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COVIE 

CONTRACT HIRE 

for business Cars&Vians. 


Telephone Q7Q3 70491 
Of 0636 4131 



No, 27,625 


Tuesday August 1 1978 


CONTINENTAL SELLING PRICES; AUSTRIA Sdi 15; BELGIUM Fr 15 


i 

J 

l DENIftft 






FROM 

POLAND 


aT A METALS LTD. Tj[(lU<« 5W/l 


• .1 


%;/ v , 

K Kr 3.5: FRANCE fr 3.0: GERMANT DM 3.8: ITALY L SM: NETMStlANDS R 2J); NORWAY Kr 3.5; PORTUGAL Etc 2A; SFAIM Pfc» 4»: SWEDEN Kr >33fc SWITZERLAND Fr 2.P? V... ■'« ' • ^ 



siege ends 


FRENCH POLICE last night 
fought a gtm battle with 
security guards at the Iraqi 
embassy in Paris, after 
negotiating the surrender of 
an Arab terrorist who had 
held eight people hostage in 
the hnilding since the morn- 
ing. 

- Police said that the ter- 
rorist's papers identified him 
as a Palestinian hut did not 
give his name or place of 
residence. 

A policeman and embassy 
guard were killed, and two 
other policeman and the 
terrorist wounded in the 
shoot-out. which happened as 
poliee led the terrorist to a 

car. 

The police inspector in 
charge of the operation said 
that the embassy guards 
opened lire, in spite of the 
fact that the terrorist was 
already being held by two 
plain clothes policemen. 

Members or the French 
anti-terrorist squad hidden in 
nearby doorways immedi- 


ately returned Are and 
stormed the building. Two 
of the guards were arrested. 

Two terrorists had forced 
their way into the building 
in the morning. When chal- 
lenged by security guards; 
one ran away, but the other 
threw a grenade and started 
shooting before taking the 
hostages, one of whom was 
seriously injured. 

During negotiations later 
with Arab ambassadors in 
Paris, the gunman demanded 
an aircraft to take him to 
London, where he intended 
to negotiate the release of a 
girl held by police after the 
grenade attack on the Iraqi 
ambassador's car last week: 

The Iraqi news agency 
claimed that the terrorist was 
the brother of former Pales- 
tine Liberation Organisation 
representative Said Ham- 
marai. assassinated in his 
London office last January. 
Bnt the French authorities 
have not confirmed this 
report Page 3 , • 



stops 



on new £80 


Tjeesside plan 



BY KEVIN DONE, CHEMICALS CORRESPONDENT 


Chemical Industries is halting construction work, on an £80m 
ftlton, Teesside, because of uncertainty over the projects commercial 


GENERAL 



Police 
end jet 
sit-in 


BUSINESS 

Dollar falls 
against yen, 
Swiss Fr: 
Gilts mixed 


_ „ . , O DOLLAR fell to a new low 

Police were called to Gatwick against the ycn ^ Swiss franc 


Airport last night to dear angry (Back Page). STERLING dosed 


passengers from a Verice-bound 65 „ lDts ^ >t 51.9315. « s trade- 
plane forced to turn back with weigilted Index remained un- 
technieal trouble. The Boeing chan g cd at 62 j. while the 
707 was already delayed by 27 doIlar - s depredation widened to 
hours because of the French air 9>2 per ceo t (&9). 
traffic controllers' dispute and 

passengers demanded an alter- ® EQUITIES were easier as 
native flight or a refund. buyers held bade and the b f 
The backlog or delays, now ordinary index fdl 2.7 to 489.4. 
running up lo 4S hours for some. . . 

flights from the UK, is such that • GILTS dotod mixed and the 
it is unlikely that airlines can Government* Securities index 
dear it before the controllers’ fell 0J3 to' 70.6L 


go-slow resumes 
end. Back Page 


for the week- 


Poisora alert 


The Department of Health Iasi 
njghl warned people not in eat 
canned salmon from Canada or 
the U.S., after four serious cases 
'of food poisoning in Birming- 
ham. 


• GOLD fell $1 to $200* in 
London! and in New York the 
Comet August settlement price 
was $3 up at $203.60. 


50.000 tonnes a year At Wilton, ICi 
ride monomer <VCM> last year a parallel £140m *n- 

r -„t it has suspended the vestment in new VCM and ^ 

ordering of certain Key compo- chlorine plants, but it has now fl 
Sents 3d th? main rentractSr. decided to halt work on the VCM 
— instructed to P^t even though work ^ ^ouW be 


vinyl c 
plant. 


Impe 
plant a: 
viabUi 

The company is pressing ahead designed to allow the eventual Most of the civil construction 
with the engineering design work doubling of capacity. work ra the Wfiton VCM site has 

on its 150.01)0 tonnes a year At Wilton, ICI announced already been cdthpieted. 

Work on -thetsite began more 
but ICI appears 
d that in pre- 

Fluor, fas been instructed id work « would & be“^n^ 

on rt th3°canreiiation h of P some * Part* of ICTs ambitious world- pletc tbe. plant &d haveitstand- 
The niant is »rid® investment strategy have m 2 fdla. than To postpone con- 
he^futforat Nearly been under threat for smicuon and stand the costs of 
f some months. Mr. Maurice Hodg- cancellation. • 
least twb to three years. son . JC1 chainnan ^ waraed last Meanwhile the company has 

Vinyl '.chloride monomer is a month that the company's pre- been forcedto dose down another 
key petrochemicals intermediate sent profitability was too low to plant at 'Wilton because of the 
and is used to manufacture justify its plans. These catl .for shortage of instrument artificers 
polyvinyl chloride (PVC), one of expenditure this year of £700m to look after control rooms. This 
the most important basic plastics, and the sanctioning of further is the fourth plant to be affected 
The new VCM plant at Wilton P™-!® 015 .. . by an industrial dispute over 

was announced as part of ICI's l £} admitted yesterday that retraining, 
major strategic expansion of JJjJJ* J. 0 .™? . 11 15 shhtting-a small petroleum 

cblor-alkali products (those based ^ ^ resins plant - which' manufac- 

on chlorine and caustic soda) in ?,n g w lec f 1 «F pr0S S?iT e tores chemicals to be used as 

both West Europei YnSf 1 - bC1 ^5n^f5^nV P aint - additives. .About 20 men 

ICI has concentrated the Euro- ®“ d „ *?f2SS2 ICnl are Ptopleyed hut the company 

pean expansion around two pro- wo r^ wa ® being suspended. ■ says there is only enough work 

jects. at Wilton and at Wilhelms- another part of Its .world- f or about two more weeks, 
haven in northern Germany, and w *de chlor-alkali strategy the . Huddersfield Id is invest- 
has tried to convince the trade company announced last week SSa new blS 

anions that it is a strategy nf that it was negotiating the £30m- To nuita a new biocides 

parallel investment in the UK *35“. acquisition of chlorine, p « -nv> double Id’s emstine 

id overseas. caustic soda and VCM plants „ ” V”!* J l JsL* 

At Wilhelmsbaven it is press- from Allied Chemical in the U.S. p reolace two existine 

ing ahead with the construction With the deferment of the UK S" 2 

of the £200m first phase of a project it Is now possible- that SdUlvJfto SS' ■ ESinThi ^ 
major petrochemicals complex, certain components ordered for Si] n 'f 
Tifc includes another 150.000 the Wilton plant will be used at wde "“** of P roductt - 
tonnes a year VCM plant Wilhelmsbaven. ■ - Labour News, Page 9 


3% rise 


►rices 
’‘essential’ 


By David Churchill, ■ 

Consumer Affairs Correspondent 


UK loses £500m tributes 
order from 



BT IAN HARGREAVES. SHIPPING CORRESPONDENT 


Letter bombs 


Two letter bombs were sent tp 
the Communist daily, the Morn- 
ing Star, and to Collet's Left- 
wing bookshop, in London. A 
woman was slightly Injured by 
the bomb at the newspaper office. 


• COFFEE gained £67 for the 
September position at £L323 
tonne Page 23 

i US. TREASURY hill rates 
■Were: threes 6.895 per cent 
(6.935); and sixes, 7,362 per cent 
(7.425). 


• WALL STREET dosed 5.98 
up at 86Z27. 


• REPAYMENTS of up to £60m 
a year on outstanding debts of 
about £900m due from 17 of the 
world’s poorest developing coun- 

dangerous loads from all roads 1™??. ;J re be r J?* 
. at weekends and public holidays, 
three weeks after some 150 announced. Back and Page 8 
holidaymakers died when a 


Lorry ban 

Spain has banned lorries with 


tanker crashed into a Spanish 
campsite. Page 2 


Sun talks fail 


Talks with ACAS. management 
and journalists to solve the pay 


• PENSION FUNDS have found 
their best investment over the 
first half of this year iD Japanese 
Far Eastern and Australian 
funds, say leading pension con- 
sultants. Page 6 


USSR has imported goods 


tef S“ “SEIM 5WT| ? -r GS 

Britain in the first sue months 


eight days broke down last nighL 
Page 9 


Dividends Bill 


The Dividends Bill, which 
extends statutory 10 per cent 
dividend controls for a further 
year, received Royal Assent last 
night and now becomes law. 
Fifteen other Bills, including 
devolution legislation for Scot- 
land and Wales, also received 
Royal Assent Page 8 


of this year than in the same 
period of 1977. Page 4^ 

• U.S. INDEX of leading econo- 
mic indicators rose 0.4 per ceot 
in June, according to a prelimi- 
nary estimate from the UiS. Com- 
merce Department Page 4 


Poster complaint 


Labour Party has complained to 
the British Code of Advertising 
Practices Committee about a 
Tory poster purporting to show a 
dole queue, which In fact shows 
employees of the firm which pro- 
duced the poster. Page S 


• CONTINENTAL GROUP, the 
U.S. can and packaging com 
pany, has sold a 21.3 per cent 
holding in the DubSn-based 
Jefferson Smurflt Group for 
£18.4m. Back Page j 

• KENNECOTT Copper and 
Phelps Dodge, the twtf largest 
copper producers in the UB.. 
have reported further {declines 
in earnings because of tie weak- 
ness of the copper ^market. 
Page 18 


Permits granted 


LABOUR 


J 


, . ... „ — A STMS is expected Mo seek 

Argentinian World s °ccer specia|_ wage awards t during 


stars Osvaldo Ardiles and 
Ricardo Villa have been granted 
work permits to play for Spurs, 


Briefly . . - 

Top floor of a Teheran hospital 
collapsed killing 11 patients. 
Two people were killed and nine 
hurt when a bus hit a queue 
in Kensington. London. 


Phase Four of the Government's 
wage policy for 15.000 university 
technicians and non-fcademic 
staff and for 15,000 'hospital 
technicians following ^creases 
for lecturers, doctors and 
dentists. Page 9 


BRITISH SHIPBUILDERS has with Vosper remaining as first vately owned part-of the VOsper 
lost to West Germany a contract reserve for the order. Thornycroft warship building 

to build six frigates worth over There can be little doubt thit compaoy nationalised last year. 
£500m for - Argentina. It would Blohm and Voss will reach a has won a £2.5m contract to 
have been one of the most valu- satisfactory conclusion with build five vessels for Kuwait at 
able orders in the British ship- Argentina. The only ' possible fts y*” 1 * lQ Singapore, 
building industry's history. cause of difficulty would be on • Mr. Roy Mason, the Ulster 
Detailed negotiations about the politicar le7eL ' Secretary, confirmed yesterday 

the deal have been jo progress Within British Shipbuilders, that Harland . and Wol,ff is to 
for at least two years and there there has been a strong feeling build a 119.000-ton bulk. carrier 
has been a broader dialogue be- that Britain* wrangling with the for The Orion Bank, which will 
tween Britain and Argentina junta over the future sovereignty then charter the .vessel to the 
about frigate requirements for of the Falkland Islands, added tb British Steel Corporation. The 
a much longer period than that, the human rights issue, haS deal is unofficially estimated to 
Vosper. Thornycroft, the Bri- created the worst possible politt- he worth about £16m. - 
tish Shipbuilders company in- cal background for the negotia- • Scott Lithgow, a British Ship- 
volved in the bid, and the Min- tion of a sensitive arms deal: ' Builders company on the lower 
istry of Defence have both been Since 1976, Britain has had no Clyde, and the Marchos shipping 
told informally that the Argen- ambassador in Buenos Aires and group, confirmed yesterday that) 
tinians have accepted a bid from althongh a recent delegation from tpeyvwere involved in talks over 
Blobm and Voss of Hamburg, the Argentinian Navy was well 
Neither the company nor the received in Britain, it has been 
Ministry would • comment last suggested that the Foreign Office 
night did not react with the necessary 

The German yard, which like warmth to a private . visit to 
most of the world's shipyards is London of Admiral Emilio Mas- 
desperately short of work, has sera, commander in chief of the 
been given until the end of the navy, early last month. 


FOOD PRICES will have to 
rise by at least 3p in the pound 
if Britain’s 'food -and drink 
processing Indastry Is to sur- 
vive in fts present form. Sir 
Hector Laing, chairman of- the 
Food, and Drinks Industries 
Council, claimed yesterday- _ 
His warning came at (he 
same lime.as figures, published 
yesterday disclosed that profit 
margins to the industry, the' 
country’s third largest employ- 
ing over 700,-000 people, bad 
slumped to their lowest level 
for three years. 

Sir Hector, who is also chair- 
man of United Biscuits (Hold- 
ings). said .Government price 
controls 'bad hit the industry’s 
profitability. The effect of a 
continuing, slump In profit- 
ability would lead to ^ sharp 
rise in unemployment., a eat in 
competition,- and a growth in 
rood imports-’ 

The council's statistical 
analysis of 31 major companies 
to the industry, showed that 
pre-tax profit as a percentage 
of sales were down to 2.34 per 
cent in the first, quarter of 
1978. This compared with 
3-44 per cent In--. the same 
period last year, and. was the 
lowest since early 1975. 

Adopting Inflation account- 
ing methods, profit levels were 
in fact minus L3 per cent in 
the first quarter this year. In 
1971. the industry's profit 
margins were 6-3 per cent 
Profit margins had fallen in 
every quarter over the' past 
two years, said Sir Hector— 
“a slippery slope which was on 
the point of - becoming ’a 
dangerous slide.” - \ 

In addition, he gave a warn- 
ing that some sectors of the 
Industry— such as baking and 
sugar— were in very .. real, 
danger, as recent events and 
company results had shown. 

The high street supermarket 
price, war, Jbowever,- was 
keeping V: public ' - attention 
focused o* keeping food prices 1 
down, v But -we are all wage 
earners before we are con- 
sumers.’’ be added. 

Sir Hector denied that the 
claims Were the ** exaggerated 
bleatings • of a .wealthy 
industry. 9 ' He said many other 
Industries in recent yean, such 
as cars, motorcycles, and ban 
bearings, - had- 'suffered 
disastrously because they were 
unable to make sufficient profit 
to , plough back In. new 
Investment- -• • 







BY TONY HAWKINS 


SALISBURY/ July 31. 


RHODESIAN Security forces 
have returned home. after the', 
weekend' raid Into neighbouring * 
Mozambique in which they effec- 
tively ^neutralised” ten guerrilla 
bases: said- an official com- 
munique tonight 

The Rhodesians had suffered 
one minor casualty, but gave ho 
Indication at all of what . the. 
guerrilla losses might have been. 

Rhodesian ' Combined Opera- 
tions h e a d q-u a r t e rs first . . 
announced Hie' raids into Mozam-. - /?- 

bique, believed to have started ■ 


K HE--’ 



/.4» • <r* 


Bishop Muzorewa: “ No 


significance.” 


on Saturday, on Sunday after- 
noon. ’ : : 

The. communique said opera-, 
tions against bases -Of the Pat- 
riotic Froot’s ZANLA wing, / 

[.which is headed by Mr. Robert * 

Mugabe, were successfully com- .«"»$£»•> 
pieted. *•'! if v- 

As a result of the self- 
defence operations against these 
terrorist bases, the /intended 
disruptive effects Dave been 
adiieved.” 

In Salisbury there ts surprise 
at the failure to give any gufer- Maputo that .12 people were 
rilla casualty figures. killed and 110 wounded in the 

After the raid into Mozam- Rhodesian raid, 
bique last year the communique our Foreign Staff adds: In - 
announced an estimated L200 London Bishop Abel Mozorewa. 
guemlla casualties.; another black leader in the 

With white morale in Rhodesia coalition, refused to say whether 
at a very 'low ebb, 'it had been he accepted - responsibility as a 
expected that the official com- leader of the Salisbury transi- 
m unique would make the most tional Government for the 
of guerrilla losses. Mozambique raid. 

There is no mention at all of . Asked whether, he hud been 
any destruction of military equip- - consulted . beforehand about the 
ment or capture of . arms and attack— the first to take place 
ammunition. since he, Mr. Si thole, and Chief 

Observers believe that the .Chins .reached, an agreement 

in March with Mr. Ian Smith, 


raids were not a great success marcn vntn -.mr.ian Mniui, 
in terms of casualties, or the rii e_ Rhodesian. Premier, he- 
guerilla casualties were -such. that; this, was of no 

that the Rhodesians are main- . 

mining a low profile for fear -Of- The Bishop said his under- 
an angry reaction from .the- rest .-Standing of the "position in.. 


of the .world. 


Earlier. One 
ties in the coat 
the Rev. Nda 
wing of: the Z: 
National Union. 



“The continued bureau- 
cratic and political influence 
designed to hold, down prices 
artificially to satisfy the 
political alms of cheaper prices 
for tfie consumer, while at the 
same-time pursuing policies in 
other directions having 
precisely the opposite fcffect, 
has starved. Industry/ of 
profits.” Sir Hector adddfi. 


of the guerrillas in- the bases sup- 
ported; Mr. Sithole and the settle- 
ment - . . 

It added that if the Rhodesian 
troops wanted to adack the a real 
culprits” they sbhuld go after. 
Mr. Mugabe himself, and his mili- 
tary commander in Maputo, the 
Mozambique capit^. . : 

• The Mozambique Army said in 


Editorial comment Page 14 


£ m New York 


year to prepare a full contract. Meanwhile, Vosper, the pri- contract. 


5 i e fate, of two 285.00Q dead- 
eight ton tankers now under 
instruction. 

Niarchos, which took over the 
□tfacts after the collapse 
arkime Fruit Carriers, is using 
: late delivery of the first ship 
.a$ao opportunity to review the 


£45m to save Upper Bocks 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


THE GOVERNMENT will pump 
up to £45 m into the ailing Port 
of London as pari of a rescue 
ilan designed to secure, at least 
or the time being, the port's 
upper docks complex. 

Mr. William Rodgers, the 
Transport Secretary, confirmed 


yesterday’s announcement, and to tquirement with or without 
the Government will back a fur- the Insure of the Royals. This is 
ther £10m of borrowings by the cerl iin to lead to. bard bargain- 
technically insolvent port. ingivlth unions. . 

Sir John Cuckney, the PLA 1 Rodgers said the anions 
chairman, welcomed Mr. Rodgers’ bad promised co-operation in an 
backing “ in ' principle ” for the urg nt examination ~of manning 
Authority's strategy but said the leV< s, working practices, and 
yesterday that he had vetoed the refusal to close the Royals would pro uctivity. 

Port of London Authority's plan cost between £250,000 and /‘Both the Authority and the 
to close the two Royal docks; £500,000 a month, depending on unans are being told that I will 
Like Dr. John Gilbert, his pre- traffic levels. Tho decision would review the position at intervals 
decessor in 1976. Mr. Rodgers “delay the re-establishment of a ancf raonitorimprovements in 
has pinned, his faith on getting viable port” peSoramnce to raiurTtSt piS 

Sir John noted that the Gov- greis justifies continuing In tfils 

rtmonf hoH not AhollaitnaH t>ia .^1 J rrv. ; -Te 


the port's trade unions to agree 


to manpower reductions and eminent had not challenged the wkj The provision of grant 


changed working practices. Authority's traffic projections as&tance will be contingent 
He has asked the PLA to work showing continued decline of the up®i results,” he said, 
out with the unions a programme upper docks. He would in future ( Mr. Nigel Spearing; Labour MP 
of specific demeaning targets as publish separate accounts for toriNewham South, who has led 
part of a detailed costed plan, these docks, he said, in order to the j opposition to the closure in 
“No grant assistance will be clarify their drain on resources. the( Commons, welcomed the 
provided until this plan has-been The bi|£est problem now is reprieve but said a much -more 
submitted,” he said. the negotiation of manning cuts, through study of the upper 

Grants amounting to £35m are According to the PLA. 2.000 men do<*s’ place in the South East 
available under the terms of in the upper docks are surplus planning strategy was necessary. 


• INDUSTRIAL civil servants’ 
pav claim talks will be Resumed 
today. Page 9 


CHIEF PRICE CHARGES YESTERDAY 


(Prices in pence unless otherwise 
indicated) 


RISES 

Exclicq. 3pc 1983 _£SU 

Adams and Gibbon... 51 

Aquascutum fii 

Bilton (Perry) 181 

British Mohair 53 

Brown and Jackson ... 160 
Comb. English Stores 120 

Faumell Elect 340 

Flight Refuelling ... 1S7 + 4 
Fortnum and Mason 775 + 25 

Furness Withy 233 + 9 

Grant Bros. 98 + s 


+ i 

4 
+ 6 
+ 5 
+ 3 
+ 6 
+ 4 
+ 7 


Hardy and Co. A ... 31 + 

Mis concrete 72 + 

Pilkington 602 + 

Ricardo 217 + 

UKO In tnl 160 + 

Charterhall 39 + 


7 

7 

17 

n 

19 

33 


Haoma Gold fiO + 6 

Pancontinental £143 + 1 

West Drie. £23 + i . 


FALLS 

Midland Bank 348 -4 

News totnl 270 — 8 

Wood and Sons .43 — 12 

BP 846 - 10 

Hartebeest JEI4i - 2 


CONTENTS OF TODAY’S I 


ssUe 


European news 2 

American news 4 

Overseas news 3 

Worid trade news 4 

Home news — general 6-7 

— labour 9 

— Parliament ... 8 


Technical page .. 
Management Page 

11 

Tmmmn, Iff 

IxuL Companies and Euro- 
markets . 18-20 

Overseas markets «. .. 22 

Leader page- •. 

14 

Mraey and Exchanges 21 

Farming, raw materials ... 23 

UK Companies ... 


Mining 

17 

UK stock market 24 


FEATURES 


Getting motorists 1 igb tly 

oiled 14 

Disco Jockeying in Moscow 15 


Debts of 150 countries ... 
Vietnam’s army leaves the 

. land 


UJ5. foreign aid:' Resent-, 
ment oh Capitol Hill ...... 4- 

Isltmic capital, market 20 


Appointments 

Base Rotes .... 

Bnlnos* Oppis. 

Crossword 

Entertainment Gallic 

EaroourKot 

Earapau Opts. .... 
FTActmrtas fndkes 


u 

totters - 

25 

Sledi Exch. Report 

24 

22 

Lex 

21 

today's Event* 

15 

U 


22 



12 
12 
IS, 19 

22 

Men and Matters _ 

U 

32 

* 

Unit Trusts 

Weather 

•25 

.21 

Salem osi 

Wlaee 

. 32 

24 

Staarn iHFanauMa _ 

■2MT 

World Value of £ ._ 

a 


PROSPECTUSES 
WRItams & James 
NortbwnptM BC 


17 

U 


For latest Share index ’jihone 01-246 8026 


ANMIAL STATEMENTS . 
Bnkani Mttlar Grp. 16 

Otdit Lyawala a 

1MI 2S 

RottuthlMs lev. Ttt, Xi 





than any other airline. 


Manchester and regular services from 


-■* .... ’ ■. . o : . ■ . .- - 

In all, you can fly to no fewer than 
9 German destinations. 

See your Travel Agent or British 
Airways Travel Shop. 



t . , 


•y 


i 




L 


UP 



Rhodesia was that there was a 
ceasefire programme; that people 
’.- Who did- hot -accept this. did not . 
arre'.'fbr “^flwnocratic set- ; ‘ 
dp " 1ft Rhottosla; and that those 
.black par- in charge . of defending . the 
a*veKpinent. ortmtiy bad M do their job; 

S3 Sithole’s r J think this "might be the case 
we Alrican here,” he said of. -the- raid, 
plaineifathat Bishop Mttzorewa, who had 
by attacking bases in Moxam- talks with Dr.. David Owen, the 
bique the Rhodesian security Foreign Secretary, and Conserva- 
forees were attackteg guerrillas tive leaders about the condition 
loyal both to Mr. Sithole and the of the transitional Government, 
internal .security settlement. . .said Britain had chosen in stand 
It condemned the^raids as- " ill- with her: “arms folded on the 
advised and disa^inting.” touchline watching’ us fight an 
’The statement said that most unequal fight.” 


- 

July 3! 

• • 

Pterion* 

i 

Spot " 

-81-93 L543B5’ 

SL983S-92Se ? 

- 1 month 

O.WO.S3 JH 

0A2OJfi >lu • 

■ 3 month* 

-U6-1.10 ilh> 

1,22-LlK.lh. ; 

12 inuaLhs 

4^04.00 ills 

4JM.10 dn % 





-*v. 


2 


financial Jimes Tuesday August i 197S 


EUROPEAN NEWS 


Italian economic leaders 
meet on three-year plan 


BY PAUL BETTS 

THE ITALIAN' Government is 
attempting to finalise the broad 
outlines of its three-year (1979- 
19S1 ) economic programme 
before the traditional August 
recess which has already seen 
over am Italians desert the 
cities this weekend for holiday 
spots throughout the country. 

Siq. Giulio Andreotti. the 
Prime Minister, and economic 
ministers met here today to dis- 
cuss 1979 budget proposals and 
the three-year plan which are 
to be presented later this week 
to the political parties, including 
the Communists, directly sup- 
porting the minority Chrstian 
Democrat Administration. 

The. 1979 budget, which will 
form an integral part of Lhu pro- 
gramme. chiefly aims at reducing 
next year's enlarged public 
sector deficit from a projected 
I.43.000bn (or more than SSObni, 
to about L35,000bn. This figure 


is understood to be acceptable 
both to the International Mone- 
tary Fund and the EEC for new 
loans or standby credits to Italy. 

The Government hopes 'to 
reduce the deficit through cuts 
in the pensions system, the 
health service and local 
authorities' spending as well as 
by new indirect Taxation. 

In turn, the Government has 
pledged to create new jobs, 
especially in the depressed south 
of the country, through an In- 
creased growth rate during the 
last quarter of this year and in- 
vestment particularly in con- 
struction and public works. 

At the same time, the Sig. 
Andreotti ’s administration has 
asked the trade unions to 
moderate wage claims in forth- 
coming negotiations for a 
number of important national 
labour contracts. But the trade 
union rank and file has so far 
shown considerable reluctance 


ROME, July 31. 

towards such policies despite 
■appeals for moderation from its 
own leadership. 

A Cabinet meeting tomorrow is 
also expected to discuss long- 
awaited emergency measures to 
salvage the country's financially 
troubled chemical groups. The 
crisis in the sector was high- 
lighted over the week-end with 
an announcement by one of the 
largest chemical groups, Societa 
I ta liana Resine, that it was un- 
able to pay its July salaries. 

Among the proposals for the 
chemical sector are the setting 
up oF a special commissioner to 
take control of financially 
troubled companies and to 
evaluate their long-term pros- 
pects, as well as the likely injec- 
tion of urgently needed funds. 
But these proposals, like the 
three-year plan, are still the sub- 
ject of controversy between the 
various political parties and the 
trade union movement 


Dutch plau to restrict tankers 


BY CHARLES BATCHELOR 

HOLLAND AND ‘West Germany 
hope to ban tankers from moving 
too close to their coasts follow- 
ing the grounding of the Amncu 
Cadiz off Brittany earlier this 
year. The two countries want 
tankers to follow a course 35 
nautical miles from the coast 
compared with the present mini- 
mum of five miles. 

The proposal will be put be- 
fore a sub-committee of the 
Inter-governmental Maritime 
Consultative Organisation 

fliUCO) which is due to meet in 
London shortly. The idea is to 
give the authorities time to re- 


act to a collision or an oil spill. 

Holland has been considering 
making tankers follow a route 
further from the coast for some 
time but the Amoco Cadiz dis- 
aster, which spread oil along 
many miles nf the Brittany 
coastline, gave more urgency to 
the plan, according to the Trans- 
port Ministry. It was then dis- 
covered that West Germany had 
similar plans. 

It could be a number of years 
before the plan can take effect 
since after consideration by 
IMCO. which is a United Nations 
agency, it must go before other 
international maritime organisa- 


AMSTERDAM, July 31. 

tions. The area involved is not 
in their territorial waters. 

A major Dutch concern is for 
the safety of the Waddenzee, a 
beauty spot and home of many 
seabirds, which lies between the 
Frisian islands and the main- 
land. Preservation of the Wad- 
denzee is also a factor in the 
consideration of a site for a 
terminal for imported natural 
gas. A decision in favour of 
Eemshaven, in the north east 
of the country, would take gas 
tankers near the Waddenzee. 
The alternative to the Eems- 
haven is the Maasvlakte, near 
Rotterdam. 


Eanesto 
address 
the nation 

By Jimmy Bums 

LISBON. July 31. 
AN INTERIM solution to Portu- 
gal's Government crisis appeared 
to be in the making today with 
the announcement that President 
Raxnaiho Eanes would speak to 
the nation tomorrow night. The 
President is expected to go a 
considerable way towards clari- 
fying the political confusion that 
has taken hold here ever since 
the conservatives withdrew from 
the six-month-old Governmental 
al lian ce last Week. 

After the President met the 
main political leaders, it 
appeared that some movement 
might he under way to get the 
collapsed alliance back on its 
feet Conservative leader Pro- 
fessor Freitas do ■ Amaral, 
emerging -from talks . with the 
President, said his* party was 
open to a renegotiation of the 
governing pact It would appear 
that some concessions on the 
controversial "Land Reform 
Ministry would need to follow 
any such move. 

As the President met the main 
political leaders for the second 
time in less than a week today, 
there were still no apparent 
signs that the main political 
parties bad come any nearer to 
agreeing on an alternative to the 
alliance that has ruled Portugal 
since January. 

In essence, both the Right- 
wing Social Democrat Party 
(PSD) and the -Communist Party- 
have changed very little in 
attitude since Portugal's pre- 
vious Government crisis last 
December. While the PSD still 
refuses to share power with 
the Communists, these remain 
adamant that any future alliance 
should be based on the Socialist 
Party and have the participation 
of the four main political 
parties. 

Most -political observers con- 
tinue to rule out the possibility 
of an early general election. 


Moscow warns 


BY DAVID SATTEA 

THE SOVIET UNION Today 
marked the third anniversary of 
the Helsinki agreements with a 
justification of the supression of 
dissident groups which sought 
lo monitor Soviet observance 
and a warning that future 
co-operation in humanitarian 
fields depends on the level of 
detente. 

Mr. A. G. Kovalev, a Soviet 
Deputy Foreign Minister, told a 
Press conference that only the 
signatory States axe responsible 
for Helsinki observance and 
that members of citizens’ 
“Helsinki" groups, some 20 of 
whom bave been either arrested 


MOSCOW. July 31, 




lt‘ 


\L‘ 


or sentenced, vitiated Soviet law. 

Hu indicated bat the reaction 
in the West to dissident trials, 
because it damass the " confi- 
dence be tween \ States and 
peoples." actually %n dors imple- 
mentation of the ilzbi act. 

Mr. Kovalev the Soviet 


authorities will 
anyone" Soviet 
matters that are 
petence of the 
said that to do 
compatible wi 
“prerogatives ai 
Emphasising 
Union alone wi 
sinki agreement 
Kovalev equaled 
the West to thi 
dissident Helsin 


lutNliscuss with 
caF^ actions or 
’thin the “com- 
iut smte." He 
a would be in- 
i he state's 
dignity." 
tat the- Soviet 
judge Its Hel- 
bservance, Mr. 
>e reaction in 
trials of the 
monitors with 


opposition in detente and . said 
it "putK a brake" on implemen- 
tation of the final act. 

He described the final act's 
implementation as “a large- 
scale endeavour" calculated for 
■‘years -ahead." 

Mr. Kovalev said that the 
“real political meaning" of the 
Helsinki third basket is tbat co- 
operation in humanitarian 
spheres must be promoted with 
“strict observance of the laws 
and administrative .regulations 
of each state." 

In what appeared tu lie a direct 
warning to the West. Mr. Kova- 
lev said that the Soviet side has 
stressed at the highest-Ievels that 
the results of the Helsinki meet- 
ing must be treated "carefully.” 


He- sauf - rspt^mfe l,« ; sboi^ 
this advice to be “timely 
correct." . . " 

Meanwhile Mr. Jay Crawford 
ihe Muscow representative of the 
U.S. firm, international Har. 
water, re turned to The KGB 
Lefortovo investigative prison 
(hr . more questioning in con- 
nection with charges of currency 
speculation. 

Mr. Crawford was dragged out 
of Jits car last month and 
arrested by Soviet police in 
apparent retaliation fur the 
arrest in tho United Stales of 
two Soviet United Nations 
officials suspected of espionage 
Mr. Crawford declined to dis- 
cuss the contents of the 
interrogations today. 


Cyprus judges 
j reject appeal 
| by Palestinians 

j By Our Own Correspondent 
; - NICOSIA. July 31. 

■ THE FIVE judges of the Cyprus 
j Supreme Court today unani- 
mously dismissed the appeals of 
j two Palestinians condemned to 
death for the murder in Nicosia 
! last February of .Mr. Yousef el 
iSibai, editor of the Cairo news- 
\ paper Al Ahram. ,i 
i Their fate — and that of 
Cyprus's strained relations with 
Egypt — now lies in the hands of 
Mr. Spyros Kyprianou, the Presi- 
dent of Cyprus, who Is' the only 
person who can conm^ite their 
death sentence. 

Mr. Lefkos Clcridcs. a leading 
Nicosia criminal lawyer ap- 
pointed by the State to defend 
the ' Palestinians. announced 
immediately after today's verdict 
that he would file an appeal for 
ruercy within a week. 'Even if 
President Kyprianou • tamed 
down the plea — -which observers 
here believe most unlikely — he 
was confident he could stop the 
execution. 


Irish iidustry jobs doubt 


BY OUR OWMCORRESPONDENT 


DUBLIN. July 31. 


THE CONFEDEFU 
Industry has prod 
response to the Iri, 
j Green Paper 
1 which outlines ;• s 
'ducing full emplo 
[1980s. 

I The wide-ranui: 

I welcomes the id 
papers followed by 
meat and budgeta 
an annual basis as 
step forward in c 
ning. 

But the confe 
puzzled by the asse! 
Minister for Econo 
and Development, 
ODonoghue, that 
tnentxan be achicv 

The confederate 
tbusiastic about the 


Norwegian 
payments 
deficit falls 


ION of Irish productive base or the Irish ; 

id a detailed Economy, reducing efficiency VSHTS'SH y to 

Government pa^ng costs l j®* to , ^ first five nmnlhs tfwi S 

.ie economy another. But the CIl is keeping I only NKraitm. compared with 
,tegy for pro- an open mind on the matter pro - 1 ll ]bn m u* mow - period 
ent by the vided unit costs do not increase li** year. Fay. G jester reports 
relative lo the country’s compels- i 0sI(>- air. Halyard Rakke, 

document tors. . ! Trade Minister, said that' if the 

of green While concern is expressed by; trend continued it could . result 
oliev docu- the confederation about indus-jin a lower deficit for the- whole 
strategy on trial unrest and the fact that \ year than the NKr 2fibn -estimate 
significant Irish wage costs are rising faster'! m thf 1978 budget. The. Trade 
omic plan- than British the most remarkable j Ministry attributes the improve- 
part or the Government docu- j} Kh » rp ^ in bn ports, 

ration Is meat Is. says the confederation. j KuffijSmd 
ion of the its detai|ed sectoral proposals : 5J- ^ Th?d?fldt^n the balanre 
Planning for creatmg new jobs- Toe CH j Qf tn j anuary .u i y was only 
r. Martin expresses doubts as to whether j x . K - r s&a in . <-««nLbii 
the Government's current targets 


employ . . - . 

on jobs and inflation will be met 
impn. in 1979 and propose fresh initia- 
concept of tlTW to try to meet these targets, 
work sharing, which! was a cen- These include the modern isa- 
tral part of Dr. CEDonoghue's tion of established laaustry with 
strategy for ending dole queues- increased grants, extension of 
Although not opposing it in prin- the scheme to help small rndus- 
ciple, the CD pointsfrut that it tries and improved efforts to 
would create several problems: meet manpower needs with 
diverting attention fibm the low labour supply. 


NKr 3.441m.- .compared- witb 
NKr &S5bn in the' same period u 
urn. 

VW stands by diesels 

Volkswagen said yesterday that it 
would continue producing diesel- 
engine cars despite fears voiced 
by the U.S. Environmental Protec- 
tion Agency about a possible 
health danger from exhaust gases, 
Reuter reports from Wolfsburg. 




U. t * t. 

mv. n.jD 

ii * * 


Spain curbs lorry traffic 

MADRID, July 31. 

THE GOVERNMENT today day to 'J4.00 hours on Sunday and 
banned lorries carry inn dan- from 13.00 hours on the eve of 
gerous loads from all Spanish a public holiday to 24.00 hours 
roads on weekends and public of the holiday, 
holidays. Pansernus freight was also 

Three weeks ago, some 150 ordered off the roads oo July 1 
holidaymakers were killed when and 31 and on August 1 and 31 
a tanker lorry carrying propy- when millions of Spaniards are 
lene gas crashed inlo a campsite driving to and from their anndal 
on the Spanish Mediterranean month's summer holiday, 
coast and exploded. There were protests last weeb- 

An Interior Ministry order, end against dangerous freight in 
published in today's official two eastern towns hear the disas* 
gazette, ba/ned lorries with dan- ter site at San Carlos de la 
gerous loads from all roads Rapita. 
between 13.00 hours every Satur- Reuter 


CONCERN ABOUT international 
debt has declined in the past 
year. At the converse of the 
U.S. current account deficit the 
world has' been awash with 
surplus dollars and banks have 
been pressing funds into the 
hands of countries they had 
hardly , heard of during the last 
lending boom five years ago. 


Mary Campbell, Euromarkets Editor, reviews new information on the debts of 150 countries. 

Keeping track of developments 
in international borrowing 


exceptions (Turkey Zaire Peru) remains a lurking fear (or, more and resolve more of ihB.'prob- the last lending boom, litis lack 
banks seemed happy" with the- accurately, 'certainly) that, as lems at an earlier stage. of information h»s been i a. major 

Developing countries were net quality of their fending, if not economic trends-.. change, the A major problem in the past target for bank supervisors ana 

, rates jjjgy lo i£ at 

However, they: felt the same 



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depositors with the international 
hanking system for a large part 
of iast year while, even more 
unlikely, many oil producing 
countries became net borrowers 
again. With a few welt-known 


current lending bobm will breed was simply lack of information, central 
repayment problems, as did* the -The World Bank published 
last figures on countries’ debt : two 

The aim is that borrowers and years after the date to which 


banks. 


n .. . , before they had time to run their 

Behind the scenes, a great deal — Indonesia's problem 

of work has been going on. A pertamina and the current 


in 1973 and 1974; and:although jj e aim is mat oorrowere and years aner me naxe to wqicn ) arge part of it came lo fruition ex- 

memories m international bank- lenders alike should be^- better -they referred— and these figures a t the end of last week with the lurt J ls ? 1 taQ 5 le being two ex 
ing are said to be effort, there prepared this time and foresee- were only partial anyway. Sitfsa. publication of figures from that • amp - . 

' — most discreet of institutions, the 

Basle-based Bank for Inter- < ^ ata 15 w 18 *' 11 15 

national Settlements (BIS). The £shed relatively quickly. While 
BIS is best knbjvn as the monthly other sources of infomatlon on 
meeting place\for tight-lipped debt Have greatiy increased the 


, - - - - > ■ -r 

INTERNATIONAL BANK; LOANS AND DEPOSITS 

Borrowing from tanks 


% erf total 


UtHiMd crsdlt faafltlw 


Connery 


Australia 

Finland 

Greece 

New Zealand 

Norway 

Portugal 

S. Africa 

Spain 

Turkey 

Yugoslavia 


Net 

borrowkig 

Deposits 

Total 

Due TV7B 

Due 1979 

Due after 
1979 

1977 

Current 

Account 

1977 

-Expora 

197S repayments 

-.5 bn exports 

Shn 

/ Non-tank 
% of total debt 

borrow iak cnd-1 V75/6 

Shn 

0) 

ries 

33 

n» 

(2) 

Shn 

(3) 

<«> 

(5) 

<*) 

5 bn 
(7) 

. $bn 
(«) 

- W. 

(10) 

Ol) 

(1?) 

i 

Stan 

(13) 

13 • 

43 

583 

T0.4 

298 

. . -23 

153 

23 

18.1 

2.1 

'43.1 

iua. 

33 

13 

43 

48.7 

8.4 

413 

• -03 

93 

23 

253 

13 

25.0 

ZO 

03 

33 

4.1 • 

323 

13.6 

513 

-T3 

53 

73 

243 

13 

233 

0.6 

13 

03 

13 

35.7 

• 153 

47.9 

-0.6 

3.7 

03 

743 

03 

403 

na. 

43 

23 

63 

313 

12.4! 

543 

—4.9 

143 

2.1 

143 

13 

■ 223 

na 

03 

13 

1.7 

693 

«r 

12.7! 

21.9 

-13 

43 

13 

293 

0.7 

393 

03 

73 

•1.0 

83 

52.9 : 

33.1 ' 

t0.9 

123 

43 

363 

23 

303 

ha. 

23 

8.6 

113 

403 

103 

47 S 

— 13 

18.7 

4.7 

25.1 

1.9 

16.7 

1.9 

23 

OJ 

33 

- 79.0 

10.0;. 

103 

-33 

3.7 

23 

683 

0.6 

18.1 

3.1 

1.1 

23 

33 

233 

■ 133 ; 

613 

-13 

93 

0.9 

93 

13 

35.1 

12 



Total 

283 

83 

36.6 

5Z4 

113 f 

353 - 

rua. 

na. 

193 

na. 

9.6 

263 

na. 

Of which: 











- ■ 



Bulgaria 

23 

03 

23 . 

593 

103 - 

-303 

-03 

03 

13 

2733 

03 

183 

rua. 

Czechoslovakia 

1.7 

03 

13 

573 

33$ 

<38.0 

-03 

13 

0.9 

49.7 

03 

133 

na. 

E. Germany 

4.4 

03 

• 53 

543 

18.1 ■ 

1273 

-0.1 

23 

23 

142.9 

03 

17.9 

na. 

Hungary 

3.9 

1.1 

53 

60.4 

7.4 1 

530.6 

-03 

13 

33 

1673 

03 

43 

na- 

Poland 

8.4 

0.4 

83 

37.9 

163 

(453 

—33 

53 

33 

66.9 

3.1 

343 

na. 

Romania 

73 

03 

1.4 

663 

6.6 

26.0 

-03 

23 

0.9 

42.1 

03 

34.7 

na. 

USSR 

73 

4.4 

71.7 

. 553 

8.1 ; 

/ 363 

-1.4 

153 

63 

4 33 

43 

353 

na. 

Latin America 














Total 

37.9 

363 

743 

443 

123 

4Z4 

n-a. . 

na. 

333 

na. 

15.1 

203 

na. 

Of which: 














Argentina 

0.4 

43 

4.9 

57.4 

1Z1 

28-3 

-r13 

6.6 

23 

423 

13 

30.1 

2.6 

Bolivia 

03 

03 

03 

46.6 

1Z6 

39.1 

-03 

0.7 

0.4 

493 

0.4 

49.4 

0.7 

Brazil 

183 

63 

25.0 

313 ' 

1Z7 ' 

543 

-43 

133 

7.9 

583 

53 

203 

6 A 

Chile 

0.7 

0.9 

13 

60.7 

14.9 

23.4 

-0.4 

2.6 

13 

363 

03 

593 

3-1 

Colombia 

0.4 

1.4 

13 

58.9 

103 . 

283 

+0J 

33 

13 

263 

0.7 

403 

23 

Cuba 

13 

03 

1.6 

65.9 

7.6 i 

26.0 

n^. 

na. 

13 

na. 

0.1 

63 


Jamaica. 

03 

0.0 

0.6 

35.9 

14.4 ( 

48.1 

+0.0 

1.0 

03 

19.9 

03 

83 

03 

Mexico 

143 

5.9 

203 

41.0 

133 

44.6 

-23 

83 

83 

1003 

23 

143 

3.9 

Peru 

23 

03 

3.4 

47.7 

113 

393 

-03 

23 

13 

753 

03 

15.9 

1.4 

Venezuela 

03 

83 

9.1 

60.6 

7 A [ 

130.6 

-1.0 

703 

53 

50.4 

03 

103 

0.9 

Middle East 






‘ 








Egypt 

(13) 

Z7 

1.4 

67.7 

5.1 : 

25.7 

-03 

5.0 

03 

183 

13 

695 

4.9 

Iran 

(03) 

6.6 

6.4 

503 

33 

40.0 

+5.1 • 

.28.0 

33 

11.6 

33 

46.1 

33 

Iraq 

(4.1) 

43 

03 

54.4 

7.4 

32.1 

na. 

na. 

03 

na. 

03 

963 

0.4 

Israel 

03) 

4.0 

23 

673 

163 [ 

153 

n^. 

na- 

1.7 


0.4 

163 


Jordan 

(03) 

0.7 

03 

39.4 

73 k 

513 

+03 

13 

0.1 

63 

03 

933 

03 

Oman 

0.1 

03 

03 

503 

14.4 ! 

34.7 

na. 

na. 

03 

na. 

0.1 

323 

0.1 

Qatar 

(0.1) 

0.4 

03 

333 

9-2 \ 

1 553 

na. 

na. 

0.1 

na. 

03 

1293 


UAE 

03 

23 

23 

55.1 

83 r 

i- 354 

na. 

na. 

1.4 

na. 

1.1 

423 

na. 

Other Africa 
Total 

Of which: 

Z7 

93 

123 

373 

1M | 

\ 

49.1 

na. 

na. 

4.7 

na. 

53 

433 

na. 


how to respond -to the latest 10 oe more a year «rai 
currency raid. How'ever, it has a ^ date. This is often too laic 
long association r v(ith inter- tor action to be taken, 
national debt problem^— it ic still On the other hand, the BIS 

trustee for the ioansvto West data do not. give anything Tike a 
Germany extended by the then full picture of any individual 
richer countries like the UK country's debt position, while the 
he tween the wars. And it is significance of the figures is dif- 
curreutly in the forefront of flenlt to judge in isolation from 
attempts to keep track of each country's other economic 
developments of international data. 

debt 1 . In ihe table shown opposite, an 

Less characteristically, it; is » Provide 

also publishing a large propor- a thumb-nart sketch of countries 
tion of its findings. The bulk of °. vera “ external finandal situa- 
the figures shown in the tabllV oas ^ Putting the BIS figures 
. opposite come from the latest set ... 

of statistics it has developed, a Tte figures ; for any individual 
series to be published semi- 9 0Un i?T m the table are likely 
annually showing how ' much t°-. misleading in some 
money the leading international respect. (Tbm is particulariy 
banks are due to be repaid by case of East Germany and 
entities in each of about 150 Zaire.) Special factors nwyjn 
countries. Conversely thev show many cases make a country's 
how much foreign, exchange the situation either worse or better - 
central banks in these countries , an would appear at first 

are having to allocate this year £* anc ?- 

and next for repayments of loans .^™P n S must interesting 
from ' foreign banks— or plan to situations are those in Eistem 
re-finance by raising new foreign f" uroi>e f. n d Latin America— 
currency loans. 1)16 continents which house 

A v limited range oF inter- some oF the biggest borrowers 
national debt statistics has long fr ® m tno_inteniationa 
been! published by the\Org~anisa- ■ tlx f. case ■ of 
tion ifor Economic CtMioeratlon Europe, the figures < 

are 
ally 


fc soldier 


from the international banks. 

Eastern 
on Poland 
surprisingly good, aspect- 
in view of the widespread 


tion ?far Economic Cooperation 
and Development (OECD) via 

its DOTelopm ent Assistance Com- - c - 2 -- * - 

Atsts s" a wL u sLsar ^ 

ever : in*d with thL co “* U P Eor repayment, while 

during th4 M M cS" 1'J^f “E" 

banks as the main source of new ^simirisc 

money For much of the world. Sme SrS l ^d wUl^red 
these: gaps became critical. The nther 


Algeria 
Gabon 
Ghana 

Ivoiy Coast 

Morocco 

Nigeria 

Sudan 

Tunisia 

Zaire 

Zambia 


US 

0.4 

oh 

0-3 

OJ. 

03. 

Q.6 

(0J») 

OJi 

OJS 


1.6 

0^ 

OJt 

OS 

1J0 

0.6 

0.2 

0.4 

0j4 

0-Z 


4.4 

0.6 

03 

-0JB 

U 

03 

0.7 

0.4 

OS 

0.6 


123 
383 
913 
24 3 
2AA 
812 

57.9 
373 
35.1 

50.9 



- 2.0 
+0.1 
—0.1 
iua. 
— 1.7 
-0.9 
- 0.1 
-03 
na. 
-03 


1A 
1A 
1 JO 

Hi 

2S 

12.9 

03 

1J 

n-a. 

14) 


1J> 

03 

03 

03 

03 

0.7 

0.4 

0.1 

03 

03 


133 

15.7 
183 
nj. 
11A 

53 

51.7 
73 
nj. 
313 


1.9 

0.1 

0.1 

03 

0.4 

0.9 

03 

03 

03 

0.1 


423 

13.1 

30^4 

59.7 

37.4 

1053 

353 

82J) 

193 

213 




Every day at 230pm P&O Jet Ferries’ 
Jetfoil departs from the heart of London and. 
skims across the sea at 50mph to Zeebrugge. 

It s fast. It’s smooth. It’s sensational 
There’s simply nothing 
else like it at sea. 

P&O Jet Ferries pn 

DEPARTS 1430 DAUX RESEHVAHONS: 4033. 



Other Asia 

Total 

Of which: 

China 

Indonesia 

North Korea 

South Korea 

Malaysia 

Philippines 

Taiwan 

Thailand 


33 

03 

03 

03 

13 

03 

03 

13 

03 

03 


information from the inter- 
national banks on their lending. 


efforts to improve 
currency payments 


their hard 
position in 


aggrej ate the figures and publish 2™“^. X figures 

"V,feSSS t o : shS 


break-down the data on loans to 
show when they are due to be 
repaid and also to give informa- 
tion on the amounts of. money 


(M) 

( 2 . 0 ) 

23 

03 

23 

(0.7) 

13 

0 - 1 ) 

0.6 


243 

23 

23 

03 

3.0 

2.1 
1-9 
3.9 
13 


223 

03 

53 

03 

53 

T.4 

3.4 

2.7 

13 


543 

85.7 

44.7 
303 
553 
483 
53.9 

51.7 
813 


10.0 

13 

12.1 

7.9 

113 

103 

73 

113 

43 


ALL COUNTRIES: 
GKAND TOTAL 453 


171.7 


2173 


483 


11.1 


; 34.7 

r 

na. 

na. 

123 

na. 

9.0 

393 

na. 

12.1 

na. 

na. 

0.4 

na. 

03 

98.7 


! 42.7 

—03 

10.9 

23 • 

203 

0.7 

133 

76 

t 59.6 

na. 

na. 

03 

na. 

0.0 

13 


1 333 

+ao 

133 

23 

22.1 

2.4 

453 

4.7 


na. 

na. 

0.7 

na. 

U.4 

25.9 

0.6 


—03 

4.4 

13 

413 

13. 

53.1 

0.9 


+ 1.0 

10.9 

1.4 

133 

13 

51.7 

1.1 

123 

— 1.1 

43 

13 

353 

03 

29.9 

0.7 

: 39.1 

na. 

na. 

1053 

na. 

613 

283 

na. 


financing will be needed , in the 
next- few years. 

In Latin America, the main 
interest centres on those two 

they |re committed to h-nd : To SSSSiX JSJS? aSzfl Tbe 
entitii in each country but debtors, ue h 

h^e l, ^yet P toten a ip b0rr ° WerS fSSE£'"ttaSr ^M^lcofbi the last 
This data was collected for the KSt' Jhatuxdies 

first time on an experimental H^rihiitSd^^nonc 

basis 6s at the end of 1976. The or the 

i«_. ,.,_k -v..,. banks, Mexico was one oi mi 

There 


figure^ published last week show 
the maturity of debt as of the 
end ofMast year. 

The data collected by the BIS 
improved the available informa- 


major areas . or concern, 
the structure of the foreign debt 
was such that a very high pro- 
portion of the total — and tn 

tion or two main ways. For tbe Sp’*d^ Sat 

sequent oD .discoveries have 


first time they 
amount of money 


showed the 
which -banks 


h.d 

each country. Second, notable that Mexico rf deal 


With the exception of columns (7). {8). (10) and (13) cha figures shown above are country which 
denreo from a able published u the end of list week bjr the Bjnk lor Inumsoonal 
bettlrmants (BIS) in BdSie. This able shorn the international loans and d -poll a of 
commercial banks in Group of Ten countries (Canada, Belgium -Luxembourg, France. 

Germany. Italy. Netherlands. Sweden. Japan. UK, and USA), Switzerland. Austria. The figure* m columns (71 and f si hsu* ^ . . , , , 

Lttiunara and Ireland and at certain ol dwir foreign affiliates, notably chow in the International Mon^uVv IWI l *"“ tl 7 b *f T| «>»«i from tho July Ium of 

offshore financial centres like the Bahamas. Singapore etc. The major omission— isurh. «~-k pnbllcaooo Innmadonel Financial Satieties. Ocher 


was due to be repaid this year, next year and thereafter. 
Unallocated amounts mean that the figures do not add up. 


tions In each country, 
and more important, 
included short-term debt. 

The ’temptation for a country "2522*55,, SSort“ 
mnmog out »E foreign exchange 6T ^ n ^e case cfB^where 


thPV grown -xauch more" slowly.. P u . e 
- to an fmnreved currpnt'a** mt nt, 
repayments are also ■ much 


banks in Belgium and Luxembourg. 


ingapare etc. 

for Zaire— (■ _ ... 

The number of bonks which hava reported the 


whjtn -probably affects particularly the, figures for Zaire— 4s_dnT forngn a'mrUeu of figu r~ e 7'i rc^wMsble^n * 1 ^ [Hacin g m em oran da hase been used where w up w date 


uepesiec they have received from entities in each counor. and' the ^ndUtartid 

sommiunenet to lend are smaller stan those reporting die foil maturity break-down. oener publlcaDom. 

On the other band, the figures include all intamMicmal landings by US hank Column (HI Interior „r . 

dl “ to ^ tasUie ^ « banta* head (Sly wirfcen- ^iS^) 

oBe » « *•«. favrwen reporting cmwies and the major offshore tanking as a percentage of column^ - - 


hs lan-M T J^' tor European countries' exports and 

bnMdeit ol esumau, derived, by financial Times 


bnnehee, where prayiaaly BIS dan has been restricted to loan by these banks' head (notably workers 
otficciind b ranches in die fourteen reporting countries and the maior offshore tanking u a percentage of column t Bl" 
SSnti ■" “ l “ mp,rah " — — l-r uuarwri? debt^bles. RrT SS Wi 

vnQw ptiDfic see cor fund ad debt 


and private sector transfers 
Colomn. (10) thaws column (9) 


foreign exchange 

to finance itself on a day-to-day ..“'.vr „ pat jj pa i. 
basis wth short-term bank loans y ^Se SSor tea- 
ls clear. Sooner or later banks be the lons- 

start to: fight shy of rolling over ^JsmuHir schedtite. 
these short-term loans (or put up n nri 70 Al sreria. its debts 

to a usurious level toe rates T^rre 5i«^ not bate 

that if the break-down of " 


- Column (13) Is uken from the World BUik'i world Dreak-down Of «* years, 

countries dm figmrs sre up n dote ta Mm. tSS maturities showing how much of “ ,east J 

L 8 *", . ,n maturity of u least a year the total’ was due to renaifl With- .hi’ i ■ 


ta dose entities with the banks (where tat deposit, positions ire shown in brackets). Awuro no * ,hown «nrwbere In the able above. “ ® y 0 ^L n ? avawa Die five f i tmwi. uTiy ii. Bijh1w M4.4^.S” 5iiS«i 

Column, (4), (S, and W show the pontage of money .enc to STOSTLStSSl WCt -1 W, ' n ‘ * “ ^ '1ST &£ S 



l 







Financial. Times Tuesday «igiist 1 197S 


OVERSEAS NEWS 



r 


3 

■■■■MMMIMM— M1 MBIWI— M— i ^MM— — — BBBBWgWBM 



may stiffen rules 
on some 


yen 



BY ROBERT WOOD 


TOKYO, July 31. 

THE Japaniifi Ministry of .aimed at -disepurasinp specula- ported that the export contracts 
Finance is considering banning tion- >W-the i *}j IJUJ!: !5 cy , C0Dcl ‘ided in June showed 

,h ". w- ° f im r'T non ' ss 

residents yen deposits m to about four months. Bur the a year - espon fling month 
■l.ipanese banks. yen's rise has left 


India 

devalues 


by 1.3% 


Arab feuds acted out in Paris 


earlier, and Japanese 
yen's rise nas leu importers auto sales in the first 10 davs 
Ministry spokesmen also said flush with cash from profits on or .j U |v were 19 4 per cent 
they arc discussing tighter limits exchange gains. JPespile. their bcin-.v the same period in 1977 
<>n dollar credits available to '* 


Mr.-. Tstfeeo • . Fnkoda, the 
Prime. Minister. Bald he will 
convene ’an extraordinary Diet 
(parilamenO session late in 
September, if necessary, io 
work out measures to. fulfil his 

major pledges at the Bonn 
summit, Reuter reports from 
Tokyo. 

Hr. Fukuda told a confer- 
cnee of businessmen the 
Government will hold a meet- 
ing or - economic cabinet 
ministers on September 2 to 
decide what action to take. 


Ahhough higher prices were 
blamed for the decline in 
Japanese auu> sales in the VS., 
Ine^ trading companies said the 
yen's rise has bad a relatively 
small direct effect on their 
exports. Various restrictions 
abroad and at home were blamed 
for the expected decline. 
American opposition to further 
Japanese safes and Japanese 
Government ‘’guidance" has 
also been a major factor in the 
Japanese auto price increases 
m the U.S. 

On the import side, statistics 
“ om the trading companies 
showed import contracts in- 
creased ovi*r the level of a year 
aso for the first time in eight 


Japanese oil importers. But they 
s trussed that no decision has been 
taken nn cither proposal. 

Japan has aggressively sought 
in discourage foreigners' deposits 
of yen m Japanese banks since - 
last March, when it imposed a 
KK) per cent reserve requirement 
nn net increases in deposits by 
non-residents. The object was to 
discourage speculative short-term 
investments in yen. The rule 
meant that hanks must deposit 
thy entire net increase in non- 
residents' deposits with Japan's 
central bank. The deposits could 
n»n be lent and could not bring ■ 
any income to the bank. - 

fifticiuls expected Japanese cash positions they are contmu- __ .... wi CJ _ ui _ 

banks would thus. avoid accepting ing to accept long usance periods, months. They were 2.3 per cent 

n-w yen deposits from. non- resi- with contracts-, denominated in - ' 

dem< and refuse to pay- interest dollars. Some 'officials believe 
nn them. But actually, banks, this is a form of speculation, 
unwilling to alienate important and it is promoting the yen’s 
clients, have continued to pay rise. 

interest on some non-residents’ The discussion of new controls Mi>uiw ti 

deposits. The proposed . regida- comes at a time .when .there arc the contracts were fulfilled with- 
tinn would ban such payments, signs that other Japanese out chant?, they would vfeld a 

The envisaged restriction restrictions are significantly trade deficit for Japan of Y2.7bn. 
on dol lar-denomi nated credits reducing exports "Japan’s 13 The contracts for May indicated 
accepted by oil companies', is leading trading ; companies re- a surplus of ¥121bn. 

Pakistan handover rules change 

ISLAMABAD, July 30. 

Senior advisers -to the military League and Jamati Islami, have 
ia-ul Haq,. has ags in .confirm that General Zia is loot;- been demanding the early liold- 
k» change the condl- - j ng t0 the, 5 right-wing Muslim of elections before handover 
League parly. which recent;, ** * ~ 


BY ROBERT MAUTHN^R 

AN ARAB TERRORIST who 
invaded the Iraqi embassy in 
Paris yesterday uas said by 
Mr. Tawfiq al-Wandawi. 
Baghdad's ambassador to 
France, to he linked with those 
responsible for the grenade 
attack on the ca r of the Iraqi 
ambassador to Britain last 
Friday. 

Mr. a Wand a wi was not 
among those taken hostage. He 
was due to be received bv 
President Giscard d'Estaim;, . 
at the end of the envoy’s 1 tour 
of duty in Paris. 

During negotiations between 
12 Arab Ambassadors in Paris 


above the June. 1977 figure in 
yen terms, while export con- 
tracts wer<? down 30.7 per cent. 

The figure actually indicated 
the companies, had contracted 
more imports - than exports. If 


The rupeee was yesterday de- 
valued by 1.3 per cent against the 
pound sterling, because of the 
continuing decline in the value 
of the duliar, K. K. Sharma writes 
from New Delhi. The exchange 
rate of the rupee is worked out 
in relation to a basket of curren- 
cies. but is expressed in sterling. 

Spot buying and selling rates 
have been fixed to give a middle 
rate of R15.5 to the pound, as 
against the previous R15.33. Ever 
since the dollar started falling, 
exporters have demanded that the 
rupee should be devalued. - 

Ghana hand-over 

Ghana's Supreme Military Council 
will hand over power next year to 
a transitional national govern- 
ment. Lieutenant-General Fred 

Akuffo. the ' Head of Slate, an- 
nounced last night. Reuter reports 
from Accra. Gen. Akuffo assumed 

office early this month after the vavrnapn «. 

unexpected resignation of Gen. •/"“ VANGUARD of the 
Ignatius Acheampong, the former! Lebanese army heading into 


and the terrorist it became 
clear that the gunman was 
demanding an aircraft which 
would take him and his host- 
ages lo London, where he 
intended to negotiate (he re- 
lease of a woman who was 
arrest by British police after 
the grenade attack on the 
Iraqi Ambassador's ear last 
week. 

After (his, the terrorist 
wanted to fly to Baghdad with 
the hostages (o secure the 
release of a number of poli- 
tical prisoners held in Iraqi 
jails. 

The Iraqi News Agency, in a 


despatch from Paris, claimed 
. that the terrorist was the 
brother of the former Pale- 
stine Liberation Organisation 
representative in London. 

Said H amm aml who ugs 

assassinated in his office lust 
January. 

Anthony McDermott adds: 
if the description of the man 
who assaulted (he Iraqi 
embassy in Paris yesterday 
as the brother or Mr. Said 
Ha mmam l in correct, it i.s » 
further indication of th" 
extent to which infcr-Anm 
feuds are now being enacted in 
Europe. 


Mr. Ham ma mi's killer was 
widely believed to heloitg to ail 
extremist Palestinian ruction 
at odds with the FLU. 

The British Government was 
yesterday watching develop- 
ments. aware that three people 
were in custody in connection 
with incidents involving Iraqis. 
A woman, not of Iraqi rnilinn- 
alily, is being held in con- 
nection with (he grenade 
attack on the cur of the de- 
parting Iraqi Ambassador. Two 
others arc being driained as a 
result oT the assassination 
earlier this month or General 
Abulel Ra/.«tq NayeL a former 
Prime Minister of Iraq. 


LEBANESE TROOPS MOVE SOUTH 

Christian checkpoint 



BY SIMON HENDERSON 

military ruler- 


PAKISTAN’S 
General Zia-i 
appeared to 

linns for handing Over power. 'I ' Dart y ~'whlch" recent;™ t0 civi,ian Power. It was also 
Sneaking in Quetta, Baluchistan, while in Baluchistan several 

yesterday, he told officers at the joined his government, as tein.. months ago that Genera] Zia 
Muff college that bis government those hands .capable of running said elections would only be held 
was trying to create conditions- the couhtry 'democratically .ind when what he called positive 
sn it could leave the country in stably. Another group, the results could be obtained. On 
the hands of those who can run religious Jamati Islami party. ;s both occasions General Zia, who 
it democratically.- £ also thought to toe part of the originally was to have taken over 

One nf the conditions was'.that plan, but it has not yet joined from '« the condemned former 
the ecbHpmy: wajr m^Od.d £n$pc. the Government, although it has Prim# Minister Mr. Z. A. Bhuitn 
At no time .did he mention. -the expressed the intention of doing for only 90 days, has said the 
holding of elections' as bej/w a so. 

prerequisite for handing -over So far ihere has been no 
power, but he. did say the cimdt- reaction from political names 
(ions should take months rather about general Zia's comment; 
than- years to achieve, :- 1 * ... hat mast, apart from the M'relim 


leader. He said the proposed 
Government should be fully -rep- 
resentative of the people on the 
basis or free elections, - 

Eritrea denial 

Eritrean rebels yesterday denied 
that Ethiopian government 
forces had recaptured the town 
of Dekamhare (Decametre), 20 j 
miles south of the provincial 
capital Asmara, according to a 
spokesman here for the Eritrean 
Popular liberation Front, Reuter 
Reports from Rome. The spokes- 
man however admitted that an 
Ethiopian -claim to have taken 
control of -Gash and Setit district 
was true. .. 


The major and a fellow army 
.. officer. Major Sami Chidiac, head 

southern Lebanon to establish right-wing militias in southern 
Government control was forced Lebanon. They have been 


of the immediate 
which is controlled 
Christian 


to bait today because of a 
Christian militia checkpoint in 
the region bordering Israel. 

Right-wing militia leaders said 
earlier that they would block the 
deployment of regular Lebanese 
troops io the .southern areas 
under their controL 

A dozen shells landed about 
200 yards from where the 600 
Lebanese regular soldiers halted. 
Their south-bound convoy 
stopped at the Kaukaba post of 
the UN interim force in southern 
Lebanon after being told that a 


attacked by left-wingers and 
oibers for co-operating with the 
Israelis and maintaining an open 
gate on the border. 

Reuter 

Ihsan Hijazi reports from 
Beirut: An official announcement 
said a battalion of 620 men was 


time being 
border area 
by the Israeli-backed 
militias. 

As the troops moved into 
position, the Government in 
Beirut issued -an order i-ecallir. , 
the two Christian officers who 
have been in command of ihe 
Christian militias in the border 
strip. Major Saad Haddad and 
Major Sami Chidiac have 


deployed in positions alongside been ordered to leave ibeir posts 
the UN interim force, and that and place themselves at the 
the mission of moving troops to disposal of the army command 
the south had been accomplished Meanwhile the right-win" 
Later a statement by the army Phalangist radio has announced 
command said a soldier had been that nine people have been killed 
slightly wounded during wbat it and 42 wounded in new fiqhun" 


military patrol from the militias described as Israeli shelling of between Syrian troops and ri°h£ 
had set up a checkpoint on their the south-bound column. Other wing militiamen in the capital. 


route. 

Lt.-Col. Adtfa Saad, the convoy 
commander, said the checkpoint 
account and other reasons were behind 


N. Zealand deficit 

New Zealand’s current _ 

deficit for the year ended June,, the decision to stop the advance. 

1978. narrowed io XZ$4R9m_! His convoy had been beading 
NZ$42m lower than the previous! for Tibnin, in the central 
year’s figure, accord ins to New j southern sector, and was to have 
Zealand Reserve • Bank : statistics. t passed through the Khiam and 
Reuter reports from \\eUm'. , ton.>\j a j-j a vQun area which is a 
Exports for the June. 1978. . D,cn “ a 

quarter were slightly higher ihaol^ £..,7- v -j , , 

during the same period of the! °.t lCer * * “ ld ? P alro I . 

year before, at XZSRSTm. Imports I , t0 the militia of one of barracks in 

the Christian leaders '- " . - 


reports from southern Lebanon The~ fighting was said to have 
said flares were being fired over broken out when a Syrian supply 
Kaukaba. truck catnc under fire 

This is the first time that army David Lennon reports from Tct 
units have entered the south Aviv: Israel fullv supports the 
since the civil war ended two Christian forces hut is noi pinn- 
ycars ago. Officials here said if nine any independent actinn to 
the exercise is successful. 800 prevent the Lebanese army's 
more troops will be despatched move south. Israel believes that 
1° the region later. the force stopped at Kaukulu is 

The force, backed by 200 totally under Svrian domination, 
armoured cars, moved from It is believed that the onlv 


army will continue to guard 
P:i ms tan from internal and' 
exbTnal'flangers, which is taken 
t« mean}.- it would remain a 
dominant tprcc. 


. - -- the Bekaa Valley reason for moving the troops 

were substantially down at. Tne . an leaders In the and headed east, making the into the south is to weaken the 

NZS722m. as compared with • feat on- Jiajor Saad Haddad, had 70-mile journey before noon, control of the Israeli-backed 
NZ$79.1 during the same period! set tip a checkpoint on the It is understood that the Christian forces along the 

troops will stay clear for the border. 


the previous year. 


Khiam-Marjayoun crossroads. 


KAUKABA. July 31. 

H is thought in Tel Aviv that 
rather than engage in a direct 
confrontation with the Christian 
fortes, the Lebanese army will 
•sta> a I Kaukaba and start a w.ir 
°r nerves. Israel expects to come 
under pressure in persuade the 
Christians u, let the Lebanese 
army pass through their village.* 
on its wav to late up positions 
in the central sector of southern 
Lebanon which is policed bv UN 
Lroups. 

It is fell that the Lebanese 
army could more sensibly have 
moved into the central region 
through Nuba Liya, thus obviating 
the need tn gn through Un- 
christian town or Marjuybun. 

The Lebanese force i.s com- 
posed mainly of Shine Moslems 
and has worked in the past for 
the Syrians. It could by no means 
be considered an army of the 
Lebanese Government, it was 
said here. 

Reuter reports Trom Washing- 
ton: The United States expressed 
deep disappointment today at 
President Anwar Sadat' nf 
Egypt's reject inn of further 
direct peace talks unless Israel 
agrees lo return all occupied 
territories. But the State 
Department announced that Mr. 
Cyrus Vance, the Secretarv of 
State, would still visit Egypt and 
Israel later this week. 


China outlines war strategy 


Hewlett-Packard computer advances dt 


MR. HSU HSIANG -CHI EN, the 
chtnvM* Defonre Minister, has 
mi id that an attack ing Soviet 
force would be iuTed deep into 
the oeunirv. then knocked out nn 
a baiiicg round of Peking's 
i -ho III!. 

The statement conics in a lanfi 
orttclc published in Red Flag, the 
Ui'MictKui journal of the 
‘•lutM.'-e Com ot it m»i Party, to 
ni.fji, Innnu row's nisi anniver- 
:«u.\ of Hu.- founding of the 
lV'ipU*’.; I iteration Army. 

Hie art tele's main thrust wa*» 
Hk country > need in prepare imv 
"'.if v. hi eh. tin- Minister ^aid, 
-‘. I., tnei liable Out n*»l imminent. 

Hr. added that « third morld 
was i« Hid be jmslpoiied if. the 


dcvelopiiur and developed coun- 
tries— the third ’and second 
world*— formed a united front 
agaimd the Soviet I'iUeo and 4bv 
United States. 

Mr. Hsu said The struggle for 
world domination between the 
two superpower* would cause the 
war. But he- added ;hat the 
greater threat tame from the 
Soviet Unmn w htch wa- cletcr- 
ininffti fo KuhjueaU* China 
Hfu said ;he mam wuaptm 
would W the uw? of a people's 
Wiir, lm| added that mnden var- 
■Tare bad t-han^ed and the con- 
cept shuuld be adapted. A 1-0111- 
btnatfon nf field armies regional 
armies and militia was ibe.be-t 
orainisaliuital form- .for a 


PEKING. July 31. 
people's war with the militia 
butfr up into a powerful reserve. 

Then, the strategy should he 
active defence and when war 
tame, the luring in of enemy 
forces. “We will deal with the 
aggressors in this war: we strike 
\at tim enemy troops after letting 
them .-nine in. Our strategy is 
To. win ma-terv by striking only 
after rh* enemy has struck. 

•’ We w ill nut let the enemy 
'•roups go toherevor they ltk«-. hut 
will make them go where we 
decide, systematically lead them 
cn hattlefielfls of our choice so 
as to cunct-n irate our superior 
forces accrmling to the actual 
conditions to wipe them out one 
hv one. Reuter 


VIETNAM'S ECONOMY 

The soldiers leave the land 

BY A SPECIAL CORRESPONDENT 

iH’CKXTI Y ICETI hWIXG to people have been resell lod on the trickle of Chinese departures 
• YieHium one Western virgin land) ami many c-siab- m March and April to develop 

••ti'vijl wjh surprised to see a ItsiH'd paddy fields tlm into a mass exodus. 

d:un l»n 1 iii in ?■ site. where Gamitodcin border have been Among thousands of Chinese 
Thi.uiitnris ni men had been busy abandoned as in-«-cure. who crossed over la China were 

« i Ilyin..- v.i:lh <>n shoulder poles Last year a cumbina' :»n of factory workers, miners, dockers, 
during lit., previous irip in April, drought, floods and mismanage- teachers, doctors, fishermen 3nd 
■i* Mr di -ei ted. The reason, the ment resulted in a gr:m .-'lortfaJI a laryc number of technicians. 

-utliurities :«!d him. was of about 2m tons. Vieln .ia ,sur- Work in a number of factories 
th.jt must nt 1 ho workers to-en* vived Hie crisis with the add of near Hanoi, and the cement mill 
Jf’iiniMUscd soldiers, who have l.6m tuns of emergency imports in Haiphong, stowed down con- 
h'Hi rcifirned to their units to and by belt-tightening. A Though sidcrably in May. 

’ •!.. .-1 the u.-to do fence needs.” this year's crop appears l.kttly “to However, the most serious loss 
Tbi' i-- bi«)ii-vi*d tu be a typical oe belter, sources in rfo'ioi still seems to have been suffered by 
cx.inriic m? '.inn tension with ? ucflcii nf around ifo. i-ijjJ mines-, for about 60 per 

f 'lnn.t :i!-.ij the conlmuiug ions. Bui if tile cpnflict cent of the miners were of 

bun Jim- war with Cambodia is 
a-.rUni:; \ in i»nc<* again 

-h’f; u- prierutes from economic 
rcvu'isiructinii to defence. 

WtMvru v!isl-i\lis in Hanoi 
S. it.re L‘ial most uf the 2U0.000 
-Midlers Whu were demobilised 
in I'.'iS roiioumg the North 
\ i* , ;u.i:-«e , .c » ieinry in the South, 
jin! who were .sent Id agncul* 
turn I etpiipv relive* and factories. 

.u'e now being called up. In its 
it? M"«" lo sirengihL-n the militao' 
iK.it hiue has extended the 

ii'jft from 1S-25 tn ltM5 
'■•.ir*. and the pericui nf corapul- 
-«r> military service from 3 in 5 
-■•.irs Tin- rumutt tortd of 2m 
iiii.i.M- arms— including militia— 

;. i«c r:;ivcu lo fiui i« the near 
tiiiun: Al!l»njg!i many of tbusc 
,t:i iirmlueitvf work in 
..-M:n»n in :hesr military dunes. 
t;:« r:-.i uf arming and feeding 
tin ,ei 1:1111 !*» put ;i severe 
' ; r;i ;"i u;i t|i«* X'tetnaRloSC 


CAMBODIA said jestrni.iyihat 
ils forw* hail killed COO 
Vicinamcsc and 'woundi-tl 2.VU0 
in fighting on their border, 
Reuter reports from Bangkok. 
The Cambodians claimed a 
total of l.ZDff VlrtnanirM' kdled 
and 2,500 uuunded daring 
border clashes in Jnly. Htnoi 
said that over the past week 
Vietnamese troops hart vdped 
out several Gauiba&tan 
battalions. 

Western diplomats in ' the 
Thai capital said filling 
between the two countries 
over the post two works had 
torch tbc heaviest for tumc 
months. In Prklufi, II113 Kuo* 
feog, China's CommanM Party 
leader. rcalUrracd Ills cunntry's 
support for Cambodia. 


Chinese origin, and it is realiabiv 
c«tuualed that in May coat pro- 
duction dropped to 13-20 per 
ceni of normal. 

This decline is- hound in affect 
nm only Vietnam's own consump- 
tion but a!>o Its foreign 
exchange earnings. Anthracite 
was nne of Vietnam's principal 
exports last year, sales to Japan 
earning M7m. 60 per cent of Viet- 
nam b earnings on trade with 
that country. 

In addition two-thirds or Viet- 
nam's power is generated from 
coal. The production of seafood 
—another important export — is 
also likely lo suffer with the 
departure of a large number of 
fishermen. 

The Chinese decision on Juty 
3 to cancel all its SO aid projects 
has also dealt a serious blow to 
Vietnam's efforts to repair ils 


■ war-damaged infrastructure and 

i. with Cambodia eonitnuet until n„ 2 

1 riPV steel mill, set up wiui 

jimv. ■■nil of 1 he war I hi* ^ nj i . 1 0,1 in the early 1'JbOs, 

V " h..s i-.vn :::vvn jn iacn?3s- J fn v hmp . ins- border seriously damaged by 

r.'o. W i—!ni>lv ’■>' wiffliio ,n " J l " p . f D ,) i n l" rill in fhn Al,u,r,can bombing. But from 
t! !i.:> creufod il5 nwn [*-S ,a!l w ii °?i‘ -J? 1973 onwards Chinese tech- 




lo restore four 
with the depar- 
technicians Hanoi 
find oilier assistance 
steel mill. 

tiiiv ^f lcn^ i»r thousands’ of According to Western dipio- 
wnrkcr?., technicians md cn* mais in Hanoi. Comecnn, which 

gmeers or Chinese origin. Most Vietnam joined recently, has 

ri.- i abandon, many western observer* ia .iuooi tend agrct*d to take up 10 01 the aban- 
u* a-m* tiijt while Hie Viet- doned Chinese projects. ,\o 
n uuoM.' .ml imri ties made life details are available about these, 
difficult for Chinos* . private but there arc strong doubts as 
idarior- (dospuo twy decades of to how quickly or effectively the 
H.i m>i n:!h*i:.l socmhsm there was :i Thriving Soviet bloc Is likely to come to 
year market in Hanoi .::ul Haiphuug the rescue of lhiDoi. Progress 



: 1 Dii'oler s**fanl; 

y ;» 


ti;: '■ni*- will have l 

g en 


ii ri.- i abandon, many 

tin , 

•< !.«'kfc. Navo! * 

!ll]Vi 


i.iv,- !..•■ i.;i:'rtrti:ri5 1 v 


•i-J-.fl:, 

I..* 

..sir:- Hi*’ 

GtiK 

r.::i jr.ii t>u'* *-{ Thai; 

and 


.fui.-.,- .1 ii i.-u); os! 

U'i.'.l 




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1 




SIVffiRIGAN NEWS 


■WORLD TRADE NEWS 


Financial Times Tuesday .August \3L;\imf '1.L 
~ ‘ ... ”■ 


Six-month 
certificates 
help savings 
institutions 


By John Wyles 

NEW YORK, July 31. 


Economic indicators index 


rose by 0.4% in June 


BY DAVID BUCHAN 


WASHINGTON*. July 31. 
the real growth of 4 per cent this 


i-*-.. iTKE U.S.: index of leading Michael Blumenthal. and 

veil' si*v" TuovTif **nvin*s i economic indicators, widely used Federal Reserve Board chairman, year, 

certificates iiiiruduced in ihe ' l o gauge foture trends, rose by Mr. William Miller, have recently The biggest drop in the June 

a respectable 0.4 per cent in said that, although growth will index was in plant and equip- 

June. according to a preliminary be slower in the second half of tnent orders, perhaps reflecting 


U.S. in June, appear (o lie 

some 8 of the* ^oped-for * protcc- estimate released today by the 197S. the ^economy is in for a soft the gloomy view that business is 
lion against the steady climb 


! Commerce Department. 


this year in short-term interest I .This eivps little support to 


landing, not a recession. Reccs- now taking of the rising inflation 
sions in the U.S. have tradition- rate. Consumer prices rose at 


rate*. 


' fears, expressed 


! . allv been Preceded by several an annua! rate of 10.4 per cent 

S r°i 1 ? e - pr l l'?L e months of decline in the leading in the first sLx months of 197S, 


Money flows into institutions ; economists, that the U.S. is head- indicators ’ to make it almost certain that 

offering mortgages had been : ing for an early recession. The But the' June rise in the index, the AdminiK?ation’?^ope of 

droppmg dramatically in the index now s how S a nse for every in which ^ biggest factor waS keeping inflation to litUe more 

first five monlbs or the year. ; month this year, after the Cora- increase j n residential build- thao 7 per cent this year will 
because sa\ers were diverting mem Department today revised ing permit, * well below the not be fulfilled, 

money Into higher-yielding downwards its esUmates for 09 £ er cent increase in the The Commerce Department 

instruments in the money April and l | ?p* a, d ^ or revised figures for April above reported tbaL of the 10 indicators 
market, such as Treasury hills. : thus level tin*, out the slight tbose 0 f March this year. This available for the June prelimi- 

Deposits with saungs and loan ■ decline initially recorded in the is taken here as yet another sign nary estimate, six rose, three 

associations, for example. { May indicators. that ^ economy will not meet declined, and one — labour lay- 

The Treasury Secretary, Mr. the administration's target of offs — was unchanged. 


plummeted by 41 per cent in 
comparison u ith the equivalent I 
period of last year, thus 
increasing anxieties that new j 
huusiiig construction would be 
curbed. 

However, according to the 
Federal Home Loan Bank 
Board today, the rale oft 
decline was slowed in June \ 
when net receipts of new 
.savings at sat tugs and loan 


Machine tool orders up sharply 


BY DAY1D LASCELLE5 


NEW YORK, July 31. 


ORDERS for machine tools in and up 12 per cent from May’s spending — which had been iden- 
thc U.S. are continuing to soar, S354.9m. The biggest surge came tified by several industry surveys 
maintaining the strong trends of in lathes, milling machines, earlier this - summer — these 


associations showed a less j ij,e first b alf of -this year and machining centres’ and other figures also point to the breadth 

than seasonal drop-oil. air. : highlighting the strength of in- metal cutters, where orders rose of the investment front. 

Robert McKinney, the Boaro dustria! investment. 71 per cent. Orders for metal The car makers still account 

chairman, claimed that this pressers were up S.6 per cent. for much of the rise. They are 

reflected ‘widespread »ver Orders ra»eb no less than The June rise was particularly currently tooling up for the gen- 

arcrplance of Ihe new six- | ** gratifying lo the industry, which eration of models which will 

momh certificates, die rates ©r | , « hrin« nfi increased its prices in April and have to conform to new fuel 

which arc pegged to lhe pre- ! asl fl ; ' J I‘ , l f 1 , r , , F n * J had expected the next few consumption and emission stan- 
1 ailing return on six-month I*" JJJ* ™ months to be weaker. Most of dards. However toolmakers who 

Treasury bills havings insure- nron C .°r^!i aC hY- Jh2 ^ machine tool makers can- supply other Industries, notably 

fions are allowed to pay fl.25 “Sures prepdirea by the vasse( j for their 
- National Machine Tool Builders’ - - - 


per cent above the Treasury 
rate on (heir certificates which, 
following a Treasury aueliuu 
Last week, carried an interest 
rate of 7.68 per cent. 


opinions also aviation, are also optimistic, as 


a,,.,;,.,-,. foresaw continuing strength In they i ;e their customers gearing 

l - Delation. orders for the rest of the year, up for an era of. fuel and mat- 

The June total was $396.3m Apart from evidencing the crial saving and high produc- 
compared to S2S7.3m last year, volume of industrial capital tivity. 


Emergency loan i More prospective orders 


rate to Brazil 
banks increased 


for Boeing 767 aircraft 


By Diana Smith 

RIO DE JANEIRO. July 31. , 

AS OF this week, commercial FURTHER 
and investment banks in Brazil 
must pay the Central Bank 'medium-sized 
33 per con I and 4!» per cent, ! 
respectively, as in l crest un 
emergency loans equivalent to 
up la 3 per cent or their month- 
end deposits. Prctious rales 
witc 30 per cent and 40 per 
cent, rcspectitely. 

Emergency loans are the 
present equivalent tu (he 
former Central Bank liquidity 
rc-dlscount extended to hanks 
resorting to the Central Bank 
when in difficulties. Interest 
rales have been raised in order 
to pm further brakes on the 
money supply, which has over- 
run budget estimates, and to 
discourage Individual borrow- 
ing. 

Tile commercial banks have 
been charging an average 57 
per cent interest rate per 
annum on loans- The new 
Central Bank measure can be 


BY OUR OWN CORRESPONDENT 


NEW YORK, July 31. 


PROSPECTIVE but he declined to name any 
orders for the proposed new airlines, 
aircraft front 


Los Angeles to 
put last plan 
to Olympic body 


LOS ANGELES, July 31. 
LOS ANGELES will present its 


i . ,, , , . The potential value of the pur-i *i? st chance " plan to stage Lhe 

• Boeing, the ifli. emerged today chaRe is a bout S250ra for aircrafti 1984 summer Olympic Games to 
jwith a letter of intent to buy 10 which would be delivered in I983|the Interaationai Olympic L'om- 
!of the aircraft, signed by Inter- ,_ d iggj ln addition, inter- 1 mittoe (IOC) within two days. 


. . c-. and 1984. ln addition. Inter- — 

national Lease Finance corpora- nu ij 0 nal Lease has placed firm but there are still a number of 

i an air « r ?ft leasing company orders foT two 737 aircraft | obstacles to overcome, 
in Beverly Hills. valued at about S22m. to be 

I This is the second announce- delivered next February and 
iraent concerning the 767 since July. • 

'United Airlines placed a SI. fib n The 787 is planned as a 200- 

order for 30 of the aircraft seat wide-bodied aircraft, and is 

nearly three weeks ago. Mr. to be the main U.S. competitor 

Leslie Gonda. chairman of to the proposed B10 version of 

International Lease Finance, a the European A300 Airbus, 
privately-owned company, said 

late today that negotiations were y.g COMPANY NEWS 
now under way with Boeing, and 


that he expected to place a firm Carborundum acquisition boosts 
order by December. Kennecott profits; Goal pro- 

Mr. Gonda's corapaby owns an dneers see brighter future; 
undisclosed number of aircraft good second quarter perform- 

Tews Instruments: Re- 

- - i&ffi iSme ol ih. nro.cec- «"« Int emm lnn.I fnc« «9.M0 

expected to provoke an early i Live users he had lined up for fines, necoro nan-year ior 
rise in this rale, ■ the 767s were western European, Upjohn— -Page 18 


Mayor Tom Bradley uf Los 
Angeles — who brought the plan 
yesterday from a meeting in 
Colorado Springs, with the U.S. 
Olympic Committee president. 
Mr. Robert Kane-^aid on his 
return, " unless we are surprised 
by the IOC. I wmild say our 
chances of staging the 1984 
Games are very good.” 

The plan represented the last 
chance for Los Angeles tO'dtage 
the Games, he added, . because 
there would not be enough time 
to present another proposal 
before the extended deadline of 
August 21, by wbich Los -Angeles 
should sign a. contract. 

Reuter 


THE 1979 U.S. FOREIGN AID BILL 


Resentment on Capitol Hill 


UK exports 
to Russia 
increase by 
56 per cent 




helved by the Lords! 


BY MAURICE S&MUELSON 


By David Satter A BILL a rued a t| curbing tl 

MOSCOW Juiv 31. Arab boyc«>:i. modelled on U.S. sponsored by Lord Byers, the industrial and wmqivnltii 
" EXPuK'TS to the legislation, will not be >ein- Liberal peer, was put in the organisations who feared, vit 


the The Foreisn Boj-colts Bril, ft was also opposed hy . leading 


BRITISH 



vear compared with t the same • howcv 
period of 1377. Deliveries on ; BU1 hope 
major Aaglo-Soviei contracts , rtfCf , ul , nC nd. W 
signed last year and m I9/B linporlan t cfc-mfi 
began to have an impact un the menl policy wiiict 


,,r. .HPPbif-rs of the 

b *»ha; ii«4oi».mill*fe will ° h L f S °L» r - Owen. 


trial ^ 


t vern- ^ fig*** ***?* ** **>. 

o uwt rwjuirc reading. The rernirt will be pub- - ... .. V 

— »...i - ----- - • legislatiM 

last vrtg 
the. extre- 
thc US. 
Actatoti- 
campanfe&tn 
Ycgulathtoa- wbhai 



Ev^S^ner eent S io £298^0*0001-! The Govern nicnlE-ould also be besides*^ Lord Byers, included '• s , ?”‘ e 

Hth sSvani fMM ThJ LSo ! asked to intervene trough diplo- Lord Boyd-Ca r pen tef. the former 


pared with £352.9ai for the same. _ . . . , 

period of 1977. ! ^atic channeL u 

As a result Britain's tradi- ; companies and ■« 
tional deficit in Soviet trade was \ tlc * Ql atithcr.ncj 
reduced to £72.7m from «08ru { ccrtificatv.s 
during the first half oft 1077. required by *nue 


The improvement is attributed ! Bnti&h embas.su- aj 
to major deliveries under the J’ ,ans - 
EIOOui gas compressor station , ^ roin . dis^cniinjiin 


tect British Conservative Agriculture Minis- 

p the prac- ter. Lord Aylestone. former requests or qucntiiaQaiKik 
negative Labour Chief Whip, and Lord The U;S.; Administration .r» 

rigin. as Caeda. a former permanent a were of British. /sensitivity about 
rah states, under-sccrctary at the Foreign cxtra-tcrritorTat fegislatiotv This 
trade mis- Office. may have cdnirtbutod jts 

iscouraged Although strongly barked by failure to give the Lards Commit- 
business pro-lsraeii bodies m Britain and tee as much evidence as: ' it 


contract 


signed in 8 December, \ opportunities eoiitaflng boycott North America, the Bill lacked, wunfod about the effcctx of U.S. 


Jord; 


BY RAMI G. KHOlfel 


1976, and also to a si^ii Scant ! clauses, 
but unexplained rise in British j 
exports of non-ferrous metals. ■ 

The export figures do- not re- : 
fleet-; large values for uranium I 
sent to the Soviet Union fcirj 
enrichment and re-export to! 

Britain and so are believed to j 
reflect, a genuine export gain, i 
Deliveries on two other major ! THE three-year-uld 
Anglo-Soviet contracts — the £50m j economic in teg ratio 
Constructors John Brown con-j Jordan and Syria wi 
tract for a high density poly- ! an important step f 
ethylene plant and the: £233m I week when the joint 
Davy Powergas methanol plant I minee. chaired »>; 
con trad — are expected 
before Ute end o 
proving the figures 


the support of the Government.' legislation on U.S.-Arab trade. 



integration 


AMMAN. July 31.'-. 


id rive for Most of the provisions of an Syrian free rone . thaL is now 1 : 
between investment promotion and pro tec- being "set up. a* well as in the 
be taken tlon. agreement were finalised other free zones tn both .co'un- 
.*ard this during the London visit, he said, fries. ". .. '•••' - . .. 

[her com- and plans, are in hand for a visit Dr _ Daianr said he held talks 
Prime by British lndustnalistb and 


The Soviet Union still, how- 
ever. has not fully utilised the 
1975 Anglo-Soviet export _eredit: 
only £440m to £450 in of the 
£950m credit is believed to have ! 
been drawn so far. 



jUu5trial holding company 
a rapitai of S60in. , 4 

The holding couipagy .will act 
as an umbrella grotii^.. tu -estab- 
lish a series of joint? uianufac-. 
tunny plants in bulh countries. 


with lishment or new joint vonlure food and beverages,, electrical 
manufacturing schemes, particu- goods. pharmaceuticals ' and 
larty in the joint Jordanian- chemical fields. . — 


_ Total trade turnover incased a0 d j s ijkely to turn abroad for 
d per cent during the first balfl loans of between S120m and 
- vear J , to jE524.ini against 1 gx80m - in finance its svlieines. 
£497.8m for the first half of last ! according to Mr. Nujniaddinc 


U.S. steel limits working 


NEW YORK, Juir-3t. 


' e TV decline in British • pup !5S“ L M J .-2.-" lan T l £!f u *EJS!S ™ E U s - Govern niMFs triggcr - shipments, from- countries other 


Trade Minister. The Aouutn- price mechanism fTPM) for than the European Community 
based company envisages setting restricting sleel imports “is now nations and Japan are. still very 
up plants to produce white gradually making itself fell." high. . The reasons For these 
i-eiuent, ready-made clothing, according to the' American higher than ordinary sitipniuirtir 
piS-ironana pestiddes he said Institute for Imported Steel. aren't immediatclv apparent 

The institute said Commerce John Writs adds from New 


chases from the Soviet Union 
was attributed here to a sharp 
fall ;n imports of non-manufac- 
tured textile fibres and a small 
decline in diamond imports. The j[n'’a Press interview 

higgfisl -*'—■* 

oil 

the -grauon a rive is to oner i acuities down -o per cent from June lions that imports are dropnl'ok 

for foreign industrialists looking 1977, and down 10! per cent from bur point out that In. the fiifst 

’-i/pc hr, aC >! Ur ' 19 ? , : .. . * five months of the year. voJumi 

SS l i the w he - a t of M Jfifi |e , Mr. Kurt Uban. president or was well ahead or Iasi year, and 
Last, the Minister said, adding lhe institute, said imports now the indications are that .fm. 
that this Syrura-Jordanian sole have declined fo? both months— ported steel will exceed The Win 
m the region was discussed May and June — in which the . ions the Administration, hoped 
during his visit to Bntain carlfcr TPM has been in practical effect, might lie the I97S total undejr 
m J “. v - . Mr. Oban said, however, that the trigger price mecVmisnL? v_. 

' - , — — 


linrttfsl imrinrt nil mrl ! , . . *«e iwawtuir .nuu v-uimuciLi- Jttlin adds irom NeW 

fiUroduch^remSrat ^hom'?"® of T lh ^ ai . ms ° r lfie Department figures: show imports Tork: Domestic steel mnufiS 

he »u ». !»-.■ « ■... ,.»r. saJS"*" ’p“ ei -Pwr s 

Dell will lead 


British trade 
visit to China 


By Lome Barfing 

art; EDMUND DELL. Secretary, 
of State' for Trade, will lead a 
powerful delegation of British 
businessmen on a trade mission 
to China next month with the 
intention of winning firm export 
contracts. 


Taiwan .airline orders Airbus 




BY DAVID CURRY 


PARIS. July 31. . 


THE SUCCESS of the /European tract including spar\pnrts and basis and France and West 


The announcement of the mis- j Airbus in Asian niaf kcts con- special equipment, is Understood Germany are each buying 2Qfr 


sion follows a number of other : t inues. The Taiwan-Based China to be about NKr looh 
SS^isitfr^ T:5 eve .”i Airlines "as become the I7ih Ministry has the option, t 


The aircraft, 
til Die • The 300th firm order for the 


,l Y -T • -,nrl • “ ■ 1,1 luim.^u.T iiaa me i 

.JSl i n rf,n?S2 , 5?W_ ny . 1° d . cc . ide Purchase end of this year, ro increase its DC-10 was announced yesterday 


i 


BY DAVID BUCHAN IN WASHINGTON 
PUSHING A Foreign Aid Bill backing whrcb the the U.S. this would hurt the American tain World Bank loans in recent 


through Congress is always an provides, as do other govern- farmer. „ . _ . . 

uphill task. This > ear, nut only nients. Tor the beaks' borrow- Mr- Robert McNamara, the World Bank officials find this 

are mid-term Congreosiuual elec- ings on the private capital President of the World Bank, irksome, and the pattern of vot- 

lions due: there is talk of lax markets. The money is there- made it clear that these epodi- ing erratic. Why, they say ;- vq e 


revolt in the air. and the counter- fore highly unlikely to leave tions were unacceptable. So the ® ,0 ® n t0 ye | 

part of this is that public spend- the U.S. Treasury. Administration stepped in and let South Korea < off scopfre^ 


'' hi ' h [orei S" “«* A further SS35m of the teal got tigress to^b.ck oS.J, But^lhcy have^^o ^und^ngn.al 


in promising that 



herculc-an. PUS * wili ^still he the largest ever. was acceptable because the U-Sl J® in 

Under attack in particular this Success for Mr. Long could has no blocking veto over Bank JS?,™..?” 


lime arc (he mu 


in particular inis - . p jd h j 

Itiiatcra! leadin" !5 P e11 ncar disaster for the IDA, operations. In the last year The ^iit 

.... hnth iri.„in»tF,ii nn FT C ^ posed that 90 per cent of alUflS. 


tgi-ncics such as the World Bank ,,oth Administration and World U.S. director voted against a 


per 


and its “soft loan’’ affiliate ih< 
Inter national 
uaiiun <1D 


Bank officials maintain. 


The loan to Laos and against a loan gjFfft!? g uSiftaE^Sdf? f 


lal Development 4«o- ,DA depends totally on govern- fora Malaysian palm oil projecL “ ,BS 
Al and also the small- ,T,t>n . 1 donations to make its con- The grounds for the latter vote, j”®. 1 211 


overwhelming amount 


M“‘ , V,gcnries' “iiu“‘"th.r Inter- SSSg" J""!, 1° lhe , Thi 5 d the palm oil would compete {^^wd ‘ 

Am.-rican Development Bank and Uor,d - The v - s - ls already with U.S.-produced soya oil. were The director of the U.S, 


ffo 


el 


the Asian Development Bank. All 
<<i tlu*>e arc heavily dependent 
on U.S. funds. 


A growing body of opinion in 
■.‘on gross resents the loss of 
control over the increasing pro- 
portion nf American aid that has 
i.een channelled through them. 
Conservative and liberal wings in 
Congress both led loans made by 
ihc:.c agencies arc olicn against 


What everyone bemoans is Mr. Carter’s lack of 
clout with the Congress. The hope of the aid 
lobby is that appeals to the economic self-interest 
of the U.S. will carry the day in Congress. 


the 

Agency for International De-: 
veiopnient, Mr. John Giilfganj 
-while admitting that this cpuld 
be a very good investment if 
it furthered peace in that regibg. 
has nevertheless criticised Ibis 
geographical distortion of £he 
aid effort. % ; 

Nor was the World Bank 
exactly delighted when Admini- 
stration officials started to lead 


American interest, propping up badly in arrears, owing 8750m, admitted by the Administration i£®* r ls y°f5® 

Marxist or oppressive regimes. 0 r one half of its total pledge, and the U.S. Agriculture Depart- »anK s, salaries, me tJanp, 
Ffnl'.-clionisls worry that they to the “ fourth replenishment '* inent to be spurious. which publicly blames the U£. 

help foreigners compete against of the IDA. Every- other donor Negative votes by the UB. for p ^ ns 
U.S. industry and agriculture. country paid up in 1976. and were no more frequent because fv «r? e . r tIian «? 

Further, sonic iJongresumen IDA is now into its “fifth Cuba. Mozambique and Angola th at *ts officials are overpaiq, is 

argue that the agencies often fail replenishment," , the latest of are not members of the Bank, nonetheless acutely sensitive, to 

in ensure that their loons benefit the periodic appeals it makes Uganda and Cambodia are not r'ts type of criticism, ana has wc 

the puoresl people in the poorest to the rich, industrialised active borrowers from | t Instance now cut out nrst^^c. 


countries, while others are countries, 
merely piqued that many agency The 


(though an irrigation project * or aI * ^ ut a 

crunch will come next loan to Vietnam is currently or u 

the iDA must beinc considered ». and there has _ What -every one bemoans is 1U. 


officials get substantially better summer, when the iDA must being considered t, and there has r .TL“r.V' ,^3 ?' Sj.L 

Hilaries and perquisites than have at least $340m of the U.S. been virtually no demand for Mfn ar oL c 

ihcv do. arrears lo meet Us loan obliga- sugar and citrus project loans j lch , 

The Administration has from the Bank. hie '«* 

rv mfilltfv rtlnvti’Pqq Kv Dt.v » .. nn 


Lt-'-dm - (he haiili- y-'-imsr flip lions. The Administration has from the Bank. neither to fear his displeasure, 

i n » e r na Vinna I aeencies" in this mollify Congress by But as a permanent arrange- “ oc “f ol Jh J « 

week’s debate will be Renresen- arguing that negotiations for menl, this satisfies no one: Hj e aid af3 P ea i*iha 

)ve fSre nee Lon-- whose ^ fiflh replemshinenl (to be neither the World Bank, the economic self-interest of the 

ume Llarcntc Lon... whose d 1977 and 19S0) nnr the Harter Ad.ninistratinn U.S. m giving to the international 



SW6m. was in li.S.conin buttons fulure the Administration forced to a political conclusion 37 per cent of total direct invest 
to the IDA and the Inter- wou id get otficr countries to on the floor of Congress.’’ one ment earnings from abroad, came 
American Bank Now Mr. Long. p a v mo ^.. senior World Bank official says. fro ™ ^ .T b,r ^ World. 

who has described lhe mo banks gut World Bank officials The danger oF allowing one lE the a,d 1,111 S° e s awjcy 

as “elitist institutions run by W orrv that there may not be a country to produce its own “hit 111 Longress and Rep. Long gets 
oligarchs, skilled in keeping the future, that other donor coun- list" of undesirable projects or h '® . wa J'- lllon World Bank 
crumbs [rom falling off the table uies will simply refuse to pay recipient countries is that other officials see a distinct possibility 
io reach the hungry." will be «p j n further replenishments if members of the Bank might that some of the richer partners 
urging a further cut oF S5S4m in congress does not wipe out the want to do the same, and Its ol the XJ.S., the West European 
contributions to them. arrears this year. operations would dissolve into countries, might decide to take 

The Administration has The level of U& contributions chaos. their aid money where it can- 

reminded Congress that the is not the only disputed issue. One restriction of U.S. be- not be used as political fooibali 
U.S. now ranks 13Lh among the So Ls their use. Last year Con- bavtour in the World Bank is by the U.S. These same officials 
17 largest donor countries in press threatened two amend- here to stay. This is the Harken consider that a decision by EEC 
terms of the percentage or ments lo control the use of Amendment passed last year governments . to put more of 
Grass National Product devoted American contributions to the which forbids U.S. aid to coun- their aid money into the 
tu official aid. More specifically. World Bank and the IDA. These tries which show “a consistent European Community’s Lome 
Treasury Secretary Michael would have forbidden the l p nd- pattern of gross violations of scheme would pose to the World 
Bhimenihai has pointed nut ing of the money to Cuba, human rights." In accordance Bank tile same sort of threat (hat 
that uf the r*3.5ljn, which the Mozambique, Ans° liJ . Uganda, with this amendment, which con- the recent decision to set up a 
requesting Cambodia, Laos, ahd Vietnam— curs exactly with its own policy European monetary fund does to 


Administration is 


r.rxi jwr for the international nr far any supari citrus and pa Jin on human rights, the Adminis- the International Monetary 

bank?! some Sl.obn is merely oil projects, on the grounds that tration has voted against ecr- Fund. 


its composition clearly indicates the aircraft: It ta. ordered four o de. fox machines 
the areas m which the Chinese of ^ suoer B-J version for .« 0 uY. , T 

have exnressed interest. ,. P . _°5 Meanwhile, Lockhee 


by McDortnell Douglas with the 

have expressed irterest • 7 ,u ‘ steanwnite, Lockheed of\the signing br Swissair of contracts 

' Altbough f number of com- . J™ A p "2:.- 1 !S:J” d U ’ S bflS joined two Eurn^an for the purchase of two addi-: 


- Al infill a n "A niimni^r nr ffim- I i ■ •- _ uno JUHICU inu Lmiu ■i;t4 , i wi >"v 

pan S which already do busSess ha 4 s , 18 , ned ^ up fo r r ro . u u r °P ,ons - enmuanies. Dormer uf \&st tional series 30 models of the 
with C hi n a a re re presen ted 5 it is TotaI orde / s for , lhe »^cra f t tierimqiy and Dassaull-Brcg^t wt de-cabin tri-jeL reports AP;DJ 
?JSble tha? LJ?d Limerick of U0 n '!' i * a0U J? r t0 T Wit J 5 3 of offer the Alpha At from Lung Beach. .• . . 

Klein wort Benson and Mr. Ken op H°° s ' , 1 nclu j 1 ' n? }P 0Se ort : er ^ d trainer in the U.S. Navy's pro\ The Swiss carrier ordered its 
CotteriJi, of the Export Credits J options Placed for the soon to be poscd-’eom petition to find n rcwMOth and Uth long range DC-10 


Guarantee Department wilt be! d ®’!? lop ® d shortened B-10 version advanced trainer, writes Michael jetliners. By model 300 . total 

. mi ... . . . I nf fnn o i r wn Ft 1 IV TL _ tv I* _ :n fin « It .i . • . . .t - 


present. They will be seeking °f jj^cratt. 


Donne. The U.S. Navy will DC-10 orders include 130 for the 1 

... , am ..5— ^ A. ,n . in e . . __ - tin. 


clarification of Chinese attitudes j .. Wl ^ e *. ^T 0,n ® sl “ : ■eventually need up to 1,000 air- series 10, 149 for the series 30* 

on credit and may offer advice on [ ,°f wa ^'. s °' Defence is crafL‘ t - . and ,31. for the series .40. Of the 


means of compensation b u F f Dur ® ea Lyme helicopters The Iwin-cngined A I phasic! is total, 29 are convertible freighter 
. which could be vital to! lroID Westland Helicopters, of built, by Dassault and. Durnier versions. Value uf the 300 orders 


various 
trading 
future deals. 

Chinese interest in British con- 
sultancy services has led to Lhe 
inclusion of Mr. David Chapman, 
a director of the PE Consulting 
Group. 

Another new area of possible 
trade is construction, and Mr. 
Robert AJdred. chairman of 


the UK. The value of the con- on an International collaborate is approximately S7bn. 


ASEAN waiits U.S. concessions 


BANGKOK, July 

Taylor Woodrow International,; THE ASSOCIATION of South U.S. market at a disadvantage, effect in the, area Df •rtropi'cal' 
will be on the trip. |EIast Asian Nations (ASEAN j is The ASEAN group urged “a products*’ without complemeh s: - 

As on missions to other coun- j to ask the U.S. to modify its more liberal basis in setting tary’ trade concessions to the UB. ’’ 
tries. Mr, pell will seek to in- J policies on countervailing duities quotas for such countries. It is from individual ASEAN nations;* 
elude the businessmen in highland quotas when ASEAN suggested that the U.S. consider Tropical products is a vagueiy-; 

CQUTller- Other r#flnrj «lich pvktino -,Tvrt AnAnAri uVilnli m.lnM ’ 


level discussions They, have .ministers meet their US counter- other factors' such as existing and defined category which includes 
necn urged to act as represen ta- parts in Washington, this week, potemiffl export capacity." • woods, fruit.' timber and other'; 
lives of their industries as well j ASEAN's strategy for the meet- 0 Q the Positive side, the naner nroducis ernwii in tronlcal pnun- 


as their particular companies. 

The group will also visit Hong 
Kong. 

The other members of the. 
mission are: Sir John Buckley. 'promote 
chairman of Davy International; 1 
Mr. Peter Brackley, general 
manager of BP Processing; Mr. 

Frank Edwards, deputy chair- 
man Humphreys and Glasgow; 


thp positive side, the paper products grown in tropical court- 


ing, which starts tomorrow, also said was "appreciative" " of tries. 


includes a plea for the U.S. to use offers- aiade by the U.S. on cer- The ASEAN delegation, accord--' 
its influence in the multinational tain ASEAN products during the ing to- its briefing paper, wiH&hftJ. 
(trade negotiations (MIN> to in ulti national trade negotiations, ask the UJ5. to direct some oL Its 
promote more liberal rules But the-ynemorandum noted that own massive purchasing power 
governing the export industries the products in question make up toward ASEAN products: Such;' 
of developing countries. less (had 7 per cent of ASEAN- a step is considered unlifcA&_ 

The meeting is the second U-S. trade, witii an annual value when many U.S. companiesjhre 
official session between ASEAN about S650m. complaining or Injury by foretell, 

and the U.S. The first meeting . ln 0l ^ c areas, ASEAN said competition and when thcVBB- 


S'SZP&r-f'r*? °C ^ e i which ' aired a number ""S « wa^ap^inTed thaTihe uT. i^“ai?^y runntitgVre^d t5* ; 


National Coal Board; Sir John 
Keswick. director, Jardlne 
Matheson and vice president of 
the Sino-Britisb Trade Council; 
Sir Arthur Knight, chairman of 
Courtaulds; Mr. Gordon Planner, 
deputy chairman of the Sterling 
Group; Mr. Graham Strachan. 
group managing director, John 
Brown Engineering; Sir Peter 
Thornton, director. Rolls-Royce 
and Sir James Woodeson, chair- 
man uf Northern Engineering 
Industries. 


economic sore spots but brought f.^ use d P ut certain trade deficit, 
no commitments from either bberalisition- measures into AP-DJ 


J. 


ln|ia frees more imports 

BY kJ K. SHARMA 


'NEW DELHI, .July -31- 


Reuter adds Trom Brussels: The J 
EEC has announced its first i 


side, was held in Manila last 
September. 

ASEAN officials laid out their 
latest bargaining position in a- 
memorandufli drafted in Manila, 
where representatives met to try 

IS Z%l%^TL':g n l Pnor Government has lions will be made when the. 

“ OTotectionist^ fu “ h b r ’^beralised its import conrmitiee submits. : its final. 

nha<?lsed iJ» \hp nnritinn P° I,L ' y allow unrestricted report shortly. Adjustments witf . . 
le SSmmi ? ttemin bv* he ' n » po . rl J & capita! goods for 14 then be made to permit import 
?™"«? ““ tTvv^nntrr ^- v Industrie*, logethcr with the of certain items now on .'thfe;-- 
- } counter- f ree i,„p0 rt of coiupcfaents for banned lisr^ - ' ~ 


Two 


vailing duties against certain hem ly^actiiaru^ra PoT'cies 

oumipntc imnnrtiirf rrnm.ACVAM *iy lauuai rOI CieS 



has proposed to ministers a i sidisinc «oods for^ «n , ‘in in *EP n r ^>fo“«sbment scheme. stable .base for the: future’.: 
reduction of import tariffs for! Qa ct the ire SrniJnH tw ^be liberalisation is based on Although . he did not >ay so. the 
20 Chinese products over andlsuch subsidies aro^nhercnily ^ r - p,,rt ° f J c b n,mit iee headed liberalisation has become pOS-' 


aranfprf tn*ri»n f normally , wrong if they favour exports 'over Secrma 3 ^' 01 

granted to Communist or " state- icr.oHc 5»eireia 


sTate 

trading " countries. 

EEC ministers util examine ■ cuch export subsidies arc simpVv 
the new proposal later this year.! a fact of life in world trade and 


goods made for domestic use. jnent 
i Most other nations contend that 


B. J. Shahane, sible because of the .rising- 
stary'-fur technical develop- foreign exchange reserves, which' - 
. Further, casing of restric- arc now wurth over. S6bn. 


The products affected would 
include certain types of wood 
and leather, trimmings for 
women's clothing and certain 
products made from tar. 


Iran oil talks 


The National Iranian Oil Com- 
pany and the Western oil com- 
panies that market the bulk of 
Iran's oil are near agreement pn 
five-year sales arrangement to j 
replace the lo-ycar one whose 


that penalty duties should be 
allowed only if domestic indus- 
tries are injured by the flow of- 
foreign goods. 

The countries affected hy the INDONESIA IS going 
countervailing duties were not with the', construction 
spelled out in the memorandum, world-scale methanol 
P a P er did say tola) capable of producing 
ASEAN garment exports to the tonnes a year. 

1977 amounted ‘ — ' 


Methanol for Indonesia 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


ahead ing Asian petrochemical indus- 
of a try. Methanol Is the raw 
plant, material for a large number of 
400.000 synthetic organic. che 
plastics resins. 


lemicals and 


ci'fi -J n 1077 . ahiounrod fo The-piapt is to be located on The plant .will be supplied 
. Bunyu Island off the coast- of from a number of Ras fields dft 

On quotas, the second proiec- north-eastern Kalimantan, and lhe island. According to 

[ lOn IS I ma-jeiifo "- 1 •— **■— - - ■ ■ — 

brielin 


1 j rt«rtS xpeeied t6 cosl morc tiian Per tamina there are sufficient 
p a per ASE . , \N said the -SJOOni (£t05m). gas reserves lo supply lhe ptartt 

Pertaniinft, the Indonesian for 20 years. 


volume requirements have proved ■ use of past performance to defor- , or veBra 

difficult for the companies to ; mine the sire of quotas on stale-owned’ energy corporation. According to- the present 
meet, according to newspaper re- certain products placed new. » id the plant would be built plaru the 'methanol plant should 
ports here, AP-DJ reports j comers seeking a share of the to supply feedstock to the grow- be in production in late I981» 

















fss 


M? J 




-• 










K NEWS 


Gaming Eastern investments 

machines • , . ii 

in dubs I aid pension funds 




-mwm 


mm- 


m ■... 


J : jt-Zt 



V 




mm 




hit pubs’ 


BY ERIC SHORT 


By Kenneth Gooding 


JAPANESE. Far Eastern and I ngs, up 9.9 per cent or the Retail index. The only fixed-interest: 

Austria,, funds have proved to JEM*"™* ‘ *'"* j PADL 6HEESER16HT 

be the best investment for pen- ana iy Se d beat the index. But in pension fund invest-; 

| sion- funds over the first half of property funds showed the best ment, it is very important to get i ODCRS 3 SUHHDBr SBflBS 

this year, according to figures ave rage performance over the the correct mix of equities, j r 

provided by pension consultants per i 0d moving ahead by S.3 per property and fixed interest The: snntlightflH? areStS and 

Harris Graham and Partners. cent. The best fund was Friends’ schemes can either do this them-, 


Cl. UBS are taking trade awayi=i¥ u IU,1US “’"'I' U ™ L u ‘ Property funds showed tne oest mem, it is very imporiani. u; gOBBS a BBiffltfr series 

from miblic houses because year, according to figures average performance over the the correct mix .of equities.) 

arc able tn h use “ enormous '' iP rD ^ de ^ •>» pension consultants peri od moving ahead by S.3 per property and fixed mterest The: spotlighting areSS aUlf 

proflis on gamine machines iol Harris Graham and Partners. J. cnt . The best fund was Friends’ schemes can either do this them- *|«Uf&UUU5 auu 

cut beer prices on average by 3p The funds were the top equity Provident Property with a rise selves or leave it to the financial nrillfllCtS for WfllCb 

a pint it was claimed vesterday.! performers. with Anglo-Nippon of 22.2 per cent and even the institution by Investing in a prUBUUlS WI "HI MI 

The' claim is made by stock-! Exempt, managed by Foreign and worst fund showed an .increase m£ed fund. arafammic 

brokers Rowe and Pitman. Hurst- Colonial -Group, showing a rise of of 1.4 per cent. However, the average per- LRGJ arc IdiHUBS 

Brown in their Breweries Quar- 70 per cent over the period and Fixed interest fund, in contrast, romance over tne first naif ot 

tcriv. Japan Exempt, managed by Edin- showed falls in value averaging the year showed a nse °f ° n, y THE WHITSTABLE oyster is 






Mr. Philip Shaw, their analyst.' burgh Fund, recording a 56.5 per 3-4 per cent — on a par with Q.2 per cent. With Friends Pro- alive and well. buc for commer- 
egests that all the growth in I cent rise. the decline of 3.7 per cent in the vident Managed the best P e r-| C j a j purposes is Living at the 

~ FT- Actuaries *” — ' ~ *> . 


suggests that all the growth in cent rise. 

the beer market is accounted for However, the average per- 
by tlie clubs and the take-home formance of equity fund was a 
trade. modest 4 per cent rise aver the 

“The losers are the brewers, period — four times the increase 
who suffer from lower margins of the FT-Actuaries All Share 
and reduced profits from their index or 1 per cent, 
managed pubs, and the tenants But it failcd l0 match the raove . 

'-’ r G ,eir Ued hljcses - ment of National Average Earn- 

Tlie recent report from the! 


Equity 

Top. 

Average 

Bottom 


Stocks-gilts former with a rise of 4.3 per cent. bottom o£ a plastic tank in a 
PENSION FUND PERFORMANCE, FIRST SIX MONTHS 7978 * Mc h UUlated .be 

PmnnrTv Mixed 'palates of the Romans and the 

* “sris* 

T ao Hr! -L a » . -to 7 I weather and lack of cash. 





% change 
+69.8 
+ 4.0 
- 8.9 


+ a.a- 
+ 1.4 


i T Mwiii n w«— i n i u — 

J . ... . . T^ni' fc’irtt 

Gamecock. Bi» (Ueman’s o.vster smack, is the only local vessel which regularly fishes the 
Whilst able o>>te4 grounds. When. Harold Bowden, now *3, started as a youngster of 12 there 
1 were SO vessels working. 


Koval Commission on Gambling 

i»ut forward only one small con- 
cession aimed at helping the pubs • -u , -m n f 

N r^ s cominue ,o Copyright breached 

undercut public houses on beer tC 

prices and the drift from pub to 

club will continue." sUawt — — 

Pubs were allowed to instal ||V Cdlt 

only machines for amusement h' | T i t UVUIfa 
with very small prizes, hut 

registered clubs— of which there ‘ A GRAND PRIX car was ruled and loss” on The Shadows 
were nearly 30,000 — could have off the world's racing circuits by organisation, 
gaming machines which offered a High Court judge yesterday. The Shadows had sued four 
jackpots of Up to £250. ouSd b(1 _ mQ ckerv of members of the Arrows team, all 

“The net takings are believed iusllce if th P Arrows FAX car was formerly associated with the 
to be very substantial, with some fEJId on the race tracks^' said Nichols company, alleging breach 
very large clubs having machine !£- TemSan He r^ted of copyright and claiming an in- 

mcomes of up to £20.000 a year. » p5 cem of X caFs ™om- and damages. 

.“One industry source has ^ e ^ pe h r J ei ™ p ®S fro “ The four were former racing 

pchiii'.lail tv.-., nn uuaraoa hear P.^COIS naO DeeO CUpieO IfCim J Tn.bfa niivsp 


Shadows 


Don’t cut 
prices 
of council 
homes, says 
Labour 


Hopes of revival linger, not __ 
only in the minds of veteran 
fishermen but in the muted plans mi 
of local businessmen. Indeed, y 
one of the results of deansing 
the Thames estuary could be a 
return of the Whitstahle Royal 
Native to the luxury restaurants 
of London. 

It got there In the first place 
by a sharp reversal of the habits 
of the 19th century, when Sam Tne t 
Weller and Mr. Pickwick talked !l etei ?P 
in a Whitechapel street. Harold 


Whitstahle oysters might 
thrive in clean Thames 


*‘ It*s a very remarkable cir* The waters are clean 

ime9«iMAn ett* ^ fill) C nMi fhnt « . « - 


The argument is alvanced by both bred and fattened locally abandoned the name Scasalter 

veteran “fishermen j like Mr. and sold by the Whitstahle Ham and Oyster Fishery Com- 

Harold Rowden iha# there has Oyster Fishery Company it car- pany and called itself Seasalter 

been an environmen® recovery, ried the description Royal Native. Shell Fish, which still occupies 

The waters are clean® than they Immediate prospects for re- a harbour site but has no oyster 


curastance. sir.” said Sam, “ that have heea for yoars.in spite of habilitation of the industry in dredges. 


poverty and oysters always seem a near by pa per mill 


to go together. 


its traditional form ventre on 


it docs 


These days there «re fishing S“ “ ^ fD S ih! l " f 


esti muled that on average beer 


Shadow 


driver Jackie Oliver, designer 


prices in clubs are some 3p a nWnecTbV iir^Don Nichols L an Ton y Sou thgate, .team manager By Michael Canell. I the ereater^c; 

pint cheaper than those prevail- j,,...:., ' ' * Alan Rees and draughtsman Building Correspondent be for avster 1 

ing in comparably sited public J „ . David Wass. : OvsteM 

houses, and gaming machine „ Nicho) s Advanced Vehicle The judge awarded damages, THE LABOUR PARTY vesterday i and' 33 d fnr‘li 

income has. ai its highest, been Systems Inc., which races as The to be assessed, against Mr. called for an end to the orae-'a limirv aft 

known to be equivalent to 5p a Shadows team, was granted an Oliver. Mr. Southgate and Mr. rice of selling off council houses iThev cost no 

pmi for every pint sold ” injunction banning the Arrows Rees. He held that the three FA1 at discount prices I the* ~ain i 

car from competing in any races, cars from th« Arrows stable at The party's national executive | from the sea. 

The judge said that the Arrows Milton Keynes were in substance committee said that it could not But in 19211 


g J&u s t are g -Si bSP 5 * & 

b, oM5 S - f or 100 in 1273 ™1 SfiShE. UEEr! H5=L 


National 
Supply 
to spend 
£5m in UK 


— r — — . — new. aac i.ciu umi luc uncc rtx± ai uiscuum prices. thev wain their nourishment ■_ . ■ * pimus our inai an uie idviiuiv.i ■ : — p - » . ■ 

ear from competing in any races, cars from the Arrows stable at The party’s national executive frSi lie sea. ’ SSL-? wwSSta ^ are available for a revival, imd »#.« business exercise in oyster 

The judge said that the Arrows Milton Keynes were in substance committee said that it could not But in 1920-2L Nature did Its ind»rVr£i demand is easy to create. A ven- science, 

team had stolen a march on their infringing reproductions of draw- support a system under which wnst and almost the i^ole ^ to tha^Seit ** tUT * Vt ' hich turnt?d orcr 5 ’ 000 C0 -7 pa IX o Sf A #l J m ? 

rivals and inflicted “humiliation mgs of The Shadow DNfl. public assets, paid for over the wUtstable stock was destroyed E t0 1 th e ' oysters a month would pay, he ®P a . rc . Msl1 ^ bt a ^. art 

y ears by tenants, ratepayers and by parasites in what Whitstahle r nAA A r; say's. ^ JJJJ-JJ 1 {J„ J5f J!“ 

taxpayers, should be sold at any- men call the Black Death.’ The 5,000 E IDOIltn t Whitstahle Oyster Fishery has It^woSd 

T7i 1 C 1 11 • thing less than full market value, industry has never recovered. ? vuv storacc tanks and other shore Mr.. Bayes thinks it would need 


Employers Should give 
more health information’ 


ture which turned over 5,000 When the company has some 
oysters a month would pay, he spare cash it might start 
Kays revitalising the old fishing 

Whitstahle Oyster Fishery has pounds to which it has title, but 
storage tanks and other shore Mr,. Bayes thinks it would need 

fonilifioc find fhn mftin flCCAt ic 1 tlDOIlt t^TL 1 io Eft b£ICK into 


At present, local authorities The oyster i s fecund but The oyster beds exist hy virtue facilities and thr mam asset is a 

can sell homes at up to 20 per susceptible to cold, and the stock of the levels of salinity in the fattening bed. “ which produces b^mew m s more women 

cent less than the market value, was nearly wiped out again in water. Rivulets run into tbii sea the best oysters in the world.’ paper nuu pollution than 

provided there is a pre-emption 1940 by the severe winter. The and “the water ha* a fr' per Mr. Green's main problem, now M^ KOwaen is. 

clause giving the council the same thing happened in 1947 cent salt solution nlilcta is the his firm has effective control of utnU- 


more worried 


hl. ;#8H SRI a / » ~ “ic vuuuui liic- sjauc uiiug usjjljciicu m mi lgul sd.u suiuumi »*«au » iue —a*** — *■ - . 

BY PAUL TAYLOR right— for five years — to buy and yet again in 1963, just after correct habitat for oysters."* the company, is to raise the icash the near future 

Bv Kevin Done ! back the house on resale at the ?m two-year-olds had been intro- The rivulets also provide the to repair the shore facilities, C *P{}“* rIs K? ven 1 JL, I JL ^* com “ 

] EMPLOYERS should provide the will place much greater emphasis original price. dueed to the fattening grounds, oysters with the nourishment clean up the fattening bed and . p \v!' k vi. 

NATIONAL SUPPLY, -one of | Health and Safety Executive on employers to report cases of Authorities can apply for That was the last major attempt that in turn gives them, ot used introduce new stijck. ’ ... 

the leading U.S. manufacturers L with much more information occupational ill health. special consent to sell at a 30 to revive the industry. to, a unique flavour. Whit stable Oyster Fishery still u \®f e h ” a f u **. 1 profi ‘ e,ns 

of oilfield drilling and production j about occupational ill health, the For' the first time employers P®r cent discount* in which case Conditions may be good for ; Traditionally, oysters would does some small trading in wiin wmen to contend, 
equipment, is planning to spend Health and Safetv Commission should be required to notify a ionger pre-emption ..period is another attempt provided risk breed on the public fishing oysters — usually. °*her ' 

£5m to expand its manufacturing suggested yesterday. cases of ill health which might imposed. capital can be found. The grounds of Whitstahle and then parts— hut the other Whitstahle lvliiiwndie :v rtf ices, op j. e. 

facilities in the LTv , n _ have been caused by exposure to . . - vagaries of the weather put an be fattened on special beds just oyster concern stopped market. Sreretts, publislu’ti by h. C. Hail,' 


n resident, said vesterday that the Smiirhvl^nnt^fipati^n nf & Employers should also main- r w 

main part of the investment JJJ, j" in ^Slh should be tain a re B i » t e r of a » occupational T ? com ' 

would he used to expand capacity ggSd antf SionaUsed to ‘U-health cases and inquiries. ^ oun . ei1 ho F us ® ^ 

at National Supply’s ex.sting r aS c dSnaca “ d notif y the executive of any t S- «« ^ ‘ 

factory at Stnckport. which co a wner ran ° e 01 cusejses - incidents of ill health which mart l et Y a,uatl 0 n *s- . 

employs about 600 people. Present regulations under the prev ent employees continuing count schema and pre-emption 


trading 


ago. £L 


employs ahoul 600 people. 


- • A " ’ 


£ .4 i 

r ; f ■ 


The' company was also looking Factories Act are “ unsatisfac- worlc f or at four hours. m 

ii- a nnsrible second manufac- lory and because they have iH75-7fi thAr» our# 14.B74 Mr - *. r . anlv Allaun. MP, chair- 


New curbs oh advertising 
Health Service drugs 


for a possible second manufac- lory” and because they have 1975-76 there were 14,674 r * , s aun ' c v® 1 £' 

taring site in the UK and was been built up in an ad hoc basis claioas for benefit, of which 90 J*?®/ ?®,^5. rla . n8 

i nnsiderins locations in Aber- over a number of years they were f or notifiable diseases under ff C « n „L a ? a _ Labour 

dpon. Edinburgh and Northern cannot provide the information the Factories Act ^ ^ D * a ' for 

Ireland. required by the executive under Th e commission has invited rtfi? 8, vl d i ° Lond l °° 

National Supply is a subsidiary the 1974 Health and Safety Act comments on the proposals to be th ® ^ ar ? r 

nr Armen Steel of the U.S. Instead, the commission wants submitted before OctSber 27 
Armen last year sold oilfield; the Factory Act requirements Draft document on the noft/ica- 

drilling and production equip- j scrapped and a package of wide- tion of occupational ill health: Z l/ilif th™ IJS***,*™ ■ 
nionr worth S474m (£250m) ranging proposals introduced that HMSO; 50p. t “ mey Deen • 

worldwide, representing about e,c .? ed t0 * *®-. . . .. ' 

^kiiS'sJpp ;;- s p STn cr the xt i ^ a • • sssTdSa ST? ^ 

New curbs on advertising kfs&V bargam base - 
ssasirs .s-d^Kwa Health Service drugs . 

nr North Sea oil and gas About “® l TS t l5jffl°E; P S?2J5E 

711 per tent of its UK production by JAMES McDONALD !t & l£nrely ^selliS^ofiMro^ 

was exported, and ahout half of .. f ai » eiy "f. se “ mg 0ff ^ 

u was sold to itie U.S. NEW CONTROLS on the content Under regulations published c “ homes without any regard- to 

. . and form of advcTtiseinents for ■ by the Department on January 27 *“ e social consequences. 

New lobs medicines prescribed under the too advertisements that could . j 

ti j- National Health Service will be lead to the use of a medicine for J 

introduced on December 1. the do-it-yourself treatment of _ . . 

b ‘M tr tm^.7 llC c..nniv Department of Health and Social diseases and self-treatment are TTlIpl hi 11c; oid 1 

on.ud. but Nation., I Supply Securltv said last night . banned as from today. r UC1 WU15 alU J 

priiioi't whirhcmild crcate'more The regulations apply to anj .uoiicniu i.idccrUnjia m iw«Ucoi Ka rPTlP{ltj>a 

;■ J0 n,rn cm, ' a cr0J * e mor ^ advertisement addressed to a und tunaau Pmciuioiwrwi Rcvutaaom LO UC IvUvdlvtt 
rn.m 100 new jobs, early next d 0C tn r or dentist and aimed at ** ' S7S ‘ v, »i JH3U - ■ r 1 ■ 

**1 „ . . . persuadi ngh?ni to prescribe or THE GOVEWWBMT Inri l deeded 

.Mr. Kn.jers said the expansion su pply a medicinal product. u. so. asp. “w. * to repeat last winter s scheme for 

■v.i ■ linked to developments in helping people on supplementary 

liie world oil market. The UK benefit and family Income sunple- 

< viewed as an ideal base ment with their fuel bills,lMr. 

fro:ii which in approach this a niTlIlQTlV TiTI CQPl /I 111 Anthony Wedgwood Benn, Energy 

market, particularly because of V^vlIIU ftll 7 l-v ,»5(ClV*k A#lfv Secretary, told the Commons 

iiil'.iieriil aid agreements yesterday. S 

uith count nos* --uch as India BY TIM DICKSON Under the scheme, 3m people r 


U 




M 


Britain has 
‘worst paid 
secretaries 
in Europe’ 


Hnana'al Times Reporter 


13 per cent of group turnover. 

National Supply's sales in the 
UK last year amounted to 
ahout £70m. Mr. Rogers *aid 
that the expansion of its UK 
manuraciuring base was not 
dependent on the development 
nr North Sea oil and gas. About 
7i) per rent of its UK production 
was exported, and ahout half of 
U was sold to the U.S. 


ru ' : '• 


BY JAMES MCDONALD 


New jobs 




Fuel bills aid 
to be repeatei 


“The Return from the Kenaesse” by Pieter Bruegel the younger, which was sold on 

July 7 by Christie’s for £260,000. ^ 


„ .... persuading him to prescribi 

Mr. Ungers said the expansion supp ty a medicinal product, 
v.a • linked in developments in 

tile world oil market. The UK 

< viewed as an ideal base ^>j 

from which III approach this a OlTITftSinV 1 

market, particularly because of V-' vflll Mull T l 
Iiilaieriil aid agreements 
"a till enuntnos ^uch :is India BY TIM DICKSON 
and because nf ns financial 

connections. THE GENERAL ENGINEER 


Company to sack 200 


London auction houses 
raise take by 29.8% 


:i , ...merai am agreements yesieruay. v SALES THROUGH the four Mr. Peter Wilson, chairman of London' and overseas. Foreign wo5d rei^w 315,”“"“* 

with enuntnos -uch as India BY TIM DICKSON Under the scheme, 3m people main London auction houses in Sotheby’s, says “Our records sales , accounted for £32 lm 

.md •■eciiiisc n[ its linamial will receive a £5 basic payiuent the year now closing totalled show that more oeoole all over ae-tinev viRfim ua* ™. r p *■. > 

cnn-.-ctions. THE GENERAL ENGINEERING of £512.000 before tax tor the in January, plus a distant £0S2.9m, aulDit cSi fcr S STwlldT? wr eoUaffi Fall .employment 

National Supply expected the Company (Radcliffe) plans to year to March 31, against profits voucher to be offset against 1976-77 season. The rise of 29 8 works of art and hooku” nf^f t^P^^p^use of the in- _ 
v.i-rld murkvi for drilling and cuts its work force by more than of £609,000, last night announced electricity bills. The Government per cent owes much to the sale 303 000 lots -mid °fi’ npr^pnt Sw^f P ’ :in »,^ ,e tota1 ' c J5? r ’. f? 1 ? 11 e ,.^ a j>P d n office, 

rreduction equipment to keep a fifth in the next two months. that It would sack 200 of its 917 is considering extendini^the by s“5ie5?a of She von HiScfa went for £2Dofr P« cent Floyd, chairman of Christie’s, staff in Britain is mcreasirg 

^ or sengrjl cc °"° m,c -a dsa zjrssr - ~ * asr - ~**j- -ja SSSS SrS SSm 


1 BRITAIN’S secretaries are the 
worst paid in Europe in spite of 
severe staff shortages throughout 
the country and record salary 
increases in London, says- a 
i survey published yesterday. 

> The latest survey of the Alfred 
Harks Bureau shows that staff 
shortages pushed up salaries by 
a Tecord £3.25 a week in London 
between March and May 1978, 
bringing fhe experienced secre- 
tary’s average wage up in £66.75 
a week. 

The annual increase in the 
id on average £54.75 salary of all 
central London office staff was 
13.5 per cent This represented 
a real income gain of 5 J! per cent 
in pre-tax earnings. 

A recent Management Centre 
(Brussels) survey, details of 
which are published in the ’Alfred 
Marks Bureau survey, shows that 
a senior secretary in. Switzerland, 
for example, has a bet real salary 
of £6,05S. her counterpart in 
Belgium, £4,764 and in Germany. 
£4,356. The British equivalent 
Foreign would receive only £2,315* 

£32. lm. 


THE GENERAL ENGINEERING of £512.000 before tax for 


These securities having been placed privately outside The Netherlands, 
this announcement appears as a matter of record only. 


unprecedented £2S.4m. £9.4m. against £6-5ra. British collectors are in a. more trained .secretaries will be look- 

Overseas consignments of fine Sotheby 9 has become the largest optimistic mood. ing for jobs and the Alfred Marks 

art to London were largely re- sellers of jewellery at auction. July saw a £3m sale or Old Bureau has forecast full employ- 

sponsible for an increase in the Hong Kong has become a major Masters in which 160 of the 220 “e 111 - 

woriflwide net sales of Sotheby market for Chinese ceramics and works came from abroad. Some *® r - Bernard Marks, chairman, 
f-uMG ® emet .(^b e name) to other works, and here Sotheby's 34 per cent of the London sales sa *d that vacancies registered 
£123 .9m last reached £3.2m (£2.6m). total was for works from over- during the quarter March-May, 

n , r ° . n . i~ ^ Pf* nSPn ^ Monaco is now a centre for seas. a similar percentage to last central London increased 

American sal^ realised £60.9 01 selling French furniture and year. . v by 37 per cent in cumpansnn 

n ? , a r * se ^b.am on the pre- decorative arts, and th'e house's Two sales of Impressionist pic- with the same period 12 months 

rffric^B T-nnrinn !2* al **■ *?- 5ai f^-2m). During tures held in New York totalled 

sal^SSllrf^l^ciSSSS 6 Amencaa sea50a - 247 ' 07 4 £2 ? l «. a Gutenberg Bible _ — 

vw»h CRAim in ihn was >ol^ there for a world record 1 Phcfoiirnni-o 




COMISION FEDERAL DE ELECTRICIDAD 


vwus year total was £2.5m (£1.2m). During 

Christie s London and overseas the American season 247074 

sales totalled £89.1 m compared [_ 

with £66. 4m in the previous . 

year, an increase of 34 per cent. - Cfil ETDfftrkM 
Christie’s Park Avenue saleroom 

in New York completed its first BY PAMELA tunce 

full season and took £18 Jm, with w judge 

premium, for 53 sales. — : — - 

Turnover .at Phillips was people went to the sales and the 


£l.ln«. It is novrrin. the. Stuttgart: 
Museum Library. 

On the Continent, there, were 
131 sales by the Geneva. Rome 
and Amsterdam offices, com- 
pared with 101 in 1976-77. 

Reporting, the record turnover 


Restaurants 
will have 
to show prices 


another record, at £23.Sra a 8 ainst iie^ns gaileriesT an ncrease of ,r TS a,^ e S..‘ , r n0 i cr 
£21. 5m in the year to August 10.5 per cent Mr - Chnrtopher 

1977 — a rise of 10.7 per cent. taSS^ESiVt ^Mton. .chairman, was also look- 


Dfls 75,000,000 

734% Bearer Notes 1978 due 1983 


The'houi IS has 0 doub‘led P S Sra- ponuS^wori? accounted 01 ^ wf PROPOSALS FOR restaurants to 

over in four years. hs2m ?£ld5m) iS e iJrv Ws company to conduct 1.000 or display food and drink prices 

For Bonham's the rise was 25 £2 1.7m (£17 5m) and modern niZ HHt*? cor ?^ n S outside their dining area were 

per cent, to £75m. Its major torei £Mm (£14.1m) £ atHudiag 33 in New published yeslerd^- by the 

departments, furniture and oil and ' medals sold for £900 oik? np« between September and Department of Prices, 
paintings, showed gains of 35 per “mp£5i with SjS r£300 - 00 °- Decei «5«. The draft order requires 

cent and 33 per cent respectively. Christie's held 1127 sale* in J" s ®P tember Oiere are to be restaurants and cafes to give 

J es “ eia sales m three sales on owners' premises, customers the onnortunitv before 

^ ~ entering of seeing prices, infor- 

Car import curb talks likely SSU™”-* 5 

bv «7 ■ • The Government’s new system 

BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT of price controls, announced 

THE BRITISH motor industry is Traders the reoresentative hnd» M pni ^ early last month, comes into 


By Our Consumer Affairs 
Correspondent 


cent and 33 per cent respectively. 


ATgcmcne Bank Nederland N.V. 

Pierson, He Wring & Pierson N.V. ■§ 

Union Bank of Switzerland (Securities) limited 

Wcstdeutsche LandesbaaJt Girozentrale 

Amstedam-Sottecdam Bank N.V. 

Bank Mees & Hope NV August i,im 


Car import curb talks likely 


car imports when the present “g p £ “5ijS r - tIiat the T^ nnr t v5«^S nts ,' tn „ the ^ cajne a -more flexible system of in vest i- 
agreement runs out at the end men t of Trade will Sv ?rt B Wr Ddu3 Ho * vle - Rations inl ° P ri « s ’*• outlined 

of this year. Labour MP for Nelson and Colne, in the 1977 Price Gormuissian 


sidelines and see how successful 


inour MP for Nelson and Colne, in the 1977 Price Cotmuiasiaa 
*te said after a meeting with Act.' Only Increases which will 


„ . .h- encicre te in itc " a uiccuug wiin Acr. uniy increases wmen win 

No formal. meetings have been Sn4 2-iV F ,JmuD d DelL the Trade yield over-film will need to be 


I -w jumifli.Bieeungs nave oeen before making a man tn inrer H ine .^raae yteio over ifetm will neea to oe 

arranged as yet. But the Society vene. B t0 lllter nrSrn^^u’ WoU ^ be justified . by information * com- 

uf Motor Manufacturers and Pressure to renew the agree- ^ 




y 




vu* 

l\* t * 


,'ti f 






^ a 


WfF-P' 



TZi' ■- v; \: •". ■ >' " ■ 

^ v. - . •. _ . 

>• . -'»n.^.z l x 1 v 1 .^ v-jr- ij. .•*••• * i • •• '■ 4 . 

..- jja. ; ■/ *■' i . • ■ . -• . • 

f'i. Tuesday August- 1 . 1978 





HOME; NEWS 


If ear forecast 



' ®fefffi^?^^: EC0N0M,cs CORRESPONDENT 


4etaiio4: »e*irarfwm econowlc the repon sUs ff eS fr,' J^- while price inflation, helped 
aMj^imhUsfeeti i-estertai-. So TO ^ S l«S T,ow^i n , ^.f he rise in thwchange rate, 
j^RQBriiV^W^^ jm Inter- much \^ iik e T * L ™ rema,n belc * 4 


. motional.. .Aria 
suitimtsF. based 
jecth‘ ;.at rise tn _ 

R“i oo z 

. tesss 

lantte.:. . .... .. .., •■.~jr.7|y- n ■- t -, ,^. in 1979 will lead 10 severe 

The firm preditts that the isfer-/:fr,“ ros P ecis P° Ucies so that in 

a*je annual rate of ecnabmtc ^Despite, therefore, a Likelv 1 . , wlule ,h ® .*■** °f Europe is 
growth for the nine countries— shortage of skilled workers and u njo r?»F ® smaH boom. Italy will 
also including rh^ y^-the UK. prospects for productivity growth n®* th ? cyc,e - 

Belsium. France.^. Italy and which are poor in an historical * n .i r ,be ^ }1,c ! es ™ 51 ] W01 * 
Canada— win he only 3 j per cent perspective, -the unemployment > 1 - “5? deficit Is 

over the period, . rate is expected to be as high elH mnated by 1981,. and for the 

This compares ■ with ah ■ esti- in 1983 as in 1977 ” * re *t of . tbc ‘ Precast period Italy 

mate by the secretariat of the The average rate of increase Wlil , shD ^ a . small surplus on 
Organisation-" for- Economic of real Gross Domestic Product 8 °£2S_ and ^mces. 

Co-operation ; and Development is expected to be 3 2 per cent -,, 1 ? 6 . co,t •°® achieving this 
that Jts member countries would a year in 197S-S3, compared with *P"' be l0Vl, er average growth in 
have to achieve a 4» per cent an average for the nine countries the ne 5 t ,_ slx '.. y ? ars compared 
annual rate of expansion to of 3.4 per cent. e T en wlth th® 1 Iast sa years, 

maintain present employment The fastest growing economy w hicb included. the post-oil crisis 
levels. - is expected to be that of Canada reces sioo ' It.- will also mean 

Economic Models. is sceptical with an annual expansion of'4.8 n,?ar y 2ni unemployed. cora- 
Hfiout the iinpTe mentation of two per' cent over the period faided pl,red W1,h jusj^ver lf-m now. 
i.f the most important pledges by rising exports), closely Economy Models. 30. Old 
made at the recent Bonn summit- followed by Japan with a rate of Queen s.reet. London SW2H 
of Western leaders — the ability 4.5 per cent. 9HP - - 


Concorde 

‘boom’ 

flights 

adjusted 

By Michael Donne, 

Aetospacc Correspondent 


way 


CONCORDE FLIGHT paths 
between Britain and France base 
been adjusted on an experimen- 
tal basis to try to eliminate or 
reduce the “secondary boom 
phenomenon. 

This noise is a repetition of 
the original boom made by the 
■supersonic jet as it flies faster 
than the speed of sound. 

The normal flight paths were 
devised originally to ensure that 
the primary sonic boom would 
not be heard over populated 
areas of Western England and 
France. 

But the "secondary boom" then 
occurred, caused by the original 
hoom. “hciujjcing^ back' to-' earth 
in certain weather conditions, 
and affecting areas a long .way 
away from the point of the 
original boom. 

This "secondary ' boom'’ was 
heard widely, in Southern Eng- 
land in the winter of 1976*77. and | W 
resulted in research by the;* 
Government to discover its cause 
and produce measures Urprevem 
it. 

A report by the Department iff 
Industry yesterday said thnijt is 
now appreciated that “secondary 
booms" have been experienced 
in this country fur mauj^'ears— 
long before L'anciirrk»r±throuqh 
military aircraft operations. Rui 
they have heen of-lpw intensity, 
tandora occurrence /and relalhe 
rarity " 

Nevertheless,, herjusc it could 
he demons: r.ilod that Conrurde 
was occasionally responsible. 
suuwk hod hwn made to chjmue 
the ai re raft’s night paths soas to 
cut down I he likelihood of jieenn-. 
dary booms affecting US' land; 
masses, ... / 


New statistics | 
head named 

BY PETra RIDDELL. ECONOMICS CORRESPONDENT 

MR. JOHN BOREHAM will take is three-quarters of the 
over today from Sir Claus Moser through a major review of its 
the responsibility for' providing publications. This may lead to 
statistical information for the a redesign of long-established 
Government and. the public. ones such as the Annua! Abstract 
Mr. Borebam will become a of Statistics and the Monthly 
permanent secretary in the Digest 

j* n et O Iflce wth the twin posts Sir Claus 56 , is i eav i n g the 

Sr-n' public 'service after occupying 

Deal Office and head of the tiijs D i«t for 11 vears 
Governinent Statistical Service. He will become vice-chairman 

x.r H .? J®., 53 aQd J 13 . 8 J 3 ^" ! n laf-'r this year of N. M. 
Whitehall as a statistician m Roihschild: and Sons, the mer- 

^' ous I 950 ’ chant a director of 

Before tins m ove M r. Borcham ihe fLcnromist newspaper, where 
was deputy director of the Gcp- he , viU be . chairman of the 
tral Statistical Office for six Economist Intelligence Unit, 
years. .... 

He takes over as the Office Profile Page II 



groups 

attacked by Tories 

1 > 

NETH GOODING. INDUSTRIAL CORRESPONDENT 



professional 
consider it 
join an 


City office 
block sold 
for £19m 

By John Brennan, 

Property Cerreapondent 

ENGLISH PRO PERT V Cor* 
JHM-Jlinn has sold ILs .108,171 
si| fl offlre block. Mariner 
House, rrutched Friars in The 
CILv, for £19m. 

EPC, the i’TiWtn properly 
group ublrh kivWIj aband- 
oned takrovrr talks with I be 
Dutch property grtmp WcreW* 
lute. boURhl out MEPC& free- 
held luii-rest in the block in 
1976 and recently renegotiated 
lUldlanri Bank's ipnanry agree- 
ment on (he building, granting 
a new lease at an up-fo-datc 
rack rent. 


JOR engineering insti- that. many 
have "grossly neglected engineers do not 
any substantive offor; to worth while to 
■rove the material well-being institution." 

Tbw S f^' U r»n° f enE * neCTS * - Sa ^ s It was too early to judge the 

asa 2 eS-stss 

“sir S^\tniSoi i , C c.!S ««■ insmu ' 

fee of inquiry into engineering. U ..J ^a represemeu. 
for an independent body to take Suffice ro sa > ' jj 13 *. 10 ,rs n re- 
over the role of controlling and v,t jy* ,l P aSiC d almost un- 

resulatittit the engineerin'! pro- noDced by professional engin- 
tex siun. - This job possibly ^ rs and others alike. We find 
should he done by the Depart- 11 astonishing that the CE1 
rtiont of Industry. opposed the setting up of the 

.For more than a century., the couiinittee of inquiry and it is 
engineering institutions “have 211 , uidication of the lack of 
stood astride the engineering understanding of the problems 
profession" and “I Ik* present low ant *. concern of professional 
morale and status of the profes- f^Sinecrs which prevails in that 
sioh is a signal measure of their council. 

failure.” Tho idea of the licensing of 

The institutions were regarded engineers was “ something of an 
by many onpjn«;*crs as "remote irrelevancy ’’ and. without liccns- 
bodies out of touch, with their ing, the setting up of a system 
members,- ineffective in anything of registration separate from the 
but the promotion of purely institutions would be 3 rela* 
technical discussion, with a result tively simple procedure. 

Building societies face 
fair trading check 

VIRTUALLY the entire agree- dations from the association to 
ment governing the relationship the societies governing, for 
between building societies’* and example, the terras on which 
the Building Societies Assbcia- building societies will make 
lion was placed' on the register mortgage loans, and the 
of restrictive practices' yesterday' arrangement of insurance cover 
by Mr. Gordon Borne. Director for properties. 

General nf Fair Trading Under Restrictive 

The move is the first -"efnn a legislation, the societies have 
long process which could rend been obliged to send details of 
i with the Restrictive Practices restrictive agreements to the 
Court, banning the aeieCsnent Officv of Fair trading, 
bocainie it is not in the public The office then decides if the 
interest. agreement is the sort that should 

Among items which went on go on the register of restrictive 
to Uie. register were recommen- practices. 


Five more 
for share 
options 
trading 

By Margaret Reid 

FIVE COME ANTES have been 
chosen by the Sfock Exchange 
for addition to the list of 10 in 
whose shares options are traded 
in London. The new ones are 
BOO International. Boots, EML 
Imperial Group and Rio Tinto* 
Zinc Corporation. 

Companies considered but notj 
added include Rank Organisation 
and Beecham. 

The London traded options 
market opened on April 21. Tbe 1 
further five companies are now 
being told- of their selection to 
ensure that they have no objec-| 
tlon to being included. 

Options in the new batch of, 
five may have’ different expiry 
dates from those in October. 
Janaary. April and July which 
apply to tbe present ten stocks 
in the market 

The expiry dates being thought 
of for the additional names are , 
August. November. February and 1 
May. Should these dates be 
decided on, option trading in 
the five extra stocks could begin 
faier this month. 

The Stock Exchange options 
committee has gone for cro- 
panies whose shares have a large 
total market value and sizeable 
turnover, and whose underlying 
price tends to move enough to, 
interest investors in options 
trading. * 

Since the market opened in 
April more than 38.000 contracts! 
have been traded, an average of] 
around 555 a day. At the end 
of last week there were open 
positions (option contracts out* 
standing) ion shares with a total 
market value of some £17m. 

One purpose of having a ! 
different set of dates by which 
options on the five extra stocks 
would expire would be to spread 
the market’s administrative] 
burden fairiy evenly through 1 
the year. The development would 
also give investors a broader 
choice of dates by which they 
might want to take a view on 
the likelihood of a particular 
market movement 


Dilemma at 
Capital 
Annuities 


By Eric Short 

POLICYHOLDERS with Capital 
Annuities, the life company put 
Into liquidation last week, have 
to decide between accepting a 
substitute policy for their con- 
tract with the company, or claim- 
ing against Capital Annuities for; 
the liquidation value of their 
contract . 

These alternative courses of 
action have been set out in a 
letter sent yesterday by the 
Policyholders Protection Board. 
This pointed out that the substi- 
tute policy, which is to be 
issued by the Commercial Union 
Assurance, would continue to 
pay 90 per cent of the original 
benefits with some scaling down 
where these benefits were con- 
sidered excessive. In a liquida- 
tion. the policyholder would 
receive dividend payments. from 
the liquidator based on the 
capital value of his contract, as 
and when the assets were avail- 
able. 

Capital Annuities went into 
provisional liquidation in April. 
1976. on the application of its 
directors. The Policyholders 
Protection Board had. until now. 
been trying to arrange a rescue 
scheme which would have 
allowed tbe company to run 
down its business as a closed 
fund. This attempt failed to 
gain the approval of the court 
The Board has operated an in- 
terim payment scheme, paying 
benefits at 90 per cent of their 
contractual level and under the 
n/tw arrangement the substitute 
policy issued by Commercial 
Union would continue these pay- 
ments. 

Most policyholders with the 
company are either annuitants, 
receiving income payments for 
life. 

In April. 1976, the liabilities 
nf the company amounted to 
! £L6m and the book value of the 
Practices j assets, mostly direct .property 
holdings or mortgages secured 
00 property, totalled £4,4m. But 
Mr, Paul SbeweU. the special 
manager of Coopers and 
Lybrand, chartered accountants, 
pointed out yesterday that the 
estimated market value of the 
assets was well below this figure. 


APPOINTMENTS 



BANQUE DE LA SOCIETE 
FINANCIERE EUROP£ENNE 
MULTINATIONAL CONSORTIUM BANK 
LOCATED IN PARIS 

is looking for 

ASSISTANT 
TO THE MANAGER 

of its developing 

SHIPPING AND 
TRANSPORTATION 
DEPARTMENT 

Preferably aged between 28 and 35, the candidate 
should have obtained experience in ship finance with a 

Tecogni^.-cJ shipping bunk and have established 

customer contacts in the sector. Fluency in English is 
essential and a working knowledge of French would be 
an udvahlage. 

The job offers good career opportunities with attractive 
compensation. 


Applications, giving full details of qualifications and 
career to date, will he held in the strictest confidence 
and should be sent to Mr. F. Perlewiur. Banque de la 
Sociele Financicre Europccnne - 20, rue de la Paix 
75002 Parts. • 


/■ 


Investment 

Assistant 

Provident Mutual is a rapidly expanding mutual life office wilh funds in 
excess of E300rrr and an annual investable income in e>cess ol £5um. 
An opportunity has arisen lor a person aged aboul 23-25 to |Oin our 
investment team in London. 

The job involves supporting the Assistant Investment Manager with Ihe 
assessment of fixed interest markets including the analysis of bids and 
ofiere and providing a variety ol investment statistics. 

Applicants eith er should have made significant progress with actuarial 
examinations and have obtained passes in all the financial subjects or 
should have a good economics degree and at least two years' relevant 
investment experience. 

A starting salary ot at least C4 .500 per annum isen vis3ged . in addition to 
substantial fringe benefits including free lunches, season ticket loan, 
non-contributory superannuation scheme and later generous house 
purchase scheme. 

Please apply giving age and details ol qualification and experience lo: 
M r. C. Young, Personne I Manager. 

Provident Mutual Life Assurance Association, 

25-31 Moorgate. London EC2fi 66A. 

Telephone NO: 01-628 3232. 


PROUIDElirmUIURL 

LIFE ASSURANCE ASSOCIATION- FOUNDED 1840 



Chief Executive 


STEEL SERVICE CENTRE 


A long -established Public Company 
requires a Chief Executive for its steel 
stockholding subsidiary company 
located in the Birmingham area, and 
fully equipped with modern processing 
plant. 

Essential requirements include at least 
5 years experience of successful 
management of purchasing and sales 
operations in the flat steel product field. 
Preferred age 35-50. 

Remuneration is negotiable, but will be 
not less than £1 2,000 p.a. Car provided. 
Contributory pension scheme. All replies 
will be treated in the strictest confidence.. 

Please write with full details to: 
Box No. A6432 — Financial Times, 
10 Cannon Street, London, E.C.4 


MILLER/BUYER 

Long established independent millers situated in a pleasant 
country town wish to recruit a Miller/Buyer who will be 
expected to accept responsibility for the buying and milling 
operation. The mill is modern and produces a range of branded 
flour products and animal feeds. 

ProfessionaJ/technial qualifications, experience and ability in 
man-management are, important considerations. The age range is 
30-50 years. 

The. salary offered reflects the responsibilities in the job. as 
do pension, holiday arrangements, etc. There are further 
promotion prospects for the right person in the future. 

Apply in confidence to Box A. 6426, 

Finanaol Times, 10, Cannon Street. EC4P 4BY 


£10,000 TO £20,1 

(BASE SALARY + USUAL BENEFITS AND INCENTIVES) 


A growing international company of US. nationality seeks a technical 
director or director of research and developments for its North 
Italian subsidiary. Executives with solid manufacturing and,‘or 
research background in the plastics or ceramic (anisotropic) areas 
will find this opportunity most attractive. 

If your track record as a manager of small professional teams is 
outstanding, if you are a res u Ics-orientated manager who responds 
well to challenge, relates well to people, and would enjoy residing 
near the Lake district of northern Italy, please forward your resume 
including salary history and the telephone number at which you can 
be reached in early August to: 

Box F.1039, Financial Times, 

10, Cannon Street. EC4P 4BY 

As the professional consultants retained to assist management in 
filling this important post, we assure all respondents thac their 
resumes will be promptly acknowledged. The credentials of a 
qualified executive will only be presented to our clients after an 
interview with a member of our professional staff and by mutual 
agreement. 


SAVE THE CHILDREN FUND 

ACCOUNTANT 

BANGLADESH 

Accountant required based in DACCA with already well 
established team. Teams also operate in other areas of 
Bangladesh. 

Initial one year lour offered. Salary negotiable subject to 
age and experience. Board and lodging provided. Return air 
fares paid. Local leave given with generous allowances plus 
terminal leave. 

Single person preferred. Preferred age 35 years. 

Apply: Overseas Personnel Officer, 

Save the Children Fund, 

157, Ciapbam Road. 

London SW9 OPT. 


COMPANY NOTICES 


THE COMMERCIAL BANK OF 
AUSTRALIA LTD. 

Directors oi me Commercial Ban* 
ol Australia Limited will recommend 
:o uie Annual General Meetms to oe 
hel- an October 26. J97B. We na»- 
nen: ot linaJ dividends lor vear »■> 
June SO of 40 tenu ner unit on 
P-eicreote stock and 8.0 cents oer 
mil OO Ordinary stock. On an annual 
0*Sls -Ordinary stock divnend rate 
fus teen maintained at 16.0 cents 
per uor (1977 16.0 Cents per unit). 

Dividends will oe oatd on Octooer 
2” in Australian currency to share- 
iKlders or the register n at Octaoer 
1 ' To determine entitlements to tbe 
di.-oeswB. Die Tran si er books will 
Close at 5 D.m. on Octooer II. and 
re ooan on October 13. 

The 1978 new issue ol ordinary 
chares will rank tor one hall o> the 
Ini dividend oayabie in res pea ol 
tbe tUr ended 30 June 1978 tor 
Ordinary Stock. 

Tnare will be a lew <Uvs delay In 
desoJtcb of dividend warrants to stotk- 
Holseic on the London Register due 
ro the cat that English eauiralem can- 
not be determined until rale ol (re- 
barn current on tbe dale ol day- 
men r is known - 

Managing Director. 


LEGAL APPOINTMENTS 


USS20.000-000 

JUGOBANKA 


Unions against EEC oil plans 


FLOATING RATE NOTES DUE 1983 

lit accordance with tha provisions o! 
tie Notes notice Is heresy given t&at 
for the Sin month interest period 
iirgep 1st 1978 to February 1st 1979 
:^e Notes will carry an Interest Rate 
0- . M oer ceni pet* annum. . The 
h. crest oavxblc on the relevant 
'^Jte*t payment date. February 1st 
1979. against Coupon No. 3 will be 
as toilaws- 

semm Denominations ot USSTOO.OOO 

Neto^Je" Denominations ol UStlO-OOD 

Not a in Denominations ot USSl.DOD 
_ S5T.11 

Bv the Chase Manhattan Bank. NA. 
LonAw Fiscal Agent and Agent Bank. 
AinraK ist 1978. 


BY RAY RAFTER, ENERGY CORRESPONDENT 

TR \DE UNION leaders have hli Sea oil equipment mission's proposed intervention 

hark at the EEC Commission Mr. Bonn also mad? it dear in North Sea policies on the 
which is piaomnq to challenge that the Government would, eon- engineerinc industry. ** Pariicu- 

M'veral aspects of Britain’s 3lorih tinue to oppose any EEC move larijr worrying is the effect op 

Soj, mfficte* .to impose centralised commission industries in Scotland which are that if the commission prevented *** 

At t meeting ve*tentay with control over the oi! refinery closely linked to offshore the Gas Corporation from buying | 


FINSTDU 

n . _ _ Sodeta. ftoateta SWorurgica Ptr Adoof 

Science Research Council energy _ — : — 

seminar anJ a National Ci£j SmSESSS 

course. He tokl NCB executives SU'i™ S * r !» R^ostnulonf loaustriale 
"• Rome - wiu > 

Mr* 1 AntiS ,, WwP!S3 3F Bonn, industry and that he was dis- supplies. The whole UK indi is. all the ^'frotn 'the UK'XorS| i,J ^ °" raet8r * Bad 

Knem^SwraUre union officials turbed that Britain's attempts to trial strategy for oxl, gas and Sea “that would completely I'D sbM iM probt and loti 

EntTO _awti« 5 , hii-thra!' nuclear safe- petrochemicals has become change our owu perspectives for* » .« aphi. 197 a. ana 

. . by these EEC absorbing gas, the use of gas 

TfRT n'anv for fhe supply of uranium during actions. * -- J * ■ 

' Mr Renn rwmrtcrf that the tile 19S0s had been thwarted by Mr. Bonn said three EEC Com- 
rummisston mJi ifiMisatfua the commission. mi -sinners were involved in 


four aspects 

jm tildes: 


ol North 


Sea The meeting, involving officials investigations into British 

and sponsored MIN from, trade energy policies. They. were the 

. . „ . .. ' , .lniniL-, mvn'ved m the: fuel, heads of the competition, 

1—1 in* role n. the trf . we r an d en«*ineenns industries energy and industrial affairs 

bcyartBiL-nn , offshore suppMc i«!S wlUi direnoroiw. "r 

veq 1 a* “ ful ' ibe TUC> liu-l and p«»wi-r Indus- 3n Brussels it Is Thought that j 
m! muete tries COUtmWee. They «jj they no official aciicn will be Taken S u 
and fait {i|5,i-irt unity to rompete . h h rue would seek before October for the cam mis- nn , 


gLnb in 


before October for Ihe cam mis- 
siim is nm anxious to become 


^roriiiiSf fS hc Britain and the Common Market involved in a political battle with se said. 
4,1,1 0,1 in a campulgn agaltwi cou«n«on Mr. Benn * ann. • n-.. 

UK Uon! mental Sheif -diwld yjt1o„ re.WctSg UK North Sea Marketeer 


and the role of gas in UK energy 
policy.” 

If tbe Government was pre- 
vented from requiring that oil 
was landed in the UK thtn “a 
central part of the oil polier 
would have hern 
from this countrv to the 
mission. - 

Restrictions on the Offshore 
Supplies Office's full and fair 
importunity scheme would have 
ponderable Job implications," 


roUnuM in resMKt tbei^o'. 

'■»} ol Boira ol OirenoK un«r 

fl l S cl * 17 g* tbt Cbbipony Suitatn. 
sub*«l eg Previously •wermliumB the 
.. b* members: 

,4> tSSfr °* Auditors, a: ttw CWof 
a nd tbe reieminautm ot 
i . rriotarmrnsi: 

I 'S3 f -kMer— 5*??a Comrenibie Ocben- 
JjJP 1963 1983. renewal ol conw. 
S>o» Gate ax 31st May. 1983 


com-i 


, . IXTRAOAOtNARV MEETING 

transferred I “* the camisi irwn 

1 SflS union to Life 1.170 Oil (ton 

a™ resolutions in -etoeti ol terms 

52t|«e«aure nwreo* 

ifil t«BLaj aoei«sa:i«t oi Article 5 ai 
. rjeCompatie Sutuies. ana 
c; the neenurv jotfrorttv lor 

1^01. 

The Board of Directors. 
Rom*. 

I S* Au g ust. 1978 . . 

VICK US LIMITS'* 



U.S. based multi-national corporation 
with growing European interests seeks 
a lawyer for a position based in its 
newly organized European office in 
London. Candidates should have 
about 1-2 years U.S. legal experience 
and be fluent in French. The position 
will involve general advice to the 
company’s European management 
including substantial co-ordination 
with TJ.S. legal and parent company 
requirements and outside lawyers in 
Europe. The establishment and 
implementation of a European 
government affairs programme to 
pro’Wde current Information from and 
to governmental bodies as they affect 
the Group’s business will be a 


significant part of the responsibility of 
the position. The environment is 
relatively unstructured and very 
dynamic, requiring strong inter- 
personal s kills and high individual 
initiative. A transfer to the U.S.A. 
after 2-3 years will be seriously 
considered if desired. A very 
competitive salary with fringe benefits 
and excellent prospects are available 
for tbe successful applicant. Please 
submit a C.V. to: 

Write Box A6429, Financial 
Times, 10, Cannon Street, EC4P 4BY. 


COMPANY NOTICES 


a committed anti- * Cbuvron, as the new operator 
, t _ rt . -- However the com- of 3 Rroup of offshore oil com- 

3— Ertlish Ctf* t*>rpoHtwOK Pohe‘<* 

- hi N cyur i« Mr. Rojjor I^ons. 

rti-^l r.» from flurnSw w ilw 

jv c .,1 ?»**•.'■ acionliffc. Technical and- Mana- 

• *•*'"* .un-errani'iirY Srtlciilariv coscerord sRamst lh? EEC plans at two consortium is uulng the Ventnre !" r °* BrPMra ^ 

fc: ■1 ,cres: . JK'iSf ; 0 ( dw «a- rSsat meeiiDgs — a Social I rig. ^ I 


NOTICE rS HEREBY GIVEN tittfc In < 

.... ... . . — - f.— r — — ^. v .. MU k vw- TMDty _Ql rcsi Borcb holdffa ol the Coro- i 

mission says it is sttll waihna paries with interests in North ! 

national for Britain su^rr.i, formally Sea blnck has becon to ,gjg* D ’ **>• I 

Of its plans for amendins the drill a second well on the conces- SgSna, Uf S p£^ a 5f a S* j 

interest relief srants scheme. sion in a bid : i appraise the £? ^2w£S^, 0, LI 9t 5 et |S. et^ 1 1 s ll . ,9 ™ 
Mr. F-^ip first spoke out Siebens heavy oil discovery. The w^mberS win 


tpsnsfi to UK tfnppUwm North about .me 


The Yasuda Fire and Marine Insurance Company 

(UK) Limited 

and 

The Orion Insurance Company Limited 

are pleased to announce that an agreement has been ratified 
whereby a company to be entitled Orion Marine Insurance 
Underwriting Agency Limited will underwrite marine insurance 
business in London for “ Yasuda (UK) ” with effect on and from 
-1 August 1978. 

con< ^ uc ^d in the Marine Underwriting Room 
of The Orion Insurance Company Limited bv Dir. D. D. Lowen 
as underwriter and Mr. A. J. P. King as his Deputy. 






Financial Times Tuesday At^ust X J97& 


THE NORWEGIAN STATE AND MUNICIPAL POWER CONSORTIUM 
SIRA-KVINA KRAFTSELSKAP 
7 Va% Sterling/Deutsche Mark Bonds 1983 


S. G. WARBURG & CO. LTD., announce that Bonds for the amount of £460,000 
have been drawn in .the presence of a Notary Public, for tile redemption instalment due 
1st September, 1978. 


The numbers of the Bonds so drawn are asfolfows:^ 


*12003 

12048 

12074 

12095 

12101 

12121 

12139 

12144 

12150 

12157 

121G4 

12173 

12185 

12192 

72199 

12211 

12217 

12235 

12240 

12247 

1225* 

12283 

12296 

12302 

12333 

12339 

12347 

12354 

12362 

12371 

12387 

12440 

1244 7 

12454 

12460 

12469 

12516 

12523 

12532 

12541 

12548 

12556 

12562 

12580 

12604 

12611 

12619 

12626 

12738 

12761 

12768 

12778 

12788 

12817 

12834 

12840 

12884 

12902 

1291 1 

12918 

12935 

12950 

12960 

12989 

12999 

13006 

13015 

13033 

130S0 

13061 

13067 

13079 

12086 

13103 

13112 

131 18 

13125 

13156 

13176 

13182 

13189 

13197 

13208 

13213 

13228 

13238 

13248 

13276 

13286 

13297 

13302 

13315 

13321 

13333 

13340 

13364 

13394 

13405 

13419 

13432 

13450 

13466 

13473 

13479 

13486 

13492 

13500 

13516 

13524 

13543 

13550 

13580 

13589 

13597 

13606 

13616 

13622 

.13632 

13638 

13646 

13657 

13672 

13681 

13689 

13736 

13746 

13773 

13778 

13803 

13820 

13829 

13838 

13846 

13857 

13865 

13879 

13896 

13912 

13917 

13924 

13935 

13942 

13948 

13997 

14004 

14012 

14023 

14029 

14036 

14042 

14049 

14065 

14062 

14068 

14080 

14086 

14098 

14111 

14142 

14169 

14167 

14203 

14250 

14266 

14292 

14310 

14317 

14326 

14334 

14340 

14346 

14356 

14361 

14367 

14375 

14381 

14404 

14418 

14437 

14461 

14469 

14518 

14562 

14570 

14592 

14601 

14606 

14613 

14620 

14630 

14636 

14648 

14659 

14669 

14676 

14698 

14726 

14747 

14765 

14788 

14798 

14806 

14814 

14819 

14871 

14877 

14917 

14922 

14929 

14936 

14942 

14948 

14954 

15010 

15015 

15023 

15029 

15043 

15051 

15070 

15091 

1512T 

15139 

15161 

15196 

15204 

15228 

15233 

15245 

16251 

15253 

15264 

15452 

15472 

15482 

15490 

15505 

15516 

15521 

15528 

15567 

15574 

15580 

15588 

15593 

15600 

16607 

15620 

15626 

15632 

1 5639 

15644 

15663 

15669 

15677 

T5683 

15690 

15697 

15703 

15709 

15717 

15736 

15744 

15753 

15760 

15766 

15772 

15810 

15817 

15829 

15835 

1 5872 

35877 

15885 

15891 

15896 

15946 

15952 

15864 

15971 

15981 

15999 

16013 

16030 

16048 

16070 

16076 

16085 

16092 

16103 

16109 

16116 

16123 

16138 

16145 

16152 

16157 

16165 

16171 

16178 

16134 

16198 

16203 

16213 

16220 

1624T 

16254 

16260 

16282 

16292 

16307 

16317 

16337 

16349 

16362 

16369 

16375 

16382 

16388 

16395 

16400 

16408 

16429 

16442 

16448 

16454 

16463 

16504 

16512 

16513 

16534 

16544 

16563 

16573 

16B87 

16602 

16610 

•16615 

16623 

16630 

16636 

16660 

16666 

16673 

15684 

16696 

16718 

16729 

16744 

16752 

16759 

16764 

16771 

16783 

16808 

16813 

16833 

16865 

16871 

16887 

16928 

16933 

16940 

16947 

16953 

16959 

16965 

16983 

16989 

17000 

17006 

17014 

17020 

17027 

17059 

17065 

17085 

17102 

17122 

17127 

17134 

17143 

17152 

17159 

17173 

17187 

17206 

17225 

17232 

17258 

17264 

17272 

17277 

17287 

17294 

17304 

17311 

17323 

17335 

17343 

17360 

17366 

17388 

17393 

‘17421 

17427 

17437 

17453 

17465 

17473 

17432 

17499 

17509 

17555 

17576 

17596 

17607 

17628 

17640 

17694 

17704 

17712 

17718 

17731 

17736 

17751 

17757 

17763 

17770 

17795 

1 7804 

17810 

17827 

17835 

17893 

17903 

17910 

17916 

17930 

17937 

17955 

17962 

17975 

17982 

17987 

18004 

18010 

18223 

18228 

18235' 

18241 

1824 8 

18256 

18270 

18276 

18286 

13300 

18307 

18313 

18319 

18332 

18337 

18347 

18355 

18361 

18382 

18389 

18426 

18432 

18454 

18461 

18432 

18487 

18496 

18504 

18511 

18517 

18524 

18530 

18536 

18549 

18558 

18570 

18576 

18590 

18605 

18613 

18619 

18630 

18638 

18652 

18661 

18666 

18677 

18685 

18699 

18704 

18714 

18721 

18740 

18764 

18772 

18780 

18786 

18816 

18823 

18829 

18835 

18843 

18848 

18855 

18862 

18869 

18874 

16882 

18889 

18895 

18903 

18911 

18929 

18937 

18946 

13960 

18966 

18972 

18984 

18989 

19008 

19019 

19026 

19032 

19039 

19062 

19067 

19079 

19085 

19096 

19103 

19112 

19113 

19132 

19138 

19144 

19151 

19157 

19193 

19201 

19208 

19214 

19307 

19326 

19338 

19347 

19377 

19383 

19391 

19403 

19409 

19428 

19434 

19441 

19451 

19468 

19474 

19483 

19490 

19498 

19505 

19511 

19518 

19524 

19531 

19537 

19544 

19551 

19557 

19963 

20323 

20328- 

20334 

20342 

20347 

20354 

20361 

20464 

20469- . 

20476 

20433 

20490 

20495 

20503 

20509 

20514 

20522 

20528 

20534 

20540 

20548 

20S54 

20560 

20567 

20574 

20579 

20587 

20593 

20598 

20606 

20612 

20619 

20625* 

20632 

20638 

20646 

20651 

20658 

20665 

‘ 20671 

20677 

20683 

20690 

20696 

20703 

*20710 

20716 

20722 

20730 

20735 

20742 

20749 

20754 

20761 

20768 

20775 

20780 

20788 

20794 

20801 

20806 

20814 

20820 

20826 

20833 

20839. 

20845 

20352 

20859 

20865 

20872 

20878 

20885 

20891 

20898 

20904 

20912 

20917 

20923 

20931 

20936 

20943 

20949 

20957 

20962 

20969 

20976 

20982 

20988 

20996 

21002 

21007 

21015 

21021 

21027 

2T034 

21041 

21046 

21054 

21060 

21067 

21073 

21080 

21086 

21091 

21099 

2110S 

21112 

21118 

21125 

2113T 

21138 

21144 

21151 

21158 

21164 

21170 

21177 

21183 

21189 

21197 

21202 

21209 

21216 

21223 

21228 

21235 

21242 

21249 

21260 

21288 

21319 

21368 

21379 

21386 

21396 

21403 

21411 

21417 

21431 

21438 

21445 

21457 

21465 

21472 

21479 

21488 

21500 

21508 

21521 

21534 

21541 

21549 

21555 

21561 

21575 

21580 

21587 

21594 






5 

14 

24 

39 

50 

67 

79 

93 

103 

111 

122 

132 

143 

152 

161 

175 

183 

193 

207 

217 

233 

243 

252 

262 

273 

282 

335 

344 

354 

365 

373 

386 

395 

404 

41.7 

427 

•442 

457 

471 

483 

491 

501 

511 

519 

530 

539 

549 

558 

568 

577 

586 

596 

609 

625 

633 

644 

653 

674 

685 

697 

717 

735 

745 

;75S 

765 

775 

• 793 

803 

891 

901 

913 

922 

936 

948 

953 

970 

981 

990 

998 

1009 

1018 

1027 

1037 

1047 ■ 

1057 

1065 

1075 

1085 

1101 

1112 

1123 

1131 

1148 

1162 

1177 

1187 

1206 

1223 

1233 

1242 

1263 

1276 

1293 

1310 

13T9 

1328 

1338 

1349 

1360 

1368 

1389 

1402 

1415 

1425 

1436 

1450 

1487 

1501 

1511 

1523 

1535 

1547 

1557 

1566 

1577 

1586 

1595 

1609 

1618 

1644 

1657 

1669 

1685 

1702 

1714 

1729 

1738 

1752 

1763 

1771 

1781 

1796 

1812 

1827 

1837 

1876 

1886 

1895 

1905 

1914 

1923 

1934 

1943 

1952 

1963 

1988 

2005 

2027 

2048 

2065 

2073 

2084 

2100 

2109 

2120 

2161 

2169 

2186 

2224 

. . 2234 

2243 

2253 

2266 

2274 

2284 

2294 

2304 

2313 

2328 

' 2348 

2361 

2370 

2384 

2394 

2402 

2412 

2423 

2432 

2510 

2527 

2538 

2555 

2564 

2577 

25B6 

2598 

2610 

2630 

2642 

2692 

2707 

2719 

2729 

2738 

2751 

2760 

2770 

2791 

2801 

2810 

2321 

2829 

2857 

2867 

2875 

2885 

2895 

2907 

2922 

2934 

2945 

2953 

2963 

2977 

2987 

3000 

3010 

3020 

3034 

3044 

3065 

3076 

3086 

3096 

3109 

3118 

3128 

3138 

3146 

3165 

3185 

3195 

3205 

3215 

3225 

3237 

3249 

3259 

3280 

3302 

3312 

3326 

3335 

3344 

3354 

3364 

3373 

3382 

3418 

3437 

3448 

3476 

3484 

3495 

3512 

3529 

3546 

3583 

3596 

3607 

3630 

3641 

3650 

3659 

3669 

3678 

3694 

3705 

3714 

3724 

3733 

3742 

3753 

3770 

3814 

3824 

3863 

3875 

3899 

3941 

3956 

- 3975 

3986 

3994 

4005 

4018 

4028 

4036 

4046 

4057 

4075 

4088 

4103 

4112 

4121 

4131 

4343 

4352 

4362 

4371 

4381 

4392 

4402 

4411 

4424 

4434 

4447 

4455 

4464 

4477 

4485 

4495 

4506 

4517 

4526 

4535 

4545 

4554 

4573 

4587 

4598 

4612 

4622 

4634 

4642 ‘ 

4653 

4662 

4682 

4698 

4718 

4730 

4738 

4756 

4770 

4786 

4799 

4821 

4830 

4839 

4854 

4871 

4894 

4903 

4913 

4926 

4935 

4945 

4954 

4963 

4973 

4983 

4996 

5013 

5027 

5042 

5052 

5063 

5073 

5083 

5092 

5107 

5116 

5125 

5143 

5152 

5165 

5178 

5188 

S198 

5208 

5221 

5231 

5249 

5266 

5275 

5293 

5307 

5318 

5337 

5345 

5360 

5370 

5383 

5393 

5408 

5418 

5427 

5441 

5450 

5460- 

5469 

5473 

5489 

5497 

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11993 


On 1st September, 1978 there will become due and payable upon each Bond drawn 
for redemption, the principal amount thereof together with accrued interest to said date 
at the office of:— 


S. G. WARBURG & CO. LTD., 

30, Gresham Street, London EC2P 2EB,, 

or one of the other paying agents named on the Bonds. 

Interest will cease to accrue on the Bonds called for redemption on and after 1st 
September, 1978 and Bonds so presented for payment must have attached all coupons 
maturing subsequently to that date. 

£2,320,000 nominal amount will remain outstanding after 1st September, 1978- 

The following Bonds, drawn for redemption on dates stated below, have not yet been 
presented for payment. 


1st September, 1973 
£1 00 Bond No. «350 


1st September, 1977 
£500 Bonds 

14046 15612 17819 


*18668 19082 


£100 Bonds 
6438 6521 


30, Gresham Street, London EC2P 2EB. 


1st August, 1978 




PARLIAMENT AND POLITICS 



Bill Ito extend controls given Royal Assent 


Dividends fight only 
by lack of time, skys 


Opposition 
queries 
£900m aid 

write-off 


By Ivor Owen, Parliamentary Staff 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT |2Sy 

" . sion to write off aid repayments 

THE LEGI SL ATION 1 extending of next July and another exempt- “This really is contempt of possible to say what will happen 27 of the poorest developing 
statutory 10 per rent dividend ing Northern Ireland from Parliament. We are not given at the end of that period. Every- countries at' a cost of some 

control for a further 12 months dividend limitation. These were the time and information neces- thing will depend upon how the £900u in the period up to the 

received Royal Assent last night rejected without a vote. sary to debate the matter." economic situation is seen. end of the century was ques- 

after unusually acrimonious Another amendment, which was Lord Gar r a Iso .wan ted to know jj e pointed out that dividend Honed from the Opposition 
debate in the House of Lords. withdrawn, stipulated ’that con- what would happen after next controls had been introduced benches in the Commons yester- 

From the Conservative front »1? **>*£1 not apply to com- July a “ d first by the Conservative Govern- . 

bench Lord Carr of Hadley Pame s where the percentage when inproducinrthe last esrten- ment in ig73 . - Hr; Robert Rhodes James (C 

“'dirtatorsMp " i^tbVway'Vt had IT’aSk’f’SS SS^fSK 

SSaJSySS ce“taee° increase SS we STJSS* WlJ- }gS£S2WSg£Z 


as “academic whining." '• 

A spirited rearguard action 
against the dividends Bill was 2?“ ^ 
fought by Lord Monson, a cross- 
bencher, who put down six funds 
amendment s which would have 


Z , surance companies and pension He said that »*he levels of "stark mean-minded ugliness. that the next Parliament -will 

enn.iiH SaaOs. wages and salaries feere taken as H argued that wages had more behave as it wishes to behave— 

Finally, Lord Monson wanted an index of 100 3 1972. then tha n pace vrilh inflation over properly, 1 hope.” 

to change the title of the legisla- they would now st*d at 223 on 1*^ part five or six years and Under challenge from Mr. 

I Sj5S that^Sfp tion t° maie it the Dividends the scale. Bur dgidends, over wouldwntinue to do so olvi- Richard Luce, a Conservative 

Continuing Restriction Bill, in the same period. £d only risen MS meanwhile Irad fallen ***** “*** spokesman. Mrs. 

3?™5 T,n u l fi tit STiKSS order to make it clear what the from 100 to 140. T meaQWluUj ’ “ - WUen Judith Hart, Minister of OvewcS 

to put up a fight by supportino Government was inflictine on in- The Conservatives were „ . . .. .. . . . _ Development, admitted the in. 


f? P ,manrfmpT G°*enunent was infiicting on in- The Conservatives were T - h , (T in Development, admitted the in- 

?r, a hi?tn^f^ fES *'“*««• This too was Withdrawn, opposed to the Bit because it jJgjJ. ‘toid^the Tories of file Per capita in- 

unable to ao so became their The Opposition was particu- would affect working efficiency*, [““T wFSffri,!! come criteria in judging the 

hands were tied by the fact that 2nn0 yed that details of the hold back investment and lead to u°_ economic potenial of under- 

the existing dividend control regulations were not included in some higher unemployment. Jt developed countries. 

dUC *° ^ *■ Bil I b « issued in a FYe* seemed odd that thefeovemment amindmeX "* wish somc of our «on* 

release last week and not was basing its argument on fair- Lord Monson s amendments.^ mists were further advanced in 

Had the Opposition altered the provided to peers. ness when the chief Recipients of What a poor lot they ore, he their work on trying to define 

BIH, then it would have had to Lord Carr pointed oat that if dividends were the vfery workers said of the Conservatives. What some other index," she said, 
go back to the Commons for fur- the Opposition was to go through in whose name the controls were is Lord Carr up to. Did he Mrs. Hart announced that a 
ther consideration before being the normal procedures and vote being imposed. out of bed on the wrong side this maximum annual cost of £®hn 

returned to the Lords once more, against the Bin, then that would “ Rising dividends mean rising morning? would be involved in giving effect 

The result would have been create uncertainty and would be pensions. It seems a vers* funny Another cross-bencher. Lord to the decision to write off £9fl0m, 
that today the country would against the national interest. idea of social juslice-to us.*' he Terringten, a member of the covering principal and interest, 

have been without any form of “This reduces Parliament to declared. wider share ownership council, in the period to the end of the 

dividend regulations. a farce." he declared. “We wish Lord McCluskey refused to told peers: “ Today’s decision is century. 

Lord Monson moved an amend- to register the strongest protest, speculate on what would happen basically unfair and most dis- The decision was a develop- 
ment li mi t in g the extension of We really might as well have a over dividend control in 12 couraging to a whole lot of^xist-^ont of the Government’s aid 

controls until next March instead dictatorship, months' time. “It is quite im- ing and potential small savers.” policy and would remove the 

burden of past aid loans. 


Tory plan aims to bring Quangos 
within control of Parliament 


BY RUPERT CORNWELL, LOBBY STAFF 


A DETAILED plan to reduce the 
numbers of Quangos — •“ quasi- 
aatonomous national Govern- 
mental organisations " — and 

bring them more firmly into the 
grip of the elected Parliament 
was put forward yesterday by 
the Conservatives. 

The proposals, drawn up by 
Mr. Philip Holland, Tory MP for 
Carlton, and Mr. Michael Fallon, 
of the Conservative Research 
Department, are not official party 
policy. But they are likely to 
appeal strongly to -Mrs.- Margaret 
Thatcher and could well be 
referred to in the n General 
Election manifesto. ' : * •’ ’ • 

The authors, who set out their 
views • in a pamphlet, entitled 
“The Quango Explosion, Public 
Bodies and Ministerial Patron- 
age." broadly define the Quango 
as “ a body other than a depart- 
mental Committee to which a 
Minister appoints members other ' 
than civij servants.” 

The biggest specimens of the 
breed are AGAS, the Price 
Commission and the National 
Enterprise Board. But Ministers* 
now make, at the latest and 
probably less than complete - 


estimate, 8.500 paid and 25,000 
unpaid appointments. 

“Jobs go to trade unionists, 
retired or defeated politicians. 


Left wing academics and regional 
party officials,’’ Mr. Holland said 
last night “ These constitute the 
new apparatchiks of the modern 
British Soviet State. 

“ Quangos are the outriders of 
the corporate state. Through 
these un elected unrepresentative 
bodies. Ministers are exercising 
control out of reach of Parlia- 
ment Inexorably, the frontiers 
of bureaucracy - are being 
advanced by a calculated exten- 
sion and abuse of political 
patronage. -1 

' The pamphlet points to the 
inexorable tendency of Quangos 
to breed other Quangos, and 
their refusal to disappear even 
when formally abolished. “The 
Quango never grows old, rather 
it multiplies or takes on new 
forms, succumbing to a favourite 
Socialist illusion that by altering 
the names of things, one is 
somehow altering the nature of 
the real world." 

A particularly vivid example 
cited concerns the five Depart- 


ment of Education research bodies and the swift despatch of 
councils. To see that these do those “ no longer essential tn the 
not overlap, there bave been nation’s well being." Every* 
spawned tbe advisory- Board for Quango would be liable to auto- 
the research councils, three raatic dissolution after five years 
specialised committees,, two unless extended for a further 
inter-council committees, an five by a resolution of both 
inter-council co-ordinating com- Houses of Parliament 
mittee with four specialised sub- To improve accountability, all 
groups, and several joint council bodies receiving more than 50 
committees. per cent of their income from 

Since Labour came to power public funds should be subject 
in 1974, claimed Mr. Holland, 42 to regular scrutiny by the exist* 
new national bodies have been ing all-party Expenditure Corn- 
set up. of which the 10 largest mittee of MPs. and to regular 
will cost over f35m to run thir.debates on the flow of the House, 
year alone. "Many tell us what * This would close the much- 
to do and what to think . . .1984 -criticised loophole by which the 
is nearer than many of us NEB, ter name .but one Quango, 
realise.” he insisted. virtually escapes Parliamentary 

If a Conservative Government control, . even thbugh it spends 


regains office, the authors want £275m of taxpayer's monev a 
three things done: a cut in tiie year. \ 


All the 17 countries concerned 
—Afghanistan. Bangladesh, Bots- 
wana. Egypt, the Gambia, India, 
Indonesia. Kenya, Lesotho, 
Malawi, Nepal, Pakistan. Sierra 
Leone, Sri Lanku, Sudan, Tan- 
zania and Western Samoa-had 
aid repayments outstanding, but 
would now be eligible to receive 
aid from Britain on grant terms. 

The cost of the write-off would 
be entirely met from within the 
increasing aid programme. 
Detailed arrangements would be 
discussed with each of the 17 
governments. In tbe case of 
India, local cost aid would, be 
offered instead of the retrospec- 
tive terms adjustment 

Mrs. Hart stressed that the 
adjustment facility* would not he 
extended to governments which 
would otherwise have qualified 
bu t which were regarded by 
Britain as having seriously 
violated human rights. 

Mr. Luce described the per 
capita income criteria as a erode 
method of judging a country’s 
economic potential. A country 
by country review, based on each 
nation’s ability to repay, would 
have been a more sensible way 
of tackling the problem. 


WIW UUN&3 uuug. u vui Ml Uic year. 11 ■ 

number of Quangos, the creation Finally, appointments to 
of Common s m achinery to make Quango jobs on purelx political 
them accountable and strict grounds will cease. Alnf ull-time 
vetting of Ministerial nominees, paid posts would have., to be 
coupled with tight limits on the approved by the Nationalised 
number of such jobs any one Industries Select Committed. No 
person may hold. one would be allowed to ‘hold 

To achieve the first goal. Mr. more ' than three part-time; or 
Holland and Mr. Fallon want an one full-time and one part-time 
imm ediate - review of existing post simultaneously. 


Dole queue 

poster 

complaint 


Benn lists EEC Commission conflict areas 


By Philip Rawstome 


BY IYOR OWEN 


A NEW onslaught on the EEC 
Commission for its continuing 
refusal to cooperate in the 
development of policies; which 
reflect Britain’s position ' as pie 
Community’s major energy Pro- 
ducer was made La the Commons 
yesterday by Mr. Anthony Wedg- 
wood Benn, Energy Secretary. 

“ The Commission is takirg us 
on on six fronts,” be told; the 
House, in again reaffir ming bis 
determination to ensure that re- 
sponsibility for energy polity in 
Britain is not transferred from 
Westminster to Brussels. 

Mr. Benn called on Tory 
MPs to give him ' support in 
standing up to the Commission 
which be contended was acting 
unreasonably. 


He stressed: “These are not 
disputes with other member 
States, many of whom share our 
view about the role of the Com- 
mission is energy policy.” 

The six major issues 
identified by Mr. Bean as being 
subjects of conflict with the 
Commission were: 

1— Interest relief grants (loans 
at subsidised rates for the off- 
shore oil supplies industry). 

2 — The Scottish-based offshore 
supplies office (the Commission 
is questioning its legality). 

3— Landing rights (Britain’s 
requirement that North Sea oil 
must be brought ashore in the 
UK). 

4 — The monopoly purchase of 
gas by British Gas, 

5 — Nuclear policy, particularly 


it the decision to prevent Britain pushing the scheme to get more Tbe committee was also askw 
t buying nraniam from Australia. British coal burnt in- power .consider, the Conservativi 
x 6 — Oil refinery capacity (the stations in the EEC. Party; Political broadcasts pro 

i- Commission wants to limit Denying the charge. Mr. Benn duced by the same advertiiim 
BdhiD's refinery capacity). maintained that he bad pressed company, Saatcbi and SaatchL 
5 These are a major range of the coal scheme 18 months ago. In a letter to the committee 
g attacks, upon our national energy The -Council of Ministers had Mr. Reg Underhill. Labour’s act 
e policy, declared Mr. Benn. refused to agree to It The fact iog general secretary, said thai 
He also restated tbe case for was that if the Council of Minis- the poster m purports to show an 
? expanding the use of British coal ters was not ready to endorse extremely long dole queue." 

■ — £10 a tonne cheaper than any a policy, no British Minister had He added: “ We understand 
other coal in Europe — for the the power to enforce It that this consists entirely oi 

s generation of electricity through- The -Energy Secretary claimed employees of Saatchi and Saatehi, 
1 out the EEC so as to reduce the that the scheme submitted to the each of whom appears on the 
Community’s dependence on oil Electricity Generating Board to Poster five times, and does not 
> imports and imported coal from encouarge additional coal being represent a real queue of ud- 
j Poland. burnt in the power stations would employed persons.” 

' Conser jatj*e not involve any additional cost Mr. Underhill told the commit- 

, 257**^ £5? m ? zl a ?£ use< Lj?H' 10 eledneity consumers. tee: “We bave already protested 

F ^F.. 05 vf 055 S? nk Stock ,eveIs at Power stations twice on the subject of - party 

r h 3 ft hy n , ot adj i aitUn S and pit beads were high and political broadcasts. Although 
that he had been too slow in could increase further, he added, these are not in^mmerSal slote, 

we would suggest that your com- 

Tories urged to boost TSSSSfsSa 

. ^ the practices involved are un- 

worker participation 

* Jr- agency and actors have posed as 

ry phrip DAWVTODKIC ordinary citizens and a photo- 

RY PHRJP RAWSTORNE *. graph of the Prime Minister has 

. *- been used with the voice of an 

CONSERVATIVE trade unionists statutory pay policies are divisive ? ctor or account executive read- 
- yesterday proposed that a future and blackmail by Governments words which were never 
Conservative Government should over contracts are dishonest and s P oken Mr- Callaghan. 
. P ^' „ “?L . 10 unnecessary. “ These should “ It Is our belief that bfoad- 

encaurage companies to mtro- therefore be avoided at aH costs.- casts of this nature bring the 

schemes participation lt adds; „ We be , |eve tbat advertising profession into coa- 

' in o collective bargaining should be tero . pt '. Si U # te , eet ! tauily * " they 

In a policy document. A Plan as free possible. Responsibility mislead and/or deceive those who 
« r - « overnt ^^i’ submitte d to in wage-bargaining will be en- re ?d of listen to them.” 

*2^ Thatcher, the CTU couraged by lower direct taxation Labour’s Campaign Commit- 
- 3^- that decision-making in and by a greater understand! ns tee. whi eh has 1190,000 available 
indu stry and commerce has of both tbe size of the national for , a counter-propaganda cam- 
become increasingly remote. cake and the ingredients of the P a ^ n 0ver the next few months. 

This trend needs to be social wage.” 13 to meet tomorrow to consider 

reversed if employees, from p r nHu>ti®it w hanni*;.. rK „, , , the result of its appeal to the 

managers to shop floor, are to bc P introduced *£2? *SS iSSftS t J ratie unioDS for farther elec- 

feel part of a concern whose s P rw i„ Li tion funds, 

su^ess Is important to them." S^jSST^ pSSS 

should give positive encourage- should^^e 6 ’ reriewed Royal assent 

ment to a wtde range of pai> independent Board. . j , . 

Bggg at The document calls for further tO OeVOlUtlOn 

snop-fioor level rather than the expansion of industrial tra inin g I L , . . „ 

Boardroom, it says. facilities along the lines of ^h? T ^v Sc ?,V and Water »Us 

The document suggests that Open University. 8 °t U P assemblies in 

employees should also be given a drive to nrovide mnr* in*» Edl ? Cardiff if 40 per 

a stake tn the success of their should included mom fevihu S*? 1 » of eac 5 electorate 7°te 

through ^the foo^towar* te?5£r*““* Lortf yes, 

33Sfs SF sb 

p tS!“ stS n h T ro ; 1 

market stock should be helped by addition! Urban Areas and Chronically 

The CTU says that psuedo- 55?® ^ WWfc fr ° m the age 01 


Off-street parking 
power restored 


THE Labour Party yesterday 
.complained to the British Code of 
Advertising Practices Committee 
about a “dole queue" poster 
with which the Conservative 
Party has launched a £2m 
political advertising campaign. 

The committee was also asked 
to . consider . the Conservative 
Party: Political broadcasts pro- 
duced by the same advertising 
company, Saatchi and SaatchL 

In a letter to the committee, 
Mr. Reg Underhill, Labour’s act- 
ing general secretary, said that 
the poster “ purports to show an 
extremely long dole queue." 

He added: “ We understand 
that this consists entirely of 
employees of Saatchi and Saatchi, 
each of whom appears on the 
poster five times, and does not 
represent a real queue of . un- 
employed persons.” 

Mr. Underhill told the commit- 
tee: “We bave already* protested 
twice on the subject of party 
political broadcasts. Although 
these are not In commercial slots. 


Tories urged to boost 
worker participation 


BY JOHN HUNT 


BY PHILIP RAWSTORNE 


BY A MAJORITY of sevei*(I16- 
109), the Government last night 
put back Into the Transport Bill 
a provision giving -local 
authorities power over off-strtet 
parking. 

This is intended to give dis- 
cretionary powers to county and 
regional councils to license 
public off-street parking places. 

Sir. William Rodgers. Trans- 
port Secretary, called for the re- 
instatement of the clause, which 
had been rejected by the House 
of Lords. r. 

“You cannot have the effec- 
tive management of traffic in 
towns* unless you have the 


management -of parking as well." 
he told the Commons. 

Tbe Government move was 
opposed by Mr. Norman Fowler, 
Conservative transport spokes- 
man, who said there was no 
evidence that the* use of this 
power by the Greater London 
Council had achieved the aim of 
forcing people on to public 
transport 

The local authorities and the 
police did not want the system. 
The next step would be the con- 
trol of private residential park- 
ing and a permit system for any- 
one wanting to park outside their 
office, Mr. Fowler predicted. 


Rhodesia ‘indifference’ denied 


DR. DAVID OWEN, Foreign 
Secretary, was accused in., the 
Lords yesterday of appearing to 
be cynically indifferent aboutthe 
abduction of children from 
Rhodesia. • 

Lord Goronwy-Roberts, Foreign 
Office Minister of State, had 'told 
Lady Elies (C): “We are using 
our influence through the 
Botswana Government the tJN 
Commissioner for Refugees und 
the International Red Cross to 
try to ensure that those wbrj wish 
to return home can do so and 


that those who do not are 
properly looked after." 

Lady Elies suggested that it 
was an example of “ the apparent 
cynical indifference of the 
Foreign Secretary to the situa- 
tion in Rhodesia that this is 
never brought up with the 
guerrilla leaders themselves.” 

Lord Goronwy-Roberts replied 
that this suggestion was “ most 
abhorrent." Dr. Owen was deeply 
concerned about all kinds of 
human tragedy. 


Royal assent 
to devolution 


* 1 ■ 

.,(V, j 

v ‘ -f U 

4 i 1 

* * ■ 


.-II** 

»•* 1 


1 ' ? : M 


v run 


1 ' ; 


m.,- . r; -.*. 


. * ' i 1 J ! 






_ ..Ftoapiai Times Tuesday ^August Ot 1978 


labour mws 


Sun pay talks break 
over lack 




)CX > 


BY CHRISTIAN TYUS*, LABOUR EDITOR 


TALKS ON the pay dispute that 
has stopped publication of the 
hun newspaper for eight days 
broke down last night 

Representatives of the manage- 
ment and of the 220 journalists 
sacked last week for going on 
sinke spent nine hours with the 
Advisory. Conciliation and 
Arbitration Service, No settle- 
ment was. reached,- no further 
meeting with ACAS arranged, 
and the chances of the news- 
paper appearing this week look 
slender. 

The conciliation efforts broke 
down when representatives of 
pic National Union of Journalists 
insisted that the strike could not 
he called off until the manage- 
ment had offered cash tn recogni- 
tion of higher productivity. 

The management said it 
could not offer cash until the 
journalists .had returned to work 
and entered into -negotiation on 
a range of issues. ' 

The journalists are elaimfpg a 
productivity payment of 12} per 
cent on top of a 10 per cent 
Phase Three pay rise — an aver- 
age rise of about £2.000. 

The dispute is complicated by 
the fact that the Prices Commis- 
sion is to decide today whether 
to approve a Ip price increase 
for the Sun. which hag a circula- 
tion of about 4m. 


The company says that if it 
agreed to a productivity deal 
that broke the Government's 
guidelines, the price rise -could 
be in jeopardy and that. even if 
the price; rise was approved, the 
newspaper faced the possibility 
of losing Government adver- 
tising. . 

. Two concessions are believed 
to ;.bave ; been made by the 
journalists yesterday. The chapel 
(office branch) agreed that if the 
management made a cash offer, 
it would drop its claims for a 
productivity agreement based on 
either increased circulation or 
staffing levels as these would not 
be accepted by the Department 
of Employment. 

. The chapel decision came 
during a two-hour adjournment 
of the ACAS talks. ' 

.The management then offered 
to look at several subjects, 
including working practices and 
the possibility of “ new work." 
that it said would pass muster 
with the promise that a deal 
would be reached within seven 
days. At this point, the talks 
broke down. 

The Sim dispute is emerging 
as a major test of the Govern- 
ment’s criteria for exempting 
productivity deals from the guide- 
lines. 


ICI offers a revised 
wages structure 


BY NICK GAIU&TT. LABOUR STAFF 


imperial CHEMICAL indus- 
tries yesterday made proposals to 
restructure the "^national pay 
agreement for weekly paid staff. 

an attempt to solve the com- 
pany's ehronic shortage of instru- 
ment artificers 1 ' which has 
severely- affected the company’s 
Teesside operations. 

The onions have been refusing 
to co- op wale in draining artificers 
at the company's Wilton site, 

partly because#? the erosion of 
pay differentials between dif- 
ferent, grades iff Workers wit hin 
the company. : .' 

Yesterday's offer was made at 


a sub-comtnittee meeting of 
ICI’s national union-management 
negotiating structure. . . 

Mr. John Miller, the Transport 
and General Workers? Union 
national secretary for chemicals, 
said the proposals, which were 
” fairly firm " would be dis- 
cussed with local officials and 
shop stewards at all the com- 
pany’s sites. If the reaction was 
favourable, full national talks on 
the proposals would start 

The proposals would appear to 
include higher pay for artificers. 
Mr. Miller said mat any wage 
restructuring would have to be 


done across the board For all 
grades covered by the agreement 

ICI said that yesterday’s talks 
were exploratory and the pro- 
posals would be submitted to the 
Department of Employment if 
agreement could be reached with 
the unions on res trnetu ring. 

ICI bas so far shut one of its 
two ethylene crackers at Wilton, 
together with part of a plastics 
plant and a propylene plant A 
fourth plant, a petroleum resin 
installation, is to dose this week. 

The commissioning of a new 
£20m ethylene oxide derivatives 
plants has also been delayed. 


Construction sites warning 


Civil servants’ pay 
talks to resume 


DR. DICKSON BCABON. Minis- 
ter of Stated- Department of 
Energy. is . to call a 

meeting of -all construction 
industry naffonai union offi- 
cials to dfecuss industrial 

problems on' Cleveland petro- 
chemical construction sites. 

Dr. Mabon has already said 
that unless!... the industrial 

troubles decrease oil com- 

panies and multi nationals will 
refuse to invest in the region. 

Hundreds" Of millions of 
pounds are! being invested in 
Cleveland by ICI. British Steel. 
Monsanto, Phillips Petroleum 
and others.; - 


All sites have been hit by a 
series of unofficial disputes 
and one site has had mere 
than 230 unofficial stoppages in 
three years. 

The latest dispute is at the 


£40m protein plant being built 
fOr ICI at Billlngham. About 
120 men walked oat five weeks 
ago in support of a claim for 
additional bonuses. Thev have 
ignored union instructions to 
return to work. 


One-day strike by gas men 

WORKERS CONTROLLING; the tions in pressure and “everything 

Sow of natnral p* into tie i5 ^™?rike by members of tie 
national grid struek for 24 hours NALGO British Gas Operations 
yesterday, but British Gas id 

that there. had been no reduc- on trade union facilities. 


Technicians 
may seek 
special 
increases 

By Our Labour Editor 

SPECIAL WAGE awards for two 
groups of white-collar workers 
are likely to be demanded during 
Phase Pour of the Government's 
incomes policy that starts today. 

The Association of Scientific. 
Technical and Managerial Staffs 
is expected to argue that Its 
15,000 university technicians and 
non-academic staff should be 
given the same special treatment 
as university lecturers. 

A similar ease will be made 
out for its 15.000 hospital tech- 
nicians in the wake of big in- 
creases for doctors and dentists. 

Advantage 

ASTMS is hoping to take 
advantage of that part of the 
White Paper “Winning the battle 
against inflation” which says that 
after exceptional increases for 
firemen, police, the Armed 
.Forces, university teachers and 
people on top salaries, “it may 
be that there is a small number 
of groups in a similar position 
for whom similar treatment 
might be appropriate." 

Applications would be 
examined “very critically.’' 

in a circular to officers and 
branches published yesterday. 
Mr. Clive Jenkins, the general 
secretary, says: “We shall be 
looking at this provision very' 
closely to see whether progress 
can be made on behalf of our 
members in the public sector.” 

He also urges negotiators in 
the private sector to keep quiet 
abont their deals. 


Further 
may be lost 
at Alfred 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


ALFRED HERBERT, a state- 
owned machine tool company, 
has warned shop stewards that 
a further 900 jobs might be lost 
at its Edswick plant in Coventry 
unless negotiations proceed 
smoothly and quickly on the 720 
redundancies already announced. 

“That is the brutal alternative 
we have been gives.” Mr. Ron 
Doughty, the Amalgamated 
Union of Engineering Workers* 
convenor, said last night 

The company had made it clear 
to the stewards that losses being 
suffered at Edgwick were so 
great that without the early re- 
dundancies manufacturing there 
might have to stop altogether. 

The trade unions appreciated 
how serions the position was. but 
they were not prepared to accept 
the principle of compulsory re- 
dundancy. 

“We are still determined to 
take whatever action is neces- 
sary to bring about a socially 
acceptable solution," Mr. 
Doughty said. 

The problem the anions face 
is that any militant action, such 
as picketing the Edgwick site, 
will add to the losses and en- 
danger jobs. 

!□ their campaign against re- 
dundancies. shop stewards and 
union officials have met Sir 
Leslie Murphy, chairman of the 
National Enterprise Board, the 
company's main shareholder. 

“ Unfortunately, it appears 


that the board fully supports the 
company's proposals,” Mr. 
Doughty said. 

" If the redundancies are 
allowed to go through, the num- 
ber of jobs lost since the State 
take-over less than three years 
ago will be more than 2,000. The 
only solution different manage- 
ments over the last seven years 
have been able to offer is to cut 
jobs.” 

Mr. Doughty said that the 
unions had kept their side of the 
bargain, acted responsibly and 
cut disputes. 

The unions are demanding 
redundancy payments of up to 
£10.000 for a man with 20 years’ 
service — more than double that 
paid to 300 workers who 
volunteered to leave earlier this 
year 

The management which has 
budgeted the total cost of 
redundancies at between £2m 
and £2.5m, is likely to say that 
the company simply cannot 
afford to depart from normal 
practice. 

Even payments at that level 
would put a strain on the com- 
pany’s cash resources. Alfred 
Herbert has already spent the 
£l0m cash injection given by the 
Government three months ago. 

The company's problems have 
been caused by a poor sales per- 
formance in the first six months 
of the year, which has led to a 
costly build-up of stock and work 
in hand. 


BY PHILIP BASSETT, LABOUR STAFF 


TALKS ON the pay dispute 
involving 183,000 industrial crvil 
servants will be resumed today 
as support mounts for to- 
morrow's one-day national strike 
by the Government workers in 
support of their claim. 

Discussions on the iiay claim; 
w hich is bound by the Phase 
Three guidelines, broke down 
almost a month ago after union 
representatives rejected the 
Government’s second pay offer. 

Today's talks are the result of 
an initiative from 11 general 
sL-creturie* of the unions 
involved in the pay claim. 

Negotiators from the unions' 
joint co-ordinating committee 
hope for movement from the 
Civil Service Department on the 
Id per cent offer and on u com- 
parability formula worked: oat 
last week in talks between the 
union general secretaries .and 
senior Ministers, including Mr. 
netiis Healey. Chancellor, and 
Lord Peart, Lord Privy. Seal. 

The’ formula committed the 
Government to not interpreting 
the 10 per cent pay policy more 
rigidly fur Government indus- 
trial workers than for other 
comparable . groups, and for. 
undertaking - pay comparisons' 
with industrial workers in the 
private wetnr. 

A commitment on pay Jtero- 
nartsonx. as well as “substan- 
tial" pay increases amf ' conso- 
lidation of supplements from 
Phases One and Two -was a 
major part of. the' industrial 


civil servants’ pay claim when it 
was tabled in Kami. >, 

Industrial .civil , servants are 
preparing for tomorrow's one-day 
Strike of civilian. defence workers 
called last week by shop 
stewards. 

The token stoppage was origin- 
ally planned only lor Ministry 
of Defence workers but the 25 
per cent of industrial civil ser- 
vants working elsewhere are now 
expected to take part . 

A mass meeting of dockyard 
workers on Clydeside, where 
work on the Polaris submarine 
Revenge was blacked until the 
Government ordered the Navy to 
free it,; voted'-: unanimously 
yesterday to join, the one-day 
strike. Revenge sailed on Satur- 
day. ' A. 

The 2.600 Clydeside workers 
are, expected til. be^ joined ^hy. 
among others. 2,000 ^workers <rom 
Rosyth dockyard/ where / 
further nuclear submarines are'' 
still blacked. R.Q60 workers from v 
dockyard. 2,000 from 
iermaston nuclear base, 

. rom the Royal Ordnance 
Factory ui Bishopstown. 150 from 
Glasgow Department of Employ- 
,1 and 300 from the National 
ysfes- Laboratory in London; 

* One major exception, though, 
is expected to be at Chatham 
dockyard, where workers have 
already held one-dav stoppages 
in support of the claim, and feel 
now. in line with a statement last 
week from the Transport and 
General- Workers’ Union, that 
other forms of Industrial action 
would be more suitable. 


Merchant navy officers’ 
claim ignores reality 5 


by Nick garnett, labour staff 


MERCHANT NAVY officers, who 
last year threatened in halt 
British shipping in u dispute over 
salaries yesterday submitted a 
14 per vent pay claim. 

The employers said they were 
’■ astonished and dismayed " that 
the officers* unions had Ignored 
the bleak reality of the present 
shipping recession. 

Mr. Graham Turnbull, leader 
nf the General Council of British 
Shipping's . negotiating team, 
repealed a statement earlier this 
month (hut the employers’ offer 
would be dictated by the 
industry’s ability to pay. “The 
miilonk hero is. very -Weak.’ he 
vvanu*d. 

The claim was made by the 
Merchant Navy and Airline 
officers’ Association, the Amalga- 
mated Union of Engineering 
Worcers, the Mercantile Service 
Association and the Radio, and 
Electronic Officers’ Union, which 
tu«cthcr represent the 43.000 

officers. 

The claim involves a 14 per 


cent rise from November, partly 
tn take into account increases in 
the retail price index and the 
rise in average industrial . earn- 
ings under Phase Three. 

The unions also want further 
discussions leading to “construc- 
tive arrangements” involving a 
day off for every day worked. 

At present, officers receive a 
day off for every two worked. 

They are also seeking a joint 
committee to improve redun- 
dancy and medical severance 
terms. *• ' : 

Mr. Turnbull said yesterday 
that world shipping was fficing 
its worst crisis for nearly 50 
years. 

“Against such a background, 
our reply to the claim will be 
dictated by the industry's ability 
to pay and by our members’ 
ability to operate ships proffifchly. 

“Further, and very important, 
any settlement which we ^con- 
clude must not break the govern- 
ment pay policy" 


Funeral men backed 


BY OUR LABOUR. STAFF 

SIX FUNERAL WORKERS, who 
were expelled from their union 
and initially from their iatw for 
breaking a. gratuities agreement, 
were recommended yesterday fur 
re ins! a If met! I in Inc union by 
Hie Independent Review Com- 
mittee. The company was urged 
to consider re-onpaging them. 

The six men wore aH members 
of the National Unto* of Funeral 
Service Operatives and worked 
muter a closed slum agreement 
T«r the Colchester and «« 
Essex Co-operative Society. In 


Man* last year a formal agree- 
ment was set up between the 
society and the unioff . to 
administer a gratuities poaL 
The funeral workers told the 
committee’* inquiry into taff-cro 
that last November they; had 
decided to withhold money from 
tho fund in order w ^firing 
pressure to bear for a general 
Inquiry into complaints abont the 
operation of the society's funeral 
department, including dosed- 
shop problems. The money in- 
volved was not more iban-Xio a 
man. 


VKUIALCO 
Group of Companies 
"athensgrkeck 

CfrnrriuM ta -the Annual Report fgj* arcli 

i u t he FitmsM Times oft July II. W78 

The la.';’, paragraph of the report of “ SIDBNOR " Steel Work*. 
ot Northern Greece, should ran* . 

”*n« detect ion "{ Sieidrat) !■«».»• godi ySt «To* 
iratttfterred for distribution anroupted *>£ 
ihfeDKT llSo&fiW were atUMUtf to the Ordinary ggwjj. 
Sf (nr , ems dirt*** of D«- I ! ® V? 

•■bare.” 


With the opening of its new branch in Caracas, 
Venezuela, Banco do Brasil now has an even greater 
capacity to helpyou with your business transactions in 
this part of the world. 

You can count on Banco do Brasil for accurate, up-to- 
date information about this fast-developing market place. 

And it’s backed up with fast, efficient service to enable 
you to make the most of the opportunities thata dynamic 
.economy has to offer. Banco do Brasil is the largest bank 
in Latin America, with over 1,000 branches in Braziland 


an international network of 48 branches. 

Assets of US$ 46 billion place it among the top ten 
banks in the world. So if you’re thinking of business 
with Latin America, talkfirst to Banco do Brasil. 

You’ll find us in Caracas at Torre America, Avenida 
Venezuela-Sabana Grande, Caracas 105. Telex: 25175. 

^*RANCM0 

tegolewoy to busked Brazil. 


ABIDJAN’ • AMSTERDAM « ANIQ&GAStA, • ASUNBQtt • ATLANTA* * BOGOTA • BRUSSELS • BUENOS MRS * CARACAS • CHICAGO • COCHABAMBA * COLON * C0NC&O0N • HTANKfUHT • GENEVA • GRAND CAYMAN 
• HAMBURG • LAGOS • LAPltt * UMA • LISBON * LONDON • iOSANGaES • MADRID * MANAMA • MESCOOIY • MOAN • MONTEVIDEO * NEW YORK • PANAMA • PARIS • PAYSANDU • PU5?T0 P.STROSSNER • 
QUffO • RIVERA • ROM * ROTTERDAM • SANFR AHQ5C0 ■ SANTA CKUZ EE LA SIERRA • SANTIAGO * SYDNEY * SINGAPORE ■ STOCKHOLM • TEHRAN • TOKYO • TORONTO * VALPARAISO • VIENNA* ■ WASHINGTON. 
OVERT 000 BRANCH OFHCSSffiBRASL *OFRCSTQBEOPB£DBU97B»‘ 


i 




10 


- 


A 


BUSINESS AND INVESTMENT 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING IN i COMMfTMENTS 




GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company 

Also a wide range 
of banking services, induding:- 
Selective finance for propeny development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 

For farther information 
please telephone 01>606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 

Cres-him Trust List., Banin pton House, Gres ham Street, London EC2V7HE 
Tel: 01-606(^74 

Birmingham Office: Edmund House, Newhall Street, Birmingham, B3 3EW 
Tel: 021-236 1277 


EXPANDING WELL ESTABLISHED AND WELL CONDUCTED 
FAMILY HEATING ENGINEERS AND PLUMBING COMPANY IN 
SHEFFIELD AREA OPERATING IN DOMESTIC /COMMERCIAL 
AND INDUSTRIAL FIELDS MAY BE INTERESTED IN JOINING 
LARGE GROUP. 

Experienced and energetic director team with good crack record. 
Current turnover approx. 13 million and excellent profits. Full 
order books well ahead. Write Box G234I, Financial Times. 
10 Cannon Street. ECP4 4&Y 


Stroll. But Rapidly Expanding 
Building Construction. Group 

Sr 1 t «..«»..< ii* ucjih.i, Ci.. d ra.M^i 

Sc t.'nK of Industrial Did Cumm-.-r- j 
tjj.|dir.£i. urgently seeks additional 
Forking capital or alternatively an 
-amalgamation with a la-jjcr similar 
organisation to cope with increased 
turnover. The Company has orders lor 
1978/79 of approximately £500.000 
of industrial Buildings. In 1977/78 
the turnover was £247.000. Most 
conn acts are negotiated and not 
obtained by normal tendering pro. 
cedures. References obtainable from 
the Company's Auditors and Bankers. 
For further information (Principals 
only please) should Write Box 62355, 
Financial Times. 10 Cannon Street, 
EC4P 4BY. 


ABU DABI U.A.E. 

Trading and Contracong Company, 
based in Abu Dabi, well established and 
have good contacts in U.A.E.. able to 
assist in other Gulf States. Opening 
soon in London, seeking participation 
with companies. Willing to undertake 
medium and large contracts m OIL. 
CONSTRUCTION. ENGINEERING 
FIELDS. Able co provide first-class 
service and representation co large 
companies in die area, may consider 
roint venture. 

Please write in confidence to: 
EURIENTAL MARKETING LTD. 
138 New Bond Street, 

London. W1Y 9FB 


} 

EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 

FOREIGN BANKS 

seeking QUALIFIED 

BUSINESS 

BORROWERS 

Brokers protected. Local representatives 
wanted. Write Swiss- American Combine, 
P.O. Box 680 Panama 1. Panama. 


VENTURE CAPITAL | 

There ha bee= mush 'eaeos debate aaoue the apparent lack of nncun capital- 
for tcch-io^g^al p.-ad-ss- 

Having got the capita. •»« are having difficulty find.ns *b% product*, perhaps 
we have been locking ta the n-artg pface. 

W* are a large ca apnjr deep.y rmolved 'm dtvelopm«« Nld mawfectur* ef 
high technology products- v . 

Our .merest* lie mainly in the " inttraoens “ areas, clcetroofc. electrochemical, 
precision moulding. bcczaa due n what we know about. 

F.nansial arranzemenB arc flexible, from equity to complete Kqoitimn 
rcSu^i sJSTo*”*' from £I0C.C0C to £5.000.000 

Apart from the capital w* have design, production engineevii* manufacturing 
ami world wide marketing facilities immediately xva.iiBK. 

If you canid use trty or ail of these facilities and make mangy for you and 
us. please write. We promise chat negotiations wifi be cameo out by engineers 
who understand fina-ice. 

Write Bor 6233T. F'namjol Times. TO Cannon Street. EC4P.4BY 


C. P. GHOULARTON, SONS & PARTNERS LTD. 

Investment Bankers 

wish to appoint agents throughout the United Kingdom. Agents 
are to bring to the attention of their clients tax sheltered mw«- 
mem products created by Choufartons. Agents wilt be remunerated 
by way of commission. The products will fit jn Ideally with 
professional services such as accountancy, financial ^planning or 
investment advice, and in most cases will be equally ’applicable to 
substantial individual or corporate dienes. The appoinf&eiM will not 
involve surrendering ocher agencies. Ideally agents shmld be firms 
or companies specialising in financial advice. If you a it interested 
in discussing this proposition, please contact: 

C. P. CHOULARTON. SONS & PARTNERS L*|TEO 
Ashley House, 30 Ashley Road. Altrincham, Cheshire -JfAl 4 2DW 
Telephone: 061-928 9011 if 


REALISE CAPITAL 

Are you a shareholder in a private company with 
significant taxable profits? 

Would you like to realise capital without pledging 
assets or shares or declaring a dividend at today’s 
penal tax rates? 

If the answer to these questions is yes we can help 
you. 

Reply to Box G2338, Financial Times, 10, Cannon 
Street, EC4P 4BY, and an early, completely con- 
fidential meeting will be arranged. 


GRP/ FIBREGLASS 
MOULDING 

Well established privately owned 
moulding company m Southern England 
it currently increasing production 
capacity. 

Above average calibre design and 
engineering management seeks addi- 
tional sub-contract load or propositions 
leading to early utilisation of this 
extra capacity. 

Construction. engineering, marine 
oriantated and general industrial 
markets: are currently being supplied. 
Write Box 62353. Finonclof Times. 
fO Cannon Street. EC4P 4BY. 


OFFSHORE FACILITIES in taxation, adver- 
tising, promotion, office management, 
etc., underwritten by U.K. resident. 
Meetings will be held in London in 
August or by arrangement Write Box 
G.23S7. Financial Times. 10. Cannon 
Street ECJP 4BY. 


EUROPEAN BASED 

ENGINEERING /MARKETING 
COMPANY 

with long established Japan based sub- 
sidiary and contacts is able to provdc 
assistance to companies seeking 
products or quality control service. 
Company h also able to assist in 
locating markets for U.K. and Euro- 
pean companies wishing to export to 
the Far East. 

Write Box G2349. Financial Times, 
fO Cannon Street. EC4P 4BY. 


Excellent Opportunity to Enter | 

SAUDI ARABIAN | 
CONSTRUCTION MARKET 

Saudi company, well established, seeks partner to ftigase in 
private (not government) construction of aparunen^, houses, 
hotels etc. to £2 million each project. > . 

Medium size contractors looking to enter Saudi Arabia wiu be 
impressed with integrity of offer. ? 

BRYAN AND COMPANY LTD. -/ 

7 SCHWANENPLATZ. CH6004 SWITZERLAND 
Telex: 72355. Telephone: 041.220304 


£1 A WI8K FOX td address or ohonc j 
messages. Combined rates 4- tele* , 
under £3 a week. Prestige offices near ; 
Stock Exchange. Message Minders inter- j 
national, 01-628 0898. Telex 8811725 | 


BUSINESSES FOR SALE 


Plastics Trade 
Moulding Company 
For Sale 

Engineering company situated in the North East 
wishes to dispose of its plastic trade moulding 
interests.The assets forsale will include a freehold 
multi-storied factory of approximately 60,000 
square feet, situated on a three acre site. Present 
turnover £900.000 per annum. Sale as going 
concern to include freehold factory, machinery 
and stock for £.300,000. 

For further details please write to JIH Owen. 


Thomsen McUntock& Co 

70 Finsbury Pavement London EC 2A1SX 


wm SALE 


Due, to a growing turnover in rhe main activity of a Swiss holding 
corjpany. demanding bigger financial efforts and concentration, the 
Heading seeks acquirer' of its total participation in an import and 
distribution company for boats, outboard engines and outdoor 
•equipment. The company is domiciled in Switzerland, has 
well-equipped localities and is agent for brands of world-wide 
renown. The company is expanding. 

Information is given to interested persons on request under 
Number C f8-f7S3ff - PUBUCITAS - CH 1211 Geneva 3 


FOR SALE 

HIGH GKASS TewMcCAL (PLASTICS) 
Moumms TOOiesss 

This welj ‘esteemed and long established 'company has acquired a 
first-class' reputation in the high precision technical moulding field 
working in the $ oz. to 12 *oz. range and in the most . modem 
plastics available, including the most up-to-date materials. This 
policy has been amply justified by an ever growing demand for 
relacement of costly machined metal components by technical 
plastic mouldings over the whole range of industry. 

Complementary facilities include a well-equipped 2nd up to dace 
Tool Room for manufacture and maintenance of Precision Moulds 
for “ in house ” use. 

The Company is served by an excellent and loyal team of Tong 
serving executives and skilled staff whose technical selling and 
abilities have contributed substantially to its success. 

There are genuine reasons for this reluctant sale which is made 
against a background of high profitability, with a good order book 
and significant expansion plans. Location is in modern premises in 
West Home Counties. .... 

We envisage a price around £350,000. 

Principals only, please reply to Box G.2354, Financial Times, 10. 
Cannon Street. EC4P 4BY. 


PRECISION GRINDING COMPANY 

Old established Roll Grinding Company for salei Valuable 
freehold site of 2 acres in the West Midlands with ‘fully 
equipped plant. Good record of profitability'. Enquiries, from 
principals only, to U. H. Sherwood and Co., Post and Mail 
House, Colmore Circus, Birmingham, B4 6AT. 


RESTAURANT/ 
NIGHT CLUB 

Prime position, 
Mayfair 

Luxuriously furnished. 

Seating 250 people. 
Licenced until 3.00 am. 
Substantial fisrure 
required 
Principals only. 

W rile Box 
Financial Times, 
to. Cannnn Street, EC4P 4BY. 


SHEET METAL 
FABRICATION COMPANY 
FOR SALE 

ESTABLISHED OVER 20 YEARS 
HERTFORDSHIRE BASED 
Turnover £1.500.000 p.a. Net anacs 
£250.000. Current order book 
£1.000.000 Tax losses circa £250.000. 
Com pan)' trading profitably, own 
produet range, ownen retiring, offers 
invited >n excess of £250.000. 

Principals only need apply io 

Box G2331, Financial Times. 

10. Cannon Street, EC4P 4BY. 


BUILDING SOCIETY 
FOR SALE 

OFFERS CONSIDERED 
Principals Only Need Apply. 
Write Box G.2343, 
Financial Times. 

10, Cannon Street, EC4P 4BY 


Modern Squash /Tennis Club 
with Sauna. Bar and Restaurant 
in the South Midlands. 
Write Box G2340, Financial Times. 
10 Cannon Street, EC4P <BV. 


MEDIUM SIZED 

ENGINEERING BUSINESS 

for sales supplying origin*! equipment 
to automotive service Industry. Folly 
developed products Plus order book. 
Would suit engineering factory ""th 
spare capacity- Write Bo* 62347, 
Financial Time*. 10 Cannon Street. 
EC 4P 4BV. 


SUB-POST OFFICE, 

OFF LICENCE, NEWSAGENT, 
SUPERMARKET BUSINESS 
FOR SALE IN 
NORTH YORKSHIRE 

Modern tree hold premises including 
three- bed roomed flat. 1408 tq. It. 
retail sale* area. 225 sq. ft. ware- 
house and double garage. Sub-Post 
Matter salary in eacess of £4,000 p.a 
with woekly takings m excess ot 
£3.000. Offers invited in region of 
£100.000 including freehold property 
or would consider Irate ol premises. 

Write Box G2350, Financial Timet. 
JO Cannon Street. £C4P 48 y 


SOUTH WEST 

In an area of outstanding natural 
beauty. 38 purpose-built Holiday 
Chalets in 8.78 acres. Heated Swim- 
ming Pool. L'.ccnicd Club. Small res- 
uu rant/ Trite- away. Seasonal. Good 
N.P. Frecho'd £200.000 Private house 
(original farm} in 20 acres ad latent, 
optionally available. 

Details from Sole Agents, 
BETTfiSWORTHS. 

29/30 Fleet Street. 

Tel. I0B03 } 28 171/2. 


BUILDERS MERCHANTS 
AND IRONMONGERS 

Old Established Company : in 
industrial South Wales we* pior 
Sale. Turnover approx; n. 
Existing management and 
experienced staff. f 
Write Bo i G23S1. Financial Tii 
10 Cannon Street. EC4P 4BT. 


.1 

L 


RINGPARTS 

(LEEDS) LTD. 

This new energetic and 
enthusiastic organisation now 
exporting into European coun- 
tries is desirous of obtaining 
agencies for aii types of pro- 
ducts, especially those in the 
motor and D.I.Y. industries. 
Manufacturing organisations 
large or small please send im- 
mediate details of products. 
Finance available to the small 
organisations to help in 
production. 

Telex: 557254 

Tel: Leeds (0532) 634222 

or write EO 

Mr. J. Uptady, General Manager 
RINGPARTS (Leeds) LTD, 
Whireban Road. Leeds LST2 5NL 


INVESTMENTS 
FLORIDA, USA 

FOR SALE 79+ prime we*, next to 
Waft Disney World: 30 kM from fast 
growing Orlando area on -two muo 
arterial roadi, at 56.000,000 includ- 
ing technical assistance for zoning and 
Wanning permission. 

Please apply only for wholesale deal 
co: Ing. Dr. Gaorge Voyasidn. via 
della Famesim 3D8, Roma. Italy. 


BUSINESSES WANTED 


FOR SALE 

Holiday Camp development on 
the East coast. Planning permis- 
sion granted for replacement of 
existing chalets. Established use 
as a Holiday Camp. No D.L.T. 
Principals only In strict confidence. 
Write Bo* 62358. Financial- Times, 
10 Can non 5treet. EC4P 4BT. 


BUSY EMPLOYMENT AGENCY 

Sautli Caul low . 

Established 7 vaars despite unenv- 
otayment. profits show steady rise, 
with currant rear i-«lng a recant. 
Audited accounts available. Low rent. 
One or txrtB misting owners will stav 
bn (or 3 months or more to ensure 
, mouth transfer of goodwill & leech 
business II reaulred. Would suit Indi- 
vidual. husband & wife team or two 
irlnui. Enormous ootentlai lor eaoan- 
smn. UO.DOO o.n.o. 

Write Box G-23S9. Financial Times. 
10. Cannon Street. EC4P a by. 


PRIVATE SCHOOL FOR SALE 

I within 25 miles ol London; 

100 pupils (increasing) from 
I i to ” A ” Level. 

Freehold Premises with Headmaster's 
family accommodation. 

PRICE: £2854)00 
Write Bo* C 2342. Financial Times, 
10 Cannon Street. EC4P 487- 


OLD-E5TABL15HED 
PROVINCIAL LITHO/ 
LETTERPRESS PRINTERS 

with significant specialist connection 
for. sale. Freehold premises, moder- 
ately profitable, trade £;m plus. 

Write Box G2260, Financial Timet, 
10 Cannon Street. EC4P CBT. 


SELLING BUYING AN ENGINEERING 

f U5 r ,Nl ^S «L.i£. 0r eEl f Beiw'by Smith 
Engineering Sala. Stam* Cross. LindBeia. 
Sussex- Tel. LlndBcid 2900 


Public company engaged in the manufacture and 
distribution of electrical products and components 
is seeking expansion by acquisition of suitable 
companies in allied or complementary trades. 
Management essential with service agreements. Vendora to 
retain at least 25% of equity. 

Entrepreneur proposals for risk capital will be considered, 
in electronic or computer fields. Proposals offered should 
have young dynamic staff, anticipating a profit sharing future 
wi Lh the i r com puny. 

Write in first instance givinrj uutline proposals to i 

THE CHAIRMAN, WELLCO HOLDINGS LIMITED, 
9 Lower Grosvcnor Place, Loudon SW1W OEM 


BUILDING INDUSTRY 

Company actively engaged in the Building Industry 
seeks to acquire the whole or share of companies 
engaged in allied trades, i.e. cavity wall insulation, 
double glazing, wall coatings, etc. Retention^- of 
existing management is important. . 

If you would like to initiate discussions please write 
in confidence to Box G2339, Financial Times, 10 
Cannon Street, London EC4P 4BY. 


2ND MORTGAGE PORTFOLIO 
REQUIRED FOR CASH 
MINIMUM TOTAL BALANCES 

£ 100,000 

WITH OR WITHOUT EXISTING 
MANAGEMENT 

Call, write or telephone in complete 
confidence: 

P. J, CARROLL 

SECURITY PACIFIC FINANCE LTD- 
72 BERKELEY AVr NUEi 
READING 0724-54381 


CIGARETTE VENDING 
WE REQUIRE 

A CIGARETTE VOIDING ROUND 
IN THE Wcai niJLAnui 
with ■ minimum turnover at £125,080 
par annum. Please scare asking priee 
and quality of machines and location. 
Write to.- 
MR. JOHNSON, 

2. Theodore Owe. Oldbury, Warioy, 
Wert Midlands 


VEHICLE 
LEASING : 

Major Group wishes to acquire 
a Vehicle Leasing Company-' 

Plane reply in strictest confidence to: 
Bo* G2J44, Financial Times, JO 
Cannon 5 tree:, £C*P -JBV. 


WANTED 

An established private company- with 
seven-hnure sales, good waft; retard , 
ana Jdcauac funds, marketing Aero- 
chemicals trath home and overseas. 

seeks association wiih Cnemoai Com- 
pany. Ooftibly manufacturing sraducB 
in a comDlememarv held tlm 

ODiacc of widening Its trading ease. 
Pnnclaafs only should contact. wiiM- 
mg Ol rector. c; B Box G-214G. Flnao- 
cioi Timta. 10. Cannon Street EC4P 

■iBT ■ 


OR i'O.nipcant staKe reaulred in 
tton 1 c « r *'“ a "v or with quota- 

tisn cancelled. Please write to Box 

st'wt. 'ecap^by! 10 ' CufMn 



VENTURE CAPITAL SOUGHT 
FOR UNIQUE 
ELECTRONIC PRODUCTS 
Market penetration already 
secured, firm orders in hand. 
Market potential £6 million per 
annum. 

Write Bon 62362. Financial Tcimes. 

10 Cannon Street. EC4P 4BY. 


FULL-TIME 
WORKING DIRECTOR 

required for small Publishing Company 
(well-established national export 

work). Some investment required. Post 
requires experience in practical work 
in periodical publishing. 

Write Bax GZ348. Financial Times, 

10 Cannon Street. EC4P 4BT. 


POLAND 

Advertiser wishes to contact companies 
importing goods (real Poland in U.K. 
or Western Europe in die range 
£100.000-250. COO p.a. to discuss 
possible trading agreement of mutual 
commercial benefit. Principals only 
please. 

Write Bax C2345. Ffnonefof Times. 

10 Cannon Street. EC4P (BY. 


SBRI ELECTRIC 
TYPEWRITERS 

Fietrry reco-.ditioncd and guaranteed 
by IEM. Buy. save up to 40 p.c. 

Lease 3 years from £3.70 weekly 

Ren- l>an £19 pet month 

Phone: 01-641 2365 


Established, well organised 
DISTRIBUTION COMPANY 

computerized with large warehouse, 
have capacity ta promote additional 
product line*: Must be readily avail- 
able and capable of telling in high 
volume. Contort: 

M. D. NINDEL. Managing Director. 

ARROWTABS LIMITED, 

Humber Road. London, NW2 6EP 


PLANT AND 
MACHINERY 


GENERATORS 

Over 400 sets in stock 
HcVA-700kVA 

Buy wisely Irom the manuiacturers 
with fuff after sales service 

CLARKE GROUP . 

01-986 8231 

Telex 897784 


FINANCE FOR 

THE SMALLER 
COMPANY 

Forfurtherinformalion contact: 
K.Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 
Tef:0424-430824 


FORK LIFT SALE! Stock of over 100 used 
Fork Lilt Trucks ready for immediate 
delivery. Capacities from 2000 lbs. to 
67000 lbs. 80". have new tyres, new 
batteries, new seats and Minted In 
original colours. List sent on request. 
Trade and export enquiries woleomcd. 
Large reduction on Bulk Durchatcs- 
Dellvcrtes arranged anywhere. Birming- 
ham Fork Lift Truck Lid- Hants Roao. 
Saltlev Birmingham BB 1DU Tel: 02 1- 
327 5904 or 021-328 *705. Telex. 
337052. 


FOR SALE 

CAMEL CIGARETTES. 

60.000 cases per month 

SCOTCH WHISKY 

50.000 cases per month 

01-499 8771 


OPPORTUNITY FOR OWNER 
OF CAPITAL* 

interested m Joining as pirt/Full time 
trauice long established small group of 
Stock Exchange Associate Members 
specialising in proven ntetfiodi of toch- 
nietl analysis for own capital appre- 
ciation: also advising sophisticated 
international clientele. Please Write 
Bax G.2356, Financial Times, 10. 
Cannon Street, EC4P 4BT. 


SOUTH WALES 
MANUFACTURING CO. 

effectively selling to —Building and 
Civil Engineering Industry and all 
related specifiers, wishes to exploit 
fully its existing personal contacts by 
representing others with compatible 
products in this Add. Write Box 
6.2352, Financial Times. 10. Cannon 
Street. EC4P 4BY. 


CONTRACT SHORING 

We hare capacity available tor 
smoking poultry. Osh and meats. 
From autumn 19TB onwards. 

We can combine expert fenowledne 
of smoking with the use of modern 
eq nip mem. 

For Initial Inquiry ring 

Paul HnbanL 0926 57755 


LIMITED COMPANIES. 
FROM £69 

Formation in Britain and ail major 
countries and offshore areas including 
ISLE OF MAN, PANAMA, LIBERIA' 
and DELAWARE 

Efficient personal service. Contact; 
CCM Ltd.. 3 Prospect Hill. Douglas. 
Isle of Man. Tel: Douglas (0624) 
13733. Tele*: 627900 BALIOM G 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
30 City Road. EC1 
Of-628 5434/5/7361. 99 36 


INTERNATIONAL 
MANAGEMENT CONSULTANT 

A.CA., M.BA-, Bi-linguai French 
Sound European experience in under- 
taking financial and commercial studies 
of the Electronics and Engineering 
industries seeks further assignments. 
CALL 01-202 6051 


MEDICAL ASSISTANCE lor companies — 
worldwide. For particulars write; Trans- 
care Internationa) Ltd.. Group Houti' 
Woodlands Avenue, London. W.3. Tel: 
01-M2 5077. Telex B34525. 


Business and Investment 
Opportunities 
Businesses forSale/Wnnfieil 

Even/ Tuesday and Thursday 

Rate: £16 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

Francis Phillips, Financial Times, 10 Cannon Street, 
EC4P4BY. Telex-. 885033. 

01-248 4782 & 01-248 5161 

FINANCIAL TIMES 

EUROPES BUSINESS NEWSPAPER 



Financial Times Tuesday August i 19J8- 

APPOINTMENTS 




at Bowater 


Mr. A. R Dalloch. cxcculive 
vice-president of Bowater Incor- 
porated and a director of the 
Bowater Corporation, is to retire 
In March, 1980. He will relinquish 
his position os executive vice- 
president on April 1, 1979, taut 
wiU remain a director of the Cor- 
poration, and a director and. vice- 
president of Bowater Incorporated 
until his retirement. 

It is intended that Mr. A_ P. 
Gammle, at present chairman and 
managing director of Bowater 
United. Kingdom, will move to the 
UJ1. at the end of this year and 
will succ ee d Mr. Bulloch- as 
executive . vlce-presidenr of 
Bowater Incorporated. 

Dv. A. I. Lenton. chairman ot 
Ho waters United Kingdom Paper 
Company, will replace Mr. 
Gnmmie as chairman of Bowatpr 
United Kingdom from December 
1. 1973. 

6 

Ur. .. Robin Uarvle-Smith has 
been appointed managing director 
of HODGE LIFE, a subsidiary of 
the Standard Chartered . Bank 
Group. Mr. Philip Lee. a director 
and general manager of Hod.ne 
Life, will continue to have special 
responsibility for broker service 
and sales. 

★ 

Mr. Gordon & Planner has been 
appointed chairman of the newly- 
formed Business Relations Group 
of the LONDON SYMPHONY 
ORCHESTRA. Mr. Planner, who is 





Dr. A. I. Lent on 



Mr. Gordon Planner 

executive deputy chairman of the 
Sterling Group, has bad a limy 
association with the Urchestra. 
During 1977, when he was .with 
Rank Xerox, he .was responsible 
for sponsoring the Orchestra on 
its lour of Hungary, Yugoslavia 
and Czechoslovakia. 


executive to control the com- 
pany's Data Services Division. 
The executive consists or Hr. Lcn 
Rawtc ns chairman, Mr. Ronald 
Rain, national marketing; Mr. Kay 
Tee. Unilever marketing; and Mr. 
Fred Hoyden, computing division. 
In addition, Mr. Roger Tomlinson 
has- become Data Services 
Development coordinator. 

•k 

Mr. John Austin has joined 
SHAFT SPORTS as managing 
director. 

+ 

. Mr. Ivan Bruce has been 
appointed linanciai director of 
.MECCANO, and Mr. Trevor Donee 
has become manufacturing 
services director. 

★ 

Mr. T. Broad hurst nnd Mr. R. C 
Weston have been appointed 
brokers. 

+ 

Mr. D. P. Johnson, Mr. B. J. 
Shericy-Dale. Mr. A. G. Moore, 
Mr. I*. J. Bulnmn. Mr. R. G. 
Whitmore. Mr. D. N. Allison and 
air. W. J. W refcrd, uroup senior 
executives of CORAL LEISURE 
CUULT, have been appointed 
associate directors. 

4r 

Mr. c. A. H. Monk has been 
a|>i>uinted to the Board of HILL 
SAMUEL AND CO. 

* 

3Ir. J. R. Henderson has been 
appointed chairman of BAR- 
CLAYS BANK TRUST COM- 
PANY in succession to Mr. 1). E 
Wilde. 

* 

Mr. Michael J. PhiiUs has been 
appointed general manager, 
foreign exchange ;»nd money mar- 
ket department p( LONDON AND 
CONTINENTAL BANKERS. 

■k 

Sir. Roland Ucrtodo \HH be 


* Ice v mu the PERKINS ENGINES 

Sir David Nicolson has resigned GROUP at the end of this month 
from the Board of RICHARD to jum the Roard of DEXION- 
COSTAIN because of pressure of COMIXO LNTEK NATIONAL 
other business commitments. * 

Mr. . D. 1L Amirews has been 
appointed a director of the 
PKLNCJP.UJrY building 
SOCIETY. He is a director or 
E. Drnule and Son, a subsidiary 
of the House of Fraser, ^nd holds 
directorships in \*arioiis fannlj’ 
companies. 

k 

Mr. P. J. Hoeumans has been 
appointed presideut of MOBIL 
EUROPE INC., based in London. 
He sueceds Mr. H. C LewJosky. 
who has been elected chairman of 
rtie. Vonstaml {Management 
Board) of Mobil Oil. AG in 
Germany and a director of Mobil 
Oil in Austria and Mobil Oil. 
Switzerland. Mr. Hoenmans was 
previously genera! manager of 
Mobil u:l AG. 

★ 

. Mr. G. A. iiarly, ' general 
manager uv. ^tmont division of 
CuALMERCIAl. L'NJON ASSUR- 
ANCE. V r.l be rearing at the end 
oFinis year. From .January 1, 1979, 
Mr. U. G. Beaie. inrestment 
oi.inasur. will become investment 
manager tinrurnationai/. Mr- 
M. A. Evans will be responsible 
tor all Investments ut present 
managed within the investment 
u.vish.n in London while retaining 
his title -of investment manager. 


Mr. John Pin man has been 
appointed divisional personnel 
director of thorniest division of 
Unlgatq succeedita Air. Chris BaU, 
who has taken a hew position as 
operations director of Bowyers. 

Mr. R. C Knollj s\ the new 
chairman of me \RiuUSH 
AErtObuL M.L\UFAG31 .;Kj^KS 
ASSOCIATION and ftirAUcorue 
Hodgson is vice-chairman. 

* \ 

Mr. John Deho, sales manager 
of NORFOLK CAPITAL Hi/IElS, 
has been apoinled to the nevly- 
created position of sales director. 
He was recently made a member 
of the Council of the London 
Tourist Board. • 

* 

Mr. Peter While, sales manager' 
of ALACRA, has been appuuued 
Sales director. 

* 

Mr. P. M. B. G oiler has resigned 
as an exeeuUve director of uH. 
1NDUSTRLVLS to devote more 
Lime ' to his other business 
interests. 

* 

UNILEVER CUMPUTER SER- 
VICES has created a management 


HOME CONTRACTS 

ICL is awarded £5m 
computer orders 


INTERNATIONAL COMPUTERS 
has won three contracts worth 
about. Lara* The biggest, worth 
xa.lra, was awarded by the 
Paymaster General's Office lor 
the installation of two large-scale 
computers— a 2970 and a 2976— 
at its computer centre in Crawley, 
Russes. Racai Electronics has 
ordered a dual 2060 system worih 
£I.25m for its new computer 
centre in Bracknell, Berks. JCL 
has also received a £500,000 con- 
tract tb supply eight System Ten 
computers to the Calor Group. 

The -contract for the construc- 
tion of the SwallowOeld bypass 
has ’been awarded to SIR 
ALFRED McALPINE AND SON 
(SOUTHERN) by Berkshire 
County Council. McAIpine's fender 
was £4,556,300. The scheme is 
scheduled to be completed by 
summer IOSO. 

* 

Television studios relaying pro- 
grammes to the entire Manchester 
region . ■ are part of a £2.6m 
contract awarded by the BBC 
to SHEPHERD CONSTRUCTION, 
rhe project is to carry out major 
construction work on the BBC's 
extension- programme at its 
regional, headquarters in Charles 
Si njet, ' Manchester. Work has 
just begun and is scheduled for 
completion in December next 
year. 

* 

A. t. SYillES CONSTRUCTION, a 
John -WUirnott Croup company, 
has won two contracts loaeiJier 
worth ELJm. At Baxter Avenue, 
Southend-on-Sea, they will build 
yji flats for the Springboard 
Housing ' Association , and at 
Hen riq ues Street, E.CJ, Symes 
has begun converting a four- 
slarcy building into 65 Hals for 
the Samuel Lewis Housing Trust. 

k 

HONEYWELL has won an order 
from Cape Insulation far a Model 
M/SO system worth ..Imost 
£400,000. Cape has also ordered a 
Series 60 Level G minicomputer to 
handle data entry applications 
alongside the Level 64 system. 
The mini will use Honeywell’s 


DEF (Data Entry Facility) soft- 
ware m a £50.000 coniiguration 
comprising a Model 6/43 proces- 
sor with I60K bytes of memory, 
ten megabytes of disk storage, and 
ten visual display terminals. 

■* 

HARRIS terminal display system*, 
worth a icrial of £162.000. are 
being installed to handle inter- 
national division and systems de- 
velopment applications lor the 
Midland -Bank. Tht first pba&e of 
the installation, already completed- 
comprises a ten-screen Harris 
SI 70 system at the Bank's compu- 
ter operations division, Sheffield- 
Linked, under CMS, to an IBM 
370/ 148 at its N.E. computer 
centre in Pudsey, the display ter- 
minals arc used for interactive 
program development. In Septem- 
ber. a further 44 Harris 3170 dis- 
plays will be installed at the 
Bank's new international head- 
quarters in Cannon Street, EC4. 

* 

DANKS OF NETHERTON hag wn 
a £100,000 contract for boilers for 
a £15m chlorine plant at BP 
Chemicals' Sandbacb, Cheshire 
factory. 

* 

WARD AND SCUTT, Ashton- 
undcr-Lync, has been awarded a 
contract worth about £116.000 by 
thi* C.as Council (Expl oration) 
for the design, manufacture, 
erection and commissioning of 
packaged sub-station* for four 
well sites, part of the Wytch 
Farm Liilfield development. The 
order includes not only the sub- 
stau'un equipment but also the 
building and internal services. 

k 

Contracts wo ctle about £4m have 
been nunounced for work on the 
£230ni oil cracker being built near 
Pembroke for. the Texaco and 
Giilf Oil companies. The main 

contra cl or, Snamprogetti, has 
awarded an - order worth about 
£Sra to SIR ROBERT McALFINE 
AND SONS for onsite foundations 
in the process areas, and a 
contract worth about £lm has 

been secured by CRN BIRWELCO 
for a waste water treatment plant- 











































■Vt 


Tinancral Times Tuesday August 1 1FT8 





t L/l I CU 


^TnHI^jHpHER LORENS 


5^4 

sSM. 


JOHN BOREHAM Hus mnraing 
take*: ovr*r as Permanent Secre- 
tary of one Of the most respected 
departments in {he whole of 
■Whitehall and one of the most 
riHiirltcd from daily party politi- 
cal influences. He . succeeds Sir 
Claus Moser in' the twin posts 
of director of the Central Statis- 
tical Office and head or the 
Government Statistical Service. 

Th its means that he is ulti- 
mately responsible at the official 
level for the provision of 3 mass 
of statistical information to the 
Government and the public, 
advising Ministers both on the 
quality of the figures and ihe 
trends they show. 

The essence oF the operation 
Is the maintenance of the 
integrity of the statistics to 
ensure that the figures are not 
interfered with or leaked for 


political or commercial advan- 
tage. Indeed, the Government 
decides and makes known well 
in advance exactly when the 
main economic statistics will be 
published, with the result that 
politicians, fit their election 
dates round, say. the trade 
figures or retail price index, 
rather than vice versa. • 

But this does not mean that 
the CSO’s work is unennt rover- 
sial— far From it. considering 
the constant jibes which 
statisticians have to face over 
the reliability of their figures. 
In a number of cases the later 
revision of initial estimates has 
been as large as the original 
change. John Boreham and his 
staff are well aware of this prob- 
lem, especially given the lime 
constraint: the UK produces its 
main monthly economic indica- 


New figure in charge of statistics 


tors much more quickly than 
other countries. 

Work has been under way to 
see why discrepancies occur, 
though there are no easy solu- 
tions. For example, there is 
often a large, unspecified 
balancing item in the quarterly 
balance of payments figures 
which can be as big as the 
current or capital account 
balances. The problem is that the 
non-visible trade items, such as 
the City's financial transactions, 
are effectively estimated from 
other figures and a direct record- 
ing, as on visible items, would 
involve a disproportionate cost. 


A related problem is that of 
fluctuations in the monthly 
series— for instance, the trade 
figures have swung sharply from 
raonth-to-month with export or 
import volume rising or falling 
by as much as 5 per cent. The 
statisticians are sceptical about 
whether the underlying figures 
change as much as this, but im- 
provements in documentation 
are extremely expensive. 

On this thwne. John Boreham 
believes that closer relationships 
between Whitehall statisticians 
and business users might belp 
to overcome some of the prob- 


lems associated with discrepan- 
cies and revisions. One idea is 
to monitor how a transaction is 
recorded internally by a par- 
ticular company and then to 
compare this with how it is 
reported in official figures to 
the CSC). This would be very 
much a laboratory kind of 
exercise. 

The Government statisticians 

are conscinus both of the 

requirements of business 
readers and of the need not to 
increase the burden of form- 
filling. The CSO is involved in 
the Whitehall-wide review 
ordered by the Prime Minister 


to reduce the amount of paper 
circulating. The aim is never 
to ask a company to produce 
information not needed fur iis 
operational purposes on the 
grounds that such facts would 
not be of interest anyway. 

The CSO has bce’n determined 
to serve the outside public as 
much as the rest of "Whitehall. 
A Feature of Sir Claus Moser’s 
period has been the expansion 
in the range and quality' of the 
Government’s statistical pub- 
lications, notably the introduc- 
tion of Social Trends and the 
rejigging of Economic Trends. 
John Boreham, who is 53 and 


has been in Whitehall since 
195U, has been closely associated 
with this work in his capacity 
as what he calls the chief des- 
criber nf the C$0. A review of 
its publications is itvree-quarters 
complete and tins may be 
followed by the redesign of 
some of ihe older ones such as 
the Monthly Digest and Annual 
Abstract. 

A key constraint on both the 
publications and the work done, 
internally by the CSO is num- 
bers of staff. Tiie light limit 
on public spending has meant 
that the number of professional 
statisticians in ihe ' CSO has 
stopped growing, and there is 
little spare staff lor Lime) for 
new developments, although 
there is certainly no shortage of 
possible projects. 

John Boreham would ideally 


like in see more work done on 
the relationships between indi- 
vidual income and household 
expenditure — for example, how 
many people with low incomes 
live in well-off !nui^hi*ic' ; \ 
Similarly, there i.s a area 
of uncertainly about the pane:-: 
of income during a Jifivyck 
and about ihe joint dfeir'lqnion 
of wealth and income .'mien;: 
the bottom Su per cent "1 ihv 
population. These arc n ,, ‘. 
merely esoteric mailer';, fnicly 
of interest to ilin academic r.i- 
politician, bur they are of 
crucial importance in dcc'ci'iig 
ihe right mix of suci-d prcif 1 - 
tinn policies. In this way. th? 
CSO is at ihe heart of advi- r 
on policy formation. 

PETER RIDDELL 


Why can’t a woman be more like a manager? 


AT THE end nf the press con- 
ference at which the British 
Institute of Management un- 
veiled its Managers Manifesto, 
one female journalist demanded 
in know why the BIM had 
•umlicd to declare its stanre on 
ih«- issiio of women in manage- 
ment. Sir Derek Ezra and Roy 
Close, chairman and director 
genera.' respectively, first-looked 
slightly abashed — it had 
obviously not occurred to them 
that they mighi have included 
it — and then, in all innncence. 
they announced simply that 
there was no prejudice against 
women in management. 

While it is questionable 
whether the matter should have 
hi/cii included in the manifesto, 
it j«? revealing that two such 
notables in :he world of manage- 
ment rpuid declare in good 
faith that the problem does not 
exisr. 

Those businessmen who also 
believe that women have as fair 
a chance as their male counter- 
parts to climb the management 
ladder, might well question why 
there are hardly any women in 
ni.oiHgcmenf. 

Some interesting evidence on 
the. extent of the problem is 
emerging from Ashridge 
Management College. As part 
of a Training Services Division 
research project, Lorraine 
Fatidisnn has been studying ID 
m ‘ cable organisations. The 
project is being conducted in 
twu parts. The first, which is 
now complete, was a study to 
see why women were making 
liiile inroad into managerial 
positions. 

The s-econd. which makes the 
project -nine what different from 


BY JASON CRISP 


management. 


Problems 

The companies comprise 


most research studies, is more 
in line with a management 
consultant’s role than an 

academic’s. Within each of factors associated with women cntly by the bank. Of course 
her 10 organisations Paddison themselves; 'and company those women with great deter- 
and her team will be i nuking climate. minalnm and drive — often 

at ways in which the companies To illustrate, how structural greater than their male 
might overcome the inhibiting problems can affect women’s colleagues — will take the exams 
factors which are preventing movement up the management t0 reach, around the age of 25, 
women from. . succeeding in ranks, Paddison gives the clear- supervisory grade. 

ing bank, as an example. The In this grade bank employees 
bank’s most common form of have 10 be reasonably mobile, 
intake is school leavers with O spending on average two years 
and A levels, who enter the at each branch. This provides 
clerical grade. Anybody who another problem. It is an age 
a hopes to have a career within at which people are thinking of 
varied batch of differing sizes, the bank must take the Institute marriage, and a clash develops 
although most are familiar 0 f Bankers’ ex ams . if the husband and wife have 

names within their fields and, as It is here that the first differ- careers which look like taking 
Lorraine Paddison likes to ence in treatment is detectable, them to different corners of the 
emphasise, each has unique it is ** assumed " that the boys country. 

problems. will study for the exams and By their mid-thirties career 

Among the organisations are they are very strongly bankers may expect to be 
a clearing bank (40,000 em- encouraged to lake them — branch managers, but. of course 
ployeesj: a paper manufac- whereas for women the reverse are still expected to be mobile. 

assumption is made. Paddison notes that those 

MfiSoO): a television com pan? J n **»;« bank— and no doubt women within the bank who 
,->000)- a photographic mate- pliier dealing banks— the vast have become managers are over 
rials manufacturer (10.000 1 : a majority of women remain 40 and single. Apparently they 
district council (7001; and a within the clerical grades. led traditional lives until they 
chemical company 1 700 . usually as your friendly counter were about 30. when it was 

Although each company’s clerk. In the fullness of time noticed that they were not 
problems may be unique, they marry and leave the bank married and it was suggested 
Paddison has determined some to have children and do not that they took up a career, 
general trends and reasons ns to return again. How to solve these types of 

why women do not succeed in Out of this bank's 40.000 structural problem is far from 
management. These, she warns, employees, there are 2.983 easy, as Lorraine Paddison is 
are rather superficial— the real managers, of which 20 are the first to recognise: “Are we 
lessons will he learned from the women. Although more women saying that if a woman wants to 
detailed programmes witiiin tiie are taking the Institute of be a manager she must be able 
companies — but for those Bunkers exams, the majority to offer herself on the same 
managers (male) who deny that still don’t attempt them. basis as a man? Or js it reason- 

female managers- have a harder There is also the difference able to expect the bank 10 be 
lime, her evidence may be in attitude among the more flexible for women?” 
revealing. employees, that the men expect This is obviously a very 

Her studies hare shown three in get on — encouraged by the important point. How much can 
basic reasons why women have hank — while the women do not a company reasonably be per- 
not succeeded in management, share these expectations and are suaded to do to provide women 
She calls them: structural: not encouraged to Think differ- with a greater opportunity to 


succeed? The strongest argu- 
ment — though it may not carry 
much weight with individual 
.managements — is that they are 
wasting a rich seam of talent 
But a factor more likely to influ- 
ence the companies is outside 
social pressures. 

The second main reason why 
Lorraine Paddison found that 
women were not succeeding W3s 
“ womeo themselves." A major 
disadvantage that they have 
compared with men is — 
surprise, surprise — that of 
childbearing. A lot of women 
whom she interviewed saw 
themselves quite clearly as 
either haring children or a 
management career. 

Perhaps less obvious is that, 
according to her research, 
women have less confidence 
than men at any given age or 
with any qualification. Asked to 
describe their strengths and 
weaknesses within their jobs, 
women always began by describ- 
ing their weaknesses, and were 
much more diffident about their 
strengths. Asked to assess their 
male colleagues, the women 
tended to adopt almost exactly 
the opposite approach, as did 
the men about themselves. 

Diligence 

Women as managers are 
generally seen by their com- 
panies to be very conscientious 
and their diligence is perceived 
as their great strength. But as 
Paddison points out. "One of 
the qualities for success in 
management is to be able to 
think broadly and 10 relate what 
you are doing to outside events.’’ 


While men may uot be as good 
at detail, their attitude does 
tend to be more strategic. This 
is interestingly demonstrated by 
the fact that women do not look 
at their careers in the strategic 
way that men often do. 

On’ her third category, com- 
pany climate. Paddison found 
that it varied widely — and was 
very dependent on the attitude 
of the senior managers. 
Although she was not so unkind 
as to say so. this is the "male 
chauvinism” factur. If the senior 
management believes a woman’s 
place is in the home, it is clear 
there is going to be little 
encouragement for the aspiring 
female seeking to climb the 
management ladder. 

Lorraine Paddison says that 
her survey showed that senior 
managers (male) generally pre- 
ferred working, with other men. 
A typical comment she might 
hear from them would be: "You 
can expect total commitment 
from a man.” 

She does, however, have an 
understanding for the man who 
— like many top managers — 
fought in the war, struggled to 
qualify afterwards, and battled 
his way up through a male 
career structure. She points out 
that it is rather inevitable that 
his views of women are 
fashioned by the only ones he 
knows — his secretary and bis 
non-working wife. (Another 
interesting aspect thrown up in 
the research is that successful 
managers do not have career 
wives.) 

The exceptions, and this is 
Paddi son’s personal view, are 
those men with daughters who 


. .1 

■ 



t iii'Mn! r i-r 

Lorraine Paddison: “ Are we saying that if a woman wants to be ; 
manager she must be able to offer herself on the same basis as a man?' 


are struggling to take up a 
career themselves. 

As the companies involved 
were all keen to participate in 
the scheme they are presumably 
anxious to find out for them- 
selves frnm an objective out- 
sider. how women fare in 
management and if there are 
obstacles to progress, how they 
may be removed. That in itself 
may mean that these companies 
have a more positive attitude 
to the problems of women. How 
easily obstacles can be removed 
will not be seen until Lorraine 


Paddison completes the second 
phase of her work— which «<ui- 
tinues until J980 — and probably 
the effectiveness of any 
measures will not he assemble 
for some considerable time. 

There remains The doubt as 
to how many women du want to 
go into management. Faddj.vtii 
replies: " I don’t think there are 
large numbers of women burst- 
ing at the gates but there are 
a number of women with 
potential and talent from whom, 
companies could benefit. And 
they don’t at the moment.” 



EDITED BY ARTHUR BENNETT ANBTED SCHQETERS 


• METALWORKING 

Reclaimed swarf to 
offer big savings 


» PROCESSES 

Print rollers made fast 


MH.D STI’KIj m,'rhining swarf 
cjh !>o u-ed to produce solid 
vrVMpiinvvits, arrortltng 10 a 
ni.-th.nl which iw- been studied 
IT’K.V .ind the end-producK 
ui.idt* nut <if the appropriately 
mated material show much an- 
;t.«! :iv:i;hw(ivs «. uinp.it able with 
!hy:i it! nn^.lsai ilicl.il .produced 
c.-un-eni infldl operations. 

Prt- !;.ii: n.ify estimates indi- 

r. iir sii.ij the method studied 

«■•>!! id hv.tl !>i .1 COIlHlUTClal 

pri'ces-. i.i which ui.itcml cost 

s. n.nj. ’.mu hi -be in the order 
»•: iliW pi’.* J m, and while this 
>iu.rt v-i-.i u« the re-two of swarf 

;im c.uiro much joy in 
the potential 
.-tic- !••;> •livings are welt worth 
m ip- 1 during. apart from 

sn.il-TI.il ’..'I'UlgS 

I2i.-rl.uii.il iu:t of SW.irf b.V 
in rih lOtinr than melting i« 
i»,.T .1 new process, hut m 

•.-i-i't'i .1!, previous approaches 

ti.uc invoiced i.umiMCtiny fol- 
i.i. .vi! l»y Si ilk* ring and further 
cniusilidalion by forging or 
evirnstc-ii. 

Bui ilio groat problem witii 
Mu* various versions of this 
.ippru.u-h lias been satisfactorily 
to compact tbe swarf in its 
Ml.- by .-late. Material thus com- 

e WELDING 

Makes a tiny joint 


parted lias (ended In have 
infonnr mechanical properties 
and finished products made 
from il have displayed poor sur- 
face finish, whether they have 
been forged or extruded. 

PERA’s niclhod involves an 
miiial comminution nf she swarf 
into a clean and virtually oil- 
free powder which is then com- 
pacted inio billets. After sinter- 
ing. the billets are repealed and 
then extruded or forged 10 give 
components of good lucclianical 
properties and densities as 
high as 99.6 per cent of the 
original material. 

Examination of the surfaces of 
some nf the forgings revealed 
that powder particles bad been 
used. Rut this did not cause 
surface breakdown and a sound 
surface was maintained during 
cutting. 

Agreement has been reached 
for an extension nf the study to 
making specific components from 
swarf, with extensive tes ling,. and 
six major engineering concerns 
will take pari, with .support from 
the Dol through the appropriate 
Requirements Board. 

PERA, It and D Division, Mel- 
ton Mowbray. Leicestershire 
LEI3 QPB. 0604 4133. 


DEVELOPED hy Coherent 
(UK), the Cambridge laser com- 
pany, in conjunction with 
electronic specialist ZED 
Instruments, of Twickenham, is 
a machine that can produce 
rubber rollers for. flexographic 
printing at about ten times the 
speed of conventional methods. 

The machine, known as the 
Zedco Laser Engraver, is 
designed for trade or in-house 
engraving of the kinds of rollers 
and plates used in the wallpaper, 
packaging and textile industries. 
Improved printing resolution, 
apart from high speed, is claimed 
for the equipment. 

Instead of the conventional 
photographic technique employ- 
ing a zinc master and bakcli’e 
negative to get to the rubber 
stage, the machine cuts the 
rubber directly with a laser 
beam. 

In fact, two lasers are used. 
A helium neon unit acts as a 
scanning source to read the 
original artwork as it rotates on 
a “read" roller. The photocell- 


derived image density data is 
then processed electronically 10 
produce a scaling effect so that 
when the image is reproduced 
by the bigger carbon dioxice 
laser on the second, “ write ” 
roller, it occupies the full 360 
degrees with no seam. 

An advantage is that because 
the image data is stored, it can 
he “ played back ” or. :o the 
engraving laser at any lime, or 
can be used to give repeat 
operation. 

The machine has two adjust- 
able engraving depths, one giv- 
ing 3 deep rut where pure white 
images arc needed. 

According to the company. 
Zedco can reduce the cost of 
producing rollers by over 50 per 
cent in comparison with the 
conventional photo graphic/zinc 
master process. 

Time to moke a 1.3-rne ire-long 
rubber roller is three hours 
whereas for the conventional 
process it can be up to ’24 hours. 

More from Coherent il’Ki. 13. 
The Mall. Bar Hill, Cambridge 
(0954 81195i. 



I 

| 

Filtration & Separation ! 




■iWEwrg 


N 


PETRO- CHEMICAL ■ 
MARINE/OFFSHOReI 

GENERAL INDUSTRY 


1 




POWER GENERATION 
FRAM INDUSTRIAL 

Uantri&ant. Pontyciun, 

Md Glam TeUO«3} 223000. 


compensated and is virtually un- 
affected by normal process \ibra- 
tion. 

All the electronics are double- 
coated for moisture protection 
and special attention to the en- 
closure and the provision nf 
filtering prevents radio frequency 
interference in the 450 MHz 
band. 

A wide selection of measuring 
spans, easy adjustment and sim- 
plified wiring are additional ad- 
vantages. 

More from Gunnels IWmd 
Road. Stevenage, Herts tOTiS 
2366 J. 


• PACKAGING 

Reduces cost of labels 


A three-metre triple roller bearing manufactured 
at the Dortmund plant of Rothe Erde and supplied 
by its marketing division. Robafio Engineering 
Company, being fitted to a Rapier.NCK Olympus 
HC 150 crawler crane at Ransomes and Rapier’s 
Ipswich plant. This type of roller bearing has 


been designed for high capacity machines whore a 
restriction on diameter has been specified and 
is used in pedestal mounted, crawler and the 
larger mobile cranes. It is also used on swing 
bridges and excavators. 


dkvj’i nri:o SPEC I nr ALLY 

11. 1 II.!. 1 r.uTu-w ultimo ilwil-s of 
The 1 irrinmir^ industry. Ihe 
i"«vn "U pivcssmn wclilmu head 
v-mpi’tr- directly with the 
J Iii.-fie*;. VTA (HI imported front 
II:.. I S. 

M<i»? b> deliver .*i vclrt energy 
of l-'O vat! sceimds ai l per cent 
.l;n> cyrii 1 i limited only hy elec- 
sri..i»’- u-n'. pi-rat urpL thr weld 
hi'.nl is mounted «>n a vertical 
cylindrical pillar and the limit- 
Sr.i- ri is 1 .nice for the work piece 
i.-: l«u mm ironi ejeerrode to ihe 
Pi'i.ir, although ibis can be in- 
eri-uM*d to I6S mm with optional 
CAimr-uin arnt-. 

Tli*» sade-lo-xiHc distance oecti- 
».v the welder ts only 40 mm 


sn that compact multiple installa- 
tions aru [h-ismI'Ic. The. body 

housing I lie I'lwlrieal unit and 
lop elec I null* can he roiafed 
through :jw) decrees wuii respect 
lu ihe base. 

Maximum elecirode sirokc is 
25 mm. adjustable down lo 10 
mm. while the elecirude force 
can l»e varied from 14 grams 
to 9 kg. The mass of ike moving 
parts is low, giving fas) electrode 
follow-up, and the eiecirode 
moves in a straight hne. The 
vertical work opening is 57 mm. 

More from the maker; Hirst 
Holden and Hunl. Chapel Hoad, 
TuL'kingmill. ("aim borne, Corn- 
wall (0209 7161011. 


BOUGHT-IN primed labels cost 
five bines more than blank stock, 
and the relative cost can be even 
higher for small orders, says 
Riptec. 60 High Street. Kings 
Langley, Herts (Kings Langley 
62462). 

As a counter-measure the com- 
pany offers the JDENT 90, a 
machine for Ihe production of 
over-printed and plain self- 
adhesive labels up to 215 mm 
by 90 mm. The machine ii also 
capable of producing printed 
tape us is used in the packaging 
industry. 

The only .significant additional 
cost of running ihe machine, 
claims Ihe company, apart from 


initial tooling costs, is that of 
the labour involved, adding that 
the capital outlay of the 
machine can be recovered very 
quickly. 

Infinitely variable speed 
control of the material up to 35 
metres a minute is provided by a 
thynstor-contrcilled i h p electric 
motor which, together with the 
gearing and transmission, is 
enclosed m a cabinet forming 
the base of the machine. 

Providing a quick-drying 
service and free from smell, the 
rotary flexographic desk-top unit 
15 designed to incorporate high 
quality ruboer blncks to 
customers' specifications. 


e COM PUTS NG 

Choice of 
dot pattern 


the fund depots will have PDP- tachable terminal M.x-k which 
ll/34s. can be connected and checked 

Data communications will be before the module is plupaed in. 
over 9600 bils/see leased lines More from Charles Square. _ Tr . 

linking the depot computers lo Bracknell. Berkshire RC12 1EB THE LIGHTWEIGHT tile rnnf- 


* MATERIALS 

Roof tiles 
from New 
Zealand 


the main machine at bead- (0344 24555). 
quarters. Completion is ex- 
pected lo take two years and the 
r^.-r-emrnr, -nxr r-i * , ■ development work will be under- 

01" F.BRED B\ Electrographic taken in-housc. 

Audio visual is a dot matrix Ultimately some 70 display 
in:' act printer made by SLrnshu un jis will be involved and ex- 
Scikt in Japan in which options pansion plans are likely to 
of a by 1, 1 by / and 9 by • include tiie linking of poi'nt-of- 
fonmis are available. sa j e terminals info the network. 

Tnree basic models are being Digital Equipment Company is 


Transmits 
via strain 
gauge 


ing system. Decry mastic, 
introduced to this country hy 
AHI Roofing (UK 1 ipart of the 
Alex Harvey Industries nf Nc;v 
Zealand) has been adopted uy 
the London Borough of Newham 
for renovating 88 properties in 
the borough. 

Based on tiie character -‘f 
traditional tiles hut incorm 'rat- 
ing radically different feature =. 


n a 2rK£t£(}| tbo ol~ for slsnd^rd *»i Kind's Rn2.fi Rp^riinn Rprk<; nncippTifsn * . . . , . . IhB roof hus the shydii^ ]ini •*» 
talk- roll work, the 522 for spl.t ?b734 5S555. ' ’ PRESSURE, liquid level and tlow , ;f a l5!e shape, the levturcl 

tally joil. and the 542 flat bed tan transmitted for process surface of stone chip and the 


AGRICULTURE 

Less risk of crop loss 


document printer. 

The units operale from DC 9 INSTRUMENTS 

sur-Hies i the head needs 30 tn 
42 V and the motnr 24 V) and 
v.i.: print 40 columns of charac- 
ter: at three tines per second. 

Th- character size is 2.7 mm 
h:s:i by l.S mm wide. 

The print head life expectancy 


Environment 

controllers 


control processes by a ne-v line strength of profiled sieol. 
of 4 to 20 m A m>mimenn that Thp tljcs nieasuro mm iiv 
make use of a strain gauge a70 mm with sev , :n liK . i„ ir , ro .;. 

system. s ions in a horizontal row. and 

,n lh ^ V '■ Tj * 'T are manufactured from 0.45 i.im 
^ li;,ven '*4C. toe thick zinc-coated galvanised 

J300 senes emp.oys a Single cm- slot!. The weather face is L’oa :,, 't 
m on secondary elemenL with the with bituminous emulsion and 
jjauge arrangement and a full surfaced with natural ston- 


SAVE MONEY AND ENERGY 
ON FACTORY WATER HEATING 

n : , , . . n. fiv .in Ui!:r Sispf k ^ f, ‘ ■ 


wE.^iunc*-. 


:.i,t i--. m- • b 


.. iii.r-K Lila tiM.T 

tav *' :v 

Johnson & Starfey LW 

Rothcrtthoipe Credent, Northampton-^ 
Northampton 628S1 


SAID DRASTICALLY to reduce 
aericulniral and horticultural 
crop losses by completely 
decontaminating seedlings with- 
out damaging them in any way. 
is 3 fumigation chamber from 
GEL' A, 14. Station Koad, 
Ainsdale. Southport. Lancashire 
PRS 3I1S (Southport 76974). 

The chamber has a gas meter- 
ing device, can be built lo almost 
any sire, says the company, and 
is effective with any type of 
seedling, ft is constructed mainly 
of sieel, fully welded and epoxy 
lined. 

Seedlings, etc., are simply 
spread out oil trays and then 
loaded into the chamber. The 
nitrification process, which 


involves Lbs use of a specially 
formulated fumigant, varies, in 
length from one to six hours, 
depending on the type of 
seedling or contamination. At 
the end of the process, the 
seedlings can be planted immedi- 
ately in the normal way. 

The company has jnsi huilr a 
fumigation chamber with a 

capacity of 120 cubic feel for the 
llalajsian Department of Agri- 
culture for use in treating palm 
seedlings at i:s plantation in 
Kota Kinabalu, following recent 
heavy crop losses. 

The chamber is a!«o suggested 
for use at ports and airports to 
fumigate infected imported 
plants, vegetables a ad personal 
effects. 


is stated bv the company to be ELECTRONIC controller and in- ^‘ ne primary sensors which chips, accurately graded for sir..: 
10*.* m characters. divaior units in a new range from a . re mechanically connected ?o i n a choice of five fade-resistant 

More from Prmtinghouse Lane. Honeywell called Micronik 100 ltn * secondary by a thrust shaft, colours. 

Hares, Middlesex (Oi-573 1826 j. can u ®ed to solve many kinds resultant effect on the This type of roof is said to he 

c.f control problems involving resistance strain gause unit virtually maintenance-free and 

temperature and humidity. vanes the 4 to 20 mA current and weighs only one sixth of a 

The controller, like all the the accuracy is plus or minus conventional’ clay tile roof, 

modules, is boused tr> DIN «•“ “ P er cent l including linear- More from the com pan v at 

standards and has an input sec- ‘t> r . hysteresis and repeatability). 4 Park Terrace. Worcester Park, 

lion which accepts signals from The unit is fully temperature Surrey KT4 7JZ (01-330 2857 1. 

the appropriate sensor, compares 
the input value with the desired 
value set on the control knob, 
and converts the difference into 
mm . , . . . a deviation signal for the out 

its Hertfordshire headquarters. pu5 secti0T1 0 f the unit, 
and at ?ix nf the main food dis- This In turn produces a signal, 
tn?’Jtion depute On-line ter- electric or pneumatic, th-it can 
minals a three "Shoppers control a variety' jf nuinut de- 
Paradise ” depots will also link vices such n? motors end cmi- 
inu- the main network. {actors. Each Micronik 100 con- 

liie headquarters insiallaiitm xroi pane! is able to operate up 
win include a PDP-11/70 with a to six output devices in parallel. 

20fl megabyte disc store, two Suitable for panel. 19-inch 
tape drives, two primers and 12 rack or wall mounting, the units 
u»ual display units. Each of arc easily installed using a de- 


Minis at 
Fine Fare 

AT A cost in the region of 
fSOU.OOO. Fine Fare is lf> inst3l 
a number of DEC machines at 


electrical wire&cabte? 


» NO MINIMUM 
ORDER 



HO MINIMUM 
LENGTH 


Thousands of types and sees in stock for immediate delivery 

LONDON 01-561 8tl3 ABERDEEN(V224)32355/2 

MANCHESTER 061-872-4915 

TRANSFER CALL CHARGES GLADLVAC3EPTED 
2-1 Hr EMERGE! JCVNL5.1BEF 01 637 356? E-l,.:09 






12 - 

LOMBARD 


Financial Times Tuesday August i, 197S 


Cocktails and 
currencies 


Mate! 


AN OBSERVER in a French inspector-genei 
restaurant that has a good wine National d 
list will note that more often than d’Origine des 
not the patrons will choose from an authority 1: 


mg the cheese and the drink 

■ , nalate * ally a lecture, and he went on likely, Camembott and Pant for it is slightly salty, hat if in 

M Appellation The Inspector-General Is more to describe a taking of eisht l’Eveque, can set by If they ore flog. .candrtran- it sets off a wine 


BY MICHAEL B LAN DEN restaurants, will be massacred, ticity. Yet he writes: considerably the qualities of red Sauternes.Cn- 

_ _ . , ...... The surest means to this end “There is a stubborn popular wines..* - Certain goat cheeses CCue-de - Eroum. 

AS WORK begins on the use of this particular cocktail has ^ a jj jjut a few 0 g g 0at legend, and this despite the fact - 

European Community proposals been revived wrth several issues C h eeses so beloved of the that everyone can verify its false- ■ ' 

Xnr closer currency links, the for Scandinavian borrowers p reneh '’ “T as ty" they certainly ness for himself, which is that WINE 

effects of the plan couid begin denominated In units of account. are - but ^ coat the palate cheeses improve the presenta- wVIPiC. 

to spill over outside the circle It is nonnally used, however, h effectively as curry, lion of wine." , __ va/ _ c ., . 

of officials and ministers directly only at tunes when the U^. In v^e-drinkiDg circles here Nor in these columns -is he EDMUND PEN N 1 NG- ROWS ELL 

concerned with working out the dollar is under heavy pressure. be it aaij , ^ France t 0o alone in this view. For in the - 

„ * eh }* d ,^ e „f51 ne f: K W ~ lt * generally accepted that previous issue a regular contri- ~ “T T”~7 


WINE 

EDMUND PENN1NG-ROWSELL 


K alresdv haw wan the wcafcnos rauier quiveiy. uuumc mnucnipr 

-• mem. He has only , considered can [ a * hc T 

French cheeses. Not altogether ‘U? 1 '‘““E 


UND PENNING-ROWSELL : - a delicious cheese, but cheese-and-wine marriages. 

v.~ . ■ too sweet for red wine. Yet, by if does not seems to mo that 

. ‘ • and large, the host cheeses to cheese contributes as much to 

behaviour.” Chassagne-Montrachet "Is went bring out. the flavour of a red the enjoyment of white wines as 
accept this, with a Camembcrt. while a Ch. wine come from Britain. This is it does to red. for many of the 
“the bices.” Tourteran TD, H-mf-ydoc and a becauae» wbeu in good condition,, former retain a certain residual 


Brussels Commission, they may in favour of^adontinR a currency ner ' before the sweet, since couple. . . . What is true, on the ^cognised by the fact that no and a similarly r t0 ftra « n ^ * jcohld not be thought opposed 

come under pressure to bring cocktail in commerial transac- ** « clearly difficult to taste a other hand, is that cheese 'helps ^ w j ne can stand up to It” St.-Cyr managed to scl.o n terins sw^tiOB In cMimn S 10 ^ renc h '.cheeses, whose range 

the Planned new European 85?*“ 1 dry wine afterwards. The reason you to down a bad wine. When ^ ree d! He suggests a very only with a very aweec Mauiy —is admirable for wine -Stilton. ani j variety art unbeatable 

currency unit into use in com- wide fluctuations in currency for serving wine and cheese to- the papillae have been at one and or the Jura Chateau- Mas Amiel 68. of course, is ruled out for ra me throughout the world. Snme K q 

mercial activities. This would values make life difficult for gather is because they pair the same time traumatised by the C jjjj on or sherry. Then there is r _ _ ot i ne uncd to disagree X T hou ?-sii^l^ 1S «r le thn?p admirably ^with fine wine, and 

make obvious sense to those exporters and for everybody con- admirably. The cheese flatters vigour of the smell and lined Q^rd category in which generally with M. VedePs find- P 01 !*-, ^ or n WI ^ , ]P.? e ? most can fit in excellently with 

proponents of the scheme who “raeSHn fntematlonal trade, the wine; hence the old wine with “ no jj®se r cheeses with a strong taste as fngs.Mid I verv much «gree with SS^*:>5 ay0 ^ Canadian Jess fluejiut they do not have m 

see it as the first step in a long- There are limits moreover, to trade saying "buy on an apple, to differentiate a prerod ertt from well ^ a slrong odour, notaby about Reblothori— one of do- accommodate " bad wine” as ttar 

term movement towards closer rh e cover which can be obtained sell on cheese.” a grape orew. - Camembert. are harmful to cer- j™. French cheeses to It is not just a matter or mild- French journal's contributor 

integration within the EEC and through the forward exchange However this marriage of He then proposes ^Koque- tain nd wines. For these he accompany a red nine. lly other ness but of texture.' A crumbly suggests. No cheese. English. or 
the eventual establishment of a markets particularlv in relation cheese and wine has been fort with bauiemM, anu ior proposES “an exuberant youth of favourite is the delicious hard, Caerphilly or Lancashire goes French, and especially the sorter 

common currency. to the minor currencies recently severely criticised in an strong aggressive causes goes f ragrance , as in the Beaujolais, natty Cantal-^the ucare« French beautifully with claret, but so French varieties, should be put 

_ R i~.. t>, rnfprnatinnfli in ^e Rev “? d ? Vl ” *?. e 5 s far w8 5®KSLj!£r or solid foundations of body and eh g^ e t0 our Cheddar— and does Cheddar,' especially a truckle in the refrigerator. Nevertheless 

F^pntlill rii? ™ t* a wotSc {oir or France ' the semi-official periodi- beer, voffiw. Md JJJJ tannin, as in the Medoc or Nnits- not dismiss its near- Cheddar. A mfld Wensleydale I do not waver in my view that 

iL/^cUllai did quite cal devoted to promoting French is only surpnsed that he has not st-Georges.” npinhhnur Sl Nectafre. The suits all red wine. Some may good French wines taste best with 


Roquefort. 


For these purposes, it will be introduce the basket concept 
essential that the new unit, into commercial transactions.' 
whatever form it eventually The bank worked out its own' 
takes, should become more than cocktail, a much simpler model! 
merely a unit of account used than others, using only five 
in transfers of resources between leading currencies and taking, 
the member central banks, a simple average rather than j 
There are already a number of bothering with the complexities 
yardsticks which could be used of weighting. It was also adapt- 
er such hook transactions, able to the needs of particular 
including the International trading partners. The movements 
Monetary Fund's own currency turned' out not too different from | 
basket, the special drawing right, those of more sophisticated cock- 
Adoption of the new unit as a ta3 ' s - Yet the idea has not 
measure of value, perhaps C!iu §nt on widely, 
initially in deals among private 0 - , 

I2£r Solutions 


than M. Andrd Vedel, the those 


Three-year-olds are included 
in Fillies Premium Scheme 


ENTERTAINMENT GUIDE 


CC — TImm thutns accent certUa credit 
cards bv tdenhone or at nut • Office. 1 

OPERA & BALLET- 1 


THEATRES 


THEATRES 


GREENWICH THEATRE. 01-8SB 7755. t *AVOY THEATRE. 


WILLIAM DOUGLAS HOMS’S 
Newest play 
THE EDITOR REGRETS 


TOM 
WHOSE LIFE 


. 01-836 aaas. 
NTI in 


CONTI IR 

IS IT ANYWAY? 


urou. « with JANE ASHE K 

COLISEUM. Credit MrQi. OI-JAO 52 SB. R.duced’^ceWY^ T«yiE A Tomw. 8. “ A MOMENTOUS W i AY. M 


ReaenuUMiI 01-836 31 SI. 
ENGLISH NATIONAL OTERA 


Owns Ther. 7.0. SuW. 8.0. Satt. 5 A 8. 


-A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Guardian. 

Eve- at 8.00. fri. and Sat 5.45 *i*d 9 4S 


TWO ANTI three-year-old Allies cent of the guaranteed prize For the pureose of the scheme, «H.3 o?ij'^kwc. fe 30 Jnd g -°° 5 sid5^^*A«niw c 5'HioR So"iS^ii 6 wn; 


sector bankers and ultimately in SollltlOIlS will benefit from a £325,000 money for the race, except in wn Sff; SJT%E$£ o’% dir 

trade and commercial transac- Fillies Premium Scheme the case of Pattern races, where ing an advertised value of more & B9ri- . 

lions, would represent a vital Barclays managed to find solu- announced yesterday by Sir the premium will be divided to than £20,000 and the percentage }££££? 

Slpn fnU'n rric itc iL’irlop •mnnnfnnoa «.u _ IaraI apaW * _ i fix #v iinunn* 9A Tiar nan f nrAmiimifi Will Life CfllCUlSted r wH t nf farmra. Fat fu rthai rt#talK 


-- ~ — ' r . . — - uaiwuija uiunu,,^ 5v — m RnnniimTJi vcoi.tsj.iLaY mj ajax - v. _ - • t • MWiom s me wonnii xncuumi 

siep towards its wider acceptance, tions to the various legal prob- Desmond Plummer chairman of give the winner 24.5 .per cent, premiums will be calculated «"*• F «j •wgw «uj» 

Experience with the considerable lems raised by adapting the f(, e H. orse race Getting Levy the second 7 per cent and the accordingly. ^ -^o szso. apyang 


PAUL SCOFIELO. 

HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDLE in 
A FAMILY 


*’ FANTASTIC ” 

GODSPELL 

“BURSTING WIIH ENJOYMENT “ O Tf4. 
Prices £2 to £5. Best sedtt £2.50 '.-MBr 
bc(of« snow at Bax Office. Mon.-Tiwr. 


A rr« play “v RONALD marwood. Friday 5 SO and tt 3Q. 


variety of currency cocktails regulations covering international I Board. 


Directed by CASPER WREDE. 


STRAND. 01-B3S 26G0. Evetllnw a. 00. 


third 3.5 per cent. 


This afternoon at Ayr, where 1 glyndcbourne festival ^ opera. 1 eemd. Drooetiv worked cut. 'itenty and 


l°v W ; "fi “ .ST LL5TS! The' 1979 scheme _ will pay a . All preminms will ta : divided M *•*?« ««« U to Hmns- * %««« US ± JCCCT SSTiSt 


challenger Bravo in the Heads] tor cmi win hm h 5.30 'share. There 
. r a I is no possibility o t admittance for Ians 


tie" bank suspects . that the « ^ ch.Um.er B™ in Ute Heads 

The Finance Ministers of the response to its Initiative may . * . -oiiino races of claim- h -i nn/ . n of Ayr Stakes, 

EEC. appeared at their latest have been wider than was evident fieUuJfi ” 5 °* th^Tnd^fth? sfasJ^^UI be Bravo a strongly-made chest- ] HOYaL-FsrivAL h a H 

meeting to be finding it difficult from its own experience as other ,n fi races - k?’ ’ rmnuS out of the ^ ***■ Ton, 5? 1 T-Jn^ 

enough to arrive at a consensus banks took up tbe idea. The boards allocation to the ■ distributed m accordance with nixt^y ^ 

view on how the new unit should Though the proposal attracted scheme has increased from this — SSf J25 to he XS 

be measured. The reports indi- a substantial number of inquiries year’s total of £169,000 to S Newbnrv 

cated that a majority appeared to from commercial and industrial £325,000 next year. RACING thL^summer and^he 

favour a system similar to the companies, however, the impact Sir Desn iond said: “The board dominic WIGAN will be ideal^suited by this stiff 

existing European unit of has so far been modest One hope thal 92 pe r cent BT DOM,NIC W,6AN vi 

account which is defined against difficulty is that until the Euro- i ocrea se in the allocation to 10 IuruH, « ii »* 

a basket of currencies But Ger- pean currency unit or another FilUes p rem fums next year and recommenadtions of the AYR 

munu umraecaJ t nrpfpT anaa for hMnmor a aanii ne .. .. . . rewuuiiEUttuuuuo vi uic 


Mossborough winner Country 
Path, has run well to be placed 
in maiden events at Newbury 
and York this summer and he 
will be ideally suited by this stiff 
13 furlongs. 


OYAL FESTIVAL HALL. 92B 3191 
Lost Pert?. Tonight. Tumor, and Than, 
at 7.30: 

The sensational 

BATSHEVA DANCE Co. with 
GALINA & VALERY PANOV , 


many expressed a preference for variant becomes a genuine extension of the scheme to wvrtt Smntittee As a first 
relating the European unit to medium of payment in its own include three-year-olds will pro- Srfty twdS' three-yeaw»ld 
uther currencies on the pattern right, any contracts have in the ^ a continuing incentive to SSSifeiiiH fiJSes alaoed in 
of the present European snake end to be settled in one or other owners t0 buy British thus SqS” Pattern ra eeJ JlU ben“ 
arrangements. of lie constituent currencies. eiTC added confidence to the flt 0I £ n a un to™ 5 »r 

The international financial . The greatest problem, though, thoroughbred breeding industry. cent f or the winner 7 per cent 
markets are by no means un- is to familiarise industrial and building on for the second and 35 per cent 

familiar with the concepts of a commercial companies with the ^e ^oPe ^ De ou d “ < 2“B ™ gj Se S? - 

currency hasket. The European idea of using a currency cocktail senemes nnn lounaauonsm ior me unru 

unit of account has been around in .their international trade. To f s A* a . second pnonty, 

for a lone time and has been decree a joint European currency a 50 P er cent Pr®™ 1 !!™- premiums of up to 35 per cent 

fairly widely used in the Euro- unit is only the first step towards Winning fillies which qualify will be paid to eligible two and 
bond market Quite recently achieving its widespread adop- for the premium payment will three-year-old fillies winning 
after a gap of some months, the tion as a measure of value. receive an additional 35 per other “ open ” races. 


AYR 

3.45 — Alber Run" 

4.15 — Bourgeois** 

4j 45— Bravo*** 

BRIGHTON 

1.45 — Rectitude 

2.45— Deed 1 Do 
3J5 — Jfnstin Thyme 
4J 5— Major Bee 

WOLVERHAMPTON 
6.40— Spekes Valley 
7J0 — Ladbrokes Leisure 


ROYAL FESTIVAL HALL. 92 S 3191. “J TSr’Ert iTSlo? AXt^SS 

Aug 7 to 10. Evgs. 7.30. Mat. Sat. 3. Book wow on hot jreg OMIT 2055 
Great Stars of «rtd ballet in a LONDON PALLADIUM. 01-437 7373. 

GALA SEASON Scot ember 4. For om week only. 

Dancing at every oerf. MAX BYGRAVES . 

MARGOT FONTEYN. MAIN A GIELGUD. . ^ - - ^7 

NATALIE MAKAROVA. YOKO MORO- LONDON FALLAD IUM. _D1-417 7373. 
SHITO. GALINA FANOV. LYNN Sept 25th. For Oat Week Only. 


. IVAN NAGYTVALERY PANOV. L I£1 C TMtATRE.0 1 -437 ,3Mfc djmrtl M«. AjalSa ChrlsHe » -faUwoff Ike 

TARO SHIMIZU CORPS DE 3 0, Sal- 5 %Ink * X 0 * *? a,n with enothre or htr 

BALLET picwRIGHT Eimi'aw BeoffisMy InRenkm murder myaterle." 



SEYMOUR and FERNANDO BUJONES. , 
STEPHEN JEFFERIES. JONATHAN , 
KELLY. IVAN NAGY. VALERY PANOV.' 
TETSUTARO SHIMIZU CORPS DE 
BALLET 

Details from Box Office. 

SADLER’S WELLS THEATRE, RosebWY 
Awl. E.C.1. 837 TG72. Until Aug. 26. 
Eras. 7 jd. Mats. Sat. 2.30. . 
MARCEL MARCEAU ’ 

THEATRES 

ADELPHI THEATRE. CC. 01-838 761 T. 
Eras. 7.30. Mats. Til lire. 3,0. Sat. 4.0, 
IRENE IRENE IRENE 
THE BEST MUSICAL 
at 1976. 1977 and 1978 1 
IRENE IRENE IRENE 
- LONDON'S BEST NIGHT OUT,” 
Sunday People. 

CREDIT CARD BOOKINGS 838 7811. 


An admirable olar. honest, well con- Mat. Thun. 3.00. Sat. 5.30 and 8.30. 
Hved. properly worked out. t»«oly and NO SEX PLEASE — 

tmflly written — richly SJlufrttB— Paul WE RE BRITISH 

nlieM at hu beat." B. Lcwn. S. Times. THE WORLD'S GREATEST 

LAUGHTER MAKER 

R MAJESTY’S. CC. 01-930 6608. G OOD SEATS L4.00-£V0tL_ 

«*Bl.a.O. W,-a S^t.S.OO. ^ MARTIN’S. CC. 838M43. Ew. 8.00. 

J AM *J u ^ A, ^>!LJgK5 s 11 Manners Toes. 2.4S. Saturdays S and 8. 

A N*. a ¥K h m‘oS£K!! s 

MG'S ROAD THEATRE. 352 748B.. WORLD S LONGEST-EVER RUN 

— — — * - - *" “ ™ . Znlll TEAR 

TALK OP THE TOWN. CC 734 S051. 
8.00. DtunMg, Dancino mars open 7.13) 
n.SO Suoer Ruvue 
RA2ZLE DAZZLE 
and 11 pm 

LO O REALES PEL PA RAGUAY __ 

THEATRE UPSTAIRS. * 730 2554. 

Eventab* 7 30 om 

IRISH EYES AND ENGLISH TEARS 
By Nigel Baldwin. 

VAUDEVILLE. BSC 9988. CC. EvS. 8.00. 
Mat. Tun. 2 4S. Sat 5 and S 
Dinah SHERIDAN. DiiK.e GRAY 
A MURDER IS ANNOUNCED 
- The newest whodunnit b» Aoarha chrKHe. 
" Re-enter Aoathn with annthet who- 


HER MAJESTY’S. CC. 01-930 0608, 
Emu. a.o. Mats. Wr 0 . Sat. 3-00. 
JAMES EARLY JONES <1 
PAUL ROBESON 

A New Pley by Phmp Hayes Doan. 

KING'S ROAD THEATRE. SS2 7488.' 
Mon. to Thur. 9.0. f ri.. SK. 7.30. 9.30. 
THE ROCKY HORROR SHOW 
l PONY DREAM IT. SEE IT 1 

LONDON PALLADIUM. CC. 01-437 7373. 
NOW UNTIL AUGUST 19. 

Mon.. Tues„ Thun, and Fri at 8. 
Wed. and Sat. 6.10 and B.SO 
THE TWO RONNIES 
In a Spectacular Comedy Revue- 
Book now on hot l>n*j 01-437 2055 


LENA MARTELL 



Bettdishly Inaenkm murder mysteries.'* 
Fell* Barker. Evening Newt 
AIR-CONOITIONED THEATRE. 

VICTORIA PALACE. ~ “ 

828 4735-6 834 1317. 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

gyp s. 7.30. M ats. Wed, and Sac 2A3. 

WAREHOUSE. Donmar Theatre. Covert 
Garden. 836 68oa. Royal Siukesneaie 
company. Ton’t 8.00 Pete Atkin's 
AAR. AH seats £1 80. Ad. Bkyi. 
Atdwvcn. Student itaiuoy £1. " Pole 
Atkin's piano piavina a as enimastc 
as his dialogue." Times. 


WHITEHALL. _ , 01-830 6692-7765, 

Eras. 8.30. Fri. and SaL 6.45 and 9-00. 
Paul Raymond presents the Sensational 
Sex Revue of the Como it . 

6» D ^«OT&TH__ _ 

WINDMILL THEATRE. CC 01-437 6312. 


t Indicates programme in Regional News for England 1140 Weather/Bemor 

black and white (except London). -L20 Play Ail Regions as BBC 

DOf | School (as BBC-2 11.00 ami. 4.45 the following times:— 

1 We are the Champions 1978. 5.10 Wales — &55 pm Wi 

6.40 am Open University (Ultra The Story Behind the Story. 6.55 Heddiw. 11.40 
lich Frequency only). 9^0 Pad- 5.40 News Weather for Wales. 


Regional 

(except 


1140 Weather/Regional News !MH) Charlie ana June 
All Regions as BBC-1 except at WMW News 
the following times:— 10JO Decision 

Wales — 5-55 pm Wales Today. 1145 Lou Grant 
6.55 Heddiw. 11.40 News and 1240 am Close: A painting by 


9.00 Charlie and Julie 


High Frequency only). 9.50 Pad- 
dington. 9.50 Jackanory. 10.10 
Taman. yiO^n Belle and 
Sebastian. 10^5 Cricket: First 
Test — The Cornhill Insurance 
I'est Series. England v. New 
Zealand. 1-0 pm ' Bod and the 
Cherry Tree." 1.45 News. 2.00 
In ten-a 1. 2.10 Cricket: First Test 
—England v New Zealand. 4.18 


5.40 News 

555 Nationwide (London and 
South East only) 

6.20 Nationwide 
6.55 Hobby Horse 

7.20 Rockford Files 

8.10 Who Pays the Ferryman? 
9.00 News 

9J25 Great Britons ' 

10.35 Play for Today 


tuuTy. 520 Crossroads. i-Oa Report Wen. 
*05 Report Wales. 6J0 Seared and 
Rescue. 7 JO Oa D e n g e of the Sexes. 1L45 
The Otnsidere. 


F.T. CROSSWORD PUZZLE No. 3,733 


Weather for Wales. Turner accompanied by 

Scotland — 5.55 pm Reporting music of Vaughan WiiB 

Scotland. 1140 News and Weather All EBA Regions as London BrenL ius world to Action, xlas- 
for Scotland. except at the following times: — 1115 •*" Th,! Cocfco ° w * ta - r 

Northern Ireland— 4J8 pm , „_ T _ . htv west — as h-w General Service 

Northern Ireland News. 5.55 Scene ANGLIA except: uo-ue wn Report Went Head- 

A round Six. 1140 News and HUB wn Antnuied C3 aside. 1U5 Space lm **- 6J * WJ 9 Repon West. 

Weather for Northern Ireland. us pm Anrfi* News, ua «>oUoe crnTTTSTI 

• J eu Ti«.ir lYnr Sixjswjb. A8# HottsepurtT. 5J5 Horses in a^Ulil3Xl 

England— 5.55 ^tiOOR Hast (rior- our Blood. 6.00 About AnsUa. U-45 JUulc U^O un Homing MystCTT Mortar, 
wlch): Look North (Leeds nan- In Camera. HIS am Our Coucern. M CM Qian and Wife. US pm News Head- 

chester. Newcastle); Midlands ■ ■ • Une*. 13 s GamUL us Tbe Electric 

Today (Birmingham); Points West AIV Theatre Show— aartra Streisand. 5JS 

(Bristol): South Today (South- «U 0 am SpMennan. tUME wm Hay- canoop. San Crossroad^ ^.00 ScoUand 

** w « ssr tjs/vssftaji u‘^srni j * l S'sr^ 

(FJymoutnj. 1.21 wn ATV Newsdeak. 2M The Electric cmmnrDM 

nnf •7 Theatre Show. 505 C ambit MO ATV oU UIH tlvi’l 

DDL A* Today. 1 L 8 Police Surgeon- 1205 an 1IL20 an *• Fantastic Voyage.” lOg pm 

A JO am Onen Universitv SomeUting Different. . Southern Neva, ua Gambb. 24)0 House- 

iim W DnDncD party. 505 Slnbad Junior. 500 Croaa- 

11.00 Play School BORDER . roads. MO Day by Day. 600 Survival. 

4-30 pm Lricket. rirst lest I020 am Certain Women. 11O0 Cartoop. 7h0 Father. Dear Fatter. U-05 Southern 
England v. New Zealand U_1S Animated Classics—' “ Oliver and tile News Extra- 1U5 WJut About the 

6.10 Open University Artful Dodger.” tlOO pm Border Nofs. Workers. 

7.00 News on 2 Headlines HoQS «>?^- , ^ TtoAe TVTVP 1 Tcuc 

• ac nilATYirnAK Wonderful TV Times. MO LookanHDd 1 Hit 1 r.r. j 

w Newson 2 I u S du '« ll -* i SSLl" Conp,e - ^ ** 8JS am The Good Word followed by 

i « SLrt nf Braw Bnnler NeWS Samaanr - - North East News Headlines. fUUO Mora- 

* . 5r s . ,, U I. . asB - _ TYi jug Movie- " The Lady Vaotshes star- 

8.10 Eight Pairs Of Eyes CHAJVNEL • ring Margaret Lockwood. UP Pm North 

9 no sing Country us pm Channel Lunchtime New* and East News and LootwroumL 5.15 Tell 

940 Nicholas Nickfeby What’s On Where. 505 Those Wcmdecfui Me Why. 6J)o Northern Life. U-45 The 

1005 A Taste or Ireland TV Times. MO Channel News. 600 The Adventurer. 1205 am Epilogue. 

11.00 Late News on 2 TTT CTPD 

1L10 Cricket: First Test (high- ySncf rus m ULSTER ! 

lights) visages ne rrance. ujo am Moral dk Movie: " Stanley and 


am Close’ A oamtine bv M T V Cymra/Wate-As HTV General 
TnmAr are-nmnanSHhl rh- Service e*cept: L20-L2S wn Penewdau 
Newyddloa y.Dydd. 400 Miri Mawr. 4JB- 
music of Vaughan williams 4.45 seren wm. 6.00405 y Dyad, moo 



amp ion); Spotlight South West 
(Plymouth). 1.21 wn ATv'Newsd 

nnr T Theatre Show. 50! 

DDL It Today. !L® Polio 

6.40 am Open University something Different 

11.00 Play School BOB 

4.30 pm Cricket: First Test— 3 **, 1B1 certain \ 
England v. New Zealand uos Animated Clai 

6.10 Open University Artful Dodger.” n 

7.00 News on 2 Headlines J - 50 p*™)*!*. zoo a 

7.05 Dilemmas J?” 

7-30 Ne'' s jn 2 Border News Sunn 

7.35 Best of Brass 

8.10 Eight Pairs of Eyes CHAJ 

9.00 Sine Country US pm Channel 

940 Nicholas Nickfeby what’s on Where. 

10.35 A Taste or Ireland Tv Times uo cb 

11.00 Late News on 2 

1L10 Cricket: First Test (high- F^ce 

lights) . 


H i I 1 m™ I 21 1L4 ° ciosedt>wn (readiQg> 9JS ^ ^ m jsssnsrssrut 

— 1 m London w r oSI&sSS i S ®l "swsmm, 

E: 1 miBw 9-30 are A Place in Hatory. 945 Sa^wSSSEi tv nmei mq ^ 

^TSTpHa5 pfi'r plain Sailing. I(L20 Hie Under- plan Today. AM The Electric Theatre {J^aW^sbS^llS^New^i &££££ 

I [ I sea Adventures of Captain Nemo. Show. tj>d Bonn Or. me Rpa.ciions. “ TaXm * “ Me - News “ Be4Ume - 

§ra LJ L— 10J5 Meet the Men from Uncle. Cramolau Late Night Hcaditwc. WESTWARD 

Hif Ea Ha 11-50 Cartoon Time. 12JW iMj GRANADA MJ9 am Cartoottlme. MJ5 Feature 

pOiaB — VS HB Noho. 12.10 pin Rainbow. 1240 yman am Tuesday Matinee: ’’Hoad FUa,: "Tarxan'a Grealcst Adveanire.” 

HauflSS Home-Made for the Home. LOO Show,” with Carol Landis. U.45 Kathy’s Gordon ScotL 1227 wn Gus chkhester. 0243 01312 

News plus FT index. 1.20 Plat- QUIZ. UO pm This lo Your Rlahi. 500 Honeyhnn’s Birthdays. U 8 Westward Towoiw aim. a s «t 7 jo. Aug! 

O ks« ii Bra BB Form- 1.30 Young Ramsely. 2^5 The uwtanea Advattm of c *P fflln . thi mpfVn' papers 

Mgil Pwn BhE KUB Romance. 320 Girl in a Broken kc 00 ®- s i ls crossroads, ms Granada *^**^^^3*7. 10 auu. 2 an^s at mn. aw s n 2.00 

— m — a ^ -- r " — g™ M!io B i ea ill- The Brad? SW*i5 “SWJ 1 ? K fSB LOOK “ tutu 

1 I Ew Bunch. berious. 5.15 The Brady Miaic . c ' YORKSHIRE 

5.45 News HTV l&ao am Power Without Glory. 1 U 0 

ACROSS 7 Illustrious or superior person 6.00 Take Six HUB » m ChBd Life In Other Lands. Star Maidens. ILK England Their 

I M»iil Ipft in hnnrl aoinc lo tn ihe French (5) 0.35 Crossroads 1M8 Wild. Wild World or Animals. 1UJ England. UO pm Caleodar News. 5JL5 

! Mtfiat len in oom 1 goinp to to me r renen toi o-a Survival The Mad Dog Gang Meets Rotten Pied Those Wonderful TV Times. Mi Calendar 

Oriental female- with fair hair 8 One Who casts his lot for old 7.0H survival and Rauguts. HAS Flower Stories, us pm lEmler Moor and Belmont editions!. 1L4S 

<S. fl> German title (|I f-B® 3 *. 11 ® 30 Renon West Readllnes. L25 Repon Wales ... at the Embankment— traditional 

10 Animosity ai scure in card- 9 Fruit making very soft drinka 'Vnats on Next. Headlines, uo Gambit. 2 j» House- Irish music from Paul Brady. 

qaine lof outside (6) ' 1 ' — — — 

11 Leave unfinished in cable that 15 Drag one upper-class person RADIO 1 24701 England v. New Zealand indndlng L3S Uon Time. 4JS story Time, sju pm 

ho < 1,1 it 1 0 1 and Kiirreerl l4 •* 3» nnnhnn . r h_-j ra — Nows, un The Ana Worldwide (as VHP Repons. SM Serendipity. 5-55 Wealfaen 

..1 Jr J i J bC ^ l . ... , , _ ? n “ 1 f . . (S} V»l!d^m lc w™* dea " t I DS pnu. 2M Lunchtime scoreboanl. programme news. Mo News. L30 Many 

12 Take nonce Ul tins in Wales It I start rating soldier for being n.™ UfeUnes; Work and Tralniiw. 7 JO a sun. 7.M News. TJIS The Arehcra. 

1 4. 31 disorderly (9) **? Jr Proms 78. pari l: VlvaltU, Bach IS». 7J0 Ttme for Verse. 7 JO Proms 78 las 

13 The most vapid beer in .wo 18 Begin to speak with one drink g K R&r? lb 4TiSS ^ 

14 Superficially read page and 19 Wise, having panties re- ffi 1 J wl *8% Sdtm£! rt Sos ‘rae 3 nSuidai Bo wortd f 

be parsimonious 1 51 designed 17) Today in PariiamenL 12J» 

16 Huge robin possibly living 21 Viewer allowed just a hole Peel is>. izoo-aaz am as Radio a. song'tsi UJ ^ U ‘^ “““ SchuheR News. 

nearby (91 (6) _ , . Mi _ . ^ vhf— mb-7jh am open Unlreratty. RRf Rsidin Tjtndnn 

19 Like stars with all lustre 23 Moment's about right to de- RADIO 2 l^DSsn aad VHF 1M with imr. rlss Uour and Brahms KaOlO L^nflOn 

,a\ ■ raivn i Ki 5.90 ozn News Summary. 5.02 Richard chamber music concert fS». 11-55 Midday _ JUtim ana yi±h 


changed t9) 


ceive <5) 


20 Ingenuous one in part of 24 One who attempts to fiive I ffSJVSKST 7 ^ ‘KS rJ'ST S wo^U^* £S 

church l5> direction in a row (5) Iwogan |S> including S^r Racing BuUetln Prom, pan 3; Jones. Schumann iSi. 206 Showcase. <U» Hama Run. 7J8B Bui 

and A45 Pause for Thought. Jimmy Duo Coocertant <S). 3.00 Songs by Seriously, Though. . . . 7 JO Blade 

Young tS>, 12J5 pm Waggoners’ Walk. Schubert and Ravel 'Si. 3j45 Symphonies London ers. ’ j L30 All Thai Jaw. UJB 

12J0 Pete Murray's Open House iSi from the North <S>. 4J5 Rameau tSV. Late. Night London. 1ZM As Radio S. 
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22 Loyal person mokes Irishman 26 A win once more (5) 

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place (7) NO. 3,732 

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leader (9) 

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. .12973 

Coliseum'"- ■ ■■' -‘ ' 



ICA 



13 


ic Flute 


■-^by • JpCREW-rPO R T E R 



by WILLIAM PACKER 


Ther English. National- -Opera 
season opened, do Friday* ’with-* 
nappy revival of' The AJosfc' 
l:lute — th* -1975- : produttien 
«aRed ’ by ' TVnihaiy : . BtecH," 
designed by Johtf Stoddarr. and 
conducted now by Sir r.barles 
» i roves. Four' of the principals 
were new, , and"., good. Anthony 
Rolfe Johnson, the Tamirto, was 
al once forthright and sensitive,- 
fearless and delicate; .So was 
Eilene Hannon, ..-the -Fomina-— a 
soprano with beautifully dear, 
irosb lone and' an admirable 
scn 6C- of line. Aage Hauglaud 
was ■ a smooth and sonorous 
SarasTro— -though his voice Most- 
power in the lowest fourth nf the 
range. Marianne • Blok, the 
Queen .nf Night saftg'he'r second 
area exactly tThe high' F in the' 
first missed its mark.) Not only; 
tho arpeggios but also the aiffi-i 

cult triplets .were: fully soundecL 

And, by giving character to^are 
spoken dialogue, she. made more 
or inc Queen than .a merecoFora-' 
lnra display role.-; 

Richard Van Allan's Pfiest-for 
Spokesman) w^s also new, and- iF 
was eloquent Niall Murray was 
an easy, umnanriered. likeable 
>oung Papneenn. amt more than, 
many, he sang the music in full, 
firm lines.' Edward Byles’s 
Monoslat os was keen, subtle, and 
unexaggerated. ' Marilyn "Hill. 
Smith. made, a- pretty-. Papaceoa. 
Tiie. Three Ladies -arid the' Three 
Boys were nice, except at a Tew 
ill-tuned moments.' Add Kenneth 
Cleveland's chorus was excellent. 

It amounted to one of the best 
accounts of the opera London 
has seen since the war. Bescb 
and Stoddart. as . iir. their 
Clemenzn Tor Covent Garden, 
have got the tone .exactly, right 
Or. in this opera .'“the : tones: 
solemnity and. playfulness, sub- 
limity and simple. Happy jokes 
were precisely balanced. 1 The 
speriade is larger than that of 
Glyndebou rue's much-praised (ip- 
my eyes, overpraised) new pro- 
duction. grander and less repeti- 
tive: . righlly.-' for.. spectacle . was 
one of Schikaneder's antf.Moznrt’s 
aims. .Schinlcei's fambur Berlin 
scenery, nf .1816. underlies Stnd- 
dari's designs yet : Ibis neo- 
classical Egypt is !*. re-viewed 
th.niugb twentieth-century. eyes. 
The result is not heavy but both 
attractive and impressive. Beach's 1 
production stresses naturalness; 
in the narrative and in the 
characterisations, lu&iead of. 
underlining an allegory; he and: 
his vast tell a story-' and the 
deeper meanings emerge of' 
the m se Ives. Almost' for the first 





• **i v " ‘ L 

s. U: 



r / i„.\ 

VI- <e* 

- \ . . /*' v/.< -v, 


4 


Ntail Murray and Eilane Hannan' 




time -in my experience, the 
" dynamics ” of; th6 -lighting, plot. 


re Dec ting -a progress, from super- 
stition '■ to . Enlightenment, are 
correctly achieved. , . . 

, Goveni Garden, has billed a 
nevr Xauberfl&te for next season, 
with producer , and. designer still 
uochbsen. If. it - borrowed the 
Coliseum staging, it would have 
a "worthy companion-piece to its 
Cl&menza. Besch and Stoddart 
might. take the chance-. ‘however, 
to rethink -their/ -Triad!- by Fire 
and Water: This 'scene js ..ibe 
only disappointment of the show. 
The set .looks .-rather, like a 
Cassnn-desrgittd JWo‘ .eager There 
a re no Schrekenspjorten. . to open 
and close, and-' Tammo’s and 
Parafna's ordeal seoms hardly 
worse . than, passing, from the 
steam-room ftiw . 'the' Shower. 
Moreover, the Armed . Men are 
oot well stationed; Mozart surely 
had in, mind figures like .those, 
-right and left: who .guard the 
easl face of thePacher altar in 
Si -Wolfgang. The -firing machine 


could also bet. redesigned; the 
Tutankharauniwdse has become 
too everyday-'; and modish an 
image. 

Groves's and the orchestra’s 
contribution was excellently un- 
obtrusive. There were moments 
when one wished for lighter, 
more lilting rhythms ; on. the 
whoic.it wag satisfying, to- hear, 
this account' of the score* where 
nothing was rushed, nothing' was 
skimped, and nothing was over- 
pointed. The. words were very 
clear. Michael Geliot’s English 
translation of the “lyrics” needs 
retouching. Much of it is good; 
some of the rhymes . are dis- 
tractingJy ingenious, and some 
of the lines flat and prosy'. In 
the first finale, Sarastro sings 
“1 need not curb this true 
emoticin/But 1 -can’t grant your 
freedom yet-’’ What’s wrong with 
“But cannot grant ..." ht- any 
rale the first time it comes? (At 
the- low reprise, the inner jingle 
on ah vowels is probably help- 
ful to theHass.) 


Aldwych 





think that this is 
introduce a natural 

the patience— and pal ience is a where Ann; stiif 'opehly female, timbre in the speech. I -should 
qualm yuu need a packet -'or at and- Mary; ^.nce more sailing also report that an army 
ibis play— are -Ann Ronney and under £#sc colours as .Mark.jtre sergeant says *' The devious paths 
Mary Read. They are not pirates a monjfihe crew. Mary -reveals her of your mind never cease to 
in liir first act nf Steve Gnorh*s sex-wfien Ann falls. in lovewith amaze me. woman.” Worst of 
ill-kmi scvipi. Ann i* the illeqili- hcrif the secret is .entrusted, to all are the quasi-Breehtian songs 
do lighter nf an 'Irishman Ca»ep Mack, and Calico J a ckjets that frame each scene, songs in 
who beenmo a planter. in Oharh** iBPut at once. Like the pirates in such naive verse that I cannot 
inn. She passes hex time with^ffamfe^ these .'are thievef. of think how Guy Woolfenden oan 


Of all the artists who were asso- 
ciated with English Pop Art -in 
those heady days of the -fifties 
and sixties. Allen Jones is one 
of the very few-still to be drawing 
his material from that inexhaust- 
ible spring, some would doubtless 
prefer iq call it a morass, of 
imagery: and he appears to be all 
the better for his perseverance, 
for his work not only sustains 
its interest, but continues to 
develop and Improve. 

He always was an interesting 
artist but Pop Art was ever a 
literary, anecdotal genre, and for 
a while it seemed that Jones's 
particular brand or imagery bad 
grown so strong, so dominating, 
of such all-consuming fascination, 
as to overwhelm utterly., the 
other, the formal qualities of the 
work. He was always a fine 
craftsman, a strong if mannered 
draughtsman; but, confronted by 
an iron of what, even at the 
second look, would seem to be a 
most perverse sexuality, h was 
all too easy for the viewer to 
forget to notice the niceties of 
line, of composition, of the 
handling of the paint It was' a 
dangerous and misleading 
emphasis, from- which Jones, in 
reputation at least has not yet 
altogether recovered; and it was 
given added force by the tech- 
nological pre-occupations of 
those times, which’ were so 
inclined to pot means before 
ends, production and presentation 
before the -subtleties of touch 
and suggestion. Irony and 
ambiguity were likely to be lost 
in the process: or so it seemed 
then. 

. In retrospect however, though 
the slickness of the execution 
may indeed have blinded us too 
often to the fact, what we read 
at the time as being merely 
heavy, explicit and superficial 
was also invariably self-mocking- 
in some degree, rather more 
detached than we might at first 
have supposed, very stylish but 
witty too: there was more to it 
all than perhaps we were pre- 
pared to concede. This show al 
the ICA (until August 29), which 
concentrates upon Jones’s graphic 


work -over the past 20 years; In 
particular his screen-prints' and 
posters, neatly makes the point: 
for Ote print will always be by 
so much, no matter how narrow 
the margin, significantly simpler, 
blander, more mechanical, indeed 
more superficial than the painting 
or drawing, nothing more so than 
the screen-print. 

Jones has always taken as his 
subject for the past dozen years 
or so virtually to the exclusion 
of anything else, the obsessive, 
fetlshistic consideration - of 
Woman. Bestrapped and heated 
the Lady strides- through his 
pictures on her ferociously high 
heels in a flash of thigh and 
k nicker. She i$ never naked: 
we aee her often only in parv 
a dismembered, fleeting, concen- 
trated vision. The shoe or the 
glove alone is enough to summon 
up that powerful presence. Ia 
the more recent work she keeps- 1 
herself -off-stage entirely, her 
impatient voyeur teased by the 
swing, of the curtain. Jones’s 
world is one of object and sign., 
suggestion and • anticipation, 
fraught With taboo. The Devil 
himself has lately put in an 
appearance. 


None of this, of course, goes 
down terribly well with the 
sisterhood, which still pro- 
fesses, indeed goes -out- of its. 
way, to find something pro- 
foundly shocking - in a glimpse 
of stocking, and is determined 
not to let it go unremarked. 
Allen Jones's girls are glamor- 
ous, rather more than well- 
endowed, his working material 
culled from the more bizarre 
and recondite of ' publications: 
and so it follows that he is an 
enemy, who must be put down. 
He is designated pornographer, 
anti-feminist, male chauvinist, 
his work condemned, and even 
threatened with the law by the 
more extreme enthusiasts, not 
for being what ft is as Art hut 
for what it is thought to be 
about Appearances, after, all, 
are everything. 

Sexist is a nasty new- word, 
as vague an epithet as Fascist 
or Marxist, Socialist or Tory, a 


thoughtless verbal bludgeon 
that I doubt has any real mean- 
ing at an. Here it is thrown 
at a painter merely because he 
deals ia images of women that, 
besides bein'? beautifully made, 
are- forceful, memorable, and 
openly sexual in implication. 
As Mr. Growser would have 
saKL : they ought never to be 
allowed. The fact is, however, 
that for any man an interest in 
his sexual relations with women 
is perfectly natural, and all but 
inevitable: and so central a 
feature of universal experience 
is thus legitimate, even neces- 
sary a matter for the artist to 
treat. The images he makes of 
women are in the first place 
simply a function of his own 
.sexual imagination, but which, 
if they have any virtue to them, 
will strike a common nerve. 
The -corpus of the world's creat 
art is. crammed with work of 
just this kind, from the Greek 
Vase painters to Utamaro, from 
Veronese and Rubens to 
Picasso and Modigliani. 

And all this work is instinct 
with the attitudes men had, and 
have still, towards women, albeit 
modified and conditioned by local 
convention and temporal circum- 
stance. We may perhaps regret 
the faets of history find human 
nature, but they must be faced. 
And when we do face them we 
see that the issues are infinitely 
more complex and ramified than 
recent polemic might care to 
admit, and not altogether so dis- 
advantageous to the female cause. 

Looking again at Jones’s work. 



* Cut-a-way * 1974 


for example, we soon realise that 
the Woman may be the 


though — „ — — 

one reduced symbolically to the 
state of a sex-object l Which is 
only the poor jargon short-hand 
for an object of sexual desire, 
something markedly less abusive 
in its implications, that might 
even be taken as a kind of com- 
pliment), it is the Man who is 
the victim of the simplification, 
the prisoner of his own fantasy. 
Jones, with elegant and amusing 
irony, frequently taking his 
imagery dangerously close to the 
edge of absurdity, is dilating not 
at all upon a supposed ideal, but 


upon the nature and limitations 
of the obsessed and stereo- 
typical male imagination. Here 
the Woman is impersonal, 
superior, a universal if somewhat 
exaggerated figure, the Man 
particular, identifiable, vulner- 
able, deperale. And only the most 
uosubtle and literally-minded of 
us. in supposing- that these 
images could exploit Women al 
large in any way, could miss the 
point. The Gravesiin Goddess is 
a hard and unforgiving mistress, 
and she does not always appear 
in white. 


The ICA, recognising the 


response it has provoked in 
putting on. and certainly defend- 
ing this exhibition, is to hold a 
discussion (on Saturday, August 
5 at 2.30 p.m.t on the topic 
“Sexism In The Arts,” to be 
chaired by Matthew Hoffman of 
Time Out. which looks likely to 
have its moments of fun. We 
must hupe that this meeting, 
having considered and questioned 
work that, in the words of the 
announcement “ might be seen as 
liable to encourage sexism." will 
he able to tell us more clearly 
what Sexism is, and in what the 
danger, if any, consists. 


Albert Hall/Radio 3 


Christus 


by DOMINIC GILL 



The firfct performance in this 
country of Liszt's oratorio 
Christus was given ' in West- 
minster Cathedral last year 
during the six-week Liszt Festi- 
val of London, and reviewed at 
length by Ronald Crichton on 
this page. That performance used 
the shortened score prepared by 
the composer. - in which he 
sanctioned over 800 bar$. of cuts 
from the original. Sunday night's 
Prom performance of Christus. 
given by the same orchestra and 
conductor, but with different 
soloists and choir, restored those 
cuts, and therefore marked the 
British' premiere of Liszt's 
masterpiece complete — 111 years, 
nine monihs and 30 days' after 
the work was finished jn Rome 
in 1S66. f 

It was a triumphant occasion. 
I had heard Christus complete 
only once before; by apt chance 
as 1 was passing through Paris 
on my way home from Budapest, 
at its French premiere last year: 
but the conducting was slack, the 
singing: (with the single radiant 
exception of Dietrich Fischer- 
Dieskau > was a disappointment, 
and the orchestral playing a dis- 
grace. The Prom performance, 
with the RPO under Brian 
Wright, four strong soloists, 
Teresa Cahill, Sarah Walker. 
Michael Rippon and John 
Mitchinson. and the BBC Sym- 
phony and Liszt Festival 
Choruses both on exceptional 
form, was notable throughout for 
its finesse, breadth and 
commitment. 


thread of plalnsong that opens 
the work and runs through it 
from start to finish. 


It is a characteristically grand 
and generous achievement: a can- 
vas ..that at. once embraces 
orchestral tone-poems (pastorals, 
processionals, a jaggedly chro- 
matic stilling of the tempest on 
Gennesaret), grandly operatic 
dialogues and ensembles (the 
lovely set of- Beatitudes for bari- 
tone. - r -tbe long and' extra- 
ordinarily powerful “Stabat 
raster dolorosa” • for full 
ensemble), and quiet movements, 
simple and austere, for voices 
and organ alone. Liszt called 


Winchester Cathedral 


Southern Cathedrals Festival 


by NICHOLAS KENYON 


Liturgical music has rarely 
been in the forefront of fashion. 
Experimentation is not a com- 
mon feature of church music, 
and especially in this century 
composers for the church have 
been eontent to follow along the 
well-trodden path of the sup- 
posedly “sacral” style beloved of 
the late Victorians. The lively 
new minds have turned to lighter 
music as a vehicle for worship 
— producing music in categories 
which Elizabeth Poston has de- 
scribed as the pop, the plush and 
the twee. All the more refresh- 
ing, then, to find a composer who 
has shown himself to be among 


formed with great- conviction by 
the festival choirs.. Less uncom- 
promisingly avant-garde than 
might have been expected, it is 
perhaps an attempt to Introduce 
‘quietly and unsensation ally some 
of the techniques which the 
present-day composer takes for 
granted. Speaking, shouting, 
indeterminate pitches, glissandi, 
a measure of Improvisation and 
so on are all tastefully brought 
into the score. 


Christus his “musical Will and [the most forward-looking of 
Testament.” In its very diffuse-! today's middle generation writing 
ness 3nd variety, its wealth ofrmusic of genuine adventurous- 
sublimely original material, and’ ness for the church, 
in its tender, fiery visions, it is a , j onat han Harvey has written 
fitting monument. , a .magnificat and Nunc Dimittis 

All praise to the Liszt Festival, I which was given its first per- 
and to ’Robert Ponsonby of tbejformance in Winchester 
BBC. for their determination and Cathedral on Saturday afternoon 


vigour in arranging the debuL so 
long overdue. We cannot expect 
frequent performances of 
Orris i us; but now we know, its 
measure. It cannot lie neglected, 
in whole or in part, for another 
century*. 


on the last day of that annual 
answer to the Three Choirs, the 
Southern Cathedrals Festival 
(which brings together the choirs 
of Salisbury. Chichester and 
Winchester). It is a most im- 
pressive work, and was per- 


But Harvey does not disdain 
such traditional gestures as an 
ethereal melody for a lone boy 
soloist, or cluster-like fanfares 
on the organ's troro&a — both 
effects which Britten and Tippett 
used in their liturgical works. 
New and old are welded together 
with a strong sense of drama: in 
the Magnificat there is a cantus 
firmus which ensures that almost 
all the words can be heard, while 
in the Nunc Dimittis there is a 
brilliant effect of spluttering 
candles at the word “ light” A 
difficult work for parish choirs, 
but a welcome sign that con- 
temporary music is not disdained 
in our cathedrals. 


Unfortunate, then, that the 
first half of the concert which 


followed in the evening was 
devoted tu works from the still 
backwaters of 20th-century 
church music. Vaughan Williams' 
inspiration may have a certain 
strength, but that is to be found 
in such folk-song works as 
Dices and Lazarus (which the 
English Chamber Orchestra 
played under John Birch) rather 
than in his dreary ceremonial 
offerings with their thickly tex- 
tured fanfares. As for George 
Dyson’s Hierwsalem , this pallid, 
derivative concoction would have 
been thought feeble in 1906, let 
alone 1956 (when, so the pro- 
gramme claimed, it was written). 
Fortunately., matters were re- 
deemed by an atmospheric, 
deeply felt account of the Faurc; 
Requiem under Martin Neary. 
The English cathedral sound, 
even when so well-tuned and 
well phrased as it was on this 
occasion, is hardly right for this 
work, and the tempi were dan- 
gerously slow; yet the impetus 
was sustained. The horn and 
trumpet calls in the Sanctus cut 
across the Cathedral to magnifi- 
cent effect. Faure could have 
taught Vaughan Williams a 
thing or two about writing for 
ecclesiastical brass. 


This announcement appears as a matter of record only 


. Charlotte Cornwell and Diana4ji^itfck 


Lcvtatnl Burl 


Though it sustains a very long 
| dramatic span of nearly three 
[hours of music with remarkable 
consistency and force. Christus 
is not an organic, tightly-knit 
' work. It is rather a sequence of 
‘Biblical pictures in music.” a 
| sequence of. tableaux, brilliant, 
indulgent, sometimes sentimen- 
tal but hardly ever vulgar, of 
astonishing variety, knit by a 


'.muggers and ' pirates' 'rather 
than her well-born- neighbours 
ami giii-s-u* sea with hpr favourite 
pi rate Calico Jack -.Rackbani’ 
Alary, brought up as a boy, serves 
.is j j»rivatn. soldier in' the army 
I nit falls in love wfth-'a Flemish 
i nrpnral. marries him and keeps 
.m inn When, he is - lynched by 
frlluw-Wtht'rtanders Tor a reason 
mil very clear io me. she dons 
her l>rce»‘l)cs again, signs on in a 
iniwrhantniun and is captured hy 
.-» pirate u-sscl. . - 

Thr pIjv begins... utter , the 


hnhnur. "Neither girl i* rife ed, 
though they get tkomSaves 
pregnant when it looks :is £f.the 
Navy will catch- them; whi<#.the 
Navy does in a laughable i#ray 
of carefully. Tailing canvas, t..' 

. l : cannot for the lire oft me 
understand what can haveB>er^ 
sanded the .Royal- Shjikqsjljtarc 
Company to mount this atrdfiious 
play. Mr. Gooch's dialogue is 
stiff and lacklustre, and Though 
the. period is early JSth century. 


have been moved to add such 
subtie rausic to them. 

; 'Nothing 'could save such a play 
but an outstandingly brilliant 
production: but if ft be possible, 
the 1 production under- Ron 
Daniels is worse than the play. 
The company shout their lines 


Nottingham 
Playhouse plans 


like amateurs. -The 


Nottingham 
reopen after 


Playbonse will 
brief sammer 


wiich mere are a Brea? Slier! I d0 ‘' ure on S T p1eraber > 3 - » 


words and. phrases from ou^.own 
timp are i-onstantly used, if Lcsr 



are devised (by B: H. Barry) ma i° r P roducUon of ^hake- 
tediously and cumbersome!)-. ! s Peare's Henry V. This wHI be 
Ridiculous detail constantly J joined on September 27 by Tom 
obtrudes— £ alien Jack backing , Stoppard's Jumpers, which ^ 
down the companion way as if he| 5lay ia repertoire until October 
bad never set foot on a ship j 14 *7 

before; the ship’s wheel left un- 1 - * ' 

manned; the cleanness and tidi- October IS, the Playhouse 
Jtess of the deck. Peter Pan is ! wfll present the world premiere 
infinitely more exciting than -this,! Pbu’ by Barry Collins, called 
and indeed has more to say, ! Strongest Man in the World, 
though Mr. Gooch dutifully; will be performed in 
introduces a hint of women's .lib \ repertoire with Henry V until 
and naturally suggests that the] Noveraber .. 
judges who try the pirates and! Their places wilt be taken by 
sentence them to be hanged are , John Arden and Margaret!* 
themselves dishonest - . ' | D’Arcy’s play about Ireland, The 

For an expensively-subsidised . Cittle -Grey Heme in the West, 
company trading under the name ■ Presented jointly with Foco Xpvo 
of the world's greatest poet w pot i (November S) and George 
on rubbish like this is a disgrace. ! ^ ur ^ u * ar 5 COme ^ The Beans' 
As it -happens, circumstdnces!* lra ^8 era l^oranber 
have kept ine from more .of their ! There will be an extensive 
productions this season • than l \ programme of Sunday' show* 


would like;- but- on the strength 
of what I have seen I suspect 
that the company is going astray. 
Should they really concentrate so 
on, low-life stories? Asd should 
they not be: training their young- 
directors up to direct Stoke- 
speare? In the current season, 
Barry Kyle is the only new direc- 1 


featuring Roger Woodward and 
the Philip Jones Brass "Ensemble 
(October 1): Nottingham Music 
Theatre (October 8); a presenta- 
tion by Air Jamaica called ‘‘Come 
Home to Jamaica" (October 13); 
The Warsaw Music Workshop 
(October 22 j; The Steelband 
Association • of Great Britain 


tor In charge of a Shakespeare ; (October 29); The Yetties (Nov 
olay. unless you cnant Michael ;. ember' 12); Interim Theatre 
Bogdanov, who has a whole-time ; Company (November 19); The 
job. ahead of him running the 'Black -and While Boyfriend 
Young Vic. In' due course I hope i (November 2Sjr Nexus t Decent- 
ly «lch up with_smne nr_whnt;ber 10). There will be Lunch- 
i have missed, and l shall return time Proms on October 20 and 
to (his subject later un. j December 22. . 


D.S. $ 1600,000 


Term Loan 



Andrea. Merzario S.p.A. Milano Via Faiitdi 6/7 


managed by 


CASSA Dl RISPARMIO DB TORINO 


funds provided by: 


BANCA COOPERATM W BOLOGNA 

BANCAP0P0LARE DI MODENA 

BANCA AGRICOLA COMMERCIAL DI REGGIO EMILIA 

BANCA INDUSTRIALE GALLARATESE 

BANQUE DE SUEZ ITAIIA S.p JL 

CASS.1DI RISPARMIO DI TORINO 

JUNE, 1978 









The worsening 
Rhodesia war 


Getting motorists 


THE WAR in Rhodesia is nasty, Rampbal, the Commonwealth 
and it is almost certainly going Secretary -General, 
to get worse. Military censor- on ^ Pebble course, how- 

ship in Salisbury makes it diffi- e X er unpromising, is to con- 
cult for anyone not directly in- tinUe t0 1** . maximum 

volved to get a clear picture of 1 pr *'f snre 0Q the Patriotic^ Front 
the inroads that have been made headers to participate m an 
hy the Patriotic Front guetril- 2,T era f’ peace / u settlement 
las. Their continuing choice of £ he ch ances of success, as Dr. 

-soft targets." such as missions, P^V 1 ? 35 d «co™red, are not 
hotels and factories, would seem Jw** 1 - The one real hope lies in 
to indicate that they are not yet * he iu fluenc ® that can be 
ready to stage more convert- brought to bear by the five 
tional military operations. But who ^av P 7* 

thaMhev are ^ncroachin^niore rol° ^the Sort? to retcha name-they are known in the The current UK brand owes its position very mrgeiy and DuC khams with a market Thereby'' b^ 'a th^WcToVTi'f the 'market "H 

and more closely on ° white settlement with South Africa on trade as “distress products” leader is Castrol which was t0 . mnltigrade oil share of about lo P® «nt. Its corr i? 0(mdiQ „ «rowtli in light some supporters of a move to 

stronohoids ~ Includht- now Namibia. Some of them, particu- even though the UK market is founded in 1S99 and went into which it iptooduced just as the shell Super Mulugrade is again ^ lighter oUs claim BL may have 

sZhn^^n.i ^rly Zambia’s President worth £100m a year. motor oils in 1909 when there Mini. wrtb itt Jrawveree a 20W/50 oil and the company nirrpntlv l00k . “fteitor motives for withholding 


BY SUE CAMERON 


Salisbury and Bulaway^-and J"* „ President worth £100m a year motor oils in uw wner , mere a Duckhams is currently look- ulterior motives for withholding 

that wide sections of the coun- J^ unda - ■«*« from happy at The average motorist in the were only «MNM Ian on the engine, started to become a best does not produce _Lght lubn ^ fir o|I> Qnd lt also its approval. They say that 
trv are beginning to look in- ^ slze oE 016 guerrilla forces UK often leaves it to his local road. It has always been a seller. cant for Britain. Esso, which UK ,. wiU mQve chat an uqualed machine tooling 

ereasin° ly like ,, na-"o” areas now stationed on their terri- garage to choose an oil for him specialist concern — it pioneered Only single grade oils were has an 11 per of the w»v ultimately ” But the com- means some BL engine models 

creasm a iy use no e o areas. tQries *,, M 6 hic „ ar in for seP . use 0 f additives in motor available in the UK until 1S51 market, uses the brand name k»n» t» «..m;i«nti w M«h 

Independence The problem is that neither of 

_._V , ■ , . . the two main Patriotic Front 

White morale is low and is leaders, Mr. Joshua Nkomo and the brand their fathers bought ket in the days when the major f 0r e multigrades, motorists had 15W/30 viscosity graces. *utine a deauatV ensiie pro- “Absolute balderdash," says 

likely to deteriorate still Mr Robert Mugabe, can see why before them or for the cheapest oil companies were concentrat- t0 change their oil twice a year, company only sells the heavier ^ ** .. ° uetrol BL. " Some of our advanced 

I s 1116 en , ye .l r da * te fo ^ they should stop fighting. If they product available. At least 95 ing almost exclusively on selling They used thin oil in the cold, 15W/50 in the UK. Vet In the • r, savs tbat ,r British machines produce engines that 
1 *l*o« ende J 1Ce under trie internal agree to participate in a peace- per cent of them use thick, petrol. winter months for easy starting UB. and most of the countries £ * _ d f rom 20W/50 are hotter, more sensitive and 

thlrp^rp wS?* 6 ful settlement, along the lines 20W/50 multlgrade oil in their but replaced it with a thicker on the Continent the market iow/30 they could find built to tighter tolerances than 

? y man ^ to* London and Washington engines-yet the British are AHvprticPC lubricant in the summer. This emphasis is on lighter oils- g™ oU consumption increasin' 1 most 

J^. h thP tw2 e a d r t0 fi f ht are ur S in 8- they would, at best, virtually the only Western rVUVcTllScS was b ecause engine tempera- usually 10W/40 multigrades. ^ ^ per cent ° “Our lubricant recommenda- 

JJup® fjjjj “J, have t0 share Power. They motorists to buy heavy lubri- i A(117 ;i ir tures. combined with warm One of the reasons for this is y n ., f . lrhani ^ believes that a lions have to take into account 

fnr ^ hia^t d °ma?nri^ rm-orlf wou!d ’ of course, accept a peace- cants in such numbers. In the nCSVllY weather, would have thinned that thinner oils can give 10W ,-q multi"rade would be the worst possible situations. 

®L a V?!™ fuI settlement under which they U.S. and on the Continent the out an already thin single grade savings on petrol consumption British conditions We would not be happy about a 

Ihp nt *rmin a tlv ar fn lK thi were * iven total power, but that market is dominated by lighter Today its products are sold 0 il to the point where it failed of 5 per cent or even more. And . | e It f a jqw /40 fully laden car going flat out 

°Thi I T- ■ , “ n °t ou offer. They clearly oils which can give estimated throughout the Western world to lubricate adequately. in the U.S. lighter lubricants y a 10W/50 would be down the motorway on a hot 

aheaH Th ' " mm ° ,h ' savings on patrol of at least and it maintains a “ pretty Multigrades meJnl ttat are advertised as " economy ” “ r or ''“ ni “ ab ,„ 'Z Z UK day „ith only 10W/30 nil in its 


motorists moved from 20W/50 are hotter, more sensitive and 


,i c . market although far more addi- engine. o are looking at 
argued that the US. is 1 ^ lighter oils in the UK and we 


reid in^ b ? Ueve to*y are now in sight savings on petrol of at least and it maintains a “pretty Multigrades meant M are advertised as “economy * ™ f or the UK day with only 10W/30 oil in its 

Ifnce the’ interim GovS™ of a militar - v victor y* fading 5 per cent Attempts have been steady” 30 per cent share of motor ^, 5 cou]d be a 0lJ f- . . market although Far more addi- engine. We are looking at 

ment wm iniVllSi i* t0 fuI1 contr ° I of the country, made to interest the UK the home market The com- fi of viscosities; ^ It is argued that the UB. is have to be put into lighter oils in the UK and we 

cant The first aim^c clearivto The fact 11181 il wouId be a motorist in Ughter oJs — ^ Brirish pany. which was taken over by ^ ^ enough at one end of traditionally a than oU b ad as big a range do recommend them already for 

buv time for X ho dfni of totaJ,y devaatated country, and Petroleum has pushed the idea Bnrmah OU in 1966, admits that ^ ran t0 pennit easy country because American 10 ^ /50 cars that are going to be used 

elections in December The ^ Probability that the next particularly strongly-but so far its history plus its strong as«i- , in cold ^ ther and mdk cars have slower running and Tfae anv that ^ glving in cold climates. We also 
second point is that the security W0U, J d be between the have failed. ciation witt motor sports do enough at the other to give full ttierefore cooler engines itan.^j, backins t0 a really light accept that a IOW/30 oil may 

forces almost certainlv want to Nkomo and Mugabe factions for Yet there are signs that in h el P considerably when it pro t ec tjon to an engine. The Einopean ones. In add'iuon to joW/ 30 multigrade for the UK he. l, p to the mark for cars 
make the best use of their white outri Sht leadership, does not the next few years British comes to sales. But it stresses ac tual degree of viscosity is de- this, U.S. speed limits tend to ^ BP— Duckhams’ in-house driven in the UK in many cases. 


the next few years British comes to sales. But It stresses ac tual degree of viscosity is de- this, U.S. speed limits tend to ^ gp — Duckhams’ in-house driven in the UK in many cases, 

motorists could start to follow that it is not rostmg on its by numbers laid down by he lower than in Britain or oh rival. BP claims the change- But we bavc . l0 consider the 

the lead of their foreign Jenrols and it still advertises tbe society of Automotive En- the Continent and engines do over i 0 thinner oils could start extreme conditions under which 

counterparts and adopt lighter heavily— mainly on the themes and the higher the not therefore need as much “within the next year." But a .car might well be run in 

i..i : a. -I—. of engine protection ana Lastroi r,, 1 TY ,Kov-«r +v,a ♦v,<nL-av •< n ;i nmtprtinn murnn ,,-hinh Britain. 


troops while they are still pre- seem deter ^c 111 - 
pared to conduct such cross- Sanctions 

British Government can do to the UK’s options are. W There Tj? 0U9h ur ^ ely h ° n ^SSords, tbe^motor^ acces- Ia the Arctic an extremely The flaw in tfaU apologia- for BP sells under name of VF7 need°is another 

alter the course of events. The are differences of* nuance t^t ^thinner beongs ^ ” 1 ^u^SS? 2 ^ ° f ^ oil 52 wouW be' 

UK has neither the power nor between the positions of the Ms 60 off m . Bntaui toe Bunnab oil group and this 5W/30 would be needed because are also widely uaed on the market. flat out on a bot motor- 

the political will to intervene political parties. The right wing existic S market P l0ture association has almost certainly in freezing conditions an engine Continent where speed Hmits _ way and their sales would be 

militarily. British contingency of the Conservative Party be changed played a part in helping Castrol not start with a thicker are higher and engines faster MailUtaCtUFerS virtually guaranteed. Yet even 

planning has been concentrat- would like to recognise the Castrol and Duckhams now ma j n tain its hefty market share. 0l1 - 1“ Bntam s temperate and hotter. What is more, most if history were to repeat itself 

ing for some months on the internal regime and remove control at least 50 per cent of For in ^ 1960s competition In climate the much thicker *20W/ Continental countries have rA^nmmPTlH it is most unlikely that coin- 
possibility of organising an air- sanctions. But it is doubtful the UK motor oil market lubricants became far more in- 50 15 needed— or so the argn- wanner climates than that of 1CV.U1IIJI1CUU nanies such as BP would be able 


recommend 


borne rescue— on the lines of that a Tory Government would between them. Own-label tense and one of the main ment ? oes - Ideally it might Britain and yet car man u fat Qne of the obstacles to the to sweep the market, 
the Fraoco-Belgian Shaba opera- follow a very different line brands, such as Winfield which reasons was the growth of do- fae desirable to have a multi- mrers thefe still recommend growth or lighter lubricants in mi 
tion— if the increasingly wide- from that currently being pur- is sold by Wooiworth, have a it-yourself motor maintenance grade that covers the full range lighter oils. Britain is, motor manufacturers' 

spread predictions of an sued by Dr; Owen. Mr. John market share of roughly lo per and the advent of high, street of viscosities but technical believes the UK will oil recommendations. AU the S ?h^n» 

imminem bloodbath prove Davies, the Shadow Foreign cent The rest is divided accessory shop^uch as Hal- problems have so far prevented ^^^“ver to Sin^r car manufacture* operating 

accurate. Even that, however. Secretary, after a visit to the iwtuoan tha mainr netmieum fnrHc TnHav there are ahmrt this. ...*.**, ^oinij to De a swin 0 to ugiiier 


. .... . , . ... — - - — — j : lt _ , • vii® ®i uu wuaiuuxc iv uu lu Jntuu uiu umiakii 

s. such as Winfield which reasons was the growth of do- be desirable to have a multi- tU rers thefe still recommend growth or lighter lubricants in ah motor ;.»hrieant 

d by Wooiworth. have a it-yourself motor maintenance grade that covers the full range lighter oils. Britain is, motor manufacture*’ Jj S 

it share of roughly 15 per and the advent of high, street ot ^secMQes but technical ^ believes ^ UK wU , 0 n recommendations. AU the * ], rpr . nrflh9 M v i nT or— th^r.. 


the weekend by Mr. Srhidath outlook would remain unaltered. 

Standards for 
State boards 


British Government wen, to end fair" electioTs „ ^ *« - J- »»«. «P » S' M C and” ^ 

resume direct political respon- December, and the new regime lodge Castrol and Duckhams competitive. They vary from Si* 1 !? development of hea\7, over does come Esso will pre- ioW/30 oil in its cars as thev 10 01 1960 - 
stbility for sorting out the were Lo be recognised inter- ^edr prime position in just under. £2 to £3 for five 20W/o0 oil did— partly because sumahly be in a strong position come off ^ production line. The evidence suggests that 

situation, as recommended at nationally, the stark military the market place litres of oil. newly designed engines, such simply because it is already Vauxhall recommends 10W/40 the ^ will not go for a 

the weekend by Mr. Srhidath outlook would remain unaltered. ^ ‘ . .. The other reason for in- as those used in mini cars, were supplying 10W/40 oil to the 0 n s . rhrvsler does not sneci- lubricant quite as light as a 

But a company vAaoh : could creased competition among h^d on oil and needed a thick Continent fica j ly „^ mmend UghteT jubri- IOW/30. A 10W/40 viscosity 

persuade Bratish motorists to ] ub ri can t producers during the lub ” can T L The 20W/50 multi- •• Light oils will be used cants for the UK— it says it is range would be more likely and 

turn to lighter oils in a big 1950s was the launching of grade also gave a lower rate of over here although it is any- still doing research on them— wore In keeping with Con- 
way — would stand a goml 20W/50 motor oil by Duckhams. 0x1 consumption. one » s as to when it will but it does recommend 10W/40 tinental practice, 

chance of suddenly and sigmfi- Alexander Duckham, like All the multigrades which happen,” Esso says. " It has to multigrade for some of the Meanwhile, the market will 

cantly increasing its market castrol. was founded in 1899 Duckhams retails to-day are be remembered that petrol is British-made cars it exports to have to wait for energy -saving 

share. It is a trick which has and has always been a specialist 20W/50 oils. Castrol’s best cheaper in the UK than in the Europe. campaigns and slow but steady 

been puiied off before and i n motor oils. Yet by 1960 it seller is the 20W/50 GTX rest of Europe. It is possible to The’ manufacturer which petrol price rises to do their 

lubricant producers like BP, had only a tiny share of the although the company also pro- buy petrol for 70p a gallon here definitely does not recommend work on Britain’s stubborn 

which is desperately promoting motor lubricants market duces a slightly lighter 15W/40 whereas in France the price is IOW/30 or 10W/40 oils for its motor lubricant consumers. 


THE GOVERNMENT has acted ised industries, is financed which « desperately promoting motor lubricants market 
wisely in deciding to try to largely by loan debt, the gear-' 
resolve the question of how the ing adjustment would, the 
nationalised industries should Commission felt, largely cancel 
adapt to inflation accounting in out the extra depreciation 
lime for [heir next crop of charge, 
annual accounts. An earlier deci- The Commission recognised 

SETS- arise i?S b^S Liberal friends “ s painti ? 

sector licti.re ^issum^ form!!? PriC6S WCre b - aS , ed . Upon tbe of IraO The work was originally !a 

niMi’Inl i MOJ In fhei nnV economic principles set out in| OT mural done for the Spanish 


MEN AND MATTERS 


guidelines to the ouhiic sector . ... - murai aone ior me spamsn 

industries mav have been under- the . recent Wh . ,te Paper on the Given the fairly tumultuous Republic pavilion in the World's 
siandabic But the present dis- natl onalised industries. This state of relations between Fair in 1937. It got to the United 
arrav lias been pausin'* cunrprn documenC indicated that prices Britain and Iraq, there should States as part of a travelling 
Tor two reasons ° ln ^ nationalised sector be squalls at the Liberal Party exhibit to benefit the Spanish 

Fir-i 11 be-omes much should ensure that users P aid conference in Southport next Refugee Relief Committee, 
harder Jo judse performance the Eul1 current resource cost month if the Young Liberals After Franco's victory. Picasso 
when different boards are usin' 1 the serv ‘ces or goods they stick to their present plans. The said it could not return to Spain 
different accountin' 1 methods used - Ful1 current resource cost. YL’s have invited a delegation “until democracy had come 

and there is no consistency even in ulcn ™, “P' ratln " '™ m L “ su5 ba £,” „ _ _ , _ . v 

in the changes m accountin' 1 costs p,us a “P 11 *! element their council before the con- The UB. Senate is doing what 
practice which some boards have reflecting the opportunity cost ference - to rtMehft topes to ft can to hast en the pato ting’s 
been adoDtin" Secondly the of ca P ,c aI — that is the return introduce the delegation as departure. The latest Foreign 
confusion about account in e that could be expected from observers. This serves to high- Relations Authorisation Act pro- 
methods raises awkward aues^ investing the same amount else- bght The continuing gulf vides $500,000 so that Guernica 
tions about the basis of pricin'* where. The same concept was between the senior Liberals and should, “at some point in the 
policy 3 as t he Prire * Coni m ission apply to new investment- JJjHr maverick juniors over near future and through the 

Soinied out in its recent report *»r which the opportunity cost Middle East affaire. The Liberal appropriate legal procedures” 
S^sSihisSSSdaZ ° [ capital was set. somewhat leadership - in particular be returned to Spain. 
iricitv Board arbitrarily, at 5 per cent In real Jeremy TJorpe — . has always The museum has said nothing 

, „ . terms. If the expected return es P° used the Israeli cause. But since a year-old statement: 

Inflation W0U l d be less then the invest- onIy ^ weekend, a team of “Picasso made it clear that the 

H» QueslloM about pricing ment should pot be p,ade. “=SL22rS . SS 





conformity with natural law”; 
since the baby is a “ natural off- 
spring " it is “ therefore subject 
to the usual inheritance laws of 
Islam.” 


On the level 

The British Price Commission 
“ will come into its own over 
the next two or three years,” if 
its powers are not reduced, says 
chairman Charles Williams. He 
has just been reviewing bis 
organisation's performance at 
the end of the first year in its 
reorganised form. But they 
erder these matters rather dif- 
ferently in Switzerland. 

Leo Schlumpf, who has been 
running the Swiss equivalent of 
our commission since 1972, has 
now worked himself out of a 
job. He has got price increases 


policy arise because the pace rrr ■ 

at which most boards have been efficiency 

able to raise their prices to an The problem of course is that 

economic level from the artifici- market competition does not 


Young Liberals returned from painting should go back to Spain i 0D ’ ne 1385 got P nce increases 

Damascus proclaiming renewed only when the Spanish republic advanced since then He exnect* ISH 11 t0 „ 2 f r0 ??? 
support for the Palestine is restored.” The final decision * U °? ?l. be dtsbanded at the 

Liberation Organisation. lies with Picasso's lawt-er in t0 reacb ln mid-August, end of tins year. Its an act of 

able to raise nerr prices to an The problem of course is that , h ^ head of . he yl- s Paris, Roland Dumas, who is arriving b T of the River suidde, says Schlumpf cheer- 

Ex sfSSGS S u rS £ es £ = 3 &ssrk s m ^ sr-rr-ss ss ^ 

enled' by^thiT’fiaresuard "pnpd- SSSJ'SwfS.'te'-S SsSi'SSsKS MgSriTlSwwS Shunted Off 

sions in the price code. These board would therefore have to MJj? JUfnt^Sileh ftnrt ’ been subscribed from Scandin- An addition to the vocabulary 

permit a nationalised industry be supplemented by a series of l^lvS ^ mpmbers^vtued to • a yta The excavations are in the of British Rail euphemism? 

to increase its historic cost de- efficiency criteria including ISn^rfvontiieDaLaMni? " — m,dd le of York’s shopping area Arriving at a South London 

preciation charge by 40 per cent various cost reduction road f n a "bristSs v s . up P orte J by . ^ station, a coUeague found that 

as an interim step pending the objectives. These yardsticks of tomatic wSons”^^ 8 Sailing to York =. -,° f *** scheduled for depar 

adoption of more generally performance have so far been with automatic weapons. ment The site, will be handed ^ at 22.58. would not leave 


to recognise that the cost of boards and for none of the fuel Central London Polytechnic. Britain still hopes for a safe ""“ ' ““ 1 re-timed.” 

using assets rises in money industries. It would be regrett- Were the Young Liberals sym- It 16 skippered by Nor- p_L„ i_„_ 

terms in parallel with Inflation, able if the controversy about pathies not akin to those of wegian Olaf Engvig, now on his DoDy 6 """ 1 

it was wrong in a purely ae- inflation accounting were to Vanessa Redgrave and the way to York m a square-sailed Britain’s test-tube baby is still ., nA 

counting approach to pricing delay the setting of targets for Workers Revolutionary Party? Viking ship, 28 feet long. Eng- making headlines around the i13llg-UPS 

. . s .1 .t in.. .. _ A UAn fhie ceils TOC 11 V»o cold Vie Sel mil from ftcln lU^n . . 1115 


policy not to recognise that the the remainder. The adoption of 
cost of financing assets with inflation accounting will change 
borrowed money falls as infla- the numerical value of the fac- 
tion erodes the real burden of gets but not the revenue each 


repaying borrowings. The sup- hoard is required to earn Tn Problem PlCaSSO cantured^YD^ h* 70 voicea reservations. So it for. her. “Before I went to him 
plemumary depreciauou chars* he absence of a uraet, there ‘"™ u “ ^ P"hips unexpected that I was terrified of answering the 

ought therefore to be reduced is no way of knowing hnw much The Museum of Modern Art in ano created a city there. . approval is already coming in phone when it rang.” she said, 

by the extent to which assets profit each board should make New York has a vested interest The Viking ship is a replica from Islamic quarters. The firet “Now I answer it whether it 

were financed by borrowed (irrespective of how that profit in the political situation In made in I860 ln AjEjord, Norway to speak out in favour is Chief rings or not.” 
money as against equity. Since is expressed in accounting Spain, for it is the latter which and Engvig admits it is not Justice Ibrahim Qattan, of 

the South of Scotland Electricity terms) and therefore no way of will determine when the completely accurate, becanse Jordan’s Islamic Court. He says i-rai» 

Board, like most other national- judging how it is performing, museum loses one of its prize archaeological knowledge has that Dr. Steptoe’s feat is “ in .l/tWCl C/fc-f 


On this issue, yes.” be said. jl. from Oslo ^ world _ „„ anting many From New York comes the 

fna aF*m. .““55 religious authorities with an story of the middle-aged woman 

other modern vStoL “5? ethical dilemma. Roman who told a friend that her new 

- - - Catholic leaders, in particular, psychiatrist had done wonders 


: Our Tempus Accounts 
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agreeing to leave your money with us for 
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Tempus Accounts are an ideal way of 
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Ask about them at your local Leicester 
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It’s just one more reason for choosing 
the Leicester. - 


memmoratp fhe M nrtom A. ..U_ «-*«-**«*«• n. Jiaiutuiai, pajuujiitirjsH iiau uuue woa 

captured York v0,ced nations. So it for. her. “Before I went to 

and nmt L 8d ° 15 Perhaps unexpected that I was terrified of answering 


Budding Society 

Join the Leicester Investors. 


Observer 









1:1878 


V • tlic . rapid growth of the British discotheque equipment industry 



(J* y ^ 



jockeying in Most 

ann 00 ?* scos ». *2® Citn ? li ®’ which iawUjctahle ri^ of tfce mobile kt threw him out for hiring go-go enthusiasts, 
arsum^t k tateg-pfc^ would. P«babiy supply much of the tote 1960s. There were dancers (“No Son of mine will Take Optikinetics, which 
wie ranks of ^'Soviet fea^erv w>e soond equipment vmits too, daacos before; &u,t it was a small trade in human flesh*.” she turned over £500,000 last year 
abdp. • J*8 progress . » toetow • J** • °. other dlsc o. circuit and quite #ten rather said). and is on target for £760,000 

keeniy wa*cb«l fey a . group of tf^tho excIiisiire - , n»eo. , 8» mobiles Because he is sharp, Squires this year. NeU Bice, the 


«hdp. • J>C8 ; pwgress ' as bekK • jf 0 - d0 - otbeT ,u v dlsco Cucu4t ■•nd quite #ten rather said). and is on target for £760,000 

keenly watched 1 ' feyagrouo of exc,41siire - Then mobiles Because he is sharp, Squires this year. NeU Bice, the 

British manufasotiurorx and re. iwem - «* *o ti» stisases. quickly grasped that there was company’s chairman, started n 

m J3 d £ *“^2? “*£ • Mr- Wr: *«',!& is an little money in mobiles. In 1072 in-. 1970 after working as an 

^ Dortant- S + + ^ , he pluaged briefly into manu- architect and doing light shows 

greatly Am.rtt Meon* TBito because - ffisc^s .(they Portent, notto«ay*ey, figure in facturing-Johnny Walker, the in his spare time. He rented a 

Cftuop already . iihas an annual if*®-- • ? . » ■. .without a this process. He may not have Radio I disc jockey, was one of farmhouse in Hertfordshire 

turnover estimated at- £20nu ; been .the first. Knit be made the his first customers— and in 1973, from Barbara Cartland, who 

This ic uiii.ffc.-n. j . .‘WhjrMfc theyhesf? Opinions in «8Sest «kash, antfUiat is what : after most of his money had run terminated their lease after 
Mifc* rvwsS? ' fte ‘ trade i differ "hut - many counts, in 1965,-fce went -to a ou t,he made a last gamble, and a fire had broken out 

trailer of « i™* 5 *.? 1 !! acknowledge that : the largest “hop” at'Parkside Tennis Club, opened a Disco Centre in Arch- Bice'moved to Luton, where he 

Citronic wM<^ Cti st^itius. to; British .excellence North London: music was pro* way, London, retailing first his now employs about 25 people 

sound eauinmeht- dlS( 2 in the manufacture ‘ of disco- vided -by a record player on own, then increasingly other and specialises in projectors for 

in Finland: 5ale thef P 1 ^ et lwP m entisdie:mobile.. which eight 45s were stacked: manufacturers’ equipment He light .shows, exporting 50 per 

miniiMi 'him -Si r ^A mobile/^ the tide’s short- 4hey changed tiMdise]v« fmore now has a turnover of £lm with cent or his production; mainly 

Games-' atfi'to-^talre Olympic .band far-ji .mobile disc jockey or less) oAitoinfflCtcaily, with four shops, . a- thriving mail to Europe. 

Mn^ooJ in looii - e ' n ^or jo'ck*)', young men who hire ter^te pauses beitwoea records order and export business -and Or there is Citrbnics, begun 

KTttj" rS, "U *&£■ 'v-jT*- 1 ** •'SSpw -. 

tamlv rnmineTtTlv. era f “T* OUt to clubs, - pubs, Weddings. 

that ^ the S ■ ail F B ' charily shows, wakes (so _ V; . ." -- 

spectators and .others r would rtjMrthw 6 Musical innovation is full of danger to the State, for when 

s~ “ e "»£'-^SS>T>i* 1; ^etaS^ckSl modes of music change, the laws of the State always 

S'S change with them. 9 „„ o;7V ^ 

deaign. Eowden phonedMoscow. ' 

a^fashion^w^iT^rt -rte .*«*»■«*« to . P& work- . 

gathered) some oeonle were' in- ln ® Ior - a night,dr _£20, or v/hea 4»ys and giris stood asnd pAans to expand. ... by three refugees from the 

terested. recognising -tbat^outh a Job stape ^ eadji.Wher and with Th e producers have grown, computer industry five years 

must have its fiin?dhci anvwav ^ drj^s,. undercu_tting . each flKwireDdoius pauses ©v«y too— that is. the successful ones as °.’- ?°V eniplo . ying . 4 ® people 



^Musical innovation is full of danger to the State, for when 
modes of music change, the laws of the State always 
change with them. 9 ^ neJtepubllc 


by three refugees from the 


ujjuijitut was an excuse io *1 ; 0 -laitn " r-™-+nr J mio cusiom-ouuc iacumes. me n-s— \ 

slip them in quieUy without the fenSJ haacto * SwiteesiMW aH tbds, ami unsuccessful ones— the majority t w r w p 

conservative ^roDfocrets,^ , ^J^ umterctood: '^tot had to be -have disappeared. The mar- ^ 

there were difficulties. : ■ ■■ ^ He went home and built his and Futuristic Aids (FAL) on been small< with dub ’ s and 

“All this, has to be fitted ’into . own soun d system, coining back J5 e . sound equmment side, and “jocks” dominating 

the Plan, .and it means that fo? t0 ^ p arkside Tennis Gub to PnJsar and : Opulanetlcs on the ^ scene But Saturday Night 

someone, haa.to make a declaonrP®^^ a ™' ■ jOf* 50 hire himself qiil, for 30 shillings, lighting and light-show side Fner succesful disco film, 
to buy disco- equipment and not tepnpehns. To there are ^ “j 0 ck” for the night, the (flashing lights and projected has sta rt edi or re-started a 

buy — i .don’t - know — some many ^w^te ma n who banished, silence. That shapes). They each emp! 2£ disco craze and Gerrish believes 

factory' equipment; when you Phatosoptosing from the trades was ^ 1966. Between then and Somewhere between 25 ana 50 that Americans must turn 
have a - limited /ainopnt of OkWimera dzi taieiE laie zOs, who early 107Osj , Squires grew, people: turn over something be- t0 uk ruanufacturers because 
foreign currency; thafs not.an puu on 4ihedr whaakets aaid talk going professional when it be- tween £500,000 and £1.5m a then- own are still years behind, 
e asy decision.” said., an under- of_ ' bands growing Jared' of came obvious he could make a 'year each, and are in general _ 

standing Mr. Michael -Ffebrieant, “ gSssiiiB i# m unsatisfied de- living, taking on a fleet of doubling that figure every year Citromcs can equip an aspir- 
Buwden's maTketisg director.' mand for- mnsac Wftnch' .was too mobiles when the work got too or two. All but 0 ne— ^FAL, a iug jock for £500 minimum, 
So-- he and Bowden- must. .wait expensive dr gpodand: "ioo"- awful much 'for him, working from his subsidiary of Audio Fidelity — which puts the company in the 
until the -Soviet line" emerges if cheap, ©awl; ' the thus parents’ home until his mother are independent, the creation of upper end of the market FAL 


can do it for £200 plus VAT. 

“It’s not -tremendous quality, 
but it’s all right,” says sales 
manager Geoff Hood. FAL was 
bought as a tax loss by Audio 
Fidelity In the mid 1000s, but jj£ 
revived, eight years ago when rt“ 
it became obvious that enough v.-,. . 
mobiles were trying to claw 
their way to the top to provide a? 

a market for cheap sound equip- 

ment About SO per cent of 
FAL's business is in exports, 
and it has just opened a sub- 
sidiaiy in Germany. Zt turned 
over about £L3m last year, and 
says it will do £1.5m in 1978. 

Fulsar began in 1970, when 
two Cambridge undergraduates 
and an underworked musician 

turned their hobby— light shows rwi fir , Jm . 

—into a business which now em- 1 

ploys 50 people making 400 light J>anclng at Gulliver's disco In London's Mayfair, 

units a month and turning over 
more than £500,000 a year. 

Derek Saunders, once the musi- Eaf l of Westmoreland. Mr. Paul the biggest earner among LPs 
cian and now the- overworked says that “it's really a dining ever in the UK. It ha& sold lr.i 

sales manager, says it exports club with a disco for members records (and 200.000 cassette.- 1 

two-thirds of its output and that afterwards.” Quite. One does not making it the biggest selling 
on a reebnt trip to the U.S.. he want to be in the same category double album ever. Polydor 

got eight large orders from a converted church hall in claims. It has stayed in the LP 

eight calls. “We are doubling Kilmarnock. charts for 13 continuous weeks, 

production this year after doub- Paul and Simpson spent about 1116 longest, they say. since pro- 
ling it last year. We can see no £200,000 on the club when it P. er statistics were kept. And the 
end to it.’’ opened two years ago: Paul s * n Sles which have spun off it 

Taking producers and re- reckons that it would cost f iave grossed around £2m, mak- 
tailers together, Squires reckons nearer £300,000 now. They have jl ? g il ‘ ,the largest-earning 
that the disco business is now a turnover of £750,000 and sin S ,e s source ever." 
worth around £20m a year, and expect a pre-tax profit of The craze shows little «i»n uf 
growing rapidly. £100,000, a return which is ending. Mr. Graham Canter, 

The record companies are Probably nearly matched by less who is resident DJ at Gulliver's, 
estimated to make over £l00m exclusive haunts. an upmarket discotheque near 

from serving the disco market. It is the record business, how- the Hilton Hotel in Loudon, 
while the aggregate income of ever, which has seen the largest says it has much tn do with 
the thousands of discos up and money roll in. Saturday Night the opportunities for cln.se 
down the country must run into Fever — the album of the film — sexual encounters of the 
the millions. is now being claimed by Poly- ordinary kind, voicing an 

Wedgie’s is one of the most the ^ record company opinion which appears to bo 
fashionable of discos: indeed, mar, ? ets 5t - 10 exceed- accepted as an unremarkable 

it is far too fashionable to admit a number 'or records. The truth by all the thinkers in the 

to being merely a disco. Mr. * !bum has Crosse? around £7.5m industry. 

John Paul owns it with Mr dur,n S toe last five ®° n tbs. be- The older Soviet leaders 

Charles Simpson. It is managed tween £4m-£5m oLthat accruing have obviously some cause for 

by Lord Burghersh, son of the Polydor, making the album concern. 


Letters to the Editor 


~f>. « i* i, • ' .United FC was ‘totally- dotty, and normal commercial terms. The between Londoners and the rest 

itfinSn VTuS , . . moreover, in my -opinion, it went leases will run for the full three of us. 

against the provfiftra$ of the Sex or four years,. during which time it seems to me that it is about 

nrnfltc Dircrimlnation .Act Itself: not the disabled people will be pro- time that we are all treated as 

§J£ UUIo only that but evert If -discrimina- tected from -any rise in costs, equal British citizens. If house- 

fn™ iwh«r *yr Rwmv tion had been legally proved the Moreover, the Government is holders ought to have a subsidy 
RriSi - judgment would [have been an. exempting cars run by disabled it ought to be the same for all 

nrui&i bos t-orporeiwiL . ■ ; . _ affront -to commoi sense. . people from the £50 a year householders. If the national 

bw. “ in *, we r wrote at the tMA of the June vehicle excise duty. average, is about £210 a year; 

respond to Mr. ^ € im- (^*7- ^ decision: ! ^The -fflkcisiott was So perhaps it might be fairer that sum should be allowed by 
who seems ta suggest tharour to describe the scheme as not way of subsidy to all houses 

■■ v" ■■ to ° meS,L" letS for 00.y-l.ard nosed but also warn holder. Mirto have a 

The p^m proat^or Britisb . «m“S.£d ” SSdV°»“™ 

lO?Lombortl Street, EC3. ... 


‘tat. w a»«, -tm»aariou, anaoo.e gewuie i«v m. j 

making, a supplement^ depro- iag 4 h at the <OC'o«d;af it\ 


mg real' me .m. ooHessea as iu 

nation charge of £l^m. Thiljg with cbafitlng US absurd \ 

charge is necessary to provide victories ignore* -Its own draft- \ a 

for the replacement of our assets w jjor^er. pp ttf'the time ‘A CODlDttnV S 

?t today’s costs and wWtttttJt written, all \ . f : J 


the money would have to : be of ■- t 
borrowed from the Government been 
with the burden falling on the ^jy^- 


PEOCs victories have 
iasier/mistresspieces, >of 


1 nil accordance. wire ree rate app/ic- 

aomicue ■ able to the individual. This would 

result In there no longer being 
From Mr. .4. Conner. breeds of citizens according to 

Sir,— The transfer of a com- the tenure of their homes and no 


sum should be taxed as income 
of the recipient In fact the sub- 
sidy yrould be greater' than that 
because an allowance would have 
to.be made so that it comes to 
£210 after tax. The householders' 
subsidy Should be taxed in 
accordance, with the rate applic- 
able to the individual. This would 
result In there no longer being 
breeds of citizens according to 


GENERAL 

CBI Industrial Trends Survey 
(July). 

Department of Industry and 
trade , union officials bold further 
meeting in effort to resolve strike 
at Chrysler UK's Linwood plant- 
Mr. William Rodgers, Transport 
Secretary, opens Road Transport 
Industry Training Board's new 
skills testing centre, Greenford, 
Middlesex. 

PARLIAMENTARY BUSINESS 
House of Commons: Consolida- 
ted Fund (Appropriation) BilL 
House of Lords: Transport Bill 
and Parliamentary Pensions Bill, 
consideration of Commons 
reasons. Family Income Supple- 
ments (Computation) Regulations 
1978.. ' Rateable Value Orders 


Today’s Events 


(Scotland). Valuation List (Second 
Postponement) Order 1978. 

Select Committee: Joint Com- 
mittee on Statutory Instruments 
(425 pm. Room 4). 

COMPANY RESULTS 
Final dividends: Arlington 
Motor Holdings; Dyson (J. and J.); 
Hales Properties. Interim divi- 
dends: City Offices: Smallsbaw 
(R.) (Knitwear): Westinghouse 
Brake and Signal. 

COMPANY MEETINGS 
Bristol Evening Post, Temple 
Way. Bristol, 12. London and 


Northern, Essex Hall, Essex 
Street, WC, 3; Sutcliffe Speskman, 
Midland Hotel, Manchester. 12.30. 
OPERA 

English National Opera produc- 
tion of The Magic Flute, Coliseum 
Theatre, WC2, 7.30 pm. 

Glyndeboume Festival Opera 
in Cosi fan tuttc, Lewes, East 
Sussex, 520 pm. 

BALLET 

Batshera Dance Company, with 
Galina and Valery Panov. Royal 
Festival Hall. SEl, 730 pm. 
MUSIC 

Chllingirian String Quartet. 
Clifford Benson (piano), in pro- 


gramme of Haydn (String Quar- 
tet in C); Mendeisshon (String 
Quartet in A); and Schumann 
(Piano Quintet in E Dali, Wig- 
more Hall, Wl. 7.30 pm. 

CITY CEREMONY 

Traditional ceremony of Cart 
Marking, Guildhall Yard. EC2, 
between 7 am and noon. 
EXHIBITIONS 

National Postal Museum. King 
Edward Street. EC4. Open 10 
am-4.30 pm. Monday to Friday. 

Museum of London. London 
Wail. EC2. Open 10 am-6 pm, 
Tuesday to Saturday; 2 pm-fi pm, 
Sunday. 

SPORT 

Tennis: British junior cham- 
pionships. Eastbourne. Yachting: 
Cowes Week. 


taxpayer rather than the in- “ find most <Us~ rrom • wmner ' breeds of citizens according to 

dustry. . The accounts as in J976- t JgjJ WJSJJ i_ a SS Sir,— The transfer of a com- the tenure of their homes aodnD 

1977 were; therefore, prepared ^Twhlch such triviaUti eTas pany*# domicile can have much distinction between Londbners 
under the current cost eonven-,Jf n n, B ° x “L a fi ”4r! to commend it from the share- and the rest of us. 
lion and under that convention fr BOC soThat the taxoaver holders’ point of view in the It would also allow for reverse 

were given an unqualified aucjjft both wavs, when the Cbm- restrictive atmosphere of UK income-tax benefiting the poorest 

report. The suppjemehiry cta&e SssUm wins and also whenv-U dividend limitation. A few years and would see to it that the 


is required in full and to r 


fbfill -hnwPWPr iv the ease Sir,— me iransier UI -a rain- ujc »» 

h^which ^uch trivial ties^M pany*s domicile can have much distinction between Londbners 
fre^ Bennett's ^re finS^d to commend it from the share- and the rest of us. 

eraa UUSVUCCU. - , fu_ *♦ fnp reverse 


ago a company, registered In wealthiest with the largest mort- 


shuuld perhaps add thaT to 'us wee t Government wishes for local wealthiest this extra income 

interest is a cosmnderAed con- «L5rMt mi.rh raore control. Before the move It had would be subject to a bigher rate 

tract -terras wiuch alsorhas to be SJ1 uShteSiSiticSv W thuK regularly paid a net dividend of of tax as unearned income. The 
met in full before wb can strike favourabje^ubUnty^ u|* around 60 per cent Since the present system of subsidies and 
profit. Reduced borrowing itself- - m o ve. with dividend restrictions tax allowances has grown up in 

him ever, reduces the <tost or In- Jr^^^rt’^WhoactuaSp inapplicable, it has stepped up its a haphazard fashion, meeting 
rerest in the benefit of Uie ms- P|““f c pa yinent to SO, 100, 200 and 280 needs as ad hoc. There should 

turner and in.I97T-7S British Gas CTaJ^rfSSflo^wl^ ** T ceot net - «W4 »Wd on the now be a rational system, 
saved £4>m in interest changes.^ . • ^ . latest dividend being a net 15 per ppr those unable still Id pay 

compared with 1976-77. ■ ' W- Fi" Shepherd. . pent Nor is it an isolated case, the appropriate rent, social 

Mr. Fenn suggests a surplus *• / *~ ,cr v ; A similar pattern applies to a security payments would still be 

figure of £564®. -.one of Several Loaffuwvtireen^ivent. • . number of other companies available. 

that have been misquoted In the though perhaps not on the same p_ Sergeant 

Press recently, and we need to . scale. 36. Higheiiff Gardens, 

rurni't the arithmetic.;: under | are TOr ihf 1 Th ® ever-diminishing number Scunthorpe. 

the historic east convention our ana i] investors is always 

surplus would have been £325ra J - urged to go for blue chips where 

(fiS0m+£I45m). The difference tlioaUlcli . t . the yield can be. and often is, | IWTHTIO' fH* 

between this and £564m of £239m • a - fierisory. What is sometimes w TT 

iv made up of two- items which rrom itir. ts. s&mii ■ forgotten is that there are still .« 


saved £47m in interest charges “ 

compared with 1978-77. W. F* Shepherd. 

Mr. Fenn suggests a surplus . . 

figure - of -£SMm. -.one- of several Lonfrton tireen^ Aenr. 

lhal have been misquoted In the 

Press recently, and we need to . _ 

rurrvet the arithmetic.:; Under | arc TOr ihf 1 
the historic rest convaition our 
surplus would have been £325ra • - 
(fiS0m+£I45m). The difference UlSdOltUl . 
between this and £5tt4m of £^9m _ „ 

iv made up of I wo items which rrom mr. a. oewiu 


iv mam* up m i wo items wukh — ^ rorgonen is tnai mere are sun <« 

completed in 1977-78 the write- Sir,-^Joe Bogaly (July *5) some individuals in need of TKll Ufl g 
off ur’Hie historic eosts^of con- rightly describes the new income and though orthodox. ° 

verting the country to natural ability scheme for providing $&rs investment experts may disagree. From Mr. N. Pnrtten 

gas — conversion .deferred for- the disabled as. a rare tom- all things considered, yield is as 5^ j rea< j W jth interest 

charges £l56m and displaced, binaiion of state and priftite -good a guide as any in derision Councillor Paul Blagbrough’s 
plant £S3m: These costs lyntten. entetprise, and as a develnpipitot making. Jetter ( j u iy 26) and in particular 

off under the histone cost con- worth, watching. - In using .the of course there may be his assertion that “there is 

venlion do nor. ofcourse.-repE^. phrases "hard nosed” ^d. political .factors to take into nothing intrinsically meritorious 

s.mt any tanpble aaels ana - m *aiw tested * however, ^ie account; but does anybody in house ownership." 1 wonder. 


■■ ■■ ■ . — •■avuiu, •«« u«» aujwujr in nouse ownersnip. 1 wo 

have had to he written out of ma y have conveyed rather too imagine that Britain is free from Tjwins* a« 1 do in a vmall 
rbc book* Our financial plan severe an impression. V political muscle. It just takes a of Sivatelv ownSd hi 

}, a s 1»een to bu-rid of 1W. burden- ^ of &0 different form. SSfJSlESffl Srtbta 


Liability for 


& 7h!r the 'much *** ^blUty allowance of HO different torm. near similar small neat blocks of 

Mw "SS!' * "Wk now goes to some S^MO Alex Conner. - GLC bouses the difference in 

iil5m r vnrth^sea^ build un md disabka people and by 3,.Jfrr)wie» Crcmt, living habits between owners 

ISfc ha? irWOTPd. ■ of ■ 1^79 will be going to s&e Eaglesham Hoad, and tenants is noticeable. Some- 

. — ,T ~^yv, 1Pj -, 025,000. .This ' allowance is^ot Neiotou Steams, Glasgow. how gardens are neater, children 

subject to any means i ft, better organised, and vandalism 

about the ? ltl * DU S h 11 is tasable. The. Aw ; less In owner environs. Can-it be 

OU « pPJ eharituble organisation K' -Tiahilitv fnr then, that the self-respect of 

w^oearner.aad^rtaps we can abiJitjr *- is - providing LlaUllliy XOr ownership (however unfounded) 

pul the record straigoL % . (ordinary cars as compared<^hh . , brings with it a certain respect 

The /ver^o rewnw Per the old three-wheeled . trike^Kon nrOUUClS for other people’s property and 

therm far domestic gas rose j^ure*. or four-year lease, mrf is _ enjoyment thereof? 

from JW per . them : to 18.&P managing. to offer Mini 1QQ« at From Mr. T, Marriott Can someone show whether 

m*r . ihorm over the 30-yc£r. a price -'within- the - £10 a wfeek c .- . ... miti, *x« there is anv hard evidence to 

rcriod from ■£.*;!» thiTir uSrJSt that" iT«ed!S.2 

•in increase of some 70 per cent other models of car ^are -IJmSI Wr concerniffe than rented environment could 

compared with an increase in requested, or if special adapts- ASericatr products ^ lUbU^ re duce vandalism and ultimately 
the retail price index- oflW par- aonB are required, then acre SrS however crime? After all. isn’t Dad 

cent. This, of con rjfleeta m- will be an. extra cost MotaftgUy SSfSirafre c^any wrald mor « ia =ely to clip Johnny's ear 


in house ownership.’’ 1 wonder. 

Living as I do in a- sm all neat 
block of privately owned houses 
near similar small neat blocks of 
GLC houses the difference in 
living habits between owners 
and tenants is noticeable. Some- 
how gardens are neater, children 
better organised, and vandalism 
less in owner environs. Can-it be 
■then, that the self-respect of 
ownership (however unfounded) 
brings with it a certain respect 
for other people’s property and 
enjoyment thereof? 

Can someone show -whether 


iSSUPS ts Ss I Si; in SffiSST-SSSJS \&***W*. the word “meet” Nigel Pretty ; 

1 If hS : we lake of^them." 2I0S, Rnrensboume Avenue, 

W77-I®. If. iwwever,.we is perhaps .to use too emotrge- a insurer* wnuid nrtlirv- Beckenham. Kent. 

■5=«W?SS=ja 


tins »b now only awna nait i Dai with the- disabled person-® a inxnreK would «». ■Siev would 


of ton years ago. 
tv . Jewers. 

526, High Hattwnu WGt 


Trivia and 
the EOC 

From Mr W. Siievherd- 


■' passenger, ax well as by dfeaged 
people themselves, it is P rouble 
"tiiat in the majority of c&sto ho 
- adaptations will he required? - i - 
The scheme fe “ bard nerfed “ 
in that it Is being , run- c^l a 
normal commercial leasing basis 
by a special leasing company xet 
up Tor --the purpose by London 
and Scottish clearing -banks. But 
. it would be wrong to leave the- 


, 5 Insurers would pay. They would 
not, 1 am sure, readily pay this 
£r type . of riaira -without a fight - 


. ..T, W. Marriott 
^ 13, Claremont Road, Namoidi. 


Subsidies for 


housing 


Flights to 
Birmingham 

From Mr. E. Kassar 

Sir,— As a regular visitor to 
Birmingham, your supplement of 
July IB is quite comprehensive 
.with one important omission. To 
. fly from Geneva to Birmingham, 
one has to spend at ‘least four 
boms and the only two airlines 


. .u«» «... .. — . ~ that is lacking in " — nouns ana toe only two airlines 

Sir^— Thank air. p. Sonteant flying between Heathrow and 

innate ; xnhM | s «Jg wt favourable Sir.-Di the paper of July 26 BirminghMO British Midlands 

Cthiili in Interest rates.- and the motor etutespoxidents from the South- Bn l »sh ^SP*' 6, 0516 
- leusaes M the Appeal ^ are providing ears’. Fast of England (London area) anae ° t planes. There is no doubt 

. ihe SS^SSSSlRKonL hSi °triSS^abiut “fioSsi m*™ direct 

• SSr^cS ^modern P^nes. 


erieinal oble lttr dtsawed peopic loueas*. ««raug," in waicn amerences 
upholding oars at -about .-wMf M-M- are mentioned between^ counril Edwarf Nassan 


unhu) dtRC ears at -annul owiw» w mcnuuueu oeiwcen cuuacii aowsra j«as 

T %£ Sms of what * similar tosiig house tenants private landlord PO Box 94. 

SSnSat^n agSst theMtifklSto arrangement ‘ would oaf. tenants aud‘ house ownere and 1000 Lausanne Si, SuHserlattd. 


mm 


Some facts and figures for people 
who still think protection’s a racket. 


Last year in the U.K., some 3,000 of these, j on static and_ 
beat patrols locked and closed 222,543 of thes^^fand t, 
closed 363212 of thesefJF found 3,356 .^Jopen, 
took charge of 60,157 lost, discovered ^033 criminal 
offences, arrested 685^^g found 22,924 people in places 
where they shouldn’t have beenT^ searched 479,870, 

and 199, 501, ^switched off(aC©(aa) 
846,149 of these,, ^ .'turned off 1,777 of these, 5 ^^ 

&.1 0,403 of these, szS-fitL discovered 438 of these, 

+ and extinguished another 430, rendered iff j to 






REST AID | 

4 r 


2,657 people..., and, all in all, literally saved our clients 
and the country a fortune. 

igroup4| 

I %^ TOTA L SEC URITY 1 - B| 

Giving the world a sense of security 

- Merr*ef of Securitas Iniernalional Member of BSIA 

Graup4 Total SeamtyUd., 7 C^ios Race, London W.t. Tel: 01-6298765 or your local office through Yellow Pages. 




16 


COMPANY 


Higher interest hits Coral at midway 



Financial Times Tuesday August 1 197S 


DIVIDENDS ANNOUNCED 


Company 
A. A. Asphalt 


P»|e_ 

16 

16 


_CoL 
3 

4 


AN INCREASE in inieresi from 
BBJNK) to il.S'.'m. thf result of 
recent acquisitions, left pre-tax 
protits of Coral Leisure Croup 
t'O.llm lower at IT.-JSm in the iirst 
half of ltiTS. 

However, having retard to the 
high occupancy and booking levels 
for the group's holiday villages 
and hotels, both at home and 


turns for all other divisions, the 
Board is coulident that the second 
half of the year, as compared to 
the corresponding period which 
gave £lil. prim, will show a sub- 
stantial increase in profits. 

Turnover for the first half rose 

from 18'Jni to £l3fim and trading tion. Over the full year those 
profit showed a f 1.73m advance financing costs are expected to 
at X!l.37m. total around £2m. 

. It is the directors intention, as The chairman was not prepared 
in previous years, to declare an to disclose the size of the profits 
interim dividend _ early in contribution from Centre Hotels 
November. Last year * total pay- although this was said to be up 
ment was equivalent to Bp net. un ,h e same- half of last year. 

As was pointed out in the chair- Commenting on the Royal Corn- 
man's IH77 suiemenL the first mission report on gambling and 


INDEX TO COMPANY HIGHLIGHTS 


Company 


Greencoat Props. 


London & Manchester 


_Page 

16_ 

16 


Co*. 
_ 7 
3 


satisfactory year’s trading and 
the book value of the company's 
investment in Glussop stands at 
£618.229 against a current market 
value of £826,883. 


Wearwell rights 
to raise £0.75m 

Clothing manufacturer Wear- hold property n ot u sed by 
well is making a £im rights issue company. interest was 


Current 

. Date Curre- 

nt . KpdmUhj; 

Total 
. lor 

payment 

. payment dlv, 

year 

. 1.62 

Sept. 21 143 

2 69 

. 1-15 

WV 

1«5 

2.35 

Oct. fi 2.05 

3.7 


Total 

last 

•ear 

2.4 

121 


value is TOp per share. 


Bra ham Millar 

16 

7 

Randalls 

16 

Coral Leisure- 

16 

I 

RJ.T. 

17 

Crossfriars Trust 

16 

2 

Scotcros 

16 

Dundonian 

16 

7 

Sogomana 

16 

Giltspur 

16 

A 

Standard Life 

16 


The group s net tangible asset underwritten by three invest ment capitalized in the previous year 

trusts and Strong and Fisher, a because of the uncertain state of 
.supplier of leather, which intends property values. The directors are 
to increase its holding in Wear- now confident that Umpropeny in 
well, from 9B per cent to 20 per question ha- a Market .value in. 
cent. excess of hn»'k value, ultimately 

Wearwell also released full-year U-JEgfW. for 

figures yesterday showing a sharp company so- • . 

recovery - in profits. Again there After lax credits of £119,300 
is no dividend but a payment is (£393.4(101 nor profit is shown at 


Anglo Am. Asphalt 

II. F, Bcvan 

Crossfriars Trust : 

Kuala Lumpur Kcpong „ ' 

$IHL' OPS Oft. 2 0.05 

Sognmana Group U5 — 2.75 

Stott Bros S3 — S.j 

Dividends shown pence per share net except where -otherwise stated. 
• Equivalent after allowing for scrip issue. v On capital 
the increased by rights and/or acquisition issues. J Malaysian dollars 
xiot throughout. 


— - 0.13 

6 3.73 

3-a 3 j 


D. F. Bevan 
advances to 
peak£0.3m 


Greencoat marginally 
down at six months 


Slump 
at AA 
Asphalt 


FOLLOWING A £3,000. gain to 


contemplated for the current year. £45Lf4rt£47L*.3S3i. Earnings per ALTHOUGH KgVKXi: :B DAADn MCtTlUPC 

before tn* are 2.Sp <0.8p> higher at £l,22a.000 ajains* BOARD MEETINGS 

SS*gi£S££2 The bdli.Wms have .rilM 

r-rnnrte amounted to £228m f-M COat Properties fC]l d*M« rf ■ Hoard lufrtlns*. to (lip SlrH* 

“E?7* AS: from £12.000 to £7.000 for me s« KuinaRr. Sqrli lumiar- arc hmuiit 

£70,000 at midway, pre-titx profits 1eadv al 31n per cent of salts! i compared with mont hs m December 31. 19u. JfWff the nonxrc "f cu«i<fcr;ti B 

of D. F. Sevan (Holdings) stron- and Fisher. £032m ‘ 13 P cr ce " t * 1 After tax of £44.0iW t £40.000) »'"«» , 

advanced from £211,739 to a lh g P issue has been "underwritten Currently turnover b. double and. minorities of £19,000 1 £16.000). ■minin', or Duals and ihr ■■ub-divoi"ii', 
record £301.1114. for the year to hv - { {, e London Tru«t Company, that achieved over the same time attributable loss increased from ,f l n*n tx-hnr are bavst mainly on u»t 
March 31. 1978. Turnover was afoot-side Trust c both managed by last year. • £44,000 to £56,000. Again no j.--rv « ioi ,, aWl? 

better al f7.6Sm against £6.73m River moor .Management Services) Wearwell ha** beep advised by interim dividend is to be paid— lwefIml _ cllJ «EE. tai.* « 
Profits were after interest of an d CSC Investment Trust. Singer and Fried lander. the last payment was u single Yufi ,' rr.ru. %vf N aurora 

£39,059 (£67,280 j. and included a present these trusts have 0.13p not for 19«4 -i.i. iKmnw-jn 

£5272 (£10,682) share of asso- combined shareholdings in Wear- A comment The directors say a comparison signal. 

ci-itu' Iaccu Tit innk tlllt OKI 11 : ... ® nt flrvll-hnlf rp«ll Is U’llh lllOaC for 


The rights issue is on the basis share _ . 
of 27 new ordinary shares for 3 nd after lax 3.Sp (4.4p). 
every 100 shares held at 25p each, 
la the market the shares held 


UVsIluKtluUiy fiTrfkp A I VI 
its — Aram si'inriii.'!.. ArUDsi'ni 



non ui rununs, inciuuinu nominal ■ ‘ ■ ", ■ r urniauu xui me i-ijiii|mhj j i«'r _.,.i , j - ~ — : — ~ , _ .. ii> onset tats. me cwu aeai is The rrro nn\ 

mtere. t in resj et-t o(_ the _ period lift,,,. , Tno U rpprniis and non^P™rnnl p *st- probably more than the m fall tinue satisfactorily and rent re 


January 1. 1978 to ihe effective lJona - few years, 

dale of payment. The British Casinos Association The need of developing coun 

Dunn> the period all principal was now planning to make formal tries to make the most of their 
Ira rim, 
linn 


mg divisions with the excep- representations to ihe Treasury oil and gas resources should lead 
nf London Casinos produced over the commission’s recommen- to *bin restoration as their pipe- 


5 bssss? | p g€Sfis 


satisfartory profit contributions da lions, 
arising Trent higher turnover. 

London Casinos arc. as predicted, 
experiencing a levelling-off of 
revenue, but the Provincial 
casinos are opera ling ahead of 
plan. 

Mr. Nichnlas Coral, chairman, 
siid later that over the first half 
there had been a setback in the 
results from the group's casinos — 
but he was not prepared to 
quantify this. 

“The high-rolling punters 
appear tn have arrived later this 
year and possibly in smaller 
numbers." he commented, but 
said the results had shown an 
improvement again over recent 
weeks. 

A recovery Tor casinos was 
Innked for in the second half. It 



197S 

fOUO 

1977 

1000 




lm<?iv-r pavahle 

l.ftsi 

7.480 

7.593 








Atiribuiahle 

3.77J 

3gM 


pipeline projects are constructed, 
sis Hinmh> This is confirmed not Only by 
published reports but 


The total dividend per 25p 


a net final pay- 


Sogomana 
paying 
2.25p more 


See Lex 


is ii -75 1976-77 FOR THE year 19n Sogomana 


a sound base and optimising exist- 
ing potential. 

The chairman said of special 

, • .n MC a|( r) ,t n- u ■' auiltf. 111V IHOinvi ouiw note were Ihe mining interests 

director. They control Ja per going (0 continue expanding. The remained firm, whicit lias enabled which now had sufficient Irn and 
cent of the equity, but nave passed company Ls talking in- terms of them to pursue a policy of selee- tungsten reserves to consider 
° n a »” eir n ““‘ s entitlement to turnover over £I0m this year, tj ve ^aies to finance the eohtinu- commercial development on a 
s “ n “ v _ , , . , which could mean profits as high jne.cost of funding the Gran canal modest scale. However, recent ex- 

b and F has also undertaken as £j m . Fully taxed earnings derelopmcnt. pforalion had proven that the 

to subscribe for a speafied could be around 2ip per share They sa y that further progress lunger term potential was large, 

number of additions! shares not and assuming a dividend covered has been ’made in resolving the with target ore reserves or. several 
taken up by the public in order twice, the yield at 31p would be problems resulting from the can- million tons. On this scalp there 
to take its stake in Wearwell up around 6 per cent this year. It ceiiaUon of the building permit might be advantages in ileveton- 
to 20 per cent, giving it associate still looks a high rating though for Crancan.il. inr; the area jointly with .in ex- 
status. the latest developments may only New building . permits have porionerri mining partner, and a 

Small shareholders currently increase speculation regarding been granted nn the basis Of a number nf pt-opo.>.als were, at 


Progress for 
Crossfriars 

After interest and expenses. 


Tummvr 

.. -.9A.V179 

4.106. 113 

pram Ur Fort tax . 

. 255,354 

1,008307 

Tax 

70.739 

447.417 

Profit after lax 

1T>..|C0 

aOO-hOO 

Exiraordinarv cft.-riil 



13.724 

Profi-rcncc dividi-ud* 

3.KOO 

3.600 

Aiinnuiabl'.- 

1 73.070 

369.014 

In tirotlp 

9S.-19", 

3U.i.3»l 

In associate 

77.627 

(£1.624 


The group 


4-ip- - number of shares be left in order 

produces natural to take S and Fs stake up to the 


ibject to bk dividend control. holdings at 25p to S and F„ 

Profit for the year rose £32.689 Mr. Edward David Grant Davies 


entered into the agreement tu 

NORTHAMPTON : 

PLACING Although the validity of the 

Northampton Borough Council new permits lias been challenged 


Mr. Burnell reports that the to £515,810, after showing an U chairman of all three invest- is placing "privately an issue of by Parisian ecologists, Ihe coni- 

revenue of Crossfrinrs Trust pro- groups balance sheet remains advance of £80,000 at the nine ment trusts as well as Strong and £5m variable rate redeemable pany’s lawyers in France advise 

gressed from £531.761 to £561.RHS healthy. Liquidity is strong and months’ stage. Fisher. London Trust owns 7.5 stock 19*3 at £99i per cent- that the French courts will c»n- 

- - for the year to June 30. 1978. S m u levels, which were abnorm- Tax takes £227.755 (£246.3351 per cent or S and F. and the other This is the largest local firm the validity of the permits 

was unlikelv that profits would subject to tax of £190.5*8 against hiffh at the close of the year, leaving the net profit at £288,055 trusts also have small holdings. authority placing since the Bank and the French court recently dis- 
mnn-h the 1977 total, hut the £187.323. have been reduced. (£236,786), to which is added rhis The Tbke-Over Panel has con- of England changed the rules on missed an application for an in- 

shortfall would probably not be Gross revenue was better at The associated company. W. and time a £39,847 net gain on the Firmed that subject to the July 17 disallowing issues of junction to prevent further con- 

signilicam. £633.516 (£592.061). A final divid- J - Glossop, completed another sale of land. - approval of these arrangements under Lira and oxer I7m_ struction on Ihe site. 

For Pontins, the group is look- end of 2.35p raises the total 

ins for trading profits over the payment from 3.3p to 3.»p net per 
wlmlc of this year of more than share. 

IRm before taking account of N'et asset value is shown at 
interest charges on the acquisi- M5.53p t95.0ap) per 25p share. 


Randalls Group 
starting to 
pick up 

At Ihe annual meeting of 
Randalls Group, the chairman. 
Mr. C. R. Randall said: “Overall. 
ihe very adverse effects on our 
trading performance as a con- 


from L\ln' 

f 

The new Headquarters of 

THE 




[SS 


is South of the Thames near the 
New Covent Garden Market in 
Nine Elms, Vauxhall. 

uiiniorttillrcss 

Market Towers 
1 Nine Elms Lane 
London V SW8 

Telephone: 01-720 2188 


This Advertisement is issued in compliance with the 
requirements of the Council of The Stock Exchonje. 

Placing: of £5,000,000 

NORTHAMPTON BOROUGH 
COUNCIL 

Variable Rate Redeemable Stock 1983 

Price of Issue £991 per cent 

Application has been made to the Council of The Stock 
Exchange for the above Stock co be admitted to the Official 
List. 

In accordance with the requirements of the Council of The 
Stock Exchange £500.000 of the Stock is available in the 
market on the date of publication of this Advertisement and 
until 10 a.m. on Wednesday. 2nd August. 1978. 

Particulars of the Stock have been circulated in the Excel 
Statistical Services Ltd., and copies may be obtained during 
usual business hours from 1st August. I97B. until Mch 
August. 1978. inclusive from 

J. & A. Scrimgeour Limited 
The Stock Exchange, London, EC2N I HD. 


Pension funds growth 
at Standard Life 


by other shareholders there would Previously only platings of up to - sales of apartments have been .sequence of restructuring appear 
not be any obligation to make a £3m were permitted. recommenced and Ihe direclors to be behind us. and 1 am hopeful 

general offer for Wearwell under Interest Is payable on February hope tu comply with its lime- that there will he a further 


Rule 34 of the City Code. 


Continued growth in pension the attention of pension 


Full-year figures to May 5. 197S. payment of £5.4987 per cent on 
show sales up from £4ra to £5.1 m February 3. 1979. 
and trading profits Increased from Brokers to the issues are 
£85,983 to £332,432. The latest J. and A. Scrimgeour. 
figures include £52.797 interest 
... capitalised on a freehold property. ctrir 

. , . ... I “ n .“ If a similar adjustment was made IVLLLDLN. 

fund investment management is managers unable to build up their for the preceding period the Dealings resumed tn Kellock 
reported by Mr. A. M. Hodge, own balanced property portfolio ^ £ fil tt .^ d \ ave been under rule IK) (2). The ordinary 

chairman of Standard Life Pen- o the advantages of using this £15 n^G6. shares started trading at 25p and 

sion Funds, a member of Standard fund for direct, property, invest- Merest relates to a- free- climbed upwards to close at 3Sp. 

Lire Assurance. Funds under ment. ' *' ' 

management increased by nearly The mixed fund of equities and 
one-third from £l23m to £l62m fixed interest rose in value to 
in the year to May 1978 and 14 £73 Am from £57_2m. During the 
new clients made use or Ihe ser- year the proportion held in fixed 
" ' ' '' inrerest was reduced from 40. per 

cent to 35 per cent and the 
amount in UK equities increased 
by 10 points to 48 per cent. The 

cent over the period bringing the JfSStly^to’ls' per ' cent* wSle^he An - l,an Property development y< 
total nse since inception in Sep- •wliynu Sere rS'uced Lni- P™* is raising £641.500 net by 2 . 
tember 19,4 to 90 per cent. About Sitlv T?i? maiMcere nobit nut wa >‘ of ri=hls on a onefor-four in 
£l.«m was invested in properly at 94p each. 

la m\Mnr a i r n7 t , h %, r ’uT erly p .^ o]io Si L iS tt ' The proceeds will be used 

amounting to £I9J2m 
offices 34 per cent, 
cent and industrial 

S'"tu 2 a J ted er ii e sioUaid! t! ThJ C ^ii y U 5n?fl2S' Intwrest annual meeting yester- ~^ inuin ^ 5rowth * 4he busi 

Current rental income on the funds remained small during the f n ^.' ea r <l S0 r U hI r>n a , Di ilri Tile 

fund year, showing that the clients nre- the .^thonsed capital 


3 and August 3 w n Ii_ a first interim fable for completion of con-irue- improvement in pcrfnrmancc in 

. — tjon and by ihe end or ihe second half of Ihe year 

I9S0. 


vices provided by the company. 

The property Fund stood at 
£23.2m at the end of the year 
and its unit price -rose by 28 per 
cent over the period bringing the 


Property Partnerships 
£641,000 cash call 


Merchant uiui rel.nl l rad mg had 
its best month in June, merchant 
company sales were running at 
about 11 per coni above 1977 for 
the year as a whole and were 22 
pur cent up in June. Norland sales 
were only 2 per cent up nn thp 
year, in other words There had 

first quarter becn a deciinc in T ° ,un, «’- 

Current pcofilability 


Dundonian 
expands in 


of 


sales were up in June, and more 
encouraging. 

U hud been considered a first 
priority that the Norlond margins. 


Dundonian was advancing satis 

factorily; with lhd s tir.%t quarter eroded in ihe early part of 1977. 
well ahead, of last S'ear. reported should be rcslored and the wdica- 
the chairman. Mr. MaS-Lcw insohn. tions were that this has been 
to the annual meeting. He ex- achieved, although to some extent 
_ . , . „ _ . peeled the first half to show at the expense of volume. 

Property Partnerships, the East mend dividends for the current anolher significant profit Increase. The progress of Randalls 
development year to March 3L_ J97H totalling The programme nf capital in- Fnbncnl ion were being mainlained 
3p net or gross; an ve siment would continue; Ihe and prospects were satis factory, 

incnea»e of 42 per cen*. policy being tn concentrate on the sales for the six monlhs. to. June 

For the year ended March 31, development of present interests, 30 were 42 percent up on U)<i. 



New life business of London 
and Manchester Assurance 

together with Welfare Insurance, Manchester in the ordinary 
showred a substantial rise in most branch amounted to £ff.5m against 
branches for Ihe first half of the £5.9m in the corresponding period 
year. New annual premiums for last year, while that in the indus- 
life business in the ordinary trial branch rose to £7.1m from 
branch rose by nearly 50 per cent £6.4m. Premium income in ihe 
lo £2.Im and single premiums by general branch amounted to £I.7m 
one-third to £235.000. New annual against £l.5m. Welfare _ had 
premiums on pensions and premium income of £5.4m against 
annuities more than doubled to £4.6m. 

£499.000 and single premiums 


__ accounts show that Ihe 

fer the eomhanv lo arranee 'tE from £0.8 m to £nTby the creation recent revaluation of the com 
rer the company to arrange the Qf 0 8m ordinary shares of 23p. J portfolio or properties 

Dealings tniL paid) in the new resulted in a gross surplus over 

book value of approximately 
The rights price is payable in £2.5m, and that the net assets 
full on acceptance by August 21. after the revaluation are 
The new shares will not carry equivalent to 195p per share 
the right to receive the final (before deducting potential 
dividend of 0J)57p net per share liability to capital gains tax of 
in respect of the year ended 33p per share). 

March 31. 1978. In all other The rights L«sue has been 

Henry 
to 


41 properties held by the 
amounts to £1.2m and Is expected 

lo rise to £1.5m by 1982. Cash on mix of investments between 
deposit totals £4m which together equities, fixed interest and pro- 

with future rental income will be perty. The equity fund increased start today, 

used to meet commitments of to £4m from £3.6m and the fixed 
£5 2m. The company is drawing interest from .£ 1.6m to £i5m. 


London & Manchester rise 

i fund and by that of Welfare Total roM* c J* thc >’ wM1 rank P 31 "' P 35 ™ underwritten by J. He 
, premium income to London and w «5. ™- existing ordinary. Schroder Wage. The brokers 

. Manchester in the ordinary Ti,t “ director s expect to recora- the issue are Cazenove. 


L & G international division 


Legal and General Assurance procedures for haadiing overseas 
Society is to set up a separate operations, 
international operations division 
to be operative from October I. Snntcrfl^ 

The new division will co-ordinate ULUILI LI 3 
the planning, liaison and control Mr. W. R. Alexander, chairman 
MONT GRAS D"EAU of the group's international of Scotcros, told the annual meet- 

activities and will be responsible In “ expected improved 

INVESTMENTS for overseas branches, agencies. re §y lts for the current year. 

reinsurance inwards and home 


showed a similar growth rate in 
reaching £237,000. However, single 
premiums for investment trust 
retirement annaities fell sub- 
stantially to £46.000. 

On the industrial branch, new 
annual premium went ahead by 

20 pur cent to £I.Sm providing We have been asked to point foreign business. It wJJ! also be a _ „. D ® fC ? r ^S 

sums assured that were also out that there is no connection responsible . for liaison with the f * 
20 per cent higher at £23.7m. between Mont Gras d"Eau Invest- overseas operating subsidiary and int« m « Bnanoiaf 05 !,,.?' 

The company also reports a mems of St. Brelade. Jersey, and »'lth tbe Victory Insurance Group, v. e s^id int ° ° nC Bnanc al year ' 

much higher level or premium Gras D'Eau Consultants, the The company has been expand- Mr. Alexander confirmed that 
income be .ng received by .is mam Jersey consultancy company re- mg its overseas business quite the Caltres P lS«r3hS*makilS 

Ju| y 20 as having been rapidly over the past few years in plant was no longer a drain on 

dea al1 .branches of the business, but profits, although that equipment 

Clt > Take-over Pane! mainly in non-life. Tbe latest was not performing to specifics- 

move rationalises the present tion. 


The group was- equipped for 


Braham Millar 


The 69th Annual General Meeting of the Compianv will be held at the 
Savoy Hotel, Strand. London on Wednesday, 23rd August 1978 at noon. 
The following is a summary of the Chairman's Review:— 

TRADING : the Group has recorded another successful year with pre-tax profits 
up 12 “•□. thus passing the £1 million mark for the first rime. Turnover reflected an 
improved demand from our United Kingdom customers. 

PROSPECTS : the outlook for the future so far as can be seen at present is 
favourable. Our overseas markets are being progressively widened. The Middle East 
continues to provide a steady flow of orders. 


Turnover 

Profit before taxation 
Profit after taxation 
Earnings per lOp share 
Dividends per 1 0p share 
Net tangible assets per share 
A one for ten scrip issue is proposed. 

* If the Parliamentary proposal to reduce Income Tax from 34% to 33% is enacted, the 
total dividend for the year will be 1 -6123p per share. 

Copies of the full Report and Accounts are obtainable from the Secretary, 

Shays field Works, Clay Hill, Enfield. Middx.. EN2 9JQ ’ - 


7978 ’ 

1977 

£000 

£000 

9,021 

8.437 

1.091 

972 

905 

848 

7.9p 

7.4p 

*1 .5972p 

1.4298p 

56p 

50 p 


attracted 

criticism. 


Giltspur sees continued growth 




\& l £> 


GIVEN A reasonable economic 
climate in the foreseeable fiiture 
Mr. Maxwell Joseph, chairman, 
expects Giltspur to continue to 
make progress in the current year.* 

For the year to March 31, as 
reported on June 30. pre-tax 
profits improved 45 per cent to 
£3.22m on turnover 13 per cent 
higher at £72 ,4m. 

A d i vi sio nal analysis o f turn- 
over and trading profits .shows 
1 1009s omitted): Buliens Freight 
£19.780 (£18,668) and £1,451 

(£1.1871; Engineering £3.882 
(£3.3721 and £166 (£671; Expo 
Industries £15.492 (£15,8)41; and 
£1.29:: (£1.002); Motor Industries 
£34.104 (£27.0751 and £L230 

(£1.015 1 ; Service and property 

companies £130 (nil) and £9 (£41 
loss i . 

Mr. Joseph reports that the pro- 
cess o( strengthening tbe major 
trading companies within the 

group has continued, and coupled 
with effective cost-saving exer- 
cises on overheads tbe company 
has strengthened its competitive 
position in the market place. 

The freight companies continue 
to increase their range of services 
which they ofFer both at home- 
and abroad, and new depots have 
been opened to provide improved 
services to their customers. 'This 
applies particularly to the. mail 
order distribution business. 

Additional branches have been 
established to enable Ihe packag- 


ing group to expand its activities 
throughout tbe UK, and in spite 
of fluctuations in demand from 
major export customers, it has 
had another successful year. 

Engineering interests have 
made significant progress 
although the results were 
hindered to some extent by 'a 
prolonged move of the precision 
sewing machine company into new 
modern premises in Nottingham. 
The benefits of this move should 
be forthcoming during the 
current year. Demand for the 
company’s skilled engineering 
design teams has improved in re- 
cent months and the strengthened 
management of this company can 
take advantage of the improved 
conditions In the capital invest- 
ment field, where the company 
has been awarded several major 
design projects. 

The international exhibit and 
display services continue to 
strengthen their organisations 
and produced substantially 

increased results. The profit 

figures include the trading losses 
of tbe French exhibition hire 
activities up to August 31. 1977, 
when trading involvement in 
those activities ceased. Demand 
for exhibition space and services 
remained high throughout the 
UK and the success of the 
National exhibition Centre at 
Birmingham has increased con- 
siderably the amount of exhibition 


space available to the exhibitors. 

The display company broadened 
its international base by appoint- 
ing additional distributors 
throughout the world, especially 
in. Japan and Australasia. 

Irr the U.S. the consolidation 
and expansion of exhibition 
interests continued and additional 
showrooms were established in 
the major centres to advertise the 
group's range of services and 
display products. 

The group's various distribution 
sales outlets for both cars and 
trucks throughout the U.K, 
experienced an uplift in demand 
during the year in spite of highly 
competitive conditions. The abililv 
to provide tailor-made bodies lo 
customers' requirements helps to 
maintain motor business on a 
strong platform, says tbe chair- 
man. 

On a current cost basis, pre-tax 
profit Is given at £2.44tn, after 
adjustments for depreciation 
£613.000, cost of sales £756.000, 
interest- 1926,000. and gearing 
£583,000. 

The ' group exported goods 
amounting to £L.S4m (£1.44m) 
during the year. 

A statement of source and 
application of funds shows a 
£l.53m increase t£l.D8m decrease) 
in working capitaL 

The AGM of the company will 
be held at the Piccadilly Hotel, W 
on August 22 at noon. 



Rothschild Investment 
Trust Limited 

IS'et'Assct Value per sop Ordinary Share at 31 st March 

3978 1977 

- before conversion 269p 2 1 1 p 

256p 2 1 bp 


— after conversion 


Net Asset Value per sop Ordinary Share at nth July 1978 

(unaudited; 

— before conversion 325p 

— after conversion 295p 

— alter conversion, assuming 

prior charges at 

market value 30Ip 


Years to 3 tst March ' 

Group Revenue before 
taxation 

Group Revenue after * • 
taxation 

1978 

£3,867,000 

£2.115,000 

1977 

£3,26 {,000 

£ 1 . 606,000 

Earnings per 5 op Ordinary Share 

- basic 9 . 0 p 

6.35p 

- fully diluted 

8.7p 

0.7p 

Dividends per 50 p .Ordinary 

Share (net) 

7.0p 

53P 


Copies rfdte Directors Report Account* arc mailable trow die Secretary. 

Rothschild lnvestiHcuc Trust Limited, AVrr Court, St. Suu/uns Lane \ ' 
London EC4P4DU. 





Fixed Deposits 
with Lombard 


If you have £5.000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up-to-the-minute competitive 

interest rates. Interests paid without ■ 

deduction of tax at source. ' 




North Centra! 

Limited 

Bankers 

Treasury DepL, 31 Lombard St„ London EC3V 9BD. Telex: 884935. 





Financial' Times- Tuesday August 1 197B 

¥iniws news . ~~[ 

Hudbay buys stake in 
tantalum-lithium 



BY KENNETH MARSTON, MINING EDITOR 


Electronic Rentals move 
for Australian growth 




O'* 

1 * i ! : . 


• KTER a lxior first quarter when 
lu-rc was, a Ins* of CSLtMm 
ima.iHJOi, the A agio American 
.orpurutfon group's Canadian 
fndson Bay Mining a ad Smelting 
:,s achieved a second quarter 
t- 11,1 meomc of C$4.Sfim before 

Mrnnrditiary items. The improve- 
■ : - 1, A ,|L ‘ m ‘■‘■•flccis the substantia] sea- 
r , ona] earnincs of Terra Chcmi- 
’alv 

Earnings for tho first half of 
lie current year thus, amount to 
si., Jm. or 27 cents per share, 
om pared with net income or 
-S7.:Wm a year ago. In the second 
(ii.mer of last year there was 
KO a CS.TJm pain on the sale of 
ho Nyivire potash division to the 
•^skaicliewan Government. 

Hudbay ssys that despite the 
mjirovemcni in second quarter 
'■•■■uIk. the toss incurred in the 
111,4 throe months reduced earn- 
•to» for the hail-year to a level 
ri:ti floes not justify a resumption 
quarterly dividends. 

Meanwhile, Hud hay's offer to 
"irchase 50.1 per cent of Tanta- 
I*ni Mining Corporation of 
ai’.adn rTanco) has been 
ceeptcd by the receiver and 
nanager of International Chera- 
V l,ov subject to certain condl- 
icuis and approvals. 

Tun co operates a tantalum mine 
t Bernic Lake, about 15 miles 
■orto-east of Winnipeg, which 
Iso has substantia] undeveloped 
•'serves of lithium; growth or 
‘mum demand has been put at 
e tween B per cent and 8 per 



and whole- 
in the UK, 


july rare 


In a Ei.Sm two-part deal. Elec- that rationalisation wag necessary leading importers 
accented a __r iT .ta.nf f™™ Rentals has substantially in the industry. salers of knitwear . ___. 

4S ui c L of lntent ^i? in Increased H* penetration of the • Janies Forth writes from with combined turnover of fSm 

ownedsSK&^f *«JpSln Australian television rental mar- Australia: The A«5m a year tele- and profit after tax of £482,492 
Trust suDsidiary of Selection keL vision rental market in Australia for the year to September 30 

The thrua hBOO . TI J* first part of the deal has is dominated by Radio Rentals of 1977. At that date net assets 

defined ^ J?W5J55 mvolved . Electronic buying a 55 the UK. which holds between 35 were £L47&969. 

“I;?? , a , n . of influence per cent stake in Visionhire. an and 40 per pent Vision hire The management team of the 
wtadi indudei la? of the mteeraJ Australian television rental com- Sent and Canberra TeEon " 

*jy North West- pany, from Australian Guarantee are the other three main com- P® cent of the capital, con 
ftSfiJ! % Kimberley Corporation, for £l.6m <AS2.7om). SftSl The me^er^TrSt tinuVs unchanged. 

Gold Field. AS Mining may earn the navment h*in. — i« JSwrt£5iJ^Sff Jive fl2 


a 60 per cent interest in the ven- months. Electronic already owned wLJrli 

ture by spending A$2.7m (£L«3m) 25 per cent of VisSonhire* 3 ° d A CCftf RlCrMlit 

on exploration work. In the second part. Visionhire “-SJ *5*2™ A»SOC, OlSCUil 

It is added that: “AS Mining * to buy Trident Television, a GmntwT^ration J • 

SSsiFsSM s-MsK “ ira “ dsm 


Further airborne surveys 

ground work, indndlng 

drilling, will be carried out this 1 01 !f, r 
season 


■^ISV'is^S- W. Germany 


After last week's excitement, gold 
and gold shares opened an a 
subdued note yesterday. Bullion 
eased to $198.90 per ounce at 
the morning fixing, but later in 
the day the price picked up and 
was finally $200f, or $1 below 
Friday’s dosing level Share 
prices followed a similar pattern; 
initial losses were mostly erased 
when a revival of U.S. demand 
accompanied the firmer bullion 
price. Consequently, the FT 
Gold Mines index was virtually 
unchanged at T83JJ. 


gain control of the West German 
mallow and wafer manufacturer 


According to Electronic, the de- reconstructed television hire 
f erred payment, basis for taking group. 

over Trident will mean that the Television rental companies the Dickman Muchame tow Group, 
deal is self finsacmg out of cash have duly 10 to 12 per cent of the According to Dr. K. Bright, 
“ ow - television market in Australia, AB’s chief executive, the acquis!' 


In London yesterday,'*™ additionally take on £800,000 ®SSeto provfd^Gntn^ fo 0 tbe Associated Biscuit Man of a etur- 

434 p. 

Samancor down 
at half-year 

SOUTH AFRICA’S biggest pro-1 
ducer of manganese 'and a major 
producer of ferro allays, SA Man- 
ganese Amcor, 


In fact. Trident is only just which has 
about breaking even at preient. cutring 
In its last year to September, it 
lost AS100.000 pre lax on a turn- 
over of ASU.4m. bringing its total 
losses for the past three vears 
up to A 83.2m. 

Visionhire. on the other hand. 


led 


_ , ■ w w ■ b v vi« iuv uiuci im 

fall in made Pre-tas profits of ASiro in 

fall in profits for the six months I ^ year t0 March on a rental 


to end -June. At the pre-tax. level, 
the figure is - down . from 
R40Jm (£24im) to RI7-lm. For 
'the full year to last December, 


year 

turnover of A86.9m. 

Separately the two companies 
are of much the same size. Each 


to drastic price lion is a “ major step in our 
policy of widening our European 
interests.” One important aspect 
was that the national distribution 
network of the Dickman Mucha 
metow Group would provide 
opportunities for AB to increase 
its total sales in West Germany. 

AB is getting 100 per cent of 
Dickman and 75 per cent of Erich 
Mucbametow. the two companies 
which make up the West German 
Through a wholly owned sub- group. Total net asset bok value 


£l.lm purchase 
by Brown 
and Jackson 


__ - • • _ Samancor showed R61.2m, so. the 5“ .3 hra ™* es *“ the main ^sary fE. and G. Harris) Brown of DM 7.35m is guaranteed under 

The suppIiK -have been stopped latest figures are a further decline Australian cities an fi each has an( j Jackson has agreed to buy the contract and a professional 


by an unofficial strike of ~ mill 

enr annually over the next four workers who are seeking negotia- second half ^ 'oTiffr? 
t :,rh - 110113 on a new bonus «heme- Moreover with rapital spending 


on the depressed Tesults in the arou . nd 2 ,?- 000 subscribers. Elec- 75 per cent of the capital of the valuation of fixed assets at May 

=- ' tronic believes that rationalisation Tigner Cos^ a group of associated 1 showed an excess of market 

i; n( j. p . . _ . - " _ monwver wi[n capital spending , of the branches, which could companies based in Harrow, value over net book value ajtr - 

c-naer the Tanco deal Hudbay Production of ore and concen- slowing down the tax rate is up double the density of sets in each Middlesex. Consideration is £l_lm butable to AB’s interest of 

required to sell suflScient trates has already been baited from 38 per cent over 1977 to 47 outlet, will lead to a rapid impact payable as to £500.000 on compie- DM SJlra. 

... 1D n. , at corapauy - to because of the absence of per cem in the half year just on profits of much the same order Bon and £000.000 in instalments Based on the West German 

awecki Beryico Industries of explosives: The company passed. Hence, eaiirinfis per ^are as recent acquisitions in Ireland with the last payment in 1984. group’s accounts, net profit after 

to raise Kawecki’s previously warned its. S00 in the latest period fell to 30 cents (where profits doubled in 12 The vendors have warranted tax for 1977 attributable to AB’s 

and West Germany pre-tax profits for the three years interest was _ DM 1,482.000 

losses were soon turned to September 30. 1980 to be not {£370.500). in time, AB's other 


lev.- York 


lak '® j" T anco fr ®“ 24 -?9 P° r employees that it; is to a serious against 132 cents for 1977 and the months) 
lurth-.u 3 ^ S ^-fi ordSn? ?! y position, owmg to the interim dividend has been cut (where 


1 ud bay and Kawecki will equally low price of zinc, 
hire 75 per cent of Tanco — sub- 
set to Federal Government 
pproval — and tho remaining 25 
er rent will continue to be held 
.v the Crown-owned Manitoba 
•cvelopment Corporation, 


from 20 cents to 15 cents. Last I to profits). 


SELTRUST LINKS 
WITH NW MINING 
AND HAGMA GOLD 


STRIKE HITTING 
navan mine 


London's Selection Trust 


year, Samancor paid a total of 
-65 cents but in the current year, 
if the final is scaled down pro 
rata with the interim, the total 
should be 50 cents or jnst under. 

However, this could be too opti- 
mistic and some analysts’, projec- 
tions range as low as 30 cents in 
is total for 1978, reports our Johan- 


less than £l.lm. 


Trident's UK parent also agreed The Tigner Cos. are one of the 


West German subsidiary, Wesseke, 
will be tied into the new group. 


St. Piran has 28% of Orme 


Board of Alexander Howden 
January of this year. 


JUIMll . The day after Comben an- Ladbroke with good quality shops continue in the future role of 

linking with two. of. the small nesburg correspondent. Much nounced its £lQm bid for bouse- capable of substantial growth In Community Reinsurance Corpora^ 

Australian companies involved in win depend on the level of de- builder Orme Developments. Saint localities where it was not cur- bon as an independent reinsurer. 
F^ars or a close-down at Tam the diamond prospecting rush in mand over the second half. The Piran went into the market and rently trading. Mr. Barnes joined the mam 

voloration’s big Irish lead-zinc the West Kimberley region of board says the lower rate of bought lm shares, bringing its 

unc at Navan in County Meath Western Australia, reports Don profits will . continue until there stake up to about 28 per cent of 

u-rcased yesterday when the Lipscombe from Perth. is a “marked improvement" in Orme. 

rilvcrv of pvnlncives to the The Stock Exchange of Perth demand. Tt adds that the timing On Friday last week. Saint 

r.->pc*riv was aesin hatred for the has been informed -that Austra- "is uncertain and in any event Piran bought lm shares at 57p 

vi d dnv running, reports our lia's North West Mining and its is unlikely to eventuate before each and $m at 5S.4p each. Saint 
i-orrexpondcnl. partner, Haoma Gold Mines, have the third quarter of this year." Piran therefore appears unlikely 

to accept the Comben bid which 
is worth 56.2p per share. 


PREUSSAG'AMC 

The West German Federal 
Cartel Office has indicated that 


OIL AND GAS NEWS 


Statoil makes strike in 
Statfjord Field - • ■; > 

I' \TOrL. THE Nonvegian state niftcance of the hydrocarbon dis- ’National Iranian OB Company. 

.>ii|.. h.w struck oil in the Stat- covery." the «>okesman said. They are near Bandar Lanreh ^Vbitfield wbo last week agreed ' AMC in ^orddeutsche ^fflneri/ 

•m field, northwest or Bergen, Statoil has 85 per cent of the and tankers will have specially- o .^11 a gner cent stake in Orme SrStSk toe Hambu^cSp^sm^ter in 

• iirtko.snwn in Oslo said yestor- rights ro^thc block and is the constructed loading facilities on a to Saint Piran for oap per share in ?."** that this h ^ ^ remainin'* West 

0 operatorv- The other companies nearby island. “J*-. ■ • - . . . . was subject to discussion. Geman n^n-fereous 'metSI 

Tin* find is in Block M/10, involved are Norsk Hydro with The fields Have been developed ,,J7}*l£ n ^: ^l" ot V Th u f w 106 Mr Barnes is taking six of groups Metallresellschaft and 

n ns i ho Gold Block on a 9 per -cent and Saga Petroleum, a by Sofiran, a French company set !£ a °Lht« sh £ rehoWers ‘ Howden's staff with him. Com- oegi^a are the other nartners 

iMlMMiion lhal it contains more private Norwegian company, with up under an agreement between ri„n U t«*7n1n ^unity Reinsurance, where Mr. Norddmitwrhe Affinerie m turn 

1 and gas than the- Ekofisk 6 percent. Eif-Aquitainc and Iran. "«« » *'» '" ft* law- is mana ^ a dirertor. said 

-'Id runner s..uth. . r_- Initial producuon is set_at 2.5m of th *' **** and toe yesterday that lt was moBI 3ppre . said 

native of the support that it had that toe two main attractions of 
received from Arpel Underwriting AMC for Preussag would be the 
Agencies, the Howden subsidiary access which the German com- 
with which it had underwriting pany would gain to the London 
links, during the five years since Metal Exchange, of which AMC 
its formation. "The close co- is a ring-dealing member, and 


HOWDEN SEVERS 
underwriting 
LINKS WITH 
ASSOCIATE 

Alexander Howden Group, the wjl have no objections to the 

,~. international insurance broker, is takeover by- Preussag, the 

A spokesman for Comben said Sverin* its underwriting connec- Hanover-based non-ferrous metals 
yesterday that the move was not tions with a reinsurance company “J n ™ S V ClL . l of 

altogether unexpected and the bid ^ wWch holds a 20 per cent Araa,Bamated Metal Corporation, 
would nonetheless be made as it The company— Community This was stressed yesterday by 

stands. He said that Comben had Reinsurance Corporation— is to set Herr Guenther Sassm arms hausen, 
been in negotiations with Oirne up ^ o,^, underwriting agency the Preussag chairman. He also 
for a long time and knew what to ^ personally supervised bv said that Preussag was 
to expect foom the profits figures Mr R ug h Barnes, a Howden main “ extremely satisfied " with the 

M ttSSA Howden. MXT 

within toe next ten days, barring •“«“ 'J*® a " lv g returTfor^ving up The 29 pS 

chainmuiT k?r° I^Roydon. ^ ex- Carpenter, a 'deputy chairman of ce " 1 Jt " owholds mPat ^ no ' 
peered w criticise the behaviour Alexander Howden. yesterday. _ Complications with the Cartel 


' U I Hill N'UIII. " llllliai J/IUHUIUUII 13 Kl ■ p UiJ 

• In* well has nut %-cf. been com- TVVO NEW OILFIELDS in the Gulf, ions a year, rising to 3 5m tonsj f- om hen bid. 
!•••» "ti is not pns^lhlc at the: will come on stream shortly, later. About 16 per cent of the 
■-■i-i'i nmi* in nvaUiait* the sig- according to a statement from the output will be purchased by Elf- 

i Aquitaine under the terms if j- t 


London Deposit Agencies 


The Board of Directors of Marlon House Holdings 
1. 1 mired, holdinu company of the Godsell Group, 
international foreign exchange and currency deposit 
t'f.ikers, are pleased to announce their acquisition on 
Slst Julv from Page and Gwyther Holdings Limited 
of its sterling money broking subsidiary, London 
I v posit Agencies Limited, and its interests in LJXA. 
((’orpnraie Finance) Ltd. and L.D.A; (Channel 
Islands) Ltd. 

Tho exisiine sterling money broking activities of 
Godsell \s will be consolidated into London Deposit 
Agencies to form a strong domestic division of the 
M-ir!nn House Group. Mr. William Grove, Chairman^ 
uf Paup ami Gtvylhnr Holdings, has kindly agreed to 
cunt joue as a "non-executive director of London 
Popiwit Aeenries. Mr. David Buik will continue as 
Mwnaqiim Director: Mr. David Hagan, Chairman of 
M;tiinn House Iloldinas and the Godsell Group, has 
:slso been appointed Chairman of London Deposit 
Agencies. 

Marlon House Holdings Limited 

Page and Gwyther Holdings Limited | 

1st August. 19TS 



rh.» advertisement a asutd ,n compliant* wstn the requirements of 
V,e Council of The Stock Exchange. H does not constitute an invita- 
tion to any person to wbttribn for or purchase any Convertible 
Preference Shorn, 

WILLIAMS & JAMES 
(ENGINEERS) LIMITED 

- (Registered in England No. 438768) ’ r . 

Rights Issue of 400,000 9,5 per cent 
Convertible Cumulative Redeemable 
Preference Shares of £1 each at par 

7 nr Council of The Stock Exchanc* ha* admitted too abov^ 
n:r ncionrd Convertible Prcforeoee Shares » the Official Ust- 
Partir.itars rclatinE re these Shaw are available in the statistical 
irrm-F of fcxrel SiatirtKJl Services Limited and copies m suen 
p.iriifAiljn. mar be obtained during usual business hours on any 
* C rkri if (Saturday excepted) up to and including IS to .August 
1978 Iron. 

industrial and commercial hnance 
CORPORATION UMITED 

9! Waterloo : Road. London SE1 8XP 
- or from 

mardsley, WSHOP A CO. 

21 New 5treet, London EC2M 4UN 


ngreement tinned with NIOC, toej 
statement said. 

* + + 


MINSTER HOLDERS 
TO DECIDE BMA 
SALE 


The sale bv Minster .\sseis nf oneration wilh companies in the the broadening of Preussag*s own 


nnrt nil I ^ Britis h Midland Airways sub- Alexander Howden Group will ranee of metals to Include tin. 
Norwegian offshore gas and oil|^ diary for £2SSm |n former dirtfC c — 






17 


Magnum 

*- or 
Poniulio 

MTh 

Financial mists 

]ii m 

Servin' compjun-s 


Oil * na rural n-souiwK 


Planiauons 


Banking 


Molors and [rampon. . 

S Jj 

Misc. iodusirla] ... 


CuM L mining linatii-.. 


Insurancr . ... 


Engl Kcx rrnc 

•1 ; 

Paper, pnnung. cic .. 

J.1S 

forL-icn Rov<>r^nii , nl s ... 

•1 I J 

Food 


British funds 

■_ fL'i 

PniDL-rlv 


Cht-micals. ( ic. 

1 1« 

Tobacco 


Holds auri Caii-rniK 

o nj 

Cnrporaiion Muchs . . 

ii 

Ton Ik 

Tiin.di) 

Renewing the 

iniere>i 


■.or 

»■ 

li.n 

jiti 


1.‘rj 

:;.a: 

5 i: 
i IP 

? vi 


2 I-. - 
2 I- 


tUi' i>ii 


l may form 
offshore trust 

THE FORMATION of a new open- cent) £2.SSm; Soihebv Parke 
ended offshore invesimeni com- Bernet (ID per cent) £2.‘fi7m: and 
pany js planned by Rothschild London Sumatra Plantations (10.9 
investment Trust in which it is per ccntl 
proposed to invest part of the . . . , ' , 

il8.7m proceeds from ihe sale of to cIu , de 3 under toe heading of 
the group’s stake in the Magnum Whwrjarge noldinfcs arc Loudon 
Fund. a n| l Scottish Marine Oil with a 

The directors say that they con- v . alue — ■'-im: Harrisons llaylay- 
sider it appropriate that R1T s,an “tides Il.GHra; Shell Trans- 
sbould continue to have a sub- £ ort . antJ Tr hding £1.33m; and 
stantial investment exposure over- ® rtl sn Petroleum XJ.ib'm 
seas. This is to be .structured in ■ An analysts of I977-7S J ncome 
as i simple a form as possible and by sector and the attributable 
^™i R * cco . UI,t for .- a much less percentage or the total portfolio 
significant proportion of RlT s is given in toe lahie 
assets. 

Accordingly, RTF is actively ex- 
ploring, together with other 
investors, the formation of a new p. a n "“™ 
investment company to enable it servin' < 

to continue to take advantage of oil * na 

the investment attractions on Wall Plantations ... 

Street and special situations in 
foreign currency securities. 

The original cost or RITk 44.1 S's, 
per cent stake in Magnum was 
£7.8m— toe value at March 31 
shows a 70 per cem increase on 
13J2TU while the proceeds 
s sale represent an appre- 
ciation of 140 per cent over 
original cost. 

Referring to the sale of Mag- X^ a .'-' L ' 0 
mini toe directors explain that "uruM 
although toe performance of the to) a is 
Fund has been superior to most 
closed-end funds, toe shares con- . . . 

tinued to trade at a considerable unli. ted imesimenls i he direct ur^ 
discount on underlying net asset report that Anglo Leas- ms pu-lu-cl 
value. A consequence of that ETSrlL up , . from — ‘ ’te-Oou io 
success has been that the invest- ■W’Vo.OOO and l-» c-spcrtc-d to forge 
ment accounted for a large part ahead in the current year. The 
of RIT’s total assets — 13 j 8 per cent n ^ e . ,n mtere-vi rale*. ha> bren 
at March 31. alleviated by Uie -.ecunnv nf j 

Incorporating the estimated large proportion of linaiuv in ihe 
f!8.7m sale proceeds from the sale form or fixed inlerc.-t medium- 
of Magnum stake, the net asset term loans. 

value of R1T at July II was 3»p RIT European Properl ios 

pre-conversion and 2Dop' post- incurred a (n<s of il.nbni m ih- 

conversion. . year and will make a further. 

Group net revenue m toe year although smaller, one in 197R 79. 

fnn d ^acJ Ia r™m 3 Vt film tS T ' ht? property ha.< been revalued 

arld shDW< n redutinn of abutir 

Mr. Jacob Rothschild, toe chair- ?n nA. eent fi-mn hnnk v-*tnp -ii 

man says that the results reflect h l n ^ 

the success of toe policy of taking Jooti rrom'SsJfim lo aSm 
significent stakes m companies or provision in re-neiM or ih.- 

ab ° Ve a ' eraBC Sr ° WX> ' KSSni in IhLf'comJiny i 
yn.r end Brr hn, « £196 "'- 

added to significant holdings in RTT holds some IS per vein of 
listed companies by acquiring New Court Nature! Resource-*: 
ILT per cent of Godfrey Dans toLs company is now actively eon- 
and 13.7 per cent on a fully sidering its future following (he 
diluted basis of Royal Worcester, merger of one or its major invol- 
At March 31 significant holdings ments in the L’.S. with a lis-ted 
accounted for £35m (£3 1.22m) of company. 

total assets of £95.37m (£9L2m). Group Lnvostmenls at ihe year 
Apart ..from Magnum these in- end had a value of £<$5.iitim 
eluded Hume Holdings (27.2 per (i5fi.4Cm)— toe exce».« of markc-t 
cent) at £4^87m; Lep Group (20.4 value over book was £>.S2m 
per cent) £3. 26m; Esperanza (£7Jl5m). 

Trade and Transport (£17.2 per See Lex 

Braham Millar expects 
further overseas growth 

WHILE THE year ahead for the 61 per cem (74). North and South 
Braham Millar Group will not be America and West Lndies 3 per 
without its problems Mr. R. B. cent (1). 

f ° r ' POim. out that 

SSS-a: u HS. 5= 

s^sur.r.^.sf “p-s jasr tHi 

t"* « so'mJ’o.hap’iinllB. 
orders and new sales areas there Capital expenditure during the 
are constantly being opened up. amounted to £!.lfim includ- 

The group is beginning to make in ? toe purcha.se for £244.000 of 
an impact on the Far East; sales toe freehold interest in a property 
and prospects in the U.S. are previously held on Jong lease, 
encouraging and steps have been Commitments and authorisations 
taken to meet demand from South at March 31, 197S, totalled 
America. £420.000. 

Against a background of con- The caoital exns*ndituro at 
tinning Intense worldwide com- * *. 

petition and the restrictions ]V [ lllar ® ^ no ' % * as expected, 
imposed on output by the shortage absorbed most oE the funds held 
of skilled labour the group ? n deposit a year ago but borrow- 
raanaged to push up profits, before mg facilities remain ample for 
tax. by 12 per cent to £1.09ra in toe foreseeable future. The group 
the year ended March 31, 1978. continues to hold a substantial 
Group sales rose from £6.44m to volume of undiscounted bills 
£9.02m. The value of goods receivable (£706,607 at the balance 
exported from the UK was 14.8m sheet date). Deposits on short 
(£5.4 m) — EEC countries 15 per call at the year end stood at 
cent (10). other European coun- £225.000 (£1.05ro) while the over- 
tries 2 per cent (same). Africa 19 draft was up from £28.000 to 
per cent (13). Middle and Far East £183,000. 


production could more than 
double this year to more than 
30ra tonnes from 14tm tonnes in 
1977. This is indicated in a 
survey prepared by toe Oil 
Directorate in Oslo. 

Output in the first half of toe 
Pyear at 143m tonnes was running 


tors, is to be decided by share- 
holders at a special meeting on 
August IS. 

Despite the Minster board's 
recommendation it has decided 
that because the purchasers are 
erstwhile directors, and because 
the sale will result in lower profits 


at more than double last year’s for Minster, shareholders should 
levels, boosted by tbe appearance be consulted, 
in the statistics for the first time j n n document sent out yester- 
of natural gas from the dav BMA is shown as haring prt£ 
Norwegian section of toe Frigq duped pre-tax profits of £I.47m 
Field. in 1977 but Minster says that air- 

But the main source of line companies' earnings are 
production was EkofisJk where the "notoriously volatile and un 


combined output of oil and gas 
was 12.6m tonnes during the 1978 
first half. 


Demines, the German group, 
and Compagnie Fran raise des \ 

Petroles/Totai, with Argentinian ; 
concerns, bave signed a contract 
for exploration rights over! 

10,655 sq km oil toe east coast of I 
Tlerra del Fuego for a period of | 
nine years. 

The contract, which awaits the, 

Govp^menr° w-i«: ^sionrw/'wifh^hp I Yesterday! Newman announced 

it-! offers for the ordinary 
State oil company, lacimientos] ^ pre f e ren.-e shares had 

lapsed with Newman obtaining 
■icceptancM from only 19 6 per 
cent of the ordinary and 22.1 per 
cent of the preference. 

Woods’ shares dropped I2p to 


predictable. 1 

The board intends to reinvest 
the proceeds of the sale in the 
company’s traditional businesses 
and related areas, though it does 
not pinpoint particular areas for 
expansion or acquisition. 

NEWMAN DROPS 
WOOD BID 

Newman Industries has failed 
to Bet control of Wood and Sons 
(Holdings), the pottery rrroun 


JPetrolifPrtts Fiscal es. 

No financial details were avail- 
able but the group is committed 
te a minimum investment of 
SIS 9m over the first four years. 

The Argentinian companies to- 
wived arc Brldns with 20 perl 4jp on tnB 
cent and Arfranco with 5 per cent. 


Newman now own* 24.3 per cent 


leaving Deminxex and CFP/Totaljnf the ordinary shares and says if 


with 37.5 per cent each. The 
manager is CFP/Totai. 

* * + 

Texaco Canada, the result of an 

amalgamation between Texaco 
Canada and Texaco Exploration 
Canada, announced 1S7S first hair 
profits of C$772m compared with 


intends to increase this stake 
by further purchases through Lbe 
market 


FRITH SUSPENDED 
AS TALKS GO ON 

Objections lo tbe terms on 


CS7CL2m for the same period of which Frith Foils is offering to 
laul year. take over W. G. Frith and Co. 

Gross .revenue increased to seem to have had an effect 
C8WS2m from CSS 19.7m. with The adviser to \\\ G. Frith, 
producing operations making toe James Finlay Corporation, is now- 
main contribution to an increase in further discussions with Close 
in earnings. Refined product Brothers the adviser to Frith 
prices, especially in eastern Foils. 

Canada, softened during the first Finlay is also in discusskm with 
half, while Intense competition the main objector to the terms, 
prevented the full recovery of Corinthian Holdings. Corinthian 
cost Increases. wrote .to all the shareholders of 

■Over Ihe first six months or toe \v. q. Frith on July 25 saying that 
year, the group participated in the offer was too low both on 
the completion of 3S wells, mainly grounds of earning and assets, 
in Alberta. Of the total. 30 were a further announcement is 
completed as natural cas wells, expected next week. W. G. Frith 
five as oil wells, while three were has asked the Stock Exchange to 
dry. suspend its shares in the mean* 

[time. 

LADBROKE BUYS 24 
BETTING SHOPS 

tr500^^Brt“SS O, j U ir. iwa r Ls ?! b , rt,ke r . has acquired 

m iKhOmbcr, tore, m »* *vara»» for £L4m rash the George Ranns 
SSiM oE^imS Oreanlsathm and its subsidiaries 

which operate 24 snop< in the 
north west of England. 

on"W.r‘?a 7 maturfnB la.i.o jgL g.y «c". - Peter Qeorge, mananins 

*ppTk«tto» _*pwjed ana director of Ladbrnses racing dhi- 

,^4^ c 3? 3 . dot wortu 01 biik out- the acquisition prorides 


PUBLIC NOTICES 


■ra outsnean*c. 


LOCAL AUTHORITY BILLS, 
637S.OOO 01 BJtn CUV Council usihw 


This announcement appears, as a mailer of record only. 


$ 525 , 000,000 

Series A Secured Notes 

Corpus Christ! Capital Corporation. 


a corporation owned By subsidiaries of 

Imperial Chemical Industries 

Limited 


Solvay & Cie, S.A. 


and 


Union Pacific Corporation 


The undersigned represented the issuer in connection with the private 
placement of the above Notes with institutional investors. 


Lazard Freres & Co. 


August 3,1978 




Finano&'T^^ 



AMERICAN NEWS 


Carborundum profits aid Kenneeott 


BY DAVID LASCELLES 

THE TWO largest U.S. copper 
producers today reported further 
declines in earnings due to the 
weakness of (he copper market. 

Kenneeott Copper's earnings 
were $3.4m, equal to 10 cents a 
share, less than one-third oF the 
SlO.Sm or 32 cents a share 
earned in the same quarter last 
year. The average price 
received for copper was 61.3 
cents per pound against 69.4 last 
year. 

However, these figures are 
misleading since 1978 sales 
include those of the Carborun- 
dum Company, which Keonecott 
acquired at the beginning of the 


Resorts 
International 
faces fine 

By Oar Own Correspondent 
NEW YORW. July 31. 
RESORTS INTERNATIONAL, 
operators oF Atlantic City's first 
casino which opened in May. has 
been accused hy the New Jersey 
casino control commissioner of 
39 alleged violations of gambling 
rules, and Faces fines of up to 
839.000. The commissioner's 
findings must go to the full com- 
mission for final action. 

The charges all relate to the 
casino's first Four days of opera- 
tions. and include findings that 
the casino allegedly failed to 
keep a proper record of loans to 
gamblers and violated proce- 
dures for counting winnings. 

Liggett growth 

Liggett Group, one of America's 
leading tobacco groups which 
sold off its foreign cigarette 
business to Philip Morris earlier 
this year for SIQSm. has turned 
in second quarter net earnings 
from continued operations of 
SS.5m, or S9 cents a share, against 
a corresponding S6J2m or 65 cents 
a share. AP-DJ repons from New 
York. This was before writing off 
goodwill of $17.3m earnings from 
the cigarette sale and before a 
gain on the sale of S30.4m. which 
made a net oF S23.Sui nr S2.5S a 
share. Second quarter earnings of 
the international cigarette divi- 
sion last year were S2S2.000. 

Vulcan outlook 

Mr. B. A. Monaghan, chairman of 
the executive committee and 
chief executive of Vulcan 
Materials, said in New York that 
barring a rapid downturn in the 
economy the company believes it 
is likely to report earnings per 
share substantially ahead of the 
1977 results of S3.4Q a share, AP- 
DJ reports. 


year. Earnings from the new 
subsidiary •* were sufficient to 
offset the decline in copper 
prices.’' Kenneeott said. The 
quarterly breakdown -shows that 
of total Sales of S4S8.4m, Car- 
borundum contributed S202.7m. 
Kennecott's sales in the second 
quarter of 1977 were S2S1.5m. 

The company also said that it 
sold a portion of its inventory 
rtf unrefined gold and silver to 
help cash Sow. 

Kenneeott blamed the weak- 
ness of copper prices on the high 
level of imports, and says it has 
petitioned, along with 11 other 
U.S. producers, the International 


Trade Commission for relief- 

Kenneeott produced 62,500 
tons of copper in the quarter, 
but drew on stocks to sell S9.S00 
tons, accumulated when produc- 
tion outran sales last year. 

Phelps Dodge also had a sorry 
tale to tell. Net income for the 
quarter was Slim or 45 cents a 
share, down from S17.5m or 85 
cents a share last year. Sales 
were also down by $23m to 
3252m. 

According to Mr. George Mun- 
roe, chairman, the drop reflected 
primarily the sale of less copper, 
at lower prices, than in the com- 
parable 1977 operations. Net in- 


NEW YORK, July 31. 

come was also hit by losses reg- 
istered at its 40 per cent-owned 
subsidiary, Consolidated Alumin- 
ium Corporation, due to opera- 
tional problems and high energy 
charges. 

Against this, though. Phelps 
Dodge’s manufacturing opera- 
tions continued to do well, and 
Western Nuclear, a wholly-owned 
subsidiary, recorded a pre-tax 
gain of S2.7m on the sale of three 
small uranium properties. 

Phelps Dodge sold 77.800 torts 
of copper in the quarter, com- 
pared with 79,900 tons last year, 
and produced 82,600 tons. 


Coal producers’ future brighter 


BY JOHN WYLES 

VIRTUALLY trouble-free pro- 
duction since the settlement: of 
the longest coal miners' strike in 
U.S. history is enabling some 
coal producers to recoup lost 
earnings. 

Westmoreland Coal Company, 
which produces around 6m tons 
of coking coal a year, today 
reported that its second quarter 
profits had doubled over the 
comparable period last year. 
Net income was S7j2ra. equal to 
S1.06 a share on an 18 per cent 
increase in sales to SlOUm. 

The company said that Us 
second quarter production 
reached 2m tons which was the 
highest in any quarter since the 
last three months of 1976. It 
attributed this to a lack of inter- 
ruption from strikes. 

She relative calm which has 
settled on the bituminous coal 


industry since the end of March 
has startled many observers who 
had thought that recriminations 
and bitterness engendered by 
the four-month strike would 
create fresh problems for the 
coal companies. During the last 
quarter, however, the coal com- 
panies lost only 35.000 man days 
hecause of wildcat strikes, which 
is less than one-tenth of the 
annual rate prevailing last year. 

It Is too soon to say, however, 
whether attempts to improve in- 
dustrial relations at pit level 
are starting to bear fruit or 
whether the current peace is 
merely due to miners trying to 
rebuild their savings after the 
depredations of the strike. 

Another major coal company. 
Pittston. also reported second 
quarter earnings today. The 
company's results pointed to 


NEW YORK, July 31. 

continuing problems in the 
metallurgical coai sector, where 
the market has been somewhat 
weaker. Pittston turned in net 
earnings of 820.6m, or 55 cents 
a share, compared with S22.4Sm 
a year ago. Sales rose from 
S310.9m to $349.1m. Reflecting 
the impact of the coal strike. 
Pittston 's half-year net income 
was S3S7.000 compared with 
$45.40m. 

Pitlston's second-half earnings 
will be closely watched for the 
effect of recent negotiations 
between exporters of American 
metallurgical coal and Japanese 
steelmakers. Pittston has con- 
tracts to deliver 11m tons a year 
to Japan but under the recent 
agreement shipments will be 
reduced by 15 per cent in tbe 
fiscal year which-- began last 
April and prices may if anything 
be lower than last year 


Record half year for Upjohn 


BY OUR FINANCIAL STAFF 

NET EARNINGS for the Upjohn 
Company, a worldwide producer 
and marketer of pharmaceuticals 
and products and services, 
chemicals and agricultural pro- 
ducts increased by a record 36.5 
per cent during the second 
quarter to 837.1m or $1.25 per 
share, compared with $27.3iu. or 
92 cents per share, in the 1977 
second quarter. 

After tax earnings were equal 
to 10.7 per cent of sales com- 
pared with 9.1 per cent a year 
ago. It was the best figure for 
any quarter in the company's 
history. 

Sales and earnings for the first 


six months also set new company 
records. Sales during the quarter 
ended June 30 were 8347.9m, an 
increase of 15.4 per cent over 
1977 second-quarter sales of 
$301. 6m. 

All business segments con- 
tributed to the 15 per cent sales 
gain. Worldwide human health 
care products and services were 
up 15 per cent over the second 
quarter of 1977, with most major 
product groups, particularly anti- 
biotic products, showing satis- 
factory gains. 

Growth of foreign chemical 
sales was less than in the U.S. as 
European economic conditions 
led to a softening of demand and 
selling prices. Worldwide agri- 


cultural sales were up 14 per 
cent, with particularly strong 
gains in sales of Uncomlx for 
swine; MGA, a growth promotunt 
for feedlot heifers; and mastitis 
products. 

Total domestic sales for the 
quarter were $2l4.4m, an increase 
of 14.7 per cent over a year ago. 
Foreign sales reached 5133.5m, 
up 16.3 per cent over the 1977 
second quarter, and amounted to 
3S.4 per cent of consolidated 
sales. Of the S46.3m consolidated 
sales increase. 62 per cent came 
from increased volume, 34 per 
cent from higher selling prices 
and 4 per cent from favourable 
fluctuations in currency exchange 
rates. 


This announcement appears as a matter of record only. 


Arab International Bank 

U.S. $25,000,000 

Floating Rate Notes due 1983 

Issue price 100 per cent . 

A1 TJBAF Group Libyan Arab Foreign Bank 

Abu Dhabi Investment Company 
Alahli Bank of Kuwait (K.S.C.) 

Arab African International Bank 

The Arab and Morgan Grenfell Finance Company Limited 
Banco Arabe Espanol S.A. 

Bankers Trust International Limited 

Banqne Arabe et Internationale d’lnyestissement (BA.LI.) 

Citicorp International Group — Bahrain 
European Arab Bank 
First Boston AG 

Kuwait Foreign Trading, Contracting & Investment Co. (&AJC.) 
Manufacturers Hanover limited 
Midland Bank Limited 

National Bank of Abu Dhabi 
Riyad Bank Limited 


Florida 
challenges 
Texas Inti, 
offer 

By Our Own Correspondent 

NEW YORK, July 31. 
TEXAS International Airline's 
proposed takeover of National 
Airlines was challenged today 
by the Florida authorities, who 
sought a temporary- order re- 
straining the regional airline 
from acquiring any more of 
SationaTs stock. 

Texas International already 
holds 92 per cent, and in an 
application to the Civil Aero- 
nautics Board for approval to 
win control of National, h has 
undertaken to purchase no 
more than 25 per cent until 
full approval is given. 

National has its headquart- 
ers in Florida, and that 
state’s Comptroller claimed to- 
day that Texas International's 
moves amounted to a tender 
offer. As a result, the regional 
air! hie was violating Florida's 
Investor Protection Act, be- 
cause not all of National's 
stockholders — 30 per cent of 
whom live in Florida- — had 
been informed. 

Texas InternationaTs asser- 
tion that it would increase its 
holding to 25 per cent before 
CAB approval for an. acquisi- 
tion has also run into criticism 
from the CAB'S Bureau of 
Consumer Protection, which 
has suggested that this might 
be in breach of the Federal 
Aviation AcL In a telegram to 
the Bnreau today, Mr. Frank 
Lorenzo, Texas International's 
president, disputed any possible 
dash with the law. 

Meanwhile, National Airline's 
Board of directors was still in 
session this evening after more 
than six hours of discussions 
about the Texas International 
challenge. 

Time Inc. offer 

lime Inc’s tender offer for a 
Si per cent stake in Inland 
Container Corporation — worth 
some S70m — has proved suc- 
cessful. Agencies report from 
New York. A total of 3,114*78 
Inland shares had been 
tendered before the closing 
date. In accordance with the 
terms of the offer. Time Inc. 
purchased on a pro-rata basis 
2m of the outstanding shares 
in Inland. Payment for the 
shares and certificates' for 
tendered shares not purchased 
as a result of the basis of 
selection will be transmitted 
as soon as practicable. 

Kaiser Steel advance 

Kaiser Steel raised second 
quarter net profits to $3.6m, 
or 48 cents a share, from 
firri , or 34 cents, on revenues 
down to $189m from $I92m a 
year ago, AP-DJ reports from 
Oakland. Before tax credits 
and equity in unconsolidated 
companies, it made a loss of 
84.7m against 56m; this was 
more than offset by equity In 
the earnings or Hamersley 
Holdings. Kaiser Resources 
and other unconsolidated com- 
panies, and by income tax 
credits. 


BRIEFLY 


Good second quarter lift 
for Texas Instruments 


BY JOHN WYLES 

TEXAS INSTRUMENTS, one of 
the leading U.S. electronics com-" 
pauies with 44 plants in 18 coun-. 
tries, reported a strong 24 per 
cent increase in second quarter 
net income today. 

With sales 25. per cent up on 
the same period last year at 
8614.5m, net income totalled 
534.26m. and earnings per share 
amounted to S1.50. For the half 
year, the company is ranning 
ahead of most analysts’ original 
projections with a. 23 per cent 
rise in sales to 8L27bn and an 
18 per cent increase in net earn- 
ings to S64.96m. 


A glamour stock, Texas Instru- 
ments. is selling at. a price/ 
earnings multiple - of 17 which 
could well bo regarded as 
moderate given the company's 
performance so Tar this year 
and itir sharply increased order 
book. This stands at Sl.iTbn. 
963m higher than at the end of 
the first quarter and S360m mare 
than at the end of last year's 
second quarter. 

Indications are that Texas 
Instruments is standing up well 
to increasing competition in 
many of its product areas from 
both U.S. and Japanese manu- 
facturers. It was comparatively 


NEW YORK, July 3L 

late moving into the 16K Ram 
memory market but the company 
claimed today that its. produc- 
tion of these silicon chips has 
Increased rapidly and that Texas 
Instruments is now a major 
supplier to the microprocessor 
industry. 

Analysts have argued that pro- 
duction problems in this area 
have severely reduced profit 
margins, hot this speculation 
may now be re-examined. 

Research and development 
spending is now projected at 
SH3m in 1978, compared to just 
under 8100m. last year. 


U.S. adopts new merger rules 


THE U.S. Federal Trade Com- 
mission (FTC) adopted rules 
requiring large companies to 
notify the government of merger 
plans. 

The rules, which differ little 
from a proposal tentatively 
adopted in February, will , take 
effect 30 days after publication 
in the federal register, scheduled 
for Monday. They implement a 
1976 law that requires companies 


to tell the FTC and the Justice 
Department of their merger and 
acquisition proposals .to make it 
easier for the agencies to stop 
the transactions. 

Hie law bars corporations 
from completing the mergers for 
30 days after they file the report. 
This gives the FTC and the 
Justice Department’s anti-trust 
division time to study any pro- 
posals and go to court if they 


WASHINGTON. July 3L 

wish to block them. 

The rules apply to large com- 
panies and acquisitions of either 
15 per cent of the outstanding 
stock of a lurce- concern or 
8l5m of stock and assets of such 
a company. One ' of the com- 
panies involved must have assets 
of at least SZOOm and the other 
must have assets of at least 510m 
for the rules to apply. 

Agencies 


Guyana National Bank in red 


BY OUR OWN CORRESPONDENT 


GUYANA'S only indigenous 
commercial bank, the eight-year- 
old Guyana National Co-opera- 
tive Bank (GNCB) made a 
£40.000 loss last year, mainly as 
a result of the country’s econo- 
mic downturn. - 

The loss contrasts with a 
£300.000 be fore-tax profit in the 
previous year, and caused ; a 
reduction in shareholders’ equity 
from £920.000 to fSSO.OOO. : No 
dividend is recommended. 

Total assets of the bank, how- 
ever. increased marginally, to 
£263m. 


Mr. Edgar Hey tiger, the GNCB 
chairman, in his annual report, 
blames the loss on a sharp cut 
in the country's imports level, 
which reduced earnings from 
foreign exchange transactions, 
on certain policies of the central 
bank towards foreign exchange 
dealings, and on a continuing 
expansion programme, and the 
requirement for public sector 
financing or the prime interest 
rate. 

The Guyana Government is 
the main shareholder of the 


GEORGETOWN. July 31. 

GNCB, with sonic minor equity 
held by trade unions, co-opera- 
tive societies and friendly and 
burial societies. 

The annual shareholders' 
meeting had to be deferred from 
April to July 28 because of in- 
completion of ~the auditors' 
report 

The bank’s managing director. 
Mr. Wilbert Bascont, and his 
deputy, Mr. Ronald Stewart, 
resigned in ApriL The Govern- 
ment said that a conflict of in- 
terest had arisen. 


Canadian bond includes 25-year tranche 


BY VICTOR MACK1E ’ 

THE C5750m bond issue; from 
the Canadian Government is to 
be spread between three 
tranches, ranging from 
maturities of three years up to 
25 years. 

Announcing details of the loan 
today Finance Minister Jean 
Chretien said tbe 25-year tranche 
would be for a maximum of 
CS450UL Coupon is to be 9f per 
cent aDd with a price of 100.75 
issue yield will be 9.42 per cenL 

The other two shorter tranches 
will carry coupons of 85 per cent 
and he priced at 99. To maturity 
their issue yields are S-78 per 
cent for the three-year tranche 
and 9.01 per cent for the five-year 


issue. 

It is a condition of the issue of 
the 91 per cent bonds that the 
Government of Canada will 
operate a purchase fund. The 
Government undertakes to use 
its “best efforts^” to purchase, 
during each quarter of each 
calendar year to maturity (com- 
mencing October 1. 197S) when 
available in the open market at 
prices not exceeding the original 
issue price plus accrued interest, 
at least one-half of 1 per cent of 
(be principal amount ot the long- 
dated bonds. 

By. maturity the maximum 
amount of this issue which would 


OTTAWA, July 31. 

be required to be purchased by 
the Government under these pro- 
visions would be 50 per cent of 
the original issue. 

The Bank of Canada has 
agreed to acquire the minimum 
of C^25m of the new bonds. This 
Acquisition will be open . os. to 
maturity except that the total 
will include a minimum or 
C$105in of the 2003 maturity. 

The Bank of Canada has said 
that Its acquisition will be 
applied towards a reduction in 
the level of its foreign currency 
assets acquired as a result or 
temporary swap transactions 
with the Exchange Fund 
Account 


American Stores opens on a strong note 


THE MAJOR food supermarket 
chain American Stores lifted net 
income for the first quarter of 
tbe current fiscal year by 19 per 
cent to $S.36m compared with 
87.1m, on sales revenues higher 
at S1.01bn against 80 .91 bn. Net 
earnings per share rose from 
81.35 to 81.58. 

Two utilities have reported 
rises in second quarter net earn- 
ings per share; they are Con- 
sumers Power, up from 53 cents 
to 72 cents, and Texas Gas 
Transmission, ahead from 99 
cents to S1.49. 

Other rises at the second 
quarter level are reported by the 
financial services group CIT 
Financial Corporation, ahead 
from S1.04 to $1.06, borne aad 
industrial appliances organisa- 
tion White Consolidated 
Industries, up from 81.21 to 
S1.35. commercial printer R. R. 
Donnelly and Sons, ahead from 
58 cents to .67 cents and 
restaurant owner Gioo's 
Incorporated, up from 41 cents 
to 53 cents. 

Also for tbe second quarter. 


insurance group SL Paul Com- 
panies rose from $L52 to $1-80, 
the insurance and savings and 
Joan company EL F. Ahmanson 
advanced from $1.25 to 81.42, and 
process instrument maker Fox- 
boro Company expanded from 
$1.05 to $1.15. 

Further advances were re- 
ported by textiles company Field- 
crest Wlls, up from 81.10 to 
$L40, cement manufacturer 
Alpha Portland Industries, up 
from 69 cents to $1.28, Louisiana 
Land Exploration, up from 68 
cents to 72 cents, chemicals, and 
metals aad oil equipment manu- 
facturer NL Industries, up from 
57 cents to 68 cents. 

* At the six months level, 
advances in earnings per share 
were made by the diversified 
holding company Emhart Cor- 
poration, with earnings of $2.94 
compared with $2.47, the news- 
paper Washington Post, up from 
$1.83 to $2,97. drilling equipment 
manufacturer Smith Inter- 
national, ahead from $1.74 to. 
S2.55, AMF Incorporated, 'which! 
has interests in tbe leisure I 


industry, up from $L11 to 81.22, 
taps, pipe and wire manufacturer 
Masto -Corporation, ahead from 
SL03 to 81.18. car parts distribu- 
tor Genuine Parts Company, with 
a rise from 98 cents to SLU, and 
machinery manufacturer Signode 
Corporation, up from $2.67 to 
82.32. Moore McCormack Re- 
sources slipped from $2.64 to 
$2.03 at the six months level, 
but sees a rise in full year 
earnings. 

Other results include the 
diversified industrial company 
Norris Industries, down from 
SI .15 to $1.12 in the second 
quarter, medicines manufacturer 
G. D. Searle. with net income for 
the second quarter up from 
81367m to 81762m, and a first 
quarter loss from Holly Sugar of 
S410600 compared with a loss of 
$413*000 last time. 

Tbe gas utility Brooklyn 
Union Gas saw a fall in net 
income - for the third quarter 
from $1.4m to 8870,000, Mary- 
land Cup Corporation, the pack- 


NEW YORK, July 31, 

aging company, rose from $1.35 
a share to SL61 also in the third 
quarter, and medicines supplier 
Rjehardson-Merrell jumped from 
28 cents to 49 cents in the 
fourth quarter. 

Standard Brands Paint rose 
from 60 cents to 66 cents for 
the third quarter, Fischbach and 
Moore advanced from 84 cents 
to 92 cents for .the same period, 
Arvin Indus tries fell back from 
$1.36 to $1.08 for the second 
quarter, American Natural Re- 
sources advanced from $1.23 to 
$1.70 for the second quarter, and 
for the 10 months period 
Oklahoma Natural Gas slipped 
from $3.43 to $3.37. 

Four Canadian companies have 
reported results for the first six 
months; Husky Oil expanded 
from $1.96 to $2.03, GulT Canada 
edged downwards from CS2 to 
CSL92, Ashland OU Canada 
moved ahead from 87 cents to 
$1.60, and Bell Canada advanced 
from $2.59 to $3.03. 

Agencies 


AMERICAN QUARTERLIES 


Algernon Bank Nederland N.Y. 
.Vmsterda m-Rottcrdain Bonk N.Y* 
Arab Finance Corporation SAX, 
Banca Co nun or dole Italians 
Banco di Roma 

Bank of Bahrain and Kuwait B.S.C. 
Banqne dc I'lndochine et de Suez 
Banqne Intercontinenlale Arabe 
Caissc dcs Depots et Consignations 
Continental Illinois Limited 
Credit Lyonnais Da 


AI Saodi Banqne 


American Express Middle East Dendapmeot Company SAX. 


Arab Bank for Investment and Foreign Trade 
Tbe Arab Investment Company SAA. (Riyadh) 
Banca del Gottardo 

Bask GntzwiUer, Kurz, Bnngcncr (Overseas) limited 

Bank of Credit and Commerce International SA. 
Banqne de Paris ct des Pays-Bas 
Banqoc Internationale k Luxembourg S A." Bs 

"iTill Intwmtinnnl 


Arab Bank (Overseas) TJma*«t 
Ui) Arab-Malaysian Development Bank 

Banca Narionale del Lavoro 
Bank or America International T mi^r 
l, Banqne Bruxelles Lambert SA. 

Banqne Fraogaiseda Commerce Exterior 
Banqna Natioaalcdc Paris Banqne Worms 

Commerzbank AktiengeoeUscbaft 


Continental Illinois Limited County Bank limited Credit Commercial do France Credit LodnstridetCwnmerdal 

Credit Lyonnais Datax Europe N.V. Kdmtd Dans & Co. Bankfens Dfibnx, Bead Overseas Corporation 

DrcsdncrBankAktleagesrilsdiaiit European Banking Company limited ’FTnanrial Gronp ofKmrait Hambcre Bank Limited 

International Financial Advisors KJS.C. KnhnLoebI<-hman Brothers International EamdtShaarial Cadre SAJE. 

Kuwait International Finance Company SAX. ‘fRuCO" KmnH International Investment Co. sAk. Knuattlwcstment Comp an y (SA t) 

McLeod, Young, Weir International Limited MenriD Lynch International & Co, Morgan CrenTcB & Co. 

The National Bank of Kuwait SAJC NCB Bank AG, Zurich Tbe NIkko (Luxembourg) 5LA. Nomura Enropc N.V. 

J. Henry Schrader & Co. SA.L Scandinavian Ba nk lim ited Skandinaviska Enskilda Bankcn Smith Barney, Hams Upham & Co. Incorporate! 

Societc Arabe Internationale dc Banqne (SAJLBO Sodcte Ccntrale de Basque Sodete Generalo Societe Canale de Banqne SA. 

Snmitomo Finance International Svcnska Handekhanken Trade Development Bank London Brandi 

UBAN— Arab Japanese Finance Limited Union dc Baaques Arabcs etEnrogeeimes— ’ U-BAJS. Union McdherranecnDc de Banqoes 

UnlpnediBanche Arabe ed Europcc (llalm) &£ A. WestdemsebeLandednnkGirozentzale Wmiams Clyn & Co. Wood Gundy Limited 


AMERICAN STANDARD 

Second Quarter 1978 1917- 

S S 

Revenue 554.4m 453.5m 

Net profits 30.Om 22.8m 

Net per sbare... 2.14 1.42 

Six Month* 

Revenue l.OTbn 897.2m 

Net profits 56.4m 46.8m 

Net per share... 4.01 2.75 

BROWN IN G-FERRIS 

Third Quarter 1978 1977 


Reveoue 92.Sm 

Net profits 6.2m 

Net per share... 0.36 

Nine Months 

Revenue 261.Sm 

Net profits 16 . 1 m 

Net per share... 0.94 


230.3m 

12.7m 

0.74 


826.6m 

24.6m 

1.12 


CANADIAN INDUSTRIES 

Second Quarter 1918 1977 

5 S 

Revenue 229.9m 21 1.1m 

Net profits 15.1m 13.3m 

Net per share... 1.43 1.36 

Six Months 

Revenue 388.9m 360 -5m 

Net profits lS.4m 15.9m 

Net per share... 1.72 1.62 

CURTISS- WRIGHT CORF. j 

Second Quarter 1978 1977 

s s 

Revenue 83.1m S5.0m 

Net profits 4.4m 4.5m 

Net per sbare... 0-61 0.52 

Sis Months 

Revenue 153.6m 167 .3m 

Net profits -...i 7.7m S.8m 


HAKSCO 

Second Quarter 1978 ' ‘ 1977 

s s 

Revenue 208.6m 175.4m 

Net profits ...... 12.6m 10.9m 

Net per share... 1.31 1.13 

Six Months 

Revenue 390.1m 327.6m 

Net profits 20.7m 18.9m 

Net per share... - 2.15 1.86 

MACMILLAN BLOEDEL 

Second Quarter 191* 1977 

S S 

Revenue 500.6m 457.93m 

Net profits 24-2ra 16.4 m 

Net per share... 1.0S 0.73 

Six Months 

Revenue 959.1m 826.6m 

Net profits 41.1m 24.6m 

Net per share... 1.81 1.12 

MACKE 

Third Quarter 197* 1977 

$ s 

Revenue 59.2m 49.8m 

Net profits 1.3m 930,000 

Net per share... 0.42 0.31 

Mlno Months 

Revenue 169-9ra 146.8m 

Net profits 3.5m 2.8m 

Net per share... 1.16 0.94 

PEABODY INTERNATIONA L 

Third Quarter in* 1977 

5 

Revenue I4l.7m --108.3m 

Net profits 5.88m 4.65m 

Net per share... 0.72 0.59 

Mm Months 

Revenue 354.2m 284.6m 

Net profits 14.46m 11.72m 

Net per share... 1.78 1.50 


Community Reinsurance 
Corporation Limited 


The Company’s tmder- 

vmfmg arrangements with 

Arpel Underwriting Agencies 
-limited (a subsidiary of - 
Alexander Howden Group 

Limited) will be terminated 

by mutual agreement with 
effect 31st December, 1978. 

The Company is 
establishing its own agency 
far which its Managing 
Director, Mr. H. M.F. Barnes, 
will be responsible. 

Mr, Barnes will be resigning 
from tbe Boards ofAlexander 
Ha wden. Group Ltd. and 
various anbaidiariesto devote 


JnsihUizmatoiLfiiiCTZ 

agency. 

Tha Board of 

Community Reinsurah co - 
Corporation Ltd. is most 
appreciative of the support; 
received from Arp el Under- 
writing Agencies during the • 
five years since its formation. 
The close co-operation with 
companies in the Alexander 
' Howden Group will continue 
in.the future role of 
Community Reinsurance 
Corporation Ltd. as an 
indep en rien t xeinaureE. 


NOTICE 

To the holders of the Floating Rote London Dollar 
Certificates of Deposit due August, 1982 of: 

DOW BANKING CORPORATION 

198, Fenchurch street. London, JE.C-3 

We hereby certify that the rate of interest payable on the 
above-mentioned Certificates of Deposit for the Interest Period 
beginning on 2nd day of August. 1978, is 9* per cent, per annum 
and the Interest Payment Date relating thereto is , 2nd day of 
February, 1979. 

EUROPEAN BANKING COMPANY LIMITED 




V 




Financial ; Tiibes 'Tuesday^Aiigust ' i 1978 

~ — i- •• ; -. 



ATIONAL FINANCIAL AND COMPANY NEWS 



19 


'filer 


ink c 


. i* 
A if 




if' ■ 


Buehrmann 

Tetterode 

completes 

purchase 

By Charles Batchelor 

AMSTERDAM, July. 31. 
BUEHRMANN - TETTERODE 
i RT), the Dutch board and paper 
manufacturer, has completed the 
consolidation of its corrugated 
cardboard operations by purchas- 
es the remaining 50 per cent of 
Bchconaij Z. De Zeeuw. De 
iveu'r is- the holding company fot 
four corrugated card manufac- 
turers tn southern and eastern 
Holland. BT said it acquired the 
remaining shares in De Zeeuw 
r Vf undisclosed sum in cash 
after busing the initial 50 per 
cent in 1973. * 

The four companies involved 
are uolfkarlonfabriek Z. De 
Zecuw; Golfkartonfabriek Bra- 
■*antia; Golfkarton En Kartan- 
nayefabriek Z. De Zeeuw and 
50 per cent of Nederlandse Pillo 
I*ak. 

. Pillo Pak was. originally a 
joint venture between BT and 
Do Zeeuw. These companies have 
an annual turnover of FI 130m 
($54m) and employ SOQ. 

BTs paper, cardboard and 
packn^inq interests accounted for 
nearly 35 per cent of the com- 
pany’s 1977 sales of FI 1.56bn 
iSTOOm). 

Its other activities are graphic 
paper, toys, office and prioting 
machinery and publishing. 


Leading Saar steelmaker 
records worst-ever loss 


BY GUY HAWTIN 


FRANKFURT, July 3L 


Union Bank purchase 

The Union Bank of Switzerland 
win become a shareholder In 
Euro-Latinamerican Bank 

(EULABANK). taking a parti- 
cipation of $ 1.1 m to give it the 
same shareholding as the other 
European shareholders, our 
financial staff writes. At the 
same time the authorised capital 
will be increased by half to 
around $34m. 

A 1-24 bonus issue will also 
he made to all shareholders. 


STAHLWERKE Boechling- operations were hard-hit by the months of 1977, while cash turu- 
gurhach, toe leading steel con- downturn in power station con- over Tell by 3.5 per cent. Crude 
Eff? i n recession-hit Saar- strudion. As usual the special steel output for- the whole of 
« «P Qr ? e d 1977 steels sector did’ hotter. 1977 dropped by 9.8 per- cent to 

Tht hls£ 2 I 7‘ Utilisation of capacity was 2.26m tonnes, while the con- 

Sie SilTTiVai fiiHhiif jR limited to just over 50 per cent, cern’s turnover fell from 

MrnL™ C calling for drastic measures by DM1.91bn to DmL75bn. 

nnror!i^n aJ T«^ n t>^ atl n,o« tl,ey are ’ lile STOW- The entire Burbach Crude iron production was the 
no I! HiIIISki m entt steelworks was shut down and mast deeply affected by the drop 

^ t0U1 ’ should remain in inolh balls until m demani falling 12.6 per cent 
parable period of I 9 77 . 1980. There has also been a from 1976’s LS 5 m tonnes to 

Recflimg-Burbach s blackest heavy run-down in the labour L62m tonnes— the lowest level of 

force, which from the start of output in 15 years. Rolled steel 
DBJ • -11.8m (S 102.9m J. .The 1975 lb the enff of the first half production dropped by 11 per 
flmzres.-are. made- even more of 197S has been slashed by 25 cent from 1.9m tonnes to L7m 
gnin by the fact that they follow per cent. tonnes. Capital Investment in 

5°i2S*LJ e9r 5 ? f » he J aV 7 ?J°«« es - Tie reduction: in personnel in 1977 totalled DM 37.1m against a 
“.i 08868 flailed DM 9-m. ihe Saarland - " has been far depreciation figure of PM 135.2m. 
?£i r ° e * ore they Steeper than the national aver- Along with its fellow steel- 
readied DM Usm. age. p or ihe. Federal Republic, maker in the Saarland Netrn- 

The losses-^-describcd by the excluding Saar, the decrease kircber Eisenwerke, Roeehling- 
concern’s chief executive. Dr. has been only in the region of 10 Burbach is to be absorbed by the 
Juergen Krackow, as “cat astro- per cent. Luxembourg steel group ArbecL 

plilc results"— stemmed mainly In the first half of 197S crude as part of a massive rationalise 
from the mass steel and the pro- steel production was 7.1 per cent tion of the steel industry within 
cessing sectors where forging below the levels Df the first six the Saarland. 

Dresdner credit growth slows 


BY OUR OWN CORRESPONDENT 


FRANKFURT, July 3L 


DRESDNER BANK. West year, more than a quarter of the while the balance sheet total 
Germany's . second- largest com- bank’s total, advances were to slid from DM 62.07bn" to 
mercial hank, reports a sluggish private customers. There was a DM 61.17bn (S30bn). 
uptake of credit in the first six slight decrease in savings The bank was “well satisfied” 
months of the year. Although deposits but this was largely with shares and securities busi- 
demand from private customers attributable to savers switching ness add the issues business In 
was lively, industry has held its to hi ghee interest bearing the first half had also done well, 
requirements within very narrow methods. Inflows into savings Commission earnings were up. 
limits 1 . . . 1 certificates.' for instance, was up from DM'213m in toe final half 

In a circular to shareholders by DM 500m, or nearly a third, of 1977 to. DM 218m. 
to-day. the bank’s management to DM 23bn. -- The bank’s international busi- 

state that credit volume in the Customers deposits fell back nes, including the activities of 
first six months rose by only by DM 5bn to DM 35bn. This its subsidiaries and branches 
DM L 6 bn to. DM 45.9bn (S23bn) was largely a' result of a DM overseas, have shown “overpro- 
Tnterest earnings, however, in- 4Jbn reduction'in time deposits, portional growth.” At the same 
creased by 7 per cent' — or However, business volume of the time Dresdneris operations in 
DM 51m — on a six-monthly parent hank dropped back from the money, foreign exchange and 
average for; 1977!.. DM 63.17bn to DM 62B3bn in precious metals markets cbn- 

At the half way mark this toe first six months of 1978, tlnue to be most satisfactory 


IMF sees 
continued 
favourable 
loan terms 

WASHINGTON, July 31. 
THE RELATIVELY easy condi- 
tions in international financial 
markets are likely to continue 
this year, says the IMF in its 
fortnightly publication Survey 
This should “allow access by 
even non-prime borrowers to 
relatively favourable financing 
terms." 

The IMF points out that the 
rapid growth in international 
lending slowed sharply in 1977, 
and while flows were marginally 
higher in nominal terms— SlOObn 
compared with $96bn in 1976 — 
real volume declined by 4 to 5 
percent 

Private international Rows this 
year are likely to continue at 
levels similar to or above last 
year, when net new international 
hank lending totalled about 
$75bn and net new bond issuing 
S30bn, less $5bn for estimates of 
double counting due to banks 
holdings of bonds. 

The distribution: this year 
between bond and bank borrow- 
ings will depend largely on toe 
rentials between short and 
long term interest rates, particu- 
larly In the U.S.. and on whether 
expectations for the dollar’s 
exchange rate will improve. 

International banking markets 
will probably remain liquid with 
continuing pressure to ease lend- 
ing terms, says the IMF. 

“ Such pressure may be re- 
flected in a further lengthening 
of maturities rather than a de- 
cline in interest spreads.” 
Several banks have suggested to 
the fund that a further erosion 
in spreads would “virtually eli- 
minate ” profitability from inter- 
national lending. 

Preliminary data for the first 
fivti months of this year- show 
foreign- .bond issues to be run- 
ning at an annual rate of 820bn, 
which is 40 per cent up on 1977. 
Agencies 


STRAIGHTS 

Aitkin Australia Sine 1889 

AMBV spc 1SS7 

Australia Slpc 1902 

Australian M. A 8. 9{pe *91 
KarL-tap* Rank B}pc 1993 .. 

Knuali-r 91 pc 1993 

■ ‘.in. N. Railway Slw 1888 
i.Trilit National RJPc 1SSE .. 

Denmark Sim.- 1984 

Kirs 9 pc 1903 

F.l?S s;pc 1097 .... . 

Kit*. S.’pt! 199? 

K.M1 <*;pe I9S3 

Eru-tson Slpc I0f® . 
KhM S»pe IBS* Nor. 
ill. Lnkr« Paper Pipe 1984 

1I.wipisI«t Mpc 1992 

Iljriro Quebec Spc 1992 ... 

U.'l Slpc I9K7 

1SK Cimada »*pi- imi . ..." 
Macmillan Biorst.-I Soc 1892 
Mas«.-y Fnrsuson fl!pc VI 

r.lirhelin nipe 1IKS 

Midland Ini Fin. Slpc VI 
N.nwmal Cnal Gd. Spc 19S7 
Not IOI till WsMitMtr. Hoe 'M 
Mail. Wslmosir Spc ‘W ;D' 
t> loundfiind Bpr IBS# 
\orrtir Inv. Bink filPC 1889 
Niir^fS Kntn Wt. 51 pr 19K 
Ntifnipi: iaa .. 

7s. it si: lly.lm S’pc 1«K 

■icki !»TH‘ 19N5 

I ‘sin* Aotonomes 5nc WBi 
IToi i’u. Iks: Bill 1SSU 
lTnv saska’rhirn hlpc 
Itiv'l Ini. rnalional 8nc J9S7 

kiim , *t«- 

I.-, imii Tru-vl Sim - 18W . 
MicH iml. Hn Mnc 199D. . 

• I inri Knsfcilda Spc 1881 
'•I'K s|V 11ST 

r iKMnnis nine 18V7 


BM 

B7t 
851 - 
S3 


Offer 

asf 

98 

931 


SELECTED EURODOLLAR BOND PRICES 
MIDWAY INDICATIONS 


95 

95| 


BM 

Offer 


Bid 

Offer 

97} 

98 

United Biscuits 9pc 1999 ._ 

98 

9SJ 

eib ejpc ions 

901 

973 

95 

95} 

Volvo 8pc 1987 Uircb 

93} 

94 

EIB 9JPC 1992 

Kt* 

94* 

95} 

BA ■ 




Finance for Ind. 91nc 19S7 

91} 

92} 

98} 

99 

NOTES 



Fmaiuv for Ind. lOpc 1959 

34 

93 

98} 

99 

-Australis 7*p<- im 

Kt* 

94} 

FKons IDlnc 1987 ... 

97; 

98} 

93} 

94 

Bell Canada 7!pc 1987 . . . 


>71 

tl. -Icincr tips IMS 

92 

93 

Sfi 

96* 

Br. Columbia Hyd. 7|pc ‘SS 

9::i 

941 

ISA lOju.- 19S8 

Mi 

93} 

98} 

. 99 

Can. Pac. Sloe 198* . . 

as 

ss; 

Ruvmtn’e IWpc I9SS 

90 

91 

98i 

973 

Dow Chemical Spe USB ... 

SU} 

■ 9S 

5c:ir>. 101 pc 1088 

92 

91 

99* 

UM 

ECS 7ipe 1932 L- ... 

•h: 

9 M 

Tet.il uii »:pc as* 

901 

911 

97} 

99} 

Ers-sipc 12» .._L—'.. 

94 

94: 




Hffl} 

mi* 

EEC 7Jpc 1982 

9il 

9ii 

DM BONDS 



96 

961 

EEC 7£pc 1384 .. 

94 

941 

Asian Dcr. Bank 31 pc JDS5 

92* 

91* 

93} 

9H} 

Eft so Gntxrit Fine ise* — 

96 

WJ 

BNDE 6»C 39SJ 

w; 

95; 

Ifcih 

194 

Couvcrkcn j;po 1982 . .. . 

94} 

93 

Caiuda 4 {pc I9£i . . 

bb; 

97Z 

96} 

97 

Kockums 8pc 1952 

AM 

97 

D--ii Nonbc id. Bt. ope '99 

97 S 

9S1 

98* 

99} 

MU holm S4 bc JftC ;i». . 

?s', 

991 

D. ntsche Bant 4Jpc I9S3 ... 

9i! 

9 &; 

lflOi 

mn 

Monirpai Urban s!pc 1881 - 

Ml 

100 

Ei s am: non 

w>:. 

91} 

95 

931 

Xew Bnmsu kfc Spc 19W ?j - 

97 

97; 

EIB S’nr 1990 

y#t 

911 

■ 92* 

93* 

Ktw Bruns. PtBv. S?pi* "83 

V* . 


Ulf AQUitaim. aipc IMS . . 

93 

94 


mu 

New Zealand s'»p 1IH6 ™ 

'931 

94 

r.nraiom ;.;pi- issr 


W! 

m; 

]»1} 

Nnrdlr lirr. BV. 7»c IMA- 

93 ; 

31 

Ktnland Slpc imk 

93 

94 

w; 

TOO j 



. *'■ 

i-pmnarks .Mpc 199# 

91 

91 

■*i #- 

: -' ,; 97 

•norwar npr istf ■ •/.' 


«t; 

>*BC 19S3 : r • . . 

94 ■ 

■ .93 

95 

sa: 

Ontario Hydro Spc 19S7,' . 

. h;>. 


i\nr<vm j;p«- im* 

98 

AM 

9.1 


Sinner Sfpc IfkSS 

noi 

ion ; 

Xtirnvijr 4,'m I9ia 

97 

97; 

94J 

B5i 

S. of Scot. Eler. sipc l»i 


. 9s: 

. Nor.i ar 4:p.- 198.1 

Ml 

94. 

100 

]«{ 

Sweden iK'demt 7}pr 19S2 


93} 

PK Kaniu-it r.Jm* ims ... .. 

»-■; 

91| 

97 

97} 

Swedish ship re. lix V2 

93 

pa. 

W«" c «pc I9?n M 

9"i 

. 99 

93 

93} 

To toes Mpc *9S4 .. _. . 

39 

9P.' 

Kaiiurnutki s.’pc IMS .. .. 


94 

97} 

9S 

TermiTO. 7jpr 1987 May 

91} 

*n 

Spain Cr>L 19SS 

ii4: 

33* 

92 

94 

Volkswaceti 7|pc 1937 ...... 

944 

-95} 

Tpiralhrim Slpc 

9:.: 

M 

93 

93} 

■!:“ ■ 


v 

TVO Power Co Pm 19S8 ... 

91 

93*. 

90} 

911 

STERLmC BONDS 



WrvTiiela .-.pc 19SS 

93} 

941 

95} 

96 

AUled Breweries 19‘pe ‘90 


.90} 

World Bank slpc 1390 

94* 

951 

9fi 

Mi 

UMcom I Ope IBM ■ ■■ 

92 J 

• 93} 




9! 

911 

Cbnrl-iiHds 91pc 1BS9 . ... 

S3' 

tu» 

FLOATING RATE NOTES 


— 

W 

95 

.Ers rune i9sa 

94' 

.. PV 

Bank of Tnkro LM4 S!pc 

« 

SIP 


BFCB 1984 8hH? 

BNP 1983 81 mpc 

BQE Woons .1983 Spc 

CCF 19B5 Sine _ 

Chase Manhnu. VS S&kpc 

Credits nsl alt 1384 Slpc 

DC Bank 1933 Spc 

GZB 1951 81 mk 

InU. West minster 1984 Spc 

Uoytis 1983 SI5MPC 

LTCB 1BS3 Spe 

Midland Int. FS 87 S9t 4 pc 
Midland 1st. FS *3 97 W pc 
Nat. Westmmstr. '31* 95upc 

OKB 1983 SJpc 

SNCF ISM 9&16PC 

Stand, and Churd. ■« Six 


Bid 

981 

991 

972 

98} 

981 

981 

891 

»i 

99} 

99} 

99} 

98} 

981 

931 

99} 

99} 

95} 


(Mar 

8 H 

XtHtt 

W} 

9U 

98} 

991 

18M 

199i 

m 
100 . 
Ml 
Ml 
Ml 
991 
1 B 0 ' 
991 
.M} 


Source: White Weld Securities. 
CONVERTIBLES 

Amen can Express 4Jpc *87 Blj 83 

.Ashland Spc 19SS 101} 

Babcock & Wilcox Cltv V7 Il< 115 
Beaa-iCB Foods 4lpc 1993 87 ' 98! 

Bca:ncc Foods 4Jpc 1992— 108} 110 

He. chant fiipe 1992 ... lOfl 197 

Borden 5p-.- !»3 08} 1M 

Rraadvay Bate Mpc 1987 . 75} 77 

Carnation 4pc 19<»7 . .. 73} 80 

Chevron Spc 19SS ..~ ... Uli . 133 

Dan 4:t>c ran - su sa 

Eastman Kodak 4}pr IMS 94} S6 

Econotnii' Lata. -Upc 1987 77} 3 

firestone 3pc 1938 79* SI 

Ford 39c IMS S5 

General Elemie Aipc 1887 . 82 S3- 

Ginetre line 19S7 77 78} 

Gonld spe 1987 .. m 119- 


Bid Offer 

Gulf and Western Spc 1B88 86} 88 

Harris 5pe IMS'. 195 -197 

HoncyweU Spc 1998 97* 89 

1 C1 fllpc 1992 91} 92} 

INA SPC 1997 97 98! 

Inchcxpe 81 dc 1933 - lift 1084 

ITT 41pc 1987 75} 80 

Josco Spc 1992 122 123 

Komatsu 71 pc 1990 138} 138: 

J. Hay McDermott Aipc *87 148 130 

Mmnshlia 6{pc 1990 193 194! 

Ml ISO] 7ipc 1999 140} 141} 

J. P. Morgan 4}pc 1987 99 1005 

Nabisco aipc 1998 ..._ IDS 104] 

Owens Illinois 44 pc 1987 ... 121} 123 

J. C. Penney 4ipc 1987 ... 73* 77 

Revlon 4}pc I9S7 1274 129 

RettwMk Metals 5pc 1988. _ 85} SI 

Sandvik «pc 1988 113 115 

Sperry Rand 4!pc 1987 98} 98 

Squibb 4* PC 1997 84} 86 

. Texaco 4! pc 1985 :. 78} 80 

Toshiba **pc 1992 130 140 

TJ- Co. Spc 1984 77 785 

TT CO. 8!PC 1983 ... . ... 102 103 

Union Carbide 4 Spc 1982 . 91* 93- 

worncr Lambert 4*pc 1987 61 623 

Warner Lambert 4}pc isss 774 79 

Xerox 5PC 1988 77* 79 

Source: Kidder. Peabody Secunilt*. 



increase in profits 
from Source Perrier 


BY DAVID CURRY 

A SHARP increase in profits is 
announced by French drinks 
group Source Perrier, together 
with details of an acquisition. 

Profits after tax for the six 
months to February are more 
than a fifth higher at FFr 12.56m 
compared with FFr 10.34m for 
the opening six months oF 1976- 
1977. For the whole of that year 
Perrier returned a net.FFr29.7m. 

Perrier, whose overseas expan- 
sion has been rapid since it 
decided to concentrate on its 
traditional mineral water busi- 
ness, has bought a majority stake 
in a manufacturer of glass pack- 
aging materials. The purchase of 
more than 122,000 shares in 
Societe de Verreries du Puys-de- 
Domo takes Perrier's stake from 
38 per cent, acquired almost two 
years ago, to 73 per cent 

Perrier's policy is to increase 
its packaging capacity to meet 
the needs of its export market. 
It envisages doubling the capa- 


city of its Vergeze plant with the 
same object in view. 

The seller is Brasseries et 
Glacieres Internationales (BGI), 
which retains 10 per cent in the 
packaging concern and which will 
show a large capital gain on the 
transaction. 

It is thought that BGI disposed 
of its shareholding in order to 
partly raise money for the 
recovery programme of its sub- 
sidiary, Union de Brasseries, 
which lost FFr 27m last year. 
BGI and Credit Commercial dc 
France have advanced FFr 15m 
interesr free to the subsdiary, 
and BGI is intending to provide 
a further FFr 30m on a 12-years 
maturity. 

Perriers is currently riding 
high on the success of its sales 
drive for gasified mineral water 
in the U.S-, where it is favoured 
by the strong trend towards less 
alcobolic and colourless drinks. 
At toe end of last year it finally 


PARIS, July 3L 

managed to sell its dairy off- 
shoot Preval, making toe decision 
to give priority to its drinks 
interest. 

Remaining shareholders in the 
packaging company have until 
August 22 to tender their shares 
for purchase by Perrier at 
FFr 136 per share. 

• Duceliler Bendix Lockheed 
Air-Equipement (DBA), makers 
of electrical components for toe 
auto and aviation industries, 
reports a net loss of FFr 16.6m 
for toe first six months of the 
year ending August 31. compared 
with u net profit of FFr 42im a 
year ago. Turnover in the half- 
year amounted to FFr S44m, a 
decline of 5.7 per cent. 

DBA. in which Bendix Corpora- 
tion of toe U.S. has a 51 per cent 
interest, said the setback was due 
to he general decline in activity 
observed in the industry since 
last summer and the exception- 
ally high level of sales last year. 


Study shows two Dutch 
banks dominate market 

BY OUR OWN CORRESPONDENT AMSTERDAM, July 31. 


TWO major Dutch banks, 
Amsterdam -Rotter dam Bank and 
Algemene Bank Nederland, 
dominate toe new issue market 
to the detriment of industry, 
according to a leading Dutch 
academic. 

AMRO and ABN, together with 
their merchant banking subsi- 
diaries, Pierson. Heidring en 
Pierson and Bank Mees en Hope, 
have a “ monopoly-like ” position 
in the flotation of new com- 
panies and the issue of shares 
by already-quoted companies, 
writes Professor M, P. Ga ns in a 


study in toe magazine “ Economic 
Statistical Reports." Professor 
Gans is professor of company 
finan cing at the Management 
Studies Institute in Delft. 

Bank mergers have led to a 
situation with “strong mono- 
polistic charateristics ” in these 
particular aspects of toe backs' 
activities. The number of com- 
panies which seek a stock 
exchange listing and the number 
of share issues bave declined 
dramatically in recent years. Low 
profits and consequent low share 
prices “ are not a sufficient 
explanation of tins." 


Elsevier 
expands in 
Germany 


By Our Own Correspondent 
AMSTERDAM. July 31. 
ELSEVIER, the Dutch publish- 
ing group. has acquired 
Iogenieur Digest Vcrlag oF 
Frankfurt as part of its expan- 
sion into West Germany. 1. D. 
Verlag publishes four technical 
magazines and a number of 
annual publications. It has turn- 
over of DM 4m ($2m) and a staff 
of 24. 

Elsevier is maintaining con- 
tacts with other German pub- 
lishers aimed at possible further 
acquisitions. Mr. H. J. Stoel, 
manager of the magazines divi- 
sion said. 


EUROBONDS 


Active trading in Japanese convertibles 


BY FRANCIS GHIL£S 

THE BOND markets were very 
quiet yesterday, with prices firm 
in thin trading. Among the 
recently priced floaters. Standard 
and Chartered, after opening at 
98i--i fell to 97?-8 but recovered 
later to close at 972-8J. 

The Deutsche Mark sector was 
described as “listless" by one 
dealer. Prices moved up a shade 
—and on toe domestic market 
the Bundesbank bought about 
DM £0m worth of bonds, far 
below last week's daily averase. 


Japanese convertibles were 
traded far more actively than 
other bonds. 

Cedel. toe Eurobonds clearing 
System will from today provide 
custody and clearance services 
for fixed and floating rate London 
dollar tranche certificates of 
deposit. Fees payable by partici- 
pants will be the same as for 
the settlement of trades and safe 
custody for Eurobonds. 

O The German Government is 
considering toe possibility of 
making a tender offer of medium- 


terra Federal notes, Kassenobli- 
gationen. this week, according to 
Finance Ministry sources, reports 
Reuter from Bonn. 

A three or four year maturity 
has been under consideration 
today. 

The offer would he an alterna- 
tive form of fund raising to the 
Federal loan issue which was 
planned for toe start of August, 
but which has now been post- 
poned because of toe market 
situation. 


?«.' i 


.‘.This advertisement appears as a matter of record only. 



Yacimientos Petroliferos 



U.S. $250,000,000 

Medium T erm Loan 

... guaranteed by 

The Republic of Argentina 

.Managed by. - - - • - 

Bank of Montreal - The Bank of Nwa Scoria Group The Bank of Tokyo, Ltd. 

Bankers Trust International Limited Chemical Bank International Limited 

Manufacturers Hanover l imit ed Morgan Guaranty Trust Company of New York 
United California Bank Wells JFargo Bank NJL Westdeutsche Landesbank Giroreatrale 

provided by 

Bank of Montreal The Bank of Nora Scotia International Limited The Bank of Tokyo, Ltd. 

Bankers Trust Company Chemical Bank Manufacturers Hanover Trust Company 
Mbroan Lluarantv Trost Company of New York • United California Bank Wells Fargo Bank N. A. 

WWLB Iatermtional S A- Banco dc la Nation Argentina .Yctr York Branch Canadian Imperial Bank of Commerce 

The Mercantile Bank of Canada. Security Pacific Bank The First National Bank of Chicago 

The Rink of Yokohama Limited Hie Fidelity Bank The Fuji Bank, Limited Girard Bank 

;n , vwchTntcnutioftai Bank Inc. -The MitsaHBanfc, Limited The Sumitomo Trust and Banting Co., Limired 
f-'i Bank Ltd Y crl'iwM Toronto Dominion Bank Bar.quc Nationals de Paris European Arab Bank 
1 ’ K , Ra nkOnWh N.V. Midland Bank Limttad The Sahara Bank, Ltd. The Mitsubishi Bank Limited 

^ ^ Nippon Credit Bank, Ltd. Associated Japanese Bank (International) Limhcd 

Banque Fran^'se du Commerce Exierictir The ChuD T rust and Banking Co., Ltd. 
tionalc Gcnossenschaftsbank AG The Mitsui Trust and Banting Company Limited 
I « i. V America Ymuit. Bak*** Provindnl Bank of Canada (International) Limned Xtiumr, Bahanuts 

** p The Taiyo Kobe Bank Ltd. The Toy o Trust* Banting Co., Ltd. 

The Ymufa Trust A Banking Co., Ltd. .V« York Brunch Banque Canadknne Narionalc (Bahamas) Limited 
Daivva Bank Treat Company . The Mitsubishi Trust and Banking Corporation 
' Ns Jcilandstfic A liddcastirndsbank N.V, Union dc Banqucs Amba « Franpus« - UB.A.F, 

May, 197S - . . 




ML THiSESsnATESKAVNS BEEN SOU], IMS AAftOtMCEMNT APPEARS ASiBMATTtfl OF RECORD CMLV 


U.S. 8150,000,000 

CHASE MANHATTAN OVERSEAS BANKING 


FLOATING RATE NOTES DUE 1 993 

UnconditionaBy and irrevocably guaranteed by 

THE CHASE MANHATTAN CORPORATION 


CHASE MANHATTAN 
Limited 


ORION BANK 
Limited 


KUHN LOEB LEHMAN BROTHERS INTERNATIONAL 


CREDIT SUISSE WHITE WELD 
Limited 

SALOMON BROTHERS INTERNATIONAL 
Limited 


ABU OH AS INVESTMENT COMPANY 
ANOBJSaANKEN AS DANEEAWK 


ALGEMENE BANK NEDERLAND N.V. 

ANOHESENS bank as 

BANC A COMM ERD ALE tTAUANA 


AMEX BANK 
Umea 


AM5TERDAM-B0TTERDAM BANK N.V. 
ARAB BANK [OVERSEAS] LTD. 
BANCA DEL GOTTAHDO BANCA DELLA SVIZZERA ITAL1ANA 


THE ARAB AND MORGAN GRENFELL FffJANCc COMPANY 
lumped 

BANCA NAZlOf JALE DEL LAVORO BANCO 01 ROMA BANCO URQLBJO HtSPAND ANEWCANO BANK JUUUS BAER INTERNATIONAL 

i Umted Limed 

BANK LEU INTERNATIONAL LTD. BANK N£ES & HOPE NV EIANK OF AMERCA INTERNATIONAL THE BAN}.' OF BERMUDA, BANK OF HaSNKJ LTD. 

Limed Limed 

THE BANK OF TOKYO IHOLLLTJD] N.V. BANOE ARABE ET INTERNATIONALE DTNVESTISSEMB-T [3 ALL] BANGLE BRUXEL LE S LAMBERT S.A. 


BAMGUE DE COMfjffiRCE S A. 

BANOUE OE PARS ET DE5 PAYS-BAS 
BANOUE INTERNA TlOi'JALc A LUXEMBOURG S A. 


BANOUE DE L'INDOCHBvJE ET DE SUEZ 
EA14QUE FRAICAI5E DU CON^-IERCE EXTEWEUR 
BANOUE NATIONALS DE PARIS 


BANOUE OE L'UNION EUFIOP&NNE 
BANOUE GcNEFiALE DU LUXENSOI^G SA 
BANOUE ROTHSCHWLD BA1SOUEWOFMS 


BARCLAYS BANK INTEFlNATiONA!. 
Urrttea 

JOH. BEFJENSERG, DOSSIER S CO. 


BAyEPiSCHE LATJOESEAJ C-iflOZeNTRALE 


EARING SPOT HERS S CD.. 

Limed 

BERGEN BANK BERLINER HANDELS- UNO FRANKFURTER SANK 


BATEHBCHE VERBNSBANK 


CASSE CENTRA LE QES BAIiOUES POPLIL4IRES 


CAiSSE C€S D&OTS ET CONSIGNATIONS 


BLYTH EASTMAN DILLON & CO. 
International United 

CAISSE NATTONALE DE CREDIT AGRtCOLE 


CAZENOVE & CO. CEJ'JTRALE RABOBANK CHRISTIANIA BANK OG KREDITKASSE CrTICDW> IFJTEnrJATOilAL GROUP CLAHH3EN BAKBC COMMERZBANK 

Aktiengaee fccha ft 

COWPAGME MONEGASQUE □£ BANOUE CONTINENTAL KAHMOE COP04HAGEN HANOELSBAT-U-; COUNT/ BAT4K CFEOHANSTALT-BANKVffEN 

Limed . . Limited 

CflCDJT COMMERCIAL OE FRAT4CE CREDlTDUNOnD CREDfr WOUSTREL D'ALSACE FT DE LORRAINE CREDIT INDUSTRIE FT KIMMEFCWL 


CRfijtr LYONNAB CREDITOR TAUANO DAI- 09. KANG YO BANK NSIEFLANO N.V. - DAIWA EUROPE N.V. 

OSM OANBKE PROVtNSBANK ATS OEN NQRSKECREOT BANK 
DILLON. HEAD OVERSEAS CORPORATION 


DEN DANSKE BANK - 
al 1871 AtiEsdsLab 

DEUTSCHE GROZENTRALE 03 BANK 

-DeuLsdie Kormnabam- Deutsche Genossenschaftsbanlc 

DRESDNER BANK EUROMO0L1ARE S.PJX. EUROPEATJ BANKING COMPANY FIRST BOSTON [EUROPE] 

AkiiertfeaetecLBft Limited brrataf 

FIRST CHICAGO ROBERT FUMNG & CO. GB^OSSBSISCHAFTUC>« ZENTRALBANK AG GROZENTRALE UNO BANK DER OSTERFECHtSCHBsl SPARKASSEN 
Omed Limed Vctma AltengeseBscheft 

GOLDMAN SACHS INTERNATIONAL CORP. GflOUraMENr DES BANOLflffE POVfe GENEVOS HAf«4BPOS BATJK HANDaSBANK N W. [OVERSEAS] 

Limed Limed 

HESSSCHE LANOeSSANK HAJL SAMUEL & CO. E. F. HUTTON INTERNATIONAL N.V. IBJ INTERNATIONAL ETUUTO BANCARO SAN PAOLO Di TOF4NO 
— Grozerttrate— Limed Limed 

KANSALL&OSAKE-PANKK 1 KCHDER. PEASDOY WTEFNATTONAL KLENWOFTT, BENSON KRSJETHANK* N V. yREDETBANK S.A. LLKEM 80 UKS 0 BE 

Limed Lmted 

KUWAIT FOREIGN TRADING, CONTRACTING £ INVESTMENT CO. [5 A.K.] KUWAIT INTERNATIONAL INVESTMENT CO. S.A.K. 


KUWAIT IWESTT^TT COlWANY [S.A.K.J 


LAZARD BROTHERS & CO., 
Limed 

MERRttJ. LYNCH INTBTNATIDf^AL & CO. 


LA 2 AR 0 FRERES £ OE 


MANUFACTURERS HANOVER 
' bflKfifl ‘ 

MORGAN GRENFELL & CO. MORGAN STANLEY BVrERNATTONAL 

Lffttcd United 

TVC NATOWL CCWMB^ClAL BANK NHKRLATiXStME MTODOTSTAMDSBANK N.V. 


LLOYDS BANK INTERNATIONAL LTCB ASIA 
Limited Unwed 

MITSUBISHI BANK. [EUROPE] S A SAMUB. MONTAGU &.CO. 


Umed 

THE NATIONAL BANK OF KUWAIT SA.K. 


THE NBCKQ [LUXSVBOURG] S A. 


NPPON EOFOPEAN BANK SA. 


NATIONAL BANK OF ABU DHABI 

fCDEPLANDSE CREOETBANK N.V., 
SAL OPPENHEIM JFL BCE. 


NOMURA EUROPE N.V. 




OHONPACFC 
Lmted 

PERSON. H9L0RNG fi PERSON N.V. POSTlPANKKI PRIVATBANKEN ROTHSCHILD BATK AG N. M. ROTWSOflLD B SONS 

Alcwsetefcati. Umalimiad 

SANWA BANK [UMDEfiWFaTSS] THE SAUDI INVESTAENT BANKWG CORRORATtON - SCANDINAVIAN BANK J. HENRY SCHRODER WAGG fi. CO. 

United . Limed Unwed 

SKANDINfiVSCA EKSKILDA'BAWKEN ' SMTH BARNEY’. HAWK UPHAM & CO. SOOETE BANCAK BARCLAYS [SUISSE] SA. SOdEic GENcRALE 

Incorporated 

S0C5l£ CENSTALE OE BANOUE S.A. SPARSAf JKERNAS BANK STRAUSS. TURNBULL & CO. SUMITOMO RTJANCE INTHWATONAL 

SL9J HUNG KAJ INTS^JATlONAL ' SVOVSKA HAMiaSBANKEN SWISS BANK COFPQRATION [OVffSEAS] TRADE DEVELQPR®VT BANK, 

Unted Limed London Branch 

tankaus s burkhardt ls-ton bank of Finland, ltd. umon debanole arabes et franchises - us a.f. united chase mschant bankers 

Umed 

LNTH3 QV^SEAS BANK UMITEO VSCAND SCHWElZBflSCHffl KANTQNAL BANKEN VEFIEiPJS- UNO VJESTBANK J. VONTOBEL & CO. 

Sngapore Ak&engescfechBtt 

S. G. WARBURG & CO. LTD.. WAKDLEY WESTDEUTSCHE LAMDKSANK VWJL1AMS GLYN & CO. WOOD GUNDY YAMWOfl ffiTERNATONAL [EUROPE] 
- Lmted Gmuencraie Limed Umed 

: • ; • JULY. 1S7B 


r; • • 4-. 



20 


Financial Times Tuesday August 1 1978 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Sime gets 
ultimatum 
aver loan 
details 

THE KUALA LUMPUR Stock 
Exchange has given Sime Darby 
Holdings until August 4 to pro- 
vide details on its proposed 
$475m loan issues or face disci- 
plinary action. Reuter reports 
from Kuala Lumpur. 

In a letter to Sime released to 
the public, the exchange advised 
Sime to furnish immediately 
details of the balance of the loan 
of S400m. together with the terms 
of repayment, security pledged, 
and interest rate of the con- 
sortium loan of S475m. 

• Banking sources in Kuala 
Lumpur have reported the fol- 
lowing terms for the loan, writes 
our financial staff. Of the Singa- 
pore portion S150m is at a 
floating rate carrying interest at 
i per cent above prime rate — 
currently 7 per cent — for three 
years and at l per cent above for 
the remaining five. 

Interest on the S75m fixed rate 
tranche is put at S.375 per cent, 
as is that on the 75m ringgits 
Malaysian portion. 

The remaining 175m ringgits 
portion carries interest at 3 per 
cent above Malaysian prime, 
currently 7} per cent for the 
first six years and at i per cent 
above for the remaining two. 

Sime has said that a S$75m 
loan redemption . apart, one 
specific area in which the funds 
would be employed was property 
development 


Setback in earnings and 
turnover for Mitsui 


BY YOK.O SHIBATA 

MITSUI and Co. suffered set- 
backs in consolidated sales and 
profits for the fiscal year ended 
March. Sales totalled Y737 tril- 
lion (million million), equivalent 
to $4bn^ down 5.5 per cent from 
the 1976-77 level, while net 
profits declined substantially 
more sharply, by 41 per cent to 
Y5.01bo (S25.7m.>. 

In spite of the. substantial fall 
in imports and domestic sales, 
Mitsui's exports were maintained 
at the previous year's level at 
Y1.65 trillion, supported by 
favourable sales of machinery, 
and in particular of chemical 
plant exports, which offset the 


negative effects of the yen's 
appreciation on other exports. 

Reflecting dull domestic de- 
mands for industrial supply and 
capital equipment, imports de- 
clined by 6.2 per cent to Y1.53 
trillion. However, shipments of 
liquefied natural gas and liquid 
petroleum gas from Mitsui's 
joint venture at Das Island in 
the United Arab Emirates, in- 
creased gas imports. Domestic 
sales . fell by 5.3 per cent to 
Y4.13 trillion. Mitsui says that 
the Government’s steps to in- 
crease public works spendings, 
and cuts in the official discount 
rate during the fiscal year did 


TOKYO, July 31. 

not take full effect on Mitsui's 
business during the year. 

Offshore trading, which had 
been much expected to expand 
under the slower rate of domes- 
tic economic growth, however, 
declined sharply, by 1S.6 per 
cent to Y5645bm, reflecting in- 
ternational economic conditions 

The sharp decline in net 
profits resulted partly from 
exchange losses incurred by 
Mitsui's overseas subsidiaries 
(Y33bn). and from Y25-3bn of 
additional provisions for doubt- 
ful receivables, including Y6bn 
of reserves for Mitsui U.S. 
timber transactions. 


Komatsu profits 6.8% higher at halfway 


BY OUR OWN CORRESPONDENT 


JAPAN’S LARGEST construction 
machinery makers, Komatsu, in- 
creased its non-consolidated cur- 
rent profits for the half-year to 
June 30 by 6.8 per cent to 
Y15.55bn (SSOm). on sales up II 
per cent to Y194.78bn (S99.9m) 
but net profits were 2.4 per 
cent lower at Y7.5ibn. 

Helped by the Government's 
economy stimulation measures, 
the company was able to over- 


come the impact of the sharp 
appreciation of the yen. 

With Komatsu's exports 
accounting for 42 per cent of 
total turnover, and more than 
60 per cent being based on dol- 
lar payment, the recent rapid 
rise in yen value generated an 
exchange loss of Y13bn. How- 
ever, an improvement in the rate 
of production related to public 
works means that current profits 
were higher. 


TOKYO, July 31. 

The company absorbed the ex- 
change loss by raising export 
prices and by rationalisation 
measures such as cost cutting. 
Price rises in overseas markets 
so far have not hit competitive- 
ness, it is said.' During the six 
months, the company has re- 
duced term aud short-term bor- 
rowing and, as a result, the 
capital ratio improved to 27 per 
cent from 26.2 per cent a year 
earlier. 



ISTOTTO MOBILIARE ITALIANO 


Annual Meeting — July 14, 1978 


The Annual Meeting of the Shareholders of 
Istituto Mobiliare Italiano (1MI). presided over by Mr. 
Giorgio Cappon, was held in Rome on July 14, 1978 for 
approval of the Balance Sheet and of the Statement of 
Expenditures and Inrome for the forty-sixth financial year 
and to resolve the proposed increase of capital. 

The Board of Directors' Report, presented by Mr. 
Cappon, recalled that in 1977 the Italian economy bad 
been iargely conditioned by the stabilisation measures 
taken by the government to comhat a serious currency 
crisis and to counter unacceptable inflationary pressures. 
In these circumstances, the Board was pleased to report 
a notable overall growth of lMl’s financing operations, 
which resulted also in an increase of the market share 
of lendings by industrial credit institutions. 

In sum, loan applications were received for a total 
of UL4397 billion (+47 per cent compared with the 
preceding financial year). The volume of finalised loan 
transactions recorded an increase of more than LitfiQO 
billion (+24 per cent) to LiL2,640 billion: of this total, 
89 .5 per cent was financed from FMl's own funds, 7 per cent 
with ECSC funds and 3.5 per cent from funds managed 
by the Institute on behalf of the State. 

As of March 31, 1978, the composition of loans out- 
standing-totalling Lit.11,464 billion (+15 per cent)— was 
as follows: investment loans Lit.8,894 billion ( + 17 per 
cent): export-credit financing Lit.2,332 billion (+10 per 
cent); financial credits to foreign countries LiL25 billion 
(—30 per cent); loans to non-residents Lit213 billion l -4 
per cent). 

Export-credit financing granted during the year 
totalled LiL691 billion, against Lit.663 billion in the pre- 
ceding financial year: although the overall increase is 
relatively small, suppliers' credit recorded an outstanding 
growth of 131 per cent to LiL369 billion. 

The Report then observed that the major future loan 
commitments undertaken by 1MI include the operations, 
already in part approved during the financial year under 
review, for the financing of supplies of plant, equipment 
and services to the USSR, to Algeria and to Mexico. In 
addition, the ceiling has been raised on the credit granted 
against Italian supplies to France in the context of ibe 
EURODIF programme. 

The growth of financing operations was achieved 
despite the continuing considerable difficulties encountered 
in raising funds on the domestic market. During the past 
financial year IM1 placed Lit.1,597 billion of bonds, against 
Li 1.1.536 billion in the 45th financial year. As of March 31, 
1978. bonds in circulation, both in Lire and in foreign cur- 
rencies, amounted to Lit. 8, 586 billion, showing an increase 
of Lit.S75 billion (+11 per cent) compared with a year 
earlier. 


The Institute's foreign operations during the 46th 
financial year were favourably influenced by the develop- 
ments on the international market, which became available, 
in appreciable measure, to Italian institutions as borrowers 
of medium-term funds. Italy's foreign financial relation- 
ships have thus entered a new phase, reflecting the initial 
successes of the stabilization policy adopted by the 
monetary authorities. 

In this context the policy pursued by IMI has been to 
facilitate the reopening of the market and the $200 million 
operation arranged by Morgan Guaranty Trust of New 
York, foreshadowed in last year’s Report, represented the 
first significant return by an Italian borrower to the Euro- 
market Subsequently, IMI concluded two. $100 mlHJdrr 
operations, the first managed by Compagnie Financiers de 
la Deutsche Bank and the second with an International 
banking consortium. The proceeds of these loans \U1 be 
utilized for the financing of investment projects by Italian 
industrial firms and of export credit As regards the 
important, soundly-established cooperation relationship wi»h 
the European Investment Bank, during the financial year 
under review contracts were concluded for a total of 
Litl39 billion. This represented the contribution of the 
European Investment Bank, to the financing of industrial 
projects located in Southern Italy in the engineering, „teei- 
raaking, telephone service and plastics sectors. 

The principal controlled companies (FIDEURAM, SIGE. 
FID IMI, Italfinanziaria Intern azionale) report extremely 
satisfactory progress and results, as do the major associate 
companies (SI*EI Finanziaria, SPEI Leasing). 

As of March 31, 1978 the B a la n ce Sheet of “Credito 
Navale " — the Autonomous Section of Istituto Mobiliare 
Italiano — shows loans -outstanding in the amount of 
LiL431 billion, against Lit.460 billion at the close of the 
preceding financial year. 

The Report then -proceeds to a review of the Individual 
items of the Balance Sheet and Statement of Expenditures 
and Income, which exhibit a net profit of LiL303 billion 
(after provision for allocations to the credit-risk fund, the 
sundry-risk taxed fund, and to the securities price fluctua- 
tion fund). The* Board of Directors recommended the 
following appropriation of net profit: UL27.4 billion to the 
Statutory reserve fund and Lit3.7 billion to tbe Share- 
holders (equivalent to 9 per cent on paid-up capital). 

After hearing the Board of Auditors Report, the Meet- 
ing approved the Balance Sheet and the Statement of 
Expenditures and Income for tbe 46th financial year, 
together with the appropriation of net profit as recom- 
mended by the Board of Directors. 

The meeting then approved the Board of Directors' 
proposal for the increase of the capital of Istituto Mobiliare 
Italiano from LIt.100 billion to UL500 billion. 


BALANCE SHEET SUMMARY AS OF MARCH 31. 1978 
(46th Fiscal Year) 


LIABILITIES 
Subscribed capital stock 
Reserve funds 

Government allocations under Law 
No. 1S4 of March 22. 1971 
Real estate and furniture depreciation 
funds 

Staff severance and retirement fund 
Bonds in circulation 
Subscribers of our bonds 
Borrowing and sundry debts 
Interest payable and rediscounts 
on receivable 
Outstanding guarantees 
Discounts on loans 
Net income for the fiscal year 


Contra Accounts 

Loan commitments, securities and 
bills held and on deposit 
Special and fiduciary operations 


Lit. 100,000,000,000 

„ 710,246,498,054 

„ 258,164,000,609 

„ 6,1974238,926 

„ 26,510,4944254 

., 8,585,956.707,088 

„ 696,149,808,000 

3,9364220,510,078 

452.71 5,3 17,449 
„ 90,330,610.370 

„ 66,161,100,723 

„ 3042024251,111 


Lit 14,958377,5374262 


„ 5.468,1494234,737 

„ 2.454.177,429,139 


ASSETS 

Subscriptions receivable on capital 
stock 

Cash and deposits with banks and 
agencies „ 

Securities owned „ 

Loans 

Advances receivable and other credits n 
Real estate and furniture „ 

Interest receivable and rediscounts 
on payables „ 

Discounts on bonds „ 

Miscellaneous items „ 

Outstanding guarantees „ 


Lit 70.000,000,000 ' 


1,520.843,57 1 ,004 
862.915,848341 
10.365356327,414 
1,086.888025,993 
97,515,435,585 

307,928.593 342 
554,745330.147 
2353.095,066 
90,330,610370 


GRAND TOTAL Lit. 22331304301,138 


Contra Accounts 
Loan and commitments, securities and 
bills held and on deposit 
Special and fiduciary operations 


Lit 14,958,877,537362 . 


„ 5,468049,334.737 

„ 2.454077,429.139 


GRAND TOTAL Lit 22381304, 301.13S 


STATEMENT OF EXPENDITURES AND INCOME AS OF MARCH 31, 1978 


EXPENDITURES AND LOSSES 

Overheads 

Interest paid and other charges 
on" bonds 

Interest paid on loans and sundry 
debts 

Depreciation 

Losses realised and unrealised on 
securities owned 

Operating losses on the holding under 
Law No. 1S4 of March 22, 1971 

Taxes for the fiscal year (including 
allocations) 

Taxes for preceding fiscal years 

Sundry charges 

Allocations to credit risk and seeuritie 
price fluctuation funds 

Allocations to sundry-risk taxed fund 


Net income for the fiscal year 


Lit 

39.062385,884 

*• 

757,776,129,081 

rt 

161.055.962,051 

1,438335,196 

«. 

19,696,118,181 

»■ 

38.102373,000 

*• 

i# 

62,689,543,833 
43.645.S31 335 
20,949.965,053 

& 

■f 

ft 

50.987395.511 

70,000,000,000 

Lit. 

1385.404,639.025 

30302351,111 

Lit. 

1395.606,890036 


INCOMES AND PROFITS 
Interest on loans, advances and 
current accounts 
Interest on sundry income on 
securities held 
Commissions and fees 
Sundry incomers 
Utilisation of reserve funds 
Utilisation of tbe Government's 
allocations to cover the operating 
losses on the bolding under Law 
No. 184 of March 22, 1971 


Lit. 1,106.426,780,786 

„ 62. 596.41S.&6 7 

„ 22,454314371 

„ 5317,915.024 

- 60309,187,788 


3S4 02 373,000 


Lit 1395.606390J.38 



Jordan to 
complete 
financing 
package 

By Rami G. Khouri 

AMMAN". July 31. 
JORDAN WILL probably be 
turning to the international 
capital markets again soon to 
finalise the financing package for 
its largest industrial scheme, the 
8420m Dead Sea potash project 
While S230m required in credits 
has been raised in the form of 
long-term concessionary loans 
from various Arab. American 
and international bodies, a S20m 
supply credit will be needed, 
and as much as S60m will be 
seeded to finance a new facility 
to produce bromine using by- 
products from potash production. 

This was revealed here by 
Mr. Ali Khasawneh, the chair- 
! man and general manager of the 
'Arab Potash Company, who said 
that another $60m required for 
a new magnesium production 
i facility has nearly been obtained 
j from a European State. Ivnow- 
- how for the magnesium plant is 
[ being acquired from the Atzs- 
! trian company. Ruthner, and the 
' bromine project will be estab- 
\ lished as a joint venture, with 
; a 25 per cent share held by the 
j Great Lakes Corporation, of the 
U.S. 

| Jordan's current five-year 
j plan focuses heavily on esport- 
\ oriented mineral-based indus- 
| tries, and officials here are 
i known to favour the obtaining 
of commercial loans for self- 
financing export industries, 
while concentrating their soft- 
loan eligibility on development 
schemes in the social sector, 
such as schools, vocational 
training schemes and health 
care. 

The country’s second biggest 
project — the S320m Aqaba 
chemical fe rtilis er plant — is 
also in the market for some 
S60m, in a deal that is expected 
to be finalised very soon. 

Current projections, accord- 
ing to Mr. Khasawneh, see 
Jordan earning an annual 
S150m from sales of 1.2m tons 
of potash, and $60 m from sales 
of 80,000 tons of bromine and 
magnesium refractory. Produc- 
tion is expected to start in 
early 1982. 

Solid gains 
by Wheelock 
subsidiaries 

By Ron Richardson 

HONG KONG, Julv 31. 
HONGKONG REALTY and Trust 
Company, the main quoted 
property arm of the Wheelock 
Marden group, and Wheelock 
Maritime. International, the 
group’s shipping subsidiary, hare 
both announced solid profit gains 
for the year to March 31. 

Hongkong Realty increased its 
consolidated net profit by 11.6 
per cent to HKS35.64m 
(U3.S7.7m), after excluding 
extraordinary earnings, but after 
allowing for tax and minority 
interests. 

After taking into account the 
extraordinary profits ' of 
HKS20.6m the year’s result was 
up 82.6 per cent from the 
previous year’s figure, on the 
same basis. The major com- 
ponent of the extraordinary 
profit was earned from a transfer 
within the Wheelock group of 
the former Hongkong Realty 
subsidiary. Warden Securities. 

Wheelock Maritime Inter- 
national increased its 1978 con- 
solidated net profit by 16.7 per 
cent to HKS3934m (U S.S4.5in). 
The earnings were after tax and 
outside interests, but excluded 
non-recurring capital gains of 
HKS3.96m. 

Both tbe comoanies have 
increased their dividends for 
1978 with increased final pay- 
outs. Hongkong Realty is to pay 
a final dividend of 10 cents on 
its “A” shares and 2 cents on 
the “ B ” shares, making the 
totals 17 cents and 3.4 cents 
respectively. The comparable 
total payouts last year were 16 
cents and 33 cents. 

Wheelock Maritime is to 
recommend final dividends of 
22 5 cents on its “A" shares and 
235 cents on tbe “ B " clasp 
eauitv, making totals of 373 
cents and 3 75 cents respectively, 
against last year’s 35 cents and 
3.5 cents. 

Kong 
well ahead 

By Anthony Rowley 

HONG KONG, July 31. 
CHEUNG KONG Holdings, a 
major property development 
group here, has announced 
doubled after-tax earnings of 
HKS79m (US?17m) for tbe six 
months ended June 30. 

Cheung Kong has also forecast 
profits of at least HK$140m 
(excluding extraordinary items) 
for 1978 as a whole — an increase 
of around 40 per cent over 1977. 

During the first half of this 
year, Cheung Kong made capital 
profits of just under HK$42m on 
the sale of assets, as well as 
HKS9tn from a writeback of tax 
previously over provided. 

Cheung Kong has traditionally 
concentrated chiefly on residen- 
tial property development, but 
recently made incursions into the 
commercial property sector. It 
also obtained two substantial 
contracts to develop office pro- 
jects in tbe Hang Kong central 
business district, in conjunction 
with the Mass Transit Railway 
Corporation. 


ISLAMIC CAPITAL MARKET 


Task force sets to work 


G. J. Coles 

The after-tax profit of G. J. Coles 
in the 52 weeks to June 24 would 
have been AS403Qm (against 
AS33.92m the previous year) had 
its equity accounted for K. Mart 
(Australia), Coles bas said. 
Reuter reports from Melbourne. 
This corrects the figures of 
AS4L77m (A$34.66m) given in 
Coles' announcement on the re- 
shuffling of ties with K, Mart 
Corporation of the U.S* 


ONE MONTH after central bank 
governors of the Arab states 
gathered here to lay the ground- 
wort: for the eventual establish- 
ment of an integrated Arab 
capital market, representatives of 
41 Islamic states from all over 
the world start a week-long meet- 
ing here today with, parallel 
aims. 

Following up the first ever 
meeting of governors of., the 
Islamic states' central banks In 
Kuala Lumpur last March, a task 
force appointed by Sat gathering 
meets here to discuss in detail 
how to promote the.rree flow of 
capital and goods among the 41 
states comprising the Islamic 
Conference. 

Dr. Adnan el Hindi of Jordan's 
central bank says =that among 
the topics to be discussed this 
week will be the liberalisation of 
laws governing the transfer of 
funds; national legislation to 
promote the sales of securities 
among Islamic states; the unifica- 
tion of investment -.encourage- 
ment and protection laws; the 
establishment of an Islamic free 
trade zone, leading to an Islamic 
common market; the existing 
financial capabilities of institu- 
tions throughout tbe Islamic 
world; the establishment of 
specialised institutions to carry 
out detailed feasibility studies; 
the establishment of an. Islamic 
import-export bank; and even the 
use of "Islamic travellers 
checks.” 

Tbe task force will break up 
into specialised committees, 
which will draw up detailed 
reports on these and other topics 
to be submitted to the second 
annual meeting of Islamic 
central bank governors in 
Uganda next April. 

It is likely that one result of 
these discussions will be to 
strengthen such existing institu- 
tions as the Islamic Development 
Bank, based in Jeddah, and a 
new economic data bank being 
established by the Islamic Con- 
ference in Ankara. Units for 
feasibility studies or an import- 
export bank would logically fit 
into the structure of the data 


BY KAMI G. KHOURI IN AMMAN 

bank or the Islamic Development 
Bank. Dr. el Hindi says. 

The yardstick of this week’s 
meeting will be the faciliting of 
the free flow of capital from tbe 
surplus ■ oil producers to the 
poorer Islamic states, in the eyes 
of most officials. As the debt 
burdens of most of the Islamic 
less' developed countries is high 

Representatives of 41 Is l ami c 
states meet in Amman this 
week to discuss the pro- 
motion of the free flow of 
• capital and goods. The yard- 
stick in the eyes of most 
officials will be the facilitat- 
ing of the flow of capital 
from - the surplus - oil pro- 
ducers to the power Islamic 
states. As the debt burdens - 
of most of the less-developed 
Islamic countries is high 
already, the bankers will be 
paying particular attention to 
the flow of soft loans and 
the establishment 'of joint 
ventures with a significant 
participation by capital from 
surplus states — primarily 
. Arab oil producers 

already, the bankers will be pay- 
ing particular attention to the 
flow of soft loans and the estab- 
lishment of joint ventures with a 
significant participation by 
capital from surplus states — 
primarily Arab oil producers. 

The heterogenous character 
of the world's Islamic nations 
precludes the tight economic 
cooperation that has been 
envisaged by the central bankers 
of the Arab states. This week's 
conference has broader aims 
than did the Arab bankers* con- 
ference here lost month. 

“ We are looking into the pre- 
requisites for economic coopera- 
tion to build the groundwork and 
identify the basics that will help 
bridge the confidence gap 
between the rich and the poor 
states,” Dr. el Hindi said. 

“ Capital is coward, and it needs 


guarantees and facilities to now 
into productive Investments in 
other countries.. This is . the 
process we want to encourage, 
primarily by recommending the 
required legislation that would 
be enacted by individual states." 

The development of greater 
financial capabilities among the 
Islamic states, like the sunn 
process in the Arab world, will 
mean a shift in banking business 
from the major western capital 
markets into the institutions of 
the third world. “Instead of 
going always to the Euro- 
markets for commercial loans, 
we would like to see Arab and 
Islamic capital moving into joint 
ventures and soft loans in tbo 
Arab and Islamic countries. " 
Dr. El Hindi says. 

' This emphasis . on. a self- 
reliant spirit also spills over 
into the trade field. Figures 
compiled by the Islamic bankers 
show that Islamic states' 
exports to other Islamic states 
as a ratio of their total exports 
averaged a mere 5 per cent dur- 
ing the past six years, with the 
Imports ratio unly slightly 
higher, at an average of IQ per 
cent “We want to expand these 
averages," Dr. El Hindi says. 

One idea that has already come 
up for informal discussion is for 
some Islamic states to join the 
newly established Arab Monetary 
Fund, though this has been 
discouraged by Arab officials on 
the basis that the Arab Monetarv 
Fund is not yet sufficiently 
experienced to absorb the 
membership of yet more coun- 
tries needing a balance of pay- 
ments assistance. 

Before such collective action 
can be taken, banking officials 
here say that the financial insti- 
tutions of individual states have 
to be surveyed and then 
strengthened before any worth- 
while regloaal or International 
integration can take place. This 
is the same attitude ns prevailed 
among the Arab central bankers 
here last month, so it is not 
surprising to see the Islamic 
bankers take this stance. 



Svenska Cellulosa 
Aktiebolaget SCA 


Multicurrency Loan 

equivalents 

£16,500,000 

Managed by 

Svenska Handelsbanken 
S.G. Warburg & Co. Ltd. 

Provided by 

Credit Lyonnais 
Hambros Bank Limited 
Hill Samuel & Co. Limited 
Morgan Guaranty Trust Company 
of New York 
Svenska Handelsbanken 
S.G. Warburg & Co. Ltd. 

Agent 

Svenska Handelsbanken 


July 1978 


This announcement appears as a matter of record only 


United States Copper Mine 

1 and 

Integrated Metallurgical Plant 

FOR SALE 

HecLa. Mining Company 9 s undivided one-Iialf i n tere s t in the Lakeshore Mine 

0111110 Pa P®8° Indian Reservation, 30 miles sooth. 

Sealed bids must be submitted prior to September 16, 1578. 

. Qualified parties may obtain detailed information regarding thin facility- an d 
its production history by writing or calling: 

W.H.LOYE 


or 


William A. Gbeftith: 
Hecte Mining Company 
P.O.B<«320 
Wallace, Idaho 83873 


Phone: (208) 752-1251 


Telex: 326476 Hecda Co Wale 

There are no preestahRshed terms of any offer, but the Company reserves tbe 
nght to refuse any and all bids for any reason. All proposals will be kept in the 
strictest confidence. 

Principals only 


Mi . 



Financial lEmes Tuesday August 1 1978 


World Value of the Pound 




Currency, Money and Gold Markets 


Tbc table below giv«a- the 
latest available rates of exchange 
for the pound against various 
currencies .oil 1 July 31, law. -In 
some cases rates, are -nominal. 
Market rates are the average of 
buying and selling, rales except 
where they are shown to be 
otherwise. In some cases market 
raves have been calculated from 


those of foreign • currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates- shown 
should not be token as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (S) member of 


the sterling area other than 
Scheduled Territories; (k) 
Scheduled Territory; (n) official 
rate; (F) free rate; (T) tourist 
rate; (n.c.) non-commercial rate; 
(□■a.) not available: (A) approxi- 
mate rate no direct quotation 
available; fsg) selling rate; (bg) 
buying rate; (nom.) nominal; 
(exC) exchange certificate rate; 


(P) based on U.S. dollar parities 
and going sterling dollar rate; 
(Bk) bankers’, rate; (Bas) basic 
rate; (cm) commercial rate; 
(cn) convertible rate; (fn) 
financial rate. 

Sharp fluctuations have been 
seen lately In the foreign 
exchange market. Bates in the 
table below axe not In all eases 
closing rates on the dates shown. 


Dollar continues 
to weaken 


THE POUND SPOT I FORWARD AGAINST £ 


Place and Local Vais 


; Value of 
:X Sterling 


Afghanistan Atgbaui I 

Ali«o(a Lot j 

Aiaorih. j 

Andorra. jFwuph ft*nc.| 

('•tanMliPuesa. 

AHROtn Kttaua . | 

AnU*ua (hi— K_ OmlitwBn S ; 
A remits* .... Xr. Pcs* Free B* 
Auatrxllk iS» . A win. turn » 

SchllUnr 

A* 1 I'nrtojr, KwMnki 

Bahama* (B) B». Dollar 
MUaiwiinh(S) Turn 
Bahrain M in.. 

Kalrarii- (file* .S^w. IYwIh 
U nrtwtlo* iS>.. XUrtwdiA Stt - l 


Place and local Unit 


Ecuador Sucre 

HgTPt. EgyidUu C 


Value of 
£ Sterling 


1.6876 

18.575 

87.75 

1.95815 

2?.WfcfS) 

0.746 

1405 

MSS 


Ki-lnnpia 

Ea'l'l Culuu 

Falkland Is. 
IS) 

Pawls. 

Pljl I. ...: 

Finteud 

Pmnw 

J-HTrylnAj* 
Fr.Ouwna ;... 
rr. Vua. la.... 


BUHoptan Blur | 

Peseta | 

••• • I 

| Pa] bland 1c. £ j 

Danish Khim 
F iji# 

Markim 
French Fnnt 
ITw 

Iral Prune 

CJ.P, Franc 


Hin- 48.08 
nP.BUS 
U0\B.754 
MT> 1.27 
iPJ 4.0028 
148.65 


Place and Local Unit 


Liqeht'usm.^ Swiss rrano 
wixembonra. Lux Franc 


Value of 

! £ Sterling- 


Place and Local Unit 


Value of 
£ Sterling 


FVn-tng'aeKucdo 07.75 

Up. MG Franc ! 

Malawi iS)..— Kwacha . i 

Malaysia (til.. Hinirnit 


Pf'liium n. Frwje 

Henri* B s 

I JF.A. Fame 

Hcrnutria nil.. Brio. S 

Hhuian Indian Rupee 

Oniiru Bolivian Peso 

Rntcn-ana(S>., Pula 

Brs«l Cmzeiro 

BrVinrinrtftj) i;.s. $ 

Brunei iti) HraacslO 

Bn Ifpi-ia. ...... Ler 

Burma Ivy at 

Burundi Burundi Prune 

Camera'll Ep C.F.A. Fnmo 

Lauada ran.Hi.n g 

Canary Isle... Spanish- Peseta 


McmiBS.K 
ilfmj 65.46 
5.863 
40 Ue 
1.9316 
16.47018c) 
SB. 63 


Gabon C.F. \ Prana 

Ua uilito yfl... Dubai 

Oenuure I Osimark 


Cape Verdi 1. 
I'l.rnun Jt(S] 
Cent. Af .Rp. 
Cha.l 

Chile 

China 

Colombia.... . 

< vmiiiw lb._ 
CiinguiB'lle) 
iials Hu-s, 


Cape V HmnJo 
Cay. L S 
I'.F.A. Franc 
C.F.A. Pranu 
C. Peso 

Ksmninbi Yuan 
C. Prao 
C.F-A- Prana 
C-F.A. Franc 
Colon 


Cut* Caban Peso 

Cyprus Cyimw £ 

('udmlonk Kcmma 

Denmark Danish Kivo*> 

IJ.nhmitl Fr. 

XkHiiiuiua i6j K. Caribbean 6 
Dnnun. Kep.. Dominican Pei 


>7.75 
1.68128 
4I11g 
421 la 

,7Bk) 62.06 
5.2629 
(Fl 75.00 
42|l- 
421 >2 
: 16.6101 
. 1.4510 
0.10932 
\ (rom >10.10 
' (cu >29.20 
I (T)T7.SS 
10.70i« 

' 620 
6.2193 
1.8315 


Germany 

We-d. 
H liana (Si..... 
Gibraltar i K)- 
iiilbert Is...... 

Greece 

Greenland..... 
Grenada (Si... 
Guadeloupe... 
(rusm... 

(Tuataioalo.... 

Guinea Hep.. 
GuineaBiMau 
Guyana.tS)... 

Haiti — 

Urartum- Keb 
UongKoog OS) 

Hungary 

Iceland P»>... 

Imiia Ki) 

lDdtmntL_... 

Iran 

Iraq...;. 

In»l> Kef (k|- 

Isranl 

lcal.v ; 

Ivory LVaal... 1 
Jamaica <b).. . 
Japan 1 

Jim I so (sf) , 

TTnmppchcn , 

Kenya — : 
Korea (Nth)... 
Korea (nth)... 
Kuwait (St hi. 

Lace 

Lebanon. 

Loaotbo 

Liberia....- 

Libya 


t Drataciiinarfc 
Cedi 

Gibraltar U 
Anst. Dollar 
DnuHuin 
Danlali Kmoer 
K. Carribean 0 
Local Fmur 
li«S 
Quetzal 
bUy 

Guyanese 6 
Guorde 
Lemiitn 
B.K.S 


I Kwna 
I ml. Rupee 
Uumalj 
KUi 

Iraq Ulnar 
I nab £ 

Uraei £ 

Lira 

C.P.A. Prank 
Jamaica Dollar 
Yen 

Junian Dinar 
(del 

Kenya ShHltnc 

Wot 

Won 

Kuwait Dinar 
Kip Put' Poi 
Lobone«e£ 
S.-Atrtqan Kauri 
Uberian g 
LiI‘vhd Dtnae 


I -5.8334 
3.74iigi 
1.00 
1.9876 
70.4656 
10.63 
6.2190 
8.45 
1.9516 
7.8315 
57J199 
87.806 
4.:»25 
9.857 
5.88 
8.861b 
[cimii 72.88 
|D(Hi'|38.59 

( 4.9750 

I 1B.47Q(«jrt 
801.67 
(A) 158 * 
0^076 
1.80 
54.8818 
1.6286 
4*U* 
2.9998 
5641b 
0.680(14;) 
2.5 IB 
14 .6605 
1.7216)1) 
851.48 
0.2625 
SBG.3 
5.6168 
1.680466 
1.9516 
<P)D.57289 


Jldli 

Malta (oS... 

Ilartininuo ... 
Mauritania ... 
HnurliliKt (S). 

Mexico 

Miquelon. 

Miinauri.; 

Mungoltt ...... 

Honserrat 

Morocco. 

Mozambique.. 


Mali Franc 

31alteȣ 

I<«-al Franc 

I'liCnlya-; 

M. K'jpee 
31 cm, - an peso 
C.K.v. Franc 
Fieui-Ji Franc 

Tu>,Tik 

K. arrlbean S 
Dirham 
Mu;-- Kecwto 


i(Ol6.755V|) 
! 6.2188 
i 7.86dvl 
I 65.4666 


Nauru la..... a 

Nepal N 

Netherlands^ G 
NettuAnt'lea. A 
New Hebrides 1 
-V. Zealand (S j S 

NU-aracoa C 

Kilter Up I', 

Nigeria |B) ..„ X 

Norway N 

Oman Sultan- 1 


Aunt. Dollar...... 

Nepalese Rupee 
Guilder 

AnillUanGnild. 
i Franc 

■ AustL Dollar 
S.X. Dollar 
CaniiHa ' 
C.F.A. Franc 
Naira 

NrwR. Krone 


Pakistan — Pka. Bppee 
rmiama balboa 

PapuaN.G.B) Kina 
Paraguay Guarani 


1.6676 

21.18 

4.26 

5.46739 

156.242 

1.8875 

1.8966 

13.67 

4211* 

1.2KK)8(sjfi 

10J5 


1 8.0676 (w) 
1.8315 


Paraguay Guarani 241.11 

P’pJ V D. Rp 

o( Yemen (6) S. Yemen Draai (A)0.SS96 

Peru...... Sol exc(A)268.67 

Philippine*.^ Ph. peso ! .14.1836 




Poland ........ Zloty 

Port -unal ....... Pgre. Escudo 

Port Timor... Timor KacudS 
Piinci|je lain. Pena. Escudo 
Ihicrto KJcu... LT.S. 6 

Qatar (6) Qatar Hyal 

Ucunion 

He -ip la French Franc 

Rhodesia tUKvlesian 8 


V 1.8566 
; 1 (CmiBO.28 
I'j (D6Q.20 


(' li-m)B.49 

Romania Leu I [n/ciT22-79 

Rnutuia Rwanda Franc ; 17UE 

6l. Christo- 
pher (S )...... E.Csr(bb«nS 5.2199 

SL Helena.. ... St. Helena £ 1.0 

SL Luets £. Caribbean 6 5.2199 

St, Pierre L'.P.A. Franc 421 Is 

SL^ Vincent fail EL Caribbean S 5.2199 

Snlvsuior Kl... Colon 4.85 

SaiDOa'fAiu).. L’.S. 5 1.9315 

Sen Ytonno... Italian Lire 1.6265 

dan Tome Paws. Escudo 87.76 

Saudi Arabia. Krai 6.67 

Sww»(aJ C.F^UFxsoe 421 »a 

Scypliellr- S. Rupee 13.33 

SierrcO'nelSi Leone j 2-0 

Singapore (Si. alneapore S 4.5537 

Solomon 1 h(S) Solomon I*. S ! 1.M75 

Somali Rep.... Son Shilling <Ail2.16BB 

Sth. Afi-umfss) Rand 1.66D465 

a. W. Afrunn 

Territu ier. >.S) S. A. Hand 1.880456 

Sp»lu..._ Peseta i 148^ 

3pan.-P0rr?in 

North Afrits Peseta 1 148J6 

Sn Lanka (S.tS. L. Rupee 23. 95 (air) 

Sudan Rp. Sudan £ (Aid. 775 

Surinam S. G drier 5.4602 

Swaziland <S.) Tajongeni 1.680465 

Sweden S; Krona fi.7 1 1 4 

SwitzerisD.1 .. Swine Franc 5.55 

Svrie Syria £ (A)7JB1 

Taiwan- New Tniwun (P309.S9 

Tanzania (o.i. Ton. Shill In,; K663 

Thailand Rain 3a.895ieci 

Togo Bp. C.P.A. Franc 42112 

Tonga Is. IS). EVantfa 1.5748 

Trinidad (S.|_. Ton. A Tobago 4.656 

Tunisia......... Tunisian Umar 0.776ise) 

Turkey. .... Turkish Lira 45.75 ! 

Turku £ Cn... D.S. S 1.9515 ' ' 

Tuvalu Australian £ l.b675 

Uqanda <S.i. U|>. Shilling 14.58 

Unite l States I'-S. Dollar 1.9316 j 

Uruguay GraguayPesn 

CtilA'hEinlB. P-A-E. Dirham 7 43 

U.3.S. u. . ..... Rouble 1 

Upper Volta. UJF^. Pranu 42ii 3 

Vatican Italian Lira 

Venezuela.. Bolivar 9.29 

... . . „ i 1 (0)4.6105 

VleuuunLNlh) Donjf -j, cT)4J167 u i 

Vietnam (Stli) Piastre 5.S753 

Vi rjetn Is. C.S. OJi. Dollar l-DEla 

Westarn . 

Somwn iSv.. flninnan Tala 1.1618 

Yemen Ryai 8.4 B(ms) 

Yuqmlavia.... New Y Dinar 36.5404 

Zaire Ep ...» Zaira lJi55!D3 

Zambia Kwacha 1.645 


Tbe U.S. dollar cootloued its 
recent decline in yesterday's 
foreign exchange market and 
reached record levels against the 
Swiss franc and Japanese yen. 
The fundamental reasons for the 
dollar’s weakness remain un- 
changed. Disappointment with the 
outcome of the Bonn summit, con- 
cern over the U.S. economy and 
the continued heavy trade deficit 
with Japan, these remain the 
prime causes of the dollar’s weak- 
ness. The general laek of confi- 
dence in tbe UJ5. currency saw 
the Japanese yen improve to 
Y 188. 80 from Yl 90.30 having 
touched Y188.45 at one point. 
Similarly, the Swiss franc gained 

f— . ■ hmlhjwewwtl 


• Thai part or On French cnmmunlis tnia Ttw Angina has reptacod Mw CKA * «:«»iiera] rates of oil and Iran exports ** Rale u tbe Trawler market icon- 

•£2 1 ^ ■"* ™ » - Sl ia - rt SifS 1 *. bawl 00 = Barbados £ to 

Ar rtca or Fnaai Bqnatoria} AJnca. J rate of CPa Fr are one unir of the || Risaii on cran rates agrinar Russian tb» rionar. 
t Rupees per poouri. J new' currency. rouble, rt Now one oOlcta) rate. 


* I T 

dwm'.vribcin 1 I 
SwttamM mini mn T, W 
^2’ — H«>»tltaiD.iini Wl 

STERLING 


[ 'AS 0 NO J FHAMJ .ij 

| at the dollar’s expense to 
SwFr 1.7345 against SwFr 1.7525 
previously and at one stage 
reached a best level ever of 
SwFr 1.7300. 

The West German mark was 
also stronger -at DM 2.0375 com- 
pared with DM 2.0417$ on Friday. 

Using- Morgan Guaranty figures 
at noon in New York, tbe dollar’s 
trade weighted average deprecia- 
tion widened to 9.2 per cent from 
8.9 per cent on Friday. 

Sterling improved 05 points In 
terms of the dollar to dose at 
$L931(kL9320. After opening at 
$1.9300-1-9310, the pound 
improved steadily to touch a best 
level of SI. 9350-1 .9360 before fall- 
ing sharply to Sl.9260-1.9270 
during the afternoon before re- 
covering to its closing level. 
Using Bank of England figures, 
the pound's trade weighted index 

TOKYO — The dollar dosed at 


Y190.8 in moderately active trad- 
ing, down from Friday's dose of 
Y192L125. Early selling of dollars 
pushed tbe rate down to Y 19 0.30 
but this initial trend was later 
reversed on fears over a possible 
move to introduce tighter controls 
on foreign exchange regulations. 
Turnover in the spot market was 
S474m while combined forward 
and swap trading accounted for 
about 8557m. 

ZURICH— In thin and generally 
nervous conditions, the dollar was 
fairly steady after touching a new 
low against the Swiss franc at 
SwFr 3.7430 and falling below 
Y190.0 ag ains t the Japanese yen. 
Trading was subdued with no 
centra) bank intervention 
detected. 

FRANKFURT— The dollar was 
quoted at DM2.0413 at the fixing 
and there was no intervention by 
tbe Bundesbank. Trading tended 
to be patchy during the morning 
but there was little movement 
after the fixing in generally sub- 
dued conditions. Against 22 other 
currencies, the Bundesbank trade 
weighted mark revaluation was 
unchanged at 145.1, up 0.4 per 
cent from the end of 1977. In 
later trading tbe dollar ivas 
slightly better at DM 2.0430 but 
trading remained quiet due to 
end of month balancing. 

PARIS — With little in the way 
of fresh factors to influence tbe 
market, the doHar was lower 
against the franc in generally thin 
trading. The U-S. currency closed 
at Fr.43B92J from Fr.4.3775 on 
Friday. The West German mark 
was slightly easier at Fr.2.1403 
from Fr2.I475 wh-de sterling eased 
in terms of the franc to FrS.4375 
compared with FrS.4530 pre- 
viously. 

MILAN- — The lira fe41 to record 
levels against tbe Swiss franc and 
Japanese yen at the fixing. The 
yen was quoted at L4.4G7 com- 
pared with L4.406 on Friday while 
the Swiss franc rose to L4S2.S 
from L476.6. On tiie other hand, 
tbe dollar continued to weaken 
to LS42J against LS44.35. Trading 
was not pajticularly heavy and 
the Bank of Italy did not appear 
to intervene at the fixing. 

AMSTERDAM — The dollar was 
fixed at Fl 22060 which was down 
from Friday’s fixing level of 
FI 2.2215. 


n.S. S r f l.rSBO-I.BBBoll.sSID- 1.9520 
Canadian f! 8 >2. 1B5S-2.1B10 12.1840 2. 1850 
Gnililur ’ 4 Ij, 4.24*-4.;7i ! 4.26A-.26.' 
Ui-lzinn Pi.i 6 ' bl.S5-t2.55 \ 62.DD-82.iO 
Danish Ki. 6 f 111.69- 10.75 ilU.bSi 18.76.; 
D-Marx 5 J 3.»6J.f5* ti.85i-5£4: 
Puri. Esc. 18 ' 87.5W8ju 67 A5 67-85 

Span. Pcs. 8 148.20- 1<a. 60- 148.50 148.40 
Lira. j Ili-.l.Ha; l.t28ij 1,625-1,626 

Nrwqn. Kr.i 7 -10.50 10.57 10.52) -10.11.1 

Preach Fi. j 50*: 8.42-8.47 8.42^8.454' 

MrerilsbKr.j 6is| 8.70-8.751? B.70j -8-7L 

Yea • 61?' 562.570 ” &64-46G 

Austria Sch. 41^-28.36-28.50 28.6t2B.40 

Swiss Fr. I ; 5.J4-8.J0 a.34 t '.-3.3Si 

Belgian rate ls~i for~DjnvenlWe (ranS! 
Flnutidal franc- G3.4 imq. 50. v Raie tor 

U-Si: July 28 15100-1.9315 i spread), r Ka'o 
tor D-Mark on July 28 3.33(i83i Cclosei. 


rine month j ^p.n. ‘’Chrertuontb'i “. pJ. 


O.50-O.40i-.pm: 2.80 1.17 -1.87. .jm, 2.52 
0.6IWJ.5I) .pni. 5.02 1.25-1.15. . pm 2.20 
2i|-1i; i-.i-jii j 6.54 : 5*2-41; o.jiiii i 4.68 
50-20 (< iii 4.83 70-60 ••.|ini ; 4.18 

Ijoreimi j 1 Jirl — Oiifi Jj'-S,* nrcdi- I— 1.78 
S-ti fii pen I 7.6" 7l?-Bi2 plpinl 7.11 
50-150 r. >lb 13.6B'130-3 M.mIi- -11.40 
20-00 c. ilia 1—4.65 «i-llyi-jd» -1.52 

1- 3 iin-tlfc* jm- ,6-8 l in ill- jur 
2J-: on-vin 2.03 '3_-l-; on* ym 1.0S 

2- 1 1*. |>ni 2.15 <4-3 c.fitii 1.66 
2 ore Jiiu-pnr l.J8 4_ , -2J r.rn pm 1.48 
3.40-3.05 j pm: Q. 1 1 i.25-7 j6 j^nn 0.09 
17-7 ;ito fin i I 5.D7 37-27 “input - 4.51 
314-21; C.11111 : S.B5 5-7 .-.piii . 6,56 


Bix-moOLh foru-jrd '>lij!lar'£l9O.n0t‘i.'ta. 
12-raonih 4.12-3.B2C pm. 


THE DOLLAR-SPOT I FORWARD AGAINST § 


Canad’n S* 
GalUt-r 
Belgian Fr 
Danish Kr 
D-Marfc 
Port. Es 
Lira 

Knrsn. Kr 
French Fr 
Swedish Kr 
Yon 

Austria Sch 
Sh-us Fr 

• U.S. 


833048.41 

2JU3-2366 

32345-0065 

53000-53445 

233852.0420 

MI 80-842. 20 
535S03.5KS 
43M5-4480S 
43090-43150 
U9Jh>-mo5 


sa.58-sa.4i 

230U-2.323 

32005-32060 

53400-534S 

23385-23005 

03-20-0530 

66L90-942. U) 

535B0-5J5TC 

4L3MS437M 

4339043110 

18830489.40 

M.TU5-14.-260 

1.7425-1.7440 


cents Per Canadian S. 



CURRENCY RATES j CURRENCY MOVEMENTS 



Bank of Morgan 
July 31 England Cnoraoty 

Index changes c „ 


StcrUuc ^234 

U.S. dollar S0.U - 90 

Canadian dollar C338 —13.0 

Austrian Sctllliins ... 13839 +173 

Belgian franc 10903 -610.9 

Danish krone 1U.EU -6 5A 

Ouischc Mark 13933 -6353 

Swiss franc 190.96 +84.9 

Guilder 119.20 +17 A 

French irauc 1D0 .75 — 23 

Lira 55.97 - 46.6 

Yen 15533 +533 

Bawd itn trade u-clchtert chattel-^ frtiin 
Washington afiret-mon* Dccrmbur. tllll 
1 Rink nf Enqlnnri Index =10(1 1 


OTHER MARKETS 



Rate siren tor Argentina Is free rale. 


EXCHANGE CROSS- RATES 


L .?*. IHilltir |Li(-uLn.hi-.Vlari| \ v n | Frau, n Franc 


m 


CREDIT LYONNAIS 

FINANCIAL YEAR 1977 


I'-irari M.-umj 

1. 

1.632 

3.938 

l.>. I'nllar 

0.516 

1. 

2.039 

lV>iu<hv Mir i. 

0.?f4 

0.491 

1. 

Ji*;«n*-*eYcu 1 

2.745 • 

5.269 

1080 

ynn-.fi I 'llLi :v 

1.166 

2.1:91 

4.671 

M«. i-s. K+r)« 

O.E99 

0.577 

1.175 

L'ulf! ■ 

0.235 

0.453 

0.9f 4 

Its I imi Lira 

0.615 

1.368 

2.422 

■ U-' .<r 

v:. >n ft or- 

CW58 

0.tE4 

1.802 [ 

1.612 

3.113 

C-.346 1 



EURO-CURRENCY INTEREST RATES* 


(.nUHiltHII 

lioilur 


U.S. Dollar I Uuii-h Guilriei frauo 


W. German 
Mark 


trem-fi Fran, 


Jaiuaese Von 


hoUoilh&tandbu] the economic environment, which continued to be mediocre. Credit Lyonnais achieved satisfactory 
results it* 1977, tJianks to tiic sustained efforts of its staff and to the strict attention paid to operational and management 
problems. 

THE DEVELOPMENT OF TRANSACTIONS WITH CUSTOMERS .... 



814-1214 
u te 
113(-1834 

liMi 
12i S I31« 
1SU-1AI* 



INCREASE IN DEPOSITS 

The year 1977 was marked by a further- 
expansion of our network of branches abroad 
(Dusseldorf, Liege. Zurich, Houston. Panama, 
Tokyo . . In France the establishment of new 
branches was limited to some fifteen, but the 
continuation of renovation work in existing, 
branches and the extension to the whole 
network of computer capabilities enabled a 
significant improvement in the quality of 
welcome and services provided to customers. 

Total deposits placed with the bank by 
customers increased by 16.1% as against 12% 
in 1976. 


FACILITIES TO CORPORATE AND 

individual borrowers 

Loans to individuals and corporate borrowers 
during the financial year increased to 
FF. 107,488 million as against FF. 96,310 
million in 1976. 

In France; 

Export Credit Finance continued to expand, 
particularly medium and long term credits, 
which increased by 17.3%. Industrial finance 
on the other hand stabilised at the level — 
admittedly high — reached after the sharp 
increase in the two preceding years. 

Abroad: 

The expansion (+21.1%) was again more rapid 
than in Frande. The share of overseas branches 
in the overall total of transactions with 
customers thereby increased to 11.4%, as 
against 10.5% in 1976. 


Th* ri'-fewiag nominal rates wer? quoteri for London dollar cemficalos of deposit: One momh S.V0-6.10 per .-ern: three months 6.25-3.33 per cenn sis months S.7D-8 so 
per >.- nt: -ine »ear .‘.■hvs.oo per cent- 

lurK-t-.nn Eumdnilar deposits: two years W|*-95ie per ceni: three years 95[&-!>7]6 per ceui: four years t *'w-99|s per cent: fine v*ars 99|6-9 Ui« per cent "Rates 
ule imn;. j! elusins rales. 

Shor’-:erm rates are caiJ for stL-rUns. U.S. dollars end Canadian dollars: two days’ notice for sudden and Swiss francs. Asian rales are riosuwr rates m Singapore. 


INTERNATIONAL B^ONEY MARKET 

Balgian Treasury rates up 


GOLD 


AND THE STRICT ATTENTION PAID TO OPERATIONAL AND 

MANAGEMENT PROBLEMS ... 


As in 1976 a strict control was maintained on 
overheads in order to contain any increases . 
within limits compatible with the development 
of activities. The increase in overheads in 1977 : 
did not exceed 31.4%. which was slightly less 
than the increase in 1976. 


In addition, measures aimed at promoting a 
more qualitative than quantitative growth were 
pursued, necessitating increased vigilance both 
in regard to new investments — property and 
financial — and to risks. 


The Belgian Central Bank yes- 
terday raised the rates on short- 
term Treasury certificates. One- 
inomh paper now stands ai 5.P per 
cent Tram 5.75 per cent; two- 
month at 6.15 per cent from 6 per 
cent ^nd three-month certificates 
0.35 per cent compared with (L25 
per cent previously. This follows 
last ueek's half point increase in 
the official Lombard and discount 
rates to 6 per cent. The move was 
no doubt prompted by the 
generally weak position of the 
Belgian franc within the Euro- 
pean currency joint float or 
“snake." The franc bas been 
hovering on or below its lowest 
perm i nod level acainst the West 
German mark of BFr J5.765. Call 
money was quoted at 3.0 per cent 
compared with 3.6 per cent on 
Friday. 

NEW YORK— Federal funds 


were firmer at 71-3 per cent from 
7K per cent on Friday as were 
rates on Treasury bills. Thirteen- 
week bills were quoted . at 6.72 
per cent compared with 6.71 per 
cent while 26-week bills rose to 
7.32 per cent from 7.30 per cent 
and one-year bills at 7.72 per cent 
against 7.71 per cent previously. 
One-month certificates of deposit 
were unchanged at 7.77 per cent 
as was the two-month at 7.92 per 
cent while three-month deposits 
eased slightly to 8.03 per cent 
from 8.P5 per cent. 

FTIANKFURT — After last week’s 
sharp downward trend, call money 
rose from 2.S5 per cent to 3.0 per 
cent. One-month funds were 
easier at S.6 per cent from 3.65 per 
cent while three-month money 
was unchanged at 3.75 per cenL 
Six-month funds were quoted at 
4.1 per cent slightly easier than 
Friday's level of 4.15 per cent. 


AMSTERDAM — Call money was 
quoted at 4J-5 per cent compared 
with 4 1-5 per cent on Friday while 
the one and three month rates 
were unchaoged at 52-5} per cent 
and 6?-7 per cent respectively. 
Six-month money was slightly 
easier at 6i-7fr per cent from 
7-7J per cent previously. 

PARIS— Day-to-day money was 
slightly firmer at 7J per cent from 
7 per cent as were one-month 
funds at 7J-7B per cent compared 
with 7J-7J per cent previously. 
The three-month rate was quoted 
at 7|-74 per cent, up from 
7ySrm per cent while six-month 
eased a little to 742-7-f-J per cent 
from 7J-8 per cenL One-year 
money rose to per cent 

against 8*-83 per cent. 

HONG KONG — Conditions in 
the money market were tight with 
call and overnight money at 
5J per cent. 


tendency 

Gold lost SI an ounce in the 
London bullion market yesterday 
to dose at $2(H>i-201. Trading 
during the morning was a little 
nervous with the metal fixed at 
8198.90. However, with the open- 
ing of New York and a weaker 
trend in the U.S. dollar, the metal 


ENABLED SATISFACTORY RESULTS TO BE MAINTAINED 


UK HIONEY MARKET 


In fact, the growth of activity more than offset y 
the fresh reduction of margins on transactions 
with customers, which resulted primarily from 
the increased cost of deposits; nett banking; 
income thereby increased by 10.S% and reached 
FF. 6,860 million. 

As a result of the difficulties which beset 
numerous small and medium sized companies - 
in particular, provisions for doubtful debts— 
FF. 652 million— were again high this year. 


Nevertheless, the nett profit for tbe financial 
year reached FF. 302.7 million, as against 
FF. 2S7.3 million in 1976. 

The structure of the balance sheet was 
strengthened; internally generated funds, after 
appropriation, were FF. 455 million and more 
than covered the investments made during the 
year; also, two foreign currency debenture loans 
were floated for a total amount of .$110 million. 
The nett working capital improved by FF. 604 
million, to reach FF. 1,0SS million. 


Extremely large assistance 


fin m.v in 7 Q 7 X ihe Shareholders' meeting approved the accounts and agreed— on the proposal of the Board of Directors 
\he dnJSbiSm Vf a dividend of FY 1*2 nett per share. To this will be added tbe tas already paid te the Treasury 
Zsfr. i\ utfShdin. making a total dividend of FF. ISperiftare. 


THE CONSOLIDATED BALANCE SHEET 

showed a total i>f 249 billion Francs 

Total deposits with the Croup from customers reached FF. 110,114 million. 
Capital funds rose to FF. 3.440 million, 

Tbe consolidated profit for 1977 rose to FF. 453JB million. 


Rank of England Minimum 
Lending Rale 10 per cent 
(since June 8, 1078) 

Day to day credit was in short 
supply in. the London money 
market yesterday and the authori- 
ties ;ave an extremly large 
amount of assistance. This 
entailed baying a large number 
of Treasury bills and lending a 
moderate sum overnight at MLR 
;o five or six bouses. Indications 
were that the level of help was 
somewhat overdone although 

LONDON MONEY RATES 


discount houses were paying 
around 9J per cent for secured 
cal! loans towards the close. 

The market was helped by 
banks bringing forward balances 
above target and also the release 
of £440m of special deposits. On 

the other hand there was a sub- 
stantial net take-up of Treasury 
bills and the repayment of 
Thursday's and Friday’s official 
advances. Revenue transfers to 
the Exchequer exceeded Govern- 
ment disbursements and there 
was the settlement of a small 
number of gilt sales. In addition 
there was a small amount of local 


authority bills maturing in official 
bands. 

In the interbank market over- 
night loans opened at lOJ-lOi per 
cent on the forecast of a small 
shortage. Rates finned sliehtly to 
around 108 per cent by lunch and 
during the afternoon touched 11 
per cent before closing balances 
were taken in the region of 10 
per cent Longer-term interest 
rates were generally easier In 
response to feelings that MLR 
may^be changed in the next few 

Rates in the table below are J 
nominal In some cases. 



1 Juli 31 

July 26 

I ijolri Hu II i.-io (a fine 

i 




l.'lrvp 

r 2MJ 201 

..<26 1: -242 


-lrB»i l£9( 


M.rniii" fixuu 

> IMS. HI 

'.*196.60 


CIO-. .340- 

.11K1.W2. 

.\rt.T7u».n fixing — 

:iW.23 

e20?.i0 


•<£162.612. 

■r 164.691. 

r;..M C ir 


i 

• 1. .in— i l. |j V 



K-i.qe:rsu 

r-*:c.7 3D9 

•370-212 


.i'll 7;-U 

■1:103 HO. 

V*' ?K-vei ei^n* 

.-■?7'i-iE54 



,■>>•-31. 

'•CS1 32- 

f»M ii 

!: r7>. 'Sij 

i r 69-61 


•i.'50 oli 

1 ~30i-3lj* 

(.•MrfVvin 


1 

iiiii-nmlii-nHlIv 



Liiu.-rrau-i ......... 

-206 206 

■.*207-109 


CI-BMMfi 

1.1074- 1DSA 

New Sovereiirn...... 

SB7:-59; 

-<57;-59; 


•t29: i0: 

; L-30-51, 

'.'Id ^orereiini" 

^S7.v*2 

S-59-B7 


.1-2D-S) 

<£30,-31.1 

Mil) ta£ie.^ 

65 286 

>2B6-:>3 

■?1U Loiiie- 

.-143-1-9 

|S1«3-W8 

Kb: 

i 103-118 

'SM 1t8 


*t«-iiuu 

Certiftraic 

m i<t-v> it. 


1 Lai j Lion AuIl. t (notice UiruUDt 

lurerbtpfc j Auil+riir . nfcpriiauie H-xira Cornpanv market Trea.an* 

I -lei— «ii- : tan<!« LVjwun Deimii'. B:H- 4 


was fixed at S200.25 during the 
afternoon. The metal touched 
$201 at one point duriog the day. 

In Paris tie 121-kilo gold bar 
was fixed at Fr 27,950 per kilo 
($198.79 per ounce) in the after- 
noon. compared with Fr 27.090 
($198.98) in the morning and 
| Fr 28,100 (S19S.74) cn Friday 
afternoon. 

MONEY RATES 

NEW YORK 


Elu::*;-.- [ NEW YORK. 

tor* Fmrtrai, Rale 

B:H- ^ Billj. 4 > | Bill . 4 I Kurt Funds 


on million ' 

Francs) 


ASSETS 


“Loans to 
Customers 
117.233 


ITansaclions with Banks anc 
Money Market operations 
104,211 


■ — | — Deposits of iransaciions-witb Banks ana umei T0TA T 

LIABILITIES ^ Customers + Mfloej? Mukcti operations + Transaojons _ 2 4S,SQS 


Olher 

Transactions 

27.364 


TOTAL 

24S.80S 


..I v*ro**. . 

i • I. -5K.T-: 

, M-- •( 
n . 'll 

[■.»• n..-:i'n-.«! 

!. r-v ii.-citip.. 

- ■« i-.-.i:! !>• 

» i nr 1i- . . 

• Hr- u.t,: ..u..' 

(#» 


9r* Bf* ; 

9 9s* I 

£ | 

9f. : 

9.-0 


101* 1014 
tiA 101] 

9Ta-l‘ ip 
Bia-ioie 
lOiftlDU 
iu-ioii 


IQjg-lOij 

lOfe-lGl'/ 
10 U 


: 103] IC>4 
I i«j-9:v 
! eia- 1 : to 
1 97 fl Sjg 
I 10 *12 
iu t J 4 


- jlOfe-lOln Pll-lO 

- Stoia-iOfie - 

Cis - Bit 968 

UT 8 101s 01e 

0-s - 9 to 

05s lOlfl BU 


1C2 4 
Jut 8 
1 0-4 
I05s 

lOto-iOto 

10»C 

1060 


- I - 


9^916 Sts 

ft 95c-a-;. 

9>g-9U 6? 

— 9;i-ass i 


l-'rancs) 


( r 1 110.114 I 1 34.4W I 


The Annual Report is available an application lo 
CREDIT LYONNAIS (Relations Publiques) 19 Boulevard des Italiens— 75002 PARIS 


Treaqmy Bills ua-weeki 
Treasury Bills C8-weeK) 

GERMANY 

Discoum Hate 

Overntk'ht 

On-.- mouth 

Throe months — 

51* monihs — 

FRANCE 

DiKc-oum Rale - 


Locii auUKinjy and floauce bouses seven days* nr.iice. ntlurs seven days tTxod. * Lomjer-ierm local smho-Kv miiruase i orara- -n ' “ 

raic Ti=-Tsi:naCy ftrea year, llj-11, dot «nr: Tiiirr years lU-lIJ r»r cunt: five y-ars li; per cenu ® Bank bill rare-- In teblo tine mooto 
are buyia*. raie lor prime paper. Buj'lna ra:-.-s tor fanr-mouih haul; hUK per cenu (our-momh iraiie bills. Id 1 ' Th-ti- unmsi'' 


5lWARTNK«S; BANCOTJI'rOMA BANCO HtSPANO AMERICANO COMMERZBANK CREDIT LYONNAIS 


are ouyias rare ior prime Paper. Hoyini ra:-.-s inr rnur-mooUi hank hUK per cenu (our-momh rrarie bills. 16! 1 Threi.- aionths 

Appr. ximatc pefliog rates tor une-m-mlh Treasury hillb S51SJ-9 per crai: twramnutb 9iji-99i6 per cent: and ihrcB-moath SU monus 

91-9.- per «nt. .ipprnsimaU' ■jcIUbb rate for one-month back billf 35is per com: and two-month flj-aais ba. cc „ i: aiu j three-! iabam 
^ ctDL Oac-monih trade bill* IP wr ceoi: two-m^alh 10 per cenn and alio direc-moml! 104 ntr c-ni JAPAN 

— ***?, f pohll£!Hd the Finance flna^es AAsndauom: 101 ntr cpni from Aueiisi ] io;s DcaHna Diwoui:t Rate 

“f'’ a J Z*?** ^ 1 ^" ! ,",, r - uUce, €l ’ ? cenu Buck Base Rqu [or len fr in a jo per cent. : Cali ilatondiunwi 

Treasury Elite. Ai trace lender rater; ol discoum 9.U38 per cent j piseounl Raw 







































































r- - 




Financial Times Tuesday August .1 lists' 



■ ,-wr . tra-i .- 

■'* , J 




inflation 


INVESTMENT DOLLAR 
PREMIUM 

52.60 to £1—99$% (M*%) 
Effective $1*315— I8f% (47£«S) 
STOCK PRICES on Wall Street 
improved afresh over a broad 
front yesterday in another large 
turnover, overcoming renewed 
dollar weakness and initial profit- 
taking. 

The Dow Jones Industrial 
Average, following the previous 
week's rise of 2257. closed 558 
higher at 86257. The NYSE All 
Common Index advanced 41 cents 
further to a new 1978 high of 
S56.59. while gains outscored losses 
by 1,053 to 488. Trading volume 
came to 33.99m shares, margin- 
ally above last Friday’s 33.97m. 

Analysts said hopes that 
interest rates may peak and the 
pace of inflation may moderate 
contributed to the gain, as did 
hopes of a reduction in capital 
gains taxes. They added that 
investors are inclined to ignore 
negative news, such as dollar 
weakness, and act on positive 
developments. 

Last Thursday's report of a 
drop in the basic money supply 
eased fears of further monetary 
tightening, while expectations that 
food prices will moderate 
generated hope that the pace of 
inflation may slow despite last 
week’s news that inflation in June 
continued at a double digit pace. 

The market has also been 
heartened by last week's report 
of a narrowing of the second- 
quarter Trade deficit. 

Yesterday, the Commerce 
Department reported that the 
U.S. index of leading economic 


indicators rose 0.4 per cent in 
June after a revised 0J. per cent 
rise in May. Analysts commented 
that the report supported pro- 
jections of continued moderate 
economic growth. 

Building on last week's new high 
for the year, EBM advanced S3 
more to S281£. Da Pont gained 
$2 to S120J. nearing its recent 1978 
peak of $ 1211 . 

Exxon, up 5} at $46i, said it will 
drill its Baltimore Canyon well to 
a depth of 17,000 feet but would 
not comment on any findings. 
Earlier. It had planned to go to 
14.900 feet. 

Texaco, also drilling In the Bal- 
timore Canyon, eased Si to S25 in 
an active turnover. Mobil picked 
up 8} to $03} and Shell Oil SI 3 to 

533. 

National Airlines, at its awn 
request, did not trade. The Florida 
State Controller has sued to block 
Texas International Airlines' 
attempt to take over National. 
Texas International shed Si to $14 
in American SE trading. 

Citicorp, the leading active, were 
unchanged at 524} — a block of 
500,000 shares changed hands at 
S24i. 

Bankamerlca, which after the 
close announced a dividend 
increase, were unaltered at $248 — 
a 400,000 share block was traded 
at $25}. 

Gaming issues were strong. Play- 
boy moved ahead $2} to $ 2 li and 
Harrab’s 82 to S25j}. Golden Nug- 
gett, on rhq Pacific Exchange, 
advanced $2J to S30J — it has taken 
an option on a Miami beach hotel. 
THE AMERICAN SE Market Value 
Index advanced another 0.58 to 


154.73. Volume 4.15m shares 
(4.01m). 

Loews ' Theatre Warrants led 
the actives Ust and rose 52 to 
$17}. Syntex in second place, 
gained $1} to $33}. 

Resorts International “A" 
jumped 5} to $85, but New York 
Times “A" lost $1 to $30 in active 
trading. 


Canada 

Markets continued to strengthen 
in heavy dealings, with the 
Toronto Composite index gaining 
45 more to a fresh peak for the 
year of 1,193.8. Among the com- 
ponent groups. Metals and 
Minerals moved a head 9.9 to 992.1 
and Oils and Gas 2.5 to 1,543.3. 
but Golds, 'strong of late, came 
back 18.6 to L577.4. 

The closing indices In Montreal 
were not available due to com- 
puter problems. 

Among companies reporting 
higher, earnings. Chieftain 
Development rose 1} to C$281, 
Bralarne Resources = to CS7}, 
Magnasonic Canada 10 cents to 
C$2.60, International Mogul Mines 
i to C$61, Dofasco “A" } to CS2SJ 
and Transcanada Pipe, the most 
active issue, } to C$16} on 215,650 
shares. 


NEW YOEK 


I JllU I Jills 
■ 31 28 



1 -lul-. 

.lull 

Stock 

1 31 

28 


Tokyo 

Market made a mixed to firmer 
showing yesterday in moderate 
trading volume of 220m shares, 
with the Nikkei-Dow Jones 
Average gaining 13.47 to 5.60154. 
helped by buying concentrated in 
domestic industry shares. 

Brokers said that Press reports 


from Washington that U.S. Con- 
gressmen were seeking an import 
surcharge on Japanese products 
did not have much effect on the 
Tokyo stock market. 

Export-orient&ied issues, easier 
at first on the yen's further 
appreciation . against the U.S. 
dollar, improved later to close 
often higher on balance. Sony 
gained Y10 to YL590, Pioneer 
Electronic Y20 to Y1.71G. Matsu- 
shita Communication Y40 to 
Y1.460, Toyota Motor Y7 to YS78 
and Ricoh Y12 to Y524. but Canon 
were Y6 down at Y450. 

Electric Machinery, Food and 
Brewery Issues, Department 
Stores and low-priced Chemicals 
moved higher, while some 
Machine Tools shares also showed 
strength on reports of brisk sales, 
but Public Works stocks lost 
ground on profit-taking. 

Nippon Telecommunications 
Construction rose Y1S0 to Y3570. 
Nippon Television Networks Y120 
to Y6.200. Kokusai Dens bin Denwa 
also Y120 to Y3-950., Clarion YS0 
to YS15. Japan Air Lines Y50 to 
Y2.700, Talyo Sanso Y42 to Y420. 
Kinki Denki Koji Y41 to YL040 
and Toyama Chemical Y35 to 
Y724. 

On the other hand, Arabian Oil 
declined Y60 to '71,690, Mochlda 
Pharmaceutical also Y60 to 
YL700. Elsai YSfi to Y1470. Makita 
Electric Y30 to YL23 Q. SS Pharma- 
ceutical Y26 to Y773 and Zenchiku 
Y21 to Y330. 


the market closed with irregular 
movements following an active 
business. The Commerzbank 
bides slipped back 05 more to 
815.5. 

Stores generally reacted after 
recent marked strength, with 
Kars la dt losing DM4 and Kaufhof 
DM2. . . _ 

Banks were easier-inclined, 
Commerzbank shedding DM 1.50, 
while Engineerings had KHD 
dawn DM 3. Gntehoffimugshuette 
DML50 cheaper, but in Minings, 
Ktoecknerwerke improved DML20. 

On the Bond market. Public 
Authority issues recorded fresh 
losses mainly limited to 2 o 
pfennigs, although the 10 per 
cent 1973 and 1974 Federal Loans 
were as much as pfennigs 
weaker. The Regulating Authori- 
ties bought DM23-2m nominal of 
paper after buying DMlLSm lest 
Friday. 


Germany 


Continuing to consolidate its 
position after the recent upthrust 


I Julv I Julv 
! 31 ie 


i Ju 5 y ' 


A1ih.il t I«lh< 

.\ililre-tii£rg|ih ...; 
Arum Lite i 

Air 1'n.iurts 

Ati-anAliiiiiiuiiiiu 

A leu* 

Allen. I.uiIIiiiii .... 

Allegheny Pnwrri 
Ailieil t'lieriiu-Hi., 
Allied Siurd...... 

A I lu. Oral mew... 

A MAX ' 

Amorada He»*....l 
Amer. Airline*... 
Amer. Uremia .... 
Amor, bruarli-asl. 

Amer. Can 

Amer. Cyxnarriitl 
Amer. Dial. Tel- 
Amer. Flci.Peu 
Amer. Uxprvas... 
Amer. Home Prml 
Amer. Mcrti"*t... 
Amer. Mrtun.... 
Amer. ,\m. On*.. 
Amer. Standard.. 

Amer. gtore* 

Aiucr. Tel. & Tel. 

Anictek 

AMF_ 

AMP 

Atupex 

An, linr H.,-Lln j. 
An he user Bup-Ii.. 

Armen Steel - 

A.8.A 

Ataiuera Oil 


t/nminu Ciav 

C 1*V I nt'rn'tiunail 

l.'rane 

Cncken Nat ; 

l.'r> urn ZHlerioi.il 
L'nnimiD- Engine, 
L'urtisa WrigiiL...) 

liana ; 

Dart luilottriea-. 

Deere 

Del Monte 

Deltuoa 

Dentaply Inter... 
Detmit Erilann ...| 

Diamond S lta.nl rk 

IMi-tapbnm- ' 

Diifita Equip...... 

Disney iW'alti. ...I 

Dover Cnrjm '■ 

Doe Chemf ■■»!-... | 
Until. 

U renter 

Uu|oni I 

Uoimi ln-liihiriea 
biiule HI iter 
■ jibl Airline* 

UNIumi K«nlak_ 

halml I 


Johns .Manville..j 
John - 1 >11 JtilmxiD: 
Jolujfon Com nil. 
JijyManulai-tur'a. 

K. Mar tlqi 

KaiaerAlumini'm 1 
Kaiser Industrie*: 

Kaiser Steel ' 

K*v - 

KeDneeott ; 

K«r U>-Gee • 

Kiilile Walter..... 
Kimberly Cleric..! 

K uppers- i 

Kraft. 

Kneier Co. t 

leueniif Trans..] 

Levf Straws > 

LU.iljy Us. Prx.tJ 


Kevlim I 

ltevnoliU Metals. 
Keynuliis II. J. ... 
Rich son MeirelL' 
RivMI Inter...! 
Kntara A Haas ! 


A«arvo 

Ariilarul Oil 

AM. Kiehrtelii 

Auto Data Pm....' 

A VC j 

At CM 

A\nn Product*— 
Jblt.Ge. Kle«-c..: 
Hank Amerint, .. 
Bankers Tr. X.Y.- 

J taria-r Oil 

Jtavier Traveller... 
lteairiiv Fi»»l-... 
Uvl- 1 on l ) ieLen -«U 
Hell ii Howell..... 

Itemlix 

Boukuh Cims-IT 
licit ilehein Steel. 
Black A Decker.. 

Boeing 

Bmee Caieaile— .. 

limlen 

Burj! 'V nniur. ' 

Umiti B { at. ........ 

llra»uan ‘.V. ....... 

Bn>liw My err ' 

BnT, P«. ADK-. 
Unekuas Ulau- 

Bmiiawick 

Bury ii i' hne 

Bukiva Wairli 

Hurliuitum.Nihn. 

Uum*i|'h I 

Cam | <lifl I Sm| 
Cana, l urn 1‘aeiftr.] 
Canai Uaniloipli..! 

I amaitnii j 

Cartier A (ienenil 
CaitiT Hawley.... 1 
Coien.lllarTraeUi; 

CB» 

I 'uiaiie-f Corpu...! 
Central A 


K. 0. i 

Ki l‘ar,i Xat. Ga- 

Htt ni 

Smi-rxiii Klei I nr 
Kiiunj AirtTii;>ii 

Kniiwrt 

h.M.I 

KnoellianJ..— ...., 

E^uuirk. • 

KiliVI 

E-.snu - 

laitviuiil l amera 
Ke«i. Ue|H.MMieii 
Hirestnue Tue..... 
Frt. Nat. Borina. 

Hieai Van 

HiiniUnu 

Hlumlit Power.... 
Fluor. 


2618 . 28 1« 
171* ; nig 

ass I 3H1] 
371* 37 

‘*6 zes 4 

Sb : 4 ! 301" 
3 > 3 

254* 26Je 

29 2BI» 

22 211* 

4 612 481* 

44a* &3ii 

371* 371* 

134* 134* 

29 ?B 

221* 2H a 

3ui* 3Qi a 

4^t b 3KT* 

45’a 36 


Lijyet Group ] 

billy iKiyi | 

Liii.hi Imlii r ■ 

l^a-kliecil Airvi'ft 
lame Mai I lulu-. 
tiHm I -lain I bill.; 
Lmiiuiu LmiiiI... 
lailTIwl 1 

Lui-kt .Mini- , 

L'ke V'un^rt'w ii.; 

MreMiltau 

Um-y II. H J 

Mils. Hmn-ier....: 

Mai« 

Mnratnuu ini | 

Marine MuIh>iiiI.i 
M arrtiall Fiehl.... 1 


Until Dutch 

HTB 

Kuan bei | 

Kpler -SyEtem ....i 
Safeway Stores... I 
St. Joe Mi neralbJ 
Su Regli. Paper...! 

daiiu Fe I mla I 

rinul Invert J 

Saxon I n<U | 

'K-hltlz H row-log;-, 
S-htumherfier ....I 

SCM I 

•Srott Paper.- 

■ScMvil Mrg 

Suliler Dun.Cap 


Wnolworth'. IBS* - IS 

Wyly 4 ‘ 3T* 

Xerox. — r 57** . 565* 

Za ( «U 1 15&* 16 

Zenith Hail io [ 164* 16ti 

L'5.Tiea*4%lBai! t94ri- f94T* 
L'S Trea*44*75/8& tBOJe .1801* 


TSOae . t80U 


15. 90 day biUa.| 6.71= 6.72% 


CANADA 


Abitihi Paper | 145* I 

Afjnlcii lojla ■ 6>* 1 

AiataAlumlnlumj 344* 

Alemna Steel 224* 

Aabntcv t39*z •' 

Bank of Moutteol 224* ; 
Bonk Nova deotia 217* ' 
Ban-.- Beeounxa.. 4.55 
Bell Telephone ... 684* ■ 
Buw Valley ImLJ 35 


mi Container.... 



7H.ni le iti.U.i 

■war- llm+nii'k. 1 

jjKUi.U 1 


BPUnada -I 161* 1 161* 

UmaraQ 16 I 16 

UriniM. t4.B0 ' t4.20 

Calgary Power— I S97n ! 397 a 

Camtkiu' 


CertKinteH I 

( '•■Miut Airemll ...I 
l Irn-c Maul ml lan: 
l.Ueuucal UL..VVI 
ClieiaHirjjli I’mni.! 
Cln.-wle Sv-leiii..; 
Cliuwgii Bnilge... 

Chtynler. I 

Cinerama. 1 

l-inr. Mi bu- run... I 

I 

Cilie* aenii < v.—.| 
Cnv Imu-ting... 

fia.ii Cola 

Colgate Palm 

Colllin Aiknuui.. 


K.M.C ' 

Kuril Motor. 

FureniLT-i Mek,... 

Fushnra j 

Franklin Mint... 
FreetHut Mineral. 

Fruebauf ’ 

Fai* tie inda- | 

n.A.F : 

(iaiinen 

lien, \iiiei-. I ill. ..I 

(l.A.T.A • 

fl»»n. tnl.li- • 

Gen. Dynamic-,.. 
tlen. hii-elnm...... 

lien. F'iil- 

1 11.1 ie Ml I Mill- 

li-nerai Mulnr-,.. 

fieri. Pul., I ill. 

<••■11. 

fieri. Tel. Kill I 

lieu. Tvre 



in-irgM I’Hi-'fii-... 

fiHIV Oil- 

Ifiln-lle. 

(i.aalrlell 15. K— .. 
Uia •(> ear Tire 

Ul HI 111 

liwcvW. K 

iiil.AllHil Paelcn 
fin. Nonli Inni- 

U ret lu ii u ul 

(.lull 4 Ww-It-iii... 

till II 011 

Ha. I burr i 

Hanna Mining.,.. 
Hami-ciiiMjtT .... 
Bams Cnrpn...... 

iietnx H. J.. 

Henblein 


}Ia.t De|<i.>tuiv» 

.MCA j 

Mi.-Deniniii- I 

Mi-Dunueli Dnupl 

Mt-iimti Hill 

.Meiuorex ,| 

'li-n-i. i 

Mom 1 1 tyib-li.-.j 
Nltf-u Petiuieuin- 

MUM J 

Minn Minijt MIc 1 
Mobil l^>rp 

Monsanto. ; 

Munt&n J. P. i 

Mouin.la | 

Murphy Oil i 

Nabisco ; 

NhUti UbemlualaJ 
National Can ; 


48*4 461* 



eon'g* Nrckeil 24* 
Fori Motor Con-! t72 


Nat. Di-tillei-.... 
N»U .-'ciTiee 1ml. 
Naiiunai Sievi — 

Nali-ina- 

Nell 

Ne|iiuiH- Imp 

\en Kiigiapit Hi. 
New Fug la iv I Tel 
.Voigani Miiiinnk 
Nlagam .'-lian.-—. 
N. 1- I •nlti -1 mc_ 
\.,ri..U.A\Ve.tem 
Nmtli Aat.lia-... 
.Mini. Maun Pwr 

N III aval Ali-lllit- 

Nlliue-l llmkwp 
'iiltull .T-lluml.... 1 
ih-eiilenlai Pet lull 
DifHvt Mailmr... 
Ulini Kriiuiii,.-...l 
Dim I 


336* 3Z>* 


TcMiru Hein ileum 

lOly 

101" 


25 

253* 

Tl-uiquI] 

203* 

197* 

lexj-, Kablr-m. 

s9 

59i* 

Icxa.' Insr'm 

87it 

87 

rrxri Ull A Uai- 

26> 4 

2B't 

Lcsiu L uliiies. 

2H* 

213* 

Tim l-j Ins 

44 

» 44 U 

Iuim-> llirrur. .... 

Site 

| 5u6n 

1 lit'keu 

47 ii 

46te 


Gra-tar 

□ lantYerwanlfe. 
Gulf Oil Canaria. 
Hawker 7? pi. Can. 

Ilni linger. 

Hume Oil -A 1 

Hudmii Day Mngi 

Htalsiiit Ua,\ ' 

Hii-ImuiOiI A Gaal 

l-\.t 

tnia-eu. 

I ui{C-rbii Oil 

Inin — , 


Drerbea.- 'ibi|»...i 
Owens CuruIng.J 

Uweiu hlmiin [ 

Pa- id lias ...... ..J 

PaulUv Ligtiling. 
Pan Pa r. A Ug.J 
Pan AniHunlAit 
INirker Hannifin. 

Pcnictly lull 

Pen. Pw. X L..... 

Penny J. U 

Pinina.il i — , 


Traubincrini 

17bfl 



Irauwnv Inlr'ti. 

263* 

Iran? Wurlil Air. 

253 4 

Trav-elcra. 

361* 

In (.antioeiiEal - 

19 


20th Century hux aw* 


Columbia Gn- j 

< n in bin Piei.... 
Coiii.ln-Cu.iii \ml 
CumiHi'tiiiii Khk.‘ 
Cniiibiuliiin tv|..., 
l“ni , «*Ui Kiii-unj 


Henrie Packard... j 
Hui ii lay Inni-.,.. 

Hmnedake. i 

Honeywell - .1 

H. liver ' 

Hir-p-LVirp, Amer 1 
Huu-liui Nal.Ga- 
HuntfPli.AI Clini! 

HuIIihi (K.F.I , 

l.C. Iniludrles... 

IN A 

liiueu-iHi Kami.... 

Iirionil Meci 

Iii-iIl-u. 


PeiipiHs Drug 1 

Peufilw 0a« 1 

Pei»ku I 


t ni lever 

Ctrl lever NV 

Cnion Bancorp-.' 
Union Lartible..,. 
Cnlnn Commerce 
Union Oil Calil...; 
Union Phirlfie— .. 


fniVtniHi Kei .1 
Com in. -Mile* -He.! 
( N mi | nit crS-ience 1 

Ciiiui Lite In.- ! 

Cuiirae 

Cun. Kflr-un ,\.V.| 

C.rtl ui 6u|. I 

Cuau-I Nil . IJa>... 
L'unsuriier Power 

Cuntimmtri Urp. 

Com menial Uil.. 
C'»l li mental Tele 
Control Data 

Cooper Initu- | 


IBM - I, 

lull. Flavuun. 

lull, liaivnivr... 
trill- Mm A them 

lull. MullilivHla,. 

I ten 

lull. Paiier 

Tin 

1 ul. IJi'-liHi-r 

I in. Tel. A Tel.... 

Intent 

b-wa IVv-l 

11" International 

Jim M ailer. 


Perkin Blmer. ...' 

Prt.._ 1 

i'flwr i 

Plmpi ih>lge-...i 
Philadelphia Ble. 
Philip UmTi«-J 
Pbniipa Peiro'm.: 

Pnaliurj- I 

PlLnev Unwes ....i 

Pillsbui„ [ 

Pleaaej Lul ADK| 


IhllBIUbl. j 

PiKuinee Kba.- • 

ITU !nilurlr'e»..J 
Ibi icier Damlue_J 
Pul. n-rve KieetJ 

Pub man ! 

l*in ex 

Ijinihcr Oat-i 

I f^liiil Ainenrau. 

linvtheou 

Ill \ 

UepillilltrSleel— 
H>.-9orta Inti 


Uairoyal J 

L’nlleri Brands.. ..j 

L'.i Bancorp. j 

UB Gypsum j 

Uh ?*lroe - | 

L'sS Steei 

US Teeimoiogier. 
UV liviu-trie-.— ' 
Virginia Bin*-. ..I 

tVaiiiiwn 

Wamer-Conimn- 
Wamcr- Lainlwii . 
*Va-u -Man'meni 

Well— Fatijii , 

We-ierti Uatiinrji 
IVesti.-m N. Amer 
Me.tern Cnlnll... 
IVeilillLrllV- Km-'. 


Inilal 

In la ml Nit. Ga-. 
Iiii'p. » I’lja* Line 
halsor Pcmiurvci, 
Ijbh ri Fin. Con\. 
tail -law Luru. 'll'. 
Mi-nnH'ii Blue'll. 
.Ma-spy Feguami. 
Melntyiy— 

Moore Clt|hi 

MounuitnStateBs 
Nommla Mines... 
Nurcvn Knergy... 
N’llin. TeJevom ... 
Niureic Oil & Gas 
Uakniul Petrl'ni 
PaeiUc Clipper M. 
I 'an lie Petroleum 
Pan. Gan. Pet'm- 
iktloii 

Peupla- Dept s_ 
Plow Can. A Oil. 
PlaeerDeveiopms 

Power Vxirporai'n 

Price 

Quebec Sturgeon 

Hanger Oil_ 

Ueeii .-i teahouse.. 

Ku> Algom 

Poyal Bk. of Can. 
Koyai Tmat....... 


S ep<n>R'eoun-es 
Seagrams, _.! 



Seagrams, —I 

s-hell Ciuiaila. ' 

SberrlH G.MIues' 

iiehens O. G. 

-i iiinmm I 

7*teel of Uenaila-| 
•’iCi-p Kia-k Iron J 
Ti-.wu i.4ua la ...- 
Toronto Di.ni Jlk.' 

l-raostlaiiPi^Lii; 
Tlwm Mm, ni Opr 
Truw 

t uion tins i 

(,'lil-hita.ve Mliiesi 
Walker H Irani.... 
M’eal CoaiL Trans 
M'esLon Geo 


T Bio. c Askea a T» afleft 
S New stoefc.” 


EUROPEAN OPTIONS EXCHANGE 


-AJI.V 

F340 



AHN 

FS60 

— 

Ak7. 

F27.SO 

— 

AKZ 

K30 

33 

AKZ 

F32.SO 

145 

KK 

S46 

1 

KK 

550 , 

11 

KK 

S60 

3 

FNC 

SZfi I 

— 

G.M 

S60 - 



fill 

570 : 

10 

Hu 

F57.SO 

— 


— i — F3G4.50 


— - F31.50 

1 3.50 ; 

14 3.50 

— 1360*2 


6S*| .. 

B'* ! S241* 
47* dhhU 


— ;F57.30 

— I S 2 79 la 

17U 

— K 153 .50 


18 


10 

3.40 


10.50 | F1Q3.40 


B.50 ! 

- !F^5.90 

1-BO ■ 

- IS46S* 

43* | " 

— F1B4.10 

2Tg 13604* 

- | H21.30 

- !S46'i 


BASE LENDING RATES 


A.BJI. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. in % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 96 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank Of N.S.W 10 ®f, 

Ranque Beige Ltd. ... 10 ^ 

Banque du Rhone 10j% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

"Cayzer Ltd 10 % 

Cedar Holdings 10J% 

■ Charterhouse Japhet... 10 % 

Cboulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 % 
Corinthian Securities . 10 % 

Credit Lyonnais 10 95 

* Cyprus Popular Bk. in *>V 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... II % 
First NaL Fin. Corpa. 13 % 
First Nat. Secs. Ltd. ... 12 % 

3 Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank tlO % 

V Guinness Mahon 10 % 

Hambros Bank 10 % 


■ Hill Samuel 810 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 

Lloyds Bank 10 96 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

I Samuel Montagu .' 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... i0 % 
Ross mi ns ter K) % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 1U% 

Security Trust Co. Ltd. 11 % 

c henley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trusiee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
Uniied Bank of Kuwait 10 % 
Whiteaway Laldlaw ... 104% 
Williams & Glyn's...... 10 % 

Yorkshire Bank 10 % 


□ Members of the AccepUng Bouses 
ComrtUnee. 

* T-nay deposits T7J. 7-month deposits 
71%. 

r 7-day deposits on mnrm of 06,000 
and under «i%. up to C 24 J 6 Q 71%. 
and over 03.000 8f%. 
t Cali deposits over £ 1 ,boo r,t. 

I Demand deposlis 7i’4. 




Paris 

Profit-taking brought an raster 
tendency yesterday In fairiy 
active trading, breaking the mar- 
ket's strong upward movement of 
the past two weeks. 

Apart from firmer-inclined 
Foods and Mechanicals and mixed 
Metals and Portfolios, declines 
predominated in all sectors. 

Significantly lower at the end 
of the session were UCB, Suez, 
Moet-Hexraessy, GTM, Hachette, 
Club Mediter, CIt-AIcatel, Radio- 
technique, St. Gobain, Pompey, 
Elf -Aquitaine, CM Industries. 
Lyonnaise des Eaux, UTA and 
Feonaraya. 

Australia 

The firming trend continued 
yesterday, with BHP moving ahead 
12 cents more to AS7SS. 

Philip Morris added S cents at 
AS6.72 ahead of the preliminary 
statement, due later this week. 

Among Uranium Stocks. Pan- 
continental rose ASI.10 to AS 16.70 
and Peko-Wallsend 14 cents to 
AS8.08 following last Friday’s 
announcement that a team of Aus- 
tralian scientists have developed 
a new method for disposing of 
uranium waste. 

CSR, which attracted investors 
on the announcement of Mount 
Newman’s iron ore sale to China, 
advanced 8 cents to AS320. 

On the strength of record gold 
prices. Central Norseman climbed 
50 cents to ASKL20. Renlson Tin, 
which reported a large profit in- 
crease last week, gained 30 cents 
to AS10.40. while Bougainville 
Copper appreciated S cents to 
AS1.44. 

CRA put on 3 cents to AS2R7, 
while the rest of the diamond 


specula lives also hardened. 

Coals had a. mixed day, prob- 
ably as a result of Government 
criticism of the Utah wage settle- 
ment. Utah shed Z cents to 
AMJ2S. Coal and Allied a cents 
to A84.70 and Thtem 3 cents to 
AS2£5. but Oakbtidga - were 2 
cents firmer at A$L93. - ; - 

Banks gained ground, hut 
Retailers were nervous on expec- 
tations that even if the ware- 
housemen's strike is settled It 
will be weeks before normal trad- 
ing is resumed. Woolworths were 
a shade easier at ASL59. ' 

Hong Kong 

Market firmed -slightly . in 
moderately active trading and the 
Hang Seng index rose 2JS8 to 
584.42. its highest level since 
November. 1973. 

Among Blue Chips, Hong Kang 
Bank rose 30 cents to HK$19.7D 
and Hong Kong Land 10 cents to 
HKS 10.50. while JattBne Matheson 
were unchanged at HK315.70. 
However. IltHchfsou Whampoa 
and Swire Pacific lost 5 cents 
apiece to HKS6fiO and HKS9.05 
respectively, and Wheelock eased I 
2L5 cents to HKS3J20. 

Elsewhere, Hang /Seug Bank 
moved up HKS9 to HK$171 ahead 
of the interim results. Tai 
Cheung Properties advanced 17 
cents to HKS1.9S. while Hoag Kong 
Wharf and China Light put on 10 
cents each to HK$27.90 and 
HKS2650 respectively. - 

Johannesburg 

Golds, strong of late, eased 
initially on the reaction in the 
Bullion price, but tended to pick 
up later on selective interest to 
close on a mixed note. . 

Mining Financials .were quiet 
and generally at previous levels. 
Diamond issue De Beers gained 
6 cents to R7.03. Platinum shares 
finished fractionally firmer, while 
Coal issues were Selectively 
higher. 

. Switzerland 

Easier for choice in light 
trading. 

However, Eleklrowatt gained 30 
to SwFr 1,860 and Motor Columbus 
20 to SwFr 815, reflecting favour- 
able Press comment. 


Indices 

NEW YORK - 3 »w tores 

[ *; 1 i 1. ^ 9TO IJrtnf-r ntnpuat'a 

! July j Jnly i JutV ' July ' J «|y i 4 mJjt ■ j - - . — 

■ 31 l 2S ( 2 t j 26 .25 | 2* ! j lov | High | tin. 


ii 1 -- 


"7.1 mjr raa 

»->*! »■«: "-“i "-"I "-“j ,7 - w .Bffl - | “ 


gag | Wl - .vss, UBS 

■Mil—- 1 H ws * mM \ H 'SS j a" jeKlSiUtS. 


1 ^^^‘j35.wa , B.a7o!5B.wq.ss.Mi!2a.«a!MJsai - j - i - j - 

I ; i ! • : I I ' ■ ■ 


* Ub-i- urlnriea drans«t iwm Angrikt 2 A 


Iml. dltf. yiakl % 


July 28 i JuiyJ21 1 July W | (Ymu- 
; 8M ; Tea : 5J6 i iZi ~ 


STAJTDABJ) AND POORS 


-Industrials 
3 CuaifiMitr I 


i : • ! ‘f W8 Tilucn C>w,|inat' B 

| July j Jri.v | Jrij- | Jj^T i 

! H » i,a&! 


) July 12 ; July S* 


toil. tllv. ,vi«U ?. 

Ind. P/K Matin 

Long Guv. Bund j'iriil 
R.Y.SJE. ALL COBOfOIT 


I Juur 29 | Year ng<> 

"l 601 • 4.4 S ' 


Riaes and Falla 

I J ui>- 31 1 July £2 'July 27 


i I i i i am 

July ! July | Jnly i JMy ' 

31 j 29 I 27 j a ; High i lara 


58A9 1 .66.181 b&M 65.81; &6^3 j 41.37 

till tiWj ! W3> 


lvucn traded • 1.9 IB 1.801 ; 1,887 

Btwa j 1.063 960:1,003 

IMh 488 537 497 

T cm - irons a< — j 377 384 387 

Xl-w High*. 191 | 144 i 121 

New Loirs. 1 8 I 10 - 8 


MONTREAL 


| Julv July ! July : July [• 

3i sb ; a J - as J 


Industrial 

t'luuhnml 


- | 192.48 TMJ2‘ IM.Ill 192.4B (3Bfh 

- i 200.&4 199.88 193.01. 20844 <Z&n\ 


lK-BOUK-a 

170.62 (Will 


TORONTO l‘i>*iii»vdic 1198.l'| 1189.51197.8 t IMIS' 11964 tal/ri 


998.2 1 30.1 1 


JOHANNESBURG | M ^ ^ Q 254.6 j 2flL7i5t'X> 

lodu.- irlal ! 282.1 252J8 ffilA 2M-9 i 262.7 i24)7) 


188.0 (90(4) 
194,9 i!3|6> 



Brussels 

Stock prices displayed a bias to 
higher levels. 

Among Steels, Cockerill rose 14 
to BFr 440. while Non-ferrous 
Metals had Asturlennc up 46 at 
BFr 63S. Petrofina, in Oils, put 
oo 30 to BFr 3.740. while Holdings 
company Sodete Generate 
advanced 15 to BFr 1.980. 


j L tutralu(^l ^14>ii 
Belgium i II > 97-01 
Omnar hi-1 97.22 
tYanee mi: *6^ 
Granaaajt''). F18-5, 
Solland t*« W.2 


5I3.U.614A6 

: «lo ; 

9&57 i lul. It- ■ 


97.081 k.U' 

7c.7 76.7 i 
U8.7| 

61S.4 8JSA - 
(27.71 ; 
84.4 i 67.0 . 


S lum bn — ! 106.78 j ii— u ) cim 

' ■■ ! • il.'ri) 

Sweden in 405.04 1 &9J* [ W lu ; set . 74 

I ! (3l/7l i (3,1) 

Switrorl'du, asoAisai.o oiW.M 

' 1 I i*. «) ! Uh4) 


MONDAYS ACTIVE STOCKS 


Hong Koub EB4.42 
ffrj 

iialy HU 


Japan tto 4*o.47 


Sinsaoore 5&-H71 

rAl 


5SLS8.5E4.42 1 

; . 

62.73. .-..^.i 
, i 19.7) . 
422 *5 USLel ■ 
1 'la 7i ■ 
856.64 859.71 \ 
31/h 


NOTES : Urvrsvas prices shown below 
-.-xsiDde S premium. Belgian dividends 
are alter with boldine tax. 

9 DM30 denorn unless otherwise staled, 
vieids based on net dividends plus tax. 
V Ptas 300 denom. unless otherwise stated. 

Kr.inq denom. unless otherwise stated. 
3 Frs SOO denom. and Bearer shares 
unless otherwise stated. € . Ven 30 denom. 
unless otherwise stared. S Price 31 lime 
of suspension, a Fionas, h Schillings 
- r.-nis Dividend arier pendinc rtehts 


and- or scrip issue, e Pur share. I Francs 
0 Gross, dtv. h Assumed diridend alter 
scrip and 'or rights issue, k Alter local 
laxes. m "i tax free, n Francs: inetndinc 
Umlac div. p Nom q Share split. * Dtv 
and yield exclude special payment, t Indi 
cated djv. a Unnffii-tal tradhis. o Minority 
holders only, u Merger nendins. * Asked 
- Bid. 4 Traded, t Seller, t Assumed 
xr Ex redds, xd Ex dividend, xc Ex 
scrip issue, xa Ex alL a Interim since 
Inr-n-ased. 


Indices and base dales tall base values 
too except NVSE AM Common — w 
Standards and Poor! — 10 and Toronto 
wo— i. (mo. I he las' owned based on i973i. 
r Bxdunins bonds. 1 4<m indusmah 
1«0o Industrials. 4fl Urtlliws. 4B Kinamv 
a no in Tran soon. <Svdm>v vn Uritiurv. 
iBeUPan SE 11'12’SS " rooenhanen SE 

IM‘13 ►* Par" Biiunii' lWH l» «’nrnna»n 


C Id carp 

Bank of America .. 

Teuco 

American AirUm-a 

Dow Chemical 

Occidcnrai P>.<mrim 
Wcstinghottsii Elec... 
Texas Vlllitlcs 
MG1C Investments 
Pan- Amer. Airways 


Chance 

stocks Closing an 

leaded price day 

CSLM0 24| - 

499.700 24] — 


. 337.100 17 +1 

S£tm 2fi| +| 


. 331.300 20] +i 
. 3SB.700 ZH +1 


£12.000 211 
257 9M aq +| 


234.200 81 - 


n.ink liec.. 1933 4) Amsterdam liidm:nal 
|AT0 *R Rant Sera- Rank 31*7 M HI Ullan 
2/1/75. a Tokyo New SE 1/1/58. h Sirens 
Tiint'k I9W« r Closed. <t Madrid SE 
.m i2/ri. i- Si m* holm Iwfitsmai I '1^59. 
ISmw R.inli ronmruunn u irnavtflaMa. 


GERMANY » 


TOKYO 1 


AUSTRALIA 



106 . 01 + as 


Kusicnbarg Platinum „ 

Sl Helena — . 

South Vaal 

Gold Fields SA 

Union Corporation .._ 

De Beers Deferred — 

BlyvoorelrelcbT 

-0.02 1 East Rand Ply. 

-0.08 Free Stale CeduM 

ML 02 I Presidem Brand — 

I President Steyn 

Stilfonieln 

Welkom 

West Drlefonieln 

Western Holdings — ... 
Western Deep 


Anno- Amer. mdustrlal — 

Barlow Rand 

CNA [nveninents .. 

Carrie Finance 

De . Beer* Industrial - 

Edgars Consolidated Lav. 

Edgars Stores 

Ever Ready SA 

Federate VnlksbeleggtngB . 
Create rmans Stores — .. 
Guardian Assurance (SA) 

H alette 


LI 

McCarthy Rodway 

NedBank 

OK Bazaars 

■ Premier Milting 

Pretoria cement .... 

Pro tea Holdings 135 +0.B 

Rand umea Properties ... 5.4D 

9-0 Rembrandt Group 3.60 

— Retco 0.40 

4.3 Sago HoWIuks 1J2 

9.8 SAPPT 2.38 +0.0 

C. C. Swrirh Sugar 4.S8 

SA Breweries L44 +«.« 

Tiger oats and Nat. Mills- 10.35 -fl.K 

Uni sec LIS 

Securities Rand U^LS0.72. 
(Discount of 37.4%) 


■iie.yr liaunier 
Veit Uianc-it 


SPAIN V 

July Sx Percent' 

Asland 123 

Banco Bilbao - m 

Banco AtlantKO U.000) 207 

Banco Central ... 323 

Banco Exterior 215 

Banco General 288 

Banco Granada 11.0001 130 

Banco Htapano 253 

Banco Ind Cat. <1.0001 172 

B rod. Mediierraneo _ 20* 

Banco Popular 270 

Banco Santander (3501 344 

Banco UrattUo 1 1.0861 . 2M 

Banco Vizcaya 2fcl 

Banco Zanwozano 273 

Bankunion 154 

Ban a* And* Inda 205 

nahcocft Wilcox 2n 

CIC 82 

Dnrgarios 240. 

lnmabamr to 

E. I Arasondras 51 

Bsnanola Zinc IS? 

Ettd. Ra> Tints. ........ M 

Kecw (l.onoi 67. 

Fenm ri.oafti .20.75 

Ual Preciarioa »' 

Gnipo vclareuMi <4om iu 

Hitfralz ......... n 

i herd be ro — n 

Olorra 12 B 

. Papeieraa Reuntdafl „ 62 

’•J Perrollber . 117 

7,0 Perroleos 2BI 

~ . Sarrlo Paoalen SO 

*•* . xi 

Sagefin 12* 

TbletonJca" R 

Toma Rostendt 9* 

Tnbocor — in 

Union Elec. 61 













































































Li -iA - 


curbs urged 


Fariniand Cancer confirmed 

fund trebles .. 

in a year III 50 cattle 



rise 


BY RICHARD MOONEY 


By Adrienne G lesson 
HJLL SAMUEL'S Mutual Agri- 


BY CHRISTOPHER PARKES 


LONDON COFFEE.ftUurcs prices Coffee Acreement nrice Property Fund trebled THE TALLY of herds of cattle When the presence of the I Exchange yesterday. Seliin 

•■onrimicd their sharp recovery as oven follDwinp«»PAnt 15 S* ? ve S lhe - vear l <> ^ e end infected with a form of blood disease in Britain was formally mainly on behalf of speculate] 

yesterday when the September fails, world eoff 4 o l March At almost £I3m at the cancer previously unknown in acknowledged in London two brought a decline ! of £9.T5 

imsition gained anolher £67 to well above the 77 4fi rint. f fv“ & me year * jt had. become this country Is mounting. weeks ago. officials said that a £713.75 a tonne at the close, 

r use at njK3 u tonne — £231 pound level at whirh n I of tte motional Vets from the Ministry’ of survey of imported cattle would lRjllia . H . f . ... , 

.«l«»ve the two-year low reached would be imrodurpri fa nh land funds, and -a further Agriculture who two weeks ago be completed before any long- With industrial activity at 

early lust week. • r ?_ ced under ^h e £3-6ui has subseauently been hnean a nainnfakinb r>h*<*lr on aH t<*rm nnllpv fnr handtinD thfl I season al low ebb during tl 


BY JOHN EDWARDS, COMMODITIES EDITOR 

COPPER PRICES fell back for move is that Anaconda have expected to bring further rctiuc- 
the first time in eight trading made the decision just before the lions in stocks during the next 
days on the London Metal date (Wednesday) when the U.S. few weeks, but much of the 


imports into the li.S. 


copper ket over the weekend brought an 
easier opening trend in London 


S £ &£££?? °» *•» > =W5.*U, bS began a painsuWnB check 0. 15 for Mg 3£ — 1 '«» *" .*»** «■ «» inadm S pr D - in pita* but subsequent..- the 

Uib or me agreement. subscribed. imported stock have confirmed disease was decided. summer holiday period, specula- Queers are now basing their market held steady m quiet trarl- 


Um- with the strong prSweekonfi , , An - v such action cou Id only he But however enthusiastic its the presence of the disease in In the meantime, fanners tors ? re controlling lie market prices on market values that arc tag conditions and cash tin 

close in- New York but de-iiere | a ^ en a * a full meeting -of the unitholders are about the longer nine herds were to be given the option of a ,n the absence strongly influenced by imports closed only £4a lower at £6.4S0 

. acid Xr no 'findaSSl """•H®"*' Coffee Council cod term prospects for farmland, l?,e toll 0 f cattle found to be ^r isolating mtdrmed^ rases ? f «* “® de - v * u “'“"“ d appears to underm, ne the case a tonne, 
explanation for the 'subsequent «!? d ,D /°iS e substaot,al * renego- Mutual Agricultural's directors suffering from the disease— until this policy bad been S ac,ian against Lead values were held up by 

rise. - tiation of the agreement. “The ?re none too confident of the enzootic bovine leukosis— has hammered out or sending the fr l GS ere d off similar sales imports, news ^at B 0 |jden. the Swedish 

Some thought that a ramricp IiJKS -j£S*rf a, £ A » ot a be im T med f iate f i lture - , climbed to 50 head. There are diseased animals for slaughter Meanwhile further evidence metals group, has decided to halt 

pirn fnr the ininosiiio^nr^v^ in Isolation one London In fact Mr. Douglas Allison, also suspect animals in other and taking compensation. m cU e tradm S that Zambia is making strenuous production at its Roenrekaer lead 

quotas by thrSmbi^nS? d <*ler explained. the chairman, says that ■ the herds. Leukosis, which offers no condltlOQ5 - efforts to solve its copper ship- smeller from early August 

linn it this week'* in'i^rn .; . W- would appear, therefore pnCes recently achieved on some All the confirmed cases have known threat to human health. Stocks of copper held in LME meat delays was given yesterday because of a shortage in supplies 

CoAr'e Oreanisfliinn t IL • 1 all Sr. Gomez Jararaillo VaC3nt farms "offer the pros- been found in anima ls 0 f the has been found in imported stock warehouses fell last week by. by the signing in Bar es Salaam of concentrates from its own 

l^nndnn michi havi “J™ s “} achieved' was to underline the ■*** of immediate returns ‘hat Canadian Holstein breed, the or animals bred from Imports 5.360 tonnes reducing total hold- of protocols by Zambia, Tanzania mine output and from alternative 
speculative buvinn ta.*° iSFw *“** mzny Producers feel at v l* w as unacceptably low." Ministry said. • At a sale of British Canadian lugs to 477.950 tonnes. It was the and China resolving the current sources. 

saw ibis news- as “ bo-TriJh » ^ w ^ at ^ See as a coffee price directors “should welcome At present values, if the far- Holstein cattle in Wiltshire, last successive weekly decline problems affecting the Chinese- » Senator William Proxmirc will 

* . “ • crisis: In the long run this might a . “Ccnne m land values, but njers involved elect to have their week, buyers bid up to almost in stocks. bu t was in line with built Tazara railway. offer a floor amendment aimed m 

. -„, lur0 r Jaramillo. push prices lower. sdoutd expect such a setback to cattle slaughtered and take up £3,000 for young breeding cows market expectations and. there- At the same time Lhe announce- deleting a Large copper purchase 

j •• tkfr;: Colombian One producer showing no signs “6 on *y short-lived. . , the Ministry's offer of compen* from the' Bo betty herd. fore, had virtually no effect on ^eot that Ancol-i and Zaire from the stockpile bill expccied 

• .once eeaeration. told the ICO’s of panic, however, is Brazil, Nevertheless, Mutual Agrxcul- sat j on at full market value, the Top price for a cow was 2 800 P rice movements. have agreed to establish diolo- t0 reach lhc Sena,e fl °o r lomor- 

n I5 e ! inH J hat U whicb at the w eek-end opened *“^1 is continuing to negotiate bill could already be £100,000. • guineas and lowest 750 guineas Also ignored bv the market malic relations at 'ambassadorial d'V" a,tJe said here ' reporl5 
should take Immediate action to export registrations for October new Purchases, though conceit- ° was confirmaSon that Aoiconda level must raise Ws for the Reuler - 

of _ ■ ss e ceMe« foifow p t s t-^.3!s!ra,"sa- , rg u r3= 

svsr now stand at srLi jsl Welsh trawler reprieve ■ sr P s d efms ,.*"*' frDm sSSt 

1 1 — s riat meQ ' ♦», a— a i, „oht ti system to basing its prices on .As predicted tin stocks in LME about saa-’m 

fam« vv/n of-thlm lPi Tnrtiiii BY ROBIN REEVES. WELSH CORRESPONDENT the New York “free market ” warehouses fell by 60 tonnes Senai or Proxmire believes cop- 

- larms. seven of them let, jnciuu quotations. cutting total holdings to 2,535 per to be a very low priority iiem 

The main surprise about tbe tonnes. Shipping delays are with little strategic significance. 


Plain tea price falls 
to two-year low 


^ £ s fi C st , w “ ® ayfie,d MILFORD HAVEN’S one remain- Milford fishing industry 
aD “ t Doveho^ les in_Derbysnire. j^g trawler company has decided sources, however, do not think 

c C ~ .taf.rt'woiii t0 contJnu e fishing— at least for the Government's action goes far, 

V T h e t I rae being — as a result of enough. They would like to see 

2-, wh £k ?“®* **** the Government's recent decision an outright ban on fishing in 

I let. While tner .remainder was . . int-mrlnr-e StriMPr fichorioc nnrtg nf the Wnciarn innmmhac 


i ^ remainaer was lo introduce stricter fisheries parts of the Western Approaches 
1 a. nt conservation measures. and the Irish Sea— notably the 

nds Tom ’ high yielding Norrard Trawlers, which , 8 rounds for its 


Delays on U.S. 
sugar scheme 


WASHINGTON. July 31. 


funds from high yielding Norrard Trawlers, which SfrfS"*., * rounfl s for its augai atucrnt 
dv rti» D ■ - deposits into lower yielding operates five of the port’s seven tradl ? 0 ?^ sources of while fish 

BY OUR COMMODITIES STAFF farmland meant that the income remaining trawlers, announced L nort n COa « st r WASHINGTON. July 31. 

distributed per unit declined jast month that It planned to go »evon and Corn wall and ,^ e ^ yrnr MohahVv be Seutember 

THE AVERAGE price or plain worse. East and Central African la iL year ’ rr< J? ^ ^ t0 0 fS? -1 fn w° a „ w nfTwsiained owerfisbine south-wesl of Pembrokeshire 11 GS before Congress completes action 

auctioned at the weekly producers had had particularly However thanks in part to because^ of sustained overfishing aqum 01 ^emoroKesture. Qn j eBlsl!ltion for H a domestic 

Londnn sale yesterday fell 5p a heavy harvests. reversions, m part to an u^reas- on Milford Haven s traditional - sugar price support programme, 

kiln to 65p — Its lowest level for .The "Hattersley hiatus” meant ,n ^ y ,e l d ° n . 5£j J,a S grounds. in SL. Georges ^ according to Mr. Bob Bergland, 

about 1 wo years. that the last of the North Indian OlOmiS IlHttOl U.S. Agriculture Secretary, 

Quality grades fell 4p to 130p crop was still" unsold, when 1 The news was described then • reports Reuter, 

a kilo, while medium grades normally it would have been SoL 6 ’ as the final blow for the port, QTSLIT1 Mr. Bergland said yesterday 

averaged 106p. ' cleared about six weeks ago. f ,J; 0 ,^ iU " t !iLj h ii n ? 1StJ:ibu ' which 25 years ago was the UpS that it was too early to forecast 


Australia’s last whaling 
station to close soon 


PERTH. July 31. 


Storms flatten 


gnrain crops 

" ' " ‘ — “' v P- *P.v«i vva auvui 31A WTOivc agu. Ijffin IT1 thn TPTlf VPftr WU1U1 -O WitCi LUC * UlitL IL W«t» L UU trany L u lUiCWBi. Qy* qC Albanv in Western lu,l * v tuvcri-’U. 

Mr. George Neale, president teas^havenow come Mr. mE ontSnte out that ia ^ es l fi sWng centre on the By Our Own Correspondent what might happen to the provi- AustTa ti3. . U forecast a 

of the Tea Brokers' Association.- between October 1976 and West Coast of Britain. SUMMER STORMS have flattened a ° ns approved by the Houw The office inquiry being con- 19,8 a *® 111 

snid that the market was suffer- . grades, October 1977, the rents on farms Yesterday tiie company said j^p areas of grain in the main |pTl^ ture committee last ducted into whether whaling pr £hL a *L year ' 

V n « from over-supply. Retail fh«r mrrMwmii.nt surveyed by the Ministry of that in view of the Government s cerea i s growing regions of Fr Tlf y ‘A should continue or cease in The company 

i It* m and had been improving ®*L SESrSftE Agriculture. Fisheries and Food decision to introduce more Britain, and yesterday the fore- < T ^e Administration was study- Australia has had the unfore- stan ‘ ,a , 1 . V™* 0 } 

««"' try roje by sn average 47:6 per cent. f^SentconservaUon measures. MSters were . erp.ctlng more “*J n °L “i 1 °f discouraging the ™»Sf' ""S’S!! 


on legislation for a domestic THE OPERATOR of Australia's was at prices below production 

sugar price support programme, only whaling station. Cheynes costs, the company said, 

according to Mr. Bob Bergland, Beach Holdings, has said it will Cbeynes Beach said it had 
U.S. Agriculture Secretary, cease whaling soon because of made one sale of 1.000 tonnes jof 

reports Reuter. uncertainties about its future. sperm oil out of 197S preduo 

Mr. Bergland said yesterday Tbe compan y operates whalers tion - but cc,sl ^ would not he 
that it was too early to forecast nut at Tlhanv in Western covered, 

what might happen to the provi- Australia V ' 11 rorec ast a substantial loss 


between October 1976 and SUMMER STORMS have flattened hSIiLnSfl 0 H °la^ The official inquiry being con- 19 '® gainst a ASo63.000 

October 1977, the rents on farms t .^ e ? terdair c £ m P any ® a ,l d large areas of grain in the main conitnittee last ducted into whether whaling p ro^ 1 a *L yejr ' . . 

surveyed by the Ministry of that m view of the Govenunent s cerea i s growing regions of | Fr 4S, ay * A should continue or cease in The company satisfies a sub- 


proportion of free 
imand for sperm oil 


.... ... ,..,t ,,,iu nricm ac i._j -t,. .fata To, 1UM: u y an ffvciBKe «;o vent- - T" . caaLtrra wcie expecting more “ sueu eaeci ui uibcuuraKiiiB me i' „ j .C ' 

price reductions, but there was Svelnnineni PnrMrSiin : ”»n He jt would be unreason- it had deaded to soldier on. heav? rain and thunder to keep pororesmeti veq uotas ^tgar compaI1 y' S normal buyers of Japan and the USSR use most 

still simply too- much tea on . 5 iSSSSSl? able to expect rents to continue The key measure is regarded as the combine harvesters out of b * u l no flr “ decssiD0 sperm oil from ordering forward. of tiie,r out P ut domestically. 

JSS&SSS, l» !"■=««.<• « tklapiee. but th.t the bon oa nmU « mm pesh ft, SeWs . h a d been take„^ * ‘.h Thy company produced 4.154 


HuiiersU-y. Prices - Secretary, for processing and marketing. Mf)VF TO TOMB AT 

iii cidod whether nr imt to impose if the plan materialises, it will C 1 V ALFIVIO/L M. 

a maximum retail price 911 tea. be the first, co-operative tea GRASSHOPPERS 
Hut pfC'ducm also find to plantation in tiie country, 
r.irry r)u*ir share of ihe blume The West Bengal -Tea Develop- WASHINGTON, July 31. 

foi the sharp iliiwn-lum in prices, merit Corporation, which is now THE VS. Environmental Protec- 


UAIfr rri/\ r AUtl 1 T iUHtmu*. Ui isiuawn., uuuoijutu me CUUIILV S SiaiU Cl UU. ™ ~~ - 1 — . ... mauc uu uclisiuu dS ifl Mil me 

MOVE TO COMBAT white fish besides. Winter barley is now ready fnr _ OJ ^ Si? m l-Fosure dat ^ because it h3d tn 

m tCCUflPPPPC From October 1, ail vessels harvest but most other crops are Sponsors of a 21-cent increase from filtered sperm oil to i-onsidcr forward commitments 

V» IvAaanur r tn j fishing in UK waters will have not expected to be ready for cut- a sreed to reduce it under alternatives. .... * or meal and solubles and the 

WASHINGTON Julv 31. to comply with Britain's 70 mm ting for several weeks. pressure from Administration The buyers attributed the needs of Australian industry. 

* * * * ■ * 1 — r— ^ J r+ . __ ! _ t*i ...iL a. v_ trann f n rlminfe *>hnnt urnAl hnr 1 • m ■ 


mesh minimum or face arrest and Sources in Portsmouth say the officials. 


li«Nivy crops had nude things Dunam. 


' in Brussels. 


and 17 per cent. 


a pound. 


trend to doubts about whether which it supplied with refined 
the company would get a 1979 sperm oil. 

whaling licence and conse- The company was considennq 
I quently about continuity of altering its plant tn process 
I supplies. fishmeal, but Government aid 

Potential demand had dropped would be necessary for this- 


and such demand as now existed Reuter 


C0K9R/30DSTY MARKET REPORTS AND PRICES 

BASE METALS : ,A™S«Si:i± ASTiStl “"W 1 +- Bu.,™. WUBBER gWSfrjn is 

COPPER— Lost ground nn iH^~ l-ngrtt-n a' 1S.5. Um>e momta. CT^ 42.S. 43. - feat* dPdM on itw *irt> at UTI-Mv . IW EAS ER (Wenms on !ho MEAT COMMISSIOH-.A.vtrase failtodk 

• H»»| ( o«Al v.lnui.-« «-•!«. «• V » ■ s»3. CMMr tMl W«. T.nw » -mni'S. £i»rtonuo pr1c“ ar reprSivr mate 

k-'I'm-jj 1 iu-_t;,| j'ar/.il ;it rr:»- CTIj. 15.3. fire- mtnrtn K.-rt>; Mnrain»: Siandanl. t‘irpc mnnitu 0-.3W. day. c.orinc dDlL L«wla and Peat nsponod once*. ai •• 

■ • muv.d rn, f.1 174.; .... emonns. Wirctww. raomto. fT4a. 39.x Afler. K. SU. 6S. m. » TO. Kurils: SUndard. 4lllv - .34U iBS «*UW»MWJJW « 354 u ? f£mpT S?n p^r £' w 

..IK.- Ilui !i«d rlrl.il lip i hr i.ntr rewi: WaNkird Ulfcv . mouihs ir.-\ S4, llirw iminrli- t6.3t3.T2. TP. Aturnmm: jjc|*rnil»r... 1322 1324 *67.0 .330 277 corns i « [bWvr. AUSURi. d[ f CB ous* fiJteoer k* Iw 

-a l -.,. In V .rk ; 33. Jl. 3J3. J4. 35. 3LS. 2S. Caihorlw. BWWjirt. Ujr,..- m.mibs Kerb: x ,, v<IM i«ir.... lM8-liSO *57.0 -350 19U • J " 7-2 1. Mrt WAMUtte 

■ ■•i. ...ii* ,v. rh;- t.Mlp.’d th.’ slu-ii- nWittv. ItSL K.;rb: Wi rebar*. MuM, fen- monihs 0..375. SO. sa. 1190 1LS9 -33j 1200 IIm V...I >Vi*nia.r'« l*.«-vl.t,« nun.bt-rs d«ni I0.fi ™r cent. M^rBRe 

: i. ;-ruv (iirrhcr M..ut «.-r.- thni- ■ fi33, 35.3. 33. • * uEAD — Study, held initially by trade Itairli 1135 1140^35.0 1143 1100 Close «.'!■« [ 'lone price 69. Wr. t — 1.41 »; Sheep down 37J 


ni IDDCp Pork: Enali^h. under 300 \b 37.0 lo 

KUDDLXv 44.0. 100-120 lb 35.0 lo 43.0, 12D-HJ1 lb 

EASIER opeuins on ihe London physical 

market. LiUlr miens: rbrouuhoui ihe ^ IEAT COMMISSION— Average fa (stock 
day. ctorlng dulL Lewb and Pear reponed M"V « nc Sf e ‘ ! *S , L l,VB , r ark . i ' ,? - 


PRICE CHANGES 

Price per tonne unlew otherwise siaied. 



Jnlril +m .Unniii 
U7- . _ . a K .. 


t urn iv ■: 

•2.77. t..| 

in.^. 


• “PH-li 

1 

+J- 

I'll- 'Ml. hi 


i: 

, r 

L 

Wii'etiurs 




« .. 

718 3 P 

9 

71.* 0 4 

• •• .ml,-. 

739.1,40 

a.:- 

.54 > 8 

-1 lri'sn .11 
Vnf llinfikr 

719 

9 


* 

710 .0 

8 

709 5 

* .,i..i.i,. , 

iJV 1 j 

-8 

'.sa J» 


.rib b 


«. 

1 - -. 


£■3 tS 


1-2.1.. En stand and Wales— Caule j 

numbers down 10.3 per cent, average , I 

price 69.49r> i -Wl»: Sheep down 37J ■““P I ___ I 

F-.-r cent, average 13fi.3p • — O.Si: p, K9 Aiu^niuin™ ... .. |t6TO 

iid 2 7 per ceni. average «L7p 1-2.O1. . erw market . >1050-40 

Scotland— Caille down 3J per coni. W -. B,ir c7i5'2!“2'u 5 « 

average 77.49» f-0.«i: Sheep down 3J < mnnOw do . .lo. It /34 75 -9.5 r707.ffi 

P*r ecnl. average 133.5P Pigs La-h Luiborte- ,t7Q9.!5 -10.5 £681.5 

up TJi* per corn, average MAD «-1.7'. * wnnih- .lo. lo. {^SO.ca- 1001 C7Q1.7S 
HLC — Average faistock prices ai Uold.........Trfw .tz., 200.629 —1.0 S1B4.S75 

roprus* ilia live markeis Tor week ■mding Um'Lmd -308 -1.25L3U1 

July 29. GB can le 7D.44p per kg.l.w. S month- C315.75 -1.0 juID.75 

»-i 29.. UK sheep 135.1 b per kc.esi.d c.w. Ntekr '. , a.3h6 .. .. CZ.566 

i-67i. GB plrts tti.Sp ner ku.w> ■ -0a«. Free Ms reel -d n( h-i i i 1.72 31.85 

Eng'and and Wales— Cat lie numbers up I 1.87 1.95 


Gold hits 
new ‘highs’; 
copper falls 


.’h.-i^k.ui’I J M85 —65 : 


sietr'im'ni; 309 .86| - ■ 

, . L.!i. S|«nr .i - I 31.33 I 

'.Morn mg: rash' MOD. ibrce monite dl9. 


Kerb; ' iknrnr monita ™ 


DA 1 . 173-135, Feb. 130. >132, April 12T.-130. ju tnifi a tonnes. 

June 123.-125. Aug. 120. There were Physical dosing prices * buyers i were- 


Sheep up m per com. average 135 Sp Platinum tree oz. i 128 
■ -G.7>; Pigs up 4.7 per cent, averaw pSTmT 


i.O. iitdiA Limiieil (11*^51 November Coffee 1243-1256 

l!> I'hkhI, i.Dt>:iun, SANiB OHS. 

' 1. Tj\ lr«*r ir^diQR on r.immixlity futures. 

2. Ihe niimiKi.liiy luit:r.*N market for the smaller investor. 


nCtMi alter" a fall m rh»- En-t nwr U» -IS- l"- 5 - i: K<.rb: ihrw irjopibs HIS. 
UTcfcL-nd and fell 1» OiJStil -u hnuo sell* Afl.'rnuoii: Ihrcc moiiihj ISIS. I#. Uj. 

■ ... . .■ Kerb: Ihrctr months £31f. 1< j. 

November Coffee 1242-1256: tfNC— Easier m subdurd irading. with 
„c v-oiiee I-*-* i-ao |he markl ., in n M(mLVd ^ lht . fall m 

- copper and pushed down by hedge wll- 


Spul (33.3 1 : Sepi. 5 j.3d lafi.Oi: UlI. 

56P '56.5' 


3 £it0.75 MW V0RK> Ju t' =’• 

.. g2.566 PRECIOUS METALS rallli.'d sharply, wuh 
S 1.85 sold csiahlishing historic '-highs" as ihi- 
. 1.95 weakness In Uie U.S. doDar conuuucd. 
• Copper ea«cd on spccuJauvc tlquidaunn. 

fiax u er rt ', n ' irlb 01 merwfed producUon in 
.. uaa ihe Kolweai area. Cocoa rallied no 
Chariisi and irade arbitrage buyiiu. 
Sugar closed sharply loner un irade and 


GRAINS 

LONDOH FUTURES ifvUFTA— Tbe 


SUGAR 


COVERT GARDEN ipnc-S in siorlins 

per packa^i- unless stated i—lmoortod luHg'ien i.i. ........ SMO.a7 


*-oooa — >epi. ]jJ.4n ilaliSji. De Ci 
•I46J0.. March 144 70 Ma, ijj.js. j„| y 
I29..a. hvpl. 137.70. Dec. I33.M. Sales' 
•lit lv>l ' 


COMPANY NOTICES 


cooper and pushed dnwn by hedge wll- ^bupuh rwiunea LONDON DAILY PRICE <raw susar- produce: Orandos— S A mean- Valencia W0.110111 £-.,i»ii c .|i , 1 lpl/3S +1.0.S132/J6 4-1 

mg Poniard moi.'il Marled ai£316and “’“‘'•j 1 £S9 •!«' -i lOnne t-J for alloi menu Mule lJu- 4 V”l o^^uilian: Pwa's 4Jd-S.4u: 05 -3.7S l' 297 ColTec-" C 1 Cunirad- Sew. 

rnned W1«N'f.,rn heme MMd-m'n ™g* ® ” jj 1 J° J™ ? u=ar daily, price nas BMd at 1100.00 0,|,torniai s Dtt-r. sn TWrmc»- 3 mr^ith, -315 -3.25^06.76 12S.30 1 . K .« .. Dec. 121 Oo-UlJi .lldilii.. 

lu U1J. At 5hK level iresh buyiim 30^3-0 h;«lu*r. « WWW *■¥“ Brazilian. «.»l USB-LW. Lemons- -Mu-fiOC- S5S0600 -March 1 11.73-1 Icja, May II JAM. .lulv 

l,, t 2 .i* 1 ' 11 l,B ^ Kerb Rl2VS^ l «3 <, ia?h,Bh^r S ani t ^w jf faeto Tbt. ir.jrkot np-?ncd around kerb level*. Italian: liiOT'JO's now crop 4.so-VnO: Qila i UO.OMID.JJ. Scpi. 105.00-110.00. Dec. 

ul_Mh. Tuniuv.-r I-J- MM. "Sn .STl! S ZS*£ Ite oSSl ^d^ch^und ^ Tr^L^dl 1.rge"bo.es « ■ o- -15.0>665 ««■ « 

7.1 XC ' un..-uii - r,U.'«l - ? a5t renon” ^"r ,tan - v».;dS3A W62 ‘•-IS., -hi. ciaq. d™. m.SS. Jan. *?.4S. 

1 — ■ — _ rupnns that Iran Arscnuni- Ruby Red 42/38 4.S0-i.in. i*i„, Maj* * 560/ -4.0 «e3S 'larch ns.SO. Mac M7ij. July ns n». Ser.i 

WHEAT BARLEY ^ 7 j rt,a * d «• «» carcues. Ihe market Hunh Seedier Mas 4.20: Californian: soou, h.u .pan 


MALAYSIA MINING CORPORATION BERHAD .. ‘‘"‘i*;,- S J??i 5 = 6 p S _ f' B “J- 9 -*- 6 -*• 75 

c ll*- 01D.>0 — O AIR- 

UN 1 1 tD KINGDOM SHARE SEGISTKATION SERVICES .'"11M.1H. . 506.5 -2.5 

At ry:«t>i 6 oj- 0 nieelr.'-{> af len.m ai the Malaysia Mining Corporjlion Bcrhad •* lrin.ll***. — _ 28. 

i*®»i- af ^oar.p.-ilel. lor whpm ■ Chaff, ' Cbniohdated Limned has.bMii prov-ding. Mp—i.,,.. 1^^ months CIV 
r rr ,rrjr?-. iimn ■-» .the Un.wd Kmsdom. it *•»» aimed. 
af : cr S ou;i d i'inc the number ot ihamhulderi and ih«r.n on the United . lhriv munrtls nl5 M<5 j. 

F.mrdom t’urwh tbit i.jrb resmeri be closed down. ■■ j,,_ Kerb “three months 

A'.:* omjly. «n'i eft re i ‘softt l August 1*78. no further transfers will be . • Onls Per pniuxf. t On 

4'iepied br Cka-tr- i.cnsc-'rdjtfd Limited and ad eommunicatlom on Share, official duh-. JSM per ptcul. 

Bejiirrai.^i. qnrii) Inr ibe iO«iiBiniet shown below should be mado ro W.. 

Be,..stia'i Kit^ia LiKno'if. Mum Pent.* Charter ManJfioMent Sdn. ec:had C'H l/r n 
W'sma e>jn:» ^ayt. 151. ii'sn Awpang. K.uat» Lumpur. Malaysia'. olL.VtK 

PenuntVi Tm Drrdrinc Bcrhad SUrcr wa 1 ; fixed 4-c an m 

Kamronc Lani»t Tin Dredr'nc Bcrhad Tor «ror delivers' ip lhc Lon 

K'antjr Tm Dr'djms Be’had market ye*u-njjy at 7SS.4p. 

Kuala kuiupar Tltr F<*Ws Berhsd Htutvnlenls ol I he flxmc to; 

Lowe- Perak Tm Prcdyng Brrhid Sput 357.3c. dmvu 7.5c; t 

-1 . r . u , _ . j • SS.4C. down J.iir: ^'ix-nmnih 3i 

K l ’ d ' S.Stf: and I2mwuih 683.6c. 1 

U.irf jnnfim -icntis The mciol opened SI IRWSta 

4fi Moifc^rn V.edi»:e and doted at K».7-^0.7p t333| 

londo.i EC’ P IAJ 

1 August t*>r? . ....... ; 1 , r , 


atiempie. lo con-mlMai,. a t Ihe higher Marsh Seedless 84 4.30. Apples— Preneh- 


i^oitli- i 315 5-6 -5 3U.'^SI8J-3 25 .T otenfay * + -v Tenerfar • +-r TOl befure the closing call, ridden Dilicious 20-lb M's 4.4M.50. TV's 

P,*, 506 5 -2 5 chme - close - ■ Yir> Brim feU sliarply .and Insset 4.gtM.60: W Australian: Cranny ‘rmth 522?Ph»H 0 'J442 5, -75 

2ai i • r- — ^ JI 0 -V*”" [>oln ! s occurred. Tasmanian: Siurmcr Plppms ' 

ln, "" rl ' T !H>L4. 05.15 t 0.(D 79.50 +0.10 C. Czarr::f.nw repcrfed. 9 20-9.ro. Crofmns 11M. Demncrats 'inn; ***"** « BD/ ' 


Monuno-. three mwittus a\K \7.3. V,. J'"- SA 'Sn 1 % hs'oO .In'& 

Kerb; llirw.- ‘ momlis Ol« A/iemoon: • "V-JT q"S ts'sn dm 

Uir-C months £313. 14A. II. 15.a. 13. I lg'“ 

13.73. IS. Kelt*: three months £313 5. J6. 10 _.T£'“ s 

■Cents per pniuod. t On premous Business done— Wheat: Sepi. S3.1S-«3 0D. 

official dusv. JSM par ptcul. Nov. S7.w47.45, Jan. 90.W4U1.33. Uarcb 


M’ntli 

chne 

— 

ClOTC 

— 

Sept. 

D5. 15 

7o!<o 

79.50 

4-0.40 

N»». 

B7.50 

tOJD 

£2.25 

-0,45 

Jan. 

90.40 

T- J3 

b5.00 

-04b 

-Mar. 

W3.15 

-0.55 

bT.50 

-0,5fl 

May 

Va.BO 

-0.55 

90.10 

-0.35 


Vicionan: Cranny Smith K.2U-S.50; S. 


SILVER 


-04b "jv,. Vvstonlarsi Frmpui , Uu»id«s African- Granny Smith 8.40. Golden Grains ; 

-0,5fl c.in.ra. Llwe' . Cliwe : U«ne DcUcious 9.80-10.00: Kew Zeeland: Bariev EEL ! ; 

-0.35 t - ncn I Stunurr Pippins 163 9.70, ITS «.i0. H.iuip Future*.... U82.25 ^O.ISKBl.BD ?13.10. April CIS.50. June' "19*90 ’ \ii« 

— " ' Duuabepiy 11.00. Cranny Smith 9M: Um/r: 223.30. not. 22fi.sn. Dec 230^0 Feb'"j;M>' 

„ r ~.«rt5.00. . Italian; Rome Bcaury per pOimd 1 70. I'neueh Ao. p Am £102 1:103.5 April n7.30, June 240 MJ. Sate- "lS.'otifl 

Nov. 97.wrb7.4a, Jaa. 90.*WW.3j. Uarcb . t t«:r lonne Otilden Di-tieinilS 0.19-0 20: Spanish: N»w Wheal ]„!«:. 

M J 0-92 J*. Uu 03 S0-B5.80. Sales: 05 lots. An*. ...■ «9 .»b 8.40 7.M- 7.W 91.20 87.00 crop per pound D 2041^4. he. 1 Ued ipnnu : e92.0« £93.5 *, . 

Barley: Sept. 79.50-79.35. ,\ov. S2.S-S2.I0, Urt iSJfi 9.75. :9^ 3,30l 83.15 nfl.M English produce: Potatoes “ tl »rH-r h.« ... ' 


110.00- n D.'.'j. Sepr. 108.00-110.00.' Dee. 
10U.0o-III9.UU. Sales. 695 Inis. 

Capner — \uu. 62.41) iU7.r.i .. Scot. <a oil 
1 o-I.Tal. Oil. S-.KQ. Dev. M.S.7. .tan. tfi.45. 
March 4K.60. Mae 87 8j. July iiS.7i'». Rent. 
60.70. Dec. 71.25. Jan. 71.Su. March TJ.bj, 
May 73^5. Sales. 5.300 Inis. 

Cotton— No. 2: CM. 6l.l3-fi2.2n 16I.6.I1. 
Deii S3 Sn-Kitjio i5:.iu>. March 05.411, May 
fi,:..T,i-86.45. July uTJMr.tO. Get. ij.UO- 
fi.‘*.2U. Dec. >a 50. Salts: 6.030 balc^. 

'Gold — Aus. 205.il) 1200 ROi. Sopt. 204.90 
i i202.no 1 . Oct. 206.60. Dec. 209.90, Kpb. 
BU I 213.I0. .tpril 216.30. June 219.90. Ann. 
. _ | 723.30. net. 22fi.Pn. Dee. 230.30. Feb. 2Jt.rn. 


Silver was fixed 47u an nunce lower 
Tor 1.U0T delivers 1 ip the Londun bullTim HOC. 
marki’l yesicrdav at 7&>.4p. U.S. cent ““ 
«Wtvnlems ui the fiaiuu leveln were; 

Sput 5S7.3c. dmvu 2.5c: three- month tsi.lu. 


Peed wheat: Cambridgeshire J. 


I let .... iOj.OB4IB.bO. — 


-1.751:103 
- I5.0LL89O 


IB.bfl. — ! .— O.fin. Apples— Per pound Grenadier n 10- sept. |l1.B83 -67.0 CI .497.5 

i3^C3»"Uils nrso'iomies. - i 1 ?: Turaatoc^-Ppr 12-lb English 2 SO. Umoa -A’ lui|ea.... 70.45 I0.SSK- 


08.4C. dnwn ;.«r: sig-nmnih 37S.7c. down UK maucuiy Cixffiaeni tor Ihe week Tat«: ^d Lyle csTehnen 1 price lor ^ b ^TT c p, ; r a 5!?M ltu «« fo- s 5l 25 

2.2c: and 12-nwoih 803.8c. down 7.4c. from AddllDI 7 15 expected to remain granulated basis while sugar tra-. £264.95 ™ *- ,k s ’ug»r titan-,. [t89 -4.0 £96 

The mciol opened »t 25S-2S9n i5S7.35SJc) unchatuied at 12143. 'J*?™ •■« t S nC r ,or hwne vaA ^ j Wrv,u«» -ut. knre..} 281- ' 283p 

and doaed at 2S9.~-J90.«p i535KS~ic>. IMPORTED— WhealrCW’RS No. 1. _!3i ' miernailooal ‘ Sosar^ Agreement ru S. SJMiSO. Broad beano— Per pound Dll. • NomlnaL t New crop. ■ Lnuuotcd. 


The mciol opened SI 2RMS9P i557-55SicI unchatuied at 1J41. 


tLard— Cliii-agu Itmee 27.58 iwnin. 
NY prune steam 74.W tradvd tsamti. 
,890 I IMaizt^-Senr. 226i-22S ■227!*. £ini "ii}. 
7B8 2-33 -I'm:*. March 243 -214. May 219. July 

I 230;. Sent. 251: 710m. 

f Platinum — lie;. 263.10-266.90 i2<m.I0i. 

Jan. 272-9O-273 0O <269.40i. April 27T.::n. 
I...30. July 2St 90-2SI.lv Oct 258.40- 
158.60. Jan. 28I.20-79t.4v. Sales: 1.05s lup. 
'Silver— Aug. Si,4.6i 1.138.101. Sept. 369.20 
3 80.60), Oct. 57JJ0. Dec. 3SI.70 Jnn. 


! • I u C 5!* , L ^ U " Sl cen« p-.-r pound lob and Slowed Cant- n - ,? - Peas— Per pound 0.09-0.11. Cherries k August, nt June-Auyasl. n.luly-Sept. j«.w. March »4.tb. May Wj?o. .ilfiy 

SILVER • Bui Imn -+■ it L.M.K, *+ nr Dark pJurUtcni Swing Nih-. 14 pe r ce oi. bean par'. Prices for Jutv 28: Daily 6.43 —Per pound black 0J1W.40; white 20. pJoly-Aug. 4 Sept, p Augusi-Sepl. / Per 612 JO. Sept. 621.20. Dv:. S3. 10. Jan. 

i«rr Using : — l c|.»» \ — ***"■ _ ns -, ■ »6J7;: 15-day average 6.31 i6J3i. 0-30- Gooseberries— Levellers O2SJI.3.L “n- * Indicator price cii, per 10 latos. tr».50. March 040. uu. May 6j«.9t>. Sal. s 

Itiiyuc. iirh-iug J ,«uers. U^. EEC IMPORT LEVIES effedwe today BeMroot-Per 2?-lb 0.M-0.80. Carrots— M.Sw lens. Handy aod Barman spot birl- 

'J2Sr amm J£! mm to- dcn..:uml and uonrilcnafitrcd ragar. Per i^lb 0.P9.L20. Capslcmns-Per murd . .. 

Unc. So rim and EEC grades nauuondL i„ ^aecount ocr 10ft Lk— W hites 0.2041.3ft. CaumeUei— Per pound O.ns-O.ti. 1 1 

rt.H,—... 28B.4n -4.2 289.95 n -2.0 Maize: U.S • French. Jnh- 1:102. Ant 27.5* Raws 23J7 <23 Kh. Onions- Per bag 2.W-2JD. I dkimurisi -r.nece 


CLASSIFIED ADVERTISEMENT RATES 


it<,iim 
! |irh - il*K 

: — 1 i i<»* ! ■ 

28B.4), 

-4.2 289.93 p 

, 295.9|, 

-4.^ Z97.55n - 

d02.8|. 

-4.4 - . „ 

'519.31. 

-4.8 - . 


CuaM rcjlerr. Siwin 'Mriran Wbte Au- sugar tufiis^K prr ceoi. 

.. .. 169. Liverpool. Clasgou . Sou-Jh .Mr. can 


COTTON 


MHtjle 

column- 

I’m. 


r..i«.iiin,'t idi insiurffsj! rropeny u J t 

l.'i-MiiL-utMj-rnii'Ctlv -Vi 

\.':.wu!f:u?nti' 4 - 50 

i^u-ti-iL'w it luYLiUUV!.ti Oi‘WvrUuuticju 

Cjii (Ni'Rtiuii T.o;:n.*, rrudurliiui C;i]»acl!y, 

HU'luvy^r? f°f Wauled "-t® *’ 

KriucnliP!!. Moidts. Contracts <k- Tender 3, ■ ^ ( 

IVi’A.mal. Hardriunj . . 

Mf’cli and Tr3it?l . - 1 

lioiik PubiiFhfrs 

Fn-miuiu ik)sifioii5 available 
(Miniimuti si«0 40 mlumn ciuk-V 
U.Sa prr staple ttilumu cm. «lrs 
t\fr farther details it rile Uk 
Oassitifii Advertisement ManaRer, 
Finaueial Timm, 10, Cannon Street, EC-il 4B i . 


LME — Turnovi-r Utt UK. Mis of l» OM Vcllow aub. 69 L^erpao. Glasgow, sellers. WOOL FUTURES > tueoaiM. V-a-ttaw v 

ftumw. Morniuu Thn.s. mouths .’Hfi 5. BurHy. Sov-jham, Data: I'miKl ?? 1 U J L,,XLl3 LIVERPOOL COTTOM— \ 

6.3. 6J. 6.1. C. 03 9. 5-4 K.-rhs: Th tw MARK LAME Firm marker na LONDOH-Dull and featurvlest. Bachc wer * 

months 595.S. 5>. 3.7, 5.9. .Miernnon: n.^ whvaV. du^ m o/ rS 

S r,V S^^ 5 '”' 9 i i T V'« K, ‘ riH,: ,ns 3w<««. Nominal values. ' Pc1JW p *l r . £. f "n^’tlwn 

Thtw mumhb -■»>. s. »■ whj-at deltvcn-d _ London aiva --2W haa- .Vu*.:%tjia:i f. ..r liiL-im*, [^n-si wac drplayvii m rrn 

' “ " ' |hl||f 


LIVERPOOL COTTON— Nn spoi nr ship, 
mvni -ales were recorded. User.' again 
avoided tnn,-ara commitment:; and the 
tnniraver was narrins.-. k. W. Tarrersall 
n-fielrd N<<t mure titan nrra-i'inal m- 

icrevi ms dt-play vil in er-rain Amencsn- 
isov varltiiL-.. wth North and South 
American in retiuei. 


: — ; Dvihr 


Ocwhrr . 

.mo-al.o 



Dwv<i,*..r 

.J245.B-4G.O . . 



Match .. .. 

. f»5.. 4l.ll • 

— 

-Mkv 

.. 2*5 u-17.0 ; 

— 

Juiv-.. .. 

. 2«.>«8.D „....- 

— 


. 2«8 - W.O ! 

. — 

Denrifiber 

.. M7.JS2.B t05 

— 


btTC. St'W. KJII. UUaViv -D- e. 47«*. f.nrt-1 •_ I k >ni- ivou varkiiu-. wuh Nnnh and South 

■ ■ Jan -rob.-M arch ldLSS. D1.Q v.hcat <hf f - American in reuui >c t. 

rnrOA tivcnrtl Ean Anplw S-p.. *45,1. Oct.-Nm-.- t ■' rrg u .-i. 

wi.v.1 DlK! Jan..Kch..«*Mj 93 00 Feed Julv .. . J — - * . 

DcmiIIo bglii fir>:-luu(I seUinc. con- barley thsllrert-d Ei5t .Ug2a Sept. 79.00. (leinhrr . .75S.fl.<I.D — a . | • 

- runted rm-iuniT demand Itrld pmv- net .Nov.DtC. SLii, Jdn.-Kcb.>35ardi Dwr:»^-r ..T245.B-4G.0 — ■ A 11(1^11/111 

.. -itmul* thrutigluiK ih»* day. GlU aud Duflu- ss.W. Match k*5.w 47.u > — ■ f I kujtifiiiuu 

' re » wr1rt -. EEC DAILY IMPORT LEVIES and “ wnn ] AYTTArfc 

>vrutiia.v * + nr ; Uji»ih«h rretniuma cflccuvc today ta urrier catTcni " ‘ j W Util CApOlld 

UHT»A - i-iw : - , IM* tar Ihi ML ^ OCL IWIM4 -Ll-if! ”iv ! “ . * 

■ .with previous in brackets) aH in naas tQJ - _ j 

. .Vo.bCwiUT i nf aconini dct tocnc. Gm&mon wheat— Sales; Nil rsatnci lots of 1.508 ks. Lll llSc 

Julj , 1515. Ir 1P0 h.N). ml mL nil tS2J2. 0.49. 0.49. mli: BRADFORD— Trading was ftessonaUy 

Am 1S1D.O-11-0 +4E.M 1817.0- 1778 Durum wheat— 132.48. utL 9iL uil flSSJ. amet in a marker dtprea^d bl’ short fANiRFRTCA TtiJv 31 

1/65.0 ifl.fl .+20-50 Ii3f.0-76.il nil. cd. ruli: Rye— 75291. niL niL m) order prn.mects and Uw assnvlated p«si- ouiy 

Unrrli II63.it 63.0 . 4-16.00' 1/65 J B5J iW.H. nil. niL ni1>: Barley— 7753. mi. ichu' Df cttHirlce trade afler the holiday. THE AUSTRALIAN Bureau of 

May i/4l.fi 4S. ~l1.S5ti4SJI.M-ll r.ll. nil tfliffl. tut. ml. mil: Oats-fiSJS. pr-na were nominally unehansed. Arar i cu |tura! Eronomics has 

Julv 1722.0-25.0 *11.00 l78S.fi.15JI nil. nil. nil fS4kS3. niL niL ui]>: Maize ilasdi even for small weigh re and early rt&ricuiiurai ocunoinics nas 

.SepL USD. tt 1710 +2.50 1705,0 (other Umn hybrid fur tetdlnsJ— 75r. dt-llvcry :t Is possible to Buy ai wen forecast that Australian greasy 

-&kxi «VfW.'foh'*.»Wi~ ^ctd^ey 1 mSS^in order buyer w 9 o1 exports, including slipe. 

International Cocoa OryttiiMiloti • ILS Cr ^, tortiuiH*— 74 93* mt Wi. mi l B6 fv'. *clk'r. business. Bales). Mtcrtui Contract; will rise to a3DlU kilos in the 

iio 4« P !I- Si mi nfli. aim ter fioups; whem «• ^ ^ ° 34a B - 345.tw4S.o. <: Dec. 35x6, 1076-79 season, July-June. from 

- SZ+XvSl ^ .n estimated Mr .in # W77-TBL 

average 143.02 1 142.77 1. Ryo-UD.6s ui— Af- nf jnjr ;rir.D. mso. arJ^a^fcOii. In its first 197S-79 "Trends In 


-Vu.hCniltT 




Australian 
wool exports 
to rise 

CANBERRA, July 31. 


FINANCIAL TIMES 

JilU'31! July 1I> .iitii *■<».■ Vi«r»»i. 

a-T.6 8 a6.92 <v*Q 16 44.91 

t Base: July L 193?= ion 1 

REUTER'S 

Julv 31' J til v ¥8 M.iuiti *>•. Ymr hv 

J 4 '*9.4,1484.0 1468.9 lolB.O 

fBase:’ September 'is. itii = ioo» 

DOW JONES 

ll’.v j July , J„|j I M.mlll , Vl-ftt 
ill HUM i 31 >8 j at.. : « s .. 

... ;aS7 83.551 5fc : - 59.39 ^70.40 
Fiiuiren l447 .67i3 46.45i »4 5. 8 7- ; 43.81 
(Averajie 1K4-25-2fl= ] do i 

MOODY’S 

, . JiHv ; .1»itv •JI.'nrh.Yftu- 

» ; 31 28 | Hg'J | H|£U 


— COFFEE 

,"■*— *>**“-*“"*“• ^ I ROBUST AS OL*-: 


1 t.5w lots. Handy aod Harman spot bul- 
lion 557.70 <501.00 ■. 

Sevafaww— a us. uo-ann .tas;.. Sr»i. 

“Cii'. niiv. .i.m. M.;j» 

March 851. Ma> 625^26. July e.’7!. Ault. 

lm:. 

.Soyabean Meal — \iil-. 1ftJ.S0-l64.78 
ifijnni. Si-m. i14.l8-iiQ.su *t«.50i. r..-t. 
llQ.jn. DlC. IKI.ihUWJil. .Ian. Iff! fill. 
Manh 107.00. Mjj IbvOM-lAT.SO. Julv 

Soyabean Oil— A us. 2.1.95-23(10 i2:'..9.‘.'. 
Si-Jit. '.r. •:5-'.-.t.20 1 21.3? , rift 22.70-:'.IO. 
Line. 32 fll-.rr.l3. Jill ?C 15.22 in. Har. h 
2. in- 22 10. May J2. 10-22. 13. July 22. 15-2' (ft, 

MIC. 22 in-r.ts 

Sugar— N . 11 Svp: fi..U «.S3 ifi.77-. 

or:. fiJ4-n« 1 6*1 1. Jan. 6.7P6.7I. Mjr.-h 
6 ‘s-fi 90. .May T.tri-7.10. July 7J7-7.29. Sept. 
.50-7.55 net. 7.<i0. Sali^: S.545 Ini >. 
Tin— 363-371 nuui. iSfin.576 nnm.i. 
••Wheal— Sept. 113.-315; >315: 1. Drr. 

IG-:.3!h; 1.11s; •. Slarrii 3172. May .714*- 
313. July 304. Scot. 307. 

WINNIPEG. July 31. “Rye— Jnl> N •» 
wuu. <942.’0 nn;n.<. <*ct. H4 00 hid i55M 
bidi. Nov. 95.50 nom.. Dei-. 9l.70-91.9n. 
,7a v 97.00. 

v--0ats— Jnh" tujo a'kcd iio.vo hid-. 
Of,. 70.50 <70.911 bid*. Dec. 7II..VI ukted. 
Mairh 70.00 ami'll. May *930 bid. 

itBariey— July 72 00 a-ketl <72.30 bid’, 
net. 72 00 < 72.70 bid 1 - Dee. 72.50 asked, 
Mar<4» 72.00 a'kvd. May 72.00 a -ked. 

•TPlaneed— lul;- 30 bid <233.90 hM<. 

net. 235 30 I2.V W,. Vi.v. 231.50 bid. Dec, 
217 on May 2*4 -in bin. 

rr Wh«»— CC'AHS 13 5 p*r _e«ir timicin 
een-Tj cr? St. I.aMTcftw? Iti2.<l ■ In'l.S? 1 . 
All ti-nis p-r nni<nd i-'-unr-houM- 


SOYABEAN MEAL 


373.0-372.9, XL' Total sales: G2 lots. 


. rtUTsiraiian rt^ricuiturai oum- — .arge uaouack nan-Muv. 

moam« - quararly In %SS3? lm i£rTSZri£& ™ “-Vi <»■' 


LONDON COMMODITY CHARTS 


0*l> Onrt* wiMl 

v 1 ®. itvd 2S^1« Mavras Aren^n 
nplilrf M ►trfTir'i :w, r. 
i'lriit i»n4 • ii* irbw ■" 

» *nr<at« ch»«vr 'c» £85 P 


NAME 

ADDRESS ... 


I ROBUST AS op.-jv.-d S'harniv higlv-r in ... ... 

. Uu owntiBK nn tullOH'-ibrotiRh hilS'BK 

■ from Kr.day. Drevel Kunthwm rejviried. *“ " 

I Tbe uurfc.-r traded at ••htshs" nf ISO ' J J " _l -7.''“ “ “ " 

„ . 10 »•« hf.'tvr nn ih.- day before heavy VS-lLO-O T i - 

! ‘ tfWM£,u ' d ■* di ^ 01 lon8 terr.:lSSSiS3atitL!» 

- } VSTi***, «. ..ui-.-,. ISS!r--iSSKdS, , 8S 

| Cemmwion How* a«pi«n was evrfem ViIhI^^ ndln i=i3ail Jtl&a 

ai Uv ■’ lows.” hnw.-v.-r. and a o/M« jwntil'K n« ' ” 

. » Kn, vork -c- Cnuiract ensured tlwi “ ,,ne ". 2:5 K'Ji-? - 2S 


v-.. w ■ — — v- _ - .<111 ■ 1 aph 1 u( n Ij lannipvi iiiyuriTi *imii . . i,f pa «a - Am 

I tiuitfir-r wwr MiMffl 2M P«®o » St. T#h valuri uvr^ near iht tUs % "ftlcft* 115.80-18^ 

• uuuertgr a-™ — ra. — — — — hiebcr nn balance. Sales: » i45» iks of 100 :«r.i 


n store, 
■-■nis prr 
ents per 
0 bushel 



i - 


Financial Times Tuesday August' j 1978 



Markets drift in absence of follow-tbrough support 

Equity index slips 2.7— Gilts close mixed— Golds rally late 


Account Dealing Dates cent Preference, placed t« the to Aquascutum and the ordinary 131 p before closing only 2 better 1978 peak ofS7p.'vhde Abbey 

Option Public at 96p. at 3Sp. .Southern dosed 6 higher at 51p and the on balance at 128p. Associated Paneh-put on 2 to a4p >a nd Adman wJmm m for t£e -JgJg" jSJ 

•First Declare- Last Account Rhodesian bonds were lowered by A 21 up at 47 jp. Fortntim and Biscuit remained at 76p follow-- and Gibbon 4 to v-sets. returned from 

TtealiiiKc dons Deal inns Dav about two points following news Mason also responded to favour- mg news of the purchase of two head, still on the ns inn m be traded under 

Healings non* ueaimgs uaj , , r.r ■» Herman romnanies. hill small statement. Dickcd Up2 more at «Nanmn m w.raca unaer 


n firau, miu vir ia*«»4 • — t _ t _ l_ 

n p.ckcd UP i more *t “"f" 

* In mixed Newspaper*. Associated at 25 p, rlo>ed at 38p, following 


V.._ - % 7 0 ..." in Sterlings resumed upturn failed "opes Jiitea Hardy. x»p. ana me aiore.. ai i-«p. anc 9 iroin jnwpu *“ .rMimblu trade Elsewhere in 

A“?r. • Aug- 1. Aug. 18 Aug- 30 t have any i aslin <, on rates A N7V. 31. by 6 and 7 respectively. Stocks, at I4.ip. shed 3 to lSlp. but Daily Mail A a rcasi namt jraue. uBennat n 

Ir.™ ? » aS 6 t«i'biSta E « a da™^w for investment currency which. Speculative buying of Bourne Following last week's advance added a penny to ^43p. L resettled Financial. . •"* r TOSiwak at 

\ %*ghDy t 7a S b S ,B ren - d?nS r, 1n after easing to Ssf Sr Jent. ral- and Hollingsworth continued in of IB on the increased profits by the Sun Newspaper depute Haw Par. - up ar a TOTS peak of 

stwk markels iest eiday at the lied fo close a shade harder on anticipation of early news of the forecast Ladbroke met light News International finished S »£, W ifky onco a „ in ~ rn _ 

st^l nT the secind week of the balance at 99* per cent. Venter, hid approaches and the shares, profit-taking and eased 3 to IWn: cheaper at 27Dp Elsewhere. Jeffer- Furnc ^ f^TpSSt ■ ffi 

Account owed more to lack oT days SI5 conversion Taetor was after last week's jump of 97. im- the company has purchased the son Smurfit cased 3 to i200p on the vided the > ai twuu t r a lack. 

SS £5 .c.v« y sas jss sassisesfi srS 5 £ff«==a 

SSSffl S 8MS«SE6, , tt SB B 3?. diirjnishpd r ,.. IssfiEi 

A Sul'S WiSK^S » HE fflr-S 'HHi SB S£ 

an hour earlier Of the «7 con- chairman's encouraging state- ton, which rose It further to 602p response to comment on pros- *"£*{ftcd BntWi and Commun- 

EFtoS 2S 5S“ ?n“ou f „«d iracLs completed over 70 per moot left Court A 4 u P at I22p. ahead of the forthcoming 100 per j^u TStJoSSiSf directed attention 

late on Friday. Cold shares ™m was tdone twostocki Land , ~ sS££d W British Mohair, which rose 3 to 

turned reactionary but recovered Securities and Cons Gold, the 260 . . ^^irfaVv rnpt occasional a 1978 peak of 33p. Elsewhere in 

? “ 250 Light Electronics, Radio tv _ SSSSBSSiJM! 

stocks, companies reporting trad- 250 - h'S 11 * , 1 “.’ " 7 to buying in thin markets and L*P- 

mg news and benciicianes or Midland dOWH again I F.T.- Actuaries Index / added 7 and 13 respectively, while Hin and rallv 

weekend Press comment to , hn Marine I J hn,.^.hniMer Penrv Rlltnn im- 'JOIOS Oip iiLUy 


FINANCIAL TIMES STOCK INDICES 

— ■“ July ' July .tulv July ! July , July i A us 

— . si ' ss ; 2; ‘ -a ; & ss : w 

nm.Tx.nuTt Sec* /"toTi “70.74 70.70 _ m«9 _ 7:.07 ~70.»B “6£ 

FIVAI lmen-t 72.5* 73.S* 72.31' 73 2ll 72.83; 78.05 68.i 

iDila-tna! i rrditurr.... 439.4. 492. 1 1 488.3 482.tf 485.4. 485.9 44 G 

H .*l M.dw...;. 183.5 183.4. 37J.2 170.6 175.4 180.3 113 

DM. Div. Vi«W 3.45 5.41 5.45 6.51 S.47 6.50 *.• 

famines Y'bl^iluliii * i 16.53. 16.4Z 16.51 16.73 16. WJ 16.68 16. 

P.’K falln inrfrt't 1 "■ 8.09 8.15 8.08 7.99 8.D5 8.01, 8 j 

IWivwWI 6.045; 5.517 4.778 5.168 S.450. 4.93^ 4.* 

- ««.71 76.18 62.98 84.37, 83.96 SB. 

Jaunty tii nfi'i* l-t*l.~__rr. . 16 - 5S *’ 1B S57 1 7.183 10.41 

10 am Jt-VJ . II am o#.«. Smn tti.s, 1 pai «a.A 
2 pm 491.0. Z PU MI.6. 

UKtl ImIh 01-34 8025. 

*Pa«>t nn wr «>Tl corswaflon t«. 

Pa«lx inn <;nri. Sn.^. 13-'JtU. , gij. 1- ncil lot. 1SN IncL Prrt. . 1 7 “0 He 
sum u.-n-jk* st AciiriiF Jnly-EVc IMJ. 


HIGHS AND LOWS 

; 147J 'SIhiv C< wiipUnlU.il ' 

Hick ■ 1^ TO ‘ ■ High ■ Lhk 


weeKena i ress comment to interest m the major clearing 
proude the features. _ These were t, an jj S w - as minimal in the wake of 

an firmnL« trat n? !h l the disappointing interim dividend 
underlyme firmness of the j^ason and prices subsequently 

liSmin- ™ drifted lower on lack of support, 

retaining their advanla e ni?r Cr)mn , ent r, n Midland's poor firsl- 
m FT-quoted industrials, half prnfits prompted afresh Tall 
albert by only a narrow margin. of 4 » tQ S4Sp . m ^ kl n= a two-day 
Suggestions that today s Con- r „ of 17 whne lAnyds clnsPrl 
federation or British Industry s simi , arly 0 .„ ie r at 258p. Barclays 
quarterly survey of industrial snflened 2 , n 34 , > p as did NatWest 
trends would continue, lo oe t0 26Sp Elsewhere. Discounts 
cautious about economic pros- fini , hed f waier in p | aees . i n 
pects probably caused some ATercha n nt Banks, Mliurter Assets 

b s„ na tld ni ;i‘ relinquished 21 to 60p in reaction 
Similarly, institutional sources , 0 adverse comment. 


may have reserved their funds 


Breweries fluctuated within 
narrow limits in idle trading. 



S*Bl“ S d to British Mohair, which ««e 3 jo 
secondary issues met occasional a 197S peak a, >Jp. Eiseuhei re Jn 
demand: Chesterfield. 322p. and Textiles A S lari Jnhardcne, 13 to 
3IcKay Securities. 233p, responded l?3p and Allan mo\od up 4 to 
to buying in thin markets and *56p. 

added 7 and 13 respectively, while (lAlrfc rfin and rally 
housebuilder Percy Bllton im- V™**, - 1 
proved 5 to iSTp. Elsewhere. South African OoM shares re- 
Property and Reversionary "A** covered after - lower start aa 
gave back nearly all of Friday's L - s - mveainrs moved jnto the 
r>uin nf 8 a! ->fi7n hut Proiiertv market. Priiis often 1*111 


linfi.Sn.-s-_; 78,58 
|j lv 

Fixcil JlU.... 1 81.27 
.All 

lo>L Onl .' 497.3 

kS'll 

G.ilJ Minn- 183.4 
■So>7i 


S.E. ACTIVITY 


■•uly ! July 
?! ' LV 


*HS 1 SB rfX-H >«- 7 

lrt ! ■■ • ln.lir.tnp^. ..1 178.6 190.8 

70.73 160.4 50.53 • I *rw-til*tiiv...: 42.5 47.8 

i«i*r VUilMA fci-Mei ■ 114.8 125.6 

433.4 549.2 49.4 ' K'S^|fei^J3 -lfc IS4 R - 

<•*«*• <•**» 1S.SS::: : StS it!:l 

442.5 43.5 - S |V i->iIiiIi\i>._ 40.5 42.6 

•ZZ-hTM'i'JA. lull! 7.-l«l* 1 118.2 | 117.7 


gain of S at 2D7p. but Property ----- - — . , Auil 

Holding Investment continued higher in dollar terms but the 
firmly and ciosed 6 higher at 30Sp. f««W !, s “** #l ^ 

Property Partnerships eased 2 In fa ] ,s uere ' ^ d . 

HOp on the proposed £641.500 *“"■ ®* *" 

rights issue but Bernard Sun ley which I mi.-ned J. higher at 

LSriH x Xr £23. Others came back closer lo 

hardened a_ penny to 233p, after nvnr Ai«hi levels hur some. 


finished 


“S SSS ErilBh fikc llartctacs,. i lower «, IMli 

Sa^MWSg '%r*SSLS% .ho bullion 

Bfi h£ 1 'm^ioined ES.TSSA*tS 1B*SS 

Fridays .close of 382p. Lasmo m Q rn jnj. t it induced . an easier 

cnM-iilativp hull nositin-nc mi»ht narrow iimus in iaie tracing. firmed 2 to 156p on a Press tendency in subdued tRidiog. But' 

be^liauidated a<T° the Account A l ,j ed- ended unchanged at 8 “!p. while Dewhirst were wanted at cent scrip issue, miscellaneous mention with the “Ops" improv- ^ hen it recovered in the after-' 

draw-s to ils close ‘ but ,DS ‘ !es of a P enn F were 71 p. up 4 i. The subdued leaders Industrial leaders turned easier as ing 5 to 3S0p. Still excited by the ^on, passing thron§h $200 again. 

, f tha sustained bv Bass Charrington. were featured by a fresh jump of recent buying interest dried up. important oil discovery close to eventual v to close SI lower at 
^ «5f». a "d IVhitbread "A." 97p. 4 to I20p. after 121 p. in Combined Bo water. lflOp, Metal Bor, 342 p the Buchan Field. Oxarterhall IBS an ounce, it revived In- 
SS5J Tmrer SSL fv tobbeJJ E,wwhere - DistlUere shaded 2 t0 English following Press mention, and Unilever. 52Sp all closed 4 2aine d .7! more to 23p and Guff iSSrtfn the market 

t nn rpnri v a hn4 ih» 133 P- Housc of Frascr - on ^ olher ower - W HL* ended 2 put on 23 to 450p. South African Financials were 

i!np‘ Lthr In duiet Buildings, continued hand, cheapened H to I50p. lower at CSSp, after 689p Ahead Following last week's fall of 33 quiet for most or the day but 

SSrhSSS ^'ixaSSw SLme that sp * c “ ,a ^ ve L nlere 5 lef1 Bro ' vn Up 33 last '«ek, Farnell Elec- of Thursday s first-quarter figure. nn the profils setback. Inch cape Johannesburg Consolidated In- 

_rL n ?^. and Jackson B to the cond at HW|> tronies attracted fresh support and Reed International softened 2 to lost 3 more to 3G5n. Other Over- vestment miracle*! some interest 


which 'will have cold as a b.v-: 
product of its Uranium, hardened 
i to £14£. 

^Imong the smaller slocks. 
Northern Mining met some Lon- 
don selling and fell 2 io 114p. 
But the feature was Haonm Gold, 
which advanced li to 60p on news 
of its joint diamond exploration 
venture with Selection Trust. Its 
sister company. North West Min- 
ing. which is also involved, 
started easier, but rallied to close 
unchanged a l 44p. 


RISES AND FALLS 
YESTERDAY 


Up D*WI1 Sa*m 

BrIHxh Funds ■» ZT » 

Cerpnf_ Ottio. and 

PonHxn Bends 7 5 34 

Inditsirldls ... .... J90 772 17fc 

FJnascfal and Pns. . 117 55 


CHIt _ 7 U 1ft 

Plantation* 8 1 2a 

Mines 25 as ss 

Rccm Inncs 11 S Jl 

Tattir riia us U5a 


LONDON TRADED OPTIONS 


Bougainville, 


Sydney, 
as sub- 
Its like 
of 3 to 


terms of the new lap. stocks respectively. Buyers also came narrowly and generally closed ,^ Cora r , 1 Lc ^ n shaded a penny tn and Commercial 4 bettor at I17p. 133p. were firm. Pancnntinental. 

maturing from 199/ onwards all in for Mixenncretc. .1 higher at u nh modest losses. GKN, 27Sp. W .P' after 9Sp. on disappointment p ■ 

eased, while those in the 1990-93 72p. Following a broker’s bearish Hawker 228u and Vickers' J79p' w '*^ interim figures and coni- 

area made small improvements on circular. Tarmac closed 4 lower nt rhranprirri 9 hut Jnhn 'ltrnwn mcnt 00 tb e P oor preliminary AlTlVF W ^ 

yield considerations. Initial easi- I32p. Further sneculaiive demand „|2ir uin in Tmehan" pH results brought about a reaction AV ' 1 \! L JiULBVCJ 

ness among the shorts aroused lifted Ibstock Johnson 6 to WOp ^ F?«whJrp of 2! to sip in Staflex Inter- _ Nn - 

renewed support from investors and in late dealings Tilbury Con- 1 4 , p r «! Se l„ n r !; nationaL Wood and Sons were Denomina 

hopeful or a Tall soon in minimum trading firmed 3 to 2S3p. - ,u„ r * p ®, „ marked 12 lower to 43p nn the Slock tion 

lending rale, and Iosscsl extend- ICI traded quietly and eased a „' , Z^:' n ~ nn announcement -that Newman * CI -i 

ing to J. were eventually irans- pen nv to 390p. while Fisons shod fi **2?°!^ Industries’ bid. worth just over |-^ Ts Defd 23p 

Tormed into marginal gains, tn 362p. Cr>«talale put on 21 t« J*, rofils r ™ 0 ,l ?P ro j oSP P er share, has lapsed and J* p -j 

Continued small demand for 33 p. but Carless Capel shed a ** more to _lip tor a two-day ^v^gJo-American Asphalt declined Bourne & FT worth 2-ip 

selected low-coupon issues raised penny to 33p on profit-taking advance ot 2 i. Aurora added o 3 t0 4Sp in reaction to the annual Burmah Oil £_t 

Exchequer 3 per cent 19S3 by following recent speculatii'e *° , P on Press comment and profits setback. Charterhall 3p 

i 10 SI I and Treasury 3 per cent interest. Yorkshire Chemical were buying on recovery hopes helped Flight Refuelling continued Inchcape £1 

19S2 by I 10 S5J. ouoted at 9Sp ex the rights issue: General Engineering (RadcliHc) firmly rising 4 to lS7p far a two- ■ v *heH Transport.. 23p 

Announcement of the private the new nil paid shares moved recover 11 to 13} p. Staveley In- day gain of 10 following Press Thomson Org. 23p 

placing of £5m Northampton between extremes of 9p and 13p d us tries, 296p, and Tccalemit, comment Other Motors and Dis- Aquascutum A ... 5n 

Variable 1983 stock made little before the close of Up premium. 13Sp, rose 4 and 5 respectively. tribuiors were quietly firm. BICC 50p 

impact on Corporations, while Interest in Stores yesterday Foods rarely moved far from sentiment buoyed by reports of Barclays Bank ... £1 
recently issued Fixed Interests centred almost entirely upon Friday's closing levels. Press com- good trading ahead of the Intro- Comb. Eng. Stores I2ip 

featured first-time dealings in secondary issues. Week-end Press ment generated a speculative duction of T registrations. Lex Coral Leisure ... 10p 

Jenners. Princes Street. 10 per comment drew buyers' attention flurry in Robertson which touched Service hardened a penny to a Pilkinglon £1 


ACTIVE STOCKS 

Xo. 


of 

Closing 

Change 

1 P 7 R 

1978 

marks price (p) 

on day 

high 

low 

11 

AM 

- I 

8! Hi 

m 

9 

284 

— 

2 l»*» 

227 

p 

SJfi 

-in 

S!"i 

720 

7 ■ 

213 

+ 1 

213 

79 

• 

«7 

- l 

1 'I 

42 

7 

2 P 

-r ill 

:u» 

21 

7 

36 -i 

— 3 

443 

-330 

7 

562 

— 

SS« 

4 S 4 

/ 

282 

— 

205 

155 

« 

-»“* 

+ 2 « 

47 J 

-33 

fi 

124 

- 7 

125 

90 

6 

340 

_ 0 

35 S 

296 

fi 

120 

J- 4 

121 

73 

fi 

9 R 

- 1 

. 144 

93 ; 

fi 

602 

4-17 

602 

422 




tiel.iiwr 

.IbU'ioii 

Aj.nl 


1 i|ii t«>ii 

i\S*U l*s* 
I4r.it 

l H«m* 
Oder 

\d. 

I'Jl/MIIS 

Mlpr 

Y..I. 

ClwiHE 

offer 

Yol. 

laj.ulv 

i-1c*p 

PT’ 

7bO 

125 


143 

_ 


. . 

849,, 

BP 

BOO 

98 

-- 

105 


125 

— 

IIP 

dt-o 

45 


75 


93 

— 


BP 

900 

24 

— 

48 

5 

65 



Finn. t*ni> >n 

140 

17 

— 

1S>7 

-- 

23 

— 

152|i 


lbO 

6 


101. 


15 

5 

_ 


ltfO 

40 

15 

42 

l 

48 


mu . 

1 litL-.lfiilil 

180 

22 

18 

26 

B 

35 


(nilS.lialM 

200 

9 

63 

14 

7 

20 

— 


C»iiriaiil-li. 

1UO 

24 

- 

26 -j 




12l„ 

li.mtnnl.i- 

no 

16 

— 

18 

— 

22 1? 


• M 


120 

8 

15 

12 


16 

- 


tKiitirtiiLls 

150 

4 

w 

7 • * 

6 

11 



r.'Ki 

21/0 

61 


66 




276ii 

t; Ei 

240 

45 


50 

s • 

57 

-• 


<■ Kt 

2fr O 

27 

. . 

36 


44 



Cl Kt 

2UO 

15 


23 

-- 

32 



fiiuihl Mel. 

100 

181; 


: 4 

7 

a©le 

5 

115,, 

Ilntri. 1 Mel. 

no 

01; 

5 

lb . 

14 

181. 



120 

5 


9 


13 



HI 

iiO 

63 • 

mm 

bU 

a 

75 


390,. • 

liT 

dt-0 

38 ■ 


46 

— 

52 

- 

111 

d90 

If- 

25 ' 

P7 

- 

54 



n.i 

4X0 

51; . 

_ 

141? 


OO 




180 

- 50 ■ 

5b 

52 . 


5b 


23Bp 


200 

30 

5 

34 1- 


40 


falpl ^11".. 

240 

14 

5 

19 

7 

2»> , 


, p 

• faint Sis-.. 

240 

4 ' 

139 ' 

9'; • 

3 

14 


. 

Hurt', .V s,.. 

140 

50 j 


51 


55 


166 P 


140 

31 1 

— 

33 

- • 

57 

— 

Ms ike A Sp. 

InO 

lain 

16 : 

181; 

5 

24 



Msrki i ill. 

180 

41 S 


9 

« - 

13 



.Shell 

auu 

00 i 


87 


95 

- . 

56Sp 

.si/cll 

880 

37 : 

8 • 

51 

- 

63 , 

— 

FlH'll 

600 

12 


25 lj 

5 

36 ■ 

p- 


Totsl* 

— — 



345 

— 

76 


6 




The Common Problems 

London, October 2,3,4 1978 


A team of the top speakers in the transport industry from various 
countries will guide discussion at the world symposium on International 
Transport The Common Problems, arranged by the Chartered Institute of 
Transport and the Financial Times. 

The problems grow more complicated daily. A multi-modal 
approach to solutions is demanded and at the same time the new 
problems that new solutions will bring must be anticipated. An 
introductory speech by the Secretary of State for Transport, the Rt. Hon. 
William Rodgers, MP. wilt put the government view of the future of 
transport and will raise some of the questions, in general terms, that the 
experts will try to answer. 

OPERATIONAL QUESTIONS. What system of transportation 
will follow containerisation? What difficulties will arise-with the increasing 
transference Irom one transportation medium to another? 

ENERGY QUESTIONS. Sources of energy are changing. What 
will the effect be on transport? 

LABOUR QUESTIONS. Human resources have to be 
calculated, productivity charted, possible pitfalls foreseen. 

FINANCIAL QUESTIONS. Future developments and the 
investment required now? What are the banking criteria for such 
developments? 

PRICING AND MARKETING QUESTIONS. Is there general 
agreement over the various tariffs and is the need for flexibility in tariffs 
accepted? How is quality to be measured in each of the modes of 
transport? Where these are competitive, what are the criteria for 
assessment? 

Senior managers in transport and financial institutions concerned 
with transport, and consultants to the industry will especially welcome this 
chance to pause and view the ways ahead. 

For further information, complete and post the coupon below. 


f Position 


1 Compan 1 


I Address 


, OPTIONS 

DEALING DATES include 

First Last . Last For Engllsl 
Deal- Deal- Dcclara- Settle- X ho *J 1s< 
lags ings lion ment vooas. 
Aug. 7 Aug. 14 OcL 26 Nov. 7 ® r ‘lish 
tag. 15 Aug. 29 Nov. 9 Nov. 21 * n 6 “ n 
Aug. 30 Sop. II -Nov. 23 Dec. 5 
For rate indications see end of care, I 
Share Information Service Eugiis! 
Stocks Favoured for tbc call Oil. 


included Feeder, Bnrmah OiL 
English Properly, Charterhall, 
Thomson Organisation. Robertson 
Foods, J. Lyons. Coral Leisure, 
British Land, National Carbonis- 
ing and President Steyn, while 
doubles were arranged in Char- 
tcrhall, Sloagli Estates, Mother- 
care. Premier Consolidated Oil, 
English Properly and Burma b 
00. 


FT-ACTUARIES SHARE INDICES 

\ 

These indices are the joint compilation of Ihe Financial Times. Uir Institute of Actuaries 

and the Faculty of Actuaries 


NEW HIGHS AND LOWS FOR 1978 


The Following securities Quoted In the 
Share Inrormjt’on Service yesterday 
attained new Highs and Lows tor 1978. 

NEW HIGHS (167) 

nniTicii ci i line r|, 



MOTORS (21 
PAPER & PRINTING «1> 
PROPERTY 14) 
TEXTILES 181 
TRUSTS <66l 
OVERSEAS TRADERS (1) 
MINES C5I 

NEW LOW’S (6) 

„ BRITISH FUNDS t1> 

Treas. 8-'.«oc 1997 

ENGINEERING Cl] 
Allen CE.) Rjliour 

INDUSTRIALS (2) 
Jacobs <j. |.i Staflex 

SHIPPING (2* 

Anglo Am. Asohalt Runclman rw.i 


EQUITY GROUPS 

GROUPS & SUBJECTIONS 

PiSim:-- in |wtr«-rilhi'sei. -h'm number nf 
>t links per «ei linn 


Mon.. July 31. 1978 


i.-i 

linr,> 
hat'- Yii.-lil r i 
(Ji.nivr* iM.lv i 
“o ''urn 

u.s:. 


RECENT ISSUES 

EQUITIES 


|| 

ws 

Stuck 


' 2 ? 53’ + J 

I — 

X 

. 

Hich ] fan- 



l 5- : * 


75 

| F.P. 

; 30 b, 

\u. i 

<b 

Hrsmsll ll-U.i 

89 

5b 

1 P.P. 

31/8' 

l b 1 

71 

• ertlcr* Siiper1ie>l« .... 

,75 . .. 


. r.P. 


125. 

10 


, ms' •• 

lOO 

1 F.P. 

5.7 ' 

IW . 

102 

Murotberm.. 

162 .+ 


F.!\l 84 8 
F.P. 1 — . 


01 83 
14* ■ I 53 
*■ vl 


. f4.S 3.1. 7.7' 4.8 
.'ArfS.41 3.1 4.9. 6.7 


Fhmllnv Petr.Servli-e,' 90 I 4.6S 3.0 7.8 6.3 

l.mH fB.1 iJew'lr-|l0|«il4O .) *5.5' 2.1 5.9 12.2 

l haiUP- l'l\ nnal . 55 : U2.Q . U.i B.7 7.6 


FIXED INTEREST STOCKS 

' '■? i': 1978 l 

J | z 1 : Si«L"k 

1 Ht*i, I t»* I • 


asa . 

= 5 :+ -r 


• » F.e. 

• ■ > F.P. 

esa l £50 

C99.4I K.K 

«rooi p.p. 
£99 *« - 
£99141 - 
il ]CI0 
100 n I F.P. 
C100 I F.P. 
rtrer.iss p.i 
II F.P. 

• • I P.P. 
- * ' r.r. 

196 | F.P. 

v, r.p. 

• ■ ! p.p. 
•• \ ¥ »* 

• ■ i F.P. 

109 1 P.P. 
tV9 r.P. 
eva<t.£4S 
C99 £50 
SlOO . I'.P. 
E99ij P.P. 
L‘25 


] U4|| \irfnw dtreaQillneii lOS.Prf. 

ui.'Aiiwi Lee I lie i Prei - 

- 9 lr' 'Allied Ueianer* 9J Piet....'. 

4b 'faroet 121 Rel. I6W7 

99 Uinntnjrtom Ver Kate 85-85 

597l4'Ki»p6A Cobv. Rt*. IW 

9054 Camden Vmr. Kate Kert. 1B63 

10i = : Do. 124% ItoJ. 1B86-. 

10-'4 ffaat Ancl'a Water 1% Ked. Prel. 1883. 

loiji fackelaA'el liw.OflJeelOSUediai'lC.uruPnef. 

993g Kdlflibiiisb Var.Kaie 1985 

07*4 'kfaex Water 7^ Heri. Pnef. 19E3 

i 98 ts ■ Purriew K-ia. 13X5^ Deb .-. 

' 10S|i! Henderson Krai cm lC^Cum. Fnf...,— 

, sn»i» Jli Hoiiinii:« Iwi 4 

9i|. .lenoers Prince* 10% Cum. Prei'. 

ri| Maivbaiel '^S Prci 

10l|i Miner | Fi ML J’rel 

" be Uiailityn 12^ hmh- rmv. t'nv lai.'feKT)-. 

i d4|. ill ire V Permit L0£, ^ml Cum. I’rrt 

' 47i- IVthnw 104 Prel..- 

I'/ij l.-.Aiiii i'ii lin— . 1 It I'rvl 

■ il-i, -dll itt Cut. Mai*- l(e«l. I*fei 

'■ 4.% --Kilhen.Uwi-ew, Itawl. l*q 

«9 s„uth. I \ II.-IHC Kdl. I>t# ; 

! 5»!i4 ri«*m Inti. Kin. 7*; i.'.mv, lWf 

■«i( HMSiHiirlll VmkI'Ii' ISBi 

, » «,-! Keiil Waiei LTJ I Ml I#*-- 

94 r- V.iudC i *'•». Hrcwerv Tret 


■; !£■ 

1 88 |< 

•: 921 s r' eta 
i SO*,;— u 

. 99 1, 1 

. S981 Z ; „... 
.1 993 4 : 

10^4 

.1 104,: ...._ 

.! 104 p 

I 998 * 

. 97 J* 

■ 99 :+i 9 

.. 10 3 p 

87j» 

• 98 ,. 

- «!• 

. 10il. 

.: es .... 

. 9412 |V + 1- 

99 , 

. 107,. •. 

.■ 993 s 

43>t -l 4 
.. 49 _.... 

.999 ' .... 

, 995 *' 

. H4I-: 

95 | 


CAPITA!. GOOnSlITIl 

RmMins MaienaKt27* 

I'niiUJCtinc ConsmuTioH i27i- 

Klivtnral*.14i„ 

Knuinren nc Cunt rartiirs • 14> . . 
I Meohanicai KncineenncT^i .... 

Mulalr :inri Mirinl FormumilCi 
I CONSt MFR COODS 

| lOl'RABf.Li i52i 

I.i i:i«inniL> Had in TV 1 15>._ 

linu-uhi'lri r.umKi l^i. . 

MiKi>i> jud [lUlnbnlnrs 
( ll\St HER HOODS 

iVON-Dl R.ABLEHI75I 

Rnmm«4:14i - 

U inu> and Spin (r- 6 < ... 

LnitMtoiinRHiil. I'almnxriTi—, 

pi art Maiiiifartunn 2 i 21 <— 

Fin.id Rcrlailiiift* I5i ...._. 

VuLjaiet*, Pnbli- hvnE > 13> 

I'ai kjsim: and Paper, 15 • 

5uvcm4iIi 

TvtiikniSai - 

ToIi;ilI'om3' . 

Tuj-..ind«.i!iitip-.|ii.. 

OTHER KRUtPMSftl 

I'hnniv-al* 1 1 S<‘ .. 

HiArnuL-cuticai Pmducts ■ 7i 

■ •Him* Equipment 161 

shipping. Up 

Higrijwig«pjBi 

_ IXPt 'STRI.U, G R Ot PU95I. -. 

Oihi.ii. -. ' 

500 SH ARE INDEX . 

FINANCIAL GRUL’Pl 1001 

Bank - 61 

Li '-count House* 1 Uli 

Hire Purchase 1 5* 

Jn<nnuicc'LiFe»il0i 

In-mranrciCumthisiteMVi 

In-oirance Brokers 1 JOi 

Merchant Bank'-. 14i .... ... 

Property i3l > 

Mn-vdl a iwwisiTi 

InLrMmcntTpjjasijOi ... 
Minnie FinanvetT* 

1 *\ ii> 4 o.i% I r.i.lor- . lilt ... 


.U.I.-hHARL" I.NOF.Xi673i 


FIX til INTEKKST PRICK IMiiCKS 


225 80 -0 3 

207 33 +04 

355 26 -0.7 
47848 -0 8 

331 95 -0.3 

IS2.04 - 

170 78 -02 

207 14 ^-0.1 

. 247 88 -0.3 

134 11 -0.3 

128.13 +0.1 

212.15 -0.5 

232 54 . -0.4 
275 3 7 - 0 9 
262 80 - 0.4 

200 90 -0 4 

220 98 - 0.1 
407 28 --0.5 
139 21 -13 

199 79 1-0.5 

179.15 -0.9 

253 11 -0.4 

110 60 - 0.2 
206 20 - 0.2 
292 16 -03 

268 34 -0.2 

133 71 -0.5 

419 61 +0.5 

219 4 4 .-0 2 

220 88 +03 

488 37^ -0.6 
243 34 —0.4 

168.15 -0.2 

186 35 -0 8 

209 93 -0 1 

155.36 -12 
142 37 -0 1 

129 60 +01 

352 65 +0 2 

80 43 +0.1 

246 79 -0 2 

108 93 _-0 1 


22638 223 74 
20644 j 202 76 
35781 353.83 

48250 47953 

33291 32784 
182 12 180 12 
1710S 168 67 

20745 20537 

248.55 245 18 

184.66 183 04 

128. 03 I 127.41 


22234 22249 ; JBOM 

201 71 20155jl51.48 

35303 35379 24866 

475 22 474 72 370 18 

32821 32881 260 60 

17901 179 57 j 15989 

16713 16782 j 14724 

20422 20185 | 16830 

243 85 242 43 | 195.40 

163 02 181 83 | 152 10 

126 50 127 16 I 10857 



FIXER INTEREST 
YIELDS 

Hr. (jtn L Av. Hrks Hrrl 


“RIGHTS” OFFERS 




SA2.75 Xn | 
a 1 p.p. 1 

28 ! F.P. j 
IS ■ F.P. 
14l = F.P. 
36 : Nil 1 
108 F.P. ! 



13i8 £3 pm 
18/8 Ala 1 
18/8 38 | 

18/8 SOtmii 
16/8 IPApm: 
1/9; lfipni 
4/«| Ui-i 
1/0 18pm' 
21/9- 16|*in 
1 i9 i Uj.i,|ii 

U/<t. finin 

— 29|iur 

- . S3|.m" 


8if|BrMeend Pmeeasen 

311j Urcc/H Tral ling ...... 

lSUpm Dart mouth Invs. 

L6^pei KJsa Idt.Hnpfer. 

10pBi{Ue/iUlain iimi A C/aynns.., 

IWiHralyi 

14, nn' L.C.I* 

Apitl; l/wvh (Wm.i 

I'upai'Nnnnn itV. h.i 

S6 J *»iil*’lilT*» npnknuin 

24,*fli;Te».*icn»l« 

Apu^Y.irk-lilic C lieniunli- 


33nm! 
Bis 1 
38 1 

20pm . ^ 

18>; [>nn 
I7i>n / 
1241; - 
iBr>» 

16fmi - 
121;im: - 

5SI = .- 
29,mi - 

1 1pm' 


_ . , Mnn. 

British Guveromeut Julv 

»r 


L'nder.iyear. 

■i.lj.gir, 

Cher l.itears 12082 

Irredeemable^ 127.04 

AllKiucks 113 24 


rlnuiuc 7 •• .Id}' 


.nil. I 




E EEmOEKB 

e 23 

nswww 


Y--.tr 

•ISi* 

i.ippn.vJ 


866 8.70 7 59 

10 89 10 86 1131 

1162 1157 1221 


11 25 11 26 

12.08 12 07 

12 19 12 17 


1146 1147 

12-58 12 59 

12 84 12 82 


I 11-63 | 1158 | 12.35 



Hvr.uiiuaUun date usually Iasi day fur dealing tree ot siamp duly, h HCnirea 
haw.il um aroaotvius laiimarc. u Assumed dividend and yield, u Forecast dividend: 
cover based un previous year's i-arninss. r dividend and jleW based op prowcius 
or oihcr official csnniaiL-s lor 1573 0 Gross, t Fib urea Hssotn.d. 1 Cov/-r ai'ntrs 

lor eonverbion ol shares not qou- ranMns for dividend or ranking only for mulcted 
dividend,, j PldiliiA ortc; lo public. P‘ Pence link as otltaTHlSe lndieaicd. Isninit 
hy i.'nd-.T. || nsmd to holders of Ordinary iharci a " ngbit." ** is.iuvtl 

by way nf ram la lisa iinn. t*- Minimum tender price, {j Relnlmduced, t? Issued 



oy way nr cam ran sai inn. •- Minimum tender price, a pejnimducni. TiV issued + Redemption yield Highs and lows “V — ■ r ~ T7 r~T : 

lo coRDeeimn with nHimanlsangn merser or take-over fill InmdoctHR, n Hsncd a list of the conuifiiaats J* a ” ”. d . * atuc l j. .constituent changes 

10 runner Pn>frrr>ne>- holders. ■ Allotment kners tor fully -Hid/. 0 Provisi onal { LnriM ecop obt nriro i 3 n in mu* J. ^°* n Publbbcrs, the Financial Times. Brae 
ur partly -pa id aliouncnt letters. * With warrants. 1 ' ‘ p "“ LSP ' past 22p. 















































tf' 2 * . 


' *2 


Financial Times Tuesday . August 1 1978 

""insurance, property 

BONDS 


AUTHORISED UNIT TRUSTS 


Abbey JJf<* Assurance. To, Ltd. 


\bht*y Unil Tst- iH?rs. Ltd. la) Gartmorc K 
■ 2*11 «.ai «•),.. U'ciw VL-.wir, « 2 KMI| : m » • 
\».hcy i il • -I .... 134 D 36 3 ( . I 4 11 <-• ■ \merfan V 

Alilii" .. ) 4 fl 5 aj IJ — 0.31 6 03 Rritt'ftT->l i A- 


Gartmorr Fund Manaucrs ¥ lailj*) Percental Unit Trust Mttsml.V <al 

; si w-iy » ••» v«i\«k|» «; jn.ir^i +* ji-n.-i.. iimir, .mTi'u-nr* .usir'su* 

i.-.lmi'Ti.-niil't ,291 32 21 + U S| 0 01 !■' Mfl 4 43 4 | . i J S 9 

HriH'ft T«l r l 57 B 631 . 41 - 0 ^ 3 09 ... ' .. ,JZ . 


3 96 • ninmodil' Sli.iir 
4.15 17 -tra liimin.-'l .1 
i.-i Far EjM Tni-i 

Mich Ini-um+r-i 

Jn.-.-nu* Ftl|i>f 

111 ". \Ul-lll IP» . 


Pen-. iVoi-witi ' ' 11747 

IV"' Si-i-rii'-p 8 j,x . 

Feni Sis uriTr ( 117.2 
JVii.. Mmiiirni . inj 
F*‘* Fanil, ...163 3 
in rn,, /'l s*w 4 -127 3 
*Mm< Fit Sirr 4 ._ Ui !6 

VFqOily K .1 "-pr 


V "Civ Fri SiT. ; ‘ 112 1 - JIB V " ! 
¥M<Uiry>«l Sor..* U 101 IIS'S 1 - 
lTicf'-, a July Sn. Valiullin f^wnwllj "t^irwla y m 

Alhanv Life Assurance Co. I Ad. 


«:.l Faulty Kmnl .. 3 MJ 114 B " _ 

si 1 . Hill Fond .. . 112 7 llftb " _ 

)• lnl) Kimil 1191 125 4 _ 

»• I- i’Hy . Fund 96.9 103 if . 

Growth St See. Life Ass. Soe, Lld.9 
" wf hank. U 1 - 4 } on-Thamcs. Hcrk, rowai 

Flrxiblr + majirf I f]IK* I 1 


Km 1 hpi- Jm Plan. 1421 

•Sm.il | iV.* Kd 95 2 

Tcrhnolnty Fd . . 1 MJZ 

P stn lot; f d t 

American Fd . 1059 

rni Iran Fit 108 b 


n cir t> ank. Bt-4} on -Thames. Herk, l«E(V WJH \ ■ 1 11 FHfird KH - j 103 9 

Flrxiblr trnancr I il OSS I I st.n D«*l**il Fil ]97 0 

I JtlHtcmk W" . 54 31 _ Mnpu-isK «-_• . 

L.imit.«ik S'-' Ace [llfi 2 114 31 .. . _ ^oi'icn Inion Ins 

■■ * .V Super Kd.. 1 £7 910 1 1 _ fORat-i. Nnrvi<.-h\'Rl 31 


3 t i»l.l liiiriih.'l.Hi M.. W.l. 


Guardian Royal Exchange 

Hi.* ill KvhwiKi-, Ki l 


TFl.llIl M 4.V. 1405 .. 

VK.imiin looi 147 bj .. _ Hambro Life Assurance Li mi tnl V 

Tltrtl liSvii 107 6 in if Z ■'■^' J -l'ari;Uni-. , *,ridfiDWI DI-WIROI 

OPr.il- C -.1 V. f ICE'S ltjJ riMtllpi Drp ..-11357 133 41 . 

mi id- up. 4 «..*: in! 175 3 ■ .z — ml ?sa-- - 

Kniftvi ffi 7 iroS ' " Msr.ae^ii aj. {l 439 150.9 Z". - 

i.I IMim IVi. Vr.. lHa li *2 _ Manned Acc U 76.7 186 ^ .. . — , 

Iwi Me PnlJlArc 314 5 llijj ' 3 — ■ — 

rii'p Tf n Ai-.,. . 123 4 lycnl ' *-ill Fill'd . -- >_ [ 125 1 UX 7 | — 

K-T.I. up r. n Ai-r 204 4 715 3 ' '. _ ilg ioj Z 

u±9 teSKSEzKS ™hv b z 

AinMliw.A.nuHd Upima K 4 . 1 |C *|p«l 0 l. Pro JI. A t. B 65.4 S 79 §+i 4 _ 


01 -ifn 5 WC frofvrt > Huurt.-. 


187 7 |p? 5 ( _ 


rii'prrii.vf.., . fi 23 4 iruffl “ 
K'jili »IP T« n Ait |204 4 715 b| 

AMF.V J.ife Aesnrance L! 4 » 


A ill A Slitpuri-P 

AMhVMpd n 
AMFV Unfits Fd 
AMl'i K'JUin F-l 
<*MKV KtiPiilnl. 


146 71 _ 

1224 iti _ 

110 3 _ 

114 3 _ 

9 T 7 _ 

1 D 2 B . .. _ 

1063 »S 0 _ 
1063 ) *3 7 _ 

losil r 3 i _ 


_ Pen Man Cap nil 1 


Norwich Vnion Insurance GroupY 

rvi Rov 4 . n iw „.-h \-r ] 3 NC. nan aaoo 

Munocifl forol.. . 12153 22681 -04 — 

I’un ' 1 .. 349 5 367.9 -OB ~ 

01 2 K 1 71(77 T*lnp.*n\ Fund ...130 4 137 .S .. - 

HxdJni Pu ml. . 153 8 1*3 4 - 0 J — 

lK-piiMI FunC 106 ] 111.6 . ~ 

•WlniLJnk !5 2656 — 

Phoenix Asw ranee To. Ltd. 

4-5 Kmc William si RMP 4 HK OUaflOfTTB, 

WpB)lh .W. |H 3 B U 4 . 9 I t 1.11 - 

Kh r Ph Aw 77.* — 

Lh'r PtiF.qF. . . .|76 6 80 5 | .. . j — 

Prop. Equity & Life Ass. Co.V 
IIS Crawford Sir ih-i. n 1 H-SAS. 01 4860857 
R- Silk Prop Ril | 182.4 I .....I _ 

J 7 n tqmnBd. . [ 752 I .. . I — 

Fie?. Mono’ Bd. . . I 356 5 | .. „| — 


1 -nzo w 1 

1.4] t 1.11 - 

► sl Z.i Z 


Ulied Im. ... ... M 2 
Hnlli.i 1 -Kiif.il. MO 
i.nli i liic ... 38 5 
Elect h iml [in 348 
Anti'll 1 »nii.iL 73 9 
llami'ni ruml .. 1 M 4 
llambro.Me 1 U... IS ? 3 
Iih-oidp Funds 
lliKli i told I’ll ..... 173 1 

HitU Snuime . 167 4 

A II Eq. In.- .. (39 J 

iDirmailiiul Fundi , 

InU-Piuliiarirtl 127 0 

l“aHf*i' Kiiod .. 1471 
hors uf \m>Ti"..l..p 4 8 

I" R A EM.-mpL* . 145.9 

Sprriiliil Funds 
Smaller 1 n Fit ... 37 9 
SnriSmlr Fd *6 7 
it cedi cry Siu .... 89.5 
Mel Min 6 i~>lt>... G 22 
ii-.ersoa*. Earninc-s 59 2 
ELxpi Srilr. ■. ai s.. 6)2318 


V> t y «kp 
» 29 7 

32 

• ... 57 B 

631 

ire.. 167 9 

180 

343 

36 

il J 7 7 

40 

■ 5*2 

636 

74 1 

79 7 

1414 

35 36 

1 17 7 

95 

' • -. 134.2 

36 




OFFSHORE AND 
OVERSEAS FUNDS 



2 98 1 ‘U'i'ldUly emit T. Mcrs. Lld.Y (aHbl Alexander Fund 
882 Anluus lilMis I ml Tru»l Mameors rue N'iifir l-.uui-. 


73.0 - 0 .i 
69 5 - 0 .Z 
417a -0.1 
37 2 . .. 
79 1 - 0 Z 

:]bo .0 1 


Gibbs (Antony! Cnit Tgi. Mrs. l.ld. 

530 a Fredvri" 6 ‘s I*l.ioe. 1 "III Jew r>. All li. 

4 76 el 4111 


lii'siW"- - . . 142 9 


132 . 0 ) - 0 . 4 j 436 laLVO.F.irl;. 


4591 + 1.1 

42 bit 

77 Did 


ObS li. Fri-ili-rK kp nm <■. m 
-1 H 837 11 ; .- 40 , an r 
■Ji.f | K.vira lne"'ii»r.. .. 2*4 

+ °n U K 2 ?? Mooli. n-kp. I - 42 1 

.'iifiilnl Fu.ul 46.7 

-D 3 11 c | h , Km * \- ei* « 9 1 

IRS. l.ld. I’rnuii- F'unil 17 S 
v.iimtir Fun.l. . 6 J 0 
.IlflllO. IV, hiM'lui!.' Fluid... 61 4 

. KarKu-IKil 29 0 

+ 1.0} 830 .\mrrii mi Fun>l. 2b 3 


1*1 Manienrs - 1 " rue \,.rn- l-.inu-. I n .. 11 , <„ mrc. 

lid Jewry. EI"R 8 l‘.n. Alnnontlrl Fund | 3 i ^695 I . 

'--I A:«-l "...lur 3 „( % - JJA 


Ke> weirs Mng(., Jrincy Ltd. 
I". 1 llii- |iM. Si ll<-!u-r 1 . 1 - . . 1 1 . 11 : 


Im.iIIu,; "Tees. ttHcU. 


32 0 * 0 «. 9 70 

45 7 ..'6 4 6 * 

44 * * 3 ? 3 63 

53 0 .il > 3.1 2 58 

40 5 -I 4 3 98 

670 . . 3 01 

66 3 - 3.9 297 

J 13 «k -1 1 3 00 

28 4 al - I 4 2 00 


Arbulhnol Securiiire i( . 1,1 Limited 

3 6 * I'.i H.il 2 M jfLJIcluT Jers... 0 -i ,14 7217 


2 58 . 'aiw T .1 -.1 er-^ ... .J 117 0 121 Dl I «^3 

3 98 ‘-('l ni'ilin: -laic Aukii. 4 i 1 . 

3 01 i,m |Kei« T*L | 9 * 100 r ..|12 00 

297 \ru ileiilinr dale Augu *4 7 . 

3 00 Eitei ilr.ll.T.-l ;i I • |116 0 123 61 4 3 05 


■•1 h'riM-l,^ 

KimrU * , !i»V 

l.imiird ■?;* 

twi-i •■■!«■ a r.u 

0 :i,h 1 Jjiun i,ih |*ijti/! 

- - I 4^3 S* . 

3. I cnl .-^:i • ''.n# . 


ojo Practical lnvcsL Cu. Ltd.V lyitci 


\r»i Heft line date Augu >4 7 . 

EjMfclr.ll.T.-l-'I- 1114 0 123 61 4 

Xnl iuh Ait|;,uJ 3 

Australian Selection Fund XV 


70 a -0 31 p 83 Govelt (JohniV 

Jo]]" 41 ! S 2 r: L.i«ii..ii ttjii, f‘i' 1 *. . oi.wi.vcii 

* 1 KI,ldr.luK- 2 S 1143 7 1 * 14 ) ...1 1 74 

Ie» Aeruni 1 ml }172 8 183 i} .( J .79 

»S lo J « ,lrA " n - ,|:,v ' utU! ' V 

58 b| -• 0 1 ] 196 tincvMon [Management Co. Ud. 
300 . 9 |+ 0 . 2 | 3.47 w<,rc<i>.iiii"i I'.'jPgMW. «<] +«»I 4 ;.i 3 


44 . Kln»nKl'iir> sq IM ! \ +!t \ 


ui i 2 nwn hbmi>i 


in'i-h Y.-iinc Jk 


Pmelii-j! Jul' 115*5 164 l 1 ..I 4 09 'Milhu ailr. 127 . heul Jtl . "-,i||tei 

At'Wt.V-2i1 A'OiruUnMN 'nss 239 1 \ 409 (.'SUiMier-. ! . St ‘ J^bCll _ 

iii 4 j ...1 it* provincial Life Inv. Co. l.td.V ' "'Z ' 1 Jl1 * 1 7 ' „ 

1830 ) I U 9 «« Bi«h.. r .T?ic .HS 4 TUI 2 Ba,,k AnHriea International S..\. 


40 601 -■ 0 21 4 56 
500 .04 4 76 

95 7 5 64 

451 -0 7 508 

63 4 m - 0 ] 457 

244 0 -IS 4.91 


H^rr 1 nek'll liih Si 
4 56 (Ai.'imi I'r.U- 


22 ,«iihi'r.'(«r El -2 Hl 247 r. 2 c mirraaiiwisi o-.-a. 

Piv.lili.liiiK . [87 1 9 J 3|-0 1 | 3 05 M ».,u lei aril U««.M l.u ■■•i„l„ H ire f. I» 

HlChlii’.+nm-.. .. |ll 67 125 0 i- 0 !| 7 09 '* l.liinm liK.iiiiH |f: -109 r 1 MII[ .. . [ 7.70 

* „ „ ... , Pric— .«l Jill." IT. N.-il .alt ilai AllCi.J 2 

prudl. Portfolio >tngrs. Lid.V laHbnt-i For Bnli . ^ i. ni i n . . „ , llL 


« 76 Htnc.H Y«l .'ui' 27 . 179.6 
5 M I \ 1 vun 1 I nil" . . . 2 D 5 8 
5 08 Kndcav Juli r. . 207 8 
457 .Arrum I'lii*— 215 2 
4.91 «lmi'lii- 1 r -lull . 962 


4 91 l|n]H.irn Run. E' IS L**.ll tUH! 

7 83 iTudcnlia! [ 131.0 139 0 | | A J 5 

1 St Qu liter .Management To. Ltd.V 
198 TlwSlk Km ftan«?.F'.'J\ llii' ill iHm 4177 

3 03 Qudilran:<;i-ii Kil | 1 M 7 10911 [ 5 20 

3 03 quniiranl tumme. ,]l 24 5 128 4 d( ......[ 8.22 


For Bnfc. ui l.mln. b .•> vmcrira l 

All", jn.lv 1 Kit. 


King & Khavsnn Mgr-t, 

] '"li jriin i m-. v ii.-:,. r 1 . 

" n— >■: P. f. r .... 

i Tiio::. i- ■»: 1 i-.-i 1 ; 

••lit Funil JlT'V. > k 9 'J 4 5 0 ?., 

■ '.ill Tni i.l .. M li(Kj If :[ 

■ [ill Fml •[iii-riiM-J -944 act. 
lull. *,a«i ■irr«. Tm. 

I ir-i V1-1 |„!i; 11 19 7b 15 

>■ M|i.l! - : 1 B6 74 156 's 

Klein wort I.injitciJ 

2 l*. I ..'111 bur. (.*.■ .».. .1 


Banque Bruxelles Lambert 

- Hue Ik* la Kegeinv H ;^i Bru«ei-: 

S+B - Benia Fund I F _ [1904 1 . 9 WI 1 1 | 7.72 

8.22 BarclavR Cnicorn Int. tCh. Is.t I-td. 

t.i'haringi'nws.M lldi..r.Jnn- iCLMTCci 


rrn Man. Arc . .. 2714 
Pea t.'ift Eds Cap 122 0 
Pu 1 .C 1 HEdfi.Acc. 127 0 
I*H 1 . R S-rapL.. . 124.8 

Pen. B Si Acc 142 J 

Pen O.VF.Cap ._ li 

I'm. P.A.K. Acc — I 


12 £ jj 

136 7 } ... | _ 


Arrow Life Assurance 

sn l .hrl.lgc Clnjul, W It 01 

Sc" Mk r«H p.LnL.[B 2 9 8771 ! — 

Sel Mk FdSLUnt . KB H Jsa.il .... _ 

Fen Mcit Fit Fq IUI 4 10 c ?| 

Pen MsitKit — K.l . [113 2 1167 } ..!' 

Barclsj-s Life Assar. Co. Ltd. 

23 IRonlfnrri Ril. E 7 . . 01 - 

£ arclai buudi' ( 125.4 . 132 . 11 .. 

Equil) - 1146 125 i + 0 . 

IVIll rdseH HOB n* 7 ) +0 

Propcn>; 109 2 109.71 .. 

Manugctl 1112 1171 + 6 . 

Mwnm 99 0 18431 

Han Pei' A+cum .99 7 1050 

U*i Initial . _ 971 18231 

Gill KrtcVms 4 i;,- 97.4 102 . 6 , ... 

Em Initial 94 5 99 .W . . 

Mann- Pen* .Vf 100 9 106.31 

n.. Initial . . . 97.4 102 61 . 

*<*urrcnl unit calae Julj SI. 

Beehive Life Assor. Co. Lid.V 


Properly Fund 

Properly Fund i.\..„ 
Asnculiural Fund 
Acnc.FundiAi 

Abbey Sal. Fund . 


+17 _ rei».i".A.r.ACT .-..i lie 3 l+DB| - AhbeyNa! Fund . li 

+JA| — Hearts of Oak Benefit Societv Abbey nm Fd «a,. 11 

lS-IT.TaiWwk Place. WC 1 H 9 SM 0 l'- 3 R 7 M 20 iSS 3 S 5 S 5 S 5 J".a p ‘ f 

017499111 Beans of t*ak 1363 38 6 } ( — Equity Fund ' I 

J - HiU Samuel Life Aerar. LULV ? un 3 ‘ A ' - lUi 

. . ..) .• , , T ij*.^,k.iu ^ . . n . on,,-.. Money Fund - 141.0 


o-V Anderson Unit Tmst Managers Ltd. uoMiMapi 73 id ZZ a a L, ^ 1 nilurn 

Pi -4860857 isa F em-hur -h H 23 MU L* fr u ri -.|73 9 77 S - I 421 Reliance t’n II Mr rs. Ltd.V T.i hannei n+.«.M II, Ji 

-I ” Anderson l i.T.l... .{ 52.6 MS+rc) 4.08 Guardian Ro>«l Ex. Unit MrTS- lAd. MelwncellnvTtaiilwHlw Well- ^Kt. UKBR! rn’iTh.iKrfr!;™" !? l 

'• ' ~ . .. , 4 . , j RAiralEwhanse.RiTII'SfiK. PiJCaiWIl I" ' ftf? '1551 "o - ill Fnih..ml Tnifi .. 

i&im W» 97 . 8 | - 0.21 431 SSliil IJ? 'Su,.e,a,vK,.U 

oi^Ls Ih'c.mJ^k^Wo 170.01 933 Henderion AdminstrationV fawcilc Ri ^ ricld M ana R ement Ud. Bardays Unicorn 1 , 

- Arbulhnol Secqrities Ud. (aKe» Rro?i "«d. e^T“ ° 1 ' 1C mass* **>. M m_. JJ-.jjht-i.cr i*u smkbi ^ J H ' b 

:::::: Z EtlM^^TTlB S h 51 -f 5 7 48 . 7 ] ] 3.29 «.<►«!, cM hicwnic.kl.O 97 .D*J J 20.71 ft g“? g| 

_ Hirhlne Funi _"|«3 4 J«J-l bl 935 rap i',r.juiii ,ir. 463 493 [ — j 329 Rothschild Asset Management iri I" nl Ji"'T' 2 ? 

_ * Arrum L!„.i«.T ES.« 6073 ,oK 9 55 Ineumei .kf-el • . 134.1 3 b 3 | 5.90 .. !'•■ I "4 Mon Tt ... 46 1 


I'L «■* Kiinn-. »-.| 1 1. 1 i' 
•■'M-rji «•• Ini 
I in I.. ui, 

MU ..r K.+ -I K.l ’ 
KHIlii! Ku:h I 
I-: Kmnl 

l| 7.72 K H i < «;vii. Kd 

NmiM-l l : r : ii - 1 ■ 1 .1 

i Ido. '1 r. if.. lid. I iM 

iMTfTJI ’Kl! iiv'l a- I j.i. 


J 092 

Ml nB 1 
p 95 S 4 ff 
51 - 1 : 74 .: 

I *1 -n t: • 
1 ?i '• •5 7 b 

‘i %i 5 « 

119 40 ;a s,t 
di'n run in.: .I.,- 


_ Property Growth Assur. Ca Ltd.V 1 Nuble S uEitV^J.v oi-ttflCWi. 

— I.cnn Hou»r. Crn; drm.CRSl LU 014800009 ,nc - ^enUdy Fund .Jlbb.O 176.01 1 4-03 


*• “ H TT!!r!; 7 M .»."!F«« l kg- iaSSr'tST. pi. -litr ti.;* Bi. H I., i-.T v.„s. 

11 ffiR.il. {44 J '477^-0: 558 ''nihyn.lTrufi ..IsVlUR 111 « . . ] 600 Pi- ll... «ir l].-l..-r 

1 Jk-kliipluT Ini- ‘.‘.(43 5 465 |- 0 l| 559 'MjIhwI iv ivi- an, I » u nhi.liluifi ia«c> U.iyil-. T.I 157 2 u.' 2 i [ 127 

RiJeefleM lM,nir.i.mrni i -H Barclays l 'nicorn 1 m. if. O. Xam Ud. ■ ,t * 1 ' 




Arbulhnol Secqrities Ud. (aKci 
37 . Queen Sl. London EC*h 1 BV Ul-SI 
Eura Incom* Fd ...|165 S U 3 51 +0 5 ] 
Hich Inc Fund MJ 43 4 dj - 1 « 


oiemjk. : <> l.loi d< lnli-mai innal M^mnt. 


UI-SMKMl I'K. Funds 

+0 51 11 19 Cap.twwiJ 


N LA Tut., Arfdi scorn be Rd, Croy. 01-886 43 S 5 Monej- Fund -A 

• Properly Units .... 1154.8 162.61 I — Actuarial P„n'.f ’ 

Prouenv Series A 


1 •Properly l rots.... 154.0 

"■ '■ r+nperty Series A. 101 "» 

d Mansded L nils .. 1681 

„ .... Manajjeil Series A. 992 
01 - 5.34 5344 Momiced Spriest 

.. — Money Units 

+ 0.2 — Moner Series A 

+0 3 — Filed Int Str A 

— Pn#. Managed Cap 


132 . 1 } .. 

12 S § + 0.2 _ 

109 . 7 ] . . — 

117 l[ +0 j — 

1943 _ 

1050 .... _ 

1023 } . . _ 

102 . 6 ) ... - 

99.3 . . _ 

106 . 3 ) .... - 

102 9 . .. — 


162.6 

307.4 

177.0 +18 
2043 +11 
101.6 +10 

127.4 .._ 

103.0 ... 
901 +01 


Actuarial Fund 
Gill-edged Fund 
Gill Edged Fd i.\ 
•Retire Annuiii 
•liruncd. Ann'n 


SWrSsri ws 7 * ''aft r..“ - esks ^ w- m 

fSSfttEfH-.. -m 

Man. Pens ^ ^ 3 ° T. = V* IfVi 

Man. Pen 4 Can. I'l 3317 — 31 . High Hni horn. W H 

Prop. Pens Fd 1471 .. . — An-hwav Kunil. .. | 84 B 

PropJ'en.i Cap l is. 133 6 — Prnet, al JuK- 27 . Ncj 

Bdcfi. Soc Pen L'l 1317 .... _ 

Ridg. s«. Cap l'i . 120.6 — Barclays Unicom 1 

Provincial Life Assurance Co. Ltd. M 0 '™™ 1 = & = Ro >^ 0 " 
2 S 1 Blshopsgau*. ECi 01-247 6333 K?.a ‘£3 783 

Proi-. Managed Fd 1 UJ 1 . J 19 21 . .. — no. Aun Inv »1 7 

Prov Cash Fd ,..._ 104 9 HOJl ... — Do Capital 68 9 

Gill Fund ai ....1172 1234 J -13 - DoExetnpiTrf. 112 ! 

I^opem Fund .... «.9 1010 ] .... — Do Emalm-nmc 28 8 

Equity Fund 978 183 -i .. .. — Do Finunnal 62 6 

Fxd.fnL Fund | 9 IJ 99 . 3 J — po 500 .77 0 


lLLri +0 5 
1184 ) +0 3 


III' Managed Acc 
Phi G'lecd. Cap.. 

Pna deed Acc 
Pent. Equity Cap 
Pena. Equity Arc 
Fni.Ptd.InLCap 

Pnj.Fxd.luLAcc 

Pons Prop C-ap 
Tens Prop. Acc 
Imperial Life Ass. Co. of. Canada 


6 Arnim L'nilv.. 56.4 
lW,.*. W‘rtru -1 L'is.i 56 5 
Preference Fund. . 0.9 
' rum I'nltsi. .. V 2 

i.’-aplial fluid 20.4 

< 'nmmod nv tv nd . UI 
f Actum I'nltsi - 07 5 

1 10 % WitroH U.i 53.1 

Kin 6 Prop Frt 17 7 

• lianLi Fund ... 39.4 

I Iri-qm I'nilsi 463 

Growth Fund 362 

. Arrum. i.'nuai 436 

Smaller' 'oV Fd. .. 28 4 
Eastern JL- InU.FtL. 27 2 
i 6 %YA-drw-|.UUi- . 213 

Foreifin Fd. 8*2 

N. Am»r. 4 c Inu Kd.|J*J 


• :re» 1 b[nc Ms 7 

~q _55 rap. Growl li An 1463 

955 Inrume A Ar-el • .134.1 
9 14 High Inrnmr l-nndt 

12 00 llichlntnmv - 1615 

12.00 t'aholEtlr.-lne. ... |57 5 
— SrcUw Fund" 

5 12 Flnannal 4 in.'... 05 8 
512 «)|| S: Nitl Re-: [ 5 * 


4071 l 3 29 ,IVEr,l 'f | ’ ,nl - n,l "i T1 - v 
493 ””."1 3'29 Rothschild Asset M 

J *- 31 ' 5W 72 Mi. ■ iai+hiui'e fill A«li 

u.j I 7 a. N t'.Eqilllt Kami 11748 

603 + 0*1 >69 x '’ O-ltBK Rt” Til Jill 0 

I’UOI+U.'I N « ' Income Fund 1531 


329 Rothschild Asset Management 1*1 {£ i"!] i nn 1 E| • H? 

7 =Mi.'iau-hi"u«en>l A« le»buri 'CMWI liu Mart lluiual "' 26 4 

78n N t'.Eqilllt Kami 1174 8 185 9 i- 0 S| 3 07 . „ 

IS xr. KncyRi-TM 1110 118 0 -0 7 253 Bishopsi; ate Comm 


... 2 97 

-0 ll 2.75 


71 L«C'hMdSl. 1 FC 7 V nnminw Imperial Houro. Guildford. 712 » 

..B-ejij 1 _jw„ -asHSfficai gj| -I - 

C anada Life Assurance Co. Fmt Linked Pwt/oliu 


Unit Luked Portfolio 
2 4 Dish II. ronvn Bar. Herts P. Bar 51122 W*— "BH Sifl " " 

f.jii '[ihKdJuija.^j -ui j_ ■- Kfia iSa 

r™ Fed July o..| 173 “| _.J _ loll T.; 

Cannon Assurance LULV Irish Life Assurance Ca Ltd. 

I. •'•fc'mpir Wy.. Weuibley HAS 0 NE 01 - 902 R 870 ll. Finsbury Square. KCi 

Eq.iiij JL'CIIS. 107.64 - J+ 0 J 5 — Blue Chn. July 21 -I 77 J 

Properly l nils. ( 00.13 — I _ Manmred Fund 2333 

Equity food ESN. KlLW ».de «10 - “iSEbTaii,. Ftt! . U 53 

Pri'f. Knnd E«« . |ibJ 4 14121 . — PnUiMDri JulvJ 1800 

»*! Bd.F«ee.L'unEl 3 27 MmUo.M - Glh ... 1 ' 1^7 

17 ,-p,i'.ii Bond . .11113 1183 ) .... — ... _ .. ., 

Equity Acc dm. . jlST _ j +1 Kind A Shauan Ifirl 

Pr.MX'rly Aveijin. ..Id! 74 — I 

Mnpd. Accum — .( L 619 1 +5 

IndEquiD 1 % B 1 D 2 4 I +10 

2 ml Properly . .. |l 94 0 liB 9 ! .. 


512 «lll Sc Nitl Re-: [28 0 

2 it lnlrraailonal 

; « < "kbnl 188 5 

Jniernaiinnal 34 4 

1*5 Wld Wide JuK at.. 1767 
Orrnro Fund* 
rrj AuMraUan .. . . [ 37.7 

,-it Eurripun... .431 

Far hid 78 2 

+ an North .tnier 41 0 

+ m X Am Hrr Julyan .124 8 
iuu f'abot \mrr sm i'.. 541 


118 0 — 0 7 251 Bisbopsaale Conuntniily Srr. Ltd. 

162 a -D 5 7 06 p O But 45 . Dnuglat I .. H OtC-i Z. 

Kil n • J u AH W 4 C -July :« in. : a a H HU | - 


. 94 21 +0 11 

40 31+02 
45 9 ] +0 3 

83 bd +04 
43 * 3+0 1 
130 S 
57 . 7 } +0 4 


?15 \ i;. Jnll Kd i'.W ,| 92.9 %l. 9 [ -6 'ij lH “ VR Hiv“ ’lulVj " [cVS ? llo 3 | '“"i Z 

.\ 0 . Smllr Ooy< Fd,lb 0 3 170 bj +0 2 | 4.71 oyUXT'-Juiy j .. [L 2400 2 5 m.. I 206 

'2 67 Rothschild & Lowndes 31 gnu. iai urtsinaily u+uw at -siu and "fi.wi. 

437 *“* K “H , iin»l-aiie. lain. D'-L Bridge Management Ltd. 

L Eiewinl . IC 1 Z 3 B 130 0 [ . i 3 65 |>.i , Ruv 508 Grund Cat man. L'aynon la. 

_ Pncetf nn July 17 . Nril denling Auc. 15 . v h ..i,, i,,__ -hi 1 V ',iu 1 1 


“ ’ 7 Klifdiinii- 4 .fi 1 

.. .. 170 ■ )■ ml. 1 ni. ill ■■ uili 

g jj lliAil-.liit liir.-iin-. 

j® >1 & <; Group 

lliri'r gu:n. I.--,.-" 

. Ltd. Alin ink':', 

tuc; +0111 -lii*r It iuh 2*5 

I II "Id Kl .1 III. Ji 
l.-diiiii! 

iju, • A» f'im I'uiN-. 


Ki,' ;t-i * _- 1 ■ 

■ran 


458 Rowan Unit Trust MnRL Ltd.Vta 

lS 1 ' l, 3 Gale II MT . FlnyfUrj'bq.Ei 7 ! u]-du 6 


3 Archway Unit Tst. Mrs. Ltd.V CaHct Hill Sunnel Unit Tst. Mgrs.t <■> 


Prudential Pensions Limited^ 


.117 IHghHnlhorn.Wll'TNL. Ol JCIl 6233 . 45 Ren.- h SI E' 7 !P 2 I.V 

An-hway Fund. .. |84 8 902 i .. | 584 (hi Hrluch TniM 1566 

Pruei al July 27 . Neat .tub. day .lUtuit 3 tgilnll Tru'd 37 7 

Barclays Unicom Ltd. laHjgWci ! hi r ap» » 3 o j 

I'mcurn lie 2 M Romford Kd. E 7 . ul 534 5544 'biFinahvlalTrurt 94 7 
Uiuiuin MiifTK..W 3 37.41 +0 21 ill '.E'.ErS* 1 !"". ““ 

lk>. AuM Acc 783 846 +09 L 74 SI 

Do. Au-n Inv *17 667 + 08 1.74 'h'HiCh » wldTM.. 30 1 

Do Capiul 68 9 74 5 -0 1 427 Inlcl.V OHCI 

Do Exemni Ta 112 5 1172 -0 2 622 . v, 

Do E'trilnrnmc ZB 8 31 1 7 99 IS i. hnqepher sireri. FA 

r» Fiiumnal 62 6 677<+0 1 4 97 Inlet. In*'. Fund . |90 7 

Po 500 — .77 8 832 -oj 574 Key Fund Manager) 

Do. General 32 8 3 5 5 ... 5 *4 v. 0 .+-..,. 


Blue Chp. July 21 — 774 8171 5.1 

Managed Fund .. 2333 245 U — 

Exempt. Man. Fd.. . 105.7 10 * 2 ) — 

Prop Mori July i _ . 100.0 !•*.« .. . — 

Prop. Mod GUt [ 197.7 20811 — 

King & Shaxson Ltd. 

52 . CornhilL EC 3 . 01-023 M 

Rond Fd F\ompl_ [ 104.61 10614 (+ 0 <M| — 
Sul dealing -date Aa|J 4 1 


01- 020 8253 Bolhorn Bar«, £CLV 2 ND . 

I I" 

..." _ Prop. F. July IB [£ 26.07 


Do E'Itb lnrnme Z 8 8 
Do Fi nan rial __ 62 6 

Po 500 770 

Do. General J 2 B 

Do 'ifi'M+h \rc. 423 


.h'Hich Yield T,i . .|mi Oi+q _..., /m S a V e & Prosper Group 

IS lBle, ' ¥ ,aHel 4 Ureal M. Helen*. Ja.ndon E« HP 3 EP 

7 ** 7 S L'hndnpher Sireel. FLC". 01247 7243 6 H .73 Quv +11 Si Edinhurch El 12 4 NX 

4*7 Inlel.Jm. Fund . . |90 7 97 6 ^ . | 6.60 Dealinyx lo. ill-SW 8899 ,, r UJI 226 73 S 1 

5 74 Key Fund Managers Lid. laKg* Save Sc Prosper Securities Lid.V 

* 5 j S-k Milk ML. E*' 2 V 8 JE DI 4 W 67 O 70 . |„iffnwii-nal Fundi 

601 Ko> Energy In Fd. ,|W 2 85 ^ . J 313 ,- a piixi p 7 7 4051-0 11 


167 51 -0 2 
40 4 ■ + 0 .:, 
857 +06 
323 d .. J 
1013 - 0 J 
300 . ! 

57.5 - 0 J 


I 2 40 Amcni-nn July 27 . .167 5 703 . .. 0 

+0 41 1 71 Sevurilief Julvjr. . 1710 180 0 . .. 4 

* , . Hichlld lull 28 55 6 58 6 7 

!.T cal I.uvmn 78 5 82.7 .... 7 

ni-A+gBOlI Merlin July m ... 80 J 84 4 rt 4 ( 

5 2b ' \v< um DniUi . 9 * 2 104 4 1 

2 96 Royal Tst. Can. Kd. Mgrs. Lid. 

5 J 7 M.Jermyn Siren. S W 1 . i' 1 -O.HfC 

4 67 ''apiln/Fd . .. 170 5 74 41 +211 1 ! 

7 31 lllenmc Kd . . . 171 2 7511 -Ibl 7 i 

5 19 Pnv+i at July 31 . Next dealing Aug. 15 . 


VTjm ll® :::] - 

IB [ 06.07 26.881 i - 


01-4059222 Do income Tm U 


Reliance Mntual 

Tunbridge Well*. Kent. 0692 22271 

Rel prop Rdj [ 1990 ' I + 0 .?| — 

Rothschild Asset Management 


_ I -Do fM. A'ns TSt ..Il 433 150 M . . } 516 Key Bqully * ift-n .170 5 74 91 +0 1 4 55 1 TL' .B 7 1 

Priccx m July 31 . Next mb. day August JL •KevExempi Fd [l 5 J iO IbOiJ . 631 Unir Growth . |700 

On Rccoierv 144 6 482+0 1 542 Kcv Inviiiih- Fulfil .816 B 6 .il +0 l 197 . . ‘ 

SS TruSecFutid U 6 8 126 3 -i 4 96 Ker Fi*cd Int F.l .IbO 4 64 3 12 05 |“ r ‘T*‘ ,n * ,Q "‘ aH ' 

Do W" Id wide TkL Z' 513 5533 + 0.4 2 12 Key Small Co « Fd |l 02.4 109 S| + 0 71 5 73 Hiuh-Vield .. .. 155.2 

B'ljii in Fd inc 553 6 > 2 |-ai 4 88 Klein wort Benson Unit ManagersV mih inmm Fimi, 

Do Arcum. — I**-* 7 BO|-Ol 4 80 +0 Fenchury hxi.Ki '..T. 014030000 i 1 * 1 ^ " plur ° ' " IK J 

D.rl.r T> I. I fj U l.flv. KH link! K'rl In.- UU. h 4 X 91 I 4 44 IBrnme ... .J «3 


Do Truhicr Fund - 116 0 1263 

Do W'ltlwidr Tot. _ 513 555 i 

R'lxl In Kd Inc 553 60 

Do Arcum. [ 74.9 78 . 


2 H ''apH"I 137 7 40 5 ) -0 1 

74 9 +01 « 55 iff.' ft 7 1 29 ll +0 1 

86.1 +0 1 7 97 L:b1v ''rowth . |70 0 75 ij 


.+UC. 15 . ba^hi June 30 . VI 5369 | - ar 1 l ! ,l { ='. 

d.Vial ‘iF'» Sox 690 Hong Ki. me 1 i.n- Jul. ju 

..iL^ioxx Njpp'inKd Juty 26 Ilf UK 11 *W| 0 84 i \~ 

UlaklbH «6 tVSl..-k Spill. 1 1 , Jr+J.' + Jult —• 

4 i 3 Britannia Tst. Mngntt. (Cl) Lid. Murray. Johnsi 
-• 30 RalhSl .St llrlu-r.J-r 0534 73114 Hit ll"l-n 

4 04 Slerling Drawnlulpd Fd*. *' , 

.... 4.04 Growth Im rel .. 134 * 377 u< 3 00 Murray Fund 

. . Inlnl Fd . . . 86 b 93 M 1 00 

Jd. Ji-r-a-y Energy T >4 140 2 151 « 150 v., u v , 

l'iqj 9 »Cfl+ Imixl ST-* Slfi „l £2 27 2 3 W 1 DO -*mU H.A. 

‘ill 3 50 HichliuSHfiT-d |£0 90 S 1 oil U» Ifn H-.l.-urd l:-r 

- 1 bl 730 l'. 4 . Dollar neaomlMtnl Fds. N U July JH .. , 

Aug. 13 . I null STrf . .._ Ill > 5 J 7 5 b 5 t .... I — v-+„t. , , , 

louHifiblm Tm |pM 4 B llU ... I 9 00 ‘-la. 

aE p Value July at Nrxi •lealmg Auruw 7 ^ f' J I | 

.is Brown Shipley Tst. Co. (Jerseyi Lid. ' 

i 73 S 1 P.D. BukSBJ. Sl. Heller J.-rmn IlfiH 74777 . Ph«*UIX Intorr 

Ltd.V Slerling Bond Fd. ..{£10 23 1 0 28 j- 001 I 11 75 IM Ilex 7 T. M l -,4 

Butterfield Management Co. Ltd. lniwnuilarFun.i 

g]| 3 £5 Pu. Box 195 . Hamilton. Bermuda. Quest Fund Ml 


Samuel Montagu l.dit. Agls. 

J 14 * *lil Kni.ul +1 I '■; ii • 

A|«ll.-Fri July 2 H :-+ 4 S 70 49 * 4 . • , 

Jni'l'-.l Ini' :> Hsl.l 

ii. <irp full . '■! ['- -.i'll 

I I 7 J.T+. X Jill' IJ 1-312 ‘el 1 
7 l 7 Jf.y*> .Jut' 2 .'* iflJS; ’’ 4 ’.' 

Murray. Jnhnstiine lint. Adti^-r' 

3 til M-'W-ii i J " 4 ! . 

■|||-| 1 ,-M F.l i yi -.36 90 


x nn -.sum) tiin.i 1 >. • 

1 00 ■■■"> 

\ « Necll S.A. 

J 80 H>fi H, "i 1 i-i .ml l!-i.il I >: 
N tt Jult 2 H .. jl ; 


K. 1 +I- ui Perniudu R|-l>- - . It. 
7 , W JuH 21 .. jib Ob 

Phoenix International 


u U Iwrruinx luracnt. band 
5 73 Hich-Virld .. .. 155.2 
rsV Nish I new me I'iihI, 


7 sil T “ ‘I 1 R Buttress Equity . ...12 30 ' 2 Jfll . .. .1 

« 1,Z Bui Ireu Income ..II 97 2 04 | .. . I 

Pnre* 41 July 17 . Next sub. day Augi 
5931 -o.li 7 07 fapjiaj international S-A, 

134 -Oil 8 41 77 rue Noire- Dame. Luxenibnuri;. 


Inlvr-Dollftr F'iin .1 I 33 JS g S 4 | . J — 

()um Fund Mnginnt. i Jersey) !.:•! 


Baring Brothers & Co. LtiLV taHxi 


2 nd UsnafiiAl. , 98 8 104 6 + 0.4 — , , 

3 o.i Prtvr'u ... *71 102 a . . — Lang ham Life 

2 +dF^ H petiy Act] ' 9 B 8 104 6 + 1 1 Z -A^W jn 

?nrtPrp P>-n' Acc I 0 S« 1147 .. .. _. figSRWA"" 

2 nd M S A Pc mt Ace 101 2 1071 +0 3 - 

2 nd DepPet^Acc 59.3 1 551 .. — *'*P'»ri Mu F 

7 r"i Dili Pens Acc 89 9 *5 0 — Legal & Gene 

+ w+e S| •• — KingnwMd' H,hi 

Capital Life AssnranceV P° •. • 

i. iiii 4 «n Ibwc CJlipr! (ill Wl* 0 V.I 2 2 RSI 1 IloAcrunx *. ." 

Ke, Invrfit Fd. .1 100 W I . . | — Fixed Initial ~. 

I'-vrinatril m Kd : 10 LP 7 1 ... 1 — Do A drum .... 


Neil dealing dole Augdrt 2 . ' S( S<wiUiin+ Lone. Loudon, EC 4 . Cil 4 C 64 S„. 

G «1 Sec Bd [fl. 9.40 126 . 401 ... .| — NM.'. Prop. _|U 7 .S 125 . 0 ) .. ..J - j SiT** 0 " T * U Bltfc 

I-ang ham Life Assurance Co. Ltd. N*<» Sub. day Sepiomber 29 . | °° Aecui^.™_ T 6 

Lanjctiam Hs. Holmbroofc Dr. NW 4 . 01-2035211 Royal Insurance Group 
Longtiam-A'PIan Ml MS] ... J — New Hall Place. UverponL 05122764 

wS p .s B na«i“FalS.“ l m z .^w-dw-iuM i«^ --i - 

Legal & Genera) (Unit Assur.) Ud. & Prosper Group* 


20 Fenchur.. h hi . K ■ '..I 

KB UnrtKri In-. «6 6 93 9 | . . | 5 4 * ' n ' 

• K.P I'nllKH Ac . | 10 B 1 117 21 [ 549 l’> 

d In, Ttf*..-| 5 S 3 59 ^ .... I 4 62 lb 

mlr-.o Fd ms 50 $ . ... - 


7.48 Kjue-J Mlg K,d lnl 


194 . Si n-IiT.J'r«}. 


^ 47 . 6 l - 0 .l| 0 60 I'apuaMnl Fund .[ SI.:S 1 E 42 J+ 061 J — 

Charterhouse Japhet 

4 a 0 d|-ll| 499 1 . Pal em after Row. EC '4 01-248 3900 

„ „ „ ,,, Arilropa . DUE 68 SJ 7 II 534 

+ 15 m*S 9 Adivertia DH 51 BI 5371 - 0.10 5 03 

S H 2 i nil ?2 Fandak IKU 350 352 « 5 68 

8231 + 0 . 3 ) 124 Fondis [i«l« 24 jfl+D 10 SJS 

Emperor Fund SI'S] DO 3101 . . 

8631+041 3 04 llupanu. SI. SMS 412 <| . . 2.95 

79 ^ -o!| 297 Clive Investments (Jersey) Ltd. 

Pn. B»x 320 . Si Helier Jereey. 053137381 . 


Europe — 188 6 952 

Japan 305 Z 1131 

IS.. ... p 6 8 >23 


UharterhoaBC Magna Gp-V 

IB. dintuecSq . I'ybnrtgc l.'BS INE 
rhrtbe. Knercy . . W 6 4061 . 

*'*>rlh«e M«H« ., 2*4 31 0 ] . 

t'nniiie Managed 594 4 ] 4 j . 

o.rlliw. F+inilt 3 S 6 3761 . 

HngnaTlIrt --ac 133 6 | 

MwrtiiMfini'jed . 1506 { . . 


— • Fixed Initial . . . 

— Do Accum 

lnli. Initial.. . .. . 
Do .W-um 

52181 Mnnsged lniUaL . 

l>o, .tecum . . . 
_ Pro pent Inilia! 

Do. Arcum . 


Burgh Heath 53458 Bal Ine. W ...+. — (130 7 IM., 

10091 _ Properly Fd.*_. [ 153 * 162 

103 0 +01 — Gilt Fd... [123 4 130.1 

7 *? t -DJ — r'er+jsil Fdt 11233 130 . 

134 1-01 '■ omnJ>DLFri.t_ [2064 217 . 

123 J ^02 — Equity PerwIU. 1189 8 200 - 

1263 -03 Prop Fona Fd. 1 g 22 8 235 . 

1073 +B 6 — Gill Pirns. Fd [ 94.1 99 

1080 +06 _ DepoaPona.Fdl-.I 993 104.1 

1273 — — *Prleea on July 18 

129 ft -oj — tWeekJy dealings. 

104.5 

1067 + 0.1 


ti-.m.w »'+)■■ ilt [35 6 37 fl . I— Legal it General 1 1 nil taataoa) 1 Jd. 

Mngna nir! -oc .( 133 5 | .. J — ExcmtnCashTmC.. * 78 , ' 10221 

MafinuMUniiged . I 1506 | . ...J - D- Arcum ... . W 9 lWfl 

... , . , LxemplEuri tnit . 1252 131 4 

t »tv ci Westminster Assur. c.o. Ltd. no ... 1273 

T-Infi-tead H-t-se. 6 Whitehorse Head. EseiiiiM Fixed fait 113 J 


1 i,<y . 4 "ii I .f|- J 2 J A. 
n cm Ptm* Fund .(63 6 6 J 3 +BI — 
V»neer-rf fund . 11717 100 71 -., — 

rqiuij S'und 1603 633 | ... . — 

Fq-m’and I und . 72 7 77 .SJ - 41 ^ — 

M-.ir, FUIMI 1220 1292 ] +L 7 -- 

l.ili l ii-wl . . 62 6 fcSS .. .. — 

I ', l.tr^nd ... 16*7 173 ffl . . . - 

l+ns Mngd tap. 1104 124 N +L 4 — . 

Ff , ..'i Slng-i AC.* . 1 I 33 129 2+16 — 

lv u MeitP". ‘ up |47 2 49 6 } +0 5 — 

.Per;- SI cner Mat AIM+Qt. _ 

Tvi.-. Jjioil, - I'p 556 5051 - 4 ] 

k.|U,l- Air |J 7 7 60 ^- 0 - 

t > l ii,l . i.i+erAb etmvd to new invest menL 
I'-ri.ww l'mi+ | 2116 . i- 58 b — 


01 -£H 4 9864 Do t'l'uni. .... II 15.4 

"ni ExetgvH Mngd. Init 11233 

. 01 ” DeAcrunt.. .. Il 25 * 
_ Licmpt Prop, Ini: . 1 * 7.8 
3 -. _ Do Arcum. — + 1*89 


~ Schroder Life Group* 

Entr ryinse House. PorUmoulh. 
.* Equil, lulv itt ..._ 230.1 

— Equity ' 2 July 25 . 222.9 

— Equil v 3 July 25 121.7 

— Fixed lnl. July 26 1390 

— Fi\ed Ini 3 July 25 . 169.2 

_ Int I t JnlyM... USA 

— KAAiiiK July 25 ... 140.6 

_ KAFcJuIy* 118.8 _ 

— Olngo Rlx. July 2 fl. 133.7 14 t 

„ Managed July 25 ... 147.0 15 < 

. tA Money July 35 . 1 B 70 


l#nl ■ U ~ *K.P rnilF.I Ac . 1081 117 a I 549 «’«- Fnnd* 

0141204356 8 P. l 4 -udenhall SL. E.£" 3 . 0 '-f« -*» K B. Fd In, Trt^.. 553 59 S ... . | 4 62 IK Equity |44 7 481 

■■■■■I - ms? 1 * 513 KB Smlr>.i> ■ Fd |48 5 50 sj . ...J - Overseas FuadMsi 

=»■ De.Aecum .bu^ W 0 ^. I ^ LA C Unit Trust Management Ltd-V toy Wg 

. _ The Sinrk E-I..in:e. Ei. 2 N 1 HP. 01.588 280(1 ,£ ,n | 4 J 5 . Z 

min— 44 *. Bishopsgale Progressive MgmL Co.V ubcim- fh .. |i «29 14741 . 781 I"'”"™ 1 

.7 _ 0 Bbhwai 6 B« UI-S 0080 M U.CIn.Ii.*-nKd,|l 012 104 .? I ^ ^mmod"^ |U 3 81 

— 1 B'cate Pr "JuiyiB ,|i 83 6 1 * 5 u .... L 303 Lawsen Secs. Lid. Via Hci eSSt® " 

Ac'.-.l'l! "July 4 . .SJ 07 . UJQj - • j 3 K K.Queeu'aAl l.mdnnECAR IKY. 01-2305281 Finaro-iai Se,-h . . RlS 7 « 

01-554 8898 ^alelnyu yM . S 76 9 l^Jdl ] j .66 tRsw M.Hi-n., 1 : .39 6 42 7 ).... 6 38 High-Mi uimum Fund, 

= ' N«( Pub'diy-AURUS. A -WP 14 L ? G 'JSShFuSL 5 '’.:.: I 7 « til +0 3 in }™‘l‘ HSV ^ 

: 01 = Si -“-r 0 . 3 iSfamu^uif 

_ Kmc UilhamM El 4 R 9 .VR U. JfiL 149 Sl lABieriran Fri . .. 23 9 258 830 v- wllll , l 3 q D al« 

- 0.4 — American a Gen t .P 53 26 a... 1.42 S Aceum I'liiL... . . 24 * 268 ..„. OM Wvield - «* 5 * 

.. . - lure me" 5 L 7 56 2 ).... 637 -High Yield 454 48 7 1158 vEEJS.VU' El 5 

- 0 J — '.'opilul Inc.t 18 0 4 ft 5 . .. 3 BS -lAicum I+hm 63 7 68 4 .. . 1130 ' S' 7 . " 

— rm Aiei 42 0 44 31 3.03 Heal. 3 M*.n -TuhT ttll'ed. miur* “FH. Scni Es.Uih'* — U 46 J 25 

Kitirpll ... 138 0 147 0 n 8 _. . 5.72 lennl & (General Tvndall FunttV Sco1 Ev ' 7 d ■* |1631 17 ( 

Intend!. Inc t ll 2 I«fl ... . 331 *^ 8 “ * ‘rirneral TyWUll FUMV -Price, al July 28 Nest *uh 1 

Do.Acrt.. 18 9 202 i.. 331 18 . tanynce Road. BnsioL KTTJXC^I M 


13 a 4 | + 0.7 — 

1629 . — 

130.0 -0 1 — 

1304 .. — 

217 J . _ 

200 4 - 0.4 — 

2353 ... - 

9*1 - 0 J — 
104.6 — 


Quel I nil F.r| | 51 +1 

Pn<-p« al Jult 

> 0 61 [ Richmond Life Ass. Ltd. 

46 . Alhxl Street I 'Duel" J •• l| 
— i + 'TlicFil.+rTniM 134 ! Ill 

01 - 24839 BS Rich nu-iid Bund !»7 176 * ’P( 

534 Do PUunumBd 1272 Ll’ 

■O.lOj 5 03 r . <..->[ 1 1 Bd . . !QOf ’15 

■ | 5 68 Du Em IT 02 Rd 174 S It! 


115 * • ; ii 
:f* :i l 
L« 4 ; - 1 7 


’-15 .’I . | - • 

184 oj -o-v :: 


Next mb. day ‘August A “\ufiit 4 1 . 

Bridge Fund ManagersVlaKci 


Americana Gen t .[253 26 71 ... 

I lure me’ 5 L 7 56 21 .... 

| '.'apilnl Inc-t 18 0 40 ffl . .. 

1 Tm Atet 4 ? 0 44 7 ] 

Exempli 138 0 147 Oid _. . 

lnl '.-ml I Inc 1 .17 2 183 ] ... . 

Do. Acrf— 189 20 a .. 


Nelucl Inleriul. . 1262 7 277 21 -0 4 ) 2.19 HitugiH Fd .C I 1 [ 10.28 18 Jlj j 11 00 

Selerl Im-f-nie 154 9 57 *f -0 3 | 724 1 live Rill Fd iJ«y.i JlO 24 1 S 2 R j 11.00 

ScotbiLs Securities Ltd.V Comhill Ins. iGuemsey) Ltd. 

ScoUiil*. [39 0 4 X 9 d| | 316 p .O. Box 157 . SL Peter Port. Cuenmr 

Scwyield [518 55 bj -0 2 729 Inlnl. Mon. Fd 1169 0 lBLOf 4 — 

Scui+hare* ( 58.7 b 3 l|+DJ 1 4 57 


Dealing *Tuec. :wrd tThurs. Pnces July Dls.Jnl, :j -| 57 Z 60 6 ). .1 5 J 

07052773 3 25 air?. lAccunv Lia- .plJ 7 E, ffl | _ 

. I Z Britannia Trust Management ia) fg) ^ 1 ,^ AdminisStion Ltd. 


1 iiln -iwnjro _|*.I - 1 — *1 + u+T ’j# f|.u. r_„,_ * - ■ 

i-'Frv XMM E» «!!«■♦ [2462 257 «....[ 210 „ . P«> F 11 * JW.HujalTM Hw . Jer-w ft' 

Scol E\ \ 1 d *• 11631 170 3 . | 7.49 Bo, 3012 . Nmmiii. Bahamas. R T tm 1 Kd [Si 137 * 7 ); 

imiV -Price* al July 38 Nevi *uh day .August 9 Delta Ini July 25 .. .|31 85 1 94 [ [ — H T Ini'! ijs, . Fd |*1 95 1 

3 5 JO Schlesinger Trust Mngrs. Ud. lal (zl Deutacber InvestmenUTnist pT,,:n M J,,lv H N "'' ,k;,1,r ‘' 

..._'| — 140 . South street. D+rkiug. iu 306 >nfi 44 i PuMiach 2085 Biebcrca.w 6 -J 0 8000 Frankfurt. Save & Prosper international 


Rothschild Asset Management tC.I.i 

P D Bn 58 w S: Julian'. .'I i.uvr-.-v otril lit ■! 

IM'.Eq Kr June 3 U 52 2 55 11 . 2 « 

lflnr Kd Jul, + . 1526 162 3 7.’1 

ni.'lnllFdt.. SI 71 lje : :5 

*1 •" SmCnFdJ nJO 145 * 155 31 .. 125 

Ot' romntorfir," . 136 J I 4 i<‘ I 4:7 

U r Dir >.'nmdl, 1 S 26 01 27 obi ! 0 77 

•Price.* on July 14 W.l il.Mlim.' Joltf 7 ! 
[Price? an July 21 %v\: . 1 ,-aliuK ,u 7 . 

Royal Trust iCIl Kd. Mgl. Lid. 

Pm Pm, IW.Kutal Tm H-a-.Jcr^-v llVU '.T-! ! I 
R T Ini 1 Kd 181 9 J: iT); 1 

XT Ini'! iJrt . Fd |*1 95 l I J’; 

Pries, at July 14 N«-\i -lealir.c \ug.a 1. 


c in aul ExempL IZ 27 

1 Ltd. A ia. Growth . . 21 6 

WTO 2 .r»uke Sr. London W 1 M 8 JP. Old«.W 9 t |«SS MV-fuim' Z 6 6 

4 M K ol * fc “ US -3 S 3 - 2 II 5 K ^I*Zt,| J HI 

3 '+7 LeoArcum ._. . |UJ 87 9 |- 0 .J[ 4 50 lnrotneDUt 39.1 

454 Unyds Bk. Unit Tst Mngrs. LULV (a) Jnc lMVdrvi..... 29.7 

A 77 Reg itrra r' * !»epi . Goring-by -Sea. Inv’VuT^ml* 771 

JM Worthing. We rtSu.^*. 010831288 M«f*« iSdan’ M l 

‘22 First iBiinr.J.i [ 52.0 55.9 -02 432 Nil\-,eld' “ M 6 

’S Do lAi-.-um - ....... 715 761 - 0.2 432 I?*/ i Gill iVuk ’ 3.8 

5 S ^peV-ShiSfZ .273 

2 53 15 ^" St 2 ?« SI iS Special Sit TM 29 4 

3 87 ?? 7 4 n ,SH “ W SI? «^K- ««»»• Accum 228 

4 I*o lAccam ■„ — 1 I 7 D 225 7 — 5 77 I ‘ K- Unh Dzit_ 201 

I IS FwthiUilnk i _ 60 9 654 7 75 


— |.l London lV.il! BciMinss, lyimion Wall. 


Lena! & General Prop. Fd. Mgrs. Ud SSnSSKlfa IT 117 9 

UQueenVirt.TiaSt.EC 4 .N 4 PP 01 - 248981 B Property July 25 157.3 

U.GPrpJ-d JtUv-Y » 6 J ULTI 1 — im 2 

Nert sub. On Au»{« I. R^reBJulV^” U 25 

Life Assur. Co. Of Pennsylvania MnPnCr^ B /uly 5 ._ 203 1 

3042 New Bond SI. ITITOBQ , CI- 4 & 8 S 95 KafrAreHJulyM. MX 9 

l.ArOPl'nit*. - 1905 , 10 J 4 | ... | - 

Lloyds Bk. Call TSL Mncrs. Ltd. rna). Pen.Ca P B.Z 


•vi* l-y.iu.l- Aer |J 7 7 -- I.APOPl'nitt. . | 90 S ■ 10 J 4 [ ... | - 

. ^!±r'n.M W ajobed w 6 **** WJT nt ' Li®? 1 * Bk. Halt TsC Mngrs. Ltd. 

' c - . 71 LomtiiO-rl SUEC 3 01-8231288 

< s(> of West mi nxter Assur. Sec. Ltd, l'«-iuf( |«7 ao?.a] | 7.90 


London ECSM 5 QI. 

Ansels _ . 74 4 

Caplul Arc. 55 2 

f'omm t [nd .577 

Commodity D 9 

Domestic 39 6 

Exempt- — 118 1 

Extra Income 1*03 

Far East - . 219 

Financial Seer ,65 8 

Gold & General. . .. 1053 

< irowih 031 

Inc * Growth ... *75 2 
Int 1 Growth . . . |663 

lirresiTstjJHares. .[491 


U 1 - 4 S 3804 T 8 TM 79 
BC. 0 I- 0 II 4 . 9 * 


88.0 -0I[ 
5 * 4 ] *0 :! 

62 ld- 0 '.r 


7 . V|.h.ine .ildM BDM 

F.nr i -.i.f [ 17? 6 2297 ! .... J - 

Pr. .- rt, t'ie|! . . .| 54.7 47 ^ .... | - 

Unmnierriai Union Group 

f.l ii.-lm . * l.'wtenJiHit H i. 01 -at'l 

\Mr.A.l'!JiiivJB i 55 75 | .| 

1 A mp ail j I'?:. .1 1885 { . J 

I 'MfiV+ieroilni: Life insuranee Co. 

, tinmen Ijne, UF ?6 illK O!+ 4 l :0 


, Lloy ds Life Assurance 

47 2 "" 1 Z =“■ Fl.llnn SI. ECSA 4 M.\ 

^ 1 KnClh JV*' ■ • 2297 56 

5 Up rtpU'^Trp jlyJ 7 1354 TOO 

'■ "i+btsm HI! 

' l 'i - L^WiiT^.Il ai 


m>|. Pen. CapB.... 96.0 Ml 

Prop Pen Acc. ft - 96.7 101 

Stoncj Pen. Tap B 95.9 XOL 

Money Pen. Acc 0 . 966 101 

LKer>ra <4 [970 102 

Scottish Widows' Group 

INt Rmc 902 . Edinburgh EH 165 BI*. 031 jbsh 


Minerals. 43 5 

Nat llifih Inc ..... 843 
New Issue- _ . 3*9 

North American J 04 
lYarrumnal . 528 ■ 

I'rnpcrt, Shares .242 

Shield . ... 47 9 

Status t h+nee... 328 
L'nieEnero [337 


80 9 ) 

71 3 ( +0 2 i 

5283 + 0 ! 

j. 


23 91+0 
30 7+0 

M 0 -0 425 Drt>fu> Intercontinental Ipr. Fd. 

31 Ju *02 9 69 P O Bay N 3712 . Nassau. Bahamas. 

319+01 ,M N.AV Jul>' 25 . .. IJIS 1 U 7 15 J 0 1 - 

54 4 m + 0 b 3 25 Emsou & Dudley TstJHgLJrsyJLtd. 
SI + 2 i J PO Bos 73 .su Helier. J«W» 0534 205 » 

Ts' "“- 1 rniCT u -vi & mu i t« 


+01 835 
-0 li 425 , 


2 87 [Concentra . _ [DIUIJI 

tit Int. Remen lends... IDMrtlfl 


E;i EH BetwiraF* Slept . Goring-hJ-Sea. 
Eil ? ££ Worthing. We. tSui«e +. 

nil o m First i Bai nr *.• [ 52.0 55.9 

2 i 9 04 I» ,A.-.-utn • _.... ns 76 0 

n*l IS Serondifapi 545 58 6 

I ti' 2 |» Ih* 'Arrum 61.6 73-7 

I gtl l S Third 'In^.mei- .854 91 * 

2 DoiAccnm- 117.0 1257 

ft J A 1 ? Fourth 'E sine • „ 60 * 654 


in.Tji i.niia. . . Z 7 .i 
M-rl«« Leaders. _ M 1 
"25 212 Nil Yield' .28 6 

-"7 <-« Pref. AGiliTnisl.. 22.8 
, if” Property Share*- . 273 

+ 2 i Special StuTsl 29 4 

" 01 22 > -K. Grth. Arcum 22 8 

775 Onh.DisU. — 20.1 


191 52 *d| +0 31 

35 46 8 -73 

14 3 90 7 ;. -0 7 

*9 • 39 7 i +0 7 

04 32 7 > + 0 J 

28 3 544 7 er . . 


Dealing to 

37 Bro.id St . Si Holier .«••.' •••:• IBN- 
I'.S. Dallar-di-anBuiutnl Fund.' 
DlrK»dlil-: . * 22 4 78 ] | 

Internal «;r.*S ..7 73 S.'di+ 0 ;.'[ 

FarKiflern •: . . 15 02 ICbff I 

-VonhAmcni-an-;, JO* 

Scprn-‘t. 14 64 16 001 . | 




Sl. [typfwit . . 


ISlUol 2 69 
5 ) 6 j -0 I 4 IS 
35 3 j +0 3 ; 4 73 


• Inv Fly.Sene, I . 
~ In-, pfj Sene-. 2 . 
“ Ini . Cush July 20 

_ F.sl'lAcrJiilylP 
~ . FjiFUtirJulj 19 


»Vmi S iT,l | Ii 

P»». il I'l'ii 4 ' 


wliluel 1 B 0 2 
eu Mnifil (73 * 


J’»r. ii i-i'U nniTH ini . r Oj 

+ i»l*g" M 111 .U Pn ..[ 73.9 77 6 ) 

v:-.-u;- Mik'd I'm i 18 ,, 6 1 

»;•!»• s . :mi 

I lnl fen I 2C1 4 j 
* qj.lv Ce.iiiou +30 8 j 

It .|e|1i „l 148 0 I 

t'unihill Insurance Co. LtdL 

■..•nif-.iH. I >'3 i 


! iwS+j:| Z 

h 7 g:it! r 

18 th i+lfc - 

;* 4 R + 4 fl. _ 

?ci 4 +>.g — 

+308 i-u« — 

I 48 6 *44 — 


ce 7 . 0 . London Indemnity A G ni. Ins. Co. Ltd. Med. Pen July 2 d [2706 
01242 lOC JA 2 D rhcl-.Thuo Re 8 dinK 5 K»ii / SoLu- Life Assurance Limited 

+]■? fiTKaar. S* 10 U El, Place L^doi. E I'JNtnr. ni 342 : 

-!•?[ Kurd InWreSt... 1143 36.3 1 - Solar ManaeedS [ 12 * 5 136 4 { ..[ - 

ll] Z The London & Manchester Ass. Gp,V Ub 


L'nivEaero.^ [33 7 » 3 «ci + 0 '.i 2 44 i^n, Dmu. " 

The British Life Office Ltd.V f»i “Z 571 

Reliance Hw .Tunbriitre Well,. Kt MB 2 2=271 '.■•■mmvJ.ty _ . . . 792 
Bl. Rnii-h Ufc....— [ 5 XB 54 g; - 021 5 61 Mctw I'nil,- . 86 5 

Bl. Balanced- ...148 8 5 !a....l 5*4 Compound Crowtli 111 2 

Bl. I'n I'li-rul* [430 4 * 0 ] . | 9 08 •- or.e.". u n (irowih 6 #J 

Jul, 38 . Next dealing Auciial 2 . Aon-.ero .mine. .. 67 * 

Dmiien'! .... 122 6 

Brown Shipley Sc C®. Lid.V ■ Arrum i : ni«j>.._.. 232 6 

Mnerr. Founder* -I . Era Ol 4004530 li? 

HSl'n, l ..tulv:»t .1225 8 2 * 27 ] -]« 4 55 £«-“ Y, -Id ’ 87 4 

Do it"' • lulyGU i »14 302 .ll -U *55 ,a«ui?l Vr.tt.'ZZI »60 


1 47 Fourth *E\lnv i [609 65 fl J 7 75 _ _ " 7 ' - ' . ~ NAY per share July 28 StrSaiJD 

Do.. Accum • .. t*fj 745 I ....1 735 J. Henry Schroder Wagg & Co. lid.V — , .. . . ... : . .... 

27 * Lloyd's Life Unit Tst. Mngrs. Lid. 120 . rhea p*idr. ecu. ui. 24 u:k 34 f - * c - MgBt * Ll “- * n lv 

«g 7 = W.Ga«rm. U veRd . Aylesbury (C9a5M1 r-pita. July 2 T. 1 «J 6 11*4 ..-. 2 44 ^umjrePountney Hill. EOKUB.A. 

52 ^ 9 “i*yAv,mm (lblJ WOO 1 | 4 B 2 Jnromr July -Jit; 3 lfVje -Z 6 84 C«iLFd July 28 .. . | SDS 577 |-0 33 | - 

454 M & G GroupV lyMcKZl •Accum Unit*; — 2*3 5 293 7 6 84 _ . , . . . 

2 69 Three Quay*. Tower Hill. FTM 8 W). 81834 4588 Gei nerol July 3 B- . *5 f 894 a 3 60 Fidelity Mgmt. & Res. lBda -1 Ltd. 

7:1 ■ 16 5 ”*2 1+0 4 4 14 'For tax exempt funds only Fidelity MgmL Research (Jersey) Ll 


4 a p rifi?T T3 ' SL ° K V"S«n l s, * T,i “*- 4 , e»«>*»(«*ted Fund* 

EDJCT | 124 t 131.81 | 3.00 OianncU'»pitaJ<> 2398 2525 | + 0 ri 7 :« 

l|J 7 Earobond Holdings N.V. 35 Sl!HS*r. 5 S? ^ . "" 

23 a Handelskade 2 < Wlllemathd. I'urocao Sl. [H.-poMl . . 100 0 \ — 

4 05 Louden Aaeuia. Iniel. IS ChiMopher RL. ECZ. Si. Fined— j 1137 120 4 | . 1154 

4.85 TeL * 1-247 7248 . Telet- MI 44 M -Priest on July 31 -July 26 —Jul.' -*7 

NAY per share July 28 St:S 2 ll. 2 D {Weekly titviling? 

F. * C. Mgmt, Ltd. Inv. Advisers Schlesinger International Mngt. Ltu. 

2 44 1 - 2 . Laurence Pountno Hill. EC 4 KUBA. 41 . LaMoneSL.bi HcJicr, Jcr-e,. t.S.M TJ.'J.v 


.Arcum. Uml*i P 07 JZ 


U -n- iiMJe Park. KhM«r. 
Cap Growth Funil .1 
• ■wx F.xrmrtTd J 
atn-mirl Prui*. Ft! [ 
cK,£H Inv T*t Fd.) 


Cay Frl »■.£ >1 (176 0 
■A'lw An- :* <W5 

MAGrtil-ll 'ul, ■*< |m J 


. oExpl Inv T« Fd.| 157 9 I . — 

FleUWe Fund . } 11*5 I — 

u: tee 0410 Inx TluJB Fund .. j 144 7 | — 

.... [ Prwny Fund [ SJJ | . — 

~ ,i | - MiG GroupV 

1*2 ... I — TSrrr 0uj ,^ Towfr jj,,, FnH CT|} 826 <308 


IOBC-S 81 S 5 RoterKXrt lnl S.. 1166 
. . Solar Cush S . . SBO 3 
... _ Solar Inti S . .975 

Solar Managed P. . 1292 

— Solar Property P-. 1116 

Solar Equity P . 16*2 

Solar Fxd lnl. P 116 3 

— SolarCaxh P_ . 1 D 0_1 

Solar lull P.. . | 97.5 


Sun Alliance Fond Man gmc. Ltd. 


— Sun Mlianca Hoil*c. Hnroham. (H 0364 I 4 

— EipFdlnL July 12.1052 9 15 *. 4 [ . .. J — 

— Ini. Bn July 25 ) i »*2 I I - 


-0 7 — Orrauic TruiU »»• it»_ 
— Financial.. ... [362 

-0 3 — General .... 19 * 

. . .. -- Growth Xcrun .... “ 6 * 

— Growth I r.co.-ne. 37 3 

+0 5 — lllch Inc -mr _ !29 * 

- 0 J — IT l’ . 22.1 

— Index 25 4 

- 0 J — fwrraeaa . .... [20 C 

, ... Prcfnrmaiwe .. .. :M 1 

E. Ltd. Hcroverv. 22 2 

0*0364 141 E»mp« July 1 — 156 4 


38 * . . 

20 b! -Di 
49 61 .. . 
396 . . . 
32 5 } .. 

- 23 5 ] 

77 6 J 
21 4 id - ! 0 
65 lj 

23 bj - J I 
59 31 ! 


F+rKa.:»rn . 
4 57 'A* cum »>oKs- 
517 FUnde! In, T« 
504 tAiium t'niia- 


921 +04 
120 b +12 
725 +09 
716 +0 7 
1306 +10 
2*7 7+2 1 
55 2 a +0 7 
56 5 + 08 
931 - 1.1 
1244 +14 
62 9 + 0.4 
68 9 +0 4 
6*3 + 0 J 
* 4.1 +0 4 


244 1 - 2 Laurence Pountmry Hill. EC 4 KUBA. 

244 0 ME 3 4 W) 

6*4 CenLKd July 26 ... | JIS 577 |-fl 33 | — 

3 M Fidelity Mgmt. & Res. (Bda-i Ud. 

3.60 p.ri. Bm 070 . Hamilton. Bermuda. 

Fidelity Am A *6 _ SUS 26.62 — 

Fidelity InL Fuad. SIS 2331 .... - 

Fidelity Pac.Fd Sl' 550.09 .. - 

I* Fidelity WrldFd. SI S 1604 + 0 . 18 , - 

Fidelity MgmL Research 1 Jersey) Ltd. 


SAIL ._ 
SAOL 


0 w|- 0 ('.| 


Eencra' 17 S 7 190 bid +21 


*45 1 Arrum Cplts-. . 27 JJ 

3 31 High Ir-miff 104 1 

4 22 ■AM-uir t‘nlt»i . . 1753 

3 05 Japan I-.- one.. 165 * 

4 JO • Ac um VniL«- . . 267 4 
6 05 Micnur-- _. . _. 2197 


Mnigd I'linJ .’ [104 5 SlOW-t 

Maifi'ii I’d in' n- , 104.5 II 0 in-l 

Ma'iv'tJ Fit Inn 1183 S 109 S -( 

» .|..r|- l ,+ .,.-•- 'U 9 4 l*WN+( 

I.CUID “d '-•ni [R 4 104 6 . +t 

t'Wivn :-.i' ■*; 

CnHwiti !•■? X.-c 3 IC. 3 ) •( 

P.upart* »'■• Hi* ci j 9 ht 101 3 ^ + t 

I-.-P -rf l I !i '* '«3 l««+i 

In. Tn>,% X+ - I'.PhA lWg . 
in- I.t t'J !i..it» 1 lllg . 

Jpv T« F.l t+.i . 1105 * 111 3 { +( 

mii-uiic i.i *1 

F,d Int (■•1 Inrin J 9 B 2 10 J 3 -I 
Inlet I J .1 A- *' - 116 * 123 0 ) +i 

trlei'l f\t li'. lli [lit* 12 J 0 | +i 

,*>3 101 Jj. 

Wnlri'ti! I !••.+, )Ve 3 101 j[ . 

Pi'* IV Ir.'-Jti _ Irt ! 110 61 -9 

l >"«nlin in, t' JS 5 * 3 I — 

Cnixndcr fnMirancc Co. Ud. 


! 10 « 

-031 — 

noth 

“l».’ 676 

io* a 

-0 3 - 

104 N 

+ 05 ] ■ 

104 6 . 

-Pi 97 S 

’.M 3 ^ 

* 0 l! -- 

IC’. 3 ) 

-P 11 - 
+o.;j *87 

101 3 j 

1 MM 

+ 0 l] -- 

ma 

ms 

570 

ms 

+C ! — 

laiS 

-Bj; - 

10 J 2 ] 

— n . 12 51 

izi S 

+0 4 

12 J 01 

+0 4 5 71 

10131 


101 A 

B 75 

ns* 

— 0 .? *36 


Util Bond*** . •• . 106 * 
InieraamJ Jtiel" 105 0 
Manared Rd."’ ... 14.2 
J'repertpim** +59 3 

I « Viirid Fit MV 82 9 
Hrvoven Fd B*l • b 4 1 
.AmerlcanFd Bd." 527 
Jai’auh'd Ud*. 557 


fnc,-» eu ‘July 


IV- In.- DIM 

Do. Inc. Arrum . Rw 6 06 -0 2 ] 756 

Capel Uamesi M»gt- UiV 

tuut'ld Bri.flQ Si_ EC 2 N :Bli OI-AftSRcnn 

I'apifal . _ . _.j **6 W 0 | .. : 519 


•July 27 — '.ilySa 


S 33 . tl-.gh Street. Leoa Heu>c.Croi-d.in. 


Pit^wriy . .. 
Proven, Pi'n.* -. . . 


Sun Alliance Linked Life Inc. Ltd. 7- a „ i^nDi'n 

Sun .Alliance Houre Honham 04036411 ] tm.'lrn Amim 

Equity Fund 124 0 130 61-0 4 — t>+ Int- DIM 

KiaeolDlrrealFd - 1 D 5.9 1115 ) - 0.4 — Do. Inc. Accum 

Property Fund . . 130 * 116 . 7 , — f , 

International Fd. 10*6 114 d +3 3 - lapel I J ante 

Deposit Fund. ... 972 102 . 4 ) — tutt'ld Broad Hi 

Managed Fund 1113 117 2 |+ 0 Bj — rapuai 

San Life of Canada lUK.) Ltd. on J-K 

13 . 4 .Cockiipur 5 L..SWlV 5 BH 0 IJQD 5400 ' 


Canada Life Unit Tst. Mngrs. Ltd.V 

2 * liicb Sg.Pi'Tter, Bar ilerts. -■ P fb>rSl! 2 Z 


2*6 5+3 0 
110 9 +10 
186 7 +18 
176 7 + 2.3 
1783 -2 3 
23514 +3 2 
2967 +4 0 
188.7 + 1.1 
3124 +18 


Maple U.Grth ... 
Maple Lf Uatifid - 
Maple Lf Pali . . . 
PpTWtJ.Pn. Fd, - 


f:JS! - 


\ -> l-wcri'lntf! 


f'qiuly Pen, - . . 
Mnn'.-y Hariri . — 
3161 Pen* — 


Man aid 

Manag'd Pen 1 :.. . 
Er.tl Equity 


01 -820 9031 Inti Managed.. 


i::ii « 70 9 so 4 ; 1 — 

r suite >:ar InMir/Msdlattd Ass. 

■ Tnrva..f.irp'l , « *.< . E ."2 ill-WtS!Ct 2 


1 Jiili- Xt«t t nt!i- -33 4 35 

Kgelly & lav. IJIe Ass. ! 

Aneribam II.ti!, II .eh W; e,«n»l.e 


NEI. Prasions Ltd. 

Mili^ny’inirt DmfcmC. ‘•urrey. 
.\ele» Fq i tip ' [M 3 
X.'Ie, Fq Avi-um. 31*0 3 


S |..-4 = 


-v. Ule Ass. sec. S.tiV 


1 'lull* Fd 

I tt l 

' irtl .'.Jfi wl K 

■• 1,1 1 ',-,■*+•,! j'rt 

»rl 


522 X - J 4 | 

51241 | 

iinij ftM 
IM? . 
JITS' -O’l 


nr t V.leiFq Ao-V"! [318 0 12 « 21 • 1 3 

55 . 4 t - 0 -i 610 \rlc* JJnui', 1 . up 62 6 HJ 

Xrlrt Mtin. .Are 166 7 70+ . .. 

NVI,'kGlhIncCup ..|500 5.6 

Nrir, *'ilh lw, Ac 513 54 0 

Ne; Vv.l 1 1 1 A *!■ I** 0 I?;-' 

NrlM,d.F'l At, [488 51 3 

Vest xul' day Auguu 
6 or New Court Property are under 
Rftth+rMld twl Manafinm-nt 


NVlex t-lh Inc C up. . | 5 o 0 
Nrlr, >'ilh In*- Are jSl 3 
,\r;H,.ll>UM> WO 
NrlM,d.Fil At, [ 4*8 


Peryni.Pn. PA. | 2060 [ | - 

Target Life A 5 sn ranee Ca Lid. 

Target House. GatrtUMiar Rd_ Aylnbury. 
Burn A.vlr»buiyi 029 *' 5 Wl 

Man. Fund Inc |96 7 181 B - 

Man. Fund Acc 319.6 1255 — 

Prop Fd Inc - 1 B 8.8 U 4.6 ._.. — I 

Prop. Fd. Acc 139.0 — 

Prop Fd. Inv 1000 — — 

Fixed Int. Fd Inc 100 B 1 * 6.1 ... — 

Den. Fd. Arc. Inc... * 5 J 300 5 . — 

R 91 Plan Ac. Pen. 77.4 H.I +0 5 — 

Rel PlanC ap Pen. 6*1 696 +0 4 — 

RcLPIanMan Arc... 1271 1331 .. — 

Ret RanMun Cap.- 1166 122.7 .... — 

Gill Pen. Arc 1306 137 5 — 

Gilt Pen. Cap 1230 129.5 .... J — 

Tran slntemali on al Life Ins. Co. Ud. 

3 Bream Bldgs.. EC 41 VV. 0 I- 40 SS 497 

Tulip] n«esl Fd . .. MSB 153 JI + 2 J — 

Tulip Maned. Fd .+ 115 * 1211+16 — 

Man BitntlFd . .. 119 * 1261 +1 B — 

I Mxn. Pen Fd Cap . 123 3 129.7 * 2 0 — 

Man. Pen FA Acc.. 131- 1 137.9 -2 2 - 

Mangel tnv Fd Jnll ..*99 0 104 2 +13 — 

MnjM Inv.FAAcc- |*9 2 104 4 +1 4 _ 


t«» Old Broad Si_ EC 2 N :BQ 0 : - sag ro: 

Capital . _ ...IMS W 0 [ .. : 51 ' 

In.vioe [79 4 MS,. ! 7 71 

r - nce., on July :0 Next dealir .4 August 2 . 

Carliol Unit Fd. Mgrs. Ud.V laHcl 

Milburn Hnu<.e,Nrw.-axUe-Lpun Tyne 2:18 
carhol . . [69 9 72 cj ... j 3 a; 


' 530 -A-rum t'nit*' _ [277 3 296 7 +4 1 

Midiar -1 — ...[1772 1 * 8.7 +l.i 

Ltd.V -.V+um ['Mb' . 1 193 3 3124 +11 

Rrenit,-”' [81 9 87 Ini +0 1 

' aoT , V--um Cnil*'. 1*4 5 900 -01 

i Secntii! ■ .«t .. 17*5 1 * 4*4 + 21 , 

.1 5 S lAvun. L'niUi.. _ S 725 295 * + 33 ^ 

,i ' ~ Hpecta! [l 71 2 1*23 + 2 fl 

t 7M • Vcur.i L'lUWt. . ;H 5 J 229 i| +Z. 7 ) 

Sprelaliwl.ru adt 

JtflRO'n Tru+loe [152 7 16 L 1 + 1 1 

. , lA.’om L=Biu._ . .296 S 312 * + 3 C 

i |J 2 Ch.-ribortl July 2 S 111 * 

Crarfrt JuJy 35 .._. 13 L 1 1514 

*.H _ Dnhffi _ 187 1 190 0 . 

iHel |C! " F, July 3 1 ... 144 0 15 L*|+ 4 C 

=.-’.85 ManuLife Management Ltd. 

1 3*3 M. ■■T-.rsFtWajr. Stevenage- 04 ! 

| 1 U Grou-nUmt*. . |S 3 4 562 | . .. 


3 72 Scottish Equitable Fnd. Mgrs. Ud.V Waterloo H*l. 1 >ou Sl. Sl Helier. Jersey. 

li ro S L A ". ■n'r Sq • « Sti 57 lm.l»_| £401 [....} - 

m 3 "H IK Serle*B(PHinei.. £*97 .... - 

7 75 Acratlt-ln^. g 8 Wedn *l | rt. | 5.14 s D-Airns,^ O . .9 , . I - 

283 GeW Unit Tet Manatferw I tA V lal FlXSt V,kin * Commodity TrUSlS 

8 22 SAetiag Unit Tst. Managers Ltd-V lal B _si. George'* SL-Dougla*. loM 

*22 yyi|U"Mt.BsV\t,T> Hq.&Ci tit- 236 WOO DB 21 AffiS. Ldn. Artu lhlftl-ar a* Co. Ud. 

2 J 2 Sebagt apital Fd ,U 4.7 363 ) - 0 JJ 3 47 53 . Pall Mall. London SW 175 JH O 1 -S 3 O 7057 

2|2 S«h*K Income Fd...pi .7 J 12 |_....| 7.93 F»L Vik-Cm T *1 ...IJ 4.3 36 y..'| 310 

4 41 Security Selection Ud. Frt.VtDbLOpTa.-ISS 800 I....-I 1*0 

J 59 i 5 -i 9 . Lincoln's Inu Fields, VCX 01 831 88 B «-9 rlemtng Japan Fund S-A. 

jS I'ntlGthTU Are 125 1 26 8 )... .j 2 31 37 . roe Notre- Dome. In* emhounf 

jj„ Und GlhTil lnc „.[21 9 23 *| . . I 2*1 Fleming July 1 *. ...| SC . 956 75 | 4 - 

t -77 Stewart Unit Tst. Managers Ltd. i*> Free World Fond Ltd. 

!u 45 . Charlotte Sq .Eduinurch. 031-2303271 Butterfield Rldfi.. H ami linn. Bermuda. 

364 MM.it Aroeriren Fund N'AVJun .30 [ SI FI » 76 | | - 

6 U siandanfCmu— | 65 J 69 6 [ . . . i u* G.T. Management Ud. 


l'n» I Gth Til Are _|25 1 26 8 ).... 

Unri tithTsi Inc ...[21 * 233 [ . . 1 


7 7 t 37 . rue Notre-Dome. laixemhourg 
2*1 Fleming Jul/ IS J SCS 56 75 [ 4 


JlJAj -1 a h S 3 Accum. L'niln . .. [703 75 0 ]. ..j — 

■'0 7 4 47 Withdrawal I’mu [521 S 5 fcJ ._..[ — 

lQ 4 «rt 1^5 aen Brllirti Capital Find 

2*11 *\ } 4 90 !**nd 4 rd „_..| 137 * 149 3 ] I 4 ! 

1»3 +2 2 4 06 Accum. L'nlt- .. . - |l 57.9 171.51 | 4 J 


Gilt Fd .. . . [23 0 23 2 ,' 1’ 55 

iml Fd JiT-i-r .112 nn +: jm 

llltnl FAUml-ri!.. S 11 J 4 33 B 3 j -0 11 •- 

•Far Kart Fund .. 1*8 103 j .. 2.91 

•Neat sub day Aujjurt. i 

Schroder Life Group 

Enterprise Houxe. Purtxmoulh. 0705 Z 7773 

I menial to ail Fbiut. 

EEquify. _. . [1173 1248 .' .... — 

SEqutri 1333 143 £ ... - 

£Fi>ed Interest. . . 14)4 150 ] . . — . 

SFixed I merest 105 2 . Ill 9 — 

IMunaerd .. 1312 1395 .... — 

SManuged- _ 119 0 11 » 51 . — 

J. Henrj Schroder lVagg Sc Co. Ud. 

1 + 0 . Cbeapaidi-. ECS. 0 | .W 4 tn»i 

Cheap S July 28 SI ' 511.98 |- 5 C 3 ! Z -Z ' 

Trafalgar June 30 .. Sl S 12127 . . -- 

Asian Fit July It) Ji <1817 ]»:5 I 273 

lUriincFnri S.Al 99 2 0 lj- 0 u:i 5:9 

Japan Fd July 27 . Jfs 7 *T S.Vt| | Or 5 

Sentry Assurance Internations) Liu. 

Pit. Box jIM. Hanuli'in 5 Krrnui.l.i 
Man sited Fund . n* '17543 !«»(.... J — 

Singer Sc Friedlandcr Ldn. Ascnld 
20 . Cannon St . EC 4 iil..'J 6 '.*:-^ 


1 &L 1 J + 16 ) 
312*| +3 0 l 


a 90 .^■ndard ( 137 * 149 M 

a 06 Arcum. L'nlt: [ 157.9 * 71.21 | 

0 (jj UealtoE rFri. "Wed. 

Snn Alliance Fund Mngt. LuL 


- 5 »tT l T| b v^Bl 6 inri*- U * d °° ^ l*ek»l< 4 id*.. . .|HW 631 

Tel 01-628 8131 . TLX: 888 IU 0 T'ik'oTaL Jul, 3 .( SI'S, 

. __ London Agenu for 

JS Anchor ■B'"untu._..(Si.'SJ 97 1 03 o . . j 210 Stronghold Managern 

4*0 AncharClIlEdtr . tt *74 9 *fl- 0 [qi 2 95 „ r , H ^ 

Anchor InL Fd ... .]st'M 7 ) iKd 2 09 . r 'cr 


*33 Sun Alliance Hse.. Horsham. 
633 CrtfiiTu Jlv iWNla 


Anchor InL Fd SL'M 7 ] iE> 

Anchor In. Jsy Tm 28.3 M.: 

Berry Psc Fd. ..... Sl'S 4 * 87 


IM 03 64 Ml Berry Pic StrlR.. 


'.00 310 9 ) 

nt; «ii 


EvpEqTrt Jly 12 K 214 D 22331 . 4.23 GTAaiaFd. - SHK 9 b. II 

5 5 S *The Family Fd...TuoiJ 107 7[-0 4 3.47 1 . T. Ana Sierlin* . £14 79 15 
2*5 _ „ . .. . CT. Bond Fund ... SL'blJ 30 » 


7 69 Target Tst. Mngrs. Ud.V «*Kx> 


KT Dollar Fd 


Do Hich Yield 142 8 4531 

Do Accum 1 -Elf. .[ 53 3 55 8 ] 


8 11 Mayflower Management Co. Ud. 

aoi 14 : ■ Ileaham St. EC 2 V TAL" 01-6041 


i , j ^ 31 . RmhimSi .ECO 

Tartet Cummodlly .139 1 
0438 Mt 10 1 Target Financial . [63 7 
■a 7 | [ 4 _p 2 TarcelEquily —I?* 


Drain. re- nWSWl G T PacHicFd _ .. 


IL S 13 30 x 4 
51 S 7 44 
SLS 15 41 


TokynTaL July 3 .[ SI SJ 700 [ . | IcJ 

• • 210 Stronghold Management l.: min'd 

2 ^ PC* BnxSIS. St Hell, r V-r+-v i* 6 W- 71 +'» 

*”"! 2.57 fumuiodityTrurt [88 65 93 32 J ... | — 

0 % Surinvest ijerseyt Ltd. tx» 

... 1.47 yurens Hse Don Rd £: llclirr 1 -y I'VJTWB 

? S Amenrait Ind T.»l |£*lr H 73 j-nd;| — 

iS Copper Tru«t. . . [ill 15 ILOli-OMj — 

®«{ Jap Index Tm ,|£ 1 J 4 S UTl|-ii;*j — . 


TarRrt Ex July 28 . 1213.9 
• Do Are UniU ... 2986 


lm Accum L mis _!*3 « * 63 ',....; 3 83 Cro«-.n Unrt* . |S 3 4 56 J| . | 4.02 ‘ ■«« a*'*!"*: - JI f 

no Hich Yield | 42 i 453 i. .[ 8 ii Mayflower Management Co. Ud. *do R a<-c I'nits Z 298 6 3011 6 

Do Accum Unit • [ 53 3 358 ]. .[ 8 J 1 14 Irwhtm St . EC 2 V 7 AL' 0 I- 606 B 0 M Tarfiel Gill Fund . . Z 16 6 1224 . 3 

Next deal i date dale July 36 . Jnrr.me JnJvJB. ._U 05 9 111 . 5 ] ... ) *36 Tarcel Growth 192 314 -0 1 4 

Charities Official Invest. Fd* «>ner:.i July >a ...[joj 74 o[ ..J 5.49 T“ re * 2 l " u ..- — 2 f S'S lnl t 

rr London Wall. EC 2 N 5 DB. 01 588 1 A < 5 Mercury Fond Managers Ud. Tonrot i»v l o,t f.ri n« J 6 J + 0 J 3 . 

lniomcJulylfl - .[13417 — [ . 1 666 so r.rc+ham Sl. ECTP 2 EB. 01-0004505 Trl Pr. July 161 5 170 Ori 4 

Aceum July 18 _ P 566 I _ I - ■ ! - Men '^ii.Jnlv 28 ..[j 96 9 209 J 4 26 Tgt Inc.. 303 321 +01 7 , 

OLnauth. Only awuljble to Reg. ihanucf. JnJy^B 2559 Z 72.2 425 TO PrW IJ 1 34 bn .. . 11 

rJtori.rl.at.ro T n *hmtu il^rr : r.L j 5 |> saL! b 62 70 4 i« . .. J 23 TrL Special .Silk. ... 19 7 21 . 2 ^ '0 4 

* -,.«»» fflLVdSgr g,*. s 5 J t«. .s™.,—, ,„,b, 

|-J Inter nail 123 8 2 5 8 ! 196 *-** JtllyCT [274 J 2 * 5*1 438 IP. All.ol L'retcent. Edit! 1 U 31 - 22 BSC! 


420 ] + 0.3 

M 7 - 0 ’ 6 0 S 2 . Sl.UuyAxe. London. ECI 01-283 3531 

2217 ’ 6 42 Cat turtle Fund MngL iFar Full LuL 

3*11 '■' 4 02 7® 03 Hutchiswn H*e. 10 Harruun Rd. HJidnc 

122 4 3 00 HKiPac.C TM . KBK 34 N 37 W. I 2 lf 

314-01 461 Japan Fd. — .. _ hlslllB 1717 W . ....} 060 

29 6 +01 167 N. American T« Kl'SU« liuH J 1 J 0 

32.2 +0 2 1 67 lnlt. Raid Fund. . JirsUlM U 5 tq J 5 70 

36 J +03 3 J 2 Cart mure Inrrslroaii MncL Lid. 

170 0 n 431 P.d Box 32 . Douglas, lull 0624 = 301 1 

321 +01 7.94 tJanmorelnil lnc..QI 8 23 Z| . 10 60 

4 6 rt ... 11.96 Garunore Inll Grth [65 7 69 6 | -1 0 | 2 60 

i. 2 «f -o 4js Hambro Paeme fund Mgmt. Ltd. 

land! (alibi 2110 . Connaught Centre. H«-nc Konfi 
U 31 - 2208 CUI -2 Far East July 31 .. IJHRDW MW-O » 6 | — 

30 . 4 ] .0 3 1 J 9 Jopao Fund IILS 863 9 H[+ 04 :| - 

MS+oi lou (Guernsey) Ltd./ 

3 1 ' ' „ Hambro Fund Mgra. iC I.i Ud. 


3 H Girtmoro Invest. Ltd. Ldn. Ages. TSB Unit Trust Managers (C.I.t 

4.37 Lw ... ..... .r.. Tlnr alfelli* V.-f C- kutlx.tr I-.r, ... n r iU ^'k* 


Charterhouse JapheLV 

1 . 1 ’alrrnnxier Rnw. Et’A 


J Inter nafl (23 8 

i.-um. L'nilx .. . .127 8 


ai err .r.timjai.. wx 

Aic V" JoJ+M — 714 
Mere E Uuf«?._. 22*8 
■turn Li* Jtily 2 T _.|2743 


.Vcxim. L'nils .. . .127 S 

H ■ - k ?2 2 «i '- "j ZH t'nii Trust Managers LDLV fa) 

Worn L'nn"— .j»* 33 3 , '“"I 434 ':»urt«.^ Howre. Sil,er Street Hend 

__CJ.Frt.Ini Trt . .. 5*5 3 L 7 j 3 48 hhe ■ IteltLSI 3 RD 

2 Bream Bids*.. EC 41 V V. OlriOSS 407 Actum Udili . .,35 7 J 6 4 J .. ..[ 34 * '.emrs-Jity It Uea..gl* 

Tuliplmert. Fd . ..[ 145 * 153*1 + 2 J — Pr.ce, July =6 Next Heil:r.« Augu-i 3 . De'.- ->im._ .. 03 8 

MaW /! 1 “ llfi ill* ’ll - Chieftain Trust Managers LttLVtaHg) tv. y-«*i Z «i 

Mil Pen Fd. Cap .[US 3 J 29 . 7+30 — 1 1 S«r Sl. EC 2 M 4 TP 283 : J?f 

F xM^ r . c ."«o l * 2 ? : - kmencan- _ >:- 23 J 2511-0 2 ; 162 j^o--e 50 0 

Mangel larlV Jnll ..[*9 * ?S* 2+13 — Hichlnrwne . . j «2 7 44 *|+Dl! 9 ZJ ro*. x? 5 

Mn*d Inv.FcLAcc- (V »2 1044 )+- 14 [ — lmernaiitmal Trt .02256 27 * 3-01 307 im.rn J tiSi 5 ~*ZT 476 

Trident Life Assurance Co. UcLV B ** 1 " h ” Ke ' T,tlz75 nM-o:.. 431 g* V l U «. g* 

RnuUdeHcqiie.Glnucreter 045236541 Coafederation Fund* MgL Ud.V (a) vruniZ 67 4 

xu.e[ — I — W Chancery Lane. WC 2 A 1 HE o:- 2420 C 82 Eqc::- Eaeipi""^ 1061 

®:'io = « 45,1 1 4M ^ ;, U ^ 3 L^ 

PW« 55 rC*S 5 - B?n\. loSI r: Cosmopolitan Fund Managers. M Ins ler Fund Mans 


25 » . .' 196 -Ai*fri Lit Jtily 2 T_.| 274 J 
Jo 5 ; i 2.96 Midland Bank Group 


To rcei Amcr EafilrQ** 

Tarret TJitrtle 41 4 

Extra Inrcime Fd.... 60.0 


Tel -0742711642 Trades Union Unit Tst. .ManagersV Pl1 h„, ao.iJurrn.cj 

lUO.Wnod PlreeL E •' 2 . UI^UBBOIT c.l Fund .1 11460 

* 911+0 2 ) 5.0 TILT July 3 | 4«6 53 *f i 5 36 Intnl Bond SL'SnfiS 17 

3 oz Transatlantic and Gen. Secs. Co.V IS'S*?'*- li'Aof 

BI- 8 S New London Rd Chelmsford ( 04.9 5 1 6*11 InL Br*x. 'B' SL'Sll .13 

fS Prtrbican July 27 . [761 Uth* 5.19 Price, on July 26 KeU 

1 1 , tAcrum Unit* i. 118.0 1256 S 19 Henderson Bari nr f 

jm Barh.Expt July 26 89 0 9 L 6 ._.. 4.75 

iiS huckm. July +T .... 79 6 * 38 a 4 72 «S. Dammon Hftuiw. Hoi 

Jm i.Arcum L'nlix. .. .MS U 3 B 4 72 Japan FU Jul>- 2 *._|n'SS 3 ' 

■ 07 Cole mo July 28 . 1311 130 .C 5 70 Ban nr Hend. Bond Fd 

tu (Accum. Unltai 158.1 266 * 5.70 'Exelurtte of any p 

5 3 « as rar-R «5 t” H.-n-Samuei & Co. .1 

' (Jlen. July 25 SSI 5*7 4*3 8 LeFebvre Sl . Peter Po 

■Accum. L'nltai 70.7 754 4*3 Guernsey Tm. [1566 

1050 Marlboro July 25 . 52 Z 54.6 ..... 3*7 hit b . , n 

5 jZ i Are un. Unite i- ... 5*5 623 ._... 337 HiU Samuel Overset 

j eg Van. Gwth July 25 51 * 543 ...... 327 37 . Rue Notre- Da me. Hit 

■ Arcum Ubllxi _ 63 2 66 * - 3 27 UL'cHb] 


i 4 M 4 r°. 

21.23 -0 


01-283 3531 BBRalelk- Kd .St S«'t«'jr.Jvr-e> OKU TT-J'cJ 
,H Jerre; Fund . -.147 5 50 O.-fl | c *3 

Rd. HJvonc Guernrey Fund |47 5 50 0 >d I 4 50 
. V 2 XtT f'Tufc, on July = 6 . New cu],. ,| t> - Acfijrt 2 . 

lio Tokyo Pacific Holdings N.V. 

| 5 70 ltniml- Manafieincrt Co W . 1 urar.'*,. 

NAY per ibar,- July 24 SI'ftE 1 T» 

m iMM Tokyo Pacific HIdgs. i Sea board) .\.V. 

- 10 [ 2 60 inlimi-. Manafiemenl :.' V . ' urj+.i... 

1 . LUL *« AV per share July 24 5 1 S 4 fi tM. 

n « Tyndall Groap 

■831 ~ PO. Bat 1256 Hamilton J. Bermuda. 2 -VTCJ 
>w *' ■” M-.e:M-ai Jul, 26 |J' > 1 II 13 ^ .[ 6 CO 

(Aceiitn I'nil*- ..Hi ,186 1 »r.' J - 

liri 3 - Way lav July 20 . :sa| .( -■ 


irerfii. EC 2 M 4 TP . n:-=Ki 2 BX: i~ r . ul ^ 7 { 7 

encan - ji: - 23 * 25 II +0 ZJ 162 i^g-r can 

fhlnrcune . .j*l J _44 8 j +D 1 | 9 23 Do .-um fi 6 

HtiMionalTK ,<>z »6 27 * 3-01 JB 7 internjUanal 47 6 

lie hesree. TM.JZ 7 * 29 . 61 -0 1 j 4 J 1 \- fum 506 


Fund [146 0 155 . 

I Band Sl'.S 106 17 109 4 

ftquily SI'S 1125 116 

Ste». 'A' SI'S 103 10 

Sv«x. -B' SL'Sh.U 11 


Managed 1232 - 

Gidltld. 147 * 156 *...- — 

Property .. . . IMS 1592 - 

Ektuite'.'Atnertcan. . 87 6 923 +10 — 

UK Cquilf Fund— UO 6 117-1 - 0.2 — 

Hich Yield. - 1387 1468 — 

Gilt Edged 1222 1 WJ - 

Honey... 123.3 12 * J . .. — 

Internilianal JW* 110 . 7+0 4 — 

FucaJ 126 * 134.1 ... — 

Growth Cap. ...lg .9 1312 - 

Growth Acc 12*1 1 J 5.6 .. .. — 

Peru Mnfid Cay... .. 115 4 1222 — 

Petit Mncd. Acc ... lg -6 1 J 72 — 

Peno.iildIlep.Lap.. J® J jJJJ •• • — , 

Pens Old Pep Ate 107 5 113 8 ... — 

Fma Ppiy Cap .... JM 7 J 21 J ++ 

Pens. Ply Acc . . 1199 126.9 ... — 

Tidi Bmtl . . 36 J 3*4 — 

Ttdl.CJ Bond .... l 9*0 — - 

•Cash value for Lino premium 

Tyndall A 5 *uranee/Pension*V 

ia.Can\T.ee Rood. BrUIwI MT? 52241 

3 -KavJuh '27 . J 254 - ; 

Equity Jul; 2 T J 6*7 ... — i 

Bond J ul) i? JJ 2 J — i 

Prnpfrt., Ju)y 2 T. JM* — I 

5 SffK?S»* 81 = 

S’ - 

Do EqiiitvJaJy 3 257 * • • — 

Do Road July' J - - ¥?? — 

Up. Prop. July ? .1 *66 — 


T!u? B’.iiidins and Civil Engineering page 
is published in the Financial Times even* 
?.U*nd.iy anti carries news items relating to 
e'mJracls and unpurlani developments in 
!ho (TonsiniLiitm Industry. 

K.»r i!i’i;siis of the ndverlising .space 
aMiiiubie on !ho page each week, and costs, 
you arc mviled l»> !clepht»r.e 

01 -- 4 S SrtOi), Exl. ."00 
or wnu* i» The Advertisement Pi rev lor 
Financial Times 
IV. Guuion Sirert 
London EC 1 P 4 BY. 


MASK’ nnree. «-•» -o :: ^ um, yj ^ 547 2 JO »ucm. duiy sr, . ... /▼* 

Coafederation Funds MgL Ltd.V (a) UifVrum 674 71 * tVT vilenS Ju?f U* 

50 Chaucers Lane. WC 2 A 1 HE 01-2420282 Equ::- ELxempr-i-" 1061 1120 5 6 * Yjfti,' — K : 

Growth Fmtd M 3 6 45 8 : I 4.14 Do’ -u««L-Z._ . 106.1 112 d| 5 69 V “ “ S‘ 

_ ... ' __ -Pr. .«•- « July 3 L Next dealln* August 3 L “ - Sf 

Cosmopolitan Fund Managers. Minster Fund Managers Lid. Ia™™. f “ti”™ Bt 

3 a PPnthlrrH. London sa IX 9 tl. 0 l- 23 S 8 S 25 . MlCxt-rHie.ArtlturSL.BC 4 . 01423 1050 Marlboro July 2 S 521 
CoamopoliLDth Fd.[U* J 9 *| , 464 xii r .-'r JuIvlM 1367 3«31 I 4 16 lAreun. L-trttei- ... 595 

Crescent Unit TsL Mgrs. Ltd. faMgi *£rgg- *J 2 i . UL ** Si 

4 Mclitlle cre*_ Edinburgh 3 . 031 2264031 Lilli Trust Mgemnl. IML Vo n'H jJuly 25 .703 

Cm.Amer.Fd. .[ 27 .B 29 D(- 02 i 414 »JKQv**» Street, SW 1 HDJC. 01 - 0307333 . \ inq. Tee July 26 . 44 J 

Crealnienutl'i — 09.5 638 j+oJ, 0 7 S MI_A Ciula [433 45 4 1 3 96 [Accum DniD 1 ... « 4 

SSSServS!'" :Ss Sl ■ ) 5 n Mulual CBlt Trust ManagersV (aUg) .’SSS.^'&g. Mz 

Cm Tokyo '244 26 2 ; +S 2 ) 1*9 J 5 .Cr-p»ha 8 Ave_ECaR 7 BU. Ol« 648 tfl Wick ft. July 28 ._.. 66.7 

Do Income FH __ fee 25 . 0 i ....J US -Mutual See Plus .. 151 1 54 « -0 1 J 630 Do Arrum .764 


TUFSLJul* 27 . |£7 60 

8 20 .: 

1 6 K 


21 OF 


AniiTirati July 37 |94 5 

« r 

I CT 

'Arrum j £4 5 

«*5 

— 

J.-rer' F-i July Lb 190 3 

210 2 .. 

. 7 « 

• 'Min-J Are L'I-. • 1360 2 

217 2 


»:>M Fun.l July 2 S 1108 4 

113 4 . 

, If- ST 

.Arcum. Share - ■ ,140 0 

142 n| 



Mi.nay+J July 31 * [130 3 

13231 

1 - 


ynafi — ( 59.5 638 + 03 , 0 7 S BUl'iul. [413 45 4 ) [ 3 96 (Arcum DniD 1 ... 46.4 

WS-lSS S| ■1 Sg Onit Trust ManagersV f.Ugl ^^ZrZ Mz 

yo '24 4 26 2 ; + 32 ) 1*9 !*. C r-pthaQ .\vt. EC 2 R 7 BU. 01 JS 064803 Wick Hi. July 20 — 66.7 

«e Fd — [ 23 * 25 . 0 | .... 7 | 1 U 0 Mutual See Plus. .Bll 54 .M -0 11 638 Do Arrum .764 

wnarr Unit Fund Managers v,nu! wicriiiB [mb mIm-dju 6*54 Tyndall Minagers 

ield SL. EC 2 VI ?AJL o:-fiS 6 4485 Mutual Hift kid |h 6 64 8 | * 02 j *40 IS.t.'anjnre Road. Bnilt 


DiscrettonarT Unit Fund Managers vuiua: [ms « 

1 22 . Bloufield SL. CC 2 MI ?AJL o:-*S 644 U Mutua. HifitYId |M 6 64 

'ntu-iDrome ...|i 672 17 * 3 )... i 5 .io Nations) and Commercial 

E. F. Winchester Fond MngL Ltd, 3: - Sl '“**» square. Edinburci 


mliuimS^iW fil ;« Tyndall Manager* Lid.V 

Mutual High YId |M 6 64 8 | + 02 ) 840 I*. Cany me Road. Bnslol. 

Nations) and Commercial inromejuiyss — no* 6 io* 

31 . Sl Mittoew Square. Edinburch mi-SMBMl Cap'lSl Ju"yS H 7.6 » 


Ca^lulTrt 1 (Sr 6 135 bj ." ..j 3.58 pF 1J, ^jfe - SI 

I nr arm* T« .. 1090 115 B . . ' 667 1 r;-- rrtoiPld id- _ M 1 

lint r.njpth Fd. . . }Sl52 122 * ..J 226 VEL Trust Managt 

Do Accum. hi** 126 . 2 !. .. 226 v.:i,.,r .^,^ n..^.ZTr 



Vanbrugh Life Assurance bincreiiamRd.HiBhWjroa 

* 1 - 43 Uaddai Si . Ldn VlRBLA. O 1 - 4 B 04 BS 3 Equity 8 t Law * 8 * 

SESrd^Z.+Z.BS* =”1 " 2 * - Framlington Unit Mg 

Inlnt Fund . . J®?-T *24 " 5 -“ Ireland Yard. Ei* 4 B 5 Dfc 

H*ed Inreret Fd . 1678 175 * - 0 . ++ American-. - -. 3*2 

ssr^' 1 . SSi aS--u = essss ®{ 

vubnxh “-a ■ ■! ’» 

lMflj 0 ^ -- Friend,' Prt'-dl. fail Tr. Mgt,.c 

Kquil, . . fW -2 1 J 5 S “Sfl “ P!*hninEird, :>ork«nr. C 3 t» 5 C 55 

metllnlerert.... [966 JS I “ Fnwnh Prw, Vt* -W* « 73, : -0 2''4 0 fc 

Froprrty -|97 5 HR 71 . I - po Arrum _ . . |J 73 61 l]-Q 3 . 4 06 

Guaraatrcd ,+ce )»J “ blA G . T . Unit Managers Lid.V 

Welfare inmrance co. liilv i 6 .F 7 M!»u.” iVcutEcasniD oi-cae^: 

n Inatadr Park. Exeter 03 S 2 52 S 55 - lT Lap. !r,. fl 03 96 0 : ' 3 ZD 

Monro maker Ft*. ! J 06.4 J . i - . Dp. Arc ...JlMJ 32 S . .' 320 

For other lumh plra*r war fn The London It :T|iteFd.l> . : 170 J 1 * 1 1 ; . . ,i 743 

MMrltvrter Group. ,T L’ S 1 -Tec ..|l 44 4 

Windsor Life Assur. Co. Ltd. iSniE+Vd" .llsSJ 

BvKlAlfceitHw <he«.S:. iVmdw W .44 jT Ir.t I y-jw! ( 236 19 

UielMV PUhh ■T.l™rYdaFd... 54 +. 

FuturoA—jr.ih-a , J 9 M • [ — C. & A, Trust iai tgi 

rtriT+ilFenf Z LB.t>lr lt .ABri.»rer.re««l 

nn.:u 7 ttMMhlbBM lM.fl i - it. a. ^ 3 * 


tHd JrwTv. EC 2 Ol-BMllGT |n °’ n ^ J .H” 2a -- 1^74 163 21 5 7 M t Accum. Umlm 179.0 

(treat 16 inrherter 1171 186 x 4 . .. i 521 - B»* SIS ' VSS LTmlv ‘ ' 1 CT 2 

tftWiocher (TsraslHr MT; . .. 424 ,A..rum L'nili: [lbO 2 166 3 .... 3.40 int Earn July 26 .. 257 8 

Emson St Dudley Tst. MngmnL Ltd. National Provident Inv. Mngrs. Lld.V 'Acrum unite< 2 U .2 

20 . Arlint'lnn Sl . S W ] 01 AM 7 M: 46 tTr^ oclurrh Ut . ET 3 P 3 HH 01-4234200 , /JijJjN Tn I r. 123 4 

Em»i. Dudley T.t 16*5 71 *]....; 3*0 N.P i ;M|«TtL [46 5 g.S . ... 420 SxolftCapJuly » 1 W 6 

Eqnltas Secs. Lid- fa) Ig) %|-u”e«o Trim. 229 7 137 J 235 ... 160 * 

41 Biihop*£ate.E 02 Bl-SMaiS! tAtrJW Uhtue- JlM -5 1 * 6*1 ... . 235 . . 

Prnrreisiie 491 7 i 9 t+o:i 3*1 ">T:c+y on July 27 Next ftealim: Au«u,t 31 . J. 1 * 1 ™ T*“‘* " nrB P |JU - 

‘ ^ * „ “ ■ J ** -rrirev on July 20 Next dwline August ». ' - • K 2 

Equity & Law Un. Tr. M.V taifbHcMi) National Westminsterfia) i&n torlimtt SS 

AnwrihaaiHd .HiBh Wycombe MB 4 33377 Id. L ol}a:de. EC 3 Y - *KU. ot-fioa 6060 iVi.Aeeum |< 4.4 

Equity t Law 168 5 721 J -021 3 96 Cann.-Amim; .[675 72 H-oa 4 22 FinannalPrny... 164 

r-, .... ... . Fjxtr.i Irr-. [474 72 6 + 0 .H 7 60 tm. Ai-rum .19 9 

Framlington Lmt Mgt. Ltd. fat r.rantsal— — Gsi 37 . 7 n -oh 5*5 High inc Priority. (64 4 

5 -T, Ireland Yard. El' 4 B 5 DU- 01 - 240557 : Grt«»tMR». _.M 6 95 . 7 w -Ok 5 04 ItUenalimMl gl* 

American _.. 3 B 2 5521 .. ! ?fln Inw... 137 S 403 -01 6 37 Special Site [ 33.4 


5.19 Friro, on July 36 Next Jrrtins Augurt " p un<i ^ ul> . ;e w oa 4 ^,5 

J J| Henderson Baring Fund Mgrs. Lid. .Arcum. Share- • :uoo 742 

fl y; 80 S. Ganunon H'iune. Hone Koni Victory Houw. IxuugLx.* Iftleot H: 

ZZ 472 Japan Fd. July 2 * ._|fl'SB)JI 2 L 1 M .. .[ - Mi.nayJ July 2 f (1302 137 

5 70 Ban ng Hend. Bond Fd July 28 SLsilO 127 . .... r . - 3 

5.70 'iScluAlie of any prelim charge? l ' w - IntnL Ylnfimnt. tU.I.l t-:„- 

*. 9 S Hlll-Samux ‘1 Jb P« ir.iirnum'l IJd. » Siu I carter Store! . Sl Holier .it-r-e; 

693 niH-^mue 1 * uo. icuernse>» ijo. , ,_ P Furirt u-suia it'bj . 1 £:o 

4*3 8 LeFeb,TC Sl. P«er Port ‘-urmirty. C !. 

_.... 4*3 GueraaryTit [156 6 16751 - 02 ) J .47 United States Tst. inti. Art,'. Co. 

ZZ 337 Samuel Oversea* Fund S.A. H Rue Aldnnger. lus'-miuKin'. 

...... 327 J 7 , Rue Notre- Da me Luxembourg ^ S-Ts 4 .ini. InH J Slow I-aOsI S 91 

.... 3 27 ^.-SMU 2 S 39 ) — 0 10 J — Nrt to.rel Jul.- J 3 . 

6 *J International Pacific Inv, Mngt, Lid. S. G. Warburg & Co. Ltd. 

' ‘ ® e * 5 ft Fin St. .wiliwy. Auw 50 . xlres ham Sired. F (.'2 

2 S? Javelin Equity Tst 15 A 2 12 2 Z 3 «l I — 1 on, R't July M . . | SFS 973 

J^-T, Managers [Jersey! Ltd. . GrntSFd Junx^so I h^stm 

. ... 023 P>.i Box 194 . Royal Tit ti-v JursevOS-'W 27441 MercEbdFdJuly 3 fi.|Si 5 U 12 18 .' 

027-32341 Je ^ y « rt'i'^-Juiy 1 3.7 Warburg Invest. MngL J 

■ “fl? J Z^ F } anln * 't* F e 

■J' 4 «h hioor. tonnaujtm Crptre H.ng )■•»« i AIT l.trt JunrJl ‘IliZD 135 : 

"■ ,,s JarrtmeEsjn. T <4 , 5 HK 29 J 94 . - -(W Metal?. Tst July 20 £11 09 KJ 

— J online J c* Fd*. *306270 ... 090 TMTJul'-U '. .. .W 3 ; 

iii Jurai ne SEA 51 *1722 1 80 TVT ! id July H |£10 3 b 10 6 

— J?® Jaidinc Flem-inL. . SHtQD 55 — 

;Z 5 Inti Par.Seo.ilnc ■. SHK 12 97 . . — World Wide Growln Mans 

f'u (Aeram , . _ SHKUW _ - >na a. r .-v ; ..-..mn.. 


i *30 i St : i 
lyafi.lsiniU 


SI'S 9 73 
51 >.18 22 
tr* 7 il 3 
518 1 : 'Ji 


n; -Rr.vi ;. r :* 
l-o CM - 


4 95 JardmeE. 4 o.Td . 
— . Jardtne J'pn Fd * . 

”4 Jjrdine S E.A 

3 ” Jaidine Flem. InL. . 

ln »l PfC.Secn.ilnc ■- 
a Jo Du t Accum > . 


Warburg Invest. Mngt. J ray. 'Lid. 
l.<'hann;t.Vw-.Sl H*‘!ier J-; ■ I ie>. 4 ? 77 -il 
I'MK l.ld Junu-JI [i. -Ill: — 

1 MT l.u) June 31 kli 20 I 35 S- 0 C — 


,r ‘S„ 1 MT l.trt June JI liliZO 
l W Metalj. Tst July 20 £] ] 89 
c 90 1 Ml j ul '- 11 • . .. .W « 8 » 

1 80 TMT I id July 14 E£T 0 Jb 


135 ^- 0 «:{ - 

m Sr 

ID 67 " ' - 


72 6 + 0.8 

37 . 7 « -Bl 

9 s.!« -ay 

403 -01 
75.0 -03 
65 i| -03 


Do Arcum - 86 * 

Ertni Inr liroutli 3*2 
!V>. Accum 44.4 

4 22 Financial Prrty... 164 

7 60 lm. Arrum .19 9 

535 High Inc Priority.. 64 4 

5 04 International 31 * 

6 37 Special Site 133.4 

||i[£ TSB Unit Trusts ty) 


Managers Ll«LV <*«g» . 



8*1 

5 .M 

5 M 


928 

+02 

5.91 

+0 3 

591 

- 0.1 

9 61 

- 0 ? 

9.61 

+01 

528 


5.20 

+ 1)4 

783 

-D.J 

222 

+al] 

490 

03 C 4 GM 88 


NAY July 14 •Eouiial-m Sl'STSin 
Next sun Julv .31 


TMT I id July 14 (£10 Jb ID 67 ) . [ - 

World Wide Growth .Management*? 

i'Ja. hculci ar.1 Rnya!. Lu'.'.'mijuL'r^ 

H nr I it wide i.i lit Fd, SLMiU [- 0 . 0 i| — 


NOTES 


5 91 ' " p 

a ti Price, do not inrludc S pn-nuum, e«rer 4 n here indicated 4 - and are ir. p,-nre unit: - ,it|.,-~- '■? 
««• mdicaied Yield*. % inhmrr, in last column ollou fur nil buying vipcsei a ;e.?w 

520 itttlode all expenses b Tivtiac * pnem t Y ield on otter p.-lre d Ert::-:a:v 4 ; T r Ij- . 
5 20 PPrnincpnce. 6 Distributinn free nf V K Taxes p rmodic premium ir.--umr.Ci: pi un: , 

783 Premium mtunmtt x n*(tr+d price include, ail evnen^es eTcer"- ogent , rum — 1 'i.-e. 
» 2 j y Giiered pnte include s!l r,fien'+ l , 1 ! bought througo mar.aevr, 1 1 're>*..u- day .- r-" 1 , ■■■ 
400 V Net of tat on realired rapral painf unic,* jnrticaiert hy * • ilm-urv rrve, « autprnnr-l 
'- * Y.eM Muir Jersey is ■ * 


. * " t • Dealings tn 0054 63439-3 

M:lt-.r -OUR. Corking. Sum;- MU ib'TSB'Tereral |46 3 49 61* -0 11 3.67 


Nelitar - _.|* 2,6 65 . 8 ) - 0.21 432 ihi Do. Accum 59 6 

NeU'-u? H:ch lnr. . pZ .1 54 B( + 6 .l[ 121 (b, TSB Income..... 6 LD 

For Nnr Cons Fond ■Manager* Ltd. ft-HEJSST — Sl 

v Ma "r ,n “ t v, •bJK 3 Ki«.z.v:B 6 

Norwich Union Insurance Group fill V1 Bankv faI 

P«i Rc, 4 ,\ortnrh.NR 13 NG OC 4 J 3 22500 

r.rnvoTu.FM . -IJS 5 4 3 74 XJ -0 81 5*5 'iV-!"* p ^ e * 1 ' 


' 32a Pearl Tmst Managers Ltd. (agjmz) 

' 7 « suilI-aHaiborci. wriV 7 EB O:****- 

1 ‘S Peuri'IrfwtbFq 7 25 5 ' .. 5 2 

' 2 m u r ! T -- - ,3 »-* 30 J 5.3 

1 Penrllm- ^ — ]»8 JS 3 i 7 0 

r**n ■. ad Trt. . |36 1 38 9 i-D: 4 H 

. • yrec.-r. I tm«. [469 5041 .. 4.8 

Pelican Units Admin. Ltd. (gHxi 

ZZ 73 tC' »: t"- u.-.ta.cjL Mynrr.mer tot: 23651 * 


63 8 -0 1 3*7 


0232 35231 

jgJlu'J" h'Yljler Growth . ,.|38 2 41 04 - 0.81 5*6 | 

Unit Trust Account & Mgmt. Ltd- 

5 23 King William St.EC 4 A 9 AR 014 U 34 P 51 

! 5.33 Fnar* H,e Fund ... [152 0 UlOxft . | 4 66 

7 06 Wieiortinn Fnd »2 31 M | **4 

- 0 : 4 H 7 r» Arrum . 134 9 36 . 8 ] | 4 J 4 

4.86 wider Growth Fond 

tRKxJ Km* William bt ecir vaa ni-ossoKt] 

mb: K 6 MK 5 income L'nit: |30 2 318 / I 4 24 


35 .h- 2 -, <62 rei.c+a unite.. 


K.l[+ 0 . 6 l 4.95 AveiutLl-iutf 

1 


IU- 023 « 5 ] 

[ 424 

— 1 am 


( LIVE INVESTMENTS LIMITED 

1 Royal Exchhn":.' Avc.. London EC 3 V 3 LU. Te».' ^i-_ v' llfil. 

Judes Guide as :ii IJMii July. 1U7S (Base IUD at 14.2.77) 

Clive FLxed [merest Capua! 1 '_’S 77 

Clive Fixed I nitres 1 Income 115.70 


CORAL INDEX : Clow.* 48M93 


INSURANCE BASE RATES 

f Properly Growth 

i Vanbruch Guaranteed 

+ Addrr-sx. yh-'- n mvl'.-r lisuranf * »v1 F ro p+rty 3«t.l T-ale. 


•r - 


FOR YOUR COMPANY- 

BAD DEBTS 


Financial Times Tuesday August 1 1978 

FOOD, CR0CB3HIS— Cont 


FT SHARE INFORMATION SERVICE 


W9 l 

Ill'll luff.] 


*■ «l Dir j IVHj 

We* - { *4 inrliVtin 


contact-B. D. Kay 

INTERNATIONAL FACTORS 

Circus House. New England Road. 
Brighton BNI 4GX Tel: (0273) 606700 

Birmingham. Cardiff Leads. 

London. Manchester. 


BONDS & RAILS— Cont. 


BANKS & HP-Continued CHEMICALS, PLASTICS-Cont ENGINEERING— Continued 


BRITISH FUNDS 


1979 

High low 


- nr[ TirU 
- 1 lot. 1 HrtL 


55 4J 55 

77 65 li-el anil •"»>■ TLI-3T 65 

S3 82% rr.-l.w.|;..pi-'3ia 82 

9l 75 82 

395 »5 liipL.nl|» 'll* .Vra 390 

87 68:. |h.e, B ;cj«; 69 

160 140 TVn, v-cip. 140 

75p 7Sn -:>:i I7.J. I»* — 75 

S99 S94I., TurnV W — *94 

PM*1 riM8JTu-iii> r> !SW— DM91 
97 94 J-.r«c 97 


Uar Dii. <r| ML 
| — lirow | l ipid 

4%| 5 00 

-A 1260 

7%1 12 32 

9% 1276 


1878 

Ilinh latr 


"1 0M8'J T.i-ii ii i> DM91 ‘ 6u J0.7O 

! 94 J-.r*-’ 1 97 I | 3i. J 3 80 

1_'.S. S & DM jinros exclude inv. S preimmn 


"Shorts” i Lives up to Five Yearsi 


J9E 2a0 
«5 ?5n 


90', 98'- ll-.l: 'm 7*7;,“ ... 

'IQS'- lul.; Tr. i -i-. 7*r,- 

97 44% Tr..:,..ir " 4 *. 2d 

«r 451 Eli. m. t*,p- 74-?* _ 
3 04 11 ua~; r-'M iir. 'ii* TIC 
■9h'.'. 94.1* 

103- 96,1 Trcj-nr. up. L'Mir 
lt?; : ; 971 ; Tn.-i'iin'i -r>- Ku*: _ 
95% 9J - ; Tr. j*ar .7 >r« “4i»» . 
°o'.- °?% Fund:**-:'. ,’pr "TS-H* 1 — . 
310*4 103 '.. I.lpi. - !mil7 

10t‘j Wi Trca-un- nip.- 1981“. 
91'- 88% T--..*urt .t-ta 13794*1.. 
1*11% 95% Trvj.ur.O-iiB K#i".. 

9/ ,1 9I" 0 Kv h.K ; 4[ic IW 

100-4 94*4 Ex%D : r, li«! 

87'.; 65-- 1<«[ 

97,, 95'J. 7'. >- l.mai'k-?.!#- 
Ill lftf: £ Ex-L rj'u-- lOSICi .... 

99 7 9]'.- Tr--...x. ;f i AUK; 

SO-* 82 ,* Tri-vur* lip- 32— — ... 
215'-. 106U Tn-.-ur. U|w- K27 — 
9ft.- 94- T^-x- on.im" 'fills — 

%; 89S Trv.eni> *%[*■■ '32 

lOO', 91 !; F -l- :“.|N ike: 

°4 ; i 91*- L.i !• <«4p. 1W! A 

96 ‘1 89 :. K\i.- 1 l s jj'-' lsan 

85% 79 ' E--!..:p *■: ... 

1 14=4 1001. Trva...n? !>• iWCt^ .. 
100'; 89*i Ire.Mir;. , Wip‘''S: 


99 

101 ,' . . 

200 % ...... 

95*% .. .J 

98" .d ‘-i. i 


101% h,% 1137 
9Q%.d . .. 3.88 

97 A - A 10 03 
94;-. + ■ 877 
96>«<d T % 9 87 

86%nJ 3.48 

95% -•% 10 04 
104*4 -% 1213 

93% 9.07 

85*4*11 +% 3.52 
1077 e ...... 12.98 

94% 1015 

91% .... 9 00 
931; -,i 4 993 
93:? 993 

91*4 954 

Bl*4<d +% 3 69 
102 r, 3 11169 


1D0';1 89*t |Ire.i'iir.‘Wip«- fi: 1 92'*!.. . . 

Five to Fifteen Years 

95'- «n E-ih liij.-l'Kla - - 95 .... 

8°*- 30% Kurwlui. XI84“. 82% -1. 

%" 86 - 7r-.-i.un a-.-p.- 88H 

87‘, 77*j Fu^linjhJ'pi 'HVJjTX- 79 : y 

89 ( ; 79 - 7rc,i UP 7 ,n.. WfltT;. 81' 4 -l* 

68 ; 6U*-. Tran.nfrt3nr T3-W . . 64 

75', tJ : j Tf-.i-ur. '.j».-'»vJC* 67*4 


itm* | 

- Rieh Low 1 Stock 
20k 13!. ASA 

60'j 60*. AMK".*. < "on. "5C7 

31 22 \avi» SI 

32 21*4 Vre-r'-.-mExpre-v. 
33** II Inter. Jledic. IM — 

15; 969 n Aniline - 

29*4 18*4 r^rlninl.-.i-ni Sl_ 
19 4 117; p.irrc-ulrp S»5> — 
327j 22 Bcnrti'.'.t'm S'* — 
23*. 13 HU-lh.S'i-,-1 SB _ .. 
11 c 625 p BrnuTi’^f er 

13* j 857fi tiniib.-\uik | orpn.M 
65 417- Pjirri'UcK.O'fp.Si 

48 30*? 1 BSS25U 

42*; 28*4 I'Pi'SI; 

48*3 32*4 < jiorpt! I.rr 1 

27*4 177, i.'tLne M'Iiip 512.5_ 
22 13**; rii«^cbr>iuchSl — 

11 • 765fi L'hn-li-rSrti* 

21*4 13*. i'iii<-nrp54 

1 14 7?3p i'll* Im SI IT. 

25 14*s Ip.tml’n BS1_ 

; 18^4 12*4 '•..l-jalc-l'Sl 

31*. 29 i-id'Ind-iSl . 

26 151. * »fli lllin<i>Sli’— 


AMERICANS 

I |+ oH Hir. 


I.rtns |r.r|*fr\ 3^, 
1 1 . 43 


1126 255s 17 


28 20*j li.'rinm»ll S* 

110 58 11139 471 * 20*t J* u*lw U.innnfrS5. 


201. 80*- — 
60*; . ... 5 C > — 

28*? +U SI 75 - 
29>d -h SI 40 — 
22 f; Xv — 
12*J tV 4*)c — 

24*. -i; 64c — 

17 +* 8 90i- — 

30'j +*; S2.28 - , 

187, SJ 00 — 1 

107 f t* a 40c — 
12 7 aul +* B 70.- — 

60 *s + : 4 S1.00 - 

44*. S2.40 — 

377g S£50 — 

45>4<d +h 51.80 — 
245r +* 4 S2 20 - 

Iff^ 94c — 1 

853p +1 SLOO — 
18*. -* a S1.06 — | 

lZ*4td +U SI 00 - 

20*3>d + U SJ — 
16* 3 «d -f’a S1.00 — ' 
29*4 1-1 +*s S3.15 - 
22' • -* a 51.32 — 
197J . .. 51.40 - 


0 71 56 Kir.-AS'i.-i'Wp 

0 11*1 90 pl.-:p-4..r-.RI... 

2 .797 242 l!<r.L«ii 

6 5QS. 42 V.ii.--'. ! -Ti.-.rjp. 

134 10> Mt-t- .ir. -4-r- 

5 -?*w *’.n SMu-ii: 

6 £92 £73 r*-. I- ’.tSl'B . 

7 £95” fB2»; 1«> - 

2 b4*. 56 Mnwr i--*.'- . 

O 215' 372 ‘.'..r Bl Ail 'S'.: 

O 81 66 1 uni ‘,tp J 

29E 2a0 

«5 75*1 sr:«i>-’ £f _. 
255 1°0 ■*c..rcnlv.M‘'£l. 

9? TO vim *. “4. A';- .. 
... 427 378 > r .ip<! ili'h.-r- £!. 

3H S9 8-4 TrjdcIH'.Sl >1 
tirt 3^, 290 rininrLiL . El 

„ 43 ?2 V Li T 

£24 £15 4 W-**'!* Kir;.-. Si_ 

y c 70 69 (tt*wru.-ai|. 

2 8 Hire Pu 

il 415. 31*. ■*irtf-'5*H wi t’V 
i t £61*. £35 • n-R*TeFrn»i. 
ri 8 8 1 Ted* ftiU "iji. 

ill C5 

in 4J 30 I n-lSrTrt Fillup 
71 14 3 , i<or = -,'v«er-\:'!it 

a 1 . 105 85 f'rn 1 .. Financi.il. _ 

in 33*2 23 H*rt-j.*'re4it 1191. 
V? .20'. 10*2 SurljlIMzi.Htp 
37 48*. 38 Ki tunic- 

5.1 BEEBS, WIN! 


C\T{ft.-i PiE | r.5 ‘ -4:- ; ' — £ < «?-{ ft | ’ W 

P9. - ' f'.6 r i Ilfi'i.-.r.l Mi |2W I t*'l 


>*• r* J-l • i 3j a |l 41 

+: 1-3! 27^1-r’si-. 

-I tr.ro 52j 4-H 95 

-1 .Jt U 33 4 ’{9.2 
1-2' .14; "(4 85 

L... 1 7-7 2.4J 6 4 74 

1 » 3 w n.5 65 

-5 * 07 6.S ' 1 6 1 


-2 *1V*4 

ilb*?0' 

-.... 166 , 

t49 ! 

**C ; 3 


l3V.fl 6 4 
15,11. Ui 7 8 
31 r -'.' 9 3 
n24 6.l! 7 5 


66 94 75 
3S «6 30 

at 171 137 
5 5 258 196 
3 5 51 37 


|f-i j SI 90 1 - 


_ 4 0 12? 100 


78 Mlied Brett* 

30 Vnol In-! i*r !*^> _ 
37 Ba*- ‘Tiar'-.litn— 
96 Hell 'nhur.Vip . 
37 Hrli ji’riHrniTT 
92 n>4lin-diHi.. _ 

66 P4.fk-rB.n-ik'-. 
00 Eru-xr (MaPifltr, 
40 R.ii-r (•••. '■ Rn.-a._ 


315*4 10]5; ln.a.urk-i::p.-is«c;- 305* s 12.44 1224 

89’, 771- Trc-ii.-ur. RViBIWiii 80' e 1034 1139 

306U Off, rrrv.uninp. 1991... 967. +i s 12 22 12 35 

75'j 63; Hindin-j RT-91S- 67*- 8 81 10 85 

312*. 98*. TP?j--jrri2Vpc'aX.- 102*s +*3 12^3 1246 

%*; 24 : j TtPj.i:r>10p..-l!Wl 85' A ul +*; 1164 1214 

113 97U £..Ll*.i:Vlt: — - 977 3 jU +Ij 1241 12.46 


9 67 10 81 *-“71 IV* E.-J***'^ 

8 J1 10 33 Evvci ll... 

9 55 11 <k 12’* b70p KirwtiitwTirelU— 

4 71 848 18 * US Ftr-tHiica-jr. 

7 54 IQ 08 32*, 20* 4 Flunri'orp S’i 

3 44 1224 411 * M's F"rd MncurSi 


Over Fifteen Y'ears 


967! ;i 2 " 12 22 12 35 ^ 1^1^— 

1241 1246 ^4 m 


HO*? 96’- Tf.3«urv I'”-ik KtiJ.. 
72*; 60 '4 Fu-.ilin-jGrw'llWI- 
120*4 104*. Tronatr. a, rr .. icplir 
328"s JKFj Tr-.-x-ur-14*;p.-'W“-. 

114'; 97*4 Rich rSjte. 1»J 

89T, 76*4 Tf at-ur. V W“. 

306-4 93 Tn.-a.-ur-1-^v- SA 

517- 43*. -.a- .it*- Wife 

°5 82 4 E\. !i H",p.- ISftr. 

114; 90S; Ttwurv lJiip-.- 95^ _ 
901- 76" T.f-.,-u?! ipt.fi; JUS - 

35U- IN*. Trc.i-o-. jv^f.- Mt; . 

317-t 101S F.whcqucrWiix 
5*1 42*4 F«!(nr'ii4illpi MK. 

315*4 100’j Trca,.i.7 U*,p.. K“.. 
98; 85 F.,<-l.--(ui.r 1*07. 

88 '4 74: 4 Trt-.i -or. Wit*- 1 »T “ _ 
72*4 bO Trcj-ur-^iw 1 I*r-93^. 

335’-; 118U Toms IS i.ncSBf: 

98'i 93k E'cli.IJpi'iaSf:. _ 
9*Jl’ 77* s r.-c:i.unplip.-|*W»^:_ 
96*4 63‘* T.-c..- »r- Hi!*- i«ei _ 
— £»#.* ! 2 *s H/iL'ti.tyJi 
421; 34'4 Funiiin.-lU.pc 9£ud « 
M’s 6?*; Tr'i-i.ur. OUltf^: . 
58 s 47*; Tp.-4-iirysf pr iTK.]^. 


735p)lrt.Sfs:wn,*!:'. , oti.Sl| 


44*-, *51.40 — 

29 4 c +*; 52 25 ~ 

217 e S2.84 — 

351. +J* S3.20 - 

10*4 SU0 - 

16*.. +D 5110 — 
26"; +*s SL20 — 
34*i -l. S3 20 — 

21 *c 5250 - 

41 5220 — 

227.nl Sl-60 - 

50*; -*. S22Q — 
13 -f', SO 68 - 
213 +1 S1132 — 

45% S3 00 - 


- HUM 140 


1141. BulmcrHI'.- 


BurxaviiHid^ „ 

1 «> li.a. fk>' 

'.UrV.iMatl! evr._ 


51 152 114 '. lari'. -Mat* ievr... 
61 197 163 In-kUlliT-inp — 

30 2b 18 irfirdnn-I.>tiip.. 


3 8 - *> 
f 5 54 43 

57 119 43 

6 7 285 213 

3 0 191 153 

4 0 15B 127 

£5 117 83 

29 155 109 


43 *k>nsbBm-- 3*p. 54 

43 drp.'tt.ill Whitley 119 

113 'irecneKin; 283t 

33 ikiinne** 166 

127 ili;lii'ii£'iM.L , Op. 137 

83 Ir-eraicrFm 117 

109 livb Ht.tillcr.-_ 


I Sidt'l 12.47 [ 29) 7.| ?.l 

VD CATERERS 

47 tfbS SSI. '*.'187 

£26 .-is-- 45 29i Ml 138 

63 . .. ! ijJ t 
121 -1 li: J2 4.7} 4 0 fil 
163 . .. il4.7? 1 51 4 Ji23 6 

16 -1 \aj4cl«?A.aj 
115 -1 H3I 35{ 5 ■ 77 
9b .-1>4Q', lOjtiJffj 
166 -3 ?.J 1 3 St 6 1 6L 

18 +- i’.5n 3 >1 4 ,i 8 3i 

267 -3 I t. 7 4 5.* 3 7*113 

35 ... • tu si IS? h!l4 7 

22 .. . *.-0 4u 33* 311150 

54 *t0 S- 6HJ0 74 

43 ill) 34 23] 1.1*50 6 
147 -1 *.3b lSb'JWB 
76 -1 hi 04 47 JB145 

30 U.7<) .3.S3M124 

is . .. t:i y, ;l ol ; - 

236 *2 t8 55 2 4* *..3(96 


100*. j+l; 11251 I 1251 l976p|705p(i l. ; Inicmauonalii 


64*. ... 964 2124 28 IB Kaiser U.y. . .. 

109'; +* s 12.87 12 70 32 JO Uanf.lian. L SIT 30 

1114 +'- s 12 92 12.70 41*a 26% Meraiti'JP'l'kSl.'. 

98*41*1 f* t 1257 1258 171. K* Nurrai.Cimflln. SL 

81 f'-j 1137 11.92 13^ iiswa.-III.SlIS... 

96% +*a 1245 1251 21% 141* yujicr*AiUl'SS; . 

451 j .6 70 976 27*« 15»j Rcliamt-S'^i . . .. 

85"; f* 3 1198 12 29 30*4 16* 4 Rep N V.*»rv !'•- 


103% . 1265 1262 17'« 11’ R^iv.rHSi .' - 

81%+% 1155 1203 J2W 14*. RirMsn-’JrrliSJ'i 

119< 1313 1290 576p 255p Saul 18 F - SI 

106 > 4 1275 12 67 J8^ 18% kht-IUlISl 

44% ...... 6 90 9 65 14% 11^ Sinacf'S1U> 

104*i 1275 1269 36% 22% Sperr. RdnriS*l.iO. 

85*41*1 -% 12 26 1240 33% 18% IRWlnc SIW. 

74’*«d -u 1159 12 07 :/% 18% T-mnccn 

63 ->* 1101 11 86 161 131 Iw.lO'iLn.wLMSS. 

123% 13.11 12 91 975p 5Q5p Tfy*rolt ISSO.IP,- 

97*4 -% 12.60 1264 22 Tew-»W^ 

80% -*« 1190 1219 40 227; Timcln- 

87%-% 12 28 12 45 13% 8b5p TransamencjSI — 

E% 1250 1253 33% 21 *„ l. jd.Tecb.SL'63— 

36% -% 967 10.96 24% 17% 15. Steel SI 

69%-% 1L93 1214 17 U% W.*Hamnb>iS3i:_ 

49% — % 11.71 13.96 46 28 7 Xenix i.'orp. SI 

64% -*j 12 02 12J0 975p 385p Xnnic Inc. Iftc 

, 96*4 — *4 1259 1258 14 10S Zapata i.nrp SV-.™ 


M's 67% rrcx.uij Ap . 

58 s 47% Tn>iiiy9 pr iiK-l^. 
7b% 6J% TfM-u.-.Tliys 12 i.^ 

9b" 4 93% KiclUJpc'UIT . 

Undated 

37', 30*« , 'r-n.i*l54pr 

37: . 29% Vl.ul.-Mr.:;i,-i> “ 

74'j 33 hi Vir 

29-' ~ 2'% Ttc.i-nrv :tps cfH lit — 

24% 14 -4 '■■■*|J>1-; , *;JK 

24 19-4 TtPJsur Ji.p- 


69% — '4 1L93 12 14 17* 
49% -% 11.71 11.96 46 


20% -% 25c - 

900 p -10 90c - 

26% SI 60 — 

26*j -% S208 - 
35*4 -% S2 20 - 
13? a _% 76 l- - 

16% +*4 51.16 - 
18% +% SI 04 - 
24*5 +% 15c — 

27 +% SI 00 - 

14*4 88c - 

20% ... 90c — 

565n +38 - - 

24% +% SI SO - 
14% -% 60c - 

35% +% SL12 - 
29% -% 31.80 — 
23% 5200 - 

151 nr. —1 

ao5p -9 — — 

19% -% S200 - 
337- +% SI 50 - 
13*4^ ■)% 80c- 

347 # 5200 - 

22 +% SL60 —I 
241 1 +% 51.40 — 
43% +1- S2 00 — i 
660p -IS 7*jc ~ 
12% s3dc — 1 


_ 2'f 320 270 M:r:allin.*lleii_ 

3 7 510 360 UuriandSI 

_ 07 70 50 <andeman 

- 56 71% 62 S...ti&.\cu3*p. 

34 117 95 Tiwiatm 

_ 4% 124 94 Vaut 

, — 35 101 82% WhuhrajiI'A 

_ 20 212 185 Wf!.. Lnirll..-.' 

_ 40 185 129 YmnuHmr’X'aOp 

- i 1 BUILDING INDUSTRY, TIMBER 

= || AND ROADS 

__ 95 I 81 lAhenl«i , '. | 'nn< 

- 3B IM 

- Z-4 J7 

- 18 76 

= li ^ 

= f h 7 J5 

- 5.8 la 

_ 25 28 


32xd -% 12 50 I 
31% -% 11.46 | 
35*; ...1019 
24%-% 12.68; 
20^3 -'; 1223 
20% -% 12.63 | 


SJE. list Prcmimn 48*1 * based on 1/.S.S1.9321 per £)] ^ 


Conversion (actor 0.6794 (0.6763) 


CANADIANS 

1 16,; 1 20, *4 latMflnlrfJi S2 I 15 t ll-\ 

lUi MtlA ( 145. if l, 


INTERNATIONAL RANK 

82%|SpvSt.H-k7T«l l 84 | (5.95 

CORPORATION LOANS 

93% iBim hatn9*4pr"i981..j 94%nJ| I 9.80 I 11511 21^ I 1 

88% IBriMu! 7 %p<; ^1 | 89*4 8.74 11.% 630p 3 


16% 10, i 

4Z 7 « 30* 4 

I 12 


Bk.N"iiniSml. 

Beil Canada S2S — 
fc*r Val LcfO — 


b 2 % 
58 
204 
190 
3.5 40 


«8-'4 93-\ Birr* hum 9* 4 wT981.- 94%xd 9.80 1151 

94% 88% Bristol T,p:TMI 89* 4 — . 8.74 U.% 

107 ioo%m.i'.t;-.pc'ai: 102% — 1225 u.72 

112 100% iKi. 12‘jpi- 1983 — — 101%«d 1225 11.94 

97% s%pc •»!«!— 9 tu 10.03 1158 

°4 «0% Ilea: .¥ 4 k T8«i . „ 91% 5.74 10.46 

W. 97"; U*ctT»4v-,pi TB-TR.- 99% 579 949 

302% 90% r-, H(U« 94 -% 10 59 11.64 

29% 25% P» 3J;p:-lm-j 26% 1256 - 

99% 91 I an -..-rp 9*,p, 93 1027 U28 

*>7% 94% L*vti|i-7S- l S 96«d 628 1035 

92% 84% i*n.V.rvT7-8t 85% 645 11.17 

37% 7o% l*...y : pk-TC!-« 791; 693 10.19 

p 9 65% IX-v.-p. 69 t% 8 04 11.27 

73 66 68% +% 985 11.71 

Zb- 22% Th. .ipk-'JQVli 23% 1337 - 

9". 4 91 Mcl.+.SW UMi. .. 92% 569 10.46 

9<*.. 94% W.,-ilcW4<-u-78Sl. 95% .... 966 1151 

20b% 100% Wawn-k 102% +% 12.19 1L16 

COMMONWEALTH & AFRICAN LOANS 


M « I»l 9.87 

N TDANS H.; 955p CaaPacif*cS5.— 

37% 30% [*o.4pcDeb.£100. 

94%*d 980 1151 21^ 16% CulfCSICamn 

89% 8.74 11.96 630p 315p Ranker Sid. CanJ. 

102% 1225 1L72 28% 16* HollinzerE 

101%«d 1225 11.94 16X U% Hudson's Bay n — 

92% ...... 10.03 1158 3 2« 24% HudB.r n '((; S3*;- 


15,i -h SL12 - 3.5 
145. J -ij 96c - 3.0' 

39% S4.2 - 5.0 

23% +% 12%c - 0.3 

10%x3 SLlO — 5.0 

19*4«1 -% SL44 - 35 
13% 97c - 34 


32% +*4 I 


19*4 — SU4 - 
520p 40c — 


27f,b.:: 


S2.06 - 3.6 73 


5.74 10.46 14% 11% Imperial Oil! 

579 9 49 15% 945p ln«* 

-% 10 59 11.64 830p 585p lnLXaDIasSl — 

...... 1256 - 10% 610p Masscj Femu 

1027 1128 28% 2U t Pacific Fet.SL_- 

628 1035 74p 50p Plai-e^sSI 

645 11.17 25 15 RwAfcom 


15% 69c — 

30% S1.60 - 

13 86*f — 

12% ...... 80c - 

90p 80c - 


93 10.19 24 [ 14*,*, RiA-al Bk.i.in.Sti — 
04 1127 20ti I 13*s ISewramCn i51 — 
85 1171 14% PSSprr'T . Dorn. Bk SI...- 


6 93 10.19 
804 1127 
985 1171 
1337 - 

569 10.46 
966 1151 


ansOut-Pipc 


12 % ...... 

790p 

770p -5 

2n a +% 

62p 4-f 

232, -% 
18% +% 
13,; A -h. 


JO 105 
24 238 
3J 941; 


S1.08 — 

-% SIM - 
+4 92c - 

_*, 80c - 

+1, 103c - 


SJK. list Premium 48*Tr (based on $3.1860 per £) 


36 i so 
66*; 52% 


]n0"- 45* ; \iwS*;reTV78 

**5-4 92% | N.. fJax T7^| ; 

S.t% 32-4 Ih-Shpi-RMC 

*H*i. Oti-4 N J Ip-- T67R 

**»,% °J l*>,6u:7iWm 

87’, 81% rMT^H.-aWK 

95% 41 t|| L Alni.iSK-pcTWtl- 
70 50 Fife Khfcl 2*;pi: KV70. 

9b 78 lA'.epc 784)1 


BANKS AND HIRE PURCHASE 

I I 1+ er{ Dir | |nd| I 

High Low j Stack | Price ) — ( Net |CvT|Gr%]lTC| 


100JJ +% 5 55 10.16 1978 

93% 5.91 10.73 High Unr | Sba* 1 ftw 

obi, ana inn! 286 1184 1AN25.M.. 1 282 

92%«d+%" 644 1066 293 N UUaumdersllU 245 
* 5J2 ir-55 cine cbnuriu™.™ ci imlciTS 


82“ 918 1003 «35 ^90% .Ahyanervc n.100 £125* a +H, 

95 2 1024 1219 334 M* AflenHaiwr£l- 315 -5 


+2 UQ18r| — 
14.55 - 


50 -2 — 
78 -2 — 


LOANS 

Public Board and Ind. 


206 150 .Mlied Irish 204 

165 150 :VbuthnolK£l.. 153 

£20*; £13% Bank.Amer SLS65. £18% +% 
405 315 Bk. Ireland £1_. 402 
£187 £157 Dn. ]0pc_Cmnr._ 087 




Public Brard and Ind. 170 150 BtLSSni(UKi£i im ?47 

581; Ape Ml Sr- 5M9„_ 61 8.24 1136 575 380 BLX!Mr.M2_ 543 tQ30c 

60% Mr m ID'jp. Ifi-W — 83 1296 13.40 315 255 Bank. Scotland £1 273 LL05 

:S% Vk'L Hir :ipc K 29 10.79 1249 £32% £11% BmhenXYSlO. £28% +h «3.00 

LD7 V SMk.Pprife; — 337 6.57 _ 358 Z% EarclavslI 340 -2 0328 


«0% 60% \ir ui 10'jp. (&5I 83 

33% J8% MoL Mr :ipc K 29 

1 :■> 1D7 ISM. .fipr ;(«; 137 

■?;% ST l*< wlhuulWarrjttL*- 90% 

Financial 

*iii7%ifti mirprisni io2%d 

jlO ll*J h- |4(h>T!> 105- 

114'. 102% l« Hi* W 107 

?:• 74% li;tt ip.- 1 VI. T»uc. 83% 

P)% 73% Ik, r:*ji* |o. lil tu . 77% 

Crt 80% |u, pil.,, ln:|j! 93*; 

%%. | k*. Ill* I n.- 1 n i» .. 93%, 

1*1’:.- on%. |*. ii.,,* I ». In. !») . 96% 

62% T'jpiAlvIi iJlKL. 65% 

7V- aJ U- ;%i* \IH. iilW... 66 

F4* r.’j (*..•», .V 1*1 w 77% 

Sl% bfi ;ihIji w*c 70m 


1023 ] 1290 230 200 BtrtmSlnnlerUJ 230 9.41 

273 232 rater Ryder £1_. I 257 — hl717 


273 232 
(1265 1 11.68 82 67 

13.90 1330 .|?2 


l ater Ryder £1_. 257 
I'liieDiuntaip.. 81 
i..Wl1.\lb iSAli- 208 


107 13» 12 M *£19 £12% i.'oafrbbDMItK. £17%-% Q18°i — 

83** : 676 1080 ^ “5 '"hen IlbtKrlQ*) 07*2 2l2^ 0 - 

77*4 +% 8 20 1180 ® 18 L'onnthian 10p^. 24 0.71 

LL* T 4 lion £24* nv, hYiirne F7.1 £23*. 0987°; - 


93*; +% 1133 1L90P2 4 * £ ^ ^v d KVjiueFTJ £ a% .._.. (J937 0 i 

931,1 11187 12 30 1 46 7 Dawes I'r.R.' — I 17 I I — 

2? * 1229 12 40 £123 £90 OrotwIielVmtUiW. ai5iJ+Z QlB*y 


1131 12.70 
11.47 12.60 3 '« 
1215 12 80 1 

12.68 13.20 jgi 


FOREIGN BONDS & RAILS 


trs 

Hull Inw 


— I (.mss | Yield 


JO 1 y. 
O' | a.<. 


f-t Jo 
M I Jn 
44 | 40 


01'. |< ! ,!■ _ . 

?i'i* |ii-mi.iii \ iiv 
J p -i 7,^ v. ‘ 


S«„- v- 

Ih.-Sj-. Mi-.i-i \ .. 


83 58 K y m . Finance 75 

3% 1% First NaLIDp— 2% 

1 % ivj Wrrfi.7VB. % 

12% 9% Fraser Ans Iup_ 9% — - 

1% 157 ik'rrjrd \alnl 179 

50 37 liihhk.-Ut - 47 -1 

255 195 liillcnBms £1 _ 230 

29 )9 i.iunrje [*'l Hiy3p 23 

133 96 I'.nodlaj- 133 ...... 

J60 185 HuinncrsPsU— 242 

217 155 Hjmhnr. — ___ 160nl 

100 81 IlillKnirmel 91 -1 

600 325 l», WaiTjuL-i _ 375 

347 203 lUncShnsCiW 325 +1 

69 52 Jc-cJTuynhee_ 62 

215 160 ,l.i-ephiL*?.»!£l._ 215 

52 37 K'-jicr Lllmaiin. 51 


” ^ S ~ 118 104 
U «* 136 IlM 
3A 6.0 7.0 
Ij 5.9 52 g 

E 4s E “ 

+ y * £37 
“ H — 190 
73 4.4 4.1 

Z 2 1 I 01 

Z6 4.0143 7^u 
- - 90* 




91 -1 4.97 - 8.2 - 


+1 hQ59c 
b3 32 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. C.VNNON STREET. LOVDON EC4P 4BY 
Telex: Editorial 886341/2, 8S3897. Advertisements: 885033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL .AND BRITISH OFFICES 


EDITORIAL OFFICES 

.\ni.l-ril.ini !'.«> Htiv JUPU. .Inutordam C. 

T-.-*«\ I — t" I 1,-l 3.V1 

lMrit'iii-ii.ii', i;,-iir;r Hw (IcorBC Road. 
Ti-h-v :^*»L'«i Tel 11^1464 U9i: 

1^ 1- - - ■■,■■■-. 11 liv| I IciiSAiiilve ito. 
T.-Ica wr.142 Tt-i. itliii LID 
Bin-,.-l-.- :w Rm- lint .ilc 

T.rU-- T-.-I Am-SbUT 
Cnrn I - ** i*m ana, 
r«-.. ri.w.-'iu 

Iiiihlm. B Kil-w-i [ I i :> n 1 Si|!i.,rc. 

T-lvx. MI 4 T»-l TKVtJI 
>Vliiiliiir.:li- :r? Ikiir«.«- Str+rl 
1ck-». 7J4m Tel. U.!I--J2S 4IJ|) 

Fi.it-Kiun- Ini s,n h<rnl.,.->.-r 13. 

T».-||-A -ItiCHS; Tel .'OTI 
J. .liar. in.-- I.urc f.... -JfJR 

Telt-A fktCJJ-T T.-l. U.UL7MS 
L- *.mi- FT.11 .1 ■( 1 U,-;m fig-tP. Lisbon X 
Ti i.-; 13T«I Trl ;»c: MB 
W-i.lri.i- K-i-i- ,i.x-.l.i 3X Madrid X 
T«-t 441 «<77^ 


ADVERTISEMENT OFFICES 

liinnui^l'.'ni- llou«c ii,-,*rco Rnad. 

Ti.li.--. .CHWwi Ti-I (ISI.4.M iKKil 
F.lml’urclv :*T ■ lonruo Slrvi-L 
Tele TJ4H4 Tel. iCJ 4I-T9 
Fr.i,i*:li,n Im s.n-h j-nliiacr 13. 

Ti-lc-% li'LlCt T-.-I ;l--WT7 

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ivl- I’Ve lAfiiMt 


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Telex BfiURl.T Tel. 061-834 0381 
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N>-*v York- 75 Rncta.-(i-lk-r Plan*. N.Y. 10018. 

Telex iW»n Tel: *212* S4I 4635 
:« Rue >lu Sender. 7 .'002. 

Telex ^i)044 Tel. 57.43 
Hu* .|e J.invim: Avcmda IVcs. \'arjgab 4 18- IX 
T*-l: "i:* 4*43 

R«un>- Via *lolla Mei+eile 5X 
Telex: *UKe: Tel: 678 33 H 

Si«. klmlm- ■■ .1 Kvviwkn Dniibladel, Bjalambs\agcn 1 
Telex 17KVJ Tel: SOWH * 

Tr-iiran: I* 11 Bur 11-1878 
Telex 212634 Tel- eKMna 
Tnk'.u. o, ' , Flour Nilniit Kel/ar SliimhUB 
Hu 1 M 1,1; 1 -S-r. '.itemarlii * 'hiyoda ku. 

T-lex .1 2711(4 T.-l: 241 2901 
K i-limcinn- 2mi Flair. J.C2* K. Street. 

M* Ua-hinelnn U.«" -J*(i»i4 
Telex 44U225 T,.*l. <3rji A4T W76 


Mnri-'lic-fi-r Qun-nV House. Queen Street. 

Tell- % 666HI3 Tel. 061-834 3381 
Ne»v Yurk: 75 Rockefeller Plara. N.Y. I0O1S 
■titles. 238409 Tel: i212l 489 ««tO 
Tan-,: :iH Rue ilu Senticr. 75000. 

lelc*. 22111 144 Tel: 236.8am 
Tokyn. KuNulur.i HuildiD'J.- l-8-tft TVliikanda, 
Ouvurla-ku. Telex J 2711*4 Tel: 29o -WaO 


(herseas adi-ertiaOlMCut repreMnUiikes in 
Conira! and 5ourJ» Amt-no*, .tfriea. iJm: .Middle Ej«, .Voa and the Far East. 
Fur funtier dct.iilx. pleas,' < out act. 

Oxursoas ArivcrtiKcnwnt Hepartmem. 

Financial Times. Bracken House. IU. *'aiinnn Siroot, Lnnrtnn EC4P 4BY 


SUBSCRIPTIONS 

Copies obtainable Iron* new®.icrnls and heeledalla worldwide or on rceular •abacripiion from 
Subfccrtpuuii Bepaiuneni. Financial Timex, latodwa 






39% 30 
41 21 

81 59 

210 138 


162 135 
38 31% 

























































































OVERSEAS TRADERS 


Afritar I ;.le* .. _ 
\a>*. %sn.* ;»v . 

Rvr.c—m 1 W . 
Rrt[1l-Hi Tt-'t V; 
] jia - J '.' iil 1 1 'T 
I inlri> 

lilli ti I'Uiftl* 

>4 Mhn.C'11 . .. 
H'n-n>’ ■>"> £l. 
Huifruns 'S'.. 

In<*tuvi**£i 

Jar'^Kn . — . 
lamaijNh'ar— 

) miitIh* 

Mill Ml '.‘Ml*. . 
NLenanPw £1 
• •vanttVa- 2(ip 

Hit i*n 7«rh.l"f> 
Ik* *.\'N V Kip . 
SjngfTiJ.R' Mp. 
'srnn Nj*;irWp. 
iSime [larhr lnji 

Wr»l priK _ . . 
TiverKenb.Ufp. 
nn.8priV.Hl. 
l.‘ 'Hi* Mere. |oj> 
Ik* lOpcLUBp 


..6 24 
*1 I 52 


1)3 57 190 13 2 9 hi 
ulV* 1.1 T 9 485 61 
th-l I® 4 6 4 2 5 7 ?:'0 
6 24 11 17 5 ' 74- 350 

1 5 ? 4 - 4 1 * 228 


115 23 0 hi 4 - 78 

+1 h 4 43 3 2 4.1 9 5 1 U 0 
. .. 012 *. 2 4 2.0 21 0 100 
-12 9 t 2 11 22 e 3 10 2 >33 
.4 32 216880 

-5 1523 tfl o 3 88 
Z 0.67 63 4.2 


\nm ’. !:•••: * 

v-.-r llii.,u.1'r 

I --r.i i: tin 
l--i i.m! •. S’l. 

l:.i ? 



M " R . h < r .4 .. 

Mr- in;. 

i . ii.rji ).’■ |. 
r ■■iii:nTiii. *'.ii> Vi 

Vllrin.ft.rll 
Mai.. It-.:. ii.J* 4 ! 

.* 

ivi-.; ifi’i* i'v 

>%•>..! i 
•Mint I'lrjs 

>••*.«•. '.Vj, 

SMl.ll '.ll.l.l -Mil '«l 

-:i a M.il i. ,i,Ck|i 

'•‘iiii.ii ia--i r 
'iij.f. im-i "ip SMi 

I lip 

Ti-:..l.iMlri r SMI 
T'i*lm!l SM 1 . . . . 


.. 6 65 Z 3 lb 0 < 3 1 > 

.. .. ? 45 1 7 12 4 i5>i 

-2 1340 » 8.9 4> 

2 92 2 9 4 7 83 

-3 $7 82 7.5 6 5 31 61 

-3 f7 82 7 5 e.r. 3.1 17 

'4 43 1.3 % 5.4 5W) 

K -- - - - 465 

hi. 78 3.3 2 4 263 254 
. . 660 4 4 4 1 8.2 ‘>0 

*1 515 2.7 8215.4. £12 
... O8-.18 0f3 7 - « 

th0 76 110 18 7 8 1B0 

... 134 31.2 12.8 — 


COPPER 

70 {>|.*‘.ira i:» «• I 8b 1*1 1 ^. 50 . ! 19 [ 

MISCELLANEOUS 


1; in irun 

r.i'iii... Mini'- i 
i .iiin.l' 'i«.' 
v nl.i»ii-i Si 

nr *. 

>^li|r..i Ini!- i «; 
T.roK'|i:n Si 
Ti-i :*lr " 4 -n- - -i . .<ij. ' 
Yukon '.iiiii i.ji . I 


l RUBBERS AND SISALS 

•g 197 * [ I 1 + orl Dir. I |Vld 

•9 llinh Low I Stork I Price ) — | VI | fir | L>r‘s 


NOTES 


S 101 1 75 Knclo-Ir/tonri'n .. 


. . , . [1 n|r-.s mh-ruivr indiralrd. prices and nnl di\nji’nd» jrr m 

95 m I I 2.79 471 4 4 (tk-iiii- anil drnnminanrins jrr ;'.*ip t.Munalrd pm •..varrunc* 


-1127 I b 5 I ben am ron‘ lOp I 127 1 3.55 I 15 ) 4 2 Iraliir- and im"' irr ha-r.1 tin lali-.l inniril rrp.ni-. and pci-nunu 


: 1 6 i : 

■ oi; : 

i ..' 4 jii : . 
i ii in.- i I r. ** 
a lC 


oil -ii 

u ‘.25 * 

I<. ,0 ‘|. 0 6 5 2 

m I 0 5 t 
null 13 170 
;« ,' s.i • l bi i n 
o: | -ib! - i 
■. to 2 oil: * 
1 U f 2 

• 1 1 ) * j 

i viui * " :s 
OMI I 0 S 1 ! .1 
i. r r "‘lib f 

/.-^i ib ?.■» 


2.10 [i 5 2 6 t 

385 10 - 

228 *1 9 iyl 26 m 3 


! 1 .'.5 * 4 5 

| %fl< 2.9 19 


*17 111 ; birdiAfnca. 

2 62 31 Bradvrall lOp . 

iJ 305 16 S i mldieWTito.. . 
.7 49 26 t.'hcwneie inp . 

£ 47 2 > : « r.iir-. PlanU Kip _ 

.6 12*4 8J» ••'nndi.'eflinl l')fi_ 

0 375 211 i.dihnet 1 _ 

.8 120 b 5 Itdr-i't' JlJv E .5 l»p. 

3 155 56 '; !luhtaiHl' Mj«*r - 

6 84 41 '; Kuala Keponc MSI. 

.9 591 ; 

3163 b 9 Idn-SuiralraHip 
8 83 36 HalaMIMS! .. 

.4 54 30 '; Muar Buej I 0 p.. . 

81 . 55 PlanuMon Him nip 

82 37 Sun;« hrian 114. . 


tfi.Uni.-ai 16 — — -■ imLwIir-rr p»-»ihk. arc npd«ir*l»n lull irarl* (Ii:urr~. iVhnar*-. 

rthralllQp. 57 2 73 LQ 4.5 ’■•''••ulalcil «n i'h- Kr%i- of nr-l Hi-lrihuli.in: hrai-krlr-d lieurr*. 

rtlefleWTllp .. . 245 0.84 in 1.7 indirrn- in prr «-nl. r.r dillm-m r i( vaV-ntalrri on "ini'* 

[•rfaWMi inti 43 hi 4(1 1 7 4 8 d'*irihuiinn 1 r«rr» jrr liaxcd nn 'muiminr di-trihulion. 

iKplanlsinD ’ 44 hL >30 1 2 10 ’. ' '•■I* 1 ' ari- lijM-d un rould 1 -- prii r%. or- cr.»«- adjnsii-d 10 ViTof 

indt'enlral hl r r 10 0 ?6 if S 3 U ** rr rrnl * nA J ' I,BW for <" inhulions and 

'■ -7), .1 tc^J u richu N-t-urilir* mi I h dcnominail.irr* oihrr iban -Irr line .irr 

117 "1 fTm _ 5 2 ,uo ^ in ‘- ,u “' c 01 lhp ,n ‘“ Jmrnt d “"- r 
.'MamHIjile .. 122 4^0 81: ■ - 3.7 i <|nrlini; Hrirwiiiiliii icrunuisvl'ii'h m linlf niirMmi'at 

jlaheponsMSl. 78 . .. 15 35 rt..|iar ,.i.nnuni 

kulim Stir 54 +1 wll>- 0 8 4.7 • ■'T:„r *<•* k 

11. Sumatra Hip 160 $4 06 11 ;i8’ llicli'. ;in.| ■ nin-'-eil ll.u? hri\«- v.t-rP adiL'.i'-.l l ' all.-w. 

lakpff MSI .. 75 hQ 15 c 19 46 H-r ruhl-. i' ■««» i-r r..*n 

arRnerlflp.. . 48 hO .44 31 14 * Jnirnm -nnv i-r pcnmicil 

fitflftnllkh? Hip 76 nl +1 $221 20 4 3 i I Inn- r..f1n.ed. I -r .l..r-rr-rt. 

Ktthrianlui. . 70 hl 52 19 3.2 rt T “'' 'r'~ hi m den- s „ n appiu-ilfn. 

(> l-i;:uri- nr re]nn .maned. 

'I l i.li.n -1 ^ unlv 

'I'Jj 1 \ C f iTire ill IIPM- nl il'perr-rjxil 

A li(10 * Indi. :iii-il .111 Mrtul .ii'rer peinlipc *• pp . 111.P »- r-.;hi' t»»'ie; 

t_ J • -_J 1 uui'r rel.ilc* .InM-ii-N nr Iwi-i-dA. 

lnflia ailQ tsangladcsn J* Slmjvr l-iil II* renraiini.niKin III ppi.-rc-- 


7 II® ”5 A**mu*arf£! . 245 - 99 65 5 9 59C 11 ivrm . reilUkcrf l:n.-il and n-lur«>'| varnmea 

. 335 2 B 0 \-.tmrn*nner;l. 300 . . ij 16 jj 0 *9 32 ii.,ii.;ii.-,i 

-■ - 117 -1 7 31 37 91 ^ Kuri l -i 1 .|iiii|i-nil. i-.ncr -n earn'nts upiloii'tl In* Iniest 

2 29 '; 2 D'; EmpirpTl 3 DU!<Jp 29 *; 4201 16 10 2 ini.-nm -ijivm-ir 

3 350 350 La-vnc Hauls £ 1 .. . 350 615 — b .4 : • ■»t.T'.il|i»* . mr ™.:uer-inn nf *hare' ii.-i nmv r.i likin'; i-ir 

7 245 180 Tl-.Le<«f KuMfl.. 230 113.70 27 S° ilni.lei.il. -.r '.rnhin.- ..nly fur rr iri.-i...| .IK..I.1..1 

4 420 370 M> van if- . 370 ... 15 31 49 62 *■ • ■»-'-r ■Im*'- nvi ■•I- • i.,r -n.,r.-. m... I. nr 

26*1 22 Sindulll.fi- 10 p_ 261 ' . ... *H 75 32 102 •li'iil.-n.i .u a (mur.- r h i..-mni-iu 

' 249 181 Waned Hant# 221 14.89 4 9101 T 

9 183 138 Wilfiaiit-vn £1 178 9.14 A 7 7.7 * ?;;’ | , i ,, i n r •[ 

1 On Tjmka 1 Ti\ In-.- h r’'.i:r« l.vcc ..a pr.' iir.'lu' ir iiil.rr niln ii 

5 . 011 i^*** 1 **" i'.|in> lie r * "ii* - d l*i» nlmd r.i»i- P 1 |...rt 


i* I'I'I h •V" 

.0 ir c nl - 

uii-Vi a bI 3 'T '"'•"'"I. rei 

■ hlb 30 ?9 3 [ „ ll i|.. ; ,r,. 1 j 

—1 7 J 1 37 9 1 |.J Kuri l -1 | .li.i'h-ivl 

*; 4201 16 102 ini.-nm -laiemi-ir 


. rviiu.cd (:n:>l and -v n-lur«*'| rirmiie* 
li-nl. ni*.cr .n earn , ri;j; upiloH*il In* lnlcst 


Sri Lanka 


8 210 1123 iLunuvall 1 200 I.... [5 58 I 131 J 2 ■ >l ,i: *|' f. : '? -m .11.1*1 ^ . .. mu ..i;-h.-i. 

fa * * * r ririlf ' liifil'-in 4 ii*M I I I.m «>H j * \. uirnif i||i ; i | mni | .. n.i 


Africa 


■'•"hi Ii ' • III . M.'I . lil | il ..| i"l ■■nil .. : i -| i | . ill . r ..|||. i - sin .. 

1 I'nnp-Hi r.i k hi-«i":i ni Ini— n ■ liul» r 


610 [J 90 lF.l 3 rtvre£s„ \ 610 \ 150 761 4. 112 4 p- 1 " '■P*.|..n- !■■■..» n l.id.l- .,ik- pi-n:;.*. n l.inm.-t 

185 130 RubEsUli'i ! 180 I [ 1320 2.4 10 . 9 ''- 1 h - ur, ‘ * •'■* ■■ .i-Im.I.. a 

|IUIU»UI.J. 1 au I l u *«l l-rn>. IJI |...; Rn-lil t li..l| l ,.ir.l dm.l.iid I.,|.- r.. 

■ 1 UYKT 8?0 limbTil I 1 K ralii . 1 ..' nl 1 . 11-.1 

iTJLIIlJCiO p’ariniu* n I .if* >m -t ;. 1-Inl • .m-r l..i<i!ii mu .ni*' »*.ir a 

•■.■arniliu » la* Ir In ’kip n- llm 1 v. Vn-I.| .il|..i>. j-.p 

A ¥ ni\m [■ urrriu* I |;.||-P * hi .i.l.-nrl .ind'-n Id Vu-ml .-n iimr.-.-r i.tiii 

V/J 51 TI 1 AllU JK**JlX* [/ Mil I'lonil .irirl * ii'ld inrlude .1 ..pi-. . il nrnmi'iil > ■■ir.ril..— - n**t 

7 BC h in i— . ' . . ■ — - . »n ^p. • I.il I*--’ nen! \ ami • l( 


5 3 B 5 140 Durtun Iwp P.T .. 
s 416 244 EaftRanri F*rp.Rl„ 
£ 375 ; £ 29 l « Randfont r. ESI R 2 . 
178 78 '; West Rand Bl 


. 93 571 ; Prarten fiv 

I 37 18 Eas»Daii;aBl 

J 403 235 ERU.O.KOSu 

I 152 7 t> vVrt«yr.Mi% 

? 438 271 Kinrus'Rl 

\ 521 ; ’5 ... 

: 105 52 Mariende RO.Tii . 

{ 73 i; 37 S \(ni*an Ld :#»• . 

j 56 31 Yf.ikfonii-inPnr 

' 865 517 HinLelh-.akRO . .. 
| 63 31 (Wit NiM 2 .V | 


rtvmlvepP.T .. 371 —2 > — ■ I ■ — ■ — lTaHriP|-iii.i- •■■t.i|.'i|.| |.,i..a,<d r.ril|.|ii Bai |.i1 i ■ .tii .h..n HI- nn 

tRjeriFYpLRl.. 356 +18 -- [prnr. I- f*i nli*n<| iin I ;i*M fiA'i’tl «*n | r«* •(■■*■ vu>' nr m|Ii*T 

ndfont ri Eft K 2 . £ 37 >; -jj 1 v 3 ? 0 rj 25 5 t miiriai ••• nr.i ■-. . i..r i'Ci»i ■; i. •uni* >1 il 1 1 !• I* • *i 1 .>;nJ ; i«*l»l 

si Rand Bl 134 —4 ttjl 3 c| 6.7 ^ f jIht pcmhiu •« ni* .an>l ..r n;!ii • ii*' II h*MilrnJ ..n.P » n-1-f 

• ’ Mti ru« i-r iHhcr ■*lui i.il i*-rin«.)r«*- u.*^ 

i .-I _ , T _ r _ 197 R Til K h -' iiri ". nn pr «* » nr m ) n-r 

EASTERN RAND ■■■irnurrv. fn.- t-.T;: U In- n!eml ..*..1 >:.-M I -r. |.rn.j« • n.-i 

Lkauauwi ,. r a ,|k, a r ..n,.., ,| o.|,m..i,.. i— 1C1* N In. , 1—1 Jlll( j:.-M 

irlrn/i /av 821' +1 tQ 25 c 15 lJ 8 1 *i.,. r . i..r .-imui. . nn i'Cm p 

tfii 2 i;ar:l.„ 37 " +1 tO 20 r 1 — 1 ,tur *‘* h *'' "" IT." . ■ , J - .r-n.. r x 1 1 1 .-..,] ...I,nu.ie. :..r 

f*|i [A'| Mt rci l Mr I ‘i J «rii-* T hl;*|rr* .!< ii r I*v / Ml* I * 1*1 if lo 

■yr Wr'TOi: " —1 ■tOIOi* 1 ftkfl V ' ,lTf i i*.M I l .i^^uin pi imii rri.ai-nr* Hrll hdic ■i.iji 

Sul::: « -z tSS 

teS’Rorw 69 * 4 -2 4 & iBirl SLY.' "a - - "" ■ ,r r,thl ■ n * 

itnranLdltfv* . 501 ; -<3 — I — . 

KlkRfT'” 832 1 ’ -fe SSc I 7['r°:' “ Recent Issues ” and •• Rights " Page 24 

‘iiylJV 51 — _ | - -• — 

'This service i* ainilable to eicr> Campan* dealt in »n 

?AR WEST RAND Stock Fxrhan^es ihroushcm the t'niicd Kinsilom fora 

„ , __ | . | , , ... ,| fee of S 400 per annum for each .scmri:> 


i*. irn rn.hl •. u -k 


FAR WEST RAND 

445 1288 I E Inner S' | 337 |*6 | Vb 3 v I * PI 3 


tlD T i 7 b 4 BufEeb £ 10 f 3 -h O 170 c i 0 °| 

103 7 U; UeelkmlROJi— 101-2 - _ -I 
332 214 D>y>mfnnle:n Rl .. *311 -4 Q 50 i* ® 10 1 | 

1 §?3 589 ftinDrieRl • 803 tl 5 tQ 78 ..* 1.7 e. 3 f 

t 62 lb 3 a^na*-rkinf'ilii 3 k*, 260 -2 — ! 

' 153 92 B<hun:Rl 133 -2 fQ 8 « 5 r lot * 3 ' 

! av 2 890 HaneheeflRl . £W, -»s 0250 .* * 106 

'635 408 Kluof'JoldRl 635 +4 y 40 i 

' 606 432 LiLimrtini. 604 . .. QlOOv 

569 419 SoulhvaaHOi 566 -3 Q 21 t 

322 206 SalfonleinSk*. 306 -13 *?} 22 c 

E 1 S| EU' VaalRech-VW* £ 153 , fOlUc 

289 123 VemerspoftRI 256 -13 Q 25 v 

£23 £ 165 s W.ruieRl £23 +'* Q 385 c 

241 152 Western Areas R 1 _ 202 -2 ibl 3 c 

937 589 Webern Deep Rd _ 937 +14 h« 25 c 

246 163 ZandpanRl 245 -1 Q 4 L 5 C 


REGIONAL MARKETS 


100 75 Free Si.ve fie*, ilc 

U 9 '< U 2 I; FsM>.i u M.^* .. 
121 F.S Sjiipleas Rl .. 

421 279 iliniMni .Tfir 

134 6 b If'Rmw Rl 
£ 10'4 750 Pri'i PrafKl 'Jk: ... 
908 582 fYe.. Sfeiti :THv . .. 


^35 +4 U 40 i* 41 ; ' The fcllri'Ains m a <eiei.in>nnf La>ndMin|ii'.tiiiir.n.-r-f -li-irps 

604 . .. QlOOc 4< 15 4 prc-.iMu.-l.i Ii.io-i unM in rv".i-in.ii M-irk'.-*.-. I*n.e» ..( In h 

566 -3 Q 21 l 10 5 2 |-• , ■llc>. mi-it m vm.-ii ..r^ :ivi nil i.ili;. Ii-:i*i| n l.<.>ndnn, 

306 -13 »vJ 22 c 23 ii an: ii. i|u>iic>f mi iliw In.-h ev»*h.in;.* 

£ 153 ; K Ulki , 33 4 5 , .. . >hvii livir :n::i SBidl 

256 -13 Q 25 t l e ' 1 "c 1 ^ It I BituL. 1 ! iWm • . . 105 

m (Sfrc. 5 .oe A'li.spinniiij . 44 .. 

^ I? ?*, I 2 ’S •»«■"" * 21 I . . 

202 -Z tul 3 c 27 Jd H.I - air 7 .Vin 295 

937 +14 h 3 l 5 c 24 a .v. er.V.r,: . Zb l IRUW 

245 -1 Q 4 Uc .♦ 10.1 1 Tin” It Ifn-vl I 460 j . fiini O'^’Wirr: [ '«*.! 

S k h. "i VI iVk i M ‘ .'III. ilex* ' ■••• I 6 b ” 

Mli'A Ui'!!ii> . I 61 j , irilll( , 35 j + 4 . 

h'i-n.l . 16 -; 1 * .rr.tli . 1 1 f . IBb 


fnpi V £92 ; | .. 

.\lll.iJ|.*v > ..■• i 66 
\rntaffl i Ud 


90 .... Q12.. ^ l A l'* ! V 'Y.r” - ' 

£19, ... 27 | ^ | 

in ^ ". 7 ■* iS i 

112 +6 Obi 05 - M..i: ,.).. ” ... 2b- 

a 8 . -...I..- 1 .« 57 I’ 


908 + 33 T^ZOv 99^ J Mi’, 


?nn ii? I)*' Ik-jenaRI 1 899 -5 lyllS'*} 2 . 5 I 7 i Ik'-i M Ii 


200 144 If.mM ... 
?-3 (190 Wtlkimi j". . 
€ 21 7 s|D 3 *i [W Jf.jldins* 


’.rrndl I 354 

■ '.rr-.li -M l . 105 

• Tciii!.iih.in ) 106 
. ..ii. ri*l«* i 145 
iji.|i«i. . I ll.l;, > I 55 

j 160 

lr*ni:..tK*> J 135 
J*..*nl. ... I b 7 

snii.M-am .. I 32 
TV '. ... I 201 
1 UHJ..IV I 95 


354 +4 

105 


55 - 5 

160 I . 


337 -1 tv 35 v 1 . 9 l t.: 

£ 21 , 1 -'s [tV 280 r| 15 | 7 7 


FINANCE 


650 4"4 in; \ni i'u 4 :>k 
540 246 '.a.*f'i.\ 3 n *7 Hu* 

£ 18 "s 114 s ! \n- Tm.iiofd Hi . 
800 o 21 .liu-'i'iwl "** . . . 

130 119 t*h drier <'11111 

2 W 163 1. ini' ‘uifif Fieiil* 
25 17 Fj -t Ibnil fun. hu 

DpilCU i..^i Mimiilt: 

Cl 1 * £ 10 , I'r-U field. > \ .. 

£ 34 , 110 'o'h'.Ti; 1 mti*'. K 2 -. 

395 133 Middle ilii 

;6 22 TIitv cm l?.*r, 

79 b 12 b .. 

142 95 \ew Til Sir 

£ 11,869 FaliirAlFha.. 

58 50 fLindlaimlnn I.V-. 

^16 375 Seir^ii'iiTniii. . 

223 161 Scntru-r Kir .. . . 

59 29 fii..rrriiinrt 3 ';p. . 

£ 1 * |£11 r>aal , '.jn- fJiil . 

247 332 1 ' l. I.-iit-J Ii! . 

300 238 ''nii'ni.:Tn. . 

fc) 4 Q 'uijrl'Jij' 


-10 O 60 r 

g3b:.*, 

i .. iQioS. 

•r Hf 

+1 1919 
+' a 107 
«J 225 .* 
•*, mioe 
! W 370 v 

-2 g 25 i* 
11.77 
gliu 
-5 Q 15 c 
*'s <^.‘ 50 f 

lOlte 

„ 14.21 
-9 Q 30 t 
. . 2.54 
, +Q 95 e 
+3 nj.’Oi- 

.. <^ 8 r 

Vr-x 


34 6 7 
4 > 6 

11 5 .' 

<6 80 

q!4 £i 
26 7! 
13 7 e- 
2.1 

12 47 
2 2 7.6 

9 a.: 1 

1.9 5 J 
1.4 3 6 
0.6 71 
* “6 
3.0 17 ? 
1.9 4 3 
* 8? 
17 77 
34 47 
I? 7 7 
1.6 7 8 

10 6.0 


OPTIONS 

3-month Call Rates 


DIAMOND AND PLATINUM 


"42 |£30 Tn;! 1 . . , 1 »i.|ri* v .. 

92 I W t!'IWfr-*; J T*Wl Jfir. 

2 S 5 In- Der;. [!•.« 

,r 25 lK. 4 upt !•• hi 

:-4 i j-deniyiT; 1?-v. ... 
I 73 |RaiRjL*«e^_ 


Ml !, -, kffcoo ,. i.ij Eb 

90 -2 107 .Ii* 1 .M 3 7 

389 *1 053 5 .* 33J a ' 

£11 gzoc,* flotiov 
“ . -w- T - 1.0 ; 


inriuMriaic 
A. Krt-v. 

’i.l * 1 enii*:*" 
f : - K. .. . 

I -*i 1 I 

K - r . I :; . 
hi~.. ,| i;ni 
I-.I..1- l»ni_* 
Ip.V.U-.T- 

llru-i 1 ij ■ 
liudvi' * ' . 

I ' M*! 'lir • 

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hold for savers 

Head Office? High Street Skipton 
BD23 IDn Tel: 0756 4581 
London Office: 81 High Hoiborn 
Tel: 01 -242 8 147 

AjjdsrocdUSIflnon 

OP c Bed pflotl , 


FINANCIALTIMES 


Tuesday August 1 1978 


Weatherall 

Green & Smith 


Chartered Surveyors -Estate Agents 

London Leeds Paris Nice Finnktur; 


FRENCH AIR TRAFFIC CONTROLLERS PLAN FURTHER ACTION 


THE LEX COLUMN 


Queues grow at European airports rnral’c tramhfo for 

BY MICHAEL DONNE IN LONDON AND DAVID CURRY IN PARIS JL CML (dJI MJi. PIf JL%/ JK. 


THE AIR travel chaos which has 
already stranded thousands of 
passengers at Western European 
airports may continue this week, 
and get worse next weekend 
when French air traffic control- 
lers resume their work-to-rulc. 

Late yesterday, the controllers 
said that, in the absence of any 
Government moves to negotiate 
on their claims for higher pay 
and better working conditions, 
they would continue their in- 
dustrial action until Wednesday, 
and then resume it this week- 
end. for the fourth consecutive 
weekend. 

The French Government is 
refusing to negotiate while the 
industrial action persists and 
M. Raymond Earre. the Prime 
Minister, has commented that 
the controllers .should “ come as 
quickly as possible to a better 
understanding of their responsi- 
bilities towards air travellers." 

M. Joel le Theule. the Trans- 
port Minister, who says the 
action is " unjustified and un- 
acceptable." has indicated that 
he will listen to the controllers' 
grievances when normal working 
has been resumed. 

He claims that the controllers 


are fully aware of the Govern- 
ment's intention to make special 
provision in next year's budget 
for investment to improve the 
quality of the equipment, and 
that recruitment of further staff 
will follow. 

The controllers, who operate 
the four centres of Athis-Mons 
(Paris and the north-east): Brest: 
Bordeaux; and Aix. have so far 
mounted separate actions. 

The present action will end on 
Tuesday evening or Wednesday 
morning, depending on the 
centre, to be followed in most 
places by mass meetings. At the 
same time, delegates will attend 
a joint meeting, probably at 
Athis-Mons. 

They claim better pay, inte- 
gration of bonuses into salaries, 
immediate investment in modern 
equipment and an end to the 
system nf dual civil and military 
controllers, which they claim 
limits employment and promo- 
tion. 

Air traffic controllers arc 
bracketed with police and prison 
officers in not having the legal 
right to strike. 

Present pay for a senior con- 
troller. including bonuses, is 


around FFr 8,000 (£950) a month, 
which is less than a quarter of 
the earnings of senior pilots with 
French airlines. . The controllers 
take charge of aircraft dying 
higher than 3,500 metres. 

In the UK, airlines are 
unlikely to be able to clear the 
backlog of delays of up to 4S 
hours before the go-slow resumes 
on Friday. 

Many airlines and airport 
managers openly wish that it 
were a strike rather than a work 
to rule, because they could then 
advise passengers either not to 
travel or make alternative 
arrangements. 

As it is,- alt they can do is 
advise passengers to turn up and 
wait, or set schedules back 124 
hours and ask passengers to tele- 
phone far advice before leaving 
home for the airport. 

British Airtours. the charter 
subsidiary of British Airways, 
yesterday set all its departures 
back by 24 hours, while Thomson 
Holidays asked all clients travel- 
ling today to cal! 01-388 1241 
before leaving borne 

The problem was worst again 
yesterday for holiday flights to 
Spanish resorts because they 


pass through French airspace. 

At Heathrow, there were 
severe problems but less acute 
than at the H holiday airports.’* 
Delays to Paris were said to be 
up to two hours, to Portugal four 
hours and up to three hours 
to Italy and Switzerland. The 
French controllers were reported 
to be taking only 16 flights an 
hour through their airspace en 
route to Central and Eastern 
Europe. 

Some flights are using the 
so-called “ Spanish Track " over 
the Bay of Biscay, but this 
involves flying for about 200 
miies out of direct contact with 
UK and Spanish air control and 
is disliked by pilots. 

The Civil Aviation Authority 
emphasised that this route had 
been devised solely to help ease 
the problem, and no airline was 
obliged to fly it 

So far as the cheap-fare Stand- 
By and Laker Skytrain flights are 
concerned, the problem has 
Stemmed from - unexpected 
pressures of demand, and has 
nothing to do with the French air 
controllers’ dispute, except where 
flights destined for New York 
have been delayed while passing 


through Europe. 

The point is made that some 
of the difficulties of passengers 
waiting for these cheap flights 
stem from their own lack, of 
understanding of the risks in- 
volved. in travelling Stand-By at 
all — for example, in not recognis- 
ing that there is no guarantee of 
a seat at all at any time. 

• The British Airports Authority i 
yesterday applied to the Higb 
Court for an injunction restrain- 
ing the scheduled airlines from 
offering cheap Stand-By tickets 
for sale inside Terminal Three 
at Heathrow, and obliging them 
to sell those tickets only from 
their town offices. 

• In Rome, union officials went 
ahead with plans for a 24-hour 
strike by airport ground staff 
and some pilots for Thursday, in 
a protest bound to inconvenience 
many passengers and force some 
flight cancellations. 

• Thomas Cook, the travel 
organisation, yesterday set up a 
£50,000 contingency fund to help 
clients stranded at British air- 
ports because of the Industrial 
action by French air traffic 
controllers. 


CORAL 

LEISURE 

Price retime to the 
FT-ACTUflinfS 
ALL-SHARE INDEX 


Treasury research boost 
follows Ball report 


$ falls to new low 
against the yen 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE TREASURY proposes to 
expand its research effort and 
develop its outside links in 
response to criticims about a 
lack of openness made earlier 
this year by an officially com- 
missioned report. 

The suggestions, however, only 
go some way towards meeting 
the recommendations of the 117- 

K age report produced in April 
y a committee chaired by 
Professor Jim Ball, the principal 
of the London Business School- 
In particular, the Treasury has 
rejected a proposal for the 
creation of a central research 
unit. Instead, it argues that the 
present dispersal of research 
effort works well, and that 
separating this from day-to-day 
operations of forecasting and 
analysis would involve a sub- 
stantial cost. 

The Treasury's reply was dis- 
closed in a Parliamentary 
written answer yesterday. This 
said its research effort in the 
area of macro-cconomic model- 
ling. forecasting and policy 
analysis would be increased, 
while existing arrangements for 
liaison with academic and other 


research workers would be 
developed. 

The main changes proposed 
are the appointment of three 
new professional economists 
whose main responsibility will 
be for research including the 
evaluation and application of 
research done elsewhere: the 
increased use of part-time 
academic consultants; and the 
appointment of an independent 
chairman to the existing advisory 
academic panel. 

The academic panel first met 
just over two years ago to bring 
together users of the Treasury 
model for forecasting the 
economy with leading academic 
workers in similar fields. 

In addition to these functions, 
the panel will now become 
responsible for advising on 
the strategy and priorities of 
the Treasury’s macro-economic 
research programme. It is 
expected, that this will involve 
a written annual report to the 
Chief Economic Adviser to the 
Treasury. 

The report criticised the 
Treasury for a lack of openness 
in the public presentation both 


of its thinking about alternative 
economic policies and of its 
research work. 

These points received a 
distinctly cool reception from 
senior Treasury economists who 
felt that they were already much 
more open than before in view, 
for example, of the publication 
of internal working papers. 

An irony about both the 
report and the Treasury's 
response is that the reason for 
the committee's formation, an 
inquiry into optional control 
techniques, has been downgraded 
to a relatively minor issue. 

The committee's brief had been 
to consider how far these 
techniques could be applied to 
policy-making. The optimal con- 
trol approach involves an 
attempt to reconcile certain 
specified goals using techniques 
derived from engineering. 

Professor Ball's committee was 
sceptical about the direct benefits 
of this approach to decision 
making and suggested there 
might be uses at a more technical 
level. 

The Treasury has not sought 
to take the Issue any further. 


BY MICHAEL BLANDEN 

THE DOLLAR fell to new low 
levels against the Japanese yen 
and the Swiss franc in exchange 
markets yesterday. 

in thin and nervous end-of 
month trading dealers reported 
that there were no new factors 
affecting the market, but the dol- 
lar remained under the pressure 
which had been 1 evident since 
the Bremen and Bonn summit 
meetings earlier In July. 

Further fall ■ 

The dollar dropped to a record 
low of Y1SS.45 in London deal- 
ing before closing at Y1S8.S0 
compared with Y190.3 on Friday. 
The further decline followed 
earlier trading in .Tokyo, where 
the dollar had closed at Y190.S0. 

The Japanese central bank, 
which Intervened heavily in the 
markets towards the end of last : 
week, was reported to have 
offered no further support yester- 
day for. the US, currency. 

Against the Swiss franc, the 
dollar fell at one point to : 
SwFr 1.73 before picking up ; 
slightly to end at SwFr 1.7345. 
compared with SwFr L7525 on 
Friday. 

The pound met a little late 


1 175 p Yen pars— 
. 1 » r 


f . 

, i .• : 

; * > i 
< ■ ( . 


YES 

AG AINST 
TETE DOLLAR 


» o * O j 

1977 


« I H 4 

1978 


selling from New York hut 
gained slightly against the dollar, 
ending 65 points higher at 
81.9315. Its weighted index was 
unchanged at 62.5 after touching 
62.7 early in the day. 

The price of gold slipped hack 
after reaching record levels on 
Friday. At one stage it fell below 
SI99 an ounce, ending in London 
at 52002 for a fall of 81 com- 
pared with Friday’s level. 

Yen deposit roles. Page 3 


Britain writing off £60m a year 
from Third World debts 


BY DAVID HOUSEGO 

THE GOVERNMENT is writing 
off repayments of up lo £60m a 
year on outstanding debts of 
about £900m due from 17 of the 
poorest developing countries. It 
is the largest debt cancellation 
programme yel undertaken by 
a western donor nation. 

The measure was presented in 
the House of Commons yester- 
day as an ex tension of Britain's 
aid programme by converting 
past official loans into grants for 
those countries who now receive 
British uitl in grant form. The 
Government continues tn oppose 
generalised debt relief for 
developing nations. 

Mrs. Judith Hart. Minister for 
Overseas Development, said the 
measure would involve no 
addition lo the British aid 
budget, which is rising in real 
terms at 6 per cent a year. 

The measure covers countries 
with an income per head at 1976 
prices of under 5280 a year, but 
excludes Uganda. Kampuchea 
(Cambodia) and South Yemen 
because of serious violations of 
'human rights. 


South Africa to receive 
UN representative 


Coral Leisure is capitalised 

at £S3m. It liar spent wound -Index fell 2.7 to 489.4 
£70m on diversifying mtD the mmmmmmm 

hotel and holiday camp business ■■■***"**^^^^^***^^" 
over the past IS months and had ■ - ^ 

a £6m rights issue to boot So Hfflf ■} l | '1 

marginally lower interim pre- tjfl : . _ 

tax profits of £7.5ni looked de- | — — — | 

cidediy uninspiring yesterday ■ |r — 

and the shares dipped Ip to 09p. 30 *■ *V"f \[ 

Coral is at pains to point out y *S 

that its two main acquisitions.' " 

Centre Hotels and Pontins. have y~arpr'~ 

a very seasonal profit pattern. t®’” y t 

Centre Hotels earns around r*r\D at V 

four-fifths of its profits in the t loiror t 

second half and Pontins made a ^ _ LEISURE fcj 

£im loss 3fter financing charges *“ Pnce jghu w 10 t he v» 

in the first six months. In the fi[*sHaREwoEx 

second half both operations 1978 

should do substantially better, fifil fill ill 

Centre could produce £5m pre- Jan Feb Map tor Dby Ja Ja! 

interest charges and Pontins be- * 

tween £Sm-£9m. Knock off £4m 

of interest costs, say* and these merger of The ** three 
rwo could chip in an extra £10m sisters” which created Harrisons 
pre-tax this year, Malaysian Estates; it failed again 

It is still too early to pass when resisting H and CVr lake- 
judgment on the., success of over of Ilarcros ^Investment, 
these acquisitions. Coral has *' a s defeated yet one 

diversified its profit base but, more time in its consortium bid 
in the case of Pontins in par- London Sumatra. But there 
liculax, it paid a hefty price no neect t0 ree * * or WT. 
and it will be some time before . ® f a test accounts out today 
it Is possible to see just bow indicate that all these "failures” 
much more profit it cau squeeze mat * e for a £4m to £3ui profit 
out. between March 31. 1977, and 

That leaves two main worries. 1 J. , , 

Leaving aside the acquisitions, . ^ these cases, R1T had 

it appears that Coral’s existing kudt shareholdings before 
businesses did no better than ac tiou started. The trick has 
mark time in the first half. b . een e . ,ther t0 Provoke defen- 
Casinos were the weak- - spot, s * ve b *ds or, as with London 
having produced over 50 per Sumatra, to make a bid itself 
cent oflast year's trading profits. thereby draw attention to 
Coral now faces the threat of undervalued assets, 
markedly higher taxes in the *. .< 
wake of the Royal Commission. Airlines 
In common with Ladbroke last Comforting news for pas- 
week it feels that a doubling sengers trapped in airports 
of casino duty (knocking*: Elm around the country: the air- 
off its profits) would be fair, lines, at least, are having a very 
But such sentiments seem good time. In aggregate, the 
unduly optimistic and the profits U.S. carriers have so far 
are likely to be hit far harder reported eamiags galas of 130 
in the long term. per cent in the second quarter, 

i However, Coral’s share price And 'in the past few months, 
has notably underperformed Ihe such diVerse companies as KLM, 
market lately and at 99p it is Alitalia and Japdn Air Lines 
j selling on a fully taxed multiple have all returned to the divi- 
of just over 6 (assuming profits dend Ust after absences oF 
of £28m) and a yield of 9 per several years. 4 

cent Strip out the casino profits According lo Capital Inter- 
and the multiple rises to 10— national of Geneva, the inters 
and the dividend la still nearly national airline group was out- 
twice covered. performed only by the gold mine 

sector in the league table of 

RntWhiiri Tnv world s *L are prices durin £ Jul y- 

KOtnsuilia inv. In profits terras this is the third 

Rothschild Investment Trust year of recovery from the low 
appeared to be the loser in its point of 1975 when, taken as a 
battles with Harrisons and Cros- whole, the world’s scheduled 
field over the past two years or airlines lost money. Last year, 
so. It unsuccessfully opposed airlines in the International Air 


' Transport Association earned' tV 
record 81 bn or so. Higher dis-.' 
posable income m the U.S./tp. 

1 gather with the substantial new \ 
traffic generated by price redoc- ", 
lions, bare combined to traps- 1 
form the finances of what ; ..ia 
both financial and operational 
terms is a very highly geared 
business, l.VfA is Innking for* - 
IO per cent rise in total pas- 
senger traffic this year. Fur ihe- 
U.S. majors. Wall Street is now 
expecting Volume gams of 12 to 
14 per cent and a rise of 
. between 33 and 49 per cent or" 
more in earnings this year. 

This could mark the peak for.' 

(he time being. Some analysts 
fear a slowdown in the U.S. 
economy nejjt year which on 
past form would slice a great 
chunk out of the sector's earn- 
ings. However there seems ro he 
a growing' feeling that although 
the airlines will remain cyclical, 
the peaks and troughs wilt he 
higher than they have hecn > 

■recently. Tlie. argument is that " 
capital constraints will limit 

capacity over the next decade 
— replacement spending by the 
U.S. majors is pnt at well over 
SGObn by 1HS5 ~ and that 
management is anyway much 
more financially sound after the 
shocks of the past few years. 

Tl»e hulls need to - be right 
Stocks like TWA have more 
than doubled this year, and the 
Capital International airlines .?•; 

index is back to its high point 
or the early 1970’s. 

State companies 

The contentious accounting 
policies of the nationalised in- 
dustries appear to be stirring, a 
few hearts in Whitehall' . It. , 
seems that discussions are ' 
already going on among senior 
officials, including representa- 

tives from tlto Troortiiry and .1 

the Government Accountancy 1 
Service. The aim of the talks.: 
is to achieve consistent financial^ 
reporting rales (or the maju£ 
state company accounts next* 
year. 

A conference of nationalised^,., 
industry finance directors and*: • ' 
Whitehall officials :is on the ; ': 
cards at some stage though it - 
is unlikely to be called before,; 
an October election. Meanwhile^ 
the big accounting firms raayv 
care to note that one of the 1 
issues already identified for-; 
attention is the attitude of. 
auditors when a state company • 
radically alters its accounting^ 
policies. 


Final decisions have not been 
taken on Ethiopia and Vietnam. 
Those excluded would account 
for a further £27m of outstand- 
ing debt, of which £I8m is owed 
by Uganda. 

The main beneficiaries of the 
measure will be India with 
£600m of outstanding debt at the 
end of 1976: Pakistan (£lllm): 
Malawi (£32m): Sri Lanka 
(£26m ) and Egypt (£ISm). 

As a result of the measure, the 
proportion of British aid not 
tied to the purchase of British 
goods will rise. Officials said 
yesterday that the potential loss 
of jobs for British workers 
through temporary loss of export 
orders could be between nil and 
2.400. depending on the assump- 
tions made. 

Far higher estimates have been 
circulating in Whitehall, how- 
ever. These caused the Cabinet 
to hesitate on a decision that bas 
been in the air since February 
until Ministers were assured 
that the employment effect would 
be minimal. 


Mr. Richard Luce, the Conserv- 
ative spokesman bn overseas 
development, said yesterday that 
while' there was a strong case 
for helping the poorest nations 
with the least prospect of paying, 
the income per head ■ classi- 
fication was a a very crude 
measurement.” He advocated a 
case- by-case approach. 

u Because of the large amount 
of debt due from India tbat 
will be written off, the Govern- 
ment is having discussions with 
New Delhi to ensure that the 
extra funds generated will be 
used to finance the local costs 
of aid projects. 

In March industrialised nations 
agreed in principle to convert 
past loans into grants for the 
poorest nations. But the measure 
is likely to be received coolly by 
most developing nations as they 
see it as making a marginal con- 
tribution to their debt problem. 
By the end of 1977 the total 
debts of developing nations is 
thought to have been about 
S340bn. 

Parliament Page 8 


BY JOHN STEWART 

THE South African Government 
tonight Indicated Qualified 
acceptance of UN Security 
Council plans to transfer powei 
to an independent Namibia in 
terms of settlement proposals 
formulated by the five Western 
security council nations. 

As a first step, it agreed to 
receive Mr. Marttl Ahtisaari, 
UN special representative, in the 
Namibian capital, Windhoek, 
within the next few days, and to 
await his report on how he plans 
to implement the proposals 
adopted by the Security -CounciL 
However, a final decision to 
support implementation of the 
resolution would be withheld 
until it was satisfied that Mr. 
Ahtisaari's recommendations 
accorded with proposals accepted 
by -south Africa in ApriL 
The Pretoria Government said 
that, while it could not agree 
with the Western powers’' justi- 
fication for introducing the 
Walvis Bay issue, it had : noted 
certain clarifications “that they 


CAPE TOWN, July 31. 

do not regard this subject as part 
of their - settlement proposals 
and that the resolution does -not 
address itself to the legal status 
of Walvis Bay, nor does it in 
any way prejudice South Africa's 
legal position.” 

Clarification 

South Africa repeated that it 
would not be prepared to 
negotiate with anybody on the 
basis of the Walvis Bay resolu- 
tion and that no decision by the 
UN or any other body could 
deprive South Africa of the part. 

South Africa understands from 
the Western clarification, that 
the issue of Walvis Bay will be 
dealt with at some time uncon- 
nected with any timetable. 
“Tbe future of WaJvis Bay can 
be determined only in future dis- 
cussion between the South 
African Government and the 
future government of South 
West Africa," the Pretoria state- 
ment said. 


Enjoy your next holktef 
more with Jacouard 






ri 


. Next time you manage to fit in a couple of 
weeks holiday, will you spend most of the time 
worrying about the office? 

Will the invoices be issued on time? Will 
the tempo ra rv accounts derk understand your 
system?, Will your secretary miike tbe right 
corrections in that report and ^ad it to Ihe 
Chairman in time? And so r>n .. . 

Installing a Jacquard -l](M>or J50 
Videocomputi-r may well be rh«; answer you're 
looking for. With a. Jacquard in the. office. you 
enter the era ofThe Automated Office. 

Jacquard's J 1 00 is an ext rvmcjy cost- 
effective mini- computer which id designed 
lo handle many of your office 
functions including 
accounting, ^vord 


Weather- 


UK TODAY 

RAIN, heavy at times, in many 
areas; drier in N. 

London. Cent. S„ S.W.. SJS. EL, 
Cent. N. England, Midlands 
S. Wales, Channel Isles 
Periods of rain, heavy at times: 
hill and coastal fog. Max. 17C- 
19C (63F-66F). 

N. Wales N.W. England 
Perhaps outbreaks of thundery 
rain. Max. 19C C66F». 

Isle of Man, S.W. Scotland, 


BUSINESS CENTRES 


.Smsierdm. 

Athens 

Bahrain 

F.ancflona 

EOnu 

Si-llast 

Gvlftradu 

Pvrtin 

nimiRhro. 

Bnsiol 

Brussels 

B. .Virus 

Cairo 

Cardiff 

ChKKIga 

Colnjsno 

CnpnhsKn. 

Dublin 

Edlnbrsh. 

1 raiiHurl 

Geneva 

t'l.ttKUVV 

Itulsinici 
II. K0II3 
.loUurn 
Ustinn 
London 


y'daj- 
mld-tl iv 

T. *F 

S 2> sj Lnxwnhrg. 
i :i W Madrid 
S "!T 09 Manchair. 
C JG 79 Milan 
S 3 8 Mnpin-ol 

C 1-i .'7 MOSCOW 
S v'S S2 Munich 
S 30 c fi Sirwcamlc 
C Ij Delhi 

r sq' New York 
C S2 TTOslo 
F S« Si I Paris 
C 11 K, Pi-rth 
S ::5 96 1 Pnuiur 
B 13 MiRvykjaillc 
S Cl 7P! Km dc J'q 
K M id! Home 
S 37 alsuuuBore 
C IS Mi Stockholm 
C H W'Siraahre. 

s » •itiSrdiwr 

C '-V ESITebron 
F n 78! Tokyo 
S 21 TjiTorunin 
s 3* s;; Vienna 
S JI Tl (Warsaw 
s J2 ~2 Zurich 
H 17 U 


Y'day 
nikl-dar 
'C *F 
R 19 16 
F 93 13 
C 16 61 
C 33 73 
S 19 67 
S 21 76 
S 26 79 
C 14 37 
C 29 M 
C IS flo 
S 27 M 
K 19 1:6 
F |3 M 
S 27 SI 
C 13 M 
S ■.*9 VI 
S 2S £2 
S Jhl bT 
F 16 ul 
C 2i 77 

(■ ir ns 
s 3 S4 
C. 31 H9 
S 30 «B 
S » M 


Glasgow, Argyll, N. Ireland 
Mainly dry. Max. 1SC-20C 
f64C-68F). 

N.E. England, . Borders, Edin- 
burgh, Dundee 

Outbreaks of rain or drizzle. 
Max. 14G-17C (57F-63F1. 
Aberdeen, Cent. Highlands, N-E. 
Scotland. Moray Firth. Orkney. 
Shetland 

Ruin or drizzle at times. Max. 
13C-16C (55F-61F). 

N.W. Scotland 

Mainly dry. Max. 16C-17C (61F- 
63F). 

Outlook: Some rain, particu- 
larly in S. 

August outlook; Changeable, 
mostly rather cool. Rain above 
average. 


Continental sells Smurfit stake 


HOLIDAY RESORTS 


Ajaccio 

Alders 

Biarritz 

Blackpool 

Bordeaux 

Boulwne 

Casoblnca. 

Cape Town 

nuhtoi-nik 

Faro 

Florence 

FWnchal 

Gibraltar - 

Guernsey 
Innsbruck 
Inverness 
I. of Man 
Ktjnbul 
s— sunny. 


Y'day 
mid -dap 
'C “F 
S 29 84 

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V— Fair. 


Merger 
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Majorca 
Majaua 
Mails 
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Naples 

Nice 
Nicosia 
Dporiii 
K findus 

Salzburg 
Tannic r 
Tenerife 
Tonis 
Venice 


Y'day 
mid-day, 
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S 39 H 
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BY MARGARET REID 

CONTINENTAL GROUP, the 
U.S. can-making and packaging 
company, has disposed of a 2U 
per cent holding in the Dublin- 
based packaging - concern 

Jefferson Smurfit 

The £18.4m deal is one of the 
largest recent sales of a block of 
shares. 

The sbares were placed with 45 
British and Irish investing insti- 
tutions at lSliiip a share, 

which compares with Friday’s 
closing price of 206p. 

Last night, Smurfit shares 
finished only 3p down on the day 
at 20Sp. Tbe stockbroking firms 
| Fielding Newson-Smith and Rowe 
and Pitman Horst-Brown in 
London, and Dudgeon in Dublin, 
handled the placing. 

Continental Group has had a 
commercial and shareholding 
relationship since 1962 witb 

Smurfit, . which has expanded 
rapidly in recent years from 

being essentially an Irish 
domestic company and has 
moved into other countries, 
including the U.S. 

The holding now sold was 
mostly built up between 1963 and 
1972. 

The two companies said yes- 
terday that “ the thrust ot 


Smurfit’s activities and its plans 
far overseas expansion have 
posed the probability of future 
conflicts of interest in competi- 
tive markets with Continental, 
which is also expanding its inter- 
national packaging business." 

Because of this, Continental 
has decided that investment 
opportunities in its own business 
make this a favourable time to 
dispose of its bolding in Smurfit. 

However, both groups expect 
that their existing commercial 
relationships will continue. 
Smurfit has been consulted fully 


about the sale and ** understands 
the motivation of Continental.” 

About nine-tenths of the shares 
just disposed of have gone to 
British institutional investors 
and the rest to Irish institutions. 
The National Coal Board Pension 
Fund bought just over 5 per cent 
of the Smurfit ordinary capital, 
for more than £4im. 

Smurfit said yesterday that it 
was too early to forecast results 
for the year to January 31. 1979, 
but that it was planned to raise 
the gross dividend to 12.5p a 
share, from lip. 




communications, A number of people cun use 
the system at the same Lime so you don't have In 
wait Tor payroll to finish before you cun analyse 
the day's orders and complete the internal mail. 
The simplicity: of the systems make accounting, 
stock control, payroll, and so on almost an 
automatic process for your permanent staff and 
even temporary staff can cope with the 
minimam oft raining. And you’ve a fully 
automatic typing" system at the same time.- 
lf you're « division nr a larger group, your 
Jacquard J HX1 will bo able to communicate with 
fi forge ivnlruJ computer uud ivirlz uthcrJ LOO's 

in other locations. 

If you’re a small company the single user 
Jot) may be the low mst solution y ou require 
whilst providing you with many of the 
^ multifunction. faciiit tos available on 

We don't guarantee that 

compu ter will enable you, 

la take more holiday, but 

ESk -WL ‘' re SLUV 1 fc 1 






New hope for Belfast 
car plant project 


WA -T 

■>; 

ro'V'-i 


*' ** 










FINANCIAL TIMES REPORTER 
NORTHERN IRELAND may 
after all bav won a multi-million 
pound project to build a car 
assembly plant outside Belfast 
The plant worth up to £80m 
and providing over 2,000 jobs, 
would be built by a U.S. -com- 
pany headed by Mr. John 
De Lorean a former senior 
executive of General Motors. 
But at the week-end it was 


reported that Mr. De Lorean had 
received £20m in U.S. Govern- 
mnt credit support to build , the 
plant in Puerto Rica; 

Last nigbt the Puerto Rican 
Government conceded defeat 

According to the Puerto 
Rican's Mr. De Lorean's com- 
pany has signed a covenant with 
the Northern Ireland authorities 
undertaking -to build the planl 
in the Province. 


, ; Jacqusid.tfy.fyjTns are av.iHob 

'• your inicit I doqrihqLdr 



pghiim»hi re.TeWphfjne: 

a? jar A* asntiswK-nBfw' ' ' ' ’ 

& Tfiv Fiflaactu Tinna Ltd., tyn