 
battle human desire wages with 
social restraints, lies in the way 
all its parts work and contribute 
to the whole: Tbe-modem story 
is choreographed like a cross 
between Feydeau and Bumiel: 
scenes of poker-faced religious 
satire (the wedding is held up 
tor more than a day for the 
arrival of a Roman Catholic 
bisbop to bless the bride and 
groom) alternating with scenes 



,..v * ^ . 

• * ".YflCT, ' "--I* 

• '*!**•' ~ 

Melanie Majrron in * Girl Friends * 


It started life as a 30-minute 
short costing $10,000.) Shot by 
Claudia Weill with grants from 
sundry cinepbile donors, includ¬ 
ing the American Film Institute, 
it had enthusiastic reviews at 
Cannes and opened in the States 
to equal acclaim. In fact, so 
many people like the film that 
one thinks there must be some¬ 
thing wrong with it. There isn’t 
(or not .very much), and if you 
want to see tbe Women’s Libera¬ 
tion. movement putting on its 
sunniest face, this is where you 
should go. 

\The heroine, is played by 
Melanie Mayron and is like 
Woody Alien with a different sex 
and hairstyle. Mayron *s face, 
radiating guileful innocence, 
peers out from under glasses and 
an explosion of brown hair. Set 
in New York, tbe film chronicles 
her sad-funny adventures as she 


characters — the heroine is no 
paragon of female self-sufficiency 
—and for the ” impromptu, 
muddle-headed humour of Vicki 
Polon's screenplay. 

There is more human truth in 
120 seconds of Girl Friends than 
jn the 120 minutes of The Fury. 
Written by John Farris and 
directed by Brian De Palma, ibis 
is a procession of.horror-movie 
tricks held together by a frantic¬ 
ally unconvincing story about an 
American secret agent (Kirk 
Douglas') whose son is kidnapped 
by tbe organisation be (Douglas) 
works for because be (the son) 
has psychic powers. Just before 
the kidnapping, somewhere in 
the Middle East, the organisa¬ 
tion tries to bump off Douglas 
so that he won’t interfere, but 
Douglas resurfaces (literally, 
from a supposed death at sea). 


returns to America, meets a 
young girl (Amy Irving) wJpo 
also has psychic powers and uses 
her as an extra-sensory blood- 
bound to sniff out his lost son.. 

Along the way there are 
sundry supernatural set pieces 
even more far-fetched and 
tuppence-coloured than in De 
Palma’s last film Carrie: choicest 
among them being the fate of a 
lady doctor who dies simul¬ 
taneously leviraring, pirouetting 
and haemorrhaging. John Cas¬ 
savetes. who prowls darkly 
through the film as the chief 
nasty and Douglas's son's kid¬ 
napper, meets a kinder fate, 
merely exploding. A cult reputa¬ 
tion has grown up around De 
Palma of late, beginning with his 
more deserving Phantom of the 
Paradise, and there is a Hitch¬ 
cockian ingenuity to rhe way he 
stages individual scenes and can 
chill the blood with a clever cut 
or camera angle. But unlike 
Hitchcock he shows no talent for 
building effective parts into an 

effective whole, and this film 
pays the price for beginning like 
3D express train aod trying to 
accelerate by going off the rails 
well before its journey's end. 

* 

The thrills and spills of 
Michael Winner's The Big Sleep 
are. by comparison, strictly sub¬ 
urban. Winner has hit upon the 
uniquely dire notion of trans¬ 
posing Raymond Chandler's 
thriller, immortalised on film 30 
years ago by Bogart, Bacall and 
Howard Hawks, from California 
to Greater London. Robert 
Mitcbum plays Marlowe, who 
according to this script stayed 
on in England after World War 
Two and now prowls the mean 
streets of Wimbledon and 
Putney, and the Lauren Bacall 
role ‘goes to Sarah Miles, com¬ 
plete with Bride-of-Frankenstein 
hair and a wobbly mid-Atlantic 
accent. 

Candy Clark is her nympho¬ 
maniac younger sister. James 
Stewart their dying General of a 
father, and the supporting cast 
has been chosen, it seems, by 
sticking a pin in a 1950s Who’s 
Who of British Cinema : Richard 
Todd. John Justin, Harry 
Andrews. Joan Collins, Janies 
Donald. John Mills inter alia. 
The film, written as well as 
directed by Winner, stumbles 
■with a sort of inspirational 
ineptness through its story of 
blackmail, murder and under¬ 
world intrigue, and Winner's do- 
it-yourself attempts at laconic 
Chandlerian dialogue are an 
embarrassment Mitcbum him¬ 
self. who has obviously been told 
that he could play Marlowe with 
his eyes shut, mostly does so 
here, and ail in ali the film more 
than lives up to its famous but 
never-so-pertinent title. 

* 

At least The Legacy is more 
fun. Katharine Ross and Sam 
Elliott are the American 
innocents abroad in Stately. 
Home England. Invited to stay 
at the baronial pile of one Jason 
Mountoiive (John Standing), 
they discover that they are not 
alone there, that Mr. Mountolive 
has invited four or five extremely 
rich guests, that these guests 
belong to some strange cabal 
which Miss Ross is asked to join, 
and that there is a tendency for 
these guests to be murdered. The 
film has no shortage of 
picturesque violence. If emer¬ 
gency tracheotomies are to your 
taste there is a fine one here, 
performed by Margaret Tyzack 
on Roger Daltrey. If you prefer 
death by burning, you may enjoy 
the prolonged conflagration of 
Charles Gray. Between murders, 
it is all Old-Dark-House stuff 
performed with fair conviction' 
by a good cast and seriated bv 
that Hammer stalwart of yester¬ 
year, Jimmy Sangster. 


Tortelier 

by MAX LOPPERT 


if diners shines through 
' iwkward prose. But there 
awkwardness in his reta- 
■jp to his subject matter: 
'the photo-realists he is 

• indebted to the artiness 
.. past, especially the inter- 
’ period when American 

blossomed with neon 
and other gaudy.paeons to 
ally. Photo-realists like to 

* artists antf let tbe objects 
. opy be just artisans' trade, 
der begins bis narrative 
atforwardly: “ A lot or 
> ask me why l paint diners, 
question I’ve never had to 


The art of. the diner 


design emphasised by an 
entrance right In the middle of 
the facade. The steps at tbe 
entrance are a reminder. of 
diners’ mobile origins, when 
wheels sat under their bodies. 
Those wheels brought the diners 
to their sites, having been manu¬ 
factured. most likely, by a com¬ 
pany' in northern New Jersey 
a ad taken to their final destina¬ 
tion for the foundations, 
plumbing and electricity lo lie 
installed. 

The diner manufacturing busi¬ 
ness still thrives in half-a-dozen 
companies in New Jersey. The 


g’s Head 


)iary of a 



ink you have to be familiar 
Charles and Weed on 

mith's original to get the 
flavour of John English's 
_ nuance at King’s Head 
times. Mr. English is a 
.elegant figure for Charles 
X . r, the City clerk, and the 
voice L-onflicls with the 
* *' Vway background in which 
nin’gs and Gowing and even ’ 
, 5 Lupin remain basically 

• ‘ ‘ ley. .Still, the jokes, in all 

Victorian snobbishness, are 
■ juite funny, and those who 
■ enjoyed tbe book should 
the performance. 

•? extract*? have been drama- 
, • by Ian Taylor and directed 
. \ jn Bromwich. Mr. English 
.■ers them as from his attic;- 
: -/ ering around a pile of mis- 
aea suggesting Brief Lines 


brought"up lo date. Me picks up 
a book here, a toy soldier there; 
hears the .railway-at the bottom 
of ihc garden, the rude children 
from down the street, the band 
nf the. SaWatkm Army: ? nd. most 
useful of alL finds the diary itself 
at , the bottom of a trunk. 
Useful because Mr. English ts 
still not quite word-perfect, and 
from the diary he can read, if 
needbeu . 

Connoisseurs will hear all 
about the Lord Mayor’s ball, but 
they.- will ■ not ’ learn that 
Cummings, is always going and 
Gowing is always coming, or hear 
Lupin play times on his cheek 
with the fiat, of his knife. - You 
c^n’f have-everything; the selec¬ 
tion is representative enough to 
establish a genuine nostalda for 
such as have the equipment. 

_ fi. A. YOUNG 


taking three months, when an 
onsite, restaurant would require 
a year to build. The original 
diners, built just after the war, 
had^ODlv a long counter with 
stools facing the frying surface 
the food was cooked on (wbo 
would be brave enough to do 
that’anymore? L When they were 
widened, booths were installed 
and .." Ladies Welcome'” signs 
adorned the entrance: 

ff anything unites the old and 
new diners it is the menu— 
large, cheap, and reputable 
enough lo want the new 
resell rants still to be called 

diners. Some have embellish¬ 
ments like a salad bar or salt 
beef sandwiches. ' but. their 
standard fare remains a full- 
course meal with two .veg or 
hamburger and JTries. Eggs can 
be had any time- of day or night, 
polished off with cu6tard pie 
and coffee, still made in large 
urns prominently displayed 
agWnsl the back wall. The diners 
are still family busine ss, often 
with mother at. the-till, father 
.in the kitchen, son behind the 
counter and' daughter as 
waitress. Aeco^dins to one of tHe 
diner manufacturers, a diner 
owner will keep his place for ten 
years, double his money and sell 
it to a more recent immigrant, 
wbil.e he moves on to another 
establishment. Now most of the 
diner owners' are Greek and 
represent a dying breed as 
America still proves it has the 
capacity to give the immigrant 
upward mobility.,- 

lrt its need to adapt :to the 
times, companies like Kullman 
move ' on . to other products 
using the ’ same ■ skills. Bank 
branches are- now being made 


’ Schumann’s Cello Concerto-ex¬ 
presses a unique kind .of tender 
yet introspective melancholy.',In 
a performance 6f the wronx 
character, one that tries to urge 
the solo line into a loo fiercely 
driven brilliance of -tone and 
forwardness of rhythm, ' its 
special cast of tboughL is likely 
to be obscured, its lyrical frailty 
to . seem like a weakness. When 
Tortelier plays it. with all the 
affection and soulful warmth- he 
can muster, it becomes -one of 
the. composer’s most lovable 
works. 

Last night the cellist, playing 
with.' the Philharraonia under 
Riccardo Muti. was in'wonderful 
form, io the opening measures, 
not all the notes were perfectly 
in tuqe; -and. perhaps under 
pressure the core of cello tone 
is less . invincibly strong, ’and 
steady than it used to .be.. The 
understanding of tbe mu$]c.-ori 
the other band, has surely never 
been deeper—the ‘ first move¬ 
ment’s . succession .of pliant 
phrases, each one shaped -by a 
“singing” imagination, and the 
poetic intensity of the lanosdm 
middle movement.-taught one a 
basic and essential lesson about 
the art of Schumann interpreta¬ 
tion. ThouEh. the rhythmic 
freedom of Tortelier’s playing 


cannot be an easy thing for an 
orchestra to match or even to 
follow. Mr. Mqti drew from his 
orchestra accompaniments that 
were admirably diligent and 
fresh-toned. 

This noble experience, a per¬ 
formance in a fibousand. feti be¬ 
tween the chortling high spirits 
of Rossini’s Silken. Ladder Over¬ 
ture and the ineluctable violence 
of The Rite of Spring—a strange, 
slightly disconcerting pro¬ 
gramme combination. In the 
Rossini, the articulation was 
crisp and punctilious, the spirit 
dutiful and rather charmless — 
there is. more “ bend ’’ lo 
Rossini's phrases than Mr. Muti 
is always willing to allow. In 
the Stravinsky ballet the posi¬ 
tion was rather ..the reverse; no 
want of lusty -enthusiasm, but 
sometimes a -rather imperfect 
traversal of the .notes, and a 
sonority (especially a brass 
sonority) forced- beyond/' the 
necessary degree of rawness. One 
felt that the reading was nascent 
rather than mature — long-term 
cogency tended to be sacrificed 
to immediate '-excitements. Of 
these there were,, however, a 
bounty — and not tbe least of 
them was the sight of the tim¬ 
panist’s stick flying through the 
air. ' 


Contemporary-Music Network 
opens on Sunday 


The 197S-79 Contemporary. 
Music Network season opens on 
Sunday at the Nottingham Play¬ 
house with a performance by 
Roger Woodward (piano) and the 
Philip Jones Brass Ensemble 
which will include the premiere 
of Rolf Gehlhaar’5 Strangeness. 
Charm and Colour and the first 
British performance of Morion 
Fesdraan’s Piano. The tour- con¬ 
tinues next week ia London 
(Elizabeth Half), Manchester, 
Horsham. Milton 'Keynes- and 
DartLngton. ‘ 

As previously announced 
the Arts Councils Con tern? 
porary Music Network will be 


presenting 128 performances by 
12 different groups in 44 towns 
and cities throughout England 
and Wales in the 1978/79 season. 
This will be r the largest number 
of concerts presented in the 
seven years of the Network. Four 
commissioned ' works will be 
receiving their first, perform¬ 
ances 

The Warsaw-Music Workshop., 
on its first visit to Britain, will 
be playing a programme of East 
European music,fusing instru¬ 
ments made specially for tbem 
by Polish folk artists; Their 
tour will start at. the Round 
House on October 15. ' 



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22 


FINANCIAL TIMES 

BRACKEN BOUSE, CANNON STREET, LONDON EC4F 4BY 
Telegrams: FlMatlma. London PS4. Telex; 88S341/J. SSSS97 
Telephone: 01-248 8000 '■ 

Friday September 29 1978 _*!"/ 

Pragmatism 
vs. dogma 


Peugeot’s 


. Financial; Times Friday September 29 197S 




BY TERRY DODSWORTH,. Motor Industry ■ Correspondent; 


M. 


IT HAS been plain fur al least These 
a decade that the organisation enough 


safeguards '.cere not 
for Mr. Wedgwood 


JEAN PARAYRE. stable management team, which dualistic flair and ingenuity for-the last ten years Will sud- of twQ..pathji-now-opening .up however, is that Peugeot; 
the bureacrat who has delivered steady profits— which have established a special denly become successful simply before it. Oh the one hand, it if necessary, take the s* 1 
even during the 1074r75 oil niche for . Citroen in the because of a change of owner*, can go ahead with vhat it says option. The French .corn4 
crisis—and which has turned European industry. ship. ' it wants- to do, maintaining the has written into ■ the new 

round Citreon so quickly that So for Peuaeot the problem of Because of this reasoning: present Chrysler base and try- la rati on of Intent, in addil 
it was able to .pay back the Chrvsler Europe most competitors in the ing to improve k. On the other, to the originaj.Chrysler claJ 

S200m Government loan within down t J of manage- industry believe that at the very it can begin to carve up the caveat- that it will conn? 

two years of the takeover. raenL It has t0 reestablish the least "ill have to inject Chrysler, , taking the : bits :t to strengthen ‘Chrysler UK IS-’• 

Nevertheless, the analogy ^ ^ puWie eye geI a substantial element of its owfc wants—sdeh as dealer organise- M to the-extent consistent 

with the Citroen takeover could mon Qut df ^ facilities ’than management into Chrysler, tinns, the truck interests, and prevailing economic circuns b i 
be a dangerous one. Ghrysler the Americans ever achieved Man T also .expect that It will -theSimcacapacity in.France— ces,** In - other words. it ni j, 
will almost, certainly prove to tod make ^ n „, ani «, Wftn work have to abandon Its ideas n*. and getting rid of,.the nest. retreat from the UK If it i J 

. . - ie r 

tTy for a time at least-with the if if has to exercise eit, 
first approach.- Tfiis was option, it migit mean the la: 


switched horses to 
become boss of Peugeot-Citroeo 
and masterminded the bid for 
Chrysler Europe, has bad a 
marvellous Press In the last 
six weeks. Apart from a few 
lone voices, on the Left, he has 
been hailed in France as the 
man who brought the French - ”® 
motor industry back under the 



control of Frenchmen In the be a muc ?} 130ore difficnltbusi- more effectively at a time when keepilie Chrysler as a separate.. • Peugeot is abviously goEbg to- to- 

rest of the world he is. seen os “* £53 “ >r , ket •"**** *» not ** 

of the electricity supply industry Beon. Bis pill would give him- j^ ™ VouS circumstances are different, and U arly pr °P itious - 

in England and Wales leaves a self as Minister the power to|™, 0 ® ReSwUt^and^DaimleS because of the inherent state 


lot to be desired. Yet no changes direct the corporation as to the S?***”’ of the business. Externally, for whether it can do this is that 

hare been made principally executive and subsidiary bodies >- Te _“ le example, the French economy its.pnblic statements on its pro- 

-- - 


The difficulty in Judging 


because a major restructuring 


and the' European Posed methods do nor make a 


of the older nationalised indus- corporation, would appoint the °* . ,ls *^1° motor market expanded rapidly great deal of sense. Peugeot's 

tries can be achieved only by members nf these boards a pro- JP 1 * ® ^ e soon after the takeover, pulling declared, intention, underlined 

Act of Parliament and. as the pnsal which has been condemned KthSyi* < r5 r “?. w ^;_ tn 5 1 uest ton Citroeo a i ong j n their wake: m *b e agreement announced 

Commons select committee on by both the Indusiry and the ,„ «!? S,,. iS® "’VV within the space of three years with the British Government 

. -In the immediate aftermath of ^ C0ID|Wlur 7 0wased its sales yesterday. is to manage 


in its report yester- loyalties and impeding career 


.teue brushed"* 1, asUte ** addition. Chrysler Europe veiy much on 

successive ^^ernments in Citroen itself Peugeot-bought «?.“* ***_»**; 

with Citreon. it was said, so 


remarked 

hal-p failed to rive sufficient S TahVtuVy dTtieVwouTd7arbesL an ^‘enterpri^ wiTh^V'g^d SLf™ wa j as lt bas doae at 

Priority to such legislation. he mo vague and. at worst, too JL™ iot^f the skme nwniue image aQd 8 C,tr f n ' I j W *5 Ikeep *e manage 

uncommercial. I, s enhanced Jg chiller Europe* reputation in engineering. And »■* *e range separate 


Blocked 


manufacturing powers would go nf +1 ,_ - v. _ Peugeot only signed tile 

It is true that one Bill was further than either the industry mfJagementtalents which had after biggest loss maker In 
lost with the 1S70 general elec- or the unions wanted. And the been well^proved in the pro- Citroen —Berliet trucks —had 

rion and that another was Secretary of State's powers. S ' P been hived off and integrated ?"*> 


In 

over the last few years, whereas merger, 

a pre-,eais,a.jnn hrari.s broadly « «.h' SLT'e^ce. 2^ CSSW'-SJ W 
nn the lines the Commons tom- the select committee made jusi got f() gj.^ man age rial ly, with conditions 


deal from its own; it will maintain 
the present .factories: It will 
individual 

_ at 

commercial the most senior level, in the cen¬ 
tral PSA Peugeot-Citroen hold¬ 
ing organisation, will the 


lost 

rion and that another was a**™-.j uf aian> s powers. T , ous amaigamattoTL 

blocked earlier this year when taken together, were desenbed The strenerh of this arpument int0 Renault’s 

the Liberals disagreed wirh by ™e urnoo leader as amount- vehicle inrerests. 

what the Government was pro- mg to power for vastly greater ^“indeed dS^red^ e ^ods In contrast to the — — dlrectiaa ^ stjatfiey of the 

posing. This gave the select »inunen>l »«*er.. howler Peugeot’s together! 

ccimminee . chance .. condne, d '^ d " ^^idence. Ch^er-s p..ent lj had notThe E£*U?£5£ ^nding finance .and the 

with ail the signs "S’™ " ‘ 


Citroen 



effectively underlined-yesterday piete integration, of Chry 
id its agreement with the British facilities with its own, **• 
Government, in which ir took on .has said that ir needs extra "j 
j the- old Chrysler Corporation d uc tioh capacity for its 1 "m 
; (ffiligations for maintaining the. cars, and it could ise hi; ;rU 
'Utv facilities. But 'dre critics Chrysler Europe-for this, sr 
.- argue that if it goes ahead with might also want' fo devetoi 

it will have to. do much co mme rcial vehicle inte icr 

- more on the m an agerial front tinder its owir banner altb 1. 

- than it did at. Citroen.. where this., will need: .oonsidei ju 1 
. only 16 managers-saijsfed across, jnvestmenr and’ .develop! jr» 

Whether . Peugeot^ has the -effort"^ be fully compet; hi 
^jiaanageriar.. depth . to ^do Ihls with other leading E^uro 
'.'effectively is anyone^ guess, organisations. 

^Management ferone^\i it In ad ditSon" ft' could- u4, 

^rce^ resources, m tlr^ mdus- ^^j^p ^c Ghtysier d i )up 
Jy and Pepjjjeot s own^ejpabill- «baln. . la the .UK 

ties must be ag. str e tched as but ' also in Sp i 

SSeWable- networks re; 
■Si ™sent » great deal ofinvestm, 

wfficfa. it would be very W 
m problems of .becoming .a truly. ^ e t -up'fnitA scrat 


Multinational manufacturer for 
'■’die first time, , wife sizeable 


In the UK they could 


integrated 


mittee o n prorndure has sinre two suggestions both related tolf^gJ^JJ^ subsidraries*:\t"has at the moment pointing towards raj38e of components 

_ j j L_ n4n«vtn/i ThP DIIPOTtati rtf nodletnAvlreV*v* f 1 r • . * • _■ _^ 


"• s — Pre “ v 

W to 20. 


. ,ho nnpstfnn nf 1 ,l s cui«ij«wiu suufiiuiuica. Ft uu — —- —7 -r—“ - v . . . marque competing with its own-AoteSrated Chrysler organisation mV,* . and -if will not h 

adopted the question of parliamentary J nQt bred # atxmg j ndigeiinils a reducUon in registrations in , Yet. as the critics point out, Droducts simoiv because-onr of three companies which 5™ An .^r 


management team, and it has Western Europe. Secondly, the whole logic of the deal lnoW ^ t0 be" effe^ have not blended r^ether very M-ifSSSSSS] 

ie dif- Chrysler has a weaker image points towards a shake up of the * regtored without ve ry;^eU atallso far, .- ’ notice 

ferent companies and mana- than Citroen, and although its OiTTsler organisation_being | arge being spent on iLv - what 'the 'deal 


ships are- private organisatit 


skills" which it inherited Simca interests in Fran^have = ft^TbeuniSS la ^ ^ ;, What ^.*^***ei 

.? Br S,SL Bl ? £!!;?„ Performed creditahlv in recent tic to suppose that the methods So. ’ according to these .Peugeot, and the UK Govern- all r however- mafty .Declaratm 

PeiSo"”y iSd^ Jurs, it has none of the indivi- which have prevailed and failed critiques. Peugeot has the chpiee ment yesterday ;also made cfear.jO^Jtotem It.sifi&t wia Peugc, 

A tougher approach io unions 

BY ALAN PIKE and DAVID WHITE 

. ry —r £E untECTORS sum- and conditiens throughout the as “a tough bunch of cookies." A second factor, appfrni are up to 2ft ^ emit wttrae off ordinate their «rtf*ii6s aeros 
•» 1 mQn )it| . n n represfin _ country. Peugeot - Citroen will so far especially to the Citroen part in pay terms than their counter-. naffpnal bouftdArfet ^ a mU c^ 


suecested should be 

more generally. Following tra- accountability. It thought thai 
ditinn. the select committee any specific direction issued by 
avoided iudgina matters of Ministers to a nationalised 
partv contrnversv and limited bnard should be subject to a 
itsplf to invirina erirtence with select committee hearing before 
a view to makine for a more being implemented. Tt also 
informed debate should the Bill wanted the appointment of 
come hefnre the House, li is main bnard chairmen to be sub- 
however dear to anvnne reading jen in a committee hearing and 
the evidence that the orineinal Parliamentary approval. This 
reuse nf delay has been tV* last proposal might make i! 

Energy Secretary's desire to even harder to recruit capable 
stamp his own individual phil«- men to top public sector jobs 
«npfiv on the electricity But it could deter bad appoint 
industry. ments and it might help the 

The main issue to be decided ch ffi™ en .to resist the wrong 
has been how to combine the of ministerial meddling m 
need for strong leadership in “ ieir m< *ustry s affairs, 
strategic matters with the ^ chance 

n*5TT operational 1 T,“b'no. unusual fur union havelad littie opportunity. ■ of'thT group _ based : »e - , ..w^, pustl 

matters. The Plnwden commit- taintv in the electricitv sunnlv tatives to J~ e organisation in the British assess exactly what it has taken R enau U in Paris — is tha* since _ ^ Union leaders have long beei 

tee. which inquired into the industry The defenS of P an boardraom '. s11 <*0^ »ffi orm the engilieeril] g i ndust iv to be on, in industrial relationsi terms. ^ generai student and laljottr ware of- the proffifipia of exert 

industry in 1974-76. proposed a e iedI m gives the G™rhmen» re P r esentatives of tbeLr mien- stronger than in French com- with Its purchase of Chrysler u^t m France in 1968 a ihg kiflnfence in-ffium-rianonal> 

unified structure in which the schauce todot^si/T”^ **»- *« “P - «•“> «»«•- pani«: but the contrast between UK. AMude. ta t. volaUe fats fl?ng righting oppodUon.:to At- last. niF/-eon 

present generating and area t0 introduce a Bill which com In these terms a French trade Chrysler UK and Peugeot- tory ^j ce ^ n . here u . p ^°. the ing to organise atlaoth^Peugeot- ferenoe in Genevjt leaders of the 

boards would disappear as maoded a witle measure of union officlal-admittediy a left-Citroen is more than usualiy remm-ed from the atmosphere General Labour Confederation Trtmspbrt and GetieraJ Workers 

separate statutory bodies. The support. This is not the only winger—described the way in extreme. While most British of its main pimit m Socbaux (CGT) the militant, socia-. )l oen LJJ®. Union, the- AUEW, and other 

committee recognised the risk area where the need for a which he believes Peugeot- union leaders have accepted m Eastern France. Hera usM^ning Democratic French pe^eo* the least antiwSi loading British - car; indrn 

of over-ceniralisaiion but felt management reorganisation is Citroen conducts negotiations throughout the recent negotia- Peugeot-Citroen has a . Labour Confederation (CFt)T>. . . three managements al- unimis joined European 

that ii was pointless to set up a universally accepted but where with its employees. lions that there yras no real mdustn^ ralm which stands in third factor in explain- though thefelitlotiSip is b^-no 1 wgtie» in fieflariugifiat 

i-entral authoritv and then frutr progress is being held up. The The very different labour alternative to the Peugeot- sharp contrast to the s ate peugoet-Citroen’s peaceful means a positive one, “The “g the abti-innon practices of 
irate it for Fear its power might reorganisation of the nuclear relations structure in Peugeot- Citroen offer, they have been owned RenaulL. labour record is what the com- most reactionary management s Peiigeot-Otreon and . FrencbJ 

be misused. As safeguards, how- reactor design altd construction Cltroen’s French factories fa the under no illusions.about -he in- force is highly politicised and j ifces w fbjn^ 0 f jis' espht n 0 flouht that of Citroen where Chrysler ' managements 

ever, it proposed that the new industry has been delayed by one which it will be inheriting dustrial relations outlook of the tensions come fairly regularly ^ corps. The paternalistic fascist methods are used demand that these' polictc 

corporation should have a statu-Mr. Bonn's insistence on an with its takeover of Chrysler uew owners. to the surface. tradition associated .^vith^the ^eamst the ~ two democratic ©ease - and that , democratic 

tory duty to devolve maximum increased state shareholding. UK has been one of the most British union assessments of names of both Peugoe* -aod- anions: whilfr acompany :union unEWs -W recognised as the! 

authority in line management Both are examples of the con- intriguing, and potentially wor- the company’s attitude towards Drn«!noiol Citroen translates info -an-.ta«. been developed/* - aufeentie, workdrs’ xeprewnta 

k orcanisauonalchanges siderable economic damage that rying. aspects of the deal for collective bargaining have A tOVlIltlal extensive range of social faciii- The-first concern of'the tive&” 

should he subject to Mimsierui political involvement in tadus- British union officials. ranged from a polite “anti- _ ties, including provision * for British talons has been to e&.'-^ew . is^\ sometimes 

In Bntam Chryslers manual union to a more robust semi- COIICCTO housing and education.. One of sure: that Peugeot-Citroen does rhetoric than rriiliW fn ihter- 

woricers are without exception fascist" with the strongest ^ relat ive peace of the the more unusual benefits is a hot import industrial relations, national-trade. imidn declare' 

nan^rshin ?£«£££* French fac- plan to reduce Absenteeism notions learned from;,a. back- tioos. British unio?iSufers^ 
the Confederation of Shipbuiid- Citroen end of the partnewlnp. * b attributed to three under which workers score grpuhd. of .company unionism.to W ell awve nf the Comparative 
mg and Englneenng Unions and It took the intervention of the vwm ran ne aimnuieo^ m for - their efforts, the Chrysler UK factories. They SEi col 

a majority of the white-collar British Government to perauade d omto™^rSer assiduity, regularitjrand produc- are satlafiedforthe presehtthat .f^pun. But if 

staff are also in TUC unions. Peugeot-Citi-oen to meet the 8 merger with Citroen in tivity. They can 1 cash these the new . planning agreement the unions, Wta : the unjhappv 

Trade union membership and British umons before approval m*' themejgerwim as ^ ho.Hday, wiU require the-femrii cOm- experlen« tjf Ghr&ter tehind 

the role of shop stewards are for the deal was announced, w®- » uasirany a provmci»i retirement or nart-time oanv to onerate Vwithin tim 

nat “SiaT d «eXuo^ ? Mr m S 

«n onnor s U p P I y ^ otter *, ^ S"a P n”iooil ^ meted 1 SSfi "oV Eo.S ST “ However, the Freoch unioos Howeier an.<^.,nafi«al oornS*^, Europe* 

latest report on Comecon areas and, according to the Bank st ew-ards" committee and in Workers executive and himself security. Sochaux. employing complain that, .leaving wide ^ueu^ of^&e^ik^v^ largest^,raotor^- manufacturer 

finanang repeats the now for International Settlement, recent years this has worked no weakling at the negotiating 38.000, is Peugeot's captive these imaginative Jnnge bener ,be aa «tien7pt=, by the.^nums would b^^a coareaieat place to 

familiar warning tliat borrowing ooarlv 40 po r reut of its S&Sbn S^ol”o hJmottae w«« tabk.taSiM th,F?!ShSlS tZr ««- PeooeoMitroen woikera ta lhr;«eo W rl,.*:to 

from the «est is approaching foreign debt is due for repay- 


?ac-] 


approval. 


try can do. 


mor 


Lending to 
Comecon 

THE BROOKINGS Institution's 


MEN AND MAHERS 


its limits, that some Comecon rnent this year. Poland is 
borrowers may have to seek clearly in the frnnt line for any 
re-scheduling of part of their re-scheduling which- may be 
debt and that East-West trade necessary', 
is likely to decline as a Taken a$ a-whole, however, 
consequence of lower future the overall Comecon debt of 

borrowing. The OECD came to around S50bn is not much a met h/\ma f- Am seem excessively well paid to 

a similar conclusion in a report higher than the debt of Brazil nOm© irOITl those in the poorer countries 

by its planning and evaluation alone and is backed up by mas- i 1-n .,.. iQ *i__i_.. whose belts they tighten. Tliere 

unit last June. sive energy, raw material and nOnlC fOi ncalcy is. undeniably, a recruiting 

in spite of such warnings, other resources in the context £u Washington this week P ro . h,eni a t lhp moment. But 
however, there is little sign of a planned economy capable Denis Healey may have been whiie the 5laff le tier to Healey 
that the international banks are of making debt repayment a fjy- imm the Ford fray, but he < * ocs not say s0 *. man 7 Euro- 
unduly worried and fund-raising top priority if needed. bus received a letter about a P eans Americans may be 

continues. The Soviet Union The real problem is that the pay pro blem of a more esoteric shunnin S a . career at the IMF 
recently raised S500m through ratio of Comecon debt to its hard kind. The frustrated staff of the * or pecuniary reasons, but 
its International Investment currency export receipts is very international Monetary Fund there is . no ,atk of applicants 
Bank on very competitive terms, high. Comecon countries have have decided to take their case and —guess where— 

Hungary and the German Demo- borrowed in order to finance f or higher salaries to the indi- 
eratic Republic also recently high technology imports and so vjdual governors of the IMF, of 
raised S300m each. The Ameri- to raise the overall efficiency of W hom HeaJev is one 1 

can hanks in particular balked their economies. The theory was ^ ^ , 00i ’ te out that Evervbodv out 

at the ve^ narrow spread that this would create the sort “J> u ' C-lferyi-jay « ' - 

offered by Hungary, but that of export-orientated industries s s ona j rAjjr =taff members have Meanwh ile back at home Ford 

demonstrated dislike for narrow which would be able to com- . . , inerease fnr mana 8ers must he disconsolate 

_l — _ _ — —»U— -nota in te.rltnfr Mil Haa no real pay inurease tor , hear thal mnrhar nlnnt 

over five years and complains “J““fj““* *« a "?. ther „ pl “; 
- has come out 


the ITL 


margins per se rather than pete in world markets and 

nervousness about lending.to a generate the hard currency 

Comecon country’. 

One of the grey areas in debt, 
lending to these countries is the To the extent that such bor-fl!.'‘ 
extent to w-hicli Comecon can rowing has been linked to com- 1 

be considered usefully as an pensation agreements this . . _ 

entity in itself, and particularly self-financing . aspect has thought that the Fund staff pro- consists 

to what extent the Soviet Union materialised. But the slowdown l °o. much._ It was the U.S. manned 

could be relied on as effective in the Western economies, which blocking of a 7 per cent salary man 
“ lender of last resort 
out any member 

trouble. .. . _ .., 

. _ Imported technology, even 1 meeting. They did not come 

Major effort the very latest, tends to bel?yt partly because they goi an 



ing. mentioned by Dr. Johnson 
and Dickens, was once used by 
Beau Brum me 1 to grease his 
boots, with a favoured mixture 
of mutton fat and champagne. 

Hatchetts also saw some of 
the last tea dances, before be¬ 
coming. under Marks, the focus 
of the- departed - oscillating 
decade. “We are negotiating for 
new premises not far off,” says 
Marks, but will not say where: 
“You’ve got to be careful. The 
Arabs buv everything they can 
and they offer telephone 
number figures.' 1 


Fuel for thought 


A colleague has Just been given 
the task of telephoning .the 
international banks in. -London, 
all 270 nf them, and asking them 


-r -—Hss. i w ujsx.“s'££ 

eroded by the decline of the 

South Wales that there too there . . .. ... • - 

is a 100 per cent strike. But with Amnesty's policy in certain who handles their ^g^ergy pro- 
The Americans have long it is a novel strike in that it fields. 

of a lonely picket BP's decision followed 


jects. She has been a bit 
bewildered by the response. 

A few banks' switchboards 


nprf hv a emolo epruritv * — -r,-r— , " ICW oanRS swiurnmiarus 

GvrfnwnuT. And^ t&- Amnesty appeid for it to speak help her instantly. On other 

rt” to bale has reduced overall export pos-[increase earlier this year which ing place *at a plant which is JmonSl in South° Africa 6 &d J?“ S ThS» 

country in sibilities, has also highlighted I prompted them to threaten a 00 t due to come into operation f hp fin J iri . of the pinoham re- ® reete 1 w ?? h a chuckled • There 
the flaw it, this theory. strike during this week's annual for more than L2 month^ 0ne 


port not mean -Amnesty might .bank, perhaps thinking she was 
raise some questions about wel- inquiring about the bank’s own 
coming the oil company? “Ob. fuel requirements. ..regretted 
we are an open organisation and fh a j the caretaker was out. 
the staff did not want to em- BP is entering some unfamiliar Another operator - wearily 

ban-ass Jacques de Lanwiere: territory with its decision to replied * No one here has any 

that having trades union mem- energy. And a third, baffled. 

v 'ery useful in demanded: “ Enerev ? What’s 


—the veiy latest, tends to . . 

The Soviet Union is believed somewhat dated when installed, Open hOUSe 

to have provided Poland with It therefore lends to produce | the sprln fi . ; and_partly because 
a hard currency loan in 1976 in goods -which are already in 

the aftermath of the Polish adequate if not excess supply . 0 „ ¥|BK 

government's unsuccessful in the West This is certainly the FundIs new raana^ng direc- affiliate to the British section bers has g een 

attempt to raise food prices, the case with many "of the tor is vi^oroiislj backing a of Amnesty Inlemational. ^nestv's cam-o.su » w . 

But it Ls dearly unwilling to Comecon's chemical plants: they ^" d sta fi e 3 * P er ‘ ; ent Ws lK director. David UIU[ , nist \ He hnpes that bu?i . 

provide such assistance except are now starting to turn out crease _ r , , h ? 0 e . th f l * tho " sh ness members will be simUarly 

in extremis, particularly when products which would be un- The crunch is due on October «t backed by :js trades unions helpful 

the standard of living in much saleable r»n Western markets 23. when the IMF hoard should and a large number of union p 

oF Eastern Europe is consider- were it not tor bny-back arrange- have received an internal report branches, the only other com : 

ablv higher than in the Soviet ments or the son of price cut- on salaries. The word is that panies he kn«\»s to be involved 

Union itself. It is also unwilling ting which inevitably provokes the Americans will then drop are “tiny Family ones.* 

to Increase the present level of dumping charges. their objection to the additional “Fine" and -great” 

ail exports to Eastern Europe Until the Comecon countries 33 per cent—though they are sort oF words with which Simp- sion mysteriously omitted from Lloyd's underwriting syndicate 

in the next Five-Year-Plan demonstrate that they are still determined to bring the pay fi nn greets BP's decision. He is my Dictionary of Cliches. But was surprised to read: “The 

period. capable of developing and pro- of Americans on the staff down pleased to see anything which in the case’oE Hatchett's in territorial, scope of the .accept? 

Poland is currently making a during their own products to to those of the U.5. civil service, rectifies the poor business London’s Piccadilly. being a oce of business will be world 

major effort to reduce its trade compete on Western markets A middle level economist representatiun in Amnesty, closed next week for redevelop- wide - excluding the U.5. w . The 

deficit with the West and is also it is clear that the son of doubts probably earoS over £13,000 a The oil company will be ment, the cliche is almost true, syndicate’s world will be ai 

making stealthy progress with expressed by Brookings will year, but some countries such pleased to hear that it will nor “It fltsin this case," says John slightly shrunken cm*-—the U.S. 

it? long term aim of creating a continue, especially as Come- as Frajjce and Japan are known have to do such matters as Marks. 50-yeaiv?!d managing provides rwo-thlrds of the 

more rational price structure, con’s ability to export energj Illegally to supplement this, adopting any of the prisoners director of this last vestige nf world's insurance business 

However, this year's Polish and raw material.-, seem■» boun Most staff members, to judge by uf conscience selected by the Swinging Sixties, ‘tit’s the ■ 

harvest again looks unsatisfac- io diminish over the next their life-styles in Washington. Amnesty. Ti maj. however, have end of several eras in fact.” He \Ju$8YC!&T 

lory, bottlenecks have appeared decade. appear comfortably off and must to “srin and bear’ and go along tells ne the ISlh ceniury build- 


Quite wide 

Embroidery of the facta has to 
allow at least a glimpse of the 
truth. A colleague reading a 
are the The end nf an era is an expres- press release about a new 


Pendulum stops 



a merger that worked 

In May 1977, Bh*wtef Limited and Shaflaberar 

ii- #« i.Kj!: -* i i 'j .• -. L , ." :• 


Biwater SheiIabear£Jmitjed, a new company 
with thpabiljty to handle water supply , . * 

.contoacte pn a turnkey basis anyvyttons in the'; 
-woH’d.as Wefl^s mptoryvays ancf major 
. eartiimoving pfojeds.; \ - 

it's a merger tiiafs paid eff handsomely .- 
already: ’ ’ 


■ contracts in Pakistan, Nigeria andTnrridad,v. 
worth oyer £7m- •; , ■. • ' 

4 We have othar majoT new projects in th&' 

; offing/both iri ttielJK arid overseas.'. 

And yye'wcontiruiedtopmWdethdsarne 
-htghlevel qf.seririoefor existing caustorherS. 

The.future looks good.Sd[doourfiggres. 


ResuTts (£D0C9 ' . _ . 

BiwatsrGcouplSeeNots}: - 
' Turnover 

• Profitbefwe^' .' 

Bivvater SheUab oa r Ltxl fprmorly . 
Sheltabeerprice (HoWlngsM-id^ 

• Tfiroover • 

* . v Profit bfafotoTfax ' 


1977 


15:452 


8^627 

414 


1976 

■aw : 

€71 


7,987. 

.49 


. NoM’Tha 1977 
a»«»omliponoclTh« 




BwfBtgr Lm nwle fo»*- 




m 


Bftvstor 
&*Babe w 


I 




Biwater Sbellabea. Ltd- 

BfwBter4^otM«,M»llBoad, / . 

HoimvvoocL Dorking RHS 4 W 
- TehDoHdng(03«)667i . ' - 


u -:JK 


Al 


I i 
























ij 


ancial Times Prlday Ssptfeis&e? 29 1978 


POLITICS TODAY 



23 


Nasty choices in Southern Africa 





the first tasks of the 
; .th African Government 
-to receive a delegation 
ip five hey western 
j? in Pretoria asking it 
Fider Mr. John Voreters 
= n«i lu ?n ahead with 
ited Nations plan for 
lendem Namibia, 
ild be difficult t»> under- 
ie imw»rrhwe of that 
. or the consequences uf 
ight flovi from it. For 
' in be very little doubt 
‘ .. is now the future of 
■ rather than of Rhodesia 
_ • II determine what bap-’ 
’ .sxi in Southern Africa 
relations with the out- 
' rid. In particular. It is 
mbiars question which is 
• a determine whether or 
?re will be a United 

call for economic sane- 
:ainsi South Africa, 
future of Rhodesia is 
' o be decided either at 
-ferenee table or on the 
. »Id. or perhaps through 
ure of both. But the 
-. n of sanctions in this 
has become irrelevant, 
one is told—and believes 
at ihe meeting between 
nes Callaghan and Presi- 
.. Kaunda of Zambia ' in 
_'i last weekend, the sub- 
15 hardly raised. Presi- 
aunria look the view that 
. idings of the Bingham 
on Die evasion of sane- 
are a mailer for the 
rather than for the 
is. The Africans have no 
t in whether the British 
mien! launches a follow- 
:Uiry and. if so, of what 


ii an African standpoint 
?nt Kaunda is right 
ini is about the past. The 
:ance of the report is that 
ows some Light on the 
iss of British government 


over the years, ass a follow-up 
inquiry would presumably 
throw even more- 1 —which is one 
of the reasons why we should 
have one. But that has nothing 
to do with what to do next 
about Rhodesia. 

It seems to have been asrreed 
in Nigeria at the weekend that 
the only possible thing to do 
was to try once again to get the 
warring factions, including the 
factions within tbe factions, to 
the conference table. The 
Nigerians, whom everyone now 
recognises as key figures, en¬ 
dorsed the idea on the spot. 
President Kaunda went off to 
try to convince his fellow front¬ 
line African Presidents, while 
:he British went off to tell their 
western aliie?. Dr. David Owen, 

rhe Foreign Secretary, more nr 

less went public when lie told 
ihe UN in his' speech oh Wed¬ 
nesday that the conference 
would be called in the very near 
future. 

The plan may or may not 
work. A semi-informed guess 
would be that assurances have 
been received from most.of the 
required parties that they are. 
prepared to attend, though what 
might happen if and when they 
get there is another matter. 
But the point is that if tbe con¬ 
ference fails, it is generally 
recognised that there is no 
alternative to going back to the 
battlefield. The times when 
you could' hope to exert pres¬ 
sure on Rhodesia through 
economic sanctions -or, diplo¬ 
matic persuasion from' South 
.Africa are over. 

Namibia is quite different. 
The problem there is that the 
collective weight of the western 
alliance has been exerted on 
South Africa u> come to an' In¬ 
ternationally acceptable solu¬ 
tion. but for. the moment at 
least. South Africa bas refused 
to respond. If the new South 


.African Government uannoT be 
persuaded to change course, the 
pressure will he upon the West. 
There will be a demand in the 
UN to impose economic sanc¬ 
tions on South Africa, the very' 
issue which British guvermaenis 
have been hoping to avoid Tor 
years. 

Rhodesia in a way was 
largely a British affair. The 
British Government found iLselr 
saddled with responsibility at 
a time when hardly anyone else 
was much interested .in Africa. 
It was no less than 10 years 
after UDI. for instance, that an 
American Administration first 
acknowledged that something 
serious would have to be done 
about it. But in Namibia the 
western powers have been 
involved in a quite deliberate 
and co-ordinated attempt at pre¬ 
venting the word from hap¬ 
pening. What more, at least 
nntil recentlv. thev carried with 
them the bulk of the Africsn 
States. 

The contact group at the UN, 
composed of Britain. France, 
the U.S.. Canada, and Wesi Ger¬ 
many. was winning general sup¬ 
port for the -idea of United 
Nations supervision of Nami¬ 
bian elections which would be 
followed by independence. The 
Namibian nationalists seemed 
to be goins along with the 
westom 3P T,r 0ach. and so did 
the South .African Government 
Fren China voted in favour. 
There was therefore no point 
in the Soviet Union npnnsine so 
long as the western plan 
seemed acceptable to the 
Africans. Yet it was this vprv 
nlan which Mr. Vorster retertpq 
in almost hi« la«t act as South 
African Prime Minister. 

The risks are now very great. 
Precisely because the Wesi was 
so closely involved, its credi¬ 
bility must be in some doubt 
now that it has apparently failed 


V- -Jt:r 


.Tpasy# 

■w i - *«■ 




. --S— 

;;k 


"--*•*'-1!'.' -,r^ 



The attempt to blockade tankers bound for Rhodesia: HMS Plymouth shadows a suspected 

oil-runner off Mozambique. 


in deliver. That is why so much 
effort will »o into trying to per¬ 
suade the new South African 
Government to reconsider. If it 
refuses to do so. then the threat 
of sanctions will become real. 
Moreover, there is not much 
time left: the South African 
authorities are at present plan¬ 
ning to hold iheir own form of 
elections in Namibia in early 
December. 


Of course, the South Africans 
might well assume that tbe West 
is bluffing. If it does come to a 
UN call for sanctions, at least 
one of the three permanent 
western members of the Security 
Council—Britain, France and 
the U.S.—will exorcise its veto, 
and the South Africans could 
be right. At the very least, how¬ 
ever, it seems quite likely ihat 
we are in for a new debate about 
the merits and demerits of sanc¬ 
tions even before the findings 
of the Bingham report have 


been fully digested. This debate 
ought to be very careful and 
thorough in a way that the 
debate over Rhodesia was not, 
and the' e&sentiaf quotions to 
be borne in mind are: what are 
sanctions meant to achieve, ami 
huw will they do it? 

Paradoxically, the application 
of economic sanctions to a large 
country even with a long coast¬ 
line ought to be easier than to 
a small land-locked one. The 
problem with Rhodesia, as the 
Bingham report makes fully 
clear, is that its requirements 
were so limited* that it was 
impossible to distinguish 
between what was going into 
South Africa for domestic con¬ 
sumption and what was being 
passed on across the border. 
Auvway South African law for¬ 
bade anV such distinction to be 
made. Rhodesia thus had a very 
powerful prorector.. 

In the C3se of South Africa 


nn such protector would exist. 
The country would hare no 
friends at all. The application 
of sanctions would require a 
large naval blockade, and that 
in turn would mean ihe partici¬ 
pation of the U.S. Navy, but 
physically it could be done. 

The sanctions could also he 
much tougher than those applied 
to Rhodesia if they were applied 
to air travel. One of the greal 
unexplored loopholes of the 
Rhodesian sanctions was Ihe 
case with which visitors to and 
from that country were allowed 
to fly around the world. Vet an 
international decision to deny 
landing rishts to South African 
Airwavs could have an immedi¬ 
ate effect on South African life. 

It remains that South .Africa 
has long built up storks in order 
to withstand sanctions; it is not 
even • as dependent on nil 
supplies as people used to think. 
There could he no question of 


a sudden cqllapse. but the 
country could,,be cut off in a 
way that Rhodesia could not 
unless sanctions bad been 
applied to South Africa as well. 

Yet the real issue is 
altogether different. It is— 
assuming that South Africa 
were reduced to a beleaguered 
position—what happens next? 
How do you guarantee that the 
South African whites draw ihe 
enlightened lesson and negotiate 
a transfer of power? On the 
contrary, is it not at leas! 
equally likely .that the Smith 
African authorities will become 
more and more repressive and 
the blacks mure and more 
rebellious even to the point of 
civil war? And if that happens, 
what do you- do then? Th^re 
is. of course, one thing you 
could do. You ruiild follow 
up the naval blnckade with an 
invasion and try to take over 
the wbole country, hut is that 
what anybody is seriously 
contemplating? 

LI is that guarantee of sanc¬ 
tions achieving the political 
objective of an orderly transfer 
of power which is-conspieunusly 
missing. Without the reason¬ 
able expectation that sanctions 
would lead to a political solu¬ 
tion. they are ip fart a recipe 
for chaos. They might salve the 
conscience of those who regard 
tbe future of South Africa as 
primarily a moral issue. They 
might keep the blacks on nur 
side for a while. Bui it is un¬ 
likely that they will solve the 
problem of how to achieve 
peaceful change in South Africa. 

There is another lesson from 
the Rhodesian affair. Sanctions 
against Rhodesia were under¬ 
taken without any proper 
thought about how they might 
work. What is worse, they 
were maintained even when it 
became clear that they were 


nut working because the British 
Government did not wanl to 
face up to reality. Their main¬ 
tenance encouraged a proees-i »f 
double - think whereby the 
British G*u’ernment pretended 
in public That sanctions were 
being enforced, while knowing 
in private that they were un¬ 
enforceable. 


fn this sense the Souih 
Africans arc probably right. 
Somewhere in rhe western 
alliance, though perhaps nnt in 
London, the view will prevail 
thar there ;s no point in 
pursuing a policy that is cn 
unlikely to achieve its objec¬ 
tive. Thr-refor*-. if the demand 
for .sanctions does come up at 
the UN. it will he vetoed. 


Yet for the South African* it 
is not -so simple. By their 
Namibian initiative the western 
powers offered Smith Africa a 
lifeline in civilised change and 
a continuing passport to the 
outside world. Tf it goes on 
being rejected, ii is hard to 
imagine That tilings will ever 
be The same again, even despite 
a veto on sanctions. For the 
absence of mandatory sanctions 
will in no way decrease the 
pressures on the West to break 
its links with South Africa. In 
the Iona run it will nnlv be ihe 
difference between fast and 
slow ostracisatirm with neither 
course promising any hope of 
peaceful change. 

Fur ihe moment the chance is 
still I here for the new South 
African Government to lake. Nn 
doubt there will he a great deal 
of hlufiing and cuiinier-bluffing. 
tint if should at least be pos¬ 
sible hi see how much there is 
at siuke—both for South Africa 
and for ihe West, and all in ihe 
next few weeks. 


Malcolm Rutherford 


Letters to the Editor 


sgorge the 


statutory versus non-statutory however competent, are largely 
control, but rather a more pre- anonymous to the outside world. 
cm. else analysis whether it really Many chairmen still define the 

OiltS i* possible to define, in role of the outside director essen- 

adequately legal terms, what is tially as supporter and restrict 
meant by the offence: while we the process of selection therefore 
report can all recognise it when it bap- to known supporters, rather than 
... -mber 27) on the basis of a pens, both tbe Stock Exchange’s identifying potential contributors 
t by Mr. Nicholas Goodison, model code and the legislative and screening subsequently for 
lock Exchange no longer clauses are quite inadequate on compatibility. 

•s malting insider dealing this drafting pninL The largest companies (say 

uiai offence, it is important present, the spectrum, of Ilbn turnover upwards), by 
. ie issue should as soon ae objectionable dealing ranges virtue of Ihe depth of their own 


Hr. R. Instone 
— If. as you 


on an "elite technocracy* 1 
except in so far as those involved 
have a vciy high level of tech¬ 
nical compel ence. - It' involves 
plain -down-to-earth engineering. 
The principles on which nuclear 
reactors are designed and 
operated can be readily under- 
slood bv anyone prepared to lake 
the trouble to do so. 


12L22SL “LS* from achstinn imengaged*in professionalism and relative 


d and dispassionate debate. active discussions f or a takeover stability of their businesses, are 
I only worthwhile argument ^id for his company to be lookina for a contribution from 
see for creating such an announced the following morn- their outside directors which is 


e is that its existence might jpg t0 ^ investment analyst more external and advisory in 
.some people from insider ^ h as a compands namre and macro In scale, which 

f. • ’,?*• *5 research establishment and bred lendx.mmin to restrict selection 
ed. sn long as it is. not a ; mQrei:se d t h e calibre and 10 a relatively small number of 

which “W* P roduce a profit im- Non-executive 

IS 11 ,'"oo 1 SC Wlr -P»~«S five g ».™ .enotatrffc..d» 


rlireciors once 
serve for long 
The 
can 


this pur pose nothtim less - vears ’ lilue - 0,1 an J^n-llterEl and 1 ., ind |P e J n ; te . pen t ods v ; 1 vT 
-ihc aSch'matte in Se interpretation, both- are in of detachment which ci 

' C.™p«"e’ Cl Bui publtahrt mforn.iUon -which hy e «»d mind un- 

uly (in Cinnd. 7291) would is not generally available and i5jSS»lv aJtcw 

opinion he adeauate This would, if it were so available, be -577, DBe j , f, l?? - . 

.. opinion ne aaequaie. i nis ... . r™ a rerian»\ to affect the over time and while this new con- 
Cla^e «> creates five to affect tne ma he valuah]e it nfI 

ste offences, which may be pnee^ot tnose secunnes. isoin . , cssentiallv that of an 

ansed ai follows: m, S W VS ffie JlS 

-o deal in the shares of a “end olhera^ » « *■»» ments for outside directors 
ompany as aa insider, or clearly should not the other . .. elearlv specified 

-cent "ex-insider,” of that clearly can. Between the two on the awepted^nSSre 

ompany on the basis of extremes lie all the problems of tee association P will cease ad 
rtce-scnsitive information trustees, with obvious conflicts wjeeified point in the future 
' btained as an insider; of duties, and the recipients of J n ^Xrepositive eleS 
-n to deal, on the basis of careless talk (not. alas, as in- ” SSthiSrS? u 
uch information, in the frequent as it should be). A ?t5i«S factor*^Testriet the 

hares of any other company; • For directors and others sped- for go^d Tvreutives 

To procure someone else to ficaliv connected with a com- “PPWTOnnj tor go«l execuuves 


’eal while the procurer pany , including all employees, a there still a laree 

;o.tid contravene (al or (bi simple rule would require only fjgffil of Ihe mufi Which Is 
he dealt himself: . . sn adaptation of the American 22?!.JES nr 


to serve as outside directors. 


‘o pass on inside 


adaptation 


. . Jtfc iofor- rtii dealings*' pro- ^ 

nation, with a view to a deal vision to British company law; increasingly one of demand 



nltiated by the recipient in dealings by such persons must rather t^in siipply and roni 
he same situation; and be re ^icrted to a specific open seeMn” new outside 

n “Misfdre’*'Si'So bad! It Sea ' 0TL b iS wlth the fU ? be X™S?' directors POtnSttalli have an 
ii strain* that- any net profits embarrassment of riches to 

toSTSKEL tn hS?SS actually realised within (say) 12 SSSehom; 
trfved froa an instdlr month8 are a 5? ounta ^J p? to ^ Leslie Digbton, 

■riminal law is to he invoked. com P* T, y- T )“ s catc ^ s ^ Gorporate Consulting Group, 
of these provisions could : fl Stion ?roWem^S' * Buckingham Gate. StVl. 

SS flS&TZgZ fiRLf!£3 — 

Tnv atiereaiivev tlcil experience before accepting 

aTwiap™ 1 worthy of the «*teooion of. the <*»« »• 

Cation, fn the White Paper on fcppees. Neither codes nor Acts 
Conduct of Company Direc- «" be based on the present vagiw 


Of course there are potential 
hazards but it is the purpose of 
good design to ensure that they 
do not become a reality; the 
nuclear power industry has a 
quite remarkable safety record. 
Nothing can ever be absolutely 
safe. In the field of energy pro¬ 
duction. which is preferable: a 
one-in-a-niillioo chance- of a 
serious nuclear accident or the 
statistical certainty that about 
fifty miners will he killed next 
year producing coal? 

Those of us. including the 
environmental lobby, who are 
outside the nuclear establish- 
mem can play a positive part in 
helping to ensure that, safety 
standards are maintained. The 
cause of safety is not advanced 
by rabble-rousing polemics. 

Finally, if bas been suggested 
that the nuclear industry is 
under attack as a conspicuous 
first target in a general attack on 
technology as a whole. It is 
reasonable to ask what type of 
life we are to have without It? 
Are we to return to the 18th 
i-entnry when life was elegant 
and pleasant for the few but 
short and brutish for many? 1 
hope they use tallow candles for 
lighting in the Green Alliance 
and not part-nuclear electricity. 
1 trust also that those attending 
the Swiss meeting travelled by 
bicycle and bullock-cart — or 
did they go by air. helping to 
pollute the atmosphere with 
kerosene? . - 


specialist approach to us prob¬ 
lems. Big is seldom beautiful 
for a rural area, ll always leads 
to the rural area being ignored 
because .of tbe heavy pressures 
from the urban areas. That is 
vrhat has happened in the past 
in Wales.. 

There is no confusion among 
the development bodies on their 
respective roles. Nor is there 
confusion among our customers 
In the Boards experience of 
handling 50U prospective indus¬ 
trialists during the past 18 
months , not one has mentioned 
the word confusion. 

Dr. W. Iain Skewis. 

Lodinrell House. S Ctrl aim. 

Put chs. 


Tourism in 
the UK 


Environmental 


... „„ „ „ ...interests 

miblfsherf in November 1977 definition, which brings with it __ - 

Id-7037? n was “atS th£ the.disadvantages .that it would *«“<*«« 
Government had reached no he interpreted by juries with all . Sir.—I have son 


P. J. Grant • 

(Professor of Nuclear Power). 
Imperial College of Science 
and Technology. 

Department of Mechanical 
Engineering. 

Cifw and Guilds College. 
Exhibition Road. SWT. 


some good news 
Morgan - Grenville 
261. His newly- 


jovernment bad readied no --- .... K „., -_ .. 

lusion on whether to extend the benefit of hindsight, both wrMr. 

-scope for a “disgorgement self-regulation and legislation (September 
' f-n” to take tbe profit out of become equally unsatisfactory on formed organisation The Greer 
1 er dealing, and would wel- that basis. AHiancc js_not, as hf_2, h _ e 

: further discussion of it. But E. P. Chappell. - 
? is nothing about it in the 32, Frognal Low. NWS. 

’, i Bill. 


is at least arguable that a 
risk of having to disgorge 
profit would be a better 
...Trent against insider dealing 
the criminal sanctions is the 

• t Bill, that is imprisonment _ . y.- . __ 

'nr a fine which, is not geared Fr 2 m L '„2! l1 ? n 
...he. profit. The dra/t BUI 


Bxfet to bring European environ¬ 
mental interests together. Nor 
is it the first to hammer nut a 
common manifesto. The Euro¬ 
pean Environmental Bureau has 
been actively engaged in doing 
just that during the last four 
years, and bas produced “One 
Europe one environment ”—a 
manifesto, which has already 

Sir.—Mr. E. Dodsoa fSeptem- been widely distributed. The 


Development in 
rural Wales 


Non-executive 

directors 


From the Chief Executive. 
Development Board for Rural 
Wale* 


idv provides fin Clause her 26). asks why there is not Green Alliance haa more friends 
))" that a director who more evidence of talented than it yet realises, 
ches his duty to his company executives serving as non- Irene Coates, 
countable to it for any result- executive directors on the boards *Hie Conservation Society, 
gain. Would it not he worth of other companies. representative, 

jidering the introduction, for The main .reasons on the European Environmental 
experimental period, of a supply side are to do with reward Bureau. 

: lar liability to account, in fj si. Talented individuals Vatrticrxtroot 3J 

• of the five cases listed above, of- . an entrepreneurial kind, 8-1040 Brussels. 
end of making them cri m inal mostly from the smaller com- 
aces? Ail that would be panies. question both the rela- Xlliplp/ir 
tired is statutory authority tinnship between tbe reward* . 1’lUUtai 
ytbe institution of tbe neces- available and contribution which . 

' proceedings by any company can be made, and the increasing pOWcI 
:erned, or by any of its share- tendency to define the role of professor P. Grtml 

,e - r ?-. . ^ the . non-executive as auditor ‘_with consideraftle dis- 

this proved inadequate in rather than entrepreneur. Larger “J- JL. r A comment on 
th. * for Madras corapaaies art wasifivo .bout ^ 

imal sanctions in the next the risks to their names by j“- sentemher °6) which 
ipanies Bill but one would be assoc iation. however tenuous. ^ ( of P mSiv o“f the 

■h stronger. udth another company which »« tST>wal of man> or tne so- 

might ISSfence difficulties, and called arguments agauist nuclear 

Er1ST will ftlff m to 

return for acting as a source of 
supply. 


stronger, 
oh Inst one. 

'Did Square. 
coin's Inn. )\‘C2. 


Short swing 
iealings 

m Mr. E. Chappell 


dishonest^ among the profes- 

These .apple constraints are T'™ 

diminishing rapidly and larger <;Nand reassurance, io 


mss.. 


positively reeking the added hierarchy ) 


values to SerTAtre and peT- aUegations of Jack of safety 
• sonaJ development, which can be which are so . * 1 ? d 

ir.—At last the'true copeenrs gained from the right external gepWal that they eannol be dis- 
ut insider dealing are being appointment* as non-executive cussed sensibly, let alone refuted 
■e widely voiced- (see Lex. directors. More real are the f massive;doubts about safety. 




■e widely voiced- (see Lex, directors. More real are The < . . - 

.* w " . ,4tember 271; but surely the demand constraints which . sit6nce ^about many nuclear 

riSenary area for debate should restrict the natural sia? of the incidents l. 

be the relative merits .of market open to executives who. This is not 4n industry based. 

v-'. ' ' ' ' ' 


Sir,—Special problems need 
special solutions. The problem 
being tackled by the Develop¬ 
ment Board for Rural Wales in 
mid-Wales bears little similarity 
to that of south Wales and. just 
as in Scotland, it has merited a 

body with a particular blend of 
economic and social development 
powers. The "fine brush tech¬ 
nique ** has worked .in the High¬ 
lands of Scotland and It is going 
to work in mid-Wales. 

Your -article "Agencies 
galore ” (September 27) referred 
to a House of Commons Spied 
Committee Report. This Com¬ 
mittee in fact complimented the 
Development Board for its 
success In attractin': new. busi¬ 
ness to i«s area. • Its comments 
on “ confusion ” referred to the 
attraction of industry from over¬ 
seas. This was surprising. In tnv 
experience of this work in all 
parts tff the United Kingdom the 
responsibility for overseas pro¬ 
motion is more dearly defined 
in Wales than anywhere else. Ti 
rests ’with the Development Cor¬ 
poration for Wales of which the 
Development Board is a member 
and to which it gives full sup- 
port. The Development Board 
does no promotion overseas. 

It is a tidy solution to suggest 
all broadly similar tasks should 
be lumped together is one amor¬ 
phous body, but what is' lo he 
gained? . It doesn't take less 
people—often n .takes more and 
in the case of mid-Wales it would 
preclude the development of a 


From Mr. J. Pogue. 

Sir. — May I refer to your 
article of September 26 to con¬ 
nection with the British Tourist 
Authority’s request to the Gov¬ 
ernment for an additional £2tm 
a year from I979-S0 to promote 
tourism in Britain. 

Let ail those Involved in the 
promotion of tourism lo and 
within Britain heartily and with 
a strong face support the efforts 
of BTA. Surely the marketing 
of tourism to Britain within Ihe 
past decade has beeo one of the 
outstanding success stories. 

Surely the-pittance that-has 
been requested by BTA .bB> 
lo be taken -in the light of the 
staggering figure of 11.5m over¬ 
seas visitors who spend a pheno¬ 
menal amount, of £2.75bn within 
Britain and on fares with UK 
air and shipping tines. 

Quite contrary to the popular 
belief of most'people, a survey 
conduced by the English Tourist 
Board on Londoners’ attitude to 
lourisla and tourism published 
in July revealed that at least 67 
per cent of Londoners recognise 
tourism's contribution to the 
city’s economy and 76 per cent 
see tourism’s benefits outweigh¬ 
ing its disadvantages. 

For bow much longer can the 
government bury its bead in the 
proverbial sand and pretend that 
the tourist industry will go away 
if continually ignored? What 
other industries are there that 
have contributed to the balance 
of payments iso significantly and 
yet have so often been maligned 
and gone unrecognised* 1 

At the same time, recognition 
should be given to tbe other 
three statutory members that 
were set up in the Development 
of Tourism Act. namely the 
English, Scottish and Welsh 
Tourisr Boards—will they also 
be given a slice of the additional 
£2\m now he*ns requested by 
Sir Henry Marking? 

Julian L. Payne. 

36, Corrinffirap, London, W5. 


GENERAL 

Labour Party pre annua) con¬ 
ference national executive meet¬ 
ing in Blackpool. 

European Petrochemical Asso¬ 
ciation annual meeting m Monaco. 

UN Security Council debates 
Namibia for second day. 

U.S. leading economic indicators 
for August published. 

Canadian trade statistics for 
August published. 

Mr. Roy Jenkins, president nf 
EEC Commission, second day of 
talks in Athens with Greek 
Government on EEC membership. 

Institute of Management Con¬ 
sultants holds first annual con¬ 
ference at Maidenhead. 

Election of Lord Mayor of 
London at GuildhalL 

London Chamber of Commerce 
and Industry conference on 
“Coping with the Export Risk," 
hi Royal Automobile Chib. Picca¬ 
dilly. 


Todav’s Events 


and 

City 


Exhibition of German 
British crafts opens at 
Museum, Birmmgbam. 

London Anns Fair (antique and 
modern ucapons ami other miJi- 
taria) opens at Royal Lancaster 
Hotel. London. 


Royal Air Force Association 
Battle of Britain Ball at Grosvenor 
House. London. '• 


borne Road, Birmingham. 12. 
Cavenham. Cavenhum House, 
Hayes. Middlesex. II. Elect ro- 
compnncnts. Great Eastern Hotel. 
EC. 12. KCA International, Hotel 
Inter-Continental. W. 12. Midland 
Educational. Midland Hntel. New 
Street. Birmingham. 12. Textured 
Jersey. HKI. Old Broad Street. EC, 
12. H'ebb Joseph. Station Hotel. 
Dudley. 12. Wiggins Construction. 
57. Han Road. Benfleet. Essex. 12. 


COMPANY RESULTS 
interim Dividends: C akebread 
Robey and Co. Hambro Life 
Assurance. Charles Hurst. Lyle 
Shipping Company. F M H le r 
(Textiles). Modern Engineers of 
Bristol 1 Holdings), -lames Neil 
Holdings. North British Canadian 
Investment Company. Royco 
Group. 


SPORT 

Tennis: Pernod Trophy. Notting¬ 
ham. 

Gymnastics: Combined Inter¬ 
national, Crawley. 

Hockey: European Unrier-21 

Championship, Dublin. 


COMPANY .MEETINGS 
Carrington Investments. 75. Hor- 


UINCHTIME MUSIC. Loudon 

St. Paul's Cathedral—organ reci¬ 
tal by Richard Tnwnend. 12-liV 


SL Stephen Walbrook—organ 
recital by Christopher Kent. 1251). 


r 


Heaters for 

drinks 


Fmm Mr. J. Irona. 

Sir. —Mr. Al Collins asked 
(September 16) why electric 
kettles are not made in small 
sizes. Since bis house 's called 
Waratah I wonder whether his 
letter ig really an indirect query 
as to why drink beaters are not 
available in Britain. 

Drink heaters consist of a 
small vessel with an external 
electric heater around the lower 
portion. Tbe upper part of the 
vessel has a larger diameter 
than the lower so that if milk 
is being heated it cannot boil 
over. They are made in several 
sizes, from one cup upwards. In 
the early 1960s. they were avail¬ 
able in Australia and no doubt 
are still sold there. 

.1 Irons. 

74 Brimstone Bond. Ueucoll 
Wirrol. Merseyside 


U»» ut.waMinm appeals b 3 a maasr N rsowo (July 


Sr fr nOra nn 





Stanley Electric Co, Ud. 

Tokyo 


DM 40000000 

3V 2 % Convertible Debentures 1978/1985 

- Stock Index No. 463792- 


Offering Price: 100 % 


DftESDNE* BANK 

AKV 


DAJWA EUROPE N.V. 


■ANQUE RATIONALE DC PAWS 


GOLDMAN SACHS INTERNATIONAL CORP. 


KLHNWOnT, BENSON 


mb B e eue me s co re o gAnow 
X E. « 

mo coMuncum haiiana 

BANK JUJUS Bgaj.»naWJmOHAL 
THE BANK OF TOKTO (HOLLAND) XV. 


a m ®ha® MVEBnmcr coewr 
AUKTQVMM-nOrrBOAM BANK N.V. 


ALGCM9C BANK KEBBRLAND KV. 
BANKHAUB H. AUPHAU58I 


BAMCA DEL COTTARDO 
■KNOWS? ■HraWLW*' IAHHHT XX 


BAMCA MAZIONALE DEL LAVOBO 
BANK MEES A HOPE MV 


BAMQUE DC LMBOCWNE ET DC SUEZ 
BANOUE be PAHS ET DEB NVSBU 


B A H Ou e WTB9UTKMALE A LUXBM80URQ 
XX 

BANGoe H0TH5CHXD 
BAAMB BROTKdS A CO. 


BANOUE HUMCAISE 
WJ OOMMBtCE EXTtHEUR 
BANOUE DE NBIFUZE. SCHLUU8SW8I. 
MALLET 

BANOUE DE LA SOCSTE FMAHOfiC 


BAflMO SAMBA LMTB) 
BAVBBSCtC VERSNSBAHlC 


OOSSLBS A CO. 


CAUSE DEB OMrS cr CMMCN A I We 

o n c owp DrrawAnCHUL amp 


w» mwwBTPt vm 

JAMS CAPS.' A CO. 


BLYTH EASTMAN 0XLDH A COL 
WTSMAUCINiU. lATTBI 
CHASE MANHATTAN 


‘SSSSSSW 


on enwarnruw de num 
CBDTT «SS»^ST BOSTON 

CAIWA SEtOPE fimnBQ1LA«) BMM 


CWSXT INOUBmH. BT COM MEN PAL 
CTWffAN8TAU-BA»««W«l 


cdaipaome mxamouHQEoisg 

DE LA DHESMER BANK A6 
- MESONBI BAWt INTERNATIONAL - 
CREDIT LVOMNAtS 

BAI-XM KANGTO BAKK NB1BILAN0 N.V. 


MUON. SAD OVBSEAS CORPORATION 


8ASM SEOWTBS^MjmNATKVUL (HXJ 


DBi NORSKS CRBHTBAW 


DC BANK 

DCUTBae DBIOSSBSCHAFrsaAHA 




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EfTECTBeAMC-WAMURQ 

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-WSBISaC LAHBeSBANK 

- onozmnuif - 

W1TIUIU B AHCARW BAN PAOLO H TORMD 


KREDCIBAM SA UHBmOUROBDIBE 
LAZARD FAStES A CBL 


RU BOBttWnQNAL tTO r 
HU. BNjgg. a CO. 

Japowc doupant 


HOBO. vouMe^wBfi A core any 
& MEraBI SSL SOHN A CO. 


BUM LOB LEHMANN RNOUWS ASIA 
LLOVPS MMt^BnERNATXMAL 
MERCK. nNCK A CO. 


MISUBSH BANK (EUROPQ SA 
IMMM STANLhV BUHBJA-nONAL 


1M m*o secunrs co. finosq ltd. 


NOWDorracHE uokmakk 
WRC aWTRAU 

N K. ROTT^NUI A SONS 
A HSNPT aCHTOOp WAK A 60, 

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9ECURUE5 COL LTD. 

MTM^SS^L^ANK 


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moat 

BWUSTWmANK J®NJ«?AN. (DBJISCHLAND) 
KBIOBL PEABODY INTERNATIONAL 
KTOWA-BNANCE LIMITS) 
MANUFACTURES HANOYBI 
MERIBU LYNCH BfTBOIATIONAL A CO. 
UnSU FWANpE EUROPE 
NEW JAPAN S^JATTIES EUROPE 
NOMURA EUROPE H.V. 


UUW- UNO BSSfBJBK 

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M. K WAHBUBB-gHMCBaiANN. 

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WEVTDBJTBQE lAlBICTITTANlf 


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Salomon mai^ nnenNATWML 
KMttR rtimirm i«eSt.s oo. 

secant obBmu imriPwr de banbue 
1 * ANK CBBggynpM BwmsEASj 

J WMTOBB--B CO. 

X X WHUtt A Cu. LTD. 


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ROTHSCMLB BANK AO 
fiANWA BANK^JNUBWfflTERS) 


3WTH CABNEY. HAJMS UPHAM A CO. 

SDCIETB OENBIALE DE BANOUE SA 
UBCM BANK OF SWITZERLAND (BECUHTCS) 

WAKO SECUWIIES CO. CIS. 


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y 









FinancialTiiries Triday September 29 197S 



DIVIDENDS ANNOUNCED 


Offshore losses depress 
Vickers in first half 


SAETER ALLOWING for “ signifi- 
Kflnt losses" on ihe offshore 
engineering side, Vickers has 
lurried in lower group pre-tax 
.proLius for the first half of 1U7S— 
down from £6.3ni to £4.47m on a 
comparable basis. 

1 The 1377 figure excludes contri¬ 
butions from the nationalised 
interests totalling fll.Sirn (of 
>'hich £7.97ra relates to the share 
of the British Aircraft Corpora- 
Ition’s profits) while the 1973 
profit is after stripping out an 
interest credit of £0.69m in 
respect of compensation pay¬ 
ments on account. 

■ The directors report that nego¬ 
tiations with the Government on 
Compensation are in progress. 
Payments on account amounting 
in total to £10.1m have been 
received, on which an interest 
predit of £688,000 has been 
included in the results for the 
first haiF of 1978. 

:-Other than offshore engineer¬ 
ing, UK operations together 
achieved higher profits than fast 
year, while in Australia and 
Canada the contribution was 
lower. The Canadian perform¬ 
ance was severely affected by a 
four-week strike. 

Referring to offshore engineer¬ 
ing the directors explain that the 
effects of rapid developments -in 
underwater technology and weak 
market conditions have combined 
£o produce the loss situation, 
particularly in Vickers Oceanics. 

Actions already taken and those 
In band supported by a continu¬ 
ing research and development 
programme, are aimed at 
strengthening the position of 
these businesses in this important 
sector. 

. At the attributable level profits 
emerge at £2.42m. compared with 
4S.52m which includes contribu¬ 
tions from the nationalised pans 
pf the group, and earnings per 


Company 
Aberdeen Constn. 


IKDZX TO COMPANY HIGHLIGHTS 

_Page Col. Company 


Current 

payment 

Aberdeen Const,. .inL 2 

Alva Trust ..int. 3.18 

Amber Day . 1.43 

APV .inL 2.23 

Aasbd. Book. ..i.InL 3hi 

C. T. Bo wring .inL 1.01 

Brown Bros. . . . 0 62 

Combined Eng. Stores lot. 1.T2 

Down Surgical ...1st int. 0.8 

Dunlop Hldgs. .int. 2.65 

James Finlay .3rd int. 2.5 

Footwear Ind. Inv. . 2 93 

Galliford Brfhdlay . 2.67 

General In vs. .inL 1.7 


Date Cor re¬ 

ar spending 
payment div. 
Nov. IT 1.79 


shin? 


srij 


Oct. 31 
Nov. 28 

OCL25 
Oct. 31 
Nov. 20 
Dec. 29 
Nov. IT 
Dec. 4 
Jan. 2 


m 


Gordon and notch ...inL 2 25 


1 Heron Corp. 


Pag e C ol. 
~ 26 4 


Alex Tfowden 


HTV Group • .1. 6 


Oct. 31 ' 
Nov. 3 
Nov. 13 


Amber Day 

24 

« 

Hewitt (J.) 

25 

3 

APV Hldgs- 

24 

6 

Howden (Alex.) 

25 

1 

Associated Book 

26 

4 

HTV Group 

26 

4 

Berger lensen 

25 

S 

Hunt & Hoscrop 

25 

5 

Bowring (C. T.) 

24 

4 

Makin (J. & J.) 

24 

4 

Brown Bros. 

25 

1 

Martin (R- & P.) 

24 

1 

Combined Eng. Stores 

24 

1 

Morrison ( Wm.) 

25 

2 

Downs Surgical 

25 

4 

Owen Owen 

26 

3 

Dunlop 

" 24 

6 

RMC 

_26 

1 

Finlay (J.) 

Footwear Industry 

26 

2 

Vickers 

24 

?“ 

Galliford Brindlay 

25 

3 

Whatman Reeve 

25 

2 

.Gates (F.) 

27 

3 

Wimpey 

25 

4 

Gordon & Gotch 

24 

8 

Woodrow Wyatt 

24 

8 


Hunt and Mnwrnn . 

P. and W. Macleilan ..int. 

J. and J. Makin . 

R. P. Martin 

Morrison Supennrkls. int. 

New Celt. Wltwatersrand 


Dec. 1 
Nov. 10 


Owen Owen ....:. inL 0 72 


Nov. 11 
Nov. 6 
Nov. 17 


RMC . inr. 279 

Refuge Assurance ...int. 31 

Charles Sharpe . 1776 

Vickers .inL 3.85 

Whatman Reeve .inL 2.718 

Woodrow Wyatt . 0.1 ■ 


Dec. 1 
Nov. 10 
■Nov. 21 
Jan. 3 
Nov. 3 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. tOn capital 
increased by rights and/or acauisiUon issues, t Second interim of 
O.Sp forecast for 15 months and 'final to be recommended next August. 
5 I Sl4p final forecast. 5 Plus additional 0.0388p For . 1977. l|To 
reduce disparity. ** Includes additional 0.030839p now payable. 
IT For 18 months. 88 For 14 months. South African cents throughout. 


£1 share come out at 3.5p against 
19.5p. 

The interim dividend is un¬ 
changed at 2.S5p costing £ 1.08m— 
the total for 1977 was 9.8ip P3id 
from profits, including those attri¬ 
butable to nationalised interests, 
of £2o.06m. 


Hull-year 
iar* iPTv 

3HM fOlH) 

191.4.9 *236.483 
10 .DR tlG.l-U 


Charles 
Sharpe 
at £0.88m 


Bowring 27% ahead 
to £19m at midyear 


LOW COST Imports and a Euro¬ 
pean tyi% market still - suffering 
from excess capacity eroded per¬ 
formance at -Dunlop Holdings 
during the first half of 1978. Sates 
were 9 per cent higher at £749m, 
against £685m, but volume was 
little changed and operating 
profit fell £9rn to £32m. 

The surplus at the pre-tax 
level was down at JE22m compared 
with £32rn last time. On a current 
cost basis according to the Hyde 
Guidelines. this would be 
reduced, by extra depreciation 
and costs of sales less gearing 
adjustment, by £17m (same). 

The tyre business, especially ha 
the UK and Ireland continued to 
be difficult and the British, Irish 
and ■ German tyre businesses 
showed losses though in France 
there was a recovery to a small 
profit before financing charges. 

In some countries imports 
were priced at levels wbicb could 
barely cover manufacturing 
costs, the directors comment. 

Prospects overseas and for prb^. 
ducts other .than tyres in Europe 
are reasonably satisfactory, but 
substantial improvement In the 
performance of the group’s Euro-' 
pean tyre business remains a 
prime objective they state. 

Last year, when profits slipped 
from a peak £72.2rn to £57m, 
activities other than tyres, pro¬ 
duced two thirds of the total. 

The. net interim dividend' is 
held at 2.65p per 50p share—the 
final test time was 5 jp 

Exports for .the half-year were 
8 per cent better at £79m. 


-Tax. with the.deferred element 
treated in _ accordance, .with 
ED 19, was qnly marginally louiei 
at H3tn (£L4m> including Glm 
(£22m) for - overseas - >701 

profit emerged halved from £3U5no 
to.£9m and. the. attributable sur¬ 
plus _was £5m T fn0m). 

The Increase' in the'relative 
burden of tax reflected, the 
greater proportion 7 of-, profit 
earned overseas "and certain 
losses...unrelieved, foe tax,- the 
directors explain.' : V j 
With .the-‘rise. in disposable: 


(£23m). .. Re-financing Is 
sterling long term loans. 

See Lex 


Woodrow 
Wyatt 
cuts loss 


Incomes in the UK the consumer 
products divisions, ' earned ■sub¬ 


stantially higher profits. Although 
the.market for capital eooifa-was 
sloggrah. the. group’s wide < jrattge 
of .industrial. products made’ ijoad 
progress- The- sales -and prefits 
of engineering products wfero also 
satisfactory. ; - •- - 

■ 'Profits rn most of the mantdhc 
Turing subsidiaries ' outside 
^ mope were higher than in 197?, 
with particularly good results- In 
Malaysia. 

The share of associated com¬ 
panies' profits included- -£4m 
f-EBmJ; .from. Pirelli companies 
(before Dunlop’s financing 1 

charges' and tax). 'Mlnbrityahare- 
hoHders 1 interests of £4m (£8m> 
included £2in (£8ra) profits (after 
financing charges gnd Lax) attri¬ 
butable to Pixels from , Dunlop 
companies. • ' .-l-J. . . 

; A loan of DM 74nj (fl9m) was 
repaid in August ahd- arrange¬ 
ments have, been made-to repay 
the remaining loans: of -DAC S8m 


A PROFIT of -£180,110 fa th 
second half of the year to Mere 
31, 1978. by Wodrow Wyatt Ho** 
Ings against .'losses of £246,983 > 
the' same period of 1976-77. n 
doced the year’s deficit fro« 
£239,715 to'£8ft238 before tax. 

. ..Profitability is continuing in tb 
first six. months- of. the curren 
year, the directors say, and th 
order boob for the Second half - 
which is usually the' better ba 
— • looks favourable. Tradm 
generally has- improved. 

. -A nominal dividend of O.lp p® 
5p share is. proposed. The las 
payment was a single Li3p ui 
teritn in 1975-79. 

Sates'for the year amounted t< 
£5J®fc;agaitet £5.48ta; J The lo* 
Is »ter ■ - Interest. - £ 203 . 82 . 
(£220.890> and exceptional debit! 
£69,9ZS'(£242^20). but before tax 
£36,094 against a £101,933 credit 
last tim& 1 

Principal.activities of the groupd 
Includes;, . print' finishing, sheet¬ 
fed litho printing, periodical, 
house journal, etc, printing. 


Sales . 191.4.T* *=36.483 

Tradtn* oroRi ...... I0.D31 .116.146 

invnmiuru lm:«nc .... it- 1 41 

Net [merest payable .. 3.201 3.6S4 

Profit before lax 3.160 10.503 

Share or a-i»ooiares loss • 27.613 

Profit before iw . SOST Vt-Ub 

Taxation . 2.1 M S.8W 

Net pro hi .-. 3.037 9.316 

Minorities . 441 691 

Pnjfercni-e dividends... W t®1 

Attributable ordinary. 7.4J3 8.524 

* Include shipbuilding Mirk £39.14m. 

»liv-tiidi-s shipbuilding irmUnu profii 
* litvluda share of profits of 
bn;..di Airurafi Corporation (Holdings) 
ET.Vrm. 

See Lex 


FOLLOWING THE warning in 
March that full-time profit would 
fall short of the previous season's 
record Charles Sharpe and Co., 
seed grower and merchant, 
reports tax profit for the year fa 
June 30, 1978. down at £880.169, 
compared with £1.000.537 last 
time. 

Tax took £494.460 [£569.9491, 
leaving a net balance of £385,709 
(£431,488). 

The net final dividend is raised 
to 17.76p lor a total of 2L.SSp 
(I9.6p). 


CES £lm higher midway 
-substantial growth seen 


FROM TURNOVER of £645.02m 
compared with 1548.78m taxable 
profit of C. T. Bowring and Co. 
advanced 27 per cent from £14.95m 
to £19.07m in the first half of 
1978, with all sectors of the group, 
apart from shipping, contributing 
to the increase. 

Directors say profits for the 
full year are expected to show 
an improvement over, last year’s 
peak £33.01m, although the rate 
of growth of the first half is 
not expected to continue in the 
final sis months. 

They say insurance broking 
profits Increased - in rhe period 
despite the weakness of the U.S 
dollar, and there was an increased 
contribution from underwriting. 
The credit finance and engineer¬ 


ing subsidiary, Bow-maker, had an 
excellent first half and-merchant 
banking' trading profits showed 
improvement 

Shipping contributed a further 
loss, but for the'year the operat¬ 
ing loss is - expected to be less 
than in 1977. It will be mitigated 
by exceptional profits. 

After tax of £9.92m (£7.79ml 
net profit came out at £9.15m 
(£7.17m) before minority interests 
of £269,000 (£204,000). 

Hie Interim dividend is ahead 
from 0.9075p net per 25p sbare 
to 1.013375p, and an additional 
0030899p is to be paid for 1977. 
Last year a 2.039334p final was 
paid. 

See Lex 


Improved North America result 
lifts APV to £8im halfway 


ISSUE NEWS AND COMMENT 


WITH ITS mainstream UK activi¬ 
ties enjoying favourable trading 
conditions, pre-tax profit of 
punbined English Stores Group 
more than doubled from £651.000 
to £1,689,000 m the 28 weeks to 
August 12. 1978. 

Turnover for the period was 
£34.1 Sm compared with £25.93m 
Jast time, and profit includes 
£337,000 (£295.000) from the dis¬ 
posal of properly, and associate 
Income of £86,000 (£134.0001. 

-A £957,000 extraordinary loss 
relates mainly to the disposal of 
its Belgian subsidiary- Lindor, and 
includes £602.1)00 of goodwill 
Written off. It also covers the 
termination of activities of Paul# 
Carpet Warehouse. After this 
item ' and tax or 1878,000 
(£282.000) profit came out al 
£56.000 (£369.000). 

To cover the interim dividend 
payment of 1.7l5p net per 12 5p 
share (i.5357pi. £293.000 has been 
transferred from reserves. Last 
year £58.000 was transferred to 
reserves, and a final of 1.7066 was 
paid on profits of £4.34m. 


Mr. Murray Gordon, the chair¬ 
man, says the Kendall chain oF 
84 ladies fashion shops, which 
was incurring losses when 
acquired, was succesfs Lilly turned 
round to mukjj. a positive contri¬ 
bution in the period He is confi¬ 
dent Kendall will make a greater 
contribution for the remainder of 
the year and will progress ro 
become one nf the most 
Important fashion companies in 
the group. 

He says he has great confidence 
that this year will be another of 
substantia) growth far the group, 
ft has considerable financial and 
managerial strengths and further 
opportunities far expansion are 
actively being sought. - 


• comment 


Sates are roughly one quarter 
better at Combined English Stores 
after stripping out a fatal of Dim 
from Kendall and adjusting far 
new stores. That leaves volume 
growth of about 15 per cent—by 
any standards an impressive per¬ 
formance. On the back of this 


taxable profits are one and a half 
times better, though only ut per 
cent up on the 1975 peak. Al 
any rate CES is back in top ge^r. 
wi!h its fashion shops jusl at the 
right end-of. the retail •‘pectrum 
to cash'* in on the current spend¬ 
ing spree. Salisbury's'has done 
the besL Fenton recovered from 
it* poor showing test year, and 
Kendall has already chipped in 
£50,000, despite losses of £600.000 
■n she year before acquisition. 
The only bleak spot was Germany, 
where the joint venture with 
Dutch insurance group. Amev, ran 
InLo bad weather. Spending, how¬ 
ever. is picking up there and. with 
Lmdov now out of the way profits 
of £6m'(net of property‘disposals) 
look probably far rhe year. With 
plenty of cash in band the possi¬ 
bility or a big UK takeover adds 
interest to the j»bares. At I26p 
the shares currently stand on a 
prospective p-e of 8.6, held back 
perhaps by a yield (with the 
prospect of a slightly more than 
10 per cent increase) of 4.4 per 
cenL 


West Kent Water £1.5m 
preference offer 


Underwriting has been - com¬ 
pleted for an offer for sale by 
lender of £1.5m West Kent Water 
Company 7 per cent redeemable 
preference stock. 1983. at a mini¬ 
mum price of £97.25 per cent. 

The stock- is payable as to £10 
per cent on application on Octo¬ 
ber 5 with the balance on or 
before December 21. 

Interest will he payable on 
January 2 and July 1. The first 
payment, on July l, 1979. will be 
at the rate of £3 839 per cent. The 
stock will be redeemed, on 
December 31. 1983. 

At the minimum tender price 
the stock’s fiat yield is 10.74 per 
cenl while ihe redemption yield 
is 11.18 per cent. 

Brokers tn the issue are Laurie 
Mil bank and Co. 


Southwark offered the stock at 
£99| per cent, but on application 
day underwriters were left hold¬ 
ing 92.7 per cent of the issue. 


Ferranti price 
expected to be 
well over £3 


comment 


R. Martin reduces dividend as 
outlook viewed with caution 


PROFITS of R. P. Martin and Cu„ 
foreign exchange and currency 
broker, wore down slightly from 
£684.411 to £645.812 in the yeai 
ended June 30. 1978. from turn¬ 
over of E4.12ra against FJ.2Sm. 

First-half profits were ahead 
from £337.328 to £359.85:! and the 
directors said ibar at ihai stage, 
prospects for rhe second half 
appeared to be slightly improved. 

There was an extraordinary 
debit of £42.064 t£128.676 credit I 
which represents costs of _ an 
abortive takeover in New York 
and overseas office relocation 
costs. 

.Although rhe re is already con¬ 
siderable improvement in the 
overseas ventures in ihe Iir>t two 
months of the current /ear, the 
board is being, cautiou- and 
recommend' a reduced final pay¬ 
ment of 2.3p (3.44pi cutting the 
net total from 5 94p to 4.5p 

The year's profii includes other 
income of £45.014 (£65.3851 Tax 
charge Is £318.100 against £412.084 
giving earnings per share of 3.0!ip 
f6.6p). There is a deficit at the 
year-end or £100.170 3gainst a re¬ 
tained surplus of £155.727 last 
time. 

The bnard states that no immo- 
diale -las relief Is available for 
first-year loses and the tax 


charge is therefore crossly in¬ 
flated. 

However, with [he improved 
ability to increase turnover, ex¬ 
tended geographical and product 
diversification, and the tax advan¬ 
tage of these losses far the future, 
their expansion policy should soon 
start to bear fruit. 


Charterhall 
slumus-waiting 
for oil to flow 


A slump in profit from IHHI.73S 
to £16.455 Is shown hy Charterhall. 
formerly Charterhall Finance 
Holdings, far the year to June 30. 
1978. The surplus was struck 
after a las credit this time of 
£15.653. ail charges, and writing 
off exploration costs. 

The main feature of the period 
was the progress made Inwards 
bringing the. - Buchan Field fa 
productioo. ■ says'' Mr . Dprek 
Williams the.' chairman. With 
BP Petroleum Development' as 
operator, the field is scheduled 
to come on stream by the end 
of the third quarter of 1979. 

In December last the company 
held a 0 333 per cent direct 


working interest in North Sea 
Block 21'1 containing Buchan oil 
field and- North Buchan oil 
discovery and an indirect 42 per 
cent ner production interest in 
the Buchan Area, through C.C.P. 
North Sea Associates. 

The Immediate future of the 
group will be centred around 'Is 
■investment in the Burhan Field 
from which material benefit will 
start io accrue with the onset ol 
production. Air. Williams says. 

Group turnover for the year 
was down al £599.741 (£876.4791. 
and staled earnings per 5p share 
dinned to Onfip (039pl. Again 
there is no divedend. 

Additional oil and gas ventures 
have been undertaken by the 
enmpany in the U.S. and in Aus¬ 
tralia some progress has been 
made in the exploration far base 
metals in the Ml Keith area. 

The financial companies in the 
UK continued to trade al a satis¬ 
factory level and provided suffi¬ 
cient earnings io cover the operat¬ 
ing expenses of Ihe group as well 
as the exploration expenditure or 
th** oil division during the year. 

Further progress has been 
achieved in ihe negotiations, 
which are continuing, to amal¬ 
gamate the interests of the 
Charterhall Group. 


FoHowing the good demand for 
Bristol Waterworks last week, 
there is no reason why West Kent 
Water should not get a good 
response. Bristol is. yielding 10.7 
per cent flat and 11.08 per cent 
to redemption at the average 
tender price or £97.06 per cent 
so lenders for West Kent wtH 
have to be pitched at least £971 
per cent. However, a factor which 
might influence the level of 
tendering is that the first payment 
is on July 1. 1?79—three months 
after Bristol's first dividend. 


SOUTHWARK 


The new Southwark 12i per 
cent 1087 stock opened ai a dis¬ 
count when dealings started yes¬ 
terday. 

The stock, which is £10 paid, 
opened and cfosed at ’''l. 


Considerable pent-up demand 
for Ferranti stock Is expected to 
boost the ordinary share -price to 
well over £3 when dehlings 
resume this morning, jobbers said 
yesterday. 

Ferranti’s shares were sus¬ 
pended at the equivalent of 235p 
last month shortly before details 
were announced of a scheme 
whereby the. National Enterprise 
Board would sell part of its stake 
in the. company. 

This' included a one-far-one 
scrip of both voting, and non- 
voting shares (all of which are 
owned by ihe.NEBl. The non- 
voting shares have been reclassi¬ 
fied as voting shares, balf' nf 
which—amounting to 2.6m—have 
been offered by the NEB to the 
remaining Ferranti shareholders. 
The deal effectively reduces the 
NEB’s stake from 62.5, per cenl 
to 50 per cent. 

All new shares will qualify far 
next year's dividends which the 
comptny says will total 5.75p neL 

Ferranti Family interests hold 
28 per cent of the company. 

The NEB and Ferranti agreed 
a basic price of £L per share but 
the final figure will be sublect to 
adjustment according to rhe 
movements in the stock market. 


LARGELY REFLECTING improved 5.71 p paid from profits' o££L6.65bl 
results from North America, ' Subject to tar at : r £850,600 
group pre-tax profits of APV against £728,000'preytotnfiy, .profit- 
Hoidings sbowed an increase of HaD-Thernidtar^, the APV snfh 
from £7.67m to £8.47m in the first sidiary, pushefobcad from JEMhr 
half of 1978. For the second half to £1^7m In **ie firat half r‘ 1978. 
Mr. H. P. Benson, chairman, - JTuraover for tbe period 1 
expects to see same further £3t2fl m against^£$L2m' and after 
improvement but stresses that this jjfr' and minority interests ' of 
must be subject to currency move- ofcooo (£13.000),: availableprofit 
meats, particularly that of the fras £472,000 (£374,600). .. .. . 

U-S- dollar. .. r ; - ' j ■ 

Order intake for the half year, fl rnmmont. 
at £123m is running at a similar • muen V " ./f ' 

annual rate to that achieved in The sluggish growth m UK mantf- 
1977—allowing for inflation this facturing investment and tbe 
means some reduction in volume drop hi the vplue of. the- .U-S. 
The chairman says that there 

is a variable picture of demand s numHg 

for group products. In North and ^ JeVefJn value 

South America, the Far East and Sfn nf nrdrfc h? 

Australia, activity has been goqd nsom^f 
but In Europe. UK and the Middle JH J 

Mjs g ■— a —ftr&nir WKS- 

hfflaws cM, ?u 

fa ^tTsecond°half? ^ b * ***? 3ow° 

He Points out that .North..-the U.S. wereparttetdariy buoyant 

Jl 11 Wf b - > ££ £. nd wa * ffOOfr to tiie Fit 

40 per cent of the first hall fue- East and Australia. Europe and 

..the Middle' East j were, nor'a*. 
Baste earn mgs per 50p share in 'bright asthere war a general drop' 
the half year are stated .to be in derapnd for genc^l engfaeer- 
up from 12.23p to lS.54p anjj Fully'mg products. The ; share pri&rfeH 
diluted they are up from Hi2p ti^Tp tP 238p despite g foreck&trtfcat 

mm . 

tfvdy raised &om-2p tq-2234fp^ A ^6ii^yfhH*. tW'nra^:«lntoS 


level -the shares tytye a prospee- 
tN p/e of S.9 and a yield (assum¬ 
ing maximum dividend |ncrea>e> 
of 4 per cent '' " 


Early payment 
of Gordon & 
Gotch interim 


The. directors of .Gordon and 
Gotch HofdJngs have brought for- 
: ware! 'hy four months the payment 
of its. interim dividend for the 
March 3L 1979 year. The 2.94xp 
dividend , ii equal to last year's 
only payment, an iptertm of 2.64p, 
plus 1(1 per cent, and the early 
distribution follows the . Govem- 
. meat legislation which forced the 
company to - forego Its forecast 
doubled, final for 1977-78. ' 

- They say any further payment 
fa shareholders- in -the current 
-year will, depend on the board’s 
recommendations Of-what further 
steps they consider should be 
taken In the- best "-Interests of 
shareholders.'...' • .. 




Interim payout. date:. from the 
gestureJiff; brfagUtf!; ft^ward the 
.-They are coufidentvnfiat the 
iKuat. March, to-. November- will 

approp^^^rtn^hr- f»tmi. them 


the tote] for. 1877 was* equal-to prefing as arpohd £18 eq, - '•' *fv : f- v • 


Amber Day lijttle changed 




- 

.. v .J. 'rj .■ ■ •' v 

fa MM |1 - M 

■:-3 




Makin Paper increase 


SECOND-HALF profits of J. and J. 
.Makin Paper Mills showed a 
further improvement and have 
risen from £319.937 ai midway to 
£414.646 giving a total for the 
year ended March 3L. 1978 of 
£734.583 compared '."ith £508.375 
previously. 


However, profits for the first 
half of the current year are 
likely to fall some way short nf 
Ihe second halTs £414,646 mainly 
due to sluggishness in demand >n 
some sectors and partly from -he 
impact of holidays, the directors 
say. 

The expected first-half profit 


fail is notwithstanding a payment 
of £180,000 to correct under- 
funding of the pension cheme 
which was charged against profits 
in rhe second half of 1977-78. Hie 
directors are taking legal >^]vice 
as To any rights they may have 
to recover part of this paymenL 
Earnings per 25p share for **ie 
year are shown at 1997p (12.56U 
and the final dividend is 1.2S879p 
making a total of 1.72S79p com¬ 
pared with 1.54798p previously 
Turnover amounted to £I3.28m 
against fil.Tfim. Tax charge is 
£400.913 (£294^21) and tbere is 
also £14,227 (£3.657) tax over¬ 
provided in previous years. 


ANNOUNCING ' pre-tax profits 
little changed at ££.IGm, .-.gainst 
■£1.1 m. for the year to April 30, 
1978. Mr. RL Metzger, chairman of 
Amber Day Holdings, .reports .that 
contracts have been, exchanged 
(or a £2.5m takeover of Crombey 
(Menswear)' Holdings' group. 

Of the purchase price £L6m will 
be in cash with £0.5ra of this 
from a placing of the vendor's 
shares and Xl.lm from bank 
facihttes. Or the remainder 
£400 000 wlii be satisfied by the 
issue of £lm shares and £500.000 
will be paid off at the rate of 
£200.000 a year. 

Crombey trades as a medium 
price menswear retailers through 
23 shop units, including two in 
Oxford Street. Profits are 
currently running aT the rate nf 
£600.000 a year and a healthy 
financial position ' enables a 
strong expansionary programme 
to be pursued. Mr. Metzger savs. 

Sales at Amber Day during 
1977-78 rose to £K22m (£14 27m) 
but profits were held back by an 
inter union dispute at the. com¬ 
pany's -old Middleton factory 
which disrupted production dur¬ 
ing the spring. . - 

At halftime, when the surplus 
was ahead to £615.422 (£555,419) 
the directors were confident of 
the outcome of the year's.trading. 
Christmas trading ->hsd -been a 
record and a high level of manu¬ 
facturing sales was being' main¬ 
tained. 


R2i: linr 


Tax fov .Sbe yeajr- faolt ’£Z74^21 2} per owt pafasr-ritfe wah^Tii: line* 
(£244^21). teavutg . g .juet bamtiog: wnfr; _ptijetir. to^ ^tba^ clotbfag- 
of -^80,'799. 61^96) for warnings' industry; profits'3nereas«f -by on ly. 1 
Rer 10p sh ^.of j^p l7Mo*. bjeapsa of the: 

A net finip dividend of L»287p effects j Of*'air -interAuiiop dispute- 
raises the total .to a .'maximmn which must have* dipped tit ievslJ 
perrrdtted l2 T 16l8p- (L 9 S 6 p). The "flOOJMO off .the pre-tax '-figure^ 
board expects to pay a fatal.'gross The .retail side still gets most of 
dividend.ot.8.75p for 1978-79—ap Its support from prime-poatou' 
increase pf 16 per cent . , ,3 stotles- to the West : End while riy* 

.-.' At W fend there fa* 3 r hui $ 

securred-bahk loan ' off £100.000 1 

and bank and cash balances were 

The mgDufacturmg--dLviso)H to- consumer- spending .was at a low* 
moving towards a level of aafam&r «bb,- so the upturn since Aprit 
tlon.xn production methods.which should: reflect in the current lit 
will make H as advanced as any months: Meanwhile, the acqiuai- 
in Europpi, - Jlr.;. Md^ger claims, tiqp of -Crombey wifl^ boost tto! 
This davddpmenf. wOl. mvofve retail division’s share of groutr 
r e-1 ocattbn spd .Te-tramjng Of staff jrroflts from dh e-third to two- 
and a £98.520 prbvisiDn towards thirds. . Crombey has'-been ' sur« 
the txjsts Baa-been made," -.f.r-' p^bingly resilient to the rimnp Jh: 

Eztiarge mem, of thte' 'group by . demand .for menswear and could • 
the acquisition ,of Crombey. "WBI ‘ cqmnbute aroond £400,000 joC 
mean that nearly . two-thirds.vxrf profits tnis -year: - On- the manu^ 
Amber Day’s profits will- . be fa cruri ng ^de -Amber'Day has at* 
derived'-from ito-retdH onflete current prfer bopk to.keep .pIantS 
including! eight-in' London's 'West bt»y for the rest of tbe'year, and* 
End. V • fa-overall, groitp prospects look= 

... «\ muijh better this year. Prnfits'of- 

m comment - -■ v/em rook poalbla The shares: 

v uomraeni , . ..‘-rtantf on a p/e of 5^ while the- 

Amber Day’s full ypar results dis- ^rield Is a solid 7.9 per cent. Thix^ 
appointed the market, and rhe compares with Raybeck's 5J3 shfl.*. 
shares fell 4p to 42p; - While, the 9 J per cent respectively. 

























































financial Timte Friday September 29 1978 


ex Howden improves 
o £11.5m halfway 


Wimpey down by 
£3m midterm 


4 


TS BEFORE tax of the 
der Hwwden t :roup. in- 
t» ; broker and-under*rltin? 
»t improved from £10.35m to 

Mfj. in rhe first half of 1078. 
'fl last year totalled £2l4)tiru. 
arecast at the time of the 
tl!ishJ« issue, the directors 
Idarm? an interim dividend 
1 I Lopi—the new shares do 
S'ji, :k Tor the interim but will 
v ljbate in subsequent divi- 
. \ the directors say. 
ic rights issue document, 
rectors said they expected 
a total of not le<s than 
.; the current year, subjert 
. f controls or other con- 
5 exislins after dividend 


fn 


snndwiH written ofT £77,000 (nil); 
in addition the figures for li»7G 
include £77.000 surplus-arising'on 
the sale of the company’s boldine 
of shares, in Heulys. 

The balance-sheet at June so 
compared with December 31. ifliti. 
shows croup nrt currcni assets 
of w.twm l£».RLiu) with bank 
fuerdrarts appearin'' at *3. Gil in 

(£0.28mi. 


Is expired on July 31. 

The 

ast year 

was 5.j9p; 



Kir; 

b3:r 


l»:> 

1977 


row 

IiVifl 

profll , .. 

. ir-.i-a 

11 .o*e 

lUon . 

. i <np 

311 

cb.irgr .. 

. 7>! 

in 

f prcfUs . 

• .. lil 

i'C 

efore lax .. 

. 11.M4 

10.336 


_ . S.W7 

4 4K 


n> 

41 

ibl* 

. G.'jb* 


d ivld-.ua 

- . 1 r US 

i.JTJ 


Whatman 

Reeve 

decline 


Sec Lex 




own Bros, 
vances to 
.64m 


Anie 

? I * y i k Mm compared v 

In 1^1 L«ln -* Previous. 12 m 
s. ill Ho ^neemenr aecoun 
* IldilRfcroup trading ii 
of the eiirri* 
’ of the compan 


IE si:: months to June .10. 
irofits, before tax. of Brown 
*rs Corporation reached 
|i takin? the total for the 
mhb ended on that dale up. 
Mm compared with £15Sm 
i. 12 months... 
accounts indicate 
in the first 
. current year is 
comparable period 
77. These trends should 
ue. the directors state. 

. ;he attributable level profils 
is motor accessory croup 
i> 614 per cent owned by 
'ana Corporation emery? at 
i against $l.75m for the 
r.; .us year. Earnincs per top 
U are stated at 9.3p against 


WHILE SALES rose from H.OSm 
to £5.3Km in the first half of 1978 
at Whatman Reeve Angel, taxable 
profit dipped from £719,000 to 
M52JHJ0. 

Earlier this year Mr. A. R. 
Smilhers. chairman of the labora¬ 
tory supplies group, warned that 
profit margins'would be afTcm-d 
Ibis year followim; the incre.-u-etl 
investment in feed capital and 
distribution. This investment wjs, 
however, essential to the group in 
the louver term, he said. 

After tax of £313 f»Q IfiMfi.Cmfli, 
net profit came out at £337.0iK> 
asainsl £7572.000 last time.. 

The interim dividend Is r.n>?i| 
from 2.21Sp net per 25o share to 
2 Tip and directors intend recom¬ 
mending an iuiPhan'’ a d l.SI4|i 
fin.nl in mike the maximum per¬ 
mitted increase. 


lumties and steps are currently 
bv>ȣ taken to improve the per 
formance. The Preston store is 
closed io allow extensive refur¬ 
bishment and will reopen in 
November, and the St, Helens 
store is being extended. Consider¬ 
able expenditure is beinu incumtt 
in bringing these units up to 
group standards. 

The Lifestyle warehouse was 
completed on schedule, is now 
fully operational and will bring 
immediate benefits in increased 
efficiency. Extensions are being 
built at the moment to Its central 
i-rocery warehouse and produce 
depot to cope with increased 
demand.The fresh food factory ■* 
ar the final design stage and the 
group will ahortly be inviting 
tenders for Its construction. 

Work tv proceccdtng on us new 
Harrogate store, planning per¬ 
missions are being sought for 
major stores in Darlington, Shef¬ 
field and Wakefield and a number 
of other sites are .at various stages 
of negotiation, he says. 


Galliford 
Brindley 
picks up 


Expansion 
for Wm. 
Morrison 


• r dividend is the maximum 
l; Vi red—increasing from O.H5p 
* 2p with a final of 0,G2p. 

IS munitu Vur 


‘J. ■ 


W7T7S 

MM 


I»:r. 

fo<n 




a profU . 

'Ktinc profits 
bvfnr-> Suitr-st 
l 

before tax .... 


lM.aa w.fM 
4.«H 2.414 


■>u 


n 

M!i 

a,&n 

' 371 
4.2« 


127 

5.341 

SKI 

VH» 

2 M 

1.734 


■i.cie. 

7T2 

3.323 


1.7^3 

43d 

1.316 


-nfll . 

IV .- . 

lablo 

ry ditldiiMls ... 

. ;d . 

i accounts have been drawn 
accordance with ED19 and 
-aralives restated. The effect 
dopting these proposals is 
iduce the tax charge by 
t.ont» i £738,0001. 

. - .l-tradmg profits less losses 
rise profits on sales of 
. . rties £411.000 (150.000) less 


FTtr»M TURMOVER 25 per cent 
higher at £50.47m pre-tax .|>rolII 
of Wm. Morrison Sopennarkels 
climbed 21 per cent-from' nji-im 
to £lJS2m in the half year to July 
29. 1978. 

Interest charges-in the period 
nere cut from XMM.D2J to £90.477, 
while rents rc'-civablc increased 
£28.081 to £113.392. 

No depreciation of freehoid or 
long leasehold land aiid buildings 
has been provided, and Mrv.K. D. 
Morrison, the chairman,' says 
directors believe the market.A'alue 
of these assets substantially 
exceeds the book value, which is 
at cost. Also, as the reliefs owing 
to stock, appreciation add. first 
year allowances at - year end are 
impossible to calculate at this 
stage, no lux provision has been 
made. 

The interim dividend is up from 
an adjusted 0-.323p. to 035pu Last 
year a total of 0.75167p was paid 
on. record profits of £3m.Three 
directors have waived rights to 
interim payments tolalIing£24J20. 

Mr: Morrison says, the acquisi¬ 
tion of Whelans Discount Stores 
in April has.opened new oppor- 


A BETTER than expected second- 
half profit ahead from £l.I7m to 
£1.49m has left taxable profit at 
Galliford Brindley E16S263 higher 
at a peak £2.51 m in year ended 
June 30. 197S. 

At half time, after a slip from 
£l.l8ra to 11.03m. Mr. Peter Galji- 
fnrd, the chairman, said that 
while the result for the year was 
expected to he a sound one. a 
figure below the 1976-77 record 
was anticipated. 

He now says the profit increase 
came despite bad weather. Now 
demand for construction has 
stopped falling some confidence 
has returned to the industry and 
although the level of demand is 
w ell below that of the early 1970s, 
order books, taken as a whole, 
are better than those o( a year 
ago. he says. 

The profit is after depreciation 
of £>10,836 (£808,627). Tax takes 
£606.852 (21.23m). leaving net 
profit at £1.91m (Il.llin). The 
result excludes the recently 
acquired S. C. Brown and Co. 

The final dividend of 2.067p net 
per 5p share lakes the total from 
3.0S9p to 3.417 p. 

Mr Galliford say* group share¬ 
holders’ funds have increased 
from £332m to I5.45ro after the 
elimination of n.05m of goodwill. 
Funds have been boosted by re¬ 
tained earnings, unrequired de¬ 
ferred tax and a revaluation of 
freehold land and buildings. 

Galli/ord’s interests include 
building and development, civil 
engineering, heating and ventilat¬ 
ing. engineering and plant hire. 


A FIRST-HALF 1978 profit slow¬ 
down of Elm io £34Jjm at the pre¬ 
tax level by George Wimpey and 
Go. Look Ute City by surprise yes¬ 
terday. The market bad been 
expecting an increase of some 
£3 jm for six months. 

Operating surplus, including the 
group's shore of associate's re¬ 
sults, slipped £0 am to £18-5m but, 
because of further expansion in 
North America and in property 
interests in the UK and overseas, 
interest costs soared from £1.5ni 
to Hm. 

Mr. R. B. Smith, chairman of 
the building, civil, mechanical 
and electrical engineering con¬ 
tractor, says the- effects of the 
recession in the UK construction 
markets, which started some two 
years ago. arc now being shown 
in the figures to be reported this 
year. As always in the Industry, 
results of a .single short period 
are of limited significance, and 
the profit, in the second half 
should be substantially higher 
than in the first six months. For 
1977 profit was a record £51.4m 
and at the annual rnvoting in May 
Mr. Smith said be was confident 
lhai the company would have 
another good year in 107S. 

The value of wprk carried out 
during the half year increased by 
20 per cent in £406m, com part’d 
with £33Sm. The greater part of 
the increase related to the UK, 
where sales of private houses 
were at a very satisfactory level 
and construction volumes were 
higher. Overseas the rale of ex¬ 
pansion slowed reflecting 
increased competitive pressures 
in certain areas, but was never¬ 
theless encouraging, Mr. Smith 
adds. 

Tax for the half year took 
£7.3m - (£8£m) leaving the net 


balance at £7-2m (£S.7ml. After 
minority, profit of mini f£0.3m> 
the attributable surplus emerged 
at £7.1m (£S.4m). 

See Lex 


UK side 

boosts 

Berger 


REFLECTING greater efficiency 
In its UK operations pre-tax profit 
of Berger, Jenson and Nicholson 
jumped from £2.76m to £4LL2m in 
thte first half uf 197S. Turnover 
of the paintmaker — s subsidiary 
of Hoechst of We*t Germany 
rose from 194.76m to £105.73m. 

Directors say the profit increase 
look place Ui u strongly compel)* 

tlve trading environment. Aus¬ 
tralian operations, while 
successful, arc experiencing poor 
market condi(ions and as a result 
profitability is naffering. 

Generally, trading in other 
parts of the world has been good 
However, economic conditions 
some areas are causing concern. 

Associate contributions for the 
half year were down from £l-2Am 
to £l.llm and after parent and 
subsidiary companies tax 
£i.42mi<£fi»ti.oooi, associates tax 
or £3744X10 (£575,000). and 

minority interests of £300.000 
(£215.000) attributable profit came 
our at £i-$3m compared with 
£ 1.27m lust time. -i.. 

For all last year profit was 
record £7.7Sm. 


Downs Surgical well up 
in first six months 


FOR THE half-year ended June 30. 
1978, sales of Downs" Surgical 
increased from £6.0lm to £7.i8m 
and pre-tax profits rose sharp!v 
to £704,000 compared with £428,000 
in the same period Iasi year. 

The current trading period is 
for 15 months to March 31 nert 
year—a first interim dividend of 
0.8p (0.7p> is now declared and 
directors propose ta pay a second 
interim of the same amount in 
May, 1979* find wtH announce a 
final next August. 

It is anticipated that there will 
be a satisfactory Increase in the 
equivalent annual rate over last 
year's total of 2.325p. the direc¬ 
tors state. Pre-tax profit in 1977 
totalled £877,000. 

- Tax charge in the first six 
months is £211.000 (£135,000> 

giving earnings per share of 3Jfp’ 
against L96p. .. . 

The directors say current objec¬ 
tives include further improve¬ 
ments in internal efficiency and 
the strengthening of management, 
particularly in production areas. 
The performance of the group 
has improved substantially during 


the first-half and they are con 
fident; -the improvement will 
continue. 


Sates ■ — .... 
op*retire proa: 


tU2-;ear 
IKS 
£000 
7.175 


1077 

£M0 


119 


IS3 

293 


Net intrresr paj-able _. 

Prelit before tax . 

Tax ..— 

Net prtrfii . 

'Kimordinary credit 

Dtnsebdx '. .... 

ReiaJiwfl-.'’.—- • , 

• Profit wrt&JDg on disposal of snares tnj 
SurxIcaJ' DifiVxlbutora, tretami. of Dfl nwi 
less cam pan: "s share of ^amlnas ptmt- 
ousty consolidated totalltOB £14.000. 


7H4 

a 

7M 

511 

401 

49 

119 

414 


snt3 

M7 


F. H. To mkin s 
looks for 
increase 



T * 


* * 


ntic 


chand 


nbvv for i 


} h 


STORFii GRC 


S3UPQM1TCD 


mui 


r 


Interim Statement 


Chairman Murray Gordon reports 


Another record 


The unaudited consolidated results 
for the 28 weeks ended 12 August 1978 
were as follows: 


28 weeks 
ended 
12 August 


28 weeks 
ended 
13 August 


5 2 weeks 
ended 
23 January 


Sales excluding VAT 

Profit of the Company and its subsidiaries 
Share of profit of the associated company 


and its subsidiaries 


Profit before taxation 
Taxation — estimated 

Profit after taxation 
Deduct: Extraordinary items 


Transfer from (to) reserves 


Dividends: 


Preference 

Ordinary 


Notes: 


1978 

£000 

1977 

£000 

1973 

£000 

34,180 

25.951 

56.904 > 

1,603 

517 

3.975 

86 

134 

• 367 

1,689 

.651 

4.342 

676 

282 

1.880 

1,013 

• 369 

2 462 

957 

— 

— 

56 

369 

• 2.462 

293 

(58) 

(1 806) 

349 

>311 

656 

8 

. 8 

16 

341 

303 

640- 

349 

311 

.656' 


The profit of the Company and its subsidiaries includes profit on the disposal of property, including sales 
and leasebacks, amounting to £337,000 (28 weeks ended 13 August 1977 £295,000; 52-weeks ended 
28 January 1978 £708.000). , . . 

Extraordinary items relate to the disposal of LindorS.A. and the termination of the trading activities of Pauls 

Carpet Warehouse Limited and include £602.000 written off goodwill. 



The Directors have declared an interim 
dividend for the financial year ending 2 7 
January .19.79 of 1 ; 71.50p (1977/78 
1.5357p) payable on i 7 November 1978 to 
Ordinaryshareholderson the register on 13 
October 1978. The Directors intend to 
recommend the maximum final dividend 
allowed under the present Government 
regulations. 

The Group enjoyed favourable trading 
conditions far its main-stream United Kingdom 
activities and a record profit was achieved. 

The Kendall chain of 84 ladies fashion shops J 


which was incurring losses when it was 
acquired, was successfully turned round to 
make a positive contribution to the profit for the 
period. I am confident that Kendall will make a 
greater contribution to the prof it for the 
remainder of the year and will progress to 
become one of the most important fashion 
companies in oufGrbup- 
! have great confidence that this financial year 
will be another year of substantial growth for the 
Group. The Group has considerable financial and 
managerial strength and further opportunities 
for expansion are being actively sought. 


K-mm 1ST KtTMIfKS; 


Sir. Gerald Garman, chairman 
of F:'IL.Tomkins, told the annual 
meeting that he would be dis¬ 
appointed if the first half results 
were not better than the corre 
spending period last year. 

Referring to the closing dohn 
by GKN of its one specialist stain¬ 
less bolt and nut operation in the 
UK. .Mr. Garman said the opera- 
lion was an area In which 
Tomkins was active. “We have 
been adjusting our plans to the 
factors' to which GKN refer and 
we shall use every effort to »ake 
up -any profi'able opportunity 
presented by the gap” 

As regards the dividend, he 
said last minute legislation pre¬ 
vented the directors from paym« 
that originally announced cut • If 
was their intention to make gn^d 
the shortfall in the interim 
dividend. 


Hunt and 
Moserop up 
to £1.48m 


.After advancing from £585.000 
to £690.000 at half-time taxable 
profit of Himt and Moserop (Mid 
die ton) ended the June 30. 197S 
vear ahead from £1.330.292 to 
£1,481.046. Turnover was £16.Sfim 
against £J2^3m previously. _ 

After UK tax of FT86.79T 
£669.044). overseas tax of £40,616 
(£52,031) and £44.657 for UK prior 
«pqp •"••vfit came 

out at £608.931 (£009,217). 

There was a £a^ia exchange 
loss, a £109,009 (£78,693) goodwill 
-iisne'nient snd a £2.1 , '82 
(£25,697 profits) on prior year 
idjustmenta. Last time there was 
a £3.120 deficit on subsidiary 
ca'* , *nli<-T’ , nn rhs*<. 

The proposed final dividend of 
•-tj.sl-.ip net per 5p share lakes 
he total to 0.78276p compared 
with 0.7009Sllp last time. Divi- 
fiends absorb £188.442 (£158,003). 

A scrip Isstie of one deferred 
ordinary share for each four 
ordinary shares is proposed, aiopp 
aith an increase in authorised 
capital to £2m. The deferred 
shares will have all the rights of 
existine ordinary share* except 
hey will not rank for dividends 
for a period of 10 years. 




FITCH LOVELL 


The an'nnal meeting of Fiteh 
Lovell was tola that the manufac 
turing and poultry divisions had 
made a good start in the current 
year. 

On the retail side, in spue of 
trading problems, the Board was 
continuing to invest substantially 
In new outlets. 


B4NK RFTl'KN 


( )pr■! ,‘tf«i r<4 h0(.' .hop \ 


Sdii >‘uii s' 11 ory J-vnKr-iut.jti Cuilinywood The County Jeweller:; 


l tv*mi> -it , liit-. i+i ar 
— 1- Sepu 21 ‘ Dw% (—1 

.18J8 ' 

RAN MINI 

UAkmJI.Jfei 

.41 1 -114 . 

KuInicDwo-iu... 
’Ijecwil DewjMt-.. 

Bsnfci.*n.:. 

it, rrru- i Other 

A« . 

UEFAKTMKN1 

£ : * * 

' M,fc6S.«v; - . 

tt.eW.Qtf’i + 3, 
WG2.736.000 -42G M«i 
«3.ii29,eS»: - 1M.34S.SW 

6M.088rfIL- M.I6I.SW 

2.£i0.09L«£j r 466.7jdiS4 

A*9KM 
jml. ftemritte*-. 

\ . . 

Sc »<iher !»«». 

Sul*** .-. 

Iiffl9.37G ( 0K;+ 4P9.e45i.000 

6LL521.i67 : + Z&»2St 

lffl.l27,b5K’+ rtLKI 

19JOI0.5B9— 6.60*4006 
1K-366- I.18H 


+*65.77932* 

ISSUK DRHAKT\1F>T 

T^juiurusak •- a; J t 


\utre rwifil... POO 1 

■ III UiKUKnun.‘6,480.9».dU. + 6.664,006 
lnU»iu l 2Def*[ ■lfl 1 (UCl I 68t^ 6^04,Mk> 


A*-BT8 I ... 

amt. Dah«.-....i njns.no; ' — 

UuierQnrLr^W .-7,4^),I3L?4®—11SJS1.8U 
i« her seeuritiw.'l.C6S^b3^02; + lig^jil 1 8U 


«^ua,ooaiw- - 


c 


c/v^uJ. 


Bowring 


Profit announcement for the 
Half Year ended 30th June, 1978 



‘I A 


The unaudited Consolidated Group Profit after convertible loan 
stock interest for the six months to 30th June, 1978 is £19,071,000 
as against £14,951,000 for the six months to June, 1977. 


Turnover 


Consolidated Group Profit 
Taxation 


Profit after taxation 
Minority 


Preference dividend 


Available for Ordinary 
Shareholders 




12 months 

6 months ended 

ended 

30.6,78 

30.6.77 

31.12.77 

€000 

£'000 

£*000 

848,020 

548,782 

1,088,091 

19;071 

14,951 

33,007 

9,917 

7,785 

16,298 

9,154 

7,166 

. 16,709 

289 

204 

387 

8,885 

6,962 

16,322 

5 

5 

11 

8,880 

6,957 

16,311 


□ AH.sectois of the Group other than shipping have contributed to the 27% 
increase in profit before tax for the six months ended 30th June, 1978. 


□ Insurance broking profits again increased, in spite of the adverse effect of 
the weakness of the U.S. dollar; and there was an improved contribution from 
the underwriting activities. Bowmaker, the credit finance and engineering 
subsidiary, had an excellent first half year. Merchant banking and trading 
profits showed improvement. There was a further loss in shipping, but for the 
year as a whole the operating loss Is expected to be less than in 1977. This will 
be mitigated by exceptional profits. 


□ The Directors expect that profits for the year 1978 will show improvement 
over 1977 but the rate of growth seen in the first half is not expected to 
continue in the second half of the year. 


□ The Directors have resolved to pay an interim dividend of 1.013375p per 
share for the year ending 31st December, 1978 which together with imputed 
tax credit amounts to 1.5125p per share (19771.375p per-share). In addition, 
arising from the reduction of 1 per cent in the basic rate of income tax since 
tha declaration of the final dividend for 1977, the Directors have resolved to 
pay a further dividend for the year ended 31st December, 1977 of 0.030899p 
per share which together with imputed tax credit amounts to 0.046118p per 
share. This gives a total payment of- 1.044274p per share payable on 
20th November 1978 to Ordinary Shareholders on the Register on 20th 
October, 1978. These dividends will absorb £1,086,000 and £33,000 
respectively. 


Awarded to 
C.T. Bowling 
(Insurance) 
Holdings Ltd. 



C. T. Bowring & Co. Ltd 

The Bowring Building, Tower Place, London EC3P 3BE 



RESULTS FOR SIX MONTHS 
ENDED JUNE 1978 


1. The Company’s unaudited results for the six months ended 30th June 1978 show a pre-tax profit of - 
£5.157m(1977 £18 J ] 6m including tbecontribudons, shown on the attached statement, from 
businesses now nationalised). 

2. The U.K. operations, other than Offshore Engineering, together achieved higher profits than in the 
first half of last year. In Australia and Canada lower profits were earned, the Canadian performance 
being severely affected by a four week strike at the plan!. 

The effects of rapid developments in underwater technology and weak market conditions have 
combined to produce significant losses during 1978 in the Offshore Engineering Group, pan icu la riy 
in YickcrsOceanics Limited. Remedia] actions already taken and those that are in hand, supported 
by continuation of the extensive research and development programme, arc aimed at strengthening 
the position of these businesses in this important engineering sect or. 

3. Negotiations with theGovernment on the nationalisation compensation issue are in progress. 
Payments on account, amounting in total to £10.1 in. have been received, on which an interest credit 
of £0.688m has been included in the first six months* results. 

4. At their meeting to-day the Directors decided todeclarezn interim dividend of3.85pt 1977 3.85p) 
per£l ordinary stock equivalent, with associated lax credit, to5.7463p gross f 1977 5,S333p gross). 

■ The dividend which will cost £1.684m net, will be paid on 3rd January 1979 to Stockholders on the 
Register m 29 ib November 1978. 


28th September 1978 


ROBENS 

Chairman 


L 


viewers 


Vickers Limited 
Unaudited half-year's results 


Sales (Note 1) 


Consolidated trading profit (Note 2). 
Investment income _. . . . 


Interest payable less receivable .. 


Consolidated profit before taxation___ 

Share of profits of associated companies I Note 3)_ 

Profit before taxation___ - 

Taxation.......... 

Profit after Taxation. .. . .. • 

Minority'shareholders' interest. 


Stockholders'-profit before extraordinary items _ . 

Preference dividends___ . JI ~ 

Ordinary stockholders' profit before extraordinar y items 
Earnings per £1 of ordmary stock-...... 




Notes: 

]. IncjudcB Shipbuilding sales.- 

2. Indudes Shipbuilding trading profit. 


3. Includes share of profits of British Aircraft Corporation 
(Holding;.) Limited--- 


Half-Year Ended 

Year 

30th June 

Ended 



31st Dec 

1978 

1977 

1977 

£’000 

rooo 

£;ooo 

191.433 

236.493 

409,388 


16.146 

26,617 

313 

41 

273 

tsjosi 

<5.684) 

19,795) 

5 .160 

10.503 

17,095 

<3) 

7.613 

7.966 

f.157 

IS. 116 

25,061 

2,100 

8.800 • 

11.013 

3,057 

9.31b 

14.048 

441 

■ 601 

1.393 

2.616 

8.715 

12.655 

143 

1^1 

382 

2.423 

8.524 

12.273 

~T3p 

1 W 

T2 ip' 



cm 


59.144 

■59.144 

— 

3.839 

3,839 

y ' 

7,974 

7,974 



































SMC £2m ahead so far 
despite bad weather 


■ financial Times Friday Septeimber 29 1978 


AFTER LOWER interest charges 

■of £1.53in against £2.22m last timo, 
taxable profit of Ready Mixed 
Concrete increased from £12.02m 
to £14.1Sm in the first six months 
o£ 1978. Turnover pushed ahead 
from £265.15m to £293.78m. 


BOARD MEETINGS 


Mr. J. Camden, the chairman, 
says although weather conditions 
in the early part of the year in 
the UK and Europe adversely 
affected operations, the general 
level of activity was very much 
in'line with the same period last 
year. Further progress is expected 
in the remainder of the year. 

Of the pre-interest profit of 
£15.68m (£14.24m), the UK side 
contributed £9.97m (£S.94m), Ger¬ 
man operations £2.6m (£2.3m) and 
other countries profits were 
£2.67m (£2.49m). 


Property disposals added 
£201.000 (£93,0001. while associate 
income fell from £419.000 to 
£238.000. Depreciation of £lL18m 
(£9.43m) was charged in the 
period. 

After tax of £729m against 
£6.14m and minority interests of 
£L21m (0.92m) attributable profit 
came out at £5.65m compared with 
44.96m previously. Earnings per 
25p share are shown at 7.7p <7.6p) 
and fully diluted at 7.6p (7p). 


The follownnc comnanlfs have notified 
dates oT Board mretiosa to tbe Stock 
Escfcanse. Such rape Lins* are usually 
held for the rornose of consMtertns 
dividends. Official indications are not 
available as to whether dividends are 
interims or finals and the sub-divisions 
sboun below are based mainly on last 
year's timetable. 

TODAY 

Interims—Anchor Chemical. Elocideys. 
Oak eh read Robey, Charles Eany and 
Marriott iWiUier). Hambro life Assur¬ 
ance. Charles Hunt. Lyle Shlnplns. 
Maple. Midland News Association. F. 
Wider iThxOIps». James Neill. North 
British Canadian Investment. Royco. 
Sllvetminev. 

Finals—Ballon Textile Mill. A. and J. 
Muck low. Siramz and Fisher, Waokte 
Colliery. 

FUTURE DATES 
latMlms:— 

AMa International . Oct. 16 

BSC International . Oct. 16 

Empire Stores •Bradford) .. Oct..11 

Fiolay Packastn* ......... Oct. * 

C ran an Warehoosej... Oct. IB 

Marshall's Universal ..Oct. IS 

Metal Bo* ---- Nov. 21 


have been running at a higher 
rale than a year ago. 

The dividend is being raised by 
the permitted maximum from 
3.87424p to 4.38S82p. with a final 
of 2.98862P- -Is in previous years 
the chairman and his wife are 
waiving all tbc cash entitlement— 
amounting to £32.137 (£46,027)— 
on their lJ2m shares. 

The chairman says that 
liquidity remains strong. Net 
assets now stand at £Z-5Sm. equal 
to 63-8p per share. 

• ZVTi-TS 19T6-T7 


Second half slip [ BIDS AND DEALS . T~| 

for HTV Group Thom sells 16% stake 

.THOUGH second-half profits of Smith is of a seasonal nature • "W £\ • '“m JB"* J ' '1 

ciincd from £i.7im to £l.47m, and results have been affected by rm ll/lllriTin V-r ll/lirAnAll 

■sssb in wiiKins <x ivuicneu 


isr; 


Turnover . 

Fraftt before Ux 

Tu*ltuu . 

Net profit — ... 

Dirtdcnd . 

RiioJaed .. 


;o*w.iws 9ras«« 
6XVU5 *22.9*9 
:iJ. 0 L '5 454 .ES 

417.S80 3S6.337 

112 M3 110J20 

29L,&*2 279.417 


Sanderson Kaywr .... Oct. 4 


Smurfit iJeffemool .let 2 

Spong ..... Oct. * 

Wills fCrorsei ---- Oct. a 

Final*:— 

Eleeo ----- .... Or». i» 

Halstead «James- .... „ --Oct. JO 

Park Place Investment .Ocr. 3 

Sasdersoo Murray ant Elder ... Oct. 5 


Owen Owen 
tops £|m 
at midway 


The interim dividend is stepped 
up from 2.5p to 2.79p and absorbs 
f .Ofim (£l.Qm). Last time a S.77p 
final was paid on profits totalling 
£2&32xn. 


comment 


FH hit 
by low 
deliveries 


Ready Mixed Concrete’s first-half 
performance . is satisfactory in 
several respects: UK margins are 
above the year-ago despite the 
poor weather and the termination 
of the restrictive trading agree¬ 
ments in 19//, German bousing 
starts are promising, and the 
higher depreciation charge sug¬ 
gests spending on new plant has 
been getting underway. The 
interest charge may be expected 
to edge up again but only slightly 
and the group's balance sheet is 
strong following the sharp re¬ 
duction in debt last year. The 
full year should give a profit 
figure of around £33m to £34to 
pre-tax. a basic 17p per share 
after higher minorities but the 
outlook for the UK building 
material industry in 1079 is 
highly uncertain. At 141 p the 
shares yield a prospective 6.8 per 
cent on a p/e of around 8.1. fully 
taxed. 


MAINLY REFLECTING a shortfall 
on footwear merchanting oper¬ 
ations owing to exceptionally low 
deliveries from suppliers, second 
half profits of Footwear Industry 
Investments declined from 
£370.000 to £212.000 and left the 
total for the year ended May 31, 
1978 down from £832,989 to 
£632.613. 

However, reduced tax resulting 
from the adoption of ED 19 more 
than offset this pre-tax reduction 
and earnings come out higher at 
£417.390 compared with £3S&337— 
equal to 10Jp (9.5p) per share. 

The effect of this change in 
policy is to reduce the tax charge 
by £122,702 an to raise earnings 
by 3p. 

Mr. M. Sum ray. chairman, 
reports that turnover (ahead from 
£9.35m to £1023 in for the year) 
was disappointing in the final 
quarter but sales since May 31 


A.V IMPROVED first half lore- 
shadowed for Owen Owen, the 
department store group, at the 
AGM and In the event It has 
achieved a tumround from a loss 
of £581,000 to a profit of £208,000 
for the 28 weeks ended July 30, 
1978. 

Mr. John Norman, chairman, 
says that tile second half should 
produce the traditionally more 
satisfactory results which in 1977- 
7S led lo a total pre-tax profit of 
£2An. 

He reports that UK stores sales 
increased by nearly 20 per cent 
in the first half representing a 
material vokime rise and profits 
benefited accordingly. 

The results in Canada were dis¬ 
appointing with an increased loss 
attributable to the fnckision of 
the spring half of the Niagara 
Falls store which opened In 
August 1977. Sales in the five 
established stores were 8 per cent 
ahead in dollar terms, giving a 
marginal reduction in tfaelr trad¬ 
ing loss for the six months. A 
seventh store was opened in 
Ausaist 

The charm an feels that UK 
results should be satisfactory in 
the second half given a con¬ 
tinuance of factors which led to 
increased consumer spending 
while in Canada Indications are 
that the economy will continue to 
be difficult. 

The interim dividend is in¬ 
creased from 0.62p to 0.72p—the 
total for 1977-78 was 2.86p. 


.ALTHOUGH second-half profits 
declined from 11.71m to £1.47m, 
taxable profits of HTV Group for 
the July 3L, 1978. year advanced 
from £2_9m to £SJ2m after the 
Exchequer Levy of £3.72m against 
£2.82m previously. • 

Turnover for the year was 
ahead from £20.33m to £29.88m. 
and after lax of £1.77ra |£1.5Sm) 
net profit was £7.44m (£I.32tnt. 
Earnings per share are shown as 
13.96p against 12.33p last time. 

For the year the fine art 
division's profit fell from £516JSl 
to £218,523, pointing to a small 
loss in the second half. At mid¬ 
way this division was ahead from 
£196,251 to £242,474. 

The television profit was £226m 
(£lMmi and the property and 
leasing contribution was ahead 
from £234*972 to £333.549. TTu> 
publishing and stationery section 
profit was £42.187. Profits of the 
diary firm T. J. and j. Smith and 
the publisher Frederick Muller 
have been Included since their 
acquisition dates—September 13, 
1977. and April 14, 1978, 

respectively. 

Lord Harlech, the chairman, 
points out that the diary trade 


of Smith is of a seasonal nature 
and results have been affected by 
the elimination from results of 
. the profitable pre-acquisition 
period from August 1 to .Septem¬ 
ber 14. and by changes in account¬ 
ing policies to coaform with those 
of HTV. 

He says the profit of Smith for 
the year ended December 31. 1077. 
based on the accounting policies 
of the group, was £238.000. On a 
similar basis there is every reason 
to expect Smith will do at least as 
well in the current financial year. 

The final dividend of Op leaves' 
the total for the year down from 
lOp to 9p net per 23p share. 

A revaluation of freehold and j 
certain leasehold properties in the' 
year resulted in a £471/595 surplus' 
and this, less a provision for 
deferred corporation, tax of 
£118/117. has been credited to the 
non-drstributabie reserve Tech¬ 
nical equipment used in the tele¬ 
vision division was valued ai 
August L 1977, and the £582.714 
surplus, less a tax provision of 
£303,012. was also credited to non- 
distributable reserves. Provision 
has been made against profit for 
additional depreciation of £239.561 
related to prior years. 


BY ANDREW TAYLOR 


Assocd. Book ahead 8% 
to £1.2m in first half 


FOR THE first half of 197S. profits 
before tax of Associated Book 
Publishers, at £l.l9m, are 8 per 
cent ahead of the £l:lm earned 
in the first six months of last 
year. Sales are 13 per cent up 
at £12.99m. 

in contrast to the past two years 
when a disproportionate art of 
the annual earnings increase was 
in the first half, this year’s 
increase is expected to be more 
evenly spread between the two 
periods. Given no unexpected 
difficulties, the board expects a 
satisfactory advance in profit¬ 
ability for the year. 

Earnings per share for the first 
half are given as 12L9p against 
ll-3p and the interim dividend 
is stepped up from L5p to 1.9p. 
Following the reduction in ACT, 
a third interim dividend payable 
with this year's interim of O.Q3S$p 
is also declared in respect of 1977. 

The- dividend total last year 
was 4.0l8p from pre-tax profits 
of £2.81 m. 

Comparison of earnings is again 
distorted by changes in the value 
of sterling against the currencies 
of the overseas companies, 
adversely affecting this year’s 


result by £32,000 and reducing 
the increase In pre-tax profits 
from 11 pier cent 

Sales were 30 per cent higher 
/n the UK while in the overseas 
companies an 11 per cent improve¬ 
ment was, in sterling terms, only 
24 per cent higher. 

In the UK an improved per¬ 
formance in. legal and other 
specialist publishing contributed, 
a pre-tax profit 38 per cent ahead 
of 1977. in Canada, where the 
continuing economic recession 
made trading conditions difficult, 1 
pre-tax profits were 21 per cent 
lower. • 

In Australia an S per cent 
increase in normal trading profit 
was offset by non-recurring 
expenses from organisational 

changes. 

•A larger UK publishing pro¬ 
gramme this autumn is expected 
to assist -in maintaining the rate 
of advance, the directors say. In 
Canada, a more active second half- 
year is -expected to lead to 
retrieval of the interim decline. 
—the incidence of non-recurring 
costs in Australia is expected to! 
absorb any advances in normal 
trading profit i 


Thorn Edeetrlcal industries has 
sold its 16 per cent stake in 
Wilkins and BUtcheR the washing 
machine and domestic applance 
manufacturer which Thom origin¬ 
ally hoped might provide a 
springboard for an outright bid. 

The lm shares have been placed 
with a number or institutions at 
42} p a share, raising almost 
£43S.OOO- This compares with the 
£930,000 the group paid to acquire 
the slake five years ago. 

At that time Thorn was seeking 
to acquire manufacturing facul¬ 
ties to support its growing wash¬ 
ing machine import and distribu¬ 
tion business, which It had built 
up following the acquisition of 
Parkinson Cowan in the early 
1970s. 

Mr. Harold Mourgue. Thom 
finance director, said that Wilkins 
and Mitchell had been considered 
as a potential candidate but after 
long investigation it had been 
decided that it would not be pos¬ 
sible to rationalise Wilkins’ 
product range with. Thorn’s 
Bendix machines. 

The Bendix machines, incor¬ 
porating in part Thorn designs, 
are imported. largely from Italy 
and redistributed in the UK. The 
group estimates that it has 
doubled 'its market share since 
the early 1970s although this is 
stiff a long way behind the brand 
leaders Hoover and. Hotpoint— 
which possibly control around 
two-thirds of the UK market. 

While Thorn is pleased with its 
progress at the distribution end 
of the washing machine market, 
it says that life has been less easy 
for manufacturers which operate 
in a highly competitive market 
bedevilled by thin margins. A 
situation that Thorn admits has 
not been helped by low priced 
foreign imports. 

The problems are reflected in 
Wilkins’ recent profit perform¬ 
ance. From pre-tax profits of 
£lSm in 1974 the group slid to 
a £L6m loss in 1976 followed by a 


£}m- loss in the year to March of dough Mill, will be invited to | 
1977. - Last year, however,- the Join the Board of Wood Street 
group-moved back into the black MilL" 
with -a small £64JWQ\ profit.. - 
Mr.' Mourgue said, that WSkins’ _ ■ • 

profits were now. on. a recovery Wforr flllfTUKT 
tack so it was not as though 

Thom -was leaving the company -j v j 

in the lurch. He said that In' cash ' T)2rl OT 01Q 
terms'the group had-lost-artrond -*L.-. , 

£*m on the deal—although Shis RAnfl WATth 
does not allow fot the 'effect- of . -UUUU t" vl 111 
inflation. "V. • ' Another. slice of the former 

Me, Mourgue, however, said-that Bond Worth carpet manufacturing 
the WOkins shares had been, group, which went Into Receiver- 
written down in the Thorn books ship more than - a year -ago. is to 
to amund 25p a share:. ,He said, be sokL Stag- Furniture has 
that Thorn had not scrapped-its -agreed to pay a total of Him for 
plans to develop washing nuichine the Meredew Furniture concern, 
manufacturing facilities despite Meredew Furniture was formed 
the current lack of . incentive to to take over the business of D.. 
manufacturers resulting from low Meredew, a subsidiary of Bond 
margins._ ... Worth, when -both companies" 

Tfcm to 5 SS'vS° "> A «” st 

_J?L 8re before building -The agreement calls for debts 
C fc r £? owed f^aSredew Funtiture to D- 

Meredew to be cancelled while . 
an* this policy. . stag wiH also acquire' the Letch- 


*u*r mu pon W - Stag acquIre - L^h- 

.worth properties where the furzu- 

wnnn ST MTrr - tore business is based. ... 
AnrnPW ?- nmn*-- P.VV.Radford, chairman.of. 

AL vLrl j UrrfcK • Stag, said that' the acquisition 
FROM RA0WISE 7 would reinforce Stag's position as 
Rad wise. a UK .. holding, a. major manufacturer of Qualiiy 
company controlled by non-rid-' domestic furniture. He said that 
dents, has made an -agreed bid' the enlarged' group would' be 
worth £772.000 for Wood Street aiming for at least £30m turnover 
BIHhCompany, yam spinners and "in 1979.:. 

doth' manufacturer of - Bury. . In the 46 weeks to-June 30, 1978 


- The offeMs 16$p cash per shares Meredew earned -pre-tax profitls 
and the directors of Wood .Street ' £4324120 ■ but. this Included 


and certain principal 5hareboMert £277,680 -temporary employment 
have entered into Irrevocable subtidy and' an -extraordinary 
undertakings to accept the offer credit of £40,000. Sales over the 
introspect of 48.46 per cent of the same period amounted to £&3m. 
equfty. They recommend- • other. Stag, which has been, advised by- 
shareholders to accept and Jo Keyser UUmann and Intends to 
Ignore the previous .bids'-made fay finance, ibe acquisition . out of 
Era Ring HUf and Seniorltnk. existing bank facilities, s^id that 
On the offer becoming nncondi- net tangible : assets of Che 
ttonal. Cfouah Mill of.-Oldham-witf- Meredew business. were approxi- 
Ptirride advice and. management mately -£lA7m. ' 
services to Wood Street Miff . The cash is to be paid, -to the 
Mr. Herbert Entwhistle; a director receiver of D. Meredew. 


| 

& 

■§ 

•25 

% 


Kwik Save £3.75m acquisition 
attracts strong criticism 




'mm 


James Finlay falls £1.8m 
at interim stage 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


Interim Statement 



( months to 
30.6.78 

£m 

6 months to 
o0.6.77 

£m 

Year 

1577 

£m 

Operating Profit (including share 
of Associates’ results) 

18.5 

19.0 

56.8 

Interest payable (net) 

4.0 

1.5 

5.4 

Profit before Taxation 

14.5 

17.5 

51.4 

Taxation 

7.3 

• - 8.8 

26.7 

Profit after Taxation 


8.7 

24.7 

Attributable minority losses (profits) 

(04) 

(0.3) 

0.7 

Net Profit after Taxation 




attributable to the Group • 

74 

8.4 

25.4 






WITH TURNOVER down from total of * 2.18366p was paid on 
£39.35m to 137.65m. pre-tax profit record profits of £l5.59m. 
of Janies Finlay and Co., overseas 

trader, financier and tea grower, m rnmmcmf I 

fell from £6B3m to £5.03m in the j 

six months to June 30. 197S. Tea prices marched James Finlay 1 
In July. Sir Colin Campbell, the to a profit peak in 1077 and a| 


Lll^UMtail. ridllicu ItidL dllli'JUgll Ullf*/ 111 pi '3 UidUVUIH^ UJCIIft 

nan-tea interests should achieve back down again m 1878. The 


wouia be unlikely to compensate two year low at toe end of July 
Fully for the likely profit reduction after sliding for most of the 


The Kwik Save Discount group "retailing chains from the High The shares- rose -lp yesterday 7 
has bought the pnvateIy-owDed_$treet Price.-war and also to pre- to 4ip and have, now eome up 
Cee N Cee supermarkets chain serve employment. Kwik Save, in- l4p since the Mowat~ director 
For some J3.75m cash. •'"••• tends eventualljr to integrate .the first - announced they' had been - 
The move enables Kwik Save, stores into its t raditional pattern approached bv a bidder, 
one of the more aggressfve: of discounting.-- . •• - 

limited range discount stores, to '' ■ r 

broaden-its base in the Midlands.-.- • J’J”"*- DTD winimr 1 irifA - -1 

But last night the move was G LAN FIELD SECS. Ak 1JK -IUOVCSIIIlO • 

.document setrt tb Glaafltid share-'- .nfbher, . 

.Lord -Allen condemned- ; - ‘ ". ' Pteatics and engiTOenng gnnip, 


‘W- Hi**"* MfcVII Si'V i uuuu yi«K io UVtVH, ouu 

■ora the half-time figures. thereby reducing potential supply. 
Associate contributions of But this is only Ukely to reduce 


*—*.-*—IVI wwp IV Mam ut 

er 2op share. in 1978 although part of this will 

As indicated In the group’s offec be treated as pre-acquisition pre¬ 


paid, and last year an adjusted to give a yield of 7.3 per cent 


The Chairman, Mr. R. B. Smith, states: 


Heron Corporation ahead 
22% to record £6.5m 


“The value of work carried out during 
the first half of 1978 increased by 20% 
to £406in, compared with £338m 
for the corresponding period in 1977,. 
The greater part of the increase 
relates to die UK, where sales of private 
houses have been at a very satisfactory 
level and construction volumes have 
increased; overseas the rate of 
expansion has slowed somewhat 
(reflecting increased competitive 
pressures in certain areas) but is 
nevertheless encouraging. 


shown in the figures to be reported 
this year. As always in the Industry, 
results of a single short period axe of 
limited significance, and the profit in the 
second half of the year should be 
substantially higher than in the first 
half. 


The increase in interest costs is 
attributable to further expansion in 
North America and in property 
interests in the UK and overseas. ’ ’ 


The effects of die recession in die UK 
construction markets which started 
some two years ago are now being 


George Wimpey & Co. Limited, 
Hammersmith Grove, 

London W6 TEN. 




NOTICE OF ISSUE abhidced particulars 

Application hot been mode to the Council of The Stock Exchange for the 
undermentioned Stock to be admitted to the Official List 


WEST KENT WATER COMPANY 


(incorporated by Act of Parliament in 1878) 

Offer for Sale by Tender of £1,500,000 
7 per cent Redeemable Preference Stock, 1983 
(which will mature for redemption at par on 31st December. 1983) 
Minimum price of Issue — £97.25 per £100 Stock 
yielding at this price, together with the associated tax credit 
at die current rate, £10.74 per cent 


This Stock is an investment authorised by Section I of the Trustee Investments Act. 1961 
and by paragraph 10 (as amended in its application to the Company) of Part U of the 
First Schedule thereto. Under that paragraph, the required rate of dividend on the 
Ordinary Capital of the Company was 4 per cent but. by the Trustee Investments (Water 
Companies) Order. .1973, such rate was reduced to 2.5 per cent in relation to dividends 
paid during any year after 1973. 

The preferential dividends on this Stock will be at the rate of 7 per cent per annum. 
The associated tax credit at the present rate of Advance Corporation Tax (33/filths of the 
distribution) is equal to a rate of 3 30/67ihs per cent per arnuni. 

Tenders for the Stock must he made on ihe Form of Tender supplied with the Prospectus 
and most be accompanied by a deposit of £10 per £100 nominal amount or Stock applied 
for and sent to Deloitte Haskins & Sells, New Issues Department, P.O. Box 207. 128, Queen 
Victoria Street. London EC4P 4JX in a sealed envelope marked “Tender for West 
Kent Water Stock" so as to be received not later than 11 am on Thursday, 5Ui October, 
1978 being the time of the opening or the subscription lists, and before which no 
allotment will be made. The balance or the purchase money will be payable on or before 

Thursday, 21st December, 1978. 


Copies of ihe Prospectus, on hie terms of which alone Tenders will be considered, and 
Forms of Tender may be obtained from: 

Laurie, Milbank & Co. 

Portland House, 72/73. Basinghall Street, London EC2V 5DP 
National Westminster Bank Limited 
67. High Street, Sevenoaks, Kent TN131LA 
or from the offices of the Company at Cramptons Road, Sevenoaks, Kent TN14 5DG 


A 22 per cent increase in taxable 
profit Trom £5 32m to £6.52m is 
reported by Heron Corporation 
for the Macch 31. I97S year. Turn¬ 
over of the group was £26o.52m 
compared with £233.4 lm pre¬ 
viously. 

A current cost statement shows 
the result reduced to £5.17m 
f£3.89m) after additional depre¬ 
dation of £0.42ra (£0 26m) and cost 
of sales Of £3.11m offset 

by a £2.1Sra (£2.77m) gearing 

ddjusunent, 

Mr. Gerald M. Rohsod. chief 
executive says the trading divi¬ 
sions which for some time have 
constituted the group’s main 
activities produced excellent re¬ 
sults. 

un Petrel Retailing, he says 22 
new service station.- were opened 
during the year,, with 179 slat ions 
being operated at the year end. 
Heron Easygas. the group’s liquid 
petroleum gas subsidiary, com¬ 
pleted The construction of its new 
filling plant and headquarters at 
Newbury. 

With Motor Vehicle Distribution 
and Retailing. Heron .Motor Group, 
ohe publicly quoted arm. had a 
good year with the trading profit 
of £3.1 m 51 per cent higher. Also, 
the disposal of the investment in 
Henlys resulted in a pre-tax sur¬ 
plus of £2.2m. 

The high level of motor vehicle 
purchasing and leasing by the 
business community in the UK 
had an excellent influence on the 
profitability of major retail 
branches and particularly upon 
the fleets division. 

Heron -Motor Group is now seek- 1 
:ns to establish clo-e links with ! 
two leading finance houses which 
will result in Incroa-ed participa¬ 
tion in vehicle leasing. 

Brill-h Lcyiand corporate parts ! 
whole-ale appointment- were ‘ 
gained in ntne locations, and this ■ 
will result m considerably in- ! 
creased profitability, he *a\-. ' 1 

..The Motorcycle Distribution 1 
activities had another good year, 
despite the further .-irpngthenimt 
of me yon against sterling. The * 
now range of Suzuki GS motor- J 
cycles sold well, and the division I 
l? co-opera tine eloselv with ( 

Suzuki Japan regarding 'possible S 
further expan-ion in this range 1 
to meet existing and expected »; 
demand. The division’s transport f 
company. Baileys of West bury, p 
enjoyed spthifacrory trading. |j 
For the second year in succes¬ 
sion Heron Homesteads built and « 
sold more than l.ooo new homes. 5 
Profit margins were restored lo a i' 
more satisfactory level during the * 

year and further sites in prune & 


s locations were purchased for 
i future development, 
i The Consumer Products Dlrfvfon 
- traded profitably during the year, 
i The watch company. Ingersoll, 

■ eomplefeijr reorganised Its safes 
force and forecasts satisfactory 

i results for the current year, 
i Butlers of Sheffield, manufacturer 

■ of fine cutlery, continued to im- 
C prove its results, and trading in 

the future is expected to be en- 
: hanced by additional capita) 
expenditure. 

f The Commercial Property Divi¬ 
sion developed in excess of 200.000 
i square feet in Cardiff. Glasgow 
i and Bournemouth. The develop- 
• roem in Glasgow is fully pre-let 
Mr. Ronson says Heron Cor¬ 
poration is leader of a consortium 
which [Deludes four of Britain’s I 
leading retail chains in the de-. 
velopment of a £22m shopping 
comp/ex in Cardiff. Construction 
has started and the scheme is due 
for completion at the end of 1980. 
Finance is being provided by one 
of the leading pension funds. 

■ In France arrangements were 
concluded for the £40m develop¬ 
ment of the Figaro site at the 
Rond Point des Champs Elys^es 
in- Paris in partnership with 
Keyser UUmann ■•' Limited and 
LTTnion des Assurances de Paris. 

Mr. Ronson says that net assets 
of the group increased 42 per 
cent in the year to £K0.5ni, and 
liquidity was maintained with 
cash balances of £16.7m at year- 
end. 

During the year Heron acquired 
National Insurance and Guarantee 
Corporation which had a premium 
income for the year ended Decem¬ 
ber 31, 1977, of some £20m. 

The group also concluded 
arrangements with a syndicate 
comprising the four main clearing 
bank groups for an eight-year 
£17m loan. Of this. £fi.5m was 
drawn during the year, the 
balance to be dratrn during the 
current year. 


.Lord -Allen condemned- “ i -pisatKX : and engineering, group, 

manner of the takeover and said. . The. purchare -would increase which test .month iade' a £2ttm. • 
It typified the fact that workers l : and Cs- short-term aseets T>v cash call on lt& shareholders, is., 
reuM wake up one morning and about £Sm including freehold and ba< * on .the'takeover trail with a • 
find they were owned: by a new leasehold pi™tii%alued “t f*An. bid .to acquire 52 per cent- - 
S™ S £4^ L q aodTSlSds1o retaS of ****** Hpldhtgv in Aas- 

,l l was astbnished at GlanfieM’s holding of AoutJ per traffan cacpe.te.group..- w ... ; 

Js£ Al 1 * 0 * criticisms Since its cent in UDS-GroraT ™BTR: has .already TWdsonte- 
takeover had guanmteedrthe com- - •. . . .. . . JE850JNO to acquire, a.20 per cent-,, 

pany’s future. ..foothoM krtfae company and now-. 

Cee N Cee supermarkete operate £C HOLDINGS -plans to take this up to a majority 

49 retail supermarkets m Cheshire, •» - holding.: The ' bid which - values 

Lancashire and the Potteries. The -togj® n l“>'Kencard.at:£t2» has the backing 

book value of its net assets are “S. tnoidm^), the urrestment s ^ Ausijcalian Foreign Inv*t-- 
approxnnately ftm. The net profit titehf; ftert^Soarct x r '1 3 

for the o3 weeks ended 7 January ? ent . V 1 ® The deal ^clearly meets Aus?* 

1978 was £502,000. Organi^tion te having talks tralian government guidelines on 

The unaudited accounts to SO Strong tocai hofdmgsJn^dnipanfM- . 

June 1978 show net assets of KffS? ^ which also have extensive foreign . 

E1.9m after -ffnwtag for deferred *l? Bres Interest ; - 

taxation of £L25m end .haying in- does 1101 RU^ady^uimi, .. - Rgnpord -which . manufactures" 

corpora ted a property revaluation. aut o motive moulded carpets^ trim .. 

Kwik Save, which has; some 157 MOW AT RQA RT) ■ and’ commercial. carpets, earned - 
stores m Wales, the North, and t - operating profits of A*L7tn (nm) 

West country, was .anxious to ex- UldtrL»AJL ■ : on a turnover ofAJ15Am -(£9.1m)a-- 

tend t»s time of retail operation The directors of Wm JKtfwat and; BTR; said tit at Kencord would- . 
into the Midlands where Cee MCee Sons have agreed tb'seffto Jente complement the group’s existing 
had a strong position. Kwik Save the’: 818.670"shares In thetr-.com- operations in the UK and Switzer- 
stores only stock a limited range pany, amounting to'6L67 per cent tend.' " 

of basic grocery hems which it of its ■c&pitafrwhdtti they own or -. lakt . month BTR announced a * 
turns over quickly at low prices, control. for,22.5p a jd>are in cash. <m&-foi>sevBn rights issue to raise 
Fine Fare also operates a similar Jenth must under City Takeover £24Jm/Tjie group said that £9m' ' 
stores network nationwide called rules offer- the same amount, for of this, .was to be used to repay 
Shoppers Paradise. / all other shares'in Mcrwat, but lt U.S. boilowings and the 'rey 

Cee N Cee. a family owned com- has'said, it. ihtends to maiiitain ipamder for expansion. This was ' : 
Pany. vas prepared » .sell to Mowafs listing by -placing 'any the third-cash call the group has" J 
Kwik Save because , of the-fierce shares that are offered to it by tnade on Its shareholders in as ■ 
pressures on margins facuig small minority;hbldero.'- many - years. . 


UDT selling German offshoot 


PALMERSTON INVESTMENT TRUST 

—Results fnr je»r to'March 31, i«78. 
alre«l7 reonned. Gi-oud fixed asters 
fl.SSni in.Kmi. Current s&:,eis £39.733 
IC7.8STI and liabilities £777.864 < 1796.667>. 
Cordon Bcrxer .swociaiimi holds XJ per 
cent of capital MeeUns- wincii ester 
Rnusc. EC. October at noon. 

SECOND CITY PROPERTIES—Rr-Juij,, 
to April 30. I9T6. reponed September IS. 
Fixed assets CT.ftn -fB.BVmu InresTmeni 
properties (4Soin ff-I.Slmi. net cnrrenl 
assets £3.2lm ifCTSmi. Menlns. Binuinx- 
ham. Kovembrr 3. at it am. 

GLAM PI ELD SECURITIES mow a sub¬ 
sidiary or Lraai and General Asanrancc 
Soviety ■—Rrrults Tor year lo March 31, 
1ST?, 'alreadr reported. Fixed a.sets 
I5.97m >ri.33mi tncludlna tneestmenn! 
fl.Min Net current liabilities 

eSTMi 3 Company Is diae. 


United Dominions Trust, the in- 
j dependent finance house that is 
i stiff a major beneficiary of the 
i. “ lifeboat ” launched by the Bank 
t of England . in the secondary 
. banking crisis, announced plans 
i yesterday to seU Its German sub- 
; sidiary Einkauskreditbank :CEKBl 
. to the ABC Bank of Cologne for 
: some £4^m. payable in Dmarks. 
i The S8le is intended to improve 
i UDTS accounts by releasing it 
. from guarantees in respect of 
i EKB’s depositors Which' at June 
30 amounted to £16.7m. It should 
1 also help UDT Internationa) re¬ 
pay a borrowing of SFT 85-2m 
which falls due <n January 1979. 

EKB is an Instalment credit hank 
with a balance sheet total of 
DM99m: Bundesbank regulations 
require that UDT itself ^should 
guarantee deposits made with 
EKB even though EKB’s immed¬ 
iate parent is the intermediate 
company. UDT Europe. The.ex¬ 
tent of EKB’s deposit-taking 
business, particularly as it. is de-. 
nominated in D marks, has become 
a serious funding responsbilitr 
for UDT. . - 

liDT International's Swiss franc 
borrowing—an issue of 8 per cent 
notes made in l#74—ts charged as 
a liability of £10-2m in UDT's most 
recent consolidated balance sheet, 
but tiie strength of the Swiss 
franc since then makes the 
present liability rather more titan 
£ll.5m. excluding the final interest 
payment. 

The £4Bin that will be paid for 
EKB. subject to official approval, 
includes special profit distribu¬ 
tions and, after local taxes and 
disposal costs, should produce -a 
small surplus over EKB’s book 
value. EKB’s interests, in- other 
German finance houses and faisdr* ! 
anee companies are included in < 
the price. •’ | 

ABC Bank, with a -balance sheet, j 
total of around DM350m, ' is 
involved in industrial lending as ! 
well as :n6falmenr cred it. -In the i 
year to June SO. 1875. EKB pro¬ 
vided pre-tax profits of £&98m lor j 
the UDT group. . ■ -* 

The operation wfli leave UDT i 


with ho Interests in Germany. It 
says.ft-hh& ’no ptens at prdsreit tor 
disposing of any: other foreign 
subsidiaries.; • ’- / 7 • • - 


BELHAYEN BRY. : : 

Two Scottish hotels have-been 
acquired' ' By *. the"- -BeHteven 
Brewery Group : in deals J worth 
£206.000. - - ' . - 
Belhaven-is to 'issue 500,000 of 
its shares — representing a. .AS 
per cent -stake — to cover the; 
cost of the. deals It Is acqairhiR- 
the Crosskeys .Hotel,. Peebles; ■ for 
£121,000 and , the Royal Hotel, 
Edinburgh,, for £85,000. . 


RIGHTWISE : 

Today is the first day on. which 
dealings wiLT take place in Sight- 
wise. the new .plantations com¬ 
pany termed - out of a. merger 
between Rfghtwise, Dqondi Hold¬ 
ings, Gadek Indonesia and 'Arbour 
Conrt Investments. The shares are 
expected to open at between 85p 
and UQp. - 


CORNERCROFT 

Armstrong' Equipment’s offer 
for Coventry : ensaneering. group 
Corneravfj bas beeni accepted-In 
respect, of S&3 per--cent of ithe 
eligible ordinary' shares and - mare' 
than 80 .per cent of the preference 
canitaL * ' ' 

Both :offers will close, at 3- pm 
on October 12 unless acceptances 
have been received for 90 per cent 
of the JotaL 


.TelCfntion—Mr. J. N.~ Waktosaiv JTJ 
ffirector, t purchased 25,000 T " 
ordinajy ^ares at S9p and 50,000 , 

A" ordinary aharas at 38p on 1 V 

September: 25. ; 

Moorgate and Mercantile Hold- t.. 7. 

*teis- fiisposcd -T-.: 
of100.000 ordinary shares at 13lp- 
-rtm hold more than 5 pgr cent of 1 " 
the shares.-' - 

Oufay Bfrumasttc—Mr. 1 C. AW- -" ,- 
wood, director, has bought 25.000 ’*• 
ordinary shards.. ^ 

_SJ mid W. Bcresford—Mr. A. J. 
Hodgson,, director, has acquired i 
624 5 per^centjcumnlafive prefer-^. 
ence shares bringing total holding ' J, 
of that class to 3,731 shares C5.001 b 
percent).- ... 4 

AtEXANDms HLDGS; ^ 

. Alexanders Holdtngs. has: sold •. — 
J^^opertles surplus to require. 

i»T he u Pre ™ ia ?® at Northampton 
have been sold at'a* price' well 
over book, value and a ■- 

has been-entered into for the 'sale 
Of premises la Edtabuirrh at Z - 

price , also wen above book value. - ‘ 

.A^ ece »t revaluation of certain 
ot me stoop properties showed ’ • *■- 
■® mrplus .of £L3m on previous ■ 

VolUOS, • - n 


SHARE STAKES ’ 
Rnberofd—Britannic : Atturance 
has' purchased i • ftfftiset' 75^00. 
ordinary, shares- to-- make total 
holding at September 19 at‘1.15ni 
.ordinary shares XILOB per cenw.j 
T. Clarhe and Co —Mr. JT. ‘T. 
Saxton. director,:/.-sold .65,090 
ordinary shares at Z3.73p. 

; MeSfchnte BrotWre—prudential 
Assurance has acquired further 
shares, -making * total Interest of 
2,26^813 shares: (5.07. per cent}.'.' 


ASSOCTATES DEALS' J Tv 

- Samuel has; sold 150,756' 

owmtaahts at an. average price o£’ 
Ilf J9op on behalf of discretionary " 
investment clients. ' 

> . Laure nce. Prust has sold 50 . 000 - . 
Compton Sons and Webb ordinaiy ■ 
shares at 67p. 20.000 at 8r P and - 
f:® 0 ®®P-. All on behalf of 

discretionary investment clients..- 


J- LYONS ^ 

$** **** posted 
Lyons and-Company ~i 

■Sszsar*"*. unsaettred/ 

^ajS5«H6S35f 

a'sBMy..-*- 

-J*. directors of Lyons' antil 
figjcW ^dvfcWB recomSend 91 












'S \ 

J ancial Tlmes Friday September 29 1978 

• ARIEL-FAIR FIGHT C 


• ARIEL—FAIR FIGHT OR FOUL 

Struggling on despite 
i twin handicaps 


rs- ago, almost to the 
ncial editor warned the 
hange jri his column 
I. the computerised 
ling system, was " a 
m that can but grow 

fmancia! editor com- 
f this looks like a bailie 
V .i 'in which the rules of 
■ ’;!jetiUon will apply.” 
j^„iillon of Anel, when it 
' "([leralional in February 
L to obtain per cent of 
u:^vl share-dealing within 
. yo begin with the turn* 

. ded budget. During the 
Ufts of operation. Ariel 
■■ per cent of the market. 

Exchange - feared that 
d take the cream of Us 
the big institutional 

’.'in attraction of Ariel 
-• It set a maximum com- 
; : £2.000 per bargam to 
completely cut out the 
urn. The mere threat 
cut-price dealing was - 
to make the . Stock 
reduce its commissions 
iel started trading. 

•l’s early ambitions "Save 
'realised. After the 
st of business, the turn- 
settled down at only 1 
if institutional turnover. 

■ ‘ oer of subscribers has 
. -n from 61 after eight 
peration to 50 or so now. 
. of whom arc its own 
?rs. 

»r the reason for 
mparative failure, it is 
' ho Stock Exchange beat 
fair fight which one of 


sr James Bartholomew 

the financial editors was looking' 
forward to. Ariel Is handicapped 
in that it is not allowed to deal 
in gilts and cannot have market- 
makers (jobbers i. 

Many a broker has. in recent 
years, relied on gilt trading to 
Slay in business;. .Moreover Ariel 
would have been better suited 
to gilt trading than to share deal¬ 
ing. In gilts the investor feels 
less of a need to know whether 
a lot or stock is being offloaded 
by a particular holder, he feels 
less of a need to hear his broker’!, 
view on how: the market cur¬ 
rently feels, about that particular 
company, in short, gats, dealing 
is less reliant on up-to-tbe-rni flute 
knowledge of a broker. 

Arid cannot have ' market- 
makers beraui'.- they couW not 
be profitable unless, .like • Stock 
Exchange ■ jobbers, they wen* 
exempt from the normal 2 per 
rent sianip dulj. Ariel has Ion- 
tried to obloin (bat exemption 
but without >uccf!H—negotiation, 

arc continuing with the authori¬ 
ties'. 

Market makers would 30 *ome 
way to solving a bas>it drawbovk 
or Ariel as it stands. Ah investor 
who definitely wants to. sell 
straightaway cannot be sure or 
finding a buyer. An offer to deal 
could remain unanswered on 
Ariel for days on end. . . 

Of course. Ariel .suffers, from 
inbuilt disadvantages as. well as 
Those imposed from outride. For 
example, every dealer in an iasti- 
tuWon can have a telephone on 
his desk and merely has to be 
able to talk to make an order. 
But if he wants to deal through 


-Ariel he has to gel up. walk over 
to the terminal and try to com- 
mUlrica re with a computer. 

What is its future? Probably 
the quiet backwater existence win 
continue, assuming conditions are 
unchanged. If cither of its handi¬ 
caps were removed (the Bank of 
England has not cros aHnwad an 
experimental period of s±lt trad- 
imj) Then it could be a different 
matter altogether, 

Bui Lite chances of this look 
pretty remote. The departure of 
Ariel's managing director. Mr. 
Colin Leach, announced this week 
would be unlikely to take place 

before a breakthrough. He repor¬ 
tedly complained right at outset 
that he \*a» struggling against 
“the.most savage opposition the 
City has seen for years. 7 ' .Ariel has 
always been up against the 
■■ club ’’ element of the City led by 
the vested interest of the-Stock 
Exchange. 

.Ariel's best hope is that one of 
the bodies looking at the Stock 
Exchange and the City, the Office 
or .Fair Trading or the Wilson 
Committee and perhaps one day 
the EEC. will deem that its handi¬ 
caps give the Stock Exchange an 
unfair advantage. 

The Stock Exchange has in fad 
tried to take over Ariel from time 
to time. But .Ariel has rightly sus¬ 
pected that this would be In order 
to arrange a funeral. .Artel may 
seem |o be at death’s door, but 
at least it still prevents the Ex¬ 
change from being a complete 
monopoly. That is probably how 
it best serves the interest of Its 
owners and friends, professional 
investors. 


IING NEWS 


■ Vt7 n 

- a 


frikander holds back 
cranium development 


, l*. CHEESERIGHT 

v i liiCKin * g 

iecision by 


yfn A’G MARKET hopes of 
•JjJ] iecision by Anglo Ameri- 
Kiratiou to develop the 
•r Lease uranium mine 
trksdorp district of South 
ere dispelled yesterday 
was made clear that 
discussions with the 
?nt would take several 

. itler’s annual report said 
•tings have taken place 
Government id discuss 
josals for the financing 
r.~ ilishment of the project. 

i 1 en the Government has 
- *• -.erision on the proposals. 
'.. _ s contracts have been 
1-\. will the board be able 
“a final decision” 
;’'imediate impact of the 
to mke 10p off the share 
rich closed yesterday-at 
• the-spring the price wag 
o wild gyrations linked 
ry estimates of the pro- 
' »spects. 

tder has reviewed a 
7 study completed by the 
- ast year and as a result 
. uas devised a means of 
«g the construction 
nd boosting -production 


during the commissioning period. 

While this has bad a beneficial 
effect.on the anticipated rate 1 of 
return, it has not been sufficient 
to allay Anglo American worries 
about the escalation-Of costs. Jt 
was these worries, especially 
Ihose reined to power charge 
increases, which led to the sus¬ 
pension last April of uranium 
sales talks. 

- But. there -is a further factor 
holding back n decision on 
development. This is the un¬ 
certainty of the uranium market 
id the 1980s. The annual report 
reflects the prevailing pessimism' 
in the industry about sluggish 
prices at. least until the middle 
of the . decade. .' 

’■ There is ho way of determin¬ 
ing at this stage exactly when 
prices: wdJ -start to strengthen;:’: 
adds the report, indicating that 
the -An"I d group has re-appraised 
the market since last April, .when 
Mr. Dennis Eti&redge. the Chair¬ 
man of the jfold and uranium 
division, said. “There is rib prob¬ 
lem in the . market plaqp." 

Afrikander Lease' stopped 
producing uranium in 1981 and 
gold operations ceased in 1964 


when the old mine went on a 
care-and-maintenance basis. Four 
years ago. however, the company 
acquired mineral rights in the 
Klerksdorp area which created a 
more economic block of land. 

RTZ LOOKS FOR 
COLD IN 
INDONESIA 

The Rio Tinto-3tinc group, 
through its S4 per cent owned 
unit. FT Rio Tinto Indonesia, it> 
. starting a new gold exploration 
programme in the central Kali¬ 
mantan region of Indonesia. 

The Department of Mining and 
Energy in Jakarta yesterday said 
that an exploration application 
*hnd been approved, but would 
-only bp. valid-for one month. This 
suggests that the geologists will 
simply walje over the ground in 
a preliminary investigation. 

- -PT Rio Tinto is administered 
by Copzine Riotinto of Anstralta 
and is already active in Kali¬ 
mantan. It has also been under¬ 
taking the preliminary drilling of 
a molybdenum deposit in north 
Sulawesi. ’ 


eclining ore grades at Denison 


S MINES, the Canadian 
producer, has enough 
its Elliot Lake mine in 
to meet Its.existing con- 
vbich cover J'J9m lb .of 
oxide. But ore grades 
'dining. writes John 

1 from Toronto. 

>gh it has been known 
s that Denison is sitting 
of the largest uranium 
s to be found anywhere, 
mpany has not been 
» with specific details and 
,- led some analysts. to 
Its ability to deliver the 

e its ability to meet exist- 
itracts, Denison is still 
ing its effort to find more 

i7 the mine starfed out 

2 reserves of 138ra tons 
,, :g 2.78 . Bj . .of uranium 
£t-?r ton. Over Ihe next 20 

/Venison mined 31m tons of 
l delivered S4m. lb of 

...- start of this year reserves 
timated to be rf lu excess 
n tons, containing 264m lb 
urn oxide. This gives an 
grade ■ of 1.32 Jh of 
-• oxide per ton of ore. 

•ear the average grade of 
cd was 2.07. lb, compared 
7 lb In 1973. 

;e tonnage in all categories 


-includes 24 ju tons from the 
former Sianrock and Can-Met 
properties, which are contiguous 
to the Denison mine. 

The projected reserves were 
audited.' by Ontario Hydro's 
geological consultants before the 
electrical utility signed its con¬ 
tract to take delivery of 126m lb 
of uranium oxide between 1980 
the year 2011. 

Although Denison holds other 
properties in the Elliott Lake 
area, it has stated that “these 
have no viable, reserves under 
currently foreseeable uranium 
market conditions.” 


ROUND-UP 


'New Central . Wltwatersrand 
Areas, a South African investment 
company in the Anglo American 
group,, is declaring a final divi¬ 
dend of 17 cents tSkflSpJ for the 
14- months to August, bringing 
payments for the period to 22 
cents-compared with 16.5- cents in 
the previous 12 months. Net 
profils for the 14 months were 
R395.920 (£231,410) against 

R295.3G7 in the year to June 1977. 

ir * * 

Hauling Geology and Geo¬ 
physics of Bor ch am wood has been 
awarded a contract by Irish Base 
Metals and Tara Prospecting for 
a programme of airborne spectro¬ 
meter surveying as part of the. 


58S.K5 819.788 


jerdeen Construction 
.56m lower midterm 


-.5NOVER little changed at 
pre-tax profit of Aber-. 
. f instruction- Group for. the 
If'of 1978 dropped from 
to £l,2Im. V • 

result includes finance 
of £40,328 against £60.001 
u?..-aml earnings per 25p 
tire- shown at 5.75p com- 
with - S3p after tax. of 
= (£857,000). 

interim dividend is lifted 
787p net to 2p. Last year 
final was paid on profits 
; £3.95m. ... 

tors say tendering oppor- 
,'V. remained satisfactory 
• the first six months of the 
d appeor likely to be main- 
in the foreseeable future. 

i it is unlikely that the 
age. return on the whole 
.. .turnover will be much im- 
-. as a consequence, it is 
ticipated that the profit 
■ will deteriorate,- 
: is proceeding on pro 1 
e on phase one of the- 
v development. at Hill of 
w- The' first 60,000 8q ft 
-development will be ready 
aipation in January. 1980. 
companies have indicated 


an interest in the offiees but .no 
, leasing arrangements hare, as yet, 
^been agreed. 

Advance shown 
by General 
Investors 

Revenue at General Investors 
and Trustees for the half year to 
July 31, 1978 advanced from 
£572,199 to £723.901 before las of 
£300,489. against £227,406. Gross 
revenue was £ 0 .lSm higher at 
£1.05ra and expenses were up at 
£330.590, compared with £299,820. 

Trading profit on property, 
which is dependent on the volume 
of land sales in Australia, reached 
£188^61 (£101.684) but this result 
will not be repeated in the second 
half the directors point out. 

At the half-year net assets 
.amounted to ' £31.67m, against 
128.04m at January 31, for a per 
share value of . I33.7p (lS2.5p). 
The interim dividend is raised to 
l.7p (1.6p). A final of 2.4P was 
paid last time from. record 
revenue of 21.22m. 


search to locate uranium deposits 
in Ireland. 

_ ★ - * * 

Phoenix Mining and Finance 
stated It bad received applications 
for 206J04 out oT. 252,754 shares 
in Globe and Phoenix Gold Mining 
it offered for sale. The balance of 
the - shares was taken up by 
African Lakes Corporation which 
now Holds 14.3 per cent of Globe 
and Phoenix Gold Mining. 

MINING BRIEFS 

CQNZJNC RIOTINTO MALAYSIA—Sri 

Tim ah production lor August. • 143.43 
inn do* (Jolr 107JO tonnes >. 

MOUNT ISA MINES—Product hm fill 
The period August 28 to September 24: 
Lead ore treated 206.383 tenses, produced 
10450 tonnes, crude lead and 17,744 toones 
sine concentrates. Copper ore Treated 
417,047 tonnes produced 8,580 Mnrtes 
blister copper. 

MOUNT LYELL MINING AND RAIL- 
WAV~ . 

12 week* 

-2 20.8.78 2L8L77 

Ore TVeatmeni 

Ore mined Monnes* ... 386.019- 387^00 

Average copper grade L306^- L3155, 

Concentrate produced 

iramwi. • 17995 17^S8 

Grade- oT cooceatrale . 

< copper) . 2tl«; 2647G 

Realisable Metals m 
Coocentroies 

Copper fTonnes) - 4-u33 4.443 

CoM’tgramsi - 102^71 *7.042 

Stiver .mramsi - 583,525 659.7* 

Amalgamated Tin Mines of Riser!*— 
Prod action or concetrates tor August: 
tin. U1 tonm-s 'July 153 tonnes'. Cotan- 
Wto 86 tonnes (July 2 B tonnes). 


Frank Gates 

midterm 

expansion 

For the half-year ended June 
30, $75, profits of Frank GL Gates, 
main Ford dealer, ' rose from 
£578.711 to £713,SS3. on turnover 
ahead £3.08m at £13.53in. 

Alter tax £37L220 (£800.9301, 
net profit was up from £277,781 
to £342,665. for earnings of (LSp, 
against 5.3p, per 25p share. 

Ppr the year 1977, the company 
paid a dividend of L5535p from 
pre-^ax profits of £l.D4m. 

J. Hewitt up 
at six months 

In the June 30, 2978, half year 
taxable profit of J. Hewitt and 
Son (Fenton) Increased £34,000 to 
£100,000 on turnover up from 
£ 1 . 12 m to £ 1 2 $TD. 

After tax of £37.000 (£34.000) 
net profit .came out at £43,000 
agamst .£32.900, and earnings per 
share are' given at 2.4p fl.4p). 
For all last year pre-tax profit was 
£214,000 and a 1^6364p drvideftd 
was paid. 



Sime 

Darby 


c b°M 




Sime Darby Holdings Limited 

PRELIMINARY 

ANNOUNCEMENT 

OF THE RESULTS FOR 
THE YEAR ENDED 30TH JUNE, 1978 


The Directors of Sime Darby Holdings Limited will recommend to the Shareholders at the Annual General Meeting of 
the Company, to be he[d in Kuaia Lumpur on 17th November, 1978, the payment of a final dividend of 17.5% gross 
and a special dividend of 2.5% gross on the Shares of the Company for the financial year ended 30th June, 1978. 
Subject to approval by the Shareholders, the dividends will be paid, less Malaysian income tax, on 30th November, 1978 
to Shareholders on the Company's Registers at the close of business on 1st November, 1978. The final and special 
dividends, together .with the interim dividend of 10.0% gross paid on 31st May, 1978, make a total distribution for the 
year of 30.0% gross which compares with the total distribution for the previous year of 20.0% gross (interim 5.5%, final 
12.0%, and special 2£%): the rates of dividends have been adjusted by reference to the capitalisation issue in May 1978 
-see Note 2. 

The accounts for ibe financial year ended'30th June, 1978 will be sent to Shareholders on 23rd October. 1978 and will 
show: 


CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH JUNE, 1978 


TURNOVER - External 

TRADING PROFIT 
Investment Income 

PROFIT BEFORE INTEREST 
Interest payable - net 

PROFIT AFTER INTEREST 

Shore of profit less losses of Associated Companies 

PROFIT BEFORE TAXATION 

TAXATION ~ ' ' 

PROFIT AFTER TAXATION 
Profit attributable to minority 
shareholders in Subsidiaries • 

PROFIT BEFORE EXTRAORDINARY ITEMS 
Extraordinary items 

PROFIT ATTRIBUTABLE TO SIME DARBY HOLDINGS LIMITED 

DIVIDENDS OF SIME DARBY HOLDINGS LIMITED - 

NET OF MALAYSIAN INCOME TAX 

Interim -.10.0% gross {1977, 5.5%) 

Proposed final.-^17.5% gross (1977,12.0%) - - 

- Special ; \ -. 2.5% gross (1977, 2.5%) 


PROFIT RETAINED 


Earnings per Share - excluding extraordinary items 


SUMMARISED CONSOLIDATED BALANCE SHEET AT 30TH JUNE, 1978 


SOURCES OF CAPITAL 

CAPITAL AND RESERVES ATTRIBUTABLE TO: ;. 
Sima Derby Holdings Limited 
Minority Shareholders in Subsidiaries 

TOTAL CAPITAL AND RESERVES 

BORROWINGS * net of bank balances, cash and deposits 

DEFERRED TAXATION 


1978 1977 

M$0C0 MSOOO 

1,743,234 1,352.952 


1978 1977 

.£000 £ 000 . 

395,560 316,480 


177,110 

8.409 

185.519 


142,267 

4,234 

146,501 

10,590 


40,188 

1,908 

42,096 

1.689 


33.279 

990 

34,269 

2,477 


178,076' 135,911 40,407 31.792 


184,474 

151.434 

41,859 

35,423 

“ 75,473 

67.532 

17,126 

15.797 

109,001 

83.902 

24.733 

19,626 

40,298 

28.364 

9,144 

6.635 

68,703 

9.512 

55.538 
• 39942 

15,589 

2.158 

12,991 

9,343 


78,215 95.480 17,747 22.334 


10,297 

18,188 


5,319 

11,833 


2.598 

2,465 

589 

577 

31,083 

19,617 

7,053 

4.614 

47.132 

75:863" 

”10.694 

17.720 

cents 

cents 

pence 

pence 

17.69 

14.50 

4JJ1 

3.39 


1978 

MSOOO 

1977 

MSOOO 

1978 

£000 

1977 

£000 

658,534 

330,463 

516.844 

224.019 

149,429 

74,986 

120,899 

52.402- 

988,997 

740,863 

224,415 

173,301 

127,456 

80,337 

28,921 

18,792 

, 8.800 

4.033 

1,397 

944 


1,125,253 825,233 255,333 .193,037 


FIXED ASSETS 


696,552 

1,125,253 


496827 158,056 116,217 
825,233 258.333 193.037 


NOTES: 1. Thera Is no amount in the Bxtraordinary items for the year to 30th June,1978 corresponding to the attributable profit of 
M$3B ,745poo included in the previous year derived from profits on the sales of land by The Amoy Canning Corporation 
(Hong Kong) Umftecf (Amoy) which declared. In the previous year, a special cash bonus related Jo those profits. Amoy 
proposes to pay a special cash bonus of the same amount in respect of the year ended 30th June, 1978 and the recommended 
special dividend of 2J5K gross by Sime Darby Holdings Limited relates to this second special cash bonus. The deferred debts 
at 30th June, 1978 relate to that part of the consideration on the land sales which is receivable by Amoy after 30th June, 
1979. 

2. The issued capital of Sime Darby Holdings Limited was increased on 29th May.1978 to 392.263.752 shares of 10p each fully 
paid by a capitalisation issue of one share of lOp each for every one share of 10p then in issue. The rates of the interim 
dividend for the yaer to 30th June, 1978. and of the interim, flrral and special dividends for the previous year, and the 
comparative eamings per Stare shown for that year, have been adjusted to reflect the capitalisation Issue. - 

3. Kerapas (Malaya) Bcrhad (Kempasl, formerly an associated company, became a subsidiary company on 27th.December.- 
1977 and the consoficLatsd profit and toss account includes Kempas* results.as a subsidiary, for eighteen months from 
1st January, 1977 to 30th June, 1978 following the change of its financial year-end from 31st December to 30ih June. The 
changes relating to Kempas have resulted in the following increases in the items shown in the consolidated profit and loss 
account of Sime Darby Holdings Limited for the year ended 30th June. 1078 in comparison with what the results would 
have been if Kempas had continued on an associated company basis: profit before taxation increased'by M$ 27 , 40 . 000 ; 
taxetion increased byM$0095 £00; profit attributable .to minority shareholders increased by MS13-.815.P00; profit attribu¬ 
table to Shareholders of Sime Darby Holdings Limited increased by MS5J917.000. which related almost entirely to the con¬ 
solidation of the additional six months' results of Kempas to 30th June, 1978;and earnings per share increased by 0*94 cents. 

4. The increaa in the consolidated capital and reserves at 30th. June, 1978 includes MSI 25385.000 in respect ofsurpluses 
arising on the revaluation of certain estates in Malaysia owned by subsidiaries; of this surplus. MS75£33,Q00 is attributable 
to Shareholder of Slrne Darby Holdings Limited and MS49.452.00Q to minority Shareholders in subsidiaries. 


Kuala Lumpur 
28th September, 1978 


By Order of the Board 
- J.D.F. Drum 
‘ Secretary 


EMPLOYMENT OF CAPITAL 





fef 

m 

NET CURRENT ASSETS - 

300,675 

162J922. 

68,228 

38,110 

DEFERRED DEBTS 

45,036 

46,894 

10,219 

10.969 


INVESTMENTS 

58,070 

13,388 

13,177 

3,132 


ASSOCIATED COMPANIES 

19,755 

65;395 

4/183 

. 15,297 

in 

SUBSIDIARY COMPANIES NOT CONSOLIDATED 

5,165 

39,807" 

1,172 

9,312 

U 


















28 


■; Financial ;!TH3ifes-Fridiy' September. 29 197? 


international financial and company news 


AMERICAN NEWS 

Court orders hew election ^ can se f 

strong sales 
growth in 
second half 


of Kennecott directors 


BY JOHN WYLES 

•THE U.5. Appeals Court in Xew 
York today threatened a partial 
re-run nf the extraordinary -saga 
nf Kennecuti Copper Corpora¬ 
tion and Curtiss-W right b.\ 
ordering a new election nf 
directors to the copper 
company's board. 

This appeared 10 be the most 
important outcome of Curfiss- 
Wrighfs appeal against a 
District Court judgment issued 
in May on the ere of Kenoecolt's 
annual meeting which prevented 
it voting its 9.9 per cent equity 
srake and proxies in favour nf a 
rival list of directors. Curtiss- 
Wright managed to secure a 
temporary stay of execution of 
this decision im the very 
morning or the meeting and 
argued at rhe full hearing before 
the Appeals Court that the 
Lower Court decision had 
M-verely impaired its chances of 
success by causing some stock¬ 
holders to swing behind rhe 
Kennecott hoard at the last 
moment. 

Issuing its decision today the 
.Appeals Court ordered ihe 


District Court to “ void the I97S 
annual Kennecott meeting in 
whole nr appropriate part and 
order LbaL a new" election of 
directors be promptly held with 
a proper resoJieitaticm of 
proxies." 

After a long, bitter and expen¬ 
sive battle the Kennecott board 
won the May vote by a modest 
margin nf 1 . 6 m votes out of 
close to :ttin cast- The District 
Court Judge ruled in May that 
Curtiss-Wright had issued “ false 
and misleading " proxy' material 
and that it had failed fully to 
research its programme of sell¬ 
ing off the newly-acqulred Car¬ 
borundum sub.-idiary and to use 
the proceeds tn pay $40 a share 
to each stockholder surrendering 
half of his holding in Kennecott. 

The Judge also decided that 
Curtiss-W right control, of Kctme- 
cott would be anti-cam petit ive 
and would breach anti-trust laws 
because Curtiss-W right bud an 
interest in. a company manufac¬ 
turing filter bags which was in 
competition with a Carborundum 
division. 


NEW YORK. Sept. 2S 

The Appeals Court today 
ordered a retrial on the alleged 
anti-competitive impact and 
dismissed Kennecoti’s claim that 
a Curtiss-W right acquisition of 
control would breach anti-trust 
laws. 

Most observers doubt whether 
Curtiss-W right's prospects of 
victory would be as good as they 
were if the proxy battle is 
rerun. However, Kennecott will 
be extremely reluctant to 
engage in fresh combat a ml 
today's judgment may either 
encourage some kind of settle¬ 
ment with its adversary, or u 
Kennecott attempt to place a 
large block of its shares in 
friendly hands. 

Early last week. Standard Oil 
nf Indiana admitted that it had 
been talking to Kennecott about 
some form of association, but n 
denied rumours (hat i( planned 
to purchase 3 30 per cent slake 
in the U.S.. largest copper pro¬ 
ducer on the basis of $40 a share. 
Rennecotfs stock was trading 
ihis morning at around S27J. 


Westinghouse settlement near 


BY DAVID LASCELLE5 

A FURTHER settlement in the 
complex, long-running uranium 
■supply suit between Westing- 
house Electric and a number nf 
utilities was reported to be 
imminent today. 

According to the Wall Street 
Journal. Westinghouse is close 
to an out-of-court agreement 
with Houston Lighting and 
PnAPi 1 . with whom about 11.4m 
Ih nf uranium is in dispute. 

Neither party would comment 
on ihe report, citing a judge’s 
order harring disillusion of such 
settlements. 

The litigation arose oul of 
Wcslinghouse's announcement 
in 1975 that it would not honour 


previously negotiated uranium 
supply contracts with more than 
20 utilities because the price of 
uranium had nearly quadrupled. 

Westinghouse had . originally 
entered these agreement lo aid 
sales of it* nuclear generating 
equipment. 

Subsequently. Westinghouse 
sued a number oT uranium pro¬ 
ducers. including Gulf Oil. alleg¬ 
ing that they operated a cartel 
to increase lbe price of the 
metal. This case has also to be 
resolved. '• ;' • •' 

.If WesEinghoiise-’s settlement 
with : Houston. Lighting and 
Power materialises, it would Le 
the fourth in the case which 


NEW YORK. Sept. 28. 

began last autumn, with the 
Judge encouraging the parties 
to settle their differences pri¬ 
vately. 

The previous settlements, 
covering about 4.4m lb of 
uranium, were based on a price 
of ahout 88.50 and 811 per 
pound, against the S7.50 in the 
original contracts and ihe $25 
reached on world markets at 
the rime Westinghouse cancelled 
its contracts. 

A total of about SOm lbs of 
uranium is at issue. The Houston 
Lighting and Power settlement 
would cover the largest single 
amount so far. 


RESULTS IN BRIEF 


Del Monte’s quarterly earnings decline 


DEL MONTE, the fruit and 
vegetable canning company 
which this week accepted the 
increased bid from the R. J. 
Reynolds tobacco concern, 
suffered a slight earnings dip in 
the first quarter to 73 cents a 
share from 77 cents. 

More encouraging wa« the 
result from Beatrice Foods, 
which lust month completed its 
Mailed acquisition of Tropicana 
Pruducls; at ihe halfway slag**, 
us earnings per share showed a 
r:ie from $1.26 In SI.46. 


Completing today's trio of food 
company figures. Stokley-Van 
Camp, which operates in the 
canned and frozen sector, 
reported a first-quarter jump in 
earnings from 65 cents to 73 
cents. 

ft. n. Mary. Ihe department 
store group, saw its earnings 
advance from S5.33 to 66.16 a 
share for the full year, while 
Super Vain Stores went ahead 
after six months from IS. cents 
to 94 cents. 

At paperboard and glassware 


NEW YORK. Sept. 2S. 

concern Federal Paper Board, 
the per share figure surged 
sharply ahead during the first 
nine months to S2.13 from $1.35. 
Roadway Express, the freight 
haulage company reporting Tor 
ihe same period, raised earning.- 
from SI.49 to SI .81. 

For the whole year. U.S. Shoe 
Corporation lifted its per share 
figure from $2.75 to $3.84, while 
Caesars World profits advanced 
from 91.08 to $1.61 per share. 
Aaenries 


NOTICE OF REDEMPTION 



evo 



> 00,000 

9 x / 4% Guaranteed Notes due 1982 


NOTES OF K.D. J,000 EACH. 


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Kuwait inttm.ifionai Finance Co flank of Credit and C'omnMrec Inicnudon^] S_A. 

2nd Floor 39 Boulevard Royal 

AI-Rn-hcd Building. .Luxembourg 

J-iihed Salem Street. 

POBo\No237iC 

Sdl'ai 

Kuwait 

Coupons due I November IP'S should be detached and collected m the usual manner. 

On and .lficr I November 1^78. interest xhall lo accrue on the Not* heron doignalej tor redemprinn. 


Hank ol Credit and C'. mxntercc tnrernaljon.il S.A. 
MiincheiK-rSirj.-c 1 
£ eke G j liu.il n Li m 
PoMlJicfi lUl24 
6 Frankfurt Mum 
Wii-l Germany 


PmTffdna Banka Sarajevo Yugoslavia 

Bj Kim.nl Inlemuuonal Finance Co IS A.K iKun.Ut 


Hated: 24 .‘icplrtnhti /*Oi 


MEXICO’S PETROCHEMICALS INDUSTRY 

A power to reckon with 


BY WILLIAM CHISLETT IN MEXICO CITY . 


NEW YORK. Sept. 28. 
ALCAN Aluminium expects 
sales Tor the remainder of the 
year to improve from the 
-13 per cent gain of the first 
half. 

In the first half, Alcan earned 
$20.4m on revenne of S1.78bn, 
up from net of S15.9m on 
revenues of Sl-52bn. Sales In 
1977 totalled $3.03hu. 

Commenting on the earnings 
outlook. Mr. John H. Hale, 
executive vice-president, said 
that the year 1 continues to 
shape up as a good year for the 
company, in 1977 Alcan earned 
$201 

According to Mr. Hale 
trends are satisfactory, 

margins arc firm and surplus 
inventories arc expected to be 
at a low level by year-end. 

Mr. Nathanael V. Davis, the 
company’s chairman, sees 
things set reasonably fair for 
the aluminium industry in 
North America and most other 
areas. He cautioned that while 
greatly improved profits 
reported by North American 
aluminium producers contain 
a true measure or grow th, they 
also contain an unreal element 
-arising from inflation, 

Reuler 


TRW optimistic 
on outlook 

NEW YORK. 5epl. 28. 
TRW, the aerospace, tools And 
\ eliteV- parts group, expects 
earnings for the third quarter 
to exceed the 11 per cent 
increase reported.Tor (he first 
half, according to Mr. Ruben F- 
Mettler. chairman. In last 
year's third quarter. TRW 
earned $ 1.12 per share on sales 
of $797.2m, while in the first 
six months, TRW-earned $2.58 
a share on sales of Sl.Sbu. 

For the whole of 1978, TRW 
is confident of earning more 
than 1977's $4.77 a share and 
sales should easily top last 
year’s S3.26hn. 

Mr. Met Her says the com¬ 
pany’s spacecraft operations 
have a backlog Of about S750m, 
currently about $ 200 m higher 
1 than a year ago. 

Reuter 

Airline bid inquiry 

Tbc Juslicc Department has 
asked Ihe Civil Aeronaullcs 
Board for permission lo Inter¬ 
vene in ihe merger application 
of Con linen Lit' Airlines and 
Western Airlines, AP-DJ 
reports from Washington. Tlv 
Department's anti-lrust divi¬ 
sion said that it is intervening 
to determine whether the pro¬ 
posed merger may have an 
anti-competilhe Impact on the 
air transport industry. 


BETWEEN NOW and 1982. 
Mexico’s petrochemicals industry, 
■ one of Lhe most dynamic sectors 
of the country's oii-rich economy, 
is expected to triple capacity to 
around 19'.4m- tonnes a year. 

Just as Mexico is becoming a 
world oil giant, so the country 
will also be a power to reckon 
with as a - producer of basic 
petrochemicals. 

Mexico’s petrochemicals indus¬ 
try produced ASm tonnes of 
basic petrochemicals last year; 
63 times-higher Ahan-.production 
in 1960. The Mexican industry 
is the largest in Latin America 
and. basic. ..production will be 
sufficient to supply the domestic 
market by 1982, thereby so -con¬ 
verting a .net import bill of some 
S750m for chemicals into an ex¬ 
port bonus of S350m. 

This programme Involves 
51.4bn pesos f£L2m) investment 
by Petroleos Mexicanos 
(Pemexi, the State-owned oil 
company For the period 1977-S2 
with the largest slice — 15J?bn 
pesos ($650ru) being spent this 
year. The 38 petrochemicals 
products, now produced by 
Pemex will increase to 44 during 
this period. 

A further 3S.6bn pesos 
fSl.fibn) from : other public 
bodies and also private' sectors 
{their money is destined for 
secondary petrochemicals) is 
also being invested over this six 
year period. The Government is 
hopeful ' that, with production 
rapidly . increasing the contri¬ 
bution of petrochemicals lo the 
gross domestic product . will 


Increase from 1.7 per cent izr fertilisers. By the-fend of I960, 
1977 to 3.S per cent in 1982. Mexico is Expected "to- be self- 
The Mexican industry dates sufficient in fertiliser: - - - - 
back to 1951. when the produc- ' Production, has gone W by 
tion of sulphur was started in leaps and bounds over the years. 
Poza Rica rirom the sweetening For example, in l970 25.772 
natural gas. But not until rhnpes of polyefheien^.we re pro- 
1980 dtd it really get off the dnoed compared 'with 2^691 tons 
.ground with the operation of irf the first three months of this 
the dodecylbenzene plant in year alone.' Last' year's total 
Azcapotzalco, the installation of. basic production of.‘2&m. twines, 
the first, anhidrods ammonia worth SJSbu, pesos', {S426m). 

represented an increase!.ol 44 per 


The Mexican petrochemical* 
industry is already the largest - 
in Latin America.. In the 
next four years tt Is expected 
to triple production, establish¬ 
ing Itself as a world power 


cent on 1978. .... 

Last month, fbr the first'toe. 
Mexico exported ' its; first .' even: 
shipment -of . .methanol -after 
quickly reaching self-sufficiency 
in, the product. ' ■ •.;•'* ■ 

Tfemex is aiming: to become 


in basic petrochemical pro-, bob-of the'.psalm producers 
-duction and- also becoming ahhidrous ammonia.in:the 1 , wo: 


in petro- increasing 'present capacity 
chemicals—-converting a net. tonnes, a year^ to 3.87in 


self-sufficient 


export bonus of S3a0m lnTuins would then b* exported, 

— — • -- providing the market could stand 

plants and the production of it : .-.which, some observers .cqn-L 
aromatics from naphtha at Mina- swter unlikely. ... ■: 
titlan. sin another product, ethylene 

Now Pemex. which manages and its derivatives,- a large 19 
basic petrochemical production, pUrnt compiex is under confflrue- 
leaving the secondary part to .thin which wilt .enabie^-Petnex to. 
the private sector, has 63 operat- prbfluce 3m j tortoes-. a yfear of 
ing petrochemical plants in 13 .Cfpyiene by .1982 — 1 more, than the 
different places. Another 31 are rest of Latin . Aingtfea put 
under construction and a further together. . This wUf b» made 
25 are being planned. Figures -nbssible by putting to good use 
released by the Government this ‘rae ethylene Wnmtfhd in natural 
month show that so far this year -gas which comes out -srf jb lije 
the construction of three plarnff^rtude oiL The same- a^vaptage 
has been finished and another is ' being taken j of propane, 
five should be finished* by the ffn other by-pthduct'dsritttj ffnhi 
end of the year. - Natural gas, wtucbshofeS 

Two of these will be producing. Mexico to meet its demands for 
ammonia for the production of liquefied gad- -'i.'.''.' ; 


EIB Eurobond makes poor start 


BY OUR EUROMARKETS STAFF 

firmness of the French franc-in-to the DIME. At Jiisco’s. pfiefe. 
the currency markets. . :.^ierday of YL180 the coavirsnm 

Terms were fixed yesterday pq ,: premfnrfi ls ?-6 per ceni;':'r. 
the DM80m convertible fromV There is talk.-in. Gtnuahy of 
Jusco, the Japanese supermarket a DM30m convertible ^oc. the 
chain, and initial indications in Uarudai Food Cofftpany. . The 
the .unofficial market for this tefnis are ^pected - to -be 
bond are that it 15 now seHing. “ normfil coupon Aif 3L5 .pdt 

at a premium of over one point cent, a price; eff go? -aid a coir 
The bond matures in Februaizy -version premtiim of 4toubd TO 
1986. it-has a coupon of 3^ per per cent - ; t . V' 

cent was priced at par, and is, In the secondary niSwctjts the 
convertible from January 1979 at DM sector was -hroado 1 uh- 
a price of Y1^70 per Jusco share changed in , pride-...although 
with a fixed exchange rate of YB7 volume was -llvela^.'' 


THE FIRST day of trading of 
the new French franc Eurobond 
from the European 'Investment 
Bank proved the pessimists 
right. While the lead manager 
Credit Commercial de France 
was quoting the EIB issue at 
97£-9Si, other banks' in Paris 
were quoting a price of 863-97J; 
This represents a two-paint fall 
on the day as a number of 
holders, both in France and 
abroad sold their holdings. This 
weak debut occurred despite the 


MEDIUM-TERM 
CREDITS 

Better 
rates for" 
Argentina 

. By Francis Gh.IWs . 

An Argentinian- borrower, 

.state oil company, Yaciinicnt 
. Perrolfferos Fiscales f^Pi 
has succeeded in improving >" 

. aagin the: terms - on which a 
Argentinian ' borrower . f n . 
raise .funds in the mtc| 
national'financial markets. 

It has arranged a S250m 12 -yeaj 
loan with six years grace on [ 
split spread rising from 3 P“l 
cent for the first six years 1 
. i per cent lor. the remainae' 
The loan.;'carries a sovereia 
■ guarantee. '. ; 

The last major loan for « 
Argentinian borrower, Agna 
Energia Electrica, boasted 
. v sptit spread of i per cent 

V the' first three years, rising t 
'^S. per cent for the remainin 
ij^ren and a baH years. 

KuSur- Loeb -Lehman Brothers 1 
co-ordinating (he loan: othe 
banks in the. tpanagemen 

- group.include. Societe GCmirale 
.: DG ' Bank, Sumitomo -Trust 

-Tokai' Bank -and Jndustria 
Bank -of Japan. 

The management group of *b 
loan for YPF: inctades on 

- French, one West German an 
three Japanese banks. 

A S70m seven-year loan wit 
three years.grace is expect c 
r to he signed r in Iiqndon t?»i 
week for five Yugoslav basks 
v—Ljubljanska Banka, Privebna 
Bazdca. . Zagreb, Privecna 
" Banka, Sarajevo;. Lidruzeia 
Banka. Bfeogradska- and Ud u- 
zeha Banka Voivodjanska. Tie 
; borrower is paying a spread if 
. H;per cent for the first thro 
years, rising toM I ^pe r cert.: 
.Lead manager feKFTCIC. 

The S40m toan for Hidroelectriu 

de Cataluna. which is beita 
: arranged by Chase Manh^rts. 
has been increased to 850 i 
' wth- terms otherwise u- 
- changed. .The- same bank - 
leading a S46m loan Tor Sil 
the Italian state, telepbon 
company.' : ; . 

Barclays Bank is arranging 
S70m medium-term: loan fo. 
Bank Handhray w Warszawit 
the- term® of this, transactiot 
remain undisclosed but thi 
loan is part of a much lame 
. operation amounting to $290m 
Tiie remaining3220m are lines 
of credit from -ECGD.- - 


ii 

•I k 

-I " 

six 


$100m sale 
by Texas 
international ■ 

By Our Fimncial StafK 

NEW YORK. Sept. 28. 
TEXAS INTERNATIONAL, a 
major U.S. energy equipment and 
production company, announced 
today a sweeping restructuring 
which will transform it into, prin¬ 
cipally an oil and gas producing 
concern. 

Mr. George Platt the president 
and chairman, said the board had 
voted to divest .the company of 
it<j'energy equipment manufac¬ 
turing division and all of it non- 
oner ®y-related assets. All these 
assets have an estimated market 
value of SlOOm, 

In addition.. Texas Inter¬ 
national is looking into the pos¬ 
sibility of selling-off its well ser¬ 
vicing division, the second largest 
in the U.S~ with assets oE a 
further SaoOm. , 

Technologies 
bid probed 

SYRACUSE. Sept. 28. 
CARRIER CORPORATION'S 
counsel has met representa¬ 
tives of the U.S. Department nf 
Justice at the request of the 
Department in connection with 
United Technologies Corpora¬ 
tion's proposed tender offer for 
Carrier. - - 

Prior to the decision by 
Carrier's Board to oppose United 
Technologies' tender hid. Carrier 
said it was approached by 
Justice Department officials for 
information with respect to any 
anti-trust implications of a com¬ 
bination of the two companies. 
Renter. . 


This advertisement app&rsns arnaKarofrecord only.: • 



US$l 0 JM) 0 ,fn 0 
Medium Term Loan 

JapanMmiatidoal Limited 

. . . - and prqvid&etey 


- /• i tv 


Saitama Union Intemati onaj f Hgr^ Kong) limited 
• TThe .Bajik of Yokohama limited ■ V .■ _... 

■The Chuo TniSt and3anMHg Cpfopany Ljni^edx>. : 

The Mitsubishi ; Tiust and^^Backing Coipdration 

-Jiy -■. -g'l£1 ■ L?l*-\ ,'.4 ■ r 


Japan Interaatii 







NEW ISSUE 


• - '■ - r ‘ '- This amoiptcement appears 

..'■ ; : a? a matter of record only. ■ 







IV-.: 


U.S. $100,000,000 





9 % Bonds Dne Septertiber i5^1990v 

ISSUE PRICE99.25% ’-'' ^ 7 ’ ., 

■' - - . '*1 ■ 1 •- 

V. S. $60,000,000 principal amount of the Bonds were exclusively sold in f^dni- The remaining II- S. $20^000,000 
principal amount of Bonds were placed outsidejapan and tfie.'UtiftedStates of America. / ■ ■ 


The Nikko Securities Co., Ltd. Credit 

Daiwa Securities Co; Ltd. : 

The Nomura Secarities C^ ;, 

Yamaichi Seeurities Company, Limited 

September 1978 . ' ' '" . ' : - ’ 



aw**' 










*«fl 


Financial Times Friday September 29 1978 


mm m m i 


ITHE LUCAS BID FOR DUCELLIER 






jiisinor diu puk uuutLutK 

‘Capital Ferode offers a French solution 

Wimfurn N ’ ' by david white in paris I - -*• j •: * jQ^l 

i 'I ULlUl C !IF THE details of dealings lo play with.'’ said Ferodo. whose off a decision to approve the up between Ducellier and the have given Lucas an extra base 11 [jT BI f |H| |_fll 

‘Our Financial Staff >'surrounding France’s U.S.- rtibs'diare SEV announced that Lucas bid for eight months in SEV company Paris Rhone, an in its lons-slanding competition Mr 

. . . controlled motor components lhe P^vnt company hud taken a the bope that just such a solu- ailing outfit when Ferodo picked with Bosch, which is firmly 

01 in e finer print in tne DucelliAi* far n-rtm ina J urll i interest in an “ assuciu- tion would come up involving it up two years ago and put it anchored in West Germany but by GUY HAWTIN FRANKFURT spol *>S 

5 plans fur financially ! *™ up lue . 1 ™ Uon" with DBA. Ferodo. It Is understood that together in SEV with Marchal relatively weaker than Lucas in ’ p 

teturing France's ailing:". ' • im l )UCai arC SEV. a group hf French com- Ferodo was not satisfied with a and the headlight-maker Cibie. France and the UK. WEST GERMANY'S largest by some mi 300m of which 

indusirv came to the surface i, eni ' . . • ponent companies in which proposai to split ihe DBA stake The Government, which helped The French motor industry chemical concern, Huechsi, DM 200m would bo attributable 

rday «licit details of a ! E er ^°™ hu,dR 70 , pe . r a,ld ta { LU ? aS ‘ ,, ■ push Ferodo into regrouping the remains the most important for appears to be far more cheerful lo the export side. 

.1 -AiiinnmM!! ->( • Allft Bcn “* x l “ c Ub - to Bosch JO per cent, had put up Lucas had earlier opposed the three smaller Companies, has now . „„»=**. thp ijk with tie about the years prospects than i n The fibwi 

i! realignment at Usinor ■ increase Us slake from 49 to the opposition to Lucas' S26m idea of a joint solution with the steered It towards a juicier plum. Lucas , oulsl< *® UK, with its u was four months ago. Earnings thl , „ rmm .: r ,, * l ? ' , h ■ ' 

announced. ;100 per cent has been opposed takeover agreement. SEV group, because of the Ferpdo has been struggling a bit. ^tensive interests in eJecincal, a pp ear j 0 jj aV e recovered from group s rational nation pro- 


More confidence af 
Hoechst after 


BY GUY HAWTIN 


FRANKFURT, SepL 2S. 

largest by some DM 300m. of which 
Huechsi, DM 290m would bo attributable 


announced. 


■increase us stake from -19 to the opposition to 1 
[100 per cent has been opposed takeover agreement. 


ed over to creditors. The, Bondix company which holds the nominal owner of the 51 pur cent only Iasi year. Ferodo says of European companies in the Lucas is already employing concern was one of routed ar ^t Hoechst is back in the black 
will rffocHvelv reduce tn! maioritv of nurollior. urimitmrt _. .-I.- ^k .ui. n it i c ctlii in rtiefnceinnu nil sloptrinal mntnr mrnminontf UM nennte in France and Its /.ntimrem Prnfitc :im nvneried in Hi tnis sector. 


will effectively reduce to i majority of Ducellier, admitted cent shareholding. it Is stilt in discussions with all electrical motor components 14.000 people in France and its optimism Profits are expected to m this sector. 

-er cent the present cno-lthat. under ihc agreemenr with Lucas had a pre-emptive the parties involved, which would business, up to now dominated French offshoot has a turnover be maintained at least at 1977*8 Developments in a large pro¬ 
ne 63 per cent shareholdingiFerodo announced today. Ferodo agreement with Bendix. when include Lucas. overwhelmingly by Bosch. of about £140m. It is particularly i eV el, w -hen the parent concern’s portion or ihc groups plastics 

>inor held by the steel hold-! will probably have.the possibility they went into partnership thut Ducellier has secured a dorai- Kenneth Gooding. Industrial strong in fuel injection equip- net totalled DM «9lm — 121 per operation were, however. unsatN- 

cQinpany. Dcnain Nord-Estjuf taking effective control of uiihar would be the first in the nanl position in the local market cwTespdndenu writes from raent and bas 60 per cent of that cent down on 1976's DM 7S8m. ° ver-Ca P ac,, >- together 

wy. | Ducellier—Thereby considerably queue if the other wanted to sell for electrical components. A London: The failure of its bid market in France. This appears lu be encouraging V, ! l su y er f, , com Potion f ron ] 

c new shares being created‘Strengthening its position along- out. There was no lesal prob- relatively successful company, for DuceUICr ig a blow to Lucas's And Lucas claims that its news for shareholders, who must sia» e-control lea industry ;ind 

have priority rights uver I side Bosch of West Germany and lent. DBA said, and DBA’s nego- with net profit last year of ambitious programme of over- approach to Ducellier was In have been steeling themselves for enterprises m E.rsiern Eurout¬ 
ing equity and will be en-jLuca* in the European eoinpo- tiations with Lucas had “comn FFr 28m on sales of FFr 800m seas expansion which follows in response to the . growing Objec- a cut in dividend following the P 1 ! 1 ® heavy presiurt* no pneev 

i to a aimulative dividend nents business. to an end *■ before the conclusion fS184mi, it is in direct compeli- the wake of a complete re- tions of the major French motor] news of the first quarter’s pur- „! c ., j Dl1 .- n . he p . 1 b '' - , 

payments starting in five . The form of the agreement of this mysteriously contrived lion with the SEV group. design of its electrical com- manufacturers to beins tied to fromance Prnfessur Sammei said sma aeciine in raw material 

; timp. is being kept under wraps, jnmt venture. The market for starter motors, ponents to European standards, under-sized local component‘at the annual meeting this sum- co i™ . ... ■ 

• the same lime* the 4S.4 per “We have given you a puzzle The French Government held for instance, is virtually divided In particular. Ducellier would manufacturers. mer that maintained profits were Gapiiai tnve-iunent oytne west 

stake held by Denain in _.___ _ ___ _ _ ■ the pre-requisite of dividend con- ^rman parent cr.OL-ern tins year 

es a Tubes de Lorraine- timiity. ’®. 10 l0,a * — 

in et Vallourec Reunios SA Die OU&RTFBLY • 1 The Hoecbsl AG parent con- , on th ^ prav,ou f 

lour-ci will he split into two. KUMKItKLT | |||||o roicp |AQnC cern’s sales for the first eighths DM i«m. Investment 

un will hand 2S per cent of CvF 1 flluv IUhIIiJ months of 197S were up by 4.4 world-Kide. houever,-is expected 

. shareholding ,!o a newly TT A gn ■ gw ^ ti-b • T 11 » j per cent to DM 8 7bn IS4.4& bn). *° show » , . ncr f a . S c?/ r,sin? 

Large. oumows- Of dollars in Eurodollar market ssw:.r t.™ 

rtlv in Vallourec. The new- BY* DAVID HOUSEGO •• outside the Federal Republic tn-- plans to invest between 

ing company win he control- PY uirun, rniriiKTre creased somewhai faster, rising DM 7a0m and DM SGOm. Tout 

1 y 49 per cent of Demin and LT nk-molas toLCMtsieR CHINA WILL start raising loans Bank of China would then use by 4 S per cent to DM 4.4fibn. capital investment, including the 

'. er cent by a second holding DURING the “currency turmoil" eluding double counting of inter- htlity that central banks were in the Eurodollar market. Reuter the deposit tu pay the supplier. The group is hoDlne that the fleures for overseas investment 

paby which will include a of the first quarter of this year, bank deposits) international pfacmg some ottk-ial reserves report#! m Peking yesterday. Repayment to the British bank* rtigh ■ “jward jjfjd would “g"; *2^, d ri m DM ,C l%hn' 

er cent government uinveti. there were “verv large outnuws credit uran >d by banks in the in nun-dollar secur..:es. which Quoting Mr. Helmut Haeusgen, would normally be over five .ine. said Professur Sammet For ners. is estimated di DM l.Bnn. 

,c state will hold its 15 per of fuods> hoth - ban k a nd non- reporting area rose by 320bS would not show up in the bank- the President of the Federation years and the arrangement would £e year as a whole, turnover of There are n» bnanemg problems 

inrerest alongside 30 per bank . from the U.5.” accord mg over "i lbree monfL loS450brL ing figures of European Banks. be supported by the ECfiD. HSf*L Aft 15 e ,? pect | d l V 013 ' 1,ke ‘ y l t0 an f fro,r * I Ihe S'oups 

held by creditor banks. 15j l0 rhe quarterly report published The second Icrlor behind th|s TTiere was also some evidence Mr. Haeusgen. who is also The advantage to China of such J 'thn^li^TW? 0 3 Pei " 2S a SSmiSTk fn^sizh^pJS 

cent held by the Gronpc- \ today by the Bank for Inter- rise .was U. t the sirength uf of a shift against the dollar in chairman of ihe supervisor facilities is that it provides size ce " t h,9hcr tha T a ,n I97 J- t11 caT‘ , «a 1 incrcare is in sighu Pro- 

t de I'lndusirie Siderurgiqne.i national Settlements demand fur dollar credits bv thu tho make-up or OPEC holdings, hoard of Dresdner Bank, is able funds on-which they can « r . ne . 6 . s,,n uilUld - 

new steel bolding company.' The oulstanding feature of the rest of the world lei Eurobanks Dollar deposits by private andicurrently visiting China with the draw with min-mal dncumenia- SJSilSj f fi ir !hJ ,!, Sh I jr lc Sf;«f« cnnunmn^'^iTr. Itv 

. Jer rent by the Calsse des | quarter cited by the BIS-was thu to reduce their -lances in the official OPEC h Iders will. Euro-F.EC delegation led by Mr. tion and bureaucratic work. '5, 'S *?!*?- S"' S 1 U l- S he ^md By 

ots ot Consignations and 10 1 reluctance of the rest of the U.S hv S2.9bn and their balances peon banks and with banks In! Wilhelm Haferieamp. the External Similar arrangements seem in *^ e u e,ir w tbe ^ ur ^ e 

. tent by The Credit National. J world (outside the U.S.);tn“add in tho’f •■iJ.rieao area by &i.9bn. Japan fell b\ B1.3bn, whi' • the i Affairs Commissioner the process of being worked out ^HnofLiii ^xpec-ted lo 

°nain will, under the pro-ito its dollar assets vfitii the At the same time, their dollar dollar vl oi their non-dollarj I*J London yesierday it was with Germany and Japan—i p “* pro d ly cut earnings show a reduction of per cent. 

. ds. write off FFr 260m of international banking system and lending tn non-bnnkh outside deposits rose by ^I5hn—again .unclear whether Mr. Haeusgen s though in Japan’s case them 

. in*vs made to Usinor in 197B its desire lo add to its: dollar the U.S. rose by S4.7l>n. The BIS excluding "change rale effects, reference was to syndicated loans- would seem to be some attempt ~rjr • * • n 

will repay a FFr 12Sm loan indebtedness.” The Bank found points out, however, that It is by But at the same time, OPECj—which would he a major ro offer China cheaper credits HVlfllBlO ifflfl 

i the Economic and Serial that the external assets of U.S. no means clear that i_- proceeds deposits with hank9 in the U.S. J departure for the Chinese—or to by classifying them as advance ■*■*"*' 

elopment Fund through new banks rose by S6.2bn. while the from l/es-: credits were used and iheir branches in offshore jTade credits. But bankers in payments on imports of oil and • ' j i irj 

k borrowing. Denain will (deposits of U.S. non-banks with to speculate against the dollar, centres rose by st.7bn. of which London were highly sceptical of other raw materials. Ifl Tl'PCj |S 55 1T-VP53 0* 

/ert another FFr 125m loan banks elsewhere in the reporting The main borrowers were de- the hulk ‘ ods to be in U.S the Chinese making the jump Mr. Haeusgen was reported as J 


in Eurodollar market 


Br DAVID HOUSEGO 


BY NICHOLAS COLCHESTER 


e to Usinor in 1976 partly area also increased by The. same vefopfng countri-r, which are dollars. {into the syndicated market for saying that China would start 

• - a new 10-year loan at marker amount This area consists nf much less likely to he borrowing The BIS report makes it clear: some -time tn come—if only raising loans on the Eurodollar 
s and partly into a partlci- the Group of Ten countries, plus for speculative reasons. that it wa J;pan In particular! berate the Bank of China is market as it broadened Hs 

vp loan with a very low Switzerland, Austria, Denmark The BIS also ; i : s to renewed that bore Ihe brunt of this move- already overstretched In finaiis- methods of financing imports, 

rest rate and Ireland. - evidenej that re-tral banks have raent of funds out or the d.V’ir. ins tne detaus of the enlarged 

t the end of 1977. Usinort This -total outflow of SJ2.4bn been diversifying their reserves As in the fourth quarter, banks wposit farliitjes and negotiating 

' rowings amounted to FFr compared with the net inflow of out of the doila:. It found that in *apan experienced a .very the techmcaUties of buyers Ssmt-Gobaill Sale 

n follow in” nei losses over S3.6bn that occurred in the first nfficiaL dollar deposits with re- sharp -se-of SSSbn. or 92 per credit. . ■ i : 

u luuumiif, nei lUMca u*«. _ _ . __I____I _ ,u. no .nr. ii-ki Finn nr civ T nnrinn hanka iro r.Wi. n_» _ __ .1_ 


ESSEN. Sept. 28. 

SALES OF Fried Krupp GMBH shipbuilding and-industrial plant 
rose slightly to DM 5.25hn in the orders, though several large plant 
first-baJf of 197S From DM 5 20ba orders are awaiting incorporation 
a year earlier. .The figures ex- in second-half .figures. 


■three years to 1977 totalling Quarter of 1D77. 


* 4.5hn. 


Jquichimica 
huts plants 


S3.6bn that occurred in the first nfHciaL dollar deposits with re- sharp 'se-of SJSbn. or 9- per creaiL; . ■ -elude ij&er-curoppny turnover Ktupp's orders in hand at June 

quarter of 1977. porting banks outside the U.S. cent, in their overseas yen liabi- Five or six London banks are Saint-Gobain-Pont-a-Mousson has and are on a‘woria 1 basis; 30. totalled DM 10 2 hn around 

The B!S cites this reluctance declined by roughly !54bn during lilies. C the other hand, flow now understood to he completing sold a 35 percent stake in con- Krupp hade no mention of the 1 per rent higher than at the 

to hold dollar assets as-one of the quarter. Excluding valuation of non-re*;dent fin»o draft aeposir facilities with the siruclion company Maisons earnings outlook for This year. In end of last year. Outstanding 

the four factors, beyottd an effecis (that is the change In Deutsche Mark deposits with Banx of China _ fOT a total of Phenix for FFr 225m f$51m) to 1977 net profits recovered to orders “continue to decline" in 


ROME, Sept. 28 


wyi. -W some cnanx^s in tuts ujdlh -Ul na U a■ uouoo uun-uvuai isia «■ * ------ -— - I'i uuj iuv. siiuico sianicu. uiuuo ii'Ii di"uuu « oi,iw u.'inu 

UlCHUIICA INFORMED | calculations, ih^ BIS eslimaitrs wiih !• This rather smaller landed in offset the upward pres- when payments on contracts are The sale gives St. Robain a capi- per cent to DM 5 5hn. ebarar- Sft.600. al end-1977. 


yns it is closing its plants; that un a net basis (that is ex- rise does not exclude the possi- sure on the Swiss franc, 
n today putting over 3,000; •_ 


due to British suppliers. The tal gain of FFr IlOm. 


Iterised by particular weakness in Reuter 


jloyees out of work. 

t. . ... ^ be chemical workers union 1 
% ; \ i i 1 13 Vi that it sent a telegram lb: 
* * - - J li.i govertuuent calling for the [ 
nediatc appointment of a j 
r i * [ 'i cial administrutor to take • 

’ - • ' i* the crisis-stricken chemicals; 


Dutch shipbuilding rescue plan 


BY CHARLES BATCHELOR 


AMSTERDAM, SepfJS. 


. UI ?‘. r J ^ I SHIPBUILDING employers and sidiary of the Rotterdam-based provide. FI 40ra from existing 

talys Industry Minister, SiS.. agreed on a rescue RSV group. The stale will take shipbuilding support funds to 

■lo Donat Cattin, is due to ™a shareholding of jiist under meet the extra costs of coasts 

et representatives from the plan after talks with the govern haJf worUj p , 14m in tion in Amsterdam as against 

iipany, unions and banks ment for two large shipbuilding yjg. new company. The new Rorterdam. 

lorrow to discuss action on and repair yards in the port of yard wiii have a share capital of This plan, on which outline 
iuiebimica’s future. Amsterdam. Under the plan, FI 30m of which FI 16m will be agreement has been reached 

.iquiehimica’s decision to! Amsterdam will retain capacity held by ADM and FI 14m by the will lead to the loss or l.ion 

;e its plants follows weeks of'’ ... .. s „ clion ,; - ln t h e state. johs. The unions are now sound- 

ay in putting into action an, Dull ° sn ps st ^!‘ ™. ,n 1 e Under pressure from the ing out their members’ reactions 

■eement between banks for!j*°P« Y*™* will later un i ons agreement has been The shipbuilding yard will 

financial salvage of four of j ?® “ U1 ‘“. c . 0rnplele vet>s e JS reached roi the setting up of a emoloy ^00 arid the renair yard 

firm’s six chemical plants. [ if world demand increases new shipbuilding yard. ADM 1.S50, although this will decline 

"he banks announced an initial ! A new re P 31 ^ yarn will be an( j stat(; Wl -jj eac jj a lo i,7oo. There will be no 

line agreement early last; formed from Ihc activities nf the stake of 35 per cent in this enforced redundancies with the 

nth, Amsterdam Dry Dock Company company with RSV taking 30 per cut backs, being achieved by 

uter '(ADM) and of the NDSM, a sub- cent. The government will also early retirement and retraining 



US $25,000,000 

Floating Rate London-DoIIar Negotiable 
Certificates of Deposit, due March 31st, 1981 

The Sanwa Bank, 
Limited 

London 


& 


ln accordance with the provisions of the Certificates, 
notice is hereby given that for the six months interest 
period from September 29th, 1978 to March 29th. 
1979. the Certificates will carry an Interest Rate of 
1 O itt% per annum. The relevant interest payment date 
will be March 29th, 1979. 

Credit Suisse First Boston Limned 
Agent Bank 


Norway and Holland in 
North Sea joint venture 

• BY KEYIN DONE, ENERGY CORRESPONDENT 

STOLT-NIELSEN. the Norwegian shore platforms, including 
shipping and engineering group design, engineering, procure- 
and Heereina. the Dutch marine menL tow-out, installation and 
engineering company, are Form- hook-up. 

ing-a joint company to provide Previously, Stolt-Niclsen has 
offshore services in ine Nor- concentrated its offshore aclivi- 
weg^n sector of the North Sea. ties j n su b sea maintenance and 
■ The new company which will construction, and offshore heli- 
he. owned on a 50/50 basis, will copter services. Mr. Jacob Sioit- 
be the contracting company in Nielsen said the move Into 
Norwegian waters for Stoll- n enera ] offshore engineering and 
Nielsen and" Heerema for off- construction was “ a logical and 
shore installation and hook-up necessary one as well as the fui- 
work as welt as for other offshore fiimeni ’ of a lun e-stan din a 
eonsiruction services. ambition. 

If ihe partnership proves sue- The new partnership is alreadv 
cessful. it is likely tn move into bidding For a steel platform 
other offshore oi! and gas areas order for the Valball Field. The 
around the. world. . structure will act as a booster 

Thu new company will tender platform on the planned pipeline 
for work in connection with off- to the Ekafisk Field. 






* v * a VQv 


. « m/i/i 

njmm 





PRELIMINARY RESULTS 

Year to 30th June 1978 1377 

£ £ ' 

TURNOVER .. 38,582.000 33,450.000' 

Profit before taxation ... 2,513,930 2,-345,667' 

Taxation .. 606,852 1,231,313 

Profit after taxation ... 1,907*078 J.114,354 

The fact that demand for construction has now- 
stopped falling has allowed some confidence to return, 
to the industry and, although the level of demand is 
well below that of the early 1970s, our order books, 
taken as a whole, are better than those of a year ago.. 


Sarrio halts 
payments as 
loan is fixed 

. By Robert Graham 

MADRID. Sepl. 2S. 
BARRIO, the - . financially 
troubled Spanish, paper group, 
has declared a suspension nf ai! 
outstanding payments. This is the 
result nf negotiations with a 
group nf five Spanish hanks For 
a special Pta 2bn (S23m) credit, 
the latter insisting that the fall 
amount of the credit be devoted 
to the working of Same's plants 
and not be diverted to the com¬ 
pany's creditors. 

The five banks — Central. 
Exterior, Hispano-Americano. 
Ponular and L'rqutjo—had hoped 
to avoid resorting to a suspen¬ 
sion of payments, which amounts 
to a temporary freeze 


Provide free 1 
international telephone 
links for your efients 
fromi-najorcitiesin 
&jrop^ Scandinavia 
WBddleEastUSAUK 
and Ireland. 



ForkffifdBBti'Ucftmw 

Li->.-in5T:’ --.r r- -n ces^-jue*. 

1 rfnrt-lf.iv.i ;• ).'<i VtpT3*;e , ,> 


CLIVE iNVEbTHENTb UNITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel: 0I-3S3 1101 
Index Guide ax at September 26,1978.(Base 100 al 14.1.77) 

Clive Fixed Interest Capita! .. 129.70 

Clive Fixed Interest Income.. .114.31 


ALLEN HARVEY & RUSS INVESTMENT MANAGEMENT LTD. 
45 CbrnhilL Londun EC3V .3PK. Tel.: 01-623 6314. 

Index Guide as al Seplember 21, 1978 

Capital Fiied-Interest Portfolio . 100.00 

’ income Fixed interest- Porifnlfo . . 10U.00 


mm 

Vii:. Hu i 


Heron Corporation Limited 
Financial highlights for the year mm 

^arch 31st 1973 

Net profit up 22% to £8.5 m. 
Shareholders’ funds up 42% to £80.5m. 

. _ Turnover up 14% to £266m. 

Copies of the Accounts are available on request from the Secretary. 


Her©n Corporation Limited 

Heron House: 19 Marylebone Road, London NW1 5JL 

Telephonei01-4864477TelegFams;HerbnestLondon Telex: 21910 


liai 



J 















Financial 1 


INTERNATIONAL FINANCIAL AND COMPANY 


Sime Darby lifts dividend! Reco r d 

, ; year for 

as Kempas boosts results ! Grace 


Jordan 


Hongkong Land to raise 


HK$600m as profits jump Bank 


W 


BY WONG SULONG 


KUALA LUMPUR, Sept ‘X. 


Si.ME DARBY HOLDINGS has ihe resales of Kempas for the during the IS months, compared 
reported that its pre-tax areS!- oast IS months were incor- with 2L6 per cent, 
for the financial year to June SO porared. The Hong Kons-based China 

•.'ose by 22 per cent to lS4.4r.i Lf Kempas were to be treated Engineers pre-tax profits rose 


Brothers 

By James Forth 

SYDNEY, Sept. 28. 
GRACE BROTHERS Holdings 


| BY ANTHONY ROWLEY 

i HONGKONG LAND, the col 
biggest property develop 
and manageraeci group. ; 
.announced a near 50 per 
rise ir. interim attriba 


HONG KONG. Sept. 2S- 


m, * 

f 


mm 


riadsor House in ^nt will be parable sol later; fr*r bu«b»«« ' 

ay were excellent tiian November 20 and the • Thl . Jordan . 

r House already 75 remaitiin 0 50 per coni fcy May JL i hf onemred.. on - ba ftfep a? 
-,et Windsor House The stock will carry warrants' feba::; ecos-iairc- -/.jsgjgggi 


is nroposmg a final ulYlwna ct ana aeuucuun ui prum aiuroui- representing a as. per cent in- 
*7.5 per cent plus a special able to Sime Darby by 5.9m crease. The final dividend is 
dividend of 2.5 per cent bringing riasgiis. 7 cents, making a year's total of 

lie vears total to 30 per cent, Keurnas ffor IS months) made 10 cents (8 cents previously). In 


10 cents. 

Group sales rose 13 per cent, 
from A$379m to A54t5m. Tlic 


compared with 20 per cent last a pre-tax profit of 41.3m ringgits, addition a special bonus of • directors said that the federal ; 
-.ear. compared with ISm ringgits for 40 cents is paid from profits from: election held last December | 


Sime’s turnover increased by the 12 months to December, 1976. the sale of land. 


affected iradin 


29 per cent to 1.74bn ringgits After-tax 
• U.S.8 780m> and made a trad- ringgits, 
profit of li/m ringgi.s. ringgits. 


profits 


Sime Darby London's pre-taxi pony's stores. 


compared with 9.Sm profits fell from £3ni to £LSm [ Referring 


A Snal dividend of 12 (U.5.S 35m). 


after-tax j year, the directors 


Higher payout from Tollgate j 

BY RICHARD ROLFE JOHANNESBURG. Sept. 2S | 

OLLGATE HOLDINGS, the 100 scrip issue. Hence the divi-; 


Income from Investments a Mi per cent will be paid, making profits declining from £1.76m to trading had continued to be 
r-rofit* from associated compani M s total dividends of 36 per cent £853.000. * difficult, resulting from a post- 

brought the pre-tax profit to __ tive reluctance by the public 

Ityim ringgits after the deduction to spend, 

rf interest charges. Profits -tt* * . p r-n n 1. - - _. 

fi-SJSS Higher payout from Tollgate Da i to „. C arpe„ter 

te 13m rtaHOi M BY RICHARD ROLFE JOHANNESBURG. SepL 28 | ^ InId « EtoliIIS 

Durm”the previous financial TOLLGATE HOLDINGS, the 100 scrip issue. Hence the divi-; Holdings Limited k 10 recora- 
V o ar the group made a profit Cape-based conglomerate whose dend has effectively been raised; mend shareholders to aceept 
of nearlv 40m ringgits from the interests spread through trans- 15 per cent j an mcreased offer or AS1.G7, 

«ale of "land by its Hong Ivon? port, property, computer services On turnover up from R47.5m \ per a0 cents per share from 
subsidiary. Amoy Canning and insurance, has announced to R52.3m (S60m). pre-tax profits j R. Carpenter Holdings Tor 
r.-iVooration. higher profits for its year to were up from Rllm to R14.4m the ©3.8 per cent of Dallons 

Simp pointed out that the June 30 and. as forecast in last Tf! 6m) and at the net. taxed; Issued capital of 10.59m shares 

-ftsuits” presented took into con- year’s annual report, has paid a level the group was ahead from; not previously held. Renter 

deration the fact that Kemoas 20c dividend. R6.6m to R9.9m. Earnings per;, reports from Sydney. Dalton 

Berhad -was converted from an This is Ihe same as the pre- share were 83c on the increased; has until now opposed 
gesr-ciated to a subsidiary com- vioas year's dividend total, but capital compared with an adjus-| Carpenters bid, which began 
fcn d of 1977. "and to the group's capital has mean- ted 64c the previous year and; at ASL40 a share In May. and 

c-j-ne into" line with Sime's while been raised from Sm to the shares, at 220c yield 9-1 per ; was lifted to AS1.60 in late 


trading had continued to be HKS135.4m against HSIS-SO-Sm m 
difficult, resulting "from a post- .the firs* half of last year. _ Mr. 
tive reluctance by the public David Newbigging. Hongkong 
to spend. Land's chairman forecast a 20 

I per cent increase ic fail-year 
I after-tax orofit* to HKS276.n 

| Dalton-Carpenter !i!fe , 3J5£^,SM£ 

i The Board of Dalton Brothers ! 22 to 14 cents and lir. New- 


Shaw Brothers profits 
surge in second half 


ou: the v.-trters ttcrhirRafiSg 
v :ii ei»r;£ tensntaiiofc'S 
serytee ciurgos 
rcr.dcrcJ. and .'•«&-vauaSI 
deposit«.rs fcy them; j. 

share of Lli* profits frorjTtjjt 
bank's !r. v -act6a£a» 

jo Dr. Sami HSasnt 3 


Holdings Limited is to recom- Digging said the final payne-si BY RON RICHARDSON 


Issued capital of 10.59m sliares I nificant cart o: the big increase pas? two years, and turned to button an unchanged -0 

not previously held, Reuter ! in interim profits arose from 89 per cent higher earnings of Books close on October 20. 

reports from Sydney. Dalton .profits generated by a new hous- HXS29.3:u (U.S.SSrlm) for the 12 In'-recent years, Shaw Br< 
has nntjl now opposed ing development at Pok Fulam, months :o March 3!. has run into various gover: 

Carpenter’s bid, which began ‘called Chi Fa Fa Yuen. This recovered much of the restrictions limiting distril 

at ASL44 a share In May. and ; Mr. Newbiggin? indicated also ground lost s:ace the company oF Its films in Indonesia. Th: 

was lifted to AS1.60 in late : that the company's existing cam- earned 3 record HK£343m in and Singapore. 7: has relit 


I Holt Jordamnr tofiinr' «rho.-‘..ftsv 

t lltUI t»pcn t.T=* drivrnjs;force- Sthtaa: -* 

■ *hp n&w y~' \ 

HONG KONG. ScpL 2S. - Th ‘ y I? J n - ^ aa aafeybff ; 

no explanation is given in; capiSJti t . 

irief final statement. ; has ■tirea.iy xc-n raised' 

i final dividend is held at; local marvel. ^ 

nts. making the total distri-’Dr. Htvjjou-x, y 

a an unchanged 40 cents. 1 general » ramhe-S 

i dose on October 20. . | ciai hacs. the : Jartfcm-Go& 4 


financial year^nd. of June 30. 11.1a shares by way of a 30-for- cent 


August. 


: mercia! properties 


01) 


Consolidated Plantations Limited 

Preliminary Announcement of Audited Results 
For The Year Ended 30th June 1978 

"^le Direcrcrs of Consoiidafed Plantations Limiieo will recommend to the Shareholder a* The 
Annua; Genera! Meeting of the Company to be held in Kuala Lumpur on 22nd November 1 S75 r^e 
Daymen: o? a final dividend of 21.25% gross on ihe Shares of the Comoany ter the financial vear ended 
j-0:h June 1973. Subject to aporoval by the Shareholders, the dividend will be pa;o. less Maiavsian income 
tax. on 2^* h November 1973 to Shareholders on the Company's Registers a» ihe ciose o* business or. 

25rd October * 978. The final dividend together with the interim dividend of 8.75% gross oaks on 'yc May 
1 973. manes a to ! ai distribution for the year of 30% which compares with the ioial distribution for me 
previous yea* of 30% gross 'interim 8.75%, final 21.25%). 

T he conso'idated accounts for the financial year ended 30th June 1976 win pe sen*, tc z~a r er,o'Qers 
on 23rc October 1973 and'-vili show: ■ . :i 

SALES 1978 1977 


Oii Paim 
PaimOH 
Paim Kernel 
FFB 
Rubber 
Cocoa 


long tons 
long tons 
Jong tons 
kilos 
ibs 


INCOME derived from: 

— Sales of oil paim products, rubber and cocoa 

— Investments 

— Other Sources 

TOTAL INCOME 

PROFIT BEFORE TAXATION AND REPLANTING 
Less Replanting Expenditure 

PROFIT BEFORE TAXATION 
Less Taxation 

PROFIT AFTER TAXATION 

Less Profit Attributable To Minorities and Preacquisition Profit 

PROFIT BEFORE EXTRAORDINARY ITEMS 
Add Extraordinary Items 

PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF 
CONSOLIDATED PLANTATIONS UMITED 

DIVIDENDS 

Dividends paid and proposed for the year: 
interim Dividend of 8.75% less Malaysian tax paid on 3rd May 1978 
(1977 — 8.75% less Malaysian tax) 

ProposecTFinal Dividend 21.25% less Malaysian tax 
(1977—21.25% less Malaysian tax) 

Difference in exchange-on payment of-1977 final dividend 


AVERAGESELUNG PRICES 


Palm Oil 
Less Duty 

Net of Duty Price 
Palm Kernel 


Rubber 
Less Duty 

Net of Duty Price 

Cocoa 


(per tonf.o.b.) 

(per ton ex-mill) 
(per ton ex-estate) 
(perkiiof.o.b.) 


1978 

‘000 


1977 

‘000 


103 

19 

38 

23.528 

433 


95 

19 

38 

29.755 

292 

'■■■ '• 

5000 

£000 

sooo 

l ; ' • • 

177.302 

9.016 

•591 

40 232 
2.046 
134 

175.535 

6.919 

T 412 


186,909 

42.412 

182.866 

\ . [ 

75,529 

8.707 

17,139 

1.976 

78,843 

8,108 


66.822 

30,632 

15.163 

6.951 

70.735 

31.468 

..,V 

36.190 

113 

3.212 

26 

39.267 

220 

d*V-% 
;■*{. . 

: 

36,077 

683 

8.186 

155- 

39.047 

3.221 

.j*' '• 

36.760 

8,341 

42.268 

• V.? 

$000 

£000 

5000 

: < 

9,931 

2,254 

9.534 


24.270 

5.507 

23,245 


34.201 

199 

7.761 

45 

32,779 

11.187) 

-• jc 

■■ V 

34.400 

7.806 

31,592 

J.'. 

$ 

£ 

S 

| . < ’ 

1,208 

345 

274 

78 

1.112 

237 


863 

196 

875 


571 

130 

642 

• 

f - i 

168 

38 

166 


2.14 

0.38 

0.49 

0.09 

2.12 

0.37 


1.76 

' 0.40 

1.75 


2.97 

0.67 

1.86 


8.4 cts 

7.9 els 

1.9 p 

i.sp 

9.2 cts- 

7.8 cts 

yx- 


Cocoa (peribf.o.b.) 

Earnings Per Share 

Dividends Per Share — net of Malaysian Income Tax 


Note: (1) Contrary lo the policy in earlier years, local sales of palm oii are included in turnover at actual 
sales values and not at notional FOB export values inclusive of duty. Similarly, GIF sales of 
palm oil have not been reduced to notional FOB. values, as previously, but included at gross 
CIF values. This has the effect of decreasing turnover when compared to the earlier basis by 
S26.697.000-or £6,058,000 (1977 — $12,433,000). 

(2) The information relating to earnings per share and dividend rales has been adjusted for the 
effect of the three for one bonus issue in May 1978 so that all figures are properly comparable. 

(3) The extraordinary items relate principally to the surpluses arising from sales of investments. 


Kuala Lumpur 
28th September 1978 




}^LLj6 


By Order of the Board pi 

WONGTETONN 
Secretary 

—““St.:- 


Heng 1S75. Most of rne profit surgs ci*easin. 2 h on income from its,'He .-a>5 suc-n j .-rsKe. oi 

--Ics~a in ihe second half of the chain of" 160 cinemas in South-- return e«>inp::?e?.-re*y farour- 

year. as in Ihe interim report the East Asia and the U.S. acd from ably w-stls the wo*iwiling ! 

d.TecIor« said th 2 t mid-term Star exports to non-tradirlonai of y per ■.■eut -pa* cazucesciat 

earnings were comparable to markets such a.s Africa, South banks ure mlowed^.to.'dasge.Aij 

*J:oaL* of the previous year. How- America and Canada. their lotn:. and jxe a^tci-tales 

that the .--uro.n IslisHc BanK. 
__ will draw a \’&u\ ii ■'? 

n;;mev deoc»its. Jr«ji» L 

• dani_r*i whMe'. ■. .rei^iia *) 

Solid growth at Arnotts 

“ ■ iniert-si-*e£rftw colamercij^ 

BY OUR OWN CORRESPONDENT SYDNEY, Sept. 2S. , b 2 T>k account. ry :. ' .. 

The ?3n> w>l: o!Ter horit dflpc^it. 

ARNOTTS. tha biscuit maker, faetor>- and by costs associated' and accountsbni ijs'y . 

has raised its dividend, follow- with the establishment of the pet; the deyr*::! acccrjritSi>i2..Bep.e- 
;ng a 22 -'er cent increase in’food division. Without these- fit frssi the hsnk’i: /pralit. 


BY OUR OWN CORRESPONDENT 


SYDNEY, Sept. 2S. 


rise in revenue to AS232:n. Profit cents a share to 10 cents. U is! 
growth, was sreate/t ic the second ll 16 fourth successive increase 
half, with eamiccs jumoina aS- ^®*f ’ r hen Arnotts paid 
sn ^ tr- ttiAOrr, 6u> cents 2 snare. 

u.05. 40 pe, ^en. T h e higher pay-out is covered; 

T^e a^rectors said faai earn- by earnings of 20.4 cents a share.. 
irgs in the :a:es: year were eompared with 16J5 cents in 
afTerted by fire in the snack food .1976-77. 


simisr I'-iarr.ic.haH^ne InslK-.. 

! u ti or. s t h roush out ihe Moslem - - '< 
v.or-d.. Four siich ^banks in. titer- 
Arab v. ur’«f and the. Jeddah*-- 
li.amir D;. , ?iopr.cDi 
Bank are. new^emsers of 0 

M-’cca-bescd -. Ir.tarrtalicraL- " 
Union of 8=nk< 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 



Bid 

Offer 


Bid 

Offer 

Kirvsunr 2s.“ .... 

7-:- 1 

2 

STRAIGHTS 



FLOATING RATE NOTES 



Pot*. t J .— 



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lnu;.'>Pi "kfl . 

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£s»> Ssr i?*i Ns’-'. 

l O. 

Pr. 

Vat. V.'estMinstr. '93 9V,.,pc 


99 

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rc=- 

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n:. Lz^ Pawr 

r,s 

t,: 

OKB 1951 91 pc. 

sp: 

iW 

Nab set* .ilz-: :"•*¥ . 


• Sr. 

%-atEtrsK.T 3-.se :3« .. 

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1C-.', 

S.NCF I9S» 95i6Pc . 

n: 

ps; 

5-.ri.-rs .1L:-.c.£ ;:r; 15*7 . 

'.Lit 

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97 

ft. 

SW. aid Ch'rd. -t| 9Si«n<. 

59* 

99 ; 

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1C7. 




KiTfi'.lis M vib’s ‘-re 

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y- : 

■.fd—ai^v. -’P-- '.9®: 

si. 

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CONVERTIBLES 



Siftiivii- 6fa-. ;ssi ..... 


Uj.-:. 

\tsw?T ?i.-rn:*i" 9:pc 9i 

Brt 


Aai-.-ricar. Express 4In; 'S, 


S3] 

Sperrj Eitd -t;j: 1557 . 

ft". 

op; 

t'!:t* ,5 -:?r :Bif . . 

m 

I'M 

3abrock i Wilcox 7pc '92 


122 

5q’j na ■J'.r’- . 

S- 1 ; 


■Trdlai'd 7nt_ ?1 p * pz ■« 

9ui 

tti 

E-?Jtni~ I-oo-li -t?oc :W- 2 ... 

« 

vw: 

Tk-xam :s«* -. 

7S‘ 

m 

Natiorsi Co— 5d. *nc I?'* 

ST.i 

:-z. 

E.'a;r:re Foods 1«pi 1992 .. 

I!4 

u-;; 

Texas in 7-iu: 'I- 


i 1ST"-- 

Natl. TVesttwnser Ssc 

9S 


3c-chair, b,pr 1992. 

lid 

u; 

Toshiba -pc "V*. 

:jc-; 

/- 

NatL -.Vs rrtnsrr. 9sc >- ‘3 

10C. 

i'.i 

Bruts 6 . 5 c 1992 .. 

991 

;r> 0 i 

Ty Co. 05 . .... . 

7j . 

. .7. 

b.-ic TSr5t> 

9f 


3crd«n ape 1992. 


Ki 

TV Ca Sr-.’ i^S .. - 


i W-c 

Xorr.'C I'.r Ea-A S.pc I 6 — 

at 


Broad way Hale 4Jpc 1957 .. 

13 ; 

TTi 

Irian Car-.do -2?; ... 

N» 


Nor=« Knis. BS f PC ;93. 

Pa 

r-- 

Carnsrwa -Ipc 19?. . 

76? 

ts 

Wj:-i’..-r L.i:r,!>.-rt !" pv ;r-j7 

«;■ 

s;- 

s:ac ".ISS . .. 

9o 


Cbemsn 3pc 19PS . 

l«; 

14* 


“C ' 


'■'on; ByJm i;pc W! 

94i 


Dart -iipr I3S7 . 

52 

S"-: 

Xerox Jpc iDri .. 

tc.: * 


;sl-; 3 sc . 

ot:- 

1-jj 

Eapm.in Kodak t:pe iw 

S5 





Fcr»i Actonan^s Pp»* 'Mt 

SS: 

s^ 

E.-onotnic Lahs. 1,o».- 19«7 

sn 

SI 

Sotjrrs !7:-1.1cr. 

> --j 

:st. ■■ - 

Prw. Sasiatdvn S-PC ‘5'< 

jr; 

?s 






■ ” .,r|_ 

r-itirra-Hjca! =ip-: 

> t7:! fix t9?2 . . 


s- 

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• s 


sX-i'-SUin Trust WS8 

S’hIS iJirl. Fsc. S>.- .. 

Sr.iteila 9o? W\ . 
W ?r-.- IP’TT. 

s, tf.-lSeS s ‘.p.- I9SI 

Vli.tvd BiS-n-15 9pi TA9 
Volvo Spc 1957 ularcb . 

NOTES 

Visiralla 19-4. 

BeP Coos Jii 7ipc 1957 .. 
3r CotUtcbM 5yd. 7 t on - M 
Fsc. S,cc !9S4 . . 

Dw Chemj.al fp; ’5S1 _ 

ZCS ;.pc !9'7 . 

ECS v .rv :9S9 . 

EEC J-oc ... 

EEC 773c- I9«4 . 

Faso Ccoo? Vw IP-*! ... . 

ro’^vcrfeci « p. iac. 

Kocfcirag «pc 19S-: .. 

>S:cV.t!p 5'sc 1^3 . 

C.-Pan 5:jk.- tun 
X-fw 2ruPs’.r1iL-k «bc 70^? . 

RriCi. Fror. 5 ;d<- 
V“’v Zealand sip- :9 : o .. 
Nardjc lar. F.fc. Tin*: 

'■iro* Rvrfra 7tp^ is?2 .. . 

v W^-*y 7;pi. -9*^ 

•■>-:ar;o fty<Jn-. ; p»- :Sr7 

i-.pc t ’ ; ' .... 

S of f;ut. FT.m... :!p,- 'in; 
S-r-idin (K'dora • 7;p>; IS*: 
Swedish Srat? Co. Tioc >7 
T?!o?os 9;-pc 

T.?meci 7ipc 1957 May . 
VoD-sr.-.-aiea 7ipc w-7 

STERLING BONOS 

AI3;;i Srewer:?s lv.co S180 

C.ttco— Mp: T33; . 

Cocrrauids r>:p< ia-9. 

ECS s;sr . 

£13 9:p; :ii*S .. 

EI3 .. 

FaaitCe for In.i. s.pc 7957 
"taascf !or ini. tape i9fO 

• '.kos :s\pr 145; . 

c«mr«r ;:ac ass .! 

ix a i-jpc :?*.? . 

Rowt.etm M-ao 5553 . 

??art : r .:pc ins.* .. 

Total 0:1 91 pc WS4 _ 

DH BONDS 

^s-.m Dot. Sana sipc 

nNOc tilt !9vi . 


. .K 


FiRbf HALF RISE iN 
SALES AND PROFITS 

Unaudited results for the six months to 3Cth June 1978. 


Canada llpc ts?3 . . 

D:-c 

N.JTSnv ind. Ck. Tar 

O-aiflr Bank dip: 

ECS 

isae -.wi . 

r.IE 

j;p: lMn . 

r!'u , 

Aq:i:!s ,n e .V.pt IS': 



Six 

Six 

Twelve 


months 

months 

months 


to June 

to June 

to Dec 


1973 

1977 

1977 


£000 

£000 

£000 

Sales 

20.707 

13517 

31.139 

Trading profit 
before interest 

1510 

1^81 

3,135. 

Profit before 

. 



taxation 

1.652 

1,060 

5L51T 

Profit after 




taxation 

9S1 

533 

1^». 

Retained 

earnings 

730 

.449 

wz; 




.-.-irr.iJM! j.pt :p=7. 

■'Inland "-o 
-orsi-aras j;.ic issu 

*>\-X>ca -Ipe I55 - ;. 

■-.wesrti :9 ! 9 . ... 

Norway ,*;»■; ISW . 

Norway t.'oc 195,. 

"K BitikfU 3:Pc I9S5 .... 
°rov. ijneh-rc tisc I Mil . 
^Uuianiakki Sspc 19S5. ... 

Ssa;n 5cc !!W3. 

TrondfH.ra 3,pc T»S .. .. 
TVO Pov.er Co. fine IJSS 
Vc-ncroila iipc 19S5 . . 

EniW P.anV 5?Dr !W0 


N.FISH&CO. 

CorrtuHnnts and Arbitrators 

Fof essence -.v hit ycut ' 

■’ cm traii;/irorcia ccLoont*. 

96 fAcrsiilaw.tevds IS9 8ST 
T ■phone; L ee-dsfC532‘ : 404 3S' 
Corvjmei' CriKTr 
U«fK»i No:007363 ' 


Mr. Robert Atkinson. Chairman, reports: 

• Sales up 53%. profit before taxation up 56%.' : 
Osborn eXCUt ^ e a " V contribull 'o n frerr, Samuel 

* rer shire'' 1 ' 16 ' 111 incr * assd froni 1 32pto 148p ' 

* serial «Ti an ,n,ema ' i onal eng-neertno and 
over^al Sr ° UP Wi,h ^Snificant jnteteSE. ,, 

• Integration of Osborn proceeding well 

AURORA HOLDINGS 

LIMITED , 

Nether Lane. Ecclesfield, Sheffield S 303 JH • v 




. ****..-■ 
* . - * a *yt*\ . * . ■ 










^;7 vv:'\ 


•C* \- 

* i InanciaT Times Friday September 29 197S 7 • 


|C u rreney, -M o n cv and Gold Markets 


c/vel^ d-» }- 


Report from Number One Wall Street 


% 

. \ 9 


m 


THE POUND SPOT FORWARD AGAINST £ 



■liar showed litiie change 
! quiet trading in the 
exchange market yester- 
trade-.ieiphied deprecia- 

is slishily firmer, on 

’ Guaranty figures, narrow* 
.1 per cent from 9.3 per 

■ •efiertins; ;he yeorral 
menl aen.nit ;he Swiss 
id Canadian dollar. Moft 
major currencies were 
hiaher in terras of the 

•reney. The dnl 1 .tr eased 
].##<.> from DJI 1.3-lfl.i 
the German D-mark, and 
4.ar»4U from FFr 4.51113 in 
l Ihe French franc, 
ned at .SwFr 1 4923 against 
ss franc. and fell to a low 

■ Sw Fr t.4STfi in ;he mnrn- 
: then improved to SwFr 
before closin'* at SwFr 



FORWARD STERLING - 

J-sosrti Ftcbuur Oiyaii i 

3'j£.i US Du&lf j 


compared with SwFr t.49b'd 
•tlncsday. 

- dollar a )mi pained ground 
t flic Canadian dollar, 
na at 84.541 U.S. ceil is In 
endian uni;, compared with 
previously. 

ling was slightly firmer. It 
j at Sl.B740-l.9T3U. and 
fd Sl.n743-i.u735. before 
to SI .OtiBo-l .G703 at lunch. 
•Mind fell to $l. a .Ki65-L0f>75 in 
ifternoon, and closed at 
5-1.9733. a ri*a? of 25 points 
ip day. Sterlings trade- 
led index, as calculated by 
.ini’ of England, rose to (52.7 
62.(5. after standing at 62.G 
in and in early trading. 

JSSELS — There was. no 
1 inter, ention from the 
n authorities at yesterday’s 
Sales totalling DM 50m 
made by two commercial 
. but there was no evidence 
«er these were on behalf of 


the central bank. Trading was 
nervous and rather thin, with the 
Belgian franc at or near its floor 
auaiust the- D-mark, within tlu.- 
terms of the European currency 
snake. During the latter part of 
last week the Trane was nt its 
floor against the D-mark, hut 
recot ered slightly at the fixings 
on Tuesday and Wednesday. At 
yesterday*s fixing it was back at 
the . lowest permitted level nf 
RFr 1.5 765 against the Gorman 
currency, how ever- The Belgian 
Trane ;t!sn lost ground against 1 hn 
dollar yesterday, reflecting the 
Weaker fixing J«vc-1 of the D-mark 
in terms nf the dollar. It fell to 
RFr o0.5U5U-UO.t>5oQ. compared 
with BFr 30.4fi7a-30.fil75. pre¬ 
viously. and the Belgian unit also 
ln>l ground against the . French 
franc to BFr 7 0040*7 0340 from 
BFr fa' S8S5-7.fl|®». 

FRANKFURT—The dollar rose 
to DAI 12)358-1.0436 attain* I the 
D-mark, from DM L9345-lil42A .->1 
>esiL*rday’- u-ithoui .mv 

imorveminn fnrai the. Bum!.*-- 
bank. The dollar's fixing 1***1 
was ,il»o an tniprm-t-nicfil from 
the open ms level of DM 1 iksAii. 
Trading was modvr.iic, amid •'iim- 
that the market was waiting io 
M-e htiw New York would o|i.«ii 
The Swi«v Irani' fell :o Dll LSinsS- 
1.2955 from D\T 1.3013*1.303 ~i j: 
ihe fixing, white sterling ra«cil in 
DM 3.SIK0-3X3H0 from DM S-EKO- 
3.8370. 

AMSTERDAM—The dollar hj» 
fixed slightly firmer at FI 210875- 
2.11125, compared with FLii.10575- 
2 I0S25 previously. 

.MILAN—The dnlbr wac.ibghrjy 
firmer at the fixing, rising to 
1-R23 6U from LS22.U5 The'Swiss 
franc was weaker against the I ini 
however, and was fixed at L54fl.lHi. 
compared with ‘ L552.G0 on 
Wednesday. The Italian currency 
nfsn improved against the yen. 
and sterling at the fixing; nnu 
held firm in terms of the Di-mark. 

PARIS—The dollar eased to 
FFr 4.3540-4.3680 from FFr 43?flli- 
4.3710 at the fixing, and the 
D-mark also declined to 
FFr2.2446-2.2406 from FFr -2249S- 
2.2548. 

TOKYO—The dollar lost ground 
in slow trading, despite * the 
improvement in the latest U.S 
trade figures. • It opened at 
Y18S.50 in terms of the Japanese 
yen. and traded between Y18S20 
and Y1S8.K5. The dollar closed at 
Y188.52f. compared with Y 189.37/ 
on Wednesday. Spot volume 
totalled S462m.. while combined 
forward and swap was $77Am. 


_ ' Bank:.! 

{ Sept .£3 Jain: Dai’s ffcae i 

I 1 Y | Sjircail j 

S ' B !I.BBS&-1.97k";L# 72VkS)SS 
; UwuIimi $' «t-f2.at5fl.2.ia« ' l -.452W,i5j9 
;Gutl.|rr ; &i 4 : 4.U4.17 ! l.lb*4.16i ■ 

U«1 K i(in F. | 6 ; 6tl.lO-bS.4S ifiD.ai-tiP.3B 
jltani».hK. , B t 1fl.H-lfl.57l}, 1S.W-IBJ67 
i D-Mark • J ; 4.,1-i.M ; i.ltf-jM., S. ■ 

j.Port.K--, | It) : TO.7Q.Br.78 -BSSB-Bb.U 
ISf*n. Pet, ■ B UW.Sfa-wSJH) 1142.76-142.06' 
) Ur* i J0»;;’J.bJ2l3-l,iiSB jj.WSJ 
j .Nrwi-n. K. : / . Iil.i2-t0.15 ;iQ.iifri0.15* 

I French Fr. ; tfi;. BJJ L .fi2 
(tuelish KH 6M 3.B7s-*./l < ».B9. :wO, 
(»«-n ; 4^,‘ # 7(W78 s/J ji5 * 

I AupUh Sc.4i 41;'- 27.60 S7.61 27.70 27.60 

j *>wie» Kr, • t iZ.an^.iSi 2.sBga.98« 


One m»iilb ‘ \ TbTwmoulk* . 4 . 


O.jB-0.4B<.<.|>n: 
8.70 U.60".tmi 

1. .iriii-par 

20-10 <‘.|-ui 
Si mfili* 
4ki - 'a in 

'jO-I-JI ■ tilt. 

26- 12b r.m» 

It 14 

1^ in- ]<in Jihi, 
l.;.| 4li-|* I- 
!;-$ i4t-i.m 
9.40 J.lOypiii 
1/ 1 nr*. |.m 

fla-Ihl r.jil, 


5.22 1.67 1.5 7i .[ii, 
5.54 2.H V-Oi'.l'iii 
1.44 54 Jlj «•. 

2 8 5.4»■. 1 m 
-2.5B j-si S urr fii» - 
8 0 1 Sn-r^a ( i I'm 
-t:. 4 ZiMi- 4 Mi c. ii> - 
—B.4D I--U.V50 i-. rtit 

-Sl6D IB S? - 
I.IB b tin- ;m 
1 02 5 4 «-. |<in 
2.11 'll* 9, i'« v-r.- 
lu 42 ,j 35 .-.05 » r-fi". 
b. 19 Hi su uii* 1 m 
MW 3, B;>-. ;.m 


Bi-lsian rale i« fur cnnvtrtrhle franci.' Sui-iiMUtti ton,-ard riflUar 3 pm. 

1 Kiaancia! fraur 613^ 43. ' 1 :-month 5.31-VMr pm 


THE DOLLAR SPOT 


FORWARD AGAINST S 


ScMemder 2E 

Uanmi'n P - 
noUrti-r 

hr 

Oaniih Kr 
O-Mar* 

Pan. I;*- 
Lira 

Xi-Aiin Kr 1 
Kr.-ni-h l- r 
! SvMish Kr ■ 
: V; 11 

l \M-rria sdl 
I Snrisn Kr 


Mjs-ai.ra 
2.UH3-2JJ15 
31.52-51.42 
5JSM-5.JS60 

1.4353-J-MlO 

4S.25-45.45 

8Z2-25C23,H 

S.U49-5J598 

43S254UMS 

a .IKO-il. Ult5 

U8J0489J8 

14.03 :-MJ7 

L4D23.1J1B0 


UJ5-MJK 

2J10KU1U 

33J7-M.42 

5J545-SJSM 

i.i^s-LWia 

0SJ5-4S-65 

SMHZMS 

5-UM-5A500 

4JS2S-4JS7S 

4.408^4.4095 

m.iB-m-as 

MJ6-1U7 

L5UBAJ51» 


I S. i-i-nif. D<*r Canadian S. 


]0gO4L35c pm 
■ par-2c die 
|ZiH>-258oredlf 1 
I a.4M.npr pm 
I 3S-1S0C 41* 

; xo-13 irtvdi* - 
e.70-1 JSprv dls ' 
B43-8.60c dl* ■ 
1 BJBc pm-par 
I Uft-1 JOy pm 
3.75-2.753m pm 
' L12-1JSC pm 


P.a. Throe momhs p.a. 

"ojl OMcd^flScpm 
“0-96 Jc disJc nm — 
-S.» BJDtMkSOore dl* -4.67 
5.67 2.85-2 Apt pm 5.48 
28-33 133-500c dl* -2JM 
VKS9 17-09 Ore dt« -7.46 
- 2.21 3.tt3-JJBorc dl* -J.S 
-1 J* 0.75-1.BBC dl* -B Jfl 
0.27 8.454.75c pm 0.77 
7.07 J.HKJJBy pm 6J« 
2.77 8.9Mi JOsra Pm U0 
B.6T J J7-3 J3c pm B 76 


CURRENCY RATES I CURRENCY MOVEMENTS 



Special 

European 

1 

Bank of 

Morgan 

September 28 

Drawing 

Unhof 

I Stplcmber 28 

EnylamS Cue.rainy 


Rights 

Accoum 

1 

■ Indeu 

Changes 0 ,, 

Su-tlim: 

. 0.649820 

0.66620L) 

| Sierllnc . 

62.70 

- 41.0 

VS. rlnUar .. 

1.2ms 

uuv 

fl'S ihiQar 

83JBZ 

- 4.1 

Canadian dnllor 

1.51382 

133056 

j Cani'Jlan rtull.ir 

77.33 

- 1SJJ 

mu run i.i.-tullmx 

13.0284 

18.4ST7 

j A.nirlati sctillllDH 

Kl.i3 

- 17J 

B<.-inl.iii Im.il- 

.. 30.1183 

48.1564 

Ur Ik mi iranc 

. 111.43 

+ 13.3 

DiuhJi krufft 

6 85727 

7.03558 

J nsni*.h fcr.iw- 

. 22512 

->• 5.0 

O'-Uisth-: liurk . 

248235 

2.54647 

• ill niM-lit- Murk . - 

. 24SJ1 

-f 37.6 

n.iiW.-r 

... 2.7WW 

2.7*263 

.Swiss Iruii . 

216 JG 

MBS.* 

r rencb Iran.- 

. 5J8Q5B 

5.72421 

; i;mld*-r . . 

120.97 

+ 12 0 

Ltrii . 

2054 W 

3232-27 

| Prvikh Ira nr . . 

98.32 

- 6J 

Y-i. . . . 

231.335 

24SL204 

1 Lira . . . 

55.48 

—-47.2 

'■nrwpRlan kroni- 

. 6.58022 

6.75288 

! Yen 

153.65 

- SJ-6 

Peseta . . 

72J.517 

45.4456 

Based nn trail/- u-i'iRtii.-rl ehamm from 

Swdish krona 

. 5.63818 

5.75425 

* Wafhmuron w-rnieai Detrjnbcr. 1971 

Su-ifch- Irani 

1.42120 

L46860 

- ■ Rank of hortond 

Indei =!«' 



OTHER MARKETS 


( 6ri>pn(.nB Puki. 

1 \ii-i mlln Iliiltm ... 

I l-inlniiil Mnrkk*. . 
' Hncnl .. . 

llrvi-.n; Uiiu-linm ... 
H<wu* Ivunc (Inllar. 

Imn Mint. 

Kmvnii t>innr>Kli' 

I l.i>\iftii'»iiiia Kruii 
i Uih\- m Uiilin . . 
j \i-n /.LT.Inni ttrtllpi 
■fnnili A mill* lllynl 
■'iH|ja»*irr (fcil n' 

, ■‘I-Ulli 4lil*>»n U«p-I 


! I.eiPS 1.699 .c59.OU.fc6M? 
. 1.6986-1.'7056,40 .. - 81 
7.U1 7.925 <4.0170-4.0190 
: 37.38-38.32 lb.911W.*2 

71.318-73.063, dr. IS 37.03 
I d.dS-9.37 l4.7SO0A.7530 

I 1c6-1h2 • 68.93-71.97 

: 0.532-0.542 '0^696-0.2747 
toil.25 60.35 ; : 2.1 -c2.15 
4.484.50 :2.2800-3.2BS0 

l.o 0 08 1.6598^.3412-0.9438 
6.51-6.61 ' 3.30-3.35 

0484.-0 .2. 300 *. t: 10 

I.7015S 1.73827. .e62B0.y760 


;tu*fllH . 

lurtiimi... . 
jUcnmnrk ... 

Kiem-V.. 

:i<*-niHim .... 

:lu‘i . 

jj*[*in. 

I \rt litt:*nil-- 

iNurnni . 

.IV-rtuaa 1 .. ... 

h* ln . 

j -t\ lli-ulim-l . 
’I «i|*-l -*l*li- 
Yu.J--lH.ti . 


£ 

N..Ir M*l^- 

2i.Z~Zb.ai 
ea.stM.a- 
Xu.eO-K.65 
• 8.55 8.15 
3.75 S.t 5 
159 1*4". 
A71.3F1 
4. IO-10.;-O 
: X* .08 1 .18 
92 1C 8 
1*21;. 1471- 
2.“'0-3.00 
1.9675 1.V775 
; 9. .'.4 l.o 


Practical economics. 

CV* irsc'it-LKtnnev, head of Hie 
IrvingsEc.in.7ini. RcseurJi rian* 
ninu Di\ won. is one of' rite mo-t 
liiglily rc.MrJcil economM*. in iim 
I' ankini; inJu^rrv. I ii*. c^nJtd and 


McKinney and his people navel 
extensively rfiroughout the U-?*.and 
abroad livildin'g seiniriars p.irticii^iing 
in-awfcMUo, and briefirtr Ming 
dienrs.Tlie division also publishes 
nunv rt’tWKf»ni(C studies and analyses 



'rse- v ;■■ ■ v - ' -;*v.v '• ! 


(ii'iMi'c' \\ V|. K’sii.'ici, Jr.. .S L -iin»i \ ‘itC /Vi. 

Wcc’ JVeu.-ii'-:;, hivnvrob: Roeardi r,r.U Pljwmy 

TliitUghr rrov.ikinc insiehr> ;ite niton 
tjuonrd in the nanon't business prc->.' • 
i-YlT. .ixlc McKinney ul»nc s.h.fol 
of eerm. unic thonqlit-he uses to inter- 
prer tretub or forecusc ch.ingcs and. 
he'U tell ’.oi:,'*All .it rhemr 
*■' A nue tklcvnc. McKinnev 
the ten. >r t. ir the 30 sr.nl members— 
protect .■* ul ecviv>niist>. >tdrist;ci.inc. 

chunisr*. Iibniri.im—vvltoilt.tke.up-tiie._ 

Irving V economics diiidotu 

"t 'lir ;n.mi ta>k,'*>jiy> McKinney, 

“is ro pr- >'.'ide Hie ec<nv.imic input 
that’s % r.il r. • the dec i •'ion main nil 
pr.xvv. *'..i 'At l.ntk .«t!ie R-Iovant: 
data 1 r. iiu many diHerent viewpoints. 
Then, we t.>nu »»urown«.»piiiK»n'* 
aK’iut the t. wee? thar afiecr the lr\ ing 
and our client'. And when wc -re 
thingp Jifiereiviy rii.sn she m.ij. 
we dt m c iiciirate to xnike our views - ■' ' 
kobnii.* 1 • • - - 


n C. Pu.uu 


■ Pit i'.vu. 

wicli as Foreign ExcItaiieeMiirVct 
Trend*,-Btisjrte« Cc»nd»i«^ns h>A aiid 
Tiie Ekunomic Ykw From One''Xy'all 
Stiver. .: • 

. The w eekly Financi.<f Markers 
leuer-is in 'Oienn TVon's area * ■! spe- 
ci.tlisjnnh. (Ate ut the Irving's ciglk. . 
economists, Picon ware he* die.v-iphol 
and i iioney i n:\rker* and ana (\ jj> ^ \ Vc - 
le-ices.diniJfJdke.rficm m..> e . ~ j_ : '' 
“Vk'hen wc give«.pinion-, on tKe 
ruidotik tor inrere-r nifr-. we review 
al! the f:ictor>riw*Ni\i.* - \\e watch ihc 
l ed. but we ai-o Imk .ir conunetcul 
b.srilv*. thegiicemmeur, o..n>iiiiters, 
and bud lie v*. And we ?t,i\ in t- mcl'i 
with our K »ntl and niniiey Marker 
specialist* to compare iew* ...n the 
current t- *ne of the marketer 

rVjhtic.il e.on.>iTii* research is- 
another fen ■urceTi *r clients r. ■ rail 
i ip> in. Aivtshcr oenwe rhat pl.t* * a 
Ley part u\ making the Imn-; unique. 


First with the BEST. 

When the Ir\-ing Tecentlr etab- 
lidiod REST, the first computer-to- 
computer link with the Federal 
Reserve Svstcni in New Yurk, more 
tliiin h i srorc was n wde- 

“BEST, short lor RookHnrry 
SeairinesTr.in>ier, cv^k.three years to 
create. And then, with rhe speed of 
light, put the Irvirt: in the forefront 
of electronic finui. transfer capability* 
f-avs RrvanW’ahh of the Irvings Opcr- 
ucional Services Pivisic-n. 

Foraisromers, BEST means 
more rapid Fed Wire transactions. 
TVecise account uii.ouh.riiy. Lc-w* 
pj[ienvork. Fully ;uitom,itcd creditin'; 



•RHiia J. Wa/wi. \ Nc rrcM-k »i*. 
fj/vidfiioui'Sex ik c \Pn jmVoi. . 

and dtbiring. In aJJirion. the Irving 
clectr>.>nicrtllv ettevrs and settles 
customers' L'-S- C ■uvernment and. 
.Agencv scctinries mu i-cicri. >n-.. 

• The In ing ha* !• »nu been among 
:\ the. leaders ii i.funj-. m. wen lent tech- 
Tinli yv. For example, tlie Irving 
Helped e>r.ibli*n a’newVvTeiii for 
TT,m*ferrine fund? nvrljwjdc. This 
svstcni. krhivvn as SWIi-T tS*vierv for 
Worldwide Interliank linancialTele' 
C'.mniiinic.irK*ii>\. i* luncri.tning hi 
turnpe and will l\.-c« •me. »pcnttii»n«l 
in the l -S. rJiis ve.»n 

S:ivs W.tksh: “A> a m.ij. *r money* 
center bank, wc look lor opportuni¬ 
ties ro pr.iyide.« hetrer >en icc lor our 
“ customers. And providinu better set* 

. vice is what the Irving is all about.'’ 


ftj>f e’ren i or 4 rv>ntink tv »<■*■•- rs’*- 


Irving Tr ust Company. Unique. Worldwide. 

A CHARTER NEW YOkk BANK & 


Sj’il ?? 


CHANGE CROSS RATES 

^l>t.28 1 t-ouna Sii*rhni! C.»». Uoitor j tiwn*elM»Xl*r6 J«p*iitiwi l'en | fn-nri . Iraw| >«i«« ft.ib* , Lhibai faui.-lw j lU'in. Ur* - 


-atrHinn 

nllar 

he Murk 

■4V*« l.«» 

Fmnv M 

Pune 

Guiidei 

Lira. 1.000 

i*n finllar 
n IV. n.- |i» 


^ fTA# . I 

189.6 I 4 354 


1 . i . 

■'—-2.873 


U.=6l ' 
1436 


- 1.282 
-• 959 


^-CURRENCY INTEREST RATES 


iSierlinc 

1'5. IXrtlnr 

Ll*04>Jnui 

(fc»ii«r 

| 1 

Dutch Guilder 

Fr*nc 

( Wp-t izertjian 
: Mar* 

1 _ 

Francli 1«n- 

Italian L-r» 

A-.tan s 

■I*naaB-e_Van 

8 ie 9 

85,j 8*4 


8'4 9'j 

_ 

m 'e 


12 - 121 ; 

10 i :-8615 


■; w.-3'Vi 

llSg U3« ; 

81-Bia 


8M-9U 

- - 

its 'l 

1 

9 -10 

. 18-26 

9-au 

13 

1214 125* 

av-Bf,- 


8;,9,i 

; io» io'p 


1 iis-S's 


16 22 

, 9!h-91« 

lit-a.e 

13-1538 

9fi-9i, 


9, rf-9.it 

10 ™ 10 i B - 

Tg-llp 

1 3:* A : 

9 - 9t 

15 IB 

' 9m 91« 

Z-'s-d»«' 

151* 131: ! 

9-;,-9r= 


9.^-9,; 

J 9U-9 , a 1 

1-11* , 

46h 3 3, 

10-1014 

14k- 16lj 

r 9 ■'S’* 

3'n-Sk 

35-I3-V 



9,r9ir 

1 9-9i 4 1 

n* 

1 3:i.3;. 

IOI 4 10's 

15-17 

9 -9 . r 

3Sfl-3j*- 


i len.i., 8l» 9 Bag o 3 4 B«4 „ J, 5 * .S 2S^ . „ Q . , 

.}■'< n.itii-t- llJg-HS| ; 8J-Bi 4 8ig-9'« , - ■ l* '* J i‘t 9 "\h° ' _®'8;s . t-3 

1 . 12<4 12i* a;-8^- 8;, 9,.; , 10 » lDrp I;- » I jin-3's I 9 91, ; lo-43 . 9!h-9»« 1 

m>4Mks... 13-13 Sb 9i;--9i, i 9,„-9.-i . 10Sa lQig 7*-XI* , 3:**: | SjSt ; 15-18 9» 91« Z-'g-dU' 

•-inii*..: 15U-131S ! 6;;-9 t= 9,^-9,; 9U-9<a I l-I 1 * *’« X0-10i 4 • 141; I6ij . 9 .-9', 3'*-3i v 

. . J5-I3-V . 9t*-Bt- I 9,v9tt I 9-9i 4 1 Ha 17* ■ 3^,3;. I 10»4 10*2 ' 15-17 9, : .-9., 3>g 3a« 

h? (oilowiiis nnmraa] tain «>-re auaied /or London donor crrfaJiraie-* of depo nl: nor tnonih B.la-B.Ba wr c*m: lhree months B30-9.49 por rent: «ix mnirtlis 
in ner evm; one i'**ar 9.7X!i.4, r i „ ... _ • 

ons-l.-r-n Eurodollar deposits: Two years BTis-SUin per cuit: three seam »9|4- Bill# per reni. Innr yesr» B^i.-nilhi wr Mini: me year* a«ih-9lli*. per «vnt nominal 
•u rates. Short-term pares Are cal> for uteri ion. 13. dollars and Canadian-dollars*. Jtro da»s rail for *»|167* and Su-iss fraurs. Aslan rairg err ci twins ratpy m 
iDore. _ . . 


OttKKin: Lonfcn Frantfurf Te6vo Ta-'pei Sr-gapere Grand Cajtnan Beirut Buenos Aires Caracas Hong Kong Ntaruia Melbourne Faria Riode Janeiro Teheran 
I*wp:v« A-I.-1 WIM Safe-ir, njr.e5ta:e rt Ne« YotK.u.b.A. 


This announcement appears as a mailer of record only 



PHILIPPINE AIRLINES, INC 

US$7,248,000 
Medium Term Loan 

Guaranteed by 

THE REPUBLIC OF THE PHILIPPINES 


TERNATIONAL MONEY MARKET 


I GOLD 


Further U.S. prime rate moves Firmer 

ore U.S. banks increased fell to 781 per cent against 7.90. eased to 7,i-7;; per i-ent From 7i- flT A nn 

r prime rates from 9i per per cent late Wednesday while 26- 7&Z per cent and six-month money \ B J| BBf 

to m |ier cent followin'* the week bills eased to S.26 per cent was lower at 7i-8 per cent against 

\?i d started by First National rrom 8 J2B per cent. One-year bills g ,V 8 * percent. The 12-monih 

: > jlr of Chicago on Monday, also fell w fi.14 per cent looi pared rale .showed tittle at SV-Bj j Gold rose 8*2 to 8217*217} m 

• val sources have recently pre- with 8.1T per cent, per ccnL ;quiet tradin”. Il opened al 

i ‘ed a prime rale of 10 per cent BRUSSELS - Following Wednes- . AMSTERDAM—Dutch fall money r S218J. anil was fixed at $217.45 
ibis uas uiven more substance day’s sharp rise ahead or a pos- was sharply firmer at &-*J per conii (£110.3141 in the mornins and 

erdajr v.hen New York’s sible increase in ihe official dis- compared with per cent on{S2l7.no (XJJ0.4fl7i in the afternoon, 

mical Bank raised its broker coum and Lombard rates, deposit.Wednesday. Lonaer-lerm rales j n p ar?s ,h e tn-kilo sold bar 

i rare to RJ per cent from rates for The Belgian franc (com- were firmer throughout with one- wa , ,- sw .' , pp r ocieiu, n „ r Co n 

_ "'lor noni 7** ihii noer 1 foil h3jf*Jr Tn Areunri 'mnnrh nifin/>t' ar fl.OI n<ir fon/1 _ 


limit'd yesterday and with cent The six-monih rate stood - FR.\iNKFT?RT— Inierbank money IS? iX J™ 

ml funds iradiny hi Si-S,'; at 7J^! per cent with 12 -month market rates were mostly un-’„ arorf riv 


n-i ti miins hi di *i-o pvi wm >.-*<*vhlu loarmi ran-s nnc muaijj un-: nar .j lllt L mT T « -, n 

The Federal reserve deposits at 71-fii per cent. ehaneed ahhoush 12-monih money !„ rp ,^_ !ia) _ n u ' C«i j.« * I 

market io make over- PARIS—Inierbank money market was firmer at 4.24.3 per cent mm- 1 p u ' *' _ 


ceni. The Federal reserve deposits at /£■«; percent. chanced all 

ered the market io make over- PARIS—Interbank money market was firmer 
hi and four-day. repurchase rales ti'ore generally weaker with pared with 
epmenis in an effort to ease call monev at 7 per cent compared Wednesday 
situation This was in addi- with 71 per vent on Wednesday. HONG KC 


I in itiv tiini.1 nuiivuiiLvu ansa uiic’invuui IIivm-J Ml >4 •% 1*1.1 Miunr.7 Iiwinri PLIC Udt Willi mi wivni nuiuuii ih mu' 

I seven-day repurchase orders, cent against 72-7/* per cent pre- money at «1 per cent and over- 
luriuen-wcck Treasury bills viousiy. The three-month rate nighl business dealt ar 51 per cent. K 1 "^'.. 

Ul*£iniU£.. .. lrj •*. I8j iB^-V I/ 

Ucimtiiu lisli«..: ( SJ17.4!> ' S217.15 

K MONEY MARKET j .Utminon lixins-— : ^2 17.80 ]s314io 


Free credit supply 


.Lending Rale 10 per cent balances today should be well a modest net lake up of Treasury 


(since June 8 , J97S) 


above (arcet. 


ihe London money market modest excess of Government hijrftr loans opened ai SJ-8! per 
srterday and the authorities disbursements over revenue rrans- eem and fell on.the forecasr of 
Iped drain the surplus by sell- Ters to the Exchequer find a. a surplus to 7-7J percent. Rales 
„» a J.'irue amount of Treasury moderate decline in the note soon firmed, however, to S-Sl per 
Is all direct :o ihe discount circulation. There was also cent and money became more 
uses. The latter paid S-8i per further small payments in respect expensive with closinj* balances 
m for secured eal! loans at the of Exchequer 5 per cent lflTfi.78 taken ai .4-91 per cent 
trt hut closing balances were and banks brought forward Rales in ibe table below are, 
ken at 7J-8{ per cent which balances some way above target nominal In some cases. i 


••fis. IS ' '.is i7 

U..»l Bui 11,111 ih h.n 

1KJIU-PI 

Cii«e. 

: M17?17? SJlB-215^ 

Momlii” Ii<l*u*.: 

.Uternnon limns— 

,SJ17.45 S217.15 

£11-.314) .ilT1i9.,72- 
.’■*2 17.00 5214^0 

IE11DJB7; '(LUiS.OJB, 

■1nnio»t trail v 
KniseriBii.1. 

.|<2SBl-257, :s2Mi-:ifiJ 

NH*n-ifjD^.„ 

Old SiYrrciiiiir.,.,. 

•Elfoi. lb; .f. 14.115. 

; St 24 4 

'iBMl-sii. ..ifol iJ9i\ 

..**1-1 M-2 

■i2irl-.2> .riDi-ilii 

internal innaliv 


-1*"' .*»rt“rFtan». 

lll.l SntnN^iu. 

1.44 -* nSi'.i.j-; 
iSOtZ h 55-61 

. Jjfili-ilB. .iLfiU-cl) 

. *tl-.5 .»i0.'Z 

U.-T-.2 C.-OpcT-. 



>n 6a •«“-. 

VII4 117 s j ,2 ! '7 


ONDON MONEY RATES 


MONEY RATES 

NEW YORK 


sun*. '3 
Hi- 


irriub: I j" L»t»i iLucai AuU--.j 

l ctt focal c ; ImrOntsk I Aoibanty | attpzt&l/ i ! 


tiiuwn* 

Hnaiur 


erniam.; 

V*.Vv 
Ill*- «w 

i*v- nmw..; — ; 8W 8ig l 87n 9 - : 91* 914 j 6-8h ' - — o^Vrucrif 

... 9J« 9 ' 8^-yia j 8:n v>e j ■ 9-9 s * i **<•« t 9*s f 9i:.8\ ! 8*... Big 9 'a 9 ', ! 3'u nm- rnauili ’ 

Ii.-I.tn-. • 9i4»le ’ wi4-s> 9i8-Vifl . Vit , .1 B-91; • 9 *ti .. 9I-- flnw wnnibs'.i. . 

.i SU VJ* ! 63*-vS* vi4-9i® , 93t) ! 9>« : 9Tg [ 9ig-9ti. 9.' fc -9'i. 9,x 9Je 9s« Si* monihs. .J 

v ..--mi.-.. i 10-54 .9*1.10 Sia-9*B • lUs» • — ; — t*f; 9*f 

.... .....10-S79 9-2‘JO,l ? - , • 1£ l*v — i - - - FRANCE 

.- V*»r. .. 10-976 -1U10>4* 10 i0‘» i 10 ItJ*. 10e? ’ - j - - • : - , 

>.. v-*«('•.I - — 1U»4-X11$- - - ; — ’ . — lUrat-MUi.t Kaib . 

-■ — ■ - i . . - - . ————mm .| otMn.nthr . . 

ijH.-at author/!*’ 4SK) finj/icr Aouiuj* wt.ro day*’ dohc»- otn.-r? s*-v**n faxtfl, »l/mpt-Mcrnt !oc4i Jo'horWr mnnsaj* i n n ,. munth . 

1 r» .'.intuid.fi llitre veati U 1 -IJ 3 tK-r ■•om. lour iears iU-lli pu tiwc- spars 12121 pvtcrot. « RjnV bill rair* u. itiblr | Ttu™* months _ 

- Miwiu rdtfu lor prune poper Uoslnu rales for lo'ur-m'mth bant bill* 6{ prr ccni® foar-ioonUi ira4r bill* M orr cam. ‘ sis mnnitif ....1, 
Anornimdic >»*llinit role* for one month Tcoduio- bills sUp, p,-r ccot: aod nra-iromb p-i som: forc^momh r.i>i*i 

r c*rrf .Ippmjficnot.- f^rr for utt'-fficnih Bill< h/JI* Pi:; vt citus Rw-wwiLl oe; wr. and forro-nxailh 0^,* • lAppr - 

-i* n-ji ,-r-oi. One-nvjoiJi irarle hill. P per com: nmvmonih 0" p»-r •’t-nt: and ,qt4o thrct-iwnth “j tw>r c*-n ( • 1 

Finance H««s« Bow Rnm* »pul4i*nw* hv rjw* Mnaocr-Hmu-s xecnnairanj id per *roi fiom S«*W-=ir.ti*r -I fiifS. Cfoarmn l l’iv m.ui 

«nt* Qcpatii Rain* >fnr small «om». a! **■*-n d.«*’ notices o.- per com. Ckwrimi Bank Base Rates Joi tendtn* li oeT cent. j. r -ill .i>ti-*n.<;t(ii<i.al. 

*r«i«v Bi«s.' At erase tender rat.-* of discount UJWr. .JSWI* O:«covm Pate 


I . j Un .-uum 

j Company: atari a . 
• l'*w*il. ! . iftisit 1 

; 8 I 4 I'7l«-8i) 


l'rt»«4l« 

BtJU^ 


> rinelm, 
Kll.kf 


Prune P.ii.- 
K«nJ l-'andi 
TTl'S^UO' Bills 


___ TnMMirv Biilu iia-hiwt, 

GERMANY 


— 

; Sij 8ig 

1 87n 9 

_ 

91* 9 


j 8'<u-vi>b j 

.. 9-954 

t»i( JJfo 

' I 

?V*i-8 

S'v tis 

• fian-eS), ' 

*i 4 -9ie ! 

93b 

10-5i| 

. *h 10 

tjia-Sia 1 


J 0-679 

9t'.'"10,^ ! 


»7fi 10L 

10-H7B 

- 1U 101* ' 

1& XO'lR i 

10 11 h 

- 

— 

lLB>a-lll$ ■ 

■ - 


llisivuui Bate 
'ivomieht 
»)iH- njonUi 
Three nmntb* 
SI* monttev. 


Arranged Fv 

European Asian Bank 

t . 

^ I?rovided by 

European Asian Bank. 

Manila Branch 

Amsterdam-Rotterdam Bank N.V Lloyds Bank International 

- ~ ; ” Agent 'ManilaBranch 


Sepjembor397S 



European Asian.Bank 

- 1 . * : - - Manila Branch " 


This announcement appears as a matter of record only 


THE REPUBLIC OF INDONESIA 


acting by and through the 

Department of Finance 

DM11,707,927 
Fixed rate buyer credit 

Prouldedby .; • 

European Asian.Bank' 


Daitsche Bank 

'Aktiengfisdlschaft - 


Ammged by 


SodSt^ G&i^rale 

-Frankfurt Branch 



European Asian Bank 


July 197S 















Financial Times' Enc.ay 


Europe’s managers start to get 


r w-M' 


a . 

LV/3 


BY WAUP1CE GREEN 


THROUGHOUT Eurvp* tp3S ; 
ssers and professional feeh- 
nolo?»5t); are showin; growing 
awareness of the need to be 
urbanised and represented by a 
powerful bndv, capable of pro. 
tectiog their intereM* and 
prating their views known. 

In all European countries the 
interest in managerial and prn- 
fessional unionisation has 
grown as a result of concern 
over the errwinn nf salary 
differentia!-, fears of redun¬ 
dancy, a Ins* r»f behpf in top 
tnanagerpent's ability to pro- 
tert its muJHli? and ltn«» 
managers, loss nf authority by 
managers fared with manual 
unions' militancy. and the 
increasing volume of legislation 
which restricts many rid its 
solely to members nf trade 
union*. 

Significantly th p various 
managerial organisations have 
formed an international nrsaru* 
*atiori — the Confederation 
Internationale de* Cadre? 
iCICi. As the onlv inter, 
rational borjv ro.nrriinalmg the 
activities nf manasertal. pro¬ 
fessional and staff union*, it 
maintains a permanent pre¬ 
sence in Geneva, where it has 
consultative «tatu* to the Coun¬ 
cil nf Europe and in Brussels 
-j-hefe it i? ron'-.ijlted by all tho 
major Common Market Cnip- 
imisjons It plans to maintain 
a permanent lohhy at tho Euro¬ 
pean Farliameni in Strasbourg. 

Its membership mr Judes 
managerial orcanisatmns in 
France. Belgium. Holland. fJpr- 
many. Italy and Denmark, hut 
not, ,cn far. the I’K. In addi¬ 
tion federation; of managerial 

unions m particular " multi 
nstiona! “ industries Ml oh a* 
chemical*, mining. mrfal. Iran*, 
port and asrmiltiirr are :n 
membership Insurance. t«v- 
Tile*, food, and snrjal «®rv|rp* 
federations are in course of 
hemr formed 

Clearlv. the mi nager* of 
Europe are taking a leaf from 
tfte manual workers' hook and 


with the in r rea::7i£: mobility of 
manager* within the Common 
Market and the multi-national 
companies their international 
organic ion will become in¬ 
creasing!:-' important 

In Britain I lie organisation 
nf niana-crs anrj professional 
staff* i* «l*5! at ;l* earliest stage. 
T}i*> Bn1:sh ln«ii1ijte of Manage¬ 
ment i* nnt a memlvr of the GIC 
hecau-e it n.i> rejected any trade 
yn;un ro l e for :t*elf. 

Science-based 

APoough many trade unions 
in Ptit-ro hair sections for 
V.-P?:* -oliar worker*, so far th p 
only nnn-Tt'G affiliated nrzam- 
catin-i spofifirally desi-Oed to 

rngrrsen! al! manager; and pm- 
regionally qualified employee* 
at national and local level i* 

ihp Io.finfi-strong .Asioviatmn nf 
Management and Professional 
Staffs. \t the moment its main 

membership \* among senior 
ernpinyoe.* nf jr.l. and in other 
science ba‘-od Industrie*. 

Under a pav pnjjri vhir’n ha* 
reduced managers' differential* 
and purrha-ins power, white 
inrrea.sinz those nf the lower 
paid, a tav .-system w'nirh 
penalise* :niliaH-.F and morn, 
fve. union militanev. and th» 

0707 nre.'-eni threat of 
redundancy. British manager* 
hrrn.n'fii? ’nrrea singly 
av.-arr nf 1 h e peed fnr slrong 
repre*en : aUon 111 an eni iron 
ment where the P.nvprnnrnl rr>. 
operate* wlfii the TT'C and I f - 

manual union dominated loader. 

ship 

The \ssnr I stmn nf Mana¬ 
gerial and Professional Staffs 1* 
afofjated fo the Managerial and 
Professional Staffs T.iai*on 
Group. which inr hides the 
Brili'h Medical As*on.il.ion. lhr 
Rank-: Staff As-nnafinn:. the 
I'K \*sni'iat;on of Professional 
Knginyrrs and other profes¬ 
sional bodies The group'* pur¬ 
pose j-s to er.-nre thal the views 
of the professional worker; are 
marie known to Government 
and heeded m the *ame wav as 


the TUC is the voice of the 
multi-million member manual 
unions. It has twice wnt 
observers tn meetings nf the 
CIC. 

In Holland an Art nf Farlta- 
rnrnf in ID.in made it a le^al 
requirement for all employers 
to no represented by a trade 
uninn. This resulted in many 
pvrliisively managerial organi¬ 
sations being formed on a com¬ 
pany nr “in house M hasi*. but 
po general union for manager* 
emerged, although 3 national 
federation was formed. 

Thi* grew rapidly in the early 
Ifliffs as manager* became 
aware of a growing neo ( j for 
collective representation. Tn 
1973 the National Social Con¬ 
tract cave added impetus tn 
the growth, whm increase; 
were given tn ihe lower paid 
and to managers’ reduced 
differentials. 

The Dutrh manual union*: 
actually claimed that the pur- 
chasing power of manager? 
should be reduced to give more 
:n ihe lower paid and claimed 
the right to negotiate for all 
employees including managers. 
Thi* accounts for ihe rapid 
growth of ihp national federa¬ 
tion of manager* which 1 * now 
affiliated to the Council for 
Middle and Senior Staff. This 
is recognised and consulted by 
‘he Dutch Government and ha? 
a seat on the National Social 
and Economic Council. 

Finland has gone furthest: 
a?nng lhr? road to a national 

union nf managerial and pro¬ 
fessional employees with so per 
rejii of manager* in member¬ 
ship of AKAV.A. the central 
organisation nf professional 
association*. 

ti is politically independent, 
steadily increasing it* influence 
and authority and is recognised 
hv gnvernmenr and employer.* 
as lhr organised vmrp nf mana¬ 
gerial and professional worker*. 

!t negotiate* naiinnal agree¬ 
ments for public employee-, hut 
leave* it* constituent annota¬ 
tions to negotiate in the private 


sertnr. Tt is regarded with «jm? 
suspicion by the two other 
“white collar" unions represent¬ 
ing technicians and supervisors, 
clerical workers and junior 
executives. 

Although unions tend to be 
small in France they are. grouped 
into industrial federations nr 
eadres by particular industries 
and the*e pack a great, deal nf 
“clout" with government and 
employer*. The Confederation 
General* des Cadres has a. mem¬ 
bership limited to salaried staffs 
and union* for managerial and 
professional workers. I* al*n 
covers umons representing 
executives and supervisors ami 
some which cater for both. 
Founded in 15)44. it represent* 
members in the chemical and 
food industries, engineering, 
hanks, insurance and commerce, 
with about 300.000 members in 
70 unions. 

Although each retains its 
autonomy the confederation will 
put its considerable weight 
behind any constituent union. 
It has also negotiated collective 
national agreements for many 
industries and although con¬ 
sulted by government JS politic¬ 
ally neutral, non-mibtaut and 
dearly increasing its influence. 

Its aims and objects are 
almost identical tn those of the 

Management. Professional and 
Staff Liaison Group in Britain, 
and it is quite clearly the union 
of choice for The non-political, 
non .militant manager, profes¬ 
sional or staff worker. 

Surprisingly in Germany, .so 
often cited as the example of 
industrial harmony, there is a 
con*iderable battle going on 
over the definition and position 
of managers.. 

There are three organisations 
for managers: the Deutsche 
Gewerkschaftsbund /PGR), the 
Deutsche Angestelltengewerks- 
rhaft (DAG), and the t'nion 
den leitenden Ange*iellten 
(f'L.A i a confederation of 
registered union* operating in 
the private sector only, with 


33,700 sac a gets in a wide 
variety of industries 

The PGB and PAG do nnt 
differenttaTP between different 
grades of members and see 
works councils which have ex¬ 
tensive lescl powers as the 
means to represent ali 
employees 

Industrial democracy h?* 
bpen in existence in Germans 
for some time and in I97fi VLA 
won the right to appoint specific 
manager representatives to sit 
on supervisory boards in ?il 
companies with more than 2.50*J 
employee? 

There is a constant battle 
between FLA. the DGB and 
DAG which riaun VLA s 
“ elitist *’ and not entitled to any 
separa f e voice. 

The pateimalittv: trust b c - 
tween managers and employers 
>n Denmark was s**ver!y dam¬ 
aged bp the 1373 eco~om:c 
crisis. Since then manager* 
have organised and are working 
towards z single tinion for 
managers and professional. 

Salary review 

Even without fu" trade union 
represeTttatioo Danish manager* 
succeeded in 1977 in obtaining 
an agreement which conceded 
an annual saiarx renew To main¬ 
tain differential* over other 
grades of workers, fan'-tics fn^ 
Further education and training, 
and the right to organise col¬ 
lectively and sinke. Thi* 

re*ultpd m th° formatjon of the 
Dani*h nrsamsatjon of Mana¬ 
gers. with 25,000 member*. 

Not surprisingly socialist 
Sweden has the highest degree 
nf managerial unioiu*atinn—at 
Iea*t. 80 per cent. This com¬ 
pares with union membership of 
90 ppr cent of thp manual work¬ 
force. A central organisation 
for salaried employee* p?*ptj 
for non-manual worker* and 
ha* a membership of about Im. 

More than half the tot?' 
working population of 4m are 




cTTi p*-vrpr bp the or ■ 

go\emment-ccmtroMed organisa¬ 
tion?. Thus She public sector 
dominatas the managerial union 
scstte. 

3" the pr-vate scc‘ 07 . r-sn- 
agor* either join unions affibsted 
to r.-,p central or?ani=5tion for 
“on-manuci workers or e.xclu* 
*tveJy ma*!3?etnpiit uaioas 
These form part, of a coniedera- 
tjon known as SACO with 80,000 
msTirgeria: and professional 

member* in 2fi union 5 . There 
a natisaia! federation of 
5Cj?Ded employee*. 

*— contra*: tn Sweden's 

r:r*iia; union nronopoiy. 

Swit7*n-Iand ’^a* a?mn=7 w* 

:j“inTS’-i“d manager* and it 
5 p r n*.« ijnlikesT that there ever 
uijl he. Swiss manager* seem to 
tdenn'y their interest* almost 
Tora"y w-rh those n? their com- 
pame* 

Anstna has no eyroisr'-ely 
manager: a) a.nd pmfes5) n na) 

i>n:or*s. The Xijstr , an Tr?de 
L*mnp Federation is highly 
centralised wrth about 6»> per 
roTT? of Th<= working population 
in membership It rppr°?* ! ii*> 
workers a* all levels, including 
manascr*. aithwigh it excludes 
the “ top layer " 

1'nijoj- the law all w^rjroT* are 
snbtect to collective agreeTnents 
negotiated nationally by the 

federal mu. 

Not surarisingly middle and 
T:ne managers are unhappy 
sho:;f this situation and are in- 
creasirgly agitaDps tn be freed 
from t.he*e constraint? »nd nego¬ 
tiate separately in their own 
companies 

In Italy about 45.0nn 
manager? are organised in the 
Confederanone Italiana Dei 
Dipgent Di Azienda. which is 
recognised and consulted by *he 
Government with representa¬ 
tives on national committees 
concerned with employment, 
salaries and copditTbns. with . 
considerable influence on gov¬ 
ernment action and policies. 

Belgium, too. has an influen¬ 
tial managerial national federa¬ 
tion made up of a number of 
specialist unions. 

The manager? of Europe - 
clearly want to throw off the 
constraints which have pre¬ 
vented them from protecting 
their position in fare of the ' 
steady erosion nf their financial 
and professional standing in 
industry. 

Thr 07rthn-. Dr. Maimcf: 
Gree». i- ore-tdeu: of the .Asso 
rfqtfof* of ,lfon»7»2eTneii* f-pri Fr/»- 
fe?5rpi»o! .Vtoffs ffnrmerhj the 
A s«oc»ot»en <? f Profe«5i<moi 
?C ? en^*r.* end Terhnoloqf.efe^ 



Erf ted by Oenys Si'ttw* 






The world’s ^ 
leading magazine §£ 
Arts and Antique 


Publiih-a Monthly price £3 00. Annual EufcterJptia-i £25,K llrf»nrf) 
.Oversea? Subscription £23.00. USA & Canada Air fessiKcd S5&,. 
Apollo Magazine, Bracken House. 10. Cinnon Srreef. Lbndaau 
EC4P 4BY. Tel: 01-248 8000. : " f 


The war that never ends 

i Bridsh. area peaceful rsople.^MiCP a war a 

over we like to consign.it to tfcclnskxy ~aa& 

forget it. 

w Bui For some ihe wars 'neon. The rfisjHerf from 

I both Worid Wars and from lesser campaigns, now an 

!| too easily forfotten: ifce^widow*, tbccrphsosahd the 

■ children - for them tbeir ^ r zi -hTC or^eWryday and 
■ all dav. 

[w in many cases, cf conrw, there :s pefp.lrcara 

9 1 pension. But there.a limit to whatany Gcreerameot 
Derarlrncnlcando. 

t-. This is where .Army Benes clrace steps m.With ... 

‘ jSA understanding. With a seascof urgency.. .and with 
practical. fbt.ihcjal help. 

M B To 115 ilis aPn*ilrcr theseb^avcmec-ard 

jfflB women, loo. Please will you he*p us lodoffiore? We . 
MSS miiat not let our soldiers down. 

The Armv Benevolent Fund 

for soldier*, ex-soldiers and their families in distress 
Dept. FT. Duke of York's HQ. London SW3 4SP ' “ 


> -nsy-l 






t! 



V; 






v\ 




Sedgwick Forbes 

The worlds most internationai insurance 
and reinsurance brokers 


Another British first in television! Not onlv rinp* tho -r„t^ , 

information. The latest stock "ma^ketD l riGes e soerif| 05fler ^ pec ' alised 
results as and when ? P0rtS 

farming prices, recipes, shopping n ui d« or Tv nrn^ ther p,cture - 
— all this information is at vour fina^b° r ^ P ni?^ mi ^ e3chedute& 
number on the control handset to f?a^h the Punch ou ‘ a 

information on to the screen and thmntlkl SSn P 'f e - ,ndpx , 

can be screened and recorded whil^ vou^aS C T? C0 ; ^formation 


®?ANCI-ES THROUGHOUT THE UK. 


ch°Si l-LLfti 























































pancial. Times Friday September 29 1978 



He’s trained. 
He’s good 
He’s blind. 




1 ne 






i ~‘K 


- M 


ng m* 


r i 





'route looking-at Mike Brace. Age 26, 
and a winner, juao green nett Hot at skiing, 
fencing, canoeing football, ice-skating life 
saving A cross-coygiry sknnc contestant lor 
Britain ,n the 1976 Winter Olympics for the 
Disabled And blftdAincc he was len. 

How rto you gel to bo that good when 
you re blind* 

Largely it s> your own drive and 
■determination. And partly it s training Mike is 
the living proof that rehabilitation and 
training tor the blind really works 

Training the blind to live and work like 
you and me' is the life work of the RNiB. 
Please help us to carry on with it through 
S our legacies and donations. 


mm 


KMtL NATIONAL INSTITUTE 
FOR THE BUND 


mli 


224 GREAT PORTLAND STREET LONDON WIN 6AA 

^UriCd: :nc r inane*: Ai'.??£. bequrdr. lo ■rfijfiliet up lo a. total or _. 

. £ tOO.OOO are exempt tromCayilalTrans'^rTa* 

[j^-tgisicfea in ,n.cordanc.- with me National Assistance Act 






Surveyors 

Consultancy 

j 

Services 


Mm. 


'f *7^2* 

•r! •? r wTm 


1 ». it 


(Principal: lan.L- Brawn MBIMj 
announce that as front 
• MONDAY, 2nd OCTOBER. 197S- 
their new address will be 

.109 KING SWAY. WC2B 6PP 
(telephone numbers 01-405 0732 and 
■ ■ .01-405 8841 remain unchanged 1 


Mr. Neil O. MacLeay (formerly Ad minis tra-‘ 
tive Secretary RICS and latterly Secretary, 
Architects Benevolent Society) has beep 

_appointed Associate Partner as from tiie 

same date. 


jAfTmmm i Natwest 

r u 3 ,^ 0 - iw Jkw Registrars Department 


7UCH MORE THi’ 


0 f L 0 U f? T V SS' Mational Westminster Bank Limited has 

X fjeen appointed Registrar of 

- . 

TARMAC LIMITED 


—AH documents for registration and 
-~f ! correspondence should in future be sent to: 



. National Westminster Bank Limited 
■Hyt Registrar’s Department 

SaE PO Box No 82 .. 

PC 37 Broad Street 

Bristol BS99 7NH. 



APPOINTMENTS 


Commercial Director 

ALUMINIUM STOCKHOLDING c. £10,000 + car 


Our Client, pan of a group, seeks a Director with wide commercial 
experience preferably in aluminium rolled and extruded products. The 
person appointed must have The personal qualities needed to lead and weld 
together a stock holding management team. 

Liaising closely with the Managing/Sales Director, responsibility will be 
for the wide range of administrative functions covering such areas as: - 
-A- Stock Control and Financial Procedure . ★Supplier Liaison 

★ Sales Order-Services ★ Customer Relations 

★ Personnel ★ Distribution 

Applicants, aged 33-48, must have proven success in Commercial 
Management and the desire and ability to assume a Marketing/Business 
Development role. 

REWARDS: Starting salary negotiable c. i10,000 with car provided, 
contributory pension scheme, Medicare and relocation assistance. 


Applicants of either sex apply in confidence. Ref. AE673. 




Hales & Hindmarsh Associates Ltd. 

Bridge House, 2 Herrs Lane, 

Alderley Edge, Cheshire 
■S^Alderlcv Edge (Oo25) 582992 .’ 

Recruitment and Selection Consultant! 


COMMODITIES a 


• THIS Association represents the interests of producers of 
vegetable raw materials. The appointment is in London, but the 
involvement is international 


• A successor to the retiring Secretary General who is French, is 
required. The role demands proven administrative ability 
coupled with the presence appropriate to representation at 
Government level 


• THE post is particularly suited to those now aged about 45 with 
roots 111 Spanish speaking South America. 


salary in five figures. 


Write in complete confidence 
to G-WElms as adviser to the Association. 


TYZACK Sr PARTNERS LTD 


.\T4VAGFMEI>T CONSULTANTS 

IO HAL LA'I STREET - , 1 ON DON' WIN' bDJ 


12 CHARLOTTE SQUARE 


EDINBURGH'Ill’ ADN 


Technische Hogeschool Delft 




The School of Industrial Design Engineering of the Delft 
University of Technology in the Netherlands educates 
bachelors and masters in industrial design engineering, both 
degrees together requiring a five-years course. The educational 
programme is multidisciplinary and relatively young. 

It specialises in product-development and innovation 
management and has selected mass-produced consumer 
durables as a target area. Because of expansion ahd funda- 
- mentalisation the school made a new chair for a "■ 


Full Professor of 
ProduGt-lnnovation-Management 


to head the new section of Management of Product- 
development. Three other sectors exist already in the School: 
construction and production, formgiving. ergonomic product 
development. , The new. section is to teach and research, 
regarding the organisation of industrial product development, 
both with hs internal and external aspects and attuned to the 
education of industrial design engineers. Within this frame¬ 
work the new professorship is to cover the innovation of 
products and its relations, with corporate strategy and how 
to plan and organise it. General socio-economic issues 
concerning energy, materials and environment should also 
be taken into account. 

• • Requirements are: at least a master's degree, a thorough 
theoretical knowledge and several years of experience in 
management of product-innovation. The new professor should 
have the ambition ro expand, fundamentallse and make 
applicable this knowledge and' experience for efie education 
of this engineer. It belongs to the task of the professor to 
lecture, to do and to supervise research and to initiate and 
coach innovation projects and theses. For these tasks it «s a 
necessity to cooperate with industry and with other depart¬ 
ments of the University. To this section belongs a Reader 
in Marketing and about seven persons of an expanding 
scientific staff. 

The professor is supposed to participate in some 
administrative and managerial duties of his section and of 
the school. 

Also those who know of suitable candidates are kindly 
requested to notify the chairman of the vacancy committee. 

• Further information can be given by this chairman. Reader 
G.H.A. van Eyk. M.E.. and by the School's Dean. prof. dr. 
J.M. Dirken. 

The gross salary of a dutch full professor is between 
DU. 6.679.=- and Dfl. 10.480. = i month. 

Those wishing to be considered for the appointment are 
invited to send a curriculum vitae, together with a review 
of aAy qualifications and/or experience which they consider 
to be relevant, to the Chairman of the Selection Board. 
Oud* Delft 39a. Delft. The Netherlands. 


PUBLIC NOTICES 


Telephone Bristol (STD Code 0272) 
Register enquiries 290711 
Other matters 297144 


Lch 


The quarterly report a> of 30th June, 197S of 


Leveraged Capital 
Holdings N.V. 

has been published and ma\ be obtained from 

PIERSON, HELD RING & PIERSON N.V. 
-Amsterdam. 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 
•^ V INVITATION TO TENDER 

.'Tenders are invited for the supply and delivery fur -ir any 
EEC port (subject to approval of the choice of port -1 days 
before the tender adjudication), of 8,376 tonnes of wheulHour 
in new or good ■quality secondhand double jute hags. Each 
-This u» be marked in characters of nn less than 4 cnis In height 
“WFP Pood -‘kid Cift. UK Wheat Flour 50 fcs“ The tenderer 
shall select a period oF at least 15 days during which loading is 
to commence no earlier lhaii *24 days after the latest date for 
submission of tenders. The wheatrtour is destined as United 
7 Kingdom Food Aid and executed within Ihe World Food 
-Programme. 

The allowance for the supply and delivery of the wheatHnur 
will be determined on examination af the lenders Delivery 
terms embodied in a notice of Invitation to tender together 
with tendering forms may be obtained from Branch B. Internal 
Market Division Intervention Board Tor Agricultural Produce. 
2 West Mail. Reading. Berks. (Tel: 0734 583626) 

Tenders should be submitted by 12 noon on Tuesday loth 
October 197S to: 

HOME GROWN CEREALS AUTHORITY 
Ifaralyn House. Highgaie Hill. London MR 5PR 


COMPANY NOTICES 


BUILDING SOCIETY 
RATES 


very Saturday the Financial. Times publishes 
table giving "details of . Building Society 
Rates on offer to the public. ■ 


SUSMJWO.DOO-SOCIFTE NATIONALS ELF AQUITAINE 

■*NC- STS. NATIONAL! DEB MI ROLES O AQUITAINE) 

10% LOAN 1*75-1*35 


SUS2 toa.oea el w MI* dw? 'or rwemotion on ur Novm.wr lOTX *» 
drawn Or «n 7th September 1978 mile eresence D l • Notary. 

SONS NUMBERS DRAWN 
21169 to 2556S Inclusive 

Amount outstanding alter itt November. 1&?8:. *1)525.200.000. The bends 
w*u£h 'kivi been drawn. will erase to lirar micrevt on lit MoiCmbw 197B 
SSnds pranjlrf lor foment must ** com oleic »hfr coupons lor 1 st November 
1979 and JrtldwiiW anached and win tie payable in accordance with Hit 

conditions shown on Hi* bond*. 

■UNO NUMBERS REPAVAmUE MMO .NOT YET W“|"TED FOR PAYMENT 
REPAYMENT OP « ffo-cmMr 19>6: UU UMmjfi* 


Bara® s a --- ™ mi 

5704‘ftb 5832,47 6102'T05 BI07 


S704‘6o 5832,47 6102*105 6107 
The t ideal A gen] 

BANQUt DE PARIS fT DBS PAYS-BAS 
POUft LE CRANP-DUCHE ->E LUXEMBOURG 


SYEfUGES INVESTBRINGSBANK AB 
JSiT«IIh Investment Bank Limited! 


CLUBS 


For further details please riug 
01-248 8000 Extn. 266 


7V B «SOrt05 19B01W7 

S G- WARBURG A CO. LTD-, announce 
that the *«th iMtalnjem at gontli ja r 
nominal valve ol U-5.A500.Wq. "av* neon 
nurchased for redemption on 1st Novenv- 
her. 1978 

U5A12.000.WO nominal BOnec will 
remain outstanding alter Ivl Nsvemorr. 

Gie-bani 5lr»4l. 

London IC2P 2E* ’ _ _ 

2 Bin Upipaew. 1978 


(VI, 181--Resent Street 734 0557 A la 
Carts-or All-In Menu. Three Spectacular 
Floor Sh 0 r*s 1Q.4S. 12 45 and 1.4S and 
■dusk ot Johnny Hewkesworth a Friends. 


i GARGOYLE. 69. Dean S!»4*1. London W.1 
| NEW STRIPTEASE FLOORSHOW 

I THE GREAT BRITISH STRIP 

J -. Show ai Midnight and . 1 a m. . 

1 - Mon.-Fn. Closed Saturdays. 01-437 6*55, 


Senior Editor 


Banker Research • Unit, the well known banking 
and research consultancy organisation of the 
Financial Times is looking for a Senior Editor lo 
join; its editorial staff. The successful applicant 
will be responsible for commissioning work, 
negotiating contracts, organising a staff of three, 
writing, editing and proof-reading, dealing with 
printers etc. 

Applicants are invited to apply if they have a 1st 
or good 2nd class degree in economics, a minimum 
of 5 years* experience in the City of London (or 
relevant background! and are familiar with bank¬ 
ing institutions in the UK and abroad, and have 
the essential editorial skills. 

A competitive salary will be paid commensurate 
with age and experience. 

Please apply in irriung enclosing full c.c. to: 

The Editor 
THE BANKER 

Minster House. Arthur Street 
London EC4R 9AX 


BOND DRAWINGS 



LEGAL NOTICES 


i x«. m»;5 at reri 

In in? HIGH CUL’HT OF JUSTICE 
Chanci'ir Division Companies Court. In 
I Till* Mailer Of JAMES W. CARR AND Cn 
1 LIMITED and In rhe Mailer ol THE 
I COMPANIES ACT. 191* 

I NOTICE IS HEREBY GIVEN. lhai 3 
J Petition for ihe Winamp up of the abort-- 
naiiicd Company by iliv Hlsb Cour of 
| Jusuce u'4S on the liih dny of Sepirmbi-r 
: 1875. presented io (he snid Coon by THE 
I SHEFFIELD TWIST DRILL AND STEEL 
[COMPANY LIMITED wlKfe.' r»Sl6llTed 
i olTicc is sitnaic at SnirunertieU Street. 
! Sheffield. Sn SHI. jod dint (be auid 
1 Petition Is dl reeled To br h-ard before 
| the Court satin? at ihe Ro>-al Courts of 
IJustlL-c. Strand. London. WC2A.2LL. on 
[ the Slrd day of October 1Kb. and any 
I cirdnor or eomrtbotMY of the said Com- 
oany desirous io ouppon nr oppose the 
1 malcm; of an Order on ihe said Petition 
; may appear at the tune ol hearing, in 
[ person or by fnv counsel. for ihai purpose: 
□nd a copy of (he Pctiuon will be lur- 
1 rushed hr Hip uaderslened io any cTPdiior 
or contributory of (he said Company 
reqrtlnns such copy on paymcui ol (he 
regulated ebarne lor (he same. 

SHARPE. PBJTCJUBD A CO.. 

108. Kmpsv.ir. 

Load nn. WC2P. ftP? 

Aeenis Tor Cruomheads f. is. 

Marfci-i Place. Hish Slre«i. 

Sheffield. 

Solicitors for the Peimuner 


i NOTE—Any person who inii-nru io 
I appear on (he heamiE ol Hie said Pennon 
{must serve on. or send by post io. ihe 
! above-named nonce in wriiins or his 
inicnilon so in do. The noucp must 
state Hie name and address r.t the 
person, or. If a Urtn Hie name and 
addrpss of Hie Ann and musi In- sUtnrd 
by the person or 0rm. or his or their 
sol id i or i U any i and must be sen crt. or. 
if posted, nnisi be v.-nr by posi In 
sufficient ihnc io reach lhe abuv* nanu-d 
not later than lour oVK-.-k in the aficruoun 
of Hie 20th day ol October 1978. 


In :ii- Ulf.lt' COURT OF fCSTICC'. 
Chant -.■r>’ DivImum Companies Court. la. t 
ihe Marten, ol: 

No OtliOM ol 1375 • v' 

T.VRTAN CLEANERS LIMITED 
Vo. 0MD3.T ul Iff/S 
GLEN K. RL'SSEl.L iBUILDERS* 

LIMITED s- 

and in ihe Mutter of The Companies 
Art. 1948. 

Xi*TICE IS HEREBY GIVEN that-- 
PiMinons lor the VYiruliLiri-l'p of the above-, 
named Companies by the High Court of 
diutiec won-, on ih-. 19th day of Bi'plombm 
I97T. pr-v'nied to ih-.- said Conn hr 
THE COMMISSIONERS OK CUSTOMS-- 
AND EXCISE of Kinc s Bearn House, 
39-41. Mark Liuie. London EC1R THE... 
and that the said Fd 1 turns ■ are dtreru-d' 
to be li-.ai*d Del or-- ihe conn sJirtns at 
ihe Royal Couris ul Justlci'. Si rand 
London ifCU C1X. *on tit-- niuh day Of 
Oeioher. I97S. and our creditor, or conrrH." 
hutory of any of ihe said Companies.- 
ilesiruuV io suppon or oppeua- ihe matnuR 
of an Order oil an; uf the said Petitions 
may appear at the time of hearing in 
oeraon or by his Counsel for that purpose: 
and a copy or the Petition will be 
rurotsfaed by the undersumed hi any 
credlior or contributory of any of th« 
said Companii-s rerjolrln^ such copy on 
payment of the reEulnicd charzc for tho 
same. 

ii. I GLOAK. 

Hint's Benin House. 

J9-1I. Mat* Lati“. 

1-indon ECIR 7HE 

Sotuunr for lh<- P.-iiiionvrs 
\i'iTE.—A ny person whu intends ■» 
JDricar on ihe h-.arln: of any of tbn 

-aid Peuiinns musi srne on. or ,etkl 
by post in Hi.- abnr-r-named. nouet in 
wrillnn of his intention so in do 
The nouei- must state the name and 

address of ihe person, or If a Arm. 

the name and address of ihe firm, and 
mosi be sailed by ihe person or firm, 
ur his or ih«-ir Solicitor Uf any>. and 
must be served or. if ouaicd. must 
tie sell! by post ill sufficient time in 
reach the above-named not laier than 

four o'clock in the afternoon of Hie 
3iih day of October 197S. 


Wauled for Saudi Arabia 

5 years’ Experienced Electro-mechanical Technician 
for an Industrial Complex 
Required for Saudi Arabia a Chemist with 5 years’ 
experience for food production plant 

PJca.SK write to Ha/icaui Bro*.. 25. Sungrrm Are. Allien* 

T 1.403- Telex 219036 hnhr gr 



In thn HIGH COURT OF JUSTICE 
Cb«nct-ry Dlvislott Companies Court. In 
Hie Mat ten of: 

No. 002931 of 1976 
BRUM LEY PLASTICS LIMITED 
No. IHGfiKJ of lOTf 
A l BUILDERS k DECORATORS 
LIMITED 
NO. 1193934 Of 197« 

MERVYN LEWIS 4 PARTNERS 
LIMITED 

and in ihe Mailer uf The Cump^Dlcs 
\n. IMS 

NOTICE IS HEREBY GIVEN Ihdl 
PimIdohs for ihe WiodtOK-Lp of Lhe jbdVr- 
nanutl Companies by the lllch Court of 
Justice in.tv. ou fbe lSfh day ol Sepiember 
197S. presenictl io W said Court br 
THE r0artfJ5S70NER5 OF CUSTOMS 
AND EXCISE ol Kliut's Beam House-. 
39-41. Mark Lam-. London EC3R THE 
and lhai ihe sold Petitions are dir-eied 
■o bi heard berure ibt fniiji silitiis ai 
(be Royal Courts or Justice, si rand. 
London WC2A 2LL. on lh>- 3uih day of 
■ictobi'r 197s. and any creditor or contri¬ 
butory o< any uf ihi- saul Companies 
desirous ig suppun or oppose the makinu 
o' an iird.T on any uf uu said Petitions 
mav 3pm ar hi the Dm*- of Jjranilc in 
person or by his Counsel fur ihai purpose: 
and a vupy ur Ihe Pci it Ion -.nil hn 
furnished by ihr undecsi-'m-d to any 
iTvdirar ur i-niunbutory of nnv «jf the 
said nun names roouinns such , ooy nn 
iu*mi ill of Ihi re-auJated clurn- Itur the 
same. 


APPOINTMENTS 

WANTED 


BRAZIL 

S«iu. 39. ssith (borough knowledge of 
Banking and F,nance, esublished in 
Braail since 1969. che Iasi four as 
Finance Manager, icck* similar poiioon 
in European company in Rio or 
5*o Paul® 

Write under chiffre PW 305*914 *a 
Publicitas 5A, cm poicalt. 

1007 Lausanne I V D I Switzerland. 


CLASSIFIED 

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1 

i 

i>inmrrri4i A ]nilu»:ri*S 
Prnpmy 

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H. sub ■inal Property 

“ l»i 

V Ihi 

ADiKniitiii'nii 

4 .VI 

14 no 


fi. y. CLOAK. 

Sms's b-m House. 

39-4], Mark Lane. 

London EC3R 7BE. 

Solicitor lor the Petitioners 


■ Rn'iru ss t Imc'-'m-in 
l Orporiumiies Corporation 
| Lhihiis. Production 
| ( Hoaciiy. Butlm-.-si 


said Peru ions must senv un. or send 
ny put! IQ the above-namtJ. ouiiCa in 
uniiiu of his i (Hi-nr ion mi u dn 
The noth.* must -,iair- ihe name and 
address uf ihe p-rsun. or i' * firm 
'be name and address ot th>- firm, and 
iouji br sifmert hy iCo persun or firm, 
nr his nr ib'-ir Soiieiiur’’ iu aitv,. and 
must I*.- served or.. -'ll ■ posted. musi 
oe sum by nost hi sufflc-ivoi nzra— to 
reach Hu abo\c-named not later than 
rour o'clock in the afternoon of the 
•J7ih dus of Uciuber 1973 



| ForSalr W»ni> n 
i I-MikjiIoii. Motors. 

1 roniracis 2 Ti'nili-r- 


Ifi 


PrrwinHl. GHrdciuiu 

1 2" 

■ v IKI 

(« j 

IIpti-k A Trawl 

" 7'i 

in mi 

Hu- , 

P.uOt PuNisH, r- 

— 

: m> 


Premium position* available 
(Minimum size 49 column cm9 
UJ0 per single column cm extra) 
For lur jlicr ■]< miL- urnu 


Classified AcWeriiscment 
Manager. 

Financial Times, 

! 10. Cannon Sired. EC4P -1BY 


CONTRACTS AND TENDERS 


GOVERNMENT OF MAURITIUS 


MINISTRY OF AGRICULTURE AND NATURAL RESOURCES 
AND THE ENVIRONMENT 

BULK SUGAR TERMINAL — PORT LOUIS 

SUGAR BOXES 

CONTRACT NO. 19 

Tcnderj closing at I 30 p m cn Wednesday. 6th December. I97B are 
invited for the following works for the Bulk Sugar Terminal at Port 
Louis. Mauritius, in accordance with (he Specification and General 
Conditions of Contract for Contract No. 19 
The Contract is for the manufacture, supply, painiins and delivery 
to site of ISO or 200 or 250 structural steel framed and aluminium 
lined bulk sugar boxes of approximately 7 75 cu.m, capacity, 
Drawings, Spacification and General Conditions of Contract may be 
examined at the offices of the Consulting Engineers. Macdonald 
Wagner & Priddle Pty. Ltd., at Port Louis, Mauritius and at North 
Sydney, N.S.W., Australia, and also at the Mauritius High Commission. 
32/33 Elva&ton Place. London. 5.W.7. England, and the Mauritius 
Embassy. 68 Boulevard d e Courtelles. 75017, Paris. France 
5ets of Drawings. Specification and General Conditions of Contract 
for companies registered in Mauritius may be obtained from 
Macdonald Wagner & Priddle Pty. Ltd.. Rogers Automotive Building. 
Cnr. Edith Cavell & Mere Barthelemy Streets. Port Louis, and for com¬ 
panies registered in all ocher countries they may be obtained only 
from Macdonald Wagner & Priddle Ply. Ltd.. 100 Miller Street. North 
Sydney. N.S.W. 2060. Australia—Telex No. 20836. The non-refundable 
charge for each set of documents obtained in Mauritius is 
450 Mauritian Rupees and 60 Australian Dollars in Australia. 
Envelopes endorsed "Tender for Contract No. 19—Sugar Boxes. 
Bulk Sugar Terminal—Port Louis" and containing a Tender accom¬ 
panied by a Tender deposit are to be addressed to the Chairman 
Tender Board. Ministry of Finance. Port Louis. Mauritius and lodged 
in the Tender Box. at the Chief Cashier's OHice. Accountant 
General's Division. Treasury Building. Chaussec. Port Louis. Mauritius 
or posted from overseas to reach the Chairman. Tender Board. 
Minisfry of Finance. Port Louis, Mauritius on or before the dosing 
rime and date. 

The Tender Board dors not bind itself to accept ihe lowest or any 
tender and will not assign any reason for the rejection of a tender. 

Ministry of Agriculture B 

Natural Resources St The Environment 









































































































Finaucial'Times Friday September 2& 1978 



In Brief * ■ ■ 


BY MICHAEL CASSELL 


Bullish outlook for investors 


THE DISSATISFACTION su V- 
rounding aecauniancy procedures 
common lo tlie property sector 
have overshadowed a major, 
positive advantage which com¬ 
panies are obiainin? and which, 
with the impact of rent reviews 
and rising values, should help 
enhance their already improving 
investment status. 

The view comes from the re- 
search arm of brokers Vickers 
da Costa which today publishes 
its quarterly property review. 

According to the review, most 
properly groups are well on the 
road to full financial recovery 
hut their status from the inves¬ 
tors' point of view has been 
marred by the continuing contro¬ 
versy aver the sticky question of 
accountancy methods: In particu¬ 
lar. over the past year or so 
there had been some, dispute as 
to whether companies should 
make full depreciation provision 
in the profit and loss account, as 
recommended by the Accounting 
Stndards Committee. 

Although thi«f would not alfetl 
a company's cash llow. it could 
result in losses at pre-tax levels. 

An airing has not been given, 
however, to the considerable lax 
benefits assoicaied with capital 
allowances and which many com¬ 
panies are increasingly obtaining. 

The brokers calculate that up 
to one-third of the building cost 
of a modern office building can 
be eligible for a 100 per cent, 
capital allowance. 

In addition, where property 
companies arc undertaking joint 
developments with Institutions 
who may not have any Corpora¬ 


tion Tax liabiliiy against which 
capital allowance can be set the 
company cun ohtatn the allow¬ 
ance on the whole project. 

The ability, of development 
companies to get these allow¬ 
ances. says the report, means 
that many of them are achieving 
below average, tax payments, a 
situation which i« likely to 
grow as development activity 
increases. 

The market had not yet recog¬ 
nised the improvement in 
property companies' • cash flow 
that would result from reduced 
tax rates. 

Continuing on Us bullish path, 
the report says that companies 
arc now structuring their profit 
mix to take maximum advantage 
of allowances. 


Bunching 


With an expected improve¬ 
ment in profitability levels, 
deriving from a hunching of 
rent reviews and the tendency 
for reviews to shorten, the com¬ 
panies' attractiveness from an 
investment angle should improve 
and a n arrow! ni of discounts to 
asset values should also follow. 

Although the dispute with the 
Accountancy Standards Com¬ 
mittee scented unlikely to be 
resolved quickly, companies were 
likely to go some way towards 
placating their critics by giving 
annual valuations. 

Vickers da Costa says it sus¬ 
pects institutional investors will 
again look on property shares as 
an attractive vehicle Fur taking 
a stake in property and says why 


it believes the sector will oc a 
dominant performer "=t some 
stage over the next two or three 
years." 

Rents would be rising ld real 
terms and rising faster than 
dividends an industrial shares; 
the ratio of yields on property 
shares to yields on industrials 
would he closer to 1 than 0.5; 
there would have been a pre¬ 
ceding rise in the ratio of yields 
on property itself to yields on 
industrials and. finally, the gilt- 
edged market was unlikely to be 
on a strong " bull" trend. 

Ob the prospects for rents m. 
the London area. Vickers do 
Costa says the continued high 
lev! of letting fqr office space is 
bringing about the predicted 
shortage of space much sooner 
than most ob *rever had antici¬ 
pated. 

The vestiuiale that City rents 
ivill reach £17 a sq Tt by Ihe 
end of this year, and that indivi¬ 
dual rents will =u above that 
level. 

N'evcrthules. in general terms 
Vickers do Costa says it is only 
looking for a gradual increase in 
London office rents because most 
of the recent moves have in¬ 
volved large Corporations con¬ 
solidating their existing space, 
combined with better facilities 
in the rorm of Increased space 
per sq ft per employee. 

In this context, big companies 
appear happy to pay around £12 
to £14 per sq ft. and it is only 
in certain prestige positions in 
the City and Mayfair that wHI 
above average rents are being 
achieved. 


• THINGS arc looking up down ! 
under, according io a review or 
Ihe Australian properly market 
just published by Jones, Lang. 
Wootton. 

There has. says the review, 
been a marked recovery in the 
pro pert v investment market, 
where ihe lowering of yields, a 
reduction in mortgage interest 
rates and increased letting act;* 

vity have led lo strong competi¬ 
tion for prime upace of all types 
from national and international 
funds. 

Although there was a shortage 
of office space in some major 
cities, there had been virtually 
no movement in rental levels, 
which were still below the level 
needed to make new schemes 
viable. 

The market bore a strong re¬ 
semblance lo that in the UK 
and with the continuing recov¬ 
ery of the Australian economy 
after, the recent tough budget, 
there were again good property 
investment opportunities in 
□early all sectors. 

Yields for prime properties 
had hardened by about a half 
per cenl and were: offices —64 
la S* s per cent; industrials—9 
to 111 per cent; shops—7 to 11 
per ceni. 

• ON TO A BCSY London ^office 
market ti. : week comes 150.0UU 
sq ft of r.oorspace at Devonshire 
House. Piccadilly. Since 1967. 
the building has housed British 
Petroleum who held a lease from 
Winchester House Property, a 
subsidiary or Distillers. 

One of the largest complete 
office areas avallaL .' in the UK, 
hopes are high for a single 1 
tenant. He will have to find 
.£11 ni a year rental exclusive on 
u lease for a term expiring in 
1996, but then, how many com¬ 
panies have a tube train arriv¬ 
ing in the basement every 30 
seconds during the day'.' Agents: 
Fuller Peiser and John D. Wood. 

• FULL DETAILS this week of 
the five office blocks due to be 
vacated because of the impend¬ 
ing move of Fluor (Great 


Britain! which; was recently 
mentioned in this column. The 
UK arm of the American design 
engineering ■ giant moves into 
British Rail’s Euston Square 
development in the spring and, 
so releases 167,400 sq ft of office ' 
space onto the market 

Fluor says it is prepared tit 
consider assignments or sub¬ 
letting arrangements for the five 
properties, which should be 
available by March 1979. 

Although only one of the 
properties—Blackfriars House 
jo New Bridge Street—is tech¬ 
nically in the City, the other 
four conte close enough to justify 
a "City” tag. 

Neither do agents While 
Druce and Brow a. who have 
advised Fluor for seven years, 
waste the point that the proper¬ 
ties attract Islington rather than 
City rates. 

A reminder of the .properties: 
Finwell House, Finsbury Square 
—69,250 sq ft first review 1980 
then 19S3. 119. Finsbury Pave¬ 
ment—36.900 sq ft, first review 
1981 then 14 years. Blackfrlars 
House—30,650 sq ft, first review 
1981 then 5 years. 54. Wilson 
Street—15.500 sq fL first review 
1980 then 5 years and, the Fluor 
“ Flagship,” 32, City Road— 
15.100 sq fL first review 19S3 
then every five years. - 

• GRAND METROPOLITAN 
Pension Fund has acquired a 
modern reversionary office and 
shop investment at Crown Hill. 
Croydon, from inlereuropeao 
Property Holdings. 

Grand Met ha* u1.m> bought 
four new warehouse units on 
the Glebe Farm industrial estate 
near Rugby with an annual 
income oF about £65.000. Both 
. investments were handled for 
Grand Met by Barnett Baker. 
The combined purchase price 
was £1.4in. 









9 MOTHERCARE- according to 
the jingle, .goes up lo ten. bul 
tomorrow it opens its 173rd store 
in the UK in Oxford Street. The 
latest addition to the growing 
chain of baby and child wear 
outlets will be folTowed in the 
next two months by new stores 
in Clydebank, Aldershot. 


Hammersmith and Tunbridge 
Wells. 

j n Europe, a second Dutch 
store opens next month in 
Rotterdam and the Amsterdam 
outlet has been enlarged. A 
second Belgian store Is due nest 
spring and another 11 outlets are 
planned soon Tor the U.S. .. 

• NATIONAL MAGAZINE, -a 
wholly owned subsidiary, of. the 
Hearst Corporation of America, 
has taken a 25-year lease at a 
rent of over £10 a square foot op 
52,000 sq ft of office space lit 
the Electricity Supply Nominees 
office-retall-residential develop¬ 
ment known as M[dinark in the. 
Mecca of the 60"s — Carnaby 
Street. 

• WHEATSHEAF Investments.- 
part of the Grosvenor Estate, has 
let its new 14,000 sq ft office 
development at 35 Grosvenor 
Street to Baroid Overseas, a sub¬ 
sidiary of American . conglo¬ 
merate NL Industries. A rental of 


£167,500 a year exclusive was P< 1 AA AAA 
quoted,, but the terms o£ the T ZlHM/llU 
transaction have not: been <*t**\r\* 


disclosed. '.” 

• RAMA SUPERSTORES- has 
paid about £200,000 for the lease 
of . 421. Oxford . Street Wl. 
previously' occupied by' Honey 
-Jedptf Following purchase of the. 
Icas8. it' was surrendered .-to-the ’j 
laruflords and a new lease’, was 
entered into at a. rent in, the' 
order., of. £ 120 , 000 .;. a _year 
exclusive- Total'. -floorspace— 
5J0Q sq ft- . ~ 

• sFRASER WOOD Properties 

' ths week announced the stsrtdf .. 
a .'pre-let and forward funded 
scheme For a- 37,000 sq ft ware- 
htrase complex at Withain. Essex. 
The development,-to be 1 occupied 
by^'' the Essex Area Health - 
Authority, has been forward sold 
tp-the Equitable Xife Assurance 
Society for about-£6004100.,Hid. 
fttpd wili also be'providing, the 
interim finance. ’ ‘ 1 


for offices 

PA \j£ANAGElMLENT Consul 
’tanfs^jfe Jo .pay about £10 » 
squaris^Toot- far two floors or 
Bowafer ’• Oflinise East' tn 
London'* Knlghtsbridgc- 
'' United Molasses has assigned 
thelease Coe-20,000 sq.ft of 
office, space to PA, which i c 
goipgl'toScarry out extensile 
fateraai modernisation. 

: .'The. company * last year 
assigned Its leasehold lo tercet 
In another floor of the same 
building to Boston Consulting 
Group and has now moved into 
its 'new offices in Sugar Quay 
ECX- 

- Gordon Linch aeted for PA. 
and .United Molasses was 
advised by Hillier Parker M»f 
gad Bowden.' - ■ 


INDUSTRIAL AND BUSINESS 


^K) for Industry 

CAMBERLEY 

10.000 iq. ft. Warehouse 

TO LET — IMMEDIATE OCCUPATION 

CAMDEN TOWN, N.W.l 

Warehouse/Facrory 
Heating, tnregral loading 
16.375 sq. ft. TO LET 

CHELMSFORD, Essex 

New lofty single-floor Warehouse 
13.550 sq. ft. TO LET 
Rene £1.50 per sq. ft. p.a- exd 

LONDON, N.ll 

10.000/H6.000 sq.ft. 

A new development of Faccory/Warehouse Units 
UNDER CONSTRUCTION 
TO LET 

ORPINGTON 

Single Storey Factory 

TOILET* 1 - IMMEDIATE OCCUPATION 

READING 

New Warehouse and Offices 
27.000 sq. ft. 

IMMEDIATE OCCUPATION 
TO LET 

SWINDON 

21.000 sq. ft. Warehouse 

TO LET - IMMEDIATE OCCUPATION 

WEST BROMWICH 

Factary/Warehousc Units 
To be refurbished/redevelopcd 
10.000/200.000 sq. ft. 

TO LET 

Kings'Co 

Chartered Surveyors 
1 Snow Hill, London, EC1 

01-236 3000 Telex885465 
Manchester, Leeds and Brussels 








Stilton 

Bank House 

Attractive new offices. 
Opposite BR. Main Line 
Station - 20 minutes to 
Victoria Terminus. 
Single building of 7407 sq.ft. 

Immediate Occupation. 
Private car parking 
passenger lift. 

Gas Central Heating. 
Carpeted. 

Sole Letting Agents: 

103 Mount Street, 

London W1Y 6AS. ^ ^ 

Tel: 01-4936040. (|§gP 
Telex: 23658. '"■^V 


EDINBURGH 

Hotel Development 

PRESTIGE CITY CENTRE 
POSITION 

Enquiries are invited from intending 
participants for equity partnership/Ieasing 
etc. in a 200-plus bedroom hotel to be located 
in Georgian Edinburgh at the west end of the 
city centre 400 yards west of Princes Street. 
Developers, Builders. Investors and Hotel 
Companies are invited to respond at principal 
level only, for details of this exciting project 
which is being geared for speedy completion. 


Suburban Offices 


Provincial Offices 

Chatham. 

Sovereign House 90,243 sq.ft, fully fitted air-condihoned 
offices. 

Portsmouth. 

Victory House 60.000 sq.ft, centraIiocalion,car parking, 
competitive rental terms. 

Leicester. 

Humberstone Gate 30.000 sq.ft, central location.car parking 
available. 

Birmingham. 

11.12 Bennetts Hill 12.500 sq.ft, unrivalled cenirol area position, 
self contained, available now. 

Swindon. 

Aspen House 65,670 sq.ft, centrally located air-conditioned 
offices, 100 car parking spaces. 

Harlow 

Westgate House 94.369 sq.ft.Impressive new cir-conditianed 
building consisting of eleven floors. 


JLWComputOn - A Complete Answer 


Western Avenue, W.3. • 

13,980 sq.ft, extensively .refurbished modern office building 
close to underground stations. Imminent occupation. 

Fulham Broadway, S.W.6. ' 

New air conditioned building impressively located opposite 
underground station 3,690 sq.ft. -13,380 sq.ft, with imminent 
occupation. 

Sutton, Surrey. ' 

7,400 sq.ft, new office building opposite British Rail Stahon 
immediate occupation. 


Tolworth, Near Surbiton. 

8.285 sq.ft.of excellently refurbished mode- 
immediate occupation. 


-.-is with 


Hammersmith,W.6. ' « 

17,340 sq.ft, extensively reFurbished office accommodation, 
excellent communications,immediate occupation. 

Harrow, Middlesex. __ 

5,000 sq.ft, of 1st floor office accommodation in modern . 
building in Central Harrow, immediate occupation. 


Provincial and Suburban Office Departments 

103 Mount Street London W1Y6AS. 

Tel:01-493 6040. Telex:23858 


East Anglia | 

Industrial Property I 
Survey | 


LANG 


The first edition 
of an essential guide 
for cofTipanjes occupying' wareh^e or y 
premises in East Anglia, o r considering ; 

moving to orexpandingintheregon. ' 

Foe a complimentary copy cqnta^f^jjj 
.Christopher Af mon-J 




Giestertonshi m=i 

IBff 

Offices LBS 

S.Wuud .Street. Cheapsidc, EC2V TAR 01-606 3055' 


SURVEYORS CONSULTANCY 
SERVICES • 

/' Executives) . 

Wish to airaoupceddaaL #ue to .expansion they are, 
moving.*© larger premises. As-.from, MONDAY, 2nd 
OCTOBER,: 1978, fe— .. : 

f6PP. f 


To Let 


Air-conditioned :: 
Off ice Building 

£4.88 per Sq.Ft. 

City Fringe - Near 
Liverpool Street 

13,525 Sq.Ft 


Present teJ 
follows:— ' 


. _ .“StTST? 1 "T • . • 

telep^xieiijainaibers ^'wili. be retained 


01-405 0732 
01-405 884r 



VfflliamO'Neili&Partners 


Chartered Surveyors, estate Ajen:s 

100 Hanover Street. Edinburgh EH2 IDS • Tel: 031-225 5515 

alts M GlujO*. Autrdeen 


Oteill _ 


Chartered Surveyors 


MHQ 


- Principal: lan. L. Brown* BIBUI •. J 
AssodBate?‘Partner: WeU .O. MadLeay } 

Licensed in accordance uriih Hie Employment Agencies Act IS?! 


BURGESS HILL 

West Sussex - 

FACTORY/WAREHOUSE 

4,150 sq.ft. 

FREEHOLD FC« SALE 

• Ks'. nm»< t«r>*Hn'' 

■Sfly ' Nonh AiKBn Sl<n>, 

* W Grw**n«!^ur.VL.lV ;\Q.. fl 1-629 MM4 


MX;* 




I 










































































□aiicidl 'Tunes Friday September 29’ 1973 


Required by Autumn 1979 


Headquarters for substantial 
charitable organisation. 
Existing buildingor site 


minimum 


Colder* 
ee 


01-9301070 


j >#•.. 


KING’S LYNN 

Centra] freehold office property containing about 
3,150 sq. ft. of net,-usable space, most with v.p. 

Price £29.500 

Details pavjd Bedford, 

106 High Street.-King’s Lynn, Norfolk. 

■ Tel: 65146 



Nr. London, 


Single Storey 

Warehouse 
75,000 sq. ft. 

• Good Loading and Access 

• Ample Vehicle Parking Space 

TO LET (might divide) 


Henry Butcher&Co 

. ■ • : . incorporating 

Leopold Farmer & Sons ■■ 

59/62, High Hoi bom. London WC1V 6EG 

Tel . 01-405 8411 


Property Board 


TO LET 

AT 

Aston, Bfrnmghain 

12 Acre 

Development Site 

This important'rail-connected site is available to let on 
a long lease for industrial or warehouse development. 

Principals or retained agents apply to: 

J.P. Ambrose F.R.I.C.S.,* 

Estate Surveyor and Manager, 

British BaB Property Board, 

Stenier House, 10 Holliday Street, 
BIRMINGHAM B1 1TG 




CITY EC4 

(Between Cannon Street/CHeipiidei 
FREEHOLD OFFICE BUILDING f OR SALE 
(Approx, 2.1 DO Sq. Ft.) 

Kinney t^Green 








1012 Cork Street London VV1 01734 7701. 




Vi::'::*- . ' .-4% ! 1 

: v.nHB'T 




asm* 




Tl7B0sg.ftTD LET 

Imminent Occupation 
Substantial Private Carparking 


103 Mount Street 
London W1Y 6 AS 
Tel: 01-493 6040 
Telex: 23858 



Chartered Surveyors 


LONDON PROPERTY 

lAf A WTETiTl WE WISH T0 BUY COMMERCIAL OR 
WMR I COMMERCIAL/RESIDENTIAL 

PROPERTY IN MAYFAIR, BELGRAVIA, KNIGHTS BRIDGE OR 
CHELSEA. FREEHOLD OR LEASEHOLD WITH FULL OR 
PART VACANT POSSESSION. PLEASE SEND FULL DETAILS 
INCLUDING LOCATION. SQUARE FOOTAGE AND LAYOUT, 
DESIGNATED USE. RENTS PAYABLE, RATES. TENANCY 
AGREEMENTS AND ASKING PRICE TO Box T4957, Financial 
Times, 10, Cannon Street, EC4P 4BY. 


Overlooking Green Park and Piccadilly... your new office headquarters in London 






DEVONSHIRE HOUSE 


PICCADILLY \VI 


150,000 sq. ft. of Mayfair offices 
with unrivalled access to all 
parts of London 




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JOHN D. WOOD I 


2,’ BirkelcT Square.'Muvfuir. Lonckm.-VI IX hAL 
. . 'lekiplfl’nv, |IHC» ‘a»5ll lefev: 2\Z-tl 


M, 


FULLER 

PEISER 


3-4 Holbom Circus 
London EC1N2HL 
Tel: 01-353 6851 
Telex: 25316 








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Adevelopment by Machurst Ltd. on behalf of UK Provident 

WINDSOR 


K^HOUSE Q3 

'-O 54Bo«Lane.EC4 -*4 


HOUSE 

50 VICTORIA STREET LONDON SW1 


TO 

LET 


ANewoffice 

Development 


r yf". • • ■ 

^ g.;.. 

.* .1 *. ig?. 

Illi'li 


if a a s 

» s a a:.;a. 


Only 5 floors 
each of 
6,720 sq. ft. 
remaining 
TO LET 



Jp'W ^ 

« ;. n i< 

jtfc;i,* it)- 

•I*. 1 ,;-.* f|-i- I'M! 

II'' . K- ’ ! , . : '' 

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tu m .* * P i;;, 


1670sq ft 

SnluvB^srKdigltc-*buiiEiT; ‘ 

inthche*rl<<ll«-CUWLtv'J'*l 


AlwHiw.ftU'Fnwr, 
Lor*A»lS"l|-J9t£. fmm 

nzz-*i*z In 


Baker 
--f* Hams 


I Saunders I 


my-} i> 



•SJ 




Joint Sole Agents 


01 

629 

8191 


|J3 

& 

ward 

Yd 

r 


HENRY JOEL & CO. 


19, GARRICK STREET, WC2E 9BB 
01-836 0736 


TURNPIKE 
FILLING STATION 
AND CAFE 
CHARD, SOMERSET 

A property with potential on A30 
trunk road compminj tpatious Petrol 
Station and Modern Wo'kiho?. Cale, 
and 2 Bungilows together with nearly 
20 acre* of woodlaod. Planning per. 
■union available for Caravan Site 
development and third dwe'I'^t. 

TO BE SOLD BY AUCTION 
on a date to be fixvd >n 

October! November 

HUSSEYS 

Alphin Brook Road. Exeter EX? ITH 
Tel: Exeter (0392) 5044 J 


Freehold 

Investment 

Close West End & City 


/ WATFORD \ 

x 33,000 sq ft x 
of refurbished offices 


Modem Headquarters Building 
with Self Contained Offices 


Producing 

£451000 


excl.on ER.&L Lease 


Substantial Tenant 

Details trom sole agent 



JOHN D WOOD 


j^ii: &ote . 


Pamis Bird & Partners 


! Souare.' 

Lyndon WiXcAL 
I* Of 6J990S0 
lye< »I~4J 
Ena* Ci-ifld'.ifK* 


4<!I+Jm'v'J Sl'c'r' *.*A."ii 
LC'rJC'T VVi t “Tr 
T-ri.31-49: .Of.? 

T^hcv Lonttjn^i.'J 
T*->er.<x Bird 


WEHE OFFERING YOU THE CHANCE 
TO BECOME A EAST MOVER. 
COCA-COLA WILL DRINK TO THAT. 


• ^TS 






.■ ■ . •■' ■ ■ ■ ■ . ' .... . 

NORTHFIELD- Each building 50.000 sq. ft divided into 2 equal parts. 5.5m clear headroom. 2 storey centrally-heated office 
Amfde loading and car parking. Rent Sl.JOexd. p.a. sq. ft. Leases F.R.I. 5 -25 years. Immediate availability. 


frontage. 


This prime accommodation suitable 
for manufacturing or distribution, is in 
Northfield, Milton Keynes. 

Nearby, the Coca-Cola Export 
Corporation recently opened a major 
new plant. 

The reasons why they moved here 
could be equally attractive to you. 

The Ml is a stone's throw away. So 
distribution is fast and economical. 


There is guaranteed rental housing 
for employees of relocating companies. 

And, of course, we have superb 
shopping and leisure facilities. Soon to 
be made even better when the biggest 
covered shopping area in the country 
opens in Central Milton Keynes. 

All in all,we think _ 3l y r rr «rf^ 
youll find plenty to 

drink to, as well. jTTfJS^ 


I would like to know more. Please send me details. 

Name --—-- 

Position--- 

Company -:-:- 

Address--- 


FOR FURTHER INFORMATION CONTACT: COMMERCIAL DIRECTOR. MILTON KEYNES DEVELOPMENT CORPORATION, 
WAVEND0N TOWER, MILTON KEYNES MK178LX, TEL: MILTON KEYNES (0908) 74000. 


FmaiH^'I^ 29.1973 



LUTON, BED FO RDSH IR E 

Single Storey Factory 
T5.130-sq.ft. *■ 
FREEHOLD FORSALE 


LANCING, SUSSEX 

Ne.iv Warehouse. Unit a- : bingie btorey vvafenouse 

19.500sq.fr. *'■' * 19.000 sq.ft.' 

TO LET v /•'-••- .*■ •••% -• TO LET ... . \ * 

WELLINGTON: Nr. ^ CHELSEA, LONDON S.W.10 

TAUNTON/.SOMERSET .• ; V Industrial Redevelopment Site 
Single Storey Factory and Offices - ‘50.000 sq.ft, on 0.6 acres 
7,960 sq.ft. ^ r£EHOLD FOR SALE 

FREEHOLD-FOB SALE \ \C‘ ; • ' : ' 

' '■ :■ • • '• . 
BROOKLANDS, weybridge, LONDON e^; . 

SURREY FactpVy/Warehousewith Offices 

New Factories . % ;* *. - Unij^frbrh 54,700sqJt.-— 

From 40,000 sq.ft ' - "V . 133y2GG sq.ft, ' 

TO LET *■ .-S ' 1 ' TO LET*or - .* :. ‘ 

• V; - LEASE FOR SALE' . : * 


SrLVERTOWN, LONDON E.16 

Sirigfe Storey Warehouse . 

T9.000 sq.ft.- 

TOLET - 


LEWISHAM, LONDON S.E.13 

Workshops, Offices and Yard 
5,300 sq.ft. 

TO LET 


BASILDON, ESSEX 

Single Storey FactoryAVarehouse 
with expansion land) 

122,000 sq.ft, on 7.1 acres 
TO LET or 
LEASE FOR SALE- 




BROOKLANDS; WEYB RIDGE, 
SURREY ‘-/.-I. 

New Factories . % : ;* ■; 

From 40,000 sq.ft ' - " ' - 

TO LET *• -? ■ 


For further details and other space news contact.: 


tened Surveyors ■. 

;Holborn Circus 

KlcwiEClfi2HL 


O 



' Northfifti,KenL< ( : . ■ ; %■ : - ; 

FaCfoiy/vraref^ !etiW^)Q0 - ’H5^0W>sqIf. 




Chln$}fonl;E4. 

Factory 11^850sg.fL 

Warehoose unitsto boTxjilt—vj>to 37,000sqit. 


Maidenhead,BeHcsJ 

Warehouse_dndoffices. To fef.53,000sq-&. 


Industrial Property 


Winchester, Hants. 

Freehold factory/warehouse. With potential 
for splitting into smaOer units.44,000 sq.ft. 


Clients Requirem^sts.- 
Modem Factory—UK500,000sqJt. . >1 \ . . . . 
Warehouse - Soifth East300,000sq.f t. - -"V • •’ 

Modem Factory-r UK 100,000-150J)00 sq.ff. -- - 
Factory/warehouss - North West London 80^000 sqit 
Modem Foct«y-Developmentarea75,p0qsqit:- ‘ 


Aylesford, Kent. 

Factory/warehouse and offices. For safe. 29JJOO sqit. 


Industrial Depar t ment 
33IG^StreeUondc»iEC2Vfe,' 
fefc0M06406aTefex=885557. ; 


J LW Com putori— A Complete Answer 




hi »■■■>■<■ 
VWM ,V.W </,t. . 
vNv«i.wA\ur/, 



MODERN 

HEADQUARTERS 

OFFICE 

BUILDING 

18,000 sq.ft. 


ii .*►. i. ■■ / 




New Self-Contained Office Building 


TO BE LETT 
ALL AMENITIES 
CENTRAL WEST-END 
LOCATION 




Write Box T.4961, 
Financial Times, 
10, Cannon Street, 
EC4P 4BY. 



-V •- Vr.- ■ 


FOOD & NON-FOOD RETAIL 
STORE GROUP AVAILABLE 

Pre.ux profits exceed £500.000 per- 
annum. The Coin piny trades in an 
area m the North and Midland arid 
lull details are available from cbwr 
Surveyors on tho basis that names ot 
enquirers will not be released without 
their permit*Ion. 

Write Box T.WsS. FlnmcM Times, 
10. Cannon Street, £C4P -4BY 


with the benefit of vacant " 

possession ri - . 



Marina Site 


Near Accrington 
Lancashire 


For Sale by Tender 


IVLELLEB BRAGGINS & CO^ 

S RMscHeld, MasdKilcr M 2 2 PU 
DM- 332-7128 


33 King Street 
London EC2V8EE - fif* 
Tel:G1-6044b6b ' r ® 
Telex:B85557 ^ 



‘Chartered Surveyors 


FACTORY FOR SALE 


General purpose factory for sale in (duty-free 
zone in Prai, Province Wellesley; Malaysia. Bailt 
1975 and extended 1977. Single storey open 
plan of 81,000 sq ft with separate canteen/ office 
block. Minimum height 20ft full sprinkler fire 
protection. Good access roads. Demountable 
office accommodation. Three acres of land on site 
not yet developed. Excellent road, rail and air 
links. Good trained labour and technical/mais- 
agerial staff available. Investment incentives 
possible. Principals only. Write to: ; V 

Messrs. Hanafiah Raslan and Mohamad 
9th Floor, Bangunan Bangkok Bank 
Jalan Bandar, Kuala Lumpur, Malaysia 
Telex No. MA 311S2 Harum . ' 


M«3hkhistrlalCentr< 





[•Mil 




S3 

»-■ -j - -• 




POYLE Near Heathrow 
McKay Trading Estate 


j! 


TO BE LET 

8.WS sq. Ft. Offices plus 17 JS5 sq. ft. Warehouse.. 4 further. 
Warehouses from 8.000 sq. ft. approx. Immediate occupation; 
20 ft. eaves. Large yard area. > . _ ■ 


mellersh 

S. HARDING 


43 ST. JAMES'S PLACE 
LONDOWSW1A1PA ' 
01-433 6141 


TO: FINANCIAJL WSHTUIIONS, BtUtTI - NATION 

• COHPfi^AWd^ TBAJ^rmSUR&f(^ .q^gp j Am£S, & 

Owners, ©f an Importairt fretStuOA - site in Gibraltar wonhJ 

• pleased ttrerec* tmd let on long leaee suitabte offloes with 
vrlahout residentiad qocomjpodation. The total content of- 
-huiWSng woaid-be.in-ti»^region ^^ of 80,000 sq. fL . 

r Glbrhltkr, ^aie ^erMng area; enjoys textoawa status and fl 
ad vantages over Ghennel Islands aod- Isle of Man in relats? 
to Capital Ijransfpr Tax. Non-residents a£ the sterling area 

• external V:ctrai®:?eii3iiy;4Un toaveita»lky In ail currehcii 

Tbe Hiaafe ^ and sunny : most of iiw eimt. _ ( 


• - *: Prtacipdls (mlg plaae. ;; 




de t ai l s caa bevbtainerl from BoxTASSO, ‘J 

F57iq4cKil Times, ld» Qnqtpn Street. SC4P 4BY. ; 






























ffices now completed for immediate occupation 


•C» 


. 'f - . i’- *;• > • 


7%>, jv 1 . .. 



* __ 


Al •• c*-2Z V.. 

Bridewell Piece. 9600 sq.ft approx. • 2/4.Tudor Sh-eet. 5.000sq.ft.appt 

Also 14, New Bridge Street, 6,4Q v 0 sq.ft, approx. 
Under Offer 15,New Bridge Street, 7 ,200 sq.ft, approx 

r ---e 

; PILCHER 

HERSHMAN / 

* .01 486- £* > 



oil insvucuons ir.?m 
E§§S£ :: ‘ y Rem a Super stores Ltd. 

TO LET BY TENDER 


*****mmtm 



c l 

no 

Fo r 

ii 

« 

MJ 

0 t 

&«DW i 
M . 1 



' m EE^EttlRAMT 

H Ifemineton 


CLOSING DATE: NOON 
. TUESDAY 14th NOVEMBER 1978 

Details tion i Sol? Surveyors 

CONRAD RTTBLAT&CO 

ConsulI.ini Surveyors i Vfafuw 

. W*phon*01-935 44!» 

Miliw House. 14 Manchester Square. London Wl 

CM 1 /QUO rfwfte. F'rneUi'Cf' Sieel London cCi Tel 01 

ifcoltahOlftcs. A Royal CiCUKi’l. Gte-tW* WWl-332 3B” 


GARAGE & RUING STATION 

)-• pret 17 W'lag* on the busy *19 
Brijtol/Wfll* Road. Prominent fore¬ 
court. Showroom. Workshop!, eic.. 
(trending to 4,000 sq It. Luxurious 
And spacious proprietors residence. 
AUCTION: llfh Octabor - Apply: 

KING. MILES & CO. 
Commucial Dept.. 24 CUre Street 
Bristol I . Tel: (0272) 26371 


Next to the A1 
Orton Southgate 

Peterborough 

Extremely vtieff lilted lei claries available singly or m multiples 
ol 3.000 10.000 and 20.000 sq ft in ideal localion. with superb 
connections to nanonal raad ■system. 

Offices included-Ample Car Parking 
Ail Services Storage Compound 

Laige pool ol local labour. Housing guaranteed tor existing employees. 

Ring John Case, Chief Estates Surveyor 

0733-68931 

orwnle - Peterborough Development Corporation. POBo\3, 

TouthiU Close. Peterborough PEI 1UJ. 


Modern Offices 



Be Let 
ffe4,744 sq, ft. 

-loIborn/West End Border 
; 3 Lifts 
Central Heating 
12 Garage Spaces 


Sole Agents: 


NEWMAN 
STREET W.l. 

Modern Offices 
to Let 

10,100 sq. ft. Offices 
together with two 
luxury penthouses 

* air conditioning 

* 2 passenger lifts 

* fully fitted including 

carpets 

* attractive entrance hall 

Particulars from: 

;S. A. Jones. A.R.I.C.S. 

Mark Lane (Investments; Ltd. 

Berkeley Square House. Berkeley Square 
London W1X 5PE 
'Tel: 01-629 8772 

ADmsion of the Coral Leisure Group 



EDGWARE 

COLINDALE 

PRESTIGE SELF-CONTAINED 
OFFICE SUITES 

TO LET 


CI-A5SII : llzD 
CCMMI5RCIAI 
PROPERTY tm 


Tfs| 

hi^l - ^gnjjQ rgg. j 

qdddo D iinonp'ioSi 


nrTBcrSDOQQQ 1 \ _ 


SHOPS AND 
OFFICES 



CENTRAL PERTH 

FOR SALE 

or"re lec an long Hue. commodious 
shop prcmisw In central shopping area. 
.Farther particular; obtainable from: 
> ' Messrs- J. C J. Miller W.S., 
r' ■ 10 Blackfriars Street. Perth. 
Telephone:' (D73B) 29431 


* 15-YEAR MORTGAGES 
ic INTEREST 13% FIXED 

* UP TO 75% OF VALUATION 

* INVESTMENT OR OWNER OCCUPATION 

* QUICK DECISION 

■ Please phone or write to: S, A... P ARNES 


Dnjco House 
SSManchesterSquafe 
London Wl A 20 D 

Tel 01-^ 1252 


OFFICE PARTITIONING 
AND CEILINGS 


PARTITIONS PERMANENT DEMOUNT* 
ABIE. 0. Paterson Ltd.. Sftacui tiers. 
SI. Stamford Hill. London. N 16. 
04-802 5252. 



FOR INVESTMENT 


1 ABERYSTWYTH By oidur ol Hie Receiver, 
i Modern commercial building Work- 
shad'aarape'sleras and splendid suite 
ol on. ccs witn panoramic virw ol 
harbour and Cara .go n Bay with VP 
'dlliPB station una Ion-court so let al . 
:JU.D00 p-a. Ref. .10. Morris, Marshall : 
A Poole Welshpool. Powys Tel 2717. • 
MIDDX. 6.000 SB. It. prestige offitn in | 
modern block Jt EaSKOte. Pinner, , 
Middles®*- Bakur Street 35 mins, j 
• Imposing entrance. HU. c*i lurking, i 
Good natural lighting. Rent £6.720 n.a. 
BXd. until 19B1. premium £35.000. I 
Chamberlain 6 Btckerton Commereidl - 
■TeL: 01-066 2201. _ . I 

AT LONDON BRIDGE. Excellent ounces i 
lujt refurbish on and fitted out lor 
immediate occupation Suites from 
L2S0 *0- ft- VP » 4.200 SB. ft. 
New long leases, all amenities ana 

S iuole terms. - Bartow-Graham & 
iany. 73* 1119- 

maareR A GOSS value, sell and manage 
commercial property. 33! Prmcesshay. ; 
Exeter S1171. 

NEW mini FACTORIES. Cambridgeshire, 
from £1.00 sq. It Contact Hey Mavcrs. - 
.Fenland Distnct Council..March (03542}' 

CORNWALL. TRURO. Prestige waterside 
office block suHibto oil company, bank, 
etc. Carew- Hunter. Ltd.. Cathedral 
Chambers. Truro. 

HARROW CENTRE. 2.M0 M «■ modorn 
■ offices. £10300 bj.x. Smaller suites 
also available Ferrari. Dene £ Co , 
01 "127 4266. 


NEWPORT 

ISLE OF WIGHT 
Fop Sale 

. MODERN HIGH STREET 
INVESTMENT 

Let to Allied Supliers and the D.O.E. 
Prod u c i n g £23.000 p.a. F.R.I. 
.{Present estimated rencal value 
£40,000) 

PRICE £28*400 
Aspfy to.- 

KEYDON ESTATES LTD., 

104 Park St.. Wl. Tel: 01-403 *441 


Suites of 2,152 sq. ft.; 3,164 sq. ft.; 
4,968 sq. ft.; 16,600 .sq. ft.; 6.313 sq. 1L 

All amenities including ample car-parking 


«W SWEBY 
COWAN 


TO RENT 

BUSINESS OFFICE in GENEVA 

about 300 sq*m. 

Superbly located in central residential area, beautifully furnished 
and fully equipped, all facilities available—telex, telephone, etc. 

Sw. Fr. 4500—all included (short- or lone-term lease) 
Suitable for .headquarters, financial organisation, law firms, 
diplomatic services, etc. 

Please write co: 

P.O. BOX 210—CH-1211 GENEVA 12. 


FACTORIES AND 
WAREHOUSES 


. £ 30,000 to £ 40,000 

GROSS INCOME FROM 
1 TO 2 YEAR LEASES 

Residential, large houses \n prime 
location in Bristol. Suitable income 
wish growth. or to tell off as ilati. 
Offers. Writ* ■ Box T.4959, - financial 
Times. 10. Cannon Street. EC4P 4SV. 


INTERNATIONAL 

PROPERTY 


WIST DAYTON, Middx- Slone CIRs*. 
S»ip 



iHPero"modern iictory ,io lot 4.973 
so. It. immediate auuoaLion. Full 
details Edward Grav * Co., 01-90S 
0121 . 

UNDER CONSTRUCTION. Rlllln»hsirtL 
' naar Hercham. * foeton« warenputot, 
CPPrax. 5.000 M. II. each. Applvr 

p?ft5 swirmes Ud., 7. Warwick St 
WOrthtno UNI l 3DF. JtaMM. Tel.: 

. Worthing (0993) 3S186-7. • 

ARNOLD. NEAR NOTTINGHAM. 4 JRjto 
Ml. 4 industrial unlit fo let. 2.000 
sq. ft. each. Read* far occuwtion. 

- Full details from Hardim & Xo.. 64-6S. 
• CnwroW Street. London wix OSB. 

Icieononc owfJ 21« , . 

WOOLWICH, s.E.18. Modern single siorev 
. Factor*. 9.500 to. 11 omen Eacelient 

- feeding amt parking. Loatn fBr.dlaMUl. 
Wtoi nemv 8-ift.li* 4 «-o. Tel. 01—05 

KNTttLO: Crtat Camlvwge Rd Ewel- 
lonl ilnalB-starew fgciorv £ othCM to 
. lot. 10.000 on. It; John Foot* & Co.. 
01-4PZ USES. 


THE manor HOUSE. Toronto. Canada 
This magniheent English • manor house. 
Bari 18th cent sin. has been oams- 
takingly reconstructed on a lovely 
wopded two acre site. The grounds 
include wntet Creek. The extensive 
acconunodalton provided includes a 
Ballroom'conference centre, games room, 
circular oar and .indoor swimming pool 
With sauna. Whole property Is air 
conditioned, fully, inaulated with ere 
and Secuntv alarms. Traditional 
English materials ami details abound to 
orovid«u.a carp. and. Joxuuous. private 
residence or corporate headquarters 
Colour brochures upeo-.renvest. for 
otien to purchase Uis&i.aoo.oooj or 
lease- T? Bunnell 6 Sons Ltd. rBuildcrs 
-sine* 15911. Busted Wotterham, Kent. 
Eftflland. Tel. weaterhem 54195. Tele* 
957040, 

FOR SALt—PARIS—Mulodrd Haussmann 
—Facing ■* Maoasins du PrintemB* * — 
proximity Mam and Spencer—Shop 
iBQ.so.m. Write to Bourdais Maoasins 
150. hOulevard ; Haussnwnn. 75008. 
•Pans. France.. Tel. 227.11.89. 


AFINANCIALTIMIS SURVEY 

OFFICE RELOCATION 

Friday 20th October 1978 

CITY CF L0K3QN 

Friday 24th November 1978 


For details of the editorial synopsis and of 
advertising rates contact:— 

CLIFF GAUNTER 
01-248 8000 extension 234. 

FENANCMLTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dales nf Surveys in die 
Financial Times are subject to change al Ihe discretion 
of lie Edilur.. 



*37 



APPOINTMENTS 


Treasurer for 
Barclays Bank 
International 


Mr. Mic-liad .Ma.'o has been 
appointed treasurer of Barclay* 
Bank International with effect 
from January I. He i.< at pre.sent 
assihtani Keneral manasCF. .cor- 

porale Finance. imernatinnal 
division of BBI. Mr. Mayo will 
. he .succeeded • by Mr. Mark 
■Dei-erell, who is head of energy 
department. .Ihe Barclays Group 
of Banks, imernutlnnal division, 
head Office. Mr. David Anderson. 

• deputy head of energy depart¬ 
ment. will succeed Mr. DeveroJI 
as head of enemy department on 
December 1. 

CU L\R TAL’LDS announce that 
, Mr. A. M. Ram>ay has been 
. appointed «rmip linancial con¬ 
troller in succession 10 Mr. C. J. 
Chalmers, who is leaving Ihe 
“roup on January l. 1070. In lake 
.un ihe position of finance director 
or SCOTTISH AND NKWCASTLE 
BREWERIES. Air. R.nmsa.v has 
worked in ihV Llourlaulds firnup 
(nr 13 years, mosl recently as 
‘finance director of rhe 1NTER- 
\ATIONAL PAINT COMPANY. 
He will take up his new duties 
on .Vo vein her I. Air. Chalmers 
succeeds Mr. Pcicr Moluny who 
‘ is leaving his post of liuanec 
director nf .Scoitish and Xewcasile 
Breweries al his own request. 

* 

l»r. David M. Wilson h;i> been 
made director of ihe BRITISH 
MUSEl-M. He was formerly Pro¬ 
fessor of Medieval Archaeology. 
University College. London, to 
which post he was appninied in 
. 1971. From 1.073 l» Jf»7H he was 
ioim head of the Department of 
Scandinavian Studies and the 
l>ean of Ihe Faculty of Arts nf 
University College Dr. Wilson 
is a member of ihe Ancient Monu¬ 
ments Board Tor England, chair¬ 
man nf ihe area advisory cnmmil- 
lee for ihe archaeology of 
London, and is a past president 
of the British Archaeological 
Association (19<f2-l9GS) and the 
Viking Society- Tor Noil hern 
, Re.se.-uch (19(18-19701. 

■fr 

.Mr. Per Tamm of SKF Steel 
; HQ Sweden has been .ipoomfed 
I managing director of SKF STEEU 
Newport Pagnell. 

★ 

At DORMAN SMITH FUSES, 
Mr. K. II. I-KcheUh. sales manager 
since 1!»IM. is appointed sales 
rtirecror: Mr. F. Bentley beenme> 

, 'tfchnicai director: and Mr. I). G. 

| Bewick prriduciuin dirccior. Mr. 
.1. Lund has retired as director Al 
I a sister company. DORMAN 
SMITH BRITMAC. Mr. IV. Duller 
is appointed production director. 
★ 

Mr. John Mirilane ha.s been 
appointed director and general 
manager or RENTCO NATION- 
j WIDE TRAILERS, a subsidiary or 
; Trailer manufacturer- Crane 
! Fruehauf. 
i fr 

I Mr- V. J. Scrivener is appointed 
. managing director of McLNTYRE. 
He was formerly divisional engi- 
' ncer In Tate and Lyle Transport's 
contracts division. Based in 
: Greenock, near Glasgow. McIntyre 
•s a subsidiary of T.ite and Lyle 
i Transport and speciulr.es in rhe 
, sales and servicing of V'auxhali 
: cars and Bedford trucks. 

-fr 

Mr, Ian Cameron Black, of 
'.Standard Chartered - Rank, has 
. been installed as president uf ihe 
.Junior Chamber of Commerce for 
London Tnr the coining year. Mr. 
Richard MnrshuIL of County Bank. 

' has been elected depuiy president. 
★ 

! Mr. P. T. W. Stullh is joining 
PE.VALS general publishing divi- 
, 'i*>n (Ward Lock .-Ward Lock 

• Educational,' Marshall Morgan and 
.Scon Publications). as divisional 
linancial direcior on October 2. 
He has been with Thomson Pub- 

| lira*ions as financial direcior for 
:he past mi years. 

fr 

Mr. Clark Cross has been 
.appointed a direcior of DOULTON 
GLASS INDUSTRIES 
fr 

The Secretary of State for the 
. Environment. ha.s nppninred Cllr. 
! J. E. Walsh. Warrington Borough 
i Council, as deputy chairman nf 
WARRINGTON DEVELOPMENT 
I CORPORATION. Cllr. H. White¬ 
head. Cheshire County Council, 
has been made a member of ihe 
1 Corporation. 

* 

The Secretary of Stale for 
Prices and Consumer Protection, 
has appointed Mrs. S. M. Edwards. 
Miss E. A. Kay, Mr. J. D. Whittle. 
Mrs. S. 51. Sandeman. Dr. CU M. 
Mac Lean, Mr. A. J. Paterson and 
Mrs. J. Forhp.s-Sempfll as members 
or rhe POST OFFICE USERS' 
COUNCIL for Scotland until .May 
ill. IfiSI. 

*' 

Mr. Rotter Marsh has been made 
deputy chairman of SHEFFIELD 
BRICK group Air. Marsh was 
chairman of W. .1. Reynolds Hold- 
] inss until it was taken over earlier 
1 this year 

★ 

The British Paper and Buard 
Industry Federation announces 
the appointment nr Mr. K. Harvey 
Proctor as secretary. 

STANDARD * CHARTERED 
BANK announce lhat in reduce 
his commitments Mr. L T. G. 
Preston is retiring as a director 
and chairman of Mocatia and 
Gold-smid ami rhe Commercial 
Metal Company at the end of 
September. He w ill be succeeded 
as chairman of both companies 
by Mr. M. D. MeWilllam, a senior 
general manager of ihe bank. Mr. 
PiTsliin is also retiring as chair¬ 
man and director of Standard 
Chartered Rank AG, Zurich, and 
will be succeeded by Mr, N. 
McMillan. 

fr 

The Conn of Directors of ihe 
RANK OF IRELAND has 
appointed Prof, l-ouden Ryan to 
bo a director of the bank. He is 
Professor- of Political Economy al 
the University of Dublin and has 
been a direcior of the Central 
Bank of Ireland since 1667. 
fr - 

Admiral Sir Richard Clayton is- 
lo be Commandcr-in-Chief Naval 
Home Command from March. 1979. 
in succession 10 Admiral Sir David 
Williams, who retires, 

★ 

Esso Petroleum company an- 
nounres that Mr. A. L Canpbell 
and Mr. J. A. Vaughan have been 
nominated to be directors of 
ESSO TEORANTA and H is ex¬ 
pected that the Hoard of Esso 
Tcorania will appoint them as 


direciors, effective October I *r- 
the bourd meeting today, li ix • 
expected that at ihe same tim* 
Mr. (Jampbeil - will be appointed 
chairman and chief executive OF 
Esso Teomnia. The company is .4 
subsidiary of Eon Petroleum and 
distributes and markels Esso pro¬ 
ducts in ihe Republic of. Iceland/ 
★ 

Mr. M. K_ Cowan, chief com¬ 
mercial officei of ihe Merseyside 
and North Wales Electricity 
Board, has been seconded to th« 1 
new posi of i-omracrcial director 
of l he ELELTR1UTY COUNCIL 
RESEARCH CENTRE at Capen- 
hursL. Cticshire. He wilt be re- 

sponsible for idenuiying .suitable 

organisations to which the new 
technologies developed at the 
ECRC can be transferred and for 
all commercial negotiations with 
those organisations. His second¬ 
ment is for two years. Dr. A. T. 
Churchman, director of the ECRC, 
remains responsible for the design 
and execution of research pro¬ 
grammes. 

★ 

.Mr. Dennis William Cottrell 
has been appointed md.ustrinl re¬ 
lations manager, BRITISH GAS 
CORPORATION. He was previ¬ 
ously assistant io the director of 
personnel with South West Ga.<, 
where he was chiefly concerned 
with industrial relations. 

* 

Mr. James A. Vinucrun has been 
named vice president and . direc¬ 
tor of proce.-s operations for the 
Pullman Kellogg division of 
PULLMAN INCORPORATED St 
world headuu.-iriers in Houston. 
Texas. Mr. F.. Louis Whitting Lon 
has been appointed manager irf 
process design. Mr. James R- 
Murphy has been named manager 
of process Technology. Dr. AJ.'T 
Logwinuk becomes director of 
licensed technology. Iransferrind 
from Pullman Kellogg's Research 
and Development Centre, where 
he had been director of renearch 
and dcvelnpmeni planning, 
fr 

Mr. John M. P. Moore has been 
appointtd an associate director of 
K (RKL\ ND-W HITTA K™7!. 
fr 

Mr. John C. Famiakidis has 
been named vice-pre.<ident in 
charge of the corporale banking 
group in the Paris branch ol 
BANKERS TRUST COMPANY. He 
was previously vice-president in 
charge of Bankers Trust Com¬ 
pany's representative office in 
Athens. Greece. 

fr 

Mr. Alan D. Moure has been 
appointed head of NATIONAL 
WESTMINSTER BANKS new 
issue* department, based in the 
City nf London. Formerly.. an 
executive with domestic banking 
division's planning and marketing 
department, he succeeds Mr. A. 
Cord we Tl on his retirement. 

★ 

Mr. Martin E. Shaw has been 
aopninied a direcior nf COOPER 
GAY AND CO.. Lloyd's brokers. 

■+ 

Miss Angie Bass has been pro¬ 
moted from general manager to 
divisional d‘rector of CREATIVE 
TRAVEL SERVICE, the conftr- 
ence. incentive and group travel 
division of AJItranxport Inter¬ 
na lional Group. 

fr- 

Mr. J„hn l^iwson. currently 
chief accountant, has been ap¬ 
pointed a direcior of TWENTIETH 
CENTURY BANKING CORPORA¬ 
TION. the wholly-owned banking 
subsidiary of The Peninsi ' r and 
Oriental Steam Navigation Com¬ 
pany. 

■* 

...Sir Alaslulr Blair is lo retire 
from the chairmanship and the 
Boards of BRITISH ASSETS 
TRUST and EDINBURGH .AMERI¬ 
CAN ASSETS TRUST with effect 
from September 30. He has been 
chairman of both companies since 
j*i5l. Mr. J. C. R. Inglis, a director 
uf_ British Assets Trust since 
JSI57. will be appointed chairman. 
Mr. Peter Balfour, a director of 
Edinbiu'gh American Assets Trust 
.since Ikfij, is lo be the new chair¬ 
man of that company. 

★ 

Mr. Brian Weedoo has been 
appointed director product plan¬ 
ning of the- PERKINS ENGINES 
GROUP. Formerly product man¬ 
ager. large engines, he also take* 
responsibility for business plan¬ 
ning. which aims at setting 
Perkins Engines longer term 
strategies. He has worked at 
Van shall. Chrysler. Ford and 
Dennis Motors. 

* 

Mr. .Arthur A. Martin has been 
appointed a non-executive director 
of BROWN BROTHERS CORPOR¬ 
ATION. He is president of Dana 
Europe and a director of Turner 
Manufacturing Company. Mr. 
John E. Head has also been 
appointed a non-c sec u live 

director. He is executive chair¬ 
man of H. Brammor and Company 
and a director or its operating 
companies. 

■* 

Mr. John Morgan, chairman 
and general manager of the 
British Rail Pension Fund has 
been appointed chairman of the 
POST OFFICE USERS’ NATIONAL 
COUNCIL wiih immediate cffec-L 
* 

Mr. P. C. U. Cook, finance 
director or Simon Engineering. 
Stockport, has been appointed 
deputy chairman of S1M0N-TR 
HOLDINGS ihe London-based 
holding company of Simon’s Mar¬ 
keting and Storage Group. Mr. p. 
F. Waugh continues as chairman 
until his retirement next May. 
Mr. a. B. M. Williams, formerly 

a director of Simon-TR Holdings, 
has been appointed managing 
director. • . 

‘ ★ 

Mr. Jeremy Archer-Cox man¬ 
aging director of Tenant Trading 
(Metals), a ring-dealing member 
of the London Meta] Exchange, 
has been made a director of TEN- 
WANT TRADING. 

♦ 

Mr. It. W.' lilgneli has been 
appointed manager of the market 
planning group. FOSTER 
WHEELER. Mr. [Bin Oldcorn has 
joined the company as manager 
information systems—a new 
appointment within the computer 
services department 
* 

Mr. H. L Hansard has been 
appointed assistant general man¬ 
ager Great Britain of the' BANK 
of IRELAND. Mr. P. S. Hulhfly, 
formerly London City office man¬ 
ager. has been appointed assistant 
general manager Dublin West 





















































; m w .Financial, Times FtTday September. 29 197S 


WORLD STOCK MARKETS 



ain hunting offsets rising rates: up 1.12 


.v Indices 

NEW YORK- DOW iO» Eb • 


INVESTMENT DOLLAR 
PREMILTI 

£2.60 in £1— SSl% (gS$%> 

Effective SI.9730-Ul% («i%> 

A MIXED trend prevailed in slow 
trading on Wall Street today, 
when concern about inflation a»d 
rising interest rates was offset by 
late bargain hunting. 

The Dow .1 niivs Imlu.itrial Aver¬ 
age finished 1.12 up nl 56L31 and 
the NYSE A1I Common Lndex 
sained IB cents to $57.47. although 
declines led advances by 735-tn- 
692. Tradinc volume fell 4.04m 
shares to ’j-i.tJSm. 

Analysis said investor?, moved 
to the sidelines to await the 
weekly report on the L'.S. Money 
Supply and President Carter's 
News Conference, due as the 
Slock Market closed. 

As an increase in the prime rate 
to 9J per cent from n] per cent 
spread, investors were discouraged 
by expectations Ihe rate could uo 
higher. 

After the Stock Market closed, 
the Federal Reserve said 
narrowly-defined Money Supply 
M-l rose SSOOm in Ihe latest 
reporting week, about in line with 
expectations. 

Investors wanted to sec how 
President Carter would respond 
at his News Conference to ques¬ 
tions about his New Programme 
for Wage and Price Guideline*. He 
has said repeatedly in recent days 
Ihe New Plan will be lough 

Rail strike talks failed to pro¬ 
duce an agreement and President 
Carter said lie ordered the forma¬ 
tion of an Emergency Board to 
lake over negotiations. 


Carrier led rhe active list, add¬ 
ing S? at $26;-—a block of 175,000 
shares moved at $26:—the Justice 
Department is inquiring about 
United Technologies’ plan to 
acquire Carrier for a share. 

KeniMCOtl Copper climbed $21 
to $27? and CcrrUss-Wright rose 
Sll to sis;—the L' S. Court of 

Appeals ruled FeniSecotl must 
void Us 187R annual meeting 
results and hold a new election 
of directors. The ' original slate 
was opposed by Cuniss-Wright. 

Caesars World jumped Sol to 
$52;—u said there will be 42.000 
units i>f securities nr ii a Caesars 
New Jersey subsidiary left over 
even if all holders of Caesars 
World subscribe to the Caesars 
New Jersey offer. 

Dr. Pepper were acliv e and 
added a further SJ lo S19i‘—a 
spokesman said he knew of no 
reason for the rise. 

Federal Paper Board moved 
ahead S2I to $25; although it said 
it know or no Corporate develop¬ 
ments to account for the recent 
activity in il? stock. 

THE AMERICAN SE Market Value 
Index rose 0.13 tn 167.38. while 
the volume edged up to 3.53m 
1 3.77m i shares. 

Volume leader Instrument 
Systems eased Si to $li. Plant 
Indnstries. in second place, 
cl ins bed Ml to 891. 

International Systems and Con¬ 
trols jumped S31 to $27—losses 
for the June 30 year widened 
from a year ago bui it expects 
a fiscal 1070 profit. 

Ashland Oil Canada rose SI to 
S27; in active trading — Kaiser 


Resources obtained Canadian 
Government approval to buy 

7fl per cent of Ashland Canada 
from Ashland Oil Incorporated. 

Canada 

The upward movement gathered 
momentum in active trading yea- 
terday. when the Toronto Com¬ 
posite Index advanced 5.0 10 

1.277.9. 

The Metals and .Mineral.-* Index 
moved up 12.6 to 1.107. Oil and 
Gas put on 2**1 lo 1.722.1. Papers 
gained 1.47 to 14G.9S and Utilities 
firmed 0.21 lo 191.49. 

Only Colds, off 8.6 al 1.G63.3 on 
index, and Banks, off L09 at 
287.23. moved against ihe general 
trend. 

Consolidated-Bat hunt climbed 
*11 to 3361. Briocu SI to_ SsS and 
Dominion Bridge Si to $27. 

1AC at Si9j. Labatt *.V al $2l>i. 
Norand a Mins a l $25; and A lean 
Ain minium at ST^i each rose *1. 

Bel Canada were up Si at Slili; 
as were Hudson's Bay Co at $23 
and >l©J*on *A‘ al $21. » 

Paris 

The trend continued firm with 
the announcement of a lower 
Retail Index for August 
encouraging business. 

Apart from weaker Metals and 
Oils, most other sectors moved 
higher led by Constructions and 
Stores. Some Banks were mixed. 

In Foods. Pcrnod-Ricard gained 
Fr 19.8 lo 2D7.S. 

Among .Rubbers, Mlchelia moved 
up Fr 91 to 1.455. 

In Hotels. Club Mediterrauee 
strengthened Fr 33 lo 509, while 


Jacques Bore! declined Fr 5.9 

to 177. 

.Moulin?*, up Fr 7.5 lo 137. 5. 
led Electricals higher, as did 
Roussei-Cclaf in Chemicals. 

. US.. German, Dutch and foreign 
mining shares weakened under 
the overnight influence or Wall 
Street, while Canadians. Oils and 
Golds weakened. 


State Loans weakened further 
with losses up to FI 1.50 in United 
trading. 


Tokyo 


NEW YORK 


Mtbott L*b» ... . 

A4rire"n?sre|ib . 
Veto* Uih x i.«j 
A ir pr..lu< L- 
4 Iran Mmniniurii 
.. .. 

tllru. Lii.IIiiiii. 
Mleghcav Piiui.t 
AM le-l » henural. 
Mile*! Mt'IW . . 
Mil- ' lialmt-r-. 
\M \\ . 

AHt--... 

Amcr. AiiIiik-- . | 
Am*r. Bnuws.. i 

\ni^r.Lfr«iti-a-l..[ 

Amer. Van.. 

Anier. > >*n«i»iu[ 
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\m«r. F.ie*-».IV« i 
Amu. bxpte** | 
A mcr.B'ime Pr«*i; 
Amer. Mf Inal . 

Amer. \|.•»<••, •. 

Amt*. Nai. r,n.„ 
\mer. Manitarri 
Amu. "* 11111 - 
Amv:. I pi. a fei. 

AraeieV. 

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AMI* 

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Anhen-er 

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\.i.A . . 

AMni'-rn * »ii .. . 

Asarr*' .. 
ArtllBDrt »III . 

All. liivhlieM.. 
Auto Dais P-T.. . 

AVI. 

Aten. 

Avon Pnoiii,.;*. . 
Ball. !■«.-. hip-l.. 
Rank tinnlm. 
Fftukerr Tr. .VI 
Mil . 

Baxter 1 ravei n.*i. 
Beat rive F(a*<t.. 
Be-Hi in D iT-xeusou 
Pei 1 A n./well.. * 
Kwiilit ... 
h'pnguel * If 
Methiehem iwi. 
k'Jlrk .V Llfvlii".. 
B--*inii • 

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K P-.i A Uni I!. , 

'll*'-.. 

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Uur!-" 111 : ft . 

La mp 1 •eD.> m 1 •• . 
Cnoi*ii*ii I'm-ift.-. 
Canal Rau-luipU.. 
i.arnatii-n. 
i.arrier.vlieiienii 
»»frte» Htn v/i 
i.au-n>iilni Iran* 

'. . 

ip.aiie.-ci.ii> mi 
tvmniU Mi.. : 

i.ertAiuici‘1... . 
'.e-*ii* An- mil 
i.Iuit': Almtlial imii 
I heiiM'.ni Ilk.A1 

* hc-et'Ulli lA'O'l. 

• !ie»-iv->v -tern... 

I. hi ■a IV' Hrlilye.. 

I III v-ler. 

I'liv.M'lii ..' 
t iii.-'ifi. . j 
1 . itiCs >i> Mr.. 

» III Iii>i--iiii= . 

*_ lev eiii in 1 *. HIT- ..1 

i.-icalM<i' ... | 

t.Tvigaie Palin .. ■ 
i.oinn- Aikmjn..| 

’ lolliPlt , l* In*. 

I.oiumhia I'i.-i ... 
Coni.lii-t".«iiAii' 

1 . nicljnil Ion him. 

Cjml-u-lftni ln|.. 
t 'ill Will til I-1.11. 

I onim. ^alenni . 

1 JiinjimerSt-ieni-. 
limii Lneln- .... 

Lurft. 

L'..n liii-«i .. 

«. rm-II. l'i»»l' 

I ■ in-in Nat v ih- . • 
l_.iO-uini.-r I Mr. el 
i. on Urn-nl a 1 Ini-, 
i.-muiiciiiai Hi... 
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1 -.1111111 Iktla . .. 

I .>>fier I mni- .1 


'• V>. 

fttei. 

2P 

ii 

34i f 

~s$~~ 

2603 

26 m 

41 

41', 

281; 

26i; 

32b- 

32 

45*i 

. 443) 

183* 

IB* 

17.4 

IB 

351.’, 

351; 

26L 

26* 

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49 

49'« 

32 

31* 

16>t 

16 '4 

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50 * 

5534 

551; 

36'.. 

38* 

29 H 

291, 

50' 1 

30)4 

22-4 

23 

34 >4 

55 

29-4 

29 jj 

291;. 

28* 

vll 

b',-. 

451 - 

451- 

471; 

47* 

341; 

35'i 

blv* 

bl * 

59 1 ; 

33* 

20 

205- 

34-s 

34.4 

lb3c; 

161. 

301; 

30i 

iSK 

25 U 

2U1* 

20 '1 

26*t • 

29 

183a 

181; 

15U 

lb'i 

451. 

45* 

53! 1 

32 * 

31« 

*1 

14.': 

14 S| 

29' k 

28* 

54 33 

54i 4 

2635 

2b>n 


26!-. 

36's 

3b 

26 

265* 

4 21; 

4354 

261 : 

26'j 

37 31 


20S| 

20 L 

39 

59!i 

4!^ 

•»i 3 

25 is 

231- 

19: a 

19 

63 

ba 

ol-9 

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29 

28*4 

32 

51 ij 

16 1 ? 

16 

13:,- 

13 ix 

34*3 

341; 

17 

171- 

5i», 

32 

lbie 

lbi;. 

18 

175/ 

8.4 

9 

43 

43-» 

77 i- 

76 

3b'a 

55.; 


' iiminif Ltiaia.. . 
i.T't lilTm'tlrmai 49>« 
jv-'w 32 

t itvkt-n Nat Vt8U 
I i .n>mi/c!len ai_h 44 
I I'moiniii- fc'nfijnp JSJj 
1 < urli-x AVt tjjhl.. 18>i 

I Liana . 3012 

Hail In,In-Tie- .. 431* 

lAvi f .. . s4J* 
| IVI Mi-nl>- . . . 43a* 

1 l>en"iia. .. . 1H 

I Ueul-iih liner . 17■ J 

' Dv-tiu:i Kaliviii. .. 16 

1 liianiiiiiii -lianirk i4.; 
I liicraplft.-De .... l”ij 
; DigniilKiiuii- 49 

; (Jiyiiev iM'aiii.. 42 


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46 >4 

46>4 

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m4I, 

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127'. 

126 )q 

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V'1'1 

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13 >r. 

15 

; Ka-lmaii K-ftlak'.' 

eOL 

59. a 

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59. e 

| h. fi..S . 

503s 

• 30 U 

I.i Ka-.. ,\al. Ua- 

17i, 

171 2 

1 bilm . 

53 

o3L( 

I Kmeiv.-nbrc-iriv 

54 

54 

LiIii'it AirFr' iuI'I 

231* 

253,. 

1 Kn;h.irl. 

40 

40 


5 

2-r 

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23Jj 

241* 

K.-mark. 

26>; 

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| h-.-.i-n. 

51il 

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oSll 

o5»* 

le.1. I*i-|4. ftt,'ie5 

545, 

34-1 

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l3«4 

13b. 

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3Uil 

3U* 4 

Kieii V mi. 

2 I 3ft 

21*4 

1.nil km'-. 

5459 

54 

Hvrtoa Pmrer. 


3 1 1 

Flllur. 

38>i 

38*4 


f.m:«. 

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• "iruiM- . .. 

-Tan , ian .1 Kiaid. 

•t-i .LftH'a i ihrf-u la 
'tn. <>U In-liana. 

■ftf.l. •»!■ Ohm. 

-unlit Ctienuud.. 

. Meriiui; Drug.... 

J -turfei«lu-r . . .. 

t sun Co. 

I -Junslranil. 

!?Milev. 

1 lei IIIIM40I.. . 
lektn^nx. 

-. ipie-lviie. 

iv-ex . 

I miwi . 

le-i.rufeln:i.Fi:ii 

iTMni . 

\ IcvaaguM . ._ . . 

, leva- Km-rem. 

j leuir tail III . . 

I FU11 in 4 •»■».. 

lew I.linne».. 

. nmt?* In-. . 

linn- Slimii.. . 
lunhen . 

Iiaue . 

II a up 11 ie>'ca. . .. 

Iran*.". 

1 Tim• t niuii.. 

Iran nil llilr'n. 
Iran- SS'.n -i An 

Ireie-er?. 

j 111 i.nncmenln .. 

1 ImnnOl. A Ihh 

I I KM . 

1 £.111 Li-niiirv Ki » 

• I..A.I. 

•I AKL• > . 

>bl . 

j I IIUPIKI 

| I iii.eirt NN . 
j I nl--n Bano'iv-- 
! I. ni.-n Lan-'ile... 

j I. linn Li iniin-n.-H 

. I. limn 1 'n La- 1 '.. 

j 1 . IIH HI IWllli-.. . 

! 1 uiroia . 

. I nilFil Hianrt-.. 

! I ft Hani_- rf.. 

j 1 . •• t-v f-iiiu . 

I | - -lima. 

| I "■ -Ihh . 

• I - 'leirtinrinsie*. 

. I S Imlu-uiH.. 

1 V iigima t h-t. 

■ 'Vaigieen.. . . 

[ M arnrr-Ci innin . 

" anrji- Utii 1 eo 
' " h-I t-• Man r.i.-iu 
, ill' — larf’-. • 

' "eelvn Hnil.i r| 
j i\ i-i.-rii \me: 
i tt 1 — I■ 111 I nmil . 

I' i-lm^li — k.e 

. 

. •* eiernaeii-e' . . 

" lll| .ftai . 

" nil— l_.nl. til l.. 

w i. 1 ih in 1 ..... , 

« 1 —hi a m k-H-t. 




;< 

11 

221 ; 

21 ij 


5. n 

5 ■ 

54 

16 

16 

Icj,; 

161. 

-94 - 

■ft a. a 

J • 

•f I 

7.82 

7.89' 

T 8 

18 

7!: 

7 

. B l; 

-7i« 

t4 1 ; 

,41* 

-8 

-7)4 


e •* 

iOj; 

20 V; 

4.0 

4.10 

bin 


■iSi • 

J4 

ib 1 

Itl* 

it ■) 

■ Civ 


Switzerland 

Movements were irregular tn 
moderately active dealings, after 
improving initially on the re¬ 
covery of the dollar ami ihe mark. 

Leading Banks and Financials 
were steady 

.Among mixed Insurances, 
Zurich Bearer met some demaiyi. 

In Industrials. Brow'D Boveri, 
Fisdicr, Sutxer Participation Cer¬ 
tificates and Jelmoli each declined. 
Saurer Bearer and Alnsuissc were 
each slightly higher. 

Domestic Bonds were slightly 
firmer m moderate ueiivny. while 
Foreign Bonds were steady. 

In n quiet foreign sector. 
Dollar stocks moved above over¬ 
night New York closing levels. 
Dutch Internationals were nar¬ 
rowly mixed, while Germans well 
maintained. 

Amsterdam 

Prices were mostly weaker fol¬ 
low tog continuing uncertainty on 
the currency market and a weaker 
overnight Wall Street. 

Unilever firmed Fll.ilfi to 126.4, 
while other Dutch Internationals 
were liule changed. ■ 

Elsewhere. HY.-X and IHC were 
among isolated higher issues. 


W'mftiftilh. 

SS M, . 

X *rrr.. 

| &u<aia. 

. /.FillIII Kailm 
• l.-.lni>.<iM 
| L - f i-pn>2,’r-.--- 
I -ft. -*)-larl-llla.. 


I CANADA 

[ v 111 ■ r»i i.t. . ' r 8 18 

S^iiwi. Lmi-.i-.... 7l: 7 

V'rfluA niiTiiuimTT .Bis .7 

tl0lUn .. <4<; <4 

WHi* -8 -7 

Hank m M.-Mif* A.j r .' 

ilnlk Nhih-< n.Iia ’e 0j; 20 

Kb-i • UcniiifVH*.. 4.0 4.1 

Bpi| Ici?tiii-iw> .. oiii ci 

H. i« U>h liM._ hS:- J4 

HH l -aiuiila.It s lb 

Bm-aii . lt>' iC 

j ilrliftn. 7.a0 «7.S 

■ -.a isnr» K.ni-i OS 

i.'-mlV'Ti Sliiir-... 16': ic 

I > ill*- 1 » Lr-nifiil.. li . ll 

•_ «iih.U \U Lin., li >; it: 

'.Tn. I in I hai.'-in 28 s 29 

>. diM.lii In-in J. ifl a 

>. in. I'as.-il".- 2 i:s 2 a 

• an. KjHIh- Im 4 .*9 

- an. -in hi Hi i 4 r 3 

; Liinna"'KHPif -.4.i ■* 4 

•.tuiar \hi p-lr- 10 9 

i ii i..|Ihi|i_.7 a7 

... . l2<: i 2 

I. «h|.. KkMhii-i... £ 6 i. i5 

1.. .11-uiiii_.i i,a-.. le:. lo 

!.-•-» ka Hp-outi*. 6 6 

... 1 -j 1 . 

Hhiiii Ih-tfi. I?'.- 12 

iVui-t.i» St-up*.. 175 75 

Imnit- Mii,h.. . .. lull- 101 

1 1 .. >,■«> I'plr-. run S3;; 94 

lki||>ii|i.Ht Bn.l u . lefe ; 2 t> 

Ifiimiai. 2 J -I 21 

L'l l^d/lll. ISi, 15 

Ka.wm epNk'kft 3L>i 301 

F.ir-i SI.im? i.mi. ;i”: k 78 

■ iciitlai. c3 35 

UiiuisTei'ftk-niip. i Sl« 15 

; iu .in' ana ia. a3 33 

H*« k<r-i i.i on. i- 8 : 

.... J 2 t41I 

H-mrOi.-A'.. 41 40. 

Hul-.II Ba' Sin; 2 -i 21 

Hu.l-.Hitk'... 23'^ 22: 

Hh-Nhi (»r A Ira- - 2 V 42 

A.'. is n 19 

, iniHH-.. able 3b 

! 1 hiitiib IM. «3at, 231 

In-,. lSis 191 

In ia . l 6 ' J 6 

(itian-i Xai.iisf. 1 ■ '* 111 

till (•.» I'll'P I. !'► i7: ; 171 

I ftai-n Krtouftt- 151* 14i 

' Lam■ Km.L»irv.. i* el 

■ Idrf.iavr i inn. -e h 65 4.4 

J Mnu-i ii I i-ip .1 .. .L41^ 24' 

Mbt-o' I ciau '-1 I3i d lJi 

SI.-Ini % v,.. *7 1 7 

SI.HJIF 1 117111 • 3»J 

vl.Hini-Tiftiairt: 3.00 2.9 

j Slii'in K'likini'ii 1.85 1.3 

. .- .■ n. ibs* . 341 

f Viirnrii Kii-r-j'. 17 I j7 

'ini,. Ifrimii 9 ! *9 

I Viitna .-1 ni x «•., 30 301 

I I Ink a...I |V»r n - UQ - 9 

. r* in- 1 r.,.(*i \| 1 98 1.7 

I I'acilh I'einiFi.ift B 7 

I Han.' an. IVi'n:. . 4 . 0 46 

I Hal iii> •:'* is- 

• IV..|i | n Mi-W. '.. I?. 9: 

1 I'jn-p l*>n. A . 190 1.9 

I* ai-tt !*iftpn..| 1 «: i« ca 

■ l'. «.i-iL^H|dnil >■ 18:-i 19 

. >19 is 30 

i/ui-t-- Mill-i- 1 : £ 14 ic J 

; liiHjrei III. . 19:j 19 

I Ht-i-l .. 12 12 

. Km 'i*;< 'I' . .. i 8 '- -8 

1 l.'.'ka. Hk.-il I. ,.i. ttjj . s; 

I l.'nva Ini-i . . 19 1 * 19 

j -tHii. U'—iii. - . , 1 * » 

; >»aiaiii-. .. 32 31 

j -ii-rl • m» » 1 5 »5 

•itri 1 ni (■. M . 11 — • .-* 1 : 

! .It->«rn- «».'■. ;7 ac: 

j ■ III.) -.11 . . b'k 6 . 

1 -l-i .1 Laiii 1 . / 6 ij rfr 

' u--|. lii-'k |-. 11 . 3.90 3.7 

I e .ai.'.l aiiM-ii . ..b -8 

1.H.XH. U-m.l'* ^Oii -UI 

IIHII-I All I'|| - 1 ■- l?i; 18 

I ri, 11 - 'I.HIMI ■ 9 8 ' 

I i/e-. cl.I- «1 I 

, I 111 .-II 1,4- 111 ) iZ 

I I I -Id-4 M ll— fclj 

C-FI Hum... 37 

" 1-1 ' -i-i trail. 1 i 3 lie 

15>? . ly: 

T BICL - * I'M. t rrafled: 
<*nrk 


EUROPEAN OPTIONS EXCHANGE 


i.iii. 

S . 1 . La 


■Inn. 

S ■•!. 1^-1 


Nl". 

Vul. Lk-i 


AB.N 

F.360 

3 

15.50 


__ 



t',370 

.\HS 

1.370 

2 

5 

3 

17 

3 

21 


AKZ 

K.5Z.60 



8 

2.70 

65 

3.70 

F.3L40 

A.K7. 

K.35 



2 

' 1.40 

— 

I 


.Mill 

F.70 

5 

9 



— 

1 

P.77! BO 

A MB 

P75 


-■ 

5 

6.10 

- 

1 . 


KK 

%4S 



1 

151* 



*60 

KK 

*50 

10 

9)4 

1 

ur< 

- 



KK 

S60 

13 

2 

4 

4'n 

— 

— 


KK 

470 

— 


17 

I!; 

— 



Hi* 

1'.52.50 

20 

b 


• — 

— 


P.38 

n*s 

F.37.50 



3 

4.80 

— 



HI) 

P.40 


- 

S 

3.20 

22 

4 


IBM 

S240 



2 

38:» 

- 


>275'- 

I ISM 

.*260 

4 

161; 



— 

- 


IUSI 

S3B0 

6 

4'; 

17 

12-.. 




IBM 

*300 

3 

4." 

21 

6> 

12 

111! 


Kl.M 

1.133.30 

7 

30.50 

5 

35 

- 


F. 161.20 

K1AI 

P. 142.90 

- 


5 

S3 




Kl.M 

J'. 152.40 

1 

12 

11 

17.50 

- 



KLM 

h. 161.90 

6 

5.50 

4 

12.50 




KI.S1 

1.170 

_ 


6 

9.SO 

5 . 

15.20 


Kl.M 

P.171.40 

50 

1.80 

8 

9.20 



i .. 

KIAl 

P.181 

. - 


21 

5.50 

- 


' 

Kl.M 

P. 190.30 



19 

3 



.. 

Kl.M 

P.209.50 

_ 


22 

1.60 

— 



\\ 

F100 

_ 

— 



9 

16.50 

p.ii's 

v\ 

P. 108.90 

_ 


2 

9 




\\. 

F. 110 



.. 


1 

9.60 


.\.S 

K. 118.90. 


- ’ 

40 

3.80 

— 

— 


\ N 

FI 2 a, 

_ 

_ 


_ 

5 

6 


1’HI 

P.25 



5 

4 

1 .1 

[ 5.10 

F.27!30 

PHI 

P.27.50 

10 

0.60 

4 

1.90 

68 

3.20 


PHI 

F-50 



22 

1.10 

81 

2 


PRD 

«4S 

1 

3*;. 





147 ’ 

PHD 

550 

— 



- 

5 

51; 


PKP 

S60 

_ 

1 

2 

IS? 

— 



KD 

F.130 



2 

7.20 

— 

— 

P. 133 

ED 

F. 140 

_ 

' 16 | 

2! 

2.50 

17 

4.10 


INI 

F.UO 

5 



- 

• - * 

- 

F.1Z6.40 

1 M 

F.120 

3 

6.10 






1 I 

P.J30 

-• 

i 

5 

2.10 


— 




Ni 

1 . 1 . 

F+I.. 

Slav 



560 

- 

- 

4 

9 

- 

- 

463!s 

T'llAI. VfiLI. MK 

l.V ' 

ifisrps'.i* 


736 




BASE LENDING RATES 


-A.B.N. Bank . 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank. 

A P Bank Ltd . 

Hcury Ansbacher . 

Banco dc Bilbao . 

Bank of Credit & Lhnce. : 

Bank of Cyprus . 

Bank of N'.S -W . 1 

Banque Beige Ltd. ... 1 

Bandue du Rhone . ] 

Barclays Bank . 1 

Barnett Chriotie Ltd.. . ] 
Breinar Holdings Ltd. ] 
Brit. Bank of Mid. East 1 

I Brown Shipley . ] 

Canada Penn't Trust... 1 
Capitol C & C Fin. Ltd. 1 

Cay/er Ltd. ] 

Cedar Holdings. j 

I Charterhouse ..fauhet... ; 

Chaularions . I 

C. H Coates . 1 

Consolidated Credits... 1 

Co-operative Bank . -1 

Corinthian Securities 1 

Credit Lyonnais . 1 

The Cyprus Popular Bk. 1 

Duncan Lawrie.3 

Eatjil Trust .- - • . 3 

English Transcom. .. ! 
First .Vac Fin. Corp.... 1 
First NaL Secs. Ltd . 1 

l Antony Gibbs . 1 

Greyhound Guaranty .. ] 

('■rindlays Bank . 71 

I Guinness Mahon . . . 1 


■ Ha ni bros Bank . 10 

* Hill Samuel . §10 

r. Hoarc i Co.tlO ^ 

•lulian S. Hodge . 11 of, 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyset Ullmann . 10 % 

KnosvsK-y & Cu. Ltd. ... 12 

Lloyds Bank . 10 °Ti 

London .Mercantile ... 10 % 
Edward Man-nn & Co. ILibJ 
.Midland Bank . 10"*^, 

■ Samuel .Momagu . 10 °a 

■ Morgan Grenfell . 10 °o 

National Wcsuninster 10 °i» 
Norwich General Trust 10 

P. S. Refsun & Co. ... 10 °T, 

Rossnunsler . 10 % 

Royal Bk. Canada Trust 10 0 o 
Schlesinycr Limited. . 10 

E. S. Schwah . 114% 

Secunly Trust Co. Ltd. 11 % 

Snen ley Trust. 11 % 

Standard Chartered ... 10 ^ 
Trade Dow Bank .... 10 *5. 
Trustee Savinas Bank 10 
Twentieth Century Bk. 11 
United Bunk of Kuwait 10 % 
Whlleaway Laidlaw ... lOl 1 ^ 
Williams & GlynS ... 10 
Yorkshire Bank .. 10 °Ji 

■ lUmb-rs Ml ih-.- '..ceptin- Houses 
Conin>li;->.. 

*■ JiImV ilioosHs ~ ■ 1-monrh deposits 

- I-ilay di-pmus on .-umi nl £10 ono 
-<nd widi-r -I uo io LH wu r» -. 
-nil uvtr Ui.'-fti r* 

•'□II d-'pnstts oi-.i iMk-ti I .. 

S [lemaM and *S't-- i lt* 


Share prices closed higher in 
fairly active ■ trading that pushed 
the market average up 15.94 to 
5.754.21 — a new record lor the 
third consecutive day. Volume 
410m (430m) shares. 

Stocks with anticipated good 
earning-prospects led the market, 
more than offsetting increased 
profli-akiofi, with investors 
anticipating a further rise. 

Nippon Mining rose YiT to 154 
following the discovery of oil and 
natural gas deposits in North¬ 
western Japan. 

Public works. Foods. Textiles, 
Chemicals, "small-sized" Steels. 
Machines. Retail Stores and Prim¬ 
ings were all better in good 
volume. 

Such issues as Electric Wire 
Makers were bought reacting 
favourably to the news that 
Japan's Telephone and Telegraph 
Corporation succeeded in its tests 
of glass fibre cable for transmis¬ 
sion. This new method will be in 
use in the forthcoming few years, 
a Corporation-spokesman said. 

Toyoda Machinery Works rose 
Y99 lo 1.130. Nippon Hodo Y80 to 
1,338, Bouse Food Industrial YSS 
to 1.228, Toyama Chemical Y63 
to 810, Toyoda Tsusho Kaistaa Y55 
to 470, Nippon KoeJ Y52 lo 1.020. 
Dainippon Screes .MFC Y45 lo 
1,030. K. Hgtton Y4U to 1,390. 
Seino Transportation' Y40 to 1.340 
and Shikoku Electric Power Y40 
to 1,050. 

But some Blue Chips and 
Popular issues .fell slightly on 
profit-taking. Toyota Motor shed 
Y10 to 875, Sony Y20 to 1520. and 
Helwa Real Estate Y12 to 645. 

Germany 

Prices were little changed to 
firmer with increased demand in 
some sectors. 

Hoechst AG gamed DM 1.30 lo 
140.4—-it sees its current situation 
and immediate future with a 
" glimmer of optimism” and 
announced 1978 consolidated 
domestic group turnover from 
January to August up 4.4 per cent 
at DM 8.70bn. 

Elsewhere. BASF rose DM 1.40 
lo 141.5. 

Stores also firmed, with Kaurhof 
up DM 1 .DO at 245. 

NOI&5. ilw-ftierf* unm «ftown Mkn* 

‘ ufiimnm toiffotr fmrtaivft. 
*ft*i viihhftirtine (ax 
4 DM V> fii-Miiq nrto^runa* vi't-ft 

. ipki* -,r n»r li'\-Mt*nit>. »la* ax 

J Pia .Via -saiiom iinl»s* rvfv»r,<i»» »jrwt 

a I'Kl ll«- -linmn ■■nl*4- irn»r<»iH aljlM) 

I swhi im - 1 ,-iHim and Raar*r aSarftX 
,n|KO» anal-tv)** 0(1 Oft VNU t ano»Vi 

•iili". OaTMt g Pnm *i ~m» 

if «iisoaixinn - Fiorina ■» 4«4t»tlinet. 
i'mr* 1 niTirtarwi anpj emmims nahra 


Banks, Electricals and Motors 
were little changed. 

Domestic Bond Market was 
nuieL Public Authority issues 
showed losses of up to 20 pfennigs 
and gains of up to 10 pfennigs. 
The Regulating Authorities sold 
a nominal DM 3-3in worth of 
stock. 

Mark Foreign Loans continued 

firmer. 

Australia 

Oils continued to- dominate 
market activity. 

tt'oorfsfde rose 8 cents to 88 
cents, after 90 cents, on rumours 
it found indications of -hydro¬ 
carbons In ita Brigadier ‘ No. a 
well. . 

Santos further advanced '10 
cents to A82.25 and Crusader also 
10 cents to ASI.0S on the strength 
of the Cooper Basin find. 

Other Oils to make gains 
included Weeks Petroleum, Am pot 
Exploration, Reef. Magdas, A.P.G. 
and Beach. 

Hong Kong 

Market closed firmer after share 
prices fluctuated widely . .in 
moderate two-way trading. 

However. turnover was 
relatively low with some operators 
holding back ahead of a possible 
local interest rate change after' 
the Exchange Banka Association, 
meeting. 

Hong. Kong Bank rose 20 cents 
to HKS20, Hutchison Whampoa 
15 cents to HKS6.65 and Jardhte 
Matheson 40 cents to HKSISJHL- 

Ocy and Urban Properties 
resumed trading at HKJ1.59, com¬ 
pared with its HKS1.66. pre¬ 
suspension price. . ' . 

Hong Kong Land were steady 
at HK312.30 ahead of its interim 
results. 

Hong Kong Electric rose 15 
cents to HKS7.05 on Tts profit 
figures, while Hongkong IVharf 
added HKS1 a! HKS35. 

Elsewhere. Tai Cheung Proper¬ 
ties were up 5 cents at HKKL40 
and Wlnsor 2 J cents to HK83B75. 

Johannesburg 

Gold shares were higher on 
balance but off the day’s best 
levels in small volume. Follow¬ 
ing the election of P. W. Botha- 
as Prime Minister (previously 
Defence Minister). 

On balance gains ranged to 100 
cents. Mining. Financials follow¬ 
ing the trend In Golds. 


rfno.ui vriii issue *• t*i» ,utne. - 
v Cross flir V »i Assimen airsona uftcr 
ftcriu'arui-oj num> tairt * uter locx 
'•xes rrt las Tee »-rancr indntflnv 
Umlar <11 v. v Norn, a Sham «olit^ a-Oia 
amt vieln uxclurtr toomi ioyiwu.. 
cc'mI /li* I'nitfRof rraitinu - Mmonra 
hoirtfrs only i Umar p-raiins ~ K^imI 
i Rut I l'raitpft Seller, r Mtmtrrt 
w Ri n slit a utR* 'tirtn-nd * vcfEx 

Sfflo M F.r all • lOTaMw o)rt» 

lnn>a*«t 



jputraus’^ik.KS^Q 1 
Betitiaio -’ll 1 98.81- 
.Uenmaxk ^^85.07 
France > t t j* 8L7 
'tem&nytfi B*5.s. 
HioUand 87-i 

'dong Rons 6*5^7 

mV, 

4Laly 'lt» Tang 
iapao ibi 432.63 
ineaDora^t 36 


065-74 568J9 : 441;t» 

• ■ i22ift i- 
98.46 ■ I01JL6 1 8043 

- .06) ’ @SJ3> 

96h5 ; 9B.9o 94.03 

- 'cU«i..'(6y». 
TftS ..FL7 i tl£ 

.' I3i2t- 

846.9 846.9 . 709.4 

' CZIftt j (17/5)7 
fe8J •• 93.1 ; 76.0 
: iUibi . H/«) 
637777; 707.70 383.44 
(<W> i fli.ll 
77.06 ' 82-62; 

. ■ (2f»9> . (10il) 
431.76 432.63 364^04 
1 ’ <4/pJt 

362h2 4HhO 8B&0 
' lB8l . (9il) . 


indices and base, dates tall uae values 
IM except NYSB AH Conanon - 30 
Standards and Poors —to and Toronto 
SS6—L900-. the. last named based ob am. 
t Excluding ■ bonds. " $460 . UidostnaUL 
1 400 industrials. 48 UHimes- 40 Finance 
and 20 Tranapon. * Sydney All Ortfloary. 
tj Belsian .SB n/l&*6E “‘.Cflpealiasm A 
1>1'73. t» Parts. Bonne')M1. tTCbamwre- 


ur^98JO 9BJ0I lllbiii 67.=* 

7 - ; i9jOi 1 in 

SwMtan «t’ 3EPXH 1 38B.G8; as=.-» 

• , t*.d| . ii 1- 

Bwitaerl'dc 268.1 , 2ESD { 38±.'l I 261.6 
__]_• ._■ ;■ ', !• ~ fli 

M* Deo, .£933. Jt}-Amsterdam industna! 
»PI- « Rand Seas Bank Kfl Banca 

Cmtmwrdate Mcftasa' = 1ST!. - a Tov>» 
New. SB . wss. b.Strata'Ttnra 
e CSaaed. it Madrid SE 3MWTt eSvo*- 

uum . ihdcsBUi tnm. TSwtsu gm* 

Cpnwtdoa. k UnmdMfc.^ 

THURSDAY'S ACTIVE STOCKS 

■ - . ■ Chamc 

-. ;; ,' s . • St«9m Odsitts 02 

' .traded price da, 

Carrier - 572Joo • s» -H 

KatoadL lnm «lMd- H -^i 

Sowbern .......- Sss.ioo . I3i . 

Hobday tnca ......... 39L500 - K ! 

Dr- Penwr . 288AW 1SJ +1, 

Caesar's World .231.700 .Id -r5J 

. .. Ko.bsb +-1 

Gen.- TeL Elec. 218J0B 30i . -| 

Pm Am. Air --. « j.| 

Polanild.- .— 19840ft 471 ■" - k 


GERMANY ♦ 


Priue +or Div.iTId. 
Dm. — % .% 


TOKYO 1 


" J * Prices + or I 
’ Yen • - ! % 


Ahb. 

.viuaii/ VerdiJ j.. 

KM IV. 

H.VSK. 

8"Jct.. 

Hkyrr-Hyp*. .. 
Uayei-- Vetviiubk. 
UiiaintAel.w rti 

tomiiierriui... . 
(.•iDkii.iunimi 
Lit inner-Ben/-. . 

lleiPi'n*. 

Df-iuaji. 

LHmlft--bc bank. . 
Lirvwlnei-Kaiik.. . 
L>ii-kerli»ff/elili. 

1 ■'ilvliufrniiua.. .. 

IJi'.sd . .. 
Hanruvr ..,— ... 

. 

H'li-w-h . 

ll-rieii . . ..... 

Kali mill ftal/. 

Karaiaall. 

Kaurlurf . ... 

M..:knw DSlIlU. 

KHU . 

Kru|i|. 

lJii.lv. 

L.nfiil-run 100. . 1, 

bullliaiw. 

M V.\. 

Mail no- nirfim ... 

'I trial lye-. . 
'•Iiiui-bcnei ttuirk.. 

> ivki'nnaiiR. . 
t"rvi>>*i: DM lul 
IIJwui srv-i. 

ft.-lnmiit;. 

•*ieiiieii- . 

-»i»-l /ui-ktrl. 

I liv*--en A.li _.. 

Varla. 

VhBA. 

'Vr,‘ii|.A We*1 Bk 
V.ilk-nocPIl. ... 


87.3 -0.3 
529 t 1.0 
829.0. 

141.5 «-1.4 

143.5 +0* 
894.D-2.0 
540.0 -0.9 

155 . 

850.0—0.2 

75.5 1.8 
557 +1 
262.4-1.4 

174.0. 

506.0. . 

249.5 -0.3 
181 

226.0 +1.8 

116.5 -1.5 
167.8 -1-2 

140.4 T 1-3 
49.2-0.2 

178.o +0.5 
154 t0.5 

330.0 1 -1.2 
245 +1.9 

93.0. 

184 . 

116.5 — 1.- 
266 -2 
.600 

102.1—1.4 

217.5 r 1.5 
1 «8.9 -0.1 

254.5 t 1.5 
6SU —2 
177.7 -U.7 
155. li -0.5 
187.0 +0.3 
276 -l 

299.6 -0.7 
2o7 --1.0 
118-6 -0.2 

191.0. 

153.3 +0.1 
29a 

840.5 -0.8 


51.2 2.9 
28.12 6.1 
18.70 6.7 
18.76 6.6 
28.12 -4.81 
18 1 2.7! 


28.12 4.2 
17 ■ 3.2 
H 3.1 
28.12. 4.6 
28.12; 5.6 
9.36 2.6 
12 8.7 

14.04 5.4 
10.0 
18.76 6.7 

9.36 2.6 
14414 4.6 
23.44 5.6 
18.72 3.8 


25 4.4 

25 7^ 
9.36 4.6 
12 2.7 
18.18 4.8 
10 2.01 
IB 1.4 


25 6.7 
28.12 6.1 
25 4.2 
26.84 5.0 
17.18 7.3 
17.16 4.5 
9.37 3.5 
18 3.1 
25 5.2 


SxiiiOiiw .i 3a2 +2 - 

Canon.. 466 +2 

Laaio. 863 -II 

Lbinon..«.. 396 ^—4 

<*ii Aipuoo Princ 08 B T » 

Furl Photo. 582 +1 

ttlUUu.. 1 225 +1 .• 

Honda Vlotijra 512 +1 

ttou-rfrPor-i . U 2 ‘ +80 

Ilwh. 248 —2 

iln-Yokario....L91 ..: 

. 815 1 +15 

I..V.1_ _ 2J35U ■. 

Kanrai K'e-l.Pu-: 1.19160.. 

h'lfmusii... 1 a48 —2 

Kuia4a. 2a 5 . 

K vutu-LVraniic... 3.580 '—90 
Mauiuh-ta In 1 ... <58 -*-15 

Mnuiijiabl Hank. U7:W.—5- 
M iliu'ji-hi Unn, 118nf—2 

Mittiiimhi t-'nrp..; 437ad +5 

Mh,ui A . 300a) +5' 

.. 575 —5' 

fifpe Dmim..:.., I.6l0 -30 
■'‘Pj-m abinian.. 8054—5 
-'••-an Mot<>ra.., 7 15sr......... 

Phrfieei-.L768SI —20 

K'ftirx-.... ai3 
f 4hui Pratal'.: 945 

N.i^i.«.,-.1^80 —20 

..La2J —20 

Uubi, Marine..... c29 —X 


•14'2.1 
l 12 r 1-3 
26 1-4 
20 ZA 
18 l Xj5 
15 1-a 

12 T * 2.7 
LB 1.8 

• 85 ; L4 
,12-2.4 
30 0-8 

13 : ae 

IO 4 !2 
18 : 2.6 
tb ' 2.6 
55 - 0.o 


U 5.1 

13 i 1-3 

14 2.3 
20. L7 

ID u.9 

12 I 0.7 


12 • 84» 
30 ■ LO 
tO u.8 
4u 


-tO.76 :-ft4» 


Bept. 22 "' 


+ 0 r.touifn^' 


AMSTERDAM 


Si.I !• . ... 

S-/" .7 . .. 

s /iTiiUnkif .liF. 
SSIKS .K.. IA. . . 
SmiMiaiiik 1 F 1 . ft. 1 

i«i .vnkuiT. 

Ik+aSSeil iihI.M. 

... 

h'-oftler S .1 
kiiiriM .\,l. Heaiei 

-.I|H, '»|ii I -li l ..L 

Kftau'ie" f 

Hi- m-kt-ii 1 F 1 . .•** 

.IniU'ini. 'I -,il' 
II 11 III> 1 i>. Y .,1 

a.r_.M. *r.. i.U', 

I III. SIII.im* > | All. 
Xaiftirir <K‘. IJ|„ 
Sil„S«<ilii* Ki..,. 
«etli r«-l KuKi.t: 


Pru-e + ur 
t i». • — 

118.7-0.6 
61.4-0.1 
370 —4 
88.3-1.7 
'J7.8-1.2 
98.0 -0.8 
127.5-1.0 

73.3 -0.7 

296 —6 
140 m. 

71.5 . . 

59.3 —0.8 
103.0-1.7 

58.0 .... 

26.2 -0.3 
161.2-0.5. 
- 1.2 
. .—0.5 

11 1-0.6. 


Div. Till, 
ii % 


A Mb’ 7.7 
5U 5.7 
A2C5 5.8 
26 5.3 
B 14 5.4 
26,7.1 
275 L8 
37.6 5.4 
94.5 4.8 

20 5.1 

14 5.5 

12 5.1 
a 

19 8.2 
12.5. 4 3 
48 4.2 

21 7.4 


Like-w Lliemiim 
1DK. 

■V. >11. 

■<4.SW IknjA... 

.< 465)8+16 
2.33 j -20 
' 17*1—5- 

' ftJM -I 

15 1.8 

3D 0.1 
'• 111 4.3 
11 ' 1.1 

Uamewiev... 

ffi*jkei..—. 

ilI .KurtranlL—. 

)uier-Copper^-_.-- 

lift v-i 'ini><. 

“aa.s. 

■ •••ti'iai i.nri-. 

‘ 332 +15 
Id—3 
: 130BT + 1' 

1* 1 1.8 
lJ 5.5 
IO-' 5.8 

-leaDing, ItHn-tne*.. 

.■n&rlAui.i^;.-.. 

uennatii Ui _..'. r ,..,;.. > '. < 

i-v»4a Mulfti. 

B75 —10 

8v 1 1.1 

st 1U UinAUiica. .-...i.., 

dyet tins in Hum.__.... 





8RUSSELS/U1XEM60UR6^. 

'®ta. 1 

Sept. 28 Price ■ + or i fK. Vki. 

j Fa. — jpSei | J 

Aited 8.505 +65 V - ! - 

Beritert "B".2 .h 40 —lo Tib 1 4.7 

C.HH.A'einbat.... l.*34 —6 -100 ! 8.1 

pm 


Km*.- 3.310 

81 tson.iljel l.'6.810 

PaiKigue ,S«.3,005 

li.B. Inoo-Bm.... c.400 

liftML.1.482 

OBLiUmx U::...'I.c45 

Hut.Aeu..3.950 

luiwtum .1.795 

KJViftetfauik...7,110 

La 1 Unale 8elye_ 6,000 

l*»n Holilim;.i CJ4 IO 

Petnrftna.5.746 

star. Ueu. Uau<ii>e3.100 
laar.tieu Jlelgkl ue 2.020 

! ' u 0na.5.*50 

Adsay.'2,920 

Tract too Elect-2,c60 

L'CB.-.1.290 

Lo-Sliiu * Lk'i.. .. 868 
Vleille 11 uni ague 2,010 


. + 7 . 

.t 15 A77 7.7 
'—20 430 ! 6.3 
.+ 10 ji70 ; 5.7 
+ 30 ’ISO 8.2 
-2 ,• 8b 1 8./ 

•+s r»; 6.5 
—a :i70 3.7 
,+ 15 .142 1 7.9 
,+ 10 JS3U ■ 4.1 
+20 j«25- 5.4 

;-...3336: 2.8 

4l .180 4.8 
1+40..305 b.S 
,+10. W0.. 7.U 
:+4o ;as ■ 6.7 

1 + 6 O A2-1B 8.4 

>20 JX70 > 6.6 

-Zj .- -i. . _ 


+40 t - 




.SirMuaukeii.. 
Iiaiinke Hank.. . 
krf-.i SmbIu 1 
Fiium-ieDkeii.. .. 
Bn "jener . . . 
IV*. Pilar . . ■ ■ 
Hmi' lel-lnuk 
ti..\ "llf" d H.i hiiX 
Sun! Kalorl ... . 

Crucial ink. 

Priintbauk. .. 
Pniviirslaiik. .. . 
Pv'I'U. Bereaseu... 
s'ujftfnus.. 


141 . . 11 7J9 

126ra — M 12 9.3 

160 .. . 12 7.3 

131 +U 1 ' 13 10.0 

336 . 12 3.3 

8834. - -- 

12Y34 . . 12 8.b 

289 —2 JZ 3.7 

191 ~lt z 12 6.5 

114 —lii - j - 

15234.- — 9.0' M |, 

1591s .. .. 11 1 7.9 MILAN 

4041*'.' 12 ■ 3.0' 

169 ki —L 12 i 7.1 


Securities Rand SU.S.0.7C 
TDtecotmt Of35,43%) '• 




oak 







w 





r-i 


Per Jem. 
12* 

243 -- 

an ; - 

364 ■ 

ur - 
n» 

ita 
25ft ' 
.115 

nr -. 































































































































































































ancJal Times Friday September 29 1978 



39 


RMING AND RAW MATERIALS 




■ - ■x.'r 'v ' 

• » t * : > 

''' ■ * ■ *: • * -. »SK 


- \ 


iW talks on wheat I Hopes fade 
, ,i i in coffee 

port pact plan 

IR OWN .CORRESPONDENT OTTAWA, Sept, 28. 


international ivhcai 
t could benefil the 
' nations by over S5.5bn. 
Iazen Argue, chairman 
‘anadian Senates agri- 
ramittee. estimated tr. 
tent in rfie U.S. Senate 
. •{? committee, 
jed a statumenl here 
atmin^- that research 
the Canadian Wheat 
dieutes that the aggre- 
10 the major exporters 
o-operutive action" at 
ef the U-.S. target price 
A’ould be S5.abn. 
id that the cooperative 
\ ent envisaged was not 
' -.and fast international 

.it with a multitude uf 
es_ and qualifications. 

. *-as needed was a com- 
•a dear public under- 
i co-operate in maintam- 
.r and reasonable price 
vym ;atc of not less than 
_iel. 

I 

on la live* nf lhe 
. committee went to 
:on to meet with their 
■'% numbers on the- U.S. 
anculxure comniitten. It 
.umplion of their earlier 
ns on the possibility of 
- Lion among the major 
: port mg nations. 

Government. our 
\ Wheat Board, our 
agriculture committee 
■ wheat producers are 
d .that a co-operative 
dent between our two 
-is -• practicable - and 
. v. M Senator Argue 

ommodities Staff writes: 
from Washington sug- 


pact talks 


Bjr- Our Commodities Staff 


HOPES FADED yesterday that 
coffee producer* and consu¬ 
mers mectin gin London were 


sest That President Carter is 

holding out for a broader agree- __ o _ 

men! on wheat, that wU! include [ close to a breakthrough-on up* 
hath exporting and consuming j dating price stabilisation pro* 
interests. But U.S. Senators 
appear keener on exporting 
countries gelling together. 

Senator tieorqe McGovern 
claimed tiiar other cnmracxlii.v 
producers were scarcely con¬ 
siderate of iheir rusiomois. 

“There weren't too many con¬ 
sumers sitting oo those OPEC; 
meetings when ihey set lhe 
price cif oil." he commeiTted. 

Senator Henry Bellmon has 
proposed that ' the U.S. and 
Canada form a partnership, 
possibly including other major 
wheat-producim* countries io 
force the world to "pay “a fail 
price" for their grain, reporu 
tVP-Dou Jones. 

His plan would copy the cartel ___ _ __ 

formed by oil-producing .conn- i position at an executive Board 
tries to keep petroleum exports; meeting las! night following a 
ai a favourable .price. He. suidj full Council meeting earlier 
the world price for wheat should I in the dav. 
be set at about S4.50 per bnsYu-l.j But ICO sources- said yesler- 
cnuipareu wnh the current"pri -y day afternoon that they were 
of S3 .which he said is nearly nj 1 uncertain whether the Board 
below the cosl u r production, lie; meeting would he held after 
aKn >»vgcsled an upper limit • all. 
price of Sb\ 


Irish to exploit 
herring loophole 


EEC DAIRY SURPLUS 


visions included in the Inter¬ 
national C.nffep Agreement. 

An EEC initiative for con¬ 
sidering together new 1 rigger 
prices ai which export quotas 
would come into effect and lhe 

cul-off point at which (hey 
would cease to opcarle had 
been seen as offering hope of 
a compromise agreement be¬ 
tween the two sides. 

Bnt in the event the consu^ 
mers failed lo agree on the 
levels -at which the prices 
should be set and so were 
unable (o offer a deal lo the 
producer*. 

Delegates to (he Inter¬ 
nationa! Coffee Council meet¬ 
ing were due to consider the 


BY STEWART DALBY 

JUST THREE days before the 
deadline, Irish fishermen have 
I dropped their controversial plan 
i to break the ban on herring fish¬ 
ing in the Celtic Sea from next 
Sunday and illegally fish for 
three months. 

The Irish Fishermen's Associ¬ 
ation has not totally abandoned 
ihc idea of taking herring from 
lhe area, bui it has merely 
changed tactics. 

From Sunday it say*, its mem¬ 
bers will start to fish for 
mackerel; in other words it will 
tllocalc iiseir a by-catch uf 
herring in the same way as the 
Dutch fishing fleet dues. 

The fishermen have tbus 
defused a potentially embarras¬ 
sing, and for fishermen, possibly 
dangerous, situation at a time 
when both Irish fishermen and 
the Dublin Government are con¬ 
cerned with the new unilateral 
British ban on herring fishing 
in the Irish Sea. 

The association had 
encouraged its members to catch 
herring in the Celtic Sea 
because it believed that Dutch 
fishing vessel* were cniching up 
lo 3,000 innnes or herring in the 
area as a by-catch nf their haul 


DUBLIN. Sepl. 28. 

of mackerel. 

As the same ne? and gear are 
used both far mackerel and 
herring, it is inevitable that 
some herring would be caught 
along with mackerel. Under EEC 
regulations, the Dutch arc 
allowed a hy-caich of 5 per 
cent of herring. 

The Irish claim the Dutch 
have conhi.sienii> taken a IS per 
cent herring by-catch, equivalent 
to 3.000 tonnes. 

The Irish fishermen therefore 
plan lo allocate themselves 3.000- 
10ones on a ship-by-ship quota 
basis between now and 
Christmas. By doing this, they 
run the risk of intervention by 
their own naval vessels. 

With the new threat posed to 
Irish fishermen, in the Irish Sea. 
they have clearly decided to fight 
one battle at a time. 

if Mr. Silkin'* threat of inter¬ 
ference with Irish vessels in the 
Irish sea goes through, they risk 
fines u f up lo 150.000 as well as 
confiscation of tackle 

Mr. Brian Loaihan. Irish 
Fisheries Minister, has promised 
support fur its fi.-l ermen. bui has 
ns \ci Tailed l» spell out what 
form this assistance will lake. 


Farm price cuts 
not the answer 

BY JOHN CMERRINGTON, AGRICULTURE CORRESPONDENT 


(Jn the London futures mar- 
io- the | fcet trading was very quiet as 
dealers awaited developments 


World sugar 
market higher 


imper harvests forecast 


■AVID SATTER 

S 

'.'HE SOVIET grain crop 
tuaHy-complete, all indi- 
joint to the harvesting of 
record crop. Western 
eperta believe the final 
arvest will probably he 
.220 and 223m tonnes, 
a. the Communist Party 
icr. today reported that 
ionday. grain had been 
id on 115m hectares, 91 
r-of the area planted. Of 
per cent had been 
”i._. ... - ■ 

a said that the harvesting 
-• • beet is now at its “ very 
aiid th.- crop has been 
on 1.06m hectares. ,28 
..( of the area planted, 
lewspaprf aI*o reported 
;re has heen goad prn- 
lhe cotton harvest with 
onnes -of raw cotton 


Outlining his plan 

Senate agriculture committee a W «.uru « c 

Senator Bellmon proposed the at the ICO meet in g. 

U.S.. Canada and possibly' 

Australia and Argentina would 
join together to form an inter¬ 
national grain exporting stabili¬ 
sation commission. 

Members of the commission 
would be required to have ex-! _ _ _ 

port licences to export wheat, our commodities stair 
trad that licence could only'be WORLD SUGAR prices rose to 
issued when the sales price of the highest level since February 
the wheat was the same nr more this year on the London terminal 
than a world price ser bv-lhe ntarkei yesterday. The London 
commission. I daily price for raw sugar was 

marked tip by 13 to £110 a tonne 
m the morning reflecting the 
firm undertone in the market. 

The December position on the 
futures market climbed io over 
£114 al one stage bui fell hack 
■ >n profii-takmg sale* to close at 
1112.S5 a lonnc. up £1.30 on the 
previous - close. 

The market has now moved np 
by over £7 this week on stronger 
buying interest which ia believed 
to be partly a reaction from the 
previous very depressed levels. 

Peru resumes 
fishmeal sales 

WASHINGTON. Sept. 2S. 
PERU HAS sold 12.UOO tonnes 
or fishmeal lo the U S.. the first 
su.-h sale in almost three years, 
a Peruvian source confirmed. 

The sale was io International 
Protein. Corporation, at 5375 per 
tonne c and f free oul. for 
delivery lo Atlantic and Gulf 
ports between Oiiober 197S and 
January 1979. 

Reuter ‘ 


Bolivia attacks tin 
stockpile sale move 


MOSCOW. Sept. 28^; | 

already delivered lo processing) 
points. . V I 

• This year's EEC grain harvest 1 
is likely to be 10m tonnes higher 
than in 1977, at 113-7m tonnes, 
according to latest estimates lhe 
office of lhe European "Com¬ 
munities Commission issued"-in 
London yesterday. 

This extra production is worth 
an estimated £675m, and at cur¬ 
rent world prices will help keep 
?rain prices down throughout the 
Community over lhe next year; 

The estimated crop figures 
forecast a sharp rise in wheal 
io 42,5m tonnes, compared with 
36.1m in 19/.. Barley is put at 
39.4m. against 37.8m: durum 
wheat 3.5m (2.25m», maize'16.5m 
(I5.6uii and other grains II Sm 
(11.9m). * - i 


j BOLIVIA yesterday accused the 
i U.S. or “ economic aggression," 

• saying it caused tin prices to fail 
; by debating whethpr to release 
:several thousand inns from us 
[strategic stockpile. reports 

• Reuter. 

Sr Ricardo Anaya. Rolivian 
Foreign Minister, told the UN 
Genera) Assembly (haL the mere 
announcement that the .U.S. 
House of Representatives was 
considering whether to authorise 
the selling or 35.000 tons of tin 
from its strategic reserves had 
profoundly affected the price of 
the mefal. 

“... because of the fear 
aroused by such a drop in price, 
the Bolivian economy elands to 
lose about 820m in annual in¬ 
come.” lie said. . 

In Sydney ir was claimed that 
real downward pressures on. tin 

? rices must be assumed if the 
l.S. Congress authorises the sale 
of stockpile tin, Mr. Bart Ryan, 
chairman of Australia's largest 
tin miner. Rcnison. tuid the 
company's annual meeting. 

Bui he pointed nut that as a 
member of lhe international Tin 
Agreement the U.S. had an 
obligation to dispose of stockpile 
tin only after consultations with 
the Tin. Council and in such a 


UNITED NATIONS. Sepl. 2S. 

way as to avoid market disrup¬ 
tion. 

Our Commodities Editor 
writes: Tin prices staaed a 
further recovery on the Condon 
Meiai Exchange yesterday. Cash 
tin closed £45 up at i'7.015 a 
tonne encouraged by a rise in 
the Penang market overnight. 

Other base meia) values 
showed little change. Bui in the 
U.S Asarco raised its dome-itic 
copper price by 0.75 to 6S.25 
cents a pound for cathodes and 
put up its lead price by 1 cent 
to 36 cents. Another U.S. lead 
producer lifted its price by 2 
cents to S7 cents. 


SIR HENRY PLUMB, president 
nf the National Farmers Union, 
recently hazarded the proposi¬ 
tion thut something would have 
! lo be done to penalise dairy far¬ 
mers who produced mure than 
: could be sold in a viable market. 

: He was far from specific about 
| lhe remedies to he adopted. But 
he said enough fnr it to be inter- 
jpreied by. among others. Mr. 
Finn Gundelach. the EEC Agri¬ 
cultural Commissioner, that 
! some form of production quota 
was being suggested. 

This idea was prompUy 
denounced by Mr. Gundelach as 
beign contrary to the doctrine of 
the Common Agricultural Policy. 
The Commission itself, he said. 

!would be producing proposals 
[for coping with Community milk 
, surplus problems tor the con¬ 
sideration of Ministers before trm 
tong, be said. 

The Commission's remedy is 
supposed to be based on a steady 
reduction of milk prices in 
•‘real” terms by awarding only 
minimum increases ai succes¬ 
sive annual farm price reviews. 
This would be coupled «ith 
moves to pay income supple¬ 
ments to smaller farmers, who 
reduce their milk output and by 
stopping subsidies for enlarging 
and increasing existing dairy 
units. 

The problem is that Ibe cust of 
the milk surplus is becoming 
enormous. EEC budgeted expen¬ 
diture in the dairy section Tor 
next year is 3.740m Units of 
Account- This equals al least £60 
per Community cow. 

It is true that the skimmed 
milk puwder “mountain'' has 
heen substarlially reduced, and 
that of butter contained, but at 
lhe tremendous cost mentioned 
above. 

What those who believe in a 
Common Agricultural. Policy- 
have failed to take into accuunl. 
has been the determination of 
dairy farmers everywhere io stay 
m business, tn spite of declining 
returns in real terms. IF any¬ 


thing. the lower returns have 
had a stimulating effect on pro¬ 
duction. 

Farmers are gelling more 
efficient and yields oer cow over 
Europe are increasim*. The 
exodus of very small .cow 
keepers, which was such a 
feature or the 1960s bas fallen 
lo a trickle. Although the 
number of farmers has halved 
in the last 20 years, total cow 
numbers are the same 
British farmers faced a similar 
situation in the earlv 1960s when 
Sir Christopher Soames. as 
Minister of Agriculture, insti¬ 
tuted a standard quantity svstem 
for milk and other products in 
over-supply. 

This meant that farmers were 
paid a sua run teed price Tor milk 
up lo a certain quantity of pro¬ 
duction. a tier which returns had 
to be secured from the open 
markel. The effect was a dilu¬ 
tion of the guaranteed price, 
which effectively reduced returns 
for several vears. 


Demand 


Although farmers opposed this 
bitterly, production was main¬ 
tained in spite of returns being 
fur some of the period no more 
than 90 per cent of the quaran- 
teed figure. Nor was there any 
reduction in the size of the dairy- 
herd. 

Dunne the period there was a 
demand for ureduction quotas to 
be applied on a farm basis. s«> 
lhal the smaller farmers would 
liul be pul at a disadvantage bv- 
large farmers over-production. 
This was resisted by the industry, 
although Sir Christopher at one 
lime was much in favour and 
had secured NFU agreement 

The objection to a quota sys¬ 
tem was that it would inhibit 
expansion.' penalise the efficient, 
shelter the inefficient and be the 
reverse of progressive. 

There is nothing new about 
quotas. They exist in other parts 


of the world for milk, and even 
applied to potatoes 3nd hops ur 
the UK. 

The NFU's. worry basically is 
lhal. as (he only deficii area for 
milk in the Community. Britain 
is the large! for the disposal of 
the surpluses. Already. I hanks lo"' 
Him operation of the monetary 
compensating amounts (MCAsV 
British butter is Increasingly 
going into Intervention to make 
way for EEC imports and only 
disease restrictions are prevent¬ 
ing imparts of liquid milk. 

If. the argument runs, (he dis¬ 
parity nf exchange rates con¬ 
tinues. milk could suffer the' 
same competition as piqmeat. to 
the detriment of UK producers. 

This is noi a direct analogy. 
The pigmeut XK’.As are cal¬ 
culated in such a wav ns lo give" 
an advantage to Holland and 
Denmark, winch is impossible to 
justify on any basis of equity. 
Not even Mr. Gundelach tries 
to do so any more. 

Bur any talk of national pro- 
fectinn is uufside the rules of the 
Common Agricultural Policy, as 
Mr. Gundelach is quick to 
remind everyone. So the NfU, 
officially at least, has retreated 
into silence. 

Nevertheless, the issue couUl 
arise at any moment, particu¬ 
larly if imports of fresh milk 
into Britain came to be added 
to those nf milk products. . In’ 
that event demands for a 
guaranteed place in the home 
markei would become respect¬ 
able. and ihis is what many 
dairy farmers would like to see. 

The final crunch could come 
when the Finance Ministers of 
the Nine refilled in go on sup¬ 
porting ihe milk subsidy. Atti¬ 
tudes would swiftly a Her. 
Farmers, while perfectly happy 
to go on beggaring the taxpayers, 
as they are doing now. would be 
very loath to be beggared by 
thetr neighbours. Circumstances 
do alter cases. 


Farm workers call for state land takeover 


BY CHRISTOPHER PARKES 

THE STATE .should take over all 
rented farmland in Britain and 
at the same lime nationalise all 
private estabs — rented ur not 
— of more than 1.5U0 or 2.000 
acres. Mr. -lack Roddy, general 
secretary nf ihc National Union 
of Agricultural and Allied 
Workers, said in London yester¬ 
day. 

Mr. Buddy, introducing a union 


pamphlet on land nationalisation, 
stressed lhal he was not in¬ 
terested tn state farming. That 
would not work, he said. 

Bui as world population and 
demand for fnnd increased it was 
vital for agriculture to produce 
more food. A public takeover of 
the land would lead lo greater 
productivity. 

The publication refiecls a sub¬ 


stantial change in position by the 
union, which began campaigning 
in 1976 for thp nationalisation nf 
all agricultural Land. 

Main targets. Mr. Boddy said, 
were lhe owners of large estates, 
investment companies, hanks 
and insurance companies, univer¬ 
sities and royal landowners. 

If nothing else, he said, 
nationalisation would help to 


slow the continuing escalation of 
land prices. 

People deprived nf their hold¬ 
ings under any future legislation 
should be properly compensated. 

Une “ reasonable ” solution 
would be fur former landowners 
to receive annuities Tor as lone 
as they lived or until their 
children reached .school-leaving 
age. 


1MODITY MARKET REPORTS AND PRICES 

p jVfPTA I € -months II50.5. K*?rb: Wlrubare. Hirer irunffineni to reverse tlw upward tri 

- L XL-1 r% LO months £i61.S. 67. Csihodef. three Values rose afresh in ihc afternoon 

1—Barely changed in i>uhdar-ri monrhs £T30. Afternoon- WlreBars cash .U.S. ohjslcjl fnK-n-H look forward m 

j the London Metal Exchancc. 1T41 - 3 - tbre*- momhi ITC, Cjl.S. K el. up io a day's dish of IBSiO prior n. _ . . __ „ 

_meiai edited up in ihc momma w.5. BO Kerb: Wirel»rs._ fhrut- monitis closing at rflS#i on uic Ian- herb. Turn- '»r some months me morning senmn . a35 rfl M p, r , anntf r . Reuur - ■• ... .... _ ...... 

f7«J. bui ibercaficr ihe pro* M - 1 - 8T - 5 -- "l . over. i.,6u tonnes. recorded only minimal overnight losses, the market lamed feature African. S W 4- , J.- Jamaitan.^.t 00-3.40. 


drift prior lo closing ai £761 TIK-Calued sronnd. A rise in ihe 
2 k. rb Tumov-.-r 19.138 roniies. Fcmm* pnre prompied 
narod llcuri Tradinn rrporhd fnr forward, standard n 
c morning ta«h u-ircbars traded m aTe d a “£»d 10 r 6 -* 9 ^ 

M. C.5. thre month-; 5V1. si-'i. of ,ho moraine 

Cathode* cash £7:n.3 three wiling was rtrooned 


COFFEE SOYABEAN MEAL PM 

w^ 5 -m "b"lance 4 sa!ns IJ ega;Bii >1 Chjcaj^> l of in U ' 0 ^ l *2 " 

i0: Jai 

N’w lt<ip Golden Deli¬ 


mit!: CHANGES 

Price in tonnes unless otherwise suted. 




Tii/j 

• -A ; M-«lll< 

1 — 1. 

1 

Mbui* 




'• a ni. 4- •• 

- riftirlal — 


p.m. i+t-r 

I'noOn-ia! — 


ll\ 


a.in. 
Official 


■+■ ur- |nn 
• — L"n<r»ffli.*liit' — 


Standard, threo months I8.S80. 59. 35 
- Kerb- Standard, three months £fiL60. 63. 
; + nr TO. 83. 


Brushed down on ibe day. 

Ve-ienuiy-'- 


745-.5 -7.5 
7B1.6-2 -7 

743.5 -7.5 

731-.5 +6.5 , 
750.0-1 -7 

731.5 +5J 
6iib 


74I-.5 

760-.5 


+ .J5 
-4 


LEAD—Steady. Forward metal rare 
in £378 in. ttu mondog reflrcun* some 
fresh burins inieresi but this trend was 


UUFFEB 


*.»ne 


+ m 


Hteh Grade v 

.t“nmnih-'. 636&5 0 +^5 M70°85 +52.5 “ spritxiatiiT 3»lln« lowered ^- n “ 

-intn _tsn __ ihc price io iuil.a on lhe morning Kerb. jet«ent . 

>euie:n' ■■ ■ ruau . t lao — . hm.w«r noun »hai hm-Muber.. 


Jf per t.tftntr 


bilMMCM 

tiuiie 


730 1 -1 

749.5-50 -l.B 


63-56 


Standard 1 

leah. 70£0.30 -r1!B 7010 SO +-« 

j month*.. 6845 50 + 75 .-U850-5. -rZD 
t*«tletn't.' 7030 '»150j — • •• • 

Mrait* E-. ;b1cG5 +■ 15 • — • . .. 

YorK - J 


ex Limited 91-351 3466. 
out Road, London SW10 OHS. 

Tax-rrce trading on commodity futures. 

Tfie commodity futures market for the smaller investor. 


JMPANY NOTICES 


NOTICE OF RATE OF INTEREST 
U.S. 825,000.000 

BEARER DEPOSITARY RECEIPTS 
Representing interests in a 
FLOATING RATE CERTIFICATE OF 
DEPOSIT DUE X9S3 

ANCO UNION, C.A. 

(A Venezuelan Corporation) 

accordance with the provisions of the Indenture 
Trust and Deposit Agreement between Bancu 
ion. CA.. and' Citibank, N.A.„ Trustee and 
jositary. dated as of April 1. 197S, notice is 
■eby- given that the rate of interest has been 
. ?d at lO-n:^, p.a., and that the interest payable 
the relevant interest payment date.. April 1, 
'9,-against Coupon No. 2 to the Bearer 
positary Receipt will be U S. S51.50 and-has been 
nputed on the actual number of days elapsed 
.32) divided by 360. 

..'tember 29,1978 
/ Citibank. N.A., London 
Reference Agent 


CITIBANK 


NEW KLE1NFONTEIN PROPERTIES LIMITED 

/ Incorporated In bouth Africa j 
DIRECTORS 

Hunmiil iCIuirmcn). E. Broom (Ait. R. M. HeLeod). L. A. Lucu-Bull. 
tin Mickenzti (Alt. ]. A. F. White (Brit.)). K- W. Stuirr 
INTERIM REPORT 

unaudited retula of the Groups operation! lor the six months ended 
ne 1978 are as follows:— 

mded Six month* ended 30 Juno 

member 1977 ‘197B 1977 


'M _ Net Profn/(Loss! 


136 


/■ 6 


Surplus on Property Silas 
—Deferred .. 


(RJ2373] 


R35 595 


R7S 280 



Earning* per share (cent*] — 

—*■ Di*ide|«h ’ — — 

durable economic conditions 1 have resulted in a sharp decline m property 
and despite indiestfons of a return of confidence | n tba property ww. 
•aningfnl Improvenrtnt cart be expected during the second haff of the year 
« of an .overuvpply of cheap sand*, However. It 1* anticipated that the 
•or the full y**r will be lew -chan that experienced in the first six months 
principally, to a *ub»ca"r'ti refund from ihe State of vesvtacion owe* 

■ed in preyiou* yean on certain dump* utilised by the company bw crelttd J 
ifunct mima. ■ 

- By Order oTthe Board, • 

■ J. 5. HAMHltl 

* ... F; BROOM. 

_ Director*- 

\tered Office: .... 

ommlisionar Street, 

metfeur*. - 

*ptemher,-(978. 


in ihe aftornnon, hoti-wer. news that >t«-embei.. 

Asarco had lifted its nroducer price by -Unuarv. 

one Lem pushed valoee higher wtih Uareh. 

forward material flnaUr ET8 on the laic May. 

KerM Turnover I3.M8 tonnes. _ Jm.r. 

: n.m. 4 vi. "+ w 

. LKAt) 1 CHTiviai 1 — :fnolTia» — 


OiH •»'<*: .. 

Dre+mlvi . 
Fei-iuAix .. 
Aiii-ii 

Junr . ■ . 
AuxuSi... 
Ounr^i. 


vininiiini. 11710 .. .. L680 

_______ Fri?-n,m kirt lev sl.fli'0.' J 8.^ Ib75 9o 

. —iTuTianr iTirajs'i.M-5.M’Vren(h-*amall -*'i , i"i ^41.25 +0**.731 5 


113.5 K 5-0 25 
114.80 i* ! + . «D 1 "5 1 - n 8 

IIU.7J-17.0 + 0.8j I-7.1 G G3 ' pound S:anIo.v u.17. C. Primes 0 ia Crapes 


U.S. Markets 


ira.-s l.aO-l M. Plums-Romanian: Anna in. •„ V760.25 - 0.5 £>H5.re, 

Spaih prr irar 7.00-2.-J5: lialian- P«r i.«m.-1*. - J-® ° „ 

- mc>n|ii» K 4 -. L749.7B t 1.5 L/36 75 


1544-45 -S9.5 I58S40 u 
1505 07 ,-SD.B l 37 495 . 

1406-09 —15.0 ls29 05 Miei. u 
1426 27 —6. i 1:38 23 
128143 —2.0 ! 1295 81 
1 i 40-50 -7.5 11259-50 
1*2 j 30 ~0.5 :1235 30 


SUGAR 


Sales: I.9K5 iI.BISi Ion of a tonne*. 
ARAB I CAS—All unquoted. No sales 


GRAINS 


• r £ - n 

La*b^. ... 559.5 70J+.78 i 3M.--9 -Jb 
5 irjomh-..- o74.5 5 -»j 5 . o75.a-4 -.875 
-eCT'meni I 370.5 '■» 1 ; - 

J.-.- 1 ^-.l. - LONDON FUTURES (CAFTA)—Wh j ar „ .. 

Morittiis: Cash £271. 70 88.3. three opened JBp higher hur values w«il prices ware ?ome 123 points 

months, £3T6. T3.5. 7S. Kerb: Three dorms Ok session. A fiood trade was lhtf hlBhi 

monthfl jure. Afiemopn. Three months Mcn 8* 20-afp up on \o». with cwid _ _ __ _. 

£174. 743. TS. TL T4.5. 75. 74. 74.3, T*. i-onmiercUl buyins support on Jan. to 

Kcrtr Three months £375. 76. 7U. 76J. dose 2D-I3p hudier. Barley opened !3o up p ( »i. Ve»ierd«vV Prem-uv 
8J5. 74. *nd values increased due lo lack nf t.-mn*. u„w ; L:o« Dtiiie 

• rwp - --... selferts to dose weady lip up on the day i lin . ' 1 

FoS meral raded w-thr n^pw ,n . » ,llin vn,ume- AcJ> wwn5 --*- 

limits, with ihe Eieadlness in both copper ^ H c A1 
and lead hiilpbia to suaafn the market. 

Aflev-opening at B43 forward metal edited 


IW.B 8 1 -r0 SB — —Italian: Retina S.Pfl i.lO. Blau! Rf«!na »*^**-i.»r-v v ,‘i 7.3 5-2.0 saB 155 

USB 28 0-^43 — ?S0. Halls 2 6O-2.T0: Fn-nth: Alptiaosv LeO -*-h. V368.75 —0.5 ST33B 5 

U8 25 2 i -rOt5 per pound 0.20 Can anas—Jamaican: per ’m.injh-.V373.7B -0.8751:344 23 

Hs5 25 0-0 5 - pound D.14. Avocados — Kenya 1 Fuerie 'l** 1 ’. i , . 

i4fl, lots of j Lonnes. H-24's 4.M4.50: S. African: Fume 4W- Free Market1.75 I SI .80 

4.30 Capsicums—DniL-h: Per 5 kilos 3 3D • 1-88 I.; 1.93 

On[ons-^5pant5h: 2J4-7 00: Dutrii: 1.S0- . . 

5.20. Plcklers 10 kilos 150. Melons- .. 1 

Spanish: Vellow 8 - l4 2.50-3 M. Green i.' V- , . 

3.00-JJIO. Tomatoes — Dmsh. 2.20-2 30: ,^ t *T .-.1-143 95 -1.85 l -5.4 

Vnn-k-rver 'i-f'h. IplUd.C i.>12 . 

+i ipi im\- 'V- .208.03, + 1.7 ^e,4 9i- 

nSr.nffjsa,-irwjas • ““ vssJsrs-s^ nr .ktsfe-- - tiisis- 

above 
There 
mid 


LONDON DAILY PRICE iraw sujsari 
niff IU ■ £107 001 a lonee cif for Sepi.-d-ri. 


Sh&t i“ifo S daily Prirewa* f 

fixed at £111 OO 11188 . 00 .. _____ . ** 



-785: 


•ARL9Y 


Pippin n Oti-0 12. Tj-di-man'i 0 W. Wor- 
l«ut P+armam 8.04-0(13. Rost,is uni- 
noo. Pears—K t pound William* n.IO J' 11 * — 

Conference 8 10 6.12. Plums—Per pound i/vnm ■ Kim.. 

0 ff> 'I 3r lnr>t"s S. i-dlinu u 12. Laxion ,m, ' n 'W. 

n.lff. Damsons— Per nonnd O.li. Toma- Lmde iVj.. -3^2 

toes—P-.-r 12 -!hs En<lis.i I.SB 2 00 . Cnb- Fa.m SIaib.iso.*-o06h 

bapes—Por iraie 0.MM1JI0 Celery—p..-r 
hi:3d D 06. Cauliflowers—Per :j Lmt-olii 1 

1.00-1 20. Runner Beans—Por pound Suck 3««d» 


i-*o75 +50.UeD4p 


S740 

. .. Xi32 
1.0 -Sc 50 


dmwal edrart Jlreiemav’. + .n VwteirtayV 4-or ii*v...... 1.2 W i! 90 1,1 5a 11 Bo 114 20 11 B? o'.H-O l - ’ Heeirotu—Per 26 lbs 8 EO^Cvt-flls PhiHij-.' 

op re 0*4.5 before e«ine.baclr ro close M mh, rlwe - ,-iqw — Hwvh.. 1 18 Su- ia tb iifi u 16 451,8.8 -16 00 1 + p„ -u w Ci»i™k - 7 « ..! 


a! £ac.5 on lhe late fieri). 
i.OSO Tonnes 


C per Innnt 

n.1_ i74 00 <0 00lf0 6>10fi3 - _ _ 

J-480 

T n -I . ___:___ -- •- -- — rvr -J 1 ,u, u^.-i „ — rti ..32&9iC 1—2.0 + wOQ 

Turnover, )“. Mb,v... . 1 iB 3 -IB.ao,l18.7u-'8-/3 liB 80 iB 0. pound 6.30. Courgettes— Per pound 0.1* 

• bj on .inn da,. , n - Auu-— 121. SO 41.55' 181 84 3 1.8- 122.75 !■ 28 o.ll. Onions—Per baa I.30-1.M. Plchltrs i~, _ i * 

—: 2?‘?S '■’‘I 3- ? 1 B SoS Ul-t . la* *S-< Mi 1M 5 1 24.76 ik6 00 24D0 2.W. Swedes—Per 2A-!bs 0.50. Turnips -i 

“-*0 £“-|S llcl '.127 66 27.fa|UB.23-«l.5u 128 5 i8 25 —Per 2M-lbs 100. Parsnips-Pe r 2£-1hs ■“"'4 . 

oson "wS- 5-7'IS .T u -g ~Sai«~4 ,-Hi Ilia.'kus or 50 lonnes l.M-1-28. 5pnnrts-P«- pound 0.06-0 RS. U-m*-rniuren... .LS2.95 -+0.oo L80.6C 

- 1 -- -- Tale andl Lyie cx-relinery ortev for pound Kl:D1 °- 30- Corn Coh ' 'w li’lliiiiu i s. ..c 100.5 

Cash.'.. > 534-.25 +.1.12i5B2.75JJ6—1 IMPORTED-Wlumt; pwk n„ , y-j, sranulated bass while suuar was E26I «+> ich 0 ^ Wheat 

B.nHMhsj o84A» +J|» a45-.5 -.76 P |™aS»™2? UA ^oZ£ Snui Jis/m!"GRIMSBY FISH-Sapply poor, demand v IKei ^'u 1T.2.25-0.25151 

jMWBt. . 354-25 +1 ; - ! . Northern Sprin* No. 214 per twnt Sept. a,0-M 116 M *° r ■ exnon. gsafi. Prices ai ship's kldt: • unproLessedi h-.iH+irfW.iiiw^Ba.B, +0.25 ; 

rnrt’.wmi - .• 8B.nl -- aa Nov ra 4 +; Dec. fs§0B nmrvi ni'rrtnrr stone: Shi-lf iud riiiL£6^u. codlinxs t «i*'‘“ u ll» •in»T-*sr0.75r.ibB.b 

JftrrjJiii- Cart E 33 SJ. 34 . M-i. 31 . >ranshtiroenr East Coast: U.S. Hard YYtl.UJL rUTUKJti n 4fW4.«: medium haddock fi «^L5 M. '■v** .... 4:1.975 -30.0 E 1.925 

threa - momhi, S3U. Kerb: Cash _£SS4. ^Wter JW jper_ cMn__O lL^IS3.38 : , Nuv. .pence per fciloi 


561XL- 


s.m, :+o»l P-m- .t+re - Jsn. 
Official i — i Unufflcuai — il*». 

-—:--- May 

H £ C • £ - 


three' momhs 1343. Afternoon: Three fratwhlBmeiit East Cuasi sellers. 

monthG OK. V.i. 43.25. Kerb: Three SehL and on. 

numths £343.5. 4.1.75. U0I«>a Nov. £98.60, Dbl-. £89j 0 tranship- 

„_ _ ....___. meal Easi Coast sellers: S. African 

Cent* uei poimn. -W nor picul. While Sepl.-Da. £S130 niasgow: S. 


On- previnii* onnnciai chna. 


SILVER 


sellers. 

Bin-ley: EnoJls* feed fob Ovi. £i 
£51. Jan. £53 East Coast sellers. 


ror spot delivery In die London bullion Foed wheal: N. Lincoln £81.50. Hama, and iwwiubrt ..033.8-43J 
rnarku ycsicrday al SS&Jbp. U.3. cent w. Sussex «?.30. Feed barley: N. Lin- jUtt-i, .. .ba*- «<-.u 
equlvuleuu uf ihe flxlnc levels ucre: Spot coin irsjo, Hams, and w. Sussex £74 cydmey creasy 


Vi»lraiiui 

fiipm lld'l 

YesLenly'a^- ur 
I'imi* ■ — 

Buuuieiit 

fllUIP 

iirimei 

222JLZbJ> +1.0 

E23.0 

necemner .. 

C2b.U-5I.II ... 

— 

Ma1v.11.. 

2*Bjj-«04J ' 

— 

liny. 

Je8.u-«1.0. 

_ 1 

Jiii.i. 

S29.U-43J) . . 


Ui tul*i .. .. 

J9B.0.-0J - . 

— 

Ueceiulvr ..059.0-45J . 

— 

yUn.li .. .|iiu<■fff-.u 

— 

SYDNEY 

CREASY tin 

order buyer. 


small El 70-£'4 70: larqe plai-v J4 siL£3.,Vl. r;ilnrr U«.. 

medium I4.W-U. i8. best small £4.»-r3 nn. C+'itre-r-iiun?.. .■ 

lanse skinned dOEfish £io «n medium h*-v. 

it.OO: larai- Icniun. soles £7.30. medium «-’■ -i Imh -.V In fe\. 


11855.26 -20.76'.>-1.889 


lb-56: rw-kfish E3 W. sailhe n.5U-i2.aiL 


liil 

'■ Ml > I.-+ H I 


Egg farms must 
wait for action 


L‘1.506 -20.5 i'i.486.5 

■ -0.3 74 6* 

■ fell -rOJ5:8 

■ £110 -3.0 Ci.4 

A )A|- At 0|. 


“ Nominal. * New won. ■ Lnouoicd. 
>» liiue-Auj. n .imv-Sepi. ci r^-pl , ■». i 
* Seo'.-Oi-i. t Nop.-CM-f. u Nuv. n Dee. 
Per tun. . indiMUr prue. 


By Our Commodities Staff 
EGG FARMERS face several 
more weeks' delay before plans 


SbT.tta. up 13c: ihree-niotuh S77.7c. up The UK monetary coefficient for Vhe _ hl „._. rc _ 

3,6c: s 1 x-ui.iDlh 9SB.Sc. up and we* besJniWU Oci. 2 u-lfi remain ^ 

12-month 8113c. up 2.4c. The metal unchanaed. -- — — — , , L 

wred wJSjSfU&JSHnea -on EEC daily import levies wi for a hefl slaughtering scheme, 

Jastd ai 2S.J-286SP t587K88t<. _ premiums effective for SepL 28 In order MSu?^* July 5 W- 4: aimed al reducing the egg glut. 

“v 5 • i ; *! ev L.S'“ ^ ‘J?. ^ ucl aa.s-.mc. mi. mi: Dw.-. 373.o-sr* p. are ready for presentation to the 

«'™* K «S“ Jtr ‘nif'Ttr 375 - MVt5 - ^ nJL ToIa, Miinstry of Agriculture. 

tJSr. 1 pS 1 . ^ 1 'SSSFSLZ!^ .OWBBIIHK-Oes. . P ” 


IN DlCtS 


mew Zealand CR 055 Bheds—D ec. } ae c*ggs Authority Producers 1 

--... _ „„ „..p- 1 ®- 1 ST.o-ss.o. IS7.6. 3 : March isb j-ss.o, nU. Advisory Committee was ex- 

bpoc... ... 2e8.05|4 + ],7: 1 * 88 , 6 ;. +2.15 X “LiS^^V^.S 2}\. “S' ”*£ P^ted to prepare a scheme yes* 


s month' . 296.4| 
^ uwtnb'. 303.3p 
12 tnpfiiii*. 319,, 


+ 1.7 

+ 1.6 

+1.35 


SfflOSui-Sh ufl ,: Barley—M.77. resi nil .86,77. o.fft. Fii nil. nToS 1900^10. nd. ml: P e «eu w prepare u xaemB yes- 

_ p VJBL. 04ii: Oau—73.46. rest mi -ia:*. 59^.0.94.0. mi mi: March 138.9-84.0. ierday Tor approval by the 

g-81. fi «■ oH*i« fimur than hybrid ni) _ nll r-jiai ddies. s. Ministry of Agriculture and the 


EEC Commission. 


. for soediw)—Sfl-K. rear nil <30,03. reW 

-nIP: Buckwheat—all nil tall mil. Millet vir* T/VCrcTADI re “*1" 

3.75. ren mi (-13.13. rest nil): Grain ItA 1 / VtUE I AdLC 3 But Mr. Denis Cummings. 

SMITH FI ELD ipenC-e per poundi-Becf: Chief executive Of the Eggs 


283.8. MIcTBOOn- Hirffe month* 2859. 
ML 85.7. 86. 95 8 5.7. .19. Kertis: Three 
znoa'lfis JPj-7. 5-9. 5.7. 


RUBBER 


LME—Turnover U2B HAn lots of lu.000 . 

ohl- Alonunc: Cwh ad-d: three monrns MrBhur»-MI..5. rest ml -SU.u, resi nil-. -- - _. 

Mi7. 3 . 6 . 3.5. 16 Krrbs: Three mjjto r*p^ 1?“Si-mtish Villrd nde* 53.u m 57.0: Ulster Authority, said it had discussed 

2B3JI on- Thnw month* 2B.i9. rtt M.W H.8.W**. Rye-l-.« ■ !*.«'. ]lindquarie ^ s;.n in W). foren'iaricre nnIv , h * first QU |linP nlnn 

.33D 1I> 37.U: Eire hiudaiiorrers bi'.n 10 °. y ,. e BUl l “ P* 

im.u. forcQuarter-* : *8.n u< 3u.ii. vusi; Another meeting would be held 
Cnsii.ch fai* s 2 .ii u« too: Dmeh mud, “in a .few weeks.” 
r'f'V’A A SLIGHTLY EASIER operunc on rhe and end* 94 b to 98.0. Lamb: Eoah : h EgS halchings appeared to be 

COCliA London ofaysicai marker. Good mieresi j '"®’ 1 10 rallinn ri>i‘Pntlt anri in th«t 

riiroushoui (be day. dosme on a ooieily heavy »i ).0 fo aao: sunnNi medium 32 .D lamng retentiy <md in that 

The marker opened steadily but trad steady mile. " ' . - ^. .. - 

considerably dnriiK ibe afjeraoon from Malaysian, t 

more Commissi on House liquidation, par- cents rtjuycr, uci*. — _ if j 

UCtlUrly ill 'Heirby mofftiis, reports UiU -^--— 10 44 0. 120-lMI lb W.0 in C.u. Grouse: SaiD. 


11 (be day. dosme on u auieily ««vy ju.u mwnm a-.« 

ole. Lewis and Peat reponed a Jo 39.0. heavy 50.0 in 3541. imponed respect the tide might be Said 

icniiT ..- M '- m ' S3? : »|! ifi" •'"?.. i SKi.'ma!! to have lurned. Mr. Cummings 


Land DuHus. 


LOLOA 


_ho. I 

”Vesi«ria>-y + I Businoft. ILa-S. 
! Clime • — . Dune -— — ■■■ 


Nov,,, 


V«ieria\‘i Prevuuw 
Ckwe 1 date 


Vnung. b*H -each, iso.o 10 320.0. However, the backwash from 


Ku hCuutr'Ir 

writ.I310.D-28.D 16.0 ltSOJUIKU) Uec.I... 

Det. .I 35.0-25-6 !-M.7atiiBfi.ii.B04i Jao-.y* 1 

Match..™... I982.u-6i^ *- 1B.7B 1885.ILM.6 
Mar-...;.... 197B.0-77.fi - -MJ 2BW.B-370J Jr-dQ| 
July',......7-.... 18M.D-fifl.fi r—15.6 I Bi.u-65.0 Uet-Offer 

yi*- . 

Bee. 


Busmen Partrhfpes: Vouns reaclii 500.0 10 J40JI.- ~ hoavv 'ncovTatri^irinn 

Pone MEAT COMMISSION—AvoraSP fatSIOvk , Qeav > OVer-SlDCKing Vltih 

———,—-prices ai represeniaure markets 00 CDICKs earlier in the year still 

iumi-sm tmuM - JE^-iSu.utSS, T,fS ST 5;?.“ 

cSL6o.62.Bl' b2.4j^2JWj' — feS.iui.d.c.w. t-5.41: GB—Plat 8450 »r “UStry Stlti SOUgnt SDIDB COD- 


_financial times 

-I.I. »■ 


*7l If-ltvl ■■ .y. 1 If. 


26893 254.04'24B.54 

• Base 


_ _^ 40.38 

■lirtv 1 . itfgsiM) 

_ _REUTERS 

'>•*1+. 2& t- ..“ vj oT7uT~^ t \ni~w 


1+94.8 M87.6_ 1461.2 1501.6 

•Base SeDicmber 19. fBSlslooi 

DOW_JONES 

iTw .' ; M-. .7'• li • 'Veiir 

4 ■in-*- SB '•? ii,* 1 +••■> 

•«.u .... 376 60376.27 370^38^66.55 
■‘ui'ir- . 47 f .89 1 1 4.80 .74.11026.82 
tAverific !92«Mif!= 180/ . 


MOODY’S 




iZ 


liunUi|t' 
27 t"*> f u 


•titii l'D'mmi 957.5-56.9 $3B. SM2.i 
roocembef 31, 1K1-1M' . 




Copper and 
sugar rally, 
coffee down 

NEW YORK. Sept •*. 

PREUtK/S METALS cloajd Imrer nn 
stieeuluiivc pronr-iakinn pn«r tu President 
Lariti-h Prcj, confortncc t u be held lue 
looaj Ci.>i»per and >.u*ar rallied on trade 
arulira£e buying and rtneived 'p^vtiiailic 

billing. U'hlle i.ticnj C.'<IStd vinuaJIy ||p. 
chdosed ip mixed trade and Comnuision 
House acilviiy. coffee eVised sllshily 
lou-er on Comniisioun H«use selilns. 
Bacne repuris. 

Cocoa— Di-l- ini.uti 'ituj.sji. March 1M :o 
t’M.lai. .Mar 1«.3«. July 163.70. Sepl. 
101.70 Dec !.«at. Sales: 1.828. 

Canoe-- C ” Contract: Dee. HS.iML 
14S.49 • 14013-. March 137.30-131.75 
I3..S.1M'. Mat 131.25 July 128 75-130 Ou. 
Sepl. 129.38 bid. Dec 123.75 bid. Sales: 
1.1 tiff. 

Copper—Oct. S5J0 •lij.Mt. Nnv. bs.-jo 
<66 j 3>. Dec 07.30- Jan 9S.OO llnrctl 69.06. 
Alaj iM.btt. July 70.93. Seui. 71.90. Div. 
73.70. Jan. 73.50. Mdreli 74.23. May 73.D0. 
Jn,> 73.75. Salt^- 7.7W 
Cotton—Nn. Oct KJ.33-63.33 :63.20 1 . 

• Dec di.65-o3.70 1(13.46;. ifj.’Oh 67 95.tfSt>0, 

. lli* (.B.VO. Jolt o9 30. Oil. b6.2U-o6.V3. 

' Dev. 662!2-b6.25, .March 06.75-6i.UJ. StUi-a. 
a.ia>. 

*com— on. "is ia i-jto 00 •. n.,»v, 219.50 

(22U.7UI. Dec. 231.40. i-th. *24.00. April 
2VS.dO June 232.20. .Mu. 233 90. Uci. 233.60 
Dec 213.40. belt 247.J0, April 251.KI. June 
243.30 Sale-t: 22.000. 

tLard—Ch:casn Iodic.24.73 - NY 

prime Meatn 262.'3 Traded i 26 . 0 o traded'. 

iMaue— Dec. -J251-2267 '2231 >. March 
23jr-'2J3, <233'. Ma> 242-2421. July 243*. 
Sepl. 24, a. Dec. 210: 

1 Platinum—i.t l 1 . '.‘33.80-iiJ.M r2S3 30<. 
JbU. 266 7U-2M OU 'VSC.'flJ.. April ?sO >0. 
July 29rt.HO. Del. 293.60-296.00. Jan. 289 80- 
299.50- April 30? 40-3U2.6U. Sale*- 1.582 
Silver—^ij..i 3a6.Uft >5117.201 N*,v. 5<b.20 

■ 571 lui. Dec 574.30; Jan. 575,U. March 
-V>a.SU- May 5«jJO. Julv sbt 30. Sept. 
6I.1.6U. Dec 627.70. Ijii 632.10. March 
WI-UII. Slay Itji.uu. July wl All. Said: 
13.300. Handv and Harman -p>,i -iff.', OB 
’ 3t71 :in«. 

soyabean—Nuv. 6371-Ii3.i • '-52 1 . Idu. <'S0*- 
6CT <83Ki. March 66fli^70 May 8737-674. 
July 6T4. \us. a«S!. 

Soyabean Dlf-Cicf. J5.35-2d.45 ■ 23jj •. 
Dec. 24^l-24.W <24.97,. Jan. 24 da. March 
21.45-?f.«/. May 24.1*24 "0. July 23.90. 
Auk UoO. 

' Soyabean Meal — Oct. 170.60-17Q.T* 

, tlGfi.SOi. Dec. 174.M-I74.lW 'irj.IOi. Jan. 

I 17 a. 50-1 1 a.TO. March ITTSo-177.30- May 
179.80. July ISO.OO. Aup. ISO 00. 

’ Sugar—No. II: Oct. B.04-8.07 tS.Sji. Jan. • 
ft 10 iJSBi. .March 9.28-9.31. May B.fa. 
'July 9.61. Scpi 9 76. Oct. 957-9.59. Jan. • 
,0.90. Sale.-: 7.300. 

- Tin—Kj-'i.OiHliu oo itum. •oii.aO-tLid jl 

Hum. >. 

■'Wheai—Dec 343f-:i44 i34j ? i. March 
33A 1-32*1 •■J3v:<. May f Bi. Julv 3225-.TL*;. 

1 Sepl. JSC u*ked Dec. 332 tt-Ved. 

. WIWXteEU. Sepl. 23. "ftye-djci. 9S.30 

■ 9i.2il bidi. Nuv. 99 00 bid '94 0u huK 
Do*-. 99..-IO Bid. May 1V22J0 hid. Julv lO.'jn. 

rtOau—Oa 74 lo bid <73 30i. D*v. 7x20 
<7:170 bid>. March 73 20 auk ml. filar 73.48 
■ yckad. .Inly “J.io arkttl 

UBarley—till. C9.20 >«9 3Ui. Dec. 71.20 
hid ■ 71.170 d*i'cd‘. March 72 90 aJa-d. May 
7.: «0 bid. July 74 60 a-Jiert 
}>Flaxseed— Oci. 259.29 pid ‘.'ajjO bid'. 
XoV 337.50 bid <'254.4<i bid*. Due. 2J6 00- 
256.50. May 360.00 a*Wed. July .'59.00 
asfci-d. 

Wheal—Sf:WRS 13.5 per. «m proicm 
cnuK-ni cif Sr. Lawrence 175.90 V 
All cenu ner pnunfl cx-trarrlviise 
miles* oihenrlw siaied-' “ Ss per iroy 
aimers—100-ounce Ms. ♦ China pi |r*n*e 
S per (00 lbs — Dept. A*, prices pre¬ 
vious day. Prime mam fob. NY bulk 
lank ears. 4 Cents per 56 lb bushel ex- 
warehouse. 5.800 bushel Ms. JfK per 
troy ounce for 50-ez anils of 99-9 per 
iceffi pumy delivered NY. 5 Cents per 


. nu -u,_ ; cent purm' aeiiverea nr. ;■ s-cnifc m 

LIVERPOOL COTTOH—Spot and ship- ( ounce e.-s-warehna^e. i. Xew R 
meni tatet am mimed n» SSI tonnes, brais -1 eonlravl in fo a i 4 wn bin for bulk lot* 

ins ihe loial for ihe veek so far w sscof ido stwn ions delivered fub cire. 

_ ... „ . lonues. reimni P. W. Tanersalt. More Clutaso. Tolcdm Si. Lvuis and Alton, 

- - . ^ COVENT GARDEN—tPrlus m ffterlim per cent. AUgU5t. however, saw a den 2 « ntf name rorward. -hieflv m North I' * Cenrs per M Ih bushel in »iore. 

cenri wr potnifli-DsUy price Sept- K: Sales: 4*i <S 2 »i lots of la tonnes. per nartase rfeem • whtre ofhenei«- f a jl 0 f r nr>r cenl and Mr Cum- c„„-h -ivi.. ' CeBK f Jt,r •* ,b bu^n-i v " Cents per 

170.59 1127.90>. Indicator wice* Sepr a- Physical cfonns pruts fbuyers* were siaied. imported oraducer Lemon* - h ^‘ h AmeHe+n -iyl«. MM , s Jh b, I<hel „. win . hrtlM «cent* per 

limy averaee- it**•'< U71.77*; 22-day Soot Bib -«M.73i: Nov. UJio isamei. Italian. 120 130's new crop K.09-B.»0‘ saiQ ne expeeieo Ifll.s imerrst was al»n 'hum in Vfnvati, 55 in hiHu-i u-srphnirie. 1,(109 buffitfi' 

-average iss.jff il«T41j...- • -Dec. 62150 'samei- Spams: Trays 150-2’ji: s.. African: 7,30- decline to continue in September, qualities. ; U-. •• $C I»r i»nne. 


lateniuional Cocoa Organ kail on fL\s.- 1 - 



Markets unsettled further by growing labour militancy 


30-Share index down 4.8 more at 501.2—Gilt-edged better 


Account Dealing Dates MacLennan Companies, of the spots. Gifford and Snell hardened 
Option U.S.. C* T * Bowing rose 6 further 3 to 33p and Louis Newmark 

•First Declare- Last Account to a 1378 P**k Df 123pin response moved up 10 further to 2S0p. 
Dealing tions Dealines Dav 10 the sharp increase in interim Following the interim statement. 
Sea IS Sen 28 Sen. 29 Oct 10 earnings. Elsewhere m Insurances. Vickers ended 8 down at 188p in 
cS!' * tSt rv tt nit os Legal and General lost S more to dull Engineerings. John Brown 
Sir ifl Or. OB 5?* H H 146P following comment on the lost a similar amount to 442p and 
IG .° .. 5 6 ,? rt ' . • I disappointing first-half results. GKN declined 5 to 274p: the 

fnrni tSS zJffSUKStSff. «M!e Hambro Life declined 7 to latter has announced that it is to 
'Hip i Him ‘of a SrikT hv kea S^p. after 3“0p, in front of today’s close a large part of its industrial 
ivo^-ers ^ EOC IntLreatioLi ^ interim fi?ures - Prudential also fastener division largely because 
in,. l f™ m*/ came nr. offer at HOp. down 6. of competition from the Far East, 

i.hv.r pay demands are not met. . . , , Elsewhere. APV, 23Sp. and Hunt 

•»ih:ch came on a market already Tne major clearing banks took and Moscrop, 26p. cheapened 7 


markets. remained friendless in Discounts of fodav - B interim figures Haden 

Leading Industrials opened at SOOp. down S. UUT. at 45p. Qf t0day S ,menm "8““- “ anen 

.-iicbtiy easier, but a few buyers failed in recover an early fall of _ L 

»hnv.eri inierest at the tower 2 despite laic news that the com- rgot-Pwice- - 

icvels and a better tone developed, pany has agreed to sell its German • ' 

The prosnects of further indus- interests. - 


. Fctce -,2201 


T : i- ro-'iriea! recovery f|n _ - ori* o ■ *Ji -"■'■'P;. ues/i.c | | 1978 

— :.f*«'rn>‘v*n v.-;i<s hc-leec by F-°* , ' s - ..ro^C:y ir* v tin ■ygl-1 ■ -1 -* 

. n-.v^^nirn^ of h-lf-yea-'y expectations. SLUG usxcd a penny JUN JUL AJJG 5EP 

r ,.r ril - 3 p,,-,inn r hirh vere 141?. pending b:*j develop- *-■ 

• >- "•■.p »th rrost oiTTieetations. menL*. Ban.itergers g.'inod •• to 

n r cemnd.iry icsue c b»- S*»P J.-nd. following i +r annva! Carrier dipped 9 to llSp and 
rwe more "widespread as re- results. Gafiiford Brindley firmed Spirax Sarco 6 to 16Sp. Charles 
R=r*pd m the near 9-1 wsiorily a penny to 6Gp. Renewed specu- Clifford, on the other hand, rose 
n-r fail* r-.-nr rises in FT^uo'^d latrre burins interest loft Brown 6 to 126p. after 12Sp, on revived 
Industries and a loss or 1.1 per and Jackson 4 up at 22Sp, alter bid speculation, 
cr-rii tr. in the FT-Actuaries 230p. Foods made a drab showing 

AM-Shsre index. After a sm=:l turnover. IG *? de sP™ ad falli \ *•*"£?* 

Desorte a continu-nc lowc level c ] 0 ; ec ( 2 down at SfOp. St.U >iucKlntosh stood out at 39ip, 
n? acii - «•>■. Bmiili Funds too 1 -- on rcBe^tin^ the interim statement. !■*. white Northern _Foods, 

.1 belter’ nmiearance yesterdav. f f50n ^ fi more to :> 4 Kn but. * nd Sains bury, 22op. lost 

B«T coverin’: vas maintv rnsnnn- u-i-aitin" inri->v's rrid-teTn report 4 an '* 3 respectively. Be Jam eased 
vSIp for a lweful rem-rv mo-;e- SqS S K 2 r to 59p on small selling in front 
nip'’? at >be shnrt-erd of ’Hp ‘ of nest week s preliminary Ccurcs. 

■‘P-.-’Irnt .. ty'fp rlne’ne epiis Cnr.ihincd English i/m-“. 5 _a v.hiio biscuit maniifnciurcrs had 

-n ' (j'wp.. P- r - r 2 ' Associated 2 cheaper at 79p and 



AUG SEP 


lCSp and .Marshails Vnitvrsal re 
ceded 6 to 144n. 


harder ar 43p. after 42p. despite 


Tina staged, a modest recovery 


ceaea 0 10 wo. :bn reduced dividend and earn- ^ 

In a relatively active trade, jn^s. .oTow mg far eastern buying. 

Campari issues met profit-taking Awaiting fresh developments in * 

on doubts about the income- *b e bid situation. Dawson Inter- —T 1 an ^ to ,^°°° a i 

boosting scheme that accom- national slipned 3 to 1K-) d“«n>5se Ay tL “r 81 . s ? 0p an “ 

panied the annual re-ulis. the an improvement of 4 to 182n in Trwi< *- ®»p both mprwed 
ordinary gave up 10 at 320p. after bidders V.TMJara Baird. John aro ° nd ? foUowing therr dividend 
Hap, and the B IS at 11*50. after Haggas. recently involved in bid de ? ar ? tl ?. ns - . 

iHp. In Televisions, disappointing talks with Dawson, shed 5 to 141p Australian diamond exploration 
annual results left HTV N Y B , issues again attracted a lively 

down at 12 Sp. Golds easier two-way trade. -Ojter Exploration 

uuiub caMtrr a;?d Spaises both edged up 3 to 

Sou?h African Gold s lost ground 51 p and 32p respectively, but. 
r ‘.he third successive day Northern Jlinhig encountered 


> '’*■ '“'’rn.* oc^rrrpd -hr r : , J 5 : :v he*!":- Lnrlcd 3 louer at S4p. In Super- . L S Luca* intfoxi'-K-V »-ai'*ed I?,e *2 •’■ :s e Li the bullion orofir-talriitg and eased 4 to 133pi 

1 -I' rhm i.-ivo :r...n-c-:p:r:c- :?■ :rr. pr.i.. - markets, kwik Save finished ./ 0 on i... . 1 ' on Ptice to S317.375 ner ounce which Uraniums were dull. Pancontinen- 

-.r: h.-r : |..r ,n --nr.-w- U -oip.: w • cr.fi-':. ;0» Fr on down ai 89ii following new s of the J" , vh % was more than ofEsel by tie lower lal giving up 5 to HOi. 

• -t •“>' t:-'' ('■ -!!S ‘11 i'. and 0 : ■ncresi purchase of the Cee ,\ Cec , T , ' 1 ' p ;; lie r -I''?, w ni.e 


c. in* 1 1 *“. 'i a >htue Reficcirnj 1 . ! ":w» nf.-ni** -is-ntli. - :!:. concern for i3.75m cash. William 

-r ■in" Amber Day -! la 42.\ Low clipped 4 to lOOp. but William 

•f*n* r- hoavv jrprri^’orni fv.n- ;.fler 4!;'. Owen Owen .tlorrison closed without altera- 

-. v helv.een S7 and finished a penny ;ov-:r ;*. Ulp. lion at 90p Following the nalf- 

--'7 c?nt. :!ie in-.estmonr currency after ?97n. de-'Pite the firV.-hulf yearly reporL 
nr-r.^ir dr.fie-i :«v.er a5 bu«inn«s year profit; recovery. Current!-' Adda International, interim 
o'" The close v.as SR* ir reeetpt of r. i.Vfp rhare expected soon, receded 2*. to 4Sip 
pp- i5(v\ti 2 nnints on cash offer from. P';nto=. M : /Jkird fallowing news of the Osterley 

o’'..r-:-h* <-!nre Y®«refdev‘s S E. Etlucath*nal fv!! 10 to !*■»?*. while 3!otel acquisition. Other dull spots 
crn .v,--; on factor was ’ 0.7050 Currys. 2 nd Ra'ncrs. c 1 . in Hotels and Catering included 

iO^tOI. aave un 4 r.-.rce and V.'aHIs Trust Houses Forte. 4 cifi 1 at 237p. 

Over a Third of hfe fi?2 de?K cheapned 5 to »;3u. and Ladbroke. 3 cheaper at I7i«p. 

cnmnleted in Traded Options was Electricals contributed rper prw-i 
transveted in two stocks. Marks share of dull spots. Electro- pIUWCI 
and Spencer, lis. and ICI, 110. components fell 13 to 395?. while The threat of strike action by 

FarncII. F.lecironies, ntltlp. and workers at BOC is a substantial 
C T- RnuTino nlpa^p Racat E!cc:ron:p«. gtSp. ’ lost S wage claim is not met served to 
v *‘ *■ uu *' ,,u 6 apiece. ESK eased 4 to f»5p. EMI. depress the miscellaneous Indus- 

firm market of late following a du!S market of late "on the trial leaders even further. More 

last week-end’s revelation that the chairman's profits warning, sher stock subsequently came on offer 
croup is planning to merge its in- 2 to I44p for a loss of 17 so far and closing falls ranged to S. 

sura nee interests with Marsh and this week. Of the isolated firm BOC gave up 3 to 72p, while 


down at issp. Golds easier 

Still reflecting the criticallabour ... . 

situation in (he industry. Motor; , * oa .£ ' Gp, “i 

and Distributor-: 4tet'.'.‘.rd fresh .;^ e lt V‘ c . 
losses. Lucas Indusiru-^ rallied J 1 *, 

hire tn dose only 1 * er on p . i,ce ln 
balance at :jl9p. ifter ::i ! »5p. while *' 2E m ? ?5 ^ an b l 

falls of around 4 were recanted in _I 

Associated Engineering. IIJ^p. 

and EPiP. I05p. DunI->P Kn-'shed Af 

unchanged at 75p. af-er 74p. fol- 
lowing mierim figures ir. ?.nc with 

market expectation *. tii ;e Broun Denomh 

Bros, edged forward \ 10 27p on Stock tion 

the preliminary figure; Garages Shell Transport... 25p 
lost more ground v. ::h Ford European rerries 25p 

dealers oanicidE’rly ‘ier-re'sei. BP . fl 

Frank G. Gales were 1 : e25-er at ICI ......... £1 

47p despite hte drst-hi;T profits RTZ . 23p 

increase, while fails of 4 were CVS “A". 25? 

seen in Tate of Leeds. GSp. and Marks & Spencer 25p 

T. C. Harrison. 11 Op. Harold Perry 1 P & O Defd. £1 

were also on offer at JJi.ip. down 5. BATs Defd. 25p 

Scattered offerings loft News BOC Inll. 25p 

fnlernational fi cheaper at 247p Barclays Bank ... £1 

and Associated Newspapers 4 off Distillers . 50p 

at 182p. Following the interim Trafalgar House 20p 

statement. Associated Book Pub- GEC . 2Sp 

Ushers shed 8 to 245p. In Paper/ Unilever . 25p 


ACTIVE STOCKS 


Xo. 

Denomins- of Goshtg 
tion marks price (p) 


Change 
on day 
— 1 
- 4 


FINANCIAL TIMES STOCK 

----•--'ieot/'- Vwf. • ateraT ; w-G.-'Sefe:/ 

- Ss : Si i S -. Jr -3£.. 

G,. Tnmf- 6S.«: TO-15? 

.-.! •»« 

., 170.1 173.3 177.0 *B0.0 


Metal Bos shed 8 in 350o as did Printings, J. and J. Makin at 107p investment premium and securi- 
PUkinginu, lo 307p. Beech am made no response to the higher ties rend. 

ea>od ’ 6 to 717p and Unilever annual profits, and Woodrow Ac tiv ity fe-Golds remained at 
closed rhe same amount off at AVyatt, I5p, were unmoved by Itae a Joy level tbroayhom tire day, 
564p. Glaxo, however, again dis- reduced loss. prices marked up at tire 

played resilience and closed 3 Leading Properties recovered opening reflecting the overnight 
dearer at 630p on fur*...er buying s ujah falls to close virtuslly ?.rmn 2 ss of bullion in New York, 
interest ahead of unchanged on balance, but but then easing back owning lo 

due on October ?» s.condary secondary ^ues sustained losses lark of interest. 

SKLSf^lE fZ&S’SJS. gA- P * *! ! " «??.*“ E 0 '? V» ujh Mb.m 


mu... >«■»: »«•* 

.tawwiwr.’ >».K 13W : 

IlUVBni:.■ 5.162 5.4*1 5.159 4.*^ 

it? am iij-3. n am rjs.u. -‘''tor. J 

\ ; sn ilhi.3. ’ r«n V®9 

Lai hi index 

- ■ Saicd C7 E >:r uirvoralion las. r 

' ‘•T 5 a *jt 1M Gov:. Secs. 15 13-26. ?:v-C ia-_ 93. Iftl-pr^a 

Miiws 3 ij- se A-.uv.7 JBir-Dec in_. 

HIGHS AND LOWS S.E- .W^ 

. , _ _. _ _ — ■■ b ■ rri j 

" " Bj. L<.ui|ii , «ii ,H J I '-.l/Si-* 


►o the «eversKmaiy a Rarrdfontdn. £36?. and Vanl Reefs, 

recent and Trafford^rk Esmies eased while among the lower- 

S” up smulany tjMDp and 12ap resnec- pr-ed stocks Kinross dropped 24 
\ g t o tiveiy, as did Apes, to 2oap. to 3453 ^ tfe&oai 8 to 2l9p- 
•w . . Ttadinsr in South Africans was 

——v Leading VllS cpnet also subdued- Anglo American 

] Slightly easier at the outset Cow**®® and Be Be«s 

| leadmg oils rallied to dose aL or 
i, 1(J dose, to overnight ievels. British 

Petroleum ended unchanged at ConsoBdata! Land s roped j jo 
| 894p, after S30p. while SheD eased J***- Afrikander L«^e gave up 

‘ „ a couple of pence to 566p, after the *!l mioa l 

|200 564p. Siebens UK generated am- !«“*» j«*?T **» chmrman 

; siderable speculative activity and sa - vs fi 3 - a uccisron to develop the 
1 traded between 320? srd 340n Trims rarino. be taken 

j190 before settling unchanged on flrannns. discussion? With 

| bilunce at 234 p. South African Goveromenr 

.... . _ . . sre ecmhlelsd and. that these 

-ISO ?a i7“75 s . er : take several months, 

i I hj ^ s,rae Da 1 }®. ■*'B*h_nnaR*a London - registered Financials 
: V- ? 7? 13 ' 3? ! ” w ® rse& * nr ft-rf in ffr.e with UK equities. 

;i 7 n -- * .. Rto Tinto-Zmc were nersistenflv 

170 j?: xaSd-and fen to 240n b^ore ctos- 

> r' 3 '"“ 5 a c * ..'S.itUi.on^i in.e.ess, -. nr . s re j a lower at 2 -* 2 n. 
iifin - Charter CousoBHated' and Gold 

J 2 I i«i&d !U«Sm VoV^Sc- ^‘ r 5 , l 4 ,*SKHSTrt 9 ! 


. r ; ~ -• : . _UUiT 

(ion.MO... 1 ta. 5 jb j oB.nw j ia /.4 i -w.uft j ui.i-E^w^ 


j ifiTi ! icvi 1 I ly-lcft j .a.! io* 1 ju-iukL-va^; '#6 

Pi ~4 i au a t to. 7 j i la-.s I I 

.»• ,a.i* ,e.-ei vst HAi:r irina l Tt«t«^ 4 .. 1 -« 

If >-i*Y A 1 Crwvf 

irf.urj—| aso.6 44d.« ' ao«.a , 4«.q 1 c ji-K.uje: 

/_• 1 •*:«.*< • 1 * * 111 ; , * e - 40 ’ to-.tiu 

OWO M .nej a06.o ISO.i 44SLA fS.9 ; •auoi.Jire..} 

•>- »|- f, . .r |. .\ y c >:■ iot« *» . 


LONDON TRADED OPTIONS; 


|Ex'ivi*«i Cl-uina vur.iaa. 

•I-Optioa ; price ; offer” Vnl. 'j. ...ffw j -»oi. 


Jmiiiacy 

Clminy’ 


'BP 

l JBP 

^BP 

Com Union ; 
'Com Union 
Conn (ioki 
'-Cons Gohl 

Courts nhlft 
Court (luIi It. 
li>u(in:iltl* ! 
UonrtHiiltlk ] 
Hh« 

CK< 

OF.i 

bKi. 

(irrL.I Mel . 
(i»«l Ilf! I 
Utku. 1 Met ; 
frl .: 

HI i 

iii : 

111 

Laud SeCB- 
Lkd .1 Swl i 
Uaiwhfc Sp.l 
Marks i Sip.' 
Mnrta £ SpU 
Marks & Sp.; 
Sbf’l 
Sl>e(i 
Shell 
T'-tal 


BOO ImL ; 

U. ■!» 

B-is i 
E.'l 1 I 

k.*:i 

I'M! j 

I-.Miirml Gj- 
in/ 1 

in /. 

T'lai* 1 


aso 

54 

900 

24 

950 

6i« 

140 

6 

160 

I 

180 

8 

200 

lit 

100 

20 I 

110 

Ills I 

120 

4 j 

; 130 

Us ;• 

2HO 

44 

'. 300 

24 

’ 330 

6 

. 360 

2i s 

IOO 

Ills i 

i 110 

• 5 

120 

l’-a ! 

330 

66 ‘ 

360 

56 


12 is . 6 

21 ; 68 
16 , 3 

5>s : 69 

n i ,* 

I I • 

72 j ' S 
26 1 9 

6.5 
: 504 


01 : — 
56 : ™ 

35 -J 3tt 
14!j: - 

6 i - 
16 y. - 
7l 2 i 8 
22 - 
IS 3 
.8 ! -- 
4 15 

56 6 

44 — 

24 - 

12 

191; - 

111? IB 

5i 3 

76 ~ 

07 : 6 

27 • — 

15 ■ 17 


is : io- 
12 : 3i 

61; , 37 

be :. i 

46 i.—. 

22 | - - - 

... *90 lV 
FrtHiuiri - 

24 . 


l 

•- offer Tot. 
1!8 • - ; 

If.! - ' 

. io j :Z- 

j 22 — . 

15i 3j 21 

VJtf' ' - 

: Z1 — 

: 71; - 

67 1 

• 53 • - - 

51 12 

19 4 . 

21 1 

13 1 

■ »’r 5 

• 56 3 

: 35 ' 5 

20 ...... 

: 32 —V 

171; • 2 

- 29 ..; — . 

■I ff. v r. 

its t-‘. 

1 £3 ' 3 

■: 34 

' .• . I BS 

AIa\ ‘ ? 


- 7 - Id 1/ 

- 17 J- 1 -.; 


i 

r — v 


i. s j- 

r 3 • f 

15 

[ 7 • 


FOOD PRICE MOVEMENTS 


September 2S 
£ 

BACON 

DanL*h A.l per ton. 1.115 

British .\.l per ton . 1.0S5 

Irish Special per ton . 990 

Ulster A.l per ton? . 1,030 

BUTTER 

\Z per 20 kg . 12.39 12.72 

English per cwri . -75.39 *<.61 

Danish salted per cwtT... 7S.9S.S1.S7 

CHEESE*; 

XZ oer tonne. 1J61.50 

English cheddar trade per 
tonne . 1,275 

EGGS* 

Home-produce: 

Size 4 . 3.00-’SJ» 

Size 2 . 3.70 4.10 


Wed-ago Month ago 
£ £ 


12.59 12 72 12.59 12.72 

75.59 75.39 

7S.9S SI 72 76.3S 79.52 

1,1C 1.50 1,161 50 

1J75 1,275 


3.00/3.40 — 
3.65 4.20 — 


September 2S Week ago 
P P 

BEEF 

Siot-i-h killed sides ex- 

KKCF . 53.0 57.0 54.9 

Eire fun-quarters . 36.0 38.0 35.0.':iS.0 

1^11TB 

English . 52.0 58.0 54.0 5S.0 

XZ PL» P.’Iv . 56.5 58.0 — 

PORK mil weights) . 37.0 46.0 37.0 46.Q 

POULTRV—Eroikr chickem, 36.0 39.0 36.0 '39.0 

• London Egg Exchange price per 120 eggs. 

X Unavailable. r For delivery September 30-October 


Month ago 
P 

53 0 58.0 
36.0 3S.0 

54.0 58.0 
50.0 54.0 
36.0 44.0 
37.0-39.0 
t Delivered. 


NEW HUGHS AND LOWS FOR 1978 


OPTIONS 

DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion roenl 

Sep. 26 Oct. 9 Dec. 28 Jan. 9 
Oct 10 Oct. 23 Jan. 11 Jan. 23 
Oct. 24 Nov. 6 Jan. 25 Feb. 6 

For rate indications see end of 
Share Information Serr-ice 
Money was given for the call in 
Cullen’s Stores, English Property, 
UDT. Westland. Spillers, Premier 
Consolidated Oil. Burmalt Oil. 
William Press. Mills and Alien, 

Status Discouot, Talbex, Hong 

Kong and Shanghai Banking, 
Duple International and Dunlop. 
A put was done in EML while 
doubles were arranged in Black¬ 
man and Conrad. First National 
Finance 91 per cent. IV1FI. British 
Land and Westland. A short- 
dated call was transacted in 
Bejam and a double was arranged 
in EML 


Th? fnliotomri sc:u.-.:.-.- aattet: n 
Share Inlornut.an 5cr-. itc *«!»■ sa* 

attained new Highs aid t ow5 tS“fl 

NEW HIGHS <171 

, , _ E JiLOINGS •■!» 

Lafarge S.A. 

_ _ STORES 123 

Comb. Eng Sio-?- SSL' Strrcs 
ELECTRICALS 1! 

Noixnark lLour. 

ENGINEERING 3) 

ClilTord 'C 1 S:.ir.r '.; 

Norsae iW E • 

HOTELS 11 • 

„ . , _ INDUSTP.rA'.S ;• 

Benwiel Timoo Rj;se'-.A' 

Dcnbyware Uid G.a^niee 

Hunilc-gh 

„ _ INSURANCE 'll 

Bowring T.3 
, P'PER 11, 

Ease Lan«5. Pa&or 

TEXTILES -1> 

Tern-Consuiale 

. TRUSTS ill 

Int. In*. Tat. Jersey 

NEW LOWS (9) 

_ AMERICANS »I) 

Gen. Elect. 

BEERS U 
Amal. Dist. Prods. 


BUILDINGS 
Aberdeen Coratretr 

ENGINEERING (2) 
Birmd Qua least Bra>thwete 
INDUSTRIALS (1) 
S^ca-.h Match 

MOTORS (1* 

Feah Jn*s. 

TRUSTS s2i 

Man Metros. Ir*. Martm IS. P.3 


RISES AND FALLS 
YESTERDAY 

Up Down Same 

British Funds __ IS A 30 

Corpus.. Dom. and 
Foreign Bonds .... S 10 47 

industrials .. 73 752 «7 

Financial and Prop. ... 2b 258 IW 


Oils . 

Plantation _ 

M:n« .. . 

Recent Issues 


3 13 19 

1 5 25 

17 73 C8 

1 IS 22 


Totals . Ml L2» iWa 


RECENT ISSUES 


EQUITIES 


This announcement appears as a matter of record only 

The South African Breweries Limited 

(incorporated in the Republic of South Africa) 


SAB 


Private placing of 50 000 000 

11 . 2 % 

unsecured debentures 1994/1998 of 
R1 each 

The above debentures have been privately placed at par 
with South African institutional and private investors. 



2? 

7 > - f* w 


Kcilur- luMniwI-. . 85 .'rf2.<1| 3.1] 4.4 7.4 

ti* ;J.rtie> lE.i Jew lr»)2Lip.l61 1—2 I ».*.a! 2.1 5.114.0 
ailf Manor Xnt.tin.. 3Mr*. 32 l+la • i.2.l< 1.310.011.1 


FIXED INTEREST STOCKS 




— li'lO: l .• !2Ib(i . 12% Cunv. Pri.— n- 

£10 — 1 IQ14 i lu3o Urt»U»; WarerwwLs 15 Prl. 15f-5......._.j lOLi —.7. 

— 27/10: Iii,. Utt ; (.ji.oinii D<r Urn*. I0.it l*na.. 107:. _^!!! 

nil 29;Sii!i[-ni ipui Hn: * --luub 14% l*i _ M ...i 2 ohV . 

F.P. S/12 lvili;. IOJ l H>iwar.l AWyD.-lbn.in Lij t'o-. l^n. ...'101»; . 

f.P. — --^p. L^>lp'luli. TlMm im C.mt. 11^1. Prvi. bOu.I 240ii_ 

— 3;^. ShU.Keni.|ru!tAn nn-l L'b*1n«t Var. ttate Uii ....! 98i<_I- 

5/11 il . ir ■ LbI ham June. 8J5 L'lim. Prei__......j si 

F.P. — Si-* 96 Nnrttumriion Var. Ifatic- K#*t. .' 98 

— 9 23j soulbwju-k Corp I3k>a R&l. 19S7_ 1 8 L ...". 

"-P- — iiils: ^ Mrsihi-'v le V«r. Hate I.^J_.... 9« —is 


t Oils *5 


' 500 SHAKE IXDEX- 


FINANC1AL GROLTftOO) 

Bankstfii.. . . 

Discount Houses (101— 

Hire Purchase <51.. 

Insurance tltifeulOi_II. 

I nsarance iCompositei (I ). 
Insurance Brokers Q0j «L.. 

Merchant Banks (14)__ 

Property<3l).:.. l-.. 

Miscellaneous 17.) 




44 RIGHTS ” OFFERS 


I S.? - J L*Ir:t 
5^ ! Beniinc. 
= ■= i Dale 

<- • 



Blgb i Low! 




Issuing House 

UNION ACCEPTANCES LIMITED 
(Registered Merchant Bank) 

A member of the Nedbank Group 


September 1978 


42nd Floor 
Czriton Centre 
Johannesburg 2001 

37 Lombard Street 
London EC3V 9BN 


INVEST IN 50,000 BETTER TOMORROWS! 

50.000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS—the cause and cure of which are still unknown—HELP US BRING THEM 
RELIEF AND HOPE. 

We need your donation to enable us lo continue our work for the CARE and WELFARE 
UF MULTIPLE SCLEROSIS sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH! 

MW Please help—send a donation today to; 

j| "JjjSj® Room F.l, The Multiple Sclerosis Society of G.8. and NJ, 

icy !?4 4 Tachhrook Street, London SWI 1SJ. 


1.27/10- 73 ! ?0 ’Aaronsoa 

>2710. S&0 1 427 iB.T.R.. 

— 40 • S7 iBunk of _ 

1 13;111 27 pm . 10pm'Bsrfnn- Hanit....... 

> 24/11 /a I .Ui*cin-cwl Hnrtge._L" 

> 10:1' &&lj &l fintisb Pnntinjj...^. 

i — ! fi{im Sispm Change Wares...... 

^ 511. luj ; 11} L'huui.... 

' aJpin' .‘0pm L ie. Fr. Petrulea......-... „~! 

J17. il; ttpro- Soya Uaigety... 

>. 13/10 SO , 72 jlXMda... _ 

>1 5,’ll 10|imi l|im| Dufay Hit'mastic IOJSUdt. 
! — Rjlj . ^ .filuhe Rad Ph oeniT 

>:13|IC. K : 76 ;Hii. 4 dmitli ... 

J10 11. i4pm, Ijyni'Huwilnc Group...^__ 

>27.10 94 1 ^ ‘Jnliml iwrrices..^ 

■ — W I0h ;ilKui]idi HHiUnin_ 

>-27' 10 t SOpRi'f-’iim: Lex Serricr-.,__ 

127/10 'i.Ipiii 14|ioi Lun. & Midland Ind-. 

i H/10' 111 io 4 Pt\»peny PannersblK .... 
S;«!7.1 l; 80 • 13 Rainers 'Jewellersi 

J! 3,'ll.Sigpoi' swn.KeJiaiiM Knlnrear.-.. 

Bill ill ; 2S5 liwanin fdg..;.. 

> Ij/II la 14 -IVearwci: __ 


LTtr-tnj: !-$- or 
; Price I — 

: p: ! 


-1 70 1 _ 

.. 331—1 

- 26 —I 

... IQinc ...... 

_ 66 . 

-i 52 -1 

..—J 31s pm, _ 

... 138 —2 

••..^...-"1 2U|im, . 

..; &8|>m h... 

-• 73 '-1 

.Ln '96-03 lpm— 1 

.; es —i 

.76 ;_a 

-1 21pn.'—S 

-J 94 | . 

... 131$;- 

—.:84iBi..f—i 

- l4pm.-2 

_107 1 . 

.70 j—4 

—....—. 51siri;. 

..! 303 ’—3 

..10 “-Un 



-LO 


227.16 -1^ 3J7 

107.44 “2.1 16.42 

31^98 -22 1532 


228.66 


FIXED INTEREST 
FIELDS 

Br Goit. Av. Gross Red. 


British Government 




pay'*. sd ady xd adj. 
chanpe To-day 1978 
*• to date 


cMj, 


EHi 




























































































































































































Randal Times Friday September 29 1978 


AUTHORISED UNIT TRUSTS 



Waster Fund Managers Ltd. Provincial Life lay; Co. Lld.V Save & Prosper continued 

Ml nsu-rllsc .Arthurs:.. Kl 4. 0I4CS5JKO ZS.Bl«Jw.p*a»le,ECi' M-M78539 SCOtUtS Securities Ltd.* 

STiiKirrSepf 19 . 1399 4191 | in PreMie Unite- . (90.4 94.M-I.Sl 394 &.-«*» _B 8 S «Ji- 0 ’ 

fc-LCtupt August at 1100 7 1M7| ....[ 533 High Income-flUJ mlj-isj 694 _I .. 5*0 5 SM-a.’ 

MtA Unit Trasi Mgemni. Iftd. o-.,« iwtwu ru>f.KUb> stroMAares--599 -2?S "® J 

1 *ldQuernStreet. SWtIIBIG. ‘ ■0145307353. sroL'IrUJ l lS^J " 

VJU lltill- Lra 1 UIM l -ant Hfllbom fhfB. DTlN2NK 'OMDSfiSiS 1 |T Jj"r 

M-UzlVw-Z - « rJ-.\ piwtenaal.. I33J.5 I4L*-2.5[ *23 C 


Murray Johnstone U.T. MgnL* (a> - 

nnH«foSireei.uL.v-i.'Aw.(.a 2 i:>i 04i 52 i 5 K:i Quilier Management Co. Ltd.? 


x. Lid .9 Save Sc Prosper continued ' Target Tst Mgrs. (Scotland) taKbl Alexander Fund • Keyselex MngL. Jersey Ltd 

91-S47853B Scotblts Securities Ltd.? 19.Atholrn^rent, &l!r.X 0J]-229M2U*« 37 N«re name. Lnwmhnure. POBoxB&Sl artier.Jmey ■i'EBgB1^0fl3IJW» 

W-g-tii 39* Scotbtta_BBS «L3i -071 395 Target Aa«r£aclH27 7 Mia-0*1 173 Alwandre Fund.. | Sl‘SJ.25 I . j — Fonrelw-if 1 **® IJJS -\ 18 

m*|-ia 694 ^cotyieW_ ..5*0 5« W-0.9 *97 TareMTWstleZZtao q+jj ♦*?} <» Net nsocHaluc September 27. Bundtele*- Efr 13*15 U1W .. — 

Kroteharoe_ 59 9 54 .® - 0 * 44 * Gacira Iterate Fd._ £a .3 seSa!-oJr 9 oj Key*eJexJapan.—..{£1413 — j [ —- 

Ltd.*(aHbMt> senc.jfc »4 • 2^3 . ^ * -Allen Harrey & Ross Inv. Mgt fC.I.) «*■ ' u ^ r 

-oi-UBfists SrotEe YW^ .-hM-l 189-7ei ... 704 Trades liman l 1 nit T 8 L Managers* , marine rwm «. r , 

}4U|-2Jt *27 «t 3*^ “ ; If M “* 1 ‘- ■ 100. Wood Street.Bfi. 0!41288011 AHU lilllEdfi.FtL. ItltHE-' 10.031+0.011 1208 ^Ug_& Sfa»SOB MgTS. 


t RHier. Jersey.. neng m-«»am 

_|FrU2B9 MW . .1 2.1 

.. . |Fr 11435 UlW .. — 

SpZr &*«" i+o w| — 


SeMesiuger Trust Mngrs. Ui L (aKz> TUUTSepn_|si7 5514 . 1 532 


I*n. South Street. Doridng. 


rtcoffiae+i! ... ^ 

a -031 2.99 Transatlantic and Gen.Secs. Co,* 
01» New London Rd- Chelmsford G245MC 
-g-J IS 8 *rMe*nSepL5® p »0 93.9-211 *. 

-0* 4» (Arcum. UoKi)_11225 2331] -4 3| £ 

12 U.rbE«tSeplC7.^0.9 93.6| . .1 Z 

'tl Bocfaa.Sepj.28.-. [ 8*4 majJ *■ 


tu European . ^ 182-7 H ll -0.11 2.49 Ihr SUc Eacfaaace, EC3N1HP. fti-*Q4m ab. Baeswi ..-.231 2*31-03 299 Transatlantic : 

IMuIIOk lia* Friday. Quadrant<*».Pd..IU3.1 a?.*.[ 4X1 Am.Urowth__ 28* 311^-9 4 2g OlOftriewlondon 

Mutual Unit Trust ManagersV raHgi Coiadraminceaie. .lots us.g.[ 7.M g««p< High vm . 2 Bi Sfl "S^ IS 8arM*»nsain .39 

iL.r ( ,||ib.iUAvc.EStuR7B13. (<HS»64B03 Kcliaocc Unit Mgrs. Lt(L¥ BuraSe-TB_!Tsio §11 -01 891 B^rbijroiScpt27 

QulnolSf* llu,.. 15?2 559j-0.41 US n . .. Timiu-iit. of. ri_ m IncooeDlK.- _404 43Lfl-OJ 960 Bocfaa.Sepj.28 

Mutual Inc.T-x [73* 7781-05) *9$ RelianceHae.TWWflKWtM.Kf. 008522271 1 ^.,imtWdrsl.306 32W-02 9.60 lArnun. UdIki 

Mutual Blue Uhip.ta 3 4*2-0 2} *.58 ggggrarutyPd.... _^3 23 f lnEql.Cnwch.-Sl-2 54.3-04 198 M^’SnptaTJ 

Miilu-il lilChVln. fes *74J -O.SJ 887 S Wpfai eT.tAcci-f464 49H-B.7I S.M tar TEtUoKs_27 8 29*-0J 401 cjSSS.u5w.“ 

National and Commercial ' " ..^J 48^-oi) 5.19 Mntetljadon.. . M.B w|:g' ^ounbW-SeiaJJ.. 

:».« AnUrewSfiujn-.Edinhuxrhm; .wotst Rldgrfleld Management Ltd. Pref AGdtTrajr .22.4 2*l3 -ol 1239 CteS^Sptael 

I nronje Scr* !t> -[3*8-6 17*i[.J 5.38 38-01 Kennedy SL. Kane healer 001 330 SSI Property Stares-.. 2** 3ft7j -0.5 2.98 (Arcum. Units!... 

(Arcum Unln 1 . 030 8 2394] ... [ S3* Itidcclield InUUT.Hna 11 a M | «J8 SpeclatSILTE —310 34M-0.8 22* Uartboro Sept. 3BL 

Cap. Sent 30.HSt 14L« 3 79 RidfefletdIncomeJ98D IUo| . J 8B ^S b vj' re,i131 S} JJg j-f? *AccuiaUnitci.... 

lArmM L niii..(X6S.4 X72*j ..| 3.79 ^ * U.K.Grth- Dirt .7.[20* 219J-ds| 407 Vao.Chrth.5opt.S0. 

National Provident lav. Kngni. Ltd* R * thw?hiW AMrt Management (g> j. Henry Schroder Wagg it Co. Ltd-V UMmUdw - 
tfl.OnutchurchSi;, rV3Fmill i(Mt22*20Q l».Che«pMde.E.CJ 01-S40S434 vWrccScpt 5T 


S£:l if :l li wxzsxr Wri »t 

National Provident lav. Magrs. LuUf Rothschild Asset Management (gi j. 
4fl,Or»(tchurchSi : 1 rTTIFOHM i(Mt 22*200 720a .6«Oh qatel>d.._*ljmbUty 1 __ *&***} 13 
S.I’IMM'BT-n... H9.4 52.U _|. 4J0 S3 ill C ? 

lAvnun Umlsi* U 0 3 UZ *30 tS '. Al 

NMu-war.TW.-j . IJ33.7 14J id .1 | 225 J5 C ^ 

.ACrum IJnttai.. . .BS* . MS3_. -&S; fig;«3 iJfl £ 


r-n.T'|49.4." 52 .U '._[ • 4J0 a^ fgy/^fcKsi CApitS'sepc-aB.-Ijllo 5 JMfl '""'ia' (Aecum.UnUfcT.r 

<• no3 MZ *30 Km •SS^Sl'ZjMSJ'S ittl “?"3 iS '. Aceum -‘.- —•■ fi? WiekYSwtSB. 

U.-J. JJ33.7 343 55 .; | 225 m r ' “f3 ?5 IncomcSepCjM^Sia 39 3 .... 6.ffl. .accuiuO nltoi. - 

ISJjS . 22S JJSw rftSE? wS 'Acram Ucltsu - B998 3191 .... *81 WickDt.Sepi.22.. 

Scp t . 28 Mur Uealinfi Oct a. J5£' TiJi! ”13 4 5 General Sm. 27. -ftM 943 . 333 Do. Accum.-: 

ieja. a riert dMlin£ Sept 20. NC-Sml]rCoysFfljISV2 U9.4m-24| 486 (Acsun.Umlsi-UP* l 10 - 0 . JS . 

estrainster* lal Rothschild & Lowndes Wgmt. (a) TxZSZ^il' !! ga nl i.!' ill Tj-ndall Marta, 

e; Ecr.' BEU. oiona Coao. ■ 5tSwithlnstonelAt.EC*. 010204338 -Pp4ChEFaSflpia. 5» 0.6 18*1 . 422 IS.CfaBJlwRimd, 

a.t... 67.5 72U-J21 42ft. New Ct FicmpL .jOJU 141.0M..-4 3*5 *^E«f&6cpL I2CT7Q 2958 .... 3** lBcOJneSept.2 

,. -05 7 -74.91-12 734 PrlMS 08 Septoobtt J* NealdmllniOctober 'RecoverySept-12 2ZL8c 589 tAccum bnits 

_ 34* ■ 373 — 0.7 542 'jT"***u«uasv«u»Ber ‘For tax uaemp: fund* ocl> CapilolScpt27 

_no 95 «- 1.9 S.4S . . Scottish Eonltable Fnd. Mars. Ltd. 9 {Acctun-UmtsK 

m -gj IS an™ Umt Tn .,1 Jtogt UJ.y ( .l , 9 ^.^ SSS^ 

J/.. Pi 6Ssl-12 :» Ciry&aie Kjc..Pk»bury5<l-EC2. 01008 3 000 Inroine Units_BBS 5611.j 500 InL Earn. Srpt27 

•'. ' ■■■ .r:* *7;.. AsrerHcinSwpc27_ 70J ^ 7331 -1D 112 Aecum.Umta, . 579 W# 508 lAceum.Units. 

■Managers Ltd.V (aHg) SecumleaScpt.aB.imS 290 53.. . 3.92 Dojmi day Wcdncadav. PreLSept.Z7... 

aorfans.Surrey. 3011 M 1 * h 22 g? «t 3 " ' Sehag Unit Ttt. Managers Ltd.» (a) .Accum Uoltsi 

. te|2 s£t$ ”{'3| iS Morll^Sc^sJ!- M« mil S3* POBo« sn. Bcklbiy.Hrc.E C4 01.2305000 

OC ...K.9 525at 1.4{ 737 LAccum.Unit?)-fcW3.4 110.71— 326 Sctuecupinl Fd...W3 36 9«t-0 6t 3 54 


NPIU-irar.Tnui. JJ3S.7 143 Sg .; 225 Kc wiSirr, 

lAMm Unit** 1 ". . Kif. MiS . 225 J 2 '^ {S'*?-,? 

•■Ptirw on Sep.. 28 .Vur dealing Oct 20. 

-FTtcea un Sept a Ncrt dealing Sept. 20. ^ C- t ° 7 * 
National Westminster? (a) - ■ Rothschild & 

tOl. Cbcspdflc; EC 2 V aEU. oiona coao. - SLSvttblnslaa 
Capi Lull Arcum...... 67.5 73 U -3 2t 420 - NewCt. ExemK 

Extralnc.. ... _,69 7 - 74.91 - 1 _» 7J4 PriCOO 0 B Sentei 

nuni-ial _' 34 6 ' - 373-071 542 

Cniatblrv BOX 9S«-1.9| 54S 

Inrnnc. 372 39«-07[ *45 Rowan Unit 


187.41 —2.9 
123.7 -22 
2643 -2J 
9*6 -16 

9J.I -1? 
169 *4 -23 


SrS Bocfaa.Sept:28... 8*4 

M-5 "5 \ JB (Aectua. Unld_1045 

S2 '22 ewemosepta..-, as 9 

299 - 0 J 4.01 (Arcum. Uutai-1672 

Ml-0« 428 cumbfcLSepLZT... 532 

al3 -02 - <Accum.Uuitsi._U.4 

2*IX -0 1 1239 Clee. Sept. 28-577 

30.7 -0.5 2.98 (Afcum. units!... . 7*2 

M 2 -0.6 22* UarlhoreSepLOa-. 53.9 

246 -06 427 (Accuta Unite)... 62.0 
219|-ftj| 467 Van.Chrth.SeptS6.S22 
.in. (MV (Acrttm.Unlui __ 6*9 
( « io. uo.T Vnn'Hv SenL « _ 15 J 

.. _ 01-M03«4 vSaKesS K. *01 


1 Chanac Crew Sl Holier. Jersey. 

Arbuthnot Securities CCJ.) Limited - 5 tSSm&5SoBS^5BlS!S®‘'mS 
ZB2 81»»3ew London RA I 1 * 0 Bar 281. SL Heller. Jersey. 063472177 GUI Fund I J*T*W»-Sf24 9161 j 12^5 

m ja^i «. aw&sstefet fl0daS 


109.61 -3.1 


KJ Nett dealing date October 10 . 

“J dtr- l Sect* Tat . . |ltH> 102 ) . , 

J 2 Next deal in (J 4416 Uelobor S 

Eact&lBH.TsLiCIi..|U5 122*1 -7 
Next dealing date October 12. 


i. Gtlt Fnd. GunrMwttV 71 

.[ 12.00 inti, cort Sect TsL 
- Fin* Sterling . .[*17.93 

71 307 First Inti..—.. --ISCSUMT 




15 1056 
U 'B9B 
!2 829 

l5 869 

12.50 
U 1250 


noancial ..._' 34 y ' 

Cm«tb Jnv..805 

lucerne ..... .. J72 y 

PUrUolK* Iliv. Kil . 72 0 
UnlvurwJ FH.J, ..5*1 
NFL Trust ■ Managers L 
Mlllnn Court. DarluoK. Surrey. 


iu October 'Recovery Sept 12 ^52 22169 ■ 
^ ‘For ur Motip; funds ocl> 


3^ Vans Tee Sept 27. **1 486 

2^9 (Aecum. Unite.) 82 ■ 50. 

Wiek*rSen2B. ... 635 67. 

lAccuia Units*_76 s so 

661 Wick Dt.SepL22.. _ 733 . 77. 

J|3 Do. Accum._: .[828 8 * 

Hi Tyndall Managers Ltd.? 

4 12 IS. CWCTtUte Hoad, Brt*toJ. 

3*4 Income Scot. 27 _ 11048 . 110. 


mm Ausmlism Selection Fond NV Weinwort^Benson Umited 

6 li - Martcct OrPOTLiuiiliCS. c,o Irish VoQQg 4> ^ i u> 

EH . Outbwaile. 137. Kent SL. Sidney Eu n nvw l.. Lm F JJ62 

32 — USS1 Share* .. | 4USL64 | ..[ _ Gnentseylnc •- «.0 MB 

Ml Jr ¥k K « **“ «“ ue Scomber a ■ g§ A£fg£rFd. 1 Sl'Slt 3? ‘ 

68.4 ~.~Z Bank of America International SJL luhpunnd. 

. 7 2 35 Boulnord Royal. Lnnerobourj! G D IvB.V.S.Gwlh. Fd. 

“« WMmuil Wm. (CI CIItM lUEIt 


792 . .. 
486C 
■50.1 
67 0 - 2 , 
804 -2 
77 0 . 


WMiniesi Income., lit SIDS WJ1J . | 742 SfifiSCIPR?? " 

Prices at Supc 81. New sub. dale Scpi. Sl 


77 * Ban one Bruxelles Lambert 
7 70 2. Rue De la Regencc B 1000 Brussels 


Fen church Sl. EO 01-6230000 

1 avail. Lux F 3 J *2 351 

Accum.. - - 65a 90.6 — *3* 

Par East Fd. - SI S14 32 U9 

IniL Fund. - SVS12« . 165 

Japan Fund- $(.>540.61 ...... 0.62 

.1 .S.Gwih-Fd. Si:S13.15 *60 

nel Bermnda _ _ 5US5J9 . 1-73 

lilonds 1 DU> - . 1990 2LOO| . . 818 

KB set ss tun a on paying agents only. 


Llends Bk. 1C. I.) U/T Mgrs. 


3*4 Income Sc pc 
589 vAccum Unl'j 
Capital Sept 27 


Renta Fund LF „ . (1.425 1.9851 -?1 >72 f , 0 ' ?°tl®:. SL Hel |«% Je " e L -- 

* 1 Uoids Tst O seas.. |63 1 66 4nff . | B.o? 

Barclays Unicom Int .Ch. Is.) UA X * 1 tUlc Qnobc ' ,s 

793 i.CharingCroas.scHclicr.Jray. <e» 737 *i rjavde Bank InlL Geneva. 

US tSESE1M- \& SC““JST5. Geneve It. 

767 hnl bond Trust. . [srsillB HE 70 .’. .1 800 Lloyds InL Growth.ISF300 B 3Z1«.[ 178 

7.67 ‘Subject to fee sad withholding taxes Lloyds Ini. Income 15F257 298 Ot..{ *70 


Lloyds Ini. Income [5P287 


Mlllnn Court. Dorfang. Surrey. »l &? I vw Sehag Unit TSL. ManagersLid .* (a) >AcHiaKSai 

SHgy. j. ■ ■ jW 8 52 U ~i'll 7 I 7 Worlffs«ytsfc-'''K« MB ~..!J 536 POBoaSlI.Bcklbiy.Hse.EC-l 01-2385000 5£^S!?SlPfSHflJ* 

Nt-IWur Utghlnc -N99 52*^ l.4[ 737 uAccum. Uni tj) fcW3.4 110.71 — j 33* Sehag Capital Fd... B53 36 9 W -0 6 I 3 54 S-™ JHH 

Norwich Union Insnrance Grenp 0»3 T>t r „ M T ,. . Sebeg income Fd. mbS-oS) b.05 SSSR®-"®** 

PM. Hue 4. Norwich. NR13f|G 080322500 TS ^ “J®* **«■• Ltd ‘ SCCUTitJ SelecdOD. Ud. 

tiruup TlL Kd .... |3706 3901}-6fl 504 SjiffZSi - 15-10. Llncotn-s Inn Fieldr WU2 OI-83I603&8 Capital Growth. -.(8*9 

Pearl Trust Managers Ltd. IsrHgXrl wSS-.1 25 UwvlcuiTst Ace.. B4 9 265t -07] Z23 Do Accuse ..- ... DJ 

=uw,.wh-rsT m . ..5SS« siiini’v™oSSs-i y gr j .?f,Tis~T» r-^ fr .~wi ! ,s ssts£?rr-ss 

fYuriGr-.wtiiF.i__C4.fi 26 71 -03[ 4.53 Stewart Unit Tst. Managers U<L la) KnSECMPriw-' 1*3 

AinuttUuiU . .. E9.4 317i -o3 4.55 Save * Prosper Group 45.CharlotteS^Edlnbur.-.b. 031-2263T71 Do.Aceura..204 

Peuri In/ - - . _ 34 2 36.8} -05] *93 4. Gnat SL Helene. London BC3P3EP t S tew ar t Amerleu Ford atgh lac. Pr.onty_ 67.7 


4.78 
478 
478 
8 H 
2.52 
252 

Endcan. Sept. 3 
, „ (Aecum. Units) 

?■* Gmehatr.SepL 
rS 1 Accum. ttnitci_ 

LnJrBrtbL SepL37. 
f-S (Aenuo. Units)_ 


JraupTtLFd .... |3706 390 Jj -6 4J 5.04 »Ke6. aw I. 91 11-19, LlnrotnY Inn Field: WC2 OIH3I60364I 

»earl Trust Managers Ltd. toXgXr) \2St£LJ8i “rK* 7 t% V. ! KSjgffiSfiS" K? M '23 

SSmchllolbnrn.wciVTEft 01-4058441 Pnco. at Sept, li Next dealing Sept 28 Sil *;S bo Accnm _ J. I 

YarlGrnHU.Fd_.g4g 26.71-051 4.53 rMra Stewart Unit Tst- Managers Ud. (a) 

(I rum Units . .. 09.4 317 -o3 4.55 Save Ot Prosper Group 45. Charlotte ScLEdlnbur.;b. 031-2263771 Dd. Areurn.. .. 

^urjln.- - . - P4^ |68 -ad 1C 4 . Great SL Helens. London BC3T3S3* T St e —r t Atnerioi Ford 

tarll'wtTii ...1370 59 8-0.81 4|4 68-73 Queen Sl. Edinburgh KH3 4NX Standard Units_1671 7X7J-07I 358 

A.-.URI Ufiib' N76 5X5)- 10 } 454 Pc.llnw to- CL Hi SO* or 031-228 7351 Aecum. t'nln_(723 77M-n*l _ 


f U 08-73 Queer. Sl. Bdinbargh SHS 4NX 
9-M Dealings to- 01-304 8800 or 031-228 7351 


Pelican Unite Admin. Ltd. IgXx) gave. & Proopor Secnrides LUL9 
RtFouMAtnSt-Manchester 06I-23S50B5 i n i,>i..iti.r.l 

fvllean uub_|906 97.4) ~ 0 J[ 4.78 Tbi Q 

Perpetual Unit Trust Mngiat.v (a) i.nu'.TZ'iT-p* 

48 Hart S'. Henley on Thome* 04912 0868 Uo1 * Grow*..[718 

PpMuaHipGth [412 485| , | 358 locrtnudug Int mnc Phnd 

Piccadilly Unit Trust (aKb) High-Yield.._..J564 

sum r.lbh* Lull Tre* Muusn Ltd. Bl * h laesme Famis 


Capital___tsa.o 

I.TU..774 

Unlv Growth. . TIM 


„ . u Guardian Beysl Ex. Unit Mgr* Ltd- Piccadilly Unit Trust (aKb) High.Yield-[56 4 

Lnu TSI. MgS. mLT UHC) H oya | E , cbaMe . Ee 3 p 3DN . OI4C80O11 itomav nlbb* Loll TYnst MMaagsrs Ltd. High lacsme Foods _ 

steamer 2 a. New sub, day October Henderson Admins trxtlontf faXeXgl FUtrslnroine . ..1303 - 33 Oe* -0 a 9 70 UJL Fuads 

a- Premier UT Admin. S Ravlelnfa Hoad. Hflltnn :h»DCirtKd ...PJ 0 <*a -0 4( 4 80 UK Equity—.|44 4 


Unicorn Ltd.V faKcMg) - 

^RorafordRd.K.^ 01-0349844 ^Jn^Ty.. .\ - 


Premier UT Admin* S Rayleigh Boad. Hutton | ^nuul ‘-'i' 6 d ... 530 
Brentwood, Essex. , (E77-217256jFapltat Fund Jt* 

« K pbj. ,n< * Assets.. 47 9 

r cm Pn»ateFund—.36g 


men.. 134.2 376) ~C. 

: _!0 9 87ij -1. 

. 636 693 -0. 

.-589 7453-1. 

rsL ... 115.9 1207] -X 

rome.. 291 515-0. 

■I .. 63 3 68 *| -1 ■ 

_(79.1 15M -1. 

_ 33 3 JSJtaj -0. 

See ... >32 -467] -X 

rsL .._ 89.1 963-1. 

sTsL. 147.7 1 SSl5|+Z- 

SepL 28. Next sab. day O 
y. ..J463 50-li-Oi 

Fund _ 119 8 1293-2.- 

•TiL - 520 „ 562-0.' 

nc .... 67 0- ' 69 0-1; 

-_7*6 79.3 -L< 


J J9 Cap. Growth lac._HU 

“ii cap.Growth Aec_W« 

“?c I'm toeamekAsacte—P52 
"i f J5 High Income Fwub 
i{ 5S HIfh Income_[65 7 

-?« ts 1S ’ 

—1 1 ft Cfl SBCIBT r lipdl 

A l S Ftoanclal & ITU...- [26 4 

3d 3 m OilANeLRro-po.fc 

-12 876 totemrieaal __ _ 


■\rrumltr Fund_K7.3 

T.-chnoloE> Fund. . 653 

Far Karl Fd.Usi 

\mericun Fund.. ..[24.5 


30«il-0a 970 v *-* aada 

«*H -0 4 4 ID UK Equity—.|44 9 

50.71 - 0.1 430 OvereeM Funded) 

52 jJ -02 430 Europe_[93.9 

0-03 430 Japan_0073 

7Jlfl-(L9 330 U Sl....-_«^..b*k 


o BC3P 3EP T St cw mr t Amerieea Ford atgfa lac. Pr.onty- (61 

i EHS4NX Standard Units_[67 1 7X71 -0 71 138 l at e roa Wnn nt _ —IS 

031-228 7351 Accum. Units.[723 77.2|-D.9I — Special Sits -.&5 

■ides Ltd,* Withdrawal Units .153 6 573-0?] _ __ .... TWl _ D 

sue* •Stewart Brirteh CmluJ Food TSB Unit Trusts 

_• SLindard-.—[Wl b 15401 .1 4 18 Si .Chantry Way. Andc 

t£-$ “S-31 Aecum. Units _ -P 6 * B 175jJ_ . I 410 Dealings u 

5t 2 Dealing Troo' ft Fn MCcd. rbjTSBGeneral-- Ml 

77-21 -flA[ 2 i* g Bn Alliance Rind Mngt Ltd. *b>Do accbsl. —Eo 

wisi 1 in cn Sun Alliance B*e..Horsrtam 040304141 !51 —E 

M. 6 I -Jg[ *97 toEo TstSegU ]£2*2* 2S52[. .[ 3.72 ffi 

rom-iiM ve. rrteT«nlly^.Bo3S X3gl)-u| 3.48 SSKSSt" J3 

rgS IS TSa. Magrs. Ltd.9 (aHg) w _ .. 

-463M-0-SI 895 31 . Grot bam Sl. £C 2 - DcahnBSftCSOSMI t-Tster Bank? (a> 


90.B -1.1 
95.C -1.0 
443 -0 4 
513 -0-6 
17.6 -fliS 
213 -02 
727 -0-S 


| Barclays Unicom InL (L O. Man) Ud. yi & G Group 

.( 1225 1 ThomaaSf. Douglas, lea. 0ffl4 4856 Three Quajf. Tower Hill EC3R SB Q 01 4568 

•Si2231188 IJairoraA uslExl.] 57# 61.7[-0.4 L» AiIaatlcScM 2fi ..Bl'S315 J*!i .| - 

I * m Do. Auk. Min.. ..38 8 419^17 1.40 An a Rt S pni J7. . SI'S!67 3Oil . .! — 

.... { s3 RcLGrtr Parlln- 7D b 76W — Gld£xAccS-pi27... H : SUU 126M ... — 

.. ..[ 538 ga toll Income.. 394 42*3... 840 Uland. 139 9 1 «« -4J 43.18 

«««•« 82 M^xMurocV Sl 2 ld £% ■ w™ ^sl-oi friz 


|. 01-0264568 

-OJ 431* 

! -oil 13 18 


IS Bishopsgate- Commodity Ser. Ltd.' >»“«{“ 


J-g ARMAi7-ScpL4.._|S\S2J7i 
CAVRHO'*5cp!.-i..kl D 6 S 1 
'■£ COUST-Sma 4 [£2402 2, 

i"S2 Originally issued al *510 


^ Special Sits .£35 3 37.9f-0.4[ 4.99 -wwm- 1 -m.-uaL 

TSB Unit Trusts (y) Bridge Management Ltd. 

18 21 . Chantry Way Andover, Hants. OCM 88188 po - Box 608. Grand Cayman. Cayman Is. 

10 Dealings ro 026483432-3 NhashlSopl I......| 117.021 [ . .. | — 

fbfrSBGeneral... (473 503( -0.9) 3.76 Box jiflQ. Hong Krmg_ _ 

- — jjj MppinFd SepL27.IT] 32 223g ....[ 


—,-* Apollo Fd. St-m 2 D. 5F44J5 

- — Jeptnt Sept 15 — SHU *4 

1 U7GrpSepL 20 - . HSUS 

-,1 L23- 117JerseyS cpl20. £5.69 

£ t °°- 1J7 JersyQ'sSepL 12 1122* 


fbjTSBGeneral.._ [ 

iblDo Arena.. —|L._ ..... __- 

Ml4I lb) TSS Income—faft 6*^-0 7| 7.01 

3 72 SiltSEr -—E l SIS if IS Britannia Tst. Mngmt. (CD Ltd. 

840 ivDttSmn ”. .f».fc Hi 30 Bath SL S' Hel ict. Jersey. 053473)14 

sett lister Bank? (a> Grow!!^mle«? l> !f a ^.f d *‘ u a .... 2.00 

358 Waring Street. Beilnst 023239231 fiSk* lS-S ’ VS 

*« (btUloxcrGrowth..[39.1 480[-0J4 W {!R|B5S| , . i Sg *KB \m 

6 47 Unit Trust Account & MgmL Ltd. HighInLStlg Tai...» W l(»n| .. 12.00 

3M S. ng, S ,l "5!L BC S^ R -gTtS fiUfe^TpSM^w ...j - 

$S Do. Accum.—, -5*-5 .1 4J9 w.u„ __ - 


522 -0 
40 Id -0. 
730 -a 
710-0 

326 .... 

268 - 0 . 


Cabot Extra Inc._[i 

g Seder Fuads 

Financial & ITU.... I 

Oil* Nat.Res_[ 

571 Inirmatlenal 

4.73 Cabot_[ 

31 International_L 

5«T Wld.RTHleSepL2S..-fi 
4.98 Ovwaeas Pnnda 

2.78 Australian- f 

474 Enrepean—._V 

4.74 Far Eon-> 


jan 


See lor panda 

Connnodlo _[79.9 

Energy___[71A 

Financial Seen.... 172.9 


7,44 Practical invest. O. UlLf ty>(c> KlnancUl Secs...-.]724 

8J0 44 Bloomsbury Sq WC1A2RA 01-4238803 High-Mini™™ Panda 
■ lTactk-al Seift 27- 115X2 17X2dj I 4.01. Select Intern 1 L._[264.1 

320 7-rum Unite . £325 24*9j .] ftU Select Income .. 5*8 


28.1) -04 320 7'rufn Unite 
326) -OU 0.92 I 


_. . M , „ Target Commodity [339 
MJ|-0 9t 4.94 Target Financial. .68 7 

Turret Eauttv___ts 5 

«0^ ♦J 3 317 Tmi5S.sSK.27.2219 
-0.4 0J1 eDo Arc. Unite.— 301 * 
* 2^1 —0 130 Target Gilt rued 116 8 

Targe L Growth.,. iMl 

as H -0.4) 3.72 Target loti - 27 4 

7*9| -121 173 Do Hriav. Unite- 311 

« 5u e*.w-.s. 4 i 

»a-ja 2.J9 -:i..SS 

59.4t -D 8 J 701 TgL Special Sits...[210 


Murray. Johnstone I Inv. Adviser) 

163. Hope SL. Glasgow. 041-3215521 

•HopcSLFd. _[ SUS40.9I [ ..J — 

'MurrayFund .. .I SUS12J9 } J — 

-NAV SepLombcr 15. 


418) 358 Waring Street. BellnsL 

*5 9c -0 5 4 43 (btUlsterGrowth ..(39.1 
414 -10 593 

233 6 6 47 Unit Trust Account S 

SJJ 5S King WUI lam St EC4R0AR 

JIM -OJ FrtmHse.FuteL.WS.O 

S.o3 -83 yelTGrth.Fhd-^8 

33 g -Q'i 2 43 Do Afrtni-» - pi3 

1728 ~° 2 4 ® Wlelcr Growth Fund 

3X5 -0 5 771 King William St BC4B0AR 

14 9 ... 1182 Income Units_028 

72.6b -0.1 A36 Accum Unite ...Sl 


W1M N*gltS.A. 

10 a Boulevard Royal, Luxembourg 
2 0O KAY Sept. 22..| SCS12.36 I . ...J - 

ilso Negit Ltd. 

,v£H Bonk of Bermuda Bldga, Hamilton, BnBda. 
U W NAVSept 15 ^ .. |£6.82 - ] .|. - 


ion “a*"""* « 
am FriarsKae.Fhed.. 
2 « Wider Grth Fod._ 
j'tj Do. Accum-- 


*n vi-m 

D7S.0 1*3-0) . J 

328 348d| .J 

3*5 «®5| .1 


IS Wider Growth Fund 


Value Sepi. zl Ned dealing On. 2. 


*90 Phoenix International 

P 0 Boa 77 Si. Peter Port, Guernsey. 

Inters Dollar Fund. [2.02 2.621—0.01} — . 


*36 Arcum Uolte 


01833409) Bnnvu Shipley TsL Co. [Jersey) Lid. Q nest Fund MnenmL (Jersey) Ltd. 
.... I *39 PO.Box683.SI.Heller.Jersey. 063474777. '““J 


m 


■■■■ ?-2 r,7. iTnr rt i-ji lrinaj Tnnn.,t i Vi ti.' P O Box 104 Sl Holier. Jersey 053427441 

.. .[ *39 Sterling Bond Fd [£10.04 lO.OSnt.I U.70 Quest SUc FxdLnL JB9.0 9 S « .... | - 

■■ Butterfield Management Co. Ltd. QuSt ina 17^’..igi'lw# ib3 "!‘J — 


46 9 —0.1 
54.3 +OJ 

_ _ ... _„ 9*71-►O.l, 

Japan Exempt_R024 TO^Tj +5.3 

rotbers & Co. Ltd.? (agx> iS3 

allSL.E.C3. 013882830 CabirtAaiKabila9 60 S ^0J 

-pfl4 6 192B—9 7[ 3.05 

_ „Bl* 24X5]-1231 395 *011 Samuel Unit Tst. Mgra.t (a) 
Bt sub. day October 1L 43BeechSL.EC2P2LX 


INSURANCE AND PROPERTY BONDS 


P.O. Box 1B5. Hamilton. Bermuda. 

Buttress Equity... .KUS2i3 262]... | 148 

Buttrem Income.RVSXDZ IN . .. [ 7.34 

Prices al Sept. 11 Next cub. dsv Oct 9. 


Pncc si SepL 37. Next dealing OcL 4. 


irn I Abbey Life Assurance Co. Lid. 


288 I I-:t S» Pjul , iChurch\'M-d, EC4 


Crusader Insurance Co. Ltd. 


*te Progressive BfemL Co .9 
ITO.E.C2. 0I-S88C380 (c)DeliarTntet 

epL26-[U*2 2098[ ..»..[ 325 rR Capital Tniri 

epL2B-hi:.7 24881 _ .[ 3.25 (b) Finnnrial Trust 

ipt.10-. H892 2013] .J 188 (hi Income Trust—. 

.pi I0--PO9.9 2233] .J 38* IblSecurityTTust... 

S*ib. day ’OcL 3. -Oct. 16. <b) BUffa TWO TJU. 


- 0 JI *f* r^iuji. Fund. „.. 2 U 8 

. • .K-(UiLC.Ve- 335 

i,t la). . Prupurt:. Fd_!M*> 

DI49SIU Property Acc. 1571 

—1 ?l Sb ^rlcdiveF ii nt) ...9«6 
~A$ i.ohitrtiWt- Fund Z3Z ft 


01-2489111 Vincula Haase. Tower PL, ECS. 01-8288031 18-30.^The Forbury. R-eodSag 583511. 4. GtSLHclen'n, Lndn.. EC3P SEP. 01-554 I 

....] — Clh.Prop Sept.5. .[72* 323) .| — MonevManager— (35 6 384j-01[ — Bal.fnv.Fd . ... 1333 14X1J —0_2J 

M H Flexible.— 7 35 5 +01 _ Property Fd •.._ 1594 3687 ... . 

c.™ ___i *._ FUcdlDterest-1347 36^-01]- GillFd....123.6 1302 -DJ 

Eagle Star Insur/MidJand Assur. Deposit Pdt. . 125.0 uu . 

i.Threadacediesi-ECZ - 01-5881212 The London & .Manchester Ass. Gp.V £v“P-£*r«.Fd» 2n.'5 22 X 7 . 

Eaftlte'Mid Units-..1553. 572) -0.61 5.9S WlnsJadePark.Exeter. OB2-52155 “ gf.f Wb 


London Indemnity St GnL Ids. Co. Ltd. Save & Prosper Group* 


and Managers* hKO InteL* (agg) 

. Hmue. King William St.. EC4R 13.Chrixtopber Street. E.C2. 012 

01-8234061. Intel. Inv.Fund_19X5 983|-Og 

a m3 587 Key Fund Managers Ltd. (aKgl 
r-M08 53 ---4 25. MitkSL, BC 2 V 8 JEL 01 -« 


230 9M<*ni«.- Fund 123 4 - 239 9 ... — 

fz-Slns 4 M W^WSrrl .125 0 135 3 . ._ — 

7*34W 9M.-m.Fd -AT 4. . 13T.1 M5 4 .. — 

iot-oj 72* . .. Fd >*r J 57 7 392 ... — 

723-11 924 9*.«rFdSrr4_ 1X3.4 119 C ... — 

717^-05 786 9«‘.n*yFd her 4. [1113 1172] . . — 

i ^ Pnci -5 ai Sr pi. 76 V.iluaiinn normally Tuc 

•- - Albany Life Assurance Co. Lid. 

01-2477283 3J. i ild RitrlinillonS’.. W 1. 01-4X759( 

98JJ-0BI *28 CFcuiivFd Act [2257 2133| -Iff - 

• Hard Ini. \vr.]l41 4 143 El -O.N - 

<L (aKg) -.- WidMwitoFdAe 2157 *21 a + 0 . 1 ] — 

nljawnnr. WntlJBua fdAcm. 115 1 121.])-0 3 — 


Mon«v Manager— [35 6 384J-01) — 

M 31 Flexible— _ [31 7 35 5 +0 lj — 

Fixed Interest 134 7 36 6! -0 D - 


135 aj . ... — Cap. Growth Fund 

»!•;. - Equity & Law Life Ass. $oc. Ltd.* 

319 41!.’! — Areenbam Road. High Wycombe 040133877 *Kxu?lnr. Tm Fd 

1172| .. — Equity Fd. __[119 ft . 12531 -21 — Flexible Fund_ 

n normally Tuc-. Properly Fd._lffi 2 114.91. — Inv Tmsi Fund-.. L 

, f n > ij Fixed Interes+F... . 1098 114.91-01 — Property Fund. _ 

. X.O. U*U. _ Gtd. Deposit Fd. _ 1003 105ij. — GuLDeporttFd._I 

01-4375982 Mixed Fd!!-._1115 llilj -0.<4 - 

21331-3 « - » * fi RmniiV 


njiPcasFd . „S«9 99.«-0.; 

Depo« Pens Fd r. |100 8 10*3+0; 

'Pnces on Seplember 27. 
tWeekly dealings. 


Capital International S_A. 

37 roe Notre-Dome, Luxembourg. 

Capital InL Fund... | SUS18.87 |_J — 

Charterhouse Japhet 

1. Paternoster Row, EC4. PI-248391 

AxKropa_ .. ..[DiOlJft 33M>&30[ 4« 

A dj verba.. DYSflJO 514fi -0J0 4J 

Fondak. ..010230 34 U . 48 

Fondrs.DM22JI1 2321 . 5.0 

Emperor Fund .... 3US342 J52 .. — 

Hispano. .SCS41Z7 4336|-08i} 21 


- h500 lAflte " “J tv. Key Energy ln.Fd.-ttl 8 87.0| - 1.7 3U 

M- 

n .. Key SmaD Op’s Fa..|ll 2 .« 119i)-oil 5-51 

^st Maaag^nt faKg) K, etawort Beeson Unit Managers* 
^-HBuildiogfc WMJuijMLKl . 01423 KXK 

. mu !!’..!. s or 
. 


~il\ SS Y31 pie Inv Aec... . 1731 


tni plrlnv Ace... . 1731 
Is C-lii IIJ S'- il.Fd.Acc. 142 a 
%■% KiUdllVHArt _ . 1700 
RUlM.in Pen. tec . 1317 
fg lull Sin PuFdAcc .. 113 5 
581 PTfi.ivnAro 125 5 
„ M'lue Inr Pin .in- (2139 


143 E -0.6 
121 S +01 
121.J -0 2 
list 

1822 -IS 
2547 —« 6 
1892 -12 
3586 *01 
119.4 -02 

SHI-2.2 


MAG Group* 

General Portfolio Life ’ins. C- U(L* ThrroOngs, Taxer I-ill eor 6 BQ. 
80 Bartholomew Cl. WalthaniCrMa. WX31071 2 1 ^ g fl _~ t58a . . 

saassascj«"“4u^[ = feS3r_ ztel “kJ: 


mm 


olS» M7BAW79 30. Fenchurch Bl. X.C 3. 

KB.UnitFkLInc. 
«K.B.UnltF<LAe. 
j” KKFd.biv.TKB. 

Zft KB.Fd.In.TstJlee 
T-Sq KBSmliCo'xPdZne- 
KaSa.COtFdAcc. 

Say HlehYId.Fd.Ine_ 

5Hk Ht 8 h.YKLFd.Aoe~ 


.Mh_. — 7*4' 

i—. 68 J. 

hares . 49.7 

_ __*0.5 

ic._ 1 X 2 

-. ■ _ 388 

7 can— 29 9 
il_ 549.0 

ige. . .. 33.9 



1291 "" 5 Q 2 ‘ AMEVMiinuC'.-d.. Z491 

’ 03to !!"!! *25. AMBVBsd It. .120 6 

’ 643 425 AMI1V lloan- F(t . 106.3 

Si 5.B9 AHevRqmteFJ 3212 

H 8 5 39 AM Ft Flxj-.r 'oi . 93 3 

ffl3 !!!!! 6 45 AMF1 Prop Fd^ C8.1 

m • • . *45 *4MEVI»ra;Fen Fd 26s 2 - 

X= - • - • AMEV MwtPen'21036 

52 X* * C Unit Trust Management Ltd.* Fl«upian Boll 

3.71 The Stock Britan*®, EC2N 1 HP. 01-588 2800 AMBt/FramUnfioa 

7J8 L&CInc-Fd. - MU 152.7J *36 Anl ^* n - " •— £2 

2J5 L*ClnU*CenFd.S061 109.4|.| L34 "‘^ h • ■ 


531 pJoMVn Aro "p5 5 1311 1 _ 

M'liie Inv Pen .in- (2139 225 ll-2 4 — 

^ AMEV life Assurance Ltd.* 

5 m Aiino IIao. Alms Kd.Ecigaie Relgaie+OIOL 
5 01 AMEVtliinucwi.. 1491 157.1J ... — 

425. A21BV Med I- . . 120 6 127 . — 

435 AMKVUon. . FrL . lPb.3 1111 .. — 

5.B9 AajevRqmixFJ 1212 U7.7 .. - 

5OT AMF*. Flxj-.r ' ut. . 93 3 M3 .. - 

6 -e A«F\ Prop Fd .- C81 103.4 ... — 

• 45 teMRVHrmfVnFd 263 2 1M7 . _ 

. • MffEV M«tfPen 21i»6 -1091 . — 

Id.* FlexiplaD 16L1 106 ... — 


Gresham Life Ass. Soc. Ltd. £&^T r -. \X\ 

2 Prince of Wales Rd, B'aoQ'b. 0002 707855 lnterpatnl Bond*' •llO.O 
CL. Cash Fund_|980 1033J _... 1 - MaruRedBd— _ 114*9 


roov Depotir* _ 1195 
Kqutlv Rood** 149.1 
Faml y7M0"^_ 1713 
FamUjr 8 l- 88 ^_- 1935 
Gilt Bond— ... . 107.1 


w ___[14*9 

Properb Bd**_. 1605 

Ex Yield Fd Bd* 38.6 
Recovery Fd. Bd." 703 
American Fd Bd.- 54 9 
Japan Fd BA*.. . 61.4 


tees on *SepL 27. -SepL 25 "'SepC. 22 


— tWeekly deabngc. 

— Schroder Life Group* 

_ Erncrprise House. Portsmouth. 

Equilyl.. 25BJ 

Equity4 - .232.8 - 2451 

Fixedlm i. ..... 139.0 14*4 

Managed4 1374 1448 

Utney 4.. _ _10*8 110.6 

— Oiersea«4 . __ 95.7 100 .B 

— Propern 4 . 159.3 167.0 

— K ft-SGoU Secs 4 121.5 1280 

— BS PenC+p B. 123.1 1293 

— B.t Pen. Acc. B . 134 9 J4L8 

— Ungd Pcn.Cap.B- Sl* 2212 

— Mned Pen Act B 254 ft 267.4 

— F. Ini Pen. Cap. B 97.2 302.4 

— F InL Pen. Acc. B98.6 1038 

— M&ne)' Pen. Cap. B. 9*6 10LE 

— Money Pen. Acc B.. 988 103JS 

— Prop. Pen Cap-B .. 10L6 1078 

— Prop Pen. Acc B . U03.9 1094 


Clive Investments (Jersey) Ltd. 
P.O. Box 320. SL Holier. Jersey. 0534 
070527733 Clive Gilt FA «C.I • (974 9 761 ... J 

■^’HrceGm Fd U«y ,. 4.71 “ ■* a 1 


ifa. day Oct a. Richmond Life Ass. Ltd. 
a 48. Athol SireeLDouglaa. 1 . 0 .M. P6U230U 

■ n - ixiTkc Sdror Tru?L |109 3 lliOl +0.M _ 

~< 0 t- Richmond BondFT.U716 188.S -0 T\ 1 B» 

17 J — Do. Platinum Bd 034 0 141.H +oi] — 

Do. Gold BA. ]U*3 1225). I - 

Da Em. ETtC BA _.|l64 9 173.6] -A7| U.4* 

PI -248 3 00 0 

UMUQ-UH 4 64 Rothschild Asset Management (C.1.1 
51«-0-10 434 PO Boor aft St. Juliana CL Guernsey. 04*288331 

. f-S OCEqFr Aug31 .B7.4 bOH . 268 

. 5 00 G C Inc-FA SepL 1.. [1615 17L®. *B1 

7« ac.lntlFAt.. ._«U 6 143...... 1Z1 

41341-0-07 281 OC 5mCoFdAU£31 .[154.0 163.&ri. 388 

. ... OC.Commodity’...[l458 1553].... 436 

Seyi Ltd. OC.DIr.Comdly.t.. 52B64 3D 46^ .. 0 6 * 


0334 37361 *Pnce» on SepL 14 Next doallne Sept. 30 
9 761 / U8Q tPrice* an September 2) Ncm dealing October 

973] :.■.!..[ 1180 9 


Growth & See. Life Ass. Soc. Ltd.* 

Weir Bank. Bray-on-Thoioro, Berta. 082834291 Merchant Investors Assurance* 
Flexible Finance..] 0867 i ... ] — Leon Hsc-. 233 HJcU SL, Croydon. OlABd 
land honk Sec* —.] MM | .J — Prooerri I 1564 I I 

mBSM=rC3Hd= I; .1 


Scottish Widows' Group 


Corn hi 11 Ins. (Guernsey) Ltd. 

P O. Box 157. Sl Peter Port. Guernsey 
Into! Man.FA. . |3775 193.0)_4 — 

Delta Group 

PO. Box 3012. Nassau. Bahama*. 
DehalnvSepLl 0 -|n.au 137}. \ — 

Deutscher Investment-Trust 
Postlach 2885 Birixercaase 6106000Fran Mart 

Coo centra.- .-]DU 21 M 22441- 1 — 

lot Realenfands.-.]D3IM.40 7D«{ .| — 

Dreyfus Intercontinental Inv. Fd. 

P O Box N3712, Nun. Bahama r. 


Rothschild Asset MngL (Bernmda) 

P O. Box 884. Bk- of Bermuda BIA. Bennudft. 
Reserve Aaiete FAT SUS100 I .... I — 
Price on Sept- 26. Next dealing OcL A 

Royal Trust (Cl) Fd. Mgt Ltd. 

P O. Box 194. Royal TsL Hse, Jersey. 053427441 

R.TInl l.FA_ht'S»J2 1BJS]—J 380 

B.T. bill (Jxy.l Fd -Jw.O j 9t« .... | 321 

Prices at Sept 26 Next dealing OcL 3. 

Save & Prosper International 
Dealing to 

37 Broad Sl. SL Holier, Jersey 053430501 


Ini omc .. ... 952 101 Oj . — 

InL Growth .„ ,-.|«8 10L0| . .. .| - 

For Arrow Lire Assurance see 
Providence Capitol Life A sen ran re 


2.99 Lawson Secs. Ltd.* (aXcl -. For ArrowLdc Aasuranee s 

Z-2? 37. Quean's 9t. London EC4KI BY. fl 1-236 5281 Providence Capitol Life Atrar 

lS Mt aenaia^iw.7 .| sa Barclays Life Assur. Co. Ltd. 

5 93 JJAccum^Unlla.— ( 4*3 50^ . ...J 252 Romford Rd. £7. til 


2 ii “Growth Fund *— 
4 u *tAccum. Units)— 
aS t+THli and Warrant 
2 jq JAxnerlcsai Fd- 

« Arcum Umtej- 


=88^^-183 ass? 1 ~ m-1 ~ 

sc..Tunbridec Wells.K l 088222271 Deal. JtMon. Toes. TfWeA TThuro. “Fri. Han Pt ns Accum 1024 107.3 — 

Life-B33 363t-Ll| 542 , . . _ - __. „ _ Do Initial- .- °3V 1042 .. — 

a- _.152-Q 553 _533 Legal it General Tyndall Fund* Gilt EdpPena.Acc 574 1026 - 

rt - .- . J46.1 aiJl .. . | 8 94 1& Canynee Road BristoL 027232241 Do Initial....... .94 4 WJ — 

SepL 2TN-e*£ dealing OcL 1«. r5.Af-n.iA Baa an I 4« Honey Pena, ftec 102J 107 7 ... _ 

r^^Sunt^i-fcj S3.1 an Do.Initial_ ffi.4 IDS6 . . . - ' 

Jliplry & Co. lid.* W NtS'iiatedio' October li! -Curttiit unit t8uc S*pL.-iubcr 27. 

1 ad era cx.. bo 01-0008520 . .I. .Beehive Life Assur. Co. Ltd.* 

!ptM_M96 84*81 -_ 4 433 leonine Admuustraltou Ltd. 71. Lombard St.ti-3. a 1-6231288 

. pt.3«U.H0.6 3U4| 7 453 A Duke St. London WlMdIP.. „ M-WM mHortTsepi . | 13455 I ....J - 

^^^0 *37lot -0.9] 480 LeoAecniin . — $M *28 CanadaJtife Assurance Co. 

-Jtji 2*3 - 0 .d 5JL6 -. , _ J, TM,/., 28 High Sl. Pollen. Bor. HciU. P.Bjr S1122 

- :um —.j«-4 -5 i3-lh 4.99 Lloyds Bk. Unit TSL Mngrs. Ltd.* (a) EqnGihFdSept 4 | 63.a | j _ 


284 Harr lay bamk*.... 13L8 

1.78 Equity..123 T 

0-50 GUI-edged_119-3 

030 Property . 1D°.2 

XJ1 Managed _ 1134 

Money.. 1008 

Man P« nv Accum 102.4 

Do Initial_• 93 5 

Gilt EdgPen&Acc 57 4 

Du InluaJ.94 4 

Noncypcaaftcc 1023 


Deal. BMon. *Tnes. TtWaA 4Thun. 


1131 Mon 
*Fri. I Mon 


(II 5315544 
137 J - 
130 2 -1.4 _ 

1162 -PI — 
1150 .... — 

1154 -18 1 -- 
1653 — — 

107.8 — 

1042 ,. — 

102.6 — 

994 .. - 

107 7 ... _ 

•03 6 . . . - - 


Leon HX-.Z53 High Sl, Croydon. 

mesehCSHd = ?; 

Equity Pens .. 1826 

Guardian Royal Exchange lg.a. 

Royal Exchange, E.C.3. 01-2837107 Deposit . 1J03 

Property Bonds ....(1646 192.2} ... 4 — Depot I: Pens 103 0 

Managed. .. ...-. 109 9 

Hambro Life Assurance Limited * — 1060 


01-6888171 Inv. 
... I _ lav. 


PO Bov 902. Edinburgh EHMSSBC 031-6256000 N'AVSepc26-[R SltH 17371-009) — ^ 

. I ^pfv^ n n« , =:::|ii.5 ukl ;::J z Emsm. & Dudley Tst-Mgtjrsy.Ltd. i 

lov^Cosh Septa.- N 2 104J .... - PO. Bos 73. Sl Holier. Jersey. 053420501 - .[iLH 17J 

RbuSf&aLZ fill 1503.!! Z EJ, - LC " r - ^71 1354[....J 300 s^unx+tenwntoatrd Famis 

6IggdPcu.5ep.20 .laS 6 2 M 6 | - y nH ,) U n l l RaMi.n N V 


Dir niA'lnl^SJ^Kw 1 


Solar Life Assurance Limited 

10-12 Ely rtace London EC JN ATT. 018422905 


7 Old Park Lane. Loudon. Vfl 
Fixed InL Dep_—1268 

Equity-.— 1918 

Property-1658 

Managed Cap—„ 148.8 

Managed Acc - 1843 

Overseas-129.7 

Gita Edged.12*5 

American Acc.... - I 02 .fi 
Pt»F LDcp-Cap... 1298 
PcnTJJJcpAcc.. 151.7 

Peu Prop. Cap- 2073 

Putt Prop Acc..269.1 

Ten. Man. Cap-2249 

Pen Map. acc -a*7 

Pea.GUlEdfi.Cap . 123 7 
Pcn.CUtEd&Aee. 13 L2 
Pen. B5. Cap _ . ._ 1254 

Pen. BS. Ace - MU 

Pen. DJLF. Cap... 103.0 

Pen. Ll*lF. Acc— 1052 


01-4000031 InU. Managed. | 164.3 { ... 

1335] +0.1] - __, ... 

201.6 - 2.6 — NEL Pensions Ltd. 

4 ?j — ‘ MOton Court.Daridn£,.StiZTVv 
194.1 II a ~ Ntdex Eq. Cap . . .109 0 9364 . 

H+i Z NcteaEq Accuiu ..123 2 1296 -1 

T«| J '5 z Nelev Money Cap -K2.9 662 

iSi 12; — Nelex Mon Ace{67 7 712 .. 

imj — . Males Gth lac Cop. K3.9 5*7 .. 

'— Mates GlhlncAcc. B57 5B6 .. 

tov./j — — NalMxd Fd-Capt. WLS 51.0 . 

. Z NdMxd. Fd. Acc W9.7 5231 .. 

— — Non Sub. day- October 25 


— Solar Managed S. [1317 
_ Solar Property S. .. 113 6 

Solar Equity S .172.8 

Solar Fid. Ini S. .. 1173 
SoJarCushS .... 101.6 
SolarlmLS .. 10L5 
soil Solar Managed P 131-2 

_ Sol or Propen v P- 113J 

_ Solar Equity P.. .172.4 

_ Solar FxdlnL P. U*9 

Z Sol or Cash P.1014 

_ Solar InU. P_1014 


138.7] -08 

119.6 .. ,. 
1811 -2.7 
1235 ... . 

107.1 . 

1071 -ID 
1352 -08 

g« .... 
1815 -2.6 
1231 -0.1 

107.7 . 

1078 -1.0 


Eurobond Holdings.N.V. cwSId ?Sd£yI 1532 1 S.Sll. 7 j 475 

^43^.%x“8sast p,,er ^ ***■ ^scoL^-^ftca? 

NAV per share September 2a SUS2080. SepJ “ ^ ScpL ^ 5 * pt 2R 


«~37» 84 
; |-L7 47 

. 08 

oj -on] lie 


_ F. * C. MgmL Ltd. Inv. Advisers 

— J-2. Laurence Pounincj Hill. ECiROB.V 

— 01823 4680 

— CenLFd.Scpi.20 ..[ SUS684 |.J — 


— NPI Pensions Management Ltd. 


JH r_- = 


■ton .— 4 Sj 4 
one - - 385 

ic-303 

-218 

-257 

-19.9 

cc- 62 0 


_40l -0-9 d99 Registrar's Dept., Corins-by-Sea. 
S'!” S'S "WorthUi*,We*tSuasex. 

"S2 In FlrHfBolncd 

S7'2 !!S > . DtMAccumj 



ipwsu-joi.-) tns* ess Do-lAccum.) 

Ufe Unit Tst Mngrs. Ltd.* Tnu&Smj** 

.PoUmx^r.Hett^ F^aim Uoyff# ^ ^ m ^ BK. fffij 

scunl-Kj 5 l3-o 3 4» 72-SO.GatobooMBri- Aytcsbuty. OC0OS0U gSj feK g " 1 - 1O0 _ 

\g EquityAoeum. ^—.(1718 18491 _-4 3-72 audHpSfe.~ 10*: 

7^mL t-J. « * G Group* (yKeXrt- ^ ZZ fi 

amesi magi. Ud.* ; Throe Quays. Twer HUi, EC38 9BQ. 01828 4588 2 ndCDL_ —. VL 2 

mdSL.ECZN 1BQ 018888010 - See aim Stack Exdiuge Doll 


- amfcsl MngL Ltd.* ; 

>ad SL.EC2N 19Q 018886010 

•-W.7 955rf.J 514 

--»5A 9q.«M *L« 73* 

. ’ m Sepu ST Neat dealing Del 4. 


Rctmt Fed sept. ~ I 12*1 I - ..1 — . Hearts of Oak Ben 

ti aw Cannon Assurance Ltd.* Is-n.TavUtoekPIacaM 

ZTi 439 1, Olympic U'y .BViobleyHASONB 01 902 8378 H carte of Oak...—1372 
-12 23 FJiuta#UniL.. £2824 - J-aiH - 

-u ZM E ro P2t , '" , fe.-- .tJ — Hill Samuel Life / 

-Lfc 5-M Equity Bond-Exec '1215 128a-D.O: — 7 ■ 

-23 584 Prop!acmrt.‘Ex«e. 11354 1*33 . — NLAT^t-A ddlBBO W bal 

-06 TfO Bal Bd-iE^ccUiut. E13 59 143H-O01 — dFroren 

-10 7.47 Deposit Bond-1126 119 a- — Property 

. Equily Arcum ....1218 — \ .. . — Manofied Unite_ 

■J. Ltd. Property Aecum.. £13.01 — ... — Managed Seri c* A 

„ Mnfid. Acrrnn „ 1.671 J -1 — Managed S-aiesC 

2 n 3 &jalty. - 1002 306d-02 - Money Unite.... 

—4 LI 2 ^id Propcri.■■ ._.. 10*2 1U-41 • . • — . MoneySro-iea K 

Snriilanaficd ..... 1CCS 106« . — FIxcdlaLSer.A 

MDaotli - ..... 97 9 iCJ.fcj ... — Ejqaity Scries A — 


Hearts of Oak Benefit Society SSlSj tXnZTmi 
15-17, Tavistock Place, WC1H 0SM 01-3875020 Small Co’s Fd. ..llOtft 

HeansofOok.~|372. 393).| - Technology Fd. -0+58 

Extra Inc. rd. — 99 6 

Hill Samuel Life Assur. Ltd.* FtoE^Fd 1 ZZEU 
NLATwr.AddlaeoabcKd,Cray. 0L«B84955 CiUEdced Fd - IMI 
dProperty-OniU . |1594 167.4] . - Coq.DeuONtFd... 978 

f/iranKi'i iMij ^.6 iso!? !!'.!!! — Norwich Union Ins 

UanagedSericaA.(103-3 106( _ — POBax4.NorwichNBI?! 

Mimaged Senes C-[mo 1 C 2 .. — Managed Fund .. |Z198 

. - Equity Fund. - W 32 

-f “J -* 3 ~ Property Fund 1132.4 

.1 98.B —0.4 — s-lix-d irn Fund . 1528 


162JJ . , J _ 
1116 -0 9 _ 

12L7 -09 — 
104 B -01 - 
1115 -04 — 

1279 .... _ 

1102 . — 
1KL9 . . — 


iM 070. Hamilton. Benaada. 

ityAm. Ajw.-.I 51^28.79 |.] — 

Hy lnLFond.. 5US2433 ] .. J — 
ItyPac.Fd... 3US5779 ] . | — 

Ity WrlriFd . I 5USJ*53 ]-DCl| — 

lity Mgmt. Research (Jersey) Ltd 
loo Hse., Don SL, SL Holier, Jersey. 

17501 

lAilBtal.l ....] 14.15 , 1 .... J — 

iBtPaclfic)...] £ 1 OJ 0 |.J - 

1 D (AmAss.i £39.32 { . ...J — 


■Price* an SepL 2ft —SepL 27. —Sept 2 a 

Schlesinger International MngL Ltd. 
41. La Motto St. St Holier, Jersey 053473588. 

S \ IX... .. |81 W -JJ 8.43 

SAQL__ .0.92 0 97 -aOl 4 JA 

Gilt Fd!. 22.4 22.fi 12 70 

Inti Pd Jersey_ 109315 -1 3 20 337 

lpinlFdLxnibrg - 1155 1234 -0 06 — 

•Far Cast Fund . ...[101 107} . .Z] ID 

■Next sub. day October j. 


Vnlc. UMnl^n "ISe" 'll a ■ T Z Solar FxdlrL p. .[11*9 12331-0.3- pdeUty MgmL & Res. (Bda.) Ltd. i5SitWLiS52St‘Z|Ss5 11 

■id — P.O. Bo* mo. Hamilton. Bermuda. *Far East Fund . —1101 

- - -... .. — - 10 l — Fidelity Am. Asa.—{ 51^528.79 | I — 'Kert sub. day Oclol 

Kelev Gita Inc Arc. ]5S7 58i] .. - Cll „ Fldelliy lnLFimd.. SLS2433 .. J — 

NalMxd. FdCagi- pfl.5 5LH ... — hun Alliance Fund M ang m L Ltd. Fidelity Pac.Fd... 3VS5779 — «... . ... ^_ 

NdMxd.Fd.Acc ]49.7 5231 .. ..| - Suo Alliance House. Horaham. 040304141 FldeUty WrldFd.. | 5US1653 ]-O0l| — Sicnroder Lite Uroup 

N«n Sub. day October 25 Evo.Fd.lnLS opt 13. (£1572 lfiS.Bi ....I — Enterprise House. Forte mouth. 

NPI OMdwe un .^1 IM lnt BnScpL 28 .. 0364 1.]- Fidelity MgmL Research (Jersey) Ltd. International Fuads 

NPI Pensions Management Ltd. iwt .„ r . , , r . ,. L . Tll , Waterloo Hse., Don SL.5L Halier, Jcracy. fEquUy- }JU ?? 

4fllGrac«cburchSL. EC3P3rTH 0J-62342M aim Alliance UOlefl Life Ins. Ltd. 0534 27561 SEquitv. .. 1425 15 

Ifaaoficri Fund .... |15*5 USD-.-I - Sun Alliance Houae. Horsham 040364141 SeriesAiIntnl.i ...-] 14.15 . 1 .... J - CFixedlnlerwt- ■-■ U9.8 14 

frtcea SepL I Next dealing OcL 2 EquIrtFund -11323 D931-L6J— 5«4csBtPiiciric)...| goJ0 j.1 - fC^L ! Z ' ar —uoa la 

„ , . FixodlntefestFd..- 1069 Ilia+03 - Series D fAiD-AH-H £39.32 I . . J - IHSSfSSd.. 124 2 la 

New Zealand Ins. Co. (V.K.) Ltd.* Property Fund.... mi 1533+1.7 — S Man aged . . .w«s is 

Maitland House. Southend SSI 2 JS 0702 62955 - S 5 ^ “ First Vlldng Commodity TrnStS _ . . — _ 

Kiwi Kcj Inv. Plan.IJ574 lttJI.. J - SSSSidFund" " 1129 uH ^03 Z KSt.Gcorge's st, Douglas. IxlM. J. Henry Schroder Wagy 

Small Co's Fd. ,(l0*0 1113-0* - Managed Fnnd. .. UZ9 UB9| -03i — do* i«j 2 . Ldn Afiiv. Dunbar ft Co. Ud.. 120 .Cheapride.EX. 2 - 

TecbpoIogyFd. - H+55 _12L7| -09| _ q„» * rv—,— 1 . *r . 1 i* 53.PallMaJLLondonSW173JH. 01-0307657 chnmSSeni. 27 I 1217 


Schroder Life Group 


SEquitv... 1425 

£Fixed Inleresl._139.8 

S Fixed Interest._10*6 

£Managed.. 1308 

3Man aged . -U24 2 


Managed Fund. ..|UL9 UB9( -03) 

Sun Life of Canada (U.K.I Ltd. 
2.3.4. Cacfcsg>urSt .SWIY5BH 01-81 

Maple LCGrth. .| 211.6 |-7.4| 

Maplo 13. Honed. _ { 13*4 I . 

Mopleli.Eqty-1 137.0 1 .... 

PersnLPn Fd... ..[ 2127 [-21 


| ■" ”1 Z E?” a4;n * Pu»d SA. 

127 I - 2 .i| Z 37. ntc Notre-Damc, Luxembourg 

FlomlagSept.27.. [ 5US6506 J.i 

ace Co. Ltd. 

1 Rd. Aylesbury. Free World Fund Ltd. 

Aylesbury(0288)5041 Butterfield Bldg, Hamilton, Bermuda. 


First Vlldng Commodity Trusts 
8 . St. George's St, Douglas. I AM. 

0824 4682. Ldri. Aglv Dunbar * Co. Ud.. _ 
S3. Pall Ma]l. London SW173JH. 01-0307657 c 

FM.Vlk.Qn.TM—RB.1 362) -1.7J 2 “ 

FsLVk-DbLDp.TR. |69.0 J3fl .... J 4 


J. Henry Schroder Wagg & Co, Ltd. 
130.Cheaprid«. E.C2. 0] 3884000 


Norwich Union Insurance Group* 

F 0 Bax 4 . Norwich NRl ?NC 08)3 22200 Target Ufe Assurance Co. Ltd. 


— Managed Fund IZ19-8 


2 nd. Amenu-i' 


3J4 American_ 

706 (Accum. Unite). 
6 Asttnl«|u 
-r um Unit 


V UnU F«L Mgrs. Ltd.*. Wfc) 
ouse.Ncv^teUo^-Troc 2110 %SES£i£!SSLtk 

;:oiitezlSR ”l!.:::.| i& 

S|z::i VA 

'’MSF/T 1- . 5S35?8ssi- 

S official Invest. Fd* Extra Yield 

7 WaH.EC2NiDB. 01-588181S toewm. Unite). 

.-•SitWE Z \-] “ 

1- Only a*-Bilable to Reg. CbariHea. 

3 : Japhet see James Fintay 

d^urtManagersLtd.*toH£ SSMTw 
-.! EC2M4TP. OiaUBa Japan Income. 

... -Iul2*0 2*7)-05) LU IAccara.Unite) 

- IK? __[44.1 «7.4[ — D-3l 8.77 Magnum_ 

. nalTK-.Ju^J 2*9 2.96 (Aecum. Unite) 

. - «rre- .Tblh;v27A 29!M-0lM *20 MkCand-. - 

..*thT9L_r2L6 25.fl_Z] 758 <Aeeum. Unite) 



. . ... . 99A -0 2 —• 

Sml Eq. Pens Are 103.4 J1N.4-0.2 — 

CiutPrtLPcnvi '.cc . ]ll05 117 0 .. —• 

2nd Med. Pcn-.‘Aral04 4 110 5 -0 1 - 

2 nd DwP.ii.. Ace.(lOl 0 1069 _. — 


114 2 nd □ep.p.'n.' Ace. 
4 Jf 7 2nd Giif Pan- Aft 
4 J 7 2ntLAflLFeas 1« 
?E L& ES.IJ 7 .. . 

£n L4.SSLF7 ... 
771 - Current va! 


IL8 97.U 

#3 iDi g - 0 .: 

LCD 425] .. ... 

IBS 30 Ej 

te September 27. 


Fixed lot Sor. A... [g.l 

Equity Series A_198.0 

Pnt Managed Can. 

Pus. Muuwcd Acc. 

Pdf-deed. Cap- 
Pno.G'leed Art. 

Pens. Equity Cop 
Pena. Equity Acc 
Pm FxcllntCap 
Pn xFKdJcl Acc 
Pena. Prop. Cap 
Pens. Prop. Acc 


Equity Fund 
Property Fund 
Fixed Im Fnnd 


£315) —1-71 — 
382 N “5-9 — 
U9 3j .. - 

160.9] . — 

ma. - 


House. Gatehouse Rd. 


nzn .... —• 

- ~ 

ulS !!'."! Z 

99M ..... — 

10L« __ — 

icc!s: Z 


7A7 Capital Life Assurance* Imperial Life Aw. Ca. of Canada 

320 - CnntetonHM.A-.t.bnpLl.lalFW'ton <00828511- Jmperia) House. GulMftird. 71256 

»' gsa.-! S3 I - 1 = si -i- 

739 Charterhouse Magna Gp.* Unit Linked Portfolio 

B,etcWeT - fisatt.Wzr.Bi-' iJSS :J z 

f«a OL1. , an, ,£ Secure Cap. Fd.. _ 97i 1013.] — 

IS CbPhS.aM^.TJ H 4 - 316 Z BWltfPUnd.--hoLO 10*^ .t - 

IS CteUne; SSUwy* 1 *.' Sfl 33,6 Io.6 — Irish Life Assurance Co. Ltd. 

if! Hffni Mmvr’rfl " 1510 Z 11. Finsbury Square. EC2. 01-8288353 

2-17 HacuMm-uM 1510 B i ucS bp Sept. 22. MOB 85.U .1 5J« 

• Manaficd Fund - 2383 25ftd ... . - 

Exempt Men. Fd... 110 0 U5JI .. ..J — 

. Prop Mod Sept 1 . 1821 19LM ... J _ 

Prop. Mod. Gth. 199 9 Zlftfl_j — 


Dcp^Jit Fond .... 0063 1125] . - 

♦Nnr.UnitSpl.I5 .1 22B0 | „„.J — 

Phoenix Assurance Co. Ltd. 

4-5. King w < HI am S: .EC4P4KR 01-®88S76 

Wealth Ass . 1116* 122 7).... | — 

EVr. Pb A«*.f 83 1 I . ..[ — 

EbT-PlLEqE..®.7 86 li ..[- — - 

Prop. Equity St Life Ass. Ca* 

119. Crawford Street, W 1 H 2 .AK. 01 -tafl DC57 

R. Silk Prop Bd.. | 1856 (. | — 

Do. Equity Bd-1 797 I ...J — 

Flex Money Bd-1 - 1521 . - - 


.. -i •— Mon Fund lot_[98.4 1042 -U — 

.-I — Man Fuad Acc. . 1217 12fl -31 — 

. - Prop. Fd Inc. .. ..XUJJ SEl . — 

.J — Prop Fd Acc- .i--. 442.0 - -. . _ 

Prop.Fdlro-109 0 - .... - 

Fixed InL Fd Inc 1015 10*9 -05 - 

0I-OM6S76 Oea.Fd.Iiu-.. 964 1015 +03 — 

1 ReTPLflD Ac Pcti . 73 8 30.1 -05 — 

“ TleLPlanCan.Pen... U.O 663 -05 — 

-J - Moh.Pld-Fo!acc _. 131.9 13B.fi -23 — 

Man.PeuFdCap... 1202 1265 -2.2 — 

, u Gilt PeitFtLAcc .1316 1385 . — 

>•“ Gill Fen. Fd. cap 1232 129.7 ... — 

01-«aflDC57 PropPcnJ’d.Acc. 1515 • -1595 .._. — 

[ _ PropJVnEd Cap.. 15L1 1591 . — 

_ GuarJ'on FdAcc- . 95 0 loal .... — 



NAV Aug 31.SUS194 91 i_ J — 

G.T. Management Ltd. 

Park Heg. 16 Flnsbuiy Circus. London ECZ 
Te). 01-628 8131. TLX: 880100 
London Aerate lor 

Anchar 'B UnJtf - .. US106 MB-AOCl Lfl 


XiuarJ^m Fd Cop. C 0 
DAPro FtLAcc. .[95.0 
D.9 Pen-Fd Cap.. |9S 0 


Anchor Gill Edge... 

Anchor Ldl Fd. 

Anchor In Jay. TbI. 

Berry Pac Fd _ 

Berry PacStrlg. ... 

G.T. AolaFd-. 

G.T. Aoia Star ling.. 
Ct Bond Fund _ . 
GT Dollar Fd.„ 
G.T.PaclflcFd- 


9.79 9.B6 -0.lt 

055JJ 5.4J -0.0 

3.0 323 . . 

JUS5734 +2.41 

16 00 36192 .176 

im* na+oa 
1660 use - 00 ; 

SUS13.99 -*-0_0 

JPF752 ’ ... . 

31)817.02 +03 


Sentry Assurance International Ltd. 
P.O. Box 330. Hamilton 5, Bermuda . 
Managed Fuad— .|SlSU 6 253S) .. ) — 

Singer A FYiedlander Ldn. Agents 
20. Cannon SL.EC4. 014488648 

Pekolondfl.|Plir7Jfi._aM . | 5.96 

Tokyo TsL Sept 1 -.| 3U3.40.W1 ....l L55 


2.91 Stronghold Management Limited 


-0.04 liW P.O Box316SL Uelicr. Jersey 


ComnwdliyTraa.. [K-93 

LQJ. 


97B2J .. ..[ - 


2.17 j Cite of Westminster Assur. Ca Ltd. Managed fSSZ! 


. ;■ ration Funds Mg* Ltd-* (a) CAccwn.Unlts) 

- ryLonaWCSAlHZ 01-342028= 

. -H*B 49JI-.-I 3J9 ^Sffl- 0nlta) 

. 1 UU 0 Furt Manazen. JESS'S* 

. roet, London SW1X0EJ. 01-23S8S2S. 

.. lLGlh.Fd.n9il • 204 --| 438 (AcamtUSw 

• tF4_^,„|49J k 3-1 10.95 awtond 

■ . cbarUU. 

t Unit T 8 L Mgrs. Ltd. (aKgl C Accum. \hdte> 

. Cres, Edinburgh 1 031-2204831 Puno.Ex.Sopt.35 

«9lS^ xm JfannLife Management Ltd. 


22 JUiwdeod llnuae. 6 Whitehorse Road 
ClRydoa CJ1H2J.V 0)-*3 

WcstPrap. Fund . 1610 _M3 I 

391 Manriica Fund ,...1819 19L« 


Properly Growth Assnr. Cft Ltd.* D- 4 Ptto.FdCap.. i»d uo.*.J - _ . 

Leon House. Crnrdwi.era 1 LU 01-6800606 Transintenxational Life Ins. Ca Ltd. 


093 Sortnvest (Jersey) Lid. (*) 

HS Duoeus Hoc. Don Hd.SL Heller, Jsy.0534Z734» 
52 « AroerictmInd-Tsi ..IE779 7.961-0J71 — 

SS CepperTrufit_JEU.44 11^+O.d _ 

g;g Jap.IndexTa... ... 10153 U.77|+oi3[ - 


11. Flosburv- Square. SC2. 
BiucSbp SepL 22 . 


391 niukm Hina — 

KquITy Fun<I . ... Bl 65 3-0 5 ~- 

in Faraifand Fund. .778 81.S . — 

*74 Mon®.-Fund . 124 5 1310 .... — 

SK GiUFund .623 665 _... — 

3 5 PULA Fund .1712 174» . — 

Pens.Mngd Cap.. 1189 125.1 ... — 

Pew-Magd tec . 1241 130 6 ... — 

-05 6-18 Pens: Mom* Cup . 47 4 49J .. . — 

-0.9 6.18 Peas.Mont-' Are. .. 495 521 . . — 

10.90 PriiiEoBiivrap.. 5*8 597 -12 - 

. 7-C Pwift Equin Acc.... 592 a2.il -L2| — 

_ 7 43 Fund cunenlly c used to new iovesuaent. 

. 539 Perform V-nil* ■ I 2184 . 1 . I - 

CIty. gf Westminster Assur. Soc. Lid. 


>rse Road Exempt Man. Fd ...1110 0 

01 -fiNPaSt Prop Mod Sem J. .11821 

6421 ... I — Prop.Mod.Gtb.tl449 

191.4) — 

Bi 3 - I Z Kin * * Shaxson Ltd. 
131 fl’....I— 52 CornhlU, EC3. 


..[ — Property Fund. . . 

.•[ — pro porly Fund t.Al 

... .4 — Agricultural Fund 
Afric. Fund'A/ 

I,* • Abbey Xat Fund 

“■ AhbpvNol Fd (A. 

01-0288363 Idcefnnetu Fund 

.I 5JU Investment Fd iA> 

... | _ Equity Fuad 

. ..J — Equity Fund-Ai ... 
.. j __ Mono-Fund . . ., 

_.,J _ Monev FundfA« . 

Actuarial Fund. . 1 
nirt-edfied Fund, 

Gilt-Edged Fd. ‘A* 
M jai oxi ORellreAnriDitV.. , 
,nra altomed .AlUItjr.. . 


■■safcLgi g|iS ts ^ ..., - 

■■ 18 Crt»rtth Unite - 1582 *14 .. .4 368 567] .....j - 

11 .V* Mayflower Management Ca Ltd.' Connrimrfal Union Group 
ionary Unit Fond Managers 14 / 18 Greahan St,BC8V7AU. oi-awajofl sl Helen 1 L'nrtvrtbaP.EOt 01-28371 

yieMSL,EcaM7AL. 01-8384485 Ineoae Sept 28 [UU 1 J 7 . 4 J ... L 807 VrAn.4eAtScw.I3]. - 6157 .. ] _ .} - 


52.CornhlU, EC3. 0I-S354S3 • l 

Bond FdExonqd ..110225 1M 57|*IU71 — fig, r „£££ i 

NwtoeaUns data QcL 4. 

TA11 Weather Cap 1290 
Lugham Lite Assurance Ca Ltd. *i nv..Fd uat... .- i 
^S“. H ’-»«to*r«kDr.MW4. 01-2035211 te^TFA’! ' 1 

Langhmn-A PlWL. j67.4 gjj • - Car. Pni Cap Pi ] 

VProp Bond-[1444 352.M. — 31 an. Peso. Fa . . -3 

W) 8 p fSF) Hon Fd 177.1 8121 .J — Man. Pens. Cap. L'l 1 

Prop Pens Fd l 

Legal St Genera] (Unit Assur.) ltd., \ 

Klncswood Houic. Kinfiwwiod. _’Mwwh RWft. Soc Cap. i‘i. 1 


teptlK.:. [195.0 


2080) - t 442 Genera l s 
tularin u. 


^heater Fond Mn^Ui ^ Lld . 

whaaar.Jlf.l . 20 M ...J 466 »Gtni*mSft.naP 2 EB. OH 

■arCrtea^M SK j M2 ftsajgfe 

& Dudley TsL MagmnL Ltd. Jg«J^» 00 t». 

{tonSL.S.W.1. 01-4067551 line 

ud)«y‘RL.[75.6 79J[.| LSI AccmUlx. Jqiy« 

r or Etpritas Secorities Ud- MidkuMl Bank Greap 

* Abbey Unit Trust Mngrs. Unit Trust Managers Ltd.* (a) 

Ctmnwood Route. Silver Surat. Scad,_ 

& Law Un. Tr. M.* (aXblfeW) ShaffieldSlSRiX TeI:074X7S6C 

aa.Rd,HishWycombe. IMB43S877 38141 

Lav —p-KO. 7 72J|-L3[ A» Crowth.-^fif!* -W 


— i Stnrp)' KT206EV.-- Bnrfi 

.* “.. Cash fclUaL.94.0 101! 

Do Accum.*5 US.) 

01-2837300 Kquilj-Jaittal-— 127.* U4.| 

■ Do Arena-1310 137,' 

■■■( £« rin-jV.'fi'i'n I— I- 1 QM i • Fixed Initio)-1172 125.^ 

. J**'^AMMUv I IN . |- ‘952- - I I - Do Arcum, .. 120 J 126.1 

-I 3M Confederation Life Insurance Co. inil initial.103.1 10RI 

Id.' 50.'Jhancvnlfimc.HC2.fi 1HF 012420283 H®it?* ira? 

■I«.M aww -.-K! {aj - oSS 2 i"™St ijb 

_ 3 A 2mp^ FUOd ""' 187 . Z Promts Ipllial. ,. 100.1 105.' 

3.38 jbifiVi u'-j tt s at ”‘° p. t ' Do Accum.,-_ 102 7 UftJ 

2.42 «SSJl2i^S*--jj! sit Z Lt*»l & General (Oalt Peaahofil 
Z!! 2A2 V t 19*2 n ' 6 Z Exempt Cash Ink -I97.I 

«.£ BSFffftn ■ ^66 . ;:z. - r*t> a W u»- 159.2 

-1 «* ao5- :■ - gupjMBw.iiitt.-mj 

cSn : 'tor M roCn Ltd. " SSPba'iauSS.* 

(gi Coruiul) Insurance Ca Ltd. do Accum.H 7 J 

i-Ml 3S.C0nhl11.KrA 01-8386410 KxemDt Mngd. ImL 121.2 

ifflrtff aaNsy* b&* - li- BSteHcE 


1873 
185 6 
7787 
7716 
156 B 
Bfi 6 
709 
«7 
179 9 
17*4 
1425 
1417 
1168 
123 4 
1234 
.1864 
1475 

* An null 
3 1454 

D 135.6 
105 2 
1323 
1503 
134.4 
1542 
140.6 
1494 
1347 
133.9 
1218 


-0.9 - 
-0.9 - 
-2 4 — 
-24 — 


Imgb HeathS3458 - - frdTitoo'd 

101 v - Providence Capitol Life Ass. Ca Ltd. -ink&l l 


2 Bream Bldfis.EC4l.W. 02-4096497 

Tuilplnveot Fd, . 1523 160.0 .. , - 

Tulip Mnnfid Fd _. 120.6 12*9 .. . — 

Man. Brad Fd.- 1253 1318 . — 

Man. Pen. Fd Cap, 129.5 1363 . — 

Man Pm.Fd Arc.. 13BL1 1453 ... — 

Muncd lav Fdlntl, 203.B 10*4 . — 

MDEdlqt Fd-Actt 1036 109.0] , — 

Trident Life Assn ranee Co. Ltd.* 
Rcraladc House. Gloucester 045236541 

Dan a cod . - 1127.2 134 71 .| - 

Gut Ugd . . . 1493 158.1 . . 

Proprrtj. _ 1513 1603 — 

Equlrr-American 871 923 -05 — 

C!x Eqnlty Fund, 115 6 1224 -L7 — , 

HI £b Vield. . .. 142.9 1513 .... — 

Gill Edged. . . 123.4 130.7 .... — 

Moneyt. 1243 1310 . .. — 

International. 10*1 1124 -D3 — 

Fl»J.1298 1373 .. . —. 

Growth Cap.-.-.129.7 137.4 —* 

CrowibAcc. 134.7 142.6 , - 

I*ci» MnluL Cap . 119.7 126 7 . . — I 

Pens Mjipd. Acc 1254 132.fi . — 

PenvGld DepCup. 1034 1095 .. . — 

Pens GW. Pop Acc. 2084 114 ■ . — 

Fell*. Ppty Cap . 1154 122j] . . - 

Pens. Ptr. Ace . . 12B.9 ' 121D .. - • — 

Trdt Bond 37 3 395 -0.1 


JS Sl Mary Axe. London. ECS 01 

7Gnrtraore Fund Magt fFxr East) Ltd Jersey Fund_53 9j ...I 4.4 

1303 Hutchbon Hse. 10 Harcourt Rd, HJionfi Guernsey Fund ..—J5L2 53.91 .... | 4.4 

BK&Par. 17 Tst BITKJ923 UH .f Iff Prices on 5ept- 27. Next sab day OcL 4. 

Japan Fd...KtSUSfi llid. ..J 050 


Agts. TSB Unit Trust Managers (C.T.) lid. 
01-2833531 BoiratelleRd.,SL Saviour, Jersey. (63473404 

Id Jersey Fund_BIS 53 9) .. ,J 4.4* 

id, HJCane Guernsey Fund ..—BL2 53.91 4.45 


Japan Fd...KCSUSB 116 

N. American Trt.... 6 rsiLlB 123 
InlL Bond Fund- .-|SLS20jnO MB 
(lari more Investment MngL Ltd 
P.O. Box 3!. Douftla^IoM. 
Garuporelnil. jnc H3 6 25. 

Gortmoro InlL Grtb[772 B2 


Hambro Pacific Fnnd Mgmt. Ltd. 

2110. Connaueht Centre. Hong Kong 
FarEa«Sepu27 ..|5maS37 264i| ....[ — 

Japan Fund-jSD&Ul MJ2| . ...J — 


25.11 ..[1030 

82 2\ J 250 


f^O Tokyo Pacific Holdings N.V. 

lotixnis Managcmetit Co N.V.. Curacao. 
3011 NAV per share Sept 25 3USTTL87. 


Tokyo Pacific Hldgs. (Seaboard) N.V. 
J at Inns Management Co N V, Curacao. 

NAV per share SepL 25 5US3L04. 


Far East Sept-27 . .I5HK1537 240] ....[ _ 

Japan Fund-jSDSUl HJ 2 j . ...J — 

H umbras Bank IGbenisey) Ud J 
Hambros Fd. Mgrs. (C.I.) Ltd. 

PD Box 86 . Guernsey 0482 -36521 

Cl. Fund.15X8 163.8) . 3 70 

Inin) Bond 5l ! S 109-11 11249 .. . 850 

InL Equity It'S U 86 12253 . 210 

InL Svgs. 'A' JUS 1.06 L 0 f ... — 

lot Svg*. 'S' SL'S L21 12S| . . — 

Prices oo Sept 27 Next dealing Ort 4 


siRd, High Wycombe. 049433877 fc0< °- 

L««—r-ifi07 72J|-L3[ A» growdL-- 

Finlay Unfl TTOst Mngt Ltd. - 

*t Nile Street.Oasgow, 041204 2321 -r- 


U3,7 .. 

U4.4 -2.4 
137.9 -2.5 

123.4 +0.2 
12*7 +0.1 

106.6 -0-5 

109.7 -0 6 
1223 -L3 

131.4 -U 

105.4 ... 


om HnGUiFd Sep:» 1135 5 195.5) •-. i 
2.79 Credit & Commerce Insurance 


s si.. I r 


Da Accum.- l 


123.7 .._ — 

13*0 . — 

139.4 ..... — 
iow -.. - 

1053 . — 


30. Uxbridgenoad. V-’J28PG 
SeI.MIcr.Fd.CBp. .Nil 
Sal Mkt FdStd .0087 
Pension Equitv- .11383 
Pension Fxd lnt . 11204 
Deposit Fd. Cap..—147.4 
Deposit Fd. Acc -■ M74 
Equity Fd Cap 467 

Equity Fd Acc ., B67 
T\d fm Cap . . pJ4 

F*d. lnt Acc — . H7.4 
in ml Cap - |*74 

Inuil. Act . — [47.4 

Managed Fd Cap.. 47.1 
Managed Fd Acc [471 
Property Fd Cap. [47 4 
Prope rt y Pd Acc . [47 4 


01-7400111 
9631 — 

1141 

1426 — 

J24 2 

500 .. — 

Ml — 

49.1 +06 — 

44.1 +0.6 - 

50 0 . . — 
50,0 - 

500 - 

MU - 

49.7 +0.4 - 
49.7 +0.4 - 
50.0 ... - 

5D 0 . - 


■TnJl.G 1 Bund. I 98*-- I...] _ 

. “Cavil value for LIO0'premium. 

Tyndall Assurance/PeLr^nsV._ 

18.CenyhgoRoad. Bristol (12723224 


3-W,ijrS«pt 2R. 

1-fiiuitySept 28 - 
BondSepi 2n . 
Property Sept 2B... 
Deposit Sew 28— 
3-Way Pit Sept 21 
0 seas Inv. SepL 2& 
Mn Pn 3-WSepl l 
Do Equity Sept 1_ . 
Do. Bond Sept l. .. 
Do Prop. Sept 1 


(127232241' 

dl = 


. Intern aft.! 
/ .lulls___ 


Jruls_ 

Fd.Iu.Tst. 
i 4 nl(a+fi_ 
SepL 2T. 


37.1 ..... 

30J .. 

354 

32.4 _ 

37J _-i. 

. A—Hny bctOi 


2- 19 TViArocm-■ 

219 ha moH oPol — ■ 

7,95 Da. Aecum._ 

J69 High Yield_—, 

*■" Pa Aecum -— 4^. 
5.92 Equity Exempt*—. 

3- W Do.Accutb.-—— M 
f 4. ■Price* at S^pt 


Prope rt y Pd Acc . [47 4 30 0 | I — 

Provincial Life Assurance Ca Ltd. 

tC!tBWiopssaic.EC2 01-M76S2 

Prut. Managed Fd 1274 133 91 .. - 

Proi.CMhTd.105 6 111.3 ... - 

Gilt Fuad 20 . . 1163 1215 -0 3 - 

Property mod . 1006 1060. — 

Equitv Fund .. .108 7 1HJ -1.7 - 

FsdfelFUfld ._ 9*7 1014 — 


I — Vanbrugh Life Assurance 

, fH 4t.fi36toddOTSt.Ldn WIR0LA 
nTZ.n Wsnafied Fd. 1510 15901 

01-2470833 CquityFd. 24*0 2590 

.. | — Into).Fund 1044 209.9 

... - Flrerttnfcrrt Fd..,. 167.9 17*6 

-Oa — Property Frt . 144 9 152.6 

_ Cash Fund. 120 4 12*8 


01-400-183 

ill E 


»!7 ' TM -0.7] 7.9 

gj; 

k Next dealiBg OcL 3L 


~aj 977 Mattfi'd Fund Acc.- 1075 
'toq Want'd Fd. loctn. . 1W5 

i-3 UhM rj r_,i i,v 1 


CORAL INDEX: Qose 499-504 

_ INSURANCE BASE RATES 

Property Growth_-_-——lWt% 

Vanbrugh Guaranteed _!—.—i.-!—S-37% 

- -tAddres* shown coda: Insurance and Property Bond Table. 


TA fS Itoflg'd Fd. ImL.10o2 

",li Equjh' 6 "d Aec. -1004 

-fu Equity Fd- lufiti.-- :a 0 .ft 

ffiSStt&'.Bi 

Propwtj Fd Idim.. 96.0 
Peuparty Fd'Jnli. 9a 0 

lBe.Tie.nL Are . 1080 
■ i ■ Inv.Tsl. Fd Inenr .. 1000 

Jar. Tst Fd. I art,.1068 

Fixed InL Fd Are..«.J 
Fxd. Ini Fd Incm 997 
, „ ■ ., ItuefLFd.A«... . UB 2 

raier'l Fd-Incra.., 1182 
Money Fd. Ace ..,97 0 
17% UeuoyFdlPcm. 970 

Ditf. Fd; Inera. . . 1071 
' Crown Art. Inv.-A .. 1677 


113 il ii Pnidenbal Pensions Limited^ 

lui-u *51 Life Assur. Co. of Penu^hianii Hoi bom Bore, ecin sxh. 01 - 40502=2 

1U7 r l.l _ 3042 New Bond SL.W170RQ. 01-4B383SS ?HII " I - 

Sl:!:] in ™ vm .I - gSt, 1 J- t d s fi£ i S 1 :;|11l Bf ,:::J - 

1 H.S -o.9 - Uoyds 8k. Unit TsL Mngrs. Ltd. Reliance Mutual 

?mS Jc 752 71. Lombard St. BC8 0J«3l288 TunbridfieWelJ^KenL 080222771 

-.JUS Za.l 571 Exempt——'-_|WJ.< 108.8—-1 727 Bel Prop. Eds. .. .[ 203J |.| - 

is ^ ^ 

1044 1-5,1 — 20. CUBen SL. EC2A 43QC 

124.4 -LI 426 MBlGiIl 5ept.S — 

124.4 -U - ilpA‘A'R-AepL28. 

mi . 10.00 Opj'A'EcLScpLa. 

302.1 ... — OpS'A'HY. 5opL28. 

UJ.7 -09 . 806 OpJ-AManSepCa. 

«_ — Opj'A'DjxSoptSS^. 


-1.7 - 
- 1.1 — 
+0J - 


Property Fund . .-100 6 106« . — CoshFund.h£D4 12*4-+0l] - 

Equity Fuad ...1087 IKS-1.7 - ... . _ . . 

FrtdfnLFUad [9*7 ioi 9 ! | — Vanbrugh Pensrons Limited 

41 -43MfedduxSt.,Un.WlRSLA 01-©9«S3 

Pruoenoal Pensions Lumted* uauKed loll 106S -Q2i — 

Ho) bom Bars EON 2XH. 01-4050222 Equity.. 107.B Us3-53 - 

EquiLFd.Se«.aj_|£27.50 2a35J .. .( - Fiwdlniercst-.. WJL 1033^ +fl!Ir - ; 

Fxd InCSepta) - |£M46 14.7a ....] _ Priperty.—..1990 10*3] .| — 

Slup-Fd SepL 2D (£2662 27&S ....m| —■ Guaranteed see .'to* Bose Rfaes' table. 

Reliance Mutual • - Welfare insurance Ca Ltd.* ’ 

TdBbritifie WeU.t, KenL 08B2S2271 Winslado Parkfixetcr ' ’ 0502^2155 

ReL Prop. Eds. .. .[ 203J |.| - MonmnskerFd.-l . U05 J ... J ,. . 

_ . Fw other funds, please refer to The London £ 

Ro th s c h il d Asset Management Manchester Group. 

NC PM" l * Be,I |ll 7 r ,SC ]QS 0 i “T 84 * 8 Windsor Ufe Assur. Ca Ltd. . 

Next'Sub dw 5cpicrabar 3 " Royal Albert Hsu., Shed SL, Windsor.. ■ 

„ Life Inv. Plana....—176.4 72^" - - 

Royal Insurance Group FuinreAcsdCthMi. 2200 / . . 

_ ; 


Henderson Baring Fond Mgrs. Ltd. 
603, Gammon House. Hong Song. 

Japan Fd Sep*. 20. ptsaa 37U . .[ _ 
Raring H«d. Bond Fd SepL IS SUS10542. 
'Exclusive of any prelum, charges. 

HUl-Samnel & Co. [Gae^sey) Ud. 

8 LcFehvre SL, peter Port Guernsey. CJ 
Guernsey Tst-11584 MWJ -1.2J 3J1 

Hin Samuel Overseas Fund S-A. 

37, Rue Nocre-Datpe. Luxembourg 

[StSBJ» a«[-8.19| — 

lntcntation.il Pacific Inv. Mngt Ltd. 
PO Box R237. 56. Pitt SL Sydney. Alia 
Javelin Equity TsL.lSA2.41 253[ [ 

JJE.T. Managers (Jersey)'Lid 

PO Box IM. Royal Tsa H«L,-Jer- 
JerwyExJml T*vfl97.0 - ST ■ , ' 

As al August 3L Next sub 

Jardine Fleming & • , 

4Si Floor, Counangh* 

Jardine Eon. Tel_I 

Jardine J 1 mLFd“ • - 

JardineS.ELA.... 

Jardine Flem.’ , 

IntiJ’acSoty 

Do. fAccur - 

• NAV 


— Tyndall Group 

P.O. Box 1258 Hamilton 5. Bemuds, 2-2780 

Oxeas Sml 27_|ST6J25 US .J 600 

(Accum. Unlui_nL'5118 iSI+fl DJJ _ 

SSS2[ 3-Way InL Sc PL 2J - llL'2Ja 2920) ...Z| _ . 

am 3New5USLBelter,Jersey BSM3TB> 

I^O TOFSLSopt.28.,..M. £5.00 SMt-CLUX ' 

2.10 (Aceum. Sbareai. ~ £1280 13 7 d)-oj3) 

Z American Sept 28.. 905 97.5- 2 ^ 

_ (Ac nun shares i 90.5 97.M 

4 JnrwyFdSepL27. 219 6 232!* 

iN' 00 -J.Acc.Lto.r... 310.6 329 ’ 

... Gilt Fund SepL 27.. 1061 ir 

***• (Accum Shares) 


Victory Edom. DMChte, Is 1 
Uanaged SepL 21. .(136.7- 

Utd. IntnL Mn r 
14. Wolfarier S' 

U.IB Fund 

United ! . 

14. Bl' 

US ■ 


- Xqyal Shield Fd.—[14*7 155 2| —J - n«J^ ; C«£h 































































BRACKEN’ HOUSE. 10. CANNON' STREET. LONDON EC4P 4BY 
Telex: Editorial 88634112, 883897. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8826 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL offices 

AnWterdaa-C. 

n ° ad - 

Brunei*' 33 Rue Ducnl*. 

Tcle\ =3383 Tel: 512-P03? 

Cairo P») Box 2040. 

Tvl 8385IO 

puhlut. 8 FU.'»iUiaw Squara. 

Tde^ 5414 Tel 7BS321 
Erfjrhurah .77 Guurce Street. 

ledev 724S4 Tel 031-238 412* 

Frankfurt lm .SJrhwnlager 13. 

Telex 4lfi2«S Tel. 555730 

fn^niWiun:: pri 2128 

Tele* 8-6257 Tvl- 838-T.^ft 
Ir-imn- Praca da AleCria 58-10, Lisbon 2. 

I !2.vO TpI 362 508 
Madrid Kspronrcda 32. Madrid 3. 

Tel -Hi hTT2 _ • 

ADVERTISEMENT OFFICES 

fejrnun^ham «I*»rife House. George Hwd. 

r.-if. sossn Td. ies-454 oos 
Wi::bi!.-Kfc 37 George Sireet. 

■Won 72484 T.-J: H3I-SS6 4130 
Frankfurt- im ^a» h^enlacer 13. 

HB63 Tel. S34887 

X<*ni- Pemwient House, The HeadnW. 
Tel. 0532 4MW» 


Manehe*a**r «4uecft’s Tlou*e. Queen. Street. ia5 

Telex C668ia Tel' 061-834 8381 i£j 

Upwj Sado'-oSamo:echna>'a 12-24, Ajrt. IS. 771 . 

Tnlov TWO 7-1 200 274* =& J 

K.-a v«k- ~ Ru.-ko/eJler Plat*. PT.Y. ITO18L 1% 

T«-le\ fiTOM Tel *212- 341 4625 42 

J'anv .16 hue d>i Senner. 75002. 

Telex 22U044 Tel 23857.43 125 

R»n rfe Janeiro: .Venida Pres. Vargas 418-10, 

Tel. 553 4848 1“ 

Soni': Via d-lla Wfrrnii* S5. *c 

T-l-x 61032 Tel 678 3314 37 

Si« Lhvim. r a St enskajDasblailrt. Raalambsrogrn 7} 147 
Telex ! 16 UJ Tel. 50 60 Rg ^ 

Tehran: P.n Box 111879 

Telex 213930 Tel. €st:fls« 

”»«■. . Nihon.Xnni Shimhun 





" S'-hiniJon: 2nd Floor. p Streot. 
N w . Wsirfimcton r../ •wgu 
Tl-Ux 44<WO Trl i2rc.\i 347 8876 


George House. George «wkl iiwri™,-™. ^ 

50 Td US2-454 0822 Wanriiy ^r (jmen « House. Queen Street 

T * VZL. Telex 6668 n Tel 061-834 8381 

4 W^uiJaS 4130 *5 r , Vo ? 75 Rockefeller PJasa. X.Y. 10019 

7 11 *■ TOI , ,, Telex Z**® Tel: >212» 489 KM 0 

? 3 ‘ Pa -T is: 26 Rwc to Sen tier. 75003. 

3 Tel. 5.«4fiB7 Tele* 220044 Tel: 23886.01 

anent House, Tnc Hraunw. Tnfc>o- Kaoahara Building. 1 - 6-10 Veh.kanrla 

,a 4®® •.'hijeda-ku. Tele* J 27] 04 Tel. 295 4 gsg 

Oversea* advorti-'ement rcpnuenlatives in 
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For further detail* please former 
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Financial Times. Bracken House. 10, Cannon Street. London EC4P 48 Y 


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