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SURVEYORS VALUERS AND 
A LOTION EERS OF REAL ESTATE 






No. 27,626 


Wednesday August 2 1978 


** 1 5 


15p 


*8> 

1375 


CONTINENTAL SRUWg. WlCE5i AUSTRIA Sdi IS; BELGIUM F- 25; DENMARK 


<^y , y 




FLAKE & 

NODULAR 

IRON 

CASTINGS 


MEEHANITE 

WHlrivMdiiiuf rtsnabon * 

The International Meehanite Metal Co, Ltd. 

Attcn MNiIl Ragle Surrey ftl.Reqalc *4788 


Kf 3.5i FRANCE Fr 3.9: GERMANY DM 2 0; ITALY L 500; .NETHERLANDS Ff Z.p, NORWAY Kr 3.5: PORTUGAL Ek 20: SPAIN Pta 40; SWEDEN K' 3.25; SWITZERLAND Fr 2.0; EIRE 15p 


NEWS SUMMARY 



BUSINESS 


$ hits 
new 


lege 



• DOLLAR again’ reached 

record lows against the Swiss 

S-T policemen demonstrated “ d ^ ,0,,cMD * 

rori., after the e on battle * 

side the Iraqi embassy in ^ 1S6 - 30 0188-80). 

S * i«Wctor waa « STERLING closed slightly 

mrfrS 11 l "° 0tJ,er officers above Its worst level at SI. 9270. 
u . a fall of 4$ points. The pound’s 

'olice demonstrated outside trade-weighted index was 62.3 
u- headquarters in protest at (62.SL and the dollar’s trade- 
d K^ nb . ed *2 r iD I L0Tn : weighted depreciation remained 
unchanged ^percent 

« ,,nn, * n had • GOLD continued to Improve 
0 ln ® a SJe ® e ‘ rapidly, because of the present 
hr police said Iraqi security weakness of the U.S. dollar. It 
n npened fire on them and a dosed *21 up at a Teconf level 
er inspector claimed the oT *202? 
untv guards, who were later *’ 

rai 1 . !?!!■ 1 we !?u dete ir • EQUITIES improved as. a 
.?■ P»r 2 Krr0nSt ^ Ul1 small demand chak&too little 
rage < stock. The F T. Indqstrial 

rim ate attacks 
lII conditions 

. Tomas O. Fiaicta, Roman 
rholn; Primate of All Ireland. 

.s Republican prisoners in . 

'tpr art* living in “inhuman, 
d degrading” conditions. Dr. 

Fiaich. who said Blass at the 
ire Prison on Sunday, wants 
• men to be given political 

Mis.. 

an violence 

Iim^i six people died and 300 
rr arrested during the wave 
unrest in Iran over the past 
days, according to the first 
l-b-ngih official statement on 
> disturbances. Tehran aiid 12 Or dinar y Index closed 6.1 up 
u?r cities were affected. Page 4 at the day’s best of 4353. The 

Industrial Actuaries'. Group 

almon inquiry dosed at 222.7s, up (ls. its 

r U S Food and Drug Wgbe* since compilation. 

'T h finH St rmf d h.-fw • GILTS aided V hopes 

\ • a> siJra,iitkon lo find out Jiow - « iat n itl* i , % fcf i nM1 

•mini canned in the US, and 



Callaghan and 
Steel to discuss 

post-election pact 

BY PHILIP RAWSTORNE 

< 

Mr. James Callaghan and Mr. David Steel are to meet in early September to 
discuss terms for another Lib-Lab pact, if an autumn general election should 
result in a hung Parliament. 

The talks are planned to take tomorrow. voting for Parliamentary eloc- 

place after the start of the TUC Many Liberals have argued tions. 

conference on Monday. Septem- that even the 10 week summer Mr. Steel, who confidently pre- 
ber 4 — Mr. Callaghan is expected recess was not long enough to dicls an inerrase inthe number 
to address the conference on the regain their separate party of Liberal MPs at Westminster, 
Tuesday or Wednesday — and identity and recover the support Insists that the pariy would be 
before the start of the Liberal of voters who have been drifting open to offers from either Labour 
Pan®, conference ‘ on September to the Conservatives. or the Tories. 

n ” r - Steers meeting with Mr. B ut. dearly, he feels that the 
The Prime Minister is due to ^ pn»PMt of establishing any 

spend two days at Balmoral n • agreement with Mrs. Margaret 

during that period,' when, it has fu Pect ^ U L qu “u, 0ns . n Thatcher is remote, 

been suggested, he could advise J 0 !: a P JSect abt>Ut JtS p0SSlb e e ec ‘ On present indications, the 

S*J?™ en ° f “ 0ct0ber 8eneral Senior Liberals are already believes J* 

clectmn. - concerned about a possible coi- * iave m . or * lo gain by 

The present Lib-Lab pact effec- i at > se 0 r Dar »v morale and tAl ^ in 8 « n terms in advance wtth 
lively ends tomorrow with the support if the Director or Public “ r ‘ CaU^n-and nothing to 
Commons adjournment for tlie Prosecutions’ inquiries into the L ose ^ b ?.,', be,n ? 1 . seep to , bave a 
summer recess. • Norman Scott case should hand stlJI on ** rems of qower - 

Mr. steels decision to con- involve any party members in The Septem her meeting could 

Unue nis meetings with the ] e g a ] proceedings. also provide Mr. Callaghan with 

i-Time Minister under the But Mr. Steel’-s argument a “fail safe” device for delay- 
current agreement is bound to. appears to be that the party ing the General Election, should 
cause anger and dismay among should be better prepared for the public opinion mm decisively 
many Liberal MPs and Party possibility of another political against the Government later 
; , . alliance after this General this summer. 

The Liberals agreed party Election than it was for Mr. Mr. Steel, at a meeting with 

strategy bad been to make a Edward Heath’s approach in Mr. Callaghan last week, again 
clean break with the Labour February. 1074. or Mr. pressed on him the need for 
Got eminent well jn advance cf Callaghan’s initiative last year, an autumn General Election. If 
a general elecoon so that they The Liberal election manifesto the Prime Minister wanted to 
can fight an entirely separate will spell out the party's condi- continue in office into next year. 
L ’ a £I pa, ^ IL -• ... tions for any future pact with and was prepared to pay the 

Though the alliance with the either of the major parties. The price with a Bill on proportional 
Government technically runs to basic feature of the terms will representation. the Liberal 
the end of the session on October be the introduction of a Govern- leader might he persuaded at 
24. most Liberals have assumed ment Bill to implement a proper- least to pm the proposition to 
that the break would come tionai representation system of his party conference. 



Xerox settles 
with IBM 
out of court 


ported io Britain hecsnieLmn- dW?J. 
iri i'.i it'll. Four elderly people 4).lf vp a* lO.io. 

m hospital m Birmingham # M ALL STREET closed 1.SF 


.•r c.-tuns a 

j.r fi 


can of salmon. 


down at m.n: 


arton speaks Chrysler peace 

‘■r.rbam Barton, cn-defen- V _ m - 

•i » ilh his wife in the “ Ryder UO.pGS'SrOW' . 

n; ' forgery trial, said at the r - ' 

B.ulcv ihal when he passed • -PEACE FORMULA mend the 
uuvnts to the Daily Mail he PRint shop dispute at Chrysler s 
anted certain red hernngs ” Linwomt plant is to V presented 
miicvt his own security. He to shop stewards today and a 
I filin' i»i the ducuiuents were meeting on Friday. In 

i.iM.-r iird •’ Northern Ireland, an. imminent 

announcement by Northern 
eu ._ _ Ireland Secretary Mr. Roy Mason. 

I SOner SWd|J j s expected on the siting of a 

Y-p.’ 1. mu 1 1 1-millionaire, now sports car assembly plant in West 
i” »n Isr.icl. eonfinned that he Belfast. BackPage 
mvlu-.I in efforts to arrange . 1o havT 


ICI is ■ understood tn 
nffered Vinatex, ibe UK plastics 


rcli'ii'r of Jewish dissident 

Io.> NhcljrfMji.ky, jaiied;b3 » producer.' access to its advanced 
,n-.v vimrt | »y treawm. o pvc ted , no1ogy to stav£ > 0 ff bids 
ipn-r for^pHsoners held in for Jhc c0mpMv . by two major 
” ‘ aKe * ; Continental chemicals • groups. 

„ . Back Pace- 

tassis marries 


_ # LANCASHIRE textile Industrv 

siin.i Onassis said after has ^ formally, applied to the 
-\inu Soviet shipping official Government for-’ an economic 
im K.iu7nv that they would development committee to cover 
In me with Mr Kjuzov’s thrf sector Page 13 


n r m her Moscow fiat for 
tun/' hrins The wedding 


ITALIAN 


has 


itovernmenr 

m'.Vnv attended by eight approved a salvage plan for rhe 

conntrj'*s ailing large enterprises, 
which will he temporarily con- 
trolled' by specially appointed 
commissioner!;. Back and Pace 2 


id explained 


.r, inn- 


chief or combined 
?Hid the weekend 


PINGH1N DENNY, the large 

sffis 

cd ci^iriM.i - Inrthcoimng move into the gilt- 

h-td achsovod their _ nr innrf mirlrpt Tbi<k Paiff 

•:»ivc ■’ Hack Pace 


edged market. Back Page 

COMPANIES 


efly - . * ® ARLINGTON MOTOR Hold- 

(turn. Foreign Becre- ings prp-tax pt'nfiUfor thr .'ear 
'linnpd a disc pidfinp- up ended March 31. I’ff 

;.f ins sons at ihctr East cent to a record Page l* 

on home. 0 tlNTTECH— electron ieR rnm- 

Arah ” people’s rouft'* in pnnents mahufaciurer — pre-tax 
dJif h.;s begun the trial, in profits rose tn £3.1 1m for the 
banner, i»f Egypt's Pttrsidpnl year to June 3. IftTS. compared 
' t«*r alleged treason in mak- with £2.1m the previous >ear. 
n>. pi'.icc imitative. Pape H 

a Vlrimun i* “the • STERLING CREDIT Group 

III il«* East " as an agent pre-tax profits for the year ended 
he Snivel Union March 31. 1S7S. were up £325.000 

age ihiughter of Argentina x f r0,n £387,000. Page 15 
5 tblwf Of idaff tiled in d ^ VERA AS, West Germany’s 
» iiln-rt -'I Imr home- largest industrial company, fore- 

npit and n crane were called cast a profits recovery’ from the 
-lira, a 40 year-old . elephant 197.7 DM . 70m' post-tax figure, 
li'.ed at Dudley 2 - nn . 17 


No green light yet for 
expansion, CBI warns 


Gold at 
new high 
of $2021 

BY MICHAEL BLANDEN 


BY jOHN ElXlbTT. INDUSTRIAL EDITOR 


INDUSTRIALISTS expect only a 
patchy -recovery in British manu- 
facturing activity between new 
and the end of the year, and are 
generally . resigned to several 
more months or uncertainly over 
business prospects. 

This emerged yesterday in the 
quarterly industrial trends sur- 
vey of the Confederation of Bri- 
tish Industry which showed 
that with iwo-lhirds of manu- 
facturing industry having now 
worked below capacity for two 
years, the mood of business re- 
mains cautious. 

Although there has been some 
improvement in export orders, 
•few companies arc prepared to 
present bullish forecasts. Un- 


„ CBI INDUSTRIAL TRENDS SURVEY 

IqutSTBW G TOUR P8SSOT LEVEL OF 
IpiITPlJT BROW CAJ&aTY’Uf ■* you wsrtan 
IMmi sahstaderv hi* at* id opt'iliarl 
20!; 



100 ?. 


J l I .1 


1968 ’70 -72 


74 TB 


J L 


’78 


political battle in prospect, the 
Confederation’s leaders tried to 
temper the gloomy picture they 
painted then by emphasising that j 
they were “not too much in thej 
doldrums/’ 

In its monthly economic situa- • 
tion report, which accompanied ’ 
yesterday's survey, the Con- [ 
federation underlined its cauti-! 
ous approach when it said: : 
“ While we continue to expect ' 
3978 to be a year of reasonable 
growth for the UK economy as • 
a whole, it is becoming increas- • 
ingly likely that this will not 1 
have been reflected right 
through manufacturing ; 

industry." 

This leads the Confederation 1 
to foreca-n that on present poli-j 
output growth through 


t about how the new stage one must wait and see what bap- I9'9 wji! decelerate from the Z 
policy Will develop. •* pens. to. 3: per cent whten it expects 

here are some signs of an “ M f e arc on the yellow light. - *° ■ round - to per 


certainty about the trends of 
future orders at home and over- 
seas is being compounded by are still very much saying that £ies 

amcern ’ " 

of pay 

But there are some signs .... - - — - _. .. . 

Improvement. The survey shows having left the red. bur the green c * n V T his w °uld be accom 

in: particular that small busi- l*cht is not there yet. This is not panieo *>y a small surplus on . cur- 
hesscs may he becinning to res- a Sloomy downturn but a cau- ro"! account and by price tnfla- 
l>pnd to Government initiatives l iou s approach because the im- t,on reinairunc in single figures 
by taking on more labour at a prnvement w e expected has not for rao>1 ° r7i ext year, 
tune -when the larger companies come through yet" In the survey the confedera 

ire still planning cutbacks. The survey results are little tion could find only one clear 

On the general situation Sir better than those of three months example of the revival in retail 
Ray Pennock, a deputy chairman ago which the Confederation Continued on Back Pa®e 
of ICI and chairman of the Con- used in its battle with the Gov- on Back Page 

federation's economic situation ernmem over the Budget's tax Details Page 16 

committee, said yesterday: “We cuts. Yesterday, with no fresh Editorial comment Page 12 


THE GOLD price jumped to new 
record levels yesterday under 
the pressure of continued heavy 
speculative buying as the dollar 
fell further in the foreign 
exchange markets. 

At one stage, gold reached a 
peak of $207 J an ounce, but it 
slipped back later with the 
market apparently finding some 
difficulty in assessing the right 
level for the price. 

The setback reflected partly a 
slight recovery of the dollar in 
later dealings with evidence of a 
little proBt-taking by speculators. 
It also appeared to be felt in the 
gold market that the price had 
been pushed loo high in the 
morning. 

The price reached 8207.5 an 
ounce at the morning fixing, well 
above the previous peak of 
S202! recorded during trading 
last Friday. The afternnon fixing, 
however, was unusually pro- 
longed and eventually produced 
a price of 8205.1. 

ByV the close of dealings in 
London ihe gold price had come 
hack to 8202; an ounce, a rise of 
S2! from the previous day’s 
level. 

The European foreign ex- 
change markeLs again reflected 
nve might pressure on the dollar 
in Tokyo, where ihe central bank- 
offered little or no support for 
the* second dav in succes*nnn. 

Reports that th«> Japanese 
Government was considering new 
exchange control measures in- 
cluding a ban on interest pay- 
ments on non-residents* yen 
deposits had little apparent 
effect. The U.S. currency dropped 
to new lows against the yen and 
lb* Swiss franc. 

Later in the dav. however, 
rumnurs of possible Japanese 
export cnnlrols cnuplpfl with 
some reaetion after the recent 
sham rfpclines combined to brine 
a slight improvement in Ihe i 
dollar. 

Throughout the dav attention 
was concentrated on the two 
strongest currencies, the yen anri 
the Swiss franc, wiih the pound 
.md even the Wesf German 
D-mark on the sidelines. 

In buev trading the dollar 
tnuchpd Y1R4.1 and ended at 
Yl8*3. romn? red wiih YtSRR on 
Continued on Back Page 


BY DAVID LASCELLE5 

IBM AND Xerox today set aside 
their hitter legal differences by 
l entering into an agreement lo 
swop licences on all technology 
protected by their present 
patents and any they might apply 
for in the next five years. 

Linder the agreement IBM is to 
pay Xerox 825m i£J3m; in an 
out-of-court settlement 
j The agreement is primarily 
aimed at bringing an end io the 
dozen or so paten i infringement 
actions the two companies have 
been taking against each other 
in the U.S- and Canada, hut is 
also expected to lead lo signifi- 
cant cross-fertilisation be I wet*n 
them over the whole range of 
information-handling systems. 

In a joint statement Mr. Frank 
| Cary, chairman of IBM. and Mr. 
Peter MrCough. chairman n f 
Xerox said: •* Complex patent 
and trade secret issues have 
existed between Xerox’ and IBM 
for over eight years. They have 
resulted in sicnificant cost and 
a substantial drain on manage- 
ment time and the product 
development and legal resources 
| of both companies. 

"Putting these issues behind 
us will enable each company lo 
concentrate on its basic business 
of dealing with the opportunities 
in the market place.” 

The agreement covers the 
"normal products” of the iwn 
companies and includes most 
forms of office and data -process- 
ing equipment, from copiers to 
computers. 

It has world-wide application, 
meaning that the two companies' 
foreign subsidiaries, such as 
Rank Xerox, are involved. 


NEW YORK. August 1. 

Xerox will cam access lo some 
P.000 IBM patents in the U.S. 
and a similar number abroad. 
Xerox itself has about 4.500 
patents in the US. and about 
ihe same abroad, so the acrec- 
ment covers some 27.0IHI patems 
in all. 

Bolh companies. however, 
stressed thal this was not an 
agreement lo exchange ;ech- 
nology or know-how. Only 
registered patents and paid-up 
licences arc involved. 


Additional 


Under onp clause IBM ir in 
pay Xerox S25in in scllle out- 
standing patent infringement 
suits. An IBM spokesman 
stressed that this was not a 
legally ordered payment hut a 
settlement to end litigation. 

The long court battles in 
which ihe iwn companies have 
been locked began m April 1970. 
when Xerox sued IBM in the 
U.S. f««r infringement of iis 
Copier 1 paienis Xerox followed 
this up with further suits over 
its Copier 2 and Copier 3. Simi- 
lar suits were subsequently filed 
io Canada. 

IBM took the offensive in 1975 
by suing Xerox in both rhe U S. 
and Canada Tor infringement of 
its 4000 and 4500 series patents, 
and last February’ filed an addi- 
tional action in both countries 
alleging infringement of its 800 
and 850 typing systems patents. 

The agreement disposes of ?I1 
these cases and leaves nn litiga- 
tion outstanding between the 
two companies. 


MGM starts move into 
European gaming 


£F PRICE CHANGES YESTERDAY 


.o* in pence unless otherwise 
indicated) 


Rf$B?» 

•uri !2JpC -‘95- 

hftc.i 

it iD Y \ 

n |J i 

ii uoii Jnfk>ott 
scrtiL-kl I’mii* 

Iteielv .. - 

mnrrsal Union . 
• Mat! A 
Irani ... 
•* Rue 

•• -SI Hr 

nc Ktrs 




•r*i l‘rop. 

. . . . 
Mi-rviunt .Sc** 

s Ind* - 

■inn C.ink . 


nos; 
.. cas. 
ci 

. w 

. 

. 333. 
.. lit 

nr 

s.w 

270 
.. 4V> 
.. ! 37 
.. 295 
. 2« 
SI 


ift 

3* 

10 

20 

13 

a 

i •’ 

In 

S 

13 

a 

12 
fi : 
is 
r. 


Peerage. Birmingham iw 

Prop. & Ttev- A 30? 

Reed InlOl H0 

Ricardo 22? 

Sharpe fW. X.) M2 

Smith tlV. HA A ... M3 

Sterling Credit 32 

Stock Conversion ... 272 
Tube Ims. -"5f n 

Uni tech I-’*-’ 

rthd. Real Prop 

Victor Products . 1-2* 

Shell Transport . 
Highland Lowlands d-H 
pc Beet* Dfct. . - 3® 

Libation 

Pancnnt mental ■ 
Prentfent Brand - 4'”- 

Scleghon Trust 442 

Vaal Reefs f!6i 


3 
H> 

4 
in 


- is 


8 

a 

f. 

1 ° 

in 

n 

p 


im 

355 


S - 5 


Vintrn 


F.VLL8 


1S8 - 4 


Lonrho considers legal action 
over Dunford profit forecast 

BY MARGARET REID 

LONRHO. THE conglomerate ir w a* fighting off an unwelcome It invited submission? from 
run by Mr. Tiny Rowland, is hid from Johnson and Firth Lonrho which afterwards pro- 
considering taking legal action Brown in December, 1976. and vided ?. preliminary report on 
over the E5m profit forecast for again in February. 1977. when certain .ispects of the prepara 
J97R-77. which proved much too Lonrho made a higher agreed non a: :he forecast, 
high, made by the Board of Dun- offer. But the profit turned out to The p:*nel would now have pro- 
ford and Elliott, the Sheffield be only £L7m. ceded to reach its own conclusion 

steel concern which it took over The panel received informa- and to :.^e any action it thought 
for £15m last year, tion from Morgan Grenfell, the appropriate, but for Lonrhn’s 

Because of this, the Cily Take- merchant bank which was joint consideration of the possibility 
over Panel has deferred further adviser with Gnndiays Brandts of leaai -ction. 
consideration of Ihe matter until tn Dunford aT the time of the A spokesman for Morgan Grcn 
It is clear whether Lonrho is bids. Jt then decided to maite ;el! -hid last nt^ht that it had 
SOinc To take Jeaal proceedings its own inquiries whether, m re la- not receded any communication 
and. if it does $o, until Iheir tion lo the forecast, there had or any indication from Lonrho of 
^ulcorne is known. been any failure lo comply with any threatened legal action. **Our 

■ Dunford and Elliott predicted the requirements of iitc take-over consaem* is totally clear on the 
profits of £5m for 197B-77 when Code/ matter.’" he added. 


CONTENTS OF TODAY’S ISSUE 


European new* 2 

American news 3 

'Overseas news 4 

World trade news 4 

Home news — general fi-7 

-Habour * 

-—Pari lament R 


Technical Page 7 

Management Paso 9 

Arts Pas e II 

leader Page 12 

UK Companies 14- Hi 


-Mining 16 

IntL Companies and Euro- 
markets 17-19 

.Money and Exchanges 19 

Oversea-i Markets 2fl 

Farming, raw materials ... 21 

UK stock market 22 


The Council housing debate 
starts lo take off ... .12 

Cof Ion's rase for a Little 
Neddy 13 


FEATURES 

Dutch -coalition gets into 

its Sfridr 

Undeveloped resources in 
Montana 


UK off vh ore expertise .t:... 4 
Wes i cm Sahara— the desert 


mine* 


X 


Appoint nKR*a 

lUt RUM . ... . 

CnumiiI 

EMcrMiBnmi Guide 
CUNtllrfl 
Em-mean On*; . . 


S3 

A 

10 

ID 

i?ja 

a 


FT- Acinar ta Indkei 
Gnrdrnintr . 

LMUn .. — 

Le« 

Lombard . 

Men and Muter* 


22 

:e 

u 

» 

u 

1? 


RKins . _ 

Share Information. 
Stock E*cft. Report 
Totfay's Events 

TV an4 Radio 

Urn! Trusts 


10 

24-a 

& 

1J 

ID 

23 


For latest Share fr.drr phwr M-?45 


INTERIM STATEMENTS 
Lon. Mooch. Amr. 2* 

ANNUAL STATEMENTS 
Arlington Mat. HMs- 2b 

tawsate Mill 13 

KnotaSK L. Merer is 


BY JOHN WYLES 
METRO - GOLD IV VN • MAYER, 

U»e casino and mntion piirtnrc 
company. 1$ lo pul J for sale 
in Europe np to 590."00 of its 
common shares as a prelim- 
inary tn making its firsi direct 
investment In gaming outside 
the US. 

The .shares will he Trom ibe 
holding of Mr. Rirk K^rkorian, 
Ihe company's vice chairman, 
who owns 7-3m, valued at 
S2S4m (£148m>, or about 31 
per cent of the conimon slock. 

MGM executives have sur- 
veyed parts of Europe, hut the 
company has not yet disclosed 
where, or how much, ii might 
invest in a European gaming 
operation. 

Mr. Kcrkorian said today 
thal the share distribution 
would help MGM qualify for 
listing on European stock 
exchanges. “ consistent with 


NEW YORK. August 1. 

our desire to enter into hotel- 
rasinn operations in Europe at 
some time in the future." 

Air. Kerkorian. who will he 
Jeft with a 4S per cent hold* 
ing, added that the distribu- 
tion would he handled by a 
group of major European and 
American institutions and 
investment hankers. 

MGM owns hotel-casinos in 
Las Vegas and Reno, and gam- 
ing accounied fnr more than 
53 per cent of thp company's 
1977 revenues of S288.3m. ’ 


£ in New: York 

— • Julr 51 


Tn-riiiui 


-M-’i I *52. SI.025ji.92FS 

l Tn-miw ' rti» i> 32-djw 

3 im -oili ■ l.kM.liV.liM I.2 T.I.IS h,, 

1? iri^nih. ,i|. 2 Jh>4.]0>Im 



Chances are, the 
f introduction of a Climax fort 


I truck could prove to be a 
cost- efficient investment for 
| your company. 

So why not fill in the 
coupon and find out more. 

It could be the first step 
towards taking a load off 
your mind. 

release send me details of your range of fork trucks. Q "~1 
* Please arrange for one of your fork truck investment advisors to r 
1 contact me. {“] (tick appropriate box) FT2.$5i * 


contact me. □ 
I Name, 
j Title_ 


I 


Company. 

Address 






Coventry Climax Ltd.Widdrington Road, Coventry, CV14DX. 

1 ent r y 27 7 frJTeleX 3 f 1 19^- AsubudjaryofS.? Ind'jvrits llmitcd^J 







2 


vEtnancial -Times WfidnKdsy- AtigttSt S1&7S 


EUROPEAN NEWS 



Tourist payments increase 
sharply in the OECD area 


BY ROBERT MAUTHNER 

INTERNATIONAL TOURIST 
payments increased by leaps and 
bounds last year in the OECD 
area, with receipts in the 24- 
member countries rising by 23 
per cent and expenditure by 17 
per cent over the previous year. 

■ The annual report on tourism, 
due to be published by the OECD 
Secretariat next month, shows 
that tourist receipts Tor the area 
a? a whole last year totalled 
541-lbn. compared with only 
S33.7bn in 1976. and that expen- 
diture increased during the same 
period from S36.4bn to $42.Sbn. 

There was an appreciable In- 
crease in tourist Hows from 
West Germany and France and 
* more moderate rise in tourists 
from the U.S. 

The sharpest increase in the 
number of tourist arrivals during 
the first four to five months this 
year was registered by Spain 
and Norway (up by 20 per cent) 
followed by Greece and Finland 
fup by 17 per cent), Portugal (up 
by IS per cent) and Yugoslavia 
(up by 10 per cent). 


UK receipts from tourism rose 
by more than 31 per cent to 
S3 .8 bn in 1977, compared with 
S2.9bn the previous year, placing 
it fifth equal with West Ger- 
many In the table of countries 
with the highest tourist income. 

Expenditure by British tourists 
abroad rose hy 7 per cent last 
year to Sl.Sbn. 

The expansion in tourism in 
1977 was much greater than in 
the previous year, when receipts 
and spending rase by only 7 
per cent, and also substantially 
faster than the rate of inflation. 
The increase in international 
toruist recently of 23 per cent 
for the year as a whole and of 
28 per cenr for the European 
members alone, compared with 
an average rate of inflation of 
S to ID per cent respectively. 

The rise in international 
tourist payments last year cor- 
responded td a year-on-year' in- 
crease in the number of foreign 
tourist arrivals, averaging some 
5 per cent for the European 
members, and Yugoslavia, 3 per 
cent for North America and 7 


PARIS, August L 

per cent for Australasia and 
Japan. 

The 13 European member 
countries and Yugoslavia 
registered an increase of 7 per 
cent in the number of nights 
spent by foreign tourists, com- 
pared with a static situation in 
1976. 

The main new features of 
tourist flows last year were a con- 
siderably greater number of 
arrivals in Portugal, a marked 
upturn in the flows towards Spain 
and Ireland and a slippage in the 
number of tourists arriving in 
Greece, bringing that country 
into line with a more moderate 
but relatively sustained growth 
rate in Italy, Japan and the UK 

Tourist arrivals in the UK. on 
the other hand, fell by 3 per 
cent during the first four months 
of 1978. 

According to the U.S. Passport 
Office estimates, the number of 
tourists bound for Europe 
increased by 7 per cent during 
the first seven months of this 
year compared with the . same 
period in 1977. 


Deadline set for Portugal parties 

BY JIMMY BURNS LISBON, August 1. 

PRESIDENT Antonio Ramalho " viable alternatives" — either a His speech comes a week after 
Eanes tonight urged the main restructured alliance of. political* the withdrawal of three Conser- 
political parties ■ to solve the parties with a firm parliamentary vative ministers from the 
political crisis by the weekend, -majority, or a pre side ntially- Cabinet led to the collapse of 
Failure to do so might leave him backed government of "person- the six-month-old governmental 
□o alternative but to call a alitles with recognised political alliance between Christian Demo- 
general election by the end of the and technical competence." crats (CDS) and Socialists. 

He m ade it dear that the During the past 48 hours, CD I 
The unescapable truth is that, appointment of a caretaker leaders have said they were will- 
if the party leaders do not reach government, and the holding of in 8*° patch up their differences 
a compromise agreement which early elections, would be un-' with the Socialists if certain 
would guarantee political and desirable, in view of "the ministerial changes were made. 
Government stability, the country’s political and economic These should include the 
solution of early elections must circumstances. Portugal, by the appointment of a new Minister 
be adopted as the only logical terms of the constitution, would of Agriculture to replace Sr.,Lnis 
and democratic one," President have to face two major elections Sais, whom the conservatives 
Eanes said. in a space of 18 months. "This accuse of having allied himself 

Speaking on nationwide tele- would mean that politicians unofficially with the Communists 
vision and radio, the President would spend more time listening over agrarian reform, 
pointed Portugal’s divided to the will of the people than Sr. Mario Soares, the Socialist 
political leaders in the direction carrying it out," President Eanes Party leader ,is expected to make 
of what he termed the two most said. a formal comment tomorrow. 


Dominance of big German groups grows 


BY GUY HAWTIN 


FRANKFURT. August 1. 


THE WEST German industrial energy, chemicals and glass con- occupied respectively by the 
economy is becoming increas- glomerate. Its sales total more three large chemicals fiora- 
inelv dominated bv a few verv than DM 27bn, although its panies Hoechst. BASF 'and 

laree concerns A recently nu£ labour force is reasonably small Bayer. Hoechst’s turnover was 
arge concerns. A r «e°Uy pub- at Siemens can claim to be DM 23.3bn, and Its labour force 
lished report states that one- ^ largest industrial employer 180.907. The figures for BASF 
third of the country s 11.3m with a workforce of 319.000. In and Bayer are DM 23.28bn and 
labour force is employed by the sales terms It comes second to DM 2Z.39bn, and 126,180 'and 
123 groups which have an indi- Veha with * a turnover of 170,400 respectively, 
vidua! turnover of more than DI J*J 2 5 -hn.:l Next in line comes Thyssen, 

DM lbn (8491 6m) Third place in the sales league the steel and' mechanical 

Ar^nrriino to Hp’rr rhir*trinh lies Daimler-Benz, perhaps engineering concern, which m 
5*°r? ns t0 H . Chirstoph surprisingly for those unfamiliar 1977 reported a turnover of 
wehnelt, economics correspon- with the federal republic's motor Dft 19.71bn and a labour force 
dent of the Frankfurter Rund- industry. The maker of com- of 170,400. Ninth is AEG-TeJe- 
sebau. the 123 "Deutsche Mark merciai vehicles and quality cars funken in the electrical sector 
billioDnaires'* have a combined had a turnover of DM 24.72bn with a turnover of DM 14^9bn 
sales of more than DM 600bn last year; its labour force was and a 158,400 workforce. 
(S295bn>. when the turnover of 169,165. Last of the “big 10" is the 

their overseas susbidiarles is Fourth in size is Volkswagen, Kloeckner group which is 
included. This compares witb the country’s largest car manu- involved in steelmaking, vebicle 
West German industry's total facturer, with sales totalling building and trading. Its turn- 
sales of DM 844m (S415bn). DM 24.15bn and a labour force over last year totalled 
West Germany's largest indus- of 191,891. Fifth, sixth and DM 14.13bn, and it employed 
trial group remains Veba, the seventh place in the league are 73.678. 


Paris police 
protest 
over Iraqi 
shoot-out 

By Our Own Correspondent 

PARIS, August 1. 
THE FRENCH Government 
was still considering tonight 
what action to take over the 
gun battle outside the Iraqi 
embassy last night. In which 
Iraqi security guards shot dead 
a French police Inspector and 
wounded two other policemen. 

The shoot-oat, in which an 
embassy guard was also killed, 
occurred after the surrender 
of an Arab -gunman, believed 
to be a Palestinian, who held 
eight members of the embassy 
staff hostage throughout the 
day. 

As police anger mounted at 
what the} - described as incom- 
prehensible behaviour by the 
Iraqi guards. President discard 
(TEstaiug discussed the affair 
with SVL Louis de Guiringaud. 
his Foreign Minister. Iraq's 
Ambassador to France, Mr. 
Tawfiq al-Wandawi, was sum- 
moned by the secretary- 
general of the President’s 
Staff, presumably to be handed 
a French Government protest, 
but no announcement was 
made after the meeting. 

It is thought that the three 
Iraqi security guards taken 
Into custody by the police last 
night after having taken part 
in the gun battle, will be 
expelled from. France. No legal 
action can be taken against 
them because they are In pos- 
session of diplomatic passports. 

Meanwhile, angry policemen 
demonstrated in front of the 
Quai des Orfevres, the French 
eqnivalent of Scotland Yard, to 
protest against the killing of 
one of their number by the 
Iraqi guards. They were 
expected to deliver protests to 
the presidential palace and to 
the Ministry of the Interior. 

The police have accused the 
security guards of -opening fire 
on them as the Arab gunman 
was being led out of the 
embassy by police officers. A 
chief inspector said ft was 
clear that the gnards were 
trying to kill the terrorist at 
all cost. 

Other police witnesses said 
that Iraqi security men were 
shooting from the windows of 
the embassy and the pavement 
outside the building. 

Films shown by French tele- 
vision which appear to confirm 
the police version, have not 
deterred the Iraqi Ambas- 
sador from Issuing a statement 
claiming that ' Palestinian 
accomplices of the terrorist 
were responsible for starting 
the shooting. 

The identity of. the captured 
terrorist, who *a* seriously 
wounded in the gun battle, has 
' not Been estabiishe^-'wlth cer- 
tainty. The Iraqi News Agency 
claimed yesterday that he was 
the brother of Said Hamm ami, 
the Palestine Liberation 
Organisation representative 
who was assassinated in his 
London office last January. 
The French police have not 
confirmed the identification 
and say the man who sur- 
rendered to them had no 
identity papers. The police said 
he was too ill to answer ques- 
tions. He underwent an opera- 
tion for a thigh wound at a 
Paris hospital today. 


ITALIAN CHEMICALS CRISIS 


An industry at breaking point 


BY PAUL BETTS IN ROME 


THE CRISIS of the Italian 
chemical industry, une of the 
backbones of the country's in- 
dustrial structure, has reached 
breaking point. 

After months .of delay and 
political haggling, the Govern- 
ment is at last focusing its atten- 
tion on a salvage plan for the 
large chemical conglomerates, 
which employ more than 200,000 
people and have debts of 
L8.000bn (about S9bn). 

In a rush of activity before 
the August holidays and faced 
with the imminent bankruptcy 
of several companies, the Cabinet 
met yesterday to consider a 
number of emergency measures. 
These are intended to ease, at 
least temporarily, an increasingly 
explosive situation until all-party 
and trade union agreement is 
reached on the long-awaited 
industrial reconversion pro- 
gramme. - 

The main steps for both the 
chemical industry, and troubled 
groups in other sectors, are to 
set up interim supervisory 
managements for the worst 
afflicted companies — in 
particular the two chemical con- 
glomerates, Liquigas and Societa 


Italiana Resine (SIR) — - and to 
inject urgently needed funds. 

In recent weeks, Sig. Carlo 
Donat Caitin. ■ the Industry 
Minister, has repeatedly stressed 
the need to appoint a special 
commissioner, or a- number -of 
commissioners, to take indepen- 
dent control . of .. .financially 
troubled companies with accumu- 
lated debts of more than LSObu 
and which have not paid any 
salaries for the past two mtfnths. 

While the picture if the 
chemical sector has been gloomy 
for years, political indecisions, 
complex and- often unsavoury 
manoeuvres, and recent allega- 
tions against leading executives 
and bankers over the illegal use 
and misdirection of public funds 
have accelerated- the , crisis 
during the past. months. -. 

The major banks and special 
credit institutions have increas- 
ingly delayed granting I fresh 
credits to the troubled groups. 
They have granted credits ap ltf 
as a result of intense pressure* 
from the Government. Layoffs 
have increased, plants have been 
shot in Sardinia, and new pro- 
jects like the joint biaprotetn 
venture in the island between 


British Petroleum, and the 
Italian state chemical concern 
AJSrtG have been scrapped. 1C1 
d roped out from a joint venture 
with Montedison— Italy’s largest 
chemical group which last year 
lost more than L500tm— for the 
construction of a. large analine 
plant In Sicily. ... . , . 

The industry's problems could 
have, and in some cases already 
have had, enormous political and 
social repercussions- This is 
particularly so in the Me»o- 
giorno where the industry _was 
seen as one of the principal 
pivots of the industrialisation ol 
tire ‘depressed South.. 

- Although many Italian 
■chemical operators are inclined 
to attribute their difficulties to 
the sharp increase in raw 
materials, the high cost of labour 
and money, the intransigence of 
the unions, and government- 
fixed prices, the roots of the 
problem he elsewhere. 

Compared . with their inter- 
national competitors, Italian 
chemical companies have 
invested little in research. There 
has been no co-ordinated national 
programme for the sector follow- 
ing the energy crisis. But the 
principal weakness has been the 


disproportionate and haphazard 
development- of petrochemicals 
and basic chemicals as against 
secondary Dr - fine chemicals. 
Basic chemicals require targe 
investments. and. relatively 
speaking, generate low employ- 
ment, low profits and tow com- 
petitiveness on International 
markets. 

. At the same time, the main 
groups— Montedison, AN 1C, SIR 
and Liquigas— have always been 
at war with each other, compet- 
ing with their considerable poli- 
tical influence to secure the 
hon’s share of subsidies for the 
industrial development of the 
South. 

The political forces, the chemi- 
cal groups and the union leader- 
ship now realise that the industry 
has reached the end or the rn^d. 
Yet. in spue of repeated disec- 
tions .of the industry’s .entrails. 
do loiui-ierni agreement for its 
reconstruct urn has been reached. 
Unions are concerned With, the 
likelihood of large-scale redun- 
dancies. political parties an* 
reluctant to provoke a head-on 
clash wHh the unions, and 
heavily exposed banks want to 
cut their losses. 


Shcharansky 
exchange hint 
by Israeli 

By David Lennon 

TEL AVIV, August 1. 
MR. SAMUEL FLATTOSHARON 
a multi-millionaire, from France 


Lull in French air dispute 


BY DAVID CURRY 


PARIS, August L 


FRENCH AIR traffic controllers He argues that the working delayed as a result of the work- 

are due to end their work to rule week is 37 hours in law and 33 to-rule. 

overnight However, controllers hours in practice including rest -The situation was helped by 
in three of France’s four flight periods. At slack times, he the fact that Tuesday is always 
control centres last night voted claims, a controller might be on a lighter day in holiday air 

to resume the go-slow Tiext we^k- afctlve duty uniy 15 hours a week travel, with fewer tlishts sebe- 


who now lives in Israel. con-j end if th a Sihorities do not while he benefits from retire^ du led than at the weekend. Also 

firmed today that he is involved, op ne50liaDon s bv then. But menf at the age of 55. many airlines have been obliged 

in efforts to arrange the release , . * 0 si „ n i he ‘Government th- ruled nut the use drastically to reshape their sche- 

& I V S" S „, T m h ru^ S ™mr U oSKi“u^ 

the industrial action which - has : 1 973 when the civilian con- of aircratt arm cruivs inrow-n out 

SSS 8 tal?S a TllSMl M ' em — SK™ “■ unlaWfU ‘ Xf. “ Heathrow dr.aya «, 

^The contro'iers are cl»fm- st ^ C ‘ i? v Tuesday were reported to.be 

ini bettef uv “»™ratS?of F \* nei L p, J°l s asSot:iatl °“: down to little more than an hour 

banu^ iSto Sr K on the other hand, has expressed or lwp lo rapst places un the 

■&Tlev?U anfimmediJS^ “JSSL. 1 * tiie' Continent, there "^stindelaj* 

vestment in new equipment trailers anxieties over the of soyerr’ hours being reported 


Mr. Anatoly Shcharansky. 

Mr. Sharon, wbo is a- member 
of the Israeli Knesset (Parlia- 
ment), said that his secretary is 
in Moscow trying to arrange an 
exchange of Jews imprisoned in 
the Soviet Union for people held 
in other parts of the world. 

He said this evening that he 
thought the chances for the suc- 
cess of le exchange were quite 
good, but preferred not to dis- 
cuss the details at this stage of 
the sensitive negotiations. “Call 
me in a few days and maybe I 
will have good news for you," he 
said. 

Mr. Sharon, was involved in a 
three-way exchange a few months 
ago with .prisoners in the UjS.. 
the USSR and Mozambique. He 
i has been in contact with the East 
German lawyer, Kerr Wolfgang 
Vogel, who set up this and pre- 
vious deals, in an effort to get 
Mr. Shcharansky released. 

■ Our Foreign Staff adds?. The 
reports of an" feast-west prisoner 
swap brought a series of denials. 

Herr Vogel', who - has been in- 
volved in past prisoner 
exchanges, told the Financial 
Times from East Berlin that a 
Reuter report of an exchange 
involving Mr. Shcharansky was 
not correct. 

In Washington, administration 
officials said tha tthe U.S. govern- 
ment was not concerned in an 
east-west swap involving the 
soviet dissident. 

In Bonn. Reuter reported that 
Chancellor Helmut Schmidt had 
veoted any exchange involving 
the convicted East German spies 
Guenter and Ghriste] Guillaume. 


POLITICS IN HOLLAND 

The new coalition gets into its stride 

BY CHARLES BATCHELOR IN AMSTERDAM * '• 

AFTER THE sudden collapse of election considerably simplified to more conservative., policies as Justice - Minister ' of the make even more extensive spend- 
the Dutcb Government in March, the political scene in Holland, reflecting the predominance of attempted arrest of alleged war ing cuts than the FI 4J5bn pro- 
1977. and the record-breaking Many small parties saw their the party’s right wing.- criminal Mr. Pieter Menten threw posed by its predecessor were 

negotiations to form a new parliamentary strength reduced, -Despite this swing- the seven doubts on his suitability for the not well received by all of the 
coalition, the Government which while some disappeared' ^loyalists" who '- threatened to top job. Mr. Menten “fie'd to departments. The Ministers of 
emerged last December was an altogether. The new 'coalition "watd against the Government If Switzerland ihe night ."before Social Affairs and Education in 
anti-climax. Despite considerable continued ihis trend, composed: they disapproved of- any parti- police came jo arrest trim and particular iaced large aits in 
election gains the largest single as it is of only tw 0 parties _cpm-_ ■ enter .piece, of legislation have after unexplained delay* on the tneir spending targets. This de- 
part'-. Labour, was excluded from pared with five previously. But fallen in with the party line. The part of the Justice Ministry. Presentation of the 

the ‘new centre-right coalition, this ignores the special circutth leader of the rebels, -the party’s The previous Prime! MinisM.. 
with only 72 of the 150 seats In stances of the Christian Denio- parliamentary leader, Mr. Wm Mr. Joop den Uyl's sure handling 

■ summer recess before the plans 
could be presented. But within 


Parliament — including seven 
rebels who promised only condi- 
tional support for Government 
policies — the new Christian 
Democratic - Liberal coalition 
seemed set for a short and 
difficult term. 

Now. seven months later, the 
picture is very different. The 
Christian .Democrats have shown 
that despite their previous coali- 
tion with the Labour party they 
can get oo with the junior 
coalition partner, the right-wing 
Liberals. Electoral support for 
the Christian Democrats in pro- 
vincial and .local elections has 
grown. 'While Dr. Dries van Agt. 
Use Prime Minister. has 
strengthened his grip on the 
coalition ex-Premter Mr. Joop 
den Uy! has been unable to rally 
a convincing opposition aroiind 
bis Labour party. 



Mr. Dries van Agt^ the Dutch 
Prime Minister, Who has shown 
a much surer political touch 
since taking office. 


Previous Prime' Minister 
Mr. Joop den UyL who gained 
10 mere seats in the election 
but -has been unable to rally 
- a convincing-opposition. 



hours of his victory on the ques- 
tion of uranium exports debate 
Mr. van Agt was able to 
announce details of the cuts. 

The junior coalition partner, 
the Liberals, have not- fared so 
welL They have lost support in 
iy both the provincial elections in 
March and the local elections in 
May. ' This seems partly due to 
voters switching back to the 
Christian. Democrats now that 
they are no longer in what many 
traditional party supporters saw 
as a dangerous coalition with 
Labour.' It is also due to the 
elevation of party leader Mr. 


he regards 0 the cSSStf clSSS present traffic volumes At" Luton, "indefinite delay.' 

£* 28rs u 2 C 5S£!: 

behind which thev are Dressing pletely people whose holidays Amsterdam: Three Dutch iiuur- 
523 ? fiwSw inSSae have to be cancelled and will pay a nee' companies said they will 
cav* that fhev are nerfeetlv well the ex.ra costs of those stranded meet the extra costs incurred by 
fw^e of the 'cavernment s plans overseas. But there will be travellers stranded abroad by the 
to reequip traffic-control centres, neither compensation nor exten- Frencb dispute. The three con- 
Replying to their wane claims 81011 of hollda * for thos<? tapped cernSi which account for 95 per 
M. le fheule says that the- start- at aborts waiting to depart. wn t of the Dutch organised air 
ing salary, including bonuses, is Michael Donne adds: Airlines holiday insurance market, will 
FFr 3,600 (£427). a monft and at UK airports have begun to meet tourists extra tr^el and 
that the most senior controllers make some progress in clearing hotel costs of up to Fi 50 ($23) 
earn about FFr S.200. the heavy backlog of passengers a day. 


Spanish defence chief visits U.S. 


BY ROBERT GRAHAM 


MADRID, August 1. 


A SERIES of discussions on the Spanish Government wants to submarine base of Rota on tbe 
future of Spain's defence reia- ensure' the effective functioning Atlantic coast. 

Hons with the United States are of its Treaty with the U.S. The Defence Minister » 

being held in Washington this Although some press reports expected to concentrate on tech- 
week by General Gutierrez have linked the General’s visit nj cal ^es. Among these will be 
Mellado, the Spanish Defence directly to discussions on Spanish how ^ Americans intend to 
Minister. / membership of NATO, such su^ h P w 

Gen. Gutierrez Mellado. who gestions are considered pre- P hase , out n „ ear 
began the formal part of a. six- mature. So far. the main contacts operations at Rota, wmen tney 
day visit today, is the most senior on the issue of Spanish member- axe committed to do by the end 
Spanish defence official to hold ship of NATO have taken place of 1981. 

talks in Washington since the in Brussels and have concerned Spain is in the market for a 
elections in June, 1977. He will familiarisation with the technical range of new milltaCy equipment 
be meeting all the key members details of how the alliance though not necessarily limine- 
of the U.S. defence establishment operates. - dlately. Gen, Gutierrez Mellado 

including Mr. Harold Brown, the With, the restoration ' of is expected to explain gain’s 
Defence Secretary. He -will also democracy in Spain, the Spanish decision to opt foe 48 Mlragfe bIt- 
have talks with Vice-President no longer Feel such a deep need cfaft against strong U.S,- .Icfflfr 
Walter Mondaie. • . ' -■ for ITS. protection as the treaty petition. The French purchase, 

. Spain's bilateral defence treaty inipties. The Spanish Govern- cimfirmed last month at tbqit|in e 
with the U.S. is due to expire in ment, is alive to opposition of President Giscard d’Eswtog’s 
1981. Under Franco It was the criticism that tbe treaty Is an visit, to Madrid, was sqen,:M 
single most important defence unequal one. The opposition says stressing Spain’s European 
guarantee for Spain aod is still the Americans get more benefit credentials. > 

regarded as such hy the Saarez from the treaty than .do the The*. General in expected:-* 0 
governmenL While making no Spanish. Under its terms -the explain' to his American host 
secret Of Spain's desire to U.S.' has been- allowed to operate Spain's decision to g6 ahead With 
become more directly .associated three air -hastes, including-, the- the construction of a 
with the North • Atlantic Treaty large base of Torrejon, just. orut- base in the Canary Islands, which 
Organisation -4NATO) the side Madrid, and the nuclear was announced two months ago. 


Irish warning on investment! 


BY OUR OWN CORRESPONDENT - 


DUBLIN, August L 


cratic party which consists of Aantjes, has however maintained of the Lockheed scandal and the was major cause of a Liberal 

After the hiatus in effective previously independent ’his 'independence in debate. activities of South Moluccan revival in recent years but his 

Government during most of Iasi g roups . These are the Catholic • The refusal of several extremists had greatly increased ministerial posts hare taken him 

year, long-awaited programmes people’s Party (KVP) of Mr.- van prominent Christian Democrats his standing and his- Labour out of day-to-day party politics, 

are being implemented to boost Agt the Calvinist Antl-Revblu- to serve in the new coalition and Party did emerge from the elec- A ma j 0 r lest for any richt-of- 

the sluggish Dutch economy. A tiox , ary party (ARP) and the Liberal party’s lack of recent tion with a 10-seat galn^ ^ln Parlia- "ceon-e government is its ability 

FI 13bn (So.Sbn) plan to stirau- protectant Christian Historical government experience meant mentaiy seats. In fact Mr. van t0 gel on t he unions. Hol- 

late investment has Anally been Union (CHU). The middle-of-the- the new team of ministers and Agt's apparently unwordly land’s traditionally moderate and 

brought into effect. A FI lQbn road j^yp and the left-of-centre state secretaries was drawn from approach to politics has won him well-organised labour force has 
(S4fibn) programme or spending were members of the a narrow base. It was also much support. been fi h 0W in g signs 0 f increased 

cuts over the next three years previous government. The right- formed in haste after seven Once in power he has shown militancy lately. Public authority 
has been produced and will come oF-ce litre CHU was not. Not un- months of wrangling, more than a much surer touch. The workers recently staged a one- 

before Parliament when it surp risingly Mr. van ^Agt has had five of them in an unsuccessful question of whether Holland — day strike to protest against 

reassembles at the end of the m ore trouble in holding this attempt to put together a Labour, an d its British and West German planned curbs on their salary in- 
month. On the domestic front, mo tiey group together than he Christian Democrat and Demo- partners — should export enriched creases and . widespread strikes 

studies of the problems of the £, ac j j n establishing working crar 60 coalition. _ Despite these uranium to Brazil, threatened to followed tbe failure to reach a 
South Moluccan community are jinj^ nis liberal coalition unpromising beginnings, there open old splits among the central wage agreement in 1977. 

beginning to show results in the par tn cr . has been only one casualty. Dr. Christian Democrats. The Govern- The unions have been grow- 

form of a special aid programme. RoeloF Kruisinga, the Christian ment failed to get Parliamentary ing restless at the slow progress 

Externally the new Govern- The Cabinet which was sworn Democratic Defence Minister approval for the exports in over a number of reforms which 

ment has agreed to increase In by Queen Juliana at ner stepped down in March in protest January and was sent back for the previous government 

spending in line with NATO Soestdijk Palace on December 19 at the Government’s wail and further talks. These did not pro- promised in return for wage 

guidelines while Holland's lacked several Christian Demo- see policy towards the neutron duce. tbe necessary guarantees moderation, 

nuclear capacity in northern cratic ministers from the pre- bomb. against misuse of the nuclear A plan for excess profit sharing 

Europe will be maintained arter vious government who refused to Even though he was Deputy fuel and a large faction of the and a draft bill to increase the 

tiie previous Government’s accept a coalition with the prime Minister and Justice Christian Democrat, as well as independence of company works 

attempt to shift to the nuclear Liberals. Much energy has been Minister in the previous Govern- the Left-wing opposition parties councils are now before Parlia- 

role to one of the NATO expended in debating how much ment Mr. van Agt was to some... were for- cancelling tiie- deal. ment. The unions are not happy 

turtners Christian Democrats could extent still an unknown quantity, intensive behind the scenes nego- with the modifications which 

first sicht the May, 1977. maintain the policies they had An apparently “apolitical" tiations abd Mr. van Agt’s firm have been made to the previous 

previously followed, and to what figure, he wondered publicly at line in debate that no more could government's proposals. The 

_ ouhi Aej saw extent they should adapt to the a late stage in the. coalition talks be achieved led to the -eoHap&e 1979 wage round which heeins 

miSts- u.s!!wworirs>cm 3W0.0* new more right-wing coalition, if be was the right man for the of ihe revolt. in November may prove the first 

There has been a dear swing job of Premier. His handling The Government's plans ti serious challenge to Mr. van Agt 


A WARNING that industrial in Ireland have never had a exceeded, it believes; too." tbs* 
unrest, particularly in public strike and says it is most unfor- threats : to • Ireland's indnitrial 
utilities such as telecommunlca- tunate that they should be incentives, both froth an” EEC 
lions and transport could affect affected by disputes in the public review and Americas proposals 
overseas investments in Ireland services. to end lax deferral have now 

is contained in the annual report The IDA also defends its policy receded, 
of the Industrial Development on trade unionism which had rpuj- w _, r _■ ' .•;£* .k- 

Authority (IDA), the Irish State come in for criticism do the JV) V S ^ T 2! 

body responsible for attracting grounds that it was promoting id A s. four-year plan .which 
industrial investment the interests of specific unions, badly hit by the recesaian/ppr- 

The report also comments on The report says IDA policy is to ticularly. in the Cork iad Dublin 
the closure l&te last year of the encourage incoming industrialists areas where nranyTtftfftM! 
Ferenka factory .near Li me nek to negotiate .with unions and not industries are located. '..Isft&e 
with the loss of 1,450 jobs. As to. advise on the choice, of union new three-year plan, to 1^9 jhare 
a result the mid west region was or unions within a plant. will be more emphasis on pro- , 

the only part of Ireland to show The. authority, maintains its vidlng new jobs f rom -Wiihifi irf* 
a ^, obs last ye , ar- optimism that its 1978 target of land. The IDA hopes to provide 

w.POAl •*« th. .p *i t -T ll L I S A v IS 'w^f t S p 2i- n V 0ut r 7,00Q Job ~! m Plpeijne can at least 51 per cent of job'&uo- 

Deputy^ Prirne° ^ 0St forei g°^ Industrie lists be, reached and possibly mitments from thij soured : 

Home Affairs Minister. The 
youthful, articulate Mr. Wiegei 


investment 
in Paris. 


From studios to 5-room apartments 


A MAN 

development 


ESRA S .fSL 



Sales and Information Office 
on the premises: 

Immobiliere -LENA 
79 quai Andre Citroen - 75015 PARIS - teL 575.30.63 


luxury apartments with 
full-length balconies 



Rate cuts 
by Soviet 


IMF will lend Egypt 
up to $750m 


Liquid gas Quebec taxpayers receive surprise rebates 

danger BY Y1CTOR MACKIE ' 

QUEBEC TAXPAYERS began accepted the proposals. the Progressive Conservative 

Vt dl lULllfiC receiving unexpected $85 rebate Mr. Chretien's message Opposition party in Parliament. 

„ cheoues thrnuph ihr» nnsr this included with the ■ cheque said Mr. Sinclair Stevens criticised 

1_ — r P A “ r , 0UEh the P° st “ the refusal of the Government Mr. Chretien today for the 

|3 V II week with a message from the ^ Quebec to participate in the wording of his nxesS 3 ge. Mr. 

•/ federal Government. national (budget) plan would Chretien warned Quebec to cut 

Liquefied gases should be stored The rebates are the federal have deprived the people of its retail sales taxes in order to 
in unpopulated areas and closely Government's method of paying Quebec of the benefits of the be eligible for the federal reiin- 
g uar ded, gas transporters should Quebecers' the money owed to federal budget. bursement offered in his spring 

carry a high level of accident them under the April budget of “So as not to penalise the budget. 

Insurance, and Congress should Mr. Jean Chretien, the Finance people of Quebec. Parliament has The Quebec Government re- 

consider setting up a federal Minister. A provision in the passed a law to compensate f US ed It was supported bv the 
energy safety agency. These are budget cut sales taxes in Quebec Quebecers for what they other- opposition in the Caniidi-.n 
the main recommendations of a but this whs turned dofrn by the wise would have lost." House of Commons and in he 

report this week by the General Ouebec Government and the > Jy ou £ . rY n,mon * ,n , Tn ~ 

Accounting Office (GAO), the province's w“yers did not Th ? re , wa * ^mediate Quebec legislature. Quebec asked 

investigatory service of Congress, benefit from tbe move As a reaction from Quebec city where instead that Ottawa compensate 
our Washington staff writes. The St Mr Chretien has now lhe Partl Qu^ecois Government Quebec so that the money would 
release of the report, which says Srted & 3S- out rebate repeatedly said it would gr. into the Quebec coffers, 
that a gas explosion In a densely- P heoues exDlainino e thar this is come up with some alternative Instead Ottawa has sent the 
populated area would be a “ cata- Semonev thevwouldbave ris method 0 / ensuring that the money directly to the taxpayers, 
strophe." follows an admission by ce jyed if the Quebec Government Ottawa cash finds its way into ln a sepa raie development, it 
New England gas transporters had accepted his budget pro- provincial coffers. was announced that Macdonald 

Shipments through pQggjs. All other nine provinces The financial spokesman for Tobacco Inc. will move its senior 
cities ana towns were a high risk. r 

The proportion of liquefied natural - 

. gas (LNG) in total U.S. energy 
supplies has risen rapidly with 

growing imports of tanker-shipped UNDEVELOPED RESOURCES IN MONTANA 

gas from abroat 

daughter in Argentina The fight to save a ‘tough 

Gen. Jorge Videla yesterday began 

a new tenancy of the Argentine . M ., rUI , w _ 

presidency by attending tbe wake ** MAECHLING 

tsifa^old 3 dlu2hter br ^f Ch Adm£i1 A HUNDRED years ago. Andrew stripmlne at its Rosebud coal- ‘ 

Armando Lambruschin i wh?Ts m Garcia described his travels in field in the 1920s. Now better jj\_ — C a a a d a » 

become naval commander-in-chief Montana as a tough trip through known as Colstrip. tbe field is jp Iw — --A 

and a member of the ruling paradise. Today the mountains leased to Peahody Coal Com- w ^ 

military junta- next .month, Robert and grasslands of.’ the state pany and Montana Power Com- W 

Lindle yreports from Buenos .Aires, remain mostly uninhabited, pany as the site for two 350- f Montana 

Srta. Lambruschini, and possibly Slightly smaller than California, megawatt coal-fired power plants. , 
others, were killed early yesterd- it has a population of 760.000. La St year the Northern i 

5if- ^ low Until recently Montanans have Cheyenne Indians whose reserva- %. USA 

in been atlle 10 kce P tiieir distance tion lies just north of Colstrip. Bl 
ftnroi° S hnnrfitf. from overcrowded cities and in- received a class 1 air designation 

Xr wr" lvSS,d?d ^ iusm ‘ al PoHutioo. B« the from the Enrironra.nt.l Proto- 35^. _ 

the blast and are in hosnital ** development of vast, coal tion Agency. Under the states 

Adm. Lambruschini is to dis- deposits in the northern plains Clean Air Act of 1972. the Indians ^ /Si: 

place Adm. Emilio Massera. who and timber cutting in the moan- prevented Montana Power from =jj|gvji|^ \ 

has held the post for two- years, tains ' threatens to destroy the completing tbe construction of fea&v 

as ' the naval member or the natural resources that have long two 700-megawatt stations at 
junta. Yesterday, the first change been taken for granted. . Colstrip in June tihs year. fjj§is£afigg» 

in the junta — which has ruled There is thought to be 42bn . While the first battle was won 

Argentina smee a March. 19.B, ton5 of s trippable coal in over air pollution, the real “■<■"- mi • ■" — ^ — ■* 

d «f «'™i e eastern Montana, most of it on ecological and economic issues 
Gen f Robert O^vfn la s federal property. The U.S. >n tbe plains eoncern the aUoca- dept hof I50 feet the legality of 

Gen! yttea as Jmn} ’command/?- Government owns 29.6 per cent tion of i sea m» ? he process remains at issue. 

r*' T ® Sr ,rssss ” 

House vote on Turkey £3 £t£j£l Hm Mom™ p— i a. 

The House of Representatives Burlington Northern Railroad Surface Owner Consent Act of Too)e Montana historian, says: 

SH*h d r # .* rc^* l £ rdaj and the Indian reservations own 1974 - . lh * aod Govern- , They are besinnins to think 

■T..S2f P S roost of the °tber coalfields. mcDt had of condemnation Uke Arabs .« 

I what is the second round of™ l Because of this complex pattern in ord * r ^ Blackfoot tribe whose ter- 

I of ownershiD. il has been diffimll property whera they had horrfprc nn niaHne 


opposed over three years 


stfs 


By John - Wares’ . 

NEW YORK, Atw. 1. 

.MOVES '.TO curb rate^uOlag'by 
Soviet merchant shipping which 
serves the U.S. . are gathering 
support in. Congress. 

The House of Representatives 
yesterday, voted 829 lo six- in 
-favour of legislation which would 
empower UaFehedre gs- 
e in power Jhe Federal Maritime 
Commission ..to suvMod the rates 
■ of Govern men! -controlled ship- 
ping companies operating io 
"cross trades" to the U.S. 3f a 
com panion.. Bill Is passed by the 
Senate, the U.S. agency’ would 
have authority to act a gains t 
Soviet rate^cuhing on'.' routes 
between the Far East - and- , the 
U.S.. which U.S. shipping com- 
panies' have -found increasingly 
tmublesome. 

Exenrpfed from the scope -of, 
the Bill . are Government- 
controlled carriers entitled to 
favoured nation .treatment,:' ^and 
those operating iti trades covered 
by specific FMC-approved . rate 
agreements, or in trades directly 
between the U.S. andthe country! 
of the controlled shipping com- 1 
pany. 

The bill would prohibit a con- 
: trolled carrier from setting rates 
1 “ below a level which- is just and 
' reasonable." This vague for- 
mula would, be given more preci- 
sion by a judgment as to whether 
rates were below the carrier’s 
“fully compensatory” costs 
level based o nwhat Is Known of 
the carter's and its competitors’ 
costs. But - the .Bill- would- also 
allow the FMC to act if ,it 
believes that rates being charged 
are lower than those required 
" to maintai acceptable con- 
tinuity. level, or quality of com- 
mon carrier service to, or from, 
affected ports." 

Passage of tbe Bill ’would be 
the culmination of three years 
of efforts by the U.S. maritime 
lobby to gain a measure of 
redress against Soviet rate- 
cutinc. The vote yesterday wip’ 
also be welcome to many Euro- 
pean carriers which are urging 
western Governments ..to adopt 
a more vigorous stance against 
Soviet bloc shipping. ' 

It is not known when the 
Senate will get round' to con- 
sidering the legislation, but. the 
supporters of Ihe Bill’ are hoping 
for action by the Autumn. 

US. COMPANY NEWS 

National Airlines cool on 
Texas International bid: 
Colonial Stores fails M stall . 
Grand Union tender; Quaker 
Oats sees 10 per cent profit 
_ gain— Page .17- 


BY DAVID fiOCHAN 

THE INTERN ATONAL Mone- 
tary Fund (1MFJ has agreed to 
lend Egypt up to- ah equivalent 
of S750m over the .. next three 
years on -condition . that the 
Govermheht curbs inflation and 
stimulates export gro>vth- 

The credit is exceptionally 
high, ambunting>to -S63 per cent 
of Egypt's quota In the IMF. But, 
since -1978, the Fund has been 
authorised to lend -credit above 
the normal ceiling of 100 per 
cent of a borrowers quota in 
certain cases? and .has alone so to 
Jamaica; Turkey and, Zambia. 

■ Fund' officials said' today that 
further conditions - would be set 
as Egypt draws on the credit 
line. The Tnitial conditions!; laid 
down in th« -Egyptiatt Govern- 
ment's new three-year economic 
programme., are that the country 
should aim for "a high’ and sus- 
tainable” anniiaF growth rate of 
at least 8 per cent, inflation of 
below 10 per cent, restraint on 
the increase lit domestic credit, 
and equ&bri uo-41 the overall 
balance of payments. - 

More . ’ resources •„ will be 
channelled' into- investment in 
.the export seitor.- with the aim. 
tbe Fond says, of raising to 26 
per cent in 1981 the ’ share of 
fixed investment ' in gross 
domestic product' : This was 15 


WASHINGTON, August 1. 

per cent in 1974 and is estimated 
at 23 per cent this year. 

The IMF has been criticised 
recently for impo&ng unaccept- 
ably harsh terms- on some of its 
poorer borrowing members, but 
it feels these conditions can be 
met given Egypt’s economic pro- 
gress since 1976.' Both the 
balance of payments and the 
growth rate have. improved since 
then, thanks to the reopening of 

the Suez Canal, the - revival of 
tourism, and an- increase iu oil 
exports. - ^ 

The Fund’s confidence In the 
Egyptian economy has also been 
increased br the level of aid the 
Carter Administration is propos- 
ing to provide it The Adminis- 
tration is asking- Congress for 
S750m in what is’ called security 
related economic aid for Egypt 
next year, a siuh:-only slightly 
smaller than that requested for 
Israel. «•. 

Meanwhile, the - U.S. Senate 
yesterday passed a Bill authoris- 
ing participation is the so-called 
“Wltteveen facility” of SlObn 
to help countries with balance of 
payments deficits-'' caused by oil 
imports. Tbe U.S.-. would contri- 
bute Sl.Tbn to this fund, with 
the Organisation of Petroleum 
Exporting Co untries fOPEC) 
putting up almost half the total. 


BY YiCTOR MACKIE ’ 

QUEBEC TAXPAYERS began 
receiving unexpected 585 rebate 
-cheques through the post this 
week with a message from tbe 
federal Government 
Tbe rebates are the federal 
Government's method of paying 
Quebecers' the money owed to 
them under the April budget of 
Mr. Jean Chretien, the Finance 
Minister. A provision in the 
budget cut jjales taxes in Quebec 
but tbis was turned dodw by the 
Quebec Government and the 
province’s taxpayers did not 
benefit from tbe move. As a 
result, Mr. Chretien has now 
resorted th sending out rebate 
cheques explaining that this is 
the money they would have re- 
ceived if the Quebec Govertment 
had ' accepted his budget pro- 
posals. Ail other nine provinces 


accepted the proposals. 

Mr. Chretien’s message 
included with the - cheque said 
“ the refusal of the Government 
of Quebec to participate in the 
national (budget) plan would 
have deprived the people of 
Quebec of the benefits of the 
federal budget-” 

“So as not to penalise the 
people of Quebec. Parliament has 
passed a law to compensate 
Quebecers for what they other- 
wise would have lost.” 

There was rfo immediate 
reaction from Quebec city where 
the Parti Quebecois Government 
has repeatedly said it would 
come up with some alternative 
method of ensuring that the 
Ottawa cash finds its way into 
provincial eoffers. 

The financial spokesman for 


the Progressive Conservative 
Opposition party in Parliament. 
Mr. Sinclair Stevens criticised 
Mr. Chretien today for the 
wording of his message. Mr. 
Chretien warned Quebec to cut 
its retail sales taxes in order to 
be eligible for the federal reim- 
bursement offered in his spring 
budget. 

The Quebec Government re - 
fused. It was supported by the 
Opposition in the Canadian 
House of Commons and in tbe 
Quebec legislature. Quebec asked 
instead that Ottawa compensate 
Quebec so that the money would 
go into the Quebec coffers, 
instead Ottawa has sent the 
money directly to the taxpayers, 
ln a separaie development, it 

was announced that Macdonald 

Tobacco Inc. will move its senior 


UNDEVELOPED RESOURCES IN MONTANA 


Brazil trade gap widens 


BY DIANA SMITH . 

THE S456m'rJ»itf*y»ariy trade 
deficit announced by the Brazil- 
ian Treasury Minister, Sr. Mario 
Bimonsen. lias warded, the hopes 
of (the beginning of 1978 that this 
year there would. tbe a surplus 
or, at feast, . a balanced trade 
account'. Imports -of $L18Sm in 
June exceeded.--' exports of 
$L103bh by S$nu . .The three 
other deficit months ' this year 
■Were January '{SITY-Sm). Feb- 
ruary. (5170m) aiuLMay fS31.7on). 
In, March and April; surpluses of 
$i;6m aod $ 12 m Respectively 
were 1 achieved. . 

Sr. Simonsen hopes that im- 
ports during the re&of the year 
.can be kept' under. :$Llbn per 
month, and that monthly exports 
wfll exceed this - figure. This 
prospect depends oil high world 
coffee prices^and bn -a .further 
upsurge cf-'e^ports oC xnanufao- 
tured goods. ' . 5 -, 

T Thanks, to rSuR exports of 
manttfe^ured goods (wttfc caw 


RIO DE JANEIRO, August L 

and engines achieving 35 per 
cent higher sales abroad this year 
than in 1977). the Brazilian trade 
balance has not slipped further 
into the red, following the reper- 
cussions. of local droughts and 
frosts and lower- world prices, 
on exports of agricultural pro- 
duce. 


OTTAWA, August 1. 

officials nut of Montreal tn 
Toronto during the next 18 
months. About 200 jobs will be 
affected. 

Mr. R. C. Shropshire, chair- 
man and chief executive officer, 
aid today that the companv had 
difficulty attracting and holding 
management staff in Montreal in 
what he culled a highly competi- 
tive market for consum.er- 
packaged goods. 

Mr. Shropshire hacked awav 
from discussing plans in term’s 
of Quebec politics or the Quebec 
Government’s controversial 
language legislation. “This is 
not a political decision, it is a 
business decision.*’ he said 

About 51 per cent of the com- 
pany's customers are reported 
to be in the Toronto area. The 
Quebec market accounts for 
about 30 per cent of sales. 


The fight to save a ‘tough paradise’ 


BY USA MAECHLING 


Montana 




Peruvian mine strike 

About 70.000 Peruvian miners are 
to stare an indefinite strike today, 
according to mining industry 
officials. Reuter reports from lama. 
The National Federation of Miners 
and Metalworkers is demanding 
wage increases and -the re-hiring 
of about .400 miners fired after a 
series of labour stoppages. 
Hardest hit by the strike win be 
Centro min. a- state-owned mining 
corporation, which accounts for 
about, half of Peruvian exports 
of metaL mainly copper, lead, zinc 
and. Silver. ’ ; 


major test for President Carter I ^‘n^sbip. it has been difficult P™P ert J , wher ? ritorv borders on Glacier 

whi has argued that the arms ban’ ! 1° «*“!■}« land use in *«*• Slfii!* 1 Private ^roa^^Sd uSutxr - National park ’ have sou » hl 

has been counter-productive and ! Nevertheless an unusual coa It- private roal and utility advice frorn , he organisation of 

damaged NATO, our Washington I tion- of environmentalists, companies are bound to comply p et ro]eum Exporting Countries 

Staff writes. Last week, the* ranchers and Indians is attempt- T , n c new state law, tne ( oPEC). on the management of 

Senate voted to lift the embargojing to protect their state, from Federal Government which jwns 0 jj 3nd g as dep0S j| S . ] n th e 
which Congress imposed nearly {tbe coal and power operations. raost “te coal is not subject n orth-WPSt. the Flathead Indians 
four yeans ago after the Turkish | Next lo ^ Federal Govern- t0 statft - regulal,on ’ " lease the Kerr dam site on the 

ment Burlington Northern Rail- Unless, Congress enacts new Flathead River to Montana Power 
S“ madr on a settlemTnT^ : road is ^ largest landlord in the 1 eolation, to control Aripmining. for $ln, a year. 

Snr'Iis. The JotJ in the Houi 1 state - In 18M.it obtained a the Department of the Interior On the water issue, holh tribes 
which vrillcorSder an amend- 1 P*tented claim for right-of-way will continue to contract accord- laim full rights to the Yellow- 
ment similar to that which thel° n 20 alternate sections of 20 mg to the Mineral Leasing Act stone and its tributaries because 
Senate passed, was expected to bet square miles each, nearly a sixth of 1920. This statute originally the Winters doctrine of 19QS 
much closer. The jiro-Greece tand’of the state. With the-iand came applied to deepshaft and open pit guarantees them the beneficial 
anti-Turkey) lobby is tronger in nearly 12bn tons of coal which mining. Since stripmining use of water that runs through 
the lower chamber , Burlington Northern began to removes the overburden up to a their lands. Since the average 


rainfall in Montana is only 12 
inches a year, farmers also rely 
heavily on the nver for irriga- 
tion. 

The power companies in Col- 
strip could require an annual 
consumption of 12.6m acre feet 
from the Yellows! one. As the 
three-year moratorium on water 
allocation from the river comes 
in an end. the battle over water 
rights has been renewed amung 
the various factions. 

Similar problems .surround the 
Government’s forestry policies. 
About a quarter nf Montana is 
woodland, of which 70 per cent 
is classified as commercial. The 
Federal Government manages 61 
'per cent of all limber areas 
including 9m acres in the 
national forests. 

The standard method nf 
retrieving timber is rlenrcutting. 
AH the trees in an area are felled 
and the remaining slash is 
burned to prevent forest fires. 
More often than not the sites are 
not reseeded, leaving an eroded 
slope of burnt stumps and dead 
wood. 

Once dominated by mininc and 
railroad companies, the Montana 
legislature has emerged as one 
of the most liberal state govern- 
ments in the West. In the past 
five years it has enacted a body 
of environmental law that puts 
federal standards to shame. 

The state has had influential 
voices in Congress including ihe 
former Senate majority leader. 
Mike Mansfield. But Montana 
economists and environmentalists 
are sceptical of federal- interven- 
tion. The slate's pressure groups 
are determined that .the state and 
not Washington will decide the 
future of the !‘Big Sky Country." 


:;C j: ■ 



lies 


-V' rfe • 

»7 r.» i t 

.-V'V' >” :? - 
•'VV-v?’ 

■*" S j V- »- 


V\fe reckon that ourexport record is strong 
enough, without including the sale of London Bridge 
to tiie Americans. 

Afterall, exporting £1,000 reHon worth of 
building materials and products each year is no 
ordinary feat, quite apart from know-how ^ 

Mind you,oiir industry is no ordinary industry 

-erthsc. ’ - . 

.Tte^evere industrial'relatons problems that 

manyhave^we don't. 


Curcostsw'ehave kept well under control. • 
V\fe have saved energy to the tune of a million 
tons of coal annually,yet still reached the same level 
of productivity. 

And, despite a cut-back in public spending, we 
have kept up asteady rate of investment in modern 


equipment and newideas. . 

All in'alLa good example of private enterprise 
working for Britain, withoutadding in poor old 
London Bridge. 

Howevecwefeel weshouid remind you thatwe 
did supply everything for the new London Bridge. 


The Building Materials Industry 

Asdidbase forBritairfe economy 






^ i . .- . -’ 











Financial Times Wednesday August 2 197S 


OVERSEAS NEWS 





Yen soars 
on Japan 
market 

By Robert Wood 

TOKYO. August 1- 
IN A market with few dollar 
buyers, the yen soared to 
187.00-to-th e-do liar soon after 
the official opening of Tokyo 
foreign exchange trading 
today. The qnotation repre- 
sented an Increase of 8 per 
cent In the yen's value In the 
last seven trading sessions, in 
each of those sessions the yen 
has reached a new post-war 
record high. 

Later in today’s session, 
more dollar buyers came into 
the market and the dollar 
stabilised at T188.00. where it 
dosed-. 

Traders said there was little 
or no intervention from the 
Bank of Japan. One Japanese - 
banker said there Is a suspicion 
that foreign traders are 
attempting to push the dollar 
to low levels iii New York and 
London, sell dollars at those 
levels, and buy dollars hack at 
higher levels in Tokyo when 
the Bank of Japan intervenes. 
Thus the bank is believed to 
be- avoiding Intervention for 
the moment. 

Whatever foreign traders’ 
motives, foreign banks were 
doing most of the trading 
today. Turnover was S523m. 

The yen's rise led the Chief 
Cabinet Secretary Mr. Shintaro 
Abe, publicly to stale that the 
Government would study 
whether to take new exchange- 
control measures. The Govern- 
ment was understood to he 
considering a ban on interest 
payments on non-residents' yen 
deposits In Japan and a 
shortening of the dollar credit 
terms that importers can 
accept. 

The Bank of Japan 
announced today that Japan's 
official reserves of foreign 
currency Increased by S2-035m 
in July to $29366m. an all-time 
high. The Increase was due to 
thp hank's Interventions in the 
last week of the month, which 
was the first week of the yen's 
cnrrenl climb. 

Despite, the obvious lack oF 
success of the Bank of Japan's 
interventions and the discus- 
sions of exchange controls, 
however. the Japanese 
generally eon tinned to take 
the current rise in the yen’s 
value much more calmly than 
they had taken earlier 
Increases. 

Surplus rises 

JAPAN'S trade surplus In July 
exceeded the S2.95bn Jane 
surplus. Finance Ministry 
officials said. 

They were unable to give 
firm figures. 

The officials were talking to 
reporters after the announce- 
ment of a $2.03ba rise *n the 
country's July external 
reserves to a record $29.ft'biL. 
Beater 


Lebanon Christians block 
army moves in the south 


BY OUR FOREIGN STAFF 

Attempts by the Lebanese 
Government to assert its 
i authority over south Lebanon by 
despatching 300 soldiers 
supported . by armour, were yes- 
terday halted “By Israeli-backed 
right-wingers iMfo shelled them 
! and erected roadblocks. 

President Elias Sarkis said 
yesterday .that Lebanon’s bid to 
deploy regular troops of the army 
in the south, .where right-wing 
Christians and Moslem left- 
wingers and Palestinians are in 
conflict was tb'e start oi a move 
to restore sovereignty over 
" every inch of Lebanese 
territory." 

Christian militiamen said yes- 
terday that they were ready for 
a fight to the .-finish >o prevent 


these Government units from 
moving into sectors under their 
control in the south Officers 
from the United Nations forces, 
in Lebanon (UNlFlLi and the 
Christian militia were involved 
in intensive negotiations to de- 
fuse the crisis which had 
occurred as a result of the 
Lebanese army brigade being 
prevented from passing through 
Christian villages. 

The brigade was halted yester- 
day by Christian shelling at the 
village of Kawkaba. 40 kilo- 
metres north of the Israeli 
border. “If they try to come 
through Marjayoun by force, 
there will be a big war." said Mr. 
Francis Rizq..- a- spokesman for 
the south Lebanese Christians. 

The UN has suggested' that 


the Lebanese brigade should 
pass through the southernmost 
area on the network of UN patrol 
roads. These skirt the Christian 
villages without actually enter- 
ing them. But the . extent of 
mistrust is clear from Mr. Ftizq's 
comment speaking to reporters 
at a border crossing near the 
northern Israeli Lown of Metul- 
lah. He said that the- Christians 
were “ convinced more than ever 
that this so-called Lebanese force 
takes its orders from Damascus 
and Syrian officers and not from 
Beirut and the Lebanese Govern- 
ment.'* He added that the 
Christians would, .resist any 
attempt by the Syrians or the 
Lebanese army to close the 
border crossing points between 
Israel and Lebanon. 


Iran admits six 
dead in rioting 


By Andrew Whitley 


TEHRAN. August 8. 


Hawke steps 
down in 
Australia 


CANBERRA, August L 
.MR. BOB HAWKE, the Aus- 
AT LEAST six people have died dashes with police and troops; traliau trade union leader, 
.and more than -300 were arrested says that two people died ui; stepped d».wn here today as 
i during the wave of violent unrest Hamadan in the west, one in each ■ president of Australia's opposi- 
i in Iran over the past ten days. In of Shiraz, Rafsanjan and Jabrotn • tj on -Labor Party. He was 
| the first, full-length official state- in the south, and one in Masnaa ■ rep j aC ed by Tasmanian Deputy 
ment on the disturbances, today's in the north-east, Where the , premier Neil Batt as chief of the 
□ev/spapers say 13 cities, includ- trouble first began. . j Labor Party organisation, 

ing Tehran and most major pro- Thousands or arrests have Mr. Hawke, president of the 
vinciai centres, were affected. been made during the past nine .Australian Council of Trade 
It was the fifth -wave of serious months disturbances, but “[unions, was elected Labor 
rioting this year, coming after became clear today that niost;p arlv president five years ueo. 
two months of relative calm, aad are being released after a spell Re ^id not stand f 0r re-election 
brought the official death toll to in custody. Mr. Darius Homa-j at t h e party's national executive 
near 40. Unofficial estimates are youn, the Minister of Informa- meet j n g an d there were no other 
far higher. tion. told journalists today that nominations. 

The latest trouble began after no more than 100 are awaiting [ ji p _ Hawke decided to give up 
the deaths of two prominent trial on " anti -state charges.-^ Labor Party .presidency* 
religious leaders. Their funerals which cover political offences as U> ecau8e 0 f t i,e demands of his 
and mourning ceremonies pro- well as some acts of violence. [ra( j e union activities. Mr. Baft, 
vided the occasion for mosque- He said ahout 2,100 people a former schoolteacher, was 
{ led agitation, in which banks, were m jail for anti-state pleated to Tasmania’s state par- 
i cinemas, nquor stores and official offences. * liament in 1939. and has cnmmii* 

institutes provided the main Mr. Homayoun rejected mAn f S to neither the Left nor 
[targets. Slogans were shouted allegatins by the dissident ; Ri C ht-wing factions of the party, 
i against the Shah and in support Iranian Society for the Defence j Renter 

of his leading opponent, he of Liberty and Human Rights; __ 

exiled religious leader Ayatullah that torture and the ill-treat-; -r^ j 

Khom Ini. ment of political prisoners have 1 £ r&FlCC prCSS£Q 

The official version of the increased. 1 r 

I on N-contract 

By Simon Henderson 

ISLAMABAD. August 1. 
THE MILITARY ruler of Pakis- 
tan. General Zia-Ul-Haq. has 

___ _ sent a letter to President GJscard 

Afterton ’ has a final round of President Anwar Sadat's rejec-jd’Estaing of France asking him 


WORLD TRADE NEWS 


EEC steel 
plan comes 
under fire 


US admits to 

of the spirit of 



BY DAVID BUCHAN 

THE CONTINUED failure of the 
U.S. to make the Imposition of 
countervailing duties on “ sub- 
sidised " imports conditional on 
injury to domestic industry is in 
"clear violation uF the spirit of 
the GATT agreement.'* a senior 
Treasury official admitted today. 

Mr. Fred Bergslen. the 
Assistant Treasury Secretary, 
told, a congressional .sub-commit- 
tee that .this was an issued of 
major importance for. our trading 
partners, for the understandable 
and justifiable reasons." Unlike 
other countries, the . U.S. does 
not attempt to prove damage to 
any of its domestic industries; 
before imposing duties on what 
it considers to he unfairly sub- 
sidised imports — though injury- 
tests are required in dumping 
investigations. 


This is the furthest that any 
Administration official has gone 
in conceding that the U.S. is at 
fault im this issue. Mr. Bergsten 
said,.that the Carter Administra- 
tion was prepared to ask 
Congress to write the require- 
ment for injury tests " Into 
American -countervailing jduty 
law — an offer- already made oy 
the Chief U.S. Trade Negotiator. 
Mr. Robert Strauss — if after 
countries were willing to limit 
export subsidies in the current 
multilateral trade talks in 
Geneva. 

But Hr. Bergsten. made clear 
that the U.S. would still dispense 
with any injury test, if countries 
continued . to grant subsidies 
Which broke specific international 
commitments. As an example 


WASHINGTON, August t > 

of these “ illegal ** subsidies, the 
Treasury official cited the credit 
recently given Pan American 
Airways by Britain to 'buy-dut 
craft tiding Rolls-Royce engine* j 
T he Administration is keen roil 
speedy progress on the issue; of 
subsidies, partly because 
flexibility not to impose counter* 
vailing duties in certain ' cases 
will disappear next January, 
.when the ** waiver ” clause in the 
1974 Trade Act expires. Under 
this. Congress gave the Admiofc 
snration the right for a limited; 
period not to take action againg 
subsidised imports when suefe 
action might encourage retail*; 
tion nr jeopardise - negotiation j 
with other countries. Under the 
waiver clause, some S300m; worth 
of foreign imports 'have ’escaped 

countervailing duties. 


Dell restates textiles pledge 


By John Lloyd 

SERIOUS SHORTCOMINGS have 
been revealed in the Davignon 
plan for protecting U»e -steel 
industries of the European Com- 
munity and a “more regular and 
more constraining functioning of 
the plan" was now being' 
considered, according to Mr. 

Jacques Ferry, president of! 

Eurofer. the European steel- ; 
makers club. 

In an interview in the journal : 

- Metal Bulletin," published : 
yesterday. Mr. Ferry said that a 
major defect of the Davignon : 
scheme — named after the EEC! 

Industry Commissioner. Viscount 
Darignon — was that it included 
only those products covered by; 
the European Coal and Steel ; 

Community treaty. 

This left out the “first trans- 
formation products,'*, like cold-; 
rolled sheet, wire and tubes, 
where there was " savage " com- 
petition. and where the price 
relationships between these pro- 
ducts and the basic ECSC pro- 
ducts had been distorted. Mr. 

Ferry said that these products 
should be included within the 
Davignon plan, or it wpuld fail. 

seftoo B Meh 1 ^EMrelation^to weak I A FIRM restatement that Britain agreement with Portugal. . 

Eurouean demand, and lower remains determined to see that The reserve had been placed some products from Greece, 
dpiiverv Droerammes for the' l 11 * recent GATT Multi Fibre following pressure front the UK The Commission would take 
fourth onarter of the year were ! Arran gemem bilateral agree- industry which had pointed out action, too. When there was. a 

now bpixiE considered ' ! ments on textile Imports are fiilly that the increased access pro- substantial increase in imports 

Tiehter Commission control 1 enforced has been given by Mr. posed for Portugal in u number into the UK not previously 
over fte steel companies would ! Edmund Dell. Secretary for of highly sensitive product areas covered by an agreement and 
make it possible to move towards ! Trade, to the British Textile would breach the ceilings laid where this was causing disrup- 
general price levels set by I Confederation. 1 - 1 1 down by the EEL itself for total tion. 

the Council or Ministers last ■ Mr. Dell, who yesterday met a imports of those products. Mr. Dell also replied to 

year j deputation from the BTC - to Mr. Dell is understood in have industry warnings that ..the eon- 

The commission had prepared discuss the recent concession by told the delegation yesterday fide nee of the industry would be 
a document which estimated the; the EEC Council of Ministers on that' the Government did not undermined if there were any 
demand in each product by 1980 ! Portuguese exports to- fte Com- regard the MFA as threatened by further breaches. Giving the 
and 1985. Each country was also munity. also urged the industry the new arrangements with Government’s assurance that it 
preparing an inventory of ‘to invest to take advantage of Portugal and he pointed to two would continue to press the Corn- 
capacity. and It was already clear ; opportunities created by the new new assurances which he said hud mission to make sure the various 
that capacity wouid be well ! restrictions. been obtained from the EEC. agreements were adhered to, he 

ahead of demand for fte next ! The Industry delegation led by These were that the Cammis- said the British people would be 
five to eight years. i Mr. Ian MacArthur. the director, sion would take in future action expecting that with the unique 

Mr. Ferry said that many steel ; of the BTC. bad requested the when there was an Imminent degree or protection now 
makers now favoured an inter- ! meeting with Mr. Dell to ex prera threat that ceilings would be accorded to textiles i il wouid 
national steel agreement, and ; its regret at the UK’s decisioft: exceeded rather than after the have the confidence! to invest ti> 
lhat fte OECD steel committee 1 to lift the reserve it had placed limit had been breached, as supply the markets created by 
could be the nucleus of such a 1 [ as t May on the Community 1 happened recently when restrie- the restrictions, 
development. A mechanism to 
moderate international competi-l 
tion should he set up. counled J 
with a "World Steel Code" to; 

*et penetration ceilings Cor 
imports. 


BY RHYS DAVID 


tions wore placed on import*, of 


Atherton’s Egypt talks 

CAIRO, August 1. 

U.S. Special envoy Mr. Alfred disappointment by the U.S. at 


to honour a contract to build a 
nuclear processing plant 
The letter was given to 
French special envoy "when he 


talks with Mr. Mohammed tion of further direct talks unless 
Ibrahim Kamel, the Foreign Israel agrees to return all accu- 
Minister, today to clarify Egypt’s pied Arab territories, 
latest position on getting direct Egyptian officials made no 
talks with Israel moving again, comment on the American state- [was in Pakistan for two weeks 
, Mr. Atherton leaves tomorrow ment, but fte semi-official news-. trying |o persuade General Zia 
for Jerusalem and one American paper AJ-Ahram described it asito change the original deal so 
! official commented wryly: “We strange fte state department that pure plutonium would not 
are sliding into a situation where “ must have misunderstood; be a by-product. The French 
we are holding negotiations about Egypt's position and as such its [envoy is understood to have 
negotiations.” statement is disappointing,'’ the, offered a series of alternatives. 

The Atherton-Karael meeting newspaper said. . none of . which pleased the 

follows an expression of deep Reuter l Pakistan Government. 


Ethiopian drive in Eritrea at vital stage 


BY JAMES BUXTON 

MAJOR BATTLES reported to 
be raging between Ethiopian 
forces and guerrillas in fte 
heart of Eritrea yesterday could 
prove crucial to the future of 
fte strategic Red Sea province. 

A spokesman for one of fte 
two main guerrilla organisations, 
the Eritrean Popular Liberation 
Front (EPLFl told Reuter in 
Rome: “Very heavy fighting Is 
going on. The battles are very 
important.” The fighting is tak- 
ing place near the provincial 
capital. Asmara, which is sur- 
rounded by guerrilla forces. 

In the past three weeks 
Ethiopian regular troops and 
militia, believed by reliable 
observers to number up to 
200.000 men. have made exten- 
sive gains in a multi-pronged 


offensive against fte guerrillas. In central Eritrea. Ethiopian that Cuban troops, which played 
who last year captured many of forces claim to have taken the a major part in the Ethiopian 

the major towns in Eritrea, towns of Adi Quala, Maadefera offensive against fte Somalis in 

The Ethiopians have recaptured false known as Adi Ugri) and the Ogaden this spring, are not 
the town or Tessenei in the west Decamare, and to have linked involved in frontline fighting, 
of Eritrea, close to the Sudanese up with forces defending the According to the EPLF major 
border, and claim to have broken beseiged city of Asmara. battles were under way yester- 

the siege of the nearby town of T n f orm ed observers believe da y ne F M®pdetera, Decampe 
.Barentu. where ah Ethiopian , h at kev elements account- at " 1 Adi TeWa !* Ao Ethiopian 

garrison had been surrounded bl * th ■ Ethiopian advance breakthrough in these battles 

by forces of the other main the o ee o tSr SoS the !i*tlug_of the 

guerrilla group, the Ethiopian artillery deluding * ie S e cf ^maia ’ which would 

Liberation Front <EL F) Forces ^^ultipte Ser lauicSSI h ° * ~ aW 

coast of 


be a major victory for x the 

for about . year and a-half. '"tSTePLF^S, that 'after 


On fte 


Red Sea 
Ethiopian 


lhat the Eritrean 


aiiorrllln 1 uc Say'S .«*.«• 

Eritrea. Ethiopian troops. C' hoen’ o _ verrtretched ? efeats suffered by the ELF the 

relying heavily on supplies b ^ nl 0{ * e ba « le - U n ™ fal > 

arriving by sea. claim to have „T.mher of Fritrem towns ,n S on them - Their spokesman 

driven the EPLF out or the port numDer of *-"trean l01kns - in Rome said that the EPLF had 
and naval base of Massawa. a - They believe that the Soviet no direct evidence that Cuban 
large part of which they took Union drew up the detailed plans troops In Eritrea had joined the 
-over last December. . for the . Ethiopian . offensive, but fighting. 


THE WESTERN SAHARA 


Fighting to reopen the desert mines 


BY A SPECIAL CORRESPONDENT 


POLiSARIO guerrilla attack 
st month against installations 
the Phosboucraa phosphate 
ining company in Western 
hara has shown how difficult 
will be for the company to 
rry out its declared plans to 
start production at the long- 
le Bou Craa mines. 

The mines are the main eco- 
mic asset of. the territory, 
lich was divided between 
irocco and Mauritania in 1976. 
ley produced 5.6m tons of row 
osphate in 1975. but produc- 
er ground lo a standstill early 
1976 when Pollsario guerrillas. 

10 are fighting for Western 
hara's independence, cut off 
eir power by felling some of 
e pylons which link Bou Crua 

a power station 107 km away 
the port of el-Aaiun. 

The 100 -kni conveyor belt that 
kes the phosphate rock to a 
>atment plant at el-Aaiun has 
»o been out of action since 
e beginning of 1976. when 
reral of its sections and con- 

11 stations were destroyed or 
maged in guerrilla raids. 

Mr. Larbi el-Omari. Phos- 
ucraa's director, hopes that the 
mpany will resume production 
is month and start its conveyor 
It again in October. He said 
at the company was repairing 
e sections of the rubber belt, 
tailin': S.5 knis. which have 
en burnt out in guerrilla 
tacks. Sabotaged electrical 
tchinery in two of the 10 
nrrot stations is also being 
placed. 

Accordms m officials .n Bon 
aa. 11 out of the 17 destroyed' 
wer pylons have already be£n 


replaced, and it will be possible 
to restore power to fte mines 
sometime this month. 

However, unless there is an end 
to the guerrilla war it is by no 
means certain that Phosboucraa 
will be able to resume produc- 
tion. Only lost month a Pollsario 



“western 

t:SAHARA 



column attacked the conveyor 
belt's station number eight, a 
mere 20 km from el-Aaiun, the 
territory's largest town and 
capital of the old Spanish colony. 

Some observers have suggested 
that Morocco has been happy to 
see the mines lie idle at a time 
when the trough in world phos- 
phate demand has cut into ex- 
ports from Morocco's two -non- 
Saharan mining centres at 
Kliouribga aod Youssoufia. 

Morocco’s phosphate exports 
fell from lS.7m tons i dry i in 
1974. at rhp height of ihe world 
phosphate boom, la only I3.1ra 


tons in 1975, 14.5m tons in 1976, 
and 15.7m tons last year, while 
prices have fallen from S68 a ton 
in 1975 to around S32 a ton now. 

But Mr. el-Omari denies that 
the parastatal office Cherlfien des 
Phosphates (OCP). which now 
has 65 per cent of phosboucraa's 
shares, has been happy to see 
Bou Craa shut down. “The grade 
of phosphate is higher at Bou 
Craa "than at Khouribga and 
Youssoofia.'- he stressed — SO per 
cent bone phosphate lime com- 
pared to between 6S and 75 per 
cent at the. two northern mines. 
"The configuration of the depo- 
sits is good, since the terrain is 
not disturbed and there is little 
foreign material." he added. 

Furthermore, though the OCP 
already has ambitious plans to 
develop three -major new mines 
north of the Sahara. Mr. El-Omari 
said that the OCP has long- 
- range plans to begin further 
prospecting in the ex-Spanish ter- 
ritory, where there are almost 
certainly major phosphate 
deposits still to be found. 

Reserves at Bou Craa total 
l.Tbn tons of raw phosphate 
(equivalent to around 900m tons 
in terms of dried phosphate) and 
before their departure m 1976. 
the Spaniards — whose lostituto 
Xacional de fndusrtia retains a 
3-5 per cent holding in Phos- 
bouoraa — planned to double 
the 19ia production rates. 

Western Sahara also has un> 
exploited iron deposits of some 
70m .tons at Agrarba. while the 
parastatal Bureau de Recherches- 
el Participations Minleries 
fBRPMi believes that oil-shale 
deposits, which have been, dis- 
covered in ihe Tartaya region 
north of the old Spanish-Moroc- 


can border, extend into the' ex- 
Spanlsh colony towards el Aaiun 
and Boujdour. 

Meanwhile. Phillips Petroleum 
and BP have been gran ted, seyen 
offshore oll-prospection permits 
covering 35,000 sq kms qff the 
Western Saharan coast between 
el Aaiun and Boujdour. 

Of more immediate value, how- 
ever to Morocco are Western 
Sahara's rich fishinc waters. 
Resources of sardines, tbe corner- 
stone of Morocco's fishing 
industry, are Far greater off 
Western Sahara than to the 
North.' 

Major infrastructural invest- 
ments are planned, in some. cases 
for political and military as much 
as economic reasons. Ports, 
roads, new water sources .and a 
railway are among projects 
under way or on fte drawing 
board — to assure the full settling 
down of the Tmathe papulation, 
facilitate military movement and 
integrate* the territory with the 
Moroccan economy. 

But. whatever Western 
Sahara's long-term economic 
prospects, the territory is today 
a drain on Morocco's strained re- 
sources. With spending on the 
security forces set at an unprece- 
dented 4Jbn dirhams . io fte 
1978 budget, partly because of 
fte fight against Polisarto, fte 
drain is_ severe. It is especially 
so at a' rime when phosphate 
earnings are low. import prices 
are rising, fte trade deficit is 
high (8.5bn dirhams In. .1977 
against 852m dirhams in 1974) 
and external public debt is in- 
creasing (15bn dirhams at the 
end of Iasi, year compared to 
6.3bn dirhams m 1975). 


HK office for 
B. Shipbuilders 

By lan Hargreaves 


Japan trade with China 
up 42% in first half year 


Swedes query 
U.S. position 
on arms sale 


BY ROBERT WOOD 


TOKYO, August 1. 


j JAPAN'S TRADE with China in- Japan's exports' to China will! 
creased 42.6 per cent in the first total YGfiObn and imports from ; 


crittcu cHiPBTTTT tifrc w i this year the Japanese China Y450bn in the second half. 

tn nffioo in Hom» ! Association for fte Promotion of Both figures are more than double j uur owcuftau win 

decided to open an office in ( international Trade announced those for the first half. Equip- j tor Trade, travels to Was 
in 5E? r iritlMi i today- The association, which is ment for several large-scale ton tomorrow where he 
marketing base in roe cn wu_ a g^p 0 £ tracing companies Chinese industrial plants is ex-1 («ik« «-i»h n» r 


By John Walker 

STOCKHOLM. August V 

MR- STAFFAN BOREN STASH 
more than double \ LINDER, fte Swedish Mlnbter 

Washing- 
viU 


S’ ^ “ d in 11,0 

series of visits to Hong Kang in; The increase m the first six [ Ml P “ ve ar as imnort 11 restrictions 
recent months by senior British . montiis was largely attributed to , n ounied in ”!hS r w«J, ct rhJ 
Shipbuilders officials. . j Japanese price increases-espec- j aDa ?.e« need for new machete 

The corporation said yesterday ; ially for steel and chemical virtually coincided with the ; TV", 

that the move did not herald the j fertilisers— caused b.v the yen’s Chinese regime* new einDkasis • Qf ! be Pr *i t l a J ,l(l Whltney jet 

establishment of a chain of * rise. The trade increase in yen “eraffon; euiphasi a , engine and jhere nre^Other 


have talks with Mr- Cyras: 
Vance, the UR. Minister for 
Foreign Trade. The main 
talking point fs expected to he 
the question or Sw eden export* 
Ing the Saab-Scania Viggen air- 
craft to Indio. - The Viggen Is 
powered by a modified version 


been in Hong Kong for eight 
years in fte shipping, ship- 
broking and marine consultancy 
teisinesses, will be director of the 
office. 

Mr. Hudson has a long-standing 
connection with the British ship- 
building industry and is a former 


worldwide marketing points, but i terras was only 16.4 per- cent. But Many Japanese also find the 
reflected fte importance attached < exports of machinery showed a Chinese easier to deal with than 
to Hong Kong itseli- where , 270 per cent increase; and sales Westerners, because Chinese and 
companies controlling 40m dead- 1 volume of other products was Japanese cultures have deep 
weight tons of shipping are also higher. historical ties which sometimes 

bged, and of Japan and Austra-j export( t0 ^ |n le £ l to similar W of lUokli^ 

Mr. Cyril Hudson, who 

period of last year in yen terms. t0 read ^ Western 

Imports totalled Y208Rbn, up h 

4 i npr CP nt Roth fiftiirw were Although China Is expected to 
4^per cent. Boro ngures were continne tQ run _ a large trade 

records deficit with Japan for several 

The - first-half statistics show years because of her enormous 
little of the effects or fte Japan- ne ed fpr steel and machinery, 
_ China trade agreement negotiated traders say her exports of oil ( 

Far East sales director of Upper I early this year, which is expected and coal to Japan will rise sub- 
Clyde Shipbuilders, fte Clyde- J to sharply increase Japan's sales stahtialiy as fte Japanese 
ride yard now known as Gov an of steel, other construction economy emerges, from its recent 
and a part of British Ship- materials, and machinery. The recession and China’s resources 
builders. ‘ trade association predicts that are further developed. 


American components In the 
aircraft. . 

Mr. Burenstaairi Linder will 
be seeking a clarification of the 
“ unclear American rales " on 
export of Swedish weapons 
which incorporate American 
components. The UJS- Govern- 
ment has Indicated that it will 
stop the sale of Viggen fighters 
to India. The Swedish Minister 
Is reported to have said that he’ 
does not think the expert of 
Viggen aircraft to India will 
change the sensitive position 
between India and Pakistan. 

It is understood that the 
order for the Viggen for India 
would amount to about 20 air- 
crafti 


OFFSHORE OIL OPPORTUNITIES 


Offering UK expertise to the world 


BY RAY DAFTER, ENERGY CORRESPONDENT 


UNDETERRED BY fte EEC 
Commission's investigations into 
its. activities, fte Offshore Sup- 
plies Office of fte UK Depart- 
ment of Energy is continuing to 
comb the world for suitable maiv 
kets for British oil equipment 
and service suppliers. 

The Government agency has 
come under fte Commission's 
spotlight because of its role In 
helping UK companies find work 
in fte North Sea. In essence, tbe 
Office aims to ensure that oil 
companies give British suppliers 
a “full and fair" opportunity 10 
compete for orders. There has 
been concern within the Govern- 
ment that international oil com- 
panies— particularly the 

seasoned U.S. groups — might 
automatically go to their tradi- 
tional suppliers, usually Ameri- 
can . companies 1 without giving 
domestic companies a chance to 
compete. 

The policy seems to be work- 
ing. for fte UK offshore supply- 
industry's share of home orders 
has risen from 40 per cent in 
1974 to over 62 per cent Recent 
figures show lhat UK suppliers 
gained £606 m of fte £1.3bn worth 
of orders placed last year by oil 
operators working on the British 
Continental Shelf. 

However, officials within tbe 
EEC Commission are concerned 
that fte Offshore Supplies Office 
might have been “ somewhat 
robust " in its application of the 
full and fair" opportunity 
scheme. Hence the investigation 
to see if the Office has been 
putting undue pressure on oil 
companies to buy from UK 
companies. 

Meanwhile, the Govern ment 
agency is turning its attention 

overseas, to see what it can do 
to encourage British offshore 
suppliers to gain work outside fte 
UK Continental Shelf area, in 
terms of turnover, ihe North Sea 
now accounts for about one third 
or the world's offshore supplies 
market currently estimated to 
be worth well over £4bn and one 
likely in grow to £6bn in fte 
oariy' 1980s. 


Many of fte newer exploration 
areas — in South America, off 
Western Australia and in India, 
for example — will provide much 
of the growth for the offshore 
supplies industry when the North 
Sea development programme is 
past its peak. 

This also accounts for OSO’s 
most recent foray into one of 
fte newest exploration regions: 
tbe Atlantic seaboard of fte 
U.S. The oil Industry's search 


confirmed that it had found 
traces of hydrocarbons on block 
593 of Baltimore Canyon 
although it denied unofficial 
reports that it had made a major 
oil strike, it is all reminiscent 
of fte early exploration days in 
the North Sea in fte late 1960s 
and early 1970s, when there were 
many . Initial disappointments. 

And there are other similari- 
ties between fte Atlantic sea- 
board and fte North Sea. The 


Exxon plans to farther 
deepen its Atlantic wildcat 
well, about 95 miles east of 
Atlantic City. 

A spokesman for Exxon says 
approval has been -received 
from the U.S. Geological 
Survey to drill as deep as 
17,000 feet. 

The Exxon well is the first 
wildcat on which drilling, 
began in fte Baltimore Canyon 


for new reserves in this offshore 
area has just begun following 
the ■ sale of leases on Georges 
Bank, off Boston, Massachusetts. 
Baltimore Canyon, off of Phila- 
delphia. and the South East 
Georgia Embankment further to 
the south. The mid-Atlantic 
lease sales resulted in an initial 
industry expenditure of $I.2bn 
in accepted bids (twice as much 
ns fte maximum expected by the 
U.S. Department of the Interior) 
plus millions more on new shore 
bases and drilling rigs. 

So far Continental Oil and 
Shell Oil have reported dry holes 
in Baltimore Canyon wafers off 
fte coast of Atlantic City, New 
Jersey in what is thought to he 
tbe most promising area. It was 
a disappointing start far total 
resources in the TrJSm acres 
associated with the initial three 
Atlantic sales are estimated 10 
be between 830m and 2.93hn 
barrels of uil and between 5.5 
and 19.7 Trillion f million, 
million l cubic feet nf gas. 

However, Texaco recently 


area of the mid-Atlantic. The 
well was initially planned for 
a target depth of 14,000 feet, 
but last . week Exxon 
announced that it had decided 
to drill to 15,000 feet, and hae 
already reached -14JKH) feet. 

The Exxon spokesman said 
the decision to deepen the well 
further should not be regarded 
as an Indication of cither posi- 
tive or negative results to date. 


water depth In the Baltimore 
Canyon.- for example, is between 
330 and. 600 feet. which makes fte 
drilling environment much more 
akin to fte UK Continental Shelf 
than fte: traditional U.S. offshore 
oil area-— the Gulf of Mexico. 
Furthermore, Baltimore Canyon 
lies between 47 and 92 miles 
offshore, presenting similar 
transportation problems as en- 
countered by UK operators. 

These points are being 
emphasised by the Offshore 
Supplies Office which. ‘ acting 
almost like a trade association^ 
'•5 endeavouring to encourage 
links between the UK offshore 
supply industry and U.S. com- 
panies* which hope to be associ- 
ated with Atlantic drilling and 
oil production. 

Mr. Leonard Rea, Venture 
Manager with ihe OSO. said he 
was hoping, in* particular, to 
create openings for UK service 
companies, such ' as catering 
organisations, and second, third 
and fourth tier engineering com- 
panies which had already gained 


experience in the North Sea. "We 
are. pushing Britain as a leading 
nation in matters offshore.' - 
said Mr. Rea, While fte big 
international engineering group* 
were well able to set up their 
own undertakings in new explora- 
tion areas there was a need to 
provide small U.S. engineering 
companies with offshore exper- 
ience and expertise. This could 
be done through joint ventures. 
Mr. Rea said such co-operation 
could provide a boost for both 
UK exports and invisible earn- 
ings. 

A number of cities and coun- 
ties along fte Eastern seaboard 
are showing interest in setting 
themselves up -os supply bases 
for fte offshore effort amoo? 
them- Salisbury in Maryland fte 
conjunction with Lewes, Dela- 
ware), Atlantic City. New Jersey, 
and Quouset Point. Rhode Island. 
“I have no doubt in my mind 
that Quonset Point could become 
a second Aberdeen/* said Mr. 
Rea. . . 

- Luler- this .year — starting 
September 17— a trade mission 
rroni the Greater Providence 
Chamber of Commerce. Rhode 
Island, wilt visit Aberdeen find 
other offshore centres to see what 
the UK has to offer. It could 
lead to the organisation of a 
much bigger mission next year. 

Mr. Rea accepts that it may 
sccra impertinent of the UK te 
sell oil expertise 10 the U.S. 
After all, the Americans rc*sa rd 
themselves, as the leaders in the 
world, oil industry. However, it 
Is pointed out that deep water 
exploration has bred its own 
special kind of technology much 
of which has been developed in 
the UK. 

Bui there is another, less cm* 
phnsised reason why business- 
men and local Government 
Officials might prefer tn co- 
operate more with UK groups 
Than the • traditional Texan 
supply companies. For turbulent 
historic reasons there ha.«i never 
been a groat love between the 
states on - the eastern seaboard 
and those in the south. 




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British Gas leads the world in energy conservation— not 
just in research and development, but with practical help _ 
and advice to industrialists arid businessmen. Since gas now 
supplies 26°o of all the heat used by British industry, this is a vital 
contribution to the sensible use of the nation s energy resources. 

Millions ot therms have already been saved and many of 
Britain’s industries and businesses have benefited from dramatic 
reductions in their iuel bills. ? 

Technical Consultancy Service 

All twelve British Gas regions have a Technical Consultancy 
Service which can help to ensure maximum efficiency in the use 
of gas.These units have unrivalled experience in practical means 
of energy conservation to put to work for you. They offer advice 
on the design of new plant, carry out item-by-item surveys to 
ensure existing plant is working at peak efficiency and give sound 
practical advice on how to save fuel. 

Gas Energy Management Awards 

To help demonstrate the sort of savings that can be achieved. 


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has three main objectives: to encourage the efficient use of gas; 
to encourage good fuel management; and to increase production 
in British industries.The awards are given to the industrial 
company which, in partnership with its British Gas regional 
Technical Consultancy Service unit, has made the most 
ou tstanding contribution to the efficient use of gas over the year. 

List' year the finalists tor the G.E.M. Awards saved between 
them enough gas to supply a ; town the size of Dover for a year! 
The British Gas School of Fuel Management 

Another unique British Gas contribution to energy 


training courses to help industry, commerce and local 
authorities to use fuel— and particularly gas— more 
etficientlyand economically.Hundredsof industrialists and technicians 
have attended courses at the School and subsequently put tire 
knowledge gained to work for their companies.The School also 
draws on the resources of the Midlands Research Station of 
British Gas. where important work in research and development 
into the increased efficiency of industrial gas utilization is carried 
on through the development of improved burners, furnaces, 
other heating plant and automatic gas controls. 

Get together with gas 

Energy conservation makes sense —for Britain and for your 
business. The benefits of the gas industry’s wealth of experience 
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To: British GasTechnical Consultancy Service, 326 Hirii Holbom, 
London WC1V7PT. 

□ Please send me a brochure about the service. 

□ I would also like details of the various fuel efficiency courses 
at the British Gas School of Fuel Management. 



I 


Name. 


UDmpany: 


Position in Company. 
Address 


conservation is its 




-Telephone. 


BRITISH GAS 




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lv.-urd'-’i :!w tr^vr.sn.T.-^.cr-.c; ir.i Co- turner.:.. tn^: 


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1 Financial Timss' Wedi^sday ' Augijst^ 2 1978 i. 


HOME NEWS 


August 
car sales 
may be 
record 


By Terry Dodsworth, 

Motor Industry Correspondent 
CAR SALES this month are well 
set to equal and perhaps exceed 
the record figure of 234,300 units 
achieved in August 1973. accord- 
ing to preliminary estimates 
yesterday from the industry. 

Some Industry forecasters, 
notably at BL Cars, are predict- 
ing registrations well above this 
figure after the first official day’s 
sales of the month which include 
a large element of deals con- 
cluded in July. 

August is always a buoyant 
period for the industry because 
of the introduction of the new 
registration suffix for the year. 
But some dealers yesterday were 
reporting a much more active 
market than for some time- 
Dutton-Forshaw, for example, 
the BL dealer for both the Austin 
Morris and Jaguar Rover 
Triumph range of cars, said its 
sales were up by at least 20 per 
cent On last August. 

The main pointers to a record 
month He in the reasonably good 
stock levels at BL and most of 
the importers, and the continuing 
evidence of improved demand 
this year. 

After the 25 per cent increase 
in registrations in the first six 
months, last month has proved 
to be a little better than last 
year and there have been no 
signs of a levelling off in sales. 


Botulism— the hazards canners 



BY SUE CAMERON 
THE POISONING 


Japan’s problems 

Among the importers. Japanese 
manufacturers will be in the most 
difficult position because most of 
them are feeling the effects of 
the limitations on shipments 
being monitored by the Ministry 
of International Trade 
Industry. 

Their market share is expected 
to stay at about the same level 
as last year. 

Continental producers generally 
have stocked up for the month 
in anticipation of a higher than 
usual proportion of private, as 
opposed to fleet, sales. 

BL is believed to have more 
than 100.000 vehicles in stock, 
including 6.000 Minis which have 
been imported from ' its Seneffe 
plant in Belgium. According to 
unofficial estimates, the company 
improved its market share to 
about 22 per cent fast month, hut 
it is still anxious to expand 
August will he a crucial month 
in its plans to contain its slide 
in the UK. 

Ford, which achieved a share 
of more than 30 per cent last 
month, and so far has sold about 
50.000 more cars this year than 
last, remains short of its best- 
selling Cortina model. Stocks 
are probably better this vear 
than last, when its market share 
dropped to IS per cent. 


of four 
elderly people in Birmingham 
who ate a tin of John West 
salmon highlights some of the 
problems of ensuing that the 
processed food Is free from 
contamination. 

The bug responsible— -Clostri- 
dium botulinum — is dealt with' 
by heat processing In. the case 
of canned $sh and by adding 
nitrate* to cooked meats. 

In the latest outbreak of 
botulism — the vicious food 
poisoning caused by botulinum 
— beat treatment seems to have 
failed. In the UJS. the use of 
nitrates to control botuHnum 
Is under suspicion for causing 
cancer. Next week the 
American health authorities 
are expected to introduce a 
complete ban on the use of 
nitrates as food preservatives. 

John West, which imported 
the Infected salmon from an 
Alaskan cannery in the U.S-, 


is trying to recall the entire 
batch of 14,000 tins so that U 
can test for .further signs of 
botulinum. 

The’ company said yesterday 
that some of the tins in the 
batch had - probably already 
been sold from shops and It 
was possible that others could 
have been exported. 

John West,' which is a 
Unilever subsidiary with a 
turnover of £50m, has not yet 
traced the- particular cannery 
from which the contaminated 
tin came, but it expects to do 
so within the next day or so. 

In treating tinned salmon 
the basic *■ botulinum cook ” 
Involved beating the salmon to 
121 degrees C for three 
minutes under pressure. John 
West says its salmon Is heated 
for 18 min utes which should 
be enough to kill off botulinum 
and a good many other 
dangerous organisms. 

It Is possible that the con- 
taminated salmon somehow by- 


passed the heating process; or 
the machinery could have 
failed to operate correctly 
wlthout the fault being 
noticed? certainly the normal 
checks do not seem to have 
been carried out' successfully. 

But botulinum Is not found 
only In tinned fish. It also 
occurs In cooked, meats such as 
bacon, hams and sausages. In 
the UK it Is nitrates, not heat 
processes, which are used 10 
inhibit the organisms 
development. 

The question mark over 
nitrates is that there Is some 
evidence they ' may cause 
cancer. The evidence has been 
found in the U.S-, which 
admittedly seems to he 
paranoic about carcinogens. 
This Is why the Americans are 
expected to ban the use of 
nitrates as' food preservatives 
next week. 

The banning order will be 
made under a law known as 
the Delaney amendment This 


lays down that any substance 
which is found to cause cancer 
in humans or animals can be 
outlawed. What the Delaney 
amendment does not specify 
is tbe amount of a particular 
substance which, bas to be 
eaten before a significantly 
high incidence of cancer is 
observed. 

If scientists pump a suffi- 
cient quantity of almost any- 
thing into a hapless zat they 
are likely to end op with a 
very ill rodent. At one point, 
for example, there ' were 
claims that saccharin could 
cause cancer. The claims were 
based on experiments with 
rats. But a human being would 
have to drink about 850 bottles 
of low calorie, saccharin 
lemonade before he would run 
the same risk of developing 
tumours as the laboratory rats. 

The Delaney amendment is 
miming Into opposition in the 
U.S. and there are mover to 


have it altered to make It 
more specific, in the mean- 
time, the ban on the. use of 
nitrates as food -preservatives 
could give botuHnum a chance 
to flourish aa never before. 

Vet Dr. Bast! Jarvis, of the 
British Food Manufacturing 
Industries Research Associa- 
tion. yesterday said that 'botu- 
lism. was a far greater danger 
titan The tiny risk or cancer . 
associated with the use of 
nitrates as food preservatives. . 
He pointed out that nitrates, 
have not been found Co-cause 
cancer in humans — only In ■ 

What happens Is that ' 
nitrates and nitrites can react 
with certain chemical com- 
pounds known as amines -to . 
produce nitrosamlnes and it Is' 
these that are under suspicion. 
But In the UJL‘ me risk is con-. 
sidered so small that there are 
no plans in ban nitrates— pa r- . 
ticnlarly as Ibis could lead to ■' 
the resurgence of botulism. 
Until ibis week's outbreak 


there had been he cases of 
botulism in tbe UK since 1955- 


The public— In both the UK 
and the U.S. — tends to he 
extremely wary of chemical 
food additives and. at present 
there Is considerable emphasis 
on supposedly “ natural foods. 1 * 
-Yet :lt has been pointed out 
that the Bonitas did extremely 
■ well out of “ natural" poisons, 
and it Is likely that the main 
risk of botulism In Britain 
todixv comes from ordinary 

domestic kitchens. 

For these are not governed 
bv the regulations to which alt 
'Industrial food processing is 
subject. Yesterday the <!ou* 
gamer Association magazine. 
Which? issued a wanting 
against tbe home bottling of 
fish and meats. It said that 
housewives should be particu- 
larly careful not to follow the 
: bottling recipes being sold with 
certain types of preserving 
Jars. 


Voluntary building 
jobs register 
agreed by Whitehall 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


THE GOVERNMENT has being in operation by next 
accepted the principle of a vo lun- summer. “The initiative lies 
tary rather than statutory with the industry." 
registration scheme to help Under the scheme, there will 
stabilise employment in .the be three registers of employers 
construction Industry. to cover building, civil engineer 

The decision, announced yester- mg and specialist sub-caotrac- 
day by Mr. Reg Freesorj. Minister tors. 

for Housing and Construction. The building and civil 
comes after more than a year* engineering registers will be set 
of discussions between the up and administered by the joint 
[industry and the Government, industrialcouncilsforthose sec- 
aQ | Construction leaders have fought tors and the Construction 
hard against .any form of statu- industry Manpower Board will 
tory registration scheme and he charged with finding: an 
yesterday's move was seen as acceptable monitoring body for 
a cictnryB for its campaign. the subcontractors 
The Government’s concern over The registers will lay down 
the lack of secure work pros- codes of conduct for each sector 
pects within the construction 0 f the industry, covering all 
industry was heightened by the aspects of policy aff p ctiog em- 
ahuses of “ lump " labour, .which plovment, and signatories tn 
now apparently has been effec- them will be obliged to ahid» 
tively curbed by the 714 tax bv- whatever disciplines are set 
certificate scheme, and ways of ou t 

improving the Industrv’s employ- The Government hopes that the 
ment performance have since result will be much greater 
been sou chi by Ministers. security of employment in an 

?Tr. Freeson said yesterday industry which has had a record 
that he looked forward to a 0 f w ildjy fluctuating manpower 
voluntary registration scheme levels. 


Master plan urged 
for social services 


No airliner 
decision for 


By Michael Donne, 

Aerospace Correspondent 
A DECISION by the UK Govern- 
ment on which new short-to- 
medi urn-range airliner project to 
support for the ISROs is not 
likely to be taken for at least 
three weeks 

A progress report on the inter- 
national discussions over recent 
months is going to the Cabinet 
today, follow ins a meeting yes- 
terday of the Cabinet's special 
sub-commictce which has been 
studying the issue. 

It was made clear in West- 
minster that the Government has 
not closed its mind on any of the 
three options, and that the deci- 
sion could still swing one way 
or the other. 

Although there are pressures 
from Europe for an early 
decision, the Government does 
not intend to he hurried in what 
it recognises as the major long- 
term strategic decision affectinc 
a substantial proportion of the 
aerospace industry for the rest 
of this century. 


BY PAUL TAYLOR 


THE Royal Commission on the local government and the health 
National Health Servire should authorities, can ensure a 
examine the implications, of 'balanced package of health and 
comprehensive planning for all .social provision, 
the social services, say the They criticise" the formula 
authors of a research paper on used hy the Resource Allocation 
resource allocation published Working Party for determining 
today. policy, which they argue has a 

Suggestions for improving number of technical' weaknesses, 
resource allocation and financial The paper also suggests thar 
management in the Health if teaching hospitals are to be 
Service are made in another maintained " with a standard of 
'research paper published by the excellence coraparahle with that 
Royal Commission. set in much richer countries" 

Professor Rudolf Klein, of t £ ere ma - v b ? a , case for making 
Bath University, and Mr. Martin 9 . national responsibility 

Buxton, of the Policy Studies Altacatum Health Rexources: A 
Institute, suggest in their paper Commentary an the Hepnri of the 
that only a comprehensive plan- Resource Allocation Working 
ning approach to the Health Part V. so - " 5 P- 
Service, cutting across present Management ol Financial 
divisions of responsibility and Resource* in the National Health 
financing between centrri and Service. SO. £4. 


£85m aid 
to avert 
shipyard 


crisis 


By Ian Hargreaves, Shipping 
Correspondent 


North Atlantic flights 
having good s umm er 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Government 

control 
of Nuclear 
Corporation 
resisted 






t ;V 


Fines for depositing rubbish 


COMPANIES WHICH leave authorities in England and Wales 
rubbish outside their premises can require businesses to provide 

s “ ace nf u ,? r ebs-- n ere ouS s 

£100 if they refuse to place it in detrimental to local amenities, 
proper receptacles to await The powers are. designed to 
collection. ease problems such as the 

Under sections of the Control depositing on pavements of 
of Pollution Act. 1974. which waste from shops, restaurants 
came into force yesterday, local and work places. 


Barge scheme for Selby coal 


BY LYNTON McLAIN. INDUSTRIAL STAFF 


THE WATERWAYS BOARD has terday there was a case for This .would involve transfer of 
called for talks with the Central carrying more coal by canals, coal from trains to barges at 

Electricity Generating Board, particularly the Aire and Calmer Gas*oine Wood, the main ter- 

Britlsh Rail and the National Navigation. , minil for « elbv The coal would 

Coal Board abnut sharing the This canal is already used by mmai tor aeio>. rue coal wouia 

transport of coal from the new the Generating Board for trans- then be reloaded on to trains 

Selby coalfield in Yorkshire porting 1.2m tons of coal a year and. taken to the exj sing power 
The coalfield is expected to to Ferrybridge C power station, station rail networks, 
reach peak production by the The Waterways Board said yes- It would almost certainly add 
mid to late 19S0s with up to terday that it wanted to set up to the final cost of coal at the 

50.000 tons of cnal being pro- a Joint group to study a similar power stations, but detailed 

Cured each day for transport by scheme for Selhy using Fryston figures will not be available until 

rail to local power stations. But Basin on the Aire and Calder the study group reports, per- 

the Waterways Board said yes- Navigation. haps next year. 


DETAILS OF an £85m Govern- 
ment Shipbuilding Intervention 
Fund designed to help British 
yards win orders against lower- 
cost Far East yards were Given 
yesterdav by Mr. Gerald Kauf- 
man. Industry Minister. 

Mr. Kaufman said in a written 
Commons reply that the fund 
wnuld allow a maximum sub- 
sidisation of 30 per eenr of each 
contract price, although ev p n 
this fieure roishr be prce p ' ,n d 
with the approval of ihe EEC 
Commission In .special cases. 

Asked what mivht constitute 
surh a ea«°. Mr Kaufman said 
that it cniild involvp the placing 
of a dosnprately npp'ded nrd«r in 
a mndprnispd shipyard, whnsp 
^uure might otherwise be at 
risk. 

The an ner rent guideline i* 

floarer thin that aTHfipd t n the 

vfiSrn intervention fund whirh 
has been used to. wio^ orders in 
the na«t Ifl months. 

Although no official statement 
hoc ever been made ftp fh? OH*- 
rning fund, nffirial* on most 
'* # *ni.s worked on »b«. basis of a 
^ ner cent maximum, 

_ But in some respect* -the Com- 
mission has tightened the con- 
straints nn the new fund, parti- 
cularly bv insisting nn the right 
to revi**-’ it a**pr inspection nf 
the British ShinhuiMers Cor- 
nnrete plan at the end of this 
year. • , 

Mr. Kaufman said that the 
ffiSra fund -of which E57ra has 
heen committed had been a 
great success. "Without it, mer- 
chant shinhuilding would prob- 
ably already have collapsed on 
the Tyne and Vcar." 

The E57m had been used In 
attracting orders for 57 shins of 
R29 000 gross tons, equivalent to 
?^ono men-vpan* of work. These 
orders included ' 3! whips for 
fnreicn registration anrt^.24 for 
British registration. Work had 
hren shared more or less evenly 
between Scotland and the North 
Ea*! of England. 

Since the first intervention 
fund was an- need in Febru- 
ary last y-ar,'. price dlfferenti-i'* 
hetween Far East yards and 
British yards for "’me types of 
vessel had widened to 50 per 
cent 


AIRLINES FLYING the North of Stand-By seats, and do not ruunine out of cash because rhey 
Atlantic are having one of their have to offer any at all If they have been obliged to wait several 
best summers ever, with the can sell them to passengers will- days. 

queues for cheap-fare Stand-By ing to pay more. The vast majority or passengers 

and Skytrain tickets representing The Civil Aviation Authority on the scheduled .airlines are 
only a small proportion of said this week that Stand-By travellinG on guaranteed tickets 
demand. means what it says. “There are at higher fares— in some cases; ; 

The cheap-fare queues are no guarantees of any kind, and -for example where Budge* Plan 
being generated because the those who go bargain-taunting fares are concerned, they are 
scheduled airlines which would must sometimes expect to be paying the same rates as Stand 
normally be abie to cope are sell- disappointed." it warned. By. but because- they gave 

ing most Df their available seats Some airlines have discovered advance notice of their inten- 
10 passengers willing to pay that some passengers will start tion to travel they gained guaran- 
higher rates in order to get home to queue for Stand-By seats, and teed scats. 

—especially to the U.S. when they see there is no pros- Figures issued by the Inter 

. Load factors— the percentage pect of getting them, are pre- national .Air Transport Associa- 
of avai'ahle seats sold — have pared to Day higher fares far tion show that all transatlantic 
been high since the summer Economv Class tickets. British travel' between Europe and North 
season began on April i, due Airways found one party of six America in the first' four months 
entirely to demand from passen- passengers who failed to get of this year was up 13 per cent 
cere paring normal rates. Stand-By seats willing to pay over a year ago, at over 25m pas- 

The Stand-By rules permit a Concorde fares to Npw York to senders. Since April, this expan- 
maxim urn of 2.450 seats a week to get home. ' sion has continued. 

New York bv all tbe airlines At the other end of the Seale. British Airways Rights to the 
together — British Airways, Pan however, there are now cases U.S. have been running at over 
Am Trans World. El Al. Air- being reported of young Ameri- 90 per rent load factors In recent 
India and Iran Air— hut thev are cans who had hoped to get quick weeks, and most other airlines 
not obliged to offer that number Stand-By seats home but who are report similar situations. 


Purpose' 


Schools link 
with industry 
recommended 


By Our Education Correspondent 
THE SETTING-UP of . liaison 
committees to Improve relations 
between industry and schools 
has been recommended .to local 
education authorities by" Mrs. 
Shirley Williams, Secretary for 
Education and Science. 

The committees could be 
Formed to serve either one or 
a group of local authorities and 
meet regularly to promote better 
understanding and co-operation 
between educational institutions 
and the managements and trade 
unions of local concerns,' said a 
Government circular, publisbed 
yesterday. 

The circular urged - local 
education chiefs to review their 
arrangements for school-industry 
liaison, and to consider - how 
youngsters' interest io “wealth- 
producing sectors of the 
economy" can be stimulated by 
courses" of further and higher 
education. 


Associated Engineering to axe 
more jobs as 800 are dismissed 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


ASSOCIATED ENGINEERING, 23 ,S0d; ^ '- At ' the same tftne. however, 

one of Britain’s leading motor The slimming programme illu- Associated.Engineenng has been 
component manufacturers, has strates the difficulties posed to pursuing a . vigorous policy of 
cut its labour force by about S00 the component manufacturers by plants renewal .in the last IS 
men durins tbe last nine months, the low level of demand in the months designed to improve 
and expects to slim by another UK vehicle production industry- efficiency. 

200 by September. Although output picked up -in The company specialises in 

All the redundancies have been the early months of the Fear, it manufacturing precision engine 
achieved by voluntary or early has since slipped back and, in parts in which there has been 
retirement methods. 'Well over a the first six months of 1978. both a great . deal of scope for addi- 
third are connected with the car and. commercial vehicle pro- tional automation over the last 
decline in the tractor diesel duction rose by only 3 per cent, few years, 
engine market, with the rest These problems have been This programme has brought 
coming from a continuing pro- exacerbated by the slump in with it the requirement to shed 
gramme to improve efficiency and tractor sales which have caused jobs in a period of stagnant 
increase productivity. widespread redundancies in the demand but it should give the 

By September, Associated Midlands, and a slower rate of company the flexibility; to 
Engineering’s' total workforce is expansion overseas than increase output fairly easily 
expected to have dropped ' to expected. the market expands. 


Jr 



service 5 criticism 


JETSAVE. 

pioneered 


the company which to lose its dignity in a stampede 600,000 transatlantic passengers, 
low-cost Atlantic for seats which axe often— parti- We are carrying more people 
travel under the Advanced Book- cularly on scheduled services — than ever before. While 'Other 
ing Charter system, yesterday not available in the first place." charter operators are losing 
criticised the Stand-By and Sky- he said. . ground, Jetsave made a profit of 

train methods of offering cheap "These dismal scenes make £L 3m this year, 
fares because of the “squalid me ashamed to be part of the "We, are already hearing 
and abject standards " they transatlantic aviation scene, noises 1 from the -major trans- 
introduced. They are reminiscent of the atlaotic scheduled carriers about 

Mr. Reg Pycroft, managing situation In the late 1960s when increasing normal fares; and any. 
director and founder of Jetsave, thousands of travellers * were informed person realises' that 
whose company will carry held up at British airports when they will rise considerably In 
100.000 passengers across the the so-called affinity group system 1979. 

Atlantic this year, said that the became much abused' by “Then, we may return to a 
unruly scenes at Heathrow and operators and travel organisers, saner situation in which the 
sordid pavement-blocking queues “ To its credit, the British Civil scheduled carriers will cater for 
In central London were the Aviation Authority cleaned up a particular marker at q higher 
result of an international airline that situation by devising fare level, and Ip*? expensive 
"scramble to offer uneconomic Advance Booking Charters, transatlantic air travel will he 
low rates. which have operated successfully provided by charter rnmnartin* in 

“The public knows it cannot for the last five years. a clvil'«>d and reliable fashion,” 

last and appears to be prepared “Jetsave alone has carried over he added. 


Workless ‘will top 2m by 1982’ 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


UNEMPLOYMENT will rise modest medium-term growth of result from increases in direct Among the structural findings 
above 2m by 19S2, compared with world trade and the “very Government consumption or from the report ■”**»*-.-. 

1.4m at present, if policies in significant" increase in the labour social capital formation. • Only through impoii controls 

Government expenditure and tax force. U the. industrial strategy were . would lit .be ' p «nWe to increase 

are maintained, according to a The report suggests that to succeed in stimulating pro- _ ^ 

study by the Centre for Indus- North Sea oil permits some room ductivity gains akin to those in ® 

trial. Economic and Business for manoeuvre, especially as only the 1960s ana early 1970s, use of *° decline regardless 
Research at Warwick University, moderate productivity growth Is fiscal measures, subject to main- 
The forecast Is one of the main expected. Consequently it should taming a satisfactory balance of 
conclusions of a pessimistic be passible to hold registered un- payments position, would not 
analysis of the future structure employment down to about 1.5m prevent unemployment from 
of employment in the UK, and through additional fiscal measures rising over the medium term. 

Of tbe scope Tor alternative such as reductions in tax or in* Trade measures such ps 
policies. creases in Government spending, devaluation and Import controls 

The studv covered a wide “ In pursuing lower unemploy* would need to be substantial to 
variety of individual, sectors and ment, however, the employment keep unemployment at its recent 

occupations using a multi-sec benefits of the tax reductions level. . "But without such orientation of manpower oolicy 

toral macro-economic model. would be gamed at a higher cost measures it is clearly unrealistic through intervention on an'rten 

The size of the unemployment in terms of the balance of pay-" to expect any improvement in larger scale to provide higher 

problem is regarded as a con-.ments and the public sector Britain’s unemployment situation i eve ] 3 0 f industrial training and 

sequence particularly of the deficit than would those which over the medium term." wtjrk experience ? 


to decline regardless of the 
economic strategy pursued; 
but there are likely to be 
significant increases in certain 
semi-skilled occupations.. 

Cl The most rapid growth in 
employment is expected for 
highly qualified technical man- 
power. technicians and admini- 
strative and managerial jobs. - 
The report calls for a re- 


Simpler estimates for MPs 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE GOVERNMENT will start that Parliament will effectively estimates have been based on 
to implement a major simplifies- vote the cash limits which have prices known at the time they 
tion of public expenditure hitherto been applied only by were 'prepared, usually four to 


control in the next financial administrative decision. . five months before the start of 
year, starting m Aorti. Under the new system the the financial year, so that 

This follows recent reports estimates. Including those not numerous supplementary esti- 
from the Commons Public cash limited, will be based as mates have had to be presented 
Accounts and Expenditure Cora- far as possible on a forecast of to cover later priSe-JnSSSf 
mittees .approving Treasury pro- pay and prices at the time when JL- P - ,n ™- res - 

posals for an assimilation of the the spending is to take nlace Th,a wlil ensure thai any 
supply estimates, submitted for so that they will provide for supplementary estimates become 
Parliamentary approval each the fuJ! intended cash cost during 5T Ore *^ 0f 3 spec ^‘ eVHnl anri 
spring, with the cash limits. the year ahead. 1 S that they are subject to closer 

The change was announced TT _ . . Commons scrutiny than before! 

last night in a written answer by . . p , n< £*\, ' \ s has been the Thp h a . 

Mr. Joel Barnett, the Chief basis of cash limits, which were -* T fS- C !?n5Lihii “ inrroduced 

c »u« introduced in f heir nrocont fnrm as tar 85 I , ,sslnle 


Secretary to the Treasury. “ their StiSti' “be'S 


It will 


parallel tn 1976-77. 

But the Parliamentary supply year?" 


systems of uiwffSlS t0 “'f* 


BATS may stop sponsorship 

BV DAVin rui IDrull I /-AUCll kien a rr-Binr 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 
BRITISH-AMERICAN 


Tobacco ribed the advertising campaign that the British. Amateur 
said yesterday that it was wil!- lucking. - ite sponsorship of Athletics Board was free to 
ing to stop sponsoring arheletiM-® 1 " 16 "” M . a disgraceful and review the sponsorship. “We do 
events if the sport did not want degrading abuse of our sport" not want to donate money 
to accept financial aid tram a The. sponsorship, worth up to against the will of the recipi- 
tobacco company. £500.000 a season, involves a ents," 

Tbe International Athletes Sert ^ ° f cha J len 6 M f °r British The company sponsorship, 
riuh— w h ose 600 me m be rs have spo f t f uie . n an ? w ? m « n 10 achieve aimed to coincide.with Its entry 
represented 6 Kn £ certain targets in big sporting into the UK cigarette market 
SiMaf athletii evente-tink events *n. cIud » n 8 the European with its State Express 65S brand. 

SSSS-iftSwrTSSrtlSS **“ m0nlh - t0Qk -form' or. a series 6f 

space yesterday In condemn the British - American Tobacco’s fi l nILt n *£adi^ he snnrtsmen Cha Ji 
company's involvement In sport UK operating company, BAT wohim, tavln lerSi^Bnufia JSS 
The club’s advertisment des- (UK and Export,, sa w ySterday remp?uLw eVe0lS a0d 


Willing ; ...... 

The current debate "otter the 
future of the Corporation was 
started when the General Electric 
Company, which has a 30 per 
cent shareholdings said it was 
willing to relinquish its manage- 
ment role. The other major 
shareholders are the United 
Kingdom Atomic Energy 
Authority, with 35 per cent and 
a group of seven companies 
which form British Nuclear 
Associates with 35 per cent of 
the Corporation’s equity. . 

These shareholders now have 
the task of agreeing a new 
management structure. The solu- 
tion favoured by many of the 
companies in British Nuclear 
Associates would be to treat the 
Corporation like any other pri- 
vate sector company with its own 
board oF management and execu- 
tives. 

However, the appointment of a 
chief executive is likely to be 
difficult until the wider political 
question of the future function 
of the Corporation has been 
settled. 

It is thus faced with a chicken 
and egg problem because the 
Central . Electricity Generating 
Board is reluctant to enter seri- 
ous discussions about its own 
role io the planning of nuclear 
power stations until the basic 
constitution of the Corporation 
has been settled. 

Uncertain’;' Is compounded by 
the possibility that Mr. Bean 
and his advisers may riot control 
the Department of Energy after 
Octoher. 

Even a different Labour Min- 
ister, it is thought, might have 
very different views from Mr. 
Benn. particularly about the 
questions of Government control 
and management. 


Ferrous 

scrap 


exports up 

Financial Times Reporter 


EXPORTS of ferrous’ scrap will 
be a record this year ifthe'flrst- 
half performance is maintained. 

In only five years, the Inst 
time being 19TJ.. has the volume 
nf exports exceeded 1m tonnes. 
But. fn the first half of the year 
alone, exports reached ••773,700 
tonnes. , . 

Mr. John Wheatley, president 
of tbe British Scrap Federation, 
said yesterday that these exports 
had saved the industry from 
disaster because of the poor state 
of the home market. 

Overseas earnings, at £2?na in 
the first half, also looked like 
breaking -last year’s record £37m. 
unless there was a 'major upset 
in the market or renewed restric- 
tion on exports. World -demand 
had Improved . slightly but was 
slill far below the levels of 
1974-75. 

. There had., been a general rise 
In prices, with top-grade, heavy 
molting scrap fetching £38-£40 a 
tonne, compared with about £29 
a tonne a year ago. 

Presenting the federation’s 
second -quarter figures, Mr. 
Wheatley said exporters would 
like ..more permanent licensing 
arrangements so that they could 
plan further otaead. instead of 
living from band to mouth. Hi 
wanted minimum export prices. . 


COMPANIES INVOLVED: In the 
nuclear power industry are intm- 1 
sifylRR ■ their efforts to. prevent * 
the Government from taking wn~ i 
troF rover the National Nuclear 
Corporation. 

Lobbyings fuelled by the belief : 
that a strategic decision on the I- 
Future or the corporation win V 
be made, in the early autumn-, i 
unless pre-election paralysis over- 
takes discussions. 

The ornument has been put ■ 
Into Sharper focus hy Mr, Wed 2 - 
wnnd Benn’s recent indication 
that he would tike the State to 
have 81 per cent control of tbe 
consortium. 

Many of the - companies 
involved believe > Ibat State 
control would result , in a poor 
calibre of manage ment and are 
anxious to preserve an- Independ- 
ent structure. 

However, the management and 
control of a future corporation 
are only two nf a tangled set of 
Issues which need to be resolved. 

The other questions Involve 
the role or the Central Electricity 
Generating. Board as the mono- 
poly customer, .the position of 
the United Kingdom Atomic 
Enersy Authority and the 
definition of power wielded, by 
the Department of Energy and 
the Government 


’ J 1 


Lord Aldmcton, the Corpora- 
tion’s chairman, is believed to 
have told the Government that he 
thinks the question of control is 
less important than defining the 
purpose of the group. 

Ho believes the basic terras of 
reference must be settled by the 
Government before be can jo 
ahead with drawing up proposal? 
for a new management structure. 

The basic dilemma is whether 
the Corporation- should be given 
responsibility for the complete 
design of nuclear power stations 
or only for the “nuclear island.” 

There is a strong view within 
the Corporation that since all 
parts of a power Bratton are Inter- 
dependent, the design and execu- 
tion should be the . complete 
responsibility of one body. ' 

At the same time it is felt that 
the Central Electricity Generat- 
ing Board with its very larpe 
design staff has effectively 
usurped some, of the design func- 
tion? .which would be better 
carried out by tlio contractors. 

On the other hand the.GttWftt- 
ing Board believos It has. to keep 
very close tabs on the design of 
nuclear stations because .ulti- 
mately it has to pay fat any 
mistakes. 



-) 






\ 




. ;F^ 2 1978 


is 

M < (j* 

■'Hh 




fall but 
average 
loss rises 

HMAMCMX. TIMES REPORTER 


expected to go up 
than inflation 


8 Y RAY^DAFTER, ENERGY CORRESPONDENT 


SITED BY ARTHUR BENNETT AND TSSCHOEISS 


• RESEARCH 

Volumes of data in 
a tiny space 


• HANDLING 

No need 
for slings 

ADDITIONS to its range of 
lifting magnets have been intro- 
duced by GEC Witton Kramer, 
PO Box 501, Electric Avenue, 
Witton, Birmingham, B6 7JP 
(021-327 3241). 

The latest magnets are in 175, 


SOLVES 

YOUR 

JFOUNDRY 

PROBLEMS 

ALVECHURCH - BIRMINGHAM 

Telephone Roddltch 66414 
Telex 337135 


S influ^ry sales to power station& On future energy rapplieA it many COMPANIES in elec Sensitive material is held in 350 and SOO^mm diameter & MINING 

likely- to face-mice increases demand* h 0I t>! ay5 ** fhTn S’ 00 * 5 and computing have for tubes of frozen organic liquids versions and are said to extend 

“*r~, rfriY increases demand, by the cool and electn- rate of fuel demand growth than years sought methods of storing held at very low temperatures, the ranee of ultimate lifting Tb J 8 

VtweJn ®«s S?^°T\ fWeC irc ** eao* vast ,, a ™ 0UiIts of information on The molecules of the material, forces to between 700 and 19.000 A OW6FCCI DV 
middle of next vear ^accoi^nvtn ^“Petition fae f tv ^° e * a | to be a UR energy gap smaller and smaller pieces of struck by light of a given wave fcgf (figures based on lifting ■*- v yT 

a newrroort on^wtn atrial pitptpv a ? d ^ I€ . combination of roaiand this centuiy. suitable media, with as fast a length, change chemically and smooth surface steel slabs) The , 

suddhS^ hMfUStnal energy flectnaty is large* confined to • Crude oil production of the retr iev3i as posslblfr-amoug fora a gap or “hole" at the magnets may be used singly or TSlfiTOfffifl 

PDies. ■■ ■-..■ f® domestic market sector and Organisation of Petroleum Ex- then, piessey and Honeywell— absorption peak of tbe material in clusters, depending on the 

Both coal .and etectricitypnees Jf seems unlikely that the porting Countries fell 91 per ^ they have tested several corresponding to the wavelength weight and flexibility of the SAFETY in mining operations 

are expfectea to rise at a rate Government will request Bribsh cent to ^B7m harrete a day in approaches involving holographic used, hence the name given to materials being handled. can be improved and atmospheric 

slightly ^jH>ve : the general level Gas to mcreare domestic tariffs the first five months of tois year films and laser write/read tech- the process of hole burning. Once energised in contact with pollution considerably reduced 


A 39 per cent fall in the numbers of inflation,*, says Cambridge at a time when the -need to hold as against the same period last 

of personal and business failures Information : and - Research Ser- inflation and secure modest year, according to the review 

las V^ f from to® Previous year vjces in ltx Energy for Industry fourth-year pay settlements Is Le Petrole et tc Gaz Arabes, 

probably reflects a recent raising and-fCommerce quarterly bulle- crucial to Its ’ preelection published by tbe Arab Centre 

of the threshold limit for bank-, tin.', . \ ' " : policies." •••;. for Oil Studies in Paris. 

«^ tC L^li?f patlmerit of Trade . Oil and ^as prices. are expected 

^Und^rSS w to be more stable. In spite of — * — 

♦v!: lns ? ! ? €n f y Act. squeezed profit margins in Oil PRICE TRENDS FOR LARGE INDUSTRIAL CUSTOMERS 

deb t fpr w hjeh a ’ companies!- refining and market- (Penc* per therm) 

wa*?reiw J*® de ^T <i ^?S lipt activities, it is not expected — : : 

ft 2r l -S* to £2 0»m- ' that any!- product other- than - Heavy 

pri “ 0Ter the ' ^ F “* loa S-Of ■«- 

with 6,700 in 1975, and 82 Deeds lw7 4th Qtr. . • * 8.9 133 183 10.1 533 

of Arrangement compared with ^w S^contrect wic^^SelT ?V* lst Qtr * (plW *J 9 *° x ,Z8 18,4 10J 5™ 

96 in 1976. ■JE“wHs5?- w5£' !l S * (Animal percentage change) . . 

The Department said:- “These 1^7 3ni Qtr. 25 29 19 38 15 

figures, which cover the- first-full f as . l* 77 * 4 * 1 Qtr.. 17 16 4 34 15 

year since monetary limits - were Si 8 “ W8 lit Qtr. (prov.) 18 —1 6 21 14 

increased, probably do not reflect ^ . . 

fewer failures, but' merely the Facing 01 *iJ? nce ? • Source: d^*. oLEnarer 

new £20 limit are also putting pressure .on coal — t.. — — — ■■■ T- 

“It is too early ye 'fa make any .... i* - — — , J ~ ‘ i .. : ■ 

full comment. We would have to . 

for aettfew Conmany profits rate Deaths at work 

The estimated . liabilities in. . . ■ Av.. • V 1 . _ f_f„l 

these failures in 1877 were ivtnmhcudc f/\ 1 A A 07^ 10131 JL^O 

niSm. nearly the same as in InCreflScS Lit IU.47lO . ,, , L 

wo m spit e of uie nedu«d * uw Ju m three months 

numbers. The estimated, value - ■' - _ V- 

overall estimated - deficiency at THE RATE 'elf. profit increase /— L --- ' ■ - THE FIRST quarterly statistical 

about . £96 ul- -/ over the comparable, period a TOh - ■ : ! bulletin published yesterday by 

Out of every £1 of 'set assets year ago In the .142 -.reports the Health and Safety Executive 

realised in bankruptcy cases and accounts ^industrial com- PRE-TAX • shows that in the first three 


Coal 

Heavy 
Fuel OH 

G»On 

. Gas 

Electricity 

62 

133 

183 

93 

49.1 

8.9 

133 

183 

10-1 

533 

9.0 

inge) 

1Z8 

18.4 

103 

57.1 

25 

29 

19 

38 

15 - 

17 

16 

4 

34 

15 

18 

—1 

6 

21 

14 


collaboration of British Oxygen. 

Power packs have been de- 
veloped by Laird (Anglesey) and 
Thor Cryogenics working with 
the NCB and extensive trials 
have been carried out in the 
South Midlands area. 

The upshot o! the development 
is that NCB has signed up with 
BOC for the latler’s Cyrospeed 


Falling heavy; fuel oil prices 
are also putting pressure -bn coal 


Source: Dept. ot_ Energy 


Company profits rate 
increases to 10.4% 


space, based on tiie use of a side at the peak. collaboration of British Oxygen. 

tunable dye laser (also an IBM: Ones and zeroes in which WTlll . . Power packs have been* de- 

jnventian) acting on light-sensi- digital information is encoded yw ■ fl I ll|l|T]n veloped bv Laird (Anglesey) and 
tive chemicals held in an inert could thus be represented by the muaj/ Thor cry'^ggnj^ working 

carrier. presence or absence of holes in ! • the NCB and extensive trials 

The striking aspect of the the peaks at various frequencies. 3 II F/l ,\8 VP have been carried out in the 

invention is the compactness J Reading would be done by 7 ^ South Midlands area, 

with which information can be dropping the. laser power and "I* t The upshot of the development 

stored since each unit of data is scamung through the frequencies. |l|jlll|fC is Lbat NCB has signed up with 

identified both by its location in research team indicates BO c for the latter’s Cyrospeed 

the light frequency spectrum — that work is at an early stage and DELASCO Z peristaltic pumps, small-scale liquid nitrogen de- 
and the laser can be tuned r 1 ^ 1 - re ^ a long way to go marketed in the UK by Alpha livery' service, 
through some 1000 wavelengths r e ‘ n ? re , 1 * c ®9 turned into a Technical Services, are available Trials showed that the power 

— and by its position in two or technology. There are many prob- with the tube in an abrasion- packs could save many man-hours 

three-dimensional space. lems to be resolved, not the least resistant rubber compound as an and reduce materials consume- 

Many such data units could be ISS??. JShlS 8 a]ternative t0 Uie standard Neo- tion in jobs such as drilling, 

stored in a verv snull voiiiine of °? ier optical methods of stor- prene. cutting and picking and that 

ssr'r i ^r‘z%s^ %i m f- r CT 7 ” pM&’sasK'.SK 

-arESsajsLSWtS^ssgjss Tf- ».n b arti . 

SSS — to absolute Cb h uW n i l e r0 S 

sensitive elements ner sauare tnnb- tuxt Bnmo e ir vom £__P. . es _5^ or ^?^ bv Neoprene. f or rescue work. 


twentyfive 


Deaths at work - 

total 126 25. ^ Sfl-JOTHK « r n e Ve [ "SZSSSSSS ZL^L°J, 


financial: TIMES REPORTER 


about.ubQL.. over the comparable- period a. 

Out of every £1 of’ net assets year ago In the .142 , reports 
realised, in hankfuptcy cases and accounts eHudumil eom- 
where the Official Receiver was panics received * -last month 


' inrarmsaon, waxen is generally jaser Storage process couia laxe Deiasro nunin; were in nan- £ ™ 

THE FIRST quarterly statistical estimated to represent the as long, but could be of much tinuous use. Results Indicate that ?° l ‘ rs 'p C «Z be ^ ^°? er packs CDSt 


trustee. 53 Ap was spent on picked up tnr -18.4 per cent, 
administration expenses. 16^p This comi>ares -wife June’s 
was paid to preferential credi- modest increase of 4-8 per cent, 
tors and 30.6p was distributed which is the'smaDdst lmprove- 
among unsecured creditors. ment so far th& year. 

An tronics re«Hded r pr©-tax profit 
appointed were 43.6p, J3. 3p and of Sl and ^ per cent 

Jz' ^ ■ respectively, whlle' De La Rue 

The greatest number; of bum- ■ attained a near 16 per cent 
ness failures again occurred in jTTzrir 
the construction industry. They “* w r sc * 
made up 986 of the 3,078 trading Dividend costs vMT the same 
bankruptcies, with the industry’s >*142 . -companies.-; an 

failures having a total "deficiency Jherease of 13L8 3>er cent on 
of about, £5m, representing an (hose of a year wrrfier- This 


ment so far thls year. . 

John BrownandRacal Elec- 
tronics recorded pr e-tax profit 
, gains of . 81 and:: 52. per cent 
respectively, whfle De La Rne 
attained a near 16 „ per cent 


PRE-TAX 

PROFITS 

Ur 


bulletin pubtished yesterday by amount of data held by the greateF's lgnificance. ti^^Ufe^ of 'the* ^new* Tube some £5.000. but have no moving 

the Health and Safety Executive human brain, could be contained IBM Research Division, POB anrooxiniatelv three Times par f? oti,er than valves 1,1,1 thus 
-• - ' - -■ -- — — *— -* — tt-'- 1 -*- « — u«cc neej j very j lt jj c maintenance. 


shows that in the first three in one square metre of active 218, York town Heights, New York mater than that of Nennrpne ne £“ very lltu, r maintenance, 
months of this year 126 deaths material. 10598, UE, under conditions of extreme Energy capacity of the 230 litre 

and 82,670 injuries at work were abrasion. pac K 18 kWtl antl tnax J mv,m 

"SStfcfc .ho*, tot • PROCESSING • MATERIALS ‘fSSf., “5! ™bic SSSySinlu. ' s U 


ade up 986 of the 3,078 trading - Dividend costs the same 
inkruptcles, with the. industry's :;U2 . "companies.-; thawed an 
ilures having a total "deficiency .Jnerease of 1X8 per cent on 
of about £5m, representing an Diose of a yearieBfier. This 
average o'f approximately £4.720 "compares with a moiithly avei> 
case. age. .Increase of -1*3 per cent 

The largest bankruptcy case over flu* first six mdnths of the 

. J - «- » t> UjlUi.. ..!> i aw.'" 


m 

DIVIDENDS" 


1975 1976 1977 1978 


The bulletin also shows that 9 PROCESSING 
the executive was notified of X6 j 

cases of industrial disease, one ( lAQllC Qfln 
fatal, during the same period. V/lVtlUD UilU 
The Executive issued 3,621 ■» 1 j. 

enforcement notices and con- flKACTlhQlPG 
ducted 383 prosecutions. 

The accident figures are based m 
on notified incidents which dxaye in f&tlA 
led to absence from work for AAA UUV 


Protection 
from bad 


had estimated liabilities of £L5m 
and there were 14 other cases 
each with liabilities over £lm. 


y«ir.- : ’ 

Reed Internathnud," because 
of- kwses'- Is Its > Canadian 


miiwu uiMjuvmD wuivu ojj dje in | d||u j-w were duueveu uciween luue 

_ £o absence from work for A1A UUV WPQlhAr changes. m lucTOIIMrMTC 

more than three days with the DEVELOPED in the US by ” CttlAJltA Alpha Technical is at Altec ™ INaHiUmtiiia 

exception of accidents in Diamond Shamrock Cornoratinn ^ , House. Brigade Close, Harrow, -- T . . 

quarries and mines, other than - available in this ^country PRODUCTION of a new material Middlesex, HA2 0NW. 01-422 rfeTli'lAll 

coal mines.. cSntow CsSSnW tal f" outdoor and industrial pro- 3400. IVCWOpilOIl 

For the first time the statistics process called Cool-Phos which tective clothing has been started 
include accidents involving the allows iron and steel to be de- at the Salford, Manchester, fac- \f|*ClTIC nn/f 
7m or 8m people who w ere greased, as in conventional tory of British Vita. k3AA ttjij dJ.il (1 

jy«fi)Twl htr cofAhr PPidshon with J A 


abrnion. pack is 34 kWh and maxlmvim 

Typical applications tested tinuous gas flow rate is 2 B 
were the re-circulation of quartz “jetres/mmuie. 
particles in water; tbe addition _ <lata >s available from 

of chalk-lime solution in water B ritlsh Oxygen al U^mmersmith 
treatment plant, where the mini- ° n .’ ®UX. 01-560 

mum life of the new tubing was 51 „ . *5 at 

three months; and ^or the pump- t 1 ' 5 ? Anglesey j and Thor at 

ing of slip in a ceramic works, Henley Road, Bennsfield, Oxon, 
where over 1,000 working hours 
were achieved between tube 

‘"BSE Technical is a. Altec • INSTRUMENTS 

House, Brigade Close, Harrow, T # 


oDeratimK- ontod to nav a ,uuw ' «.uivaciju, m, u .cui fi allows iron ana steei io De ae- at ine oanoro, man 

SS «r 7m or 810 P e °P Je wh0 were greased, as in conventional tory of British Vita. 

reduced dividend of 8p net covered by safety legislation with vapour degreasing systems while . .. . . , r . 

compared with tbe previous tl?e passing of the 1974 Health It the same time applying a The com P any haa caUed lt o 0 n]r< fl,A 
year's payment of 13p- and Safety at Work Act. protective phosphate coating Vitatherm and says that it M/dlij XJLIv 


recorders 








Smokies 

are 

different 

kettle 

offish 



THREE NEW Miniprint strip 
chart recorders, having a 

r The sofution used is methylene consists of an outer layer of poly- "7 ffffoI?orraU?pIper t SfcwSS 

chloride containing phosphoric urethane coated nylon, and 511 nOpIrOfTO from Honeywell, 

acia and some additives. . inner ^® r foam PalKdgC The includes a six-point 

Machines used are similar to 111163 with nylon fabric. • HAND STRAPPING eauiument dotted line recorder with up to 

vapour degreasing equipment The outer layer makes it both maeaX- wlSSh t*™ 6 independent ranges, plus 

Work enters, the ; vapour rone waterproof and windproof. while SIS S5nil?of^re-fomed one - 311111 continuous 

frora above and is immediately th e bonded inner layer of foam SJJSS- sSS to “secure the n » ce recorders with fully inde- 
flusbed with solvent but, unlike g IV e s good thermal insulation. .JSSteg Material aSStoid a pendent measuring circuits, 
vapour degreasing the work must During makeup of garment*, pa Ck P a ge 8 or Sle is Xred by Miniprints can receive direct 
be dipped mto or sprayed with seams can be high frequency g£SS IndS^ input from thermocouples and 

the solution for phosphating to welded. Made from alloy, and very resistance thermometers or 

When liehtlv soiled work is Garments made from Vita- light to handle, the PMT.13 is “P"^!* 511 6i £ D ^ ™y 

invoS tiie deSSi^ and therm weigh very little and they extremely simple to operate, transmitter which may be fixed 

XsDhatin?mav b?Sm ? ed out cm be washed or dry cleaned in After placing the strapping w many different combinations. 

Fn tiie sSie ^Su othSSre tiJo aU the usual solvents. loosely around the bundle or TOe recorders employ a quail y 

in tne same umu orowwise two .. . , . . . pack, the overlapping portion of plastie film potentiometer to 

51 a? 5 arerecommended. Details of Una material for j s engaged in a gripper ensure linearity, stability and 

More from the company at Old- which patents have j 16611 device in tbe hand tooL A resistance to wear. The high 

?RY d rm JVW Ke ^ t BK1 SritiS?' vS^nnOBilfiMfiRno ratchet handle is then operated torque stepping motor offsets 

5RX (01-698 5556). \ Bntish Vita on 061-653 6800. to prOTide fuJiy ( 0 ^^ ten . mechanical friction, has longer 

\ sioning of the strap around tbe life and requires less maio- 

• QAFFTY JL CPPlIOITV package. A second handle is tenance than a conventional DC 

artrtl 1 “ ■ moved forward to deposit a motor. 

metal seal from the magazine of Servicing has been simplified 
SDTCIVS Til 1 0 VVlTTI nnWflPr the tool, and the same handle by the location of all functional 

^ AAX ^ TT P v TT pulled backwards to crimp tbe parts in the plug-in chassis, which 

LAUNCHED by Clinicon (Fire tremely finely divided sodinm seal around the strapping and can be removed without touching 
Protection) of Sunbury-on- bicarbonate with additives to effect a strong and positive the user’s wiring. 

Thames Is a fully-antomatic dry keep it dry and make it flow closure of the pack. Honeywell House. Charles 

chemical powder installation welL For specific risks other It eliminates seal loss and Square, Bracknell, Berks., RG12 
which the company claims has a powders can be provided. wastage sometimes experienced 1EB (0344 24555). 

number of advantages when Provided that the fire has not by operators of conventional 
compared with its direct water reached serious proportions, “ loose seal " hand strappers, 

equivalent, the sprinkler system, combustion will he stopped, and can also proride consider- 

According to the usual zoning claims the company, by the com- ably higher strapping rates. 0 METALWGRKING 
arrangements, several cabinets, bined action of oxygen exclusion, Pakseal. Cordwallis Estate. 

floor-or wall-mounted, are placed interruption of physical flame Maidenhead, Berks. Maidenhead nlriinrr vm 

around the edges of the total mechanisms, and heat extraction. 26381. Aff f 41 K i ai r* IJfl 


G4ui*«nM, UKT t.y Sicui. cuuiuuiiuuu win u« _ _____ — w 

According to the usual zoning claims the company, by the com- ably higher strapping rates. 0 METALWORKING 
arrangements, several cabinets, bined action of oxygen exclusion, Pakseal Cordwallis Estate. 

floor-or wall-mounted, are placed interruption of physical flame Maidenhead, Berks. Maidenhead n hi «v 

__ - - a_ _r cninvias _ * _ _ t T hnuih cmnburv around the edges of the total mechanisms, and beat extraction. 26381. fiJML C A ■ ll 2? 3 J O 

OT TISH - On par^e-rows of smokies at an Arbroath smokexy. area w be protected and are A primary advantage is the Up 

linked to smoke detectors in the absence of water damage, bearing 0 POLLUTION i-L A olcwrw 

. o « T . -A -n-H- »; » fresh had*?* < 3 to»iss any more towards to year landiaga were op by 26 per »«I"* “ d »“ “ indieaflon in mind to, tore are to _ _ lllc 

" c aStfSSJffi aS'SBi- *** M sad. irttael has a reservoir Cle^tog up MeaSUTeS SAFETY AND comfort in main- 

ARBROATH SMOKIES are not VStFE *! JESS EL/Et &h*j£L1£i ^ " ‘driven % ?£E%£^ “ “ o^Aiiref n f ^lu- 

a joke. They are enjoyable, Olcwl^- Although any about 20 a™ 1 JS^SjokS b ^S*2? compressed carton dioxide It is claimed that the d 111 0 1111 1 vJl- minium smelters and the like— 

certainly; amusing, perbaiw; but can be smoked in the same v^y, ^bout t»md-a-baH tons of toe smoked product has been through six nozzles at various suspended powder is not harmful can be greatiy improved with a 

things to be made fun of. Never, others genendly are not. raMkira a weeK' Most are so o Boou. . . heights from the ground, directed and that tbe cost of installing irnf Ar ? Dom of a new design. 

If an v evidence was needed of Herring, for example, which - locatiy. but some to Yet, rn js^te of this happy ^ c over that zone and partially such a system can be up to III I Jfl W A 1 rT based by Mindev on the equiD- 

hnw seriously the smokie is to be become kippers, or salmon, are. London amd a few dispersed past, aspectre haunts ;toe smokie C0Ter the two adjacent ones. Dis- 50 per cent less than the equiva- _ T _ ment originally built against a 

tnken, then tne experience of Mr. cold smoked^— hung W ?i d f? y . ^ rSS^n ?ho d fif^ S thS? U h a SfrJt tlX iito 1 tho charge takes only two or three lent sprinkler system. ? U ^L? N - ^ ket by -P 7 requirement from British Steel 

Harrv Tawb should provide it. higher in the chimney over -cation posts ^good teod to toe fear that haddock, like the seconds but toe powder remains More from toe company at Controls is the Oilcan monitor- for breaking out slag and brick 
Mr. Tawb is the Irish- actor smouldering Sawdust — a com. -g ourme ts. But such sophisticated herring, nu&« become over- in suspeiIsion ^ ^ air for ap Lincoln Way, Windmill Road, “S system designed to monitor lining from toe torpedoes used 


By Ray Perman .Scottish 
Correspondent 


amount of 
oil in water 


wiiu plays the stage Englishman pietely separate - process that «UrWbutfen is rare. 


ssaLTia ^ to iTScut«: 


beer advertisements takes several hours, whereas.^ a _ Mort smokers sell their fish fishing srounds have to be dosed j Tfae is normally ex- TWI6 7HN (Stmbury 87411). 


Sunbury-on-Thames, Middlesex the degrees o£ oil pollution in t 0 transport molten steel. 


>lr > 


seen in oeer aovrniscuauis taxes srveroi uums. " ’ V ,, ,.* uv “ ' r - 

mocking everything Scottish, but sra0 kie can be ready in half an directly to the pubUc, either at to enable the species to recover, 
having to admit In the end that hour to an hour, depending an the door or from a van. Maurice There is not as much capital 

your beer is good." He was ^ QW quickly the fire draws. Scott, secretary of the Arbroath investment in haddock smoking 

pictured a few weeks ago in Hot smoking gives tbe white Fish Merchants" Association, as there is in the herring lndus- 

nrwspapere. glass So hand, under.. l. try— often ovens are home built 

top cantion: ** Arbroath- Smokies? —but the livelihoods of those 

They moke me cough.".. RAY PERMA9T CO fit I HUBS involved depend absolutely on 

\ niece of harmless, fun you • ; . _ the continued supply of fish. 

might think, but nut to the a SIlVTUTier SCfieS spotlighting So all eyes are on toe Euro- 

smokers of Arbroath, a small, but ... . pean commission and toe council 

ssa sat areas and the products 

,r ™ for .which thqy.are .famous ? n ', 

^trnnelv to the perceived slight • -* ■ grounds for the Arbroath boats. 

Mrnrii;i.Y w ••■v . u.. .v- , . .. ..j . _ vi. «..U. ..mI-V iMrenni-i .r. t.v. c:u.:« 


RAY GERMAN continues 
a summer series spotlighting 
areas and the preducts 
for .which they;are .famous 


Jf , The P° wde r is normally ex- TW16 7HN (Sonbury 87411). wa *® 7 * .. th(1 This last equipment has per- 

to enable the species to recover. The unit fulfils the require- formed exceptionally well and 

There is not as mnch capital ments of toe 1973 Inter-Govem- has permitted the deslagging job 

investment in haddock smoking A • J p mental Maritime Consultative time to be reduced from three 

as there is in toe herring Indus- Z\ I flO rOCDllA AT fllVPrC Organisation (IMCO) convention weeks to 15 hours, 

tty— -often ovens are home built vl til j for “The Prevention of Oil Pol- i n the new unit, boom and 

T" bu , t the livelihoods of those SHORTLY AFTER an announce- maintenance, communications. ,utl on from Ships." It hasalso power pack are mounted -on the 

involved depend absolutely on ment from Seaforth Maritime internal firefighting and sanitary received Department OE Trade crawler tractor base originally 

toe continued supply of fish. and the NRDC on toe proposed purposes. A medical air lock is certificates in the u.K. adopted for its forerunner, the 

So ail eyes are qq toe Euro- development of a divers’ life- built into one end for toe supply Laser light sources and fibre U90. 

pean commission and toe council boat. a statement from of consumables. «**“• are used in scatter cells The impactor has been 

of ministers, waiting and hoping FugJeaahg of London indicates More from Norway House, 21 “stalled m the snip ana tne designed to be fitted .with a series 
for a favourable agreement on that its Norwegian principal Cockspur Street London SW1Y Jf, ^5 ancillary tools, broadening the 

the common fishing policy that Hardine A/S has tackled the sen (01-930 14351. scattenug of light by small on number of tasks it can be called 


Dream UIC r • . _ _ _ • A - — rv. rr _ uiai *** i'Wi ncguui Uiviuai va>v<whui uvuuuu 0VVAA ■- - is— AM . n ii -.11 — 

product its peculiar fragrance for Which tH©y are famOUS the common fishing policy that Harding A/S has tackled the 5BN <01-930 1485). SSSSK 8 *,. thif'lf.tS fdovll, to ^ber of tasks it can be called 

and flavour. They reacted w ■ : * will safeguard the haddock problem bv converting its exist- particles in the water (down to on to perform, 

strhnclv to the perceived slight ... grounds for the Arbroath boats, ine enclosed lifeboat two microns). These tools are mounted on an 

I* i B effort to bridge the flesh of the haddock a deli^e -started his twice v^klv journeys Mr. John Silkin. Britain’s orders have already been CL^Arlr nvirl * 3rtens| o n the slide mast in 

vawning chasm that opened golden bloom and a subfte to Stirling and Perthshire ml- Agricultural Minister, is toe hero received and toe first production 3Tlfl “JSS? ^2? ge ^ spl i, .b«a«ng boupgs, ihetr 

hi?wt*n the Arhroatir fishing smoked' flavour. Because .«• Is lases in toe early 1960s when for his tough-telking chauvaaism boats will be delivered later this , ^ UU HJSt toe tesk of 

oh-.nte and the brewery, ^r. cooked ralher than cured, it can Dr. Beeching was cutting rural and the villain is Mr. Finn vear. I_ _1 A _, million for ballast down to la splitting and separating adjacent 

Tawb was invited, to taste smokies be oaten. without further cookfcg railway lines, Gundelach. partly because he is ‘ a serious situation can arise D31CS SaSr “ blOW “ appl,ed 

/fnr the first time) at the Cafo an d, as they wiU tell you fin “ I.got out toe map and looked the commissioner responsible for on North Sea oil and gas plat- dlBcharge in coastal to the tool. 

RovaL one of toe discerning Arbroath, there is no finer war tor the places that would be cut fishing and partly because he is forms where the weight of the J — — — ^4.-, • , iromont „ a _ , Operations could include 

i nrinn rpstaurEBis which has to taste a smokie than straight off from towns with 'fish shops, a Dane. decompression chamber fin . Oil-in-water measuremepts can breaking out dross in aluminium 

fresh smokies on regular order, from the 'fire — or “offtbe Tw been going regularly ever “‘We make good fresh haddock which the divers may have to m 

Hr pronounced them, delicious barrel ” as they say in the tradfr-. tixux and - in some cases I am on into smokies for '“people to remain for days) prevents it COMPLETE SECURITY is often ^^ de 5, w ^j ch oScials can in- J9 J b7H2 

fnd Scr SflKl Mn! praise But it is not only the unit* » m uecuud jeneration of eujor" says Mr. Scott -But from being lifted off quickly in essential in the disposal of »“* t J! ™ r ^ n i- ” SS’HSL^JKS 

he toumeved north to visit process that makes smokies 'w- customers* the Danes catch them, make, the event of a fire or blow-out general waste, documents and ®r jrwe toe power surti as toe Krupp ffia 100 

thi orod^re amends. Sod. It b also the fact that -the Everyone in toe industry has make them into meal and feed Harding’s craft, called Rescue continuous computer print out So^be C *SJ?!,p S !t w » r „„ 

uLEr finaBT restored fish are very fresh when theyjare his own smokies story, Mr. Scott them to their pigs . . . and we Male, is a modified glass fibre re- in offices. To meet these require- ; n ff n™ DS or 

when the brcwtrywitodrew the cooked. Mostly, the men who adds. He has several, nil ending buy their bacon! We must be inf orced lifeboat in which a steel ment,. a .combined shredding witicaT levels SvdnSSL * wwfo identic 

SdScadvertlwmenL smoko the fish do so in their own in a glowing testimonial for toe mad." decompression chamber has been machine and baling press, the J™ -ESS* U cr cal hydraulics. 

The Arbroath merchants now backyards in; the few struts quality of the product for It is Many jokes are made about installed. The chamber has two Balemaster-Shredder, has been oikon can" a | Rf > he combined «™i.S evic £ m i 31 * 5 as t’ if 

idmiT that they overreacted, but around Arbroath harbour. a characteristic of smokie mami- tbe EEC. "After the referen- mating - flanges, one at the introduced by Portable Balers, extremely compact and both 

tfVR welt that' eudswelP the They buy their raw materials .faotuiers that they are intensely dum result that we should stay bottom .for connection te a Summit Works, Smith Street, SV stem in whteh th#* s keot u?lts can b t- 1 rem , ote L controlied 
Srewew is iS JSSUvtth toe at the qn^slde as soon as^e loyal to the fish. in, I wrote to the papers saying transfer ubmI from toe main Hockley. Birmingham. B19 3EW Sf Jnk aSd clean JS“S“ 

extra 6 free publicilvthftt the row boats come in. A pair or smbfe ■'If everyone ate as much fish that we should not worry too chamber and another at the top (021-554 7421). ° ale j° ? *1°^ over- 

^ Tawi™ culinary bought from one oF toese as I do, I would be a rich man,” much, that life would Bo on just for mating with secondary Paper for disposal is auto- JJwd. y 

attracted -Mr. Muub..L been mvs Mr. Snink. as it riirf under Stalin in Rnssia.” rescue deriees «ieh fl «= alrhm-ne maricallv shredded into thin . NormaUy. toe. hrupp HM200 


in a Q effort to bridge toe flesh of the haddock a delicate -started his twice weekly Journeys Mr. John Silkin. Britain’s orders have already been nn«l 

vawniuK chasm that ^ opened mlden bloom and a subtle to Stirling and Perthshire vil- Agricultural Minister, is the hero received and the first production ijlircnS dllll 

between the Arhroaflr flsh mesn- smoked' flavour. Because it is lages in the early ISfflte when for his tough-talking chauvanism boats will be delivered later this 

fhantx and the brewery. Mr. cooked ralher than cured, it an Dr. Beeching was cuttins rural and the villain is Mr. Finn year. 1_ ^1^-, 

Tawb Was invited to taste smokies be eaten without further cookag railway lines. Gundelach. partly because he is a serious situation can arise IJrfilCS 

(for the first time) at the Cafe an d, as they will tell yon fin “ I.got out toe map and looked the commissioner responsible for on North Sea oil and gas plat- 
RovaL one of toe discerning Arbroath, there is no finer wRjr for the places that would be eul fishing and partly because he is forms where the weight of the 

London restaurants which has to taste a smokie than straight off from towns with fish shops, a Dane. decompression chamber (in fl IfL, lilfliC fl[S 

fresh smokies on regular order, from the fire — or “off the Tw been going regularly ever “We make good fresh haddock which the divers may have to 

Hr nronounced them delicious barrel ” as they say in the tirato-. woe and' in some cases I am on into smokies for '"people to remain for days) prevents it COMPLETE SECURITY is 

and later added more praise But it is not only the unique TO my second generation of enjoy.” says Mr. Scott “But from befog lifted off quickly in essential in toe disposa 


as it did under Stalin in Russia,” I rescue devices such as airborne maritally shredded into thin 


one-man chambers. 


Sriprabout nSSi wide and falls The * nioni,ors J ar ® . 1 r0bu5f ; impactor v.ith ability to deliver 
smp& aooui j Jucn wioe ana tails accurate- ri>snnnH nil irk! V and Rnn hinu^/mmite 


111 j Mr Tawh's culinary bought from one of tnese as I do, I would be a nek man," much, that life would go on just for mating with secondary Paper for disposal is auto- hn ard _ 

been extended and the merchants will - have been says Mr. Spink. as it did under Stalin in Russia,” rescue deriees such as airborne matically shredded into thin «n,e monitors are robust 

a swimming in the sea a few hours' ‘ The last few years has seen Mr. Scot! says. one-man chambers. strips about * Inch wide and falls .c™* resS JScW? md Kw/mfoufe Sh 2, USS 

knnwrf than previously, a rot previously. , • too iadpstry move rrom strength But. Jokin 5 aside, there is an The boat can move at five directly into the baling chamber are sevitive °to ^different of°573° rt/lh oer^ ^hbiw wonld'hn 

KSSShmTxST a delict- The Salt . uf „«W»ktag - w strenfilh Emplo>-ment in obvious and genuine concern knois, and can be dropped of the push-button operated Kd™, Saljto to c^! 

rit tn achieve even remained '.TfawaMy unchanged, almost all trades associated with among the men who maintain though three metres without press. the are proofed for installation fom « aiTaiTPrnqiiv* 1 

RMeaftlW. ’ forcenturics and is stlU e»en- fishing In Arbroath has in- this small and fragile indasay sen oi» damage. Length overall The system is said to be ideal fo faaSrdoJs^ areas ^nd are su™ G Further deuSJ^of’ the new 

i-n^in^Ste oMte long history tially a cottage' fodustiy. ^’nMS creased: Investment in new boats that one day someone v«SS make is 8.12 a and toe weight is 9,5 for toe destruction of continuous able^T use in unmanned en- equipment, which has aireadv 


4 « !« lone history tially a cottage industry. , - iv»e creased; investment in new boats that one day someone win make is a-i- m ana tn 

XJiiaiiin among ti»« few largo merchants such os Mr. and new plant ashore has been a decision which will lead to it tonnes, . . 
SyMWJle^do “norRobe«Sptok, who runs 0 fmnily high and the supply of fish has being swept away, and their Therr is sitting 
initiated, many peop fc,nrina«. rn the tiarbnnr. hpm nlenrifnL small vai« will not be able to people fo the eba 


15 a ? le for “*« 111 unmanned en- equipment, which has already 

computer paper, using a feeding gine rooms. been ordered for a Czech steei- 

space for eigbt tray. Alternatively, loose sheets More from the company at works; from atiiting DevS- 

ffliwr itself and nF naner or rarr! nan ha ft* A irttn c i c.u t, , «uji. ’ A . »*****»£ ."''“ur 


g “ TUTLSSSU or *2' foSS^^Tto the barbonr,. hero plentiful-. small voiccwill notbetole to {peoplefo toe cbimberitself and of paperor card ^ii be fed foto Sp^eld RoadT Wy^ddl^ SSR Horwich ^Bol ton • BL6 

Sj”, U nn^ rrT ' * . - . Still take * pnde in«nsttgca.. : In toe first aix months of this prevent that happening.” equipment is provided for gas the shredder by hand. . «x (S-573 5131). 5HN .Bolton iKl. 


. 0. . ^ J ■ j- v- 


-"V* i V* : 






8 


Financial Times Wednesday August 2 M 


PARLIAMENT AND POLITICS 


Ruling on 

special 

advisers 


By Rupert Cornwell, Lobby Stair 


Labour MPs angry 
over Tory poster 


Price rise 
‘approval’ 
rebuke by 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Minister 


GOVERNMENT has 
repudiated claims by a television 


SPECIAL ADVISERS appointed 
by Ministers will remain outside 

the control of the Civil Service . ... . ... 

Commissioners but the Govern- THE PRE-ELECTION atmosphere " It depends on the c/rcum- giving up their poster sites, will 

ment intends to tighten the Com- was heightened in the Commons stances. Where there *re enough declare themselves so that we 

missioners' say over recruitment yesterday with the Prime council houses, it is the party’s shall know what benefits they 

to the Home Civil Service and Minister claiming that the and the Governments policy hope to get from the Conserva- 

the Diplomatic Service. return of a Tory Government that they should be sold. Where tive Party. : 

. This P was made clear in a would mean the abolition of there are not enough, they There were raucous jeers from Sf JJsiSJSS been 
Commons written answer last grants and subsidies to industry should be retained. the Labour benches as Mr. -s seeKing^\e t^e autbonse{i 

night by Mr. Charles Morris, aod 425.000 more people out of To the accompaniment of Robert AdJey (C., Christchurch e rrice ^ 

Minister of State at the Civil work. roars from Tory backbenchers, and Lymington) raised a spectre In a Commons written answer 

Service DepartraenL AH appoint- Mrs Margaret Thatcher. Con- Mrs. Thatcher returned to the 0 f -extreme Left wingers, last night, Mr. Robert Madennan, 

meats, other than casual ones SPr vH rive leader concentrated her artack * demanding to know Marxists and Trotskyists” uifil- Under Secretary for Prices and 

for up to 12 months and those atm^ on loSi”JS?m y hm£ ^ther Mr. Callaghan thought traung the Labour Party. He Consumer Protection, said it bad 

linked to tbe life of a Govern- j ng and tried to trap Mr. f hat c ® u " ci1 h “ us ? s saw proof of this in the choice come to his attention that the 

menu will need certification by Callaghan into admitting that a so i2- a >, a of f orracr Communist. Jimmy company. Henry \v igfail and 

the Commissioners. I JhnSr Government would «oo The Pn J? e however. Reid as Labour candidate for Son, m seeking increases, had 

Much u?certa”tv has been {jjfjf taffiSTtH? own council s '“ ck „ 1 EL? Dundee East ‘ purported to its customers that 

caused bv doubts about whether houses a t a discount *!!, u\ ° n the circu “ But Mr. Callaghan denounced * l ■'« authorised to make them 

With the summer recess outy “BE? &£ ' < C • & d^esSSt^SSih’S 

sea Mr sts-s? -sutsbss *><>« *~.-*~*,~*m 

Moni have concTudld that agency, which has launched manifesto would be “Mancist- 
those who stay i s related to the a £?m ««£■}?*« the Oonser- i^pire£’ and based on Labors 


employed at the Conserva Live b >' U»e agreement with its cus- 
Centre for Political Studies- tomers. 

Encouraged by his back- “Xo such authorisation has 


Tnose wno stay i S rewica m - — --- p , 7fi p r m,e -Encouraged Dy nis dbck- -\o such authorisation has 

life of a particular administra- ” t,T « ''L™' 1 ' bel,mti of MmSSTdescribedS “tie S beuchers. Mr. Callaghan main- been gicen and no powers exist 

tion are not permanent^-even if ™ exchanges. Minister ceMnoea M me to ^ jQed that if Xory policies C ame undet which co U i d be given." 

a series of such appointments During questions to the Prime ji- cailaehan reDlied that the into operation, there would be said Mr. Maclennan. He said he 
exceeds five years. . Minister and to Sir. Albert Booth, conservatives seemed to have 19-000 more unemployed in would strongly deprecate any 

In the oast, rfte Commissioners Employment Secretary, Govern- de cer^n assumptions about Dundee and 425,000 in the failure by a company to comply 
have worked on rh* basis ment backbenchers poured scorn election and bad launched a country as a whole. with the terms of its agreements 

the term of five rears or niov Qn the nationwide poster cam- £ 2 m advertising programme un- This brought Mr. Prior to his with customers, and strongly 


was permanent. But toml advice paign. This shows what is claimed Dreceder ,ted in British history, feel, complaining of a “totally deplored any claim that such a 
Mirasts that any job wto»to to be a dole quene but which, ^ which to beguile the public, unjustified smear" that 

Minhi MVifi hafftM nAflCinn^n A ««nnwiinn In l.onnue nnHnr i e _ .. - . ... . . -1 _ __ 4v_ 1 


mfehr end before nen<tionable according to Labour critics, is 
ace miahr not he construed as really made up of Saatchi and 
pe r manent «n the courts. Saatchi employees. 

At present. Ministers are Much of Labour's hostility was 
limited to *vn ndrisers ner hp^d. inspired by an awareness that 
hut the Gnv«»rn»n*»nT has 'I*'* their own patty is short of cash 
mated that this figure could ie t 0 spend on an effective counter- 


wouid failure had official authority. 

He added: “I only hope that not convince the 1.5m 'people JIr Maclennan said that itott- 
those firms— breweries and who were unemployed under tbe ficaCjo of a price i ncrease to 

: by present Governments ponies. lhe Commission had no effect on 


others — who are contributing by present 


altered. 


Rooker seeks inquiry 


the contracturaJ 
consumer. 


rights of tbe 


Double taxation 
deal to end 


BY IVOR OWEN 


attack. 

Sensing sour grapes on tbe part 

of the Government, Mr. James _ 

Prior, Conservative employment AN INQUIRY was demanded by and promoting Government 

spokesman, gleefully endorsed Mr. Jeff Rooker (Lab. Perry policies to combat unemployment 

the poster as “an excellent Barr) in the Commons last night while, on behalf of the Conserva- 

advert” Into tbe role played by Saatchi tive Party it was marketing a 

mr ti. ...t i ... i „„_i Cnitnhi thn iHuprtidro u ri icrpnittahlp " and midf-arfine 


Authorities get 


more powers 
under new Act 



In a Cordons written answer tarter for coimc ii tenants to buy He complained that the com- 


Mr. Denzil Davies, Treasury 
Minister of State, said the 
Government had given written 
notice that it intended to 
terminate, with effect from 
September 30 this year, the 
agreement between tbe UK and 
Canada for the avoidance of 
double taxation and prevention 
of fiscal evasion with respect to 
duties on the estates of deceased 
pereons. 


their own homes. 


pany, on behalf of tbe commis- 


The Prime Minister retorted: sion, was engaged in explaining involved. 


Mr. Rooker maintained that a Lry and commerce and to regen- 
conflict of interest" must be crate inner city areas, has 


Press charter 
attacked 


Fresh approach to EEC 
legislation needed— Foot 


BY IVOR OWEN. PARLIAMENTARY STAFF 


delay 


received Royal Assent. 

The Act enables local author! 
ties for districts to be designated 
by the Secretary of State for the 
Environment to assist commerce 
and industry in three ways. They 
will be able to declare improve- 
ment areas, either industrial or 
commerciar in character, in 
which they can make loans or 
grants for environmental iin 
provements and give grants for 
Lhe conversion and improvement 
of industrial or commercial 
buildings. 

They will also make loans of 


A FRESH approach will ha.c to ACAS, the advisory aod co£ j gM.E^ O« i| l»_W., ll »IOTg upTo Vpe'r «ot ooTomSSiui 


be made to the problem of giving cilia tion service, should 


THE GOVERNMENTS delay in the Commons more control over linked with them. Since its decisions by the EEC would . . carry j no oul b U ildin« and 
producing a draft Press charter legislation emulating from the establishment, ACAS had made have been brought forward by fiI(e and ^ lve j oa ^ Q [ 


terms for the acquisition of land 


was attacked in the Commons EEC, Mr. aiichael Foot. Leader a major contribution to improving the Government ^ lowards ^e cost of setting 

yesterday by Hr. Geoffrey Dods- of tbe House, reaffirmed last industrial relations and had l support Mr Foot she * comm on ownership or 
worth (C Hertfordshire SW). night. saved the country hundreds of declared^ “\Ve should tell h»s S P ei J?^te??rises P 

He said it was a matter of He apologised for having to ask millions of pounds. colteajj 16 * in the ; Cabinet . that In add ja on> designated district 

“grave regret and concern" to t0 be released from an under- *■-- - •— > — > — *— • we are alarmed by the indica- - - - -- 


- . ... - — - Mrs. Castle had maintained a n e f ieiTiuiwil5n»ne4 todo auth orities will be able to adopt 

many people that there had been taking given last November that. earUer that the fact that Mr. Foot an ^^« efcmJve tdrtrengSien local P lans before cou “? 

f r °^ 0S ‘i^ e n^ JhP in ttie absence of Government had found it necessary to ask Se conLl of toe BritSh pirifa- structure plan has been formaUy 

from the Government on the pro p OS al s to secure unproved to be released from an under- “Inf Sver whn happens in he a PP roved 

Walker Fmnlnv Parliamentary control, the House whtch lle bad given the EEC- 0 


issue. 

Mr. 



before Parliament, but he gave 
no indication of when this would 
be done. 


Peers accept 
parking move 


blocked his proposals for giving 
THE RIGHT . of county and toe Commons a more effective 
regional councils to licence off voice in matters decided by the 
street parking, which peers threw EEC. 

out of the Government's Tran- Mr. Foot won cheers from 
sport Bill, has now been restored, both sides of the House when 
MPs put toe powers back into he announced that he favoured 
the legislation on Monday and, the introduction of arrange- 
last night the Lords accepted it. mcnls to democratise appoint- 
Tbe peers also decided not to ments to the so-called Quangos— 
insist on their other amendments, quasi-autonomous national 

and the Bill is expected to governmental organisations; 
receive Royal Assent today. But be strongly denied that 


are contooversial matters and we Af{er reca)lmg her earUer European 
have not >« e aUlance with j| C Foot and other thoroughly 

think m a satisfactory solution to Left-wing MPs In opposing 

, „„ L . . Britain’s membership of the 

This was .the nearest he came • common MarkeL Mrs. Castle 
to commentit^ on a suggestion insist that there could be no 
by Mrs. Barbara C* 8 **? (Lab- doubt about what had happened. 

Blackburn) that the Cabinet had - - - 


as wealth 
inquiry chief 


By Philip Rawstoma 
LORD DIAMOND is to continue 


Hope of proposals 
on family tax 


affairs more 
had not . been 
presented by toe Government. 

Without proper examination 
of events, associated with toe 
EEC. he contended. Britain 

would not be able to get toe _ 

If Mr. Foot had been allowed best advantage from membership chairman of Tbe Royal” Cony 
to follow his own instincts of toe organisation. mission on toe Distribution of 

Income and Wealth for a further 
year. 

Mr. James Callaghan 
announced yesterday that Lord 
Diamond's appointment would, 
at his own request, change from 
a four-day week to a half-time 
basis, with a corresponding 
reduction in salary. 

Four members of the Royal 
HEAD TEACHERS were criti- missed by Mr. Silkin as “ craay," Commission — Sir Neville Butter- 
cised by Mr. John Silkin. Minister was that if toe money were not worth, Professor John Greve, Mr. 
of Agriculture, for their “ crazy used for free milk, it could be David Lea and Mr. Deryk Weyerl 
and lazy ” arguments against co- diverted into funds for new — have also been reappointed for 
operating in a new free school buildings or books. another year, 

milk scheme. That was not what the EEC 

thp XTinUtPP also qftarked Council of Ministers had in mind 

« V* a S jg- •*•*■«* «». '»■£* 

councils that had decided against ann “^ far “ l P r,c ®. 
taking up the offer of Common e ? r . lj ® r year ' Minister 


Silkin criticises school 
heads over milk ban 


BY CHRISTOPHER PARKES 


HNANCIAL TIMES REPORTER 


Market cash 
gramme. 


pro- 


stated. 


Hint of spring 
referendum 


tax 


THE GOVERNMENT hopes to concerned with tbe income 
publish within the next 12 treatment of the family, lnciud- 
muoihs a Green Paper setting ing the personal tax allowances heard in 
out proposals altering the taxa- and toe principle of aggregation, declared, 
lion system to take account of The Chief Secretary added 
the changing pattern of family that there was no clear con- 
life and toe status of women. sensus on 


By John Hunt 


He explained that the* EEC 
_ . . , . . would pay -LSp a pint towards the 

Their refusal to co-operate was cost 0 f m ^k given ouL The A DECISION on the date of a 

the meanest thing i ti have scheme was to be administered in referendum on Scottish devofu- 

a long tune,’ he suc h a way {hat, for toe first two tion will be taken in. November, 

terms, the milk would cost local after Parliament reassembles, 
Head teachers have been authorities nothing. toe Prime Minister told toe Com- 

r _ ... : * hp**fo ml u « f*"irnirf u ra I ordered by their national asso- Starting next April. Mr. Silkin yesterday. 

ThrliiSmS? of the Green chances ^Tn^he^ u™antemMW lake ciarion t0 have nothing to do estimated the daily cost to Mr. Callaghan’s answer led 

D pUb hv Mr Jm*i nernunf rlf chancinr natterns nf with ^ project to extend the authorities would lie In a child. MPs te cunclude that, m> long as 

Paper was promised by Mr. Joel account , of changing patterns of free scho ^ l raiyk scheme t0 Thc Minister also disputed a toere i s a General Election in 


th o farnilv Hfp The nnssible QDtions free skuooi rairn seneme to me oiimsier aiso dispuien a mere is a v.enerai ciecuon in 
Ammon? written and thelr' social ^ndecoSomic cliildreo between toe ages of 7 claim by Sir Hector Lain& chair- October, toe refernduin cannoi 
a T n r swe U r r ^nigbr m ?m?u25£« m^MlSS -nd>pks beWauoul the Spring. _ 


answer last night. . _ ^ decisions '" were If authorities insisted on giving industry Councii, that food prices Under the terms of toe Scot- 

^gaiS ?eed ?or reached «** milk, then heads should in- would have to rfce at kSStS £1 Bill. It cannoi take place 

to chang- "The Government believes fist that there were enough non- cent if the food processing indus. £!*•? three months of a General 
H5 SwS "f fiS& I?fe, and that a Green SP is the best ^ching staff available to super- try were to remain viablef Llccl,on and thcre has » 

decided to put work in hand way of carrying forward the distribution, the association “ Our job is to keep food prices 

on the preparation of a Green debate on these important issues. sa *U; aS reason ?PL® c:,n for ^ 

F H , .. — th<» argument, dis- consumer," Mr. Silkin declared. 


be a six-weeks campaign. 


p ap er. We hope to have it ready for 

He said that the discussion publication within the next 12 
document would be primarily months,'' he declared. 


Booth urges resistance 


to employers’ blacklists 


MPs’ pensions Bill too 
limited, say peers 


Film fund 


CRITICISM OF the Government's quite a number of rorraer col- me IunQ rev . ( 

WORKERS SHOULD in- .Wd n.eindunujbi SSThW?!? clL” 5 SS^Sw’SMTJS'a; SSP ^ ^ 

dustnal strength where necessary where necessuo. in order to vest j. rday tbat tbotv wou | d sU n voientfund^ He did nni Lw "-Jr 


THE National Film Development 
Fund is to be continued for a 
further two years, Mr. Michael 
Bleacher, Trade Under-Secretary, 
announced in a Commons written 
reply last night. He said he 
would wish to see progress of 
toe fund reviewed again in 


£40m insulation 


unionists, Mr. Albert Booth, listed, up and down this country, . demoerae'v in thu w ..-r;r a 

Employment Secretary, said in as 3 result or pursuing proper The Lords did not press their • l « th e orld. 

toe Commons yesterday. trade union rights " the ,^. L ^L7^ ,ICOn saitf tf »te coun- GOVERNMENT GRANTS total- 

hv air Tom Mr - Barney Hayboe. Opposition Commons in the Bill which pro- try cared For ancient buildings. ji ns £ 40 m over the next two years 
t m employment spokesman, asked vides For arPs aged 62 or over, ancient history and ancient tradi- wifi be available to private home 

Littenck (Lab, SeMy Oak), to nnnth Ift .. nnnd( . mn thp with 25 year’s service, to retire tion. but did not mmnar. owners and private tenwi« in 


__j *v._ rmnimmmi p-ntpr- - ouuui uuucmu u»c - — ' — ... 1 - ■ — v, “ owners nuu private ie nants m 

toat rh™ practiM ^f blacking and blockading activities on .fuU JWMU._Bnt ( they con- ^ged servants of G B under toe Homes Insulation 


LithograpWc AVtis e t6. S p“l£ners: ^ack*of s^pV- 


of plained bitterly about the Bill's this country, who had done it so Act , whic h has received Royal 
irs. lack of scope. much credit. Assent. From the comine 

% boi^mNnTf Enuravere and Process Workers.. - ---- -- 6 - G 05 

Matthews, owner and bossman Mr Havhoe said that ind-mm- 
the Daily Express, who 


is so 


much credit. 

Lord Houghton of Sowerby Lord Peart, Leader of the autumo. 66 per cent grants for 
Mr. Hayhoe said that indepen- (Lab.) said: "I don’t feel full of House said he hoped the Boyle Insulating lofts, water tanks and 


dent photographers. 


designers craliiude pr a feeling of welcome Committee would act quickly on pipes will be offered. 
" ’ the issue. 


Torv choice 


Storm aid 


MR. 


ab ° Ut be and the 1,ke w ? rc beinjJ P ul out fur what has been done, because 

n dL i tL t'hJ Hit" of work at a lin,i; P F unemploy- a ltie is passing." 

allowed W earr. ■ . nient by SLADE— hne pf the Lord Shinwell (Lab) said (he 

Mr. Booth replied. afliliated TLpC uninns. L.an you (jovermi^m did noi ■want to in- 

problem of blacklisting by uw your Influence with The crease the scope of thc Bill 

employers has been with us for General Council of the TUC 10 although the* could have done 

a very long. time. No Govern- set the activities of SLADE He said fie never expected 

ment ' has devised an effective modified in a major way?" he more but he was disappointed _ 

way, within employment leglsla- asked ... . 111141 fel! sorry for those who chosen as prospective Conserva- pensation from Norfolk County 

tion, of dealing with it entirely. Mr. Booth replied that m the would remain impoverished. Per- tive Parliamentary candidate for Council, as they did not qualify 
The Secretary of State added: past Employment Ministers had haps something could be done the Birkenhead constituency, for the £l*jn made available by 

“T think" w* should continue to made perfectly clear toe Govern- for them Through the MPs bene- The seat is at present held for the European Commission for 

search for a solution. ment’s altitude to the activity of volpnt fund Labour by Mr. Edmund "-"Dell, storm damage in East Anglia and 

“ Those who organise workers SLADE. Lord Bootiihy said - he knew Trade Secretary. the West Country. 


FISHERMEN ALONG the north 
, _ Norfolk coast whose boats and 

faul Gill, a a,-year-nld equipment were damaged in 
Merseyside solicitor, has been storms last winter are to get com- 


LABOUR NEWS 


Healey predicts 
less opposition 
on wage curbs 


BY CHRISTIAN TYLER, LABOUR EDITOR 


MR. DENIS HEALEY ( the Chan- 
cellor. predicted yesterday, 
inaugurating toe year of his 5 
per cent Stage Four Incomes 
policy, that TUC opposition to 
wage controls would be even less 
this year than last 

He cited a number of union 
decisions in Mipport of his opti- 
mism. including the fact that the 
miners' pav claim this year is for 
a 40 per cent increase when last 
year it was tor 10ft per cent. 

However, the miners have 
made it plain that , last year's 
demand for £135 a week for face- 
workers was a longer-term target, 
whereas this year £110 a week 
is the Stage Four claim. 

Speaking on BBC radio, Mr. 
Healey said that toe Post Office 
Workers and the National Union 
of Railwavnien were in favour of 
the pay policy, while the 
Engineers and the General and 
Municipal Workers “have indi- 
cated this is an area where policy 
has to exist." . . 

He thought it a good sign that 
the Transport Workers, among 
the fiercest opponents of imposed 
pay controls, bad not put down 
2 resolution about them for 
September's TUC Congress. 

TTGVlTi official later described 
Mr. Healey's assumption as 



company 
in new 
pay clash 


“ irrelevant." 

A quick survey of the confer- 
ence decisions of tbe biggest 
unions suggests that hard-liners 
and moderates on pay policy are 
pegging level, assuming that the 
Engineers— which passed a mili- 
tant resolution in its national 
committee— is swung away from 
that lino by its Right-wing 
executive. 

The Chancellor said: “Prospects 
are rather better this year thanf 
they were a year ago for the 
coming round." 

Negotiators would accept a 
sensible pay policy if they were 
sa tisfi ed tbe Government was 
doing what it could to bring 
prices down and control divi- 

There would be a pay policy 
so long as it was needed io get 
inflation down and keep it down. 
But he hoped tbat eventually 
the country' would be able to do 
without toe detailed interven- 
tion or government. 

Mr. Healey repeated his hope 
of some kind of system like that 
in West Germany “where 
Government, employers and 
unions get together every year 
and decide what is the limit for 
pay bargains, beyond which 
inflation is going to go up." 


By Our Belfast Correspondent 


MACK IE. -thc Belfast text tor 
engineers, blacklisted Ias t year 
for breaching pay* guidelines, 
is being pressed by its manual 
workers to exceed official 
advice "again this year. 

Tbe company bas offered a 
straight 5 per cent Increase in 
Use with the present Govern- 
ment target, but manual 
workers have turned Uua down 
as “ totally unacceptable." No 
offer has yet been marie to 
white collar and technical 
staff. 

Shop stewards representing too 
Dianuat workers have asked 
officials of the six unions in- 
volved ro negotiate with tbe 
Mackic management for " sub- 
stantial increases” to bring 
pay rales closer to those of 
other engineering establish- 
ments in Belfast. 


Public service union 
leaders back basnett 


FIVE PUBLIC SERVICE union 
leaders decided yesterday to 
make a formal request to the 
TUC for the formation of a public 
services committee. •; 


The aim of the committee 
would be to present a common 
front 10 the Government on 
issues such as public expenditure 
and cash limits, and .to find a 
way of ensuring that “public 
service pay is not treated more 
detrimentally or more rigidly 
than pay in other sectors of the 
economy.” 

A statement from the union 
leaders after a meeting at the 
London headquarters of the local 
government staff union. NALGO, 
said that the committee would 
not supersede existing bargaining 
machinery or tbe work of other 
TUC committees. 

It would bring together unions 
in central and local government, 
tbe health service . universities, 
and probably wate. rsupply." 

At toe meeting were general 
secretaries from five unions that 
have seats on the TUC general 
council. They were Mr. David 
Basnett of the General and 
Municipal Workers Union, who 
put up tbe idea of the committee. 


Mr. Geoffrey Drain of NALGO, 
Mr. Alan Fisher of the Public 
Employees. Mr. Fred Jarvis of 
the National Union of Teachers, 
and Mr. Tony Christopher of the 
Inland Revenue Staff Federation. 

Tbe Transport and General 
Workers Union, which has in the 
past opposed Mr. Barnett's plan, 
sent an observer in place of Mr. 
Mick Martin, thc national secre- 
tary. who was involved in talks 
on the industrial civil servants' 
pay dispute. It was not immedi- 
ately clear how much support 
the TGWU is lending to toe 
proposal. 

Another absentee was Mr. Ken 
Thomas, general secretary of the 
Civil and Public Services 
Association. 

The TUC's finance and general 
purposes committee is likely to 
be asked in the autumn to agree 
to the idea of a new committee. 
There are nine industry com- 
mittees at present. 

Borne critics of the Basnett 
plan have detected In If covert 
acqitiescence in pay controls, and 
argue tbat Protection or public 
service workers pay and resist- 
ance to expenditure cuts and 
cash limits is toe job of the TUC 
as a whole. 


Last year's 22 per rent award to 
4.DOO workers, which Uackie 
refused to renegotiate, resulted 
In a withdrawal of export 
credit guarantees. 

Meanwhile, the Government 
yesterday launched a pilot 
scheme to preserve jobs in the 
inner city arcus of Belfast and 
Londonderry. The measure, 
which comes in advance of 
proposed legislation, provides 
grants and loans for tbe im- 
provement and building of 
building premises in areas 
severely affected by re-develop- 
ment. 


Barclays 


Shipyard managers will 
join democracy talks 


BY OUR LABOUR EDITOR 


A MANAGERS’ UNION, the 
Shipbuilding and Allied Indus- 
tries Management Association, 
which has been so far refused 
national recognition in British 
Shipbuilders, will be involved 
in discussions at national and 
local level about industrial 
democracy For the industry’. 

Tbe association said yesterday 
it would refuse to join the “ par- 
ticipation structure ” that 
emerges until it has won its 
fight aga ! --t the Confederation 
of Shipbuilding and Engineering 
Unions to be recognised along- 
side iL 

A report on industrial demo- 
cracy. which talks at some length 
about principles hot says virtu- 
ally nothing about practice, has 
now been presented to Kr. Eric 
Varley, Industry Secretary, by a 
group of five trade unionists and 
two officials of British Ship- 


builders. 

It stresses that systems will 
differ from yard to yard, and 
must grow from tbe shop floor 
rather' than be imposed from 
aboye. 

Mr. John Chalmers, chairman 
of the confederation's Shipbuild- 
ing Committee, estimates that it 
will .take up to two years for a 
full scheme to emerge, ft might 
be six to nine months before in- 
dividual yards had come up 
with their proposals. 

The board of British Ship- 
builders- is still wrestling with 
toe controversy over toe recog- 
nition of toe association, which 
claims to represent the great 
majority of shipyard managers. 
This has brought its parent 
union.' the Engineers' and Man- 
agers’ Association, into conflict 
with the TUC, of which .it is also 
an affiliate. 


agrees 

Saturday 


opening 


8y Nick Garnett. Labour Staff 


BARCLAYS BANK has agreed 
terms with the National Untax 
of Bank Employees lor toe 
Saturday opening of a further 
nine branches, for bureaux de 
change business. 


The bank has still to 


to agree 

conditions with Barclays 


Group Staff Association which 
says it is worried about Issues 
related to toe bureaux, includ- 
ing staff security. 

The association, which 
represents the bulk of staff 
in the branches affected, is 
hopeful that talks with bank 
officials' this week will over- 
come those difficulties. 


Although the bank says the 
nine branches which will be 
open tor bureaux to change 
services still have to be con- 
firmed, toe union yesterday 
listed four In Central London 
and one each in Cambridge, 
Canterbury, York, Brighton 
and Windsor. 


Parity strike shuts docks 


SHIPPING IN and out of Hull’s 
general cargo docks was baited 
yesterday because 300 engineers 
and about 50 lock gate men 
failed 10 turn up for work as a 
protest against what they 
claimed were unfulfilled 
promises of pay parity with 
dockers. 

The engineers, who operate 
and maintain quayside cranes 
and other cargo-handling equip- 
ment, say their parity claim was 
accepted in principle four years 
ago. 

Mr. Geoffrey Culling ton. the 
docks manager, said there was 


no to ing tbe docks Board could 
do about the demand without 
breaking Government guidelines. 

-Meanwbllc. a North Sea 
Ferries ship was discharging 
about 1.000 passengers al a river- 
side quay outside Hull docks. 
Another vessel was diverted to 
Ipswich to off-load cargo. 

The maintenance engineers 
met later and decided to continue 
Hie strike indefinitely. 

Dock gate men at Goole have 
joined ’ the stoppage, halting 
shipping into or from the dock's 
there. 


Thc union said toe bureaux, 
would he open from 9JD to 
4.30. Thc scheme is experi- 
mental and should- begin; pn 
August 19- : 

The union expects members 
will carry out bureaux work 
one week in every three or four. 
It has negotiated a shift pay- 
ment of 30 to 34 per cent of 
normal week salary for the 
weekly periods during which 
staff arc on bureaux de change 
duly. There will-.be one day 
off for working Saturdays. 

Mr. Hugh James, the associa- 
tion’s assistant general -secre- 
tary, said he wanted to discuss 
issues, including staff security, 
with the bank before entering 
negotiations on extra money. 


Car licence 


computers hit 


by dispute 


A PAY DISPUTE has knocked 
out computers at lhe National 
Driver and Vehicle Licensing 
Centre in Swansea. 


Rampton nurses ban overtime 


FINANCIAL TIMES REPORTER 
NURSES AT Ratnpton top- 
security hospital in Nottingham- 
shire started an overtime ban at 
midnight to support their claim 
for more danger money. They 
w’ill also work to rule from today. 
Their action will cut many of the 
patients' social activities. 

The 700 nurses claim to have 
the backing or colleagues at 
Broadmoor. Moss Side, Park Lane 
and Cars tain;. 


Tbe Department of Health 
offer of E4S a year has been 
described as “ derisory.” The 
nurses are claiming a 40 per cent 
increase on danger money but 
have been told tbat all payments 
must be within the pay 'guide- 
lines. ■ 

Staff ^at Britain’s other top- 
security. . hospitals have 
threatened industrial action from 
September 1 unless they, too, 
get an increase in danger money. 


Tbe three computers, used 10 
process driving licences and 
vehicle registration documents, 
cannot be used because the 
centre’s air conditioning Is out 
of action owing to about TO main- 
tenance men refusing - to work 
on it since Wednesday last week- 
The centre said there would 
be little hardship to the public 
if the dispute was settled shortly- 
People would be able to drive 
new T registration vehicles even 
if documents were held up. 


Job protection 


Act assented 


Three Belvoir pits sought 


THE National Coal Board is to 
make- planning applications to 
mine three new collieries in the 
Vale of Belvotr. 

Among the objectors to thp 
scheme are the Duke and 
Duchess of Rutland, who live at 
Belvoir Castle, and the Duchess 


claimed that “ 99 per cent of the 
villagers in the area are against 
turning it into' a mining region.” 

The aim is to sink mines at 
Hose. Itr Nottinghamshire, 
Asfordy near Melton Mowbray, 
Leicestershire, and Salt by, near 
Grantham, Lines. 


jTHE EMPLOYMENT Protection 
(Consolidation) Bill has received 
1 Royal Assent and wilt couie into 
operation on November L 197B. 

The Act brings together the 
individual employment rights 
previously contained . in the 
Redundancy Payments Act 1065: 
the Contracts of Employment 
Act 1972: tbe Trade Union and 
Labour Relations Acts 1974 and 
1976; the Employment Protection 
Act 1975, without any Change- 

Provisions of the Trade Union 
and Labour Relations Acts and 
the Employment Protection Act 
other than those concerned wl*h 
Individual rights fe.g.. Collecti'"** 
righto, ronstitutioo of ACAS) are 
not affected. 


"1 


■') 


4 




l 


•- 'J 


•ffinaiftial Tiines Wednesday August 2 197S 


The Management Page 




EDITED BY CHRISTOPHER LORENZ 


IMAGINE It* '-.You are 44, and 
^Allied your company eight years 
ago- In that time you 'have 
asecnded the ranks to be Aanag- 
ins director* of. its -European 
division, which represents nearly 
60 per cent of turnover. It is 
a growth company with sales 
lipping the £80Uui mark. Sadly 
the chief executive is only three 
years older - than you and he 
ino has risen like a star through 
the company, thus overshadow- 
ing your own impressive rise. 

Then like a bolt from the blue, 
the chier executive announces 
he is leaving. The search for his 
successor is «n and you - are 
one of his. four possible replace- 
menrs. Seven days later he has 
gone and you are chief execu- 
tive. How do you feci? 

The case in question is 
Chloride. Michael Edwardes has 
found fame, if not fortune, as 
the controversial "saviour" of 
British Leyland- His successor, 
John Ray. is faced with the 
dimculi u>k of proving himself 
fii fur the job and showing that 
Chloride is still the attractive 
growth stock it was, as he. will 
IpII -shareholders at tomorrow's 
ACM. 

If anyone feels .that the' fight 
for Edward es's place was, hard 
fought it is certainly not the 



of talent at Chloride 


impression Ray wishes to give, well; obvious! v \ hoped for the 
Michael actually told me job but I did not dwell upon 
that he had been made aii offer it." says Ray. 
about two weeksbefore he went , , _ 

-and he talked afeut it to a ,™" y „ wa -'V oh ° *£»' ,| s * 
lot of DeoDle" ADDarentlv ™ mple!e opposite t» Michael 

Edwardes coLited the chair'- k Whi l e ®fiS rde *-th 

man elect and the nonexecutive n ‘IT^’ H bu , St Vhn 1RT Vk hie 

L Sara J£ 

>ould you want, the job (as Bwh h thei _ share of 

w h?* yf" charisma: Edwardes an almost 
d °w-H!- thlIlk s t ou d *!? ve }}— boyi&h enthusiasm for every 
Wi&m a week, says Ray, "He problem in sight. Ray an un- 
offered me the job and threatening North Country 
announced that he was going." amiability 
Had that been a week of little What was it like to be thrust 
sleep and great expectations? into the hot seat at Chloride? "It did 



Profile 


twelve people, while training to for Ray was when he became 


become a memher of what is 
now the institute of Cost and 
Management Accountants. His 
next move was to a subsidiary 
of Thom, workmc an automa- 
tic control?: he started as cost 
accountant and finished as fin- 
ancial director of the sub- 
sidiary. 

In I9GW Ray was head-hunted 
by Michael Edwardes in 
Chloride Alcad. He is not quite 


managing director nf Chloride 
Automotive Batteries, a new 
division created by Edwardes. 
"It was che first time I had 
responsibility for mv own profit 
centre." says Ray with pride. 
At the time it employed 2.UU0 
people and had a turnover of 
£25 million. 

“When you get your first 
profit centre you start to do 
things off your own bar; that 


JASON CRISP 


Ray feel about that? "It 


Ray’s reply is slightly baffling: is a very different job in that was good, in the sense that the ^ ost 
‘I felt a variety of emotions you are very conscious that starting mark was lower." he coun 


firstly I. was - blinking how people are waiting for a lead, notes. 

very 


And 
a 


certainly he took 


sure -whether ihe head-hunters was when I learnt to lead 
cottoned onto him because of rather than follow," he says, 
his work at Thorn or because he His progression through the 
had made a -■ hit of a name for higher echelons nf Chloride 
himself " in rh* Institute of went steadily to that of manag- 
ed Management Ac- nig director nf Chloride Europe. 

It is interesting that looking 
back on his career, he notes: 
"The most exciting job is to 


co untan is. 
His 


ascension 


. .... _ — _ „ — through 

Michael would perform at Ley- it j s a ] S0 very Afferent from over at a bad time with the Chloride from then on was 

land, having worked for him any other job on the board in effect of a Jong and debilitating fairly impressive but inevitably 

for so long", a comment -which that people are - waiting to see productivity strike showing -in overshadowed hv his mentor 

may not be everybody's idea of what you think. You realise that the results. Michael Edwardes. for whom he 

if you do not start things, they Ray's career started in Wol- worked most of the time, 
for don’t happen." verhampton, which is his home As John Ray puts il: " We 

And when . . Edwardes town, and his accent remains, went up ihe iree together — Chloride Europe Ray begins to 
announced his' departure, By the age of 21 he was run- with Mike in the lead." Per- notice a different nature to his 

we would all continue to work Chloride shares took a dive, huw ning a cost, department of haps the most significant move job. ">’ou begin to have more 


emotion. 

“ I was - mrt fearful 
Chloride hecause . we had a 
strong management team and 


be managing director of a 
large subsidiary — that's where 
the action is. I enjoy the excite- 
ment nf a line job.” 

But as managing director of 


contact with government, poli- 
ticians and civil servants and 
you become more involved in 
strategy." The job at Chloride 
Europe was. as Ray puts it. the 
" most important line job. 1 ' 
which is " not io say I was ever 
given the idea that I was 
favourite to follow Edwardes." 

There were, says Ray with 
notable self efface men i. four 
strong contender* for the post. 
And he certainly implies that if 
one of the others had won 
through he would not have left 
—as they have not either. 

On whether he had ever 
expected to get the job. Ray- 
notes: “ Everybody recognised 
that Edwardes was of such 
ability that he would not stay 
witli Chloride until retirement 
age. T never saw it as a bar to 
promotion that our ages were 
very close together." 

There are those who like to 

question Ray s ability to suc- 
ceed Edwardes. Without douht 
they are very different charac- 
ters. John Ray is not a leader 
in the sense Edwardes is, hut 
so far as Chloride is concerned 
there may be a fair case to say 
it no longer needs an "entre- 
preneurial man " hut requires 
a “managerial man." which is 





John Ray — the man who replaced 
Michael Edwardes as chief 
executive of Chloride. 

perhaps as good a difference in 
styles as can he defined. Out- 
side the company Ray has yet 
io win the confidence he would 
perhaps like, but it is a difficult 
act io Toilow. 

Internally he is more confi- 
dent: "Its a bir like the king 
is dead, long live the king," 
says Ray. 


IN THE past few mo-nths. many 
Rniis-h companies have become 
belatedly aware of the challenge 
pnsed to them by a series of 
proposed changes in ihe law on 
product liability. 

Bui. as the director of the 
British Safety Council noted in 
the Financial Times on July 19. 
ignorance and confusion are 
still rife. ‘ : 

One of tbe measures which is 
provoking considerable worry is 
the draft UK/U.S. Convention 
• ‘it civil judgments, discussed in 
this column on June 7. 

Tlie Government is being 
pressed from several quarters to 
renegotiate this .convention and 
has indeed indicated in Parlia- 
ment its readiness to. think 
again. 

The CBI has expressed its 
enneem in a recent letter to the 
Department of Trade. And a 
joint working party of the Bar 
and the Law Society— asked for 
i heir views by the Lord Chan- 
cellor's Department — r staled: 
“ \\’t* know of no-one who has 
hern able to identify any sub- 
si amis! advantages that will 
accrue to the UK from the 
proposed convention. 'It w a 
Treaty which confers benefits nf 
a major nature on the C.S. 
without any corresponding 
benefit UHfte UK.” ' 

The advantage which the U.S. 
will derive from the. convention 
—■and the reason -why it.- is so 


interested in concluding it— is 
connected with the European 
Judgments Convention. The 
UK has undertaken to accede 
to this convention, which would 
make it possible to enforce in 
Britain judgments obtained 
against U.S. companies any- 
where in the EEC, even if these 
judgments were obtained on the 
basis of "exorbitant” rules of 
jurisdiction which 1 would not 
apply to EEC defendants. 

Thus a U.S. company (but not 
an EEC company) not resident 
in France could' be sued in 
French courts by a Frenchman, 
or by a German .residenr in 
France, even if the case had nn 
connection with France, and tbe 
resulting judgment could then 
be enforced against any assets 
which the U.S. company had in 
theUK. . 

Unless there rs a UK-U.S. 
convention eliminating this 
innovation of the European 
Judgments Convention. U.S. 
companies will no longer be able 
to avoid attachment, of their 
UK assets using the defence 
that the French coun (or any 
other court in - The EEC) 
assumed jurisdiction bn grounds 
not recognised in England. .This 
deterioration of the "position of 
U.S. companies in UK courts 
would be all the more serious 
because, after Canada*- .the UK 
js the preferred destination of 
U.S. foreign investments, and 
consequently. there arc probably 



Civil judgments convention 
giving cause for concern 


more noticeable US. assets here 
than anywhere else in Europe. 

While the U.S. has this reason 
for wanting the convention, no 
such need exists in the U.K. 
There appears to be no diffi- 
culty in obtaining the enforce, 
mem of UK judgments in the 
U.S. as the grounds on which 
UK courts assume jurisdiction 
are more restrictive than those- 
recognised by. .U.S. courts. In 
its present form the convention 
would do nothing to remove the 
difficulty created for British 
firms - with assets in the U.S. by 
the High Court decisions of 
H*J5 (Harris v. Taylor) and of 
J97fi (Henry r>. Geoprosco Inter- 
national). 

These precedents oblige a 
British company with assets in 
both the U.S. and the UK fo 
make a very difficult chuice if 
it is sued in a U.S. court for an 
amount substantially in excess 
of its U.S. assets and the court 
would not normally be consid- 
ered competent under UK rules. 
If it makes an appearance in the 
U.S. : court, if nnjy to protest that 


this court has no jurisdiction, 
the British company runs 
the risk that UK courts could 
take this as amounting to sub- 
mitting in U.S. jurisdiction and 
would therefore execute any 
award which the U.S. court may 
make. II. however, the British 
company does not appear, the 
coun can enter a default judg- 
ment so that the company's 
US. assets will be lost without 
defence. 

It is patently obvious that the 
U.S. need for a convention pre- 
sented an opportunity to nego- 
tiate one which would replace 
the present common law rules 
of jurisdiction by a set of rules 
defined more clearly and which 
would offer some improvement 
to the present position of Bri- 
tish companies. 

The only immediately obvious 
advantage which the convention 
would bring concerns the 
enforcement of smaller l ! K 
monetary judgments in the 
U.S. which is uneconomical 
under ihe present system. By 
providing for the enforcement 


BY A. H. HERMANN 

of County Courts judgments, 
the convention would facilitate 
Lite collection of soiali debts in 
the U.S. 

This minor gam does not off- 
set the substantial worsening 
of the position of British 
defendants against whom judg- 
ments are obtained in U.S. 
courts. 

Though the convention does 
not apply to judgments for 
punitive or multiple damages 
nor to orders for the disclosure 
of evidence, it would expose 
British industry to the much 
stricter U.S. product liability 
laws and massive awards nf 
compensation made by U.S. 
juries and to the greater fre- 
quency of litigation resulting 
from the contingency-fee sys- 
tems operated by U.S. attorneys. 

As the convention excludes 
the review of U.S. judgments by 
UK court* asked to enforce 
them it would be difficult to dis- 
tinguish between genuine com- 
pensatory damages and purely 
puaitlvfc. damages. Moreover. 


the convention extends also to 
non-monetary judgments hv 
which UK companies could be 
prohibited by U.S. courts to deal 
throughout the world, or 
ordered to divest themselves of 
certain assets, to reinstate plant 
or to perform certain services. 

Article JO is crucially impor- 
tant because it goes far beyond 
the common law rules which UK 
courts now apply when consider- 
ing whether claims from U.S. 
courts should be recognised and 
whether their judgments should 
be enforced in the UK. 

The convention would oblige 
UK courts to recognise the juris- 
diction of U.S. courts whenever 
the defendant had " a branch or 
other establishment (other than 
a subsidiary corporation)" in 
the U.S. This would mean that 
many companies would have to 
incorporate subsidiaries in the 
U.S. The term "other establish- 
ment" is vague but probably 
wider than " an office or other 
permanent place of business." 
This vagueness is ail the more 
serious because U.S. courts 


would have jurisdiction not 
only in respect of transactions 
hut also n[ occurences “ aris- 
ing from business dune by. or 
through such establishments. 

Another proposal in ihe draft 
convention concerns companies 
doing "continuing business" in 
the U.S. The competence of U.S. 
courts would have to be recog- 
nised in the UK if such com- 
panies either had appointed, or 
had been under a legal duty to 
appoint, an agent to deal with 
legal documents. Foreign manu- 
facturers of certain products, 
including motor vehicles, are 
already under a legal duty to 
appoint such an agent if they 
wish to sell their products in the 
U.S. and there is reason to fear 
that the convention would 
encourage U.S. legislation over 
an even wider range of products 
and in a greater number of 
states. 

One of the most objectionable 
extensions concerning the 
supply of goods or services 
under contract — but not 
expressly limited to contractual 
claims — is contained in Article 
10/f of the draft convention 
which provides that the U.S. 
courts’ jurisdiction should be 
recognised where “ the conclu- 
sion of the contract was pre- 
ceded by an invitation to trade 
made by advertisement or 
otherwise cither in, or 
specifically directed tn, one or 
more U.S. stales and the use of 


the goods nr the performance nf 
the services was in occur in 
whole nr in substantial pan 
within thnse states." 

Certain exporters nf highly 
sensitive products — aerospace 
for example — rear that 3s a 
result of this proviMnn eien 
[heir past advertisements in 
British periodicals circulating 
tn ihe U.S. could expose them 
to the jurisdiction of U.S. courts 
in states where iliey have 
neither an agent nor a “place 
of business." 

The application of US. pro- 
duct liability laws would he 
extended io the UK by Article 
10/j. the most obscurely drafted 
provision of the convention. 
This would establish the juris- 
diction of courts in those states 
where either the personal injury 
or damage to property occurred 
or where the "acts of omissions" 
which had caused them "sub- 
stantially occurred." provided 
that both the cause and the 
effect took place in the U.S. 

This reads innocently enough 
until one realises that both the 
U.S. and UK courts may view 
a failure to warn the consumer 
that a product made in the UK 
could be dangerous, as an 
ommission which had taken 
place both in the UK and in 
the place where the product was 
consumed. The Privy Council 
did so hold in a thalidomide 
action brought against Distillers 
in New South Wales. 


BUSINESS PROBLEMS 


BY OUR LEGAL STAFF 


Law on letting 

1 own a furnished house, whirl* 
I ui*h to lei, bnl want to be able 
tn regain possession. II . Is 
m runted in a university (own. 
t mild I make arrangements with 
i hr nnhrrsity authorities, where- 
in i he\ let it lo visiting pro- 
fessors for tbe academic year, 
ami thus keep it outside the 
sropr of the Rent Art 7 Would a 
liernre he an answer- to ihe 


problem 7 

..The course which you suggest 
would be effective if the occu- 
piers of The house are students 
of the university, hut not if they 
are teachers. JL teach ore, il may 
be p»s>ible to exclude the Rent 
Act 1977 by means of rare fully 
drafted licences.' but there is a 
risk that the occupier could be 
seen as a tenant if the same 
occupier' resumed possession 
after the long vacation. 


Share out 


Looking at Leicester 


Lciccsrer theatre-goers saw Cause Cdlebre before anyone 
else. Leicester music - lovers flock-to the finest concert 
hall outside London. There’s a lot to enjoy in Leicester — 
especially if you are a lover of che arts. 


irtrLr 

ir&Lr 

imirAr 

LEICESTER 

l.>«jnoiiriecn<ie 


Enqumtito: Gordon K Smith FRIGS 

industrial Development Officer 
Telephone 0533 &9022 Ext.6/00 

or John Brown FRlCS 

liidiHiiiil Pfotnntinn Officer 
Telephone 0533 549923 E\t.6/60 

leicwiw Cuy Esiaies Dept., 
JfewW.dk Cenlir. 

Lnonicr LET GZG. 


1 am a director and majority 
shareholder by five £1 shares in 
a small limited company. All 
my shares will eventually go lo 
my fellow director, tan you 
please advise as to how Ihe 
Revenue will assess the value of 
tbe business if 1 were lo die? 

As you have a majority share- 
holding your interest in the com- 
pany m.iy be valued on a basis 
which would be disadvantageous 

10 your estate. The precise 
method of calculation mighi vary 
according to the nature of the 
company, and is a mailer of 
valuation for an accountant 
rallicr than n( law. However. 

11 would be wise for you io con- 
sider ducsting you reelf of Ihe 
controlling interest. iu which 
end you should consult your 
accountant. 


ing a pension fund for myself 
and possibly my fellow directors 
in such away that the fund 
created could be invested more 
directly into onr company, per 
haps purchasing the buildings 
eir.. and leasing them back to 
tbe ronipany. Do you know or 
any companies who are operating 
such a scheme or any legislation 
which precludes the uses t ~ 
pension funds Tor this purpose 
The scheme which you envisage 
wnpjd probably oot be viable 
since you would nave lo hav 
trustees nf the pension fund 
whose duty would he nm 
invest in hazardous investments 
Moreover you would have 
difficulty in ohtaining Inland 
Revenue approval of The scheme 
The onlj companies we know of 
where pension funds arc 
invested in securities which ntay 
include the company's shares or 
properly leased back lo ihe 
company are public companies. 


Pension fund 


No (egof responsibility con be 
accepted by the Financial Tines 
for the answers given in these 
Ah a director or a small private columns. All inquiries will be 
company. I hu\ e often wished lo onswered by post as soon as 
explore lhr possibility uf arrang- possible. 


This announcement appears as. a matter of record only. 

THYSSEN-BORNEMISZA N.V. 

US$ 100,000,000.- 

ten year Multicurrency Revolving Credit 

Algemcne Bank Nederland N.V. 

Amsterdam-Rotterdam Bank N.V. 

.. Continental Illinois National Bank 

and Trust Company of Chicago 
Credit Suisse 

Deutsche Bank Group 

Drcsdner Bank- Aktiengesellschaft 

Manufacturers Hanover Trust Company 

Morgan Guaranty Trust Company of New York 
Nederlandse Credietbank nv 
’ Swiss Bank Corporation 


Manager and Agent 

AMSTERDAM-ROTTERDAM BANK N.V. 


July 1978 



i'yxiv’ 




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Financial Times Wednesday August 2 197S - 


LOMBARD 


Reading the 
tea leaves 


N ature’s way with garden 



BY PETER RIDDELL 

HAS THE British economic 
miracle at last arrived? The 
pound is rising, the current 
account is in surplus, the rate of 
trice inflation is the lowest for 
five years and personal consump- 
tion is at record levels. It is a 
measure of the erosion of 
national self-confidence, or pen 
haps just realism, that no one is 
now talking about a dash for 
growth. Even the bland state- 
ments on the economy in the 
Commons last week by the Prime 
Minister and the Chancellor of 
the Exchequer were relatively 
low key. and industry has been 
distinctly cautious about the 
extent of the upturn. 

Although the Government 
itself has been noticeably reticent 
about the prospects for the next 
12 months, there is a surprising 
degree of unanimity jn the batch 
of forecasts and • analyses pro- 
duced in the past week. The 
agreed view is that the growth 
of both disposable incomes and 
output will slow down signific- 
antly from the end of the year 
onwards with the rate of price 
inflation hovering around 10 per 
cent. 


increase in the nominal money 
stock. 

But this has now come to an 
end. The reim position of the 
corset controls and the rise irr 
interest rates • since the early 
spring have already reduced the 
growth of the nominal money 
supply, and little expansion is 
likely in the next few months. 
At the same lime, the underlying 
rate of price inflation has started 
to accelerate as the higher pay 
settlements of phase three and 
ibe fall in sterling this spring 
have begun In feed through into 
prices. The result is likely to be 
a scissor movement, producing a 
flat, or probably lower, real 
money stock during the next six 
or nine months. , 


Projections 


GARDENERS, I find, like their 
rules to be broken. They would 
like to be told that azaleas have 
been known to grow on lime, 
that mimosa will survive the 
winter in Derbyshire or that 
John Innes numbered his cam- 
posts in the wrong order. They 
do not like to think that garden- 
ing is scientific. A few broad 
rules are acknowledged, a few 
botanical categories accepted 
under duress. But there is a 
strong feeling that handbooks 
have been handing down un- 
tested rules 'for centuries and 
That panels 'of experts have 
talked themselves into a job. 
Surely men grew passables roses 
before anybody worried about 
the proper date at which to 
mulch them. 

If there was one rule for which 
I would have gone to the stake, 
it was the hatred of tuany silver- 
leaved plants for wet winters. 
Damp, more than frost, has been 
rheir enemy with me. I would 
□ever plant a helichrysura. not 
even the prolific fontanesii which 
I think to be the best value, 
unless 1 had dug so much gravel 
round it that it stood in hardly 
a quarter-proportion of earth to 
stone. Wet in the early months 
Would mt their necks. 1 believed. 


Whenever I failed to place these 
silver plants properly, they died 
then and there. Otherwise, they 
were easy and extremely -useful. 

Now. last winter gave the 
south-east tip of England one of 
its hardest natural batterings in 
history. Late one winter even- 
ing, the winds fell quiet and the 
tide seemed to hesitate: hums 
and buzzes were sensed, but not 
reported, as if the whole of the 
Channel was on the move 

Twelve hours later.lhe exposed 
Coast from Deal to Sandwich was 
swamped by the highest tide nn 
record. Fences flew before the 
wind like startled seagulls. Ten 
feet of water coursed across the 
seaside gardens, swirled round 
their walls, found an entry 
through the garden-door and dug 
itself in to a depth of eight feel. 
It sat there until the firemen 
ended their winter strike. So 
much, you might think, for the 
future of a south-coast seaside 
garden. Somewhere, now. off 
Sark or the SeiUies, your yacht 
might meet a fine stand of Sea 
Kale. Hebe and Rose Rueosa 
Blanc Double de Coubert which 
I had planted last year in the 
esplanade of an FT reader, a 
gardener with more audacity 
than sense. 

For ten days, maybe more, the 


sea water . lay In the local 
gardens, some of them several 
hundred yards inland, some, too, 
the site of years of ingenuity 
and hard labour. Plants, we all 
know, are said, to be scorched 
by salt. Sea-anemones, they tell 
us. grow under water, bui not, 
one wouid have thought the 
cl emaiis. diant hus or the 
cbcallonra. As for the silver- 


lost every one of the hybrid 
pinks which I had bought from 
Ramparts Nursery. Colchester, 
Essex. and its excellent list. Bad 
drainage and winter wet. I pre- 
sumed. Vet that very moment, 
pinks in Sandwich Bay were 
under eight feet of water and 
seem to have been slung inlo 
heavier flower and thicker 
growth than ever before. 


GARDENS TODAY 

BY ROBIN LANE FOX 


leaved plant, there can* never 
have been a winter so wet, 
nut even in those stirring days 
which sank the Spaniards and 
their huge Armada. 

Old views die about as easily 
as bindweed or- bergenia. But 1 
must report the extraordinary 
consequence, impressed on nay 
disbelief last month. There are 
man}' odd sides lo it. to which I 
will return, hut the oddest, to 
my eye, is that there have never 
been such prolific pinks or silver- 
leaved shrubs as those which 
had spent a fortnight at the 
bottom of the sea. La*t winter; 
on a moderately heavy soil. I 


Who would have given 
artcmisias a chance under a tidal 
Wave? Yet the small silver-green 
Schmidt, ihe big Lambrook 
Silver and that two-roolihlgh 
cushion. Hclich rysum Fonum tesrif. 
are all now spreading oven the 
gaps left by less, fortunate 
neighbours in soil which must be 
about as palatable as an ; old- 
fashioned nwuth-vrash. ' The 
earth has not been changed. !The 
salt and water must still strptch 
far below the surface. Yet .you 
and l would takp 'cuttings of 
these silver-leaved plants ‘ to 
shelter them from the shock. oF 
a suburban winter. ■ 


Of course, there have been 
many sad casualties! lilacs, 
variegated dogwoods, some (.hut 
not all) shrub roses and most of 
the evergreens, especially the 
smaller coniferous sorts. But 
there are small compensations 
where there ought to be nothing 
but ruin. Whv should the 
clematis be bettor Than ever, not 
just the wilder species but the 
bis-flowered Jackmanii and 
others, showing their paces far 
further up the supporting shrubs 
than in the days when the sea 
still knew its place? Why should 
the flesliy-^reen leaves of those 
shrubby spurges survive, but not 
the Silver leaved Euphorbia 
Sfursmitex? How can there pos- 
siblv be new growth on the 
tender white Escalhmjn Irer/i 
when 'even the tough old yellow 
.berberis has 'turned brown and 
given up' the struggle? Any sug- 
gestions' from scientists, authors 
of hand-books and experts on 
Winter- wet will have to be 
Weighed against an experiment 
which has not been conducted 
before .in the history of these 
plants. 

The prize, I think, must go to 
a rose. "Not ail roses survived. 
Nevada has gone and -so have 
the usual florihunrtas. But the 


fine 'old Rugosas, we all kaewt 
liked the seaside. Now, I n a 
report, they have proved them- 
selves under the- sea. Rosen* 
de .la Hay, the dark purple- 
maroon, has not been so lough, 
but the lovely pink Sarah Van 
Fleer would rlearly stand a good 
chance on a North Sea nil ng. 
One which 1 planted Ii'l year, 
barely 50 yards from the sea- 
front. must have ducked while a 
fence came (lying past it. u 
sheltered, somehow, from a hur- 
ricane of shingle and survived 
the weight of » fully 10-fnot tide. 
The water, finully. went, but the 
salt must have persisted. Yet 
Sarah van Fleet is now 3 feet 
high; fresh green and already 
welt set with flowers. This must 
be the submarine rose of the 
year, as soon as the Rose Society 
brings in. that, useful category. 
Should we. then, souse our 
clematis with salt and keep 
silver plants, in the lily-pond dur- 
ing the winter? I have beds of 
young pinks which cnuld well, h# ■ 
improved by a taste of the Chan- 
nel in February. The answers I 
leave to you, for this flood has 
raised some unthinkable ques- 
tions. But the soundest rule In 
the gardener's rulehook can no 
longer claim to be true, since the 
sea knocked a 10 -fuot hole in it. 


The signs 



But the faithless do not have 
to put their trust solely in fore- 
casts; there are clear enough 
signs in what is happening now 
to the economy. There are two 
main guides which have proved 
reliable in recent years — the 
real money supply and the 
Central Statistical Office's index 
of longer leading indicators. 

The significance oF the real 
money supply has been high- 
lighted in particular by W. 
Greenwell and by the London 
Business School, in the last 
couple of years, fluctuations of 
the real nioney stock (sterling 
M3 adjusted for the rate of price 
inflation) have accurately fore- 
shadowed by a few months 
turning points in economic 
activity. For example, it became 
clear that domestic spending 
wouid start rising rapidly this 
spring and summer following the 
turnround from a sharply de- 
clining real rale of monetary ex- 
pansion in early 1977 to an 
annual growth rate of over 17 
per rent by early 1978. The real 
money stock continued to grow 
strongly until recently — up about 
7 per cent in the year lo May- 
as a decline in the rate of price 
inflation was offset by a large 


TV/Radio 


t Indicates programme 
in black and while 

BBC l 

6.40-7.55 am Open University 
(Ultra High Frequency only). 9.30 
Paddington. 9.55 Jackanory. 10.10 
Tarzan. tlOJlO Belle and Sebastian. 
10.55 Cricket: Gillette Cup. 1.13 pm 
News. 1450 Fingerbobs. 1.50 
Cricket: The Gillette Cup. 4.18 
Regional News for England 
(except London ». 4 .20 Play School 
(as BBC-2 11.00 am). 4.45 Boss 
C.3t (cartoon). 5.10 Goins for a 
Gold. 

5.40 News. 

5.55 Nationwide (London and 
South-East only i . 


A simitar message is produced 
by the index of longer leading 
indicators, which has a mean- 
ied rime in changes in thc : 
economic cycle of about 13 1 
months. This index has fallen! 
steadily each month since last 
October. Although these indica- 
tors have in be interpreted with 
a good deal of caution because 
of later revisions, the trend is 
clear. It points to a slowdown 
in the rule of increase in demand 
and output from the early winter 
onwa rds. 

Conventional economic fore- 
casts also support This view: last 
week’s report from the OECD, 
for example, projected a slacken- 
ing in the rate of increase or 
real Gross Domestic Product 
from an annual rate of 3 prr 
cent in the first half of this year 
to li per cent in the same period 
of 1979. 

The projections are based on 
the assumption that the Govern- 
ments aim of cutting the growth 
of earnings in the next pay round 
in half to amund 7 per cent is 
fulfilled. Bui there is an Inter- 
esting departure from previous 
OECD orthodoxy when the pay 
assumption is varied. The report 
suggests that a rise in earnings 
of above 10 per cent would be 
largely passed on in prices. 

" Consumer demand may he 
initially somewhat stronger but 
because of a higher rate of infla- 
tion. the personal savings rate 
will not fall as much as actually 
forecast and business confidence 
may weaken with the result thai 
output will probably rise slower 
than presently forecast.” So ihe 
British miracle appears as much 
a mirage as ever; what is really 
happening is a short-lived con- 
sumer boom let financed by North 
Sea oil. Thai should not. how- 
ever. prevent us enjoying it while 
we can. 


If and When well treated 
in Brighton handicap 


ENTERTAINMENT GUIDE 


SIR MARK PRESCOTT, the New- 
market trainer, who has placed 
that no-more-than-useful handi- 
capper Little Nugget with con- 
siderable skill to land three 
races this season, may be the 
man to follow at Pontefract 
today. 

The Heath House trainer, 
whose 44-strong team is largely 


RACING 


BY DOMINIC WIGAN 


made up of well-bred two-year- 
olds. could well land a double 
on the left-handed Yorkshire 
track through Parallel and A 
Star Is Born. 

A Star Is Born, ultra-consistent 
has just Sabir. Ten Hugs and 
North Page to beat in the Colfigs 
Juvenile Stakes. 

Partnered by George Duffield. 
the filly landed her third race 
within a matter of weeks here 
towards the end of June when 
running on determinedly to dis- 
pose comfortably of English Gem 
and ten others Since then she 
has run even better in stronger 
company. 

At Newmarket recently, the 
Tudor Music juvenile put up a 
particularly pleasing display 
when third at 33-1 in the Cherry 
Hinton Stakes. 


In that event A Star Is Born 
was beaten little more than two 
lengths by Devon Ditty e after 
being none too quickly away and 
failing to get the best of runs. 

Sure to be ideally placed by 
Duffield from the outset in 
today's small field. A Star Is 
Born can get back on the win- 
ning trail by wearing down ihe 
equally consistent Barry Hills 
runner. Sabir. 

Although he has not produced 
his best for a while. Parallel. 
Prescott's representative in the 
Cudworth Selling Stakes, is diffi- 
cult to oppose even under 
P st 6 lb now that he has been 
dropped to selling company. 

The young Upper Lam bourn 
trainer Taffy Saiainan may pro- 
vide Lhe answer to a particu- 
larly open race for the Lad- 
brokes Leisure Handicap at 
Brighton. 

Salaman, whose Rodney 
Parade gave John Francome his 
first success of the jumping 
season at Newton Abbot on Mon- 
day, saddles If And When here. 

This Balliol filly, a 340 gns 
yearling, got off the mark with 
a two length Chepstow success 
over Please Yourself and 20 
others in the spring, and she 
seems far from harshly tre3ied 
today with just 7 st 10 lb. 

Oisin can repeat bis success 
of a year ago in the Brighton 
Challenge Cup fn spite of going 


BRIGHTON' 

2JH) — Cavokay 

2.30 — Mar coins 

3.00— If And When*** 

3.30 — Oisin * 

4.00 — Lord Rochford 

4J50 — Carnival Fugue 

PONTE FRACT 

3.15 — Parallel 

4.15 — A Star Is Born** 

5.15 — Brad den 

up by 16 !b in the weights. In 
the Lanes Stakes. Lord Rochford. 
an expensive failure for many in 
the Spillers Stewards Cup, can 
get the better of Dasman. 

Oil leak halts 
welding work 

WELDING OPERATIONS have 
been halted in one of the pro- 
cessing areas of Occidental's 
£169m oil terminal at Flotta in 
Orkney because of potential 
danger caused by an oil leak from 
the oil water drainage system. 
When the leak was found, ail hot 
metal work was stopped. 

It was stressed at the terminal 
yesterday that the ban would not 
affect Flotta's storage of crude 
oil pumped from the Piper and 
Claymore fields in the North Sea, 
130 miles east of Orkney. Joint 
production of the fields is now 
reaching 345.000 barrels a day. 


CC — These ttiMfci Jtceot certain credit ! 
rarm hv telephone or M the .Box offic*. j 

OPERA & BALLET ; 'i 

COUHUM. Credit Cards 01-2*0 5250. 
Rnerv4tiOfl3 O' -336. 3761. 
ENGLISH NATIONAL OMBA .1 
Tonight & Tue. nc»r J< 7.30, U Bahama 
Tom or. A Sal it 7.30 Tha Mkglc note,: 
A no. 4 PeriormjtKe eanceitea. 104.- wi-' 
con r seats available from 10.00 on 1 dad 

Important notice, no* production o i ! 
Menotti'I The Coniul replaces scheduled i 
perfs. at Carmen For rurihe- details 
rue 01-240 5750- Now -traokiM lor 

Sent. __ ! 

GLYN DEBOURNE FESTIVAL OPERA. | 
With the London Philharmonic Orchestra.' 
Last Week Tonight. Fn. & Sun. at 5.30., 
The Rohe's Progress. Tom or.. Sat & ' 
Mon. next ai 5.30. Cost iaa tun*. Pos- 
sible returns ai.lv Box office Glvnde- 
DOume Lffwes. E Sussex. i0273 B12411I 
N B. Trie curia. n lor Cos) will riu - at 
5.30 sharp. There ■> no posbb>l,ty of, 

adm-runce tor late -tamers. i 

ROYAL FESTIVAL HALL. 92 a 1191. 
Last Ports- Tonight A Tomor at 7.30 
The sensational 

BATSHEVA DANCE Co. with 
GALI NA & VALERY PANOV. 

ROYAL FESTIVAL HLL. 923* 3193. 
Aug 7 to 10. Evsfl T .30 Mat Sat. 3. 
Great Stars of world ballet m a 
GALA SEASON 
Dancirg at event uerf. 

MARGOT FONTEYN. MAINA GIELGUD. 
NATALIE MAKAROVA. YOKO MORO- 
SHITO. GALINA PANOV. LYNN 
SEYMOUR and FERNANDO BU JONES j 
STEPHEN JEFFERIES. JONAHTAN ! 

KELLY. IVAN NAGY. VALERY PANOV 
TETSUTARO SHIMIZU CORPS DE 

BALLET 

Details tram Bov Olllre 


THEATRES 

ADELPU1 THEATRE. CC 01-036 7611, 
Ergs. 7 -30. Mars Thuri. 3.0 Sat. 40). 
IRENE IRENE IRENE 

THE BE&T MUSICAL 
ol 1976. 1977 and 197flF 
IRENE IRENE IRENE 

■London's aesT night out.” 

Sunday PcoeJe. 

CRE DIT C ARD BOOKINGS 036/7(71. 


THEATRES 

HER MAJESTY'S. CC. °LV°1 SS” 
Ergs. 8 O Mats. Wrtt. Sat. 5.00. 

* JAMES EARL JONES *5 

■ PAUL ROKSON 

-Migniffwni.' D. Ew ■ SoellblfKUnP 
theatre." D. Ma*L Mak« d ■ must. 

E. Std. Limited^ Season. 

KINGS - ROAD THEATRE- 352 7455. 

Man to Thur 9.0. Fn . Sat. *.50. 9Ju. 
THE ROCKY HORROR SHOW 

DON'T DbUmJ.U«5- IT ' 

LONDON PALLADIUM. CC. 01-437 7373 
NOW UNTIL AUGUST 19- 
Mon. Tues. Thuij and Fri. ai B. 
Wed and Sal t 10 and 6 50. 

THE TWO RONNIES 
in a Spectacular Comcdr Revpp. 

. Booh now on not lin e 01-43 , 2C»5 

LONDON PALLADIUM. 01-437 7373. 

Sea-ember 4. F nr a Of mccK Onlr 
MAX BY GRAVES 
Plus JOEY Ht ATHE RTON. 

LONDON” 'PALLADIUM. 01-437 7373 
Scot. 25th For One Week Only. 

LENA MARTELL 

LYRIC THEATRE." 01- 4 37 3686. E*3 5.0. 
M "' JOAN i D * SJ! S '°FRANK 8 ,D ' ; 

pl0wr ' ch Vilumena finuvt : 

by Eduardo de FIIIdbo ! 

Directed bv FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH E*. N;*» “AN 
EVENT TO TREASURE." D. Mir. ' MAT 
rr FILL THE LYPIC FOR A HUNDRED, 
YEARS. ' Sunaa* T imes 

MAYFAIR. 629 SOMT'ait rend. E*;. 5 \ 
Sat. 5.30 and S.30. Wed, Mat. 3 00 I 
WELSH NATIONAL THEATRE CO. j 
DYLAN THOMAS'S I 

UNDER MILK WOO D , 

MERMAID. 248 7056. Restaurant 248 : 
2335 Evenings 7 30 and 9 15. 
[VERY GOOD BOY 
DESERVES FAVOUR 

A nlav tor aiiars and orchestra b* TOM 
STOPPARD A ANDRE PREVIN Scad L4 
£3 and £2 " NO ONE WHO LOVES 1 

THE ENGLISH LANGUAGE AND THE . 
HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS PLAY " S. Times 

Run extended by public demand. 


| THEATRES 

'ROYAL COURT. 730 1745. AT Cop*. 

Ton .oh t at 7. tubs. *»M. 6 pat 5 A S.M. 

' World premiere ECLIPSE by Loot Jack, 
i Sop, with Ann Bell Peter Bowles. Jamas 
Coulm. Leonard Fenton ana PAUL 

ROGERS- 

ROYALTY.' Credit Cards. 01-405 OOthL 
Monday -Thur 'da* Evening* 8.00. Friday 
5.30 and U.45. Saturdays 3 00 and 8.00. 
i LondiM critics «»ce BILLY DANIELS w 
' BUMBLING BROWN SUGAR 

Best Musical Ol 1977. 

Bookings accepted. h*»loi ciPd t cards. 

SADLER'S' WELLS THEATRE. Rosrtterri 
I Are EC1, 837 1672 Unr) Aug. 2d, 

, txn 7 30. Mats. Sat 2 30 
MARCEL MARCEAU 

l . - - Thu %ujifcfiie mm* or mt 

| l««rt*?’ £»cmnu Nfwi. 

SAVOY THEATRE. ' 01-836 MBS 6 

Cl Cards. 734 4772. 

TOM CONTI <n 
WHOSE LIFE lb IT ANYWAY? 
with JANE ASHER 

*'A MOMENTOUS PLAT J URGE YOU 
TO SEE IT.' Gdn. 

Eros at a no f*>. a sat. 5.4 5 A5 4S. 


SHAFTESBURY. 


01-836 6596. 


Shaftesbury Avenue iHiph Helper h endt 
•• FANTASTIC M 
GOOSPELL 

"BURSTING WITH ENJOYMENT" D Ttl 
Prices £2 id £5 Best teats £2.50 L hoar 
be ■ ore snow at Boa Office Man. Tint. 
0.15. Friday and Saturday 5.30 and 6.30. 
STRAND 01456 2660 'Evening' 8 00. 

Mat Tfiur* 3.00. Sal 5-30 and 6.30. 

NO SEX PLEASE — 

WE RE BRITISH 

THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS L4 00-£l .00. 

ST. MARTIN'S.' CC~ 936 1443.' Ev v's o£ 
Matinees Tucv 2 45 Saturday 5 and 8, 
AG AT /A CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGCST-EVLR RUN 

__ 261 h YEAR_ 

TALK 'OF' THE TOWN. ' CC. 734 S0S1. 
B.DO. Dinning Dancing ‘Bar* open 7.15) 
9 30 Super Reaue 
RA22LE DAZZLE 

and 11 pm 

_ LOS RE ALES PEL PARAGUAY 

THEATRE UPSTAIRS; " 730'2SS4. 

Last week. Evenings 7.30 pm. 
IRISH EYE5 AND ENGLISH TEARS 



6-20 Nationwide. 

7.00 The Wednesday Film: 
'■ Panache." 

R.io Z Cars. 

9.00 News. 

9.23 The Risk Business (a look 
at the ship-building in- 
dustry). 

10.03 Come Dancing. 

10.43 Omnibus. 

11.35 Weather/Reginnal News. 

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

Wales — 5.10-5.40 pm Pen Draw’r 
Byd. 5.55-6.20 Wales Today. 7.00 
Heddiw. 7.40-B.'10 Come Back Mrs. 
Noah. 11.35 News and Weather 
for Wales.- 

Scotland — 5.55-6.20 pm Report- 


F.T. CROSSWORD PUZZLE No. 3,734 



across 

1 Tautological question of 
identity (5, 2, 5) 

10 Issue thar oriental gentleman 
digested (7) 

J1 European means it to go with 
gin (7) 

12 Chance Coiled Slates has to 
blossom <5i 

13 A bit of a bore before blast- 
off (4-4i 

15 Confound one slice of loaf 
(4. 6) 

16 Positive quality making one 
cross 14» 

18 Unpleasant aspect of thug 
lying ia wait |4» 

20 Put right by receiver one 
after the other (3. 2. 5) 

22 Keep away from workpeople 
who are leaving (5. 3) 

24 Progress to board i3. 2) 

26 Commission the Queen gives 

reservist t”) 

27 IRA member hai way of meet- 
ing college head (7) 

28 Game in which one has two 
throws (5, 3. 4) 

DOWN 

3 Listen to ten and encourage 
IT) 

3 A chap or high quality 

becomes an honours graduate 
tS) 

4 One law for Holly t4) 


5 Lending support to pre-flight 
ceremony <S, 2) 

6 Paint may be unsuitable (5) 

7 Dressing to make parting 
more enduring (4. 3l 

8 Admired having spring con- 
sidered (4, 7. 2 1 

9 Neath force is short of men 
(5. Si 

14 IDs turn up with old Bob on 
river (5. 5) 

17' Hooligan determined to sketch 
(5, 3) 

19 Assembled in the queue (5, 2) 

21 Obedient to us due to a 
different order r7i 

23 Support for plane affected 
walk (5)' 

25 Turn up .winning hands at 
bridge (4). 

Solution to Puzzle No. 3,733 


□33QB 



e m m s a 

BHEHnosgs 
E B n a h 
heeiheseq 
c E 

EaSEBB 
0 E 

. rasnes 

•_ m e 

HsnnQs 
n a 

mm 

__ Q B 

las 


jng Scotland. 11-35 News and 
Weather for Scotland. 

Northern Ireland — 4.18-4.20 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 11.35 News and 
Weather for Northern Ireland. 

England — 5.55-6.20 pm Look East 
(Norwich): Look North (Leeds, 
Manchester, Newcastle): Midlands 
Today (Birmingham): Points West 
(Bristol); South Today (Southamp- 
ton); Spotlight South West (Ply- 
mouth). 

BBC 2 

6.40-7.30 am Open University. 
10.35 Gharbar. 

11.00 Play School. 

4.00 pm Cricket: Gillette Cup. 
4.55 Open University. 

7.00 News on 2 Headlines. 

7.05 Erica on Embroidery. 

7.15 An ABC of Music. 

'7.30 News on 2. 

7.40 Rhythm on 2 with Jack 
Dieval and Agnes Sarkis. 
8.10 Brass Tacks. 

9.00 Call My Bluff. 

9.30 Globe Theatre. 

10.40 Late News on 2. 

10.50 Cricket: Gillette Cup high- 
lights. 

11 .2 Q-J1. 30 Closedown, reading. 

LONDOIV 

9-30 am A Place to Live. 9-55 
Catch '77. 1OJ20 Oscar. 10 JO The 
Flintslones. 10.50 Nature of 
Things. 11.50 Beany and Cecil 
Cartoon. 12.00 Cloopa Castle. 
12.10 pm Rainbow. 12.30 Sounds of 
Britain 1.00 News plus FT index. 

1.20 Platform. 1.30 . The Rolf 
Harris Show. 2.00 Summer After 
Noon. 2.25 General Hospital. 3.20 

1 Knthv Karuks is a Grizzly Bear. 

4.20 Michael Bentine's Potty Time. 
4.45 Search and Rescue. 5.15 
Gambit. 

5.45 News. 

6.00 ITiis . Thames Television 
197S 

G.35 Crosroads. 

7.00 Don't .Ask Me— I Only 
Work Here. 

7.30 Coronation Street 

RADIO 1 

(Sl Sic reop honk broadcast 

I Medium Ware 

5.00 am As Radio 2. T.02 Dare Lee 
Trartr. 9J)0 Simon Kale*. 11 JB Pcier 
Powell with ihe Radio I Roadshow from 
Cl!i-iborp>-s. 12 30 pm Xcvrffhcai. 1245 
Paul Burnell. ZJM Tony Blackburn. 4J1 
Kid Jensen. 7-30 Spur IS Desk i Joins Radio 
2i. 10.02 John Peel. pS i. 12.00.2.02 am 

AS Radio 2. 

VHF Radios 1 and 2 — 5.00am \v‘llh Radio 

2 Including 1-55 pm Good Listening 6.33 

Rill Prince >S . l continued from Radio 2. 
4.30 1 742 -Sins Somerhins Simple >5'. 

TJO Wnh Radio 2. 10.00 With Radio 1. 
12.00.242 am With Radio 2. 

RADIO 2 1.5®0m and VHF 

540 am News Summary. 542 Richard 
Vaunhan with The Early Show f S ■ loclud- 
Inc. US Pause for Thought. 7.32 Terry 
Wo&an iSi Including OJT Racing Bullet In 
and 1.45 Pause (or Thought. 10.92 Jimmy 
Yoons |S> including 1242 pm Cricket: The 
GiUcite Cup gnaner-Rnals. 1225 Wag- 
goners' Walk. 12-38 Pete Murray'* Open 
House iS) Including 142 Cricket: further 
news and 145 spun* Desk. 2JO David 
Hamilton <Si including 2<B and 3.45 
Sports Desk. 4-30 Waggoners* Walk. 445 
Sports Desk. UK BUI Prince iSi (con- 
tinued on VKFi Including S45 Sparta Desk. 
633 GUleiie Con Special. TJO Sports 
Desk. TJ3 Linen to the Band with 
Charlie Chester >S). BJ5 Se minim 
Serenade iSi. 0.10 The Fred Aiiaire Story. 
1-5S ■Sports Desk. 14.02 Offbeat mill 
Braden. 10J8 Hubert Gregg SUN Thanks 
Tor the Memory. 1UQ Brian Uaithcur 
introduces Round Midnight Including 12. SO 
New a, 240-242 am Kewi Summary. 

RADIO 3 464tn. Stereo & VHF 

SA55 «m W-alhrr 7.00 Sf*j. 7-05 Your 
Midweek Choice, wri l (Si. LOO New*. 


8.00 London Night Out. 

9.00 Fly on the Wall. 

10.00 News. 

10.30 Tights. 

ll.30.Whicker’5 World: Salt Lake 
City. Utah. 

13.30 am Close: A painting by 
Turner accompanied by ihe 
mlisic of Vaughan Williams. 

All IBA Regions as London 
except at the following times: — 

ANGLIA 

10.20 am Dynomutt. The Doe Wonder. 
1848 Star Maidens. U45 Row. 1130 
Rogue's Rock. US "pm Anglia News. 
130 Those Wonderful TV Tunes. 2.00 
House party. 1-20 An Angel. «J0 141011301 
Bentine's Point Time. 5J5 Mr. and Mrs. 
6 00 About Anglia. 1230 am The Big 
QocsUon. 

A TV 

9-15 am Some Hung Diffcr-nt. 1830 
Angling Today. 1045 ATV • Spent 
Canoeing rrom Holme PierreiMim. 11J1) 
The Jetsons. 1130 Manic Circle. UJ55 
The Adrenrares of Pandey. 1.20 pm ATV 
Newdcsk. 130 Code ' R.' 2.25 The Besi 
of Ladles Ninhr. 3J4 The Prjiiice. 3.8D 
Money Go Round. 4.05 Canorni Time. 
535 Happy Days. 640 ATV Today. 1130 
Faces of Festival. 

BORDER 

10.20 am TechnaHash 10.45 in Search 
Of . . . Voodoo. LL05 Hog - . 11.30 Roane's 
Rock. 1130 pm Border News 130 Stars 
on Ice. 240 House party 3.20 Little 
House on the Prairie. 505 The Rolf 
Hams Show. 6-00 Look around Wednesday. 
12.30 am Border News Summary. 

CHANNEL 

130 pm Channel Lunchiim.- News and 
IVfaat'i On Where. 130 Tin: Mackenzie 
Affair. 3.28 Burnaby Jones. 6.00 Channel 
News. 6. ID The Beailns. 10.2s .Channel 
Lau- News. 1245 am 7Cewx and Weather 
In French. 

GRAMPIAN 

4.25 am First Thing. 1030 Daw Crocked 
on ihe Mississippi ILBS Haw. U38 
Rogue's Rock. 130 wi rirai,,^,^ Hews 
Headlines. 130 The Family. 3.20 Cade R. 
6.oa Grampian Today. .630 Police -News- 
room. 6.15 The Woody Woodpecker Show. 
1230 am Reflections. 1235 Grampian Laic 
Nighi Headlines. 

GRANADA 

1025 am Sesame Sired. 1130 Solo One. 
U.4S Kathy’s Quia. 1-20 pm Thu is Your 
Right. 1.30 George Ham I Iron jy. US 
Wildlife Cinema. 330 Tandarra. 530 The 
Undersea Adventures of Capiam Nemo. 
535 Crossroads. 6.00 Granada Reports. 
630 University Challenge. 12J0 am A 
Little Night Music with Thu Bowles 
Brothers. 

1-05 Your Midweek Choice, part S (Si. 

4- 00 News. 945 This Week's Composer: 

Boccherini f 3 ■ . 1040 George Cunningham 
Onfonary «Si. UA0 TDtb-Century Vfolfn 
Movie iSi. 1135 italic Orehusm. iSi. 
L0O pm News 1.05 Bristol l.unduime 
Coiiivn 240 The Music or Rortiaola •S>. 
3.00 Koussevlisky Cammisslon .1 iSi. 345 
Plano Trios, pan 1 «Si. 4.45 Words . . ■ 
•lalk' 450 Plano Trios, pari 2 <s»- O-* 5 
Homeward' Bound. 1645 News. -J610 
Homeward Bound (continued i. 1630 Life- 
lluvs. Language and Commimh-aiioo. 730 
FToras Th. pan I: Ravel. Gran- williams. 
Poulenc iSi. 830 The Arts Worldwide. 
8.50 Proms 7S. pan 2: Vaughan WTJHams 
«S i. 435 The Living Poet with John 
Heaih-Siubbs. 30.00 tredenea Von Slade 
wng ri.-cilal part 1 <S> 1045 Why Do 

People Warn Goods: 11.85 f'red.-rlcs Von 
Slade, pan 2 »S". 1145 News. «« 

Ton ib hr s Schubert Sods iSi. 

Radi* 3 VHF Only— 6.00-140 am and 

5- 45-730 pm Open University. 

RADIO 4 

434 in, 330m, 285m and. VHF 

6.00 am News Briefing. 63t Fanning 
Today. 630 Today Including T.00 »mi 
>40 Today's Ne«-s. 730 and 830 News 
Headlines. 835 Yesterday In Parliament. 
940 News. 44)5 The Luting World. 4.35 
Sheer Sanaa of Zion. 1040 Neva. - 1045 
In Britain Now. 1030 Daily Service. 
1045 Morning Story. 1LM News. UJ5 
Conversation Piece: Erafrn Williams. 
acior. playwrtghi and author, talks about 
his life and work. 1 130 Loners from 
Everywhere. 12.00 News. 12.02 pm You 
and Yours. 1237 Share and Share Alike. 
■Si. 1235 Weather: programme news, 
l 80 The World, at 0«. 130 The Archers. 
145 Woman's Hour Including 2403.02 
News, 2.05 Listen with Mother. 9-88 
News. 3:05 Afternoon Theatre if!).' - 3J0 
Choral Ewikooc. 435 siory Time, *-0° 
PM R#poriB. 5.«0 Serendipity. SJS 
weather; programme news. 640 Hews. 


HTV 

10.20 am The Lost Islands. 1040 The 
Adventure World of Sir Edmond Hillary. 
1145 How 1130 Rogue's Rock- l-» P« 
Bepan West Headlines. 135 Report wales 
Headlines. 130 Stars on Icc. 2.00 House- 
pariy. 130 Survival Special. 445 The 
Com Machine. 530 Crossroads. 6.00 
Report West. 635 Rcpon Wales. 6 50 
Father Dedr Father. 2130 Faces Of a 
Festival. 

HTV Cymru /Wales — As HTV General 
Service except: 130-135 pm Pt-nawdau 
NcuTddion Y Dydd. 430 Mir! Mawr. 
4.30-4.45 t'n Tro. 6.00-635 Y Ordd. 

HTV West— As HTV General Service 
except : 1.20-130 pm Report West Head- 
lines. 635430 Repon West. 

SCOTTISH 

10.20 am Clue Club. 1040 The Stationary 
Ark. 1130 Hew. 1135 Rogue's Rock. 
135. pm News and Road Report. 130 
Lifestyle. 2.00 Women Only. 330 survival 
Special. 535 Cartoon. 530 Crossroads. 
6.00 Scotland Today. 630 Reflecnnns On 
Soon— Arthur Mouiford. 1130 Bonn Olr. 
1240 Late Call. 

SOUTHERN 

1030 am Little House an ihe Prairie. 
11 45 How. 11.30 Rogue's Rock. 130 pm 
Southern News 130 Siam on' Ice. 240 
Huusupany. 330 Red Letter Day. 535 
Smbad Junior. 530 Crossroads. 6.00 Day 
by Day including Souihspon. 1230 am 
Suulhern News Extra. 

TYNE TEES 

435 am The Good Word lollowed by 
North . East News Headlines. 10.20 Top 
or lhe Bill. 11.05 How. 11.35 Rome's 
Rock. 130 pm North past News and 
Looka round. 130 In Search of . . . Inca 
Treasures. 240 Women Only.' 3.25 Code 
R- 535 Happy Days. 640 Northern Life. 
1130 Landscape. 12.00 Epilogue. 

ULSTER 

1030 am The Losr Islands. 10.® The 
Secret Lives Of Waldo Killy. 1145 How. 
1130 Rogue's Rock. 130 pm Lunchiunc. 
130 Sun on Ice. 330 Code R. 431 
Uf-ier News Headlines. 535 The Man - 
Tyler Monro Show. 6J)0 C Inter TelevlM»n 
News. 64 5 Crnskrnads. 630 Reporis. 
645 Wilhcrspnan. 1130 Bedtime. 

WESTWARD 

1030 am The Beachcombers. 1040 Out 
or Town. 11.05 How 1130 Rogue's Rock. 
1237 prru-Gus HoDi-ybim's Bln Mays. 130 
Westward News Headlines. 138 The 
Mackenzie Affair. 330 Barnabv Jones. 

6.00 Westward Diary. 1030 Westward 
Late News. 1235 am Faith for Life. 

YORKSHIRE 

1030 am ••The Shakiest Gun in the 
WcM." 130 pm Calendar News. 130 
Lillie House on Lhe Prairie. 3 30 Lowe 
Siory. 640 Calendar lEmlcy Moor and 
Belmont editions >. 

630 Mr Music (Si. 740 News.' 745 
The Archers. 738 Something ro Declare: 
Laurens von Der Post and Baron Hugo 
van Lawick discuss animals and problems 
ot wildlife. 0.00 Workers’ Playtime looks 
ar holiday camps >s>. S45 The River 

Text in Hampshire: A look at troui 
fishing. 9.00 Sttirnci' Now 4.J0 Lambeth 
Conference Report. 9J5 Kaleidoscope. 
4.5ff Weather. 10.00 The World Tonight 
1030 Round Brtuin Quw 11-00 A Rook 
a* Bi-dlmi'. 1 1135 This Financial World 
.Tomahl. 1130 Today in Parliament. 1240 
Nl-ws 

BBC Radio London 

206m and 94.9 VHF 
5 00 am As Radio 2. 630 Rush Hour. 

9.00 London Live. 1243 pm Call In. 243 
2« Showcase. 4.03 Home Run. 7.00 
Sound Ids Brass Strikes Again. 730 Black 
Londoners. 030 In Concert: Liszt Festival 
of London IS,,. 1043 Lure Niah( London. 

12.00 As Radio 1. 1245 am Ouestion Time 
rrom the House of Commons. 145-Close: 
As Radio 2. 

London Broadcasting 

261m and 073 VHF 
54B am Moraine Music- 840 am: 
non-slop nows. Iniormatiou. travel, sport. 

10.00 Brian Hayes Show. 140 pm I.BC 
Reports. 340 George Gale's 3 O'clock 
CalL 440 LBG Repons iromumesl. 8JH 
Alter Eusbi wiib Ian Gllcbrisi, 9.00 Night- 
line. 240 am Night Exira. 

Capital Radio 

194m and 95.8 VHF 
6.00 am Graham Dene's Breukfnsi Show 
iff*. 4.00 Tnny Myall <Si. 1240 Dare 
Cash »Si. 3.00 pm Pcirr Young iS>. 

7.00 Lnndon Today iS». 7.30 Adrian iws 
"Music Line '■ iSi, 4.00 Xlrky Home's 
Your Mother Wouldn't Like ii •$» iloo 

MiSv Allen's Lai» Show (S'. 2.M am 

Duncan Johnson b Night Flight (6i. 





*'■*111^ 








■ • m .j. 'I**. .. V" li ■*.' • i - - ■ -iT ;• , 

’ • v» ^ -/V .' '£- £ T^.'N •'- . - ‘ 

. . • . vT : . 

TelfrviiBri 


r A--agust ; 2I978 



by ARTHUR SANDLES 


}#• WM«« to the advertiser. The of Che 


few new series to survive The real task is to ensure that 


pendent BroadcaVtini' ““S 1 ® 0 ” r ° me advertiser. The or the few new series to survive td 

wredut'ethe'amoun^nfimmfSM “?? '-iJSP^V r£2^ V i .JMtana bulk- of- American prime' .tune this-.process last year, and only ..foreign material does not take 

««?«“ bas only .this object did soby the slrtn of its teeth.' over, our screens at crucial times. 
Ktrepnt -aJsJSTL uJSLJ'l* ??? a ® '.V k productions.. on. . the In mind. Naturally enouch- this svstem ss n 


’ K??S? Wa * ^icfcty .buried .hy. schedule .were S3.liandHlr.-W 

’wwffSS^'^SW *»■ ■**. two W^owi J0«5 

Koa^cast^ Se^LslSJS 2f XL** Co^the other home-itoade oeiween 25 an d 50 ai 

^iM^ti’fcSfSSSSS-.SSa. %**£2L. ®L_«r -i!i? - :«••* 


Naturally enough- this system as it demonstrably did last week- 

rl • a<\<4 Du 4 Ua .V. DBU 


, y-scneome^ere axlv and alr.-and America's prime target eus- is entirely self-liquidating- within end..- By the way, the BBC 

White Paper on the^future of 7 *T ri, , t -R‘-.S“^H£S*£. !? mer ^ lie married woman the' U.S. Revenue from abroad ^towed at least seven ■ repeats 

- • S3 -■ J“‘ ure 01 Oft die Go. the. Other home-ibade between 25 and 50 and a large is simply nice extra profit Thus, during Saturday and Sunday eve- 


this. is that it turned attention «^L den l!!!vL tb S -*lice of shows to be seen on when the American salesmen nings, also managed seven films 

away from 7 any. thought abour i S i h ° w A . mer , ican television screens is come to Britain, or meet them on during the weekend and even one 

why -the television companies- ^ . made aimed right at predating her 'for the Croisette during the' big tele= o{ tjfe original shows was a co- 

import material, and’ to SP2* 5 5 -?°, n ' tbe raakors of everything from vision festival in Cannes, they production wjth Germany. Could 

they put -That- material - ‘ London - Weekend Tele- soap powders to ixaif shamppos. are to offer proved audience Jt '^t money which the 

But th'en.'fartnnB nmTiwi nn W ^£****11^ - Rhoda, Lapeme and Shirley, winners at a -relatively low cost ®°^ 0ra ^® n £ as *pent on 

refiewS by Jhl 5°“ *?* e *** Happy Days, Lwe Bmt. Storsfry -certainly lower than it would for 

hJs text wrtS Sl reSS^bS VSLS* ■W- T S2?l' whar the and H “‘ch-all are aimed at her. cost the British to make the «*» - 

news* that The. Sri^KhK^Sb SSkf^ffSvSi? ** ls the day packed; with quiz own shows with probably lei 


^■■hke^ks RsaM ss«?r^ss res-ss “ uId have 

.-lM:^':3U£3i£g£ *Z**T*^ ,hat ■* «*>* would' turn .,hv UK TJie Prtce^id by British TV A „ ; 

It lias yet; not. oven- Tciaately ' 



aspired to on its home American 
channels, . • - 

it .may be worth "noting that - 
the 16 ■ per cent’ ' ot imported -. 
material- -on ITV ' screens isoon 
to be 14 per «nt) is -.not 

uniformly, spread.. At -..the' 
moment . around • a. quarter* of c 
. peak. tune programming' eah-bave 
foreign, which . usually means • 
American, shows. T^atjproportibB- 
V* to be reduced tq somethihg'"' 
nearer a fifth, ■ The- BBC wozl® K 
Jo very similar limite.aIthough.it- ; 

not been eager to- 1 follow v.! 
ITV s move an 7 declare.. publicly . ! 
any 'intention of' reducing' its ; 
boughwn -;: materiaP—dotibti«5 - 
.thiS:_i5 -:3tnclaB^ , - arrow ;fa: -ibe. 
quivpr of licence fee ^nnaments.- : 

Bought-in material - Imported -- 
programmes and' bid -films, now .' 
make .up a.-disturbing. ambunt oif 
BBC .television - programming in •" 
the peak .times'.' Tbw week there ..- 
are only two evenings when , 
bought material doesrnbt pop: on 
to BBC-1 screens - during the' -'.j 
vital 7-6 pm period. * : . ^ .-y, 4 
Last Saturday evening,, surely • 
the pmnest of all prime times, 
BBC-l. the major chann eh nf -an 
organisation -which : is; about to 



• T - *- - ' - 


Kenney Everett 


ways in which high budgets can 
go on British-made programmes 
for summer showing can be seen 
-in -.a couple of Thames produc- 
tions of totally different nature 
—Out and The Kenny Everett 

■Video Show — both shown on 
Monday nights. Out is ;cuttingly 
' ..sharp with a bit raoi^ depth to 

it- -than much of the Imparted 

. and "Everett provides an 
entertaining look at the often 
--pompous world of pop. 

;• However, whether • Thames 
‘.have a sustainable show in 
Everett remains to be seem. 
.. Inventiveness is an awfully 
* "burdensome label to carry and. 
-••'while the boyish - zest -of our 
Kenny may be more than enough 
;to lift a regular radio pro- 
.gramme above the’ competition, 
television . could exhaust his 
singular resources quite quickly, 
r.-'bobe this' note of pessimism 
is; misplaced, but the chicken 
joke should ^go before it becomes 
-an old broiler of a time-filler. 

: But please don't take out the. 

3 ; \ naughty. bits; at last someone taps! 
' done -something about TV dance 
-teams. 

Oddly enough the stodgy part 
of the Everett, show is the music 



Charlotte Cornwell and' Diana Quick 


Leonard Burl 


Aldwycb 


The Women-Pirates 


by B. A. YOUNG 


The pirates, whose names are Company to mount this atrocious of the world's greatest poet to put 
ave play. Mr. Gooch's dialogue is on rubbish like this is a disgrace. 




seek a 'one-third-.rise--"in''--.its 00 one would yfaapf.'l&em from .equivalents to shame- bears no relation to the onginal j, e . plays— goo'd solid yestervear 

annual licbnpe fee, ^started its April to Septembpr. r ,i.. - These programmes are not cost of the show. The BBC hit-parade material. It is T the 

peak "programmes- with Wonder That rem'ark^-hdWferer'.Ts very normally made by the television simply could not afford to make sort of thing you talk through 
Woman- (U.S. Jinpoitj, followed wtlair ; to thfc’ Ainerican ‘ -pro- companies. Like our own soon 52 weeks of Kojak a year. while you wait to see what 
by an.. old- (American} film and -grammes "whfch are - .being to be created Open Broadcasting The question is, whether it Everett will do next. This is 
ending with Kbjofe -(.a ; *£S.- copj. bought. The: t f# t&, of course, Authority, the American net- should try. - quite the reverse of ATWIate- 

Squeeaed into this -ietars: and that most of thei^ are^ery good worics- act mainly as publishers, if the British programme com- night pop programme. Revolver 

stripes evening -was ipne D.K.- indeed, fulffifilng; the role for buying in- work from indepen- pan ies were to attempt to fill (Saturday j. This time the music 

made programme— an. Australian; which they : are Jpade to near dent production organisations completely the void which would does often have something novel 
comic" hosting a seaside variety- perfection. ; ' although it is often work directly be. left by the withdrawal of- about it but the viewer has to. 

show. Before sbmediie .- cries.'; So what is ;thaTri«e? commissioned by them.. The American mass' entertainment fight his w - ay through frenetic 

BBC-U a quick glance at Radio- • America ii ; ^ television differs “pilots” of these shows are on shows it would 'place a dispnr adolescents struggling to thrust 

Times wtii show that thf -alterna- from the Britisb"ta,^ Tanety of display to the networks early in porlionate strain on their their cropped heads and clenched 
tive to this particular show was ways.' The rolqTn. British tele- the year, -they buy more than resources. There is little point fists into camera view. No 
a Repeat-,. .•••'. vision is. in theory,- to educate, they need and show the pilots on m trying to make -a local Wonder wonder Peter Cook, who links 

For those who thinks that the- inform and qnttrtflga its viewers, their screens. -If the audience Woman when this coy gem of the show, looks embarrassed. J 
BBC was alone - in .this, benefit The. licence fee^ p^- the f BBC to reacts Well' the networks take up sexploitation can be acquired cannot imagine that his fans 
night for, - the. American trade do thiS; the' adver^sersr pay ITV their options, and invest in a elsewhere, especially if it means would want lo sit through the 
biilunce. the menu on -ITV had a tn do it under t*I^. supervision scries. If the first few of the that the money saved can gn on music, nor that followers of the 
similar ketchup and^griti flavour -'by - the 1BA. S*- - role of scries ao well, then all concerned other things — although .prefer punk rock scene hre particularly 

(sony, flavor) to : iL.'* J<Dndon r , American .-tele , putting it with the new product are on the ably not two successive Saturday entertained by Mr. Cook. A 

was among, those fo be offered crudely,- is to-at^Mdiver an gravy train;' Loce Boat was one night quia shows. dreadful mish mash altogether. 


Camden Arts Centre 



ery in 



Visiting the Grave& tn Zoshi* ;aad exquisite refine 


And, heaped -together in the- centre of 
gay a r^metery.' 1 the title to the given such , pre^upaftens, it is the pathway; - stepping-tone 
poem by' James. Klrk'uft.-gi'vos. ah bardb' surprising. that sag shunkl paths thread their way between 
'exact description of Ihe sequence have ' fonnd - the temple, gardens neat and rounded bushes; tombs 
of photographs br. of Kyotq immediatel); and pro- s®Apt enigmatically- sunidsr. the 

now- ti» be seen - at Ine* ^Camden foiindiy stimulating, ' a -ditoct and Toiiagcr^gzt pdkB atid inscribed 
Arts Centre limtiJ: August '9>i,. a lasting innueme on. her. .wnrii\ mirkets are slacked, casually in 
gentle, personal . jrerotd 1 - 1 »ad The^ .raked sand, the patterns .of \ corner; water runs and drips: 
evocation erf whet ;must be an light and shadow upon the trees a. bamboo ladle lies discarded on 
extraordinary place, and: a coin- -and boulder^ all find 1 (heir echoes the Slone well: all is very quset. 


Prague 


Send in the Clowns 


by FRANK LJPSIUS 


included in the title if you have 
the patience — and patience is a stiff and lacklustre, and though As it happens, circumstances 
quality you need a packet of at the period is early 18th century, have kept me from more of their 
this play — are Ann Bonney and words and phrases from our own productions this season than I 
Mary Read. They are not pirates time- are constantly used. Lest would tike; but on the strength 
in the first act of Steve Goocb's you should think that this is of what 1 have seen I suspect 
ill-knit script. Ann is tbe iilegiti- done to introduce a natural that the company is going astray, 
mate daughter of an Irishman timbre in the speech. 1 should Should they really concentrate so 
who becomes a planter in Charles* also report that an army on low-life stories? And should 
ton. She passes her time with sergeant says " The devious paths they not be training their young 
smugglers and pirates rather of your mind never cease to directors up to direct Shake- 
than her well-born neighbours amaze me. woman.” Worst of spearc? In the current season, 
and goes to sea with her favourite all are the quasi-Brecbtian songs Barry Kyle is the'unly new direc- 
! piVate Calico Jack Rackham that frame each scene, songs in tor in charge of a Shakespeare 
Mary, brought up as a boy, serves such naive verse that 1 cannot play, unless you count Michael 
as a private soldier in the army think how Guy Woolfenden can Bogdanov, who has a whole-time 
but -fails in love with a Flemish have been moved to add such job ahead of him running the 
corporal, marries him and keeps subtle music to them. Young Vic. in due course I hope 

an inn. When he is lynched by Nothin" could save such a plav <atch U P with s o° ,e nf what 
fellow-NeLher landers for a reason but an ^uistandingly brilliant 1 have missed, and 1 shall return 
not very clear to me. she dons pro duction: but if it be possihle. w this subject later on. 
her breeches again, signs on in a th g production under Ron 
merchantman and is captured by Daniels is worse than the play, 
a J>»rate vessel. T be company shout their lines 

The play begins arter tbe like amateurs. The fights, nf 
Interval, when we have at last which there are a great number, 
settled down on a pirate ship are devised (by B. H. Barry) >4i 

where Ann. still openly female, tediously and cumbersomely. j^ipnce for the first* "time to ' taiic 
and Mary, once more sailing Ridiculous detail constantly aboul lhe j r j ob an( j themselves, 
under false colours as Mark, are obtrudetr-Calico Jack backing j n a new rrc Radio 4 scries, 
among the crew. Mary reveals her down the companionway as iF he Talking Lau- beginning on 
sex when Ann' falls in love with bad never set foot on a ship saturdav. August 12. 
ber; the secret is entrusted to before: the ship's wheel left un- They speak ^of the dangers of 
Calico Jack, and Calico Jack lets manned: the cleanness and tidi- complacencv and irritability nf 
it but at once. Like the pirates in ness of the deck: Peter Pan is failing into the trap of ‘self- 
Hnmlet, these are thieves of infinitely more exciting than this, importance- of whether thev lie 
Jl ono uf.. Neither girl is raped, and indeed has more to say. aWake at n, a ht worrying about 
though * they get therasulves though Mr. Gooch dutifully lhe seme nces thev have imposed, 
pregnant when ti looks as if the introduces a hint of women's lib Speakers include Lord 
Navy will: catch them, which the an ,j naturally suggests that the chancellor Elwyn-Jones. Lord 
Navy does; In a laughable array judges who try tbe pirates and Hailsham. three High Court 
of carefuily.faJling canvas. - sentence them to. be hanged are judges. Sir Sidney Templeman, 
I cannot 'for the life of me themselves dishonest j sir Gordon Slynn'and Sir Peter 
understand what can have per- For an expensively-subsidised Pain, and the Senior Judge at 
suaded the Rbyal Shakespeare company trading under the name the Old Bailey, James MJskin. 


New Radio 4 
‘T alking Law' series 


High Court judges break 


: For those who do not know of a film of a swerving ride on 
Prafitie. Jl js hanLjo cunceivn a counj^y r«ad. 'They tumble off 
Ibal il might be tbe most beaoti- rbe ladder and into the film while 
ful city, in Europe. But its pre- an old-time photographer who 
servation of every architectural was in the film comes alive on- 
style going back to the middle stage. Compared to Svoboda's 
ages seems to have induced each other works, this makes an 


scious response lo lhe poem. ’ io her paintings aiid drawings! and rather matter-of-fact, a still \ generation to make its own best insipid. Hrafortuoate introduction 
Miss Skiiiid is a priiH-maker But, - rather - J - - — —i — - — ■ " 


more than that autumn day shot through with | contribution to the city. The to his activities for the foreign 
r&Uel Interest in noetrv ;onlv middle-Euronean demor- tniiri.f for n'hnm it u-a'E nn rlmiht 


and painter whq-' Has .always through a-. paraBe] mienn « ppetry. . 
looked for her material in the photogreplnc tecfaiiques m etx* Running with this exhibition, 
natural wqrid. finding tl par- / n R khd -lithograjAy.. that sourtfe and filling the entrance hall, is 
ticuiany in the abstract imagery- ®Jdenu a , ctu **£ a photographic tribute to Henry 
of organic -growth, - rhythm and ahsorbea lnto the fabne of rouen Moore by Errol Jackson, who 
pa Item,.; In recent .years her the-work;niarking a return, concenlraies on lhe artist at 
work has grown simpler. Jhe At least ;W part, to figuration. work, in and out of his studio, at 
more obvious decorative motifs At Gamete n. however, we are home rand abroad. Ir can only 
giving, way lo a quiet and regu- shows this reference for its own Serve to send us straight to the , 
lar minimalism, 'bands' 'add' braves sake, Sfen ding jn. its own work. itself, with so much of it: 

of white. 'on .white, lyfeg . just and jrery beastiful .the photb-.now on show in London: this is, 


only middle-European demor- tourist for whom it was no doubt 
racy before the war. it inspired intended. I noted that later in the 
envy and dislike among its neigh- -month the same theatre, the 
hours; still, the hard-working. Laterna Magica, will be premier- 
beer-drinking Bohemians - have ing the American play, Kennedy's 
managed to maintain.- their pros- children, ' 

perity and diligence throughout «*»,„ S J i 

their political vicissitudes. r 1? erl ?^? t Hfe Bokoko 

The present govefement is now Cabalka - S The Clown, 


on the borders of visibility, graphs are. 'Smoke drifts up after aiU, Henry Moore's summer, 
carried through with ‘-a ^precise from the bonfire of fallen leaves;"' WIUJAM PACKER 


’"t ‘ 






. t ■ *.• 

rv. 

- • 


1 JM 



Ckgfct SkMd’i viw of Zojhlgaya Cwnetiry^^ettnber.tJZ* 

' V^v ; . V 


Stephen Jc^B^hsScBrborpush 



hard at work in architectural ^SShST mniT iiw££i l 
restoration and renovation. The W£nd erfng made-up chancre 
city remains prosperous with which w r .- 0 V »L« aP o Thp 

| Hot/l faVJi ”re V*T ?l5h 

I little orange advertisements for M Qn * D atkened sta - e - 
! a Prague summer party which The city has a small number 
! consists primarily of an um-pah of theatres— only about a dozen 
; brass band playing music from — but they- keep a large reper- 
' the 1930s on afternoons in the toire. Tbe best theatre in Prague 
central square of the medieval i s considered the Vinohrady 
town. Elsewhere the totem is which, for example, had 11 plays 
quiet presided over by the castie appearing in the month or June, 
on the nilL where the major including the premiere of George 
tourist attractions, tbe outstand- s. Kaufman and Moss Hart’s The 
ing buildings and art galleries. j|an Who Game to Dinner and 
sit among the home of the three plays with onlv one per- 
} president of the republic. formance in the month. One of 

Since my visit two years ago. the three. Kovacik's The Inn 
scaffolding has come to envelop Under the Green Tree, is a 
the church on the east side of recent Slovak play about wartime 
the market square. The medieval collaboration with the Nazis. The 
house next to it bas had its whole repertoire! .also includes H abac's 
, roof .removed with disconcerting adaptation uf . Hemingway's For 
| thoroughness and only planks H7io/n the Bell Tolls. Tolstoy's 
j mark its original outline. The czar iw far, Hamlet, and an 
! grave of Rabbi Low has been East German monologue about 
i fully restored in the aid Jewish Goetbes mistress waiting for 
ceinetary while one or the syna- him to marry her. called A 
gogues has been closed, having Conversation at die Stein House, 
to do, I was told, with the by P. Hacks, 
removal of the gold fixtures and , - r . . 

decoration to add to the state longer being performed is 
.treasury. One area of the castle. a . P lai - * sa. w on_ my. previous 
ramparts has been reopened visit* Urpncums Summer .from 
while another is closed, for Foreman m “de his 

r est oration. film. The play has all ihc deli- 

Because of its recent political "^sical qualifies of the. 
historv Praeue remains one of fi,n1 ' strong trapew 

the few cities where one can still * r V,!L ]Sm»i 

have -preconceived notions- and ,n h ^ 

look for the appropriate symbols " J 1 / .' 

for them. If the guards in front ?. uesl ,°T ? iI * h « bea fJ s of a ” 
of Hrad castle Took Uke they 

serve a double function guard! ns ^ re . h{ Hf r y . t0 . p 
the president and the past, their JJ* jj* L-.-iti 
you.th and modest khaki shirt S? «hi5. Jnrtri-J 
sleeve uniforms seem inadequate A J ieP l? n 

| turner symbolic role. Perhaps f old,ers snar,1D « at each other 


Alan Avckiwuro beHevrs that ih tries to 'find' farce in the ‘thg .‘from spoilt girl to violent j ^ a r0 nvemence to visiting ^ 

iS2! bcarabfe. The miUea 8 a . symbol for the 


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Furtlwr to the Notice to Holders, ot 
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followina information » pubjtehed tor 


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LIMITED 

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MALL GALLERIES. The Mail. 5.W.I. 
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amount p? the dividend •• 
25- cents 


5.47S42 


1S.750W 


transitions. 


city's cultural life is now 


.if hr . 


««*>- *toi« ^ - m hMhal .^ . 

Pdiu ul living. Hw.-.fMSt suc * das* suburbia, where i w ® > ou 5f -■ gqi haring drawn one. onginal j ensconced on a hill behind The fS^RdimiSi?"? mnwSiSf" L?thf 
cfcisful jrfax in coauriercutiierniJi, couples- b»y? . separate fla }®. .^character.. Mr. Whitmore sur-j castle, in the form of a visiting m P J U S5Ji l vS! pr8sslOQ of the 
Judt iJrtuwen Our&etiw*,^ ^xeeenuy ,h C _sam* house- and ate rounds her with several from i east German rircus. Cireustt and tte * m P° rtra - ea - 

hwn on fer tecomfw* by SU ch as the aggressive j downs are running all over the for the symbolically-minded, 

a nine aiunths rim fe tonaonj 0 llwr,aw<hy their pa*™- tijother-in-law (Shelagh Sumle) place in Prague theatres, most the ultimate in clowns is in 

ended with . a. - woman v .;tnaoe the flat -or tw?- younger »» - •* ~ * * — — 

sncechlC^ hy pain ” * 

ii> uwn skilfully i 
.tiid wading (be 
fn a- stunnrtf 'i 
Theatre in tha 

borough, where .. . - . 

i?t^J S , ^Shadowed ^ ® vep '^ OM ' 1 and ~ .uocertaixtiy i rframatic history, of Xnrembers skiLfui acrobatks bide the ten 
ticn ur a ji«Jt iSctoSSra j^Sich Ws^oung woraaj? conxtructed. • ■ that pi^rs in jharcity’s restorKl sions liutti^ in the presence 

Cr to 2S» SagnedV GUAte .Still; in its beat scenes, thpsejeaatle. fesiead.his , multi-media of this ^masochistic, mysterious 



comciH- techniques wire famiui a i derm as ton March, sue suncre ^ ^ pcu . » -vuve «uu 

cvSre ofhuman lw*avfeur tmlyfrom a hole hi the heart Mtxrphy)is a cunningly -con- in the Jlmed ta^rop of a cirous attractive. They make the back- 
censure a _ rmionijriroro serious IvnX -«(ved. tittle. .monster of a do- tent Without betag. particularly stage appear more fun than- the 

The season tnetMa ojn ■ . ^ made her gmMfer, while their friends and meant for children, it is childish, circus .itself could be.' The 

neighbours, subtly characterised mildly amusing when. Botticelli's variety of .roles — from the 


urn irfaywflght 'Mst.J itL°^.Tiiiddleof the party. -Arthur. -offers a neatly contrast- 1 a film bf.ihe.oenm. It improves to Andreyev's dramatis personae 
11 nnw.for niN-w*»Li * w FJozU^Mathewm rapture* herdng set of problems .- '; when lhe two down* go careering and lo.tte happy world. that wUl 

J^kbS?!! ttS' iSSpoBtfbimy, ' swilefe • ANTHONY CURTIS , on a ladder 1 that stands in front witness the clown's tragedy. 


For ana on behait^i , 
ANGLO AMERICAN CORPORATION OF! 

SOUTH AFRICA LIMITED i 
London Secreur<es 

• J. C. GREENSMITH ■ 

London Ottce:. 

40 Hoi born Viaduct. 

EC1F 1AJ. 

Sg^uiu.!- TWB. 

Tbe Company has been rmuflEiM by the I 
CdmnuMioner* Of Inland Revenue to state: 
Under ibe double tu agreement between 
the Untied Kingdom and the Republic Of 
South Africa, the South African non- 
resioaw Shareholders' U« applicable i& the 1 
dividend is allowable as a credit against 
tbe United Kmadgm o> parable In reaaen 
of rbe dividend. The deiuction of- tu at 
me reduced rate of instead ol 

the basic raw of 33°. represent* an 
allowance of credit at «!■ no* of- 
114)983%. ' 


1 Whatever your interest... 
Wherever you are... 

Ring London, Birmingham 


L iverpooi or Manchester 


(O 


Q.P. CORPORATION ■ 
J.P. Kabmhlkl Kaisha) 


NOTICE TO HOLDEgS^pf EUROPEAN 


DEPOSIT A Rr RECEIPTS I" EDRs ”) 

EOR bohfers are hereby Informed that 
copies of ttj* interim report of O.P. Cor- 
poration for fhv ifx month pnriod ended 1 
3l» May. 1978. and now available #x 
;m oftces of the Oepoviurv. 20. Fen- 
ebuKh Street,,, London JEC3P 3DS. and 
Of thff Agent. Banoue Generale du Luxem- 
bourg &A-. 14 rue Aldrlngon. Luxetn- 
Doora. 

KLEtNWORT. BENSON LIMITED. 

■ depositary. 

London. 

2nd August, 197B. 


246 8026 

for the 

FT INDEX 


ANNOUNCEMENTS 


and 

Business News Summary 


MEDICAL*- ASSISTANCE |pr comuaniM . 
wgridwafn. frr darticulars wnte: Trans- 
■epY linar'atittNM- Ltd.. Croon How. 
Woodlands Avaniw.. London. W.3. Tel. 1 
01-082 5077. T«Jn 93452B. . 1 


. I 




■r» -.“'V:- 




12 


Financial Tim?s Wednesday August 2 1978 


FINANCIAL TIMES 


BRACKEN BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FI nan time, London PS4. Telex: 885341/2, 883887 
Telephone: 01-248 8000 


Wednesday August 2 1978 


It is better 


for some 


THE Confederation of British 
Industry sees no cause after 
its latest sounding of industrial 
trends to dispute the Chancel- 
lor's projection of a 3 per cent 
rate of economic growth this 
year. But. like many other ob- 
servers. it expects the upturn to 
lose impetus next year and it is 
disappointed to find manufac- 
turing industry sharing so little 
of the recovery so far. Most 
of the improvement, it suspects, 
has been experienced by other 
sectors, such as the distributive 
trades and the North Sea oil 
sector. In manufacturing indus- 
try. as a whole, the trend of new 
orders has changed very little 
in the last four months. 


First benefit 


This is more than disappoint- 
ing. The two main sources of 
rising demand have been con- 
sumer spending, where recovery 
set in almost twelve months ago. 
and industry's own investment 
spending, where the upturn be- 
gan to come through rather 
earlier. Increased expenditure 
in these areas has filtered into 
the orders hooks of companies 
making consumer and mtluilriai 
goods. 

The latest CBI survey shows a 
bis improvement in orders in 
the paper, packaging, and print- 
ing and electrical consumer 
goods industries, the sectors 
that one would expect to be 
among- the first to benefit. But 
the CBI says that this is the only 
dear indication of the revival 
in retail sales having an im- 
pact upon manufacturing indus- 
try. The benefit has vet to 
percolate through to the inter- 
mediate industries. Chemical 
manufacturers report increased 
orders but this is largely put 
down to stock-building. More 
generally, the CBI finds evi- 
dence of a tendency to reduce 
stocks in recent months and 
there arc indications that this 
might continue— although past 
experience <ugcests that such 
forecasts have not always been 
fulfilled. 


them imparted, would level off 
and the smaller growth in 
imported manufactures in the 
second quarter of this year 
could have been taken as 
possibly bearing this out But 
the latest estimates of 
consumers' expenditure suggests 
that spending in durables is 
continuing to grow. 

On the brighter side, the 
latest survey has led the .CBI 
to be somewhat more bullish 
than the Government's own 
forecasters about industrial 
investment. Provided present 
intentions are fulfilled, ft 
expects the volume of private 
manufacturing investment tu 
rise by about 10-12 per cent this 
year and by a further 10 per 
cent or so next year. This 
implies a 40 per cent increase 
over a three-year period. 
Against a background of law 
profitability and depressed 
demand, this is an encouraging 
prospect especially as much of 
the extra spending appears to 
he aimed at greater efficiency. 
Although here, too, there are 
obvious implications for the 
import bill. 





starts to take off 


BY MICHAEL CASSELL, Building Correspondent 


Main constraint 


The dear implication is that 
al least part of the recovery in 
demand is continuing to be met 
by imports. It had been 
thought that the initial sharp 
increase in purchases of 
consumer durables, many of 


The immediate outlook for 
exports also appears tn he a 
little healthier, with industry 
finding price competitiveness 
marginally less of a problem 
when the survey was taken last 
month. However, the recent 
recovery in sterling parities may 
nut have been fully reflected in 
companies’ replies to the CBI 
questionnaire. Moreover, the 
survey shows that high relative 
prices remain far and away the 
main constraint on Industry's 
exports, far more so than in 
most of the survey's previous 14 
years. 

With the outlook for world 
trade probably becoming less 
promising next year, it is clear 
that much will depend upon a 
moderation of pay settlements 
during the next wage bargain- 
ing year. Inflation is likely to 
remain in single figures in the 
coming months, and the CBI 
survey finds cost pressures in 
industry at their lowest level 
for five years. But this will not 
he sustained next year, nor will 
the hopes of a modest further 
recovery in economic activity, 
if the present rale of wage 
settlements were to continue. 


Debts of the 


poorest 


THE developing countries that 
have been hit the hardest by 
the slowing down of the world 
economies since ihe oil crisis of 
nearly Four years ago have been 
i he poorest. Increased Hows of 
aal have nut offset the rise in 
their oil hills and their weaker 
export performance. They have 
bail levy ai-vi-s- tu the cumnier- 
eial market- t« finance their 
current account delicti*. The 
burden uf repaying past debt 
ha* {alien heaviest «n them 
hp.-ail-e ui the lack of resilience 
in econo inies so dependent on 
asri'-ulture and primary coin- 
modi lies. 


Bold gesture 

Rrcu Jiu-'ing these special diffi- 
culties industrialised nan«n«« 
agreed m principle in March to 
write off lb*’ i ml* landing debls 
„f the poorest hy eon verting 
post loans into crams ilnmuli 
ji wa* Ipri P* each donor nation 
to ehoose i he l uninc and the 
means. Some countries such 
3- Sweden. Switrerlantl and 
r.anadii had already Taken 
similar steps of debt relief. But 
the package announced by the 

British Government yesterday 
waiving payments of up to £ 60 m 
a year on a total of fSKHIui of 
nut stand in e debts is by Tar the 
largest sm-h measure to date 
and ihe fir.-t to redeem the 
plrdcc made in March. It is 
a bold gesture of aid spoilt 
only bv i ho lone delays in 
announcing u which have in- 
evitably rii mini-lied Us impact 
in the ihirc! world. 

TV ere oilier mdiii.iri.ilis.cd 
nations tu take similar action m 

benefit ihe p«'»rp<l eountnes— 
defined a* those with incomes 
ppr head of lew than S2SO— the 
cu>t to lliem would only he 
about $4G0m a year. Proposals 
for coordinated action were 
tinder consideration before the 
Bunn summit but failed to see 
light uf day. Mr. Richard Luce, 
the Conservative spokesman on 
aid. touched cm a real worry to 

many of the industrialised 
countries when he said that the 
yardstick of income per head 
was a very unsophisticated 
measurement of who should 
benefit from debt cancellation. 
Nonetheless such a yardstick 
does match up to the generally 
accepted goal that aid should be 
directed to the poorest. The 
Japanese, who lia'c difficulties 
with any form of debt relief, 


are preparing to make an 
equivalent gesture through 
direct aid. The U.S. and 
Germany are considering what 
action they might lake. 

The British measure docs not 
represent an additional transfer 
of resources. The cost of the 
ileli t repayment* to be waived 
will come out of the existing aid 
budget. But it does mean that a 
slijluly smaller proportion of 
aid will be tied To the purchase 
of British good-. it was be- 
cause of this potential loss of 
exports and of jobs that the 
measure came under attack 
within Whitehall. But the figure 
nf li.-Uin jobs potentially lost 

beine mentioned on Monday is 
hypothetical and rests on sev- 
eral unqiianfifinMc assumptions. 

The gain lies in the increase 
m funds for the financing of 
Im-al costs incurred hy govern- 
ments which cannot find suffi- 
cient domestic revenue to 
carry through development pro 
jects. In the case of India the 
absence of British support for 
local cost financing * 0 far has 
been rightly condemned as con- 
tradictory to the UK Govern- 
ment's official backing for rural 
development schemes of assist- 
ance to the poor which, how- 
ever. require minimal foreign 
exchange expenditure. 


Defaulters 
Debt relief ittea-ures for the 
poorest countries do not touch 
the heart uf the problem of 
developing country debt. Accord- 
ing to estimate* of UNCTAD, 
total commercial and official 
debt of developing countries 
may have reached S340bn by 
the end of last year. Most 
developing nations have sensibly 
abandoned demands for 
generalised debt relief — a step 
which reflects the widely differ- 
ent positions of Brazil. Mexico. 
Pakistan and Sri Lanka for 
instance. But industrialised and 
developing nations now need to 
work out m more detail the 
principles they agreed on in 
March for helping countries that 
default or run into severe 
balance of payments difficulties. 
They also need to look more 
seriously at proposals being put 
furward within the L'N Overview 
Committee for longer-term 
finance to carry countries over 
periods of protracted recession 
and to make possible their 
long-term investments. 


T HIS week's attack by the 
Labour Party on the way 
in which Conservative- 
controlled local authorities are 
selling off their council houses 
has again highlighted " the deep 
divide which separates the two 
major parties on housing mat- 
ters. 

Accusations from Transport 
House that Conservatives are 
indulging at local authority 
level in “ indiscriminate and 
unfair" housing policies have 
provided a clear pointer to the 
way the debate on housing will 
shape up in an election 
campaign. 

There is a popular mis- 
conception that with the Labour 
Government's gradual, some 
would claim almost grudging, 
conversion to the concept of 
home ownership on a much 
wider scale than in the past, 
there is little left lo choose 
between the two parties on this 
particular subject. 

But the way in which the 
Labour Party this week chose 
to react to ebauges now being 
implemented by the Conserva- 
tive-controlled Greater London 
Council demonstrates just how 
far apart the two sides remain. 

Mr. Frank Allaun, MP. chair- 
man of the Party's bousing 
committee, and Mrs. 'Gladys 
Dimson, the GLC Opposition 
spokesman on housing, joined 
forces at a Press conference — 
principally held to call for 
changes in policy involving 
council house sales — to single 
out the GLC and condemn its 
new approach to housing prob- 
lems in general. 



letting them and holding them 

for sale.” 

. The Conservatives who say 
there are 1,400 houses for sale, 
and empty across London, are 
unmoved by such attacks and 
claim they are attempting to. 
restore financial sanity to a situ- 
ation ~ in which rate and tax- 
payers have been asked to 
shoulder wholly unacceptable 
costs for previous Jo Lies de. 
grandeur on the part of pr* 
vious GLC housing chiefs. 

At the same time, they are 
pressing ahead with their plans 
to transfer the GIXTs estates to 
the boroughs, a move designed- 
to “clear the decks” for funda- 
mental changes in the Council's 
primary role. 


Closer to 


tenants 


Mrs. Gladys Dimson. GLC opposition spokesman on housing, and Mr. George Tremfett, chairman of ihe Tory council's 
housing policy committee. Jn the background, but In the foreground of the council housing sales row, is Wandsworth's 

expensive Queensmere Estate. 


Special 


case 


That the GLC was singled out 
as a target is not surprising as 
it is. in many ways, a very 
special case. The Council, 
which exercises direct control 
over nearly 250.000 homes, fell 
to the Conservatives last May 
and one of the first areas chosen 
by the new administration for a 
fundamental reappraisal was 
housing. 

Since then, the GLC has been 
used as a housing policy show- 
case by the Opposition at West- 
minster. who have few such 
opportunities to show their 
ideas in action. To the Labour 
Party and the Government, how- 
ever. the aew-look GLC provides 
irrefutable proof of the failure 
of Conservative thinking on 
housing affairs. 

A meeting in June at the 
GLC’s headquarters between 
leaders of the Council and the 
IS Conservative-controlled Lon- 
don boroughs agreed to push 
ahead with plans to offer for 
sale all the 487.U00 properties 
which, between them, their 
councils owned. 

The presence of Mrs. Thatcher 
at what was described at the 
time as " the biggest meeting . .‘ 
landlords the world has ever 
seen." represented the most 
powerful endorsement available 


for the new strategy, in the 
eyes of Mrs. Thatcher and her 
colleagues, what the GLC does 
in housing today, the rest of the 
country may soon be encouraged 
to follow. 

Neither the GLC nor any of 
the other London boroughs with 
Conservatives at the helm be- 
lieves for one moment that 
every tenant will want to buy 
his or her own home. They ac- 
cept that for many the purchase 
or their house or flat may be 
neither practical nor. desirable 
and that local authorities have 
a continuing role to play in the 
provision of housing for a sec- 
tion of the community. 

But they do believe with 
equal conviction that tenants 
should at least be given the op- 
portunity to buy. It is a point of 
view with which many, though 
certainly not all. Labour mem- 
bers of the GLC and of the 
national party itself would 
agree. But they win not- accept 
any sales policy which they be- 
lieve to be conducted directly 
at the expense of other tenants' 
freedom of choice, an accusa- 
tion they level at the GLC. 

It is largely .on the issue uf 
freedom of choice that the bous- 
ing debate at local and national 
levels will be conducted: on 
which Party can best hope to 
provide the widest possible 
choice, so that people can decide 
what suits them best. 

Mr. George Tremlett, the 
chairman of the GLC housing 
policy committee and who has 
attracted the bulk of the GLC 
opposition’s anger, is not apolo- 
getic concerning the Conserva- 
tive concept of freedom in hous- 


ing and for the way he is trans- 
lating if into action. 

• One of the first steps Air. 
.Tremlett took after moving into 
the office of the largest landlord 
in the Western world was to 
put the GLC's own 230,000 
properties on the market If 
either of the two major parties 
is seeking to use the response 
to his initiative for propaganda 
purposes, the results have so far 
been disappointingly inconclu- 
sive, though they have not pre- 
vented the usual claims and 
counter-claims. 

The latest figures show that, 
of the 70.000 GLC tenants in 
houses, about 15,000 have said 
they wish to take the oppor- 
tunity to buy their homes. 
Another 17.000 tenants living in 
the GLC’s 160,000 flats also wish 
to purchase. 

The GLC believes that, of the 
32.000 tenants and their 
families who have so far said 
.they intend to buy. a substantial 
number will, for a variety of 
reasons, drop out. though not 
necessarily permanently. 

So the Council is working on 
the assumption that by April 
next year, the date when it 
plans tn transfer the manage- 
ment of its entire housing stock 
to the borough councils, it will 
actually have sold about 10,000 
homes. 

Mr. Tremlett says that the 
total so far is approximately 
what was anticipated and- that 
many more sales will follow. 
Mrs. Dimson, who was herself 
responsible for London's public 
housing stock until 1977 says the 
policy has been “a dismal flop." 

She contends: "The response 


has failed to match up to 
the Conservatives’ expectations. 
Now they are adopting high 
pressure sales techniques and 
spending huge amounts of 
money to encourage people to 
buy. 

“They are trying to tempt 
people who really haven't, 
thought of buying on the basis 
that few will be able lo resist a 
good bargain. The trouble is 
that a bargain for one will mean 
a bad deal for other*. 


Tempting 

people 


“It has been - established 
beyond "doubt that what London 
needs most or ail is house$"and 
fiats in good condition to rent 
It just does not make sense to. 
sell off homes for which, 
thousands are waiting and 
hoping. I am a long-standing 
believer in home ownership— 
a Labour GLC supported it by 
making mortgage funds avail- 
able — but the Conservatives’ 
approach is senseless and wrong. 
They are selling off the com- 
munity's assets at bargain base- 
ment prices." 

Mrs. Dimson says that over 
3S.000 GLC tenants are awaiting 
transfer to another property, 
most of them hoping for a house 
with a small garden. Conserva- 
tive policy, she claims, is to sell 
off the most attractive bousing 
and leave the remainder ' in 
public hands; local authority 
housing would become nothing 
more than welfare housing. 

“ By ■ the end ' of June, the 


Council had completed 1,000 
house sales, each and every 
single oue with a garden. <Vow 
people wanting to be transferred 
to such a property are being 
told by letter that they will 
not be ahle to because of policy 
changes." 

Mps. Dimson, who backed this 
week’s call from the Labour 
Party national executive com- 
mittee for an cud to discounts 
on council house sales, cites 
examples of what she described 
as “madness at County Hall." 
Houses in Islington, she says, 
which cost between £37.000 and 
£40.000 a unit to. build, are to 
be sold off for around £20,000- 
£ 22 , 000 . 


According lo Mrs. Dimson, 
homes on the smart Queensmere 
Estate, located on Hie Wands- 
worth-Merton borders, are lying 
empty and for sale at £35.000 
each while Wandsworth's hous- 
ing waiting list remains long 
and* people are provided with 
emergency accommodation in 
hotels. 

"We know these houses will 
nut break even al first if they 
are rented out, bu^ it is lunacy 
l» lose £20 a week in security 
charges and potential rent and 
rales income. 

“The irony is that people who 
can afford houses in the price 
range involved do not want to 
live bn a big estate tike this 
one. I doubt if they will ever 
sell, despite the fact that the 
Council' has already reduced 
them in price. 

“To - make matters even 
worse, once old houses become 
vacant, the Council is not. re- 


This transfer of approximately 
£lbn of public assets is seen by 
the Conservatives as. a non- 
political act, aimed at bringing 
housing management closer . to 
the tenants. It is intended that 
the devolution of responsibility 
will lead . to more effective 
housing management, enabling 
local councils to respond more 
quickly and appropriately to 
local needs. It is dear', how- 
ever, that not all boroughs will 
comply' and that, like it or not, 
the GLC will have to keep some 
of the housing — largely in the 
inner boroughs — under its 
control. 

The GLC, according to its pre- 
sent rulers, should be. a strategic 
authority, freeing tenants from 
the grip of a large, centralised 
bureaucracy and giving itself 
the room to consider wider 
issues. The new-look authority, 
say the Conservatives, will be 
able to stimulate people . into 
solving their own housing prob- 
lems, make finance available for 
home ownership, • encourage 
equity sharing and co- 
operatives and raise resources 
for the inner boroughs with the 
most severe housing problems. 

While the strategy takes 
shape, the Conservatives con- 
tinue to press on with other 
controversial elements of their 
housing policy. They refuse to 
contemplate a return to house 
building in the outer boroughs 
and have cut all neWGLC hous-. 
ing output to around 2,000 units 
a year from the 6,000 level they 
found when they took over. 

In addition, the Council hopes 
to provide a new start for 
about 1,000 families by offering 
them, under their “home- 
steading" scheme, sub-standard 
properties which would other- 
wise remain empty. 

The GLC Labour group 
regard the ;scheine as largely 
irrelevant to the central issues. 
They, dlong with their Party 
nationally, are pledged to fight 
first and foremost against any 
move to downgrade the function 
and status of the public hous- 
ing sector, which they believe 
has an undeniable and in- 
dispensable role. 


MEN AND MATTERS 


Tower power 


at long last 


After 14 years uf whistling to 
keep its courage up, NelWest 
nnw feels confident that the 
City's sceptics will have to 
admit they were wrong about 
the bank's £72ni, 52-storey 
tower. Most confident of all is 
Stewart Plaits. Nat West's 
Senior International Executive 
(Strategic Investment); as head 
of the international division, he 
has settled that his office will be 
on the 35th fluor— and expects 
tu be surveying the scene from 
there by September next year. 

A recent report that NatWest 
had decided To let out the lower 
is firmly denied, despite the 
'' opportunity cost " that occu- 
pation involves. The 2.500 staff 
of the international division will 
occupy the whole of the build- 
ing: at the moment the division 
is scattered in 14 departments 
ibrnughmir London. The tower, 
architecturally conceived by 
Colonel Seifert as long ago as 
1964. was expected to cost £30m 
when building finally began in 
197T: inflation ha* taken its toll, 
so that NatWest today owns 
what is undoubtedly the most 
costly office block in Britain. 

“fiur lower is no Centre 


Puint,” said a NatWest spokes- 
man yesterday — referring to 
Seifert’s other most controver- 
sial design. He also rejected 
suggestions that some of the 
head office staff — which will be 
staying in the Victorian 
grandeur of Lothbury — were 
unwilling to move into the 
tower. In putting its inter- 
national division right In the 
centre, NatWest is fottowing a 
diametrically opposite approach 
to Lloyds, which has *■ exiled ” 
most of its international staff 
to Birmingham. Likewise, 
Barclays has moved its com- 
parable division to Poole. 

One conundrum remains. It 
is said that the ground-plan was 
shaped — for the benefit of pass- 
ing airline pilots — like the Nat- 
West symbol. But since .the 
symbol was not designed until 
years after the building, per- 
haps it happened the other way 
around. Nobody at NatWest 
will say. 


than data processing in the 
next decade. Mallinson is a 
Yorkshireraan who spent 20 
years with British Rail before 
moving into private enterprise. 
He forecasts that his combined 
operation will have a turnover 
uf £4m this year and double 
that in 1979. . 

What about the Japanese? 
Mallinson says that word- 
processing. for very basic 
reasons, is one area where 
companies iu parts of the glube 
using the western alphabet have 
an inherent advantage. 


“Wishful Thinking ..." is the 
story of the .man who keeps 
telephoning the Foreign Office 
in London and asking to speak 
to Dr. David Owen. Each time 
he is told that “Dr.- Owen is no 
longer in office." Finally, after 
an altercation with the operator 
the caller explains: I jUst can't 
hear Uie news often enough ! ", 
Printed directly beneath this 
is a picture of a handgun, with 
a white finger on the trigger. 
The caption says: “ Another con- 
signment of the popular LDP 
machine pistols at only SI 75 
are due in at any moment." 


Sip it and see 


Montreal moves in 



The Canada Development 
Corporation (CDC) yesterday 
completed the purchase of two 
word-processing companies with 
marketing subsidiaries already 
powerful in this fast-growing 
field in Britain. The corpora- 
tion. founded and financially 
controlled by the Canadian 
Government, has bought 
Automatic Electronic System of 
Montreal and Wordplex of 
California. The companies will 
be merged in this country under 
the managing directorship of 
Harry Mallinson, a lawyer and 
civil engineer turned computer 
expert. 


Quire t. a new soft drink 
launched in the States by the 
Seven-Up Company, carries this 
important statement on the 
beverage cans: “Natural lemon 
flavour. Contains oo juice.” 

A spokesman for Seveo-Up 
says, "If. people want juice, 
they can buy juice.” Just to 
prove that there is no limit to 
the wonders of science, the com- 
pany permeated the pages of its 
last annua] report with the scent 
of ' lemon. 

More transatlantic drinking 
news: powdered cocktails will 
be test-marketed in California. 
The Sureshot brand, offering six 
different tastes, needs only the 
addition of water to produce— 
so it is claimed — the perfect 
cocktail. Global Marketing Ser- 
vice of Seattle is promoting this 
instant tipple, and is forming 
a European subsidiary. The 
powdered alcohol used was de- 
veloped in Japan. 


Word perfect 


Putting up a hotel in Pakistan 
is a painfully slow affair : Short- 
ages of equipment and local 
building methods make the 
months and years slip by. The 
Hilton Group has had a five- 
year struggle in Lahore. 

So there was rejoicing In the 
capital, Islamabad, when a fort- 
night ago the Holiday Inn 
opened its doors. The place is 
still incomplete, but is swarm- 
ing with staff all eager to help. 
In a bid to speed completion, 
everything has been done "hy 
the book," following detailed 
instructions sent from the U.S. 
Whoever was responsible for 
transport tuuk the " book " 
literally. Gaily painted in 
the chain’s yellow and green 
colours, the hotel van bears the 
wording: "Holiday Inn-^Your 
City Here.” 


Mallinson agreed when I 
suggested that the takeover was 
an interesting international 
move by the CDC “ But I think 
this is the direction in which 
national organisations will have 
to go." He said the word- 
processing market was 
“ explosive." The prediction by 
IBM. a main rival of AES 
Wordplex, is that word-, 
processing growth will be bigger 


Guns and dreams Simple answer 


An advertisement appearing in 
the local daily paper has just 
been sent, to me from Bulawayo. 
It well conveys the sad mixture 
of fantasy and brutal reality in 
which white Rhodesians have to 
live. The advertisement is by 
a sports goods shop, renowned 
in less troubled days for its 
stocks of cricket bat6 and golf 
dubs. Under the heading 


An East End schoolteacher tells 
me that when a small Cypriot 
boy came to her class for the 
first time and she asked him his 
name, he said. “Aristophanes." 
“ And how do you spell it ? " she 
said — and received the replv. 
“ My mother helps me.” . 


Observer 



Get your office 
moving up 
theMI 


Actually we told Mr Sloggs he didn't need to bring the 
office with him. Since 1970 1 million sq ft of office development 
has been added to the 1 .25 million sq ft previously occupied in 
Northampton's town centre, and a further 1.5 million sq ft Is still 
being developed. Campus sites are also available on the major 
industrial development at Moulton Park. 

As well as Northampton’s central location, affording ease 
of access and distribution to ail parts of the country, there are ' 
substantia/ savings to be made. Office concerns relocating from 
Central London can-save up to 70% of their- expenditure on rent 
and rates atone. - - 

Northampton has tremendous advantages to offer firms - 
wishing to relocate their offices. The expansion of this historic 
county town means excellent homes for your staff to rent or buy, 
new shops, new schools and new opportunities for growth and. 
success. Its labour relations record. Is amongst the best in the • 
country,. 


For further details phone 0804 34734-.or write to; 
L Austin -Crowe. Chief Estate Surveyor. 
Northampton Development Corporation, 

2-3 Market Square, Northampton NN1 2EN. 


r i 


\ 










*r to 
ms 


■ Aug^stv2 . 1S78 


•!- I't' 







a 




i.- - • 


^ -j /^',-: i ---:''. ^ BY RHYS DAVID, Textiles Correspondent ; 

-LMtastoire' terinSiiS. JaiGTStallised teat, for a nam- surveillance system thoTVorfc of decline of recent ye*rs has not Yeti because of all these pres- centrate on particular textile 

.”** _ er , M; re * so - ps » tuning is prodding officials Into action been serious. Because Britain sures, the industry has in some areas such as clothing, iudus- 
tncjsy question about nshr- for <-n#w initiative* «-u. , ___ ■ n h»o^ ... h n ,. D .knM 


ninllPfl ■ tairrv - M.U, • <• , . ■ , r-— muuma imw «vuuu u»ni auiutui muuu ■"““i 

to tbe^ovemmem 0 ^: ' “ tiatrve usually falls to the industry, in has been involved in importing wstoeon obliged to -take steps trial or household textiles. 

gadSy over recent yea^-Smi w.-tBi**w6; _ : . .. • this case the BTEA. - ?. on a much larger, scale than the in .advance of its Continental The implications and effects 


its demands fhr- Y«st. thfi-signing by the EEC An EDC with ’ ereater rest of -Europe from low-cost counterparts to adapt, and in of these trends over the past ten 

SSKfEHi;??!! or Bitotoralugreements -with ail - ^ — -»"» — - 


work for an EDC to do, but It 
remains far from clear what 
the Government’s response is 
likely to be. 


controls— the - Qt ouawrai agreements -with ail resources to draw unoh would countries and for a longer period some respects the industry now years offer considerable scope 

o^^in^better^SSVuke ** «»«I. *» shrunk to h«, a more modern structure for study, but an added reason 
Naaqrialfioo^?DSpmSt^^?^^ ^ provided on this work and more iikSy become a smaller producer bf .tban its rivals in Europe. for wanting to do so now has 

■ .. L "iirhnla Tetvfilia ivwfurtwiv ' vini L . worn uni? +hnn Af - Thf* FTlflCt imnrtrtant ora: 


Office and the Govnraihentfor' ^ be ^ hoIe textile industry, not to secU re earlier action it i* J"™ and kfrfc than any of its --The most important generar emerged from recent evidence 
tbCTOtiOT^iSSSSSmte' 0 !^- that j? L “^ hire ’ ^h^elng J^ue^Iw the^e tinm ““P Eur °P« an competitors. development has been the large that the pace of change may be 


Development CbnunixteeT”" !* als0 try ta ensure that 


mulled over, following • the restriction Sid down by Se ZLSTl marKfit al ■ - . 

London meetings ‘at which aCommun^iow Sstoevit “^tocompames as-aresuh 
joint - team representing, the able as in ’tize 'recent conces- greater degree of pro- 

British, .Tortile Ei^dyexB Aasn- sion’-fc^PrStu?^ Jectlon now en *° jeWfcUw.UK- 

unions put their case. -..But' it :2 ; w ! ? ' . . . Tfce example which springs to 
wtti- clearly present some diffi- Stahlfe’ v- : ™»nd is that of wool textiles in 

c ill ties. Oh the one hand the 7 ‘ . r f - : !. - yV .■ Yorkshire where the industry’s 

granting , of EDC. status to the ' -N ewttheiess; Is the comparative- success ever recent. 
Lancashire industry, which . pwsppcl'iif^irsstriptipna.' begin- years in adapting- -to difficult 
everyorife knows ’ has been -riyag-d \ 6 y-aritke' -themselves market’ conditions' is seen at 1 
declining : all this century (from ip?reasingly;feitjdurihg the 'five- least in part to be -dire to the * 
a peak of 710,000 jobs before .-year life of’ the bilateral agree- efforts of its EDC: Tbe sector. 


6 Because of all these pressures, the industry has in some 
ways been obliged to take steps in advance of its Continental 
counterparts to adapt, and in some respects the industry now 
has a more modern structure than its rivals in Europe. 9 


Relations between the sector 
and the Government have been 
at times cool over recent years, 
although there has been some 
improvement in the past year. 
The industry was pleased with 
the tough line which the UK 
took in the negotiations leading 
to the conclusion of the MFA 
agreements but it is still" con- 
cerned that the EEC will con- 
tinue to put pressure on Britain 
over enforcement of quota 
levels. 


■ la particular the BTEA has 
been trying to stimulate interest 
in exports among its members, 
something which many of the 
smaller companies have pre- 
viously regarded as too difficult 
at a time when cheap imports 
are already flooding the UK 
market A number of seminars 
have been held to try to persuade 
these companies that, with the 
right products and the right 
preparation, markets can be 
found. 


More than .400' mills have, in measure .of ratienalisation which about to pick up again, possibly 

1914 to only one-tenth Of that Wnts reached.b]^ the ;EEC : with as a : result of. ‘groundwork fact been closed in the past 12 has. taken place, coupled with a with major consequences for 

ngure now). woufd,hardty fit in Suppliers; creating-; more stable done by the EDC,? was the first years and, because textile pro- search' for new or - more employment 

with the- Governinent's policy of' IfOHwfrn to he given an kffe". scheme .eessors now use a large proper- specialised .activities.;: Though r- evidence for this has 

selecting growth sectors : as iadtsfry than -^ave‘ been T seen under the 1973 Industry Act ^ on ofimported yarn and doth, there- are still several score in- the ]atest bi - project 

motors for the econamy.' J. .far; some searv-:-:; . ' 7 . and .over the past five years itr total fibre consumption by the dependent spinners, weavers, t0 be undertaken by-.the indus- 

. On the other, 
eminent; .has 

for teirtjles^nd^tO^ip'sSure SSESS^Mjil- ^way home and export "markets and —coiaudiD g man -made fibre and Tootal and Carrington Vlyella, Ion in Greater Manchester. The 
this, it. put safeguards: for^Lan- ,??<MyMu^ .»ectot!a the has monitored progress. , not , oniy . m mill is the first to be built in 

Ah nU i m. j.i _ *_ _ ‘ > hl*flQ t n t TWT maV>n ' fOLltfMlAlTWO • 



There remain, otlfer «, formore then 50 yee* 


in West 


Germany “'el?* - *“*“• »® Sive the eompeny. 5 up- 

• plies of yarn for its vertically 


Part of the value of an EDC, 
the industry believes, would be 
that it would put relations with 
government on a more formal 
and permanently better level. 
It remains something of a 
grouse in the industry that 
alone of the major textile 
sectors cotton has never been 
included in any of the various 
partnership schemes which the 
Government has created with 
industries it wished to 
encourage. Apart from wool 
textiles, clothing also has an 
EDC and knitwear, which used 
to have one but disbanded it. 
was included in the more recent 
sector working party exercise. 


— 7- — ui »w ioc/v J 4JCAC remains one uuier ijk f 

priorities in 'the GATT Multi- important reason -why the tonnes 

at the end "Iff laslyeftw^ E^Suld^pl^ 3M.'^ to oSkey? .IT^ftigger groups, jhich fntegrSed ^orma ^ hoJShSd PoSltlVe 

.. Even this year there has been “ 


made to-embairas^ time since a majbr review of - ™ mis year mere nas oeen wrie9 .. of 
ment. however, ^ developments within the sector * *“£«■ ^ employment ^ ev< 

Hef that the industoy 'wofid t receflt '*<***-■*** been from // ,000 to ,70.000 as a result gjes fori 

ma^ne^*gbte 'ttitop ‘ior tfliiBn&to;- ' SanT^i^ - __ 

problems and . prosp^^Sd d& im™Ir»ant n umber of lessons apparent bunching of imports vertical integration to*" achieve T 

vise a stiategy^for^. fiiture. C °“ ld ^ learnt ' - ■ t ! 1 " 1 of the year. La^e economies of scale, or moves ^ly » People 


series -of mergers tea years ago, competitive -with imports. 

-have evolved their own strate- This is being achieved, how- 
. gjesforsurviving in Lancashire. ever through the use df 

Yet-:, - important of the continued depression in Usually it has meant, in one KIoh 7“ 

changes, have 'occurred from world markets and some form or another investment and modeni » highly capital intensive 

The mill employs 

u ini,' m;.iviir...-.:. v . — -- ’• ■ — --- - . j» ■ «« si»»i w* wc.jeu. cwuuuiira m* scMic, or muvcs - — j -- /---i-le and has replaced 

Thp rmw. K* e ham ^ A major part of . the sector’s Paris of the industry have also into Areas where imports are older mi51 s employing 435 

ru2?on for' ' brinSM tntpfh a ^^J^Sfp e rI? , current problem “ “ nd0Bbted,y bee0 de P endent 011 Temporary lesajikely to be able to compete peop!e, It may well be that 

its 19th-century image. Inmost Employment Subsidy for con- for.' fashion or other reasons, spinning will only survive m 

t!£ JU P J 5 n 5:__?^ he people’s minds the industry is tinued survival and there is a Other smaller groups have other P* 1 ^ of Lancashire if 

‘ similar economies of operation 

can be achieved by other com- 

Recently howeier tZT^ESina ^ ^ ough survive. Np one in the industry their TES entitlement during tfie cases companies have narrowed The industry therefore 

ttecenuj, however, the . feeling - the Governme^^its own would want to argue that the rest of this year: . their range of operations to con- believes that there is a lot of 


In the case of cotton 
links with government have 
been maintained through a. com- 
mittee, the Group on Develop- 
ments in the Cotton and Allied 
Textile Industry < GOD INC ATI), 
which draws its government 
representatives side from the 
Civil Service. 


The Government, in consider- 
ing the request for an EDC. will 
clearly have to take into account 
the fact that Lancashire is 
coming forward with positive 
proposals as it has frequently 
been urged to do in the past. 


Greater effort is also being 
put into consumer relations , in 
a bid to meet the complaints 
raised from time to time that 
Lancashire is unable to supply 
types of yarn and fabric 
required by the market A 
series of meetings have also 
been held recently with public 
purchasing authorities such as 
the National Health Service and 
the Ministry of Defence which 
between them buy goods worth 
more than £lQ0m from 
Lancashire each year. New 
EEC regulations, which will 
open up tendering for public 
contracts of this sort to other 
Community members, represent 
a substantial threat although 
there is the possible compen- 
sation of orders from other pub- 
lic purchasing bodies on the Con- 
tinent However, the seminars 
have so far revealed much dis- 
content among public 
purchasers with the Lancashire 
industry’s delivery performance. 

It will be open to the BTEA 
further to develop its own 
approach in this way if 
its application for an EDC is 
turned down and to become 
much, more involved in trying 
to map out for its members a 
course for the future. The 
hope is that the Government 
will be persuaded that this is a 
task which can be carried out 
more successfully through a tri- 
partite approach involving 
employers, government and Ihe 
unions. 


jy Vi r 


Letters to the Editor 


The landlord s 
unfair return 


l 'i o)n Mr: 0\. CmUuq 


$400m tip to 
and_$MOmper a 
These figures w 
have not been . 

~thd' Treasury or th 
-Revenue Service so 



31, 1977 speed allowable for cars com- from Mr. Gilliland of Thames 
epfaros, pared with that -allowable for Water on the new- water charges 
^ay- own heavy vehicles' would increase 1 should, obtain and peruse the 
l either safely arid deorease bunching and Price Commission’s report on the 
nfernal toe usual frustrations- subject. Having done this 1 

— ..... — — . — „ . ■_ ■ „ . - - 7 ~-, - -- -r-- default Drivers who exceed 85 nipb would make the following 

bir,—David Wajnman-Js abso- : ^ (fasl « nou ** for anyone in clear comments:— 

lineiy ngot io higniigui tito w a y S ^V!l l ^«I“ baTlk . 71,6 oaly leafJet which **“ 

rnr i?q 2 ? u,d and should get. what they great majority of consumers will 
L?nf Vw 1 am a speedster gg en Q0 t state that a 

s-.of the but on a common sense basis it d^nge 


m whicu the-- miand Revenue' 


-The. artificial excfm*»« The only leaflet which the 

^ x ' a " d ‘ 0r ^ Slt?Tf.h° , twTe 

•jfiwafjs* TSiS.WT.’UsS 


in the basis of the 



GENERAL 

UR official reserves (July). 

Bahk of England issues details 
of capital issues and redemptions 
during July. 

Scottish CBI launches major 
i Scottish indusirial survey. 

flne-day national strike over 
Government’s 10 per cent pay 
offer by Industrial civil servants 
working on civilian defence, some 
.of whom have been blacking work 
on Polaris submarines. 

International Monetary Fund 
monthly gold auction. Washing- 
: too_ 

| Mr. William Whitelaw. deputy- 
; leader. Conservative Party, on 
l visit to .Wales. 

' Statement by London Arts 
•Council on buildins grant. 


Today’s Events 


PARLIAMENTARY BUSINESS 
House of Commons: Debate on 
Rhodesia. •' 

House # Lords: Consolidated 
Fund Bill. Royal Assent to’ Bills. 
House then rises for the summer 
recess until Tuesday. October 24. 
COMPANY RESULTS 
Final dividends: City of London 
Brewery and Investment Trust: 
Dixons Photographic: RFD Group: 
Waring and Glllow Interim divid- 
ends: Canning ( W.) ; Yeoman 
Investment Trust 
COMPANY MEETINGS 
• Calor Gas. 2. Devonshire Square. 
EC, 10.30. Eva Industries, Mid- 
land Hotel. Manchester. U.45. 
Halma. Dorchester Hotel. W. 12. 


Imperial Continental Gas. 100. Old 
Broad Street. EC. 11.30. Wamford 
Investments. 20, Alderman bury, 
EC. 3. 

OPERA 

Enlisb National Opera produc- 
tion of La Boheme. Coliseum 
Theatre. WC2. 730 pm. 

Glyndebourne Festival Opera 
perform The Rake’s Progress, 
Lewes. East Sussex. 3.30 pm. 
BALLET 

Balsbeva Dance Company, .with 
Galina and Valery Panov, Royal 
Festival HolL SEl, 7.30 pm. 

MUSIC 

London Fire Brigade band 
concert. Finsbury Circus Gardens, 
EC2, noon to 2 pm. 


Swedish musicians directed by 
Otto Freudenthal (piano), St 
Olave, Hart Street. ECS. 1.05 pm. 

Peter Lea-Cox (organ). St. 
Bride, Fleet Street EC4. 1.15 pm. 

Henry Wood Promenade 
Concerts: BBC Welsh Symphony 
Orchestra, conductor Boris Brott, 
soloists Bracha Eden and 
Alexander Tamir, perform Ravel 
(Le tom beau de Couperin): Grace 
Williams (Ballads for Orchestra); 
Poulenc (Concerto in D minor for 
Two Pianos and Orchestra); and 
Vaughan Williams (Symphony No. 
4 in F minor). Royal Albert Hall, 
SW7. 7.30 pm. ■ 

SPORT 

Cricket: Minor Counties v New 
Zealand. Torquay. Golf; Midland 
professional stroke-play champion- 
ships. Ladbrook Park. 


(Technical Volume part T/page - The UK should ** kill " schemes WWppen of course, for those who 
2H) postulates ar** cost rent of by which * U.S. owned UK com- set. ihe limit do not motor for 
U,-5ti per annum for t dwelling pan;- with, a v&J low capital mav .their living on a daily basis. Yet, 
with a capital cost of £10,600 acquire UK asegtS' and shares wilb perhaps the Member of Parha- 
ha««l on a. 80 year . life.- I ques- overseas debt The-' Interest cost; Wcnr might take ibis up: Of 
tinned the Department uf : the ob the debt :1s then offset for tax course with the increased limit 
Environment as jo whj- historic purposes .against. -tile profits ofihere would have to be a re- 
rather than replacement costs the purchased subsidiary. Thus; Education of motorway drivers properties, the leaflet 
were taken into- account only to proflts of UK bittiness aequiredfiparticularly ihe occasional and have s* 1 ® ' h,s °peniy. 


of which would be as hitherto. 

If the main object of the 
alleration was to transfer part of 
the costs from the commercial to 
the domestic consumers and. in 
particular.- m those in small 
should 


receive the fatuous reply that by U5. companies are being’ weekend user, 
provision for amortisation at transferred to the VS. tax freer*. R- -White, 
replacement cost would be un-’ by way of toe Interest. j:l8. JfapI«re// Rood. 

realistic in' view of the difficulty The UR should hot allow the ■ Vfoodhouse Eaves, 
in predicting the average life -qf -wbotiy. unfavourable treatiuenti*-d**0kborouph. Leics. 
a new house. Qbviously Jhost of- UR entertaln&s la the “ • 

private rented property js_ not inserted in toe new treaty. ii 


to 


new and much of it has only 60 


years or Iess_ life ahead': of -it. *** useful: 


It is hot good enough lo havfr^Ppropnfriofl 
. t : exchange .- of views.’*f L ^r 1 

Even with inflation - at ~40ly 5 Dare I suggest a little principled 
per cent per auoum a £10.000 tabie-t bumping should occur? 
property will cost £178,000 to j. Newman, 
replace In 60 y$ars Uineino Low, ECS. . - 

■■ Fair H . rents unlike ihe. *bove,v '-' ' • - 1 ' • • 

u nisi rent " make no atlowaiwes: ....... 

for amortisation. : Accoidlng' to. 


increases 

%om Mr, B. Ridout 


fur amortisation. ; wreuromg w m .» _ _ + * 

DoE they yield fi per cent pros*: MeaSUTeilieilt OI 
Sii in 60 years the gross return- .//. _ 

i before amortisation, expenses q^vArHciyuT 
and tax) on a £10.000 -dwelling is nU YtlllMUg 
£104.471 even if the “ fair** rent rrom Dr n driver 
wav indexed annually td ■; I«na-^ Fr ™ : °T- ° '****-■ ■ . 

lion, instead of being fixed for . Sir,— On.- July 6. you featured; 
three vears and suffering more *£L Interesting review article by- 
inflation drag at each review. Michael Thompson -Noel entitled^ 
IV economic dclerreats to ^«T- fcut vtat-ffoes ,dv«rtl,ln* 

lernn* end rrlettln* are then- 

clc ! ar - . Immcd'aMy on appears that the study und 
le.tnng the revifcw- ’does Hot . provide an 

least a two- thirds - drop in .toe an swer. To those of us who are 

not • habitually - working- in the 


£- 

f 


iwn-thirds drop in the 
value of his capital .asset. . His. 

true net return ^ from to*’-"' advertising world,. It is always a'd 
rents before amortisation _wi I l b« punting question ss to how muchyl 
2 P l \ r . ™ nt '“T-iiSf should he invested.ln advertising* 

amuiMsatlon will ba.nejm»ve. - an ^ one measures- the valufi 
The personal deterrents- a re. to f or money obtained; ft may trig-3 
m> mind, even greater. Con- „ er thoughts whick 

fronted with -an. impossible rela-. would- be helpful to people liki 
tiomihip with a tenant or with a ajjseif who ponder the questioi 
genuine need to liquidate bis in- aD( j fail t0 find an answer; 
vrsTmonn jht choice Js’bqtween- --v _ • »_ n3 ,^__ 
continmng hr bondage Sav.lJ^^Tww: 
lo the tenant or, an, 1 - -occupied^ 

The: Pfescoi Rood, 


If another objective was 
secure greater uniformity in the 
charges for domestic properties 
throughout the area served, even 
if this meant a very large in- 
crease to some consumers, surely 
this also should have been ex- 
plained properly. 

With regard to Mr. Gilliland's 
final two questions: (i) Hy own 
charges have increased by less 
than the average, in fact by 7 per 
cent during the current ■ half- 
Sir,— One aspect of the dis- - vear - M nur property is rated at 
e that the food 'price index considerably more than the 
ased by 104.9 per cent in average, but I am concerned noi 
period between Februarv, so much with my own case bnt 

with the position of the many 
people who are suffering, very 
large increases without bavinz 
been properly informed as to the 
reasons: (ii) It is absurd to su«- 
Thai is if an item of food S p<i t that leaflets showing the 
£1 in' February. 1974, and percentage increase for each 
price then was increased by customer would have been neces- 
the price- increase would 53 all 1 am saying is that the 
e been 10 per cent, but if at leaflet - issued should have given 
ne. 1974, it had increased in more Information regarding the 
with the food index it nature of. the reasons for,- and 
would have cost 204-8p (say the effect of the alterations in 
) and a further Increase of stead of. being worded in Term* 
would not add 10 per cent which . intentionally or otherwise, 
in 1974 but- only 4BS per probably -mislead most readers. 

R. W. TbirkelL 
3. Clifton Rood. 

Alexandra Park. H22. 



and mid-June this year is 
.t an equal money rise now as 
ainst February. 1974. produces 
than half the percentage 
crease. 


iere also is the question as 
■whether the Retail Price 
refleets the true increase 
prices, * particularly for pen- 
.. srs who are more dependent 
^services. than younger people 
toe cost of services is 
faster than that of 
Factored goods. 

July 1 have the 


Saving 


energy 


ice 


*ale at enormous . 
result - for Ibe jandlord Can be 
mimfal breakdown,- even saickle. 
There are now -only two types 
of landlord who relft on gaining 
^session— optimists ©£ maso- 
chists. . • :■ 


St. Helens* Merseyside- 


Motorways and 


sase 


G. F. Gutting 

K. St. Mnrqarvii Cre»et»t, 
Putney. SWiS.- 


Give-away tax 


From Mr. N.: White ^ . . 

Sir.— Reading the "knocking j 
correspondcuee. isn’t the bancj 
faulr .toe' cltirenl- 70 mph limit.! 
which.' from my own motorway j 
driving experience, appears U>1 
be too low by about 10/15 mph.! 
More so . as modem cars even of j 
medium capadty seem ,to be able ■ 
to go along safely at over the- 


f-s«*ii 


Ktow Mr. S. Ncnrmiui - 
Sir,— Last week (July#; Backcurrent speed-limit: It no longer j 
Page) the Govenuuenr made s $oems fa be the efficient or ey*u.^ 
Mah'iueot on thr UN/U.S. double toe most ecenom leaf limit with- 
lax treaty iss^e. Thu-read “There so many cars having a fifth gearj 
has been a useful exchangu nf Consider too toe effect on your< 
viewy, hut certafti aspects' require Various : correspondents, fl 
furllwri explanation and discus- 85 would immediate 

tions will be re«uned.“ -: : . .. remava toe. heavy goods vehfc 

The nnly rcactioa-onjfcan hav* driver's frustration: as be couw 
to thin is. what ■ mofisel ft to not togaHy db more than 60 mph 
essentia) that r«W«^n pr .b<rtb and, cars would Therefore ^ 
the UK and the Uik sbwlld -know pulUng away from him. Also cars 
what the UK position is to UWac 1ft the middle lane would be 
tWROtiatioa^ A dear statement encouraged to do 
of ptinciple .W needed treat tee probably between 65 to <5 tjiwl 
UK wSol fee! should make the ThcHember of Parliament would - 
following points. --no longer suffer from fiasnrag 

. The UK Mould not accept. Art -hwidl5& 
unitary prmrtplu.nf to»*t*onx» wmdd be ffotng JJsttt than i-J* 


Imneys- swept; the cost in 1976 From Mr. R. Holland 
£*. in 1977.it was 15, and qj r - m p t vnian 
T.W K Although the In- 

'"m'Eo'lOCTeMe^a 1OT7’ 0 ^ Momco surely knows that people 
w« K Tf eeS bit th" onl 2 it th«e ismonej to.be 
ir the increase over 1977 was -JE, J? 

20 per cent, but although Affiliations are usually opposed 
two towases added togethlr Jy i° m * . voaf " DU5 Pressure 
mnt to 45 per cent, the two- fieancmi 

r increase is undoubtedly 50 m«sage is clearly disseminated, 
cent As a contrast. I bought Everybody wants America to 
ill electric appliance last save enetRy. but they surely won't 
iber from a multiple store «£«* °'j r apoetatiou s and 
... . cost £lD_24. but an ho P €S Unless domestic U^. 
itiral item bought yesterday prices are raised lo the 

®in the same store was only I***! 8 existing in oar Common 
f£95. .. Market neighbours countries. 

,Tbe statisticians who measure The same argument applies _in the 
ices can reasonably accurately UK. particularly in relation to 
rasure the rise or fall in the North Sea gas. While the cost of 
aces, of manufactured . articles heat from North Sea gas remains 
multiple stores but can they below the cost of heat from 
fly calculate the charges imported oil ft remains illogical 

by '-thousands of gardeners, to expect our behaviour in 

lumbers, chimney sweeps, etc, reiatiqn-to Insulation and double 
;lng on their own and not Spring to change. 


lieh 


iverttilng their charges. 

U Rfdoufc 
flex Way, 

i-by-Sca, West Sussex. 


water 


charges 

1ST & *“»!-sSS*S?{S 


cam- 


Consumers in general are 
rational beings but with relatively 
short term horizons. In the 
absence of the necessary financial 
incentive who but a fool can 
seriously expect energy saving 
developments to progress faster 
than their present sluggish rale. 
If we are to have what is best 
for us in (be king term, we must 
rely upon courageous Govern- 
ment decisions today. 

Richard Holland. 

30. Grespignu Road, 


- Khu’nM nnt^mukr'tiv rvMrtaiili viiKid*‘bBC after overtak- jiStiv— I felt that before . _ 

: !t ACT ff i* lSv The -larger differential to ^mting c® the toner of July 11 Hendon, toft*. 



with special expertise in 


Saudi Arabia 


Saudi International Bank 


AL-BANK AL-SAUDI AL-ALAMI LIMITED 
99 Bishopsgate London EC2M 5TB. 
T^ephone: London (01) 638 2323. Telex: 8812261/3. 


Issued and paid-up capital: £25 millioa 


Shareholders: Saudi Arabian Monetary Agency, 

Riyad Bank,NationaI Commercial Bank (Saudi Arabia), 

Morgan Guaranty Trust Company of New York, The Bank of Tokyo. BanqueNationale de Paris, 
Deutsche Bank, National Westminster Bank and Union Bank of Switzerland. 


I- 


i,, 








■V&i'S.-.rjilr# 





14 


■ Financial Times Wednesday August 2 1978 


COMPANY NEWS + COMMENT 


Second half boost lifts Unitech to £3.11m 


DIVIDENDS ANNOUNCED 




A SECOND hair profit or £I.99m 
against £1.34m boosted pre-tax 
profit of Uoiiech. electronic com- 
ponents manufacturer, to a peak 
£.11 Im Tor the year in June 3, 
1SI7S, compared with £2.1 m Tor the 
May 2S. ifiTT. year. Sales expanded 
£7.2 m to £33.77 m. 

At the interim stage the 
directors reported profits ahead 
from £0.77m to 11.13m and said 
that with strom: demand for group 
products being maintained, they 
looked forward to a further signifi- 
cant advance in profits for the 
second half. 

Suited earnings per lOp share 
are II. Ip i7.3pi and the Lola! divi- 
dend payout is lifted lo 4. (map 
lo.filp) wj(h a final of 2..!793p net. 


INDEX TO COMPANY HIGHLIGHTS 


Company 

Page 

CoU 

Company 

Page 

A.B. Engineering 

14 

4 

Phillips Patents 

15 

Arlington Motor 

15 

I 

Scottish Life 


Blackman & Conrad 

16 

3 

Sharpe (W. N.) 

14 

Butterfield-Harirey 

15 

1 

Smallshaw (EL) 

IS 

City Office* 

15 

2 

Sterling Credit 

IS 

Dyson (|. & J.) 

14 

4 

-SUITS" 

14 

Ewer (George) 

15 

4 

Temple Bar Trust 

14 

Hales Properties 

14 

8 

Uniteeh 

14 

Ldn. .& Northern 

15 

3 

Westinghouse 

14 

Meyer (M. L) 

14 

3 

Wigfall (H.) 

15 



197T-IS l!C6-rT 


COM 

£0M 



Xi.ro-, 

20.574 

Kkcironu innipunn-n's .. 

15.42 t 

12.70* 

I'oiupoExiii maiiurjc. ... 


3 SOS 

LJ.i-i i-ciidfi 

H <•-{» 

4 4.1 1 

InduMml ■-onirols 

S.*iM 

2.<m 

I'nmpuii-r rK-rijili". raL-; 


«4* 

Profit! bdare tax 

3, 111 


!,!,'■ iTiim, (.onipon.'m* 

MH 

707 

I'omooniiit nuniiuc. ... 

rjn 

40*4 

E.-iiruiik- ■■aulonicDi 


403 

7nlUMn.il i-niiirnl* 

571 

.19fi 

iliimputi-r p.-nphi-raK 

liU 

83 

■"'tin r. hoidiiiK i omiunr 

10 

.1 

Ta* 

i nr. 

1.111 

N-i prefil 

i.-i.-ii 

PSS 

Simnniv inu-n-w .. 

r* i 


.\i in but a hi- 

l 45n 

P..\ 

Ini-Tim dl\|rirn<l 

I'o 

Ira 

) mal divrii-Md 


mi 

L'ndisinbul-.vl lirnfil 

AS 

4sj 


• comment 

The semi-conductor market con- 
tinue?. to ho a winner for 
suppliers am/ manufacturers nf 
electronic component'. In 'line 
with Olliers in the sector, 
inerea-ied demand for micro-pro- 
r«*ssors has increased Cnltecb's 
volume salts hy around u fifth, 
and pro /its for the year are -IS per 
cent higher. The main impetus has 
i-onie from the Intel franchi-e in 
f.'tc r.K. and microwave tfefem-e 
systems, with a slrons pertorm- 
ancc by the CnuLant subsidiary in 
France. On ihe component manu- 
fncturirba side (a fifth or group 
sales), growth was helped by 
recovery at Raihdown Industries 
and Terminal Insulators. Mean- 
while. Ihe demand for electronic 
components from such industries 
as daia pnu-C"ing. defence and 
Telecom mu meal ions continues rn 
grow and. as one of Ihe UK's 
larged distributors. Unilech is 
well placed to benefit. However, 
as ihe market i- *n cln-clv linked 
tn ihr US.. where growth in the 
semi-condm-ior markei I'cxnectrrl 
tn drop from 3rotmd 12 p.er cent 
to about .» per cent during 
1U7S 79. the incrca-c in profits 
for the Purrcnl >ear will noi he 
.is m. irked. Nevertheless, ihe 
sharps jumped fip In I52p (a high 
for the yeart and the p e of 13.3 
anticipates a continued strong 
performance. The yield is 4 ppr 
rent. This compares wish Farm'll'* 
historic p n of 14.2 and yield of 
2.9 per cent. 


UGI AMENDS 

Because of Ihe lax cliangp. the 
final dividend nf 2.«4j> prevmusly 
announced by Uniled Gas Indus- 
tries has hpenme 2.0Kp. 


First half 
advance by 
W. Sharpe 

FOR THE first hair of 1978. pre- 
tax profits of W. N. Sharpe, the 
fine art publisher, advanced from 
£973,943 to £1.289.92(1 on turnover 
up by £lm al ,5.13m. 

The result was after all 
expenses and depreciation, hut 
included m\ esurient income of 
£175.243 t £202,3091. Tax charge 
rose from £484,000 to £058.000. 

The directors stale that in com- 
paring lirsf-half results, some 
change m trading pattern should 
be noted. Accelerated despatches 
to cuslomprs have resulted in a 
higher proportion of the year's 
expected growth in turnover and 
trading profit falling in the first 
half than was the case in 1977. 

Trading outlook for the year as 
a whole continues to be satis- 
factory. they add. 

For all 1977, taxable profit was 
a record ll'-STm an interim nf 
I80fi25p (1.4448pl net has already 
been paid m 'respect of this year. 

During the six months period, 
the company has disposed of sub- 
stantially all its investments in 
connection with a scheme of re- 
construction. which will become 
effective on .August 4. 

The surplus totalling £L3B7.:>17 
arising un Ihe sale is not included 
in the results, while a is estimated 
lhal a liability to lax oT some 
£300.090 will arise in connection 

wilh these disposals. 

A holding company has been 
formed to acquire the operating 
company'-, .-hares on a share plus 
cash exchange basis. 

• comment 

When Sharpe decided to re- 
structure ils capital Iasi May and 
return £5m in cash tn shareholder* 
it must have diluted a lot of the 
speculative interest in the shares 
—half or the company's market 
worth was represented by stocks 
and shares. Rut even though 
Sharpe is no longer a classic bid 
target it can still produce some 
eye catching news. The half-year 
jump in profits of almost a third 
look the shares 12p higher to 
202p. That is impressive growth 


Chairmen, Managing and Financial Directors. Are vou tired 
of hearing the same old excuses as to why your debtors are 
tco high? How much cash do you have locked up in a less 
than satisfactory debtor position? Factorine or invoice dis- 
counting may be a solution but who can really afford it. Why 
not bring your own systems and procedures up to date with 
the help of Resource Evaluation and obtain the benefit of 
your cash. It is time to stop being unsecured bankers to 
your customers. 

Write or telephone the Managing Director today and in a few 
weeks put the cash back where it belongs — in your bank. 


Resource 

Evaluation 

Limited 

Resource Evaluation Now. 

108 Aldcnqale SI.. London CCTA 4JQ. 
Tof: OT-253 8011. Tl«l 23860. 



for a company in the greeting 
card sector. However. the 
advance is distorted by a higher 
than normal throughput of cards 
which may have otherwise come 
in the second half. Volume' is 
up by around an eighth, and 
though there is still some growth 
left to come in the second half, it 
will fall well short of this figure. 
Profits this year should top £3ra 
without too much effort especially 
as the threat of a postal rate 
increase appears to have been de- 
ferred for another year. At 202p 
rhe yield of 3 2 per cent Is less 
than the return offered hy the 
other two card manufacturers. 

Montague 
Meyer to 
expand 

THE DEMAND for products of 
Montague L- Meyer is going to be 
a little better this year, and 
generally this applies lo the whole 
of Europe. Mr. John M. .Meyer, the 
chairman, says in his annual 
report. 

Trade in Australia and the Far 
East, where profits were down in 
the second half of 19n-78. are 
already showing improvements in 
the first part of the current year, 
sajs Mr. Meyer. 

For the year ended March 31. 
1978. profits before lax were 
112 U.ira compared with - XI 4. 3m 
previously, from turnover of 
£347 m against £222 m. The divid- 
end is 4.873 lip (4.10S4Rpj. 

A geographical analysis of lum- 
over and profit shows: l. : K. CflRm 
<£204ni) and 111.9m t£12.2$mi; 
Europe. £22ni (£9nii and £Q.75m 
l£Q.78mi and Australia and Far 
East. £9m isamc) and £0.23m 
<£lJ23m). * 

Last year was extraordinarily 
complicated for industry gener- 
ally. and particularly for those 
whose main function is dealing in 
raw materials, the chairman says. 
In the circumstances, the profit 
can be considered a creditable 
performance. 

Mr. Meyer points out that this 
figure is under 0.5 per cent less 
than in the previous year, and 
indicates, under the current cost 
accounting recommendations of 
the Hyde Committee, a pre-tax 
profit of £14J3m. On the same 
basis. i lie previous year's 
historical profit nf Xl4.229in would 
have appeared as £4.5m. 

As part of the croup’s policy of 
planned progressive expansion in 
Hie distribution or wood products 
in this country, the croup has 
purchased A. Dicken and Son 
iTeessidei. a hypermarket in ihe 
home improvement trade, and 
several small, mainly retail busi- 
nesses in East Anglia and the 
Potteries. 

Mr. Meyer says: "manufacturing 
some products is becoming an 
increasingly important section of 
the business, and directors are 
looking forward to expanding 
these businesses in line with our 
other activities." 

Deferring to the three major 
UK associates, the chairman S3ys 
HaM3tns is not yet profitable: 
MacMillan Bloedel Meyer is still 
contributing and improving while 
.1. T. Sydenham, limber and 
builders' merchants on the South 


Coast have been consistently 
successful. 

The croup has raised 9 £15m 
medium-term loan on favourable 
terms through a consortium of 
hanks led by Humbros Bank. In 
the meantime, short-term borrow- 
ings have been substantially 
reduced. 

Meeting, Charing Cross Hotel. 
WC. September 5 at noon. 


J. Dyson 
exceeds 

forecast 


■ 



Dare 

Corre- 

Total 

Total 


Current 

of spondfng 

for . 

last 


payment 

payment 

div. 

year 

year. 

Acorn Sets, 

JdL 

9.0-i 

Nov. 1 

7.7fi 

9.05 

7.76 

Arlington Motor 


5J3t 

Aug. 31 

5.17. 

7.83 

6.57 

City Offices 

.mt. 

,0-fW 

Oct. 2 

0.77 

— 

1.72 ■ 

J. J. Dyson 


1.68 

Oct. 2 

1.68 

3.5 

322 

Glasgow Stockholders 

inL 

1 

Atlfi. 13 

0,85 

— 

2.4 

Hales Properties 

R. Smallshaw 

.int. 

1.6 9 

Nil 

Sept. 13 

3.48 

Na ; 

2.49 

2.21 

1.3 

Sterling Credit — - 


0.91 

Sept. 13 

Oil* 

1.43 

128* , 

Temple Bar 

.mt 


Oct. 31 

3.08*' ' 

— • 

4.75* : 

L'nitecb 


£5S 

Oct. 2 

2.31 ,- . 

4.03 

3.61 ' 

Viscose DevpL Co. .. 

.fat. 

J-27 

Sept. 1 

1:16 * 


£83 : 

Westinghouse Brake .. 

.mt. 

0.83 

.Oct 2 

0.83 

— 

2.13 


changed at midway 


ADVERSELY AFFECTED by 
probl ems associated with the new 
plant involved in the major 
reshaping of foundry facilities, 
pre-tax profits of . Westmghoii.se 
Brake and Signal Company 
finished the six months to March 


period- . 

Dividends shown pence per share net except where otherwise stated. However, Mr. L. E-_ Thompson, 
* Equivalent after allowing for : scrip issue, t On capital chairman. says tnat ine» 
increased by rights and/or acquisition issues. problems are now bemg- resolved 

■ - and accordingly it is expected that 

■ i results in the second hair will 

show an improvement over those 
for the first. For the last full year 
profits totalled £5.62m. 

The net interim dividend is 
stepped up from 0.83014p to 
0.927P per 23p share. Last years 
final payment was 13W1P- 


£10m plan for SUITS 
newspaper side 


EXCEEDING their interim fore- 
cast, the directors of J- and J. 
Dyson report record pre-tax 
profit* of £2.97m for lihe March 
31. 1978 year compared with 
,£2.3m last time. Turnover went 
ahead from £29.93m to £23 .9m. 

Profits at halfway advanced from 
£0.96m lo £L37m' and .the direc- 
tors said that for the full year, 
pre-tax profits should be in the 
region of £2.7 m. 

Earnings per 2->p share are 
shown as ll.TBp {8.68p) and the 
dividend is stepped up lo 3.6p 
f 3.22dpi winh a net., final pay- 
ment of l.B75p, as. -forecast. 

Net profit emerged at £I.59m 
against £1.18m after tax of 
£1 j17m (£l.l3m). The amount 
carried forward is given as 
£3.+m (£4.3ni). 

The aroup manufactures refrac- 
tory materials and fire resi»ting 
goods. 

• comment 

Dyson's pre-tax profit — up 76 per 
cent in the previous year— is 29 
per cent ahead this time on static 
volume growth. Margins have 
improved thanks* to the impact of 
higher prices and concentration 
on less competitive refractory- 
products. Meanwhile, diversifica- 
tion is taking place in two broad 
areas of the company which, nine 
years ago, depended for some 90 
per cent or its profit on iron and 
steel manufacturers. - Now that 
figure is less than half while 
ceramics, used by a wide variety 
of other industries, have assumed 
much greater importance. Signi- 
ficantly the bulk of profits were 
earned at Pickforfi Holland, 
where modem products have 
largely superseded Dyson's tradi- 
tional refractories. Secondly, 
expansion i« planned in the -trailer 
business where a new departure, 
allied to tanker safetv. should he 
announced soon. Belter debt 
control and lower interest rates 
Ia«t year improved cash flow and 
the comnany has ruled out a 
rights issue Tor the moment. At 
63 n The " A ” shares stand on a 
p c of 5 2 and yield a three times 
covered 8.9 per cent 


DETAILS OF a planned IlOm 
modernisation programme for its 
two Glasgow newspapers are re- 
vealed by Scottish .and Universal 
Invest meats in the group's annual 
report. 

SUITS is using income 
generated to meer much of the 
capital cost. Of the total IlOm, 
£3.3m is of an exceptional or 
extraordinary nature. The balance 
sheet shows that £276,000 was 
written off as development and re- 
organisation costs before the 
trading profit was struck in 1977- 
1978. 

Included in the remaining 
I6.7m, is the £875,000 required to 
buy the new site from the Beaver- 
brook group in 1977. Leasing 
facilities for £L5m have been 
negotiated and. while the effective 
date of the leasing agreements is 
March 1. 1979, pre-lease agree- 
ments bare enabled SUITS to- 
theet equipment ' payments 
schedules without touching Its 
own cash. 

Directors say that satisfactory 
arrangements hare been made to 
finance the remainder of the 
programme. 

In bis first full year as chair- 
man, Mr. Tiny Rowlands says the 
company is in a sound position to 
expand business both al home and 
overseas. The three small acquisi- 
tions during the year made a 
useful contribution to group 
results and suitable opportunities 
are being sought to further con- 
solidate the company's base. 

As reported in July, turnover 
rose 19 per cent, pre-tax* profit was 
up 44 per cent return on capital 
employed was 23 per cent higher 
while working capital increased by 
12 per cent. 

A CCA statement shows pre-tax 
profit of £4.4tim (compared with 
£6.34m on an historical cost basis! , 
and profits after tax of £3.0Sm 
(£4.96m historical) which covered 
the dividend payout of £2.26m. 

Although it is not mandatory. 


SSAP 12, relating to provision of 
depreciation or freebotd buildings 
and long leasehold properties was 
incorporated In the accounts as 
was ED 19 relating to .the 
provision for deferred tax. 

A revaluation of assets, pre- 
pared for CCA purposes in 
respect of certain freehold. Mid 
leasehold properties with a net 
book value of £6Jm at April L 
1978, shows that the market value 
on an existing use basis including 
depreciated replacement cost for 
certain specialised properties, js 
£ 10.2 rn. 

Directors say that circulation of 
ttie Glasgow Herald and the 
Evening Times both improved 
during the period. Advertising 
volumes were up and this, com- 
bined with higher advertising 
rales, meant an improvement in 
contribution to group profits. 

There was a marked Improve- 
ment in the profitability' of 
Scottish and Universal News- 
papers, which now prints and 
publishes 33 weekly ' and one 
daily newspaper in Scotland. 

The publishing, bookselling and 
printing activities of the Holmes 
MrDougaU subsidiary were 
rationalised during the year and 
benefits are expected In I97S/79. 
Results were disappointing at 
Daniel Greenaway and Sons while 
the upward trend in both home 
and overseas markets helped 
Whyte and Mackay Distillers im- 
prove trading results. 

In the engineering division, 
Nicol and Andrew found trading 
conditions in the UK improving 
and " overseas activities were 
buyovant. Sportworks, a civil 
engineering company, had. a.satis- 
factory trading period despite the 
recession in the construction 

industry. 

Results .were reasonable in other 
■ the 


5ix imtRth* 

Voar 

1977-78 

1976-77 

itTb-77 

£M0 

£000 

iwe. 

3i>.£i3 

23 -327 

01.001 

3.074 

3.301 

0.S91 

1.9*3 

. 2.303 

5 029 

1.091 

996 

l.swa 

db3 

711 

1.271 

JBJ 

S25 

1,093 

1U2 

106 

ITS 

2JM 

2.570 

5.W0 

070 

IPO 

1.54S 

1.S39 

l.SSl 

4.072 

33 

— 

19 

wm 

1J5S 1 

4,036 

. 393 

3S4 

334 


— 

in 

1.4U5 

1JC7 

3.145 


trading activities while 
associated company. Lewis' and 
Black, continued to recover. 


Interest 

ClmuB 


Minority prottld — 

Attributable 

Interim dividend ... 

Pinal dividend 

Retained — . _ - 

Westinghouse and Cubic 
Corporation of San . Diego, 
California have registered a 
British joint company called 
Westinghouse Cubic. 

The objective is to engineer and 
market automatic fare collection 
systems for the UK. Europe and 
other countries. Each of the 
principals hold 50 per cent of. the 

equity. . , 

A £2.4m contract has recerrrly 
been secured by the automation 
and controls division of 
Westinghouse for a supervisory 
control and data acquisition 
system which will cover ail of the 
Southern Electricity Board distri- 
bution areas. This, is the largest 
telecontrol contract for the 
electricity Industry to be placed 
in Britain. 

• comment 

In addition to hitting Westing- 
house's foundry interests, the in- 
stallation of new plant had the 
effect of disrupting the brake 
activities, which depend heavily 
on in-house castings. In total, 
this must have cost the company 
at least E0.5m in the first half, 
and group profits : slipped slightly. 
However, although the problems 
are now resolved, it will be some 
time before Westinghouse is back 
nn an even keel. So. in spile of 
working flat out, profits may only 


reach ffij m for the year, and the 

full impact of the current -order 

book, which stands at £75123, wj» 
come through next year.- Mean, 
while, the increase in the Over- 
seas tax charge suggests that ^ 
Australian subsidiary (30 per com 
of profits) Is continuing its re- 
covery while 50 per ceot-owned 
Bend ix is forging ahead ui:h 
increased brake sales to the 
buoyant commercial vehicle 
market. On a ' maximum m 
charge., the ■prospective p.'e, at 5f,p 
is 7.5 while the yield is 6.4 pe* 
cent. 

Hales 

Properties 

ahead 

HIGHER TURNOVER of- £949.079 
against £592.603 and pre-tax 
profits up from XIS2.412 to £278,470 
are reported b.v Hales Properties 
for the yeur ended March 31, 1979, 
In January, the directors said 
the year's results would reflect 
an improvement over 1977, but 
it was not anticipated that the 
second six months would show 
the same improvement as tho 
56 per cent rise from £84,098 (q 
£ 131,410 achieved In the first halt 
Earnings per 25p share are 
given as 7.15p (4.64p) and a findl 
dividend of 1.6Q79p Ufu The toTal 
from 2£137p to a maximum per- 
mitted 2.4979p. 

Tax charge for the year is 
£143,954 (£94,975). After extra- 
ordinary debits of £9.967 against 
a £12.022 credit and £12,607 
t £12,606) transfer to mortgage 
redepmtinn reserve, an amount 
of £74.902 1 £33,172) is retained. 

Temple Bar 
increase at 
six months 

Gross revenue of Temple Bn 
Investment Trust was up froni 
£I.I«ra to £lJ?Sm and pre-tax 
revenue rose to £1. 18m for (he 
first half of 1978 against £1.05m 
last time. 

The interim dividend is ljp net 
per 25o share compared wilh an 
equivalent 3.0‘-’5p. adjusted for a 
onc-for-one scrip issue. Last year's 
final was an adjusted 1.725p paid 
from pre-tax revenue of -£2J2im. 


Treasury clarification 
on dividend payments 


Setback 
at AB 
Engineering 

The pendulum swung once 
more in the second half of the 
year .to March 31. 1978. at 

Associated British Engineering, 
eliminating to some exlent the 
profit made in the first hair. 

At the interim stage a recovery 
from a deficit of £4,000 to a pre- 
tax profit or £69.000 was reported 
but, with the second half pro- 
ducing a loss of £25.000 compared 
with profits of £13,000, the com- 
pany finished the year with a 
surplus of £44.000 against £9.000. 

Turnover of this diesel engines 
and allied industries group fell 
£0.75 m to £2.53m in the 12 months 
and profit was struck after 
interest £90.000 lower at £107.000. 

Tax took £10.000 (£8.000) and 
this time there . was an extra- 
ordinary credit of £12.000. Earn- 
imw per l2ip share are stated at 
0.2p against a 0.6p loss last lime. 


FOLLOWING THE reduction in 
ACT from 34 to 33 per cent on 
July 11 with retrospective effect 
from April 8, 1978, the Treasury 
has put out a statement to clarify 
the position of companies wilh 
dividends paid on or after that 
date. 

The Treasury, states, that 
companies having declared a final 
tor second interim) net dividend 
which exhausted their maximum 
permissible entitlement under 
ACT at 34 per cent may now 
declare a further net dividend 
bringing that entitlement up to 
the maximum permissible under 
ACT at 33 per cent. No Treasury 
consent is required provided that 
this further dividend is .clearly 
expressed as being related to the 
past complete year. 

Payment may then be made 
either Immediately, or at some 
later date when a dividend is 
being paid for the current year. 

Companies not wishing to 
declare such a further dividend 
will need to seek Treasury 
consent in writing. This Is so 
that the “gross" reference basis 
for tbe dividend's of their current 
year (which will affect their 
entitlement to declare dividends 
while the controls are in force). 


CAWOODS 

Record turnover and profits 


Preliminary Announcement 

Extracts from the Statement 
by the Chairman, Mr Edward Sinks. 

Turnover increased fay 1 2% to € 223.8 miffion, and profit before 
taxation increased by 10.6% to £7.757 million -the eighth succes- 
sive year in which record profits were earned. The increase in 
profit before net interest received was 17.7%. 

When regulations permit we shall pay dividends more in line with 
a reasonable share of available earnings. The dividends for the year 
1977/78 are covered 4.01 times by earnings after taxation. 

The inflation accounting statement shows that the reported profit 
before taxation of £7.757 million is reduced to £5.987 million and 
on this basis the dividends for the year would be covered 3.33 
times by earnings after taxation. 

Capital expenditure amounted to the record figure of f5.787m. 

Present market value of our investment in LSMQ is £11.403 
million against our cost of £5.513 million. 

We held our market share in solid fuel and oil products snd with 
acquisitions of businesses and increased strategic solid fuel stock- 
piling in the summer months we increased our turnover and profits. 

Rationalization of production in our sand and gravel quarries 
continued and with improved geographical marketing contributed 
to the satisfactory profit achieved. During the year we acquired 
significant additional reserves of sand and gravel. 

Continued restriction on major road construction and road main- 
tenance resulted in lower demand for quarry and coated stone 
products. 

In refractories their was severe competition for available business. 
Exports represented 54% of our total sales. 

The container handling berth at Ellesmere Port achieved increased 
throughputs. The major extension was completed and a new 
ship/shore crane commissioned. 

We have commenced this year with increased turnover and profits. 


Group Results for the Year Ended 31 st March 


Si' 

1978 

1977 


£000 

£000 

Turnover 

__ 223.805 

199.397 

Profit before tax - 

— 7.757 

7,011 

Profitaftertax 

— 3.656 

3,379 

Extraordinary items 

— 47 

307 

Retained profit _ _ 

— 2,719 

2,794 

Earnings per ordinary share 

— 1 5.1 9p 

14.01 p 

Dividends per ordinary share 

— 3.81 p 

3.41 p 

Ordinary dividend -times covered 

— 4.01 

4.48 


Dividends. A final dividend of 2.83p is proposed making a total of 
3.61 p for the year ended 31 st March, 1978, being the maximum 
permitted under the statutory dividend limitations. 


Divisional Contributions to Group Profit 

1978 


Fuel distribution _ 
Sa nd and g rave f 
and builders supplies 
Road materials 
and concrete products 
Container shipping _ 
Refractories _ «... 
Packaging _ M M 


1977 


£000 

% 

£000 

% 

3,866 

53.2 

3,028 

49.0 

2,262 

31.1 

1,848 

30.0 

476 

6.6 

465 

7.5 

294 

4.0 

211 

3.4 

186 

2.6 

271 

4.4 

184 

2.5 

351 

5.7 


Interest and 

investmentincome 489 


7,268 100.0 6,174 100.0 
837 


7,757 


7,011. 


The Report and Accounts will be circulated to shareholders on 11th August. 1978 and the Annual General Meeting will be held on 7th September, 1 g78. 
Copies of ike Report end Accounts will be available from The Secretary, Cawoods Holdings Ltd.. Southlands. Ripon Road, Harrogate. HG7 2HY. 


is established at a rate of ACT of 
34 per cent although the payments 
were made during the tax year 
197S-79 for which the rate of ACT 
is now known to be 33 per cent. 

Further 
payment on 
account 

SOME £6.08ra of 9J per cent 
Treasury Slock 19S1 was issued 
yesterday as further payment on 
account of compensation For 
nationalised shipbuilding and air- 
craft companies. 

The Bank of England says the 
payment was • in respect of 
British Aircraft Corporation 
Holdings, Scottish Aviation. 
Austin and PickersgiU. Brooke 
Marine, Cammeli Laird Ship- 
builders. Hall Russell. Vickers 
Shipbuilding Group and George 
Clarke and NEM. 

A special interest payment. will 
be made in the case of the' air- 
craft industry companies for the 
period from April 29. 1977 to 
April 1. 1978 and for the ship- 
building companies from July 1, 
1077 to April 1, 1978. 

The stock was issued at £97) 
and will rank for a full six 
months interest at October 1. 
1978. It will not be distinguished 
from the 9i per cent Treasury 
Slock 13SI and dealings can take 
place from today. 

Scottish Life 
cuts rate 

A reduction in its immediate 
annuity rates amounting lo 
approximately £2 per annum for 
each It, 000 of purchase money is 
announced by Scottish Life Assur- 
ance. The company is a leader in 
the immediate annuity market 
and this latest revision in rales 
reflects the recent drop in short 
and mediam-term interest rates. 

Under the new rates, an invest- 
ment of £10,000 would secure for 
a man aged 65 an annuity of 
£1,624 per annum, or £1,444 per 
annum for . a woman of the same 
age:, in each case the annuity 
would be paid in half-yearly 
instalments. 

The revision also applies lo self- 
employed and occupational 
pension scheme plans where 
pension payments are due to com- 
mence on contracts. 

CROWN HOUSE 
FINAL RESTRICTED 

Following the posting oF ihe 
Dividends Act ihe final dividend 
to be recommended by Crown 
House_ for the year ended March 
HI. I97S must now be Imited to 
2J28p. 

Tbe Board had announced that 
subject 10 there being no renewal 
or dividends restraint a final divi- 
dend of 2.7 p would be recom- 
mended taking the total 25 per 
cent above that paid for the 
previous year 

A first interim dividend of Q.42p 
i n respect 0 f 197S- 79 is now 
declared — assuming that the 
final for lOn.'TS is approved the 
two dividends (together totalling 
2.7p) will be paid 00 October 2 

1975. 



Yearlings hold at 9£% 


The coupon rate on this - - week's 
batch or yearling bonds is un- 
changed at 9j per cent They are 
due on August 8. 1979 and are 
issued at par. The issues are:— 
North Hertfordshire District 
Council l£lm), Bridgnorth 
District Council f£im), Lothian 
Regional Council (£lm). City of 
Edinburgh District Council (£2ni); 
Renfrew District Council (£5m), 
Cotswold District Council (EJm), 
Ere wash Borough Council (£!m). 
Inverchdp District Council (£lmj. 
Newport Borough Council (£4mj, 
City of Portsmouth <£lm), 
London Borough of Waltham 
Forest (IJm). Wood spring 
District Council (£Jm). Crewe and 
Nantwich Borough Council (£lm). 
North Warwickshire Borough 
Council (£lm), City of Wakefield 
Metropolitan Borough Council 
(£im). Runoymede District 
Council (£{m). City of Coventry 
(£lm). tnvergordon District 
Council (£Im). 

Strathkelvin District Council 
has raised £lm by the issue of 
lli per cent three year bonds at 
par dated July 29, 1981. 

Dacorum District Council has 
raised £lm of 12i per cent bonds 
dated July 27. 1983 at par. 

South Lakeland District 
Council has issued' £Jra ‘of 
variable rate bonds July 28,. 1982 
at £99J per cent. 

Restormel Borough Council has 
raised £fm and Essex County 
CouncO has raised £ira of 
variable rate stock dated July 27, 
1983 at £99j per cent. 

SUTCLIFFE — 90% 

Sutcliffe, Speak man's rights 
issue' has been taken up in 


respect or 1,103,960 new ordinary 
shares, representing 90 per cent 
of the issue. 

New shares not taken up have 
been sold at a premium aod the 
net proceeds (estimated lo be 
34.8p per share) will be remitted 
in due course except that amounts 
of less than £1 will be retained 
by the company. 

MIDLAND BANK 
STATISTICS 

Statistics compiled by Midland 
Bank show that the amount of 
“ new money " raised in the UK 
by the issue of marketable 
securities. in July was £193 Jra, an 
increase of £72.3m on the total for 
June, and the largest monthly 
figure since November last year. 

Almost half of the /total was 
raised by local authorities. Com- 
pany issues accounted for £ 1002m 
of the total. This included £851101 
raised by Barclays Bank, by ifle 
indirect method of issuing its own 
ordinary shares in exchange for 
those of the Investment Trust Cor- 
poration. which it then sold to 
the Post Office pension fund. 


THE NEW THROGMORTON 
TRUST LTD. 

Capital Loan Stock Valuation— 
1st August, If7 8 
The Net Asset Value per £1. of 
Capital Loan Stock is 178. 3Dp 
Securities valued at middle market 
prices . 


llmg&Sliaxson. 

Limited 

52 Corah in EC3 3PD 
Giit Edged Portfolio Management 
Service Index 1J.7I 
Portfolio 1 Income Offer 13.43 

** >334 

Portfolio II Capita} Offer 130.10 

■id 120.H 


PULLMAN INCORPORATED 

Chicago: Pullman incorporated reported a second quarter net income 
of 520-060,000 ( S 1.83 per share), against S8.8 72.000 (50.81 per share) 
in 1977, on revenues of S62U53.000 (5530,167,000 in 1977), break- 
ing previous records for quarterly earnings. 

The previous quarterly record tor earnings was S 14.731 .000 ($1.35 
per share) in the second quarter of 1974. 

For -the first six months of 1978, earnings were $23,918,000 on 
revenues of SI. 121.300.000 against $14,579,000 and 5997.279,000 
respectively for 1977. 

During the last quarter, Pullman’s consolidated backlog reached a 
new high of S4.6 billion versus S4.1 billion a year ago, and 
$42 billion at the end of 1-977." 

Pullman's Transportation Equipment Divisions performed extremely 
well in the last quarter. Deliveries of rail freight cars totalled 
3J12 against last years 2.647 cars delivered in the second quarter.- 
Orders were received for 13.056 rail freight cars in the quarter— 
another record— Compared with 2.936 cars ordered in the same 
period last year. 

Revenues and earnings of Pullman's Truck Trailer Division topped 
those of the second quarter of 1977. Domestic trailer manufacturing - 
plants ire operating at near-capacity levels, with improvements 
also noted In Canadian and European operations. 

Earnings from Engineering and Construction operations continued 
at a high level during tfa e quarter. While Pullman's Engineering 
and Construction backlog remained extremely, high— at the same, 
$3.6 billion as a year ago — new inquiries declined, reflecting a trend: 
expected to continue. 

Pullman Incorporated declared a dividend of $0.35 per share, -the 
470th consecutive quarterly dividend in the Corporation's 1 10-year 
history. 


To the holders of 
Eank Handlowy w Warszawie S. A. 
Redeemable Floating Rate Deposit Notes due 1982 

In accordance with the provisions of the above Notes. 
American Express International Banking Corporation, ‘as Fiscal- 
Agent. has' established the rate of interest on such Notes for 
the semi-annual period ending I5th January 1979 at 9<vr per 
cent. Interest due at the end of the Interest Period vrtli be 
available upon surrender to any of the Paying Agents of 
Coupon No. 4. 

American Express international 
Banking Corporation 
As Fiscal Agent 

24th July. 1978 








Financial Times Wednesday August 2 1978 

Arlington Motor up 
86% to peak £1.2m. 


Sterling 
Credit up 
£ 38,000 


vv'-.,r 


POUL.OWTNG HIGHER first -half payable over seven "jrars. These A FT ED ADVANCING £15.000 5)1 

prows of 1671,000 against £379.000. ROASD MEETINGS arrangements together with sue- midway to £155.000 pre-tax profit 
Arlington Motor Holdings finished cewftil fading have resulted in at Sterling Credit Croup ended 

the ye ar i0 m„ c j, 31 19 ; S W1[h Th? n>E->um B euniDaoi^ have nniiiswi stronger liuuldity with net current the March 31, 1D7S, year up from 
SSi T to O P , r0ais ' upRB I****** from SSmSL. lta £ ll ,r ' jr 4 u S **»'* “P from £2gm w aim. 1287.000 to 1323.000. Income for 

® 8 record £1.21 m. Turn- twid tor at? punm*' "f vwNrfenn* Meefin* Chartered Accountants’ , be r^ v ?j? r was dmvn roin -E2-S#* m 

®' er was £43. 4 m against £31 2m. dividend-;, Official mdiraiiini', are n<it H i« 94 at nootL *° £2.4.1m. 

: The excellent performance has 2“ ' * The final dividend of OJOMp 

resulted from improved trading «t**wn mw S a?i s bj" d Hf U iriaiH i |» «n'h« _ f net . against an adjusted 6 Slip 

ui all areas, except aluminium and year 1 ' umciaWe. ® Comment takes the total for the year from 

Wnwal material stockists. Mr. ... _ T0DAT r , lint Arlington has had a rery Eood l-281p to M322p per share. Also 

N. C. . Housden, chairman, tells v #' v™S5tS yearwMh trading profits up ty ^ 5’™*’“'* a • «riP 

S Z. o, hide. """^— ■ ^ 'jhi L. .ubj.c or 

Were nnea-?. Primer*. Cltv of L»nd»n Brcvtry and r 10 . '" c ” „ in cam . £53.000 (£>2,000) and earnings per 

up . ®® __ per cenf - an ^ Investment Trust, Owns Phwsaraahie, though its expenence I0n share are shown at 4,43p 

coach sales, 25 per cent and cars. Gnome Ph«oura?iuc Pr-du«'. r f.d., mercial vehicles, which accounts . F 

17 par cent. Sotnporiex. warms and «>'»"*•'. Tor 5R per cent of vehicle sales. fas™.-— «r tho sraim can 

... I . . FUTURE DATES __ v have mixed. Bedford .. uirectors W the group con- 

Although the group Is dome interim*— . n “' e ueei* "Jr” _ k . tmues to expand in insurance 

little more than bold its position Automotive FY-duci* *<«■ t trucks have been winn ' broking. Income of the division 

On truck sales in the first quarter British and American Cm. Trust Aus. 4 share but the . „ th for the year was £0.58 m, and 

of the current year, van sales are ah* io f* ,d u°* EiLl* ^ ’addition the growth Is continuing. Profit- 

over one-third ahead and car f£“ h 'and^tcohcw Aw. is truc 5- f r ? nch ' se - ? dd -..jiv, ability should- now improve fol- 

sales are double those for last Taman" Dttiilkn sear. 2* car division has v ha M^, c “!l®. th 2 lowing the consolidation and 

year, the chairman says. fi«i*- . „ th * « r,ke 5,1 v auxhaii ana tne rallonalisa „ on of (be Tarlous 

Major growth areas are seen In Half.tr a>i«. » lhrou J h out the final quarter of the ®^}jj£ '* ° s “' hire purchase and 

both parts and service depart- Hum? R«w.nr* . \u*. a T< , ar '- Th!i . VMr th ,. commercial w-i.»JKr. 

amTachievSntr sucii d . hiel^vofume vehicle market has not beenso a satofac 

jf d b”5!.Vr i „ S " C A h r,i„n“on V Mo(or ”g? "Iff SSTJSfS “? r ' - s di "'^ in «* ■“ 

Finance that the chairman is con- Tomo»?r >»••*< car division could well do with a y ar b - lhese diu. ions. 

fident of a very shtisfactory out- Tradins profit ... ' p . f r -J n ohise to "et the most out To date the current year has 

tun, for thus company. iSETUSVE ^ « of fts growing ’leasin'* operation, shown expansion in all divisions. 

Earnings per 25p share for 1977- T»* '*• A Levland xtar distributor would an< * directors feel that given 

1978 are given al 24.5!p against pn l fl, ®2j 438 also fit in well within the com- stable economic conditions and 

12.Mp. adjusted for last Deccm- g"™* Qn *" * u pany's framework. As such on no increase ■"interest rates. 

bers rights issue. The final divi- Aunburabi? . t*n: «u acquisition of a Ford »and perhtps results should show an improve- 

dend is .i,.T3p against a forecast orduwr» mienm <* a Leylandt ear dealer would be mem. 

5.2op. making a toiai of 7.Ktp on Fu,al -1? the nest logical step and this On the sale for fl.lm of Us 

Increased capital, a rise of 19 To '**'"** ^ m iehr keen profits moving ahead interest in E. D. Sassoon Bank 




over one-third ahead and car i:: auT » truck irancmse tn ability should- now improve fol- 

sales are double those for last Tmnaiin Didilkn sesr.j* car division has v ha ^. h t ^, c “ p ®. th b lowing the consolidation and 

year, the chairman says. fi«i»- , „ lh * « r,ke 5,1 v auxhaii ana tne rallona i Usal t on of various 

Major growth areas are seen In Hall.rr a..*, » lhrou J h out the final quarter of the " ° s “‘ hire purc hase and 

both parts and service depart- Hum? R»Mmr« . iu*. 9 vpar '- Th!i . VMr th ,. commercial w-i.»JEir. 

amT achieving hieh^olume vehicle market has not been so ^Ihouz* a sattfac 

jr d b”&b S " c A h r,i„n c on tr, -s? T*f S'MSfK s Ev“L* * di 55 SL ln last 

Finance that the chairman is con- Turnover car division could well do with a year b - lhese din. ions. 

fident of a very shtisfactory out- Tra-im* profit ... ' 1 p f r-inchise to <*et the most out To date the current year has 

turn for this company. ESZVSSul JT... ^ « of fts growiS leasin'* operation, shown expansion in all divisions. 

Earnings per 25p share for 1977- T»* 2* '2 A Levland car distributor would an< 1 directors feel that given 

1978 are given at 24..ilp against 2 f ‘ l pn i fl, ^ , , 439 also fit in well within the com- stable economic conditions and 

12.Wp. adjusted for last Decern- V.” m » pany s framework. As such an no increase >n interest rates. 

bers rights issue. The final divi- Aonburabl? . . !*7i «a acquisition of a Ford land perhaps results should show an improve- 

dend is .V.T3p against a forecast ordinan rnienm «■ a Leylandl ear dealer would be meni. 

5-25 p. making a total of 7.Klp on Fw *' -1? *|2 the nest logical step and this On the sale for fl.lm of Us 

Increased capital, a rise of 19 To ’**'”** ^ " miehr keep profits moving ahead interest in E. D. Sassoon Bank 

per cent over last year s fi.STp. , hows a , ur „r us 0 f £1.4m over during 1B73 .despite predictions and Trust Company, directors say 

The-mcrease has been agreed with boob P that rhe car market will reach a the transaction greatly improves 

the Treasury. Bank facilities have also been peak in 1978 At I3.i|» the shares the’ reserves of the group and 

A revaluation of gmitr proper- renegntiaied and there are now represent reasonable value on a provides further capital for 

ties on an open market basis £1.5m of medium-term loans re- yield of 9 per cent and p e of o.3. expansion, 

Butterfield-Harvey plans for growth 

WITH THE reorganisation and housewares £0.4Hm tXO nlm); compared with £113.67®. . ]>* v ® 8 favourable position 

rr/ionalisation phase nearing com- rubber and plastics £40.000 The company's activities consist to report, he concluded. 

pletion at Butterfield-Harvey, Mr. l£0.29m>: and share of associate of property investment and 

S. A. Roberts, the chairman, says £0Jm (fOJZAmi. development and investment in _ _ 

that the group is now entering The chairman says that slocks and shares. JyJJQ\y2V 

a new era where the emphasis Shelvnke and Drewry has a most J . 

will be placed on corporate successful year. Sales and profits _ QrllfQflPP fnr 

planning for expansion and the were at record levels and the year I ,nn 11 011 SHIfl flUYflULC IU1 

achievement of higher levels of ended with a full order load iiuuuuu ****** i. , 

productivity. well-balanced between home and - T _ . • p W NHlSllSllSW 

For the current year he confirms export. Northern Chl6I w ,1 » k w r 

his forecast of substantially The reshaping of Beldray IUCI1I Clllt-l With turonver ahead From 

higher profits. The trading per- enabled a profit to he earned » fl.Sfim to £2.1 2m pre tax profit of 

formance to date is , most towards the end or the year which QU6StlOn£U R- S, 7 i, i ,shaW f, n iSl, t T ei ^ , , n «!^ 

encouraging with orders and sales was sufficient to reverse earlier H creased from £106.000 to £130,000 

at a high level. Now that much losses. Much better results for ^jr. j. h. M. Mackenzie, chair- in the March 31. 1978 half year, 

of the reconstruction is complete the current year are expected. man 0 f London and Northern Tas taltes £67.600 (£55,1201 and \, 


Confidence in the future 

■ Progressive expansion will continue 
M ProjQts expected to increase steadily 

For the year ended 31st March, .1978 the profit performance in a diffi- 
cult year was creditable — the Home Improvement Trade continued to 
expand, exports increased and the balance sheet- was strengthened- 
Currency risks have been minimised for the current year. 


Midway 
advance for 
R. Smallshaw 


llUlllltlll With turonver ahead From; 

. v £l.S6m to £2.1 2m pre-tax profit of 

nilPQtmnPfl R. SmtUlsbaw (Knitwear) in- 

lj[UC3iiuut.u creased from £106.000 to £130,000 

air. J. H. M. Mackenzie, chair- in the March 31. 1978 half year, 
man' of London and Northern Tas takes £ 6 t, 600 (£55,120) and 


SUMMARY OF RESULTS 

-for year ended March 31, 1978 


1978 

1977 

Turnover 

£247m 

£222m 

Group Profit before Taxation 

... ... £12. 9m 

£14.3m 

Retained Profit plus Depreciation . . . 

... ... £ 7.0m 

£11.8m 

Ordinary Shareholders Funds ... ... 

... ... £63.7m 

£59.7m 

Earnings per Ordinary Share* 

12.7p 

21.4p ’ 

Dividend per Ordinary Share 

... ... 4.673p 

4168p 

1 * If based on a tax charge of 52%, earnings per ordinary share would have been ll^Jp (1976) I 

and 12.0p (1977). 




prospects appear excellent, says . T* 16 **s®ciate Thomas Locker Group was quesUoned closely at a gaj n n o iterim dividend Is to be 

the chairman. had a record IT\ profit out losses yesterday's annual meeting on the pa j c j i year a Up net per lOp 

In the year ended April I. 1978. *" Belgium left the result only reasons behind the group's much share final was paid. Directors 

group pre-tax profit expanded to shghuy higher. The Belgian criticised dividend cut. believe that despite unfavourable 

a record £2.77m. Although some offshoot has now- been closed. shareholder asked whether it trading conditions profit for the 

of this improvement was due to *lr. Roberts plans to retire in was t h e iastitutional share- current vear should be similar to 
the restructuring at Greenwich, the autumn— he vull be succeeded holders or the directors who were last year's record £266,623. 
the full financial benefits from as chairman by Mr. T. F. Honess. behind the decision to reduce the n , tv.#, 

this work have still to be realised. Meeting. Connaught Rooms, dividend from .n>5p to 2p. Mr. n s ir ril dbma ” d f ® r , 

The chairman feels that bank August 23 at noon. Mackenzie replied: "We needed i? .ff'fSlK 


Meeting, Connaught Rooms, dividend from 31*5p to 2p. Mr. Directors say demand for the 

,\C, August 23 at noon. Mackenzie replied: "We needed f h 

overdrafts were contained at an no advice from outride parlies on ab ’ e t® r , ‘ re^of^Cut anri^Sewn' 

acceptable level during the year Att . that matter." dSined in ward J thS end of the 

showing an increase of only lj|ty OftlPPS The chairman was also asked d “ Jf d l0v ‘ ards> ,he end of 

£346.000. This was despite heavy J for clarification on the nature of 1 

financial commitments in the qhoorl cr* for ,he group’s overseas contract The mostly poor weather was 

acquisition and promotion of two 2>vJ Ml work: did the overseas contracts once again responsible for lower 

new companies and Increased . OCC A Al*! have fluctuating clauses or were ■‘•'flc* of knitwear through the 

expenditure on plant and equip- 9i J thoy price, and were they spring and summer. Although 

ment for the group as a whole. ’ likely to suffer the effects of any demand is shortly expected to 

At April 1 the overdraft until isa- First half 1978 gross Income of penalty clauses? Mr. A. G. Speake ro*“™ ,J° r „ 

tion amounted to £2 39m and CUy Offices rose slightly from of London and Northern’s Pauling fashioned knitwear, the outlook 

medium-term loans drawn down £647.48fr to £667,797, and pre-tax group o£ companies, responsible ror Cu£ an “ ®ewn is uncertain, 

totalled £2m. Recently arrange- profit was ahead at £334,933 for the overseas construction 

mentR have been made to renew against £322.563 last time. . work, replied that the group was rnDDA C A'HiPCI C 

the Midland Bank medium-term The directors state that' figures not carrying any fixed price EDdKU A-AlvA. tL«3 

loan of £500,000 which was due exclude results or Lusaka City work. “And since all the con- CCfniVn INTERIM 

to mature in July. These facilities Offices, the company's subsidiary tracts we are undertaking are oti-iyiviy idalaiiti 

ensure that ample funds are in Zambia. well in advance of completion As a consequence of the con- 


Britain's Leading Timber Group 

Montague L Meyer Limited 

Viilier8 JJouse 41-47 Strand London WC2N 5JG Telephone 01-839 7766 


Timbers sheet material distributors. 
Builders Merchants and retailers. 
Manufacturers in related fields. 


EOBRO CANCELS 
SECOND INTERIM 

As a 'consequence of (be con- 


available to finance the group's First half earnings are 1.3p there will be no penalty clauses tinuation of dividend restraint, 

expanding business and will (I.24p) per 23p share and the imposed.” . the directors of Edbro (Holdings) 

provide some flexibility to take interim dividend is increased to Jq addition to the formal report that it is not possible to 
advantage of any special opportu- o.86p tfi.TTpi net— last year's business of the meeting. Mr. declare a second interim for the 

nities that occur. second and final interim was o.95p Mackenzie added that Cement ?? ar to March 31, 197S. 

An analysis of profit shows:— paid from the year's pre-tax profit Roadstone’s offer for the with the proposed final of 

special vehicles and engineering or £I.12m. associated company J. and W 4.2845p. the total net pavment for 

components Tumiture and Tax for the six months took Henderson (Holdings) for £1.95m the 1977-7S year will therefore be 
fabrication £I.94m (I0.65m): £256.825 (£236.316) and there was cash had now gone unconditional, the maximum permitted 6.314Sp 

building products leisure and an extraordinary credit of £173,164 “i hope that next year I will (5.6544p) per 25p share. 


Wigfall forecasts significant advance 

Materially improved profits are The AGM of the company will reports that this matter has now Mr. W. Johnson has resigned his 


forecast by Henry Wigfall and be held in Sheffield on Septem- bpen partially settled 


Son for the year 1978,79. ber 4 at noon. 

The profit projection is made in 
the light of chances, implemented 
over the Van two years, now pro- Prn 
during -results. And with a -a * vr 

reference lo the company's 
successful defern cp of the bid lUl 
from Comet Radiovision, Mr. . 

Frank Morrell, chairman, says 
the increased profits should allow 
shareholders to be offered in jlr. J. 

practical lemvs ihe fruits of rhe chairman 


the non-cxecutive directorship 


Progress ahead 
for Phillips 
Patents 


croup’s favour. A a to the balance, (he company to devote all his time 
jeial advisers feel that the claim to Habit Precision Engineering 
is good and this will be pursued, and Hamilborne, companies in 
In a note to the accounts the which Ferguson Securities, the 
directors state that they estimate main shareholder in Reed, has 
iliat the provision for the reduc- strategic stakes, 
non in the value of development 


j-) j . land in (he 1974-75 accounts is 

1 a tents reasonable and that no further 

provision should be made in the 
Mr. J. .A. Ruwland-Jones. the IW77-7S accounts. The development 
airman of Phillips Patents i<*"d I cost £830.000) is staled after 


practical term* ihe rruils of rhe chairman of Phillips Patents '<<"0 icosl £830.000) is staled after 
company remaining independent. (Holdings). «ay« he believes that provision at £533,333 which 's in- 
As already announced, the tfcrec- no! only will the group's progress eluded in the balance sheet under 
rors have forecast a dividend total continue but it will be sub- heading, development land and 
of 13.5p for the current year. suntiaUy improved. buildings, £853,530. 

As reported on July 10, better He explains that die decision Because of the continuing un- 


than forecast pre-tax profits of not 


George Ewer 
forecasts 60 % 
dividend rise: 

A sharp jump in profits together 


Abetter 
deal in 


dividends in certainty of the property market with a 60 per cent increase in 


£l,37m ill. OB for previous 33 1977 '78 was made I o keep borrow- it is not possible to assess whether dividends is forecast by George 
weeks) were achieved in rhe year ing commitment-s down but it i« the provision will prove ultima lely Ewer for the current accounting 
to April I and in the light of the ,-ir>iirip»red that current negotia- m he inadequate or excessive.' The period. 

Comet bid the rtiyidcnd_ [olal was tion- w-ill be concluded .sitisfac- auditors have qualified the The year-end is to be changed to 
raided from 4.8425p ro 7.5p net. torily thereby reducing borrow- accounts on this latter point. September 30 and for the nine 
>lr. Morrell report*; ih*l the mgs bnd making Ihe payment of Referring to the Baby Deer sub- months to that date' Mr. H. G. 
company fa well placed to take dividend* possible— overdraft 1 * a) sidiary the chairman says that the Ewer, the chairman, expects 
advantage of the increase m con- ihe year-end stood at £666.795 enlargement of the range of pro- profits, before tax, to reach £l-2m 

fmnnrliivn U'llinh Vl'ik. luinn i PCiT ftnn I of th ic Aomnonv hoc nrnvO/l ■..ilk CT An« r nn aka r. .1 1 


(£657.033). ducts of this company has proved compared with £1.09m for the full 

As reported the group showed succssful and it is largely due lo [977 year. 

« pwa . y* i_ .r nw jg Jn “ '*£"***2 'Announcins Ml. at jwentajM 


aumc-r spending which ha-* been (£057.033). duct 

experienced to the last few As reported the group showed succ. 
momthfl. Turonver generally is a pre-tax profii or £104.925 in this 
now showing considerable the year ended February 26. 1978 with 


improvement and Ihe extra bu.-»i- (166.264) struck afier r red t ring Chemist) that this company In- Jpg'islathfn 1 it^ould^be 

ness transacted from ihe new nut- Temporary Employment Subsidy c ™ as „ ed . lls ,™C2 over by over the -1 Board's tnlcntion to pay a 
lot- acquired from Loyd* in 1976. of £297.630 (£140Jt20). C-"0. 006 m 1977-78. dividend of 1.4p per lOp share for 

including new rental busme*. is The chairman points out rhal Phillips still has the benefit or lhe on li]e capita] enlarged 

starting to produce a Mgnificam the larger part of ihe TES wa> ,h ® ? ba '™ a P,. s , by the one for five scrip Issue, 

contribution to profits. received in the first <ix months £ . % ,| SI a ,hf t l This would represent an effective 

. The benefits or the rort con- of the year and the groups hc w,l ,‘ “* f?J, ea ““. I'?™ mat increase oF 60 per cent on the 

trot programme, which ha> been improvement has been a con- guarantee in me near luiure. equivalent Qf 1.17p paid for the 


currency 


CHANGES NAME 


A spokesman for the company 
last night said that under the 
Board's interpretation of the new 
dividend controls the proposed 
dividend increase would be 


trol programme, which na? qeen improvement has been a con- guarantee ; r » a* equivalent Qf 1.17p paid for the 

reminded from lhe previous unulng process. Meeting, Manchester, August 24 previous 

.vear. are now becoming evident. Referring lo the development 31 n0011 - * sookesman for the comoanir 

The ceirtraUsed collection of companies , ihe chairman saj-s that n/TriTiif n cm last nicht said that under the 

accounts is complete and She in the ca.se of RaJ>bett-s' the group WILLIAM REED Board^interpretaU'on of the new 

conversion of wecldy rental agree- w presently negotiating a dis- rUAlVfiFS NAMF dividend controls the proposed 

ments to monthly paynienLs has posal with several potential pur- V.nrtliVJLO i^rtiric dividend increase would be 

reduced the cost of aomimsira- chasers at a price well above THE directors of William Heed .permitted if a consistent account- 
dion. book value. It is hoped to eon- and Sons announce that the share- in g basis were adopted 

A statement of source and etude (he sales in the next Tew holders, at the AC.M held yester- On the group's current position 
application of f.undsjdiows a net months. day, consented to change the com- the chairman told the AGM that 

increase of XliiTm (£1.2m As regards the interest in Crag pany's name Lo Rivinglon Reed trading continued- very satis- 
decreasc) in borrowings. Head flats. Air. Rowland-Jones Limned. factor ily with growth In both turn- 

RESULTS AND ACCOUNTS IN BRIEF 

ST* VERT ZIG 0 MALA (HOLDINGS) of Di-whuru D»ni. rhe n-iulis of ihar ^hare. idlnsted tn reflect rull cnnTPrstnn fnu.Ml) »r Revenue fairer emnsesi i 
, fiirnuure ! wiioli-^alrr jnd invi-MnL-ni aroint for III** -»lx m-mUis io January IB. -if loan «l„rk for cnniparatlve purnnw'. £64.894 IIIOSM)-. Taxation C53.7P7 iriTJTJ,. 

concern'—' Diridenrt 4.Sp »1.9P‘ yrar enrleil 19TS. nor jm-iml.-i] in abo»? fiaur-s arp HEYWOOD WILLIAMS GROUP lalu- No! Revenue available for Ordinary £31 107 

March al- I*™. Consolidated nrobis .is follows, six moiiThfi lo January IB miDlmn and Klaxs bulldlns materials. IC.-W71, Tod) Assets, less Cumnl Lia- 

wg d 5 j ({36,8691 lew tax £J , S+' i '£8.H2>. group tumnvrr uuaj fS.MAM and n-xi aura nn. hoieli ■— RMuil* for Apnl HO. blliflcs. at market value, including full 

Tfcprei-lailoa and amoums wrilu-n off 45.46 per cent H.2MJ11 fjear in July 19. iOIs year reponed July 1* m full nre- dollar premium of S2 per cent (82) per 

mi [ W.425*. Balance remaining £16.370 1977. loul I1K.2M.123 and 4 3.49 per cem imiinarr suiemcnt. Fixed assets C .19m cent* where applicable £ 6 . 339 , 30.1 
■ ri 5 *w» Profii of hofaJioa compam, i£B.ht. 416' iradins profii nsn.(C 2 and .fcj.wmi. n?i eurreni iwn £g.ifro 1 rfl.038..isai. Nci asset value oer , ‘tn 

£13.008 Ifll-W after tax ffljiai i£fl,142>. nso.OW i£l.K4.4W aod_f4i9.12r'. Deprecia- [{*. 45011 . Uuutdiiy increased by ZI.4Itn share 39.(p f36 4pi. Wet asset value and 

CORN HXCHANGE COMPANY— Total lion £IW. 1-6 and £5,.79e 1 *06 • O 21ml. Meeilns. Chester, Angutl 22 . 11 roial assets Include the premium or £49 «n 

Income £2flS.71S (£2M.M2> for half fear £19a.Kl-M- Pre-fix profit £202,896 and jj jj pm. (premlinn on defleit £005i applicable fn 

10 June SO, 1978. Tout exaeadlturo IS3.1W £92.337 tW24.»l and «8,713». H, T. INVESTMENTS— Gran revenue, the butoIuk on lhe MutU- Currency Loads. 


fully let. 

* ANGLO -APR I CAN 


ct af'tts Kf CT-6P >«..P>. Dar|hle - |0 lncldc -- or dl ^ Dd 

LOWLAND investment COMPANY- pajTrwiM. Net aiwts attributable 10 ordi- Jo i L™ ^ °:l? s 


ANGLO-ArICIMn rinm-— ■ LOWLAND INVtamtni uinrsni- iMiiiwnu,. nei wu aimDUUDie IO oral- f n ft5 nl ,u,J v " k '.Z 

PANY- Pre-Ux profit I124.JM far si* Imeriin dlridend 0.9p «0.9p^toial 2.1pi for ninr ttarca. mcjnduu: umstnirnis at i[5L“M i£g» tfet 

mOTths to Janua n 19. r £ K2 «‘ t jear in S, -member M. 1979. GTOan » vafo?. B.B79.JM ffi.7M.afi?) ?qual fjyjp M'VSrmil M ^ aSp 

in'oiui” , . |K - Tal £ 24.701 ... _i__ u n-a , n i!i iin mt-rint Mr dun- *o*-*i* « year enoj per snare. 


iherriof <fa not -propose un mi.-rim nividend E70.4-.4 ,£>4.19ni. Earn urn- oi-r £ffl 373 or 1.i*o per shaxi. 
ana inriKiu* ^ . .... ...e rrnfr mdac ..n.Fnnr^. 


JOHN SWAN AND 50N5 (livwitihk. 
auLiioneer and estate ajrnti— Results for 
April 3n. 197H. year already known. 
Fixed am-ls £299.369 f £273.431 1 . unquofed 


dividend Th? Board will recommend xnare i.*7p il.TVpi. Set a'-:?!- pof share STOTT BROS.— Turnover for year 10 Investment* £13.744 H14.917i. net curreai 
1 dividend in 10*8 when n'*nli4 (or year 67.Hp lUJpi. includes full Investment Marvh SI. W7B MD9.S79 i£J29.464<. prnfli a "Wfa f334,9*i ngia.MOi. nuumu sari 
impA-n. The above results include curroniv premium nn «1 SS8S 32.0 oer It-Tjt i£a.823i afu-r lax £10.010 i£6.5mi>. wmaany Baa made cnroarAgltuz start fo 


irr known- The above results include (.-urtvniv premium nn «l SS85 32.0 per £7-751 i£a.823i after lax £10.010 i£6.3fl<i>. wmoany has made cnroaraglti* start to 
those of Me romoany and If* wholly- cem m; o?r ienn. Valor nf investment Eamlnts per share 0.3i«p io.2837p». divi- «*rn.-nt y P » r , Mwilns, . Edinbursh, 
mt-ned auhsldtani** and a dividend of rurri-nrs premium oer - share 3.lp *2.1|i» dend -7.3o isemri, Aunitst 22 . at 4 pm., 

n ms declared hy Dmvbiirst Deni in Vslua'inn nf Invir-lment £SJM.192 NEW YORK ANO CARTMOnC INVEST* NEW THROCMBirrau min- .. 


n fftfi declared hy Dmvbiirst Dent in Vsliur,nn nf Investment UJM.ll'! NEW YORK AND CARTMOnC INVEST* NEW THROGMORTON trust i, 

riaerr of sm <° J""* ,BrT At «£IOI2.H2i. Nn nirrenr asyeie tBtX* MENT trust— G rmi rerenne £231.779 Ausuq I. UTS. net asset valu oar £i nf 

j^T u, lWfi the snw held «■« #« niu.Wi. Eamlwu and ant amta, pw far ludf-year ended Juno M, 1978 caplial liu aiock, ibjU! ” *“ ° ^ 





# For companies engaged in 
international trade, today's 
r volatife exchange, markets pose a special : 
set of problems. - 

A sudden crisis of confidence, or . 
unexpected raify can cost them heavily- . * 
unless their currency, dealing is being handled 
by professionals. 

_ If this is one oFyoUr problems, A P Bank 
could almost certainly supply some reassuring - 
answers, 

Our currency dealing service has been 
helping international traders for years; 
and our policy of making every customer a- 
personal customer ensures that you get the. 
full benefit of the bank’s experience —as well 
as quick-decisions and advice when needed. 

For information on all our currency 
' dealing and arbitrage services, please phone 
01 r 638 471 1 and speak to Bill Thorpe or 
: Peter Beckett 'T -. ..r : 

A P Bank Limited 

A member of the Nawich Union Insurance Group 


NORWICH 
UNION — 

nnn stufl 


Goeat-Wifichester Street, 

'•London EG2N 2HH. " : " 

.; .^kpftnKOl n5S8 7575. Tefew 88^219. 







Financial Times Wednesday August 2 1978 -if,- 


MIKING NEWS 


BIOS AND DEALS 


Marcopper leads Atlas 
in first-half 


Piran bought fm Orme 
shares ‘by mistake’ 


AE f< 
£ 28 m 


: • " . * ^ J i 

nil !** 


BY KENNETH MAR5TON. MINING EDITOR 


SHARPLY differing fortunes are 
reflected in the half-year results 
of the Philippines’ major copper 
producers. Alias Consolidated 
Mining and Derelopmem and 
Marcopper Mining Corporation, 
reports our Manila correspondent. 

Although both companies 
received an average price of 
57 cents per pound for their 
copper, net income of Alins has 
plunged to Pesos 1 0.52m (1741.400) 
compared with PB3.5m in the first 
half of last year while (hat of 
Marcroppcr has risen to P.>2.7m 
from P;;j>im in the same period 
of last year. 

The reason why Marcroppcr has 
come nut .-*o well in the latest 
period of low copper r ,r 'ce> is 
that il has boon able in reduce 
prnriuclinn costs by mining and 
milling hichcr grade ore. How- 
ever. Allas did belter in the 
second quarter with earnings nf 
PS. 85 in cnmiiarrd with Pi H7m tn 
the first three mnmhs of the year. 

The rule that all locally - 
produced gold niu<l be -old to the 
Philippine-' Central Hank, which 
has Us own refinery, has been 
relaxed. Gold coni dined a* a by- 
product nf copper can now be 
sold m oversea, buyers. The 
mpper com panic.- had penned out 
m lhc Bank ihai their gold by- 
products are covered by exi-ung 
enn Traci- in -oil copper coneen- 
t rales in over-ea** quell ers. 

Meanwhile. I he ciuiniry'% major 
sold producer, Rcnguet Cnnsoli- 
dalcd. reonris record earning* oT 
Sii.4i»m f£{.S4nn Tor lhc h.ilT-i car. 
«onir At per cent up on those of 
? year ago. Furthermore, Mr. 
.laiine V. oncpin. the pre-idem, 
-ays: ”V> are nplimi-iic that our 
< irons performance will be -u.- 
r. uned fur -the balance, of (he 
iwr." 

However, it was not -gold that 
produced !he advance in earning-, 
but Ihp exceptionally good per- 
formance of Bonmjcf'-i 66.5 per 
cenl-owncd Engineering Equip- 
ment -ub-idiary which did well 
from Middle La-; con ?i ruction 
operation*. Bcnguet’s sold pro- 
duction meurr-d i In— nf SlOS.OOfl 
in the >ecnnd quarter, but the 
total for the half-year -till «hows 
a profit ol $1211.000 compared with 
a lo.— uf Slivj.000 a year ago. 

Mr. Onapin says that the D/70n 
copper- gold project i.- ex peeled 
to -;ari up a- planned in the 
fourth quarter of 10711. Contracts 
for the .-a Jr of up to 110.000 
tonnes pr*r year of copper con- 
centrate production rommencinc 


m January igso were signed 
during the past quarter. 

FLUOR’S STAKE 
IN OAKY CREEK 

America's Fluor Corporation 
says that its Fluor Australia unit 
will ctwuanagc initial development 
oT a' proposed 2m urns per year 
coking coal mine at Oaky Creek 
in Queensland. The value of the 
work to Fluor is about AS60m 
(Id Km) 

The entire surface coai mine 
project is expected lo cost more 
than AStlOOm and is scheduled for 
completion is mid-1ft81. 

The contract For initial design 
and development was awarded by 
Houston Oil Minerals Australia, a 
unit of Houston Oil Minerals, to 
a joint venture of the Fluor unit 
and Brown Root. 


cherwan uranium prospects of 
Asamera Oil Uranium has been 
encountered on three out of Tour 
of the anomalies drilled— there are 
65 anomalies — but values have 
been small apart from an excep- 
tional 1.74 metre zone on the 
third anomaly which assayed a 
high 24.95 lbs uranium per tot). 
Drilling is continuing. 

* + + 

Of latest Canadian gold explora- 
tion news. Consolidated Cinola 
Mines of Vancouver has outlined 
a possible low grade open-pit pro- 
position on the Queen Charlotte 
Islands of British Columbia. 
Quatsino Copper-Gold Mines has 
recently started production on its 
placer sold lease between Yale 
and Rope. BC. where drilling is 
reported to have indicated 2m 
cubic yards averaging around 0.03 
ounces per yard. 


INSPIRATION 
BID CLOSED 

’l*he cash offer of S.tl per share 
for the common stock of Inspira- 
tion Consolidated made by Hudson 
Bay Mining and Smelting and 
Minerals and Resources Corpora- 
tion has now expired. Approxi- 
mately l.IDm shares nf inspiration, 
nr ;iti per cent, were tendered 
under the offer. 

Via their Inspiration Holdings 
subsidiary, the two Anglo Ameri- 
can Corporation group members 
will own some 75 per cent of 
inspiration Consolidated. 

ROUND-UP 

Ex-Lands announces a 11177 pre- 
tax profir of 1296,544 compared 
with £225.101 in the previous year. 
Tax takes £128,631 (£112,562). An 
unchanged dividend is declared of 
l.UTp for payment on October 2. 

The Rio Tinto-Zine group's 662 
per cent-owned Canadian Brinco 
subsidiary says it is continuing 
lo review the feasibility of the 
Labrador uranium project in 
which )l is partnered with Uran- 
Eesellschaft. The major areas for 
Brrnco's field exploration in 1978 
are in Newfoundland. Saskat- 
chewan and the Yukon. The com- 
pany is participating in three 
uranium programmes in the 
Athabasca basin of Saskatchewan. 
*■ * * 

Canadian sharemarket interest 
is being excited by the Saskal- 


Recovery under 
way at 
‘Blacon’ 

Mr. David Alderman, chairman 
of Blackman and Conrad, tells 
members that the resulis or 
actions taken show- that the group 
is on the way to recovery and 
ultimate profitability. 

He reports that order levels are 
being maintained and the group 
has still not realised the full 
benefits of the savings resulting 
from the rationalisation and 
streamlining which is still being 
effected. 

The changes proved more costly 
than anticipated and the major 
part of such costs were absorbed 
in (he second half of 1977-78. Mr. 
Alderman Is confident, however, 
that the effect of the savings will 
become apparent in the second 
half of the current year. 

In the year ended January 3L 
1978. the group showed a turn- 
round from a profit of £102,796 for 
16 months to a loss of £216.445. 

The chairman --ays that since 
January 31 there has been a 
further substantial decrease in 
bank borrowings and creditors — 
at the year-end they stood at 
£2. 37m and £I.B3m respectively. 

Meeting. Bonnington Hotel. W, 
August 21 at II am. 


Saint Piran* the mining and 
building group, is arguing before 
an inquiry' of the City Take-over 
Panel that it was not acting in 
concert with Mr. Tanner and Mr. 
Whitfield when it bought lin 
shares in Orme Developments 

last Friday. 

Moreover, it says- that half of 

the share purchase, which took 
the combined Saint Piran/ 
Tanner/Whitfleld stake over the 
30 per cent trigger level for a 
bid. was made by mistake. 

• Shares of Omre, the house- 
builder, were suspended at 56 tp 
yesterday at the company"* own 
request, pending the outcome of 
an inquiry by the Panel into 
the lm share purchase. Toe 
Panel had explicitly told those 
concerned that they were con- 
sidered to be acting in concert. 
This meant that they could not 
buy more than 30 per cent of the 
company between them without 
: triggering a bid. 

The broker to Saint Piran. 
Joseph Sebag, said yesterday that 
it was well aware of this ruling, 
although it did not agree with it. 
Last Friday, Sebag received 
instructions originating from Mr. 
W. -1. Shaw, chairman uf Saint 
Piran. then in Bangkok, to buy 
500.000 shares in Orme. Sebag 
checked the figures and found 
that this would be within the 30 
per cent limit. 

But unknown to Sebag. the 
chairman also put through 
instructions lo another broker. 
Foster Braithwaite, to buy a 
further 500,000 shares, thus 
breaking through the trigger 
level. The chairmen, says Mr. 
Robert Eastham of Sehag, was 
unaware that there was any 
question of Saint Piran being 
deemed to b acting in concert 
with Mr. Tanner and Mr. Whit- 
field. 

The Panel is expected to rule 
in the very near future. If it is 
persuaded that the parties were 
not acting in concert then the 
purchase would be expected to 
be allowed to stand. If it con- 
siders that Saint Piran was acting 
in concert but went over the limit 
by mistake then it could require 
that the excess shares be sold. 
If it considers that Saint Piran 
was acting in concert and did 
not buy the extra shares by 
mistakefi then it might even go 
so far as to insist on a full bid. 

Orme is currency the subject 
of a £10m bid From another 
housebuilder. Comben. 


Mr. Bob Tanner, speaking 
from Cannes, said yesterday that 
he had been advised that the 
concert rule would apply. In 
fact thats had been one or the 
considerations borne in mind 
when be and Mr. Whitfield 
accepted the offer by Saint- Piran 
for their 22 per cent stake. 

They believed that Saint Piran 
would either buy more shares 
and trigger a bid or else have to 
stay content with a stake which 
was not big enough to block a 
bid attempt by someone else. In 
this way Messrs Tanner and 
Whitfield kept alive the chance 
of benefiting from an outright 
bid ' for the whole company. 
They retain a 5 per cent interest 
in Orme. 

JFB PLACES 
AURORA STAKE 

In the final. clearing up move 
related to (be takeover by Aurora 
Holdings of Samuel Osborn. 
Johnson and Firth Brown has 
placed its 9.97 per cent stake in 
Aurora with 12 institutions. 

JFB acquired the stake when it 
sold its 20 per cent holding in 
Osborn to Aurora last April. 

Yesterday, Mr. Robert Atkinson, 
chairman or Aurora, said it had 
always been expected that JFB 
would eventually sell, the holding 
and arrangements had been made 
for the sale to go through 
Aurora's brokers, ' Pan mure 
Gordon. 

He did not believe that the 
close relationships between the 
two companies w ould be weakened 
by the sale. Indeed, he thought 
that it would “ help the relation- 
ship which w ould now be based on 
trading rather than coloured by 
a monetary stake.” 


For its part .JFB said that the 
stake no longer had any strategic 
Importance. JFB -bad . released 
£J.7m or so in cash through the 
sale (or l.Sra shares at B5pj,ahd 
would at the same time continue 
its trading links with Aurora. 

JFB would not say whether .the 
money was earmarked for further 

acquisitions. 

OFFER FOR FRITH 
NOW 86ip 

Corinthian Holdings, a relatively 
small .shareholder ip W. G, Frith, 
has negotiated an offer from 
Frith Foils that Is 181 p per share 
higher than the bid -which the 
independent director .and his 
adviser James Finlay Corporation 
had previously recommended. 

Corinthian, which owns 2 per 
cent of Frilh. has now withdrawn 
its objections to ihe deal which 
it set out in a letter to .share- 
holders on July 25 and will be 
accepting the new86*p.per share 
bid in resppet of its own stake. 

Finlay and the independent 
director and chairman, Mr. Spem 
cer May. will be recommending 
the increased offer although they 
still say they consider the original 
70p per share offer 'was “fair and 
reasonable.” They consider the 
increased offer to be "generous.” 

Acceptances of the original offer ' 
amount so far to 40.9 per cent. 
This, together with the shares 
already owned by Foils and the 
shares in respect of. which 
Corinthian has said ft. will now 
accept, amount lo $0} per cent 
of the company. 

The Increased., offer will 
naturally apply fo . those who 
accepted the original offer as wen 
as. those who accept the amended 
ode. 


Associated Engineering is Fore- 
casting a pre-tax profit of between 
£SSm and £$0m for J977/7S but 
the dividend will not increase by 
15 per cent— as intended— now 
that legislation extending dividend 
controls has been passed. 

The comments, made in the 
offer documents for Fluid rive, 
failed to dampen the market for 
AETs shares which closed ip 
higher at £12 tp yesterday. 

AE is offering three ordinary 
shares for every four Fluidrive 
shares (which value* Fluidrive 
-shares at around 85p oh the 
closing price) or S0p cash. The 
offer is being recommended by 
Fluidrive directors. 

The pro6t forecast is based on 
AE’s unaudited results for the 
eight months to May 31 plus an 
estimate for the four months lo 
September SO. It includes profits 
of overseas subsidiaries at rates of 
exchange ruling on July 24. . • 

'Outlining the reasons for recom- 
mending the AE offer. Mr. D. L. 
Donne. Flu id rive's chairman, --aid 
jf represented an increase of 41) 
pec cent over the share price prior 
to the initial offer made by Thomas 
Tilling f which the Fluidrive Board 
rejected in June). 

He also pointed to the AE 
board's intention to maintain and 
develop the business of Fluidrive 
and its belief that Fluidrive can 
(oral the nucleus of a specialist 
industrial power transmission 
ffroup. 

Fluidrive directors will accept 
the offer in respect nf their own 
.beneficial shareholdings which 
amount to- some 0.3 per cent of 
outstanding capital. 

Sec Lex 

ALNWICK BWYi 
• The offers on bphalf of Dr>- 
brough and Company, a wholly 
owned subsidiary of Grand Metro- 
politan, to acquire the capital, of 
The Alnwick Brewery Company, 
have become unconditional, and 


Lovell sets up deal with ICI 


BY JOHN MOORE 

Building contractor Y. 3. Lovell 
(Holdings) is negotiating with 
Imperial Chemical Industries it) a 
move to purchase ail the equity 
of Farrow Group, an ICI subsi- 
diary. If successful the acquisition 
of Farrow would increase Lovell’s 
current turnover by 50 per cenr 
bringing th‘e combined total to 
around £90m. 

Lovell says that Farrow's 
interests in construction, house 
building, plant hire and property 
development will complement the 
group's own activities. In addi- 


tion. Farrow will give Lovell 
better representation in building 
activity in the North of England 
and the Greater London area. ' 

In its last financial year to the 
end of September. Lovell made 
pre-tax profits of £1.6ltn on turn- 
over of £54m, while Farrow 
showed taxable profits over . the 
same period of £288.000 On turn- 
over of £22.8m. Farrow bad net 
worth of around £4m while 
Lovell bad shareholders’ funds of 
around £13.7m. 

ICI wd vesterday thet the 


move represents its continuing 
disengagement from .its interests 
in the building sector, which it 
built up in (he mid-60s in order 
to develop markets for paint and 
plastic products. 

Although Lovell showed net 
borrowings in the last balance 
sheet nf £3.2m the purchase is to 
be a cash transaction. It is in- 
tended for completion by the end 
of September in order to dovetail 
the two financial years of both 
groups, which conveniently run 
over the same, period. 


will remain open until further • 
notice. " . • - * 

Acceptances of . the Ordinary-’ - 
■ offer have been received repre- 
senting 91.3 per cent of ifc, 
Ordinary capital. Acceptances. <s£.] ' 
the Preference offer represent., 
95.7 per cent of the Prefereot* f 
capital. Drybrough intends i& 
compulsorily -acquire 'the . 

standing shares in due course. -'J 

CRYSTALATETO 1 ^ 
DOUBLE TURNOVER , 

Crystalate, the eleeinmte aritfr 
plastics group. . should double ' ftg-. 

turnover this year as a result' qf-.- 

the recent acquisitions o( 

Osborne Electronics and Greed": 
■dale Electronics. 

Net assets wHl also increase : 
to £I.6m in.lKm) not including- 
thc surplus on revaluation . nf 
Osborne’s properties (which 
could amount to 1733,000) and 
after deducting full, deferred tax 
(£43S.000). CrjMtalvte's own 

profits for 197S will add. further > 

lo this figure. 

Mr. John Leworth.v, the duly- «'* 
man, gave shareholders thi* f 
information in a document wtueta 
also hichtigtitod difficulty 
CryMaiate has encountered in its 
purchase of Greendale, 

Crystalate agreed to . buy 
Greendale. a telecommunications^ 
subsidiary of Edinburgh Indus- 
trial Holdings, for a sum equal to! ’ 
the amount by which Greendale'*.. 
net assets exceeded £157,000 on 
March 31. In the event (tie audi- 
tors addressed the assets at only 
£21,711. the discrepancy being 
attributed to lower than expected i 
slocks at the year end. : 

Crystalate, which has aL«o~ 
advanced Greendale- i which • 
suffered a fire last year) £360,-000 
for working capital, is now claim- : ' 
ing- the shortfall an the a.-wets-'- .. 
back from Edinburgh but Edin-v ' 
burg is contesting the claim. 

Crystalate does not believe the-’ 
defence is »ub.-atantial and silQ - ;• 
considers Greendale a sound ; I ■ 
recovery prospect with the added • 
advantage of £292,000 tax losses..,- - 


DE VERE HOTELS ,"-v, 
Barclays Bank Staff Pension'' 
Fund has exercised its right to - 
co n vert its remaining holding of 
£500.000 8} per cent convertible « 
unsecured loan stock 1BS3 Into • 
378.787 ordinary shares of De Vere . 
Hotels and Restaurants, “ 

The shares resulting from this’ » 
conversion . have now been, duly - 
allotted and a listing has been • 
obtained. The Fund's holding, of . 
ordinary shares is thus increased J 
to -v6 per cent of the increased ij 
ordinary capital of De Vere. : * 


2 ‘ L r - 


CBI QUARTERLY INDUSTRIAL TRENDS SURVEY 

Industry shows few Export trade 


Industry shows few 
signs of upturn 
as order books lag 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


M.WLKAirrL RlNG industry has 
failed Mgnificamly in increase 
it- Milium- nf business, nr to be- 
en in mure «i|«titmsric about 
fm ure prospects durinc the past 
three month*, .iccorriing in the 
lion fedora Hun of Rnttsh 
!mliiMr>'> Mii.iricrly industrial 
trend- survey 

Published >(Mcrda>, (he 
«nney -hows iImi i m*- mess con- 
fidence remains rauimu'- and that 
O'lnpamir*’ intake of new urd'-rs 
r'-main- sliiw. ;in was 1 lie case 
when ihc la.-t survey took place 
in Anril 

There i< still widespread helnw- 
eap.ieity wnrkinc and output 
level*, remain slucsi-Ji. says the 
t'BI. Fnrerasi- entering (ho nest 
fnui months for new- orders and 
volume iff production tin not 
sii^".-s| ,,n\ suhslaiilt.il chances 
ip i he pu-iuie 

Howeter. trends m espnris re. 
ported in Hie -limy, which was 
<-«>ndiieir.| among ‘J.ntHi u.anii- 
*.iiturmc •-■unp.mies IicIw-im-ii 
.* : t Is 2 .Hid It. M-cmeil ii, hr 
im.oiiMng slightly There was a 
inargiTi.il improvement in 
.viiimi-m .ilmut ov.-r-e.is co m - 
poiilivrness (icncr.il invest- 
ment (rends al -n remained 
strong 

“These results are disappmnr- 
IPC in that there i> no real 
induMimn of manufacturing 
industry a- a whole iiecutninc 
ary husiei." cm o;l mles tho CBI. 
“tin Hu- basis iff the forward 
looking mdicaiupi in the survey. 


this is unlikely to change much 
uver the next few months. Lack 
or orders Is the basic problem 
facing most companies." 

Tn achieve (he necessary 
improvement in UK competitive- 
ness and therefore its share in 
world markets, there would 
have to he moderation in pay 
settlements and an improvement 
m productivity. M Rapid pay in- 
llalion would he disastrous for 
both growth and employment as 
w L .|| as for price inflation." 

Two-thirds of lhc companies 
in the survey reported that their 
optimism about the general 
business stiualiun has not 
changed over the pasi four 
months, and the remainder were 
split equally heiween being more 
aod le-r* opt mil it ic This has 
been broadly the same' for the 
p.ist IS munths. 


Sluggish 


What signs there are of 
increased optimism occur mainly 
m parts "f Hie chemicals 
industry, cuniraeiurs* plan;, 
paper proriUci>. nun -made fibres, 
and spinning and weaving. But 
textile machinery manufacturers 
and companies in non-ferrous 
nt'M.iW are l»\x» optimistic than 
they were four months ago. 

> ’uni pared with the Iasi survey, 
(here lias been a small fall from 


66 to 64 per cent, in the propor- 
tion of companies working below 
capacity. The figure remains 
similar to those recorded since 
l be beginning of last year, and 
shows that below-eapacity work- 
ing continues to be as widespread 
as at the bottom of all recessions 
over the past 20 years except 
for that of 1975-77. 

The volume of output has risen 
during the past four months fnr 
only a small balance or com- 
panies. mainly in paper, printing 
and publishing. But movement 
of stocks of raw materials, work 
in progress and finished goods 
has not been dramatic during the 
past four months. In the 
coming four months a slight 
trend towards de-stocking is 
envisaged, although the CBI adds 
that such forecasts __ have not 
always been realised in the past. 

Stocks of finished goods are 
once again, regarded as adequate, 
nr more than adequate, by 90 per 
cent of the »urvcy companies 
affected. 

Turning in order books, the 
survey shows that there has been 
no pickup over the past four 
months in the rate nf intake of 
new orders. Looking ahead (o 
ihe next four muntfas. the CBI 
says that a marked recovery in 
demand does not seem to be 
expected by manufacturing in- 
diisiry. 

But the picture varies with, for 
example, chemicals companies 


Firms completing these questions have direct exports exceeding 
£10,000 per annum. Number of respondents 1,468. 

More Same Less N.'A 

Are you more or less optimistic about your 
ex-port prospects for the next 12 months 

than you were four months ago 23 57 20 ' 1 

(18) (57) (24) (I) 

Above . Below 

normal Normal normal NVA 

Excluding seasonal variations, do 
you consider that in volume terms 

your present export order book is 18 39 40 3 

(13) (39) (45) (3) 

Excluding seasonal variations, what has been the trend over the 
past four months, and what are the expected trends for the next 
four months, with regard to: 

Trend over past Expected trend over 

four months next four months 

Up Same Down N» A Up Same Down N/A 


Volume of total new 

export orders 2fi 47 26 2 26 62 10 2 

(23) (40) (34) (3) (24) (55) (18) (3) 

Volume of . export 

deliveries 27 50 22 i 29 57 13 I 

(23) (43) (30) (2) (26) (52) (20) (2) 

Average prices at which 
export orders are 

booked 38 34 6 1 45 SO 4 1 

(42) (41) (15) (2) (38) (51) (8) (2) 

What factors are likely to limit your ability to obtain export orders 
over the next four months: 

Delivery Quoia and Political or 

Prices dates import economic 

(compared with overseas Credit or licence conditions 

competitors) finance restrictions abroad Other 
57 18 7 17 36 13 

(66) (17) (8) (17) (37) (7) 


(24) (55) (18) (3) 


(26) (52) (20) (2) 


(38) (31) (8) (2) 


recording better orders. Paper, 
priming and publishing also 
stands out as one of the in- 
dustries experiencing • better 
times. 

There has also been a big 
improvement, which is expected 
lo continue, in new orders for 
electrical consumer -.roods. This, 
says the CBI. seems lo be “just 
about the only clear indication 
as yet that the revival In retail 
sales. suggested by • official 
statistics, is having an -impact on 
manufacturing industry." 

In volume terms, total order 
books are below norma) for 42 
per cem of companies. This com- 
pares with 40 per cent a month 
ago. and with 45 per cent in 
April and at the beginning of 


both this year and last year. 

Nearly 80 per cent of the com- 
parties expect output to be held 
up over the next four months 
because of lack of orders or 
sales. This is - the main con- 
straint lo output, and the per- 
centage of nearly 80 per cem is 
tiie average ror the period since 
January. 1975. 

“Ln other words, firms still sec 
no real improvement in demand 
diva- vis-a-vis the Iasi two and a- 
half years of recession," says the 
CBI. , 

Shortage of skilled labour is 
also a significant limiting factor 
for 22 per cent of the companies 
which report that they could pro- 
duce more if they bad the right 
skilled workers. In some 
industry groups, mainly centring 


We feel if a great achievemenf fo have increased our 

Nef Prof if beforeTax by 86%" Extract from -Ur. AT. C. -V. Housdens statement to shareholders. 



f j 




.r 



jf /w* Extract from -Ur. AT. C. -V. Housdens statement to shareholders. 

Tn the v*>ar 1977/ 78 Trading Profits have increased by 45 ,? c>, Net Profit before Tai’ by S6"o 
and Earnings per Share have almost doubled. 

\ Hi i- excel lent performance has resulted from improvements in all motor trading 

\ area* of t he Gro up. 

\ The domestic Commercial Vehicle Market has clearly improved but we are 

y sure it ha> a lot of leeway yet co make up. Our concern is that British 
■ ■ * - «v mu a uiaci urers \\ ill be unable to prod uce enough of the models ii i demand. 

n iinrler °l *his year Van Sales arc over one third ahead and Car ' 
iQ Sales arc double those lor last year. However. Truck Sales are little stronger 

-I i I*Y» !i| i last year. Bus and Coach Sales are satisfactory. 

11 P~ 3. < ■ I 8 - Summary of Results 1877/78 lOTff’TT ■ 





■i t. 

C' .- Jr-f .u 


Sales 

Profit beforeTax 
Profit a [ter 1 Tax 
Extraordinary Items 
Dividend s 

Earnings per share 

•uqii— j-.! -,ir -.'..lilts 1^. r«? 


1977/78 

£’000 

43,409 

1,210 

927 

96 

301 

24.51p 


lOTff’77 

JL-rmo 

3l,£U 

601 

459 

217 

12.66p“ 


A ARLINGTON 
jHKyMOTOR HOLDINGS 

Cw.-j.-ihCL^j &■ \ criiCuEo ■ *SE WsCSNS. 

COxTSACTiaSS * LZAZ3.G • BODT5tfiLDEiG-5fEBF4iBCSaSE£32fiS.VC& 


around engineering, the per- 
centage worried about skilled 
labour shortages rises to 40 per 
cent of the survey companies.- 
Investment intentions are 
moving much in line with the 
experience orprevious"busifieSs 
cycles. Last year there was a 
substantial increase ih the 
volume of private manufacturing 
fixed capital expenditure. From 
this higher base, future expected 
capital authorisations are now 
declining in relative terms, but 
no faster than would be 
expected from past experience, 
comments the CBI. 

It forecasts that the volume of 
private manufacturing invest- 
ment will rise by about 10-12 
per cent in 1977-78. and by about 
10 per cent in 1978-79. This 
would imply a rise of 40 per 
cent over a three year period 
1977-79. 

The survey suggests that in- 
vestment intentions are strong- 
est among the largest companies 
and among producers of capital 
and consumer goods, rather than 
intermediate goods. Electrical 
engineering stands out amon-^ 
broad industry groups as one of 
the strongest. 

Despite the shortages of skilled 
workers there is no evidence that 
manufacturing industry as a 
whole is actively seeking to in- 
crease labour forces. Indeed, 
lower employment is again a 
feature among larger companies, 
and the forecast to November 
suggests that the numbers of 
people employed in manufactur- 
ing industry will continue to 
decline. 

Export hopes 

Nevertheless, among the small- 
est companies, there are reporis 
of more people being employed, 
and this is expected to continue 
Towards the end of the year. 

Six out uf ten companies have 
seen average costs per unit of 
output rise over the past four 
months, and they have fallen for 
only 2 per cent. The number 
of companies reporting an 
increase in average prices at 
which domestic orders are 
r booked .is much the same as in 
April. 

On overseas business there 
has beeo a very slight strength- 
ening or confidence about 
export prospects for the next 12 
months, with 23 per cent of com- 
panies being more optimistic 
than four months ago and 20 per i 
cent less. This is the firsi time 
thal the balance between the two 
has swung in favour of more 
optimism since April last year, 
and u specially rctiects a big 
improvement over the past four 
months in chemicals. 

Some other industries are also 

more confident, but the greatest 
pessimism is among the largest 
companies. 

More companies also expect 
order books to increase during 
the next four months, and there 
has been a widespread increase 
in export deliveries during the 
past four months in some 
Industries such as consumer 
chemicals, contractors’ plant, and 
drink and tobacco. 

Of the factors likely tn limit 
new. export orders m the im- 
mediate Future, prices relative 
to those of overseas competitors 
remains by far the most cummun. 
But the general impression 
throughout manufacturing in- 
dustry U that price competitive- 
ness has- become a slightly less 
serious barrier to winning new 
export orders. 

CBf Industrial Trends Surrey 
April 1978. NO- 6 9. Full Results. 
Imtual subscription £50 (CBI 
members £ 2 ny. 21, TolhiU Street, 
London, SW1. 


Details of replies 

TOTAL TRADE— 2,014 respondents.- AH figures arc percentages on 
a weighted sample. Figures in parentheses show the response to 


the survey carried out in May. 


,v the response to ' *t 
More Same Les* --M 


Are you more, or Jess, optimistic than you were . • t 

four months ago about the general business 
'•situation in your industry '... 16 68 16 ' “ 

■* ■ • or* («) iwrra 

More Same Less N.'A 

Do you expect to authorise more or less "J 

capital expendi lure tn the next 32 months 1 

than you authorised in the past 12 months • flT 

on: 

(a) Buildings - 18 37 33 H r* 

... _. . * . ' (22» (40) (29) <i) 

(b) Plant and machinery : 38 36 25 1 ..; 

(41) (36) (23) (I)* 

• , Yes No NVA. 1 . 

Is your present level of output , below, capacity 
(l.e. are you working below a satisfactory full . . i 

rate of operation) 64 35 1 '- 

(66) (33) (IX r- 1 

excluding seasonal variations, do you consider that in volume terms: ;V 

Above Below ' • 

normal- Normal normal N/A s 


i. » ■••p - , • . 


ta). Your present total 
order book is 


tb) Your present stocks of 
finished goods are 


13 43 42 

03) (41) (45) 

More than . Less than 

adequate Adequate adequate 


finished goods are 19 59 9 14 

t . .. , • 11» (39) (9) (W>-« 

Excluding seasonal variations, what has been the trend over the 
past four months, and what are the expected trends for the next ,i 
four months with regard to: *4 

Trend over past Expected rrend over 
- four months next four months 

.. . . Up Same Down N -'A Up Same Down N^A 


Numbers employed 18 49 33 — 

. 03) (49) (35) (— ) 

Volume of total new 
orders 26 45 27 2 


of which: 
Domestic orders 


(26) (44) (27) 

26 48 25 
(23) (46) (24) 
21 60 19 


Volume of output Zl 60 19 — 

tr -. , , . (27) (54) (19) (— ) 

V ol-ume of domestic 

deliveries 25 54 20 .1 

Of: » (S "‘“’ 

(a) Raw materials and 

brought in supplies 20 59 20 l 


fb) Work jn progress ... 

tel Finished goods 

Average costs per unit 
of output 

Average prices at which: 
Domestic orders are 
booked 


24 59 20 1 
(22) (57) (19) (2) 
18 6L 14 6 
(26) (52> (13) («) 
24 46 17 13 
09 (46) (17) (12) 

60 38 2 ( 
(S3) (31) (4) (1) 


(15) (55) (30) (-) 


(26) (59) (13) (2) 


(24) (60) (12) <4>- 
27 63 10 — 

(27) (62) (II) (— > 


(31) (56) (12) (1) ; .1 


(14) (66) (IS) (*).-". 
12 67 15 « f '-X 

(13) (67) (J5) (5> *• 

12 58 17 

(17) (35) (16) (l*} jtf 

« 33 . 2 t ’ - s : 

(63) (32) (4) CU;.^ 

■kdt. 


■vGyai* 

' vc, > 


b flow 


booked 44 52 3 3 56 41 2 1 ; 

limmiimaloli- (48)( *? > , < 6) (32) (45) (2) A) ‘ ^ 

Approximatcl) how many months* production is accounted for by 

your present order book or production schedule: : 

More a*-* v 

Less titan 1 1-3 4 _R 7-9 10-12 13-18 than 18 N'A 

i* ■ *9 la 5 X 2 1 17 ’i k ! 

, ■(*** ,( l5> ,(3> (2) (3) (l) 118) :-' ; f 

Wn#? fartors are Iikciy fo iintit your output over the next foury j 1 ' 
monies: * ■ 

Orders Skilled other Plant Credit nr Materials nr % 

or sales labour labour capacity finance components Other,'. V* 

- 77 -Z2- 4 10 2 5 4 ' 

«»>, . W> (J*> (3) (3) 14) ^ 

•ttEii* pl t*® . v °tir capital expenditure authorisations In 

biulotiucs. plant and machinery over ihe next 12 months: ■ 

0)1 have adequate capacity to meet expected demand 75-:-^ : 

(b) Although l have adequate rapacity. 1 have also capital in- 

\estment opportunities which, would be profitable at the -"di 
present cost of finance, bur 1 shall not be undertakinc ’ : 10 • 
some of them for the following reasons: v ; .*2 

(i) Shortages of interna] finance f 


Less than 1 1-3 

4-B 

13 

45 

15 

(13) 

(44) 

(15) 

What factors are 
months: 

likely to 

Orders 

Skilled 

either 

ir sales labour 

labour 

- 77 

22 

4 

(79) 

(20) 

(4) 


(ii) Inability to raise external finance 

(tit) Shortage of managerial and technical staff .. 

tiv> Shortage of labour 

tr) Other 


V:‘-2 

« 

H 

94 - 

«) f! 

1 :M 


(c) My capacity l»Vot adequate. to treet expected demand but - 
I do not intend increasing my. capacity. This is. for the 
following reasons ; 3 

(|) Nor profitable because or the cost of finance — .3 

(ii) Shortage of interna) finance ■ t ? 

(iii) Inability to raise external finance ^ ''1= , 

• - (--) .$•' 
UV) Shortage of managerial and technical staff ' — . ***■■• 

: {IJ '»•'» 

(v) Shortage of labour- .- .- - i_ 

(vi) Other : T 

Id) None of the above is applicable . .-21* 

1281 . 





1 


NORTlf AMERICAN NEWS 



'll 


n 


K\, 


■, by jow'wrte.; ? . / 

OTER DISCUSSIONS lasting 
into tiie evening .theJ&oard 
if National Airlines i^ted 
tor a nJtned pufchVre action to 
*e .takeover challengei>y;.-tfce 

aaaner .reglonarairlft^ Texas 
■international Airlines, 

, ■ National* one of the world’s 
top-25 airlines,, appears, to have 
3«ided that TXiA's : ambitious 
i jUu has already stirred up 
,-oough hostfle.' reaction from 
sections of;. the Civil Aeronautics 
Board and- from' the Florida 
State authorities, to moke any 
thundering., denunciation un- 
necessary at this. stage... 

The Board's statement stressed 
last night, that there had been 
no contacts with TX3A : over the 
natter; that It Vas pleased with 
the reaction from Florida, and 


Colonial Stores fails to 


the CAB: ' and that the affair 
ri&ised substantia] legal as well 
'as business issues which* share- 
holders should weigh carefully!, 
National's . carefully' worded 
response may well spring Jrom& 
conviction that it is' well "pro- 
tected by - provisions of the 
Federal Aviation Act which 
TXIA could find' difficult .to. 
rack. The regional Tamer is 
seeking CAB approval to gain 
control, of national by adding to 
the 95 per cent stockholding it 
has already acquired is the open 
market. ■" ' 

- TXIA’s statement that It would 
purchase no more than 25 per 
.cent without GAB approval has 
already run into attack from the 
agency's .bureau ' of -consumer' 
protection which claimed that 


cool on TXIA bid Quaker 

Oats sees „ ^ _ TT • 

io% gain stall Grand Umon tender 


any additional purchases of 
stock would be “ a knowing and 
wilful violation of the act” 

Moreover the CAB’s quasi 
judicial procedures require hear- 
ings on TXIA's aplication which 
could delay a final decision by 
up fo a further 18 months. ■ In 
the meantime a legal. challenge 
to any "further purchases of 
National's stock by TXIA cannot 
be ruled out. 

National’s market capitalisa- 
tion is currently more than 
S20m. but opinion Is hardening 
that TXIA . has concluded that 
it will not need 300 per cent 
shareholding to ‘ gain control. 
TXIA is itself controlled by Jet 
Capital Corporation on - the basis 
of a 44 per cent shareholding. 
Thus the Texan airline may well 


NEW YORK, August 1. 

have concluded that control of 
the very much larger business 
can be acquired - for S25m to 
540m in addition to the S14.6m 
already spent on stock pui- 
. chases. TXIA has already said it 
plans to finance its purchases 
partly through S25m debenture 
issue outside the U.S. 

Meanwhile, a .Florida state 
judge withheld a temporary 
restraining order against any 
further TXIA purchases which 
was sought yesterday by the 
Florida state comptroller. 
Instead, he asked the comptroler 
to request TXIA not to make any 
further purchases • pending a 
hearing. If TXIA refuses, then 
a hearing on the comptroller's 
suit will take place within the 
next few days. 


Setback at 
Champion 
Spark Plug 

TOLEDO. August 1. 
CHAMPION :. . SPARK . .* PLUG, 
which makes "spark" plugs and 
•praying .equipment; made lower 
second, quarter net profits of 
Sl0.6m against 5125m, tr 28 
cents, against S3 cents a- share, 
reports AP-DJ. Sales were ahead 
from' 9138.4m to 5152m. . - 

Net profit for the first half 
- are up from 5247m to 531.3m, 
3 r from 65 cents to 82 -cents. 
Sales, came to $34l.5m compared 
. tfith_S286ra. 

The eompany said its Second 
luarter earnings - . declined 
3 p rause domestic spark ' plug 
ales dropped after unusually 
»avy sales in the first quarter 
is customers built up inventories 
(head of jt?Mareh J5 domestic^ 
irice increase. .. ,, 

In addition. Champion said its 
osses attributable -to foreign 
uirrency fluctuations were 3 
Hi »!‘ ' v *nts a share during the /most 
. . went qnarter compared ..with 
eas than 1 cent a share a .year 
ifio. 


Liggett growth 

Liggett Group, ope of America's 
eading tobacco groups which 
;old off its foreign cigarette 
su&iness to Philip Morris earlier 
(Ms year for SloSm. has turned 
in second quarter net earnings 
from . continued operations; of 
&5m. or 89 cents a share, against 
-a corresponding $6 .2m or. 65 cents 
a share, AP-DJ reports from-New 
York. This was before writing off 
goodwill of $1 7.3m earnings from 
the cigarette sale and before a 
gain nn the sale of 530.4m, which 
made a net of 523 Bm or 5238 a 
(hare. Second quarter earnings of 
- he international cigarette dhti- 
lon last year were 528&Q00L 


TAKEOVER SCENE 


Leeds Northrup deal approved 


DIRECTORS OF General Signal 
and Leeds Northrup at separate 
meetings have- approved a 
definitive agreement ' for the 
acquisition by General Signal of 
all shares of Leeds Northrup 
not already owned for about 3.6m 
shares of Signal's- common stock. 

Mr. Nathan It Owen, chairman 
of General Signal. -and Mr. David 
T. Kimball, president, and chief 
executive of Leeds ^Northrup, 
said the agreement, which Is 
-expected to :be executed -in- the 
coming months,. is suhject 'to ap- . 
prova] by stockholders of. hoth 
companies at special meetings 
scheduled for'October 2. 

General Signal '^iid r.the 
agreement provides -that each 
Leeds Northrup common. share,, 
other than those held.-by- that 
company’s " treasury, -or - by 
General '- Signal, ■ : will : be *■- 
exchanged for L375 shares. 
offer is subject to a ruling that 
the transaction wHl he. tax free. 


The company said it currently 
bolds 1.3m shares, or 33.5 per 
cent of Leeds Northrup. . 

if the average value of General 
Signal stock to be exchanged for 
Leeds Northrup falls below $40 
a share during a certain period. 
Leeds Northrup has . the option 
of ending the merger agreement, 
unless General Signal adjusts 
the terms to provide a “value of 
540 a share. 

The price of the General Sig- 
nal stock for the exchange wiil 
be based on its average closing 
price on the New York stock 
exchange during the 10 trading 
days before the meeting of Leeds 
Northrup shareholders called to 
approve the merger. ■ 

Meanwhile Brenner Industries 
reports that it will hold a special 
meeting on August SO so that 
shareholders can consider a 
merger into Brswntag-Ferris 
Industries of Houston 


BRIEFLY 


Armstrong Cork first half increase 


?s 


The building materials and dian companies also reported in- 
interior furnishings ’ company ereases in per share earnings for 

for the first six montimoTthe and Donilllioil Foundries and 
current fiscal year . o£ 355.1m steel advanced from C$L97 to 
compared with $263m last time. C$132. 

Earnings per share w$re $l.§8 For the second quarter, 
against' $1.01,' on sales revenues abrasives manufacturer Norton 
higher at $619.3m compared. with Company rose from $1.52 te $2.09 
$538.1 m. • /;£. a share while National Medical 

. The . chemical additives^ con- Care expanded from 40 cents to 
cem Labrixol Corporathm rose 50 cents. Hapeo< which is involved 
cigare tte divf- from $L43 a share to 51.78 ‘/or in the production and piping of 
$282,600. the sdzne period, white two Cana- liquid fuels, rose from 78 cents 


NEW YORK. August 1. 

to 86 eents,. and Revere Copper 
and Bras almost doubled from 
55 cents to $1.05. 

Also for the second quarter, 
house builder Ryan Homes re- 
ported net earnings down from 
74 cents' to 72 cents a share. 

For the first quarter, the real 
estate and cement concern 
Centex Corporation expanded 
from 51 cents to 55 cents, and 
for the past 12 months Niagara 
Mohawk Paver, a utility, edged 
upwards from $1-74 to $LS4. 
Agencies. 


AMERICAN QUARTERLIES 


U". 1 . 


SANGOR PUNTA ' 




Third Quarto* 

in* 

JBT* 

Socoad oaarter 

wi* 

. vm 


177.2m 

6.57m 

■ *:•: 

145.9m 


s 

195.9m 

9.47m 

s 

163.1m 

<fet profits 

- 4.15m 

Net profits 

6.55m 

iel per share... 

1.09 

0.72 

Net per share... 

0.62 

0.45 

MnXHflK 

levenue 

48fi.lm 

42S^m 

She Months 

Revenue 

365.4m 

310.0m 

Jet profits 

I9.3m 

I5.7m 

Net profits 

16.8m 

12.06m 

iet pur share... 

3.16 

2.58 

Net per share... 

. L10 

0.84 

JOMTAR 



P. A. HUNT CHEMICAL 


tecoad Quarter 

nn 

HU 

Sound Quarter 

1V7S ' 

1STT 

s 

s 


5. 

S 

evenue 

316.0m 

249^m 

Revenue 

S3.9ra 

19.0m 

let profits .,'.:,. 

15.2m 

3An 

Net profits 

3.4m 

3.2m 

Jet per sbare.s. 

1.02 

056 

Net per share... 

0.31 

0^1 

ilk Kontlik- - 



Six Mentis 




592. Bm 
24.0m 

482.9m 

&2m 


43.9m 

35.3m 

let profits 

Net profits 

5.7m 

5.6m 

Jet per share..-. 

1.60 

- 0.54 

Net per share... 

• 0.55 

0.58 


NATOMAS 



UTD. ENERGY RESOURCES 

Setaad Oaarter 

vm 

vm 

Second Quarter 

0571 

1571 


s 

s 


s 

s 

Revenue 

124.4m 

1525m 

Revenue 

445.3m 

3793 ra 

Net profits 

IS^m 

17.4m 

Net profits 

lSJm 

17.1m 

Net per share.. 

Sfet months 

2J.4 

2J4 

Net per share... 

Six araatte 

L55 

1.45 

Revenue 

2275m 

291.3m 

Revenue 

972.4m 

7803m 

Net profits 

36.0ra 

392m 

Net profits 

42.9m 

39.1m 

Net per share... 

456 

5.13 

Net per share... 

• 3.63 

•* 332 

RT™ Wiffl "ims-MJVTTTmt 

ZAPATA 



Second Otianar 

nn 

197 T 

Third Quo-tar 

mt 

nn 


s 

S 


5 

s 


488.8m 

37.4m 

375.4m 

29.6m 


1415m 

83m 

1083m 

23m 

Net profits 

Net profits 

Net per share... 

. stx.aramha 

1.40 

1.13 

Net per share... 

Nine M oaths 

0.99 

0.27 

Revenue 

900.1m 

715.Sm 

Revenue 

360 An 

30UBm 

Net profits 

625 m 

51.6m 

Net profits 

9.4m 

"4.8m 

Net.per share... 

251 

2.02 

Net per share... 

1.09 

0.5S 


JS STEEL COMPANIES 


Order flow brightens outlook 


ITCH WAS the volume of 
teturbiOR news of record flush- 
lal losses, plant closures, and 
f companies apparently close to 
itture, that ten months ago the 

I.S. .M>omcd in danger of losing 

iBOod part of its steel industry, 
he burden of outmoded equip- 
teat, Government regulation, 
hek demand, and record in»- 
orta - seemed almost too much 
fcjhear -and a “steel crisis’* 
Mined as a major problem for 
be Carter Administration. 

None of these problems has 
tt disappeared. But. for the 
foment they are dearly less 
tmasmg, with second quarter 
arcings results from many com- 
bines in the past couple of 
fcelm presenting a spectacularly 
Bsroved picture. Gains ranging 
tom Republic Steel’s extremely 
spdett i per cent, through 
Seel’s 54 per cent, to Wheeling 
ItmbufgSfa 218 .per . cent 
mainly nut a changed perspee- 
be an. the Industry’s outlook, 
flhough they do not by any 
leans transform its financial 
ttitlqa. . ■ . 

;A number -Of company chair- 
fcn stressed that they were 
*beflting from a stronger 
aarket and were cheered by the 
rder flow which augured -well 
Dr. the second half -of-the^ear. 
tot typJraHy it was Mr, Edgar 
peer t chairman of the industry's 
iigevt company, U.S. Stcel. who 
tended a note of dis sonan ce 
■i . complaining that . pressure 

rom Washington » forego. 
Briber needed steel price in* 
reasftj when the. market is. 
Irong “js a deterrent to . tealis- 
ic the . profits necessary for 
srtfcer productivtiy Jmpawe* 
tents." :H 

.After t wn extremely* - taui. 
ear.4, Speer is understand* 
Wy anxious to ui a* niitsO profits 
flth for his shareholders benefit 
ltd to satisfy his company^ eap*- 
' investment requirements, 
^cre is no doubt that parts of 
b® American steel Industry are 
fidly in need of. modeirtlsation,. 
ad even -In the mo?t recent 
luanar the industry ia not eanir 


BY JOHN WYLfiS WHEW YORK 

iag a sufficient return to generate A flood of steel imports flowed In January to 90 per cent or 
the funds nebded for both capi- into -tiie country estrlier in the above in most of May and June, 
tal investment and onti-poHution year to avoid the trigger price and has now settled back to 
and - other environmental tra^, and although foreign steel around 85 per cent 


measures 


legislated by the wiU not take as large a sUce of ^ obviously helped to 

Government. The average age of the-domestie market as last year's co^ at a time 

UX Steel Corporation's plants 17-8_per cent, it will not be con- whea demand has justified a 9.5 
is estimated at 18 years, Kaiser fitted to the 1--14 per rent the per cent rise in raw steel produc- 

Stecl 17 years, Wheeling Pitts- Administration envisaged in the tion t0 S6.73g m tons, , Ce highest 

burgh 36 years and Bethlehem P IW- ' _ .. first half production since 1974. 

Steel 11 years. Armcos presi- But the announcement of the But neither this, nor a 6 rer cent 

dent, Mr. Harry Holiday, argued trigger price plan worked to the increase in shipments.- fuily ex- 

• plains the quite drauiar.c profit 

The fatare for America’s steel companies does not 
look quite so bleak as it did a year ago. Some painfnl 
rationalisations have already taken place and relief 
from imports may be on the way 


gains, which pare as much to a 
better profit mix of steels pro- 
duced. 

In particular, demand for the 
heavier steels used in capital 
goods manufacture is well ahead 

• — — of last year.- and apparently 

... . . . . . . more than compensates for a 

at a conference In May that by domestic industry s advantage at drop from ,&3m to Siom in 
1985 the industry ought to spend xhe.end of last year and at the shipments io the automotive 
nearly $50bn, or almost S6^2bn beginning _ of this, uncertainty industries between 'January and 
a year on expansion and replace- over how it might work, coupled the end of May. Most steeL 
ment of steelmaking facilities, with fears of a determined makers expect shipments to total 
anti-pollution hardware and Government attack on urn-cost a round 97m tons by the end of 
expansion of nbn-stccl businesses, foreign steel, prompted a number the year, compared with 91.7m 
Since aggregate net profits in the or overseas importers to raisft 1977. This should certainly 
industry total only 55J7bn over their prices by as much as 840 yj e j<j a very much better year 
the past five years, the -chances and 550- a- ton early *0 the year. f 0r the industry than last year, 
of meeting Mr. Holidays This toric some of the pre^ure -when it suffered a net loss in 
schedule seem, to be extremely off domestic producers, woonave fl, e region of 8318m. Bm most 
remote. a ^- .tiiken advantage of a analysts find it extremely difficult 

But neither does the future stronger home market to raise t0 generalise about st-el profits, 
look quite so black as it did 12 list prices by between 8 and 10 or to look much more than a 
mraths VS- Some painful per cenL The administration year ahead. 

rationatisations have «b«afe JSJSwr^The^irw^Ss of its - !t can ^ ai ^ ed tiiaV there 
token place, notably Beihele- J® iJ™Sf twhir 18 nQ reason ' ® ot a down- 

hem’s ctosure of large opcratiorK SS^S?SdSm?n!Sfh?wo! V^A 11 0US1Desg 

in Johnsfown. ^Pennsylvania, and SS f or industry as a whole to 


industry. The LTV-Lykes mer- fn that anntlal Production rate of 90m 

ger. iSuctantly approved by the SfSPcS to fl? com P are '? ^ 

Attorney-General recently, will tWs 110m wns ** averaged ir the two 

oa most expert’s reckoning create gg? b > 10 t0 15 P c - cent ^ years preceding the 1975 slump, 
a better balanced and more pro- J " ar- No doubt the next two or three 

fi table steel operation than the Steel companies have also been years will be bumpy, but there is 
two increasinxly lame businesses .enjoying some relief on the costs at least some reason t 0 believe 
run by the Individual companies. -frost .There have been no sig- that the US. steel industry has 
Belief from imports may be on nificant Increases in raw material now embarked on a necessary 
the way although it may owe as costs since late last year, process of adaptation, which can 
much to the general Increase in although wage costs will nsc be pursued behind a protective 
world steel or ices this year as to from August 1 under the terms windbreak raised by politicians, 
the - hastily conceived trigger of the three-year labour contract, who in the future will keep a 
Dries mechanism which th eCar- Plant utilisation has also been much more vigilant eye on the 
ter Administration brought into significantly higher and has price and volume of imported 
!Uli operation in AprlL - - - risen from around 77 per cent steeL 


in profits 

CHICAGO. August 1. 
QUAKER OATS said it expects 
earnings per share for its 1978 
fiscal year ended June 30 to be 
up by about 10 per cent from 
the 83.01 a share reported a year" 
ago. 

The company said it will report 
sales arid earnings in about three 
weeks. 

Operating results essentially 
met expectations, with significant 
contributions to the earnings per 
share improvement coming from 
a return to modest profitability 
in the chemicals division, as well 
as a lower effective tax rate on 
international operations, the com- 
pany' said. 

Reuter 


BY OUR OWN CORRESPONDENT 

COLONIAL STORES has failed 
in one of its attempts to forestall 
a Sll4m tender offer by Grand 
Union, the U.S. subsidiary of Sir 
James Goldsmith's Cavenham 
group. 

The Georgia-based grocery 
chain bad sought a hearing 
before the Virginia Stale Cor- 
poration Commission on its com- 
plaint that Grand Union had not 
made full disclosure in its appli- 
cation for registration of its SSO- 
a-share offer. Registration is 
needed in Virginia hecause 
Colonial is incorporated in that 
state and today's decision that 


there was no cause to grant a 
.hearing suggests that the state 
of Georgia may take a similar 
attitude to an application from 
Colonial. 

Colonial has alleged that 
Grand Union failed to reveal that 
it had obtained S30m from Pru- 
dential Insurance, of America to 
help finance the proposed 
acquisition, which would create 
the eighth largest supermarket 
chain in the U.S. It also claimed 
that “internally generated” 
funds for the purchase included 
bank overdrafts and money made 
available by not paying suppliers 
“in a timely manner.” 


NEW YORK, August 1. 

Meanwhile, hearings have been 
set in the Fulton. County 
Georgia, Federal District Court 
for August 21 on Colonial’s 
application for an injunction 
against a Grand Union tender 
offer. If this court bid fails then 
Grand Union can be expected to 
press ahead with a formal offer 
to shareholders before the end 
of the month. 

However. Federal Trade Com- 
mission approval would ulti- 
mately be required for a 
successful acquisition and the 
anti-competitive aspects of any 
merger are bound to be carefully 
scrutinised. 


% .* 

Further decline at Kennecott 


STAMFORD, August 1. 

The company said shareholders 
will consider the spin-off of a 
Brenner subsidiary, Brenner 
Iron Metal, into a new firm to be 
called Brenner Cos. 

PPG Industries Incorporated 
said it has agreed in principle 
to purchase the chemical pro- 
ducts division of Chemetron 
Corporation a . whoHy-owned 
subsidiary of Allegheny Lndlnm 
Industries Incorporated. 

Southern Pacific is continuing 
its apparent takeover attempt 
of Seaboard Coast Line Indus- 
tries Incorporated despite in- 
creased resistance by Seaboard 
as shown by a formal complaint 
_to the .Interstate Commerce Com- 
mission. 

Whittaker Corporation has 
signed a definitive agreement for 
the merger, of Medicos affiliates 
Incorporated into a whiUy owned 
subsidiary of Whittaker, 
Agencies. 


Airline reverse 

Northwest Airlines’ net in- 
come in the second quarter fell 
to $20.55 m, or 95c a share, 
from 527.24 m, or 1126 a year 
earlier. Revenues declined to 
$160.3m from $25 1.56m. reports 
AP-DJ. The 1978 net indudes 
a before-tax gain on the sale of 
property of 5 16 -2m. 

Northwest attributed - the 
decline in second quarter 
revenues and earnings to a 
pilots’ strike which began 
April 29. 

Union Bancorp 

Union Bancorp said Its andltors 
removed their qualification 
from their opinion on the com- 
pany’s 1977 financial statements 
related to litigation arising 
from Union Bank’s relation- 
ship With U.S. F inancial, AP- 

DJ reports from Los Angeles. 
The qualification was removed 
because an agreement was 
reached . for settlement of a 
major portion of that litiga- 
tion.. 

$66m share sale 

Public Service Electric and 
Gas Company has completed 
negotiations Cor the sale of 3m 
common shares to a group of 
underwriters headed by 
Merrill Lynch, Pierce Fenner 
and. Smith and Kidder Pea- 
body, at' 522.07 per’ share. 
Proceeds will be used for 
general corporate purposes, 
including payment of a portion 
of the cost of the company’s 
current construction pro- 
gramme. The underwriters 
began offering the shares to 
the publie at $22.75. 


BY DAVID LASCELLES 

TELE TWO largest U.S. copper 
producers today reported further 
declines, in earnings due to the 
weakness of the copper market. 

Kennecott Copper’s earnings 
were $3.4m. equal to 10 cents a 
share, less than one-third of the 
?10.5m 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 Kennecott 
acquired at the beginning of the 
year. Earnings from the new 
subsidiary . “ were sufficient to 
offset the decline in copper 
prices,” Kennecott said- The 
quarterly breakdown shows that 


of total sales of S48S.4m, Car- 
borundum contributed $202.7m. 
Kenuecon's sales in the second 
quarter of 1977 were 5281.5m. 

The company also said that it 
sold a portion of its inventory 
of unrefined gold and silver to 
help cash flow. 

Kennecott 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. 

Kennecott produced 62,500 
tons of copper in the quarter, 
but drew on slocks to sell S9800 
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 $17.5m or 85 
cents a share last year, . Sales 


NEW YORK. August 1. 
down by $23m 


to 


were also 
8252m. 

According to Mr. George Mur 
roe. chairman, the drop rcflectei 
primarily the sale of less coppei 
at lower prices, than in the com 
parable 1977 operations. Net in 
come was also hit by losses res 
istered at its 40 per ceut-ownei 
subsidiary. Consolidated Alumin 
ium Corporation, due to opera 
tionat problems and high energ; 
charges. 

Against this, though, Phelp 
Dodge’s manufacturing opera 
tions continued to do well, am 
Western Nuclear, a wholly-ownei 
subsidiary, recorded a pre-tai 
gain of S2.7m nn the sale of threi 
small uranium properties. 

Phelps Dodge sold 77.800 torn 
of copper in the quarter, com 
pared with 79.900 tons last year 
and produced 82.600 tons. 


EUROBONDS 


Murata Manufacturing raising DM40m 


BY MARY CAMPBELL 

THE EUROBOND market was 
reasonable quiet yesterday, not 
least because most of Switzer- 
land was on holiday. One 
Japanese convertible dosed in 
Germany, and one new one was 
launched. 

The new issue, is DM 40m for 
Murata Manufacturing Company, 
Japan’s leading manufacturer of 
ceramic condensers. The issue 
offers a 3i per cent coupon on 
an eight-year final maturity at 


par. Bayerische Vereinsbank is 
lead manager. 

The issue which closed was 
DM 40m for Korakuen Stadium 
Company, being sold through 
BHF-Bank. The final terms of 
the 8|-year issue included a 
conversion price of Y4S0 per 
share and a premium of 6.7 per 
cent over Monday’s closing price 
in Tokyo. The DM-yen exchange 
rate was fixed at Y97.5 per 
D-Mark. 


The best news in the D-Marl 
sector was the steadier tendenc: 
in the domestic market, when 
the Bundesbank did not have ti 
buy paper significantly yesterday 
The domestic market is con 
cen trated on the current tende. 
for Federal Government Kassen 
obligationen— tenders have to bi 
in by Thursday and dealer 
keenly await the interest rati 
levels which the Governmen 
will accept 


All ita» mmkkt JaWna bm soM. Ws anmncMMar appws as a matter ofneonl only. 


August 1978 



The Boots Company Limited 

(locorpoated In England with limited liability under the Companies Acte IBB 2 to 1B3SJ 

U.S. $30,000, 000 

6f per cent/Convertible Bonds 1993 

J. Henry Schroder Wagg &. Co. Limited 
County Bank Limited Dresdner Bank Aktiertgeselischaft 

Kidder, Peabody rntemational Limited Nomura Europe N.V. 

Societe Generale Union Bank of Switzerland (Securities) Limited 


AlaMi Bank ot Kuwait (KA.C.) Anemone Bank Nederland N.V. 

Bache Hatoy Stuart Shields Incorporated 


Amsterdam-Rotterdam Bank N.V. 
Banca Nacionala del Lavoro 


A.EAme$8tCo. Amex Bank 

Limited Limfioti 

Barrie Julius Baer Inlemetiooat Banca Commercials Italians 

Untied 

Banco Unpujo Hspa no Americano Bank of America international Bank Guirwiller. Kurs, Btmgener (Overseas) Lid. Bank Leu International Ltd. 

United United 

Bank Mote & Hope NV Bankers Trust International Banaue Arabs et Internationale dTnvesUsssmom (B.A.1.1.) Banquo BruxeCes Lambert SA, 

United 

Banoue Fnnfaisa du Commerce ExKrieur Benqua Gdnfote da Luxembourg S. A. Banque de Hntiochlne et tfo Suez Banque Internationale k Luxembourg S A. 


Banque Maponele de Paris Banque da Neufltefc Schlumberger, IHallot Banque da Peris et desPays-Bas 

Banque Populate Suisse SALuxembowy Banque Rothschild Banque da rtliflon Europdenna Banque Worms 

Bayerfeche Hypothekan- und Wechsel-Bank Bayerische Landesbank Girozentrale 


Banque de Paris 
ei desPays-Bas [Suiseei S A. 

Barclays Bank International 
Limited 

Baring Brothers & Co., Bayerfeche Hypothekan- und Wechsel-Bank Bayerische Landesbank Girozentrale Berliner Hendels- und Frankfurter Bank 

ueflid 

Blyth Ewpan DIHon & Co. CafesadesDdpOta at Consignations Cazanove&Cb. Cantrale Rabobank Chase Manhattan Limited Chemical Bank international 
IMemsUDruf United Umtod 

Christiania Bank og Kreditkasse Chicorp ImematlonBl Group Commerzbank Compssnia Mon&asque de Banqua Continental Illinois 

AWenoaseiischett L/mJied 

Cridit Commercial da France Credit Industrie! d* Afesce et do Lorraine Credit Lyonnais Crtdh Suisse White Wald Crodnansralt-BankverEin Daiwa Europe N.V. 

limited 

Den Drake Bank. Den norsko Crediibank Deutsche Bank DG BANK 

af 1871 Aktfeaefefceb AknengeMbchett Deutsche Genenenschaf tsbenJc 

^Deutsche GlrewnifaTe DtWVBV & Assocws International Sodetf Anonyms Dillon, Read Overseas Corporation Euromobiliaro s.p A. 

— Deutsche Kommunalbank— Compapnia Eoropee IntBTmaMTbrs 

Rnaeor First Bavarian Capital Corporation First Boston (Ewopa) first Chicago Robert Fleming & Co. 

- • Limited United Limited 

Antony GUtbs Holdings Ltd. <3&uzan«la und Bank der Osumrichfeehan Spmfcnsen Goldman Sacha International Ctxp. Greenshiulds Incorporated 

AkffenflBHOSCfatft 

Grievcsa, Grant and Co. Groupsmem des Banqujew Prfwfc Genavenf HortbrosBenk Hamfcfebank N.W. (Ovflrtws) Hassische Landesbank 

'* . Limited Limited —Girozentrale-— 

Hm Samuel & Co. E. F. Hutton & Co. N.V. IBJ Internationa.! Istituto Bancarto San Paolo di Torino Jartfne Fleming & Company Kleinwort Benson 

Limited Limited 

Kredietbartc NV. KradtebankSALoxambOtepeoisa Kuhn Loeb Lehman Brothers Internationa! Kuwait financial Centra S.AX 


European Bonking Company 
United 


Kuhn Loeb Lehman Brothers International 
Kuwait International Investment Co. s a k. 


McLeod. Young. Weir International 
Limited 

Morgan Grenfell & Co. 

Leaked 


Loeb Rhoades. Hombtewer Intemetranal 

Limbed 


Morgan Stanley International 

Limited 


Ku’.vart Foreign Trading Contracting & Investment Co. (SAK.) 

Laiaid Frfeeset Cis Lloyds Bank International 

Limbed 

Worm Lynch International & Co. B. Metzter seeL Sohn & Co. 

MTBC & Schroder Bank SA 

The National Commercial Bank of Saudi Arabia Nederiandsche Middenstantfebank N.V 

The f.’ikto Securities Co, (gurope) lid. Norideolschs Undestank Gnoamrafo Sal. Oppenhmm jr. & Cie. 

Pierson. Hefdring & Pierson NV. PKbanken N. M. RothschW & Sons Rowe & firman, Hurst- Brawn 

Untiled 

J, Hemy Sehnder Bank AG, 

Skendinaviska EnflsMa Bankat Smith Barney. Harris Uoham & Co. Sofas S.p A. Societd GtSnfirale de Banque SA 


Lazard Brothers & Co. 
Limited 

Manufacturers Hanover 
Limited 

Samuel Montagu & Co, 
Limited 

National Bank of Abu Dhabi 

Nesbitt Thomson 
limited 
Orion Bank 
Limited 

Salomon Brothers International 

U timed 


N. M. Rothschild & Sons 
Untiled 

J. Henry Schroder & Co. SAL Schrodere ft Chartered 

Limited 

Smith Barney, Harris Upham & Co. 

incBipomd 

SocM Privrie de G ration Finanadm SocKi£54quenaEse do Banqua ' Strauss, Turnbull & Co. Sumrtomo Finance International 


Sing cr and ttfodtandar 
Linked 


Singapore Internationa! Merc hem Bankers 
limited 


Swenska Kaodefcbnfcn 
J. VontobaJ & Co, 

Deao Witter Reynolds International 


Swiss Bank Corporation Trade Development Bank, 

(Ovesaae) Utahsd London Branch 

WarcBey Limited S. G. Warbteg fc Ca. Ltri. 


F.van Lanschot Eankiws 


Wood Gundy 
Lftnhsd 


Westdeutsche Landesbank 

Glrazemnle 


V ere ins- und IVestbanS 
AMiangeeaitsclwh 

V/illwms, Glyn & Co, 


YamaFchi Imemstioital (Eliropo}- 
L Itmled 










18 


Financial Times W^nesday AngiBt 2 Iws 


INTERNATIONAL FINANCIAL AND COMPANY N 


Downturn 
at Credit 
Suisse 


By Our Own Correspondent 


ZURICH, Augusr 1. 
CREDIT SUISSE, third of 
Switzerland's “ hit; three” banks, 
reported a first haif-nse of 
SwFr 2.3bn in its balance sheet 
total to a peak SwFr 4ti.3bn. 

Credit Suisse avoided any 
reference to first-half earnings 
but indicated that profits, like 
the two other major banks, were 
lower. “In the area of income, 
there was continuing pressure on 
the interest margin on credit 
business,' the bank stated. 

There was "a slight decline" 
on commissions from the securi- 
ties business but tbe foreign 
currency and precious metals 
business fared somewhat better. 
Operating costs rose further 
despite rationalisation efforts. 

Customer deposits rose to 
SwFr 27.9bn in the half year 
from SwFr 25.3bn hy comparison, 
the Swiss Bank Corporation 
earlier reported a half-year 
balance sheet total of SwFr 
58.2bn, representing an in- 
crease of 4.5 per cent, while 
the Union Bank of Switzerland 
reported total assets of 
SwFr 58.S9bn against 
SwFr 56-lfibn. 

Credit Suisse reporLed an 
increase in total lending to 
domestic and foreign customers 
from SwFr 20.6bn to 
SwFr 21.6bn. 


Criticism for role of German banks 


BY ADRIAN DICKS 


BONX, August 1. 


WEST GERMAN companies 
should be obliged to publish 
fuller details of the voting 
powers exercised by banks, as 
a first step towards limiting the 
banks' increasing influence In the 
non-banking part of the economy. 
This is the view of the West Ger- 
man Monopolies Commission, m 
its second major review oF indus- 
trial and commercial concentra- 
tion, published today. 

Reviewing the banks' influence 
on the 100 biggest industrial 
companies in West Germany, the 
commission finds that in 56 cases, 
they held a significant share of 
voting rights, either directly nr 
through the exercise of shares 
deposited with Them by custo- 
mers. in no fewer than 30 of 


the 100 companies, this share was 
greater than 50 per cent. 

' In the remaining 44 cases, the 
banks' influence appeared limited 
either because the company con- 
cerned was a fully-owned sub- 
sidiary of a foreign group, was 
a joint venture of other West 
German companies, was con- 
trolled by family or private 
interests, or was owned by the 
public sector. 

In adidtion to this remarkable 
exercise of voting power, the 
commission finds that 75 per 
cent of the supervisory boards 
of the 100 companies included at 
least one banker. Out of 179 
bank-filled supervisory board 
seats, moreover, no fewer than 
102 fell to the lot of the three 


big universal banks— Deutsche 
Bank. Dresdner Bank and 
Commerzbank. 

No less than in its first report 
rwo years ago, the Monopolies 
ConiDJision— an advisory body 
without .any powers of compul- 
sion— is troubled by tbe banks' 
enormous and. in its view, grow- 
ing influence over West German 
industry. As a first step towards 
diluting this power — an objective 
it recommended in 1976— it calls 
for ail companies to report: 

.# Tbe size of each bank's own 
'shareholding in .the company, if 
it is above 5 per cent. 

• The size of the package it 
votes on behalf of its customers, 
where this exceeds 5 per cent, 
and 


• The extent of supervisory 
board- -representation of indi- 
vidual banks or of people or 
other companies associated with 
them. 

While these may seem com- 
paratively mild recommenda- 
tions, they are virtually certain 
to be opposed tooth and nail by 
the German banking community, 
which has never concealed its 
dislike of the commission or of 
its basic assumption that concen- 
tration of power in % few bands 
ia a bad tbing per se. 

In addition to Us findings on 
the banking sector, the com- 
mission ha$ concluded that 

concentration in West German 
industry in general has increased. 


Petrofina 
first half 
profit dips 


By Our Financial Staff 


Brazilian borrower gets 
$130m on finer terms 


BY FRANCIS GHU.ES 


Turin bankruptcy 

Turin court has ruled the bank- 
ruptcy of Venchi Unica Spa, 
accepting two separate demands 
by creditors and employees, re- 
ports AP-DJ. The court a iso 
ruled payment of more than 
L50Om of arrears of salary to 
the workers and named an offi- 
cial liquidator for the company, 
which includes major confec- 
tionery names like Talmonc and 
Maggiora. 


IN w-hat appears to represent a 
further narrowing of terms tor 
a Brazilian borrower, the Rio 
Grande do Sul Electric Company 
is raising $130m in a loan from 
a group of banks led by Credit 
Commercial de France. Tbe 
management group is expected to 
be completed by the end of this 
week. 

There are two tranches, one 
amounting to about S50m, the 
other to about SSOm. The first 
carries a maturity of 10 years, a 
i five-year grace period and a 
I spread nf If per cent, the second 
j carries a I2-ycar maturity, a six- 
year grace period and a spread 
of 1} per cent. 

The proceeds of this loan, 
which carries a sovereign 
guarantee, are earmarked for the 
Candiota hydroelectric project in 
Rio Grande do Sul. Although 
the terms of the loan mark an 


improvement for the borrower on 
those of the last major loan 
mandated for a Brazilian 
borrower under Republic 
guarantee, this may owe some- 
thing to the fact that there is a 
S30Q-S350ra export credit package 
from France, West Germany and. 
Japan involved. 

The Buenos Aires electric 
utility SEGBA is raising S75m 
for 10 years on a spread of i per 
cent, with four years grace. Joint 
lead managers for this loan, 
which carries a sovereign 
guarantee, are Bank of America. 
Banco de la Nacion and Grindlay 
Brandts. 

Bank Sakhteman of Iran is 
raising S50ra for seven years fromj 
a group of banks led by Chase: 
Manhattan Ltd. The borrower is j 
paying a spread of J per cent for 1 
the first three years, rising toj 
t per cent for the remainder. I 


Veba forecasts upturn 
in profits this year 


BY OUR FINANCIAL STAFF 


A RECOVERY in profits and a 
higher dividend were forecast 
yesterday b yVeba AG. West 
Germany's largest industrial com- 
pany. 

At the annual meeting, the 
management board chairman, 
Rudolf von Bennigsen-Foerder, 

told shareholders that the com- 
pany's performance so far 
suggested that profits tbis year 
would emerge “considerably” up 
on the DM 70m after tax 
achieved for 1977. fn this event 
a higher dividend would be paid: 
last year shareholders received 
DM 3 a share. 

Last month Veba reported a 
13 per cent increase in first 
quarter net profits to DM 43m. 
In 1977 the company's earnings 
were severely affected hy heavy- 
losses in mineral oil and glass 
manufacturing. 

Von . Bennigsen-Focrdcr said 


losses in the oil se'etar had this 
year been reduced by over 
DM 100m. 

Last month the company 
announced that it was to sell 
parts of its operation to Deutsche 
BP (part of the BP group) for 
some DM SOOm. The sale is to 
include most of the Gelsenberg 
group which Veba acquired three 
years ago. 

Meanwhile, Maschinenfabrik 
Augsburg-Nuernberg f MAN) said 
in Augsburg that its attempts to 
take over Wood Industries of the 
U.S. remained unsuccessful. MAN 
said that the two companies had 
been unable to reach an under- 
standing on conditions, MAN is 
now trying to acquire a com- 
parable U.S. company, the com- 
pany said. Various companies- 
have indicated their interest, but 
they were not named. 


[ BELGIAN -BASED oil group 
! Petrofina reports modestly lower 
I profits for the first half of 1978 
• due partly to freak selling prices 
land' to the depreciation of the 
dollar. 

Consolidated profits for the six 
months eased to -BFr 2.23bn 
(S 69.4m). At the net level from 

BFr 2j25bn. This . represents a 
more stable performance ' than 
. that of 1977 — when profits for 
j the year as a whole dipped by 
j 16 1 per cent— but Petrofina does 
make it clear that the adverse 
impact of the dollar has been 
smoothed out by drawing on a 
special reserve, .set up for this 
purpose. 

Petrofina said the climate for 
petrochemicals' had improved 
slightly in the U.S. but remains 
□□favourable .in- Europe. It has 
ordered a polystyrene continuous 
production plant with an annual 
capacity of 40,000 tonnes which 
will be installed at its Feluy 
plant in Belgium. 

Fire damage at the company's 
polystyrene factory at Calumet 
City, near Chicago, is covered 
by insurance, and a new con- 
tinuous production plant ordered 
last year should start up in 
October. 

In the Norwegian sector of 
the North Sea, daily production 
of oil in the Ek'ofisk. West Eko- 
fisk and Cod Fields was an 
average 350.000 - barrels in the 
first half of this year against 
265,000 in the same period of 
1977. Gas production was S50m 
cubic feet. Petrofina holds a 30 
per cent stake in tbe area. 



STRAIGHTS 

Alcan Australia 85 pc 1989 

AUEV 8 PC 1987 

Australia 8}pc 19K 

Australian M. k S. 9jpc '92 
Barclays Bank Slpc 1992 ... 

Bowaier 9}pc 1992 

Can. N. RaUray BiPC 1986 
Credit National SJpc 1966 .. 

Denmark SJpc 1964 — 

ECS Bp e 1993 

ECS Sine 1997 

EXB 8 1 pc 1992 :... 

EMI 9h>C 1988 

Ericsson 3? pc 1989 

Esso 8 pc 1986 Nov 

43*.- Lakes Paper Slpc- IBS* 

Hatnersley 9|pc 1992 

Hydra Quebec 9pc 199! .. 

tCI SJpc 19S7 

, WE Canada Slpc 1938 
[‘Macmillan BtOedel 9 pc 199! 
Massey Ferguson 9Jpe 

Michelin 91 pc 1988 

Midland lnt. Flu. Slpc TO 
National Coal Bd. Spc 1987 
National Wstnuistr. 9pc‘S8 
Natl. Wstmnstr. 8pc TO 'B' 
Newfoundland 9pc 1989 ... 
Nordic Idy. Bank Slpc I98S 
Nonces Kom. Bk. SJpc 1992 

Norptpe SJpc 1989 

Norsk Hydro SJpc 1992 ... 

Oslo 9pc 1988 

Ports Autonomea 9nc 1991 

Prov. Quebec 9 pc 1993 

Prow. SaskBlcfcwn. a*pc ’68 
Reed International 9pC 1987 

RHM 9pc 1992 - 

Selection Trust Slpc 1989... 
Shell Inti. Fin. SJpc 1990... 
Skand, Eoskilda 9 PC 1991... 

SKF Soc 19S7 

Sweden iK'domi 8* pc 1987 
United Biscuits 9pc 1989 ... 
Volvo 8 pc 198? March 


In downtown Frankfurt on the banks of Ihe 
liver Main, stands the new DG BANK headquar- 
ers, the latest landmark of Germany's financial 
jaoitak We've moved to “WiesenhiittenstraSe 10". 

' And it's not only in Germany that we re going 
jlaces. DG BANK'S worldwide activities are 
iupported by an expanding network of branches, 
jubsidiaries and affiliated banks in key centers 
jf international finance. 


We serve prime customers in all fields of 
commercial and investment banking: We grant 
and syndicate ioans in any major currency with 
fixed or floating rates: we also manage or under- 
write international bond issues. 

As the liquidity manager and international 
arm for nearly 5.000 local and ten regional banks 
in the Federal Republic of Germany, DG BANK 
heads a system commanding consolidated total 


assets of nearly DM 240 billion (the equivalent 
of US$i 14 billion). 


DG BANK Deutsche Genossenschaftsbank, 
P.O. Box 2628. WiesenhuttenstraBe 10, D-6000 
Frankfurt am Main 1, West Germany, Phone; 
(0611)2580-1, i elex; 0412291. 


DGMNKfO 

Deutsdrs CtenoKsnstiiaffcta* 


The broadly based Bank 


Hachette U.S. deal 

French publishing house 
Hachette has decided to set up 
a joint venture with the U.S. 
. company Alex Gregory to be 
known as Hachette Vendome 
Press, reports AP-DJ from Paris. 
The new concern will publish 
Hachette's illustrated books, 
which will be distributed on the 
U.S. market by Viking Press. 

Hachette intends to bring out 
between 15-20 titles a year over 
the next two years. The French 
company already has a U.S. sub- 
sidiary, Regents Inc., which 
specialises in language courses. 


Bid for control 
of Mcllwraith 


BY JAMES FORTH 

INDUSTRIAL EQUITY, a cor- 
porate take-over specialist, plaas 
a SAl'Jm partial bid to obtain 
control' of the .shipping group. 
Mcllwraith McGeacharn. I EL has 
been gradually building up a 
slake in Mcllwraith. since late 
1973 and currently holds 17.6 per 
cent of the capital. It. now 
intends to make an offer- .of 
AS2.50 per share for at. least 
50 per cent of caeh remaiaalng 
shareholding of Ordinary and 
participating Preference- shares. 

If the bid is successful, IEL 
will end up with approximate^ 
80 per cent of Mcllwraith s 
capital. Mcllwraith shareholders 
will also be invited to offer more 
than 50 per cent Df their shares 
in case acceptances do not reach 
[he minimum target of 50 P**" 
cent of the capital. Mcllwraith 
last sold at AS2.15 a share, but 
buyers in Sydney today were 
offering AS2-30 ahead : of the 
announcement oE the bid. Tbe 
directors of IEL said that if 
Mcllwraith became a subsidary 
it was intended to carry on the 
business of the company in 
exactly the same manner. 

It was also proposed to recom- 
mend a capital reconstruction 
which IEL directors said would 
be to the advantage of all 
Mcllwraith shareholders, and of 
which details would be released 
in due course. Mcllwraith's 
main asset is a 37.5 per cent 
shareholding in the bulk carrier 
and container ship group. Bulk- 
ships. 

It also operates tug services 
in manv Australian ports, *cls 
as a shipping and travel agent 
and has an investment portfolio, 
valued at about AS5m. including 
an 11 & per cent equity in New 
South Wales coal producer. 
Bellaiubi Coal. Presumably IEL 
would be looking towards realis- 
ing some of these assets in the 
event of a capital reconstruction. 

The directors of IEL said they 
were making the offer announce- 
ment “ somewhat sooner than 
would normally have heen the 
case, but we believe that Tri- 
continental Corporation may 
otherwise be about to engage in 
a further series of transactions 
in the shares of Mcllwraith 
McEacbam." 


SYDNEY, August L 


Tri continental is a mertWl 

I withS 


bank closely associated 
prominent Australian bo&ftg;! 
man and financier. . Sir n* ! 
Potter. Earlier this mouth plan, j 
were announced for a. resfcqe.; 
turing of Tricoatinetttal to inti* 1 
ducc several major hew Shan.1 
holders, including two Sta*! 
Government-owned banks, atari 
Credit Lyonnais of France.- TfeJ 
mechanics of the operation ta.' 
volve a takeover bid by a os* 
pany. Torenia Holdings, wifi?), 
will subsequently change, ih 
name to .Tricontinental Holding 


Tricontinental bad held about 
17 per cent of McDwraltfa-j 


capital for some time but to 
raid-1977, halved its holdlng-ln a 
series of transactions in whiA 
the shares were purchased by 
Sir Ian Potter, or private com- 
panies with' which he: u 
associated. Sir lan is chaijjnao 
of Mcllwraith. Bulkshlps ‘and 
Tricontinental and is on tha 
hoard of Thomas Nationwide 
Transport, which has long bees 
regarded as likely to make a bid 
for Mcllwraith at some stage. 

Sir Peter Abeles. the chief 
executive of TNT and long-time 
business associate of Sir lan, has 
previously indicated that ,TNT 
could ultimately be interested & 
such a move. Aquisition of 
Mcllwraith would fit TNTs Ion? 
range philosophy of becoming- 1 ; 
large international transport 
group, operating on land, sea and 
air. It is suggested that TNT 
already holds close to 10 pm 
cent of Mcllwraith’s capital. 

TNT. which is highly liquid 
after recent sales of major asset* 
already owns 62.5 per cent of tin 
highly-prnBtable Ftalkstup< 

Acquisition would enable it h - 
utilise bte cash flow of Boh 
ships. 

Mcllwraith’s share regista 
indicates that interests asso 
ciated with Sir Ian control i 
least 20 per cent of the capital 
but the figure may well & 
higher. Observers expect tiut 
the IEL move will produce i 
counter offer, either from UH 
or from interests close to Sir ho. 

TEL's existing shareholding k 
Mcllwraith was obtained at n 
average price well below AS 2ft 
a share. 


v. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


BM Offer- 


97} 

95} 

92 

Mi 

95 

97* 

95. 

95t 

381 

Mi 

935 

M 

98} 

961 


99J 

96 

93} 

M 

951 

98 
931 
96 

99 
99 
94 
96} 
99 
97J 


Mew Brans. Prav. Six 'S3 
Sow Zk aland SJpc 18S6 ... 
Nordic Ini'. Bk. 7Idc 1984 

Norsk Hrdro 7Jpc 1982 

Norway 7Jpc 1992 

Ontario Hydro Spc 1987 ... 

Singer SiPC 1982 

S. of Scot. Elec. 8|pc 10S1 
Sweden iK’domi 7}pc 1982 
Swedish Stare Co. 7*pc ’82 

Tctoios Wpc 1984 

Tonaeco Vine 1987 May ... 
Volkswagen Tine 1997 ...... 


Bid 

99 

95* 

93} 

Ml 

«5i 

«* 

99} 

9S 

941 

95 

99 

■911 

94* 


Offer 

991 
95 
94 
- 95J 
94* 
94* 
100 
982 
954 
9St 
991 
Mi 
W* 



BM 

MTsr 

DC Bank 1BS2 9pc 

9BJ 

1B9 

GZB 1081 Mispc 

9S} 

1» 

Inti. WcFimlnsur 1384 spc 

m 

09} 

LIOTds 19S3 8 13i6 pc 

m 

IN 

LTCB 19S3 SPC 

99* 

tt 

Midland lnt. FS *87 S9itpc 

981 

96} 

Midland lnt. FS TO 97upe 

9Si 

I»1 

Nat. Wsraiinstr. TO 95upe 

981 

B« 

OKB 1983 91PC 

98* 

100 

SNCF 1983 8S|£PC . 

99 

w 

Stand, and Cturd. "84 Slpc 

98* 

M 


Source: White Weld Securities. 


STERLING BONOS 


NOTES 

Australia 7;pc 1984 ........ 

Bell Canada 7ipc 1937 .. 
Fr. Columbia Brd. 7}pc '85 
Con. Fsc Slpc 1984 

C^'TTJlral Spn 19E5 

ECS 7!|w 1982 

ECS Sipc 1!*S9 

F.ar. 7 loo 19K2 

EEC 7.'pO 1RS4 . . 

Enso Outwit 8 -pc !<ȣ4 ... 
Qoiavcrfcen 7] pc !SS2 .. . 
Koc*ums spc 19*3 . . . 

Mirheliu S' pc IPS.". .... 
Momroaf Urban Wt 
N*>ir Brunswick Spc 1984 


98} 

100 

Allied Breweries 10} pc TO 

89* 

90} 

-- 

: jsj .1 Citicorp tope 1993 

M* 

93* 

1M! 

lot* 

CdurtaoMs PJpc 1958 

90} 

91i 

9S 

"9PI 

ECS Pipe 1989 

S4J 

954 

m 

96} 

E1B SJpc 1H33 

98* 

9/1 

103! 

104 

ETB sjpe 1992 

91} 

84* 

m 

97 

Finance for Ind. Slpc 1997 

91* 

M* 

9SJ 

391 

Finance lor Ind. 10 pc ik® 

94 

95 

100J 

101} 

F Isons lfljpc I9S7 

R7f 

98* 

93 

951 

CTesteuwr npc isss 

92 

93 

92} 

93} 

INA 10pc I9S8 

32| 

93J 

lOOi 

10'.: 

Rowmree lO*pc 19S8 

90 

91- 

101 

101 J 

Sean 10} pc I3S8 

92 

Vi 

99} 

KJ 

33 

100* 

S7 

93* 

Total on 91DC 19S4 

DM BONDS 

90} 

91} 

93 . 

93* 

Asian Dee. Bank 5*pc 1983 

Mi 

93* 

941 

93} 

BNDE 6*pc 19611 

95 

96 

1IW 

1001 

Canada 4! PC 1883 — 

97 

98 

97 

97* 

Den Norsks Ind. Bk. 6 pc TO 

97* 

9S! 

93 

95* 

Deutsche Bank 44 pc 1983 .„ 

951 

96* 

971 


ECS 5} pc 1990 

901 

911 

92 


E1B 5}pc 1990 

901 

91! 

95 

B3i 

EH AtTDdtalne 5} pc 1888 

93 

94 

90} 

9U 

Euralora 5*pc 1987 

95! 

9fl| 

93} 


Finland Six 39SS 

83} 

9U 

88 

K»t 

Ponnmufcs slpc 1900 

93} 

84} 

91 

91* 

Mexico 6 pc 1993 

94} 

93} 

94} 

95 

Norccm 53 pc mss 

tri 

99 

BS 

93* 

NOricay 4:pc 1933 

961 

97! 

93} 


Norway 4lnc I°S3 

PK Banhen 3jpc 1385 

Prov. Quebec Spc torn . ... 

Ml 

PI 

95* 

M* 

94 

W1 

93* 

94i 

Rantaruukkl alpc 19S8 

SI 

M 

4*1 


Spain 6 pc V9S9 ... 

94* 

95} 

Mi 

04* 

Trondheim 31pc 1W S 

94* 

95J 


9:< 

TVN Power Co. fine 1W8 . 

94! 

■Klj 

91* 

97* 

9.« 

Venezuela Rpc 195$ 

94* 

f‘1 

44 

53} 

** : 

World Bank 51pc I99« .. .. 

FLOATING RATS NOTES 

91* 

95* 

94 

94j 

Bank ot Tokyo 1884 SJpc ... 

99 

99* 


'14 } 

BFCE 1984 8*pc 

SSI 

99} 

04* 

8.-| 

BNP 19S3 SI is pc 

993 

IDO} 

9«* 


BOB Wormi 1983 9 pc 

97 : 

99* 

BM 

nw 

CGF J383 SJpc ... 

98} 


Mi 

|W 

Chase Manftrrn. TO 99i„pc 



97 

97; 

Crediransralt 1884 SJpc . 

9.r; 

99i 


CONVERTIBLES 

American Express 4}pc ~Vt 

Ashland Spc IMS — 

Babcock * Wilcox *|pe 97 
Beatrice Foods 41 pc 188! .. 
Beatrice Fonda 4Inc 1992... 

Bcecham 6 ipc 198! 

Borden 3pe 1992 

Broadu-ay Hale 41pc 1987 .. 

Carnation 4 pc 1987 

Chevron 5 pc 1B*8 

Dari 4 Ipc 1897 

Eastman Kodak 41 pc IMS 
Economic Labs. 4jpc 1987 

Firestone 5 pc 1988 

Ford 5 pc 1988 

General Electric 4} pc 1897 

Gillette 41 pc 1967 

Gonkl Spc 1987 

Gulf and Western Spc 1988 

Harris 5pc 1992 

Honeywell Spc 1886 

tCI Bipc 1182 

INA Spc 097 

lnchcape SJpc 1992 

ITT 41 PC 1967 

Josco Spc 1992 

Komatsu 7}pc 1990 

J. Ray McDermott 4tpc '87 

Matsushita 6!pc 1890 

Mitsui Tine 1990 

J. P. Morcan 4*pc 1987 ... 

Nabisco 3* pc 19S8 

Owens Illinois 44pc 1BS7 .. 
J. C. Penney 4tpc ]9S7 ... 
Revlon 4tpr 19S7 
ReynuMs M.-ials 5 Pc I8f8. . 

Siindvift «'#■ I9SR 

Spcrrv Rand t»nc 1987 

Snuihli lip.- 1887 

Tcea *-0 4* pc 1888 

Toshiba tHpc 1892 .. 

Ty Cn. 3 pc 1M4 

Ty Co. pc 1RS8 

I’d ion Carbide 4Spc 1962 .. 
Warner Lambert 4jpc KW7 
Warner Larolwn -It pc 1938 

Xerox 3 pc 7RSS 

Source: Kidder. Peabody 


Ml 

101 

113 

99 

1M 

107} 

m 

7SJ 

79 

131 

SI* 

m 

77* 

79} 

834 

82} 

77} 

118} 

86 * 

197 

87* 

91} 

88 

105} 

79 

123 

142 

147 

197 

144* 

ino 

19S 

121 


K? 

US 

m 

111 ! 

m 

U) 


« 

s 


u 


1-8 
84 
114 
?6 
.« 

71* 

140* 

77 
IK 
91* 

91 
77J 
77* 
SecurttW. 


II, 


N 


OSfri 


eppeanea a meur qfneenlaatr} 



U.S. $10,000,000 


MEDIUM TBBM LOAN 


Banco Crelisid de Ihresthaeato SA. 

gao Paolo, Bnial 


ndpanNedhy 


Commercial Credit Intermtional 
Banking Corporation 


European Arab Bank 

(Brussels) S.A. 


Inieronion-Banquu 


jQae Mercantile Bank .of 

Caiw Jo 


23at ttansedao vac UtixiBd hj> 
HAS. Finance Corporation 


\ 


\ 


r 




\ 





/*« p* 



wStoesday August 2 1978 






T9 


i\TL. FINANCIAL A M) COMPANY NEWS I Currency, Money and Gold Markets 



BY RICHARD ROUFC 

REMBRANDT GROUP/ the 
'■:. largest South African-baaed in- 
. d us trial multinational, has taken 
" . disclosure of its . traditionally 
^secret profit sources a stage 
"further in. the annual report to 
/Harch 31 and in the process has 

• -restated the figures shown in its 
: - recent preliminary statement 

• - At the time of the preliminary 
-.figures. Rembrandt showed a rise 
p la pre-tax profits fcom RUTm to 

• r-ftlSlm, hut it was clear that most 
<vol the apparent growth-had come 
-from associated companies, 

;wherc the figure was up from 
■’Fifth to R29zn, mainly reflecting 
? Rothmans International. The 
bottom line figlire showed a rise 
:hi .“profit applicable to own 


disclosures by Rembrandt 


members " to R78m from R7lm. 

The restatement in the report 
now shows pre-tax profits down 
from R98m to RSSm, but ends 
up with an unchanged bottom 
line figure after consolidating 
associates income on the basis 
of equity holdings.' But the 
directors' report • takes the 
analysis a stage further. It 
shows net profit up from R52m 
to R56m (figures which do not 
appear in the income statement) 
and. losses up from RO.&m to 
R8iu. From this follows a figure 
after losses shown as “profit 
before equity adjustment.” which 
is down from RSlm to R47ra. 

This latter figure appears to 
be the Rembrandt Group's basic 
profits from wholly-owned sub- 


sidiaries plus dividends received 
from associates and the share of 
after-lax profits of partially- 
owned subsidiaries. It includes, 
far example, Rembrandt's portion 
of the S3 per cent owned liquor 
subsidiary, Oude Meester. The 
losses reflect primarily R53m in 
another subsidiary, the textile 
group 11 Back. 

In addition, there is a break- 
down of attributable profits of 
R78m which shows R70m derived 
from tobacco and liquor, RSm 
from mining, mainly from the 25 
per cent stake in Federale 
Myntaou, which controls' General 
Mining and Union Corporation. 
Rim from banking, reflecting 
dividends from the stake In 
Volkskas and Rim of others. 


JOHANNESBURG, August 1. 

There is still no turnover figure, 
but the group's turnover index 
is up 9 per cent and, taking the 
R4.4bn of turnover disclosed by 
the chairman, Dr. Anton Rupert., 
at last year's annual meeting, a 
level of R4J3bn is implied for 
last year, which would give gross 
margins of 2.4 per cent. 

The balance-sheet shows share-! 
holders' funds of R47lm, for net 
worth of 902 cents on the 52ra 
ordinary shares, which stand at 
365 cents and 1 yield 6.2 per ci*nt 
on last year's 2 25 cent dividend. 
The shares have been strong in 
Johannesburg despite the lack of 
underlying growth and compare 
with their 1977-78 low of 235 
cents. 


Yen & Sw. franc 
remain firm 


THE POUND SPOT | FORWARD AGAINST £ 


An*. 1 


!»««■[ 


Day’* 

Sprw.1 


Cln*«- 


One month ; % pj. j Throe moo tbfj % pji. 


r.s.f 

Canadian fc 

Guilds | 
Brig but F»rf 
j Uuiiali Ei .< 
D-Mark 
hm. tan. 
Sh»d. tV«. ! 
Un 

, Ni »*n. Ki. 
j fit-rich Ei. ■ 
dneJInhii i.. 


Trading in yesterday's foreign weaker in sympathy with the U.S. 
exchange market was very much a dollar and eased to S7.7S U.S. cents 
repeat of Monday’s performance before closing at 87.86J U.S. cents 
with the Swiss franc and Japanese against 88.39 j U.S. cents, 
yen reaching record levels 3gamst TOKYO— The dollar plunged w 

the dollar. Conditions were busy a^ain in terms of the Japanese i Yen 

and the dollar started To decline yen to reach another record low j Al,, * r “ Sch . 

jn early dealings on news that the of y 187.95 at the close compared I**' 1 ** Kr - j 

Japanese trade surplus for July with Y190JJ on Monday. After! 

was likely to be larger than June's opening at Y1SS.50. the U.S. i 
figure of SJ.USbn. The U.S. rency dropped to Y1S7.00G bri 
currency touched Y184.10 at one 
point before recovering to close at 
Y 188.30. compared with Y188-80 on 
.Monday. Most financial centres 
were closed in Switzerland yester- 
day for a holiday and the Swiss 
franc improved in dollar terras to 
SwFr 1.7275 from SwFr 1.7345 and 


714 

1.- 246 LrSfiS 

1. 28S l-> 27b 

u.S7-ii.37,,.pm 

2.G2 

|LB7 0.97- .pm 

2.12 

9 

2.18MM996 

i.tazA / 985 

j- 48-> .58 -.pm 

2 55 

L10- LOO -.pm 

2.10 

11* 

«AS* 4. G 

j *SK-£l 

25 s-1^8 I'.ptu 

B.01 

6Sf-4»9 t'.poi 

4.98 

6 

£1.80-1 2 20 

[ 61.9 v flfll 

90-20 f. pm 

4.44 

65 OS v.pm 

S.fl7 

8 

18.67- lb. 72 

Iu.b74 10.684- 

lb'Hvpm-lc In 

)*■* 

4 E tire die 

-1.87 

i 

S.-2*.fi. 5- 

B-rW-94 

1-2 |ri pm 

7A2 

V5j.*5j irf nm 

7.57 

19 

-7.1e'.7.9 ' 

97.15 87.49 

60- ISO ft. Jit. 

— 15 76 150-550 

-11 45 

B 

147 Jd- >48.51 

U7.M 147.40 

20 80 c. dim 

-4,07 

1u-1Ib r-di* 

—1.05 

ms 

I.H194 i.BMij 

l.blft,' 1 0207 

1-5 lire Hl- 

-0.01 

7j-9i llre.lv 

—0.02 

7 

IU 2B Ij J5 

IU.2B, i-.29j 

linrepm-lxdis 

— 0.B7 

.t n- pm-ladit— 0.19 

3ifi 

fi 394^.40 

8.«0 fi.«l 

i - 1 r. pm 

2.14 

4-5 c.jun 

1.87 

fils 

8.®; ■ .72 ij 

B fifie 8 67 i 

15 -re |,ni p,lir 

0.69 

Sj-U nn* pm 

1.1b 

Me 

sB5 afia 

569 «0 

>.40-5.06 >jmi 

u 11 

a. 05 1.80 ypm 

0.09 

4l£ 

28.25 2 .55 

Ji,2j 28.50 

17-1 L" 1 |»lll 

5 03 

'57-27 na pm 

4.58 

1 

4.50^ SB 

i.52 i-i 65~ 

4-2 L-.l'lll 

9.01 

}~>z B7g -.pm 

8.88 


: Primrose 
{plan well 
advanced 

v . • _ 

By Our Own Correspondent 

JOHANNESBURG, .August 1. 
■the diversified sugar group, 
^ Tongaat, which acquired control 
’’ of Primrose industrial, the 
’ largest South African brick- 
maker, in April, is well advaeed 
rin plans to merge Primrose 
. ' with its own brickmaking sub- 
‘sidifiry, Coronation Industrial. At 
‘ the annual meeting in Durban, 
the Tongaat group chairman, Mr. 
C. J. Saunders, said that propo- 
. . aals would be put to the boards 
Tin mid- August. . > 

" Investigations by the -hide 
pendent merchant bankers are 
■ .progressing satisfactorily," be 
said. Operational economies have 
.already been effected since 
-..Tongaat took control of. Prim- 
rose, the shares of which at 130 

cents, are in line with the 

: original cash offer price 

. . -On other Tongaat interests, Mr. 
; Saunders mentioned the textile 
’interests, held through David 
' r Whitehead, as the most buoyant 
part of the group at present It 
Is expected to raise its contribu- 
tion u susbtantialiy " from last 
year's 15 per cent of group 
profits. 

’ *:r Despite the poor outlook for 
.sugar, Tongaat hopes to main- 
-Jain earnings at last year's ,65 
j rents a share. Apart from tex- 
’ tiles. minor divisions such; as 
ifood and feeds are expected to 
/improve. On the sugar side, 
linill efficiencies are at a record 
level and a 10 per cent increase 
in cane supplies will accrue 
from the recent takeover ofYfei- 
v i lb* Suear Estates. • - I 


Rise in home car sales lifts 
Bridgestone Tire in first half 


BY YOKO SMBATA 

BRIDGESTONE TIRE Company, 
Japan's larges tyre manufacturer 
and the world’s eighth ranking, 
has reported favourable results 
for the six mouths ended June, 
1978. inspite of: the sharp appre- 
ciation of the yen. 

A fail of 12 per cent to 
Y41.16bn in its exports caused 
by the rise in the higher yen, 
however meant that. Bridges tone's 
sales increased by only 3-9 per 
cent to Y177.8bn ($936m) from 
the level of the same six months 
a year earlier- However, the 
company achieved ..favourable 
current profits, up 15.5 per cent 
to Y14.7bn (S77.4m), . helped by 
a recovery in replacement 
demand and by domestic new 
car sales, which started to pick 
up during the period. Net 
profits rose 4.6 per cent to 
Y6.57bn fS34.6m). 

The company’s exports share 
of the total turnover shrank to 
23 per cent from 27 per cent in 


the half-year to December. About 
80 per cent of its exports were 
still based ’upon dollar payment, 
which generated on exchange 
loss of Y9.2hn. The exchange 
lossess were absorbed by export 
price increases and. cost cutting 
measures, the company said, par- 
ticularly. the company’s dominant 
position in the Japanese tyre 
market (with a 50 per cent mar- 
ket share) strengthened its per- 
formances. since increased pro- 
duction arising from the 
recovery in domestic new car 
sales and replacement demand 
held down costs. - - 
The company expects favour- 
able domestic sales of new cars 
to continue to the end of the 
year, and that this will offset 
the negative impact of exchange 
fluctuation. 

+ * * 
Consolidated net profit of Nippon 
Electric Company, a major pro-, 
ducer of telecommunications and 


TOKYO. August 1. 

electronic' computers, and part 
of the Sumitomo group, fell 6.1 
per cent from Y7.74bn to Y7.26bn 
in the year to March 31, 1978. 
Consolidated sales rose by 11.7 
per cent to Yfi9SJ565bn from 
Y625.12bn in the previous fiscal 
year, reports AP-DJ. 

* *. * 

A FALL IN consolidated net in- 
come is expected by Kawasaki 
Heavy Industries, the integrated 
Japanese heavy machinery manu- 
facturers. in the fiscal year to 
next March, from the YlO.OTbn 
(U.SA55m) announced yesterday 
for 1977-78. 

Sales, however, are expected 
to increase from the Y625,56bn 
(U.S.S3.2bn) of last year. 

.These are the first consoli- 
dated figures released. 

KHI said that it is difficult 
to make a firm prediction on 
busines for tbe year, because 
of - the uncertain foreign 
exchange market outlook. . 



before recovering slightly in the i 
afternoon. After the close of trad- ; 
ing it was quoted as low as i 
Y 18630. ! 

Market sentiment seemed to be ' 
resigned lo the dollar depreciat- ; 
ing still further although some • 
.sources suggested that the aulh- i 

unties were considering the plac- ' 

ing or restrictions on interest 
payments to free yen deposit j 
holders. However, of Ihe esti- 
mated Y1JS trillion held by non- ! 
residents, varying maturity dates; 

would cause any further resiric- 1 

lions to have only a gradual j 
effect. I 

Trad i tie in spot turnover was 
fairly heavy at 5523m while for-i 
ward and .swap trades accounted ' 
for SfilSm. Japan's foreign re- ' 
serves in July rose by S2.Q35bn 
to stand at a record S29.366bn. 
Most of the increase was attri- 
butable to the heavy support 
given to the dollar by the Bank 
of Japan. 

FRANKFURT—' The dollar was 
fixed DM 2.0347 compared with 
Monday's fixing of DM 2.0413. 
Trading between the D-mark and 
the dollar was fairly quiet com 
paced with the yen and 
franc. Weakness in the 
against the D-mark was mainly a 
reflection of the former’s poor 
performance against the 
While some Swiss centres 


cur- i Belgian rate 1* for c-nvi-rilSe Irancs. 
briefly 1 Financial franc 63.C0-Si.3D. 


Six-month forward dollar 2.10-2 ,00c pm, 
tt-mmih 4.00-3.90C pm. 


THE 

DOLLAR-SPOT 

1 FORWARD AGAINST S 


Day's 


1 

“i 



Austin 1 

spread 

Close 

: One momb 

p.a. 

Three months 

P.8. 

Canad'a S* 

Xr.9KBS.09 

I7.41-S7.94 

j 0.04 41.02c dk 

-0J7 

O-OWLOSc dis 

-OJ* 

O under 

UKUnn 

2.2BBO-2.2BM 

1 0.7U)3Sc pm 

3J5 

lJ&VAAc pm 

2.C1 

Brijdan Fr 

S2-D6MC.13S 

5ZJ2D-32035 

• 51-dll Pm 

L*0 

15-Die pm 

L» 

Panfc* Kr 

SJ36UW 

5JS375-SOJW 

j 




D-Murk 

2-DJJ5-2.D3XS 

2-0X790.0385 

o.srox3pr P m 

4.M 

2J4-2.49pf pm 

4.42 

Pnn. Es 


45AM5J5 

— 





Lira 

84l.DfoS42.10 

S4U5-80L35 

ZJfoJJOUredl* 

-4.10 

L50-*J5liixdli 

-422 

\rwgn. Kr 

5J05-5JSM 

5.3415-5J425 



— 



4JS45-4J735 

C3«fo4JMa 

J D.OB-OJBc d» 

-0J2 

0.75-0. 95c die 

—0.74 

Swedish Kr 

»J0lVajlQ5 

4.5015-L5P25 

1 — 




Yen 

195-40-12705 

USJ0-U5.7D 

U5-1.28y pm 

7.00 

3.20-3. 00y pm 

4J3 


— 

14Ab7D-14.673> 







Svrisa Fr 

1.71S0-L73T0 

L7170-L7J0B 

■ L02-0.9TC pm 

6-25 

2.96- 2.91c pm 

6.62 

•U.S. 

cents per Canadian S. 





CURRENCY 

RATES 

j CURRENCY MOVEMENTS 


Special EorppCM 

' 


Bank of Margan 

Aasost I 

DriMlns Unit af 

| August I 


England Cnarnniy 


Rights Accami 

i 


Index change* 


during the day reached a record 
SwFr 1.7100. The West German 
mark was slightly easier at 
DM2.0405 from DM2.0375. 

The dollar's slight recovery 
during the afternoon stemmed 

from rumours that the Japanese . „ , . _ _ . .. . 

authorities were considering the closed for a holiday the bw'iss 
introduction of some form of franc improved to bwFr 1.181. ! 
export controls. Using Morgan from • s 1 wTr 1 - 172 ' as*'™* l 5 e „ D ' f 
Guaranty rates at noon in New mark. In la*er tred'n? the dollar 
York, the dollar's trade weighted reacted to U.S. Treasury predic- , 
average depreciation remained at tions that oil imports were Itkely - 
9.2 per cent- to increase well into next year 

By the end of the day, sterling and fhc U.S. currency was quoted 
had suffered more than most as a at DM 2.0365 compared with its 
result of the dollar's partial earlier best level for the day of 
recovery and after opening at DM 2.03S5. However it recovered 
SI. 9350-1.9360 it touched 81.M55- somewhat afterwards to DM 
1.3S6o during the morning before 2.0380. 

falling over a cent to 81.9245- MILAN— The Swiss franc and 


SiiTlin* 

L-S. dollar 

Canadian dollar . 
Austrian schi ll i n g 
Reiman Irani' ... 
Danish 


Swiss DcutKite Mark 

rtnlfor l C»uUdrr 

d0,l3r| hremJJ franc .... 

Lira 

Yen 

yen. J Norwegian krone 
were 


0A53H1 
I.2U20 
LOIS 
IP JUS 
to .5 LBS 

krone b.ra*29 


Swedish krona 
: StrUs franc ... 


237023 

2.71372 

5J0UT 

1062.04 

237.02 

6.74110 

36JM3 

5.680* 


U27463 
L 44645 
IS .6780 
004767 
7X5512 
£53325 
2.7*826 
5J5043 
107X58 
2S3.2S5 
6.7*580 
57.4515 
5.TJJ86 
2^7916 


I SKTlInp 62.33 - 40.6 

U.S. dollar . . . 84.34 - *.2 

I Canu-JMii Hollar 82.7* -14.5 

| Austrian scbJIInu: .. 138.57 +17.9 

; K' Ikibm Irani- . . . 13*38 +11.0 

. Danish fcrnnr . 113.93 + 5.1 

. Di-uischv Mark 139.4* +J4J 

, Shlss franc ...._ 1*2.44 +86.1 

Guilder 11*318 +17.0 

French franc 100.68 — 15 

Lira 55.91 -44.6 

| Vpn . .. . 158. OJ +55J 

i BasiiJ on trndr aciKhtcd chanscs from 
l Washington agrai-njem Dci-cmbcr. 1911 
1 'Bank of England JDdcx=10tK 


OTHER MARKETS 



X 

■S 

ti 

A MR. \ 

\ 

Ntite lUlrt 


Argentina FeMs.... J.357 1.961 ; 807 99 elO 07 \u-iria 

Autfimltslkiilm > 1 6625 ■ 6656| o.e« 22 j.l»- 43 ii'Utnim 

Finuir+I U**hkn... 6.0400 8.0685, 4.1645 * 1665 Ocnmori. 

H itul’ Cnifflnx : 34.90-36.90 i lull '.r 3 f'ninre 

Gr e ec e Dwdiwn.... 69.941-71.665i 36.30 37.19 ’.'.•'Btnuv , 

S .00-9.02 - 


1.9255! The pound” closed slightly : the Japanese yen again reached j ””‘ 

above its worst level at 81.9265- record Jevels ; against : the lira while, Ko «r»it ixnart KDi; 0 . 620 osso 0.^692 .2744\<+hm B o.i 


JAPANESE COMPANIES CONSOLIDATED 

RESULTS 


• 

. 

Business 

Year to March 31 

Net income 

Ybn $tn 

Ybn 

Sales 

6m 

Mitsubishi HI 

Heavy machinery, 
shipbuilding 

20.45 

107.6 

2,360.00 

12,400.00 

Nippon Express 

Transport services 

4.86 - 

25.6 

719^1 

3,800.00 

Nippon Steel - 

SteeL 

14.70 . 

77.4 

2,430.00 

12,800.00 

Nippon Yu sen 

Shipping 

3.12 

16.4 

490^1 

2,600.00 

Sumitomo Metal 
Industries 

Steel; 

6.47 

34.1 

1,010.00 

5^00.00 


1.9273. a fall or 45 points from the U.S. dollar weakened for the 
Monday. The pound was also third consecutive day to reach a 
[weaker against other major 22 month low. The Swiss franc 
; currencies and its trade weighted was quoted at L490.75 compared 
index." which the Bank of England with the fixing on Monday of 
[calculates, fell to R2.3 from 62.5. LB42.30. The yen was fixed at 

The Canadian dollar was also IA.533 against LA 4 57 on Monday. 


8 74, .j»B3 4 
62<; 1 4 
lu.oO- 10.75 
8.35-6.50 
3.864.(0 
1595-1625 
360-370 
4.15-4.30 


Uuemhount Pnncj 61.90 82.2J 3r.l2 3ls28 .Xiinrtv. 10.25 10.40 

Uiuiftlft Dollar.—.; 4.461; 4.48 1 2.3160 <s.a 190 Portugal 83-90 

Kewfanlanri Do)bu; l.c2B0 ..8350) U.t491-O.B»23iSnain I 145)2-149 

-Mtirfi Arabia Ulyai- * 53 r 63 a 39 5.44 1 -<u^trer<an.* S2»-340 

-Jfntrnpnre Dollar ...| 4.35), 4 36*a ' <S.?593 /.i60‘ Umt«,l 'Unit*.- • 1.9200 1.9400 

**Hh African K*n«-i I .^719 l^-BBO! 0.8676 0>765V»..n<iavni..> 35-37 


Rfltf inr urumina i» frw rate. 


EXCHANGE CROSS-RATES 


auk- : 

■ liiill ' NHillK 1 

L.r* i nm <•» 

iNtil* Iir.il>',> • 

mam 

| rieti it rr.n i 

-n. rran 

1 1 in ur r;.i .ti 

iin in L-r- 

^<11* U.' HI 

. ip' •■*•! r rai c 

tfttin.i StrriiQi! . 

1. | 

1.927 

| 8.935 j 

59 5 

d.405 ! 

8.330 

4.k40 

1620 

2.193 

bl.95 

L’J. UntUr 

0.619 

1. 

1 2.C42 1 

186 6 J 

4 362 1 

i 

1.728 

2.200 ! 

B-0 8 

1.138 

32.15 

nputrtihP Mail. 

o.sj-4 : 

o.->bo 

i 1 ! 

9136 



1.078 i 

4 18 

. 57 

1-.74 

lapnnftri- Van Lift? 

8.7BZ 1 

6 360 

1 10 95 

• UUu. 



1 1-79 ! 

4 507. 

6 100 

172.2 

french rtaik.- It 

1.190 | 

2. *93 

; 4.c82 

*27 7 j 


3.962 - 

6.C45 

I92B 

- 2.609 

73.71 

-«rl*t t nine 

0.300 

O.r-79 

■ i.i82 

IUJ.0 

2.524 ! 

j 

1.273 

*86.6 

0.. 59 

18.60 

ibitcn ItuiPirr 

0- v S6 

0.«t4 

• 0.*i> 8 t 

84.79 

1.982 I 

0.785 

1 t j 

582.1 

0.617 

14.61 

Italian Ura |j> k 

0 617 

1.169 

2.»29 

f 21.9 

8.187 j 

tf.055 

2.617 i 

l • 0. 

. 1.463 

36.23 

. ana, turn ISiUar 

0.*,56 

' 0.» 79 

1.794 

• 63.9 

‘.833 

'.SIB 

i.“33 

758.8 

l 

28.25 

... Mn t-'innf 

l.fcK 

3.111 

■ *-.8 52 

580.3 

13.67 

5.375 

6.844 

2615 

3.540 

Iu •. 


EURO-CURRENCY INTEREST RATES* 



Her Majesty!) Treasury 

U.S. $1,500,000,000 

Medium-term loan 


MANAGED BY 


Commerzbank 

Axtiencesellschaet 

BeutscbeBaSk 
-AktIKN GES ELLSCHAfT 

Dresdner Bank 

AkTIENGESELLbCHAFT 
V r KSTDEllTSCHE LaNDESBANE 

Gibozenxrale • 


Barclays Bank 
International Limited 

Lloyds BankLimited 

Midland Bank Limited 

Kaitonal Westminster 
BankLimited 

Williams &'Glyn*s 
BankLqoied 


The Bank of Tokyo, Ltd. 

Bankers Trust 
International Limited 

Canadian Ibiperial Bank 
of Commerce 

The Royal Bank 
of Canada 

Toronto Dominion 
Bank 


HINDS PROVIDED BY: 


COMM£KZ!i.V\K AlCIiB?i«K.-EU*4CB S?T |W« Hr-ocW 

HltKSUNKR H.\Mv AKTlEXiWM-UOUrr Ur “ rh ) 

'£m\ Wank of Tokyo. Ltd. 

C IN Mil AN iMPKin H. 1 Ia>K OF CrtMMi;RCE 

]i\RCLA\« ISTFRNUIONAL LIMITED 

1 NT ERN-VTIOXVL W EtTMESST KU B AMi tWH £D 


T» e Boy*alBxnk of C vs \o.v 
Lloitw Bank Limited 


Deutsche Banr Akhkn cesullsch aft (Xmim 

>X r l2>TDKUTS»ai K L WDtSQANK G IROZENTBALE 

Bankers Trust Compaq 
Toronto Dominion Bank 
Midland Bank Limited 
"Williams & Ulyvs Bank Limited 


Alcemfne Bank Nrokkuno n.v. 

B ANK VU K U rVEtNTxniTSCHA FT AKTIEYflYSElXSCR aft 
B vYtniscuE LandevS-ank I vre rnatioX-v u s.a. 

CYDrsUALKB-WKUMlTfl. CaEWIASWIsBlSHOlEH 

DC BaNK.D ECreCBcGESiOSSEKSCIIArfSBAN K 

GlUMlLtVH B.LN-K L1WTF.D HvTOBANK INTERNATIONAL S.A. _ 

SootreGWSSilEMBASQiiE&A. Standard CiLwratD B.ank Lotted 

Union Bank of StrnzERLAND 


jVjaSTKItDAM-ROTTF.RD AM B.VYK N.V. 

. Bank of Scotland 
Baverische Yereinsbank Internationa l s.a. 

Credit Suisse 
The First National B ank of Chicvgo 
The Rov.u, B ank of Scotland Limited 
Swiss Bank Corporation 


Bais*kofEkgla.nd 

Agent 


This enaoxnumen* appears as a matter of record only* 


1st August, 1978 


All", i 

Sltol-mt 

■.'aiwiimn 

Ur.imr 

1 

1 l [Vi Ha' 

' Hind. UuiNlt-i 

-u ' B h 1*1 1C 

NY. Ut-rmati ) 
Alan. | 

rMinrt tern:. . 

, .in\ - irH,i-r . 

10 leio&B 

10 >8 10i8 

89 
r 9 

9 la-9 1- 
9'a 9^8 

8 

965* 

l J t o 

1 41*43* 

' 4J#H*i 4 ! 

4Sj 4ia 

9 B a 4 

■3 i 3 -3«. 
3i B -3i4 

>hr«: in. Jit:i. ...' 

N.i ltn.mil. 

« »nr > ear 

lCir-,0 
li- 1 1 Jn 

ins n«v 

1 tit 8&s 

8’.e - >a 
! 9-9u 

, 5»4 : 

j an -mi 1 

1 61? -61/ 1 

*1- Jii 

IN 

2>a 2U 

31| 83* 
3A«-8?g 
4-4ip 


r wncli hrvni- Itaimn Lira 


A.wn S 


Jatxneve Ten 


7 7l| 

in 

7 >13 
l*,-9 
9i 2 -9>, 
10'a 11 3e 


8- 12 
11 12 
1118-1218 
l«s- la 
121 ^-ISIm 
1314 -14L 


7. 8m 

8 ,;. 8 

8 'i-S^g 
8„ 81 
»-W<a 


l-s-7? 

l*«-2i» 

2Sao 

2:;-3.« 


The fiiilhH-nvt nominal «:>•% u-»n- Quoted ior London dollar ccRlhcalet ol derauit- One month 8.60-8.10 per coni: Um»c months SJ3-S 33 oer cent: Six months S.70-S.SO 
per cck: one year S.>i-S93 pi.-r coni. 

Lonsricrm Kuroaoiiai dcuuslts- nri> years Oi|i.-«Sw. wr cent: three vein 03i6-8?w. per cent: four rears 9fis-S«u oer cent: «v» years 9*u.-B ms oor cent. "Rates 
are nomirtu' deems rates. 

Shnri. i,rm raiec jri coll lor srrrllna. II S rtnllarc »nrt f:an»rilan dollars- ik-o lave nniloo for Btitldoni an" R*ii« frann kstan rate* are .•'in«mB rates in Sirtcapnre. 


INTERNATIONAL MONEY MARKET 

Further rise in Belgian rates 


The Belgian National Bank yes- 
terday increased the rate on Tour- 
month hond fund papers 10 6 i 
per cent froib 6 J per cent This 
comes only a day after ihe 
authorities’ decision to raise the 
rates on short-term Treasury 
certificate'- as well as last week’s 
increase in the official Lombard 
and discount rates to 6 per cent. 
The rise <n bond paper rates is 
seen as the latest move by the 
Belgian authorities to increase 
Interest rates generally in an 
attempt 10 support (he Belgian 
franc. The latter has been affected 
recently by devaluation rumours 
within the snake, where it has 
1 been lanmnshing around its lowest 
permitted level against the West 
German mark. At Tuesday's fix- 
ing the Central Bank was 
required to - sell some DM 26m 
when the Trane fell lo its floor 
price of BFr 15.765 in terms of 
the D-mark. 

Deposit rates for the Belgian 
franc (commercial) were quoted 
at 6 - 6 ! per cent for one-month 
and 6 r«-i»"' per cent for three- 
month. Six-month deposits were 


filS-Ti per cent while rates for 
one-year were 74-72 per cent. Call 
money was easier at 4.20 per cent 
compared with 3.0 per cent on 
Monday. 

NEAV YORK— Pressure increased 
on the Federal funds target rate 
yesterday with funds being dealt 
at S per cent compared with 
7!i per cent yesterday and a 
largei of 7J per cent. However, 
for the time being -the Federal 
Reserve attempted to ease ihe 
situation by making two-day 
repurchase orders. 

Treasury bills were firmer at 
6.92 per cent from 6.895 per cent 
at Monday’s auction for 13- week 
bills and 7.36 per cent for 26-week 
bills while one-year bills were 
unchanged from late Monday at 
7. /a per cent. One-month certifi- 
cales of deposit were slightly 
easier at 7.75 per cent from 
7.77 per cent as were rwo-month 
rates at 7.90 per cent from 7i»2 per 
cenL Three-month deposits were 
also slightly easier at S.Q 2 per 
cent against 8.03 per cent 

FRANKFURT — In the interbank 
money market, call money was 


GOLD 

Record 

level 


Gold continued to improve in 


firmer than on Monday, risina to ' 

3.45 per cent from 3.0 per vent. 1 
This is around the more normal! 
levels last seen on Wednesday ! 

Longer-term rates were unchanged j 
at 3.6 per cent for one-monih. i .... , ^ 

3.75 per cent for three-montii and 1 yesterday s London bullion market 
4.1 Der cent at six-months. iand closed at a record level of 

PARIS — Day-to-day money was j S202i, a rise of 82! an ounce. After 
unchanged at 7J per cent as were I opening at 8204-204? the metal 
the one and three-monih rates was fixed during the morning at 
ai 7t-7J per cent and 7;-7l per ( 8207.50. The rapid appreciation 
cent respectively. Six-month I in the price of gold has been due 
money was firmer at 7v-7j per ! almost entirely to the present 
cent from 7|5-7{-S per cent while ! weakness of the U.S. dollar and 
the 12 -momh rate eased from; the normal pattern has been 
Pe r cent lo 8 |- 8 ; per cent. | followed in times of currency 
AMSTERDAM — Call money was ; unrest with heavy demand out- 
unchanged at 41-5 per cent as was 1 weighing any profit taking moves 
the one and three-month rales: that may hare been made. The 
cent. Three-month money was metal was fixed at S205.10 during 
easier at 6 A- 6 | per cent compared j ihe afternoon and at one point 
with 6J-7 per cent while the six- touched an all time high of 
month rate was also easier .at ) 8207^-208}. The afternoon fixing 
6 J -7 per cent against 7-71 per cent ; anneared to be a very long affair 
_ 'and the metal's performance 

HONG KONG — Conditions in the ; durins the afternoon reflected the 
money market were easier than ! slight improvement In the dollar. 

Mnnriflir with poll mAnai* *af opr 


Monday with call money at 5! per 
cent and overnight funds at 54 j 
per cent. 


UK MONEY MARKET 


Large assistance 


A 11 ;’. 1 JmIV 61 


Bank of England Minimum 
Lending Rate ill per cent 
(Since June 8 . 1978) 

Conditions in the London 
money market were somewhat 
easier th.iii on Monday although 
the authorities gave a large 
a. mo uni of assistance to take our 
the shortage by buying a 
moderate amount of Treasury bills 
and a small number of local 
authority bills. This was in 

LONDON MONEY RATES 


addition to lending a moderate 
amount at MLR to one or two 
houses, for repayment today. Total 
assistance was termed as large 
and was considered to be more 
than enough to alleviate The 
shortage. Discount houses were 
picking up secured call loans 
between 9 per Cent and 91 per 
cent towards the close. 

The market was faced with a 
modest net rake-up of Treasury 
bills and the repayment of 
Monday's moderate official 


(iniH Bullion (■ ttnr 
nil 1 liiM 

203, 

t'pnnina <! 0 < 20 * 1 ; 

Momirii: lixiru: : 20 7.50 

i V 7.219> 

AitMiKcn Axinc.... 4105.10 

•tttS.SlSi 

fniM (.Vilno 

■lnm«»<Tw<*lly 

Knitpriioil S21J-816 

•till 112> 

advances. There was also a slight i %>w sfe-wicn*.- s 7 i-Mi 

increase in the note circulation ■ 0M * 4 

and a small excess of Government | nMi 3i B . 

disbursements over revenue I umn tvim* 

transfers to the Exchequer. «nmnBu«uMiv 

In the interbank market, over- ! “JSfiK. MR,., 

cent and traded for most of tne i .csoi-aT, 

day at 9}-H) per cent before'' om SorereiKn, s-*9bi 

Closing balances were taken any- : »3rj5v 

where between 9 per ceni and 10 i ^ £**"*• * a88 ' s>9 

per cent j 5 ”£.“T 

Rales In' ihe tabic below are! 1__ 

nominal in -some cases. 


. -tus.; vet 
■cicft; up; 


* 200 ; - 2 D 1 
Sl-BSj 1296 
SMS'! 
;£W'.S4#i 
5200.26 
iClCi.fi 12) 


5207-209 
USMi-WU) 
957)4 -fiW* 

557*4 e 9i» 
(£20 Hi 


.129? 70 }, 
?*-7; 
1'30-Sl 
‘ 85-989 
4 145 U9 
Vi 1*8 


Aia- 

■ 

‘ierniii; 
■XiMt 
nt Hfct»‘il- 

inttriviik 

bo 

AliLlinnti 
IftlBr 1 |» 

bui A utli. 

lire, .t Mti h 
U a|| 

Hrai«# 

[ifttBMilk 

II -HlIH 

1 1 'nniimiv . irwi-Lcl 
' lJrr.-M- -r|BV. 1 l 

1 ten-Mirs 
ll.li- « 

BiiriO-i 
H ut 
biii- 41 

f.ii». 1 rai 11 
IJiu-Q 

IKsniai" 

— 

9-101g 

- 

— 

— 

lOU i 9-10 

— 


_ 


— 

— 

10 - 101 s 

— 


. — 

— 





— 

— 

— 

— - 

— 

10> 4 




• -ar- «• 

— 

10 30: 3 

10 - 10 ie 

— 

1C » 4 

• 91; 93s 




t'r.r ■■ • 

97: 

9'i iu 

10 

104 v ioir 

lOJh 

lOia-lOi* 9lg 

9*-9ls 

9-T-fii; 

1 0 1 a 


BS; 

9 .-9 r 


IU 91- 

10 J 8 

HA* 



10 ',-. 

l - ‘i,er .|«r:l • . 

9 ;; 9fo 

0 !>« 9 ’a 

9,£ 

HI,-- !g 

IOJb 

10i a 9<« 

9i, 

9 -+ 

10 . t 

iflfi*'- . -- 

a.: ‘ » 

91j JU 

iu 

Hit Biz 

KA* 




10=1 

S it ..til-.-.. 

9 v i- 

9 10. 

- 

9.5 f 1 c 

. lOi; 

| 





f|»- itt»' 

9 -; -9,.. 

iu 10 ip 

10 : s 

1U93* 

103 S 





- 

1 Itrt llk-- 


_ 

IO .5 


“ 

! - 1 - 

- 

- 

- 


L'-rJi i >ot) Snarite tMnera rtav-‘ wee, ntTr-r- Hays Uitfl. * Longer-term Ir^aj auUnrnv mwaft 

-ate . thrr* vears 114 per c+nW I Mir y t ar> IK D*r eem: livr >varx lls-IS Mr cmit, 4 , Bank bill rain in lahl* ’ 

ar.- Su r «w for prune aaotr. Buvins rates for four-raomh bank bills 01*33 unr sint- [nur-moorh trafle bills in , n. r cenL 1 

Aot-TOMnuH- M-Unifi rai-s -lor ora-monih Treasury bills 9-91 i; oer cwn iwo-montb Oijj per cent: and thn+-ii'oV,ih 
1-- A-f Aapr’isiniasc - ilinK rat,- for one-mon'h bank bilk per evil I . and r-vo-month 9’-0hh per ceijr- -,nd tftre*.- 

-wr ■■•■nt One-nunrh IrtJe folk M rar c n-. rwo-month Jn Mr rt-nt; and also ihme-numtli 18 ; n»r c-nf 
Finance Homo Saw Rate* itwibti^hcri by the Finance House* A ?vn-iaU*»n 1 ■ 1*4 per com frmn ^u fin si I 1 * 7 ). Clearing 

Bank Deposit Rate* for imall *nm» at .m-en dars' ifotKti f-l-3 oer cenL Ctaarfog Sank Base Rafw (or lenilmE in oer cent 
Treasury Bills: Arpiue leader rales uf dJseoim: 9.1 134 per cent. iu per 


| MONEY RATES 

NEW YORK 

i Pnnsf Rate 

' Fed Funds 

Tr.-attiry Eilis ■ 11-week' 
Trtarnrs- Pills do-ivcek' 

GERMANY 

Dlseannt Rale 

Overnight 

On; moaili 

Thre^ mnmhs 

Six months 

FRANCE 

Dlseoum Rate 

Ovemiaht .. . 

one monLft ...» 

Threr months 

Sis months 


JAPAN 

Piseouni Ram . . . 
I Cali 1 |tr.< nnriiiitma! 1 
l Bills Disco am Rate 

t 


* 

8.0 

M 2 

7J6 


J 

3.48 

3.6 

J.» 

4A 


*3 

7JS 

7,3125 

7JB7S 

7SOS 


J! 

8A2S 

«73 
























Financial. Times Wednesday Alignst 2" 1975 



WORLD SLOCK MARKETS 


Profit-taking leaves Wall St. closing mixed 



NEW rORK-ww»aas 


INVESTMENT DOLLAR 
PREMIUM 

S5.60 to n— 1001% (99i®o) 
Effective SL9270— <48i%) 
WITH PRO FIT-TAKING more pre- 
valent, the recent advancing 
trend on Wall Street was brought 
to a halt yesterday, and stocks 
moved erratically before ending 
on a mixed note after further 
heavy trading. 

The Dow Jones Industrial Aver- 
age touched extremes of S6B.1R 
and S 35.34 before finishing 1.56 
easier on balance at 860.71. The 
JVY.SE AJi Common Index manaced 
a net gain of 2 cents at $56.61. 
after moving between $56.72 and 
S56.4S, while rises held a modest 
lead over declines at the close 
of 823 to 692. Turnover reached 
34.Slm shares, compared with 
33.99m on Monday. 

Analysts said the market was 
due for some correction following 
its advance spanning the past five 
consecutive tradinc sessions, and 
had to contend with fresh over- 
night weakness in the dollar and 
record gold prices. 

However, continuing to aid the 
stock market are investor hopes 
that interest rates will stabilise 
and inflation will moderate over 
tbe rest of the year. 

Newton Kinder, or E. F. Hutton, 
commented that while money 
market experts debate over the 
future direction of interest rates, 
"the stock market is already bet- 
ting that the next significant move 
in interest rates will be down." 

International Business Machines. 


which scored a new high for the 
year on Monday, reacted 2g to 
$2792. Xerox and IBN have agreed 
to exchange world-wide licenses 
in settlement of litigation over 
patents. Xerox; .the second most 
active issue, eased £ to $572. 

Airlines were active. UAL eased 
2 to S37i and Western Air Lines 
also J to $1$}, but TWA rose I 
to $2Gi. 

National Airlines, where trad- 
ing resumed after being halted 
since Friday, were unchanged at 
$2Gi — the company said Texas 
acquire control of National raises 
"substantial" legal problems. It 
also reported a 34 per cent jump 
in July passenger traffic. Texas 
International, on the American 
exchange, were unaltered at $14. 

number of Utilities were also 
active. Pacific Gas and Electric 
closed unchanged at $241 — a 
2 (ML MX) share block changed hands 
at $242. Allegheny Power System 
added i at $18$— a 200.000 share 
block was traded at $18j. Conti- 
nental Telephone put on 1 to 
$152 — a block of 130,000 shares 
was moved at $152. 

Playboy Jamped 2j to $242 — it 
has received Atlantic City ap- 
proval for a revised design for a 
boardwalk hotel. The company 
has yet to apply to New Jersey 
gaming authorities for permission 
to operate a casino. 

THE AMERICAN SE Market Value 
Index finished 0.16 down at 154.57 
after volume of 3.82m shares 
l4.15m). 

Loews Theatre warrants again 


led the actives list and put on i 
to *172. Active Syntcx gained i. 
to $33$, Its highest price of the 
year. 

Bradford National lost 12 to 
$9 jit has apparently lost a con- 
tract for the California medical 
programme to Computer Sciences 
which, on tbe New York exchange, 
added 2 to $142. 


Canada 


Share prices tended to gam 
further ground in very active trad- 
ing yesterday. The Toronto Com- 
posite Index put on L7 wore to 
a 197S peak of 1,193.5, while Metals 
and Minerals added -L8 at 996.9. 
Golds 2.4 at 1.579E and Papers 
1.73 at 127.26, but Oils and Gas 
shed 2.9 to L 540.4. 

Indal, C$141 , and Slelco “A." 
C$26J. each rose i on higher earn- 
ings. Can ray Resources advanced 
15 cents to CS2.35 and QMG Hold- 
ings picked up 5 cents to BQ cents 
tbe companies said they bare a 
stake in an Indicated commercial 
Texas well. 

Aigoma Steel fell CS1 to C$21|. 
Algnma workers at Sault Ste. 
Marie are on strike. Imperial Gen- 
eral Properties lost C$1 to C$204- 
Abacus Cities said it is still 
considering tbe form of its take 
over bid for IGP. 


active business. -The Nifcfcei-Dow 
Jones Average declined 13-33 to 
5,585.41 and the Tokyo SE index 
lost 1-14 to 422.33. while volume 
reached 400m shares (220m 1 . 

Export-orientated Electricals and 
Motors and some Blue Chips led 
the reaction. Sony lost Y20 to 
Y1.57Q, Victor of Japan Y30 to 
YU60. Nissan Motors Y7 10 VTHa, 
Pioneer Electronic Y30 to Yl.G™ 
and Matsushita Electric Y8 to 
Y730. 

Recently-selected Public Works 
issues and Pharmaceuticals also 
gave ground, but Chemicals and 
Electric Cables improved on 
•• cheap " buying, . while Electric 
Power issues were also firmer. 

Nippon Telecommunications 

Construction receded Y15D to 
Y3B20, Nippon Television Net- 
works Y110 to ¥6,090. Mochida 
Pharmaceutical Y100 to Y 1,600. K- 
Hauori Y70 to Y1JS40 and Mat- 
sushita Electric Trading Y50 to 
yi 13Q_ 

However, Toho rose YlOO to 
Y7J.5Q. Kyushu Electric Power 
Y60 to Y1.S50, Obamoto Rikea 
Gomu Y30 to Y613, Tokyo ElectTlc 
Power Y3D to Y1.140, Toyo 
Chemical Y29 to Y240. Nippon 
Carbide Y23 to Y18Q and Fuku- 
yama -Transporting Y25 to Y620. 


totalled HK$ 142.79m. up from 
Monday's figure of HK$114J.6m. 

Hong Kong Wharf moved ahead 
90 cents to HKS28.fi), Jardtoe 
Matheson 70 cents to HKS16.40. 
Hongkong Bank 30 . cents to 
HK$20, Swire Pacific also 20 
cents to HKS9.25, . Hutchison. 
Whampoa 15 cents to HKS&45, 
Hongkong Land 10 cents -to 
KKS1Q.60 and Wheelock 5 cents 
to HK$3 .25, 

Wheelock Slaritime rose 15 
cents to HK33JB5 in response to 
higher profits ,but Hang Seng 
Bank, HK316S. . relinquished 
HK§3 of Monday's rise of JHKS9. 


Paris 


Tokyo 

The yen’s further sharp appreci- 
ation to a new record high against 
the U.S. dollar unsettled the 
Tokyo stock market yesterday and 
left many shares lower after an 


Hong Kong 

Stocks staged, a fresh advance 
across a broad front in acme 
trading, the Hang Seng index 
rising 8.71 M 393.13, its highest 
level since November 16, 1973. 
Turnover on the four exchanges 


Market relinquished some more 
of its recent marked rise in 
moderate trading, the Bourse In- 
dustrial index slipping OB to 745. 

Brokers said the only factor 
affecting investors yesterday was 
some hesitation in tbe face of the 
disorder on the monetary front, 
the rise in the price of gold to 
record levels having drawn funds 
away from the stock market. 

- Generally better Metals and 
mixed Banks and Textiles . were 
the only sectors to show signs 
of resistance to the easier tone. 

Thomson Brandt lost 4 to 
FFr 233 after announcing only 
slightly higher sales for the first 
half of 1973. 

Other notably lower issues in- 
cluded CCF, Saint-Louis, Screg. 
Mlchelin, Moulinex, Paribas, and 
Saone, but Cetelem. Mnntm, 
Podain. Hachette, Odens, DaQfns- 
Mieg and Imetal improved. 


NEW YORK 


Auc- I Jnlv 
1 31 


A hr. I July 
1 I 5) 


AN'-Mf Lab* .. ... 
Adrt i » « tf< n r » rih ... 
Arum Life A Cm 

Air Products 

A loro Aluminium 

.Uivt 

Ailpjr. Ludlimi .. 

A lli-abeny Power i 
Allirri Chemical.) 

Allied Store* J 

Allis Chalmers—' 

A MAX I 

Amerada Hew.... I 


Amer. Airlines... 
Amer. Brands.... 
Anier. Hn<wln«. 

Am it. Can 

Amir. CysruiTtiiil 
Airier. Oise. Trl- 
Anier. Elect-Vow 
Amtr. Bxpivw... 
Amer.HimePrnd 
Amer. Mtilimi... 
Anier. Motors .... 
Amfr. >\it. Gnu.. 
Anier. Standard.. 

Amer. Stereo 

Anier. TeL & Tel. 

Ametek ...... 

AMP 

AMP 

Am pro 

Am-lior Hifking. 
Auheuser Bunch.. 

Armen Steel 

A.'.A 

Avmiera Oil 


Corning (ila&* l 

CPCfnt'rn'itonalj 

CroeioO Xal... . 

Crown 7cllprbfleh| 

Cummin* Kaglnvj 
Curtiss Wrlght-.i 

Dsns r 

Dart Industries..; 

Dene j 

Doi Alonte 

Delians.. 

Dentaply Inter...' 
Detroit Rlisin ... 
(JlanKiitda’hamrk 

UlctHybow 

Digits Etiuip..„ 
Disney iWsU^h. 
Purer Corpn... _ 
Dow Chemical— 
Drsro. 

Dresser 

Dupnol 

Dymo Industries 

Eagle Picker 

East Airlines .. 

Kastman Kodak.. 
Eatsn 


Johns Mamilto.. 
Johnson Johnson 
John-nm Control. 
Joy Man ufiaitur'p 

K. MsrCnrp 

KaisarAluminJ'm 
Kaiser Industries 
Kaiser Steel 

£»>' - 

hennpriifl - 

Kerr Urtiee...... 

KMde Walter..-. 
Kimberly clerk.. 

Knnpora. 

Kraft. 

KnoRer Co. 

taueny Tran*.. 

Leri Strauss ...... 

Libtiy Oar. Food.. 



Aug. 

July 

Straw: 

1 

31 


517 a 

Slta 

RerooM* Metalfl. 

34 Is 

33i* 

K? molds R. 1. ..j 

67ia 

57U 

Ulch'Mn meneU. 

261 * 


Rockwell Inter, „ 

3438 

34 

Rohm A Haas.-—- 

343s 

34 


■ | Aug. | 


Germany 


Horal Dm 
BT'K 


Wentworth. Ifli* ; 19 ’8 

Wriy 41a J 4 

Xerox 67*3 B7f 4 

Zapata 167a 153* 

Zenith Radio...... 26&s 15*4 

CATreaa4Xl80O Ws 
CSTrea*4flB/86 fSO* tSOSe 
D.S. 90 day bills. 6.85* &.71& 


A wren 

Arli land Oil 

AO. Kiehflelit— . 
Auto Data Pro....! 

A VC I 

Ascii • 

Avon Fiwtucfs...! 
Ball. (ins Elect...; 
Bank .Vmert'.w.... 
Banker- Tr. N'.Y.I 

Barter Oil j 

Batter Travenor.l 

Beatrice Fowl 

BerteoDtrken-on 

lleil A Howell j 

Rend lx • 


E. G. A G | 

El Paso Not. Gas 

Eltro I 

Emerson Electro 1 ! 
EmeTyAirFr'lghtl 
Emhart.......... ..j 

B.M.I 

EOKelLnud I 

Eanuirk I 

Kthyl ! 

uucl-ii i 

Falrobihl Camera) 
F«l. Dept, bturew 
Fircerune Tire.... 
Fst. -Vat. Boston.) 

Flexi Van j 

Fliutknte i 

Florida Poser..-! 


XAf&et CLnxip ... 

Lilly (Ely I 

Litton Indiut_- 
Lwkheed Alrcr'ft 
Lone Star Indus 
Lrmg Island lad. 
Louisiana Lsind_ 

Lubrtsul ...... 

Lucky Btores.. — 
L'kc Yunaat'wn. 

MacMillan 

Nacy B. H. 

Mtts. Hanover.. .. 

Mapcu 

Marathon Oil j 

Marine Midland. 
Marshall Field... J 


Bum Logs.. — ... 
Ryder System -.. 
Safeway Btores... 
St. Jm Minerals. 
St. Begls Paper— 
Santa Pc Inda_... 

Saul Invest 

Saxon Inda. .... 
Sdiliiz Btetrtn(f.. 
Sehlumberner — 

SCM_ 

Seem Paper 

tficoril Mrc 

Scudder DbAi 


CANADA 


Abitlbi Paper 

A^olco Eajrie— -. 6L 
-tl mnAlu mininiii J47g 

Alfimna rited 815* 

Asbestos f 303s 

Bank of Montteali. 22&a 
Bank Nora Scotia 22 lg 
Bask - lteaoureea.. 4.5U 
Bell Telephone— I 88 i a 
Bow Valley Ind-4 331g 


Sal Container— 

Seagram 

Seaxle iQ J).) 

Sean Roe bock. 

SKDCO 

Shell Oil 

Shell Transports - 
Signal 


SIgnode Coro—— I 
Simplicity Pat...| 


Bvnpnet Cona’B - . 
Bethlehem Steei.i 
Bboti Decker..! 

Bin-inR . • 

Btui-cCavcaite..... 

It mien 

Hnr£ Warner 

Braniif Ini 

Bra-tan •V 

Itn-iiil M>m 

Uni. fit. ADI.* . 
hi. a Hast Gian.. 

Hruii-w h-k | 

Bury m- Erie 

..■ 

Hiir|ill|>tnn Mllll.: 

IhirniiiRli 

i bih|J«' 1 ISmii| 

I auadmu ISciIh-. 

• aim) l.'andvlpii..) 
« arualli*l . 
I'arner A Generali 
i artcr llao lev. . 
i al i^j-lllsr 'I ra.-t* 

« ll< ■ 

i einqrse C»I1H1... 

( rill I A ... 


FJU.C 

FonI Mohir.._.,_ 
Foremo-t Mck-.. 

FnxU-m.. 

Franklin Mint... 
Freepost Mineral 

Fniolmuf 

Faque lnds_ ' 


Mar Dew. Stores) 

MCA. 

UcDermuti- ! 

.Ua-bnfllWft Doug; 
McUniir HilL.... ; 

Meunrex , 

Men-k J 

Merrill Lyui-b . 

item. Petroleum J 

mhm :■ 

Mlnu Muu; ft MI*: 

Mobil Cory. 

Mimaanto... 

Orpin J. P , 

Motorola ; 

Murphy Oil ; 


Simplicity Fat...| 

Smkb Kline 1 

Sol It ran.- 

Southdown , 

Sou them Cal. Kd-i 

Southern Co 

Sthn. Not. R(m...i 
S outhern Pacific-! 
Southern Railway; 


BPCaaada ..... 

Bnunan 

Brineo 

CUgaiy F onV r— 
Camfiow Minro— 
Canada CemenU. 
Canada NW Lan. 
Can.ImpJikCom 
Canada loduat_ 
Can. Pacillo -■!. 
Can. Pkclftc I nr. 
Can. Super OIL. 
Catling O'Keefe-- 
Casslar Aatiestoa. 


.VaWsaw 


XaV.ii Chenucali.l 
National Can 1 


i criBiniml.. 
i.n-ns Vip-mtl .| 
Manual latl 
« nciui-nl itk. N V 
l. li.-i I.trIi I*.<||<|.' 
« if- ii- >i -tc«i..! 

» ll ■■ HR. • ll'lilRl- _ 

« b-iiler ; 

t cu-nnm ■ . . 

I iiw. Hilwnm 

' «» ■ -><r» 

t'ltipi) vnirr . 

i_.lv Innitin^. . 

i iv« ( ola. . . 
f .iik.iii' Pnlm.. . 
Cr-lliui A ib man.. 
I nliim I'M La' — , 
Cohmihia I'M. . 
Com.lnsCi-.oi \m ; 
1 —ml'nit'i’il V.nj;.. 

b.iinilmalii'n E*i.. 

l' , |ll'w , lll KrtlM'll' 
< ni , w'llil>ill:-l. 

On: ill. saieMM*-. 
i I nirr'-iicri'-r 
i '[mi l.i'p In.. 

I ijl»" 

« nil. LlinK A A . 


G.V.F i 

Gannett ! 

Gen. Amer. lut..., 

G.A.T..V 

Uen. t able • 

Gen- DyUsmic*...: 
Lett. Kbn.ini.-i.... : 

lien. Fmah | 

Gclletal Mill). I 

ticfipral M.il.iri 

Gen. l'uh. fill > 

Ceil. M^uai 

i tlvii. Tel. Kiev!. .. 

Gen. Ty re ' 

lienenn 

Georgia I*a.-i1h'...! 

Cirtly till ■ 

GHii-tr.' • 

HuM.lrU-U H. F ! 

ilvulnarTInr."..! 

riiuikt 

GraeeW. |{ 

(.rf.Aclan 
tin. Nunli Iron..' 

tircyhoniHl 

Gull A Western... 
i.nli nil 

I lahhiiri"ii 

Hatiua 'lining..... 
llaim-.'lili'Mer ... 

! Hmrli ( mi in 

| H.'ill.- H. J 




Nat. Distillers.... 
Nat. Service lnd. 

National Steel 

Katanian ... 

NCR - ! 

Neptune Imp 

New England HI- 


Southland 

S'w't Bancbarea. 

Sperry Hutrh 

Sperry Rand 

Squib. — 

Stamlant BnuulB 
Std.OilCalifornia. 
ftd. Oil Indiana. 
Std. Oil Ohio — 
Stauff Chemical* 
Sterling Drug ... 

Studehaker 

Sun Co- — . 

Sundstrand . — .... 

SiTUer.—. ]■ 

Teclmkulor.. ] 

Tektronix 

Teneco. — 


Dht attain- 

Caniinoo 

Cons. Bathurst-. 

Oonsamer Gao 

Coseks Bfiaaorcea 

Couals. 

Daon Devel 

Denied! Mines— 

Dom Allnee 

Dome Petroleum 
Dominion Bridge 

Doratmr 

Dupont 

Falcon' go Ntefcel 
Food Motor Gam. 


Gensur— 303g 

GfamtTel'irsnlCQ.l I6>* 
Gulf OU Canada. 29** 
Hawker Sid. Can.) 8 

HoUinger 1 4<»t 

Home OU *A'-_ . 43 
Hudson Bay Mng 171* 


Hudson Bay 1 233a 

HudaonOn&Gaa! 46Jg 


j New England Tel; 
! Magana Mohawk; 

j N Inga ■ a Share ■ 

N. U Indiiflrte*.. 
N.iti.ilkl W'e*i enr 
.Mirth Nnt.Gah.. ) 
\thn, Siaie> P»t' 
NthweK Airllntw 
Nlli weil Uanrurp' 
Non.Hi Mniun.. .j 
Ucvtairntal Petrol' 
Ogilry Mather . 

Ulii" Kdieun 

Olio 


Hi-« li' I'm-hnnl . 
Il.ilhlat I mu.. .. 

, ll«'iiir«iaki' 

i li'ini vwi'H 

. H,io er 1 

I II'n]i.t'nr|.. Amer 
1 H.-u-lrn N m .{,*>■ 
| HunnPli, \i tlini' 

■ BiitUin ih.F.I • 

I.C. Indiuiriee.. . 

i INA 1 

J Ingennll Kend^.1 

■ Inland Steel 

I lll"lUV. 


Orelufei Slllpa . ' 
Owens Corning..; 
Duane llinolft_... 

IhV'ifi.' Gan 

Pacitli' LigbtiiR;.; 
IVn I’sr. A Ltg.-I 
Pan Am H'4il3ir| 
I'arter Hannifin.. 

Pcala'sly Inti 

Pen. I’w. a I.. . 
IVnnv J. I • 

IVnnr.nl 

Pii>|iles Drug.... j 
I Peoples Gas . . . j 
[' Pepeic.' 


Tewro Petroleum' 

Texaco ! 

Tetangull. | 

Texas Eastern. ...[ 

[ Texas loat'm ; 

! Tessa Oil i G*s..| 
j Texas Ltilirica....: 

j Times Ins. ! 

j Times Mirror. ....J 

: Timken | 

I Trane. 

] I'miwmerita \ 

rTnuiwii. ! 

ITtana CoUm I 

I Tran-way Intr'n.j 
I I ran.- World Air.) 

I Traie/er* 

In Continental -i 


Hudson Oil& Gaal 46lj 

Ijt.C 1 195a 

Imasco— _.i 335* 

Imperial OU 19>i 

181* 


| TRW ' 

j 2ft b Century Fox. 

| L'.A.L. • 

! LAIJCO 

LG I 

I.'nliever.. .. .. .. • 
Lnlleier N\'.. . 
I’nion Bancor p.. 
I'm- .n Carbide ...t 
L'nlnu Comnieree 1 
LnionOli Lain... 

] I'mun Pacific...., 


| I'erkin Elmer 

, Pci 

i Prt/er 

: Phelp* Dmlge — 

| Philadelphia Ele.' 
i Philip Morns ..... 


i Philip Mums ...... 

( Hnllipa 

I PiWnirV 


• >ai. i .a-.. 
I .. l.'iTIM r P. " c 

• ..11 rri.-lif li' I-. 
1 •■l.niltlal l"i. 

I "ni mental tele 
« • nl-"l I 'ala . 

i. iWf;-rT | irlii, 


; HIM 

| Inti. Fla* lain... . 
Inti. Har\,iurr ..' 
I Inti. Mm Jtl'hrni 
lull. Mult u.vhJ-,. 

I linu 

Inti. PH|»r . 
lit. ... 

; till. lie. I III., r . 

lei. a Tel... 

. 1 ii» ,'111 . .. . 

. I"»a Ib'i'i, . .. 


| Pitney Do*t»... 

| PlttatOD ; 

Plessev Ltd ADR 


1 I' Inunialmnal 
J Jim Mailer 


| Piilarold. 

. 1 %-tonuw Kler 

Pl'ii indurtries.. 

. Pii.lnr Gamble.. 

■ Pul. )>er»e Klect. 

I'llilT'lllll 

P.iiei 

tV'isku Mat- . . 

, Kapwi \iiierawn . 

' KaMliCKli 

; lit. A 

j llepul.il.' Meet.. 

1 Uesuri* Inti 


1 1'bimv«1 ' 

! Cnned Brands— I 

I C> Bancorp. 1 

I S Gypsum — .—I 

• LS Steel. — J 

r ITS Tectanologfea' 
j L V Industries— I 
I Virginia Klect— — J 
M'aigiwn— ...... i 

J M'arner-Cominn..' 

! Warner- Lambert.: 
j M'ane-Man'menli 

Men*- Fargo ! 

| M'estem Uanrurpi 
' Weatcm N. Amor 
tVrsicrn l-'alna — ' 

1 Weatingh'he Elne 


Inland Nat. Gas.l 
Int'jL v Pipe Lure 
Kaiser Resources; 
Eauri Fla. Cori’-i 
LoWaw Com. 'B'. 
MomiU’n Blue'll.! 
Ms-acy Fegnaon ., 

Mulntynv 

Moore Corpn ■ 

Moantain$tateU*| 
Notanda Mlnw...[ 
Aomen Energy..., 
Nth a. Telecom ..., 
Niunsr OU & G«- 
Osknood Petrl’m 
Partflc Copper M.i 
PscIficPetroleuni; 
Pan. Can. Pet’rn-; 

Patino • 

Peoples Dept. S... 
Phuw Can. j; Oil.; 

PlacsrDorelnpmtj 
Plratfr Corporal'll 

Pncc ! 

Quebec Sturgc-'iit 

hanger Oil. 

Heed Steo house..! 


Rio Algom ' 


Poyal Bk. of lanJ 
ItoySkl Trust— | 


' IVmavn ! 

■ Mcy ernaeuser .... ! 

: Whirlpool 

; White Con. lnd- 

J M'iiliani Co 

. WiM-otuin Elect.. 


Sceptre E’souxws] j 

Seagrams— ] 

Shell Canada. ' 

Sberriu G -Mines' 
SiebensO, G. 

Simpson ' 

Steel of Canada.. 
Sleep Roek I mu.. 
Texaco Canada..,' 
Toronto lloraJlk. 
Trans Can IhpeLiL 
Trane Mount Opr ; 

Truce 

Laron. Gas 

| L ul.Sisixte 3Lrae« 
Walker Hiram. 

I West Coast. Trans! 

I Weston (<n 


f BltL, i Asked. • Traded. 
1 New stock. 


EUROPEAN OPTIONS EXCHANGE 


K£0 

K32.50 

950 

960 

525 

570 

l"35 

F37.50 

K40 

1840 
5260 
5280 
P14S.90 ■ 

F15a.dC 
F160 
FIG 1.90 
F170 
FI 71.40 
V1B1 
F209.50 
fios.ro 
mo 

F22.50 
F35 
F27.50 
1130 
MS 
F 120 


llol. 

I/ipi 

V»|. 

Jnu. 

!.• at 

r..i. 

Apr. 

F«at Stra-k 

3.30 

8 

J 90 

13 

5.50 K31.50 

1.50 

51 

2.50 

19 

3.60 


3 

iat* 

5 

135, S61fe 

41* 

9 

S'J 

9 

7 




5 

2je .<24 

D ii 






.962 1; 

■ a 



- 

5 

6 F36.90 

1 2.60 




— ,, 


15 

S.IO 

— 

— 

42 

7 

44 

— 

- 32813| 

S3 

1 

27 

— 

— 

9 It 

— 

— 

16 

171, 

17 

— . 

— 

— 

— F1S6 

11.50 

— 

— 

— 

— _ 

7 

1 

11 

— 

— __ 



2 

11 

— 

— _ 

4.30 

— 

. 

— 

— 

4.30 




— 

— m 

5.40 

— . 



— 

— 

— 

1 

. 1.70 

— 

— 

. 

12 

4 

— 

f 104.60 







7 

6.50 

. 


— 

6 

5 929.90 

0 1-70 

— 

— 


-- 

3 0.40 

29 

1 

6 

1.80 

7 5.50 

6 

6.70 

- 

F 134.SO 





2 

2"* *24 la 

— 

10 

4 SO 

- 

— V 120.60 

A HR. 


X»i. 


IH.. 


3 

. 16 >s 

1 

17m S643, 

_ 

— 


1 

ID: 

l ‘ 1'« 




«88 


BASE LENDING RATES 


AWf. Bank 10 % 

Allied Irish Baziks Ltd. 10 % 
American Express Bk. 10 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bonk of Credit & Cmce. 10 % 

Bank of Cyprus 10 ^ 

Bank of N.S.W. 10 Vn 

B&nnue Beige Ltd. ... 10 •?! 

Banque du Rbonc 10**3> 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Bnu Bank of 3Iid. East 10 % 

i Brown Shipley 10 % 

Canada Perm' t. Trust 10 % 
Capitol C Sc C Fin. Lid. 10 % 

Cayrer Ltd 10 % 

Cedar Holdings 104% 

I Charterhouse Japhet— 10 % 

Chouiartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... ID 

Cooperative Bank *20 ‘Tt 

Corinthian Securities 10 % 

Credit Lyonnais 10 T* 

Tbe Cyprus Popular Bk 10 % 

Duncan Lawrie 10 

Eagji Trust 10 % 

English Transcont. ... 11 
First Nat. Fin. Corpn. 13 % 
First NaL Secs. Lid. ... 12 % 

i Antony Gibbs 10 % 

Greyhound Guaranty.,. 70 % 

Grindlays Bank $10 % 

I Guinness Mahon 10 % 

Hambros Bank 10 ^ 


I Hill Samuel _.510 % 

C Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 ^ 

Keyser Ullmann 10 % 

Kn owsley Sc Co. LttL... 12 % 

Lloyds flank 10 % 

London Mercantile 10 % 

Edward Manson & Co- 111% 

Midland Bank 10 % 

I Samuel Montagu ..#... 10 % 
l Morgan Grenfell ..j... 10 % 
National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Refson L Co. ;.. 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schleslnger Limited ... 10 % 

E. S. Schwab lli% 

Security Trust Co, Lid. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteawav Laid law ... 101% 
Williams & Giyn’s ... 10 % 
Yorkshire Bank 10 % 


M«tnbcr& of the Ai.ce b tins 
Gniumlnee. 


T-tlav eetwsitJ T^o. r-mmtth dfnonhs 
7t'i. 


•■diiF denosBo: on ram*, of HBJW0 
nn6 ondnr 6i-r. uo to fSS./OT 
and over £23.000 si*r. 


Call dft»«H -ri-Fr «.n« T%. 
Demand ■fenonfs* TJ*?.. 




After opening on. a firm note, 
shares turned easier on lack of 
fresh buying interest 

Stores continued to decline after 
recent marked strength, Kaufbof 
receding DM 6 and Necfeermann 
DM 5. Deutsche Bank lost DM 2, 
while Bayer, in Chemicals, shed 
DM 1.40, and Mercedes, in Motors, 
gave up DM 5. Among Engineer- 
ings, .MAN cheapened D31 2.30 but 
Prenssag advanced DM 2JH). 

Public Authority Bonds, after 
recent depression, 'managed a 
mixed performance yesterday, 
recording losses ranging to 45 
pfennigs and gains of up to 25 
pfennigs. The Begulatmg Authori- 
ties bought a nominal DM 2.7m of 
stock after buying DM 23.2m on 
Monday. 


day, while Industrials continued 
to show a Ann bias. 

Uraniums' farther strengthened 
after reports -of, good progress on 
environmental -issues in talks, 
between producers and the 
Northern Land. Council. . Queens- 
land Mines rose 20 cents to AS3 
and Kathleen Investments 15 cents 
to AS2.fi), while Pancoutfcnentai. 
following Monday's- advance of 
ASU0. closed 10 cents higher at; 
ASl&SO. Peko-WaUsend, up 14 
cents the previous day, went! 
against the trend,. -however, re- 1 
treating 12 cents to A$SL96- on 
disappointm ent w ith its first-half 
production figures. 

Base Metal Miners firmed, and 
there was some late. interest in 
Golds, but diamond speculative® 
turned easier on profit-taking. with 
the pacemaker CRA, receding 7 
cents to AS2.80. 

Renison Tin came back 20 cents 
to A510.20, but -Bougainville 
Copper gained 3 cents more to 
A31.47 and Hamexsley, despite 
lower half-year profits, improved 
5 cents to ASL30. . 

Among Coals, Utah lost 3 cents 
more to AS4.25, still unsettled , by 
Government criticism of its .pay 
agreement. . Coal' and Allied. 1 how- 
ever, picked up 4 cents to A$4.74. 

The rise in the Lond on daily 
sugar price helped CSR to move 
ahead another 8 cents to A3&28.. 

Builders, Building Material 
Suppliers, Transports and 
Tobaccos hardened, while a few! 
Retailers, despite, the gloomy June , 
statistics, were also firmer, hut 
Breweries and Banks were in 
easier mood. 

Philip Morris ' gained ' 6 ' cents 
more to A96.78 awaiting the pre- 
liminary statement. 

BHP reached a new 1078 peak 
of AS7JI0, bat later softened to 
a$ 7.8B, down 2 cents on the day. 


1 

jQly 

31 

July 

ar 

M9-97 

RSRJ29 

2 I»r II 

j B7J3 

-B7.6S 

241.14 

2501 



: Hlgh | Low j. High 


Trading t« 



Ttinv of Index changed from Aagttvt 


July 28 

i July 21 

BA7 

0.62 


rail 


STAZTDAZU) ABB POORS 



lnd. dhf. yield'% 


July 12 I July 6 


8.07 6.18 







JT.Y.SX. ALL C01OS0S 






BiMB ud F*Ha ■ 

[Ang.l.|Jrtr»[Jnha 





TOBOITTO Campos! 


IISSLCjl 187iS j 119GJi (1/8) 


Johannesburg 


Australia 

Minings had a mixed day yester- 


Gold shares gained ground and 
closed mostly at the day’s best 
level, reflecting the higher bullion 
price. Trading was moderate and 
sporadic at times, but included 
both local and overseas demand. 
Gains ranged from a few cents in 
smaller-priced issues to 135 'cents 
in heavyweights. 

Mining Financials were slow in 
following the gold producers, but 
selective issues were higher on 
balance. Elsewhere, De Beers 
advanced 12 cents to R7JL5. 

Platinums were modestly firmer, 
while the industrial market was 
predominantly higher with gains 
outnumbering losses by a' three- 
to-one ratio. 



2GS.Q 

SB7.4 (ijai i 

2S1A 

. 2S6.2 rl/3) 


Aug. I Fra- 


Ryl gTiTTn L u }I 97.26 . 87.01 
mmnaykr'J 97.30 87 


Prance tit) | 



Pfr nwray tillj 816.6 ■ 3UL6 819J9 
H»lUti3 rt« 84A 84 A 87.0 


H»IUn3 84 Jj 84.2 87.0 

(9/8) 

Hmur Songl 693.13 68M2 693.13 


HODg Kon^l 693.13 684^2 
Italy ui) 63.28 62.63 
Japan m 42233 423.47 


NOTES : Overseas Prices above befanr 
] [ I i unn li i in Belgian dtftdBDdl 
are offer withholding tax. 

* DM30 decora, unless oUtt a w ls e mated. 
Welds based on tut dividends plus tax. 
V Ptas.390 denote, unless o ther w ise stated, 
a KrJOO denotn. tmless ottenrlse stated. 
OFT&500 denotn. and Bearer shares 
unless otherwise stated. ! Yen SB denotn. 
unless otherwise stated, c Price at time 
of sospesslozi. a Florins, b SchUUnss- 
r cents. fTDtvMend after nendhn rtahts 


and/ or scrip Issue, e Par share, f Francs, 
o Gross. <Dv. %- ft Aamnod dMdend after 
serin and/or rights issue, k Alter local 
taxes. ro% tax free- a Francs; tncUtUns 
CoHac div. v Nora, o Share SpQL *Dlv. 
and yield exclude special psnneqt. t Indi- 
cated dlv. uOtwfficUI tradlns. o Bfinortty 
holders only, y Merger pending; “Asked, 
t Bid. 9 Traded. 1 Seller. :: Assumed, 
xx Kx rights, xd Ex dividend, xc Ex 
scrip issue, xa Ex aD. Alntertm since 
Increased. 


Singapore 1 36LDI J 369.71 
(Ml 1 


L.' 1 , i 7- 1 .— — — TTTT^Tl 









GERMANY ♦ 


TOKYO ^ 



Y MAJffrt ! 


Rnwenburg PlaUtmm 1.79 

SL Helena I7JS 

SouthvaaJ - 14-43 

GokJ Fields SA 2A50 

Union Corporation .133 

De Been Deferred 7J5 

Blyvoonutricht S.iS 

East. Rand Pty TJB 

Free State GednU 33J3 

President Brand 19-89 

President Stem : 1700 

StlUonteln 5.13 

WeUrom E2S 

West Driefonteln — 5 

Western HoMinzg 405* 

Western Deep ..-. — 1TA0 
INDUSTRIALS 

AEa • 3.25 

Anglo- Amer. Indicra fel „ 1900 

Bartow Rand 4J9 

CNA InvestmeMs 7LC9 

Carrie Finance 0A9 

De Beers Industrial 1L73 

Edgars Consolidated Inr. 2J3 

Edgars Stores ..... ISM 

EvprReady SA 7115 

Federale VolAsbelesshiEB... 1.75 

Greatermaiis Stores 1213 

Guardian Assurance iSA) ZS0 
HnfettS : LS7 


McCarthy Radway 

NcdBank 

OK Bazaars 

4J3 

2.79 

1730 

+•5 

iKs 

Premier Milling 


it* 

Pretortg Cement — — - 

rtxi 


Protea HoJdinga ; 

us 

* _ 

Rand Mines Properties 

ZBS 


Rembrandt Group 

3 M 



Securities Rand VSJtO.n 
(Discount of 364%) 


1 SPAIN V 


; August l 

Percent 








































































































srcsass 

’w 


- Times Wednesday August .2 1978 


farming and raw materials 


Farm disaster fund gets 
',000 of EEC cash 



-*v Christopher pArkes ' 

VME\T has chipped 
ia £300,1)00 of Common Market 

• inhnej to l.ip up a farmers’ 
relief fund set up l3st spring *o 
aid livestock producers who Inst 
breed I nr. animals in the winter’s 
blizzards and Hoods. 

— The farmers them solves, urogd 
on by the National Farmers’ 
Colon collected around 1110.000. 

* And the Inta] of £400.000- plus 
will be shared out soon among 
tiiosn producers worst affected. 

Mr. John Slifcin. Minister of 
Agriculture, chimed yesterdav 
•That the Governments ’contrihu- 
..nan was by far the most generous 
ever granted. 

The moiinv came from a grant 
of about flm from the EEC 

- offered to help wirh “disasters.” 

On the rare occasions in the 
past that l be Treasury has parted 
with funds Tor such relief, the 
rentri button has been ponnd-for- 
ptmnd the same as that from the 
farmers* own resources." 

The Minister urged farmers to 
hum- their claims in to the 
Ministry of Agriculture. He 

wanted all claims In Tor assess- 
ment by August 25 and he hoped 
payments could begin during 
September. 

The Ministry will vet all 
applif-atiAns but the National 
Farmers’ Union will issue the 
cheques. 

Mr. Silkin said Ihe Ministry 
bad been asked to prepare 1,500 
claim application forms. He 
thought around 1.000 farmers 
would prove eventually to be 


eligible for grants. 

He stressed, however, that the 
fund could not provide compen- 
sation for farmers, only help 
towards the cost of replacing lost 
breeding stock. 

Only farmers who had lost 
more th.in 10 per cent of their 
stock would be considered, and 
the sure of the payments to be 
made would be calculated when 
a clear picture had been 
obtained of the extent of overall 
losses. 

Officials said that according 
to rough estimates 36.000 sheep 
had died over the winter and 
780 cattle. 

The sheep were valued at 


£1.5m and the cattle were worth 
around £140.000. 

Worst affected areas were 
Scotland and the South West of 
England. 

Farmers who had to pour away 
milk because collection tankers 
were unable to reach them were 
told recently that they would 
not receive any compensation. 

Mr. Bruce ftlillan -told the 
Commons in a written reply 
yesterday that a further £200.000 
of the EEC disaster fund would 
be made available to Scottish 
local authorities. This was the 
balance of Scotland's entitlement 
after deducting the contribution 
lo lie livestock fund. 


Land prices soaring 


BY OUR COMMODITIES STAFF 


THE AVERAGE price of Farm 
land sold in England rose 
sharply again in June. The 
11.900 hectares sold during the 
month averaged £2.925 a hectare, 
compared with £2.861 tn May and 
£2.069 a hectare »n June last year, 
according to figures published 
by the Ministry of Agriculture 
in collaboration with the Agricul- 
tural Mortgage .'Corporation. 

This represents an increase of 
more than 2 per cent io one 
month and more than 40 per 
cent over the past 12 months. 

The number of- sales and the 


amount of land changing bands 
so far this year is running well 
below last war’s levels. 

In the first six months of 1977 
there were 1.727 sales Involving 
R5.000 hectares of vacant pos- 
session land. In Ihe comparable 
period this year there have been 
1.615 sales in which 54.000 hec- 
tares have changed hands. 

In London yesterday, the 
Minister of Agriculture said he 
hoped Lord Northfield, who is 
surveying the ownership of land 
in Britain would be ready to 
report after the summer holi- 
days. 


Stockpile purchases hampered 


BY OUR COMMODITIES STAFF 

THE ACQUISITION of new 
materials required by the U.S. 
strategic stockpile to meet ex- 
pected needs during an enter- 
. goncy is being hampered by 
several factors, according to a 
report by the General Account- 
ing Office in Washington, reports 
Reuter. 

The report said that the 
.General Service* Administration 
should try to attain the goals set 
for strategic and critical 
material# within a reasonable 
■time. But the necessary pur* 

- chases were being made difficult 
■ bj an acnnisitinn policy that 
tried to avoid market disruption: 
limits on the dollar value of 
acquisition.-* in less than the 
value ''f disposals: and the con- 
tinued <al»*s of needed materials 
in deficit under long-term 
contracts. 

The report pointed out that 
the Federal Preparedness Agency 
<Missia*.cs Sll.fihn worth of 
nnievi.ils are required to meet 
stockpile goals. There were 
S4 Rhn • worth' now ’In" stock. 


leaving a shortage of about immediate use during an 
STbn. emergency. A great deal of the 

However, it said the $4.6bn of materials were not in the 
materials in Government stocks desired form or qualitv and some 
was an overstatement of the r.f the items had been purchased 
amount of materials suitable for 20 years ago 

Peru copper strike threat 


BY OUR COMMODITIES STAFF 


REPORTS OF a threatened strike 
by Peruvian miners, and the rise 
in gold and silver prices, boosted 
copper values on . the London 
Metal Exchange yesterday. But 
early gains were eroded by a 
lack of follow-through buying 
later on. . 

A Reuter report from Tokyo 
quoted copper industry sources as 
confirming that the Japanese 
were stepping up imports of elec- 
trolytic copper, taking advantage 
of the sharp rise in the value of 
the yen -to cope with a tight 
supply-demand situation. . 

Nippon Mining forecast that 
Japanese domestic copper output 


would fall below expectations 
because of a shortage of im- 
ported ore concentrates. 

In the U.S. Asarco announced 
a rise in its domestic copper 
price of (1.5 cents to 65.5 cents a 
pound for cathodes and 6G.125 
cents for wirebars. 

Kennocott said its Chase Brass 
and Copper subsidiary would 
announce on Thursday a “revo- 
lutionary” new advanced metal- 
forming process. 

Little attention was paid on 
the London market lo reports 
from Paris that output at the Kol- 
wezi mines in Zaire was now 
running at some 90 per cent of j 
expected 197S output. 1 


Downturn 
in coffee 
market 

By Richard Mooney 
COFFEE PRICES on the Lon- 
don Futures market turned 
sharply lower yesterday, end- 
ing the rally which had boosted 
nearby positions by more than 
£230 since the beginning of 
fast Week. At last night's close 
November delivery robusia 
coffee was quoted at £1,168.5 a 
tonne. ESI down on the day. 

Dealers said there was no 
fundamental news to explain 
the fall, which they saw mainly 
as a reaction to the previous 
rise. They thought the fall 
might also have been encour- 
aged by further consideration 
of a producer call for export 
curbs at Monday’s International 
Coffee Organisation executive 

The call by Sr. Arturo 
Gomez .laramillo, president or 
the Colombian Coffee Federa- 
tion. was initially interpreted 
by some market operators as 
bullish. But as it became dear 
that no action on quotas could 
be taken before next month's 
fall International Coffee Coun- 
cil meeting, Ihe market has 
adopted a bearish view. 

“Sr. Gomez Jaramlllo has 
merely drawu attention to tbe 
fact that many producers ex- 
pect coffee prices to fall nn- 
less-some action is taken by 
the International Coffee Asso- 
ciation,” one dealer explained 
yesterday. ** As no action is 
likely to be taken for some 
time the quota demand amounts 
to a forecast of lower prices.” 

Our Kingston correspondent 
writes: the Jamaican coffee 
industry is now fighting an 
attack by a berry borer heoile 
which threatens seriously to 
affect this year’s crop. The 
beetle was discovered several 
weeks ago, and there are fears 
that the very valuable Blue 
Mountain type could be 
affected. 


f - - ' 


SOUTH AFRICAN WINE INDUSTRY 



‘Double-cross’ causes 



BY JOHN STEWART IN CAPE TOWN 


‘Manioc hits 
cereal sales’ 

By Our Commodities Staff 
FM PORTS of manioc, also known 
as cassava or tapioca, into the 
EEC are tcnd'ng to damage the 
Community markets for com- 
peting cereals. particularly 
barley, according to the Home 
Grown Cereals' Authority’s 
Weekly Digest. 

The maximum GATT tariff of 
6 per cent gives manioc an 
advantage over Community- 
produced grain and the com- 
modity is being increasingly 
used by EEC an'mal feed com- 
pounders. Common Market im- 
ports of manioc nearly doubled 
to 3.9m tonnes between 1974 
and 1977. 

While these imports have 
indirectly helped livestock pro- 
ducers, its advantages for the 
Community as a whole are 
doubtful, the HGCA say* 


THE FAILURE of the South 
African Government to negotiate 
a special dispensation in Europe 
for Cape wine exports to com- 
pensate for the less of imperial 
preference in 1973. b3S led to 
extraordinary distortions tn the 
borne market. 

In 1973, in an attempt tn 
comply with ihe strict EEC wine 
laws, the Government in Pretoria 
introduced a complicated system 
governing the production of 
wines and their labelling, accord- 
ing to the area of origin.. 

It was hoped that compliance 
with an approved system would 
obtain for Cape '.vine exporters 
exemption from Europe’s 
system of reference prices and 
allow South Africa’s fortified 
wines, in particular, to compete 
on more or less equal terms with 
the offering* of niher more pre- 
ferred third-countries, such as 
Spain, Portugal and Cyprus. 

However, despite unofficial 
acknowledgement of the accept- 
ability of South Africa's Wine 
of Origin system, and despitp five 
years of patient attempts by 
South African trade official* to 
obtain the EEC wine office's 
formal endorsement, it appears 
finally to have dawned on the 
Pretoria authorities that the 
European Commission has no 
intention of granting formal 
recognition nr exemption from 
non-tariff harriers. 

The sense nr hetrayal is all 
the more acute in view of the 
fact that Smith Africa did .not 
trv through the General Agree- 
ment on Tariffs and Trade tn 
obtain compensatory treatment 


in 1973* for the loss of UK 
preference. 

Although South Africa has 
never been a major vine ex- 
porter. the British market is a 
cherished one. with a history 
going back to the Napoleonic 
wars. In terms of volume it is 
about $m to 9m litres u year, 
worth R3m tn R4m f SlAm-EMml 
a year. That may seem chicken- 
feed viewed against cross liquor 
sales of R1.3bn a year in South 
Africa, but it does help to 
sweeten net payments to the 
country's 5.000 wine farmers who 
produce crops of 500m to 600m 
litres a year. 

As a result nf the European 

"double-cross.” the South African 
wine industry find.* Itself 
equipped with an appellation 

conlrolee regime which must he 

comparable with the best and 
the most complicated, in the 
world. 


Philosophy 


Wholesale producing merchants 
and their marketing men. 
though, are asking themselves 
whether it is in everyone's best 
interests ic retain it in its 
present form. One uf their argu- 
ments is that, unlike France in 
particular, quality differences 
between Cape fine wines and 
their low- and medium-priced 
counterparrs are relatively small 
due to a large degree of 
uniformity in climate, soil, cellar 
technology, and so on. 

While it is not disputed that 
the pretensions of wines should 
be backed by the force of law. 


It may be no coincidence, they 
say. that sales volumes of un- 
fortified wines have fallen 3fi per 
cent since 1973. ip the period 
of 30 years before 1973. sale* 
climbed steadily ;,nrj increased 
eight-fold lo a peak of nearly 
200 m litres 

The marketing philosophy 
before the introduction of the 
Wine of Origin regime was in 
sell good wines at reasonable 
prices, regardless of origin. The 
cornerstone was mass volume 
sales under a limit vil number of 
irademarks. ■ Market leadership 
was the seal oT quality. 

Obviously, iht- name of the 

game was blending, but this 
helped in keep unii costs low — 
an important consideration in 
view of the fact that S per rent 
of unfortified wine sales were 
made in the traditional produc- 
ing area, the Western Cape, tn 

people in the loweri income 

group, the colon red people. 

Compliance wiih Wine of 
Origin regulation*. forced the 
wholesale producing merchnnis 
into heavy additional investment. 
Strict rcquiremenis relating to 
purity of origin and. tn lesrer 
extent, the year of vintage, 
resulted in shnn.-iges. demand 
distortions and heavy price 
increases. 

Somehow, preferences became 
fragmented, trademark loyalties 
were blurred and Hie large body 
of consumers grew con fused. 

Wine producers, on the other 
hand, betieve the Wine of 
Origin system has nothing rn do 
with quality, merely the preten- 
sions of wine. 


The truth is that sales of 
unfortified wine continue tu fall 
away. They have slipped 5 to 7 
per cent a year for the last 
five years. Thu portion of liie 
wine crop which i* anally sold 
as pitiable wine dropped front 
nearly 5i» per cent in 1970 to 
lev* than 4 U per cent ia>t year. 

Deprivation 

In addition to the Wine of 
Origin system, two other reasons 
luo. e been given fur tin: sales 
decline. i»m- i» that wine has 

'"•collie extremely pricc-.-cii.-iliVe 

among its traditional cun.- timers. 
Shelf prices or the choap-st 
wines have mci emeu abou; 1U0 
per Cent since 1973 due to folia- 
tion and taxes and possibly the 
Wine of iingin >; Mem. Dispos- 
able income- t.f ei'n.-:imcr< in 
the low income groups have 
declined ‘harpli on i>u* other 
band. alter 45 meiuhs 01 
recession. 

Thy other is tha; profound 
sociological change.* haw* taken 
place among the country’s 
i'll CeSI wine Cnn«M!l>e) -. 'he 
coloured people. .‘d.irketiit i 
experts, sujvjM that ihe new 
geneiMion uf coloured people 
i more than bo per eeiit of me 
-•5m people thus cl. is*-' tied are 
under ihe age of 25 1 prefer 
" up-imay.’ " v ines or spirits 
because they usai. iate the r.adi- 
lh»n:u ma-sselting low-priced 
brand namoy with thy squalor 
and deprivation of their child- 
hood. and wiih the ignorance 
and poverty of their parent*. 


Soviet Union buys more American grain 


THE SOVIET UNION ha? bought 
another 100.030 metric tons of 
maize, bringing its purchases of 
U.S. grain for ihe year ending 
September 30 to 14.4m tons. the 
U.S. Agriculture Department 
said here today. 

Under a five-year agreement 
with the U.S. the Russians must 
buy at least 6m tons ol U.S. 
wheat and maize a year from 
private exporters. If they want 
To buy more ihan 9m tons they 
must consult with the U.S. Gov- 
ernment. 

In the wake of a reduced Soviet 
grain crop. U.S. officials told the 
Russian buyers that up to I5m 
tons could bo bought this year 
from the heavy surpluses that 
have built up after three good 
American crop years. 

Exporter* must toll the 
department within 24 hours of 
any sale of more than loo.ono 
tons. Sales are publicly reported, 
hut not the name of the exporter 
or the price ptid by the Russians. 


The Department said that 
sales under the second year of 
the pact now total 3.5m Ions nf 
wheat and 10.9m tons of maize. 

In Rome meanwhile, the UN 
Food and Agriculture Organisa- 
tion estimated in a study that 
world wheat production could 
rise to about 45fim tonnes in 19S5 
from 386m tonnes last year. 

The study sets out two sets of 
projections basic and supplemen- 
tary. Under basic projections, 
output is forecast to grow 
broadly in line with trends over 
the period 1961-75. adjusted to 
take account of recent develop- 
ments. 

The supplementary projections 
assume a faster economic growth 
rate and greater development 
success in developing countries. 

Under the basic projection, 
world wheat output is forecast 
to rise lo 447m tonnes in 1985. 
representing an annual increase 
nf 7m tonne.* or 1.8 per cent by 
comparison with the. 1972-74 


WASHINGTON. August 1. 

period. This compares with an 
annual expansion rale' of 3.3 per 
cant in the previous decade. 

Lack of suitable iand for wheat 
growing is one mam obstacle to 
higher yield growth in develop- 
ing countries. FAO said. 

For highly populated regions, 
such as most of thy Far East and 
Egypt, possibilities of extending 
crop areas are limited. 

Only in Latin America is a 
significant increase jn area of 
3 per cent a year foreseen up! 
to 1985. and even there expansion j 
could be limiicd by climatic | 
problems in semi-tropical areas, j 

Africa is considered tn have > 
.substantial land resources that 
could be suited to wheat growing, 
but most of this will not be 
utilised by 3985. 

Most of the projected rise in 
output between 1972-74 and !9$5 
is expected in the Far East, 
including China, where intensive 
production methods could raise 
output by 30m tonnes. 


Russia to buv 

* 

more cocoa 
If prices drop 

THE Soviet Union told This 
week’s meeting of the Inter- 
national Cocoa Council that its 
consumption of cocoa beans 
would rise sharply if world 
market prices fell to within 
the Cocoa Agreement's current 
buffer stock range of 65-S7 cents 
a pound. Reuter reports. Prices 
are more than HO cents a pound. 

Latest forecasts by rhe coun- 
cil's statistics vnvninittce put 
Soviet J977-7S cocoa grindings at 
80.0n0 tonnes against a peak of 
154.7510 tonnes reached in 1974-75. 

The USSR told the council 
yesterday that its net cocon bean 
import requirement might exceed 
150.000 tonnes. f*x. -hiding im- 
ports of cocoa products. 

The country changed from 
cocoa to sugar-based confec- 
tionery when corea prices rose 
sharply in comparison to sugar 
a couple of years ago. 


COMMODITY MARKET REPORTS 

BASF METALS 


AND PRICES 


.inn ihr pn«T drtficd off. Coni-* was Alimuwn- laniard. ci\h 05.503. Ihr-e 
lower in ih<? afternoon. After lunching mnnilr- ( 6 . 'in. -.‘3. :n. ?s. K'Tbi: 

CQrPDR-Gava ground nr lit* London *n». the nrioj flr.nlM lo rii«e cm iho Standard, ilnvc HurtUri OMZ9. 39. 40. 


COFFEE 


MEAT/ VEGETABLES 


S1-.-UI Ki: li.nl.ji' jlnr a lirjn s|^n w’l 
folw.iiil nu-l.ll from f.'Si m ni 

r.n irf-n .i ii|. n|,- hi m i-diijc Irom Japan, 
fnorix of .1 i.k.*ly urikr is INth anti 
tn*- vmiKlb hi unfit an,1 silver Rn! 
larfr wj 7 no fnllnu -Uimujih in ihe Kina* 


Tl.V 


CuYl’CK; r,J^| '• fai — 


Kerb ni J73S.5. Tumor or 11.111 tnnnr*. 

.tmalKamaind \ trial Tndliw rcfOTIod 
Dial In the mnrrjins cash « 'ri-bar;- rra<W 
ai inn, ihrit inonili* nn. -U 5. 11. 4u.a, 

JO. -to. 3P.5. Kerb*: Win-bar*, rhrre High Grade 

iu<jnih> £73P 5. 10. in j. Wire- E’*-li- 

liar.-. Hirer months IT3S. 15. 3*. .13,3. J*. 
t+Tir - 1 "- 36..1. 37. Kerbs: Wirebar*. 
nu 'iiilis mi. 


nil., ml 


•+ IT ,slll. 

| — . rifi;; 


I Tin 


c 


i: 


c 


C ! C = £ ■ C 

C55S40 -57.S 1 5 10 23 +35 
3 ai.uubs 64-1 3 5» ' + 60 6435 45 ' + 45 
lllTTC ffctllNM'Is' 6540 +55, — 

St&ndud: i 

J t«»Ju 6535 40 +57.5 6510 20 t35 

TUI— Wiamer m (orvant nwial slarW 5 monihu.l 6430 5 - 66 6*20 30 +«.S Hom hit 
K atlrr a srrona ns<* m in. E.a*l M | W i ., *>540 ,.55 


Early nradlm-ss In Robosu* vac chon- 
71 i i-d as draler profit laUnn hit 01 ! com- 
mi.'iiPii-huuM- r.op-loss .iqvrdaiJon Dreael 
Dumhnm Lamhen repons. In ’.nr after- 
nnnn vaiurc slipped lotrrr suit after a 
brief rally bu: trade scale-dour busing 
aUdrsj a measure of support - o late- 
ali-.-moou iradinc. On lfcv clos^ an 
casing: in New York **C’’ comrjct 
prmnpled new scllins and final valur* 
u-iy up >0 £91 lower idth nearby values 


v.-,'k 5r=:rmms An. ust 7 will rc-mara 
um tianacd. 

EEC DAILY IMPORT LEVIES-F.EC 5MITHFIELD 1 prices In pence nor 
I—..* an-J prumunii: as (ullvw* arc poiniJ'— Beef: Scon-h killed sid'-s 54.6 to 
cslectiw ipr Auausi - 111 units ol a-i-num i. Imt hinduuari.rs t>>.0 ic 6S.0. fore- 
man.-. In order curn-m U-yy phis S- pi., guari .-n. .vto 10 >.u. Eire hindquarters 


PRICE CHANGES 

Price per tonne unless oihcnnse stated. 


Wi.-Phnr* ■ 718 5 b 5*5 K »•« dw prha.- shppiti ifiroitjlj. :*Tt20 +30 - 

. 1 , 7IB.SS.Ii + .Z» *15 5-b.S+Z.a 0U! Ihl d 3 y ln fairly Hood buwn.-«s with Tort. ■ ... *576.50 +7 

Ihe K-rtimcal llcbinvW I'asliuc au<l ihe ; — 

backwardation feudinp In narrow. \ Inw LEAD — Moved narrowly In quiet iradmc 
ul fti.CB was touched tvlfin* a »ln<i- on vilh forward ni.-ul pne-d up to nif :n 


* m.-nlhk. 739..S - -.5 
re p' 71? ! -.5 : 
Cp ! hiHl*>a. . 

■ T’l. . . 714 .5 -1 
J-unir.. .734 B5 5-1 
.--•.l.'ir’nT 714.5 1 

t'.* -i.il . 


<36.3 7 .3 


ITIFKKE 


•Yi*4er.lor"- 

; 1 1.-* 

! t jit i»nni. 


+ or J Hu-inerr 
— I Zli-ne 


711.5 2 
732 .5 


63 66 


- a.b 
+ 3 


ihe Kerb ot K.4M. Turnover l.flrs »nnnes. early dcatins* on the bock of cooper but SepK-ml-r 1230 1233 —9 1.5 ,330 


l.G. (win Utniivd 01-331 34fiG. Three month Gold 207-209 

*9 Lamotil ltond, London, SlVltt OHS. 

I. Tax-fttr linding oit commodity futures. 

2- The commodity futures market for the smaller Investor. 


MiirnmK: Sianrfard. rj’h r-,..‘-.io. 33. tendlm; vaskT taler. The prlcv drifted Nnveml+r... 

ilww in->nihs f >1.140. -HI. ’.‘.I. 3u. 1'*. 30. io. £317.3 but closed on the Kerb si £318. January ■ 

Kerbs- Srandard. Uifi r monih, IS 135. Tonovcr 4.300 ion lies. Maul. 

Slav 

3i.lv : 

siepteinlirr . 1 


Gold 


Our latest report which is now 
available outlines the following : — 

1) Current Outlook 

2) Supply/Demand Developments 

3) World Gold Production 

4) World Gold Consumption 

5) Gold Sales Programmes 

6) Summary 

7) Gold Trading Activity 

8) . Gold Options 

For your free copy contact your neerrert Conti Office 



Part of the Continent at Crain Company Group 


Geneva 

London 

Zurich 

I0ti rue stu Rhqnb 
*204 Geneva 
Swirjertznd 

Te!- lOZi) 218833 
Tel.:*: 27115 

Wotld Trad* Cenrre 
London El 9AA 
England 

Tel. (Oil 4B8 3232 
Telex: 887438 

Dufourstraste 35 
8008 Zurich 
Switzerland 

Tel: (01) 320333 
Telex: 59204 

Hamburg 

e.O. &0* 301031 

U.2300 Himburr 36 
W Cermany 
iri- IQ 4 &) 34M76 

Telex- 1163384 

Liverpool 

Norwich House 
Rumicrd Street 
Liverpool L2 8TA 

England 

Tel: i05P 236 6171 
Telex: 62?S 17 

Lugano 

Via BaleJtra 12 
6900 Lugano 
Switzerland 

Tel. (0911 227475 
Telex: 73.941 


Member of all n dor commodity ff*chang« 

ArlanM - au>n**» * CMcoffO Denver - Des , Moines 

Hc.-nOurr - Ho-sw.1 -Ko«« C»ty - Uifcyejte ’ L*™? 
Ltvtr?oc ; - Us Acirc-'cl - Lufihocfc - Lugano - Atemph.v 
ftlfnnc-t.no/is ■ tfew Or.'cflns - Nej* Torfc - Dk/ahomo C-tv 
Orlando - Po'timd - St- Louis - San Dreffo - Son Fra ™* c ? 
tea fcito ■ SesKfe • Torento - Washington D.C. - Zurich 


IMVii-lal 


LKAD j 

j a;- : l ! 

Chuii ! 310-35 + 1.57. 

A nn .nib*.. 517.5-.~7B +.575 
Setf'liu'nt 310.25 +1.Z5 
C.5S. .■'pbt. 1 - ! 


+ .ri |* in. ;+ nr 
— 1 1 nnOloial . “ 


230 

1167 1170 -BI.B 1239 11S3 
1125 1132- 64 D 1175 lilD 
1090 1 10U — 4!.S 1115 1081 
1U65 1075— 2B3 — 

1030 fo60 -7 5,1026 
1010-1085 • - 


£ 

311- 2 
318-9 


* 3 -| Ralna- r wr Iots of 3 tonnes. 

► 1-76 ico lodlcalor price* fnr July 51 <V.S. 

, o-nis per pound'. Colombian Mi!d 

31-33 . Arabic as lr.’.Cfl <!5S00<. onrashed 

nw nr r* W l^- , ^f 3 h°'Vhl 8 'p Wr ^in?^ , | l » Ara* ,, is« IMJR^lM K-T'Rnhnwai TCaT«;s 

^y , ' , &TU A«r .nuT iSW ! &%[' ^ 09 U9 50 

Ph ' ARABICA CONTRACT— . m order hu:- er. 


r» :i anl '.or. pri-miums <wilb brniuus 
ssi Sra>.fc.-i* •. Common whoai— r.-si 
ml$ * SI. Vi. rcsl nO>. Durum wheat— 
r>-s: nils »I2 t. 4«. rest n-ls-. Rye— 
79 UL re Si r.ls l7S.il. r-si in!-. Barley— 
77..*'.. P.-sr r.its 177.25, r.si nils!. Dais— 
67 71. r--»! :iOs 1 0..TP. psi n-!.*'. Maize 
(other man hybrid for seeding)— . 
ns; mis -TS-azi. Kockwheai— At! uila 
-all niK.. Haie«-A7 rest u>l« i«7.7. 
P.-«: nils.. Crain sorghum — 74.97, rest 
Ci# < 14.53, rest mis.. 

Flour levies— Wheal or mixed wheat and 
rye Hour— !.'ri.B8 1 ITn.lL- .. Rye hour— 12L57 
il2r.,6C'. 

SOYABEAN MEAL 

Thv nur>-l opemd II down as pnrts 
rrash-M a--.- lows and :ht- nurPci loll 
Inr.h-.-r :b ’Mn volume. Bui some shon. 
caversas • :norsed sr ihe lows and the 
clas:rv lop., was siead;. 


Yeater-lay +■ 
Clew — 


ftn-'iir- 
I'. -in- 


64.0 >0 67.0. foreOUaners .’4.0 lo 36 0. 
Veal: Ii'iirJi bi'fls .md «nds «6.0 10 85 0. 
Lamb: Enni'sh small 52.0 in 56.0, 
im-Jiuni 32.0 10 53.0. hoary 50.0 to 54.0: 
S.-oii-h lD<ilium 50 ji 10 53 0. be aw M-O 
to .">2 D. luipomd frozen NZ PL 54.0 
lo ‘A u. 

Pork: EruJKn. un>r 1I>0 lb 37.0 lo 
44". 100-120 lb V0 to 0.0. 120-160 lb 

-J5ft j 0 ii.u. 

MEAT COMMISSION avc-raKe falslock 
pri'.. s at r. pr-'Wn'aiin- mart ms on 
Aiiftiisr 1. CB caul? C!>.fi$p per ky.l.w. 
(-1 IAi: UK '■h... ot> I.1UP p-'r 

ku.-si d.c.w.: CB piss 60.2p p>-r l?B.t w. 
1 — 1.2 1 . England and wales— Caul? 
r.irnhers up 5 .1 ivr Ciiu. asTTapr pnre 
ss.iinp i-a.:»\i: sh-i-p mnnbnrs down 54 9 
p-.r cem. averape price I36j>p i-f-tJi: 
J‘ic numb-'rs down 7.7 per C4i. arc-race 
nnec- 56 Kp 1 — 1.4» Scotland — Cnl'l.' 

numbers flown 6.0 per cvm. inner pri«-e 
72 Up 1 — 1.54 •• Sbi-eo numbers up 1*17 
P«t cent, a ■-■■■race price 150. Op • — 4.8 >: 
Pic number- up 34.6 prr ccnl. averare 
pnee 12.7P 1 — 0 . 2 >. 


mnnihs CHS. 5. 18. 1S.5. Kerb: Three 
nii>mhs 13IS5. 16. 

ZINC — Little changed after follow me 
the pattern of lead. Forward metal traded 
early at £710 bui ih<-n Ml barb to nis.s 
in . quirt business hrfure cloame on 'he 
Kerb at £317.5. Turnover 7g50 tonne*. 


E>»s1. . i. 

Aiijii*: 106.00-10.0 — 0.50 — 

110.70- '.0.8 -• 1.15 111.00-10.50 

Dtreme-r... Ill JO- 1 1.9 -1.25 1»I0> 11.50 
selli-r shlesi AIK. 156 OS j* 06: C»c! 171.0)- Ft^PJirj 1 .. .. 112.93- 15.5 —1.45 1 15.0) 

.19.00:' Dec. 127.50-3J.00: Feb. 123.0C-:9 •»; Apr.: Ill .JO-16.5 — 1.60 114.40- 14.00 

April 120 00-27 00 : .tune i;e.(JO-27.«IO; Ao*. June 115.00-16.0—0.75 

117 00-25.1)0. SalCT Nil. Auiiu*l 115.00- 19.0 —0.55 — 


Sales: l r -¥ (65) lots of 100 tonnes. 


ZINC 


a. in. 

I iffi.'ial 


<w> p.m. Jt+«r 
■' — I'nrdfleta I • — 


RUBBER 


: ■ 1 ■ : 

Cw«h S07.7541 +2 ‘306.5 7.6 -+2 

3 nnmib*..i3 17.35.5 + 1.67 316.5-7 +1.76 

i'mciiL ...j 308.25 +1.75 

tYm .1\>»i. - 29.31 ' 


EASIER npenins M Die Lond'ia physlca! 
market. Fair Inlcrr’i ihrmalnut the fit” 


SUGAR 


pit partai:" i-scem where <>iherwi<o 
slated— Imported Produce: Oranses — 

.*. African: Valencia Late 4.90-3.10: 
RraSlKan: Pern' IJMtt ri.ilirornlan- 
fiiV-6.SD. Tanserliies— Brantlan: 3VM 
2 56-3.50. Lcmoirt— Italian: ion 120'* n*'w 
crop 5 00-5 50: SpanU: Trays 1.50-2.00. 
lardi- hoiPS 4.. e i+'i.:Hi: S. African: 4.20- 
(, (Vi. Craacfrurt— 5. African: 17-72 3.40- 
4.3u: Jaffa- iO’i 4.4A: Arer-iuine: Ruby 
Rc-d <2 yi 4*0-5.50. March SccJh-S* 48 58 
4.20: Cahlnrman: Marsh Seed leas 64 4.60. 
Apples— Fn-nch: flvldcn Delicious 20 lb* 
94 s 4.46-4.S6 72‘s IJS-U*: W. Australian: 
iraw ra«r1 Crannr <miih fi"0-R.60: Tasmanian: 


Moraine: Cash £308. three ranaih? ntS. 

17 J, 17. 17.5. Kerb: Three months HI 7.5. 

19. Afternoon: Three month* 1317, 17.3, 

17. M.5. IT. Kerb* Three m-mth* Ol-. • s< 6* •* 70 54 00 -< 05 55 50 

Cents per oourui » Dn previoos If ” .? S’" „ „ _ 

official dose. I s.M per DlcuL 


„ LONDON DAILY PRICE 

ckwinff Ml Sht hr sioadicr. Lewis and Peat ■£..'• -‘4 1 a tonne cif for allouncnt. s T «rmcr Pippins S.2<W» 711 . Cron on* non. 

reponed a Malaysian aw-i wi yrxt or v.'bue ‘u- -r daily price was fixed at pcrnncrai? ll.au- Victorian: Cranny Srailh 
233 « 234> cents a ti Ibuycr, Asnst'. £5- .Oil I ■‘Oi. ‘..20-8.S0; a Alrican: Cranny SnUib 8.50. 

; ; The n;?-i'ct opened sbdill? ah«7c kerb CoM-.n Delicious 9.60- 10. no: Mew Zealand: 

ierels &■-: .'c movinn ah>-ad as buyers Siurtn<*r Pippin* 163 1 0.00. 175 in 00, Red 
found o'.’: seaticr"'! offermas scale-up. Doudbeny 11.00. Cranny smith 9.n0: 
reports C > amikow. Bi the end of the Italian: Rom..- Hcauiy per pound 0 20. 
rrcrnir? rj'ns had N— n r-rurdod. bui Cplden Pel k ion* ".IM.50: SnanL^h: New 
Jjlvr * .-ycr New Vork opeiuuR >:au>i-d crop per p-'Und 0 iS-0_3i: French: Cardinal 


Xn.1 Te~t'nti«y'» Prerir-ut 
R.S.S. . Cln«*-’ ' C:r*fe 


Bu , :n» 

done 



Ah*. 1 

i-fi 

+ nr ' M>*nih 
_ j 04,. 

Metals 

Aluminium.... .. 

K 6 B 0 

1 

£680 

Krw- market (ii 

»L«MV55 

51040-40 

O'l'per «uh W .Bar 

L'716 

+ 2.25 £693 

3 m-'nihx •!■->. do. 

Li 36 7B 

T 2.0 £713.75 

L'«-fi Catbiale^ 

£711.75 -^2.5 £683.5 

A uiiinlh* ' 1 &. rtn. 

k’732 25 

- 2.0 £709.75 

*i'iU Tt»y oz-i 202.075 

-2.25S1B4.B75 




4 ui»ml>+ 

IL4IB.5 

-1.75 £3 15.75 

Nickel 

1 : 


Krm-Uarart 'dDfllii 41.70 

si.ao 


i.as 

- 0.02, l.«4 

Plarmum troy r-r.. 

X128 

£129.5 

tny Market 

u 138.45 

+ 1.3) £129.25 

V)u)?Wnlvr-r (7Slb.» 

eizaiafl 

.. .. >125.50 

'I-VW trny 

295.6|< 

-7.2 283.25c 

i '■'••<11119.. 

303.1k 

-7.2 290.55,. 

tin L+saJi. 

if 515 

t 65.0 £6.570 


‘•6.425 

-47.5 £6.4J5 

Tim/; «lon fo 1 

140.37 


M ••unim KlMUvit) 

*131/36 

* 132 -55 

S nil nil ha ! 

V316.T5 

+ 1.76 £317.126 




Oil* 


-15.0*660 

Civunut iFTiilJ^,.,. 

S640y 

l.i nimrlnul — .... 

i^4B 


f.inv^l t'rorle {V|. 

£334 


Fnl.n MniB>-ao 

S53 2r 


Seeds 


1 

Ultra Phllhp 

1437.5c 

-S.0 F46B 

1254^' 


Grains 


! 

bariey KRO 


1 * 

Home Futures.... 

CB2.25 


Unite 

French No, 6 Am 

£98.5 


bent 





.Nii. 1 Rod spnnu'fM 
Ke. 1 KuiIIViiiimI 


i fP 2 


0.1 54. U0 54. >0 54.ae-5i.aa 

Ot'i-lhe &S.1i cO a 3 .O-ia.i 3 55 03 54 80 
nr irrn Jen-Mar 57.15 £■ a, 57.55 57.6. 57 JO 5S. 70 

SILVFR A, a- .Int- 53 » 53 5S.50 56.55 35.13-58.80 

Jly^k-j.1 bl.DO- 1 0 61.J5.14i - 

stiver was fl«-d 7.20 an nonce hicher .Xt-l»r«- 62.eS-B2.30 6J.J,-iI.a3 62.85 :2 7) 

for *WT delivery tn the Loudon bullion j |D .]| ar 64.85-64.30 66.10-6s.!5 54.50 ‘4.35 

nmrfcnt yesterday ai 293.«p P.S cent 68.75-6643 6645.6.90 B5.B. 56.40 

equiralpnis of the fixing levels were: spot 
S7i 6c. up T44c: ihrcc-montfa 563.0c. up 
14.ee: six-mouib 593.7c. op I5.i)c; and 
12-ntontb 618 4e. up 14.8c. The metal 
opened at 2S3.3-2M.3 p (587V5B9c> and 
dosed at 13D.9-29t.9p 1S6M-5CO. 



SILVKR 

per 

tmy ic. 

Bullhrt er! L.31.B. 
(Ixmi; ■ « — > rU*a 

+ nr 

Spnt — 

i > 

295.6k .+7.2 29 2.43 :< 

+ 2.6 

3 IRQDllli,. 

3u3.l < + 7.2 299. 93 1 

+ 2.4 

6 mnnlh>., 

310.35, • +7.55 


U month* 

sse.4. +7.J -■ 



Sales: 295 i2i3 lots of IS tonaes and 
lo iki of s manes. 

Physical cJoslns prices 1 buyers l were: 
Spot S3p < 53451 ; S6SL 55g5p <35.S>: 

Ocl 55 4p i56.Pi. 


£ («r mnue 

543- 6.60 :5.60 .9.75: 8f.30 85-50 
.f.M 6.16 93 95 84 25, tO.BO b7.00 ^,'j 


AJu. Plums— Spanish: 5 ktlo* Sum? Rasa 
I.I4J24: Italian: Per pound Burbanks 
ft.2A.0 3i. blue 040-0.22. Apricoi*— 
Huriajrtan- 2.00 Bananas — Jamaican: Per 
0.15. Avocados— K eny an: Foerle 


GRAINS 


; r , r-ir rr “2 rr pound o.ia. Avocaoos— neuyan: roene 

Matrh. !.7B ia.5Ji6.Ou, 85.53 314a 14 ^ 4-5 4.50-5.00; S. African: Fuerte 4. SO. 

May.... STaisf Li'u 3.00. Capsicums— Dutch: p.j 5 kilos 240: 

Am; -i.jfl B8.2S 1C4 2-i 04.50 luD.'JU 9J.50 j 1 j 1 1 a o ■ " -- - 

0.1 K-I.4J 01.4. 108.00-08.50 101.45-00.60 p,. r « 

I)*.:..... ;G4.:w&.S5 




Soles 

Ta;p 


LME— Turnover iso <1(0 loK of 10.«10 and unchanged w 10P in^er on Bar ley . 
ounce*. Monttmt: Tttrw maniha 309 3.1. AtU rt Darts 
3i 3. 3.1. 3.3, 3 2. 3. Kerb: Three month* 

310.5. 3. 3.1. Aflrmfum Thref- P»n<h6 WHEAT BARLEY 

509.6. 8.7, 9.5, 9 6. 9 . 7 , 9*. 94. npti. 2P» \ 

M.9. K-*rh: Three rtloolh* 300. L 30H.5. 

300.4. 3T0.3. 


" -^2 '4.62Si lots of SO lonnc*. 

LONDON FUTORES-'CAFTAl - The 

market opened ISp higher 00 wheat and l ™“ ,aT . , nnntt ... ._. n ... ... 

15-Mp higher on bnrhy. Buries ineiw 1 & M 

was seen Initially on the neemrv bnt ,* J 0T cst[w, T. 

r a hies eased durop ’he day wiih virtu- International Sugar Agreement fl’.5. 
ally no irade in the afternoon seision to cents D*.' (ob .and slowed Carto- 

clov? an chare pfl 10 15 lower an wheat bean pur mces fur July 31: Dally £.73 

<S.£i: j.'-tiy average 6-2 1 S .21 >. 


1.50-2.00. Cherries—' Washington: 
pound 0 80. Onions— Spanish: 2.50- 
3.31: Malrese: 2-0AL2P. Tomauas— Dutch: 
2.6P: (luernsty: 2 SO: Jersey: 2.40. Melons 


• NnraluaL t New crop, t Vnqnnied. 
m June-Aujust, n Joly-SepL pJnly-AiK. 
0 SePi- r Ocl v Aug.-Sepi. r Per ion. 
r Indicator prlca rtf, per 10 kilos. 


{Ytolenloy V + or V'Mrtihj': 
.M'nlh rliw — ' CICJC 


COCOA 


Initial Mead mm save way to profit 
takmK laler in the day and a Rradunl 31 * v 
cajdns In rnlun. report* GiU and Dud us 



e rT Jiriee for “S S *BET‘ 

2.60-2.M 

English Produce: PKateco — Per 56 lb* 
1.1H-1.M. Lettuce— Pi- r 12 d sn. Cns 0 90. 
hb* 0 ^0 Rhubarb— Per pnund. 0111 donr 

0 nr. Cucumbers— Per iray 12/24*9 O.OT- 

1 ?n. Mushrooms— P>-r pnund 0.40-0.611. 
EEC 1HP0RT LEVIES— The ftillnwtna Apples— Pi r pound Ccenadi-r a.Ofru.is 

lf".pur' '•-•* for wMia- sod raw sucar Tomatoes— per 1J lbs Biu.-|ish 2.40. 
are nl.i'ive for Auk. i in units of Cabbages— p ir , r.ii.- I.PB. 71 H 1 . Celery— 
a :<-r.nf r-:r 100 kilns raiih previous In p.. r :; iv s ].Mi-;.nu. Csuliflowcrs— p.»r 
hncVi'i 1 • Wine susar 'deoamred awl LI Liai-otn u.sin.40. Broad Beans— Per 
non*drna:^.'OJ 27.83 isamei. Raw surut pnund O.iO-O.12. Runner Beans— p^r pound 
22 75 " Slick OJT^U.M. rtroond ^0.13-0^2. Pea*— 

_ Pvr pound Uuill. Cherries— fxr pnnrA 

u nm FIlTIJRF^ Blurt 0464.13. While 0.HM.V,. Bee irem— 

WL r 4J 1 U n LJ Ptr if. I bs 9 . 6 H.A 9 . carrots— Per 28 Ihs 

n_., . . . , Capsicum*— p..r pound 0*9-0.50. 

LONDON DbU and .eaiureltss. Baebe Courpcttcs— P.-r pound 0.05-0.12. Ortons 


r. por 


COCTia 


Ve»imtnr’* + or 
i*b«w l — ! 


Biinbiefs 

Done 


No. b t-’ontr’t 

Se.4 1715.0-85. 0 —86.5 1814.0.1777 

D»< 1771.6 734 .-174 I795.U 6B.0 

3l*rrh Ii42.6 45.0 —19.0 I/S5 0 59.0 

May 1716.5 19.0 -2t5 1VM.il 17.0 

JiilV IF8B.U 1716 —214 1725.0-104 

Set*. 16704 16.0 —21.0 1635.0 054 

tv,-. l-65.u 68.0 1655,0 52.0 


.\i:-tti»lini .I'W hiI tS^- 
fire*»r ''V-- ■* Cln*r — 


BUsuwss dooe— Wheot: Scot. ««*-»> 3". 

Vut. ?r.35-*7.cS. Jan. «.I3-!*0.4«. .’darch 
92.00-93JU. May 9% *5 only. Sales. (A lots. 

Barley: Sepr. 79 43 . 74 . 7 i Nor. S 2 . 20 -si 2 . 5 l'. 

Jan. 54 95-33.23 MjmS S7.4C-S7.73. Sales. 

121 kiln. ! 

O-s.ibe* 259*41.0 

IMPORTED— Wheat: ClVRS No. 1, 73* INctxIit .. 2tt.6-46.fl 

per cent. Auk. £?2. Ti!bur> seiler. f >. March '*>6..r«7.u 

Sark Nnnhern Bpnn 3 1 . 2. ;i per wn. )lsy 24!.e-47,0 

Auk. £75. Seri. £?S.3V. Or:. £70.73. 2.i;v._ ‘+*.0-46.0 


f Pence per Jtffoi 


Birsine** 

jinne 


—P+r baK 1.60-1. SO. Swedes— Per 2R lbs 
1.00-1.20. Turnips— Per 28 Ihs 1210-1.40. 
81 art .'Red Currants— Por pound 0.30-0.40. 


ir^luiftncni East. *c2e:. U4 Hird -V-r 


Salciil 3.700 i7.0l4i Jpi* nf 10 Umars. 
InltiiuUUUl Cotofl OmnlMlInn iL’4. 
Cvlil* p-.-r nound>— Daily pni'c July 31: 
132IH ti-rt.Wi. IndlcainT pTites AuciHl Is 
13-day svrrayc 144.46 <143.70;; 22-day 

•wrier 1*3. 5n ' i«3 1L1. 


.:‘’ i 8.>4»2.0 

.‘474-52.0 


8‘inier ordinery. We**ern A Thralls Fsq. Uv.vn.'*.-.- 
Nr» Smith Wales 5W area. New S"c:h 
Wales Prime Hard. Argentine. Sine:. 

EEC Feed, EEC Kbo and EEC Xtiliirc 
unqmted. 

Maize: U.S. 'Frcacii Aus. 9- 30. Sry. 

£i«u. iramJdpHirtir Ear.: C->isj. 5nu:h 
African Whjie Mu. iG. LlrcnxMLGla'snw 
seller. Sirjth African Yellow Am. £69. 

Liverpnni Glass nw seller. 

Barley. Surphum. oats: I’lmn'ed. 

HGCA— Farm spot prices ?or Aucac J. 

Feed Wheat: fieri *r. re and Oxfordshire 

aaaa anparem amoac users and only £80 50. Feed Barlmr: Fencshd-P and order- buynr. seller— Dec. IF! o-l£3 B: 
small Iiusln< ri-suncm. Awalung new Oxfordshire: £74.00: Northwest Easlidi March m M 0-1584; May if 54-1474; July 
.-rnp suwhes. imereet tended towards 174 3d. 7*7 C 159 n Oet. :59.0-IB.O; 

Middle EMieid and African crow tha, Hie UK monetae caeSoeit for the 191.6. Sites. mL 


COTTON 


COTTON— LI verpml: Spot and rbipntent 
sctk-8 anuniniid 15 tonne*, re no rre F W. 

T3ucm£*. Lac* uf cmcrwue was 


Fales: Nil War) lots of 1.300 kc. 
SYDNEY GREASY — iln order buyer, 
-elifr. o-i^neks. sales 1 . Mlcren CWUrau: 
Ocl .'.t’ i Ji 7 -0. M34345.5. 2: Dre. 331 3. 
155 -i. 4— -1544. 5; March 3M.t 3M S. 

Mas 3624, S41.S. 3-ia.i+362.5. 
f: J'jly :<7.5. 369.0, nil: OCL C7L3, 27! Jl. 
57:427:.5 £: Dec. ^3i>. 373.4, 273.0- 
4~-.iJ. i sales: 22 Intc. 

NEW ZEALAND CROSSBREDS iln 


BRAZIL LIFTS 
SOYA PRICE 

RIO DE .TAXEIRO. August 1. 
THE Brazilian National Supply 
Counci! has approved an increase 
in Brazil’s support price for soya- 
beans for the 107S*7!i season to 
150 cruzeiros per 60 kilo bag 
from 112.20 cruzeiros for 1977-76. 

Other support price increases 
for the coming season include 
mai2C. to 100 cruzeiros per 60 
kilns from 78; rice, to 182 
cruzeiros per 50 kilos Itnm 130; 


FINANCIAL TIMES 

Aug. 1 j J illy iljtitmtb ngi •)’««!' agr. 

235.72; M7.68 | JJ60.05 j 63^78^ 
" ' iBaw: July l. 1953 = 1001 ' 

REUTER’S 

Aug. 1 j July 31 Month ng'- Y(*rne» 

J420.6HAZB.4 ; 1458. 6 I 1516.2 
(Base: Samembar 18. idSl=lD 0 i 


DOW JONES 


li-w J Aug. I July 
June* I 31 


V'Hr 


iprt ....I3SB 20.s57.83jaS8.09i 61.37 
Futiiw-3 45 8 l|347.6T 345.87 :41.53 
{Average 19IV&5S=1«) 

MOODY'S 


Mi'nly'i 


A.«. 


«ple T-omitit 


ri92T 


Julv 'M-ii'ihlVwir 
21 j an- au» 


5 312.2 »20.9 *5.7 


‘Pvrwiher *1. iBsi = ]hfli 


cocoa ease: 
coffee down 

NEIV VOftK. Ausujt 1 . 

COFFEE fini'hod Iimli-dT.i-n nn di> 
appmnitrd C.ininii%M-.n Imuidaui.n. 

i-ocjia carc-d uu li+itit if-i-culativc and 
trjdv arbnraw solbn^. ftrcciou? mcial» 
‘’I" '■« !uwlt oa pl'iuIjih i and trade 
r>n>ii[-!nf:inK (••llf' , >vjnK iht rvCctil advances, 

I .rjMD^-r iini-.hid .Iruhiiy higher on lueal 
ft,u ri<rtviTiu« acumy, ropuns Rachc. 

Cocoa— S-r-i. 132 Sfl . 153 . 431 . Dec. 1,'7 jo 
> 145.1.0.. March 14'J.Sa. May I4I.45. July 

M9..M. Sen. l2:_io. Dec. 135.40 scitio- 

iiuni- s. 0M7. 

Cortec— ■■ c ■’ Conirarr: Scpi, 12 i.HO- 
1-1 -y» *12* 46i. Die. 115 17 3‘ki-d .121 17 ,. 
March JW.13 SsfcvU. iljy 10740 aiked. 
July ItNj UO-IOG SO. S-.-pt. 102.00-104.30, DuC. 
I02.5A-10.! 3ft. Sale:.: 740 luti. 

Copper— Auc-. 62.65 -iC. 4 ft'. Scr<L 63.25 
1 M.OO 1 . Oct. (l.y, E’er. 6j.l0. Jan. G5.7n 
March CO. 55. ,\l.v: 67.90. July Ci.«5. Scpl! 
69 9... Doc. n.5n. Jan. 72. Ui, March 73.10, 

II a-: ,4.16 isrtllvnivTiU. Salcv. 3240 Ins, 
Colton— Nu. 2: Ocl. 61.09-61.9* 162 . 171 . 

Dec. iJ.SP-sr.W ■C3.;5-. Jiarcti 63.15, 3lar 
66 . July 66.75-66 95. urr 65.13-65.25. 

Dec. 03.50. Salts: 4.35ft. 

■Cold— Auc. 2fti 40 •2ft.'«i. ScpL 202 bo 
O c-C. 204.M, Dec. 207.50, Feb. 
2IO.:4i. April 2UJ0. Juno 2 1 7. ft). Auc, 
221 . 10 . u«. 224 60. Dec- 22*. 10. Feb. 231.6* 
Apnl IMS 10. June 235.60 soi:IonienLsI 
Sale*: 19.300 lot'.. 

+Lard — Chicago loose 22.73 (22 SO). 

NV prime unm 24.25 traded i2i.n> 
traded. . 

tMalzr — Sen. — ai-223: i22«i. Dec. 233. 
232- 1 2SS •. Martb 2Jli-24!5. May 246K 
Julj 24 r ‘. Sepi. 250 n> m 
ipiaiinum— ocr. 2oi 0iL'.66.5n I2IS.S0.,- 
Jan. 270.00 '272.90'. April ■.'74.2n-274.4Cl. 
July 275 *0-279 lift. Oof. ~sj-a.24S.sfl, j Jn . 
2 Ss.10-2Sk. 20, April 293.0fl. S.tJea: 2.044 
lun. 

'Sliver — Am. 5>4.20 1 3ft4. 60., Ser:. 35*. 50 
• 569-20.. Ocl. 5fl2.-». Dt:. 370.90, Jam 
&.3.0O. March 5 s -' ‘ft. Slay :■?: 20 , July 
60 1 .2o. Sept. Slo.fil. Doc. «24 00. Janj 
625.70. March CSS.lfl, May 547.61) seipp. 
rwonp. Kale*: 2 *.iKi 0 lots. Handy and 
Ujtman ^..n buVu'.ft 55 > >.9I) lT.57.70i. 

Soya boans—A lic. 629;j:jS <627j«. Scpq 
414-61 4 i fCH). NOV. 603-601. Jan. 609.fi0.9j, 
ilor..ii E17, May 622, July 624-624?. An. 
& 1 . 

ISeyabeen Meal — A up. 164 00-1M.M 
rjA4.60i, Sept. 10 20-16:40 OrL 

Dec !62.iO-1C.aO. Jan. ]K.0i1-163^fl. 
.March 166.Dft-166.5i). May 367.00-167.50, 
July ifiS.Ou.ft.p i)0. 

! Soyabean OH— Ail*. 2C.flO-2S.53 K3.9? \ 
l S>-pt. 72.4ft cui., OCT. 22.35-22.40. Dec. 

! 21 *5. Jan. 21 P3. Sfareh 2? DO. May 21 . 90 , 

| July 21. W. Auj. 2130-21.95. 

1 Sugar— ::o. ii: s. r*L fi.3S6.39 ifi.3L 
. |1. :. * , :.41- , .-.42 iv. 44-6.4.7'. Jan. S.iq. 

J 6.75. March ii Si-r.."2. May 7.U7-7 0*. Julv 
: 7CI-7.20. S-.-p:. 7.4f-7 47. riy:. 7.50. Jati 4 
UIlUHIiTCif. Sale*' 6 730 lm+. 

Tin— 5 7”. nft- 77*. -Xi a..ni, ••>•.? 5M. 

"Wheal— Vpi 3iif'3il2 >31iii. Dec.- 
i S122-M2 I'lii;,. March 214:. Mar 312- 
J12; lulr 3ft:;. Jtftf'i DOS; noni. 

I WINNIPEG. A lie. 1. 1-rRyo — n"(. SJJO 
Ibid 1 94 i>0 bid >. XftT. 97 16. a'f'i'd (95.50 
! iirt'n Dec. 5; 'Jl. y.j- K!.::0 

t*0a - j— D«. ft9>:u < 70.30'. Dec. 69.00 
I ■ Tfl Vi a ‘feed 1 . March 69.10. May 

1 69.10 fl't—d. 

I ItBarlev-j’ii’i. n.IO b'd '72 no artedj. 
j Dr"' 71.70 a -ted .72.50 a-.fced.i, Mareh 
[ 71 ;ft hill Mar 71 SO Mil. 

! TlFlaxiecri — i‘icl. S.^.Cifl bid <235 Sfl*. 

1 \..y I^ft 1 ft Jilreft ■ 2 .Tl.;o bid'. Dec. 

' 2.T'.70 . 1 ‘ 1 -ftd. Mar 23? ft) a&Kd. 

"''Wheat— sc utts 12.5 ?rr cem pmteln 


GRIMSBY FI5H — Supply good, jintand 
fair. Prices at ship's sidn lunprau-muHl' 
per stnnr: Shelf cod £3^0-f4.09. eftdlinas 
£2. 7ft- £3. 00: lar&c haddock £3.66-54 40. j ]. 
medium 13.40-0 go, sm*n £2.00-£2>0; 
ItrKC Plaice f«Jin-iS.«. medium £4.50- 
, or- - £5 80 . best small £3.fto-r4.*o: larce skinned 

15 d Jdloc l frcim 100 ~f rUW,r0S per ”-*»■ mefiJum et'.oo: larrr :™on 

Dec. 158.0- « ktiOS from 100.2Q. BOlPS KM Dtedlttm £3» ; 5B1 thc £1.59- 

Keurer 


cmien: i*if 

Si. !.jmtj:.i?c ]■ 

'IC7U. 

AH ccr: 

s per pound 

fts-wnrehpuce 

unl-'ra n:+. 

■r.vi , :i' BT.i‘.;d. 

* es p^r troy 

Tin- '>—liiii 

iHir.ri- ; 0 ‘G. “ 

rhirft.'." Inns? 

■■s n^r mo 

IIA— Depi. of .1 

a Priori pr?- 

plirift . 

Prlr.1*: C-V-.iTTi 

inh NV bulF 

. lark i-.irt. 

: i'...nis r-i-r >" 

lb bii-n.l -x- 

' w ar-.-heiisr. 

J.rajO M|-!»i-| ! 

■ :r. J ?s p*r 


irr>y oiinrr- ivr 30 e’ urnL' or 919 j. r 
(i-ut pur 11 7 d»:u :%V. ' f,.n:s r=r 
irov uuei.e ” fe '■ 

cmuriic: in 's a shor in f...r MilV: Id's 
•jf l "Hi rtor. ions diliwr.-il f.n.ij r d rs 
fhu-.i=o. Toledo St. Laiirt and AJ:n«j. 
** r.nrs pr r F3 ’.‘i hu-lr! 19 wijj. 
’> Ccn>9 per 24 lb huihe' ::C-rt5 r^r 
47 IN 1 1 t.u.ir. hftir-. ■T-m - ; p-» 
55 lb h"' k 't • ■••Vi>-. :.V!; 

i«s. " f” s-.r ’ 0 ::n.. 


. J^SandSl vT^ics 



EXCHANGE REPORT 


Strong revival in equity leaders and Gold shares 

FT- Actuaries Industrial group index at all-time peak 


FINANCIAL TIMES STOCK INDICES 

ijn 'a? j A s£, 


Account Dealing Dates 
Option 

'First Declara- Ij>( Account 
Dealings lions Dealings Pay 

July 24 Aug. 2 Aug. 4 Aug- 13 
Aug. 7 Aug. 17 Aug. LS Aug. 30 
Aug. 21 Aug. 31 Sep. I Sep. 12 

* " Hew time “ dcatints may take Plata 
tram 9J4 a.m. two business dors earlier. 

A clian.cc of tack by some 
institutional investors who 
decided to act now and not await 
the possibility. mooted on 
Monday, of Account stock appear- 
ing later in the week caught the 
market unawares yesterday. 
Fairly quickly. the patient 
emerged of « small demand for 
the equity leaders chasing too 
little stock and prices responded 
to leave the F.T. Industrial 
Ordinary index up 6.1 at the day’* 
best of 493.3. 

South African Gold shares, too. 
mi'.uri strongly, basking in the 
huiiion price v« hich ro-*? to a new 
all-time peak before .settling just 
short of the highest. Although 
the share earns v.erc trimmed 
laic, they still ranged to a point 
and more in the heavyweights and 
(i ■■educed :■ net rise of S.L* in the 
F.T. Gpld Mines index to 191.3. 

British Funds were not 
completely overshadowed, dealers 
describing the trend us quietly 
satisfactory and probably aided to 
a decree by hopes that Minimum 
Lending Rate would soon begin 
io fall. Application* 1 for tlie 
ISOOm of new lap >!nck Exchequer 
12 per rent l!K)!)-2lxc! open today 
w iih dealings commencing on 

Thursday. 

The Chancellor’s comments nn 
BBC radio ilial prospect*' for the 
Government’s current pay phase 
arc belter than they were 12 
months aci for Phase Three 
obviously fuund reflection in the 
undertone which :;p|>eared to have 
discounted the Confederal inn nr 
British Industry’s report of little 
change in business confidence. 

Without enjoying activity 
compjr.iblc i« the previous day. 
secondary and situation stocks 
also maintained tlmir firmness and 
the F.T.- Actuaries Industrial 
Group index attained its highest 
since compilation. The rises to 
falls ratio in all l'.T.-quotcd 
industrials widened from 
Monday's slightly better than 
eiens to ll-to-4 yesterday, but 
the t mat number of bargain’s 
marked fell to 4.274 against the 
previous da;.’** 3.043 and tbe 
week -ago 3.430. 

Revived demand on botli 
in* : ; tuno;rxf and arbitrage 
account. connected ntainly w i*h 
hu.-inc-.* in Far Eastern and 
Australian '■lure*, pu-hvd rates 
fur •nve-imeui currency up in 
ini per cent b.-fore a -uh-cqucn; 
e.i'ing jo UHlJ per cent for a net 
riw wf J. Yo'tcrday’s SK ronver- 
- on factor was 0 P.707 1 0.6734 1 

For only the second tunc since 
dealings in Traded options started 
on April 21. over l.ftuu contracts 
were completed. Yeocrclay’s 


APPOINTMENTS 


loud reached 1,090 only 139 fewer 
than tbe reeo-rtl figure recorded 
on Jui> IS. Reflecting the activity 
in arid shares in the wake of 
the record bullion price, a brisk 
option bu.-uie&t was transacted in 
Cons Gold mid. at the do>e. 330 
contracts had been done. 128 of 
them in the October 2U0 series, 
while the price of the January 
g00 -cries added 4 -to ISp. Land 
Securities followed with 227. of 
which t7S were done in the 
October 240. 

Publicity given to a couple of 
brokers’ circulars directed atten- 
tion to Composite Insurances and 
pood gains were recorded through- 
out the I Lsi. Ahead of (heir re- 
spective interim statements next 
Monday and "Wednesday. Commer- 
cial Union put on 7 to 157p and 
General Accident added S at 22Sp. 
Guardian Royal Exchange also 
firmed 6 to 28Sp as did Royals, 
to 2S6p. while Eagle Star improved 
7 to I37p and Sun Alliance 
pained 10 to 546p. Elsewhere. 
Pearl rose 3 to 344p among Life 
Issues. 

Sterling Credit stood out at 32p. 
up 5. follow ing the higher profits 
and proposed 30 per com scrip- 
issue. 

In Breweries, Greene King ro-e 
12 to 2Uop in a thin market fol- 
lowing Press comment . 

Brown and Jackson featured a 
firm Budding sector with a rise 
of 20 io ISOp on -peculalivp 
ilemripd following the £l.Jm 
aequis-iiion of a 73 per cent -lake 
in the privately-owned Tigner 
group Elsewhere. Y. J. Lovell 
firmed li to Blip on news that 
Lovell and 1C1 are currently 
negotiating for the purchase by 
Lovell of Farrow Group, the 
housebuilding, plant hire and 
property development company. 
Girin.- of 4 wore marked against 
Marshalls (Halifax). - I24p. and 
Tunnel R. -92p. with Blue Circle. 
2iftp. improving 3. Orme Develop- 
ments were suspended at 36 4 p at 
the company’s request pending 
tlie outcome of the Take-Over 
Panel’s enquiries into recent con- 
Iroversidl .-hare dealings. 

I n a mud era le tu mover. 1CI 
addt-d a couple of pence to :Ji)2p. 
Fivons gained 12 to 374p aided by 
a bear squeeze. 

Stores quietly firm 

Aiming the ’quietly rirm Store 
leader-. IV. H. Smith A added 4 
at iG3p and Gussies A hardened 2 
to 312p. alter. Ul-tp Bourne and 
(luliingsuorlb. do-ed unchanged 
at the overn-pht level of 2I3p. 
awaiting further newt or the bid 
discussion- 

Electricals had a firmer inclina- 
tion Unilech rose G to 132p on 
the substantially increased earn- 
ings. while the optimistic tenor 
nf the full report left Henry 
Wigfall 3 higher at Ship. U’esjiing- 
hiiu-c closed a penny firmer at 
.Hip. after 37 p, on the profits fore- 
cast which accompanied the 


interim figures. Farnell Elec- 
tronics attracted renewed interest 
in a limited market and finished 8 
more to the good at S4Sp. 

Buyers returned for the 
Engineering leaders and. with 
stock in short supply, closing gains 
stretched to 10. John Brown ended 
that much higher at a 1973 peak 
of 42Sp. while GKN and 1'uhes 
both finished 6 higher at 2&4p and 
390p respectively. Hawker firmed 
4 to 232 p and Vickers edged 
forward 2 to ISlp. Elsewhere, con- 
tinuing to reflect recent invest- 
ment comment. Ricardo pul on 10 
more to 227p for a rise over the 
past three days of 87. Further 
consideration of tbe record earn- 


accentuate some gains. Beecham 

finished 10 belter ai 6tt5p and 
Metal Box and Reckitt and Caiman 
dosed 4 dearer at 34 op and 4!Mj> 
respectively. Reed Internal ion al 
also added 4, to 149p. ahead of 
tomorrow’s first-quarter figures. 
PliklngtoD, 592p," on the other 
hand, lost 10 of the previous day s 
galfi of 17 which reflected demand 
ahead of the forthcoming 101) per 
cent scrip issue. Dt La Rue- were 
notable for an advance of .12 lo 
413ti on ■ renewed . investment 
support. 'Down 12 the previous 
day in reaction to the announce- 
ment that Newman Industries' bid 
had lapsed, .Wood ; and Sons 
recovered " to 46p on hopes or 
a new offer. Dnabee-Oinibex 



ings lifted D. F. Reran 3A to 21 p. 
Davy International were good 
again at 27dp. up S. and Victor 
Prod nets revived with a rise of 7 
al 137p. Wolscley Hashes gained 
6 at 204p and improvements of 
around 4 were seen in Brickbon-e 
Dudley. 33p. Hallite. 130p and 
Simon. 24bp 

In Foods Barker and Dobson 
closed 1} harder at 14p un a Press 
suggestion that the company if 
about to soil its Oakshotts grocery 
business, while further considera- 
tion of the German expansion 
plans lifted Associated Biscuit 3 
;n 79p. Gnldrei Foncard were 
supported at 55p. -up X while 
other firm spots included Lock- 
woods, 3 up at 103p. and Bishop's 
Stores “ \r 6 better at 12Sp. 

City Hotels came back into 
favour. rising 6 to 127p with the 
help of cull-oniion business. De 
Vere hdd at ISSp: Barclays Bank 
Staff Pension Fund has exercised 
its right to convert the fund's 
remaining holding or £500.00n 
£t per cent Convertible unsecured 
loan stock 1993. 

Reed Int better 

Investment interest in ihe 
miscellaneous Industrial leaders 
revived and prices closed at 
around their best levels of the 
day. Stock shortages helped to 


MAR APR MAY JUN JUL A 


added 7 at 156p as did Redfearn 
National Glass, to 2fl9p. Far- 
Eastern and investment currency 
influences prompted a rise of 14 
to 272p in Jardine Mu {hr son and 
left Swire Pacific G higher at 136p. 
Profil-taking after recent strength 
saw Vtntrn Fall to IjDp initially 
before a late rally loft a close of 
lUSp. or 4 down on the day. 
Comment on rhe disappointing 
interim statement • left Coral 
Leisure 2 off at 97p. 

In Motors and Distributors. 
Lucas Industries closed 3 better at 
a 1978 peak of 323p: the litigation 
with Chloride concerning lead acid 
buttery manufacture in the UK 
and Australia has been amicably 
settled. Arlington edged forward 
2 to ISop on the good preliminary 
figures and property revaluation 
surplus. 

Properties higher 

Newspaper issues to make note- 
worthy progress in a good turn- 
over included Daily Mall “A.” 13 
belter at 33Sp and Associated. 4 
up at lS3p. Despite the con- 
tinuing dispute at the Sun news- 
paper." News Inlenuitiona] found 
support and firmed 3 to 275p. Else- 
wherei \V. N. Sharpe rose 12 to 
202p on the impressive interim 
results. 

Selected Properties were marked 


higher at the opening on hopes of 
a rut in Minimum Lending Rate 
and reports of higher earning 
potential. Land Securities and 
MEPC held gains of 6 at 232p and 
4 at 13" p respectively, while Stock 
Conversion added 8 to 272p; Of 
the good quality secondary issues 
supported. United Real and 
Church bury firmed 10 apiece to 
270p and '310p respectively, with 
Chesterfield adding 13 to 33Sp. 
Bammerson “ A.” ' 385p. ?nd 
Property and Reversionary " A' 
307 p, held gains of 10, wihile Great 
Portland finished 6 higher at 3i6p. 
Apex. 23 Op. Bernard Smiley. 238p, 
and A. J. Sluddow. liSp, all 
improved 5. Hales Properties rose 
13 to Sip in response to the annual 
results. Property Partnerships 
were quoted ex-rights at 106p; a 
sizeable put-through was effected 
in the. new nil paid shares which 
closed at 12 p premium, after ISp 
premium. 

In line with the general 
market up-turn. Shell firmed 10 
to 2p after a quite active trade. 
British Petroleum held a modest 
improvement of 4 at 830p. Bormah 
improved 2 to 69p. Neglected of 
late. British Borneo met * a little 
demand and put oh 6 to 158p. 

Inehcapc, a dull market .Qf late, 
recovered 10 to 375p. Other firm 
Overseas Traders ' included 
Thomas Borthvrick. 3 harder at 
57p. arid Great Northern, four 
points higher at £63. 

New 1978 highs were common 
in Investment Trusts. New 
Throgmorton Capital stood out at 
l.1lp, up 7. ahead of publication, 
of its net asset value at yester- 
day's date. In Financials. London 
.Merchant- Securities were active 
and 3 higher al a 1978 peak of 
101p: the preliminary, figures were 
announced on September S last 
year. 

Highlands figured prominently 
in Plantation*, closing 0 higher at 
-131p in the wake of.Far Eastern 
demand. 

Golds strong again 

A bold early advance tn the 
bullion price gave great strength 
to South African Golds although 
they eventually closed below the 
best. The Gold Mines Index, after 
a day's gam of Si to 19L3. was at 
its highest' since June 10, 1976. 

The market was most active in 
the morning with intense buying 
from all quarters, including 
London. In the- afternoon the 
bullion price showed a slightly 
easier tendency on profit-taking, 
although It dosed a net $2.25 
higher at $202,873 an ounce. The 
.share market remained very firm. 

Price rises were recorded 
throughout the list and new highs 
for the year were commonplace. 
1’aaf Reefs gained i to £185. while 
President Brand moved I higher 
to £MM and Libation finished 40 up 
at -W4p. 

The strength of Golds spilled 
over into South . African Finan- 


cials. where Jo fe t robu rg G»- 
so 11 da ted Investment extended 
Monday's rise by.* farther j to 
£14. De Beers traded . actively, 
.touching 402p at onte stage before, 
dosing at 39Sp for a net gain -of 9. 

London Financials were subject 
to’ a mixture of influences. 
Consolidated Gold fields,; on' the 
list of active stocks, drew strength 
from Golds and. climbed to 201p 
before finishing at 19 Sp for again 
of 4. Rio TUrto-Ztac. also active, 
hardened 4 to 232p in sympathy 
with the UK industrial market, 
and Selection Trust responded- to 
news of its involvement, in 
Australian diamond exploration 
venture, firming £ to 442p, after 
446p. .. ' ... 

■ Platinums rose In sympathy 
with Golds, as Lydenbnrg and 
Rustenhurg moved up 4 to 72p 
and W p respectively. Bishopsgate 
advanced 5 to 95p. 

Among Austr alian s. Pancohti- 
nentaf were again strong, j higher 
at £15; after a .rally in Sydney 
ovemight. reflecting optimism 
about an early start to' uranium 
mining. " ' 

Business in Coppers, Rhodesians 
and Tios was j. light, however. 
Saint Plran at 56p were unmoved 
by the suspension -of Orme Deve- 
lopments, in which the company 
has built up a sizeable stake. 


MONTHLY AVERAGES 
OF STOCK INDICES 

— 1 J oiy ~ | Jtnie~ ~\prtT 

Financial Tim*** _• 

(iMviiiniii x* - lOJZi- K3.70 70^6] J2L *7 

V.x«.l tnwi>*s>; 71.73.. Hite 72UoJ iSJ* 

ln,tuMn«inrH. <72£ .4SS.1 *7r=J!J 

(inkl XTiim.... WA l«.t 

r*»»Hnp* mini.: «.6 13* 4.671- 3.221; 4.930 

F-T. Actuaries . ' 

In, Inst. Grp. 211.6* 2tP.27; 203Jl| IW.R-- 
SJO SImi* ... 2M-U9 S3t^rr2.vi^S. 
riiiHiuiM’i.i- , l*2-*2 161.M IfiRJS 1WX8A 
A.: < .-rr rtvV).; £lb.« 2U1& 2lh^?;,ai4jL 

Keii.lMw • 56.a2. GiJii ol.ru.. iAM 

■ HI icli link 

In.'iiiiitrtm linil «92.1 'Sttn 463J><&rtu 

A II-** hare .! 23435 i23tt» 207.g3 >ftbj 


RISES AND FALLS 
YESTERDAY 



ACTIVE STOCKS 


Slock tion 

iei n 

Selection Trust ... 23p 
Shell Transport ... 25p 

BP £1 

Inchcape £1 

Barclays Bank ... £1 

Distillers 30p 

RTZ 25p 

BAT Inds 25p 

Boots 

Commercial Union 

GEC 23p 

GKN XI 

Imperial Group... 25p 
Midland Bank ... £1 


no. 

of 

Oosing 

Ciiange 

1078 

VT&-. 

marks price Cp) 

on day 

high 

low.' 

14 

. 302 

■+■ 2 

306 

328 ■- 

12 

442 

- S 

444 

373 : 

12- 

Trli 

+ 10 

5Sfi 

484,- 

10. 

850 

4- + 

806 

720 * • 

10* 

375 

H-10 

443 

350 v 

8 

342 - 

+ 2 

358 

290- *. 

s . 

197 

+ 2 

197 

161 ’ 

s 

.232 

+ 4 

234 

164 ” 

« 

323 

— 

346 

267 

7 

222 

+ 2 ’ 

231 

184" 

7 

157 

4* 7 . ’ 

158 

138 

7 

279 

+ 3 

270 

2S3 

7 

2S+ . 

+ fi 

286 

.248',- 

7 

S4 


84 

74 

7 

333 

+ 5 

390 

330 


LONDON TRADED OPTIONS 



Up Down Same 

Brillsb Fundi . ... 

59 

-.2 

17- 

Cor* ns. Dam. and 


- 


Foreign Bends — 

3 

; — 

81 

Industrials 

03 

110 

885 

Financial and Proa. . . 

281 

z i 

2U 

Oils .. ... 

13- 

•1 

20 



■ 3 

22 


71 

« 

« 

Recent Issues . . 

ia 

1 

28 

Totals ....* 


207 LK1 


13. .» 10 
23 


NEW HIGHS AND LOWS FOR 197S 


Unilever advisory director 


Sir Erie Faulkner has .i ere pied 
an invitation to become an 
advisory director of L N1LEVER. 
Sir Erie joined Gl.vn Mills and Co 
m HKUt and held (he chairmanship 
from 1!lKJ-iiS He was chairman 
Lloyds Bank from t:ni!i-77 an I 
in at present on the board of thet 
hank and of Vickers Sir Eric i*. 
aim jnini dcjiuly chairman of 
Finance for lndnstr> 

■* 

Mr. James It. Clark has joined 
The recent l> formed World 
Invi'otnient Bankmr Group al 
AMERICAN EXPRESS INTER- 
NATIONAL BAN KIMS CwRPMRA- 
l'M\ as ilireclor ni placement 
ami bn.-, al-o liet-oiin* a director 
of \niex Bank. lie was formerly 
m.ina^in^ direi-l«*r of Ne.-bitt 
I tioRiHin and L'h. Mr. Clark 
report. i« Mr. Jrffre.i S. lloules. 
« ii:ef upiT.iliP^ CM'dilue of Mu* 
V, nrld Invent men: Kan king Group. 
■» 

Mr \. F. Mould lia« bcc»mr 
i>:iaii,.i.il iliri-cior nt P,IKVI1I) 
f.'l AUIAsr iFnl’NTiRIKSl 

♦ 

Mr. 1 rdric M'nimo has t»eeji 
appointed n» tin- Board and 
elceied \ u e- 1 1 res a lent of FIRST 
I'lllt. \G*» Un- l.oiidnn-ljaseil 
nien-lj.iiil bank ms siiliMdiury of 
:'n* Fijsj X.ilioital Bank of 
i lur.ijo. 

* 

Mr. V II. K Ahlers ha* been 
a npoi m erf .i dim-tnr and eeneral 
ii.oiaerr «*» PVF. THERMAL 
B'.'NDKKS in tdave of the l.de 
Mr. -■oliii I'nmici 

•k 

Mr. M. ’I. Field ha * heeri 
ai'pio:itf-d to lh»- Board nt 
RANDALLS GRf'l f*. 

+ 

Mr. John Passant, -.i-crelar* and 
ai-couiit.ini. h t* N eri made a 
director of Ihe Dint ley Port 
Rulhr.j Mills Mr. Ten-r llasclnck 
h i> been appointed a director of 
MctnJnn Steel- and remains 
general manager Mr. Chris J. 
Ilraey. unrk* director, has Ijeeome 
a director and general manager 
of Shori Heath Work* - i Ductile 
* *|*I(1 Mill and Dncii’e Hot Milli 
The eompame- are nie inhere of 
Ihe lKt;m.E STFKI-S fSKOl'P. 

Mr. Ian Roberts, manauinq 
dir'-ytnr of U ullei Machine Horn- 
p.jnv. lias hee:i a) ‘ini hi l it! In the 
Board nf IIUIPTHN Gni.ll 
MINING AREAS iidluoiim iIms 
, ie<iuiMti»n of W»ll.*\ h> Haiiipuin 
* 

Sir Michael Parsons, maiuuing 
dm-eior of Inchcape and i"n. ha- 
th* vn ajipoinied ,i in in -e\ eeu li\,» 

dirn-Mr K.\1I!R \IRN I-\WSD\. 

Mr. Peter T. Swan line been 
Ti-mird cXceulive vu e-preMdenC nf 

KLl.Li >GG INIEDNATION.M. 
CIMHMILVTION. .«» affiliate uf 
I'ullrnan Keflugg. bwfli <*f 
Wenihli*} i London i. and of the 
I*ullni.-,n‘ K'dlugg liivisum of 
riilim.iii fncnrpori,ted. llourslou, 

US. 


Mr. Olher N. Davrson haa been 
.'pyoiiffcri h director of W.VRREN 
PLANTATION HOLDINGS. 

+ 

llu* MINISTRY of AGKICLL* 
FURE hjv appointed Mr. Philip 
Ruy|it»n io he chief regional 
of Us North* rn Region and 
he *i ill h»- biiM'il ,<l Nt wra.sll,- 
nmm l^ne. Mi Rii*.hjon *.ui n.-cd' 
Mr Joseph Kerr, win* »- leunuv 
f»m»: ih** M ui-tiv - -m I*** 

* 

Mr. Ian GraliAm h«» been 


appointed chief executive or 
CREVITT and air. Turn Dodd con- 
tinues. as chairman. Mr. Graham 
na*’ managing director of 
Krcviii Slices. 

* 

Sir. Tom Winlield has been 
appointed muiiugmg director of 
LIEBHERR-GHEAT BRITAIN. 

* 

The British and llomnionwealth 
Slu piling Company Males (hat Mr. 
G. F. Bedford will retire 'a< 
managing di reel or of CAYZER 
IllMNK AND ro on July 3! bur 
he uill remain on the hoard nf 
the parent eompany i hi the same 
date, Mr. G. B. Jones will re- 
limiuish Ills directorship of Cayzer 
Irvine, hut will eominue as a direc- 
lor of King Line until his retire- 
ment in October .Mr. 4k R. Dug- 
gan Hill also retire .i- director of 
Caj-.'i-r Irvine on July :j|. but will 
carry nut spinal liuties for the 
group. 

From Augn-i I. t'ay/rr Irvine 
reuses to manage Mm --hipping 
i nie rest- of the K and Cl Group 
nnd llu* "ill he un>ler1aken bv 
l'«i.v."i , r Irvine Shipping. .Mr. J. E. 
Anri rear ha* been appointed 
managing director of that concern 
and Mr. 1. H. T. Galloway, deputy 
managing director .Mr. Andrear 
.dsn joins the hoard- uf each of 
Mu- groui 1 '.* 5 >hipf*wning companies. 

* 

Mr. C. Hour II ha* Jmtwim* chair- 
man or nOLLOND AND 
\ ITCH ISON GKiil'P and Dollonri 
International Mr. G. Stone 
har. h**en made depui y chairman 
>if Hollorid and Ailchisori Group 
and joins Mm Dolluml Inter- 
n.ii tonal boar-.l together with Don. 
I.. .M.-mgnno fJiaJvj and Mr. II. A. 
Vaitis. Mr. S. J . Rowland ha* 
liven appointed a director of 
\V rsley-.lv— >‘n iUK> Mr. Howell 
has al-u heisimr chairman nf Uni- 
hind ami Aitchison Ltd.. Wig- 
mores. Holland and Ailehison 
Service* and Ibilland and Aiichi- 

Min i Proiwnv » 

★ 

Mr, David Maitland has been 
appointed deputy chairman of 
SAVE AND PROSPER GROUP 
mid ennlinim* as managing 
director 

* 

Mr. K. 1- Hell has ^ iieen 
apjimnled a d;rert or of GRIND- 
UAV BRANDT.'-, ihe merchant 
h.nikilu in vm her *if G rindlays 
!;,,nk Hi* i-. r«— ponsihle for liie 
Latin America .mil l.u’Tia area ot 
ilu- KunM-iiri enev iJi-purinieni 

★ 

.Mr. Julio Oiadnirk h.i-. been 
aopmtiied operation- ill rector in 
The London office uf l\\ 1NTER- 
NATIONAL management CON- 
SULTANTS 

* 

.Mr. David I-iicwlllinin-Lay am! 
Mr. Henson 11. Fung have been 
appomicd to the Board of GT 

management 

♦ 

Mr. John Fore* ihe, senior joint 
chairman WIGGLES WORTH 

AND CO. Jia- retired Mr. V. J. 
ioindon and 31 r. Albert K. Simons 
will be joint chairmen. 

★ 

Mr. A. J. T.retr has been 
appointed a director of BROWN 
AND T\WSE TUBES, a sub- 
sidiary oT B.-I.iw r and TtiW.se. 

te 

Mr CJtrtMopher Martun and .Mr. 
David . Pritchard -Darret i h.ne 
mined rhe Bo« r*i ot I \\\K< SHiP 
and 'oiNS a* rhairnmr. 
and deputy chairman, respectively. 


Mr. Robert Combe continues as 
chier executive of liiat concern 
and has become a director of 
GREEN ALL WHITLEY AND 
COMPANY. The changes follow 
the merger of the companies. 

* 

Mr. B. E. Sargeanl has retired 
as managing director of the 
MAERSK COMPANY and has been 
succeeded by Mr. Kars ten Borcfa. 

* 

M r. Richard R Isby, sales 
manager of FIRST FRONT 
GARAGES, has been appointed a 
director of the company. 

★ 

JOHN JtOWLEM AND COM- 
PANY has made the following 
changes: .Mr. R. E. Tuckwcil 
becomes general manager of the 
local companies division and is 
replaced by 31r. T. IL Robinson as 
managing director of E. Thomas 
and Company. .Mr. A. R. Skerrtlt 
□nd Mr. G. Whetman join the 
Board of E Thomas as full 
directors. 

* 

Mr. Roger Schofield has been 
jipjwimod secretary of TOZER 
KEMSLEY AND M1LLBOURN 
i HOLDINGS i in succession to Mr. 
Paul White, who has taken up new 
responsibilities as personal assist- 
ant to the chairman of the TKM 
Group. Mr. Schofield was formerly 
secretary, of TKM International 
Trade Finance. 

* 

Mr. T. Broadhurst and Mr. R. C 
Vcstou have been appointed 
director- of FIELDING JUGGINS 
MONEY AND STEWART. Lloyd's 
broker-. 

•* 

Mr. Charles Godbvrid has been 
appointed a director of WIN- 
CHESTER BOWRING. 

* 

Mr. Jeremy Yale-. 3t present 
chief executive of the Weekly 
New> paper Advertising Bureau, 
is to become group marketing 
director of SCOTTISH AND UNI- 
VERSAL NEWSPAPERS - from 
November 1 He win also be 
chief executive of the newly 
acquired Earion Newspaper Ser- 
vices. 

* 

Mr. W. F. Trump has been 
appointed au additional director 
of A. P. BIHIT AND SONS. 

* 

31 r. Frank Paterson has been 
appo'iitcri general manager of 
She Eastern Region uf BRITISH 
RAIL and has been succeeded by 
Mr. Henry Sanderson chief 
freight manager. -Mr. J. fi. 
Woodruff replace- Mr. Snndersnn 
a* director of public affairs.. 

4- 

Mr. R. \V. Gray lias been ap- 
pointed to main Board of 
T C HARRISON He is a direc- 
tor uf Peterborough .Mo; ore, a 

-ulisidi.\ry. 

+ 

Mr. p. u. U. Gadsden has 
joined the Buard of LRC INTER- 
NATIONAL as a non-executive 
director. 

+ 

3lr. Bernard Atherton has been 
appointed divisional general man- 
ager ij; the management services 
department nf BARCLAYS BANK, j 

' ¥ 

Mr. V. i». Novikov lias ijcen 
api)nin;ed m ihr Bn.«rd \ 
'IORK.OT INTTFN 3TIf'\AL 
LINT? AGENCY .Mr. J. A. Rots 
ha* resigned {ram the Baud. 


The to' lading securlves oaoied <1 ihv 

SSir? inform »tion Smrvict ves*.*f»r«y 

i tuned ne* H.8M and Lo-v lor »97«. 

NEW HTGHS (313) 

AMERICANS <:) 
CANADIANS >1) 

BURS )«> 

BUILDINGS 1121 
CINEMAS <11 

DRAPERY AND STORES I1TJ 
ELECTRICALS <7) 
ENGINEERING «24) 

POODS 16) 

HOTELS >3) 

INDUSTRIALS 'AS] 
INSURANCE iSJ 


MOTORS >41 
NEWS PAPERS • 2] 
PROPERTY 071 
SHOES 1 2) 

SOUTH AFRICANS 11) 
TEXTILES «X» 
TOBACCOS *2) 
TRUSTS i731> 
OVERSEAS TRADERS -IZI 
TEAS «1> 
mines ao> 

NEW LOWS (*) 

- ENGINEERING 111 * 

Bratthwaite 

INDUSTRIALS HI - ' 
Wiboo ana Wallen 


FT-ACTU ARIES SHARE INDICES ' 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries- 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


• - _ ^ Mon. Fri. Thura. Wed. 

Tues.. Aug. 1, 1978 j»;> w w 


OPTIONS 


DEALING DATES • 
First Last LasL For 

Deal- Deal- Declara- Settle- 
lags ings tion ment- 

Aug. 7 Aug. 14 OcL 26 Nov. 7 
Aug. 15 Aur. 29 Not . ’ 9 Nov. 2 1 
Aug. 30 Sep. 11 Nov. 23 Dec. 5 
Fur rate tudicaliofiK .tee end of 
Shore Information Service. 

Money was given for -the call 
in BP, Ellis and Goldstein, Eng- 
lish Property, Thomson Organi- 


sation. Premier Consolidated OH, 
Cons. Gold Fields; Burmah OIL 
llawtio. Robertson Foods, British 
Land. Siebens Oil (UK), Barker 
and Dobson, Compton Sons and 
Webh, Lad broke. Pacific Copper, 
Lee Cooper, and . City Hotels, 
while doubles were arranged ia 
Barker and Dobson and British 
Land. Short-dated calls were 
dealt m Smith Bros., and Marks 
and Spencer, while a double was 
transacted in Smith Bros. 


RECENT ISSUES 

EQUITIES 


■»u» 

'n-i- 


3 z— 

|v 

Hijli 

— ' Slav* 

1.1* ; 

= ? 
I> i 

73 

F.l'. 

dO.t- 


-o' [tlnumLii iC. H.i. — 

91 

55 

F.l*. 

31 8 

0 

it ''iLamcr* hu-^erfmd. — 

75 

«r 

f.l’. 

— 

iLti 

10 ;5ror»> ... 

ION 

too 

F.l 1 . 

9.7 

lla 

>v*. KurThrj-ni 

162 

85 

F.l 1 . 

24 8 

It 

- Hi.nl Int- 1 Vl r. -Vr % inf- 

90 

119 

F.l*. 

— 

tw. 

138 Jnue« 1F.1 (Jen’lrkilini 

141 


/■ | b ® • i s . 


,1 i4.a 4.1 7.5 4 3 

.. . 5.1 45 6.7 

+ 2.64 4.0 2.6 15.4 

.. 4.65- 4.0 7.8' 6J 

*- I AS. 6 3.1 S.8 112 


- V 

D - 

r — 1 -5 



ii -.£ 

H<c:> 


mm mm. 

ie:-. 

* • 

t-.f. 10 -8 

*l?i 


CSO i i » 1 

?li*. 

l»9.4 

i.r. - 

. 4 


_ — 


£991* 

— 

to; £ 

t. 

CIO 7-9 


lOOi. 

I.f. 16.8 

Ml- 

Cl 00 

f.r. - 

lO.'S* 

•• 

F.r. zb.e 

101 ti 

• ■ 

F.r. - 

tO’i- 

t96 

F.l 1 . — 


« ■ 

F.r. — 

91,. 

■4 

VP — 

1b 

■ * 

F.r. 9.8 

n- |. 

" * 

— — 

Kn,, 

C9BV 

F. P. — 

lUL 

tSBU C45 20' 10 

*4 Li 

C99J. 

F.l*. — 


•CiO-t 

C25 159 


* - 

- 

tn* 


FIXED INTEREST STOCKS 


*lp . Airflow NuremUnre I'rt 

jlf'L ii" Ki -I uter- Hre* • 

it ' .tknii-i l_. Uni. L-Jtfl - 

iinn^imii Ver ttalv IL+-30 - 

9Mi<j*cn>1en \iuvltaie Iltet. 13S5-: . 

totf’ O". 12e« flel. L8?6. I 

.Uitiie ir,wi t\ It* rf. Prei. IStSi 1 

10Iti?6eHe'i>«t'ai ln-.i>trn«IO%Kniini>iCimiPrei.' 

SSja'HiliDijuruli Vu. Uiit I*4a 

ftjiairaiiTien 6t,. 1.1.%? twi„ „.... 

ti3p , H«Klnr»,m Kenrnn 10^, Cum. Pref.„„.„_ 

SQ|>-J«iiuere Prim-t* 10 1 Cuuo. Crei. 

Umt. Imirt t*M 

US. (Uoilnys 12% IWrtlj- C«kiv. LA.Ut’R;. 1 

r< Uno O'IVrniii Unii tun. Prei ... • 

97/i PrtK’ir li’i Hn-J — . 

lai. Ilaie l,ot. Itfco - 

44 . 'SiHitlen.i.Ji '^ l';( knl. Ilto7 

vetofl WandMvi.'rtlt VaniMt I*s3 

£4_:Wi»*l Kml tfaln 11"^ IMU. ISW 

gap-TooUfi A Hnovi-ry 4i Pref ■ 

RIGHTS” OFFERS 


4ki4 ' 

I - r*v" 


B4p _.. . 

94p +!is 

»!<■ 

997 6 + !g 

JO-8 + ! P 

104p 

98aa 

99 . ...... 

103{.: 

98^; 

91p 

86 ; 

95 f. 4,l a 
10 Of. * 1 

99*' 

44 ,1, 

99+8- -n. . 

S544, 

9S|, 


-iix ks per aecium 


CAPIT.%L GOODS tlTfli 

Building Materials i27».... 
Coutrxictina.C<msirurtion 127 1 — 

Electricals il4» 

Engineering Contractors i Ml — 
Mechanical Engineering(72i. 
Mela [sand Meta] Forming 16).... 
CONSUMER GOO I)S .- 

•DVRABLEHSii- 

la. Electronics. RadioTV'l.ii 

Household Goods flSi 

Motors and Distributors ^251 .. . . 
CONSUMER GOODS 

» NOVnUR-lBLEJ 1 175) 

Breweries! 14/ • - . 

Winesand Spimsi6i 

Enteruinmem. t’atertnc > 17 1 
Food ManufacmriflS'21 1. _ . , 

Food Retailing I5 i y 

Newspaper*. Publishing i IT* — 

Packaging and Papeni5>. 

Stores t40> ; - 

Textiles <25> ! 

Tob»ccos'3i . .. . 

TOyvandtiunes'Gi 

OTHER GROUPS fS8l 

Cttemicalii 19*. - 

Pharmaceutical Product* iTi 

Office Equipment'6* . 

Shipping HO* 

Miscellaneous »f»g> _ 

INDUSTRIAL GROUP I-3SI 

o its IS) 

563 SHAKE INDEX 

FINANCIAL GRO UP( 1661 

Banfca6i — 

Discount House? 1 10) 

Hire Purchase <5> 

Insurance (Life) ilOi 

InstnuDre»Cwnpojrieii7) 

Insurance Brokers i :0i 

Merchant Banks f 14) — ^ 

Property i3 II 

MisceUaneoes (T > 

Investment Trusts (50) 

Mining Finance (4r 

Overseas traders fl9~» 

-ALLFH.ARE INDEX! 573). 


Index 

No.. 

tiij'i 

CTiantse 

EsL 
Euiutf} 
Yield % 
(Max. ■ 
('ocp. 

■lrc+s 

Div 

rield 

(ACT 

aX33°«. 

223.10 

+1.0 

16.67 

538 

209 Afi 

+0.9 

16.67 

532 

358.67 

+L0 

1938 

4.14 

483.07 

+1.0 

14.19 

. 3.84 

336.51 

+1.4 

1733 

6^4 

183.96 

+1.1 

17777 

5.85 

172J4 

+1.1 

1635 

8.15 

208.10 

"+0.5 

16.63 

5.05 

249-02 

+0.5 

15.01 

409 

1S4.H 

+03 

16.05 

6.13 

128.77 

+0.5 

19.32 

6.29 

213.96 

+0.9 

15.21 

551. 

236A8 

+1.6 

14,74 

5.76 

277.71 

+0.9 

15.41 

531 

264.10 

+0.5 

14.89 

6.57 

202A1 

; +0.6 

18.69 

5,48 

222.28 

+0.6 

13.68 

465 


FIXED INTEREST PRICE INDICES 


Hud 1 ; 


Ll-wlll^ i+ ■„ 

i Prixe ' — 


J12..S Nil lb t 141: .MHrt iStni-vSZ 1 34, di - | 1 

5 f.l'. ZB. 1 tat 3ls Sta'HtWijt-int PtTnr*»e* • 81^ 

'iU K.T. la i tbit .if • .'IhiUiu.M 1<» hint 38 ... 

la F.r. Z& 1 tbt 50 Iris l»Bnin>-iiih lnv« 20 

141c F.l'. 4b V 16 c tilt Klj Kl-«iii-*.llii(i|r,. IB>, .. 

4b F.l*. 2Q 19 j 2 . W Hr-».iliiin -Im- k li.-Kiln* 54 +1. 

LOu C.l*. 14 , a.c i i-l Hi-uiv- 123 1* -1 

I- %>■ 4B 1.9 Ibuoi I-.'. . 1 ' 19 ii J+ t 

70 >ii 10‘S 21. B Irtiaii' Si'iii'l^w-h (W ip.i....... 16|nn ...... j 

43 >i, 4 b 1 \r i-AfUji l'ni' 1 " A- rl-.-li • k.5 i........— 12h, ni! ; 

94 Xl! -- — I4|inj ISiini.PnifVty l‘nrtiiEr*ilii|rt ' 12(,m ...,. ' 

oij t'.l 1 . 28 7 u.-fa 7u .1 &• uKitii *:«.ni«i'. - .. 7Q 4-i(. , 

110 .Nil -- — Slum- Tn-*lr1iill - ilidii +2 | 

100 Ml — t — l9jca' ISvni'Wii|am«iJ'>n\y«.9.55i!.vi‘nitMPf lQ^fti \ 

84 Nil l5ojn : j|>iu.Y.ii «-liii» <.'lieinir4 K Pj^ii — -2 

tluuunciatian da If u.ualt? last (lay lor dealing tree ui damp duly, b Figures 
Daa»-i on in' o>] 1 10 at p Awmwd 4Wd>.'Hd and ncU h Fnivtasr nivuienn: 

i-ovcr tus-d on prcrivus vr^r's-earmnss r Dtudcwl and yield based on DriuiD-eiiis 
w (.Th-T ofU- :ai f<i|||i H i n lor «j »;nwv i huair-"- 4s4urn. il * r i:ni«ir ti-nxt 

(•Ji- conversion of slurbs not ™m rank ms fur ilivld.-.na or nuktiu only ror ivwricied 
fivij. ii.iv . F:jt!ri< pn m nubtu.. p F.-mx imV-v* miih-iul-h- iiidicaii a \ tstofd 
r*y ifH4?r ■ im-r-,1 io hevV n« nf Onlinarv «h.ir.*s h.s a " ruinf." — l*wi— * 
m u- ni ranis a real -I'limTmum l-ndi-r un.-- *! ■Seinlrtct>i<.f'»t "7 lisw^l 

•3 iini,>«-rnu **si> rv,n;4.,r.i‘sj30*i miTuer nr lal^ny'r r«;irr»iiicti' ,f ’ — l'bi*n 
*" inrmiT Fr«rcrca;e r.ijiian g| .Mlmm-in l-'i-ra lor fuib ocidi. • Prr>‘i*vn»l 
or aanb -p«id ieu«. * With warruUL 


Sta'HrWijt-iiit Pn«.T*»»e« ■ 

■MIviIIii'.m !•» but: ........... 

Iris I*nrtinr>nrh Inix 

I'. I* Kl-rtili-4.lli.Jlf r-T_ 

lir-aailmn -|m« k tai^lun 

lA Hi-iiIvt 


I4|un iSjmi.Pnif-vty l‘iirtiiEr*iliijrt ' 

ill .! b nKliii ’.|«.nwi , .‘ - •• 

3liiin. iHjqn Trv*lp|nll - 

l9jrni' tSpn »’ Will soio'i-l ’ •n'vl’«.9.55ii. vt’m K<1 Pf 
I sum 1 seiMiv-V.ii ,-lmv *.'lit^nii*i» 


British Government j 

Tiies. 

AUi. 

lvay'a 

change 

■vd 'adj. j 
To*}' 1 

xd aril, 
1STB 
to dace 

1 Under 5 years | 

10574 

+009 

' — 

’ 516 

2 5-15yeare....- 

114.84- 

+0.19 

■ 

7.04 

3 Lberli years— 

12126 

+0.27 

• • 

821 

4 Irredeemables 

12738 

+043 


T24 

5 All stocks . ... .. 

113.46 

+0.19 

_ 

666 


15.21 561 8.88 -212.15 213 

14.74 5.76 435 232.54 233 

13.41 5.21 9.84 27537 277 

14.89 6.57 9 32 26230 263 

18.69 5.48 7 07 200.90 203 

13.68 465 1015 220.98 223 

9.81 3.05 1435 407 28 ‘ 405 

18.42 751 714 13921 140 

10.70 4.48 13.74 19979 200 

1826 7.62 710 -179.15 180 

21.50 7.34 5 49 253.11 2M 

18.54 5.67 - 636 11030. 110 

15.45 537 8.47 20620 206 

16.79 5.94 8.09 29216 293 

10.67 3.73 11.66 26834 268 

17.84 5.66 6.64 133.71 134 

17.18 728 7.17 41961 417 

1625 5.98 820 219.44 214 

1573 5.51 8.60 22038 ZZ3 

14.94 AM 726 48837 491 

15.61 529 837 24334 244 

- 5.61 - 168J5 1H 

2439 623 6.03 18635 187 

- 821 — 209.93 210 

12.67 529 1137 155.B6 157 

— 625 — . 14237 142 

- 637- — 12960 m 

1325 4.42 10.81 352.65 353 

— 6.09 — 80.43 80 

233 2.96 69.64 246.79 247 

2327 7:66 539 108.93 109 

3.02 4.45 33 AS '22747 226 

16S1 631 737 104.37 104 

16.67 1 6.99 738 317.93 319 

— 536 — 22417 224 

FIXED INTEREST 
YIELDS 

Br. Gort. Av. Grins Red. 

1 Lw* a j umru . 

2 Coupons IS years. 

dace 3 '25 years.. . 

4 Medium 5 years 

516 5 Coupons 15 years.. ... 

7.04 6 • .25 years 

82i 7 High 5 years. 

8 Coupons .15 years 

13 * 9 .25 years 

666' to Irredeemables 


No. I No. 


223.74 22234 18338£ 
202.76 2QL71 1547» 
35333 353=03 254J2L 
47952 .47522 37696, 
32764 32821 26BJI- 

188.12 179.01 UL64 
16867 16713 ' 14*3 1? 


| 20963 17Iff ; - 
22923 17969: 
27J.4ST 20419” 
257.94 21284 
20035 17526, 
21636 .1783* - 
4J765 

136.63 111# 

195.97 .15309- 
17731 15726; 
252.CS 22022. 

11036 10IW 
282.90- BMP 
28890 25336; 

26539 830.-1 ;. 

12937 06.9*^ ■ •’ 
417 J5 48l». ; 
21402 WJ b 1 
21730 lOji. ‘ 
49Z.73 501^. I 

240J6 209P. \ 
-16733 ' 

18735 153* 

206.41 17W9,. 
15868 13UJ.1 
14034 

mn u *».* : .N 

34830 -3*2‘-“*v, 
39.96 a»r \ 
24189 38SJ4 : m 
109.01 wgj; t 

sa 1 

30118 

324g ami- 
mm 19838 


Tues. 

. Aue- 
l 

. Won*. 
July - 
31 ,(s 

8.65 

1036 

1158 

- 866. 
1039 
1162 

JIM 

1125 

12.05 

3208 

12.25 

12J9 

1L© 

1346 

1255 

.1258. 

1281 

1284 

1159 

1U3= 


1 '«■>.. \ugurt 1 ItomUy FriHa.c ; Ttim*. ; WfL 'juewt»yJ3ii*nd»y frutw ; ft^iS 

r Ju'S Julv Jiffy i July ' Jutr ! Jnlv ' July vr 1 VT; 

In-let s . 3>thl it ‘A jj Ct "’a I 2« : 21 I 

. l‘~ .1 j- „ I 

15 L’O-j r. Bud. Deb £r Loans 115) 57.21 iaa7 57-82 : S7.22 . 57. 17 . 57. 17 ! 57. (6 . 57.00 } 56191 j : 
is Investinenl Trust Prefs. r 15) si.80 lff.64’ 51.80 i Si.So: 52.80 5l.B0| 51.5b 50.82 1 «m»| 50R7-'N 

17 Conii. and lodi Prt-fy. (2(}i 701 6 jj.zl 70JZ1 7a.0B 70 08 .70.01. (. 69.94 $9 1$ \ o» jo| e? 0 ?,. 

i<. l M* W ft ,,, |It7"N V, riTB ,mirs »«lur» and csm«nuAm ctmen ar» BoblbhmJ la 

iMdN. BC«P <rer! IWS, ,hr P ‘ ,b,,shrrA ' «« P»"aiici«l Tlmev. Braden Ham. Cana" ■ 

■ . ----- • - - , - - - - r-J 

. ■ r . - ’ .*. 


JrVjc^l^iA 













Financial Times Wednesday 'August 2 * 187 g 




| INSURANCE, PROPERTY , 

AUTHORISED UNIT TRUSTS 

OI 


?SI 

IOJ 

IE AND 

BONDS 

Abbey L'nil Tsl.. Mrts. Ltd. tai C.anmorr Fund Manj s m y ia»g» Perpeiual L'nil Trusi Mnemi.? m 

7V«I <;,itch.-u-or:ri 'r|i-.Mn HWP1 Mali iw Fj.r,«HI>, q- jo.Vul -a Hun -J . Hi-nln rmTlk.=ie< -KFiJUWaI 

Aqhr> i npi'H [34 1 36 3| -0 1[ 4 1£ •r.\ir.+nr»"T«l |M a 177] -fi 5) 0 01 F l+.-lu-ilGp iJih |404 43 41 r 359 1 

OV] 

E] 

RSI 

EA^ 

5 FUNDS 


*. kq- 10 : k..„> - ~;t- ■- — - - A ! 1,1 11 

- t.auii* Acv.- . j. 

■ Propert y Fa 

" , rrtipdtv Ace 

■ S^lr-ctm? Funrf 

1 CiictmiblcFoiri 
9Mim,_y Blind 
PrflF. PTOWTIV . 

Pwnx.SelMtim.' 
i Pens Swum?. 

, Pent Manucrd 
. ton tyjuilv... 

' 9Pr0P V -I Scr 4 . . 

• VMftit P«l Scr 4 
9Equil\ Fd.Sor 

• *>~0|iv> il fcer * . 
i VMiviqi Frf Snr -I nj0> 

. Pricro nt Auk \ Vu hurt ton n 

j Albany Life Assurance Co. Lid. 

3 ', w ** W»T»*nslr«M. TK 1 Ol-Ktr-WK 

poos 

IMS 

m 

1089 
167# 



*» Ranlwfoniew ft . irai(bmCnh< MXJifiii 
Fort fo I it* Fund | J Ml I i 

Portfolio Cup, lul 44 4] j ... 

Gresham Life Ass. Sac. Lid. 

E IT111.1 ? Ubiot lid . B'm-Ulh ilSSC! 767655 


Kun.J 

iVltr. Amnia ] 


|87J 

,1??? 

sv 


10 ? 2 
114. 
11 # 
12S . 
102.01 


♦Kquilv Id \ 

; *3 i mi mt. Ait 

Viild Mnm-yKil \p 
•lull Mini P«i tnn 
9)WPiiAtr . 

•U minin' a« 

KqHiti tol Fil ,\ce t2?5 7 


FUnll pro ac« 

II til M on. Pro .A ii 
Inti Mii.ltiKilAcc 
Pinplvp Apr 


1T7 7 

ins 

1145 

1234 


fiP 

120 

U3 

no 

m.; 

2W 

1ST 

US 

U9 

lft 

215 


•* 1+ Oteh Fund . .. 

C [. knuilv Fund 
i-.L Gill Fund 
L I- [nil Fund... . 
ii I. Pj«7 Fund .. 

Cnwth A Sec. Life As*. Soe. Ud-V 
W. 4 rhnnL.6rj> nn-Tlianro. Berio ftCMizsj 
I Ir.Mbli- Fin. i no- l rlflgs 

U<ndh«|iiser» I 5*n 

l-niidhnnk Sin Ir.- llfcj lit 

|J Assurer Pd I £7«0 

Guardian Royal Exchange 

RovjI Fhi'hant: v . Kr J 

Propm? liorid. iMOj 187 ?| j 
Hambro Life Assurance Li mi led ¥ 

* ,|J L-ar.e. I.i*idnti. IV l Oi-ifipuCrjl 


;15A 1 162 6( . I 9| . 

de.'ilin^ bp|4«nl» > r 1 

New Zealand ins. Co. lU.K.I Ltd? 
Midland Hou-r.S..uihcnd SSI £J.t 07IC8295SJ 


4 M 


Knei Kevlnv. I'l.ir, 
Smnll iV> Pd 
Twhimlni'f Fri 
Lrlralnr Pd 
Amencnn Fd 
Par Fj,*» Fd 
'I ill CdfrdFrj 
i «m I1ep0-.it Kd 


142 1 
\10Z fi 
1UJ 
|91* 
110 0 
1112 4 
103 9 
970 



Abho ilro T-l 


^67 


*o« 


4 12 


Allied Hambro Group? tai iri 

S(anSr>.M*r . Iluumi. Srcnlmi'il.Xs.'ri. 
01-368 nr. | ..r hrenrwucvl 1112771 211456 

Babn-rd Fundi 


\lhrd Is: . 

Bnl. lads. Fund 
'Inn A Ins 


68 7 
654 
»7 


Elect, £ Inri He« [35 1 


Norwich 1'iiian Insurance Group? 

I't' Bin 4. Miintrrli \(;i 35*1 : 


Allied Capital 
Humbrn Fqn.l 
HBmhT.jA.T Krt 
l IlH'UBU Fundi 

Hl(Mi Yield Til 
llich Income 


7351 *0 9 


|10%0 
.[U4 J 


•Va-uis^u Puncl 
r-qu it> Fund. 

01 2*3 7107 Property Fund 
•*:'«! ini Fund 
Depn-.li Fund 
•■'■t I'nilJuli 13 


oara 22200 All Rn ln< 


r.l .. .1731 

e .h 


M pir In' IW Ace pD4 •} 

■ a MEV ljfc Assurance Lld.¥ 

’ Allllu IIM> . Ainu JU.. Rncide RrlCPlrWID' 

i AMEV Manieed 

i AMEA llLdh .... 
f AHEV M..ne> Fd . 1 

k aMEV- Lqu,l> Fit. J 

r AMFV I- ,\.M | n l . ,fo 7 
7 AMPv Prop. Kil . 1 
- A1IPA Mb.I p-n pit 
A\!EP -H- 

*• Flaxiplan ... 

k r Arrou’ F.ife Assurance 

30 l r Undue RrwiI W 12. 

-duml Mkl d.rpl'ni. [S2 t . *77 

Sel.MkFrf.Sl Cm. Ml 1044 
Pro Mud Fd Kq .. 121.4 ' l.'c y 
Fro 31«t Kd — F*1 JlU2 1U7 


1467 


Ubl 1224 
105 * 110 9 


HJ2 [mi 


SJ 911 

77.6 102.8 

- 

101-4 1069 


100 B 106.3 
100 Z 105.6 

• -in 


Placet Ini Hen 

Equity 

J'rupcit? 

Aliuiioiisl i"ap 
ManapH \rc 
I'epnro-. ... . 
Irlll U(vtl . ...... 

Amcncan Aee. , 
Pea P I Hep i «J1 
I’wi P.LDep Sev . , 
Pen, P»p. Cap 
Pen. Prop Arc . . 

run. Mao- Cap . . 
Pea Mm. Aee _ 
Pen. Gill Edfi Cap 
Pro Gill Erffi. Acs. 
Foil B.S. Cap .. . . 
Pro. BS. Ace . _ . 
Pen.DA F. Cap 
Pen DAf.Acc 


□IS 7 
lfll 7 
1639 
1420 
1767 
1241 
1251 
984 
1282 
150J 
205 7 
265 .9 
2113 
272 4 
122.0 
1278 
124.8 
142 S 


1023 
104 J 


U24I 
191 J 
177 6 
1585 
1861 
130 7 
UL7 
1036 
1350 
158.0 
2166 
279.9 
222J 
2864 
12X5 
135 
131.4 
1501 


,2163 22761 -On -- < la>riu!kaul FonU» 

3514 369* -2^ - Im r mat- o ml 

|130* 132^ „ . Partfle Fund 

|154.3 162.4) *0> • Seri i.if AmeMcr 

106 1 1116) 1 — l! S 4 l:\etnpi6 

Speeull«t Funds 
smaller Oft '* Hi 

4 s. K.ciri william >: t<'4P JKR Oltcrfipc*. * Fd 




2058 | . 

Phoenix Assurance To. LtcL 


[38 0 
1467 


"ealih A.-.. 
£Vr Vh A» 
F.h r P6 F-q E 


|1138 IM9I 
I 81 5 J 
[76 6 8051 


.61 


Prop. Equit> & Life Ass. Co V 

HU I'rauiMil Street MINUS. 01 486 PAV 


Mel Min 6 i~di> 
OWTws* Earninss [59.6 
E*pc Smlr C.-X W 232 6 



KrtrilPPOrirLl 

•ji FarKas* Tm.- 
Hiiili loiuinr T.-i 
Incnme Fund 
In* Aff-iKM 
lul Ekempl Fd.. 
• siJnil.Tu. ■ 


24J 


;iij 

40* 
62 9 4 


-0.4 
-0 3 , 


882 
4*7 
113 
619 
296 
6 69 
1 10 


I 130 
-CM J eO ' 
....4 0J0 I 


I74i 83 li3 -0 4^ 

W30 15 42 j T o i3 

963 *0« 

134.6 37 2| —O * 

Gibbs lAatonyi L'nil Tsi. Sfgs. Ltd. 
1 Fredeneir* P!-«. ohi 4«.-*r> . nrzR mid. 

01 fW 411] 

'•'*« lnenm»- [« 4 45 tl 

lai.MrCrmnn'i [3*5 <2iwj 

u'.VI. ForEori* |252 rro3 

Pe-hnc *Tuc.'. i (Wed. 

7 33 Gevclt fJohm¥ 

6 *7 77 Lroltun Mill F ’ Ol.rMrWTrf 

>. hldr July » . 1143 7 IS] « i 1.79 

Uo Aero in l.cil (172 1 182 of . I 1 79 

Ncxd'WftUnc AUifiUM 

Grieseson Management Co. Ltd. 

aSilmliamSi E«tJ'"iis. 

BarnciiumJulvji 
lArrnm Uttil'' 

Hne H Yd July 37 
i.4.Tum l'nil" 

EndeavAuj: I 
(Amoi L ; niU- 
r.mMr July 28 . 

. 4«un Gnit*' 


Antoni i.lhb* L'nil Tru«l Uiimpk lid 
X in-ili-ni.-l'i PluLi. *'M Jr* n. FaIXI fllln 

■ll .Jta 4111 
K\ Ua I m row* 

Staiill 1 «i 5 Fil 
Capital Fund . 

In* Fm ; : 6.W<«< 

Pritiiic Fund.. 

■Vcumlir Fund - 


T*ehi*nloey Flint 
K.-irKau Fil 
Amenrun Fund 


33 Bel j 
45 6[ -OJ! 
50 V - I ? 
«7d -0 3 
AS bid - 1 «j 

Jsa! -1^ 


9 7Q 
4 70 
350 
264 
470 
300 
3U 

1 DO 
210 


Practical Invest. Co. Ltd-V ivMri 
« Ki»onifbur> *0 W' l ’ 2H \ ill fiZJ.nwil 
Frail teal Jult ‘J6 |1S55 ]697i | 


H Silk Pn‘P Hd 
Do Foulu. 8d 
► l« MdneV Nd 


1824 

7S2 
ISO 5 


Ander<on L' T. 


Property Growth Assur. Co. U4.V 


7^9MB.C\ IdKMI 

152 6 56 5) 

Aosbacher Unit Mgmi. Co. Lid. 

' Noble Si . BCSV 7JA OI «U (Q7S 


2399 
238 4 

2155ft 

240.8 


1790 

MTS 


205 B 

215 6 


215 8 

2759' 

-6 6 

223 5 

233 9 

+6 0 

962 

999 

100 6 
104 4 


70 3 

▼3 6ft 


[739 

TTj] 

T| 


01 4*33 

4 91 


J-ron IlmirC. Lroirfun.CRS ILU 
Property Fund 
■Turner! t Funtli A. 

Acrt cultural Fund 


9 02 


01740 HI 11 
1 - 

flare Lay* Life Assur. Co. Ltd. 

253 Knmfi.rd Rrf . 27 

Fa relay hnn da 


Keans of Oak Benefit Soeitiy 

15-17. Tm-imock PLsee. WCIS S6M 01 -38? WTO | niSmenl Fd“ a ' 
38 6) . | — Equity Fund. 


M*ey Nat Fund 
Abbey Jim. Kd 
jniestment Fund 


Hearts of Oak ... 1365 


Equlty 

l7ill-«lg 


11254 
120J 
1109 
IllMJ 

mt 

99 o 

f v- 

0 

1 

vemer i-nw. act . 

Da lnj(i.il 


U-njetd.. _ 

l'r»PMV 

Managed 

Kiimr . 

Man Pi-n* Ai-cutn . 
Dm Initial 


1321 
126.5 -0 bj 
U6.S -01 
109.7 
117 5 *0 4' 
1843 
106 J -ZJl 

183.4 -111 
1 112-2 -8 4 

99.1 —0.4' 

106.4 -0 K 
10X7 *8L 




"CuiTuni unit nJw Aunis X 
Beehive Life Assur. Co. L4d-¥ 

71. larohard SL, £C3 01-823 I2BB 

Plk-Ht.rv.-Auc 1 . 1131 08 +8 411 . . J _ 

Canada Life Assurance Ca 
2+4 Hull SL I'oOjct* Bar. Hertsi PB»r 51122 
KtpyGihFd Auk) I 623 I -J.OI - 

RirUnl Fed July 6 ,| 17J J — 

Cannon Assurance LUL¥ 

>»ytlijqe Wy .WranbleyKASONB 05 -HTC 8ET7B 


tfili Samuel Ufe Assur. LtdLV 
NLA Tut . Aitdiiemube Rd. Cray 
•Property ,t t\Ii»... 

Property Senot. A . 

Maobtled l mu . 

Managed S^rim A 
01-534 5544 Managed Serio C 

Money Knit* 

Money Seri e* A 
Fixed tnt-Scr A 
Fa* Managed Cap 
Put. Managed Acc 
Fn- (1‘leea Cap.... 

Pn» Cieed Aee 

Penr. Equity Cap. 

Pens. Equity Act 

Ptu FxdJnLCap.. .. 

Piu Fxd-luf-Acc. _ 

Pens. Prop Cap |9SA 
Fen*. Prop. Ace 


[154.8 

1&2 6 


101.9 

107.4 


1690 

17T.9I 

+09i 

998 

109 J 

♦06 

970 

102.1 

*06 

U10 

970 

1278 
103 0 


93.2 

90 2 

+01 

142 5 

350 0 


151.0 

1591 


1060 

111 6 


112.4 

usi 


1024 

107.2 


103 J 

108J 


96.1 

1012 


969 

1020 


95.8 

1004 


966 

1817 



Equity Fund..!. 
tlDney Fund .. 
lionet- Fund. A 1 
Actuarial Fund 
'.ill-ol|'rd Fund 
V>il\-Etlged Fd 1 .a 
♦R eiire Ar.nuii' , 
olmmc-d Ann O 


183.5 
3M9 
762 9 

756 4 

154.1 
1535 
685 
68 2 
1*05 
1796 
1410 
140 3 

113.2 
1234 
3234 

mi 


0l880irvb ,nc Monthly Fund fllDO 1B9.B| -4.0( 
Arbdlhnol Securities Ltd. laNc) 

37 CJuren XL Lohdun BUR 1 BV 01 -238 5281 
Extra income Fd. 

Hteb Inc Fund . .. 

•■Accuri.IIriU' 


_ . Wilnri U*» 1 


:IJ -3 


Kquity Units 

Prnperiv Units ... 
Enuiij Bout Etec... 
, Pf up Bonrl tj.ee 
Bal Bit ,‘EieoUniL 

Dopuvit Rend 

Equity .A ceum. 

fT.ipertv Arcum 

- Mneit Arcum 

Ind Equity .. 

2nd Property .... 

. 2nd Managed. 

■_ 2nd Pepnnl .- 
2nd Gill .. .... 

■ 2nd Eq. Pena '.Aer 

- 2ndPrp. Pens 'Acc 


14M 

14-lBf 

11#.? 


109.X 


*nui I|i.rnn II« IXVV.X 

-nil M*d I'etiK A cell 01 9 


2nd Drp.Pon.-i Ace 
2nd 'till Proa/Acc 

I 6E.UK . 

UE&J.P.:.. . 

• ■urront 


995 
90.4 
190 
«7 5 


1024 

la? 

105.01 

i«2.a 
95 j 
105 U 

m 

IMS 

87 

41a 
29 a 


0.031 — 
- 


10767 
laoja 

kxxia i2jo)+4n5} - 

102.82 
UM. 


+007; 

is! 

-oro 

+11 

+0.4 

+44 

+04 

+ 0.1 

txl 

38 


Imperial Life Ass. Co. of Canada 
Imperial House. CaildlonL 71255 

Un-Kd. July 2B _ ..173.4 . »JI .. .1 - 
Proa. Fri. July 2». \tns> 75 oj . ,| — 
tnir Unkrd PorUoJin 
Managed Fund ..1967.. 101. fl .. I — 

FiscrflnLFd. ..... Iffcfc 111?. - 

Secure Cnp. F d ..196.4 30E5I . .. — 

Equity Fund 19S.8 UKfl •••! — 

Irish Life Assurance Co. Ltd. 

11, Flnsbuo'5quare. ECX 


Prop Growth Peuvioaa a Aaneliie* IJA 
All ft Iher Ac Via 129.7 136 il .. . 

9AII ft eniherCan . 12 lq 12* J 

Olnv. K.I. PL. P 134.9 

Pcnnno Fd I'ts 130 6 

t urn- Pen* Fd . 147.7 

P»* Cv VI 133 0 

Man. Pens Fd 1433 

Alan. Pen* Fan L't 1317 

Prop Pen*. Fd. . 1471 

Prep Pen*. Cap L'l*. 1336 

Bdea Sec. X-n. I L 13L7 

Bldg Snc Cap L'l 120.6 . . | 


twlcn-iirf Fuiul 

• lA.-run. Umlsi. .. 

[ Capital Fund . 
i CommodiiT Fuad. 

• iAtuo Unlit i. 

* . 10A» W drwl L- * . 

Kin. A Prop Fd ... 

- Giania Fanri . _ 

’ ! Accnm Unilti 

■ •rawth Fur-1 
' lAccua. Uoii*. 
Smaller Co s Kd. . .. 

. 8mm6 Irll Kd 

nev ft'dnrl I'll . 
K«MjW Frt 
N .Mror. 6 Inc. Fd 



49 01 -431 
<9.M+ 0^ 


3 27 
327 


4.08 Guardian Royal Ex. fait M*rg. Ltd. 
Royal E*r tuner KV3P.1D+: 0! -828 9011 

lag'Gucrdhlll Y« 194 5 97 91-0 9) 4X7 

Henderson Adtninslratioiif (aNcHgl 

Premier IT Admin . 6 Rayleigh Road Hutton. 
Brentwood. B»wi 

ll.K. Find* 

Cap Growth In-- . |46 a 
LI p. Growl h Art Mb b 
Income 6 As*'i> [343 
Hleh iBcome Fund* 

Hl«h Income 1616 
Cabot Extra I m. . |57 b 
SerUr Funds 
Fnumeial 6 m‘ 
miaNaLRec - 
I nlmm* I Unit 

Cabot - 

International 
arid. Vida July 31 
Oteraeas Fund* 

Australian -- 
Enrqpewn . . — 

Far East. 

North Amrr.. 

Nj\JOGra JliJ}'28 
CabotAmerSmc.'i 


Uciin limit 1225 5 239 11 

Provincial Life Inv. Cn. |jd V 
■J22. Mi+lmp^c.ile. E'"J t’l 247CS.V. 

PMlltle l'nil* (88 0 9*3! - 1 0| JM 

IliUhlnrume 1117 2 125 51-0 51 7 C7 

Prndl. Portfolio Mncrs. Lld.V laHbitci 
IK.II-wn B-r-. EiTN 2NH qi-tv5<CS 

Prudential 1X32 8 140 01-101 4 32 

Uuiltcr Hanacmiem Co. Ltd.¥ 

The Slk. Errhxncr E« 3‘-' 1 IIP 01 <*■! + :T7 
(jumjrntil l.k-fl Kd I10S 0 1 !2 5) - 5 4] 5 M 

wuailranc Icci-mr |1264 134 4^-20) 8J9 

Reliance Unii Mgrv. UtJ.V 

Kehnorc IIm- . Tui.hr+dnr Wvllv Kl 0Kte2=71 
■Jr p. 'nunliy Fd P01 7491 -1?| «?9 

SelrfwdeT lAxrt 4S0 *8 M -04 555 

Nrhlnrdc T Im- 1+3* 4* *| -0 3J 555 

Ridgefield Management Ud. 

0277-21738 38- «J. Kennedy .Si . Htnriawr u6! r»fl.'i2: 

Riderliel'J InL tT I960 104 (ha ( 172 


:7 »»■• Iuiiu T.i.r- 

IWI I 71 -c 

\i-r 2 j-I Vh. i|, 

Arbuihnul .Securities 
P" J 1 ..- au.s- Jli-lu-r Jet. 
Car I * ‘Jcr.-4-i ]118t> 

\t-vl d.-jFfnil Unlv 

IV. I <1V. T*l |98 

),iul ■Il-bIdi,- ilar>- 
L*'l Ainll T-J .i.'i, jlibO 

\ii? 

Australian Srlenion I 
Mari-w ■.•oiayrcr.iiifii-;, ri 
' ILIhw Pill-. VSi. Kent S- 


195 I . I — 
'till 

M.'J.i Limited 

,-. irt.14 7.177 
122 or -1-1)1 4 10 
Aiieu+l IS 

WOI _ I UM 

tiieu* 

i:s oi 

J 

Fund NT 
I-. .r. i ■■iiiii: A 


P- ' H... 'U, ||, 

Uund* ■-!•.- . 
Ki-i'i-li , !i : i 
rV-jv-i- Lu 

J^pani.ih I 

•Bn -rli-i J:,].:in 
v’t-nL .1-fL.i *p 


irr 1J*J 
l - 119 9! 
■»7 11 
•3 88 
|! -37! 
tl«4b 


I 305 , 


113510 - ;-S 

Kinj: & Shavcon .MjJrs. 

. iGri. . IU-ui 

\ a’lr.- M.» >■ , |»„ 

l_ l li-mia. s;ri-x4 li.riiT.. 


Lid. 

I -." it; RW "OTOl 

i : to 


7 9SI-C 
■5 37; 
«*?, 

15 80 




4 69 J 1 >Gihv aiii-. .Si. keid y Si.i.,,., 

4 09 1 1‘SSISIum-v I Stsfss ‘j | 

\«-C .V--rl Y.1I1.- IT 


<91 

713 
783 
231 
231 
3 03 

3 03 
421 

4 21 


Ridgefield tn.-omc.l9l 0 97 6n| 


10 71 


KU+Ozl 517 Rothschild Asset Management let 

Tim. liuepotiw Rd . .V. Ictknrv n*M5 

•wasa 


Provincial Life Assurance Co. Ltd. 

22L ftl*bop*KMq. E C 2. 


Archway Unit Tst. Mgs. LttLV iaRrl 
1 317. Hiqh Hnlburw. ftVl V7NL. 0'.-B3l IKS33. 4.S fteeeh Sl_ D’SPSLX 
Arahwai Funl fMS 90S | 584 ,bi Bm»h Tnus _.|lSai 

ITttcv July 77 Neat *ub dav Aueuyt 3 ic.Hnl'1 Truo [38 0 

Barclays Unicom Ltd. laHg.wtci fficSSuiTrort. K« 

Vniroru llu JS7 Romtord Kd K7 OI-.W5M4 ibi Financial Trj«i 947 



N L Equilv Fund 1175 9 
NO KuiS'.Rei* T-4 (111 5 
N i* Income Fund [153 b 
SC InU p.l llnr J?2.5 
N C I nil. Kd i Arc -193.7 
r»< Frt|lb»3 


1871 

US 

16341 

98.50* 


m i 


99 7| -0 S| 


:ju \ 

36 
2^4 
03 
LS4 
1 54 
4 71 


<5 8j -0.1. 

S* 3 :Sl 

130.i , 

543) -0b| 

Hill Samuel Unit Tst. Mgrs.r (a» 


169 JJ 




Pro*. ManaceH Fd . 

Pw.CaohFdL. . 

Gilt Fund 20 . .. 

Property Fund ... 

Equilv Fund. . 

F<d Ini Fund 

Prudential Pensions Limited* 



Uiucora America.. 135 II 

fil jl, G.-C3 Tjo auxl Arc 

Do. AUSL Inc 

Do. Capital 


78.1 
2348 
1087 
1809 
. [198.7 

Rung & Shawm Ltd. 

52. Com hi U. £X3 


Blue Chip Aor. 1.. . 
Managed Faria. . 
EvempL Man. Fd.. 
Prop. Mod. Au& 1 
Prop. Mod. Gth 



Bond Fd.^Ex«^ . Q04.it 186.171 -303| — 
Gort-See. Pd. 


014288253 Flothorn Bars. EC1N 2NK 
+051 5 00 Pquil- Fd July 78. .1125.06 
* l\d. InL July :b. p 19.02 

Proa F. July 1» 

Reliance Mutaal 

TunUiidfie Wells, Kent 0882 22271- 

Rel Prop Bds. .....J ' 199# 1 . | - ! 

Rothschild Asset Management i 

SLSnuhiiM Lane. London. EC4. 0I82693SO 

NC.Frop..._ fll7J 125.01 J — i 

Next Sub. day September 29 I 


Do. Evempi T*« . . 
?w Extra Income 
Da. Financial . .. _ 

Do.50u 

Dn. General 
Do. Growth Acc 


01-W5SC22 Do. Income Tfl . 


1350 

376 

-0 2) 

742 

045 

-0 1 

616 

666 

-0 1 

695 

752 

— O.b 

1129 

317 6 

+0 4 

28.9 

3L2 

-0 1 

63.1 

682 

-05 

772 

835 

-oil 

33.0 

357 

+02 

426 

461 

+04 

171 

143.3 

94.9ft 

1508 

*03 


-Do. Frt. A na Tm 

Prlc« at July 31. Next cub -lay 
Do Recover* — .144.9 *a q 
Do. Trainee Fund. 117.7 127 2^ 

Do. W Id wide Tst .1516 558-4 

Bin ln.Fd.lar £5.9 68.6. 

Do. Atcutn . . 175 4 78 5( 


L19 
1.74 
L74 
4 ZJ 
619 
7.96 
493 


(bilnrome Truil. 
<bi Security Tnui 
ihi High Yield Tm 


■|| 


+ E6| 


•44 


:n 


SC Smllr f«« Frl|1643 170b{ 

Rothschild & Lowndes Mjrmt. <ai 

.Si Swilhincl^iie. I dr . n.* 01 «2o 4358 

&U3D 134 0! | 365 

- Next dcolinc Aul- 

5^3 Rowan finit Trust Mngt. Ltd.Vta 
1 39 t'll? ilile Km- . Fmxbur. Sq . UT <I1«V IMK 

097 
4 02 
7 53 
7 53 
<04 
404 


Bank of America International S.\ 
-j K-uli -.ini l.-'-ii I.iiti ni'-iurC '■ I 1 
‘•Vbhnvtd inMim ; r -WB • ;o 

1‘nc'*.- ji *u|- 27 Mi- -1 »i;*i Aucu.-I 2 
Fur link id I.nrtr A < '.m-ncJ Ltd 
Al-.-.vaniii r r ri 


lii It l’l: nil 
■llil lni.l.| 
• .ill hui 
mu ia.i, > 
+ .r-' 1 1 

Kir-J imi 


'I9 0b 
ilOIS 
1 Ii9 a* 


"ir.-, si -rui-' 

••■-I -XCJ »:* 
9 ion- - r i ) ' i;do 
105 Oi-,-. '2' 12 20 
4 4Sj . i:ao 


T'l 


■18 01 10 1? ^ 
■iiflj 65 iObbli — 


Ranqne Bru voiles fjnihert 
J Hui- Dm ■■+ !T«ci-nr<* I: 1 lii 0i Bruiwl* 

Ki-nirf Fund LF 11.906 1 465! -Tl 771 
Barclays Unicorn Ini. iCb. Is.i Mil. 

1 t'lunav'iMi Si lieii*-.- (A.m~i:i! 

Ll-.i-rti-.n* Iroui.K- [46 7 lo'liri | 12 00 


Klein want Hi-nsnn Li mi led 

2 2" Ki ri. I.;:?.- !i x- f 1 

itv K.-.nn-.v; 1 1-\ r J j 092 

• iUi rr. a-i Irr MC 68 1' 

Dm \i-r-iRi 29 5 Ut! 

hRI-arKvJ r.l HV12 2*s ' 
hill: . ‘I Fun.! J jr<n 72 ! 

KH l.ipian Fund . SI S3783 j-.'i 

K rf I >' G«7h F.1 I Jl 'll 77 . 

-1 1- in « I- i-i-nui rta I ?l i.55 00 ! 

-1.r:iuiul« .DM. J1940 ^50' 

■Kl". a: t j.- l..mil-in ;-iiin5 Jici-hT' 


l'uid,illarTm-4 j'l'-T.D i[;J 14 00' 
I'niliundTru-J jii's-IMt} 1?) 800 

■fuhji+l 1,1 ie- jnri ui’h'K.'.riinc Ihve- 

Barclavs Unicom Int. ti. 0. Man! Lid. 

1 Thumas Si. lluu4l.V J (■. II OKI lUin 


l.laiwts BR. II". I I l IT llErt. 

I". 11 Ki" 1 sf. x- ||i-!ii-r Jer-n 0.‘; 
ijo..l.t .i nr.-j. 157: ' so r: 

V't-tl lin.i] 1 11^ .1.:T|, \u2u.d if. 


I ciruro Aust L-i 
ff Aub Mm 
fin ilrlr Porihc 
Ou Inll InriaiK* 
D» 1 oi Man Tx; 
On 1)1.11 Mutual 


52 6 

56 id 


344 

17 0 

+ 1 7 

651 

70.0 


385 

414 


4*1 

1264 

49 kri 
2841 

' 


1 60 
1 60 

E«0 

896 

140 


521 
293 
Z79 
<U 
4 67 
731 
51< 
792 


-'fnenran Jufv T* 

67 5 

70.5 


Sn-ur1(ie\.Auy 1 

176 0 


-5C 

llu‘h VI.J. Julv 3» 

55 6 

586 



785 

£27 


Mertii, July 26 
' Arrum Unilr.-. 

803 

992 

84 4a 
104 2 



014235433 


‘■stsrisar.Li - 

Lugham Life Asshtance Co. Ltd. 

Lanaham Bn HotmbrookDx. NW4. 01-30352H Royal Insurance Group 

,55-K ■■ I - Hall Place. Uro-pool. 0512374432 

W^ P (SpTm« FdlSo : . I r »‘rrolShicUFd...)1408 14811+1 7, - 

Legal & General (Unit Assur.) Ltd. Sav « * Pr®sp*r Group* 

Kinyswnod _ House. Kineoood. Tadwuth, ■*- « , BtlIotart. Uidn.. EC3P 3EP 01-554 8809 


6.00 

. 5.16 
Aueuxi 31 
-Oil 539 
-0.3 4 92 
-0M 2 11 
-0.3 4 85 
-0.^ 4 65 


154° 

[302 

Intel* (aBgi 

15. CbnnophrrSlreet EC 2 OI.247724A 

InleL Inv. Fotii< |912 98 0t+0 4| 634 

5.72 Key Fund Managers Lid. (axg) 

AMUkSt-ECSVaic. — — 


Royal Tst. Can. Fd. Mgrs. Lid. 

54. Jero^-n .Stn-t. y ft 1 11:^31*-^ 

I 330 
I 7 SO 
15 


LI I -606 7U70. 


<1 M -0 51 


'-•■pin I Kri ..170 5 7441 | 

Income Kd . |71 2 7511 | 

Pnres ul July 31 Next dealtnc Aus 

Save & Prosper Group 

4. Great Si HUi-ns. London Ft HP 3 FTP 
6673 Queen Si.. Eriinh.irch EH2 4SX 
Dcahncs to. 0:-5M 8899 or 031-225 733 1 
Save & Prosper Securities Ltd.P 

Key En+fo In Fd .06 5 85 W -0 3 ’ 330 Fum} ' . . 

Eer Eqnlty It Gen ..170 0 744U -05 449 fSW Bl - - I?? 

*KeyExempl Fd 151* 16064 6 31 JT 0 -- - - - S? 

Key Income Fond.. 18X5 *7.7 +0 9 7 91 '■"I' Onmlli. |T9 6 

KeyFlbedl7il.Fd.Uo6 6* 4 - 0.2 12.05 laeieartaf Income Kand 

Key Ss»n Ce‘« Fd . |10X9 1094J VJ 5 73 Hiqh-Yield |556 

Kieinwort Benson Unit Managers? n; K b ■ y utK u 

20. Foocbnrch 5l E>'.7. 01^23 8000 Hich Return . 1665 

Baring Brothers t Co. Ltd.? uhxi kj VJnitb'd.itK ittb 9191 i 549 tncome |4»3 

88.LeadenhaUSl.ECa 01-30*3830 55 J 1 *2 3 SS VK - 

StraOxinT* . 11722 17941 I 4 33 ^Smir'cvvlpd '^85 M 3 I 1“ b*K Equity .. .. HS I 

Do Arcum. (ZU.b 222.3 . ..J <J3 t f -wt, Trnrt w— . ■ , w . . .. Oremeat IWtfi 

Next rah! day aucm a L 4c C Unit Trust Management Ltd.? Europe. ... . ua s 

„ The Stock Ecbanee. Bffll IHP. l'l -588 2800 J»l»»a [1060 

Btsh«pflgite Progressive Mgtni. Co.? l*c inc. Kd. . 11(29 147 ai i 7*1 °-s [77 ■< 

8. Btxhopxsalf. ECi 015888280 LiClnll&On Fri [1012 104.^ ...] 1.7S Scoter Fund* 

R>aiePr.~Aui>.i..fmi 2M4J -<b| 371 Lawson Sees. Ud. ?iaMcl Conwwdin — |n.B 


597J -0 <[ 6.96 




840 

656 


48 4<0 -0 4| 4 95 


value July 31. 

Capital Life Assurance? 

■ 'nn; dun House. Cbapcl A»t> Winn «M£28ftll 
Kev|n«e;4 F«l . . I 100 98 I . I — 

Pnccmjkrrlnv Kd | 10107 |. .. j 

. Charterhouse Magog Gp.¥ 

'. I* •'hcqu.-rii's . f ' lindge UP# INE "sriBl 
. fhrthsr V nervy . . IJ8 6 <0 61 

; Oribw M,«nry 29 4 31 3 

I'hrth'p Menaced |39 4 41.41 

•.•Tirthsi- Fqmtv. .135 6 J76 

ltacna PW Sue | 1336 

' ijurs M«no*«l [ 150 6 

Ofjr of Vfestminster Assur. Ca Ltd. 
RinfiMrad |lnu»>. R U'bllttborse Rond 


I't-ivdourKiixiA 
ft’nd J*mp Fund .. . 
M imaged Fund . 
FquM>Knml 
Per m) and Fund 
, Fonrv Fund . . . 
Gil: Kurd .. . . 

ril.kFuh-1 ... . 

rnn MriR-l Cap .- 
r-oi Mr.Rd Act- . . 
• '■ns MrmrvCep . 
H- i in. Mnm-y A+c 
Pi un EqillKCap 


Surrey KT308EV 

Cash Initial. 

Do Aenna.. .. . 

Equity Initial 

Do. Accum. - . ... 

Fund initial 

Do. Aecum. .. . . 

I ML Initial. 

Do Accum 
Managed Initial .. 

Do Aecum. 

Property Initial . 
Do Aecum. . . 
Legal o General || 
Exempt Cash toil . 
Do. Accum. ... ... 
Exempt Eqty. I nil. 

Do Accum 

Exempt Fixed (nil 
Do Accum «... . 


ScreS Heath 53456 BaJ. Inv Fd 1138.8 13051+4)3, 

lofaj -flj| _ Property Fd- .. _[156J -2fl 

130 1 *0.2 
130.5 +0 1 
217 3 

ssi n-| 

tSi * 01 


*®.ll 


*03 



'W :..:J = 


[63 6 
1H7 
.60 8 
73.7 
1228 
167 • 

[1697 
U1E< 

ft* 

... StJ 

o* Equity VT B82 ■ ... 

■ -Kiin.1 nirrontlF Vlnsetf In nwi irf Mi 

rertairrot -nits | 2116 

* Itv el Westminster Assur. Sec. Ltd. 

T*rii.|.i».n„i PI-M4 9»1 
1.i4» ml- [123 6 

P:..-*a-rts I ‘till*. |54 

Coimnc trial Union Group 

Si ii^ivu ;. I'niiri kJiatl Et3 
t-sn\-iiJnli»., 56 75 
Dn vunuily l‘i» | IB 85 | . .. I — 

Confederation Life Inonrance Co. 

W. r.'ur/cr Lano Wr+x IKE 0124203*! 

•K'l'lltJ I'uiKl . 
euanarrd Konri 
r snal P| -a KlllCd.. 

StnifRri Mnirf Fn 
t.rn-ip n nra Ken . 

Vi'IPKiind 

■ uni InL P«L . ... 

Equily Prnsian. ... 

Vre|tlb Penman .. 

Corn hf II Ensa ranee Co. Ltd. 

22.LOt7ihlll.EC3 01 

I'nr Fri. Ant » .|1»0 
CASnr Au< 16 - J7 5 . 

MroahKiIJiiIv W . 1373 0 UB 

Credit & Co mm erce Insurance ’ 

IN. nec-ml Sr . London W1R 5F>: 01-9307081 

■'6' Mrcrt Kd /H20 137?.. I - 

Crown Life Assurance Ca Ltd.? 


Exempt Mn*d. lnftJl23.5 
Do Arcum. - - 
Exempt Prop. laic.. 

Do Aecum ... 



Property Fd- D56J 

Gill F.l . . . 1123.6 

Depo+n Fdt 023.9 

C-imn.Poaf Fd.1. [2064 

Equui IVnx Fd [19L4 

Prop F.-n+ Fd* 1227.7 
Gill Pen* FA . ... MX 
Depnx Pi-ax.Fd.t. ..JW3 

-Prices on Aajp»«t 1 
rWrekly dealiDCx. 

Schroder Life Group? 
Emerpn»e H nuse. PorUmoulh. 


_ l 


Aee UO. 

B'fmielalJuly 
lAcruai ' ; 

Men aub day 


238.7] — S 71 3.71 
188 Xa . 2.66 

208.« I 2.66 

Annan 8 —Aueuxi 15. 


.9 Equity July 18 

Equity 2 July 2 Sl._. . 


0785 277331 


; Bridge Fund Maaagers?laMc> 

J Kins William St. EC4R9AR O1+R3405I 

( American <c Gent .1253 26 , 

i Income- .. 52Jr S7X 0| 

; Capital Iih- l . 38 D MU 

! Do Ac-. ...... .82* *4 7 

| Etoaaptt 1380 147.0a: 

| Intertill luc t ..... 17J 183 

Do. Arr t .. ...... 18 1 70 

, Dei I Inc -Toes. ‘Wed -Thuri 


Hlah-Mloimina Fund* 


37. Qora a SI. London EC4R 1BV 0l-£PSSaR FiiSSlal SeVT J74 7 
JtRaw. Materia!'. |39 6 42“ 

44 5 48. 

57 4 61 

63 Z 68 

38 9 42 

3.9 
249 
*54 


+(M 


Select lot ernac ..J2653 


638 

432 

Select Income .’ [552 

Scot bits Securities LuL? 

059 ---tM* 42 

Scotyield. 1 523 

Scoaharef. [590 

Scot Ex Glh-4 .12*42 25791 

Scot Ex Yld •*. , ilfcl 1 170 bI 

•Pnrw .11 July 21$ Next 'uh da: 


9Sdf +0.3 3 22 

iu.g +o.s o.tj 

83 a — 0.7| 1 23 

-6.71 361 
+0 ti 1 76 
+l5| 292 


ir 


280 0| - 2.8| 
58.3 -0j| 


1150 

1150 

Fn 


:5xd-Qj 
S6 W -0 
63 41 +o.: 




2.17 

720 


381 

724 

455 


. I 213 
. ! 753 
Aliena P 


Equity J July 23- .. 
Kixeo ir.i..inly25. . 
Fixed !nt 3 July 25. 

6ld8*«8l po Accum ~[J154 . ... \ - 

K t ScJuIt®...— 
Mncd. Rlc July 25. 
Majmced J u (ys — 

Legal & General Prop. Fd. Mgrs. Ijd SS5S #' 

1 1. Queen Vjclooa SL.BC4N' 4 TP 8! -2 48 POTS Property July 2S - 
LAGFnxFd. July 3 .!96.5 1817t „ J 3Jnte =5.. 

.Voxt Mb. dav Augua 1 Smil B »^ v 

Life Assur. Ca uf Peunsylvanl. ^cSjWafc 
3S-« Neu Bond St, WH 0BQ 01 08(095 AeeF J u^ » 

3 , . L.4COP Units /9KS 1034| .. | — a«%® - 

“r 1 *’ 'Udyda FCCSirTsC WiSrarLtlt' ’ fr^T^Capii T 
” 7l.lAnnbBrdSl.EC3. 0103 12R8 £- 


• i.mhuwiuu -H, w-a Uiiwi^w Mrtn V r K r. n n Ikb 

rrr ■ ^ kn. £& l$Ll 


Lloyds Life Assurance 
2n rilftoo gt, EC2A 4M.\ 

BU Ctfa. Julyfi .. 129756 

uptd'A'Prp Jl>27. 1254 

i&ms&m 

••>pi "VManJb-37 1505 
Opi S'AIfnJly.27 ..}S20 



2* Aecum. Unity 
-Orowth Fund 
-■Aeenm. L : ait«> 
rrGilt and WartanL 
tAw ar lc a nFd 
1.41 ttAoriiro Unll! 

626 ~W*h Yield 

3.03 TAcetun. L'lUt.i . .j63 7 68 . 

3.03 Deal. *Mor -Tue+ rrWed tThors 
3” Le * al * r *' npral Tyndall Fund? 

3J1 lECanyace Rone 8nn.1l. 0Z7232MI 

Price* July Du. July 12.. ,57 2 60 M .. .1 s.33 Schlesinger Trust IKngrs. L'.d. In) <z) 

l '*v!!4l sah’ri.T A«J‘ld 1 “ 1 9®. South ScrecL Di 

Britannia Trust Management r.l <g| Administration Ltd. it * ' 

01-4885991 Exempt Hlcb-iid ... 

Exempt Mkt. Ldra. . 

Extra IncTtt. 129.2 

HI Ltoyds Bk. Unit Tsi. Mugrs. Ltd.? (a) }STIo%^h7J: 

4.75 ItadainT'i De?t . Gonng-by-Sea. lotnJ 'JrtnrtK .. 


25.26 "27. 


_ , .. ... Administration Ltd. 

•- 1 3 L/Nidnn Wall Buildings. Umdon Wall, « r. r^, j nr uriv aii* hum mi 

_ j London EC2M 5QL OUCB 04700479 ^ ‘ ??' 

- ! Araea [74 7 H. 4 |+o*( 4.97 — JS 2 S 3 ta '3 IS 

- ) Capital Act.. . 555 59 7UoJ 3.76 _ _ “I*-? ** 


3421 ^ 


Comm U Inn 582 

CoBimodlty 821 

Domestic 399 


fit? 

ifiS 

12SLM 


Scottish Widows' Group 

PD Box 90S. Edinburgh EH185RC rai-(55 


Exempt (1185 

Extra Income 

FarEaat 

Financial Sec* 

Gold 4 General.. — 

Growth 

Inr.o Growth 

I Inll Growth , 

lnves*.TW.Share». -h95 
Mineral v „ . - . . k* 4 
XbiHirbJnc 
New Isaac 
North America 
Proten tonal. 


Staius Chance . 
V : uW Energy . 



•lLtWSi0^41 

2.64 
219 
■35 
4.22 

9.66 
9.79 


Worthing. West Su-wex 
First (Btincd.i. . .1523 

D».l.4mm) (726 

SecDod rCapj .[55.4 

Da CAcrtun.). .... [69.1 

Third Gneomei 862 

Do. (Accnm,i — [1179 

Fourth iExIdc. 1 ... ;612 
Do. Arena j |&9 6 


Q1-8Z31238 lift TW- Units _ 

»»-» :$ %i%iK!!r- 

IS Pret. & Gilt Trust. - 

13 ?SEKeW“iw 

ST3 U-K- Grth. AeeuBL]229 
777 UJLCrth Dirt. . .1202 



* 0.21 

♦0.:, 

4? 

-o.i 

3 A 


+03 
♦02| 
*0J, 
+0 1 


325 

4.19 

454 


+0 1 } - 
1237 


259 

237 

431 

483 


*0 3f 7 72 i. amry Schroder W*gg & Co. Ud.? 


-- 

569 

jj; 


Ml 

32.' 


»312 

547 71 

_ . 

143 

15‘ 


482 

511 

— 

323 

W4 

3S2 

36St 


Ltoyd-6 LUe Unit Tgt. Mngra. Ltd. Tw^u^ide^ci 


J I S T 2 -**- '^‘rhunar Rd. Ayleabnr>-. 0299 1041 -rajilui Aneust'l- 



402 


f-52 Equity Ataa . 11615 17B0i~..J 

+52 M & G Group? iyKcHzi 

Z67 7hr-* Cuarx. Tower Hil 6C3R 6BQ H16M 45B8 General Ja1jrS8~ '...(■S.i 
See alsu Stock E- change Dealinm 


155 7 

1635 

. . 

180 2 

1092 


73.9 

739 

776| 

77.6 


1876 


3018 


2014 


230J 


140.0 



108 4j +0B 
1077 +8^ 
101.7 
145. D 
1413 

272 91 +2.J| 

Solar Llle Assurance Limited 


ln*PU fortes, 1 
Iqv. Ph- Senes 2 
hjx Cash Aug l 
Cxl'lAcrJuly 19 


|1084 
'1023 
, 5 

139 a 

115 5 
!?7Z9 


= SEfc 


014C83410 


Kil'ylngJulff)^- 

London Indemnity &GnL Ins. Co. Ltd. Hid Pen.July2R 
lft 20. The Furtwuy. R»adin£58»51 \ 

Mone+ Manager. — g*.9 

Fixed tntereM.1.7 . [3* J 162| '.' I - Solar Managed S 1129 8 

The London & Manchester An*. Gp.? sSiSkS?. 5 *" UtOX 
W] nslxde Park. Exeter. 03K-SS15S SoJarFxd fut-.S -..[116 9 

Solar Cash S_ ..-.1003 

Solar I alts W7.6 

Briar Managed P...M9.4 

SoUr Property P... 

Solar Equity P 


f 01 ) The British Ufe Office Ud.? Ul 


fleli.inre Hse . Tunbridge Well*. Kl 080222271 
HI. British Lile. [522 55-2 -0.41 571 

BT. Balanced* 149 7 53g +1 W 534 

BL Dividend*.... |«3.S 468, -J 0 892 

-Price* August 2 Next dealt a: Aucu« 8. 


Brown Shipley ft Co. Ltd.? 


W2QyPUeeLond..nECJNCTT SUCJBKj Mngra. Founder. Cu EC3 


n Exempt Pd.. 


Z3Z7 


1357 

.. . 

909 


157.9 


1185 

^ . 

104 7 

... 

823 



OExpt. In*. Tit Fd 

FtexJblaFlind 

Inv 7nial Fuod— .. 

Property Fdod.. ... 

M ft G Group? 

Three Ousrr, Tower HUI ET3R «Q 0I-S2F 4588 


111.6 

, . . . J69.7 

Solar Pud InL P (116.6 

Solar CashP 

Solar Int L P 




1367 +83 

117.1 _ 

179.1 +85 - 

123.1 +83 - 

103.5 +01 — 

\J63 +03 — 
1X7 S ... - 

1787 +85 - 

122-fc +03 _ 

1064 _ 

103.7 +82 _ 


9 75 


987 



InlernaCnl Rond* 
Managed Bd*~ . 
Propertr Hri** . 

Ex Yield Fd Hd* 
Brtuniy Fd Bd.- 
AmvncmtFd Bd.* 
Japan Fd Bd* 
Pnci 


Crown l.ilr II « . WiUung. GL'JMXW 048B2 .'un3 ',+ iB Bend 1 
'Mang'ilFiia-IAer 
Mmir<1 l‘J fr'-m 
Mark'd I »l >wll 
l+luili Kil Arc 
LuiiiyFit lncn 
)qui!y Kri. irii 
Prapcnv Fd A,-- 
rinpertj F.l In.— 

PrniiertyKri Snu 
In* T-J F.l 1-- 
lav Tiu IM 
Inv T»l K-1 nut 
Ilinl Int Kri. Arc 
Kirrf Ini Frt inen. 
iBierl Fd Acc . 
lij p e» I KA Inrin 
meet Fd 
Hl-ncr Fd 
flirt. Fri Jnoti 
•.fx-wn bn 

Cruradcr Insurance Co. Ltd. 

\ iiiri’la llmi'e. 1 i‘»»r PI . EC.1 -'KS *81 
GtKPri.p July* |7B4 M4| [ — 

Ehgle Star Insur/AUdland .!«. 

I.TnrraljTieerile -li Kl*i 'il-SBiri! 

EaflmODd l'nti* :55J 55 7; +03! 6 06 

Ltjuity ft law Life Asv See. l.td.? 

AHM^ham IlrtOd- High WVCxinihe 'J404 .",XI 

Fquiuiu ■ j«’T jnS 

ITofMjrtv Kd .107 1 — 

riw>i|.ilx-r u lF l, “' iram-na! 
i-*d pri+xn Fri 
MoetjKJ _ . 


Pee*. Pension*— _ J 
Cone Deposit* 
Equily Rond** 
KamUy Ukao— 
Family 81 -SF* 


018 SI 
(141.6 
11653 
Il90 6 


- - .006.8 


239.4 


1 z 
I - 


mi 1*9 4] 

B3 7 55 4 

Kl $8ti 

ccx on "July 54 —July 27 — -JuV 

Merchant Investors Assurance 
233. High SL. Leon Man, CroyrWn. 
Property . ... . 154.2 

Property Pena 1612 

Equity ... «... . 600 

Kquity Praa.l ... 1716 

Monw Martel 142.4 

Money XU Pen*... 184 0 

Deposit 129 2 

Deposit Pf-nt. 14L0 

Managed — 106 a 

Managed Penn — 1392 

1 nil hqurtv 169 1 

lntl Managed ... 1056 

\EL Pension* Ltd. 

Milton Court. IXirlnng. SuTr+T 


Sun Alliance Fond Man gnu. LUL 
Sun Alliance House. Horsham. 0403 64141] 

ExpLFd.Int.JuD- 12.1052.9 159.4) ...J - 

InL Bn Aug. t . - I £1426 l-03<| — 

San Alliance Linked Life Ins. Ltd. 

Saa Alliance Hnu*>- linraham 049361141) 

Emily Fund _ . .. [1263 13J.0| +i4| 

FEWniKrertFd 10 il> 1118|*0 3 - 

- - Ufl.8 116.7; 

1094 1152; +0 

97 2 102 4i 

P121 113 oj -0 

San Life of Canada lU.KJ LUL 
2.3,4-CoekspufFl . I*W1Y 5HH Ol-tDOMOti 

ni r ,i:i gsfejissu. 

- Maple L/. Eqtj- . 

Perwl Pn. FA .. 

Target Ufe Assurance Ce. Ltd. 

Target House. Gatehouse Rd . Aylesbury. 

Aylesbury i9286) SMI 


BS Uniu July 3L. [2258 

Do. ICC .'July 31 1 2114 

Oceanic Trusts <*J iri 

Financial [364 

General 193 

Growth Aecum. 47 2 

Growth Income 373 

Rich Income 30.0 

LT.U 223 

Index 253 

Oversea*. £02 

Performance 60 6 

Recovery >L2 

July 1.. . ..W 


•1-600 soao 

• • -| «3S 

- 4 *M 


38.1 +4L2J 
207 +0.1 

50.1 +U5 
39X+4U 
326 +01 
23.7 +02 

27.7* +8J 
21 bn +0.2 
654 +63 

a 1 . .. 

39J 


436 

5.17 

5.03 

303 

944 

337 

4.22 

3.64 

429 

605 

530 


ExmpcXnlyl„ . ..>R 9 
Canada Ufe Unit Tst. Mugrs. Ltd.? 

2-6 Rich SL.Piriters Bar. Herts P. Bar 51122 


. < Knud. . 

biterojlioiuil Fd. 
Deposit Fund . . 
Managed Fund 


— MT 

ti 


(Tin. 'len Dirt 139 4 

Do Gen.Aceuni 
Do. Inc DIM 
On Inc Acrum 

Cape I (Jamc«l Magi. Ltd.? 

100 • Id Broad .«6 . B"SS IRQ 
Capilsl . . |87.7 «3| 

Income 

Pnri-+ < 


Amencan 51.5 

: \crnn Ubil+i 52 7 

Ausrralifiar. — S6.J 

i Accum. Ur:-j<i_ _ 573 

Cnmmodit;- 793 

(Aecum fi«:Lx'_ — 867 
'.'ompouud Growth. 1U 2 
Conversion -irowlh 67.9 
Conronnonlnc —673 

tmldend 1223 

(Accum Uni'.vl 232 3 

European KtJ 

lAcrum. Un:isi_j_ 533 

E=tr* Yield 07.6 

•AcniflLL'nCSI 1371 

FarEartero — 093 

(Aecum. Uu.ui — 65J 

Fund of Inv Trtf 16 4 

(Aecum. UuiUt— 14.4 

General 175 0 

(Accum. Uni Lsi_— 2724 

Rich Income 10* J 

(Actum. Cni'.ti. ... 1753 
Japan Income _ ... 166.9 

(Act urn. Un:vi .1485 

Maencm 2197 

1 .Actum. 1'niL.i Z773 

iSiffland.... .. _ 177.4 

(Ac rum Un:t*< 2931 

Recoxerv. 822 

1 Accum. B45 

liecord'ier. 18C2 

(Aecux. Cn:l+' 273 6 

Speunl . 1716 


423 

7^3 ( S Cum ln.-:r::izi5‘ 

Specialised Kangs 




56.1 +0_, 

60.0 -or 
610 +0? 
a* s* -0.1 
923 +0.2 

220.7 +01 
723 -82 
719 *93 

no 5 -0.1 

247.4 -63 
55 5* +03 

563 *03 
933 +02 

124.7 +8J 
652 +03 
693 -0« 
65.6 +03 
151 +03 

109.9c -0.7 
2955 -10 
iniJ+02 
1869 +0.2 
1773 *1.1 

179.4 *Li 
235 lri .. . 

296.7 .... 
1809 +02 
3129* *8 5 

873 +03 
903 +03 
1953* +0 7 
296.1 +L0 
1C2B -0 5 
229 91 +0.M 


-l»5l 165 
260 
270 
1.70 

4-14 

434 


1 Accum I. 

Income An cun l._ 
Accum. Units'. .. 


(Accum U 


220.1 

1331 

bS73 


Ulyas. ... 
■bltsi 


Europe Jnly 27 . _B1-S 


( Accum Units' . 
-pen&OiaiFdJvlB 
•SpcrRr Ang I . 
•Recm-eryAnc t. . 


[107.2 


PM 

149 7 

264 6 

1993 


0I24U.U.34 
114.01 +36| 2.40 
137.3 +4.. 

204 M -*■ 

297 ,7| +«.i 
094 
111 

M , 

171 

174 4-:, 

27271 + 18 

205 4^+10 


Fur lax rvcmiil funds uOlv 


240 
6.79 
6.79 
360 
360 

241 
241 
4*4 
371 
466 


Bishnpsgatr Commmliiv Scr. Ltd. 

I’ I *. Bov ii. Douglas. 1 „ A: 0C+ 1V( ; 1 

arm "i-7 *JuU r . jsi-^ram mom i 

1' ISRH'i-Miili J Ui 017 1 100 i 

1.01 NT --July J I £7 460 2 546) I 7 06 

Originally i-eUiil xr ind *-fl 14) 

Bridce Managem+m I id. 

Kl* Bus ."4#. ■.rand i‘a; »■:•-■ « a--m.in Is 
-.'l-ashi Juiu-A.’ . I 115.569 I I 

IS p*' Box .K»| Ill-lie K- 
Nippon Kd Julv-15 . (j: S!M lirtrf .. | DM 
J-x-hlW* spin 

Britannia Tsl. Mug ml. 1CI1 Ud. 
aollal.Kl.i: l|cli--r..'rr- •• 0C34 71IU 

Sterling DeuefnloJ'trd Kd* 

■Trouih lnic-.i 134 9 37 7n* 

ln:nl Fd 06 6 93 ' 

JVM-'EiM'rq Tu Ji40 2 151 

l'nlr.1 ST*i Si-.- '£227 23 1 

High IntAIg Tu [(0.985 1 02 

I'A Dollar Dmumnimrl Fd*. 

Vn.T,lS7*l WS9 37 5 65] 

Ini H'Chlnl T-l I515I9N lSl] 

Value July 2? .*;■.-*( rf-ilinc Auev-i 7 
Brown Shipley Tsl. Co. ijcrsevi L11L 
I*'.'. 16X1583.51 1 lelier.. 1 1-r+t (Kd 74777 

Sterling Hund I'd IUD 2J 10 28| . ) 1175 

Butterfield Management Co. Lid. 

rfl Box 135. Hum ill mi. B.-rnui.la 
aullnv.i Fquily [230 2381 ' 1 76 

Ku(trv-X+ lni-r.ni|. [197 204] ) 7 is 

PrtC+« al July IT Veal *.i|. ,U r Augurt TU 

Capiul leternalional S.A. 

37 rue VoUcIuidc. Luxi-nh.yiirg 
CdP'i.illnl Knnd I 5 O la 42 | . . | — 

Charterhouse Japhel 

I. Palernusler Hnu. EC 4 


1 00 
100 
I 50 
1DB 
1180 


7 Kui-riu |((iii:ir. I'u Finy ;7U i jp , 
I .In. .1 ■ ] 111 L.n-v+li l*?X]y H>SD| 

1.1"' >i- Ir.: Ini-oiAr [ynoow 3"o?| 

>1 ft fi Croup 
TV" vc.11 . T..+ V f liil' Ji” 

Ailjnlli \ lie I i.'iy’K 

\u-» L:. Jill* :: ;;j: 

tii-MK* July .'ll | r . *:PU 
Kl.mri 1312 

■A* -*11181 l'nil, • [183 4 

Samuel Montagu lain. 

!I4 ■ -Id Hr...,.1 +| . f" 

Ar-:l"Kit Juli 2ft |'-J45'3 

.lalilr *1 Ink |;, I«:-J1! - 

II7..I-P Jul* 2t. [V.-l’tl 
IITJ.Pi> Jn!-;j [*.512 
I IT 'r-*".Jii). i-, |tll87 

Murray. Johnstone 
li*7 ll+p-s- i«la.g.>u 
-H--I— s- h.» ' 

•Murrav Knnd ! 

•■i V. 


r. m:« 

i j;-.. 

2 -l! 

t* : /i 

20U 51 

\fits 


(4 w>l 

sell 
12 48 


4 11 

4 :i 
: ui. 
19s 
0 66 
O'i 
] TO 

5 29 


427-ril 
i 127 


j d4C 


! «J 31 


;jy 1UA4 
> 78 
; i ji 
7M- 
: 0 75 


Inv. A diisrr 1 

»2 irtl-iii: 

*(.<36 90 

:i sjo«o 1 { . 

'.ii» 


900 


I uw*inSi*|irf 
51 sll 50 I — 


Ii..+n|-r.r Fro-. 


Adiropj _ _ 

Aitiverh.i . ... 

rendjk 

Fdndis 

Emperor Fund 
ilppano . 


t'BM.T 
t'VttJ} 
,0501 « 

pvius 

Sl.'.SJ24 


him 

H8d 

D1U 

"a 


.Necii S A. 

13,1 I'lHlIv*. Jrd Ri.ya 
::+V July 28 1 

Negit Ltd. 

H.inl. id licrmuila Olrir* 

N.W lul; -Jt ; is 06 

Phoenix International 
In I-.-. 77 Si rpiiv i-i.n. • 

liiti’i'liuiiar Kun.l J5215 
Quest Fund MnRituit. 

1-0 'ri*-' l»J. >r llciicr. 
l*'ui-lSll;.e»l lul | Ll ; 

iVu.--i Inll. Siv | 5KS1 

wu.ill/i.-l Bii | Jl - .*) ] 

Pnr.-. .11 Jill* -rt J+a'ing 

. . | _ Richmond Lire Ass. lid. 

Ul. A' hoi 5: roc:, (ipiigla-. I »> "J 
-xTh.- Si 1-rrTmu. 

01--4R3SM liichmonrt Rond FT 
548 Hi. Plat Inu ir. Hd 
l*o ('."Id lid 
Ho Fjn 07 OC bd 


:sj‘ 

Jersey 1 


ltd. 


^58 

-? 10 1 


-1 30 

03.1 


4 57 

5 02 
504 


112 0 

114 71 

-j ft 

176 9 

18621 


1301 


*! - 

1095 

115 21 


174 0 

184 3 

•o :! n n 


l 295 


Clive Investments (Jersey) Ud. 

I’ U. Bo\ 320. Si llvlicr .l.r+,i- UU4 .77)61 
■.'live Gill F.l "M ■ [10 26 10 311 | 11 00 
CltieGHl Frf iJ«- • llO 24 102fl | 11 00 

Cornhill Ins. if>uernsr.vl Ltd. 

KD R cu lit m 11+cr r-nrt Guerti -c> 

Inuil Man Kd . 1 1690 1B4.0J . I — 

Delia Group 

PC Bor snis. \a««*ni. Hahama*. 

Delta Inv JuK--. 15185 1 99! J — 

Denise her Investment -Trust 
r«4l la< h -.'eHa BipU run* *c «■ :« aono Fran kfirr . 
Owctnira . .. ps»39 ?]t0j 1 

lnlR*.-ntenh>nri> |D.Utt» 7B<C| ; - 

Drey f ns lntercontiurntal Inv. Fd. 
PO Rox NJ712. Nai*au Bahama.'. 

NaV J uly 25 jnn«*7 15391 I - 
Emson ft Dudley Tst.MgtJrsy.Ltd. 
P.O Box 73. SL Hriici. Jersey. 0534 9W»*. 

EDICT [125.2 U3 11+1.31 300 

Eurobond Holdings VV. 

Handel shade 24. Wdlemrtad. Curaran 


Rofhsrhild Asset .Managmoenf 1C.I.1 

polu.af.ft Si Julian* rt -JucrnM-i (*+«' TtT.'tl 


Ki| Fr Jolt 31 
("Mu*- HI Jul- 3 
•.I •" /rill.Kd ? 

1.1 1 ’ Sim.’i-Fri J*3I . 
o t' (. vmnsxdip-* 

(•■ IJIrC.widu t 
•Price* nn July .71 
"Privy" on Jul* 2 


[f?2°6 

,131 
154 0 
1412 
626 Cl 


blbi-c-S 3 m 

162 3) 1 ::i 

1 34. 1 26 

lb3 »-5 3 08 

150 S +? 8, 4J9- 
27.66] I P 71 
' : -SimIiiic AUSU-+ M. 
Nrti ,1,-alir.C xiigu'l 7 


Royal Trust (CIl Fd. Mgt. LtcL 

J'ri Bus l(H. f!n>*i Txt H»i*. J»-r*e-. rt.«71 27111 
ILTIit lFri 1*1 .ASS Id 171* 0 Inj 

RT Int i .J.« -Fri 1*3 98] -J, 3 21 

Pn«x 41 Angu-i 1 r.'ext rie.il me ’inf.fi 5 

Siif ft Prosper International 

Dealing >•• 

.■(• Brn.id si s> H>-liCr. Jcr'+v ('VU-aUMl 

t.’J». Dollar-ri+nomlnW+d Fund* 

Dir Ft. I Irr -*J |4 22 o 78! | 7 36 

!ntciT..il Gr *? T73 sat 

Far Ea*lcm"i |46*>0 50 7rj ' : C*| 

North American*: GE9 4 2J. 

.Aepr..--*, [i4« 16 00{ 

Slerling+tenomlnxied Panda 
•'hue ncl fa nnaJO [240 9 253 6j - 1 


'"haflnol l«laad*» 
-.•ommorf.***; 

Si Dcp-isii* . 


London AgeoU InteL Ii C hrlaophcr EXZ. Si Fixed— J [1137 120 4! I 11 2 

TeL Ot-347 7743, Trine 8814408 *Pnc+* on July .)] **.lulv Dl •••July 27. 

N.AV per share Juh 28 Sl'FM 20 > Initial .xflcr J Weekly Pcalmjx 


1483 156 2.J.02! 

122.1 128 6! 

J 


248 
4 97 


. 0IS 
I 1154 


5 jo Scotiiah Equitable Fnd. Mgr*. Ltd.? 
■ 23 28SL Andrews Sq, Edinburgh O3l.:i560IO 

54.71 +0 81 

507 


7.75 

279 

279 


Accura. UniG . . .. 6^3) +6.9| 

Dexiin; day Werinc5d»> 

lit Sebag Unit Tst. IKuuctn Ltd.? |ai 

120 POBo*5II.Bcklhn- HJW..E.CA D;.236?00C| 
Sebag Capiixl Fd. -p*9 34AJ -0 2j 3.81 
SebnelaeomeFd.. [31-7 33 ii . ..J 834 


22S 

225 

431 


*39 Security Selection Ltd. 

5 40 15-10. Lincoln'! Injj Field*. WC2 01-831 0036- 
RJO Upy1''UiTBAvc_..|25J 27.ffl *02| 239 

8 JO UovJ Gth T*t I nc _ . 1 22.0 23ij +02| 239 

17^ Stewart Unit Tst. Managers Ltd. (a) 
3.65 <5. ChBrloueSq.. Edinburgh- 031-2383271 
tStewmrl American Fund 
Stenriard L'nilx [65 J 69.61 - -[ 1 39 

Accum. Unity . _ .^0 .3 75 0[ [ • 

ft'ilMrawat Unit*. [521 S5.6| ... ..( ■ 

•A(*w*rt British Capital Fund 
Standard- . [140 S 152.0] +2 7| e lj 

Accum I'r.jLi ,.|}610 174 2]. 3 If « 13 

Deal ice iFn *Wud 


3.65 

6.82 

682 

44* 

486 

4.89 

489 

405 

405 


ni.wwooio 

’ll 


Tniso-c 


lAcrum . 

Cfcorihond J-jIt 26 


S53 0 


1297 9 


202.4 


1360 

1323 


206.0 





Nrlex Kq l ap 
Nelci Fal Arcum 
Ncl ex Money Cap 
Neln Mon AceJ 
\H« i!rk Inet'ap 


[82 3 
,117.7 

IS? 

lU! 


~ Nelea Gib Inc Act [51 3 


Il04 3 
UU 4 


- 

Utll+JM - 


NrlMxit Kd Cap 
NeJ Mvd Fd arr 


*8-0*1 


123- 

6581 

23 


too 

Slb 

Next Sub day Augurt 
For New « ourt Property aw trader 
Ruthtchild 3uK Management 


fit 

m > 


_ Kan. Fend Int 

_ Man. Fund Act — 

_ Prop Kri. Inc ... 

_ Prcm Kd .Nee 

__ Prop Fd Im 

Fixed Int. Fd. Inc. 
Dep Fd. Acc. Inc. . 
HU 8ri Plan At Pen. - 
_ RetPlanCapPen-- 
RetPtan3£ao Acc 
ReLTIanMan Cap 
Gin Pen Ace - . 

OtUPecuCap . 



I - 


- Translnternatioual Life las. Ca Ltd. 


_ 2 Bream Bldgs.. EC41NV 


TuliplnvwL Fd _ 
Tnlip.UanbLFrt 

Man Bond Fd. . 

Man. Pen. Fri. Cap (1233 


London Deposit Agencies 
Limited 

Expansion into Lease Broking. 

f.AQdnn iVr-osD Agencies l.imlU'il. ;i member nr thp Marinn 
«1rni!;i «if Cumpjnics. pk*w<cd l« announce ilic 
for:n;ii!(in uf .( rpw le-tse lirfihms division. 

A new MihMiliary will he funned and ihe Bmrd o) Dirrvtors 
wiU he a» fuliw*:— 

l, j, Hog3D, f'hairman Mr. Ilaynn is. Chairman of Marlun 
House Hnidmgs and London Deposit Agencies Limiled. 

D H. Ruifc. Joint Manacim: Director. Mr. Buik is Managing 
T>irwit»r of l*nndon Deposit Agencies Limited. 

jt p Kifchner. Joinl Manning Director and ‘-hief 
Executive.' Mr. KiU'Jiner formerly served on the Board 
uf Mlnei Leasing Services Limited. 

A Mx’fJ Ilachcs. Director. Mr. McQ Hughes is viih 
Limilon Deposit Agencies. 

N. Ii. Jones Director. Mr. Jones is wilh London Deposit 

T.*]-(.{.noc P \M UiC47 4K19. M- "'.Son Street. 

L'intliin CCHM -TE. 


Kan.Plan.Fd. Act 

inv Fd Inll ..(99 « 


W5» 
piis a 

119.8 


131 1 


Ma06Jnt.Fd.Acc 


[99J 


153 5 
1ZL8 
1261 
129.7 
1379 
1942 
184.4 


Ol-tfVWMTj 


Trident Life Assurance Ca Ltd.? 
RrarisdeHonfc-.Glmiccrter 069238641 

Mujmd 123.7 

Gtd.BfgS - 147* 

Property 158 3 

Equity; Amen can ..879 
UK Equity Fund . 1113 
Hlxhlielri. .138 7 

Cut Edged ... ... 1 
Money . 123-3 

Internal innol 104.5 

TOM. 1265 

Growth Cup . 123 9 

Growth Acc. _ . . . 128.1 
7*cn6 Mncd. Cap - 115 4 
tow lined Arir.. 12® 6 
Pt7ii.GliiJrp.CaD-. 102 9 
PeoAUtd Dep Arc 107 5 
Pen* Pp»> C&D U4.7 
toin Piy.Aec . 1199 

TJdl Rond .. 364 

•TfdLG.I Braid . [98 7 

•i.'ash rn’ur (nr f 10(1 pyrmiuro 

Tyndall Assunuicc'Pensiuux? 
ULl'uqyngr RiW. Brlklol 0272 32241 

3-WwtJbItS7... 

Equity July 27 . . 

Bnnri Jail- ri 
Property Jnlr 2T . 

IlhHlII July 27 . 

iJwk Pvu. Jutv 20 

O'lraslcv Job T- 
Mn.Pn j-WJuly.i 
Do.EquttyJulv3 . 

Da. Bond July j 
D o Prop inly 3 

Vubutgh Life Assurance 
41-43 Itoddos St.. Ldu. WIB 01-1 PI -US J1C3( 



1254 

| • 


168 7 


m. 

167 3 


.. 

105 5 



228.1 



148 3 


— 

791 


- 

1692 


— 

257 0 


— 

1770 


— 

066 


“ 


TtauagedFd 
Hqully- Fd. 
tninl. Fund _ 
Fixed Inter*! Fd 

Property Fi 

Cash Knnd. . 


114*6 

2422 

mi 

142 9 
[U9 3 


1575[ +0 71 . 
255 8l +1 fi - 
llO.lj +d 4 .. 

176.3 +0 5 - 

150fl+09 -. 

125.M - 


Vanbrugh Pensions Limited 
41-43 Maddux M . Lds W1R H.4 01 4HR4(C3| 


Mstuucd. . 
Equity _ 

Fixert Interrot 
Property . 
Guoranlr-rri 


104 1+0 2 - 

ill S *8 M 

164 lteS+Ofl - 

*75 102.71 I 

ln» Bav- hali-x uhU- 
Welfare Insurance fa Lid ? 
ft' m»(3Uri Part. Lxi-icr U3W.' -971 iM 

Munevnuiker Ftl I 1064 I 1 

For DlbrT (uiulp pleaxi rvirr in The Ldlrinn & 

ManchisTi-r Group 

Vl’iutfsor Life Assur. Co. Ltd. 

Ruyat Alh-rt H-w . -3<«-et Si . » .nrf-or 6814+ 
Life Id*. Plain 1692 72.i| ....I - 

Fulur.-.lMri Gtlu j‘ } 1400 1 . . , _ 

Fu'.Uix-.Sx+n ulh-t*' ] 4100 | ; — 

f!« AA+d IVn-' 1 £25 69 1 | — 

Flex- In* tirouih iHD.4 1B8.4| ... J — 


1116 


1614) >0 3| 
3133] +0 5 


. 5-01 

1824 87.7] *32| 7 42 rtharifcl Ant l 1150.5 xxx 

AnguM 2 Next dealing Augu+i M. IS? 8 192 

Carllol L'nil Fd. Mgrs. Lid.* (»]{c> ^ Lx Jvi-. ji . Iwo 151 

Milharn HiMiae. Newcartie-opocTyne 21185 MannLiIC MaOUgemeol Ltd. 

Imrhol M.4 72 4[ I 3 83 

Do. Accum. Units -183 8 863| . . I 3 S3 

Do High Yield ..--[428 45.3J . ..[ 811 

Do. Aecum. Unit* - 1533 S5A | I.U 

Next dcaJInd dale dale July 38. 

Charities Official Invest. Fd? 

77 London WUI.EC2N 1 DR 
Income July 18 - [13417 

Accum. July IS [256.61 — I I — 

OUaanih. Only available to R«g Chanaea. 

Charterhouse Japbet? 




632 
432 
10.85 
7 S3 
7 S3 
5.59 


Suit Alliance Fund Mngl. lid. 

Sun Alliance H*e . Ilorsl.+ni im«W!( 

EapXq Tat J!> !d£214 0 225 3[ i <3 

--- 13823 lBEM+3l| 344 


Lap J. 

tflTe Kamily Kd 

Target Tst. Mngrs. Ltd.? laHg' 


Jl.OrwIimSi.Kt 

SLG«or;e ft'xr.^^enxse. O43BMI0I xSeSFiMnSri*' '{S* 

Growth l r.isr- JS3 4 56J2| | 4.02 Tarif+i Equity JJ7.4 

Mayflower Management Ca Ltd. TKF^ Ex ,^ ue - 2 - ■ 52 J 
14C8 Gr*+ham SL. EC2VT.AU Oi-dMSOM T*ra«Sfl^Ftrod~ 

luco-ne July ! 8- — [105,4 Ul^ .. | 836 Target Growth 


De+lincx- 0QH83SM 


I. PaiernomerRew.ECi. 

CJ literaail @8 

Accum Urnti 
CJ. Income— „ 


B78 

543 


CJ Euro. Flu 1264 


Arcum Unti? . . , 
CJ. Kd inv. 7«l_, 
Acrum Unlla .. 

Price* July 24 


308 


OI -248 .7890 
25* ' 1.96 

38 3 —4 1.96 
373 ] 7 82 

78 6 . 434 

333 434 

3X?i ... 3 48 

SMl . J 1.48 


Target rml — _ 

Do Rem* Drill* 1303 

Target Im [34 0 

- - - 


General Juiy *.S — |7DJ 74 3| . 5.49 

01-588 iris Mercury Fund Managers LUL 

• -| *•* 30. Gresham KL.BCSP2EB. P1-000455S TcL Pr Aus.2 

Merc Gen Auta-Ogji 2U3I +LBJ 430 Tri-Ine . . ~"(M 7 

ACC A'IS.2 U5S 0 2743+0} 430 TetPrri... .113 1 

Merc Int. Auc.2 —S7.7 728 +L6 3 00 Tgt. Special Sit* 

A« 16 Aus 2 ITllO 77.7 +18 3 00 

Merc.ExUul>27._..fc9.8 239 4 ... [ 

AJ131 Ul- Jv-yti. .|274 2 TBS w I 

Midland Saak Group 
Unit Trust Managers Ltd.? (at 

Courrwouc 'Iciue. Sliver Sirc+L Read. 



33 7 

Next dealing An ecu* 2 


«0 3*0| 3 00 7VUTJi.It 
^ 9? Tran sail, 


Stietri+ld.s: 3RD 
Com.-iVKJ!;i * Gen.. [724 
Do .Accum ... 83 7 

Chieftain Tntsi Managers Ud.?fa»(g) 2Z j 

ltNewSLECZU4TP m-BI3IOJ c?«ui :rr 19 2 

American - |C123J 253| +02j Iftl Do Arcum RI 

High Income _ --{*1 7 44* | 9^1 Income - 52 7 

Internal 10 no] Tsl. hrQS? 27 *0 1) 3 06 Do. Accum . 616 
Bade Resrce. Tst-[Z7 6 29!n +0i] 428 lnternaL-on.-l 979 

Confederation Funds Mgl LUL? (a) ZZ. lift 

SO Chancery Lane. H’CSAl HE 9) 2420282 Do At aim 673 

Growth Fund 1442 46.41+0.6) 488 EdnitF Ear mpr_ 1861 

_ ... _ . Do. Accum- — — 1106 1 . 

Cosmopolitan Fund Managers. -Prices +1 July 21 Neal dealing August 31. 

3a porn street. London swixoEJ ro-zj58S25. Minster Fund Managers Hd. 
p tmop oln.Glh.Fd [164 198] . ‘ 464 Mlnrirrlis- AnherSt.EG4 

Income [50 0 - I. . I 11 50 icrterjulj 24 _ .062 

Crescent l' ait Tst. Mgrs. Ltd. fang) E» empiJu: •• 3 1 _ — 19 7 3_ lout I 538 

4 MeivilleCrei.. Edinburgh 1 n3l-226-(5Cl MLA 1 nil TritSt MRejnnL Ud. 

Crec.Amcr.Fd |270 29 b!. i 4 14 Did Queen ‘rreetSWiM OJi: Ol-tBOTm 


428 Target Tsl Mgrs. (Scot land) *aKb» 

*28 10 . Mhni rroxronl.Ediu 3. 031 22»862I2| 

Tarcel Amer Earie[28.6 30.8J-0 4I 137 
Target Tblrtle [413 44 T\ *0 2 557 

Extra Ir.come Fil [M 0 W 5S [ 10 11 

75.* ° 7 ? 27 ? B * 2 Trades Union Unit Tel. Manager*? 

Stree\ Erti oi-oanmii 

73. [52 0 S54| +56, 530 

iantic and Gen. Secs. Co.? 

06 New Lonrivn Hri '.'helmrtnrri 02*531831 



Cox Internal 
'.'re*. High 
Cm Rc+enea 
I'm Tolqro... 

D« Income rd 



NLAVnilx [44 2 46 51-111 3 87 

Mataai Unit Trust Managers? (*K£I 


Bar*'i'\»n.lul> ITT 
• Accm'p 1‘niis * 

Barh Expl July » 89 Q 
Burkin July*. [79 6 
1 Arcum I'ni:* . 

Col emu July 28. 

> Accum. I'nlb'. . . 

CumbM July 26 . 

i.Ac-uni UmL > 

r.ien wrost 1 _ . 

, Nccliln Vnllv.... 

01423 10.50 Marlhr-rn 4 iilu<i ; 

38 21. I 536 (Act-urn Units. 

Van L<tth Aug 1 
'Acrum. l-n:ivi 
Van’Hy Augurf 1 . 

A’ane Tee July 26 
■ Accum L'nil-. ■ 

Wirk'r Jd> 27 
Accum Unit 


Ol-AOfl AfiCG Wirk fn July 29 


Discretion arr Unit Fnsd Managers 
22. BlomfieldSI .Ei'XMTAL Hi -638448.5 

inv Income [1673 1783- . 1 5 10 

£- F. Winchester Fond Msgt. Ltd. 
r»ld Jewry. EC2 0;+»62:5T 

Grrai Wmrheaicr . [17 1 IS 6 hS ’. 521 
ill Wlnrh'er (7v3([M+ +0 9- , 436 


hi Ai rtira. 

T>-ndalI Managers Ud.? 

IR '.'an-Tiue !<•■+.•; firvlnl 


15. Copth?;: \'e_EC3R7BU 
Mutual Sr r:iu..|S8.9 54 

Mulua.' Ir.' TO . [70 I 74 

Mutual Slue • ‘hip [44 6 4# 

'.‘elLal riu-ViTd [60 6 64 

National and Commercial 
3 : Ft hr-:-'-* Sqtii.ro Edinhurgli dll .VftOIAI 
ineosie -Mi. J* -[157 4 lb32| 15 759 

•4c:cx I. .**• • — [215* 223 3 5 759 

Oajs Jul- 2'i 130 8 135 6 3 40 

-4ro-im 1 .-i-i'-- - [1602 166 2 I 3.40 

Fmson ft Dndlev TsL MngmnL Ud. -National Pfevident far. Mngrv Ud.? 

W -VrllngtonSi.SW OI-aSBTV.: «. '.r4re.-r- -rh>j . E l- 3P J||J| fl|-<C3-CM> 

Enun Dudley Til 1663 71 5] 3J0 V PI i,ih "r-Td. |46S 493i 1 4 20 Sro, & •.-ar.JnriJH |lM 6 

Equitaa Secs. ltd. (a> Igl VW^Vraa SfT ut! I *H ■ Ac ram lion - 

41 BtahoB<cg>ie.£C2 0; 588 285; *4*r-ni Cr.t;'7- Hw 146 3. I 2 35 

Pn?mpc )M 6 73 4) -0 5) 3a ^FIima "f July ri dejl.a^ Augu* 3J 



ImowJlili 3* 
i.A'-eum. t'lilbi 
•'kpiial July W . 

■ -.cium l'nit*< 
E-.rmpi.ii:tT» 

. Arrum I'mlo 

!nl F+rn Juli 28 
. le-tin I'niL*. 
Prcf.Jul‘28. .. 

1 Accum Vim--- 


!100 6 
|1838 
■1276 
1798 
1124 
159 2 


PTIr+x -'nljr 28 Text dealing .ABEW1 B 
Equity ft Law L'a. Tr. M.? taKhHcUxi National Westmlnnpr?ia) 

AiBeriham hd. Nigh ft'yiomb* 040133377 Cbea?Fi-re. gC2V 6Kt-‘ 01 -GOG W60 


2 92 


Foully 4: Law (69 1 727' +0ti 

Kramllngton I-nit Mgt. Lid. (a) 

S-T. Irelaad Yard, ET4B jD»l. 0: 24fl«Tl 

American 1582 53 2; i *. JO 

i.mnlalTrt . . 3127 6 135? 358 

1 nnwae Tm. 109 0 115 a[ ! 6 67 

InL 1 Irowrii Fd. . 1125.2 322 

Du Aicum. . . |128 8 126 

Friends' PTovdL Unit Tr. Mgrs.? 
i*i Ahuii End. l>ork-n: -amaas 

hncrntx Prtn irti 144 & 47 ti -0 3; 4 03 

(•e A mm . |57 6 l!5-9- 4 0J 

G.T. Unit Managers Ltd.? 

IS Frarbun Grew El'iiMTIlIi u.Gajain: 
lit Cap ln f [89 9 466^ -5s. 5«C 

D» Are 108 8 llsr-?? 1 34« 

uf in Kd m iL’m lua! -o>[ 7*j 

:tl : \6Cn [345 9 lMP-lo! 240 

~ ' -i*k9 

(1392 
):«: : 

56 4 

G. ft A. Tnui iai iri 
5 Pxyleigh Rd Rrc-+**>cd 
C.6A ^33 


«.l* 

7.62 
528 
4.98 
6 32 


capital >.Acei.H.I_l48 2 

Earals :( 167 7 

Findn-'ial ... _._|35 6 

.Tro-9h|r+ W.7 

ineome . (37 8 

KtCtJclie In 7d._ [70 8 
„„ Vns'«r»>: K-i-d- _|6I0 
226 NEL Trust Manager* LliL? taggl 
Millun l eu.'L Gorki nri, f-urrw 5911 

NeMar .. J63C 66 3{-4 5( 4 30 


733) -0.8 
727 -01 
382B -05 
9e An -L2 
40 6 -03 
756 +06 
655* +0 3* 



Japan & lien 
*■51. Pcn^ Ea Kd 
T lnl‘1 Fund 
..T FmirVHsFri 


NeT-air it-;n Inc [524 55 i| +03! 839 

For Ne» C«m Fond Managers Ltd. 
see RMhschiid Ahset Management 
Norwich Union Insurance Group ibi 
pr, R-i4. Norwich, ml: 3N(. DOT 2221*1 
• iro-i: T+x 1557 « 376 S - 7 1| 4 99 

Pearl Trn<t Managers Lid. taKgUz) 

S55 n.;l. Hoi -wr*. «•('! V 7L3 n! 4U5H44! 

Tcsr! Grc +C- Pd .. |Jg * 25 7| -0 7[ 5 19 

-. vum C:.:* - a : 30F|-0? 519 

rtet-i rr, - l35j IS 5. -0? 7 5? 

Pearl I'm* .-t - B6S 393I--14. 4 87 

.wji L-r.::» ,47 3 508 -0^ *8! 

Pelican Units Admin. Ltd. tgnn'i 
r err~?, yn a; yr-jr-c -i.Manc bev.er -rvs.-xs* : rr . w i- t .r. 

36-:, -SJ5 AM Fc»; ran Un-la—— il?l Uc; -CJ; 494 Atc-ja. +n:u 


5651' -5 4' 996 
146 111+4 8. 400 
1532-^6. ]» 
60 »-?■!! 120 


s^oi Inc Jnij an .[160 
Loudon Wall iironp 
> ■« pilot Gru-xth 
TV, l-vum . 

LMrc In,- <Tr,--«th 
Do Arcum . 
r-.cincial Prrif 

Do vreum. . 

Hlchlnc Prior.ti 
lnlcrr.-- 1 Wn»l - . .. 

Specu-I Sit*. 

| TRB Unit Trnsts tv) 

ji. rjiimrj-’A'a;. \nH«vr. Hanlr 

Declirg. tr- rtJH «JL1C 3 

1 i»tnR neneral 46 6 4994-0 

. L- > I .Hi AC'um ;bJ 0 

'Li TiBlncunic 613 

h> Iw Si-.-um [64 0 

TSR ju-n|(]*h 86 2 

• r-v SvCUril [92.4 

llswr Bank? Iai 
■AiTiP4 bl.'CCt. bell -.-I 
‘Alhcl-JliMk *3S6 

Unit Trust Account ft Mgml >Jd. 
K:nc fill' -m -, f?,;iri F \ft ll| (CT «'■; 

•r- Ii -c Fund -1520 161 OB* 1 4 66 


F. ft C. Mgmi. Ltd. Inv. Adviser* 
1-2 Tfturoncc PraintricTUlilL FT4R ODA 

Ol d 488(1 ■ 

CeniFd Jnlj-2* | SUSS 77 | | _ 

Fidelity Mg rat. ft Re*. /Bda.1 Ltd. 

P 0 Hoc 870. Kamillon. Bcnr.-jr'j. 

Fidelity .Am .As* . SUS2662 1 ... ! _ 

Fidelity let. Fuad . SI S2331 . -- 

Fide Illy T>.- Frt... SUS50E9 ! 

Fidelity WrMFd SUSX632 I-onl -- 

Fidelity HgmL Research (Jersey l Lid. 

W aiertra-- Use. Don M . hi lleliei . J» r -c.. 

>153+ 2756: 

srn+i 5 -Tr.lnl 1. ... | £4 01 | [ — 

:V-n>."in iharinci- I £954 ] -0 3 Ti 

Sunn D (AnuAnc.i| U 8.0*1 ; t — . 

First Viking Commodity Trusts 
S. Si <!«Me’s St- Dmigla* I oj-f 
OKA 4882 Un. AgU. Lhjnhar tc , > IJd . 

S3. Fall Stall. Undnn SW175JH UJ-KIOTWT 
FqVlk.CiaT54._p4J 36 1: [ 3 10 

F4 Vk_Dbl.Dp.TW.l75D BOO] 1.00 

Fleming Japan Fond S.A. 

37. rue Notre-Dame. Loxerabeiirc 
Fleming Aug. 1 . .J 5VS5940 |-:6E| — 
Free World Fund Ltd. 

Bull erf 1 eld Bldg . Hamilton. Bermuda. 
NAVJnneM ,| SCSI 83.76 ) . .1 — 

G. T. Management Ltd. 

Park llw. 18 Fiosbury Cin-u*. I.nndun L'.'l 
Tel m-C» 8131. TLX. 088100 
London Agent* for 


vi 

P96.-90: 

fj +,l 

nni-c-.J 


4 69 

11 n 

Jii 

:s6 


Schlesinger fnlernational Mngt. l.td. 

Jl L.1 •-ioile S: . «: Iloilcr. Jvr.ey ->5»* ~ -*e. 
SA.I1... U '«[ 

SA'.'L . .. .0 91 E*96>-9<I7| 

Lilt Kd . - . 23 0 23 T 

Inil K>L Jer+ey. 113 

Intnl Fri Lunbry 51131 
•Far Kam Find IPO 105I -:i 

-Non *ub da-.- Aucuri 2. 

Schroder Life Group 

F.nlsTPn+c lieu-,-. Porismoiiih. OTOS ?7733 
Inlcrnaliooal Fund* 

£ Equily . |1173 l?4g[ J _ 

:-Lquil> 133 3 Ul£ - 

LFiaoI Ir/ITO: L llJi 4 15(1 1^ - 

SF:xcd Inl'.-rcsi ICS 2 111 9| _ 

SManaccd . _ 1312 139 5 — 

SMa laced. [114 0 12651 I — 

J. Henry Schroder Wagg ft Co. Lid. 


r 120. Chcapnri,. E C 2 


Cheaps July 3 1 
Traliilear June ill 
Allan Fd. JulylO 
Darliii^Fnri . 
Japan Fd July 27. 


SVS1200 
u 51 S121 

A 41 91 
Br>7 47 874e| 


IT.38S4W) 


» [-a 02) 2 4. 

"isti : s 
2C?l-ao: so 


83 

CO 
0 49 


Ancis’r - B' Units 
Anchor Gilt F+isc 
An, inrlnl Fri 
A rich 'fin Jsy Tat. 
r.cn* PacFd . ... 
B.-Tir Par Si rjq . 

' A*i»Fd . . 

(,.T Wi Sicrlinc 
. T Bond Flird 
■7 T Dollar rd 
: T.ria-ifieFd ... 


l-l » 


710 
12 95 
209 
257 
0 80 
096 
147 
129 
560 
0 67 
101 


ri(f 
. | 060 
150 
| 5 70 

(MC43M11 
| 19 60 

j 2 60 


STS* 97 iri? 

U?75 9 C1[ 

KfSin 5 CM 

28J 30 3 

I 6V5W9B7 
297 00 310 96 
5HK967 lJill 

pJ4.79 !5 3* 

SI S135Q-B 
St S7.44 

SUKUIl |- j.'fl 

G art more Invest. Ltd. Ldn. Agts. 

2 Si »»!>• Axe. London, LC3 'll '283:15.31 

Carl more Fund Magi (Far Easl) Lid. 

IVD Hutchison Hae. 10 Hsrcr-urt f:,l H Xon 
HK* Pae. U T«._ b.’DJHI jri ' -- 

t Fd — Eisiias i;:r-J 

V. AdwntasTst. -BLIllUB fil.*M 
Inll Bnndrnnd.. |JCSUU5 U.'cf] 

Gan more lomlmeul Hafl. Lul 
P.n BoYE.Dounia^ios*. 

(•brimoro lull. Inc. 1212 73 2 

Gan more InU. Grth|6S 7 b5 H 
Hambro Pacific Fond Mgrm. Lid. 

?1 IP. Connaught Centre. Hons K'as 
Farfc i-i July 31 .. mfTJ3K Jl *J| | — 

Japan Knnrt .[(15861 9M; .. I — 

I Iamb ms (Guernsey 1 Ltd.) 

Hambro Fund Mgrs. 1C.I.1 Ltd. 
pn Bo« W r.uemwi oigl-StBlT* 

M Fund .... lisoa 160 2' -1 7- 3 70 . „ .. 

Inlnl Bnrd JUS 106 83 1101?*- 3 gS| 8 56 j’- e 

Ini Equity ilSjll 64 HOP!-? ■ r « 250 \m-nea.. Jy? 
Int s«c-. "A" jI.-JlOA l.op+ss:- 8 50 'Arciin' +harc- 

Int Rv;» B' Sl'Sll 36 1 JflJ-i >J| 2 50 

Prrrc- m Jut 2 Next ricplinw A-JC !■ 

fTemicrson Baring Fund llgrs. Lid. 

G'-S. Aaramnn llnu<+ Hone K.mf 
Jafmn rd .luh-Itt gl-j3Ul Dll' I — 

Ban ne Henri Rnnil Fd Jolr 2f< Si'<10 137 
■Lwh'hv of any prelim ,-h+T—- 
Hill-Saxmiel ft Co. (Goernseyi Lid. 

.•FVhiT,- SI . Frier Port fiui-n,".-. . I 
Gus+n>rvTrt U581 1691) -16! 3« 

Hill Samuel Overseas Fund S.A- 

Kue Noire- Danic. IdM-oihi-nr, 

ICidOT? "I - 

Internationa, Pacific Inv. Mngt- f-trL 
I 1 ’ ' Box 11337. 36 P;n S;. s+di"-. v-j-l 
Jairtin Equity Tm JSA2 12 2 23n i - 
J.E.T. Managers (Jersey) ltd. 

FO Bn*. 194. Heyal Tsl H«v . J+r — . u'-. J 2T(i] 
arr Kxirnl T a . [174 0 105 D 1 

a. ji .hint- .1u Mib ,1.1 Ju|- :-i 


Sentry Assurance International Ltd. 

PO Box 328. (Lmulion 3. Bermu-ia 
Managed Fund . |i.nilf — 

Singer & Friedlander Ldn. Agents 
TO <. annon St . h.C-4 01-J49i6U8 

nci.ii'-rd* 'r».V262F 27 73) T 611 

Tok-.-nT-n \.ic I I Jr.«39S0 [+250l 1J7 

Stronghold Managrtneni Limited 

Pil F.Ok ?l. r , «i Holier Jer.ev .V.ft TI4m 
I'ommodig-Tr'i'V [S8 65 9j.32j J — 

Surinve^i (Jersey) Lid. m 

Qllfwa* H-c rinn K>| S' Hrli+r J:>- 071477340 
\m-nc.-"i (nri T+> |-:815 0 3ZJ-S0M — 

« ',«Pi,pr Tru-4 ill 11 llia-ilCi — 

Jap InrioxT*: . |i!2 45 17 n) | — 

T SB l'nil Trust .Managers tC.I.i Lid. 

HaCMclIe Kri ..SI SiMaur.lrry-i OSKTiiM 
Jerirv Fvn, I [-18 5 510d]+1.0| 4 71 

Gui-rn Fnni . |48 5 51 0«1 +1 91 * 71 

Price? on Aucurt 2 Next sib dav AuCukI b 

Tokyo Paciflc Holdings X.V. 
inu mi* UuMcncat C„ S 1 . Curara-i 
>Ak p+r share July 24 JI'SST W 
TrRtyo Pacific Hldgx. (SeaboanH N.V. 
Tc* Iran « II *n .1 cement Co V . I'urar >■+ 

N AV prr share Jul> 24 SI MJ •». 

Tindall Group 

P O. Rot 1256 Hamilton 5. Pemmla. 2-27W 


r« rrrM'JulvM 
• Areiam I'l.ll--- 
n '/Jrini July 2c 
2 \'n,S . 51 Heller. Jer*e» 


[71 <1 I* 
hi -I 26 

Ik.'-:* 




600 


T'j F.'L -Inly 27 
\rr-.rr. Sn,i re- 


jr.+i- F-l Juri L tf . 
. \»n 1 A+-:. I :• , 
•7,1, 1 vnri-lu!« 

- 4,-ruRi Sharer- 


SlOd] 
15W 
I 51 


I — 
(1734 3733 1 1 ■ 


*95; 
90 5 
2io 
297 
110 
142 


600 
790 
7 48 

10 E7 


(£7 b* 1 
£12.15 

84 5 

64 f 
196 2 
280 2 
■1084 
1140 0 

VlMorv liras*- Dwirtu. I »lent Man. 0624 241 1 1. 
-Mnna^ri July 2(1 |130 2 137 2) | - 

l'ld. Inin). Mngmnl. 1 C.I .1 Ud. 

14 Moh/iArr ?i l:" : ,+r. Jer-r- 

r IF. Fund JIISI*™ 101661 1 a 1C 

Varied St3les Tsl. lntl. Adv. Co 

-4. Rue •Irinnri r l.u'+TJinjrc 
I'f T *1 In-- Fief I 510 9B | | 0 91 

Vr»r A<yni July 28 

■S. G. Warburg & Co. Lid. 

r-,1 Gre+harr. Slre« u: raVirtV 

■ .IUI Pd Juh 31 i 11' *8 Hi 
► nr- IntJ-jij.AI S:.'51B3E 

(Ir t’l S!**i .’nh 31 ;"S7 53 -fiJ. 1 . 

Men-rsHFri-lul-TS jV.T.F II 11 Ul 


Jardine Fleming ft Co. Lid. 
4Kh Fl n,, r Cunnruighi Ci-nlrc !l 
‘ +r.lin«- Kri n T-.; 

rrimr I pr Fri • 
lardkieSF. A 
bMilv-KIfin int 
I uiT l*ae *■•'> -In. 

Do • A ruin 

N.AV July 14 -KqUii m! 

N.-1.I «,F, Jn| 


«HFJS3 94 
&HK362 70 
VI ‘SI 722 
5HK1055 
&liK12 97 
3UK13K 


2 51 

0 90 

1 80 


10 2901 

In veil. >!ae(. Jrs> . Ltd. 

r*vr,74i 
! - 

“*5 : _ 

10 631 

World Wide Grimlh .ManagemenKh 

Pl.jl-- iir-.' (-■■•■ t‘ : -j. -.-m Injure 

M.ir,» •<■ -. -.*), :--n !i/si6 3n — 


Warburg 

1 1 liurint ' r-i— r!i -!i» 1 i,t. 
1 M)' l.;ri Jun-'.'!l S' -'-It 
I'lTt.vi j'-ne.3l ii]3 20 
•.I«..l'' i Junjr. !illC° 

Tvt 

T'J T I.r . I .»■:! ,-* iilOJfc 


NOTES 


sl 

«7[ 
98 j! 


orfri 6213d 


3.65 
3 65 
7 24 
724 
2 73 
273 


+ri 61 


rrjij.ii::] 
ti 5r -05 ; am 


n'ieieriirrF Fnd 

>- Ai'urri 


[302 

5*9 


»8l 


424 

e 2a 


Wleler Growth Fund 

Kin;6||li»ny PJ'iP’i’.P. 

30 2 
>.9 


n] JTZ1 43.*.; 
31 f. . 4 3*. 

56 3, | 4.24 


Fnre? dn nra inelude 5 prcmiuci -?• -pi •+ hero rodir ••(«-! t (ml in- in iH-r.e* ante*-- r,ih-:n».?e 
imlit-atriii llcldi % nJioMn it, ]+■: ri.lul.n- al.V— (nr n.! hu;inc c\p+-, : r!- a I'n'i'erei pnrr-ji 
Ihrii-jde at. cipeiue* ji 7r.rt.-n • yrc— e Vielrt ha»erti-not(»-r prim ri friiMi-d r Tl-' , ty 1 

npetnnc pnee. b D;+tnhi.limi fr 1 ‘ ' ii *«v.»-s n lvtitelit ^'wi\i^.irr-Brin;+ rAan^ k 

prcmiuri inulranee. \ 'Hfe r<+l l-.« • ir.«-lurie. ; ...;--n-r- <-»c r ^ acta:'.< rr-m.Tu.-'.i.w. 
? OULUuri price ii.cludCk al, ■-•m-.n-.i- i( r.n-j^ia -'.r-.u^u n.isucerv t PwiM, -, pneo. 
¥ ’.'H uf Hr An reali+rd rnrnial ‘.-’n--- iir.ii-* inriiu’i-c *" 7 * -rii-.-rr . t Sus|i?r-dcd. 
+ Vi+l-i rn ■ '-r-r 'i» 1 fV -chi: . irmr. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Avc.. L'lndo.n EC3\‘ -JLU Tel.: 01-L’W Mfn. 
index Guide as :■! I8i!i July. 157S (Base 100 al H.1.771 

'‘live Fixed inicrcsi Cupflal 

'■iiv’t* Fixed Iniere-: Ipcuaip .... . ur.Tf 


(URAL INDEX: Close 494-19? 


INSURANCE BASE RATES 

Friipcrly Gr»H-;h 
Vanhruch G:i.ir;.r- ! '*e,i 

■ tOlrr4 •h..»r j.- 1 ' .’(V.' *'i<i rrre+r-. ’.o-' 7i 




Anrlcrdum P rt B«\ 129R. .Mtl'Wltam C. M.iri-*ir;frr Oucen'f HCCIC. Qacn Street. 

Telex 12171 Tel 240 .IV. relrx (<e8B13 Tel 061-334 338 S 

Yirtn:ncli.nu iTcnree llmi.f. I'-enrce Hoad. Me iin «adnxoSanie:rchnaya 12-24. Ah. 15. 

Trie. 3.0*; » K-l mil 4.<J iW22 nn Toi 2!M 3748 

K-vin Trcvihiiii- H !«M llrdfjailee 2 IP, X ■ Ti: 75 Rwkeidler ria.-a. NY. 10013. 

T»:le\ |WI>I" T*-l JIOitH Teles HrTOO Tel Cl”. ."•4 1 4625 

Rni'Tel* 30 line IHi, ,- i|e r.n< :if! Rue do Semirr. 7WTC1 

Telex 2^2KI Tel .. 127*137 Telex 231044 Tel: 236 37 43 

Cairn* P «i Twn 204M Rio dc lonelm Aienula Pres. Vargas 418-10. 

Tel- &W..IH Tel 2.S3 4KW 

DuMin. t- Kite" illi.im Square. Rome \ i.i della Mertede 55 . 

Telex M14 Tel TOCS I to|-s SHXC Tel: STB 3314 

Edinburgh- 37 iioer^e Street. Str*- i.holm c • S'en-ka D-;bljdeL Raalambsiaj 

Telex ■ 72484 T.-l 111 1-228 4120 Te|e N [7(503 Tel: SU *i 88 

Frank! urn Ini Sarhsenlast-T 13. Tehran pn Box 1 1-1 873 

Teles 4IK263 Tel. .133731 Telex 212634 Te!: 652®3 

Jnhaone«t»sr.‘ P n Rex 2123 Tnli c 8th Floor. Nihon Keini Snimbun 

Telex S 6257 Tel R38754.' Em d dine. 13-5 Ocew.ie ht C hiyeda-bu. 

Lisbon: Pr.xe* d:« Ale^n.i M-lt*. Lisbon 2. J 27,04 Tcl; 2,1 2920 

Telex 12V; I Tel: 3T.2 .*<3R W.i-Sinsten 2nd Floor. 1325 E. Street. 

"Srt.TSS"' 1 ' “■ '“" d 1 £E; «ssr So ’£'** 


ADVERTISEMENT OFFICES 

Rirminchanv fieor^e House. George Road. Mancftever Queen’? House. Queen Street 

Telex iSWO Tel (Cl-4.i4 0322 Tele; An$M5 Tel 061 -634 «*W! 

Edinburgh. 37 Georre Street New Y«rl 73 Rockefeller Plara V Y 10019 

Telex 72484 Tel U3 1-228 4159 Tele' 283403 Tel i2!2- 459 8300 

Franlrfun l*n S.irhsenl.v.pr 13 . Farr« ;at Rue dii Semier. 72 x 102 

Telex IfCfOTel ,-x4t**7 Tele*: 221*44 rel 2assb.ni 

I^ed? Permanent Ho>i»e. The Hpadrmv. Ti-k-ii K.i -.ihara RuiM.nc TJf-TO Uchikanda. 

Tel. avi LithO •’i-iv-l- 'ii. Telex. A S7:<M Tel 293 

„ i>t er ad'CrtL-oRier.: r <, .pr- s ei.i«tm^ ;r. 

Centra! and South Aixcr.ra Viva. Or*- K.i«:. \<n and the Far East 

l-or |i.r:i-e- ""..il- ■■■•■•■' : 

•V.er'ear .\rfM?rii*emem He [un merit. 

Financial Time?. flr.n-kcn Hohm*. hi. Caunmi Street. London EC4P 4RY 


SUBSCRIPTIONS 

Copies obtainable firm nrn-sawnto ■»*! boei«ail« unrldwlde or on rexmiar aubjeripiine from 
Suharripbon DepanmenL Ftnaneul Tuna, iaindon 





























































































































































Imp Coot. Qu£i 


.inline 


237 
76 
143 
20 
56 
147 
3Hs 

UmgHmNy lOp.1 41 




171 
6ft 

SJ 2 

103 
71 
141 
IS 
22 

V 

77 

* 8 - 
46 
366 
54 
CLIO 
125 
24 
J&2 

Box El 1346 

Closures— 1 104 

8 

013 


httHtTm Class 


Prudential:* 


Forbes IDp. 


Alliance £1 


LtTlLlJ 


r«ai«'jp.iinp 




Off 


10 Jl 1U» 


pnGmup lOp. 


rr 


IE 




SHOES AM) LEATHER 

16>s (Allebane 1 


77 
38 
7*2 
72ij 
IO 8 I 2 84 
103 71 

100 6fi 
78 MU, 
74 56 

12Sh 97 
68 55 

78 bS 
90 


■ftiiwVfcE !0p 


SOUTH AFRICANS 


Pennine Mtr. lOp 


NEWSPAPERS. PUBLISHERS 


185 (130 


1185 M 1590 I 391 4.) 


Sharpe iWN 


n7i ? I 46 lAW WW 


I:n; itiiir.; 
5> jPniKwm.i.rj' 

**3 fcjidIWP . 


Eift Lmi>. Pit 

lueafeptu* 


301 9.31 <4 2) 
60 
5.0 


Softer ktabm. / I 38 
10p . 109 


15 
11 
92 
50 
82 
44 
22 
62 
50 
39 
41 
31 
95 
70 

Small 5 TvJoia* I 29 
Si* i.kTml.iOr .1 7^ 
Pn Pn. LI3*» 


flW 
40.66 
378 
378 
t2 42 
iOl 
12.54 
1 JhOM 
1 731 


3.< 

* 

0 .' 

150 4 

150 6 

.131 * 

h282 3.i 
hi 53 
dl.07 

0*1 
4 57 

cI3 35/ 0. 
1.67 5. 

3.76 4J 
1.47 I 3. 
354 
3-29 
50-56 

33.2 3 
0.70 
030 
♦4.76 
♦d 4 1 
4.49 
293 
♦1.05 


122 
SO 
4fti 2 
109 
53 

iGOoiilntlOpI 200 

*84 

70 
44xil 

8 - 

55 

S’ 

%S 
106 
830 
28* 
131 

PaNewWm>._l 20^; 

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, 99 
'109 
120 
58«1 

J? 

67 
27 
136 
36 
55 
185 
155 
661*, 
612 
£ 48 !; 
485 

102jd 

53 >z 

74 

207s) 


> In talk* 




matiCirr 


j^tipfctES- 


3.3 :.j 9.1 


Lfiift-LnW Ph 


rji’ii!i a < ■•pwr 


Tl 


+ «H Div. TW 
- 1 Vl CtrCrt 


NOTES 




80 'Tectaotnc- 




230 
ZH? 

Tl 
88 
54 
6ftJi 
122 

M 

■sru 


111 j+2 
» ♦* 
I’ s 

77 
75 
335 
13^ 

310 
59 
6? 

37 
172 
25 
95 

loom 

35ij 
54 
37 
£83 


nd 

W 


Dlinhilli.A • : 0 n 


2J,129llJ) 9 


IB. 6 47 > 4 1 37 i * 


63.1 2a 

■as. 9 

25.1 44 


Tl 




7.11 13 5J 

3.65 1.1} 7 J 

t4.57 Ifh 5.: 
t264 l.ol 4J 
122 1 

8.12 L 
t4.57 1 
1.52 

7260 11 
335 1.0 

1-3.50 O 
3 41 lOl 
h208 10 
hi 62 10 
223 


3.11 
♦5.38 
r2J9 
2.64 1 <fr 
hi82 1 
1.91 0: 


I 


Ini'll Khprflw Indicated, price* and twi dividends m la 
pence and Jenominaliaii* ate SSp. Fillmiurd phKjundnjca 
ratio* and roerre arc baaed on liuuniiiulnpnttuiuaaiiu 
and, where peilhlc. are updated on bilf-ieuly Ann. TlEa »* 
calculated on the basi* of set dialrfhuitoo; bracketed figures 
indicate 10 per cent, or mare dilfrrence if mini laird on -air* 
dlcritalim Co ter*, are hard on ~mazanina~ flt liUall ia. 
Yield* are ba*cd an middle prices, are pan. adjusted a ACT of 
51 per cent, and allow lor value af declared distribution* and 
richt*. Seen M tea with denomination* other than sterling an 
quoted Inclusive of I be Investment do Liar prratlns. 

3 Sterl.-nc denominated .vcoiriues which include InvMMtM 

dollar [r- mi um 

• “Tap" MneL 

■ Hi^Jis and I*iw« no Died {bus have been sdJtaSerf to allow 
for nehl* usoei fur r.ish 

* ltiler.m since Increased m Tenured. 

- Interim qnte reduced, paved or deferred, 
tl Tj»-frcc !.■ nr.n reside nt* "n applicadoo- 

* F urn re r.r report awaited. 

»t L'nlistcd weurtly. 

« Price ai lime ol puspeiuma 

« Indicated dividend after pendlne *crip and'or rights Issue: 
piier relate* to pretious dt\tdcrd« or forecasts. 

♦ Uairyer hid or rcurgunliaiiun in progress. 

* Not cumparnM.; 

♦ Same interim. reduced final and/or reduced oxrnlnjta 
i nalt eaten 

t Kopfenst dividend^ enter nn earnings updated by Ufeit 
interim vi.-iivnu'Qi. 

1 • 'liter allow* for ct>m-cr*ii>n of .shares net now ranking for 
dividends or rankinv only for restricted dividend, 
t •■■iter di-c-s n..i .iilnw for »harc* which pis.* also rank foe 
•tivuicnd at future dale No I* E ratio usually provided. 

* Etcludinr u final dividend declaration. 

♦ Rvijlunjil price. 

|l Nn par value 

a Tar free h Ft cure* based on prpspeciu* or other offieal 
< tiixaVc c Crtil * d IntultMi rule paid or payable on pan 
..f iVipiUi. oarr tiaso.f ,m dividend on full capital. 
r Redt-jnpii'in tteld. I Hal yield f .Assumed dividend and 
yield h .V sinned dividend and yield after scrip issue, 
j Payment Iron* vaptLil -uun-o*. k Kenya m Inicrun biaiier 
than pre< ions lo'.il n liichl* if:-ue pending ^ Faming* 
hifon on preliminary fi cures S Dividend jnd yield ■■nclnde a 

■ pool a| p.-.viwnL t Ini Inn tod dividend inner relates l" 
;itf> luu* dividend PE run r. Ii.isitf on laiest annual 
•'..-nioi;*. ■ F'nrocasi dmdciid iw er luvol on prodinitjeii'n 

••..mine.* t Ta> free up lo .kip in the £. w Yield allows for 
currency clause t Divtdi-ndtipd isold '■•-<" i d<i« merger term* 
i Di .'ii!i>nd .it’d yield include a 'pecial pay im-nL u'ener does not 
.-.pplt TO speci.ll piymcnl .1 Net dividend and yield B 
Preicrence ihviilcnd p.i*.seii nr deferred l' •-■fcitadi.iit. E l*.suo 
pnee f Tsividonri .mil ticM tia-eil on prospcctns or other 
•-rrii-i.il i‘'1imiite' for IPTO^V- i: Assumed dividend and yield 
ulier tendmr scrip and or tight* issue 11 Thudend and yield 
b.i'vll un protfiectas nr nlher iifficial estimates lor 
litC-B K Ppirw lo-rd no prospertu* or other off Inal 
estimate* for }!f7H M fht’ifvnri and ticld based On prospcrlua 
or mi her oihei ul otiwirv for IPTli X Limdcnd and yield 
r.isi-d on pr<\spec|ij. or other official nnmiitt for 1979. P 
Firure? based on priupvlui' or other official estimates for 
1P78-73 P ilrnts T Ki|.urrs i'tunr.1 7 Dividend tmal to 
.MIC ♦* Ywld hk-sed on nssumpLnio Truasur;- Bill Rule stays 
hoc ha need until maturity of stock 

/t fibres latinni We* ri:i-tdend- rev wnpl**ue: r»i nehts: u e* 
all if Cl s spiral -Jislnhutinn 


" Recent Issues " and “ Rights " Page 22 


TTiif sersice is available in every Company dealt in on 
NLOct Errhancrs thmughotit the l : nit«f Kingdom for > 
tec oi £400 per annum for each security 


REGIONAL MARKETS 

The followinj i s a .selection nf i.ondon qumatioDiof sham 
prvnuuslj IlMcd onl-. in recinn.il markels Pnrey nf ln*b 

i. ■ us-' m.i-l nf ivhir-h are noi olfsciallv listed in lODdon, 

,.rc ;i> quoted nn the In.-n eschstnce . . , 

... , , Midi Refr-hm: f 5 Sn) . .. I 


.\fhany In'.5Upj 24 

3.-i’ !ipinmnc... 44 . 

Ecn-m 21 

L*l v*p 305 *i 

i.'|jteri'ni!l. 26 

■.'raic lc RineEl 430 ... 

nv»«mR A : a 3S 

F.!ll*J< McHrly 61. 

t'.crcrt . .. 16"; . 

Fife Force- 50 

Finljj-PLc 5p 23 

■ sruly.' Ship tl 115 
111^-a.ins Brew. 77 

! • i.M.Sim.tl 155 
lh.tli.l.i.v .Cftp . 263 
rt.n.iV’IdiirMi 57 

p.-.irivi’.' Jl .. 18J 
P-nl Mill-. 20 

Stu-ffii'ld Brick 46 -1 


Sindailt^m 1 


cw srk -so aa. £92^ 

Alluinee V7as. .. 66 

.\rnon . 354 

rarroiliPJ.i... 106 

■Tlrindiilkin. 106 

i.'iinerpie Prods- 245 
I SelK.n ■ I ndcsN 55 

In* i.'orp 160 

Irish hopes 135 

Jin»’h 67 

jtunN'iita.. .... 31 

TMii ... 195 
Uniri.irc 95 


82 l+W XiM i 2M 4Jj35Jt 5C j 


OPTIONS 

3-month Call Rates 


Indortrials 

Krv * . ... 

\.J-. '--.merit ... 

i:.:- ft 

Uarvr'ick .. - 

Bareii.jT Bank 

hi_rf.rh.iin 

BosUvUruR. 

Bunglers 

B -:T 

BriL<. u . fKyiur. 

Hrnvri • J ■ 

K,>r^.- - v 

i jiihip-s 
i i.urt-iuld-. 

Iic+».ir.h..m* . 
DiSiSls-r- . f 
f»ur.!*iv . 
fisiK,-.- >lut .. . 

F. *1 1 

i .on Areidoni 
iNin Eiertrif 
• iluvi - • 
cirupil 'ifcL_ 

-A 

Guardian 

r. k ■: •• .. . 
flaw iwrSitJrf - 
Howe c; f ri»er 


li'i .. 2ft 

6o Impy — ... 6 
If KM ... 20 

9 Init-rcsk 8 

U KCA. 3 

25 Ladbrolie 17 

35 Leqi.l&Gen.. 14 

15 lasc Service _ 7 

16 Lloyd* Eank- 22 
24 "Lois-- .. .. . a 

6 London Brick S 
20 LonrV.i .... 5 
12 Ltifas ludf ... 25 

S f.Jons'.l.* 10 

10 -M:in'' . . 7 

B Mri-v If Spnerl 10 
15 Midland Rank 25 

7 N\E! . . 12 

11 Sm v.-s Bank 22 

14 Lio lAarr.intt 10 

17 P&ODfd 8 

18 Fleceoji a 

40 1UJ M .... .. 5 
9 hs-.rltf.fr? -a". 18 

20 ReedTnuil 12 , 

lfi SpiUcrs 3 ! 

22 Tescoa 4 

70 Thorn . 7 22 

12 Trust Houses.. 15 


Tube Sorest.- 30 

Lrulfver 35 

Ltd. Drapery. 7i» 

LTckers 15 

Woolvcortha 5 

Property 

Brit, laud 3» 4 

Cap. Counties. 4b 

EP. 5 

mereuropeau 4 
Land Secs. ..... 16 

MERC. 12 

Peachey. 8 

I Samuel props.. 9 
Town it ClC | V* 


Br-.L Pe*rnieaa 45 
Burtnaii Oil,. . 5 j 
rharterhell... 3 
Shell . . . ... 28 
L"1 trams r. 20 


A scierlion of ripUony trailed 1* Clc 
LAhdoa SUwk Esehange Hepor: 


Charter Cans- 12 
Cons. Geld — 1 14 
iBioT.Zinc J 16 

r eicen <n tho 
tpor: page 























































































































































D.I.Y.TOOLS 

Grrtride-a member of the Neepsend Group, Sheffield 



Wednesday August 2 1978 


Guyson International Limited, 

Tel. (09434) 3422 Telex 5 1 542 


PLAN TO RUSH BILL THROUGH BEFORE RECESS OlTySlCr 

Aid for Italy’s ailing industry peace 


BY PAUL BETTS 

A RESCUE PLAN for Ttaly's 
ailing large enterprises was 
approved by Sir. Giulio 
Andreolii's minority Govern- 
ment lonigbL It involves the 
appointment or special commis- 
sioners to take temporary 
control or companies crippled 
by accumulated debts and 
mounting losses. 

In a Bill — which Sig. Carlo 
Donat Gatlin. the industry 
Minister, said would he rushed 
through Parliament before the 
summer recess — The Govern- 
ment proposes to suspend 
itiiaidation proceedings threat- 
ening a number of major com- 
panies. The Bill Is directed 
especially at the troubled 
chemical sector, which is now 
facing its worst ever crisis. 

The special commissioners, 
hacked by a committee of 
creditors, are to lake interim 
control of financially troubled 
groups to evaluate their longer 
term prospcrLs. pay off their 
riehis. and formulate a 


Sun rivals 
print extra 
2m a day 
as strike 
goes on 

By Christian Tyler, Labour Editor 

FLEET STREETS popular 
dailies are betievpd to be printing 
well over 2ni extra copies a night 
tn cash in on the stoppage of 
the Sun. now in its ninth day. 
The potential extra sale is con- 


recovery programme. Bank- 
ruptcy proceedings would be 
initiated against companies 
where no financial recovery 
and reconstruction programme 
was possible. 

After a Cabinet meeting 
tonight, the Government said 
It could nominate a special 
commissioner if no other 
rescue plans were forthcoming 
from the creditors of a 
troubled company or the bank- 
ing system. The alternatives 
lo bailing out a troubled group 
Included I be setting up of con- 
sortiums involving hanks or 
companies quoted on the 
bourse, to formulate a financial 
recovery programme 

The Bill applied to com- 
panies with more than Lire 
50bn (£30ra) in accumulated 
debts, and which no longer 
appeared in a position to pay 
their salaries and other com- 
mitments. 

The Industry Minister said 
the Bill was particularly aimed 


at resolving the dire* problems 
of two major chemical groups, 
Liquichimlca and SocleU 
Italians Resine, now both on 
the verge of bankruptcy. The 
collapse of the two companies 
would provoke serious political 
and labour repercussions, 
especially in the depressed 
south of the country where the 
two companies have concen- 
trated their investments. 

Socicta Italians Resine 
announced at the weekend that 
It was-no longer able to pay its 
July salaries, while some 
executives of Liquigas — the 
Llnuichimica. parent company 
—have been arrested on 
alleged corruption charges. 
This has exacerbated the 
problems of the group. 

According to Sig. To mm a so 
MorJino. the Budget Minister, 
the purpose of the BUI was to 
guarantee continued employ- 
ment. and production, as well 


SOME, August 1. 

groups. In turn, the firms 
would eventually form part of 
the much-debated and long- 
awaited overall ‘ industrial 
reconstruction programme. 

For his part, Sig. Andreotti, 
Is now seeking to win all parly 
approval for his Government's 
proposed three-year economic 


formula 

reached 


the 


By Nick Garnett, labour Staff j n the rush of applicationslor 

programme** mcP Abe**’ 1979 A FORMULA for settling the the new long tap this moTOMog. 

budget, whose broad outlines Paint shop dispute at Chiysler’s At last night's prices. It looked ? 

are to be presented lo tbe main Linwood plant which has led to. as though the institutions need 
political forces on Thursday. the lost production of 6,300 cars be in no great rush to buy. * 

There is still considerable was worked out yesterday in However the market has held 

controversy, however, between tough day-long talks between up quite well since the issue 
the various political parties. ^ciSL ^ was Announced, aud.tae way 

employed cnnfMention oler The formula, with national things are going the. tap could 

the P Government” econom ic officers’ recommendations for be-tncfchng away fnjhe nest 
proposals. These are under- acceptance will be presented to few weeks. — 

stood lo indnde the reduction shop stewards today and a mass Meanwhile the equity market 
of the public sector borrowing meeting called on Friday. is still holding its hreath. The 

requirement through a reform *![■ . Gr * n FT-Actuaries Industrial Group 

svsten, C -— °° , " d *"? 1,b .be Tni/port GueWfwJrk- ”*• a «*■ " 

system, new indirect taxation. . j negotia- terday, and the All-Share is 

..PW.M0M ter new job « 5SJ5SS Sfe for- Poised to do the seme. . 


Nobody is going to be killed. 1 ■ a higher proportion of ra«' 

in the rush of applications lor TnrW rn«p 6 1 to 495J5 Une lbaQ of to# 

the new long tap this morning. mucA 1 ,A companies and that insura 

At last night's prices, it looked —— — ■■ ■ 1 companies do- not own atughef 


creating investments. 


THE FUTURE PCTTHm OF UK SHAKE 
OWNERSHIP (UK Registered . 

Companies) 


INSTITUTIONS 


PENSKW FUNDS 


as" initiate ^^ancial recovery An industry at breaking point TloooTwl^on Monday. thenS Associated Eng. 
programmes for ^ individual Page3 “T Although passed car sales 


X i. _ _ _ nr c L-l war l " e somc L of““the ‘bfi Industries, with its wide inter- general the institutions have stf~ 

I I, I moves to St3.Ve Oil Speculation component manufacturers ■ are national base, mayjustabout faramdedthe opportunity t 0 ; 

VAl, The dispute which led to still experiencing very sluggish have maintained its profits in fill this gap. 

speculation about Cbrysler's con- business conditions. Back in the year just ended after a This will tend to changn 
1 • J ' a January, Associated Engineer- strike-hit first half, and should with time. But first the Instil* 

nine tnr V IHQT AY ingsuggested tbatprofitsiiithe be moving ahead strongly thts tions will have to become . 

UllllJ 1 UI y lllillVA mMaiemeSt attLpts to speed to September would, show Hence ^e s^ngtit of its more accountable themselves; y 

up production by new ways of a satisfactory increase over the shares in ment months. **. . . they have power with *, 

Mif-jLi c rADDECDnijnckrr . determining temperatures in the £32.Sro pre-tax of I97&77. B$ ._. . virtually no responsibility. Not •• 

miv.als LUKReruNoem hottest part of the paint shop. May. the less ambitious hop& Giant institutions only is their own managerial 

iustries totme-a year VCM plant at British Steel, on condition that About 550 paint shop workers was that the seasonally more institutional investors do not expertise unproven but also they 
offered Bauible in southern Norway. It they counter the bids of its Coil- h ® v * been resisting attempts to i m p 0rt ant second half would. _ . «.»«,. eouir-- hold- rarely answerable to their 

plastics has faded in a bid to build a PVC tinental competitors. ^ change rest breaks m these show some improvement on -the h «imnani« and their own investors.” The appropriate “ 

*"*3 ■" •¥* »££ “S? a. «*» Ww** lor the Ont-iSx Z disclosure yardstick. sugssr . 


raer holiday. “We’ve got what 
could be a settlement,” he said. 


□early 


halt of 


quarter 


proportion of the top: 30 than c* 
other equities. 

The writers, . Profeste* 
Richard Briston' from Stratif 
Clyde University and ,M> ; . 
Richard Dobbins from the Brai 
ford Management Centre, h®* 
little time for oki-fashlooetf; 
notions of shareholder control.. 
Their view is that the separ&J 
tion of ownership' by shared 
holders from control by profes»_ 
sional managers has resulted 
a situation “in which tif- 
mechanism by which directory - 
are supposed to be appointed 
and removed simply does n^, 
operate.” They also find that la. 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 

IMPERIAL Chemical Industries tonne-ayear VCM plant at British Steel, on condition that 
is understood to have offered Bauible in southern Norway. It they counter the bids of its Coil- 
Vinatex. tbe small UK plastics has failed in a bid to build a PVC tinental competitors, 
producer, access to its polyvinyl plant in Denmark, and is there- Rio Tinto-Zinc was disclosed | 


cumulation of more than | ‘ Vinyl Chloride Monomer is the Joint Venture tion of Scientific, Technical and 

Las night the Daily Express , raw material for the manufac- , , , a . 4 Managerial Staffs have written 

said li hiirf increased its normal ture 0 f polyvinyl chloride, one Staveley Chemicals is a joint t Kearton chairman of 

run of ahout 2.5m copies to 3m of the most important basic "suture owned with the National S!a MttA m!SSm mi cSSon- 
Or more. plastics. Coal Board (45 per cent) and cj T Lccijp Murohv chair- 

Other papers were auarded. ICl has been building a 150.000- the British Steel Corporation 145 man Qf ^ National Enterprise 

Mr. David English, edilor of the tonnes-a-year VCM plant at per cent). It owns the other half Bflard and Mr Davison. 

Daily Mail, refused to comment Wilton for more than a year, or Vinatex managing director of NCB fCoal 

nn a report that it was running It admitted earlier this week that The NCB in particular is keen products), calling for interven- 

an extra 400.000. The Daily building had been stopped to hold on to its position in tion jn the dea f by UK State 
Mirror, which normally prints hecause of doubts about the pro- Vinatex and is seeking a partner companies, in preference to bids 
ju«r short of Am copies, said it jeer* commercial viability. that would be committed ro fron f overs<!as state interests 
was adding " an adequate > This uncertainty, evident for cariying through the planned . , „ „ . . . 

nnmher.'' -some time, has been reinforced doubling of Vinatex's PVC capa- DSM is fully Statoowned and 

It was reported that The Mirror i by the news that Norsk Hydro city to 120.000 tonnes a year. ‘ S v ors K ro has a partial Statc 
is niminc on an extra lin copies I and DSM, the Dutch slate This would appear to block an shareholding. 
a mnht. [chemicals group, are from ICI bid for full control cf Commenting an ICI s decision 

The Sun. smarting under l hi*- . runners in the hid to huv a 50 Vinatex. t° suspend building nf its VCM 

extra blow, is losing revenue at i per cent shareholding in Vinatex. ICI is understood to he plant Mr. Roger Lyons, national 
ihr rale nf £150.0(10 a dav and is j Both Norsk Hydro and DSM unlikely to bid directly against chemicals officer for ASTMS. 
havin'- to meet fixed costs nf ! are seeking new market outlets Norsk Hydro or DSM for the said it exposed the hollowness 

between £50n.non and £750.000 a | for their own surplus VCM half share, which would give it of Id's parallel investment A PINAL agreement on the J P®** ce ? X of AEs sales in the 

i capacity. Vinatex represents an a major stake in a - company strategy in the UK and overseas, a sports car assembly and as much as a third 

Siin jonrnnlisls. who arc in .’obvious way of acquiring a competing with it directly in the “By halting construction with- . * j Northern Ireland is of its diesel' equipment. 


The General aiid Municipal men r of Industry. Mr. Peter months bears- £L2m- of „„ rti „ lla :, v time far n,a J or source of future itoflnee 

Workers' Union affd the Associa* Griffiths, the company's deputy redundancy and early retire- „ for companies. It appears the ■ 

tion of Scientific, Technical and managing director, said manage- ment costs. Over the past few M 16 Ju f T a“=aa oi ao eieo- firms n, U gt look to retained earn./ • 

Managerial Staffs have written m phi tunc with the fnr- mnntVip t nn nr onn -inHc • Hmo tion ana at a time wnen tile • _ il a 


ndcrable. 5lncc the Sun recently \ ehlonde monomer plant at wll- and its 10 per cent share in i DV0 lve other State Interests. ° After the talks at the Depart- and tbe current six hiwnw at ■ issues market will become -i 

£22 SL'JS ? J!?Sth^i ,on - Tcesside ’ the C ° mpany said Stave,ey Chem,cals ' T?ie General and Municipal ^ of lntt Mr S months bears- £L2m- of 1 *1* major source of futurefinance 

r i re i n f ^ffre rhln 4m ! h m ltli . Workers' Union and the. Associa- Gr,ffi f h2 the cSan/s deputy redundancy and early retire- fw fompnime It appears the 

C list ni n ht the nailv Exoress 1 v ,n > 1 Chloride Monomer is the Joint Venture tion of Scientific, Technical and managing director, said manage- ment costs. Over the past few t J ie City, just ahead of an elec- must look to retained tan- 

« 3% 3 SS 53SSSS 

Other papers were guarded. ICI has been building a 150.000- the British Steel Corporation 145 J Qf ^ Wat i 0na j Enterprise 24^00 or so. Tte* important ^ conclu- havinfi a proportion of their.MMf 

Mr. David English, edilor of the tonnes-a-year VCM plant at percent). It owns the other half Board and Mr ^aJd Davison a a Explanations . for the xedun- . .™ funds channelled directly into 

Daily Mail, refused to comment Wilton for more than a year, of Vinatex managing director of NCB (Coal A OrPPlTlAni * fancies include continued flat s ’ on ls that the eventaaiowner- industry 

nn a report that it was running It admitted earlier this week that The NCB in particular is keen products), calling for interven- CCIilClli demand on the capital goods ? h, P of British industry by ^ t, 00 fc collects together 

«nn nnA TL« n n ■ 1 1* hintninn hqrl noon ctnnnnn ffl nDlfl flfl tfl 1TC HOtSlilAD I 11 . ■ . . . . . *«■• — . . . > iaciimmaa AnMftqMim* 4fin non. 


expected 
on Belfast 
car plant 

By David Freud 


24.000 or so. . institiitions. _ , having a proportion °f theirnew 

Explanations . foT the xedun- p0 funds channelled directly Into ’ 

' d&ncies include continued flat s, ? n ls that the eventual owner- industry ....... j 

’ demand on the capital goods ? h, P of British industry by The boofc cqH^^ together 
side; especially for marine en- ««“’ ^1“' most of current thinking- about 
gine applications. The motor Jion funds seems inevitable. The ^ financiaJ institutions, stotf 
manufacturers’ offtake has also b ^ ha ^f raises questions, about their 

been dull: despite the big rise Jff m role - Its drawback is its 

in registrations, • UK car pro - ownership wiU amount to 69 per oym admission that jutbAl 
duct ion only rose by 3 per cent ^ equi * ie *» research still remains to be date 

in the six months to June. And but tti e figure could be as high jn raany of tlie areas on w hidi tt. 

the plunge in tractor production « 84 Per cent Such a situ a- represses views. For -instatt* 

has been a painful blow: agri- tJ0n wonla allow the Govern- j t wou ) d have been useful tS; 

cultural machinery takes about me p l to take much greater con- have bad sorae discussion of 

thp 6 per cent of AE’s sales in the trDl . ov ®r industry, simply by poss i),i e consequences of wit^ 

ibiy UK* and as much as a third nationalising insurance com- drawmg some of the favourable 1 


Siin jonrnnlisls. who arc in . obvious way of acquiring a competing with it directly in the “By halting construction with- * * ? n No ^ ern Ireland is of its diesel' equipment. panies and taking over pension tax co ncessiOTls already enjoyed . 

dispute over n prnductiviiy claim I captive customer in the British PVC market. °“ l . consultation wnt ' union ^ ougllt t0 be imminent. The outlook for turbine com- funds, the authors warn by British savings institutions 

nr 12 1 per cent nn lop of a 10 : PVC market. i.Jtwr ilfoit pSIhS! The DeLorean Motor Company, ponents is good, fuelled by The findings on portfolio con- And the potentially dire impUtt 1 

ppr cent stage three pay rise. Norsk Hydro has recently ns P\C technology to the British weakness of tbeir consultative heade d by Mr. John De Lorean, bibber -demand for the aero- centratidn are at variance with t : Qn _ r»f Government direct® 

vo,ed again yerierday in stay out brought on stream a mOPO^rtners. the Coal Board and machinery. ; a ° f0 4ier General Motors execu^ JgT JJS md iS is so evidence subimtted to the fn^Lt ^not thoS 

anoiher day after 'ho breakdown - tive who is based to Michigaa Safid«iC abSt tbe prospects Wilson Committee by the SS T. 

Advisory. Conciliation and Arbi- 1 • j 1 • pbets^of SSf?? in* both JJ: replacement business. National Association of Pension * The Growth and Impact "-if ■ 

traiinn Service. MlflPlIlVI I lAflflV Tf\ Tllfl Puerto Rico and Belfast which accounts for over a third Funds, which spoke of the institutional Investors. Bl 

They are insisting that the JL iUlV'lUJ.l JLiF V/Rlll T lJULt- v V/ wJLJLU However. Puerto Rico authori- of worldwide saJes. But for the tendency for winds to concen- Briston and R. Dobbbis 

management enmes forward with v ties sa j d 0 n Monday that the moment, analysts are looking trale their attention on- tbe top Institute of Chartered AcaMt- " 

,i cash offer related to produc- — w • • 9 t J 1 f i U.S. had signed an undertaking elsewhere for tbe growth pros- 200 companies. The researchers ants in England and ■ Wales, : 

rvs; hacking in ffilt-eaaed market - b R"y w>. ^ „ 

ttnns roxtime afier a return to mm. a*a*aaaxv» - [and Spcretary , naj formally vnHHHnHBHIl ' 

work. The 224 journalists were 

told last week they had dix- BY MARGARET REID 

eomrac| , .* ,<,,,,>l,IM h ’' hri?3ch ° f PtNCHIN DENNY, the large remain a partnership. The over frori 


Pinchin Denny to have £lm 
backing in gilt-edged market 


j BY MARGARET REID 

PtNCHIN DENNY, the large remain 


l KINCHIN ubi\i\A. me large remain a partnership. me over irom me fiocKoroners r ~~ he cleared UK TODAY 

The Newspaper Publishers' j Stock Exchange jobhing partner- arrangements for raising of Laurie ! »nte wtil be the J| fo s r ° e rae th “ u announcement Mn SOME RAIN in roost areas. 

Association said last main ihcre ! ship, w to rceivc cash hacking of additional funds have been made chief dealer in gilts. J ^de London, E, CenL N, CenL S. SW, 

h.id hcen a clear breach nf < ninre than Elm from a group of by the mockbrokers Cazenove M r . Val Powell. Pinchin's The plant is earmarked for SE England, E Anglia, Midlands, 
agreements signed nn hchalf of ; five institutional investors ifnr its and County Bank. senior partner, said last night Dunmurray near the pre- S Wales, Channel Isles 

the members of the National Inng-plannea move into the gut- pjnebin wil) become the third fh a t the arrangements for back- dominantly Roman Catholic Sunny intervals, outbreaks of 
Vn „ ,on % J< * l,rnal s,s ', , ^ ?* r of the large jobbers to deal in ing new venture showed how housing estates of West Belfast rain Mas. 21C (70F). 

\n NPA emmeu Maiemcnt said The five. County Bank. Slock- gilt-edged, when it enters that we h t h c city responded to the w'here unemployment rates are N Wales, NE, NW England 
the Nl-i had derlarcd a holders Invoiment Trust, market— where tbe great bulk of needs of an unusual new risk among the worst in the UK at Sunny Intervals, showers. Max. 
matter nr principle lh:u members London Trust: Outwlrh Invest- stoc k market turnover takes enterprise about 30 per cent 19C (66F). 

should honour the disputes pro- ment Trust: and Milan Invest- P ; aC e— on September L The t nw „ n . , n , _ . . Isle of Man, Borders, Edinburgh, 

redure It added th.u there had ; ment. are forming a company or h er5 are \ v * cdd Durlacher and P‘ nclim at present deals in a r> er J« on ^ Dundee. SW Scotland, Glasgow 

W*rn 3 clear breach of that; called Dipden. This will Akro v d and Smitbers. wide range of equity shares and decisions Owariooid- iSnMaxTlSC 

nrinciple l»y the Sun journalist* j become an external limited F 0 u r smaller jobbing concerns. char * e stocks, including w j|[ be the biggest single ($4Fj 

• In .mother Fleoi Street I partner in Pmchin. and will be includin'* Wilson and Watford debentures. project— in terms of jobs— Aberdeen, Cent. Highlands 

mnrnilicl; 1 iliLnnlK li n I nn nixm. , ih.. -V, nnol r,,, ■ hn inian. 1 ,.r u J a <- i r .... , ..... tn tk. nnniinpa einnn * . , 


announce the projecL which will I 
provide 2,000 jobs, tomorrow. 

The over from the stockbrokers * u " 


Half-Yearly Statement ^ 

London and Manchester Assurance Group 

*Ihe Group's premium income and new business figures for : 
the half-year ended 30 June 1978 were as follows (the . 
corresponding figures for the six months- to 30 June 3077 
: are shown in brackets) : 


journal iM«‘ depute, union mem- . the channel fur the capital injec- and Wedd and Owen, also deal 


r*. .ii ll»t* Press .\ssticiatiun. ■ tmn. 


in gilts 


“ II we succeed in this new brought to the province .since 
venture, we shall be better early 1970 and follows decisions 


Moray Firth, NE Scotland 
Occasional rain. Max. 16C 


f Scotland 
intervals. Max. 


Rmh side*, have engaged con- 
■iiillants to invest i gale The pns- 

"■jhihiv nf pavmenis which wuuld M a a ' u "■ U.5. company's mvesuncm is nor 

he acceptable tu t lie Depart men l 1/ finrl ACl Q OTTQf'l/ AVtl 101110/1 ,il5el y t0 £10,000 per 

or Employ ment. So far. ihc con- J\lIullCoi<t dlldVlV V^AUlitlll VU V 'S er, r„«h,«. B t s »nn D rt 

*u)tanls appear in he at logger- MT The Government support per 

heads over whether a scheme is _ Y TQNY u»wxins cincmruv * , job is considerably higher than 

workable BY TONT HAWKINS SALISBURY. August 1. the £10.000 to £12.000 level 

Even ni.-re unusually, the THE .ARRIVAL or three that the raids had a set objective Rhodesian troops had destroyed 2S ed rw b ih Ge !ninSS m a 
urnalis.s have hired a public [ rc5 , mo nts of Tanzanian-trained and lhat it had been successfully a school. “We have no quarrel ”. c “, + n a ^?annfaetiin> 

Utinns firm to pul over their • nationalist cuerrillas in Mnzam- achieved. An earlier communique with school children or civi- ,, p j® 1, ^ 3 


up to £30,000 for each job— a orr*a«?nS ey ^i etla M? v 
total of up to £60m — while the /5 ?p^ asiona ram ' ® ax - 
U.S. company’s investment is not ^ 

S„" £10 ' 000 Mostly tS- Max ISC (. 

The Government support per s S ?S le raiD 

job is considerably higher than mainly dry m W. 

the £10.000 to £12.000 level BUSINESS CENTRES 


SALISBURY. August 1. 


N Ireland 

Mostly dry. Max. ISC (64F). 
Outlook: Some rain in E. 


1 PREMIUM INCOME 
- London and Manchester Assurance 
Ordinary Branch 
Premium Income and Annuity 

Considerations 

Investment Trust Retirement 
Annuities: 

Single Premiums 

Industrial Branch 

- Premium Income 

General Branch 

Premium income 

AH risks of the General Branch 
are wholly reinsured. 

Welfare Insurance 
Ordinary Branch 
Premium Income and Annuity 
Considerations 


HWO’s V 

. >/ 

( 5,037) 


f 6,440). 


( 


( 4,622) 


H :'T V 


! bique in prcp.iriition fnr major said 10 guerrilla bases -of the lians." 


<Xnl -w7 h rJS; which recently announced a ■ . ym-v 

iS h Slhnnf W rhiM^ 600-joh plant, to manufacture 

ith ^school children or civi- sealbelts j n F ro testant East Amstdai. c a uluadmr f ^ 77 

, Belfast, where tbe unemployment d!&.™ | 2 S tofnSSS' c 51 

The main purpose oF'the raid i s relatively low. f S “ £f£? - - ^ 


” " 1 strikes into Rhodesia was the Patriotic Front's ZAXLA wing The main mimnsp nr-the niH f A«li» i«« P J 

! main reason fnr Rhodesia's latest had been neutralised. >, ad not b ^ e is relatively low. ®". r f^ on( 

Continued from Page 1 [preemptive ulUicks into NW The General said lhat several people as poMible hui disruDt rants 

- hique. Lieutenant-General Peter groups or guerrillas had now Se S et-up Mid caui f J£r Sn« ^ railtS ' ft - * 

Walls, chief nr rombmed opera- changed | sides and were policing those planning new operations Grants from the Ulster Depart- tmn. 
ItOIQ lions said I lnnuhi^ areas of the iountr> under Tran- against Rhodesia. “We wanted ment of Commerce to DeLorean 

Gen. Wall^ raid ..'On guerrillas sitional Government supervision. (0 convince them that where- are expected to total £40di. Tbe 
the previous day. Against lh€ ' xvcr ? t p0i *« C !i V* aa , J ^ J he>e former terrorists. ever < f ie y W ere, we would hit other £20m would come from b. Aim 

Swiss currency, ii reached a Rh ? d0:! r ia ' He t “ rned P ro 'S°'' cn, menl. as them." the Northern Ireland Develop- J-ai™ 

record low of SwFr 1.7 L closing : declined to m details of casu- v»«ually auxiliary forces of the rnnfirmorl rhat lhp ment Agency and a little over 


Gold 


BarcdODB F 31 73]MlUn F 26 7n 

Beirut F 2S Montreal . C it « 
BcUael C 14 37 M«w»vr F 13 77 

Belgrade F 38 S3 1 Munich 5 37 ci 

Berlin S 31 £8!Ne«rcasIe R u it 

Brmslra. C IP Delhi C 3S a* 

Bristol C 17 63 1 Slew- York . C ID 67 

Brussels F 21 70 1 Oslo s 3s 

Bodaoest S 36 7# I Paris C )* w 

B. Aires C 17 s»{ Perth C 16 «i 

Cairo S 33 SalPresor S 33 


^"““swFr 01 Tt-'V'*, acain'si « Hies in a weekend raid saying Government. ' „ Gen. Walls confirmed that the Vnd I « 

SwFr f 7245 on llondav. " 'that it was mil wise to discuss GEN. Walls rejected as non- * bo “* 10 ° fri^te^bfckeS: d cofe, 1 “ MlsS.W 

Ci „ cl . n . j llP :'n-n,„ H-.V ! numbers killed. But he confirmed sense a Mozambique claim that Rhodesian border. P q ^ surface the ontion of R 14 ^-Stockholm 

SferJjD? slipped durin? the day., had been one of the bases _ me surrace, me option ot Edintwrub n is s»$ tn&n:. 

ending «iightl> above its worst 1 attacked. It was a major ” ue rio -Rico, where unemploy- Frank/un C 54 73] Sydney 

levels vSi*™*™**" of .^!C 0n Umied fr0 m Page i pwrat trainine base and ‘•jjj ^S* 30 ^ ^ fc ? 1? OSSR, 

pointa- The pound v as also o leaders were congrecated there, . Te • .. was notning like as Helsinki s l*s ts! T okyo 

weaker acainsi oiher leading said attractive to the company. Most H^Konx s 30 ss Toronto 

currencies and its weighted index K/rU^* PDT , ^ of the £30m support offered by c w « v«m« 

feJJ to S2.3 against 62.5. J\lO sfCCll tfi refilSiv wf the *?«*«»* -WJS. Governments u2i f is «,z£SS 

Robert Wood writes frpm l recently leli Rhodesia for fresh was in the form of loans. luxcrki'k c is ssl 

Tokyo: A car sieren maker i sales, suggested by official companies with fewer than 200 instructions on how to disrupt Mr. Delorean. whose surprise ur) , irtJt v 

which grew rapidly until Iasi • statistics, having an impaci on employees expected to increase ,he ceasefi ra aDd these leaders decision in favour nf Tnsw»- .>i« hpupat resort s 


C t. KSjPenh c (6 61 

S 33 35 Pre g nr S 23 82 

C 17 63 1 Reykjavik C n j* 

S 23 7*| Rio de j*o r 75 77 

R 19 66 Rome S » « 


' Gen. Walls confirmed that the ?***» s 23 7 * roSi,' j*. r. H t= 

town of Gondola, about 100 miles ^.P” 1 ^ r u m -i,f?f^' orean 1 * se ^ an< ^ x 1? s at ss 

t «* of the Rhodesian border, pr S?'^ a ^ e the ODtio . of K * » SlSSSK I g g 

. had been one of the bases n . “)* . sur£ac ®* Ine option of Edintwrub n is sd'StraSbrs. c 1? « 

attacked. It was a maior Puerfo BlC0 * where unemploy- Frank/m c u 73] Sydney c i6 si 

aieSSl iL™ b« .IS fsssfia, ? 3 s 

leaders were congregated there, ^15 ' wa ? aS Ret»inki s sa n Tokyo s .30 gij 

he said „ attractive to the company. Most a. Kona s 30 ss Toronto c " ?. 

c _ ' i a w j of the £30m support offered by p ™ 73 Wumw ® 2? 

F is 64, Zurich 


Some guemlla leaders had the iocai and V.S. Governments 


C 16 Si 
saw 
S 28 M 

s -W SH 

cap 

s 28 34 
P ?7 81 
C 17 « 


lilt UdD l^qil. j a wv>ms*. r-i «»t lUt IK.U IUU1 IUUUUIO wm — “^*-'-***^U V,* dUU gigi] L5 IQ LDHD N _jQ hO|i\a ^ 

ll« sales in 197B were Y4.S5hn; and S>*P er P rr, d nets industry also compared wuh 39 p?r cent of the Executive Council of Mr, Ian entice Mr. DeLorean to Puerto Do,)rovnA s 77jxk» 
f£l2 5m I »md its profits were stood out as an area expecting large concerns. Smith. Bishop Abel Mozorewa. Rico, claimed that be had failed pwnce s 31 H £ h * s,a 

YCM. Bui ihe >cn rise caused better times The confederation's survey in the Rev. Ndabaningi Sithole and to raise the S25m necessary to Funchal r. 21 jfl RbodA 

jt in accumulate a deficit of The sign or growing confidence Scotland also showed that small Lh!ef Chirau. complete the financial package by Gibraltar s 26 JSiSaiumrs 

Yl*bn. Now it has been placed ; in small nusincsses emerged companies were the most * The Rhodesian Government the July 31 deadline. mm- s m ^iJ aiw fr r 

under bankruptcy trusteeship al : from a question in tile survey optimistic about prospects both tonight said 9.423 people have This was to have been tbe r k 

ihe Disiricr ' Court tn Kyoto,] on employment plans. It showed for exports and for expanding died in five and a half years of equity contribution from his J oriUn - c »s Mivaiwci* 

where the company is Located. Ibat whereas about a fifth of labour forces. fighting since December 1072. limited partnership. SEE* f 


limited partnership. 


I Ivanbal 
6 — Sunny. 


I m Tenerife 
R K -4l Toni* 

C IS 39i Valencia 


S 42 nn 
C 2.1 77 

s-a » 
F M 48 
saw 
saw 
S 24 75 
F 13 66 

S 34 S3 


2. NEW BUSINESS FIGURES 

Ordinary Branch «. 

■ - Life and Group Life — 

. Annual Premiums 2,135 ( L453)/:'.’ 

Single Premiums 235 ( 173)^. 

together providing sums ' 

assured of 172JI80 (68,116)^,.; ; 

Pensions and Annuities — 

Annual Premiums 43a / 1481 a : • 

Single Premioms 237 ( 13S) *■: - ' . 

Single Premiums for Invest- 
ment Trust .Retirement 

Annuities 46 (. 75J , 

- Miscellaneous Single Premiums ' 25 ( M) • *1 

Industrial Brandi ’ 

. ■ Annual Premiums L"89 ( 1,491) 

-■ providing sums assured, of 23,668 (is|782) -V v 

The new business figures are net of reassurances. jS 

It is emphasised that the new business figures at the half- / 
year do not necessarily provide , a reliable guide to those 
for the full year. - - 

Tbe Ordinary Branch figures include new business from 7 • 
both London and Manchester Assurance and Welfare- 
Insurance. • . 

London, and 

3K Manchester Assurance ' : 
Company Limited 1 


( 1,491) M 
(10,782) -Wj 




C 2 » SjHK“ c £ 1? ^ Clod's Proa tor and x ' 

F-Fuie. cStondr i-R a ,n I v 2 e ^ naflaa! Tanes Ud..-BraCKM Haus*.- Cannon Stn»L Lmrim. 

<miui. » » ' QTtii Financial' Time* 




' -V 

:.+ 2i