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CONTINEN TAL SELLING PRICES: AUSTRIA Sck-lSi -BELGIUM Fr.2S; OENHARX KrJJ: FRANCE MAt GERMANY DM2.0; ITALY L.500; NETHERLANDS Fl_2.o : NORWAY K rJ3£t PORTUGAL &L20; SPAM PtKwM;. . SWTOEN KrJJS; SWITZERLAND RQJ>; EIRE ISp 


NEWS SUMMARY 


* '■smi 


men set 

jl June 
deadline 


•/'-V'* 

NRrifnns ueaaune 

v. DIlIVllS • BRITISH LEYLAND toolroom 1 
- . r workers shop stewards have set 
’ r i- . 4 a Jnfie deadline for resumption 

‘ ■■■tfid^hro.'LondQu Jmsjpessznen told of action over their claim for 
• ' • :: ‘1“ ■ j prfefdav -Tiow they missed separate bargaining rights. 

~ nt^eath when Russian MIg fighters Neither BL management nor 
‘ ■ : ^riw wmed' fire on their plane as it national union leaders believe 
^iraved deep over northern ***** separate bargaining 
■‘Jno j 3n machinery would help- solve the 

r F® 1 "*.-. _ . company’s industrial problems, 

’ 'i.Yii . [Mr. William Howard, 45 of but the leader of the toolroom 
*■' ^HjpBarv;. executive with a committee has said that the 
•; HrfbBC products company, who workers had become frustrated 
" E&tiag; directly In front of by lack of progress and would 

I men -who' were killed when be demanding action. Bock Page 

JEEC PLANS to trim -v* ns 
' '■■'=: ■..■iTffiEwd: “There was a smell suture the Community -ship- 
•• b'KfflSS aad'-the- plane took industry has ran into 


. . Cohen, 55, of a 46 per cent M* 

• fi ‘'' biwtheate. urtth the same com- capaciiy inside four 

- r . - The Slot ne£ y ears > been sharply attacked 

- vV'&^NSeofS * the UJC. Ital/ and West 
1 . ;r.i. e ^i^engerisrh«d ?ny idea of what Germany. Back Page . 

~ • • f iL : wrong- ^ (W .alTlval in Fin- • $350M. BOND issue by. Britain 
- : pree oa>T aje-' pipoopUr vtere met by i n the D.S. will open opprittuni- 

: ^«f3&Hto?he British Embassy. ties for LUC private sector com- 
' ; ? * r * ®HC" Xrippled p tone Plunged panies t0 horrow in New York 
ffeet-m 15 seconds. The on a larger scale than before, a 
mc i^ioUandedTt OT an icebound team of bankers and economists 
BOuth QL Murmansk and at present in the U.S. hopes.' 
... .i.^ hr-aYentttive security zone ^ 

.Mstfing with maval and missiie 

T* a ses“ ■ :; v' . ' • FEDERAL RESERVE'S movesi 

- . ' V rt 3tbe Russian' fighter jets flew to tighten credit may result in 

• .ana t close. td,^ plane that passen- higher interest rates in the U.S. 
'Macs wereraffie. to describe them money markets, according to j 

- -r-i^detaiL T&eohe Mr. Cohen saw leading American analysts. Back ' 

• - ,i. &&*’■£ pbirited n os e and a slight Page - 

• . pf the ^ CITY TAKEOVER Code is to 

>,:Ei lirw)Mid fnlkc be extensively revised next year, 

- - L«AI»V2> the Wilson Committed, on ftnan- 

' Miflesia’s 'transitional govern- eial institutions has been told. 

. a ??rt is: eiepfetied this week to Page 4 

. : '.!^£S£*BRh3SK'X: • imwiwkMi 

” -Vnce/ But, Salisbury is from private homes rose-. nearly: 

- Ejected- to stipulate pre-condi- a third last year, from £4B4iiLto 


.^nsdemic andsymlwdic in charac- 

Back Page- - Insurance Association. M*?m- 

- . - .. while, the chairman of General 
• 5 Accident is - hopeful of better 

» rHi accusea .. .worldwide 'underwriting results 

bU British Government up- year-- Page 34 

jrs twice this week before- an- . . . .' 

^national court in Strasbourg UlfApprV lflflPY 
Used of stifling free expression VJIVWVIJ .• ItitivA 


Tories are divided 
on size of Budget 
income tax cuts 

BY RUPERT CORNWELL, LOBBY STAFF 

The Conservatives are divided on just how big a ent in the basic rate of 
income tax to seek daring the Commons examination of the Finance Bill, 
where major differences between the Government and its liberal allies could 
precipitate an early general election. 

Mr. John Pardoe, the Liberals* almost certain this year, this ofBce in 1974 is cot practicable, 
economic spokesman, yesterday autumn, if not this summer. The real argument seems to ne 
carried his brinkmanship with “And do they really think I between those who want a lp 
Treasury Ministers a stage believe they’ll call an election cut, and chose who favour one 
nearer the edge by insisting that n0Wt after a 9 per cent, swing of $P or even i 

his party would be quite happy against them in Lambeth?" Although each lp cut costs an 

to fight an election this summer His unspoken implication, with estimated £500m. of revenue, the 
on the tax cuts issue. which many of his senior col- “hawks " say their position is 

Unabashed by the disastrous leagues privately agree. Is that consistent since the Conserva- 
Liberal showing in last week's the party’s dismal standing is tives voted against the Govern- 
Lambeth by-election. Mr. Pardoe unlikely to improve much menfs last Expenditure White 
dismissed as “an idle threat ’’ a between now and October, the Paper. 

warning from Mr. Joel Barnett, most likely election date, and it would be up to Ministers to 
Chief Secretary to the Treasury, that to force the issue on some- make good the lost income, 
that . in joining with the Conser- thing as appealing to voters as either by reducing spending or 
vatives to wreck the Budget, the *“ cuts makes good sense. putting up indirect taxes. 
Liberals could destroy them- Mr. David Steel, the Liberal So far, there seem to have 

selves. leader, would still prefer an been no serious contacts be- 

In spite of these belligerent orderly disengagement from the tween Liberals and Conserva- 
exchanges, the Government will Lib-Lab pact at the end of this tives to co-ordinate their plans, 
have an effortless ride on Thursr session. But senior Tories last night saw 

day's second reading of the But such is the tax cat impasse no great difficulty in the two 

Finance Bill, which puts the between Mr. Pardoe and working alongside each other 

Budget proposals into law, as the Treasury Ministers that a ‘'sum- and joining forces where their 
Tories will not be opposing it. mJt ” between Mr. Steel and the interests coincided. 

Tbe crucial confrontation will Prime Minister looks the only where they will almost cer- 
come in the weeks afterwards. wa y re solving the dispute. talnly make common cause is on 
during the committee stage of The internal Tory debate, cuts in tax rates at the top cf 
the Bill. Then the Liberals and which should be settled by the the scale. Here, the small cost 
Conservatives will move their Shadow Cabinet this week, is of any successful amendment is 
amendments, and on informal between “hawks’’ who want a unlikely to disturb the Govem- 
coulition of all the opposition really big drop in *he standard ment too much, 
parlies against tbe Government rale and "doves" who fee! that other areas where the Con- 
couhi force them through. to seek too much would open the servatives may concentrate 

Mr. 'Pardoe described income P*uiy to . charges of financial during the Committee Stage is 
lax i-hanges as of *’ specific and irresponsibility. on capital gains tax indexation, 

enormous importance." on which Conservative economics spokes^ and an “tidying up " details of 
the Literals would happily fight men accept that to go lor a re- the sha^e incentive schemes 
an h lection. In any case, he turn to the 30p in the pound rate announced by Mr. Healey on 
added, W general election was that operated when they left April 1L. 

i “ 

Progress made tow|rds 
arms pact, says Vance 






r * *4 
Y 3 fcl 


t the Thalidomide controversy- - -g / 

I of allowing- degrading treat- l|p 1, / yQ 
at of young ouenders on the _ r 


i J n°Un UDg w • AVERAGE cost of family 

«£■ • • - groceries has. risen 1.7 per cent 

SR . . in the last four weeks, according 

ip FO Optimism . to., the Financial Times Grocery 

- >A-_ nf ’ Ttsiiv'c ’ .niino Iudexi . Thef rises were mainly in 

fresh- meat and vegetables, and 
to toe 2 P added to the price of 

MKlon of' Sr. Aldo Moro, ““to- 5 

Sfl^lgnapped former ’ Prime # PENSION FUNDS and other 
Ljfjter. Page 2 City institutions make good land- 

owners, having the 'funds to make 
^ndinff down heavy Investment' in agricntural! 

V 6 ” land, the Northfield Committee 1 

:.T chairman of Lancashire , studying land" ownership has 
jee anthoriry, Mr. Frank Loft- been told. Back Page i 

.C- • NATION^ SAVINGS ^ 
' is, by Mr. Stanley Parr ex- -ment increased, its inflow W 80 
•*f Constable, that he tried to P er cent last year to £L«7hn., 

- vert the- coarse of justice. the -.first time total investments 

i; have exceeded £10bn. excluding 

- mcu non mn u the savings banks. Page 4 

• • COMMERCIAL vehicle sales 
'! SS ^ arry »^ 0W J^ s increased nearly 10 per cent in 

the first quarter, although the 

• 0f T> hlS u n l^» March figure was slightly lower 

t ® 1 ® nd e Bombshell, last year at 20,384, according 

Sd. ” to mot0r “ dU8tty ** Ur “ P *®' 

• -Ktoto Sands, west Wales. • THE WALES TUC has 

- rejected any trade union co- 

faflir ■' operation in a Phase Four pay 

• policy a,t its Llandudno confer- 

- taer Archbighop of Liverpool, ence at the week-end. Page 5 

- '.George Beck, is still seriously ^ SCHOOL CARETAKERS who 
=■ ? Lourdes hospital, LiyerpooL belong to the National Union of 

ml’s first live concert broad- Public. Employees in 20 outer 
to Europe had audiences and London boroughs intend to wonc 
cs searching for superlatives an eight-hour day ’ fro in next 
” heir praise. BBC said: “ It month in protest at rent chMges.. 
wonderful." The work to rule could interfere 

SSs r -“*“ 

• emjcs m the Maldives. l0C£U e,ecnons - 

' French -hotels, a ferry com- «U.S. CRUDE oil pricing policy 
t and the owner of six- fish- »« costing oil companies about 
: boats are- to sue for damages S^OOnt d mouth in revenue 
’.owner and charterers of the accordJiM to report on the U-S- 

• wo Cadiz. Changed shipping Energy Policy. 

es. Page 12 0 EL AL, the Israeli airline is 

kly £50,000 Premium Bond to resume normal flights to-day 
; was won by holder of bond following a three week Industrial 
her 2FS 744134. dispute. 

CONTENTS OF TO-DAY’S ISSUE 


»ro optimism 


«L .» ‘"V* _ 


r^’ a i ‘.'Ri 






[ by bAvro Matter 

MR. dERUS VANCE, the U.S. 
Secretary of State, left Moscow 
for London to-day following 
three dayk of intensive strategic 
arms limitation negotiations with 
Soviet leaders which succeeded 
in narrowing Soviet-American 
differences on a number of 
fundamental issues. 

I Expressing measured optimism, 
Mr. Vance told reporters at 
Moscow's Vnukovo airp° rt that 
“ we have made some progress " 
rewards a new SALT agreement 
and a “better understanding of 
tbe problems involved in 
bilateral relations.” 

Mr. Vance met Mr. Andrei 
Gromyko, tbe Soviet Foreign 
Minister, for 13 hours in all. and 
Mr. Gromyko was joined by 
Mr. Leonid Brezhnev, the Soviet 
President, for the two-hour 
session on Saturday morning. 

Mr. Vance gave no details of 
what was' discussed but it is 
understood that there was at 
least some movement on all three 
of the remaining difficult issues 
in SALT— tbe transfer of Cruise 
missile technology to the NATO 
allies; limits on missile moderni- 


sation; and the development of 
new types of intercontinental 
ballistic missiles, and the Soviet 
Backfire bomber. - 

The two sides are understood 
to have achieved considerable 
progress on the non-transfer 
issue, some encouraging pro- 
gress on the limitation of new 
types of missiles, but relatively 
little progress on the Backfire 
bomber which the U.S. regards 
as potentially a strategic 
weapon. 

There was also considerable 
progress including some tenta- 
tive agreements, on a number 
of secondary technical issues 
which must be decided before a 
new SALT agreement can be 
signed. 

Tbe tone of the meetings was 
“ good," according to a U.S. 
spokesman, and the joint com- 
munique on the meetings 
described them as “useful and 
thorough " and said there bad 
been a narrowing of differences 
on some “remaining unresolved 
issues." 

Mr. Vance and Mr. Gromyko 
are likely to meet for more 


MOSCOW, April 23. 

talks at the United Nations in 
May. The two agreed to prtn-j 
ciple that a summit between Mr., 
Brezhnev and President GUrrter 1 
would be desirable in \nid-; 
summer If a new SALT agree- 
ment can be worked out 'by 
then. \ . 

In addition to the discussionl 
of SALT, Mr. Vance raised thei 
question of Soviet policy in 
Africa in the meeting with Mr. 
Brezhnev, touched on the 
neutron bomb 'and raised with 
Mr. Gromyko the Soviet censor- 1 
ship of news reports of a demon- 1 
stralion in front of the U.S. 
embassy by a Russian woman 
whn has been trying for four 
years to leave -the Soviet Union 
to join her husband in the U.S. 

Human rights, as such, were 
apparently not raised durtog tbe 
talks. 

The Communist Party news- 
paper Pravda, in a commentary 
on the talks to-day,, said that the 
difficulties in the way of conclud- 
ing a new SALT treaty were 
obvious “ but it Is even more 
obvious that given good will on 
both sides the existing differ 
ences can be overcome.” 


Sweden 
will curb 
steel 
to U K. 

By Stuart Alexander 

SWEDEN wHl reduce its exports 
of steel bars to the UJL by more 
than 80 per cent, of recent levels, 
and the Italians have bowed to 
EEC demands to stop cutting 
prices below agreed levels. 

Following recent negotiations 
| between the EEC and: Sweden 
producers met representatives of 
the British industry late last 
week and agreed to cut exports 
to the average level of 1976-77. 
For the rest of this year they will 
run at no more than -1,500 tonnes 
a month, compared with 8,000 
tonnes recently. 

This is the first settlement 
agreed and defined between pro- 
ducers of the two countries. It 
is hoped it will set a pattern 
for other agreements being 
negotiated at political level by 
Viscount Etienne Davignon, the 
EEC industrial commissioner. 

British producers have also 
received assurances that Italian 
steel producers will exercise 
“ self -discipline " by respecting 
price levels and restricting 
growth. 

Producers in -France and 
Germany have heavily criticised 
the Italians for their price- 
cutting policy when joint action 
was being taken by the Euro- 
peans to share the burden tf 
recession. 

The agreement hammered out 
in Milan should cool tempers 
and avert the possibility of 
countries taking unilateral 
action against Italy. 

Tbe bulk of the complaints 
were against some of tbe inde- 
pendent producers selling what 
are referred to as “ merchant 
bars ” such as angles, sections, 
flats, and hot-rolled bars. 

Outside the EEC. although the 
only detailed agreement has 
been made with Sweden, outline 
agreements have already been 
reached at Government level 
with all the EFTA countries and 
have been signed with Japan, 
South Africa and Spain. 

Mr. Selwyn Williams, director 
of the British Independent Steel 
Producers’ Association, said 
yesterday both the British Steel 
Corporation and the private 
sector were pleased with the re- 
sult of the talks.wlth the Swedes. 


Britain likely 
to block EEC 
fishing deals 


BY MARGARET VAN HATTEM 

COMMON MARKET Ministers of 
Agriculture and Fisheries will 
meet in Luxembourg this week 
to try once again for agreements 
on fishing arrangements with 
Norway, Sweden and tbe Faroe 
Islands, and to settle the annual 
farm price review. But even 
before they start, neither meet- 
ing appears likely to succeed. 

First, Britain is expected to 
block the fithiug agreements 
from tbe outset, as it did at the 
previous council meeting two 
weeks ago. 

At that time it had said, 
together with Ireland, that 
external agreements should not 
be fixed until at least the basis 
for a common internal fisheries 
policy was acceptel tjy the Nine. 

Britain also Insisted that 
national quotas for the proposed 
catch hi third-country waters 
should be specified before it 
would agree to anything- Since 
then it appears to have been 
disappointed on both counts. 

Quota proposals, which tbe 
Commission is expected to table 
to-morrow, would reduce the 
U.K. catch around Northern 
Norway and the Faroe Islands, 
of such species as saithe, 
mackerel, sprat, whiting and 
sole. The present quotas are 
unacceptably low, say the 
British. 

The Ministers also appear to 
be paying increasing attention to 
new scientific evidence on deple- 
tion of herring stocks off tbe 
west coast of Scotland, which 
may necessitate a partial or total 
fishing ban. This question should 
he settled before third countries 
are allocated quotas to this 
region, says Britain. 

Progress towards an internal 
settlement appears equally dis- 
appointing in spite of tbe 
optimism of Mr. John Silkin, the 
U.K. Minister, two weeks ago. 
The main obstacle is still 
Britain’s insistence on preferen- 
tial access to the 12- to 50-mite 
coastal zone. 

New British suggestions on 
this issue, which began to emerge 
at the last council meeting and 
which indicated jsomjajiing of a 
climbdown, seem -to Ipve evoked 
little or no response to the 
interim. „ 


BRUSSELS. April 23. 

^'■aiiiB.1. ~ -i 










Mr. John Silkin 

The lack of progress was made 
dear at a rather disappointing 
meeting in London last week 
between Mr. Silkin and Mr. Finn 
Olav Guodelach, the agriculture 
and fisheries commissioner. 

At this stage. Mr. Silkin still 
appears determined that external 
and internal arrangements 
should be concluded together. 
He is also believed to consider 
further formal council meetings 
as useless until a major break- 
through can be made in informal 
discussions. 

This virtually rules out a 
possibility of any fishing agree- 
ments being signed before the 
farm price review is nut of the 
way, and indicates a fairly short 
meeting to-morrow. possibly 
opening the way for an early 
start to tbe fanp price talks later 
to the day. 

Here again./the chances of a 
settlement this week appear 
slight The/ main outstanding 
problems — poposed rises in the 
milk price./calculation of mone- 
tary compensatory amounts on 
pigmeat, /tile retention of the 
U.K. ■ Milk Marketing Board's 
system— will not ie resolved 
quickly. 

A further complicating factor 
is tbe" package of measures to 
help Mediterranean producers, 
particularly those in the Italian 
Mezzogiorno and the French 
Languedoc Roussiilon regions. 


Schmidt arrives for talks 


BY REGINALD DALE 

HERR HELMUT SCHMIDT, the 
West German Chancellor, arrived 
.in London yesterday for £4 
'hours of consultations expected 
tn be dominated by inter* 
national economic and monetary 
problems. > 

He went straight to Chequers 
for private tiflks with Mr. 
James Callaghan \and Mr. Denis 


Healey, the Chancellor of the 
Exchequer. : 

The talks, which are due to 
end this evening, form part of 
the regular twice-yearly meet- 
ings between leadtog members 
of the two governments. There 
is no ret agenda for the discus- 
sions, but Herr Schmidt is 
expected to raise new plans for 
stabilising EEC currencies that 


have so far stirred little 
enthusiasm in the U.K. 

The British Ministers are 
likely to continue their efforts to 
persuade the West Germans to 
contribute to the international 
package of reflationary measures 
that they hope to finalise at the 
next seven-nation world econ- 
omic summit in Bonn in mid- 
July. 


Take your time 
in France. 


Goal Board seeks customers 




•rsea^bews 2 

rid trader news 3 

®e news— general 4. 5, 36 

.• •••■ -labour "5 

hmcal page : 6 

-•cnltre’tfiuui Office World 9 

- ----- U 

ftiSpder page:. 12. 


U.K. companies 

International companies 

Euromarkets 

Foreign Exchanges 


BY JOHN LLOYD 

4HE NATIONAL Coal Board 
faces. an acute problem of find- 
ing sufficient markets for its 
rapidly rising production of coal 
in the next three or four years. 

’ The problem is largely the pro- 
duct of two factors. Steel in- 
dustry demand fell 3.5m. tonnes 
in. 4977-78 and the productivity 
bonus, scheme has yielded im- 
pressive results. The scheme has 
already contributed 1.5m. tons of 
extra output to its first three 
months of full operation. 

/The NCB is looking to the- EEC 
to solve the problem. A proposal 
to ’ . subsidise Community-pro- 
duced coal in the EEC will be 
dismissed' by the Council nf 
Ministers next month. It success 
is crucial to the NCB’s short- 
term marketing prospects. 

Tbe NCB has agreed with the 
Central Electricity Generating 


Board that in the current year 
the CEGB will take about 5m. 
tons more than last year — about 
73m. tons. This has more than 
compensated for the fall to steel 
Industry demand. 

Tbe proposal which will go 
before the council is for the 
member countries to subsidise 
about 30 per cent of the gap 
between Community-produced 
coal and third-country coal — at 
present an average of £12 a ton. 

To bring the EEC-produced 
coal down to third-country levels 
the producers would then be 
required to provide an additional 
snbsidy of an average £8 a ton 
more. This would mean selling 
the coal at a substantial loss. 

Tbe NCB, the largest coal pro- 
ducer in tbe EEC; reckons the 
loss is worthwhile if new mar- 
kets are to be secured. It is con- 


fident that it will take about half 
of the projected intra-Cotn- 
m unity trade of 12m. tons by 
1981. 

Intra-Community coal trade is 
less than 3.5m. tons, to which the 
NCB contributes less than lm. 
tons. 

The domestic market has 
increased slightly to more than 
11m. tons, and the general indus- 
trial market is stable at about 
10.5m. tons. 

The CEGB is unlikely to take 
the same level of coal next year, 
however. A large part of the 
extra demand, this year will be 
stockpiled, leaving next year’s 
likely requirement at about 70m. 
tons. Tbe extra amount taken this 
year is dependent on prices 
remaining stable. The NCB 
admits It cannot guarantee this. 

Continued on Rack Page 




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Mining Notebook 35 

FT SURVEY 

Hong Kong 13 » CT 


Emergency meeting on Namibia 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 




FEATURES 

s- - ■sSSrtSZ'SSS 

V . for ,|, e future 

al authority' elections 33 Justinian 


dmonls ........ 

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snmn'f Diary 
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jalamnt Gam* , 

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6 Share lalwmaUim... 42. 45 

10. 'Span. . 

Ji To-day’s events ... •» 

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33 WerM- Ecan. ind. ... • > 

M V Base LmuOna Rates ® 


14 ARM UAL STATEMENTS^ 
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BoddhwtMi Hrwrfcs- 
■ S Hanker siddetar ... » 

; » Pearson S 

• in S. Pearsoe * M"® S 

41 pergammM 2 

44 Richards B „ 

J -Senior EWbwerWS 2 

Stas Fumrtwe 

SS San ATI tom* 


.. .. — m-.. Base lbhubs rmb — 

For tatert Shore index 'phoag i Q1&46 SQ86 


THE FOREIGN Ministers of the 
five.. Western countries Involved 
to .'the peace initiative in 
Namibia (South West Africa) 
were meeting in emergency 
session last night to' discuss 
latest developments. 

Dr. David “0 wen. the Foreign 
.Secretary, was joined last night 
for a private meeting to London 
by- Mr, Cyrus Vance, the U.S. 
Secretary of State, and the 
Foreign Misters, of France. West 
Germany and canada. 

Thp unexpected meeting fol-- 
lows the viat by Mr. Vance and 
Dr. Owen to Africa a week ago, 
durtog which they- conferred 
with representatives of the two 


main protagonists to the Nami- 
bian dispute — Mr. Pik Botha, the 
South African Foreign Minister, 
and Mr. Sam Nujoma. president 
of the nationalist movement 
Swapo. 

While Dr. Owen and Mr. Vance 
will want to inform tbe other 
three Foreign Ministers of their 
discussions in Africa, last night's 
meeting comes at a critical time 
for the year-old initiative. 

The UN. General Assembly 
opens a 10-day special session on 
Namibia this week, while in the 
territory itself unrest over the 
past few weeks has led to tbe 
South African appointed ad- 
ministrator general assuming 


full emergency powers. 

In negotiations with South 
Africa and Swapo over the past 
year, the five powers have man- 
aged to narrow the gap to only 
two major outstanding issues — 
the withdrawal of South African 
troops during a UN-supervised 
transition period and the status 
of the territory’s port. 

Quentin Peel writes from 
Johannesburg: The five powers’ 
clarification of their settlement 
proposals for Namibia Is 
expected to be presented to Mr. 
Pik Botha in Cape Town to-day. 
The whole issue is exp'ected to 
be debaTed at to-morrow’s 
Cabinet meeting, 


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2 





VERSEAS NEWS J 


Sadat opposes Israel talks 
in absence of new ideas 


Hopes that 


Financial; Times* Monday * April 24 1978 V £>' \ ; 7 c 

■ ■■ -is&' ^,iela : 


"■ .■'-'■‘'v '''' : - a 7 llt * 4 ' 

SPAIN’S COMMUNIST PARTY . .. #*' 

• - • ,r --'i: .. . ^ -J' ™ i ft j 

Carrillo nraomatkin 


BY ROBERT GRAHAM 


;4»UU5lQD f ^&ai-28; ,-i- 


BY ROGER MATTHEWS 


CAIRO, April 23. 


PRESIDENT SADAT of Egypt 
to-day appeared to rule out any 
further direct contacts with 
Israeli leaders until there were 
new ideas to discuss. 


In his now nluul weekly inter- 
view with the magazine October 
Mr. Sadat insisted however that 
he was still optimistic .about the 
prospects for a peace settlement 
in, the Middle East Egypt, he 
added, had not yet reached the 
point where it would be forced 
to conclude that Israel would 
never change in. its attitudes. 

The interview was published a 
few hours before Mr. Sadat met 
the U S- special- envoy to the 
Middle- East. Mr. Alfred Ather- 
ton, at the Red Sea port of 
Hurghada. Mr. Atherton will be 
reportinp to President Carter on 
the latest state of Egyptian 
thinking before the arrival in 
Washington of Mr. . Menahem 


Begin, the Israeli Prime Minister. 

Mr. Atherton said after the 
meeting that he had a much 
clearer understanding with Mr. 
Sadat an-possible approaches to 
resume the peace negotiations. 
The special envoy! who met the 
Egyptian leader for two-and-a- 
half hours, did not elaborate on 
the possibilities. He said he was 
taking a personal message from 
Mr. Sadat to President Carter. 
Mr. Sadat had offered to send 
Mr. Mohammed Ibrahim Kamel, 
his Foreign Minister, to Washing- 
ion after Mr. Carter’s talks with 
Israeli leaders. 


• He is also being forced to pay 
more attention to renewed 


postponed 


squabbling within the Govern- 
ment. frsh concern over the 


By Dominick J. Coyle 


With domestic pressures be- 
ginning . to.. 1 build up on the 
Egyptian President and many of 
his senior officials increasingly 
sceptical about the direction of 
policy. Mr. Sadat must be 
pondering about bow he can 
breathe new life into bis peace 
initiative. 


inent. frsh concern over the 
supply and . prices of basic com- 
modities.- and a marginally more 
aggressive attitude .by the non- 
Govern merit press. 

Twice in the .past week 
prominent former members of 
the regime have been strongly 
critical of the President, 

L. Daniel ' adds from 
Jerusalem: An official invitation 
to meet President Carter early 
next month has been conveyed to 
Mr. Begin, who will be going to 
the U.S. to attend various 
functions .in connection -with 
Israel’s thirtieth anniversary 
celebrations. 

Mr. Moshe Dayan, the Israeli 
Foreign Minister, will be leaving 
on Tuesday for talks with Mr. 
Cyrus Vance, the Secretary of 
Stale 


kow over 
aid to Asia 


Lebanon agreement 


BY IHSAN HtJAZI 


BEIRUT, April 23. 


averted 


By David Housego | 

VIENNA. April 23. j 

A SHARP conlllct between the! 
U.S. and West Germany overj 
now contribution*: to the conc&s-l 
sionary fund of the Asian! 
Development Rank was averted 
to-day after donor nations agreed ! 
to provide a guaranteed S2bn. for 
borrowing by poorer Asian 
countries over the next four 
years. . 

Western nations had been 
anxious to complete arrange- 
ments for the second' major 
capita] replenishment for the 
“soft window” of the bank — 
the- region's major multi-lateral 
lending agency — before its 
annual meeting opens here to- 
morrow. 

Among those attending are 
Finance Ministers from - Asian 
States and senior representatives 
from the major Western banks 
reflecting the active interest in 
lending to the area. 

The agreement could also 
pave the way for a resumption 
of borrowing from the bank by 
Vietnam which has been unable 
to utilise outstanding loans since 
1975 when the former South 
Vietnamese regime was over-! 
thrown by the Communists. j 

Conflict arose over an initial' 
American proposal, made before! 
the meeting, that the replenish- 
ment should be for only S15bn. 
This was taken by Germany, 
backed by Japan, as implying 
that the U.S. would further cut- 
back its 22 per cent, contribu- 
tion to, the fund. 


LEBANON’S top Christian and 
Moslem parliamentary leaders 
to-day announced an agreement 
on major political issues which 
observers believe will facilitate 
Lbe forming of a new govern- 
ment by President Elias Sarkis. 

Mr. Kamel ai Assaad, speaker 
of parliament who chaired the 
meeting, said the leaders were 
in a it or d about the armed Pales- 
tinian presence in Lebanon, the 
Lebanese militias, and the need 
for full implementation of the 
United Nations Security Council 
resolution for total Israeli troop 


withdrawal. 

Taking part in the meeting 
were the top Christian right-wing 
leaders, Mr. Pierre Gemayel and 
former President Camille 
Chamoun. and two former Prime 
Ministers. Mr. Saeb Salam and 
Mr. Rashid Solh, both of whom 
are Sunni Moslems. Mr. al 
Assaad is the higbest ranking 
Shia Moslem leader. 

Observers believe the agree- 
ment announced to-day - may 
prompt tbe President to name a 
Premier-designate to-morrow or 
at tbe latest on Tuesday 


Zambia hopes for $400m. 


* BY MICHAEL' HOLMAN 


LUSAKA. April 23. 


EFFORTS TO mount a substan- 
tial Zambian* aid programme 
with the World Bank, in addi- 
tion to tbe S390m. International 
Monetary Fund credit approved 
in principle last month, are well 
under way according to Govern- 
ment and diplomatic sources. 

The package could be worth up 
to $400 ui, according to Govern- 
ment sources, who believe that 
pp to S800m. is necessary to pull 
Zambia out of its economic de- 
pression and to ‘finance an 
agriculture-based development 
programme 

Mr. John Mwanakatwe. the 
Finance Minister, accompanied 
by -Mr. Luke Manansbiku, 
Governor of • the ' Bank of 
Zambia, and Mr. Francis Walu- 
fiku, the Ministry's Permanent 
Secretary, return to Lusaka to- 
day .after. preliminary negotia- 


tions in Britain which included 
discussions with Government 
officials and with representatives 
of British. Japanese, and U.S. 
banks. 

One purpose of the visit, 
according to informed sources 
here, was to seek improvement 
of the Export Credit Guarantee 
Department’s terms for exporting 
to Zambia as. well as a new loan. 
As a result of Zambian delays 
in payments to British suppliers, 
the Department last year ex- 
tended the waiting period before 
it paid out on Zambian short- 
term business from four months 
to nine months. 

It is also understood that 
Zambian officials had . already- 
approached both the British aod 
U.S. Governments on deferment 
and possibly rescheduling of 
existing loan repayments. - - - 


ROME, April 23 
LEADERS OF Italy’s ruling 
Christian .Democrat party are 
.optimistic^ despite the absence 
. of any firm, evidence, that tbe 
Red Brigade have stayed the 
■** execution ** of the kidnapped 
former Prime . Minister, Sg. 
Aldo Moro, which was set for 
yesterday afternoon. 

This optimism follows 
personal pleas by both Pope 
Paul and Dr.' Kurt Waldheim, 
the UN Secretary General, for 
Sig. Mora's release. A lawyer 
close to the Red Brigade said 
these interventions could 
justify ** valid conjectures ” 
regarding lbe suspension of 
the terrorists’ ultimatum. 

Another lawyer involved In 
defending -the - terrorists 
currently on trial in Turin, Sig. 
Giannino Guiso, is reported to 
have visited Rome, giving rise 
lo speculation that either the 
Andreolli Government or the 
Moro family have- started anns- 
length negotiations in hid -to 
secure the - release of the 
Christian Democrat party 
president. 

A spokesman for the Moro 
family has denied reports to- 
day that Signora Eleonora 
Moro met with Sig. Guiso and 
the' Government’s official posi- 
tion remains tiial there can be 
no direct negotiations with the 
icrrorisls who have demanded 
the release of an unspecified 
number or “ communist 
prisoners** in return for the. 
life of Sig. Moro. . 

The Christian . Democrat' 
party explicitly, and the other 
main parties implicitly, support . 
the offer by Cariras, the Catho- 
lic international relief agency, 
lo act as mediator with the 
Red Brigades “on humanitarian 
grounds.” 

But Caritas spokesmen, both 
here and at the agent's central 
secretariat in- W. • . Germany, 
have denied that any contact 
has tome from the - terroribls . 
so far. ' . 

A hand-written Idler from 
Sig. Moro to the Christian 
Democrat party see re la rv, Si«. 
Benigno Zaccagntni. virtually 
accuses the-' party -of deliber- 
ately leaving* him' lo his fate 
“in the interests of veurity" 

It goes on' to warn: “ If you 
fail to intervene, a'-cbillin* page 
will be written in the history 
of Italy. My blood nil] fall 
upon all of you, ou the parly, 
on the nation.** 

This sombre pole sounded by 
the respected Christian Demo- 
crat presidents whab-ver the 
pressures on *im in captivity - 
to write on ihese lines, ..has I 
created further anguisn within 
the party., threatening an open 
■split between hawks an:! Haves, * 


THE' SPANISH Communist 
Party’s ninth congress wound up 
four days of lengthy debate here 
over the week-end by giving over- 
whelming su&port to the prag- 
matic ' idealogtcal approach of its 
secretary-general Sr. Santiago 
Carrillo. ' 

The major test for this prag- 
matism was a vote that the party 
should cease to formally identify 
itself with Leninism, carried by 
a 3—1 majority. 

The Spannish Communist Party 
(PCE) thus' becomes tbe first to 
openly drop the dugma of one of 
the pivotal figures in the Com- 
munist movement. Its doing so 


provides of - This was the first congress crease the membership of t. 5 : 

Sr. Curillrt desire to sei‘ the since the party was legalised last tfntraT committee from 136 ' 
PCE operating within a multi- April and the tot: on* held j60. HWO»e76are-worker6a^ 
party parliamentary demdfctacyr*jMriy."in Spain since M83. As ^ Drafesrionat DCdbl& "Sor 
In essence Sr. Carrillo; ba*\*rtrolt the main foens has becnV^^r^ 11 " JHH&mSE*’: 
persuaded the congress to accent matters. 'With 'very rommenfetDr$ have Mghligbl 


Commun ist-dominaf'.; ' 


entty from in the Soviet Uafiki.. guidelines oh relations beftveieD - or womraGommissiMiL sym ; 

There were also some tjtouglr.the Central Party apparatus and has ejdtfSO® Jis tbd_large£t a;" 
words over the party's attitude the 'regional parties. . All it has best organised umoa-fb-reefr;.. 
towards the Socialist Party: .-sue;' aitfe it tn confirm the independ- work ebuncas! elections. Tina.- ; 


certain whether cooperation ia'jffnecial'provlsions of the-. Basque. election its secretaires 
an electoral advantage Oniraw- Ind Gallciaa parties.' of SftV.tofllff. .who Jba^ 

back. - The congress, decided to in- the post for IS years-. 

- . - - ■ ' fcl '..I.... ’’ " ' . . •" , 


Warning to 

Portugal’s 

extremists 


made In Hungary 


By Our Own Correspondent 


BY PAULl£^V^^y^;0K. VIENNA^ April '23. By John.Ylfytas “ 

A GOVERNMENT reshuifVe Waftriwted associate. As Minister of an AI^TWRUST^ny^fig^, i 
approved by the central Interior la 1967-61 was : h gg launched by the Qepi' , 

tee of the Hungarian Cammublstr-iwponsible for restoring order ment -.of Justice into Mar - 1 
Party last week. It involved Ore' and ferreting oat . “counter- Lynch and 'Company's -met,, 
retirement of Mr. BelaBipzko,- revolutionaries." But, in the S50m. purchase . of - White -We 


merger ^ S 
investigated- 


LISBON. April 23. 


SR. MARIO SOARES, the Porto- 
guese Prime Minister, has backed 
a warning from the Council of 
the Revolution against attempts 
to destroy Portuguese democracy. 

The Council, a constitutional 
watchdog of which President 
Eanes is' chairman, said that 
groups determined to destroy the 
State were increasing their 
efforts. Dr. Soares agreed that 
i some newspapers and politicians 
had mounted powerful cam- 
paigns against the State recently. 

Tbe warnings come before 
celebrations of the fourth 
anniversary of the April 25 
revolution, which is being 
marked by picnics and outdoor 
events in contrast to last year's 
military show of strength. 

The long and vague statement 
from the Council was the first 
it bad made for many months. 
It defended the right of people 
to criticise but condemned “a 
campaign- of verbal terrorism In 
some papers and by certain 
politicians” which it said was 
aimed at a return to totali- 
tarianism. 


re on i 


party leader. ’* rJ . Hplayed -an .important role in the 'fioin the Federal TradS-Cgtanr 

- This and other changeable direction of the most ' prominent sion. the Departmeut of Justice! 
most sweeping, since- the partyri«former5 in 1974. . seeking' to 'establish; . 

congress held three yeafck..TOetr.': With the departure- of Sir. de ^ ** ■ an anti-ci>mp9titt - 

were, motivated by the Ufeedr^Bissku from thT centre of the ™8® r “to ® e *S5f 
improve economic efficiency. ^ -political stage— he remains a Ctoylon Act. M 
Though Mr. M. Biakg’a. aft&Sbmber of the policy-makiag by far tte , country'll Im&; . 
vices were recoenlsed and it ann tKar securities firm and- its.-.aedua-- 


congress held three yeafeT TS 
were, motivated -by tbe«e8d- 
Improve economic effici«^y. -' 
Though Mr. M. Biszkg’i si 
yices were recognised and^je vf 
also, given a high gayenm* 
decoration^- his replacement m 
retirement ,at the early^iagcJ 
57 is unexpected apd .bas, wl 
ramifications. . Responsible 
party personnel, police -apd i 
army. Mr. Biszku has long b© 
regarded as Mr- Kadaj^s n§ 


T ■wmuuiCttU U ‘II.'UDW ' - WaM - 'wNQ 

central committee secretary, Mr. rf l&S 

[tfnKaroIy Nemeth, -r 56, Who. is raSt s^es^ 


Irish telep] 


, UBB. - ■ i-, - r*, 

The Department, of . Justl' 
said that it was not known Tmj^ 
long -the investigation-, w#* 
" take . '. But . the. Departme 


me breakdown on th^se curl ties industry folloj 


VW pays 5 3% 


By Adrian Didts 

• BONN’ April 23. 


VOLKSWAGEN’S 105.000 em- 
ployees in West Germany are 
to receive a 5.9 per cent, rise 
as the result of talks held over 
the week-end under the threat 
of- strike action. 

The deal was approved early 
to-day by the metal and engin- 
eering workers’ union, IG-Metail, 
which had been demanding 8 per 
cent.-;- - 


. BT Cilis MERRITT DUBLIN. April 2S/ ^ S of iD ™; i,!a DMn ^ Vl3 

IRELAND’S telephone and Sex Republic. He added that- the- Beholds JOTSJ 

services sre unlikely W r*m P.O.'s management had been , S 

in normal for at WK ^ tf' % 2S2S5S8lJflt'»S5a 

members vote in early , Thei ‘° 1S - however, ^pufidence' deJ ^ There is uo^^ecedent ff 

accept the latest peaoe v pl3E - ^ }> ■ move wlthfcthe ae^ 

According to Departme^of b^acceDted ln a tatioSti baUot ties industry, but this is the 
Posts and Telegraphs: scRees^l « SeSe?-ok-^S?S * The • mei^rlLt7f-rjiwh; 

and union leaders the ■ Sfittl eme ntis being recommended 

down in services caused »tiie : v thp executive 'of -the tPOEU- T Th&-;num&er -nf * ^compass: 
three-months strike , wiljftake e^nSvS- Se^anton -Se the P u W[p 

until late June «» 

normal. H practices that it has been M 

Mr. Sean O’Parrell. thc-fewly- seeking. - Jff rSIre-ViIIS^tM 

elected President oF tbfPast. The terms are being welcomed 

Office Officials’. Assort atioi.co%;by i union leaders as -Sjjjp '2 r SS« n i?i 0 te w *”1 

menteid rn 6ubrfip‘yesi?rd'4rfh«i‘for the lengthy- 1 dispute^arosfe ^gfc -• ‘ft y eceptlTe ~ J 


JtSTAPI 


£:?:> ci i-u.'T’.'n t 

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\chU% -‘mr 





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■ • .'V>' 


ELECTRICITY PRODUCED BY 
ENEL IN 1977 / 

The demand fer electricity/ for the 
ENEL network was 125.8. biUion KWn 
in 1977, an increase of ifc billion 
over the previous year, ai though this 
3.8% increase naturally rmects the 
present difficult economic situation. • 
In order to meet this demand, ENEL 
was -obliged lu supplement its own 
production by acquiring ■epergy from 
other domestic and lo reign- producers. 
(7.7% of the total.) 

The total gross production of 125.4 
billion kWh las against 124.5 in 
1976) was made up as. follows: 

82.2 billion k W h. from convention il 
therm neiectnc sources;' " 

37.3 billion kWh from hydroelectric 

sources: : 

3.4 billion kWh from nuclear 

sources: •• 1 

2.5 billion kWh from geothermal 

sources. /. 

The figure of 37.3 billion kWh of 
hydroelectricity, the largest amouni 
ever produced by ENEL, is due 'to 
the exceptionally high rainfall during 
the first ten months of l 97 ? in Nofth- 
ern Italy, where most ■ hydroelectric 
power plants are situated. 

This unusually high fifjure for hydro- 
electric power was balanced by a 
reduction of 6.7 billion RWh in thermo- 
electric power obtained from tradi- 
tional fuels t fuel oiLj sas . coal, 
methane! as compared (with 1976. and 
a consequent reduction in currency 
outlay. ■ 

The increased demand- for energy by 
the network (3.8%) was matched by a 
slightly larger increase 1 in capacity re- 
quirements from 23.3 GW to 24.3 GW' 
(a rise of 4.2%). 

In order to meet thesennereases, new 
thermoelectric generating units began 
operations during 197^ for a total of 
1460 MW 1820 of whit i are installed 
in Southern Italy). 

The high-voltage iransnission and m- 
terconnection network (130—150 — 220 
—380 kV) increased b about 400 km. 
of circuits. 


mum) and 5% (maximum) for tbei 
period 1981-1985. The average annuid 
increase In electricity requirements 
for the I97&80 period is expected to 
be 6.4% (maximum) and 8% for the 
period 1981-1985. The minimuir 
assumed rate is 6.4% for the whoh 
period 1976-1985. | 


For the purposes of preparing operat- 
ing programmes, only the maximum 
assumption is taken into consideration; 
this gives a requirement of 283 bil- 
lion kWh and a peak of 53,500 MW in 
1985. This is because should the 
demand turn out to be greater than 
expected during the period covered 
by the programme it would Dot be 
possible to implement an adequa'e 
supplementary programme for tne 
construction of new plants, on account 
of the time required both for obtain- 
ing the necessary authorisations and 
for building the plants. The conse- 
quences for the country would be 
very serious. 


the utilisation of such residual re- 
sources as are still competitive, fur 
the modernisation of old; and obsolete 
hydroelectric plants, arid above ail 
for the construction of large pumping 
plants. In this latter sector Italy is 
in ^e avant-garde, and already has in 
operation or under era pStmcfTter .plants 
for a: total Of over 7,500. tf#.' . ' 


11 % m ; spec: fit-- consumption -of- - 
traditional fuel oils; 


36% ; in- -the .average .-distjuK^fj - 
travelled-by energy ’^in tbej>r£nas£ 5 ' 
network; Y- -v- 


20% in 'transaiigdon and dlstribu^- 
tipnrlosses; - ■*.' 


Although the contribution from those 
hydroeleforic plants which may 3*411 
be built is modest in terms of the 
requirements to be met, the corres- 
ponding saving In oil with regard lo 
the balance of payments With foreign 
countries should not . he r under- 
estimated. /: .* 


wlth: : a -saving ; ol o\ 
Lire in fuel oil duri 


rtTSOO bU43n ii 
: 1977. alwe; ' 


The choice of tbe means of pro- 
duction- to fulfill these energy re- 
quirements must-be made in the light 
of the. country's particular energy 
situation with regard to primary 
sources, and the different technical- 
economic features of the Individual 
types of plant in relation to the 
possibilities of using them to meet 
future requirements. 


By 1985 ENEL will have in operation 
hydroelectric plants for over 5,(WU 
MW; traditional thermoelectric pfcfh ts. 
(already under construction on the 
basis of previous programmes) fhr 
approximately 11.300 M.W, and gas 
-turbine plants for . approximately 
2,000 MW: in order to meet the 

remaining requirements ^ with _ ade? 

quate - safety margi nsT 5 *«EL had 
previously forecast that' new 'installa- 
tions would be nuclear ipiahts ; only. 

(including the nuclear power plant 
at Caorso, which is- shortly to begin 
operations). • 


increase -th prolfuctivity:, by., 
comparison with the electricity com' 1 ^ 
pa pies absorbed during the process 
of nationaIisa.tiori, the' increase in 
ENEL’s personnel by <tbe end ol . ; 

’ -1977 was 25.7% (tins does not in- ’• ; 
elude -personnel hired -by ENEL fpr, | 
the direct execution of work i 
formerly subcontracted, by the dil- 
■* ferent companies . Lo rather fijrpisi 
agauist an increase ' in electrfeiry 
production, of over 156%. The num- 


ber. of - persons employed.- per kWh- ; 
produced has thus been’ halved: “ r - ’ 


energy and 
are closHy 
the country's 
which may be 
The following 
rerage annual 
ly: 4% for the 
ISO; 4% (mini- 


The strategic choices were decided by 
ENEL even before the 1973 energy 
crisis on the basis of expected develop- 
ment concerning the availability of 
sources: maximum possible utilisation 
of residual domestic resources (hence, 
for example, the commitment to ex- 
ploit geothermal energy) and maxi- 
mum contribution from nuclear 
sources in order to reduce as far as 
possible importations of fossil fuels, 
especially oil. These options are con- 
sistent with the programme of other 
EEC countries. Now that recent in- 
ternational forecasts (the “World 
Energy Outlook" prepared by the 
OECD in 1977, for example) anticipate 
a further rise in tension- on the' oil 
market. ii.Ls increasingly evident that 
the situation will become critical if 
target dates are not met, as has 
happened up to now with regard to 
implementation of the nuclear pro- 
gramme, even when the law provided 
for quicker procedures. 


With regard to the CIPE linger- 
Ministerial Committee fer^ Economic 
Planning) resolution ofSSrtf Decem- 
ber 4977. the central ;*»ad ideal 
authorities will undoubtedly take the 
necessary measures to compensate' for 
the delays that have accumulated in 
dealing with admimatrativeprocedures 
and therefore also in the realisation 
•of the plants planned. Part of 'these 
delays is unfortunately JW longer Te- 
cuperable, and recourse &, .it supple- 
mentary programme of traditional 
thermoelectric stations fed primarily 
by coal will probably neeefcary. Y 


Thanks to the savings, and produc- . , 
tivity. increases just - -mentioned,~Kh*v'“ 
rise in -management- costs" -has kewf-2 
contained -within levels- considerable . 
lower- thad those" regisfered by pneei^] 
in general: : ENEL’s actions- have given *' 
rise to a- continuous reduction, in 
steady money, in the average cos* of 
the kWh; so much' so that had there . 
not been heavy Increases in the price" : 
of fuel oil in 1977 following the oil . 
crisis, thjs cost .would have worked -out • 
at 40% less than in 1963 against "25% ° 
in 1973. ■ f • 


MANAGEMENT ECO^QMI^S 


ENEL is firmly cornmitied to 
every possible economy, in co^dfra^ 
.tion of the size and siugul*ripr<>f tbe 
corporation, - Among the xnost^lm^ftri* 
ant results obtained are the foHbwtdS: 


-a reduction of over 2,460 ‘billion 
Lire in financing requireipeut^, 
obtained by integrating lie japing 
plants into the productfve;!- 
and in consideration of e^tcied* 
nuclear developments^ : * tr.r; 


With regard to hydroelectric power, 
too, ENEL is going ahead with plans 
for the construction of new plants for 


—reductions, by ^ eamparwsn- to the 
first year after n^SaHsatioa 
(1963), of: 


Vj- jh spite of economies and productivity 
^ nCreases the balance. .sheeLis. strongly 
inflnehced. by the initial- situation and-'- 
_. ese by the conations under which Bnfil',' 
’T®". has- been obliged to operate Without- 
“ j- an endowment fund -for ten years and 
®Si obliged to pay cash compensation- ti 1 - - 
nationalised ' companies over a" 
v ten-year period (approximately 2,30b : 
i^c billion Lire in. capital and interest). 

ffitg u^yi»;inweas^-ih'e.’eredtricity rtt^sT " 
Ipra^ When- iadreaseS; tfere^SnaLUy grant^T" 
the after a iS^year,. freeze; they. were suf,.; 
Kiri* flc}ent ^recover only a part of tne 
Edg: Smbrmoi^ ^Ihcreases. which oceurretr 
jY_. after 19^/in all items making up the ■ 
^“r ebst of electricity . services, ; However, - 
recent approval by tiie competent - 
i^ 'atethorities of - the national energy" 
providing, a. series of measures 
' f OTjtfc e periirf' 

^"v/creasevoT S.OOai hsfli^’-Iirerin 

tioa-ofrates) wtil ’enabis^hfEat^ achieve 
Vr— -e»Bpnilc andflnam^i?qmlibrmm. 

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.Venezuela signs oil Japan ship 
contract with Brazil order b > 

"BY J05BPH MANN*- -• Sweden 


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» J05BPH MANN- 

^VENEZUELA'S Ministry of 
7Snergy and Mines lias announced 
ytbat Brazil will purchase Vene- 
^zaelan nil under, a new -contract 
Sained at S150m._a year. The 
? deal' -is . significant following ; a 
-"period’ dr poor relations between 
"the’ two countries. 

' r -\ Details were made public chir- 
king a three-day offieia] visit by 
vBrddlV Mfiaister of Energy and 
- Mhjes, .Sfc. Shigeaki Veiki. and 
, call for quadrupling the- present 
."level of oil sales to Venezuela’s 
•South American neighbour. 

Under the agreement, the Vene- 
zuelan State oil monopoly, Fetro- 
verr, will sell a total of 34,000 
Joawels of petroleum a day to its 
^Bta^Hairoennterpart. Petrobras. 
— PetrdBras is to purchase 20.000 
barrels ■ per day of medium 
weight Venezuelan .crude; start- 
ing in July of this year, under a 
one-year, renewable contract 

The.BrazflUm oil company -will 
also purchase- a bulk shipment 


of 1.2m barrels of heavy Bo scan- 
ty pe crude and -fuel oil, to be 
delivered over a short term, and 
is extending its current agree- 
ment to buy 8,000 b/tf of crude 
for Brazilian refineries. 

The agreement was signed by 
Venezuela’s Energy Minister, Sr. 
Valentin Hernandez, , and the 
Brazilian Minister, Sr Ueiki. a 
joint Government communique 
said Venezuela wQlalSo study the 
possibility of buying, excess pro- 
duction from Brazil's petro- 
chemical industry. 

The purchase agreement in 
itself does not constitute a large 
contract for Venezuela, which 
exports an average - of 2m 
barrels of petroleum per day. It 
is important, however? since .t 
represents still another Govern- 
ment- to-Govermnent agreement, 
which should permit Venezuela 
to depend less on the marketing 
networks of the multinational 
oil companies. 


delayed 


U S. move on motorcycles 


BY DAYID BELL 


THE.1J-S- Treasury Department 
has concluded that four major 
Japanese motor-cycle manufac- 
turers have been selling their 
machines tn the U.S. at less 
than fair value after, a six-month 
investigation. 

The -Treasury Inquiry was In 
response to a complaint filed last 
.July by Harley Davidson, the 
UJ5. manufacturer, which now 
has only about 8 per cent, of a 
market that it once dominated. 

“ The Department's findings will 
now be considered by the U.s. 
International Trade Commission 
which must, decide if the Japa- 
nese imports have damaged the 
domestic, motor-cycle industry. 

If the ITC concludes that 


WASHINGTON. April 23. 

damage has occurred, then the 
Treasury will be able to increase 
tariffs on imported machines. But 
the margins of "dumping” found 
by the department are so small 
that there must be some question 
as to whether the ITC will find 
that material damage has 
occurred. ! 

The Treasury said that its find- 
ings indicate that Hondabas sold 
Us motor-cycles at L4 per cent, 
below cost, Kawasaki and 
Yamaha 1.9 per cent below, and 
Suzuki only 0.7 per cent below. 
For their part the- Japanese 
manufacturers may wdli take 
issue with the way these -figures 
have been calculated in ' view of 
the narrow margins. 


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arms deal 

. . . would dwarf anything the French have 
won so far hi the' Arab world. 

Fair dealing gives Aden 
business a boost 

IV. Yemenis puzzle over the 
missing American firms 

These are just three of the major stories in the latest issue 
of Middle. East Economic Digest - 64 pages of news, 
analysis and forecast, essential to anyone doing business, 
in the Middle East. The issue contains over 300 in- 
dividual news stories and details of- 81 tenders issued in 
ten Middle East states. 

Backed by 21 years of successful publication MEED is 
one :of the world’s most authoritative and respected 
weekly journals in the English language. It deals with 
every aspect of business, industrial, financial an 
econpmic development in all die Arab countries plus 
Afghanistan, Cyprus, Iran, Turkey and Ethiopia. 
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by return on application to 
Dept- 101* MEED, 

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YOU NEED 


;tv .V 





Nissan establishes 
import subsidiary 


Iran’s imports up 24% 


By William DuHforce 

STOCKHOLM, April 23. 

BROSTROEM, the Swedish 
chipping group, has postponed 
delivery of two new roll on/ 
roll off vessels from the 
Japanese Mitsui company 
because of anticipated over- 
capacity on the North Sea 
liner trade. 

Originally scheduled for 
delivery in the first quarter of 
1979, the ships will now be 
taken over by Swedish JLJoyd 
March and July, 1980 

The Brostroem decision has 
been indirectly prompted by 
Swedish State shipbuilding sub- 
sidies, which have enabled a 
newly established rompany to 
order three Ro/Ro ships for 
use between Britain and 
Sweden. 

The new company, Nords- 
joefrakt, which is understood 
to have a link with Volvo, t be 
Swedish automobile manufac- 
turer. would increase liner 
capacity on the Brilain-Sweden 
run by 60 per cent according 
to Brostroem. 

Brostroem last week reported 
an increase in Its losses during 
1977 and proposed to pass the 
shareholders' dividend for the 
fourth year running. 

In a Press release the Gothen- 
burg shipping group recalls 
that the Swedish Shipowners’ 
Association last month asked 
the Government to reconsider 
its financial backing for the 
three Ro/Ro ships ordered by 
Nordsjoefrakt- 

By postponing delivery of 
the two new Ro/Ro vessels for 
Swedish Lloyd, Brostroem 
hopes that “the transport 
situation wl) be clarified and 
the total capacity on offer will 
be restricted to conform more 
closely with the real demand 
for transport services.” 

Swedish Lloyd currently 
operates two Ro/Ro ships 
between Britain and Sweden. 

The postponement does not 
affect the six Ro/Ro vessels 
ordered by Brostroem from 
Mitsui for the Mediterranean 
trade and the one large Ro/Ro 
vessel intended for the Barber 
Fine Sea shipping pool. 


SHIPPING REPORT 

Mobil back 

in the 

• \ 

market 

By-Ou^ Shipping Correspondent 

MOBIL. *having recently an- 
nounced a decision to lay up 
three or wore of its own large 
tankers, was back in the market 
this" week with an interesting 
Hriy» charter for a 288,000 dwt 
unit - 

The- oil company has taken the 
vessel, the Atlantic Empress, for 
12 years at SL20 per ton dwt. 
with escalation clauses. The deal 
also Includes an option to pur- 
chase the ship after five years 
at a price which has not been 
disclosed, but which brokers be- 
lieve to be in the region of 
$13-2m. 

This example of a charterer 
squeezing the last ounce of ad- 
vantage out of a rock-bottom 
freight market is just one more 
indication of why spot charter 
rates for tankers continue at 
levels utterly uneconomic For 
owners. „ „ .. 

VLCCs from the Gulf continue 
to fix last week at Worldscale 
18J25 and there was also a rare 
fixture of a 370.000 ton ULCC at 
WS 17. coupled with a four- 
months storage deal at 57.75 a 
day and a charterer's option of 
eight months at S8 a day. 

In other loading areas rates 
have changed little although 
brokers do note an increase of 
activity In Indonesia, mainly for 
discharge in the U.S. Here, most 
recent fixtures show a 75.000 ton- 
ner accepting a part-cargo of 
65.000 tons at WS 53.75. 

Scrapping and lay-up of 
vessels in both the tanker and 
dry cargo markets continues 
apace. H. P. Dre wry's monthly 
statistical report shows inactive 
tonnage of almost 60m. dwt last 
month— the highest level since 
April, 1876. 

These figures have been 
swollen by the five VLCCs laid 
up by BP and more recent, mid- 
April figures from E. A. Gibson 
show 333 tankers aggregating 
45.3m. dwt laid up. The same 
broker says that in the months 
to mid-April more than 3m. tons 
of tankers went for demolition. 

The specialised market of the 
North Sea continues to provide 
some shipowners at least with a 
hope of better things. Eggar 
Forrester (Offshore) says that 
reports of medium term profit- 
ability and investment difficul- 
ties in some fields will not pre- 
vent a pick-up in marine equip- 
ment demand this year. 

The brokers concede however, 
that the first quarter of 197S Las 
been less active than earlier pre- 
dicted and the barge market 
especially continues in the dol- 
drums. Supply boat owners have 
indicated their confidence in the 
future by ordering 12 new ves- 
sels since January and an im- 
provement in charter rates is ex- 
pected this year. 

The rig market continues dun. 
hiit Eggar Forrester suggests 
that some U.S. owners may well 
be taking equipment out of the 
area shortly. Another growth 
point could be in transport from 
the . Shetlands. where a high 
sueed ferry service is to be tested 
shortly as a >zck-up to helicopter 
services from rbe congested Sum- 
burgh terminal. 


BY CHARLES SMITH 

NISSAN MOTOR Company, the 
second of Japan’s big two car 
makers, has announced the 
establishment of a trading com- 
pany subsidiary to handle 
imports of car components. 

The new concern, Nissan 
Trading Company, will import 
car seat material from the 
British company Jersey Kap- 
wood. 

It will also import tyres from 
Micheliu and although Nissan 
says it has signed a contract 
with Micbelin it declines for the 
moment to reveal details. 

Over the long term Nissan 
Trading can be expected to buy 
some engine or electrical com- 
I ponents from European suppliers 
| but before this can happen time 
will be required for testing. 

The new company, according 
to the announcement, will con- 
tinue Nissan's search for over- 
seas pans and components suit- 
able for use in Japanese cars. 


TOKYO, April 23. 

taking over ao import section 
established with Nissan in 1974. 

Nissan . Trading has ' an 
authorised capital of Y320m. and 
was registered on April 10. 

Rhys Devtd writes: A drive to 
persuade Japan’s motor industry 
to step up purchases of British 
components Is to be mounted by 
another United Kingdom pro- 
ducer of car seat fabrics. 

Condura Farbrics, part of 
Tootal, has had fabric on 
sampiing.trtal5 with several lead- 
ing Japanece motor companies 
and hopes orders will emerge 
from talks due shortly in Japan 
with Nissan, Toyota, and Honda. 

Condura, a big supplier to 
British Leyland. hopes to match 
the success Jersey Kapwood, the 
Carrington Viyella subsidiary. 

Jersey-Kapwood has now com- 
pleted six months deliveries to 
Nissan and has recently signed 
a new contract for a further 
year’s supply of fabric. I 


BY ANDREW WHITLEY 

IRAN’S FOREIGN trade picked 
up modestly in 1977-78 compared 
with the previous year, accord- 
ing to figures published here by 
the Customs Administration. 

The most notable advance was 
In the volume of imports, which 
climbed to 17.1 tons, an Increase 
of nearly 24 per cent. 'A sectoral 
breakdown is not available yet. 
but the fact that the increase 
in value was only 14 per cent 
suggests that bulk commodities 
such as food grains and indus- 
trial raw materials increased at 
the expense of high unit cost 
machinery. 


Total imports in the year end- 
ing March 1978 were valued at 
$l.S35bn. (R129bn.) excluding 

military items. 

The recovery from the slack 
year of 1976 also show by the 
growth of the non-oil exports. 
In the latest year these exports 
comprising mainly cotton, hand- 
made carpets and other agri- 
cultural produce — rose by some 
8.3 per cent, in volume and 7.S 
per cent in value. 

Although the increase was a 
useful tumround from the pre- 
vious year’s actual decline in 
non-oil exports, the underlying 
trend for these goods (and thus 


TEHRAN, April 23. 

Iran’s hopes of replacing oil 
earnings in the medium-term 
future) remaining serious. 

In 1972, prior to the oil boom, 
Iran was exporting 2.3m. tons 
of so-called “traditional” goods, 
compared with 1.13m. tons last 
year. 

When last year’s domestic in- 
flation rate of approximately 25 
per cent. Is taken Into account, 
tiie value of non-oil exports at 
constant prices actually regis- 
tered a decline of 19.1 per cent 
continuing the trend of recent 
years, for which the strength of 
demand at home has been pri- 
marily responsible. 


W. Germans in new trade talks 


BY OUR OWN CORRESPONDENT 


\Afor Id Economic indicators 


TRADE STATISTICS 




Mar. 78 

Feb. 78 

Jan. 78 

Mar. 77 

U.K. £bn. 

Exports 

24130 

2399 

2425 

2.489 


imports 

34)94 

1319 

2.959 

232 8 


Balance 

-0.164 

+0.180 

-0334 

-0339 

France Fj-s-bn. 

Exports 

31.133 

28*411 

264177 

26342 


Imports 

29.941 

28347 

28.731 

27.614 


Balance 

+ 1.192 . 

+04164 

-1354 

— 1372 



Feb. 78 

Jan. 78 

Dec. 77 

Feb. 77 

West 






Germany DMbn. 

Exports 

21 A 

213 

25.4 

21.0 


Imports 

18.7 

19.4 

213 

183 


Japan $bn. 


US. Sbn. 


Holland FlsJbn. 


Italy Lirebn. 


Belgium BJtsJxi. 


Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 

Exports 

Imports 

Balance 


+2.7 
7.260 
4,930 
+2J30 
9.922 
14.439 
—4.517 
8.662 
8SS6 
-0024 
3.051 
3.133 
—04)82 
Dec. 77 
120.476 
117.995 
+2A81 


SS80 
5205 
+0375 
104114 
12393 
-2379 
9317 
9365 
-04)48 
2.735 
2363 
-0.128 
Nov. 77 
107 J78 
120357 
-12^79 


-r-43 

6.449 
5.774 
+2.675 
114)07 
13.123 
-2.116 
9310 
9.419 
-0.109 
4.469 
4.534 
-04)65 
Oct. 77 
119.4T4 
124.654 
-5340 


+2.7 
5.771 
4J38 
+14135 
9307 
12.483 
— 2-676 
8.655 
94)89 
—0.434 
2.702 
3301 
-0.499 
Dee. 76 
122.184 
118.422 
+3.762 


IRAN HAS begun discussions 
with West Germany on ordering 
two more nuclear power stations, 
the Shah told a group of West 
German journalists yesterday. 
He also discussed Iran’s interest 
in buying more submarines and 
surface naval vessels from their 
country. 

Opening up a vista of much 
greater economic collaboration 
with Iran’s already leading trade 
partner, the Shah said he would 
welcome greater participation in 
German industry — so long as 
Iran were welcome. Re also 
raised the possibility of joint 
ventures in third countries. 

Speaking to journalists accom- 
panying President Scheel on a 
three-day State visit to Iran, the 
Shah also spoke of his interest 
in barter deals for the £11 bn. 
worth of bilateral projects now 
pending. 

However, the, West German 
President later cautioned 
strongly against such payment 
arrangements. Problems were 
raised, he said, by the present 
glut of oil in the world market 
and the fact that West Germany 
depends on foreign oil ” majors " 
for much of its supplies. 

The news that two more 
nuclear plants are in the offing, 
bringing the German order book 


in Iran to eight, took industry 
observers in Tehran by surprise. 
At present Kraftwerkunion, a 
subsidiary of Siemens, has two 
plants under construction and an 
” advanced letter of intent” on a 
further four. 

American slowness in pursuing 
their own po tenia f orders and 
Iranian satisfaction with the 
record of German industry here 
are thought to have contributed 
to the new negotiations, which 
are at a preliminary stage. 

On the defence side, German 
sources say another four to six 
small submarines and four 
frigates are under discussion. 
Last month Iran signed for six 
1.000-1300 ton submarines of the 
209 class. But the talk of only 
four frigates, out of Iran's 1 stated 
requirement for a dozen, means 
that the anticipated order from 
Dutch shipyards for eight such 
vessels is likely to go through. 

To back up the discussions 
going on during President 
Scheei's visit, a number of senior 
representatives from West 
German industry, finance and 
Government are currently visit- 
ing Tehran. Tfaey include a key 
trade negotiator in the Bonn 
Ministry of Finance, Mr. Detlev 
Rohwedder. the president of the 
Dresdner Bank. Dr. Hans 
Friderichs. and the chairman of 


TEHRAN, April 23. 

the Krupp Industrial group, Mr. 
Berthold Beitz. 

Mr. Rohwedder yesterday saw 
the Iranian official in charge of 
arms procurement. General 
Toufanian, and to-day met the 
Finance and Economic Affairs 
Minister, Mr. Mohammed 
Yegaoeh. 

A main subject of discussion 
is believed to have been the slow 
progress in putting together the 
£4.74bn. financing package for 
tiie lour nuclear plants agreed 
last November. 

Krupp, in which Iran has a 
25.04 per cent- stake, has been 
steadily consolidating its 
interests here. The group's sales 
to Iran have risen from some 
£16m. worth in 1973 to £98. 7m. 
last year. An announcement is 
expected soon that Krupp will 
build a heavy machinery plant 
near Isfahan. 

The company Is also well 
placed to win orders for construc- 
tion of part of the new Isfahan 
steel mill. 

In his interview yesterday, the 
Sfaab also spoke about oil prices 
and the pressure within OPEC 
to switch away from the dollar 
as the main means of payment 
and said both countries opposed 
a change away from the dollar. 
Together they could also resist 
an oil price increase this year. 






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Islands’ tax 


haven status 


‘complex’ 


BY RUPERT CORNWELL, LOBBY STAR 5 ' ' 


THE TWO Labour MPs back 
from a week's fact-finding mis- 
sion to the Channel Islands plan 
to have their recommendations 
on whal to do about the Islands' 
tar haven status ready to go 
before the party's national execu- 
tive by July at the latest. 

It is apparent, however, that 
the situation they found was 
complex enough to convince 
them of the need for further 
detailed research, and perhaps 
another visit — though, they are 
hoping, with rather less public 
attention than they received last 
week. 

The findings of the two MPs. 
Mr. John Cartwright (Woolwich 
East), of the party’s Centre- 
Fight. and Mr. Arthur Latham, 
of the Left-wing Tribune group, 
are likely to fall into two parts: 
a factual description of the 
current position, and suggestions 
of what might be changed, and 
how. 

Mr. Cartwright yesterday spoke 
of the difficulties which have 
clearly altered the views they 
held before the trip. “There is 
diametrically opposing evidence 
in some areas, and the issues are 
wider than I thought at the 
start." he commented. 

Moreover whatever package 
that the Labour Party finally 
endorses will have its .limits. 


“We’ve got' to ..draw a line 
between the things that the 
islanders can change for them- 
selves, and the .things that West- 
minster should do for the good 
government of the country." 

Part of the problem, Mr. Cart- 
wright madfr clear, was defini- 
tion. Anomalies, abound and the 
issues have hot been -tackled 
since the Kilbrandon report of 
1973. and then only, in a consti- 
tutional sense. As for the tax 
loss to the Treasury through the 
offshore status of the islands, 
this is till a mystery, although 
the estimate of up to £100m. a 
year is widespread, at least in 
the Labour Party-. 

The recommendations will 
have to fit io -with the guidelines 
adopted as the most practical by 
the party itself: to reframe U.K. 
tax laws so that anyone moving 
to the islands would be taxed as 
though still resident in this 
country. 

Mr. Cartwright emphasised the 
delicacy of the task fry pointing 
out that Jib! ijie pros- 

pect of extra revenue have to be 
seen in terms of the very small 
number of new settlers- but also 
weighed against the risk of up- 
setting their offshore banking 
role, and value, as an earner ot 
funds for the -sterling area. 


Revision 
of City 
Code 
planned 


BY MARGARET REID 


Countryside group warns 


against farms projects 


A COMPREHENSIVE revision 
of (be City Take-Over Code, 
which lays down rules for the 
fair conduct of bids, is planned 
for next year, the Take-Over 
Panel says In its evidence 20 
the Wilson committee on finan- 
cial institutions. 

The extent to which the 
panel will allow departure 
from the usual roles if a 
general meeting of a com- 
pany’s shareholders approve is 
one of the matters being re- 
viewed. 

Other candidates (or change 
are' the arrangement by which 
a bidder can sometimes dose 
that part of a bid which Is in 
cash' earlier than an alter- 
native in shares, and cases 
where the bid price Is not fixed 
bur is according to a Formula 
related, say. to asset value 
when the offer closes. 

The panel says ** partial bids 
sometimes get a bad Press and 
the issue how they should be 
treated may well come to a 
head again. . . \ ^ ; 

Dealing with the relative' 
merits of the self-regulatory 
system which it operates, and 
or statutory regulation, the 
panel reiterates its view that 
“it would not be possible to 
interpose a statutory body 
between the present organisa- 
tion and the Government with- 
out forfeiting many of the 
advantages of the present 
system." 


PUBLIC INQUIRIES should be 
held before farmers are awarded 
Government grants to help cover 
the cost of developments which 
may affect the landscape or wild 
life, says the Council for the 
Protection of Rural England. 

The Council's proposal is made 
in evidence to the Ministry of 
Agriculture which is revising its 
medium-term food production 
targets for Britain. Without 
more consultation there will be 
“ increasing contention and 
bitterness." it warns. 


Mr. Christopher Hall, the 
council's director... said' that he 
was mainly concerned' about the 
impact • of .. drainage ' projects' 
aimed at raising production from 
pasture or arable land and 
ploughing, in., hill -.or .marginal 
areas. 

Such developments — which 
could greatly increase produc- 
tivity, severely damage the 
habitat of wild creatures and 
plants and alter the fandscape— ; 
were generally 'Jf aided '-with' 
apnprmis GnvprnmjQ/il ■ hand-nn*s~ 


Instances of genuine insider 
trading — the wrongful use of 
confidential information by 
insiders to make personal 
profits — are described as 
extremely rare, on the basis of 
experienced of panel and the 
Stock. Exchange investigations. 

The panel says the rule 
introduced in April 1977 for 
temporary suspension by the 
Stock Exchange of share deal- 
ings in eerlaln bid situations, 
has been very effective. The 
number of cases where it 
proved necessary to carry out 
an investigation into dealings 
after an announcement have 
lxA?n ,£ very • considerably ■ 
reduced -in the last 12 •months-'’’ 


Oil companies hit 
by U.S. policies 


BY RAY DAFTER, ENERGY CORRESPONDENT . . .. 


OIL companies are being robbed 
of some $200m. worth of revenue 
a month as a result of U-5. poli- 
cies on erode oil pricing, 
according to a new report 
published in -London. 

It is claimed that the price 
ceilings fixed for U.S. oil pro- 
duction by the Energy Depart- 
ment will mean that between 
September 1977 and next month 
companies will have received 
Sl.fibn. less revenue than they 
could have been pennitted ander 
existing legislation. 

The figures are published in a 
report on U.S. Energy Policy- by 
stockbrokers W. Green well- and 
Company. This points out that 
the “ fundamental law - of 
bureaucracy " has resulted in a 
labyrinth of controls on the U.S. 
oil industry. 

The average wellhead price of 
oil produced in the U.S. is 
allowed to rise gradually - to 
reflect inflation, but in recent 
months the Department has 
pegged the price ceilings at tens 
of cents below the statutory 
maximum. 

Reports within the oil industry 
in the past few day g have 


suggested that Dr. James 
Schlesinger, Energy Secretary. 
may release most of this wztbeld 
revenue and restore prices to 
their legal limit It is a move 
linked to an attempt to gain Con- 
gress acceptance for President 
Carter’s proposed crude OH 
equalisation tax. 

The idea, according to' the 
reports, is that oil producers 
would be rewarded with higher 
allowable prices if they help con- 
vince Congress of the need for 
the new tax. •• _ 

- Dr. Schlesinger is said to have 
told a small meeting of pro- 
ducers that the Energy Depart- 
ment might be willing to amend 
the pricing system in a way to 
provide oil companies with some 
$35bn. worth of additional 
revenue by 1985. 

The Greenwell report points 
out that the U.S. energy policy 
has. a direct impact on major 
U.K oil companies. For instance 
British Petroleum and its U-S. 
affiliate Sohio had virtually no 
lower-tier crude, whereas the 
Koyal Dutch/SheU group had a 
net -equity interest in 150,000 
barrels a day of this lower-priced 
o£L 


Commercial vehicle 
sales increase 


BY STUART ALEXANDER 


COMMERCIAL vehicle sales in 
the first quarter are up nearly 
10 per cent on 1977. but the 
March figure of 20.384 was' 
slightly lower than the same 
month last year, according to 
figures issued by the Society of 
Motor Manufacturers and 
Traders. 

Market leader in March was 
British Ley land with 27 per cent. 
(5.504). followed by Ford with 
23.1 per cent, Bedford with 17.3 
per cent, and Chrysler with 7 per 
cent. 

Importers took 26.5 per cent, 
compared with 16.9 per cent, in 

March 1977. 

• Ley land also led the way in 
the light van sector, taking 36.9 
per cent, compared with 24.4' per 
cent, by Bedford and 15.9 per 
cent, by Ford. 

; "In -the iffedium sector Ford 
took 31.7: pev- cent of a market 
reduced by 2.1 per cent, com- 


pared with last year. Ley land 
followed with 18.4 per cent, 
Bedford with 13.4 per cent and 
Chrysler with 6.5 per cent. 

Leyland was the narrow leader 
in the heavy sector with 21.7 per 
cent of the 5.479 total, with 
Ford on 21.2 per cent., Bedford 
on 16.5 per cent, and Chrysler 
on 8JS per cent. 

However, it is known that the 
importers have made significant 
improvements in .tile over-28 
tonne section of the market as 
the price-cutting war continues. 

Volvo is stif] market leader 
with 203 per cent. Scania takes 
-another 8.7 per cent, and the 
Swedish duo holds nearly 30 per 
cent, of the market. 

Seddon Atkinson, owned by 
International Harvester, has 
pulled up to 14.3 per cent, just 
behind Leyland on 143 per cenL 
and just ahead of ERF with 
13.4 per cent. 


Boeing 737 
decision | 
delayed by 
Government 


By Michael Donne, 

Aerospace Correspondent 

BRITISH AIRWAYS does not 
expect an answer from - the 
Government on its request’ ‘to 
buy 19 Boeing 737 short-range 
jets, -worth JEMOhl, until late May 
or early June. 

Although it has notified Boeing 
that it has asked the U.K. 
Govern merit for the aircraft, it 
has' also made it clear, that it 
will not be in a position to dis- 
cuss contractual details or 
reserve production line- positions, 
until approval for a deal -is given, 

• This is not likely, to. worry. 
Boeing or the airline, too much 
at this stage. The U.S. 
retains almost daily con tact "with 
British Airways, through- the 
latter’s liaison office in Seattle, 
because the airline is already a 
big buyer, of Boeing 747 JuraSc? 


can be 


spective 737 deal 
exchanged informally. 

The view in Whitehall ib that 
while the 737 deal can he -con-' 

sidered separately from ■ " 

longer-term desire of the airline^: 
to buy some of the proposed newt 
Boeing 757 jet airliner^ it - I*t 
likely that they will coin 
sidered as part of a package deal 
involving also decisions' o*p the 
future work programmes*:# 
British Aerospace, the ! nation-} 
allsed aircraft manufacttffer. and 
Rolls-Royce. .2;*’ 

The complexity of these isoi&J 
involving a decision whether^? 
not the U.K. supports A-"oe$- 
European . jet airliner pro- 
gramme, or accepts an, 
collaboration .'with' Bogie 
757. is such^tnat the Gov 
is bound to take several -weeks 
in reaching any coriclususnsJ^T. 


Massey changes:; 

Mr. Peter N. Breyfogle, 
resigned as Massey-Feri 
vice-president of all Ea 
operations after a conflict 
policy. He is replaced 
Ralph Ramsay, direc 
regional operations tin 
Africa and Australia. 




National Savings'* r $‘i 



ObTaDRI^NE GLgES<$p 

THE '- INFtibW 



i £ ?[< 

. fifi# oC ®»%act 

Savings rose by . a inassivb'SO. pST afi outflow 

cent to £l-87ba. last year.' And f65im.). This increase is pal 
Tot -the first' 'tinte Total' attributed the 

Invested at the endoftte^ .from - 

dal year — excluding- the trustee of' mtgnptf par.acandp-, /..■ 
[savings banks— exceeded flbbrt, .' .Other fiatioual safingg^mfii ; 
'■The corresponding figure at the meats' ' were -. Jess*" fltr&oiUl . : 
end of 197WT. was £8161x0. \' successful 'in: attraftfng 
Mitch of'im'W* increase Itoftfllp. finan^ril." 

went into- the NtttaullS 
Bank's Investment- ■ emnS „ 
where rates -eSMiniiea iagb long- ' 

w* T* 'f*GSb&£33hJt-r ? - 

T*:- £S9J2m, as againtt'oa^tasrow . 

■ ■ Despite a moWlaat- snhuner • > Rut nati«3al:.§a7S ; 

•te limit indrridual'\ ho idirigs In -cer tific ates receipts.. “were! do - ■ 
these 'accounts. to^fSBf.OOCP^iii ariffrun fgM UnL to S£42nL Ttifr - 
attempt to l&dSie ' off receipts ifibre a reflection oI3he v dHl&£ " ... 

from instafTTf Tonsil mvnctnri! - nirh 


comnam ® r ^ 13D institutional investors such’ Mfoif 
intact ^ iS 9 &*®* 1 "* societies- xwcedin^year than; of iny ll. >\ 
receipts for the year amounted of jwpularity fa rhiif/ ; -- -- 
to. £762Bm^ compared with an Receipts'’ for the:. 

fluffltfwof €20am. in the preced- • retirement issue 

__ __ year. -- - £1955m. to £178^5ni'.— as thee 

jets iTSng RoHsEoyce engteesl# Rational Savings Bank ordi- of - inflation. decZin«T:antf..* 
Any information on *- pjoJAfiY. accounts also, did well, with tiovejty. wore' Off. 7 


BNQCcharters $50m* 
safety and support s^ip- 


,* - -w! 


BY RAY DAFTER, ENBtGY CORRESPONDENT ' 

^BRITISH ' NATIONAL Git tedeflnibB - period. ' - . r '\. 


'.i; v ; 5J -'V; . " 


■ ' -s 


.z - . 








...anew element for your 

international financing; 


: At Hypo-Bank, "Modem :banking in the 
finest royal tradition” is more than a 
slogan, it is the cornerstone of our banking 
philosophy.and has been since we were established 
in Munich by royal proclamation in 1835 by King 
■ ' Ludwig*! of Bavaria The start of a distinguished 
tradition of royal service to our clients. ■ 

. As Germany’s oldest publicity-owned bank and 

of its largest, with 480 branches and more than 
53 billion in assets, Hypo-Bank enjoys a reputation 
for modem, innovative banking. 

In international financing, for example, Hypo-Bank 
fias the capacity to put together an international 
iQEpi syndicate. Our experience as a major force in 
domesticissues plus direct access to the Euromarket 
~ . - - via our Luxembourg subsidiary make us a strong, 

" v::„. reliable partner. s . . 

Hypo-Bank is’a "universal* 1 bank providing the ' 


.. : expert portfolio managemerd .based on 
- knowledge of the German securities 


:o 


/xiKJyQT renM* 

^ -^Tfi rough our. network of subsidiaries, a branch 


York-afRIiates, representative offices and our 
p^rthdiship inABECOR, Europe’s largestintemational 
banking ; gfouj^i^po^nk offers its services 
world-wide; : 


Hypo-Bank carvdo foryOurintemational business. 
Contactusat rriys 

Theatinenstrassell 

D-8000 Munich -2 
Tel: (089) 2366-1 


Telex: 0523468. 



BAYEHSCHE HYPOTHEKEH* UNO W6CHSEL-9AN* 


tjUcdeln ^Banking in, the jfcnekt r / tfaadUfon 



Land prices op 

Farm land prices rose by 
cent, between January, IS 
January. 1978. A suite 
lished yesterday by tbe 
Landowners* Association 
that the average valuenf ; 
tural tend • with - vacant - ' 
sion in the - quarter 
January 31, 1978. was 
acre. £186 above the level 
earlier. The rise in tenani 
was even sharper, at £259| 
an acre. 


^T^rr^x^-fCorporatiori -has 1 ' charted a -newV Seaway .s Wan .wflj b£nqei 
tne r nat:oD-.i safety arid support -vessel most' sophisticated. 

for- work on its' ThistJe Fleld North Sea-’ when' ff ent£iSr| . 

In the North Sea..- On the face vice, in Jane, tt'i'tt 
of- jt the contract goes against .submersible vesspl.':capable ■ - 
corporation's normal “buy supporting .' corntruCtioii . 
British " policy for the vessel tenanee.. diving. Beavy-lifr^S- 
Seaway Swan has been built in fire fighting operations-' ',lr 
_ .Ffliland for a ; bonsqrtau* of one offthe most expengiye-ve^ . 
ofecandinaviari ovflsere. ' " -^thexharter. rate. is ; 

Lord Kearton, ' chairman, and corporation . 

chief • executive 'of the t corpofa-. ?K.000"a day.,\ n _ /T, 
tfon, said after the week-end’s' " Originally in tendaito be^^ 
naming ceremony at : Forii'' Fin-.. : iug rig- the re-dfisigusd 'shtp^v 
land, that no similar unit was built by Ra um a-Repola - .ftjs . 
immediately available '-"fc.* the consortium 1 comprislng^Sli - . . 
U.K. - .... -PUelsen/Seaway, .Raum*«ej& • . 

The corporation, which is con- Nordengruppen, Sftbs A^S'S - _ 
Sidering the • long-term emer-. tteren. I varans. .Rederi„ 5?S 
gency cover for the Thistle Field, Scania Vabis and_ - 

has chartered Seaway Swan for. Mehcen. iV? - 

an' initial period of only 2S .days" ’ Stolt-Nlelsen/Scaway^ secsij 
although it has an option to-.need for at least fiv&morc me- ' 
'^extend th e • charter; for . ah- purpose vessels, v., ...... - 


I 


[ap'd 


)wS 




Perth beadgoa 

General Accident ifrw* build 
a £lOm. head offl.ca: in . E^rth' 
Work is expected tiystart ^ the 
second half of i979‘for' occupa-. 
tlon towards the' /end of 1982. 
The decision is'tten as . further 
evidence of thejfcompapy*s con- 
tinuing commltipent to Perth as 
the centre of its worldwide 
operations. 


Inquiry delays 

An investiganoTi into delays by 
tiie Departmint of Environment 
in processing com pulsory ; pur- 
chase ordeas is to be earned 
out by the Association of Metro- 
politan .Aumorities which is ask- 
ing its members to come forward 
with examfles. 


rofits 


Co-op 

The Leic^tersbire Cooperative 
Society increased its trading 
surplus b» 31 per cent, last year, 
in spite of further reduction in 
gross andi a relatively flat safes 
performance. Cash sales rose by 
12.3 per cent to more than £65m. 
The Society attributed its growth 
In profits to aggressive market- 
ing and better control of 
expenses. 


More thefts 

Insured theft losses in Britain 
jumped by nearly 33 per cent 
last year, by £15Bm. in value to 
£64.2m., outstripping the infla- 
tion rate. Thefts from dwellings 
rose by over 35 per cent from 
222.4m. in 1976 to £30-3m. The 
British Insurance Association 
says the figures illustrate “yet 
again " that thieves regard homes 
as easy prey. 


Budget plea 

The City of Westminster 
Chamber of Commerce is sup- 
porting the Confederation of 
British Industry campaign cal- 
ling on Members of Parliament 
to press for major amendments 
to tbe Budget proposals for small 

businesses: 

The proposals "do riot begin to; 
tackle” problems faced by small 
businesses, it says. 


BANK RETURN 

I Wptne*1ay 


Vpt. i 

187* 


T-PT 


lot?. I 
Dec. /_) 

for w«k 


BANKING DEPARTMENT 


LUBTUTIBS 

L’*ptt*l ... 

Pnbiictiepmlt.... 
Special Deposits..] 
Bankers 

Bewares £ Otherj 

A Job 


«Ss3.00o) — 

iMSB ■ + 

557^37,4961 -61^2^12 


742^54,633 + 30^68.282 


2^94.472,455-21.366.646 


ASSETS 
Govt. secaritlQi, J 
.AdnneeA&O&Esj 

Ata - 

PramlK>.Ei(uIp't| 
t oftwr Sea _. 

Motes 

Coia_—~— — -- 


1,972,001,087 


187,825^73+ 4.921,157 


30,014.16*1 


176,682] 


3^94.472.466 


— 64,945.000 


+ SS.985^01 


A467.S70I — 164,16,590 


— 11.713 


- 20^68,646 


ISStTH DBPkKTUBNT 


USBIUTTBS" 


Soteo Uw3d-,,..-L 
Id Cltcutatua.p 


h^ood.ooof- 25.aoo.ocQ 
, 320^42,730— 8.33.410 
4,467,270^— 16,416^90 


.V53BTS 
Govt. Defcta — ; 
Other OorUSec*. 
Other SeGoritisM 


1LB13. 
(7,098^72.1 
817.6 



+ 17^30^12 
42^30^13 


>7,MgJOp;PCO|- ajmjQD 



Description 


to anm 


9 DIE, 1750 FT /MfN SLIP TYPE ROD ■ 

DRAWING MACHINE equipped with 3 speed 
200 hp .drive,. 2ff' horizontal draw blocks, 

; 22" vertical, collecting block and VoOO ifa 1 

t sppolpr. n^ax irilery nriti fuilshrrrg down 

, .to" f .6‘iriih’ copper and ilanfTniumL-- t 
MLpCK^dOO mm) IN UN4 NONSUMWfltEr - 
■; DRAWING MACHINE in excellent condition 
07200 b. /min variable speed 10 hp per block 
( 1968 )\ 

24" DlANffi,TER HORIZONTAL BULL BLOCK 
By. Firmer Norton < J972). . ; ' : ’ 

ROTARY SWAGING MACHINE, ... 

by Fanner -Nonxrrt'l 19725^' . ■'* ’ ’ - -■ 
SLITTING 4JNE 500 mm X 3 frm X 3 ton ciparity. ' J 
. TWO VARIABLEJ5PEED FOUR HIGH ROLUNG * 

. ; MILLS Exi 6iO"Vlde raior' Bjade srtlp' 
production.'' ‘ -' * 

MODERN UsED ROLUNG NILLS. wjre rod’ 1 . ■ . . 

’• ’ and tube drawing planc-r-roll forming machines— 
slitting-^attehfn ji arid. cirt'-^gpRth finest- 
cold saws — presses— gtiiHoridps, fee - 
1974 FULLY AUTOMATED COLD SAW 
■ by Noble & Lund with batch contrpl. 

1970 CUT-TO-LENGTH LINE max. capacity 
KJM mm 2 mm x.7 conne.coil fully'*. ' 
overhauled and in- excellent condition. 

-4945 TREBLE DRAFT GRAVITY WIREDRAWING 
s' 'bv^hine by Farmer Norton ^Z7";—29' / j— 3 1 ~ 
diameter drawblocks. • 

STRIP RATTEN AND CUT-TQ-LENGYh UNE 
by A. ft.-M. Max canaclry 7Hl.mm x 3 riim. 

6 BLOCK WIRE DRAWINCMACHINE dtrulpped 
with 22" dia. x 25 hp. DrawHocks. ‘ 

2 T5 DIE MS4 WIRE DRAWING MACHINES 

• ■ SPOOFt-ZMin. with spoolers by Marshall Richards. 

3 CWT MASSEY FORGING HAMMER 

• —pneumatic single Wow. i-- 

9 ROLL FLATTENING MACHINE > 

1^00 mm wide. 1 

7 ROLL FLATTENING MACHINE ; 

965 mm wide. . ’ 

COLES MOBILE YARD-CRANE 
,'B-toni capacity fattier iib._ •: . '. ' : 

RWFTWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE. 10" x 8" rolls x 75 HP 
per roll stand. Complete with edging rolls. - 
tilths head flaking and fixed rentier, air 
J^ajnging, erf. Variable fine speed 0/750fc.A»nin. . 
and 0/1500 ft.7fniru'- ‘ 

-narrow strip^irai^htening.and, ir 

•cUT-TO-LENGTH MACHINE 0973} by 
•:V‘ Thompson arid Munroe.- • 


■ r 1 .- 




\3 ..'t-r-u-u ?=-vo Cl 


- ' ifl 

.• i. . .exit: 


\n irt "V?-:?, 

■ 4WA9, n* 

0902 42541) 

, : J3te 

i'o9d£%54tj^: 
: TeK* 

0902 42541/2/3 
Telex 336414 


FINE BORER— VERTICAL 2-SPINDLE. Capacity 
: 12". dia, depth 14". Infinitely variable . 

' '- hydraulic feeds. New and unused due to 
• '.change of programme. For- sale at several^ . 

■ ? i ’thousand' pbunds 'below-new. price. ^ 

BAR PEELER— 4" CENTRELESS. Reconditioned. 


ASQUITH RADIAL DRILL, 5ft. Reconditioned. 
INTERNAL GRINDER 60" DIAMETER— B RYAN T. 
OTmiftG ROLLS 8 ' x if*. .'ESSiitttT 


NEW BRITAIN G RIDLEY 6 SPINDLE IT- 
. AUTOMATIC. Rebuilt. Will turo and index 
r - to 'makers limits. . 

PFAUTER GEARHOBBER P250. Max. dia. 10” , . 

: - Reconditioned.- Excellent. 

CONOMATIC B 5P1NDLE AUTOMATIC Fully 
. - 'reconditioned, will turn and index co maker’s 
^-fifnics. . ■■.’ -* 

RtfRG MASTER i SPINDLE TUHRET; DR1UJNQ, 
iriAPPlNG & BORING MACHINING CENTRE 
v MODB.2B. Capacity l". Very well equipped 
'. including - Matrix. MiU-Drill TaWe. -As inew. , 

:f scHULgR 200 TON HIGH SPEED BLANKING ^ . 
. i PRBS. Bed 48" x 40" 200 spit Double roll ... 
» v 3 fed-strtfke 35 mm excefiaot condition. : . '• 

' TAYLOR & CHALtEN No. 6 DOUBLE ACTION 
* DEEP DRAWING PRESS. Condition as.new; 
VldCOS 200 TON POWER PRBS. Bed 40" x 

- 36". Stroke. 9".. NEW CQND. : .'; 5 : 

■ AtHOMATED TURRET DRILL-4®! BStT 1 ■ 

6 itrtion.'.2 M.T, Plugtrard control . Go-ordjriate 
'.*• table. ■ Nw 1974. Almost new. 

. MACHINING CENTRE. Xapactey 5ft: x-tf^fX , > : ' 
•\ -jfc.. 5 Axes, continuous. path 51 automatic tool \ 
. ' changes. 5 tons -main table (dad. ' Main motor ' " 
. 27 hp* '• Had less than one 'year's- usp andJri • . 

- -almost i»«w condition, ‘for sale one thud' 

.. of n9y,'P«g..„ 


0902 4zfl4rm " 

Telex 1 33649- ::r 

«i: if: : j 

0902^254 J/E. 

Telex 33fiflr 
0902.42541 
. Telex 
0902 jf2541> 

- Telex “ 


0902 42541/2/3 
. Telex 3364 H 


0902 42541/2/3 
Telex 336415 
0902 42541/2/3 
Telex 33641' 
0902 4254 1/2/, 1 
Telex 33641' 
0902 42541/2/2 
Telex 3364H 
0902 42541/2/1 
' Telex' 3364J4 
0902 42541/2/1 
Telex 3364 H 


Lar 

Stu 


0902 42541/2 p 
0902 4254X1211 
Telex 3364l4v 


0902 42541/2/1 


Telex 3364)' ^ 


0OTl-«54l72/ ; IJ.yj'^ S ^ a nk J 


; Telex* 33641- 


o'-^^on 


Telex 24177 


as *ngha 
6: 01-6060 


01-928 313 
Telex 26177 
01-928 313 
. Telex 26177 
. — £1=928.113 
26179 


■V ■ 



Telex 261 
01-928 313 
Telex 26177 


01-928 313 
Telex. 26177 


. 01-928 313 
Telex 26177 


01-928 313 K 
Telex 26177 U? 




Telex 26177 
01-928 3U 
TetrtT 26172 
01-928 311 
efrrien 26177 1 


Pf 0ud 


H. 


< 

to ha\ y x 

r. e>, P 

L;j 

. .nr:*! • x 




pTl 


■ V , 

*1*431428 

• *'*&;*' ; 

:: '-i 






W 


^ L ‘Oit 


■ P x irw* 




MODHlN LBffi ROLUNGftiU^ wrt Gr^r, j 

' osld saws-^pmso-T ; 2uiflotines, etC--- 33641. 1 ?l}|; in*. ■ 

^ A „ ’.^1 j 

' :L1”55v I f| 




V 


f-: 


- i v ' V?’. ; . . v U ^ 



















rr GROCERY P Rict INDEX 


£? *30* 


Average family’s food 


iy s 

. 7 % 


«Sm!W:risesby li7% - : 

V - •' ft, JE ^l RY flL/NLORGOODMAN.CONSUMER AFFAIRS CORRESPONDENT 

.or^the average - — ' '; '.' '. ~ . ••• — — ■ — - 

. ‘ - -.t groceries has risen by. . FINANCIAL TIMES SHOPPING BASKET 

- ‘ '' V ,r to, the last four..-. APRIL me 

- ‘ K-felc&'accORilng to the financial - APR,L * 1978 

• :■ i": vi 1 * 1 Tbelndex, April 


Wales TUC reject 
Phase Four policy 


BY ROBIN REEVES, WELSH CORRESPONDENT 


- / -■> Vt wv w/. AWW«A. AUC 

-• ^ Up>r which: / Vias .re-launched : last 


«; aiT: i h 


f - : — rLS 

is?**# 


f- mbntb.'aow stands at 101.77. - . 
"^v TheV^ise Wss iacgc2y due to the 
^bjgber co$t. of fresh foods, like 
Wheat- and'; vegetables, J .together 
pritiu the: extra 2p adcd to the 
tajrice! .of a. Iftaf by the bakers at 
^gitbegittning of his month. .. The 
Lpiees_of most other, processed' 
•ifbdds,. ' like canned - goods,"' 
*> Remained "Stable," while in', some - 
Sectors, ' .LUce • tea, . there \ were . 


Dairy produce 

Sugar, tea, coffee, son. drinks 
Be rad, flour, .cereals 
Preserves and dry groceries 
Sauces and pickles . .. 

Canned goods . 

Frozen foods 
Meat, bacon, etc' {fresh) 
Fruit and vegetables ", 
Non-foods 


: ..." L. ttt n'ftctprs, /.like tea, . there 
.> ‘ Jh* widespread ’price reductions 
ST. t - ..‘•Slif 7i '.■ Cmi'prv inriww haVi> hner 


2,163.79 


5. Grocery prices have been in* 

^ereaitfne-at Tin uneven rate this, 
ff-ijear. Tfaeyrose by 0 3 per. cent. 
^ in ‘ January, when the Sainsbury 


2,126.12 


1978: March 100; April 101.77. 


^ f'grocftiy "Chain stepped up the stable. Yoghurt was also up in mum price of 2Bip. pointing to 
• ' price War among- supermarkets most shops and these increases the high level or trade discounts 

ill IPFC vCa by launching its “Discount 7S” offset fairly widespread red ue- on which the bakers have blamed 
v *o vj )| liv /programme and fell back by 0.6 tions on eggs. so many of their problems. In 

c Y per. cent -lhe^oUow.ing: month- Not all the- shops .monitored ““■* 5 , h °P s ' the price was nearer 

I Nil HnAvi IV: - to M?nxh^7ijfeD,the sew .-index fc a d passcd oa^ f Q n gp a loaf “ 5 P a l0af *** »" some it was as 
e^POlT tljwVWfts , iutfbaUMd, the old tndex increased announced by the low as I9p. 

1 ^Uft adhowe^.a^guaJl rise of just over bakers, just before -the news The biggest drop this month 
--Sft£SpQ Mn r 2. per “nt^-The old Jnder^a^ a b 0U t. Spillere pulling out of the was j n the bill • Tor sugar 
B «fT ' now-been dropped amrtbe’FT is bread business broke- Several beverages. The fall was almost 
n using both a larger sample of ^hops had only raised the . price entirely due 10 tea — the subject 
J -- c. 5 "^- ’ - wops and a slightly biger list of by jp a loaf and others by lip. of a recent wrangle between the 

. . .■ f-Vj, . *a*fflwjBtocaiies. (Some small revisions i D 0 n e shop, however, the price manufacturers and the Depart- 
: .V "r.T^oiw ,5 have-., been made frc the figures bad rocketed by as much: as 4-tp. meat of Prices. 

- . ;.i- I&rcb land ftshbiiJd.be noted presumably reflecting tfie fact copies ot the list now used by 

• - Jaai i? .-“that the base for th* hew. index Wth* retailer was ho tomter ‘ I £ “!L” ** 


J- ***3 09fif*hT%PlUL H XXI most -01 .me m snups 
"/. :: SfistaSfm which the prices were moni- . ] 

Kfs^ESSSSSH Food selling space falls 

we also 'generally more expen- BRITAIN’S grocers "and food trend towards opening 

^ JrpnAji. i.1 r— ur.»v ° »- .1 r p 



special offer. tHete were' Jew t0 CO jaclde with the conference. May, 1977. the insiiiuie estimales 
price reductions to offfeet- these gays the amount of selling space that the number of shops 
:increase$^v - **' • - . •* devoted to food fell for-tte. first operated by the big multiple 

•vin the d^rjr sdetor.- butter was time in 1977 with the’: opening groups dropped by over a 
the' villain of fee piece.' ; Both 0 f larger new stores falling to quarter. 

de fr T i ^ fiittets .Vand.-- ^law:myffBet the space -lost '.through The report suggests thai in 
I. butter was selling for store closures. - spite of the increased e lcvel nf 

y , ' : bt'.twd 'mor<s- than last . The number of. new 'grocery competition, supermarkets were 
hMfltii-: itiifugh; ther - -price.- :Of. shops opened last year was the able to improve their net profit 
seegned-.^-anore '.lowest : -oh .record although, the margins last year. 


By Kevin Done, Chemicals 
Correspondent 

CHEMICAL INDUSTRY produc- 
tion is likuly iv remain depressed 
for the first part of 1978. 

The A per tent. Tull in output 
in the last quarter oC 2977 com- 
pared with the third quarter was 
rairly general throughout ihc 
industry — only toilet prepara- 
tions and fertilisers showed any 
increase. No improvement is 
expected until later m the year 
with the slow recovery in 
economic activity. 

The official publication Trade 


Egors Hems Nsws 
on Page 38 


anrl Industry says that output for 
the whole uf 1977 ruse by only 
3 per cent., following an increase 
of 1(1 per cent, in 1976. 

The decline in chemicals pro- 
duction in the last quarter of 
1977 was mure marked than in 
[he rest of manufacturing 
industry, which recorded only a 

I per cent, fall. 

The nrily feally bright spot at 
the end of the year was ferti- 
lisers. where output in the last 
three months was 17 per cent, uo 
on the previous quarter and IS 
per cent, tin on the same 
quarter in 1976. 

Ail other major sectors 
recorded a fail in the last quar- 
ter compared wilh the same 
quarter in 1976. Toilet prepara- 
| tions made a 3‘ per cent, gain on 
[the third quarter of 1977. 

| The biggest production falls, 
j compared with the end of 1976. 
i came in dyestuffs and pigments, 
synthetic resins and plastic 
maleriaU and general inorganic 
chemicals, which showed drops or 

II tn 12 per cent. 

Production prices rose by 11 

per cent, in the Iasi quarter of 
1977. a considerable slowing 
down in the rate of increase com- 
pared w»iih Ihe rest of the year. 


THE WALES TUC overwhelm- 
ingly rejected trade union co- 
operation In a Phase Four pay 
policy at its i-onefercoce in 
Llandudno, North Wales, at the 
week-end. . 

The conference bacned a call 
by Mr. Moss Evans, funeral secre- 
tary of the Transport and General 
Worker?, for a policy or ” free 
and unfettered collective bargain- 
ing.” 

Mr. John Mahoney, of the 
Union of Postal Workm s, was one 
of the few to oppose rhe motion. 
He gave a warning of the 
“ economics of bedlam ’* if the 
next round of wage negotiations 
were conducted without any 
guidelines at all. 

Mr. Evans, however, was quite 
unequivocal. ** Let there be oo 
misunderstanding where we 
stand. There will be no agree- 
ment on phase four as the 1 GWU 
is concerned. 

“Free collective bargaining is 
the essence of the society we 
live in,” he said. Percentage 
wage increase guidelines, decided 
at central level, were now con- 
trary to TUW. not least be- 
cause the pay policy had created 


anomalies which could only he 
sorted -out on the sbop floor. 

Equally, Mr. Evans said, it was 
nonsense to suggest that only 
Treasury officials could act 
responsibly. 

Mr. Emlyn Williams. South 
Wales president -of -the National 
Union of Mineworkers, said that 
the Government would be com- 
mitting “political suicide"' if it 
tried to push through a Phase 
Four. 

In co-operating with the Gov- 
ernment. trade unions bad 
accepted responsibility for the 
burden of frustration and bitter- 
ness among their members. “The 
Government should not 
embarrass us by asking' for a 
Phase Four.” 

The mood on pay policy -was 
the only serious setback for the 
Government. The conference 
otherwise had a distinct pre* 
General Election atmosjfhere. 

Mr, Michael Foot, leader of the 
House of Commons, and Mr. 
John Morris. Secretary of State 
for Wales, both received standing 
ovations for speeches in -which 
they defended the Government’s 
record and called for close 
cooperation to head off the 


danger ofa Conservative -win in 
the next election. I 

The. Government inevitably i 
came In for some criticism for its . 
failure to reduce uuemploymentJ 
but -a long debate was ebarae- 1 
terised by a willingness to discuss , 
practical remedies which could 
be pressed Tor by trade- unions. 1 
themselves, such as the 35-hour | 
week -and earlier retirement. 

Delegates formally approved 
both 'these and a number of'ocher | 
objectives put- forward in a 
Wales TtfG ten-yekr strategy for 
increasing . employment oppor-i 
tuoities. 

Tbe- rejection of any inter- 
ference with -pay bargaining — 
coming after, a- similar decision 
at the- Scottish TUC— will set tbe 
almdsphesce for talks- on tbe 
economy -between the TUC and. 
Government which are expected 
to begin thid week. 

» The Prime Minister has 
agreed to meet North-East trade 
.union leaders early oexl month 
for talks on the region's worsen- 
ing unemployment. The Northern 
Council of the TUC is particu- 
larly concerned about redun- 
dancies.in the steel, shipbuilding 
and. textile industries. 


MP offers peace plan Strike threat 
in Rolls Coventry dispute 'oSJoSJS!??,- 


A LABOUR MP has proposed a 
three-point formula in a move 
to end tbe t hi eu- week-old wages 
dispute at the riolls-Hoycc aero- 
engine company in Co\ entry. 

The dispute has closed two 
factories and made more than 
S.000 employees idle. 

The move was suggested by 
Mr. Geoffrey Robinson. MP for 
Coventry N.W.. after local MPs 
had discussions with the manage- 
ment. 

He proposed that the company 
should pay the full 10 per cent, 
wage claim by manual workers 
and negotiate the piece-work 
grievance on a separate basis. 

Secondly, the modified pay 


offer could be discussed again by 
the negotiating committee and 
management should- remove its 
condition ibal no extra money 
would be paid until the work- 
force returned. 

Thirdly, he has urged an early 
meeting between the two sides. 

The 10 per cent, pay claim row 
involves about 4.000 manual 
workers at two company 
factories in Coventry* and nearby 
Ansty. 

Because of a protest sit-in al 
one plant ar.d a work-in at the 
other by the manual workers 
about 4.000 clerical and other 
employees have been laid 'off. 


COURTAULDS man-made fibre 
factory in Coventry could he 
-brohght to a standsifri? lo-dny it 
a shop stewards' call for strike 
action is obeyed. 

For seven weeks 32 shift 
workers at the company's carbon 
fibre plant have been on strike 
for more, pay and improved 
labour manning levels. 

On Friday .the 32 received dis- 
missal notices following their 
rejection of a company offer. 

Now afi the 600 production 
operators at-' Coortanlds main 
factory have been instructed by 
shop stewards to withdraw their 
labour: They are expected to 
attend a meeting to-day to ratify 
the call. 


Effort to 
prevent 
new wage 
ceilings 

By Philip Bassett, Labour Staff 

BRITAIN’S second-largest Civil 
.Service uniun, comprising 105.000 
□on-indust rial civil servants, 
seems likely It* reject any form 
oE Government pay policy for the 
□ext wage round. 

The Society of Covil and 
Public Servants will consider a 
motion at its annual conference 
□ext month which calls for a 
1979. pay settlement based on 
“common opposition -to the im- 
position of arbitrary ceilings, 
norms or cash Limits on public 
sector pay.” 

The motion, which is the 
major pay call the conference 
will consider, seeks liaison with 
other public sector unions on pay 
strategy, but rejects any discus- 
sion of overall pay ceilings with 
the Government, whether 
through the TUC or otherwise. 

A separate, stronger motion 
claims that neither ihe Govern- 
ment nor the Civil Service 
Department, which directly 
deals with civil service pay. can 
be trusted to honour pay agree- 
ments. and calls for [he society's 
executive to withdraw from cur- 
rent pay agreements. 

The TUC's tacit acquiescence 
to Government pay guidelines in 
spite oo the 1977 congress deci- 
sion fur a return to free collec- 
tive bargaining is also heavily 
criticised. 

A further motion, though, 
which will be withdrawn Sf as 
is likely the mam pay motion is 
carried, calls on .the union's 
executive t<> support the initia- 
tive proposed by Mr. David Bjs- 
nett- chairman nf the TUC. for 
a common public wi«»r pay and 
conditions negotiating body. 

Some Civil Service unions have 
already marie their opposition 
clear to the Basnelt proposal*. 

Many of the society's members 
resented the union's abandoning 
of its 1977 pay claim for rises 
f nf 22.4-27.9 per cent, and its deci- 
sion to settle for the Govern- 
I menl's 9 5 per cent .-pi us emtsoii- 
I daiinn offer 









to aniiouiicelaid scheme 


L.\L ‘ti 


Ct £Cil!N6 


• : BY IAN HARGREAYES. SHIPPING CORRESPONDENT. ’-J. 

MEASURES to aid shipplng thesuarantee is about flirbn^of 
companies facing liquidity prob- which ' about . f 400m .might ]>e 

agnodn£9d.-ter Mr. Edmund. "^vWy'exp.bsure in denTessad btfik 
‘ Trade Secretary, “in the Cbmiuons' markets .find it’ Increasingly 
_ fhis^week. T - ■ . ‘ \ : difficult to meet their- commit- 

Tltoy 'wilT "centra - on' a. state- meats. 

-lament: • by *' Government- of its It is known -that a small 
■rrViHitigness to consider ‘extending number btcompanie* has already 
J~ i loan~ - repayment periods for made problems, plain to Govera- 
""ot^hers in: debt to British sbipl meet- through the^Ship Mortgage 
'"“yiortfe ' and whose -loans . wore. Finance - Com^ny — tbe ship- 
goaranteed by the Government ping, arm .'of Finance for 
under the terms of the Industry Industry. The JSeneral Council of 
^■qAcft: British Shipping says, however, 

TwfT^he-. latest Government ’ esti- it has not requested and nor do.es. 
mites of the amount of 'ship? .it -.expect afny land, of general 
" ers’ debta for which it holds: subsidy scheme. . 


No new powers will be needed 
for ihe Government to offer 
moraioria on debt to owners, but 
it is felt to be necessary to clarify 
the guidelines.. for .offering .help 
even m this limited form. 

4 The m$n problems arising 
from t a pragratotne of moraioria 
are b^w to' avoid giving help to 
companies wh'ose collapse is not 
though! to be worth preventing, 
and bow to prevent larger com- 
panies, ?uch as P & O, from 
making demands on the grounds 
lhat theiiVbuik ships are losing 
money, even though these losses 
are more*, than adequately 
covered hy. other areas of 
activity. , 




We are pleased to announce ! 

... # .the opening of our representative office fn London. 

-/'■ Landesbank Stuttgart * Portland House 
L 72-73 Basinghall Street - London EC2V 5AJ 
Telephone: 01 -6060052 Telex: 8314275 - LBS LON 

V . Representative: Hans-Henning Erdmann 


The battery electric truck at tbe end of this cable is rugged, tough, reliable and durable. 

Today's new breed of electric yard trucks\are moving big loads in tough conditions. They'll handle any 
job up to 10,000 lbs -inside grout. \ -.,, s \ . - . - - . .. 

Tiue, electrics don't conjure up virile dreams of power and strength under the driver's foot. But at least 
he can heat what his mates are saying ! And he'll soon find out he's handling a delightfully simple, 
trouble-free piece of equipment. V 

Battery electric trucks cost more to buy; but when you're next ordering atruck there's a couple of other 
things you should take into account. In the long run> lower fuel cpsts and less maintenance make 
electrics che? "o run. And even after a long run, they have a high trade-in value. 

Soplugintoi /power. \ . 

\ . • 

Chloride Industrial Batteries limited, P. O. Box 5, Clifton Junction, Swinton, Manchester M27 2LR. 
Telephone: 061-794 4611. Telex: 669087. 




- yAV '. 


-- 3*^355 

r, “HI " 


. i* *— 


: w. R. GRACE LTD. 

I- ' are proud to .have won die 1978 Queen’s Award for 
i y.y export achievement 

'l "■ W- R. Grace Ltd. produce a wide range of specialised 
: chemical products, including compounds and application, 

equipment for sealing^ cans, flexible packaging materials* 
if/* pKotopolymers for . newspaper printing .and specialised 
mated abrf or the 1 ' automobile and construction industries. 
Export sales have more than doubled during the period 
1975-77- W. R. Grace Ltd, is a wholly owped subsidiary of 
the Amencan international company W. R. Grace and Co. 
<>> which employs 63,400 people world- wide and had sales of 
. 4^500 million dollars in 1977. _ 

<? - - Ht R. ^meItiL;Northdale House, /\n 
. , v: •: • North Circular-Rd., London NW10 7UH. # BB|hr AaK 

Tel: 01-965 0611 V/l\rVwL 


r". • ■; xJVv. 

V; 








CHIOlfPg 

PURE POWER 


*>*-■ 


•" ■ 










rs 




kSB 

i_.iri-.ruLj 



ideal hue 

E5TTE3 EY ARTHUR BENNETT AND TED SCHOETERS U 


Financial Times Mcinfey ; April -24 1978 


© 5MSTKUMENTS 

Seeks the levels of 
problem materials 


RELIABLE and accurate level 
measurement of solids, slurries 
and liquids by non-contacting 
ultrasonic pulse transmissions 
can be carried out by equipment 
ir’arketed by Hymatic industrial 
Controls (Hunlleigh Croup;. 

Developed by the Milltronics 
Company of North America, the 
equipment will accurately and 
reliably measure levels in hostile 
conditions in the presence of 
abrasive solids or corrosive 
liquids. The level sensor has no 
moving pans in contact with the 
process media and the electronics 
arc ail solid state. 

Installation is easy. The equip- 
ment is small and light and 
easily transportable. 

Sensor's a re available for 
■monitoring levels from 0 8 metres 
to "O metres i2 feet to tOO feeti. 

The key element of this equip- 
ment is the company's patented 
“ l- It ra son ” transducer. This 


beams a very narrow pulse of 
ultrasonics on to the surface 
level to be measured,- and- the 
lime taken Tor the pulse TS’ com- 
plete the round trip back to the 
transducer is converted, through 
fiolid state electronics, into 
distance. Since' the signal from 
the transducer is very narrow 
it is easy to erisure that the beam 
is directed to avoid extraneous 
signals from protrusions in the 
tanks or errors caused by filling 
points or mixers. 

Hymatic systems engineers 
believe that suitable applications 
for this equipment will he round 
within the coal handling and min- 
ing industry, and in petro- 
chemical process plants, grain 
and cereal storage and handling 
systems, food processing and 
evpn cargo holds of ships. 

Hymatic at Orchard Street. 
Redditeh. Worcs B98 7DP. Red- 
ditch 8784 I. 



COMMUNICATIONS 


TV beamed from satellites 


SYNCHRONOUS SATELLITES bees carrying out linked research normally used, 
have been used for some time to *t Labotatoires a"EIectronique et- ■- Research has been coucentrat* 
relay TV signals across the <kRirysique AppfiqueefLEPJ at ihgon methods of redijcfegthe 
oceans of the worlt permitting Limeil-Brevaunes m Prance, - .signal loss from the antenna bf 
live enverapp of lunar landing Tbk centre is participating incorporating a .preamplifier 
and a pro3ecl ^ ***** of -corn'T- rtage- and mixing state couple* 

ana of the Mexico Olympics. But munications which has the back- directly- to it 


DIRECT GAS-FIRED 
SPACE HEATING 

AND 

PROCESS HEATING 


t Ion. which corresponds to a frequeSncy^ 

For some time, it has been of 12GHz. This will permit- feet 
clear that within the fairly near construction of a lightweight' 
future, it would become possible and compact transmitter to ba 
to use standard satellites as con- carried by the satellites. 


if. coaxial cable losses can be 
rated. 

EFS' contribution is the de* 


• ELECTRONICS 

Tr aces the 


faults in 


Inserting a printed circuit into a nulltrouic ultrasonic unIL 


© PROCESSES 

Cushions filled at highest speeds 


CUSHIONS MADE of materials 
such as canvas. Fabric and plastic, 
fur u-'*.- particularly in the bed- 
dmy and upholstery industry, can 
bu filled with various forms of 
foam t block form, polyurethane 
foam) and coil springs with foam 
surround, from a prieumatically- 
operated machine just launched 
by Ander«on Machine Company 
(Great Britain 1. 

Cushions are filled when the 
operator places the covers into a 
hopper which is dosed over the 
covers in readiness for injection 
of the fillings*. The range of 
machines will handle cushions 
varying in length from 38 inches 
m 7S inches, in width from -16 
inches to 7$ inches and thick- 
nesses from three inches to eight 
inches. 

Use of Teflon-coated sheet 
metal hoppers ensures that the 


cushion is compressed evenly 
over its entire surface obviating 
tearing and wrinkling during 
ejection, and providing a clean, 
durable contact surface. 

More on 021-704 3301. 


Effluent 

efficiently 

purified 


EFFICIENT separation and re- 
covery of solids from industrial 
liquid waste is offered by a self- 
cleaning rotary senvn introduced 
by Effluent Processing Division 
of Rizzi U.K., Meanwood Road, 
Leeds. 


The rotary screen is the latest 
in a series of low-cost adaptable 
equipment designed, says the 
new Rizzl division, to help com- 
panies meet increasingly strin- 
gent water authority effluent 
regulations. 

Considered ideal For processing 
difficult industrial effluent such 
as that having a bigb grease con- 
tent, the machine has particular 
application in the food proces- 
sing. textile, tanning, pulp nod 
paper industry. 

It has an efficient self-cleaning 
rotating screen enabling .con- 
tinuous operation without dog- 
ging or binding and oan be used 
in conjunction with or indepen- 
dently from existing batch pro- 
cess gravity separation tanks. 

In operation, waste water 
enters a reservoir box at the top 


of the Rizzi machine and flows 
at a cootroHed rate over the 
surface of the rotating screen 
drum. Solid particles which 
cannot pass through the screen 
apertures are. removed by a 
doctor blade and collected into 
a disposal hopper. Filtered liquid 
flows through the inside of the 
drum and out of the bottom of 
the screen, carrying with it any 
residual particles from the 
surface as it passes. 

The screen is available in five 
alternative drum lengths from 
24-inch to 72-inch according to 
volume required. For instance, in 
a fish processing environment 
of 5,500 gallons, a two-fool screen 
would be adequate. For high 
volume applications such as a 
meat processing with effluent 
discharge of, say. 42,000 gallons, 
a six-foot screen would be 
required- There is .a choice of 
three screen aperture sizes: 
0.5mm. 1.0mm and 1.5mm. 

Rizzi fU.K.), 388a Meanwood 
Road, Leeds LS7 2 LB. 


ventional TV broadcasting units At the receiving end, thie home. aiwenid^' field effect transistors ■ * * - 
—and indeed educational trans- owner will need to set up on h'U have been ■ developed- f« use in l* Iwa-w»R*j'Ici • 
missions have been carried out roof a small parabolic - dish. the'- equipment They provide a ill Cl. fif I SIITI N 
in a number of countries. Inelud- antenna pointing at fee satellite! conversion gain Stufaw .able to. O g 

lug India, using, however, space which for European purposes -'eppe wtth stronger signals than TETRAD YNE has 'produced 
stations specially designed for would be over the equator in th^ would normally bb received from powerful diagnostic system i 
the purpose. Atlantic area. ; a satellite ;.wfthotit becoming detecting design, device a 

Philips believes that wide-area But the microwave signal, -aa-,saturated. v..?:-- jnanufactnrlng faults in boai 

coverage of ground receivers received, could not easily be. More from LEP, 3; ; A venue; -containing microprocessors a 

from space will become common- transferred to the TV set becaii^. Descartes. 94450.. IdmeX^Brewa^ociated components. 

place within 10 years and has of losses In the coaxial cables ;Vaimes, France. ~ Based upon Teradyne’s LI 

'V'. system, but having additioi 

A step in the right . asffSgj 

V* .d ff viqes,.; <?r a combination 

MARCONI Communication pave the way for better cbm- beriod it is essential feat the u $ds3ogue and digital circuits. 
Systems has been awarded a coo- m unication at a lower cost' but lew digital systems be economic^ It Ja- able to test from dc 
tract by the Post Office for fee to provide many types ot tele- ally integrated with existing! fe: 3 HBz^tbus emulating fit 
design and development of communications services— such analogue systems. The Codec system : operating speeds, 
equipment for use in the high systems can more easily cariy -ia- a new piece of electronic miided probe diagnosing to 
capacity digital trunk telecom- television, computer data and equipment which fulfils this re- 1 called -the electronic knife, p 
muni cations network planned to facsimile as well as ordinary tele--.'qmrement. joints bus-line faults right 

link the main United Kingdom phone calls without mutual inter- 17 ' More from Marconi on Chetas- the bad ‘device, and memory a 
population centres. ference. During the interim' fdrd 0245 5332L - pin 1 capacity Is large enough 

This network is part of fee accommodate even the most co 

Post Officer's programme for in- « . , . - * it i . " " pletof ttwiays "boards, 

troducing all electronic exchange Oigc hnup HRfliliP IiHW . Like .. £- conventional guidi 

and digits transmission systems AVlgS IlO. VC,. pifVlIC JUlJLBk prob&'tite electronic knife is 

,n u2Li rte terms of the con- NORTH SEA oilmen 4n cte to the new Post Office terminal, .I 0 , 01 JSLl 



Post Officer's programme for in- 
troducing all electronic exchange 
and digital transmission systems 
in the 1980s. 

Under fee terms of fee con- 


0 


e 


pncndine/ripcrtdlnp po moments eaca ocner woen Marconi wna-.maranc into toe system ... mt 

CodS?^™ m unication Systems festal ^tablishes a line-of-sight micro- operafer:-.pjaCes Vie- probe | ffi 
for fee diritlf mink netware equipment as a link- between wave link between cormorant successive device teads^otil. tlg^m 
inilswfll encode signals received °B*hove stations, and addition, and Thistle. . ' 

from tbe establShed analogue fU* connect back to themifc-: A troposcattflr link from Cor- device -has ^en^tra^L^U w, 


trunk transmission network for • 

injection into fee new digital Phase one for fee SheU f 
network and. conversely, decode contract will be to link D 
digital signals for re- and Brent A, B and D to 
transmission into the analogue other by Ifee-of-sight 
system- equipment and also to- co: 

Digital methods of transmis- Dunlin to BNOC's Thistle 
sion will eventually replace form. Thistle having a l 
analogue methods, not only to scatter terminal relaying 


Non-stop power in the Nbrth Sea 


CONTRACTS AND TENDERS 


Socialist Republic of the Union of Burma 
Ministry of Mines 
No. 2 MEining Corporation 
Tin-Tungsten Expansion Project 


— — — FIJI ELECTRICITY AUTHORITY ■ ■ 

MONASAYU HYDRO-ELECTRIC SCHEME 

Power Transmission Project 


A SOPHISTICATED standby parallel, with an altematiyi 
■system for static no-break power cul* only, while the secon'f 
supply equlpment for 

Sea Oil industry, ls promised by a standby ba 

From Anton PiJIer fUJO, for w-hfeh. in fee event of fi 
Conoco North Sea. operators of failure, is capable of M 
the field for fee Conoco/BNOC/ either static inverter for sq 
Gulf Group. hours. I 

The specification is for the The system incorporated 
supply of no-break power to ai tronic sensing and svritchta 
SOkVA single phase load consist- cults ensuring outpcM 
ins of the platform's critical con unaffected by emergency jm 
trol and instrumentation loads, ing procedures. Swi® 


Li ,. m OTan t toSonth Sbeti and TSt Pmpoinf Uxffr dM» f rom 
El fee Iine-of-sight . microwave link logic Families. dlagnc^HjP 

in between this platform and Thistle, among:- ;misa$ .Wgip^fanufli^ 
S-.wili complete the triangulation moving : from -one jam 

8o- for alternate path operation, another.- without operator infrVW||| 
kt Marconi has also supplied vention : or j>rpgranrae change 
ft- antennae, transmitters, receivers It also overcomes the disadvtHP^^ 
)Of and other equipment for fee Post tages of. earlier vtechniques. 
ek Office troposcattor stations, ticularly- fefrse "employing • 
i r •• 1 mlcrbvoltmeterS, „ because. 

. .i ^ operates independently of \y 

jrfh VpO resistance of the lead mater 

[1W* and the point contact resifitani 

le... techniques are included and Wgh S^ant^andSo operates - IftJ 


161 dim .Itjawiis pvwci raliavtAfr^ 

within i cycle. Transieot re- - 


fins wiciira * eye te. tracsieur ro- - 

ing sponse is such that a. zero to w«J2?£ 


including computers. The design from mains to battery su»ly is 


0 JLTU , £ tjueen 'a .-.--Road, Weyhrtdi 

Bee- put voltage for J cycle;. The V 

Fclr- HFS technique should also, . .• -• • " 1 

1 Is' ensure that the output waveforn3r#',py' agreement between t 
Itch- contains less than 5 per Oent of ‘FfeonCiql Times and the Bfi 
over distorting harmonics at all times, ^njomqtion from The Technfc 



The above project' will be implemented by the No. 2 
Mining Corporation over the next 24jnontbs. 


132 kV TransmiMion Line 

The Fiji Efeeerfaiy -* jfhoflcy ( FBA) inrieei txnderi from eiF-.rkncril 
concraetnn for cht doiign. tupply ind ®re«ion on Yiii Le»«. ,'«h* principal 
itUnd of Fiji, of *he following:— 


will provide high level reiiabi- complete within 3 Tpilli*on| 
lity. using two separate 80k M and under steady-state con® tio* 
static inverter dreuits it the output voltage is maintains 


Further information from • fee; Page ft anaOable for use bu ti 
company at Love Lane.. Glren- Corporation's External Strata 
oes ter. Gloucs. GL7 lY.GlfQSSS -os' source material for its one 

enn;o\ . • _ V ■ : '.i —1 j 


.61377/8). 


. v Vseas broadcasts. 


Contract 03/01: 


The project comprises of. tire 'construction of a 0.35 cubic 
re bucket ladder- dredge, the construction of a centralised 


132 kV Steel Towers Transmission Line. Vuda-Wiiiaa-Sm 

Th* proposed cransmiiMan line will interconnect dhfc two.Supr load c 


metre bucket ladder- dredge, the construction of a centralised 
concentrator to process the Corporation's current and envisaged 
tin-tungstnn production and the -establishment of a gravel 
pump mining unit and renovation of hydraulic supply pipe- 
lines. 


The proposed cranuniiuon line will interconnect d* two.Supr load centre*. 
of Nadi.Lauiolu.Ba f Western A rear) In the "orth wtn and Suva in the 
south ease of Vici Le»u via a hydro-electric power station which is to be 
constructed in the centre of the island. The lattice steel tower transmission 
line wHI be approximately US kilometres In-length and will traverse steep 
and heavily forested terrain on the eastern' side (approximately two- thirds 
of roucef and open nllly country on the 1 western side (one-third). The 
design and construction will be such as to withstand sub-tropical and 
cyclonic conditions. 


& 


Tenders will be called for. 


*• Date 
documents 
Tender available 
fees and 

(USS) bid period 


Construction of a Diesel 
Electric Bucket Ladder Tin 
Dredge, including the supply 
of all equipment, material and 
services and the provision ' f 
a construction site for the 
complete construction of the 
dredge, commissioning and 
inwinq the dredge to the 
Heinze Site. Bidders wil Ihe 
subject to post-qualification to 
ensure that they have the 
necessary capability and 
experience in this type of 
works. 


Early completion Is of the utmost importance and completion by June 1980 
or earlier is required. 

Tender documents are available from Mere * McLtllan S Fanners, 122 
Arthur Screec. Nonh Sydney. 2060. on payment of a deposit of SA2Q0 
by cheque made payable to the Fi|l Electricity Authority. Deposits for 
documents arc returnable on submission of a bona fide tender. Additional 
sets of rile document are available at a com of 5200 per sot which is not 
returnable. Tender documents may be Inspected at the FEA’i offices, 
Lautoka. at the office of Merr & McLellin. Ambrrly, Killingworch, New- 
castle on Tyne. England, Carrier House, Warwick Road. London, 5.W.I, 
Sir Alexander Gibb S Partners, Commerce House, Barton, A.CT.. or ft 
- the above address. 




A 


All Rrms. wishing co tender are required to visit Fiji to acquaint themselves 
. with she ' conditions. Ir Is anticipated that a site vljit and a pretender J 
.conference at 1 whklvrFEA personnel and the FEA'i consultants will be • 
Present. wOfte haRJ during week commencing Monday 22 May. Further J 
.details will' be advised net las* chan two weeks before the site visit and j 
conference « due. ' 



1 9 7 8 


Tenders will be officially opened it the office of *•» FEA in Lautoka at ' 
HOD hours on Monday 10 July 1978. 7 

A tender deposit of S 50,000. will be required to be submitted by eochi 
tenderer with h't tendor. J 


Space Decks Limited are honoured to receive the Queen's Award 

J for Export Achievement 


No. 2 The prefabrication of indus- 
trial buildings and auxiliary 
steel structures. 


No. 3 The preFabrication of second- 
ary steel for the completion 
of mineral dressing plants 


No. 4 Thp supply of a wide variety 
of mineral dressing equipment 


and electrostatic equipment 

No. S The supply of a -variety . cf 50/- 
workshop equipment.- - . ; - 

No. 6 The supply of a variety "©! 100/' 

electrical switchgears. 

No. 7 The supply of steel and other' 

hardware necessary to con- 50/ 

struct the proposed plants. 

No. S The supply of various- felec- * • - - 
trieal accessories necessary for 
the construction of the 50/- 

proposed plants. - 


600/— 

May. 1978 
(3 months) 

100/— 

May.1978 
(45 days) 

100/— 

June. 1978 


(45 days) 

100/— 

June. 1978 


(45 days) 


TV FEA iMinn the right u extend the tcaeod dice fgr the opening 
tender*, to w»iv» in* informality In tendering and co reject any or 
of efie tender* received. 


The FEA has applied for a loan from the Asian Development Bank .CO*an4 
the foreign currency ;«t of thf tranimisslon line and prociiremenr under 
the emro-ac- may therefore lrd 1 limited to member countries of the ADB. 
Further inform irion regarding the above contract mav be ob-ained f-om 
Men & McLellan & Partnen, 122 Arthur Street. North Sydney. NSW. 
Australia. 


SPACE DECKS limited 

Chard Somerset Eogiand TA20 2AA 
Telephone (04606) 4141/6 Telex 4^289 


May. 197S 
f45-days) 


October, 1978 
(45 days) 


TURKISH STATE RAILWAYS (TCDD) 


The Chairmanship of Central Purchasing and 
. Sales Commission 


June. 1978 
' (45 days) 


Tenders are invited for 3.000 tons of tensile steel fnr concrete 
sleepers of which the technical features are written in the 
specifications. _ 

2. The above material is ta be purchased hv rotvivine hid s 


A subsidiary of Beyerfe&bock &&>-lZd; ; * ; ; 

a member of the NCIGroup-ef Sau§ Arabia,; 


77ie above material is ta be purchased hv receiving bids 
from 'th& countries who are members of the World Bank 
(IBRD). 


X" 1 

r.v D. 

V;; 

M-. - ?lu 


June, 1978 

(45 -days) 


2. The specifications prepared for this purpose fe Turk'Sh 
and English can be purchased from THDO’s Central Cash 
- Office in Ankara and Slrkeci Cash Office in Istanbul with 
a price ofTL5QQ,QQ. 


Private Placement 
April 1978 


No. 10 The supply of tugs and water 5Q/- 
crafts. "... . ' 


June, 197S 
. (45. days) 


No. 11 Power generating equipment. -50/>-r 


May. 19t8 
(45 days) 


3. The bids shall be received by or handed in person to our 
commission not later than Monday, June 5. 1978. 15.00 
hours, for a meeting at TCDD Supply Department on 
that-date./ ■ 


No. 13 The supply of various items of - ! 

pumping and mineral dressing ( 

equipment necessary to Insti* 100/— June, 1978 
gate gravel purap operations. (45 days) 

Any organisation who is interested in receiving invitations 
to hid for the construction of the' dredge or the supply. of any 
of the components should write to fee' address given below 
enclosing the prescribed fee. \ 


4. The bids- shall be submitted in seven (7 1 copies (together 
with .feeir. Turkish versions, if possible), and the words 
“TCDD tfletmesi Cenel MiidurliigU Merfee7 Alim ve Satlrn 
. Komisyon Baskanligi Gar-ANKARA/TURKEY - and “This 
is an offer for the material subject to IBRD's loan” and 
also subject of the Bids should be written on the envelopes 
containing the bids. 

-5. TCDD shall be completely free to award Contract(s) 
• . for all . or some of the items to any bidder at its sole 
. - . discretion. 



This advertisement appears 
as a- matter q£ record only. 







(mm 


'Ml/ 

v " : “*V 

^ »v. . 

‘ uSU 

^'i. ■ " ' - v *■ '* - -* ! 


The Government of the Socialist Republic of the Union of 
Burma has received a credit from the International Develop- 
ment Association in various currencies equivalent to USS 16 
isivteen) million towards the cost of the project and intends 
to apply the proceeds of this credit to eligible payments for 
which this invitation to bid is issued. 


(ELM Royal DatekAfrUnos) 
Amstelveeij/Netierianjds 


Only suppliers in member countries of the International 
Bank for Reconstruction and .Development, and .Switzerland 
arc eligible to participate in this bidding. . 


Managing Director 

No. 2 Mining' Corporation 

Ministry of Mines 

Rangoon 

Burma. 


Address : 

Project Controller 

Tin/Tuogston Expansion Projfect Osborne & Chappel Sdn. Bbd. 


P.O. Box 2BS 

No. 80 Rangoon-lnsein Road 

Kyaikkala 

Rangoon 

Burma. 


J4C Medan Kidd 
P.O. Box 87 
ipoh 
Perak 
* Malaysia. 


PEOPLE’S REPUBLIC OF THE CONGO 

. • Agence Transcongolaise des Communications 
PrequaJification of Bidders - 

The Agence Transcongolaise des. Communications is - calling 
for the prequalificalion of bidders Tor works of telecom- 
munications by cable or open wire line on fee realignment 
of the railway Congo-Ocean b.etween Bilinga and Loubomo 

of 100 km. : 

Prequal ideation documents are available if requested from: 
Agence Transcongolalsc des Communications 
Boite Postale 670 

Pointe-Noire, People’s Republic or Congo; 

Bids close on July 1st 1978. * . 


DM TOO^OQ : 

5 % Bearer Bond^ l^78/1985 


W r “*L>i ‘s: TV 

' i- 

On 


C- 1 */ 




O-V-.v.V -U‘ • i V . • •- ■ 


DRESDNER BANE 

aehengegellscbaft 













d 


Vicious, isn’t rt? 



All over Britain there are thousands of 
unemployed youngpeople trapped in this vicious 
circle. 

.. -lissome-areas -ife as manyasonein-three. -:- 
--Theyare iKjtwork-shy. In mafiy Cases they 
have triedfor dozens of jobs, only to find that 
without experience or skills, they haven't a hope. 

Yet we know for certain that if they could 
get some experience of working for afiving or 
acquire a skill, their prospects wouldbe imicfr 
brighter. • , 

Which is predsely why we have created the 
Youth OpportiaHtiesProgramina 


And there are no National Insurance contributions 
or tax returns to worry about 

They get invaluable experience, training 
-andthe chance to earn a reference that proves their 
worth. Ydii get a chance to give them a fiiture 
withouthaving to take anyone on permanently- 
unless you want to. 

The alternative. 

The only alternative is a growing number 
of young people who feel discarded bythe system' 
and a smaller pool of trained and enthusiastic 
people for industry to draw upon. And, if nothing's 
done,the inescapable truth is that by the end of this 


Youth Opportunities Programme. 

The Youth Opportunities Programme is a 
new plan to help employers help young people, J 
even if they can't offer any permanent jobs. J 

Its based on the best elements of : & 
existing schemes thathave succeeded in JB 

hdpingas many as8 out of 10 participants 
into jobs. The idea is extremely simple: jm 

Jfyoucantakeinyoungpeopleforuptosix 
months, introducing them to the benefits fpSg 
and disriplinesofwor-k, we will pay them H|| 
£19.50 a week. 


year the situation will be even worse. 
RB9 k Which is why the Programme is backed 
IpPrTk by the government, the CBI and the TUG. 

, How it works. 

We have offices all over the 
3881 country and our staff are eager to give 
h employers every detail of the schema 

^ ■■■*. Atthe same time, these offices 

keep iadose touch with all the 
bodies concerned with unemployed 
^^^B^^^^young people in your area. 
BHflHBHHfe. Which makes them uniquely 


qualified to help you help young peopla 

If you're interested in partidpatingin the 
Programme, our staff will help you plan an intro- 
duction to work for youngpeople that will benefit 
them without disturbing the normal running of 
your business. 

You are then free to choose the young men 
and women you feel have the mostto offer-and 
whose future will be brighter as a result of training 
and experience under your guidance 

Then its up to the Youth Opportunities 
Programme to make sure that your involvement is 
as trouble-free and rewarding as possible Give a 
young person a chance and we will do the rest 

What to do. 

Get the full story from Roger Panton, 
Manpower Services Commission, Department 
FT2, Selkirk House 166 High Holborn, London 
WaV 6PETeL 01-836 1213. 

Our future workforce depends on it 


YOUTH OPPORTUNITIES 



klarjoccjer 

Servt^Comrrisaan 


Brocyammes 







the sinews 
of industry 


CRENDON 


"precast concrete 
structures/ 


i s&a* 


mmm 


■ ' ■ '■ ' : 

« 


pilii 

mmm 


wmm 




( Irolldpe&Colls 


Qty Builders 
for 200 years 


Financial’- Times Monday April 24 1978 


as office block .into a casino on 
behalf of Ladap a subsidiary of 
Ladbroke's.. Value of this con- 
tract is nearly fl.Tin. and the 


Quarrying in Tanzania 


REDLAXD Technology, the Bamford. Sbeepbridge Equii> f/J I linilTC woric. under the direction of the ^ 

K «*Li mnpppinn research ment. Frederick Parker and v/UUHW Richmond Design Group, will be 

central -engmeering, Heathfield Engineering Com- TWO LONDON centracts total- completed next year. ■ -1 

and development organisation p an --. jjn^ £7m. and four other jobs The other contracts are for a .•;* 

of the Redland Group, has been Technicians from U.K. quar* j n Devon and Lancashire worth students’ union block at -V 
awarded a £1.5ra. contract to j-ies will be supplied by Redland another £3m. have been awarded Plymouth Polytechnic (£216,000), y. 
establish a quarrying company Aggregates to train local labour, to Cubitts. a supermarket for the 5L :?j 

to produce aggregates for the and Redland management will in St. James’ Square. London, Helens Industrial Co-operative 
construction of the new Tan- continue to supervise production Cubitts - is. to carry out a £5.3m. Society at St Helens, Lancs, 
zaniau capital city of Dodoma, for two years. contract for Machurst on bebaif an extension to toe 

The projected company, Inte- During the past two years, of tJ.K. Providence, to extend office block currently under con- 
srated Concrete Industries, will Redland Technology has been and refurbish Norfolk House, struction in Skelmersdale by 
be set-up by Redland as a wholly- advising, the Capital Develop- Architects are T. P. Bennett and Cubitts for .the . Skelmersdale 
owned subsidiary of the Capital meat Authority on the provision Son and completition is Development Corporation t-im.) 
Development Authority. of a wide range of construction scheduled for the end of 1979. and a mis depot and workshops 

The contract will be carried materials, and this contract re- Not far away, in Mayfair, Cubitts for Kibble Motor Services corn- 
nut in close collaboration with presents the first phase of im- General Contracts is to convert pany at Bootle (£700.000). 

Redland Aggregates and the plementation. This first phase is 
plant which will he mainly of being financed by a loan from 
U.K. origin will be commissioned the .Arab Bank for Economic 

in the autumn. Companies sup- Development m Africa to the Y P|T|Pf| Orflci Till LldllcS 
plying equipment include J. C. Tanzanian Government. A VA uvx aw* vahuv^ 

THE PEOPLES Democratic working radius Of 30 metres and 
Republic of the Yemen has each crane is supplied with a 
ordered six self-erecting mobile TOkW diesel-electric generator 
tower cranes costing £440,000 and spares for two years opera- 
from the Crane and Mining tion. . .. 

Division of Babcock and ‘Wilcox. The cranes’ will be used in 

, .... The outward-bound cranes are three factories currently under 

alteration of 27 electrically driven with a maxi- construction in tbe Yemen. The 
mum height under the hook of factories are to manufacture con- 
e undertaken by 30 metres. A load of 2.85 tons Crete components for industrial- 
ldudes a bridge can be bandied at the maximum ised building projects. 


worth £l|ra 


FOUR ■ contracts totalling .ovt 
fljm. have been won by Hem. 
Boot Construction. • . 

■ At the British. Steel Cprpor 
titjn’s ' Stbcfcsb.ridge works .tt 
"company* is undertaking" a - 8. 
week contract worth ovt 
£600.000 for an’ extension to 
melting shop, while for the Ch 
of- Manchester il is to design at' 
construct 22. advan'ce- . : factoi 
unite- oh - four sites : at a co 
'of £Jro.\ , - . - 

Another" . award is , for .'tt 
second': phase of a housing pr 
ject for- ’-Harlow . Developme? 
Corporation.- This ■ Is won' 
£275.000. The' fourth "contract 
for Tithebarn Products for whir 
an offiee block Is -to be bat 
adjacent .to; -the company’s fa- 
tory on the- "Wmsford. Industri 
Estate in- Cheshire. 

Plant hire 
survey 

. THE BRITISH .plait hire jodu 

THE -FIRST three-legged Fieri- Supplied by A. Long and Co v and construct contract for a fry is the. subject of the late 
float self-elevating platform to so j e ujv. distributor for^FTeri- hew roadway associated with a sura? from. Jordan D|taques 
go into operation in the U.K. is flota systeaa blr roll-off facility.The work ^ r t ) ™f a S? s S ’ a l ' 

Construction on a *£650.000 con- which carries a 1 «Mon t&ze tiir involves constructing a 450-feet that the’iargest ten piW 

tract in Douglas Harbour. Isle the second to be purchased . by* long concrete jetty with a three- - :COm pajUes generate! - averat 
of Man, for the IoM Harbour Taylor Woodrow aitf is currently, lane 33-feet wide carriageway, margins of 7.9 .per --cent.. - 
Board. emploved on a six-month design add footpaths. slight improvement from la- 

■ year of 2 per cent. V - . ,*="• 7 
« . , It seems- however 1 -ffitft tl- 

Bridge and Housing in 'zssfss^sgsssn 

road work .“if ■ w es r Africa 

v M-va " excavated, some drains restarted,- iiuivw ^ asl v ear. ; V! 

TWO contracts, totalling over catchpits and gulleys idjtJSed ' ctatf nr tjb-riaV new' Newcomers amobglthe topts 
£12m^ have been awarded to and pavement reconstructed.*!-- - inr> - _ ... private companies include Maht. 

& Vnnk snH r.n. At Lemons HilL souths of : town, called Matadi, wlLcpusist an ri‘ Johnson - Vale- Plant 


Start on £21m. motorway 


Platform aids harbour work 


Power on the site 


£2m. rail 

a- . ... ■_ w . 

viaduct / 


A £2m- desigiAnd-constnict 
contract has- beet/ awarded to 
Raymond Ioternafflonal by the 
Trans-Gabonese / • Railway 

Authority for a/650-metre rail- 
way viaduct across a Hood plain 
on the ' equator. 150km inland 
from Libreville in Gabon. _ 

Groups, of »>ur. piles, will be- 
driven at 10 1 metres intervals 
■projectiog up/to 7 metres 3bove 
ground. A calcrete pile cap will 
be constructed for each group 
and Corten steel bridge sections, 
prefabricates by John Booth and 
Son of Bolfcn. will span these 
caps. Rayrrfcnd is transferring 
piling equipment From Nigeria 
and importing other material 
and equipment from Italy and 
the U.K. I 

The TrJns-GaBoncse Railway 
is being built for the transport 
of raw materials ■ from the 
interior Xq the coast. 


Trade body 
grows 


AT ITS annual general meeting 
in London last week The Glass- 
fibre Reinforced Cement Associ- 
ation reported, that it . had now 
90 members compared with 73 a 
•year ago. 

One of this comparatively new 
organisation’s main aims is to 
encourage wider acceptance of 
its members products and its 
first Code of Practice (Guide to 
Specifications) has now been 
produced. Further specifications 
for products such as cladding are 
to be issued. 

Papers presented at last year’s 
International Congress on Glass 
Fibre Reinforced Cement, held 
at Brighton, have been bound 
into a 344-page volume which is 
obtainable price £15 from the 
Association at Farthings End, 
Dukes Ride. Gerrards Cross. 
Bucks SL9 7LD. 

IN BRIEF 

0 Improvements to a major 
Lewisham junction in South 
East London to' ease congestion 
on tbe South Circular Road will 
December, says the 


start . . 

Greater London Council. The 
estimated cost for widening the 
junction and setting back the 
kerb-line is £212,000. 

9 The . Rochester-based division 
of FPA Finnegan (part of the 
FPA Construction Group) is to 
construct 22 old peoples' dwell- 
ings at Beacon Hill, Chatham, 
Kent, for Medway Borough 


Thinltii 


-irumy are a&opai Offby the apparently high . 
doStsTOvahrect 

.. ^HhppHy, tbat’s^ where Atcoat eanhelp. 

-.J AsBritam' s biggest manufacturers of precast 
^crete strucfairal frames, we can meet virtually 
jmy individual building need - but at prices that 
iuUy ^ectaltthe benefits of masa-production. 

\ T^eAtcoat system also speeds constructioa, 
GuSijig:ctis^.even ftatbei; getting your new 
piaht’on str^upa even sooner. 

NoW^s the timefor action,' so send our coupon 
todayJtcoujdije the key whichopens up a 


Boris Construction to convert a 1 
stable- block at the Headington 
HUI Bite. Headington/: ^Oxford, 
into open-plan office accommoda- 
tion at an approximate cost of 
£102,000. 

Q An off-shore piling contract at 
the GLC’s Thames Barrier pro- 


future. 


T;vb» briWmxprojpctin roindi 


ject, Woolwich, has been awarded 
to West's Filing of Colnbrook by 
Sindall . Construction.. The 
£300,000 work involves supplying 


oaWarehogBmg D FachwiW □ Offices D 

. : - - Potion . , _ — — — — ■ 

: (k>mpafay' ^ £ • . ■ 


and driving 603 West’s Hardrive 
piles deep into bard chalk 
stratum below ground, to form 
foundations of a high control 
tower for operating the Hood 
gates and lock .and. .ancillary, 
buildings such as a workshop, 
generator house and sub-station. 


•• 22 OW Band Street LohdariWiX 3DA. 01-493 1 06jK __ ; 

; V . SCOTLAND Nluni^JftiiBd.-Stufingni7-7!lA. : Slarting6^ti 







* s 


5.4 




/ Bikka^T&e&jMonday April .24 197S 




■'.' Z 

■ - •: ^ 

P) ant 

survey 

. ^ t 

. ■; :“ n “ , ' i H >. 



EDITED BY CHRISTOPHER LORENZ 



13 

"-;V? Sh,. 

: 2J* J* 

: : ?. ' 

.; : W 
:\ r ' 
iliL ^ ' T 






„. .. _ of- 

-specnlstfveiJifl&e build- ■ 
itt &riiiir^ have- already ' 
b$eh ^otii^hted on thte page 
Frauds 

teas - aJso ■ • discussed 
^ . y :9, 197SX what be 
vj& -jnoix>' subtle defld- 

ia siich . well-designed 
asYjfieHalifaxBulld- 
7 :i 5 ©dety^ >■ ieadquarters 
y^OTWing resign! “Fartner- 
-■'-'^bp).; n, a 5 d' .Central; ;’. Beheer" 
- (Herman Hertzberger). To- 
day be . takes a more positive 
;_Uiks. ; -' •’ 

TO MANAGERS, design tends to 
mean&omething optional and 
extra— jam rather than bread 
and: butter.- Neither designers 
nor managers have grasped that 
office- design is much -more than 
a [ .collection- -of objects — it is 
inevitably a direct and un- 
equlvocai statement of manage- 
meat intentions, so clear and 
” - unambiguous that it is a medium 
of cornmumcatians — both with 
- staff and the outside world— of 
considerable significance. - 
' It is the opposite of the story 
of the Emperor with no clothes. 
Someone persuaded the Em- 
peror that he was arrayed in 
' fine garments - when lie was 
.. naked.. We are dressed in rags 
_ —by our squalid offices — but we 
think everyone looks straight 
- through .them at the real values 
which, lie beneath: They, and 
therefore we ourselves* are all. 
too apparent for all to view. . 

Take open plan. The great 
open plan office, with rows of 
desks arranged in strict rect- 
angular order, was perfected in 
the early years of this century 
in the U-S. Open but regimented 
layouts were directly influenced 
by "work study” techniques 
first invented for industry' by- 
people like Taylor and Gilbreth 
— the American pioneers rif 
“time and motion”— and-aoplied 
to clerical- labour very shortly 
afterwards.-' 

Scrooge 

The typical new office of the 
turn of the century was for a 
business which required au 
army of clerks to control, in- 
numerable small transactions. 
The primary objective was the 
efficient use of masses of low 
level clerical skills. The kind 
of open plan office which re* 
suited proclaims that message 
loudly and clearly, in the same 
way that Scrooge’s office of 80 
years earlier was the product of 
a different technology and— be- 
lieve 'it or not— of the far 
higher status of the clerk. There 
was then a far closer relation- 
ship between the entrepre- 
neurial owner and the rare and 
indispensable Bob Cratchits 
. than between the Chicago 
capitalist . and. his. thousand 
clerks. ... 


How we can all have a hand 
in the office of the future 


By Francis Daffy 




v**-v i- 




w j 











.11 • 

-V i 


o / 


How management .attitudes are reflected for oil to see : rigid, open, rectangular layouts ( left l reflect Ote. vierc that clerks are 
. units of - production; j screened workplaces ( right), which became cirntmon in the mid-lDSOs. as new types -of -professional demanded 
' v. r - ' -J .\\' greater privacy and special storage. 


An entirely different kind of 
open plan was invented in Ger- 
many in : the late; fifties: office 
landscaping. This : could be con- 
sidered merely as a. different 
kind of design, -•characterised 
by potted plants, and; informal 
desk arrangement's. In fact it is 
much more. It is a- direct reprp- 
sentation in physical terms of 
the generation of management 
ideas which superseded Taylor- 
ism. 

• These leafy, random layouts 
are derived from “Jjtunan rela- 
tions” the school of manage- 
ment thinking invented in the 
*30s in the wake of' famous ex- 
periments at Western £1 ectr ] l s 
H awthorne plant in. Chicago, 
which showed that productivity 
is not directly related to the 
quality of the physical environ- 
ment but takes account of 
human factors, thus, softening 
the conflict between- men and 
master implied' by Taylor’s view 
of- men as a maeMne-like unit 
of production. ' 

Physically the new' office lay- 
outs were very different from 
what went before.. Office land- 
scaping is instantly recognisable 
but It was- not ah arbitrary de- 
sign gimmick— it vshha clear re- 
flection of management ideas 
which were becoming dominant 
at the time. ' Greater manage- 
ment . concern ; for -staff was 
manifested in a higher quality 
of environment; the- abolition 
of status symbols. '. w3f an 
attempt to make ' maxpgenren r 
more approachable; the fere - 5 


on open plan to improve com- 
munication was au advance on 
the notion of the office as a 
strictly regimented paper fac- 
tory; even the irregular layout 
was a statement that desk 
arrangements, which derived 
immediately from the require- 
ments of the task, were more 
desirable than any super- 
imposed and artificially con- 
trolled regimentation. 


Highlight 


More recent developments re- 
flect the same tendency for de- 
sign to highlight management 
shifts of direction. Take, for 
example, two very simple and 
apparently trivial developments 
— (he use of screen-based fur- 
niture and the renaissance of 
“task lighting.’* 

Screen-based furniture is 
office furniture in which desks 
tend to be attached to and 
>e pa rated by screens. The 
separating function of walls is 
carried on not by the building 
but by the furniture. Separa- 
tion between workplaces is 
achieved by Jinked screens 
which also sene to hang refer- 
ence materials, storage and pin- 
boards. 

This kind of furniture was 
invented in the U.S. in the mid- 
1980s. 

Why? Because, for instance. 
The problem of accommodating 
ce rtain new prof essi onals— p ro- 
granwhers .and specialists— who 


need contact as well as a lot 
uf privacy, who are users uf 
manuals and references, and 
who are below managerial 
status, was a .sufficiently acute 
crisis in enough American 
organisations to interest a for- 
ward-looking furniture manu- 
facturer. 

A new class of office worker 
emerged: a new kind of office 
layout followed straight away. 
Because this kind of office wor- 
ker was becoming so important. 
screen-based layouts threatened 
at one time tu become manda- 
tory for any forward-thinking 
client 

Task lighting, less spectacu- 
larly but more fundamentally, 
is simply the provision of a local 
light at the workplace, the sort 
of lighting top management and 
draughtsmen have enjoyed for 
years. In Scandinavia must 
workplaces in racist offices seem 
to be equipped with task light- 
ing — every Swede is borne 
with an anglepouse. if not in his 
mouth, at least at his desk. But 
the advance into other jobs and 
other countries of this single 
piece of equipment is a physical 
symptom of a very profound 
change in relations between 
management and staff. . An 
office worker's control over his 
workplace lighting is an -indica- 
tion of control over Ibe way the 
work itself is done. - Just a's 
the extent of Christendom is 
marked by church bells, and of 
Mohammed by the minaret, sn 
the local light at the desk is a 


sure and certain sign of the ad- 
vance of participative manage- 
ment. . 

An alternative explanation 
might be that innovations such 
as screens and desk lights are 
trivial, and merely fads of 
designers imposed on iDnoccnt 
managers and uncaring staff. 
This thory is all the easier to 
believe, because managers and 
office' workers seldom press for 
the improvement uf ihe environ- 
ment. in which rhey work! Office 
design would obviously be of a 
higher standard if people fought 
for what they wanted. 


Humble 


When office workers do argue 
cogently and effectively for 
their own interest, it is because 
even the humblest has his own 
well-defined piece of territory, 
his own workplace, to defend. 
He has hU own line manage- 
ment to depend upon for sup- 
port against the machinations 
of designers and other threats 
to : his security and comfort. 

Even ir staff are . not con- 
sulted'jthd all the big decisions 
arc made. as they often are. by 
top management, the designer 
of the-. office interior still plays 
a subservient rather than a domi- 
nant role because he has to 
satisfy; a diem who very often 
has aifiear. if not particularly 
articitfate. notion of what suits 
hHn'ajgd.hi-- ways of running his 
busines.. Design proposals 


which seem . inappropriate ' to 
management nr staff or- both 
just do not stand up. Nothing 
is a> fragile as an office interior 
design concept which does not 
fit. 

An office -interior design 

results from a ' considerable 
number of pressures bearing 
upon the designer. New 
machines, new techniques and 
new styles of management have 
an inevitable impact. In -many 
ways the designer . is -merely 
the instrument through which 
change is effected. 

One advantage of this line of 
argument is that we can use 
it to anticipate what will happen 
nest in office design. What will 
be the dominant management 
style of the eighties? Let’s say 
we have moved beyond Taylor- 
ism through the manifold influ- 
ences of human relations think- 
ing to an organisation world 
which is far more concerned 
with participation and in- 
dustrial democracy. Perhaps it 
will be these ideas which will 
dominate industrial policy for 
the next ten years. If they are, 
what will be the design conse- 
quences of a participative 
management style in the office? 
They could include: 

Even higher physical and en- 
vironmental standards. Nothing 
in the worker-director concept 
is likely to reduce the growing 
expectations of office workers 
for standards which are at 
least equivalent if not superior 
to. those expected at home: 

Increased freedom in control- 
ling the individual workplace. 
Sharing in decision making is 
certain to be related to greater 
individual control of the work- 
place — arranging lighting, 
plants, desk positions, choosing 
furniture, decorations, posters, 
goldfish, trivial items which all 
reflect greater real autonomy. 

More emphasis on defining 
group boundaries strongly but 
flexibly. This is particularly 
important, as small project 
groups and interlinked but 
small teams of specialists are 
likely 10 become typical organ- 
isational units, in place of the 
big clerical gangs of former 
office eras. 

Sharper demands for the good 
things in the office environ- 
ment — rooms with a view, en- 
closure. space, equipment — to 
be shared out more equitably 
so that not only the elite but 
the mass of office' workers can 
enjoy 'what once .were, 
managerial preserves. 

These seem to be good, highly 
desirable consequences. Already 
in Sweden, where industrial 
democracy is as advanced as 
anywhere in Europe, new build- 
ing projects have to be 
approved by staff before they 


are authorised to proceed. What 
evidence we have suggests that 1 
one immediate consequence Is a ! 
swing away from the corporate 
values expressed in the 'sixties, j 
styles ' of office landscaping, i 
towards building forms' which i 
are more cellular and in one; 
sense more conservative, and 
more fitting to the demands of , 
the majority. Certainly they are 1 
different. 

Probably in Sweden and per- 
haps in Holland, the prototypes I 
of future office buildings are : 
already here. While it would be, 
foolish to discount the possible 
divergent impact of other fac- 
tors such as energy conserva- 
tion. and the need to provide I 
buildings with more services tu ' 
support far more terminals and 
telecommunications devices the I 
dominant management style . uf : 
future organisation clone will, 
have a major impact on office: 
architecture. If this style is 
participative, buildings will bei 
profoundly influenced. 

This prediction could be made 
with far more certainty if i 
-there were more sign of strong 
consumer interest among users 
of office buildings, or if white 1 
collar, unions began to'take an 1 
intelligent interest in the work- 
ing environment df their I 
members. But even without ! 
overt pressure, the reality of 
changing management styles I 
will sluwly and inexorably .work I 
its way through into the office, 
interior and the office building, 
just as Taylorism and post 
Hawthorne human 'relations 
thinking profoundly influenced I 
earlier generations of offices. 1 

This could be a great oppor - , 
lunity. Not one major .innova- 
tion in office design has been 
made in this country in this, 
century. I 


Vigorous 


British office buildings are! 
easy to attack but they are all I 
too obviously the products of! 
a low spirited economy and,' 
society. Negative criticism ' 
after the event does not help ; 
the poor architect nr building 
owner. But a more vigorous j 
economy and changing attitudes 1 
to the running of organisations! 
should demand a far more intel-j 
ligent response from architects! 
and designers. Even if we can-; 
not spell out precisely what we j 
expect, the general direction) 
should be better. I 

If- it is not and there are no 
new ideas in our offices, then 
don't just shoot the architect. 
Once again we will have got lhe> 
buildings we deserve. | 

Froncik Duffy. A RIBA, is n 
partner of Duffy Lange Qiffone * 
Worr/iinptovi . designers midi 
spore planners. I 


Discovered: 
small firms 
training: gap 

THERE is, it appears,, a sub- 
stantial body of Opinion in 
business that the . last thing a 
manager needs is training. One 
in four companies in London 
and the South East offers its 
managers no training, -and 
among the smaller companies, 
employing less than 100. man- 
agement training is provided in 
less than half of them; 

These findings come in a sur- 
vey sponsored by the Manpower 
Services Commission.- which 
found that those managers. who 
did receive training thought ic 
had made a “ positive contribu- 
tion to their work.” 

The managers' own belief in 
training is amply demonstrated 
by the survey's finding that it is 
often they themselves who sug- 
gest attending training pro- 
grammes: 28 per cent, of those 
who had recently attended a 
programme fell into this cate- 
gory. Only 18 per cent, went at 
the behest of training managers. 

Inevitably large companies 
were found to be more commit- 
ted to training their manager*, 
with a quarter oF them attending 
courses last year, compared with 
only a sixth in small companies. 
The survey includes supervisors 
in its definition of managers. 

The MSC says that for flic 
great majority uf the 389 com- 
panies surveyed, "learning by 
trial and error was considered 
the most important part or a 
manager’s education/' 

An interesting profile uf ihe 
average manager is suggested by 
the survey. He is likely to have 
been recruited from outside 
rather than promoted from with- 
in. Nearly twice as many future 
managers come straight from 
school than from colleges and 
universities. One manager in 
five has nu formal educational 
qualification, yet one iu four has 
a professional qualification, says 
the survey. 

Private training organisations 
arc rated well for providing 
training which is ■■ relevant” to 
requirements. But they are 
criticised for being too expen- 
sive. and the profcssionatjftidies 
arc fell to be loo narrow . 

Of the managers Attending 
training, two thirds studied man- 
agement, the remainder tech- 
nical or specialist subjects. 

Copies of the surrey are avail- 
able from Professor Keith Ainu- 
Smith, Director, ■ London 
Regional Management Centre. 
311 Regent Street. London -TV IR 
SAL. 














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10 

LOMBARD 


You pay your 



BY BILL COCHRANE 


THE LONDON' traded ■ options 
market.. began last Friday. There 
are those of .us who would have 
preferred such an’ announce- 
ment ‘ edged with black. Tfo's- 
opinion will probably, be de- 
scribed as both prejudiced, and 
tvpical of the man who arsued 
that the p/e ralio would never 
catcirorr. But it is not a singular 
view.: . W, Greeirwell. for 
example, some time -ago damned 
the detailed proposals for the 
market. 

Opponents of this market arc 
finding it difficult to damn it 
with faint praise — its own pro- 
ponents have already made a 
fair job of that. 

Various studies in the U.S., 
they say. have shown that the 
existence of an option actually 
enhances the value of tbe under- 
lying security, in that it in- 
creases liquidity. The educated 
reply to that Is that profits made 
must equal profits lost: and that 
the investing community will 
lose, in total, an amount equal to 
the costs of running the cv 
change and the revenue of the 
professionals. 

Putting it more simply re- 
quires. first, a definition of the 
option, and of the equity. The 
former, for a price, carries the 
right to buy into a share (again 
at a price) ore r three, six. or 
nine-month intervals. 

Equity itself is ihe difference 
between what a company owns 
and what it owes, making it a 
volatile component of the cor- 
porate structure — one reason for 
the volatility of ordinary shares. 
The slock market valuation, 
however, is based on an assess- 
ment of intrinsic value, plus or 
minus the “goodwill element.” 
The latter varies between hope, 
lethargy and despair. 


can see why some stock market 
traders might have been taken 
by the idea of option?, creating 
•* value." and b new layer of tbe 
market, out of thin air. Tbe 
contrary view is that .such a 
trader is simply cutting himself 
a slice of the existing stock 
market capitalisation,- and dim- 
inishing the value of the existing 
shares. 


Options 


Importance 


The importance of the goodwill 
clement has been illustrated by 
the share price performance of 
some big contractors — be it 
building, engineering or the 
heavy electricals. The pro- 
fessional adage was “ buy on 
the order.” yet the. company 
could quite conceivably make a 
loss on the contract itself. 

“ Sell on the strike ” was 
another — BP shares went down 
when it actually struck oil in 
Alaska. The performance of 
EMI. with its - ramed body- 
scanner. is recent enough to 
speak for itself. 

But there wa’s no point in say- 
ing that a share had relative 
charm? when the whole market 
was going down as it did. dra- 
matically. in 1972-74. TVil the 
luckless investor could do then 
was lose a little less than aver- 
age. • Given that, the slump in 
stock market trading volume and 
the investor inertia which con- 
tinued well after the nadir, one 


One then has to deal with tbe 

argument that options bring 

more money •! Into the equity 
market., thereby increasing 
liquidity. Believing that means 
believing in option trading as 
an extension to the equity mar- 
ket. lather than as alternative. 
But suppose a big insurance 
office decided that the market 
was fully valued on a medium- 
term view. In the past it would 
have been wilting to sell a por- 
tion of its holding in. say. 1C1. 
believing the share price vulner- 
able and the stock open to 
renurchase at a lower price later. 

Actions such as these provide 
the essential part of liquidity in 
anv market— the diversity of 
view. Now the option market 
gives that life office the ability 
to achieve Its atm without en- 
hancins the underlying liquidity' 
of ihe market. It simply writes 
the option. Actions such as this 
threaten, if anything, to empha- 
sise the herd instinct of the 
institutional investor. 

On a le:>s impersonal level, le* 
us take the case of Aunt Aga ? h:i 
who has £1,000 to put in to IC1 
She might also have a smart 
broker who could tell her ihat 
she could have. say. ten time- 
the action by putting her money 
Into iCt options. Auntie, inci- 
dentally. would also he paying 
£25 basic commission Tor three 
month options to her broker 
against £15 For the straight 
equity mute. 

But maybe Aunt Agatha is a 
worrier. Maybe, also, she could 
spend her money in a number 
of ways As a worrier, she 
might work out' that her slock 
-has to appreciate by ten per 
cent, within three months for 
her to avoid losing all oF her 
investment: as a consumer, she 
mieht decide to get tbe same 
action for a tenth of the price, 
leaving the other nine tenths 
available for the odd pipe nf 
port and a few lemon trees. So 
the small investor is not only a 
dying breed; she’s getting even 
smaller on the way to the 
mortuary. 

So much for liquidity. In fact, 
the only way one can see 
options us an extension to the 
market is as an alternative to 
the .bttUing shop, and Saturday 
afternoon In front of the telly. 
But with onlv a few gee-gees and 
no Tote, there seems little hope 
OF that • . " 


THE WEEK IN THE COURTS 



BY JUSTIN [AN 


TWICE fest week on successive 
days Ihe House ■ of Lords 
thwarted the efforts of two 
Commonwealth countries, to have 
returned Fugitive, offenders to 
stand their trials In those two 
countries respectively.’ 

In both instances the judges 
took upon themselves the task 
of drawing the boundary line 
between judicial power and 
executive action —an issue that 
is every, bit us thorny as the 
ambit or parliamentary privi- 
lege and the courts' powers to 
lake contempt -proceedings 

against the publishers of parlia- 
mentary proceedings. 

Although by a short head (the 
Law Lords were three to two) 
Mr. Tariing of Slater Walker 
Tame won the day in court, he 
still faces return to Singapore on 
five lesser charge.? of false 
accounting that were not the 
subject of an appeal from the 
decision or the tower courts that 
the Singapore Govern men I had 
successfully sought his return. 

Bui extradition. both to 
foreign countries under the com- 
bined effect or the Extradition 
Act IS70 and individual treaties 
with other States and to Com- 
monwealth countries under the 
Fugitive offenders Act 1967. the 
t-i«t word on return lies with the 
Home Secretary. Parliament, in 
both statutes, variously orovlded 
that executive discretion should 
act as a lone-stop to tbe judicial 
wicketkeeper. Even if the 
courts order the fugitive 
crinrnal’s return, the Home 
.Secretary, either generally or on 
ihe same grounds reiected by 
the courts, may discharge the 
offender from custrtdy and deny 
the foreign government their 
fugitive. 


Unfairness 


It has been assumed by 
some commentators, particularly 
Charles Raw in yesterday’s Sun- 
dav Times, that it will be vir- 
ntally impossible for the Home 
Seeretnrv to interfere with the 
orncess nf law at this singe, mean- 
ing presumably, that the British 

Government will order Mr. 
Tarliny’s return but bring pres- 
sure to hear upon the Sirma- 
nnre authorities to drop the 
charges. But that is to mis rend 
'he iecislative powers of the 
Home Secretary and thn rivhi of 
the Sineapnre Government to 
pursue itq nrnsecution onlv on 
•he charges on which Mr. Tarllng 
H-finiff hp returned 
All »bc Law Lnrds annreeiated 
»hq unfairness that had led to 
'fr. Tarline fighting Dip battle 
against hi® rnrcpd return tn S«naa. 
nn«*c. whereas on almost idenltcal 
*>vid“nce h is c'nse business ml- 
ipasue. Mr. -Tim Siirer. had 
esenned the law’s clutches at 
the first stage more than a year 


ago before the Chief Met ropoli tan 
Magistrate. That unfairness is 
indeed likely to weigh heavily 
with the Home Secretary, when 
he come.? to decide whether to 
return Mr. TarUbg. 

But the Home Secretary is 
more likely to /efuse to order 
Mr. Tarling’s retiim on another 
ground that would have been 
open to- the courts had it been 
advanced by Mr.. Tar ling’s law- 
yers. A fugitive offender may 
claim that by reason of the 
trivial nature of -the offence it 
would, having regard to all the 
circumstances. . be unjust or 
oppressive to return him. While 
Mr. Tariing faced the serious 
charges of fraud 1 there was little 
point in relying on that provi- 
sion in respect of offences that 
did not involve dishonesty. But 
now that the false accounting 
charges stand alone, the lawyers 
will pray in aid the Home Secre- 
tary’s residual power. 

Under the Companies Act 1948 
the offences in England would 
have carried a lerm of imprison- 
ment. although It is not an 
offence that normally has 
attracted a prison sentence, at 
least not for a first offender. But 
since the passage, of the Com- 
oanies Act IflTft the penalty has 
been only a fine. The Fugitive 
Offenders Acf 1967 requires that 
the offence for which return is 
sought must be for .12 months' 
imprisonment or more. And 
although the law of Singapore 
complies with that provision, the 
Home Secretary may rightly 
re card the offences as trivial, 
and decline to hand over Mr. 
Tariing. 

Whenever in the past the twin 
powers of the courts and the 
Minister have beefr in’plav. the 
courts have, almost as a matter 
of nnllcy. prompted the Minister 
from being a Ion g-siop jo act 
immediately hehind the s'umps. 
Th* indues have taken off their 
judicial gloves and disappeared 
into the on 'field. 

That could not tie said of ihe 
attitude of the Hnuse of Lord? 
in the second case Iasi week 
where the Cvpius, .Government 
sought the return of a man 
charged with murder in April 
1973. 

The Law 1/irds readily donned 
the mantle of protective aeenf 
for the fugitive offender even 
•bough Ihev were aware that the 
Home Secretary roiih* have 
stpnoed in as the longstop. 

The crime had. clear political 
overtones. The Fugitive offender. 
Mr. Kakis. had been a member 
of EOKA B. the party of General 
Grivas, and hi.? victim, a memher 
of EDEK, which was the party 
supporting President Makarius. 
Immediately after the killing Mr. 
Kakis and his friends tied to the 
hills and remained'- in hiding 
until the day of the,, overthrow 


Of Makarios on July 15, 1974. 

He took part in the coup, and 
thereafter fought against the 
Turks following the invasion oi 
Cyprus. In September 1974. 
armed with an exit permit from 
the' Cyprus Government, he 
emigrated with ail his family to 
this country, where he settled 
down to a respectable hardwork- 
ing life, abandoning bis previous 
political activities. 

Shordy after Archbishop 
Makarios returned to Cyprus in 
December 1871 be announced an 
amnesty for all the political 
crimes committed, and especially 
for the culprits of the coup- 

Seeure in tbe knowledge that 
be would- no longer be arrested 
for his crime. Mr. Kakis returned 
to Cyprus along for a month in 
January 1975 to clear up' his 
affairs. Once again 'the authori- 
ties. faithful fo the. President’s 
wishes, refrained from executing 
the warrant for his arrest that 
had been outstanding since April 
1973 and indeed gave him yet 
again an exit permit to leave 
Cyprus for Britain. . 


Oppressive 


A year later the Cyprus 
Government changed ' its mind 
and started proceedings to get 
Mr. Kakis back »o Cyprus to stand 
his triaL Last year they managed 
to capture one of his cxMiccused, 
who was duly convicted or pre- 
meditated murder fwhich carries 
the death penalty) but the appeal 
court reduced the offense - to 
manslaughter and sentenced him 
to life imprisonment. 

it was claimed that, by reason 
of the passage of time, since the 
commission of the offence in 
April .1973, it would be-unjust or 
oppressive to return Mr. Kakis. 

While the amnesty no doubi 
prompted the delay in brinqina 
the offender to justice, it was in 
itself an act of beneficence and 
did not cause any injustice or 
oppression to Mr. Kakis. But 
clearly the fact of the amnesty, 
coupled with the fact that Mr. 
Kakis had settled down in. this 
country, would have led the 
Home Secretary to conclude that 
the Cyprus Government should 
not be allowed to play cat-and 
mouse. But tbe Law Lords antici- 
pated any such Ministerial 
approach, and derided that alt 
the circumstances warranted 
them in concluding Ihat the 
delay over prosecution would 
involve oppression to Mr. Kakis. 
Thus the judicial wicketkeepers 
kept their gloves on and caught 
the hot political cricket bail. 

0 Tariing e Government of 
Singapore, The Times Late 
Report. April 20 1979 and Kakis 
v. Government of Cyprus, April 
St 1978. 





title for Ihfe first tiate. 

' Although;, not . au ■ espeeCegjy-V 
impressive climax Sq-ol- woiuto- - 
fiit-Season in whldiVl&$Se9Gii|£- 

: 

eape&ajly: \Tn the earlier.- 


SOCCER 4-' JSSgSJNsie 

•cheste^tj^ted^bayg 


h t m 


JJY TREVOR BAILEY 




i ttjv • ’ 


In SS League - „ 

A&t Arin 7 t KiiTr 


has 



white jn the .'.League Cup -final, ' 

Liverpool failed- to score in ISO v , 

minutes against. a near-reseFve-".'.-’^^ ” 

line-up. ; Na year ago Wolves serve as -se.ven-djyH^f -com- 

Its goalkeeper and seedn4 $||p.^^ ” lecT -NottinghaM mtoity ^pprt.and soc^t t«es. 
centre-back must have earned. nSp- anfl a0 4- the.- merits of the 

Forest at. least ten points during SSft^iRS 'Svisifip states'."’’- ttmteo system of two hm-city 
their campaign for the title, and. vuSre clinch- dubs sharing the same stadium, 

il was the efforts of this pair-. X*. "hie. Forest ^re riincfr d0J Jjj J!n g ltg use* . but precious 
which enabled -them to plunder ^? ^ Lea^e^ampIonsMp^n u 

one on Saturday. 

The other members . 

rearguard have also played very - «#«*•-.-. «*%u 

well Anderson iff a Glassy, either - club transfer in ^ often prevented 

right-back wilh skill lo BribUe-'i&atght back m Division u. -wolves scorihg^and itTeaUy was 
past opponents and. - a football. -iHcither Chelsea nor Wolves a grave injustice that Chelsea 
brain. He could well establish looked as if they -ought to should' actaally have lfea for. 73 

himself in the England t ea pi sttuggliriy for survival; Yet the minutes. ; . . 
within a year. ■' fact- that they, are makes one Four .minutes beforii . tima— 

Lloyd and Needham are^both wopder. sometimes .' about - the tiiotigh fiot bcfore time, to'putit ■ ; 
strong- oo -nonsense- -centre- 'ni"4rin tss of Soccer finance. ...^ >_a net her -way-— ■Woives'' ;secureff-- 
halves and left-back Barrett: has has been ■ emphasised the point deserved :iatljer 

improved enormously. ” - before' Chelsea has a £2im. more than ^Chelsea ( theirs. .When . - 

■Life is made easier for the debt which they are^ reducing* . Eves forced the paJi home in a; -, 
back four by a busy hair^adt 'rtffier painfully; and .Wolvfes, spe&tacutar^.thr.ee^shot Scteinblei ,, 
line forever taking up good post- who have a phased JlOm- im-. "-Actually- E .ves had.,, begm. 
tions to receive the ball played provement plan, are opviousjy. deprlyBd'flf an. eigthrnuoUte ipaT 
out of . defence, and set up : reSdv • to plunge into major by "■ an' offside , decision . against • . 
counter attacks. ' ’!.? boirowiTig. - * ' ' Rkffttty ; ih^t completely ucked- 

With the speed and the ja'bility'-: Yet there is - only -*so : naueb credibility., i ■, 
of Woodcock missing against ^feess to go round To Soccer Eves Is, one . or a. n^pdful of 




--- 




-MJV 

city t— a 

um,. t L_ i 

Eiaaeiu F* 


Coventry, ihe Forest attack -was .--and; trite though 4t may be to youngsters .d rq Fted .... into^ . the 
^ '--er Wolves -team-;, following injuries 


a shade short of snap, in spite .point it out for every wtDner . . . , 

of the presence nF.ihe Ijtufl.ve there is a loser How do other- to _ siich as ea^r ana .HlbbltL 

Robertson on i. the- left and the .vrf^ hard-headed husines9nirii Two 'young_ \hlack _ ; defenders, 

way O’N'eill occasionally slipped "find the boldness to -invest Berrj? and HaffeU. showed amazj 

unnoticed into a . goal-scoring mill ions of pounds in - concrete tng ^agility id disposing ,pf 

position. . - 'palaces to be uked to anything trouble -. and are both great 

The Forest . triumph meanff' capacitv less than 30 times prospers. - . r ; : . 1 

That Brian Clough .arid' 'Peter * year .when they :do not possess However, the fact regains that 
.Taylor have don fe It again. They jji e human assets, sure :to pro- neither §lde has' won io the. Ia$f 
have taken ao ordinary Midland'- duce the success to pay For nine games, and the great cliff 
club from the Second PiyislonrH um ? . „ . hangee. DP .;-whj ■■ 

to fame and. glory artfe twjji oIKTot years we hgveh§en taJldng*. ^dwcpsUe- atld 
the- First. - * '.'%TbOtit making footb 


stadiums .oMltinueSr.' - ; . M 


,fV»A 






V 


t Indicates programmes in 
black and while 


BBC 1 

6.10-7.55 a.m. Open University 
PJW For Schools. CoHeqes. 10.45 
You and Me. 11.22 For Schools, 
Colleges. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 Camberwick 
Green. 2.01 For .Schools, Colleges. 
3.15 Songs of Praise, 3.53 Regional 
News, for Eneland (except 
London). 3.55 Play School (as 
BBC-2 11.00 a.m.). 4-20 Tarzan. 

Lord of the Junsle. 4.40 Chtgqers 
Plays Pop. 5.05 John ■ Craven's 
N'ewsround. 5.10 Blue Peter. 

5.40 News 

5.55 Nationwide (London and 
South-East only) 

6.20 Nationwide with Prince 
Charles 


6-15 Ask the Family 
7M Ansel? 

8.10 Panorama 
9.00 News 

9.25 iTie Monday Film: "Sakata' 
11.05 To-night 

11.45 Weather.'Regional News 


England—- 5.55-6.29 p.m. Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands To-day (Birmlnghamt; 
Points "'es: (Bristol): South To- 
day (Southampton); Spotlight 
South West (Plymouth). 


All IBA -Regions as London 
except aj the following times:— 


Anglia 


All Regions as BBC-1 except at 
the following times:— 

Wales— 1.45-2.00 p m. Pili Pala. 
5^-fi^0 Wales To-day. fi.S3-7.20 
Heddiw. 11.45 News and Weather 
for Wales. 

Scotland — 5.35-6.21) p.m. Report- 
ing Scotland. Xt.05 Public 
Account I MO News and 

Weather for Scotland. . 

Northern Ireland — 3 53-3.55 p.m. 
Northern Ireland. 5.55-0.20 Scene 
Around Six. 11.45 News and 
Weather for Northern Ireland. 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3.650 



ACROSS 

1 Irish town dumps 'Cigarettes 
(4, 4J 

5 Sweet company male in good 
condition (fit 

9 Satisfied father returning 

quietly comforted (Si 

10 Period sounds rotten f 6) 

12 Obscure pust demanding 

crime (9) 

13 Defeat in back row by the 
way (5) 

14 Oh niv goodness what a curve 
(41 

16 foreign country’s girl i7) 


DOWN 

1 Nipper near to being bad- 
tempered (6) 

2 Spilt noticed )□ cutter (8) 

3 Course taken by West-end 
motor club king ... (5; 

4... before and after high 
churchman (7) 

6 Kind of fabric for golf tourna- 
ment tbe two of us welcome 
<4, 5) 

7 Borin? family with plain 
sporting event- (4. 4) 

8 Monograph for Easter— it 
varies (S) 

11 Pitch indicator in circle From 
now on (4) 


19 Loving to lake a doctor right 15 Measure taken by fool could 
round United States -(7V be part of the drill (5, 4) 

21 Rail junction loses eastern i? Officer takes notes trying to 
shipVsullors (4) catch people out (Si 

24 Fine material for lute 18 Blue Riband holder starring 

disturbed outside left (5) at the Palladium (3-5) 

25 Lie over record -made of .20 Get rid of wine (4) 

insurance (5, 4) 21 Is he on the look-out Tor a 

27 Fancy no tear being shed (6) . primitive type ? (71 

28 Easy to have last word,. being 22 Sweet twice as good in France 

clever IS) , . (3-3) • '/ / 

29 Sign of rank to have up one’s 23 Clergyman before going to 

sleeve (6) worship ifiV 

30 Make known that girl is with 36 King willing party to musical 

a lightweight (S) movement (5) 


The solution of last Saturday's prize puzzle will be published 
with names of winners next Saturday. 


6 .4 0-7.55 a-m. Open University 
11.00 Play School 
4*55 Open University 

7.00 News on. 2 Headline* 

7.U5 .Children's Wardrobe 
720 Newsday . 

8.15 Dave Allen at Large 
8.50 Waterways of China 

9.00 Pickersgiil People 

9.55 Snooker: Embassy World 
Professional Snooker Cham- 
pionship 

10.45 Arena: Art and Design 
1120 Late News on 2 
11.20 Open Door 
12.00-12.10 a.m. -Closedown: 
Georgine Anderson reads 
* Home Thoughts from 
Abroad' by Robert Brown- 
ing 


12-30 p.m, 1 On! oi Town. US Anglia 
N*«vv 2J0 Hnuwnariy 2J3 Famth 
X2J Tile George U&znilmii I" Shove- 
'In Search m . . . Lc-amm? ESP. SJS 
I'nlL-crstcy Challenge. &.U Aboui Anglia 
11.30 Lirewrtu— Andy Simivt, Aratlomr of 
Champions UJ0 TV &(or:e. "Pbaniom 
wr Hollywood." IZ.dO a.m. RcffccuoD. 


4-22 FU-par> Wales. W35 The -Momut 
Film: "The Chase" Tarrmit starlmi 
Braiirfo. .fane Koiuta. RoDtn Retlluni aorf 
.1 ami's Put. 

HTV Cymm 'Wales— As HTV Genera: 
Si-rvu:* escept: L3-1J5 p.m. Penawdan 
Wwyddlon >' Dydd. ZM-2JS Hatnrtdeii 
4.804.22 Y Dytd. IL3MJO Vr Wythnos 

HTV West— As HTV '.aneral Servnv 
oxcepi: 1.28-1-30 p.m. Report West Bean 
lines. 8.22-fc45 Report Was*. 


ATV 


12-31 p.m. CaedunlTTB Today. U> ATV 


N-\rsde«k Z2S Movies m ReinetnOer 


"Thf Seven Year nch" s’amog Marilyn 
Monroe. 5.15 Unlvorsiiy Challenge. *.B8 
ATV Today. 10J8 l*(t. Rizr and Cenire 
u.M Calumho. 12JS a.m. Something 
DIITeiMl. 

BORDER 


SCOTTfSH 

12J8 p.m. Cardening Today. 1J9 New; 
and road iroorr. 125 Mbprtav Matinee. 
"I.vtierH froiii Three Lov«rs'* atarrinc 
June Aflyson and Jailer Mills. . 3 JO 
Beryl's Un SIS . University . Challenge 
Ml S'-oiland Today. -.38 Cruaedesk 
10-30 The Andy Williams Show. UJ0 
From ibc Tup. U.38 Late Call. 1L3S 

The Prisoner. 


1230 p.m. Gardenias Tartar. 


Banter News. 2.08 Honsepany. 
MSilnee: "Edward m* Son" narriM 
Rpean-r Tracy and Dehorn n Kerr. 5J5 
G a mock War. 8JU Lanka mund Monday 
L-15 Unie-rslry ChallviiK-.' UL38 Banter 
Monih. IIOS An Audience with Jasntr 
Carton. 1US ■nji 1 sirens of . Sin 
Francisco. tl2-90 a-m. Burtler News 
Samtnaiy. 


SOUTHERN 

1230 p.m. Farm Progress. JL20 Southern 
Nows. 2.B0 Kuase party. 2-23 Monday 
Matinee: -Tha Specialists." 3J59' Beryl s 
Lot. 5-15 Ur. awl Mrs. M0 Day. by Day 
zoja Man and Wonun. 11.0 S Sonrttem 
News Extra. HOB Late Nigtn Moilei 
Lanigan's Rabbi. 


CHANNEL 


i and 
inQ4« 


LONDON 


9 J0 a.m. Schools Projiranimes. 

12.00 Jamie and the Magic Torch. 
12.10 p-iii. Pipkins. 1SJ0 Drive-In. 

1.00 New*, plus FT index. 1.20 
Help! l.M About Britain. 2.QU 
After Noon. 2jf5 Monday 
Matinee: “ A Fine Madness." 
utarrins Sean Connery. Joanne 
Woodward and Jean Seberg. 4J0 
Clapperboard. 4.45 The Feathered 
Serpent. 5.15 Batman. 

5.43 News 

6.00 Thames at 0 

6AU Help! _ 

6.45 Whodunnit? 

7 JO Coronation Street 

8.M Devenish 

8J0 World in Action 

9.00 Rumpole of tbe Bailey 
10.1H) News 

10J0 The Big Film: * Fire Down 
Below.' starring Rita Hay- 
worth. Robert Mitcbum and 
- Jack Lemmon 

12.40 a.m. Close: Gillian Bailey 
reads a poem for Save the 
Children Week- 


What's, un Wh-rc. 2.25 The Moi 
MHtlnve: "Trouble tVlih Angels." 545 
University CbaMrogt. 6.80 ungnncl News 
8-10 The Amazing Chan and {he Ctun 
Clan. z.BO Rising Damp, chann-?l 

Lafc \c»s. IB 32 Laic Xigh' Mnn<" 
"The Shutirrod Room - j/.u a.m. News 
and vrcflth-*r in hr^mh roUomd : by 
Channel UjzeMe. 


TYNE TEES 

SJ5 a.m. The Good W-i.-d lollQkod b« 
Nonh Cast iYe-.vs HcadUiu-s 1230 p.m. 
i-ast ol the Wild. L» Vor- • East Nt-wa. 
Looka round. 2.25 Power Without Glory 
Jl 23 Tnp Generation 1 Scene. .35 The 
Llrtle Rascals. 3 JO Bervrs Lot. 5.15 
University Challenge. SUM \onhern Life. 
fsAO Poll it- Call. 1QJ8 LUesiUrlc 1LB0 
Danger In . ParadW. 12-00 Epilogue. 


GRAMPIAN 

12J a.m. First Thina US a-m. 
Grampian Wcws RejtitiUv) . 2JS Simple 
Setting. 2J5 Maadav Matinee: “Flame 
o! Arahy 1 ' starring -laureen O' Bars 
5.15. University Cf.a/L-nge. 6.98 Grampian 
Today 6.15 Wltdhlv i; Iiwm a. ' 8.*S 
M'hoduuuir: 18. 0 Keflevtions. 10,55 

Feature Film: "The Somnier^of ’45." 


GRANADA 

12J8 p.m. • llow To Slay Alive.' 1-29 
Porto. 2JS Honday Hatinwr "Leliers 
from Three Lovers" alartTOg ’ -Jime 
AHyaon and Juliet Mills. >J0 Bv-irra Un. 
5.15 University Challumie. MB Granada 
Reports. 6J20 This lx Your BlgtU--' 10.38 
Reports Politics, ima ' Monday Flbn 
Premiere: "Fingers ai ibe Wlpdnw * 
«grrlng BasdJ Raitibwe, 


ULSTER . 

1.20 p.m. Lunubtinn:. «JM S-v You 
Monday. t2J8 Monday Matinee: "A 
Matter of Life and Death" sramng David 
Niven. Kim Huntcc and Mariu* Goring 
«J* Ulsier News (leadlines 5J5 
University Challenac. fc^iO Ulster Teler 
vlvion News." 6.05 The Partners. 630 
Reooris. UU0 Two at Ifl.M 10.JS Utater 
Norse of the IVar. U.B5 Within Thus* 
Walla. 12.00 Bcritimo. 

WESTWARD 

12J27 p.m. Gub HotwytMii - Birthdays. 
130 Westward News Headlines 225 The 
Monday Hatlm-e: "The Trouble With 
Angels" starring Rosalind Ruswll. 535 
Univeralty ChsUcnga. e.88 Westward 
Diary. US Sports Desk. 8.08 Hieing 
Damp. 1W8 HTwurard Law .Vera. I8JD 
Late Nlghr Movie: “Tbe Shuttered 
Room" starving Oliver ReeiL 1205 a^u. 
Faith for Life. 


HTV 

12-38 p.m. Land scan*, ijg RepoD West 
Headlines. 1-25 Report WgJefc Haadllnua. 
2JW Houseuany. t2J5 Tty. Uomlav 
Matinee- "A Patch of Klrte", Marring 
Sidney Punier and SheUey Wtorer* 505 
Unnwrelis Chalk- nse 6.80 ttepon 


YORKSHIRE 

1238 pjn- HOW To Slav AUre. L28 
CBlundnr Neivs. 2L25 Pan Ur. 128. Uupc 
at Harevood: guitarm Julian Bream 
338 Beryl’s Lot. 105 Universni 
Challenge, ACS Calendar lEmlry Sfoor 
Bclmoai e anions i . ujs LUcstyle. lun 
Police Woman. 


247m 


RADIO I 

(5) Stereophonic broadcast 
5.08 a.m. AS Radio • TJB Noel 
Rdmonds- VJ8 stmnu Bares U31 Paul 
Burnctl inCudins I2.’J> p.m. Newsbear. 
2M Tony Blartthum: ajl Kid lerson 
Including 5"0 Ncwsboat. 7.38 Alan D*ii 
( joins Radio 2i. 1D.82 rebn P«l *5*. 

U.03-2,02 a-m. .As Radio. > 

RADIO 2 


U& BBC Luuc.htlDir- Coul-cD *S1. 2JW 
Matinee Musiuali- iS>. (.%- Peter Bben 
orgau rueital <S». 1J5 Uedid Strlrja 

QUanei tS» «JD New R^-ortW ifii- SJS 
Bandstand >5'. 15.43 Hnmeward Babrtn. 
16.BS News. £638 Hoi Howard Bound 
ivonDnuedi. ttJO Lifollnoa. Rome am 


Family. 730 Alicia do l.aiawba* planO 
eo.taL 



hRADlO 2 l - 100m * na V,1F 

5M asn. N*m Summary, w .Rj,v 
Moon with Th'- Early Show fS> including 
B.lJ Paubr tor ThilUThL 732 Terry 
Wogan i s< indudliui rtacma Bulletin 
and 8.44 Pa us 1 for Thought ULB2 Jitnmy 
Young rSi. 1235 p.m. Worm tiers' vyath 
1230 Pete Murray's Open Houle 'S‘ to- 
Lludlng 1.45 Spons DvSk. 230 David 
Hamilton <S> inclndrw 2.4a and -1.45 
Soon a Desk. 430 Wasgunu-B Walk. «-*5 
Swrts Dcsfr. 4^7 John Owii‘ 1 St inciud- 
Itus 5.4 i Sports Dusk. . 6,55 Suorta Desk 
7JK BBC Northern Radio OrcfteSirg fSi. 
738 Alan Dell: 7 SO The Dancv Band 
Days. 3.<ri Thu B«k tLma Sound fS*_ 
3JJ2 Humphrey Lyttelton with The Bust 
of Jwa on records isr. Sports Desk. 
1832 The Monday Marts Quit. 1838 
Srar Snond. U-IR Bn an Matthew Intro- 
duces Round 1 JHidrrtsbt. mclmunc 12 80 
News. 2.88-232 »J". Newa .StimmaCy. 

RADIO 3 Srerwf & VTJF 

*6JB d.m. Wi-dltwr. (30 NOW*. 70S 
iHenure tSi. 831 News. 835 Morning 
Concert (S*. 83C Now* This WtwS’i 
Cenipovirs. Obrechl and Dr La Rue tSi. 
133 Talkinn About Music 'Si 18.20 Rath 
Festival IBI7 ‘Si 1135 Maeart and Uhl 
Ctannni ^nd viola recital iSi 1135 ERC 
a iSi. LM p.m. News. 


ree.taL pan I: Snlec, h’nhnbrn *_S). 8-® 
Relph Kichiirrtson r«adK Blgke. 

AUcIn de Larrovlia pari i- Fails 'S' 
0J2S Though Craves Be Hollo* 11 slorT 
of the Crimean War-., ijja Pttidsong 
and Hie Rise ol EUropiav? iSi. 

11.10 Vivaldi -Si. U.B NbWS-' U - 38 ' 
1135 Toulghi’s Schubt-rr Snno iS«- 
Radio 3 VHP only— 430-130. un- *"8 
535*730 P.m. Open University. 


Uinge and BraeKet. T.BO licvs. 73S The 
Archers 730 From Our Own Corrogpon* 
dent 735 The Munday Play ?.15 \ 
Sideways Look ai vat. 130 

Kalctduampe. 434 Weather. U.8B The 
Wdrld Tonight. 1030 Pro die. 11.08 \ 
Booh at Bcdiimt:. 1115 The Financial 
World Touiflbt. U38 Today In Partla- 
muni. 12.00 News. 


BBC Radio London 

298m and 94 j) VHF 
5.00 a.m. as Radio i 630 Rush Haur:. 
4.10 NuUgOU turn UrusiL-a ‘ 9-4B .Liiuduu 


RADIO 4 

' 454m, VHP 


Ltvfe. 1133 In Town. 1233 p.m. CaU In 
233 200 Showcase. 4.03 Heme Run. ’631 
LdoK. stop. Listen. 730 m Town. 8M 
Breakthrough. IB.8< Late 'Night London 
1230 As Radio 2. 12.B5. «.m-- question 
Tune (Tom the House uf Commons. 130™- 
CIojw; As Radio'S. 


• 6.15 8-m. 637 tt S“A 

6.35 Up (0 the Hoar, r.oo dTc«t 
Today 735 Up iu Ihe ll,.u( idWUOtetl 


including Thousht lor he • 0«2.- .:*** 
News. 830 Today lndudlng 


Pfewi 


hCHdltnoii. weather, papers, an" 1 - „ 
James Cameron irtth She BBC Sound 
Archives. 438 News. <}.05 Start tha 
Week with Richard Baker. «30 Mw*. 
U34 Wildlife. U30 Duly Scrvlc*.' 
Morning Sfory. 1138 News. 

Niraaga. U30 AnoouncemenK- . 2231 
Nows. 1232 p.m. You and Vonr* 2237 
Brain ol Britain iws. 12JB ' Weal her. 
pFosraminv news, l.oo .me World b* 
Onu 138 The Archers. lJB WOWM s 
Hour including J.DO-2 «2 News. 2A> Listen 
With Ifoth-T. 3.00 Neivs. 535 
Theatre iS i. 435 Stury ^Ttnc PM 
Rrpuns. 5.40 Don-n the Garden Path. 
535 Weather. oroKramnnv »*«. *30 
News. 6JW The £nvhuiulnK warU «f 


London Broadcasting 

361tu and 97.3 VHF 
530 a-m. Monung Music. 6.00 A, ill 
iiou-aitni news, travel, iport. rerieww. 
inlonnauon. 1030 Brian Hayes. 138 p.m. 
Lu.C Reports including UarinK Gules 
.1 O'clock COIL a.M' After 3— with Ian 
Glluhriai 430 Xlgbilln* 138338 a-m. 
Nigh? -Extra with Adrian Scon. 


Capital Radio 

194 m and 95.S VHF 


6.08 autn. Granam Dene's Hit 
tel >S> 


BrcBhfaai 

Show i S'. 430 Michael Vnnel >Si 1238 
Dave Cash >Si. 538 p.m. Roger Scon 
tS'. 738 London Today -Si 730 \dri.m 
Love’s Open Line <Si 430 Nicky Hurne'o 
Mummy's uvehly •.?*. U-00 Tony Myau's 
l.an- Srtnw r&i. ?.no a.m. Peter Youns's 
XfBdf Flight iSi. 



in a 


S O RTHA3J PTOJV : d*e nffhei .. 
Waterloo 29-7 tn their' Iasi" boi 
game, vibich. was also the.;-i< 
appearance of Bpb_ Taylor.^- 
b as served his- club loyally" t 
with oiuch' distinction oyer-- 
years and .'the:.. send-off ^.hej 
could, hot. have, bewi morehp 
priale: ■ He, kicked two pei' 
and.-CTOWhed'-a -«opd aftei 
with h tcy.froqi inlelHeent 

port. ..the of >is 

oyer tbe years. 7 . 

Yet fnr-all his efforts and 
of his back row colleague*' 
match whs ' lawi^ undfi 
•mished.- and apart trom om 
two brave- Waterloo forav®- 
ooe-sided.:.W;aterloq-,lBf'ked tl 
of their reanistr fotw^iatR-aiml 
Hae.k« .’Thfejr. atta'ftk was ; 
halarifS tiP youth and ipkpi 


bo held Waterloo b 
good defensive. 
Vfwaj* under ’ fearful 



-IronicallyH - ^ 
ass thjjf save > 


ether With' -man 

'ckinrf. hvt 

„ •pressiH^.-3teH-l:I'h)rtt)ajnptorr^v , w 

it 1 was fdlrtul^ting to. aee Before • that .. McGdfjkkq;:'& 
aterloo’s yiiung backs paqBini; Hrebred-vBigneli ' dn^ ' tb- ffl 
*ep In their 22 and tecbnicirily .tackled in. Possession! ; - « 
• were far ahead, of ;• .T^nthe^drQbped a 

?^lrt°hi»\?SnySted^^elr^ 
dn;i 




RUGB 

PETER. 


BY 


- r NcfriitjK&ptBD V* have' Titiicb So 

J- -I. - T,— (1 CA.I 


apton. Tickle,; the captain, war thabk Dilips' and Russef 
ost eager and adept ai attack- -aj^ nankers 'PblUlrK ^ 
|» W |: 


_ Tcutdt. ■ 


unrf ^hnotv-had nri Dnystoai Duff;' 

Hay: Tleaser rfdjfej:. & — 

hack row are all verj^/ntBU a’fff' ,!L instead. Of fnakvne TpirMdh 

\-oung. FI eft. tho ybwe second atelv. fpj/g&rjoWMBltlon. l-V 

row. timed hi* iuiooi/? well hut ^35- kSSif UfilnSST 611 • • JTpwevgt,: ^dCtharODton d^l 
wa? went aside h/th? hnlkv kicked ai*na|!y : . . ^.^m«»ufchnd John SmOL 

Norrharaoton forra&d? Given Northamptoii^ailitot- ^8ve ftad vapproorhite 

time to "it out w l could hear a shoal of.' potaifr. Wly oni;buftrewaM^4br Tils sneedy gtrikinj. 

more of -Ffett. / yam^fementAWpias^tgfe. notdWy yo f^gyy^kf'c tis f 

It was .Carfoqj jat scrum hqir 

. ■ -■ J 

... . 

BRIAN BARNS produced a fair Clark, Whq Was ouf in 34. But-at this W-yartt 
cupy of Gary flayer’s victory in this st^ge He r was tied for third from 
the, U.S. Maslov, tournament at place TWtb Spaniard Severiano the ] 

Augusta earlier this monih when Ballesteros, -who was tired and vrith. 
be came from! five shots behind rather irritable after bis long puttif 
the overnight /leader, bis Ryder haul from California, and evebtu- was n 


»tf. / notaWy. 

irfooj it scrum hqir 


___ IhisseS 
t he inade. light cf 
15th. 547 yards long- 
Ve and 5-wood to th< 
iirface for a birdie, anc 
well 'ahead id hi) 


Cup team map Mark Janies, at ally slipped, away jqto a tie for nearest jipvals; ^He" sot doivn u 


El' Prat golfjclub here with a 
last round on 64 for victory in 
the Spanish open by two shots. 

Barns bad founds :of 67. 75. 70 
iind 64 or a 12 under -par total 
Of 276. winding from Howard 
Clark, who had rounds of 67 67 
74 and TO for a total of 278. 
Thus Barnes reversed the plac> 
ings from the Portuguese Open 
last week, which -Clark won. 


&OLF 


BY BEN WRIGHT 
.Barcelona, Aprii 23 


tWQ;sbatA'ftom a. bunker to. tit' 
right qf the : X6th green quit? 
brilnaptly\Sd£K a pitch- and rtu 
' seven-iron k hot-sis fefet past th* 
bole, and tals'was his only nast; 
inomenL . ' .1 

: He looked up to the heaven 
aflef hitting- a 50ft pntt as & 
thought pj the right of the fins 
bole, but the - ball dropped, in. a 


.. ... fifth place wftb James and the .last- gasp\fbr a budle thre 

Once again the Spaniards were Michael* King on 281. to complete- his- triumph. 

-dint out. Their best placed 0 >,. ■ ■ Only (/ Clark was ihe .dango 

finishers were Salvador S29iSff , taS^Ri?I2 n °w- as he recorded brlllisti 
Baleuena Garrido. who tied For rni nS W SSI I6fh. from 15^ 


■nw uca IUI ... .ul-J *u« uuiura, tu.iue ii-in nuin 

fhlrd place on ’iSO. Garrido was ^ Short ! 7th from J'OfL to g 


the last home-born ^Spanish ‘ 

Open . champion in . 1972, 


.« -- tS ’ " Hecouli: catch Bmmaalr g 

It ha.? been a treat start to thtAinm hart recording a Birdie thtee at-tb 

the season for the British golfers “jjj ^hl? 83 ^ 8th hole, 'with Its da 
after last year's thrashing at the dr°pp^ strokes t* par at Jeg t q fbe left round the lieg 
hand? nf the Spaniard?. SSLJffi 1 "iSS. Chirk pushed Sts arive into th 

Barnes, with a four-under-par !jj ece ^5^«ir°tho better sand- and. thereafter was 

outward half of 31 on Saturday, 0laa ' a,f “ e w V in - - a factor, in fact scrambling ft 
wa? then sloill one stroke hehind B arses played a superb four- q five- to make sure of outrlgt 
James, who was out in 35, and iron shot in to the- 14tfi -green at second -blace. - 




English Harbour’s class wlfl fell 


IN SPITE of ttie small field of 
five runners, twter’s Sqmerset 
Stakes at Batii coqld be tbe 
most interest^ event on this 
popular hilltop track; for It sees 
one-time Derby hope, English 
Harbour.. . --facing Rhineland. 
Destiny GlrL Truly a Princess 
and Carey's Choice. 


Although he has not been seen 
out since finishing a poor third 


RACING 


BY DOMINIC WIGAN 


behind Effulgence in a. valuable 
event at Goodwood in the 
autumn. Willie CawoD> mounL 
English' : HaFbour. Is reported 
ready lo'-do- himself full jijstLce. 

if this "is the’’ case, 'add'he is 
back- to the farm . which saw him 
easily heating Goblin in a 21- 
numer maiden .event at Newbury 
in August the Queen’s colt— 
a disappointing favourite for the 
Solario Stakes in which Piggott 
took the ride— will prabqbly 
make Us class tell. 

l take him to. conflrm Piggott's 
opinion expressed after that 
Newbury success “ be will make 
a bigh-class colt’’ with a clear-, 
cut victory oyer. Peter Welwyn's 
Tudor Melody scoll Rhineland 
tbe winner of his only two races 
tins season. 


;.':£7 >V«AWa"-' 

24ftr^olide** 

Km. 

3^0^English .HgrbtHir*** 

44m4itpperdKDo-T}» ' ■ 


/ ; : : ie^EKfiSTONE - 

: .usk^Abdptslnch - 
: iiSr-Tibkets : .’ 

>. ; 2jiS-4Wh»e >¥otider . 

> - 3; J5— Biased Strap ds«* 

■ : SJSr^AtttOway ./> . 

; • it^rAnifta -> l. 


Piase Rate CRaiige 





' - f of - for 

in iheir boofeoii and ifter 24tii 
tetii tbftir 

:v 5 Rate for lending ^;7i% ^ aimiim. 

deposit xate on alJ ’mbides. subject to 

is^% per ' 

fir?* A : Ji *'h: i^} 





I 


i 









% 


.I ,-' 


-Monday April. 24- 1973 



" # C' 

v '•%:' "*i{* 


- ‘ ■■■■■; s is.- 

•. - . 


.v.:< 


: r?' ■• 








-pipIPI ^ 
Spiflfpife 

mnMz-h&hium 


Victoria Rooms Theatre, Clifton 

The Jewels of 
the Madonna 

by RONALD CRICHTON 



%% /T--U\ 


Jj !;«%«; Ji '*-- 

> prz. ;• va 


3') ^^5* 


;|H}|! 


4 ^r. 


V'.? 


Jkfhb.u .-ljlnrwt<d 


Angela Flowers moving on 

;". ■- -by. ■ W ILL I AM P,A CKER 


ring 


niodj 


, ..***£?;■'* 
V - 


cfe: 


iver nay 


* »iil 


tell 


Bristol Opera Company, going 
strong after more tban 50 years, 
chose this year Wolf-Feirari’s 
The Jewels of the Madonna as 
this year’s offering. In this 
verisimo piece— sacrilege, lust, 
jealousy and a whiff of incest- 
set in early I9th century Naples. 
Wolf-Ferrarl was straying 
beyond his usual territory of the 
comedy of masks and manners. 
Both libretto, by Zangarini and 
'> i Gnlisciani. and score are expert 
affairs, indebted respectively to 
Carmen and to Puccini. The 
composer's lyrical gift, strongly 

. . in evidence in the Venetian 

' Arhh.ii Jshuvod- comedies after Goldoni, is 

:\- .. ' Angela Flowers with the wotk, Mif Fatnck Hughes. largely bidden here hut the 

- - ■ score ' is a reminder that he 

..'*•■ ■■ ■■ .a |" ^ • rnuld. when needed, work on a 

Angela Flowers moving on la x f - 

• cometbinc more. Jeritza was a 

. famous Maliella. MartfneIJi and 

, - / : A -by. - W ILL I AM;P,A CKER -.- | the leading tenor and baritone 

- j roles. There are as well bis 

Perhaps:! should think .twice the work of British artists, look- Patrick Hughes is bowing h»r] jjjfjj gmSfoarts an d h a "brilliant 
before calling any .lady an ing especially for" new-- or over- out with ao appropriately cheer- ! nrc jj P5 t ra i commentary with two 
Insritutiim,' hut .Angela Flowefs looked talent, and -fostering it ™/. *^ DW (until April 29 1 , an nr woIf-Fen-ari's typical, suh- 
is also a gallery, nod I - only through thick and Jhin. often ?'" SIS!**?, fhC SJf Biwtian interludes f the Bristol 

hone she khows What I -mean ' V CT7 thin times indeed. Her ®»n ast look at the pi^ are. H» 9udieT1C e chattered through 

MAL ''Flowers' started dealing artists' reputations have grown pL s “, a l n £ u “ f ha *®'_ ?- uaiS these 1 . The mixture is ealcu- 

Se SSTwaw So frorii t!S they deserve to grow; and the lated to appeal to an experienced 

prcmU^ high above Lisle Street, be f* haVe ® tayed v ^ her *. grown more substaotial lately. ^Tnn- inThard!*"”" Whitt” 

don’s art world. Her . private ing of . her enterprise,-, but she posed, though as glossily un-]„nt the action ’ clearly and 

views were the garden fence for has kept afloat somehow, and painterly as ever (or should H™Ji™ „n the smallish stage, 

all .our viUage gossip. A Uttie come to be. the symbol of sur- say impersonal?), now take on Th“ nrrf orman ce as a whole was 
under seven years ago - she viv*l in .difficult times. . Now tn a positively iconic presence and , mDn th confident well-drilled, 
moved north, further Into. Soho, our alarm we learn Trot she authority. The jokes, too, are t u‘ 5 i nzerc thornuchly coached, 
to the corner of Portland Mews has indeed sold her lease; that as good as they arc obvious; diction' (they used Avelinr's 
off d'Arblay Street where she the present show is to.- be the which is pretty good. He loves tT ans i a ilnn touched up) 
made ‘.what Is the prettiest and last in the old home; that she the obvious quite as much as unusually ’"ood 
always one of the most welcora- has .yet to find new premises, the incongruous, bringing them _ _ n f thmieht 

ing of ou’r smaller galleries. She We must wish. her.weB for we together with great good humour , There was less sign °_ f e J 1 h .^ a f 

determined to, concentrate upon cannot afford to . lose her. and a mie surrealist wit. the^pera As 5ie note by the 

-I* • ' conductor'. David Sehvyn. rightly 

implied, the chief presence in 
The Jeicela is the Madonna her- 
self— seen through Neapolitan 
eves, a cult-figure venerated by 
rich and poor, good and wicked. 
Maliella, a girl kept firmly at 
heel by her mother and longing 
to break out, is loved in secret 
by Gennaro. Maliella believes 
him to be her brother, though 
as he and the audience learn 
during the first act she is a 
foundling taken in out of grati- 
tude for Gennaro's recovery 
from a childhood illness, and his 
passion is not, as she supposes, 
incestuous. 

On a feast-day when a 
I bedecked Madonna-Image is 
-carried through the streets. 

I Maliella attracts the eye of 
I Rafaele. head of the local 
I Camorra (mafiosi, more or less). 

{ He boasts that he will do any- 
thing for her. even steal the 
'Madonna's jewels. When In the 
i following act she repels 
Gennaro's desperate advances, 
she repeats the boast. Gennaro 
decides to steal the jewels for 
her himself — persuaded- that 
because of the strength of his 
' .love, the Madonna will forgive. 
'Maliella. half-horrified, half- 
thrilled. decks herself with the 
1 finery. Longing to show herself 
i to Rafaele. she surrenders never- 
. theless to Gennaro — in the 
' librettists* words “ a terrible 
[need to give herself takes po* 

; session or the girl's poor body. 
Rafaele. enraged at being fore- 
stalled. appalled by the sacrilege 
and suspecting that the Camorra 
' will be blamed for it. violently 
j rejects Maliella. Gennaro. taking 
i the light of dawn for a sign of 
forgiveness, stabs himself be- 
neath a shrine to the Madonna. 

- . Peter Phillips. Terence Carrier and. Christine Estabrook irf Chalk. Circle . • No point in trying to gild 

. festering iiifes. The Naples of 
‘ The Jewels does not have to be 

• _ ' - ' totally realistic buL mut be both 

. \mencan Theatre sleey and bursting with vitaUty. 

; ' . - Xaples-upon-Avon was too weU- 

y-N . -f kept and . well-behaved for 

Spring Awakening and more 

. ■ Whitehouse will have found 

by FRANK LIPSLUS : tS^tS^TST-r^ vlrg'^wlS 

.; played down, the jewel scenes 

l' v ing the same adaptation by are all the more carefree, with As soon as bis Sprinp AicokeR-if®"' ure L > IT ,„f 1 re 5if?i,- ^.® t wou'ld 
'.dvi ird Bond as the . National the young players allowed to tng opeued in New York. Ciu lei •{***• . . . b u ' d a comp j e t e 

heatre, the’ JuIIiard School enjoy themselves as much as went to Washington lo direct ® , ft out .variella's 

- juJJ not have come -up with aMhey had in the basketball scene. Hamlet at the Arena Stage, j . Dinning he hair 

ion- different interpretation of "When the ageing teachers come In response to the more difficult jjf“‘ Jth „ Nimh t ;n us stun el bine 

- /edekind's Spring Awakening, lumbering in to -pronounce their space of this pit-likc theatre. “P ... \yhv not 

he- London version was opulent verdicts in a shcoof disciplinary the set included catacombs par-f^r"*. fh ^omrrJinn in which 
ad focused od the students as bearing, their exaggerated slow- Hally visible below the action ailudM so dex- 

toiled products of a rich ness' and deafness are all the of the play, which Hamlet usesi”® ‘ . . ‘_o^ staae 

iciety. iti problems of adjust- funnier with young people to eavesdrop. i directions at this period were 

lent being part of tpe leaven prankishly imitating iheir elders . ^ producl jp n downplays ; " ormoU ci v detailed. Thev do 

lat kewp the students together. . It is a remarkable achievement Hamlet ^ a Joner seeking haTe be exact i v copied, 
aving lots of ypung students on for a school prodnction. even for revOTge and emphasises his role g” 1 “ ne ^ t0 f ee i that their 

- age gives the flayonr of school the JuUiard, which trains asmr- ih • recti{>ing an unbalanced [ ° „ S5age has sot through. 

fe and the pressure that even- mg actors and is run by the soc j a | order 6 The awkwardness ■ s „ 7, . «v." . 

■ tally drives young Moritz to noted director Alan Schneider. of ^ in addressing their ; T* 16 ^? a ' ie J la of 

itcide. -■ goyd G am es as Melchior. njJW M and Claudius’s own : cast, which I saw on Saturday 

A constant reminder of the I nSSiJi».'p S -Tiiarin^ '"the public formality toward Ger-I 

austtophobia of school life ip trade indicate the fissures 
metal mesh fence, tfbich ex- __® f ' V ci Hamlet will explore and expose, 

nds right across the length n f- show great promre. . .. As played by Kristoffer Taborl. 

e stage throughout the play- It , e {gi S?S?iv managed acting Hamlet has a slight awkwardness .pi 'RarHlPOn 

arts out definung a school-yard ^ d a S P ov^riew car?^d out in winch vomplements his ±, I IH - . D<lTulC?iX\ 

ith students playing baakethall. ^enSmg dWto a bo W simple shyness and put* a foundation 

bile the audience- enters. ' ..-npi. nf t i iriii under the rectitude of hi? pur* I , A u „ 1 


evening, was Susan Wearer. She 
sang the difficult part well, with 
a soprano not large but remark- 
ably .surely projected, good 
words, and plenty of breath For 
the long-spun phrases. Miss 
Weaver is slim, pretty and a 
lithe - mover, but she should 
have worn a wig — her short curls 
strengthened the im press! un of a 
saucy English puss where some- 
thing more lethal is wanted. 
Wretched Gennaro was Clive 
Watts, a good tenor and a sin- 
cere. rather stiff actor. As the 
wicked Rafaele. Michael Lyon 
showed more bonhomie than 
reserves of lone, but the role 
cries but lor -h Sherill Milnes. 
Teresa D&vey made something of 
the mother's brief scenes. Carol 
Randall-. Carrie McConnell and 
Iris Shopland >an 3 out strongly 
as the Camorrists’ molls. 

Under David Seiwyn the 
orchestral playing was commend- 
ably lively and fluent. There, 
were complaints that the brass 
were too- loud (there is no pit in 
this theatre) but 1 enjoyed their 
playing as much as I admired 
Wolf-Fcrrari’s skin jn avoiding 
the use of heavy brass during 
important dialogue scenes. Such 
a richly-written score demands 
a Continental opera house of the 
old type. Mr. Selwyn did well 
under the circiunsiances to pro- 
duce such good string tone (in 
the effective writing for Gen- 
naro’s quiet solo after the noisy 
opening scene, for example). Not 
a permanent gain to the reper- 
tory. I think, bui a useful look 
at the darker side of Wolf- 
FerrarL 


Open Space 





A scene from Restless Natives 


Albany, Deptford 


Restless Natives 


MICHAEL COVENEY 


For three and a half years 
now. the Combination have been 
at the Albany in. darkest Dept- 
ford. transforming an uld 
Victorian ball into an essential 
and well-run dub for local 
residents, part of a thorough 
community arts scheme that 
incorporates work with children, 
workshops for arts and crafts 
and a. community video project. 
Reviewers have been welcome 
but not always invited as the 
danger of a place like this is that 
the local flavour might be 


A Cool Million 


by B. A. YOUNG 


H. / '• 

/**>- ' 




1 must start with another 
reference to Mike Stott's nice 
new play Comings and Goings at 
the Liverpool Everyman, as its- 
title and location somehow got 
left out of my notice on Satur- 
day. And now for something 
completely different. 

Jeremy Kingston reviewed A 
Cool Million when it was at the 
Half Moon and I join with him 
in the simple pleasure he got 
from it it is an adaptation by 
Robert Walker, with some good 
songs by Andy Smith, of a piece 
by Nathanael West. A Candide 
store, it tells t'nc tale of a young 
American who leaves his home 
in Oreille, Vermont, to make hls 


fortune in New York and pay off 
the mortgage on his old mother's 
home. 

Naturally his fortune offers 
him nothing more profitable than 
a series of gaol sentences, the 
loss of his teeth, one eye. one 
thumb and one leg and a record 
as a political agitator. The lively 
production, somewhat circus-like 
In nature, is by the adaptor, and 
there is some highly enjoyable 
playing by the company. 

They only returned from a 
season in Amsterdam on Thurs- 
day and opened at the Open 
Space on Saturday, so some 
occasional raggedness may be 
forgiven. 


reduced by an alien influx from 
the North London theatre-going 
community. It is good to be 
able to . report, therefore, that 
the Albany Is getting along very 
well without us. With local 
elections looming on May 5 in 
an area not unadjacent to Lewis- 
ham (the National Front are 
fiielding 26 candidates) Jr 
seemed a defensible idea to look 
in on the current revue aimed 
at diffusing racial tensions and 
prejudices. 

If the show, scripted by John 
Burrows and members of the 
company, were to be transferred 
on to Shaftesbury Avenue, it 
would not last a week. But that 
is to apply inappropriate stan- 
dards. The performance level ik 
not high, hut the material has 
an immediacy and relevance 
rare in the conventional theatre 
The Albany itself is part of 
the attraction. You sit at small 
tables, buy drinks and food froui 
the bar in the gallery, dance 
until the small hours, enjoy the 
company of an audience ranging 
in age from 18 to 35. The music, 
by Rick Lloyd’s Rough Edge 
quartet, is excellent and the 
company onstage includes a 
coffee-coloured ehanteuse. Debbie 
Bishop, who compensates for 
lack of technique with a riveting 
natural ability and splendid 
songs. One of them. “Man nf 
Hale." about Ihe racialist loner 
in a mixed community, is really 
outstanding. 

An underlying theme of the 
cabaret is anger at the way poli- 
ticians capitalise in policy state- 
ments on the facts of life in areas 
like Deptford Nowhere is this 
better allegorised than in a long 


sketch, set in a kitchen, where 
the human kitchen utensils are 
outraged by the Importation of 
a dish-washer in the black and 
grinning shape of Steve Gilbert. 
Does be pose a threat to the 
quality' of English kitchen life? 
After tying themselves into ideo- 
logical knots, the opposition is 
scuppered by the revelation that 
the bearded white cooker is 
descended from a black stove. 
Even more brutally disturbing is 
the parody of This h Your Life 
conducted by an underwater 
“Eumon Andrews" in macabre 
memory of David Olowale, a vic- 
tim of police brutality in Leeds 
several years ago. 

By way of a pleasant but 
largely irrelevant interlude, we 
all adjourned in the interval for 
a production in Marcel Steiner’s 
Smallest Theatre in the World, 
situated in his motorbike side-car 
in the car park. The subject? The 
History or the Second World 
War, no less. Two people cram- 
med themselves in ro watch the 
show while the rest of us enjoyed 
the spectacle of Mr. Steiner as 
ticket tearer, stage manager and 
ice-cream vendor, and of Tim 
Webb who declared that being a 
Nazi' was fun — “bur not for 
long! " Back on stage. John 
Turner's spirited direction is 
complemented by good work 
from Aviva Goldkorn. David 
Rodiean and Graham Titch 
Gluck. Above all. 1 loved lhe 
monologue by Mr. Rodiean about 
meeting Bub Marley after one of 
his concerts and having a life- 
time's fanatic devotion blasted by 
contact with the real thing. The 
show plays Friday. Saturday and 
Sunday evening for the next four 
weeks. 


■ ■. i ¥ i Kkl 


ENTERTAINMENT 

GUIDE 

C.Cd— ■ rtiese theatres accept certain Credit 
cards by telephone or «t the bo- other - 1 

OPERA & BALLET 

COLISEUM. wt«n uiu, S/SB. 

newrMbdM VI-bW S!ol 
tnuk»>. ■MIiiMoi. Or.i»A 
Tomo,. v. r.t. r.u u lbibii.ii. ,b*o. a 
LbI. 7.U lb ir»rid^i: «.Su 


, DUKE OF YORK'S. 01-836 51 22. PHOENIX. 01-836 2294. Evening* 8-15. i WAREHOUSE. Donmpr Theatre. Com* 

Evas. 8 . 0 - M»t Wed. and Sat. at 5-00. , Friday and Saturday 6 J> and 8.40. I Oardrn. 836 6808. Royal Shakespeare 
JOHN GIELGUD "TIM BROOKE TAYLOR. GRAEME CdmMny Tcn_t._a.OD. Strindberg's THE 


JOHN GIELGUD 
In Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
'• Bn'llsntly witty . . no ere .no uld 
miss It." Hardd Hobson fDr*ma). Instant 
credit card rrservat'ens. Dinner and top- 
price- seat £ 7.00. • ; 

FORTUNE. K3G 22SS. Evp*. B Thurt 3. 
Sat. 5-00 and 6 . 00 . 

Muriel Pevlonr as MISS MARPLE in 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Tlurd Great Year 


*' TIM BROOKE TAYLOR. GRAEME Company Tgij-t. «. 0 D. Strindberg's THE 
GARDEN makes us laugh.” O. Mall In DANCE OF DEATH Isold put}. Adv. 
THE UNVARNISHED TRUTH Bfcg*. Aldwyth. 

A New Comedy by ROYCE RYTON. i 

•LAUGH. WHY I THOUGHT I WOULD j WESTMINSTER. 01-S34 0283. 

HAVE DIED." S. Time*. "WHAT A , SENfENCED TO LIFE 

SCREAM.” D. Mir. ” THE AUDIENCE by Malcolm Mupgerioge a Alan Thornnill. 
HOWLED WITH MIRTH:*' O. Tel. 'SHEER ! Previews Irom Mar 9- Opens May 17. 

DELIGHT" E. Stand - GLORIOUS CON- . - ~ 

TINUOUS LAUGHTER." Times. [ WHITEHALL. 01-930 6692-7765. 

: I Evps. 0.30. Frr. ana sat. b.45 ana 9.00. 

«•! .CAmIU-Y. 437 4506. Credit card Dkg. \ Paul Raymond presents the Sensational 


J “n. . e ^ea? , "'Smol*nlv l^iweeuy I GARRICK THEATRE. 01-836 4601 

J OI r f Evg*. 8.0. Wed. Mat- 3.0 Sal. S. IS 8 JO 

D BUL • a dieCm \ J‘LL MARTIN. JU'.IA SUTTON, 

ineip. .. u. Man, a die* ._. r r, vkiiu .,j dhrim bay 


355 1071-2 9 a. m.. bp.m. Cv» fl.OU. 

Sal. 4.45 and 8.1 S v,W- Mai. 3.00. 

BIS. COMEDY OF 1*tE TcAR 
fc»B- Sea ad ird Ariard aoo Srvtl Award 
Ratal S.Mkespeaie Cj 


a iPOkt nienisn -/Me oueraUC evening. \ 

Tor ai Po»i. iJ*> .■altonv scau ai*-yv 
Pay oi pen. 






?L> ■*!•»- ' jfptH “. 

Peter Phillips. Terence Carrier and. Christine Estabrook irf Chalk. Circle 


COVEN I GARUtH. CC. 448 Iitob. '. go TWICE S. Mo.-fer Punch I 

iMiavnchaige S'.fS’i. mbi.i ■■ go THREE TIMES. ' C. Bairr-.. NYT i 
THE ROYAL OPERA | | LAST WEEK. ENDS SAT, 

Ton'i. and Ssl. 7-lHj Oirtlu. lo-nar. ana i -r ' 

iiir*- rv. ?■- I garrick theatre. oi-bs6 46oi. 

m “ 4 SJ, I Ooen* May 1st at 7.0. Sub B.u 


ERIC FLYNN anr! ROBIN RAY 
In the 

"BRILLIANT MUSICAL 
ENTERTAINMENT P^opld 
SIDE RY SIDE BY SONDHEIM 
"GO TWICE S. Mo-ler Punch 
GO THREE TIMES. ' C. Barry-.. NYT 
LAST WEEK. ENOS SAT. 


Suodara Award aoo Swti Award; 
oial S.Mke*peute Comu-ni in 

PRIVATbS UN PARADE j WINDMILL THEATRE. CC. 437 6312. 

by Peter Nicnulk I lance Nignlir o.OO ana Hj-0 3 

iNol vJitwbi. twr Oi.lurei" l OPEN SUNDAYS 6.00 una C 00 

I PAUL RAY MONO 3 preint* 

EX1 KAvAGANZ A. S. limrt. I pfip OFF 

»»SC a '50 at A.pivych Tneaire • 7HE eK 0T lC 1 4P£nl£NC£ Of THS 

- :ikc* edvvard. CC. (Poritiern Casino*. | Ta>-> io unprecedented limits wnai is 

01 - 4 . 3 , 6C7F. Pre»e*ii trum June 1.. ptrinniible on our iugec L«. Now*. 


Sc* Rcrue Of fne Century 

DEEP THROAT 

Due io overwhelming oub'lc cemano 
season extended 


ikPm Qi ngtiO nS Anioni' >iai> IO- 1 
ail pen*, on sale Irom 1 U «.m. on oar 
ol perl. 

aAOLfcRS WELLS FHEATRE, Roscbciv 
Are.. t.C. 1 . a at 1b7a. until May 14 
bAiaLEtC S Fh-Ok MOYAl bA^LEI. 


sat 5 30 8.30. Mat. weo 3.0. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
in HAROLD. PINTER’S 
THE HOMECOMING 


American Theatre 


bvg&. 1 .30. Mu Matt. 4 . 3 U. ion. gnu r ._. e rHF&TBF t „ ,,7 ,cei 

Su-Mwrume. i Be two Pigwou*. Umw.. a iD 61 I sm 

Wen. A Ihuiu: Li* syiohides. Las B '*P. 5 * 


and more 


Hrimanas. La Boutague. Fanuuque. Fn. * , ^ UL ■imaum’wHiMnw MIKEN2H | 
& ■ Sahiairc. LilhIp. BcNJAMiW wni rHuW in 

4 sac.. >oiiiaiie. M&eiit. ALAN AYCKBOURN'S Now Comeov 

-■ — — TEN TIMES TABLE 

“This must be ine napmest iaugntei maker 
THEATRES *" Lonoon.-, D. Tel. "An irresisublv 

enloyable evening." sunoay- Times. 

.» DELPHI TH LA live. L L. 01-836 7611 — — - v- 

Evfls. 7.3b. matt. Iittr*. i.uu. Satt. 441. GREENWICH THEATRE. 658 7755. EvgV 
to, 7.30. Mat. Sat 2.3U ARMS' AND IHE 


by FRANK LIPSLUS 


Open June 21 EVHA. 

-...MCA Or WALES. CC. Ill -d- J QbB 1 
Mwiiday Ivi rrioJ» at o o.m 
Sal. 5.30 aOO d.*5. Mai. I liar 3 ClO. 
"hkAklUuS LaMtul MGSlUAL. 

The Sun. 

ROBIN A5AW1TH 
in 

_ . I LDVA MY WIFE 
NAUGH1Y’ BUJ NICt witH A lOT 
OF LMUGriS." Newt 01 me World 
LrtcUll v_ArtD BUUKINIaS bad uo->b. 


You may d/*nk aro '.moke *n the 
__aunilorium 

WYNDHAM'S. 8 Z 6 3028 Credit card 
Dkgs. 636 1071-2 Horn 9 * m.-2 Dm, 
Mon.-Thurs 8 . Fri & Sal. S.15 & 8.30. 
■■ ENORMOUSLY RICH 
VERY FUNNY " Evening News 
Mar* O'Malley » smasn-hil Comedv 
ONCE A CATHOLIC 
■' Supreme comedy on »e» and religion. 
Diil» Telegraph. 

"MAKEa YOU SHAKE WITH 
LAUGHTER." Guardian. 


nniiaun in , i„ lk .a c rurirtt, rr n, ... .,^^1 Luvunitn. uuanKin. 

ALAN AYCKBOURN 6, *•* Cdmenv , tvenmai o.O. Sat. 5.0 and* 8.30 1 . I YOUNG VIC mear OW Vlci. 928 6363. 


hum 

THE BtSi MUSICAL 
of 1976. 1977 a no 19731 
. »KlNE 

LONDON'S BcAi NIL, HI OUT.’ 
Sunoay r*M>ple. 

ALREADY Sctr. dt ncARLV ONt 
MIllIoN nni*PY Tnu>| naGOAwS 
Crttull CAKU B»a3KINoS Qjp 7b1 1 ■ 

a.acRi. 836 3878. Parly Rate*, lxou 
card okas, aib Iu71-a .rrum v a.m. to ] 
d p.m.i. Mun.. lues.. v,«a. a*.o hr.. I 
/.4j u.m. Titi.ii. ana sal. b.jb an- d.oo i 

"A IHuUkanJ 1 IN.L& nUCOMt IS I 
LluNEL SArtfS 

MIRACULOUS MUSICAL." Finan. limes.' 
Ubfyfcn 


delict! " Gun. fB * Pia.i. -na _P.e»etA Uwan cr.t.c> awar o ( ABC 1„«-7. Shai.tua^y Me m B36 8861. 

i -^ToTn OB32 Evas 8 00 I AA.YMONJ KEVUEBAR, CC- 01-73J 1 j51 1 l^TH^ GOUOByV^GIBL 6 ^!^' Wl* . ana 
'■j <0 SMS din aM eoj' ***' 7 K"- '' IOpoii Suns ■ iun .: lOu. a. 10. B. 10 . 

’u-^n iJor-i'iS, e ' OJ ' PAUL KAYMuNu presents 2; SWCENEY 2 IAAJ. Wk. and Sun.; 


MAN. A Come- or by Georg* Bernard 
Snaw. - A deilgwt." G«l_ 

HAYMARKE1. 01-930 9832. Evgs 8.00. 
Mats, rtcov 2 JO. San. 4 .so and e.Ou. 

■ NGRID BERGMAN 
WENOf HILLER 

DEREK DDRiS FRANCIS 

GODFREY HARE CUKA 

WATERS OF IHE MOON . 

■■ Ingrid Bergman makev the siaue rifl llr 

— unavailable cnanvina ' Daily Mail 
" Weno* Hiller li superb." sur.. Mirror. 


. AlbC GUINNESS 
BtSl WLlOk Ur Inc rtd» 
varievy Clop ur GB Award 
■ HE OLU COUNI KY 
A New r lav by A LAN atNNcTI 
Dirrutd py CllFFCMD WIllIAmS 
BlSI CLAY OF. THE TEAM 


Tonight 7.4S Ro»a' Shakespeare Company 
in MACBETH. >T»ns week *»ld out. an* 
returns on door.. 


CINEMAS 


PAUL KAYMUNU presents 2: SWCEM6Y 2 IAAJ. Wk. and 5un.; 

THE rtSII.Al OF I 2 .00. b.lb, 8. 10. 

Full* Air cnlmm, Yuu 1 mSSSST cZSri? 

unun-ary HjjMKe ... Inc ago.xoMjm. _ ^.pocc ARMY m m 

ROYAL COURT. 730 .1745. La3t wee*. SHADOWS »AAj. 3. lu. 5.45. 8 25. 

iVB *' 0 :50 i CU^SIC -IT *— £r*rwu,a-sT mm. 

nv nl^,ei Williams loncnham Court Rd Tvoc/ 636 0310. 


HER MAJESTY S. 


01-930 woub. 


will KUT NUDu J“jOAN ruRNLn 1 fc*enl W S ^ S -*' i - uu ' 

~ CONSIDER YLHWSElF LUCKY TO BE JS'TV’? 

A^ c, ,V ill II AuAIN Uai.r M-rr^r ANIHuNY NEWlEY 5 

LLDWYCH. 836 6404. into. B3b 5332 1 R *‘wlth ^ 0^1^ C^I "I tnT ^ 

ROYAL SHAKESPEARE COMPANY in D | , *a»nbv BoRT SnVTc lO V E 

ieoertoirc_ lonisM. lomor. 7.30 hrNRY .. |t DACIied w Bursting point who tne 


ALDWYCH. B36 6404. Into. B3b 5332 
ROYAL SHAKE5P&ARE COMPANY in 
■ eoertoirc. lomght. lomor. 7.30 HENRY 
V. -- Glorious piece of work, ' Times. 
With; HENRY VI Part 1 (Wed.). Part 
2 IThur*. J. Part, 2 CFrl.l. Sun. 8.00 
STEVE B1KO — A MISERABLE AND 


personality and sheer energy ol Brute 
Forsvtn." Sun. Ex Dross. -Ihe audience 
cheered." Sunday Yelegrapru 


) " Stunning new Pu>y. , ■ Elates 

wr.h me ana lorces, Gdn 
.5?..**?°. fhean e UHliin. 
ROYALTY. Credit cards- Ol^aOaT 2004. 
■•r.aMDat-Thurhaa* bven.ngs 8 00 Friday 
5.30 and 8.45 Saturdays 3 00 arc S.uu . 
London rr.ucs vote 
| BILLY DANIELS m 

BUBBLING BROWN SUGAR 1 
Best Musical of 1977. 

Bookings accepted. Major ixedlt cards. 
Special reduced rales tor ' matinees nor , 
a limited season only) 


LONELY DEATH. " An ewung of inarm KING'S ROAD THEATRE. 3S2 74|8. j SAYOTL ^ Ol"3 

Illumination. The Guardian. All seats Man. to Thurs* 9.0. Fn- Sat. 7.30. 9.30. 1 Niobtlv 'at n DO m,, w m i 
£ 2.00. RSC also at THE WAREHOUSE WE ROCKY HORROR SHOW Sal 6 00 undfl^DO 

(see under wi and at Piccadilly Theatre now in ITS Sit ROCKING YEAR I ,DO 

In Peter Nr bo r 5 PRIVATES ON tHEGREAT ROCX 'N' ROLL MUSICAL 


When the scene shifts to escape ci n jpi W ho came from the rafter than shomng off the CdltTC 2pPCSl | 
g school in nearby woods, the Bulan dra Theatre in his native ,ts . p , 

nee remains. - catching leaves Bucharest to do this production. aI A APPEAL for £lni. in funds 

n,nnnt nanornlD iha rliu*). L.r in Iho li <5 dinner. 'Table. PolOMlUS OlfiS : in eimnnn lhl> Ulfirlt nf lhp T?QV2l , 


as launched ; 
the Shakes- 


AMBASSABORS. 01-836 1171-3212. 
Ooem> 1 uesflav for 2 weeks only. 
Eteitmgs 5.0. Mi. mu. 3.0. , 

BERIOSOVA. GIELGUD i 

ILLLL ■ -J LACIb.cAlIb I 

STEPS. NOTES AND SQUEAKS 

APOLLO. 01-437 2663. Evenings 8 . 00 . 
Mats. Thurs. 3 00. Sat. 5.00 aim 8.00. 
DONALD SINDEN 
Actor Ol the Yew. E. StB. 

IS SUPERB. ' N.o.W. I 

SHUT VOUR EYES AND 
THINK OP ENGLAND. j 

“WICKEOLY FUNNY." Times. I 

ARTS -EATR, 01.36 2133/ 

DIRTY LINEN 

•• Hilarious . ’ . **e IL Sunda* Times. 
Monday io Tnuijoay. BJO. Friday and 
Saturday R7J0 and 9.15. 

ASTORIA THEATRE. Cnarfng X Rd. (with i 


BOOS NEW 

EXCLUSIVE TWO RONNIES HOTLINE 
01-437 Zoaa. 


AVOY. 01-836 8888 . : 

Nightly st 6.00. Mat. Wed. 2.30 
Sat. 6.00 and 8.00. 

PATRICK CARGILL SAd TONY ANHOLT 
' SLEUTH 

The worlq-umous Thriller 
. , , H ANTHONY SHAFFER 


, lonenhani Court Rd Tuocj 636 0310. 

1 . tioivoiucci T9QD Purl 1 (Xi. Prog:.. 

I 2 IS. S.1S. 8.15. 

4. John 7 haw. Dennis Waterman. 
SW-fcNEY 2 lAAi. Progs. 2 00 . a 55. 
7.55 

' 3. Last 3 oavy THE HIDING PLACE 
IAI. Sep. perG. 2 DO. 5.00. 8.00 
4. Bertolucci s 1900 P»rt 2 |XI. Piogi 
2 30 . 5.20. 8.15. _ 

I CURZON, Curton Slrcel. W.T. 499 3737 ' 
PARDON MON AFFAIRE iXl. lEnglAh 
FUb-tlUcs). " A sparkling New French 
i Comedy. DiretiB) with unease b* Yves 
Robert." Sunday Express. Progs, at 
1.50 'not Suit.). 3-35. 6.10 and B.30. 
LEICESTER SQUARE THEATRE (930 5252T 
Shirley Mac La Inc. Anne Bancroft. MiL- 
hall Baryshnikov in a Herbert ROSS Film 
THE TURNING POINT (A). Progs. Wk. 

, IAS. 4.30 . 8.10. 

ODCON HAYMARKET 1930 2738-2771) 


"Seeing the Play again a. hi lacL an Jane Fonda. Vanessa Heagravc 
alter and total ioy,” Punch. ’ frrd Zlnnemann 51m JULIA (A 

Translerrtng.to Amt * ' " ' '* - -- 


■dors May 9. 


' Fred Zrnnemann hi m JULIA (AK Sea 
I Pro os- Ply. 2.30. 5.4J, 8.45 Feature 
— Dly. 2.45. 6.00. 9.00. All seats bkWe 


S:SS; ™ jAn “-i&r® c kVSS,jk“£s n is?, b.. , sl, ,h jk 

LYRIC TWEATItE. CC 01-437 3686. Eve. v ■ ■ ==~= — — _ i All seals may be booked caeept 10.00 

8G. MatsTlTiurs. 5.0 . Sat, 5.0 «fltf **** ’014BB JJM. , am. Proa. 

C%L IN ^BLAI?ELE^ CHICKEN SOUP Wmf’RARLEY ^ '723 2011 -2 1. 

. COLIN bl»wcl.ct ARNOLD WEbKER - STAR WARS IUJ Doors Open Dly. 1.30. 

and PATRICIA HAYES "MOVING AND ILIUM IN AT I HQ." Tm». ' 4 s ?- &5 0 - AI1 b|,h| e- eeceot 1.30 

.. /!”!!. "ABSOLUTELY MAGNIFICENT ’-r riw.: Perl. Wh. 


LIBERACE 

IN HIS LAS, ^SfSSPwJLj 
Note additional 6.1S perl. Wee 


fully licensed RcStaorant). 01-734 4291. rjTV 
Nearest tube Tottenham Cl. Rtf. Mon.- ""T 
Thyra. 8.0 » m F r»- and Sat. 6.0D ana Mon 


COLIN BLAKELEY 
and PATRICIA HAYES In 
FILUMCNA 

bv Eduardo Filippo 
Directed bv FRANCO ZEFFIRELLI 
" TOTAL TRIUMPH," D. Mirror 1 
- AN EVENT TO TREASURE.' D. Mhror. ; 
■■MAY IT FILL THE LYl R I C FOR A 
HUNDRED YEARS Sunday T imet. : 
i&Y FAIR. CC. 629 3036. I 


"ABSOLUTELY MAGNIFICENT.-' f ; Pe rl. W H- 

STRAND. 01-83B 2660. E*rni|n^T 8 . 00 . ' ^ ,NCE ASS'v S "°i 4i7 * 1 ® 1 - 

Mat. Thurs 3.00. Salt. S.30 ana B 50 0.^1 S m EW .ii WA t Y , . X ‘, ,n a s- 

NO S EX PLEASE— >Cp. Pcrfi, Dly. Mnc. Sun. 1 . 2.10. 6 2*. 

WE'RE BRT715H Idle &hO«f Sal. 1 1 *SS S^:4 t>Klll«. 

THE WORLDS GREAT ESI • . 

LAUGHTER MAKER .SCENE 1 AND 2 . LeiC. Se. iV7ardOUf Si I 


* . V ^ 

t , i , 1 




lump 

Of 


•v.r . . . . opnny nuuM-iituy »i«."' u ; — , - 

i Played in front of the fence, beginning of Ouloi's reco^imin gives the play bw resonances 
e romantic .scenes in: the' woods i n. his, own- right »n America. ana- points uf interest. 


One oflxiodoa’s loveliest dunngKxyntfi— 

. flqimee filled gnrf iritLcmidftiQped. A niostaitaciivebBt ana 
cnft-ptaiioiniiiacRBliaritgrbiUldforyuUf 
lundien n and dinn er Open Mntiifay to Satnriay— 
lunch iiDOTOjoqpm-dumertf^jotbMoflm. 

Dine -ft-irhom buoying afier the then Jrc. - 




THE ARLINGTON RESTAURANT 
.\rlin 210 n Hon^e, Arlingion Street, Pjocudillv. Londorv^c 
(Twhind ihe Ri« Hwelj Table rcaeriationv 01 - 4 *)? **>-' 


io mnan w «»» nwrpw*. : j d , l0 

r /“ 0nanKS lhe hi™ .( X Iton 2.000 
and pointb ur interest. fimis and business organisations 

in the City asking, immediately. | 
The Arena- which gave The \ f or xioO.OOO towards the first 
Catteosum Ckulk Circle its phase of its Barbican operation. 
Ameriban professional debut in — the equipping of the small 1 
1993, staged a new production > studio theatre and completion of 
of Brechl s • play this- season by j the technical equipment for the 
Martin- Fried. ■ An imaginative i theatre's main stage. 

Feature was the use of awwxlen j m new ^tre, built for the ' 

^ 0t w r i!^ as in 0 ^.k 0 1 company by the Corporation of | 

make ebams, mooDtams and the ( the city of London, contains two 
ofeer ordeals ibe young mother j theatres— a main auditorium 
has to endure in the first half of , ltlS0 people and a studio 

the play. i theatre with accommodation far! 

As much fun as tnese gymnas- ; UD , Q oqq 
tics. provided, the play got rolling j K * r0Anfmn .. h _ ifl _| 
in the second half, when Bob : ^ further £900^000 is being 
Prosky contorted tie trial as *o ftow tie comply s 

ttt&vful hiirlv vanish iud Q ei^®^ ^ new buiicung. it is 

beaBUfnlly in consol of the pro- , 

he ‘■jonld expect of America. 1 curreni ,alere ' e ' 

using everytiwes for fun. /AMES McDONAID 


S. -tt ft*** ! ’issr - SMTaW fe 

' ; THE SHREW May 3 (mat. ami «c.i. 


8 45 instant tfctfh dirt' oobUhw GORDON CHATER " Brmiam t - . SD eafc Theatie. (0769 2271.1 TKkrl* 
ELVIS t THS ELOCUTION OF . ■mmctf.atcly ay«<Ubie lor RSC , n THE 

" miKtious. amailM, root-siomping “2^!!!? ■ ^ P S^w w »^ Z iTl l JLt TA l!l NG OF 

ifvj hcAft- thumping.' Observer. Stvt J* bpyarj , tmc SHREit May J imat. pebi etewf- 

ELVis -a compaulonarr. hinny . 6er«riv jjpauwi Recbrdco booking inio. (0789 6919 1‘ 

Hall nr. before SJiow any avaiuoie lop olar." Grfn. "H4»*ioi». E; sifl. wkmow -- 

pr« KBeg < W-SO. Mdn.-TTrufs. g n<1 Fn. jm ***.“ *. ■• 5 P dlb , ridmg,g>-ST. MARTINS. B.DJ 

D :. .. .iv. **♦?- i MERMAID. 2a * 7656 1 agatha Christies 


BEST MUSICAL OF THE YEAR | 
EVENING STANDARD AWARO 

CAMBRIDGE. 836 6056. Mon. to Thur. 
8 . 0 . Fri., Sjy 4(^545 and 8J5Q. 

Evening Black Ainu a Musical 
" It's a look-stamping, pg hating, action- i 
backed musteji. Nm of Uw World. 

THIRD GREAT YEAR 
Dinner and toP-Prtcg- scat L 8 JS me. | 

COMEDY. 01-930 2578. 1 

Evening 8 . 0 . Thu 3 . 0 . Sat. 5J0. B JO. i 
MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY, Dermot WALSH 1 
THE H.T COMEDY THRILLER 
MURDER AMONG FRIENDS 
"Blackmail, anwoo robbery, double oioff 
and murder,- Times -a good deal ol 
icn. Evening News I 

CRITERION. - CC. 930 321 6. i 

Evenings 8 0 Silk. 5^30, 8.30. Thur. 3.0 . 1 
LESLIE PHILLIPS 

” Impcuabie . • • * ma«e r." Sun. Times, 
■n SEXTET 

_ SECOND ^Hlt ARIOUS^ YEAR I . . 
DRURY LANE. 01-836 8108 ’ ‘ £*eiV 

mgo, 8 00 Mv^Wrt|«d 5 ai soo 

'• A r*r» -r.j*iating loYOU! PKOrii&n.hg 
v unnr-r Sunday Time s. 
DUCHESS. 55k 0243 Mgn. Thury. 
£.«■ SO Fi' SaL 6 15 and 9g 
OH 1 CALCUTTA 1 
'• Tri* Hgtf.lv If stunning." Daily T*l. 

Slfi SENSATIONAL YEAR 


Restaurant 248 2835. 
Tbm Conti. Jane Asher 'n 
WHOSE LIFE IS IT ANYWAl 


WHOSE LIFE IS IT ANYWAY? ! 

THE NEW SMASH HIT ACCLAIMED |- 


AGATHA CHRIsTIE £ 

THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR 


BY EVERY CRITIC. 

Evga. 8.15. Fri. and Sat. 5 .1 S. ... • 
ALEC McC OWEN'S ST. MARK'S GOSPEL 
event Sun, until June T1 at 7.30. 

NATIONAL THEATRE. 928 22S2. 

OLIVIER (ooen Mage): Ton't 7 (red. pr^ i 
prov.). Temor. 6.30 note earn start 1 
(mi. pr. ooenlng) BRAND tnr Ibsen m 
a versio n by Geoffrey Hill. _ „ 

LYTTELTON (proseenium uaoe): Toni. 
7 45 THE GUARDSMAN bv Mglnar 

Erylbh|Verylon BY FraiMf Marcus. Tomor 

COTTE5LOC* Camall agd Rorimn Tr Tamar. , 
A Wed. 8 LARK RISE written by Keith 
Dewhurvt trom flora Thom men's boo* i 
(from perl*.). . _ 

Many excellent cneao neats all 3 theatr« 
dav ol Perl. Car para. Reran rant 928 
i 2035. Credit card bfcg*. 9Z8 50 5Z. 

I OLD VIC. 930 7616. 

i PR05PECT AT THE OLD VIC 

New -risen to May 20th 
TWELFTH NIGHT 


ALWAYS WANTED TO KNOW ABOUT 

SEX iXl. 2.50 6.00 9.1 S. BANANAS 
■AAi. 1.16. 4.J5. 7.40. Laic mo** 
fr>. ..no SaL 10.65. 

2. THE PINK PANTHER STRIKE5 AGAIN 
'U 1 Siir.-Tniir 1.30. 5.35. 9.35. Fr.. 
ar.d Sal. 12.40. 4 . 45 . 8 . 45 . 12.45 
THE RETURN OF IHE PINK PANTHER 
'Ul. Sun.-Ttiur 3.25 7.30. Fr.-. and 
Sal. 2. 35. 6.40. 10.40. 

STUDIO 1 . 2 . 3. 4. Oviard Clreus. 4*7 
• J300 


TALK OF THE TOWN. CC 01-734 5051 ! 3100 
8.00 Dinlnfl. Oanung. 9.30 Super Retuc - T. THE MAN WITH THE GOLDEN GUN 
RAZZLE DA23ELE - >A.. 3 40 8.10. LIVE AND LET DIE 

ana at 11 pm. 1 A 1 . 1 30 5 S5. Late snow Sal. 10.4S. 

MADELINE BELL The Man With -The Golden Gun iA- 

».'.«'7Thta,k * - 2. THE GOODBYE GIRL lAJ. Progt. 

TH “ TRE ^SSaSSmiy 7°ii 7S0 2554 ”«o is 45 525 805 ^ Sh ° W 

5M .* ,5 i, D e i? F E21Si CE 3. ANOTHER MAN. ANOTHER WOMAN 

Hr^ WSS. i ,AA| - Pro® 5 - 12 - 35 - 2 - 5S 5 - M ' B - 10 ' 

.by. Charles Dlckany , Laj p y, w ^t. 10.50. 

i'ln'4 parts. In Repanoiro) j 4 . Woody An-’nlDlan* Keaton Double 

VAUDEVILLE. 83b 9938. CC. Gas. u 8.0. ?«U S 4S5f 1 a 5 i' i nn' I'??' 

Mat TbH. 2-45. Sat. 5 ana a I LOVE AND DEATH iAJ. 1 . 00 . 4.1 3 , 

Dinah S'lERIDAN. Dal tie GRAY T - 30 - ute ,hD * , Wl - 10 ' 40 

Eleanor SUMMERFIELD James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT HIT 
bv AGATHA CHRISTIE 
” Rc-nHer Aoatha with another wna- 
dnnm: Agatha Chr,Mie is >ialkmg me 
West End ye! again wth another of her 
ftendlsWv inwn.ous murder mv«enes " 

Fell* Barker Evening News. 


CLUBS 


Pro^KTI't hist COUWlV flt Thf OM Vic ] o ViV f p ” m am' 

S3.™ W aSir. 15)::"°°“ 


Eileen Atkins 
SAINT JOAN 
u nurm. May 3r«* 

i PALACri Credi Ca’rdi 01-437 6834 
J Mon.-Ynurv. 8 0. Fri . S-*' 6 0 -*nil 8.40- 
JESUS CHRIST SUPERSTAR , 


SHEILA HANCOCK 
ANNIE 

A NEW MUSICAL 
BROADWAY S BIGGEST NIT 
Prevs. Irom Tomor-ow E*gs 7 ;ij r^on-.r 
«eata still ay^i|abl"» Onen*. My* 3. 7 
Sub. Ergs. 7.30. Mja Wed A 5at. 2 45 


EVE. 189. RtlcM Street fJJ OS Ft * 11 
Carte or All-in Menu. Three SsetraiL’Lir 
Floor Shows 10.45. 12.45 purl 1 JS airi 
muiic o' Johnny Hai«-“«*0r:ii L 
Fiie nfc _ . _.. _ 

GARGOYLE- 89 Dean Slr-e: Lendsn W*t 
NEW STRIPTEASE FLOORSHDY^ 

THE GREAT BRITISH STRIP 
Show ai M.rlniahi j»" 1 1 « r* 

Mpn .Fn. Closed Salui-Onr.’- 01-45T yAjf 


■1 






12 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P-4BY 
Telegrams; Finantlnto. London PSL Teltc 886341/2, 883897 
Telephone: 01-248 8000 


Monday April 24 1978 


Unreasonable 


rejection 


LONDON'S unique position 
among world insurance centres 
is based on the fact that it is a 
truly international market. 
Something like three-quarters of 
its business is denominated in 
currencies other than sterling-- 
and its heart lies in Lloyd's. So 
when the Committee of Lloyd's 
takes a decision which effec- 
tively prevents prominent inter- 
national insurance brokers from 
having direct access to the 
Lloyd's market, the inconsisten- 
cies are glaring. 

All business placed at Lloyd's 
has to go through Lloyd's 
brokers, and the Committee 
ruled last week that no more 
than a 20 per cent, holding in 
such firms could be acquired by 
outside insurance interests. 
These were defined as an 
insurance company, an under- 
writing agency or a non-Lloyd’s 
broker. The decision was put 
forward as the conclusion of a 
working party which had been 
looking into the question of 
brokers' independence for 
many mnnths, and the idea that 
any issues of nationality were 
concerned was loftily dismissed. 
Conveniently. however, the 
working party's fcpnrl coin- 
cided with takeover approaches 
by two or the biggest insurance 
broking firms in the U.S. for 
Lloyd's broking firms. These 
now appear to have been ruled 
out of court. 


The reason 


The stated reason for the 
ruling was the need to ensure 
that all Lloyd's brokers remain 
genuinely independent and free 
to obtain the best terms for 
their clients whether at Lloyd's 
or elsewhere. But the fact is 
that most of the leading Lloyd’s 
broking firms themselves con- 
trol Lloyd's underwriting agen- 
cies without any apparent con- 
flict of interest. Some also own 
non-Lloyd's underwriting busi- 
nesess. Others are themselves 
owned by large outside financial 
institutions, such as a bank. A 
few are controlled by overseas 
interests. 

At a time when their business 
is not as buoyant as it has been 
in recent years, some Lloyd’s 
broking firms undoubtedly felt 
threatened by the thought that 
if the takeovers were allowed 
to go ahead, the U.S. companies 
would channel their business 
through their London sub- 
sidiaries at the expense oF the 
remaining independent firms. 
This might have happened to 
some extent. But what a big 
broker needs most is skilled 


placing power spread right 
across the market place — which 
is why one of the would-be U-S. 
bidders promised before last 
week's decision that existing re- 
lationships with its main Lon- 
don correspondents would be 
largely unaffected if its bid was 
allowed to go ahead. 

Apart from the sectional 
interests of some brokers, the 
question nf who controls 
Lloyd's underwriting agencies 
is d genuine concern — and one 
which would certainly arise if 
an uutsider were allowed to buy 
a Lloyd's broking firm which in 
turn controlled underwriting 
syndicates. What Lloyd's has 
tn preserve at all costs is its 
reputation for the highest 
financial probity, arid to do that 
it sometimes has to require its 
members to take a course of 
action which could not be justi- 
fied by shortrlerm financial 
eon si derat ions. 

So the Committee obviously 
has to retain discretion about 
who is allowed to come into the 
market place. But to debar as 
a matter of principle broking 
companies nf the size and finan- 
cial strength of the two U.S. 
groups which were concerned 
in laM week's decision seems 
nothing short of ridiculous. 
Ironically. Lloyd's has been 
actively canvassing foreign 
capital for its underwriting 
capacity for nearly a decade 
now, and there is nothing new 
about the need .to ensure that 
the mans cement control of 
underwriting syndicate-: 

remains within Lloyd's rather 
than where the money is. 


The Costs 


Last week's ruling does net 
have any dramatic implication? 
for the short term. Overseas 
brokers, do not place business 
in London as a matter of 
largesse: they come because the 
market has the capacity and 
the skill m meet their require 
ments. They have not been 
deterred by the need to go 
through Lloyd's brokers in the 
past and— although there has 
been a certain amount of huff- 
ing and puffing in the last few 
days-rthey are not going to 
change -their policy just out of 
pique: 

But there will be longer-term 
costs, even though they may be 
impossible to measure. A 
market loses in efficiency if il 
limits the access of healthy 
participants. What has been 
lost .is the opportunity of build- 
ing a new bridge between the 
market place and its biggest 
customers. 


Turkey should 


try harder 


CYPRUS HAS been an inter- 
national problem for so long 
that it is easy to overlook its 
continuing potential for crisis. 
To-day the eynicat might argue 
that its threat to rhe world com- 
munity ended in 1974 when the 
Turkish armies imposed their 
“ final solution ’* and almost 
half the population of the island 
was uprooted and resettled. Bui 
nearly four years later Cyprus 
remains the West’s tinder box. 

It would be pleasant to say 
that Turkey’s Igrnssly-delaypdl 
proposals for a settlement alter 
this situation. But, when they 
were finally tabled — tn many it 
seemed as if the mountain had 
merely brought forth a mouse. 


Disheartening 


The constitutional proposals 
were only an indicative outline 
Moreover what (hey indicated 
was disheartening for those who 
believe in the UN's virtually 
unanimous demand that Cyprus 
should remain independent, 
sovereign and unitary. 

Instead of this, the rwo com- 
munities would have their own 
separate security forces, their 
own separate legislatures and 
central banks, and be able to 
sign separate treaties with any 
outside stare. The pnwers of the 
federal state would thus be 
limited. 

Tf it is issues of law which arc 
at question here, the question nf 
equity is raised by the Turkish 
proposals on territory which are 
far short of the amount the 
Creek Cypriots demand to re- 
store the balance of land to 
population. 

Questionable in law. tough in 
equity and harsh in economies— 
the 20 per cent, of the popula- 
tion In the north will control 
nearly nne-hgif of the country's 
economic resources — the Tur- 
kish Cypriot proposals are 
hardly the step forward which 
had been hoped for. More had 
been expected now that Mr. 
Buleiu Eeevit was back as Prime 
Minister of Turkey. 

Mr. Ecevit's own argument 
is that as trust is established 
so more powers will he given 
to the federal government and 


the crucial rights of freedom of 
movement and settlement will 
be activated. 

This is a powerful argument 
but Mr. Ecevit has done bis 
cause a disservice by not doing 
more to allay Greek Cypriot 
suspicions. It was he who sent 
the troops into Cyprus in 1974 
and even to-day he continues to 
flout UN resolutions by leaving 
25.000 of the original 40,000 
invasion force there. The 
presence of one Turkish soldier 
for every Turkish Cypriot 
family inevitably influences 
local politics. 

The last Turkish Cypriot 
" Prime Minister." Mr. Necaf 
Konuk. says that “ Right-wing 
extremists " have taken over the 
ruling party. Bis successor. Mr. 
Osman Orek. Is on record in 
1975 for saying, “ we want tn 
be the 68th province of Turkey, 
but Ankara will not let us. M 
Hardly an attitude which 
squares with to-day’s “federa- 
tion through evolution." 

In all this, the West has done 
little hetter in restoring the 
rule of law than it did in 3974 
at the time of the junta's coup. 
Finding sympathy abroad but 
little support. President Kipri- 
anou is in an unenviable posi- 
tion. 


Responsibility 


With the 2,000 missing Greek 
Cypriots unaccounted for and 
the cburch militant it is almost 
impossible for a Greek Cypriot 
to accept wiping the slate. But 
the international mood is 
against them and the acute 
problems the Turkish Cypriots 
faced before 1974 are. 
remembered abroad. 

To-day the West is keen to 
see fresh talks between the two 
communities, and the Greek 
Cypriots have to recognise this. 
Bot if Dr. Waldheim’s reconven- 
ing the talks is to have any 
value, they cannot afford 
immediately to fail. The 
responsibility for rebuilding 
trust has to be with the stronger 
party— in this case the Turkish 
side. And it is up to them to 
show that they can do better 
and offer more than they have 
so far. 



leads to 



By IAN HARGREAVES, Shipping Correspondent 3 


W HEN shipping companies 
in the North Atlantic got 
together in 1898 and pro- 
posed the world’s first recom- 
mended safe shipping routes, 
the danger they sought to avoid 
was that of icebergs. 

The Titanic and a number of 
other notorious disasters demon- 
strated the fttilings of these 
early routes just as, fast month, 
the grounding of the super- 
tanker Amoco Cadiz off Brittany 
illustrated a weakness in a more 
modem route — the fact that its 
closeness to the shore left little 
hope of preventing a major 
disaster if something went 
wrong with a laden tanker in 
heavy weather. 

There were, of course, many 
possible explanations for the 
Amoco Cadiz incident and the 
public inquiry in London later 
this summer organised by 
Liberia, the vessel’s Bag of 
registry, should settle the 
arguments about which are the 
most pertinent. 

Meanwhile the French 
authorities, stung by the 
calamity of 150 kilometres of 
heavily polluted coastline and a 
characteristically volatile Gallic 
public reaction, have concen- 
trated on attacking the question 
nf shipping lanes. Their 
achievement in pushing 1MCO, 
the UN maritime agency, into 
full agreement on a radical new 
scheme just over a month after 
the accident is in itself some- 
thing of a landmark in maritime 
history. 

The new scheme, which 
should be in operation by the 
end of the year, channels laden, 
northbound tankers and other 
vessels carrying dangerous 
cargoes more than 30 miles 
away from the Island of Ushant, 
which is close to where tlie 
Amoco Cadiz was wrecked . 

It is controversial not so much 
because it forces tankers to 
make something like a three- 
hour detour but because it 
sacrifices two important naviga- 
tional principles in the interests 
of protecting the French coast- 
line from pollution. These navi- 


gational considerations are the 
inability of tanker officers 30 
miles from land to fix their 
ship's position by reference to 
a landmark or light. Instead 
they will have to use electronic 
devices. The second considera- 
tion is that the new scheme 
means tankers later crossing 
the ordinary shipping lane m 

order to proceed up the Channel 

towards Rotterdam. 

Although the French delega- 
tion to IMCO this week has been 
obliged to shelve a whole 
basketful of even tougher 
proposals — from abolishing Hags 
of convenience to measures 
obliging oil companies tn outlaw 
substandard ships— its achieve- 
ments have not been inconsider- 
able. The French have taken a 
stage further the underlying 
trend in maritime law to move 
away gradually frnm the tradi- 
tional twin concepts of free seas 
and of control by the country of 
a ship's registration. 

Such a trend has been made 
inevitable by the immense third 
party risks involved in accidents 
between tankers carrying crude 
oil or other dangerous cargoes. 
The French are confidently pre- 
dicting that the compensation 
costs payable by the owners of 
the Amoco Cadiz and her cargo 
will greatly except) the 
theoretical maximum of $30m. 

The cnmmfttee which drafted 
the two new schemes illustrated 
in the bottom map — those off 
Ushant and the Casquets rocks 
— recommended that muling 
schemes in other svas be re- 
examined in the light of the 
principles applied in the case 
of the Channel. This could mean 
a review of many of the hundred 
or so schemes currently 
approved by IMCO. 

It is not surprising that ships’ 
routing systems should be under 
criticism, whether it be From 
Governments which have to 
deal with the pollution caused 
by wrecks or shipping com- 
panies whose masters occa- 
sionally find systems unhelpful 
and even dangerous. IMCO 
adapted its first traffic separa- 
tion scheme, that in the Dover 


NEW CHANNEL. SHIPPING" ROUTES 

StPftHATWN OKCS *11 DSWICE2 W IWJIDCAL IVU3 * 

' r> 

^Plymouth* 



CASQUETS 

SCHEME 




. 





Straits, only ip 1962 and it has 
only been since last July that 
any of these schemes have 
become mandatory. 

The evidence so tar is that the 
coming into force last summer 
of the International Regulations 
for Preventing Collisions at Sea 
(1972) has already brought an 
improvement in navigational 
safety. There was a 38.5 per 
cent reduction in the number 
of contraventions in the Dover 
Straits between the first and 
Iasi quarters of 1977. The 
number of collisions has fallen 
75 per cent, since 1971. 

Movements up and down the 
Channel involve ahout 300 ships 
a day, with the additional hazard 
nf another 200 cross - Channel 
vessels in the summer peak. 

One reason why so much is 
known about the Driver Straits’ 
scheme, apart from its age, is 
ihe unusually large amount of 
shore radar cover and surveil- 
lance from both sides of the 
Channel. This enables coast- 
guards immediately to warn a 
vessel breaking the rules and 
instruct it to resume its correct 
course. 

Prosecution of offenders for 
straightforward contraventions 
is also made possible by radar 
surveillance. Before this, the 
authorities just had to rely on 
reporting offenders involved in 
accidents, which is the case in 
almost ail other routing 
schemes. Even so. there is a 
strong feeling m many quarters 
that the penalties applicable 
are derisory in the light of the 
value of the ships involved. 

Prosecution depends upon the 
willingness of a vessel's country 
of registry to act on the 
strength of a coastguard's re- 
port and the speed and severity 
of the action taken varies con- 
siderably. Britain, for example, 
has powers to impose a maxi- 
mum fine of £100. although 
there were plans to increase this 
to £1,000 in the Merchant Ship- 
ping Bill, which has failed to 
surface because of lack of Par- 
liamentary time. Of the 69 
contraventions in the Dover 
Straits reported by the authori- 
ties butween July 1977 and this 
February, only nine led to fines. 
The largest was a Belgian 
penalty oE £200. 

But at least in the Dover 
Straits scheme, the lanes have 
gained acceptance and a degree 
of enforcement is possible. In 
other schemes, such as the one 
illustrated off Lizard Point, 
Cornwall, and even more so 
with schemes in the Irish Sea. 
it is accepted that contravention 
is widespread. 

The problem with the Lizard 
scheme appears to be simply 
one of ships' masters preferring 
more convenient and shorter 
routes when travelling north- 
wards. The northbound lane is 
about ten miles from land and 
masters prefer to sail closer to 
the coast. In the Irish Sea, 
there are a number of schemes, 
but resistance by fishermen, 
who claim the system makes 




their necessary manoeuvres 
possible, has led to the tra^h: 
separation lanes being.' witfqiy 
ignored. • . t .. 

One of the most popti&r 
suggestions as a result 
Amoco Cadiz has been the li 
of providing a iand-co 
system for rankers in cong 
waters along the lines of 
support provided by lan 
towers at airports. This 
expensive idea probably 
more from frustration at 
inevitability of human fai 
on the bridge at sea than/' _ 
understanding the ins&nt, 
finely judged decisions 
required- of a ship's o. 
especially in bad weather, 

It is true, however, that 
remains to be done in e 
that the qualifications an 
ties of officers and rath 
board merchant ships are 
standard. 

There are dangers, too, in the 
very speed of technological 
advance in navigational equip- 
ment A modern /ranker, for 
example, can be equipped with 
echo sounders to measure water 
depth, aii elecfronic system 
which monitors /adio signals in 
fix a position 
sateUiterfollow- 
positions out of 
and computer- 
for collision 
jned to show 
lazards on a dts- 



cnastal areas 
within yards, 
ing device to 
sight of lan< 
based syster 
avoidance di 

approaching 
play screen. | 
The anxiel 


is that crews are 

either not filly trained to oper- 
ate such sophisticated equip- 
ment or tfat they place ton 


much reliance upon it and are 
unable to cope if the equipment 
does not function correctly. As 
ships become larger, faster and 
— in certain parts of the world 
more numerous — the perils of a 
moment of indecision or. panic 
on the bridge can be enormous 

Another difficulty which has 
earned less Government atten- 
tion than it deserves is that of 
hydrography. Britain is one of 
six countries which provides a 
worldwide system of marine 
charts and it relies for the pro- 
duction of these documents on 
information from the Hydro- 
grapher of the .Navy. 

At present, almost three- 
quarters of the waters around 
die U.K. Continental Shelf are 
either uasurveyed or have not 
been surveyed since the lead- 
line soundings of the ' last 
century- Given that the largest 
ships’ draughts are .now three 
times greater than they were 
in 19(H) and that, in the Inter- 
vening period, two World Wars 
have cluttered the sea-bed with 
wrecks, hydrographers believe 
we are exposing ships to 
unnecessary risks. 

The Government is not un- 
aware of the problem. It com- 
missioned a report . in 197^ 
which told it bluntly that £30m. 
must be found outside existing 
defence funds to. allow the Navy 
to db a proper hydrographic 
survey. Meanwhile a number of- 
possible deep-water shipping 
routes, some in the North Sea 
oil exploration area, cannot be 
sailed with confidence. It was 


partly lack ot hydros rap me ir 
formation in the Ushant are 
which prevented other vessel 
getting alongside the broke 
Amoco Cadiz to pump oil free 
her holds. 

Commander John Pat or 
chairman of the IMCO traffi 
separation group and himself 
hydrographer, says the idea tha 
detailed information should b 
available abbot every saw 
cluster of rocks is wildly ovei 
ambitious. But he agrees tha 
there are “ big dangers " in th 
present paucity of informatioi 
Almost half the Britis 
Admiralty's charts have nc 
been updated for 15 years. 

- - Perhaps concern arising frai 
Amoco Cadiz will be enough \ 
end the inertia. It is certain] 
something for the Commoi 
Trade and Industry "sub-comml 
tee . Co consider during i 
investigation announced la 
Friday— -of tanker safety. 

“it took the sinking of tl 
Torrey Canyon 11 years ago 
push the oil industry in 
devising realistic rules for coi 
pensation for pollution damaj 
French anger at Amoco Cac 
may have given a momenta 
which will . lead to a bai 
transfer of control over shippi 
.navigation from the Govei 
ments of countries where a st 
is registered to Governmei 
whose economies and envijt 
ments are threatened either 
mariners’ negligence or misfi 
tunc. A tougher approach 
traffic separation is certain 
be an item in any such transf* 


MEN AND MAHERS 




Alternative 


press for IC1 


Imperial Chemical Industries' 
95,000 workers have long been 
served by a clutch of company 
newspapers which feed them the 
latest company results, bring 
them tidings o[ new products 
and breakthrough export orders, 
and exhort them and their 
fontball team to greater efforts. 

But now a brash rival -has 
sprung up which threatens the 
previous i-nmfnrtable monopoly 
oF internal company informa- 
tion. Chemcj News, it must be 
said, approaches the country's 
largest manufacturing group 
from a different angle. It refers 
to ICI’s '* long - established 
paternalistic and manipulative 
personnel policy." It tells them 
that national trades union 
officials do not take ICI mem- 
bers’ problems sufficiently 
seriously. And, if they turn 
over to page two. they will be 
hit by the warning that Id's 
“ iron fist ” is showing through 
its "velvet glove." 

Cheraco News is the brain child 
of TCI Combine Shop Stewards, 
which itself began life less than 
five years asn. The combine is 
trying to break ICI's practice 
of conducting industrial rela- 
tions and pay negotiations on a 
national basis. The shop stew- 
ards scattered around the 
country felt left out in the cold. 
Now they are hoping the news- 
paper will help bring power to 
the s>hop floor- 

John Grime, secretary of the 
Combine and a steward nf the 
Transpnrt and General Workers’ 
Union in ICPs fibres division In 
Doncaster, says that supnnrr for 
the paper is coming from all 
over the U.K. He told me that 
the job nf editor is being car- 
ried out by an editorial com- 
mittee and that " it’s all very 
democratic." Funds have been 
coming from local hranches, ho 
says, not fmm official union 
sources. 

The Combine, had nnlv printed 
qnnn of the first ert'rinn. AI 
I0p a copy it was a sell-out. The 


Combine, embarrassed by 
success, found that it had not 
even got enough copies to raeei 
a fraternal block order from 
the London office of ASTAiS — 
Clive Jenkins’ white-collar 
union which is. battling to win 
more member* from ICI’s 
ranks. 


Grime told ine they hoped to 
bring out a second issue within 
two months but said they would 
keep the print limited since 
there was some advantage in 
its “ rarity valm-." He said they 
had not sent anybody to the 
company ’$ ACM last week since 
that was “just a talking shop” 
and in any ease most ICI 
workers liked tu dispose of the 
shares they received as quickly 
as possible. Bui he said that 
matters discussed at the AGM 
such as the company's interests 
in production of components of 
tear gas in South Africa would 
“certainly be nf interest " tn 
Chemco News. 




1978 

queen’s 

award 

export 

Achievement 




worried -about the situation 
here. 

He told me that he remem- 
bered only one restaurant — a 
famous London one — lined for 
describing its food as fresh 
when it was not. 

He thuught that the main 
problem was when the origin 
of food was given. "There is 
much talk of Aylesbury duck- 
lings, but extremely few ducks 
in Aylesbury." though he added 
that a lot of French Burgundy 
had never been near Burgundy. 
His main worry was lhai British 
restaurants should nut be 
allowed merely to heat up 
packets of food "as a hell of u 
lot do." 


“ Unfortunately wo got ours 
lor exporting overtaxed 
executives! " 


Table talk 


Write on 


Is the postman your closest 

buddy? Or more to the point 
ynur child's? Thai is the theme 
nf a letter-writing competition 
set by the Pn<t Office, with 
prizes of up to £100. 

The children are limited hy 
the title uf the essay — “The 
postman, iny best friend." One 
enlleague’s 13-year old child 
feels the title a problem as, he 
told me, “ Our postman delivers 
nothing hut bills on timu and 
makes our breakfast table a 
misery.” in. the meantime, wr 
have our own competition fail 
words, prize £,>j.— “The GPO, 
whence its profits?” 


Fancy free 


Those of us who, like Marcel 
Proust, can be nourished by the 
mere memory of favourite foods 
will be saddened io hear thfit in 
many American restaurants 
menu listing »>f such delicacies, 
as Everglade^ -frog lro«. 
Colorado trout and Maine 


lubster will soon be u remem- 
brance ot limes past. 

A new regulation obliges 
rest a lira i curs to replace menus 
as literature by mure mundane 
but truthful offerings—- and fur 
prices to be in a typeface large 
enough t» be read by candle- 
light. In London, Egon Ronay 
told me that he thought U.S. 
menus were more fanciful than 
those in Britain. Backing his 
point is a neat little buuklet 
prepared by a fund chain based 
in Maryland called "A concise 
compendium of culinary 
chicanery and dastardly deeds 
tn part you from your hard- 
earned dining dollars." 

Contra ry to what might be 
expected. American restaura- 
teurs seem enthusiastic about 
the new regulation. In New 
York, the state's restaurant asso- 
ciation, representing over 6000 
outlets, is launching "Project 
AIM ’’—Accuracy in Menus. 

T asked the British Hotels, 
Restaurants' and Caterers’ 
Association about the situation 
here. Il eventually remembered 
that Hie Trades’ Description Act 
applied to restaurants, as did 
various Ministry of Agriculture 
regulations. Ronay was not top 


It is not often that an author 
celebrates publication of his 
book with a dinner with one of 
its targets'. But’ the New Zea- 
land Prime Minister. Robert 
Muldoon, will be Jim Cal- 
laghan’s guest on Thursday— 
the day his memoirs come nut 
here in which he argues that 
Roy Jenkins should have been 
elected leader of the Labour 
Party. 

Muldoon, who leads the New 
Zealand National Party, the 
equivalent of (he Conservatives, 
writes that Jenkins would have 
been a fine Prime Minister. 
“To be fair. I did not see the 
Jim Callaghan of the late 1960s 
as a Prime Minister, but the 
Jim Callaghan uf 2976 had 
clearly grown in stature.” 

However, he reserves his 
main praise for Margarel 
Thatcher. He Is dearly capti- 
vated by her. “ Nicknames such 
as the Iron Maiden do not 
adequately describe Margaret 
Thatcher. She has a brilliant 
mind ... It is perhaps her clarity 
nf thought and expression that 
1 admire most, but at close 
quarters she loses none of her 
feminity.*’ 


Observer 



. The odds are your company is over- 
protected or under-protected (or even 
both at the same time). . 


Risk Management is the modem way 
to identify, assess and minimise all the 
risks a company faces in its every day 
operation-accidents, burglary, fire, 
vandalism, loss of computer data, 
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i nsk management concept Through it a 
: company can be sure that the light risks, 
ahd only the right risks, are covered by 
insurance- thus security is maximised 
' and costs minimised. 


bus > 

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I s a name.; 


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V 






ness 


Most international businessmen 

• .have heard of Kai Tak and Kowloon. To 
: those that know Hong Kong well, 

China Engineers is a name they re- 
member just as easily. 

For China Engineers, the Sime 

Darby Group's principal Hong Kong 

• company, has 50 years of experience in 

Hong Kong and has built a large and 
successful business based on its know- 
ledge of Asia. ... . 

These days. East meets West m 
many ways - across conference tables 
and bank counters and through telex 
messages and phone calls. But busmess 
in the East is still not simple, because 
businessmen in Asia like to take their 

time getting to know you. 

That's where Sime Darby ran help. 
Anywhere in Asia. Particularly in Hong 
Kong - where China Engineers is widely 


China Engine 

us the company that 

known and well respected: and knows 
that today means today. 

CHINA ENGINEERS 

China Engineers is one of the 
biggest suppliers of construction and 
earthmoving equipment in Hong Kong. 
It is a leading supplier of heavy engin- 
eering equipment, machine tools and 
machinery, serving every major local 
industry, and one of the largest elec- 
trical contractors in the industrial and 

commercial sectors. 

China Engineers is a leader in the 
supply and servicing of a wide range of 
electrical, generating and transmission 
equipment, ' medical and laboratory 
equipment, air-conditioning and refri- 
geration equipment, oil pollution 
control gear, communications and navi- 
gation equipment and explosives, 
drilling and mining machinery. It addi- 


erS-50years of experience in the East makes 
can really get things moving in Hong Kong 


tionaliy supplies Hong Kong with a 
range of respected building hardware, 
components and scaffolding. 

AMOY CANNING 

Amoy Canning, part of The China 
Engineers Group, has been a leading 
manufacturer of soy sauce for many 
years and the Amoy brand is as well- 
known outside Hong Kong as it is 
locally, both for soy sauce and for the 
150 varieties of specialist Chinese food 
products it produces. 

In addition. Amoy Canning bottles 
Green Spot and Pepsi-Cola soft drinks 
for the Hong Kong market and has a 
sound and growing business in pack- 
aging and carton making. 

HARPERS 

Harpers is another China Engineers 
company and is a driving force in the 
automotive and transport business in 


Hong Kong, where it commands a major 
share of the vehicle market with its 
agencies for Alfa Romeo, BMW, Ford 
and Mitsubishi cars and a range of light 
and heavy vehicles. 

Apart from vehicle distribution and 
servicing. Harpers has built an enviable 
reputation for innovative automotive 
design and engineering with its security 
vans, buses, refuse trucks, fire control 
vehicles and mobile library and theatre 
vehicles. 

TRADING. INSURANCE, 

SHIPPING 

The principal activities of China 
Engineers in Hong Kong are backed up 
by its trading and specialist services. 

The Group is a leading rice im- 
porter. This business has established 
China Engineers soundly in the People's 
Republic of China and in the United 


States, Central America, East Africa, 
the Middle East, India and Pakistan. 

China Engineers has a growing 
insurance consultancy and underwriting 
business and has two bulk carriers on 
bare-boat charter to a Japanese shipping 
concern. 

Don't let our name mislead you. 
■China Engineers has 50 years' knowhow 
in Hong Kong and knows how Hong 
Kong works. It has trading contacts 
around the world and an intimate know- 
ledge of almost every facet of business 
in Hong Kong. And for good fineasure, 
the backing of the Sime Darby Group 
— anytime, any where. 

Next time you think Hong Kong, 
think China Engineers - the company 
with 50 years knowhow! 



The Sime Darby Group 

MALAYSIA ■ SINGAPORE ■ HONGKONG ■ UNITED KINGDOM • EUROPE ■ INDONESIA ■ THAILAND • INDIA • AUSTRALASIA 




14 


HONGKONG H 


- - Hong Kong’-s fotnre is difficult to predict, although the - 

change of leadership in China has unproved the political outlook; ... f . 
Doubts remain abbot. Britain’s long-term commitment, and the appointment of a 
new Govenor is awaited with interest The economy continues to flourish 

while stiD adjusting itself to fluctuations in world trade. 


Special niche in 


trade 


a.-.r 

T‘ j ‘ ,:}J 
;i rv 


rr 


By CHARLES SMITH, Far East Editor 


UNCERTAINTY ABOUT the 
future has been a fact of life in 
Hong Kong ever since the early 
post-war period. It is a fact 
of life to-day. though not for g 
reasons which prevailed as 
recently as a year or two ago 
and perhaps not as urgently or 
disconcertingly as in the recent 

past. . . 

The most important conditaon 
for the survival of Hong Kong 
— the support and approval of 
Peking — seems assured for 
the time being. 'Biere has been 
no serious doubt about the 
Chinese attitude to Hong Kong 
since the late 1960s when the 
cultural revolution spilled over 
the frontiers of Kwangtung 
Province and caused what 
looked at the time like an 
attempt to take over the Colony 
from the inside. The attempt 
did not succeed and was 
apparently not supported by the 
Central Government in Peking, 
although it seriously damaged 
the confidence of local business- 
men in the Colony capacity to 
survive. 

Since 1967 Hong Kong has 
been given good reason to 
believe that China favours its 

continued existence— although 

no terminal date has ever been 
set on its “life expectation.” 
The assurances of Chinese 
interests have grown warmer 
since the pragmatist supporters 
of vice-chairman Teng Hsiao- 
Ping regained power and influ- 
ence in Peking. Indeed China 
seems intent, for the time being, 













.Sir MurinyMacLehose. Governor o 


Westland Gazelle helicopters of 11 flight. Army Air Corps, fly in formation over Hong Kong Island's Central 
District. 


The economy - : v' 

China ... 

Britain :•?’ 

The Stock Market ' T~ 

Banking : ; ’ 

Com modities . :U. : 

Gold ' 

Textiles ;;>■ 

Labour 

Communi cati ons • ---. 
Mass Transit KaOwa^T 


uerrior of Honp fcng. 

^ TS \ 

Property \ 

- ‘ ds* 

. 7i - : 

/i 

Trade \ 

■ .ST 

id W) 

Housing 

...... JD. ■ 

Light Industry A 

X. : 

’• Lantau \ 

■ . ; .x- 

- Macao \ 

. ' . ' -3.. 

Trade with Japan \ 

■ ■ X.:. 

The Potice \ 

• -x- 


The dra g problem 
Profiles ' 

Tourism 


eOCG ill PeKm” inneea umia i/ww tw* • j 1 

tt , e whoIe „ Hong Kong ^ land la theNewTerrltorie, that decision.^ on the .eue -£ *££ « •£***£*$£2 ZEE*# 

Hong Kong’s free_ enterprise J " - island itsclf t^ir leases will remain valid problem. _ London. an ammsty on outcome of negotiations on a to other sectoi ... ,~ 


economy by maximising its KoWloonTls based after 1997 but which will not A major factor m Hong ^ne'reason for the develop- ^y^the Indepem new five year textile agreement These new sefora amu^ -- ' 

exports to the Colony and even P a lggg . signed wit h risk upsetting China by placing Kong’s confidence about its t of misunderstandings estiga . w jtb the EEC whereas now. to be in heavy Wstry bet- _ 

by making direct investmente on “ J le ^ S/ of ™ date on the dura- future is the attire of Britain geems simply t0 be that officials a highly restrictive agree- land in Hong istob^.. 

The friendly attitude of China the Jmpemi w ^ , 0 of the British “presence." to its internal affairs Thu is (and toe general p U blic> m Corruption (ICAC) ^. police wan a ^ encourage Eyes tipiffT. - 

means that there should not be . certainly not be There seems little doubt- that regarded as being less than Britain find it increasingly hard corruption cases datit® from meat having bee? sign that' cEiofc baJt" . 

too much difficulty in settling because the present aformute can aud witi be found totally understanding or sym- t0 keep up with what is going before the beginning/ of 1977. least knows what to expect in venture 5 thj t .cimrt . 

one of the trickier problems r Government^ has at same time during the next pathetic, not only by the Hong Qn jn Hong Kong . Another Finding a new man to. replace Europe. accommodated mnltwr . 

that seem likely to crop up in Chi £ recognise its three years or so. It is equally Kong business community which problem is that misunderstand- him not be easfcfend this . • bmldtogs. The sfeorttj- - 

the next year or two— that of Hear however, that business tends to snort indignantly^ at j ngs ten <j to get distorted or apparently be jwstponed WftlTlGS therefore, will ptennumlj. 

" clarifying " Britain s juridical va ”?‘ 1y ’ n .. whjch faces confidence in Hong Kong may British efforts to “meddle in en i arge d in the service of local ^ after _the -next British Y . electronics, wher^some 

position in the New Territories. The p . produce a formula he slightly more fragile than Hong Kong affairs, but also by interests. Hoog Kong and General Election on tfe grounds i n a broader sense worries companies are almy dwl 
The British title to the i New Bntain * }° holders of usual during the p eriod of British expatriate officials who Chinese businessmen who run ^ the Hong KonS; Governor remain about- the impact of mg the technical VgeffijM 

Te rritories (which constitute i — - ■ * t ' c tt# small and medium sized con- mus t have a working relation; • worldwide moves towards pro- Japan, as well as mptim*; 

••• ••*•*•••• • • •••••••••*• •••*•_ cerns, and who are the main. ship w |th British Goverinneirt t’ectfonism on the Colony’s ex- that combines a sco|tf 

# •;•%%%% ••••••••••••••••••** ... #• torgetfi of efforts to reform ^ ... ports . H ong Kong has been ex- innovation with lidted i 

• •• employment practices in the Sir Murray 'i* not ihe only^ 'porting 80 per cent or more of bilities of antomatirf. fi 

A® ^ •• Colony, have been known to feey whb4s going to have its ferns domestic product since A field which a dp 

*• < •• defend themselves (through t0 be rep i aC e^ i n Hong Kong the early 1960s, and thus can Innovation, and vuch B 

4 o i % industry associations) by alleg- - n the nea r iuture. A fair hardly fiul to regard access to benefits from the sberb j 

# *• ing British “interference” in num ber of t£ British civil ser- _ overseas -markets as a matter munications. factiitie£ajag 

% / ; % local affairs. In Britain the vants the 450 or so ex- of economic life of death. Its in Hong Kong, is intraa: 

% % lemptation exists to dte patriates y£ 0 con tinue to hold export earnings are divided banking and finance.lt j| 

• "• "Dickensian” woridng condi- posts in Hong roughly fifty-fifty betwe^i tex- surprise to 'fiito tiiatifaij 

• tions in Hong Kong as a justi- Kon due f or retirement tiles (including, garments, of flourished specteculari.wj! 

# » !• fication for putting up barriers withln t |Jf next wo or three which Hong Kong remaini.the past few years, despite tgfl. 

against Hong Kong imports. eaR may op t (or be world’s largest exporter) 'fend of other . Jwtttdd-be _e| 

•• •••••ee#eeeeee*»*«» ^ •* a a J pressed)/to stay on, but Hong other tight industrial products financial centres like a® 

•• Wm Ik I n •• Awkward Kong d(*s seem to be reaching such as toys and electronics. . to attract their share ofte 


m m 

El.*-- 


•••••eeASMMMaa** 

tati •••••• 

•••• ••••• 

•••• •••• 

•«*• •• •••• 

•••• ••• 2222 

••• •••• 


BNP 


•«aMites**** aa4 


BNP 

Group 

Bonque Nationale de Paris, France's 
leading commercial bank, has an international 
network extending over sixty-eight countries. 
With branches and offices throughout Asia, 
BNP is ideally placed to meet your business 
and banking needs. 

In the Far East 


against Hong Kong imports. year5t 

Awkward room 

The state of Hong Kong-UJC 
relations (as well as many other J ™JL • 
aspects of life in the Colony) jj® ™ 


-i - > 
. •_ .j •* i 

f-v V'n; • 


" not indoubt wbat may oe m means exnausrea. me i«u« ever, uu» ‘ 

. rt ... , doubt] is the extent to which industry, whose original move The Colony will 

to have made the best of an china f would be wuung to see into garinent making constituted make Us hving by .—.-an ~ong K 

awkward I situation in his iband ^ take this furt her the first and most important rather special kind of f ^ 5l£ct=b . 2 vvo^ 

lias of the job. He has managed s j independence and «■ trading up. ” exercise, can to those wishing to take «Ufcia rT - ^ " 

to make demands for more web ^If-sEency from the sttiTm^e further excursions age of it - freedom to ■ - “S <***. 

fare spending look like a per- . power.” - into the world of fashion (that money within a stable 1;.^ v 

sonal crusade rather than a serious un- is, by producing its own designs environment and ™th^ • 

British ultimatum trwismitted J^e and most^enous u^ of Qr ^ we ll as turning mom of official interf '■'WbSEb of 7*-a & 

through Government House^ rerta nty Ho^Kon^bas to frora Paris). Ulti- Since this kind of i 5Ern _. , 

Sir Murray’s popularity seems out- lately, however, Hong Kong not widely available els * B -0^Op!acett 

to have risen steadily_ during ^thCT negative sense ine out ^ admit in Asia, Hong Kong 


and "trading up.” exercise, can io cnose wisning to .. 

the still make further excursions age of it — freedom to. v -^orj; 

-.into the world of fashion (that money within a stable 
un* is, by producing its own designs environment and wito sftj,,- -*'= w-i 


to have risen steadily during rather negauwsenre^ ™ -wfflfe’o doubt have to admit in Asia, Hong Kong _ 

sssr S"«SffiS l0 K y "“^ JiLSWg^^ALc 

The Photograp hs in this Survey were taken by Glyn Genin. -. ^^=^===== ===^^ <0^ TRADE DEV 


Hong Kong 

BNP Main Branch 
cold Representative Omco 
Central Building 
Queen's Road Central 


Japan 

BNPBJonch 
Yusen Building 
3-2MarunoucM 
2ChomeChiyodo*Ku 


PanAganFmonee Unfled 

711-719 Central Building Seoul 

23 Quean's Road Central BNP Branch 

18 FDongbong Building 
2502 Ka Toepyung Road 
Choong-Ku 


Indonesia 

i i ... — 

Jukuliu 

BhF RspresentativeOffieo 
SkySne Building 
9Djobnlhamrin 


Malaysia 

KudoCumpur 


OnantalPtazo 

JotenPony 


Philippines 

ManSa 
BNP Brandi 

8741 Pcseode Roxas Avenue 
Makati Rizal 31 17 


Singapore 

BNP Branch 
Overseas Union 
Shopping Centra 
CbflyerQuay 


Thailand 

Bangkok 

BW Representative Office 
DushThani Building 
Suite 506 








Wherever you do business we ore there to 
help and advise you 


1 = m banque nationale de pahs 

=| ™ = Hood Officetlfi Bodbvard des ItoRens 75009 Pons 
=j - Teh2444546Tdex:280605 

BNP 




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Eaiaeiai ’Times.. Monday April 24 1978 




HONG KONG HI 



The somewhat freakish behaviour of 
the economy during 1977 has left Hong Kong 
wondering whether its traditional policies based on private enterprise 
are still adequate. The next few years may well see a. 
slowing down of the growth rate. 



DNG KONG’S economic record 
‘iCTrT^lirs-seems 




^Surplus, ■ 
Cand -interest 
maitfly:' 

jpaar smbuiai 

•on 

Ufa* 


Jxte 




f / * 

BASIC STATISTICS 

■Area ; . 

404 yg. miles 

Exports to CJC £440m. 

Popalation 

. . .- : 4.44m. 

Trade (1977) 

:;GWP(ms) 

- ^HK47Jlbn. 

Imports . $HK48-7bn. 

. ' Per capita 

tHK19,750 

Exports (to end Sept.) 

$HK44.8bn. 

Trafle <1976) 


. Imports . 

TSP^SbnT 

Imports from ILK. £27Im. 

Exports 

‘.;$HK4U6biL 

Exports to UJv. £454m. 

r -Imports from U JC C204m. 

Currency . £1=$HK8^4 


financially independent statu* 
tory authority). The result is 
that the size of the budget .has 
not grown by leaps and -bounds 
as major projects have been 
undertaken — public spending, 
excluding, that of statutory 
bodies, in fact remains at 19 per 
cent, of GDP which is a low level 
by the standards of most other 
semi-industrial economies. 

While, the budget has 
remained firmly under control, 
however, the construction and 
civil engineering industries 
have been expanding by leaps 


I es- ^a&'.vi/b an 

...... more slowly- than -the.’ Govern- are clearly going to keep the bounds. Construction 

I ^ tgmoney; merit had expected' (by oniy 5 economy growing steadily what- expenditure (stimulated In part 


Itfias beeht 
_;aat the:. 

Scm^warse than n 

liKOhqmtes durii 
in 1374 


r i.--. 
w 


per cebt in 1 ^er happens to exports over by what may have been a 

official forecasts of 8 per cent), the next few years. The Mass temporary boom in private 

1 Hong while the economy as! a. whole Transit Railway project, which housing) rose 34 per cent in 

~ch. of .grew surprisingly f6stjJI2 per will provide a much needed 1977 to reach 12 per cent of 

Mother cent in real terms). ; ^ subway link between Hong GDP, or the 1 highest level since 

its had . . The 'somewhat ' - freakish Kong Island, Kowloon and the 1969. Construction industry 

... . . .. behaviour' t»f the ; economy last New Territories, is one such wages rose much faster than 

jen tro -'gioss -deraestie pro- year has- been Officially; cBag- project It will almost certainly wages in industry as a whole — : 
tct grew by les s tha n. 2. 5 -per nosed -as a temporary, depar- be followed by the start of work in some cases drawing off 
he amjuliDj) hut^has - doner Jure ” from^tfie “honhai pattern on a new airport at Lantau workers from export industries, 
tremely well in its good years of export-led growth, with the Island, which will be essential Overall costs held stable thanks 
specially in 1976 when the main explanation lying in the by the mid-1980s if the number to a worldwide slump in demand 
-OP grew by nearly 17 per growth in the previous year of flights into and- out -of Hong- for building materials, but 

•■---•■ - • was remarkably rapid.- Exports Kong is not to hit a filing, and building material prices were 

. jtt the_peaks an 4 _tonighs axe grew by 28 per cent in 1.976, _by.a new. round .of reservoir or showing signs of picking np at 
"■'{‘raged onFfiong Kong turns straining Hong Kong’s capacity water desalinisation projects the end of the year. 

'^r tcr" haver maintained: an. to produce during the past; few which will be heeded when the The danger posed by over- 

wage - reaL. growths rate of- months of the- year and-. chan- yield from recently completed expansion of the construction 

'out 9 per cent .per year since nenfng _ large amounts of .liquid reservoirs reaches its limit industry is that it could cause 
"■■e early 1960s, or of about’ 7‘ cash into the Colony, -which (also probably in the early an overspill of inflationary 
-~rcent per year in per capita produced an upsurge in 1980s). pressures into the rest of Hong 

■ms it has achieved .this rate domestic demand during 1977. • ^ Kong's economy, which would 

''-expansion almost entirely on- 'Defenders of the 'orthodox SOGIidlllff not be automatically choked off, 

->3 strength "of its . exports theory of the workings of the u r v ' uum b as in the past, by adjustments in 

dchi 'for- the- past ten to 25 Hong Kong economy sar that The launching of the MTR the foreign exchange position, 
ais, .Jiaye.. xonsistently . .pro- the unusual features- of 1977 project in 1974 (after some ten if this were to happen Hong 
•led over 80 per cent of the have now largely been worked years of hesitation) was Kong might find itself heading 
JH; L . . . . . out of the system? Exports managed without a. major for something vaguely resemb- 

should grow 'faster thjsT year increase in direct' Government ling the experience of Britain 
: • - ' partly thanks to ah '8 -per cent spending thanks to the device of in the 1960s and early 1970s. In 

-. hie question which' confronts devaluation of the' Htfng Kong setting up a statutory corpora- other words the economy might 
. . . Kong- : to-day is 'whether dollar over the past 12-months tion which raised its own funds continue to grow at a moderate 
■- tradjtionaj recipe Jot non-- (against -.the ^currencies' of the and is required to make a profit rate while exports slackened off 
-:;Aationaryi - -growth- . (witft -Colony’s major trading partners) (the Government ■ is the main and the balance of payments 
' .-.siqrt earaifigs providing an ^d .interiiaj.demmid should be shareholder in MTR but will slipped into deficit. 

^ .rrmatir ftSilatni!-’ of the less Jifeated. ' This, however, ; is apparently sell out later to the The cure for such a situation. 



ii;v% 



r.-.-. based partly- in : .what Hong; . Kong has become in- private sector corporations, and problem has to be considered. 
Opened tp the epononjy ■ -in volwpd jn- a,- series- qfi -major public housing, "which is the Hong Kong’s textile and gar- 
• - when exportsgrew mijeh/intrgstrych^ responsibility of another mem industries, which account 

sz * •£r.v- j • .-...v — • . ■ 


for half of- its export earnings, 
are being gradually hamstrung' 
by “export .quotas or voluntary 
restraint agreements imposed 
by major- traditional importers 
such ' as the EEC, Canada* 
Australia and the U.S. 

Hong Kong textile producers 
have been living with a measure 
of protectionism in Europe and 
the U.S. ’Since the early 1960s, 
and have ' so far managed to 
cope "by moving up market — 
that Is. by earning more money 
from the export of a given 
volume of goods. The garment 
industry,- which has now re- 
placed textiles proper as the 
Colony’s main foreign exchange 
earner, originally came into 
existence .as a way round the 
barriers being imposed by 
western importers of cloths and 
fabrics. Hong Kong's move into 
fashion goods represents - a 
further stage in the same pro- 
cess. and most people in the 
industry seem to feel that 
*' there is still plenty for us to 
do in textiles.” 

Diversification 

This does' not alter the fact 
that future gains are going to 
be harder to achieve or that the 
overall growth in textile earn- 
ings may be slower from now 
on— perhaps half as fast in the 
next five years as in the earlier 


part of the decade. It - follows 
that other export industries 
must grow- faster if Hong Kong 
is to maintain anything like, its 
old -pace of expansion. 

A committee of industrial 
diversification was, in fact, con- 
vened in Hong Kong last year 
under the chairmanship of the 
financial secretary Mr. Philip 
H addon-Cave. 'its report, which 
is due out during the summer, 
will consider whether there is 
anything that the Government 
can do. within the framework 
of its overall philosophy of non- 
invoivement (or positive non- 
iiiterventiomsrn,” as Mr. 
Haddon-Cave prefers to call it), 
to direct industry into new 
channels. 

The contents of tbe commit- 
tee’s report, if advance indica- 
tions are anything to go by. is 
unlikely to be very substantial. 
It probably will not come up 
with any radically new propo- 
sals to lower land costs In Hong 
Kong (one of the major deter- 
rents to investment in heavy in- 
dustry in the Colony), because 
to do so would involve the 
Government in ’* tampering ” 
with market mechanisms in 
ways that would be officially 
disapproved of. Still less likely 
is the adoption of Japanese- 
style policies of fostering 
chosen industries with subsi- 
dies or protective barriers. 


If the Government remains 
true to- its non-interventionist 
principles it will be up -to Hong 
Kong businessmen to make the 
necessary moves towards .diver- 
sification without any official 
nudging. -Fortunately the local 
business community .seems 
eminently capable of doing’this. 
Capital in Hong Kong has been 
free'ly shifted about in the past 
two decades or so between 
textiles, plastic, electronics, 
property development and a 
variety of other sectors. Within 
individual sectors there are 
signs that industries are becom- 
ing vertically integrated (for 
example, electronics assemblers 
are moving into component 
manufacture) as well as techno- 
logically orientated. Another 
encouraging pointer to the 
future is the rapid growth and 
diversification of the inter- 
national financial services 
offered by banks and trading 
companies based in the Colony. 

Attractive 

Unlike Singapore Hong Kong 
has not tried to plan it3 way to 
becoming an international finan- 
cial centre. It has, however, pro- 
vided good communications, an 
attractive tax structure (shortly 
to be modified- in ways that-may 
be rather less favourable to off- 


shore banking) plus a benign 
neglect of what bankers and 
financiers may be up to, always 
provided that certain basic rules 
and regulations are ' not 
infringed. The result has been 
to turn h anking and finance into 
an important employer and 
foreign exchange earner 
(although the Government 
claims to have no precise statis- 
tics on the amount of its earn- 
ings). Financial sendees are 
probably a more important 
sector than tourism, whose net 
earnings are now authoritatively 
estimated to be Jess than the 
amount spent by Hong Kong 
travellers overseas. 

Given tbe traditional resilience 
of Hong Kong, it would be rash 
to conclude that the Colony’s 
balmy days are over and that 
a period of anything like 
austerity lies ahead. The 
economy will probably react 
positively to the problems now 
facing it and will emerge more 
diversified and sophisticated 
(and thus less vulnerable to 
protectionist pressures from 
overseas markets). All this, 
however, may be combined with 
a slowing down of the 7 per 
cent, capital growth rate main- 
tained (on average) since the 
early 1960s. 

Charles Smith 



•i3rr 


• -- 3r 
i 

r- i 

?■ • 
. *- 



HONG KONG 


•i- _ 


Hong Kong's Inflation rate is without doubt one of the lowest in the world. Considering that the major proportion 
of what Hong Kong ponsGmesin the way of raw materials, machinery, food and general consumer products 
is imported, three percent Is-almost impossible to believe. 

Hong Kong's policy of 'free trade” ensures a competitive spirit - if you can't compete with im ported 
products you can't compete in overseas markets — and the Hong Kong Government's policy of 
'non interference' in business, trade and finance has attracted overseas investment in manufacturing 
industries tojhetune of £222 mil lion up to Februaiy 1978.' 

For the businessman Hong Kong .offers many advantages - low taxation, financial freedom, 
a well grained adaptable workforce and new industrial estates and townships — an infrastructure 
that will* cater for Hong Kong's growth well intothe 21s£ Century. ‘ 

Hong Kong's total .trade with the. woridf in 1977 stood at £10,462 million, and with exports 
showing an increase of 7 % over the' previous year , the future looks bright. 

Hong Kong Isa good place to do business! • ’ J - - 

HONG KONG GENERAL CHAMBER OF COMMERCE 
HQNG KONG GOVERNMENT INFORMATION SERVICES 
HONG KONG T-RADE DEVELOPMENT COUNCIL ; 


w- V ’-t *-•: ; >*■ 

Vi/hat can Hong' Kong ogenR&.p'; ^ 


Name: 

Company. 


Address 

Tel 


1 am interested in 


. • ' - . ■ ' - 

O Importing from HK □ Selling to HKandAsra 

□ New manufacturing opportunities tjV'- /; 

Itemise 

. ' - 


t, ‘ r ) • t 

y'.:4 : \. :• 


Cut out this coupon and send it to: * 

Hong KongTradeDevelopment Couhci!-£i * 
- 14-16 Cockspur Street 
London SW1Y5DP 
England 



*2 i* 

■ -S(JV/ 

I / * **** ‘ 

f - 

" J /- e * - 





















t ; i i 


Financial Times Monday April- 24 1878 ■ 


banque de findochine etde suez 


HONG KONG IV 


' : :vs* 


Head Office: 96, boulevard Haiusmana 

75008 Paris -Til. 2662020 


Central Offices: <4* nr* d* Caurealla* 
75008 Peris - Tel. 5665212 


Although it is generally understood that China is not 
too perturbed about the existence of the British presence in 
the New Territories — there are considerable benefits for both sides in 
the present arrangement— the legal pc^fipp ^iD remain awkward . 

so longas China refiisesto reepgaisethejease agreement. 


T - • rj/T ." 

■ ■ciT'-i.'-. 




Asian Network ■ 












HONG KONG: probably has less understood In the contest 
reason to-day .to worry about overall attitude to Hong 


of ils made to yield valuabTe bene^ toniies, is designed to Tiandle mint - an . . 

Kong.; for the Chinese ecooomyitt^&eav; industrial oils but will; tfons. Last . jev j/fW 
atedly benefits -are generally' baHeved aboarently be' expanded ln> Kong CivO Aptoorir \ 


JAPAN Tokyo, Osaka 
SOUTH KOREA Seoul 


China’s attitude to Its continuing -The . Chinese have repeatedly benefits. -are- generally' b^eved' apparently be’ .expanded In-^Kong "Civil 7 

eadstenoe than at any time since said that Hong Kong (not just to be slightly less ,imjpprtsnt;-f5tae to hold slocks of ilqiii- -/accepted* ; Cuine^-rMb^ £ . 



-#H0N6 KONG Hong Kong 

J _ 

Branch : 

Alexandra House 

1 1 , des Vaeux Road 

Tel,: 5-265411 
+ 6 offices 

1NDOSUEZ ASIA 

2507 Alexandra House 
Tei.: 5-239116 


the Communists name to power the New Territories hot also, to-day than they. were sam^ tended natural gas, a maritet whidi ithe operatic 
on the. mainland in 1949. On the Hong Kong Island and Kpw-ta fifteen years ago in ieiSi^'Caii3Qa has not yet - entered.; lights, into the. ' 

other hand .there seem to be loon) are a part of China proper to- China’s'-. other.: ^ souitfte ^Unofficial guesses by Hong Kong, purpose- * 

some grounds for worry about and must one day revert to the income^ but.tbey are'geat prfih- fmsinessineii who act as disto- bring fresh. crabs^^ t^^Bo^- 

the effects on. business psycho- rule of Peking. This will not ably indispehsaWev'and je^rf^^tJQg agents for- Chinese o^I'Kbng- majtet);y- I , ai^™o6i: 
logy in the Colony of the prob- be, they add, " until conditions has' recently shown' Signs, iff -Suggest that China may be aim- aiealso_ thought . 

lems associated with Britain’s are ripe.” The implication is. realising that they comd;- : bfc-?»g at an eventual .30 per cent. .^g.aWff ting : 

lease on the New Territories and that conditions will not ripen substantiallr increased. .- m the Hong Kong oti^mafiteL Kong from . 

5! SI 1 SSS a 2£rs£??z. Z 


paradox which confronts any not until after Taiwan 

discussion about Hong Kong’s reverted to China and the cur- earns near i y $lfS3hn.^.a yeim ,a thc ■ - * o! lest 


PHILIPPINES Manila 
i THAILAND Bangkok 
i MALAYSIA Kuala Lumpyr 
l SINGAPORE Singapore 
► INDONESIA Jakarta 


discussion aaout Hong song's «?cru5u lu v-mu« Biu* uw to*- earns nearly -5usatm. : .a year ^r,'“ -L-phi*.* tnrii TnnnnfaV' — 
future from . the early 1980s Tent programme of . economic through or directly from Hong n Snf^d 

««■«>•• ' ’ ta CLiaa ta "“-Kons. ^. earning jre XS SSLi 

Chinese goodwill is without - lts course. up of direct exportefabmi; two- :Coast of Tsing Yi Island, is §£ong Kongbut^^rf^S . 

doubt a far = more Important ri • t *F??* s - of ^ already equipped with a float- best thing to th& diwsiKfo - . 

factor, in the. Hong Kong SC 611 3110 tog dock). In committing itself t fc e last CMneseN^wFearlfl 

equation thari . the basically ...... „„ con H nt - h,< c the ®® ne3 f? u ® to these projects China has - An office of' the' Chtfife 

legal problem of what to do 111 addition to presenting lhi^ Peking-affiliated enter 9 Ilse ® bought land (or rather Crowa /Mafinriar Aviatioii.^CdBtBm 
about the New Territories. The £ e o* ra l Jit! operating in tbeColony.-y •• leases on land) in toe New Ter- (CNACY which had recent 


about the New Territories. The seaerai « ‘ ^ .1 leases on land) intte New .which h^ xec^nt 

latter is an issue which strictly “ ade ***£** tn J* 16 '. of Chinese^laated Tories on what appear, to hare -opened £n- central £feag.®w. 

*u~ few months to lay to rest enterprises ts long (andshehtlvi ^ 


^ months to lay to rest enterprises 4, long tand^gh^^^ “JBSR 

British authorities in Hon g specific doubts about the ew frayed at the edges °^^*%:.other investors. Its .oil storage accept bdb)dhgs; 'ah^-dBia&t 

Kong and the -tenants of Crown Tarr-xtories ^ase expi^. An uncertain or vaguely .-;M>|fi^depots are under the manage- r^in^A flights 
land in the New Territories article published last autumn in status of s °me enterpngraW^; inent of China Resource, a Hong Kona citizens ’w«Sttli®.itav:y5 


Ko^and STtenants of Craw^ T 5l topi “ u £«*, ° T ^^*^0*W* ™ uiideTthe mi^ 

l.nit I-*,* xTttu. >r.m»nriM article pobilshed last autumn in status of some enterpriaraV. R" wont China Besonrce. a Hon? w 


-Branches and Representative Office 


FRANCE 

Paris 

4- 9 provincial branches of 
Antibes, Cannes, Lille, Lyon 
Marseille, Nancy, Nantes, Nice 
Toulouse 


GREAT BRITAIN 

London 


SOUTH KOREA 

Seoul 


land in the New Territories article puousnea last autumn in status ot some emerpnges>rir ^ ofC hma Resource, a Hong dtiz^s :w«Mlngitav:y5 

whose leases cany an expiry ^ eng ' M . in£ ’ ^ , Hong *®“? it known, however, to raclude Kong-based company which is ; V*?. 

date of June 27 1997 (three journal, speci- njne banks (six incorporated actually under the authority of china's routine relations' wh 

days before the New Territories tool L up ^ ? f ‘2 Chma ’ J he refl3ainhlg the Peking Foreign Ministry. the Hong Kong Girodpie^ 

thLreti C *lly rw£ to China SJT-hS SS** Asides investing in Bong toue StaSUSS^p 

with the expiry of the original-” 1 *** ® ong Kong China had shown interest slightly bizarre 

99-year dement signed ?JSUTS-f2!7^l2nS£ me* taS ^ ^abiishing subcontracting^ • jS^nn Nm A gepcyS 

between Britain and the rSuS' 'SS? comoSSe?’ six^ MUtionships between . factories ^Kong office— toe . gMsp a.^ i: 

Imperial Chiiieae Government in ** • w- S^. l n * nil , h SI?S in « 9 J??.S?Si afie mainland and a number .That Britain has _ ;c6nsisffi 


as an unofficial mouthpiece of ing and cold storage companies,^ Hong Kong'tSe vdS tSeMm TrequestitoSS- 
China’s new moderate leader. 11 shipping and travei agencies 


HONG KONG 
Hong Kong + 7 offices 


AUSTRALIA 

Sydney 


INDONESIA 

Jekortn 


SWITZERLAND 

Lausanne, Lugano 


BAHRAIN 

Manama 


JAPAN 
Tokyo, Osaka 


THAILAND 

Bangkok + 1 office 


BRAZIL 

Rio do Janeiro, Sao Paulo 


MALAYSIA 

Koala Lumpur + 1 office 


UNITED ARAB EMIRATES 

Dubai, Sharjah 


NEW CALEDONIA 
Noumea + 25 offices 


FRENCH POLYNESIA 

Papeete 4-15 offices 


UNITED STATES 

Chicago 


GIBRALTAR 

Gibraltar 


PHILIPPINES 

Manila 


WALLIS & FUTUNA 

Mato Uni 


SINGAPORE 

Singapore 


YEMEN 

Sanaa, Hod a id ah, T ait 


SSL.'SS? JT5 sssi.-srs^.SI'iS -S kSSSHSS 

recogmse v .^e agreements Hong Kong while avoiding put- weli>. ; •*• '.'^<:'.^ n i S hed products back to be of friction over the .issue . 

existence. Equally it cannot ting a firm date on the Colony’s China is Hong Kong’s -.SJ.- Knnp ___ nresent. • ' ; 

simply allow mdsting leases to m* expectancy make excetient supplier of fresh Tood Wfte. ^ ^ea^&nent n£ Viththe exception of the He 
run on until they expire with- sense in the light of the reali- source of about 30 per centfof ceLTaTameanTfOT- Territories- lease - issue Hot 

out any darification of the post- ^ ot Uf e in Hong Kong itself, its water supplies (a levriwhfch Cfa ^ s ““ Lulrt ^dStionJ Kong-China relatione in & 

i997 position. The Colony’s prosperity is British officials • -describe^ aa r . ^ e and know-how appear to be workipg.V ; 

" Clarification tn some directly linked to the belief of being ’’some way below- J&e £ Ho^e^Konu to- escaoe smoothly as at any time in ti 

form or other is expected to be ^ overseas Chinese strategic, ceiling.") -Ten . gAfc J? SatSS^^dfo- Colo^post-war h^. Or 

made within the next two to throughout South-East Asia ago it supplied none of Hong local labour market In could go further' ind : specula; 

three years (or the next five that its banks are a safe place Kong’s crude oil Int MUi theoiy tWs kto^S that if Britain wereto derit 

at the outside). Until it comes to deposit their money. Any share of the local oil Mrtwt-S?Xu d mS to a that it wished .to -jsOl out « 

there will be lingering worries suspicion that this was not the stands at about 17 per .cent “J; ;H one Kona 'and ihand.'^tt 

about the possible threat to busi- case could lead (as happened China has operated an to 

ness confidence posed by during the 1967 riots) to a Bight age depot at Sliatin in thftNew rhinese pfvmomies ^ Portugal attempt edf td dolfit 

(admittedly ill-thfornied > specu- of capital and a sharp decline Territories since 1975 afi re- anQ - ecu * - Macao after, the . portugfe 

lation that Hong Kong's days in the overall level of business cently opened a second 1dep$t Hand-in-hand with i^; In_ ravohitinnV, it Jwqhld be^fci 

may be numbered. activity.. . on Tsing Yi Island. I ' ■ creasing stake m the. . Hong p^jfe Peking ^No.^i 

China's positioii with regard ' Conversely, while Hong Kong The Tsing Yi depot. \^tWfc-Kqog economy -China seen^ To- “ -.. •• M) 

to the lease problem can be best remains, prosperous it can be storage" capacity of. - be %i{6rXmg towards an impravfti/*: .r.-.j^.' ~£\ m ^ r 



Britain’s relationship wii 
ambiguous at present On c 
differences between the Whitehall 
attitude of the Colony as ai 
Hong Kong is still a valuai 


Britain’s relationship with 'Hong Kong is sOpiewhat ; . :}. r /* 

iguous at present On oiut hand, there are idecdo^cat ; i f /W - I® 


poyerament andfiie ^lafesez fai\ 

entrepot. On the other ha$i 

. - * •» 

lie market for British goods. ^ 


tf/ 

- *r> x < ' 


yr^-'I- j*'-jk** 'rcre - 'Mr 


&J&iZfF3z£r?5‘: 

fc i?" [o ~ ^ 


O ' 

3\ 



Britain 




Range's putw^ 


HONG KONG'S survival de- 
pends on three conditions — 
the willingness of China to 
allow it to remain a separate 
entity, the maintenance of a 
flourishing economy (without 
which China would presumably 
have no interest in maintaining 
tiie status quo) and the willing- 
ness of Britain lo continue act- 
ing the outdated role of 
"colonial aurhorily.” Of these 
three conditions the first two 
seem to be thoroughly operative 
today — despite a iew doubts 
about the future of the econ- 
omy. 

The third condition — rela- 
tions with Britain — is_ more 
problematic for two. reasons. 



_ - , 


One is that very little is pub- 
licly revealed about British 
official thinking on Hong Kong 
(beyond the occasional routine 
declaration that the U.K. has 
“no intention of abandoning its 
commitments" to the territory). 
The second is that the little that 
is said on the subject suggests 
the existence of serious ten- 
sions between the Hong Kong 
Government (headed by 450 
overworked expatriate British 
civil servants) and the depart- 
ments of Whitehall responsible 
for dealing with the Colony. 

Hong Kong officials occasion- 
ally speak of the “hostility” of 
British officialdom to the 
policies pursued in thc Colony 
(especially economic policies 
which are clearly regarded in 
some parts of Whitehall as 
being “old fashioned” or 
"laisser faire"). The British 
Government also gets accused 
in Hong Kong (not only by 
long-term expatriate officials 
but also by Foreign Office 
officials on temporary postings) 
of failing to grasp Hong Kong 
problems properly. 


Serious 


information . despatched to oof ahvays been weil received Britain's, role in the negei 
London in Answer to Pari ia men- by Hong Kong Government tions last autumn between Bfl 
tary questions (which usually officials, some of whom criticise Ko °S tho EEC over wxffl 
require ah answer within 24 While; "■ British officials hi 

hours) may sometimes be un- the Governs ■ _ ^ .claimed jthat the UX'.souglft 

necessarily detailed and is not between hi* obligations to Hong “mitigate the EEC’s negotiro 
always "edited” Jo to a form Kong and his ypreigo Office style," Hong Kong offiefl 
which can be passed directly on loyalties. came away with the impressi 

to the Minister who has to take detail of the official * at Britain’s position at t 

the question. .wawn with ■Rriroiti whir+> ta ^ ss 006 o^-the toughi 

The second reason for com- Td! J!.* the nine . EEC memb 

m unications problems appears to ranklw in Hong Kong is that countries, 
be uncertainty about the powers the Colony no longer has a Britain’s visible trade wi 
and responsibilities involved in department to “speak for iti* Hong. Kong has been in defi 
the Hong Kong-Britain relation- j n WhJtehalL This function-was for the past five years — a fi 
ship. The legal situation felt. to be performed by the which might be expected to_j 
(arrived at as the result of a old Colonial Office which raw crease UK. disillusioning 
series of measures taken before itself as representing the inter- with the Colony. The econoo 
World War II) is that Hong ests of . colonies' vis-a-vis other balance of advantage, howeV 
Kong has full responsibility for government departments. The does not end here since t 
its economic and fiscal policy Foreign Office, by contrast, is-U-K runs a large invisibles $ 
although a copy of the Budget secures “trying to face in both . plus with Hong Kong (offlcU 
and of the Financial Secretary's directions" (that Is, not know- ^estimated at between £20lj 
budget speech is sent to the in*: whether its job is to slide and £30ffin. in 1975 but not* 
Treasury “as -a matter of up HOng Kong or to paw estimated -since that time), j 

courtesy.” on^Wdera to Hong Keng from ' Apart from this Hong Kc 

The actual situation appears othe* parts of the Government), ranks as a substantial marl 
to be that Britain does from official frictions between tor British exports.- buyl 
time to time try to influence Britkihrand Hong Kbng.have to about four times as much fr 
Hong Kong policies, and fe mec against the broader Britain as China and rati 
occasionally succeeds. Pressure background ©f public opinion more than half as much 1 
on the Hong Kong Government eanwmic relations. As far Japan. Britain’s exports 
to change its policies m line gc .the former are .-concerned Kong row 19 per cent 
with British guidelines can be jt seeni that Hong Kong spends !977 to SHK2,lfl2m. and 1< 

exerted through the Governor _ deal of tiro* worrying like putting oxi another 10 


Mi wyw .: ■» ” 




CREDIT LYONNAIS 


IN FRANCE IN GREAT BRITAIN 

International Affairs Main Office 

1 9 Bid des Itallens - 75002 PARIS 84/94 Queen Victoria Street EG4P 4LX LONDON' 

Tei. 295.70.00 - Telex : 630200 Tei. 01 248 9696 

Subsidiary in HONG-KONG : 

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2901 Alexandra House - 29th Floor - 16/20 Chater Road 

GPO BOX 9757 - HONG-KONG - Tel. 526.2051 - Telex : CRED HX 76390 


El/ROFAff rNER$ : BANCO Di ROMA - B Aft CO HlSPAftO AMERICANO ■ COMMERZBANK - CREDIT LYONNAIS 


One of the reasons for the 
existence of what seems to be 
quite a serious communications 
gap between the Hong Kong 
Government and Whitehall is 
probably that keeping up with 
day-to-day events In the Colony 
(not to speak of the sometimes 
perplexing background to 
events) is genuinely beyond 
the capacity of the manpower 
available at the British end. The 
“interface” for ' dealing with 
Hong Kong in London is the 
Hong Kong and General Depart- 
ment of the Foreign Office, 
headed by a former colonial 
official without direct experi- 
ence of working In Hong Kong. 

Routine business relating to 
Hong Kong is bandied by what 
insiders call the “third room” 
of this department— in effect a 
Hong Kon\ news desk staffed 
by three junior diplomats whose 
Job is to process and digest 
incoming messages. Officials at 
the Hong Kong end admit that 


exerted through the Governor _ gjeat deal of time wonying .Hke putting oxi another 10 
who is technically answerable a T>Jfit Brttafii*s reactions to its 20 per cent this year. T 


to the Queen and thus acts as a (especially - the erffi- ; reflects recen* successes In v 

’’hinge” between the Hong Kong c fems 'of backbench Labror MBs Jdng contracts under the If 
and British Governments. w fcf&r invariably make bead- .Transit scheme. 

The reactions of the Governor toe Hong Kong. Bressy Britain probably has a j 

to pressure applied on him from ^ Quote another lpcad' enougi economic ‘stake In Hi 

Britain are likely to depend in offiripL "hardly anyone in Kong .to be firmly committed 
part on his own past career Brit**n rtfeffls to have heard of main taining' its role in 
(that is, whether he is a diplo- Hong Kong!” - . Colony apart from any ohh 

mat, a politician or a Hong -Tfce- bosiness and economic 111005 that it might feel 
Kong Government official, by rela tfonship exists on mother, Bong Kong Itself (s 
background). The present nerhaps more rational plane. « *S»e oWigatioo not to 
Governor. Sir Murray Made-, ^ ft® have business oonfidehee- by mak 

hose. Whose term of office, has Be ^{nvolved-Jn barff bargain- a disorderly withdrawal 
been generally . considered i n 7^mng toe past few years oat -proper cowsultaJflat;f 
highly successful, happens to be mattezK^as':tito pro-: ****»$)•.■ Deapite.^ Jbu, 

the first former diplomat to have P 5fflfw nf Hang Kimg -reserves aches are Hkely to..oonw% 
held the position. to be held in London '^now re- over the question of exa 

Sir Murray has been person- to zero) and BritainV how the "mother oduaft . V, 

ally identified with a series of 0 biieatioato eontrlbirtB to Hong -Should -behaye .towards, v' 
welfare and development pro- vbtfidefexa* costs (undergoing Colony, and how- Hong Kj . 
jects undertaken in Hong Kong aroeressive reduction under a aboufif react, Mucfe.wlli.depf 
over the past few years which year «reemeqt Mgned In on the ’choice of a new G*- ‘ 
almost certainly would not have p aAmb er. 1975). .: nor to succeed Sir Mari '. . 

been initiated by a Governor r V' : whoeq tern, ctf office, exp^ ... ’ 

whose, -career had been spent Bargaining 6n Issues such as - (after two extensions) "ii ’*:*■ 
entirely in the Colony. these appears to hav* '7eft-T». August 1979. V 4 ' 

His efforts have received a hard feelings on eltherside but . 
generally good Press but lure the same cannot he; said- for; :• ■ _ J . T.- 




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We have growth Avith Hong Kong and as oat of ■ # 

the largest banks in Asia we are in the best position to assist the busmessman. 

f'rrn *iVt im ainr tradine aiidfciancial centres of the world as 


wellas abrb^rahgeofbanjdiig iaaimes- 

The Hongkong Bank Group 

With offices in th$ major financial centres of the world 

HefedGffi^ Kong; % , , _ . .. .. 

1 London; 99Tfcshopsgate, London EC2P 2LA ' 

fifid.fa FxHnhurgh and Manchester - 

- 1 ' The British Bank of The Middle East 

_ . . lA»doiu99Bishppsgate r I^KUmJEC2P2I^ - - 

. Members Of The Hongkong Bank Group. 

' -V— T.v- “ A V’-Vn;.- «-;V .. • \ 




RESULTS FOR 1977 


Gross assets 

Shareholders funds 

Profit attributable to 
Shareholders 

Earnings per share 

Dividends pershare . 


HK$1 ,423.85 million 
HK899Z44 million 

HKS99.61 million 
30.8 cents 
18.5 cants 


HONGKONG 

Talkoo Sh'mg: Over 4,000 apartments in 20 towers now sold 

Industrial PropertiesrCtons^mctioh commenced on a 650,000 sq.ft 
godown/ industrial development at Taikoo Trading Estate. 

Commercfel Properties: Sutherland House in Central District acquired and 
. Austin Centrein Tsim SftaTsttf completed — aJlfultytet- _ ^ 

Residential Properties: Acquisition of Consolidated Properties and 
Stores .Ltd. .completed March 1978; 

Gammon BuildingConstruction Ltd.^formed with Gammon (H.K.) 

Ltd. 1st April 1978. : 


U.S.A. 

Mainland: Swire Properties hie, became a wholly-owned subsidiary 
on 1st January! 978. : . : 

Hawaii: 55 town houses under construction. • 


FUTURE PROSPECTS 

The demand for the Company's properties both .for sale and leasing remains 
strong, and white future prospects mustbe contingent upon external factors 
the Company's Dlrectors expect thai profits for! 978 will show a steady 
increase over those of 1 977- ‘ 


J.H. Bremridge 
Chairman 


ire Properties Limited 


The Swire Group 

Swire Hou^ titenglfeiig*. 




1 

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jg^s stock exchanges is : 
practice and finaiwaal integrity 
cent past, and the ^Tenunent is 
a the tak wer ^d tos set • 

insider sh^e dealing. ' 


HONG KONG'S aim of becoming : 
the financial centre of tbe East 
is not lielpM by ther reputation . 
ol its stock exchanges. Notorious 
for their liuc standards, insider 
trading and volatility, the four ; 
Hong Kong stock exchanges are 
sometimes an embarrassment to 
those business leaders ©jnceraejj 
with financial integrity arid 
ethi cat .practices. 

Admittedly,,- Stock : market 
behaviour has - improved since 
the 1973 boom when companies 
which never even existed in- 
reality were listed on the 
exchanges to- raise capital — and 
were never checked or investi- 
gated by .any. authority. It is 
also true that the volatility of 
those boom-and-bust days is now 
a thing of the past and: - that in 
1977 Hong Kong markets were' 
among the most stable — or 
stagnant — in the world. But the 
memories and -reputation live 
bn, and cases persist of insider 
trading— where people inside 
business use -privileged Informs- ■ 
lion to their advantage hy buy- 
ing nr selling shares ahead of a 
public announcement. 

At last' the Government has 
decided it must act to put the 
four stock exchanges in order.- 
Years of exhortation have done 
little to improve standards, and 
so even, an administration 
dedicated to the creed of free 
enterprise has seen the need to 
intervene for the sake of the 
rest of the financial community, 
which is beginning to suffer for 
the stock market's poor reputa- 
tion. 

The Government is intro- 
ducing legislation for a tighter 
takeover code and, more .import- 
ant, a tribunal to investigate 
insider share dealings Whether 
these measures will be enough 
to maintain internationally 
recognised standards of business 
practice is doubtful, largely 
- because the -tribunal does-. not 
have the power of -the Courts .to. 
punish offenders under the 
c rimi nal law. The- tribunal will 
merely investigate malpractices, 
usually in private, and then- 
make its findings public. 

The chances are small that 
unscrupulous shareholders will 
resist the temptation to make a 


killing by ‘using inside info 
lion ' : because of -.-” pos 
exposure to public censure.- 
Government hopes this — 
public, exposure and cc 
professional', organisations 
fellow businessmen will.. 


bank, tlutchingso oftenthe 
money of small shareholders.". 

One foreign barikfer pointed 
out some of the -flaws in Hong 
Kong's ' stock markets -when he- 
d-.said that stricter share listing 
fellow Businessmen. w*u .. wiric requirements are essential. 
the wayward and the wiSedLa result of'--' the 
but it. appears -to be . » 

n ^f^ntspedficreflpirementsrtp 

Previous ■ -rwelatioiis^w: utfr :. ensnreauffident and .open ffnan- 
practice over .the dal disclosures by companies, 

pages of -me - nnanfliaiTirrps^ :ma -y oy^se^s ihyesters cannot 
which ■ minutel y . ^ ocumentea jmjge the rvalue and potential 
' the activities of several leading o£ Hong slocks. This 

businessmen, did tytoin ? to enq. .overseas investors 

the practice of trading. ^ me i&, Standards ehr 

There are thosann the Hong ^^^*4 . ' 

Kong business Another common complaint of 

- JP325 oveSSTlnvestors T^e ud- 

nrt^Knecmes and J 

‘ pubHc censurejM practices they w 5 1 -? 

would never [condone for a d ^y s ~ t] _ Llh ? S a rcc 
minute. IheJf again there are vestors^ftose from overseas ijee 

those who wll not be shamed no need £oar four s^iaiate stock 
into " sending their colleagues exchanges where the combined 
to Coventry Tby a Government- daily vohime last year averaged 
appointed trfmnaL The whole a meagre gHK26.4m. Admittedly 
exercise is reminiscent of this waa lnrlf the ISTfr average 
teacher seeding a catapult- and in a - "recent- stock maAet 
toting pupllfinto. the corner For surge turnover has risen ten- 
15 minutes; before life — and fold, &ot<hece Is still no justi- 
catapult firipg— returns t0 nor ’ ficatiaa for the existence of the 
mal at the end of the lesson. four exchanges. This is another 


lmder ong exchange, a i 
callhris tezm will be aible lx 
vestigate more' effectively 
barikgrdii&d of 1 any- new si 
-listing and. regulate professi 
lyniiiirt, ~ while - the Com 
sdorier for - Securities will 
able -to enforce^ legislation n 
? eariiy. * . . 

'. -The' broader -«rid~4ess err 
umricetr wife greater dt 
which would result from u 
cation -vdk save instito^^^ 
vestors /in' particular e lot 
thrift, aid efltoit. The days 
price movements 
fotu^^Kchanges wili be over, 
overseas. tovestors will feel \ 
k apprebenslve about, enlei 
.TS^oreigft xnartoeti- v 


mal at the end of the lesson. four exchanges. This is another 

problem to which The Govern- 
T A i i all p r ment-hw derided to apply itself. 

JL LlUgjIICI. .- Unification is one cf the stock 

Even the Government admits 

that tougher measures may have made tt 

to be taken to. enforce the staa- Mi: « 

dards that are essential if Hong quftf 

Kong is to change the interna- cbarigies gft farther than their 
tional .reputation of its stock 

markets. ; The Financial Secre- aUonpte at^unification, the Gov- 
tarVi .Mr. Philip Haddon-Cave, ernmetA ,wflL consider fanning 
said It Is. not easy to devise a in legislation to fonpe amaiga- 
method that will trap the nurtKlh.njr "1980. .It is possible 
culprits only and leave the tiuff progress^ ^ along thi* P«h 
innocent alone. Consequently vrill be.made hi? the end of.this 
the tribunal will be reviewed year 'w^en the four exchanges 
after' two years, and no doubt may "Operate .alongside earii ■ 
sterner measures will be con- ptheron two floors of the same 
templated. to bring Hong Kong building -instead. .. of . being 
into line with insider legisla-. around Hong Kong: 

“Meanw^t tie ime time '■ ^S^SSSSSS^St 

it is a fair bet that Some of the wy 11 * y 1 ™” “_r_ . 
sh££ wiU remain free, and in Mm ^of^SS 

the words of one local broker haw a great deal^ ol v^r ^ 
?'The unscrupulous will con- intertst and : _perSMiaI jttidrito. 
tinue to laugh all the way to the overcome. He envisages that 


i^iese developments are 
in 4he longterm, but in - 
shorerim the health and actit 
of ^ local market will ' 
determined more by the wa 
econbmy^ .and how tha: aff< 
Hongkong, rather. than by $ 
posais 'Mtficli may he finalised 
the next clftcade. . . /-j 

After ^flire^UatiHg nanOT 
and. quuttly throughout u 
because fff the ' death of ^ 
company '.results, the rival 
from the highly active a 
bullish gold market and tbe i 
certainty over Hong Koa 
trading position in the wake- 
protectionist' policies and k 
demand . depressing t 
dominant textile industry, t 
market has entered the CMne 
Year of the Horse in - fris 
form. It has already soared 
last year’s highest level, a£ 
an initial fall prompted by b< 
local and overseas selling ahe 
of and after the abolition of 1 
British 25 per cenL Surratf 
Buie.' - 

- With a recent spate of beti 
company results arid 'more 03 
raism for the future than 1 
existed for a long tkne, 1 
marisetlooks set far. a health 
period; than it enjoyed. in 1 
p receding Year of fee Snake. 

By a Correspoitde 


Providing prof^ioi^^’nanciai,ar^ti^sennc8SW*WwI^ 


AUSTRALIA- 

Nugan H«nd UitHtad- • • 
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Totsphons: S7331 1 . IdVK 271.27- 
HONGKONG- 

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teiephonK 262321. tai«cKM» 
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Bank ol Now ScndaBJUng. 

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if H HONG KONG VII 


The 12-year moratorium on foreign 
banks openingnew branches in Hong Kong has 
> been abandoned. But this has come at the same time as a more 


stringent tex regime on ofishore banking.; 





v. 


-“KgTRjr 

'•-■^rnnifemis 

’ i r " nq- _ 

- l ' u «-3a N V t 


BANKS can look 
; >' more rational. 
; exuarorauent here in 
ftoujjh they must also 
‘ njeet more stringent, 
liquid ity-and possibly 
_ J .'atfeqiwy 1 as. well as a 
^wai tax regime. 

' ^emfe^of the uncertalirty and 
- Ja^-soreated within -the inter- 
v .rational- banking common rtyby 
. ambiguous official state- 

amis on taxing banks’ offshore 
• Amsjgs is now being dispdled. 
Tie picture is somewhat dearer; 
do. on banks’ operating ground- 
tiles. . /. [ .""• 

jf isriat has emerged in. the 
/Period sinceTHong Kong’s Finan- 
ridl Secretary, Philip Had do n- 
fl ;avei : ' announced a more 
-«‘^rja^nttax regime on offshore- 
-.afiidng: ia Ms March Budget, 
mice the subsequent 
330 un cement of a more liberal 
3bcy towards foreign bank 
ranch openings, is: 

Offshore loans which are 
jrely * garaged ” in Hong 
ong, in' tbe sense of being 
xft entries only, will not be 
ibject to the proposed new 
* on net interest received. 
Other offshore loans, where' 
^Hong Kong bank or deposit 
“ag company has played 
601 part, will be taxed either 


a 

Vi 


1 


rket 


at e full 17 per cent or a 
JoWl rate where profits axe 
®pP c ioned between Hong 
^°°Snd other centres. 

^ tei eve this, Hong Kong’s 
.? l ute law will overturn 
•fcSstfrfcase law which applies 
H Prison of credit test” 
5o dedda r where offshore earn- 
ogs are ■table, 

Hong 



The Bank of China's building in Hong Kong. 


their total assets in the form 
of low-earning liquid assets. At 
the same time, the suitability of 
tbe liquidity requirements 
the Banking Ordinance will be 
looked at to try and determine 
acceptable common forms 
liquidity for both types of insti- 
tution. The finance companies 
will also be reqtored to make 
monthly reports to the Com- 
missioner of Banking. This will 
require free legislation. 

This should put both types of 
institution more on an equal 
footing although the banks 
themselves, which can gear up 
on their fixed capital as much 
as they dean prudent (or dare 
to according to the bank con- 
cerned) may soon be limited 
by officially prescribed ratio in 
this respect, as presumably 
would finance companies. The 
Government secretariat admits 
that “capital adequacy” 
something it might have to look 
at. 

Probably the biggest anomaly 
ended by the present moves is 
that whereby foreign banks with 
the word “ bank ” in their title 
have been penalised since the 
Government moratorium on new 
branch openings by foreign 
banks in Hong Kong was intro- 
duced in 1986, to prevent the 
Colony becoming over-backed 
and to stave off further bank 
failures such as' that of Canton 
Trust in 1965 and others before 
it 

After that entry incognito in 
the guise of a “Finance Com- 
pany ” and under the deposit- 
taking companies ordinance for- 
bade the use of the word 
“ bank.” And foreign banks bad 
to get round that one by incor- 
porating local companies. 
Chemical . ~ftank became 
Chemical Finance HK and 


one’s decision to 

ibandon- . xe l^-year mora- In future, “when a bank or only reason why overseas in- 
orium ottireign hanks open- financial institution obtains stitutions decide to conduct off- 

ng new hra^ es ^ the Colony funds, whether locally or abroad, shore activities here.” Many 

>as been dieted partly by a through its operations in Hong bankers, including those in ^ ^ ^ 

esire to cok» into line with Kong, and places 1 he funds Singapore, who contemplated Bankers TrusTbecame*BT aSjl 

hanging vie*, elsewhere on abroad to earn interest, , the switching loan portfolios whole- Ltd ^ for instance. More than 

.^rtemational ranking super- profits from such interest will sale out of Hong Kong when prestige alone was lost in areas 
•. as wellaa a desire to be taxed irrespective of the pro- they thought “garaged loans sueh ^ foreign exchange mar- 

/.3 d dom , estJC *omalies. vision of credit test” ... would be affected, would agree. j- etSf where banfc . re]y on 

/: • . t foreid quasi-banks This . sounds unequivocal P 105 ? ® x P enen ce °f the oa o iei hut those stuck with the 

. j jre will opt tt become' full enough although some observers banking environment in bate name u hank” were more galled 

■-■-ranches, although those that feel that the words “through its f en ! Tes would much rather do by the fact that others lucky 

J 1 fa ? e porting and operations in Hong Kong” are ^ usiness . under the Colony’s enough to be called simply, say, 

luidity. requi remits similar freer regimes— and do so— *but “Credit Lyonnais” or “mann- 

Hanover ”• 


•• iiuLLiLj requirexttots similar ' n to interpretation, anft.pos- l P xr regmi^u uu “Credit 


inks at present 
...These liquidity xe&irements 
.ieinselves are likefc to be 


manu 

could 


SS SmSSSSSd'SmtS may ^ dentate their loan operale throng baches of 

SSi5S^toSSi2S2 J?. % their parent in Hong Kong and 



relating to where and howfcbe s moves. All no t as locally incorporated com- 

reiaang lovmere wn jrov.me ^ to htoge on tee question Da nies. 

deposits azc : gameffid^nd .the S^XionASnt: of profits, and pameS * 
funds on-lent would i to be pj^whether tee true inci 
examined on a ■ cdse-4>y-case 
basiSi 


./Outable to an overseas branch, 
"no tax would be charged. 

Hong Kong's Inland Revenue 
Department claims to have 
established procedures for 


dence offthe tax here turns out l(CDillD§ 

- ... a to be 17 per cent or something .The distinction was more than 

If It could be spbwn that the raore m tn e with Singapore s academic because, with the 
profits from interest arose partly 20 per cent, on offshore bank- assets of their parent companies 
’ W 5*Ji!L ing and Maiula’s 5 per cent' ' available to branches they were 

anjpa^y from the su stenti ^ foreign '. ; banks here are t° Puvbark on more adventurous 
“ppen Witt faced witT emetine a new lending pelides ttan locally tt- 
mtt^iSe foreigSSnrrency Jungle of laws, at least they are coiporated companies with 
loans— then a “reasonable eroergiag from another one m “ch more limited assets, and 
apportionment of the profits will where banks and quari-bwdes who aught find mmiton from 
•have to be made.” Where profits con^e according to different th ff^2?LS? T 2 S 
vere found to be wboUy attri- ground rules, and on grounds Everyone might recogmse tee 

which are riddled with name behind the finance com- 
anomalies. pany’s alias but it was a moot 

H n mt rnw-rnmnot P oint whether the parent had. a 
. Tbe r S° ng 5°°, g legal as weU as moral obliga- 

mmntnSnm ^^fnrpitn 1 hariVs ti0n ^W 3 ^® t0 bail 0Ut over ' 

, — moratorium on fore gn banfo adventurous offspring. A Bank 

determining who did what, and opemng full branches here sub- ^ called a bank can now 

where, in . respect of offshore 3®* to a number of conditions, re g,- ster ^ ^ Hong Kong 

loans— UJv. tax authorities one being that only a single ^ ^ at disadvan 

impute part of the profits from brancai is opened m the Colony. t0 quasi-banks on 

international loans to London A number of banks have already supen^o^ yet gtiU eujov a 
where Eurodollar funding is applied for licences under the deposit base, albeit 

made— and there is review Ordinance (1984) to one branch, 

machinery in tee Department in others appear content ^ nQt ^ ggifless re fornj 

uc Hong Kong to ' deal with to continueoperating under tee QQ Hong bongs' part An in- 
0 f individual objections, which can formal committee under the 

later be appealed in the courts. 9£ auspices of the Bank for Inter- 

■apital adequacy, ratios may however. Sir. Baddon- r fJ ,erat ‘ national Settlements, and repre- 

- 'rtEOduced. Cave has to get his new law "jnte both Ordinances. sentilI g the Group of Ten plus 

the tax~ issue, Mr. Hadden- through the. Legislative Council rnose banks which remain as Switzerland, recommended re- 
w - 7 said quite explicitly on here. The second reading depost-talMng or finance co 111 * cently teat the monetary autho- 
'•12, when he moved the debate was adjourned until May pames only ~~ there are cur- jtty of a country in which a bank 
. , :-d reading of the Inland 10 to enable tee Council's un- reniiy. some 200 of them will j s incorporated should be re- 
me (Amendment) Bill official (advisory) members to oojlonger. be able to operate in sponsible for tee obligations of 
.-.-. that where a bank did consider tbe bill an detail. f.P 3 ! 1 its branches worldwide. 

» Dore than make certain AJteongh non -controversial "JjJJp cIl ™ ate of- official sjwer 1 - By opening the door again to 
~ ~e®ries — commonly known legislation would normally ex- they liave en30yed m foreign incorporated banks, and 

. oolong” or “ garaging ” pert' to get throu^i its com- .. , ... thereby discoUiagiiig IocaUy- 

st dearly could not be mittee and third reading stages d -® Sfl incorporated quasi banks. Htrag 

o arise in Hong Kong and ^ nod ,» there has 

- ore, would not be taxable, already teen a good deal of supervision back onto other cen- 

. . -at will be taxable are the - JSggg aginst teis biU by hiehlf n^' ^ monete ^ authmities. Thus, 

•i fram interest (tot jj bankers, and Haddon-Cave him- bf iillland^/teey when Mr ' Haddon ' €ave ^ 
st receive^ less related ^if admits he is facing a con- CTulfl not operate nirrent w “ ntTv iha * 


: ,ng Kong's Financial 
fretary, Philip Haddon- 
Cave. 

; wed in the light of the 
. ised rationalisation 
• Kong’s banking structure, 


siderable 

opposition. 


groundswell of 



Reluctant 


recently that potential entrants 
under Hong Kong’s new Hberal 

were never subject to pnidenttd re fj“5” ust in 

**.- 4 . C ..11 countries where monetary 


accounts, the finance companies 


Even so, the Financial Sec- 


authorities exercise “effective 
supervision ” he clearly had the 
recommendations of the BIS 


st (paid “and related over- 
sspenses) where the role 
Hong Kong bank is more 
In effect, the test is 
r bank employees in 'the 
' have uadertajien work 

1 Intfirest-beam^ loan. ___ 

. is a new departure ^ to compromise the principle nitioi md to detail ’them- The idea of limited licence” 
*, although, .the inland 0 f.th e BilL He has made it clear' m0 nfhlv to the authorities, as has been scrapped as the 
e ordinance l '“ ‘ ' ’ — ^ — — * 1 — — v — 

nterest ds 
tax where 


supervision of the land that full 
banks in Hong Kong had to 
conform to. 

They were not required to 


retary will obviously be reluct- maintain minimum liquidity committee in mind. 

.X 1 J-- thn nniminln ■ . .1. .... 'n.a Moa nf “limH 


stipulales f 0 r about five 1 years that be the banks are. The main justifi- banking 


here 


chargeable to thinks banks and other financial cation fdr "this, oiT tee grounds believe there is nothing that 
the source of institutions in Hong Kong ar® that tee finance companies were banks £ 






authorities 
re is noth 

_ ^ cannot now do. by opting 

a is Hong Kong, it lays jn an - “ extremely ~ favourable not Electing" 'smali deposits t0 become either full banks or 
uo test for determining position (taxwise) vis-a-vis other f puh^c (and that bigger fi e PPSi t-ta *ibg companies, or 

-urce of (intaiest- How- businesses.” This aside, tee new depositors could take care' of S&J 01 ?-* d £ 

case law in Australia, tax should yield the government themselves), failed to take lumt ™ be™** banks. It is 
Africa and elsewhere has about $HK80m. a year from its accoailt of the fact teat deposit- 
shed teat tee test teonld commencement in year ot ^okiiig companies 

place where .a -credit is assessment 1978-79, alteou^ buyM^ of funds from me to mioht have madp 
iVailaMe to tee borrower, the “final assessment plus pro- ^ the. interbank market, and task of deddinc what 

now, Hong Kong has fol- visional assesmnent basis of who was to say whether those ^ suitable liquid and 

pSSft. . in^memmHon ong means { ^ t0 ? ^ or 

- . > rduig to HaddofrCkive, *b e 51eU ^ big d®ositors of the banks. “finance companies” which 

irision of credit test has around $mvl44m. So, the finance companies too may be bona-fide consumer 

1 increasingly artifidal as Haddon-Cave claims to be un- will have to maintain minimum finance organisations or quasi- 
s of detenmning source impressed by arguments that prescribed liquid ity in future banks doing wholesale banking, 
rest. “It is possible to Hong Kong’s position as a although the liquidity ratio will The idea of the limited licence 
ut virtually all aspects of financial centre will be in- be differen t from that of the (or “restricted licence” - as 
3 operations in Hong paired “in the long run” by the the hanks, given that deposits- Singapore calls them) . bank 
md- yet provided credit derision to bring at least part with bona-fide finance com- may yet have to be revived, 
’< made available outside of bank’s offshore earnings into para® are generally of longer some observers feeL 

™ “ ^ ^ ntaees ^ not tte a.statt’ Anthony Rowley 

• r ■ y 4i 









Growing xxp together 


The Swire Group has been in Asia since 
1867, and we’ve seen some changes. 

Hong Kong, our main base in the region, 
has enjoyed incredible growth and 
development over the years . 

And so have we. In shipping and 
dockyards, in soft-drink bottling 
and paint manufacturing, in 
airlines and property 
development, hotels, trading, 
and marine engineering, 
our expansion has been, we think, 
contributory to, and parallel with 
that of the region. 







... . .x . 

Cathay Pacific Airways, our airline, has 
developed in Just over thirty years into a 
fleet of Lockheed Super TriStars, Boeing 
707s and soon- to- come 747s linking South 
East Asia, Japan,Kbrea, the Middle East, 
and Australia. Its supported in Hong 
Kong by other growing companies* 
including an aircraft engineering 
company, sophisticated air catering 
facilities, an air cargo terminal, and 
related airport services. 


•* Our Shipping and Offshore Services ; 
Division supplies vessels on charter, 
offshore oil rigs and other equipment » 
used in the ongoing search for the 
worlds offshore oil and natural gas. 

Among these is one of the 
most advanced oil 
rig servicing vessels 
\et developed — a 
computer-assisted 
craneship. 

; Tarkoo Shing, 1 
our“city*of 
52 modem 
residential 
towers and 

commercial areas, is the largest 
project of its kind in Hong Kong. 

’ It is developed and 

fm tji ’* managed by a subsidiary 
*|JH |:J Swire Properties Limited 

4 " 



who have additional 
interests in construction 


in Hong Kong, and real 
estate in the U.S.A. 
and Malaysia. 


Like Hong Kong, we 
can see even more 
growth in the years 
to come. 

It is this constant 
search for new directions that keeps us a vital, 
dynamic force in Asia and the world.:' 



Swire Ibrific Limited 

SwireHouse, Hong Kong. 


AIRLINES AIR CATERING AWAirWaMABIlEBOJEERING HOTELS MANGECIGRNS HSOKHIY TRAMS OFrSEREGlSRJlCZS 


C .SVH20 


r 




■- 3 -1% 


M 


To Future 

Generation 

Security 


HONG KONG VIH 


Financial Times Monday April 24 1978 I T^ c ' 





japing 7tn izoniurv 
tfirpfe'lini$ the iwst 

lo lh« prfVfAT Wllh 

She Mlemn brjuiy. 



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

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


a fully integrated banking service 



Head- Office: Osaka. lapan 

London Branch: Winchester House, 77 London Wall, London 
EC2N1BD 

Frankfurt Branch: Eschersheimer Landstrasse 14, 6000 Frankfurt 

am Main 1, F.R. Germany 

New York and Los Angeles Agencies 

Singapore, Sydney, Sao Paulo, Hong Kong and Houston 

Representative Offices 

Subsidiary: Daiwa Bank Trust Company, New York 
Joint Venture Banks: P.T. Bank Perdania, Jakarta, 

International Credit Alliance, Ltd., Hong Kong 


There is an element-rf ~ l ?v . s: 

Hong Kong commodities market-volume is low so ' 
local attention is hard to attract, but the potion: ^ 
conld be reversed if local traders made more . : - 
nse of their own market - 









DULL AND featureless are the 
two adjectives most commonly, 
used by dealers to describe 
activity on tbe infant Hong Kong 
Commodity. Exchange. The trad- 
ing floor is a very different place 
from tbe hectic scenes in, say, 
the Chicago commodity market, 
where a strong voice, insensitive 
ears and tbe stamina, of a heavy- 
weight boxer are needed to sur- 
vive the ear-piercing din arid the ‘ 
frantic activity of even an aver- 
age day. In Hong Kong the main 
attributes of a commodity dealer 
are somewhat different. 


*e/:; 




. -i 


.. .■ - ft’ > 



nr’*. •••• 


- j£?7. ' 


Proficiency at- poker or other 
card games, an appetite for 
reading and endless patience 
are tbe main requirements for 
operators in Hong Kong, where 
the Commodity Exchange has 
yet to get off the ground. Except 
for brief spasms of activity, the- 
market drifts along with only 
marginal interest Turnover; 
especially in sugar but even in 
cotton, too,- is often embarras- 
singly low,, with as few as- six 
or seven lots traded in a day. 

The cotton market’s record, 
daily turnover of 225 lots is 
pretty meagre fare compared 
with tile New York market’s 
dally average of over 3,000 con- 
tracts. Moreover, the New York 
contract- of 100 bales of 500 lbs 
each is twice the size of its Hong 
Kong equivalent 

What is left at the end of the 
day for the 58 members of tbe 
exchange is a very thin amount 
of commission, perhaps under 
SUS500 : if less than 25 lots are 
traded. “ This barely covers the 
cost of the papers and books we 
bay to while away the time/’ 
one dealer said, before grinning 
and adding that it was good 
thing he was on a fixed salary. 
Many exchange members are not 
even bothering. with, the market 
at tile moment They are waiting 
until the 'gravy thickens — as it 
sorely will, they say. 

As one leading international 
sugar trader, who confessed to 
having a strong desire to see. the 
local market succeed, said: “If 
you open two new markets when 



SAKE* ' 


the sentiment around the world 
is very bearish there is nothing 
you can do but wait for better 
days when the international 
market picks up. There just isn’t 
the volume and demand at the 
moment for the world to need 
this market” ; - 


:Dealers on the Hong Kong Commodify Exchange . 
create interest and give volume cessfuHy and efficiently in tire , vince local ootton spinners that at the Hong Kong marktf*°J 


Hons Kc 


rtf making a killing, or at least firm which dears contracts*. one of the Exchangers, major. East— btrfore-. the end 


labour — an u 


a reasonable profit, should tbe the London Commodity Ex- • regional users, have s&own a -oriental day. 


.. World cotton. - prices have 
fallen by nearly a third since 
the Hong Kong cotton market 
opened in May last year. After 
their . steady ‘ toll to under 
IT.S.50 cents a pound, cotton 
prices did recover slightly, but 
still - the bearish sentiment con- 
tinues and that is bad for specu- 
lators, which, in turn is bad for 
trade. 


dreaded boll weavil eat the U.S.. change’s soft camnpdifteM 
cotton crop or ba^sb weather ' contract guarantee ls'provid 
la^i the Soviet cotton. lauds, "by a consortium of . banks ^ 
Unfortunately for tbe Hong duding the great* Hang Ko 
Kong market it opened just and Shanghai Bank, and J 
when the elements and nature Commission for Commit>®S 
smiled on the U.S„ which Trading provides safeguards 
reaped its richest ba r ges* since -law which include the comp 


: marked lack- of - interest in theda- , the market -.cow tro 7, 
••local exchange. Generally they "Jafran, "which Is- a mfl worn 
-are- wary about hedging*: aft-raw', material imp# r > P 31 ' 
"They prefer to- pay the - riiHhgi ticiiflatiy of sugar, / 

..market price and. accept the from' '.'the ' norcp™?™ 1 
-risk - involved: -Even ■"those' centres of commcAy 
cotton spinners who engage in' in Europe end Nfh America, 
hedging ore reported to use the The market re/* 1 ** 


p* des P erat{ 

WSj tad although 


areas, il 


Commodity markets depend 
on speculators to come in. 


.japed its nonest Harvest since ^uuuc me cumw- neaging are re pane a to use me me market icr- .~f 

1965. and on the Soviet Union, s0r 7 registration of all dealeSt New York market which they welcome and muefo^oea oooa 
bit* enjoyed its largest crop The maintenance of infer- know and which. has good in February whf JJ™** 
l record. These bumper bar- national standards is an aEso*. depth and. flexibility -through' leading com 5r lty ^ 

*sts in the world’s major cot- lute priority if the markeTis the very size oflts' volume. - house, Merrill mch, aeaaea ® 
« fields sent prices into a ever to become an integral v ? become a menfer of the Hong 

wnward spiral from which of the worldwide commfdlty”' VOlSltllC ^Kong ExcbaW- A month later 
ley are only just beginning to trading system. Just a# the ■ ’ ' the Phitimpes. a maion 

*ov«sr. Hong Kong gold- toarkcffnaw When activity does ipickynp 

ranks among the warf&’s in 'me: worid.-^Harket, rflong dbeer, 

uonnoenee antf providestfievenue lor Ate* Kong - is w«UA take ba- doc? ^ 5-J 

national gold deaHhg ffr a&W advantage':, of the: volatility. There: 

^S^nSJSSSS SEEZSL one-third of the tttre&ti- jfey, Ybrk, WhiclnctosCs the the ExcfenS*, 


whit* enjoyed its largest crop The maintenance of i 
on record. These bumper bar- national standards is an , 
vests in the world’s major cot- lute priority if the m»rfa 
ton fields sent prices into a eV er to become an integral 
downward spiral from which of the worldwide commj 
they are only just beginning to trading system. Just aj 
recover. 'Khns • bnld l-'hisrken 


Confidence 


7 -CUM' 


JrfTSlS aSSnrf 50 tie Commodity /Escaehge tratSng if an, the -day once--ti» tom 
to hopes it- wifi: appeal to North price has rioved up or down cento 
American aW Etifopesn com- U A 2; cents a- pound, the Hong Ze ti 

aSd^ suwwtir^Tday modlty T° ™tto Kong Exchange regulations re- of as 

conduct busineaS in large quire offiyA/30^ute.“cooltog 
Officials are sure th^itisoiUy Qf cagn doses at off period^ Whidk. can be -te- SpnS 

Ko q ^^SbU*S^ fadt & m night *** tefofc London and peated oonthmi^^. until the devS 

SStSwrti Parls °P en ■ the Jollowiag n,orn. 

but they admit it will he a long ing * " .j • ..- Dr£ m de- 

h.. Rnf curb tmuphts are merp Kong Will . provide-- operators » Aar 


AN 


/ / 


INTEGRATED 

FINANCIAL 

SERVICE 

GROUP 


but they admit it will he a long ing * ' ■ * 
haul. Chainnan of tiie Ex<*ange But su c ° 
Mr. Peter Scales sees it like hopes «t 


“We have created the there will p 


ughts are mere will' . provide- operators 

moment and With good'chances for a^ltrage 
iftbly be several against other markets whoever 


market, a framework people can thin years bfore the yearn of out 


have confidence in, they will plenty see 
use it- It’s just a matter of into tbousa: 
time.” ■ one dealer 

. No one criticises the running years and 
of the exchange, which is car- get the Lo 
ried out along the lines of off tbe grou 
markets already operating sue- First the 


JEurnover running those overseas. ; \ £ 

As of contracts. As The trading day to the Hongvjj 
toted, it took three Kong Exchange is designed soT 
he Cuban crisis to that - it partly overlaps with g 
lid on sugar market business hours in Europe. t , 
id. Liverpool cotton merchants and 

exchange must con- Parisian, sugar dealers cap 4 lodk 


(rttmodties- Stivef and 

■e tiiefwo-'hietals most spbfeWLV:.', 

■ asm first b&d commodag: 

'Rut ifchepe-(a« priori u. v_.l " 

rvrfipmCTtv'not^astlnegee^^ Vr .. 4 . 

g i<*btdemand®ribinto6«5!; e' r %‘ .“J; ' 
jsbudedim H^as’«^a®:.lS|^ c r:. ua ‘*.‘ 

W 1 and "SSKW^‘ s ;. ^ 

riety wla^ Inte^th'reosrai,^ \ “". i-i 2 ?* 

Vlver trading t- - '^ r 

nl sance Worid. Waf-H. 
p^the.fkiminodiiyvExdiaffiiij,, ■* fna-a- 

U aave lo be edirtent to Tear^. ™ cf ,: ;e 
'crawl first,' beforuttaten®^ ■. J E ;S5 -j 


ef •!» * 


HThe Hong Kong gold market 
Is the very opposite of the commodities 
market. Highly active as well as interdation- 
ally significant, it has gfren the world 
round the clock trading. 


Sc 

• :■ -• ... :• • 


\ . seoc naa: . 

\ .-v 1 

> '■ * ' 'W fv.-V, 


Shareholders’ Funds :| HK$ 273 million 
Total Assets: HK$ 1045 million 

Profit After Tax: HK$ 41.5 million 


...aVT’ j . . 




'*in n, y 


-J - . in? 
'V : b l - 


, a 3 >ilr.- 
:n5 Pr.^,r 


THE WORLD now has a 24-hour velopments since they closed Hong .Kong turns over some gold pool, Johnson 
gold market thanks to the role down the previous evening. l_3m. ounces of business, worth The- local market Is us»l.qi4T n; • ■ 

played by Hong Kong. North Hong Kong’s position in' the currently about UiL$24Qm. .. more active than "the f . Tr, ~ 
Americans can sit at their telex WO rJd’s clock— awake and active Ski* Impressive turnover national one, with .local deafer d ' A ' r *ic:- 
machines after the New York w ij ile North . America and figures PW tiie four local' stock doing, business for jevieij.jw^er.-. ' 
and Chicago markets have Europe are asleep— ensures that exchanges to shame. CoHeK frfen- .gQlffT '. hoarding <pa,$ lu -- 
closed for the day and continue n maintains its place just behind tively they, often muster onlv (maids) .to nmlti-mUliom^h^” 1, 


SERVICES 


— ■ Pf«re 

oitva 

ch*a E 
n-aqe 
u ”- the c 
tiie 


■ Corporate Finance 

■ Dqiosit Taking 

■ Financing 

■ Fund Management 

■ Foreign Exchange 


■ Insurance 

* Management Consultation 

■ Securities Broking 

■ Commodities Broking 

■ Secretarial Sendee 


^■nvjc; /: 

I'erf . , ; 

Qrin . frr, ~ f- ft ndr 
'derpAiV'. 

w • 

rjo r ' K »h 

‘U ,Rt 

com«aV« *’ y v? lcra 

■ 


— -o mis ituisjas ue mis- lull uu. ucujuu u*g a^iu - -V— ». . ™ ■A:t v r! ; 

dealers. leading, as a hectic day in Hong in volome terms with rarely speculators who .cbmfi. intoJ^ ^rM^ ^ ' 

Later in the oriental day, K ong can turn over much mote than US$3m. market lo . gjve Tt 'ihfe ffl ; ^ 

European dealers from Zurich greater volume than either of : * jti " volume. . Asorte^fiealer J’ m iq : / 

to London Hu«y to their offices S“^o S™ sate ■ Cjfla.toltog to Hoag Kong - THs.i MI i t et i i &h6ul.the Wns . ' ;^ba 

before most of thoir countrymen IL™ j u ™ « theBreLnHv is tahceea WO mwkofe, legniiwd srt c -"* ;•«!« 

hove even bmkteM to pick tojM lsnd tteintemoaoML jaongXonr, ttaafe «?,."<> '*<?-. 1 

up the first gold price quotation often outstrips the other more J >tater. -»>• p^'sn 

or the day iron, , quick «H to trodiHonS trading ceo^ WSw^SSSSTSd’S ‘ ^ kiv , ^ 

Hong Kong, six or seven hours ae ^ .y jSJ -TT a Jr? - The for» of tiieJoral fiv/^nn , * ai i 

ahead and 8,000 miies to the _ it ,y. omt ^ weght-the tne °l-X S3 to- >ssttS s 

Tumo™f S^Sw^aiSBisiasSfSs^aa 


□ 


auc iui|ruuBu».B ui owug *whs , — - - «. - »- ■ , «,!• nften makes their Eiiropeatt ,^. ^fii» , 

in the international 24-hour gold Daily turnover tn Hoag Kong SL'SShSatt? 41 ^orth Ameriour .■.coBntemC»r f i «d th 3t ; 

trading system was underlined averages 500,000 to 600.000 cen ^ h I^ndnn Jort ioek up and take :iwtice. svC?. at 

recently during Chinese New ounces. But a figure Closer tn ceirt, pUriV 0* bbth WO OP-atid — a.._ TO „ AVanrim ‘he *r, 


Sun Hung Kai Securities Limited 


Headquarters 32nd Floor, Alexandra House, Hong Kong 

Telephone: 5-261211 - Telex: HX 74782 


recently during Chinese New ounces. But a figure closer to deSrerS' to rwentsoree in ^ sor 

Year, which closed the local ounces has been common ~^ rS whit*, .took it thrbdgh the-^ v Vh^ c i olaine 

market and so deprived Europe recently, with all the activity in an( ^.;^ a - ® ■ nT, ; - as; ouace-baifier, -&zs ISt^^ lin ^ tny 

of its opening rates. London’s the gold. market resulting from .. Alongside the' 4oeaI"nraiket, fuelled by’ Hong- Kong miS iS* f ^:on 
opening price around 7.30 a.m. the dollar’s slide, which has sent wfaidKOpeneff itsvpreifiises’ln wiKy wero vety-bulhsli. Hi,! , r ‘t ’-‘‘arrfi, 


London Office 5th Flow, BucWersbury House, North Wing. 

3 Queen Victoria Street, London EC4N 8DX, England 
Telephone: 01-24S 6157 - Telex: S87443 


is based on the prevailing Hong shockwaves through the world’s 1904/ Ires' grown more recently then -entered the^lool'' 
Kong afternoon rate, and with currency and financial markets, thtf international martet, ctftn- and- Swiss and Middle 
Hong Kong closed London was No official’ figures of gold prfetag ^ajor- bullion houses demand took over rthe 




unable to set its first price for turnover are published in 
over an hour. Most European Kong, but dealers' are sure 
gold dealing institut 
operate two shifts so 
can start around 7 a.z 
tactiog I 
their po; 
the lates 


whl* connect Hong Kong with to drive the price -ft 

■ main Sold 'feenfres of tiie TecoitiSlM). But the priced a 




hurt « 
K *- *Hth' 
?r, 

■h. ire que 










KEnShSal': j^bir«^Mbnfey ■ jApril-241973 


HONG KONG IX 




21’ 


Last year’s decline in Hong Kong 
textile production was partly caused by pressure 
from outside. Now that the industry is being forced to 
curtail its significant exports of cloth, it is 
baring to look more to finished products. 



TftQ SPKft rr P • MAitiSS ■ -some' ' This- performance -stood in importing countries to Hong^October. 1976 Canada intro- 

^e^amTm^OTKmeSvMirf' sharpcpntrast wifbcthatof lh« Kong’s man-made textiles re- duced a global quota and its 

inwiwtiiui is vRflra • dorine main small compared withthose imports of textiles, from Hong 
^ t^Hers vanvraiMgura, a * nf t«««» ani i south Korea. Kone in 1977 fell by 30 per cent 

Canada now 
r _ p . to bilateral 

SritaTn * the been stunted. arrangements *nth 

USiy-OSihce i960), did not. stop The real threat to the survival exporting 

^/sfi^Vits jin^ptioB-in Jite bKaile exports ftonx growing ^ g ong Kong’s textile industry CDUnurie ®* - 
■ jfrg Unrig Kong textile in- untO 1977. although" they did raTr) P ^ 1977 -when the EEC 

J ■Uul i TIiuii* < Vahh! fiwn itATellUl- -LI . 3 it ...'ll. 


tuw-2fhe tym-g Ws tenure m- uum iw. aiuiwsu — came in l vn 'wnen me iscit. . 

:dtfi^V7has^inaintam^ . sto^ .Hongl Kong from develop- threatened Hong Kong with JrvGCGSSlOH 

grw&^ I£.'b 1 as ■ been so in g- textile exports. in * con- gjo^aj quota control if it re- 
s ^-ful . v’ffe- , -annual^ Centra ted; maimer. Cbrtbe other j ected EEC’s proposals. The The 1977 decline “ 

hand, the restrictions in^>ose<l EEC, a powerful entity, defeated buted to marketing 

iti'm- frt itm ifv riti&n'nn- on Hone Kane’s textile industry oil tha »< ilaminant" PTtmrHTlS in fiimna urhir*ll ha 


was attri 
conditions 


PWip.W Jim. iugitiupu M UttJiUi IUB irauwuw.. UUU| B pvnL .iui w e, 

oew&- jtrp^fornt on Hong Kong’s textile inaasny aU th e ^dominant” exporting m Europe, which had not fully 

.ance-jpufffcwdJa^ ^^ seyei^ ^fel3»acfc hare become more severe.. In countries in the textile negotia- recovered from, the recession. 


some ox tne so-caueo sens- cue to toe lenguny ueguuauoua 
“*■- — Tj”Tj~"..w!re emsuuni u> h»*» » "«« tive ” products. Hong Kong bad between Hong Kong and U.S. 
ffefl'i fr y r : ;4 : ■ PglL- . field. ' . ... to swallow this pill, the reduc- and the subsequent acceptance 

jHK&3bn-ra 4976^ to ?HK9^bn. -i . •• _ won« : Kone tion of trade opportunities, for of cutbacks proposed by the 

HtfwoTOC.^ .re-expoTfe ^ rose _by Not brag after the moment, but hopes that the EEC did more damage, the 

n^fe late 1960s cutback will eventually be effects of protectionism thus 
SfeSlSS '&■ ' ^ this seet^pn was * e “* * tte “*« a long ' tenn 

con- Following this example, the The EEC’s protectionist 
"tier- "cent- ;; and ' total trolled cotton textilfis'only. was Nordic countries threatened to approach may have been viewed 
amounted -to converted into the : IMtifibre go further, Norway baring pro- in Europe as a victory, but its 
sSraSbh. SaRainst SHK32.6b». Arrangement of 19 Z4>. XSbnse- posed a cutback of 70 per cent, image as a fair trader has been 
S^IQTK tin TJt her cent. - ' quently the quotas iOlbOated by on some important items. In much impaired. For instance a 
in ^ ... *•■ j ** publication put out by the 

- students- of the Institute of 

Textiles and Clothing of the 

- Hong Kong Polytechnic carried 

" ... 7 Hong Kong is ootorioiB for its cheap 

V: -JdNOTr?rfM9 image the Colony’s Government throwing a net over it to stifle 

1 -. ... -J ■"..v.. V.' *. , , . - ^ its growth. This cartoon repre- 

tTving desDerately to ovefcome torongn legislfttion. se nts the senous view of a group 

- • J o-. .- . .. .-I.-*?. . • ■.'-•f- • of young students who will be 

And although it has been hard goii% in certain 

L it js achiering some success. . 


the' technical elite of Hong 
Kong’s .textile industry, in a few 
years, and are naturally very 
sensitive to any threat, real or 
potential,- to the future, of the 

industry /on which they have 
staked their future. Fortunately 
Hong Kong’s garment exports 
were still strong last year, 
representing about 84 per cent 
of all: textile exports though 
down by 2-7 per cent from 1976. 
Clearly/tben- the future of Hong 
Kong’s textile industry lies very 
much 'on -the garment side. 

In 1977 Hong Kong continued 
to do well in the U.S. market 
Exports of clothing made-up 
goods, yam and fabrics to that 
market rose by 18.S per cent, 
but garment exports. > to 
West Germany dropped by 
17.9 per cent, to -Britain 
by 24.S per cent, to' Australia 
by 17.9 per cent., to Sweden by 
23.6 per' cent, and to -Soil and 
by 9-4 per cent . . 

The pattern of Hong Kong’s 
textile imports is quite different 
Last year clothing only repre- 
sented a- little over 10 per cent 
of total textile imports, gagaexxt 
making technology having effec- 
tively reduced imports of cloth- 
ing. Fabrics represented 19 per 
cent and yam, fabrics and 
made-ups 71 per cent In fact 
Hong Kong relies very much on 
imports of yam and fabrics foF 
its garment industry. - Hong 
Kong’s main suppliers in 1977 
by order of importance were 
Japan, China,. Taiwan and the 
U.S. Japan supplied $1.6m. 
worth of fabrics and 5421m. 



Bobbins at Hotiff Kong Spinners. 


SL? ® «« ~S£S.»g ssSSS-ls 

from China took the form of mg and fashion gaiment^-oui p ^ in whicll Hong Kong 

| gsK-sMTS 

$172m. as against 5145.8m. in Council, the t-oiony nas expand its 

1976. fabrics at S617.4im as headway wjjjng , {* a g2f d^nsteeam section. ^eloping 
against $69 ^l and mad&up W Aus ^ ia Canada! its fashion business and trading 

articles at *481*. as .against Afn^ ^Jdle up into classy goods. 

••• East and almost every corner of Hong Kong has a natural 

Hong Kong has been the ^ WO rld. ‘ 
world’s No. 1 garment exporter b 

since 1974, and its stake in this 
industry has become excessive. A-'ITCkmxj 
J uly, 1977 Mr. Wilhelm 


In 


basis for becoming a fashion 
centre of the Far East, as a cos- 
mopolitan society which draws 
its cultural heritage from many 
sources. Its geographic location 
helps it to promote its fashions, 
as visitors from all directions 


« "Iwl np. -Minister The textile industry is now 

^™h R o“^ come” to this city at the cros, 

SQST-i o De 

.. TTn^ct irnnff ntinniiTi- tloiu fws accused Pakistan &nd p tjip few centres — another is 
cS U the* estaWishxnent o£ an South Korea °f diimping France— where tailoring stan- 

Advisor^ cSSSTon Diver- 30,000 Urn month ^oi E cotton dards are ^ high . As long as 
aification But so far its views V*™ ™ Hoag Kong, whose cot- H Kong con tinues to do the 
are st?li ^dear In Tact, ton spmnera simply cannot c*m- righ f thing at ^ right time 

diversification has been prac- S%t^S*-S£ itS textile indUStry ® “ 

tised by the textile md^ry ^^U^t them^ 10 P rosp f; 

ove!r the past- 28 years, hastened 3 . 

bv the UK. and U.S. quota Abroad the industry also 
restrictions. Hong Kong has faces serious competition from 
diversified not only its products Taiwan and South Knrea. plu> 


prosper. 

Kayser Sung 

Editor in chief 
Textile Asia 







u.t. recently ej^^oncem-tl^t -and 'part-time . training at &e seven . days M A nn “ a i - .J ai ^ 0 ° 
j. -.n if .See ^ondary-educaSn' four, technical institutes- byleave, rwtdaj-in ewuy 
rwerfr :to. to aU Angnst l979 is expeetdd^to bb se\ea dayman d increased sever- 

■. • extended. ... iwl three ahce\nav and - sickness allow- 


»• : *’ 1 ^ 


wsi'aasrwjs sa 

tarn than Hines the. -1975 flgnre. tehen enee.VThe new £.s been 

&*sss^sssi£ sriwyfrtf «* 

SSTS^&iSMSS tt'ffSTSS H^"fcn™e r 0 f trade 
situation ho tn A id- has to^^Sirity in Hong union leader in Hong Kong. 


-^r. ^ tile imd-garin^t manufactur- times Calces on tne 

situation whi^ouM be to Jjg- has ^pjrfnority m Hong union leader in He 
' : “ the detriment- of industry.” - fJKong,. It ; is tampered by a lari^ However^ this new- deal is 

- ■ jf ■ somewhat miiplv- etitiSti' bf Ailledr workers at the craft stm very nfuch on paper only. 

tu“ SEE* SrS and'vtechmdan level- The some 37.000 workers were m- 

■JSiiriStorttoS * SffiJl -scheme is de- jured and 136 killed in mdus- 

Stog. 'As things tindn tlte W - “S ^ 3cddeDts 

training while the middle m crease of nearly 5,000 over 

n£ industry can now 1970. pines for safety viola- 
tilS *°° k to 311 exp^ded polytechnic tions can be as high as 

tionuto oniy-50 per cent^f to turn'- out technicians. By HK510.000 but average around 

| 1980 its student population will HK578Q. 

1- be around 28,000. • Moreover, the Christian Indus- 

trial Committee (CIC) of Hong 
Kong, which has set out to 




tion. to only. 50 per : cenT.it 
student population.. _• In.\ 
Kong terms this is- consi 
“ realistic " because- the 
cial demands of lm^e fi 
and the higher age gipurstir . 


icandals 





and a world leader In international trade, and in the process 
is helping to shape the patterns of world-wide distribution. 

Serving over 40 major ports, the OCL Group, its 
subsidiaries and agents, provide rapid, efficient and total 

■ . e j..- ^ nnrl nAAflc 


pupils often combine jfb'.'neces\ • _ educate workers on 1 heir rights, 

sitate entering the, Job market \ After the corruption scandals that some 14 per cent, 

without completing secondary lri\the Ro/al Hong Kong Police ?f the labour f orce does not 
school '■ •• Foft^, ; the ' colony’s ptner get a by holiday pay. Workers . 

Although legislation has been notorious reputation lies in its gene xaliy are also not aware of I 
Introduced which will -eventu-. cheap, i^iour.. - The recently their rights to severance pay 
ally wine out the “sweatshops” retired /Labour Commissioner. ^ workmen's compensation, 
these still exist In manufacture Peter Williams, said in and there js no legal protection 

ina industries. The Labour ber .that Hong Kong had to be ^ meu as fm- as maximum 
Deuartment claims, however; seen to .be making social pro- waking hours are concerned, 
that child labour is no. longer grass. “If we don’t, we come in the smaller conceras. workers 
nwrf to keen them going. 'Last under attack from our opponents ^ morally compelled to do 
Sr ab O T400 ractorfowners overseas,”, he said: Bnush overtime Nearly 40 per cent J 
were convicted for using, child trades unions, in support of ^ the labour force works 
Sour fsSr Sm fm- PJotocHonUt policy MJ-b M. 50 uud 60 or more 

nrovement, - according • to the often blamed Hong Kongs hoqre a w-eek. 

Labour Deuartment because cheap . labour (average factory -, Th e - other major furore over 
ttere w^ f^W wage- is HK5760 a month) for H ong Kong labour concerned an 

offenders: Fines totalling the comparatively low cost of interim, report which said that 

SHKSOflOOO were -imposed, the colony’s exports. .- a. m i nimum wage structure 

jnStimum Becently Hong Kong’s labour be introduced if the] 

emolovraent of policy- was attacked by Lhe colony was to avoid discontent, 
was ; 'ndsdd from Lmid on-based Hong Kong He- growing among the younger 
Iraresonb to^maaooo, which search Project in a pamphlet and. better educated workers. 

■ - ' Sf^Tj^j.^Sor dSerrent” called Industrial Safety in Hong The only group which seemed 
i 1 5^£vSaS?^ Kong. The pamphlet went on in : ftLX0UT 0 f a minimum wage 

according to the GmrernoT. ^ ]ength . describe working was that led by Professor H. A. 

■ ,-Ih 1971 only 6.9: ^per _cent. ^oditions which would be in- Turner who had been asked 

GS6,000> pt the. population ageu ^ Britain. It has iiy the British Government tn 

.10-14 years were; economica uy written with the aid of a report on labour relations ini 

; :.ictive:” Wth free comp^sory t from the . Wor i d council Hong Kong. 

eduratioii_mtroaurea ^ Churches’ programme to A ] most ereIT one interviewed 
hat year— to be extend eu fo racism, and in the in- i n the Hong Kong Press— indus- 

• di up to the age of l^in ^^00 . the. project’s secre- triallsts and workers— gave a 
rtiie Government^, contide?^ tAr7i waiter Easey. does accuse myriad reasons why such legisla- 

. young P Bzjtain . of practising racism tion : couid not work in the 

onger to be a source Of cneap ^^ regard to Hong Kong. * Colony. “Another attempt to 

■ ind exploited lahojiri - __ This stung badly and at a inject British practices in Hong 

f. By ..the: pravirion Of tree ha5tily<alled press conference, Kong,” said one so-called union 

; . muor Denis fey,- the Hong Kong jeader. Generally it was felt 

with the 'rec ruitm ent of Consnis ^ oiier in London, said because unemployment was 
'. . ‘Mre Xabour Departing ^ mux3L - 0 f the information insTgnificant (4 per cent, or 
pectors -tp-diMK if ^ out^f^ate (which was true go a ooo workers), a minimum 
. -ther labour _ I ws a». ymg t0 ; gQjjje Extent) and that to wage.wouM only work against 
... :. - ^bsetved by fapton^ .^d toe bW-i^dsjnfor all the indys- the. employee, restricting his 

• ■ j 5^to °^.tbe - ju v6ntie trial Ills - In. Hong Kong was bargaining power in a flexible 

... ■; : ;ards with .petang' fetuous and - not helping to- supply demand situation. 

■ wards a solution. The report ^ Kong it * n0t the 

' ' ' hurt. ttie' ; L*bur Department imAeT .vM. and over-worked 

wnicb fiMs.iteelf under the m- massK who ^ fon n the -ran- 
* ' s image of a T^cKeiisian^wow^ spotlight all too gnarf - for a fight for more 

c ouse. . . en - frequently, because it had re- economic justice. It is among 

' 12 iS cMrtly prwided a “new deal" ^ ^-hjtwrollared workers. 

2 before Completing for. workers wi.th. tighter safe^ particularly in the civil service, 
«1r ^condaiy^uration^St regulation and improved work; that the demand for better pro- 
' frtr 3 ever to mindless, ing conditions. . motion prospects and salaries 

• -..3t tied for e . '■ . vrtimi? • The wage ceiling for work- conditions equal 1 to those 

; ^ay2PW-5S55 ‘iS -SSiUS tor. non- of e^atriates is finding articu-i 

■ -^iJ^Sravide anprentice- manual • workers . has be“ late expresaon. Unfortunately, 

. paired tp P»jw« > p P^ faised .to 1 : HK55.000, win* localisation of the crnl service 

- J . Vftps; and coders 983 per cent of ^ Hong Kong would constitute 

febour forwof neariy am a - 0 ^- progress for people who 

• - “J* are ' already better paid and 

• ' Jea^cqxtises. TO Pp 197X ' harder to exist on the minim um better housed, 

SSaSmum outpotp^ Mary Lee 

dX’s^ove^warSquaUty bemuse 1 the employment ordi 


Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
pxoerience in maritime trading into a modern system of 

exp ®V ^ ' ' 1+1+ ' „ • subsidianes ana agenxs, proviae rapiu, emuiei uanuiuuu 

ca rgo fransportation_ ODerations star ted and well over transportation of containerised export and import goods, 

, m «li:SSST^Srn,^over£KO 

million in a fleet of purpose-built containerships, containers, 
terminals, hardware and equipment and, most of all, people. 

With a route network now linking four continents, OCL 
has become Europe’s biggest container transport operator 


^4 ' 


aoor-io-aoor, oetween vutuauy any luuauuna .. 

Western Europe and Australia, New Zealand, the Far East, 
South East Asia and South Africa. 

And that is only the beginning. 



* 




. i- 


Overseas Containers Limited, Beagle House, Braham Street London El 8EP. Tel: 01 -488 131 3 • 

OCL Regional Offices: Barking (London) 01-593 8181. Southampton 0703 35200. Leeds 0532 712255. Swansea {OCL Agent) 0792 53925 
Liverpool 051-236 9911. Manchester 061-228 6373. Glasgow 0236 24922. Newcastle 0632 810261. Biimingham 021-356 6933 











23 


Financial ^iines MohdayApril' 24 197 ? 


& 


TAKUGIN 
INTERNATIONAL 
(ASAJLIMITB) 

wholly owned by . 

THE HOKKAIDO TAKUSHOKU BANK, LTD. 

Activities: Arrangement for and provision of: medium 
and long-term loans and shipping finance 

In Euro-currencies and' underwritings. A 

foil range of financial services. 

Authorized Capitals HiCS 10/K)0,000»— 

Paid Up Capital: HK$5jOOO^OO.- 
Chairman : TADASU FUJIKAWA 
Managing Director: SHQJIETCHU - 


Address: Rms 3305-8 Gammon House, 12 Harcourt Road, 
Hong Kong. 

Telephone: 5-265091-5 Telex: 74755 . 


HONG KONG X 


Hong Kong has a prime place in mtenrational 
communications, with one of the most sophisticated 
networks in Asia — thanks in part to its geographic location. 
But the crowded nature of the heavily populated Colony 
has created serious pressures on the domestic front. ' 



Communications have been m i nimis ed by the lack of effec- likely Uiat as these islands are 
one -of the essential features in live communications with developed the ferry services 
the shaping of Hong Kong’s London, which gave rise to the will become even more regular 
commercial life since the trading houses such as Jardine and that this will offset some 
colony was founded. Almost Matheson and Dent and Co. of the losses anticipated as a 
immediately Hong Kong be- During the 1865 banking of th e Mass Transit 

came the centre £>mt in South panic “g KoSs inflation Harbour Tunnel. 

China’s coastal trade and the ^ ^ s 


Asian mid-point of the Europe- tlK ^ 
to-Japan trade. However, the 
importance of the Colony was 



emphasised ' by the fact The harbour, which is rated 
the — 801116 concerns— Jardine around seventh in the world 
Matheson reputedly among in terms of natural advantages, 
them— -were aide to dispatch accounted in 1977 for 19m. 
their fast clippers from Cal- tonnes discharged and 6m. 
cutta .(the cable's last port) to loaded. The container terminal 
outrun the mail point and thus at K wai Chung moved 1.02m. 
withdraw their funds before TETJS (twenty foot equivalent 
their competitors. Shortly units) to move into the No. 4 
afterwards the cable was exten- spot in the world. Hong Kong’s 
ded to Hong Kong and the position is enhanced by . a 
entire commercial complexion strong river trade with China, 
of' the Colony was changed which last year accounted for 
almost overnight The older about lm. tonnes discharged 
houses which had monopolised and another 200,000 loaded, 
communications . with .their The. harbour is particularly 
dippers were - no longer as suited to its role as both a trans- 
unportant, since the decision shipment centre for the Soutb- 
cotxld be made m London and east Asian trade and as a major 
relayed to Hong Kong in less export point for the goods 
than an hour, thus eliminating generated by the Colony’s grow- 
the need for the highly inde- ipg light industries. Conven- 
pendent man on the spot tional ships are unloaded in 
decision that so. characterised stream by lighters, a method 
the early trade on the South which has several advantages. 
China coast Ships are turned round quickly 

because they do not have to 
wait for a quay to open up, the 
ships can dear as soon as 


If you could see our whole organisation, 
youH understand how we can be so 




The Bank of Credit and Commerce Group has 156 offices in 32 
countries. 45 of them are in Britain and 3 in Hong Kong. All your 
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Contact us at BCCI Finance International 1 6th Floor, Alexandra / 
House. 16-20 Chater Road, Hong Kong. Telephone: >23 1S42, 

Telex: 75483 BCCI FI HX., or at the address below. 

Bank of Credit and Commerce 

]NTERNATIONALK^Kma™^™: l “S , TH£)Ja™5 

Ban gladesh, Gnxnan Islands. Djibouti, Egypt, Francs, Gabon. Germany iWestX Ghana, 

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THE 
HONGKOSGRE 
FOR SECURITY AND 
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The Hong Kong Reinsurance & General Insurance Co.Ltd. 

Catering for the needs of Insurers throughout the East. 

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42nd FLOOR CONNAUGHT CENTRE 
TEL. 5-227011 TELEX: HX83756.CABIE: HKRKINS 



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BUi* ■ ■ f iitom MniiJ . 

The television satellite transmission room at Cable and "Wireless, "WanchhL 


Hong Kong’s present com- unloading is finished, and the Last year the airport handled -: The railroad is also a major However, although . the£ 
mimi cation network is among cargo aboard a lighter indirectly 50,050 arrivals and departures ^oods carrier—particularlyfoad- improvements help the pifghtt 
the most sophisticated in Asia, increases the amount of godown carrying 4.6m. passengers. Soah; stuffs. Last year. 14m. tonnfes of the average office worker,: 
employing an estimated 55.000. space available. The lighters after these figures were 'a»~-came down the line and another storm is brewing oveir pririn 
However, because of Hong are very flexible in the types nounced the annual clamour for 26.744 were shipped back into cars. The car is very* much. 

Kong’s peculiar location at the of cargo that they can unload a new airport began once.agali China, working out at around part- of Hong . Kong life, fr 

tip of South China and as a and can deliver their loads to The xnost often mentioned site 45m. tonnes per kilometre, quently given as a- perk to t 

centre for South-East Asian the most advantageous spat in j S Lantau, the largest island ffi. Obviously, the flood of - goods expatriate worker, hut evi 

trade, plus the tremendous the colony. the Colony. However, thortra coming into Hong Kong from the - with the elaborate flyovers ai 

population density that is the Kwai Chung, the container there are plans to connect. 8» -vast China hinterland taxes the other, traffic systems cars rj 
result of SO per cent of the terminal, handies most of the island with the mainland, as yft railway beyond its designed simply too numerous. -Gove- 
4.5m. inhabitants being packed fully containerised vessels in nothing has been put into capacity. : \ merit-subsidised car jv 3 , 

along a narrow harbour edge, five berthing areas. It deals motion and thus the aii 

ringed by steep mountains, with most of the regular trade issue is still a secondary 

the Colony is facihg a tremen- between Europe and Asia and sideration. 

dous problem In keeping pace i s located outside the main More recently, since 
with the demand, on facilities, sbiping lanes, thus allowing improvement in relations 
The harbour beare the brunt the container ships easer access China, the suggestion has 1 
of the physical communications than would have been possible made to build an airport in. 
load and is a tangle of criss- had it been built actually within ton with Hong Kong 
crossing ferrjes and freighters the harbour. Recently the ter- The present airport there 
departing or pulling up to moor minal has begun receiving a ting crowded as a result 

in-stream, awaiting .the. lighters large amount of trans-shipment increase of tourist and _ ... 

and smaller craftthat effect the cargo from South-east Asia in traffic and the Chinese hav^UOf toa o"ttthewaterfront-—efficiency because of the 
lading: Several years ago specialised feeder vessels. This vetoed the idea. Perhajis onefcf ana ' adaptability often have to of the population 
a contest in trade is likely to blossom over the most encouraging signs* is replace aVaffkbility. the area. Virtual 

rerouted ^ \ lit c omgmri icatU 


unloading: 
a local paper ran 

which the object was to photo- the next few years as more con- that flights now can: 
graph the most ferries crossing tainer ports come into operation to Canton in case 
the harbour. The winning pic- in South-east Asia. The Kowloon-Ca: 

tune had 23 vessels in view and Kai Tak, the international air- which connects Hi 


__ As with the airport Many indirectly aggravate the p*' 
ccrit discussions have been held in tion by' keeping prices ^ 
- an -attempt to try to find? means Although the storm has_nj 
.the of coping with the tremendous broken, the debate is heg^ 
with influx of goods and clearly arid more; than one M 
tjjfen another lino' is desirable. How* been east at Singapore' 

• ever, working within the cob* for reducing congestit 
fines of. Hong Kong’s limited business district j 
_ si 1 land area — effectively restricted Communications* wy“ er 
[the.; even more by the fact that most telephone system or; 

Lipeople- and-industries # are- loca-_ are: thus under. 


lous 
elation 
f every f “ 
needs 


is fairiy representative of the Port, is a finger sticking out into china is small 
dependence of the colony on its the harbour and for most travel- world’s most ii 
ferry service. lers uncomfortably close to the considered on a 

In 1677 the ferries carried mountains and the densely kilometre or 
184m. passengers most of whom packed high rise apartment metre basis, 
were simply crossing the buildings of Kowloon. It has 6.9m. passei 
harbour. However, the expan- recently undergone an expan- the line, while, 
sion on the outer islands such sion programme which has This works oi 


'emergency. TsYfid stantial* imp: 

on Railway • *\ \ year just to .mi 

Kong with The Colony's ^network of quo, Genuto 
among the roads is severely taxed by tiik a hafd-fou 


the 
jvenn 
battle aga 


ressive when buses, cabs,- mini 
rgo-tonne per private cars. Public 
nger per kilo- is relatively efficient, 
During 1977 is not as comfortable as 
journeyed up cities. With th e ad vent • 
im. came down. Mass Transit system 
to a staggering transport should be effi 


and\ huge increase in demand 
TtVest to houfag is one oxtw 
if it fewPi -nTHPriA most trying proa 
ther I&ns. Copnranications, whfcJ 
the initially aide Hong Kong, aj 
ilic nearly tooke it in the -1860 
now' prandes a challenge th 


George Laurij 


as Cheung Chau. Peng Chau, given it much better access but total of arouni 140m. people per enough' to handle the long tinea most "by met if the col ony Is; 

Lamina and Lantau has caused it is still hopelessly too small kilometre, probably the world's of co mmut ers that run between cftnripjm to grow as a comnK 

feny fares to rise alongside a for Hong Kong’s volume of air highest rail passenger density, the centre and the various dl» 

dramatic increase in the ntim- travel. It is simply the only Ticket sales last year were tricts, frequently taking _ an 

her of passengers. It seems way out of the Colony. EK$3S4m. 1 hour to cover only a few miles. 

j 

The prolonged recession in the shipping 
industry is causing a fundamental change in the Colony’s 
shipping deals with Japan, and consequently breaking traditional 
strong relations between Hong Kong shipowners 
and the Japanese shipbuilding industry. 




DURING THE 1960s" Japan 
found it necessary to build up its 
cargo-canying capacity in order 
to cope with its tremendous 
industrial expansion. However, 
the Japanese shipping com- 
panies and even the city banks 
did not have the necessary funds 
to build enough tonnage to keep 
pace with the demand, .even 
though the Japanese shipyards 
had adequate capacity to meet 
this demand. Furthermore, the 
banks could not guarantee loans 
or borrow overseas and thus 
could not raise the capital to 
support the massive amount of 
shipbuilding necessary. 

The Japanese Government 
recommended that ships could 
be built in one of two ways to 
relieve the import bottleneck. 
Japanese flag tonnage could be 
built in Japanese yards with 
Japan Development Bank ( JDB) 
support or ships could he built 
for foreign owners and char- 
tered back by Japanese shipping 
companies. 

Interrelated 

In the case of Japanese flag 
tonnage, JDB could advance up 
to 65 per cent, of the construc- 
tion costs. The owner was re- 
quired to raise between 5 and 
20 per cent of the remainder, 
depending on his financial 
strength, with the remaining 35 
per cent, to be raised from city 
banks. This method taxed the 
already hard-pressed yen re- 
serves of the companies and it 
was obvious from the beginning 
that this method would not be 


totally satisfactory. 

The second method of build- 
ing the necessary tonnage was 
by the so called "shihumisen 
deal.'’ This involved the charter- 
ing In of tonnage built in 
Japanese yards for a foreign 
owner. Similar methods had 
been employed since the end 
of World War II but shikumisen 
in the classic sense was the re- 
sult of a special set of economic 
factors that first became 
apparent in 1971. 

The basic deal worked on 
three separate but inter-related 
levels; communications, ship 
delivery and employment and 
the movement of funds. Gener- 
ally the Japanese shipping com- 
pany started the deal moving 
by stating to a foreign ship- 
owner (often a Hong Kong 
owner) that It had a charter 
and needed a vessel. The foreign 
owner and the Japanese ship- 
ping company would then con- 
tact a Japanese yard and build 
a vessel to the specifications of 
the Japanese shipping company. 
Although tiie Japanese trading 
houses were omnipresent 
throughout the deal, they acted 
more to lubricate than com- 
mand the flow of business. 

The deal was financed 
through the Japan ese Export- 
Import Bank. ESDI would put 
up around 70 per cent of the 
ship's cost at S.5 per cent 
interest of rseven years, with 
the shipowner providing the 
other 30 per cent Initially the 
contracts were written in VS. 
dollars to match the ship- 


-- 


owner’s cash flows but with the 
falling dollar exchange rate and 
increasing yen overheads this 
arrangement became expensive 
for the Japanese shipyards. The 
30 per cent raised through the 
foreign commercial banks was 
usually secured against the 
Japanese shipping companies 
charter. 

Since the Japanese banks 
were under “administrative 
guidance" from the Ministry of 
Finance (which in Japan is 
nearly the same as law) not to 
len dor guarantee overseas, the 
charters were secured by a 
letter of undertaking in which 
the Japanese banks agreed to 
cover the charter. The Japanese 
Banks, despite their indispens- 
able involvement, did not re- 
ceive much paper security on 
these letters, as the vessels 
were generally secured to the 
foreign banks. However, under 
the Japanese system this was 
not necessarily a large risk be- 
cause it was assumed that any 
major shipping line insolvency 
(such as Japan Line) would be 
secured by Japan Inc. and that 
the amount of funds of these 
shipping companies controlled 
by the banks provided an 
adequate warning system. 

Hong Kong shipowners 
became the major partners in 
the deal because they offered 
slightly more advantageous con- 
ditions than their colleagues. 
One was that of getting. the ship 
offshore and thus 'reducing the 
overheads of the Japanese ship- 
ping companie&cum-cfaarterers. 


Additionally the Houg Kong her of vessels on charter 
own err. were well off for liquid Japanese companies from Gr 
resources and benefited from a owners, are now being dispD 
favourable tax arrangement. and the number of dispt 

Perh^ most important, they "ifrJskjudi 

were financiers first and ship- 
owners second. Their interest 

■aftssressK £3* fc SFs 

the supertanker boom most of 

+ 1,1 • fndenendent owners dttenlwn on nortiteni iaiTop 

SSrmea^-te^eater 0wwr *- Gen*** 31 * the intern 

in buying smaller secead-b 

riLrK!? toriittge XTom. Owners need 
market and short-term charters. quick injection of c 

In the-past five years several jai to keep the. business go 
things haya happened simul- or who want to reduce tt 
taneonslytoputa virtual end to overheads by. moving tl 
the*-yMkttnusen era. The first operations offshore. 

Stt toSSSSf" 

the deals for the first t 
sidiaries have to assess the owner's ahi 

to manage the tonnage beo 
'525«S5S. the. residual value of the ve 
stifl;bdj®-;.to**6 as after charter expiry is the fa 

but as the domm^t^thod^ for tiie repayment of the loa 

MS* — ^ in the tong term the ow, 
isoDsaiew. .. vriH become more ship opera 

^ •'aad’lewrtlpfiiiaBderaiiiiiifc 

Ni ff TTl p inevitably a good thing for 

5 • ^ However, the c 

• The end has Wt a- relations between Hong B 

unresolved., problems - -in- rtfs shipowners and the Japsu 
wake. - The Japan TJne ship p i ng, industry, while 

for concessions otr its. -rauitera- ^ps not totally shattered, 1 
with, foreign certainly been f undame 

which are.heW : 'hy. .TK. ^altered. 

World-Wide group, is shnply the rienrve Tjiij 

mostobvious case. A large fliflfr . MOTge 





s Monday April 24 1973 


HONG KONG XI 






Z3 


Work on Hong Kong’s Mass Transit Railway 
is now under way after years of planning. The experience 
gained during the construction and operation of the system will 
help to determine the approach of other major cities 
. faced with s imilar transport problems. 


' v-’. 






KONG'S Hass Transit 
project (the label which 
Colon j has chosen’, to Attach 
£• its,: firfef ever undergroomi 
Will not -only revolu- 
urban- travel-' when the 
start runnXdg'frozn Sep- 
1979.. The effect -of: the 
ap-ffe economy is also 
’highly'' . significant. 
3Lofl£e MTR, winch will 
^ong Kaa glslantf with the 
■ ' ^errif ones 'via a tunnel 
tf^ -harbbor, is dne to 
3&$5Jftxh* but will now 
followed by a 


second phase andpossibly by a 
third.. 

During 1977, a-yeajr in which 
the Hong ■ Kong. 7 ji(mstrnction 

industry experienced an 

unprecedented boo^- aaraund 11 
per cent, of workers'^ the 
industry were.- .-ctfljJplGyed on 
MHTC : (Ma£s ' Transit _ Railway 
Corporation) work. 1 -In: 1978-79 
actual outlays By the MT RC are 
.expected to reach $HK2.4bn., er 
41 per cent of all. spending on 
pubHc works by lie Hong Kong 
Government. •' / . 

The MTRC -like the Hong 


Kong Housing Authority Is, 
technically, "an. independent 
statutory body. not. a -Govern- 
ment department, /and thus it 
draws its finances from sources 
other than the budget That 
does not alter the fact that 
work on the MTR provided one 
of the major boosts to Hong 
Kong's domestic economy in 
1977 and will continue to do so 
in 1978 and beyond. 

The- MTRC, unlike publicly 
owned urban transit concerns 
in many other countries is 
intended to be a profit-making 


body whose' shareholders will 
ultimately include the general 
public. The secret of its profit- 
ability according to its chair- 
man, Mr. Norman Thompson, 
will be the relative shortness of 
the railway network and -the 
extremely high density of traffic 
along it In the mid-1980s, after 
the completion of the second 
phase the mass transit system 
will be carrying an estimated 
2.8m. people per day, or about 
40 per cent of the population 
of Hong Kong and the New 
Territories. 



The London underground 
system carries an average- daily 
passenger load of 1.5m. people 
on a vastly longer network 
(roughly 15 times the length of 
the Hong Kong system.) Mr. 
Thompson explains that the 
shortness And high density of 
the Hong Kong system - reflects 
the extremely high density (and 
relative lack of suburbs) of 
Hong Kong itself. The New 

Territories’ terminus of the 
MTR system at Tseun Wan will 
serve a new industrial town 
whose population is currently 
around 600,000 but which could 
grow by half as much again. In 
order to accommodate the 
numbers of people travelling 
from places like Tseun Wan 
into central Hong . Kong .and 
bade, the MTR trains will, not 
surprisingly, be crowded. Mr. - 
Thompson expects trains to rim 
with a full capadty of 48 people 
seated and 330 standing on each 
coach of a six-coach train, giving 
a total load per train of over 
2,250 passengers. 



Divers toorking on the MTR cross harbour tunnel. 

laying barge. 


To the rear is the tunnel 


Density 


Apart from the sheer density 
of traffic the MTRC expects to 
benefit from the scope for pro- 
perty development along parts 
of its routes. Office blocks over 
two ' stations in the Central 
District of. Hong Kong Island 
are being developed jointly with 
Cheung Kong Holdings and will 
yield enough in floor sales to 
cover the . costs of developing 
the stations themselves (esti- 
mated at between $HK100m. and 
$HK200m. each. 

In Kowloon and the - New 
Territories the railway project 
involves the construction of 
depots which will be covered by 
podiuzns on which major hous^ 
ing developments will be pos- 
sible. The Corporation expects 
to house up to 25,000 people on 
the podium covering its Kow- 
loon depot 


The MTRC suffered an initial 
piece of bad lock (perhaps on 
bad -judgement) when it 
accepted' a fixed price bid from 
a Japanese consortium headed 
by Mitsubishi Corporation for 
the whole of the first two stages 
of the project Mitsubishi with- 
drew its offer at the end of 1974, 
setting back the start of the 
scheme by a year. By doing so 
it presented the Corporation 
with the chance to invite ten- 
ders during 1975 when the Hong 
Kong construction industry was 
in recesson. 

Thirty per cent of the bids 
for stage one were invited on 
a fixed price basis. A handsome 
share of the engineering con- 
tracts for phase 1 were taken 
by -British companies, with the 
main contract for rolling stock 
going to MetrcnCammeL 

Tender documents for the 


first tenders ( civil engineering) 
for the second phase of Ihe MTR 
are due to go out in May, with 
the placing of orders scheduled 
for October. Orders for hard- 
ware will start to be placed in 
February. Britain’s' success in 
the bidding for Phase 1 gives 
it a reasonably good chance of 
carrying off more orders, but 
the Corporation is stressing that 
bids will be very closely ex- 
amined for price competitivity. 

An interim British success 
was announced some six weeks 
ago when the MTRC decided to 
take up an option from Metro 
Cammel for 70 underground 
coaches, in addition to the 140 
originally ordered. (The option 
was exercised in order to enable 
the number of coaches in one 
train to be raised from four to 
six.) In exercising its option 
the MTRC was successful in 
persuading the Export Credit 
Guarantee Department to under- 


write a Hong Kong dollar 
denominated loan — believed to 
be the first of its kind.. 

The MTRC seems likely to 
have a profound impact not only 
on the transport system of Hong 
Kong over the next decade but 
also on the pattern of urban 
development itself. Mr. Thomp- 
son notes that other newly con- 
structed systems have tended to 
produce a bunching of office and 
high rise development along the 
tine of the route. This could 
also happen in Hong Kong, 
although there will be limiting 
factors such as the controls on 
high rise building in Kowloon 
which relate to Sight paths into 
Kaitak Airport. Whatever 
happens in Hong Kong will be 
watched carefully by other Asian 
cities contemplating tinder- 
ground railway projects. 


Charles Smith 


Deutsche Bank; a century of universal banking 


Don't expect us to do just 
the possible. 


If you feelyouhave an 
insolvable problem, ask the 
Deutsche Bazik You can be 
. sumofonething.your search 
for an impossible answer is 
fhekbd of task we thrive oil 
Tnfarfr as a universal bank. 
we think we can find your 
solution. 

Perhapsyoii are consider- 
ing the acquisition of a com- 
pany abroad and are put off 
by the complicated formali- 
ties of atakeover; or even by 
the first, tentative contacts. 

Perhaps you axe planning a 
jointventure ina developing 
country and are made un- 
certain by the maze of tax 
laws and legislation that con- 
front you. Perhaps you are 


looking for package financ- 
ing, a Euro-loan combined 
with a bond issue - no prob- 
lem for Us, either, as a uni- 
versal bank 

Our experts in all parts of 
the world have made it their 
job to see that the compli- 
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thought might be too com- 
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through. 

It is the accmnulated ex- 
perience in universal bank- 
ing which has taught o.ur 
people to objectively ap- 
praise the possible and the 
impossible. 


Deutsche Bank 

Central OfficaFrankfuit (Mamj/Dusseldorf 


Dedsdre Bank AG, London Branch 
HI Moorgste/P. a Bear 441 
London EC2P2AT'felefon;60&44 22 













TinandaT Times Monday 'April 24 1978 


IguiMUKS 

the big risks 








and the small 



We have pleasure in announcing record 
results for 1977 


Turnover Increased by 11 .1 % to HK$i 89,547 ,460 
Net Premium increased 28.5% to HK$50,889,419 
Profit beforeTax increased 23.5 % to HKSt 3.855.325 
Shareholders Funds increased by 26.22% to HKS35,411 ,776 


Our consistent growth in profitability has made us one of the 
largest Southeast Asian baaed Insurers. We are capable handling 
the insurance requirements within Southeast Asia of all 
International companies and believe that our specialised 
expertise based in the region is of great benefit to multinational 
companies. 

When next you come through Hong Kong we look toward to 
seeing you to discuss ways in which we can improve on your 
insurance coverage. We are specialists in aO non -We insurance 
fields and through our associates and affiliate s in Southeast Asia 
we can take care of the full range of your requirements. 



Tugu Insurance Company Ltd. 


Tugu Insurance Building. One Lockhart Road. 

Hong Kong. GP.O. Box 3395 H.K. Tet 5-28 t3?r 
Cable. TUGUINSURE HONG KONG Telex; HX73056 


When you open 
your 58th overseas 
insurance and 
reinsurance office 
that is called 
internationalism. 



Sedgwick Forbes 
Hong Kong Ltd 


1930 Swire House. Chater Road, Hong Kong. 
Telephone: 5-251245 Telex: 65170 SFGHKHX- 


HONG KONG COMPANIES 


INFORMATION REGULARLY UP-DATED ON 


fedagards, 


compiled on the spot by Far East Data Sendees Ud. 
European Agents for FEOACARD5 arc 


EXTEL STATISTICAL SERVICES LTD. 


—••■Muawann. 


To: Excel Statistical Services Ltd-. 


37/45 Paul Street. London EC2A 4PB. Tel: 01-253 3400. 
f would like more information on FED AC ARDS. 


Company 


Address 


HONG KONG XH 


dc & 1 * 


The domestic property boom io Hong Kong seems to be all 
bat unending, with the promise that it will continue, at least 
for the rest of the year* The picture is rather less clear for indos trial 
property, where land rather than buildings is the prime attraction'. 
Land prices haye rocketed in the last three months. 


, _ 


THE HONG KONG Government 
has 'embarked . op an extensive 
programme to replace add 
modernise its old, overcrowded 
public housing estates, but there 
is a danger that to-morrow’s 
slum's are being created in the 
private sector as developers rush 
to cash-in on the demand for 
flats at the lower end of the 
market 


extensive building programme 
should help keep a check on 
prices, though; ia the small flat 
range C300-500 square foot gross 
area, costing 8HK300-400 per 
square foot) prices are expected 
to stay firm or rise by 10-15 per 
cent., depending on location. 


Common 


The demand is enormous, par- 
ticularly for new flats, partly as 
a result of changing patterns of 
living, as young couples increas- 
ingly favour living in homes of 
their own instead of with their 
parents. But even without this 
factor, there is an inbuilt im- 
petus because, according to Ho 
Sal Chu. chairman of the Hong- 
kong Builders Association, there 
are 715.000 families in the 
Colony accommodated in some' 

350.000 flats, f About 45 per cent, 
of the population live in public 
housing estates, and the figure is 
expected to reach 60 per cent 
by 19844J5). 

Last year 20,870 flats were 
built by the private sector, a 25 
per cent increase over 1976. Ho 
estimates' that this year the pri- 
vate sector contribution will rise 
to 30,000 flats, with another 

6.000 from the Government’s 
Home Ownership Scheme. This 


Almost all agents quote a 
gross floor area, which can in- 
clude common.- hall space and 
even air-conditioning ducts. So 
despite tbe rise in prices, in 
terms of accommodation the 
value has not increased because 
the living area of flats has de- 
creased. Stephen Header, agency 
manager of Tony Petty Associ- 
ates, says: " People are living 
in much smaller flats just to get 
hold of this real estate, which 
they feel is going to make them 
rich in five years. And the 
developers are meeting the de- 
mand by throwing up small flats 
which are really the slums of 
to-morrow.” The Consumer 
Council has called for safe- 
guards against misleading 
information by developers about 
building materials, room sizes 
and financing arrangements. 

Rents at this end of the mar- 
ket have also been rising 


steadily, from an average .of 
$HK1.70 per square foot in 1975 
to.«HKL73 in 1876 and fHKi.91 
in 1977. The rise is accelerating' 
because in the fourth quarter of 
last year the avera ge square foot 
rental was 8HK2.ll.' 

In luxury, flats, too, prices 
have also been rising to meet 
demand, and here too the trend 
is reinforced. by the demand for 
rented accommodation, reflect- 
ing Increased numbers of ex- 
patriates. Two years ago the 
maximum monthly rent expa- 
triates were prepared to pay was 
$HK10,000, and the majority 
paid about $HK5,000. Now, how- 
ever, the majority pay $HKS.OOO, 
sometimes SHKI0, 000-12, 000. 


tft • .. rjN ■ 


of .the “slums of to-morrow” which are going up -now are of- venientiy do^ to 
problem. Trevor- Bedford, gen- better quality. ' a sleady 

eral manager . of .Hoagfceng;^ & nu mber .of -companies are. with the floor area coqjjjng dFJje .- 

Land, one of;the world’s Jtddiag the opportunity to. build to the marice t nar^ fronv 1.2a ^ 
property companies (p'mperiy.prestige blocks bearing .their square feet in 1976 to . - 

accounts for more thari*ta£jp>S^ company ’■ name. Good 1977 and * 

companies listed on Bopjr-ji ffi ity - office accommodation 19^8 and 1.66m. in 1979. Tfljj* i&. * 
Kong's stock exchanges)., eays^ean still- be let and sold fairly mam growth has been m Kov* ' >'■' 

that estate management is one, easily. Wah Kwong IPfop^rties’ loon, with the New Temto.np*: l - 

of the big failures of Hong <itfock in Wancbai, for example. . beginmng to ■ turn out a iaarg? - 
Kong’s housing success sAarvL «,,ii v .ipt ami' achievine «wd area. The index • of rent ... -of?*--. 


The prices being paid for 
development land indicate that 
the upward movement will con- 
tinue through the year. Land 
prices are so high and profits so 
small that developers must be 
looking for still higher prices 
over the next 12 months. But 
this is a relatively small sector 
in which demand can be met 
So if prices continue to rise at 
the present pace, there is a 
strong likelihood that a large 
drop may occur. . 

The management of private 
estates presents another aspect 


which will deteriorate rapidly complex on reclaimed land in position-is peculiar, with a ' 

unless -means can be devised ‘Wanchai. It will take- two more demand for completed - bwfc.^: ' ^ _ 

to provide effective economical :years to complete, by which ings, low rents and low . seHft| ^ 
management for multi-owner- .time overall demand - _may have prices — but with develop*#. ■a.r t: 
ship buildings. New private, caught up with supply. (The paying very high prices 

developers must not, be company's confidence in the land. They presumably segjT'** i'.--. - 

allowed to drift into inch a ''market was expressed in the shortage of industrial Properff^.; 


y- *. ’-taken up, particularly ax the came on the market in --!* ■ i- 

JtiCStlSC owners of most- secondary sites (compared with 2.8m. the: ,• 

Hongkong Land itself coteTh both Kowloon arid Hong vions year) and 9.9m. sqqfc-;...- re- 
tinues to dominate' jSjXoxig have been developing feet projected for tins year. ^ ■ 
prestigious Central District : '«i* residential rather than office is difficitit to see prices .bjefr - 
rents for Grade A office accba-blocks. because that .is. currently sustained. ■ • - 
modation arc holding:-' '*nr where the money ls-lo be made. The stage haf almost 
despite a general over^upply As soon as the cycle: beg iris reached where some -dew 
of offices and a continued again, new areas will emerge, are paying an amount form 
movement away from Centfcfc "One will almost certainly be which, even without buMh 
One effect of the supply-demand the Connaught Road area, con- costs and interest payments^ 
imbalance is that the office CONTINUED ON NEXT PAGE 


Being heavily reliant on trade, Hong Kong 


has been particularly conscious of the impact 


of the world economic slowdown. Combined With protectionism 


among its trading partners, this is forcing the 
Colony towards wider commercial diversification. 


Trade 


HONG KONG IS an open 
economy and its dependence 
upon trade to provide growth 
is therefore considerable. The 
current slowdown in the growth 
of world trade, which had 
begun to rafluence the Colony's 
own trade performance in the 
latter part of 1977, is thus a. 
matter of no little concern to 
Hong Kong. 

Growing protectionism, par- 
ticularly as it affects Hong 
Kong's textile exports, ha? com- 
pelled the Government to 
abandon its traditionally passive 
role on economic direction and 
an advisory committee on 
diversification of the economy 
has been set up under Govern- 
ment aegis. 

The Colony's total exports 
rose by just under 8 per cent, 
last year to $HK44.8bn., after a 
rise of almost 40 per cent, in 
what was admittedly the boom 
year of 1976. Even so. the trend 
was disquieting, particularly as 
imports rose 12.5 per cent, last 
year to SHK48.7bn. and the 
merchandise trade deficit more 
than doubled to SHK3.9bn. com- 
pared with the previous year. 

The weakness in market 
demand and increased export 
competition from other develop- 
ing countries were factors 
behind the slowdown in Hong 
Kong's exports last year, which 
was most marked in the closing 
months of the year. Early 
indications arc that the slow- 
down has continued into this 
year. 

The United States still 
claimed that the largest share 
of Hong Kong's domestic ex- 
ports, and the U.S. emerged as 
one of the very Tew major 
buyers of Hong Kong- made 
goods with increased purchases 
in J977. Sales to the U.S. 
totalled SHKl3.3bn. — an in- 
crease of around one-fifth over 
1976. Clothing is the biggest 
single, ilem of Hong Kong's 
exports to the U.S. 

Demand from the European 
.Community rnr Hong Kong 
goodjr—where again textile im- 
ports figure largely in the over- 
all offtake from Hong Kong — 
was relatively sluggish. The 
nine member countries of the 
EEC (notably West Germany 
and the TJ.K.) took Hong Kong 
goods to a value of SJTK8,9bn. 
or 4.4K per cent, less than in the 
previous year. 

In other leading markets, such 
as Japan, Australia and Canada, 
Hong Kong was barely able to 
maintain the level of its 1976 
exports. And again, in most 
cases, the sales decline could be 
attributed to the performance oF 
clothing and textile products. 
Shipments of these two cate- 
gories to all overseas markets 
combined was dow.n by 4.5 per 
cent, last year, highlighting the 
particular difficulties encoun- 
tered in these sectors. 

Exports of toys, electronics 
and metal manufactures, on the 
other hand, all recorded fairly 


good gains and helped, in part, 
to fill tbe gap left by the textile 
industry. 


Growth fn Hong Kong's re- 
exports. as well as domestic 
exports. ; 'slowed sharply last 
year as compared with 1976. 
Domestic exports grew by 7.4 
per cent, last year to $HK35bn. 
— they rose 42 per cent in 
1976 — and re-exports were 
exactly 10 per cent, ahead last 
year, after a 28 per cent rise in 
1976. 


The slower growth in re- 
exports last year was, as the 
Seng Bank observed in its 
lucid annual economic com- 
mentary on Ron- Kong, mainly 
attributable io declines in ship- 
ments to I hi* U.S. and Japan 
which together accounted for 
22.6 per corn, of the Colony’s 
entrepot trade. 


Outlets 


On the other hand, re-exports 
to other major outlets, includ- 
ing Singapore. Indonesia and 
Taiwan continued to gam 
steadily. China remained the 
leading source of re-exports, 
accounting for a quarter of the 
total, followed by Japan (17.7 
per cent.) and the U.S. (12.7 
per cam.). Tbe share or re- 
exports in total exports stood 
at 21.9 per vnt.. close to that 
recorded in I!i76. No signifi- 
cant chance was seen in the 
pattern of re-exports either. 

Meanwhile, Japan and China 
maintained their dominant 
position as principal suppliers 
to Hong Kong. Imports from 
these two countries rose by 
23.5 per cent, and 4.1 per cent 
respectively. 

In terms of products, the 
major growth in Hong Kong's 
imports wor<* in consumer goods 
and capital goods. In the case 
oF capital uonds, it was transpurl 
ami w»ii>i ruction equipment thaL 
saw rapid growth, partly re- 
flecting tite ongoing task of 
building a mass rapid transit 
(underground railway! system 
linking Hong Kong Wand with 
Kowloon. Imports of industrial 
machinery crew modestly — a 
rather pessimistic pointer ror 
fixed manufacturing investment 
—and the growth in raw 
material imports was negligible. 

Growth m consumer goods 
imports was influenced by the 
buoyant level of consumer 
spending in the first half of lasl 
year although this tended to tail 
off later in ihe year. 

The weaker export per- 
formance. coupled with rising 
imports, led to a substantial 
deficit on Hung Kong's visible 
trade account, although the 
deficit was little bigger than 
that in 1975. again reflecting the 
fact that 1976 was an exception- 
ally good year. 

. Nevertheless. Hong Kong can- 
not shrug off lightly a de- 
terioration in the external trade 
position such as that seen last 
year and which appears likely 


to worsen this year. The Colony 
has one of the most externally 
dependent economies in the 
world with exports representing 
no less than around 80 per cent 
of gross domestic product in 
money terms. 

Commercial relations with 
Hong Kong’s main export mar- 
kets during 1977 were, to quote 
the Hang Seng Bank, “rather 
disappointing.” 

T-he Multi Fibre Arrangement 
iMFA) sponsored by the 
General Agreement on Tariffs 
and Trade (GATT) which was 
due to expire at the end of 1977 
was extended for a further four 
years to provide guidelines for 
orderly world trade in textiles. 

Before the old pact ran out, 
Hong Kong had already con- 
cluded new bilateral textile 
agreements with two of its 
major trading partners — the 
U.S. and the EEC. The terms 
offered by the EEC were rather 
less favourable than those 
offered by the U.S. under these 
agreements. 

The roll back of limits on i^x- 
tiie exports to the EEC could 
have damaging effects on Hong 
Kong's textile exports, although 
the under-utilisation of quotas 
in 1977 suggests that the 
damage might not be imme- 
diate. It is feared, however, 
that the EEC's action might sot 
a precedent that could trigger 
protectionist moves among other 
major takers of Hong Kong's 
textiles. Hence Ihe need for 
economic diversification as soon 
as possible. 


Anthony Rowley 



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. Hong ^sigjs oneiif the most densely populated 
areas in the world, and its housing policy has had to 
deal with this problem* Inevitably private accommodation is 
hard to find and expensive, while public sector 
housing is heavily overcrowded. 









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( gjffi OF thct tourist attractions 
of Song Kong is Its vast housing 
^t»—t»wrering blocks stretch-" 

■VHag floors up into .the sky, 

■■ .j^icoping with one of the most 
■ •: ■ populated communities 

• titt (he ’ world. 1 - And yet. 

■ .^Sks^ ohnost a half of the 
pony's population of 14.5m., 

• ;i U now accommodated in public 
'lifflBBto& Oiisis stm a relatively . 

•- . development which began 
- . ;just 34* years ago r almost by^, 

>' 'chance. .. &r~ 

homeless. ' 
stepped' in 'and 
- SS®^*' . me m - in quiddy 
<5*2^ sevemsterey blocks,' 

•' fists 120 square feet 

and designed to cater 
five people. Somewhat to 
g- surprise the Government 
= loan'd that' people were pro- 

■ Sired to P*y. * 9“^ “ 

- :£HK10 a month* for their flats, 

: prompted by other fires, if 

■i'd&rted to’ build identical 
' Slocks; mainly so that valuable 
• •• [iijdln the centre of the colony ■ 

^4 he cleared for commercial - 
redevqk»pment 

Identical 

- - Resettlement Department 
’* "^utled on ior n decade building 
a«nticfl seven-storey blodcs 
dtfa the same space allocation 
- a one-room flats with the basic 
ini of,.rb««ttllng' squatters. 

W as the programme gathered ; 

«ce the more establish ed p opn- . 

Son Hon S K°hg," attracted 
jpfoe ■ Government’s housing,' 

;^an-'to demand simflaj 
^ vnTto odation. and a Housing 
v- was formed which 

^am eted rather better flats— 

•’C ^fiSs square feet per prasba - 
' '5 internal . lavatories, arid - 
l ~ ‘&8hing- facilities— in higher 
i • r . ‘locks. . ‘111686 fiats were 
, located according , to .u .points, 
r . J ; jjtem and a waiting list, and 
- npealed not only to . factory: 
k ' ' Tjrkers but the more affluent* 

;■ 'cal Chinese as weU. . After 
*-vao&t 20 years the two pnram- 
. tions were finally merged in ; 

73 . ‘ ’ 

'Although -the Resett fem e ff t . 

? Apartment gradually improved * 

'i aichitectnna standards, and . 

1968 orart a new centre with shops ing prcAem. families living on boats which 

: “*5 , wln ? J° h 6 LSSl xestourants; batoaTita All the . ButtoA completed new towns although scenic : is no longer 

' • >* ^esto&^Seiianned from lie in thAfuture. Hong Kong popular. Near, Aberdeen, on 

’ the nifnimnm ihe staft as ^maji towns with a currently feces the task of im- Hong Kong island, there Is m 

' ' nnranrted by the wide ariSy <rf'»sbdps, open air proving .living standards on attractive estate built. on. cliffs 

" : marieli- cheap, r ‘and more some of tiie older estates. It is overlooking the -sea. -From, a 

-tfar^»SatiS’s luxtofeo^ restaurantB, schools, helped by m fact that the size 

aad^^Ttito 1 facilities that the of famfly is declining so accom- luxury development; . but the 

tiw oebupants -need. Indeed for modation designed for seven residents here are re-housed 

35 ^^^f^he Women there must people may now be lived in by fishmg families from the junks, 

5 there is be^few ■ opportunities to leave four. The basic single room paying perhaps $HK250 a month 

ch to ' public -the’ community, and the men remains, and the emphasis is on rent rather^ than- expatriates 

Vjgifl^i^PP <00 OOd wffl altaost certainly work near- brightening up the environ- living in flats for whidi; their 

i" Sr* fn thP^ouHh fty since the plan is to allocate meat On four estates flats -are emp^yers are prepared to pay 

S'KS andJLndustrial land being demolished to make more 5HK10.000 a month. . 

" ' lavatoS close to the estates,- which now space. The vastness of some of 

: juimber 64,- the majority situ- foe estates— at Tsz Wan Shan ReCOEClIed 
' S*? Mng fo* ated in Kowloon, and the New there are-150.000 people divided 

. •? ..%^ys. sometmng ror * Territories rather than on the into, five groups of 30.000 — can Until recently public housing 

island of Hong Kong. be frightening to a European in Hong Kong was supposed to 

• toy that the . hut when community centres are be self-financing: indeed it was 

• .r^wmraMp Danloimoi) introduced, and the lively supposed- to give a 5 per cent 

- ’ \ SU “V * Eavouraoie jYCdrtUilvU .. Chinese stalls appear on the return on the money invested 

W^Sefeonxtbe D ° n ' sq "* i "^ - t ~ vpln _ men * streets the bleakness of the by the Government after 40 

v ; • -Tjeihaj^ even more m the actual flats seems less important years. Now the authorities are 

*>is that jSL^f *i!?t^K P »?£imr laraelv And it is undeniably better than reconciled to the fact that the 

. - cope for so long with a e^ew any available down market ambitious plans— a SHK4,000m. 

Ration -which S^w by m. Wan th e Private accommodation. inrestmenr over ten years to 

foe decade after t945 when TOTitones-^suen . Part of the improvement house a further 1.5m. people— 

- agees pouted aonss tbe - firat; which midS&SO*- P° Uc y 53 to sell flats of a rather can never be self-financing. 

• Ser. to escape -Sh m ultimate Doten- higher quality, with one or even Rents in the 355.000 flats in 

(too- and^Tuen t"® bedrooms, to more middle public ownership usually range 
-*$ in -Ofoia. To-flay,. the .ml of almost^oOP WO and Jhen Another feafure benveen SHKlOft and SKK300 a 





I T I 






Apartmek {^fe toicer ^ore-one another on Hong Kong island 


CONTINUED FROM PREVIOUS PAGE 







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hS areas of *> me of oldest flats are now been raised to SHK2,850 a . 

girths exceeded deaths by 2^?^L y , iet “Pert for. elderly single month. Squatters require no 

: ^s«nn 0 their q otvn fac- Pe°Pto, dowly becoming a minimum income to qualify. In 

•HSsr foe years expectations f i^duSriori al featnre of .-Chinese life as, the future the Hong Kong 

- 6 risen and although the- following foe European lead. Government will inevitably 

iqflatis stfll one down to the gambling -t h® extended family declines in shoulder a bigger financial bur- 

- aUy some screetmig, higher ties, even dora to the g^ng imVQTt2mx . den in housing an even Uglier 

idarffs are being f^nd There will be transport Bu l despite foe vast construe- percentage or its population. 

mam ami is to m ah e the sofon . . but^the programme there are still There is a public demand for the 

iromnent more attractrve by h 0 nes 1 4 hat >iaiig -100.000 families on the waiting Government to- become a- land- 
ing. a sense of communtiy. list for a flat and around lord, even though it is at odds 

^one old estate, at Shek Kip toaj e J towns 400 ' 000 squatting families, with the free-market philosophy 

, for example, four of foe minimum that^tovms ^ ^ ^ ^ ^ flourishes m the cdony. 

ae ^ace ^Ul bTSssa to So. the' Cotonys overcrowd- «Hit«ra there are 30.000 The biggest incentive to live 

uie spare wm uo u*>« Qn one of es t ateg lg gj e 

alternative.- Private: accomoda- 
tion Is difficult to 'find and ex- 
. '■ .’.i. ’.-■■■ • *' pensive. As in London landlords 

. Are trying to sell off their flats, , 

'roperty ^*.0® p*« ;sjmws i ;z?i , 

■** ... puts a; .great financial strain on 

, . , im, trim wid- metre site. developments. This was under- J*® ? las f es ' 80 . 

m Land prices-, af 'Government lined by Bill Mosley, executive *«« 

aSijssfts ssstrz*a 

r«'p£z??£ sVsiS^“ e Scp sstr 1 *? 

s 3Sf juis rFsz 

chesper. hut the land price yo ks U at .eople ^ “ “riy 1960s teulung “ hotels whUe a decent flat at 

ncreased. hand that they do not know now message which was underlined ble orice Mmes 0 t 

fSLt’Wk chairman of ,o employ and arehapw » gj hyTtetur Bedford ? he maAet At the “pend 

Federation of Hongkong it back ato property towh- cated .-cantion.-and controUad. Han „ Kong ^ ^ 

g tries, has questioned the -that tfi& narkdt^w^l - ig expand on. Total building loans ^ most exp ensive in foe world: 

St -or developers who of it for fhent This factor « by th e -banking system are now ^ a 

: «3 Prices to almost reinforced by the- preparedness abont gHKlbn. a month, and “ ‘ 

1 000 a square foot, and he of banks to lend -and by the con- somedeyelopers are engaging In Governmeilt - feigbt" hav^come 
. Tout tETthis levd has sidereble tallmv trf money from , he a practice of bu^ g™*, SShmTdSZ 

J us impUcatious for Hong- elsewhere nA ma . L n I. S ™ S? STS ^ ttaw its role ls Peiamoum 

7 Industrial competitive-. •: Thu .involvement of assumption tiiat inflation win eert ain to erow. 

" C-* 5 J "Sm Shin Nam taking -companies « J**? take care of their problems. and * **** T0 ^ w - 

. itment paid a record e state -d CTtifopm®nt has b«n Daniel Nelson Antony Thorncroft 

; 10.6m. for a 566 square, worrying -featore- of recem 


IV WINSOR 
1C INDUSTRIAL 
WlNSOK CORPORATION im 

Subsidiary and Affiliated Companies: 

Soco Textiles (Hong Kong) Limited 
Cotton and Man-Made Fibre Spinning 

East Sun Textile Company Limited . 

Cottori and Man-Made Tihre Spmnihg^nd Weaving 

Oceanic Cotton Mill Limited .... 

-Cotton and Man-Made Fibre Spinning and Weaving.' 

Winner Company (Hong Kong) Limited 
Cotton and Man-Made Fibre Weaving and 
. .Garment. Making . ..v 1:.. - 

South China Bleaching & Dyeing Factory 
Limited 

Cotton and Man-Made Fibre Fabric Finishing 

Pacific Dyeing Works Limited 

Cotton and Man-Made Fibre Fabric Finishing 


! 10th F!. r 37 Queen's Road Central, Hong Kong. 

1 Hongkong Bank Bldg., 12th Floor, 

673 Nathan Road, Kowioon, Hong Kong. • 


Park Garments Limited 
Garment Making 

San's Clothing Factory Limited 
Garment Making 

Soco Knitters (Hong Kong) Limited 
Wool and Man-Made Fibre Knitting 

Fabutex Limited 
Textile Trading 

Hilwin Enterprises Limited 

Wool and Man-Made Fibre Spinning, Finishing, 

Knitting and Marketing 



49,000 people in 20 countries; proriding almost 
every type of commercial service throughout Asia, 
the Pacific and Southern Africa. 



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Under the streets of Hong Kong 

A Mass Transit Railway takes 
shape and Janfines* people are 
involved, naturally. In five 
■ construction consortia with USS200 
million in contracts; in air- 

- conditioning stations and ventilating 

- tunnels; in managing a USS50 
million term loan for the M.T.R. 
Corporation. 

At the point of sale 

Whether if s an eye shadow for a 
lady or a turbine for a power station, 
a sale can be lost or won by the 
personal touch. That’s why Jardmes 
have somebody there — distributing, 
marketing and selling, even setting 
up retail outlets, for an enormous 
. range of products throughout South 
East Asia for many of the world’s 
leading commercial organisations. 



Talking to spmeonewe. feqtWL . 

The people we work with are - : =.. 
spaaal lo us. We know them very 
weU Jardines have been in Aaa 
and the Pacific for almost' 15Q 1 - 
..years. Our experience and'- ' 
knowledge of ihe re^'on is reflected 
in our specialist financial services - 
merchant banking; consumer credit 

•. and money broking; stock, . 

I commodity and bullion trading. 


JARDINES 

Jart&c » Maheson A Co, Lid, Cbraaii^t Centre. Hons Kong 


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r&rmi 


. • financial Timesl&oncfay Apnl "23 1973 


■‘V 


HONG KONG XIV 





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FCTS 


Light industry needs to diversify if 
Hong Kong is to maintain its high economic growth rate 
and low unemployment. But this cannot be achieved easily nor will it be an 
instant solution to problems in this sector. - ... 

Light industry 


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Assembling printed circuit boards for Ampex computers ._ 


DIVERSEFaCATLON IS the 
latest panacea being prescribed 
•to -remedy Hong Kong’s falter- 
ing industrial - ^xowrtb. But 
miracles transforming 4 He 
economy .from its Heavy depend- 
ence on textiles to a diversified 
and robust entity capable of 
weathering the storms of pro- 
tectionism and slow world trade 
growth simply cannot be per- 
formed overnight 

The much heralded virtues of 
diversification tend to carry 
away some of the Colony’s more 
optimistic businessmen and • 
leaders as might the properties 
of a new wonder drag; and in 
the end their exhortations and 
promises for this cure-all sound 
little better than the wild 
pbrims of a quack doctor 
peddting snake-water medicine. 

Ever since the textile barons 
of Shang hai and Canton 
collected their machinery and 
workers ahead of the advancing 
communist army -in 1949 and 
moved lock, stock and spindle 
from the mainland to the 
British enclave on China’s 
southern tip, .Hong Kong’s 
industry has been diversifying. 
From the very baric processes 
of spinning cotton yarn, the tex- 
tile industry has branched out 


to embrace weaving and gar- 
ment making, which now earns 
the bulk of textile income. Out- 
ride the textile trade diversifica- 
tion into new areas and more 
coDitfere technology has also con- 
tinued at a steaaj- -n^cg. Elec- 
tronics, plastics, toys, 
and radios are just some of the 
products which now fin Bong 
Kong’s order books. 

What makes diversifiation 
most urgent to-day is Hong 
Kong’s need to maintain its high 
economic growth rate and low 
.unemployment when the indus- 
trialised world has lost faith in 
pypa Tiding global trade in the 
interests of alL Economic isola- 
tionism has raised its head and 
b eggarmn y-neigbbou i^— or more 
usually, beggar my Third World 
dependent — policies axe now 
part of every finance minister's 
box of tricks from Tokyo to 
Washington. The recipes vary 
httle; raise trade harriers and 
cut demand are the baric 
policies. Those economies that 
1 Kve by the motto “export or 
die” must change tack or 
wither on the undernourished 
vine of international trade. 


to major markets in Europe and 
North America, the Governor* 
Sir Murray Maclehose, an- 
nounced the establishment of a 
committee to examine diversifi- 
cation of the economy. What- 
ever conclusions this august 
body reaches, it cannot work 
*u j mjr actes instantly. Some 
suggestion' w. co-ordinate the . 
efforts of local mn~..« ^ Tir p ^ 
through an industrial oevSSv. 
ment corporation dispensing 
advice and oven assistance may 
be made, but the main d iffionl- 
ties have to be faced. 


Risky 


In the wake of Hong Kong's 
trials negotiating agreements 
restricting its . textile exports 



Thfere are no easy answers^ 
& versifying manufacturing in- 
dustry by breaking into new 
fields is a risky, costly and 
tTHTK» J jr<r H"tCT^maTig process. De- 
velopment of a new product, 
still more a new industry, re- 
quires expertise, technology, 
labour-training, financing and 
aH the other variables that 
make any business fraught with 
danger, let alone a new one. 
Perhaps the safest and most ; 
profitable form of diversifica- 
tion is the type that has gone 
on ever since the days of Hong 
Koto’s industrial infanc3H~ 
moving into related fields by 
applying new skills and greater 
capital in a market that is not 
a total stranger. In this way . 
Hong Kong came to make 
quality clothes side-by-side with 
cotton yam spinning, and the; 
toy trade grew out of the long - 
established plastics industry.' 

Each time more value Is 
added to rarw materials by using 
more specialised machinery and, 
skilled labour, so HongKong*8 
industry moves up market J 


keeps-, some distance between 
itself and the fast expanding 
economies of its cheap labour 
neighbours in South Korea and 
Ttdwan, which are rapid ly 
copying the Colony's formula 
for ■ success. Regardless of 
Government committees, Hong 
Kong’s manufacturers will con- 
tinue to diversify. Necessity, 
competition, is the mother 
olL invention. But where the 
2~r**ee can help local maun- 
* kctarp ?®»_ '■?■** often know only 
one. market, a 

part of it, is to suggfc*. 
guidelines from the benefit <& 
Its collective knowledge of 
woxid trading patterns, prob- 
lems and likely developments. 


Hong Kong's leading, light ig: 
dustry, electronics, still only 
earns a quarter of . the receipts 
which, the all-doniinimt textile 
industry brings in. . Last year 
electronic exp orts; grew by 
20" per cent- to. $HK4.5bn. Tele- 
communications ■■ -equipment is 
the- -main component' of the. in- 
dustry, wit h, sal es rising 13 per 
cent to $HK2^bn. in 1977, 
: followed , b£ ^ transistor radios 
earning $HK3U3bn. These two 
sectors form the backbone of an 
industry which is just as prone 
to fashion fads as the textile 
trade.' 


■ Recent victims of changing 
tastes . are digital calculators, 
which have been in decline since 
the peak of their popularity in 
1974. S imilar ly,. Citizen-Band 
radios were the wonder product 
a- couple of years ago, and now 
the market is saturated. How- 
ever, the industry survives by 
.■quitting new products, or in the 
case of calculators, .finding a new 
fine. Now printer calculators 
are satisfying new consumers 


all around the world, whose *:•/ .. 
quest for- the latest and most ^ 
advanced ends vdth.^tlm-bnymg-,’*.';.. ?••■■■-■ 
of a made-m-Hong Kong pro*; 
dUCt, • • 

Digital watches, whose space- - *. 

age faces were such a craze o n- i r 
the wrists of Europe- and North \*‘ : t r -* 
America for several, years, .. 

now selling for as little as one-- r:C : ; 
fifth of their 1974 prices. How^;>- 
ever, these light- Emittiag,<^.; : 

Diode (LED) watches have-been. { r'**' 
replaced by .the lates t moneys ' 

winner. Liquid Cryrial I>lSFda3t..i : ' i. 
(LCD) timepieces. . -Despite. : v . .. - 
♦-ofng three times as expensive'^ . 

V‘ prototype LED’s, the-?- • 

?S S “X^lRre compact and.c ; ‘ ; 
lighter, attriBu^, whfcb _ lend . • . 

them to more stsilau Bnishiag .^- 
and hence pric©^>»mj n . in 
higher and more ^ofitaMcp/ •’ 
market Last year watch ' * . 

sales followed a 1976 na.-j.;. ; ;r 
80 per ce nt wi th a 40 per ea^,..-; " 

ctimb to $HK2.9bn- and fuiti^ *:.— 
healthy expansion is confido^y; ..-.- - 
forecast for 1978. - ^.V.r 

An equally rosy pictarev&.> . •" 
painted for the Colony’s ^ ^ 
major export earner, tbys nmC . ■ 
games. As the world’s leading .; 
toy exporter since 1 972, Hoag ‘ 'ji.-. 

Kong last year sold $HK3.G4bn., ; 
of toys for children all arwa^ t v - ; 
the globe, and manufactmesB;^ - 
this year expect to exceed thjfo . . 
1977 sales surge of 28 per c^d.-- 
Television- games have Tnanifl d. ^ .. -. 

expertise from both the elefl- 
tronics and the toy and plastics ’ -■ .* 
industries, and this kind .. r 
cross-fertilisation can be^.'!..'.--.- . 
expected to continue— the type^-*' - 
of product diversification ' x -. 

co ntin ues -without the. inter* 53 
ference or advice, of coloni^^T 


committees. 


Correspondmfi 


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trains at Tt 


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-'W. 


Lantaa is twice the size of the . ■ ^ 

island of Hong Kong but has a population of ^ 

only 20,000. Now, with space seriously limiting further expansion^,; 
in the Colony, planners see Lantau as a possible i ^ : 

answer to their problenES. ■/ 

* . * , *T 9 .+ . 


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AT THE end of the Second 
World War the population of the 
Colony of Hong Kong was just 
600,000. By the end o! 1977 it 
had grown to over 4.5m., and 
was still expanding by. 3 per 
cent annually. So far it has 
coped with this extraordinary 
increase, hut there are clear 
signs that the availability of 
land for further expansion is 
limited. For a time the New 
Territories on the mainland 
offered extra space and new 
towns are still emerging there. 
But Hong Kong planners are 
already thinking about the 
I9S0s, and beyond, and that 
means they are once again look- 
ing seriously at Lantau. 

Lantau is by far the largest 
island among the 200-Odd, plus 
the mainland, which comprises 
the Colony. It is twice the size 
of Hong Kong island, but cur- 
rently has a population of 
around 20,000 as against the 
lm. plus that live on Hong 


Kong- Basically Lantau missed bridge a few years ago. I'* '- ":' * ■ 
its chance well over a century the Government, offering A.- ? , ‘ 
aeo—it could not offer a safe land on Lanteu td mc?- 
deep harbour and there was no interests willing 1b fil ® nc ® ^ ‘ 3*C‘ J 
wateroh the island. Hong Kong undertaking. Then, the enA 
was ripe lor the needs of the mity of the project detenu '<r,a (i 
British merchants and has even the local Chinese. NoW-t 
attracted all the attention ever need for Lantau Viand •- ^ 

once'. ' bridge in operattoir.^ 

gnt now the Government has ; much more likely. By that ^L 
commis6ib ned studies which the New Territories, wiligv 
coutt transform Ltmtau ■ ift the exhausted tlfeir;lfihd pptesrtTA^ 
nexrtea years. A preliminary, . The. bridge Cor. 
tnwstiEation- is underway on .a tunnel) is the W 
how Stan- could be linked to fixture-. H 1 

the New Territories mainland plans for the island ; .g i ^W 9 SSfc^ 
and^ w seems qjuite possible, >Jtece^ including t^l^sss^^^r eg" 
a bridge is - recommendwl. of- second , aarpore „ fdt 
stretduhg ' from' the north': bf : Kong/ 

S3*-and' .ItaitingVtiCT Oti^ iwrih wwt pf - 

JSnufeTi'efore- it reaches, ihe reciaimedr ^frorn, 

what -would Jut. th earnest ambk could - be*, towed- 
tions vireture^ to ^"the InstoiybfTguttod.- 
^^■ambitzoi - . stigma?. 

• "coirnNUH)"-ON NEXT PAGE- - 


J <*rvi, 




.Enan&i ./OSes- iSonday" April 24 1978 


27 




HONG KONG XV 






The fortunes of Macao and Hong Kong 
have become closely interlinked. While Macao’s polideal survival 
is a vital factor to Hong Kong, the Colony’s economic growth is important in sustaining 
Macao where prospects for the future are improving. 




" ON SOME of the latest Chinese Chinese, sines 1949, l»ve' re- erosion of the ‘ established Macao . takeover. .Restabilisa- such. ‘ representative would have attracting new! industries to the 

‘ ' ; rpaps.-'Mac&o’s separate identity garded as the unequal treaty authority, while the Chinese tion might be difficult. The to be- accredited, on Chinese" reclaimed, area'ar&ufcd the con- 

is> lass'- efearly emphasised than of 1887. Macao "was still a belatedly tried to prevent the more important point is that sofl, ip Her . Majesty the ..Queen tainer terminal. - 

' r that of Hong Kong. Both “province of Portugal” when stabilised authority from being China does not want to put the of England.- Practical considerations may 

" ";. Vc(floiiial eb'elaves are-; coloured in 196ff Chinese red guards eroded. Practical reasons sutose- issue to the test So' far, no - 'These subtleties may not .have limit the promise ol these and 

Portaguese gov- been gyjjy realised when the other schemes. Macao is linked 
insisted on ending. reqaegt was ^ ^ to Taipa by bridge and CoIoehO 

... .. „ . . _ - ^ — — quo.. Pro-Russian g-jj-jn. why suir-p the recmest- Is - tinted to Taipa. by a cause- 

tbe Pearl River estuary,, js. their assertiveness. Since the Macao to allow the situation elements in Portugal’s politics way. But since these links were 

' '■'■■■ ■ have not b«n able to make the “* dieted five years ago.,tt>e 

in Colony, a. 'source of embarrass- DraiIH *^ xepaua. .... number of resi( ients In' the 

M - >* J ™ , o-s ment to China. * Meanwhile tf Macao’s poli- two islands has fallen from 

OT&mc statute;- lus^on and future. The more recent prob- The possibility that they tnk-M^nl helps to sustain iq.ooo io 3,000. Obviously those 
~~ 5 ia^~f °J£ a©ree that Macao i S bas t, een the question- might do so accounts for another Hong / Kong, the colony’s moving into overcrowded 

22-S hm S?^ . -territoay- admimstercd marks pQ Sed for Macao by io . Macao-Hong - Kong difference, economic. growth helps to sus- Macao must be thinking like 

« y , Portugal. Belatedly the stability in Portugal. Obviously Consultation ' between . - the taan Mare p. The Hong Kong foreign investors— the laric of 

rtT J* a - Co ^? ny,s governor has acquired there have been some personal!- Chinese and Hong Kong authori- Government continues to help infrastructure on the. islands 

-v. apo ^oioane/a cneL. i omis- cabinet rank.-m - Lisbon... Cur- ties, in Lisbon who had the ties is partly facilitated through to. promote corruption. . by does not yet attract. Power and 



to 


sfon probably relatesto its small ren u y the retiring Governor. 

^ vsfeo,-but it-could .be .symbolic, colonel GarciaLeandro, has in S? 

• r^e^^ejmlltical reality of become’ the first Governor of t^chin^ ^ 

vidhnmished Portuguese authio- Macao id visit China since 1949 },° ™ ina * • 

rityi'Fo'r all that, the continued HisISilrty TnSe a See-week 

use of. the words Portuguese Mur 'that after ,r ers in Pekj °S Wlt h the 

:... :- £ occupied" has significance for n^roS^dSssit^I-Mac^ p I ohtjcal Pagination to see that 

' btfth Peking, and Hong Kong. hafSabliSed^^neS eqiS? ? e tirae WRS not ri Pe for such nonnalisatlon of 
... . I -Macaor'is • historically Hong JS.JffSiS* . -VS5-i^SSl largesse. Hong Kong was a 

7 Kong’s elder sister.- Bong Koni ° a major reason for such prudence.. ««■ w ? ei 3 ronuguese poiiucs stadiums Tfce nett invisible in- worsen power «iauon mi -jilbu. 

- and' China .have air economic hope -that it will be sustained. Macao is totally dependent- on. were headed. Just as China apw from . gambling probably Power Station, container ternu- 

• . interest in- that history continu- Tw... ‘ ' China for water, and heavily would not want Macao used by more than wipes out flhe heavy Dal ’ ^shjPb^lding j ys r£ I_ all 

- - ibg for the -time bein& even if- JtXnSHLIlHlIOIl - dependent for basic foodstuffs pro-Rosaan • ‘elements for pur- defied Macao runs in its visible may be handicapped by Macao s 

?' the Portuguese overseas empire ' « 0 ^ • . and other Items. The first tea China regarded as uunu- trade balaoce with Song Kong env ^ omnept shallow and 

■-5 iS-now otherwise endei Hong T^ e Portuguese-bave too months of 1977 saw China run- cal - 50 Peking would not want patacas ($US91.8m.) muddy v ? ter ?l < ? (>t f i 0 B “ Bn . tl ? n 

V : <« AMih'mnfAii.' KaraA much imagination. The. British inK a favourable balance of to. treat with, a pro-Russian mtJSL »r Jtm a somewhat lethargic adminis- 


the Sino-British diplomatic rela- repressing the Chinese instinct water are the most often cited 
tionship. tfacao-fs not serviced to gamble. Since off-course bet- difficulties. ’ A new power 
by any Sino-Portuguese diplo- ting is an insufficient outlet, station on Colbane and contam- 
matic relationship. Once it was Chinese from Hong Kong con- ing two . 23,-000 RW generators 
Salazar’s and Caetano's anti- tiaue to-be the leading patrons should improve - the’ power 
Communism which . spurned (in - both cash and. numbers) of problem . when it belatedly 
ties.- .More Macao's-- .casinos, plus its grey* comes 'on stream, and help to 
recently* China was anxious to bound, -jaclng and Jai Alai relieve the currently over- 
see where Portuguese politics stadiums. The nett lamsUale in- worked power station in Macao. 


Kong is economically Macao’s ing a favourable balance of J?- treat a ^^pro-Russian ia^irst'ten morS^of 1977, a somewhat lethargic adminis- 

:: rider brother. MacaO has"an Fi- ®°. e trade of 223.1m. patacas (U.S.S Goveromenr over the future of a m patacas (SUSllomj m trat30 “ ; ^ 

• • -J interest ' In Hong Kong’s inffuential member of Macaos 4^.7ni.). This kind of financial coiomal remnant. But the New ^ servative Chinese business 

: 7 eeenomh-'dvnamista %nntfnuine (89 per cent) Chinese, com- aa jn to the foreien exchanee China News Ag ency now has an " e stablishment Police reorgan- 

-- i’^>rovide iM, ******* China is sma u com- 1“”““. ““ be^Tuimrln 


office m Lisbon. __ 

- baafodJv -:it seeks: ■ -rnore between the two refraining nared with that which it’o'ains interesting to see if Governor roughly 2m. Chinese to Macao appear to 
- ' On Ite own accoufit-’ ^oiual' enclaves; from Hon» Kong Just as Hong Leandr0 receives clear is to ate gaming ubles. The counter the law and order 

: - ; ‘ histoiy predatesHong . He has a point. IhePortu- Kong .could haSlv haw p?^ indications on normalisation jetfoils, hydrofoils and ferries problem which, if unchecked, 

; . ; "^Kong’s by three centuries. It- guese by succumbing to it and per ed had the British caved in moves whUe on hls China ^P- whicil P 17 beDAeen Hon S Kott S could constrain tourist growth. 

• - 'was first- visited by the Porta- the Chinese, by hot preventing to the agitations of 1887, so the 1,1 part 1116 j ^ elf suggests and Macao also carry many who By Bong Kong standards, the 
=C' gd£se 3h l516 and first settled it, both showed a lack of prac.ti- doubt remains— if Macao goes, a Chinese “thank-you, since take advantage of Macao’s problems are not insuperable. 

; ^ By them- in T557. • lisbotf paid cality : when the cultural revo- will Hong Kong’s prosperity the Governor has done his best regular ferry and bus services i n Macao, there is optimism 

• ~ 'rent for- Macao until 1849. and lutiori spilled oyer into' .Macao be maintained. ‘ Short-term pre . ven t Portuguese politics to Kwantung Province. Many that once some of the new pro- 

" acquired a right of “ perpetual in .1.966- Subsequently, in Hong destabilisation in . Hong. Kong. ^ rom further muddying Macao of the 250.000 Hong Kong jects come ’on'stream, they ivili 
r occupation” by what the Knng , the" British resiStecT the would be the likely resultof any waters. Chinese who visited China dur- encourage multiplier effects, and 

- , '- ,, riSS; -vy. - . . - In * ffort Governor Chinese new year 1977, Macao .will -achieve -a more 

Leandro is undoubtedly assisted proceeded through Macao. ‘ dynamic pattern of growth. The 
hy several unofficial Chinese greater degree of autonomy that 

representatives whose advice TP/ivfvlcic Macao now enjoys from Lisbon 

and consent and implicit veto 1 C Allied ’ should expedite decision-making 

„} . 7 t.y . power, is more influential than Macao ' S main industry— and *7 government A new 

¥ Lantau-isXoin'ed to the.rest of rices, as well as : three golf are probably tbe best in the partly elected Legislative 90 per cent> of jls long-term .agreement, for a 

industrial area courses. The popufktion, both Colony; its villages quaint and Council, whose membership e3Cp orts — Is textiles. The higher percentage of gambling 

_ ^ • * •«- — industry mainly an extension Profits will provide more 

Hong Kong's, but Macao is revenue. Given the dominance 

- . - — — — — no longer a safe haven for °f pro-CJhina business groups in 

tid^ 'wOI theh leap ahead. conununicatKm withHong Kong ranean island before the arrival for the appointment of: an foreign quota avoidance. Macao Macao, tbe symbol of more 

of the package tourists. In the official representative in Matao, textile exports face European direct Chinese investment in 
summer residents of Hong Kong though it has done so . in the aru j u.S. restrictions too. Con- Macao (such as is taking place 

is thought in Hong Kong), is. unnecessary. 

__ reached the Should reported discussions 

commuters prepared to travel great deal .of indirect control limits of its textile growth, between Portuguese interests 
up tq three hours daily to enjoy already. The- Chinese com- Meanwhile, there is no lack of and China over the possibility 
ie island rurai\peace. The Hong Kong munity is -either pro-China or imaginative plans for develop- of Macao refining. Chinese crude 



CONTINUED FROM PREVIOUS PAGE 




The Hong Koag Government wifi'be by water taxi; ; . :;i . 
very definite plans Tor Lan- xhere is another hoiel^ de 

' to -iasaplgte ^ ^ 

radstraettan of'A 6 :»»«h east coast. wa^a.Tfflage 
ridge dnd the industrial 1 area. On the main road of **’*' 


cumiuci iwjuubUMi w* ik mu vivuk ov . HilU U ,J. L OO 1 1 ILL1U] 

flock over to enjoy the contrast, past in relation 'to.Hong Kong.; sequently. Macao 
an^ "there are more and more In Macao. China exercises' a ; already to have 



mnainder of the island will which tends to. hug th£ southern TflurlStAssociatioh is alive to apathrtic. Unlike Hong Kong ment .projects which will oil produce tangible joint co- 

be : Jeft is a country park — ■*. s jde Most of the north of ? e at^ctive dual appeal of there have been no pro-Taiwan improve tbe economic prospects operation, it would be both a 

lung foir • the: overcrowded ie w» mntnr bustiing\dowT 3 tovnHong Kong, factions in Macao since they for Macao’s 265,000 inhabitants, precedent and an additional 

colony; There will be somo e*- - . - with itsVhops, restaurants and were removed at the time-ef the A horse-trotting stadium com- fillip. 

bote? 7 and : resort development, life and the emp^ cultural revolution. The irony Pie? . i!> hejg .-completed ozt . For the moment Macao’s la- 

but the iffltehtkm control be greal& aeveloped better com- beaches of Lantau. At the js ^ China has- in' -the past Taipa island'. te add to the Proving prospects are illustrated 

rigornn#- thesoqthcoast of munieationsareessentiaLThe moment there is hardly a ma ^ e requert in relation to g^bllng attractions. .A feeder 'by the -currency situation. In 
ifeisfrriifc which ii wild iajid roadkHare: currently being im- tourist bed on the iisland, ^apart Hong K ong: Wore it granted container 'ttifriihal is- being July a new central bank will 

!*m&m be Keit q{ .pr^ed. « is the quay for the *"*:•_* * « “* instead of refused, it wouid; of "?«*»« , ^dredged <g: «Pl?“ *>* ■**** Lfebeu 

♦ monastery at Po Lin, but from course> reduce m Hqng Xong Coloane island: Two substantial ' private hank (the now national- 


be 
In 
a 

affluent 


Government’s authority.- much 


resort- . complexes, one on ised Banco Nacional 


Ultra- 

issuing 




ac th* Coloane, the other on Taipa. are piariro) as the note 

rPrtiirvMi BmI Planned, to add to Macao’s authority, gearing the exchange 

tourist -attractions. A Portu- -rale moreVto local realities. Tbe 
psychological *inp*Ct-0f giiese. cOmpstny, Lisnave, ’is Pataca has recovered from its 
an appointment would. at 



, dgg* 

*• •- v.jr- 
> 





or any other buijdmgs. Hong Kong ferry at Silver Mine on development will 
, the . ® ce !l lc attractions Thc f ew communities, remorseless, if controlled, j 

HnS &ainIy of fishing folk on Lantau, the short term Lantau will he 
pared W 1 M tpe turmoil of : Hong ^ due to ^ ve tfaeir very tradi- holiday ground for the afflue_. 

Kong, have brpught ^n the 4^-'tionil and colourful villages of Hong Kong, but the chann of Tbe 

modernised in the next few ^ isiand makes is quite pos- ^h «n wnmmera. - iookjTJg at , building a , ship recent adverse-position vis-a-vis 

™ yearSt ^ hough, unhke on Hong 3 ^ that it will draw in inter- erase^. that thstn^ yepail - . yard _ ■■■ A uew ferry the Hong Kong dollar. In Hon^ 

aa- : cu rrenQ r only ° e .^”^;Kong or Kowloon, the new nadonaJtQur1sls . it Ts .to be border between Boo* [Kong and terminal will facilitate the Kong it is currently stronger 
s£iy *.;ierry, wtuen taKes_jusc planned will be low rise hoped that the inevitable, and China as far as most Hong Kong tourist flow, . .as will the than the Hong Kong dollar. Bui 

'jpver an -hour -from uong jvong. ; buildings, in line with the welcome re-discovery of Lantau Chinese were concerned. . It purchase-of three- more Boeing the Hong Kong dollar is still 
f Gne development which is character of the place. The proceed at a leisurely and would also contradict China’s jetfoils. The main hotel, the used in 80 peF cent, of Macao 
independent of the ferry. . ser: barren^ ^nature of the island, and avifised pace. official line about Hqng Kong Lisboa, is doubling its capacity, business transactions. * ~ • 

nee is- dose to. completion — a the' Tack of water.- means that . ;. . being Chinese territory under Efforts to attract foreign invest- ■ n c . . , ^ 

Sea Ranch on the south east Lantau will never have a large . Antony inomcrofi British administration, since any ment . centre on the hope of Harvey MOCKWlfl 

if the island. Access will be indigenous population, living off 
iy a regular “water taxi” sei> the land- In the next five years 
/ice witii Hong Kong, or by tbe population will grow largely 
arivate beat— it is ia effect a through tourism; then, with the 
‘botel ” although . the 152 completion of the bridge, it will 
apartments and 14 four-storey be mainly from industrial 
r telet'Wocks-are r availabIe for -workers living in tbe north of 
sale, and hal f have already been Lantau. 

joughL The $60m. (about fflm.) Along with better roads and 
irOject which Includes a dub- housing Lantau -must solve its 
lonse. restaurants and bars, is water problem. Ironically ’there 
iwned by Hutchinson ..Inter- is a reservoir on the island, at 
istional, and should ' be- com- shek Pik, but the water from it 
listed by the ^nd of this year. j S piped to serve Hong Kong 
fiut the Sea. r Ranch is- not the island. Shek Pik could serve 
i-Viiggest leisure investment in Lantau, or perhaps more prob- 
^antau. To the north^ is Dis- -ably, water will be brought in 
■overy Bay,- one of the most from the New Territories. One 
xpensive enterprises ever great advantage .for the Hong_| . 
counted in Hong Kong is Kong Government in its ambi- 
aking shape. Covering around tions for Lanfau is that it owns 
20 acres the project is costed most of the land. There are 
t $2.5bn. or more (£300m.). plots belonging to villagers, ana 
nitially there were problems these are increasingly being sold 
ver the cash, but now a group to build holiday and weekend 
f local Chinese businessmen, homes for peop! e from Ho n g 
nth a company called Hong' Kong.bnt theaimts tDdeveiop| 
long Resort, is planning the Lantau very much in line w.th‘ 

sort complex, consisting of “ ° y ^‘ pi f ' 
jer. 2.100 garden houses. 4.080- taphasarf Jevelopmenraiid .to 
. eMay ^ts- and a. ' 350-room limit wcreahonsl projects to the 
dtel, which could be .extended, specified areas, 
lispoveiy Bay will have its own At the- moment Lantau is still 

’..olige, fite and ambulance ser- a dream-like place. It’s beaches 


_ . It’s remarkable 
how many major 
Hong Kong developments 
have one thing in common 





In the past five years atc&ie. Gammon (Hong Kong) 

Limited has provided civil engineering and/or construction 
services for developmena^-foetlie Hong Kong Govern- 
ment and the private sector; with a total solo - ... r 

construction value of -more than HK$ I, 400 mill iop..'" 1 ' - 

(£i«J million). 

In addition, Gammon. ( Hong Kong) Limited has 26% 
participation, in internptiqnaJ joint ventures for 
projects in Hong Kori^' valued at HK5I.200 million 
(£ MR million). 

The variety of work 'has ranged from high rise 
buildings, bridges, desalination plant, container terminals 
and roadworks and foundations in both the public 
and private sectors. 

Current major work .includes the Mass Transit Railway 
-Construction and Reclamation. Projects for New Town 
-development in Hong Kong and the largest private 
development on Hong Kong Island that will involve 
construction of over 10.000 flats. 

Gammon (Hong Kong) Limited 

2nd Floor. Gammon House, 12 Harcourt Road, 

Hong Kong. 

Telephone: 5-26522), Cables: GAMMONCO. 

Telex: HX 73826 GAMCO. 

Land. Marine and Hydrographic Surveys. Soil 
Investigation. Design and/or Construction of Marine. 
Structures, Sub-structures and Piled Foundations, 
Multi-storey Buildings,' Bridges, Earthworks, 

Reclamations and Sea Walls, Chimneys, Tunnels, 

Road and Drainage Works, and Special-purpose 
Buildings. 

Gammon Properties Limited — Property Development, 
Property Services arid Management. 

Gammon Services Limited — London office. 

Telephone: 01-828 -0106 


1 



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Financial Times Monday "April $£ 1978 


HONG KONG XVI 




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Japan is an inevitable and important economic partner 
of Hong Kong, as it is of eyery other country in the region. And although 

. % » f ■ ^ L 

the partnership is imbalanced it seems to be mutually profitable. 'Now, it appears 
that there are growing opportunities for Hong Kong to export its textiles to 
Japan, and the latter’s role as a raw materials supplier may be declining. 


HONG KONG has a chronic 
deficit in visible trade with 
Japan, but ' seems not to be 
Worried by this fact. Japan has 
held its position as the Colony's 
number one supplier for the 
past five yeftrs without a break 
(although in 1975 it was very 
nearly edged out by China). 

As a customer for Hong Kong 
exports, however, it comes in a 
bad fourth, buying less than a 
half as much as the UK. and 
only mar Anally more than 
Australia. 

Western observers of the Far 
Fast, including no less a figure 
than the UK trade secretary 
Mr. Edmund Dell, have noted 
this situation and readied the 
conclusion that something 
should be done about it. In the 
U.K., in particular, it seems to 
have been felt liras if Hong Kong 
made more effort to close its 
trade deficit with Japan its 
exports might press less heavily 
on Western markets. For the 
viewpoint of Hong Kong, how- 
ever, the “impenetrability” of 


the Japanese market (which 
tends to be' philosophically 
accepted by. Hong Kt»Dg 
exporters) certainly looms less 
large than recent problems with 
more traditional trading part- 
ners. 

The reason why Hong' Kong 
views its Japanese deficit 
differently from the way the 
EEC and! the U.5. view theirs is 
simply that the role of foreign 
trade in Hong Kong’s economy 
is also different Trade accounts 
for an estimated 80 per cent of 
GNP so that imports, generally 
speaking, are linked to export 
production, or are intended for 
eventual re-export, rather than 
for the local market 

Hong Kong’s imports from 
Japan include two major cate- 
gories of goods directly related 
to the Colony’s major export 
industries — textile fabrics and 
raw materials (for the garment 
industry) and electronic com- 
ponents. The third major item 
(motor cars) serves to supply a 
local need which is not met by 
Hong Kong domestic industry. 


Hong Kong's exports to Japan 
are a rather different story. The 
Colony would like to develop 
its Japanese sales (and has 
attempted to promote exports 
through a branch of the Trade 
Development Council, estab- 
lished in Tokyo since 1971). 
Building up a Japanese market 
for manufactured goods how- 
ever is acknowledged to be a 
long and costly . process and 
Hong Kong manufacturers have 
less experience in this field than 
major export-oriented com- 
panies in the U.S. and Europe. 


Familiar 


The tendency accordingly has 
been to write off the Japanese 
market as requiring toe much 
time and effort and to concen- 
trate on the more familiar 
markets of Europe and America 
(which, in addition to other 
advantages, frequently send 
buyers to Hong Kong to place 
direct orders for garments or 
for plastic and electronics 
products). 


' Hong Kong's increasing diffi- 
culties in selling. textiles to the 
EEC— intensified by the narrow- 
ing of quotas in the- new five- 
year agreement— could dearly 
prompt a closer look at sales 
prospects in Japan. In the mean- 
time, however, there are signs 
that Japan’s dominance as a 
supplier of raw materials to the 
textiles and electronics -indus- 
tries may itself be growing 
•weaker. The revaluation of the 
yen (by around 19 . per" cent 
against the Hong Kong- dollar 
during the past year) has 
sharply raised the price of 
Japanese industrial materials in. 
the Hone Kong market. Added 
to that Hong Kong’s electronics- 
industry has began to. move 
away from pure assembly opera- 
tions into the manufacture of -its 
own components — and thus to 
a degree of Independence from 
Japanese supplies. 

Because of the dearer. Yen- 
major Japanese trading com- 
panies with Hong Kong sub- 
sidiaries such as Mitsui' and 
Mitsubishi Corporation . are 


starting to switch procurement 
-of some standard imported 
materials from Japan to cheaper 
.sources of supply such as South 
Korea or Taiwan. In the long 
run this shift promises to reduce 
Japan’s dominance as an 
.exporter and produce a 'more 
^versified pattern of trade 
relations between Hong Kong 
and other countries in the 
region. The process will take 
time, however, and Japan's 
leading export role will cer- 
tainly not disappear overnight 
y. Aside from its traditional 
seed for Japanese . industrial 
materials Hong Kong has one 
other good reason to tolerate the 
continuing visible . : . trade 
imbalance: Its other economic 
relations with Japan almost 
certainly yield, a handsome net 
profit One of the most import- 
last of these is in tourism where 
Japanese citizens make up more 
than a quarter of annual net 
-inflow of some 2.75m. visitors to 
die Colony. Another area where 
the Japanese connection can be 
presumed to be of considerable 
value to Eons Kong is in 
banking. 


The Sign 
of 

Quality 

Dependability 

and 

Expertise 


REAL ESTATE 


CHEUNG KONC (HUGS) LiMflEB 

Chins Building, 20-22 tis.. 29 Queen's Rd., C., 
Hong Kong. Telex: 86209 Phone: 5-2669! T 



".Only three Japanese banks 
have full branches in Hong 
.Kong (Sanwa, Sumitomo and 
.Bank of Tokyo) since these 
were the only ones to have 
established themselves in the 
Colony before a ban on the open- 
ing of foreign bank branches 
was imposed in 1965. Other 
Japanese banks however have 
.“bought into " local Hong Kong 
banks (they include Mitsubishi 
and Fuji) while a further group 
of banks have established 
“ deposit taking companies 
; (quasi-banking .institutions 

which are. so far not subject, to 
the controls on bank branches 
proper and which may accept 
deposits of 5HK50.000 or more). 

Japanese banks _ originally 
established “deposit \ taking 
companies ”, in Hong Rons to 
finance shjp purchase by Hong 
Kong owners who placed orders 
with Japanese yards and then 
chartered .their - ships . back, to 
.Japanese-, lines. Jitter arrivals 
.'originally moved to Hong.Kgng 
to servipethelocal requirements 
of bead office clients in Tokyo. 

This is, still a major function 
of Japanese banks in Hong Kong 
but there have been some signs 
recently that things are starting 
to change. . . . : ' 

The relaxation "of Japan’s 
foreign exchange controls has 
made it easier for Japanese 
banks to - make overseas loans 


from Japan itself rather than J 
to channel loans through onK&ggS? 
sta& subsidiaries Or brimdres/Aa J.' {f£ 5:r ; _ 
a- result the Hong Kong .outposts : ... 

of major Japanese banks have* 
been -obliged to go out ahd-loolej ^ :: 
for -regional business. . ' - r;: 

" The -regional nation ■ Ht J . 
Japanese banking business? in^ 'v-cr- 
Hong Kong has its parallel: 
the activities of the big tradixq^^ ? 
companies. These original?#^ ,*r ' 
established Hong - Kong -branebj - - 
offices to deal with twoovaft 1 'V.-:'-' 
trade- between Japan- and Honss** 1 . ■ ■ 

Kong. In the past -two years^* 5 •- 
however, the trading. eompanie^^ 
have begun to use -Hong Kxrajjsr' ; 
as a base from which to arrange 
financing of trade - - between 2 71 Y.', 
Japan and the rest of - Scttflrj- *» t ‘ : ./ 
East Asia; Mitsui . and . 

which converted its Hong-Koafc^'^J. . 
branch into a- subsidiary tsiw iKy" ; 
years ago. says Hong Kong'-hya - 
now its third most Imporimn.!^ / . 
overseas base for trade jfinaia?^ 
ing after New York and London^ : 

Third - 

Hong Kong ranks tiurd be, ji.: < ' 
hind London and New Yorkrtr^ f;: : V r " 
another important -.reapettr?*^ ;.f 
a source of non-resident 'izreestu, 
ment in -Japanese - ’ securities^ r- " 
The Colony serves as anopewt^.. • - 
ing centre for European'^andL « .; - : - 
U.S. investment funds 
as for European-owned' 
managed, but Hong Kong-basedy'- 
institutions. In addition toe^' V 
Chinese businessmen are-maj^l, ; 
investors in Japanese securities* 1 ^ ;.y . ' * 
This flow of funds expM*‘;:.. 
why eight Japanese securitM’.r.L., - ■ 
companies are now represents# 1 ■; ; Vy 
in Hong Kong tinwiggi lawF’y ^ 
subsidiaries or joint : 'venture*^ - '^; . a ' 

- Japanese direct kives&Dei^3t , -.;t . . . 
Hong Kongindusby . 
be the least important strandng." 

the relationship at piesaiirl^f.„V ‘ 

is probably much less 
cant than JapaB^ : ihvestmffi*X. 
in Singapore. 'iiiost'existinfrliry y _ ‘ ’ 
vestment is m light'ihtor^i^T 1 
(“bk .and- run-” investni«nfr~: tir ' r ' ’ 
to use the expression, of flit? 
international 'bureau dhef o(' : ’ - ” 
one of Japan’s major- 
union federations). Hong KbagyJ" 5 
has, seemingly, made no ■ -5 ■ 

ticnlar'attmnpt sb^ar to attralbj" i;: 

Japanese- : : investment udp=-: 
heavier or more slowly yieldiflp: :> -• ; 
sectors. If it ever did so. tif ^-A ; • - 
Japanese business world mffcip;” - 
have to take a closer look tb^ ^: . 
it seems willing to do at preseijsa . . 
at tiie Colony’s long’ tenn suhiV;-;.. . 
vival prospects. - • . - : I.." 


A Chinese sailing junk passes a Royal Hong Kong Police jxilrol. 

Efforts to dean up Hong Kong’s police force 
have focused attention both on its key role and its 
shortcomings. Corruption within the force has certainly been 
reduced, although there are still a number of 
loose ends to be tidied up. 




The police 


Passengers travelling in comfort on Hong 
Kong’s new mass transit railway can tfamlr 
Stone-PJatt 

. As the leading supplier of air conditioning, 
lighting and other auxiliary equipment to the 
world’s railways and mass transit systems, 
Stone-Platt Electrical was chosen to equip the 
rail cars currently being built for the 
Hong Kong Mass Transit Railway. Without 
air ixmdirioning the journey from one station 
: to the next would be extremely unpleasant* 
and the special design of air conditioning 
for the Hong Kong Mass Transit Railway cars 
ensures the best travelling conditions for 
all passengers 


*:-*r'X* 


There’s more to a name... 


Back in 1889 our name said h all. 

And we've been involved in developing land in 
Hong Kong ever suite. 

But lodav our name has come 10 mean a great deal 

mom. 

It's no longer Just Hong Kong. Thao’s Australia, 
Indonesia. Malaysia, Thailand, the Philippines and 
Singapore loo. 


And It’s mare than just land these days: we build 
offices, shops and homes; we have restaurants and 
hotels, and cur Dsny Farm subsidiary is one of the 
largest muhtaarvice food groups in 
South East Asa. 

The Hongkong Land Company Ltd 
Alexandra House, Hong Kong 



Hongkong L and 


The name that means much more 


HONG KONG residents, most 
of whom had become very 
cynical about official declara- 
tions against corruption, were 
recently shown that the Govern- 
ment's intention to clean up the 
police force hud not wavered. 
In a dean sweep. II 8 police- 
men. all Chinese, were retired 
under Colonial Regulation 55, 
whit* requires no reason to be 
giren. 

CR55. as this was called, is a 
rarely used clause which, when 
the Foreign and CoBHnomvealth 
Office in London dusted it 
down, was seen „ to be a 
"secret" weapon. .against the 
bogey of insufficient evidence to 
prosecute known corrupt ele- 
ments. Any civil servant who 
has been asked to leave Govern- 
ment service in this way can ex- 
pect great difficulty in finding 
another job in Hong Kong. 

A Government source 
acknowledged that be did not 
see CR5o being applied again 
because it was unlikely that a 
corruption syndicate of this 
magnitude f referring to one in 
a district of Kowloon involving 
more Than 100 policemen) 
would be in existence after 
this. 

On the same morning -(April 
7) that the US policeioen and 
one customs inspector were in- 
formed of their immediate re- 
tirement, on full pension and 


with six months grace to re- Kowloon district of Yaumati. 
main in their quarters, another More than 100 police officers 
24, four of whom have since were suspended from duly for 
left the force, and two customs more than a year while they 
inspectors were summoned to were being investigated, 
appear in court on conspiracy Although these men were still 
charges. Another ?9 were told drawing their salaries— many 
that no action would be taken look on jobs as taxi drivers and 
against them. salesmen — four of them 

None of the IS4 were covered apparent!)' cracked under the 
by last November's amnesty, strain and attempted suicide, 
which only applied to those who two ralher dramatically in 
had not yet been interviewed public. It was felt that the 
by the Independent Commission Attorney General had insufti- 
Against Corruption (ICAC) or cient evidence to prosecute, but 
charged or whose corrupt prac- the suicide attempts stirred 
tiees had taken place before the rest to press the Attorney 
1977. This “ drastic action,” General to charge them or dear 
which has been welcomed by them, 
most people in Hong Kong, in- This time, however, a crisis 
eluding officials of the Junior reminiscent of .the October 
Police Officers Association attack was averted when officials 
(JPOA), effectively clears the of the JPOA rushed to police 
backlog of corruption cases headquarters, where some 60 of 
which had not been destroyed those interdicted had already 
by tlie controversial partial assembled, angrily demanding 
amnesty. The much-criticised a meeting with their Corn- 
amnesty was declared soon after missioner, Mr. Brian Slevin. 
a mutinous group of off-duty The JPOA representatives suc- 
pol icemen attacked the ICAS cessrully pleaded for calm and 
offices last October. reason, and were able to meet 

CTR55 was a necessary step to V 10 act * nR deputy commissioner 
boost police morale, a Govern- instead. That same evening, the 
raent source said. Morale had Commissioner issued a stem 
been flagging as a result of eon- reminder that he had the power 
tinned ICAC investigations into t0 sac ^ officer who had 
an alleged syndicate which had t®!* 60 P af t in an unlawful 
been collecting bribes from the assembly, 
drug racketeers operating in the That warning was enough to 
CONTINUED ON NEXT PAGE 


00 

ooo 

OO 


Stone Platt 

Electrical 

Limited 

P.O. Box5. Gxtwklt Road, Crawley, ~ 
West Sussex RH1Q2RN, England 
Telephone Q29S 277 II,. Telex 87 7481 


jkiL 




KYOWA JXNA.NCK I 

(HOKC KONG ) LIMITED . 

’ / “ . - wholly, bwned by 

THE KYOWA BANK LIMITED 
TOKYO 

: - . ’ . Omr activities' 

. -' MedItan-aad2ong4enzrlcaiis 

V • Acceptiog and uriderwritiag business 
j-ZaveEtmants ini securities : 

- _ -: Consulting, leasing, trust business . 

. and btber. finance company "bthfiness 

r ’ ■ ■ Rm.1605.7; Gammon tfeuse, ^ ‘ ^ 

■ 12 , Hercoetrt Hoad; HongKong. 

-T&5-2&3114 .. , . . y . 

Teles: HX86Q21'. , *1 










' ■ - Tto^ ^jfonflay April .24 1978 


HONG KONG XVII 





-sa 


X': 



A continuing attack is being made on Hong Kong’s 
drug problem, and the Colony’s record in this respect is 
outstanding compared with most countries. But Hong Kong’s success 
is likely to be limited unless the source countries reduce 
the supply of drugs passing through the Colony* 


The drug problem 


population. Heroin prices have follow-up) of one toad or etc.): ail are work and self- Government officials do not 

shown a significant rise overall another. respect oriented in the treat- deny that they see the metha- 

_ _ in the period. The average This may seem strange in a ment period — 20 weeks at done programme leading to a 

* jJ&Mifc?* few . characterised the maximum sentences of 15 years addict now spends $HK50-SHK60 society which has just produced SARDA and a flexible $-18 phasing out of the more 

y autwiarcotie* campaign - -since and a fine of $HKlm. (£115,540). (£6-£7; a day on drugs, accord- a budget surplus of SHKlbn. months In the prison centres, expensive residential treatment 

advept: of - the present Hong Kong officials say this ing to case workers. And the (£ll5.5m.). However, even the Both systems claim a success centres. But on present perfor- 

•? ?. G ovecBQr:' tin : the- rearly .19705. brisk raising of the ante, com- heroin itself is often greatly existing residential treatment rate (that is, no positive urine m&nce this would mean opting 

- ' . ^ . of a Commissioner bined with arrests and break-up adulterated with other sub- centre for some 500 voluntary test or reconviction for those for a holding operation and the 

" S-cr - ^^Nar^oties to co-ordinate the of the biggest syndicates just stances. Retail points, once male addicts run by the Society who complete' the treatment provision of an alternative 

'4&9&1 ' :r.dracMii an new. .anti- mentioned, persuaded Hong reasonably static -and easily for the Aid and Rehabilitation period) of about 40 per cent cheaper addiction with all its 

sfiwrruptitwi measures;. injections Kong heroin “chemists” to located, are now constantly of Drug Addicts (SARDA) is for the two or three years inherent dangers, and virtually 

-^crf-Speciad Branch. officers into move to Thailand, and perhaps moving, and the increased seldom entirely full to capacity, follow-up of the immediate abandoning any serious 
- -til"’* Scj^ >d±«B r - p<titce=-Narcotics Biireau; Malaysia. security consciousness of One reason for this seems to post-discharge period. Both attempts to cure addicts. 

.jsme daxpresaive.. arrests and For ^ re asons, thev retailers has enabled addicts be that heroin in Hong Kong Is systems in their ways select Internally, the dimensions 

‘r r v-V^t *ednajettona:;:an. out-patient pro- Hon° Kong has to an in ^e know to become small still sufficiently cheap for many most promising cases for treat- and patterns of Hong Kong’s 

jgraaiine^^and ■■ improved extent lost its role as a distribu- time Peddlers. Bribery exists addicts to support their ment, but this figure is impres- total addict problem- remain 

£ s^ug -publicity have- -all helped 1ion rent re in the international but iS diminished: since addiction, without recourse to slve compared with most blurred. Officials are hopeful 


! bird 


\;s 5 ! 

r-V" 1 

;.v.^ 


is 

r'-i- 


ci 


- -ry-. 


■ 


..ei»de>flie:<rid drug hegemonies drug market The claim by Mr its institution in 1974, Hong crime, on legitimate earnings, countries. that a new computer system 

■rjyifcbin'the territory. . - Lee that “to all intents and Kon S’ s eontroversially powerful In a full employment situation will later this year provide 

..-r ‘According to the Narcotics purposes the export Of drugs Anti-Corruption Commission has many are thought to achieve MoflGSt regular data and a sharper 

yEtetonjsstoner, Mr. E. -L Lee, from Hong Kong has stopped ” raade syndicated police comip- this for quite long periods. ■ picture. The Government is 

dQtfvernmeot .expenditure on all j S . supported by narcotics men tion 0De nf its main Caseworkers agree, for example. These modest residential ser- trying to do a good job. In the 

jaspecfe ofL-tbe drug problem has from Hong Kong's erstwhile This official view of the that the “typical" Hong Kong vices were supplemented in the face of a massive and firmly 
'increased from $HK40mr (about markets. Some years ago Bong current Hong Kong trafficking addict — and according to the mid-1970s by a Government-run established supply-and-demand, 

1975, -to- a current Kong was considered an im- scene is broadly corroborated Government this means “aduJt methadone maintenance and chicken -and -egg situation 

,mihuaf;$E3Q5ain. (£&9m.). Even portant manufacturing- centre by feedback from addicts to male over 2L ‘lower income detoxification programme for between Thailand and Hong 

so, expenditure on drugs at for heroin reaching Canada their case workers. The impres- group, with limited primary outpatients. Since 1972 some Kong, its performance is out- 

street level is still, he says, a from the Golden Triangle — still sion one gets is that compared education. unskSled or semi- 20,000 people have registered, standing compared with most 

disturbing SHKfiOOni. (£69.3m.) -esti m ated as the source of 85 with law enforcement efforts, skilled labour living in squalid Of these about 200 have been governments. Intra-regiooal and 

-JUJnuaHy, serving^ very notional per cent of the heroin arriving progress on the rehabilitation accommodation” — in the “detoxxed” (withdrawn from international co-operation are 

-50.1)60-60,600 addicts, mostly, on in Canada. In the past year, side is less remarkable, present construction boom heroin) according to a Govern- said to be better (through 

;£«uia. This- sum he equates however, Canadian officials re- Admittedly, residential treat- might be earning quite reason- ment spokesman. At the end ASEAN, the UN, etc.) but Hong 

roughly . ; with the territory's port no known case of imports ment facilities in voluntary and able money. However, just over of March daily attendance was Kong’s demands for illicit drugs 

ettprent- annual expenditure on direct from Hong Kong. The custodial institutions have been half (52.2 per cent) of the only about 5.G0U. leaving the will be met as long as no signi- 

-its-police force and prisons. official consensus is it is cheaper slightly expanded, and since 10,000 admissions to the Hong balance of about 15,000 Scant reforms are achieved in 

z t^Hong- - Kong's heroin — like and safer for couriers to take 1972 a score of out-patient Kong prisons system in 1977 “unaccounted for,” as he put it source countries. 


anost of Europe's,- Canada's and delivery of the heroin nearer clinics for methadone mainten- were found on. admission to be “Medically it is not a success 

Austrella , s*-roriginates in the the new manufacturing centres ance and detoxification have addicted. but socially and economically it 

j9CKsalled Golden Triangle at the in Thailand or Malaysia; been opened, to coincide with SARDA. is an independent is,” he stated. 

■juncture' .of the -Burma-Laos- police action and the rise in agency financed by a Govern- The case fur the methadone 

-ThaiJajrd. borders. (With a nod FffipIPnt heroin prices. In narcotics, as ment subvention of $HK9.75m. programme is its cheapness. 

.and.-a-.wink aome Hong Kong ljLUtlcul in other spheres, Hong Kong (£L12ni.). Besides the Society's that it offers addicts an alterna- 

^officials eaJi . ’it the “Golden Hong Kong, with its efficient is nothing if not flexible, and 500 or so places for male clients, five to crime (free if necessary) 
'Square'” to dndude the extern communications system, mini- the Government is currently the several Drug Addiction and that it deprives the illicit 
‘soir oftthe hffl tribes and-their mai exchange controls, and sanctioning an experimental Treatment Centres run by the trade even now of 5000 
■£JGtPPPi®S acnoss the -border into entrepreneurial talents in study of treatment of addicts Prisons Department bring resi- customers. Critics — who warmly 
Yunpaa Province in South-West regular contact with large over- with Nalaxone and acupuncture, dential treatment places to a welcome, it in principle— say it 

/n.: \ TT u. I ■ -|U Rn, tka r.nf i, «ka tnt«l m ii ah »nt,l nf fn* mam fit, U.l. 


Patricia Penn 



Internationa* Money Brokers 

Guy 
(Hong 
Ltd. 

Room 2605 f American International Tower, 
16-18 Queens Road Central. HONG KONG,J 
Tel : 2321 69 Telex : 65099 

Head Office: 

Guy ButSer 
(International) Ltd. 

Adelaide House, 

London Bridge, London, EC4R 9HN 
Offices in : 

Frankfurt, Geneva* Madrid, New York, 

Paris, Rome, Toronto, Kuala Lumpur, 

Beirut, Sydney, Melbourne, and Brisbane. 

Associates in 

Zurich, Amsterdam, Brussels 
and Luxembourg 

In Association with 

Butler Till Ltd. 

Sterling Money Brokers 

LondorvEdinburgh and Jersey 


m -t™> .China.) .Until -quite recently seas Chinese communitie 



a 5 yuats ojtiepluna. and morphine importance as a finanrin 

heroin organising ' 



But the fact is the total addicted rough total of 2200 for men and misfires for lack of supportive 

population is stiU officially the very small number of counselling, that many addicts 

guessed to be, in the words of female addicts. All these centres seeking detoxification switch to 

_ ^ the Commissioner, “nearer are in pleasant settings in the maintenance and that lax super- 

and 50.000 than 100,000." And of countryside or on offshore vision tit clinics is allowing 


centre and 1 as a 
for couriers, 
drug traffic to 
through Hong Kong, though 
- v . - • - : -t - far from checked, is now under 

^ -fOttg. pnson sentences*' consign- much greater pressure.- Chief 


these only 14,000-15.000 (accord- islands: all use alternative drugs methadone (itself addictive) on 
ing to him) are being reached in the physical withdrawal pro- to the illegal market in worry- 
by care (that is, treatment or cess (methadone, largactil, ing quantities. 


j "^7^, w tucre is giectier rancemranor 

•’ ■■---25 c«aie^ 4n-R®mmatu.a(rfoe*'by on significant targets fdisrribu 
=-r~ :i ^&; and-hy-flcean-going vessrfs. tors; factories, etc.);; less on 

arrest . figures and 



CONTINUED FROM PREVIOUS PAGE 

— .. _ • - ~ — .luuica, etc.;,; ie» on \ . • 

. .. ; rv ^pjieara: that the big opera- boosting arrest figures aDd \ *. 

.'lietrtinSte^n Mother ^nSler S^heroin 7 f P 3 cn)'r& /U wpjffn defuse\he built-up hostility in In an attempt to win public • The advisory capacity of this 
.lieutenants and. other, smaller 14 heroin factories were un- ^ Ya ^ atj ^ ap . CR55 has support the JPOA has been British team was - constantly 

jailed the Government to seen to be taking an interest in e m p h asised, so. , much so that 



C 


sharply 

affa bly acetic anhydride essert- 50 per. cent -of - the total prison 


ditioninj 

iv oneansivei 

iatt 


: .- - ^ h.] 1* 

’ 1 . . i L v- -> J - 


i'- c; 




< y & ■■ 

Ktv. 



TAIYO KOBE FINANCE 
•HONGKONG LTD. 

.. (The wholly-owned subsidiary of 
The Taiyo Kobe Bank, Ltd., Kobe, Japan) 

“ “ ' ' Medium and Long Term Loans 
. 7. . tjnderwrituig/Sellmg of Public Bonds 
-/•; ; .Private Placements 

. ■ Export and Import Trade Financing 
1 Foreign Exchange 
Acceptance of Euro Currencies Deposits 

Room No. 1603/4 Gammon House, 

12 Harcourt Road, 

1 Hong Kong. 

Telephone: 5-256112 
Gable: TAIKOBFIN 
(Answerback" TYKBH HX ” 



Mary Lee 


so. much so 

some observers felt they Were 
merely invited -out to rubber 
a small group of men under kets during one very wet and stamp the Governor’s rumoured 
suspicion. It was seen in official cold January week. The need intention to bring in more 
circles as being “ in the public for the rank and file to have a expatriate officers and institute 
interest . . . to deal with these collective voice with which to other changes with the 
pending cases without further communicate with the largely $HK638m. allocated to the police 
delay." expatriate (British) senior in this financial year. Sources 

; The Attorney General’s office, officers became evident when close to the team, which wound 
which recently suffered a defeat the. depth of feeling which up its inquiry on April 17, say 
in the five-month long court boiled over in October surprised that many changes were already 
battle against ten officers who the commanders. Fears that the In the pipeline ' ( like the 
were cleared' on corruption JPOA could turn into a police reorganisation of the public 
charges, will not bp pursuing a force within a police force have relations department and the 
case against the 119 because of not been realised. execution of CR55) when the 

insufficient evidence. It would But already there is talk Giree advisers arrived — which 
have taken up to four years, a about there being order but no lends wei 2 ht to the rubber 
Government source said, to law in Hong Kong. Corruption, sunm theory, 
bring charges against them, they say, has gone underground Although there is much con- 
None of the 119 have been and bent policemen are no fidence that corruption has been 
named and the Government will longer open to bribery because “enormously reduced” in the 
not snecify how many were from they are running gambling dens RHKP, there are still many loose 
the Yaamati group. and other illegal operations ends left banging, and the 

The force’s tarnished image themselves. extension of the Governor’s 

wa® first highlighted w r ben the Tb e curious case of a detec- term for another ten months has 
former chief superintendent, tvve sergeant shot dead <n an been largely welcomed by the 
Mt_ Peter Gndber, fled the jUegal gambling den in late community. As a source close 
colony in 1973 to escape cor- March has left many questions to the Governor expiained, be 

ruprinn charges. The Governor, unanswered. He was given a would not want to leave with 

Sir Murrsv MacLehose. then set hero’s funeral, which was the events of November ringing 

un the TGAC to clean tip the attended by the police Commis- in his ear*. With CR55. how- 

force. The man who has been sioner. Spokesmen say the ever. Sir Murray has probably 

wieldin® this broom. Mr. Jack sergeant was trying to prevent wiped nut some of the jeers 

Gater. had given hfmself until a robbery, and although he was which greeted his “capitulation” 

1978 to break the hold of cor- off-duty at the time (3.30 a.m.) in November, 

ropt policemen in the force, when he drew his gun to pre- 
Mr. eater’s target date was vent the crime, he had effec- 
abandoned along with the hun- tiveJy put himself back on duty, 
dreds of files which had to be Tbe fact that five men are now 
destroyed because of the accused of being “ cop killers ” 
amnesty. may, it is suggested, diroud the 

The ICAC has investigated reason for the sergeant’s pre- 
neariy 5.000 complaints against sence in the den in the first 
policemen, out of which more place, 
than 200 cases have been 
brought to court. More than f QTippr 
half have led to convictions. V A 

ICAC sources say that although One observer of the force 
there was a sharp drop In com- compared corruption within the 
plaints in the two months fol- force with a cancer: while it 
lowing the amnesty, this has was possible to isolate and 
now “ levelled off ” indicating a perhaps even remove the raalig- 
slight return in public confi- nancy, it was near to impossible 
depce. - . to try and cure it when comip* 

Another test of the tion had spread • so widely 
ICACTs investigative process is throughout the body of the 
taking place in the biggest cor- force. This source said it was 
ruption trial so far— against 34 not the ICAC’s job to act as 
police officers, one of whom was surgeon or physician, but that 
recently decorated with the *>le should be the responsi- 
Colonial Police Medal by the Wity of those who controlled 
Governor. This trial which fs tn e organisation, 
to begin in mid-ApriL is The task of looking into tbe 
scheduled to last five months, organisation of the RHKP was 
One positive result of last given in mid-January to three 
Ortober-November’s confusion special police advisers from 
has been the consolidation of Britain. Led by Jim Crane, 
the tattered morale of tbe rank inspector of the Constabulary 
and file after the amnesty for Wales and South-West' 
whistle called off the ICAC- The England, who had headed the 
16.000 junior police officers investigation into the Poulson 
were given permission to form and Stonehonse cases, their 
their own association, the brief was to advise the Com- 
JPOA, ostensibly to look after missioner on discipline, staff 
the welfare of their members, management and morale, chain 
Cynics claim that the JPOA is of command and channels of 
a legalised pressure group for communication at all levels, as 
bent policemen, a daim which well as recruitment and rela- 
the- association hotly denies. tions with the ICAC. 


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1977 achievements point to an active 1978 


• Substantial additional funds under ‘ 
management 

O ' Manager or co-manager in seven 
transactions raising more than 
HK$f ,600 motion (US$350 million} in ; 
\ equity, medium and longterm finance 

• Eight acquisitions completed involving 
net assets in excess of HK$3,40D 
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Financial Times Monflay April 24 1978 


SUMITOMO & 
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Corporate Finanoe 
Underwriting 


SHAREHOLDERS 

The Sumitomo Bank, Limited 
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1, Connaught Place 
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Telephone: S-256Q11/S 
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Telephone: 981955/6 
Telex: 24846 SEALSNG 


(INCORPORATED IN THE CATMAN ISLANDS WITH LIMITED LIABILITY) 


HONG KONG XVm 




On this page and opposite, CHARLES SMITH 
profiles several of Hong Kong’s leading businessmen 
and industrialists : how they have reached their present positions, 
the companies within which they operate and their views about' 
Hong Kong’s industrial and business prospects. 


Some 




Fung King 
Hey 


WHETHER OR not Mr. Fung 
King Hey is one of the 
wealthiest men in Hong Kong 
he certainly acts as if he is. The 
headquarters of his Sun Hung 
Rai Securities company on the 
33rd floor of Alexandra House 
in central Hong Kong are more 
lavish than those of Jardine, 
Matheson and Company on the 
43th Soar of the Connaught 
Centre. Mr. Fung keeps a 
Rolls-Royce, a Maserati and a 
Lincoln Continental parked out- 
side his house on the Peak and 
spends week-ends cruising in 
a $1.5nx yacht 

Conspicuous spending is 
logical enough in Mr. Fung's 
case, however, since his business siasm 


for 


dissolved a joint venture with to become an integrated textiles dealt with this situation by three-- ‘to- four- years.' Anyoni a 
New Japan Securities Company manufacturer. . .making another bold leap — * who has only Managed. A A& per 

hx favour of going it alone. Mr. Mr. Cha’s business grew feist this time across a technical as cent. pay_rise_ since '3S75^» a 
Fung also d ates satisfactory from what he describes as wellas a national frontier. Two failure by Usm - Chong: stand- 
commodity business with China, “modest beginnings”, but by the years ago China Dyeing set up ards: 

though j|be only viable evidence “id 1960s new problems were an American associate Unrtech- - Mr. Yefc is uncomfortably 
of thds is a gift of ironical fish starting to appear. Developed In£, which has developed and aware that Hong ~Ko'ng- laay 
!a she tank in his office from (induding the ILK) begun to market a $500 “Video bare to start- using ^imported 

“ my friends.” were putting quotas on imports Brain.* 1 Mr. Cha claims to have construction 'workers if - the 

v . v„ 0 of Hong Kong textiles and de- stolen a march on Japan with present building boom- goes on 

i c wi th fl, veioping countries were nds- tofe new product, wbidi is, ^ for another year or two-^but he 
° r at lea f l toff tariffs. One way round this' effect a mini-computer con 'iiopes'fhe will not- Become 
problem, adopted by -almost all nested to a television set and ■■ flood. “'What we rcaRy-need 
v** 0 * Hon » Kong textUe P«>- working on ready made p™-’ to Vfr improve our own W 
stand only 10 to 20 per cent, of ducers, including China Dye- grammes fed into it on cassette duct 3 vity.”'lte‘ says. As 1 of now, 
an English business convention ing, was to move into garment tapTTthe video brain will play T> ro dacSrity in the Hong Kong 
and conducts his side ^ of : the manufacture. Another waydranghts, work out industry 'is -far be- 

^f U Sn?nnP^ re Ti,ff round was to set op operati 0 ns rates and calculate the returns 1(>w Japanese levels, partly be- 

Pf C S> t ^ overseas- - • . 0 n various investments and per- Hong Kong builders still 

kwL th 8 Ut - Cha «* a pioneer in the. form many other useful domes- use bricks. Local contractors 

rhS-an IattBr fieId - H « P ut tns com- tic tasks). He plans tomanu- have ne vertoeless managed to 

£2? int0 Nigeria from 1964on- facture 10.000 units in the U.S. ftejr ^ against Japanese 
in English) but may have been wards, establishing a factory, in -daring 1978, together with a and Korean competition ‘because 
an asset when the Far East Northern Nigeria in partner— range of 1 2 cassette program- Df expertise in building 

Stock Exchange was opened by ship with Northern Nigerian : ntts retailing at up to $5U but Wb1i shmoturea^in confined 

Chinese bankers. Ordinary investment * (a joint venture averaging $17 per tape. 

Chinese investors seem to have between the regional govern-,:- *■ 

financial wheeling flocked to Sun Hung Kai during m ent and the Commonwealth r ' Mr - Cb ' as move “to 



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Fung King Hey. 


high rise structures in .confined 
spaces (unlike the /Singapore 
elec- construction industry which has 


h-;: ■* ' 


is finance— not any particular and dealing and his talent for the early days of the new ex- Development ' CorporaS)! 1 ^® 5 ™ SsLteS 

kind of finance but anything spotting new types of business, change (which now exceeds the Nigeria had been a substantial elation of two factors. .° n ?- flunng ew 

that comes along. Fung made T<wiay brokerage fees have Hong Kong Stock Exchange in market for China Dyeing before-. C! 1 * 118 Dyeing had enough liquid years.) . ... ,... 

his first million dollars as a shrunk to less than 30 per cent turnover). Mr. Fung says he is Mr. Cha decided to’ start opera- <*sh after years of profitable _ Hong Kong bulldws. Jn^ling 

trader in the 1940s. lost it after of Sun Hung Kai’s earnings a strong advocate of merging tions there. •- ’= .textile manofacrure-to bny top Hsm 

the Communist takeover of (from 80 per cent at the height Hong Kong’s four exchanges After the success of the iniK tec f n ^ 

China and then made more of the boom) while other kinds into one. If and when merger tial Nigerian venture China Dye- ' new ' industry— and to Juy 

millions in Hong Kong property of finance account for 60 per does occur Mr. Fung will pre- ^ set U p three more Nigerian labour Middle East SS 

during the 1960s. He shot into cent to 70 per cent turnover, sumably want the new exchange factories and then established- ^ 0: * 

and foroen exchanae to do its business in Chinese. manufacturine oresences in t should help it to retem a Arabia where a few rise 


prominence after 1969 when the Gold and foreign exchange to do its Business m uirnese. manufacturing presences in - : 

long established Hong Kong arbitrage between the Hong Mr. Fung says modestly that Ghana (1967) and Indonesia ; r under 

Stock Exchange lost its Kong lad Western markets has Sun Hung Kai does “a quarter The Ghana venture generates SSf* 

monopoly of the Colony's share overtaken share brokerage as a of everything 11 in finance and, about one-third of combined w°ri* involved is - 

transactions and Sung Hung so^rS^f SntogT less modestly, that he is not turnover in Nigeria and has rtm.bf easily autom^d. ^Mr. Cto O*ov& 

Kai became almost overnight the _ „ _ . , . quite sure which new worlds to into problems, including a short-' to 

main securities broker on the . Sun Hu og Kai also claims to ^quer. The worlds he would age of local cotton suppHes! ^ Ho *^ Ko ^ g c f s 0 ^? 0 ? T1 ^ aw !S^f d ^ 

newly created Far East Stock have passed several of Hong Uke M t0 ^ „ e presumably The Indonesian venture (estaB-' the U^S. venture has ^ot to panose .instruction ;in the 
Exchange. Fung says his firm Kong’s smaller banks as a outside Hong Kong-4n lished in 1974) is confined to tt* ^de (the &st sal^ were Middle East 

was doing 20 per cent of all deposit take r though admits to other words Sun Hung Kai spinning. Overall, howeveri ' made ooly ,a He H sin Chong’s own way for-. 

Hong Kong share transactions having a long way to go to would ^ to make a nanie f or China Dyeing now produces • als0 P 1 *”* to fp“ ** Ja P a J 1 ’ ward during the next year or twv 

six months after the new catch with merchant banking itself in the major financial ■ about six times as much outside - though he is realistic enoug h to — _jf 'it can spare st&ff front its 

exchange was opened and was at giants like Wardiey and Co. jthe centres of London, New York Hong Kong as it does withilr admit that could pose <a rnain-llhe of- office and residen- 


one time earning SHKIlra. every subsidiary of the Hong Kong and Tokyo, 
eight weeks in share brokerage and Shanghai Bank). 

fees ' In commodities Sun Hung 

Sun Hung Kai’s share broking Kai deads on the local Hong 
business flagged after the 1973 Kong market and. through an 
stock market crash, although the American partner, ACLI Inter- 
company bas kept its dominant national, in overseas markets. It 
stake in the market What did has ambitions lo get involved in 
not flag was Mr. Fung’s enthn- equity investment in Japan but 


problems. 


Cha Chi 
Ming 


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Sho&e Japanese member of the chess family, was first in (reduced in about the 8th Century. 

A feature pecuBar to shogi since the 16th Century, is that captured pieces become members of the 
capturmgside and cat be rearmed to any position on the board, (Here, the player at the near 
endofthe board is in a strategic position.) 


MR. CHA CHI MING, chairman restraint : on 


of China Dyeing Works, is a exports to practically all its 


the Colony. 

Mr. Cha’s problem is whereto 
go and what to do next Hcf 
discounts the possibility of fcny 
further investment In textiles in' 

Hong Kong, •• except' hi 
modernisation ‘ of existing - 
capacity. One reason: forvthe 
poor local prospects . is -the 

Honff Kong’s, t-.W^ ; -MANY of Hong, Kong’s 


Yeb 


rial construction, will be 'Into 
some of tbb big civil- engineer- 
ing projects -now-ih toe pipeline 
for Hong Kong and*® perhaps 
also- into in&rance (a profitable 
sideline which is already earning 
the group some HKS20m. h 
HK530m. per year in premiums ) 
:: In boto areas the policy will b' 
„ to go'for the top of. the niaike 


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typical Hong 7 Kom? textile manu- traditional overseas markets. GeoffreyyS is a refugee from .SSitSSS’ 

facturer, Except that he has not other is that the industry is shanehai. His father Godfrey 15 n0 ^ ^stosted. in carpuAg oi 


manSctorere, and to 


been content ‘ to stay in Hong running short of labotn- because dh^w * 1 S 

Kong — or in textiles. Like many *t offers poorer waking con- ^ ^ ^ of *^9) started .the J>base of Jhe H°n^ Kong Transi 


of Ws colleagues and competi- than toefest growing 'eonstruedon business b J' 

tors Mr. Cha was in business in electronics industry (Mr. Cba before the war and shifted jor °ne or two contracts ju t 
Shanghai before the Communist claims that his labour force m ^ g ong y nW g wben it became wa t®r. It prefer 

takeover of China forced him to dyeing and finishing is between ^ear that the 'C SfflBiiufifl te-’ft'etq ^oyeniment ~contr«^; with • 
shut up shop in 1949. He left 10 and 15 per cent below opti- ^W to take over. During the Pnce ^Ustment clatge to to 
Shanghai “with a little money mum levels - WS also rollout yearathe^ ^Yeh^com- 

and a few staff ” just before the pie possibility -bf Hong Kong pan y Hrin Cbopgr Holdings, bas . ^ e Ma^r/ Transif r _56^oratioi 
Communists moved in and estab- importing “guest workers”). geS'-ndtog the crestnTthe (oh which some 6t its ®op 
lished himself in the Tsun Wan * Outside Hon£ Kong there is Hong Kong construction boom, aggressive competitors los 
area of the New Territories, still theoretidally scope for Turnover last year, ■ at heavily during toe first-year o 
where a good supply of fresh expansion, but-ln practice things SHKSOOm. was S& per ceat up ^ Project)- ' 
water and plenty of cheap land are getting more difficult China on the previous year and profits In UKuranC€ Mr.iYeb says tb 
was attracting other textile Dyeing has been obliged to ^ double what they were in stT a t0 ^ y is t0 P la ^ fwr.and sel 
manufacturers in the early “nigeriaoise” its operations in 1974 ; • ' * policies people understand- 

1950s. • Nigeria by appointing Nigerians j _ . • • rather -than to take customer 

In Hong Kong, Mr. Cha found its board, increasing the num- Hrin Chong's problem during, to the cleaners by not explair 
he had to exporr— something bers of local managers and toe boom, has been to find and ing to them what is. Written i. 
that had not been necessarv in technicians and selling shares keep enough skilled staff to toe small print Hsin Chong 
Shanghai because of toe size of '0 too public. Simitar demands maintain toe standards it thinks insurance subsidHiry has. been 
the domestic market However, tor local participation exist in desirable .on its construction member of Lloyds since 197 
in those days Britain “looked almost all other potential pro- sites, “We train people for and is placing. • reinsuranc 
after” Hong Kong. Mr. Cha during countries, so that the four years,”-Mr. Yeh says, “ but business in West Germany an 
notes, and finding overseas simple expedient of producing often lose two thirds; at the end Switeeriand as well asto Londoi 



centration on dyeing and finish- Mr. Cha, a deceptively quiet the best people have tripled Hong Kong and other parts t 
Ing into spinning and weaving and modest 60-year-old, has their salaries over the past South East Asia. 


Li Ka Shing 


MR. LI KA SHING would have 
become a teacher if his father 
had not died when he was 16. 
Instead he became the chair- 
man of Hong Kong’s biggest 



LiKa Shing. 


absolute faith in his own ability faith in property was the dis- 
to spot growth sectors in the appearance of the old Chinese 
Hong Kong economy. By the age extended family • system, in 

which tluree generations lived to- 

— manager oF the small trading .. , . 

plastic flower manufacturer and concern he had joined when his getoWV mm tne appearance in 
then (after moving out of father died. Two years later he HongK ong of the w estern. style 
plastic flowers in the late 1960s) had saved up SHK50.000 and was uuc^ar.fto uL . *?slern. People 
the founder of what has become ready to start his own company. Tieed-Uiwe roonr when uiey do 
Hong Kong's second largest He chose plastics because in the nat r a ?J?^. to ^53* r T ^ a ?f r 
property developer. Cheung early 1950s the industry was still S3me L“ r * ^ ai 7 > 

Kong (Holdings), in terms of young and “I could see good Cfieung Kongs 

the book value of its properties, prospects for substitution In tofetoste ha Hong Kong property 
is still only about one-quarter are as where wood and metal had have atways been in me mass 
the size of Hong Kong Land, been dominant” martat^that U in developments 

the top dog for time immem- Around 1957 Hong Kong . n0t 

onal in the Hong Kong prop- p i astics industry discovered the . 

erty world. secret of making flowers that (3MW8. -Koggs -money has 

Its growth rate, however, has looked real, and Mr. Li switched gone : Into “medium to nigh- 
been unprecedented. The com- all his resources into flower mak- class” residential development, . _ 

pany owned 6,35ra.. square feet in g. “We knew plastic flowers office. ff fd -. r ? dU ? :4aI that : oriceq in Honir Kon-’W 

of property at Lhe end of 1976 were better than paper ones buiWtegs; - Recently -rt has beep 
and W^m. square feet a year because 
later. Mr. Li says he thinks they last 

expansion may slow down a bit company was Hong Kong’s big- the Hong JUwg ruimn ipub a gLyL^pitheri o»' hteveia&i 
in the years ahead if only be- ges t plastic flower makers for hot ^toich . ^ ^ 

cause the Hong Kong property the next 10 years until he borrow SHK300ra.-400t 

maritet cannot be expected to decided to move into something overseas estate), fo . than 72 hours if 

continue booming as it has done else because “the technology departure has been Cheung wante( j to but have' l 

In toe past year or two. He is was getting too easy to imitate ” Kong’s -partoersmpwi to the fo^tlon becoming 0T , 

absolutely confident, however, Mr. LI claims that in the last Hong Kong Mass Transit Cor ‘ ^dependent.” 
that Cheung Kong stiU has far six months of 1969 his company potation in the development of (jbeung Kong’s bank borro 
to go in terms of profits and was still the biggest in Hong multistorey. Mocks to be built (rQr re n tly account t 
turnover. “Our income will go Kong in' terms of employment over” underground stations - In • about 20 per cent of the bb 
on rising, because most of the and turnover. A year later it had Hong Kong’s central business of properties k 

land we hold was bought at switched to toys, which it con- area,- .. ... ... around three times the value 

prices far below present market tinues to make to-day. The chair- 15 - used the.profits from .its. • fixed income (that 
levels: at the very least we man. however spends less than j^g plastic company- to. finance income from rents on its p. 
expect to add 30 to 40 per cent one hour a month In his factory, bis early property "development perries). Its position in t 
to our fixed income over the All the rest of his time goes ventures bat. fry . -1965 ; was Hong Kong property market 
next three years.” into the property business. . aiready starting to feed some of probably uashakeable by no 

The story of Mr. Li’s rise is Mr. Li started investing in hi s property profits bade , into but tWs may not be enou) 
familiar one of desperately property in 1958 “because I plastic. He says. having a stake for Mr. Li Cheung Kong adra 
hard work (“I worked 26 hours could see that the supply of land in .Industry enabies^hiato that it is studying a move ir 
a day, seven days a week for in Hong Kong was limited “ smell * where toe property overseas property developmt 
the first 12 years”), a flair for whereas population was un- market is iflceiy-to go iato too and the studies it is maki 
dealing with people and an limited.'’ Another reason for his next year. or. two. <HSs view la am 'not regional, but globa 




% 


f 1 ’ . -**4J 







HONG KONG XIX 





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s * 


ML TSANG HSIANG WANG is demand for paper and printing. - 
a professional investor bat a Oji also happens to be the -big- 
rath er unusual one. He does gest corporate landholder in 
not run an investment trust, but Japan with properties, . $Jr. 
invests only his own funds and Wang says, roughly equal to 
those of two or three other the whloe area of Hong Kong 
like-minded Chinese business- and the New Territories. Mr 
men. He also seems firmly Wang claims that Oji could in- 
opposed to the idea of spreading crease its profits substantially 
bis risks. For the past five or If it bought more of its wood 
six years Mr. Wang and his chip requirements from cheap 
friends have been conducting U.S. suppliers instead of buying 
“ in tensiv e ” purchasing of over half from dearer Japanese 
selected Japanese shares, start- sources. 
u,ewitt tie leading soap menu- m w ws ie pIans {0 

"Oil's meeflsg' in 

awltchmg to fte monosediim ^ e^ly smnmer and raise a 
glnnute manufacturer Ajmo- nafflber wants about the com- 
“°I° j aM „f ie f’ jjaiJYs~'"cn»fflit ' ’management 

To policies and tie scope for J 

“° ™ proving its profitability. Be 

, Sr T^aS ws Mends at P^. ■ ">* JW- W 014 * 

.one timet- held as jxmcb . as 18- 10 ? er cent - 

* tfie- stock of *£.* :«">= 

company Kaye . the right to de- 





Hong Kong is making great efforts 
to~ promote tourism whichis no^r the Colony’s third 


biggest revenue earner. In particular the aim is to persuade tourists 
to stay longer and. appreciate what it has to offer. 


«!t: 



tourist 


n; 





t'M 




3 ai. indecent audit He 


. SgQ. ^toeuL “- ^^ rccognises, that fwtpjd ques- 
. L “ re ? u __ tfons are not.nehnally asked if 


>.::***■ 


bought'.Ajinomote at ¥ 400 per 


. ■ -/.* . . 


ondnl sold -dx months, later the armualimeettofe of Japanese 
-"■"■at Y53^-a profit Of 33 per cent ““PJW W d “«• who 



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„ When Mr. Wang started buy .... ... . w , . 

in® the shares a year or so ls P r ®- 

the .price was _ ¥380 pier share-,- Pared to put. up. this .even, he 
' ’.-.but -it has so far- only’ moved to implies^ at Some .personal risk. 

1-.Y3S? 4«?pite a. number of built- - Why 'did ' MtV Wang become 
V. in adj mpta ges which Mrl Wang, a full-tirhe professional-investor 
....-feels should jnake the c omp any * in Japanese- securities- and why 
■. '.ah ' “attractive * investment, does ire make a practice of put- 
-- Another cause of annoyance was ^ his eggs'- into the 

I‘ the simultaneous though tem- same basket?" The' answer to 

- porary refusal one day last the : first dart "of the question is 
v Orfober.:of the eight Japanese he speaks and reads fluent 

securities' companies which have japinese, having' been educated 
Hdng Kong offices . to. sell Mr. ^ Japanese' sdmol'in Taiwan 
.. . Wang any more Oji shares. (where his father j*as a coal 
jmliB.ltaita ta mine owner), during the war. 

; ' understands where the^ eight Tbe. answer to thb second part 

- securities, companies suddMly - th - t Mr; yrina,' like other 
" became . unable to selL - They Hon g Koi«.. businessmen has a 

> ■ waJ 10 ! 1 l eeD t pe Sf e ^- y rot- of faith, in hii. nwh Judge- 

V* do ^ , b y ment - . He : spends Jfour hours 

l::?* *#*”™' which would have a . aiy .reading Japin^e news- 

!^2£i ,/S papera and^rket reports and 
oimpetence m such matters if it ^wally puts in at least six 

: had tried to ban any further nontoToi stnity before decid- 
The v S«imtiescompam«, bu y a stock,. He also 

fnU use.of.the. services 
■: i* 10 ' Mimstiy _ and ■ asked ^ j apanese business . inquiry 
questions about riifeir operations ™ nrx ^r~- ■ : v 

’ in Hong Kong.-which in the cqn-‘ ^ 

^ -text bf the close involvement of Mr. Wang has ?70^ invested 
- ' the-Japanese Government In" the -in Oji.' at- present:-- (w per. cent, 
affairS-Of private business; 6f the- ttonl' eqnK^j and 
£-.v enough -to- cause some 'anxiety; 'prob^Sjy leaveritthe^eTmiU the 
One of the original ^yndicate 'end- of 'Che ^ear -or - longer 
-- -members, Mr. J'ung Kir® Hey (dep6ndlng m. -jehen the 
. . sold .qut .of .Oji when problems -Japanese - > Government 
.- started, cropping up,. Mr." ; Wang n^unces rts plans- for nedenomi 
and^ his: friends . are; : landing ■ nabtod^:-: WHen ' b& Selis his, 

^-flrmi. fihey are -felly.. entitled daaes there is a chmffib lhat he ' * -* a 

..^under Japanese law to maintain nwwp into Wall .Street or | • /\1 1 

- their .13 pec cent., holding as ^ ^ lq^ou Stock Market, ■* ± 

* r long as tney wish (teemaximuin ^ere.-be riei«rtS'Sfime interest- Mr. Alex An is a self-made man 
penytte d s harehttlfling ' for ^ s it ;aK t!fons 'coimecied with even by the standards of Hong 
= - foreign investors Japanese North q^, KdBg. He arrived from Taiwan 

;; Bn^ a™ 

there: are .good reasons why Oji would presumably v find Mr. annrenticed himself at the 

" r inriude the likelffioo f ties 4ealeis, whoihake not yet S^^radio 

“ ; that the Japanese Government “got ' over' their -embarrassment c, ^ es 10 e Iocai 
Will decide to redenominate its about tfie events of last October, 
currency within the next year would ^probably? be sad to see 
.or so— thus boosting — — * •* 


T0UK15M. B Hong Kong’s third 
biggest revenue earner. This 
year it should contribute over 
?HK4bn. to the Colony's income, 
or well over 10 per cent, of 
foreign earnings. And, unlike 
textiles and electronics, which 
head, it .in importance, tourism 
is not at the mercy -of tariff 
walls and EEC restrictions. 

Hong Kong has been very 
successful in attracting; visitors, 
ki 1977 ever IJm. arrived, a rise 
of 12 jS per cent, on 1978, and 
this year another gain is ex- 
pected. Most of them come 
-from' Japan — almost half a 
million last year— and the rest 
of South East Asia contributed 
another 420,000. Then came the 
Americas with just under 20 per 
cent.- and Australasia with 1 1 
per .cent. There were 71.000 
visitors from the U.K. in 1977. 
but this did represent a jump 
of 23 per cent, on 1876. There 
is no knowing, of course, 
whether the visitors are holiday- 
makers or businessmen. 

What is known is that the 
visitors only stay an - average 
of .four nights, and one. of rbe 




The P & O liner Arcadia at the Ocean Terminal , Kowloon. 
purposes of the Hong Kong countryside of the New Ter- offers a wonderful new dimen- Hong Kong, the Tourist Associa- centre, roost notably the New 

Tourist Association is to try stories, on the mainland oi sion to bustling . Hong Kong, tion is also endeavouring to lure World Development on Kowloon 

and persuade, tourists to stay chi na _. Until the projected bridge is holidaymakers during the slack which adds another 700 rooms, 

longer/ In the past the main built linking it to the New times of the year. According to Unfortunately, this will not be 

attraction of Hong Kong to In the past it was difficult Territories, the dependence on John Pain, executive director of ready until December instead 

tourists 

and 

lar 

cent goes in the shops: but important, the lack of hotel «^i er the task of the Tourist months due to lack of accommo- an extra 2,000 rooms should be 

the percentage is falling accommodation away from the Association in persuading dation and facilities to the available in 1979, but they will 

slightly. The aim now is to urban area. Now this is chang- visitors to stay longer. “trough" periods of June to do little more than mop up the 

publicise the other delights of ing. By the end of the year - .Although Lantau offers the August, and the middle weeks anticipated extra inflow of 

Hong Kong and, in particular, holiday apartments should be jQQgt long-term potential, other in December, January and tourists, 

to push the appeal of the completed at the Sea Ranch on escapist areas are not being March.” At the moment Hong 

Colony as a two centre holiday toe south east of Lantau, a ignored. A six-storey hotel on Kong is packed with tourists pn plrono 

—the island of Hong Kong and larger island than Hong Kong the smaii but fascinating island in October and November, when L 

towloon, across the harbour but until now largely un- of Cheung Chau is due to open the. weather is at its best,, but At the moment most visitors 
for^ sboppmg, • mght life, 0 f y * e u ne « year ' at Clearwater the summer can be hot, damp come on package .tours, especi- 

restaurants and all the big city extensive resort complex should on the Kowloon peninsular and very humid, and December ally f r0 m Japan. The Tourist 
comforts, and, in complete con- be built at Discovery Bay °n in ^ New Territories, a major and January are inclined to be Association has a third aim in 

trast, the quiet beaches and the north of Lantau. In theory pro j ec t, with an lS-hole golf chilly, although, with little encouraging more individual 



..the him hfove out iff their market. 

. : 4 - 
:-r.j ■ ■ 

T ' 






us try. : Alter a couple of 
years he 4 ‘ resigned M and set up 
broker finding customers 
in tie electronics industry for 
mak^s ofplastic parts and com- 
ponents. After two more years, j 
of this be saved enough to buy 
bis. jfirst injection moulding 
machine and was in business on 
his own. account. " 

Mr. Au's origina] Cbee Yueq 
industrial Company, which 
owned the. one and only injec- 
tion moulding machine, is now 
part of a group of 31 com- 
panies active in plastics, elec- 
tronics assembly, electronic 
components and entertainment. 

The group holding company, set When Conic decided to publish 
up two years ago, is called Conic a brochure early this year 
Investment Company (a name introducing a new subsidiary, 
suggested by a Japanese free- Conic TV, which will make TV 
lance designer who also commercials, it took Mr. Au’s 
designs- the exterior of most of staff a month to persuade him 
Conic’s consumer products), to allow his photograph to 
The.grcup claims to account for appear at the bottom of an 
30 -per cent, of Hong Kong’s inside page, 
exports of radios; cassette Alex Au's right-hand man. 
recorders and digital clocks. Mr <j_ k.- Cheung, says that 
During the past two years it q,^,. got w ^ ere it is to-day 

ie cat rtn f»i»tnriPc in Taiwan , . ..1 .u.:— 


hotel;. is planned. .The New ; to.* spread the tourist load, but by having two of the finest 
Territories are in their way attractions like the Hong Kong hotels ib the world in the 
more attractive even than the Arts Festival in January and Peninsular, which specialises in 
islands — the miles of rugged February are starting to make a traditional charm and comfort, 
coastal scenery, the many inlets, an impact, and the very con- and the Mandarin, wheb dis- 
the beaches, the remote fiishing gestion in the hotels in the penses modern luxury. There 

villages, look like Norway set most popular months is also are many more towering newly 

in the. mellow light of the South forcing visitors to take a chance built hotels which can hold 
China Sea and access to the on the weather. their own with any in London 

New Territories to Hong Kong Hong Kong is now short oF or Paris, and indeed of the 

itself- Is - 1 hat much easier. • -hotels. It has currently 13,800 13.800 rooms on offer. 10.000 fall 
In addition to persuading rooms, and their occupancy rate into the high tariff categonr. 

visitors to add a few relaxing of S5 per cent, is one of the This does not mean that they 

days at a seaside resort on the highest in the world. New are necessarily expensive; only 

end of their frenetic stay in hotels are being built in the that Hong Kong does not cater 


for visitors who want tc^tive 
on the cheap. r‘» 

Apart from the monejipthat 
the tourists bring in -p’the 
average expenditure per! head 
is 3HK2200 — the industry is a 
big employer of labour. Around 
100,000 Chinese are difcqctls 
employed. Usually hotel [Staff, 
waiters, and taxi driver^tjare 
quick and efficient, but some- 
times rather abrupt Now*! the 
Hong Kong Tourist Association 
has launched a courtesy [ Cam- 
paign, one of the most ambitious 
of its kind. Pleased guests^ can 
give helpful waiters or -.bell- 
boys points which go toward! 
more tangible rewards. I !; 

Hoag Kong takes its v$&ors 
seriously. A 4 per cent;nbom 
tax, plus Governroem^'iielp. 
gives the Tourist Associ ation ar 
annual budget of SHK3S>m. 
which supports advertising 
seven overseas offices, and vers 
good information manuals ;foi 
Lravel agents. The figures «ug 
gest that the attractions of Hr>n| 
Kong are appreciated bywfellnv; 
South East Asians,, but £thc 
Colony would dearly lov<3 more 
tourists from Europe. ®thc 
Americas, and tbe Middle East 
At one time it was considered 
to be a cheap kind of placemans: 
there are still bargains fnrathc 
shopper.- Bat its greatest apjpea: 
now is giving value for mqnej 
in its hotels, restaurants $anc 
internal travel, and in nmjdto 
more of its sites, both naljira 
and manufactured. * 

In such ventures as O^ear 
Park, an ambitious museum o; 
marine life overlooking thee set 
near Aberdeen and reached bs 
cable car, and tbe new Con^en 
:tinn Centre, it is widening its 
interests and forcing visitor? t( 
stay on those extra few days 
Combining time in Hong Kdhg*! 
urban area with time on" it* 
islands and to its countrywide 
waits on the building of hotels 
but in a few years the: Cnfenj 
could offer tourists one nFEtiu 
best bargains in the tr|ve 
industry. And every year Hon* 
Kong becomes an easier pjact 
from which to jump off into tha" 
intriguing new dot on -th* 
tourist map— China. Already 
four day trips to Canton can hi 
joined easilv in Hong Kong. anc 
that old favourite jaunt ‘fm 
most Hong Kong visitors — aJ ooi 
into China from a New Terri 
mries’ hill will soon seem ar 
irrelevance. 


c.s 


Alex Ail. 


has set up factories to Taiwan because the chairman is a "fast 
and "Singapore and this year it learoet” and because he has a 
plans to establish plants in f 0I handling people. Au 
Thailand and the Philippines never Mcks -anyone. Cheung 
(where Conic products will ofl ^ grounds that to do 
qualify for tariff cuts under the s0 V treates a burden on society” 
L.S. Generalised System of other hand his staff say 

Preferences which, do not apply he ^ pick up anything from 

m Hong K°ng>- finance to technology a good 

Come also has a sales and dpa] faster tban most of his 
research company in Japan eruolovees 

jtaffed to part by Japanese famU y is still in Taiwan 

technicians whom it "bought where an unde is nmmngrthe 
.from .leading Japanese elec- lea business he himself declined 
trpmes makers with salaries t0 ^ ^ group manages. 

^ P6r Cent ' however, to have links' with 
higher than they were getting, proper ^ may even 

US strategy for the new ^hree eDter into a subcontracting tie- 


four years calls for the up under which it will supply 


development and production of parts for assembly at factories 
a- low-priced video cassette tape j n neighbouring Kwantung 
recorder (vtr) priced at perhaps produce. The -finished products 
SHKM PO, as against ^ the w0ll id then be shipped back to 
3HK7.000 price tag. .earned by -Hong Kong uid marketed tinder 
most Japanese models. .Conic the Conic label 
alsp“ intends to protect its own with sales .of some SHKSOOm. 
brand name on to world markets a year the Conic group is at 
instead of selling nearly all its present about one tenth of the 
Output to other, manufacturers size of Sony. However, its turn- 
ifoCr marketing under, .their over has grown sixfold in . the 
names;. . - last five, years ; and growth is 

[L- -Settling, mainly through other dearly" not about to. stop, Mr. 
mahnfaemrers is one reason au own s 95 per cent of .the 


why few people, other, than shares in Conic. His staff say 
bankers, seem to. be. familiar th e company will go public 
with Conic’s name even in. Hong when it needs more money for 
Kong itself. Another reason is expansion than it can get from 
the deliberately lew profile its own reserves and from its 
which Conic itself ■ has main ? (exceedingly willing), bankers, 
-taiued -up to Dow/ ^fhe -coin-. Apart fro m 1 : - money Conic 
pany's head office, for instance, dearly needs technology.. It has 
is 'on the fourth - floor of a passed the stage. Mr. Cheung 
nondescript multi-storey factory says, where it can copy Japan, 
building in Kowloon. - though he* frankly admits this 

Mr.: Au himself keeps well in was done in the early stages of 
the background despite a fluent the company’s growth. r What it 
command of English (acquired can do. and is doing. Is to bny 
in the intervals between build- experts and expertise from 
ing_ up his- industrial empire) Japan and anywhere else the 
and of three Chinese: dialects company thinks it may have! 
besides h;s nam e Hokkien. something to learn. . 



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Financi^ Times Monday April 24 1978 




ope from local 


33 



BY COLIN JONES 


AS A TEST of public opinion, 
local elections may not be ideal. 
Only about one voter in three 
usually bothers to go to the 
polls. Past experience suggests 
that the party in power at West- 
minster — especially Labour — 
can underpoii anywhere up to 
4-5 per cent of its probable 
General Election strength. And, 
in contrast with General Eiee- 
. tions, there is more scope for 
local issues and minority poli- 
tical groupings. 

Bat this will not deter the 
three main political parties from 
regarding the outcome of nest 
week's local elections in Eng- 
land and Scotland as a further 
test of their national standing. 
In all, just over half of the 
British electorate will have the 
opportunity to vote, or about 
80 times as many people as in 
the current crop of Parliamen- 
tary by-elections. Most of the 
seats to be fifled next week 
were last contested in 1973 or 
1974 when Labour was doing 
relatively — though not spec- 
tacularly — welL But about a 
sixth of the total were last 
fought in 1976 when the Con- 
servatives were riding much 
higher in the opinion polls than 
now. So it .is quite likely that 
both parties will be able to 
claim gains next week. 

In most places, too. it will be 
passible to make a direct ward- 
by-ward comparison with the 
votes in last year’s county elec- 
tions in England and the district 
elections in Scotland. So the re- 
sults should provide a useful in- 
dication not only of the recovery 
in the Government’s popularity 
over the past 12 months but also 
of how far the Liberal vrte has 
been further eroded by a yn&r 
of the Lib-Lab pact, of whether 
the Scottish Nationalist vote has 
ia fact peaked, as the Glasgow 
Garscadden by-election result 
would seem to suggest, and— for 


that m«tteF-rof whether the 
National Front has been able to 
attract any greater support. 

Ia all, live different typ?s of 
local authority face the 
electorate this year, The tirst 
two, to-morrow week, are the 
nine regional councils and 
three island councils in Scot- 
land. The Scottisn regions are 
upper-tier authorities with 
powers similar t-i those nf nan- 
metropolitan or “shift ” counties 


(Orkney, Shetland, and rhe 
Western Isles), independents 
won all 75 seats last time. A;J Vi 
councils were elect sd a., > hailow 
authorities in May 1974 in 
preparation for tha re'irgartiSa- 
tiDu oF local government in 
Scotland in the vojicwmg year. 
Their entire memberships now 
come up for s'ectien. 

Two days later, nn Thursday 
week, elections will be held for 
three different types of local 


A GUIDE TO NEXT MONTH'S RESULTS 


London 

boroughs 


Metropolitan 

Districts 


ON CURRENT 
TREND 

Cons, gains 
Brant 

Eafnig 

Hillingdon 
Hounslow 
Waltham Forest 

St. Helens 


ON HIGHER 

ANTI-GOVERNMENT SWING 


Scottish Regions 


“Shire" 

Districts; 


Lab. gains 

Peterborough 
Taro worth 
THamesdoWn 
Wetyyn-Hatfleld 


Cons, gam 

Lab. losses 

Camden 

Hammersmith 

Lambeth 

Wandsworth 


Manchester 

Salford 

Sandwell 

S. Tyneside 

Tayiide 

Fife 

Stnrthdyde 

Cons, sains 

Lab. losses 

Watford 

Ellesmer* Port 


in England and Wales. 3ht. } r re- 
sponsibilities include education, 
personal social services, struc- 
ture, planning and transport and 
they spend about 85 per ten;, 
of the £2bn. or so a year which 
is devoted to local government 
services in Scotland. 

In the central belt and in east 
Scotland, where the main inter- 
party battle is waged, they are 
regarded as the big prizes. Else- 
where, independents w«th no de- 
clared party affiliation tend to 
predominate. Id the three all- 
purpose island authorities 


authority in England (there are 
no elections this ysar In Wales). 
The 32 Greater Lrrndon boroughs 
are responsible for just over 
half of the £4bn. plus a year 
spent on local g'«vermnent ser- 
vices in the capital — and in 
inner London are represented on 
the Inner London Education 
Authority which th.i Conserva- 
tives could gain if the anli- 
Govemment rwing v/ere to be as 
large as at rhe GLC elections 
last year (which is unlikely;. 

The London boroughs were 
last contested In May 1974. But 


direct comparisons with then — 
and with last year's GLC results 
—will be difficult to make. Ward 
boundaries have been re-aretvn. 
except in Enfield where ejec- 
tions were made to the proposed 
changes: and the total number 
of council seats has been in- 
creased by 39 In 1,906 to accom- 
modate population changes. At 
the same time, the post of 
alderman has been abolished. 

In the English metropolitan 
areas of West Midlands. Greater 
Manchester. Merseyside. South 
Yorkshire, West Yorkshire, and 
Tyne and Wear, the ward 
boundaries remain as before. 
This year it is the turn of the 
district or lower-tier authorities 
to go to the polls but only a 
third of the scats on each 
council are elected at a time. 
Previnus elections were held 
in 1975 and 1976 and this year 
the final third of the councillors 
originally elected in May 1973 
come up. They are the ones who 
topped the poll in their wards 
on that occasion. . 

Because the metropolitan 
districts are responsible for 
education and personal social 
services, among other functions, 
they are almost as powerful 
bodies as the Scottish regions 
and English shire counties: they 
account for about SO per cent, 
of the £4bo. plus a year spent 
in their areas. 

Finally, elections take place 
nn Thursday week in 44 of the 
296 English non-metropolitan 
districts. These are the places 
where re-warding had been 
completed by 1976. when the 
last shire district elections were 
held, and where the local coun- 
cil has since opted to have a 
third - of their membership come 
up for (he vote at a time rather 
than to have the entire council 
re-elected at one go (as in 1973 





LOCAL ELECTIONS 1978 


* 

Date 


Number of 

Councils Scats 

Last 

election 

Lab. 

Party control now (councils) 

Cons. Indcp. No control 

May l 

Scotland 

Regions 

9 

432 (all) 

1974 

2 

1 

2 

4- 


Islands 

3 

75 (all) 

7974 

— 

— 

3 

— ■ 

May 4 

London 

Boroughs 

32 

1,906 (all) 

1974 

78 

14 



__ . 

May 4 

Metropolitan 

Districts 36 

854 (j) 

1973 

77 

77 


2 

May 4 

- Shire " 
Districts 

44 

673 (J) 

1976 

6 

31 

7 

6 


Totals 

124 

3.940 


43 

63 

6 

12 


and 1976). This time it is the 
turn of the elected candidate 
with the lowest vote in each 
ward in 1976. 

Most of the 44 are located in 
southern and eastern England 
but nine are in the north-west, 
which is often regarded as 
something of a political bell- 
wether. and three are in the 
West Midlands. They include 
none of the big cities — the 
largest are Southend-on-Sea and 
Thames down (formerly Swin- 
don). As lower-tier authorities, 
their functions are limited to 
such matters as housine. refuse 
collection, planning control, and 
local environmental services. 
Their share r»F local government 
spending in their areas accord- 
ingly averages about 15 per 
cent. 

The smaller Conservative 
lead which is now being shown 
in ihe opinion polls and Parlia- 
mentary by-e led ions* means 
that the results next week are 
likely to be much less spec- 
tacular in terms of Conservative 
gains than in rhe past three 
years. Except in London, most 
of their best prospects have 
already been captured or are 
not up for election. The fact 
than only a third of the seats 
are being voted in the English 
metropolitan and shire districts 
is also a limiting factor. Tory 


gains in the “Mets” and in 
London are also likely to be 
counterbalanced by Labour re- 
gaining some of the ground it 
lost in the shire districts in 
1976. 

In London, the Conservatives 
would probably have won 11 or 
12 of the 18 boroughs Labour 
now controls if the voting at 
last year's GLC elections were 
to he repeated. This would 
have been sufficient to give the 
Conse rvatives control of ILEA 
as in 1968. The results this 
time are likely to be much less 
dramatic. But. judging from 
the by-election results at Ilford 
North and Lambeth Centra] as 
well as the latest opinion pells, 
the Conservatives ought to win 
five to six outer London 
boroughs — Brent. Ealing, 
Hounslow. Waltham Forest 
possibly Haringey, and also 
Hillingdon, where the Labour 
councils spending record 
yielded the highest anti-Labour 
swing at last year’s GLC 
election. 

This would be sufficient to 
lose for Labour control of the 
Association of Metropolitan 
Authorities, the only one of 
the three local authority asso- 
ciations it now runs. If the 
swing to the Conservatives were 
higher than expected, then 
Wandsworth (where ratepayers 


have been. faced with an exccp-. 
ti on ally high rates increase this 
year). Hammersmith. Lambeth 
and possibly Camden could 
switch. 

The Liberals are contesting 
just over half the total number 
of seats and the National Front 
about a quarter but neither of 
their efforts are likely to have 
much influence on the overall 
pattern. From the point of 
view of a general election, the 
interesting point will be 
whether the Conservatives 
continue to gain proportion- 
ately more ground in outer 
London (where there are many 
Westminster marginals) than in 
inner London. 

In the metropolitan districts, 
the Conservatives are clearly 
unlikely to gain as many seats 
and councils as in 1975 and 
1976. Their best prospect is at 
St. Helens where they need to 
win three of the eight seats 
Labour is defending to gain 
control. They should also be 
able to entrench their position 
at Coventry which they captured 
last summer in a by-election 
following the death of the Lord 
Mayor. 

On present indications, how- 
ever, Labour should be able to 
bold on to Manchester (where 
they have a majority nf nine), 
Salford (majority 10), and 


Wolverhampton (eignt). At 
Sandwell (formerly West 
Bromwich i, where the Conser- 
vatives need six of the 21 seats 
Labour is defending to win 
control, they cculd be helped 
by some of the retiring Labour 
councillors standing as indepen- 
dents against the official party 
candidate. South Tyneside is 
also worth watching. The 
Progressives are the second 
largest party there with 25 seats 
to Labour’s 34. five Conserva- 
tive. and two Liberal. Labour 
needs To lose only two of the 
15 seats it Is defending to lose 
overall control. 

On the other hand. Labour 
could become the largest party 
in Liverpool if the Liberals net 
losses exceed their own. In the 
shire ' districts,' Labour's hopes 
of winning councils it Inst to the 
Conservatives in 1976 are pro- 
bably limited to the four listed 
in the table plus — as a long shot 
—Cambridge. In Hartlepool, 
Labour is hoping to regain 
ground from the Conservative/ 
Ratepayer coalition which now- 
runs the council but a Labour 
win seems unlikely. 

In Scotland. Labour would 
lose control of Strathclyde and 
Fife while in the Lothian and 
Central regions, which it has 
been running without overall 
control, the Conservatives and 
the SNP respectively would 
become the largest party if last 
year's distrirt council voting 
patterns were to he repeated. 
The Garscadden result would 
suggest that Labour is safe in 
Strathclyde and Fife. The SNP 
is putting in a much bigger 
effort this time than id 1974. In 
Strathclyde, Tayside and the 
Central region its showing could 
be decisive. But. again, the 
Garscadden result suggests only 
a limited advance (ram the 25 
district council seats the SNP 
currently holds. 


Letters to the Editor 


Successful 

design 

From Mr. P. Kent. 


The oddest conclusion, how- 
ever. to he drawn from all this 
is that manufacturers and re- 
tailers never seem to connect 
the non-appearance of the con- 
sumer boom, or the high level of 
Sir,— Mr. Pugh, the Smailpeice savings with their bland disre- 
reader in design (April 19). is gard of would-be customers. The 
rightly critical of the definitions frustrated. savms.noo. 

offered for engineering - as consumers of Bntam were not 

opposed to induitrial design, born hke that: they lave been 
While recognising that design m08t assiduously cultivated, and 
IS made up of several facets, he D0 doubt matched by as 


IS made Up of several facets, he ^ 

faSs to acknowledge that design Rnfh 

is r»nlv a fswt nf manu- M the new law and Dr. Botn- 

. fifturmg enterprise. Design is 

nS an aU-fembracing activity as S®* l C J3Lr 

be suggests, but rather is itself J® *£® „ ?? 

pmhraeed bv the management held bv retailers that goorfTmsi- 

sas- a h £r»; 23 S 

There have -been several Lndoe. 

attempts to develop a spurious woolteuStreetT f 
ease for design management. It 

would be more helpful if de- BradfordOn-Avon.' Wilts. 
signers attempted to locate the 


Saving the 
IR work 


responsibility for design initia- 
tive within a company and then 
took their place within the busi- 
ness management team, instead 
of arguing for their own line 
of management 

As Vlscouxit Caidecote said . From Mr. J. Hanson. 
while chairing a recent Royal sir,— The Inland Revenue fears 

Society of Arts lecture. Too the manually - operated 

many designers have a reputar pAYE system is near collapse, 
tion for wanting to design the Here is a suggestion that might 
thing for the fun of it without offer the IR employers* pay-role 
too much concern whether it is staffs and, possibly, pensioners 
marketable and profitable, some relief. Why not equate the 

The eventual design of a pro- personal allowances available to 
duct is the result of a total busi- national retirement pensioners 
ness consideration and far too with tbe pensions they actually 
important to be left to designers, receive? Pensions could be re- 
Tbere is a need not so much viewed as from lie first pay-day 
to reconcile tbe semantic distinc- following April 6 instead of mid- 
fipns between industrial and November as at presenL 
engineering design but. to inte- Direct correlation of these 
grate tbe twin lines of design pensions with the allowances 
skills represented by the art/ would be a logical base for tbe 
design colleges and the engineer- assessment of the latter. Em- 
ms schools, and then to fit these plovers. In paying their pensions, 
skills into the context of manu- need only deduct at standard rate 
facturing industry. and would have fewer coding 

A successful design has got to notices to handle. As tbe national 
be capable- of being manufac- retirement pensions would now 
lured, but why is it that so few he “tax-free” there should be 
designers wish to play a part Id Jess confusion in tbe minds of 
ensuring that products are also pensioners not versed in tax 


assess risk, with any consistent 
degree of success. 

Mr. Damant introduces this 
idea of risk in the context of 
the efficient market theory and 
says that he is not surprised that 
the discarded 19 shares outper- 
formed the index, since high risk 
is correlated with high reward. 
This isn’t strictly true (if it was 
all anybody would need lo do 
would be to buy high risk 
shares). What (he efficient 
market theorists claim is that 
if you buy a high risk share, 
and you get the market right, 
then it will outperform the in- 
dex;.. You can’t, however, take 
anv Credit for this since, if you 
had got it wrong, and the mar- 
ket felt, the share would in this 
case hive done that much worse 
than vie index (although, 
similarly! you would not have 
been blamed]. In tbe case of tbe 
index fund discussed, however, 
we had a portfolio of 19 dis- 
carded shares that actually 
gained in value while the market 
felll 

The idea of risk equivalence 
is central to the efficient market 
theory, and is tbe lalter's final 
weapon with which to deny any- 
body who does demonstrate 
superior performance. The 
whole idea of risk adjusted per- 
formance is totally spurious, 
however, and is In fact the pro- 
duct of a circular argument: if 
it is assumed a priori that the 
market is efficient and hence 
(after allowing for the long 
term secular trend) is as likely 
to rise as to fall at any moment 
in time, then it may be valid to 
perform a risk equivalence 
analysis in order to qualify any 
apparently superior (or inferior) 
investment performance on this 
basis. You cannot, however, 
thea use such an analysis to 
prove that the market Is efficient 


because it is only valid proriding 
that you have made this assump- 
tion in the first place. 

Lf we assume instead that the 
efficient market theory is wrong, 
that share prices do not follow 
a random walk, and that market 
trends do exist and can be fore- 
cast to a significant degree. th«?n 
by deliberately choosing more 
"'risky ** shares one will indeed 
be able to outperform the market 
going up (and by switching to 
less risky shares, or by going 
liquid, also outperform on the 
way down) and one will have a 
perfect right to take full credit 
for such a superior performance. 
If one does get it wrong from 
time to time, no forecast being 
perfect then one will gladly 
accept the repsonsibility for 
underperforming, since, if tbe 
Forecasting method does work 
on balance, one’s expectation of 
pretft over a sufficiently long 
period must still be greater. 
Under these circumstances there 
is no way in which any form of 
risk adjustment can detract from 
the superior performance 
achieved. 

Dr. H. N. Smilhworth. 
University of Birmingham, 

Elm* Bond,. 

.North Campus. 

P.O. Box 363. Birmingham. 


GENERAL 

Mr. Helmut Schmidt West Ger- 
man Chancellor, ends rw-iMiay 
U.K. talks with Prime Minister. 

EEC Fisheries Council meets. 
Luxembourg. 

EEC Agriculture Ministers 
begin three-day meeting. Luxem- 
bourg. 

Mrs. Margaret Thatcher. Oppo- 
sition leader, takes part in found- 
ing European Democratic Union, 
an alliance of European Centre- 
Right parties, in Saltzburg. 

United Nations special session 
on Namibia opens. New York. 

Asian Development Eank 
annual meeting. Vienna (until 
April 26). 

Law of the Sea Conference 
continues, Geneva. 


To-day’s Events 


TUC Finance and General Pur- 
poses Committee meets. 

■ Ban ends on political demon- 
strations in (he London area. 

Mr. Roy Hattersley. Prices Sec- 
retary. addresses public meeting 
in Epsom and Ewell by-election. 
Glynn Grammar School. Epsom. 
8 p.m. 

European Leaeuc for Economic 
Co-operation seminar on Direct 
Elections to tbe European Parlia- 
ment. Leicester Centre Hotel. 

Speakers at Lord’s Taverners* 
sring lunch. Cafe Royal. W.1, in- 
clude Mr. Denis Healey, Chan- 
cellor of the Exchequer. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs attend 


Woolnoth Society banquet. Man- 
sion House. E.C.4. 

Final day of Institute of Grocery 
Distribution convention, Brighton. 

Exhibition for Sub* contracting 
Industries opens. National Exhibi- 
tion Centre. Birmingham (until 
April 28). 

International Fire. Security and 
Safety Exhibition opens, Olympia 
(until April 2S). 

PARLIAMENTS BUSINESS . 

Honse of Commons: Nuclear 
Safeguards Bill and Electricity 
(Finance) Bill, second readings. 

House of Lords: Scotland Bill, 
committee. 

COMPANY RESULT 

Simon Engineering (full year). 


Forgotten 


sovereign 

From Mr. B. Plummer 
Sir. — You reoorted (April 19. 
Page 1) that “The Isle of Man is 
to have Britain’s first £1 coin. It 
will probably be smaller than a 
50p piece.” Is the sovereign not 
only gone, but forgotten? 

R. Plummer. 

Shorehtmt. 

Secenoaks. KenL 


The U.K.-U.S. tax treaty 


marketable? 

Peter Kent 

64. Dry Hill Parfe Road. 
Tonbridge, Rent. 


Disregarded 

customers 


procedures. Any adju.*twM)t 
resulting from lower tax bands, 
investment . .-surcharges, etc., 
could- be made by the local 
Insoector and thereby lighten tbe 
load of the PAYE centre. 

I wri*e from personal ex peri-, 
ence. .When my index-linked 
occupational pension was suF- 
ficentlv high to absorb tbe taxa- 
tion of my State pension, my files 
wpre transferred from tbe local 
office to tbe PAYE centre at 


From .Vr. J. Xeirman. 

Sir.-— Having written to you 
before (Februarv 23) on the new 
TI.K.-U.S, tax treaty 1 would 
like to make some comments on 
Darid Freud and Michael 
Lafferty’s article of April IS. 

Tbe table showing “two views 
of 1972 taxable profits " For the 
Hongkong and Shanghai Bank 
subsidiary must be incorrect. The 
tax charge is. presumably the 
difference between before and 


Prim Jenny Bird r wiwm _ 

J Sir;— Two of the most astonish; Bootle. ^Result-- fam still await- SS SssooO^JS 

mg reports I have ever seen in j ng 1976-77 assessment and Quoted this would b*» sJj-aouu on 

print have appeared in the FT lo the return forms for 1977-78. 
the last 19 days. Hitherto tbe whole affair was 

. The first .was that tbe Institute w ttl 0 d within two to three 
of Directors proposes (April 14) months after the close of the 
"that the law should lay down tax year, 
that a director’s first duty is to James Hanson, 
act in the Interests of the com- 4 Anxloic Court Lime Croce. 
pan y” and “Consider not only Lythotn St. Annas. Lancs, 
the shareholders and the ero- 


Market 

risk 


ployees. but also customers, 
creditors and the company’s repu- 
tation If such a law is eveo 
remotely necessary surely British 
industry must be in a very bad 
wav-, and' still has its priorities 

Sf t up th Vth m t !, “ >, t^" S h^ Technical Analysts. 
holders, too many creditors, and Sir. — Mr. Damant s rcpij 

a very bad reputation. (April 11) to my letter concern- 

- The second surprise was a ing index funds raises some 1 er> 
report (April 18) on Dr. Roth- interesting points. I fully 
well’s Science Policy Research accept his explanation of me 
Unit. Since industrialists do tend fund's desire to protect 
to blame tbe Government arid/ against a possible law* siut tor 
or the pound (whether it goes up having bought low quality issues. 
or down) lor their uncompeti- At the same time, it is a 
tive exports and the high level of grettable situation if the tuna 
imports it probably takes a manager has to virtually cease to 
science policy unit to impress manage lest be underpertorm 
upon them that a good level of the market especially if this 
investment and selective Innova- results in him confining fits 

tion are vital, but useless with- activity to weeding out just those 
null ■»* ... ... .r .L.rnu. ihnt nnniilli 1 pnH 



rUijn that “user needs** must be any evidence that in the past 
(onsidered. Who— or should it fund managers actually have 
be what ?•— are they in business been able to nick out potentially 
to make things for? good or bad performers, or 


(he bank’s own accounts and 
S4^72JKK) 00 the Franchise 

Board's figures. These both work 
out at tax rates of 8S.4 per cent.: 
this rate is far too high and thus 
tbe figures must be wrong, 
although consistently so. 

There seems to me re be no 
economic reason to justify the 
UK. Treasury giving away 
5t370m. now and 8R5m. an nn ally 
thereafter. The onlv benefits re- 
ceivable in thi» T'K. are firstly 
renaytoents of SWui. _ now and 
Slam, annually in withholding 
taxes and. secondly the unitarv 
tax gain. The latter it qmn’tfied 
in your article as "as much a> 
S30ra. for California and 
“Sl0m.-S15m. for BP in Alaska.” 
Tbe arithmetic is toe heavily In 
favour of the US. Tn any event 
in allowing the States of the 
Union to maintain a unitary 
basis of taxation the US. Se na f e 
is actine- against the reoresenta- 
tions made bv its members on 
the Organisation for Economic 
exoneration and Develooment 
fiscal committee. The Senate of 
course has a democratic riant to 
dn this but this does have the 
effect of making the statements 
of treaty nerroriators unreliable. 

In the international context it 
should not be forgonen that tbe 
T T .K. is a member of f he EEC and 
should, therefore, take account 
of irs directives on corporate rax 
harmonisation. Xo final direc- 
tive has been concluded, but in 


the draft directive of November 
1975 ihree relevant conclusions 
are reached : the Commission 
f-ivoiir* af imp’^riop system 
like that of the U.K« Germanv. 
Ireland. France and Denmark: 
the Commission feels that on ton 
of the effective withholding tax 
caused by the imoutation system 
a further withholding tax of 25 
per cent, should he applied re 
“discourage tax evasion. -1 This 
svstem has now been nut into 
effect in Germanv; and rhe with- 
holding tax of 25 oer cent need 
not be applied when dividends 
flow from one EEC member 
State re annth-'' nr if there is no 
risk of tax evasion. 

It seems to me that the U.K 
Treasury is blatantly ignorina 
the EEC aspect. Pefhans in due 
course another volte face will 
occur similar to that on the intro- 
duction of VAT from purchase 
tax. 

To clear up anv confusion that 
ihay arise the Hong Kong and 
Shanghai Bank will not benefit 
from the new U.K.-U.S. treat'" 
and the unitary principle will 
still apply m its California sub- 
sidiary. This is because the 
hgnk is not a resident of the 
UK. since it is a resident of 
Hnn® Kong. The latter territory 
has never negotiated a double 
tax treaty for the simple reason 
that it does not levy lax on over- 
seas income. Thus double taxa- 
tion cannot apply for a Hong 
Kong resident. 

It is worth mentioning ihai the 
TT.S ?Treement is not the only 
one which gives back part of the 
advance corporation tax paid to 
a corporation owning over 10 per 
rent, of the share canital of the 
U.K comb anv concerned. The 
protocol to the double tax treat v 
with the Netherlands came into 
effect last November and gives 

this reoaymenL 

J. A. Newman. 

21. Mincing Lane. E.CJ. 


' \ '■"l .: !; 't'Wr'V- *• *.Y : ’ A 


COMPANY MEETINGS 
Sec Week’s Financial Diary on 
page 3ft. 

OPERA 

Royal Opera production of 
(>i hello, Co vent Garden, W.C2, 
7 p.m. 

BALLET 

Sadler’s Wells Royal Ballet 
dance Summerlidc. and The Two 
Pigeons. Sadler's Wells Theatre. 
E.C.l, 7.30 p.m. 

MUSIC 

Deborah Overbcck (piano) in re- 
cital of works by Mozari and 
Schumann. St. Lawrence Jewry 
nert Guildhall. E.C2. 1 p.m. 

Christoph Schiller (viola t and 
Shu-Chiog Wu (piano) in pro- 
•.Tamme nr Stnmiiz, Brincn. 
Haller, and Brahms. Wigmore 
Hall. MM. 7.30 p.m. 


• V 


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34 


COMPANY 



General Accident hopes for an 
advance with better underwriting 


Sun Alliance shows 
solvency 


Financial Times Monday April- 24 1978 

Wilmot Breeden looking to 






<r ; r.'A 




second half margins 


THfc i\E\\ YEAR has sl 3 rtcd with The group maintained Us policy ^ ^ annual aWeuient -Mf. profits of some JE3m. would have single major sit* 

a healthy, solvency margin for of selective investment in pro- 'S?™ Breeden, the chairman of been indicated. In spile of the difficult trading 

Sun A Ilian fee and London Insur- perties during the year and the Breeden (Holdings) says The arraiints show 3 decrease conditions In Australia, a profit 

once Lord Aldington, the chair- purchase, for £23.8rn.. of tf that Ac group ts reacting quicWy in -lioaidirv of £iS7ra- (£ 20 , 000 ) was made and the . .steps .taken 


wbl e 


d 


J 


man tells members. Taking assets properties from Rank Organ is a- ■»*_ PtaMvely to carne .to teems 'the“chairm'an sms that ""some 10 diversify, into marine com- 

• - ‘ ■ - — • and • factoring, have y* 


lower demand 



ai market value the margin lion was completed in the early wl A 
increased during 1977 from 02 months or 1D7S. 

cent< - Ao 79 per cent, on The chairman says the company 

GIVEN AN increase in its world- 1P< * some severe competition and excluding inner reserves, was up higher premium income. is now seeing the benefits 

wide investment income, an rate cutting are again emerging. £ 183.2m. f£lG0.aZQ.) at year end. The "home motor account has gressively increasing the , _ 

improvement «n the overall 1977 There are few signs of encourage- Donations tocharKtes. and edu- achieved some growth in income tion oF funds committed to real currem year. 'Iwve ait effect on the- profitability to. show in- the rsulls until the y; 

performance is hoped for in the ment* in Europe, and the U.K. is rational esiabtminent* in the_L»Jv. despite intense competition, and estate. About 20 per cent of its Thereafter maml as j&a of the bumper ^manufacturing last quarter of the year. * - \ 

current year at General Accident problcraaucal. he stares. amounted to £S3. M0 and Ilo-OM a small suipJia was earned last Investments are held in property progressively df demand does not T> ,ant in Birminfibam, and the The other investment In high ‘ 

Fire and Lire Assurance Corpora- The recent 9 per cent, increase t0 “™ waited ywr but paarkeri increase m and present and potential capacity fa ji helow^present levels. The Patton has been .-.further technology-. Thor Cryogenics,- is 

tion. in motor rates will help but the Industrialists. 01 cadent* is a for growth in value is a vital outlook in France remains cood. -^ f arated by the low current achieving a high rate of growth. 

Mr. Hervey Stuart Black, the householders account continues Higher retained earnings of ca H s ?J"T concern, he comments, element vn sustaining the ^ ac y,_ “.//• rate of production of several Sales in 1977. were 43 per cent ' 

chairman, tells members ih 3 t. . be unfavourable. £34.43m. (US. 54m.) lifted the deterring to the company’s company s asset base In real , .. ' - models. greater than for 1978. and G 8 per/ 



in'siirancp”" industry ~ is" bound to achieve while governments are The directors consider that the within -the guidelines, but that bonk values. 
- -■ — > *■- ’ «««-»iin« to allow adequate rates proposed supplementary 



__ .. „ 1978. . . ' ” “ : .*S 

s-ii fferthe directors are’hnpefui unwilling to allow adequate rates proposed supplementary stale- they were tight in so thinking Touche Ross and Co. who have . As reported on Anri I is 
of better worldwide underwriting to bo introduced, he comments, ment to the Hyde Guidelines on and that it has not added to been joint auditors, with Delnltte profits fell from* raVim 

results in 197S. For 1877. with a reduction in current cost acrountog does not premium* at* -is. therefore, not and Co., since the company’s. ss.esm. m 1B77 on turn “ ar ; 1] ST^m^ion'' embafked upon some of U$' -traditional products 

lindernririnz in the 1/.S. i-unn- undenmting losses from B-.6om. adequately reftecl the impact of increasing mfiatronar* pressure. incorporation in 1939 hare agreed £90. 15m. <£S3 .SShl). . . when the and investments, and by Lo drill*; 7 

cipated to move into nrofit for to £8.-«m.. taxable profit soared LO Inflation on Insurance company With a turn re uni from a Him. not to seek reennnintment to if Hyde proposals on inflation mShanS operation "will be generate ^me^growt/ and inf ' 

the &r=t lime since 197.1. provid- £70.1 9m. (£42Bm.)— as reported resulw and tie company has not loss to a ^uroku of II Am. on facilitate rationalisation of the accounting had been adopted coQtained for the first time on a prove traiHhs -in -the. second half, , 

ing there is no substantial on March 2. The net dividend is vet adopted the guidetines, he fire and accident tindenmtine group s audit arrangements. _ vviftameo »«" . . . . . ?.»■ 

windstorm losses. raided to S.097p (7.23p) per 25p Say*. and investment Income up at Lord Aldington warns that 

However In ihore tern lories share. Meeting, Perth, on May 24 at £33.2 m. 1146.7 m.) ratable profit thouch the trends in consumer 


which showed the best results in Investments and liquidity. llJOajn. 


Rockware awaiting Monopolies report 


was p.vnanded to £37.2 m. (I37Rra.) protection are well meant, thev 
in 1977 as reported on April fi. Involve increased costs which in 
The not dividend Is raised to the long term consumers them- 
20.1 34p f-1S.l87p) per £i share, selvps have to bear. If the search 


Slough Estates now seeking expansion 


TTfE FACT that at th e time of pany at present: buildings on an existing use basis <£S2.9ra.). 

writing his annual statement the He adds that by the merger the could exceed the balance sheet 
Monopolies Commission had not director*, with the companies valuation of £14.1Sm. by at least 

reported its findings on the similar order books, could ensure 10 per cent, 

interest nf Rockware and Grilled the long runs essential for the 
Glass in Redream National Glass economic use of this machinery 
marie it difficult for Mr. John H. and so he able to compete on 
Cralgie. chairman of Rockware. realistic terms in the EEC. 
to make any definite foreca-it as As rcporled on March 23. pre- 
to the outcome of 1»78. However, tax profits pxunnded from £6.27m. 
he does say that the company, to IT.TSni.. despite a lira, second- 
wUh higher glass' stock levels, is half downturn. 


The consolidation policy -of th<* adjustment. .. the director* as the holding com- ’ ‘ .. 

Investments and net liquid for the best is pushed ton fast or g. 3 ^. fe "\ re»rs bas left Sloiigh In accordance with the 'treat-’., pany has been advised that it has'.F ! 
funds at year-end were up IS 1.4m. too far. it could make insurance m a stronger position ment of interest on the cost of good defences to the outstanding;: 


too expensive. 


Cunard profits 
buoyant 


than ever, says Mr. Nigel tfobbs, laud, held for development and on claims. Although some ot the. 
the chairman, in his annua) state- the cost df construction, expendi- claims have been, successfully, ’ 
mcnt * nire has been capitalised in the resisted, some have not yet been 1 ' 

Members are told that the. cow- UJC amounting to I4$3.00f) heard by. the French Courts and 1 - 
pany made new acquisitions £n f£7l3JHW* and £877,000 others are subject to appeaL 
Germany. Australia and the ll.S. ■ f^2iS2JXW i overseas. , . Although a judgment in. respeirtif. - 

during 1977 and world wfde. it ' /,At the year end. secured loans of FF4.5nu (£301.000) has been* "'' 4 
n\> the a«umntinn that an i-hnnUnic. built or acquired 611,000 squtire overseas totalled £23Jr4m. obtained against the holding com.- .f . 

f’eonomW’ up tun? materialise? innovations throughout the world feet 01 new industrlai and cbm- (OOJSm.) and of bank Joans’ and pany by the liquidator of 
b£Si QosulSr Cnup 5 Su SS^ad^Ss were mlde m ^ iaI space - : ; 1 overdrafts amounting to £24.17m. French company, no steps haw;.. 

placed to meet demands for its during last year, particularly In ^ ^ SSJortuSS SSaS" CSJSS^JSSS?--!? 


Metal Closures cuts back 


is* *reLS?*s”L^ s»r- ^ »<-“• asf -Lissy »" ^ ror sr.sttif 


hinted * in to 7 S and -» — iT-mhprs are told in his annual As rehiirted nn M.rrh -ji «,». anticipated demands wherever it . .The directors state they arc of the- action and therefore, thei' 
which appears likely lo be rhere w ill also fie substantia) work- cruise and in full year these statement, that it is the group's tax nrofit advanced from £4.«2m. ' current v'afue^f 1 land a n^h^cl 6 il ** 16 action wiu he-; . 

brought about by higher wages j n2 CB piiaI needs. While at the earnings were of the order of the duty to meet realistic competition to £5.37m. for 1D77. on turnover Sw^«^!i Ue th * 1 '‘mo r 

and tax reductions, as well as any enf j of l 9 77 the group had con- order 575 m from wheresoever it emanates, of £50.94ra. f£45£»m.). Earnings J 1 *" ^3hwl «£' “JESSSS S ' 

increased demand of a seasonal srderable cash resources on F hut derolte the tendency in some are ud from 10.09a to 1S.06P per jhT» ' 

nature Henn^it nvprrtraft farili- Speaking 3 t 8 conference on a tiA r taK to buv turnover at 25 d sharp anH thp HiviHpnH ic fnat the extent of the excess will’ ..comprises assets 3 t \aluaoon of capital gams or other tax thatv^ ' 

Commenting on the merger of ties have been ^maintained. The *?° ard . t0 jfjl 1 r jS"? unrealistic margins, he says it is raised to 42M36p (3.7723p) net ''SiSlS®" /SSm i*"' and -bt cost would arise in the unlikely ernttic. •' 

“o'"**" ,n< BedfMrn ™ m ‘ l raised br ,hc r ' ch,s lssire jSS£ l ?g*SSrt>%££i 2SL2t*t?as f&jsrzz J5KPSL ^zrL&rSS proper,, VtoJSS* 


lie states that the directors are ] a st May Is being used for the 


convinced 


of its long term rapilalevpcndTuire and^acquishlon ”^’ 5,h "hject of improving beJow capacity^whfie 'the* upturn t rlronnSrif 11 rrom % 

hnnefUs to the U.K. glass Indus, programmes. sidiary) said that profitability on rro nt ratios, the group has In domestic and world .*■’ ®. m ‘ and a £Q.64m. valuation reluapon they are advised thar« 

‘ '• ,h “ “ pnined back " where sales were economies, although heralded is ! i^!; 9 !^lL U _ s _ J” s an liablhty w0ultf not ' reefed: 

£30m. 

in The accounts show a break- 
corn- down of the group’s properties i 
sub- the UJC. and overseas’ as 
alleged December 31. 1977; 
continu- Meeting: Savoy Holel, WC, May- 
say 17, 2^0 pjn_ 



a Loai 


S. Pearson & Son 


Preliminary Almoin of 

1977 Results 


Group Profit and Loss Account for the year ended 31st December 


Profit of the group before taxation 

Deduct proportion attributable to minority interests 


1977 

£ooo 

44,938 

11,659 


1976 

£000 

38,583 

10,045 


Profit before taxation attributable to S. Pearson & Son, Ltd. 
Taxation thereon 


33^79 

17,028 


-So 


38 

14,046 


Net profit attributable to S. Pearson & Son, Ltd. before 
extraordinary items 
Extraordinary items 


16,251 

2,504 


H,492 

3,152 


Net surplus including extraordinary items 
Dividends 


18,755 17,644 


Preference shares 3.5 
Ordinary shares 
Interim 2. op 
Final 4.S0927P 


18 


iS 


(2. op) 

(4.16S2S5P) 


1,368 

3*291 


1,363 

2,852 


4.6/7 


1 ^ 


Surplus retained and added to reserves 


14,078 


13 , 4 ” 


Earnings per ordinary share, before extraordinary items 


23 . 72 p 2I.24P 


Notes : 


r. Dividend 

Tlic directors recommend a final or dinar}' dividend 
for the year to 51 st December 1977 of 4 . 80927 P per 
share which, together with the interim dividend paid 
of 2 . op makes a total tor the year of b.Sotpjp. ihc 
maximum permitted. 'J'he proposed final dividend 
'\ill be paid on 12 th June 107 N to shareholders on the 
register at the close of business on t;th May 1 * 178 . 
The annual general meeting will be held on 2 hth May 
1978 . 


3. Turnover 

( excluding banking and investment 
income) 

Pearson Longman 

Doulton 

Other subsidiaries 


1977 

£000 


1976 

jf .000 


M5^37 '-9-77 

171,695 149,592 


U,I59 


o-y 


32S.4<?i 289,906 


2. Attributable profits before taxation 


Whitehall Trust (Lazard Brothers 
and Investment Trusts) 

Pearson Longman (Publishing) 
Doulton (Ceramics, Glass and 
Engineering) 

Midhurst Corporation (North 
American interests) 

Other interests 


Pearson head office: Interest and 
expenses 


jCooo 

I07 1 ' 

£000 

• s >73 s 

13,010 

6.556 

12.019 

11 , 92 s 

1 0 .SS 8 

T.S 42 

90 O 

2 . 1 1 0 
■246 

36*430 

ji.Skj 

>151 

5.281 


4 . Extraordinary items 
Net surplus (deficit) less minority 
interests and taxation on : 
Realisations: 

Interests in associated companies 
Interests in subsidiaries 
Properties 

Investments held for the lung term 
Goodwill 
Miscellaneous 


5. Taxation 

Total taxation including overseas 
uxes 4.015 ( 1976 - 4.4654 
Deduct proportion attributable 10 
niinoritv interests. 


33,279 28.538 Attributable to S. Pearson^ Sun, Ltd. 17.028 


-47 

5,32° 

564 

— 

(9S9) 

Sr 

3,000 

(ibo) 

{15s) 

12 W 

11 

( 41 ) 

-*504 

5 ‘> I 5 Z 

22.682 

19,00+ 

5’654 

5.048 

. 17.028 

14.040 


"q u cu t*'* 


Cape warns of overseas downturn 


. . 

= ; S; 

L -1 i‘*l 

-t: 




WTULE Mr. Ronald Henry 'Dent,/, ■ Hie group is continuing its time, and 'current forecasts 
the chairman of Cape Indastxies,. Investment programme both in tbe to an overall profit for the 
feels it is difficult to forecast the'. UJC and with some modifications year. 

likely outcome for the grcurp.M^ in South Africa. Expenditure in The interim dividend Islp (ofi)-- 
v'boJe for 2S78, he says that cap*-' 1977 came to ZlAm. and Cape plans net per '25p share^-Iart yeartfi-'^ 
nty exists for further improw? to spend £l2m. in 1978 on capital final w«« Ip After a -tax ci 
ment and management is capable account, of which X2m. will be in of £13.750 fjEiU>oo». joss eme; 
and eager for grow th: “only efr- South Africa. The combined- effect at £10,702 (£21,701). ' 
ciimstances beyond our control of lower profit and relatively high 
will hold us back.” '.capital spending has increased 

In the liJC, he believes that tie borrow ings by £7.4m. to £20.5m. 
economy and the group’s home At the year endrThere -wdff a 
companies will show soine ■ decrease in net liquid funds of 
improvement but the ~slimnfed' £427m. (£5.0 Sok). The ultimate 
down operations, in South Africa holding company.. of_ Cape .. is 
and the continuation of a Io\yer Charter Consolidated, 
demand for fibre wffl have m ' / 

adverse effect on profits there' in' 
the current year. 


T 2 

tSi 

12 ; 


G. & G. Kynoch 


-Midterm--- 
deficit at 
Ben Bailey 


As reported on April reflect— 
ins a sharply-reduced CorUrilxy^- 
tion from the group's mintng’'^tJfc:}y:nrUlll 
division, caused by^ weakenjifg ■ ■■■r 


demand for asbestos fibre, pre-tax fOT ftlll yC 3 .F 


TURNOVER . OP Ben 
Construction rose from £L78m. tfr_- . . . . 
£2 35m- in tbo si^ months to cnAi ^ 1 - - 
1977 but tie group Incurred it-v* 
loss of £37.155, compared wdthf- 
profits of £80,827. before a t»*r- • 
credit of £18, K0 (charge £47,05ffi'.(t:: . 

The directors state that 


t lSE LENDING 


a tiv 
■ H.r 


profits fell by 17‘ per cent 1 from 

peak £I4£m. to £UJB 8 m. on On turnover down from £434,000 
external sales up from £133. Uni. to £432,000 for the six months to results are disappointing ahhouglt'; - 

to £155J7m. The dividend is February 28. T978 < « . qnd C. not unexpected. The speculates^- 

stepped up from E 3474 p to a Kynoch. .wooDen cloth manufac- house building division fcaai' 



c 


during 1977. both 1 /e buiMing and charge of £2,9S4 against- X14JJ48. for contracting work, altboughr' 
insulation division and the auto- The company recovered in existing contracts will be^r'.-; 
motive and engineering dirision 1976-77 from three years of losses honoured and completed. Pr» 

made further aA’ances in sales totalling £127.322 to .a proGt of peris are now better, they adfL- .'-Ur ■ 

and profits. Decile tie f orocen £2.203. .'The directors state that There I a. no Interim ' dividend} " •* 

reduction in profit in South the level of order® in hand. Last year an Interim of 02p nec: 7 •; 

Africa, the chairman say?, that a including a substantial special per lOp share was followed by.-X: : T'^' 7 r 

restoration towards the levels of order;, is considerably better final of O^op. Full year pro Star- f 1 1 '. 1 ; .. - 

earlier years is expected by 1979. than has. been the case for some came to £91.000 pre-tax., .. ^ 


..or. 
L. : 
Midi 
■ >s.n 


tr»T, 

-,rt 


Ash & Lacy plans £3m. Investment 




TRADING RESULTS for the first and manufacturing and galvanizing . the current year with output m&Er* 
quarter of the current year ai wii.h IB Him. (£8.09m.) and £1.03m. profitability up in thefirst thretjz,* 7'^, 
Ash and l^ary show a substantial (£934.000). • -. . months. • ’ 

improvement and there has been Stanley and Sanders, ""the 
a considerable reduction in engineers stockholder company 
interest costs, Mr. Kane Vernon, incurred- expensive start up-CO-Ms 


N "iT\ 

p. « 
’'•jS.t 

V..*vj 

v;ili 

n. s 

iocu 

Shd 

Stan. 

Trad 

Tfus 


? At the -groups principal epV* : - : S.* e * 

vanUIng company Joseph Ash. a«C*4rB;.- - ; . r ; J3 1 1 1 

s Son. which .expanded • prb®ra-.... 

ihc chairman, tells members. The following Its moves to new- and demand remains' satisfactory *08 - 
rompany plans, to invest about larger premises in the early part it is hoped to maintain progress'^ '" 

Clm. in plant and buildings during of 1977 and is budgeted to achieve Work on construction of a nev^>. ' '■» 

■“ ’’ factory for General Galvanlzers.lt\ r rr . ’ " ,,r . 

expected to start at Telford : 

June. • ' . ' u v .. j *~ 


1973 and 1979. a breakeven pomt during 1979, Mr. factory for General GalvanlzersAte; r rr _ ' 

As reported on April 4. for Vernon reports. exDederi io start at TplfnM ih. .’'Jltt. 

jiirr. external sales Here almost Ash ■ Plastic Products made a 

unchanged a* £24.6m. (£24m.» bu? significant Improvement in profit Meeting, Birmingham, on Kej: 

was down from in 1977 anfl has good prospects for 19 at 6.15 p.m. ^VJri- ' 


tnsahle profit 
El 79m. to £l.4m. reflecting con-' 
s'derohlv reduced margins. The 
ne» dividend is stepped up to 
r. iruap i.visnm. 

Xrl bank borrowing was pm 
b--- f ’ 24m miinlv due to n»e*.-ilp 
of lpn^ehold Interest in the 
nrnneri v ;i i R;i bnn*' Lane. 
Smeih’* ict for fW tSKt. ;,n<l 
•••’ 1 -lined profile, and ihe omilwV 
finanei.il position i> strong. Mr. 
Vp-nnn says 
Capita] spending commitments 
at year end amounted io 1'i.jNni. 
El.frtm.) of which Ct.fiTm. 
• ft .trim, l bad been authorised 
hut nni contracted. 

As at March 21. 1 U 7 S, Britannic 
Assurance Co. hold a 10.03 per 
rent, interpst, ITC Pension Trust 
43:i per cent.. Sea Insurance Co 
i«» )wr cent, and Prudential 
Wnranre (’o. LU per eenl 

Sates and trading profit, of 
fl.«7in. uas splrr as r»» 

stnekbolriing. distributing nrnresv 
ino and mil formin'” w*»h nrffllin 
£17.9 tin.) and £633.000 i£t. MnO 


BOARD MEETINGS 


Thr f olio v Inn com minim li4i->- ->| 

itflt.-s nf Boont ipt-eunuH in Ihi- Wmi 
FwOtiwc. Such mtv Mans wo- 
tr- l-t fur |ti- purn«w of ransM»-nnt dirt. 
' -nils. °nirtnl .ir. nut h-,m|. 

liip -.1 Ik ' her ■llvhk'n'tt. noui’-mi-*! sr,- 
ni-rlins nr finals and Ur- oUn tmiw 
l»m Minr arc UaW;d maiiilv on la.si 
‘varS tltnetahk.-. 

TO-DAY 
latcrimn— MnfaR Tea. 

Finul*— WiJll.iuj Bated, «»nnUnan RnW 
unis F.Ii-vtrlcal aiht tndininal Vointii-s. 

ml. Mi-lvillv Dundas and Whitson. 
Mod-rn EnK'nwrS Vf BrLwnl. P.-mlaiid 
luilii-ii rlcj.. Slnmn Empneering, Umw 
anitah Inr-.mmnir Trvs*. 

FUTURE DATE 5 

Interims— 

Border and fiouthezs Stockholders 

Trust Apr}! K 

Trrirh Susar fiorpor»cl«i May 4 

NaUniMl and CommcrcUd Bantam? May 1 
Elnals— 

:rr mn Wallace Anwld Trasr 




<41778 

^TheBcstl 


M 1978 

The Best BccrforCcntarks 


BoddingtonsBreweries Ltd 

• MANCHESTER 

FURTHER 
PROGRESS IN 
SALESAND 



r„ 


HI m 3 1 Kf 


Results in brief 

1977 - 

:- 'l97i5- ^ 

Tparto 31 December 1977 

S’000 7 

: . £‘000 \ 

■Turnover 

17,934. : 

UJ9 31 --•> 

Profit before tax 

3,066- 

=■2,906 - : V- 

i»roS.t after tRX and _ 



-ejtatidnilnary items 

1.502 

. 3J337 % 

• Dixtdendpaymentapersbaie 

3.9032P 

a^aip J 




liimri Pulp and Paper 

' Ird 

'-.rS- ‘Cl'-im.-qi) 

^rrln»‘i 'T. fi ' 

'tar 'Nnnuoip .... 
'jmiri' Industrie . . 
f a. (rli.ni ‘ P and W » 

.in >1 Kn-n^vr . . . . 
■orr.-T OiwPMrh 
•■f-n'-oh twrxrln liHveunir 

•fi-iham S'rlHA^r 
"•■Pi* >W • 

•••i Ini .-vim -n i 


Marie 
Aorll 2-’i 
M*r S 
Ms* 1 
Anri I Si 
Map 1 
Ann) 27 
May - 
Map 1 
t.mlis 
Jliv f 
April ,-s 
May 1 « 






y^Bi sticc»ssioii. TotaI sales lii volume rose by 
10.6 per cent and Boddingtons'' own beer sales by 
, i 3 lBpercent. y - 
: Bonts issue of oae ordLiary share for every trmiald ^ 


Diridemi representsmaxlmumptoni feted increasel;^\J ^ T$» » 

— A .u. . ® 


completed by imd-summer. 


Annual Geittrtf Meet in®, tfftwr Fr«i>TrArteHall. Peter 
S? treet ,’MandaaLer. 11 + fi am , -Monday IS Jlay 1078. . 



Copies nf the Annual Report. may bf» nbiained from: 
The Company .Sfieretary: POBnx Xo 331, StrAngvWays 
Bru ter , M60 3EL. 


a «5-4-^7* 



■V • : " V v.v; •• ■ '?< . ' tfrg i 

- - .•■t-. • 



la 8 l *’ 
4r §in s 


* :• 


Monday April 24 1978 



- : -T3& garter When some of the more important-company dividend 

• 1 afafeijnents may. be expected in the next few peeks are given in the 
' - i -fcHoWiag table: Dates. shown are those of last year’s announcements 
4 SEieept'whCTe tbe forthcoming Board meetings (indicated thus*} 
,;V heea.pfScidllr published, ..-It should be emphasised that the 



- gfyflijncenients. 


.**WL 


TJaii 


Awjouow- 
" meat last 


Ul” 


pmj4er*..^say li • let. S - 

.To7~ •MW » WW* *4® ’ - 
done.- EM'S _..^May Sfl an. -XH: . 

. •.V...WI 8 fMWR 

. ■ ; •ftw-nabbef'-- Jdlj 2a -mp 4 
VVMmalCtf ■ •.•• • *• ■■ • 

- . .. ■■■ PT..- -MUM M.9 «JW3 Me 
fta^touriaftf) Jfar » im. usutf* 
Um»h» . - -M4r ti Fin*] l*i3a 
• -BrtWor* * 

" **W.) ~2W»-InL 3.3 
BOG Jat . -:..,V*T g. Ini. .14H - 

Bjor s- ........ — Jff*V T* STO. tin. J.7BW 

Bflrtinr Ick. " ‘ 

ITbM,),.JlV 16 lnt- -2.4 

Oomr ■■• l.'- 

■I - Sdn*®'M*y3 S»a* M. *■ 

rBttrtMT EsiK»'.'Sf*7 S FnulWtt? 

-• Bsrtoo. tiro. May 12 Ini, OJ 

& : .^Ur )« ■ Fbutf .18.TM 

terftw-tkp if ay 31 let XJS 
jv and . - ‘ " 

tiharfiMl. Ftlul 0.3898 

Coat* Patau :Jlsr n 'Final LOTS 
■ Costatt fft.) .— War l» Sec. Iw. Utt? 
^ Coan^M" ■ --■■• M*r * 

'-. iBebentatafr .. r ::MaF 19 
DWWrt -.-.—.-jUr n 
' »spnit ;ajw- :j 


Evil- Tinny. ... May * 
Ml***. 


Flnyt AMS 
Pinal S.3M7 
Flail 2.39153 
Fin*} 4.T 
Sec. lm.- ! 871 
■Fowrt Ml***. Aar- 28 FiMl.SAWl. . 
‘ ■ French Kta* ... . M»r is- Final » .8 

• rarlS*. TOr-Xar V Ser. tan/ 4.391 
- ■ .' -Europe- Ferries Apr. 29 Ftnal .1 3* ■ 
fieri. Min. '-Or*. Jul l Dim. due 
•G*(r*rta. arid * ' 

: * xat.- tnacoflir - vAdt. 26 FinaJ 4.81 B . 
:• •Sffl obd DGfWs^Aftr. J6 "Final 113 ' 

. SI*.. ... Jwt: 3 lnt- 1.9 . 

.•BaiqinrSn Prop. Aar: 26 Fma) 4.97 
Brarta .tCC E".i May 17 Final 9.1 
* Hlekron Wale* tan. 3 lm. 3.B94 ;. 

. - H1U semflel ...May 31 Final 2.7933 
... I CL. May 29 nuT 8.8 

- . :'K Ships . .May 37 Inr. 8.77 

ufiw CJ.I . Msy 2 Pina) 3.07373 : 
:•■ Land -mvestora. May IS MU .9:4 
■ iteortfi .W — :.;May a Ftpal 3.23991 


. Announce* 

. ; . A . Bata _ " men! Iasi 

year 

UaydF aid 

Seoul* May 12 Id. US* 

London and - 

Nwttaem.Jdwr 28 Final s 
J4afllneen 

Denny... May 19 Final 1-5 
*Marks and 

Spencer . May 3 . Final 

•Mariey . May 25 lift. 1 
Mettoy ....... .Apr. 39 Final 9.95 

•Mine] HWgs, ./-Apr; 27 Final Mrt 
Minster Asaeis Jim. 3 Final 1-746 
Moment are .. May.s. nul 9.4M 
asatL and Comd. 

Bank May 4 ML 1 -SS 
"Xqrtljrm Ene’c Apr. 37 Fisa) due 
Nontaum Pbmi May 31 lot- l 

P L C .May 4 FtnalJ.337^s 

Frew »wm.) ..May 26 Fin*) .0,75 
’ Pro®, nay's Wf. Jon. 2 im. i.fi: 
■RaMame Hoffmann 

PoUard May » InL L44 . 

HJEU Jfay 18 lnt J-3t 

Readmit .lot ...May IS Final 2-9977 
Reed ML — . ...May 31 Final TM4S 
Saln&bury tJ.’j ..May 4 Final 3.97 
Saniuel (H.) ...May 34 Sec. Mi. 64 

’Sears May 4 Ftnal 151 

•Sere* .‘.....May 4 InL 2 

•Simon Ena'* ..Apr. 24 Final 4.5389 

Sruurflt fJ.i May 3 Final 4.82125 

Spirit rs _.^pr. 37 Final 1A#35 

Stafiex lnt. ,i....May 20 Final 1 51 
stavoiey Mils. ..Jday 12 Inr. 4.4 
ftwan Hunter ..May 24 Sec. lot. 3.5 
’Tarmac Apr. 37 Ftnal 3-2S8 

•Tele Rentals .Apr. 26 Final 999 

Trafalgar Heose May 19 Jnt: 2.34 


TrWefBSt Mar. 31 

DOS May 16 

UKD lnt May 31 

•Soars >>...Mriy.14 

fVlekers Apr, 57 

Whitbread Mr.- Alar IS- 
•Wlmpey iG.t .Apr. 27 
wely. A Dudley 

Brews M*y 31 


Final UfO 
Flnl! ZT 
Firm 5-33 
Sec. InL <43 
Final 3-2399 
Final MX 
Final OJG0KB 


lnt. L7 ' 

•Bnard meetings Intimated. fRtafcta 
lssui since made, t Tax Dee. I Scrip 
tame since made tram reyerrea. 


Public Works Loan Board rates 


itmntu 


m 


Effective Itohi April 15 

Qnt« taasa repaid 


Ho»«ista laws 4" iwaM 


re*ra 

Jp to 5 

Wer 5, iip to 10 
iv?r 10, tip to X5 
irer. IS. dp to 25 
»V4T 25 ;. .......... 


si 

m 

HI - 
121 


sa ; 

at- 

npouHtrS 

krEiPt 

SJk 

at . 

mXerUrf 

10, 

101 

105 

11 

■" Hi - 

m 

12 

IH 

lii 

U1 

12 

121 

IM 

121 

. 12} - 

lZi 

-121 

12} 

- 13 - 

. .»i. 

141 

12} . 

13 

12 i 



* iVon-quota loans B are I. per cent, htghdr in each case than non- 
iiflta lhans A. ~t Equal Inatalrneits of principal. % Repayment by hirtf- 
eany" annuity (fixed equ^t half-yearly payments to inelude principal 
ad interesU.- 5 With hitif-yeaHy.pflymenis ol in leresi only. 


N ’i:i:crm 

li I t ii. ]| 

titn B; 


BASE LENDING RATES _ 

ftBJf. Bank : 7j% « Haiibros . Bank ; * 

lUej IrjsB Banks Ltg. tj% Samyei 

Hoare & Co, 


Banco de Bilbao 7|% 

Bank of Credit & Cmee. 7} % 

Bank of Cyprus 7§% 

Bank of- N.S.W. : 7W 

Ba'nque Be^e Lid....... 71% 

Barwtue Rhone' ...... .8 % 

Barclays Bank 64% 

Baxnhlt Christie Ltd,... 8 1% 

Bremar .Holdings Ltd. 8*% * 

Brit. Bank. of Mid. East l\% ^! S J5 , 52 e e 


71% 
9 % 
61% 
71% 
9 % 
71% 
71% 


i Lament 


Keyset Ullmann ....i. 
Khowsley & Co. Ltd#^.:. 

Lioyds Bank ^..... 

London VMercantjle ... 

E. Man son ' & Co. Lid. 

Midland Bank- 

■ Samuel Montagu.. ....... 

Grenfell 71% 

71% 

Norwich General Trust 
■P. S. Refson & Co. ... 
Rossminster Accept’cs 
' Royal Bk. Canada Trust 
Scb/esinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered .... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 

Williams- k Glyn’s 

Yorkshire Bqhk 


I Brown Sbiplfry Ti% 

Canada Perm'ut Trust 71% 

Capitol C & C Fin. Ltd. 84% 

Csyxer Ltd.’ 8 % 

Cedar Holding's • S % 

l Charterhouse Japhet... 71% 

Choularto&s 7J% 

C- E- Coates ..i — .... Sl% 

Consolidated Credits. . . Bl% 

Cooperative Bank -.^..-* 74% 

Corinthian Securities... 84% 

Credit Lyonnais 71% 

The Cyprus Popular Bk. 74% 

Duncan. Lawrie -1 7.4% 

Eagil Trust 7s% 

English Transcont., — 8 % 

Eirst London Secs - 74% 

First Nat.’ Fin. Corpn.- 81% 

First Nat, Secs; Lid- — " S % + 7 .£ y a«* P Bsits oh rams of nq.noo 
I I.,..,; iniLta 7XCC *wl ipartc*- 4 %• HP «• C3.FM 414 

(Antony Gibbs ?f% . aa 4 over szsjm 5^. 

Grevhound Onaranty... f*% % call OepQsjis over n.eeo 4 .. 
r:*(nri lave Rank .... ♦ 71 IS * nemand deposits 55,. . . 

unnoia^ys uapa - 9 ? also applies. 10 Sierlm* OhL 

Gninhesa. Mahon..!.;...'.' 74% Sees. 


74% 
74% 
7*% 
7*% 
7i% 
91% 
Sl% 
9J% 
71% 
71% 
71% 
Si% 
7*% 
8 % 
71% 
7i% 


■ Members of the Accepting Houses 
Committee. - • - 

» 7-day .deposits 4%. l-qaontb deposits 


INTERNATIONAL COMPANY NEWS 


Dutch contractor tops forecast 


MINING N87EQOOK 


BY CHARLES BATCHELOR 

BOS KALIS Weslminsrer the 
Dutch-based dredging and con- 
struction company, reports a 15 
per cent, rise in 1977 net profit 
to Fls.44.9ni. i$22.2m.j which 
compares with a forecast of a 
10 per cent increase. Turnover 
rose 15 per cent on the basis 
of completed contracts to 
Fls.l.l5bn. and by 12 per cent, 
to Fls.l.4bn. on the basis of 
work carried out. 

Net profii rose to Fls.22.6 per 
share from FlsJ0.2. Tbe com- 
pany propose; paying FJs.8 in 
cash with the option for share- 
holders of taking Fls.3 in cash 
and 5 per cent. In shares. In 
either case a further 21 per cent. 


in shares will also be paid. In 
1978 shareholders received Fis.7 
in cash and 2 A per cent, in 
shares 

Despite pressure on the mar- 
gins of some dredging contracts. 
Bob Kalis increased its operating 
result to Fts.lS0!3m. from 
Fis.125.8m. This gave a return of 
13.6 per cent, bn sales compared 
with 10.9 per cent, in 1976. 
Investment by consolidated com- 
panies was FisJ53m. Last year 
and this is expected to continue 
at these high levels in future 
which Bos Kalis hopes to finance 
largely from cash Sow. 

The order book is currently at 
Fl5.fi.85bn. up from FlsL2.53bn. 


' AMSTERDAM, April 23. 

at the end of 1977 and Fis.lB3bn. 
a year earlier- About 70 of these 
orders come from abroad. 

Operating profits and turnover 
are expected to rise further in 
1978 due to the completion of 
several large contracts, and Bos 
Kalis increased its workforce by 
2.400 to 9,800. 

Ocean Minerals, a company 
In which Bos Kails has a share- 
holders’ stake, expects to begin 
deep sea mining for manganese 
nodules in 'the Pacific between 
tbe bay of California and Hawaai 
in the uald-lSSOs. Other psrty?rs 
in this . group are Amoco 
Minerals. Lockheed Missiles and 
Space Company and tbe Dutch 
group Billiton. 


Aker’s rising activity 


BY FAY GJESTER 


OSLO, April 23. 


NORWAY S Aker shipbuilding ($515nt.), against Kr^bp. Id 1978. 
group reports better results than The decline partly reflected a 
expected in 1977. change in the character Df off- 

shore activity, with contracts 


Banca Cataiana 
profits up 14% 


BANCA GATALANA reports an 
18.7 per cent, increase in deposits 
to pesetas 58.4bn. for 1977. Total 
| assets rose to pesetas 4.602m.. 


The level of activity remains snore acuv «y, WUD contracts | assers rase «.u pesexas m~ 
high, and idl/capac y Jt"ome £ ft r en *™ ludln S materials. p rofitsj while pre-tax profits increased 

of* the group's compact Sriy 15 P cr 511m 

in the year wa« eliminatprf hv lw.4f.4TD. (Kr.w.nm.). I fmm nacotat Alim in 107 # 

undertakfng wk fir own , sroup> lioulduy was good 
account, and in some cases by £ unn S most of 1977. Construction 

accepting contract at rerv low loa " s werc I 1 ^ pn u |; ^ orae u ' lth 
prices For the rn irih ’ .nVr and snme w,thout State guaran-. 
ruonin" no dividend^ betec ,ecs ' Mortgage^ Repayments have! 
paid. Profits are being cr^Ued J^njnade a C «>rding to schedule, 
to reserves b w e Special State financing measures 

‘ * enabled the group to secure some 

Group turnover was Kr^Bbn. shipbuilding orders. 


Husq varna sees stronger exports 

BY WILLIAM DULLFORCE STOCKHOLM. April 23. 

THE TAKE-OVER by tbe Electro- op by 4 per centl ot Kr-1.31bn 
lux group should give Husq- (s284m.). An unexpectedly poor 
varna. the Swedish electrical second half, during which the 
household equipment and motor over-capacity on the market and 
cycle manufacturer, the stronger the relative increase in Swedish 
position on export markets, manufacturing costs took full 
which it neds to bring about a effect, made nonsense of the 
quick turnround in profits. mananement's earlier forecast of 
This is Tbe view of Mr. Stig a KrfiOm. pre-tax orofiL 
Birgerstara. Susqvarnas manag- The background to the de- 
ing director, wririnz in the 1977 terioraffon iri Husqvama's flnan- 
report to shareholders. cial standing, which opened the 

Last year Husqvama's earnings way for the ElertroU«v bid. was 
fumbled by Kr.film into a Joss of the expansion undertaken during I 
Kr 35.2m. t87.Rm.) as sales edged the first half of this decade. 1 


from pesetas 444m. in 1978. 

Tbe Banca Catalans is (he 
lynchpin.of the Catalan banking 
system and. taken as a group is 
ninth fn tbe national ranking, 
with deposits of some pesetas 
125b. 


The bank publicly confirmed 
yesterday that an offer from the 
Madridtbasbd Rumasa group had 
been received — and resisted — 
some two weeks ago. Rumasa was 
reportedly looking for between 
10 and 20 per cent, of the bank’s 
equity. . 

The! big national banks and 
financial groups have made 
sharp Inroads, in the Catalan 
region in' recenf years with tbe 
acquisition of a 27 per cent bold- 
ing in the Banco Atlantico. the 
largest single Catalan bank — by 
the Madrid-based Rumasa group. 

While Rumasa has increased 
its holdings in the Banca Atlan- 
tico'to over half, it is apparently 
meeting impediments from the 
Bank of Spain in expanding the 
hanking area. of its empire. 


MONEY MARKET 


First round to the Government 


The somewhat mixed fortunes and that problems will recur over bills for resale at a future date 
of the Labour Government in the balance of payments in the to Thursday and Friday, to relieve 
recent by-elections tnay not bring not too distant future. There is credit shortages. Settlement of 
the next General Electron any much scepticism at the auhorilles official gilt-edged sales were often 
nearer, but apart from the ability -to sell enough gilt-edged behind the market shortages, 
results at Garscadden and Lam- slock to fund the PSBR and keep although market nervousness and 
beth Central, the Prime Minister the growth in the money suppiy scepticism led to suggestions that 
will also be watching closely the under control. there may have been mor e to 

attitude of the City over the next Conditions in the money some day’s events than met the 
few months. market hav e been very nervous, eye. 

In fact the result of the next influenced by speculation in . the The authorities hare made little 
GenepaJ Election may be hearUy _ Pre ^ about a further sharp rise secret of recen: .intervention in 
fNifflaeilced by the success ' or in Bank of England . Mini mum the foreign -exchange market, and 
failure V the authorities to main- Lending Rate. Discount houses on severs I- days- last week the 
tain calm conditions in financial buying rates for three-month squeeze on short-dated forward 
markeLskuring the Summer and Treasury bills pointed towards a rates and sharp rise in Euro- 
perhaps tfeyond r,se m in the early part of sterling interest rates, has limited 

mji f n \ f , - „_ tB last week, but various events the decline of the pound for spot 
„Tbe faJ H? f about o cents by helped to sen tfment and delivery. - 

sterling agaM»9T *be dollar, since towards the end of the week it jj this has been the first round 
the Budget, Ys unfortunate ut .us became increasingly obvious that In a- battle of wits during the 
timing. 41 nee all hough the pound an increase in MLR had been period the Spring Budget and the 
has been depredating in recent averte d f 0r ip e time being. ' next election, then the Govern- 
months, it nas nov become more Bank base lending rate were mem can feel fairly satisfied w ith 
obvious because of tbe significant ra jsed on Wednesday in Tine with the result. The next few weeks' 
rise by the dollar, rather than t be MLR level set as part or the could prove crucial however, 
any drastic adverse foreign re- Budget while sentiment wa* also since building society mortgage 
action to the Budget. helped by renewed sales of gilt- rates may not be immune from a 

The main fears in the City are edged stock, and the attitude of Turther rise in MLR, and there 
that the projected public sector the authorities in its day-to-day is growing concern that I he 
borrowing requirement Tor the management of the discount whole ILK. interest rate structure 
new financial year is too high market may be in danger of approaching 

under the present circumstances, The Bank of England bought a vicious circle situation. 


RECENT ISSUES 


Tvm‘fie> 


;W 


EQUITIES 



= 3c,'S SSi 


1978 


Hlghi I***. 




■ . -.1 


Si.iS = 
= "T c 2 

jm e .3*. — — 


» i F.y.;a6* | 151 •, 

1 r ;■ 


lli .saa* H^way*:^ Tsi \ »....|6.76 ,2L2 7.8 8.9 


FIXED INTEREST STOCKS 



If is 
Hz 

. 'A 

i .t - ; ' 

(00 

F.P. 

00p 

F.P. 20(5 

.00 

F.P. ■ — . 

■a. 

MS. , 


K.P- [HA: 


F.P; ^8f4- 

- ' _ 

JCJ*-; 0/6- 

i 

F.P. J8/> 


Rft 


F.P. MA 

is tags i ba - 


197U 


Siods 


1 mw 

: js c ,+ «t 


Lot 


■ ; Mu' alU|AUu»-- 111-!*- W-?i s S; u 

. tiMiil • % mar. JiCfkPHwA fit I 


UJUp UJniuuiu- tft «-o'iv. jJutn. kw-«m rre. . 
81 ia| r£l Lft ls*- Nuru Ts&49j_j._., 

-Itttiij agisp'Qietfi*' W'litffty .fttrfrt- * 

■ lliiiijlUl U&lwifc A LMtei- llft tonT. ¥r» 

Ubiil WeLai«ii*ie» (J -'►.=»% L'uroJil — 

Watei & »»«. h»~- 

-0T nSAJkiv. blifc Ul.TWJ.-... - 

-Li9u lUplW. toviaw icb a(mug 11^ m 

. si>p, a* i’lrt tfwvi 1 <S lm 1 - — — r* — 


84}. -la 



llQp 

10Qp 
87 ; .. 

! wSip . . 

. i«p ... 

108m 

108 

100 1 2 r 
114} 




.^1 


'• >itrlioe .. Iy-o«i IB-ch Aulh. Eli*»ni-e 

; C«ninc«K 1 luterhuBh ; 4nitioHt\ ! _ Hu.r^ 

' of rtrv-~'f- • ImoiI- ' Dei^iv- 


Urerniehi 

' -Hr- notice.. 

I day>ur 
f lire. Dcctce..' 
una month——; 
ism month,...; 
rhree mnntb--^ 

su» nsonl h- ■ 

Nine mouth-— 

UlKlttl.. 

• an Veer- 


_ l - 


2-7*4 




.758-“ -V 
7t* 71* 
7-j 

B*4 8,r 
bj» b < 

a.^-s i 


7l».75s 
758-73. 
”‘-t 77 3 

r. » 73 

8 HtJg 

a ; f 9 


7i« 73. 

758-73. 
71a -77g 

73. -7 ri 
BU- 8 I 2 

B’e-S 
9 .f 10 


77 8 .73« 
7»«-738 ; 
7l e -7i2 1 
77,71s 1 
83g-d j 
83.-61S j 


758-81% 

758-81. 

7 la 8I« 
bL4P« 
9-9). 
9U-91S 


Lompenv 

UoMi-lt- 


IHhwiiI • 
nmrkei ' rnaanrv 
'pi— I t ! Hih- 4> 


E'tgib 1 *- I 

Bank IFIneTnid' 
Hill. 1 | mu- 4 


734-778 '2-7 


a 

ai 8 

8U i 


Bls-7 

64,-7 

6l?-7 

7 




35 


t 

S£h 


Boost for Australian 
gold-mining revival 


BY LODESTAR 

THE BULLION price uncertainties 
touched off by last week's U.S; 
gold auction news could hardly 
have come at a more untimely 
moment for Western Australia’s 
burgeoning gold-mining . hopes. 
These have received a psycholo- 
gical boost from the successful 
start-up of the Telfer open-pit 
mine, in which America's New- 
mont has 70 per cent.' and 
Australia’s Broken Hill • Pro- 
prietary the other 30 per cent 

It has helped to wipe out 
memories of Anglo American’s 
unfortunate Blue Spec gold- 
antimony venture. Telfer itself 
had an arduous time on its way 
to production, with bitter labour 
disputes end a nerve-racking 
neriad of low gold prices, but 
Newmont can now proudly 
announce a 1977 profit of $A4.69m. 
(£2 9m.) from its share of an 
operation that began commercial 
mining only in March of last year. 

Its 1977 output was 144,357 
ounces of gold This year, how- 
ever. mill grade is likely to . be 
considerably lower than the near 
hounce per ton so far obtained, 
as the best ore values occur near 
l he surface. Telfer hopes to go 
underground eventually. It is 
certainly good to hear these days 
of an operation that has seemingly 
started with a minimum of teeth- 
ing troubles. 

The Telfer success and the 
strong rise in the gold price prior 
to the latest setback had revived 
‘he hopes, put forward here Tast 
November that Kaleonrlie Mining 
Associates. 52 per cent. -owned hv 
by Kalgoorlie Lake View and 48 
ner cent by America’s Hnmejrtake 
Mining, would reach a decision hv 
mid-year to re-open one of the 
mines on Kalgooriie’s opre-fam<*d 
Golden Mile, w-here only Mt. 
Charlotte is currently being 
operated by KMA. 

Any new producer would have 
the advantage of a treatment 
niant b°ing already available. But 
If wnuid probably need a stable 
"old price of above SJW to make 
the canitaJ investment worth- 
while, let alone the much larger 
111 ms that would be involved In 
‘he original nlan lo re-onen more 
than one mine in the area. 

Finance would be largely found 
from UJS. SMirres via Hbtaestake, 
which originally came irira the 


KMA venture back in early 1976 
and stuck with It through ih&t 
year's gold price plunge. Gold 
Mines or Kalgoortie enters the 
picture through its 47 per rent 
holding In Kalgoorlie Lake View 
in which the other participants 
are Poseidon with 47 per beat, 
and Western Mining with 6 per 
cent. 

The Poseidon stake js up' for 
sale by the official receiver: GMK 
shares have dropped back to'&p 
from 72p earlier this year. Their 
recovery powers depend, as 
always, on the course of the gold 

price but there could be some 

favourable response if a decision 

were to be reached lo expand 

KMA’s productive operation*. 

Holders of Western Mlnlne ■h*’'" 
been hoping recently that an off- 
shore gas find might puli' Lhe 
shares our of their nickel despon- 
dency. The firas-t well in q.folnt 
venture with Esso .is thought to 
have made a strike with * .JjU. 
tiion test under way but com- 
mercial viability is considered to 
be doubtful according to Perth 
reports. 

Even so, a second well is 
planned in shallower water. AH 
dlls costs money. The partners are 
believed to have already spent 
some $A8m. (£3m.). This rs prov- 
ing a strain on Western- Mailing’s 
liquidity depleted as it is by the 
prolonged depression In nickel 
tnarkels. So It is reportedly .seek- 
ing a partner to share the costs 
of its 50 per cem. stake in the 
offshore venture. Western Mining 
are U7p. 

Hartebeest 

Last week I was writing aboul 
Lebanon's good June . dividend 
prospects. This has brought in 
queries about other mid year pay- 
ment possibilities especially those 
of Hartebeest following news that 
this South Afrlcdn mine Has 
obtained another contrsHri. this 
time a long-term one. for" supply- 
im; uranium oxide under a deal 
which also includes a loan to the 
company of RJl.ttro. f£7^m.)- 

This should help siabilh* the 
mine's somewhat erratic revenue 
from this source. Last quarter 
uranium profit was R5.25tn. com- 
pared with v a small loss In 'the 
.-^receding tfliree. months. TT. 'earn- 


ings are sustained at around this 
level in the current quarter then a 
final dividend of 75 cents making ■ 
150 ce_ntsj94p), against 135 centiii 
for 1976-< i, looks to be a minimum .. 
expectation even after allowing' 
for heavy capital expenditure, 
estimated at R15m. The shares at:' 
£10} rank among the more prorai*.- ■ - 
Log of the gofri-uranium issues. 1 - 

The search- for uranium is 
certainly hotting up in lrelancb; 
Last October X was reporting ' 
Sabina Industries’ participation in. 
a Northern Ireland exploration/ 
venture.., Recently the Northgafc. 
Exploration group’s Anglo United " 
has claimed a zone of “signlficani 
radiometric readings’’ in Donegal.- . 
Besultantly its shares took off. 

On Friday they were 108p fol'-l. 

lowing news in the annual report 
that' an extensive programme is 
planned to evaluate the signific- 
ance of the zone along with 
exploration of adjoining areas.' 

Dublin’s Efivennines has. . 
climbed on the bandwagon by 
announcing uranium deposit indi-. , 
cations in counties Wicklow and.. - , 
Carlow, where the - Irish company . 
has a 20 per cent, interact fri . 
an exuloration programme wiLh a. 
French group. 

Our Dublin correspondent says 
that tbe radioactivity in this area - 
Js apparently present in peat, a ••• 
rare occurrence, and the anoma- 
lies so far recorded are described . 
as “strong and significant.?. 
Drilling is now beiru* started in 
an effort to evaluate the possw-.. 
bilities. Silvermines have risen to. 
41p. 

Exploration enthusiasm is betas 
fanned by the availability of. 
finance for the projects from . 
Euratom which is rostering the 
search For uranium within the . 
EEC. It is understood to have . 
put around £0.1m. into tbe various 
Irish projects. 

■*■■*•* 

All at sea 7 According to Do 
Beers’ annual report it is , 
intended to re-open the Lang- 
hoogle diamond mine snme 50.. 
kilometres west of Dreyers Pan. 
This places Lanqhoogte well out - 
to sea. But don’t assume that the 
■opce famous Sammy Collins 
marine operations are going to be 
revived. West is west hut in this 
case it's cast. 


INSURANCE 


EEC lifting final barriers 
to coinsurance market 


BY OUR INSURANCE CORRESPONDENT 


Loral anthonn?* ana tinaneo twusra i«»» - imiiiv. •■»i«ra se»eu ddr*' h*M. LnnR-k-rm io.-jii irtiorit* moi-'Kos-* ra r* 

'romhiaily ihrw year<; UJj-11 osr e»-oi.! lour Fi-ar^ Ill-Ill Ih-r rinl.; Krc years US-Hs p^r if»i. OBrfhk bill rales in lubto if- 
basins rales lor ormiQ paver. Basina rales ’hi four-niuntti nan* bills 71 per rent : tour-month rrjrtr- bills »i per rent. 

Approximate st-.Ur.s rjio» ior otw-momb Trej^uo 1 bill*. 41-fllJis per i.tni : urQ-monib b>'io per ceiil.: and 'taree-numth 
per c«H: Appraxmiale <ctlins rau- lor onv-momn bank mils 7».7in o-r win.: -iwo-raonih uer e«ni . anti thret- 

month 7; 16 .7l7c per tvm On-.>-niontn 'rad? Mil* 71 per reuf : mo-momb 7| per cent: anti threi^monili ;* per om 
finance Hntso Base gates >auhlish«j by rti« Hrawtw Bouses Awnluiam.t n-*r cant, trom Kuril l. IS“S Clearing Banu 
DeoosK Rates <ior small <uni« ai -uveii days’ nonce ■ 4 oer cenr Clearing Bank Base Rale lor Irud/tiE 71 r-r m it Trrasur- 
UHls:- Iwra?!- lender f«M n! 4ivwni' 4.0®! o-'r rmn 


GOLD MARKET 


CURRENCY RATES 


Ar-.i 2‘ 


\V»nl K 


OoW BulHnn.i 
•s fine PdaL-c 

Ckee '.™ •tnOifltVi 

Openinc— . ...9J70Si-17Ii: 
aorninpflxj; S17I.UO 

f£95.478t 

Aftern-ads’-SnO^O 

(£83.644. 

Nokl Ci:n„... 
domesOcaliy 

KruaerribB .. 5175i«-177:; 
•i.*96-97« 

S'* Bor’rauS 63-55 
fC89 30) 

Old Sov'rjrm- S53 55 
r £39-30j 


Sr>etia, 
Drawing 
Sigh's 
ii.- SI 


European 
HoP O 
j&rrntur 


sit- 21 


FOREIGN EXCHANGES 

1 iLarip’ii KiieT 

KW't'-l— ! 

Ann 21 illule*. UayV ] 

■ i l 


Ci 


M68is-I69t 4 

S170U-171 

*160.70 

,E92-64Ii 

S 168.55 

(£92.154) 


S174-176 
-£S9i- 96lcl 
S52u-64U 
£28i t -Z934» 
559-54 

(£28lx-e9>a) 


^icrlmu 

U.^.'loll*' 

Csnedian .. .. 
Auttns «h... 
He i cian rren-. 
IVnuli li'mie. 
Ueutsi-liem rfc 
lAtirn !iuiMer 
F'trn -li Irani-.. 

I IH Its n II I A.. . 

J*im new ven. 
'inran’rtnmf- 
Siam 

Bu,-e4lehlcrnne 

frani^— 


0.668793 
1.22153 
1.59831 
18.2438 
59.4744 
6.623BS 
2.33557 
2.70575 
5.b6798 
1059.76 
276.704 
6.62385 
! 98.3689 
. 8.66127 

c ■ - 


0.674800 
1.23324 
1.41019 
18.4074 
39 8520 

n • 

2.53698 

£.73158 

5.72081 

1869.80 

277308 

6.69782 

99,4860 

6.71847 

2.41469 


.'«* Vnit...- 
ll.-nitta-. . 

AnitiepUtn 

Ontsw-:. .. 
C>l|hHfllMC»II 
Ftatiiciiiii . 

Lumii 

Ua,in.i : 

Hi tan 

Uh*. 

t*kn» ! 

SiliXSllliilll..; 



I’leirtoi...: ■ 

ikiHeli i 


1 1.9220. 1.8MB : 1.W55- 1 .820. 
2-O87D-2JJ935 2.lrt76-S.0iBi 
' 4.064 ’ 4.041-4.061 

6B J6.69.26 1 6B.B5-6B.0S 
i 10.36-10.40 : 10.6SA -10.304 
; 5-7B4J.BB4 ; 3. 79-3 JO 
, 76.70-/6.60 76.80- 76.21 
14B.Sfl.147J6ll4S.60- 14 .00 
11 1; 1 1.5826.1 £8Bi!1.5B34- 1.5B7i 
7 1 9-lW.BB , ».*;.8.8r 

9it | 8.464-8,52 ; 8.47-8.48 

7 8.464.611 

5W 438-4 IH 
Sij } 27. 15-27 J6 

1 1 6.66-6.62 


! 8.50)- 0.61 
, 411,-4166 
: 27 J 27.35 
3.56 19 . 5 . 57 ‘s 


Sold Coins:... 
finrarutCUr). 

KmRB«*siid_-S17Slp-177*d 31731».173l* 
>£S6-97j (£95*4-96 l*j ■ 

-\ewSov*rrn* S55-5S 1*52414 

. t£29-30J ,£2819-291*) 

OW 'sor’«ffi> SM-55 $52-54 

' ,£29 301 .£201?. 29 ivi 

320 Eaglta,.. S2751g-276i3 627218-275’.* 


EXCHANGE CROSS-BATES 

April 81 fnakfnn S« V-rk Brus*e,r Lmdim AmrtM'm 2un.-)i 


Franklurt- »- 
»TVt»k 4g.J3-J.J 

Pbiu*„ 22ie0.su 

Bnw°el- .... Is4iSeO 

lontk-h„.„ 5,13-S-i 

Am** 'dam US.7a;.77s LSI5?-r2 
Zurich. ..... 9LlC64t5 


2 . 0 l~-c-.a 

ie&SAf, 

Si.52-.'7 

i^£rc.ni 


! I’.iaAi., j.7c8-796 9Le2-ti2 UbjAi-lU 

i • a-OdtUSO 1.82454266' Se.WbiO ' 6040 90 

i - ISJfl^Srl *.<WiaAoic, 2C84U-70 ' 0-70 

I5.s»>2j| - ?S.9i-li . 13-rtJl I 16.4t-n2 

: e.47J? - 4AAi-Cl6i ' Ui^'XTl 

47.74-79 - $J&£f-7c 4,CBit-S3 1 — ilSJ&b-uta 

82.^1^40 »JW-3Sft — 


'<RIGiNTS” offers 


]->. s hi Tinvin-. tl & =U*-ie-«i UsraJtam ra*u». 

T f U nitaa g m .Yftr York — 373Sct!ir* fYd. Sjn tUlu 867.3fl<S'.i) 

sianiiy ic iriien 1^.16-1533,73. 

EURO-CURRENCY INTEREST RATES* 


, g'&T Latest 
aue : 5 s I B tfi u nt; . 

*2 \ - l*u*. 

<2 ; • ! 


.1978 


ntu 

-.ii 


Studfc 


i Hleh j -Lu»‘ 


€teu»g + or 

frw ! — 

■ p: • 


,0 XU' Sfl! 
,0 I XU - , 
M I F.P, | 89/3] 


31|6| tSinn| ffipnjjUulfewnta.--.— — 


•— ’ ! 30pm: S3pmlLa 
lOifli 85 t 16 jWi 


mlLaodmi t.al«nwt«BMg Aaflumncfc..; 
WataKKUth- — — 


76pm ..... 
30ua. + 1 


RenundaUMi daw" usually last d4y for i&lav tree of sump duty. Jfsww 
.3 m nroSptcm minute. gAsoiwxl dttWeod tad rteld- u For«a« divJdtnd: 

Sj Jdoh^rions year’s eaiidnBS. r Oivideod and yield based on pn»p«ius 
iLVdteil SftE far 1S79. 9 CrooS. t Fi*ure« assnmed. : Cover abm« 

r S5«2Kflf *SS nor now nuiaios ror dividend or ranklns on» tor re«nn^ 
Ci£mU. 8 Kasliii price lu pnOIle. vt Peart unices otteratw ftKQcaied. toawd 

333 'z&is’Sese? 

ssssrsr 

’ Hub-sud allcuneni LiiCrS. * W warrano. 

1 


'.Rates given ar -lor cnnrerUbte francs. 
Financial Iranc 59 004940. 


OTHER MARKETS 

| j >oi« Ilatn 

ArxertUnn, 1666-1370 [\r. :1250-1360 
Au4wm ..||J93»-1.61tei\u ir.n . 1 2B.5-28.D 
*»,**>■ ....... 36. 56-31. S3 j *£ 11101 ... I SB-695 

l-'ui-aiH ... ,7.7tW0-7.70t^i u*u- 62-67 

Uneu- ■J7.8ti2-liii.4i6' in SJOk'-EH 

H.>ii £ K> 111 - 6.4B-0.4 3 Jfninsrfc 1 10,6-10.5 

Unii _... 125- 15» Jrtiwi 

hiineii 1 0.483-DJOi! Umnani .. 5.7D-5.65 

LiKret'i'i : 5a.r5-53.il5 (II 50-72 

. , -1h,n\*.u(...: 4.37 4.d6i jliaiv 1580-16&O 

ait. 1 785J-UM : 4.05-4.25 

smirti .Vrnl'. b .25-6-46 ;Xetlier ‘ ii. i 3 Jd-4.I1 
4hii:«|,ip . 4,27 4.293 ;'m ; 0.4&-lO.lfe 
AtrK-i . 1.6786 l.604®;-'.» tu-» .J 74-71) 

U. - i?l«fii ...... -145* 147; 

L»n«n. . ■ II an , a.U-5-66 

CAl ■ I J2-I.M 

li.' -.hi- .J 87.42-67,45 1 1 65-57 

Rale given for Arsentina 16 a tren rai 1 . 


April 31 tiieriioif 


(^1 mil lull 

Dollar ,lj. Dollar 


U 11 U-J 1 

Guiltier- 


am* 

franc 


W, Gem«o 
mark 


rslion term—- — 

7 din nutlre — 

Uoarii, „■ lOlg-lL< 

Three mgolba SSj-lOlj 
sis monibs 9 I 1 -IOI 4 


tfu 

nrii 
it -ft 
1-1 1« 


3Be-3ia 

346-34 

43b i[lj 

d*-3A- 

SiZ-058 


7-8 ' 8*1-7 i 438-980 ! 

7-8 6"i-7ij i Rae-fso | 

73 a-8 | 71 S 73fi 4U-41J , 

8,'«-8^ ] 758-758 ; 4U-4l 2 l 

sis months - flii-LUU Bia- 8 3 * 7 3 *-B 1 ■» 38 - 44 » i-i‘u 

One year lQto-ll ? : 8U-9 7ig-8la 48-, a 1-jg 

Eum-Ftench deposti rates: nvo-daj 8Mi oer cent.: seven-day Si-Si per cent.: 
rrae-nioutfi 9-9i per cent.: ibree-mcMtth per ceoi.: ais-owttth 9f|4-0"i» per 

can.: one rear 101 |«->i>- per cem. 

Long-i-rni E-irf-d-iJlar dca-ivic ir.o •‘lp.-Siio par ceoi.J three rears 

fil-di *--r cer-i.: f-,ur veifi S.-v aer eem.: five ‘rar- 9’ «--i9ir oer cent. 

Th" MiAviRi, n»m»riaJ tp* uerc quored Mr 1 Jin-inn d,ili<ir i-tniBwne* of dea>»i:_ 
itne-n r mill S.iVrT - 1’ i*r wsi; ■jftreer/noaUi ’."N.i! per tent.; nwwnih 7.i^r7 73 
per cc:: 1 : <-pe sear 7.SA7.B per ceil. 

■ Rp:e4 art nn-junal rall.a^ raie^ 

SbTt-ffhB are eafJ [■ r ■wrlim, L.S. jWlfs jnS csnadJan dollars; two 
day’;. r,;Ut.e for jiiiaert and Skisj fraaes. N 


FORWARD RATES 

: One uwnt b 


¥55 Bumtfae 


\ew y-« h O.E6-dJ5 7. 17-1. 07 c. pm 

Umum .0.50-0.40 c. pu 0.80-0.70 c.pm 
.uirt'.i#'. 244-14* I'W .618-518 e. pm 
Uriww 30-15 pm 85-50 e. pm 
Jnp-’nhm . SU-SU oredta- IZ*-U* media 
t'nnainn :2ia-l T 8 P 1 l' m pf. p» M 

U«i*mi 40-180 «:■ 41» 25CUB5Q v. d1> 

Uiiln 1. ... 30c.pni-56e.dU imr-100 c- dll 

Mi.^ii p«r-7 liie-h-* '10-18 lite di* 

Ov.i. 2G-4U me'lia 9A-lLi nry ilia 

t*»n* 2 1 r. pm . 2*4 H 4 |W> 

-j ', ,,-|, , J..n-cui l-udu' jjrr-2 m-eilL 
neuiH... 14 4 jci" inn :W-Wgri|ni' 
fan -n 3-2 1 -. pm 8>8-7lg pm 

Sui-mnmn forward dollar 1 JO-1 .70c pm 
12-momta 2-63-2.T0C pm- 


LAST MONDAY the Finance 
Ministers of the EEC approved 
in principle the draft Coinsur- 
ance Directive. This. It is hoped. 
Is the penultimate stage in the 
gestation of the directive and. 
if all goes ft plan, it (Helr'mmet- 
ing in May the Council or Minis- 
ters will adopt the directive and 
order its publication in the offi- 
cial Journal. 

It will then be for each indi- 
vidual Common Market member 
to introduce such national legis- 
lation as is necessary to make 
certain that lhe directive is fully 
operative within two years. 

This draft directive, four years, 
on the production line, is of 
particular interest to British in- 
surers because it should open 
up the way for greater British 
participation in large European 
risks. 

The way is at present barred 
by protectionist legislation in 
several states. 

Among the last to hold out 
were the French, who were argu- 
ing until recently that the draft 
shsould be modified to require 
any insurer participating by way 
of coinsurance to have assets fn 
local currency matching tbe lia- 
bility. 

Coinsurance Is one of the two 
basic ways insurers have of 
spreading risk: the other being 
reinsurance. Here in Britain. 
and abroad, many large risks are 
coinsured, or as is often said, 
scheduled — particularly fire and 
related business interruption 
risks. 3nd liability risks, on the 
non-marine side. 

In a scheduled risk each in- 
surer participates directly for 
his staled percentage — but he 
is. or eourse, able to reinsure 
his own line, as he ihinks neces- 
sary. fur the protection of his 
own account 

In Britain there has been a vir- 
tually open coinsurance and re- 
insurance market for years. 

By contrast on the Continent, 
for the most part only those 
insurers actually established in 
the particular member state can 
participate in schedules of local 
risks. Now, enrae May. 1980. if 
not before, the barriers must 


cfme down and our Continental 
partners must allow British 
insurers the freedom that Britain 
allows to foreign insurers. 

However. lh& barriers will not 
come down completely: Coinsur- 
ance will' not he possible except 
where lhe size ofthe risk re- 
quires more than one direct 
inusurer— so the whole range of 
small personal aDd small busi- 
ness risks remains completely 
within the province of the local 
insurance markets. 

It was always tought, from the 
time when EEC membership was 
first discussed, right up till actual 
acession that the British insur- 


ance market had as much and 
perhaps more to gain from mem- 
bership than many other sec- 
tions of industry and commerce. 

But in fact, five years of mem- 
bership have proved that pro- 
gress is only gradual and nut 
necessarily Inevitable. 

At the present pace it is clear 
that we shall be well into the 
1980s, perhaps even approaching 
1990 before there is lreal prac- 
tical opportunity Tor all insurers 
and intermediaries lo operate 
freely throughout the com- 
munity. and before the British 
market ran fully maximise its 
opportuni“es in Europe. 


Wagons-lits 


Mass^fesfidwWressonf 
OTWoqu^sen teemblfe Generate Ouhwe 
SBnKefcs,21WTELASTORlAJD3riaRiwate, 
feMARH 2 ftW19?&aI5 heures.oour 
approbation des cn [TTptesder»eroc£ 1977 
anofncHbonsstatuiafes. 

les actions doivaTtetredepos&s cinq 
jours au moms «ant la die derAssentblfcfi: 

4 BRUXELLES: a la Sotiete Generate da 
Banque,3Mort2gneduftro-^a la Barque 
Bruxefe^tambat2ru0deljRegefKe-^la 
SodeteGeieateWsaoennedeBanque. 

72 rue Royate-a la Banqic de Part at dss 
Pays- &£, Belgique, Wbrid fade Center 
162 tixtoardEmte Jacqmam-ate Banque 
Jeant^08iiC0,44ruaderindutine. 

a L01CRES - . & b MdfereJ BankLimitad, 
3QStSwittinsLana 


STV1CO MONEY FUNDS 
(Saturn Investment 
: Management C-o. Ltd.) 


Bates of deposits of £1,000 
and upwards for w/e 28.4.78. 


7-day Fond 
Mon. 

Tue5- 

Wed. 

Thu'r. 

Fri./Sun 
3-Month Fund. 
Wed. 


%P-a. 

5.622 

5.664 

5.739 

6.029 

6.018 

7 125 



Holdings Ltd. 



1977 

\ 

1976 


£000 

£000 

Turnover 

16,609 

14,772 

Pre-tax Profits 

1.358 

1,565 

Earnings per ■ 

Ordinary Share 

16.17p 

18.49p 

Total Net Dividend per 

Ordinary Share 

4.8p 

4.3p 



Points from the statement by 

Mr. P. V- Radford, Chairman 

0 Despite Jower profits. Group did well 
in exceptionally difficult year for the 
industry. Prospects for future good. 

• Group continues in.strong 
financial position. 

0. 1978 started well, preliminary 
results indicate achievement of 
targets in turnover and profits. 


Copfasof the Report & Accounts msy be obtained 
from the Secretary, Stag Furniture Holdings Limned. 
Haydn Road, Nottingham NG5 1DU. 



LOCAL AUTHORITY BOND TABLE 


Annual 

Authority 

(telephone number m 
paren: iiaseo/ 

Barking fOl-592 4500) 

Barnsley Metro. (0225 203232) 

Knows! ey (051 5486555) ...... 

Redbridge (01-478 3020) 

Rushcliffe (0602 811511) 

Southend (0702 49451) 

Thurrock (0375 5122) 1(1} 

Thurrock (0375 5122) 10} 

Wrekin (0952 505Q51) 


V ross 

in leresi 

Interest 

payaoie 

Minimum Lite nf 
sum uumi 

% 


£ 

Year 

8! 

4 -year 

o.UflO 

2 

10 

}-year 

250 

4-7 

20} 

{•year 

1.0-J& 

5-7 

10} 

i -year 

203 

D* 

Si 

i-year 

jJJC 

V 

Hi 

1-year 

230 

3 

llli 

i-year 

300 

4 

10} 

i-year 

300 

5-S 

lDi 

yearly 

1,000 

5 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of H.OOO-GS.QOQ accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 28,4.78. 

Terms (years) 3 4 5 6 7 8 flio 

interest % 94 30 301 10} 21 Iff 114 11 J 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road. London SE1 8XP (QT-fil'S 7S22. 
Ext. 1771. Cheques payable to ‘'Bank uf England, a/c FKl.” 
FFI is the holding company for ICFC and FC1. 

— t — - ■ ' — •»- 


4 



. »• ttii 



HOME NEWS 



Scrap metal mercha 
‘face gloomy future’ 


APPOINTMENTS 

R. Clarice heads 
Commission for 
New Towns f 


FINANCIAL TIMES REPORTER 


BRITAIN’S scrap metal mer- 
chants face a gloomy future, 
according to a new survey of 
the industry. 

Iron and steel scrap prices 
are unlikely to rise much this 
year, after their recent sharp 
advance, and 'merchants might 
run into export problems— parti- 
cularly in Spain— Jordan. Data- 
quest, the company information 
service, says. 

Jordan warns that casualties 
might occur soon among larger 
companies on the. -non-ferrous 
side, as their wage, and plant 
costs reach unacceptable levels. 

Mr. Roger CoghiJI. author of 
the survey, said yesterday: “The 
British Steel Corporation, as the 
biggest steel scrap user in the 
U.K., must adopt a more sympa- 
thetic attitude towards scrap 
merchants.’' 

The sharp rise in iron and 
steel scrap prices this year to 
£30 a tonne was a technical 
movement and had nothing to do 
with demand, the survey says. 

A further rise over £35 a tonne 
will be surprising. The sunrey 
rules out a jump to 1976 levels 
of £45. 

Prices will not firm up because 
scrap stockpiles are stiU very 
high, and demand, which has 
already been hit in the last three 
months, will suffer still further 
from the steel plant closures 
planned by BSC. 

The Spanish market for scrap, 
which iast year took more than 
50 per cent, of Britain's iron and 
steel scrap sales overseas, might 


he less huoyanVin future. Jordan 
warns. . 

A fall in strap buying prices 
is expected if the Spanish appli- 
cation to ’ join "the Common 
Market -is successful, because the 
country- will then come inio line 
with the EEC pricing structure. 

The. attractions of exporting 
scrap : might 'he far less in 
future, because differences 
between ILK. and Continental 
prices are -narrowing. ■ The 
liberalisation of exports from 
the middle of last year saved 
the industry, according lo the 
survey. 

Only mildly better trading con- 


ditions ate expected in the next 
12. months .and even these 
■depend on Government ■ willing- 
ness.. to preserve- the industry, 
according to Jordan. 

Ferrous scrap merchants have 
also suffered from changes in-, 
'troduced by BSC in^the - supply 
routes to the corporation.- its 
erratic buying pattern which- led 
to a seven-fold jump in scrap! 
imports in- 1976, and the series of 
rapid price ctrts which .BSC im- 1 
posed in the mid-seventies. > 

Tile Scrap Processing Industry. ] 
Jordan DataquesL Jordan. House,! 
47. Rrunsicick .'Place, bondcmi 
N.l.£60. 


Brokers fear threat 


POST-BUDGET doubts over the 
balance of payments and tht* pos- 
sibility of public borrowing de- 
mand “crowding out*’ privale 
sector investment are expressed 
both by the brokers. Do Zoete 
and Sevan, and by the Amex 
Bank, the international merchant 
banking arm of the American 
Express group. 

The brokthg firm warns that 
the disappointing March trade 
figures could signal tbe begin- 
ning of a cyclical deterioration In 
the current account, greater 
than the decline indicated in 
the Treasury's latent forecasts. 

It argues that the Treasury's 
assumption of a rapid improve- 
ment in invisible exports ap- 
pears unlikely 


Its other assumption — of -a 
relatively modest improvement 
in. private-sector demand — is 
based on the expectation of 
modest increases in real Incomes 
during the first half of next year 
and the belief that consumer 
priorities will favour savings 
rather than spending. 

An article in the' Ames Bank I 
Review says that tbe power of 
a small country like the U.K. 
to take unilateral reflationary 
action should not be over- 
estimated. 

Britain conid not benefit — as 
for instance could the West 
Germans — by a continuing surge 
of international funds seeking to 
diversify away from the dollar. 1 


Mr. Robin Clarke has been- 
appotnted chief executive of die 
COMMISSION FOR THE NEW 
TOWNS in succession to Mr, 
Malcolm McKenzie, who retiresron 
June 29. Mr. Clarke has been 
the Commission's manager -lat 
Crawley since 1932. Between 
1946 and 1962 he served with 
Crawley Development Corporation. - 

Mr. Robin Leigh-Pem bertoir, 
chairman. National Westminster 
Bank Group., has been elected 
chairman of the ARTHRITIS. A?TO 
RHEUMATISM COUNCIL. Tie. 
succeeds Ldrt Pon-ftt. who hfld 
the dual posts of chairman: and 
president of -the Council, and who 
now -remains, president. ' ' 

• .* • 

Mr. (I. JL Ud stone has been' 

appointed executive -vfcwdwiri 

man, and Mr. M- Heath cote Anwry 
has joined the Board. ' of 
WEST, the new airline subsidiary 
of Westward Television. Mr.-Eld- 
stone is vice-chairman of Weal 
ward Television, and. -Mr. Heath 
cote Amory is a director. - • : '■< 

★ ■ -t.- -j 

Sir John Titncy nill retire' frisri 
the partnership of TILNEY AND 
CO. on April 30. Sir John. Who 
became an associate member-ln- 
1932 and a partner in 1933. teas 
agreed to become an associate, 
member and consultant to the 
partnership, Which will continue; 
under its present title. 

Mrs. Pauline Luff has. Ween 
annotated a director of OYBZ 
PUBLISHING, the Solicitors’ taw 
group’s professional books and 
legal forms publishing company! 
Previously an executive 'manager' 
of the firm. Mrs. huff Joined Oyes 
in 1973 as an editor in the 
forms division. ’ •? - 



SUN ALLIANCE 


INSURANCE GROUP 


.-Lord Aldington 


After the exceptional underwriting loss in 1976 we have returned to an underwriting profit In 19771 
Bat to do only a little better than break ev en on underwriting on our General business is quite 
inadequate in a period of still high inflation. 

Despite the increasing recognition by many within the Industry and by some Governments of the 
need fora marked improvement in profitabHin; rates of premium are in many cases lower than (hose 
which the risks and the increasing costs of repair require. There is still surplus insurance capacity 
and excessive competition in many of our markets. 

At home we made a modest profit- fire results were again very good: a small profit emerged on the 
Motor account and losses in the Accident account were reduced. There was stiU a considerable loss 
in tbe Personal account 

The Overseas account as a whole was in deficit with heavy losses in Germany and Holland. There 
was a welcome improvement In tbe United States which brought- us nearer to a profit there in general 
underwriting and good or useful profits were earned in many other i m port a nt territories. 

The improved underwriting results were accompanied (9' further increases both in investment 


income and jA the contribution from life business. 

Inflation b-flot caused by insurance companies which are more harmed by it than anyone dseAVe 
hare welcomed, and we support, tbe U.K. Government srecent determination to bring k under control. 
There whs no relief in 1977 from the flood of legislation and Government intervention that^ns been 


introduced in recent years- Of particular importance has been the agreement between thefnsurance 
industry and the Government on Statements of Insurance Practice because of the irupracpcabilily 
of applying the Unfair Contract Terms Act to insurance policies. These statements are a farther 
indication of present trends towards increased consumer protection which, well meant as they arc, 
involve increased costs which in tbe long terra consumcre themselves have to bear. i 

Our profit before taxation amounted to £S7Jn) compared with £3 7.8m In 1976 and the Directors have 
resolved to declare a final dividend of 10.154p per share making a total of 20.154p for the ycac- 
1 record with sadness the death in August 1977 of Mr Rjcbard Fleming who hod been aJXrector of 
The London Assurance since 1937, and was Chairman of the Group from 1968 to J97L. 

In July we were pleased to welcome lo the Board Mr Derrick Holden-Brown. 


Home Fire 

A good surplus has been earned hut opportunities for expansion have 
been limited. We are well equipped to take advantage of sensible 
competition but believe that sound underw riting is essential if stability 
is to be maintained in the marketAVe shall continue to practise what we 
preach even if it means slower growth. 

Home Accident 

Pn.’gress has continued but the account is stM in deficit. However 
the loss has been reduced. 

Home Motor 

Ite have been successful in achieving some growth in premium income 
despite intense competition. A small surplus has- been earned. 

Home Personal. 

The number of subsidence claims fell considerably.md their cost was 
approximately halved compared with iy76. .As a result the loss, though 
still significant, has been reduced. 

W'e are continuing to persuade policyholders of tile importance of 
maintaining adequate protection and are encouraging the use of 
index-linked sums insured. 

Engineering- 

The return to profitability achieved in 1976 has been maintained and an 
increased surplus earned. 

Life and Pensions 

A marked increase in the level of new business in the U.K- during the 
second half of the year enabled os to show a modest increase in new 
annual premiums. 

Tlie task of making arrangements for those pension schemes 
cuntrjciiiiy-out of the new State Scheme was brought to a successful 
conclusion « ilhirt the very shore period allowed. 

An actuarial valuation of the main Ule Fund disclosed a distributable 
surplus of EI4.7m.Thc total contribution to Profit and Loss was £2-7m 
compared with £2-Im in 1976. 

Sun Alliance Linked Ule Insurance Lid. was launched in 1977 to 
transact life assurance linked to units in a variety of internal funds and 
made an encouraging blurt. 

Reinsurance : 

The profit arising from proportional ravines* for 1976 showed only 
a small reduction from that achieved in 197ft but w ith a further 
deterioration in the noa-proportiona] account there was u deficit 
overall. 


Summary’ of Results 

1977 

&n 

Premium hicome— Hre, 

1976 

I Accident and Marine 

465.5 

. ■ -426.1 

1 Under'XTitineTrjnbfersr 1 

Fire and Accident 

Marine. At’uuion und 

1.1 

-11.0 

Transport 

— 

~ 

Long-term Insurance Profits 

■» w 

2.1 

Investment Income' 

55.2 


(After Income 

IL2 

>Xl 

Profit Before Taxation 

Less 

5“-2 

37.5 

L'.K. and Overseas Taxation. 

25.J 

15.9 

Profit After' Taxation 

Less 

31.9 

21-9 

>Imorii\TDterests 

*X2 

0.1 

I Profit Attributable to I 

Shareholders 

31. T 

21 .8 

Cost of Dividends 


8-9 

Profit Retained 

21 r 

iiy 

Earnings per Share _64Jlp 

"After deducting loan stock interest. 

0 Including dclerred final dividend ly - ^. 



underwriters are experiencing severe competition. Tt seems to us that 
the time has armed when ihc'Londoo Market a*, a whole must give a 
lead 10 other markets in the world i£ the business is again 10 be put oh a 
profitable basis. 

1 he W75 account produced a small loss but it has not been found 
necessary to make any transfer front Profit and Loss. At the end of (he 
y ear the Fond represented 132-'% of tbe premium income. 


Overseas excluding North America 

7 he outcome for faT has been disappointing with an overall 
underwriting loss. While operations in Denmark. France and iLib-vere 
profitable, market conditions in Holland- Belgium and Germany wore 
difficult and our accounts there were in deficit. _ 

A surplus was earned in New Zealand alter deficits in recent years and 
in Australia a satisfactory surplus has again been produced despite 
deteriorating market conditions. The re has been a recover v in South 
Africa although we Jiavc not yet returned to profit. 

There was a further, though reduced, contribution Ironi overseas 
business written in London by the international Department. 


North. America 

T here has teen a substantial improvement in the United States with a 
reduction in the non-marine loss from $4 Jm in 1976 to ^Ini.'We arc 
fortunate Lo have our L-S. business in die hands of .Chubb <& Son. 

In Carud u a small profit was achieved. 


Investment _ 

After the difficulties of the previous year. 19 - . was a more encouraging 
and profitable time for investment in the U.K. ;uid Slock Markets 
enjoyed a substantial rise over fhc year. Accordingly there was u 
significant improvement in the- market values of both the General and 
Life Funds, (he surplus over book values increatinsio £191ni and 
EHJtn respectively at the end ot 1977 compared with si lorn and liTura 
prev iously. Investment income of the General Funds increased by 
14.7*to£S3b2m. 


Marine 

Tlie deterioration in the Marine results w-hich began in I973perrists. 
Over-capacity in the world insurance markets is still evident and 


The Annual General Marline of 
Sun Alliance and London Insurance Limited 
will be held 00 2-kli May 1978 tu. the Head Office, 
Bartholomew Lane, London EC2N -AB. 


Property 

The British property market was strong and values moved ahead quite 
substantially in all sectors. The Group cominued us policy of select iv e 
investment in first class properties and .in important feature of our 
programme was the agreement with tlie Rank Oigsuiriatioti lo purchase 
eleven properties for a total price of £25.bm. A revaluation of the 
Groups Gcircr.il Fund properties at year end showed a surplus ol i-b-Sm 
over book values. 


Systems 

Development or onr teleprocessing tic (work m the U.K. has continued 
with its extension to our Claims Bureaux.This will enable us to make a 
further improvement in the service we provide, 


Conclusion 


Although there arc some encomgmg signs of improvement in Britain's economic outlook there is dearly 
some way to go before conditions are sufficiently stable for any lasting recovery in basin ess eanfidence- 
We intend to maintain our policy of seeking adequate underwriting profits so that we can operate from a 
position ol strength and be ready to take advantage of any worthwhile opportunities that arise.Taking 
our assets at market value. Ibe Group's solvency margin increased from 62% (o 78%. Me will not be diverted 
Irom the duty of insarera to conduct their underwriting at a profit over ibe years. 

During the year a considerable amount of evidence was submitted to Sir Harold WBsons Committee Lo 
Review ibe Functioning of Financial Institutions. We are pleased to see confirmation of our view that 
adeqiwte funds are available for industry and that shortage of finance b not a significant factor in Britain's 
present economic difficulties ft is obviously in onr interests to contribute to a healthy economy by investing 


in rnduvfn. velecffag shares in which there arc reasonable prospects of tm adequate return. Our funds 
represent! he rising* of our policy holders and ibe interests ot our shareholders and there is no evidence at 
all that it wfij benefit them Tor the Government or some central agency to take decisions on their investment. 
Such a concept would do nothing to further our ability to compete In world markets and Increase the 
v ulnaMe contribution which our invisible earnings make to the British economy ot to produce the essential 
insurance cov er on the home market at the lowest passible cost. 

It has I teen a difficult year but progress has been made. New problems He ahead and I am confident that our 
staff all over the world" "fll continue to respond lo the variety uf challenges doteffl Inevitably confront them. 
1 thank them fur all that they have done. 


1 






Financial Times Monday April 24‘ 1978 J rj a j 

‘ •/ vi- . ” ^ iLejr 

■ »- • .. -v . ..s. '. 7: .'/ay 

•• ?.v Y 

- - : . h .{{ y *. -OSH , Op f 





Richards & Woffington 
industries United 


W. R. Richards. A.LO-B. >: -reports :— 


- - r.. . -..1977 

" " itoob' 

Group Turnover . 32.441 . 

Group Trading Profit ........ 1 2,685 ' 

Baste Earnings per share.".-., I&79p 

Ordinary dividends paid . and ~ 
proposed 5 • • -4S124p 


0 Crane Hire, the backbone of: otrr business, has been', 
trading in markecs-thu have been very depressed hue 
an overall improvement In performance in this area 
is evident -and the condition of our fleet and strength 
of our management team- and workforce have never 
. been better. . 


0 The Group’s London . and Home Counties crane 
hire organisation and tower crane distribution 
- franchise, have-, reverted: -considerable .(plies rp 
1976. to ' modest profits fast - year, despite -this 
markets they serve remaining -at > low level, of 
activity. =, - 


The new joint venture' manufacturing companies. 
Cosmos Crane Company 'Limited . .and Rothe Erde 
(Great Britain) Limited had their ‘first full year of 
activity and achieved a good fever of profitability. 


• Overseas activities were disappointing, especially 
in Indonesia, Where a temporary downturn in 
business was suffered. -However a much, improved 
performance should be achieved in the current 
year. - ■' : 


In conjunction with 5ime Darby we have estab- 
lished. in the current year, a joint venture crane' 
hire cpmpany. -Crane" : Rental A.- 'Rigging' £HJC.) I 
Limited, whikh will shortly commence . business' in ‘ 
Hong Kong to take advantage of the enormous 
potential, 'which that market offers, farther 
developments in South East Asia are currently 
being studied. 


Following the example of many other major quoted - 
companies, tax has only been .provided where an 
actual lability can be foreseen within a reasonable 
period. As: a result, some' C6J million has been 
transferred to shareholders' funds. 


W e are dedicated to growth and further expansion 
will be undertaken as circumstances, permit. The 
current year, has begun satisfactorily and barring 
unforeseen circumstances a further increase in 
profits can be -expected. ' • 



THE NATION'S LEADING CRANE 
HIRE COMBINE 


C y p:«s Gf «• ; S t so r ! in-2 As to .-.v.-, r- bo o o! a. .-,or. - 


THE QUEENS AWARD 

.... FOR 

EXPORT ACHIEVEMENT 


Has been conferred upon . 
ELLIOTT TURBOMACHINERY ILMTIED 
for increasing exports sevenfold 
in ffie last three years 


Manufacturers of large process compressors and turbines 
. for tlie oil, gas and petrochemical industries: 
White Gill hydraulic thrusters. Wht te Major pilot hoists 
and heat transfer equipment. 



Turbomachinery Limited 

40 MEDINA ROAD, COWES, 
ISLE OF WIGHT ENGLAND 


T978 


QUEER’S AWARD FOR 

EXPORT ACHIEVEMENT 


WE ME PROUD TO'HAVE THIS CONFERK) 
- ' : UPON US ... 


THE WORLD'S GREATEST GAME 


games, educational aids, electronic 

. HOUSEWARES, ADVERTISING MATERIALS 
- EXPORTED TO OVER 100 COUNTRIES 


Invicta Plastics; Limited, Leiccstpr, England. 
Xavicta Piastfe fl‘.S^.) Uinlted, 200 3th Avei 
; New York, N.Y...I00I0, U45A. 

linicta Duishurgcr Str. 22 

' : S500 Nariibcrg, B.R.D. 

Invicta S.r.L, Via Cena. 22. 20122— Milanc. Iti 







: - financial’ Times' Monday April -24 1978 


lit*. 

)*ie • • • 

Lor. 50— May 5,.. 

Uff. 30r*toy 6 - 

tayS-# 

Iw Jrrf.r 

fay 7—20 


GALERIE ROLLER 

Ramistr 8 8001 ZURICH 

Tel. 01-47 50 40. Telex: 58500. 


TRADE FAIRS AND EXHIBITIONS 



fay fr^-12 

fay B—12 •■ — 

to 

(ay 14—17 ...... 

lay IS— 17 
Uyl6—10 ....... 

fey 

[ay 3r-^June 3... 

jtiflft.S— — 8 


Concrete Materials and TecdaiQuas Sxbibi uon 
InL Machine Tool and Production Eng. Exbn, 
BEAMA InL Insulation Conf. & Exbn. 

InL Cleaning and Maintenance Exhibition 
Incentive Marketing, and Sales Promotion Exbn. 
dad Conference ■" 

lot Welding Engineering Exbn. and Conf. 
International DiecastingEjdilbitian 
European Com pa ting Congress and Exbn. 

Meat Trades Fair 

Int. Domestic Electrical Appliances Trade Fair 
Specibtlild (building products) Conf- and Ex bo. 
Business to Business Exhibition • 

Royal Bath 'and West Show 
British EospltaJi Exhibition 


Venue 

Wembley Conf. Centre 
Nat. Exbn. Centre, B'ham, 
Hotel MetropoJe, Brighton 
Nau Exbn. Centre, B’ham, 

MetropoJe Centre, Brighton 

Harrogate 

Olympia 

Wembley Conf. Centre 
Alexandra Palace 
Nat. Exbn. Centre. B’ham. 
Olympia 

Horticultural Hails, S.W,1 
Shepton Mallet 
Olympia 






ENGINEERING 



OVERSEAS TRADE FAIRS AND EXHIBITIONS 


pr. 28— May 4 . German Agricultural Show 
pr. 29— May 15 . International- Trade Fair 
pr. 29— May 15 « International Paris Trade Fair 


fay .©-11 : 
fay 8-11/ . 
(ay S-i.12 ’ . 
fay 9—11 . 
fay 9 — 14- - 
lay 13—20 . . 
fay 15—20' . 

fay 19—27 - 
tme 4—8 " .1 


International Book Festival 
Offshore Technology Conf. and Exbn* 

Inf Technology Exchange Fair • 

Compbc Europe . • • — 

Inf Surface Treatment and Finishing 'Exbn. 
Woodworking Machine Exhibition 
Welding Fair . 

Public Works Exhibition 
Israel Technology Week 


Frankfurt 

Brussels 

Paris 

Paris 

Houston, Texas 

Utrecht 

Brussels 

Paris 

Milan 

Zagreb 

Paris 

Jerusalem 


BUSINESS AND MANAGEMENT CONFERENCES 




" ' jpr. 26 ‘.7.r.!‘"7. 

:.yjg*r. 26—27 

; >i ^ 27 v 

’ i^pr. 27—28 «... 

|t2WS ;.., 
bms 2 

3fcy 3— 6 ..... 


I |^'.';.7^i5- ...... 

.•May f - 

May » 

May 9 — 10 

s “my 9^-n — 

May 9—12 


i May 16- 

i May 1X^12 

• May 15—16 . 


os> 




May 16 .... 

; May 16 .... 

‘May 17—18 
May '25—; 26 
• May 24 .... 
May 34 .... 


May 24—25 


AT May 25—26.^7... 


BOTB/CBI : Opening an office in Japan 
British Overseas Trade Board : - Exporting to 
Australia 

European Study Conferences : Direction and 
management of the smaller private company 
Soc. for- Long Range Pfenning : Introduction to 
Corporate Planning • • 

. British- Council of Productivity Associations : Pro- 
. visiorf and disclosure of company information 
London Business School : Leases and bow to value 
-' them ' 

Council -for Energy Studies: World Energy 
Economics Conference ' 

Oyez: Advertising Association Conference . 
CBI/COMET : UJv-Moroccani trade potential 
Institute of Metal Finis hin g : Annual Technical 
' - .Conference - 1 . ;>■/<■ 

British Institute of Management:: Management of 
- Product Design and Innovation V;‘. 

National Chamber of- Trade:- Annual Conference 
Keith Sbiptou Developments : Risk Management in 
.--.-•■'.Practice ,- 

Financial; Times: The 197S Euromarkets' Conference 
AGB Conference Services: Executive Stress 
Oyez ; International Transfer Pricing Policies 
Zinc Development Association.* Die Casting 

Conference - :• 

ShlrleyTosEbSe: Textile ’industry— protecting the 
environment, producer and consumer 
British Association for -Commercial and Industrial 
Education : Job Analysis 
Oyez; Tax and Property - - - ■ • 

Advanced Management Research (AMB): Manage- 
• tnent Skills for Women 
Financial Times: The North Sea-and its Economic 
Impact' ' - 

European Study Conferences: The Finance Bill 197S 
Inst, of International Licensing Practitioners: Nuts 
and bolts of technology transfer 
Oyez: Succestful-accomplishmetii of giant projects 
Marchibdst: IpteTnatiOnal Tax Planning Conf. 
Imperial College: International Finance 
British Institute of Management; Cost savings 
through materials handling 
Anthony. Skinner Management: Improving , stock 

.. .control . . 

European Study . Conferences: Double Taxhtidn*\ 
Talons advantage bf international agreements 


CBI. London 

Inn on the. Park Hotel, W.l 

Kensington Palace Hotel, W.S 

SLRP, London 

London Hilton. W.l 

Sussex Place, W.l 

Inn on the Park. W ,1 
The Brighton- Centre - • 

CBI. London 

Palace Hotel, Torquay 

Royal Lancaster Hotel. W.2 
Llandudno 

Tower Hotel. E.I 
Royal Lancaster Hotel. WJ 
Inst, of Directors. S.W.I 
London Press Centre, E.C.4 

London Hilton, W.l 

Manchester 

BACHS Train. Centre, London 
Hotel inter-Continental, W.l 
Churchill HotcL W-l • 

Grosvenor House W-.l 

Royal Lancaster Hotel, W.2 

Imperial College. S.W.7 
Hilton Hotel, W.l 
Barbados 
London. S.W.7. 

Tickled Trout Hole). Presron 


Piccadilly Hotel. W.l 

Old Government House 

. \ Hotel. Guernsey 


m-.-: frrtj 


.4 Traniin>n t^nnwae. iinmiol uiiJ etolAl ■‘ftewifr J.H., 1789." 
Iw-fulum work ul the Roiriil t.'hdirau de Sow t-OfcunJ. The romniodi 
u oriumpajiii-U t>B a UccrtstBtre. 

IMPORTANT SALES 
May 18th through June 3rd, 1978 

nw property of various OH-m-n., Invludliu;: — 

MEUBLES FROM THE ROYAL CHATEAU OF SAINT-CLOUD: A SERIES 
OF 4 AUBUSSON TAPESTRIES FROM A PATRICIAN HOUSE IN GENEVA; 
THE ESTATE UK MR. J.-P. JUNOT: OVER *00 ARMS AND WEAPONS: A 
PART OF THE ESTATE OK A WINTERTHUR INDUSTRIALIST. 
Important Paintings or uie 19th and aith century: Boudin. Corot. Courbet. 
p«sas, Diaz de lu Pena, van Domjen. Duly. Ebene, Ecvkhom, Ernst, >u 
Gocb. Grtitzncr. Mano-Kau. htaiwuin. Mlru. Modifiiiani. Piisuat. PuurrA. 
Poliakoff. Renoir, Rouault. SchellhuUt. sefiirlller* Spittles. Utrillo, Yalta t. 
Villon. Vuillard, vie. 

Highly Important Old Mwivr Pictures; Alstoou AwHyn. .tan BnicchH the 
Younger, Cranach the Elda - . Duieus. Duck. El Greco, de Geidcr. van Goren. 
J. van der Unagen. Hnrenians. Uogelbauh- B. Peelers, P. tie Putter, Thomas, 
de v adder, A. and P. van dcr Velde, Weems, otr 
important Collection of Modern Graphic Art and hooks. 
Outstanding French Furniture nf the i«tb and 18th century, many pieces 
stamped. European furniture from the Roialstwce to the Napoleonic era. 
Important Rug and Carpel Collection. 

Rare Watches. Clot*s. Bracket Clocks. Bronres and Sculpture. European 
Porcelain and Pottery. Silver. Miniatures and C.nid Boses. 
Important Jewels. 

Bigbly important Coilecoon nf Oriental Works nf Art. Far Eawern Ceramics. 
Over <0 Vintage cars, exhibited Mar IBeZt through 27th lo the big ball of the 
■■Gian" Shopping Centre. 

PREVIEW 

May ird through May TSi/i. dally from Id a Jit. to to put. on Tuesday 
Mac lCih. Iasi dav nr exhibition, fruin 10 a.m. to 6 p.m. The exhibition remains 
closed oo Whit Sunday. May 14th. Alter May 10th and until the day 0/ sale, 
appointment* may be made for private vievimc. 

Larne iUuitntted c tualogun: 

Furniture. Arts and Crafts • SFRJS0 

-Pictures and Graphic An SFR.SO . 

Asian works of Art uud Asian ceramics SFR 20 

Ji-wels AKSLSI 

Veteran. Vintage and U*>aic Cars sFR.15 


LIMITED 


Results for 1977 

^Turnover up by 23*0% to £5T6m 
^ Profit before tax up by 12-6% to £5-3m 
* Earnings per share up by 12-3% 

^ Dividend cover 2*9 times 


Turnover 
Profit before tax 
Finance employed 


1977 1976 1975 

£000's £000's £000's 

51.629 41,971 34,960 

5.300 4,707 3,817 

26,329 24,158 19,574 



Donations and information: 

' Major The Earl of An easier, 
KCVO, TD.. Midland Bank 
Umitcd.-60 West Smjthiickl 
London ECL4.9DX1 

British Limbless 
Ex-Service 
Men’s Association 

“GIVE TO THOSE WHO GAVE — PLEASE* . 


WE, THE 
LIMBLESS, 
L00KT0Y0U 
FOR HELP 

We come from boih world wars. 
We come from Kent a. Malaya, 
Aden, Cyjmis . ^ . and from Ulster. 
From keeping the peace no less 
than from war v c limbless look to 
you for help. 

And you can help, by helping 
our Association. BLESMA Clhe 
British Limbless Ex-Service Men's 
Associaiionj looks after the 
limbless from all the Services. 

It helps, with ndv ice and 
encouragement, to overcome the • 
shock of losing arms, or legs or an 
eye. ItseeSti^t red-tape does not 
stand in the way of the right 
entitlement to pension. And. for 
so ercly handicapped and the 
elderly, it provides Residential 
H omes where they can live in 
peace and dignity. 

Help BLESMA, please. We 
need money desperately. And, we 
promise you, nota penny of-it will 
be wasted. -1 


Dividends per share 1-1671p 1053p 0-950p 

The diversity of the Group's engineering interests spread over 
several divisions with varied products sold into many different 
markets has enabled the Group to enjoy many years of 
uninterrupted growth whereas specialised companies have 
found it more difficult to weather the recent years of recession. 
Certain divisions are quietly optimistic for 1978 but in the 
present fluctuating economic climate it is difficult to forecast 
the likely profits for those divisions whose products are sold on 
a’ siiort delivery period. Nevertheless the Group is well equipped 
• to take advantage of any improvement in trading conditions and 
will strive to extract the maximum benefit out of thepresent 
.depressed situation. - 


Senior Engineering Group Limited 
Senior House, 21 Derby Road, Watford, Herts. WD1 1 LT 




Pearson Longman 

Preliminary Announcement of 1977 Results 




fji 


fcr 1 1 i O i i 





V*' -/; * •“ • - 
r ;> - ; ^ 



1977 

1976 

Turnover 

£000 

1 000 

The Financial Times Limited 

2&J06 

WJ5 

Westminster Press Limited 

62,99.3 


Longman Holdings Limited 

35,59S 

33,466 

The Penguin Publishing Company Limited 

Ladvbird Books Limited 

38,935 

18,698 

3,6S 3 

3,536 

Inter-company turnover eliminated 

(1,109) 

(89^) 


146,406 

i.KMqR 

Profit before interest 



The Financial Times Limited 

3*378 

3?453 

Westminster Press Limited 

5,970 

4^90 

Longman Holdings Limited 

8,760 

S.136 

The Penguin Publishing Company Limited 

1,679 

3,313 

Ladvbird Books Limited 

477 

70S 

Pearson Longman Limircd 

(49) 

' (ij> 


30,31 $ 

19,075 

Interest payable less interest receivable 

551 

Q3 r 

Profit before taxation 

The company and its subsidiaries 

Associated companies 

19,664 

1,734 

18, T44 

7 «7j° 


1 






m 







vr*?' 


ProBt of the group before luxation 

Taxation thereon 

The company and its subsidiaries 

- United Kingdom 

- Overseas 

Associated companies 


Profit of the group after taxation 
Profit attributable to minority interests 

Net profit of the year attributable to Pearson Longman 
Limited before extraordinary items 
Extraordinary items 

Net surplus including extraordinary items 
Dividends 

Preference shares « , 





93D 

10.377 


Pence per share 


Fi* 

'■ vs '.k N - 


Dredging a harbour? 

Let Stevin lend jou a helping hand. 


™n 

r ? J 
« C ’ , V lr 


c 


; St^vinis 

' A diversified contractor. An expert 
at reclaiming land'ftom.the sea, 
-dredging andport cimstniction. 

Doing what Dutchinen have been so 
good at for centuries only faster than 
ever before. 

Yearsofinter national experience. 
With all specialists and technical 
know-how available. Any time. 

Any piece ia the world! 

Wheneverthere are big plans for 
a new harbour, anew bridge, a new 
airport, a new hospital, pipeline or 
rogui, there seems to be always 


someone who asks: „Why not bring in 
Stevin?” Giants at home. Growing 
abroad. 


Dredging and Reclamation 
Civil Engineering 
Roads and Asphalt 
Pipelines 

Housing and Construction 


Ordinary shares 
First interim 
Final (1976 
second interim 
& final, restated) 

_ tax credit to 
shareholders 


Capital reserves 
Revenue reserves 


1.750 

J -750 

4-336 

3-665 

5.986 

0-415 

3.084 

2-831 

9.070 

8.246 





Bpaup 


Earnings per ordinary share (based on profit before extra- 
ordinary items but after deducting preference dividends) 


24-27P 


The ftcngff ff in 1977 amounts to $ 750 million, 
of 'which about 69^ has been realized abroad. 

Stevin has offices in: The Netherlands, U.K.. 
B elgium W. Germany. France, Antilles. Brazil, Algeria, 
Gabon. Nigeria. Saudi Arabia. Bahrain. Qatar. 

I : n_ Arab Fmnatjg, Oman, Malaysia, Indonesia and 
Australia. 

Stevin Groep NIM K flap JToomdreef 66, 

P. O Box 9006. Utrecht. The Netherlands. 

Telex; greri nl 40W9. tel- u30 - 62 0r> ?0. 


The exchange deficit arising on die annual rvcnn\ Asian of net assets overseas Amounting to £629,000 
( 1 976 surplus £SS ;,ooo) has been transferred direct to resen es. 

The directors recommend a final dividend on the ordinary shares of per share for ihe 1 car to 

31st December 1077 (u»7h second interim and final S-Wvip). This dividend will he payable on izth June 
1078 to ordinary shareholders on the register at the dose of business on 15th -May 1978 and trill entitle 
United Kingdom shareholders 10 a u\ credit of thim-four sixty-sixths of the actual amount received. 

It will therefore be equrvnlcnr to a imass div idend ol h^t^p per share making with the interim dividend 
already paid a total of 9.07P per share (1976 S.a^hp). Thiy is the maximum permitted under existing 
regutaions. 


FT 


RttU(CUtilM£S- 




mmn 




- -WESTMMSTHI P»» 


UWfiMAR 


USVBIRu SOOITS 







33 


financial Times -Monday- April 24 


sr 



19 7 8 


THE QUEEN’S AWARD 
TO INDUSTRY 


has been conferred upon 
WILLIAM HARE LIMITED 
in recognition of 
their export achievements 





dJn r * . ^ 

WILLIAM HAKE LIMITED 


STRUCTURAL ENGINEERS 
WESTON 5TREET BOJTON, LANCS. B13 2AT. 
TELEPHONE- BOUON 26111 TELEX: 63277 


COMPANY NOTICES 


HUCTTD RISK INVESTMENTS S. A. 


NOTICE OF ANNUAL GEN e SAL MEETING 
OF SHAREHOLDERS 


. £,0® 'WSP* General ■ Mceiino ol *hare- 
rnWers-ol Selected- Riik. Investments S.A. 
"H* b? ar itj ragUtemf office -i 
1?- ■Bw»5»arfl KoascveUv- Luxembourg. at 
V o'cfosff a.m.. on lGtn May. 1978. for 
tne nuroose or coiutdorlns *w voting uoon 
toe lolfojrinq matters' 

1 ; To acccDf ihe Directory' and Auditor's 
reports and -to. approve the mandai 
ttatements for tlw ve*r ended 31st 

Deccmocr. 1977. 

■ to approval the jipprppfuaon 01 the 
net oroftt and 10 sfaclare j dividend -tor 
J977: of. U.S.S0.25. as recommended 
ny the Board, and tot lu-oaie ol oav- 
- intent.* •, 

S. To JflRdur^e'. .the .jOlnxtors and the 
Auditor Horn their -responsnili ties tor 
ait smions taken' within their mandates 
during the vear 1977. 

To doterittiBo me -Chairmen's and the 


lather Directors' omoiuincnti 'tor 1978. 


>u determine the Auditor's, Ices tor; 
.1977 and to cfact tire Auditor for 1978. 
To ratify the termlnacton. on list 
December. 1977. of rtte appointment of I 
Lionel D. Edie- S.A.. Genera. « lolnt; 
Investment advisor: to confirm toei 
(fi'r.-tment and (fte remuneration of f 
• we other investment advisors tor 1976 . ■ 
to decide bn any other basinets which 1 
may Property come before rtie meeting. I 
Each, ol me. resolutions set out above! 
may be passed -by a shuttle majomy or 
the votes cast thereon at the meeting. < 
The shareholders are advised that no 
quorum lor the statutory racer Inn is re- 
quired and that dedisions will be taken by’ 
the majority of the shares represented at, 
the meeting, -with, [tic restriction that no. 
Shareholder. oHher br himself or by uroxv. 
can vo>e tor a .shareholding in excess of [ 
OiK-ntth of the shams issued or two-hirtis 1 
oi the shares represented at the meeting. ■ 
In order to naftieioaie in the statutory 
meeting: 

— thf owners ol tnarcr shares must deposit i 
their shares, not later than 10 th May., 
-1978 either at ttw registered office of 
the Company, or with any bank or! 
financial Institution acceptable to Uie 1 
Company, and the relative, deposit re- 
ce'ots must be lorwaroeo to the reals- 1 
rcred office of iUw Company: Boitc; 
Posialc ao8; Luxembourg. The shares! 
will remain blocked until the day after - 
the meeting. I 

— the owners ot* registered shares need not I 
deposit their certificate. I 

Shareholders who cannot attend the meet- 
ing In Person are invited to Mend a duly 
completed and signed proxy form to the 
office or the Company. Boite PoStale 408. 
Luxembourg. 

No' Director has entered Into • contract 
Of Significance with the Company. 

THE BOARD OF DIRECTORS, 
id. Boulevard Roosevelt. 

Luxembourg. 

2 1st April. 1978. 


PERSONAL 


HELP SAVE OUR EX-SERVICEMEN 
PROM FURTHER SUFFERING 
Wars right up until Northern 
Ireland today mean that hundreds 
of thousands' of war victims still 
exist. Ex-servicemen tvIdoR’K. 
orphanx desperately need homes, 
lobs, food, fuel and other *swn- 
nals. Please send donations to: 
The Royal British Legion Bene- 
volent Fund. Maidstone. Kent. 

ME2D 7 MX. 


11 7 CROUP >UND. SJU ; c r 
"joe&'i'i MormOe ... 

- '• • Regutenti -Otocm • 
LUXEMBOURG, 14- rue AIQrlugan.- s- 
Refllstro ae Commwtes ■ ' 
Section 8 No- 9-215 


: NOTICE Of • _ . V- «" 
ANNUAL GENERAL MEETING . \ 
The Annual General Meeting of the- 
Compjny will be held at 3- OJti. on 
Tuesday 2nd- May 1978 W-T*. ; f»r- 
Aldrlngen. Luxembourg, -wtut; Die/- 
following Ageddii - ' '' 

1. To consider tne ' rwwrjs -of- Bra> 
Directors and the &*tuWv*AWHrer? 

2 :■ To atfprovb' the Consolidated State- • 
ment of Net^tsetc at -aist OKwij' 
her 1977 and the -Consul MMwM 
Statement .Ot- Oeec*tVd*lr tor tod' 
year ended on that date.- ' • ' 
3, To approve Uir oxvmenr of a-.tViaH- 
dividend ol W.l 6 Per alw* to «| 
res port of the voaf ,3.977. on -or 
- after 2nd June 1978' », r 
holders of record 2nd Map 1 97ft, ’ 
t. To approve tne transfer to Extra* • 
online r* -Reserve ol V544.S95. . •• 

5. To give the ■ Directors and- Wr 
Stt total* Auditor tfwlr -dtodtorrib : 

61 To elect- Director* and -the Stonr- 
lory Auditor, *_ ■ 

7. To transact anv o»dr busmen. - v 
Shareholders are - advised . that- no- 
ons rum- Is reouired fgr tne sworol.-, 
mooting and that -dad SlonT wBI:*e tH 
taken by the majority ol. those 5fiai*&-:} 
holders present or. represented rtrtte-. 1 
meeting, sublm to toe restnetUKK-. 
that to Shareholder either Personally - 
■or bv nroxv can cast votes in raipect 
ot more .than oik nttn of tne #har«s- 
of the Company then in Jisue. or two 
fifths ot the shares prevent or rqore- , 
scnled at .tire meeting. . -■ ’ 

In order to Ufco part at the statu-, 
torv mntina Of 2nd- Mgy -1978- the. 


owners of bearer shares must 


their shares -fire ctear oav» . - 

the meeting ot the. Regictorad OWce r 

of the Company. 14. rue Aldrlftgrn, 
Luxembourg, or with.- one- 01 , taw : 
following banks: 

. — -Bannue Genirale du Luseitlbourg,- , 
14. rife Aidungen. ' 
LUXEMBOURG. 

— Midland Bank Untiled. . 

Interna I irflal ■ DJyBfOf). ' 

Suffolk House. 

' s Laurence Fount nor Hilt.', 

LONDON ECA OCU, . 

England- • . ."-.-J:. 

For and on 'behalf ot 
117 GROUP. FUND, 

. Tbr Board ol Dimeters 


PUBLIC NOTICES 


• THE * 
BUCKINGHAMSHIRE 
COUNTY COUNaC 


announce due 'the 1 Interest 
rota ait dteir 

VARIABLE rate redeemable' . _• 
STOCK 1982 . : : 

foi the period 21st April . W78' to ; 
2lsc October -1 97 8' is 4J1% . 
being equal, to i % peranni|io' aboife. 
the ire rage six month sterling, deparitf. 
nee offered on or" about 10 0.01.-. oil 
20th April T 978. 


LEGAL NOTICES 


Notice to Holders of 
44% Subordinated 
Debentures Due 1987 
of 

OWENS-ILLINOIS 

Holders of the above Deben- 
tures are hereby notified 
that the exchange price of 
the Debentures has been 
adjusted as a result of a 
100% Common Stock 
dividend of Owens-Corningj 
Fiberglas Corporation 
(“Fiberglas”! in the form 
of a stock split-up approved 
by shareholders of Fiber- 
gias on April 20/1978. and 
applicable to shareholders 
of record of Fiberglas on 
The adjusted exchange 
price is $27 JR for each! 
share of FibeflRs Common 


"THE COMPANIES ACT. 1948-1- 
IN THE MATTER MV 
SOLA RC REST LIMITED -".' 
Nature ot BiMIikes: Cloth I no lrnpon»v* . 
and Exporters. WIMing-up order irndu 
6th day of March 1978. Date and -place 
a I hret meeting?: Creditors. Friday. 38 
April 1978. ut. la.DO (t.m.: ContributortoA: 
Friday. 28 April 1978. at TO .80. AmT 
Both at Park House, 22 Fork Street 


Crevdon CR9 TTX. 

R. A. O. COFFER. 
Deputy Official Receiver rad 
- Provisional Lealiotor . r v 
Park House. • • „• 

22 Park Street. 

Crevdon CR9 1TX. 


ART GALLERIES 


AGNEYV GALLERIES. -43. Old Goad St.. 

W.l. *29 6-176. THREE CENTtHUfS'-OP 
I BRITISH PAINTINGS; Until 28 .-April. 
H MoiL-Fri. 9.30-5.30. Thurt. UbtHi?.' . 


BROWSE A OAlUtr. TWCorlr SL.'WJf. 
SICKERT. Mon.-Frlr 10.00 -S.JsEj. Stt- 
10.00- T2-. 30. r-v , 


W.l. 


COLNAGHf. 14. Old Bond 
OJ-491 7408. INDIAN PAI...__ 
Muflbri and Ratpi^ 7 SOO- 1 85&.T Unrn 


’8 May. Mon. 


I.30-JL30. Sata. 1<M. 


COVENT GARDEN GALLERY LTD. “Tho 
Tropi cBIrd." Visionary Watercolours 

— . .rt. UImM 


W. J. ChamberUync. views of' W*« 
AMC a. West Indies. Maar/riirs and 
Britain 1850-90 .' Opto dally 9-45-5in.- 
Sats. 12 JO. Thprs. 7. 20, -Riruolt SL. 

W.C.2. 01-926 1139. 


MWIl' U1 NWIJSB V.UUIU1UII FIELDffOURNC GALLERIES. SS. Ouetfm- 

Stock (SI par cgluel. and. j--- 


TWb notice IS a «trert»8 o* ae TOmtBanwt.iiuJ uscdM 
on 21st Auril.' 197ft - - . ' > • v •' 


1978 p* 1 ” . : 


ANGLO AMERICAN .CORPORATION GROUP : 
.ORANGE PRJEE STATEJSOUJ MINING COMPANIES 

rttTtWM DI^IDEND^^NANClAC YEARS. 

. ENQtNG-5fimMttK'*3W. 1W8- >’ • - • 


' 


.' , T- . • > ! .« f 

: * cm ‘ Auril 2ft. I978i declared to Sooth African currency, _ ‘ 

‘ payable totnemhart »Y«Bterea- to' to* bawo at ton ondermw rtl onmlcoaiwn'M.^ i"'-"'.;- " 

.atrthe cfow or Du il ness on B7jLaw8.to ptrww ptHrewnB fhe-reto»ant . - * 


GMpoRf "marh» ■' Sdflth Afr^a.'V.deUchei^ from ihareJMoea' warrants to bearer, 

’. Tho- translet Wfll^Wra and 9gt«Bf » aqf .roemPors wfff -bt ' ctoscri m 'each 
Ctm from May 6-W**w 19.1978, tour daV» Inctusira. «nH.'vf«rrMts--w|H 
bc otiited from the JohomreibiffS ara_ United Ktogdom.xjfcres- ofc-the- transfer 
ftecrotortos on or-*bO*if Jumf.8. .197B. _ Regrtsterad mwt bots nM from the 
United Kingdom will rccehre the Uotted KInotloro cmrmsY cgUtreleht ort Miv 
•3ft 1978. of Che rand refgc .Of Jfteto -djrhtomte. floss ammurface raxasL- Ahy 
r. ««h-. members may.’ nowe»w. riwt. ta & m/d- id South -African, itrnrrtcy,/ 


■* mV~ 



The dividends are payable suMcct to cemUttom. which can hh-ntrawted'^r 
Rt-the hc»d ^nd Lamtow ofhco or tor - commute*- rad also at toy-otoesrf of awL-i 
. eommnif^ tnnstor '.secretoi'lts lh jaMmuedtorg and the United Klimddm. - - 


Nsmo of comoanv - 

(Mpti of which Is lBco r Wi*w"™' 

' the Republic Of SOOtii Africa! ■ 

Dlrideod 

No.. 

Coobons L X«c Of. ' 
-mateed • dhrtdand nr ■ 
" South . . sharelunlt " 

• Atria 7'. r.'-et stoat . 
:No. . J 

: Free State Grtuld Minis Limited - 
. FrHlArm Brand Gold Mining Comoonv 

President' 1 Stcvn G0« H'n(M 1 .COfo«tor 

Wcfloln C Goid Mining Comoany Limited. 
Western HoMfngs Limited 

•n 

46 ‘ 

45 
. 4 i 

46, - 

43 j 130 ;renta . 

; 48. "]_ '69 celrta 

•""’47 [ sO rents 

■ — •• - -t igp. cents 




u*. .. 


Vt-'-i 


}SJ. 


DIVIDENDS'— REVISION OF DECLARATION AND OTHER .OATS !■“ . _ 

An announcoanent w«» published op . Eebruarr 10, ,197ft 
--thereof posted to all . members, stating that .in future dtx Wends wo*dd- b*-,-* 
declared w these comoanlea when the- actual operating naul^ of. -the- -reteirwwr 
' aoewntt Kt ncriad were available -rather than before, the end of Lhe portqdl-- > 
“bated on csrinutra recuft*. Atcordinglv. In retpoct of the atwve-mentteMw*. V ;- • 
-dSjdenci declarations, the -dcclaeatlOD. .pubiVcatJan. record and mymont dates ' 
Avr wee fee.. la ter than has been the pattern to tho oast- . - . • ,.«!■ 


iwi 

A" 


aro somc nve wcefc*,.Uter than has been the pattern. 

it is intended, that this- dividend' Pattern wilt-' be folloWed '~trS .the ‘Rrturt.;**'; , 


S* orrirr or, the hoarW^i 

ANGLO-AMERICAN CORPORATION OP SOUTH AFRICA UMITEDc' 




OHIC4 of tfie UittRid King dom TrOnoftr SoCrsfXriasf 
.-Charter Consllldated Limited 
, - F.O.- Box 102 

J" .dwrUr House . ■ 

■ffiitore^ C Kcirt. TN2d *60 


per; R. SI ■ . 

Comoanies Secretary ^ 
•Need o*ct: r 

44 -Main Street -j 

Marshal Itown. 21077 -o,j- 


-JOha ntjostw ro_ 


prll 21. 1978 


London Offtcr: 

40 Holbom- Viaduct 
EC1P 1AJ . - 


LEGAL NOTICES 


is effective as of April 21, 
1978. 


FOX GALLERIES. Exhibition of the Patf 
Inns bv British and European Artb 


Nu. Ml 147 Of IOT& • • • ,' 

lh the HIGH COURT. OP' JUSTICE 
fCftaflcyrr D/risloff Companies Corot, In 
The Matter of CH1KW00D LCMTTED and 
in .[he aiauer of THE COMPANIES ACT 
IMS. 

NOTfCfc! IS HEREBY UJVETf ttai . a 
•PetKloa for ihe whuUnz' up of toe above- 
Banted Company by- the HWi Court of | 
j inline ivae on the 12th day of April 19<S 
presented to toe said -Court br' R. V. 
FRANKLIN ENGINEERING LIMITED Of 
Ford Road. Ford water Trading Estate.' 
Chensaj. Srtrrey. and that the sold 
Petition Is directed to be heard before 
rtw Court sitting at Die Hot*! Court* of 
Jus flue. Strand. Londmu- MTCSA SIX. on 
the 5th day of May 197B. and any creditor 
or contributory of toe said Company 
desirous to support or o^pow the making 
of an Order on the said Pettit on may 
appear at the time off heating In' person 
or by his Counsel for that purpose: and 
a cony of too Petition will be funtisbed 
by toe undersigned to any creditor or. 
contributory of toe said Company reo Bir- 
ins such coot on payment of -toe 
re; ul a led charge for toe same. 

H0WT.LL-J0XE8 A .PARTNERS, 
7.1 Surbkan Road. " -V*': 

Kingston upon Thames. 

Surrey KT1 2AF. 
petitioning CirilWi . SoHdtors. " 
NOTE— Any Dersoti who- intends, to 
•ppcar on the heariotLdf the said Petition 
must sen e on or 8*nd-by tw« - to Hie 
abore-named. notjee 1 Irf wriutw OF bis. 
inrentiun so to dpi - Hie notice dum sure 
the nnnie and -Address of the 'parson, or,. 
If -a arm. the'' -name ami address of toc- 
fimi. and ratal be signed tty the person 
nr Ann. ori'his or their solicitor ,<if any), 
and mtHT be served or. If posted. itnW 
hr sentriir po^t In sufficient time to reach 
tin. , -above-named not later than four 


London. W.l. Jc 
d<x» ro-6 Sj 


el*. 0l£7S4 2828. Woftl 
tO-t. 


Slay- 15JA. 


No. MI23V Of HMR ' • ••“ ... * 

. in the HIGH COURT OF JUSTICf*.:'.- 
ChaDony Division Companies. Coon. ■-‘Sju ... -< 
tlw Matter Pf. STAFFORD STE TO&T V ‘ 
ADVERTISING UMITED -afid Lo 
Matter of THE COMPANIES ACT lttS^VV,' '.*: ~ 
NOTICE. IS HEBERT GIVKN. 

Petition for toe Winding bp 'oFtoe abore-;.- ‘■~ r 
named -Company by tbe High Courts-# 

Justice was on the 19th day or April 1 . '- 
presented to toe 'said Court by KEVNEri ’ ; 
GRAHAM BALDWIN, sole, practitioqcf - : i.. i --• . 
who carries on bustoesa as Peter 'Giab^r * 
and Co.. Chartered Accountants, at- 3f(-> 

Wllara Street, Londnn, EdAF STJ^.bdf 
that Um said Petition is direaed-t^-f 
heard before toe Court nitons at 
Royal Courts of Justice. Strand, 

WC2A Six. on Uxe loth day or May 
and any creditor -or contributory of 
said Company desirous to support:'! 
oppose the making of an Order pir .il, 
said Petition may appear at the. time i 
bearing. In person or by his coansd^id 
that purpose; and a cony of too PetMo 
wiQ be (hrnlshed -br (he tnfiferafetwr -i 
any creditor or con tributary of tiiejai 
Company rcoalrlng snrh copy on ekittocI 
of toe regulated charge far . toe tonus-c' 
WRIGHT, SON t PEPPER, "f., 

9. Gray's Tnu Snuarf. ■ -. 

London. WC1R 3IF. -3 

Ref: GPC/GC. Tel.: UJC.Sfllf 
solldmrs -lor tiro. -PeOtiOD^r: ■»; “ i* 

NOTE— Any oersnB : who-' hUeodK- 


•» ,i.-e 
l-‘ 
f>i 


9. :* 


l If.-"* 


A-J- 


*- ■ 


ravi 

. VI 
Dll. 
•-vat., 


■> C 


appear on-The besruor of the said 
t-nmrn .serve on. or send by post ttti, 
ahovethamod notice in writliur 
Imentioji -so -<» do. . The . iwticp f- 
state the '. name -and address of 
person, or, if a firm tbe name 
address of the -firm and most be i 
br toe person or firin,' or his or 
solicit Of fit any} .and must be se _ 
or. ir posted, most.- be" sent by posi^;. 
sufficient time to reach the »b<we-nat*fe u 
not later -thah four o’elodt intbe mttenkfr: 
of'fhe’iSto day oTstty “lffa. _ > = 


■* 


ll 4 'J 


*.**ra 

i.' 1 

“>* 9m 

a 

. -se 
- x»c 

<r 

■ * »e-i 

'6 


>:•« i: ::» • 


r -ra 


■1 4 s.- 


• : -7i 
:-*rav 
!■ 8t« 

'- ttl 

■ •■■■* i 


/ 


.-ill of thrre see unties having been sold, this ivinour.cauat: appeals as ainatter or record cniy. 


NEW ISSUE 


April 21. 1978 


3,000,000 Shares 


Occidental Petroleum Corporation 


$2.30 Cumulative Preferred Stock, $1 Par Value 


Kidder, Peabody S? Co. 

Incorporatad 


Blyth Eastman DiUoa & Co, 

Incorporated 


Dean Witter Reynolds Inc. 


Bache Halsey Stuart Shields The First Boston Corporation Dillon, Read & Co. Inc. Donaltem. Lufkin &Jenrette Drexel Burah^m Lambert 

Incorporated -reur : ci orpon 

Goldman, Sachs & Co. E. F. Hutton & Company Inc. Lazard Freres & Co. Lehman Brothers Kuhn Loeb Loeb Rhoades, Hornblower & Co. 

Incorporated 


Merrill Lynch. Pierce. Fenner & Smith 

Incorporated 


Salomon Brothers 


Smith Baraev. Harris lipham & Co. 

Incorporated 


Paine, Webber. Jackson & Curtis 

Invurporai>rd 

Wertheim & Co.. Inc. White. Weld & Co. Bear. Steams & Co. L.F. Rothschild. I'nterberg. Towbio Shcarson Hayden 5tonc Inc. 

Incppparated 


Bateman Eichler, Hiii Richards 

Incorporated 


Sutro & Co. 

Iniiorpoeated 


Oppenhcimer & Co., Inc. 

ARD Securities Corporation 
Cazenovc Incorporated Daiwa Securities America Inc. 


Alex. Brown & Sons A. G. Edwards & Sons, Inc. Moseley, Hallgarten & Estabrook Inc. 

Ihomson ^IcKiiuion Securities Inc, Tucker. Anthony & R. L. Day , Inc. 

Easle Securities Corporation 


Weeden&Co. 

Incorporated 


E, Ames & Co. 

Incorporated 


Atlantic Capital 

Corporation 


. Robert W. Baird & Co. 

Incorporated 


F. Eberstadt & Co., Inc. EuraPartners Securities Corporation RobertFIenung 


Kleinwort, Benson Scandina>ian Securities Corporation SoGen-Swjss International-Corporation 5tuart Brothers ^ ood Gund> Incorporated 

Incorporated 


TJ 


■If* 


7 





■■ii 


i . • 





Asian 


Six Years of Growth 


in millions of DM 1972 1973 1974 1975 1976 1977 


Total assets 
Business volume 
Credit volume 
Deposits 
Capital and reserves 27 


240 522 665 896 1088 1,416 

300 618 . 796 1;117 1392/ 1^58 

132 370 572 - 720 --S45 1101 

199 * . 471 607 S32 969 131 


oo 


38 


39 


95 


95 


Net interest income 

Taxes 

; : 5.4 : 

' 10.7 
2.1 

15.4 

ai. 

■19.4 

6-5 

23.1 

-6.5 

27.9 

9.1 

. -.■» 

■ ■ C,; 

Dividend 

• T" • 



2.8 

ae 

5.6 



; 



(1096) (IMS) 

ao %>* 


Staff 

377 

3S9 

443- 

457 . 

482 . 

564 

* 'JrT-’e 

. ..bJ 


Total yield including fax cr«dfti 14-l?n. 


lords- 



European Asian Bank 


u'SkadCtffiGKHattlmrs 1 • ; ' . . - 

Branches: 

~ * lo bcc^jcncri id 1973 «■• • •" -' ■ 


gleet 




w k “ Tnr -«i 


Shareholders: Amsterdam -RoimdMQ S^Banca CommerdalcftaSdBia. Credltailsffllt&likTOrdtt»‘ 
DeulKhcBdnk.Midl^8ai^-Socid6G«n«r^edcBaiiqite,Scx*a»iG6n6iato 



This annourteertwt appears. as aniaUer of rec^d only. 


. DEN NORSKE 3NDUSTRIBANK AfS 

A '/^Oilo.Norway . ' • i. 



«s 

J! 

2 6 ^es: 

Sf 

5“«* i 
&>*nr 

Of S :s»»e 


Dfls 20 # 5 (MfeOOO 15 ^ year : b^tkloaii -• 1 -v- '• 

uncond it i onaUy ^uaracte^'by. .XIie; Kingdom of Jif preay 
arran^d and provld«i : by ' '■ "• 

Amsterdarii-Rbfteittoi Bank NiV- * 



March 29, 1978 


A 



gpsiT 
,: r - 

gjri 

•nvi-i 0 ®® 





' " v “ • 1 

, .. .. ..... _.. 

2?at :q April. H 1978 _ 

,_ " 1 ■•■' tu* foUwrt^tsS'Tecortrdfthe principal buslflees and financial engagements durin; the week. 

- \ ■ • Thfc Board- bfeetings art mainly -f or j the purpose -of considering dividends and official indications arc 

nm always avallaWe; whether dividends concerted’ are interims or finals. The’ sub-divisions shown 
i below are based malidy.pn las* year's timetable. 

■ : TODAY.- . .. Walcan Wippeflfc Bed. IlM.TS Sfi.pc s.urue (W. n.<< A 1.90o5t> 

. ~i- ... ' ; : C0M^AHY WfET^GS— ■, , - ‘ . .’ Wwxtuun ■ /o«K 8t*M*. 8*d; S4.'10(79 Southerm-EV*u Dtt. 4ps 

- • • «sjt' sa*6V KrttC it-. ’ . ' : • 4p< ' * . . ' T*m *nd Lyle Db. Ln. 6>oc 

. — /: *■ £3t •*» - “T53_ lUflfhup* . IIKHMm IlfindNOiMk >lllkirMt. . bur I. Ifilinn Timuh i ime. 


J 


•• !■'•■ * J. t.j u-um _ _ ioronio aaminiB 

nV-'V J; : M : Man Enterorttm. Isle «f Mw, £2 • Wk^erleY G**peWs. Ref. Trtl-7» 3’jac trsnumenca ?0 
' - . < .-■■ ^ Sir- Cflul«me«rt;i CroacflalB. OurtWHh. 9.S0 Welwyn i Hatoeifl IQ'MCBta. Red. 26/4/78 TranvOte»nfc Tr 

Vk'SyMU^tRedaaw). Rocbttate. • UnHUfilrc, . £9.2286 . _ __ TranwtUntfc Mi 

: •>•*. B KT T ^ . r* ■ - ■ Wmt OMfemii M sfmae Iric. RM. 1/11/79 Truths 




►DAY .."... , WilnJI WfBfSfl*. Befl. t»n.7S 34jjpc s/uriw rw. n.<A 1.9005b 
T(N( 2S— , , - - - Wttxtuun - /weft SpcM*. B»d. 24.’10i79 Soiittarm-EYaiu Db. 4p« 

II-. ' 5 - . ' : -4p< ' _ . ' . . ' TIM tad Lvl* Db. Ln. 6>ec 

Blackburn. LincastrtrH. Wamfinuom 'ttUwxMs. Rod. *6/4/78 Tomattn Dlstsllm Z.1H735B 

' . - -£5.2289 _ Toronto Dominion Sink 20 et*. 


Trsnumerici 20 as. 
Transoceanic Truat Ln. 4tiFC 
Trinwtllntk Market Traft ItR 


• > £«W»vlB*«tnMBt Twit.- Win- 

' S^-tiirt (.Wllltaral •.,.... V . 

"r ,:.••• ' ' 

otrites : iflU’Vrti»tw n - 

- - "^.ESSirii ertBln««« of ertatol - ‘ ' ' 

r 74*La-'- -- 1 - 

• ■*;.•>;•.. ■8iwmwn.no-':- ‘ : - . 

■•' • JH ■ . r/ , r_ytfr do tala In* Ti*“t* 

■ --j - loturlM L -- -. 

iV t*Dfc5jD^li'rA'i NTEWEST PAYMENTS—^ 

vew&V-'Une- Red.- >986 £44)08? 


K i»{,m Hnc- Red.- V9B6 £44)08? 

1 >. Infi- -Tnnt 1^5 r -:T. - 

--BHfttola In vs. 7 dcP(. a.45oc 
. • fluieriH EnglnMring 2A364a - 
■• -Sw.-5tomT.o5. 2>s 2t| bml SViiPC 
CottB Truisport U) -- 


War Dwtmdlra 1H1/7B Trtoivs ZOncPf. 7oc 


3'lipc 

Woocsorlni R«4- TtlYD _Vi.pc 

Wvobivan IQiiKUs Red. 28 478 

E5JL203 :•••__ s 

. , -THURSDAY. ADB1L Z7 

COMPANY MEETINGS— 


„ Waikor (jirmca) Goldftmitb *fl8 SHvw- 

*, JWijBC imltti Orq. to 

478 Wwerloy ’ Ctmenn 7^BSo • 

Wwttrn Minina 1.5 cb 
WDIttlnthim (WJIItom) 0.99p 
^ Woodward iH.I- 1.37p 


African Ukis. i: Y6r* ptoc*, • MlaBtoyh. Vita (WJIUiiA) - jlm&P 
J 1 1.30 - SATURDAY APRIL Z9 

BavtwDdd. Empire Hous*. St. Martln’i-Lt- DIVIDEND A INTEREST PAYMENT?— 
• Grand, tC*. tMO . . • • Amatil PL 6 '-pc 


Grans, E.C.. U-» . • •_ ^ Amatil PL 6 '-pc 

British Mohair, Victoria HoSfl. Bradtera. Amber Dar 0.7331 P 
T1 • . -■ __ Associated Etectncal inds. Db. 3pe 

Emb>ofcm«n( Trust 21, MoorHoW*- ®.C., Aveiipfl Btrford Db. 3 : ioc 
2. IS ^ Brltim-Amwicaii Tobacco BpcH. ?.1pc 

HO'Etltfl (Ala). Baltic EXctraOftA tC.. t? Burmah On fipclat and 2nd vt*- ? 'P*- 



Joordan fThoaJ. Park HoML -Park Lane. 
W-- 12 

Mancbeator Garwaa. MlSKbawr. • 12 
Nawev Group. Hint CrEen Urmlnoham. 4 
Sharoe fW. N.i. Bradtorri. 12 ' 

Watmouohs, Hors forth, nf. Lc«*». 1* 
T»ARD MEtTINGS-*v - ■ -. • 

Finals : 

Amilsamated Power . • - 


■, rSai.'^tcrrt Lts. 2>s Pa tad SYlsPC BOARD MfitTINGS-*. 
iVrlMKMfl CottB Trwvport t^P -- Finals: 

'VNew-ERutomw*. OASOlP • 1 Amitoamated Power- .■ 

s. i.SsrtS Surrey -Watar- TocOrd. .3 Jot. 4,9pf Balpnve i Black he* tM 
\- sCW. . -iJ3t3£BQre.-2,4Soe. 3_5pC B* Verr Natetg tnd Recti 

.V^^Ort. 1 - 7 5» c .... ■ • E!i?* l,: ,JP en,cl,,B R 

^}.w«fes--»doacofl) 0 .1313 b - Har (Normanr - - 

Publications 0.B023B5P MacLeilan >P. and WJ 

Woodlmse juid Hixson t.i5903p Manln-Blaek 

- ■i'-Sooiraorai tf. -W.j Z^Sp Mmet 

S V- •• TOMORROW - Petraeon ■. 

"COMPANY MEETINGS— • Snlloh SPtimcni - • 

-.UoadcuHie-lnyesLr TruM.- 120.- Cheewidei-Spon*. - 

-•v 3LC.. 1Z.TS - - Tarmac , * 

• i BEY- D*ces. Palmefton Home. EX a .12 Tootal 
'■■'■GrtiidpYS. -is. "■ FancRurctr 5trecL E.C, 3 Vickers • 

1 ; -,'Sflr -I iScm- Trait. - Winchester House. Wlntoey- (Georoe) 

Tj 2, J® - • I n te r fa na • 

"“■v *1 loWstlna In- -Sucress " 'Eaurtles. King Anglo Sconui Inv. Truat 
■ \ william street, E.C.. 1D.'45 ; " Hawkins and Tlpaon 

-‘t ' Mercantile 4 n»*st.. BueRMrsbory House, 12 KMCylbla Bros. 


Dp Verm Ha wIF Snd Rertanranof ' 
Flight Retueillng . . 

Har (Normanr ■ ' 

MacLeilan <P. sod WJ 
Martin- Black 

Mmet * 

Pm- or on *. 

Snlloh Spinners - - 


CES 


Macdlers. Hull. 12 

j" •' Ratcliffs (Giait- .Rrtdpe'.- SimUngnam,- j 

- 't-Sie*«p4ar» Ooseph', Dudley. West’.Mid- 

TsnflS. 12-is - ' 

J-*.* : BOA«D~ MEETINGS— - . • - ' ' - • 

W‘>. L'FtnUs : -■• 

.. ■ Bedyeon-liM,- r :• . . 

- CMrdTA.1 ’ - - 

• Canadian and Foreign lnv. Trust 
:r." •. Channel Islands and (ml. Inv. Truat 

- .- .Hns and GofeJsteln . 

. . ' EnglWl M N»t [ otaLTnT. uM . 

. : •*».. Etatt Duties Inv. Trust 
R C,Fi nance 
FaraeU tlecirontoi t . 

• •• ffetura 

. - v, Marshall Cavendish - 
:*> Randall U- ud U 
Ucmssan Hunter . 

' Sef 11 Amsley pnd MHboum ■ 

- ■>• • Trails and Arnold 

: Interims : 

■— — . ■ Beratt Tin arid ' Wolliww -• 

> pardcr and Sou there Stockbrokers Trust . 

i .lncjad . . . 

DIVIDEND A INTEREST PAYMENTS— 

BMjten. JrHFL-N«.-Yp«» TSLFtF. - 

Srffish Invest. Trust SuocDb* 2-zOC 
CP.C Inti. Inc. 67.5 cts. 

General Electric 55 Ot. 

Rtok. Macpherson (Oonalol- Vw 
Manufacturers H amove r 52 
. 1 OWga« tR«lWT)-_1.Mp^ (3lTT2.-77> 
Sjndnurst Marketing 0.5B3P 


Safeouard Ind. Invsts. 
3 Simas on CJJ 
J- Spencer- Gears 


i^ C 5^J ,AVMBMTS -- DarrnpwTs^^rewen* 


7 I, pc PI. 2- S 37 5 pc- SpCPf. 2.POC 
Er.gJish Electric DO. 3toK 
Radio and AJttcd Ob-. l>*pc 
Ranks Hovis- McDousall Ln. Vi»pc 
R emold! 0.981 D 
Rosedimona ■ Inv. Tr«t 2.180 
Scottish in*. Tract Dbs. Z«* and 2pc 

» «er Kemsley and Milbeurn Ln. w 
averter Cameron 6 DC PI. 2.1 pc 
SUNDAY APRIL 30 
DIVIDEND A INTEREST PAYMENTS— 
Allied Farm Focus Db, 4 pc 
Allied Itivt. Ln. 5 pc 
Angto^hTrlun Finance QJ562SP 
Armour Truat Ln. SLk 
A shbourne inn.- Ln. d'ipe 
Bibcock end Wiko* Ln. 3>BC 
Bath 1H4PC Red- 19B5 £3.7tOI9 
Bath and Portland 7»*ocH. 2.7 129 pc. Ln- 
SUK 

Bealtle Uameji Db. Siipc 
British Columbia Electric Perp. Callable 
Bds. fBr.i 4':oc. Bcfc. Str. A.D. 1.8il8 
IBr.l d'roc 

British Land Ln. £6.838 
Bjrgcsa Products BpcAPI. 2.1 pc 
Cantors 7'- : pcAPf. 2J6Spc 
Clark (Matthew; ana Sons 7ocPf. 2-*5pc 
ClutfcOm.Pann Inti. DOS- St. ins 3I.0C 
CroWtha# (John E.1 5':ocPt. 1.9250C 


^«4 ra ^"MI*ni 7 "S NhWHO Ip Don._0j 5r.0eP,. 24)1 ZSpi.’ 

-is .. yz 

5 al * .9*. N .°l“ .Scotli 23 ctt. F.MX. 4.kpcPf. 2.20c SASm 

taw 3.7SP ^ n n is5 i(1 sfisf a, 3 ; , ” r * l ' 

i ^ Hm!Sr5?0C«! . 1.92, 

5? 1 ?f ^ fL M1 ^ Herben (AHrMi ■ dm. SNpc 

Beort I rut *0 eg. Pf. 5-8 as. Huwood 7ocWi 2 -C5 dc 
gl=hi_ Uamesi 2.1B50 l. TiT _ Distributors Db. 3i*0C 

F alryig w ^ Estarei 2-5o Imperial Grouo Ln.' 4 pc .Cl 

■Careen- 1 -OL1 'Props. 0.55*' __ .. lilmotDR 12'aoc Red 23-6, 

S *12 ^Tpc Red. *86-87 £6.2951 

Fantins 3'ioc Ln. IHI Jewson and Sons Ob. 21-oe 


Dunlop 5>:0CPf. Z4>125pc Db. 7Uec 
72-82) 

English Prop. SUocPI- 2.01 250C Db. 

4>>wPc Lhs. iU and Boc 
F.M.C. 4-4 pc P,. 2.20C SASacPf. 2.72S0C 
Foreign and Colonial Inv. Ln. 3'u>c 


Huwood 7ocPI. Z-45K 
I.T.T. Distributors Db. 3t*pc 
Imperial Group Ln.' 4pe <Cnv.) 

Islington 1 2 i«pc Red. 23-84 £6.8403. 

12>*oc Red. 86-87 £8.2951 


Fantins 3 'sac Ln. JMt v,,, Jewaon and Sons Ob. 2<:oc 
Wybts mo Iswes- Inv- tnrtt lK- .*-“So. jsnnson Mattney Db. 3Jipe 
Cap. 0.f1S25p ; “' Kensinsion and Chelsea tl ‘:pe Red. 25-87 

Sllkolene Lubricaftts t.*438p’ . EJ.SS 

Tam worth 1 D jPCBdS. Red. 25. '4 '79 9 ivPC London Shoo Prop. Ln. 3Uee 
Tiger Oats »"d Na«0i»l iMIUlng -30 «s. Low an* BoTar Ln. £7.57^ 

Warwick IDiocBds. Red. 25.47^5- MAC Lo-e (stotaer'i H.J 6'tocPI. 2J75oc 
Watford lOsoeBos. -RM. 2BMI79 9-i.oe- MjleaB .» iLonno") Lns. l\ and 3'ioc 
Weninworoueh ITiiocBds. RML 23'4 BO Marcnwit-I 7pcPf. 2.45 k 


END * INTJMST PAVMiirti- XiSSS^S^T^SSi.^^ «SSZJi U fi&t. '' 3 ''“ 

Trust — NetSj-York T5tWi — - % 3%pc - — • ' Marlev' Db. 3'ioc 

nveit. Trust SuocDb. 2-;0C Winchester lO ipcBdS. Red. 2Sj4. , B. 5 ■ loK Ncwarthlll B’tDCPl. 2.B875pc 

*! • ,n P ~ *4 •» Norm (James) and Sons Ln_ 3^pc 

E COMPANY MEETINGS. — . ■ ■ . P Qss cv Interconnea Db. 3-'<0C 

on (Donald)- 3*aec Authority inv*.. Caaopan Hotel. S.W.. 12 Pontm's Db 3*i« 

M9f* Hs nover 52 CM. Bonser Englneerln*- Bojwcfc WB«- Not- Portsmouth and Sunderland Newsoaoersl 

(Redacre)_1 ,54p_ 131^12 ' 7 ) tlnghahu 2.30 • ■ • BpcP,. 2.8 k 

Markctlnp OJBSo Dufav Bltumastie. Winchester Home. 100. priest Mariam BocPf. 2.1 oc 

Plywood -Mnftrs. (Temp. Suae .groad Street E-C.. 12 .. Rarfh .ora." Lo. sKJe 

lui'TSS*"-.*! W1 isn St - lltoKRed. 1985 £3.77013 

WJ Son* and Turner 1-Z5p limrgurooean Proo.. 16. Osfanf ; stre«. s*mutl iH.» DM. 2 s * and 3*»pc 

InvSi . W/OiP Ww 11' Shiv* Careers 4 f ipc 

pldlngS -B.5P • KOde lotl» Cain*. WIHWllfA 11- . Ste'ansra. SocP,.- -17SK • 


-• Siddhurst Marketlns S^BSo Dufav 81 

. Thames Plywood - Mnftrs. (Temp. Suso- .Broad 
8111.771 0.75P ••. . = English ! 

- . mack CWJ 'Son* and Turnr 1-25* Innreura 

• WarTtlord |n»s, . ZJ/0tp ', W. II 

Weber Holding s B.oo Kod* l» 

• - WEDNESDAY. APRIL 26 Ley Sfrv 

Company meetings— . ,z 

•' Anana .T.V.. Norwkb, 2-30 ■ . Mlxconcr 

- ■ Eduttv and Law Lilf'Aas.. 20.; Inn FlaldJ. ton. 32 

; W,c;-'12.15 • •• . Oliver - ■( 

Saitoh taBlMerlng.'.Bkrr HoteL Birmirtg- Rcntokll, 
■ ham; T-2 ■ Spencer 

. Molina, Great -Eastern Hotel. 12 - stone Pt 

■ - Right* and .issue* Invest, Trust- Dwncsev 12 


Shaw Carpers 4'»pe 
Sie'aaarg. 5 kP>.- -1.76k 


Hirte. Did Jewry. E.C-. H _ To matin Distillers. Mayfair Holer. 

.'. SaT«r Tllnevt . 26.^ Queen Anne's Cate. 12.15 


Lw Service 17, Great Cumberland^ PUca Tmucd-^inti: Pinihle~Cnv.~Bffg.'iU»llar CnvT 

Mlxconcrgte, The Aguiarome. - Northamp- Tripierest" 2.oafp 
ttm. 32 Truman Db. 2 pc 

Oliver <Geo.)L Leiowter, H -- Tru-.t House Forte Be. 6.250 <85-80:. Ln- 
Rcntokll, East Grlnstead. 10.30 4.55oc 

Spencer (Gao.)- - Nottingham. 12 , ■ Turner curzon Ln. Ik 

Stone Flan Ind., QoaollMTs Hotel. S.w.. wnimmster and Country Proas, tn. 4 k 
1* ... Whitt root on (William) 7>PcPf 2.629 k. 


Robot Maxwell MC, Chairman 

Pergamon 

Progress 

A fifth year of continued 
growth 

• Highest ever profit in 1977 
at£3.7m 

• Profits 30 times those of five 
years ago 

• Group sales exceed £2Qm for 
the first time 

• Exports at an all time high of 
£14m 

• Dividends and prospects - 
The Board recommends a dividend of 
lOp net per share at a total cost of 
£1,372,1 1 5. It is hoped that a further 
increase in sales volume will be 
achieved during the current year and 
that overall trading results will be 
satisfactory. 

Pergamon Press Ltd 

Headington Hill Ha!l,.Qxford 
Ons of the world's leading publishers in thB fields of 
Science, Technology, Engineering, Medicine and Education. 


6 

BBA Group 
1977 

The year's highlights 


Sales: Up by 6-8% to £106M. 

An increase for the 16th year running 

Profit: £7'0M - a fall of 6-5% 

Profit attributable 

to shareholders: Unchanged at £4-3 M 

Earnings per share: Unchanged at 9-5p 

Dividends: Up T0%-the maximum allowed- 
to 2- 38p per share. Four times covered 

Capital expenditure: £7-5M. 

Authorised for 1978 -E8-9IV1 

Automotive: Satisfactory results in all areas 
apart from Germany and France 

Industrial: Expected overall improvement 
achieved. 27% profits increase 

For a copy of the Report and Accounts and the Chairman's Statement please write to 
the Secretary. BBA Group Limited, Cleckhea ion. West Yorkshire B019 6HP. 


BBA /g-Rs 
1 G ROUP ( jig* 
UMttTEET^ 


Needed by every industry. 


BBA Group Companies include: BE A Automotive Ltd ■ Vlinte* Ud - Standura Lid 
Crasawoli’s Asbestos Company Ltd - Sovax Mar shell Ltd - Regma-Fibregiase Ltd 
Compiehcnsive Computer Services Lid ■ Rail to Ud ■ BBA Pioponian Lid 
Oi-wsiS Subs'dJanM in Wesi Germany ■ United States ■ Spain • Canada - France - Australia and South Africa 


S.W-.. 12.30 ' . 

5iMs*i Krttn Rubber Estates. PltaUtJMT 
Book*. EX,. 12 
-gO ARP MKT1NGS— ' 

■ AAkul* -IbBs- 

. AjKHar Cticmlnl . [-■ 

Bm-ffaw. Breiftr«i IWnRittm) . . 

-Eupoiwatv Ferries . 

- Fdjcco. Mlnsep . — . 

Gfarird and' Nstl«p.l Dueognt 
Gil) and Diitus- 

. .HopfciMons • . ■ 


HutobbnaiK imL. 

Jesse, Toynbee 
UK. Ind., lav: 

--Menders- 

SnUA St. Aubyn 
Spear and Jackson Intf- - 
' Tetepbonzjfeental* .* 
Thomnxi T-Llne Ceravane 
yyiobt Connructlbn 


Transport 'Development. Gnat . Eastern 
Hotel. E.C- 12 -• 

Waverlev Cameron. Edinburgh. 12 I 
Woodward IH.). Formoy. UverpMlr 8 
BOARD MEETINGS— - - 

Finals j " 

A tic bone 

Burrell . .. 

Hdmmerson Prop, and Inv; - 
Prince of Wales Hotels 
Scottish Ontario Iny. - • 

Silhouette (London) . 

Whatman Reeve Angel . . 

Williams CWJ -• - 

Iivtortms i ." ' 

Construction Holdings 


1977 Results from 


construction Hole 

■sM» TR, r 


DIVIDEND A INTEREST PAYMENTS-- 
Auachncd DBjrHsi S'-iPCfl, 1^2SFC Db. 

Aos^alUn and Ind. Trust Ip 


..Speaobr Gears - - 

;i DIVIDEND. A.--) NTERI ST RAYMJ 
Alnwlek lObmcBdSi Red.-26i* 76-.£ 


«S« 3.507b 
Barlow Rand PI. 6 k 
B lackwood Hodge 6pcPt. 2- 
BUjndeM-Pewnagiase 0>;peDb. 


r .iStBiflK a USrP m '**-.. M r* 

- SY^dt. R*d- ■ B^^n.^CWI^ami'^HPCw! 

. BrSckUnd ID^ocSds- Red. 20(10182 SXdc araScan xisss. a Cuk 2S 

• Braatt 6%bd|d». .Red. 11 1 17B 3 *i.p« . ' Rrtinton. ' CMlsielhunlii. 1 

.- Brantwood SrsKBds. Red. Cameins |n*s- 2 p 

egrtwarove, io.i*oc8d». Red. 2«'4i78 Canadian lmaerlal Bank 

• ESJ289 i <- ■ • • _38 Ct*. _ •_ _ 


2-lpe 

b. SVtG- 


ol ‘ Commerce 


-Jlertftad- BSCBdik Red. 24JW76 .*«*'. Oawnay Day O.Bo ’ 

'Regr 2 61417'ff tSJaaV DovrtfurSi^Dent ^L044 d ^ ' u. .T 

■Sreenwich^ -HJIbkW*. Red.-— 26t«tT»-DWv-CWmlc»i3' ’ 3Q- Us.' T H 

£5.2289 „ ■ Dundee and London Invest T/W Sncpt. tr 

-raetmes 10 peBds. Red. 26'4r78 £5-2289 1 75oC Db. 2'iK J ^ 

High Peak 6J*Bc8ds. Red- 1. l 1li7B_3i|W»c EJJerman Lines GltpcWd. 2.1B75PC- 4i:pc tF 


HAWKER SIDDELEY 

Exports £295 million 


Oimde® gnd London Invest. V 
17SBC Db. 2MC J 


Highland 6%KBdv Red. IN 1178 3-*,, pc 
Hounslow lOiencBda. Rod. 2 8/4,7 
£5 2209 


£5 2289 
• Itwesting 
Islington 9' 
Kent 9>*pc 


ig in siKcess" Equities 2.li2o Fife Forge 
9<aKBds. RecL 22 10'80 4»i,pc Flndhom Fi 


Red. 78-80 4-"ipe 


^ m r^T. 6 ^y£^- 

Ellis end E retard' Db.. iCoe 

S ccallbur Jewellery, 
le Forge i.470p . 

Flndhora Finance Lit. ^8S«pc 
FI so ns Dbs. 4- wn-lw ' 


Tb\l3i7- Annual Report, which will be posted 
to shareholders on 26th May, 1 978 will include 


Ktfcnarnock and Loudoun 10 'ipcBUs. Res. General Eloa/k*)- *od', MrtMnical Srsiems 
;■ 2614-78 £5X289 ‘ . _ Db. 34spc " ;. 7T-- - 

Kingston upon Hull 6-iccOns. Red. i'll 78 Guidman (H.1 An; 4#a>e 1 

Xn*v?t*r lOiiPCBds. Red. 26*478 £5-2299 GulldhN? Prob.^SpcYf. J^isc 
Lambeth 64 kBcU. Red. 1 j11/7B 3*wh: Hanlmea 3.5'XU- ; ■■ 


in Bank 


Lambeth 64ocB<U. Red. 1/1H78 3 -*i«m 
Lib Deb. Coro. 3p 
Llefihe/d iD'iPCBdS. R«j. 26 4 78 £5.2289 
Lfipelll I0<anc8d*- Red. 26 417? £5-2289 


Hanlmea 3.5 'XU- ; ,- 
. Hein* (H, J.) 4hntPf. 1S76PC 

, - Heywood Winieeu pb. 3 k 

Uanetli io<aiic8d»- Red. 26 417a. £5.2289 How den lAkexsncgri 4.09* 

M lined, j 1 o 'a>c Bn*. Red. 21.'4/78 KOwden DU. 5^ ud 4'iec 

£52289 . - ' ffudsonV Bay 18 Is 

Mercantile lm«st. -Trujt a9o ... i.H.unif..7KPf. -Lng. 2> and 2\pe 
Merthyr TVtflH S-'incBtfs. Red, 1*11*78 Jackson CWUHsmi and Son 7'rpcFI. 2.62 Spc 
Vhk . Kedavlto Hr Omul lea 6-^gcPi, 2279p 

North Kestevcn 1 0 'lOCBds. Red. 2«'47« Kitchen (Robert)' Taytor ig 
£52289 _ LRC Inti, Ln- 4* 

north Sh roosti i re lOJaocBds. .aed r 2*LH78..-Lfnd--5eesrtt)eS’ Inv.- -Trust Dbs. 3‘ «or 
£5.22aa _ 35»PC 

dovwlch 6'aKBds. Red. 1/11/78 V|*K Loyd Inds. TpcPf- 1.225P 

Uneaton 6=s.ocBds. Red. 1/11*78 l-*i«p* Liverpool Daily Post end Echo 4.569n 

Ucimondsblve ioi«oe®as. Red. 21 *1 0 81 • London Shoo Prep. Treat D.IBBp. Icpc 

5'j»oc i iPf. - 1 ,92Spc - * ■ 

carborouuh DPCBds. Red. 24 10i'79 4pc London Trait Dbs, .? 1*«_B9d 2‘iK. 

*ift field lOVipcBrtr.-RTtt: 2«i*r78-£5X28»'TbakerS T.5497P 
hikesoeare (Joseph). 1.20890 . MacKinnon ef ScoiluHl 7UpePf. S.625 m 

hefhew BtoKBdt. UstL - l/tl,7ji 3»i»»r Martin (ft- PJ ,2p 
.Nrswiv ' 6*sKBds. -Red. l.11i7B 3>mpc ' MaMTy Ffrgusbn Ln. SLk 
• u-r OxforuKlra •fc'a»B42 t J5JSd, 22T0JH). Morales. Oobn) Db. -3J*pc - - 

i»oe Miller Reyner end Hevum I Ok Pt- 3.SK 

*nithe"d-afl-5ee 10‘sDcOdJ- Red- 2B14I78 NCR Cam. 25 as. 

£5-2289 - ' _ ' -INortheni Tbcdfi Db. -Ln. 6.25pe - 

la fiord 8‘aocBds. Red: Til 78 3*wbe Parker- Knell A D.B75P 
laOordShlre frVocdds. Red. . J 1176. PHco A 0.85P 

R.K.T.' Textiles 3.11««p'. 

ewkeabury TO^cBdS. Red: 36 4 78 ScdttAh and Newcastle Brows. Oba. 2 i 
£52289 - . .3. S’a JJe .end Wwc . 

Parliamentary business 

TOj)At - TOMORROW 

lOMUIONS— Nuclear Safeguards COjHMONS— Wales . Bill, com- 


. ,-id A s,a 

r 'fit- 


aad ETectrwUtr fFipancO-BiU, pletion H committee ela«e. 
second yeaduig. LORDS — Scotland BUL commit- 

•ORDS^mW BBL Amrnt- 

l " r ' third reading. Firearms (Varia- 

ELEC7T :C0MM3TTEES — ■ Ex- - tioJt of Fees? Orders, 
penditure, - General Sub-Coni* SELECT COMMITTEE— Public 
mittee. Subject Cemtral Office; .Accounts. SubJ ect:. Cash Limiia. 
of Information. ' "Wltsesjws: ' Witness: The Treasury. (Boom 
Ministry! of: Defence, -Depart-’ is, 4 pjn.>. 

ment of E mploy ment. Depart- .WEDNESDAY _ 

ment of HOTh~ and' Social" COMMONS— Inner Urban Areas 
. Security and Department of rhi, remaining stages. Home 
Energy. (Roam S, 4.15 p.m.i. purchase Assistance ■ and 
ErpendlKtre. Education, Arts Housing Corporation Guarantee 
and Home -Office Sub-Commit-- Bilk remaining stages." 
tee. Provision for Museums LORDS— Debate on tie problems 
ind Libraries. Witnesses: Tbe D f Southern Africa. Debate on 
Library Association,-, toe th e future of the Elizabeth 
Museum Association.. (Room Garrett - Anderson HospitaL •- 
2B. 4.15 pm). Public Accounts. SELECT COMMITTEES— Social 
Subject: Aggrtpriatfon . Ao-" Services -and Employment sub- 
counts. Witness: Department 'committee. Subject: Employ* 
of Energy. (Room 16, public meat and. Training, in the dew 
may be admitted^ at tumped' .unemployment situation. .Wit 


Accounting presentation 

The results of the former aerospace 
subsidiaries Hawker Siddeley Aviation Ltd., and 
Hawker Siddeley Dynamics Ltd., are consolidated 
for the four months to the date of nationalisation, 
29th April, 1 977 (1 976 : consolidated for full year) 
and are shown separately in the consolidated • 
prafivand loss account. 


_ .Results 

■The total Group profit for 1 977, after taxation 
— amt minority interests, amounts to £50.6m 
<1 976 : £48.4m) which, on the basis described 
above, comprises 


Group excluding former UK anroapacs 

. afloskUarios 

-Former UK aerospace subsidiaries. 

_ .4 months to 2St/i April, 1977 
v (1S76:fuiryeaO 


£50.6m 


£48.4m 


Financial highlights 

r .-.1977- 

-1976 


£m 

£m 

Sales 

Group excluding former UK aerospace 
subsidiaries 

829 

732 

Former UK aerospace subsidiaries - 4 months 
(1 976 rfutl year) 

83 

242 


912 

974 

Direct Exports from the UK (included 
in safes) 

Group excluding former UK aerospace 
subsidiaries 

266 

1 69 

Former UK aerospace subsidiaries - 4 months 
(1 976 : full year) 

29 

. 110 

Total - 45.2% of UK sales (1 976 : 43.7%) 

295 

299 

Trading Profit 

Group excluding former UK aerospace 
subsidiaries 

91.0 

75.4 

FormefUK aerospate subsidiaries - 4 months 



(1976 : full year) 

10.3 

24.3 


101.3 

99.7 




Profit after Taxation end minority interests 
Group excluding former UK aerospace 
subsidiaries 

46.1 

34.7 

Former UK aerospace subsidiaries - 4 months 
(1976: full year) 

4.5 

13.7 


50.6 

' 48.4 


-Trading profits 

Trading profits are analysed as follows:-* 
“Groupexeludirig former UK aerospace 
- subsidiaries : — 

- -Electrical engineering 3 

Mechanical engineering 5 


Earnings per Ordinary Share 

Dividends per Ordinary Share 
First interim 
Second interim 
Recommended final 


1.8348P 

2.201 Op 


1.6875P 

Q.0303p 

1.9706p 


'F.CKTiTp UK apraspace subsidiaries. 
'■ -4 months to 28th April, 1 977 
(1976: full year) 


£81 ,0m. 


£10.3m 


£75.4m 


£24.3m 


Including the imputed tax credit, the equivalent total gross 
dividend paid or recommended for 1977 is 6.1907p (1976 : 5.6279p) 
and represents an Inc reass of 1 0% compared with 1976. This is 
the maximum permitted under the Countm-inflation legislation. 


fled rim e rafter 5 “pja*X : • 


j clean 78 


nmes: Natl onar Council for 

Social Serrice. (Room -6, 4 pjn.). 

-Nationalised IndosMeerfidb-com- - . 

rait tee C... Subject:.-- i nje Inde- vXtrfiOrfllllSry 1*611) 

pendent. Broadcasting Authority. ,, . , • ^ ... 

witnesses: Advijoty committee .. ..The extraordinary itfim^shown separately in the 
°i ■ -Profit and loss account and not forming part of the 

4 £ p^rrnWlf^ua& fub: - trading results forthe year, is an adverse 
ject: Appropriation Accounts, difference arising on the translation into sterling of 
witnesses: pepartojent of Educa- overseas net assets f or the purpose of .the 

turn ^De S p C Sw?“ £! univere“ : consolidated accounts, due to the strengthening 
Grants committee (Room is. gf sterling in 1 977. In 1 976, when the value of 

’ ^ irt 9 dfeiined.a favourable difference of £8.9m 
tridty investment and world arose under this heading. 


4thintematiqnai 
CLEANING & 
MAINTENANCE 
EXHIBITION 

National Exhibition Centre. 
(Hall 2) Birmingham — 
Way Z— 5 
Daly 09^0 - 18.00 
(Friday dose 16,001 
K«hin*i. eqoiffW’, irqieriel.^ 
service*, lor lndvrtr«l,eei' m e rc iaL 
mimutioiML and munici|Ml buildings. 

( bmpJtfiWrtury tickets for trade 

4 door or from- 

386 High Road. London NU- 


A payment on account of £3.1 m has been 
received in 1 978. Interest will be paid on the 


Acquisition of L, Gardner & Sons Ltd. 

In July 1977 a cash offer, with the alternative of 
shares in Hawker Siddeley Group Ltd., was made 
for the issued capital of L. Gardner & Sons Ltd. 
The offer became unconditional on 1 6th Affgustr 
1 977, acceptances having been received from . 
stockholders representing over 90% of the issued 
capital, and the company accordingly became a 
subsidiary on that date. 


Inflation Accounting and Deferred 
Taxation .-im- 

pending development of an acceptable '* 
working systeFn df price level accountingfor 
promulgation as an accounting standard," the 
Accounting Standards Committee issued in 
November, 1 977 an interim recommendation 
which specified certain adjustments which 
should be made to profit and loss accounts 
prepared onthe historical cost basis in order to 
show the effect of inflation on such accounts. 

Excluding the former aerospace companies, the 
profit before tax of the Group for 1 977 was £95m 
and the application of these adjustments would 
reduce the figure to about £60m. 

An Exposure Draft (ED 19) was issued by the 
UK accounting bodies in May, 1 977 proposing 
an alteration to the currently accepted approach to 
deferred taxation, which would have the effect of 
restricting the tax charge in the accounts to only 
that likely to be payable in the foreseeable future. 

Again excluding the former aerospace 
companies, the tax charge for the Group for the 
year was £45. 9m and the effect of applying the 
revised method set out in ED 1 9 would reduce 
this charge to £26.4m. 

Excluding former aerospace subsidiaries: 

In summary, the accounts for 1 977, 
drawn up on an historical cost basis, 
show a profit after taxation attributable : ■ 
to Hawker Siddeley, before including 
former U K aerospace subsidiaries, of ' £46,1 m 


tridty Investment am} world « 

energy situation.- Witness. Mr. 
Anthony Wedgwood Benn. 
Energy Secretary (Room 15, ■ISO j 

pjn.l. r 

THURSDAY ’ . / 

CproirQIVS— Finance Bill seconrf * 
reading. Trustee Savings Banks c 

-Bill, remaining: stages. Considers- £ 

■rifla-of-ony iioros anieTidmenTs to * 

the Shipbuilding (Redundancy 
P3ymmsj J3 JJL - - 
LORDS -«*=- European' * Assembly 
Elections BUL renOrt. Conserva- 
tion of -Wild Creatures *nd WUd _ . 
Plants '.( Amend ment ) Bill, report. 
Solomon Islands Independence 
Bill, second reading. Debate on 
Investigations invoMne forcible 
entry by officials of the Inland 
Revenue .end juhet Departments 


Financing 

lAt 31at December, 1 977 the net cash in hand 
of the Group amounted to £98.9m (1976 : 
in-rand)-- 


Nationalisation of aerospace companies 

Hawker Siddeley Aviation Ltd,, and Hawker 1° summary, the accounts for 1 977, 

Siddeley. Dynamics Ltd., were nationalised under drawn up on an histoncaf cost basis . 
the Aircraft and Shipbuilding Industries Act 1 977 show a profit after taxation attributabli 
and vesting took place on 29th April, 1977. From t0 Hawker Siddeley, before including 

that date these companies therefore ceased to be former U K aerospace subsidiaries, of 

subsidiaries of the Group. 

Loans amounting to £48.7m have been repaid 
to the Group since vesting and following The application of the revised 

discussions with British Aerospace, the company deferred tax approach (ED 1 9). 
agreed to forego repayment of loans amounting to' adjusting for minority interests, would 
£4,325,000 as this amount would be more increase this figure to 

appropriately dealt with in the compensation ' 

negotiations for the shares. 

Negotiations have not yet commenced with the' . and adjusting also for the effect of 
Government on the amount of compensation to be inflation after minority interests would 
received for the value of the shares. It is expected then reduce the figure to 
that compensation will exceed the book amount. 


£64.9m 


£32.4m 


(^ HAWKER SIDDELEY GROUP LIMITED 

IS St, James's Square, London, SW1 Y 4LJ. 01-9306177 

For a copy of the Annual Report please apply after 26th May to the Secretary. 

Annual General' Meeting— The Dorchestet-i-l otel J?ark Ear^ibSaorb WLA' 2R3rWednesjfey 2Tet dune/l 97fraiT2rffaQni - 


40 


OVERSEAS MARKETS 


. Finan&d :24r 1Q78± 

CURREMT INTERNATIONAL BOND ISSUES 


Borrower? 


Amount 

m. 


. Av. Rfe •. Coupon 
Maturity, -ye art 


, Price; Lead, manager. 


EUROBONDS 


BY FRANCIS GHILES 



market 


U.S. DOLLARS 
JTYO'fg’teed Finland) 
ttUn'rted Overseas Bank 


THE SHLFT of high quality 
borrowers and their managers 
away from the Deutschemark 
and into the dollar sector sug- 
gests that a renewed mood of 
confidence is being instilled in 
the market New paper on oner 
of the quality witnessed in the 
past ten days has not been seen 
in the market for a long time 
and investors were duly keen. 

The offering of notes for 
Beatrice Foods Overseas Finance 
NV was closed four days ahead 
of schedule. Despite terms 
being tight, investor demand 
from continental Europe. Swit- 
zerland in particular, was re- 
ported to be very strong. 

The renewed strength of the 
dollar sector, is also based on 
currency and interest rate fac- 
tors. The divergence in interest 
rate on the dollar and the two 
strong currencies, the Deutsche- 
mark and the yen has never been 
wider and this has convinced 
many in the market that the dol- 
lar has reached its bottom. The 
only way for the dollar, they 
argue, is up and hence the 
acceptance of good quality 
names even when they carry 
tight conditions: the gain poten- 
tial on the currency could be 
substantial 

On present trends the achieve 
meat of the Deutschemark dur- 


ing the first quarter of this year, 
when it accounted for a greater 
volume of new issues that the 
dollar 45.2 per cent, against 44.9 
per cent) Is unlikely to be 
repeated in the second quarter. 

The renewed strength of the 
dollar sector enabled Deutsche 
Bank to come forward with a 
private placement for one of the 
blue chip names of German in- 
dustry, BASF, on terms which 
were also very tight 

Where the CNT issue is con- 
cerned. the maturity is a very 
lone one but a generous coupon 
should ensure good reception. 
The CNT bond was not 
altogether unexpected. It seems 
thai’ just over a week ago. when 
the United Kingdom announced 
its decision to launch its first 
ever Yankee bond, the Caisse 
Rationale des TcWcommtinica- 
tions was on the verge of filling 
a S75m. hond with the Securities 
and Exchange Commission in 
New York. On learning this 
awkward piece of news, the 
French decided to puli back. 
Fear of the market is New York 
getting congested and also, may- 
be, concern they might obtain 
slightly less good terms than 
HM Treasury combined to make 
such a move unavoidable. 

The reasons why the United 
Kingdom bond might well have 
got finer terras than an eventual 


CNT one are ninny: it was the 
first ever U.K. Yankee bond: it 
was in the name of B1W Treasury 
rather than for a nationalised 
company; historical links be- 
tween the two countries might 
prove a strong incentive to 
investors who perceive that the 
U.K. has achieved quite an 
economic turnaround in the past 
two years. As events turned 
out no comparison was possible 
and everybody’s prestige was 
left Intact 

Last week-end. the expected 
yield on the seven-year portion 
of the bond was S.40 and SI per 
cent on the 15-year tranche. 
Nordic Investment Bank also 
announced an issue last week. 

Another high quality borrower 
will be coming to the market 
to-day. Deutsche Bank will be 
announcing a S’iSOra. five-year 
bullet for Norway. The coupon 
will be 7; per cent, and the 
bonds will be priced at 991 to 
yield 8 ner cent. This kind of 
short term paper should meet 


with strong demand. The last 
two dollar bonds for Norway 
were arranged by Hambros. 

The secondary market was in 
fine fettle most of the week 
although the overall rise in 
prices was small. But there was 
good two-way trading most of the 
week with turnover higher than 
it has been recently. 

The floating rate note sector 
was firm and Crfdit Commercial 
de France was' able to increase 
its floater from an initial $35m. 
because of strong demand. 

The Deutschemark sector of 
the market put in a lacklustre 
performance. The glamour has 
gone for the time being si* many 
investors switch, from Deutsch- 
mark to dollar denominated 
bonds. Not only is placement of 
new issues proving niorj diffi- 
cult that at any time in recent 
months but secondary market 
prices continue to suffer. 

The “exotic" issues are still 
trading at a .-olid discount 
(Mexico was being quoted at 


BONDTRADE INDEX AND YIELD 


Medfani twin 
Loos term 


High 

sTs&i 


1978 


Low 


99.15 {14/2J 


93 A3 («/!] 


Eurodcar 

Code! 


April 21 April 14 

99.82 73} 99.62 7M 99. 

94.03 8-32 93.78 BJ4 94.07 

EUROBOND TURNOVER 
(nominal value in 5m.) 

UJS. dollar bonds Other bonds 

list meek previous week Ust week previous week 

1,059.9 1,521.9 3584 335.4 

296.1 476.7 400.1 316.7 


951-961) but better known names 
are also putting in a weak per- 
formance. P. K. Banken which 
was priced at 99 was being 
quoted in early aftermarket trad- 
ing at 974. 

The weakness of some of the 
issues for developing countries 
In recent weeks is all the more 
interesting as recent figures 
suggest that such borrowers 
floated a greater volume of issues 
denominated in Deutschemark 
than in dollars recently (S960m. 
work in Deutschmark equivalent 
as against SS62m. worth in 
dollars in the 12 months to the 
end of September 1977). 

Some issues, however, are 
meeting with strong demand. This 
is in particular the case 
with the Sankyo Convertible 
which will not.. be Increased. 
Short-term paper is also proving 
attractive to investors. The bad 
shape of most of the market 
makes it highly unlikely that 
Bayerische Vereinsbank wilt 
bring Nacional Financiers to the 
market at present and certatinly 
not on the terms indicated a 
month ago. 

The only new issue announced 
over the week-end was the 
DM125tn. for -Den Norske Indus- 
trlbank. Lead manager is West- 
deutsehe Landesbank: the bonds 
will have a maturity oF 12 years 
and an indicated coupon of 
5 1 } per cent. 


TtUnited Kingdom 
tfUnited Kingdom 
fCr£d/t Commercial 
de France 
{Beatrice Foods 
Overseas Rn, NY 
t M lnt. Commercial Bank 
of China 


■2S 

W88‘ - 

• JS ■ 

1 .8}- 

-• =100 ' ■ 

25. 

1983 

- ^ - 

*il . 

... ;ioo- 

200 

.'TOSS 

7. ' 

*'• • 


150 

1993 

IS 

•* 


4$ 

1985 

7 

sin 

; W 


-ADIG, KFTCIC ' 

ChaseMaru Ltd, 
Salomon-.' 
Morgan Stan fey. 
Morgan -Stanley 



CCF 


700 


'1983 


H 


100 


Kidder, Peabody trie. 


'M | 


CNT (g'tecd France) 
t**BASF Overseas NY 


20- 

- 1983 . 

S'- 


25 

J988 

f ' . 

75 

1993 


9 ... 

so. 

1982 J 


; M 


991 


Dillon Read - 
SWW 

Deutsche Bank; UBS ■ 
(Securities), Sac Gen. 
Deutsche Bank. 

Morgan Stanleys ■*.■ 


« 'Si 


D-MARKS 

^Norway 

}PX Banken 
$**S.A. Railways 

J Province of Quebec 
Elf Aquitaine _ 
§Sankyo Electric 

jssSparbankemas 

t«KLM 

Den Narks 

tndustribank 




250 

100 

- .1983 
1988 

5--. • 

10. 

At 

5} - 

-10ft - 

. 99. 

Deutsche Buik- 
Dresdncr V- - 

■m 

40 

1982 


-7i ■ 

■ 100 

BHF Bank 


150 • 

■199ft . 


A-' ■ 

WH - 

WertLH- , •.‘i 

- A0* i- 

m 

1988 

■' 8.97 

Si 

99 

Deutsche' Bank; 


40 . 

-1986 - 


4' 

100 

Bay- VeraRdahk; •-•* r ' 

* 

40 

. 1990 '• 


6 

' 99 

WcstLB - 


70 

' 1985 

4 

5 

100 

Drcsdner Bank 

■'mi 




Wit 


125 


1?TO 


8 £ 


51 


YfestLB 


SWISS FRANCS 
|S. Eastern Zeeland Elec. 

Supply Co. T5 

^Province o f Mani tob a iQO' 


; 1988 . 73 - 4S 99 

-1993 124/13 -4 • 994 


BartqueGutZWilleri' 

Karev Bungener ' 

.UBS - 


LUXEMBOURG FRANCS 
fBanque Generate 

du Luxembourg 408 


1986 


n- 


10ft 


BGL 


YEN - 
{••Thailand 


lObn. 


.1988 


8w5 



KUWAITI DINARS 
Finnish Export Credit 
Ltd. (g’tecd Finland) 


7 A 9935 . Nomura Secu ritk* ' . : v - 

; — • ■■■ i* i ; = 


1983 


7j: 


- iac 


- ,r ' ^ 


UNITS OF ACCOUNT 
City of Copenhagen 


25. 


A 1993 




Kredletbank Lux. 


:5> 


* Not yet priced 2 Final terms ■* placement - t Ftoaifctj ■ rate now. - ' -Q HI 

tt Rctueered with U j. Securities mf O c efa m g c Crat n uiwi wi' - f Totttaso Rood 
.. '.'Nett: ITeUr in alcaWiBf « AIID tok 


isao* 


Indices 


I.Y.S.E. ALL COMMON 


1973 


Rises and Fails 

Apr. 21 Apr, 2D Apr. 19 


NEW YORK -DOW JOKES 


31 


52.65 52.73. 52.35, 52. 


iPit 


Apt. , Vp>- ; Are. At 
21 20 ! 19 £ 


. A^. : A|« . 

: IT I tt 


Siik-,.- . umi'iiar ■■ 


‘Ts ' 1 

High 1 

1 Liit 

52-lfi! 

62.73 | 

At.i/ 

1 

C20/4J | 

(Gfi) 


I->Miea Ira. Ie>l..,.., 

III** 

fain, 

I '•/ •.■Iran ■•/»!.. ...... 

New Hi-jhr I 

New knew _J 


1,890 1.910 1.921 

721 1.0 IS 872 

7 IS *75 , 685 

462 1 417 • 424 

SB : 1«4 - 

17 : 21 1 - 


Industrie!... 914M 808.M 883.27 810.12 785.151 817.74 

d/l» 

H.' me B* rutii" 69 JO. 69.29, 89.42; 69.35 69.861 68.54 30.86 

M/l» 
220.69 
(2U4> 
110.88 
i5/li 


Tnuii[»'iit..J 220-59' 220.42 217.72 : 218JW’’ 213.77 

Utilities .• 108.771 I06.7 b[ 105.35' 104J97I 105.72i 106119; 


Trading rolJ | I ! I 

000" t \ 31.540 43.280 35,060i 58,950- UJfflQj 52-260i - 


Low 

High 

Low 

742.12 

1061. 76 

4L!2 

(OS/2) 

ill/irii) 

12/7/52) 

«a.20 



02/4 1 
ISa.31 

273. M 

I6.ZJ 

rti/li 

o&m 

(8/7/32) 

102-M 

1B5.S2 


<23/2) 

I2MXO) 

/2»/4/4S) 

— 




MONTREAL 





1971: 



Apr. 

Apr. 

Apr. 

Apr. 




21 j 

20 

L9 

“J 

Hbb ; 

I Low 

1 n-tu-itrla 

178.41! 

! 179.68 

1B0.64 

[ 180.67 

IB1A7 (17/4) 1 

I62.3U (lb/3/ 

Ctnnhine-i 

186.52 

1 188.8! 

187.19 

187.211 

187.93 )l7/«) i 

| 170.82 (Mil 

lORONTO Comixrti* 

1086 .bI 

1088.9 

1887^1 

1087 .d 

1091.4 (17/4) i 

| mi.* UOiL 

iUHAHN tSbUltL 



1 



i 

(mil 

184-3 

183.0 

187.4 1 

184.5 

21B.r (1/2) I 

183.0 <20/4) 

tn-in tria- 1 

211.8 

211.3 

218.8 [ 

S09.fi 

2 14.* (4/1) | 

IsJ.- llj«*1 


• Ha •‘I- itr index chanted "rum August M 


tivl. ,ii» , vusl.l % 


Apr. 1* 


Apr. I 


Mn.il \mi-ituo iap|,nia.i 


April ■ fret-- J L87b I mis 
21 ! toil* Hlph l l-iw 


5.86 


6.06 


6.16 l 


4.49 


STANDARD AND fOOHS 


I57T 



A ix . i Aur. i 






1 21 : 20 1 19 

18 j 17 ] 

14 l 

High 

| U>» 

Uiffli 1 

L/'W 

JfnduHrialJriH.a!, 104.10 103.581 

10Z37\ KM.rsj 

102.83] 

| 104.13 i 

1 *632 

! M4.M 1 

a-o2 

Jill 

1 

(17/4) ' 

1 (Gl3| 

(llll/7A)l 

(30)q/32i 

(Composite 94.34 94^4 0SJ8 

B3.45j 94.46 

32.82 

8434 

| i«-30 

126.86 

4.40 

i i n 

! 


! (SO/4) 

1 IK/5) 

ii IL; l/7j> 

i (litrrS2) 


Auacntliai*) 469il4 1 4TLE0 
Beltriom >»' 100.05 1 100.22 
iDeamark 1 *. in i 

'•IIII.V LmiiiJ'IIhI'ii France ‘it i 1 

Oernuuivv^) 'il&.l Tia a 

Holland tltl 7SJ 79J 


■ 4»M.-o; -41.14! 

‘'•li 1 tl/i> 

100.2b ■ uO.M 
1 1 14,-4} , ML'.li 
ajj ; twjAi 
•9-In ib/2t 
■ 4f.o 
1 ill •*! 'A,fcl 
Tib. I 



1 Awil 
! 21 

Fro 
, >w> ' 

1 lyre 

1 H ml. 

W7t 

l/« 

Spain 

U4H — ! 

1 94.77 


rl.:c 


! 


Ip'li 

* l/i. 

Sweden 

irrj 351.91 

583.16 

A>.lb 

O’X.I- 



' 

•i3./< 

iiiU 

Swu er 

■'ll.- 1 267/91 2Ea.O 

L*wS 1 



1 •' 


| 4- ' 

; !!'•>» 


‘ 4bl iff- i*A. 4- 
i 14<4> I (13,1) 
hi-ae : bt-.«r 

| Apr. 12 ■ Apr. D | Ywr (ap yvn.% Japan m 4U-g3 4l6-09 J ! «?£ 


Hon? Aon? 1 W ■ 448 ill 1 
‘•591 i 

Ital. »|)5J| ».64j 60.40; 


■low, I (2L'4i 
! nc.l ) ,«j.U 
(»W.-» ‘4.4, 


Ind. dlv. yield ^ 

1 5.14 

J J 

1 5.36 | 

6.39 

4.23 

ItuL P/E Ratio 

8.94 

8.56 ! 

8.48 | 

10.41 

Ljng 6.41. B«nrl yield 

> 8.30 

8.34 

8.32 1 

7.62 


Singapore 3B-flG 304^1 

Uni i 


i <4/li 
1 504.41 *MjOL' 
(2u>4i i lL,6> 


lodiees and b ase d ales i all bjie values 
100 cxiVpt NVSE All Common — 50 
brand arils and Prion — ID and Toranio 
>-i.6w. Hu last named based on 1 975'. 
f Excluding bonds. . r 400 industrials. 
1 400 lads.. 40 Utilities. 40 Finance and 
20 Transport. (I) Sydney All Ord. 
Ml' Belgian SE 31/15/63 ' — i Copenhagen 

SE 1/1/73. rtt> Paris Bounw 1961. 
■ tt! Commerzbank Dec.. 193.'. ■;{■ Amster- 
dam. Industrial 1970 M’.iHang Sens 
Bank 31/7'S*. «:!!H Milan 2 1 13. ia.Tobyo 
New SE 4/1/68. (PlStTaiis Times 1B66. 
<c-> Closed. (di Madnd SE SnnZTl 
Ifll Siodtlwlm industrial I i -5S. (h Swiss 
Bank Corp. im Uoavallahie. 


GERMANY ♦ 


April 21 


PL-u-e> I f 

»in. I - 


nr |U<v. 


Ab>U I 

X 'iiiii/ V*r*ich... 

bMW. 

UABF : 

tftiycr ........ 

u»et Hvpu..... 

riivei Venein-ri 

vilnlnl.NvI.wrt- 

OkHnmenienk.^. 

< Li u mm ....... 

ihtuifei IML-a... 

ileeuvyi 

Urnrui' 


UeuCHriie (Wnk„.. 
HivHlaer Sank.... 
uvckerthiB /«tni. 
■lUttUOlllllll! 
LlW]M!! L'i«V>1. ...... 

Hiri^ner-.— ~— 

rii:n-il-| 

..... 

U'icieii 

rv-Hl Ulld >91/ .... 

ri ir-luli 

b.mithpr 

imckuer Urn Hij 

ilHD 

"'“W 

Ijit-ie.. 

ijiwennraii lOu... 

LwiiiImh-h 

U.X.N 

•Uime- nintiii— .. 
iJein!fj*i- 
■liuu.'heiiei Hiiek 
.Nvdkernviuii ^._| 
■ 'rvuiMiu L»M l«|p. 
•aieifltVe-i.A-wvf 

H.-Iiertni! 

iemen- 
3u.i Aucfcer 
i uv —en 

-I 

‘ KbA 

‘••:iein.AWe*tbs 

* -i k vrneen. u ..„ 


B5.71— 0.4 

466 -10 

215 - 

136.8 4-0.3 

137.8 +0.3 

282 , 

305 t—3.5 


175 
228 . 
’ 73.5 


+ 6 
-a 

—1.5 


■IB 2.0 
20 ! 4.6 
12 j 4.4 
16 - 
18 3.2 

IS 2.9 


17 


296!7!4-o!2 
245 Ami +1.0 
166 1-0.2 

296.51- 2 M 

245slt— 1.5 
143 

196.51- 2.0 

Z1S ; + 1.8 

281.5— 1.5 
131.B— 0.2 

44.8 +0.6 

122.1 — ID 

129.0 

297.5 —1.0 
208 1 

8=1.5— 1 , 
177.3.-0.7; 

96.0. 

237 • 

1.505)01 -5 

106.2 -0.8 J 

ISO. 2-1.0 j 

163.6— 2.1 
206 .—1 

516 i 

113.4—0.6 

110.6+0.3 

104.8 — L3 

236.5 -0.5 

870.7 -4.0 
240 -4.6 

123.9 -0.6 

173.5 -0.7 
102.9+0.2 
29214—2 

199.6 — 0.4 


7.5 


SJZ 

3.6 

4.5 
3.1 

3.6 
1.0 
3.0 


12 > 5.2 
9 3.2 


13 


4.4 
4.1 

3.5 
3.3 
4.8 


3.3 


3.4 

8.3 

3.3 


12 i 5.3 


4.3 

2.4 
1.7 


6.8 

4.2 

3.0 
3.b 
4 A 

4.1 
6.7 

3.1 

6.2 


OVERSEAS SHARE INFORMATION 

NEW YORK 


Inv. S Prem. S2.60 to £106i% (1091%) 
Effective rate (LB260) 45 i% (4fi}%) 


1978 

High I Dow 


Stock 


"If" 


59% 

50 Abtott Labs 

571* 

19% 

13% Adi Irese- /graph ...| 

19% 

38% 

31% Aetna Li/ei Laos, 

A9% 

28% 

22% Air Produi.ta 

27 

494* 

32% lAireo 

49% 

27% 

22 'Alena Aluminium 

26% 

46% 

381* Alisau... | 


20% 

17% 'AIIbjj. Liellum... 

SO 

20% 

18% Allegheny Power 

18% 

43% 

34% Allied Vh'emiuab. 

43ta 

23% 

IBS, Allied Storee 

23 

28% 

22% >Allla CUalinere... 

28% 

36% 

31% AMAX 

1 

27% 

22% Amerada Hesa ...j 

! 263, 


ilia ' 

?S ‘ 9 1 

44ia ; 

39U | 

26ig ! 

Z4ls | 
36*a 
291« I 

2 J* i 

44S 4 I 
401a 
32i 4 f 

82'j | 

3258 ' 
1719 l 
29 ' 

14 1 8 
27J» 
23 

23 jg - 
llifi 

20 ig 

3n, 
49: a 
29-% - 
10 ; a 
231* 
50S* 
2b‘i [ 
24Tg | 
371g 
29 
3958 
B4S, 

4Qia 

19% 
38% ( 
3% I 
23 U ! 
17 % ! 
38‘a I 

28 I 

31 fa ! 
301? | 
12 ig I 

15 I 

3319 I 
16% 

32 

lBig 

21 

355a 

6% 

41 
72 
3418 

16 
12 
297 a 
1 BI» i 
18*4 i 
53 t s ; 
s 2 >b ’ 

40 >4 i 

16U I 
23 > 4 
37 Ta 
32% 

42 
24% 
3519 
SI 
19!% 
1334 

27b . 
26% : 
23 s 4 
55 U 
15 
411a 
211 * 
il7 8 


9lg lAmer. Airlines... 1 
39% lAmer. Brand*....' 
34% lAmer. BneuJnwt; 

34J4 lAmer. Van 

23 tg 1 Amer. Vyonamiri: 
28% lAmer. Elec. Fow 
31% Amer. Express.,. • 
26'* i.+mer. HomePn-d 
16% lAmer. Medical..,. 
3% Amer. liotnn>....i 
39L» Anns'. Nat. Go*.. 
32% Amer. Smnrtanl.. 

2810 Anur.Awo, 

57 ig lAmer. Tel. A Tel.' 

27t 9 jAmutek 

157* 1ASIP ' 

24i* ,Aue 

lAmpea. 

tAncfaor Hockinjf.; 
'An bender Boseb.j 
,Armo.' Steal... — 1 

A.d.A 

'A'amera Oil 1 

Amn.-u ; 

.\ kills mi OU ... 

.Ail. Hi. -h field 

AuU> IMlJl Pm 

'.AVI 


10 

25% 

17% 

26 

19% 

8% 
13% 
27 ig 
43% 
236a 

87a 


15% Avon. - 

44% Avon FtnriUL-ta ... 
25 | Balt Gas Elevt....: 
20% iBank America....) 
34 : Bankers Tr. >.Y. 

lOartvr i»j|. 

jBaner TraveituL.; 
Beatrice Fond — 
Bwtim Dl'/ken mh 1 

Bell A 

Bendix ; 

Benguel L'mu *B' 
Betblebvni Steel. 
iUloi-k A Decker J. 


25% 
33 
22 
31% 
14 
33 
2% 
20 U 
14 % 


25% iBuelng....- i 

22% Boise Cascade- 

Z7Jj tbonten. 


25% 

9 

127 S 

28 t B 

137g 

25% 

13% 

16% 

51% 

56% 

5854 
31% 
147* 
10% 
24% 
11 % 
15% 
45% 
43% 
36 
15 
18% 
29% 
27% 
37% 
20 % 
29% 
42 
14% 
10 % 
1% 
18% 
. 19% 
46% 
11 % 
35% 
19%. 
10 % 


1 Bon; Warner i 

iBranlfi Int I 

J Brascmq -A’ — 

'Bristol Myna. 1 

IBrii. Pet. ADR...| 
.BroctnoyGlaes^; 

iBiunKWiuk 1 

iBucyrus Erie 1 

Budd 

iButova Watcli I 

|BuriiH*fton Xtfanl 
Burroughk 
C»inpl.«ell 6ooo_.| 
Canadian Pacific 
Lull Hantlnlpli..[ 

iCanrntlon , 

.Carrier A G eneralj 
Ciner Haoley..., 
Caterpillar Tractaj 

:cbs 

ICelaneae Corpa ..v 
'Central k S.W...,| 
;r«naioreed — - .( 
! Cessna Alromtt...; 
[Chart Manhattan 
[Chemical Bit. NY. 
iCheaetmeh Bond-, 
jChessle 6rrtem...| 
iChicaeo iJridce.,.' 
[ChrvmaUoj....^.. 

IC-lneranu,..........; 

JCfnc. Ullxcroo... 

■CUxcrop 

JCitlet Service 


28% < 
17% 

187 fl 

38% 

20% 

SSTs 

2% 

41% 

11% 

50% 

23 

25% 

25 

44% 

23% 

3378 

28 

16 

28% 

49% 


27% 

15% 

147* 

31% 

15% 

267 8 

2% 

29% 

8% 

51% 

187a 

22% 

23% 

34% 

22% 

29% 

85% 

14% 

23% 

40% 


JCity Invading.... 
>C«a Cola — ..-..I 
I Colgate Palm — .' 
[Collins .Vitman. 

.Cclumhia Oos ( 

.CiduiDtita Pin....' 
Cum . I n*Co J>f .\m I 
X'c-mtniirion Eng.i 
Tnnibuii.il rn 
tC'm'w’tb Ijdisnn! 
.Com'u 'th Oil Rrf 
[Cnmni. Satellite-. I 

IComputerSdencel 

Ci.no. Idle ins : 

.‘.'•fnrae 1 

■Con. Edison S.Y.[ 
'.Conwri FUuda._>. 
iConeuf Xol- Gas- 
jConsumer Power] 
Continental Grp. 
[Cod t IneniaJ OU— 
(Continental Tate- 

[ontml Data.. — 


J i r3 

49% 
44 14 
39% 
26 
25% 
34% 
28 
23% 
4% 
43% 
3914 
oril* 
62 U 
32% 
17 
29 
14% 
27% 
23 
27% 
19% 
10% 
17% 
30% 
48% 
287* 

9% 

2at 3 

50% 

243, 

24% 

367* 

28% 

38% 

24% 

38% 

19% 

a6‘s 

2sg 

227* 

17% 

38% 

28 

28% 

29% 

117* 

14 

32% 

137* 

32 

14% 

187* 

33% 

.6 

38% 

667* 

317* 

16 

11% 

27% 

12% 

18% 

52% 

52% 

40 

16% 

22% 

337* 

32% 

41% 
24% 
53% 
80% 
19% 
12% 
2% 
36 % 
23 
50% 

15 
40% 
20s* 
11% 


387g 

17% 

187* 

38 

161s 

87% 

S% 

39% 

11% 

33% 

22% 

23 

23% 

39?b 

22% 

30% 

26% 

15% 

SB’s 

49% 


1818 

Big b | D,w 


Stock 


i4" 


61% 

46% 

29% 

27% 

35% 

387* 

21% 


45% 

421* 

24% 

23% 

£9% 

33% 

167g 


.Coraing Glass...,: 50% 
,CPC lnt'n'tional) 457* 

■Crane ; 28% 

iCmekerSat J, 2 7 >4 

]Cn,n n Zellerbnrbi 32 
•Cummins Hueiuuj 58r* 
lUirtii" W right... | 20% 


257* 
41% 
H7S 4 
26i* 
10% 
197* 
16% 
287* 
15% 
46% 
39% 
45% 
26% 
A3 
437* 
116% 
17% 
191a 
8% 
5U% 
37% 
23 t* : 

si" 
34%. 1 
45% 
35% | 
3% 


19% 

34 

23 

22% 

6% 

16% 

16 

23 

11% 

38% 

31% 

38 

22% 

25 

36% 

97% 

12% 

16% 

6 

41% 

33 


JDaoa j 

iDsrt Industries.. 

|Di.+re 

Ud Uonte I 

I Delt< out 

Dentayly Inter...! 
[Detroit Edison ...I 
. Diam-JUriSham rkl 
.Dteiaplaine ........ | 

[Uigita KquipL ■ 

-Disney (Walt) I 

I'Jkinrr Carp,, 

iDuw Clit-ndnal....', 

|Drar.i 

• 

■Uu Pont 

lUymo Indiisrriefl 

Kagle Plelier | 

'Knst Airlines 

'Eastman Kodaks 
'Katun ^.......1 


26% 

145* 

35% 

29*a 


B-G.AG , 

El Paso Sat. Ga». 

Bitra ' 

Emerson Electric 
371* .'EmeryAirFr'ight 
28% Ernbart 

a% 'K.ai.i 


87 

22% 

'Engpthanl 

no i a 

29% 1 

2b% 

tfemnrk 

27% 

21 

IB 

Bthyl 

19% 

47% 

43% 

Ex icon 

471* 

33% 

23 

Fanvhlld Camera 

3£S* 

39% 

34 

Fed. Do [it. SitKesI 

081* 

16 

13 

Firestotie Tine.... 

14% 

28% 

24 

Fat. Aar. LSuMoa. 

28% 

21% 

16 

iFlexi Van 

215* 

2-.% 

18% 

'Flint koto 

241* 

32% 

29% 

[Flotilla Pij'ver.-j 

295a 

36% 




23% 

20% 

iF.M.C 

235* 

49% 

405* 

iF'jrd Sli't.ir — .... 

487* 

19% 

17 

Fureniost Met.... 

19% 

35% 

276* 

, Fosls.irci 

355* 

9% 

7% 

[PraaVlIn Mlui— 

9fl* 


25% 

41% 

87% 

*6 

9% 

19% 

16% 

24% 

15% 

407* 

57% 

45% 

26% 

287* 

40% 

113% 

167* 

19% 

8 

47% 

375* 

23% 

19% 

307* 

33% 

4314 

35% 

3 


23 h l 18% [FreefWt iDneraJ 

28 ; 24% Fruclutid — 

10% | 8% it'aqua lads 1 


20% 

28 

10% 


11% 

41% 

10% 

26% 

15% 

51% 

50% 

31% 

30% 

66 

207* 

88 

30% 

25% 

8% 

27% 

172 


104 

343 t 

87* 

22% 

11% 

37% 

44% 

86% 

263, 

57% 

18% 

24 

28% 

22% 

37* 

2534 

150 


G.A.P. 

Gannett 

Gen. Amer. Int.. 

G-A-T.A 

Cien. Cable... 

Gen. Dynomic3- 
Gen. Elcetries.... 
General Foods— 
Geoml Mills-.. 
General Motors.. 
Gen. Fob. Util... 

Gen. Signals 

Gen. Tel. Elect.. 

Geti. Tyre..., 

iGenescu ... 

Georgia Pariftc.. 
lUetty Oil 


11% 

40% 

10 

26% 

15% 

50% 

50% 

28>4 

27% 

65 

19 

27% 

3U% 

25% 
7% 
276B 
1 165 


273, 1 23% 
22% j 19 
174* 157* 

29 247* 

27is 837* 

9% 7% 

3 Is* £2% 


137* 

26% 

63% 

63% 

383, 

17% 

SOI* 

37% 


i!" 

24% 

54T* 

32% 

14% 

393, 

34 


28% | 24 


|Gil)rtte.» { 

[Uoralrich B. P..—| 

Goalyear Tire. 

Gould , 

[Grace W. It ; 

■lit. At Ian PacTeoi 
Grt. X«tb Iron.. 

Greyliuaurf 1 

Mull A We*t«n. . 

[Gulf Oil 

lHallburlun 

]HnBna Mining — 1 
iHamlschfcger. ...i 
Harris G>rpu u ....| 

Hem re H. J j 

HeuMaln 1 


26% 

22% 

17% 

28% 

26 

Hi* 

22% 

137* 

13% 

24% 

553, 

343, 

16% 

50% 

36% 

26T* 


72% 
17% 
39% 
49% 
13 
29% 
27 ta 
12% 
16% 
24% 
407* 
58 
38% 
14% 


617* 

14% 

30% 

43% 

11% 

22* 

23% 

10% 

10 % 

20% 

34% 

501* 

357* 

12% 


[Battlett Packard.: 
j Holt, lay 1 nn»- — 1 

Homenake ] 

Himeyweii J 

Hoover ........ 1 

|HcH|i.Gnrp~L*Per-'i 

jffoitaUin Sat. Gas 1 
Hunt {Hi -M Chin 
IHutum (H.P,).. U .I 
ll.G. IndiL^iries... 

ISA -....| 

ingcrcoll Rand....! 
Inland steel.... —j 
.lust ton I 


72% 

17% 

30% 

49% 

12% 

29% 

27 

11% 

15% 

24% 

40 

55% 

38% 

14% 


B% 

2701, 

22% 

291* 

40% 

22* 

17% 

43% 

29% 

11 % 

31% 

1% 

337* 

12 % 

31% 


7 

235% 

80% 

26% 

37% 

20% 

13% 

38% 

26% 

6% 

27 

1 

27% 

11 

27% 


Tntwecot Knergyl 

|18M - i 

IlntL Flavour*....! 
Inti. Harvester..., 

/IntL Miu 4 Owin' 
[loll. Siultifuad*— 

line*. ; 

IlntL Paper— 

IPG — ■ 

| Inv. Readier...-. ! 
Int. Tel. A; Tel... .1 

invent.....— I 

Iowa lleel.. -j 

III International. 
Mim Walter 1 


8% 

255% 

dl% 

49% 

40% 

22% 

15s* 

38% 

29% 

116* 

30% 

1% 

33 

12% 

31% 


1918 

Blgb Luw 


Stock 


31% 

75% 

30% 

34 

27% 

33 

5 

275* 

11% 

28 

48% 

51% 

44T* 

23% 

46% 

316* 

31% 

287* 


V 


28% Johns ManrUle, 
66 | Job nsgn Johnson 

246, I Johnson Control.] 
296 4 I Joy llanufnetur'fll 
23% [K. Mart Corp 1 

20 'KairtrAlumlnl'm. 1 
U4 [Kaiser Industries 

21 % ] Kaiser Steel | 

**y 

Kenneroct..- 

Kerr McGee, 

Knide Wal ter 

'Kimberly Clone 

Kuyyera , 

Kraft— 

Kroger Uo — ... 

21% i Levi Strauss 

256, J Libby U>r. Foul— [ 


5% 

19S* 

40% 

278* 

58% 

19ia 

42 

25% 


31% 

t>9ia 

285* 

03% 

27% 

32% 

1*6 

22% 

10% 

25% 

477* 

31% 

44% 

23% 

46% 

31% 

31% 

27% 


558, 

437* 

19% 

226* 

19% 

19% 

227* 

397* 

14% 

67* 

117* 

42% 

33* 

38 

48% 

15% 

28% 


26% 

36.3 

14% 

13 

17% 

186, 

20% 

3364 

13 

5% 

9% 

558* 


31 

40 

1-1% 

19% 


'LlgjjH Group { 

Lilly, Eli, 1 

Litton IrnluM — 1 
; LockbeedAircr'f t! 
Luge 6 tar Inds.J 
.Lsinx Irlanil Ltd.] 
I/iuu-lana Land.. 

; Lubriaol ; 

Lucky stores 1 

L'ke'Y'unc*t’wTil 

JlacMWaji —j 

[llacy H. H.._ 1 

'illtrs. Hanover ...| 

.U-tps | 

jUaraibun Oil 

■Marine Mi>llnn<1. 
[llanball Field — 


33% 

455a 

IBs* 

22% 

187* 

la 

227* 

397* 

13% 

07* 

11% 

42% 

33% 

347* 

43% 

15% 

25% 


267* 1 
45 ; 
28 ! 
28% J 
201; 1 
39% j 

36% 1 
186* | 
3B7* . 

35% : 
485* 1 
65 i 
56% 1 

47% ; 

42% • 
367* ! 
5U% 1 
32 , 
166, ; 


207* 

323* 

21% 

22% 

163* 

26 

483* 

136* 

323* 

25% 

43% 

58% 

44 S 9 

396* 

347* 

33 

46% 

253* 

14 


[May Dept. Mores! 

.MCA I 

[MidJerniuU. I 

rM- Duiincii UtiUK-i 

(i>li I 

■Memorei I 

■llen-k - ■ 

.Merrill %, uch. J 

Mesa Petroleum..; 

1 MU M ! 

'Minn Mluga M,p[ 

[Mobil Corp ' 

Monsanto | 

.Morgan J.P ...[ 

'Motorola. 

Ilurpby Ul! ' 



Nalco Chemical...! 
National Can...... 


24% 

4b 

^6% 

a7% 

200a 

39% 

18'« 

o7% 

34% 

48% 

bii, 

607* 

■J73* 

42% 

n5i* 

50 

293* 

16% 


23% i 
15% j 
33% [ 
38% 1 
49% 
20 
23% 
35% I 

is% ! 
11 i 

177* 

27% ‘ 

41 i 
28% ! 
as, * j 
243* ! 
20% I 
23% } 
48% 
19% [ 

16% i 


20% 

12% 

29% 

334, 

37% 

13 

213* 

337* 

14j* 

9Jfl 

15a, 

255* 

34j, 

243* 

20% 

21% 

16% 

20 

37% 

ia 

13t 3 


\«t. DtiUllen....’ 
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National steel— 1 
X atomaa — — ...| 

sen I 

.Neptune linp. — j 
.New Knulajid ELI 
.Nea- L'liiiiKiiil Tel 
Xta^ara M'-bawkl 
Xia^uit Mure. ...| 
X. L. lu-U,striCB.] 
Mort'jltiWMcrn; 
Xortli SaU Gar— j 
NUin Stales Pwr 
.Vthwenl Airlines. 
:>lhuest B/in- vrp| 

iXoriun biniiiii I 

Owi.lental Petrol) 
[Ogtivy Mmiier — 

[Oh w KdiSun, ; 

[Olin — j 


23% 

lb 

als* 

a4% 

493* 

20 

iCl7 3 

*35* 

146* 

10% 

177* 

£5% 

386* 

24% 

546% 

fc4% 

20 

^2% 

48% 

18 

156a 


243, ; 
64% 
233* I 
243* •• 
21% 
21*8 
6% 
243, l 
24 4* ; 
23% 1 
39% ! 
303, 1 

6% I 

37% 

29 


20*4 lOverMesahlpa—.i 
54% Owen* t orniny... 
IBs* Owens Illinois— .) 

233* Pouikc Gas [ 

19% [Pacihc LtghtliU; ^ 
20% |Pai>. I'wr. i Lt...| 
4 IPanAm World Air 
205* iParser Hannifin.! 

20 1 Peabody int j 

213* (Pen. P«. A Lt— j 

33% [Penny J. C [ 

27 PennaoiJ 

7 [Peup’.ea Drag— J 

323* ] Peoples Gas. 

24s* jPepBiou — 


227* 

60% 

31% 

B4 

19% 
<(07* 
6% 
L4% 
24 3* 
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39 
29% 
.% 
37% 
<8% 


10% | 
396* I 
28% I 
24 i 

las * : 
636* I 
31% 
39% 
22% 
24% 
18% 


17% t Perkin Elmer.. ...1 

32% -Pet 

255* IPhrer — ! 

173* | Phelps Dulffe— ..] 
183, ; Philadelphia Blc, 

66 iPbitipMoms 1 

27% [Philips PetroTm.1 

33% {PUrtiUTy ..1 

183* ‘Pitney Bowes. 


20% iPitistteL. 


161* iPlessey Ltd ADR| 


18% 

a37* 

28% 

£21* 

1B% 

fall* 

31 

cB3* 

17% 


30|a 
19% 
28% I 

847* ; 
23J* 
29% 
177* ! 
23% l 
85* : 
40% I 
28 ! 
253* t 


23% ;FoiSri*td M 

14% Potomac E%c..— I 
23% 'PPG Industrie*..! 
73--, Proctor Gamble^; 
213* [Pub berre Elect. 

24 Pulimaa — 

15% .Pum— — . 
20% Itjuaker Oeb;.— — 
57 a 'ItMiri'! American-] 
29% Uaytheon.....-.-.. 

22 KUA- - 

22 .Republic 81cel». 


30 

13% 

27% 

80% 

a3S* 

28% 

1V7* 

213* 


40% 

275* 

247* 


1978 l< 

High J Low Stock 


April 




43% 38/ IKevion. — J 

32 251, ' Hey n. <lils MeUleJ 

59% — ' - “ ‘ 


237* 

a26* 

343, 


52% .Reynolds B. J 

90 Kwh'-oiD Mwrrll. 


287* iKia-kneii Ituer... 
28% jttul/m.V Haa« 


60% 

18 

123« 

18% 

42% 

31% 

307* 

39% 

7 

5% 
19% 
71*4 i 
18 
147* 

233* 

8% 


54% 

12% 

11% 

13% 

35% 

25% 

253* 

53% 

33; 

4% 

10 

64* 

161 * 

12% 

191, 

6% 


Itb'Val I hi loti 

lulls 

Illils- 

IBy •••■ sysu-ni.... 
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*n. .!.«■ iiiiH-mit-. 
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Isam Invest 

'Su.a lnd> 

> ti ,ti Brew hi-.. 

'SelumntierL.ei ' 

sot I 

**•'■11 Paper...— ..j 

■O'ui >Ire 1 

Amir' Duot Vert? 


30 

23% • 
13% 
273* • 
38 
53% 
405* ; 
39% | 
37% ! 
13% ' 
21% 
62% 
2% < 
30 ■ 
267* ; 
17% ; 
33% ; 
54% | 
90% , 


197, 

20% 

11% 

■ 221 , 

29% 

28% 

37 

28 

307* 

106 , 

18 

46% 

18 

2S 

16', 

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31 


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sin.’i Tian'-imn... 

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: 'i^' n..l«. Cur, 1 —— 

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, '"•iiueiii I'a'-lll,.. 


253* j 
263 , , 
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385 * I 
25% 1 

26 % I 

401 , : 
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41 % ' 
145 * [ 
54 % . 
42 t, - 

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235* I 
136 * . 
884 , 
80 % ’ 
5 ; 

a is, , 


441* 


22% 

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23% 

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d2% 

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22% 

'iHiiilor'l braml-. 

24s* 

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44 

-itl. tin liulmim.. 



34% 

.'•auff CUemica'. 

12% 

'terim* Drug—, 

33% 

325 3 

18% 

Bjj 

325* 

57% 

2*t 

Sun Co, 

'/(ip Nrniip 

>‘nte* — ... 

• rerlinicnlar— •— . 

• IVip. lymf — ■ . — 

28% 

;l-llieil...-._ 


10% 

27% 

196* 

74 

323, 

22 

44% 

£8% 

50% 

351* 

15% 

213, 

36 

£4% 

173, 

333, 

20% 


73, 

25% 

173, 

61% 

£9% 

19% 
34 J* 
22i< 
41% 
315k 
13% 
176* 
32% 
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26% 
18% 


Petroleum 

I ' SHU'..... 

1 .- CKIg. Ull 

t'.-xas liiBf.ni 

I'.-w Uil A Gas.. 

1 c*a» Ltiliues ... 

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I I me* Mirror 

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. I'ramnnrrtea. 

I'nnuo 

I'mnr Unkin~-... 
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I'laie 1 World Alt.! 

I'mvulter* | 

ifn LootinCflal ..j 


375* 
281, I 
24 % j 

24 l 
233* I 
£06* ■' 
416* | 
86% 
146* , 
41% < 
86* 
52% 
49% ! 


271, 

20% 

193* 

181, 

20% 

14% 

357* 

52% 

12% 

376* 

6% 

455b 

41 


T.K.W. 

L'Olb Century Fox [ 

L.A.L. 

CARGO..—. 

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c.o.p. — : 

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Li»«*> uanwHV...' 

L niiiu tartmle. — | 
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8% I 
8% 
32% I 
241* I 
87 ! 
325* j 
40% I 
82% [ 

H 58 
£0% ! 
38 ; * 1 
20% ' 
84% : 
8863 : 
36% ‘ 
26% j 
17% . 
19% , 


7% 

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29 >8 
21% 
215* 
25% 
32% 
18% 
18% 
16% 
29% 
253* 
17% 
24% 
296* 
203, 
153, 
1U, 


L'„ii**V*l...—iii— 
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'tl’MiRinu..- 

■Warner, tvstmun.; 
Wcroar-Lanilim.i 
Wadte-Slan'meni; 
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N. Amur, 


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il'nian Union— [ 
[West mphoo “'•ectj 


283; ' 

266* j 

24 

23 j 
18J* 1 
41 ' 


32'g Iffprae 

SOI, -Weverhaeuier — . 

20% i\Vliirlj*s*i 

20% 'While Cl"). 1 0*1— 

l6i: M'liliamC) 

Slag WiurtitMU E%lc. 


MB 

High I Low 


206* 

55* 

474, 

19% 

166* 

943, 

B2s a 

6.67S1 


175* 

% 

41 

1S% 

113* 


Stock 


IWpulwortb 

}Wyly ^ 

[Xerox — 1 

Zapata—,— 

Zenith Radio.— 

]D.S,Tri«ii A% 1980) 

Bla* rs.Ttw4lt7S)7U' 

6,09^ 0^.90 f»aj bills 


Abril 

21 


206* 

48* 

47% 

16 

14% 

t9*A 

tai3» 

6-233 


CANADA 


123, 
63* , 
30% i 
19% ' 
40 
20 
20% 
7S* 

553* 

27% 


10% 

4.30 

24% 

14% 

54% 

17% 

1B% 

6 

52 

20% 


lAbiltbi Paper 

[A^nivu Kb^Iil.... 

' Alcan Muniinlum| 
lA%>.ntw BteeL.... 
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Baukuf Alimtroaii 
[Bank NovaSutfau 

Baal-' KetoiinisJ 

Bell Telephone 

Bow VallBvInd.J 


if 5 * 

4.50 

30 

191* 

58 

20 

20% 

nS* 

96 

25% 


176* 

163* 

3.0 

373* 

17% 

10% 

14% 

28% 

20% 

19. 

19% 

6J 

4.35 

9% 


141* 

14% 

2.06 

34 

113 4 

85* 

9% 

22% 

18 

16% 

15% 

51 

5.05 

83* 


UP Cans. la ..... 

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iCalpiry IV-niT— 

1 wjulloii llliir 
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i s ns. U iiidiiM 

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153* 

16% 

f3.2o 

37 

12% 

10 

12Sr 

28% 

itf% 

18% 

19% 

56 

333 

86* 


213* 

29% 

28 

173* 

81* 

113* 

8% 

69 

783* 

68% 

25% 

17% 

14 

21% 

81 


18% 

23% 

21% 

lb), 

6% 

7% 

6'B 

62 

70% 

53% 

216* 

143* 

12 

163* 

69% 


U.ielintu 

jCMIlllUL-M 

Inna Hsllitir-l..— 
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C'Mihii Lilli .. 

Dm ill I'l-llll" 1 

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Uuui Mine*. I 

Dome IviiuIlhiii 

Dt'iinnkni llnd^ej 

Dniiilnr ; 

Dills in 

Fnleufl'ite Mckle. 

Poni 11 <aw tan.. 


183* 

273, 

28 

17% 

b% 

113* 

8 

08% 

75 

t4i* 

25% 

17% 

13% 

21% 

75% 


273* 

14 

32 

b6* 

331* 

47% 

17 

19% 

47% 

18% 

51% 

21% 

19 


25$* 

203* 

26 

5 

29 

37 

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16% 

41% 

17 

273* 

18% 

16% 


, Gen star .; 

Gum Wr*ku)fe[ 

Uuli Oil CsiiH'ia 

Hau'ktySiii.CBii 

U-iiliuaer. 

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I luii son liny llngl 

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Hulls. m uii A U»l 

i.a.c : 

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liii|4Tinl Oil 1 

luo" ,...{ 


2b 

29 

323* 

41% 

10% 

18% 

42% 

1/ia 

3y% 

19% 

18 


11 % 
11% 
147* 
15% 
8% 
4.10 
19% 
IbSg 
265a 
34 in 
27 

lB 7 g i 

30 ‘ 
28% 
6% 
£.14 


8% 

9% 

13% 

id 

6% 

3.2b 

15% 

91* 

20 % 

£83* 


luda! 

Iiilmid A»i. lias.. 
In.s’iir’., Pif« Ldue 

Km-vr liv~nir>.vs. 

Laurm’l Kilt Curl 
Li,im» l ■.•ul.' lt*..| 

Me' mill’ll LHwiilJ 

llaiu+y Kw^usou 
Uclmyiv. — , 

Mis ire Cwrpn 

21% ! Soranna Mine*— 
15 jSiirreo UuCTKy 
16s* jSthn. Telecom., 
14 ;N umac 011 X Gas 

4.70 OaktruMl Pet>- 

1.70 [Paciih. 1 Copper M. 1 


1QJ, 

loTa 

143* 

14% 

e% 

4.00 

ib* 

1L*% 

25% 

34% 

2b % 

163* 

£9% 

*7% 

a% 

1.70 


433; 

37% 

17 

4.70 

2.11 

lid 

123, 

14% 

1.S5 

33 % 

1U% 

51% , 
30% 

18% I 


351# 

31% 

14% 

3.80 

0.80 

19% 

9-C 

10 % 

1.12 

26% 

8% 

24*i 

25% 

15 


I Pacific Pot rotaro* 
Khn. Can. Pet ’m. 

[Patiii — 

Hei'i'les ]»c|ii..S...j 

jl'lms; Ljiji A Oil-' 

. Pbnvr I teic!o| mil f 

•Putter Cw [siat 1 n I 

iPi-li- I 

yiivNs- si 1 1 raisin 1 

iilnnaei D»l I 

liemil Mu* 


ti'i'.i At«inii .........i 


iliuyitl Uli. ul Can.; 


tUniyal Triirt 1 


38* 

333* 

lo% 

з. 90 

и. 05 

22% 

13% 

14% 

1.12 

34% 

10 % 

31% 

293* 

18 


10 % 

26% 

173, 

5.25 

35 

5% 

£5 

2.70 | 
42 J, 
183* ! 
15% i 
10% > 
12% ; 

153e 

7% 


71b 

22% 

14by 

4.iki 

226* 

4.40 

£238 

2.3U 

34 

165* 

133, 

BJ* 

10 

10 

7 


tSi^drel 

Smsthui 


* K'wjiirwi 

SbeaKrani) - 

laljL-P Canada...... 

jiheiriU G.Mineaj 

piei-ca* 11- % 

■Siniinmito— 

[■Mcel uf Canada ...I 

['leep Ihwk Iron. 

[Texaco Canada — 

i Toronto Uumjllf< 

jCranuCenPipe Lnl 
irrans Mount Opnj 

Tna* 

Union Oaa 

Uni. .'•iwueMiiiiikj 

WaUei Hiram.— 

'West tewsi Tnu.. 


23% 

e57* 

15 

4.85 
25% 
0% 
26 
2,48 
41 
183* 
145* 
BT* 
111 . 
Use 
7% 
33 
532, 


JOHANNESBURG 

MINES 

April 21 

AJ13I0 American Corpn. — 

Bast OricIoniL'in 

Hlsbore — 

Harmony . — 

Kinross ..... 

Kloof 

FLUbtenbure Platinum 

Sr Helena 

Souihvaal 


AUSTRALIA 


Hoad 
5.15 - 
10.40 
L87 
4S5 
4.03 
7JO 
UB 
12 JO 
7.50 

u.ra 


4 OR- 1 ,. 


■no, 

+B3SJ 

4041 

+Mfl. 

+0« 

4AM 

4W0 

+«3J 


Uold Kidds SA — _ 

Union corporation ...4 4-50 " — 0.1D. 

Dc Bt>'rs Deferred — ... 3L55 +ME 

(UyTOorntndcbt 5.3S ' 

Free State Gedold ..— „ 40% 

President Brand UJS — OJO 

President Stem ... — — M.7S -*2S 

Stllfomoln mo " +«M 

Weltom — 4.10 

Wusl Driefonteln rj&50 

Wetcm Holdings t!7J0 +M0 

Western Deep .... ........ 11-00 




— MU 


C. Smith Sugar 

Surer — 

SA Breweries — 


2.05. 

L.73'. 

10S 

1.60 

«.!£ 

2J0 

5.90 

573 

tS.OS,: 

1.07 

tl.80' 

WJ6 

0J4' 

TL43 

1 XI- 
.0.15 
VLSI 
L29 
•4» 
LOB : 


i-dLOO 

• 4fl.se 

:-9.05 l 


INDUSTRIALS 

AECI .... ....“ 2.43 

ADdn-AmerL "industrial — 19.40 

Barlow Rand 3.a 

CNA Investments tlTO - > — 6J5 

Carrie Finance OjBS . ~ m -SJi3 

De Beers Industrial — — ta."*, 

Edgars Stores tMJKI 

BrorReady SA ...... — .... l.?0 

Kedcrule voiRsbelegchifis TL33. 
Creatermans Stores — ... 
n Liard tan Assorence <SA> 

FTifJans - 

McCarthy Rod way 

Med Bank 

OR Bazaars 

Premier UiUbtK 

Pretoria Cement — 

Pmtea Holdtac* — 

Rand Mines Properties ... 

••’mtonutdf Group 

4-Jg/f KoWIorx 
SAPPT 




.40.05 

'■H.IO 


49J3 


Tiger Oats and NalL Mis. 

Unltee 

Securities Rand SUJS-0.73ii \; 
(Discount Of 35J87%) ' 


AMSTERDAM 


April 21 

. Pi*-/ 


Div. 

O’ 

■41 

Yiil. 

f 

AlM.ul iFl.SSJL.— .. 

100*1 

+ 2 

k21 

3.6 

VHnt/H.SOi— ... 

28^' + 0.5 

— 

— 

MueiiiUukib' . ItA 

352.5 

-BJ5 .A28J) 

6.7 


.83.8, + CL3 

A»4+ 

5^ 

\inn.4«nh iFljaJ) 

76.1*1—0.7 

23.5 

33 

nlKfiknrl. 

i 86.5 

-1X> 

23 

5.3 

■ sUtaiM'M'iliri'.iL 

T118 

+4 

70 

5.9 


h 67.7-0.3 

2b 

7.4 


* 2B4.3 +2.0 

27.6 


Kiiuia.N.V. deai-ei 

137.0[ + 1.0 

37.& 


| c 4 PI l f 

62.5‘ 

I-IB: 

■ATI 


30.8 

-2.3 

22 

7.1 


101.7, + 0.6 f 14 

3.4 

IircWfffWrHPiS 

26.31-0.4 

1Q.2G 

7.8 


2445:— 0.3 

12 

4.9 

K.L.K.IF JtUf... 

136.5 + 1.5 

— 

— 

tut Mullen Ldfl— . 
Naanli.fi (F-.lU)— 

42.31-0.4 

IB 

8.5 

34.6 

—2.2 

12.5 

3.6 

.Nni.Neii InsjMJt. 

106.2 

—0.5 

48 

4.6 


54.9 k 


21 

7.6 

.V*sl MidUitiPi.bC 

194.5 

+ 0.5 

28 

m 

Lhv lU.Ml— 

151.21 + 0.2 

36 

cn 

Van 1‘niineiea—. 

117 

-3 

18 

6.8 


57.0 

Ol'l 



Pbililo (Fj.lUk— 

23,2 

-0.1 

17 

6.7 

K/oaibVerfF/.lw 

74.5 + 1.0 

— 

— 

Kuiidsii r l.bin 

165.5 + 1-0 

Affifc 

7.7 

•Piliiuf i iFuUl— .. 

123.0 +0.S 

— 

— 

li'-roiilii li' JOl — 

151.6 

-0.2 

14 

5.3 

i{»«a'liiiL'JitK 3. 

128 .E 

+ 0.7 sa./5 

8.3 

■slVlil'ill);,. 

269.0 +3.0 

19 

7.3 

sle» III liipcF .it: 

136a. + 1.0 | 97i 

4.0 

1-114.1 >■ /’si-. H 

li/B.5 +0.8 

30 

0.7 

C in invr ll'I.BJl.. , 

120.3 +0.4 !42.B 

7.1 

‘ ikiuylt^.InlfJf 1 

58.5 +0.3 

20 

13 

bin'du. Hun. 

382 xd 


33 

4 3 

COPENHAGEN + 





l*rn.v 

+ UI 

Ihv. 

III. 

April 20 

Kiuuei 

— 

« 

i 

Atvii-islAUhca..... 

146121 + % 

U 

7.6 


424 


15 


Dsiit+p IJauV,.,.. 

125% 


13 

9.6 

I»fl Asian -Co... 

159xi 


12 

7.5 

(d.r. ll.Vgqerier... 

335 

+ 1 

12 

3.6 

b.i. 

81 

— 1 

a 

9.9 


137 %<d 





260 


12 


Nxid Kabc!,,.—. „ 

251% 

^-% 

12 

4.8 

Oheiaiinii..— .— 

75% 

—3 

12 

— 


152% at 



B.3 

8.0 

l*invinstinnh..„. 

138% na 


11 

*iph. Pereni/aeO 

374% 

-% 

11 

3.2 

sii |>trrl'M 

185 

+ 1 

12 

6.6 

STOCKHOLM 


I'run 1 + ur 

Uu. 

1... 

Afrii 21 

hump 

— 

Kim 

r» 

■o 

vi. A .\UiMwJ% 

194 

-1 

5.5 

23 

\ uil/iVt, Uitvrw. 

ln8 

— 1 

5 

3.1 

i’B.) fKl.CMj 

S&.tad 

-141 

5 

■B.7 

ViUr Lnpm (Kris 

137h1+4 

6 

4.7 

ilM/eiiM 

91 

— 1 

4 i 4.4 

Ikfvi*...— 

129 

+ 4 

;/4 | 3.2 

Csnlti.......— ....... 

197xi. 

— 1 

10 1 6.1 

vl-IIUbMt 

840 

—8 

10 

4.2 

"it'iKa 

146 

+ 1 

b.S 

4 2 

lirioHQii "ll'ihtU 

146 1+7 

5 

4.5 

iwlir .... 

335 1+3 

a 

3.5 

"agtrtna— — 

100 

-10 

4 

3.6 

■ IfllgM lltW' ... 

63 

+ 1 

— 


Usiidelsbaiiken... 

3ien*+5 

16 

5 3 

Uirali hi 

120 si 



8 

6.7 


70.6 

-04S 

6-5 

9.3 

itiirtslk A.IL— .. 

241 

+ 1 

5.75 

2.4 

.f.K.F. *M* Km.... 

V7.C 

L-1.5 

4.6 

6.B 

'kmii bnsklliU,.. 

1514 


9 

6.3 

r uui silk *b[Krtt 

86 

-2 

S 

5.9 

Uliicluam^— 

57 

-a 


m 

Vnlvn iKr. SOu... 

84.0 

—2.5 

6 

Ea 

BRUSSEU/LUXEMBOURG 






litvi 

April 21 

, Price 

4 or 

Kto-iYl.L 

Pre. 

' — 

Xrij 



.Vibeil ;B.C60 

ixf. Hr*, tauib..,, 1,675 
UeUcrt "B"..,— 11,795 
C.U.IL CemiinV..J 1.420 
CHvherii 383 

LUfcft m ..»J£.455 

Litre! rubel —.—'6.340 
raUluuaNsii.— J9.455 

t.8. fono-om— ja.ua 

• JevauiL— ,.11.400 


liHalhlin —.'2,546 
imwwDt .... [2.036 


33 

63 

7.0 


MtnlieuiaDk. 


.sao 

J.8B0 

cV*ff Uoirtlnj» .J£,d60 

Potroilna '4.250 


l*i H<^nie ^ 





>«Uen banuue.J 

u.«- Uen Hoi^lquel 

ailina ..... — 1, 

>i» vay 

Itadi'Hi bii^a..— | 
LCu.— ... 

Ln Mill. •! IVi,— J 


ici'ie Mi iiitngiit- 1 1,500 


410 1 - 

i BO 

S ; 112 

:100 

+6 j - 
[-10 177 
420 4*0 

| .‘170 

-5 <150 
+22. 85 
+ 25 170 
r-15 142 
KSO [266 

- 3US , 

+40 [Jl» 

—'174 

..... +3U 1204 

l.96Sm;— 5 140 

[3.325 —25 1215 

1+ 15 |.V2flO'> 7J9 

p5 Il70 ‘ 6^ 

+ 12'! 50 j 6 A 
1 .100 1 6.7 


[3.098 


2.525 

12.695 

956 

786 


7J8 

6JB 

6.9 

7.1 

6.1 

6.7 

7.0 

3.7 
6JJ 
3A 

4.1 

6.6 

7.1 

| 6.S 

HA 


Apr. £2 


ACM l L (23 cent} . 

it 


A-ifoi Mnt-Trxlft lndu> SI 
iranop— — _ 


Arnpol Kxptormt 

\mpd Pettoletreo. 

imw. MincraU— , 


Aw4x.-. Pulp Pkper 
Aaw.C«n. 1 nrf not tie*- — 

AinL. Foundation larnf. 

A.A.l — 

Arailiuva. 


Aun. Of, A Gw.. 


Bine Metal IluL. 


Bougainville Copper..— 

Broken Hilt Prt^jrielary— 

8Hdoutb M . 


CartL4i (Jnitwl Brewery— 

J. J . Colte. — 

C+l; rMU, 


Cons. Goltldeiils Axut— — . 
■rf/niauiei tell———. 


T ^ or 
Amu 8. 


•>n<,D(.' liintln r»w... 

Cot Urn Australia,—. — . 
Ouulup KnU/eriSlt— — 
KbCUlt. 


(khitri sirnttL. 


iSC. Induotnea—— 

Gen. Pro pert v Treat . 
rianier»lev„_„— . 

Huuker.. 


•C.I. Auatialla. 

1 olet- Cupper., 


fMriiinc* indoatrii 

••■Hf* l|H, i 

Leonard Oil — 


Ul 


< -a nxi 

M HnMi 


injps- 


U,ei Kmponu 

•New, 


TntmSt^d 

oaerfH'dlnga tbO> 


>1 hiilaa 
•V rtb Brea 
'Jaidnilse^c 
•->il -raa 
Utter b 
Pi 

luijaitt Jt.Uolma 



C; u oie%, 


'uiiibhui.i SCIi 


bnuKotiJSxpkmriMu 
iuoto iflt. 
tViaona 


Weetern Mining (bOomt*) 
vV^nlwnrlha-^— 


1089 
tO. 78. 
+2jd5 
1U33. 
10.78 
.t0.96 
' 11.12 
11.70 
tojta- 
Ui37 
todsa 
.10.36 
*1.08 
11.16 
1«J4 
fC.SO 
U^84 
*L97 
12.77 
12.4a 
fA22 
+2.30 
tL50 ■ 
11.38 
■ 11.08 
f 1*85 . 

ta.11 

tLjW 
12410 
ta«9 
.12.05 
10.26 
.njto- 
- *1.12 
iOJOt 
1U.17. 
tl-98 
♦1.72 
«LB7 
«L65 
tLl8 
tl.62 
.10.09 

to. in 

.1L55 
•«.W 
tO.bS 
tO JIT 
.10J.7 
♦1.74 


HUE 

1+0. B2 


+0MS 


+4.01 

1+0M1 

H4JH 


-QJ2 

-lUf! 

jun 

+8-01 

UjJI2 

1+0.C2 

i~4L02 


+4J11 

MUH 


-QJ4 

- 0.02 

-0.U2 


;u. 


1J29. 

♦135 


WIJ2 




I+0J1 

\iSjn 


-cun 




April 21 V 

Pri» 

5 ■: 

+.OT 


342- 

261. 

309,- 

91 

182 

245 




TOKYO 1 


April 22 


iabt (J taint .. — 

Canoa— . 

l! Mniwi „ 

Ual >Mppon Print 

Fuji Pnoco— 
Hitachi 


Honda Mourn 
Hrnne Food—..-! 
. Itoh 


Ito-VokaJo. 
3« 


itJLta. 


Komsm 


•Frtto 

Yen 


+ « 


345 

510 

610 

370 

560 

609 

234 

604 

,1,190 

2*0 

MlO 

820 

'2650 


£ 




—IQ 


r 30 

*-ia 


343 

286 

[3.730 

768 

278 

132 

445 

338 


K ubota, — ... 

Kyoto-Ceramic... 
Matnuhlte Ind— 

UrtaUtMUhlBank- 

Ultoubtotil Heavy 
Ultaubtshi Corp.. 

Alhsu.tCo _ 

.UiLfukMhi — » 975 
Nlpp«J lleiun — 1380 
Nippon Ifli m pan,! 671 
S mhu Motor*,— ; 816 

Pkgwev 1 1.940 

inyo Ueciric- ' 250 
aeatcnl Pretab _. 906 

slibeSin. 1.120 

Amy- 11-960 


pai 

1+9 


^7 


S. 


14. 

ia 

25 

20 

.18 

-13 

12 

18 

36 

12 

30 

13 


23 

1.5 
2.0 
2.2 

1.6 
2.2 
2.6 
1JS 

1.5 

2.6 
1.1 
1.0 


4.5 

- 2.6 


[-20- ! 


-7 j 

+90 


La who Marine—. . l 248 
iskote Chemical- 390 

IDS— j .2.170 

fejiD— 119 
LotiQ Marine—' 508 


roklohlwtPmr'r 1.070 
lo+yo Sanyo— 3 17 
ri-iyOCjbLtmar* — 244 

ioray 184 

ffivd+a Motor..—; 961 


l— 30 
+ 10 
!+3 
1-7- 
, + 80 
1+4 
:+i ' 

'—10 

i+l 

i“2 


15 1 2.6 
.35 | 0J5 
20 1.3 

10 X3 
12 4i6 
:« 1 1^ 

14 j 2.1 
£0 -1.7 
IS! 0.7 
12 I 1 JO 
16 [ 1.2 
48 ! 13 
12 1 B.B 
30 • 1.7 
20 - 0^ 
40 |'U 

11 { 2.2 

15 : 1.9 
30 ! 0.7 


l+l 


43 

1.1 

4.7 
IS 
S3 

3.7 

ue 


Source Mkko -SedirUtes. TWcyo 


SWITZERLAND 


April 21 


Price 

Fra. 


+ OT 


-AmmliMuto —{'1.740m, .. 

. UBC W— 1A85 I — 10 

j.taaGefw^Pr.aE.1,166 -15' 
t/o. PtTGert^J 860 10 

■110. Hrg.-.TT. 1 6SO i+l - 


\)iT.1 

% 


TM. 


Do. 'ittgL 

t^edl; (~m«»e^— ,2,176 ;+S 
• v-.s«nvjitc.— ; L6Z0 — 5- 

660 —10 , -. 
Uofl man PiLert.j77.250 750530 

- Uo. (Simaiii .17.760 f~5Q i 35 

IdMBteod B.— _ ‘3,800 [—20 I 20 
JalOifltt4F6UM-! 1 i*90M— 21 1 
100, '3,150 ( +8 La&Sj 
: -Do; K«g— W60 
OeriiUM BJ.F-2x 2.135 

HrtH16tF(PU3p>| 876 

SaBillB (I'r.Zblllw 3,550 

U^PWjCertj. 461 

^irtdlerCUniL 295 
iaiterL'MCP-lOu' 350’ 

jirimr it'JUi. . 813 — 

BvrLaHairiuF.lX ^ 354^- ‘ 10 

^n«.(ke.FJ5?a».. 4,425 +100 40 


n&J. 



LWB1&— .-.fc»6«*+10 20 

. ..... 10.675 j— 85 44 


2.6 

3.1 

1.9 


3.4- 

3.7 

3.1 

SA 

0.7 

0.7 

ss 

2.7 

3.8 
♦7-6 
5:4 

1.6 

2UB 

4.1 
4-0 
4 Z 

2.9 
U 
6.4 

2.1 


MltAN 


ipriTSl 


Asia. 


Fhi.. 


dJipPriT— ; 

fmridK 
imceaseu— - 
UaWder 

SrfiObBWt — . 
Uoatfrihon— — 

Off real . 

PirelUfcGfl. — 

Btefll trg e 

jHla,VlaeeMa j— 


"Snuc" 

ti»n* 


+. ut ility. 

- . ) U(4 ! 2 


_ 


90.23 

4fi3 ;+s- . 

I, 920 ;+l ’150, 7.8 

J. 647A +3:5- -IBtt 9.1 

-7er75t-4i» — r— 

10480 + 1 , 

143.00 --3 JBJ 
32,400,^230 
1 SB 


PARIS 


rCeffter^iitTi ( T. 

* ■ r - 

. - 

• - 1 - ! . "t -r ■--' 


April SI 


Al^^^nleL^S■i•1 , l , 4 
Air lionMe^— 

Aquitaine— 

BID. ; , 

Btuygtwii.— . .— 

1 LcuN- Gcrvaia^. 
Carterom 
CM J£ 


C.l.U Ak-»rec _ 
Uie Bancarre.— ... 
Club Medltee— — 1 
Credit Copi Fr 1 

CrenKALatnu.— 

Oiuott—M— , 

Pr. Petrolea— .... 

Gen. Oadden&to 


Lmecai— . 


tuque BoreL.... 
Lfflew 
L'Oreoj 


LegraniC. 

ILaLona Pi 


Ptoeste- 

Mieheiln “H” 

Meet. Henneaov— 
Mon finer 
PanCaa 


Pecbln^v 
Uernod'Hicaiil — 
Peugeotrdnoen. 
I'nclaln 


Radio Tecbatoue. 

Ki> loot e 

Kbooe Houien-^. 
m. Gobain...—.— . 
akL- Bowtenot 
iuer 


^ i-oopBrandt^ 


VIENNA 



BRAZIL’ 


Apr.. 20 


‘Bunco do BrariL- 
Manoo 'ttaa.*...i— [ 

je^.i JUiwtraOi 

Loju Amer. OP„i 
PeUofanu PPm.. 
Pirelli OP. 


UomaGnuOF. 

pii.l- t - — — 

V*Je IR-v U+^Vl 



fesat-f* 

b"*:* 


'lie Lon 


VoL Cr^LSm. . Shares "S 
. . Source: Bio <iy. Jjnefre S**^ ^ 

OSLO- ■: ' ".J:.'';' \ 

r ''-Si. " 

•J- I ’*5 J - ' 


• t / 

.1+rt 

1 — nf r 
■ -> 


S.M- 


April 21 


narregaai 


Orertlthonw 

Konraon^ 


"«5T 

Kroner 


. Ut ^ - ^-.7 


liF/A 
jB^OZra 

KrollUanro [ 107 1 l+O.Oj Lr- 

oNWrt! « ascaf lar? 6 


^ A « C 
iiw 
5>wti 




etoreLrand ;l 


SPAIN V 


ApnH-2& 

■W*ad 




‘a 


i - 


Banco Bilbao . — — 

Masco Attendee CL680) 
Banco- Centra) — . — 
Banco Extorter: — 
Banco Genera] — 

Banco Granada- CZ.BH1 

Banco Hlspano — 
Banco InrL CaL 

B. Ind. AIMlJerraneo . 

Banco Popular — — — 

Banco- SanUnder -<*»), 

Banco U reman (1JM) 

Banco Vttcaya — 

Banco Zanccnzaso 

Hanktnihm 


Ptr cent: ■ * : w 

- s -:ii i 

I-:-! I 


.sj-rtva 

•Ptenya-tf., 

“P.dF { 

;■■■ tricoa F 
'^5r:Pd IV 


274 

157 

2X7 

at 



Banns AndalucU 

Babcock. Wfleox. 

etc 


E. I. Arxtmou 
Espamla zhic 

ExpL JUo Tteto 

Fees* ttJHKD 
Fenttw .0.43 m 

GaL-Prcriadns 

GrapQ .'Vdacimt (Mfl) 

HMrol* 

IberOoern 

Oterra 



^rchacot 

l-* 1 ’^'-ShSh 




MM;! 

- " la-’ia*s 
Peas 

'.'Curt 




■J 111 ^ 


fw-toxa BeaaiilJB: 
FetroMMr 
Petrolens 


Sarrlo - Pamden 
Solace 

Soteosa 


T««onlca 
Tnrfu Bfritmrti 
Tabaccx 
Onion Elec. 



Groupto^,; ? 
opencast ^7^ 

A NORTH 


the Qimbxia-Noi 
border. 

"The group hasibeen^rBrcfi'i ■ l.0w t 

residents of 'the' Tlndjtla.v ® 
Hatton Lea ■ Gate,, and £»? .». ^ : . 
The A6S9 BianaiWtHi 


. 888 
[8X®0 
947 
536 


+13 
k-10 
+ * 

+ 1*. 



[int ;diaigaated 'aft an ^ 
: outstanding ‘ uatoal besots 


■Htfttsj ^ owrseaa.pnqa e*cW»: S tebtoWn, . BeMtu 


tmiesa. mbttwW «a*ar. V'Pas-SaO-eainffl, o^e» ^ v X' 

mihS - akimbo • **■*»" *■ aiigri -ewtiin i rtiw + FraAQO dootW^.I 
SSlike swSl "^oS sStm. agtewuBimlso grated. tV&m »lj.k 

laterim/mnc* iiimmil - . 


Includtnc 


nMUMB. »-*sfcat -T-BWi . 1TMCM. - »oeu 
Sra lSSS. u&.WtiSilm XxBJf.WL *i 



A J-i ». ‘It 









































-T_ '*3^5; 



r ^|^eM^riBies_ : Moirfay April -24 J97& 


i- -.- - • ■ 


INSURANCE^ PROPERTY, 

RONDS 


-’ 20 * 7 , =:•-•• . 


*S 


V* 


— m a ~ • J# 

^ ^ Lga -Asamtace Xe. £*$.■> General Portfolio Life lns.C. Ltd.? npi Pensions Management Ltd. 

jrij^s0iwel««**0fc: •.0K«fllll mRfflhdonamCt.WriUmCriisa- WaiBTl 40r.racechiirchliuEC3P3HH. 0UC342OG 

Portfolio Capital ...,[410 4u| ...-^1 — drodto! May' 1 

Graham Life Aas. Sou. Ltd- __ New Zealand Ins. Co. fU.K.) Ud.f 
* Pnaw ^_W^«s b*L. Btorngfr. . OSffl W.afi Mmuand House. Southend SSI 2JS j0TO2«a«5 





GuL. CMh Ftmd 

ttliEguJ»F 1 .Tsi-- 

fl-l. Inn ftiwri 

G-UPpO- Fond 



•Uwi heylrtv.pian. 
Small Co Pd. 
Technology F 
Extra Inc. Pd. 


, . 

rAprfrt^VntotwnTscrsaJ^^ 

Assorance Co. Ltd. . 

ist_wi. - - ' "aPftJajta 

isan 
»^SB Sr 

:isLr -lSsrr.^'- 

iap - 

..1272 233 

I 190.4- 


_:. Extra lnc. Fd» {KB 

- f _ American Fd —..jMflT 

Growth * Sec. Life Ast SoC Uif gSr&StC-" 1_ 

Weir panic. Bray-Oft-Tlmnot. Beit* Trt.S4284 Con. Depotit Fd. — 1*5.7 

Norwich Union Insurance Group 
■tH' _PU Bo* 4. Norwich JMUXIC. - - pro 22700 


1132.4 

13bS 

«S«"- 

- 1 M f|t m ~' t , 

996 

10&3 

Sir- 


103.7 


h&s ■ 

2 CSC/ 

(95.7 

1807] 


iandhcntSp*. AbJ ULT 220! 

G. AS. Super Fdf_..J aflU 

Guardian Royal Exchange 
Royal Exchange. EC 0 . 
Propecty.Bond* _;JUft9 


tlanaeed Hind 12010 

Equity Fund £190 


_ ____ *J*pertyP«nd 124.0 

01-283 7107 Fixed lnt. Fund 148.9 

] — Deposit Fund 104.8 


Deposit Fond 

Not. U oil, Apr. 15...] 191-2 

Hambro Life- Assurance: umned.V 

7 OWPork lane, London, Wl .'. . 01-4808031 PWK 111 X Assurance Co. LW- 


2118) —0-3} — 
338.4 -**’ 

1305 + 0.1 
156.7 -OJj _ _ 

nail 


Fixed tot Dep. 
EquUy_ 
Property 


MnnmmlCap 
Managed Art™ 




■VS5V 


— GOiBdsod. 


utt. 


*9 



American Art. 

PenJ ^LR a p.eap— 
Beigate 40101. FeiLFXDeaAcc.-. 

_ -Pen.Prop.Cap. — 


128.4 - -MSJi 

M7.1 154.9 

2UL3 2 U,? 

257 5 27Xli 
196.0 206S 

250 7 *ia 

Edtcjip.. i 2 i 8 : ‘lza 

SsS-at P«fcGUt®dt Acr. . 1263 - B 3 jS 

P«LB0.C»p. 122.9 1293. 

Pen. RS. Aec. 1308 HSA 

Pro.DAP.Csp — 1008 

Ptn.DAF.Aee 102.4 - 


Pro Prop. Acc. .. 
Fro Van. Cap.. 

Act. 


■A 
304.4 
IMS 


0227 


130.91 

174.9] — 

I6d| _ 


4-5. Ring William 5L.BC4P4HR. 01-6=68678 

Wealth asj. (10T.1 113.77 ..... 

S»T.Ph.A«. I tu .... 

fflvr. PtL&UE. [713 75.34 

J*rop. Equity & life Ass. Co.? 

1 to. Crawford Street. WlHZAS. 01-488 083! 

MBSWrT -m. . 1=1 = 


— Hex Mom; bs 


148 J 


OfiljsrUft Abbot. Cft-LtlL 
' 1HA. E.7. : 

'fiD8.6 7JA.4 +0.4) — 

.u32<z Tina 



' i-TdoVurHearte '^Oak BeneCf^ociety in^SSiraTAT 

S.« — 16-17. Tarlatock Place. WC1H BSM <0-0879830 A> ' 

L^'JTZ4-‘ — HnZriaoCOah — JLp62 3*2) —-4 *■+ Equity Fund (A ■ 

W--ja~a4 — — — -noneyPund : :. 

LB) — A i- Htn Samuel Life Aasnr. Lta-V Money FuodiAi ._ 

MLATwr^ Addiaeombe Rd. Gragr. 


Property Growth Assur. Co. LUL¥ 
Leon Hotue, Croydon, CHS 1 LU 01-8800808 

JVopert y Fund 

Property Fund tAi, 

■Agricultural fluid 

Acne. Fund (A i 

Abbe* Nat. Fund— 

Abbey Nat-FcLiAl. 

investmojrt Fund— 


oisH&tgSSS iS^AtgS 7 ^ 


"=- ManmgBd noli* l^g392r 

— bnmedEvtaA.pl 

= 


ssatig&idm 


^b.i ma — ( 'pro mw. l . 


rPe roAce— WL 8 

-Cnrrcat iffrit value AprD 19 


AuiGACbqtv 

PM.Gtd.Aec.-_ 


1841 


97 ^^^ — 


139 9 


01-8B643SO ^rtuarlalFund 

C ik-cdged Pun d__ 
F.iti-Edged Fd. i A(_ 

♦Retire AnnuJtj- 

dimmed. Aun ty _ tl _ l . 


imA 

97/ ^ 

2471 . 

15V • 


2 T- 


Canada 


_ , • Ac. IH*. 1129.9 

♦All Wemlher Cap . 

*lnv. Fd. Ut* 

7^n»lop Fd. Via. — 

Conv PeroFd. 

™- Pro Cap. UV 

Man PeroFdT- 

Man. Pens. Cap UL 
Prop. Pen*. Prf_ 


lSt^Bt3- 9L- 01-8831388 

6 pr.t*-| -O27A0 j: 1 — 

Co.~~ s«uraCap.Fd.-_ 

. tlH&in Bar,- Herts. 'P^ar 51322 Equity Fund. — - — . 

:. HJ l.—.J — • Irish life Attamtce Co.-Ild'. 

.2093 I . ..-1 — , ll^Flnsbnry S qu*to. EC 3 . 

-Uif . BtaeChtoApr. 21_ 


HA80NB OVWK 8 BW 



Imperial Boom. Guildford. 


Prpp.PenaCap.Uti. 

-I?* 5 ® Bdra soc pSl ut 


> Life Assmu Ch Ltd.y ^ Crrote Fd- Ayc. zz. 7^+^ ^: Bd& Sot Ca'p. VL ~ 



177.0 

175.6 
736.4 

731.0 
1517 
1515 
653 

65.6 

162.0 
1614 
338 4 
0377 
110.7 
2214 

1214 

27J2 

138S 


^ra^Crowtb Pensions & Annuities LHL 


1336 
tjh n 
1438 
130.9 
1412 
1330 
1436 
1319 
1296 
119-1 


+a« — ■ 


+ 0.1 

+ 0.1 


Hz 


rFi5xt^_t 


t iKSp 1113 ■**'. -IQng.dt SlawonJLtd-. . 

.-SRCoraiinX^a 

C llijR^ .‘ : BomIFd.Erfnn4_tla6J8 107. 


_ Provincial Life Assurance Co. Ltd. 

222. aisbapfcgale*. R.C2. 01-3478533 

= Ssasw^: 

..." cut Fund at) — 

Prudential Pensions Limited^ 

. Hoi born Bars. EC1N2NH. 01-4058222 

J.'^V "Equit. Fd. Ape. 1S.-ICS30 2402] .] — 

WSS v3' — ■ Fxd. Int Apr 19 Sa.61 USM ..... - 

• Prop.?. Apr IS (£25.20 * 25. .i{ - 


ttM ^#3 iZ- jtagtaBi life Aasnrance C#-lA 

??■*] OT — I “ : TnnihkifiTh RfAmhrnAkrW Ntfl’ Ol^mSI 


Reliance Mutual • 

J — - Tnnb ridge Wdlk, KrnL . ■ 080222271 

SfcjV^- -ReLPwp.Bds. 1 19S-S *. l__.| — 

‘ Rothschild Asset Management 


^ro 2 f yh H + i *bj p ». 


;v i^-j r- 

Asamnoef 

iititakf'-fui- -.fcdr'S 

:£ •: Srtgrhoua# MagtaL Gp.^- 



? T — S- „ , j-j=- i SL Swilhtns Lane. London. E3C4. 01-8264336 

^ ^pBJ^HfcBidinbrookDr.mjA 0Mp35SU Jj.e. Prop. Mar. 3L-D143 12U«d J - 

- r N«t sSW Dey Juro 30 

- Jnw KPIManFafTM 7Mj -Zl - Boyal Insurance Group 

C .Le^al A General (Unit AKura Ltd.:- Kew Hail place, uyurpooL 0912374422 
. Z Kincswood Houae. EnjcsWbod, -Twhmrth. Hoyal Sbu-ld FtL — |130A 337 M — 4 — 

— ' “■'WAMI Pm wh IT i MiHi . i p436 

— . .Save 8t Prosper Groop¥ 

4, GtSLHelen s. Ladn_ EC3P 3SP. 01-594 8880 

_ BaL In v. Fd. 0213 3305- ' 

. Property Fd* 1442 1571 .. 

. Cllt Fd uaa 1253 -0. 

I’ZL-J. - • Deposit Fdf 122.1 . 1286 . — 

* Comp.Peaa^dt— 195.7 206 S ...J _ 

- 1812-0.4 

2214 .... 

951 -0 

. DcpoePeoi Ju.t YfI-2 102.4 


-^.- Do ABcum 





TVt hlSS 

corral nKt PCMteddjBd. 

n. ■ . fylt { 0 U 

+ 1 | , tna 
“ • Cjtgff.7-* U3.4 —. 

SAasur.-CO-Ltd. -ma 


» c*.NA 


S W&sr 3 S& 






Priees'on ‘April 1 L 
tWeekly dealings. 

Schroder Life Group? , 

Xnierprise Bo-nr, Portsmouth. 

Equity April 18 | 2148 

Equity 2 April 18 6078 


Ul-^4 80 S 

a= 

i 1 


070527733 




ApnllS. 1351 

Fad. Int. 3 April 18. 345 8- 
— - lilt- IT April 18— 1321 

01809878 KftS Gilt April 18 - 1408 

t?--- Uf J, 


Caw. ihu latn *' l — .' ussc April »i - 
?N5t nbdintol 1, \ : . t - - .fiSd-Flj^prU tB. 

• ‘ ' * VmTH ^ A rTT lfi 


Mnjd.3 Apr"l 8 . — m 


— Life Aastn^-Ce. flf lEeitzzapfnmla * -p« ApSi' »_^-U6.4 

#Vig 0 \ 

IrodwhtfBt^BQL S'.V? 0t«35*s» BS Pn. Acc.^pc. 1A 12*1 ' I 

I~pg<r ‘7 '1 UlTTnil V” !Tl ^ .*>?*'* P 200J1 

'ilOfds Ljflfe Assurance \. jf 


$ 5 % 



ttniffi^'Gnnip 


2D. CBBcn sc SC2A OB 



Mn-Pn-ActAFJ 
Scottish 

PO Box 902, 
Lnv_Pl»^«ie* 
lnv Pfe. Series 2 
Jur. Casta Apr. S4 
Ex-Ut TV. April 
MptPen-Aprtitoc. 


119.0 .. 
142J.. 
1526 .. 

139.1 ... 

£ 2 :: 

JSi: 



Grhnp 

EH 16 SBC. 033-8356000 



M rWffiT M n 

^ ^ : ^t ifenchedte- Ass. Gp.? 

* rea — — « r. .-ft* Laro Foltawtone. Km*. \ aa03ST3S3 SX— ” c 


iHtt 

CetnWH.E.CJS. 
K Feb. Apr. 35— 

^iWSga 




Co. Ltdi: :i 

01-8285430 ^HtFPDnd 
+!**;-< 0sjf‘* G Groug? 

— '■fhrro ®nya., , lJi 5 Wc.Bm 


rpajtrit_! 
Fd-Acn.^ 

Fd. lueses 
^A. lnivllWD 

3 w5 

J elM-AeoZIZ: B.O 
* agd-lDc a.!. . g -0 

iSOttSstBiri 




id Fd. Bd.*- 

yyFd .Bd.-t ! 

Am«poenF(l^Bfh*: 501 , - 



'->Atit3fc Ceanmarhe insnrahee " 122 H 

TOjASOWgl . BqntoBcmd** — i__ IMS 13M| 

, ,iS2S:W^J12U 132.0f__.i- 

: ; ^^;A«aw>itce CALliV - 4Ut&ndp^ = ^w-. ini 

^teagsRjaastaroap g^ iasag g: b& nta 

W CTWW' C54Ai , 1U£ 

;g£; jgSF**^ ■ 

"dtiy Fd. Ittoo— ®0 100, 

Hty Fd. mu. — va 
9WtyPJAK.-»0 
rFd.lnenL.l958 


88Q 61-836 4888 


761 
381 I 


80 Ij 
5171 


+58| - 


Solar Managed?- 124.4 

SolBrPrOporttP__ Ufl 2 

Solar gtndly? 154.4 

Solar Fxdlnh? — 1143 
Solar Cash P ._: — 993 
Solar inn. P : — (978 

-Sim ARiance Pond ManfimL Ltd. 
Sun Alliance Boom. Horsham- M0S04M1 

EjqxFUlnt Aprl2.)O5B50 160.40] — ^ — 


1163 

163.0 +02 — 

1101 6413 — 
1T5.7 ..._ — 

1051 —01 — 
131 < —02 — 

116.1 — 

1626 +02 — 
120.3 -0.4 — 
TM5 ...... — ' 

UBJ|-0.4| — 


+ 0 Jj — 

Urn 


— loX.Bo.Apcl] 18 — I D«J I 


_ Sun Affiance linked Life Ins. Ltd. 

Son Alliance Heme. Horsham 040364141 

FUnd-I BOW llftS +ft3J — 

Fd- 100.7 106.0 -0.7 — 

; . 1045 110 J ..... — 

FU._ 34315 107.9 —0.7 — 

DeposilFund 958 100.9 .... — 

MpoawdFhnd — . 1824 207.3 ~°4 — 


-AwriTas. San Life 01 Canada IUXJ Ltd. 

“ ~ n a CrwWiw+Sr anrsRK OV09 


on. ‘April 39. •'April 20- 

. Merchant Investor^ Assurance Ma^eU,GrttL__. 

lia. HI ohStreet Croydon. . 01-8869171 


....j — .-awgp. 


-.Equity 

-Money Market — 
Money MkLFero 

at 

+93t Wp-Mw»«ed 


pV. • 98 

ttCidcr lssartaee'fce. Ltd- 


y^ pit to tf ZVnf. 

InO. Equits 

IrrilManagod _ 


-as 

+0J 
+ 0J 

55.0 - 

+0J. 

■mi 

+12 

+0J 


+02 


+OJ 


T 

+05 


+OBf 


. — 


1B93 
12 AS 
139.6 

1948 I 

Target Life Assurance Co. Ltd. 

Target Boom. Ctcbnuw Hd_ Aylesbury. _ 
Aylesbury 102961 5941 


Man Funding- 
Man. Fund 

Prop. FU. Inc. 

Pxtjp.FO.Aec- 

Prop.Td.-nwr, 


Fixed lat Pd. lac 11052 


|. lM ^ MOtoD Coort. Dorttn* SnXTey. 

t.-WT 1 • •• : NdoxEq.Cap.-_— J76.0 . '804 

0 SMIiMtorodltfLEC^- Ol^ma N«toxBq.Accu|B^lW7A- -l»' 

& LaSr life Ass.' Set Iiif- NeiexGtbineAcc- 

hlel Mxd. Fd. CapZ W3 . 50« 

z _-b'eIM+d-Fd- Arc_ H7^ ' ’ SftQ 

tL - o ^ - fefJtop Ooort Property jroJ toto 

-r»r- 



^8.71 — H2-7 

ttx n 


Dep. Fd. Acc. Inc_ 
R*L Plan Ac. Pen. J 
8911 RetPlanCapJen— 
ReLHaaManAcc.- 


10231 
M — 


I 6 J 

1109 _ 

1053 113-7| 

135.0 
1DB0 304.0) 


97.9 . 
68.1 
570 
XZL7 


1112 — 

1014 

753 

623 

12BJ . 
119.3 . 
1363 . 
129.9 . 


— T rawriuternattonal Life Ins. Co. Ltd. 

2 Bream BMbl, EC41NV- 01-4036 «7 

— Toiiplaraat. Fd._Lpm 138.81 

— TuUpMan^.Fd [1042 118. 

H&l Pen. Pd. Cap. .(110 43 
Man. Pea. Rt Ace.. [ 





FINANCIAL TIMES STOCK INDICES 



’ 455.0 454. 

■JS 134- 

^.=r ' 5.911 * 5J 

'~7- prnmgE X* foilK* lj 

5 it- u**\ 



-6-94{ 
il7.ES[ 17.441 

“to .Maj'TJdt 
4 J 568 ] ■ 4 .€O 0 ! 4.4«? r 

68:7S- 75 SB 


44BJJ. '441.4; 
ML3r . 147.0 
j6.oa| 6.01 
17.69{_ 17.69 
' 7^0 
.4,930 
59.1V ’‘7L4S 




'ttVNL&i «7-S 

' V.*W I- 


127.4. 1 . 49.18 
rP/W8i ; 


3&ir f 

130.3 

: 16/U . 


150.4 

{S3/1WJ, 

649.3 

(14/077) 

448.8 


50.53- 

(3/1776) 

49.*. 

esmo) 

43.5 


-Daily 
Gilt-Sdged..u 172.0 j 164.7 
lndHBtfuaiJ! 234.B 1 166.1 
■Spemifntirev.4 32.5 
T<aa]a..._.J~T \A1JS 
B-da.vAv'nie« * 

Gilt-EJdged /-i 159.9 
indu^aiala.J 154.2 
Spaeuktim.'. 37 S3 
JWal'.._.._,JjQ4.5 


i: M~ i eaiwakawffio) 

,sris :HyACTiliffiiES 'INDICES 






** — r: -3 — i 

*ix +®r i 

r T- 

fin 

r.X 

X .T] T 

f-0rTear 

; du4£00) 

,198.05 

jiif.ii 
-o.i2j 
l .’* : L74j 

15042 

fiis.os 

rS.n 

: lW 

199,22 

jS0^4| 

' 'r05?i 
_'aoo| 

,19605] 193,88' 294. J 3' 167.57 
fil’M? 21&B7- 214.23 [ 193.40 
8.70). -T 5.«^ _ B.84| 5.71 

.^7,70} T-’fitt ‘ 7-BT - 9. IB 


dossal »fn; ao4;44/ boi^uwbt rnw 177.41 


Trident life Assurance Co. Ltd.? 

Renslfide House, Gloucester 04S438841 

Manazed 0196 12661 ; 

Gtd 1456 1542 .. 

Property U68 1556 1 

Squig/ American _ 06 862 . ... 

uiEBTOtoFimd^ 3S1J. .1072 -03) — 

High YJj d . _ _ 1360 1446 

GUtEdKnd .1202 1273 

Moony 1217 1282 

ln1fr mHm.nl ,96 7 102.4 

F^C*d_ 1234 1306 

Growth Obj 1245 331.9 

Growth Acc - 127.7 . 1382 

Pens. Mogd. Cap.— 113.0 219.7 

Pens.NuWAK.__ J26.7 1M6 

Pens.GXdbep.Cap., 1013 10/ J 

Pen&GtiLDroAcc.. 1046 1105 

PBiW.Ppty.dnt 172.3 1181 

Pws.Pty.AK 06J7 1228 

TrtJtBood 346 366 

'Trdc.Gi. Bond \ 193 


•Cash Tabs' tor £100 prasrinm. 
Tyxtdftll Aaswance/Peiisions? 
lS.Ca&sms+Eoad.Bristcd. 


Bond 

Property April 90 jJ 

Deposit April 20 

a-way Pro Apr. aOU, 
Uatas lay. Apr 2D, 
MlLPiL3-WApr.3^ 
DaBfeiir Apr. S _ 

Do. Bond Apr.*— 

Do. Prop. Apr. 3-— 


1288 
155.4 
3634 
- 1042 

-« 

h & 

2468 
177 8 

au 


0Z723H41 
-0.*) 

+4.4 
-43 
+44 
+4.4 


Vanbrugh life Assurance 
4 1-43 Maddox SL.Ldu.WlB SLA. 01480023 
MarogcdTd. JMai IM-3 -0 4) - 

gSSSfczrEt. ^S^-= 

|Fixrd Intent Td__BOfi -.lTlJ -0.9 — - 

ProptftyFfi. 1462 -... — 

bF&d PI7J mm — 

Vanbrugh Pensions Limi ted 

41-43 ItoddroSU Lda.WlB«A 01423 4323 

MlM g W) )W3 »■ 

Equl® — (155 100 



Wnamaat— 

Pwpeny 

Cromtoed see 1 st Ben Bates' table. 

Welfare Insurance Co, Ltd.? 

The LetafbJJcestane, Kent ... 03035330 

glease fefa 1 to tLeLmdoe i 
Mascbestsr Group. 1 

Windsor Life Assur. Co. Ltd. 

C W.nr . WfeUlaOT 66144 

LKetor-.Ftaro 

FulErtAxJA Giles l. 

PiiuiaAMd-Gairbj- 

Bflt. A4 w 3. Pens. _. 

Fka. lay. Growth _|105 5 


ms 

7121 

a * mmm 

TOO 



~ 

1055 

in l 

— 



AUTHORISED UNIT TRUSTS 


Abbej' Unit Tst. Mgrs. Ltd. <ai tz) 

7240 . Gatehouse Rd. Aylesbury. 02988*11 

Abbey I'apilol CM 8 32.3 - 0.11 4 QS 

AtibcF Inwroc 6 7.4 39.51 -Oil 5.61 

Abbey Inv-Trt.Fd..p3 4 35 6< . 432 

Abbej" J «».T«_...f06 «57j-0jl 4 03 

Allied Hambro Group (aMg)? 

Hombros Hse_ Humut Brmtwooil. E««i 
01-588 2851 or Brentwood 10277 ■ 21H99 
Balanced Funds 

Allied 1st 161.4 65L71-01 5.78 

Bnhlndf Fund — 6ft* 64J .. . . 3 TZ 

Grth.t loe. 338 363 -0l 564 

Sett. & Ind. Dev. 38.7 326 h -0.1 538 

Allied Capitol SA 6 71_2a -03 455 

Hambro Fund 992 186.1 -03 - 537 

Hamhro Acc. Fd..... (112.0 119.9| 4.74 

Income Fonda 

6411-0.1) 836 

Ԥ5^ is 

HI ad IS 

40 .Q|-«i| 250 

34.6) 566 

42.7a 527 

11311 -02 5.73 

3H8n -03 5.90 

983 +34 4.80 

20960 +0.3 5.72 


on +g; 
54 3 -0.11 
1464 40 3) 
32 4d -01 
598 +0.1 
734 

ut: -am 

BBS . , 

3361 +02j 


066 

3.14 

333 

868 

894 

-.731 

370 

647 

154 


Hlfih Yield 

Hicb income ( 

A-hTbu. Inc 1 

liiliiiunUmil Funds 

lnternaUnnol I 

Sees , or America p 

pjtcitic Fund _ 

SpecblM Foods 

Smaller Co/* Fd (323 

aid Smlr. Co's FtL - 39.9 
Recovery B.9 

MeLMIn. AC*dtgr._ 363 
OitneuEmaa. 545 
BxpL Smlr. Co's _ 4)1993 

Anderson Unit Trust Managers Ltd. 

IBS Penehtirch SL ECTM 6 AA 8239231 

And arson U.T. |462 49210 j 4.70 

Aosbacher Unit MgmL Co, Ltd. 
lNobleSL.EC2V7JA 01R23B37& 

Inc. Monthly Fund . [1AJ 170J) 4 8.9 

Arbnthnot Securities Ltd. ( 8 )(c) 

37. Queen SL London EC4R1BY 01-238SS81 

Extra Income Fd I1B7 9 116,71 +021 HU 0 

HI Rhine Fund 39.7 421 4.44 

dfAeenm.Unltsi— 03 57.7 „., 4A4 

■ 8 W Wdr«d.L : t»-'; 53 3 577 9.94 

Pritofeow Fund . S 4 174 1214 

rAmnTL Units) 37.7 40.6 1234 

Capital Fund .172 215 _ — — 

Commodity Pond _ DJI 373 ... -587 

(Accum. Uaitai 753 813 .....' 587 

rl0%WdrwI-U.)_~ 4S.Q 518 5J7 

FlaAProp-FO. 162 178 .... 327 

Giants FuDd 362 39.0 -0-4 32b 

(Accnm. Unit*) 418 453 -0.4 326 

Growth Fund Q-5 . 34A 338 

i Ac cum. Units) 375 40.6 — 338 

Smaller Cn's Fd tb2 26.4 +05 459 

Eastern A I ML Fd.. 22.1 238 157 

18 % WdrwLOts .1 17.4 281 257 

Foreign F«L 715 B53 2.95 

N. Aims. 8 lot Fd.p288 31^+0^ LOO 

Archway Unit Tst Mgs. Ltd.? (*Xc) 
317. High Bolborn, WCIV7NL. 01-831 8233. 

Arebwsy Fond J7B5 835) 1 632 

Prices at April 12 Next sub. day April 28. 

Barclays Unicorn Ltd. (aXgmc) 
Untcora Ha S 2 Romford RtLWT. 01-5345544 
Unicorn Ameri ca 0 8 1 34J) +0JI 1.94 

Do. Aust. Act 633 ba .« -0 31 1.95 

Do. A list- Inc. M 2 543 — 05l V 

Do. Capital 62-3 67.' 

Do. Exempt Tsl 1053 109.5} -0. 

Da Extra Income _ 268 29 

Do. FlnaDclaJ 57.1 6 . 

Do. 900 70.4 763] -0. 

Do . General 293 31-5 1 

Do. Growth Acc »8 43. 

Do. Income Tst. 713 84., 

'Do. Pit A'nxTR- 1343 !«. . . 

Prices al March 3 - Next sub. day A; 

Do.Recovmy 39 4 

Do. Trustee Fuad.- 107.1 ____ . . 

Do. Wldartde Trust »7 1 - 503+08 

fflsOn-Fd-Inc M2 - 62.7 

Do. Accum. p7.6 70.4 


GartmorF Fund Managers ? laWg) 
2 .st Story A*e.EC3ABBP. nt.zsa.ini 

(i)AimaHexaTK 1263 

BnU'hTrt ' %rc.i_. 505 
Commodity Share _ 136 < 
hi F arEao- Tmtt. Ml 
With Income Tst — 

Income Fund 61 B 

ttM. Aeenei**. . . if-J* 

Incl Exempt Fd. _... JJ* 

lalnlLTW-tAce.i— pOJ . — . _ 

GiU>8 [Antony/ Unit Tst. Mgs. Ltd- 

S3L Bleed vWSL.ECZMTNJa W-M84JJ1 

laiAG.lneoii**. —Stc ®-60 

ia>A.G. Growth Tt__[363 392| J 4.90 

iiAC FbrEast*— 126 ) 030 

Dealing •Tires. tTOcd. 

Govett (JobnHF 

77, London Won, E-C2 

fThJdr.Apr.2I &g-* 

Do. Accum- Unit — Pf=>-° . - 

Nosz deal leg no? May 5. 

Grieveson Management Co. Ltd. 


Perpetual Unit Trust Mngmt.? (it 
48 RaxtSL.HUlty an Thames 048130888 

P'petualGp.Gtb [374 40.8( .._..| 3J7 

Piccadilly Unit T. Mgrs. Ltd.? (aKb) 

Wardfi'te Use.. 56a London Wall ET2 6380801 


32-SI' 9.40 

432 -0J 329 
5L4 -03 5.62 

47.7 -0-3 307 
37.9 +02 329 
64 S ... 380 

S90U +0-1 528 
£73 -0J 120 


S52] 


61-588 NEfl 
13661 +0.41 225 
163 4| +00[ 2 25 


230 


as Gmban s^. ECSPaos. 

Far' eta. April IB — '* 
i Accum. Units)-—.. 
BtBD.flYApr.30_. 
r A ccum. Units)—— 
Endear Apr. 18 — .. 

(Accum. Lulls) 

Gruchnr.Apc 21— H-S 
I Accum. Uoltsi-— _|90.7 


m 

Z0Z1J 
0.9. P 


WAB 

1725} 


189.7 

19BJ 


1771 

165.1c 


I£3 A 

W1.7 


M.g 

922 

+42 

W.7 

9SU 

+4J 

71.1 

74.3 

73.7 

77.ll 



018084433 
402 
402 
785 
785 
1.14 
U* 

—90 
290 
277 
277 


Royal Exchange. EC3P3D.V Q I -628 80 U 

lafilGuardhUlTst-P 35 . 665} -0J| 408 

Henderson Administration (a) (c) (g) ? 
Premier IT Admin- 5 Thtclelcb Road, tiutun, 
BrcBlwood. Essex. 0277-217 238 - 
L-K- FttndJi . 

Cap. Growth lot __ Pll 
Cap. Growth Att—fi.' 

Income & Asset*— [M -3 
High Isconn Fua*l 
Hlch income — —ft-J 
Cabot Extra Inc. — p48 
Sector Funds 


«4.DM -02 
44 bu -02 
32.0 -0.1 


60 i 

MBs 


l+oS 


336 

336 

6.47 

A20 

9.03 


Financial A mT„..U3S 

Oil&yalHaa P 47 

loicmxrtoaxl 

Cabot, 

International — 

Word Wide Apr. 



ful+ftlj 


481 

237 


5ft 

75.71+2.1] 436 


323rf -03} 239 

Earqpeen.; l»u" 40.9rf -OSl 4i7 

Far East E H 74^ -o3 101 

NBfliAmerlc«a—P2 • 39.81 +o3 1.14 

AmGru.Apr.24 — PJA.4 1213| +45) 204 

Bill Samuel Unit Tst. Mgro.t (a) 

46 Beech SL.EC2P2LS 01-8888011 

(b) British Trust— 154M-02 S.g 

lg) Iml Trust 55-6 380-03 308 

!JP Dollar Trust— W3 795 a +02 2 J& 

lb) Capital Trnal g3 303 4.Q 

tb) F\£aivctal Trust 870 93 <4 +0.1 480 

(bi Income Trust — 262 2B.1 in 

ih) Securin' Trust— g5 53.0 537 

ib>Higb\leldTst_tziA 30.4) -02] 8.08 

InteLV (aXg> 

15. Christopher street, EC 2. 01-2477243 

InteL tor. Fuad— ]842 910| 6.90 

Key Fund Managers Ltd. <&Kg) 

01-8M 7trro. 


74 

67 0 -03 

144.9 

613 -02 
633 

10.0 - 0.1 


309 

529 

605 

8.49 

1227 

7.04 


Baring Brothers & Co. Ltd.? (aKx> 
88 , Leaden hall St. HC3 01-0882830 

8saa2fc=JB‘ m=d is 

Next sob. day April ah. 


25. lTiUc St-ECSV BIE- 

Key Eneixy In-PtL-. F03 

S®6fcK> 

Key IncoDif FmaL 765 
Key Fixed latPU- M3 
Key Small Co s Fd->85.4 
Klein wort Benson Unit Managers? 
20 , Fencburah St_ E.C3. OI4236000 

K.R Unit FtL Inc. _(BJ S5.ll I 528 

9KB. UbltFd Ac — [978 lbbll .. .J 5.18 

KB. Fd.Iuv. Tux. _ [49.5 54.2 . J 422 

L & C Ujjit Trust Management Ltd.? 
The stock Ecbange, EON 1 HI’. 01-SB8 2800 

LAC Inc. Fd. — IU02 13431 -120 7.93 

LAC lull A Gen'Fd -J913 942] +07} 233 

Lawson Secs. Ltd. VlaHc) 

Q Georgc.SU XdtubnrghEHZBJG. 031-2283811 


Extra Ircsoic—. — 38.1 

Small Cofa FtL 40* 

Capital Fund 48.6 

1nx.Erns.fc Asset*- 44.6 

Private Fund. 353 

Accum! lr. Fund . — 59.9 
Tecnnokus-Fimri— a 7 

FtrEdStW — 2S2 

American Fond _— 123.9 

Practical InrMt. Co. Ltd.? tyHO 

44. Bloomsbury Sq. WC1A2RA 018BHB 

Provincial Life lnv. Co. Ltd.? 

222 Blrfmpigate. RCS. 01-55478533 

IS 

PrndL Portfolio Mngrs. Ltd.? (aXbMc! 
Holhorn BankECIN 2NH 01-4060222 

Prudential 22Ufa( -OS) 402 

Qu ilter Management Co. Ltd.? 

The Stk. Exchange. ECZN1HP, ‘ 01800 11 T7 

SSSSSSaEJM ^ :rj IS 

Reliance Unit Mgrs. Ltd.? 

Relianc* Bse^Tunhridce Wells, Kt. 0BB223S71 

iSS»Jfcrgl JM =i t| 

SckfordeT.lnc. — {38-7 4L4a| ( 532 

Ridgefield Management Ltd. 

PO Be* 419L 3A40,KomOdj St, MnAeatw 

081 =38 8521 

Ridgefield Int UT.J9XO 9901 +4.0] . UZ 

Ridgefleld Iurome.|94.0 200.0) 925 

Bothscblld Asset Management (g) 

72-80. Gatehouse Rd-. Ayieshmy- 02M3B41 
N. C. Bgutty Fund.. [136.9 M6-9rf -O0j 29B 

Jt£. EigyRroTeLhooi UftS +03 270 

N.C. Income Fund JJM43 1523 -03 b-82 

N.C. TnU. Fd. Hac.fii| ■ 90 J +05 106 

N.C. Inti Fd. fA«t»43 - 9ft3f +05 1^ 

M.C. Smllr Coys P)fll40.7 .1490)—.. 4 j42 

Rothschild & Lowndes Mgmt. fa) 

SL Swi thins Lane. Ldn_ EC4. 010BS43S6 

New Ft. Exempt R1120 U9.0j .....J 3.77 

Price on April l7. Next dealing Stay IS. 

Bowan Unit Trust Mngt. Ltd.? (a) 
City-Gate Hse_ FLnsbary Sq-, 01-6081088 
RowanAm. Apr. 20, 1645 6731 — .J 0.96 

RcwanEccs Apr-18- 1510 199. d J 433 

Rowan Uy. Apr. 2IL 52.9 55.3 J 736 

lAccumTUiiitsi 725 762 ._. J 736 

Rm. Mrn. Apr. 10- 717 7531 ......1 4.15 

tAccum. Dnini, [873 91.9j 4 425 

Boyal Tst. Can. Fd. Mgrs. Ltd. 

M.JcnmnStZ«Bt.SW.l. < 01O2S82E2 

gSSttfc = m ftHrj «ft 

Prices al Ape. 14. Nad dealing Apr. 38 
Save Sc Prosper Group 
4. Groat St. Helena. Loudon EC3P 3BP 
08-73 Queen SL. Edtutargh EH2 4NX 
Dealings Or. 01-5M 88 B or CGI -228 7351 
Save 0s Prosper Securities Ltd.? 

lidjnMHiri RUB 

f¥fc==g| 

Univ. Growth — (63-3 

Increasing tncaeae Pnnd 

High- Yield. 1523 

High lacame Funds 
High Retarn ._ — _ J626 


37 Jfl -0 
25. td +r 
68JhS 


382 

4.00 

223 


562)4-021 721 


J4L0 


Income . 

UJE. Fuads 

D K Equity — 

Overseas Fnsdsdo 
Europe 1813 

U.§T- 1729 




8_J7 

8.79 


44.0] -02] 4.99 

m ! 


Bishopsgale Progressive MgmL Co.? vtaw. Materials— ffiA 
0, Blsbopagtte. E.C2 02-S888280 

B’gqlePr. -Aff.il -H76J IBM — J 335 

Aec-Uts.— Apr. U . - poai .—4 335 

B'gahelDt.Apr. 1S-D693 3MJ \ — J 206 

( Ar t-rim ) Apr 1H RB73 199 J( .-.J 206 

Next sub. day *May 2 —April & 


Bridge Fund Managers?(a)(c) 

King William SL.ET4R 8 AH 01-634051 

Bridge Inc.'. M68 5294 

Bridge Cap. Inc-t- HX 342a — 

Bridge Cap. Acc.r_ B3 TfJt —■ 

Bridge Exmaptt — - 1300 1S9X ..... 

Bridge Inti. .Inc f — Iffl M-Oh I 

Bridge IntL Artt- 104 17 J .... 

Bridge Amer.Gen4 250 
Prices April 1HA8. Dealing Toes. 
fThnrs. 


•Growth Fund S42 

•Accum. Units). 590 

ttGUt and Warrant. S52 

tAmerican Fd. g0 

*1 Accum Units) 210 

—High Yield 473 

—tAccum. Uoiixi— 165.9 


36 3] +1.7] 
432 +L9| 
5E8 .._. 
642 

24.6 +fljj 
26 + 02 : 
520 

71.7 


702 

7.02 

3.97 

3.97 

» 

lSS 

1031 


Sector Fuads 

Commodity—. 

Energy.. 



^13183 14t 


757 


70S 

330 

330 

5.77 

379 

3.79 

TWed, 


DeoL gto Toes. ttWed. JTbunt. —Frt. 
Legal & General Tyndall Fond? 

18. Csnyn^Rosd. Bristol. 007=3=241 

DU. April 12 
(ACcaun-UnUa) 

Next 


r=Si 5S3:d 

xt sub. day May 10. 


IS 


Britannia Trust MahagefueuttattfQ 

3 Lmxlou WaR ButoRnA London WaU. . 

London EC3KGQX. 01-838047810470 

Assets .(653 79 J1 -02] 1 508 

CapBalAce_—_ _ 475 513 439 

Comm fc lnd__ 512 K.O -02 402 

Commodity 683 73.9 508 

Domestic 35 3 3fc5 - 0-2 432 

Exempt 993 103,9 -03 7.87 

Extra Income 333 422 939 

Fax East ______ L92 203 -03 331 

Financial Secs. 627 -063-02 436 

Gold fc General 75.0 BOA +24 337 

Growth 74jl . . . BfcO -03 ,432 

lac. ft Growth ___ 69.6 743d -02 736 

lnr -1 r.rmth 02 KJSV +03 -256 

lBve*LTsLSb*res_ 433 463 +02 330 

Mineral* 793 32-Od +0.4 437 

Nal High 1 m- 77.4 833d +03 834 

New Issue 333 35 .E -02 526 

North American __ Z85 >07 +02 292. 

Proteokmal 4632 4775 -23 402 

Property Shares — 122 13-In -02 20 

Shield 431 ; 462 -03 ATO 

States Chnnga. ZS2 :304a +03 5 JO. 

Dnlv Energy J»5 ■ ■ 32J( -0.1] 270 

The British Life Office Ltd.? (ai . 

Reliance H*e, Tonbridge Well*. Kt 0682 2271 

EL British Life 146.9 girf - 021 SM 

BL Balanced* „ta.a 45.^ 533 

3LDrvtdend*__ — p93 420M ~-A 1031 
•Prices April 12 Next dealing day April 28. 

Brown Shipley & Co. Ltd.? 

Mngn: Founders tX. EC2 . 01-0008320 

BSUnltaAff.il— B07.9 ML?— \ «S 
Do. (Ace.) Apr. 11—092 272? . — 4 482 

Oceanic Traau tai (*l 

Financial 33.7 

General DA 

Growth Accum..— 

Growth Income — 13.7 

- Pi 

Index. 

Ov 


day May 10. 

lannhw AHmluietroKftn Ltd. 

2 Dote St, lAadoo WUC&TP. 01-4885891 

jggj fcrr^ HitHl'Vt 

Lloyds Bk. Unit Tst. Mngrs. Ltd.? U> 
Registrar's DeyL Gurbifi-by-Ses. 
Wortbtog.Weatbosaax. 01-8231288 

First CBalned3___ .I48.Q 5101 -DJI 459 

DoTa55ilL_I: 652 703 -03 459 

SecoodtCapJ 189 523 +02 3A8 

Do iAccunv 1_ WJ 653 +01 .3.48 

Third Oncon*) 772 83. On -0.1 635 

Do. (Accum.) U5-7 113.6-02 655 

FOTrthOExIncj 573 6U-02 8.04 

Do. (Accum. i (633 683) -03 8.04 

Uoyd's Life UnitTsL Mngrs. Ltd. 
7280, Gotebouseftd-. Aylesbury- 0=969041 

Equity Accum. fl45-7 153.4] — j 4.08 

M & G Group? (yHcXti 
Ttoee Quay*. Tower Hll, EC3B 9BQ. 0183B 4968 
See also Stock Exchange Dealings. _ 
Amman 1463 104 


Financial Secs (69.9 

Hlgh-mnlnmm Rands 

Sel ect laternat. - 1240 0 

Select Income fSO/b 

Sc Dibits Securities Ltd.? 

Scot bits B7.7 40 

Scotyicld M3 

Scots hares | 

Scot- Ex. Gth*A B190 230. tt | 209 

Kcot.Ex.TTd.-0.— Ell 170^ — 4 730 
Prices at April 12 Next sub. dor April 26. 

Schlesinger Trust Mngrs. Lid. (aKU 

HncorporaUns Trident Tnutig 


140, South Street. Dorking. 

Am. Exempt* _|205 

Am.Growte_ 262 

Exempt High Y7d_* S.l 
Exempt MkL Ldrs.* 242 
ExmiWTs*.— zap 

Income Dtst. 3B5 

Inc. l(Wi Wdrwl__ 296 
IntnL Growth- 46-2 

Inv.Ttt.Uii fta 24 3 

Market Leaders 27 A 

•Nil Yield- 26-7 

Pref. fcGiR Trust 23.9 

Property Shares 24.0 

Special Sit. Ttt 24 0 

UFL Orth. Accum. 20 6 
UJLGrth.Dltt — ~.bB0 


(0306)86441 


Z29n 
2812 +02] 

26/ 

S3 

303 

«L8 

322 

49 J +02 
262 +02 
293 -02 
28.9 -02 — 

253 -01 1211 
25J -02 
26Ab .. 

222 - 02 ) 

20.0 -Oil 


246 

297 

8.63 

435 

HUB 

9.74 

265 

4.74 
4.74 


2A9 

1285 

fipn 


Next sub. April 26. 

J. Henry Schroder Wogg & Co. Ltd.? 


(Accum. Unitsi 

Austtalnslan 
(Accum Unltsi..— . 


(Accum. Units) 
Co mp o un d Growth 


167.4 

|«9 

m a 
1660 
(712 
(96.0 


■ Couvertaon GrPWthpCI 


§a = j 

441 -03 
35.7b -02 
3O0B 

2SJ -02 

507a -03 

Si 


A23 

4S 

320 

520 

905 

339 

A92 

334 

432 

522 

458 


Perfonnarc*. 

Exmpc^prtl 10 

Canada life Unit Tst Mngn. Ltd.? 

28 BigbSUFUttan Bor. Berts. P. Bar 53122 

Can. Gen Dish 06a 2-3 “«rJ 545 

Do. Geo. Accum — W35 45* +02] 403 

Do.loc.Dw tea 345S .... J 737 

Do. Ipc- Accmn (42.9 . 453} 1 7.87 

Capel 1 James) Mngt Ltd.? 

MX) Old Broad SL. EC2N 1BQ 01 5886010 

Capital J78J . ...j 4.48 


Conversion 3 oc. . 

Dividend 

(Accmn. Colt* i_ 

European 

lAcram Uniifli 

Extra Yield 

(Accum. Units 1 

Far Eastern 

(Accum. Units) 
Ftmdofliiv.TsU.— 

tAccum. Colts) 

General 

tAccum- Unite u — 

Hi gh Income 

(Accum Units) 

Japan Income ____.i 

(Accmn. Units) 

Magnum - - - 

(Accum Units] 

Midland 

(Accum Units) 

Bttoreiy — 1 — • — 

(Accum. Umtxi- — 


505 *0Z 
492 -0« 

Hi -+8* 

•762 +05] 
2042 +OZ 
565 +03, 
606 +0.41 
119.6 -021 
2228-0.31 

8A5a +031 

'SI*? 

.54 A 

622 +02 
75.4 +02 
1702 -03 
259 8 -02 
1B3J +03 
'2692 +00 
- 

. 158.0 -43 
1905 +03 
2473 +03) 

116 for +00) 


56.9 

fc 8 ! 3 

^93 

2060 
|466 

K.i 

(58.4 

pu 

23*4 
73 
P587 
147 4 
1477 

2313 

.ISM 

te9i 275-9) +tq 

D5 J 60^ +0^ 

&6.0 BOA) +O 0 I 

^6 4 2SS1 ...... 

h«7 7 1573+0. 7j 
fias.7 197.3 +0.9] 


1.04 
229 
229 
423 
423 
308 
3.43 
960 
8.16 
8 16 
207 
2.87 
059 
809 
205 
225 
406 

406 
601 
tOI 
OB2 
082 
1.14 
124 
3.94 
3.94 
717 
727 

407 
407 
546 
546 
4.42 
442 


120.Cheepside,E.C£. 

Capital Aff. IB W4 

(Accum.)—— 1146 

Income Apr. 18 1730 

(Accum. Units). 253.0 

General Apr. IB 78.7 . 

1 Accum. Unll» 16.9 

Europe Acc 30- W2 

1 Accum units)- — 333 
Sped Ex March 11- 1042 
SSpeci. Ex March 11 226.4 
Rennery Apr. 1 1 __[170> 


llSf 


Ol-HOttS* 

238 
238 
701 
701 
333 
333 
241 
241 


308 

523 


toco me 


r.-P?A 


7.89 


Prices on April 19. Next dealing May 2 

Caiilol Unit Fi Mgrs. Ltd.* tone) 

MUbaro Bouse. Neweastle+ipon-Tyne 21 185 

CarUol B*.« 66M .) 408 

Do. Accum. U nba -177.1 79.U i 404 

Do. High Yield 08.9 4144 .—4 807 

Do. Accum. Units _M04 50? —.4 807 

Next doling date Max 8. 

Charterhouse Japhei? 

1. Paternoster Row. ECU 01-M8369D 


(Accum. Unnsl- — 

Second Geo 

(Accum. Units* 

Special — 

(Accum Unite) 

Specialised Funds 

Trustee 

(Accum. Unite) 

Churl fond Apr. IB. 

ChnrUrL Apnl 18 — 

(Accum. Units) 

Pens, Ex 'Kprjl 17 

Manulife Management Ltd. 

SL George's Way, Stevenage. 043858101 

Growth Units («.l 5L7] +20] 3.93 

Mayflower Management Co. Ltd- 

14/18 Gresham SL. EC2V 7AU. 01-6O68C99 

Income April tl — 11930 309.11 1 822 

General April 11 -]67.5 71j| 4 5 Oh 

Mercury Fund Managers Ltd. 

30, Gresham SL.EC2P2EB. ■ 014004356 



CJ IntffBStl — 
Units. 
CJ. Income. 


210 
25. Q I 

no 




106 

106 

734 

329 

329 

3L9B 

3.98 


CJ.Enro.Fln ,060 . 

Accum. Units DO B 32-8*4 -— 

CJ.Fa.tov Tst Hi 

Accum. Jails ___ |292 *L2X| ..... 

Price April IS. Next dealing April 

Chieftain Trust Managers LKUHaRg) 

3001 Queen St. 8C4R1BR. . ' 01-248^02 

American — brtZLTO 34CS-Q2CS 1J2 

High Income CT2 422al ..-••) 900 

Inlernoticmal Tst_.fci2i7 ‘24.41 -Oil 3A3 

Basic Resrce. TU-B4J 25.94 - -4 401 

Confederation Funds Mgt. Ltd.? (a) 

SO Cboncety Lane. WC2A IHE 01-3410282 

Growth Fund 1387 400] ..-.4 4.T8 

Cosmopolitan Fund Managers. 

>3a Pont Street. London SW IX 9EJ. 01-2258526. 
Cauaopoln.GtbJnL ]10 J liU| — 4 509 

Crescent Unit Tst Mgrs. Ltd. UKg) 

4 MeKiIle Cres_ Bdlnhurgb3- .031-2284881 

Crescent Growth —125.9 27.1 

Cres-toteruari — L 
Ores. High. DisL_{420 


DisentUmaxr Unit Fund Managers 

22, BJomlicId SL. ECSM 7AI_. 0MB8448S 

Disc to come- [1500 UAJ ..»| 5.49 

F. Winchester Fund Mngt Ltd. 

(gd Jewry, EC2 ' 01-8062187 

Great Winchester- R6.7 M2t j 621 

GLWlBcb'or (Tseas{l80 M2] i—J 408 

Emson & Dudley Tst. Mngmnt Ud 

:?0,ArilngtanSL.SWJ. 0M8975fll 

Emson Dudley TSL. (64.7 VUdf 1 308 

Eqnitas Secs. lAd.?UKgl 

41Bml|OptSate,ECa 0LS862831 

Progressive—- — 1642 67.7] +03} 421 

Equity tIiwCn.Tr. SL? (aXbXO 

AmcrshxinRd- High Wycombe 04M3S8T7 
EqdajhfcLaw |62fi 65.4] -02] 4.45 

FtamJiugtos Unit Mgt, Ltd (a) 

&-7. Ireland Yard. BC4BSJH. 01-3488871 

CaplialTtt — Ctolfi 11604*2.4) 429 

tocomeTsL _.W6 10SS +L 61 623 

Ipt Growth FtL g£4 -11 SiS+iOT 233 

Do. Accum. [102.4 1 0 60* 1 +2^ 233 

Friends' Prtvdt. Unft Tr. Mgrs.?' 

Pixtem&xLItoridng- W0650S 

G.T. Unit Managers' Ltd? 

l& Finsbury Cbcm SKSUriTp 01-8288131 

lf T TftmT«- .1 77.4 . 823) +1.1 3.90 

Do. Art- SS2 990 +13 3.M 

G.T.Inc.Pd.trn—pCfc 1623 +40 8.10 

G-T. U.S. k Gen — P363 1452 +03 2 20 

GT. Japan & G«i™.&2 29508 -8-7 L® 

*GL PeniBiFd. {1330 1390 . .... 400 

)G.T. InTi. Fund Bfi70 1140 -U 2J0 

GT. Four Yd6Fd— ^3 560) — 7.10 

j?G. & A. Trust (al (g) ' 

3. Reyfeigh 2d, Brenwood l(ETn2ZT30Q 
|q*A 130.9 33.0] ) 409 


Mere. Gen. Apr. 18 168 7 
Acc.Uts.Apr.lB.__ U92 
Merc. Inn Apr. 18 ...610 
Aecm.Ute.Apr. 18 663 
MrrrFxvMarJO— M2 
.Accum. Ute ater30.J25R8 
Midland Bank Group 
Unit Trust Managers Ltd.? fa) 
Ceurtxood House. Silver Street. Head. 


408 

104 

164 

471 

472 


2622 ..... 

81! 

10D.9 

328a — 

2M2 ZZA 426 
233 J 

1B33) 

For tax exempt funds <mly 

Scottish Equitable Fnd Mgrs. Ltd? 

28 St- Andrews Sq_ Edinburgh * 03W58010I 

Income Unite K70 SUM J 530 

Accum. Unite 1533 ,56.M — i 530 

Dealing day Wednesday. 

Sebag Unit Tst. Managers 13d? fa) 

POBnx51l.Bcklbry. Hse^E.C.4. 01-2386000 

asessajH s-a^i is 

Security Selection Ltd. 

15-10. Lincoln's Inn Fields. WCEL O1-881693G0 

UnvlGthTstAce—mi 2461 J 3« 

UnvlGthTWlm.-— )203 - Z10) .-... v | 30* 

Stewart Unit TsL Managers lid (a) 
46. Charlotte Sq., Edinburgh. - 031-2283271 
t flto w ait American Stead 

Standard Unit* 1613 g.q — .] 150 

Acrom. Units ... — ]fA2 70S .„.J — 

Withdrawal Unite ..p80 53.9) .{ — 

•Stewart British Capital Fund 

S£&s — BB- Slid IS 

Dealing tFri. »Wed- 

Snfl Alliance Fund ttngt Ltd 

Son AUisncr H*t, Horsham. 040364141 

20 3 s j a+6a| tfS 

Target Ts i. Mngrs. Ltd .f teX & 

31. Gresham SL. ECO Dealings: 0296 3941 

423 

620 
6.1D 
3.00 
407 
136 
276 
SSL. 
4.49 
8.71 


Sheffield. Si 3RD. 
Commodity fc Gen .160 4 

Da. Accum 585 

Growth. — -367 

Do. Accum. 38 9 

Capital. tt.6 

Do. Arrant 2S.7 

income J|5 

Do. Accum. 553 

InlematiQoal - 46 2 

Do. Accum. *8.7 

High Held 582 


TeL 0742 79642 


K0j-oa 

- 2S - 7 - 

511 -02, 
592 -01 

6^ 

,* 5.1 -a 3 

5S& 


5.73 

5.75 

339 

339 

336 

336 

639 

639 

232 

232 

B08 

068 

5.42 

5.42 


Targn Commodity .Dft3 g-3 

Target FlnancUl_. ».7 62.0 

Target Equity 35.7 SO* +0.4] 

♦Do. Acc. Uuil* 2662 275 7 

S^3Es=:» Si:» 

Target tov. 29.7 31,1 

Taryet FT. Apr. 1S_ 150 0 157 .JS . — 

TEL Inc 27.7 291U 

TeLProf. 133' 150a .... J 1130 

Coyne GrowthFd. _|17.7 X9.0] . ..4 404 

Target Tst. Mgrs. (Scotfand) (aHh) 

19. Aibol CreseenL Edln- 3. 021-229 882X2 

Target Amfir.Baglegfi , 27^ | 130 

Target Thiale Si . 4L>8 J 516 

Extra tocomr FtL _|570 622] ..... J 1033 

Trades Union Unit Tst. Managers? 
100. Wood street. E.C.Z 01-6388011 

•TUTJT April 3 148.4 S13d| - J 532 

Transatlantic and Gen. Sees. Co? 

91-99 New London Rd. Chelmsford 03t3 51tei 


Do Accum. J6L9 

Equit y Exe mpt* — |J020 

Do. Accum* (1020 

•Prices at Mar 3l Next dealing Apnl 20 
Mins ter Fund Managers Ltd 
KtoxterHw^ Arthur Ss-.E-Ct. Oi «2 1050 

assttsfcw ®i=j ^ 

MIA Unit Trust HgexnnL Ltd 

Old Quean Strert, SWl H9JG. 01-6307330 

MXAUolU P6 0 37*q 4 406 

Mutual Unit Trust Managers? UKg) 
IS, Coptbal) Ate. EX3R TBIT. 01-8084803 

Mutual Sec Phis. ■•j‘M-3 5211 -0.4) 6.74 

Hutoal Inc. 1W-. - gj J -cj J-M 

Mutual Blna Chin. .W 6 HS -03 600 

Mutual High Yld. D5.8 60e) -0.4| 800 

National sod Commercial . 

31, SL Andrew Square. Edinburgh 031.8589151 
lucerne Apt. 19- — [131.2 1308 — 1 6.78 

lAccumUoitsI |U90 1863 — J 6,78 

CapLApr.19 1198 • 337 

(Aficum. Unite) [M60 357 

National Provident lnv. Mngre. Ltd? 
48, Gracechurch St. EC3P 3HB 01-0X34200 
NJ>3.Gtb.UB,Trt. ..J«0 .£7) -J 3.9S 

(Accum. Urdtep— -pT, 7 , ,_ S 6 J J 4 3.95 

NTI O'teas. Trurt .-11140 lZL3td .,_,.) 305 
LAcram. Unite V“ ..-229.4 1 o2i — | 105 

-Prices on March 30. d^as April 27. 
■Price? an April 10 N«t deallgc itay X 

National TPestmbtstoriWa) ■ 

1S1, ChcapaUe. EC2V dEU. 01406 0080. 

CopUallAecum.i — ' 

Extra Inc 

PtoaDdal __... 

Growth lnv 

Income 

P&molio tov. Fd.... 

Unncraal EU(d'-- 
NEL Trust Managers Lid? (a«g> 
MSltoe Court. Portdnc. burrey. S 11 

Nrf£5m^S“^8 +cd In 

For New Court Fund Managers lid. 

see Rothschild Asset Management 
Norwich Union Insurance .Group fb) 

P.O.»wfc Norwich. NH13NG.' J 0603SBOD 

Group T*LFd 13222 3M0] -OJ] 5.16 

Pear! Trust Managers Ud (»Kg)(z) 

aS2Hlrf)Itolbon>.ttriV7EB 0M6GBH1 


Barbican April 20 -- 
1 Accum. Unite). — 
Bark£xpLMar09._ 
Buckm. April 30 — 


Cole nuui Apr. i 

(Accum. Unite) 1 

Cmald. Apr. IS 

1 Accum. unite) 

Glen Apr. 18 — ... 

1 Accum. Unite) 1 

■„ Marlboro Apr. 18.._ 
530 (Accum. Unite) — __ 
Vnn.Gwtb.Apr.ia. 
(Aortun- Unite) 


Van’RyApr. 
Vang. Tee/ 


Apr. 19. 

(Accum. Unite.) —I 
WicKT April 20.. - 
lAmun Unite). 
Wide Die Apr. 21. . 
Do. Accum 


(726 

760 


109.4 

1150 


85 0 

875 


77.4 

KL1 


M2 

98.7 


119.7 

126.0 

+3.i 

144.4 

1521 

+4.7 

495 

520ri 


542 

570 


<80 

5LM 


62 5 

660 

■ a— •• 

470 

49.7 


54.1 

56.7 


45 8 

48.4 


5b2 

59.4 

• 

to* 

■ 705 


42.7 

«5.0ri 


435 

45.7 


jT.7 

61.0 



68 5 

55.7 

£3 

♦22 


760 

+1^ 


Tyndall Managers Ltd? 

13. Canynce Road. BrutoL 
Income April 10— -BM 101 4 

l Accum. Unite) 1702 1W.B 

Capital Apr 10 U70 IO 6 

(Am*). Unite) 1642 1726 

Exempt March SO... 1060 2222 

lAccuro. Units) MS0 1550 

Canyitfd Apr 19 — 92-4 • 972 

■Accum. Unite) 1344 120 2 

InLEaru. Apr. i6_ 87.0 238.9 

(Accum. Uwtu — -■ ^0 .*5-9 

assifex^ffl ^ 

SruLItK.Apr.lB. P52.0 159.6) 

Latuton Wall CiRl 
Capital Growth — 

Do Accum. 



ss 

H 

5M 

524 

3.01 

3.01 

3.95 

3.95 

897 

6.90 

6.90 

S.46 

5A6 

897 

8.97 


027232341 
7.81 
701 
003 
405 
767 
707 
5.78 
5.78 
5.41 
5.41 
501 
551 
92.1 


i 

405 

S3 


80,71 -01 Ml 
62.4 -02 621 

382 +02 1036 
435 +0.3 1036 

1 05 <9S 

201 -0.1 405 

620 8.48 

322 +0.1 2.74 
310 +Ol] 4.98 


Peart Growth Fd— [23.4 ...... 

Accum Unite ..g4 27.q —0.1] 

Pearl Inc 29 9 32i 

FeWtVmtTtt. 33 7 to. 

(Accum. Unit*) — 142 8 462] -0. 1] 

FrZieBu Units Admin. IML (gifcl 

B1 FountalnSL. Manchester 0S1-2385685 

Pelican Ualte— [760 825^-0.1) 559 


529 

529 

HI- 

522 


Extreme Growth- 
Do. Accum. — _ _ 

Financial PrYty — 

Do. Accum. — 

High toe Priority.- M5 

International 305 

Special Sits- B95 

TSB Unit Trusts (y) 

21. Chantry Way. Andover. P ante. 020402188 
Dradtosa to 0204 034320 
(hVrSBGeiiSSZrWU 4SJ1-0. 

(hi Pa. Accum. 533 

ibi TSB toroma — M0 
(bi Do. Ac cum .. — 590 

TSB Scottish 76.9 

(b) Do. Accum..— ]82 5 

Ulster Bank? fa) 

Waring Street. BolliuL 
(b)Ulaur Growth _.]35.7 
Unit Trust Acebunt it MgmL Lid 

KJngWailaraSLEGtR&AH 01-6234051 

Friars H bc. F und— 0300 - 146H ,„..J «» 
Wirier firth. Fod. 29*3 .._.J 4|3 

Do. Accum- ^.7 54fl — -4 *3S 

Wider Growth Fund 

RtAR William SLEC4R BAR 014234BS1 

lnuKne Units, D7.7 292ri ..-.J 402 

Accum. Unite [32-1 33^ •■■■4 402 



. 028225031 
2.4} -02! 535 


41 


OFFSHORE AND i 

OVERSEAS FUNDS 


Arbathoet Securities {CJ.) IJmlted 

POBo* 284, St. Hell PT. Jersey. 058472177 

“►"■SSS&BL.jfflfu- 1 “■ 

East fcIn(LTrt.(CI) - (1D70 U40] .] 3 28 

Next sub. Apnl ST. 

Australian Selection Fund NV 
Market Opportunitlec. elo firth Young fc 
Outh write. 127. Kept 0L, ^ginlner. 

US5I Shares f SUSX52 { J — 

Bank of America International &A. 
3S Honlpvard Royal, luxembamg GJ>. ■ 
Wldjnveft income JtCS2M2t HI2J{-048j 631 
Prices al April SO Next cub. day April 28. 

Bnk. of Lads. & S. America Ltd. 

4000 Queen Victoria SL, ECO 01-8302813 

“iffiys.w k- 4 - 

Banque Bruxelles Lambent . 

2. Ruo De la Res cnee B 1000 Brussels 
Rents FuadU 0015 2073] +2] &27 

Barclays Unicorn Int <Ch. Is.) Ltd - 
L Charing Cross, SL Hriier, Jrav. 0534 73741 
Oveneas Income ..)« J 5LS +0J1 10JO 

Unlbood Trust-. — I — * *■** 

•Subject to fee and withholding taxes 

Barclays Unicom Int. (LO. Man) Lid. 

1 raomar 5t_ Doagiat. In3L OB344BB8 


Tung A Shaxaov Mgro. 

l Charing Cress^St Heller. Joreey. (HS34) 73741 
Valloy »»«. StPrier Port. Grasy. (0481) 24700 

ffissssyss* 1 0 ."Tsf 


OU 7rutt(7o.M.i_|U22 


215,0) . ... J 
966 .1 U.75 


Gilt Fnd. Guerni 
IntL Gwt Sect T«t. 

First swung lS2.°S. -,2-Sl - 

First toll — P18636 136.93) | — 

Kidnwort Benson Limited 

20. Fen church St, EC3 010238000 


EminiesL Lux. P. 
CBCrttecytoe.—— 
Do. Accum. 


KB Fhr East Fd._~ 
KB In 11 FnatL—i-, 
KB Japan Ftind. — . 
KB lfe.Gwth.Fi. 
Signer Bermuda — 
•lmiftmd*(DM) — 


* 6 ) 


+007! 


348 

464 

462 

138 

101 

002 

L69 

.9.04 


5US1016 
12.06 

w 

iiyJP^M.aJ-DJOl .. 

KB art as Loudon paying a grate may. 

Lloyds Bk. iC.f.) vrr Mgrs. rt * 

P.O. BuxlSS, SL Heller. Jersey. 05342750.' - 

tia yds Zb tenurt total Mgamt S.A. 

7 Rae dp Rhone. P.O. Box 1TO. 141 1 Geneva 11 \,y 
LbydstoL Growth -tornij mg) .1 in 

Lloyd* toL Income. pFJBB R1IS] | 6JB ■■** 


Unicorn AusLExL. 

Do. Aust. Mb) 

Do Grtr. Pacific 

Do. IntL Income. 
I>& L af Man 7bL 



1-70 

208 


830 

&7B 

LSD 


:a3 

Jhj S>.4] +LD| 

Do. Manx Mutual — (24.4 
Bisbopsgate CmnmedJty Ser. Ltd 
P.a Bo* 42. Doaglaa. LaM. 0824-23811 

ARMAC *Ape. 3 {HSSff .MJSf — J — 

CANFffiO«Aff.3_.&0I7 1.07® J — 

COl T NT , -Apr.3.— &?9S 2.43S 1 225 

Onguiri^r Ismed at *510 ana **£UKL 

Bridge Management Ltd 
P.O. Box 508, Grand Cayman. Cayman Is. 
jiTbaahJ Apr.3 — _-| Y1539B I -....] — 

GJ'.O. Box 890. RongEong ■ 

NipponFd. A pr.g :j ^6N ^ U-W] I 073 

Britannia Tst. Mngmt. (CI1 lid 

30BaU)St.SLIlcHer.Jcr*ey. 0534 73124 

%~4 -Z 

UnlvaLSTaL Stg. — (£2.89 O20| *003 100 

Value Apriizl Next dealing Apnl 24. 

Butterfield Management Co. Ltd 

P.O. Box 195. Hamilton, Bermuda. 

Buttress Equity ^K|5 2M ] 2.M 

Buterwo incoioe— .J202 L95] 738 

Prices at April IO Nest sub. day a (at & 

Capital International S.A. 

37 rue Notre-Dame, Luxembourg. 

Capital IhLEund — | SUS16.48 I | — 
CharterbonBe Japhet 
I, Paternoster Row, £XX 01-2483898 




Emperor Ptmd., 

Hispano — . 

Clive Investments (Jersey) Ltd 

P.O. Box 320. SL Holier. Jersey. 053437381. 

SiSSSlftlSifiS !:!H :::~l HE 

Comhifl Ins. (Guernsey) Lid 
P.O. Bor 157. SL Peter Port. Guernsey 
lain! Man- Fd. pfi4J 1790] ......J — 

Delta Group 

P.O. Bos 3012. Nassau. Bahamas. 

Delta lnv. Aff. 18 -BL5S 103] J — 

Deutscher Investment-Trust 

Postlach 2885 Biehcr^sse 8- 10 8000 Frankfurt. 

toL^ntSiiondsZ^S!" SSI+Dlol' — '' 

Dreyfus IntereontinentaJ lnv. Fd 

PO. Bos N3712. Nassau. Bahamas 

NAV April 20 (tCSDM 13071 1 — 

Emson & Dudley TsLMgLJrsyJld. 

P.O. Box 73, SL Hriier, Jersey. 033420801 

ED ICT. (2148 iZISri I — 

F. & C. HgmL Ltd lnv. Advisers 

1-2. Laurence Pouhlney Hill. EC4R ORA. 

01-823 4680 

Cent. FB. April 12—1” 5US4.89 f | — 

Fidelity HgmL & Res. (Bda.) Ltd . 

P.O. Boa 870. HawHIron Bermuda. 

FWeUiy Am. Am._.l 
Fidelity TnLFUnd-f 
FidcDly Pac.Fd.__. 
fidelity Wrid Fd __ 

Fidelity Ster. Fds._ 

Series A ilncnL) __ 

Series 3 (Pacts e>~ 

Series D lAmAas.) 

First viking Commodity Trusts 

8.SL George's SL. Douglas, to Jt 

'oi-^! 


M & G Group 

Ttoee Ousts. Terser HU1 ECSR 63Q. 02028 4S88 
Atlantic Aff. 18 — ®ffl58 l~' 

AUsLfic.Apr.1B_~ RjSUt 2 
CoWatAW-lB— *1-57® 84 

32fcuaa=lHH ^ 

Stand Montagu Ldn. Agta. 

1 14. Old Krosd 5UE-C2. 01-3886909 

Apollo Fd. apt. 12. 

Janfest Apr. H 

117 Grp- Apr J9 — 
ll7Jersoy Apr. 3.— 

1 17 Jraj% Mar. 2P_ 

Murray, Johnstone (lnv. Adviser) 

163, Hope St, Glasgow, 'TL 041-2215522 1 

'Hope SL Fd 1 5US3S37 | J - 

•Murray Fund I SVS1003 ] J — 

"NAV April 15. ... 

Negit S.A. 

10a Boulevard Royal. Luxembourg 
NAV April 7 | SU5U03 | ] — ' ■ 

Negit Ltd. 

Bank 'of Bertnnda Bldgs , Ha mi II on, Bnada. 
NAV April J4 |£5X6 - |-0.09j — 

Phoenix International i 

TO Box 77, SL Peter Port. Guernsey. ’ 1 

Inter- Dollar Fund- (STS226 244) I — 

P r op el ty Growth Overseas Ltd. 

28 Irish Town, Gibraltar l Gib) 81 08 

VS. Dollar Fund — I STSW27 [ .... J - 

Sterling Fund - I £12880 | f — 

Richmond Life Ass. Ltd 

48. Athol Street, Douglas. 1.0 M. 

•xiThc Silver TrusLpM.9 107 
Richmond Bond 07. 182.4 192. 

Do. Platinum Bd. ... 106.2 112. 

Do. Gold Bd. 983 105 

_ 2B(f... 1673 


K-: 


Do. Em. 87/02 Bd:.. 



SUS220O 


5U51951 

HUO 

5US44.K5 


SUS1287 


22 

+001 

£15.71 



Rothschild Asset Management (C.T.) 
P.O.Box 58, 5 l Julians CX. Guernsey. 0481 SG337 
O .CJE3q.Fr. liar. 31 .. BOO 530ri ... . 3.87 * 

O.CJncFd. Apr.3— 152.D 161.1 ..727 

O.CJnllFfLApril.. S103 3-30 -0.06 - ‘ 

O.C.SmCoFdMar3L 137 9 146.7 3 44 

OLC. Commodity _ 1215 2293 . ... 4.97 .< 

O C. Dlr.Comdiv.t. . 125 J9 27.01).. — 

•Price on Apnl 14. Next dealing April 28. .. 

T Price on April 23. Non dealing May 8 

Royal Trust (CD Fd- Mgt. Ltd. 

PjO. Box 184. Royal TsL H so, Jersey. 0534 27441 

R.T.tal LFd RUSM6 9«) ...-A 3.00 _ 

JlTrrnlTCJxy.rFtt.fw «) 1 321 

Prices at April 14. Next dealinx May 15- 

Save & Prosper International 

Dealing to: * 

37 Broad SL.SL Hriier, Jersey 0534-20581 

UR. Dallar-deaoBttMSafl Fanis , • 

DlrFxdlnr+Apria .(933 lO.IOf f 6.91 

In ternaL Gr.*f 16 35 7-0 1 

Far Eastern*? — B7.99 '•10 

North Ameriean*t p.56 31 

Sepro^L P308 14.9 

gtoOii-doalaM Funds 
Channel Capital^— (Z27.9 ' 229. 

Channel Islands!— lfll.O 143— 

ConuDOd. Apr. 20— 115.7 1Z1.1. 

SLFxd.Apr.20 U79 124.7) ....J 1215 

Prices on. •Apr. 17. •'Apn. IP. ***Apr. 20 ■ 
twcctiy Doallngn 

Scblesiuger International BSngt. Ltd. 

4L La MotlaSuSL Hriier, Jersey- 053473588. 



SAJ.L 


177 


0024 4832 TAn- Apia. Dnnhar £ Co_ Li d. 
~ ’ '8307857 


230 

2-20 


53. pal] Mall. London SW17 5JH. 

fSvuSwp&I^oo ft 

Fleming Japan Fund SJL 7 

37. roe Notre- rtupc. Luxembour*. • 

yimg.Apr.lfl 1 5US47.49 1 — J - 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. B ermni la 

NAVMarchSl — _..| 5US17204 ) ] - 

G.T. Management Ltd. Ldn. Agts. 
Park H*r_ 18 FI mb to y Qr t-m, Loudon Ed 
Tel: 01-828 8131. TUt 888100 
G.T. Pacific Fd... ,| SDS2Z01 /-PJfl 120 
Mm Umn l InttruLlAll Ud. 

SoBfc of Bertnnda Fron t SL. Hmnltn. Brnda. 

Anchor 'B 1 Unils-TTgOSMI 0901 | 102 

Anchor lnL Fd. .—pDSUl Ui| I IBS 

G.T. Bermoda Lid. 

Bt of Bermuda. Front SL. Hnm ltn.. Brada 

ssk =3 ^ i =3 s* 

G-T. Mgt lAsiot Ltd. 

Hutchison Mae- Hareouit Rd_ Hong Kant 

G.T. Aria F. ISHK3JW ISBri ] 176 

C.T. Bond Fund — | SUS1Z49 ] 5.04 

G.T. Mamageaent (Jersey) Ltd. 

Royal TsL. Hse.Colomberie.SL Hriier, Jersey 
G.T. A*ia Sterling.. ]£1Z74 130^ .^...1 147 

Bank «f Bee auid a (Goarosey) Ud. 1 
31-33. L* PriTeL G^ogey. 0|ffll^82ee ^ ^ 

AncbOr In JQ’-T sL_{245 26JJ ., ..J Z97 

Gartmore Invest. Ltd. Ldn. Agts. 

Z SL Msry Axe. Loodon, EC3. 01-283 3531 


8.84 

4.49 

1105 

347 

294 


SA-OJL. J0.B4 0*3+001^ 

Gift Fd. 23 0 22.2 -02 

IntL Fd. Jersey 102 106 , 

IntoLFdJjmhTg... SI0.15 10 66 +005) 

•FSr East Fund — ._ 97 J . *°?L- 

•Next.cub. day Apnl Sfl. 

Schroder Life Group 

Enterprise House. Pmumciulto QTJBpSC 

Intern nHoual Fomta '-. 

£ Equity- — BIAS 

5 Equity — .... n?O0 

(Fixed InteresL — 036.6 


SFlxed totercol 1B4.8 

£Man*ged_ 129.0 

managed pl24 


uog 

1282 

1153 

na.4 :.... 

1372 

129-5 


J. Henry Schroder Wage & Cl Ltd. 

120. Cheaps! do, ECO C 1-588 «X» 

Cheap 5 Apr. 20 1108 _ +011] 2-61 

TrafnlwMar.31.. SUS10OE5„ 

ArianKL Apr 17... ICSUN 15 « 

Darling Pud. 5A180 151 

Japan Fd Apr. 20 -,PC545« 7 07( 


332 
4-50 
014 - 


0334 73673- 
128- 


Gartmaie Fund Mngt (Far East) Ud. 

• — '0 HaicourtJRd. HJ^ra^ 


I Tst.. |£a’4 8L3O+0.01 1 ; 

^ jOQ0S 11.07 +020 — 

L_._m.4l 1264J-0 25 - 


1503 Hutchison Us e, 10 
HKfc Par U.T«L...B%7K 

Japan Fd. 0093379 

V. American TsL ...BC5U 355 JM 
Inti. Bond Fund — (l 
Gartmore lovestmcut QtogL lid- 
P.O. Box 32. DouglaK. loM 
International lnc. ..CLl 223 

Do. Growth I»2 • 62.9 

Hambro Pacific Fund MgmL. Ltd. 

2110. Coonaught Centre. Hong KOng 

BSI&Jijm ^ = 

Hambxos (Guernsey) LtdJ 
Hambro Fund Mgrs. (C.L) Ltd. 

P.O. Box 8S. Goerusey _ 0481-26521 


002423811 
114 
All 


3 


CJ. Food . 



390 

040 

230 

8.50 

250 


lamL Bond SU; 

lnL Equity SDL 

lnL Svgs. ‘A’ Sli^l02 

toL Svgs. *B’ 5USD.M L 1 . 

Prices on April IB. Next dealing April 26. 
Henderson Haring Fund Mgrs. Ltd. 
P O. Box N4723, Nassau, Bahamas . 

Japan Fd tttSDtt HI} | — 

Prices on April 13. Next dealing date April IS. 

BiiidunDel Sc Co. I Goerusey) Ltd. 

8 LoFobvro SL. Peter Port Guernsey. CJ. 
Guernsey Tsl p444 1543] -0JJ 361 

HUl Samuel Overseas Fond S_A_ 

37, Bae fiotrc-Dame. touccmboug 

JR3I7B H»J+fl25l — 
Internationa) Pacific lnv. Mngt Ud. 
PO Box R237. 5fc Pitt St, Sydney. Aust 
Javelin Equity TW..JS.48 £08)+DD7I — 

J.E.T. Managers (Jersey) Ltd. 

PO Box 194. Royal Ttt. Hxc, Jeroejfl534 27441 
Jnrwy Ertmi.Tst_rM3D 1520] ..._J — 
As at Mar. 31 Next 50 b. day Aff. 28. 
Janfine Fleming & Go. Ltd. 

46*h Floor. Coonanght Centre. Hang King 


JaxtUne Estn. Ttt. 
Jardine J’pn. Fd .* 1 

jardtoeSJEA 

Jardlno FtesUnLf. 
NAY Mar. 31 . 



S HK22 9.68 

SHX936 _ 

Equivalent a 
Next sub. April 28. 

Keyselex Mngt, Jersey Ltd. 

PO Box 9B. SLHelieri Jersey..) Eng. 01-806 7O70> 

Fonselex — - — 

Bon assies , 

Keyselex toll — — 

Koteclex a)repc__L _ 

Japan Gth. Fund — KSM» _16 
Keyselex Japan _.. DL33 
Cent AuriS Cap... 1 032.18 


Sentry Assurance luteniaUoiial Lld_- 
P.O. Bo* 326. Hamilton 5. Bermuda • 

Managed Fund ..... JU.3UJH UUH . ] - | 

Singer & Friedlander Ldn. Agents 
20 Cannon St_EC4. 01-2480948- 

Dritafond* _|DNM5Z 25-99]— 0-101 056.’ 

TokjoTn.Apr.17_) SUS3S25 J . .. | 175 

Stronghold Management Limited 

PO. Box 315. SL Heller, Jerjty 0S34-71460 

Commodity Trust.. 193 B9 93.Bq .] - ' 

Snrinvest (Jersey) Ltd. (s) 

PO. Box BO SL Holier. Jenej-. 

American lnd 
Copper Trust 
Jap. Index Ttt. 

TSB Unit Trust Managers (C.I.i Ltd-. 
Bagatelle Rd.SLSarionr.Jor.'a)' OS34 73401 

Jersey Fund M42 463} ... | 526 

Guernsey Fund ._..J445 46 5) ... | 5 It 

Prices on Apr. IB Nett sub. day Apr 29. 

Tokyo Pacific Holdings N.V. 

Inumis Maaacemeot Co. N.V_ Cureeae. 

NAV per share April 17. SVS51 75 

Tokyo Pacific Bldgs. 1 Seaboard) N.V. 
InUmr- ManaRement Co N V. Curacao. 

NAV per share Apnl 17 SUS37.73. 

Tyndall Group 

P.O. Box 1256 Hamiltoa O Bermnda. 3-TNU 
Overseas April 10 .1517719 

1 Accnm. Umlm. ._..nCSlW 
3- way lnL Apr. 3)— |ll'S2 S2S 

2 Nra Si_ SL Defier. Jersey 0S512733U* 

TOFSL April 20 £7.20 7 70 .. . | 600 

■ Acrum. Shares) 0115 1198 

TASOF April 19 BO.D BH3 

1 Accmn. Shares) 090 84 5 

Jenei'Fd. April lfl. I860 197.J ....l 720 

< Non j. Acc Dili . 2506 2722 .... - ; 

Gill Fund April IB . MB.6 UQ.6 . .. I 10 85 . 

■ Accmn. Shares 1 — 1366 U98 

Victory Rouse. Douglas. Isle o( Xan. B824 2502* 
Managed Apr. 20 -11262 1330} -tq — I 

Utd. IntnL Kngmnt. (C.l.) Ltd. 

14 Male oner Street. St Heller. Jersey. 

L J B.Pund ....- ..lUBWA »L46] . | Itt 

linited States Tst. Inti. Adv. Co. ; 

14. Rue Aldnnser. Luxembourg 
l' S. Tsl Inr. Fnd . | SUS102I 1-0 U| 8.90 - 
Net assel April- 20. 

S. G. Warburg & Co. Ltd. 

30 Gresham SircrLECS OI-8Q045SS 

Cuv.Bdp-d.Apr 2n I SUS9 47 J .. .[ — 

Fjigy. Ini. Apnito. SC31UB - 0 04} 
r,r.S:.SPd Mar 31 . SUS6S5n) 


Mr.Edr.Apr. 19 — 


ibgI 


ISiffi •' 

& If «* 



Warburg Invest. Mngt. Jrsy. Ltd. 

I Charm): Cross. St He'icr.Jsj- i71 053473741 
CMFLid March m.fllSHM 11(8 - 

CM1 Ltd. March 50„ 03.04 1337 — 

MialiTU-MnraO 01.44 1I7Z-D.W — 
TMTApnl 13 . ...Sl ?165 90 . - . 

TOT Lid April 13 . £9.74 9.«| - 

World Wide Growth Management^ -■ 

10 a n«ilerard Bnvzl. Ijixeahnirre. ■ 

llnrlHwide Gib FriUl'SUM ' -Jl^-OU} - 1 


NOTES 


Prices do oat tnclmle S premium, except where indinued f. ana are in pen« unle;.i othenris* 
indicated 2'ldda *. (shown m lari colanmi aUxx lor all buying expense 1 a Offered pnrrj 
include all expenses, b Today's prices e \Teld ba c «M an offer price d Ev.imaied. ; To-day s 
opening price, b Distribution tmofUJC. taxes, p Periodic premium Insurance plane ■ Single 
prcraiuBs insurance, x Offered price includes +11 expenfes except a^entv eoncumsum. 
y Offered price includes al! expenses if bought through manager.;, s Prerloas day's price. 
f Ntt Of tax on realised cap mo snips unless iadicaiei ❖ 9 Guernsey groij. P Suspeodeo. 

4 Held before Jersey tax. r Ex-Mihdiridnn 

■ * ■■■ ' . 1 


CUVB INVESTMENTS LIMITED 

I Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 llol. 
Index Guide as at 11th April, 19T8 (Base lOfl al I4.L.77.) 

Clive Fixed Interest Capita! iSS.Tfl 

Clive Fixed Interest Income •- llfl.se 


CORAL INDEX: Close 453458 


INSURANCE BASE RATES 

t Property Growth S % 

t Vanbrugh Guaranteed $.25% 

1 Address ghtium midcr Ihsuranc* and Prop'rts r'HW Tahl? 


One month Gold 171 .8*173.1 


I.G. Index Limited 01*351 3466. 

29 Lamont Road, London, swio OHS. 

c ^ x '^ ree trading on commodiiv Toiures. 

•*. commodity fulores marhei for ihc smaller investor 


- V 




-i 


is! 1 ' 






r* '..-is 


- 42 


Financial Times Monday April 241978 
HOTEI^--Contmued" 


» .. «S' 


Great people to build with 



FT SHARE INFORMATION SERVICE 


Rvidnft 

nu: 


Sock 


Last I 
Price * 


Henry Boot Construction Limited 
- Sheffield Tel: 0246-41 OH 1 


Dtridnnds 

Paid 


AMERICANS— Contiimed 

1 Lsust ] .Dir. I 
£ 1 id | GrtB [ 


Stack 


TO 

CcriGrt 


J. Ap. Jy. OjPluorCoip.Sk. 

I MrJei.D. VMWurtt 


**BBHISH FUNDS 

i ■ ** it i?i »m* 


■ Iu 


“Shorts " (lives np to Fit# 


sM 

'1714 

•2«M 

-lR 

15J4 

3M 

1414 

15J 

15J 

S5M 

131 

15F 

■JA 

12J 

4F 

-21F 

1TM 


,1634 

15J 

5J 

Z2M 

5Ju 

SHF 

17U 


’l5J 

■1DJ 

1M 

.281 

1J 

15A 

15J 

151 

•3W 

5A 

22J 

21F 

JSF 


14J 

ISM 

23M 

1M 

22F 

37M 


14Ju _ 

2BS ExdLSpeTMWt-. 
BSTrcMoiylUzpeTW- 
17S Itawupapcwfc— 
■JBSBectriefliBBWg.— 
IN rreamylfca*’™?— 
15N QectricHapc^-™ 

3S Treason 9pc U*gt 
14N TreasayWipc}*!#-— 
15D rreasoiyStfC 

15D FDDdHtgStpcWflW- 

25N Exchequer I3pc lfflOf 
UtaMiTlimm 
lSATrtaaBy»tfcWML 
JO Treasuiywcll 
IZDEscLffoixUSl 
4AExch.FipcW81 

A.M 

23M 23N Em*. 

15J 15Ja TreusJU;pcH^ 

15F 15A Treasury 3pc ttjt- — 
16S Treasure Hpc wj.. - 


J5D Treas. VartableWtf- 

5Ju Treasure SGpcTE 

22S ExcH.P*pc 18E 
5J Ex eh. Stipe 1883 
2 tA E«*3pc Ba- 
ns Treasury lTpe 1883R— 


aiaifl.c 
172 5.04 
3U1UB 
82 3.34 
t’2 4.41 
2825 10-50 
10.4 3.65 
2SJ 0.06 

7.4 9.48 
811 3.75 
811 532 

18.41222 
9.12 13-16 
W 3.90 
232 M* 
- 8.68 
2932 9.69 
1U 3.45 

10.4 658 
17.411.97 
9.12 8.92 

9J 336 
7212.68 
811 7.81 
L12 8.87 
132 9.69 
— 937 

I 6 J 3.70 
821139 


MrJttSJ). GATS 

Apr. Oct Gen. Hectic 

MrJnS.D. GiUettfill — — 
MrJoSJ). BoieywCjJSLSO— 
MJSD Hutton KF.—— 

HrJfcSqUfc lB3LCorp.SS_-. 
HrJu.SJ>. lngefsoU-RS2 
S.DJUu. tatSsswfflS&O 
MrJe.S.D. LC.InternalMBialD 
FJiyAuN. Kaiser 
ApJuOJa Ifcmi HaoJJSftS) 
Z-J 8 JaApJy.O. Morgan 'JPlVSBa 
'•g n p. My. An Norton Snnoa Irt SL 
MJnS.D. Dmns-HL 53.125— 
Ju-OcJA. UuakerOaisCS55. 
5x2 March Reliance 5025™- 

J.AJ.O. Hep.N.Y.Ccni55- 

£■= FMyAiiN. RcxnordS — .. . 
H3 S.DJ4rJu. RWidnJjglUft 

?S MrJiuS.D. SanHRFJSl 

MrJe^J). MOW. 

-Z-H MrJtSJDec. Singer S1(J) 

sSSSSSSfiSgsa 

Z-S MrJttS-D. Tineloc— — - 

,“■2 JaApJu. 0 . rtansBinencaSl— 
MarJnSpDcUM.Tach.5US5 — 

M-04 US. Steel 51 

MrJe-SJ3- Woclwrtli*®*— 
ApJy.OJ. XenaCoip.n 
8.74 *^_ Xouics Inc. 10c 

OJa_ApJy. [Zapata Corp.23e— 


23.3] SL20 

241 5320 
73 5230 
23 5120 

26.1 5130 

282 SL90 
- 5038 
&2 51L52| 
72 $3.00 
268 25c 

82 90c 
62 5130 
303 52.08 
153 5120 
3U 76c , 
152 W1.06 
203 SUM 

242 15c 
93 5100 
92 80c 
72 9Qe 

1174 - , 

'UW 

283 JL12 
62 5180 
72 52.00, 

2 RU 10*1 

14.1 — 

12 52 
222 $150 
M3 80C 
202 52.00 
62 0-60 
261 SI 40 
282 52.00 

"il '£& 


BUILDING INDUSTRY— Cunt. DRAPERY AND STOEES-Cont ENGINEERING-Continued 

. 1 . . 1 f I - ItWt IK« 1 TO 


Kridesds 

Paid 


Stock 


Nov, JuIy|CerB(ia-iCM10p_] 
Jan. Julj' CarrUotm)- — 
Jane Jan. Caron 


22 

43 

. 42* 

May Not. Cement Boadstonc. 328 
Jan. July CombsnGftlOp. 

Nor. July Curtain R— 

Sept. Apr. Counbysidfi 5p__ 

May (Mt 

Oct AgiWYcuditpjS 


33 

2.8 

33 

2 D 

20 

3.4 

4.5 
ft.9 

53 

24 

3-8 

32 

41 

4.9 

29i 

0.7 

13 


Not. MayfPed. Lund 4 BJd.J 
nnlanUahaillk 
PrtndsPtr.lO 


Mar. Sept 

October 

iJan. July]: 
Apr. Oct 

iJnJ^LbJ 

Mar. I 
Feb. 

Feb. 

ijan. July! 
Jan. July 


PnneisiGJJlOp-] 

French Eer- 
GellifoniBr.5p- 
AIOp 

. __ JGtaaniOUJlQp- 
Oct-teossopff.fcJ— 

' CwjperfflpL 
TGrp-lOp— 
isonJ.lOp— 
Bar — 

S HenJffl-'A’lOpJ 
Beuderand-Fj-l . 
Hewdeu St 10p-.l 


Jan. July! 
Dec. Jonel 


list Premium *SX*> 0»»d « 4USL8S50 per £l| 
Conversion factor 0.6863 CO-6832) 


7.75 

1055 


. Five to Fifteen Years 


18Jnrms»ii7ffl*pcTB- 

15Ja Funding 5^pe^WtT- 
lOJn Treasury StpcWY 
IN Funding 
26Ja Treaswy75pc IWBff- 
Ua Transport 3pc_78fi8 — 
150Treaauiy5pcW«_- 
15Ja Treainy 13PC 
15D Treasury ffi* 8 ? 
lDJa TreasuiyllkpcHBi-- 
SOFUMRucSUpCByitt- 
22 Ja Treasury lMtf* Wf - 
2LA Treasury lOpc 1962 

25ABxdil2«ti*’92 — 


Over Fifteen Years 


J sstesssfc 

2 ZA Exch. 13jpe 1864 

17N Treasury BpcWt 


25Jn 25JatTreasury^ 


1 M 

21 J a 

15M 

15M 

3M 

-15M 

1A 

22J 

21F 

S 

SOM 

20 M 

15J 

19U 

141 

5A 

10M 

36J 


IN GosSpc . 

31 J Eu*. KHtpc 1W5 - 

15N Treasury 1-tipc T 
15S Treasury BpcVZ-S 
3N rreastuy 15tipe "91 
15N Exchequer gUpr . . 

10 Rateupdou 3pc 19BS-9E—] 
22Ja Treasury lJupcWtt- 
21A Exchequer Ware 1997. 
IS Treasury BkpclBBW-. 
IN Treasury SWpeVMBtt 

15Ja Treasury thipc 19W- 
19N Treasury WAX 18»— 
14Ju Funding 3>jpc W04 — 
50 Treasury toe 1B06it— 
10S Treasury ScOJW 
3SJa Treasury 7kpe 72-15# 



DNMeeds 

raid 


Stock 


10.66 
936 
1639 
10.00 
10.76 
8.83 
10.08 

1235 Ma.SJ.D. BkJbntrealSSL— . 
1137 FjivAuJI. BtNw'a Scuba 51- 
1231 AJy.OJa. Beil Canada Sc — 

10.85 May Nov BowValleyfl 

1261 Oct Brascanl — : 

1228 p MyAoN. Canimp-BtSZ— 

12 M ^.SSKmcO-j- 

Jan. Da4oc Deh.nW. 


CANADIANS 

*5*1 toes|Cro|fe'i 


jSp Jy'ajoiSf cScaag, 

„„ ApjV.CJa. HartwSIdCflnJ- 
F.MyAnN. HoDingerffi- — 
JZ25 Apr Oct Hudsort Bay B-— 
Jan. July HudAtHaSSj— 

K-5 MrJe-S.D. Imperial Oil] 

rrXi Jan Ac J.O. Inco... 

1195 nStaAnje. taLNaLGasSl 


, MSes.b: — 

Uune Dec. Pacific Pet 51 

Place Gas SI — ■ — 
Jane Dec Rio 
MJe5.D. RiralBlLCMLfil 
SeDeMrJu S*Sgrun<.£Cn 
FJiyAuN. Tor. Don. Bk. 51 — 
J.ApJy-0. |Tr*ns Can. Pipe 



3J 

3.1 
53 
03 

42 

3.4 

3.1 
U£ 

27 

43 

4.4 
24 
26 
29 
3.0 
52 

L5 


Sd icirlSSU 

I7JD]L32 , --- iL 

ZSLL1 hdO 91 7.1 3.2 6.6 
17.4 338 • 12-2 A 

34 494 24 53(831 

2U1 tL47 22 7.7 (72) 
19.! t3.46 9.5 21 74 
3M dL19 L9 -4.6 02.7) 


May Oct Crouch GroaPb— 
Apr. Oct Donbas RobLM. 
April Oct Dining GLH. 50p 

Mar. Sept Econa lOp. 

Feb. Oct. EUistErerard- 
2 jixoT. MayEriih— — _ 

3 ftiDec. June F.PA.Cm«R. 

V Dec. June FtdrriMghCtns .1 
— Jan. July Feb. IntLIOp — 
2 . 4 pan. July Do. ‘A’ 10p___| 


3L10 403 ?, 

13J3.94 f 
14 td274 


HU 

1AU 



, DaTpcConr.. , 
raejwdWra.5lkL-l 
Uiggs & EGU— — ■ | 


Jan. JumHoreringbani — 


Jan. July 
Mar. Sept 


Da Res. Vtg. — 
Howard Shot 10p 


23 
33 

24 
0.0 
13 


S.F. List Prauiun 454x96 (based on $2.0888 per O 


Undated 


Feb. Aug. Hay & Hassell. - 

Mar. Aug. ilcarsBros 

Jan. Juu MrfrilieD.iW.- 
Fcb. Sept Merer iMonLD- 
Oct Feb. Jfilbiny. 

Apr. Nov. JCUenStamlOp. 
Oct Apr. MuRncrete — 
Nov. May Mod. Engineers - 
Jan. July NouIeiAj — 

Jan July Howlemi/)-.. 
Iran June Newarthilltl — 
Jan. July Nonrest Holst 
Aug. Feb. Nott Brick Shi _ 
Apr. Oct OrmeDevs.l»P~ 
Nov. July taker Timber _ 
Feb. .Aug. Phoenix runbee 

banks and hire purchase p. aljast- 

ffi |crr|5!|pr« s essssff 

3 Jf _ — ' [Rohan GfOJ” 

3001 


_ 5.9 Ml 

BJtdhlU 5 - fl 53 *} 

13|n038 3.4 7.4 51 . 

27dt396 2510.9 4.0] _ 

503 U 9.6 143 1 
^.5.49 4 U -2 4 

3jfflU4 1-9 8.2 93 

BOH 249 3.4 5.7 73 _ 


jnly FobJGoldbcrgA- 
Dec. June Goodman Br.5p.J 
iJune Nov. Granan Wire. 
Mar. Dec, CtUulversai— I 
Mar. Dec. Do.'A’Ord.— I 
Aug. Apr. Gre. ffilletts 10p.| 
Jan. Oct Hardy (FnniJ. 
Jan. Oct Da‘A'N\ . 

Sept HdeneLon-10p- 
June Dec. Dal 2 pcCnv.Prt] 
Feb. Oct Henderson K-KiS-j 
May Nov. HenriquesAlOp.] 


28 

^1 U 


d334 


2Bll|fl3 2.373 


7.6 


«S IJisaH 

284 


Apr. Dec. LD.C30n. . 
Nov. May RrstnckJohnseu-l 
Apr. Oct InLTTmber. 

Jan. July J-B. Holdings 5p. 

— J.OELG 

April Sept JarvtaO.)—— — 
Apr. Sept lenningsSARSd- 
Feb. Aug Jotiason-Rlchard*. 
i July Dec. Jones Edwd. lOp. 
[May. Nov. Kent (ILP.)lOp— 
Dec. July Lafarge i>_A-FKK< 
Nov. June Laing(John)“A' 
Jan. Ang. Latham (J. 1 Q— 
May Nos. Lawrence iW J l— 
Aug Dec. Leech (Wm.i20p- 
Apr. Sept. Leylind Print— 
,Nov. June LiileyFJ.C 
Jan. July London Bncx — 
Apr. Nov. LorelKY.J.l— ~ 
July Nov. McNeill Group - 
Apr. Aug. Magnet AS 
Jan. June MaUinson-Denny 
Nov. June Manders 1 HMgL. 
Dec. Apr. Slarehwid. 

Aug. Mar. Hariejr 
Mar. OcL|MarshaIlsiHbi> 


t3.49 
US 
a95 

47254 
*203 
3110 t3.% 
734 
129 , 
Q7%] 

3.45 
208 
208 , 
tl36 
d6.98 
6.14 
th.29 
■nO.97 


3140 


87 


1143 


1125: 


173 

45 


Dividers 

Md 


Stock 


IF 

1J 

1A 

J5A 


LAI 


Consols 4pc- 


IDtWgLoanSjpc ^ 


10 Coav.3>2PC 
50 Treasury 3pc 88 Aft— 
'5JaAJU-0. Consols' 

1 A lCHTreasuiy 


33*8 

a 

St 

20*2 


3»17|12» 
2510 1037 
2 12 9.96 
U 1226 
L31LB4 
2121229 


Z- JStffiSLiwi 


“INTERNATIONAL BANK 

15F 15A[5pc Stock 77-82 1 83 | 6 J| 632 | 9.92 


^'CORPORATION LOANS 


IF. 


1A. Birrn'bflmB’xPrTBffl- 

IN Bristol TltpcTWR 

25M 25N'lLCl»jpc® 

10F 10 Aug Da USipc 1883^- 

15My llNGtasgiwlfcWHC 

22M 22 N Herts. R.pc7BW—— 

lAp lOet Drerpool 5\pc 78-78_ 
15M 15N DaMtf)e»« 

1JJU.O. DaS^cliTed— — 
10F 10A Loo. Co rpOizpc 73-78- 

1A. ' 10 MkWB 
S 8 F 28Aug LC.C.fipc 76-76 
15M 15S Do 5|iPC 77-81 

■" Do5^pc 82-84. 
Da5bPC'8M7, 

Do 5>«pc ’88-90 
DaSpCSOAft 


S 15J 

nq 

10J 10Jl 
IMJ3.D. 


15M 15S Mlddx.5Upcl9eO— .. 

lOMr. IQS. NewaMle Bkjpc 7880- 
15M 15N Warwick 1%%1S80 — 


96*a 

MW 

JSj 

99 

92xd 

28 

8“ 

88 

7&a 

70>z 

71 

24 

Si 

MUPaxd 


31 932 

14.4 8.49 
25101207 

HI 1222 

20.4 9.W 
2410 5.75 

U 5^L 
17.4 1030 
1-3 1276 
101 632 
L3 10.04 
301 625 


Apr. July AJexanoerew. w 

— May Aug AlgemeneFLlDO 

— Oct- Apr. Allen Harvey £1- 


Dec. June Afliedliish 
Mar. Sept AAothnotL Cl_ 
Mar. Sept BaakAmer.SL5SJ 
July Jan. Bk. Ireland LI — ' 
Mar. Sept DalOpcConv— 
Mav Aug Bk-Lemm 10.-—, 
g FeKBtLenmKUBOl 
Jan. July BLNAW.U2- 
Nov. May BankS«*Md£l 

J. O. Ja Bankers NA310- 
Apr.Oct. BsrclajxEl 
Jan. July Biwni aripiff £1—1 
Jan. July CalerRyoerD— 
May Nov. OiroHif ntSOp 
Feb. Sept Com! AM. (SAIL. 
1022 j- May L a 

10.77 March fogaHbtKrlfl 
11.40 July OctJCwmUimnlOp -. 1 
1191 May |Cred. Ranee Fra 
1081 Jan. Apr.lDawMlG.RJ 


152 

1512 

1111 

1212 

L2 

152 


625 

7J5 

202 

19.74 

1286 

■5.67 




9.98 
7.94 
1144 

7.72 - 


Dentate Bui IBIS. 
F. C. Finance. — . 

[Pint Nation — 
Da Writs. ra83. 
FraserAns-lOp- 


1149 April 
— Dec. July 
930 Dec. Jum 
10.79 


JA 

U 

IA 

UJ 

28F 

35J 

1M 

3A 

15J 


II 

30J 

1 M 

30J 

30J 

30A 


10j**Aast Sipc 73-78 — 

1J -*Im.SsficT7-80 

10 "Do. 5bpc 81-82 

11D w NZ^clFifr<3— _ 

2BA "Do. W 7880 

J5D "DaTbpcTOW — — 
IN Sth. Africa 9i jpcTML. 
1 OSth.RhodL2ijpc ’IB-70- 
1SJ Da^c 18-81- 


AFRICAN L0J 

98% 

2R2 5.49 

941* 

3011 5.90 

83 (4 

282 S-S 

98fa 

1113 4.14 

941, 


86 1 4 

15 JI 896 

93 id 

203 10.40 

59 

m — 

90 

1765 - 


7.99 Aug Apr, 


10.72 Sept 


LOANS 

Public Board and Znd. 


lJlAgric. ML5pc aWB— 

31D Mean llhjpc’BS-M 

IS *'UeLWtr Spe’B 

31 D l'33LC.6pc IS82.. 


31 D Da without Warrants- 
310|l.qtraniarTpc r- 


62 

85b 

30 

125 

95 

100 


LIT] 826 
14 11 1295 
1210.12 
1411 7.43 
3112 9 83 
31 723 




1031 June Dec. GcrraidNatnL— 
920 May Nov.lGibbs (A.I 


9.70 Mar. Aug ffidettftMn-- 
10 . 66 1 March Goode Dllby-Sp 
1102 Nov. April 'TrindlayB. 
il Oct 


Guinness Peat, 

Hambros 

Hill Samuel — 
Do. Warrants — 


1080 Sept Max. Hong&ngSLSO. 
| June Nos - . Jessel Toynbee- 
Jan. Jnne Joseph iLeol Cl_ 
Feb. AugKqysCTUUnmn 
~ Kin^A5ha\20p 


KlerawortBl.— 
iLkffdsD 


990 Jan. SepL|Mans«mFln.20p. 


MercuiySees — 


920 Sept" Apr. IfidlandEl 
10.00 Dec. Jdm 
1051 June Dec Do. ID nNi 93-88- 
1258 Jan. July Iflaser A*s*s- 

June Dec. NstBLAnaJAL 
Jan. July Nat Com. Grp — 
Aug Mar. Nat Watt. El 
May Nov. SchrodnsEi 
Jan. July Seccmnbe MCEI 
Nov. June Smith St Anb-— 
Jan. Aug. StHnd dChartEl 
June Trade Dev. S150 

Sept Mar. UniOB Disc U — 
11231 — UJXT-. 

ss|j^t£fiasaez 




0.03 


DID E8J7 
310 22B 
772 1518 
17.4 013 
3.4 275 
301 tlO-O 
2811 1952 
2fi.ll t4J2 

S3 W»9c 
3110 g483 ' 
2811 ta .01 
m 032 
1411 1339 
3.4 412 
272 9.09 
381 t279 
257 3J9 
301 14.75 
1411 

1411 QUA* 
1411 1355 
MU tQMHc 
1212 263 
UJ n.49 
3.4 1135 
2811 1206 
3L10 t455 
1222 T17.. 
577 05 ! 
301 hl5 

E3QJL12, 

U33J3 


U 81 Nov. JimefWintnist 
360 . 

Hire Purchase, etc. 


9.01 

hi 


26l 


2-4l 


! 7 |_ Oct May SharpefcRdier 
_ Dec. June SmartU.lWp.— ■ 
2« — OcL May Southern Con. 5p 
66 152 Nov. JnlySfreetenlOp 
3 i _ July NovjTarmaeJOp 
a r to July Oct 
5 I 11 May Oct 

1! i’JSL Spunm, 

92 „ Feb. AuglUBMGron 

102 — AuR- 

8.4 Mar. Oc 


_ Dec. July Rowlinson . 
qn July Nov. RoycoGronp- — 

1 Nov. May RobendcL 

cq) _ Jan. June Rugby P. Cement 
gm |j\pr. Oct (SG 


5»M dgs-lOp 


7 Ji 


5^ 

22 ? 

2 L 1 

*1 

521 

43 


63] _ Dec. . . 

2]dll Jaiu J^twShTick Prods 
Jan. JuueWetteroBro 
2.01 _ Apr. Sept WbaUnxgs 

3 %E: SSSLo^. 

_ Oct July tmcmiCwinoUy) 
041 _ May OctlWlmjKjlCeoj — 

73 
M 

^3 33 
7.4 
24 
7.8 


Woodrow 

CtgEl 

Arnold 


IVeetis Stone lOp 
ant.. 


Jnly Warrmttoo- 
Nov. WaasBlakP- 


5.08 


iio.i 


Siridends 

Md 


Slack 


3.70 e M 8 


25 « 


8 


1 3.25 *1 7.8) ♦ 


|3.89 
-85 , 
LIZ 


dZ.49 
td524 28 
t278 
L7B 
248 , 
t4.18 
14.8 
0.75 
3.19 , 
tdh24 
th3.19 
65 


7.Ml4Jn 


4132 


Apr. Oct Hone Charm 10 
Dec. July House of Fraser. 
Nov. June House of LeroseJ 
Knott MUIlOp-- 
Oct Apr. Ladies Pride20p 
Jan. July L« Coot 
May Nov. liberty! 

Hay Nov. Do.Nai.Ytg.Oid.a- 
Sept Apr. UncroftS. l<k>> . 
Nov. Apr. UF1 Pumihm 10p.| 
— Maple 1C 
Jan. July Umka& Spencer 
Feb. July Martin Newt— 

Jan. Ju&JMtamesCJJ 

— Michael ID 10p — 

Feb. Jnly Mid. EdmatSOp 
Jan. July Morris BUkey — 
July Jan. HoxhereareUp- 
July Feb. NSS News lOp— 
June Dec. Owen Owen— - 
Jan. July Paradise CBi Up- 
Apt Oct PawuralWJ-i — 
Jan. Apr. Peters Stores 10p, 
— Polly Peck lOp — 

Feb. Sept Preedyf Alfred! 
Dec. June Ramar Text Sp 

Mar. Sept. Ratn«sl0p 

Mar. Oct Ravbeck lOp — ] 

Dec. July BtacticuiSp 

Apr. Dec. Reed Austin ‘AV. 
Apr. Sept Birth HD&Sii%_ 

Rosgin 5p 

SAuStores l^jp 
uamituip 
Feb. Jnly Samuel 
Dec. July SeUnrourtSp — 
— Shennao (S) lDpu 
Feb. July SmlUfW.tt‘A'5up 
May Nov. Stanley AG. 5p~ 

Sept Apr. Status DlKtUp. 
Oct Apr. Sternberg Up- 
Jan. July Sumrie20p — 
j Jan. July Tune Prods. lOp. 
Feb. July PDSGroup- 
Apr. Dec. Upton (EVA' - 
OcL May Vantooa20p- 
Jan. July YenonRBh.U)p- 
Dec. May Wades “A ' Mp- 
May Nov. Walker klasj — | 
Ha r Nov. Do. N.V — 

Jnne Jan. Wallis Up . 

May. Nov. Waring 6 Gfllow. 
Jan. June WeanreU 5p — I 
Jan. Sept Wharf HID 10pt- 1 
May Nov. Wilknsn Warbln-j 
Apr. Oct Wootworth. 


| last Dir J |VH| 
Price 1 rf Net ICtrlGi'sIWE 

31 *3.8 
b0.75 
536 
T7.43 
t7.43 
L75 
02 
02 

0.67 , 

2 U 1 12%1 
din 
dl83 
- f23 
19.9 d3.62 
4.77 
]3L10 3.92 
674 - 
272 hl.93 
lthl.65 
462 
462 
27.2 3.49 
27, r 
574 - 
336 

. 3J 6.6 

ll4.u 23S 


ffirUeads 

Paid |. Sitt I 

June DeeJDnport— . '67% 
Jan. Oct BdorofHWgS— 146 

Fife. July EUiOttlBJ . 92 

Jan. June Ecg-CardClath. 79'. 
Jan. Aug EraTwbstrier- 91 . 
May Oct Expanded RetaL 62. 

- Ftoaar(&W.)_i iat 
Aug M§f Flnriderliw!® 71? 
Mart Oct FiitbODlOp— 20 

tf£ 20 p_ .- 68 . 

Feb. AugiFoflreflH&d?5p 72 
Dec. JundFnuicLsIwfa /fil :' 


Apr. Oct Grand IW.Sta- 
March • - EmauIi^TItcS 
May Oct LfldbnAelOp— 
— JIL Charlotte Up 

Apr. Dec. SythfletOR SOp- 
Apr. Oct NoddkCgpS; 
Dec. June North iJtF.l l . 

July Prinrsrof Wales- j 

Feb. OctOnea'sHoatto.l 
July Oct Rflwwn Hotels. 
May BarwA”"' 


Net |(7fflGrt|r® Apr. Oct SlaflWBeoiiOp- 


' Ibstl Kv 
Hcel.M I 


June 

inui 

Ang 


t424 

luiU th266] 
, 3J 212 
17.U 285 
±L07 

025 

17.4 Tdl.Ori 


m - -i- 


1285 
ID JO WJ21 
30J h038 
t3.03 
tL44 
174 2.86 
jJ_L9 
F75 - 



May Oct] 
Nov. Jt 
May 
Aug 
Nov. 

|Apr.. 

Feb. Ji 
Bar. 

Apr. 

Jan. 

December, 
Oct Apr. 
June Dec.| 
Nov. 


■» 

m 

-23 

i*mWoad!0p 58b 

esKlOO— 850 . 
banklDp- -51«1 

'sEhb - 67M 

l. 0 _ 264M 
PredfiOB-Jf .33 
.-Cutler— -M 
r _. En&50g— :92 
[Had Matthew— 196 

BOp. 133 

-304, 
r._ .24 


■HMecby.J 
HagterSid. M 

■s30p. 
■ Karhy- 
ura Group— 

tSflKTKpSg 


116.1 Aug Mar. JaekmJ&HB5p- 
SL2 120 July Jan JentaiCatottZ 
58 (131 Jan- June Johnson 4 Fttk. 
n'n 6.9 Dec- June jonexGnmpUp. 

65 110 May OctWaMsStupmmh-t 322' 
6.8 73 Jon® 

52 4> grt; 

JSy Feb.|L« (Arthmi LSfe- 1 24 
_ Apr. Jnly Ley’s Foundries- .66 
_ Apr. Dec. Unread — , — I 35 
Oll22 Dec. Aug. Unyd g gJ- — 

7 q| ay Jan. July Lock»rD5p_i_i . 
7 ™ — Jan. JuiyiDoA Sp.— i-l IA' 




5.9 6.0 
35 7.9 53 
5.7 SJ 4.6 
3.9 &0 53 
12 9.0 821 

27| 7.4| 72 
93 

28j ?.?! 5.4 


Feb. . Octl»aaerBclt'A'I 
Janl Aug 


Z7J3425 

17.4 0.49 
13JF6.6 
27.2 03 
IRD 0.91 
677 231 , 
5.9 7d0.12) 
1M t5.7 
17.4 L12 
34 104 . 
28.6 4il25| 

, im &a* ■ 

11212 1 . 1 B 

1212 H«- 


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621 8L7V;.<’- 
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33 4.5 (7.6i’,>V - .r= 
43 4.9 8 . 6 f*> • . 

33 tAVVty*/'^ 

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23 29 ' >1 

3.7 83 614. V. ;• 

L9 5.9 140- - :i 

4.7 24 121 : ‘V ■ : 

33 4.4 9.9 r-; ~ ' S-’. 

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24 6.4 8.0 ( C? 

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42 23 33.6 ’ - 


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industrials 

(MisceL) 


r i 


Ape. 


5J19A) iso. JunSAGB Research 
, — — oct ApriAaramn"®™*' 

17 si Hi 67 32 5.0 9.4 ^ OcUAhbey Ltd. - 
D4I424 6 9.6 * Dec. MniAWasiroaMlOp 

DAfl536 1.7 8.9 73 Feb . Od 

d20 13 7-2 20| j u !y Dec.IAIPinc 

7.91 27 i20 JAoctM*' 

4.43 «•» 73 5.0 Jani junt 

(6.44 28 5.0 103 JuiT DeeiAirauon 
tSJ 3.0 6.6 7.6 ^ Feb.fi»otLei*»SP 

ihUtt 3 0 9.7 45 A septlisa 

LB I L0jl20|121 A{a . jvov. 

July Jan 
Jan. July 
Oct 

m ?.?HttLi$5 Nov, 

Dec. Julj 
July Apr. 

Jan. J 

& 


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329 
dO-91 
bU 6 
$439 

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128 

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3J +242 M 72 52 ..- 
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KJjjlZJZriTZ 21 

3.419 24 3J 53 
3 ^ 1904 22 9Jj 92:.;. 

lUyQOe 29 731 «2r-: 
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17.4 5.83 
300 4.06 
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27.6 L27 , 
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4.87 
17.4 225 
, 13 3 5 35 
1411 1279 
1 272 1201 
3.4 g232 

SM 2 

14 h3-23 I 
11275 - 
144 
3.4 5.11 
4.U 


24lU5 Mar- Ser 
6.9 63 Apr. 

39 a . January 

9.1 92 J« B 
8.7 14.4 Juao 

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at ” nS: jf 


: 76 

.HdUngt-l im: 

75. 


4io. 

9.- - 
92 8.6 
9.9 92 
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JlD.7 62 
72 6.7. 
7.4 6 J 

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3.8 

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StPorUamL 65 
dark-- 

ham 627 

irCoLlOp- 16 

illma : 28 

SB 


ic Arrow! 


536 


377 — „ 
272 245 
132 299 
19.1 932 
3.4 6.67 


Jc(H)20p. 


to 57 Aprt Oc 
_ l 6 ]li May 

« W 1 * *Z. j, 

Apr. 


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electrical and radio 


225 , 
4712 27; 


84 id | 
98 
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86 
38 
40 
74 


J 149 
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44 

52 


28 

137 


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I. 84 , 
14.12 

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+3.88 


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130 
226 , 
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291 


92 


2S3xd| 17.41 20.04 


141 
248 

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26 3$ 

162 11 . 
36 Z7_, 

45 1232 
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32 ur 


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1.99 


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43 * 
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[CALS, PLASTICS 


[Jan. 

Oct 


May AKZO 
May Albright Wilson. 


financial 


30J 30J 

15M 15N 

20J 2 0D\ 
31 Mr 30 S 
31My 30N" 
1TJ 1U| 
111 1 U 
1U 11J 

30 Je 31 D 

31 Hr 30S 
31Mr30S 

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3.41353 
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132 620 
17.4 233 
33 1125 
3J1121 
51 3263 
1431 1L61 
132 11.66 
1321216 
16J 1268 


F cb..Aug^S(Hdgo5? 

Credit Data ir 
UoidsfiScaLl 
Lod-ScolFin.' 
UbofpteHerc-lW 
IPnw.FnaMial- 
Istrfg. Credit Up. 
|StnrlaiG.ilOp_ 
Wagon Rnance- 


May 

1137. 

1L40 Aug Jan 
1235 Feb. June] 
1100 . . 
1130 Oct hlar. 
lL70[Mar. Sept 1 
1235. 

1290 April 
13.35 
1280 
1280 
13.15 


36 

£61 

a# 

89 

39 

11 

88 

23 

18b 

46xe 


331 h203 
155{Q12%j 


31 43.95 
34 gl87 
873 - 

133 4.87 
132 htU 
774 -A — 
772 h206 


L71 


8.41 


900 
110 
283 
86 
69 
64 
£54 
229 
208 
20 
56 
33b 
30 
46oJ 
£94 
£94 
£94 
71 
59 
59 
20 xd 
44 

S 1 ’ 

36 
335 
17b 
173 
508 
£U7lj' 
337 
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— lFeb'. Augltat Paint 1 67 

7ZI E NovJLaporteindi.5Dp— j .93 
5.9| VoC-. MartlNarak.tLKr.80_ 

19-91 Feb. JulyjPiysn lOp. 


uly Dec. Alginate lteto.— 
-an. June All da Pack 10p— 
12 — Apr. Sept Ail'd Colloid lOp. 
83 — July Nov. Anchor Chou.-- 

62 — - July Nox'. Bayer AG. DM50. 
52 53 oct Apr. Blagden Noakra . 
8.8 11.9 Nov. July Brenl Chens lOp 
4.4[ — Mar. sept. BriL Benzol 10p- 

55 peb. Aug I 
19.4 — Jan. July Burrell 6p — 
el3I — Jan. July Carfe»CapdlOp-j 

8.7 9.0 j an . May Catalin — ~ 

4.0 * Dec. JuneCibaG'KyTVttLn 

5- 5 5.4 Mar. Sept DoS^CnvBl.W. 

63 5.7 Mar. Sept Da8><%CnxB2. , 95 
4.4 — Feb. Aug Coalite Chem — 

8.8 — Jan. July Coales Broi. 

92 - Jan. July Do A'NV— 

6- fa 52 sept Jnne CoryiHoraceiSp. 
55 ♦ Jan. June Crodalnt. lOp — 
21 — May fr>j4alaie5p — 

.LLBjan. Aug Ekialon Hastlcs- 

3.1) — Jan. July Farm Feed 

7.51 — Jan. July FiMuEl—--— 
Mai- Nov. Halstead 'J.ilOp 
Aug Feb. HksaWelch50p 
Dec. May HoechstDHW-. 
June Dec. Dsfin.HPUnsIi- 


10.5 


— | Feb!' Aug.l Do. 5%Pf . £1 — 


8.61(63-1 ms 


mares, WINES AND SPIRITS 


"-"(May Nov, 

23| tB| g 8 |Fob! N^SMLAglndEl- 
Feb. Nov. aewwt PUa*«- 
May OcLrOargr tma Wp - 
Apr. 

Nov. 

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573) 

133 


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aiu 

303 

310 

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421 


+5.75, 

|1dbL54j 

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J# Apr.' SepL Hansom Win lOp 
tTl1 ReotokiJ lOp- 


OcLlWarfle'Tler.i lOp 
May Wolstenbolme— 
OcUYcrks Chests — 


£29 

78 

165 

52 

93*2 

210 

123 

14 

19 

175 

92 


_J» 

13.12 
88ttL2 
12 U IM 
li U 10.92 
liatfl.83 
173286 
3.4 Q7I. 
J.4I 

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15.JC.7B 
14.11(232 
1-1 111 2.32 
174 0.67 
3T_10] 217 
10.66 
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S3 *3.62 
1111 1285 
3L10 032, 
lfil h3.46 
677 Q169W 
1212 Q10%^ 
712 16.52 
1212 3.5 , 
1212 1 h 20 M 

da oa 

132 V 79 

133 L61 
19.1 5.16 
132 120 
27 2 W281 

3 4 0.68' 
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3.4 7.82 
3.4 4.77 


^3 

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L« 

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3^ 

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331 

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June Dec. LLB. Electronic - 
Apr. Oct AOiedlnsnlatras 
January AwhoPdrfitylOp. 
Nov. May Auloled See. Up 

|Jnhr Jan. BIOlSOp— 

Apr. Nov. BSR lOp — 

OcL Mac Best 6 May 10p— 
Jan. June BowtbnrpeJOp— 

Jun Nov. Brocks ion 

May Nov. Bulgin 'A S 
Apr. SepL cSlrform 

Jane CampbdU! Isn wd . 
July Dec. ChlorldeGrp. 

July Dec.remetR.Sen.5p_i 
April Nov. CraySTtrouh 
Apr. OctCreUonlOp 
Dee. May Dale Elect 18p— 
Apr. Dec. Deeea 

Apr. Dee. Da ‘A 

Feb. July Derritron 10p— 
Sept Apr. Dewhurat A.IOp 
May Dec. Do'nhng&M.Sp. 
Oct June Dreamland lOp- 
Jan- Jnly Dubilier5p. 

fit iXVShsaii 

Mar. Ang Elec. Rentals lOp 
Jan- Aug Energy Sms. Up- 
July Jan. EverReidy-—- 
June Nov. FanteaHec.30p 
July Jan. FMefltj Bad. Up 
May Nov. FomraTectaOp. 
Mar. Oct 0£C. r -—-~ 
Jauuary Highland EL alp. 
Oct Apr.JonttStroud- 
Jan. Jun- KodelnL—- 
Mar. Oct LaarenerScaU_| 
Apr. Oct. LreRririg— 

Jan. July JLK. Electnc. 

Jan. July Kulriwad---, 

Newman Inds — | 
iNewmaik Louis - 

..., Normand EL 20p. I 

Mar. Sfi pt ; 
Jan. JulyfP«l»«r HUeUp ] 
Philips Fin. S 
Philips Lp.F10_ | 
lPilcoHldgs.20p- 
Da'A' 20p- 
PlesieyBOp- 
PressacIOp. 


1720ll31 


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May Pec 
Dec. May| 
_ Apr. Ocl 
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8 9 76 Feb - Aug. RacMBeebici- 

28 241 JwL Jul 7 Red 5 UB SV7r 
79 98 Apr. Oct RaapexORUpl 
tji si Ma >‘ Nov. Scholex<GHl — 
±30 Julr Feb. SonyCo. «0-- 
a a 11 9 October SoundDitta.5p 
X* Apr. Nov. Tdefnslni5p — 
S 7 Apr. Nov. Da'A'NIVSp— 
i 7 Dec. June Ide. Rentals—— 
n _ Mar. Ocl Thom Bert;—- 
51 - Apr. Dec. Th'rpeF.W lOpf 
Apr. OcL Unlteeb Up~~ - 
Oct Apr. UULSnoiltRc— 

/J Feb. Oct Ward & Gold 

Jan. Ang. WeUcoWds.Sp.- 
Mar, Oct.Westinghouw_. 
n ec ember wnitwwtn LLap l 
3 61 i«l«W OcLWhlesaleRgMp- 
li:8 9 . 8 1 April JWIgUUlHj. 


5.9 

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5.9 6.5 
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3.0 4.6 
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158 
106 

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July Jan. 2HJ 1 — ---- ,57^ 

831 79 May Nav.R'nsamesSlm.Q. 152 
93 t50l Mar. Sept RatcMelnd* — .68 
Tin 4 2 Nov. May RatcflRs(GBJ_l. 65 

33 16.9 Oct Apr. Ra^JWf'KT- g 

9.5 9.6 Apr. Oct Rdwn ffnanUp H 
7 5 62 Aug. Feb. ReaoMfl. , 122 

B 3 7.9 Jums Nov. Richaidiaf Dta. 61te 

4.7 * Feb. Aug RntfMWeifcag. Mrf 

7.9 * Oct MayRntawnOhaeJ 6 W 17.4 338 

91 a Nov. June RtAmklQp — — 116, Z3J 

7 9 110 July Jm. SandenwBipta- g*d 174 438 
11 5.0 Mart OctSavUleG.^- 20 132 

7 2tB.li Nov. June Senior Baft Up 2 37* 17.U 
32 103 Feb. Aug. Spck-— .BWn 
16 7.4 Oct Apr. ShatoFre J-5g. X 

t 381 Jan. Jnly auirFtam J?- » 

3.0 13.7 Jan. AugSbeepW^e^ M 

3 q 123 Jan. Jun«Sinoo Ener™ 208 

4 0 122 Aug. . Ja 

5.9 63 August 
7.8 15.6 Jan. Mi 
7.0 10.1 July 
93 * Jan Ju 

8610.4 Nov. Jun 
9.2 8.4 July Feb 

1 fB .8 — May Nov 
2.0 127 July Jan 
— Nov. 

6 . 8 ] 82 Oct 
L4 7.4 Apr. 

43 7.1 Jan. 

4.3 10.4 Jan. 

9.4 7.7 Feb. Sei 
9.814.0 May 
23| 9.0 Apr. Oct 


63 

M3 

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il 

95 

0.7 

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53 


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July NovJ 
Jan- Ah * 1 
Jan. An* 
Oct . May II 


32 28J1 lfl -8 
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133 303 t5.75 

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34 1 32 1219 

230 Mil 7^ 

196xd 17^530 . 

IJol ? L . . 

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Leslie Up. 84 2 BJ 1 $5-25 

Bute - 60 1212 5.69 “■’] 1 2-3 I r. 

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69s 03 hl78 lli 3.fo- 


44 


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L9I 9^ 8.4|y nn July Brook SLBr.lOp. 69 
7 A Nov. June Brooks WM-SOp. 31 
4.7 1 na wnlt iT Brown Bov. Kent 50 
i-KMta.BnmioMCMiasL. M4 
HI Feb. Nov. BorcoDeafc — . 64 
“rt Apr. Dec. Boro dene 5p-—- 
=-=,, s - * J& lufay Nov. BanjjAads’nlOp^ 
L 7]10 j]( 6 ® May) Bmy Masco r^Dl 90 

jjune Feb 
Mar.- Nov. 


M 15 
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¥ HJp — — 

nrPafliiter. 


dL46 


13.46 


mu 

♦ 


AM ja 1'; 

aSEJhTOUIff 

D “ 1L -rz; ’S- diw- 

.1 63 13i|l» 


j:: 


- Isr- 


f7.06l A0 
13.71 f 


1148 14 
(8.75 [ 3.7 


«' 


phV -'S tii? 

tMotiSL : 77 & 

73 63 May Octnh&7nvest»£l- 362 1« 

6.5 5.9| June [Tntriti 60 «■* 

6.9 
51 

44 125|july JftnJUuL Wire Group 


*3,6 


1275 

1% 


7 A Apr. Nov- I>n£*W.AilD. g 

7.« Juir | 

J25 July Jan. Uut Wire Group. 56 
|b3.9|10.4jl63l Jon. June Vicfceratl— *« 
iJ 5J 51 Apr. Oct. Vlrtor Products- 110 
LttlOl] 91]Jan. AugWOI 56 


|£5.6| — _ iNov.Ouue] 


2-9 


j 115 

65) 98l«ar.rt Oct|Wa»mIndastr'L] 116 
flo3 — Dec..' M»J3S%?L ( & kW - L - 41 

4.t| 6 Upr,- JuIyjWardfT.W.i 1 64 

43l 6.9|Dee. Jum 


53] 6.7|D«. Aug WcsfinEraasl 
a 9ll20 [Jan. JuneWhcsroe 

fjF-'MSESSb?. 

July Williams (W»™ 21 

Jan. Wins* James— 56 
May Wolf Elect Tools 140 

2 91 liJjuly Jan. WotsTy Hughes- 
3.4 83 APT. Nov.W-bweUFi^Up 
4 4 153 Apr. Aug W«KilS.W.l20p- 
30 12.1 OcL Apr. WhscRlxn 13r 
6 8 62 October Young Ast'n - 

3 3 4.7 



20.951 2.* 8.1 
lx2LU| '421 53 
128 


n 


riStairi*,- w im sa 

iflPnrtlS>.|- ffi 479 

iraaslhiaSp] _77 | ^UJ 4-62 

sSuasi5isra» .m J & 

fflSSa j p- 

jg'i il y a . » f ™ 

8.?4 j 53| Mareh IMdteJUp. a 3J 

fit 

81 

"dedrt.MpJ 59 1 30 
U.)5Dp — 1 152 

74 

Nov. JojyjerostjyHmaea- 128 
Jto. - L'rosbySpr^IOp. m 
Jan. July Danes tJrnna. 134 
Dec. July Dawson UasJ — 1?? 

5-5 Dec. Aug. DeURue 

W2 Jan. June DinkieH*el5p_ WgA 

■ Jan. July Dom KMrs. 10p- 67 
_ . MaJuSeDe DoverCorp. TSSU £35% 

Jan. May Seiji Kv 30 
V - — Drake 4 Scull — 24 • 

w u ? y Oct DufovBitnni lOp 37 
Nov. Apr. DunbeeQimJOp J2W 
4-7 June ' Feb. Dnnd«uan20p-. 49 
« Jan. lwpteteL5p — » 

“ S5: o2 Kite g'* 

Apr. Oct Do. 'A' 521* 

IM3I .43 1 rw iSffe «T \vMOJ2[ 

bar Irate 50p_ 225 j 19. 

13 1 27. 


Ci‘ : 
il= s .r: 


zd 


1202 
L45 
439 , 
18.92 
t333 


1121 


Apr. Nov 
Jan. Jr 
May Di 
_ - .Mar. 

-i-g July Jan. 
“■“ Apr. Nov 
7.J iNnv Jnlt 
4.7 


'a. s; 


■ 2 2\ 


2.64 

1217 
'bdO-881 
3J8 
12.77 | 

HU I ♦.! 1] 


8 A srS: ■ • 

H ' • ' 

cj il . ; 

lit iT: “ • 

oil fc b= -S: . - 

$3 Mr ; 

3.7 . .. 


tor 


64 


LOl 

|24S 

L9 

16.70 

12 

d3.87 

|2J2 

4+h3J)7 


FOOD, GROCERIES, ETC. 


ENGINEERING 
MACHINE TOOLS 


April 


Oct JunelAP.V.50p 


2.4 10 J2 Apr. Scpt| 
Zb 7.9 APT- ® 
4.712.0 May Nov 
87 * June Dec 
1? 75 Nov. Feb 
35 73 OCL Apr, 
30| 7.4 6.9 Jan - Ju ^ 
^10.1 4.1 Feb.Jkug 

| i6] 7;Sl0.6 Ocl May 


FOREIGN BONDS & RAIIS 


.Interest 

Dae 


Stock 


1J 

1J 

1J 

•IM 

IF 

LA 


Antofagasta TUy— 

1 J Do. Spc PreL 

1 J Chilean SDsed— 
ID German Yng.'Pzpc. 

IN Greek TpeAss. 

Do6pc3iuh.. ; \iS.J 


1A 

10Do4pcHixetlA&& 

May 1 Hung'3l.4» 

301 31D Iceland Sapc E3^8 

10J Ireland 7^ "81 -83 
Do W 4 pc ’81-96 


.Peru 
j&G I.Ostpc 1980 — 
|Tnrin9pcUOI_ 
lTnrin^spclSW, 
Liuguay3ljpc_ 



May 1 , 
J5A 150| 
IF ALAN. 


Price 

£ 

17 

33 

98 

400 

54 
49 
43 

55 
67 

85*2 

3W 

77 

157 

75 

$941; 

81a 

94 


llnst] Dir* Bed. 
rf Gross Yield 


871 


2811 


3J 

3 

112 


LU 

L2 


3.4 

A 

ZS 

Aii 

2801 

— - 

1212 
1 32 

A 

112 

— 

3J 

6 

3.4 

3 

30 

sjf 

25 

9 

D.4 

fh 

12 

313 



.Allied Brens.. 
AjaaLDisiPriOp- 
Bass Chorigton— 
BeR Arthur 50p_ 
BdharenBrevezy. 
iBoddingtonfl 


— jan. JulylBonJerBrew'i 


£3.09 

1670 

16.12 

H.71 

512 

1265 

1X81 

1258 

950 

L92 

867 

952 

1135 

4.80 


I Aug Feb 
Jan, July] 

April Ansi 

August 
Feb. Aug 


Bran Matthew* 
BnekierisBrew.. 

BnlnwHJP.J — 

BnrtMwood- — 
City Lon. Del — 


Diridends 

Paid 

Apr. Oct 1 
Septonber 
JUJu-Se.De. 
JiApJy.0. 

April 
December 
K 0 Fe.M 3 .Au. 
MrJu. S. D. 
D.lIrJu.SP. 

‘ MJe.S.D. 
JaApJy.O. 
FMyAuA 
ApJyOJa. 
MrJuSeDc 
JApJj-,0. 
TWAU-V 
•FJiyAuN. 
MrJe5D. 
MrJniD. 
MvAojV.F, 
MyAu-SF. 
MvAuN.F. 
Fily-AoN. 
i3aJa.Se. Dr. 
MyAX.Fb 
MrJe.S.D 
ApJy.OJ a. 

' MJn&D. 

• FJLA-N. 

bA J-O! 

BIrJu.S.D. 

J^pJvO. 

ipJy.OJa. 


AMERICANS 

1 , WISlIJH' 11 -- 


Apr. OcL CfartlMattffl 
Feb. Oct Distillers Sl^— 
— Gordon (LI 10 
■Nov. Jnly Gough Brot? 
Aug Feb. Greenall Whitley 
(Aug Feb. Greene King — 
Aug Feb. Guinness-- 
Jan. July Hjfihi'dDittSflp. 

'Jan. Aug Invergorttoli 

Aug Feo. Uirti.I'irtlDerS— 
April Nov. NacaltHi.CSen- 
Judc Jan. Mortal u 
Jan. June Saadetnan. 

May Aug Scoot NewMp. 
Oct- Apr. Tonurtn. 

jS Juff 

Jan. June ftolv.Dwii€y , r=r - 


”1 CINEMAS, THEATRES AND TV 

4.0i *.l . . , n 71 4 J Fcb .-_i? ne te r -L"5j^:| 

ms. 20p-| 


67|1L9 May Nov. 
55|l23l uar. Get 


May Nov. 
Mar. Sept 
| Jan. 


.CESUchln«T-l 


lAcrow. 

Do. A 

Adwest Group- 
[Alcan toe Cnv — I 
Allen iTj Balfour { 

Alien W.G 

| AmaLPower__ 

[Andsn.S'clyde. 

Aofilo-Swiss 1 

AshALacv 

Ass-Brlllai 12*jp.[ 
Assoc. Tooling _ 


Jan. July - , 

OcL AprJAstra Ind'l 10p— | 


Aurora Hlds. — 

AnsUn James) — | 

Apr.lAi'erys 

iBabcockftW- 


55 . 

75 85 Nov. Apr 

3.4 87 . 

6.5 M.6 Hay Oct| 
L5 73 Apr. OcL 
55 8.8 jan. July 
- .i,r* Dec. May 
9.^12| Oct April . 
3.7|10.9 jau. July 


AngliaTV.V.— 
Am. Tele. "A". 


95|jan. June|Grampun'.Y10p 


[Green Group lOp 
H'wrdWy'alOp- 

IHTV.V.V 

ILWTA 


73 

113 

3S 

65H 

20 

117 

123 

731- 

60 

25 13 


27 2 418 
301 b655 
^.U 120 
30.1 

rw tD^ 

3< ts6.6 
3.4 1619 
31 6.04 
1713 238 
132 ZS3 
14 U 3.?3 
2811 L65 


31 8.7 
b23 
23 

25 65] 


25 

25 7.7 
19.6 12.51 

* b i 

28 8.5 

26 110 


RediLTVPnl£l_| 

Scott. TV “A" lOp 

TridVrV'.VlOp 

..... l-WerTV-A-—. 

■ 4.3 12-^| Dec. Junc]West«rdTVlOfi_| 

61 8 2 

3318.4 

3.4 m 

35 8.4 

| |J| DRAPERY and stokes 


i a &1 M > r - AHgUBed Retail , lOp 
i ,i f n 1 2i Apr. Oct[3mber E'ay lOp - 
|a ^iu?*|Jan. JunqAquaKutum 5p- 


Slock 


ASA- 


AMFa^aCenv.’BT^- 

[AmaxSl 

.American Esprfeif. 
Aner. Medic. lot— 
Asarcolnc. 
EakerlniniCiMp SL 

BarnesGrp-SS 
BendLxCorp S5 — 

Beth. Sled SB 

Brwn'cFer.clffj. 

BrunsnickCurpn.il 

BumnifihsCorp.Sn 
JcBSsaso— 

(CP.C.S1) 

JCaierpiflarn 

{Chase llTnn5125_ 

IChesehTOiCh SI _ 

[OujslerSflG— 

P’lwrpSt 

fcity lnv.SL25 — 
Do. Cm. Prt 851 

CoUate-P. 51 

IColllnds SI 

ConL UlliuuSIOi— 
Cent. Oil So — 
Crt»n Zell. 55 
[Cutler-Hammer S5 
Eaton Crp-Sa 50 _ 
Eeoark 


EsiOnD— , 
nrettooerirefl — 
.first Chicago — 


a 

? 

18 s ! 

14A, 

IT 7 ” 

30rt 

18*0 

97fapd 

iu 2 m 


361;'- 

& 
19i 2 
10 
18 


2tD? 

lbltd 

4Djd 

21b 

371 * 

llteri 

lrizri 


HU1] 80c 
15.9 5*i 

7 2 SL75 

4.4 51.40 
111 30c 

12 40c 
12 64c 
232 90c 
63 S2.2B 
62 $1.00 
163 -We 
a*. 70c 
303 SIM 
277 $2.40 
273 $2.50 
111 $1» 
261 $220 

262 94c 

02 SLOQ 

283 SLOb 

263 SLOQ 
-263 $2 

19.4 SL00 
13J $2.75 
2812 SL32 

62 $140 
23 SI 90 
Z32 5140 
22 5225 
OSL84 
5 1U 53.20 
30iS110 
MSLOO 


Jimci Da.A'Sp..--.- 
38] 2.7] 155 j une jan. AndiKTOme I Op. 

Aug Feb. Baker's Strs.10?. 
June SepL Beattie (Ji ’A — 
May Sept Benialb lOp.-..- 

S&mACot20p- 

^ Feb. SepL Boardman KO 3p 

BUILDING INDUSTRY, TIMBER I Dec, MadBremner__l — 

jan. July RriL Home Sira. _ 


2.9 
(4.8 
3-5 
2.8 
0.9 
16 
1.0 

3.0 

45 Jnne Nor, 
11 Jan. -Juiyf, 
0.6 Feb. Ocl 

3.4 Feb. OcL| 

1.0 OcL May 
32 OcL May, 

3.8 Feb. Aug| 

2.4 February 

4.8 May Dec 
27 Jan. Sept 

5.6 May Dec.; 
3J Feb. Aug 

4.7 

55 May 

3.4 Mar. Aug, 
25 Aug OcL 

3.3 Apr„ Nor. 

3.7 Ooc, Apr, 
4.2 

2.3|May Ndv. 

4.4 Jan. July 
4.7 1 Dec. May 
4.8|Aug. Jan 


AND ROADS 


Aberdeen Court. : 
lAberthawCem— 
[Allied Plant lOp. 

AnmtageSlmks.. 
[A-P. Cement £1— 
!BCA 


Mp 

iBPBInds.S0p — 
BaggendgeBrk.. 
Bailey Ben idp_ 


J Barratt Der. I0p- 
B«clr«»dl0p_ 
BenloxSJP'- 
BenloroJLIOp— 

BettBros.20p— 

,BlocMi 

BlirodcIlPenn— 

Breedun Lime — 
|Bril Dredging.. 
Brown Jtsn- !0p] 
Brownlee 
,, Brant HldJti — 
___.BunieU*H 
5.4hct Apr. Butt Boulton £L- 
35|lan. June|C.Robei"A’'10p- 


82 

144 

15 


123 

218 

32 

12 

47 

108 

241a 

19 

47xd 

65 

68 

S?* 

78 

Z7 

76xd 

54 

58xd 

157 

180 

24 


310 14.18 
1411 6.76 
13.21 UiO.7 
^2|486' 
17.4 934 , 
225+12^ 
an it® 
31 233 
i3110 id0.55| 
1212 t2.9 
310 18.06 
31 U3 
875 10.75 

17.4 1-82 
301 <3.7 
3.10 13.46 
301 289 

3.4 4 89 
1176 *03 

17.4 1.0 
1212 $2.03 
17.4 1226 
1212 1d2.fi. 

132 dl015 
11412 15? 


161 

* 

fill 

4.d 

L« 

Lffl 

3.2 

tol 

■*>_ 

5.4 

31 

14 


1 

1 u 


4.4 

ILfil 

11a 

fi.o 

4.0 

il 


24 

L 2 

9.9j 

la 951 681 Apr. 


Feb. Aug Brown'NiSg_- 
53 Oct Apr. Burton far^Mp- 
4 Ocl Apr. DaWXAoto- 
4 7 May Nov. earners 'A 20p_ 

111. June Dec. Casket'S.' I0p._ 
8.4 OcL Apr. Church- — ■ — 
25.1 Nov, July- Comb. B»J. !->jp. 
fi fi Jan. July Cope Spent! I0p_ 
98 _ ComrilDressSp, 

|12J May Nov. Cauls 'A' 

53 June SepL Cnnys - ■ --- 
4.7 July Jan. CnftonOEle 10p_ 

7.0 Jan. July 

— Jun. Nov. PewhirS lOp..-- 
* Mar.' Oct DumnsPhcrtOltip 

7.1 June Nov. EllislGold sp— 

65 Nor. June Empire Stores 
62 — £iecut«2Dp- 

4 Jar. July FnirdaieTe.L ip 

— jan. July Do ‘A’ap 
6 Jan. July Fine Art pmt.Sp 
9 2 May OuL FoidiJrbn' lOp- 

lifi Mar. SepL ForminrtcrlOp 

1 fil Jan. J ulyl Foster Bro? 1 - 


83| 51] June 55-^^ 


217 

35 

37 

3fi 

31 

23 

94 

32xd 

lb 

12 

10>4 

50 

177 

30 

120 

115 

34 

43 

151 

85nl 

83 

12 

87 

192 

19 
101 

66M 

143 

20 

160d 

19 

irij 

JH Z 2 

32 

138 

90 

306 

34 


sag 

S.fl t3J„ 
J61 bdp37 
235 h210 
17.4 118 
876 104 
31 098 
2811 0.62 
12-12 f3 86 
1411 15-71 
31 J2J5 
132 H 
132 lJ 
131 1204 
3110 196 

3.4 337 
17.4 324 
2SMdgO-‘ 

1411 F522 

im yfi 

ffll 1218 
1710 1173 

17.4 4.82 
bV> — 

J-2S 

2811 106 


12.17] 41 81 
1 33 233 
3J td3.78| 
14.D 159 


2 M 

30 

♦ 

fi| 

4, 

S 

i 


5.6 April Bamfortis20p — | 
J ' Jlay Nov. BanroCnni! 

Not. May BanonA S mw— 1 

11 May Dec- Benuford lOp- 

7-9 peb. OcLBtrantD.F-;5p.-| 

1 2 Mar. Sept. BlnnidQualtasl. 
7-7 Jan. July Bmnehm Mini- 
— Aug Feb. BTiamPaDrilOp] 

* June Dec. Bladra'd Hodge. 
“3 October Blakeys. 

53 Apr. SepL Bonivr Eat 2Jp. | 

May Dec- 1 

Feb. SepL Brahso Mill lOp. 1 
Jan. OcLBnithwiletl— | 
Jan. July Brasway lOp- 
Jan. Joly B'bousc Dnd. IDp 
April Brislal Channel .. 

Britfab Northrop 
Jon. Aug Bril SteamSOp.. 

..June Jan. Brockhouse 

9-6 May N«. Bnans Cast 5p>- 
4.8 NOT. May SronsEoft 10p_ 

* April Brooke Toni 

4> Nov. SepL BnrJtfrt'dP.MiL- 
7.7 Apr. Attg Brown* Tame- 
6-1 Apr. SepL Brown John £L_ 

M.5 Sept Mar. BullonEhato. 
May Dec. Burge« Prod-— 
9.9)353. Fob. Aug. Butterfield Hre-j 
12.4] 19 June Feb. Cmafanl Eng. 10p-4 
9.21145 jan. Jane CapperNeilUttp 


1L«H 


81 1 F eb. July|Cafllnfcsl Op — I 


73! 

♦ 

7.0 

43 

♦ 

*- 


L9| 
2 0! 
9.1 
691 
3.4 


4.6] 

9. 

9 

, 6-0 

4. 
30J 
113 


a 

u 


9.?jj3n. J u nelCare lo Enjt. 

MayjCaitKnEiilR.lOp- 


Pob. July Chemnog:. 

— oct Feb. ChrinyBros.—— 

6- 1 Aug Feb. CobeniAiMp — 
Aug Feb. Comp Air — 
0.9(27.7 June Dec. C«iwnmcl9p_ 

pt CcrtW.adL 20 pJ 


211 Feb. Seu 

53) 5* Jun. Apr. Cooper 'TnlOp. 
3.7] 4 Mar. SepL Cooper Inds-lpF 
— Mar. Aug ConivTeToftJBp 

7.0 i.67j Aug. Feb. CraniieGroup— 

4.0 * Feb. July Crown House 
23 68 June D«.CuiMini'iB!M— 
13.1 12 2 SepL Jnn. DanksGowerton 

* Jan. July Dartm'thlnv.Sp- 
|203 ricu Apr. rhs,*MeL - A'10p 
5.7 Apr. OcLParylnt 
53 February DelwntOp., 


|10-6 Jan. JuneDellaMriaL. , 
91 Feb. July DcnnlsJ.il. 10p-| 
5.9 Mar. July DeritendSJp. 
[116 Ocl May Dewuucr — 

* „ D*.e. J u ly nbaTiiebnic lOp. , 
7.0 Dec. Ductile Sleds— .] 


1 663 

B— 

13 
tLOl 
.. 5.28 
, 27 2 t5J 
1710 t538 

7.4 5.25 
. 277 0.21 
1212 13.91 
1212 a.7b 

3.4 2 60 
3< 127 
17 4 3.34 

86 £1.33 
, 272 4.46 
1212 4.42 
.161 56 
(3140 2.90 
1212 ♦tl.98| 
3.4 144 
, 17.4 tl.37 
|1212 thl.45 
31 Tb3.87 
477 d0.52 
1 2831 T216 
[14.11 bO.26 
467 
31 H467 
, 3.1 3.62 
28.11 20 

3.4 1.57 
132 1.0 

5J bb.35 
272 t4.38 
132 TB.58 
30J tfi.16 

17.4 1233 

16.1 t235 
132 b3 51, 

]RUthl92 
11212 GJ.12 
34 4.0 
11232 tdl.63 
il 1.29 
, il 12.31 
an 4.44 
1076 
33 14.96 
, 161 3.62 
1 28 11 2.39 

132 Ml.: 

13 3 HO 

30.1 £09 
272 3.19 
161 2.42 

31 H303 
11431 Qa <1 - 
31 235 
l&ll tO.S 
133 1.32 
112 J9.9 
31 dL51 
(Mil 532 
2811 2. 82 


U6 




Dec. July Alptae Son, D18p_] 
an. June Ass. Bisnul20p_i 
Apr. Sept Ass. BriL Fdt Sp 

Feb. OcL Ass. Dairies 

[Apr. Oct .Ua. FSdierics — 
Feb. Sept A vana Group 5p. 

H , 12.4 May Nov. BanksrSldncvC.i 
45 * — Barter* D.10p_ 

3.1 12.8 Apr. Oct. BamA-G I- 

01 4 3 03 June Dec. Bantus Milling _ 

3 « 6.4 7.2 Jan- Aug BasselMGeoi--.- 
25a 163 — Feb. Sept Bailey s JortlOp 

12.1 7.8 OcL April BejamlOp 

351 ID 2 4.7 May Sept. BibbyU.itl 

4 . 4 I 65 45 Jan. JulyBishopiStom- 
1.3 i q ra* Jan. July Da “A NAg — 
_ Apr. Oct Bluebird Coof._ 
8® * SepL Mar. BnL Sugar 50p_ 
_ 3.7 Mar. Nov. BriL Ventfglflp- 

0 ail 3 24 0 Jan. June Brooke Bond — 
ire 6.4 Doc. Jun3 Cadbury Sfh’ps_ 

8 6 * June Jnn. tor’s Hfflipg— 
±2 72 97 May OeL OiHord Dames. 
25 S.t 8J May Oct to. -A" N /%’_ 
<d3 6 5 55 Dec. May CuUena, 

07 5li,«ftDec. Mw fa'*' 

44 6.4 55 Jon- May Danish Ben. A_ El 
72 6.1 65 Feb. Dec.Eaxrt«ri«JBi»^ 
37 6 3 64 — EdridaLoni q 

b 3 a Jan. June England(J.E.i 
H O 4 > Jan. Oct. FJt C - - ... — 

25 12 6 56 A P r - TfcPt FlshenA'So. 

uio 2 •Si&’-sEaaff- 

0 9 9 7 16 9 N°v. Apr. GiaraGiorcrap . 
11 9 3 145 Feb, Aug. GoWrei Foueard. 
04 9 51 54 Jan- June Hailewd-sPJOp., 
l 9 5 c 14^4 Dee. July Egh»ieiJ.50p_l 
33 OJ 55 Feb. SepL Hillard? 10p^. 
2.110 8(541700- July HlnlooiAHOp 
IJ 63 4.9 MrJe.S.D. Kraft pi 
9 2 4.4 3.7 Ju, 7 ®ec. KwikSnvel0p_ 
b95 Z3 71 D«. Aug LennonsGp. lOp, 
25 9.1 7.3 Jan- OcL Unfood Hldga._ 
O-fr *4l®.7) Deccaber 

1 91 95 ] 8 8 May Jan- I/wiWmjSlp 
25110.0 i46i D«' July LywaUJEl-. 
10.1 75 Ocl May (tattlwtaiiin— . 
8.5 * Aih 1 . Nov. HcaiTradeSu 
5 8 48 Mar. Aug Korean Eds. I . 
64 10 A Nov. Moms'ntWllOp 
71 55 Aug Apr. Northern Foods, 
43 40 QcL Apr. Nuidin P"k. lOp 
75 52 Dec- JfinePantofP.llOp.— 
9 5 3.0 Jan. June Port f aims lOp- 

51 11.0 December PykeiWJ ur 
83 1681 , “ RakusenGip-lOp 
5.1 5.9 January R.H_VL — 

74 50 Jan. July Robertson Foods 
89 71 Jan. JuncRoumlroeSLSOp. 
85 75 Jan. June SalnsburyU.) 

31 03 Setdranber Somporta 

8.5 5.0 
>103 * 

- 6.1 

4.7 3.8 

5.7 7.1 

8.7 35 

9.8 55 

8.0 6.4 

7.6 3.4 
63 13.7 
105 U.7 

9.0 9.0 

3.5 - 

6 2| 4.6 3.4 
2J 6.6 9.1 

6.5 4.5 4.6 
28 6.7 7 5 
OfilOJdJI. , 
ql5 11.3 7.6 September 

2512.0 5 S 

2.8 9 J 6.0 

3.5 6.5 6.6 
19105 T? 

3.8 6.6 63 


__ JF65 
12111] 339 
IM t2Jl 
31) bO J 8 P?.4] 

11 a 3 0 

311 2 l^».9| 

74 j Ml 1 * 0.6 

73^r.lS}h233 


« 


|]2I2ttd2. 

li, - 

3UM3S 
199 B0.47 
3111 12.76 
531, 3431 3.04 
44 U 2.63 

46d DAL91 

w 12.4 L91 
97* 2831 457 
95 2833 457 
lOSxd D.4 6.M 
86 SU 3.92 

rad S i« 

“ SIB* 

zaii tao6 

.. JA lik 
« l^s SM 

330 169 
794 

2811 53 
m 1232 17.69 

76 


Feb. June Spillert— „| 
Oct Apr. SqnimlH’nUjp. 
Apr. SepL Stocks (Joseph]. 
iOcL Apr. Trie* Lyle U. 
SepL April Tavener RuL20p | 
Mar. SepL Tesco5p_ 

Apr. Ocl Unjerie.- _ , 
|jnn. June I'nited Blsnihu] 
Aug Mar. Watson Pblp 
Dec. JulylWheasheat. 


ri.Ind.Sec~- 1 

tPbro K. 

1 * Robbins 
SmckHper5p 
xiirp.Sl. 
sSevJflp- 
, g.iOrer xlOp 
SEng. China Clays 


021 


M: 


v*0«2| 33 
43>2[ W 9 
22 
72 

19*a M 
£23% 

25% 

BD 271 


L19 


May Sept 

851 MfrSiMffi. - , 

“ ® *. Mar. NovjE5peranaU>tP- 1« 

5^ Aug JarolEujoFwnej-- 1U 

g-5 M5 JSet _ SepLpodeHUg&aDp] 38 
I? f ? Feb. Au tffiuer George 
4-J 73 Jaa- 

7.4 5.9 oct JonelFairlmnilawsnn. 

„ - Jan- JuiH 

... Ang Jau. 

*?■? Jan- July 

Jan. Sep*, 

'}£ 83 Mnv Nov. 

11 W sept First Castle 10p_ « 
5 b H J®w Dec. ntraihoa— --- 42 
H 2? July Jan. n«dloC.&W.- M 

it It Ndv - JuBe 

ll II Dec. Jnly FosewSiiirep- W 0 
^6 -Ji Jan. Stay F*tare»Ofarwr- 
2-4 143 MaiuSeDe. FrackljnMlntl - 695 
lo Is Feb. Nov. Fre nch Th y. jflp « 
J? y out Apr. FiwdfcmdDa-- 88 
91J 35 Jn i r aanJCJLtHtfeslSOp- 460 


, 10.82 Z9 
QSL80 
dO.Z 
1 28-35 
355 

15.08 3J 

12.8 31 

hL14 4.7 



•A-. 177 
sDndley- 72- 

3iM»»iS* lTOril 

1 Group — 99 

urlfip 54 

«EjS 

jPnotftlOp 40 
UtHlWp. U 
;HMs_ 


63 » 

74 llj v„ j 
Dec! 

Jan. An; 

April 

r 0 S Jan. € 

*■9 *- October 

«j April OC! 

TOR Hi ***• ^ UD 
Ifl-R SJ. A2i\ 

H I) Feb. AugjHalaKJffia 
53 73 >ov. Apr BHrilbaraelSra- 
l* Det Apr. HaatnoCp 3c. 

24 53115 Feh _ jmy {teMM Ttoi-J }« 
Z-0) 5.7 134 sept DoSfepeCicBMQjfB? 

la 1 ** 1 a 0 Jta - JaI? - 

4fl OS 6.9 Jan; . An t Hati8lPfti30p- 
~ T* May Nor. Bwris*art*e 
f4 BA S| jniy Feb. HwkusfiTt. __ 

L4 12.7 7.8 „ Ha»1ia5p 13 

34 10 7 42 De,. Jane ftffTNKnfla> Hip SO 
12 14J 8.9 Aug Jan. Saj's Wharf £1_ 138 

— _ * — June Nov. HepwortiCnnc.. .78*4 

it, ol Dec. June Scstoit—-— 1W 

3.9 3.8 116 May BonttUmp— - 21 

4.7 29113 peb, July f»iftpieO)S.lflp- 37 

2110.8 6.7 nSS&iO-. 1 IS 

55 28 97 Nw. Apr. Hirst IfaTjofllfip. 33 
0.4 31 IttA \pv. AHg HoMcniA;- — 62 

— — — _ Fefa. &ebt Hotlis Brot.— - 61 
blJ 102 8 J. JulyHoaLMULlOiL 134 

32 52 (fill Aor Sent HOW Cl A :- 320 . 

*1 32 94 MB' 

27 8.7 6-4 OcL Howard Tcaeas- 

72 6 Nov. July Hunts# ASMC._ 2 12 , 
36 6 » J* July Nov HanllndlgPl- 8 W 
f-3 l 6 ^ December 77 

2.4105 47 July- Hyman ilftlrSpr 30 

15 82 9.7 AnJy,0. 

3.0 5.6 B.9 j® Feb. 

22 fiJ: 75 ApHiSepi. tap Cod. Gas El . . . 

2.9 46 7.8 jon. Aug Initial Strata*- j 68 
3-4| 55P§.9 Doc. Juno (rier-CstyJSp— 1 . M 

Mar. DeeJJamesiJotaUi— I 44 
Juno 
Nov. 

Apr. 


. 677)171 
28.ll] t4.92 
143.651 
TL25 
67 
l«*0_ 

312 

3.40 , 
1426 
620. 
.... Q30c 
301 255 
, 32 W1 , 
1212 18.99 


595 

253 

t«47| 

nr 

110.27 

254 19 
057 
3.02 
3.99 
194. 

256 
0.82 , 
Z026 
1125 
168 


189 
197 
199 

flhi. 


-i] Us ‘ 

llr 

ur-* 'H. - 

5 * ;-r?5 
3.9 j'! ", 
4j6'V . } 

.V' T , ' 

J4v--ilSl .• 
5.9, H ^ ' 
75. # . 

— ■ « .- 


•%^'i Vr. ' 

6V-, 

7; | .V. .. : 


- ?.6 
4 ;t tt. 


f j &31 

7 3. f ri; 

: V :: 6T 
?j. C4'5 


»*: 




• •. > 6 t 

n ifi 
is.jft ? 


IS 

ll03„ 


. L07| 

66 

_ . 18 
- b3J 
t4.D3 
15.08 
1482 
M554 
517 * 

nio I 295 3i : .§ , !.r 
1255 lolijf-/: 


. Xps* 

«-i '.i 
SfjS ; ilirS 
J 1# - j.*.. 

'■ • • * ;•*' 
Jlj'St. - v 7 : 


0052 

7-42 I 
18.91] 




!' v 


HOTELS AND CATE3RERS 

Adda InL 10 r .-_ rsdi 

lBweliJ.)Fr.H»_ fljx M-,. 

Dec. JulyjfliMt Walker 5p. W 




\ 



KUflOJZ 
1td2.47l 

faBil 
ttEj.fr *91 », 

Sfite.a 403. 1212T12J8] 

JnardwfT.i Klp. 35« DA 289 

gilanaioalOpi 29«£ri VA f 1 45 1 

vw *-— ] 85 ail|li36j 


Wm 

i| 

Wf 

! i\m 


5? *•: .- 
; ; v 
2 4 7SJJI 

ii * 






V 

•' .'xte 

i.' 


^ Times Monday’ April 24 1078 

mtVSmMS-Contrnned INSUHANCE-Continned 

Jw-| 3 I ISUlS| W |"^ , | ^ | W J>-| SUSJlBtl 


PROPERTY— Continned 


m drr-^iy: 


INV. TRUSTS— Continned FINANCE, LAND-Continned 


sg£ 

i:i: Mk 


.. Wo y 
W'$ } 


m- .37- anmcja r. 

-38 natZ 23 21 
7Z 5 r- TflZ91 4.J 

p_ 139 1M7J7 q2J 

MO M 1 M 4.09 v 
4Z 511165 - 
lOp -»% ZUH+LM X* 


£L T'T'T, ™ 1 *•* i w- rfi s is,is[ w -sri s«k u if i s uissi* 

®F aaaifysjESES 2 - l f 4 l= f l- ft afisssHs Lags »»» 

b s ■ kSt = si = &■ «»«»£ baa a 


31jg6.54 131 3: 
L12 ft 14.0 OJR 5 j 
111 fl59 20 3., 
L12 d459 15 2. 


. '• u v St* 

v> i *Qet 


j Mfcwi. .48 

Ighlflts-Sp — 140 
EraCttlSp. 108 
jfeonpWpL— 238 
nwPrtte* B 

iwt^ — SB 
lenllto— — 22 

£*E“_z jS 


a^BHEHE *- >»iet teFsosssB* i » = a? 


DMdeafe 

P*Jd 


May 

Vue. UarJ 


ta* Kv I T H . 

Men d Net iCit Gf*s P/E 


HvUnk 

FUd 


Lli 6.9[S.1|Kiiresberf 


2ta-lK.IL 131 477^0125 Lffl 9^ * Apr. Octprtio OLUaft.' ' 50 

Cap_—_-.| 455 I MSL - I — l tlLtl 1 MrJniLD. [lDraMfLAR?£y fg 


> ^ -qet M*r Uaoffltnes-. 156 Hi ' %0 

**¥ :J$y Feb. Lon.tNthn.Gra- -27 ttj £5 
^ZloogSmbiy.m 35 2121 fil5 
■■.■gSh OataSmUmM- 5 F IM ±£3 


327 2.910X0.9 

u353 22 3.917.1 
tMJ3bZ2 5.712.' 
133 8.9 -22 61 

t(SL64 42 £4.4.' 
1223 4.7 2.6 39- 


tLOl 21 It 19.4 - 

9.0 20 U.O 7.1 MrJ&SJX 

$20 241X2 5J> Jan. July 


22 — Mar. Sept CdytCftn-Iat. 26 

__ . . .. , — i Do. Crain) — 92 . _ 

— Rtgnlian 9% 474 — — — Oty&ror. Ibv_ 74 — — —l— — 1 Say Dec. Part Pbeetav— 25 

April Ocl Regional Prop- 80 711 glO L5 L9 iH.ft May Dec. CityfcMemTL 92 i4 ffl.07 111 £7 2D.9 June Nov. Fsznoa (S»*Sen_ 183 I 

April Ort Da ‘A’ »% 27.2 gXO 15 25<£S Kw Japs atytfOxtord__ S3 3U0 1105 S3 7J221 tSay FWsbWLIWSL £7D% ; 

MfVrnPC! ArorDAtm rmAnvO lan - June Rush & Taxpriiu 108 1411 290 * 41 * Mar. Sept ffimritMse3Bp. 77 132 33 XQ 15 Z01 Nov. July &- George !Cfp_ 10 l 

JttUlUflO, AlKLKAr f TRADES December Sanud Props— 73 3120 *d2J 06 iraii — C2ft® tore idp_ 674 _ — I — — July Dec. Scot 4 Mere. 'A'. 94 2 


Cap- 455 m - — - - MrJni 

tejTrut — 52 1£I 215 1C 6.4 227 October 
6 Genuine.. 26 113 1.82 U3 106 141 _ 


161215 10 6.4 227 October NJLCln&lSto 15- 22. 

113 182 X0 106 141 _ XipjionnLa&lfe 330 

- — ■ - PanabeHIp^ 13 67 

— — — — 1 Sap Dec. Part Pbeetav_ 25 11 

14 14.07 11 6.7 20.9 June Nov. Fens* (S)fc Sen _ 183 17.1 

LM 1105 0.9 7J 22J May PWaWAiWaL £70% 16. 


J Last I Din rM 
Prtee Id Net On Si's HE 


22. 17 4L8 

i 1 d l 6 

0.7 231 161 


Aug. jBn.ISraLHein9.3bi 1 101 1 1710 1 0.94 


eczLngmnbly.lO* 35 2121 £L5S SJ ufi 

:$pr. 0(X Ltpgtto'Erana— 57 ISJ ®6 3.7 9.4 3.2 Sept. Ki 

-S’ Apr. LfluUelhhnU 80 112 4.63 23 8.3 5% - Map . 

V Dec. June Lo*&Baur5Qp 173d D.4 10.B9 4 9^ + J ■ 

- June Dec. K.Y.D«tltto_ 66 Mil 2X4 45 4^ 4 94 

..Jan. Jut? KflcawLdalS- » 31X80 XI 14jM . 

- iay Sept. H’c'rffenuSDp. 98 271 X94 41 6lJ 4.7^ Feb. A a. 


Mar. Oct Second OtylOp.. 37 3 4 93.73 LM 7.1 112 
Oct. May ISJonEh Eats ISO 14 227 XS 3.4124J 


M*j n „ „ . „ Aug. jan.aroLneirop.afl> ius u_« xa 29 45.1 Jan. jsay 

Motors and Cycles Mar. octsecoodoiyiop.. 37 3411.73 is 7.1 1x2 — 

LLerlandaep 30 _ _ _ _ _ Oct May Slonfih Ests 100 14 227 XS 3.4 24J Ao£. May 

■.Us. Units.!. 260 Ull is L7 60 on June Dec. DeHB£ 0 n?.W £340 14.11 QlD%133f75 - An* 

asCarlOp 48 F75 _ — — — Apr. Ang. Stock Conrtrtn- 224 131620 24{ L4 46.8 Dac. Jane 

UantUr. 5 p__ Au 775 — • — — 72 o Aprjl Oct, ScalsyiKIuv — 274 271 3.95 — J 35 — — 

81 34M5.16 24 96 75- SwireProperties 46» z - * J 5.3 6 Jtar. Ang. 


29 45.1 Ian. May Oydesdile ln?_ 72 

711X2 — 70 

3.4 24X AoJL May CotonWSeciDfl. 224 


Invsidpl 7 % 67« - I — 1— J— bnly Dre.U 


. . -jm. July 

: .May Sept. 

ti 

■u ■ . OcL Apr. 

■j .... May Sett 

■ June Jan. 

3 <£ 

X- Jnn. 


|J 5.S . May .. jJVriroKiSD — a<p 4 | 577| Q129 

i3j (fa - Commercial Vehicles 

61 4.7 Feb. 


I December ' 
Upt. OcL ’ 


e Properties 46>7 — 

) Centre — 59 2803 
i&atyU>p. 1&2 22i 


r. NovJTrtflftrfPatic— 91 I lltll 1165 


5.3 6 M». Aoft 

2J. 59.0 January 
— _ Feb. Ang. 


:. • J 


iftnaneGjt— „62d 17.4 X84 6 9.4 6 August 

SrideBfcUOp 3SM 17.4 4.® * 20 * Jane Feb. 

3retyX'A-_ 12 14 0.25 - 3.2 - May Jan 

qAenondU. 61 271 264 3.7 6.5 62 July Oct 

wlu-tlup. 64 112 1K3J9 15 7513.4 

DMOaGmtp. 75*1 17,4 270 4 5.4 4 

OaLAgJOOp 73 3J 5.61 2711.6 4.9 

.SSiptoTb- 220 81 1 556 XJ JX2 102 Mar. Sep4 

aimflnilOp. , 18 1212 dhD.9Z 22 7.7 9J Feb. JoM 

5SBL^-a!- 43 UO 249 * 9J * May Hot! 

AaffeOnis- 356 3120 465 4.0 6.1 45 July Jan$ 


^mqies _ UX Property— 19% 674 - - — | — 

7.(Hldc* > ini 1616217 6413 3 en Nov. April LULRtolPrtp^ . 248 271 5.17 X2 31|4X2 

ns(50pi- “ 54 s |k 5 7 0X^2, July Warner Estate-. 122 301266 15 3330.9 

■lurest 20p 20 rnrat gH«teta!NW*hft iu f456 xt 23345 

gu- 76 Xi h 125 3.3 66 20 A,)rj if ?71 bdO.46 25 45(127 

Trailer lOp. 66 22fl ?14 A 5 Da ^ BUnBer P 3b 16 375 — — -— ] — 

wp- do ZWH214 ♦ 55 ♦ JaJy OcL Wuulra EHs—_ 32% 19.9f LZ7 ♦ .6j| * 

• Components 

fiStd ■% |iui|«:«| i| If !i SHIPBUILDERS, REPAIRERS 

/Blj 34 12.04 jS 4.^*2 . n-w— «Tf to narrei I . . 


. Ang. Ctartinrarttlid US 
. June CactmennUdia. 1R3 
— GreshstJs5»E59p_ 169 
. Ang. Crossfriars — _ 7B 
Buazy Qmmlmlnv. 25 


1X67 10 35 445 Nov. M 

— — — March O 

8J 12 55 24.0 — 

15,84 11 41 291 Jane 
1289 13 43 2&4 April 

— — ■— 2BU Apr. Ai 
1332 10 72203 Mar. 0 

06 10 433X9 Apr. At 
1287 13 1X3 117 


1X0 35 6.1 55 

639 3.7 53 7.9 

09.4% - 43 - 
10.44 0.9 66 26.4 
362 17 4.9 182 


A ft Mere A'. 94 2811 362 17 4.9 182 

l£ftpcAim- £50d D.4 Q425 - 85 - 

ilhBrOfi. 54 272 14.91 21 136 5.7 

m-PreHSOc '8*2 — .— — — 46 


Serving the world 
: with 

financial expertise. ' 

SANWA 

BANK 

Tokyo, Japan . 


e Sues Pin. NFIDO. £47% 

il TmS.iat.rs. ip. 97$ 
Aug 25 

Octl Vut of&iiawL 49 
Lug. YnleCattolOp— 79 


LZ 12.7 103 
3-7 4.3 96 
36 27103 


jg. MOT.toetrataroCcrpI q 272 h240 
ig. Feb.OeibyTBLlBcai 212 30 3 13.43 


— DaCap.aOp 147 - — 

Dec. July Sosrift«oftG<9. ITS 17.10 665 
Ipr. OcL Drgylpa Corn'd- 124 272 45 

day Dec. Da&na— __ 137 1411 4.7 
Ipr. Aug. Do. Far Eastern 32% 112 0.9 
>,pr. Aug Do-Prenner — 177 711 6.7 

4ov. Apr. DnatMS»Ine5Dp 61% 3U0 14X8 
- UftCasulEl^ 200 - - 


h240 Ui 5,9233 
13.43 0S9.fll83 


OILS 


5.9 24.4 January 
55242 Dee. Juiy 
52256 Nov. May 
42 322 Jan. Jub 
5.7 24.6 - 

UX14.7 Feb- AUft 


74 in» - I 


taOMIUI— 71 1232 56% DBS 

inaihD- 51 1074 — — 

)08%Lb 6UK- 07% UQ8%% ^ 
CfFKUtSeaEL 888 - - — J 


DMteOs 

m. 


MINES— Continued 
CENTRAL AFRICAN 


“ Nov. 
.us r Ml 


*Lw.“ 58% 111 2J I XM 6.D 24.7 Dec. Jane uay lDp_lJ 56% 21U 12.43 3.1 


cBtek— « in, 10(4.47 0.7ll43l: 


September l 


. - „ , Sl , -F»pc- £96 — 07%% 23 13,3 — Aug MarJBlutoel Bros 

*- -jime' Nov. MaynanfaSp— . 3KM 17.4 1466 4.0 56 6.7 OcL Janefccr««Brw.]( 

:• -Alto Dec. HadJnhiaiwWp- 21 133 1XB2 1513.3 76 Mar. Sept. “ 

OBL. Feb. Mentncw 50 — 14% 12.12 0,92 ft 10 j * Apr. Seut 

:VV«1 ^JkA. June UetriBn£l — 296 2831113.51 3.2 6.9 6.6 ju. July 


:z 112 J il AM il li ti June Dec. Ha>tbtnT»50p. 70 U75 Apr. h 

^ 111 222 j S3 i 51 * Dec. June Swan Hunter £1- 132 17.10 6.86 1 8 7.9 1X0 ^n. J 

r“ 69 31 Hr ii May SepLVnspar 146 34 4.65 ft 4.B ft Feb. A 

I0p. Sri 174 tl06 18 rJ 332 J «* “^'^50? 260 2U1 1461 «! 2j| 8.6 

•n*i 99 3 r -tni WCl- A 


5.W 6.7 CW. JoneBrfl«aBroR.IOp. 23ri !7« 1106 li 7D B2 
13.3 7-6 ! War. Sept. ttajCOT. £20 222jQil24cJ 3.71 3 5 102 


« e Dec. 
c?i Jan. 
^ Nov. 


1 4X7 I XI 651 


m J» 


■ * &C* June Many ' ■ : -41 

' MU- Nov. 52n.ki*lrv 5Bp. 195i 

O BK- SfilCottaDW- 57 


' — $, 1 9'S f , A P r - set*, otmtssou- — in m +431 3.7 3.61x2 

296 2LH 113.51 3.2 6.9 6.6 J an. July DuntopaOp 79 1411 $3 OZ9 10 5 4 6 nnrnnrvT/, 

S* J f. H Pk: JMegtftMMliy- 105 3110 259 40 3.715.2 SHIPPING 

— ; -41 3110 g232 4.0 78 53 Jan. - June HnmLSmlUi lOp ©, 1411 fl5s 10 45 3? 6 „ •. . _ ■ . 

5Dp. 195ri 17-4 +45.68 4.8 4.4 72 Mar. Dee. 50»5 3Llfi +0.71 3.5 9 1 i f 3 Aurg}BntftCga.SOp-( 270 


Sept. M 
ban. Se 

I. 


April WnrhAmTu. 114 711 U 14 15745 - OatohaBSp- J2 Ttt -* - - 565 

tpr. NouiBiui.Iiiv.Dr.a_ 213 132 6.75 ft 4.8 ft July £21% 57 0MJfr. 19 S3 9.4 ^ _ 

[an. Jo WEtretre Unr.TsL- 102 1212 4X7 XI 65 218 — rtChiSOilCl — 388 - — — — — 

ecLftCen— _ 69 31 el 45 X2 32 433 - HCWeParelU 128 5.9 

reftlmenuiL 33 3110 3X5 XO 65 313 — Ewfia«mr50c_ — — — — 

tftXVTrosL. 72% 772 26 ft 5.4 ft December KCA — 29 ai2Z0X - 05 - 

itfcSMLlm-- 68 712 245 XO 55 278 — LASMO - 158 — ■ — — „ ""i.. 1 

[uttyCoosta. 106 31 t5.94 11 8.5168 Feb. Aug.L««0I4!41flBr81£303% 161 Q14% — el« — Nov. Apr, 



fcst{ Hr (FM 
Price ri I Net Or 1 fir’s 

180 3A|Q50c X31J0L7 

l«d 17A 056 ft ^45 
68 1274 - - -U1 

140 1710 Q115 13 "7.9 
80 1212 Q?%1A4 398 
36ri U.4fQ7i 2 c 14 £76 
11% 1174 — — fix 


(Coast U_ 106 
Wd5«p_ 117 


■ orrae^. oc 

::j -■•l--. 3 -jmL. Jtri 
r ijw.- ah 

- j; -jfiut Jon 

'• ~ .jbuL -Juni 

t ;% dlar. Sept 

ti me.' Jun> 

i Sae. Aui 


<OSL Al 
- BeflL Ml 

! : "tjift-' An 
.. : i sOei 1. Al 


Xmv Jin 

* -- :-h ** e 

? Jim Jua 

•f*- ":.-A .'-liSfi! 


ft Cote DW- 57 . .113 1336 2.4 8.9 6.9 Hay Dec. 
raotofipeBUL 5312 161 Q5% 7671 {45 - Oct. July 
kmamentlto— . 9 1073 — — — 15.4 July Feb, 

Eagan Cm able U2 14 H 5X1 ft 7.3 ft Jan. July 
tollUAbeil— . -47. 135 X42 3.4 7.8 5.0 Feb. Ang 

[ojgfRoMJlBp, - 34 1212 gLM 2.7 9.2 5.5 ii& 

iwtaxRJp .M U7( - _ _ _ 

jKoGnlOp — , 66 477 XOO ft 23 ft 

tAOFjSeeL. . 75 301 53B 2.4105 53 

MhaD(5ftU- -46 3X10 3.05 Z4 108 62 Sept Aprill 

atrCitfuglQp 46 272 1X2 08 4.3 45.6 

rjCJE«fttSe_ £71% 1110 Q4% 1X9 15.7 — Nov May 
wfrtfllftZanhn 8S 221 330 26 5.9 83 Feb Aug 

S&Sp'twsrtOp 93 13J 2.00- 6.7 3.2 6.4 Jan. July 

“ nr Mp4— 12 “ " 


8S India... 278 life 4J 46 7 7 ^aoon&re50p.| XM 

naGrccp lOp. 45 149 33 a 55 * OcL lll> Fisher fJi. 

nerllfg. 107 »1 3 W 52 S7 41 Dec. May runasWitliya 2Z0 

oat Breeden . 67 3U0 3' 08 ft 7^2 ft J“- J“|7 

SdbtoOUl— 91 i61fh341 5.3 5.7 49 OcL iKobsiJ.LiQOp. 

ijlMASOp. 93ri D 4 ” 4.4 *1 t3 • 


4.71 7.7 1 D«- J" 


May Dec.lEqaitl/Dc 55p_( 186 283Ub9.« 


3.96 12 5,l|24X f - 


Mv£L| 270 


X56 | — . — 
22 - - 


_ Z — (AanexSc 

ilia _ Sov. Apr. BcngmimlieMIbea. 

z _ _ HHSoathSOc 

_ _ Oct May QermcRioiimoSOc. 


AUSTRALIAN 

[25c I 10 - I 

ralleSMbeaJ 102 145 

othMc-zn 73 974 




• * w * * 1 9 Jan. Job- We snipping. - 

Garages and Distributes iu "- OA iEgSL& 

™ 27.34X5 321 871 55 .. }5i^l£SfS2' 

gg- gj ^ Sg: si's SK3SST. 

[tmHotor. 115 1112 075 24 182 70 Apt. OcL hgufaSm 50p 
rt-lflp.- — 40 U 3110 233 ft S3 ft ggrJ?,* 


iSri 173x53 ft 16 ft H*y Nov Ftadl/Iar.TsL. 78 135 385 _ , 

1 +743 ta 53 39 sept Apr: Pint, Sew. AaL_ 88 133 2.85 XI 84297 _ ReyBoWaDrv.lt. '1% - I - 

1089 67 « 2 23 N»- Apr. FV>reiEniCoi_ 151 ZJ1 3.77 10 .3.8l«.0 Oct Apr. R>LlWchFLO0. £46% 19 * 0B 

in 85 1 j 73 ife Jaa. July F.dGJ.T'Wi.25). 45 33 +Q5^e 12 7.0|110 — ScntreRes. 550 - f , 

3X7 3 8 162 a» May Nov.FWdinvesllK.. 36% Ull X40 10108150 Nov. May StoSTrtru.Befe 528 X«15. 

440 ft ll ft — 58 — — 1 — ' *« 


t7.6l U 43 3U 
085 IX i* 435 
385 XO 75 19.7 


” tits |S: : - = z ass? 5 !; 
= ■. - - ^ 


210 143jQ10c 22 1 3J 

48 5'6n — — — 

126 2571X45 43 

” ~ Q9C X7 II 


Sp'ncerlOp .93 13J 2.00 6.7 3.2 M jap. July BSG&tWp.-- 40U 3130 233 ft S3 * Apr. OrtJ Do.-AMp j 39 |J77| 

pipMpI- 12 133 0.® 2.712.4 4.6 Aug Man BnJdQnwp5jL. 38 J03 138 4 2 55 5 7 Jai1 ' July|Runclman<W.j_| 101 j2B3l| 

£=± * 76 H ug 3SimSSi^e , S!E? It 

m^l« J3W3.8 Z9 3817XJ^ ^% »! ^7o y a a shoes and lea 


nricSeuIOp. 22 3.4 2.2 

■SwJUBp 23% 1X3 X57 

* Finance (X. £96% 3X10 Q9 
ice i Sect — 98 17.10 g48 

ar20p 109ri 17.4 385 

aSoceUbc. 26 1431 CMi 


2.2 ft 152 ft Jan. Au 

37 1X10.111.2 Jan. Jon 

Q9% — f9.7 — Jan. jn] 

[488. 3.6 6.3 73 August 
85 ft 5.1 ft Manb 
Q8c 2.5 IS 4 12 


Feb, Aog Da?%Pf £J — 61% 11 

530 ft 13 ft OcL Mar. G.T. Japan — _ 120% 303 tXOl 2J 13 58.4 — Wid«offiJLl£l. 292^ - 

W. Z. D£ NOV. Apr. CeB-eiomni'cL. 132W 17.4 5.82 ft 6.2 ft Apr. Oct Per«o4V*Cc» £61%ri 13 4 

272 4X sd 53 Aug Apr. Sen- Cia sol did.. 82 27.2 3.75 XI 6.9 20.9 Doe. July Triceatnd, .- 162 1431 

8X5 XSloJwji S«pL Mar C«^ Funds_ 139 1X2 4.7 XO 5.1298 — ■ _ tmnuniir. 248 U'65 

+545 26 9 si (4 6> — Do. Cocv. 10p._ 109 — — — — — Jan. - July Iw^pt Oar.X— 140 33 

±164 39 Siflfc OcL Apr. Gealnveslors. %a i 17.4 40 ft 63 ft — Weeks Nat * 

+L64 39 S' 44 Dec. Jpne Gea.ScWJish 82 2831 3X5 ft 6X ft ■- Mb 

tS16 X5 12.3 5 0 Sept. kB.aTUdn 13*. 102 8i X7 XO 2.0 U3J — WoodsjdC: 

^ ^ Ian. 91 132 2.4 2J 4.0 33.8 

Apr. Now. Gleadevw lnv„ 88i 2 1431 1186 IX 28 42.9 

■ TV» “R” m 


SfilS 


Weeks NaLlOctsi 140 - — I — I — j — 

Asad’s =H£|i 1 = 


Dec. Apr. ILIJL Hides. 50c _ 179 112 Q9c X7 SI 

JW ft 59 a — Uomtf Lywt 25c — 20 — — — 

_ — NesmMallOe 2 - — - — 

.7 ft 4.5 ft Juua Nov North B. HlUSOc— 107 3110 QBc X5 A7 

9%U«123 - Jum - Kot SuSSfcZ 149 7.4 flJHe X9 

i % ft X2 ft = Sfc 9M — — — * 

7% 13.0 72 i 4 Apr. OctSXteSc. 4« 2 19.9 Q15c 4.0 a 

_ _ OcL May W?sta Mining 50c- 117 14 Q6c L4 32 

Itc __ fc5 _ — Whim Creek 20c 40 — .— — — 


• . f , 72 ^ 1 st 3 nl ui July Feb.L4RebooeJ0p*_ 17i s 1212] ±L0 

SSiw 46% mi itu 26 9 0 ti FeblBootiulntn'il — 60 3U0 44.3 

IT 577 8* 4 8 IS g j April Dec. Footwear b<8-. 60 272tU3.l 

&T- If . rn 125 8 KiSasLi43Sfs» g 


SHOES AND LEATHER 


June 

• ■ “ - • r r * JfW -. 


OvesrtwwlZbc . 26 1411 Q8c 25 IS 4 12 May 

PMA[HoWifl£»- 38 674 — 225 JanTjune 

Parker Snoll ’A’, 103 113 tX24 6 5 4.8 49 Jan. July 

Penis* Whitts- 119 1212 *4.22 3.4 5.4 8.2 Aug- Apr. 

Peerage BJp 33 1431 -1. Al 68 5 6 Ocl April 

Pendant! lOp—. 24ij 19.9 t0.61 15 38 8.4 May Nov 


.- ti'4068.- MayPtotwlOp — _ 80 19.9 4X9. ft 84 ft Dec. Jun 

V ■ «. ^ -Jane Dec. Oe.lKCv.Ie.lSS £132 MU Q15% ft mi - Jan. htl 

- yl\ ita. June Petrocao J3ap__ 58 330 14X9 X9 1X4 6.7 Apr. OeL 

r: — . PhilH pi Patents. .15 1175 B — — — 35X OcL May 

.ftfty -.Jan.rarfaxdcn) 40 3130td248 3.0 9.4 5.4 Ort. April 

:= • -Mss. DetPkotoHeaW X78ri D.4 tX96 7.0 22 7.8 Hay' 8eL 

-Aug POringtoc Br.a 4 55 123211056 48 35 86 Aug. Apr. 

• - ‘ June Dec. Pitn'yBowwLm. £65 MU Q5%% 58 8.7 — _ 

■ ■ •• WSpX April BMW CWBLiflp.. -40 712 hd20B 24 7.9 7.9 Sepkearba- 

'L: !: ifl#&ApriI PJeasuramaSp- 76 112 202 53 45 7.4 Dei\Ame 

, ' ‘itoi" Nov. PriyuBrtilfti— -48% 27 1 t24S 28 7.7 68 Elay -Oct 

.-.: 5toT: July Portals 21 Sri D.4 788 ft 55 ft JuneTl 

i-ttpu Sept PowrilDoR.50p. 168 2X11 008 24 9.0 7.0 _ 

Auc Press CWbt)5p.-. 24 3130 '*084 4A S3 63 Mar 

'-••‘•■.i A0g- April Prestige Group- 160 1X2 55 B 3.0 5X 9X JnncNoi 

7 -J5P June Pritchard S*t-5p 33* 3 M31 11X5 29 62 85 DeZ Jul 

•• J “if Nov. Prov.Lanndf.5p. Vjri 17.4 tL40 ft 6X ft 

•. r ' Ajnv Oct PuHman RAJ.5p & 272 M68 i9 1XOi6X]- - 


84 22 May - Hanger tore lOp. 30ri 
— 225 Jan, June BnriscnftCl— 107 

4.8 49 Jan. July BartveiJ* 89 

X4 8.2 Aug Apr. HffljyiSOp- — , 113% 

6.8 5 6 ocl April HertoWr.Gtp... 103 
3 \ 8.4 May #5ov Do.l0pcQir.._ 057 
&4 ft Dec. June Hunt fO«Hwi'._ 91 


±101 0.9! ±20.1 Jul ? J 1 
44.39 4X1X1 3.1 „ 
td3.B9 2.4 9.8 65 Mar Se 


— Do.B 83 _ ^ — _ 

une Feb. Gteunurray inr.. 65ri 17.4 1.7 18 4.0| 

— Da’B'unl 62 - — — — , 

uly Jen. C3obeIn» 1M 228 n4.1 JX24 tol 

July Go*e<f Europe. _ 66% 677 1.8 15 4.J 


Nov. Apr. 1 
Apr. OcL, 


TINS 

r.lAmsL Nigeria I 25 I 1X3! 1251 1 XfcOSX 

£» 2 % l?^ e wa 


n« 104 228 u4.1 1X24 60 20 A Ma - 

Europe._ 66% 677 1.8 15 4.1258 “ By _ 

Trust — 68 303 23 13 4 J 28.9 Aor . OcL 

Di’nln. n^T. MTV<r> irn nyi. «u 


I SepL Mar. GLNottli'nlnr_ 96% 3DJ 3.87 
Ig Mircb Gremirtarlnv^ 77 301 X45 


OVERSEAS TRADERS {Apr. OctfeeraltTin, | 53 J 8811 75 { 23J1A.T 

lAIrican Lakcf— 1 305 - 1 D314.4 I ft | 221 ft {ft {xlt’ 130 161 lS Itzd 

(ahjL Aene.50c- 79 { 377^035c U 2.7J 33.6 «b. jret. ww _ _ _ 

LffleS(crti5AW.x 120 1 1X216433 1 4w7 5 A 4.0 jur nminniMiZ- 225ri 17.4 liQ 0.9183 


ft 98 ft Ian* June 
3 7 6.1 53 Mar. Serf. 
2.5120 53 £“& 

3 0 8.7 5.7 J“'>- Dec. 


9 J gw I Apr. - OcL BeriSortiSL W.x 120 1X3 M3 

£212*?! J ac - Job 1 Brrtwiri/TSosJjBp 65 12.12 J 62 
I Jan. July Bouaead (fttpi _ 31 3UW152 


fl MJ BT ?•« 4516.8 No ;. June FTnlay Orel Sip. 304 3U8 e654 7.1 

JlmestOtt. 54 I 301 rl.71 J101 4.E 321 j u m rw mn.n 1 to. 215 3L10 B8.71 3.: 

ianlcr.Ta. 76 [Mil 2.39 I loi 4.t 31.9 GmCfraZI £M 26 012% ft 


f i3 ESSSz: 

X4 70 ifHS| MBr * SepLIdnslOp 

% 12 aH - tawfo- 


HUItWXS XI z.9»x Apr. Sept. HeHnuflgiSj 76 

L10 7 01 1.0 6X23.8 c^p Apr locbcaMCl— . 403 

MMIA^OcUteJoemfli-A--. g ZT2 1371 IX 7.715.7 jtjftete* 23 m ZB* 6J( - 33 ZZ 16 aUUirCj 

si 1X9 June ‘^r?' 5 "' JJP* ~ §1^, ” U ~ OcL Apr. 72 1X2 6 55 28 138 148> fSSSy'lto” 53 31 b4 U liui 

7.3 55 Jiu >e r — 7-1 H iTb May Jan. MhchellCntts — 43t>«l D.4 3.4 1.7 11.9 i£fl» Ja „ JiXrBouih finla JMJO 145 31 tQ77Be 14 It! 

Si h J ffiS 1 : i£* ” ££ ii SSS fig fiSEatiSe 4 'h Si 6*9 « ™ 

Iff 5£:Kfe: iS‘ 2 Silfi B Iffoi jg : S U ii ii li li Mar ' L ♦ S 

S SSi SmSSSz »% rn X65 U 3JS2 J ^J^i33ESSg*- % a 5? i 3 J i 9 Jg 

7.2) 5 7 Mar. Sept Jarftne Sec. WCe. m ^ 'Q47c 13 4.9 19X Jan . jun^^w&L^p. 47 1431 XOT 25 100 6.0 COPP ER 

il 57 M5 17.10 ms 1.2 4.7 1J4 d?£ S Hi 71.075 So U 77 JujlK toc.Ilte.i4.K050._l 08 |1112|jQao| 1-H t 


3 3BIB I a HU a 

,s n aH H isi ^ is 1 ». ?1 iIm ap -- 5 sr"" J 


^ U?JS!£u I-a S -^ H Mar. Sept Prag-Haien lflp — 


9% 1074 — — — 

225 <d 17.4 15.0 0.9 103. 

155 U 67, — - - 

78 id 17.4 75 ft 145 

11 4*67 — - 

68 - ZQli5c OJ 47) 

450 121 2 0125 ft 2T8 

295 133 W5c 5.S £V> 

50 975 ttJ25 05 5.0 

50 301 65 X319.7 


708 ft 55 ft Jane 

tlOO 24 9.0 7.0 _ 

‘8004 4.4 5X 65 Mar 

558 3.0 5.3 52 June Nov. 

tlJS 29 6.2 85 Det July 


i Soviec Grp. 76 13 J 3.47 4.2 6.9 4.t inr hWr w*r"oT % a 

Sfusr: a- BJ^S aiSMSSsSRE h 

meteteriop. 29 163 0.99 6.2 53) 33 February fWearralOp 1 24%1 3 

iMfiDaWdSp. 8% 1072 — " _ _ 1B.9 
unlrtf Mt r.lCfli <J 2 — _ _ 

® ig { 4.9 I SOUTH AFRICANS 

j»BoJteWJ.S p -Oli J“*e°- 62 * 1 Z 214 Apr. Sept.|AbereotnR030_| 106 ] 27. 


183 12J 
53 1 


I L3 19.7 
10.9 15 
4.6 o,7 
15IXB 


27^M6X iJlXrtt&j 


•••: ftb.: SepLiRF. D. Group lOp 57 161 1L43 7.6 3.1 5.2 ' 

" . :.:j£: igB: % !ju §™ S:*|jS NEWSPAPERS, PUBLISHERS 

Randall JXMp- 56 ST L53 42 35 10X , 

. V Jflp, Jona^ffldalls 81 3L10 1d4.7 25 S.g 65 Jan. 

:: - ■ : ‘ NOV. AprteankOnan 238 - 303 204 35 53 6.1 Nov. 

" £ Jan. JuitfR«ttttCnL50D- 432' 1431 10.61 ft 3.8 ft May 


• . 1 Tipv. Apr. Rank Organ 238 

. . Jan. Jn! jSReckitl CoL 50p_ 432 

■- L July . Feb. Redrtam Glass- 287 
- ■ ■■ Jan. June Reed Erec.5p__ 50 
‘ : - Jan, - Ang Rrttffati.0 — - 115 
: a ii OcL June RdsnnPBWS— 74 

.March Ran two Inc. Y50. 230 
- ‘ ■ . i Feb/. Oct Reowiek Group- 39 
. r . Mar: Sept Re^JiOBr „_. — 122 

; * - ‘ ; jaApjur. Rexmore 59 

inly Jan, Rllej-t£JJlQp_ 2B 

■ .- if Novt^ May Rocksare 109 

- ■ Dec. : Aug. Rcpna-aMgs— 40 
DM2 Aug Dg'A'.J 381 


■' ifip -.Nov, 

wman 

-^"&y 

7 : D«V June 
. “ i Jan.,' Apr. 
... ,Jan.-:SepL 

* . J^-' Aug. 
. ’ • i JiJUaJL 
. 'Mb... July 

, -IDec:. June 
, 1 .-Mari.- Out 


fikiffitlSap- 29*2 3J -11.76 35.9.0-49 £ 

ttdallJXHJp- 56 ST7 LS3 42 35 103 * 

idj!k_ 81 3U0M4.7 25 8.5 65 Jan. 

oiOrzan 238 - 303 854 35 53 63 Nov. 

EkittCri50p- 432 1411 10.61 ft 3.8 ft May 

itfnmGlau- 287 33 W1SA4 47 8.4 43 Feb. 

cdBc w 5p_ 50 3130 2.75 26 8.6 6.7 Iqiy 

ctflmiO 115 1431 2X20 XI 17.4 45 Apr. 

IswiPBWS— 74 3.4 430 ft 8.4 ft Oct- 

norolncYSa 230 277 Q20% ft 05 ft Oct 

owiekGrrap- 39 .875 — — — 2X2 feb. 

tonr 122 38J t484 55 65 4.4 Jan. 

unore 59 1232 td3.91 24108 47 Apr. 

Wt&JOlOp- 28 - b254 -13.7 — Oct 

jvam — — 189 3.4 5XB 45 73 35 OcL 

joerBdg*— « 2822 1X94 48 7X 5L2 Oct 

l-KW -38% 2831 1X94 « 75 .5.0 Nov. 

yprintSDp— • 42 2811 & 2.0 9.6 62 Nov. 

B fcfiodm. 27id D.4 X32 ft 7.4 ft Nor.; 

Jiucs-^ 131 . X4 6X9 BJ 7.4 26.0 Jan.; 

walCAJMp-. 55 . ; 3J 1254 44 55 40 M»r. 

m(L)5g 12% -.— — — — • — JtaP 

loWnFlUflO. £25 671 03iW X9 6.8 1X7 Dec. 

eTibrey 232 3.4 1024 35 6.7 6.4 No*. 

Amlbrbt. 26 DU 10.85 3.0 5.0 10J Oct 

gen Grp 88 1212 559 221X2 62 April 

pa Gimp 89 1212 K5.44 26 9.3 62 

FtanbagaSl £54% 153 tQSLIQ 5.7 0.0 282 " 

tarn 67 1431 12.94 3£ 6.7 6.0 

[.Heritable,- 38 1431 1X24- 61 4.9 53 

LAPn.lBTS— -122 301-M.92 X7 6.1155 1 * ' 



aStr.lOp. 371, 310 12 2 2« 8.3l0.1 *Jjr Aug Ant TVs tad 50c 

HOr-- 1 93 I17-icl 220 Ul M 63 Sg^Jf g 

July Dec. Griuwu'A 50c~. 125 
Feb. Aug. HuleU'; Cpn. RX. 125 
_ Dec. Maj- OK Baraan 30c - 315 

LPERS, PUBLISHERS 551 “ 

149 28.111 +523 41 5J| 6.9 Dec. Jub SA.Breva.30c_ 71% 
175 31014.02 ft 3.5 ft May Ne+. Tiger Oats Rl_ 540 

S3 ?.4f 2.87 24 8.3 65 May NovJUaiac 61 

59 27312.13 29 55) 9.5 



Oct Mar.IntI«r.Tjt.Js»xi. 172 D2Q4.D 
Sept Apr. Env.inSncee>i_. 121 1X3 2.90 

June Nov. toreUon'Cao.^ 76> 2 361 165 13 3X422 — '""IsSSaif^SDp" ~5% 674)"^ ~ 

Dec July towbO-Tfl Crp.. 197 1411 16.0 1.0 4.6 3X9 Ma , Nov.Utme Darby »p 149 17.10 1035 3X 2.417.9 

36 May JarADC Japan .. 131 14(355 X2 XO 127i jj. JuIyiStedBros-ato,! 370 3L10 102.5 4.4 53 5.5 

57 Mar. Sept JwduieSec.W35. 113 22 tQ47c 13 4.9 19X J D net^wKem»P. 47 1411 109 25 10.0 6.0 

24 .. — , ■ J52 * ” ~ , — — - Apr. Octl DaBpcCnv.'a. £89 113 19.2 102 193 — 


24 7.2 5.7 Mar.^Sept 
29 1 60) 5 7 Nov. June 

X 2 7 : 2 lM jjv tel 

0.6 3 8.9 May j^or. 

X9 ± i 45 J n, . v Feb. 
Oil ± 295 Apr. OcL| 
4.0 115 2 2 J“n- 

i 1 a A^t 

*' ♦ 10 - 3 « * Aug"*Veb- 


X65 U 3X422 _ 

l-O 4.6 3X9 M „ , 
055 12 LO 12X3 t b „ ■ 


agejBcstsm.- 174 - - — — 

premeCorp SMI 63 974 ZQlOc — 32* 

ajeng lap 85 Hi 17.4 65 ft 1X9 

Dgkah Hrbr SMl 85 ill? 1^02% X6 14.4 


. _j%ul 17.4 3.50 ft 11.7 ft 

.Cap. Up §3 4 _ _ _ _ _ 

rSOMiarMp, 128 12D 60 il 7.119.2 
igside lnv.._. 54i, 30.1 225 1.0 63 24.0 T 

ke View lav... 85 3130 1233 LO 38 38.4 t 

ret Lon lac. 42 712 L8 ft 6.5 ft . 

w Debenture... 941, 13X 4.5 13 7.2 19 J Ihvitads 

ariSd! R«lp £U% - 27 — P** 4 


MISCELLANEOUS 


RUBBERS AND SISALS 


Aug Feb. [Cons. Hurch. 10c_ 
— JNi:.jlhg£leKI — 




90 d 17.4 4.9 ft 8.2 ft 

I || ll || TEXTILES 

280 3111161 14 6X175 Sept Mar. [Allied Tertfle_J 138 J 132J d&.49 [ 

75 1431 13.63 4.4 73 5.9 Jan- AugfaknuBn* 52 1 1212] 3.34 


TEXTILES 


iUg Feb-Majav incaop 34 303 277 1.0 12.4 1X8 August (AnglcIndoEes'n.- 

Januaxy LvSSSlaTI 29 mJd213 ft n.9 ft b !? L RSSriSf 1 ° P "' 

tar. Septltefc.AhdB P!d5r 8 1331233 S32S? SaT 


Dec. July Lra.Albntic — 58 3L10 t267 

7 1! 63 PS«T. Sept. LonAustlnci.U 134 133 1010% 

47 5 9 [October LotiGan 5up.. 59 22i tfi.5 

I'Ll 3> * kr— . i.i.. mi mo a an 


9 u..i v _ Bird I Alrica t 

f ■?, T+ 7n «*. August Brad wall lOp 

^ “ Uni Apr. * Nor. CasUefield I0p__ 
^ T"n nsiui Nwr - June Chersonese lfc._- 
5 10 OE 1141 Dec. Con*. Plants 10p._ 

", K h,£n May OeL Cad-kliaJay MS! - 

r 21 H Jan. Aug Grand Centre! lOp, 

'a 2 +■? llZi A P r - JwJyCathhea 

r* Xl 55S.9 Apr jj HamacLMbEiUllp- 

g D ic. July mghUn^iEOc.-:^ 

ina fn I q 77 a Apr. Nov. Koala KejwngMSI.. 

HHSiin July ttRUun Mato——'; 


10% 

S7S — 

235 

31 Q30c 

340 

375 — 

206 

3X10 95 

30 

__ 

B70 

_ 

43 

17.10 121 

155 

15.9! C7c 


350 JJ9 13.98 ft 6.3 ft May 


. 32al( 27 a(X34 ft 
38r,| Xl| fl28 1 3.4 


. May Carpets InLSOp- 
r Nov. Corrgtn Viytlla- 
tober Ciwdawltd 


Last Dir I |vu Jan. JanetK. 1 ■£. 4»° slui yj 9 

Stek fti» a »WGrt - dS. I = - t\ 

Angto-Indoaes'n " 94 25.7 254 24! 43 Nov. JulylTefcidj- Minerals !0p. 43 17.10 L21 25 43 

BfcrianConilOp- 80 228 33 X5 66 October lukonGaiCSl— 155 15.9 Q7c ft 23. 

TiiniUilrictt- 14 Tbi — — - 

Brad wall lOp 49 235 1.7 ft 5.4 

CasUefieldlte 227 Z72 s2 8 10 1.9 * 

Chersonese lfe — 65% 3.4 2 75 ft 64 

Cons. Plants 10p._. 140 5.4 125 X2 85 1MOTES 

Gadaklialay MS! - 57 27.6 tQ5c — 2.2 

SrandCentnllOp. 10 1232 0-55 ft 83 Unless atbennse indicated, prices and net dKWeada are* la 

jfltineil 250 33tl035 18 62 pnicc rad ftaaiiodaaticaa are SSp. price/ esrniaga 

Bai7UiEil!b ES-Wp. 80 133 3.05 ~ 5.8 ratios and users are based on latest annual reports rad accssbta 

High lan dr H50c 94 *3.4Q20Be — 4.8 and. rrfcere possible, are updated on half-yearly figure*. tVEsaqa 

KnalaKepoogMSI. 60 272 Q12%c 15 45 csfcnlaled on Ike basis aJ net dittribatian; braelMfcd flyareo 

tlKnliin M50c 46 1332 Q1L5C ft 5.5 indicote to per cent, or more difference If calculated on -"uIT* 

Ldn Sumatra 10 d_ 135 BE 4t4 0 16 4 9 dlstrtbntioo. Corera are baaed on • ‘mas i s a n w'* dlstributJon. 

MalakcffVSI 94 an tone 17 2 5 Vields are based oo raiddle prices, are cross, adjusted to ACT of 


»n toilrl i 7I pci Yields arc based on oiddle prices, are gross, adtnstcd to ACT ad 
iju n«l c, n 1 3J per cent and allow for value of declared dtat/ftrefraa and* 
* m ?n ,0 1 S'-fl I rights. Securities with denorainatlcps other than aterUag IN 


PAB&t PRI?mNG 
ADVERTISING 

JbWAMOC,4per 1 49%! 13JI2JP I 1 

JoSf DoApcCanv.. £97 . ffiBOMhl 
JunekuBfcWihQrt_l 30% 1^X941 1 


ft October Ciwdawltd 29 257[g242 24135 52 ,a * J 

7_5 Dec. June Cmu Pawns 76 143ljt2.96 3.8 5.9 5.0 ... 

OeL May Corah 33% 133l85 23 8.4 7.9 *£?; 

Mar. Sept Courraolds 109 311 ±681 2.4 95 (5.8) ^ 

Mar. SepL Da7^Deb82.7 £72% RLU 07% 29.9 dH - * 

July • CroriherJj 32 235^0.60 - 2.8- »epL 1 

' Feb. SepL Drawn fartL 115 3l 13.38 8L9 45 38 Feb „J 

Feb. SepL Do.' A’ 114 3^ t3 3S 69 45 3.8 

June Nov. Doon (Dandle 69 263 1238 26 52 30.9 - 

Nov. July Eirly r'.'.i 1 IL lDp 29 17. W 1.98 ft 11.1 ft ' - ~ 

5.4 Jan. July FosanJehn..— 33 235 1.64 L8 7.6 1X3 ^ 

- Apr. Nw. Hj«imJi10p_ 96 273 hO 67 20.0 XI 72 Au «- M 

7 A 2 3 i- 6 Feb - Sept. Ricking F«-30p 79 27^ **48 1.3 12.4 9 2 „. w 77_, 


iw 1XX5 XM uuu NovemberM.lv River Hip.- 43 330 h0.43 3.1 1 5 £££ S™ J 1 * 

li ^ Tn 7t Mt May Nov. P-retHiOTffldfi lOp 68 310 $238 20 4.9 ,nc '“ 1 ’* rf “ lnWto “ l ‘ toU * r 

_ __ 1 " I I March fSungei Erisa cl— £2&t, UJ| 75.0 X9J 4.0 » sterlinc denominated securities which include!] 


pr. Sep. 
epL May 
cb. July 


1+1 7J Aug. Mar. sw»iucnu«. W n.c ▼>•.■3 j_wi o— ■ i<» u r WW i™Wa«tclfW> 

124] 92 - NegilSASUSU 775 375 Qlle 0.9^ 0.5 1C1 ^ffi^ Plantsl0p - 

«£"***«»£: & y*!?” IjS SrjSBsac: 


*50p, 22 1431 0.98 X6 6 814.6 

Inr.l. 42 71.2 185 10 67 219 

elav_ 374, 1X3 L25 1.2 55 245 

iTst 68 3.4 26 10 5.8 25.7 


hmlulnvhrt-— 46?, 1212 1142 

lore BOSKS lOp 63 3.4 0.88 

Do Wrrts.U 42 - — 

lookiyaiLD— _ 44 - — 

loorgaielnv 82 3.1 t3.07 


l.Oj 4.6(322 
12| 21(58.0 


.TEAS - 

India and Bangladesh 


. _ _ _ __ j _ JIVcemberlAaJmDoMrafJ^ 

Bielnv 82 31 t3.07 1.1 5.H25J teLj— 

deTna.l 85 21.2 44.75 X0 8.5[175 1 Septrabe-JAsiwlniiU 


t St pr line denominated securities which include Investment 
dollar premium. 

• “Tap ‘ Stock. 

* Highn and Lows marked thus have bees adjusted to allow 
.- lor rights issues lor cash. 

1 Interim since increased or resumed. 
i Interim since rvduced. paased or deferred. 

■J* Tax-free 10 non-residents on application. -.V 

ft Fifi-J+es or report awaited. 


a l no — uo 0 / — — —1 

1LD[7 Xi — DoNenWms. 16J, - — — 

UV 74 April N.V.LGvtBBre. 40 377 0.40 0.^ 

V| in Aug. Dec. J828toiMf— _ 203 3U0 tli 7 l.ffi 

7 j 51 Ml) Dec. Slh. Atlantic Sec 87i,Ki 174 27 IX 
1X4 go June Dec. Nthn. American. 91% 28.11 285 1.0 

S6 * ^C- July Northern Sots.— 99 *31 ±3.05 X4 

ot > 9 T > ... a:t I. r rc mi >1 m so 


- JHy ■ Nov. SpKOT&WJ&p. 104si U4 235 

• - Jap,, Aug Srartf.Wj 223 2811 gX88 

-J May ■ Dec. StateFtttg 140 1X3 t?.5S 

- Jnqe.Dea Dn«,%CwJa. £275 1232 094,% 

- tap. Ang Staflrelnt 12 117*324 

• -GcLV- May StagFunutnre— 93«d 17.4 4.8 - 
~.;7lav. :Apr. Steetlty^ 184 14 651 

SetaltatnKSl 34 975 «4e 

- ;4pr.<--Aug- SleriinglndjS'zP- 26 U2 1X17 

• . :\pr. Dec. StocUzke 61 DJ 257 

■ Apr. Aog. StonriiiU ffldgs. . 87 132 g60 

- - tone Nov, SnaneriF.i 25% 313D bO.71 

-I'lcL- May Sunlight SexT.lflp. 27 330 1X04 

• -Feb. Aug.SuteffieSperic- 52 3J 12J8 

. - . June SrafidiMxchlQO £14% 577 Q10% 

- -Nqvember Swire Pacific flOe 119 95 tw30c 

S r.-Sept.S?ltnoe.„ 98 13i dai 

artuary TalbexJft 23% 2113 tJL55- 

rebbittlOp 12 574 — 

■far. Ang Thermal Sycd — Ul 02 67 
. ; -:ag Juvra’HnwVii.ftt. 9 a33±d039 


April ‘ 


I 7.d« iff: iKiSSS bBT Mri ul 505 ft 8 6 ft ^ July Northern Secs- 99 011 ±3.05 X4 4.7 232 

,7.21ft ftsasga^ s^stik u ii g gaaa n ngi 

li 4 8 3tw ? b “'tSSB b — 1% 0X05 ? ’- 1 60 SS? iSSdt iS 2 % l l 4.05* ii UK 

rJ 7 ^ Apr. Dec. S 12D 01 - 03 Z ^ H/f ?& HHSo 

,24* JM- July Lr'es;£j3Jp — 60 2811 45 22 114 62 ^^l iaICa, « ^ 2 


hill Hides.. 87 1X2 b60 X7 10.4 67 ^ 

eriF.i 15% 3UB bO.71 19 6.9 4 2 

nJightSetT.lftp. 27 3 30 1X04 3X 55 7.8 „ 

*SeSpe«k_ 52 31 12X8 2.9 64 85 

«MltecbK30 £14% 577 Qlfl% ft 4J ft k rc^T" 

SET *9 £ars 83 i«£s 

wmrtSynd— Ul 132 b.7 21 9.1 {63V 'S' ££ 

i. Times Vn.5p. 9 26U 1d039 10 64 6« ^ 
IHncT.Stp Ul 3.4 4X2 35 5.9 61 fiS: 


7 1 77 d 6 0 Det sia 7 Samson i Sods. 67 3130 410 

is 68 136 Mw- SepL IPG 10 Cta. £23% 1411 tQJL 

4« JO 41 Apr, SepL taoexwkftp.50p_ 67 ,!Xi 456 

T? ini 87 D**.' June LfcP.Posier50p 209 17M 9.79 


-S-ifeMfc ^ M'* a^BaSEStl I 

■iST *. ^ ^ BT li anil EsI- J 

gntSsS: ^ ii ^ t2 H « sis; g 

55. July (Trenvood Gp.5p 4 174 - ,JUL SepLTWNjroito- 44 

nly Jan. runwiNev.O. 17M 174 11X5 25 102 51 
%b. SepL niner Cam. Sp 9% 3J 672 23 11X (4.4) 

■vb. Ang UKDlnfl.,— — 151 1232 t8J2 2X 8.2 7.0 - 

•M. Mny Carrara Mast *9«d 17.4 5.48 25 9J 65 PROPE 

»b. -Aug UniGwBto 38 577 d2.79 35U.1 3.9 * uu * 

+». ^May UnUfter — — 494ri D.4 1250 ft 35 ft July Dec.{AH'd London lOp 51 

. «g M87 WyXVJULte £26%34HM2W ft 4.S ft Ja?. SepL UtouiUmiOB.. 1B8 

1 UL JunelFttLCmiemlOp 60 1431 2.09 ft 5.4 ft — 4ralgKiatedfl<K! V 
_•«. SepL UflflotGM tote. 55 310.63 XI 105 7.4 Feb. SepL Anston Hldgs.: .. 75 

larch D-GoaratteeSp. 16% 132 0.18 12.0 1.7 71 Apr. Oct Apex. Prop; 10p. 207 

.'BU- July Unochro mr 72 1232 d0.48 34 6.3 69 Mar. Oct Aotris. Secs. &)_ 1? 


-gg -Aug Toothi 
- . . June Toje. 

one Feb. tri£ai< 
.. - teJn^.D. Trans: 


Po ??r 5 ? p £22 t, l l Jaa - July Pickles (W.>* Co. 13 

H f » H Jan - Jlll r Pol A-WlOp.. 9 

I? lulls — 75 Xfl X9 41 5.9 62 Aar. SeoL RK.T.30B 67 


s t? Apr- July Radley Fashion* 50 712 td3.«M 

eOTter lOp 92 1431 dJX9 X2 5.1 24.9 Aug Dec. RecdiWm'j— 82 28.11 t4 .08 

rttH.S2_, £38' -UtQMOc 3.7 21 13.0 Mat OeL Reliance Knit 2un_ 41 242 2B9 


jS; 60 M 45 22 1X4 6 ft Mar. Sept PWrincialCSfies 24 301 1135 118.516.0 

nos DftMrikafBui— 44 14 d3X 0-9 1X2 15.2 ^ug Feb. U6 Ml 3.70 XI 4.8275 XeT . Jnl>r|Bl»hTe£J. 

5-“ JlJf^t^Apr. OeL Narbnncm Scot* 36% 303 1.65 5.4 6.8 4* Ki* ^ ISMSfe 2L W nin 6 11 39348 Feb - OcL Ruo Estates 

t^ 6 ll* A. Jub Hanic.A.aip- ST 14.11 3.70 ft 6.9 ft nS r tS * A M^ C,p n? nil Ti Ti 179 ' 

WJS-a 2 !Nov. JndeMmer F.'Mp— 43 1710X46 ft 52 ft ?«;. Sf! vi H2 H i‘Ult t 

K3.0 23 10.61 7.0 Sni Aor temrfon 49 It 349 2-3 10ft 62 5epL Mar. RitTr naleuet. 130 £1.2 b.Z5 XJ 7.3 ly.a • . 

UO tanJap® ^ N«L< >Un(f 115 330 324 4i 64 61 *w- g? 4 S| SSJ- jo ' \ , 

35 £K« 68 Mar. Sept NeraJenwMp- 29 11 105 7.6 X6 7.1 A P r - S? fSi 10 5,3 ^ . ; 

486 UUjM-aiw. July ?*iIaDd A 1 72 1212 rd2.BB 66 61 35 ~ f* fgf* KS *- ~ ~ “ 

J uly Pickles <W.> A Co. 13 33? ±057 24 7.7 85 ^ ^ 9 « Ti » 2 CEN 

Jnlf Da A* W 10a 9 110 tfrA7 2.4111 5A Aug. War. Romnef lnKC_ 0/1^ *J.c 2.6b XI 4^30^. 

l&KKf.£Jz: 67 133 459 35 105 « Apr. Nov. Pxsedimondlhs. 53 1X3 4 JB 1012.012.7 _ lni „. ^ 


33 120 43 


U-y6H.S2 — £38- - 73K»« 
»esP.Mi]120p 39i, 13J 2X5 
ey Printer?- 57-2812 X48 
tebi lOp 124 mo 433 


jg Mar- Romney Ire*_ 873, 27.2 765 XI 45 302 
?r. Nov.PJttftiimoodlw. 53 1X3 4JB 1012.0 12.7 

— Da Cap 60 - — — — — 

tp. Dec. Rothschild ln.50p_ 172 M.11 55B X2 4.9 260 


5ft BR 


;B- 20ft. I 123 

lUSSX-I £28% 


Feb. A at 
Mar. S^) 
Jan. Jul 
Feb. Aug 


nlthn>ndi20p. 81 
narfitiJe&a).. 187 
-aiupareai Ppr. 68% 
ridant Group— 58 
fctt- Walker I0p_ 51 


WatterlOp- 51 . 
Gronp20p- 36 
IngtonlJ u 214 
onZts— - 8* 


5X 45 65 SepL Jan. SekerstoLi0o_ 26 
24Lf-5rfr? Feb. Aug S=a*Cir>rt5l0p.- 29 
£4.93 3.0(10.9] 55 j n ne Dec. Shiloh Spinacs.. 22 
444 2.4] 8.7] 5.9 Mar. SepL SuflawlndsiOp. 84 

12.97 3.4 f.Bl 5.1 Jan. Ma? Sirdar 67 

X42_ f.3 6.0 7.# ocl May SmaOiTiclms.. .30 
fU-0 44J 7.8 7.9 Apr. Aug. Sn.r*O«L1200- 49 

X85 3.4] /,t| 63 Apr. AugJDaJlTT. L2XX)_ 30 

— — l — l — Feb. Ocl Spencer<&eat — 41 

Apr. Nov. Stoddard ’A' 28 

Jan. July strood Rflfti Dr d_ 29 
Jan. May rerpCoasiiate. 3S 


"i _ _ Uuly Dec. Scoi.Cbtano — 131% 1431 14 0 1.0 4.6 35.7 *£Y -^L~ a ™ 5 L^ 

4 7.46 18 9£j 79 [Aug- Mar. Scot 04 tor._ 6»gd 27.4 h 1.60 X0 35 426 ^CL 

|tx» JD ?j| SpPT* -^fejSEfc Mi “ 2 !° H 3 T“ S - 


Arcb U-Gcarsntee3p_ 16 

,'BUl July Unnchnan e: . — 72 suz [».» 3.« ojj fc? Mir. Oct (Aunts, bees. »s_ ijq S4\a.7 ^ — v^-*7k,i r l da 1 idols na I i ! ”+! i — SPUTCapiwp. 57 - — — — — * — — ^JS,; 

lit. 'July Vjlor .- 36- 2831 tX91 XO 8.0 fA7) August AvraoeCTsc 29p 6®, .677 15 18 3.8^22.9 0ct 1 ^ 1 * 1 Jan. Aug Stanhope G« l_ 122 33 ±42.78 1.4 X531.1 P( .v _ Alls 

. _Jan. VtnerslOp^, 30 2831 234 X6 10.8 8 0 _ BankiComlOp. 3% 2ff72 • _ _ _ - Aug Apr. SlcrhneW._ 161 27.2 53 1.0 5.0 28.8 «»• 

e&- AugrintenGnuaOp- 98 163 1154 5.0 Z4 119 SepL Mar. Beaumont Prop*. 80 1X2 M351 IX 7^17.7 June Jan. S:ocBioJdcn!B»._ 87 2211 2.05 1 0 3 5 43X Au & Kctx S£?S*Hm 

-Dec.-VTBibbfflUlOp- 74tf D-4 03.3 X7 68 6.0 Jan. Apr. BemerCH iSp- 54 JW td4B 1.4 XL? 9.4 . r Tfffii\rmC September Technology 90 25.7 228 10 3 .8 332 ~ . KS^ a K C , Ua 

■ to, -Jttoy WadeFoctS-jLJp- 35 2831 bL42 3J 62 58 Dec. Jun^eSrayflliifa-. 69 331 Z61 — 5.fj - iUMttUO War. Oct. Temple Bar 86 UJ b4.75 13 64 16.8 Feb- Ang. KJ_ 

S-.jSlKS?,?: S^SSSS. SSBS555^ iS aS Sfc .K JffiB *•» — Mi ”1 U ® u 8 * , "L K "- I Kl3Ei= i' ! - J1 - - - J ^ SSSSSffi" 

K-JgBSgsc % SMB li £3 "-Lr SSSSSt: S> i - - - St'eSST* 35 ^ >s % 3F ii!i a 8S- $». ■SBEfc & SSLU ftg igft 

Oy Dec. Wedgwood .... 207 2U1 «JD 3? 5.0 5.7 __ _ British Latd_-.. .30 374 _ _ _ _U 49x, 12J2 e2 04 25 . OcLlTor toresL lnc_ 72 272 14,55 X2 105 1X7 A«|- F^ 


& 35113 35 PROPERTY I Fi hru n^P 'ombnions-^. J 53 |]2J2 

1 1 e e m 1 ” 

SfauHffiWjissa&Jl a vHJtoatjlSBsfe S 1 

?-« M 6x] 6?|mS-. OctUS^Secs.^- l?a ££058 « 36 mS 


PecemberlAaamDoMrafJ _ 298 3i20f +9-51 »W 7X t FaSS.'Mfto * wgt ‘ ' 

March Asfiim Frontier £X 290 !:2hl525 4.9 85 7 P^e^re tlm^suspereion. 't 

lr^T i?Vn *i‘m it no * Indicated dividend after pending scrip and/or rights iOMS 

Mar. Sept. Empire PknUlOp.. £3% 1730 ftXW 16 12.8 cover reisie* to previous dividend or forecast 

November Jokai Q — 265 14.11 11X00 >5 69 «* Free of Stamp Duty. 

January LoogboanieU — , 265 3110 110.00 68 5.7 ♦ Merger bid or rcorcanjiation in progress. . ■ 1 

__ November McLeod Rase! £1 , 217 17.10 tl35 2.7 9.4 ft N"t comparable. 

umi May Nov. ItorenU.^ 390 19.5 15JJ8 4.9 59 ft Sok*: interim, reduced final and/or reduced earnings 

Jan. June SingtoBldfS 10p~ 22 2831 ftFl.72 32 12.4 ind.cau-d it 

VI ME Apr. JuK- warren Plants. 2C2 132 P13.0 3 6 9.8 * Forecjurt dividend; cover on earnings updated by latest 

’• September Williamson £1 162 2X8 9.0 4.7 8.4 _ interna statement. .. ; 1 

4.7 31 J ^ ^ " I i. o» or allow* for conversion of shares not now ranking tor 

c ■ , , dividends or ranking only for restricted dividend. ±' 

&n L rtBKa jt Co-.vr does not allow for shares which may also rank for 

c „ f i, ri I in iml ce iiaci dindecd ai a future date- No PTE ratio usually provided. 

Apr. ScpLlLnnura iX— — - I 145 ] 133] 55 | X5| 5.7 y deluding a final divuiend declaration. 

' ft .Regional price. 3“ 

Afri Pil I) No oar value 

^ « I ■ — - , . a Tav free. 6 Figures based on prospectus or other official 

Nov. JalylB lan tyre tl - j 43u*0| 17.4150.0 I ft 117.6 estimate c Cents. 4 Dividend rate paid or payahle on part 

Feb. OcLjRuoEstaire —__„l 145 | 27.2|13.0 1 ft [135 of r.ipual. rover based on dividend on full capital 

' e Redumption yield, t Flat yield g Assumed dividend and 
, ; .. SielcL h ;Usumcd dividend and yield alter scrip issuq- 

' . i PSjmcn from capital sources, k Kenya, m Interim higher 

• - I ban pn.-vious iota) u Rights issue pending 4 Earnings 

• ; - Iff! jV rIS based on preliminary figures, r Australian c urren cy. 

■ ' ■ Dh Idwid and yield exclude a special pnjuusnt. t Indicated 

r PMI'D AT TP A ThJXk tfvfdeod cover relates W previous dividend. PrE ratio based 

v*tlx llUlki iitlivD on latest annual earnings, n Forecast dividend: cover baaM 

on previous year's earnings v Tax bee up to 3Dp in tba'S. 

_ Durban Deep Rl 199 675 — I w Yield allovo. for currency clause, y Dividend and yield 

Aug. Feb. Ea5tRmdPrp HI- 287 286 iQ5c 1641 ± based oc merger terms, i Dividend and >iold include a‘ 

Aue Feb. RaotHaai'nEfl.R2. £32% 1212 0350c 25l 65 s P eriat pajmcni. Cover does not apply id special paymenL 

AkI Feh SSSlftMd m T19 4 AivT fic A Net dividend sod yield. B Preference dividend passed or 

Aug Feb-lweaBanoHl U9 i-J MIX 67[ 65 defpprrt c L i n , dlllll . D Cover and P.-E ratio exclude profltn 

of U.K. a-.TOTpace subsidiaries. E Issue price. F Dividend 
and yield hared on prospectus or other otfierai estimates for 
TA gl llRii g g-\J niam 1B77-7B G 4 rsumed dividend and yield after pending acnp 

JuraLOXaulua ItAiiD and'or nebis »sue. U Dividend and yield based on 

„ „ - prospectus it other official eatlmates for lflTftTT. s Figures 

May Nop. BraekeoRl 63% 3.4 ±Q25c 15 235 based on nrespertus or other official estimates for 197SL 

February East bagga Rl 25% 33 tQcOc X2 — W Dividend and yield based no prospectus nr other official 

— E6GO.R0 30— 325 X25c — 45 estimates tor 19TR V Dividend and yield based on praspeegm 

Aug. Feb. Gnx+rlri 30c 88 31 Q19c 1.8142 » other official caimans for 1979. P Dividend and jrtatd 

May Nov. KinrossJU 271 3< *Q34e 18 75 based on prosnectus “r other official eriiuiare* for 11177. 

OeL Mav. LeslieSSe 37 14 ±Q3r 12 48 Q Gtdk. T Figutvs assumed, ll No significant Corpomlph 

\uc Feb tlarierale R050 80 31 046c LQ 34 4 TaT Pari»b- r Z Dividend total lo dale. H Yield based on 

6 4friran Ld 35e 40 67i azrampbon Treasury BiU Rate slays unctanDgcd until maturity 

Rug. Feb. Ylakfontein Rl _Z 40 33 Q25c 0.4 37.3 01 stoct 

J£ay Nov. ninkdhaikR0_ 597 34 tQBnc XJ 8.6 Abbwianons- rtcxthvidcnd: cex ycrip issue; re* rights; «« 

— wa.Nigel3ac 43 8141 — ■ — — jdls dt ox capital oli.inbuvioa. - 

_ rwTrtr , lw . n . , - - “ Recent Issues *’ and “ Rights ” Plage 35' 


-. - - ' MINES 
CENTRAL RAND 


_ _ - [Durban Deep Rl — 199 [ 6751 - 

4.9 260 Aug. Feb. EastRandPrp.RI. 287 I 2£fja?5c 


EASTERN RAND 

ekaiRl I 63%| 3.<|±i 


1 Nov. Bracket! Rl 

jruary EastbaggaRl 

— ER.G.G.R0 30 

Feb. Groc^Tlci 30c 

Nov. Ktnrovc Rl 


63% 3.4 TQ25C 

25% 33 tQSOc 
325 .- N25c 


36 19.9f2.05 


L83 55 4.7 5.4 


L82 ftl 6.4 


I n Dec. June Sphere Inv 183% 3130 t29« IX 4X29.6 „ . . 

♦ Dec - un St ■ASJSSbBnr 

* Jan. Aug SranKe£e2l 1Z2 33 ±42.78 1.4 35 31.1 Frt ” A ue. D^StS“ 

Aug. Apr. Sterling lS—__ 161 27.2 53 1.0 5.0 28.8 "h. Au| Doo t^nt ein Rl „ 

June Jan. SrocaoidmlBf.. 87 2E.H 2.05 1 0 35 CX A ufr _Fe6 EaSDrteiU L— 


September (Technology. 


90 ! 35.71228 I 10) 3.813321,, 


W J9ov. 
. :«T .'Oct 

" :t£ ^apt. 

■ . .vt. ■ Ang. 

■ tc. into 

• --ift. June 

; -a? jOct 

■ ;»J3ec. 

- -tj! 'Feb. 

: ;» :»w. 

- INC' Dee. 

• am ‘Now. 

. tt -©ct 
r .wenbftr 
...- -Jfaj-v: 

• :■ ; 4Cemf»er 
■ tvember 


K3®6X.lfll)f_ 53 1232 ±42.15 X4 6J2 10X . _ . BriLAMinlSp- I5h* E7J — 

edgwood 207 2831 t680 3.9 55 5.7 _ British Land. 3C .374 _ 

eatn. Board 10p 61 303 Td3X5 2-2 8.3 64 Apr. Oct Do lSpeCar 2802. 123 14 032 

«min.6CrirP 13% 974 — - — — July Nov. Brirton Estate— 90 330 fl.9 

3nck.ILHXSL 38% D4 ±Q15c X8 4,6 143 Mar. Oct Cap. & Counties .. 46% 2831 QjO 

tomaHAngcl- 217 330 14.05 65 2.8 5.8 — Da Warrant*- 1 -- — 

ifley<GJ<j — 34 475 ft— — — — Feb. Aug. CardingGroup 5r - 16% W g03 

ateCWM*B_ 78. 13.2 d*.4 Z7 55 ,68 Jia. SepL Cmiaiun lm.50p 94 222 207 

iUecmB50P_ 177 1232 %132 X411X 45 — Ctmoiincial 20p 68 TO _ 

BWerBXiW— 43 877 051 43 L8 MX _ DaCapton — 66 - — 

Bteafl.l 52 . X4 X75 X9 M.9 7X Aug. Jan. Cbestnfied__ 277 2811 353 

Bdn* Mitchell 36 33 tdfl3 — 0.4 — . _ Cbown Secs... — lxl, 127fl — 


iasw i, jaap : Si 


mfomeinRl— 231 
tDrieRl — — 613 
KfaraadG!i20c. 179 
Wg KI 99 


314 3.ilt046c I 23) 8.8 TUs service is available to every Company dealt In Oh 

836 33 W30c i.4j 95 Stock Er charges tbraugfaoa t the L'niled Kingdom for* 
«>« Tv *~TtJ TV To fee of £400 per annus for each security 


179 - - — 

99 1232 6845c 1C 5.3 
£10% 31 tG135e 1.5 8.0 

442 31 Q30c 2X 43 

434 XI*045c 32 62 

430 33 QZlc X0 29 


REGIONAL MARKETS 


i of Irish 
London, 


iR&e*tJ.| 52 X4 X75 

KlkfiaMltchdL 36 33 tdOJ 

BBteWAfl. 170 303 1857 

DalDpeCnv — £92 Mil «09 
SiflinmtW— 46% 1 232 0.75 
KHs(Geor*e)_ 60 1730ttO.4 
QknwSop. 65 2H31 13.23 


tdflX — 0.4 - . — down Sec*—— 13% 1274 — ' _ 

1857 22 .75 60 Dec. jaacQnrchb'iyEsL- 235 1224 ±42 1 

01094 15 201A — Apr. SepL Oty Offices 49 ^-4X72 Ii 

12.75 35 9.0 68 jul July SrteMcloIl.'i- 70s! IXfllSB ft 

±dX41bfc5.16 65 — Control S« f.10p 25% 9TS_. __ — 


_ _ Investment Trnsts 

353. 1* 2.0 4X3 D«. JucelAbesdeeulant- 1 52 I1U1J 1258 
— — J — — Dec. Juuai^bstJeea TnuL. 128 1435 t555 


Feb. Aug. Trustees Core— XS% 33 ±4.06 13 4.9 29X 
Apr. OeL Tyceside lev — 105 D3^3J5 X15.HH.ftl 

61123.9 April Updownlav 58 I 5031X75 ft 46 ft I 


t555 Lfl 601245 Feb. AugJlidBritSeta.,. 118 


h403 X0| 5.1129.7) 


O.F.S. 


mtllj 46% 1212 12.75 35 9.0 60 Jan. jffir CteteXickoII.'- 70:al 198 ft 43 ft OeL Mar AUianceTrurt_ 213 14 730 

[GeortO— 60 U30 ttO.41 b65 . 16 65 — CcntxuISecitlOp »% 9B..— — — J ~ Nor. July Aftiftmd Int50p. 116 1733 ±75 

jWttaMp. 65 2831 t3.23 27 75 7.6 July Apr. GwfidiaafelO? 271 .1X2 2.0 25 LK303 Nor. July Do. Capital jOp. 153 17.15 tOJ 

todLIDp— 44% 310 250 X6 .9.8 55 Apr. Oct CsriyNeeT.lCP- 2Ua 133 t056 — 4.9-. Dec. July Ashmsetov. tot.. 58 KU ±4.0 

ir(H»aasj- 62% 271X14 1X1L2 3JU February CuhrSDrsLI^i- 78 33 tfi.79 26 33iS 0. — Do Cap 56 — — 

16Soiis5p_ 31 1735 ±0.6 63 2" 5.7 Mar. SepL DKjanfHld^- 79 32 J2.96 2.6 5J^ 8.7 Oct May Aaer.ianTiuat- 4 X4 135 

i I Arthur) SP 3flal 17.4 0.90 ft 4.5 ft — OCMEBaWlDp- Jfz ,*5 - — - j — — AtoericaqlS-'B* 43% - - 

ffaif 94 . 1431 4.84 23 75 63 Feb. .Ang. Dwtingwnlflp- S W32 fSRZ 16 &3U13 Au£. Ifar. AcgbAaSeef^ 94 132 3.0 

t,5p 47 110(116 «.8|l7 85 Jan. May Eng.P»p56p._ » 34 2X0 0.9 12.0 14J SepL Apr. .toeto-toiDit.- 44 27.2 32 

g. DoBfiJc€av._ £68rf U«Q6%% 32J B5l — — DuAtaetShs— 117 - — 

Ajail Oct Do.lipeCav £S4nJ C.4 Q12% 5.S H4J] — June Dec. .Amki-ScoLlBr.- 42% 1431161 


2pi 13 J fl»56 - 4.H — Dec. July toahmse tor. tot.. 58 Mil 14.06 X! 

25 ,33 10.79 26 X|«8- — Do Cap. 56 - — - 

79 32 12.96 2.6 5Jt 8.7 Oct May toctcan Trust. 43*, X4 135 X; 
14% 673 — — — I — — AflwncaaTS.'B' 43% — — . — 


H» 1431114.06 XIOOAIlSXr Iteh » VI 075 ^>1 Jun. Dec. Prri. Brand 50c — L 836 310jQO0c Zti 95 

— 56 — — — — — June Dec WemjoSiav.-i.-. 2» IZiZ 1Q.B1 v 5-o f x, tw pw &45 110 -K520C 9Q 

% $ - 11 “ . “ i'« is mssrz *8 js +i93 a as ss_asKgfc | “ i 1 

94 131 3.0 11 45 285 Jolp Ito.-B ■■■ — — 76 577 006 — — — i ulJ Dec Vtelkomsic 243 3!fltQ35c 1.9 9.0 

Z 137 V - - i 01 L 0J i J Jg nE?5fifSlSfc “ 28311X5 X0 65 225 Jun - D^Jw-Mitap*— *** 3.10 «2JOc 1510.7 


INSURANCE 


July . 
No*. June 

Apr. Nov. 
Jac- Aug. 


1C. T.1-.1 105 

SaJ 

A»SUfl5 

145 

146 



4 j( 66 r - 

53 BjUpr. I 
92\ - freh. Si 


k Agency- -45 117 0.42 10 L4 54.6 .Aug. Feb. Arc!iaaaleslac_ 69 33 5J5 10113UX Dec- Jui 

au.6Gen.20p- 17% XJ -10 ft 85 ft — Do.Cjp.Mp — 33 - — — — — 

5rts.Pwp.Inr_- M fid 14 x£ 23X Dec. .Jaae ArsoInr.lSAl)- 13t Ufl Qll% 11 53 185 

fcansLKte 77 2ZH|UlJf Z4 25 280 Aug. Mar. Asidowator.— 336 303 4.04 XO 53 28.9 

Wmerfitelto- - U 1558 2.4 73tkZi January +U%flaS8h.20p. 65% 2831 05 U U 7X5 

BntelOp 7 H’B — — — — \ovenber AilanricAsatfs- 86 330 0.41 45 0.7 483 

HanfieldSecs 268 113 83 15 4.8 19.7 Dec. JuP€-4UasBKt 56 17J0L62 U 44 3X9 Feb. Jul 

XPhrtliidaOp- 266 2331 196 IX* 23 35,9 October AaattaMaDpx 82 13J tZ7 lo 5.0 29.0 — 

ireeaiR'lOp— 41 ,XJtdl36 2.4 5.0 10.7 Xov. July Banters' tor. — 54xd U4 2X3 10 65 22.4 — 

Ireencoai^i 6 1 275 ■ — • — — -r December BcnyTruS.^— 57% 14-UJ 10.37 10 23 635 ' — 

’ — menCD'A'- 53a 577 555 13X4 99.2 — 3ist6p^C9Prt*- 6% 3130 — — — — — 

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July Dec. Yorks. & Laura— 31 2831 135 10 6.6 225 

5.7 26,7! — Yortgreen lOp — 5 M75 — — — — 

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243 3!fl«J35c 1.9 9.0 

06% 3.10 ±Q280c 1510.7 



Finance, Land, etc. . June Anfio^jer. I 

• . Mar. Aug, .4nE.Am.GnU 

oyd Smith a* I "218 [28.11[2Q.O J 4.7J13.9I 2X Feb. Aue. Ang-YsaJaOa 


‘ FINANCE 

Apr. SepLlAng Ata. Cori 5te.| : 495 I 27Z Q60c j 3.4j 72 
Jan. JunetAnlioAiser.lA:— 304 12i2]1fC?3c 2 Of 65 
Mar. AUE.L4ns.Am.GoUSI_ £15% I3XQ165c Xti 6 a 


3.8— Jaa. Apr. Green iH.' IP?— 41 , tdL36 2V, 5.0J10.7 Nov. July Banters 1 far. — 54xd 17 « 2X3 Xl 

8.0 — Jan. July Greenroal^p — 6 1275 — — — -r December BenyTrcfi 57% 1433] 10X7 ll 

65— June HajnmerMJD'A'- 53a 577 ,55 13X4 99.2 — 3istep^wPrtB. 6% 313M — — 

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Brt _ BA iwl 5-^»-» a iHn Ptft- 1217+947 v« Tw 267 tJTtT 76 T 


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— [ABthtciy Ins.20p_ 39% 12W 5.0 May Dec. Cms. Gold Fidds- 167al 17.4 t9 05 26 8.2 , .T 5W “ I 


184 

HomtalAJJOpJ 164 


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— 300 — August kna+n tores— 

5.2 21 1M July Oct Landlnras! 3* 


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aaaiESr 132 jb q38c ft 3.4 ft June BraalFradCifl S?’* 676QS0.44 5.9 4i 3.7 

Property— 290 353 Mi- LO ■ C.8}!£LC Jan. July Bradl Int.Ci5!_ S119 15.12 QS5 21 LO 4.7 20.9 

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to tores— 37 §77 151- 'll 6512X3 Jan. Aug. BririgeBanrlOp. 7* 032 U 6.9 202 


5.2 21 105 Jjw Oct land Invest— 39 Il9!h857 13 25 «9J Aar. SepL BriLAm.iSen_ 37% 272 1.65 3.0 6.7 2X0 October EKhil&iritfwP- 50 

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aimer inv. 65 14U 355 

trtrartJOp — 68 2823 234 


4.47 ft 75 ft Mar. SeptJ Bo10%Cotv.- 95 029 272 MffK 

1548 — 75 — Jn]y Nov.UiwtamiKp — 371* 33 fl 3£ 

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25] 3.4 152 pec. Jnne Brunner inv. £ 1433 355 

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OXl EJir.9‘ Jvpe Dec. Cii? Jnvj 60 2831 19 

23 3X118.6 Dec. Aug, CWedonia tare- 225 2031 1757 


1 224 — Anthony Ins. Sp- 39% 1275 — — — 5.0 May Dec. Cans. Gold Fidds- 

635 ‘ — BrilenniaAmw. 20 475 — — — — IJuly • May East Rand Cun. I0p 

— — CtuddMlej 15 467 — — — — OCL May Gen.VtoiwR2 

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3.7 September CooiwmlftUp. £123, 25.7 QZ5 4 11.25 * Aug. Feb, JndilleTOt2fc 

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203 August EdmlBdLl^jp- .16 677 — — — 20.7 — PstlBoNVFUS 

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32.0 Dec. July &imc House _ 41 2831 X72 Xl 6.4 11.2 jan. Jnlv Selection Trust-™ 

153 OeL July Ex Lands I0p-r- 2X8 151 1.7 114 75 Aug. Feb. SentraslOc.— 

255 October EspkireUMtt-sP. 24 22.9 10.49 5X 33 10.1 Feb. Oct Stlve riBipe jtgij— 

35.6 Dec. July Fa&hmii&Gia.ft. 108 2811 14.49 L3 6.3 19.4 July Jan. Trasl r«n LrfRl 

26.1 • July Finance 4 Ind-lft ljz 677 10 L9 87 85 Mar. Sept I’.C, Invest HI 


Q165c 1.1 64 
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14 . — Carroll (PJJ. 
47 Cloodalltin»_ 


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Jf5 -2 Irish Ropes 

250 — Jacob 

5S — Sunbeam— 
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!w m h 5 -? Sffiffir*- as±/as § “*»*“»-!* 


SJarlor Estates. 


L5j Z4'34.fl]Feb. Oc 


?1 ?7tf - - - 265 - 


&nla_l 72% 


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MarJCarfiwlKd — 1D0 2721 3.9 

A i pL|CBiiflUAVUte_j 107 J J3ijX85 


— — — Lon. Ebro Grp... M - — I — — [ — .IJan. Aug. DMOpcPf R5 

5.9 248 Jan. No*. Lot. Merchant 77 HU tI25 [ 4.2 2J 1X2 Nor. May Lj-denbur? W-e 
5.4 24.8 Jane JamMftG.HUss-V- 104 16^X46 1 2.6] 5J)llU]Nor. May Bss. Flat 10c 


vcv t* £.<4 t.S M-iv— 

;U% 5lW330e 195*105 Hawker SiddJ 
57 17.10 ±02 7c 10 * SxiseofFraxe.'. 

71 U4fQ2iiC 14 f • 


20 lThun - 

22 I Trust Houses. 







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Shipyard 


cots plan 
runs into 


trouble 


By Ian Hargreaves ancf 
Guy de Jonquieres 



for all-party 



BY TONY HAWKINS 


SALISBURY, April 23. 


THE EEC’s efforts to hammer 
out a common policy for dealing 

L II iw. iff ckinhllillfinn 


with the crisis in its shipbuildin. 
industry have run into serious 
difficulty as a result of divisions 
between governments. 

These differences are now so 
deep that the Commission 
believes it may have to abandon 
its plans for a programme of 
co-ordinated capacity reductions 
and restructuring of the industry. 

A group of industry officials 
from the Nine met in Brussels 
last week to consider the Com 
mission's programme, which was 
presented at the end of last year 
by Viscount Etienne Davignon,' 
the Industry Commissioner. This 
plan envisaged a 46 per cent, 
reduction in capacity Inside four 
years to give the Community’s 
industry 45.000 fewer jobs and 
an output of only 2.4m. gross 
tonnes per year. 

At last week's meeting the 
Davignon plan received support 
in principle from France, Den- 
mark and the Netherlands, but 
w.as sharply attacked by Britain 
and Italy, with some support 
from West Germany. 

Britain has argued that the 
Commission's approach could 
prove to be unnecessarily tough 
and inflexible should the market 
prove to be less severe tban 
Brussels forecasts. 

The Commission, however, 
supported by the Netherlands, is 
tending to revise downwards its 
already gloomy predictions of 
the industry's output in 19S0-81 
rather than the reverse. 

Dialled 

The Commission has aisa noted 
Japan's bitter criticism at last 
week’s OECD shipbuilding talks 
of the Euronean yards’ failure 
to produce effective restructur- 
ing plans. The Japanese are 
likely to renew their criticism at 
this latest evidence of disarrav. 

Apart from fundamental dis- 
agreement over the idea of 
targets for the industry member 
States are also divided over other 
aspects of the Commission’s 
apnroacb. 

The Commission's original 
suggestion of a high-level com- 
mittee within the Commtmity to 
direct the shipbuilding plan has 
been brusquely dismissed by 
most countries, although there is 
agreement that some sort of 
information-gathering body 
would be useful. 

Member States and their ship- 
builders have complained that 
the Davignon plan was con- 
structed with too little research 
and not much understanding of 
the industry. 

■Even though it is likely that 
such an advisory body will 
eventually emerge, member 
States are still disagreed about 
the level at which it should 
operate and, in particular, some 
are strongly opposed to the idea 
of it being chaired by Viscount 
Davignon. 

The plan is due to be discussed 
by Community Foreign Ministers 
in June but it is feared that the 
extent of the divisions so far 
expressed may make it impos- 
sible for Ministers to do anything 
but defer a decision indefinitelv. 


Weather 


UJL TO-DAY 
DRY, sunny spells in most areas, 
Loudon, Midland*. 

Cent. N. England. 

SJEL and Cent. S. England 
Dry. .sunny spells, 

E. Anglia, E. and NJE. England, 
- Borders. Edinburgh, Dundee 
Dull, becoming brighter in- 
land with sunny spells. 

Channel, SAY. England. 

S. Wales 

Bright at first, cloud and rain 
spreading slowly from SAV. 

N. Wales, NAV. England, Lakes, 
MAY'. Scotland, Glasgow, 
NAV. Scotland N. Ireland 
l Dry, sunny spells. Warm. 
L of Man 
Dry. sunny spells. 

Aberdeen. Moray. N.E. Scotland 
Cloudy, rain or 'drizzle, cold. 

Orkney, Shetland 
Sunny intervals, showers. 

' Outlook: Mostly dry. 


BUSINESS CENTRES 



Y'day 

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RHODESIA’S transitional the decision to attend — od Salts- Salisbury believes that the claims that the Salisbury Agree- 
°ovemment is expected to bury*s terms— something of a major achievement of Monday's meat is unacceptable because it 
accept this week the .Anglo- concession. Owen-Vance mission was accept- does not guarantee a full transfer 

America u invitation to attend an .. They stressed that anything mice hy the visitors that the of power and does not allow for 

ail-party conference on Rhodesia, that could speed the lifting of Rhodesian war is no. longer a “full and fair” elections. 

However, Salisbury is expected sanctions and the securing of black-white one but one between it would be wrong to suggest 

to stipulate preconditions that international recognition . must opposing nationalist factious. that the transitional Government 

may make its- acceptance he pursued. Salisbury could hardly believe believes it scored any great suc- 

academic and symbolic -in They are far more sceptical of. its ears when, at Monday’s cesses in the talks. It did not. 

character. Anglo-American claims that only session, Mr. Andrew Young But it was convinced by the 

Salisbury sources suggest that th e London-Washington plan can admitted frankly — and to the performance of the Anglo- 
the transitional government will end the war. evident embarras s ment of Mr. American team, by the growing 

put forward three main provisos. sources here are inclined to Vance and Dr.' Owen— that Mr. hostility of the U.S. media in 
„ the view that nothing will end Mugabe and Mr. Nkomo of the particular, to the- Patriotic 

Sanctions the war Patriotic Front were fighting for Front and by the performances 

Tto. are that it attends the Even' if the internal "* “* ** 

conference as the interim external nationalists r could find u^ranon. in Ihodesh’s iJteS to be is 

government and not as four a formula for a transitional gov- accommodating as possible about 

separate parties;, that the March erament and free elections— Unacceptable the planned conference 

a “internal settlement" be which is what the present dis- ^ ^ ^ ^ ^ However, the blacks in 


THE LEX COLUMN 





the 


3 “ internal settlement " be which is what the present 

regarded as the basic working pute is about— there is no *■*■» ““ interim Government refuse to go 

document -rather than the much- evident formula for patching up Rhodesian interpretation of the 00 wljat beea a ^i evec i 

rejected Anglo-American Plans the simmering enmity between position but Dr. Owen, in aTe more adamant than 

and that the conference be held the Shona and Ndebele tribal particular, waft embarrassed and ^ JaQ Snjlth and accord j n ely 

inside Rhodesia or at the Vic- groups. angered by Mr. Youngs state- savory j s i^giy t0 i ay 

toria Falls. - Bishop Muzorewa, Mr. Mugabe mem - - preconditions that make it 

Although it may not seem' and Mr. Sithole are all Shona Sources he r£, said Mr. Young’s highly unlikely that a confer- 

likely in London and Washington, leaders— and Mr. Joshua Nkomo remarks show in a poor light the ence will, in fact, be held within 

interim government sources see leads the Ndebele. Foreign Secretary’s persistent the next month. 


Leyland toolroom workers 
set June talks deadline 


BY ALAN PIKE,- LABOUR CORRESPONDENT 


separate bargaining rights. something done.' 

The 60-strong Leyland Cars GnalfA elociirp 
rilrnnm rommittee. which led CI OSUre 


LEADERS OF Leyland toolroom that toolroom workers had To-morrow, the executive of 
workers have. set , a' June dead- become “so frustrated recently the Amalgamated Union of 
line for possible . resumption of over the lack of progress that Engineering Workers will decide 
action over their claim for they will be (Demanding to see its position. 

Mr. James Prior, Opposition 
_ LIU . employment spokesman, indi- 
toolroom committee, which led r . , cated at the week-end that the 

a highly damaging strike over On executive ConservatSve had cotlfid . 

pay parity and separate bargain- of the Confederation of bhip- ence Jn plans b Mr Michae | 
ing rights last year, decided at bur ding and Engineering Unions Edwardes p chairman of British 
the weekend to call a mass v.m meet to decide its official LeyJani aDd would. 5 f returned 
meeting of toolroom workers in attitude towards the proposed to y poW er. support the company 
June unless progress on their closure next month of Leyland s = * jJS. 
claim has been made by then. Speke, Merseyside, assembly in every 150831 We wai - 
This meeting would he likely Plant which workers are deter- “l think it is immensely 
to consider some form of indus- mined to resist. important for the country and 

trial action Tit® national automotive com- for people in export markets to 

Neither Leyland nor national mittee of the Transport and realise that there will be con- 
union leaders believes that a General Workers’ Union — the tiauity and a future for British 
separate bargaining unit for biggest union at Speke— has Leyland that goes beyond the 
toolmakers would help solve the already agreed to support the life time of this Government." 
company's industrial relations fight to save the plant and he said in a statement to the 
problems. ■ - ’ • declared that it would not accept Association of Scientific Techni- 

But Mr. Roy Fraser, leader the transfer of work from Speke cal and Managerial Staffs' Con- 

of the toolroom committee, said to the Midlands. servative trade unionists group. 


City role 
as farm 
landlords 
praised 


By Christopher Parkes 


jTHE PENSION funds and City 
institutions which are taking 
over a growing share of Britain's 
farmland make good landlords 
They can afford to make the 
increasingly heavy investments 
needed in land, buildings and 
equipment, and they have sound 
commercial skills to help them 
spend wisely. 


Fed moves to tighten credit 
may force up interest rates 


BY STEWART FLEMING 


NEW YORK. April 23. 


RECENT public statements on increasing from the current 8 highest return for such a bond 
economic policy by Mr. G. Wil- per cent level too. in almost two years, 

liam Miller the new Federal Other economists, however. It is not only the immediate 
Reserve chairman coupled with argue that with interest rates reactions in bond market prices 
last week’s evidence of a shift already high an increase in the w'hich are being closely studied 
of Federal policy in the money Fed funds rate from 6} per cent, but rather the indications of a 
markets, are reassuring many on to 7 per cent, is a big rise. They basic change in the Federal 
Wall Street that the traditional feel therefore that a further Reserves implementation of 
todependenceof^ ^toe cenSS bank Jump should not be expected. As men tary policy. Thus Mr Alan 
fihnulrt be in safe hands under a result of last week’s action in Lerner. money market economist 
5™ fcadershin the bond markets, the price of at Bankers Trust, suggests that 

1 AMwisrh ft Xeariv days yet Treasury issues declined signi- in its intervention last week the 

IMF Mnfer took o«? aTdJS* Scaatly last week, and a new Fed appears to have put greater 
(Mr. Miller took over as cnair- .... n fine nmnhacic r,„ hmarior PfOnnmic 


M-T.-K ci onrf rho utility issue from CJncinattJ Gas emphasis op broader economic 
man only on March SI. and tne ,h-,n ih<> recent 


Fed’s technical manaHiment of and Electric Company was sold data than merely the recent 
Feds technical management or ... a of 9 per cant _ — ^b e trends w the money supply 


U.S. monetary policy under its at 
new chairman will take years to 
judge, many Wall Street econo- 
mists feel that first in words 
and now in action Mr. Miller is 
making an encouraging start. 
Fears that he might prove to be 
too vulnerable to political pres- 
sure from the. Carter administra- 
tion are heard" less frequently. 


Campaign may open U.S. 
to more U.K. borrowers 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


On the other hand, when Mr. GOVERNMENT hopes that securing support for the offer. 
Miller appears before Congress a successful reception for its The tour also had the broader 

to-morrow, he may face tough iSfiUe of $35^ 0 f bonds in the aim nf trying to open up the 

questioning about the Feds us will open oportunities for U.S. capital domestic market, 

apparent shift to tighten credit g r i|j S b private-sector companies the largest in the world, to bor- 

L3 st week’s Fed istervention in lo borrow in New York on a rowers in both the British 

the money market to put upward muc i] larger scale than recently, public and private sectors, 
pressure on short-term interest ^ major campaign is now Up til lnow almost the only 
rates was the first such apparent under wav to promote Britain to U.K. private sector borrowers 
move since Mr. Miller took oHlcc. y s. investors as a prelude to able to raise money - in New 
As such it is now being closely ^ pricing and sale of the bonds York have been among the 10 
scrutinised by money market j n the next fortnight. largest groups, such as BP and 

analysis. Some are already de- a small team, beaded by Mr. ICI, which already have large 
lecling differences between the c. W. McMahon of the Bank of operations in the U.S. which 
latest move and shifts m England, and Mr. Bill Rj’rie. the require financing. There may- 

policy under Dr. Arthur Burns, British Economic Minister in also be further public sector 

Mr. Miller'S predecessor. Washington, have just com* borrowing m the U.S. 

TT . . . pleted a coast-to -coast tour of The authorities in London 

Uncertainty the U.S. with Morgan Stanley, hope that the campaign coupled 

In essence, what hapnened last the principal banker to the with the award of an AAA 
week was that, on Wednesday offer, to make presentations to rating to the U.K. bonds by the 
following Tuesday’s monthly prospective investors. U.S. ratine autbontiw will 

meeiin’ of the Federal Open The.<. have seen hanks, insur- remove any misunderstanding 
Market" Committee, which nets a nee companies and pension among local investors : about 
monetary policy, the Fed drained funds in New York, Hartford. Bntains -position and 
reserves from the nankin? system. Boston. Chicago. San Francisco It had been felt tint vs. 
This nut uDward pressure on and Los Angeles. The road investors knew relatively little 
short-term interest rates and the show” as it is known in the about the U.FC .in particular 
rise was refWeri In the long* U.S:. is commonly used by local about the improvement in iw 
term Xond markets in corporate borrowens as a pre- financial position in the last 18 

Some economic ‘such '« Dr. pricing exercise in the hope of monihs. 

Henry Kaufman of Salomon Bros, 
believe that the Fed has prob- 


These are the main points In 
two further sets of evidence sup- 
plied this week-end to the North- 
field Committee, which was set 
up by Mr. John SilXin, Minister 
of Agriculture to study trends 
in laud ownership. 

Fanners fear that the new 
big-spending institutions are 
driving traditional landowners 
off their holdings. There has also 
been marked concern at the 
recent interest shown in UJv. 
farins by overseas buyers. 


Family ties 


The Incorporated Society of 
Valuers and Auctioneers says: 
“The effect of foreign buyers 
has been Found to be minimal.” 
But. the society continued: "It 
is evident that the new institu- 
tional landowners have been 
good landlords to their farming 
tenants. 

"This introduction of new 
capital into the industry is wel- 
come and is considered bene- 
ficial.” 

The society attacks the law on 
security of tenure for farm 
tenants, and says that it crudes 
the relationship between land- 
lords and tenants. 

“ It is submitted that the right 
of family succession should he 
abandoned and legislation intro- 
duced to permit landowners to 
let farms on fixed-term basis,” it 
says. 

One of the leading land 
management companies ^in 
Britain, Velcourt. which manages 
some 20.000 acres of farmland 
for institutions and private 
owners, suggests that institu 
tional buyers will continue to bid 
strongly in the land markeL 

" Good quality land will be in 
strong demand, particularly from 
institutional buyers.’’ it says in 
a summary of its evidence. •* The 
price will bear much more rela- 
tionship to returns than in the 
past and decisions will tend to 
be commercial ratht-r than 
emotional.” 


Capital aid 


ably raised its interest rate target Continued from Page 1 
for Federal funds— reserves 


HOLIDAY "RESORTS 


Aijcdo 

Blarrlcs 
Blackpool 
Bordeaux 
Bontomic 
Csablauca 
rape Town 
Corfu . 
□ubrovoGt: 
Fan 
FimcJwl 
’tbraUar 
wenttoy 
’stjrucfc 
errwss 
•I Man 
•Cloud. 


IS 61 S 
IS 64 S 

14 5« 

15 « 

16 G1 
50 6S 
33 73 


V 

s 

V 
c 
s 

19 00 S 
18 64 K 
IS 84 F 
IS M 5 
17 KJ C 
13 55 S 
T3 99 S 
II B F 
10 SO s 
F— Fair. 


Jersey 15 39 S 
L Palmas II 79 S 
Livsnw 11 55 


.Majorca 

Malm 

Nairobi 

Naples 

Nl«* 

Opono 

Rhodes 

SaJrfwn: 

Tanker 

Tenerife 

Tunis 

Valencia 

'Venice 


15 M 5 

16 61 F 
34 73 S 

15 84 F 

16 61 S 
II « C 

17 63 C 

16 A 1 S 
19 66 F 
14 57 C 

17 63 S 
14 37 K 
17 S 3 


R-Sftta. S— Sunny. 


which banks lend each, other — 
to 7 per cent from the 63 per 
cent, level which has prevailed 
since January- (At that time 
the Fed raised tlie'drscount rate 
lo 6J per cent to help l he 
dollar.) 

Dr. Kaufman, however, is nor 


Coal customers 


The Board is thus placing a The extra market of 5m. tons 
good deal of reliance on the for the N'CB generated in this 
success of the EEC coal subsidy way will greatly ease the pres- 
plan. which aims to help make sure on the board. The NLB 
sure* that* * ‘the" shift* to*" tiehter com mu reproduced coal for believes the scheme should bj 
credit 2 now pnmotetp* - It Power stations— the largest mar- only a temporary one, as the cna 
creaii is now complete. it r ..nrh » nrp. market win roraver in the eariy 


•££ b^hbwukajrbi' $8? " i11 " eQW tbc 


Both the NCB and the German 


that the Federai Reserve "will sent imported from 

SKTSB “/SS.-STtB. OF m is «f-tadrt^M. produces 

funds rate." He P adds: “In view imported into the EEC, largely about 90m. tans a year— argue 
of the current circumstances, the from Poland, the U.S., South stron.cJy that subsidies are ncces- 
Federal funds rate rising to 7) Africa, Australia and the USSR, sary ir capacity is to be pro- 
per cent, and perhaps even a of which 23m. tons is power served until the markets crow 
little higher is the likely pros- station, or steam coal. The power again. Both warn that closures 
pect for the very near future." station imports have grown from could result — particularly in 
This move, he suggests, could see 7m. tons to 23m. tons In the last Germany— if the the plan is not 
commercial bank prime rates five years. adopted by the council. 


The company also expects a 
drop in the number of farms 
coming on to the market in the 
medium term with more becom- 
ing available as capital transfer 
tax begins lo bile. When this 
happens, Vclcuurt forecasts. lar«e 
estates in particular will he 
fragmented. 

Its evidence shows that in the 
past II yean? lh«* need for 
tenants’ capital on the holdings 
under Velcourt'e control has 
increased from £27 lo £180 an 
acre or more. 

“This has meant that the 
young would-be fanner must be 
strongly financed for him to enter 
the industry even as a tenant.” 
it says. ‘ 

“The Institutions have been 
able to brine their very consider- 
able financial strength to relieve 
this situation. Being tax-exempt 
funds, the institutions can 
finance Ihe working capital 
requirement at a lower interest 
yield to themselves." 

The company concludes ' that 
there is no reason why the pre- 
sent trend in land-uwnershlp 
should not benefit ihe industry 
and the country. Food output 
will increase. And although 
capital tasation is considered far 
ton burdensome, "singling out 
agriculture for special treatment 
would be counter-productive.’’ 


Them is nothing like a crisis 
to concentrate the mind and the 
recent problem of the Grays. 
Building Society fits the bill 
admirably. Its doors have been 
closed for over a month now 4 
and depositors will probably : 
have to wait at least another 1 
month before they can touch 
their savings. - Even at-lifce 
height of the fringe banking 
crisis it is difficult to remember * 
a small depositor being treated 
so badly. ' 

It is already beginning to look - 
as if the Grays debacle could 
have the same sort of impact on . 
the building society movement 


40r£ba 


& ?c * ;.:o& / * * ? Vn 

lding^v 

gSOCIETIES-1 


. 

2( ^Total Assets ? 4 


■ -nA’,' 'S i -A ! 



1$30'3S’40’45'50 


*7077 


banks:, thfe^more ssidedy j 
licised tax- privileged 
smaller part. Ctea33£®>'*“ 
which rely almost vas : 
the societies on : 
deposits are reluctant for $ 
dential reasons to expand tef 
lending ' (for around sev 
years) to beyond some 40 
cent, of their loan hook. 

This is not a question" 
scaremongeiing. The buffd*! 

-societies • have' .-been. 
successful and jvQI - ho .* | .< 

continue to. be so; 1 J*«: 

the odd fiasco like Grays ) " J ; *. 
ever, the worrying pditrt'islff. r-' : 
their growth rate since? 
start of the 1970s has 





as the fringe banking crisis had;' 

on the- banking ■communtty.X’L Aside from charinelling large much faster than anyone -i 
Already there have been.- mofi^into Ihe have foreseen, 
for stricter anditing standardsi^u-^p mariiet the - building sustained for very many 
more mergers and the estab---j detie _ have become aa into' the future without ■ „ 

lishmebt of a permanent foroc j n the gat- ously distorting the .fiaani 

tion fund. But the impiicitfiqmf^jl^ mar fcet. where they have- system. The danger- i i" 
of the Grays affair are^ mder £ 3 ^ invested and. during a period, of 

vride-rangiftg, since it raises with ^ banks, they are- slowdown, problems. which 

number of fundameufeL.ques-. p0W ^ most important-lenders been concealed, y bj * 
ttons about the rote^- the local authorities. Yet to growth will begin .3* 

•building societies in purposes the Problems . such ; r=as 

dai system. Are te jii' building societies have, been branching or 7 * z 

their name unphes, “bnildlig_^ rerl00ked by the financial imbalances, perhaps 

societies,” whose raison d’tetrote. Establishment. Perhaps this has pohnded by a- general de 
mortgage lending,: or- are -they something to do with the fact bouse prices which -the 
savings banks? ’ - that only four out of the top 20 ment has never had ip cope 

Originally, it is .trne,. they societies haye London head- in recent years: • ^ i 

were “ building ” societies in &e quarters and none of those are So now is the time for r '.' 
true sense of the word, formed j n -fb e City. movemont-to be thinking rtt i- 

by small groups of people who - seriously about the scope]-.. !• 

clubbed together tc . build their Regulation obtaining greater stabf. ; , d \ 

The immediate need is that through the lengthening o£|'"' 
hence^they 0 ^^!^ 6 ^^^ *as t ^ 5e building societies should be tom structure of its d^and 

seen to he effectively regulated, base. Already, of course, if ... . 
terminating societies. However, ^ lhfi j^gy ba Ve boasted societies offer their invest:.;:; 
virtually all building saaetitt th#t th g y m ‘ the j east con . two- to four-year tenn sh?' ; ' 

oLtZa wl dTSv “" ,e4 o£ 211 ^ insti ' u,ions b ' ,t:less ,h “ a - tenth ot 



iC-C- 


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."■nc 

;rr 


9 ST 

. n-ra 
.■hr if 


■ ... 111 the world When" Govern- movement’s funds. -rare hi.-.- ■ 

raent interfered it was raised in this way. .-A dOen^:..; 

normally on matters of interest ** tbe societies is that ; . 
have also developed into -..the i, n „ l ,i n B greater reliance on term, mo^. 


? 


ireest savings Se « tes or natioaal housin B policy, vm reliance on term mo> 
rmfnSv e movement ^ . the However> tb e problems at Grays ™>uld increase the average, 
country. ^ will put pressure on the authori- funds and put pressureffit 

C« M 4o/.nl« .' ties t0 m ? fce sure that a similar mortgage rates. It costs mq... 

Spectacular growth . . disaster /does not occur again, to be safe. *• " 

In recent years the societies It is not so important exactly # • .:-r : - 

have been spectacularly success- which agency assumes the res- Facts OH gilts • i^v 
ful -in attracting . savings^ fn ppnwbility for regulating them. . . r 

1950 the total Natitmal/Savings But the : most natural develop- ' The remorseless progress." ; 

movement was five /ijne's as merrt would be for them. to come the Government broker is fa*, . 
large as the buflding societies, under the influence of the Bank fully recorded each _yearj, . 1 . 
To-day, it is less than a third of England. .. Wedd -Durlacher’s compreL. : ‘.y 

of the size. Similarly, the build- Beyond '• the immediate sive statistical fact book on.5; 

ing societies have overtaken matters of control and super- gilt-edged market. The rece 
both the Trustee Savings banks vision, however, lie more funda- issued 1978 edition shows £Hfe«in S 
and the clearing hanks. Com- mental questions about the capi : in two years up to Januar .. v .. 
pared with theclearers’ sterling tal structure of the butiding the total of gilt-edged outsB"-..' ; 
deposits of £28hn the building societies. Their proud boast is ing had gone up from £34*, c - . . ; .. 
societies control assets of £34bn. that some 90 per cent, of sav- to £52bn. Copies are avaflLr;/-- V 
This growth has been acoom- ings balances are withdrawable from Howard Jones, ^.- ;,,: . 
panied by a - rapid increase in on demand while the term of Bermondsey Street, Lon~. : ;-. 
the branch network, which has mortgages commonly extends to 5J5.1, at £14.50 post- free 
doubled in size since 1970 and 25 yearsL It is this extreme mis- the paperback version . 
is currently increasing at the matching of assets and Uabili- £18.50 for a library edWlSlort 
rate of roughly one new branch ties that gives the building which is, of course, finish^ , . , . 

:h an odae nver thp ailt tettprino 


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